# EDGAR Filing Document

**Accession Number:** 0001039001
**File Stem:** 0001104659-23-029955
**Filing Date:** 2023-3
**Character Count:** 1811169
**Document Hash:** a6dc30930f447a5fdfd869c2efea18fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-029955.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001104659-23-029955

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya PARTNERS INC
- **CENTRAL INDEX KEY:** 0001039001
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08319
- **FILM NUMBER:** 23715129

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH RD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 4804773000

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH RD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING PARTNERS INC
- **DATE OF NAME CHANGE:** 20020501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PORTFOLIO PARTNERS INC
- **DATE OF NAME CHANGE:** 19970512

## Series and Classes Contracts Data

### VY(R) JPMorgan Mid Cap Value Portfolio (Series ID: S000007594)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020695 | Class ADV    | IJMAX           |
| C000020696 | Class I      | IJMIX           |
| C000020697 | Class S      | IJMSX           |
| C000074827 | Class S2     | IJPMX           |

### VY(R) Invesco Global Portfolio (Series ID: S000007597)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020704 | Class ADV    | IGMAX           |
| C000020705 | Class I      | IGMIX           |
| C000020706 | Class S      | IGMSX           |
| C000074828 | Class S2     | IOGPX           |

### Voya Global Bond Portfolio (Series ID: S000007598)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020707 | Class ADV    | IOSAX           |
| C000020708 | Class I      | IOSIX           |
| C000020709 | Class S      | IOSSX           |

### Voya Solution 2025 Portfolio (Series ID: S000007604)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020726 | Class ADV    | ISZAX           |
| C000020727 | Class I      | ISZIX           |
| C000020728 | Class S      | ISZSX           |
| C000020729 | Class T      | ISZTX           |
| C000078368 | Class S2     | ISPBX           |

### Voya Solution 2035 Portfolio (Series ID: S000007605)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020730 | Class ADV    | ISQAX           |
| C000020731 | Class I      | ISQIX           |
| C000020732 | Class S      | ISQSX           |
| C000020733 | Class T      | ISQTX           |
| C000078369 | Class S2     | ISPCX           |

### Voya Solution 2045 Portfolio (Series ID: S000007606)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020734 | Class ADV    | ISRAX           |
| C000020735 | Class I      | ISRIX           |
| C000020736 | Class S      | ISRSX           |
| C000020737 | Class T      | ISRTX           |
| C000078370 | Class S2     | ISPDX           |

### Voya Solution Income Portfolio (Series ID: S000007607)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020738 | Class ADV    | ISWAX           |
| C000020739 | Class I      | ISWIX           |
| C000020740 | Class S      | ISWSX           |
| C000020741 | Class T      | ISWTX           |
| C000078371 | Class S2     | IJKBX           |

### VY(R) T. Rowe Price Diversified Mid Cap Growth Portfolio (Series ID: S000007608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020742 | Class ADV    | IAXAX           |
| C000020743 | Class I      | IAXIX           |
| C000020744 | Class S      | IAXSX           |
| C000074830 | Class S2     | IAXTX           |
| C000168850 | Class R6     | VYRIX           |

### VY(R) T. Rowe Price Growth Equity Portfolio (Series ID: S000007609)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020745 | Class ADV    | IGEAX           |
| C000020746 | Class I      | ITGIX           |
| C000020747 | Class S      | ITGSX           |
| C000074831 | Class S2     | ITRGX           |

### VY(R) Invesco Comstock Portfolio (Series ID: S000007611)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020751 | Class ADV    | IVKAX           |
| C000020752 | Class I      | IVKIX           |
| C000020753 | Class S      | IVKSX           |

### VY(R) Baron Growth Portfolio (Series ID: S000007612)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020754 | Class ADV    | IBSAX           |
| C000020755 | Class I      | IBGIX           |
| C000020756 | Class S      | IBSSX           |
| C000074832 | Class S2     | IBCGX           |
| C000168853 | Class R6     | VYRBX           |

### VY(R) Invesco Equity and Income Portfolio (Series ID: S000007613)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020757 | Class ADV    | IUAAX           |
| C000020758 | Class I      | IUAIX           |
| C000020759 | Class S      | IUASX           |
| C000074833 | Class S2     | IVIPX           |

### VY(R) Columbia Contrarian Core Portfolio (Series ID: S000007614)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020760 | Class ADV    | ISBAX           |
| C000020761 | Class I      | ISFIX           |
| C000020762 | Class S      | ISCSX           |

### Voya International High Dividend Low Volatility Portfolio (Series ID: S000009828)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027234 | Class ADV    | IFTAX           |
| C000027235 | Class I      | IFTIX           |
| C000027236 | Class S      | IFTSX           |
| C000074834 | Class S2     | ITFEX           |

### VY(R) Columbia Small Cap Value II Portfolio (Series ID: S000010008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027676 | Class ADV    | ICSAX           |
| C000027677 | Class I      | ICISX           |
| C000027678 | Class S      | ICSSX           |
| C000074835 | Class S2     | ICVPX           |
| C000168857 | Class R6     | VYRDX           |

### VY(R) American Century Small-Mid Cap Value Portfolio (Series ID: S000010768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029752 | Class ADV    | IASAX           |
| C000029753 | Class I      | IACIX           |
| C000029754 | Class S      | IASSX           |
| C000074837 | Class S2     | ISMSX           |

### Voya Solution Balanced Portfolio (Series ID: S000018039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049965 | Class ADV    | ISGAX           |
| C000049966 | Class I      | ISGJX           |
| C000049967 | Class S      | ISGKX           |
| C000087528 | Class S2     | ISGTX           |
| C000168859 | Class R6     | VYRLX           |

### Voya Solution Moderately Conservative Portfolio (Series ID: S000018040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049968 | Class ADV    | ISPGX           |
| C000049969 | Class I      | ISPRX           |
| C000049970 | Class S      | ISPSX           |
| C000087529 | Class S2     | ISPTX           |
| C000168860 | Class R6     | VYRNX           |

### Voya Index Solution 2025 Portfolio (Series ID: S000021226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060439 | Class ADV    | ISDAX           |
| C000060440 | Class I      | ISDIX           |
| C000060441 | Class S      | ISDSX           |
| C000078381 | Class S2     | IXXVX           |
| C000154752 | Class Z      | VSZBX           |

### Voya Index Solution 2035 Portfolio (Series ID: S000021227)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060443 | Class I      | ISEIX           |
| C000060444 | Class S      | ISESX           |
| C000060446 | Class ADV    | ISEAX           |
| C000078382 | Class S2     | IXISX           |
| C000154753 | Class Z      | VSZDX           |

### Voya Index Solution 2045 Portfolio (Series ID: S000021228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060447 | Class ADV    | ISJAX           |
| C000060448 | Class I      | ISJIX           |
| C000060449 | Class S      | ISJSX           |
| C000078383 | Class S2     | ISVLX           |
| C000154754 | Class Z      | VSZFX           |

### Voya Index Solution Income Portfolio (Series ID: S000021229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060451 | Class ADV    | ISKAX           |
| C000060452 | Class I      | ISKIX           |
| C000060453 | Class S      | ISKSX           |
| C000078384 | Class S2     | IIIPX           |
| C000154755 | Class Z      | VSZJX           |

### Voya Index Solution 2055 Portfolio (Series ID: S000026397)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079256 | Class ADV    | IISAX           |
| C000079257 | Class I      | IISNX           |
| C000079258 | Class S2     | IISTX           |
| C000081026 | Class S      | IISSX           |
| C000154756 | Class Z      | VSZHX           |

### Voya Solution 2055 Portfolio (Series ID: S000026398)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079260 | Class ADV    | IASPX           |
| C000079261 | Class I      | IISPX           |
| C000079262 | Class S2     | ITSPX           |
| C000079263 | Class T      | ISTPX           |
| C000081027 | Class S      | ISSPX           |

### Voya Solution Moderately Aggressive Portfolio (Series ID: S000028589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087520 | Class ADV    | IAGAX           |
| C000087521 | Class I      | IAGIX           |
| C000087522 | Class S      | IAGSX           |
| C000087523 | Class S2     | IAGTX           |
| C000168861 | Class R6     | VYROX           |

### Voya Solution Conservative Portfolio (Series ID: S000028590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087524 | Class S2     | ICGTX           |
| C000087525 | Class ADV    | ICGAX           |
| C000087526 | Class I      | ICGIX           |
| C000087527 | Class S      | ICGSX           |
| C000168862 | Class R6     | VYRPX           |

### Voya Index Solution 2030 Portfolio (Series ID: S000034117)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105146 | Class S      | IDXHX           |
| C000105147 | Class ADV    | IDXFX           |
| C000105149 | Class I      | IDXGX           |
| C000105150 | Class S2     | IDXIX           |
| C000154758 | Class Z      | VSZCX           |

### Voya Index Solution 2040 Portfolio (Series ID: S000034118)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105151 | Class ADV    | IDXKX           |
| C000105153 | Class I      | IDXLX           |
| C000105154 | Class S2     | IDXNX           |
| C000105155 | Class S      | IDXMX           |
| C000154759 | Class Z      | VSZEX           |

### Voya Index Solution 2050 Portfolio (Series ID: S000034119)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105156 | Class ADV    | IDXPX           |
| C000105158 | Class I      | IDXQX           |
| C000105159 | Class S2     | IDXSX           |
| C000105160 | Class S      | IDXRX           |
| C000154760 | Class Z      | VSZGX           |

### Voya Solution 2030 Portfolio (Series ID: S000034121)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105166 | Class ADV    | ISNFX           |
| C000105167 | Class T      | ISNJX           |
| C000105168 | Class I      | ISNGX           |
| C000105169 | Class S2     | ISNIX           |
| C000105170 | Class S      | ISNHX           |

### Voya Solution 2040 Portfolio (Series ID: S000034122)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105171 | Class ADV    | ISNKX           |
| C000105172 | Class T      | ISNOX           |
| C000105173 | Class I      | ISNLX           |
| C000105174 | Class S2     | ISNNX           |
| C000105175 | Class S      | ISNMX           |

### Voya Solution 2050 Portfolio (Series ID: S000034123)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105176 | Class ADV    | ISNPX           |
| C000105177 | Class T      | ISNTX           |
| C000105178 | Class I      | ISNQX           |
| C000105179 | Class S2     | ISNSX           |
| C000105180 | Class S      | ISNRX           |

### Voya Solution Aggressive Portfolio (Series ID: S000040577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125843 | Class ADV    | IAVAX           |
| C000125844 | Class I      | IAVIX           |
| C000125845 | Class S      | IAVSX           |
| C000125846 | Class S2     | IAVTX           |
| C000168863 | Class R6     | VYRMX           |

### Voya Solution 2060 Portfolio (Series ID: S000048104)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152042 | Class ADV    | VSPAX           |
| C000152043 | Class S      | VSPSX           |
| C000152044 | Class S2     | VSSPX           |
| C000152045 | Class T      | VSPTX           |
| C000152046 | Class I      | VSIPX           |

### Voya Index Solution 2060 Portfolio (Series ID: S000048105)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152047 | Class I      | VISPX           |
| C000152048 | Class ADV    | VPSAX           |
| C000152049 | Class S      | VPISX           |
| C000152050 | Class S2     | VPSSX           |
| C000154761 | Class Z      | VSZIX           |

### Voya Index Solution 2065 Portfolio (Series ID: S000068486)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219027 | Class I      | VIQIX           |
| C000219028 | Class S      | VIQSX           |
| C000219029 | Class S2     | VIQUX           |
| C000219030 | Class Z      | VIQZX           |
| C000219031 | Class ADV    | VIQAX           |

### Voya Solution 2065 Portfolio (Series ID: S000068487)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219032 | Class I      | VSQIX           |
| C000219033 | Class S      | VSSQX           |
| C000219034 | Class S2     | VSQUX           |
| C000219035 | Class T      | VSQTX           |
| C000219036 | Class ADV    | VSAQX           |

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: **811-08319**

**Voya Partners, Inc.**

(Exact name of registrant as specified in charter)

---

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

---

**The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-262-3862**

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

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

**Item 1. Reports to Stockholders.**

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

![](j2313921_aa001.jpg)

![](j2313921_aa002.jpg)

**Voya Investment Management**

Annual Report

**December 31, 2022**

Classes ADV, I, R6, S and S2

**Voya Partners, Inc.**

◼ Voya Global Bond Portfolio

◼ Voya International High Dividend Low Volatility Portfolio

◼ VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

◼ VY<sup>®</sup> Baron Growth Portfolio

◼ VY<sup>®</sup> Columbia Contrarian Core Portfolio

◼ VY<sup>®</sup> Columbia Small Cap Value II Portfolio

◼ VY<sup>®</sup> Invesco Comstock Portfolio

◼ VY<sup>®</sup> Invesco Equity and Income Portfolio

◼ VY<sup>®</sup> Invesco Global Portfolio

◼ VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

◼ VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

◼ VY<sup>®</sup> T. Rowe Price Growth 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 annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.

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

**INVESTMENT MANAGEMENT**

**voyainvestments.com**

![](j2313921_aa003.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio Managers' Reports](#ar1_001) | [2](#ar1_001) |
| [Shareholder Expense Examples](#ar1_002) | [26](#ar1_002) |
| [Report of Independent Registered Public Accounting Firm](#ar1_003) | [29](#ar1_003) |
| [Statements of Assets and Liabilities](#ar1_004) | [30](#ar1_004) |
| [Statements of Operations](#ar1_005) | [36](#ar1_005) |
| [Statements of Changes in Net Assets](#ar1_006) | [39](#ar1_006) |
| [Financial Highlights](#ar1_007) | [45](#ar1_007) |
| [Notes to Financial Statements](#ar1_008) | [52](#ar1_008) |
| [Portfolios of Investments](#ar1_009) | [74](#ar1_009) |
| [Tax Information](#ar1_010) | [167](#ar1_010) |
| [Director and Officer Information](#ar1_011) | [169](#ar1_011) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#ar1_012) | [173](#ar1_012) |

---

**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.

------

BENCHMARK DESCRIPTIONS

---

| | |
|:---|:---|
| **Index** | **Description** |
| Bloomberg Global Aggregate Index | Provides a broad-based measure of the global investment-grade fixed-rate debt markets. |
| Bloomberg U.S. Government/Credit Index | An index made up of the Barclays Government and Credit indices, including securities issued by the U.S. government and its agencies and publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements. |
| MSCI All Country World Index<sup>SM</sup> | A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets. |
| MSCI EAFE<sup>®</sup> Value Index ("MSCI EAFE<sup>®</sup> Value") | The index captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the U.S. and Canada. |
| Russell 1000<sup>®</sup> Index | A comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies. |
| Russell 1000<sup>®</sup> Growth Index | Measures the performance of the 1,000 largest companies in the Russell 3000<sup>®</sup> Index with higher price-to-book ratios and higher forecasted growth. |
| Russell 1000<sup>®</sup> Value Index | An index that measures the performance of those Russell 1000<sup>®</sup> securities with lower price-to-book ratios and lower forecasted growth values. |
| Russell 2000<sup>®</sup> Growth Index | An index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation. |
| Russell 2000<sup>®</sup> Value Index | An index that measures the performance of those Russell 2000<sup>®</sup> companies with lower price-to-book ratios and lower than forecasted growth values. |
| Russell 2500<sup>TM</sup> Growth Index | Measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500<sup>TM</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. |
| Russell 2500<sup>TM</sup> Value Index | Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. |
| Russell Midcap<sup>®</sup> Growth Index | An index that measures the performance of those companies included in the Russell Midcap<sup>®</sup> Index with relatively higher price-to-book ratios and higher forecasted growth values. |
| Russell Midcap<sup>®</sup> Value Index | Measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. |
| S&P 500<sup>®</sup> Index | An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. |
| S&P MidCap 400<sup>®</sup> Index | An index that measures the performance of the mid-size company segment of the U.S. market. |
| S&P SmallCap 600<sup>®</sup> Value Index | Measures the performance of those S&P SmallCap 600<sup>®</sup> Index companies with lower price-to-book ratios. |

---

------

VOYA GLOBAL BOND PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Voya Global Bond Portfolio (the "Portfolio") seeks to maximize total return through a combination of current income and capital appreciation. The Portfolio is managed by Sean Banai, CFA, and Brian Timberlake, Ph.D., CFA, Portfolio Managers of Voya Investment Management Co. LLC ("Voya IM") — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -18.49% compared to the Bloomberg Global Aggregate Index ("Index"), which returned -16.25% for the same period.

***Portfolio Specifics:*** The Portfolio underperformed the Index for the period. Asset allocation and currency positioning detracted, while duration and yield curve positioning added to performance.

2022 marked one of the worst years in global bond market performance, as measured by the Index. Rates catapulted higher over the course of 2022, led by the United States' persistently higher inflation, compounded by energy price spikes from the Russia and Ukraine conflict brought yields back to levels not witnessed since prior to Covid. The 10-year US Treasury yield reached nearly 4.25% in October, before retracing to 3.90% by year-end. The one country insulated from these moves was Japan where the Bank of Japan (BoJ) remained committed to yield curve control to anchor their bond yields for most of the year. The rate sell-off, continued to challenge non-US dollar currencies with the dollar commanding further strength. A peak in inflation data and worries of a recession in the United States led the market to believe the end of the US Federal Reserve hiking cycle was in sight, spurring a modest recovery in bond markets and an unwinding of some of the dollar strength in the final quarter of the year.

Higher interest rates and higher bond volatility was an unwelcome challenge in 2022. Non-government sectors struggled and broadly trailed global Treasuries for the year. Emerging markets, particularly hard currency markets, which serve the dual challenge of aggressive global central banks and elevated levels of geopolitical risk stemming from the Russian invasion of Ukraine and Covid restrictions in place for much of the year in China.

Asset allocation for the entire period detracted from performance, with investments in EM, including positions in Russia and Ukraine, detracting in the first half of the year. Higher volatility and elevated geopolitical risks on the heels of the Russia invasion of Ukraine dragged on performance and also impacted contributions in currency markets, where the flight to the US dollar adversely impacted performance. Later in the year, securitized credit investments weighed on performance, as concerns on the outlook for commercial real estate held back the commercial mortgage-backed securities sector. Duration and yield curve positioning added to performance. The Portfolio was tactically defensive early in the year which added as rates rose.

***Current Strategy and Outlook:*** We believe easing inflation pressures in the United States should allow the Fed to halt the rapid rate rise, but we do not expect rate cuts in the United States until labor markets rebalance. The cumulative effects of central bank tightening, disruption in the energy supply and the fading impact of Covid stimulus will push global growth below potential and threaten recession in several key economies — particularly in the Eurozone. While the probability of a US recession is high, we do not anticipate that economic growth will drop suddenly. This is in part because we do not see significant imbalances in either the corporate or consumer segments. Corporate balance sheets are merely cooling from their very strong positions, and consumer spending is still supported by excess savings left over from various Covid stimulus packages. Meanwhile, broad global central bank policy will become less synchronized as we near the end of hiking cycles driven by divergence in growth and inflation. In the US, the downward trajectory of inflation will allow the Fed to pause once convinced that nominal rates are above the forward expected level of inflation. Meanwhile, the European Central Bank remains firmly committed to their inflation target which may require further rate hikes even after the Fed is done.

With a peak in Fed Funds, we expect US dollar strength to further unwind. The US dollar has shown persistent strength since the Covid pandemic. Initially supported by a 'flight to quality' in the early days of the pandemic, and then more recently reflecting the aggressive rate hikes implemented by the Fed. While we expect the US dollar to retain its status as a safe haven, further, we believe lower moves are likely to occur as the Fed comes to the end of its hiking cycle.

We are cautious of additional imbalances lurking that could disrupt markets. Therefore, the Portfolio remains relatively defensive while we wait for more attractive entry points to increase exposures in the Portfolio.

**Geographic Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| United States<sup>(1)</sup> | 74.1% |
| China | 8.7% |
| Malaysia | 1.4% |
| Spain | 1.4% |
| Mexico | 0.9% |
| Canada | 0.9% |
| Brazil | 0.7% |
| France | 0.7% |
| United Kingdom | 0.6% |
| Thailand | 0.4% |
| Countries between 0.0%-0.4%^ | 2.2% |
| Assets in Excess of Other Liabilities\*<sup>,</sup>\*\* | 8.0% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

\*\* Includes purchased options.

^ Includes 10 countries, which each represents 0.0%-0.4% of net assets.

<sup>(1)</sup> Includes 9.5% total investment in Voya Emerging Markets Hard Currency Debt Fund, Voya High Yield Bond Fund and Voya VACS Series EMCD Fund.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Voya High Yield Bond Fund — Class P | 3.9% |
| China Government Bond, 3.250%, 11/22/28 | 3.7% |
| Voya VACS Series EMCD Fund | 3.0% |
| Voya Emerging Markets Hard Currency Debt <br>Fund — Class P | 2.6% |
| Uniform Mortgage-Backed Securities, <br>2.000%, 01/15/53 | 2.5% |
| Uniform Mortgage-Backed Securities, <br>3.500%, 01/15/53 | 2.2% |
| Uniform Mortgage-Backed Securities, <br>2.500%, 01/15/53 | 2.1% |
| Ginnie Mae, 3.000%, 01/15/53 | 2.1% |
| Uniform Mortgage-Backed Securities, <br>4.000%, 01/15/53 | 2.0% |
| China Government Bond, 2.850%, 06/04/27 | 1.7% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VOYA GLOBAL BOND PORTFOLIO

![](j2313921_ca004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
| | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -18.75% | -2.61% | -0.85% |
| Class I | -18.35% | -2.13% | -0.35% |
| Class S | -18.49% | -2.37% | -0.60% |
| Blooomberg Global Aggregate Index | -16.25% | -1.66% | -0.44% |

---

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

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Voya International High Dividend Low Volatility Portfolio (the "Portfolio") seeks maximum total return. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC ("VIM") — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class I shares provided a total return of -8.90% compared to the MSCI EAFE<sup>®</sup> Value Index (the "Index" or "MSCI EAFE<sup>®</sup> Value"), which returned -5.58% for the same period.

***Portfolio Specifics:*** For the reporting period, the Portfolio underperformed the Index. In terms of the Portfolio's performance, the portfolio's lower beta and higher dividend positioning contributed while the core model detracted. The portfolio's active industry exposures and active stock betas detracted as well.

On the regional level, stock selection within Japan was additive. By contrast, stock selection within the European region had the largest negative impact on performance.

On the sector level, stock selection was strongest in the communication services sector and the underweight and stock selection in consumer discretionary had a positive impact on performance. Conversely, the largest detractor from performance came from stock selection in the materials sector followed by selection in industrials and energy. At the individual stock level, not owning benchmark stock in Toyota Motor Corp. and overweight positions in Rio Tinto Ltd. and BAE Systems plc were among the key contributors for the period. The key detractors for the period included the underweight positions in Shell plc, TotalEnergies SE and BHP Group Ltd.

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

**Geographic Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Japan | 23.7% |
| United Kingdom | 15.6% |
| Switzerland | 9.1% |
| Australia | 8.9% |
| Germany | 7.1% |
| France | 6.6% |
| Spain | 5.0% |
| Hong Kong | 4.5% |
| Netherlands | 3.9% |
| Italy | 3.9% |
| Countries between 0.2%-2.4%^ | 10.2% |
| Assets in Excess of Other Liabilities\* | 1.5% |
| Net Assets | 100.0% |

---

\* Includes short-term investments and exchange-traded funds.

^ Includes 10 countries, which each represents 0.2%-2.4% of net assets.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Novartis AG | 3.2% |
| HSBC Holdings PLC | 2.3% |
| BP PLC | 2.0% |
| Sanofi | 1.8% |
| British American Tobacco PLC | 1.7% |
| Mitsubishi UFJ Financial Group, Inc. | 1.7% |
| Allianz SE | 1.7% |
| Zurich Insurance Group AG | 1.6% |
| Rio Tinto Ltd. | 1.5% |
| Sumitomo Mitsui Financial Group, Inc. | 1.5% |

---

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

![](j2313921_ca005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -9.34% | -0.35% | 2.63% |
| Class I | -8.90% | 0.13% | 3.14% |
| Class S | -9.07% | -0.11% | 2.89% |
| Class S2 | -9.30% | -0.27% | 2.73% |
| MSCI EAFE<sup>®</sup> Value | -5.58% | 0.17% | 3.51% |

---

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

*Prior to May 1, 2019, the Portfolio was managed by a different sub-adviser. The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.*

------

VY<sup>®</sup> AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (the "Portfolio") seeks long-term capital growth. Income is a secondary objective. The Portfolio is managed by a team of portfolio managers comprised of Jeff John, CFA, Vice President and Ryan Cope, CFA (responsible for the management of the Small Cap Value portion of the Portfolio) and Kevin Toney, CFA, Co-Chief Investment Officer — Global Value Equity and Senior Vice President, CFA, Senior Vice President and Co-Chief Investment Officer — Global Value Equity and Senior Vice President, Michael Liss, CFA, CPA and Vice President, and Brian Woglom, CFA, Vice President (responsible for the Mid Cap Value portion of the Portfolio) (each a "Sleeve"), Portfolio Managers of American Century Investment Management, Inc. — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -5.60% compared to the Russell 2500<sup>TM</sup> Value Index and the S&P SmallCap 600<sup>®</sup> Value Index, which returned -13.08% and -11.04%, respectively, for the same period.

***Portfolio Specifics:*** Broad U.S. equity markets fell on concerns that persistently high inflation and rising interest rates may derail the economic expansion and weaken corporate profits. Market declines were broad based. Mid-cap stocks outperformed large- and small-cap stocks, however, as measured by the Russell indices. Value stocks outperformed growth.

The Mid Cap Value sleeve outperformed its benchmark, the Russell 2500<sup>TM</sup> Value Index, for the year. Stock selection in the health care sector lifted relative performance, aided by investments in the health care providers and services industry. Additionally, security selection in the IT services industry boosted results in the information technology sector. Not owning several benchmark names in the semiconductors and semiconductor equipment industry also contributed to relative performance. On a negative note, stock selection and an underweight in the energy sector hindered relative performance. The Portfolio did not own a number of oil and gas exploration stocks that were strong contributors to the benchmark index.

The Small Cap Value sleeve outperformed its benchmark, the Russell 2500<sup>TM</sup> Value Index<sup>.</sup> An underweight and stock selection in the health care sector lifted relative performance. In particular, the Portfolio benefited from its lack of exposure to biotechnology stocks that were notable detractors from the benchmark index. Stock selection in industrials also contributed, assisted by investments in the building products and construction and engineering industries. By contrast, an underweight and stock selection in the energy sector detracted from relative performance as the portfolio did not own several oil and gas-related holdings that were strong contributors to benchmark performance.

The blended portfolio had negative performance but outperformed its benchmark, the Russell 2500<sup>TM</sup> Value Index. Stock selection lifted relative performance, especially in the health care, financials and industrials sectors. Among individual holdings, Conagra Brands was a prominent contributor. This packaged-food company benefited from its strong competitive positioning, which enabled it to raise prices to offset higher costs. We continue to own Conagra, as we like its dividend yield and defensive nature. Zimmer Biomet Holdings, another contributor, is a medical device company that has historically exhibited high returns on capital and holds leading market shares in orthopedics. It outperformed on continued strong orthopedics volume trends.

On a negative note, an underweight and stock selection in energy detracted from the blended portfolio's relative performance. Stock selection in materials also dampened relative performance, as the portfolio lacked exposure to a number of metal and mining stocks that were strong performers for the index. Among individual holdings, Avaya Holdings was a detractor, as the provider of telephone service software reported disappointing quarterly performance. In addition to missing earnings, the company lowered guidance due to lost business in Russia and Ukraine and headwinds in the transition to a subscription model. We exited the position. T. Rowe Price Group was another individual detractor. Shares of this asset management firm declined on lower equity markets and reduced assets under management. We continue to hold the stock given our confidence in the management team and business model.

***Current Strategy and Outlook:*** We continue to build the Portfolio bottom-up through our fundamental research, seeking higher quality, midsize companies temporarily selling at a discount to fair value.

Attractive valuations in consumer staples. We hold select companies in the consumer staples sector that we believe are trading at a discount to their intrinsic value. While input costs have risen in this inflationary environment, many consumer staples companies have been able to improve efficiencies and pass along rising costs through pricing without significantly impacting demand. We think these steps may lead to a positive inflection for select companies in 2023.

Opportunities in health care. Our research has led us to several health care stocks that we think offer compelling risk/reward profiles. We consider health care noncyclical because demand is less impacted by the economy's performance. Therefore, in a slowing economy, we think patients seeking elective procedures after the COVID-19 disruption should provide support to medical device companies and service providers that are working through patient backlogs.

Navigating the financials sector. We have identified many companies in the financials sector that meet our investment criteria, particularly in the capital markets, banking and insurance industries. We expect the Fed to maintain higher interest rates as it continues its inflation fight in 2023, which could act as a tailwind for interest rate-sensitive financials that underearned when rates were unusually low. We remain focused on companies that, in our view, offer higher relative returns on assets, stronger capital levels, lower credit risk and management teams focused on returns and building competitive advantages.

Fewer opportunities in consumer discretionary. Our portfolio is underweight in the consumer discretionary because it has been difficult for us to find higher-quality consumer discretionary companies with durable business models.

Higher-quality stocks may offer resilience. As we enter 2023, we continue to face challenging macroeconomic and geopolitical conditions. In the event of a recession, we believe companies with low debt and steady revenues may be better positioned to grow and maintain their competitive edge despite economic headwinds.

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Financials | 22.4% |
| Industrials | 15.6% |
| Health Care | 10.8% |
| Information Technology | 8.8% |
| Consumer Discretionary | 8.4% |
| Real Estate | 7.5% |
| Utilities | 6.7% |
| Consumer Staples | 6.3% |
| Materials | 5.1% |
| Energy | 3.7% |
| Communication Services | 2.2% |
| Exchange-Traded Funds | 0.9% |
| Assets in Excess of Other Liabilities\* | 1.6% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 2.2% |
| Northern Trust Corp. | 2.0% |
| Bank of New York Mellon Corp. | 1.8% |
| Edison International | 1.5% |
| Allstate Corp. | 1.5% |
| Spire, Inc. | 1.4% |
| Koninklijke Ahold Delhaize NV | 1.3% |
| Oshkosh Corp. | 1.3% |
| Conagra Brands, Inc. | 1.3% |
| Truist Financial Corp. | 1.2% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

![](j2313921_ca006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -5.85% | 6.57% | 10.52% |
| Class I | -5.38% | 7.10% | 11.07% |
| Class S | -5.60% | 6.85% | 10.79% |
| Class S2 | -5.77% | 6.67% | 10.62% |
| Russell 2500<sup>TM</sup> Value Index | -13.08% | 4.75% | 8.93% |
| S&P SmallCap 600<sup>®</sup> Value Index | -11.04% | 5.38% | 10.33% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

VY<sup>®</sup> BARON GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> Baron Growth Portfolio (the "Portfolio") seeks capital appreciation. The Portfolio is managed by Ronald Baron, Founder, Chief Executive Officer, Chief Investment Officer, Chairman, and Portfolio Manager and Neal Rosenberg, Portfolio Manager of BAMCO, Inc. — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -23.69% compared to the Russell 2000<sup>®</sup> Growth Index and the Russell 2500<sup>TM</sup> Growth Index, which returned -26.36% and -26.21%, respectively, for the same period.

***Portfolio Specifics:*** 2022 was the worst year for the U.S. equity market since the global financial crisis of 2008. After most major indexes reached consecutive record highs in 2021, few predicted the stock market selloff in 2022. But then a sudden and sustained surge in inflation spurred the Federal Reserve to embark on the most aggressive rate-hike path in decades, sending stocks tumbling through much of the year. The Russell 2000<sup>®</sup> Growth Index declined 26.36%.

Shares of **Iridium Communications Inc.,** a leading mobile voice and data communications services vendor offering global coverage via satellite, increased. After years of investments in its newer constellation, the company reached a capex "holiday," embarking on a robust shareholder return program. In addition, Iridium beat Street expectations against its core market opportunity while generating substantial profits. Lastly, the company expects to launch a new satellite-to-cellular service that can offer material upside to its core market.

**Arch Capital Group Ltd.** is a specialty insurance company based in Bermuda. Shares increased due to favorable pricing trends in the P&C insurance market. The stock also benefited from inclusion in the S&P 500 index, which prompted buying from passive funds. We retain conviction due to Arch's strong management team and our expectation of strong growth in earnings and book value.

Shares of specialty insurer **Kinsale Capital Group, Inc.** increased on favorable market conditions, with rising premium rates and more business shifting from the standard lines market to the excess and surplus lines market where Kinsale operates. We continue to own the stock because we believe Kinsale is well managed and has a long runway for growth in an attractive segment of the insurance market.

**Choice Hotels International, Inc.** is a global hotel franchisor. Shares declined due to investor concerns about the negative impact of a possible recession. We remain shareholders. Choice generated strong results during the year due to growth in revenue per available room in more accretive segments enhanced by its recent Radisson acquisition, work arrangement flexibility, and the return of business travel. Choice's strong balance sheet positions it to withstand a slowdown should one occur.

Global ski resort company **Vail Resorts, Inc.** detracted due to investor concerns that a potential recession would negatively impact season pass sales and earnings. We retain conviction. Season pass sales increased at a mid-single-digit rate. The company used its cash flow to invest in improving its resorts and ensure that its locations were fully staffed and able to provide high-level service. Its strong balance sheet should carry Vail through a slowdown should one occur.

Shares of **MSCI, Inc.,** a leading provider of investment decision support tools, detracted from performance. The company put up solid earnings results throughout the year but does have meaningful exposure to global equity market performance. There was no material negative company-specific news that hurt the stock. Instead, MSCI largely got caught up in the broader market volatility. We retain long-term conviction as MSCI owns strong, "all weather" franchises and remains well positioned to benefit from numerous secular tailwinds in the investment community.

***Relative Performance:*** The Portfolio outperformed the Russell 2000<sup>®</sup> Growth Index in 2022 as favorable stock selection and tailwinds from style biases offset negative impacts from differences in sector weights.

Investments in Financials, Communication Services, Information Technology (IT), and Real Estate accounted for most of the relative gains. Stock selection in Financials drove much of the outperformance, as specialty insurers Arch Capital Group Ltd. and Kinsale Capital Group, Inc. performed well after reporting above-consensus financial results as market conditions and pricing trends remained favorable. Financial data providers FactSet Research Systems, Inc. and MSCI, Inc. outperformed on solid quarterly results and strong underlying business trends. Strength in Communication Services came from Iridium Communications Inc., the top contributor on an absolute basis. Performance in IT and Real Estate was bolstered by syndicated research provider Gartner, Inc. and Gaming and Leisure Properties, Inc., respectively. Gartner's stock outperformed on financial results that consistently exceeded Street estimates. Gaming and Leisure outperformed as investors viewed the stock as a safe haven in an uncertain macro environment.

Investments in Health Care and Industrials together with lack of exposure to the better performing Energy and Consumer Staples sectors weighed the most on relative results. Adverse stock selection in Health Care came from pharmaceutical packaging manufacturer West Pharmaceutical Services, Inc. and veterinary diagnostics leader IDEXX Laboratories, Inc. These companies were among the largest detractors as multiple compression has been particularly acute for pandemic "winners" given challenging growth comparisons and normalizing trends. Within Industrials, lower exposure to this better performing sector and the underperformance of composite decking manufacturer Trex Company, Inc. hampered performance. Trex's share price weakness stemmed primarily from valuation multiple compression, as investors became concerned that demand for the company's products would slow following two years of elevated growth.

***Current Strategy and Outlook:*** As long-term investors in what we view as high-quality growth stocks, we are always actively looking for companies with open-ended growth opportunities, competitive advantages, and what we believe to be excellent management, at attractive valuations. We continue to position the portfolio to benefit from what we believe to be strong, long-term growth opportunities.

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Financials | 35.0% |
| Consumer Discretionary | 20.8% |
| Information Technology | 13.5% |
| Health Care | 11.1% |
| Industrials | 7.0% |
| Real Estate | 6.6% |
| Communication Services | 5.6% |
| Assets in Excess of Other Liabilities\* | 0.4% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| MSCI, Inc. — Class A | 10.4% |
| Gartner, Inc. | 7.6% |
| Vail Resorts, Inc. | 7.5% |
| Choice Hotels International, Inc. | 6.8% |
| Factset Research Systems, Inc. | 6.5% |
| Iridium Communications, Inc. | 5.6% |
| CoStar Group, Inc. | 5.6% |
| Arch Capital Group Ltd. | 5.3% |
| Kinsale Capital Group, Inc. | 3.9% |
| Gaming and Leisure Properties, Inc. | 3.8% |

---

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> BARON GROWTH PORTFOLIO

![](j2313921_ca007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
| | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -23.90% | 10.45% | 11.67% |
| Class I | -23.50% | 11.00% | 12.23% |
| Class R6<sup>(1)</sup> | -23.50% | 11.01% | 12.23% |
| Class S | -23.69% | 10.72% | 11.95% |
| Class S2 | -23.79% | 10.56% | 11.78% |
| Russell 2000<sup>®</sup> Growth Index | -26.36% | 3.51% | 9.20% |
| Russell 2500<sup>TM</sup> Growth Index | -26.21% | 5.97% | 10.62% |

---

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

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

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

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

expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

<sup>(1)</sup> Class R6 incepted on May 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

VY<sup>®</sup> COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> Columbia Contrarian Core Portfolio (the "Portfolio") seeks total return consisting of long-term capital appreciation and current income. The Portfolio is managed by Guy W. Pope, CFA, Senior Portfolio Manager and Head of Contrarian Core Strategy with Columbia Management Investment Advisers, LLC — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -18.64% compared to the Russell 1000<sup>®</sup> Index, which returned -19.13% for the same period.

***Portfolio Specifics:*** For calendar year 2022, the Portfolio outperformed its benchmark, the Russell 1000<sup>®</sup> Index, which returned -19.13% for the year. The relative outperformance was driven primarily by strong stock selection, most notably within heath care, followed by consumer staples, information technology and communication services. Allocation also contributed positively to relative performance, mainly due to the portfolio's largest underweight, which was to consumer discretionary and, secondarily, to the portfolio's small cash weight, which provided a boost in a challenging environment for equities. Being overweight energy also helped relative returns, as it was by far the benchmark's best performing sector with a return of over +64% for the year. The largest detractor in terms of allocation was the overweight to communication services, which was the worst performing sector with a return of approximately -40%.

2022 was an extremely volatile and challenging year with US equities (as measured by major indices such as the S&P 500 Index and the Russell 1000 Index) posting their worst annual performance since the global financial crisis in 2008. This was especially jolting on the heels of a long bull market, culminating in a surprisingly strong year in 2020 after global markets sold off in March due to the pandemic and then equities soaring to record highs in 2021. The year of 2022 stands in stark contrast with equity returns being driven largely by expectations around the course of inflation and the actions of the US Federal Reserve, which hiked rates seven times by a combined 4.25% over the year. Despite all of the unease surrounding the war in Ukraine among other geopolitical tensions, higher interest rates and the highest inflation in decades, it was an environment that tends to be conducive to the team's contrarian investment process. The strategy's contrarian approach to investing starts with trying to identify pessimism. Pessimism creates low and out-of-favor stock prices. Over time, we believe this group of stocks offers excellent opportunities for investors and environments such as we experienced in 2022, while painful, typically create good investment opportunities for our approach.

Top individual contributors to performance for the year included Raytheon, Vertex, Eli Lilly and Sysco. Raytheon has executed well with a strong mix in its defense business and Aero segment. Eli Lilly and Vertex led the portfolio's strong stock selection in health care on the strength of promising new therapies and robust product pipelines due to their leading research & development engines. Sysco is coming out of the challenging COVID stay -at-home environment having strengthened its leadership position as the top supplier to restaurants and the food service industry.

On the other side, Amazon declined through most of the year with key disappointments being slowing growth for Amazon Web Services (AWS) and guidance for revenue coming in well below expectations. It ended up being a disappointing year, but the company is still distinguished by its innovative culture, massive customer base and e-commerce tailwinds. Uber was also among top detractors during the volatile year, despite strong profitability offsetting softer bookings. Uber's ride share platform and its Eats (takeout delivery) platform both remain dominant players in global market share. Finally, the timing on Snap being added to the portfolio early in the year made it a detractor as advertising revenue declined severely, the company downgraded its guidance significantly and its share price declined precipitously.

***Current Strategy and Outlook:*** Concerns for financial markets are still being led by inflation and the pace and timing of interest rate hikes by the Fed. Geopolitical concerns, particularly the ongoing Russian invasion of Ukraine and lingering concerns about China, have increased uncertainty for equity investors globally. The long-awaited reopening of China, together with the prospect of the Fed stopping its rate-hiking cycle and getting inflation under control, are giving some hope for a return to normal though.

As of the beginning of 2023, the Portfolio's largest overweight is to communication services, with smaller overweights to information technology, health care, materials and energy. The largest underweight is to consumer discretionary, followed by underweights to real estate and financials. We continue to seek opportunities in the market, focusing on "stalwarts" — companies that can continue to grow earnings in a potentially difficult economic environment.

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Information Technology | 26.4% |
| Health Care | 15.6% |
| Communication Services | 11.5% |
| Financials | 10.6% |
| Industrials | 8.2% |
| Consumer Staples | 7.4% |
| Consumer Discretionary | 6.6% |
| Energy | 5.4% |
| Utilities | 2.8% |
| Materials | 2.5% |
| Real Estate | 1.6% |
| Assets in Excess of Other Liabilities\* | 1.4% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 5.3% |
| Johnson & Johnson | 3.6% |
| Berkshire Hathaway, Inc. — Class B | 3.3% |
| Amazon.com, Inc. | 2.9% |
| Chevron Corp. | 2.7% |
| Procter & Gamble Co. | 2.7% |
| Eli Lilly & Co. | 2.4% |
| Raytheon Technologies Corp. | 2.2% |
| Wells Fargo & Co. | 1.9% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> COLUMBIA CONTRARIAN CORE PORTFOLIO

![](j2313921_ca008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -18.85% | 7.89% | 11.53% |
| Class I | -18.51% | 8.40% | 12.09% |
| Class S | -18.64% | 8.20% | 11.83% |
| Russell 1000<sup>®</sup> Index | -19.13% | 9.13% | 12.37% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> Columbia Contrarian Core Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

*Prior to April 30, 2013, the Portfolio was managed by a different sub-adviser. The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.*

------

VY<sup>®</sup> COLUMBIA SMALL CAP VALUE II PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> Columbia Small Cap Value II Portfolio (the "Portfolio") seeks long-term growth of capital. The Portfolio is managed by Christian K. Stadlinger, Ph.D., CFA, and Jarl Ginsberg, CFA, CAIA, Portfolio Managers, of Columbia Management Investment Advisers, LLC — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class I shares provided a total return of -13.67% compared to the Russell 2000<sup>®</sup> Value Index, which returned -14.48% for the same period.

***Portfolio Specifics:*** The Portfolio outperformed its benchmark, the Russell 2000<sup>®</sup> Value Index, which returned -14.48% during the period. Outperformance was driven primarily by strong stock selection within materials, communication services, and healthcare. Security selection within financials and information technology offset some of these relative results. Sector allocation also contributed to outperformance, helped by an underweight to communication services and healthcare (which were the two worst performing sectors in the index).

In general, 2022 was a very challenging year for investors as US equities (as measured by the S&P 500) posted their worst annual performance since the global financial crisis in 2008. In stark contrast to the previous year, which saw equities accelerate to record highs, 2022 saw a downward trajectory. In our opinion, results were driven largely by expectations around the course of inflation and the actions of the US Federal Reserve, which hiked rates seven times by a combined 4.25% over the year. Despite all of the unease surrounding higher rates, inflation, and the impact these may have on economic growth, we stuck to our long-standing investment process of searching for value companies that are exhibiting signs of early improvement and upward inflection. This helped us navigate this market and generate relative outperformance. We have used this same investment process since the strategy's inception, and it has helped us navigate the portfolio through all types of past market environments as well.

Top individual contributors to performance included many of our exploration and production companies in the energy sector, particularly Ovintiv, Antero Resources, and Matador Resources, which all benefitted from the rise in oil prices during the year. Within communication services, our position in television broadcasting and digital media company Nexstar Media was an outperformer. Shares rose as the company continues to execute well and was buoyed by political advertising spending owing to the 2022 election cycle. Underperformers included some of our semiconductor stocks within the technology sector, which were impacted by macroeconomic challenges including supply-chain issues, slowing global demand, and the lockdown in China.

***Current Strategy and Outlook:*** The current market continues to be unpredictable, with high levels of uncertainty and heightened risk. Inflation, supply-chain issues, a hawkish Fed, the continuing war in Ukraine, and China's lockdown have all contributed to volatility and unease, exacerbated by concerns about the health of the U.S. consumer. In light of this uncertain environment, we have been taking a cautious approach and continue to let our time-tested philosophy of searching for value companies exhibiting upward inflection drive our positioning. By nature, this process adapts to changing market conditions as different areas show value and upward inflection through our models. At the end of the year, the portfolio is overweight industrials, materials and consumer staples, while real estate, financials, and health care are the largest underweights.

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Financials | 26.3% |
| Industrials | 18.0% |
| Consumer Discretionary | 9.6% |
| Health Care | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.1% |
| Information Technology | 5.5% |
| Utilities | 5.2% |
| Energy | 5.1% |
| Consumer Staples | 4.4% |
| Exchange-Traded Funds | 1.9% |
| Communication Services | 1.6% |
| Assets in Excess of Other Liabilities\* | 2.6% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| SPDR S&P Biotech ETF | 1.9% |
| New Jersey Resources Corp. | 1.5% |
| Triton International Ltd. | 1.5% |
| Merit Medical Systems, Inc. | 1.5% |
| Ameris Bancorp. | 1.4% |
| O-I Glass, Inc. | 1.4% |
| Portland General Electric Co. | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Cathay General Bancorp. | 1.3% |
| Bancorp, Inc. | 1.3% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> COLUMBIA SMALL CAP VALUE II PORTFOLIO

![](j2313921_ca009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -14.12% | 4.32% | 9.03% |
| Class I | -13.67% | 4.85% | 9.58% |
| Class R6<sup>(1)</sup> | -13.62% | 4.88% | 9.59% |
| Class S | -13.91% | 4.59% | 9.30% |
| Class S2 | -14.06% | 4.42% | 9.13% |
| Russell 2000<sup>®</sup> Value Index | -14.48% | 4.13% | 8.48% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> Columbia Small Cap Value II Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

<sup>(1)</sup> Class R6 incepted on May 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

VY<sup>®</sup> INVESCO COMSTOCK PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> Invesco Comstock Portfolio (the "Portfolio") seeks capital growth and income. The Portfolio is managed by Kevin Holt, Co-Lead Portfolio Manager, Devin Armstrong, Co-Lead Portfolio Manager, and James Warwick, each a Portfolio Manager of Invesco Advisers, Inc. — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of 0.38% compared to the Russell 1000<sup>®</sup> Value Index and the S&P 500<sup>®</sup> Index, which returned -7.54% and -18.11%, respectively, for the same period.

***Portfolio Specifics:*** The Portfolio outperformed the Russell 1000<sup>®</sup> Value Index. On the positive side, stock selection and a material overweight in energy was the largest contributor to the fund's relative return. Energy stocks were buoyed by rising oil prices driven by Russia's invasion of Ukraine and continued supply shortages. All of Comstock's holdings within the sector, including Marathon Oil, Devon Energy and Pioneer Resources, were notable contributors to absolute and relative returns. We believe tailwinds for energy companies remain favorable due to limited supply, with no short-term solution. A material underweight in communication services also enhanced relative return, as the sector was the 2nd worst returning sector for the period. Stock selection within healthcare also boosted relative returns. McKesson Corp. and Elevance Health (formerly Anthem) were the top performers. McKesson's stock outperformed as earnings and revenues handily beat expectations and early in the year, management provided upbeat guidance for the rest of 2022.

On the negative side, weak stock selection within information technology detracted from relative performance. Semi-conductor firms QUALCOMM and NXP Semiconductor underperformed as the semi-conductor industry generally underperformed due to slowing growth and demand, with supply chain issues exacerbating the problems. Having a material underweight to utilities also detracted from relative returns, as the sector was one of the few positive returning sectors for the period.

***Current Strategy and Outlook:*** The Portfolio's notable overweight exposures are in energy, industrials and healthcare. It is also overweight technology stocks, but to a lesser extent. The Portfolio is underweight utilities, real estate, communication services and materials.

We believe the process identifies deeply mispriced securities where there is a major dislocation in the intrinsic value and current value. Then, determining the company's issues and strategy to overcome headwinds, enables us to be patient while the market digests progress. Ongoing market volatility continues to create attractive investment opportunities which we believe enables us to continue to offer a highly differentiated opportunity from the broad market indices and peers.

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Financials | 20.4% |
| Health Care | 19.1% |
| Industrials | 13.1% |
| Energy | 11.3% |
| Information Technology | 9.7% |
| Consumer Staples | 7.2% |
| Consumer Discretionary | 6.3% |
| Communication Services | 3.4% |
| Materials | 3.3% |
| Utilities | 1.5% |
| Real Estate | 0.5% |
| Assets in Excess of Other Liabilities\* | 4.2% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Chevron Corp. | 2.9% |
| Philip Morris International, Inc. | 2.7% |
| Bank of America Corp. | 2.6% |
| American International Group, Inc. | 2.5% |
| Elevance Health, Inc. | 2.4% |
| Wells Fargo & Co. | 2.3% |
| Johnson Controls International plc | 2.1% |
| Cisco Systems, Inc. | 2.0% |
| Caterpillar, Inc. | 2.0% |
| State Street Corp. | 1.9% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> INVESCO COMSTOCK PORTFOLIO

![](j2313921_ca010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
| | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | 0.12% | 7.56% | 10.57% |
| Class I | 0.63% | 8.10% | 11.13% |
| Class S | 0.38% | 7.82% | 10.84% |
| Russell 1000<sup>®</sup> Value Index | -7.54% | 6.67% | 10.29% |
| S&P 500<sup>®</sup> Index | -18.11% | 9.42% | 12.56% |

---

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

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

VY<sup>®</sup> INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> Invesco Equity and Income Portfolio (the "Portfolio") seeks total return consisting of long-term capital appreciation and current income. The Portfolio is managed by Brian Jurkash, Co-lead Portfolio Manager, Matthew Titus, Co-lead Portfolio Manager, Sergio Marcheli and Chuck Burge, Portfolio Managers of Invesco Advisers, Inc. — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -7.83% compared to the Russell 1000<sup>®</sup> Value Index, Bloomberg U.S. Government/Credit Index and the 60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg U.S. Government/Credit Index, which returned -7.54%, -13.58% and -9.70%, respectively, for the same period.

***Portfolio Specifics:*** For the year ended December 31, 2022, the Portfolio outperformed the Russell 1000<sup>®</sup> Value Index before fees and expenses.

Within the Portfolio's equity allocation, stock selection in health care was the largest contributor to relative performance, and Merck, McKesson and Cigna were strong individual contributors. Merck benefitted from strong sales of its oral antiviral Covid treatment. McKesson recently divested its underperforming pharmacy business in Europe that was a drag on growth and margins. Cigna's customer retention exceeded estimates, and the company affirmed its earnings outlook for the year.

Selection in industrials also contributed to the Portfolio's relative return, due largely to Raytheon Technologies and Quanta Services. Aerospace and defense company Raytheon performed well, particularly due to an increase in defense spending following the Russian invasion of Ukraine. Quanta benefitted from an increase in renewable energy infrastructure spending and the recently passed Inflation Reduction Act.

An underweight in real estate also contributed to relative outperformance for the period.

Stock selection in consumer discretionary was the largest detractor from relative performance, due primarily to General Motors (GM) and Amazon. GM has faced ongoing supply-chain related issues that have hurt results. Amazon reported weaker than expected revenues and lowered its outlook due to macroeconomic headwinds and inflationary pressures.

The Portfolio's underweight in consumer staples also detracted from relative performance. The Portfolio lacked exposure to some of the stronger performers in the sector, as the team believes these companies do not fit the Portfolio's investment criteria.

The Portfolio's overweight and stock selection in information technology was also detracted from relative performance, due in part to Cognizant Technology Solutions and Intel. Higher labor costs and staffing issues weighed on Cognizant's stock. Intel reported earnings that came in far below expectations. The chipmaker also reduced guidance for the remainder of the year amid worsening macro conditions and weak PC demand.

The Portfolio's cash position, while approximately 3% on average, contributed to relative performance in the difficult market environment. The Portfolio's holdings in investment grade bonds and convertible securities underperformed the Russell 1000<sup>®</sup> Value Index and were significant detractors from relative performance during the year.

The Portfolio held currency forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Portfolio. These derivatives were not for speculative purposes or leverage, and these positions had a positive impact on the Portfolio's relative performance for the year.

***Current Strategy and Outlook:*** During the year, the team increased the number of holdings in the health care, energy and IT sectors and reduced holdings in industrials, materials and utilities. At year end, the Fund's largest overweight exposures were in IT and health care, while the largest underweights were in utilities and consumer staples.

We believe market volatility will continue as the Fed's rate increases gradually work through the economy and recession risks rise. Regardless of the market environment, we seek to invest in companies with attractive valuations and strong fundamentals, qualities that we believe will ultimately be reflected in those companies' stock prices.

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

---

| | |
|:---|:---|
| United States Treasury Note, 4.000%, 12/15/25 | 2.9% |
| United States Treasury Note, 3.875%, 11/30/27 | 2.7% |
| Wells Fargo & Co. | 2.4% |
| ConocoPhillips | 2.4% |
| United States Treasury Note, 3.875%, 11/30/29 | 2.1% |
| American International Group, Inc. | 1.8% |
| Bank of America Corp. | 1.8% |
| Merck & Co., Inc. | 1.7% |
| Exxon Mobil Corp. | 1.6% |
| General Motors Co. | 1.6% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Financials | 19.3% |
| Health Care | 12.4% |
| U.S. Treasury Notes | 9.4% |
| Energy | 9.4% |
| Industrials | 8.5% |
| Information Technology | 7.2% |
| Consumer Discretionary | 5.1% |
| Consumer, Non-cyclical | 4.1% |
| Communication Services | 4.0% |
| Communications | 3.9% |
| Technology | 3.3% |
| Consumer Staples | 3.1% |
| Utilities | 1.6% |
| Real Estate | 1.5% |
| Materials | 1.2% |
| Consumer, Cyclical | 1.1% |
| U.S. Treasury Bonds | 1.1% |
| Federal National Mortgage Association | 0.1% |
| Basic Materials | 0.1% |
| Municipal Bonds | 0.0% |
| Assets in Excess of Other Liabilities\* | 3.6% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> INVESCO EQUITY AND INCOME PORTFOLIO

![](j2313921_ca011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
| | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -8.07% | 5.07% | 7.85% |
| Class I | -7.60% | 5.60% | 8.39% |
| Class S | -7.83% | 5.33% | 8.12% |
| Class S2 | -7.95% | 5.20% | 7.98% |
| Russell 1000<sup>®</sup> Value Index | -7.54% | 6.67% | 10.29% |
| Bloomberg U.S. Government/Credit Index | -13.58% | 0.21% | 1.16% |
| 60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg U.S. Government/Credit Index | -9.70% | 4.47% | 6.84% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> Invesco Equity and Income Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

VY<sup>®</sup> INVESCO GLOBAL PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> Invesco Global Portfolio (the "Portfolio") seeks capital appreciation. The Portfolio is managed by John Delano, CFA. Vice President and Portfolio Manager of Invesco Advisers, Inc. ("Invesco") — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -32.10% compared to the MSCI All Country World Index<sup>SM</sup> (the "Index"), which returned -18.36% for the same period.

***Portfolio Specifics:*** The five largest absolute contributors in 2022 were Novo Nordisk A/S, ICICI Bank Limited, Brunello Cuccinelli S.p.A., Airbus SE, and Analog Devices Inc.

Novo Nordisk A/S Class B has a big new drug on the market, Wegovy, indicated for weight loss. Broader indications for cardiac benefits in obese patients, await additional trial data. Obesity and diabetes are indications growing rapidly across the world and Novo is the leading company in the field. ICICI Bank Limited is the second largest private sector bank in India. It is benefiting from an Indian economy that remained relatively strong in the face of a weakening global economy. Brunello Cuccinelli S.p.A the Italian luxury house, has continued to produce strong results in the face of an economic environment that has otherwise been showing signs of softening. Airbus SE, the duopoly plane maker along with Boeing, has struggled with supply chain woes impacting deliveries of the 700 new aircraft targeted for 2022, which would represent 34% growth year over year. Order intake remains strong, however. High energy costs make modern fuel-efficient planes an appealing option. Analog Devices Inc is a maker of analog semis, as its name would suggest. Analog semis are used to convert measures such as temperature, pressure, or sound into digital signals. As the world becomes more digital (0 or1) it gets more analog too. It is a beneficiary of the internet of things as machines collect more and more data.

Developed markets averaged 88.88% of the Portfolio during 2022, which is slightly more than that of the Index. Emerging markets, therefore, reflect a very slight underweight, though neither is driven by any top down allocation effort. Developed markets comprised all of the full year performance deficit across the Portfolio in 2022.

The United States and Japan were the largest sources of underperformance in 2022 with the US, primarily due to its underweight allocation, being the largest by a sizable margin. In neither case was there a top down allocation decision to be invested on not invested there, or anywhere else. The holdings and decisions regarding them were and are made on a company by company basis.

***Current Strategy and Outlook:*** Our thematic, long-term, investment style leads us towards what we believe are quality businesses with sustainability of both enterprise and advantaged position. We hope to buy these at prices that do not fully reflect their future value, usually because the current understanding of that value by the market is misestimated for a reason that is temporary. Unpopularity is a price we are willing to incur for a while. Also, it has been our experience that competitively advantaged companies in ascendant industries can create economic value that can go on for decades. This is why we believe and behave with a long-term focus.

**Geographic Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| United States | 52.0% |
| France | 9.4% |
| Japan | 6.4% |
| China | 6.3% |
| Netherlands | 6.0% |
| India | 5.5% |
| Sweden | 4.2% |
| Denmark | 4.0% |
| Germany | 2.1% |
| Switzerland | 0.8% |
| Countries between 0.2%-0.8%^ | 2.1% |
| Assets in Excess of Other Liabilities\* | 1.2% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

^ Includes 5 countries, which each represents 0.2%-0.8% of net assets.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Alphabet, Inc. — Class A | 9.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.9% |
| Analog Devices, Inc. | 5.3% |
| S&P Global, Inc. | 5.1% |
| Airbus SE | 4.9% |
| Intuit, Inc. | 4.8% |
| JD.com, Inc. ADR | 4.8% |
| Novo Nordisk A/S | 4.0% |
| DLF Ltd. | 3.5% |
| Meta Platforms, Inc. | 3.2% |

---

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> INVESCO GLOBAL PORTFOLIO

![](j2313921_ca012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -32.28% | 2.29% | 7.30% |
| Class I | -31.93% | 2.80% | 7.84% |
| Class S | -32.10% | 2.55% | 7.58% |
| Class S2 | -32.21% | 2.39% | 7.41% |
| MSCI All Country World Index<sup>SM</sup> | -18.36% | 5.23% | 7.98% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> Invesco Global Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

VY<sup>®</sup> JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (the "Portfolio") seeks growth from capital appreciation. The Portfolio is managed by Jonathan K.L. Simon and Lawrence Playford, CFA, Managing Directors and Portfolio Managers of J.P. Morgan Investment Management Inc. — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -8.62% compared to the Russell Midcap<sup>®</sup> Value Index (the "Index" or "Russell Midcap<sup>®</sup> Value"), which returned -12.03% for the same period.

***Portfolio Specifics:*** 2022 was a rollercoaster ride for investors. For US equities markets, despite some ups along the way, it marked the worst year since the Global Financial Crisis. While there were little places to hide, value & defensive stocks were in favor, protecting more on the downside vs. other areas. Given this tumultuous backdrop, Mid Cap Value significantly outperformed its benchmark by ~3.8% with positive stock selection in 9/11 sectors. Strong stock selection in technology and financials contributed to outperformance, while communications services and energy served as detractors.

Technology has been at the forefront of the market sell-off, and in our opinion, we have navigated well through our underweight & strong stock selection. As a function of not owning some of the more cyclical or growth-oriented stocks, our names are down -9% vs. the broader benchmark down -28%. Companies like Motorola (MSI) have protected on the downside by continuing to beat on quarterly earnings & even raising its outlook. Revenue growth has accelerated, and operating margins have remained more resilient vs. forecasts. While we've taken some profits on its relative strength, we still expect MSI's talented management team to continue to deliver value through a mixture of prudent M&A activity and returning capital to shareholders.

Stock selection within communication services has been disappointing, with Liberty Broadband (LRBDK) acting as a top detractor. Charter, LBRDK's principal holding, continues to stumble with declining residential broadband subscribers. While fixed wireless competition looms over the stock multiple, we feel optimistic in LBRDK's management team's ability to navigate, as evidenced by their active share buy backs during bouts of volatility. We believe LBRDK's valuation remains inexpensive, and the business has evolved from high growth to a steady-eddy cash flow generator, which keeps it a strong fit within the Portfolio.

***Current Strategy and Outlook:*** Financials: We feel comfortable with our financials exposure given our diverse portfolio of companies. Asset sensitive banks are still benefitting from higher rates, but also pose risks with deteriorating credit fundamentals, so we are being patient to add. We feel compensated for the banks we own that have proven management teams during difficult environments (M&T Bank).

Consumer: We have taken some profits in quality winners that are known and loved by the market (AutoZone) and have position-sized retailers where balance sheets are no longer pristine (Kohl's). We are looking for opportunities to add to discretionary companies that will benefit from an economic rebound.

Energy: We remain underweight given worries around demand after such a strong run. We shifted the complexion of our holdings by taking profits in top performers (Diamondback Energy) and adding to more stable companies with less oil sensitivity and higher natural gas exposure (Williams Companies).

Technology: The overall space remains challenged, and we see further downside risk in more traditional technology companies. We have altered our exposure under the hood, recycling proceeds from winners (Motorola) into companies benefiting from idiosyncratic opportunities with strong balance sheets trading at a relative discount (Teledyne Technologies).

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Financials | 23.5% |
| Industrials | 12.7% |
| Real Estate | 10.7% |
| Consumer Discretionary | 10.4% |
| Utilities | 8.7% |
| Health Care | 8.4% |
| Information Technology | 7.4% |
| Materials | 5.7% |
| Consumer Staples | 4.4% |
| Communication Services | 3.6% |
| Energy | 2.6% |
| Assets in Excess of Other Liabilities\* | 1.9% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Xcel Energy, Inc. | 1.9% |
| Ameriprise Financial, Inc. | 1.9% |
| Laboratory Corp. of America Holdings | 1.9% |
| M&T Bank Corp. | 1.8% |
| Huntington Bancshares, Inc. | 1.8% |
| AmerisourceBergen Corp. | 1.8% |
| WEC Energy Group, Inc. | 1.7% |
| CMS Energy Corp. | 1.7% |
| Loews Corp. | 1.7% |
| Entergy Corp. | 1.5% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> JPMORGAN MID CAP VALUE PORTFOLIO

![](j2313921_ca013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -8.84% | 5.37% | 9.39% |
| Class I | -8.39% | 5.89% | 9.94% |
| Class S | -8.62% | 5.63% | 9.66% |
| Class S2 | -8.82% | 5.46% | 9.49% |
| Russell Midcap<sup>®</sup> Value | -12.03% | 5.72% | 10.11% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio (the "Portfolio") seeks long-term capital appreciation. The Portfolio is managed by Donald J. Peters, Vice President, Portfolio Manager of T. Rowe Price Associates, Inc. — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -24.47% compared to the S&P MidCap 400<sup>®</sup> Index and the Russell Midcap<sup>®</sup> Growth Index, which returned -13.06% and -26.72%, respectively, for the same period.

***Portfolio Specifics:*** The Portfolio outperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, for the 12-month period. Broadly speaking, stock selection drove relative outperformance.

The consumer discretionary sector contributed to relative results, driven by stock selection. O'Reilly Automotive sells automotive replacement parts, equipment, and accessories to do-it-yourself and commercial customers. The company has enjoyed strong demand for parts in supply-constrained new and used car markets and benefited from the ability to pass along higher costs to customers.

Security selection in the health care sector aided relative performance. McKesson is the largest North American distributor of drugs — including coronavirus vaccines — and ambulatory medical-surgical supplies. Shares were buoyed by better-than-expected earnings results and improving earnings guidance during the period.

Stock choices in the industrials and business services sector also had a positive impact on relative results, driven by Valmont Industries. Valmont Industries engages in the design and manufacturing of fabricated metal products. Shares traded higher on earnings results reflecting solid revenue and operating margin improvement.

Conversely, the Portfolio's relative underweight allocation to the utilities sector was a notable detractor from relative performance, as the sector outperformed the broader market during the period. Poor stock choices also led to relative underperformance in this sector.

The Portfolio's overweight to the information technology sector, coupled with stock selection, also hindered relative returns during the period.

***Current Strategy and Outlook:*** Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The Federal Reserve's (Fed's) aggressive short-term interest rate hikes that began in March, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Information Technology | 28.5% |
| Industrials | 16.4% |
| Health Care | 15.7% |
| Consumer Discretionary | 15.0% |
| Financials | 6.9% |
| Energy | 5.1% |
| Materials | 3.5% |
| Consumer Staples | 2.9% |
| Real Estate | 2.8% |
| Communication Services | 2.7% |
| Utilities | 0.3% |
| Assets in Excess of Other Liabilities\* | 0.2% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Enphase Energy, Inc. | 1.4% |
| Autozone, Inc. | 1.4% |
| Hilton Worldwide Holdings, Inc. | 1.4% |
| Synopsys, Inc. | 1.3% |
| DexCom, Inc. | 1.3% |
| Cadence Design Systems, Inc. | 1.3% |
| McKesson Corp. | 1.3% |
| Agilent Technologies, Inc. | 1.2% |
| Amphenol Corp. | 1.2% |
| Chipotle Mexican Grill, Inc. | 1.2% |

---

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

![](j2313921_ca014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -24.63% | 8.04% | 11.49% |
| Class I | -24.34% | 8.55% | 12.04% |
| Class R6<sup>(1)</sup> | -24.31% | 8.58% | 12.06% |
| Class S | -24.47% | 8.30% | 11.77% |
| Class S2 | -24.60% | 8.13% | 11.59% |
| S&P MidCap 400<sup>®</sup> Index | -13.06% | 6.71% | 10.78% |
| Russell Midcap<sup>®</sup> Growth Index | -26.72% | 7.64% | 11.41% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

<sup>(1)</sup> Class R6 incepted on May 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

VY<sup>®</sup> T. ROWE PRICE GROWTH EQUITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio (the "Portfolio") seeks long-term growth through investments in stocks. The Portfolio is managed by Joseph B. Fath, Vice President and Portfolio Manager of T. Rowe Price Associates, Inc. — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class I shares, provided a total return of -40.66% compared to the S&P 500<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index, which returned -18.11% and -29.14%, respectively, for the same period.

***Portfolio Specifics:*** The Portfolio underperformed the benchmark for the period. Stock selection and sector allocation both drove relative underperformance. Consumer discretionary was a significant relative detractor due to security selection and an overweight allocation. The communication services sector also hindered relative results, owing to stock choices and an overweight allocation. The information technology sector further weighed on returns due to stock choices and an overweight exposure. Conversely, a lack of exposure to the real estate sector aided relative performance.

The consumer discretionary sector detracted the most during the period. Shares of Amazon traded lower in response to deceleration within both e-commerce and Amazon Web Services as consumer confidence and enterprise cloud spend soften due to macro concerns. The company also disappointed in terms of cost control efforts that fell short of targets, with its bloated logistics footprint continuing to weigh on profitability.

Real estate was the only sector that aided relative performance due to a lack of exposure. We remain underweight to real estate, given the lack of attractive opportunities with long-term growth prospects.

***Current Strategy and Outlook:*** Heading into 2023, capital markets appear to have priced in a significant global economic slowdown. The key question is whether this deceleration will end in a "soft landing" — with slower but still positive growth — or in a full-fledged recession that drags down earnings. Much depends on the U.S. Federal Reserve and the world's other major central banks as they continue efforts to bring inflation under control by hiking interest rates and draining liquidity from the markets. Nevertheless, we expect geopolitical risks will remain potential triggers for downside volatility in 2023. Structural factors, such as bank capital requirements that constrain market liquidity, could magnify price movements, both up and down. While there are good reasons for caution in 2023, excessive pessimism and volatility can create value for agile investors. In difficult markets, we believe security selection will be critical.

**Sector Diversification <br>as of December 31, 2022**<br> *(as a percentage of net assets)*

---

| | |
|:---|:---|
| Information Technology | 48.1% |
| Consumer Discretionary | 17.9% |
| Health Care | 14.1% |
| Communication Services | 10.6% |
| Industrials | 3.7% |
| Consumer Staples | 0.6% |
| Financials | 0.4% |
| Assets in Excess of Other Liabilities\* | 4.6% |
| Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.9% |
| Apple, Inc. | 9.3% |
| Amazon.com, Inc. | 5.8% |
| Alphabet, Inc. — Class A | 4.1% |
| UnitedHealth Group, Inc. | 4.0% |
| Visa, Inc. — Class A | 3.2% |
| Mastercard, Inc. — Class A | 3.0% |
| ASML Holding NV — NY Reg | 2.6% |
| Nvidia Corp. | 2.5% |
| Intuit, Inc. | 2.5% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

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

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

------

PORTFOLIO MANAGERS' REPORT

VY<sup>®</sup> T. ROWE PRICE GROWTH EQUITY PORTFOLIO

![](j2313921_ca015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** | **Average Annual Total Returns for the Periods Ended December 31, 2022** |
|  | **1 Year** | **5 Year** | **10 Year** |
| Class ADV | -40.93% | 4.23% | 10.56% |
| Class I | -40.66% | 4.75% | 11.11% |
| Class S | -40.81% | 4.49% | 10.83% |
| Class S2 | -40.88% | 4.34% | 10.67% |
| S&P 500<sup>®</sup> Index | -18.11% | 9.42% | 12.56% |
| Russell 1000<sup>®</sup> Growth Index | -29.14% | 10.96% | 14.10% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

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

**Actual Expenses**

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

**Hypothetical Example for Comparison Purposes**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return** | **Actual Portfolio Return** | **Actual Portfolio Return** | **Actual Portfolio Return** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** |
|<br>**Voya Global Bond Portfolio** | **Beginning<br>Account<br>Value<br>July 1, <br>2022** | **Ending<br>Account<br>Value<br>December 31,<br>2022** | **Annualized<br>Expense<br>Ratio** | **Expenses Paid<br>During the<br>Period Ended<br>December 31, <br>2022\*** | **Beginning<br>Account<br>Value<br>July 1, <br>2022** | **Ending<br>Account<br>Value<br>December 31, <br>2022** | **Annualized<br>Expense<br>Ratio** | **Expenses Paid<br>During the<br>Period Ended<br>December 31, <br>2022\*** |
| Class ADV | $1000.00 | $976.00 | 1.17% | $5.83 | $1000.00 | $1019.31 | 1.17% | $5.96 |
| Class I | 1000.00 | 979.10 | 0.67 | 3.34 | 1000.00 | 1021.83 | 0.67 | 3.41 |
| Class S | 1000.00 | 977.80 | 0.92 | 4.59 | 1000.00 | 1020.57 | 0.92 | 4.69 |
| **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** |
| Class ADV | $1000.00 | $1031.70 | 1.22% | $6.25 | $1000.00 | $1019.06 | 1.22% | $6.21 |
| Class I | 1000.00 | 1033.80 | 0.72 | 3.69 | 1000.00 | 1021.58 | 0.72 | 3.67 |
| Class S | 1000.00 | 1032.90 | 0.97 | 4.97 | 1000.00 | 1020.32 | 0.97 | 4.94 |
| Class S2 | 1000.00 | 1032.30 | 1.12 | 5.74 | 1000.00 | 1019.56 | 1.12 | 5.70 |
| **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** |
| Class ADV | $1000.00 | $1055.10 | 1.35% | $6.99 | $1000.00 | $1018.40 | 1.35% | $6.87 |
| Class I | 1000.00 | 1057.00 | 0.85 | 4.41 | 1000.00 | 1020.92 | 0.85 | 4.33 |
| Class S | 1000.00 | 1056.00 | 1.10 | 5.70 | 1000.00 | 1019.66 | 1.10 | 5.60 |
| Class S2 | 1000.00 | 1055.10 | 1.25 | 6.47 | 1000.00 | 1018.90 | 1.25 | 6.36 |

---

------

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return** | **Actual Portfolio Return** | **Actual Portfolio Return** | **Actual Portfolio Return** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** |
|<br>**VY<sup>®</sup> Baron Growth Portfolio** | **Beginning<br>Account<br>Value<br>July 1, <br>2022** | **Ending<br>Account<br>Value<br>December 31,<br>2022** | **Annualized<br>Expense<br>Ratio** | **Expenses Paid<br>During the<br>Period Ended<br>December 31, <br>2022\*** | **Beginning<br>Account<br>Value<br>July 1, <br>2022** | **Ending<br>Account<br>Value<br>December 31, <br>2022** | **Annualized<br>Expense<br>Ratio** | **Expenses Paid<br>During the<br>Period Ended<br>December 31, <br>2022\*** |
| Class ADV | $1000.00 | $1085.50 | 1.49% | $7.83 | $1000.00 | $1017.69 | 1.49% | $7.58 |
| Class I | 1000.00 | 1088.40 | 0.99 | 5.21 | 1000.00 | 1020.21 | 0.99 | 5.04 |
| Class R6 | 1000.00 | 1087.90 | 0.98 | 5.16 | 1000.00 | 1020.27 | 0.98 | 4.99 |
| Class S | 1000.00 | 1086.80 | 1.24 | 6.52 | 1000.00 | 1018.95 | 1.24 | 6.31 |
| Class S2 | 1000.00 | 1086.10 | 1.39 | 7.31 | 1000.00 | 1018.20 | 1.39 | 7.07 |
| **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** |
| Class ADV | $1000.00 | $1000.00 | 1.22% | $6.15 | $1000.00 | $1019.06 | 1.22% | $6.21 |
| Class I | 1000.00 | 1001.40 | 0.72 | 3.63 | 1000.00 | 1021.58 | 0.72 | 3.67 |
| Class S | 1000.00 | 1000.90 | 0.97 | 4.89 | 1000.00 | 1020.32 | 0.97 | 4.94 |
| **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** |
| Class ADV | $1000.00 | $1045.50 | 1.42% | $7.32 | $1000.00 | $1018.05 | 1.42% | $7.22 |
| Class I | 1000.00 | 1048.20 | 0.92 | 4.75 | 1000.00 | 1020.57 | 0.92 | 4.69 |
| Class R6 | 1000.00 | 1048.60 | 0.86 | 4.44 | 1000.00 | 1020.87 | 0.86 | 4.38 |
| Class S | 1000.00 | 1047.00 | 1.17 | 6.04 | 1000.00 | 1019.31 | 1.17 | 5.96 |
| Class S2 | 1000.00 | 1045.40 | 1.32 | 6.81 | 1000.00 | 1018.55 | 1.32 | 6.72 |
| **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** |
| Class ADV | $1000.00 | $1087.40 | 1.20% | $6.31 | $1000.00 | $1019.16 | 1.20% | $6.11 |
| Class I | 1000.00 | 1089.90 | 0.70 | 3.69 | 1000.00 | 1021.68 | 0.70 | 3.57 |
| Class S | 1000.00 | 1088.70 | 0.95 | 5.00 | 1000.00 | 1020.42 | 0.95 | 4.84 |
| **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** |
| Class ADV | $1000.00 | $1049.20 | 1.14% | $5.89 | $1000.00 | $1019.46 | 1.14% | $5.80 |
| Class I | 1000.00 | 1051.80 | 0.64 | 3.31 | 1000.00 | 1021.98 | 0.64 | 3.26 |
| Class S | 1000.00 | 1050.50 | 0.89 | 4.60 | 1000.00 | 1020.72 | 0.89 | 4.53 |
| Class S2 | 1000.00 | 1049.90 | 1.02 | 5.27 | 1000.00 | 1020.06 | 1.02 | 5.19 |
| **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** |
| Class ADV | $1000.00 | $996.20 | 1.30% | $6.54 | $1000.00 | $1018.65 | 1.30% | $6.61 |
| Class I | 1000.00 | 999.00 | 0.80 | 4.03 | 1000.00 | 1021.17 | 0.80 | 4.08 |
| Class S | 1000.00 | 997.70 | 1.05 | 5.29 | 1000.00 | 1019.91 | 1.05 | 5.35 |
| Class S2 | 1000.00 | 996.80 | 1.20 | 6.04 | 1000.00 | 1019.16 | 1.20 | 6.11 |
| **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** |
| Class ADV | $1000.00 | $1055.30 | 1.38% | $7.15 | $1000.00 | $1018.25 | 1.38% | $7.02 |
| Class I | 1000.00 | 1057.80 | 0.88 | 4.56 | 1000.00 | 1020.77 | 0.88 | 4.48 |
| Class S | 1000.00 | 1056.90 | 1.13 | 5.86 | 1000.00 | 1019.51 | 1.13 | 5.75 |
| Class S2 | 1000.00 | 1055.50 | 1.28 | 6.63 | 1000.00 | 1018.75 | 1.28 | 6.51 |

---

------

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return** | **Actual Portfolio Return** | **Actual Portfolio Return** | **Actual Portfolio Return** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** | **Hypothetical (5% return before expenses)** |
|<br>**VY<sup>®</sup> T. Rowe Price Diversified<br>Mid Cap Growth Portfolio** | **Beginning<br>Account<br>Value<br>July 1, <br>2022** | **Ending<br>Account<br>Value<br>December 31,<br>2022** | **Annualized<br>Expense<br>Ratio** | **Expenses Paid<br>During the<br>Period Ended<br>December 31, <br>2022\*** | **Beginning<br>Account<br>Value<br>July 1, <br>2022** | **Ending<br>Account<br>Value<br>December 31, <br>2022** | **Annualized<br>Expense<br>Ratio** | **Expenses Paid<br>During the<br>Period Ended<br>December 31, <br>2022\*** |
| Class ADV | $1000.00 | $1063.40 | 1.28% | $6.66 | $1000.00 | $1018.75 | 1.28% | $6.51 |
| Class I | 1000.00 | 1064.80 | 0.78 | 4.06 | 1000.00 | 1021.27 | 0.78 | 3.97 |
| Class R6 | 1000.00 | 1065.70 | 0.75 | 3.91 | 1000.00 | 1021.42 | 0.75 | 3.82 |
| Class S | 1000.00 | 1065.30 | 1.03 | 5.36 | 1000.00 | 1020.01 | 1.03 | 5.24 |
| Class S2 | 1000.00 | 1063.70 | 1.18 | 6.14 | 1000.00 | 1019.26 | 1.18 | 6.01 |
| **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio** |
| Class ADV | $1000.00 | $944.60 | 1.23% | $6.03 | $1000.00 | $1019.00 | 1.23% | $6.26 |
| Class I | 1000.00 | 946.60 | 0.73 | 3.58 | 1000.00 | 1021.53 | 0.73 | 3.72 |
| Class S | 1000.00 | 945.50 | 0.98 | 4.81 | 1000.00 | 1020.27 | 0.98 | 4.99 |
| Class S2 | 1000.00 | 945.20 | 1.13 | 5.54 | 1000.00 | 1019.51 | 1.13 | 5.75 |

---

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

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio, VY<sup>®</sup> Baron Growth Portfolio, VY<sup>®</sup> Columbia Contrarian Core Portfolio, VY<sup>®</sup> Columbia Small Cap Value II Portfolio, VY<sup>®</sup> Invesco Comstock Portfolio, VY<sup>®</sup> Invesco Equity and Income Portfolio, VY<sup>®</sup> Invesco Global Portfolio, VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio and VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio and the Board of Directors of Voya Partners, Inc.

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio, VY<sup>®</sup> Baron Growth Portfolio, VY<sup>®</sup> Columbia Contrarian Core Portfolio, VY<sup>®</sup> Columbia Small Cap Value II Portfolio, VY<sup>®</sup> Invesco Comstock Portfolio, VY<sup>®</sup> Invesco Equity and Income Portfolio, VY<sup>®</sup> Invesco Global Portfolio, VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio and VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio (collectively referred to as the "Portfolios") (twelve of the portfolios constituting Voya Partners, Inc. (the "Company")), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (twelve of the portfolios constituting Voya Partners, Inc.) at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the years in the two-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 26, 2020, expressed an unqualified opinion on those financial highlights.

*Basis for Opinion*

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2313921_ca016.jpg)

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

Boston, Massachusetts<br>February 28, 2023

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<br>Voya <br>Global Bond<br>Portfolio** | **Voya<br>International<br>High Dividend<br>Low Volatility<br>Portfolio** | **<br>VY<sup>®</sup>American Century<br>Small-Mid Cap Value<br>Portfolio** | **<br>VY<sup>®</sup>Baron<br>Growth<br>Portfolio** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in securities at fair value+\* | $98751713 | $334272448 | $349407054 | $464872591 |
| Investments in affiliates at fair value\*\* | 11322819 |  |  |  |
| Short-term investments at fair value<sup>†</sup> | 23309914 | 7250283 | 6912092 | 1748846 |
| Cash | 720625 |  |  |  |
| Cash collateral for futures contracts | 1550000 |  |  |  |
| Cash pledged for centrally cleared swaps (Note 2) | 985000 |  |  |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 1800000 |  |  |  |
| Foreign currencies at value<sup>‡</sup> | 1545324 | 323571 | 54274 |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investment securities and currencies sold | 214696 | 142724 | 1268624 |  |
| Fund shares sold | 127194 | 2903 | 104188 | 65412 |
| Dividends | 21106 | 542280 | 716436 | 541407 |
| Interest | 871177 | 485 |  | 88480 |
| Foreign tax reclaims | 4588 | 1541821 | 17910 |  |
| Unrealized appreciation on forward foreign currency <br>contracts | 1154564 |  | 17832 |  |
| Unrealized appreciation on forward premium swaptions | 9841 |  |  |  |
| Unrealized appreciation on OTC swap agreements | 4189 |  |  |  |
| Prepaid expenses | 680 | 1765 | 1758 | 2481 |
| Reimbursement due from Investment Adviser | 15197 |  | 170864 | 47050 |
| Other assets | 9772 | 33165 | 10520 | 25966 |
| Total assets | 142418399 | 344111445 | 358681552 | 467392233 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities and currencies purchased | 2321521 | 142960 | 651851 |  |
| Payable for investment securities purchased on a <br>delayed-delivery or when-issued basis | 15824592 |  |  |  |
| Payable for fund shares redeemed | 414 | 520153 | 480050 | 247211 |
| Payable upon receipt of securities loaned | 1684277 | 7250283 | 1611775 |  |
| Unrealized depreciation on forward foreign currency <br>contracts | 279312 |  | 107967 |  |
| Unrealized depreciation on forward premium swaptions | 94400 |  |  |  |
| Variation margin payable on centrally cleared swaps | 1789 |  |  |  |
| Variation margin payable on futures contracts | 569736 |  |  |  |
| Cash received as collateral for OTC derivatives (Note 2) | 480000 |  |  |  |
| Cash received as collateral for delayed-delivery or <br>when-issued securities (Note 2) | 6872 |  |  |  |
| Payable for investment management fees | 61283 | 171656 | 281227 | 388204 |
| Payable for distribution and shareholder service fees | 10915 | 53983 | 62399 | 89096 |
| Payable to custodian due to bank overdraft |  | 5015 |  |  |
| Payable for directors fees | 331 | 887 | 925 | 1236 |
| Payable to directors under the deferred compensation <br>plan (Note 6) | 9772 | 33165 | 10520 | 25966 |
| Other accrued expenses and liabilities | 50939 | 105783 | 47601 | 73217 |
| Written options, at fair value^ | 1446855 |  |  |  |
| Total liabilities | 22843008 | 8283885 | 3254315 | 824930 |
| **NET ASSETS** | $119575391 | $335827560 | $355427237 | $466567303 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |
| Paid-in capital | $149728060 | $334263996 | $317854098 | $80181372 |
| Total distributable earnings (loss) | (30152669) | 1563564 | 37573139 | 386385931 |
| **NET ASSETS** | $119575391 | $335827560 | $355427237 | $466567303 |
| + Including securities loaned at value | $1637285 | $6878826 | $1546608 | $— |
| \* Cost of investments in securities | $108681781 | $325493133 | $352441733 | $104667320 |
| \*\* Cost of investments in affiliates | $13692757 | $— | $— | $— |
| † Cost of short-term investments | $23312254 | $7250283 | $6912092 | $1748846 |
| ‡ Cost of foreign currencies | $1557549 | $321745 | $54274 | $— |
| ^ Premiums received on written options | $1519647 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements<br>30

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<br>Voya <br>Global Bond<br>Portfolio** | **Voya<br>International<br>High Dividend<br>Low Volatility<br>Portfolio** | **<br>VY<sup>®</sup>American Century<br>Small-Mid Cap Value<br>Portfolio** | **<br>VY<sup>®</sup>Baron<br>Growth<br>Portfolio** |
| **Class ADV:** | **Class ADV:** | **Class ADV:** | **Class ADV:** | **Class ADV:** |
| Net assets | $14350376 | $24167224 | $98642020 | $99639454 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 1784189 | 2701024 | 9114911 | 5229809 |
| Net asset value and redemption price per share | $8.04 | $8.95 | $10.82 | $19.05 |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Net assets | $83034357 | $107059527 | $165701729 | $122510546 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 10134897 | 11818530 | 13920050 | 5030123 |
| Net asset value and redemption price per share | $8.19 | $9.06 | $11.90 | $24.36 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Net assets | n/a | n/a | n/a | $38746700 |
| Shares authorized | n/a | n/a | n/a | 100000000 |
| Par value | n/a | n/a | n/a | $0.001 |
| Shares outstanding | n/a | n/a | n/a | 1588629 |
| Net asset value and redemption price per share | n/a | n/a | n/a | $24.39 |
| **Class S:** | **Class S:** | **Class S:** | **Class S:** | **Class S:** |
| Net assets | $22190658 | $204206561 | $89430813 | $203579081 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 2711864 | 22699831 | 7676012 | 9340288 |
| Net asset value and redemption price per share | $8.18 | $9.00 | $11.65 | $21.80 |
| **Class S2:** | **Class S2:** | **Class S2:** | **Class S2:** | **Class S2:** |
| Net assets | n/a | $394248 | $1652675 | $2091522 |
| Shares authorized | n/a | 100000000 | 100000000 | 100000000 |
| Par value | n/a | $0.001 | $0.001 | $0.001 |
| Shares outstanding | n/a | 43416 | 152598 | 106945 |
| Net asset value and redemption price per share | n/a | $9.08 | $10.83 | $19.56 |

---

See Accompanying Notes to Financial Statements<br>31

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup>Columbia<br>Contrarian Core<br>Portfolio** | **VY<sup>®</sup>Columbia Small<br>Cap Value II<br>Portfolio** | **VY<sup>®</sup>Invesco<br>Comstock<br>Portfolio** | **VY<sup>®</sup>Invesco<br>Equity and Income<br>Portfolio** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in securities at fair value+\* | $46381250 | $151974494 | $251030573 | $1041198081 |
| Short-term investments at fair value<sup>†</sup> | 1188451 | 2987006 | 10851805 | 105340046 |
| Foreign currencies at value<sup>‡</sup> |  |  | 814 | 685 |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investment securities sold |  | 1195976 |  | 808938 |
| Fund shares sold | 36964 | 22433 | 205260 | 2797 |
| Dividends | 57716 | 181303 | 507954 | 1068282 |
| Interest |  |  |  | 2030185 |
| Foreign tax reclaims | 29859 |  | 13587 | 47343 |
| Unrealized appreciation on forward foreign currency <br>contracts |  |  | 22367 | 297283 |
| Prepaid expenses | 849 | 829 | 1216 | 5720 |
| Reimbursement due from Investment Adviser | 19216 | 7362 | 17564 | 72289 |
| Other assets | 10387 | 6982 | 17407 | 61588 |
| Total assets | 47724692 | 156376385 | 262668547 | 1150933237 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 219751 |  |  | 353300 |
| Payable for fund shares redeemed | 279391 | 133700 | 324774 | 678518 |
| Payable upon receipt of securities loaned |  |  |  | 69650199 |
| Unrealized depreciation on forward foreign currency <br>contracts |  |  | 48984 | 45335 |
| Payable for investment management fees | 70505 | 112113 | 156345 | 588466 |
| Payable for distribution and shareholder service fees | 13976 | 28993 | 32901 | 180572 |
| Payable for directors fees | 429 | 428 | 680 | 2907 |
| Payable to directors under the deferred compensation <br>plan (Note 6) | 10387 | 6982 | 17407 | 61588 |
| Other accrued expenses and liabilities | 66188 | 25205 | 55985 | 118654 |
| Total liabilities | 660627 | 307421 | 637076 | 71679539 |
| **NET ASSETS** | $47064065 | $156068964 | $262031471 | $1079253698 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |
| Paid-in capital | $29138948 | $123441113 | $195965346 | $931143874 |
| Total distributable earnings | 17925117 | 32627851 | 66066125 | 148109824 |
| **NET ASSETS** | $47064065 | $156068964 | $262031471 | $1079253698 |
| + Including securities loaned at value | $— | $— | $— | $68018540 |
| \* Cost of investments in securities | $46689114 | $130817919 | $211707567 | $948974403 |
| † Cost of short-term investments | $1188451 | $2987006 | $10851805 | $105340046 |
| ‡ Cost of foreign currencies | $— | $— | $802 | $696 |

---

See Accompanying Notes to Financial Statements<br>32

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup>Columbia<br>Contrarian Core<br>Portfolio** | **VY<sup>®</sup>Columbia Small<br>Cap Value II<br>Portfolio** | **VY<sup>®</sup>Invesco<br>Comstock<br>Portfolio** | **VY<sup>®</sup>Invesco<br>Equity and Income<br>Portfolio** |
| **Class ADV:** | **Class ADV:** | **Class ADV:** | **Class ADV:** | **Class ADV:** |
| Net assets | $23018360 | $28967931 | $33952790 | $43411627 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 1620313 | 1897494 | 1637352 | 1084372 |
| Net asset value and redemption price per share | $14.21 | $15.27 | $20.74 | $40.03 |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Net assets | $5730698 | $43764928 | $141023046 | $423188210 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 361044 | 2724228 | 6736021 | 10333631 |
| Net asset value and redemption price per share | $15.87 | $16.07 | $20.94 | $40.95 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Net assets | n/a | $9532820 | n/a | n/a |
| Shares authorized | n/a | 100000000 | n/a | n/a |
| Par value | n/a | $0.001 | n/a | n/a |
| Shares outstanding | n/a | 592210 | n/a | n/a |
| Net asset value and redemption price per share | n/a | $16.10 | n/a | n/a |
| **Class S:** | **Class S:** | **Class S:** | **Class S:** | **Class S:** |
| Net assets | $18315007 | $72206523 | $87055635 | $346982224 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 1201886 | 4519892 | 4151440 | 8549553 |
| Net asset value and redemption price per share | $15.24 | $15.98 | $20.97 | $40.58 |
| **Class S2:** | **Class S2:** | **Class S2:** | **Class S2:** | **Class S2:** |
| Net assets | n/a | $1596762 | n/a | $265671637 |
| Shares authorized | n/a | 100000000 | n/a | 100000000 |
| Par value | n/a | $0.001 | n/a | $0.001 |
| Shares outstanding | n/a | 104355 | n/a | 6673617 |
| Net asset value and redemption price per share | n/a | $15.30 | n/a | $39.81 |

---

See Accompanying Notes to Financial Statements<br>33

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup>Invesco<br>Global<br>Portfolio** | **VY<sup>®</sup>JPMorgan<br>Mid Cap Value<br>Portfolio** | **VY<sup>®</sup>T. Rowe Price<br>Diversified Mid Cap<br>Growth<br>Portfolio** | **VY<sup>®</sup>T. Rowe Price<br>Growth Equity<br>Portfolio** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in securities at fair value+\* | $1043435034 | $334773147 | $1012378861 | $1154720918 |
| Short-term investments at fair value<sup>†</sup> | 14814452 | 6784160 | 16742164 | 90077142 |
| Cash |  |  | 509957 | 2955807 |
| Foreign currencies at value<sup>‡</sup> | 8165 |  |  | 256 |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investment securities and currencies sold | 7272234 |  | 2417022 | 1062845 |
| Fund shares sold | 30431 | 16801 | 124265 | 1414164 |
| Dividends | 107120 | 744492 | 536271 | 250664 |
| Interest |  |  | 879 | 3829 |
| Foreign tax reclaims | 2282733 |  | 2377 | 1714 |
| Prepaid expenses | 6448 | 1805 | 5628 | 8028 |
| Reimbursement due from Investment Adviser | 44631 | 64580 | 57444 | 87214 |
| Other assets | 57966 | 17158 | 34508 | 56417 |
| Total assets | 1068059214 | 342402143 | 1032809376 | 1250638998 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities and currencies purchased | 3969463 |  | 1872303 | 141692 |
| Payable for fund shares redeemed | 567372 | 398413 | 1112650 | 42627 |
| Payable upon receipt of securities loaned | 4010956 | 419761 | 15220144 | 37898485 |
| Unrealized depreciation on forward foreign currency <br>contracts | 39288 |  |  |  |
| Payable for investment management fees | 645865 | 243569 | 635955 | 728621 |
| Payable for distribution and shareholder service fees | 65303 | 67979 | 29833 | 102822 |
| Payable for directors fees | 3070 | 923 | 2781 | 3779 |
| Payable to directors under the deferred compensation <br>plan (Note 6) | 57966 | 17158 | 34508 | 56417 |
| Payable for foreign capital gains tax | 1822821 |  |  |  |
| Other accrued expenses and liabilities | 238908 | 45197 | 79626 | 310248 |
| Total liabilities | 11421012 | 1193000 | 18987800 | 39284691 |
| **NET ASSETS** | $1056638202 | $341209143 | $1013821576 | $1211354307 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |
| Paid-in capital | $495348271 | $244287466 | $926703719 | $1125134830 |
| Total distributable earnings | 561289931 | 96921677 | 87117857 | 86219477 |
| **NET ASSETS** | $1056638202 | $341209143 | $1013821576 | $1211354307 |
| + Including securities loaned at value | $3928054 | $407083 | $14840804 | $36774900 |
| \* Cost of investments in securities | $601572756 | $267995227 | $926117581 | $1086572195 |
| † Cost of short-term investments | $14814452 | $6784160 | $16742164 | $90077142 |
| ‡ Cost of foreign currencies | $8163 | $— | $— | $251 |

---

See Accompanying Notes to Financial Statements<br>34

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup>Invesco<br>Global<br>Portfolio** | **VY<sup>®</sup>JPMorgan<br>Mid Cap Value<br>Portfolio** | **VY<sup>®</sup>T. Rowe Price<br>Diversified Mid Cap<br>Growth<br>Portfolio** | **VY<sup>®</sup>T. Rowe Price<br>Growth Equity<br>Portfolio** |
| **Class ADV:** | **Class ADV:** | **Class ADV:** | **Class ADV:** | **Class ADV:** |
| Net assets | $93472291 | $79578049 | $53242340 | $210944637 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 6680364 | 5484811 | 7926906 | 4335210 |
| Net asset value and redemption price per share | $13.99 | $14.51 | $6.72 | $48.66 |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Net assets | $852916052 | $107242569 | $841673590 | $957701157 |
| Shares authorized | 250000000 | 100000000 | 250000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 56119563 | 7048900 | 98292400 | 16272075 |
| Net asset value and redemption price per share | $15.20 | $15.21 | $8.56 | $58.86 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Net assets | n/a | n/a | $89811260 | n/a |
| Shares authorized | n/a | n/a | 100000000 | n/a |
| Par value | n/a | n/a | $0.001 | n/a |
| Shares outstanding | n/a | n/a | 10465665 | n/a |
| Net asset value and redemption price per share | n/a | n/a | $8.58 | n/a |
| **Class S:** | **Class S:** | **Class S:** | **Class S:** | **Class S:** |
| Net assets | $108044555 | $153670244 | $26887113 | $39164675 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 7598696 | 10280119 | 3436031 | 727263 |
| Net asset value and redemption price per share | $14.22 | $14.95 | $7.83 | $53.85 |
| **Class S2:** | **Class S2:** | **Class S2:** | **Class S2:** | **Class S2:** |
| Net assets | $2205304 | $718281 | $2207273 | $3543838 |
| Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 162946 | 49591 | 323152 | 70374 |
| Net asset value and redemption price per share | $13.53 | $14.48 | $6.83 | $50.36 |

---

See Accompanying Notes to Financial Statements<br>35

------

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya<br>Global Bond<br>Portfolio** | **Voya<br>International<br>High Dividend<br>Low Volatility<br>Portfolio** | **VY<sup>®</sup>American Century<br>Small-Mid Cap Value<br>Portfolio** | **VY<sup>®</sup>Baron<br>Growth<br>Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividends, net of foreign taxes withheld\* | $43058 | $16340079 | $8696393 | $5056947 |
| Dividends from affiliated underlying funds | 1301496 |  |  |  |
| Interest, net of foreign taxes withheld\* | 3336949 | 4793 | 312 | 38947 |
| Securities lending income, net | 7187 | 148896 | 31536 |  |
| Total investment income | 4688690 | 16493768 | 8728241 | 5095894 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment management fees | 793046 | 2128959 | 4011998 | 4694057 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: |
| Class ADV | 79061 | 121632 | 512961 | 532030 |
| Class S | 61292 | 548091 | 232735 | 539614 |
| Class S2 |  | 1545 | 7632 | 8534 |
| Transfer agent fees: | Transfer agent fees: | Transfer agent fees: | Transfer agent fees: | Transfer agent fees: |
| Class ADV | 19145 | 17917 | 184316 | 118845 |
| Class I | 111204 | 81623 | 310055 | 145243 |
| Class R6 |  |  |  | 76 |
| Class S | 29684 | 161317 | 167253 | 241010 |
| Class S2 |  | 284 | 3600 | 2385 |
| Shareholder reporting expense | 19705 | 14050 | 10950 | 19770 |
| Professional fees | 12052 | 19540 | 21900 | 36750 |
| Custody and accounting expense | 67055 | 115620 | 91852 | 59713 |
| Directors fees | 3304 | 8871 | 9255 | 12353 |
| Miscellaneous expense | 11195 | 21028 | 19311 | 27117 |
| Interest expense | 268 | 1447 |  | 4166 |
| Total expenses | 1207011 | 3241924 | 5583818 | 6441663 |
| Waived and reimbursed fees | (181368) |  | (1699586) | (458713) |
| Net expenses | 1025643 | 3241924 | 3884232 | 5982950 |
| Net investment income (loss) | 3663047 | 13251844 | 4844009 | (887056) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (4203279) | (16313394) | 39859980 | 28378027 |
| Sale of affiliated underlying funds | (6664079) |  |  |  |
| Capital gain distributions from affiliated <br>underlying funds | 71093 |  |  |  |
| Forward foreign currency contracts | (8100685) | 124914 | 1398988 |  |
| Foreign currency related transactions | 250095 | (492923) | (15475) | 466 |
| Futures | (1699375) |  |  |  |
| Swaps | (2356266) |  |  |  |
| Written options | 1136072 |  |  |  |
| Net realized gain (loss) | (21566424) | (16681403) | 41243493 | 28378493 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments | (13223561) | (33539231) | (68435415) | (180051914) |
| Affiliated underlying funds | (573891) |  |  |  |
| Forward foreign currency contracts | 1092093 | 371 | 116274 |  |
| Foreign currency related transactions | (24946) | (93875) | (920) |  |
| Futures | (655702) |  |  |  |
| Swaps | 2763131 |  |  |  |
| Written options | (23058) |  |  |  |
| Net change in unrealized appreciation (depreciation) | (10645934) | (33632735) | (68320061) | (180051914) |
| Net realized and unrealized loss | (32212358) | (50314138) | (27076568) | (151673421) |
| **Decrease in net assets resulting from operations** | $(28549311) | $(37062294) | $(22232559) | $(152560477) |
| \* Foreign taxes withheld | $3636 | $1505015 | $91504 | $5925 |

---

See Accompanying Notes to Financial Statements<br>36

------

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup>Columbia<br>Contrarian Core<br>Portfolio** | **VY<sup>®</sup>Columbia Small<br>Cap Value II<br>Portfolio** | **VY<sup>®</sup>Invesco<br>Comstock<br>Portfolio** | **VY<sup>®</sup>Invesco<br>Equity and Income<br>Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividends, net of foreign taxes withheld\* | $2332321 | $2537628 | $6677108 | $17451388 |
| Interest |  |  |  | 9390539 |
| Securities lending income, net |  |  | 3436 | 285296 |
| Total investment income | 2332321 | 2537628 | 6680544 | 27127223 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment management fees | 1541165 | 1451929 | 1903074 | 7442957 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: |
| Class ADV | 131570 | 165196 | 170538 | 228687 |
| Class S | 50826 | 201447 | 210239 | 952550 |
| Class S2 |  | 6599 |  | 1139101 |
| Transfer agent fees: | Transfer agent fees: | Transfer agent fees: | Transfer agent fees: | Transfer agent fees: |
| Class ADV | 6343 | 33682 | 17942 | 20364 |
| Class I | 31196 | 45869 | 80864 | 200748 |
| Class R6 |  | 39 |  |  |
| Class S | 4877 | 82237 | 44236 | 169337 |
| Class S2 |  | 1690 |  | 126680 |
| Shareholder reporting expense | 2938 | 9347 | 12571 | 44774 |
| Professional fees | 13610 | 14669 | 12930 | 75665 |
| Custody and accounting expense | 28347 | 28105 | 35060 | 177677 |
| Directors fees | 4281 | 4270 | 6797 | 29070 |
| Miscellaneous expense | 12864 | 13375 | 6946 | 56004 |
| Interest expense | 56 |  |  |  |
| Total expenses | 1828073 | 2058454 | 2501197 | 10663614 |
| Waived and reimbursed fees | (405655) | (111748) | (214363) | (933698) |
| Brokerage commission recapture | (8656) | (25516) |  |  |
| Net expenses | 1413762 | 1921190 | 2286834 | 9729916 |
| Net investment income | 918559 | 616438 | 4393710 | 17397307 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 17655851 | 11054043 | 33117733 | 57786713 |
| Forward foreign currency contracts |  |  | 293270 | 1707373 |
| Foreign currency related transactions |  |  | (21251) | (28952) |
| Net realized gain | 17655851 | 11054043 | 33389752 | 59465134 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments | (51787103) | (38556293) | (36064096) | (176979262) |
| Forward foreign currency contracts |  |  | 20984 | 657252 |
| Foreign currency related transactions |  |  | (2406) | (14760) |
| Net change in unrealized appreciation (depreciation) | (51787103) | (38556293) | (36045518) | (176336770) |
| Net realized and unrealized loss | (34131252) | (27502250) | (2655766) | (116871636) |
| **Increase (decrease) in net assets resulting from <br>operations** | $(33212693) | $(26885812) | $1737944 | $(99474329) |
| \* Foreign taxes withheld | $16512 | $6261 | $69249 | $139021 |

---

See Accompanying Notes to Financial Statements<br>37

------

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup>Invesco<br>Global<br>Portfolio** | **VY<sup>®</sup>JPMorgan<br>Mid Cap Value<br>Portfolio** | **VY<sup>®</sup>T. Rowe Price<br>Diversified Mid Cap<br>Growth<br>Portfolio** | **VY<sup>®</sup>T. Rowe Price<br>Growth Equity<br>Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividends, net of foreign taxes withheld\* | $11321874 | $7447927 | $9102474 | $6260617 |
| Interest | 125 | 278 | 7844 | 36449 |
| Securities lending income, net | 53251 | 511 | 112799 | 107404 |
| Total investment income | 11375250 | 7448716 | 9223117 | 6404470 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment management fees | 8596795 | 3139782 | 8231895 | 10579989 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: |
| Class ADV | 540474 | 425131 | 289604 | 1333407 |
| Class S | 320719 | 413453 | 79097 | 122841 |
| Class S2 | 11589 | 5283 | 15187 | 17407 |
| Transfer agent fees: | Transfer agent fees: | Transfer agent fees: | Transfer agent fees: | Transfer agent fees: |
| Class ADV | 111419 | 94525 | 49669 | 173144 |
| Class I | 1018462 | 130587 | 790403 | 774062 |
| Class R6 |  |  | 179 |  |
| Class S | 131825 | 183769 | 26963 | 31904 |
| Class S2 | 2961 | 1560 | 3172 | 2827 |
| Shareholder reporting expense | 75236 | 26266 | 55022 | 86040 |
| Professional fees | 100421 | 25614 | 80076 | 117539 |
| Custody and accounting expense | 264600 | 48545 | 131245 | 229970 |
| Directors fees | 30703 | 9235 | 27810 | 37786 |
| Miscellaneous expense | 78663 | 20284 | 55813 | 82994 |
| Interest expense | 20 | 166 | 598 | 406 |
| Total expenses | 11283887 | 4524200 | 9836733 | 13590316 |
| Waived and reimbursed fees | (536939) | (421353) | (776045) | (1022120) |
| Brokerage commission recapture |  | (3635) |  |  |
| Net expenses | 10746948 | 4099212 | 9060688 | 12568196 |
| Net investment income (loss) | 628302 | 3349504 | 162429 | (6163726) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments (net of foreign capital gains taxes <br>withheld^) | 126198096 | 31472540 | 1045272 | 23887184 |
| Forward foreign currency contracts | 11549 |  |  |  |
| Foreign currency related transactions | (76504) |  |  | 67976 |
| Net realized gain | 126133141 | 31472540 | 1045272 | 23955160 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments (net of foreign capital gains taxes <br>accrued#) | (665903129) | (69950888) | (352363923) | (891418836) |
| Forward foreign currency contracts | (39288) |  |  |  |
| Foreign currency related transactions | (101307) |  |  | (116) |
| Net change in unrealized appreciation (depreciation) | (666043724) | (69950888) | (352363923) | (891418952) |
| Net realized and unrealized loss | (539910583) | (38478348) | (351318651) | (867463792) |
| **Decrease in net assets resulting from operations** | $(539282281) | $(35128844) | $(351156222) | $(873627518) |
| \* Foreign taxes withheld | $1028991 | $— | $39081 | $103756 |
| ^ Foreign capital gains taxes withheld | $60212 | $— | $— | $— |
| # Change in foreign capital gains taxes accrued | $300483 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements<br>38

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya International High Dividend<br>Low Volatility Portfolio** | **Voya International High Dividend<br>Low Volatility Portfolio** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** |
| Net investment income | $3663047 | $4925096 | $13251844 | $12894116 |
| Net realized gain (loss) | (21566424) | (4083527) | (16681403) | 32707319 |
| Net change in unrealized appreciation (depreciation) | (10645934) | (9372789) | (33632735) | 1744426 |
| Increase (decrease) in net assets resulting from operations | (28549311) | (8531220) | (37062294) | 47345861 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): |
| Class ADV |  | (915517) | (1010101) | (540901) |
| Class I |  | (5901123) | (5146169) | (3068169) |
| Class S |  | (1449150) | (9376139) | (5834728) |
| Class S2 |  |  | (17790) | (7373) |
| Return of capital: | Return of capital: | Return of capital: | Return of capital: | Return of capital: |
| Class ADV | (368978) | (144296) |  |  |
| Class I | (2606514) | (824076) |  |  |
| Class S | (633923) | (214197) |  |  |
| Total distributions | (3609415) | (9448359) | (15550199) | (9451171) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |
| Net proceeds from sale of shares | 6419046 | 10210633 | 14407949 | 10505727 |
| Reinvestment of distributions | 3609415 | 9448359 | 15550199 | 9451171 |
|  | 10028461 | 19658992 | 29958148 | 19956898 |
| Cost of shares redeemed | (17174192) | (22323447) | (52723524) | (64164436) |
| Net decrease in net assets resulting from capital <br>share transactions | (7145731) | (2664455) | (22765376) | (44207538) |
| Net decrease in net assets | (39304457) | (20644034) | (75377869) | (6312848) |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of year or period | 158879848 | 179523882 | 411205429 | 417518277 |
| End of year or period | $119575391 | $158879848 | $335827560 | $411205429 |

---

See Accompanying Notes to Financial Statements<br>39

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup> American Century Small-Mid<br>Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid<br>Cap Value Portfolio** | **VY<sup>®</sup> Baron Growth Portfolio** | **VY<sup>®</sup> Baron Growth Portfolio** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** |
| Net investment income (loss) | $4844009 | $3770929 | $(887056) | $(3304222) |
| Net realized gain | 41243493 | 68250210 | 28378493 | 54556110 |
| Net change in unrealized appreciation (depreciation) | (68320061) | 19076886 | (180051914) | 64034412 |
| Increase (decrease) in net assets resulting from operations | (22232559) | 91098025 | (152560477) | 115286300 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): |
| Class ADV | (19606986) | (741893) | (13275713) | (11180973) |
| Class I | (31568986) | (1787999) | (12899261) | (11935097) |
| Class R6 |  |  | (4028415) | (3273603) |
| Class S | (16996280) | (786510) | (23959964) | (20610306) |
| Class S2 | (343178) | (19149) | (271581) | (211817) |
| Total distributions | (68515430) | (3335551) | (54434934) | (47211796) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |
| Net proceeds from sale of shares | 28004910 | 31109075 | 25617606 | 26834028 |
| Reinvestment of distributions | 68515430 | 3335551 | 54434934 | 47211796 |
|  | 96520340 | 34444626 | 80052540 | 74045824 |
| Cost of shares redeemed | (50038901) | (69553735) | (59407267) | (85094711) |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | 46481439 | (35109109) | 20645273 | (11048887) |
| Net increase (decrease) in net assets | (44266550) | 52653365 | (186350138) | 57025617 |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of year or period | 399693787 | 347040422 | 652917441 | 595891824 |
| End of year or period | $355427237 | $399693787 | $466567303 | $652917441 |

---

See Accompanying Notes to Financial Statements<br>40

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup> Columbia Contrarian <br>Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian <br>Core Portfolio** | **VY<sup>®</sup> Columbia Small Cap<br>Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap<br>Value II Portfolio** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** |
| Net investment income | $918559 | $795000 | $616438 | $297712 |
| Net realized gain | 17655851 | 28186665 | 11054043 | 24469921 |
| Net change in unrealized appreciation (depreciation) | (51787103) | 12226799 | (38556293) | 26184413 |
| Increase (decrease) in net assets resulting from operations | (33212693) | 41208464 | (26885812) | 50952046 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): |
| Class ADV | (4553775) | (3369226) | (4692317) | (207547) |
| Class I | (20933966) | (15634335) | (6791315) | (368043) |
| Class R6 |  |  | (1562818) | (87814) |
| Class S | (3360151) | (2522728) | (11137553) | (587512) |
| Class S2 |  |  | (238020) | (9407) |
| Total distributions | (28847892) | (21526289) | (24422023) | (1260323) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |
| Net proceeds from sale of shares | 14876788 | 31293760 | 25784256 | 53308350 |
| Reinvestment of distributions | 28847892 | 21526289 | 24422023 | 1260323 |
|  | 43724680 | 52820049 | 50206279 | 54568673 |
| Cost of shares redeemed | (147131039) | (35836004) | (39073483) | (57321932) |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | (103406359) | 16984045 | 11132796 | (2753259) |
| Net increase (decrease) in net assets | (165466944) | 36666220 | (40175039) | 46938464 |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of year or period | 212531009 | 175864789 | 196244003 | 149305539 |
| End of year or period | $47064065 | $212531009 | $156068964 | $196244003 |

---

See Accompanying Notes to Financial Statements<br>41

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Equity and <br>Income Portfolio** | **VY<sup>®</sup> Invesco Equity and <br>Income Portfolio** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** |
| Net investment income | $4393710 | $3620971 | $17397307 | $13574088 |
| Net realized gain | 33389752 | 20116759 | 59465134 | 167266053 |
| Net change in unrealized appreciation (depreciation) | (36045518) | 42756666 | (176336770) | 40017558 |
| Increase (decrease) in net assets resulting from operations | 1737944 | 66494396 | (99474329) | 220857699 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): |
| Class ADV | (530192) | (403191) | (7174942) | (1040639) |
| Class I | (2931301) | (2872788) | (70704485) | (12825759) |
| Class S | (1567210) | (1119663) | (58915829) | (10309711) |
| Class S2 |  |  | (44865301) | (7171073) |
| Total distributions | (5028703) | (4395642) | (181660557) | (31347182) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |
| Net proceeds from sale of shares | 43441009 | 100491712 | 22784795 | 20219029 |
| Reinvestment of distributions | 5028703 | 4395642 | 181660557 | 31347182 |
|  | 48469712 | 104887354 | 204445352 | 51566211 |
| Cost of shares redeemed | (78137239) | (78319236) | (154284446) | (186570258) |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | (29667527) | 26568118 | 50160906 | (135004047) |
| Net increase (decrease) in net assets | (32958286) | 88666872 | (230973980) | 54506470 |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of year or period | 294989757 | 206322885 | 1310227678 | 1255721208 |
| End of year or period | $262031471 | $294989757 | $1079253698 | $1310227678 |

---

See Accompanying Notes to Financial Statements<br>42

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> Invesco Global Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap<br>Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap<br>Value Portfolio** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** |
| Net investment income (loss) | $628302 | $(6327314) | $3349504 | $2317786 |
| Net realized gain | 126133141 | 185764844 | 31472540 | 59265122 |
| Net change in unrealized appreciation (depreciation) | (666043724) | 64112475 | (69950888) | 43813263 |
| Increase (decrease) in net assets resulting from operations | (539282281) | 243550005 | (35128844) | 105396171 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): |
| Class ADV | (17135556) | (6650068) | (14497034) | (3739188) |
| Class I | (145390666) | (60106187) | (19038677) | (5837589) |
| Class S | (19841719) | (8612323) | (27658238) | (7866665) |
| Class S2 | (484333) | (200349) | (246251) | (53361) |
| Total distributions | (182852274) | (75568927) | (61440200) | (17496803) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |
| Net proceeds from sale of shares | 23912135 | 32945982 | 17650380 | 31952852 |
| Reinvestment of distributions | 182852274 | 75568927 | 61440200 | 17496803 |
|  | 206764409 | 108514909 | 79090580 | 49449655 |
| Cost of shares redeemed | (149182257) | (213252498) | (64310655) | (89164000) |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | 57582152 | (104737589) | 14779925 | (39714345) |
| Net increase (decrease) in net assets | (664552403) | 63243489 | (81789119) | 48185023 |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of year or period | 1721190605 | 1657947116 | 422998262 | 374813239 |
| End of year or period | $1056638202 | $1721190605 | $341209143 | $422998262 |

---

See Accompanying Notes to Financial Statements<br>43

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup> T. Rowe Price Diversified <br>Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified <br>Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth<br>Equity Portfolio** | **VY<sup>®</sup> T. Rowe Price Growth<br>Equity Portfolio** |
| | **Year<br>Ended<br>December 31, <br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** | **FROM OPERATIONS:** |
| Net investment income (loss) | $162429 | $(6489262) | $(6163726) | $(10889034) |
| Net realized gain | 1045272 | 274598406 | 23955160 | 275411429 |
| Net change in unrealized appreciation (depreciation) | (352363923) | (78857995) | (891418952) | 114830785 |
| Increase (decrease) in net assets resulting from operations | (351156222) | 189251149 | (873627518) | 379353180 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): | Total distributions (excluding return of capital): |
| Class ADV | (16464701) | (12473482) | (52283533) | (34928755) |
| Class I | (219028054) | (179469278) | (200545652) | (134596628) |
| Class R6 | (23277351) | (21456701) |  |  |
| Class S | (7774089) | (7427852) | (8926736) | (5950016) |
| Class S2 | (1146204) | (1217580) | (823026) | (500457) |
| Total distributions | (267690399) | (222044893) | (262578947) | (175975856) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |
| Net proceeds from sale of shares | 38485489 | 67311211 | 154099854 | 210975263 |
| Reinvestment of distributions | 267690399 | 222044893 | 262578947 | 175975856 |
|  | 306175888 | 289356104 | 416678801 | 386951119 |
| Cost of shares redeemed | (134779477) | (205325704) | (285346872) | (323591279) |
| Net increase in net assets resulting from capital <br>share transactions | 171396411 | 84030400 | 131331929 | 63359840 |
| Net increase (decrease) in net assets | (447450210) | 51236656 | (1004874536) | 266737164 |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of year or period | 1461271786 | 1410035130 | 2216228843 | 1949491679 |
| End of year or period | $1013821576 | $1461271786 | $1211354307 | $2216228843 |

---

See Accompanying Notes to Financial Statements<br>44

------

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** |
| |<br>Net asset value, beginning of year or period | Net investment income (loss) | Net investment income (loss) | Net realized and unrealized gain (loss) |<br>Total from investment operations | From net investment income | From net realized gains | From return of capital |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) |
| **Voya Global Bond Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.13 | 0.21 | <sup>•</sup> | (2.10) | (1.89) |  |  | 0.20 |
| 12-31-21 | 11.28 | 0.27 | <sup>•</sup> | (0.85) | (0.58) | 0.49 |  | 0.08 |
| 12-31-20 | 10.64 | 0.28 |  | 0.62 | 0.90 | 0.26 |  |  |
| 12-31-19 | 10.33 | 0.27 | <sup>•</sup> | 0.48 | 0.75 | 0.44 |  |  |
| 12-31-18 | 10.94 | 0.29 | <sup>•</sup> | (0.55) | (0.26) | 0.35 |  |  |
| **Class I** |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.32 | 0.25 | <sup>•</sup> | (2.13) | (1.88) |  |  | 0.25 |
| 12-31-21 | 11.49 | 0.33 | <sup>•</sup> | (0.87) | (0.54) | 0.55 |  | 0.08 |
| 12-31-20 | 10.83 | 0.33 | <sup>•</sup> | 0.64 | 0.97 | 0.31 |  |  |
| 12-31-19 | 10.51 | 0.33 | <sup>•</sup> | 0.49 | 0.82 | 0.50 |  |  |
| 12-31-18 | 11.14 | 0.35 | <sup>•</sup> | (0.57) | (0.22) | 0.41 |  |  |
| **Class S** |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.30 | 0.23 | <sup>•</sup> | (2.12) | (1.89) |  |  | 0.23 |
| 12-31-21 | 11.47 | 0.30 | <sup>•</sup> | (0.87) | (0.57) | 0.52 |  | 0.08 |
| 12-31-20 | 10.82 | 0.31 |  | 0.63 | 0.94 | 0.29 |  |  |
| 12-31-19 | 10.50 | 0.31 | <sup>•</sup> | 0.48 | 0.79 | 0.47 |  |  |
| 12-31-18 | 11.12 | 0.32 | <sup>•</sup> | (0.56) | (0.24) | 0.38 |  |  |
| **Voya International High Dividend Low Volatility Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.31 | 0.31 | <sup>•</sup> | (1.28) | (0.97) | 0.39 |  |  |
| 12-31-21 | 9.43 | 0.28 | <sup>•</sup> | 0.80 | 1.08 | 0.20 |  |  |
| 12-31-20 | 11.36 | 0.19 |  | (0.49) | (0.30) | 0.32 | 1.31 |  |
| 12-31-19 | 10.88 | 0.27 | <sup>•</sup> | 1.38 | 1.65 | 0.19 | 0.98 |  |
| 12-31-18 | 13.06 | 0.16 | <sup>•</sup> | (2.13) | (1.97) | 0.21 |  |  |
| **Class I** |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.44 | 0.36 | <sup>•</sup> | (1.30) | (0.94) | 0.44 |  |  |
| 12-31-21 | 9.54 | 0.33 | <sup>•</sup> | 0.82 | 1.15 | 0.25 |  |  |
| 12-31-20 | 11.49 | 0.25 |  | (0.51) | (0.26) | 0.38 | 1.31 |  |
| 12-31-19 | 11.00 | 0.33 | <sup>•</sup> | 1.40 | 1.73 | 0.26 | 0.98 |  |
| 12-31-18 | 13.21 | 0.23 | <sup>•</sup> | (2.17) | (1.94) | 0.27 |  |  |
| **Class S** |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.36 | 0.34 | <sup>•</sup> | (1.29) | (0.95) | 0.41 |  |  |
| 12-31-21 | 9.47 | 0.30 | <sup>•</sup> | 0.82 | 1.12 | 0.23 |  |  |
| 12-31-20 | 11.41 | 0.22 |  | (0.50) | (0.28) | 0.35 | 1.31 |  |
| 12-31-19 | 10.93 | 0.30 | <sup>•</sup> | 1.38 | 1.68 | 0.22 | 0.98 |  |
| 12-31-18 | 13.12 | 0.19 | <sup>•</sup> | (2.15) | (1.96) | 0.23 |  |  |
| **Class S2** |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.47 | 0.32 | <sup>•</sup> | (1.30) | (0.98) | 0.41 |  |  |
| 12-31-21 | 9.56 | 0.29 | <sup>•</sup> | 0.82 | 1.11 | 0.20 |  |  |
| 12-31-20 | 11.52 | 0.18 | <sup>•</sup> | (0.48) | (0.30) | 0.35 | 1.31 |  |
| 12-31-19 | 10.99 | 0.27 | <sup>•</sup> | 1.41 | 1.68 | 0.17 | 0.98 |  |
| 12-31-18 | 13.05 | 0.18 | <sup>•</sup> | (2.16) | (1.98) | 0.08 |  |  |
| **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.21 | 0.12 | <sup>•</sup> | (0.91) | (0.79) | 0.14 | 2.46 |  |
| 12-31-21 | 11.27 | 0.09 | <sup>•</sup> | 2.94 | 3.03 | 0.09 |  |  |
| 12-31-20 | 11.12 | 0.11 |  | 0.22 | 0.33 | 0.12 | 0.06 |  |
| 12-31-19 | 9.64 | 0.11 |  | 2.66 | 2.77 | 0.12 | 1.17 |  |
| 12-31-18 | 12.66 | 0.09 |  | (1.67) | (1.58) | 0.10 | 1.34 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br>data** | **Supplemental <br>data** |
| | Total distributions | Payment by affiliate | Net asset value, end of year or period | **Total Return** **<sup>(1)</sup>** | Expenses before reductions/additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 0.20 |  | 8.04 | **(18.75)** | 1.31 | 1.17 | 1.17 | 2.38 | 14350 | 194 |
| 12-31-21 | 0.57 |  | 10.13 | **(5.21)** | 1.30 | 1.17 | 1.17 | 2.54 | 19156 | 144 |
| 12-31-20 | 0.26 |  | 11.28 | **8.58** | 1.28 | 1.17 | 1.17 | 2.50 | 21097 | 150 |
| 12-31-19 | 0.44 |  | 10.64 | **7.36** | 1.16 | 1.16 | 1.16 | 2.58 | 21661 | 228 |
| 12-31-18 | 0.35 |  | 10.33 | **(2.40)** | 1.17 | 1.15 | 1.15 | 2.71 | 22161 | 119 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 0.25 |  | 8.19 | **(18.35)** | 0.81 | 0.67 | 0.67 | 2.88 | 83034 | 194 |
| 12-31-21 | 0.63 |  | 10.32 | **(4.78)** | 0.80 | 0.67 | 0.67 | 3.04 | 110162 | 144 |
| 12-31-20 | 0.31 |  | 11.49 | **9.20** | 0.78 | 0.67 | 0.67 | 3.00 | 125244 | 150 |
| 12-31-19 | 0.50 |  | 10.83 | **7.90** | 0.66 | 0.66 | 0.66 | 3.08 | 146354 | 228 |
| 12-31-18 | 0.41 |  | 10.51 | **(2.01)** | 0.67 | 0.65 | 0.65 | 3.21 | 146473 | 119 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 0.23 |  | 8.18 | **(18.49)** | 1.06 | 0.92 | 0.92 | 2.63 | 22191 | 194 |
| 12-31-21 | 0.60 |  | 10.30 | **(5.03)** | 1.05 | 0.92 | 0.92 | 2.79 | 29562 | 144 |
| 12-31-20 | 0.29 |  | 11.47 | **8.85** | 1.03 | 0.92 | 0.92 | 2.75 | 33183 | 150 |
| 12-31-19 | 0.47 |  | 10.82 | **7.64** | 0.91 | 0.91 | 0.91 | 2.83 | 33323 | 228 |
| 12-31-18 | 0.38 |  | 10.50 | **(2.17)** | 0.92 | 0.90 | 0.90 | 2.97 | 35849 | 119 |
| **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 0.39 |  | 8.95 | **(9.34)** | 1.22 | 1.22 | 1.22 | 3.39 | 24167 | 67 |
| 12-31-21 | 0.20 |  | 10.31 | **11.50** | 1.23 | 1.23 | 1.23 | 2.75 | 27021 | 73 |
| 12-31-20 | 1.63 |  | 9.43 | **(1.17)** | 1.24 | 1.24 | 1.24 | 1.86 | 26702 | 74 |
| 12-31-19 | 1.17 |  | 11.36 | **16.13** | 1.30 | 1.26 | 1.25 | 2.36 | 29900 | 143 |
| 12-31-18 | 0.21 |  | 10.88 | **(15.32)** | 1.47 | 1.40 | 1.40 | 1.26 | 30149 | 16 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 0.44 |  | 9.06 | **(8.90)** | 0.72 | 0.72 | 0.72 | 3.92 | 107060 | 67 |
| 12-31-21 | 0.25 |  | 10.44 | **12.08** | 0.73 | 0.73 | 0.73 | 3.25 | 125719 | 73 |
| 12-31-20 | 1.69 |  | 9.54 | **(0.71)** | 0.74 | 0.74 | 0.74 | 2.37 | 122082 | 74 |
| 12-31-19 | 1.24 |  | 11.49 | **16.75** | 0.80 | 0.76 | 0.75 | 2.86 | 139862 | 143 |
| 12-31-18 | 0.27 |  | 11.00 | **(14.95)** | 0.97 | 0.90 | 0.90 | 1.77 | 135229 | 16 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 0.41 |  | 9.00 | **(9.07)** | 0.97 | 0.97 | 0.97 | 3.68 | 204207 | 67 |
| 12-31-21 | 0.23 |  | 10.36 | **11.79** | 0.98 | 0.98 | 0.98 | 3.00 | 258075 | 73 |
| 12-31-20 | 1.66 |  | 9.47 | **(0.94)** | 0.99 | 0.99 | 0.99 | 2.12 | 268402 | 74 |
| 12-31-19 | 1.20 |  | 11.41 | **16.40** | 1.05 | 1.01 | 1.00 | 2.61 | 308132 | 143 |
| 12-31-18 | 0.23 |  | 10.93 | **(15.15)** | 1.22 | 1.15 | 1.15 | 1.52 | 309059 | 16 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 0.41 |  | 9.08 | **(9.30)** | 1.12 | 1.12 | 1.12 | 3.50 | 394 | 67 |
| 12-31-21 | 0.20 |  | 10.47 | **11.67** | 1.13 | 1.13 | 1.13 | 2.85 | 390 | 73 |
| 12-31-20 | 1.66 |  | 9.56 | **(1.15)** | 1.14 | 1.14 | 1.14 | 1.92 | 334 | 74 |
| 12-31-19 | 1.15 |  | 11.52 | **16.28** | 1.20 | 1.16 | 1.15 | 2.39 | 389 | 143 |
| 12-31-18 | 0.08 |  | 10.99 | **(15.26)** | 1.37 | 1.30 | 1.30 | 1.41 | 397 | 16 |
| **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 2.60 |  | 10.82 | **(5.85)** | 1.81 | 1.35 | 1.35 | 1.01 | 98642 | 66 |
| 12-31-21 | 0.09 |  | 14.21 | **26.94** | 1.80 | 1.35 | 1.35 | 0.67 | 110892 | 55 |
| 12-31-20 | 0.18 |  | 11.27 | **3.35** | 1.86 | 1.35 | 1.35 | 0.92 | 96609 | 70 |
| 12-31-19 | 1.29 |  | 11.12 | **30.17** | 1.66 | 1.34 | 1.34 | 0.99 | 108460 | 52 |
| 12-31-18 | 1.44 |  | 9.64 | **(14.49)** | 1.65 | 1.36 | 1.36 | 0.77 | 91283 | 76 |

---

See Accompanying Notes to Financial Statements<br>45

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** |
| |<br>Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) |<br>Total from investment operations | From net investment income | From net realized gains | From return of capital |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) |
| **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| 12-31-22 | 15.36 | 0.20 | (0.99) | (0.79) | 0.21 | 2.46 |  |
| 12-31-21 | 12.16 | 0.17 | 3.17 | 3.34 | 0.14 |  |  |
| 12-31-20 | 11.99 | 0.16 | 0.25 | 0.41 | 0.18 | 0.06 |  |
| 12-31-19 | 10.30 | 0.17 | 2.87 | 3.04 | 0.18 | 1.17 |  |
| 12-31-18 | 13.44 | 0.17 | (1.81) | (1.64) | 0.16 | 1.34 |  |
| **Class S** |  |  |  |  |  |  |  |
| 12-31-22 | 15.09 | 0.17 | (0.98) | (0.81) | 0.17 | 2.46 |  |
| 12-31-21 | 11.95 | 0.13 | 3.13 | 3.26 | 0.12 |  |  |
| 12-31-20 | 11.79 | 0.13 | 0.24 | 0.37 | 0.15 | 0.06 |  |
| 12-31-19 | 10.14 | 0.15 | 2.81 | 2.96 | 0.14 | 1.17 |  |
| 12-31-18 | 13.25 | 0.13 | (1.77) | (1.64) | 0.13 | 1.34 |  |
| **Class S2** |  |  |  |  |  |  |  |
| 12-31-22 | 14.22 | 0.13 | (0.92) | (0.79) | 0.14 | 2.46 |  |
| 12-31-21 | 11.26 | 0.10 | 2.95 | 3.05 | 0.09 |  |  |
| 12-31-20 | 11.12 | 0.10 | 0.23 | 0.33 | 0.13 | 0.06 |  |
| 12-31-19 | 9.62 | 0.12 | 2.67 | 2.79 | 0.12 | 1.17 |  |
| 12-31-18 | 12.64 | 0.10 | (1.67) | (1.57) | 0.11 | 1.34 |  |
| **VY** **<sup>®</sup>** **Baron Growth Portfolio** |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |
| 12-31-22 | 28.60 | (0.10 | (6.63) | (6.73) |  | 2.82 |  |
| 12-31-21 | 25.98 | (0.22 | 5.28 | 5.06 |  | 2.44 |  |
| 12-31-20 | 19.55 | (0.17 | 6.60 | 6.43 |  |  |  |
| 12-31-19 | 24.63 | (0.07 | 9.03 | 8.96 |  | 13.89 | 0.15 |
| 12-31-18 | 27.88 | (0.09 | 0.00<br> <sup>\*</sup> | (0.09) |  | 3.16 |  |
| **Class I** |  |  |  |  |  |  |  |
| 12-31-22 | 35.40 | 0.01 | (8.23) | (8.22) |  | 2.82 |  |
| 12-31-21 | 31.49 | (0.11 | 6.46 | 6.35 |  | 2.44 |  |
| 12-31-20 | 23.58 | (0.08 | 7.99 | 7.91 |  |  |  |
| 12-31-19 | 27.41 | 0.01 | 10.20 | 10.21 |  | 13.89 | 0.15 |
| 12-31-18 | 30.58 | 0.05 | (0.06) | (0.01) |  | 3.16 |  |
| **Class R6** |  |  |  |  |  |  |  |
| 12-31-22 | 35.44 | 0.02 | (8.25) | (8.23) |  | 2.82 |  |
| 12-31-21 | 31.52 | (0.10 | 6.46 | 6.36 |  | 2.44 |  |
| 12-31-20 | 23.60 | (0.07 | 7.99 | 7.92 |  |  |  |
| 12-31-19 | 27.43 | 0.04 | 10.17 | 10.21 |  | 13.89 | 0.15 |
| 12-31-18 | 30.59 | 0.06 | (0.06) | 0.00<br> <sup>\*</sup> |  | 3.16 |  |
| **Class S** |  |  |  |  |  |  |  |
| 12-31-22 | 32.13 | (0.05 | (7.46) | (7.51) |  | 2.82 |  |
| 12-31-21 | 28.85 | (0.17 | 5.89 | 5.72 |  | 2.44 |  |
| 12-31-20 | 21.65 | (0.13 | 7.33 | 7.20 |  |  |  |
| 12-31-19 | 26.10 | (0.03 | 9.62 | 9.59 |  | 13.89 | 0.15 |
| 12-31-18 | 29.31 | (0.02 | (0.03) | (0.05) |  | 3.16 |  |
| **Class S2** |  |  |  |  |  |  |  |
| 12-31-22 | 29.23 | (0.08 | (6.77) | (6.85) |  | 2.82 |  |
| 12-31-21 | 26.48 | (0.21 | 5.40 | 5.19 |  | 2.44 |  |
| 12-31-20 | 19.91 | (0.15 | 6.72 | 6.57 |  |  |  |
| 12-31-19 | 24.87 | (0.45 | 9.53 | 9.08 |  | 13.89 | 0.15 |
| 12-31-18 | 28.10 | (0.08 | 0.01 | (0.07) |  | 3.16 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br>data** | **Supplemental <br>data** |
| | Total distributions | Payment by affiliate | Net asset value, end of year or period | **Total Return** **<sup>(1)</sup>** | Expenses before reductions/additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** | **VY** **<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio (continued)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 2.67 |  | 11.90 | **(5.38)** | 1.31 | 0.85 | 0.85 | 1.51 | 165702 | 66 |
| 12-31-21 | 0.14 |  | 15.36 | **27.57** | 1.30 | 0.85 | 0.85 | 1.17 | 186365 | 55 |
| 12-31-20 | 0.24 |  | 12.16 | **3.84** | 1.36 | 0.85 | 0.85 | 1.42 | 161201 | 70 |
| 12-31-19 | 1.35 |  | 11.99 | **30.96** | 1.16 | 0.84 | 0.84 | 1.49 | 175917 | 52 |
| 12-31-18 | 1.50 |  | 10.30 | **(14.15)** | 1.15 | 0.86 | 0.86 | 1.30 | 142379 | 76 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 2.63 |  | 11.65 | **(5.60)** | 1.56 | 1.10 | 1.10 | 1.26 | 89431 | 66 |
| 12-31-21 | 0.12 |  | 15.09 | **27.30** | 1.55 | 1.10 | 1.10 | 0.92 | 100022 | 55 |
| 12-31-20 | 0.21 |  | 11.95 | **3.52** | 1.61 | 1.10 | 1.10 | 1.17 | 85902 | 70 |
| 12-31-19 | 1.31 |  | 11.79 | **30.67** | 1.41 | 1.09 | 1.09 | 1.24 | 93230 | 52 |
| 12-31-18 | 1.47 |  | 10.14 | **(14.34)** | 1.40 | 1.11 | 1.11 | 1.02 | 79986 | 76 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 2.60 |  | 10.83 | **(5.77)** | 1.71 | 1.25 | 1.25 | 1.08 | 1653 | 66 |
| 12-31-21 | 0.09 |  | 14.22 | **27.11** | 1.70 | 1.25 | 1.25 | 0.74 | 2415 | 55 |
| 12-31-20 | 0.19 |  | 11.26 | **3.40** | 1.76 | 1.25 | 1.25 | 1.02 | 3328 | 70 |
| 12-31-19 | 1.29 |  | 11.12 | **30.42** | 1.56 | 1.24 | 1.24 | 1.07 | 3271 | 52 |
| 12-31-18 | 1.45 |  | 9.62 | **(14.48)** | 1.55 | 1.26 | 1.26 | 0.84 | 2891 | 76 |
| **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** | **VY** **<sup>®</sup>** **Baron Growth Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 2.82 |  | 19.05 | **(23.90)** | 1.59 | 1.49 | 1.49 | (0.46) | 99639 | 1 |
| 12-31-21 | 2.44 |  | 28.60 | **20.14** | 1.59 | 1.49 | 1.49 | (0.82) | 140345 | 1 |
| 12-31-20 |  |  | 25.98 | **32.89** | 1.64 | 1.49 | 1.49 | (0.80) | 122298 | 1 |
| 12-31-19 | 14.04 |  | 19.55 | **38.24** | 1.49 | 1.49 | 1.49 | (0.40) | 105271 | 23 |
| 12-31-18 | 3.16 |  | 24.63 | **(2.15)** | 1.49 | 1.49 | 1.49 | (0.32) | 82126 | 4 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 2.82 |  | 24.36 | **(23.50)** | 1.09 | 0.99 | 0.99 | 0.03 | 122511 | 1 |
| 12-31-21 | 2.44 |  | 35.40 | **20.73** | 1.09 | 0.99 | 0.99 | (0.32) | 177254 | 1 |
| 12-31-20 |  |  | 31.49 | **33.55** | 1.14 | 0.99 | 0.99 | (0.30) | 164347 | 1 |
| 12-31-19 | 14.04 |  | 23.58 | **38.97** | 0.99 | 0.99 | 0.99 | 0.04 | 147370 | 23 |
| 12-31-18 | 3.16 |  | 27.41 | **(1.68)** | 0.99 | 0.99 | 0.99 | 0.17 | 118743 | 4 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-22 | 2.82 |  | 24.39 | **(23.50)** | 0.98 | 0.98 | 0.98 | 0.06 | 38747 | 1 |
| 12-31-21 | 2.44 |  | 35.44 | **20.74** | 0.97 | 0.97 | 0.97 | (0.30) | 50410 | 1 |
| 12-31-20 |  |  | 31.52 | **33.56** | 0.99 | 0.99 | 0.99 | (0.30) | 44926 | 1 |
| 12-31-19 | 14.04 |  | 23.60 | **38.94** | 0.99 | 0.99 | 0.99 | 0.20 | 33764 | 23 |
| 12-31-18 | 3.16 |  | 27.43 | **(1.64)** | 0.99 | 0.99 | 0.99 | 0.23 | 15007 | 4 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 2.82 |  | 21.80 | **(23.69)** | 1.34 | 1.24 | 1.24 | (0.21) | 203579 | 1 |
| 12-31-21 | 2.44 |  | 32.13 | **20.43** | 1.34 | 1.24 | 1.24 | (0.57) | 282227 | 1 |
| 12-31-20 |  |  | 28.85 | **33.26** | 1.39 | 1.24 | 1.24 | (0.55) | 261358 | 1 |
| 12-31-19 | 14.04 |  | 21.65 | **38.52** | 1.24 | 1.24 | 1.24 | (0.10) | 228141 | 23 |
| 12-31-18 | 3.16 |  | 26.10 | **(1.89)** | 1.24 | 1.24 | 1.24 | (0.08) | 451687 | 4 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 2.82 |  | 19.56 | **(23.79)** | 1.49 | 1.39 | 1.39 | (0.36) | 2092 | 1 |
| 12-31-21 | 2.44 |  | 29.23 | **20.25** | 1.49 | 1.39 | 1.39 | (0.73) | 2681 | 1 |
| 12-31-20 |  |  | 26.48 | **33.00** | 1.54 | 1.39 | 1.39 | (0.69) | 2963 | 1 |
| 12-31-19 | 14.04 |  | 19.91 | **38.37** | 1.39 | 1.39 | 1.39 | (1.58) | 2373 | 23 |
| 12-31-18 | 3.16 |  | 24.87 | **(2.05)** | 1.39 | 1.39 | 1.39 | (0.25) | 1625 | 4 |

---

See Accompanying Notes to Financial Statements<br>46

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** |
| |<br>Net asset value, beginning of year or period | Net investment income (loss) | Net investment income (loss) | Net realized and unrealized gain (loss) |<br>Total from investment operations | From net investment income | From net realized gains | From return of capital |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) |
| **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.12 | 0.03 | <sup>•</sup> | (3.75) | (3.72) | 0.01 | 3.18 |  |
| 12-31-21 | 19.23 | 0.00 | <sup>\*•</sup> | 4.42 | 4.42 | 0.05 | 2.48 |  |
| 12-31-20 | 16.38 | 0.06 |  | 3.33 | 3.39 |  | 0.54 |  |
| 12-31-19 | 18.94 | 0.13 | <sup>•</sup> | 5.51 | 5.64 | 0.29 | 7.91 |  |
| 12-31-18 | 23.40 | 0.14 | <sup>•</sup> | (1.97) | (1.83) | 0.15 | 2.48 |  |
| **Class I** |  |  |  |  |  |  |  |  |
| 12-31-22 | 23.19 | 0.12 | <sup>•</sup> | (4.15) | (4.03) | 0.11 | 3.18 |  |
| 12-31-21 | 20.88 | 0.12 | <sup>•</sup> | 4.81 | 4.93 | 0.14 | 2.48 |  |
| 12-31-20 | 17.67 | 0.15 | <sup>•</sup> | 3.61 | 3.76 | 0.01 | 0.54 |  |
| 12-31-19 | 20.01 | 0.25 | <sup>•</sup> | 5.84 | 6.09 | 0.52 | 7.91 |  |
| 12-31-18 | 24.58 | 0.26 | <sup>•</sup> | (2.07) | (1.81) | 0.28 | 2.48 |  |
| **Class S** |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.39 | 0.07 | <sup>•</sup> | (3.98) | (3.91) | 0.06 | 3.18 |  |
| 12-31-21 | 20.24 | 0.06 | <sup>•</sup> | 4.66 | 4.72 | 0.09 | 2.48 |  |
| 12-31-20 | 17.18 | 0.11 |  | 3.49 | 3.60 |  | 0.54 |  |
| 12-31-19 | 19.56 | 0.20 | <sup>•</sup> | 5.73 | 5.93 | 0.40 | 7.91 |  |
| 12-31-18 | 24.08 | 0.20 | <sup>•</sup> | (2.03) | (1.83) | 0.21 | 2.48 |  |
| **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.83 | 0.01 | <sup>•</sup> | (2.85) | (2.84) |  | 2.72 |  |
| 12-31-21 | 15.65 | (0.02 |)<sup>•</sup> | 5.30 | 5.28 | 0.03 | 0.07 |  |
| 12-31-20 | 15.06 | 0.03 |  | 1.17 | 1.20 | 0.05 | 0.56 |  |
| 12-31-19 | 14.42 | 0.05 |  | 2.67 | 2.72 | 0.01 | 2.07 |  |
| 12-31-18 | 19.57 | 0.00 | <sup>\*</sup> | (3.06) | (3.06) | 0.00<br> <sup>\*</sup> | 2.09 |  |
| **Class I** |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.71 | 0.11 | <sup>•</sup> | (2.98) | (2.87) | 0.05 | 2.72 |  |
| 12-31-21 | 16.27 | 0.07 | <sup>•</sup> | 5.53 | 5.60 | 0.09 | 0.07 |  |
| 12-31-20 | 15.65 | 0.10 |  | 1.22 | 1.32 | 0.14 | 0.56 |  |
| 12-31-19 | 14.94 | 0.13 |  | 2.76 | 2.89 | 0.11 | 2.07 |  |
| 12-31-18 | 20.20 | 0.10 | <sup>•</sup> | (3.16) | (3.06) | 0.11 | 2.09 |  |
| **Class R6** |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.74 | 0.12 | <sup>•</sup> | (2.98) | (2.86) | 0.06 | 2.72 |  |
| 12-31-21 | 16.29 | 0.10 | <sup>•</sup> | 5.51 | 5.61 | 0.09 | 0.07 |  |
| 12-31-20 | 15.66 | 0.10 |  | 1.23 | 1.33 | 0.14 | 0.56 |  |
| 12-31-19 | 14.94 | 0.12 |  | 2.78 | 2.90 | 0.11 | 2.07 |  |
| 12-31-18 | 20.21 | 0.09 |  | (3.16) | (3.07) | 0.11 | 2.09 |  |
| **Class S** |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.61 | 0.06 | <sup>•</sup> | (2.97) | (2.91) | 0.00<br> <sup>\*</sup> | 2.72 |  |
| 12-31-21 | 16.20 | 0.02 | <sup>•</sup> | 5.51 | 5.53 | 0.05 | 0.07 |  |
| 12-31-20 | 15.58 | 0.07 |  | 1.20 | 1.27 | 0.09 | 0.56 |  |
| 12-31-19 | 14.86 | 0.09 |  | 2.76 | 2.85 | 0.06 | 2.07 |  |
| 12-31-18 | 20.10 | 0.05 |  | (3.15) | (3.10) | 0.05 | 2.09 |  |
| **Class S2** |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.85 | 0.03 | <sup>•</sup> | (2.86) | (2.83) |  | 2.72 |  |
| 12-31-21 | 15.65 | (0.00 |)<sup>\*•</sup> | 5.30 | 5.30 | 0.03 | 0.07 |  |
| 12-31-20 | 15.02 | 0.05 |  | 1.18 | 1.23 | 0.04 | 0.56 |  |
| 12-31-19 | 14.40 | 0.05 | <sup>•</sup> | 2.67 | 2.72 | 0.03 | 2.07 |  |
| 12-31-18 | 19.52 | 0.02 |  | (3.05) | (3.03) |  | 2.09 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br>data** | **Supplemental <br>data** |
| | Total distributions | Payment by affiliate | Net asset value, end of year or period | **Total Return** **<sup>(1)</sup>** | Expenses before reductions/additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** | **VY** **<sup>®</sup>** **Columbia Contrarian Core Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 3.19 |  | 14.21 | **(18.85)** | 1.46 | 1.22 | 1.22 | 0.15 | 23018 | 50 |
| 12-31-21 | 2.53 |  | 21.12 | **23.62** | 1.48 | 1.23 | 1.23 | 0.01 | 31288 | 54 |
| 12-31-20 | 0.54 |  | 19.23 | **21.22** | 1.54 | 1.23 | 1.22 | 0.36 | 26173 | 91 |
| 12-31-19 | 8.20 |  | 16.38 | **32.41** | 1.46 | 1.23 | 1.23 | 0.64 | 23961 | 45 |
| 12-31-18 | 2.63 |  | 18.94 | **(9.23)** | 1.44 | 1.22 | 1.21 | 0.61 | 21088 | 64 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 3.29 |  | 15.87 | **(18.51)** | 0.96 | 0.72 | 0.72 | 0.64 | 5731 | 50 |
| 12-31-21 | 2.62 |  | 23.19 | **24.23** | 0.98 | 0.73 | 0.73 | 0.52 | 157468 | 54 |
| 12-31-20 | 0.55 |  | 20.88 | **21.79** | 1.04 | 0.73 | 0.72 | 0.80 | 129553 | 91 |
| 12-31-19 | 8.43 |  | 17.67 | **33.05** | 0.96 | 0.73 | 0.73 | 1.14 | 8548 | 45 |
| 12-31-18 | 2.76 |  | 20.01 | **(8.77)** | 0.94 | 0.72 | 0.71 | 1.11 | 7982 | 64 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 3.24 |  | 15.24 | **(18.64)** | 1.21 | 0.97 | 0.97 | 0.40 | 18315 | 50 |
| 12-31-21 | 2.57 |  | 22.39 | **23.94** | 1.23 | 0.98 | 0.98 | 0.26 | 23775 | 54 |
| 12-31-20 | 0.54 |  | 20.24 | **21.45** | 1.29 | 0.98 | 0.97 | 0.61 | 20139 | 91 |
| 12-31-19 | 8.31 |  | 17.18 | **33.06** | 1.19 | 0.96 | 0.96 | 0.92 | 18274 | 45 |
| 12-31-18 | 2.69 |  | 19.56 | **(8.99)** | 1.19 | 0.97 | 0.96 | 0.86 | 222203 | 64 |
| **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** | **VY** **<sup>®</sup>** **Columbia Small Cap Value II Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 2.72 |  | 15.27 | **(14.12)** | 1.49 | 1.42 | 1.41 | 0.07 | 28968 | 56 |
| 12-31-21 | 0.10 |  | 20.83 | **33.85** | 1.47 | 1.42 | 1.42 | (0.10) | 39427 | 56 |
| 12-31-20 | 0.61 |  | 15.65 | **9.28** | 1.51 | 1.42 | 1.41 | 0.18 | 24162 | 47 |
| 12-31-19 | 2.08 |  | 15.06 | **19.88** | 1.41 | 1.38 | 1.37 | 0.27 | 25615 | 25 |
| 12-31-18 | 2.09 |  | 14.42 | **(17.96)** | 1.40 | 1.37 | 1.36 | 0.02 | 27725 | 41 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 2.77 |  | 16.07 | **(13.67)** | 0.99 | 0.92 | 0.91 | 0.59 | 43765 | 56 |
| 12-31-21 | 0.16 |  | 21.71 | **34.52** | 0.97 | 0.92 | 0.92 | 0.37 | 45424 | 56 |
| 12-31-20 | 0.70 |  | 16.27 | **9.89** | 1.01 | 0.92 | 0.91 | 0.68 | 34277 | 47 |
| 12-31-19 | 2.18 |  | 15.65 | **20.42** | 0.91 | 0.88 | 0.87 | 0.79 | 36201 | 25 |
| 12-31-18 | 2.20 |  | 14.94 | **(17.53)** | 0.90 | 0.87 | 0.86 | 0.53 | 33887 | 41 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-22 | 2.78 |  | 16.10 | **(13.62)** | 0.89 | 0.86 | 0.85 | 0.65 | 9533 | 56 |
| 12-31-21 | 0.16 |  | 21.74 | **34.57** | 0.89 | 0.86 | 0.86 | 0.49 | 12560 | 56 |
| 12-31-20 | 0.70 |  | 16.29 | **9.94** | 0.91 | 0.88 | 0.87 | 0.71 | 6983 | 47 |
| 12-31-19 | 2.18 |  | 15.66 | **20.48** | 0.91 | 0.88 | 0.87 | 0.81 | 6701 | 25 |
| 12-31-18 | 2.20 |  | 14.94 | **(17.57)** | 0.90 | 0.87 | 0.86 | 0.56 | 5349 | 41 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 2.72 |  | 15.98 | **(13.91)** | 1.24 | 1.17 | 1.16 | 0.32 | 72207 | 56 |
| 12-31-21 | 0.12 |  | 21.61 | **34.22** | 1.22 | 1.17 | 1.17 | 0.12 | 96978 | 56 |
| 12-31-20 | 0.65 |  | 16.20 | **9.54** | 1.26 | 1.17 | 1.16 | 0.42 | 82438 | 47 |
| 12-31-19 | 2.13 |  | 15.58 | **20.21** | 1.16 | 1.13 | 1.12 | 0.53 | 89702 | 25 |
| 12-31-18 | 2.14 |  | 14.86 | **(17.76)** | 1.15 | 1.12 | 1.11 | 0.26 | 89274 | 41 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 2.72 |  | 15.30 | **(14.06)** | 1.39 | 1.32 | 1.31 | 0.17 | 1597 | 56 |
| 12-31-21 | 0.10 |  | 20.85 | **33.96** | 1.37 | 1.32 | 1.32 | (0.01) | 1856 | 56 |
| 12-31-20 | 0.60 |  | 15.65 | **9.45** | 1.41 | 1.32 | 1.31 | 0.27 | 1446 | 47 |
| 12-31-19 | 2.10 |  | 15.02 | **19.95** | 1.31 | 1.28 | 1.27 | 0.34 | 1671 | 25 |
| 12-31-18 | 2.09 |  | 14.40 | **(17.87)** | 1.30 | 1.27 | 1.26 | 0.11 | 2431 | 41 |

---

See Accompanying Notes to Financial Statements<br>47

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** |
| |<br>Net asset value, beginning of year or period | Net investment income (loss) | Net investment income (loss) | Net realized and unrealized gain (loss) |<br>Total from investment operations | From net investment income | From net realized gains | From return of capital |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) |
| **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.05 | 0.26 | <sup>•</sup> | (0.24) | 0.02 | 0.28 | 0.05 |  |
| 12-31-21 | 16.05 | 0.21 | <sup>•</sup> | 5.03 | 5.24 | 0.24 |  |  |
| 12-31-20 | 17.01 | 0.25 |  | (0.46) | (0.21) | 0.30 | 0.45 |  |
| 12-31-19 | 17.39 | 0.30 | <sup>•</sup> | 3.74 | 4.04 | 0.41 | 4.01 |  |
| 12-31-18 | 20.14 | 0.24 | <sup>•</sup> | (2.77) | (2.53) | 0.22 |  |  |
| **Class I** |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.25 | 0.37 | <sup>•</sup> | (0.25) | 0.12 | 0.38 | 0.05 |  |
| 12-31-21 | 16.20 | 0.31 | <sup>•</sup> | 5.09 | 5.40 | 0.35 |  |  |
| 12-31-20 | 17.19 | 0.32 | <sup>•</sup> | (0.46) | (0.14) | 0.40 | 0.45 |  |
| 12-31-19 | 17.52 | 0.40 | <sup>•</sup> | 3.78 | 4.18 | 0.50 | 4.01 |  |
| 12-31-18 | 20.32 | 0.33 |  | (2.80) | (2.47) | 0.33 |  |  |
| **Class S** |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.28 | 0.32 | <sup>•</sup> | (0.25) | 0.07 | 0.33 | 0.05 |  |
| 12-31-21 | 16.23 | 0.26 | <sup>•</sup> | 5.09 | 5.35 | 0.30 |  |  |
| 12-31-20 | 17.18 | 0.31 |  | (0.48) | (0.17) | 0.33 | 0.45 |  |
| 12-31-19 | 17.51 | 0.36 | <sup>•</sup> | 3.77 | 4.13 | 0.45 | 4.01 |  |
| 12-31-18 | 20.30 | 0.29 | <sup>•</sup> | (2.81) | (2.52) | 0.27 |  |  |
| **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 51.71 | 0.54 | <sup>•</sup> | (4.68) | (4.14) | 0.54 | 7.00 |  |
| 12-31-21 | 44.76 | 0.36 | <sup>•</sup> | 7.69 | 8.05 | 0.50 | 0.60 |  |
| 12-31-20 | 43.36 | 0.58 |  | 3.25 | 3.83 | 0.59 | 1.84 |  |
| 12-31-19 | 38.95 | 0.62 | <sup>•</sup> | 6.82 | 7.44 | 0.68 | 2.35 |  |
| 12-31-18 | 46.81 | 0.64 | <sup>•</sup> | (4.95) | (4.31) | 0.66 | 2.89 |  |
| **Class I** |  |  |  |  |  |  |  |  |
| 12-31-22 | 52.69 | 0.78 | <sup>•</sup> | (4.77) | (3.99) | 0.75 | 7.00 |  |
| 12-31-21 | 45.58 | 0.62 | <sup>•</sup> | 7.83 | 8.45 | 0.74 | 0.60 |  |
| 12-31-20 | 44.08 | 0.80 |  | 3.34 | 4.14 | 0.80 | 1.84 |  |
| 12-31-19 | 39.54 | 0.85 | <sup>•</sup> | 6.94 | 7.79 | 0.90 | 2.35 |  |
| 12-31-18 | 47.51 | 0.88 | <sup>•</sup> | (5.06) | (4.18) | 0.90 | 2.89 |  |
| **Class S** |  |  |  |  |  |  |  |  |
| 12-31-22 | 52.29 | 0.66 | <sup>•</sup> | (4.73) | (4.07) | 0.64 | 7.00 |  |
| 12-31-21 | 45.24 | 0.49 | <sup>•</sup> | 7.77 | 8.26 | 0.61 | 0.60 |  |
| 12-31-20 | 43.79 | 0.70 |  | 3.28 | 3.98 | 0.69 | 1.84 |  |
| 12-31-19 | 39.30 | 0.74 | <sup>•</sup> | 6.88 | 7.62 | 0.78 | 2.35 |  |
| 12-31-18 | 47.22 | 0.76 | <sup>•</sup> | (5.01) | (4.25) | 0.78 | 2.89 |  |
| **Class S2** |  |  |  |  |  |  |  |  |
| 12-31-22 | 51.45 | 0.59 | <sup>•</sup> | (4.65) | (4.06) | 0.58 | 7.00 |  |
| 12-31-21 | 44.52 | 0.42 | <sup>•</sup> | 7.64 | 8.06 | 0.53 | 0.60 |  |
| 12-31-20 | 43.13 | 0.63 |  | 3.23 | 3.86 | 0.63 | 1.84 |  |
| 12-31-19 | 38.75 | 0.67 | <sup>•</sup> | 6.78 | 7.45 | 0.72 | 2.35 |  |
| 12-31-18 | 46.59 | 0.69 | <sup>•</sup> | (4.93) | (4.24) | 0.71 | 2.89 |  |
| **VY** **<sup>®</sup>** **Invesco Global Portfolio** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |
| 12-31-22 | 24.55 | (0.06 |)<sup>•</sup> | (7.57) | (7.63) |  | 2.93 |  |
| 12-31-21 | 22.38 | (0.19 |)<sup>•</sup> | 3.51 | 3.32 |  | 1.15 |  |
| 12-31-20 | 18.41 | (0.10 |)<sup>•</sup> | 4.91 | 4.81 | 0.13 | 0.71 |  |
| 12-31-19 | 17.06 | 0.04 |  | 4.89 | 4.93 |  | 3.58 |  |
| 12-31-18 | 21.42 | 0.04 |  | (2.66) | (2.62) | 0.25 | 1.49 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br>data** | **Supplemental <br>data** |
| | Total distributions | Payment by affiliate | Net asset value, end of year or period | **Total Return** **<sup>(1)</sup>** | Expenses before reductions/additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** | **VY** **<sup>®</sup>** **Invesco Comstock Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 0.33 |  | 20.74 | **0.12** | 1.28 | 1.20 | 1.20 | 1.27 | 33953 | 22 |
| 12-31-21 | 0.24 |  | 21.05 | **32.69** | 1.29 | 1.20 | 1.20 | 1.06 | 34649 | 31 |
| 12-31-20 | 0.75 |  | 16.05 | **(0.74)** | 1.33 | 1.27 | 1.27 | 1.71 | 28434 | 64 |
| 12-31-19 | 4.42 |  | 17.01 | **24.86** | 1.25 | 1.23 | 1.23 | 1.60 | 31202 | 25 |
| 12-31-18 | 0.22 |  | 17.39 | **(12.56)** | 1.25 | 1.23 | 1.23 | 1.16 | 28006 | 29 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 0.43 |  | 20.94 | **0.63** | 0.78 | 0.70 | 0.70 | 1.74 | 141023 | 22 |
| 12-31-21 | 0.35 |  | 21.25 | **33.33** | 0.79 | 0.70 | 0.70 | 1.58 | 178856 | 31 |
| 12-31-20 | 0.85 |  | 16.20 | **(0.22)** | 0.83 | 0.77 | 0.77 | 2.25 | 114569 | 64 |
| 12-31-19 | 4.51 |  | 17.19 | **25.51** | 0.75 | 0.73 | 0.73 | 2.09 | 203510 | 25 |
| 12-31-18 | 0.33 |  | 17.52 | **(12.16)** | 0.75 | 0.73 | 0.73 | 1.72 | 219086 | 29 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 0.38 |  | 20.97 | **0.38** | 1.03 | 0.95 | 0.95 | 1.53 | 87056 | 22 |
| 12-31-21 | 0.30 |  | 21.28 | **32.96** | 1.04 | 0.95 | 0.95 | 1.31 | 81485 | 31 |
| 12-31-20 | 0.78 |  | 16.23 | **(0.47)** | 1.08 | 1.02 | 1.02 | 1.97 | 63320 | 64 |
| 12-31-19 | 4.46 |  | 17.18 | **25.24** | 1.00 | 0.98 | 0.98 | 1.88 | 73675 | 25 |
| 12-31-18 | 0.27 |  | 17.51 | **(12.39)** | 1.00 | 0.98 | 0.98 | 1.41 | 215609 | 29 |
| **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** | **VY** **<sup>®</sup>** **Invesco Equity and Income Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 7.54 |  | 40.03 | **(8.07)** | 1.22 | 1.14 | 1.14 | 1.20 | 43412 | 136 |
| 12-31-21 | 1.10 |  | 51.71 | **18.03** | 1.21 | 1.14 | 1.14 | 0.73 | 49436 | 127 |
| 12-31-20 | 2.43 |  | 44.76 | **9.62** | 1.21 | 1.14 | 1.14 | 1.34 | 42053 | 90 |
| 12-31-19 | 3.03 |  | 43.36 | **19.50** | 1.17 | 1.14 | 1.14 | 1.47 | 44825 | 143 |
| 12-31-18 | 3.55 |  | 38.95 | **(9.90)** | 1.17 | 1.14 | 1.14 | 1.40 | 43200 | 161 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 7.75 |  | 40.95 | **(7.60)** | 0.72 | 0.64 | 0.64 | 1.69 | 423188 | 136 |
| 12-31-21 | 1.34 |  | 52.69 | **18.60** | 0.71 | 0.64 | 0.64 | 1.23 | 502445 | 127 |
| 12-31-20 | 2.64 |  | 45.58 | **10.18** | 0.71 | 0.64 | 0.64 | 1.84 | 467994 | 90 |
| 12-31-19 | 3.25 |  | 44.08 | **20.10** | 0.67 | 0.64 | 0.64 | 1.97 | 484839 | 143 |
| 12-31-18 | 3.79 |  | 39.54 | **(9.46)** | 0.67 | 0.64 | 0.64 | 1.90 | 468289 | 161 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 7.64 |  | 40.58 | **(7.83)** | 0.97 | 0.89 | 0.89 | 1.44 | 346982 | 136 |
| 12-31-21 | 1.21 |  | 52.29 | **18.31** | 0.96 | 0.89 | 0.89 | 0.97 | 437821 | 127 |
| 12-31-20 | 2.53 |  | 45.24 | **9.88** | 0.96 | 0.89 | 0.89 | 1.59 | 436888 | 90 |
| 12-31-19 | 3.13 |  | 43.79 | **19.80** | 0.92 | 0.89 | 0.89 | 1.72 | 473465 | 143 |
| 12-31-18 | 3.67 |  | 39.30 | **(9.67)** | 0.92 | 0.89 | 0.89 | 1.65 | 463989 | 161 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 7.58 |  | 39.81 | **(7.95)** | 1.12 | 1.02 | 1.02 | 1.31 | 265672 | 136 |
| 12-31-21 | 1.13 |  | 51.45 | **18.17** | 1.11 | 1.02 | 1.02 | 0.84 | 320526 | 127 |
| 12-31-20 | 2.47 |  | 44.52 | **9.76** | 1.11 | 1.02 | 1.02 | 1.46 | 308786 | 90 |
| 12-31-19 | 3.07 |  | 43.13 | **19.63** | 1.07 | 1.02 | 1.02 | 1.59 | 328815 | 143 |
| 12-31-18 | 3.60 |  | 38.75 | **(9.79)** | 1.07 | 1.02 | 1.02 | 1.52 | 321618 | 161 |
| **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** | **VY** **<sup>®</sup>** **Invesco Global Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 2.93 |  | 13.99 | **(32.28)** | 1.35 | 1.30 | 1.30 | (0.38) | 93472 | 13 |
| 12-31-21 | 1.15 |  | 24.55 | **14.80** | 1.33 | 1.30 | 1.30 | (0.80) | 149741 | 7 |
| 12-31-20 | 0.84 |  | 22.38 | **27.19** | 1.35 | 1.30 | 1.30 | (0.53) | 131946 | 8 |
| 12-31-19 | 3.58 |  | 18.41 | **31.10** | 1.25 | 1.25 | 1.25 | 0.26 | 123467 | 8 |
| 12-31-18 | 1.74 |  | 17.06 | **(13.62)** | 1.25 | 1.25 | 1.25 | 0.22 | 101759 | 17 |

---

See Accompanying Notes to Financial Statements<br>48

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** |
| |<br>Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) |<br>Total from investment operations | From net investment income | From net realized gains | From return of capital |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) |
| **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| 12-31-22 | 26.21 | 0.02 | (8.10) | (8.08) |  | 2.93 |  |
| 12-31-21 | 23.71 | (0.08 | 3.73 | 3.65 |  | 1.15 |  |
| 12-31-20 | 19.46 | (0.01 | 5.20 | 5.19 | 0.23 | 0.71 |  |
| 12-31-19 | 17.86 | 0.15 | 5.13 | 5.28 | 0.10 | 3.58 |  |
| 12-31-18 | 22.33 | 0.16 | (2.80) | (2.64) | 0.34 | 1.49 |  |
| **Class S** |  |  |  |  |  |  |  |
| 12-31-22 | 24.83 | (0.02 | (7.66) | (7.68) |  | 2.93 |  |
| 12-31-21 | 22.56 | (0.13 | 3.55 | 3.42 |  | 1.15 |  |
| 12-31-20 | 18.56 | (0.05 | 4.94 | 4.89 | 0.18 | 0.71 |  |
| 12-31-19 | 17.17 | 0.10 | 4.91 | 5.01 | 0.04 | 3.58 |  |
| 12-31-18 | 21.53 | 0.10 | (2.68) | (2.58) | 0.29 | 1.49 |  |
| **Class S2** |  |  |  |  |  |  |  |
| 12-31-22 | 23.85 | (0.04 | (7.35) | (7.39) |  | 2.93 |  |
| 12-31-21 | 21.75 | (0.16 | 3.41 | 3.25 |  | 1.15 |  |
| 12-31-20 | 17.89 | (0.07 | 4.77 | 4.70 | 0.13 | 0.71 |  |
| 12-31-19 | 16.67 | 0.06 | 4.77 | 4.83 | 0.03 | 3.58 |  |
| 12-31-18 | 20.97 | 0.06 | (2.60) | (2.54) | 0.27 | 1.49 |  |
| **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |
| 12-31-22 | 19.24 | 0.11 | (1.76) | (1.65) | 0.11 | 2.97 |  |
| 12-31-21 | 15.51 | 0.05 | 4.43 | 4.48 | 0.05 | 0.70 |  |
| 12-31-20 | 17.15 | 0.09 | (0.33) | (0.24) | 0.11 | 1.29 |  |
| 12-31-19 | 15.74 | 0.12 | 3.74 | 3.86 | 0.12 | 2.33 |  |
| 12-31-18 | 19.78 | 0.15 | (2.35) | (2.20) | 0.16 | 1.68 |  |
| **Class I** |  |  |  |  |  |  |  |
| 12-31-22 | 20.00 | 0.20 | (1.83) | (1.63) | 0.19 | 2.97 |  |
| 12-31-21 | 16.09 | 0.15 | 4.60 | 4.75 | 0.14 | 0.70 |  |
| 12-31-20 | 17.72 | 0.17 | (0.33) | (0.16) | 0.18 | 1.29 |  |
| 12-31-19 | 16.18 | 0.22 | 3.86 | 4.08 | 0.21 | 2.33 |  |
| 12-31-18 | 20.30 | 0.25 | (2.43) | (2.18) | 0.26 | 1.68 |  |
| **Class S** |  |  |  |  |  |  |  |
| 12-31-22 | 19.72 | 0.15 | (1.80) | (1.65) | 0.15 | 2.97 |  |
| 12-31-21 | 15.87 | 0.10 | 4.54 | 4.64 | 0.09 | 0.70 |  |
| 12-31-20 | 17.51 | 0.13 | (0.33) | (0.20) | 0.15 | 1.29 |  |
| 12-31-19 | 16.01 | 0.17 | 3.82 | 3.99 | 0.16 | 2.33 |  |
| 12-31-18 | 20.10 | 0.20 | (2.40) | (2.20) | 0.21 | 1.68 |  |
| **Class S2** |  |  |  |  |  |  |  |
| 12-31-22 | 19.17 | 0.13 | (1.77) | (1.64) | 0.08 | 2.97 |  |
| 12-31-21 | 15.47 | 0.08 | 4.41 | 4.49 | 0.09 | 0.70 |  |
| 12-31-20 | 17.10 | 0.11 | (0.33) | (0.22) | 0.12 | 1.29 |  |
| 12-31-19 | 15.69 | 0.14 | 3.73 | 3.87 | 0.13 | 2.33 |  |
| 12-31-18 | 19.72 | 0.16 | (2.33) | (2.17) | 0.18 | 1.68 |  |
| **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |
| 12-31-22 | 12.43 | (0.04 | (2.84) | (2.88) |  | 2.83 |  |
| 12-31-21 | 13.16 | (0.12 | 1.84 | 1.72 |  | 2.45 |  |
| 12-31-20 | 11.00 | (0.05 | 3.27 | 3.22 | 0.01 | 1.05 |  |
| 12-31-19 | 9.08 | (0.03 | 3.26 | 3.23 | 0.03 | 1.28 |  |
| 12-31-18 | 10.50 | (0.02 | (0.24) | (0.26) |  | 1.16 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br>data** | **Supplemental <br>data** |
| | Total distributions | Payment by affiliate | Net asset value, end of year or period | **Total Return** **<sup>(1)</sup>** | Expenses before reductions/additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** | **VY** **<sup>®</sup>** **Invesco Global Portfolio (continued)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 2.93 |  | 15.20 | **(31.93)** | 0.85 | 0.80 | 0.80 | 0.12 | 852916 | 13 |
| 12-31-21 | 1.15 |  | 26.21 | **15.37** | 0.83 | 0.80 | 0.80 | (0.30) | 1381312 | 7 |
| 12-31-20 | 0.94 |  | 23.71 | **27.78** | 0.85 | 0.80 | 0.80 | (0.03) | 1332750 | 8 |
| 12-31-19 | 3.68 |  | 19.46 | **31.80** | 0.75 | 0.75 | 0.75 | 0.76 | 1225197 | 8 |
| 12-31-18 | 1.83 |  | 17.86 | **(13.19)** | 0.75 | 0.75 | 0.75 | 0.72 | 1061448 | 17 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 2.93 |  | 14.22 | **(32.10)** | 1.10 | 1.05 | 1.05 | (0.13) | 108045 | 13 |
| 12-31-21 | 1.15 |  | 24.83 | **15.13** | 1.08 | 1.05 | 1.05 | (0.55) | 185986 | 7 |
| 12-31-20 | 0.89 |  | 22.56 | **27.43** | 1.10 | 1.05 | 1.05 | (0.28) | 188985 | 8 |
| 12-31-19 | 3.62 |  | 18.56 | **31.44** | 1.00 | 1.00 | 1.00 | 0.52 | 181045 | 8 |
| 12-31-18 | 1.78 |  | 17.17 | **(13.39)** | 1.00 | 1.00 | 1.00 | 0.49 | 167520 | 17 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 2.93 |  | 13.53 | **(32.21)** | 1.25 | 1.20 | 1.20 | (0.27) | 2205 | 13 |
| 12-31-21 | 1.15 |  | 23.85 | **14.91** | 1.23 | 1.20 | 1.20 | (0.69) | 4152 | 7 |
| 12-31-20 | 0.84 |  | 21.75 | **27.33** | 1.25 | 1.20 | 1.20 | (0.42) | 4266 | 8 |
| 12-31-19 | 3.61 |  | 17.89 | **31.26** | 1.15 | 1.15 | 1.15 | 0.37 | 4611 | 8 |
| 12-31-18 | 1.76 |  | 16.67 | **(13.56)** | 1.15 | 1.15 | 1.15 | 0.30 | 3963 | 17 |
| **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** | **VY** **<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 3.08 |  | 14.51 | **(8.84)** | 1.50 | 1.38 | 1.38 | 0.64 | 79578 | 13 |
| 12-31-21 | 0.75 |  | 19.24 | **29.15** | 1.49 | 1.38 | 1.38 | 0.28 | 93649 | 22 |
| 12-31-20 | 1.40 |  | 15.51 | **0.08** | 1.51 | 1.38 | 1.38 | 0.58 | 79036 | 18 |
| 12-31-19 | 2.45 |  | 17.15 | **25.81** | 1.39 | 1.39 | 1.39 | 0.71 | 89967 | 9 |
| 12-31-18 | 1.84 |  | 15.74 | **(12.37)** | 1.38 | 1.38 | 1.38 | 0.79 | 80243 | 12 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 3.16 |  | 15.21 | **(8.39)** | 1.00 | 0.88 | 0.88 | 1.13 | 107243 | 13 |
| 12-31-21 | 0.84 |  | 20.00 | **29.79** | 0.99 | 0.88 | 0.88 | 0.77 | 138540 | 22 |
| 12-31-20 | 1.47 |  | 16.09 | **0.55** | 1.01 | 0.88 | 0.88 | 1.08 | 124709 | 18 |
| 12-31-19 | 2.54 |  | 17.72 | **26.46** | 0.89 | 0.89 | 0.89 | 1.21 | 150535 | 9 |
| 12-31-18 | 1.94 |  | 16.18 | **(11.96)** | 0.88 | 0.88 | 0.88 | 1.28 | 144880 | 12 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 3.12 |  | 14.95 | **(8.62)** | 1.25 | 1.13 | 1.13 | 0.89 | 153670 | 13 |
| 12-31-21 | 0.79 |  | 19.72 | **29.51** | 1.24 | 1.13 | 1.13 | 0.53 | 188813 | 22 |
| 12-31-20 | 1.44 |  | 15.87 | **0.28** | 1.26 | 1.13 | 1.13 | 0.83 | 169728 | 18 |
| 12-31-19 | 2.49 |  | 17.51 | **26.21** | 1.14 | 1.14 | 1.14 | 0.96 | 200304 | 9 |
| 12-31-18 | 1.89 |  | 16.01 | **(12.19)** | 1.13 | 1.13 | 1.13 | 1.03 | 187165 | 12 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 3.05 |  | 14.48 | **(8.82)** | 1.40 | 1.28 | 1.28 | 0.73 | 718 | 13 |
| 12-31-21 | 0.79 |  | 19.17 | **29.29** | 1.39 | 1.28 | 1.28 | 0.43 | 1996 | 22 |
| 12-31-20 | 1.41 |  | 15.47 | **0.18** | 1.41 | 1.28 | 1.28 | 0.69 | 1340 | 18 |
| 12-31-19 | 2.46 |  | 17.10 | **25.96** | 1.29 | 1.29 | 1.29 | 0.81 | 1782 | 9 |
| 12-31-18 | 1.86 |  | 15.69 | **(12.30)** | 1.28 | 1.28 | 1.28 | 0.86 | 2116 | 12 |
| **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 2.83 |  | 6.72 | **(24.63)** | 1.36 | 1.28 | 1.28 | (0.45) | 53242 | 29 |
| 12-31-21 | 2.45 |  | 12.43 | **13.24** | 1.34 | 1.30 | 1.30 | (0.91) | 76149 | 31 |
| 12-31-20 | 1.06 |  | 13.16 | **31.26** | 1.37 | 1.30 | 1.30 | (0.49) | 64622 | 53 |
| 12-31-19 | 1.31 |  | 11.00 | **36.56** | 1.27 | 1.27 | 1.27 | (0.28) | 90526 | 16 |
| 12-31-18 | 1.16 |  | 9.08 | **(3.77)** | 1.27 | 1.27 | 1.27 | (0.14) | 61179 | 19 |

---

See Accompanying Notes to Financial Statements<br>49

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br>from investment <br>operations** | **Income (loss) <br>from investment <br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** |
| |<br>Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) |<br>Total from investment operations | From net investment income | From net realized gains | From return of capital |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) |
| **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| 12-31-22 | 14.82 | 0.00 | (3.43) | (3.43) |  | 2.83 |  |
| 12-31-21 | 15.20 | (0.06 | 2.13 | 2.07 | 0.00<br> <sup>\*</sup> | 2.45 |  |
| 12-31-20 | 12.50 | (0.01 | 3.77 | 3.76 | 0.01 | 1.05 |  |
| 12-31-19 | 10.14 | 0.03 | 3.65 | 3.68 | 0.04 | 1.28 |  |
| 12-31-18 | 11.56 | 0.04 | (0.28) | (0.24) | 0.02 | 1.16 |  |
| **Class R6** |  |  |  |  |  |  |  |
| 12-31-22 | 14.84 | 0.01 | (3.44) | (3.43) |  | 2.83 |  |
| 12-31-21 | 15.22 | (0.06 | 2.13 | 2.07 | 0.00<br> <sup>\*</sup> | 2.45 |  |
| 12-31-20 | 12.51 | (0.01 | 3.78 | 3.77 | 0.01 | 1.05 |  |
| 12-31-19 | 10.14 | 0.02 | 3.67 | 3.69 | 0.04 | 1.28 |  |
| 12-31-18 | 11.56 | 0.03 | (0.27) | (0.24) | 0.02 | 1.16 |  |
| **Class S** |  |  |  |  |  |  |  |
| 12-31-22 | 13.88 | (0.02 | (3.20) | (3.22) |  | 2.83 |  |
| 12-31-21 | 14.40 | (0.10 | 2.03 | 1.93 |  | 2.45 |  |
| 12-31-20 | 11.93 | (0.03 | 3.56 | 3.53 | 0.01 | 1.05 |  |
| 12-31-19 | 9.74 | (0.00 | 3.50 | 3.50 | 0.03 | 1.28 |  |
| 12-31-18 | 11.15 | 0.02 | (0.27) | (0.25) |  | 1.16 |  |
| **Class S2** |  |  |  |  |  |  |  |
| 12-31-22 | 12.57 | (0.04 | (2.87) | (2.91) |  | 2.83 |  |
| 12-31-21 | 13.28 | (0.11 | 1.85 | 1.74 |  | 2.45 |  |
| 12-31-20 | 11.08 | (0.05 | 3.31 | 3.26 | 0.01 | 1.05 |  |
| 12-31-19 | 9.13 | (0.02 | 3.28 | 3.26 | 0.03 | 1.28 |  |
| 12-31-18 | 10.54 | (0.01 | (0.24) | (0.25) |  | 1.16 |  |
| **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |
| 12-31-22 | 102.35 | (0.54 | (38.71) | (39.25) |  | 14.44 |  |
| 12-31-21 | 93.76 | (0.92 | 19.06 | 18.14 |  | 9.55 |  |
| 12-31-20 | 71.90 | (0.61 | 25.93 | 25.32 |  | 3.46 |  |
| 12-31-19 | 70.96 | (0.31 | 20.51 | 20.20 |  | 19.26 |  |
| 12-31-18 | 86.22 | (0.20 | 0.81 | 0.61 |  | 15.87 |  |
| **Class I** |  |  |  |  |  |  |  |
| 12-31-22 | 119.12 | (0.24 | (45.58) | (45.82) |  | 14.44 |  |
| 12-31-21 | 107.26 | (0.48 | 21.89 | 21.41 |  | 9.55 |  |
| 12-31-20 | 81.43 | (0.24 | 29.53 | 29.29 |  | 3.46 |  |
| 12-31-19 | 78.04 | 0.07 | 22.75 | 22.82 | 0.17 | 19.26 |  |
| 12-31-18 | 93.19 | 0.24 | 0.71 | 0.95 | 0.23 | 15.87 |  |
| **Class S** |  |  |  |  |  |  |  |
| 12-31-22 | 110.92 | (0.41 | (42.22) | (42.63) |  | 14.44 |  |
| 12-31-21 | 100.68 | (0.72 | 20.51 | 19.79 |  | 9.55 |  |
| 12-31-20 | 76.79 | (0.42 | 27.77 | 27.35 |  | 3.46 |  |
| 12-31-19 | 74.54 | (0.15 | 21.66 | 21.51 |  | 19.26 |  |
| 12-31-18 | 89.69 | 0.00 | 0.76 | 0.76 | 0.04 | 15.87 |  |
| **Class S2** |  |  |  |  |  |  |  |
| 12-31-22 | 105.14 | (0.49 | (39.85) | (40.34) |  | 14.44 |  |
| 12-31-21 | 95.99 | (0.85 | 19.55 | 18.70 |  | 9.55 |  |
| 12-31-20 | 73.47 | (0.51 | 26.49 | 25.98 |  | 3.46 |  |
| 12-31-19 | 72.10 | (0.27 | 20.90 | 20.63 |  | 19.26 |  |
| 12-31-18 | 87.30 | (0.12 | 0.79 | 0.67 |  | 15.87 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br>data** | **Supplemental <br>data** |
| | Total distributions | Payment by affiliate | Net asset value, end of year or period | **Total Return** **<sup>(1)</sup>** | Expenses before reductions/additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** | **VY** **<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 2.83 |  | 8.56 | **(24.34)** | 0.86 | 0.78 | 0.78 | 0.05 | 841674 | 29 |
| 12-31-21 | 2.45 |  | 14.82 | **13.80** | 0.84 | 0.80 | 0.80 | (0.41) | 1214371 | 31 |
| 12-31-20 | 1.06 |  | 15.20 | **31.84** | 0.87 | 0.80 | 0.80 | (0.07) | 1179581 | 53 |
| 12-31-19 | 1.32 |  | 12.50 | **37.20** | 0.77 | 0.77 | 0.77 | 0.21 | 985213 | 16 |
| 12-31-18 | 1.18 |  | 10.14 | **(3.23)** | 0.77 | 0.77 | 0.77 | 0.36 | 763686 | 19 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-22 | 2.83 |  | 8.58 | **(24.31)** | 0.77 | 0.75 | 0.75 | 0.08 | 89811 | 29 |
| 12-31-21 | 2.45 |  | 14.84 | **13.80** | 0.76 | 0.76 | 0.76 | (0.37) | 118927 | 31 |
| 12-31-20 | 1.06 |  | 15.22 | **31.90** | 0.77 | 0.77 | 0.77 | (0.13) | 109585 | 53 |
| 12-31-19 | 1.32 |  | 12.51 | **37.31** | 0.77 | 0.77 | 0.77 | 0.24 | 30761 | 16 |
| 12-31-18 | 1.18 |  | 10.14 | **(3.24)** | 0.77 | 0.77 | 0.77 | 0.38 | 15642 | 19 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 2.83 |  | 7.83 | **(24.47)** | 1.11 | 1.03 | 1.03 | (0.22) | 26887 | 29 |
| 12-31-21 | 2.45 |  | 13.88 | **13.58** | 1.09 | 1.05 | 1.05 | (0.66) | 45922 | 31 |
| 12-31-20 | 1.06 |  | 14.40 | **31.42** | 1.12 | 1.05 | 1.05 | (0.30) | 49415 | 53 |
| 12-31-19 | 1.31 |  | 11.93 | **36.88** | 1.02 | 1.02 | 1.02 | (0.04) | 47101 | 16 |
| 12-31-18 | 1.16 |  | 9.74 | **(3.44)** | 1.02 | 1.02 | 1.02 | 0.11 | 42403 | 19 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 2.83 |  | 6.83 | **(24.60)** | 1.26 | 1.18 | 1.18 | (0.41) | 2207 | 29 |
| 12-31-21 | 2.45 |  | 12.57 | **13.28** | 1.24 | 1.20 | 1.20 | (0.82) | 5903 | 31 |
| 12-31-20 | 1.06 |  | 13.28 | **31.40** | 1.27 | 1.20 | 1.20 | (0.46) | 6833 | 53 |
| 12-31-19 | 1.31 |  | 11.08 | **36.69** | 1.17 | 1.17 | 1.17 | (0.18) | 5586 | 16 |
| 12-31-18 | 1.16 |  | 9.13 | **(3.65)** | 1.17 | 1.17 | 1.17 | (0.03) | 4094 | 19 |
| **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** | **VY** **<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-22 | 14.44 |  | 48.66 | **(40.93)** | 1.30 | 1.23 | 1.23 | (0.81) | 210945 | 30 |
| 12-31-21 | 9.55 |  | 102.35 | **19.54** | 1.30 | 1.23 | 1.23 | (0.91) | 394504 | 28 |
| 12-31-20 | 3.46 |  | 93.76 | **36.00** | 1.31 | 1.23 | 1.23 | (0.75) | 362950 | 36 |
| 12-31-19 | 19.26 |  | 71.90 | **30.15** | 1.23 | 1.21 | 1.21 | (0.43) | 302258 | 26 |
| 12-31-18 | 15.87 |  | 70.96 | **(1.57)** | 1.23 | 1.21 | 1.21 | (0.24) | 239404 | 47 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-22 | 14.44 |  | 58.86 | **(40.66)** | 0.80 | 0.73 | 0.73 | (0.31) | 957701 | 30 |
| 12-31-21 | 9.55 |  | 119.12 | **20.15** | 0.80 | 0.73 | 0.73 | (0.41) | 1742542 | 28 |
| 12-31-20 | 3.46 |  | 107.26 | **36.68** | 0.81 | 0.73 | 0.73 | (0.25) | 1506472 | 36 |
| 12-31-19 | 19.43 |  | 81.43 | **30.83** | 0.73 | 0.71 | 0.71 | 0.07 | 1290657 | 26 |
| 12-31-18 | 16.10 |  | 78.04 | **(1.09)** | 0.73 | 0.71 | 0.71 | 0.27 | 1092998 | 47 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-22 | 14.44 |  | 53.85 | **(40.81)** | 1.05 | 0.98 | 0.98 | (0.56) | 39165 | 30 |
| 12-31-21 | 9.55 |  | 110.92 | **19.85** | 1.05 | 0.98 | 0.98 | (0.66) | 72845 | 28 |
| 12-31-20 | 3.46 |  | 100.68 | **36.36** | 1.06 | 0.98 | 0.98 | (0.50) | 74335 | 36 |
| 12-31-19 | 19.26 |  | 76.79 | **30.47** | 0.98 | 0.96 | 0.96 | (0.18) | 65359 | 26 |
| 12-31-18 | 15.91 |  | 74.54 | **(1.33)** | 0.98 | 0.96 | 0.96 | 0.01 | 329427 | 47 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-22 | 14.44 |  | 50.36 | **(40.88)** | 1.20 | 1.13 | 1.13 | (0.71) | 3544 | 30 |
| 12-31-21 | 9.55 |  | 105.14 | **19.68** | 1.20 | 1.13 | 1.13 | (0.81) | 6338 | 28 |
| 12-31-20 | 3.46 |  | 95.99 | **36.13** | 1.21 | 1.13 | 1.13 | (0.64) | 5735 | 36 |
| 12-31-19 | 19.26 |  | 73.47 | **30.27** | 1.13 | 1.11 | 1.11 | (0.33) | 9074 | 26 |
| 12-31-18 | 15.87 |  | 72.10 | **(1.47)** | 1.13 | 1.11 | 1.11 | (0.14) | 8564 | 47 |

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See Accompanying Notes to Financial Statements<br>50

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FINANCIAL HIGHLIGHTS (CONTINUED)

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

<sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

<sup>\*</sup> Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

See Accompanying Notes to Financial Statements<br>51

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022

**NOTE 1 — ORGANIZATION**

Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The twelve series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Global Bond Portfolio ("Global Bond"), Voya International High Dividend Low Volatility Portfolio ("International High Dividend Low Volatility"), VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio ("American Century Small-Mid Cap Value"), VY<sup>®</sup> Baron Growth Portfolio ("Baron Growth"), VY<sup>®</sup> Columbia Contrarian Core Portfolio ("Columbia Contrarian Core"), VY<sup>®</sup> Columbia Small Cap Value II Portfolio ("Columbia Small Cap Value II"), VY<sup>®</sup> Invesco Comstock Portfolio ("Invesco Comstock"), VY<sup>®</sup> Invesco Equity and Income Portfolio ("Invesco Equity and Income"), VY<sup>®</sup> Invesco Global Portfolio ("Invesco Global"), VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio ("JPMorgan Mid Cap Value"), VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio ("T. Rowe Price Diversified Mid Cap Growth") and VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio ("T. Rowe Price Growth Equity"). Each Portfolio is a diversified series of the Company, except T. Rowe Price Growth Equity, which is non-diversified. 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"), Initial ("Class I"), Class R6, Service ("Class S") and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. 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. Distributions are determined separately for each class based on income and expenses allocated to each class. 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. 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 Global Bond and International High Dividend Low Volatility. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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

***A. Security Valuation.*** Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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.

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine a 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 a Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which

GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

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

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

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

Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio's 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 Global Bond. 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 Invesco Comstock, Invesco Equity and Income, JPMorgan Mid Cap Value, T. Rowe Price Diversified Mid Cap Growth and T. Rowe Price Growth Equity. 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 subchapter M 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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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.*** Management of the Portfolios has made certain estimates and assumptions relating to the reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with GAAP for investment companies. Actual results could differ from these 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.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase a Portfolio's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each 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 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.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of December 31, 2022, the maximum amount of loss that Global Bond, Invesco Comstock, and Invesco Equity and Income would incur if the counterparties to its derivative transactions failed to perform would be $1,225,454, $22,367, and $297,283, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts, OTC purchased options, forward premium swaptions and OTC volatility swaps were they to be unwound as of December 31, 2022. At December 31, 2022, Global Bond had received $480,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral received by any other Portfolio at December 31, 2022.

Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

As of December 31, 2022, Global Bond, Invesco Comstock, Invesco Equity and Income and Invesco Global had a liability position of $1,467,104, $48,984, $45,335 and $39,288, respectively, on open forward foreign currency contracts, forward premium swaptions, and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2022, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2022, Global Bond had pledged $1,800,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at December 31, 2022.

As of December 31, 2022, American Century Small-Mid Cap Value had not entered into any Master Agreements.

***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 Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement 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 Portfolio of Investments.

During the year ended December 31, 2022, the following Portfolios had average contract amounts on forward

foreign currency contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
| | **Purchased** | **Sold** |
| Global Bond\* | $136274146 | $81594629 |
| International High Dividend Low <br>Volatility\*\* |  | 101432 |
| American Century Small-Mid Cap <br>Value\*\* | 350386 | 18319344 |
| Invesco Comstock\*\* | 423162 | 5558583 |
| Invesco Equity and Income\*\* | 7212572 | 31359238 |
| Invesco Global\*\* |  | 2073262 |

---

\* For the year ended December 31, 2022, the Portfolio used 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. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at December 31, 2022.

\*\* For the year ended December 31, 2022, 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 foreign currency contracts at December 31, 2022. There were no open forward foreign currency contracts for International High Dividend Low Volatility at December 31, 2022.

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

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table 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 the Statements of Assets and Liabilities. The net change in unrealized appreciation

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2022, Global Bond had purchased and sold futures contracts on various notes and bonds as part of their respective duration strategy. 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 Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2022, Global Bond had an average notional value of $36,587,859 and $22,354,005 on futures contracts purchased and sold, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at December 31, 2022.

***J. Securities Lending.*** Each Portfolio may temporarily loan up to 33<sup>1</sup>/<sub>3</sub>% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

***K. Restricted Securities.*** 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.

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

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 2022, Global Bond received $6,872 in cash collateral for open when-issued or delayed-delivery transactions.

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

***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. 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. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. 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 year ended December 31, 2022, Global Bond had purchased and written interest rate swaptions with an average notional value of $1,938,000 and $16,514,040, respectively, to gain additional exposure to interest rates and to generate income. Please refer to the tables within the Portfolio of Investments for open written interest swaptions at December 31, 2022. There were no open purchased interest rate swaptions at December 31, 2022.

During the year ended December 31, 2022, Global Bond had purchased and written foreign currency options with an average notional value of $7,821,338 and $7,618,788, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written foreign currency options at December 31, 2022.

During the year ended December 31, 2022, Global Bond had purchased and written forward premium swaptions with an average notional value of $8,118,100 and $33,206,200, respectively, to gain exposure to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased and written forward premium swaptions at December 31, 2022.

During the year ended December 31, 2022, Global Bond had purchased and written options on exchange-traded funds with an average notional value of $11,618,793 and $6,310,922, respectively, to gain additional exposure to the high yield corporate bond market and to generate income. There were no open purchased and written options on exchange-traded funds at December 31, 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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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 Summary Portfolio of Investments.

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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the

respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

During the year ended December 31, 2022, Global Bond purchase and sold credit protection on credit default swap indices ("CDX") with an average notional amount of $2,642,185 and $4,124,400, respectively, to hedge or to gain additional exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection at December 31, 2022. There were no open credit default swaps to sell protection at December 31, 2022.

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

For the year ended December 31, 2022, Global Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("Long interest rate swap") in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps was $40,354,001.

For the year ended December 31, 2022, Global Bond 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 $78,279,337.

Global Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for Global Bond for open centrally cleared interest rate swaps at December 31, 2022.

At December 31, 2022, Global Bond had pledged $985,000 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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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, the 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, the 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.

During the year ended December 31, 2022, Global Bond had entered into receiver volatility swaps on foreign currencies with an average notional amount of $2,391,735. Please refer to the Portfolio of Investments for open volatility swaps at December 31, 2022.

***Total Return Swap Contracts.*** Certain Portfolios may enter into total return swaps. Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the year ended December 31, 2022, Global Bond entered into receiver and payer total return swaps on sovereign bonds with an average notional amount of

$14,851,030 and $6,763,045, respectively. There were no open total return swaps at December 31, 2022.

***P. Equity-Linked Notes.*** Invesco Equity and Income invests in equity-linked notes. Equity-linked notes are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income earned from equity-linked notes is recorded as Interest income in the Statements of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The Portfolio records the net change in the fair value of the equity-linked note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. The Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity-linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Portfolio. Please refer to the Portfolio of Investments for open equity-linked notes at December 31, 2022.

***Q. Structured Notes.*** Global Bond and Invesco Equity and Income invest in structured notes whose principal payments or interest payments are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The terms and conditions of these notes may be 'structured' by the purchaser (a Portfolio) and the borrower issuing the note. The market value of these notes will increase or decrease based on the performance of the underlying asset or reference. A Portfolio records the net change in the market value of the structured note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. A Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the structured note. There were no open structured products at December 31, 2022.

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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 3 — INVESTMENT TRANSACTIONS**

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

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Global Bond | $30968204 | $68020607 |
| International High Dividend <br>Low Volatility | 238297436 | 258099169 |
| American Century Small-Mid <br>Cap Value | 240894763 | 255149425 |
| Baron Growth | 5493862 | 41309883 |
| Columbia Contrarian Core | 82576160 | 211446366 |
| Columbia Small Cap Value II | 95160700 | 110715415 |
| Invesco Comstock | 58951114 | 92519269 |
| Invesco Equity and Income | 236402039 | 339092287 |
| Invesco Global | 162743265 | 291698673 |
| JPMorgan Mid Cap Value | 47739302 | 93351506 |
| T. Rowe Price Diversified Mid <br>Cap Growth | 328564588 | 423573977 |
| T. Rowe Price Growth Equity | 452379606 | 619872957 |

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

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Global Bond | $233553096 | $223464517 |
| Invesco Equity and Income | 1291745727 | 1296282457 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Global Bond<sup>(1)</sup> | 0.600% on the first $4 billion; |
|  | 0.575% on the next $1 billion; |
|  | 0.550% on the next $1 billion; |
|  | 0.530% on assets over $6 billion |
| International High Dividend <br>Low Volatility | 0.60% on all assets |
| American Century Small-Mid <br>Cap Value<sup>(1)</sup> | 1.10% on the first $250 million; |
|  | 1.05% on the next $250 million; |
|  | 1.00% on assets over $500 million |
| Baron Growth | 0.950% on the first $1 billion; |
|  | 0.925% on the next $1 billion; |
|  | 0.900% on assets over $2 billion |

---

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Columbia Contrarian Core<sup>(1)</sup> | 0.90% on the first $500 million; |
|  | 0.85% on the next $500 million; |
|  | 0.80% on assets over $1 billion |
| Columbia Small Cap Value II<sup>(1)</sup> | 0.85% on all assets |
| Invesco Comstock | 0.70% on all assets |
| Invesco Equity and Income<sup>(1)</sup> | 0.65% on the first $750 million; |
|  | 0.63% on the next $250 million; |
|  | 0.61% on assets over $1 billion |
| Invesco Global | 0.70% on the first $3 billion; |
|  | 0.68% on the next $1 billion; |
|  | 0.67% on the next $4 billion; |
|  | 0.66% on assets over $8 billion |
| JPMorgan Mid Cap Value<sup>(1)</sup> | 0.85% on the first $500 million; |
|  | 0.75% on the next $500 million; |
|  | 0.70% on assets over $1 billion |
| T. Rowe Price Diversified Mid <br>Cap Growth<sup>(1)</sup> | 0.74% on all assets |
| T. Rowe Price Growth Equity<sup>(1)</sup> | 0.70% on all assets |

---

<sup>(1)</sup> The Investment Adviser is contractually obligated to waive 0.003%, 0.165%, 0.048%, 0.027%, 0.01%, 0.02% and 0.019% of the management fee for Global Bond, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Equity and Income, T. Rowe Price Diversified Mid Cap Growth, and T. Rowe Price Growth Equity, respectively. Effective December 1, 2022, the Investment Adviser is contractually obligated to waive 0.025% of the management fee for JPMorgan Mid Cap Value. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board. Prior to December 1, 2022, the management fee waiver for Columbia Contrarian Core was 0.023%.

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** |
| Global Bond | Voya Investment Management Co. LLC\* |
| International High Dividend Low Volatility | Voya Investment Management Co. LLC\* |
| American Century Small-Mid Cap Value | American Century Investment Management, Inc. |
| Baron Growth | BAMCO, Inc. |
| Columbia Contrarian Core & Columbia Small Cap Value II | Columbia Management Investment Advisers, LLC |
| Invesco Comstock, Invesco Equity and Income & Invesco Global | Invesco Advisers, Inc. |
| JPMorgan Mid Cap Value | J.P. Morgan Investment Management Inc. |
| T. Rowe Price Diversified Mid Cap Growth & T. Rowe Price Growth Equity | T. Rowe Price Associates, Inc. |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class ADV and Class S2 shares of each respective Portfolio have a plan of distribution (the "Plan"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance. Under the Plan, a Portfolio makes payments at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and a Portfolio makes payments at an annual rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.02% of the distribution fee for Class S2 shares of Invesco Equity and Income. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class ADV, Class S and Class S2 shares are further subject to a shareholder servicing fee payable to shareholder organizations pursuant to the shareholder servicing plan adopted for Class ADV, Class S and Class S2 shares which shall not exceed an annual rate of 0.25% of the average daily net assets of each class, respectively.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

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

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated <br>Investment Company** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance <br>Company | Invesco Comstock | 5.61% |
|  | Invesco Global | 6.97 |
|  | T. Rowe Price Diversified <br>Mid Cap Growth | 10.93 |
| Security Life of Denver <br>Insurance Company | Global Bond | 8.72 |
|  | Columbia Small Cap Value II | 5.30 |
| Voya Institutional Trust <br>Company | Global Bond | 13.94 |
|  | International High <br>Dividend Low Volatility | 7.27 |
|  | American Century <br>Small-Mid Cap Value | 54.49 |
|  | Baron Growth | 32.61 |
|  | Columbia Contrarian Core | 48.54 |
|  | Columbia Small Cap Value II | 21.79 |
|  | Invesco Comstock | 13.05 |
|  | Invesco Global | 15.68 |
|  | JPMorgan Mid Cap Value | 30.29 |
|  | T. Rowe Price Diversified <br>Mid Cap Growth | 15.63 |
|  | T. Rowe Price Growth Equity | 30.05 |

---

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated <br>Investment Company** | **Portfolio** | **Percentage** |
| Voya Retirement Insurance <br>and Annuity Company | Global Bond | 70.52% |
|  | International High <br>Dividend Low Volatility | 25.68 |
|  | American Century <br>Small-Mid Cap Value | 43.06 |
|  | Baron Growth | 61.36 |
|  | Columbia Contrarian Core | 45.39 |
|  | Columbia Small Cap Value II | 28.50 |
|  | Invesco Comstock | 37.06 |
|  | Invesco Equity and Income | 37.60 |
|  | Invesco Global | 66.87 |
|  | JPMorgan Mid Cap Value | 40.10 |
|  | T. Rowe Price Diversified <br>Mid Cap Growth | 62.32 |
|  | T. Rowe Price Growth Equity | 54.27 |
| Voya Solution 2035 Portfolio | Invesco Comstock | 6.10 |
| Voya Solution 2045 Portfolio | Invesco Comstock | 6.36 |
| Voya Solution Moderately <br>Aggressive Portfolio | Invesco Comstock | 7.69 |

---

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

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2022,

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

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

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

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Global Bond | $159744 |
| International High Dividend Low Volatility | 260400 |
| American Century Small-Mid Cap Value | 664142 |
| Baron Growth | 506601 |
| Columbia Contrarian Core | 41503 |
| Columbia Small Cap Value II | 162906 |
| Invesco Comstock | 141700 |
| Invesco Equity and Income | 515526 |
| Invesco Global | 1262707 |
| JPMorgan Mid Cap Value | 409510 |
| T. Rowe Price Diversified Mid Cap Growth | 868345 |
| T. Rowe Price Growth Equity | 979230 |

---

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class ADV** | **Class I** | **Class R6** | **Class S** | **Class S2** |
| Global Bond | 1.17% | 0.67% | N/A | 0.92% | N/A |
| International High <br>Dividend Low <br>Volatility | 1.25% | 0.75% | N/A | 1.00% | 1.15% |
| American Century <br>Small-Mid Cap <br>Value | 1.52% | 1.02% | N/A | 1.27% | 1.42% |
| Baron Growth | 1.49% | 0.99% | 0.99% | 1.24% | 1.39% |
| Columbia Contrarian <br>Core<sup>(1)</sup> | N/A | N/A | N/A | N/A | N/A |
| Columbia Small Cap <br>Value II | 1.45% | 0.95% | 0.95% | 1.20% | 1.35% |
| Invesco Comstock<sup>(2)</sup> | N/A | N/A | N/A | N/A | N/A |
| Invesco Equity and <br>Income | 1.15% | 0.65% | N/A | 0.90% | 1.05% |
| Invesco Global | 1.30% | 0.80% | N/A | 1.05% | 1.20% |
| JPMorgan Mid Cap <br>Value | 1.38% | 0.88% | N/A | 1.13% | 1.28% |
| T. Rowe Price <br>Diversified Mid <br>Cap Growth | 1.30% | 0.80% | 0.80% | 1.05% | 1.20% |
| T. Rowe Price <br>Growth Equity | 1.25% | 0.75% | N/A | 1.00% | 1.15% |

---

<sup>(1)</sup> Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits are 1.25%, 0.75% and 1.00% for Class ADV, Class I and Class S, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

<sup>(2)</sup> Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits are 1.20%, 0.70%, 0.95%, and 1.10% for Class ADV, Class I,

Class S, and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | |
| | **2023** | **2024** | **2025** |<br>**Total** |
| Global Bond | $209164 | $211149 | $177402 | $597715 |
| American Century <br>Small-Mid Cap <br>Value | 1094983 | 1067866 | 1088778 | 3251627 |
| Baron Growth | 2722 |  |  | 2722 |
| Invesco Equity and <br>Income | 735475 | 689609 | 760458 | 2185542 |
| Invesco Global | 694966 | 432246 | 536939 | 1664151 |
| JPMorgan Mid Cap <br>Value | 448778 | 463244 | 413972 | 1325994 |
| T. Rowe Price <br>Growth Equity | 1106658 | 976182 | 734976 | 2817816 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | |
| | **2023** | **2024** | **2025** |<br>**Total** |
| **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** |
| Class ADV | $149830 | $127757 | $107485 | $385072 |
| Class I | 210262 | 165825 | 131076 | 507163 |
| Class S | 320888 | 260627 | 217990 | 799505 |
| Class S2 | 3574 | 2721 | 2162 | 8457 |
| **Columbia Small <br>Cap Value II** | **Columbia Small <br>Cap Value II** | **Columbia Small <br>Cap Value II** | **Columbia Small <br>Cap Value II** | **Columbia Small <br>Cap Value II** |
| Class ADV | 12463 | 7521 | 13356 | 33340 |
| Class I | 16873 | 9718 | 18923 | 45514 |
| Class S | 42446 | 21127 | 32665 | 96238 |
| Class S2 | 746 | 403 | 686 | 1835 |
| **T. Rowe Price <br>Diversified Mid <br>Cap Growth** | **T. Rowe Price <br>Diversified Mid <br>Cap Growth** | **T. Rowe Price <br>Diversified Mid <br>Cap Growth** | **T. Rowe Price <br>Diversified Mid <br>Cap Growth** | **T. Rowe Price <br>Diversified Mid <br>Cap Growth** |
| Class ADV | 41013 | 28525 | 31686 | 101224 |
| Class I | 709134 | 486839 | 503001 | 1698974 |
| Class S | 29018 | 19449 | 16957 | 65424 |
| Class S2 | 3796 | 2774 | 1931 | 8501 |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)**

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 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 year ended December 31, 2022 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Days<br>Utilized** | **Approximate<br>Average Daily <br>Balance For <br>Days Utilized** | **Approximate<br>Weighted<br>Average <br>Interest Rate <br>For Days <br>Utilized** |
| Global Bond | 5 | $1219000 | 1.58% |
| International High <br>Dividend Low Volatility | 14 | 1563357 | 2.38 |
| Baron Growth | 68 | 971500 | 2.27 |
| Columbia Contrarian Core | 1 | 1496000 | 1.33 |
| Invesco Global | 1 | 544000 | 1.33 |
| JPMorgan Mid Cap Value | 1 | 4477000 | 1.33 |
| T. Rowe Price Diversified <br>Mid Cap Growth | 6 | 1595667 | 2.25 |
| T. Rowe Price Growth <br>Equity | 1 | 10999000 | 1.33 |

---

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares sold** | **Shares<br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)<br>in shares<br>outstanding** | **Shares sold** | **Proceeds<br>from shares <br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)** |
|<br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 70423 |  | 42819 | (220691) | (107449) | 591953 |  | 368978 | (1911909) | (950978) |
| 12/31/2021 | 146488 |  | 101137 | (225961) | 21664 | 1554242 |  | 1059813 | (2405586) | 208469 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 348901 |  | 297314 | (1190699) | (544484) | 3088657 |  | 2606514 | (10496268) | (4801097) |
| 12/31/2021 | 427848 |  | 628708 | (1280804) | (224248) | 4747549 |  | 6725199 | (13948944) | (2476196) |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 302312 |  | 72358 | (532267) | (157597) | 2738436 |  | 633923 | (4766015) | (1393656) |
| 12/31/2021 | 359591 |  | 155896 | (538462) | (22975) | 3908842 |  | 1663347 | (5968917) | (396728) |
| **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 283668 |  | 115177 | (319384) | 79461 | 2526636 |  | 1010101 | (2947221) | 589516 |
| 12/31/2021 | 102390 |  | 52566 | (365602) | (210646) | 1037243 |  | 540901 | (3670569) | (2092425) |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 647467 |  | 580832 | (1455005) | (226706) | 6299391 |  | 5146169 | (13714363) | (2268803) |
| 12/31/2021 | 460734 |  | 295016 | (1508212) | (752462) | 4759975 |  | 3068169 | (15417513) | (7589369) |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 608121 |  | 1064261 | (3882533) | (2210151) | 5509648 |  | 9376139 | (36035659) | (21149872) |
| 12/31/2021 | 454811 |  | 564287 | (4446542) | (3427444) | 4684050 |  | 5834728 | (45069304) | (34550526) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 7428 |  | 1999 | (3301) | 6126 | 72274 |  | 17790 | (26281) | 63783 |
| 12/31/2021 | 2385 |  | 706 | (689) | 2402 | 24459 |  | 7373 | (7050) | 24782 |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares sold** | **Shares<br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)<br>in shares<br>outstanding** | **Shares sold** | **Proceeds<br>from shares <br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)** |
|<br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 454499 |  | 1787328 | (931108) | 1310719 | 5645878 |  | 19606986 | (11493702) | 13759162 |
| 12/31/2021 | 574260 |  | 54874 | (1398054) | (768920) | 7645195 |  | 741893 | (18477186) | (10090098) |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 1151740 |  | 2622009 | (1985293) | 1788456 | 15865162 |  | 31568986 | (26403580) | 21030568 |
| 12/31/2021 | 1216000 |  | 122634 | (2463814) | (1125180) | 17471822 |  | 1787999 | (35235044) | (15975223) |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 435965 |  | 1440363 | (828369) | 1047959 | 6024851 |  | 16996280 | (11041329) | 11979802 |
| 12/31/2021 | 371537 |  | 54847 | (984265) | (557881) | 5318031 |  | 786510 | (13429366) | (7324825) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 35842 |  | 31283 | (84421) | (17296) | 469019 |  | 343178 | (1100290) | (288093) |
| 12/31/2021 | 52013 |  | 1416 | (179069) | (125640) | 674027 |  | 19149 | (2412139) | (1718963) |
| **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 220023 |  | 671848 | (570047) | 321824 | 4712456 |  | 13275713 | (12341940) | 5646229 |
| 12/31/2021 | 260360 |  | 419077 | (479266) | 200171 | 7095819 |  | 11180973 | (13154085) | 5122707 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 258513 |  | 511672 | (747115) | 23070 | 6824708 |  | 12899261 | (20713255) | (989286) |
| 12/31/2021 | 311835 |  | 361998 | (885710) | (211877) | 10500975 |  | 11935097 | (29525384) | (7089312) |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12/31/2022 | 337628 |  | 159604 | (330867) | 166365 | 8955785 |  | 4028415 | (9356393) | 3627807 |
| 12/31/2021 | 143926 |  | 99200 | (246153) | (3027) | 4799695 |  | 3273603 | (8201082) | (127784) |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 197570 |  | 1061115 | (702931) | 555754 | 4780840 |  | 23959964 | (16689888) | 12050916 |
| 12/31/2021 | 132534 |  | 688156 | (1095774) | (275084) | 4072010 |  | 20610306 | (33055860) | (8373544) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 16096 |  | 13398 | (14275) | 15219 | 343817 |  | 271581 | (305791) | 309607 |
| 12/31/2021 | 13002 |  | 7767 | (40917) | (20148) | 365529 |  | 211817 | (1158300) | (580954) |
| **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 83008 |  | 294171 | (238594) | 138585 | 1485070 |  | 4553775 | (4026799) | 2012046 |
| 12/31/2021 | 164911 |  | 167124 | (211683) | 120352 | 3382325 |  | 3369226 | (4427216) | 2324335 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 651399 |  | 1212158 | (8292618) | (6429061) | 12258297 |  | 20933966 | (140875241) | (107682978) |
| 12/31/2021 | 1138555 |  | 707436 | (1261034) | 584957 | 26185506 |  | 15634335 | (28569053) | 13250788 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 58317 |  | 202541 | (120661) | 140197 | 1133421 |  | 3360151 | (2228999) | 2264573 |
| 12/31/2021 | 78569 |  | 118105 | (129803) | 66871 | 1725929 |  | 2522728 | (2839735) | 1408922 |
| **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 191406 |  | 295672 | (482743) | 4335 | 3412077 |  | 4692317 | (8331191) | (226797) |
| 12/31/2021 | 872371 |  | 10889 | (533975) | 349285 | 16819188 |  | 207547 | (10353412) | 6673323 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 889096 |  | 407397 | (664746) | 631747 | 16985255 |  | 6791315 | (12158531) | 11618039 |
| 12/31/2021 | 797433 |  | 18560 | (830131) | (14138) | 15875731 |  | 368043 | (16734530) | (490756) |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12/31/2022 | 128469 |  | 93582 | (207485) | 14566 | 2397569 |  | 1562818 | (3721760) | 238627 |
| 12/31/2021 | 285247 |  | 4422 | (140643) | 149026 | 5805072 |  | 87814 | (2859917) | 3032969 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 139968 |  | 671341 | (780002) | 31307 | 2561264 |  | 11137553 | (14436108) | (737291) |
| 12/31/2021 | 682426 |  | 29732 | (1310880) | (598722) | 13766939 |  | 587512 | (26262690) | (11908239) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 23245 |  | 14970 | (22883) | 15332 | 428091 |  | 238020 | (425893) | 240218 |
| 12/31/2021 | 52418 |  | 493 | (56307) | (3396) | 1041420 |  | 9407 | (1111383) | (60556) |
| **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 264767 |  | 25883 | (299614) | (8964) | 5646643 |  | 530192 | (6141056) | 35779 |
| 12/31/2021 | 145469 |  | 19416 | (289658) | (124773) | 2836895 |  | 403191 | (5615125) | (2375039) |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares sold** | **Shares<br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)<br>in shares<br>outstanding** | **Shares sold** | **Proceeds<br>from shares <br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)** |
|<br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** | **Invesco Comstock (continued)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 1172233 |  | 141611 | (2995144) | (1681300) | 24748611 |  | 2931301 | (64409776) | (36729864) |
| 12/31/2021 | 4561351 |  | 136276 | (3351084) | 1346543 | 90254805 |  | 2872788 | (63144551) | 29983042 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 611922 |  | 75624 | (364814) | 322732 | 13045755 |  | 1567210 | (7586407) | 7026558 |
| 12/31/2021 | 370756 |  | 53139 | (496521) | (72626) | 7400012 |  | 1119663 | (9559560) | (1039885) |
| **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 127486 |  | 176430 | (175626) | 128290 | 6066772 |  | 7174942 | (8057342) | 5184372 |
| 12/31/2021 | 104226 |  | 20455 | (108131) | 16550 | 5203568 |  | 1040639 | (5364684) | 879523 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 135855 |  | 1696342 | (1033653) | 798544 | 6491868 |  | 70704485 | (48175528) | 29020825 |
| 12/31/2021 | 137798 |  | 246394 | (1117269) | (733077) | 6968284 |  | 12825759 | (56526696) | (36732653) |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 38060 |  | 1427620 | (1288384) | 177296 | 1774410 |  | 58915829 | (59514734) | 1175505 |
| 12/31/2021 | 91794 |  | 200039 | (1577207) | (1285374) | 4665687 |  | 10309711 | (79391738) | (64416340) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 184335 |  | 1108866 | (849626) | 443575 | 8451745 |  | 44865301 | (38536842) | 14780204 |
| 12/31/2021 | 69727 |  | 141604 | (917369) | (706038) | 3381490 |  | 7171073 | (45287140) | (34734577) |
| **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** | **Invesco Global** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 222212 |  | 1100549 | (740933) | 581828 | 3870638 |  | 17135556 | (12413610) | 8592584 |
| 12/31/2021 | 356278 |  | 269670 | (424309) | 201639 | 8574570 |  | 6650068 | (10140640) | 5083998 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 650417 |  | 8613191 | (5837436) | 3426172 | 12546150 |  | 145390666 | (108060329) | 49876487 |
| 12/31/2021 | 639488 |  | 2288016 | (6456145) | (3528641) | 16254795 |  | 60106187 | (164710892) | (88349910) |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 378496 |  | 1255805 | (1525228) | 109073 | 7069211 |  | 19841719 | (27707092) | (796162) |
| 12/31/2021 | 309536 |  | 345738 | (1541488) | (886214) | 7551935 |  | 8612323 | (37125539) | (20961281) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 25150 |  | 32182 | (68439) | (11107) | 426136 |  | 484333 | (1001226) | (90757) |
| 12/31/2021 | 24294 |  | 8365 | (54759) | (22100) | 564682 |  | 200349 | (1275427) | (510396) |
| **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 221679 |  | 977597 | (582485) | 616791 | 3879450 |  | 14497034 | (9678284) | 8698200 |
| 12/31/2021 | 465629 |  | 203042 | (896948) | (228277) | 8560886 |  | 3739188 | (16193716) | (3893642) |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 570188 |  | 1222015 | (1668639) | 123564 | 10136830 |  | 19038677 | (30376461) | (1200954) |
| 12/31/2021 | 865455 |  | 302747 | (1992142) | (823940) | 16488418 |  | 5837589 | (37944867) | (15618860) |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 182377 |  | 1808846 | (1287787) | 703436 | 3184757 |  | 27658238 | (22649935) | 8193060 |
| 12/31/2021 | 310094 |  | 415449 | (1842421) | (1116878) | 5812653 |  | 7866665 | (34229733) | (20550415) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 24870 |  | 16658 | (96059) | (54531) | 449343 |  | 246251 | (1605975) | (910381) |
| 12/31/2021 | 59064 |  | 2885 | (44471) | 17478 | 1090895 |  | 53361 | (795684) | 348572 |
| **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 367170 |  | 2296332 | (862844) | 1800658 | 3205902 |  | 16464701 | (7629568) | 12041035 |
| 12/31/2021 | 797966 |  | 1013280 | (595469) | 1215777 | 10583797 |  | 12473482 | (7822090) | 15235189 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 1244653 |  | 24016234 | (8899097) | 16361790 | 13736797 |  | 219028054 | (94918070) | 137846781 |
| 12/31/2021 | 526034 |  | 12250463 | (8435391) | 4341106 | 8136801 |  | 179469278 | (129593015) | 58013064 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12/31/2022 | 1706574 |  | 2546756 | (1800814) | 2452516 | 19547177 |  | 23277351 | (19438293) | 23386235 |
| 12/31/2021 | 2833110 |  | 1463622 | (3485925) | 810807 | 45529761 |  | 21456701 | (53314177) | 13672285 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 175005 |  | 932145 | (980474) | 126676 | 1709581 |  | 7774089 | (10103489) | (619819) |
| 12/31/2021 | 192838 |  | 540994 | (854958) | (121126) | 2793284 |  | 7427852 | (12508362) | (2287226) |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares sold** | **Shares<br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)<br>in shares<br>outstanding** | **Shares sold** | **Proceeds<br>from shares <br>issued<br>in merger** | **Reinvestment<br>of<br>distributions** | **Shares<br>redeemed** | **Net increase<br>(decrease)** |
|<br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** | **T. Rowe Price Diversified Mid Cap Growth (continued)** |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 29976 |  | 157230 | (333568) | (146362) | 286032 |  | 1146204 | (2690057) | (1257821) |
| 12/31/2021 | 19996 |  | 97876 | (163084) | (45212) | 267568 |  | 1217580 | (2088060) | (602912) |
| **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12/31/2022 | 166206 |  | 877830 | (563102) | 480934 | 11556479 |  | 52283533 | (38875365) | 24964647 |
| 12/31/2021 | 149326 |  | 347792 | (514043) | (16925) | 15332817 |  | 34928755 | (51591722) | (1330150) |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/2022 | 1658827 |  | 2789618 | (2804335) | 1644110 | 137761851 |  | 200545652 | (236448062) | 101859441 |
| 12/31/2021 | 1579947 |  | 1153850 | (2150279) | 583518 | 187644821 |  | 134596628 | (249226605) | 73014844 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12/31/2022 | 47221 |  | 135562 | (112278) | 70505 | 3470623 |  | 8926736 | (8592782) | 3804577 |
| 12/31/2021 | 52349 |  | 54728 | (188684) | (81607) | 5717825 |  | 5950016 | (20069600) | (8401759) |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12/31/2022 | 16228 |  | 13359 | (19493) | 10094 | 1310901 |  | 823026 | (1430663) | 703264 |
| 12/31/2021 | 21355 |  | 4853 | (25672) | 536 | 2279800 |  | 500457 | (2703352) | 76905 |

---

**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.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted

Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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

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

**Global Bond**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| Barclays Capital Inc. | $114969 | $(114969) | $— |
| BNP Paribas | 4889 | (4889) |  |
| BofA Securities Inc | 359217 | (359217) |  |
| Citigroup Global Markets Inc. | 10097 | (10097) |  |
| Daiwa Capital Markets America <br>Inc. | 37902 | (37902) |  |
| Deutsche Bank Securities Inc. | 11368 | (11368) |  |
| Goldman, Sachs & Co. LLC | 9494 | (9494) |  |
| HSBC Securities (USA) Inc. | 23648 | (23648) |  |
| J.P. Morgan Securities LLC | 62260 | (62260) |  |
| MUFG Securities Americas Inc. | 24276 | (24276) |  |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 10 — SECURITIES LENDING (continued)**

**Global Bond (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| NatWest Markets Securities Inc. | $227104 | $(227104) | $— |
| RBC Dominion Securities Inc | 27434 | (27434) |  |
| Societe Generale | 516714 | (516714) |  |
| TD Securities INC | 78626 | (78626) |  |
| Truist Securities INC | 32696 | (32696) |  |
| UBS AG | 43000 | (43000) |  |
| UBS Securities LLC. | 37407 | (37407) |  |
| US Bancorp Investments | 16184 | (16184) |  |
| Total | $1637285 | $(1637285) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,684,277 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**International High Dividend Low Volatility**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| Barclays Capital Inc. | $1013402 | $(1013402) | $— |
| BMO Capital Markets Corp | 1800225 | (1800225) |  |
| Citigroup Global Markets Limited | 3820209 | (3820209) |  |
| UBS AG | 244990 | (244990) |  |
| Total | $6878826 | $(6878826) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $7,250,283 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.

**American Century Small-Mid Cap Value**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| Barclays Capital Inc. | $55000 | $(55000) | $— |
| BNP Paribas Prime Brokerage <br>Intl Ltd | 414601 | (414601) |  |
| J.P. Morgan Securities LLC | 294767 | (294767) |  |
| Nomura Securities International, <br>Inc. | 355941 | (355941) |  |
| TD Prime Services LLC | 345674 | (345674) |  |
| UBS AG | 73848 | (73848) |  |
| Wells Fargo Securities LLC | 6777 | (6777) |  |
| Total | $1546608 | $(1546608) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,611,775 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.

**Invesco Equity and Income**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| BNP Paribas Securities Corp. | $42793 | $(42793) | $— |
| Canadian Imperial Bank of <br>Commerce | 473975 | (473975) |  |
| Citadel Clearing LLC | 1824723 | (1824723) |  |
| Citigroup Global Markets Inc. | 999863 | (999863) |  |
| Deutsche Bank Securities Inc. | 3051299 | (3051299) |  |

---

**Invesco Equity and Income (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| Industrial And Commercial <br>Bank Of China | $7269383 | $(7269383) | $— |
| J.P. Morgan Securities LLC | 2169348 | (2169348) |  |
| Jefferies LLC | 67468 | (67468) |  |
| Morgan Stanley & Co. LLC | 78300 | (78300) |  |
| National Financial Services LLC | 485260 | (485260) |  |
| RBC Capital Markets, LLC | 317401 | (317401) |  |
| Societe Generale | 43084208 | (43084208) |  |
| UBS AG | 5009919 | (5009919) |  |
| UBS Securities LLC. | 1035809 | (1035809) |  |
| Wells Fargo Bank NA | 1202557 | (1202557) |  |
| Wells Fargo Securities LLC | 906234 | (906234) |  |
| Total | $68018540 | $(68018540) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $69,650,199 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.

**Invesco Global**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| Barclays Bank PLC | $2183626 | $(2183626) | $— |
| BMO Capital Markets Corp | 1127 | (1127) |  |
| BNP Paribas Prime Brokerage <br>Intl Ltd | 27555 | (27555) |  |
| BofA Securities Inc | 1580292 | (1580292) |  |
| CIBC World Markets Corporation | 20286 | (20286) |  |
| J.P. Morgan Securities LLC | 115168 | (115168) |  |
| Total | $3928054 | $(3928054) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $4,010,956 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.

**VY<sup>®</sup> JPMorgan Mid Cap Value**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| TD Prime Services LLC | $407083 | $(407083) | $— |
| Total | $407083 | $(407083) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $419,761 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 Diversified Mid Cap Growth**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| Barclays Capital Inc. | $216645 | $(216645) | $— |
| BMO Capital Markets Corp | 83855 | (83855) |  |
| BNP Paribas Prime Brokerage <br>Intl Ltd | 2012877 | (2012877) |  |
| BofA Securities Inc | 3510528 | (3510528) |  |
| Goldman, Sachs & Co. LLC | 1580575 | (1580575) |  |
| J.P. Morgan Securities LLC | 7561 | (7561) |  |
| Mizuho Securities USA LLC. | 5847 | (5847) |  |
| Morgan Stanley & Co. LLC | 1564489 | (1564489) |  |
| Nationa Bank of Canada <br>Financial INC | 1173067 | (1173067) |  |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 10 — SECURITIES LENDING (continued)**

**T. Rowe Price Diversified Mid Cap Growth (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| National Financial Services LLC | $586015 | $(586015) | $— |
| Scotia Capital (USA) INC | 619075 | (619075) |  |
| State Street Bank and Trust <br>Company | 1824918 | (1824918) |  |
| UBS AG | 511646 | (511646) |  |
| Wells Fargo Bank NA | 1143706 | (1143706) |  |
| Total | $14840804 | $(14840804) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $15,220,144 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 Growth Equity**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br>Loaned<br>at Value** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Net<br>Amount** |
| Barclays Bank PLC | $11390527 | $(11390527) | $— |
| BNP Paribas Securities Corp. | 615900 | (615900) |  |
| Daiwa Capital Markets <br>America Inc. | 137360 | (137360) |  |
| HSBC Bank PLC | 1620694 | (1620694) |  |
| UBS AG | 21780218 | (21780218) |  |
| Wells Fargo Securities LLC | 1230201 | (1230201) |  |
| Total | $36774900 | $(36774900) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $37,898,485 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 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, capital loss carryforwards, income from passive foreign investment companies (PFICs), 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 following permanent tax differences have been reclassified as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **Paid-in<br>Capital** | **Distributable<br>Earnings** |
| Global Bond | $(4408169) | $4408169 |
| American Century Small-Mid Cap Value | (34) | 34 |
| Baron Growth | (912129) | 912129 |
| T. Rowe Price Growth Equity | (6135337) | 6135337 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| | **Ordinary<br>Income** | **Long-term<br>Capital <br>Gains** | **Return of<br>Capital** | **Ordinary<br>Income** | **Long-term<br>Capital<br>Gains** | **Return of<br>Capital** |
| Global Bond | $— | $— | $3609415 | $8265790 | $— | $1182569 |
| International High Dividend Low Volatility | 15550199 |  |  | 9451171 |  |  |
| American Century Small-Mid Cap Value | 27230616 | 41284814 |  | 3335551 |  |  |
| Baron Growth |  | 54434934 |  |  | 47211796 |  |
| Columbia Contrarian Core | 13181201 | 15666691 |  | 10412507 | 11113782 |  |
| Columbia Small Cap Value II | 7343668 | 17078355 |  | 554727 | 705596 |  |
| Invesco Comstock | 4363124 | 665579 |  | 4395642 |  |  |
| Invesco Equity and Income | 40101385 | 141559172 |  | 30664167 | 683015 |  |
| Invesco Global |  | 182852274 |  |  | 75568927 |  |
| JPMorgan Mid Cap Value | 7186383 | 54253817 |  | 2779046 | 14717757 |  |
| T. Rowe Price Diversified Mid Cap Growth | 22850695 | 244839704 |  | 16444346 | 205600547 |  |
| T. Rowe Price Growth Equity | 23938422 | 238640525 |  | 27343625 | 148632231 |  |

---

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2022 were:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
| | **Undistributed<br>Ordinary**<br>**Income** | **Undistributed<br>Long-term**<br>**Capital Gains** | **Unrealized<br>Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Expiration** |<br>**Other** | **Total<br>Distributable<br>Earnings/**<br>**(Loss)** |
| Global Bond | $— | $— | $(11449393) | $(2874788) | Short-term |  | $— | $(30152669) |
|  |  |  |  | (15828488) | Long-term |  |  |  |
|  |  |  |  | $(18703276) |  |  |  |  |
| International High Dividend Low Volatility | 13975635 |  | 7552787 | (15407923) | Short-term |  |  | 1563564 |
|  |  |  |  | (4556935) | Long-term |  |  |  |
|  |  |  |  | $(19964858) |  |  |  |  |
| American Century Small-Mid Cap Value | 9473883 | 34901125 | (6801869) |  |  |  |  | 37573139 |
| Baron Growth |  | 28620442 | 357765489 |  |  |  |  | 386385931 |
| Columbia Contrarian Core | 909049 | 18507742 | (1491674) |  |  |  |  | 17925117 |
| Columbia Small Cap Value II | 737365 | 10853586 | 21036900 |  |  |  |  | 32627851 |
| Invesco Comstock | 2015646 | 30507179 | 33543300 |  |  |  |  | 66066125 |
| Invesco Equity and Income | 3144821 | 57178672 | 87786331 |  |  |  |  | 148109824 |
| Invesco Global | 460274 | 125570965 | 437081513 |  |  |  | (1822821) | 561289931 |
| JPMorgan Mid Cap Value | 413670 | 30915898 | 65592109 |  |  |  |  | 96921677 |
| T. Rowe Price Diversified Mid Cap Growth | 62608 | 1457143 | 85598106 |  |  |  |  | 87117857 |
| T. Rowe Price Growth Equity |  | 24332735 | 61886742 |  |  |  |  | 86219477 |

---

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

As of December 31, 2022, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — LONDON INTERBANK OFFERED RATE ("LIBOR")**

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

reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio's existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

**NOTE 13 — MARKET DISRUPTION**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S.. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and in the future

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 13 — MARKET DISRUPTION (continued)**

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

**NOTE 14 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to December 31, 2022, the following Portfolio paid dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
| | **Per Share <br>Amount** | **Payable Date** | **Record Date** |
| **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** |
| Class ADV | $0.0142 | February 1, 2023 | Daily |
| Class I | $0.0180 | February 1, 2023 | Daily |
| Class S | $0.0162 | February 1, 2023 | Daily |

---

On January 11, 2023, the Board approved a revised management fee schedule and a revised side letter expense limit agreement with respect to American Century Small-Mid Cap Value. Effective January 1, 2023, the management fee was reduced to 0.91% on all assets and the existing management fee waiver was eliminated. Effective January 1, 2023 through May 1, 2024, the revised side letter expense limits are 1.35%, 0.85%, 1.10% and 1.25% for Class ADV, Class I, Class 2 and Class S2, respectively.

On January 11, 2023, the Board approved a revised management fee waiver for T. Rowe Price Growth Equity. Effective January 1, 2023 through May 1, 2024, the management fee waiver has increased to 0.039%.

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.

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| **CORPORATE BONDS/NOTES: 19.4%** |  |  |  |
|  | **Australia: 0.1%** | **Australia: 0.1%** | **Australia: 0.1%** |
| 37000<br><sup>(1)</sup> | CSL Finance <br>PLC, <br>4.050%, <br>04/27/2029 | $34954 | 0.0 |
| 63000<br><sup>(1)</sup> | CSL Finance <br>PLC, <br>4.250%, <br>04/27/2032 | 59502 | 0.1 |
| 15000<br><sup>(1)</sup> | CSL Finance <br>PLC, <br>4.625%, <br>04/27/2042 | 13440 | 0.0 |
| 25000<br><sup>(1)</sup> | CSL Finance <br>PLC, <br>4.750%, <br>04/27/2052 | 22723 | 0.0 |
| 11000<br><sup>(1)</sup> | CSL Finance <br>PLC, <br>4.950%, <br>04/27/2062 | 9795 | 0.0 |
| 3000 | Rio Tinto <br>Finance <br>USA Ltd., <br>2.750%, <br>11/02/2051 | 1999 | 0.0 |
|  |  | **142413** | **0.1** |
|  | **Belgium: 0.2%** | **Belgium: 0.2%** | **Belgium: 0.2%** |
| 96000 | Anheuser-Busch <br>Cos LLC / <br>Anheuser-Busch <br>InBev <br>Worldwide, <br>Inc., <br>4.900%, <br>02/01/2046 | 87755 | 0.1 |
| 124000 | Anheuser-Busch <br>InBev <br>Worldwide, <br>Inc., <br>4.750%, <br>01/23/2029 | 122666 | 0.1 |
|  |  | **210421** | **0.2** |
|  | **Bermuda: 0.1%** | **Bermuda: 0.1%** | **Bermuda: 0.1%** |
| 20000 | Athene <br>Holding Ltd., <br>6.650%, <br>02/01/2033 | 19837 | 0.0 |
| 133000<br><sup>(1)</sup> | Triton Container <br>International <br>Ltd., <br>3.150%, <br>06/15/2031 | 103662 | 0.1 |
| 57000 | XLIT Ltd., <br>5.500%, <br>03/31/2045 | 54132 | 0.0 |
|  |  | **177631** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **Canada: 0.6%** | **Canada: 0.6%** | **Canada: 0.6%** |
| 145000<br><sup>(2)</sup> | Bank of Nova <br>Scotia/The, <br>4.588%, <br>05/04/2037 | $124114 | 0.1 |
| 61000 | Brookfield <br>Finance LLC / <br>Brookfield <br>Finance, Inc., <br>3.450%, <br>04/15/2050 | 38766 | 0.1 |
| 139000 | Canadian <br>Imperial <br>Bank of <br>Commerce, <br>3.945%, <br>08/04/2025 | 135895 | 0.1 |
| 38000 | Cenovus <br>Energy, Inc., <br>5.400%, <br>06/15/2047 | 34171 | 0.0 |
| 31000<br><sup>(2)</sup> | Enbridge, Inc., <br>7.375%, <br>01/15/2083 | 30208 | 0.0 |
| 31000<br><sup>(2)</sup> | Enbridge, Inc., <br>7.625%, <br>01/15/2083 | 30740 | 0.0 |
| 177000 | Fortis, <br>Inc./Canada, <br>3.055%, <br>10/04/2026 | 164422 | 0.2 |
| 85000<br><sup>(1)</sup> | Intact Financial <br>Corp., <br>5.459%, <br>09/22/2032 | 84125 | 0.1 |
| 15000 | Nutrien Ltd., <br>5.950%, <br>11/07/2025 | 15321 | 0.0 |
| 20000<br><sup>(1)</sup> | Rogers <br>Communications, <br>Inc., <br>3.800%, <br>03/15/2032 | 17313 | 0.0 |
|  |  | **675075** | **0.6** |
|  | **France: 0.7%** | **France: 0.7%** | **France: 0.7%** |
| 572000<br><sup>(1)</sup> | BNP <br>Paribas SA, <br>3.500%, <br>03/01/2023 | 570631 | 0.5 |
| 287000<br><sup>(1)</sup> | BPCE SA, <br>5.150%, <br>07/21/2024 | 281119 | 0.2 |
|  |  | **851750** | **0.7** |

---

See Accompanying Notes to Financial Statements<br>74

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† | Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  |  | **Mexico: 0.0%** | **Mexico: 0.0%** | **Mexico: 0.0%** |
| MXN | 25098<br><sup>(3)</sup> | JP Morgan / <br>Hipotecaria <br>su Casita, <br>6.100%, <br>09/25/2035 | $**1147** | **0.0** |
|  |  | **Netherlands: 0.2%** | **Netherlands: 0.2%** | **Netherlands: 0.2%** |
|  | 234000<br><sup>(4)</sup> | Shell <br>International <br>Finance BV, <br>3.875%, <br>11/13/2028 | 225828 | 0.2 |
|  | 57000 | Shell <br>International <br>Finance BV, <br>4.000%, <br>05/10/2046 | 46752 | 0.0 |
|  |  |  | **272580** | **0.2** |
|  |  | **Norway: 0.0%** | **Norway: 0.0%** | **Norway: 0.0%** |
|  | 41000 | Equinor ASA, <br>3.125%, <br>04/06/2030 | **36909** | **0.0** |
|  |  | **South Africa: 0.1%** | **South Africa: 0.1%** | **South Africa: 0.1%** |
| ZAR | 1000000 | Transnet <br>SOC Ltd., <br>10.800%, <br>11/06/2023 | **59467** | **0.1** |
|  |  | **Switzerland: 0.3%** | **Switzerland: 0.3%** | **Switzerland: 0.3%** |
|  | 400000<br><sup>(1)</sup> | Credit <br>Suisse AG, <br>6.500%, <br>08/08/2023 | **388282** | **0.3** |
|  |  | **United Kingdom: 0.6%** | **United Kingdom: 0.6%** | **United Kingdom: 0.6%** |
|  | 83000 | BAT <br>International <br>Finance PLC, <br>4.448%, <br>03/16/2028 | 77017 | 0.1 |
|  | 200000<br><sup>(1)</sup> | LSEGA <br>Financing <br>PLC, <br>3.200%, <br>04/06/2041 | 146010 | 0.1 |
|  | 200000<br><sup>(1)</sup> | Reckitt <br>Benckiser <br>Treasury <br>Services PLC, <br>3.000%, <br>06/26/2027 | 185863 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage <br>of Net <br>Assets |
| 150000 | Royalty <br>Pharma PLC, <br>1.200%, <br>09/02/2025 | $| 134385 | 0.1 |
| 143000 | Royalty <br>Pharma PLC, <br>1.750%, <br>09/02/2027 |  | 121255 | 0.1 |
|  |  |  | **664530** | **0.6** |
|  | **United States: 16.5%** | **United States: 16.5%** | **United States: 16.5%** | **United States: 16.5%** |
| 165000 | AbbVie, Inc., <br>3.200%, <br>11/21/2029 |  | 149119 | 0.1 |
| 154000 | AbbVie, Inc., <br>3.800%, <br>03/15/2025 |  | 150220 | 0.1 |
| 133000 | AbbVie, Inc., <br>4.050%, <br>11/21/2039 |  | 114397 | 0.1 |
| 2000 | AbbVie, Inc., <br>4.300%, <br>05/14/2036 |  | 1808 | 0.0 |
| 90000 | Advance Auto <br>Parts, Inc., <br>3.900%, <br>04/15/2030 |  | 79085 | 0.1 |
| 90000 | Advanced <br>Micro <br>Devices, Inc., <br>3.924%, <br>06/01/2032 |  | 83891 | 0.1 |
| 73000 | Advanced <br>Micro <br>Devices, Inc., <br>4.393%, <br>06/01/2052 |  | 64540 | 0.1 |
| 153000<br><sup>(1)</sup> | AEP <br>Texas, Inc., <br>3.850%, <br>10/01/2025 |  | 147113 | 0.1 |
| 16000<br><sup>(1</sup><br><sup>),(4)</sup> | Alcon Finance <br>Corp., <br>5.375%, <br>12/06/2032 |  | 16132 | 0.0 |
| 2000 | Alleghany Corp., <br>3.250%, <br>08/15/2051 |  | 1417 | 0.0 |
| 43000 | Alleghany Corp., <br>3.625%, <br>05/15/2030 |  | 39985 | 0.0 |
| 2000 | Alleghany Corp., <br>4.900%, <br>09/15/2044 |  | 1843 | 0.0 |
| 134000 | Altria <br>Group, Inc., <br>4.500%, <br>05/02/2043 |  | 101104 | 0.1 |
| 88000 | Altria <br>Group, Inc., <br>4.800%, <br>02/14/2029 |  | 84622 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>75

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 52000 | Amazon.com, <br>Inc., 2.100%, <br>05/12/2031 | $42598 | 0.0 |
| 131000 | Amazon.com, <br>Inc., 2.875%, <br>05/12/2041 | 98272 | 0.1 |
| 35000<br><sup>(4)</sup> | Amazon.com, <br>Inc., 3.600%, <br>04/13/2032 | 32133 | 0.0 |
| 13000 | Amazon.com, <br>Inc., 3.950%, <br>04/13/2052 | 10832 | 0.0 |
| 21000 | Amazon.com, <br>Inc., 4.100%, <br>04/13/2062 | 17457 | 0.0 |
| 34000 | Amazon.com, <br>Inc., 4.550%, <br>12/01/2027 | 33949 | 0.0 |
| 45000 | Amazon.com, <br>Inc., 4.700%, <br>12/01/2032 | 44688 | 0.0 |
| 188000 | American <br>Airlines 2021-1 <br>Class A <br>Pass <br>Through <br>Trust, <br>2.875%, <br>01/11/2036 | 151850 | 0.1 |
| 33000 | American <br>Electric <br>Power Co., <br>Inc., 3.250%, <br>03/01/2050 | 22315 | 0.0 |
| 22000<br><sup>(2)</sup> | American <br>Electric <br>Power Co., <br>Inc., 3.875%, <br>02/15/2062 | 17166 | 0.0 |
| 63000<br><sup>(2)</sup> | American <br>Express Co., <br>4.420%, <br>08/03/2033 | 59701 | 0.1 |
| 33000 | American <br>Homes 4 <br>Rent L.P., <br>3.625%, <br>04/15/2032 | 27847 | 0.0 |
| 17000 | American <br>Homes 4 <br>Rent L.P., <br>4.300%, <br>04/15/2052 | 12535 | 0.0 |
| 181000 | American <br>International <br>Group, Inc., <br>4.750%, <br>04/01/2048 | 162346 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 205000 | American <br>Tower Corp., <br>2.750%, <br>01/15/2027 | $186124 | 0.2 |
| 29000 | American <br>Tower Corp., <br>3.650%, <br>03/15/2027 | 27129 | 0.0 |
| 40000<br><sup>(1)</sup> | American <br>Transmission <br>Systems, Inc., <br>2.650%, <br>01/15/2032 | 32933 | 0.0 |
| 25000 | Apple, Inc., <br>2.850%, <br>08/05/2061 | 16206 | 0.0 |
| 18000<br><sup>(4)</sup> | Apple, Inc., <br>3.350%, <br>08/08/2032 | 16395 | 0.0 |
| 28000<br><sup>(4)</sup> | Apple, Inc., <br>3.950%, <br>08/08/2052 | 23954 | 0.0 |
| 19000 | Apple, Inc., <br>4.100%, <br>08/08/2062 | 15910 | 0.0 |
| 94000 | AT&T, Inc., <br>3.650%, <br>09/15/2059 | 63351 | 0.1 |
| 24000 | AvalonBay <br>Communities, <br>Inc., 5.000%, <br>02/15/2033 | 23691 | 0.0 |
| 31000 | Avnet, Inc., <br>5.500%, <br>06/01/2032 | 28713 | 0.0 |
| 153000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 1.734%, <br>07/22/2027 | 134234 | 0.1 |
| 72000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 1.898%, <br>07/23/2031 | 55417 | 0.1 |
| 43000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 2.087%, <br>06/14/2029 | 36260 | 0.0 |
| 29000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 2.299%, <br>07/21/2032 | 22403 | 0.0 |
| 72000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 2.572%, <br>10/20/2032 | 56569 | 0.1 |
| 342000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 2.687%, <br>04/22/2032 | 274552 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>76

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 18000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 3.593%, <br>07/21/2028 | $16599 | 0.0 |
| 48000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 3.846%, <br>03/08/2037 | 39870 | 0.0 |
| 186000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 4.571%, <br>04/27/2033 | 170660 | 0.2 |
| 456000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 5.015%, <br>07/22/2033 | 434269 | 0.4 |
| 24000<br><sup>(2)</sup> | Bank of <br>America <br>Corp., 6.204%, <br>11/10/2028 | 24822 | 0.0 |
| 52000<br><sup>(2)</sup> | Bank of <br>New York <br>Mellon <br>Corp./The, <br>5.834%, <br>10/25/2033 | 54071 | 0.1 |
| 52000 | Baxter <br>International, <br>Inc., 2.272%, <br>12/01/2028 | 44445 | 0.0 |
| 34000<br><sup>(4)</sup> | Baxter <br>International, <br>Inc., 2.539%, <br>02/01/2032 | 27098 | 0.0 |
| 2000 | Baxter <br>International, <br>Inc., 3.132%, <br>12/01/2051 | 1300 | 0.0 |
| 230000 | Berry <br>Global, Inc., <br>1.650%, <br>01/15/2027 | 197024 | 0.2 |
| 64000<br><sup>(1)</sup> | Blackstone <br>Holdings <br>Finance Co. <br>LLC, 2.850%, <br>08/05/2051 | 37422 | 0.0 |
| 56000<br><sup>(1)</sup> | Blackstone <br>Holdings <br>Finance Co. <br>LLC, 6.200%, <br>04/22/2033 | 56623 | 0.1 |
| 223000 | Boeing <br>Co/The, <br>3.625%, <br>02/01/2031 | 195941 | 0.2 |
| 66000 | Boeing <br>Co/The, <br>5.150%, <br>05/01/2030 | 64554 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 86000 | Bristol-Myers <br>Squibb Co., <br>3.700%, <br>03/15/2052 | $67347 | 0.1 |
| 40000<br><sup>(1)</sup> | Broadcom, <br>Inc., 4.926%, <br>05/15/2037 | 35038 | 0.0 |
| 57000 | Burlington <br>Northern <br>Santa Fe LLC, <br>4.450%, <br>01/15/2053 | 50963 | 0.1 |
| 20000<br><sup>(1)</sup> | Cargill, Inc., <br>2.125%, <br>04/23/2030 | 16513 | 0.0 |
| 47000<br><sup>(1)</sup> | Cargill, Inc., <br>2.125%, <br>11/10/2031 | 37224 | 0.0 |
| 16000<br><sup>(1)</sup> | Cargill, Inc., <br>4.375%, <br>04/22/2052 | 13959 | 0.0 |
| 18000<br><sup>(1)</sup> | Cargill, Inc., <br>5.125%, <br>10/11/2032 | 18089 | 0.0 |
| 61000 | Centene Corp., <br>3.000%, <br>10/15/2030 | 50142 | 0.1 |
| 28000 | CenterPoint <br>Energy, Inc., <br>4.250%, <br>11/01/2028 | 26313 | 0.0 |
| 36000 | Charter <br>Communications <br>Operating <br>LLC / Charter <br>Communications <br>Operating <br>Capital, <br>2.250%, <br>01/15/2029 | 29042 | 0.0 |
| 75000 | Chubb INA <br>Holdings, Inc., <br>1.375%, <br>09/15/2030 | 58391 | 0.1 |
| 27000 | Chubb INA <br>Holdings, Inc., <br>2.850%, <br>12/15/2051 | 17970 | 0.0 |
| 11000 | Chubb INA <br>Holdings, Inc., <br>3.050%, <br>12/15/2061 | 7183 | 0.0 |
| 103000 | Cigna Corp., <br>3.200%, <br>03/15/2040 | 78110 | 0.1 |
| 22000 | Cigna Corp., <br>3.400%, <br>03/15/2050 | 15694 | 0.0 |
| 38000 | Cigna Corp., <br>4.800%, <br>08/15/2038 | 35423 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>77

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 265000<br><sup>(1)</sup> | Cleveland <br>Electric <br>Illuminating <br>Co/The, <br>3.500%, <br>04/01/2028 | $241934 | 0.2 |
| 99000 | Comcast Corp., <br>4.250%, <br>01/15/2033 | 93626 | 0.1 |
| 29000 | Comcast Corp., <br>5.350%, <br>11/15/2027 | 29669 | 0.0 |
| 22000 | Comcast Corp., <br>5.500%, <br>11/15/2032 | 23011 | 0.0 |
| 72000 | Comcast Corp., <br>5.650%, <br>06/15/2035 | 75721 | 0.1 |
| 22000 | Consumers <br>Energy Co., <br>4.200%, <br>09/01/2052 | 18947 | 0.0 |
| 69000<br><sup>(1)</sup> | Corebridge <br>Financial, <br>Inc., 3.850%, <br>04/05/2029 | 62988 | 0.1 |
| 37000<br><sup>(1)</sup> | Corebridge <br>Financial, <br>Inc., 3.900%, <br>04/05/2032 | 32416 | 0.0 |
| 108000<br><sup>(1</sup><br><sup>),(2)</sup> | Corebridge <br>Financial, <br>Inc., 6.875%, <br>12/15/2052 | 100299 | 0.1 |
| 20000 | Crown <br>Castle, Inc., <br>2.900%, <br>03/15/2027 | 18221 | 0.0 |
| 36000 | CSX Corp., <br>4.500%, <br>11/15/2052 | 31453 | 0.0 |
| 50000 | CSX Corp., <br>4.500%, <br>08/01/2054 | 42904 | 0.0 |
| 10000 | CVS Health <br>Corp., <br>4.300%, <br>03/25/2028 | 9691 | 0.0 |
| 2000 | CVS Health <br>Corp., <br>5.125%, <br>07/20/2045 | 1833 | 0.0 |
| 313000 | Dell <br>International <br>LLC / EMC <br>Corp., <br>6.020%, <br>06/15/2026 | 319693 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 93590 | Delta Air <br>Lines 2015-1 <br>Class B Pass <br>Through <br>Trust, <br>4.250%, <br>01/30/2025 | $91773 | 0.1 |
| 44000 | Diamondback <br>Energy, Inc., <br>6.250%, <br>03/15/2033 | 44796 | 0.0 |
| 40000 | Diamondback <br>Energy, Inc., <br>6.250%, <br>03/15/2053 | 38869 | 0.0 |
| 35000 | Discovery <br>Communications <br>LLC, <br>5.300%, <br>05/15/2049 | 26599 | 0.0 |
| 23000 | Dollar General <br>Corp., <br>3.500%, <br>04/03/2030 | 20746 | 0.0 |
| 78000<br><sup>(2)</sup> | Dominion <br>Energy, Inc., <br>4.350%, <br>12/31/2199 | 65905 | 0.1 |
| 43000<br><sup>(2)</sup> | Dominion <br>Energy, Inc., <br>4.650%, <br>12/31/2199 | 37840 | 0.0 |
| 57000 | Dominion <br>Energy, Inc., <br>5.375%, <br>11/15/2032 | 56676 | 0.1 |
| 15000<br><sup>(4)</sup> | Dow Chemical <br>Co/The, <br>6.300%, <br>03/15/2033 | 15829 | 0.0 |
| 20000 | Dow Chemical <br>Co/The, <br>6.900%, <br>05/15/2053 | 21836 | 0.0 |
| 63000 | DTE <br>Electric Co., <br>4.300%, <br>07/01/2044 | 54472 | 0.1 |
| 2000 | Duke Energy <br>Carolinas <br>LLC, 3.750%, <br>06/01/2045 | 1561 | 0.0 |
| 2000 | Duke Energy <br>Carolinas <br>LLC, 3.875%, <br>03/15/2046 | 1582 | 0.0 |
| 2000 | Duke Energy <br>Carolinas <br>LLC, 4.250%, <br>12/15/2041 | 1735 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>78

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 40000 | Duke Energy <br>Florida LLC, <br>2.400%, <br>12/15/2031 | $32771 | 0.0 |
| 4000 | Duke Energy <br>Florida LLC, <br>4.200%, <br>07/15/2048 | 3373 | 0.0 |
| 18000 | Duke Energy <br>Florida LLC, <br>5.950%, <br>11/15/2052 | 19272 | 0.0 |
| 2000 | Duke Energy <br>Progress LLC, <br>4.100%, <br>03/15/2043 | 1684 | 0.0 |
| 16000 | Ecolab, Inc., <br>2.750%, <br>08/18/2055 | 9619 | 0.0 |
| 16000 | Elevance <br>Health, Inc., <br>6.100%, <br>10/15/2052 | 17158 | 0.0 |
| 104000 | Energy <br>Transfer L.P., <br>4.250%, <br>04/01/2024 | 102179 | 0.1 |
| 1026000 | Energy <br>Transfer L.P., <br>4.900%, <br>02/01/2024 | 1020611 | 0.9 |
| 77000 | Energy <br>Transfer L.P., <br>5.400%, <br>10/01/2047 | 65567 | 0.1 |
| 98000 | Energy <br>Transfer L.P., <br>5.750%, <br>02/15/2033 | 96068 | 0.1 |
| 280000 | Energy <br>Transfer L.P. / <br>Regency <br>Energy <br>Finance <br>Corp., <br>4.500%, <br>11/01/2023 | 278045 | 0.2 |
| 4000 | Entergy <br>Arkansas <br>LLC, 3.350%, <br>06/15/2052 | 2798 | 0.0 |
| 10000 | Entergy <br>Arkansas <br>LLC, 4.200%, <br>04/01/2049 | 8235 | 0.0 |
| 100000 | Entergy <br>Louisiana <br>LLC, 4.200%, <br>04/01/2050 | 81738 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 100000 | Essential <br>Utilities, Inc., <br>2.704%, <br>04/15/2030 | $84098 | 0.1 |
| 55000 | Evergy <br>Kansas <br>Central, Inc., <br>3.250%, <br>09/01/2049 | 38288 | 0.0 |
| 42000 | Evergy <br>Kansas <br>Central, Inc., <br>4.125%, <br>03/01/2042 | 35067 | 0.0 |
| 48000 | Eversource <br>Energy, <br>1.400%, <br>08/15/2026 | 42182 | 0.0 |
| 51000 | Eversource <br>Energy, <br>2.900%, <br>03/01/2027 | 47031 | 0.0 |
| 49000 | Extra Space <br>Storage L.P., <br>2.350%, <br>03/15/2032 | 37202 | 0.0 |
| 43000 | Exxon <br>Mobil Corp., <br>2.995%, <br>08/16/2039 | 33034 | 0.0 |
| 44000 | Exxon <br>Mobil Corp., <br>3.095%, <br>08/16/2049 | 31658 | 0.0 |
| 57000 | Exxon <br>Mobil Corp., <br>3.452%, <br>04/15/2051 | 43203 | 0.0 |
| 45000<br><sup>(4)</sup> | FedEx Corp., <br>5.250%, <br>05/15/2050 | 41209 | 0.0 |
| 5000 | Florida <br>Power & <br>Light Co., <br>2.875%, <br>12/04/2051 | 3377 | 0.0 |
| 90000<br><sup>(4)</sup> | General <br>Mills, Inc., <br>2.875%, <br>04/15/2030 | 77961 | 0.1 |
| 18000 | General Motors <br>Financial <br>Co., Inc., <br>5.000%, <br>04/09/2027 | 17464 | 0.0 |
| 202000 | General Motors <br>Financial <br>Co., Inc., <br>5.250%, <br>03/01/2026 | 199097 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>79

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 27000 | HCA, Inc., <br>2.375%, <br>07/15/2031 | $21083 | 0.0 |
| 18000<br><sup>(1)</sup> | HCA, Inc., <br>3.125%, <br>03/15/2027 | 16392 | 0.0 |
| 11000 | HCA, Inc., <br>3.500%, <br>09/01/2030 | 9513 | 0.0 |
| 243000 | HCA, Inc., <br>4.125%, <br>06/15/2029 | 222345 | 0.2 |
| 24000<br><sup>(1)</sup> | HCA, Inc., <br>4.375%, <br>03/15/2042 | 19214 | 0.0 |
| 115000 | Healthpeak <br>Properties, <br>Inc., 3.000%, <br>01/15/2030 | 99154 | 0.1 |
| 13000 | Home Depot, <br>Inc./The, <br>3.625%, <br>04/15/2052 | 10103 | 0.0 |
| 40000 | Home Depot, <br>Inc./The, <br>4.500%, <br>09/15/2032 | 39183 | 0.0 |
| 53000 | Home Depot, <br>Inc./The, <br>4.950%, <br>09/15/2052 | 51195 | 0.1 |
| 23000 | Honeywell <br>International, <br>Inc., 5.000%, <br>02/15/2033 | 23502 | 0.0 |
| 55000<br><sup>(4)</sup> | HP, Inc., <br>2.650%, <br>06/17/2031 | 42980 | 0.0 |
| 11000 | HP, Inc., <br>4.000%, <br>04/15/2029 | 10064 | 0.0 |
| 15000 | Humana, Inc., <br>5.750%, <br>03/01/2028 | 15343 | 0.0 |
| 35000 | Intel Corp., <br>3.250%, <br>11/15/2049 | 23975 | 0.0 |
| 27000 | Intel Corp., <br>3.750%, <br>08/05/2027 | 25983 | 0.0 |
| 45000 | Intel Corp., <br>4.750%, <br>03/25/2050 | 39289 | 0.0 |
| 18000 | Intel Corp., <br>5.050%, <br>08/05/2062 | 15895 | 0.0 |
| 29000 | Intercontinental <br>Exchange, <br>Inc., 2.100%, <br>06/15/2030 | 23730 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 178000 | Intercontinental <br>Exchange, <br>Inc., 4.600%, <br>03/15/2033 | $170744 | 0.2 |
| 36000 | International <br>Business <br>Machines <br>Corp., <br>4.150%, <br>07/27/2027 | 35138 | 0.0 |
| 36000 | International <br>Business <br>Machines <br>Corp., <br>4.400%, <br>07/27/2032 | 34456 | 0.0 |
| 40000 | International <br>Business <br>Machines <br>Corp., <br>4.900%, <br>07/27/2052 | 36580 | 0.0 |
| 16000<br><sup>(1)</sup> | International <br>Flavors & <br>Fragrances, <br>Inc., 3.268%, <br>11/15/2040 | 11472 | 0.0 |
| 21000 | Interstate <br>Power and <br>Light Co., <br>3.100%, <br>11/30/2051 | 13723 | 0.0 |
| 35000 | John Deere <br>Capital Corp., <br>4.350%, <br>09/15/2032 | 34111 | 0.0 |
| 81000 | Johnson & <br>Johnson, <br>3.625%, <br>03/03/2037 | 72284 | 0.1 |
| 197000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>1.470%, <br>09/22/2027 | 170807 | 0.2 |
| 58000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>1.578%, <br>04/22/2027 | 51029 | 0.1 |
| 110000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>2.545%, <br>11/08/2032 | 87225 | 0.1 |
| 24000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>2.595%, <br>02/24/2026 | 22583 | 0.0 |
| 78000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>2.947%, <br>02/24/2028 | 70671 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>80

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 565000 | JPMorgan <br>Chase & Co., <br>2.950%, <br>10/01/2026 | $527699 | 0.5 |
| 78000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>3.964%, <br>11/15/2048 | 61206 | 0.1 |
| 17000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>4.912%, <br>07/25/2033 | 16237 | 0.0 |
| 152000<br><sup>(2)</sup> | JPMorgan <br>Chase & Co., <br>5.717%, <br>09/14/2033 | 148815 | 0.1 |
| 510000<br><sup>(2</sup><br><sup>),(4)</sup> | JPMorgan <br>Chase & Co., <br>6.000%, <br>12/31/2199 | 500106 | 0.4 |
| 222000 | Kinder Morgan <br>Energy <br>Partners L.P., <br>4.250%, <br>09/01/2024 | 218367 | 0.2 |
| 51000 | KLA Corp., <br>4.950%, <br>07/15/2052 | 47662 | 0.0 |
| 24000 | KLA Corp., <br>5.250%, <br>07/15/2062 | 23203 | 0.0 |
| 56000<br><sup>(1)</sup> | Liberty <br>Mutual <br>Group, Inc., <br>5.500%, <br>06/15/2052 | 50532 | 0.1 |
| 20000 | Lockheed <br>Martin Corp., <br>5.250%, <br>01/15/2033 | 20686 | 0.0 |
| 29000 | Lockheed <br>Martin Corp., <br>5.700%, <br>11/15/2054 | 30575 | 0.0 |
| 14000 | Lockheed <br>Martin Corp., <br>5.900%, <br>11/15/2063 | 15132 | 0.0 |
| 34000 | Lowe's <br>Cos, Inc., <br>4.250%, <br>04/01/2052 | 27125 | 0.0 |
| 20000 | Lowe's <br>Cos, Inc., <br>4.450%, <br>04/01/2062 | 15652 | 0.0 |
| 35000<br><sup>(4)</sup> | Lowe's <br>Cos, Inc., <br>5.000%, <br>04/15/2033 | 34281 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 24000 | Meta Platforms, <br>Inc., 3.500%, <br>08/15/2027 | $22409 | 0.0 |
| 51000 | Meta Platforms, <br>Inc., 3.850%, <br>08/15/2032 | 45023 | 0.0 |
| 29000 | Meta Platforms, <br>Inc., 4.450%, <br>08/15/2052 | 23195 | 0.0 |
| 76000 | Meta Platforms, <br>Inc., 4.650%, <br>08/15/2062 | 61381 | 0.1 |
| 380000<br><sup>(1)</sup> | Metropolitan <br>Edison Co., <br>4.000%, <br>04/15/2025 | 363984 | 0.3 |
| 28000 | Mid-America <br>Apartments <br>L.P., 2.750%, <br>03/15/2030 | 23875 | 0.0 |
| 130000 | Mississippi <br>Power Co., <br>4.250%, <br>03/15/2042 | 105994 | 0.1 |
| 41000 | Mondelez <br>International, <br>Inc., 2.750%, <br>04/13/2030 | 35435 | 0.0 |
| 74000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>0.791%, <br>01/22/2025 | 70037 | 0.1 |
| 150000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>1.164%, <br>10/21/2025 | 138177 | 0.1 |
| 46000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>1.512%, <br>07/20/2027 | 39974 | 0.0 |
| 494000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>1.593%, <br>05/04/2027 | 433927 | 0.4 |
| 82000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>2.239%, <br>07/21/2032 | 63106 | 0.1 |
| 33000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>2.511%, <br>10/20/2032 | 25913 | 0.0 |
| 59000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>2.720%, <br>07/22/2025 | 56440 | 0.1 |
| 293000 | Morgan <br>Stanley, <br>3.125%, <br>07/27/2026 | 273680 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>81

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 21000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>3.591%, <br>07/22/2028 | $19295 | 0.0 |
| 618000 | Morgan <br>Stanley, <br>4.100%, <br>05/22/2023 | 615838 | 0.5 |
| 161000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>5.297%, <br>04/20/2037 | 147651 | 0.1 |
| 32000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>6.296%, <br>10/18/2028 | 33091 | 0.0 |
| 347000<br><sup>(2)</sup> | Morgan <br>Stanley, <br>6.342%, <br>10/18/2033 | 364698 | 0.3 |
| 267000 | National Rural <br>Utilities <br>Cooperative <br>Finance <br>Corp., <br>3.900%, <br>11/01/2028 | 251453 | 0.2 |
| 40000 | National Rural <br>Utilities <br>Cooperative <br>Finance <br>Corp., <br>4.150%, <br>12/15/2032 | 37060 | 0.0 |
| 16000<br><sup>(4)</sup> | National Rural <br>Utilities <br>Cooperative <br>Finance <br>Corp., <br>5.800%, <br>01/15/2033 | 16750 | 0.0 |
| 150000<br><sup>(1)</sup> | Nestle <br>Holdings, Inc., <br>4.700%, <br>01/15/2053 | 141994 | 0.1 |
| 39000 | NextEra <br>Energy <br>Capital <br>Holdings, Inc., <br>4.255%, <br>09/01/2024 | 38496 | 0.0 |
| 71000 | Northern <br>States <br>Power <br>Co/MN, <br>3.600%, <br>09/15/2047 | 55025 | 0.1 |
| 96000 | Northern <br>Trust Corp., <br>6.125%, <br>11/02/2032 | 101534 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 22000 | Nucor Corp., <br>4.300%, <br>05/23/2027 | $21497 | 0.0 |
| 19000 | NXP BV / NXP <br>Funding <br>LLC / NXP <br>USA, Inc., <br>3.250%, <br>11/30/2051 | 11911 | 0.0 |
| 57000<br><sup>(1)</sup> | Oncor Electric <br>Delivery <br>Co. LLC, <br>4.550%, <br>09/15/2032 | 55985 | 0.1 |
| 222000 | Oracle Corp., <br>2.800%, <br>04/01/2027 | 202349 | 0.2 |
| 64000 | Oracle Corp., <br>3.800%, <br>11/15/2037 | 50901 | 0.1 |
| 16000 | Oracle Corp., <br>3.950%, <br>03/25/2051 | 11469 | 0.0 |
| 31000 | Oracle Corp., <br>6.150%, <br>11/09/2029 | 32250 | 0.0 |
| 21000 | Oracle Corp., <br>6.900%, <br>11/09/2052 | 22589 | 0.0 |
| 46000 | O'Reilly <br>Automotive, <br>Inc., 3.600%, <br>09/01/2027 | 43429 | 0.0 |
| 91000 | O'Reilly <br>Automotive, <br>Inc., 4.350%, <br>06/01/2028 | 88513 | 0.1 |
| 15000 | Pacific Gas <br>and Electric <br>Co., 4.250%, <br>03/15/2046 | 10491 | 0.0 |
| 12000 | Pacific Gas <br>and Electric <br>Co., 4.300%, <br>03/15/2045 | 8552 | 0.0 |
| 19000 | Pacific Gas <br>and Electric <br>Co., 4.450%, <br>04/15/2042 | 14211 | 0.0 |
| 56000 | PacifiCorp, <br>5.350%, <br>12/01/2053 | 55771 | 0.1 |
| 78000 | Paramount <br>Global, <br>4.375%, <br>03/15/2043 | 53974 | 0.1 |
| 37000<br><sup>(4)</sup> | Paramount <br>Global, <br>4.950%, <br>05/19/2050 | 27058 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>82

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 4000 | Paramount <br>Global, <br>5.250%, <br>04/01/2044 | $3088 | 0.0 |
| 11000 | Paramount <br>Global, <br>5.850%, <br>09/01/2043 | 9176 | 0.0 |
| 91000<br><sup>(2)</sup> | PartnerRe <br>Finance B <br>LLC, 4.500%, <br>10/01/2050 | 78866 | 0.1 |
| 12000 | PayPal <br>Holdings, Inc., <br>2.300%, <br>06/01/2030 | 9885 | 0.0 |
| 5000<br><sup>(4)</sup> | PayPal <br>Holdings, Inc., <br>2.850%, <br>10/01/2029 | 4366 | 0.0 |
| 12000<br><sup>(4)</sup> | PayPal <br>Holdings, Inc., <br>4.400%, <br>06/01/2032 | 11330 | 0.0 |
| 55000 | PayPal <br>Holdings, Inc., <br>5.250%, <br>06/01/2062 | 50286 | 0.1 |
| 61000 | PECO <br>Energy Co., <br>4.150%, <br>10/01/2044 | 52139 | 0.1 |
| 65000 | PepsiCo, Inc., <br>3.900%, <br>07/18/2032 | 61488 | 0.1 |
| 63000 | Phillips 66, <br>3.850%, <br>04/09/2025 | 61506 | 0.1 |
| 156000 | Plains All <br>American <br>Pipeline <br>L.P. / PAA <br>Finance <br>Corp., <br>3.800%, <br>09/15/2030 | 135943 | 0.1 |
| 83000 | Plains All <br>American <br>Pipeline <br>L.P. / PAA <br>Finance <br>Corp., <br>4.900%, <br>02/15/2045 | 64623 | 0.1 |
| 18000 | Prologis L.P., <br>2.250%, <br>01/15/2032 | 14314 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 72000 | Public Service <br>Enterprise <br>Group, Inc., <br>2.450%, <br>11/15/2031 | $57725 | 0.1 |
| 17000 | Public Storage, <br>1.950%, <br>11/09/2028 | 14534 | 0.0 |
| 34000 | Puget Sound <br>Energy, Inc., <br>3.250%, <br>09/15/2049 | 23414 | 0.0 |
| 7000<br><sup>(4)</sup> | QUALCOMM, <br>Inc., 5.400%, <br>05/20/2033 | 7312 | 0.0 |
| 59000 | QUALCOMM, <br>Inc., 6.000%, <br>05/20/2053 | 63037 | 0.1 |
| 91000 | Raytheon <br>Technologies <br>Corp., <br>4.500%, <br>06/01/2042 | 82264 | 0.1 |
| 13000 | Rexford <br>Industrial <br>Realty L.P., <br>2.150%, <br>09/01/2031 | 9993 | 0.0 |
| 36000 | Reynolds <br>American, <br>Inc., 5.700%, <br>08/15/2035 | 32614 | 0.0 |
| 124000 | Reynolds <br>American, <br>Inc., 6.150%, <br>09/15/2043 | 111112 | 0.1 |
| 23000 | Ross <br>Stores, Inc., <br>4.700%, <br>04/15/2027 | 22670 | 0.0 |
| 13000<br><sup>(4)</sup> | S&P <br>Global, Inc., <br>1.250%, <br>08/15/2030 | 10028 | 0.0 |
| 48000<br><sup>(1)</sup> | S&P <br>Global, Inc., <br>2.700%, <br>03/01/2029 | 42349 | 0.0 |
| 41000<br><sup>(1)</sup> | S&P <br>Global, Inc., <br>2.900%, <br>03/01/2032 | 35085 | 0.0 |
| 34000<br><sup>(1)</sup> | S&P <br>Global, Inc., <br>3.700%, <br>03/01/2052 | 26412 | 0.0 |
| 76000 | Salesforce, Inc., <br>2.700%, <br>07/15/2041 | 54550 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>83

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 52000<br><sup>(1)</sup> | Sealed <br>Air Corp., <br>1.573%, <br>10/15/2026 | $44969 | 0.0 |
| 65000<br><sup>(2)</sup> | Sempra <br>Energy, <br>4.125%, <br>04/01/2052 | 50651 | 0.1 |
| 18000 | Southern <br>California <br>Edison Co., <br>3.650%, <br>02/01/2050 | 13230 | 0.0 |
| 36000 | Southern <br>Co/The, <br>5.113%, <br>08/01/2027 | 35927 | 0.0 |
| 12000 | Southwest <br>Gas Corp., <br>4.050%, <br>03/15/2032 | 10570 | 0.0 |
| 46000 | Sun <br>Communities <br>Operating <br>L.P., 4.200%, <br>04/15/2032 | 40640 | 0.0 |
| 16000 | Targa <br>Resources <br>Corp., <br>6.250%, <br>07/01/2052 | 15182 | 0.0 |
| 57000 | Target Corp., <br>4.500%, <br>09/15/2032 | 55500 | 0.1 |
| 28000 | Texas <br>Instruments, <br>Inc., 4.100%, <br>08/16/2052 | 25026 | 0.0 |
| 39000 | Time Warner <br>Cable LLC, <br>5.500%, <br>09/01/2041 | 32511 | 0.0 |
| 3000 | Time Warner <br>Cable LLC, <br>5.875%, <br>11/15/2040 | 2625 | 0.0 |
| 3000 | T-Mobile USA, <br>Inc., 2.250%, <br>02/15/2026 | 2735 | 0.0 |
| 5000 | T-Mobile USA, <br>Inc., 3.000%, <br>02/15/2041 | 3547 | 0.0 |
| 5000 | T-Mobile USA, <br>Inc., 3.750%, <br>04/15/2027 | 4717 | 0.0 |
| 15000 | T-Mobile USA, <br>Inc., 3.875%, <br>04/15/2030 | 13622 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 38000<br><sup>(4)</sup> | Toyota Motor <br>Credit Corp., <br>4.450%, <br>06/29/2029 | $37291 | 0.0 |
| 55000 | Toyota Motor <br>Credit Corp., <br>4.550%, <br>09/20/2027 | 54337 | 0.1 |
| 50000 | Union <br>Pacific Corp., <br>3.500%, <br>02/14/2053 | 37804 | 0.0 |
| 24000<br><sup>(4)</sup> | Union <br>Pacific Corp., <br>4.950%, <br>09/09/2052 | 23153 | 0.0 |
| 29000 | Union <br>Pacific Corp., <br>5.150%, <br>01/20/2063 | 28052 | 0.0 |
| 73000 | UnitedHealth <br>Group, Inc., <br>2.750%, <br>05/15/2040 | 53246 | 0.1 |
| 36000 | UnitedHealth <br>Group, Inc., <br>3.050%, <br>05/15/2041 | 27200 | 0.0 |
| 11000 | UnitedHealth <br>Group, Inc., <br>4.750%, <br>05/15/2052 | 10218 | 0.0 |
| 141000 | UnitedHealth <br>Group, Inc., <br>5.350%, <br>02/15/2033 | 145933 | 0.1 |
| 34000 | UnitedHealth <br>Group, Inc., <br>5.875%, <br>02/15/2053 | 36936 | 0.0 |
| 29000 | UnitedHealth <br>Group, Inc., <br>6.050%, <br>02/15/2063 | 31678 | 0.0 |
| 58597 | US Airways <br>2012-1 <br>Class A <br>Pass <br>Through <br>Trust, <br>5.900%, <br>04/01/2026 | 56731 | 0.1 |
| 67000<br><sup>(2)</sup> | US Bancorp, <br>5.850%, <br>10/21/2033 | 69772 | 0.1 |
| 200000 | Utah <br>Acquisition <br>Sub, Inc., <br>3.950%, <br>06/15/2026 | 187219 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>84

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 51000 | Verizon <br>Communications, <br>Inc., 2.355%, <br>03/15/2032 | $40563 | 0.0 |
| 66000 | Verizon <br>Communications, <br>Inc., 3.400%, <br>03/22/2041 | 49887 | 0.1 |
| 151000 | Verizon <br>Communications, <br>Inc., 4.125%, <br>08/15/2046 | 120660 | 0.1 |
| 55000 | Verizon <br>Communications, <br>Inc., 4.400%, <br>11/01/2034 | 50694 | 0.1 |
| 28000 | Verizon <br>Communications, <br>Inc., 4.750%, <br>11/01/2041 | 25656 | 0.0 |
| 72000 | Viatris, Inc., <br>2.700%, <br>06/22/2030 | 56445 | 0.1 |
| 45000<br><sup>(1)</sup> | Vistra <br>Operations <br>Co. LLC, <br>5.125%, <br>05/13/2025 | 44249 | 0.0 |
| 74000 | VMware, Inc., <br>1.400%, <br>08/15/2026 | 64603 | 0.1 |
| 27000 | Walmart, Inc., <br>4.500%, <br>09/09/2052 | 25854 | 0.0 |
| 71000<br><sup>(1)</sup> | Warnermedia <br>Holdings, Inc., <br>3.755%, <br>03/15/2027 | 64039 | 0.1 |
| 32000<br><sup>(1)</sup> | Warnermedia <br>Holdings, Inc., <br>4.279%, <br>03/15/2032 | 26441 | 0.0 |
| 9000<br><sup>(1)</sup> | Warnermedia <br>Holdings, Inc., <br>5.050%, <br>03/15/2042 | 6918 | 0.0 |
| 9000<br><sup>(1)</sup> | Warnermedia <br>Holdings, Inc., <br>5.141%, <br>03/15/2052 | 6577 | 0.0 |
| 9000 | WEC Energy <br>Group, Inc., <br>5.000%, <br>09/27/2025 | 9007 | 0.0 |
| 13000 | WEC Energy <br>Group, Inc., <br>5.150%, <br>10/01/2027 | 13163 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage <br>of Net <br>Assets |
| 42000<br><sup>(2)</sup> | Wells <br>Fargo & Co., <br>2.164%, <br>02/11/2026 | $| 39187 | 0.0 |
| 192000<br><sup>(2)</sup> | Wells <br>Fargo & Co., <br>2.406%, <br>10/30/2025 |  | 181702 | 0.2 |
| 312000 | Wells <br>Fargo & Co., <br>3.000%, <br>10/23/2026 |  | 288780 | 0.3 |
|  |  |  | **19746504** | **16.5** |
|  | Total <br>Corporate <br>Bonds/Notes<br>(Cost <br>$25,689,273) |  | **23226709** | **19.4** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.0%** |  |  |  |  |
|  | **United States: 12.0%** | **United States: 12.0%** | **United States: 12.0%** | **United States: 12.0%** |
| 139079<br><sup>(2)</sup> | Adjustable <br>Rate <br>Mortgage <br>Trust <br>2006-2 1A1, <br>3.228%, <br>05/25/2036 |  | 121293 | 0.1 |
| 58553 | Alternative <br>Loan Trust <br>2006-13T1 <br>A9, 6.000%, <br>05/25/2036 |  | 29832 | 0.0 |
| 193142 | Banc of <br>America <br>Funding <br>2005-1 <br>Trust 1A1, <br>5.500%, <br>02/25/2035 |  | 174195 | 0.2 |
| 18045 | CHL Mortgage <br>Pass-Through <br>Trust <br>2005-17 1A8, <br>5.500%, <br>09/25/2035 |  | 15429 | 0.0 |
| 30619 | CHL Mortgage <br>Pass-Through <br>Trust <br>2005-J4 A7, <br>5.500%, <br>11/25/2035 |  | 24898 | 0.0 |
| 185045 | CHL Mortgage <br>Pass-Through <br>Trust <br>2007-7 A7, <br>5.750%, <br>06/25/2037 |  | 100053 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>85

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 31584<br><sup>(2)</sup> | Citigroup <br>Mortgage <br>Loan <br>Trust, Inc. <br>2005-2 1A3, <br>3.653%, <br>05/25/2035 | $29998 | 0.0 |
| 164942 | CitiMortgage <br>Alternative <br>Loan Trust <br>Series <br>2006-A3 1A7, <br>6.000%, <br>07/25/2036 | 145568 | 0.1 |
| 36222 | Countrywide <br>Alternative <br>Loan Trust <br>2005-53T2 <br>2A6, 4.889%, <br>(US0001M + <br>0.500%), <br>11/25/2035 | 18648 | 0.0 |
| 124246<br><sup>(1</sup><br><sup>),(2)</sup> | CSMC Trust <br>2015-3 B1, <br>3.834%, <br>03/25/2045 | 114114 | 0.1 |
| 473350 | Fannie Mae <br>Connecticut <br>Avenue <br>Securities <br>2017-C07 <br>2M2, 6.889%, <br>(US0001M + <br>2.500%), <br>05/25/2030 | 0 |  |
| 13393<br><sup>(1)</sup> | Fannie Mae <br>Connecticut <br>Avenue <br>Securities <br>2019-R02 <br>1M2, 6.689%, <br>(US0001M + <br>2.300%), <br>08/25/2031 | 13378 | 0.0 |
| 172820<br><sup>(1)</sup> | Fannie Mae <br>Connecticut <br>Avenue <br>Securities <br>Trust <br>2019-R01 <br>2M2, 6.839%, <br>(US0001M + <br>2.450%), <br>07/25/2031 | 172426 | 0.2 |
| 8643<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 254 2, <br>7.500%, <br>01/25/2024 | 156 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 7663<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 294 2, <br>7.000%, <br>02/25/2028 | $882 | 0.0 |
| 77928<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 319 2, <br>6.500%, <br>02/25/2032 | 14010 | 0.0 |
| 26657<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 328 2, <br>6.000%, <br>12/25/2032 | 4618 | 0.0 |
| 12474<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 331 5, <br>6.000%, <br>02/25/2033 | 2089 | 0.0 |
| 14576<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 332 2, <br>6.000%, <br>03/25/2033 | 2584 | 0.0 |
| 11939<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 334 12, <br>6.000%, <br>03/25/2033 | 2013 | 0.0 |
| 14880<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 338 2, <br>5.500%, <br>07/25/2033 | 2535 | 0.0 |
| 6371<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 356 10, <br>5.500%, <br>06/25/2035 | 1145 | 0.0 |
| 6829<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 364 15, <br>6.000%, <br>09/25/2035 | 1145 | 0.0 |
| 212390<br><sup>(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 418 5, <br>3.500%, <br>08/25/2043 | 30030 | 0.0 |
| 307879<br><sup>(2</sup><br><sup>),(5)</sup> | Fannie Mae <br>Interest Strip <br>Series 418 80, <br>3.500%, <br>08/25/2033 | 31704 | 0.0 |
| 3228 | Fannie Mae <br>REMIC Trust <br>1999-14 MB, <br>6.500%, <br>04/25/2029 | 3260 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>86

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 5200 | Fannie Mae <br>REMIC Trust <br>2001-80 ZB, <br>6.000%, <br>01/25/2032 | $5293 | 0.0 |
| 27135<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2002-12 SB, <br>3.361%, <br>(-1.000\*<br>US0001M + <br>7.750%), <br>07/25/2031 | 2605 | 0.0 |
| 17379<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2002-2 SW, <br>3.361%, <br>(-1.000\*<br>US0001M + <br>7.750%), <br>02/25/2032 | 1756 | 0.0 |
| 7157 | Fannie Mae <br>REMIC Trust <br>2002-21 PE, <br>6.500%, <br>04/25/2032 | 7417 | 0.0 |
| 3166 | Fannie Mae <br>REMIC Trust <br>2002-29 F, <br>5.389%, <br>(US0001M + <br>1.000%), <br>04/25/2032 | 3191 | 0.0 |
| 8131<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2002-41 S, <br>3.561%, <br>(-1.000\*<br>US0001M + <br>7.950%), <br>07/25/2032 | 595 | 0.0 |
| 974 | Fannie Mae <br>REMIC Trust <br>2002-64 FJ, <br>5.389%, <br>(US0001M + <br>1.000%), <br>04/25/2032 | 979 | 0.0 |
| 2083 | Fannie Mae <br>REMIC Trust <br>2002-68 FH, <br>4.839%, <br>(US0001M + <br>0.500%), <br>10/18/2032 | 2062 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 321149<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2002-77 JS, <br>3.661%, <br>(-1.000\*<br>US0001M + <br>8.000%), <br>12/18/2032 | $34381 | 0.0 |
| 8367 | Fannie Mae <br>REMIC Trust <br>2002-84 FB, <br>5.389%, <br>(US0001M + <br>1.000%), <br>12/25/2032 | 8434 | 0.0 |
| 8366 | Fannie Mae <br>REMIC Trust <br>2003-11 FA, <br>5.389%, <br>(US0001M + <br>1.000%), <br>09/25/2032 | 8433 | 0.0 |
| 1806 | Fannie Mae <br>REMIC Trust <br>2003-116 FA, <br>4.789%, <br>(US0001M + <br>0.400%), <br>11/25/2033 | 1786 | 0.0 |
| 11435<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2003-13 IO, <br>7.000%, <br>03/25/2033 | 2210 | 0.0 |
| 11196<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2003-26 IK, <br>7.000%, <br>04/25/2033 | 2116 | 0.0 |
| 213589<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2004-56 SE, <br>3.161%, <br>(-1.000\*<br>US0001M + <br>7.550%), <br>10/25/2033 | 22980 | 0.0 |
| 13155 | Fannie Mae <br>REMIC Trust <br>2005-25 PS, <br>8.850%, <br>(-4.400\*<br>US0001M + <br>28.160%), <br>04/25/2035 | 15962 | 0.0 |
| 5283<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2005-40 SB, <br>2.361%, <br>(-1.000\*<br>US0001M + <br>6.750%), <br>05/25/2035 | 261 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>87

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 3320 | Fannie Mae <br>REMIC Trust <br>2005-71 DB, <br>4.500%, <br>08/25/2025 | $3275 | 0.0 |
| 70696 | Fannie Mae <br>REMIC Trust <br>2005-74 DK, <br>6.445%, <br>(-4.000\*<br>US0001M + <br>24.000%), <br>07/25/2035 | 70942 | 0.1 |
| 182065 | Fannie Mae <br>REMIC Trust <br>2005-87 SB, <br>7.741%, <br>(-3.667\*<br>US0001M + <br>23.833%), <br>10/25/2035 | 193082 | 0.2 |
| 95298 | Fannie Mae <br>REMIC Trust <br>2006-104 ES, <br>11.507%, <br>(-5.000\*<br>US0001M + <br>33.450%), <br>11/25/2036 | 126902 | 0.1 |
| 7532 | Fannie Mae <br>REMIC Trust <br>2006-11 PS, <br>8.475%, <br>(-3.667\*<br>US0001M + <br>24.567%), <br>03/25/2036 | 8979 | 0.0 |
| 15957 | Fannie Mae <br>REMIC Trust <br>2006-46 SW, <br>8.108%, <br>(-3.667\*<br>US0001M + <br>24.199%), <br>06/25/2036 | 17364 | 0.0 |
| 3766473<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2006-51 SA, <br>2.181%, <br>(-1.000\*<br>US0001M + <br>6.570%), <br>06/25/2036 | 321665 | 0.3 |
| 32753<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2006-90 SX, <br>2.841%, <br>(-1.000\*<br>US0001M + <br>7.230%), <br>09/25/2036 | 2610 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 4045867<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2007-116 DI, <br>1.551%, <br>(-1.000\*<br>US0001M + <br>5.940%), <br>01/25/2038 | $326135 | 0.3 |
| 27386<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2007-88 XI, <br>2.151%, <br>(-1.000\*<br>US0001M + <br>6.540%), <br>06/25/2037 | 2527 | 0.0 |
| 260058<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2007-89 SB, <br>2.161%, <br>(-1.000\*<br>US0001M + <br>6.550%), <br>09/25/2037 | 19620 | 0.0 |
| 645924<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2007-94 SG, <br>2.061%, <br>(-1.000\*<br>US0001M + <br>6.450%), <br>10/25/2037 | 60916 | 0.1 |
| 248774 | Fannie Mae <br>REMIC Trust <br>2010-109 SN, <br>4.399%, <br>(-5.000\*<br>US0001M + <br>25.000%), <br>10/25/2040 | 275022 | 0.2 |
| 28701 | Fannie Mae <br>REMIC Trust <br>2010-155 PL, <br>5.000%, <br>07/25/2040 | 28689 | 0.0 |
| 1448020<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2011-55 SK, <br>2.171%, <br>(-1.000\*<br>US0001M + <br>6.560%), <br>06/25/2041 | 150691 | 0.1 |
| 1050633<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2011-86 NS, <br>1.561%, <br>(-1.000\*<br>US0001M + <br>5.950%), <br>09/25/2041 | 71561 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>88

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 262404<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2012-10 US, <br>2.061%, <br>(-1.000\*<br>US0001M + <br>6.450%), <br>02/25/2042 | $28687 | 0.0 |
| 433011<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2012-110 JI, <br>4.000%, <br>06/25/2042 | 60933 | 0.1 |
| 1304335<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2012-133 PS, <br>1.811%, <br>(-1.000\*<br>US0001M + <br>6.200%), <br>03/25/2042 | 78975 | 0.1 |
| 1145086<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2012-144 SB, <br>1.711%, <br>(-1.000\*<br>US0001M + <br>6.100%), <br>01/25/2043 | 123535 | 0.1 |
| 585486<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2012-27 SB, <br>1.591%, <br>(-1.000\*<br>US0001M + <br>5.980%), <br>11/25/2041 | 26321 | 0.0 |
| 662967<br><sup>(5)</sup> | Fannie Mae <br>REMIC Trust <br>2013-64 LI, <br>3.000%, <br>06/25/2033 | 60269 | 0.1 |
| 2316548<br><sup>(5)</sup> | Fannie Mae <br>REMICS <br>2012-138 DI, <br>3.000%, <br>12/25/2027 | 86075 | 0.1 |
| 9039057<br><sup>(5)</sup> | Fannie Mae <br>REMICS <br>2019-15 SA, <br>1.611%, <br>(-1.000\*<br>US0001M + <br>6.000%), <br>04/25/2049 | 910105 | 0.8 |
| 15034962<br><sup>(5)</sup> | Fannie Mae <br>REMICS <br>2021-4 IN, <br>2.500%, <br>02/25/2051 | 1971526 | 1.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 3387051<br><sup>(5)</sup> | Freddie Mac <br>3502 DL, <br>1.682%, <br>(-1.000\*<br>US0001M + <br>6.000%), <br>01/15/2039 | $291601 | 0.3 |
| 1804 | Freddie Mac <br>REMIC Trust <br>1674 Z, <br>6.750%, <br>02/15/2024 | 1807 | 0.0 |
| 9337 | Freddie Mac <br>REMIC Trust <br>1897 K, <br>7.000%, <br>09/15/2026 | 9454 | 0.0 |
| 3089<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>2035 PE, <br>7.000%, <br>03/15/2028 | 342 | 0.0 |
| 17526<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>2049 PL, <br>7.000%, <br>04/15/2028 | 2047 | 0.0 |
| 8903 | Freddie Mac <br>REMIC Trust <br>2122 F, <br>4.768%, <br>(US0001M + <br>0.450%), <br>02/15/2029 | 8825 | 0.0 |
| 20272<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>2134 SB, <br>3.382%, <br>(-1.000\*<br>US0001M + <br>7.700%), <br>03/15/2029 | 810 | 0.0 |
| 25704<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>2136 SG, <br>3.332%, <br>(-1.000\*<br>US0001M + <br>7.650%), <br>03/15/2029 | 1498 | 0.0 |
| 31805<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>2177 SB, <br>4.632%, <br>(-1.000\*<br>US0001M + <br>8.950%), <br>08/15/2029 | 2097 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>89

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 5010 | Freddie Mac <br>REMIC Trust <br>2344 FP, <br>5.268%, <br>(US0001M + <br>0.950%), <br>08/15/2031 | $5040 | 0.0 |
| 2091 | Freddie Mac <br>REMIC Trust <br>2412 GF, <br>5.268%, <br>(US0001M + <br>0.950%), <br>02/15/2032 | 2104 | 0.0 |
| 18381 | Freddie Mac <br>REMIC Trust <br>2415 ZA, <br>6.500%, <br>02/15/2032 | 19167 | 0.0 |
| 2796 | Freddie Mac <br>REMIC Trust <br>2464 FI, <br>5.318%, <br>(US0001M + <br>1.000%), <br>02/15/2032 | 2807 | 0.0 |
| 2867 | Freddie Mac <br>REMIC Trust <br>2470 LF, <br>5.318%, <br>(US0001M + <br>1.000%), <br>02/15/2032 | 2890 | 0.0 |
| 4063 | Freddie Mac <br>REMIC Trust <br>2471 FD, <br>5.318%, <br>(US0001M + <br>1.000%), <br>03/15/2032 | 4095 | 0.0 |
| 3303 | Freddie Mac <br>REMIC Trust <br>2504 FP, <br>4.818%, <br>(US0001M + <br>0.500%), <br>03/15/2032 | 3266 | 0.0 |
| 11100 | Freddie Mac <br>REMIC Trust <br>2551 LF, <br>4.818%, <br>(US0001M + <br>0.500%), <br>01/15/2033 | 11003 | 0.0 |
| 2667 | Freddie Mac <br>REMIC Trust <br>2676 KY, <br>5.000%, <br>09/15/2023 | 2657 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 146822 | Freddie Mac <br>REMIC Trust <br>2750 XG, <br>5.000%, <br>02/15/2034 | $147371 | 0.1 |
| 123037 | Freddie Mac <br>REMIC Trust <br>2890 PE, <br>5.000%, <br>11/15/2034 | 123306 | 0.1 |
| 26532 | Freddie Mac <br>REMIC Trust <br>3001 HT, <br>8.000%, <br>(-6.667\*<br>US0001M + <br>44.667%), <br>05/15/2035 | 27054 | 0.0 |
| 21439<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>3004 SB, <br>1.832%, <br>(-1.000\*<br>US0001M + <br>6.150%), <br>07/15/2035 | 811 | 0.0 |
| 5782 | Freddie Mac <br>REMIC Trust <br>3025 SJ, <br>8.918%, <br>(-3.667\*<br>US0001M + <br>24.750%), <br>08/15/2035 | 6964 | 0.0 |
| 442290<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>3223 S, <br>1.632%, <br>(-1.000\*<br>US0001M + <br>5.950%), <br>10/15/2036 | 29163 | 0.0 |
| 1026870<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>3505 SA, <br>1.682%, <br>(-1.000\*<br>US0001M + <br>6.000%), <br>01/15/2039 | 80143 | 0.1 |
| 1062029<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>3702 S, <br>0.132%, <br>(-1.000\*<br>US0001M + <br>4.450%), <br>05/15/2036 | 30270 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>90

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 458358<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>3925 SD, <br>1.732%, <br>(-1.000\*<br>US0001M + <br>6.050%), <br>07/15/2040 | $13501 | 0.0 |
| 505632<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>4136 SW, <br>1.932%, <br>(-1.000\*<br>US0001M + <br>6.250%), <br>11/15/2032 | 27816 | 0.0 |
| 310208<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>4161 CI, <br>4.000%, <br>02/15/2043 | 45457 | 0.0 |
| 4046211<br><sup>(5)</sup> | Freddie Mac <br>REMIC Trust <br>4194 GI, <br>4.000%, <br>04/15/2043 | 668231 | 0.6 |
| 6484787<br><sup>(5)</sup> | Freddie Mac <br>REMICS <br>3582 SL, <br>1.832%, <br>(-1.000\*<br>US0001M + <br>6.150%), <br>10/15/2039 | 581790 | 0.5 |
| 5763209<br><sup>(5)</sup> | Freddie Mac <br>REMICS <br>4976 MI, <br>4.500%, <br>05/25/2050 | 1264887 | 1.1 |
| 432898<br><sup>(5)</sup> | Freddie Mac <br>Series <br>4120 IK, <br>3.000%, <br>10/15/2032 | 37602 | 0.0 |
| 332645<br><sup>(1)</sup> | Freddie Mac <br>Stacr Remic <br>Trust <br>2020-HQA2 M2, <br>7.489%, <br>(US0001M + <br>3.100%), <br>03/25/2050 | 337495 | 0.3 |
| 500000<br><sup>(1)</sup> | Freddie Mac <br>STACR <br>REMIC Trust <br>2022-DNA1 M1B, <br>5.778%, <br>(SOFR30A + <br>1.850%), <br>01/25/2042 | 475165 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 600000<br><sup>(1)</sup> | Freddie Mac <br>STACR <br>REMIC Trust <br>2022-HQA1 M2, <br>9.178%, <br>(SOFR30A + <br>5.250%), <br>03/25/2042 | $584244 | 0.5 |
| 168985 | Ginnie Mae <br>Series <br>2007-8 SP, <br>7.935%, <br>(-3.242\*<br>US0001M + <br>22.049%), <br>03/20/2037 | 200555 | 0.2 |
| 769204<br><sup>(5)</sup> | Ginnie Mae <br>Series <br>2010-68 MS, <br>1.497%, <br>(-1.000\*<br>US0001M + <br>5.850%), <br>06/20/2040 | 65292 | 0.1 |
| 534964<br><sup>(5)</sup> | Ginnie Mae <br>Series <br>2012-97 SC, <br>2.374%, <br>(-1.000\*<br>US0001M + <br>6.700%), <br>07/16/2041 | 32576 | 0.0 |
| 7209352<br><sup>(5)</sup> | Ginnie Mae <br>Series <br>2014-133 BS, <br>1.247%, <br>(-1.000\*<br>US0001M + <br>5.600%), <br>09/20/2044 | 570555 | 0.5 |
| 92507 | GreenPoint <br>Mortgage <br>Funding <br>Trust <br>2006-AR3 4A1, <br>4.809%, <br>(US0001M + <br>0.210%), <br>04/25/2036 | 76989 | 0.1 |
| 12883<br><sup>(1</sup><br><sup>),(2)</sup> | GS Mortgage-<br>Backed <br>Securities <br>Corp. Trust <br>2019-PJ2 A1, <br>4.000%, <br>11/25/2049 | 12190 | 0.0 |
| 11559<br><sup>(1</sup><br><sup>),(2)</sup> | GS Mortgage-<br>Backed <br>Securities <br>Corp. Trust <br>2019-PJ3 A1, <br>3.500%, <br>03/25/2050 | 10732 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>91

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 469777<br><sup>(1</sup><br><sup>),(2)</sup> | GS Mortgage-<br>Backed <br>Securities <br>Corp. Trust <br>2020-PJ3 B1A, <br>3.420%, <br>10/25/2050 | $367321 | 0.3 |
| 187012<br><sup>(1</sup><br><sup>),(2)</sup> | GS Mortgage-<br>Backed <br>Securities <br>Trust <br>2022-PJ1 A4, <br>2.500%, <br>05/28/2052 | 143797 | 0.1 |
| 6736<br><sup>(2)</sup> | GSR Mortgage <br>Loan Trust <br>2005-AR6 1A4, <br>3.955%, <br>09/25/2035 | 6576 | 0.0 |
| 346467 | IndyMac INDX <br>Mortgage <br>Loan Trust <br>2006-AR2 1A1B, <br>4.809%, <br>(US0001M + <br>0.420%), <br>04/25/2046 | 285145 | 0.2 |
| 452433<br><sup>(2)</sup> | JP Morgan <br>Mortgage <br>Trust <br>2005-A4 B1, <br>3.703%, <br>07/25/2035 | 405914 | 0.4 |
| 28754<br><sup>(2)</sup> | JP Morgan <br>Mortgage <br>Trust <br>2007-A1 7A1, <br>3.569%, <br>07/25/2035 | 26894 | 0.0 |
| 252480<br><sup>(1</sup><br><sup>),(2)</sup> | JP Morgan <br>Mortgage <br>Trust <br>2017-3 B1, <br>3.752%, <br>08/25/2047 | 217967 | 0.2 |
| 186705<br><sup>(1</sup><br><sup>),(2)</sup> | JP Morgan <br>Mortgage <br>Trust <br>2019-8 A5, <br>3.500%, <br>03/25/2050 | 166428 | 0.1 |
| 41289<br><sup>(1</sup><br><sup>),(2)</sup> | JP Morgan <br>Mortgage <br>Trust <br>2019-INV3 A15, <br>3.500%, <br>05/25/2050 | 35183 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 3049<br><sup>(1</sup><br><sup>),(2)</sup> | JP Morgan <br>Mortgage <br>Trust <br>2019-LTV2 A18, <br>4.000%, <br>12/25/2049 | $3006 | 0.0 |
| 8409<br><sup>(1</sup><br><sup>),(2)</sup> | JP Morgan <br>Mortgage <br>Trust <br>2019-LTV3 A15, <br>3.500%, <br>03/25/2050 | 8146 | 0.0 |
| 138105 | Lehman XS <br>Trust Series <br>2005-5N 1A2, <br>4.749%, <br>(US0001M + <br>0.360%), <br>11/25/2035 | 129938 | 0.1 |
| 31561<br><sup>(2)</sup> | MASTR <br>Adjustable <br>Rate <br>Mortgages <br>Trust <br>2006-2 1A1, <br>2.869%, <br>04/25/2036 | 29072 | 0.0 |
| 160830<br><sup>(1</sup><br><sup>),(2)</sup> | Morgan <br>Stanley <br>Residential <br>Mortgage <br>Loan Trust <br>2021-2 A9, <br>2.500%, <br>05/25/2051 | 123665 | 0.1 |
| 1299023<br><sup>(2</sup><br><sup>),(5)</sup> | RALI Series <br>Trust <br>2006-QO1 X2, <br>0.336%, <br>02/25/2046 | 46695 | 0.0 |
| 6642<br><sup>(1</sup><br><sup>),(2)</sup> | Sequoia <br>Mortgage <br>Trust <br>2018-CH1 A19, <br>4.000%, <br>03/25/2048 | 6152 | 0.0 |
| 3179779<br><sup>(2</sup><br><sup>),(5)</sup> | WaMu <br>Mortgage <br>Pass-Through <br>Certificates <br>Series <br>2005-AR11 X, <br>0.004%, <br>08/25/2045 | 3776 | 0.0 |
| 22282<br><sup>(2)</sup> | WaMu <br>Mortgage <br>Pass-Through <br>Certificates <br>Series <br>2006-AR12 1A1, <br>3.801%, <br>10/25/2036 | 19931 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>92

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br>Amount† | Principal<br>Amount† |  | Value | Value | Percentage <br>of Net <br>Assets |
|  |  | **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  | 76616<br><sup>(2)</sup> | WaMu <br>Mortgage <br>Pass-Through <br>Certificates <br>Series <br>2006-AR8 1A4, <br>3.682%, <br>08/25/2046 | $| 67463 | 0.1 |
|  | 162467<br><sup>(2)</sup> | WaMu <br>Mortgage <br>Pass-Through <br>Certificates <br>Series <br>2007-HY2 1A1, <br>3.372%, <br>12/25/2036 |  | 143962 | 0.1 |
|  | 40659 | Wells Fargo <br>Alternative <br>Loan <br>2007-PA2 2A1, <br>4.819%, <br>(US0001M + <br>0.430%), <br>06/25/2037 |  | 32945 | 0.0 |
|  | 98321<br><sup>(1</sup><br><sup>),(2)</sup> | WinWater <br>Mortgage <br>Loan Trust <br>2015-5 B4, <br>3.756%, <br>08/20/2045 |  | 84360 | 0.1 |
|  |  | Total <br>Collateralized <br>Mortgage <br>Obligations<br>(Cost <br>$18,325,940) |  | **14378875** | **12.0** |
| **SOVEREIGN BONDS: 15.0%** | **SOVEREIGN BONDS: 15.0%** |  |  |  |  |
|  |  | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** |
| AUD | 558000<br><sup>(1)</sup> | Queensland <br>Treasury Corp., <br>1.750%, <br>07/20/2034 |  | **275354** | **0.2** |
|  |  | **Brazil: 0.7%** | **Brazil: 0.7%** | **Brazil: 0.7%** | **Brazil: 0.7%** |
| BRL | 520000 | Brazil Notas <br>do Tesouro <br>Nacional <br>Series F, <br>10.000%, <br>01/01/2027 |  | **905264** | **0.7** |
|  |  | **Canada: 0.3%** | **Canada: 0.3%** | **Canada: 0.3%** | **Canada: 0.3%** |
| CAD | 575000 | Canadian <br>Government <br>Bond, 2.000%, <br>12/01/2051 |  | **322862** | **0.3** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† | Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  |  | **China: 8.7%** | **China: 8.7%** | **China: 8.7%** |
| CNY | 4120000 | China <br>Government <br>Bond, 2.690%, <br>08/15/2032 | $583557 | 0.5 |
| CNY | 13660000 | China <br>Government <br>Bond, 2.850%, <br>06/04/2027 | 1979750 | 1.7 |
| CNY | 6880000 | China <br>Government <br>Bond, 3.250%, <br>06/06/2026 | 1012836 | 0.8 |
| CNY | 29640000 | China <br>Government <br>Bond, 3.250%, <br>11/22/2028 | 4386251 | 3.7 |
| CNY | 12880000 | China <br>Government <br>Bond, 3.290%, <br>05/23/2029 | 1916785 | 1.6 |
| CNY | 1270000 | China <br>Government <br>Bond, 3.320%, <br>04/15/2052 | 186524 | 0.2 |
| CNY | 1780000 | China <br>Government <br>Bond, 4.080%, <br>10/22/2048 | 293742 | 0.2 |
|  |  |  | **10359445** | **8.7** |
|  |  | **Germany: 0.3%** | **Germany: 0.3%** | **Germany: 0.3%** |
| EUR | 30000 | Bundesrepublik <br>Deutschland <br>Bundesanleihe, <br>0.500%, <br>02/15/2028 | 29108 | 0.0 |
| EUR | 200000 | Bundesrepublik <br>Deutschland <br>Bundesanleihe, <br>1.250%, <br>08/15/2048 | 166734 | 0.2 |
| EUR | 10000 | Bundesrepublik <br>Deutschland <br>Bundesanleihe, <br>2.000%, <br>08/15/2023 | 10708 | 0.0 |
| EUR | 120000 | Bundesrepublik <br>Deutschland <br>Bundesanleihe, <br>2.460%, <br>08/15/2026 | 117643 | 0.1 |
|  |  |  | **324193** | **0.3** |
|  |  | **Indonesia: 0.4%** | **Indonesia: 0.4%** | **Indonesia: 0.4%** |
| IDR | 6452000000 | Indonesia <br>Treasury <br>Bond, 8.375%, <br>04/15/2039 | **459443** | **0.4** |

---

See Accompanying Notes to Financial Statements<br>93

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† | Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  |  | **Italy: 0.3%** | **Italy: 0.3%** | **Italy: 0.3%** |
| EUR | 438000<br><sup>(1)</sup> | Italy Buoni <br>Poliennali <br>Del Tesoro, <br>3.850%, <br>09/01/2049 | $**410774** | **0.3** |
|  |  | **Malaysia: 1.4%** | **Malaysia: 1.4%** | **Malaysia: 1.4%** |
| MYR | 7864000 | Malaysia <br>Government <br>Bond, 3.828%, <br>07/05/2034 | **1729893** | **1.4** |
|  |  | **Mexico: 0.9%** | **Mexico: 0.9%** | **Mexico: 0.9%** |
| MXN | 21600000 | Mexican Bonos, <br>7.750%, <br>05/29/2031 | **1026589** | **0.9** |
|  |  | **Spain: 1.4%** | **Spain: 1.4%** | **Spain: 1.4%** |
| EUR | 870000<br><sup>(1)</sup> | Spain <br>Government <br>Bond, 1.450%, <br>04/30/2029 | 839827 | 0.7 |
| EUR | 908000<br><sup>(1)</sup> | Spain <br>Government <br>Bond, 2.700%, <br>10/31/2048 | 795046 | 0.7 |
|  |  |  | **1634873** | **1.4** |
|  |  | **Thailand: 0.4%** | **Thailand: 0.4%** | **Thailand: 0.4%** |
| THB | 17994000 | Thailand <br>Government <br>Bond, <br>2.875%, <br>12/17/2028 | **543154** | **0.4** |
|  |  | Total <br>Sovereign <br>Bonds<br>(Cost <br>$19,104,930) | **17991844** | **15.0** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 15.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 15.5%** |  |  |  |
|  |  | **Federal Home Loan Mortgage <br>Corporation: 0.5%<sup>(6)</sup>** |  |  |
|  | 318979 | 3.500%,<br>01/01/2048 | 296206 | 0.3 |
|  | 59134 | 4.000%,<br>09/01/2045 | 56759 | 0.1 |
|  | 47295 | 4.000%,<br>09/01/2045 | 45396 | 0.0 |
|  | 34793 | 4.000%,<br>09/01/2045 | 33396 | 0.0 |
|  | 29712 | 4.000%,<br>09/01/2045 | 28519 | 0.0 |
|  | 49409 | 4.000%,<br>05/01/2046 | 47415 | 0.1 |
|  | 2421 | 5.000%,<br>12/01/2034 | 2426 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 9347 | 6.000%,<br>02/01/2034 | $9620 | 0.0 |
| 1241 | 6.500%,<br>08/01/2032 | 1291 | 0.0 |
| 2045 | 6.500%,<br>07/01/2034 | 2099 | 0.0 |
| 5219 | 6.500%,<br>07/01/2034 | 5361 | 0.0 |
|  |  | **528488** | **0.5** |
|  | **Federal National Mortgage <br>Association: 0.0%<sup>(6)</sup>** |  |  |
| 40060 | 3.108%, <br>(US0012M + <br>1.777%),<br>10/01/2036 | **40699** | **0.0** |
|  | **Government National <br>Mortgage Association: 3.5%** |  |  |
| 1895129 | 2.500%,<br>05/20/2051 | 1649749 | 1.4 |
| 2805000<br><sup>(7)</sup> | 3.000%,<br>01/15/2053 | 2498275 | 2.1 |
| 16388 | 5.000%,<br>04/15/2034 | 16666 | 0.0 |
| 36000<br><sup>(7)</sup> | 5.000%,<br>01/15/2053 | 35678 | 0.0 |
| 6968 | 6.500%,<br>02/20/2035 | 7152 | 0.0 |
|  |  | **4207520** | **3.5** |
|  | **Uniform Mortgage-Backed <br>Securities: 11.5%** |  |  |
| 3615000<br><sup>(7)</sup> | 2.000%,<br>01/15/2053 | 2942353 | 2.5 |
| 22391 | 2.500%,<br>06/01/2030 | 21019 | 0.0 |
| 29300 | 2.500%,<br>06/01/2030 | 27505 | 0.0 |
| 13154 | 2.500%,<br>07/01/2030 | 12348 | 0.0 |
| 2973000<br><sup>(7)</sup> | 2.500%,<br>01/15/2053 | 2518081 | 2.1 |
| 938000<br><sup>(7)</sup> | 3.000%,<br>01/15/2053 | 823412 | 0.7 |
| 2886000<br><sup>(7)</sup> | 3.500%,<br>01/15/2053 | 2622264 | 2.2 |
| 31505 | 4.000%,<br>05/01/2045 | 30206 | 0.0 |
| 600505 | 4.000%,<br>04/01/2049 | 572806 | 0.5 |
| 2465000<br><sup>(7)</sup> | 4.000%,<br>01/15/2053 | 2312102 | 2.0 |
| 1765000<br><sup>(7)</sup> | 4.500%,<br>01/15/2053 | 1698934 | 1.4 |
| 2814 | 5.500%,<br>09/01/2024 | 2824 | 0.0 |
| 31713 | 6.000%,<br>11/01/2034 | 32832 | 0.0 |
| 54156 | 6.000%,<br>04/01/2035 | 56067 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>94

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage <br>of Net <br>Assets |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** |  |  |  |
| 20603 | 6.500%,<br>12/01/2029 | $| 21141 | 0.0 |
| 9595 | 6.500%,<br>01/01/2034 |  | 9848 | 0.0 |
| 75 | 7.000%,<br>04/01/2033 |  | 75 | 0.0 |
| 8109 | 7.500%,<br>09/01/2032 |  | 8519 | 0.0 |
| 17533 | 7.500%,<br>01/01/2033 |  | 18199 | 0.0 |
|  |  |  | **13730535** | **11.5** |
|  | Total U.S. <br>Government <br>Agency <br>Obligations<br>(Cost <br>$19,253,377) |  | **18507242** | **15.5** |
| **U.S. TREASURY OBLIGATIONS: 4.9%** |  |  |  |  |
|  | **U.S. Treasury Bonds: 0.7%** | **U.S. Treasury Bonds: 0.7%** | **U.S. Treasury Bonds: 0.7%** | **U.S. Treasury Bonds: 0.7%** |
| 537400 | 3.000%,<br>08/15/2052 |  | 442935 | 0.4 |
| 25200 | 3.250%,<br>05/15/2042 |  | 22105 | 0.0 |
| 362000<br><sup>(4)</sup> | 4.000%,<br>11/15/2042 |  | 354534 | 0.3 |
|  |  |  | **819574** | **0.7** |
|  | **U.S. Treasury Notes: 4.2%** | **U.S. Treasury Notes: 4.2%** | **U.S. Treasury Notes: 4.2%** | **U.S. Treasury Notes: 4.2%** |
| 64400 | 2.750%,<br>08/15/2032 |  | 58654 | 0.0 |
| 516800<br><sup>(4)</sup> | 3.875%,<br>11/30/2027 |  | 514054 | 0.4 |
| 1935000 | 3.875%,<br>12/31/2027 |  | 1924116 | 1.6 |
| 103200 | 3.875%,<br>11/30/2029 |  | 102531 | 0.1 |
| 251000 | 3.875%,<br>12/31/2029 |  | 249804 | 0.2 |
| 918000 | 4.000%,<br>12/15/2025 |  | 912262 | 0.8 |
| 1014100 | 4.125%,<br>11/15/2032 |  | 1035095 | 0.9 |
| 186000 | 4.250%,<br>12/31/2024 |  | 185368 | 0.2 |
|  |  |  | **4981884** | **4.2** |
|  | Total U.S. <br>Treasury <br>Obligations<br>(Cost <br>$5,880,016) |  | **5801458** | **4.9** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.4%** |  |  |  |  |
|  | **United States: 7.4%** | **United States: 7.4%** | **United States: 7.4%** | **United States: 7.4%** |
| 5783502<br><sup>(2</sup><br><sup>),(5)</sup> | BANK <br>2017-BNK5 <br>XA, 0.946%, <br>06/15/2060 |  | 178239 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 900000<br><sup>(1</sup><br><sup>),(2)</sup> | BANK <br>2017-BNK6 E, <br>2.628%, <br>07/15/2060 | $517067 | 0.4 |
| 1948000<br><sup>(1</sup><br><sup>),(2),(5)</sup> | BANK <br>2017-BNK6 <br>XE, 1.500%, <br>07/15/2060 | 107096 | 0.1 |
| 958905<br><sup>(2</sup><br><sup>),(5)</sup> | BANK <br>2019-BNK16 <br>XA, 0.941%, <br>02/15/2052 | 40279 | 0.0 |
| 8998020<br><sup>(2</sup><br><sup>),(5)</sup> | BANK <br>2019-BNK21 <br>XA, 0.845%, <br>10/17/2052 | 374751 | 0.3 |
| 8020000<br><sup>(1</sup><br><sup>),(2),(5)</sup> | BBCCRE <br>Trust <br>2015-GTP <br>XA, 0.597%, <br>08/10/2033 | 114297 | 0.1 |
| 210000<br><sup>(1)</sup> | Benchmark <br>2019-B9 D <br>Mortgage <br>Trust, <br>3.000%, <br>03/15/2052 | 139957 | 0.1 |
| 1179510<br><sup>(2</sup><br><sup>),(5)</sup> | Benchmark <br>2019-B9 XA <br>Mortgage <br>Trust, <br>1.031%, <br>03/15/2052 | 55661 | 0.0 |
| 2977640<br><sup>(2</sup><br><sup>),(5)</sup> | Benchmark <br>2020-B18 XA <br>Mortgage <br>Trust, <br>1.789%, <br>07/15/2053 | 231286 | 0.2 |
| 1540233<br><sup>(2</sup><br><sup>),(5)</sup> | CD 2016-CD1 <br>Mortgage <br>Trust XA, <br>1.367%, <br>08/10/2049 | 53787 | 0.0 |
| 7900000<br><sup>(2</sup><br><sup>),(5)</sup> | Citigroup <br>Commercial <br>Mortgage <br>Trust <br>2016-C2 XB, <br>0.834%, <br>08/10/2049 | 205514 | 0.2 |
| 2707744<br><sup>(2</sup><br><sup>),(5)</sup> | Citigroup <br>Commercial <br>Mortgage <br>Trust <br>2017-C4 XA, <br>1.040%, <br>10/12/2050 | 99316 | 0.1 |
| 8056552<br><sup>(1</sup><br><sup>),(2),(5)</sup> | COMM <br>2012-LTRT <br>XA, 0.787%, <br>10/05/2030 | 107446 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>95

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 110000<br><sup>(1</sup><br><sup>),(2)</sup> | COMM <br>2013-CR10 E <br>Mortgage <br>Trust, 4.869%, <br>08/10/2046 | $101659 | 0.1 |
| 10121750<br><sup>(2</sup><br><sup>),(5)</sup> | COMM <br>2014-CR16 <br>XA, 0.938%, <br>04/10/2047 | 83452 | 0.1 |
| 3611784<br><sup>(2</sup><br><sup>),(5)</sup> | COMM <br>2016-CR28 <br>XA, 0.631%, <br>02/10/2049 | 59111 | 0.0 |
| 500000 | CSAIL <br>Commercial <br>Mortgage <br>Trust <br>2021-C20 A3, <br>2.805%, <br>03/15/2054 | 417337 | 0.3 |
| 290000<br><sup>(1</sup><br><sup>),(2)</sup> | DBJPM 16-C3 <br>Mortgage <br>Trust, 3.473%, <br>08/10/2049 | 209740 | 0.2 |
| 14778<br><sup>(1</sup><br><sup>),(3)</sup> | DBUBS <br>2011-LC2A F <br>Mortgage <br>Trust, 4.000%, <br>(US0001M + <br>3.650%), <br>07/10/2044 | 14711 | 0.0 |
| 7000000<br><sup>(2</sup><br><sup>),(5)</sup> | Freddie Mac <br>Multifamily <br>Structured <br>Pass <br>Through <br>Certificates <br>K035 X3, <br>1.788%, <br>12/25/2041 | 74423 | 0.1 |
| 4076383<br><sup>(2</sup><br><sup>),(5)</sup> | Freddie Mac <br>Multifamily <br>Structured <br>Pass <br>Through <br>Certificates <br>K122 X1, <br>0.882%, <br>11/25/2030 | 212288 | 0.2 |
| 2055110<br><sup>(2</sup><br><sup>),(5)</sup> | Freddie Mac <br>Multifamily <br>Structured <br>Pass <br>Through <br>Certificates <br>K-1517 X1, <br>1.324%, <br>07/25/2035 | 214667 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 2109000<br><sup>(2</sup><br><sup>),(5)</sup> | Freddie Mac <br>Multifamily <br>Structured <br>Pass <br>Through <br>Certificates <br>KL06 XFX, <br>1.364%, <br>12/25/2029 | $149489 | 0.1 |
| 171000<br><sup>(1</sup><br><sup>),(2)</sup> | GAM <br>RE-REMIC TR <br>2021-FFR2 <br>BK78, 2.430%, <br>09/27/2051 | 118269 | 0.1 |
| 130000<br><sup>(1</sup><br><sup>),(8)</sup> | GAM <br>RE-REMIC TR <br>2021-FFR2 <br>C730, 0.000%, <br>09/27/2051 | 106388 | 0.1 |
| 159000<br><sup>(1</sup><br><sup>),(8)</sup> | GAM <br>RE-REMIC TR <br>2021-FFR2 <br>CK44, 0.000%, <br>09/27/2051 | 128959 | 0.1 |
| 129000<br><sup>(1</sup><br><sup>),(2)</sup> | GAM <br>RE-REMIC TR <br>2021-FFR2 <br>CK49, 1.040%, <br>09/27/2051 | 103113 | 0.1 |
| 109000<br><sup>(1</sup><br><sup>),(8)</sup> | GAM <br>RE-REMIC TR <br>2021-FFR2 <br>CK78, 0.000%, <br>09/27/2051 | 59505 | 0.1 |
| 130000<br><sup>(1</sup><br><sup>),(8)</sup> | GAM <br>RE-REMIC TR <br>2021-FFR2 <br>D730, 0.000%, <br>09/27/2051 | 103899 | 0.1 |
| 129000<br><sup>(1</sup><br><sup>),(8)</sup> | GAM <br>RE-REMIC TR <br>2021-FFR2 <br>DK49, 0.000%, <br>09/27/2051 | 97952 | 0.1 |
| 238000<br><sup>(1</sup><br><sup>),(2),(5)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>BK47, 2.030%, <br>11/27/2050 | 168355 | 0.1 |
| 163000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>BK61, 1.290%, <br>01/29/2052 | 112161 | 0.1 |
| 176000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>BK89, 2.000%, <br>01/27/2052 | 98418 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>96

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PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 92000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>C728, 0.600%, <br>08/27/2050 | $77845 | 0.1 |
| 95000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>CK47, 0.920%, <br>05/27/2048 | 75300 | 0.1 |
| 113000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>CK61, 1.570%, <br>11/27/2049 | 74014 | 0.1 |
| 80000<br><sup>(1</sup><br><sup>),(2),(5)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>CK71, 1.410%, <br>01/29/2052 | 51636 | 0.0 |
| 92000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>CK89, 2.260%, <br>01/27/2052 | 47785 | 0.0 |
| 92000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>D728, 0.690%, <br>01/29/2052 | 75314 | 0.1 |
| 125000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>DK27, 0.030%, <br>12/27/2045 | 124111 | 0.1 |
| 75000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>DK41, 0.770%, <br>10/27/2047 | 62010 | 0.1 |
| 95000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>DK47, 1.000%, <br>05/27/2048 | 73657 | 0.1 |
| 31000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>EK27, 0.040%, <br>12/27/2045 | 30749 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 49000<br><sup>(1</sup><br><sup>),(9)</sup> | GAM <br>Resecuritization <br>Trust <br>2022-FRR3 <br>EK41, 0.700%, <br>01/29/2052 | $39986 | 0.0 |
| 3591451<br><sup>(2</sup><br><sup>),(5)</sup> | GS Mortgage <br>Securities <br>Trust <br>2013-GC16 <br>XA, 0.994%, <br>11/10/2046 | 15895 | 0.0 |
| 2234837<br><sup>(2</sup><br><sup>),(5)</sup> | GS Mortgage <br>Securities <br>Trust <br>2017-GS6 <br>XA, 1.013%, <br>05/10/2050 | 78769 | 0.1 |
| 410000<br><sup>(1</sup><br><sup>),(2)</sup> | GS Mortgage <br>Securities <br>Trust <br>2019-GC40 <br>DBD, 3.550%, <br>07/10/2052 | 396358 | 0.3 |
| 310000<br><sup>(1</sup><br><sup>),(2)</sup> | GS Mortgage <br>Securities <br>Trust <br>2019-GC40 <br>DBE, 3.550%, <br>07/10/2052 | 298887 | 0.3 |
| 5111658<br><sup>(2</sup><br><sup>),(5)</sup> | GS Mortgage <br>Securities <br>Trust <br>2019-GC42 <br>XA, 0.805%, <br>09/01/2052 | 198184 | 0.2 |
| 860384<br><sup>(2</sup><br><sup>),(5)</sup> | GS Mortgage <br>Securities <br>Trust <br>2020-GC47 <br>XA, 1.129%, <br>05/12/2053 | 52771 | 0.0 |
| 2260637<br><sup>(1</sup><br><sup>),(2),(5)</sup> | LSTAR <br>Commercial <br>Mortgage <br>Trust 2017-5 X, <br>0.792%, <br>03/10/2050 | 46580 | 0.0 |
| 870000<br><sup>(1</sup><br><sup>),(2)</sup> | Morgan <br>Stanley <br>Bank of <br>America <br>Merrill Lynch <br>Trust <br>2012-C6 E, <br>4.523%, <br>11/15/2045 | 717208 | 0.6 |

---

See Accompanying Notes to Financial Statements<br>97

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PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 18750000<br><sup>(1</sup><br><sup>),(2),(5)</sup> | Morgan <br>Stanley <br>Bank of <br>America <br>Merrill Lynch <br>Trust <br>2014 C19 XB, <br>0.429%, <br>12/15/2047 | $154009 | 0.1 |
| 1704442<br><sup>(2</sup><br><sup>),(5)</sup> | Morgan <br>Stanley <br>Capital I <br>Trust <br>2021-L5 XA, <br>1.296%, <br>05/15/2054 | 118419 | 0.1 |
| 90000<br><sup>(1)</sup> | RFM Reremic <br>Trust <br>2022-FRR1 <br>AB55, 1.120%, <br>03/28/2049 | 67040 | 0.1 |
| 80000<br><sup>(1</sup><br><sup>),(2)</sup> | RFM Reremic <br>Trust <br>2022-FRR1 <br>AB60, 2.470%, <br>11/08/2049 | 62575 | 0.1 |
| 110000<br><sup>(1</sup><br><sup>),(2)</sup> | RFM Reremic <br>Trust <br>2022-FRR1 <br>AB64, 2.314%, <br>03/01/2050 | 83797 | 0.1 |
| 30000<br><sup>(1</sup><br><sup>),(8)</sup> | RFM Reremic <br>Trust <br>2022-FRR1 <br>CK55, 0.000%, <br>03/28/2049 | 21209 | 0.0 |
| 30000<br><sup>(1</sup><br><sup>),(8)</sup> | RFM Reremic <br>Trust <br>2022-FRR1 <br>CK60, 0.000%, <br>11/08/2049 | 19643 | 0.0 |
| 30000<br><sup>(1</sup><br><sup>),(8)</sup> | RFM Reremic <br>Trust <br>2022-FRR1 <br>CK64, 0.000%, <br>03/01/2050 | 19206 | 0.0 |
| 6239288<br><sup>(2</sup><br><sup>),(5)</sup> | UBS <br>Commercial <br>Mortgage <br>Trust <br>2018-C9 XA, <br>0.928%, <br>03/15/2051 | 240193 | 0.2 |
| 550000<br><sup>(1</sup><br><sup>),(2)</sup> | WFRBS <br>Commercial <br>Mortgage <br>Trust <br>2013-C11 F, <br>4.248%, <br>03/15/2045 | 444506 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage <br>of Net <br>Assets |
| 250000<br><sup>(1</sup><br><sup>),(2)</sup> | WFRBS <br>Commercial <br>Mortgage <br>Trust <br>2013-C14 D, <br>3.957%, <br>06/15/2046 | $| 159952 | 0.1 |
| 6234058<br><sup>(2</sup><br><sup>),(5)</sup> | WFRBS <br>Commercial <br>Mortgage <br>Trust <br>2014-C19 XA, <br>0.963%, <br>03/15/2047 |  | 49038 | 0.0 |
|  | Total <br>Commercial <br>Mortgage-<br>Backed <br>Securities<br>(Cost <br>$9,876,266) |  | **8835238** | **7.4** |
| **ASSET-BACKED SECURITIES: 8.2%** |  |  |  |  |
|  | **United States: 8.2%** | **United States: 8.2%** | **United States: 8.2%** | **United States: 8.2%** |
| 700000<br><sup>(1)</sup> | AGL CLO 11 <br>Ltd. 2021-11A <br>AJ, 5.429%, <br>(US0003M + <br>1.350%), <br>04/15/2034 |  | 664522 | 0.6 |
| 600000<br><sup>(1)</sup> | Allegro CLO IV <br>Ltd. 2016-1A <br>CR2, 6.079%, <br>(US0003M + <br>2.000%), <br>01/15/2030 |  | 576760 | 0.5 |
| 500000<br><sup>(1)</sup> | AMMC CLO 16 <br>Ltd. 2015-16A <br>CR2, 5.961%, <br>(US0003M + <br>1.950%), <br>04/14/2029 |  | 487776 | 0.4 |
| 350000<br><sup>(1)</sup> | Ares XXVIIIR <br>CLO Ltd. <br>2018-28RA <br>A2, 5.479%, <br>(US0003M + <br>1.400%), <br>10/17/2030 |  | 336569 | 0.3 |
| 500000<br><sup>(1)</sup> | Barings Clo Ltd. <br>2019-4A C, <br>6.879%, <br>(US0003M + <br>2.800%), <br>01/15/2033 |  | 487367 | 0.4 |
| 412500<br><sup>(1)</sup> | BlueMountain <br>CLO 2013-2A <br>CR, 6.275%, <br>(US0003M + <br>1.950%), <br>10/22/2030 |  | 386145 | 0.3 |

---

See Accompanying Notes to Financial Statements<br>98

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PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 250000<br><sup>(1)</sup> | BlueMountain <br>CLO Ltd. <br>2021-28A C, <br>6.079%, <br>(US0003M + <br>2.000%), <br>04/15/2034 | $232193 | 0.2 |
| 250000<br><sup>(1)</sup> | BlueMountain <br>CLO XXXI <br>Ltd. 2021-31A <br>A2, 5.627%, <br>(US0003M + <br>1.400%), <br>04/19/2034 | 239176 | 0.2 |
| 500000<br><sup>(1)</sup> | Carlyle Global <br>Market <br>Strategies <br>CLO 2016-1 <br>Ltd. 2016-1A <br>A1R2, 5.383%, <br>(US0003M + <br>1.140%), <br>04/20/2034 | 487678 | 0.4 |
| 250000<br><sup>(1)</sup> | Carlyle US Clo <br>2017-2A <br>CR Ltd., <br>5.643%, <br>(US0003M + <br>1.400%), <br>07/20/2031 | 244000 | 0.2 |
| 250000<br><sup>(1)</sup> | Cedar Funding <br>VIII Clo Ltd. <br>2017-8A <br>A2R, 5.529%, <br>(US0003M + <br>1.450%), <br>10/17/2034 | 237445 | 0.2 |
| 400000<br><sup>(1)</sup> | CIFC Funding <br>2013-IA BR <br>Ltd., 6.479%, <br>(US0003M + <br>2.400%), <br>07/16/2030 | 383390 | 0.3 |
| 500000<br><sup>(1)</sup> | CIFC Funding <br>2020-2A AR <br>Ltd., 5.413%, <br>(US0003M + <br>1.170%), <br>10/20/2034 | 488775 | 0.4 |
| 218190<br><sup>(2)</sup> | Citigroup <br>Mortgage <br>Loan Trust <br>2006-WF1 <br>A2E, 4.643%, <br>03/25/2036 | 105451 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 500000<br><sup>(1)</sup> | Galaxy XV <br>CLO Ltd. <br>2013-15A <br>CRR, 5.929%, <br>(US0003M + <br>1.850%), <br>10/15/2030 | $475321 | 0.4 |
| 400000<br><sup>(1)</sup> | Galaxy XXI <br>CLO Ltd. <br>2015-21A <br>CR, 5.993%, <br>(US0003M + <br>1.750%), <br>04/20/2031 | 373156 | 0.3 |
| 250000<br><sup>(1)</sup> | Madison Park <br>Funding <br>XXVII Ltd. <br>2018-27A B, <br>6.043%, <br>(US0003M + <br>1.800%), <br>04/20/2030 | 237605 | 0.2 |
| 400000<br><sup>(1)</sup> | Madison Park <br>Funding <br>XXXI Ltd. <br>2018-31A C, <br>6.475%, <br>(US0003M + <br>2.150%), <br>01/23/2031 | 380556 | 0.3 |
| 250000<br><sup>(1)</sup> | Marble Point <br>CLO XIV Ltd. <br>2018-2A A1R, <br>5.523%, <br>(US0003M + <br>1.280%), <br>01/20/2032 | 244633 | 0.2 |
| 200000<br><sup>(1</sup><br><sup>),(2)</sup> | Mill City <br>Mortgage <br>Loan Trust <br>2017-2 M2, <br>3.250%, <br>07/25/2059 | 182680 | 0.2 |
| 250000<br><sup>(1)</sup> | Oak Hill <br>Credit <br>Partners <br>2021-8A C, <br>6.094%, <br>(US0003M + <br>1.900%), <br>01/18/2034 | 235930 | 0.2 |
| 500000<br><sup>(1)</sup> | OCP CLO <br>2014-5 A <br>BR Ltd., <br>6.127%, <br>(US0003M + <br>1.800%), <br>04/26/2031 | 458203 | 0.4 |

---

See Accompanying Notes to Financial Statements<br>99

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PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 550000<br><sup>(1)</sup> | Octagon <br>Investment <br>Partners 31 <br>Ltd. 2017-1A <br>CR, 6.293%, <br>(US0003M + <br>2.050%), <br>07/20/2030 | $525359 | 0.4 |
| 350000<br><sup>(1)</sup> | Octagon <br>Investment <br>Partners 32 <br>Ltd. 2017-1A <br>A2R, 5.279%, <br>(US0003M + <br>1.200%), <br>07/15/2029 | 336822 | 0.3 |
| 440000<br><sup>(1)</sup> | Shackleton <br>2019-15A CR <br>CLO Ltd., <br>6.229%, <br>(US0003M + <br>2.150%), <br>01/15/2032 | 417080 | 0.3 |
| 400000<br><sup>(1)</sup> | Sound Point <br>Clo XV Ltd. <br>2017-1A CR, <br>6.375%, <br>(US0003M + <br>2.050%), <br>01/23/2029 | 381905 | 0.3 |
| 250000<br><sup>(1)</sup> | THL Credit <br>Wind River <br>2013-2A CR <br>CLO Ltd., <br>6.194%, <br>(US0003M + <br>2.000%), <br>10/18/2030 | 233812 | 0.2 |
|  | Total Asset-<br>Backed <br>Securities<br>(Cost <br>$10,310,216) | **9840309** | **8.2** |
| Shares |  | Value | Percentage <br>of Net <br>Assets |
| **COMMON STOCK: 0.1%** |  |  |  |
|  | **United States: 0.1%** | **United States: 0.1%** | **United States: 0.1%** |
| 2149<br><sup>(3</sup><br><sup>),(4),(10)</sup> | American <br>Media, Inc. | $— |  |
| 18<br><sup>(10)</sup> | Ingevity Corp. | 1268 | 0.0 |
| 4988<br><sup>(10)</sup> | Resolute <br>Forest <br>Products, Inc. | 107691 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage <br>of Net <br>Assets |
| 120 | WestRock Co. | $4219 | 0.0 |
|  | Total Common <br>Stock<br>(Cost <br>$131,025) | **113178** | **0.1** |
| **MUTUAL FUNDS: 9.5%** |  |  |  |
|  | **United States: 9.5%** | **United States: 9.5%** | **United States: 9.5%** |
| 414306 | Voya Emerging <br>Markets <br>Hard <br>Currency <br>Debt Fund - <br>Class P | 3049289 | 2.6 |
| 714619 | Voya High <br>Yield Bond <br>Fund - <br>Class P | 4695049 | 3.9 |
| 435869 | Voya VACS <br>Series EMCD <br>Fund | 3578481 | 3.0 |
|  | Total Mutual <br>Funds<br>(Cost <br>$13,692,757) | **11322819** | **9.5** |
| **PURCHASED OPTIONS<sup>(11)</sup>: 0.0%** |  |  |  |
|  | Total <br>Purchased <br>Options<br>(Cost <br>$110,738) | **56860** | **0.0** |
|  | Total <br>Long-Term <br>Investments<br>(Cost <br>$122,374,538) | **110074532** | **92.0** |
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| **SHORT-TERM INVESTMENTS: 19.5%** |  |  |  |
|  | **Commercial Paper: 8.3%** | **Commercial Paper: 8.3%** | **Commercial Paper: 8.3%** |
| 1261000 | American <br>Electric <br>Power Co., <br>Inc., 5.770%, <br>01/04/2023 | $1260203 | 1.1 |
| 1200000 | BASF SE, <br>5.830%, <br>01/03/2023 | 1199425 | 1.0 |

---

See Accompanying Notes to Financial Statements<br>100

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PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage <br>of Net <br>Assets |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** |
| 1180000 | Concord <br>Minutemen <br>Capital Co., <br>5.880%, <br>01/03/2023 | $ | 1179430 | 1.0 |
| 1200000 | Consolidated <br>Edison Inc., <br>6.150%, <br>01/03/2023 |  | 1199394 | 1.0 |
| 1200000 | Duke Energy <br>Corporation <br>DUKENE, <br>6.120%, <br>01/03/2023 |  | 1199397 | 1.0 |
| 1200000 | Duke Energy <br>DUKESG, <br>6.120%, <br>01/03/2023 |  | 1199397 | 1.0 |
| 1500000 | Enterprise <br>Products <br>Operating <br>LLC, 6.150%, <br>01/03/2023 |  | 1499243 | 1.2 |
| 1200000 | Fiserv, Inc., <br>4.940%, <br>01/30/2023 |  | 1195148 | 1.0 |
|  | Total <br>Commercial <br>Paper <br>(Cost <br>$9,933,977) |  | **9931637** | **8.3** |
|  | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** |
| 1000000<br><sup>(12)</sup> | National Bank <br>Financial, <br>Repurchase <br>Agreement <br>dated <br>12/30/22, <br>4.34%, <br>due 01/03/23 <br>(Repurchase <br>Amount <br>$1,000,476, <br>collateralized <br>by various <br>U.S. <br>Government <br>Securities, <br>0.000%-<br>4.435%, <br>Market Value <br>plus accrued <br>interest <br>$1,020,000, <br>due 01/03/23-<br>09/09/49) |  | 1000000 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| 684277<br><sup>(12)</sup> | RBC Dominion <br>Securities Inc., <br>Repurchase <br>Agreement <br>dated <br>12/30/22, <br>4.30%, <br>due 01/03/23 <br>(Repurchase <br>Amount <br>$684,599, <br>collateralized <br>by various <br>U.S. <br>Government <br>Agency <br>Obligations, <br>2.000%-<br>6.000%, <br>Market Value <br>plus accrued <br>interest <br>$697,963, <br>due 09/01/24-<br>10/20/52) | $684277 | 0.6 |
|  | Total <br>Repurchase <br>Agreements<br>(Cost <br>$1,684,277) | **1684277** | **1.4** |
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Mutual Funds: 9.8%** | **Mutual Funds: 9.8%** | **Mutual Funds: 9.8%** |
| 11694000<br><sup>(13)</sup> | Goldman <br>Sachs <br>Financial <br>Square <br>Government <br>Fund - <br>Institutional <br>Shares, <br>4.150%<br>(Cost <br>$11,694,000) | $**11694000** | **9.8** |
|  | Total <br>Short-Term <br>Investments<br>(Cost <br>$23,312,254) | **23309914** | **19.5** |
|  | **Total <br>Investments <br>in Securities<br>(Cost <br>$145,686,792)** | $**133384446** | **111.5** |
|  | **Liabilities in <br>Excess of <br>Other Assets** | **(13809055)** | **(11.5)** |
|  | **Net Assets** | $**119575391** | **100.0** |

---

See Accompanying Notes to Financial Statements<br>101

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

† Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(2)</sup> Variable rate security. Rate shown is the rate in effect as of December 31, 2022.

<sup>(3)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(4)</sup> Security, or a portion of the security, is on loan.

<sup>(5)</sup> Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

<sup>(6)</sup> The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

<sup>(7)</sup> Represents or includes a TBA transaction.

<sup>(8)</sup> Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.

<sup>(9)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2022.

<sup>(10)</sup> Non-income producing security.

<sup>(11)</sup> The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

<sup>(12)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(13)</sup> Rate shown is the 7-day yield as of December 31, 2022.

Currency Abbreviations:

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CNY Chinese Yuan

EUR EU Euro

IDR Indonesian Rupiah

MXN Mexican Peso

MYR Malaysian Ringgit

THB Thai Baht

ZAR South African Rand

Reference Rate Abbreviations:

SOFR30A 30-day Secured Overnight Financing Rate

US0001M 1-month LIBOR

US0003M 3-month LIBOR

US0012M 12-month LIBOR

---

| | |
|:---|:---|
| Percentage of<br>Sector Diversification | Net Assets |
| Sovereign Bonds | 15.0% |
| Collateralized Mortgage Obligations | 12.0 |
| Uniform Mortgage-Backed Securities | 11.5 |
| Affiliated Investment Companies | 9.5 |
| Other Asset-Backed Securities | 8.2 |
| Financial | 7.8 |
| Commercial Mortgage-Backed Securities | 7.4 |
| U.S. Treasury Obligations | 4.9 |
| U.S. Government Agency Obligations | 4.0 |
| Consumer, Non-cyclical | 3.0 |
| Energy | 2.2 |
| Utilities | 2.2 |
| Technology | 1.2 |
| Consumer, Cyclical | 1.0 |
| Communications | 1.0 |
| Industrial | 0.9 |
| Basic Materials | 0.1 |
| Materials | 0.1 |
| Communication Services | 0.0 |
| Purchased Options | 0.0 |
| Short-Term Investments | 19.5 |
| Liabilities in Excess of Other Assets | (11.5) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| United States | $113178 | $— | $— | $113178 |
| Total Common Stock | 113178 |  |  | 113178 |
| Mutual Funds | 11322819 |  |  | 11322819 |
| Purchased Options |  | 56860 |  | 56860 |
| Corporate Bonds/Notes |  | 23225562 | 1147 | 23226709 |
| Collateralized Mortgage Obligations |  | 14378875 |  | 14378875 |
| Asset-Backed Securities |  | 9840309 |  | 9840309 |
| U.S. Government Agency Obligations |  | 18507242 |  | 18507242 |
| Commercial Mortgage-Backed Securities |  | 8820527 | 14711 | 8835238 |
| U.S. Treasury Obligations |  | 5801458 |  | 5801458 |
| Sovereign Bonds |  | 17991844 |  | 17991844 |
| Short-Term Investments | 11694000 | 11615914 |  | 23309914 |
| Total Investments, at fair value | $23129997 | $110238591 | $15858 | $133384446 |

---

See Accompanying Notes to Financial Statements<br>102

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Centrally Cleared Swaps | $— | $4210445 | $— | $4210445 |
| Forward Foreign Currency Contracts |  | 1154564 |  | 1154564 |
| Forward Premium Swaptions |  | 9841 |  | 9841 |
| Futures | 42751 |  |  | 42751 |
| Volatility Swaps |  | 4189 |  | 4189 |
| Total Assets | $23172748 | $115617630 | $15858 | $138806236 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Centrally Cleared Swaps | $— | $(2436089) | $— | $(2436089) |
| Forward Foreign Currency Contracts |  | (279312) |  | (279312) |
| Forward Premium Swaptions |  | (94400) |  | (94400) |
| Futures | (1061495) |  |  | (1061495) |
| Written Options |  | (1446855) |  | (1446855) |
| Total Liabilities | $(1061495) | $(4256656) | $— | $(5318151) |

---

^ 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.

**Transactions with Affiliates**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br>Fair<br>Value at <br>12/31/21** | **Purchases<br>at Cost** | **Sales<br>at Cost** | **Change in <br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending<br>Fair<br>Value at <br>12/31/22** | **Investment<br>Income** | **Realized<br>Gains/<br>(Losses)** | **Net Capital <br>Gain<br>Distributions** |
| Voya VACS Series <br>EMCD Fund | $7767851 | $303439 | $(3827786) | $(665023) | $3578481 | $296552 | $(827794) | $6887 |
| Voya Emerging Markets <br>Hard Currency Debt <br>Fund - Class P | 13553973 | 475851 | (10499823) | (480712) | 3049289 | 475851 | (2499816) |  |
| Voya Emerging Markets <br>Local Currency Debt <br>Fund - Class P | 7099609 |  | (8948505) | 1848896 |  |  | (2633631) |  |
| Voya High Yield Bond <br>Fund - Class P | 11181648 | 593287 | (5802834) | (1277052) | 4695049 | 529093 | (702838) | 64206 |
|  | $39603081 | $1372577 | $(29078948) | $(573891) | $11322819 | $1301496 | $(6664079) | $71093 |

---

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

At December 31, 2022, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 317565 | GBP | 262765 | Bank of America N.A. | 02/03/23 | $2677 |
| USD | 704480 | CAD | 957621 | Bank of America N.A. | 02/03/23 | (2886) |
| CAD | 1373603 | USD | 1005300 | Bank of America N.A. | 02/03/23 | 9338 |
| CLP | 50202943 | USD | 54585 | Barclays Bank PLC | 01/13/23 | 4543 |
| HKD | 379429 | USD | 48516 | Barclays Bank PLC | 01/13/23 | 106 |
| USD | 1291197 | MYR | 5788050 | Barclays Bank PLC | 01/13/23 | (26536) |
| KRW | 1770337965 | USD | 1326642 | Barclays Bank PLC | 01/13/23 | 75557 |
| USD | 185120 | THB | 6577643 | Barclays Bank PLC | 01/13/23 | (5004) |
| SGD | 343577 | USD | 250002 | BNP Paribas | 01/13/23 | 6563 |
| MXN | 5922870 | USD | 304549 | BNP Paribas | 01/13/23 | (1216) |
| JPY | 65571515 | USD | 501114 | BNP Paribas | 02/03/23 | 673 |
| USD | 994928 | CAD | 1353403 | BNP Paribas | 02/03/23 | (4789) |
| USD | 1128924 | AUD | 1690069 | BNP Paribas | 02/03/23 | (23318) |
| HUF | 29109883 | USD | 73345 | Brown Brothers Harriman & Co. | 01/27/23 | 4110 |
| PLN | 833919 | USD | 185488 | Brown Brothers Harriman & Co. | 01/27/23 | 4442 |

---

See Accompanying Notes to Financial Statements<br>103

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 72524 | ZAR | 1256239 | Brown Brothers Harriman & Co. | 01/27/23 | $(1242) |
| NZD | 460126 | USD | 292126 | Brown Brothers Harriman & Co. | 02/03/23 | (4523) |
| USD | 1828872 | BRL | 9944000 | Citibank N.A. | 01/13/23 | (50686) |
| IDR | 591249908 | USD | 37552 | Citibank N.A. | 01/13/23 | 498 |
| USD | 472468 | JPY | 62800875 | Citibank N.A. | 02/03/23 | (8117) |
| USD | 566316 | NZD | 892238 | Citibank N.A. | 02/03/23 | (439) |
| EUR | 232872 | USD | 248097 | Citibank N.A. | 02/03/23 | 1741 |
| USD | 884235 | EUR | 833266 | Citibank N.A. | 02/03/23 | (9741) |
| USD | 333036 | GBP | 276692 | Citibank N.A. | 02/03/23 | 1459 |
| EUR | 312367 | USD | 333246 | Citibank N.A. | 02/03/23 | 1879 |
| COP | 451325458 | USD | 92648 | Goldman Sachs International | 01/13/23 | 263 |
| RON | 360146 | USD | 77104 | Goldman Sachs International | 01/27/23 | 800 |
| CAD | 1376742 | USD | 1011455 | Goldman Sachs International | 02/03/23 | 5502 |
| NZD | 1777921 | USD | 1123548 | Goldman Sachs International | 02/03/23 | 5797 |
| CHF | 690240 | USD | 748690 | Goldman Sachs International | 02/03/23 | 511 |
| JPY | 8450000 | USD | 64081 | Morgan Stanley Capital Services LLC | 01/05/23 | 431 |
| USD | 359787 | CNY | 2590514 | Morgan Stanley Capital Services LLC | 01/13/23 | (13830) |
| ILS | 792296 | USD | 233755 | Morgan Stanley Capital Services LLC | 01/27/23 | (8115) |
| CZK | 3450681 | USD | 149247 | Morgan Stanley Capital Services LLC | 01/27/23 | 3207 |
| NOK | 1113077 | USD | 112205 | Morgan Stanley Capital Services LLC | 02/03/23 | 1563 |
| AUD | 1686708 | USD | 1138700 | Morgan Stanley Capital Services LLC | 02/03/23 | 11251 |
| EUR | 1446719 | USD | 1547462 | Morgan Stanley Capital Services LLC | 02/03/23 | (17628) |
| USD | 1204569 | EUR | 1131067 | Morgan Stanley Capital Services LLC | 02/03/23 | (8906) |
| NZD | 1423684 | USD | 903732 | Morgan Stanley Capital Services LLC | 02/03/23 | 600 |
| EUR | 23283990 | USD | 24737538 | Morgan Stanley Capital Services LLC | 02/03/23 | 242893 |
| CAD | 2862181 | USD | 2091928 | Morgan Stanley Capital Services LLC | 02/03/23 | 22277 |
| USD | 820066 | EUR | 764434 | Morgan Stanley Capital Services LLC | 02/03/23 | 11715 |
| USD | 696922 | EUR | 654179 | Morgan Stanley Capital Services LLC | 02/03/23 | (4920) |
| USD | 522049 | NZD | 830273 | Morgan Stanley Capital Services LLC | 02/03/23 | (5345) |
| USD | 841881 | CHF | 777087 | Morgan Stanley Capital Services LLC | 02/03/23 | (1586) |
| USD | 452930 | EUR | 424736 | Morgan Stanley Capital Services LLC | 02/03/23 | (2752) |
| DKK | 2074954 | USD | 296439 | Standard Chartered Bank | 02/03/23 | 3014 |
| USD | 119165 | NZD | 187755 | Standard Chartered Bank | 02/03/23 | (97) |
| JPY | 1997767869 | USD | 14658908 | Standard Chartered Bank | 02/03/23 | 629051 |
| SEK | 4853959 | USD | 467622 | Standard Chartered Bank | 02/03/23 | (1570) |
| USD | 598800 | MXN | 11722026 | State Street Bank and Trust Co. | 01/13/23 | (1531) |
| MXN | 5922431 | USD | 304549 | State Street Bank and Trust Co. | 01/13/23 | (1238) |
| USD | 114405 | MXN | 2230682 | State Street Bank and Trust Co. | 01/13/23 | 163 |
| USD | 905028 | CHF | 836978 | State Street Bank and Trust Co. | 02/03/23 | (3446) |
| JPY | 2578013 | USD | 19614 | State Street Bank and Trust Co. | 02/03/23 | 114 |
| GBP | 524599 | USD | 632364 | State Street Bank and Trust Co. | 02/03/23 | 2413 |
| GBP | 3776785 | USD | 4590086 | State Street Bank and Trust Co. | 02/03/23 | (20098) |
| AUD | 874699 | USD | 583225 | State Street Bank and Trust Co. | 02/03/23 | 13121 |
| NZD | 902494 | USD | 563171 | State Street Bank and Trust Co. | 02/03/23 | 10098 |
| USD | 575168 | AUD | 853191 | State Street Bank and Trust Co. | 02/03/23 | (6514) |
| USD | 148158 | CAD | 201859 | State Street Bank and Trust Co. | 02/03/23 | (948) |
| USD | 663008 | GBP | 550717 | State Street Bank and Trust Co. | 02/03/23 | (3371) |
| EUR | 461127 | USD | 492104 | State Street Bank and Trust Co. | 02/03/23 | 2620 |
| CHF | 836863 | USD | 904286 | State Street Bank and Trust Co. | 02/03/23 | 4063 |
| CAD | 1276843 | USD | 944626 | State Street Bank and Trust Co. | 02/03/23 | (1461) |
| USD | 558518 | JPY | 73605999 | State Street Bank and Trust Co. | 02/03/23 | (4754) |
| CHF | 1347735 | USD | 1451519 | State Street Bank and Trust Co. | 02/03/23 | 11342 |
| CAD | 961551 | USD | 710366 | State Street Bank and Trust Co. | 02/03/23 | (6804) |
| USD | 907221 | CHF | 835005 | State Street Bank and Trust Co. | 02/03/23 | 12248 |
| USD | 1132669 | AUD | 1665575 | State Street Bank and Trust Co. | 02/03/23 | 10574 |
| AUD | 1636411 | USD | 1099708 | State Street Bank and Trust Co. | 02/03/23 | 15952 |
| USD | 763301 | CHF | 708399 | State Street Bank and Trust Co. | 02/03/23 | (5611) |
| AUD | 1634646 | USD | 1114881 | State Street Bank and Trust Co. | 02/03/23 | (13623) |
| GBP | 552830 | USD | 665747 | State Street Bank and Trust Co. | 02/03/23 | 3190 |
| USD | 569866 | NZD | 907631 | State Street Bank and Trust Co. | 02/03/23 | (6667) |
| AUD | 1281916 | USD | 859685 | State Street Bank and Trust Co. | 02/03/23 | 14289 |
| EUR | 232928 | USD | 247982 | State Street Bank and Trust Co. | 02/03/23 | 1916 |
|  |  |  |  |  |  | $875252 |

---

See Accompanying Notes to Financial Statements<br>104

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **<u>Long Contracts:</u>** | **<u>Long Contracts:</u>** | **<u>Long Contracts:</u>** | **<u>Long Contracts:</u>** | **<u>Long Contracts:</u>** |
| Australia 10-Year Bond | 4 | 03/15/23 | $315047 | $(18328) |
| Australia 3-Year Bond | 16 | 03/15/23 | 1163402 | (16127) |
| Canada 10-Year Bond | 20 | 03/22/23 | 1810192 | (34346) |
| Euro-Bobl 5-Year | 50 | 03/08/23 | 6195207 | (188125) |
| Euro-Bund | 5 | 03/08/23 | 711472 | (43016) |
| Euro-OAT | 40 | 03/08/23 | 5450711 | (369167) |
| Euro-Schatz | 70 | 03/08/23 | 7899250 | (80091) |
| Japan 10-Year Bond (TSE) | 1 | 03/13/23 | 1108351 | (20912) |
| Japanese Government Bonds 10-Year Mini | 26 | 03/10/23 | 2881911 | (53928) |
| Long Gilt | 22 | 03/29/23 | 2657043 | (120359) |
| Long-Term Euro-BTP | 12 | 03/08/23 | 1399116 | (103749) |
| U.S. Treasury 2-Year Note | 28 | 03/31/23 | 5742188 | (7113) |
| U.S. Treasury Long Bond | 7 | 03/22/23 | 877406 | (6234) |
|  |  |  | $38211296 | $(1061495) |
| **<u>Short Contracts:</u>** | **<u>Short Contracts:</u>** | **<u>Short Contracts:</u>** | **<u>Short Contracts:</u>** | **<u>Short Contracts:</u>** |
| U.S. Treasury 10-Year Note | (82) | 03/22/23 | (9208344) | 24336 |
| U.S. Treasury 5-Year Note | (30) | 03/31/23 | (3237891) | 5039 |
| U.S. Treasury Ultra 10-Year Note | (14) | 03/22/23 | (1655938) | 12316 |
| U.S. Treasury Ultra Long Bond | (1) | 03/22/23 | (134313) | 1060 |
|  |  |  | $(14236486) | $42751 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/Obligation** | **Buy/Sell<br>Protection** | **(Pay)/<br>Receive<br>Financing<br>Rate (%)<sup>(2)</sup>** | **Termination<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Fair<br>Value<sup>(4)</sup>** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| CDX North American <br>High Yield Index, <br>Series 39, Version 1 | Buy | (5.000) | 12/20/27 | USD | 3430000 | $(19976) | $(61179) |
|  |  |  |  |  |  | $(19976) | $(61179) |

---

<sup>(1)</sup> If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

<sup>(2)</sup> Payments made quarterly.

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Pay/Receive <br>Floating Rate** | **<br>Floating Rate Index** | **Floating Rate <br>Index<br>Payment<br>Frequency** | **Fixed Rate** | **Fixed Rate <br>Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Pay | 3-month EUR-EURIBOR | Quarterly | 0.264% | Annual | 12/14/51 | EUR | 500000 | $(252410) | $(252410) |
| Pay | 3-month EUR-EURIBOR | Quarterly | 0.292 | Annual | 12/20/51 | EUR | 700000 | (349293) | (349293) |
| 1-day Sterling Overnight <br>Pay | Index Average (SONIA) | Annual | 1.713 | Annual | 04/21/23 | GBP | 3000000 | (26533) | (26533) |
| 1-day Sterling Overnight <br>Pay | Index Average (SONIA) | Annual | 1.649 | Annual | 04/14/52 | GBP | 800000 | (315956) | (315956) |
| 1-day Overnight Tokyo <br>Pay | Average Rate | Annual | 0.150 | Annual | 06/20/24 | JPY | 1500000000 | 6648 | 6648 |

---

See Accompanying Notes to Financial Statements<br>105

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Pay/Receive <br>Floating Rate** | **<br>Floating Rate Index** | **Floating Rate <br>Index<br>Payment<br>Frequency** | **Fixed Rate** | **Fixed Rate <br>Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 1-day Overnight Tokyo <br>Pay | Average Rate | Annual | 0.410% | Annual | 06/20/29 | JPY | 50000000 | $(6428) | $(6428) |
| 1-day Overnight Tokyo <br>Pay | Average Rate | Annual | 0.574 | Annual | 06/10/37 | JPY | 90000000 | (45608) | (45608) |
| 1-day Overnight Tokyo <br>Pay | Average Rate | Annual | 0.664 | Annual | 07/15/37 | JPY | 330000000 | (139083) | (139083) |
| 1-day Overnight Tokyo <br>Pay | Average Rate | Annual | 0.826 | Annual | 05/20/47 | JPY | 250000000 | (190273) | (190273) |
| 1-day Overnight Tokyo <br>Pay | Average Rate | Annual | 0.978 | Annual | 06/28/52 | JPY | 57000000 | (37070) | (37070) |
| Pay | 1-month USD-LIBOR | Monthly | 2.726 | Monthly | 12/27/28 | USD | 1250000 | (70253) | (70253) |
| Pay | 1-month USD-LIBOR | Monthly | 2.466 | Monthly | 01/07/29 | USD | 584000 | (41098) | (41098) |
| Pay | 3-month USD-LIBOR | Quarterly | 1.997 | Semi-Annual | 06/25/29 | USD | 3950000 | (433785) | (433785) |
| Pay | 1-month USD-LIBOR | Monthly | 2.400 | Monthly | 10/27/32 | USD | 690000 | (71723) | (71723) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.067 | Annual | 05/10/33 | USD | 879941 | (31731) | (31731) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.076 | Annual | 05/10/33 | USD | 628529 | (22225) | (22225) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.094 | Annual | 05/10/33 | USD | 754000 | (25516) | (25516) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.114 | Annual | 05/10/33 | USD | 566000 | (18234) | (18234) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.154 | Annual | 05/10/33 | USD | 754000 | (21813) | (21813) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.289 | Annual | 05/10/33 | USD | 1382194 | (24618) | (24618) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.345 | Annual | 05/10/33 | USD | 811000 | (10693) | (10693) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.473 | Annual | 05/10/33 | USD | 1256866 | (3362) | (3362) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.475 | Annual | 05/10/33 | USD | 1256854 | (3076) | (3076) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.483 | Annual | 05/10/33 | USD | 1885280 | (3526) | (3526) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.105 | Annual | 05/11/33 | USD | 1257000 | (41372) | (41372) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.129 | Annual | 05/11/33 | USD | 628329 | (19401) | (19401) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.172 | Annual | 05/11/33 | USD | 628329 | (17201) | (17201) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.212 | Annual | 05/11/33 | USD | 754000 | (18160) | (18160) |
| 1-day Secured Overnight <br>Pay | Financing Rate | Annual | 3.456 | Annual | 05/17/33 | USD | 955000 | (3618) | (3618) |
| Pay | 1-month USD-LIBOR | Monthly | 2.488 | Monthly | 10/27/47 | USD | 800000 | (127377) | (127377) |
| 1-day Sterling Overnight <br>Receive | Index Average (SONIA) | Annual | 3.674 | Annual | 09/30/52 | GBP | 70000 | (3475) | (3475) |
| 1-day Overnight Tokyo <br>Receive | Average Rate | Annual | 0.025 | Annual | 06/10/24 | JPY | 260000000 | 3558 | 3558 |
| Receive | 1-month USD-LIBOR | Monthly | 2.816 | Monthly | 06/19/23 | USD | 1716000 | 16289 | 16289 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 1.567 | Annual | 02/17/24 | USD | 8000000 | 312743 | 312743 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 2.140 | Annual | 03/24/24 | USD | 5000000 | 159521 | 159521 |
| Receive | 1-month USD-LIBOR | Monthly | 2.514 | Monthly | 01/24/25 | USD | 1210000 | 48143 | 48143 |
| Receive | 1-month USD-LIBOR | Monthly | 2.728 | Monthly | 03/01/25 | USD | 4110000 | 148699 | 148699 |
| Receive | 1-month USD-LIBOR | Monthly | 0.801 | Monthly | 05/19/26 | USD | 16000000 | 1644622 | 1644612 |
| Receive | 1-month USD-LIBOR | Monthly | 2.210 | Monthly | 10/27/26 | USD | 3590000 | 225283 | 225283 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 2.962 | Annual | 06/14/27 | USD | 3000000 | 99275 | 99275 |
| Receive | 1-month USD-LIBOR | Monthly | 2.681 | Monthly | 02/02/28 | USD | 1690000 | 90624 | 90624 |
| Receive | 1-month USD-LIBOR | Monthly | 1.115 | Monthly | 03/01/28 | USD | 2000000 | 253854 | 253690 |
| Receive | 1-month USD-LIBOR | Monthly | 2.884 | Monthly | 06/19/28 | USD | 910000 | 41623 | 41623 |
| Receive | 1-month USD-LIBOR | Monthly | 3.099 | Monthly | 10/18/28 | USD | 780000 | 27999 | 27999 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 1.551 | Annual | 01/24/29 | USD | 2000000 | 232570 | 232570 |
| Receive | 1-month USD-LIBOR | Monthly | 1.646 | Monthly | 10/30/29 | USD | 3000000 | 378196 | 378196 |
| Receive | 3-month USD-LIBOR | Quarterly | 1.807 | Semi-Annual | 12/18/29 | USD | 2250000 | 287336 | 287336 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.464 | Annual | 09/26/32 | USD | 2000000 | 16771 | 16771 |

---

See Accompanying Notes to Financial Statements<br>106

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Pay/Receive <br>Floating Rate** | **<br>Floating Rate Index** | **Floating Rate <br>Index<br>Payment<br>Frequency** | **Fixed Rate** | **Fixed Rate <br>Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Receive | 1-month USD-LIBOR | Monthly | 2.390% | Monthly | 12/11/32 | USD | 400000 | $42319 | $42319 |
| Receive | 1-month USD-LIBOR | Monthly | 2.962 | Monthly | 04/30/33 | USD | 530000 | 31602 | 31602 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.209 | Annual | 05/10/33 | USD | 1508000 | 36793 | 36793 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.226 | Annual | 05/10/33 | USD | 1558000 | 35798 | 35798 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.269 | Annual | 05/10/33 | USD | 943000 | 18346 | 18346 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.297 | Annual | 05/10/33 | USD | 610000 | 10432 | 10432 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.372 | Annual | 05/10/33 | USD | 1005000 | 11010 | 11010 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.443 | Annual | 05/17/33 | USD | 767000 | 3688 | 3688 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.465 | Annual | 05/17/33 | USD | 1131000 | 3401 | 3401 |
| 1-day Secured Overnight <br>Receive | Financing Rate | Annual | 3.515 | Annual | 05/17/33 | USD | 836000 |  |  |
| Receive | 1-month USD-LIBOR | Monthly | 3.148 | Monthly | 10/18/33 | USD | 520000 | 23476 | 23476 |
|  |  |  |  |  |  |  |  | $1835708 | $1835534 |

---

At December 31, 2022, the following OTC volatility swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Volatility<sup>(1)</sup>** | **Reference Entity** | **Volatility<br>Strike Rate** | **Counterparty** | **Maturity<br>Date** | **Currency** | **Notional<br>Amount** | **Fair Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Receive | USD vs. CNH <br>Spot Exchange Rate | 6.350% | Morgan <br>Stanley Capital <br>Services LLC | 06/16/23 | USD | 2766000 | $4189 | $4189 |
|  |  |  |  |  |  |  | $4189 | $4189 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Exercise<br>Price** | **Notional<br>Amount** | **Cost** | **Fair Value** |
| AUD/USD & USD/<br>JPY Dual Digital | Barclays Bank PLC | 05/30/23 | 0.60<br>125 USD | &  | 144000 | $2736 | $1264 |
| AUD/USD & USD/<br>JPY Dual Digital | Goldman Sachs <br>International | 05/30/23 | 0.6375<br>131.5 USD | &  | 63000 | 3663 | 4641 |
| USD/CNH & USD/<br>JPY Dual Digital | BNP Paribas | 05/30/23 | 7.2<br>131.5 USD | &  | 54000 | 3726 | 2260 |
|  |  |  |  |  |  | $10125 | $8165 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Exercise<br>Price** | **Notional<br>Amount** | **Cost** | **Fair Value** |
| Call EUR vs. Put USD | BNP Paribas | 03/16/23 | 1.080  | USD | 1377900 | $8012 | $18970 |
| Call JPY vs. Put USD | BNP Paribas | 02/27/25 | 107.500  | USD | 747500 | 37076 | 15288 |
| Call USD vs. Put JPY | Bank of America N.A. | 09/09/32 | 140.000  | USD | 877800 | 15625 | 7179 |
| Call USD vs. Put JPY | BNP Paribas | 09/09/32 | 140.000  | USD | 877800 | 16748 | 7179 |
| Put USD vs. Call GBP | Morgan Stanley <br>Capital Services LLC | 01/19/23 | 1.095  | USD | 1186850 | 23152 | 79 |
|  |  |  |  |  |  | $100613 | $48695 |

---

See Accompanying Notes to Financial Statements<br>107

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Exercise<br>Price** | **Notional<br>Amount** | **Premiums<br>Received** | **Fair Value** |
| Call USD vs. Put GBP | Morgan Stanley <br>Capital Services LLC | 01/19/23 | 1.065  | USD | 1186850 | $15632 | $(21) |
| Call USD vs. Put JPY | Bank of America N.A. | 09/09/27 | 140.000  | USD | 877800 | 24859 | (10016) |
| Call USD vs. Put JPY | BNP Paribas | 09/09/27 | 140.000  | USD | 877800 | 24052 | (10016) |
| Call USD vs. Put MXN | Bank of America N.A. | 04/26/23 | 20.600  | USD | 1187000 | 36904 | (17708) |
| Call USD vs. Put MXN | Morgan Stanley <br>Capital Services LLC | 04/26/23 | 20.600  | USD | 1187000 | 37595 | (17708) |
| Put USD vs. Call MXN | Bank of America N.A. | 04/26/23 | 20.000  | USD | 1187000 | 24915 | (33365) |
| Put USD vs. Call MXN | Morgan Stanley <br>Capital Services LLC | 04/26/23 | 20.000  | USD | 1187000 | 24060 | (28476) |
|  |  |  |  |  |  | $188017 | $(117310) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **<br>Counterparty** | **Pay/<br>Receive<br>Exercise<br>Rate** | **Exercise<br>Rate** | **Floating<br>Rate<br>Index** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Received** | **Fair Value** |
| Call on 10-Year <br>Interest Rate <br>Swap<sup>(2)</sup> | Bank of America N.A. | Pay | 3.880% | 1-day Secured <br>Overnight Financing <br>Rate | 05/09/23 | USD | 5027000 | $147731 | $(217505) |
| Call on 10-Year <br>Interest Rate <br>Swap<sup>(2)</sup> | Barclays Bank PLC | Pay | 3.790% | 1-day Secured <br>Overnight Financing <br>Rate | 05/10/23 | USD | 5027000 | 145029 | (192897) |
| Call on 10-Year <br>Interest Rate <br>Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 3.820% | 1-day Secured <br>Overnight Financing <br>Rate | 05/09/23 | USD | 2514000 | 72152 | (100288) |
| Call on 10-Year <br>Interest Rate <br>Swap<sup>(2)</sup> | Goldman Sachs <br>International | Pay | 2.940% | 1-day Secured <br>Overnight Financing <br>Rate | 12/15/23 | USD | 1257000 | 47012 | (28137) |
| Call on 10-Year<br>Interest Rate <br>Swap<sup>(2)</sup> | JPMorgan Chase <br>Bank N.A. | Pay | 2.995% | 1-day Secured <br>Overnight Financing <br>Rate | 06/07/23 | USD | 2514000 | 77054 | (30670) |
| Call on 10-Year <br>Interest Rate <br>Swap<sup>(2)</sup> | Morgan Stanley <br>Capital Services LLC | Pay | 3.815% | 1-day Secured <br>Overnight Financing <br>Rate | 05/09/23 | USD | 5027000 | 143521 | (199154) |
| Put on 10-Year <br>Interest Rate <br>Swap<sup>(3)</sup> | Bank of America N.A. | Receive | 3.880% | 1-day Secured <br>Overnight Financing <br>Rate | 05/09/23 | USD | 5027000 | 147731 | (71983) |
| Put on 10-Year <br>Interest Rate <br>Swap<sup>(3)</sup> | Barclays Bank PLC | Receive | 3.790% | 1-day Secured <br>Overnight Financing <br>Rate | 05/10/23 | USD | 5027000 | 145029 | (84168) |
| Put on 10-Year <br>Interest Rate <br>Swap<sup>(3)</sup> | Deutsche Bank AG | Receive | 3.820% | 1-day Secured <br>Overnight Financing <br>Rate | 05/09/23 | USD | 2514000 | 72151 | (39848) |
| Put on 10-Year <br>Interest Rate <br>Swap<sup>(3)</sup> | Goldman Sachs <br>International | Receive | 2.940% | 1-day Secured <br>Overnight Financing <br>Rate | 12/15/23 | USD | 1257000 | 47012 | (76052) |
| Put on 10-Year <br>Interest Rate <br>Swap<sup>(3)</sup> | JPMorgan Chase <br>Bank N.A. | Receive | 2.995% | 1-day Secured <br>Overnight Financing <br>Rate | 06/07/23 | USD | 2514000 | 77054 | (132685) |
| Put on 10-Year <br>Interest Rate <br>Swap<sup>(3)</sup> | Morgan Stanley <br>Capital Services LLC | Receive | 3.815% | 1-day Secured <br>Overnight Financing <br>Rate | 05/09/23 | USD | 5027000 | 143521 | (80352) |
| Put on 2-Year <br>Interest Rate <br>Swap<sup>(3)</sup> | JPMorgan Chase <br>Bank N.A. | Receive | 4.250% | 1-day Secured <br>Overnight Financing <br>Rate | 11/15/27 | USD | 6782000 | 66633 | (75806) |
|  |  |  |  |  |  |  |  | $1331630 | $(1329545) |

---

See Accompanying Notes to Financial Statements<br>108

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate<sup>(4)</sup>** | **Pay/<br>Receive<br>Exercise <br>Rate** | **Floating <br>Rate<br>Index** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premium <br>receivable/<br>(payable) at <br>expiration<sup>(5)</sup>** | **Unrealized <br>Appreciation/<br>(Depreciation)** |
| Call on 30-Year <br>Interest Rate <br>Swap | Barclays Bank PLC | 0.000% | Receive | 1-day Secured <br>Overnight Financing <br>Rate | 06/14/27 | USD | 1307000 | $(228725) | $(1234) |
| Call on 30-Year <br>Interest Rate <br>Swap | Nomura <br>International PLC | 0.000% | Receive | 1-day Secured <br>Overnight Financing <br>Rate | 05/25/27 | USD | 1050000 | (189000) | (5065) |
| Call on 35-Year <br>Interest Rate <br>Swap | Barclays Bank PLC | 0.000% | Receive | 1-day Secured <br>Overnight Financing <br>Rate | 06/03/27 | USD | 1307000 | (229052) | (1369) |
| Put on 30-Year <br>Interest Rate <br>Swap | Barclays Bank PLC | 0.000% | Pay | 1-day Secured <br>Overnight Financing <br>Rate | 05/25/27 | USD | 3070500 | (552690) | (14811) |
|  |  |  |  |  |  |  |  | $(1199467) | $(22479) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate<sup>(4)</sup>** | **Pay/<br>Receive<br>Exercise <br>Rate** | **Floating <br>Rate<br>Index** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premium <br>receivable/<br>(payable) at <br>expiration<sup>(5)</sup>** | **Unrealized <br>Appreciation/<br>(Depreciation)** |
| Call on 1-Year <br>Interest Rate <br>Swap | Deutsche Bank AG | 2.750% | Pay | 1-day Secured <br>Overnight Financing <br>Rate | 06/30/27 | USD | 16603100 | $138705 | $9841 |
| Put on 1-Year <br>Interest Rate <br>Swap | Deutsche Bank AG | 2.750% | Receive | 1-day Secured <br>Overnight Financing <br>Rate | 06/30/27 | USD | 16603100 | 138705 | (71921) |
|  |  |  |  |  |  |  |  | $277410 | $(62080) |

---

<sup>(1)</sup> Payments made at maturity date.

<sup>(2)</sup> Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.

<sup>(3)</sup> Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly.

<sup>(4)</sup> Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

<sup>(5)</sup> Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

COP — Colombian Peso

CNY — Chinese Yuan

CZK — Czech Koruna

DKK — Danish Krone

EUR — EU Euro

GBP — British Pound

HKD — Hong Kong Sar Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

See Accompanying Notes to Financial Statements<br>109

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

PLN — Polish Zloty

RON — Romanian New Leu

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

USD — United States Dollar

ZAR — South African Rand

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted <br>for as hedging instruments** | **Location on Statement of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Foreign exchange contracts | Investments in securities at value\* | $56860 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 9841 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1154564 |
| Interest rate contracts | Variation margin receivable on futures contracts\*\* | 42751 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps\*\* | 4210445 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements | 4189 |
| Total Asset Derivatives |  | $5478650 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $279312 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 94400 |
| Interest rate contracts | Variation margin payable on futures contracts\*\* | 1061495 |
| Credit contracts | Variation margin payable on centrally cleared swaps\*\* | 61179 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps\*\* | 2374910 |
| Interest rate contracts | Written options, at fair value | 1329545 |
| Foreign exchange contracts | Written options, at fair value | 117310 |
| Total Liability Derivatives |  | $5318151 |

---

\* Includes purchased options.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives not <br>accounted for as <br>hedging instruments** | **Investments\*** | **Forward foreign <br>currency contracts** | **Futures** | **Swaps** | **Written <br>options** | **Total** |
| Equity contracts | $— | $— | $1301 | $— | $— | $1301 |
| Credit Contracts |  |  |  | 246431 |  | 246431 |
| Foreign exchange contracts | 10242 | (8100685) |  | 32925 | 257115 | (7800403) |
| Interest rate contracts | 102264 |  | (1700676) | (2635622) | 878957 | (3355077) |
| Total | $112506 | $(8100685) | $(1699375) | $(2356266) | $1136072 | $(10907748) |
| **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not <br>accounted for as <br>hedging instruments** | **Investments\*** | **Forward foreign <br>currency contracts** | **Futures** | **Swaps** | **Written <br>options** | **Total** |
| Credit contracts | $— | $— | $— | $(61179) | $— | $(61179) |
| Foreign exchange contracts | (51918) | 1092093 |  | 18382 | 70707 | 1129264 |
| Interest rate contracts | 8568 |  | (655702) | 2805928 | (93765) | 2065029 |
| Total | $(43350) | $1092093 | $(655702) | $2763131 | $(23058) | $3133114 |

---

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

See Accompanying Notes to Financial Statements<br>110

------

PORTFOLIO OF INVESTMENTS<br>VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2022:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Bank of <br>America <br>N.A.** | **Barclays <br>Bank <br>PLC** | **BNP <br>Paribas** | **Brown <br>Brothers <br>Harriman & <br>Co.** | **Citibank <br>N.A.** | **Deutsche <br>Bank AG** | **Goldman <br>Sachs <br>International** | **JPMorgan <br>Chase <br>Bank N.A.** | **Morgan<br>Stanley <br>Capital <br>Services <br>LLC** | **Nomura <br>Global <br>Financial <br>Products <br>Inc.** | **Standard <br>Chartered <br>Bank** | **State <br>Street <br>Bank and <br>Trust Co.** | **Totals** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Purchased options | $7179 | $1264 | $43697 | $— | $— | $— | $4641 | $— | $79 | $— | $— | $— | $56860 |
| Forward foreign <br>currency contracts | 12015 | 80206 | 7236 | 8552 | 5577 |  | 12873 |  | 293937 |  | 632065 | 102103 | 1154564 |
| Forward premium <br>swaptions |  |  |  |  |  | 9841 |  |  |  |  |  |  | 9841 |
| Volatility swaps |  |  |  |  |  |  |  |  | 4189 |  |  |  | 4189 |
| **Total Assets** | $19194 | $81470 | $50933 | $8552 | $5577 | $9841 | $17514 | $— | $298205 | $— | $632065 | $102103 | $1225454 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward foreign <br>currency contracts | $2886 | $31540 | $29323 | $5765 | $68983 | $— | $— | $— | $63082 | $— | $1667 | $76066 | $279312 |
| Forward premium <br>swaptions |  | 17414 |  |  |  | 71921 |  |  |  | 5065 |  |  | 94400 |
| Written <br>options | 350577 | 277065 | 10016 |  |  | 140136 | 104189 | 239161 | 325711 |  |  |  | 1446855 |
| **Total <br>Liabilities** | $353463 | $326019 | $39339 | $5765 | $68983 | $212057 | $104189 | $239161 | $388793 | $5065 | $1667 | $76066 | $1467104 |
| **Net OTC derivative <br>instruments <br>by counterparty, <br>at fair value** | $(334269) | $(244549) | $11594 | $2787 | $(63406) | $(202216) | $(86675) | $(239161) | $(90588) | $(5065) | $630398 | $26037 | $(595113) |
| **Total collateral <br>pledged by <br>the Portfolio/<br>(Received <br>from <br>counterparty)** | $334269 | $244549 | $— | $— | $— | $202216 | $— | $— | $90588 |  | $(480000) | $— | $391622 |
| **Net Exposure<sup>(1)(2)</sup>** | $— | $— | $11594 | $2787 | $(63406) | $— | $(86675) | $(239161) | $— | $(5065) | $150398 | $26037 | $(203491) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

<sup>(2)</sup> At December 31, 2022 the Portfolio had pledged $480,000, $430,000, $500,000 and $390,000 in cash collateral from Bank of America N.A., Barclays Bank PLC, Deutche Bank AG and Morgan Stanley Capital Services LLC. Excess cash collateral is not shown for financial reporting purposes.

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

Cost for federal income tax purposes was $146,509,281.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | $6247948 |
| Gross Unrealized Depreciation | (17697341) |
| Net Unrealized Depreciation | $(11449393) |

---

See Accompanying Notes to Financial Statements<br>111

------

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS<br>DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **COMMON STOCK: 98.0%** |  |  |  |
|  | **Australia: 8.9%** | **Australia: 8.9%** | **Australia: 8.9%** |
| 212280 | ANZ Group <br>Holdings Ltd. | $3419605 | 1.0 |
| 726533 | Aurizon Holdings Ltd. | 1840630 | 0.6 |
| 222868 | Brambles Ltd. | 1827655 | 0.5 |
| 165434 | Coles Group Ltd. | 1875301 | 0.6 |
| 478047 | GPT Group | 1363397 | 0.4 |
| 294457 | Insurance Australia <br>Group Ltd. | 946584 | 0.3 |
| 848279 | Medibank Pvt Ltd. | 1692352 | 0.5 |
| 65297 | Rio Tinto Ltd. | 5153612 | 1.5 |
| 220291 | Suncorp Group Ltd. | 1795113 | 0.5 |
| 263777 | Transurban Group - <br>Stapled Security | 2320676 | 0.7 |
| 54589 | Washington H Soul <br>Pattinson & Co. Ltd. | 1024163 | 0.3 |
| 171947 | Westpac Banking Corp. | 2722185 | 0.8 |
| 165841 | Woodside Energy <br>Group Ltd. (WDS) | 4016378 | 1.2 |
|  |  | **29997651** | **8.9** |
|  | **Belgium: 1.0%** | **Belgium: 1.0%** | **Belgium: 1.0%** |
| 26291 | Ageas SA/NV | 1166578 | 0.3 |
| 6840 | Elia Group SA/NV | 972390 | 0.3 |
| 14642 | Groupe Bruxelles <br>Lambert NV | 1170151 | 0.4 |
|  |  | **3309119** | **1.0** |
|  | **China: 0.7%** | **China: 0.7%** | **China: 0.7%** |
| 695000 | BOC Hong Kong <br>Holdings Ltd. | **2359384** | **0.7** |
|  | **Denmark: 1.9%** | **Denmark: 1.9%** | **Denmark: 1.9%** |
| 1142 | AP Moller - Maersk <br>A/S - Class B | 2556487 | 0.8 |
| 32833 | Novozymes A/S | 1665740 | 0.5 |
| 87066 | Tryg A/S | 2069172 | 0.6 |
|  |  | **6291399** | **1.9** |
|  | **Finland: 2.4%** | **Finland: 2.4%** | **Finland: 2.4%** |
| 28660 | Elisa OYJ | 1519123 | 0.4 |
| 107314 | Nordea Bank Abp | 1149543 | 0.3 |
| 28951 | Orion Oyj | 1587177 | 0.5 |
| 59220 | Sampo OYJ | 3093020 | 0.9 |
| 23364 | UPM-Kymmene OYJ | 874310 | 0.3 |
|  |  | **8223173** | **2.4** |
|  | **France: 6.6%** | **France: 6.6%** | **France: 6.6%** |
| 14565 | Air Liquide SA | 2067282 | 0.6 |
| 13749 | BNP Paribas | 782854 | 0.2 |
| 66983 | Bouygues SA | 2008931 | 0.6 |
| 24760 | Bureau Veritas SA | 652523 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
| 5928 | Dassault Aviation SA | $ | 1005344 | 0.3 |
| 32802 | Edenred |  | 1785256 | 0.5 |
| 20010 | Eiffage SA |  | 1968260 | 0.6 |
| 275771 | Orange SA |  | 2736223 | 0.8 |
| 63546 | Sanofi |  | 6127501 | 1.8 |
| 14125 | Thales S.A. |  | 1804728 | 0.6 |
| 20069<br><sup>(1)</sup> | TotalEnergies SE |  | 1259791 | 0.4 |
|  |  |  | **22198693** | **6.6** |
|  | **Germany: 6.6%** | **Germany: 6.6%** | **Germany: 6.6%** | **Germany: 6.6%** |
| 26131 | Allianz SE |  | 5580459 | 1.7 |
| 39145 | Bayerische Motoren <br>Werke AG |  | 3465693 | 1.0 |
| 9921 | Deutsche Boerse AG |  | 1708292 | 0.5 |
| 89693 | Deutsche Telekom AG |  | 1784578 | 0.5 |
| 10186 | GEA Group AG |  | 414238 | 0.1 |
| 9565 | Hannover Rueck SE |  | 1887242 | 0.6 |
| 45738 | Mercedes-Benz <br>Group AG |  | 2991023 | 0.9 |
| 6007 | Muenchener <br>Rueckversicherungs-<br>Gesellschaft AG |  | 1943082 | 0.6 |
| 4857 | Rheinmetall AG |  | 966910 | 0.3 |
| 14170 | Symrise AG |  | 1538928 | 0.4 |
|  |  |  | **22280445** | **6.6** |
|  | **Hong Kong: 4.5%** | **Hong Kong: 4.5%** | **Hong Kong: 4.5%** | **Hong Kong: 4.5%** |
| 98000 | CK Infrastructure <br>Holdings Ltd. |  | 511368 | 0.2 |
| 223000 | CLP Holdings Ltd. |  | 1624682 | 0.5 |
| 678000 | HKT Trust & HKT Ltd. - <br>Stapled Security |  | 829956 | 0.2 |
| 334900 | Link REIT |  | 2450577 | 0.7 |
| 433500 | MTR Corp. |  | 2292718 | 0.7 |
| 400000 | Power Assets <br>Holdings Ltd. |  | 2186188 | 0.7 |
| 804000 | SITC International <br>Holdings Co. Ltd. |  | 1782018 | 0.5 |
| 200500 | Sun Hung Kai <br>Properties Ltd. |  | 2738704 | 0.8 |
| 222200 | Swire Properties Ltd. |  | 562809 | 0.2 |
|  |  |  | **14979020** | **4.5** |
|  | **Ireland: 0.5%** | **Ireland: 0.5%** | **Ireland: 0.5%** | **Ireland: 0.5%** |
| 34709 | DCC PLC |  | **1706717** | **0.5** |
|  | **Israel: 1.5%** | **Israel: 1.5%** | **Israel: 1.5%** | **Israel: 1.5%** |
| 270217 | Bank Leumi Le-Israel BM |  | 2250585 | 0.7 |
| 7276 | Elbit Systems Ltd. |  | 1183309 | 0.3 |
| 42469 | ICL Group Ltd. |  | 306858 | 0.1 |
| 44201 | Mizrahi Tefahot Bank Ltd. |  | 1426599 | 0.4 |
|  |  |  | **5167351** | **1.5** |

---

See Accompanying Notes to Financial Statements<br>112

------

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS<br>DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Italy: 3.9%** | **Italy: 3.9%** | **Italy: 3.9%** |
| 239395 | ENI S.p.A. | $3404057 | 1.0 |
| 7514 | Ferrari NV | 1611286 | 0.5 |
| 228041 | Mediobanca Banca di <br>Credito Finanziario SpA | 2191253 | 0.7 |
| 186198<br><sup>(2)</sup> | Poste Italiane SpA | 1816629 | 0.5 |
| 361892 | Snam SpA | 1754750 | 0.5 |
| 297040 | Terna - Rete Elettrica <br>Nazionale | 2193692 | 0.7 |
|  |  | **12971667** | **3.9** |
|  | **Japan: 23.7%** | **Japan: 23.7%** | **Japan: 23.7%** |
| 151800 | Asahi Kasei Corp. | 1080601 | 0.3 |
| 51400 | Bridgestone Corp. | 1819924 | 0.5 |
| 51200 | Dai Nippon Printing <br>Co., Ltd. | 1028586 | 0.3 |
| 40300 | Daiwa House Industry <br>Co., Ltd. | 928361 | 0.3 |
| 687500 | ENEOS Holdings, Inc. | 2341224 | 0.7 |
| 58400 | Hankyu Hanshin <br>Holdings, Inc. | 1730253 | 0.5 |
| 87300 | Idemitsu Kosan Co., Ltd. | 2043831 | 0.6 |
| 275300 | Japan Post Bank Co. Ltd. | 2360134 | 0.7 |
| 345600 | Japan Post Holdings <br>Co. Ltd. | 2907863 | 0.9 |
| 142200<br><sup>(1)</sup> | Japan Tobacco, Inc. | 2866785 | 0.9 |
| 48500<br><sup>(1)</sup> | McDonald's Holdings Co. <br>Japan Ltd. | 1843310 | 0.5 |
| 73900 | Mitsubishi Chemical <br>Holdings Corp. | 382582 | 0.1 |
| 376700 | Mitsubishi HC <br>Capital, Inc. | 1852818 | 0.5 |
| 846700 | Mitsubishi UFJ Financial <br>Group, Inc. | 5684250 | 1.7 |
| 276300 | Mizuho Financial <br>Group, Inc. | 3892596 | 1.2 |
| 86100 | MS&AD Insurance <br>Group Holdings, Inc. | 2752602 | 0.8 |
| 44300 | Nintendo Co., Ltd. | 1862663 | 0.6 |
| 116500 | Nippon Steel Corp. | 2021408 | 0.6 |
| 18100 | Nippon Telegraph & <br>Telephone Corp. | 516185 | 0.2 |
| 11000 | Nitto Denko Corp. | 633542 | 0.2 |
| 61300 | Nomura Real Estate <br>Holdings, Inc. | 1310765 | 0.4 |
| 276300 | Obayashi Corp. | 2087057 | 0.6 |
| 278400 | Oji Holdings Corp. | 1124454 | 0.3 |
| 75300 | Ono Pharmaceutical <br>Co., Ltd. | 1760031 | 0.5 |
| 42200 | Otsuka Holdings Co. Ltd. | 1376258 | 0.4 |
| 35000 | Secom Co., Ltd. | 1997025 | 0.6 |
| 114500 | Sekisui House Ltd. | 2029978 | 0.6 |
| 304000 | SoftBank Corp. | 3439357 | 1.0 |
| 51300 | Sompo Holdings, Inc. | 2269672 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
| 69500 | Subaru Corp. | $ | 1052235 | 0.3 |
| 167600 | Sumitomo Chemical <br>Co., Ltd. |  | 600951 | 0.2 |
| 38000 | Sumitomo Corp. |  | 631677 | 0.2 |
| 121700 | Sumitomo Mitsui <br>Financial Group, Inc. |  | 4896288 | 1.5 |
| 77600 | Sumitomo Mitsui Trust <br>Holdings, Inc. |  | 2707894 | 0.8 |
| 140300 | Takeda Pharmaceutical <br>Co., Ltd. |  | 4383911 | 1.3 |
| 66500 | Tobu Railway Co., Ltd. |  | 1551112 | 0.5 |
| 156000 | Tosoh Corp. |  | 1855095 | 0.6 |
| 22100<br><sup>(1</sup><br><sup>),(3)</sup> | Trend Micro, Inc. |  | 1033558 | 0.3 |
| 93500 | USS Co., Ltd. |  | 1483572 | 0.4 |
| 84200 | Yamato Holdings Co., Ltd. |  | 1334255 | 0.4 |
|  |  |  | **79474663** | **23.7** |
|  | **Netherlands: 3.9%** | **Netherlands: 3.9%** | **Netherlands: 3.9%** | **Netherlands: 3.9%** |
| 107898 | Koninklijke Ahold <br>Delhaize NV |  | 3102195 | 0.9 |
| 708113 | Koninklijke KPN NV |  | 2191783 | 0.6 |
| 54145 | NN Group NV |  | 2214100 | 0.7 |
| 52262 | OCI NV |  | 1868490 | 0.5 |
| 67085 | Shell PLC |  | 1891190 | 0.6 |
| 18287 | Wolters Kluwer NV |  | 1913459 | 0.6 |
|  |  |  | **13181217** | **3.9** |
|  | **New Zealand: 0.3%** | **New Zealand: 0.3%** | **New Zealand: 0.3%** | **New Zealand: 0.3%** |
| 257150 | Spark New Zealand Ltd. |  | **880424** | **0.3** |
|  | **Norway: 0.9%** | **Norway: 0.9%** | **Norway: 0.9%** | **Norway: 0.9%** |
| 11040 | Aker BP ASA |  | 343155 | 0.1 |
| 185101 | Telenor ASA |  | 1729394 | 0.5 |
| 22973 | Yara International ASA |  | 1008905 | 0.3 |
|  |  |  | **3081454** | **0.9** |
|  | **Portugal: 0.8%** | **Portugal: 0.8%** | **Portugal: 0.8%** | **Portugal: 0.8%** |
| 190035 | Galp Energia SGPS SA |  | **2563684** | **0.8** |
|  | **Spain: 5.0%** | **Spain: 5.0%** | **Spain: 5.0%** | **Spain: 5.0%** |
| 68719 | ACS Actividades de <br>Construccion y <br>Servicios SA |  | 1966289 | 0.6 |
| 10463<br><sup>(2</sup><br><sup>),(3)</sup> | Aena SME SA |  | 1311621 | 0.4 |
| 111522 | Enagas |  | 1854438 | 0.5 |
| 89123 | Ferrovial SA - FERE |  | 2333475 | 0.7 |
| 301131 | Iberdrola S.A. - IBEE |  | 3515241 | 1.0 |
| 32449 | Industria de Diseno <br>Textil SA |  | 861876 | 0.3 |
| 121470 | Red Electrica Corp. SA |  | 2112134 | 0.6 |
| 183548 | Repsol SA |  | 2921527 | 0.9 |
|  |  |  | **16876601** | **5.0** |

---

See Accompanying Notes to Financial Statements<br>113

------

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS<br>DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Sweden: 0.2%** | **Sweden: 0.2%** | **Sweden: 0.2%** |
| 235843 | Telia Co. AB | $**602642** | **0.2** |
|  | **Switzerland: 9.1%** | **Switzerland: 9.1%** | **Switzerland: 9.1%** |
| 9452 | Baloise Holding AG | 1457562 | 0.4 |
| 13868 | Banque Cantonale <br>Vaudoise | 1329621 | 0.4 |
| 716890 | Glencore PLC | 4780710 | 1.4 |
| 49981 | Holcim AG | 2587181 | 0.8 |
| 117931 | Novartis AG | 10672455 | 3.2 |
| 2386 | Roche Holding <br>AG-GENUSSCHEIN | 749771 | 0.2 |
| 13019 | Swiss Prime Site AG | 1128394 | 0.3 |
| 4833 | Swisscom AG | 2647572 | 0.8 |
| 10953 | Zurich Insurance <br>Group AG | 5236381 | 1.6 |
|  |  | **30589647** | **9.1** |
|  | **United Kingdom: 15.6%** | **United Kingdom: 15.6%** | **United Kingdom: 15.6%** |
| 490804 | Aviva PLC | 2603554 | 0.8 |
| 269533 | BAE Systems PLC | 2783859 | 0.8 |
| 1171471 | BP PLC | 6759352 | 2.0 |
| 145502 | British American <br>Tobacco PLC | 5755819 | 1.7 |
| 270465 | GSK PLC | 4674533 | 1.4 |
| 1215681 | HSBC Holdings PLC | 7534267 | 2.3 |
| 112414 | Imperial Brands PLC | 2800374 | 0.8 |
| 818857 | M&G PLC | 1851657 | 0.6 |
| 313328 | National Grid PLC | 3753487 | 1.1 |
| 117334 | NatWest Group PLC | 374207 | 0.1 |
| 278128 | Phoenix Group <br>Holdings PLC | 2037432 | 0.6 |
| 25399 | Reckitt Benckiser <br>Group PLC | 1760575 | 0.5 |
| 63248 | Relx PLC (GBP <br>Exchange) | 1748691 | 0.5 |
| 40422 | Smiths Group PLC | 775786 | 0.2 |
| 187872 | The Sage Group PLC | 1691740 | 0.5 |
| 34719 | Unilever PLC | 1742082 | 0.5 |
| 29930 | Unilever PLC - ULVRL | 1511108 | 0.5 |
| 179943 | United Utilities Group <br>PLC | 2150030 | 0.7 |
|  |  | **52308553** | **15.6** |
|  | Total Common Stock<br>(Cost $320,014,301) | **329043504** | **98.0** |
| **EXCHANGE-TRADED FUNDS: 1.0%** |  |  |  |
| 75197 | iShares MSCI EAFE <br>Value Index ETF | **3450039** | **1.0** |
|  | Total Exchange-Traded <br>Funds<br>(Cost $3,257,231) | **3450039** | **1.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **PREFERRED STOCK: 0.5%** |  |  |  |
|  | **Germany: 0.5%** | **Germany: 0.5%** | **Germany: 0.5%** |
| 25665 | Henkel AG & Co. KGaA | $**1778905** | **0.5** |
|  | Total Preferred Stock<br>(Cost $2,221,601) | **1778905** | **0.5** |
|  | Total Long-Term <br>Investments<br>(Cost $325,493,133) | **334272448** | **99.5** |
| Principal <br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| **SHORT-TERM INVESTMENTS: 2.2%** |  |  |  |
|  | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** |
| 1687705<br><sup>(4)</sup> | Bank of America Inc., <br>Repurchase Agreement <br>dated 12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase Amount <br>$1,688,500, <br>collateralized by various <br>U.S. Government <br>Agency Obligations, <br>1.500%-6.500%, <br>Market Value plus <br>accrued interest <br>$1,721,459, due <br>05/01/37-05/01/58) | $1687705 | 0.5 |
| 499463<br><sup>(4)</sup> | Citigroup, Inc., <br>Repurchase Agreement <br>dated 12/30/22, 4.25%, <br>due 01/03/23 <br>(Repurchase Amount <br>$499,696, <br>collateralized by various <br>U.S. Government <br>Securities, <br>0.000%-4.500%, <br>Market Value plus <br>accrued interest <br>$509,452, due <br>04/11/23-10/31/29) | 499463 | 0.2 |
| 1687705<br><sup>(4)</sup> | MUFG Securities <br>America Inc., <br>Repurchase Agreement <br>dated 12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase Amount <br>$1,688,500, <br>collateralized by various <br>U.S. Government <br>Agency Obligations, <br>2.000%-5.500%, <br>Market Value plus <br>accrued interest <br>$1,721,459, due <br>08/01/24-01/01/53) | 1687705 | 0.5 |

---

See Accompanying Notes to Financial Statements<br>114

------

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS<br>DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1687705<br><sup>(4)</sup> | National Bank Financial, <br>Repurchase Agreement <br>dated 12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase Amount <br>$1,688,508, <br>collateralized by various <br>U.S. Government <br>Securities, <br>0.000%-4.435%, <br>Market Value plus <br>accrued interest <br>$1,721,459, due <br>01/03/23-09/09/49) | $1687705 | 0.5 |
| 1687705<br><sup>(4)</sup> | RBC Dominion <br>Securities Inc., <br>Repurchase Agreement <br>dated 12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase Amount <br>$1,688,500, <br>collateralized by various <br>U.S. Government <br>Agency Obligations, <br>2.000%-6.000%, <br>Market Value plus <br>accrued interest <br>$1,721,459, due <br>09/01/24-10/20/52) | 1687705 | 0.5 |
|  | Total Repurchase <br>Agreements |  |  |
|  | Total Short-Term <br>Investments<br>(Cost $7,250,283) | **7250283** | **2.2** |
|  | **Total Investments in <br>Securities<br>(Cost $332,743,416)** | $**341522731** | **101.7** |
|  | **Liabilities in Excess of <br>Other Assets** | **(5695171)** | **(1.7)** |
|  | **Net Assets** | $**335827560** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> Security, or a portion of the security, is on loan.

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

<sup>(3)</sup> Non-income producing security.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| Sector Diversification | Percentage of<br>Net Assets |
| Financials | 28.3% |
| Industrials | 14.2 |
| Health Care | 9.3 |
| Materials | 8.8 |
| Energy | 8.5 |
| Consumer Staples | 6.9 |
| Utilities | 6.7 |
| Communication Services | 6.2 |
| Consumer Discretionary | 5.1 |
| Real Estate | 3.1 |
| Information Technology | 1.4 |
| Exchange-Traded Funds | 1.0 |
| Short-Term Investments | 2.2 |
| Liabilities in Excess of Other Assets | (1.7) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements<br>115

------

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS<br>DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs#<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Australia | $3419605 | $26578046 | $— | $29997651 |
| Belgium |  | 3309119 |  | 3309119 |
| China |  | 2359384 |  | 2359384 |
| Denmark |  | 6291399 |  | 6291399 |
| Finland |  | 8223173 |  | 8223173 |
| France |  | 22198693 |  | 22198693 |
| Germany |  | 22280445 |  | 22280445 |
| Hong Kong |  | 14979020 |  | 14979020 |
| Ireland |  | 1706717 |  | 1706717 |
| Israel |  | 5167351 |  | 5167351 |
| Italy |  | 12971667 |  | 12971667 |
| Japan |  | 79474663 |  | 79474663 |
| Netherlands |  | 13181217 |  | 13181217 |
| New Zealand |  | 880424 |  | 880424 |
| Norway |  | 3081454 |  | 3081454 |
| Portugal |  | 2563684 |  | 2563684 |
| Spain |  | 16876601 |  | 16876601 |
| Sweden |  | 602642 |  | 602642 |
| Switzerland |  | 30589647 |  | 30589647 |
| United Kingdom |  | 52308553 |  | 52308553 |
| Total Common Stock | 3419605 | 325623899 |  | 329043504 |
| Exchange-Traded Funds | 3450039 |  |  | 3450039 |
| Preferred Stock |  | 1778905 |  | 1778905 |
| Short-Term Investments |  | 7250283 |  | 7250283 |
| Total Investments, at fair value | $6869644 | $334653087 | $— | $341522731 |

---

^ 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 year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
|<br>**Derivatives not accounted <br>for as hedging instruments** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**<br>**Forward foreign currency contracts** |
| Foreign exchange contracts | $124914 |
| Total | $124914 |
|  | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted <br>for as hedging instruments** | **Forward foreign currency contracts** |
| Foreign exchange contracts | $371 |
| Total | $371 |

---

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

Cost for federal income tax purposes was $334,224,209.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $25502419 |
| Gross Unrealized Depreciation | (17949632) |
| Net Unrealized Appreciation | $7552787 |

---

See Accompanying Notes to Financial Statements<br>116

------

VY<sup>®</sup> AMERICAN CENTURY PORTFOLIO OF INVESTMENTS<br>SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **COMMON STOCK: 96.8%** |  |  |  |
|  | **Communication Services: 2.2%** | **Communication Services: 2.2%** | **Communication Services: 2.2%** |
| 1091 | Cable One, Inc. | $776639 | 0.2 |
| 10610 | Electronic Arts, Inc. | 1296330 | 0.4 |
| 150228 | Entravision <br>Communications Corp. | 721094 | 0.2 |
| 98480 | Fox Corp. - Class B | 2801756 | 0.8 |
| 26028 | Omnicom Group | 2123104 | 0.6 |
| 15295<br><sup>(1)</sup> | Townsquare Media, Inc. | 110889 | 0.0 |
|  |  | **7829812** | **2.2** |
|  | **Consumer Discretionary: 8.4%** | **Consumer Discretionary: 8.4%** | **Consumer Discretionary: 8.4%** |
| 79279<br><sup>(1)</sup> | Accel Entertainment, Inc. | 610448 | 0.2 |
| 20976 | Advance Auto Parts, Inc. | 3084101 | 0.9 |
| 11604<br><sup>(1)</sup> | Aptiv PLC | 1080681 | 0.3 |
| 95830 | BorgWarner, Inc. | 3857158 | 1.1 |
| 8629 | Boyd Gaming Corp. | 470539 | 0.1 |
| 27940 | Brunswick Corp. | 2013915 | 0.6 |
| 51021 | Cie Generale des <br>Etablissements <br>Michelin SCA | 1421302 | 0.4 |
| 30172<br><sup>(1)</sup> | Dave & Buster's <br>Entertainment, Inc. | 1069296 | 0.3 |
| 28277<br><sup>(1)</sup> | Dollar Tree, Inc. | 3999499 | 1.1 |
| 19167<br><sup>(1)</sup> | Malibu Boats, Inc. | 1021601 | 0.3 |
| 30672<br><sup>(1)</sup> | MarineMax, Inc. | 957580 | 0.3 |
| 5947<br><sup>(1)</sup> | Mohawk Industries, Inc. | 607902 | 0.2 |
| 27951<br><sup>(1)</sup> | OneWater Marine, Inc. | 799399 | 0.2 |
| 14169<br><sup>(1)</sup> | Penn Entertainment, Inc. | 420819 | 0.1 |
| 8853 | Penske Auto Group, Inc. | 1017475 | 0.3 |
| 30991<br><sup>(1)</sup> | Red Robin Gourmet <br>Burgers, Inc. | 172930 | 0.0 |
| 1546<br><sup>(1</sup><br><sup>),(2)</sup> | RH | 413076 | 0.1 |
| 41142<br><sup>(1)</sup> | Skyline Champion Corp. | 2119224 | 0.6 |
| 24512 | Sodexo SA | 2345262 | 0.6 |
| 50440<br><sup>(1)</sup> | Solo Brands, Inc. | 187637 | 0.0 |
| 54610 | Tapestry, Inc. | 2079549 | 0.6 |
| 30686<br><sup>(1)</sup> | Vizio Holding Corp. | 227383 | 0.1 |
|  |  | **29976776** | **8.4** |
|  | **Consumer Staples: 5.6%** | **Consumer Staples: 5.6%** | **Consumer Staples: 5.6%** |
| 120019 | Conagra Brands, Inc. | 4644735 | 1.3 |
| 46800 | Edgewell Personal <br>Care Co. | 1803672 | 0.5 |
| 16864 | JM Smucker Co. | 2672270 | 0.8 |
| 27490 | Kimberly-Clark Corp. | 3731768 | 1.0 |
| 164294 | Koninklijke Ahold <br>Delhaize NV | 4723646 | 1.3 |
| 39235 | Spectrum Brands <br>Holdings, Inc. | 2390196 | 0.7 |
|  |  | **19966287** | **5.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Energy: 3.7%** | **Energy: 3.7%** | **Energy: 3.7%** |
| 83638 | Baker Hughes Co. | $2469830 | 0.7 |
| 50758 | ChampionX Corp. | 1471474 | 0.4 |
| 14558 | Devon Energy Corp. | 895463 | 0.2 |
| 12012 | Diamondback <br>Energy, Inc. | 1643001 | 0.5 |
| 24692<br><sup>(1</sup><br><sup>),(2)</sup> | Earthstone Energy, Inc. | 351367 | 0.1 |
| 129521<br><sup>(3)</sup> | Enterprise Products <br>Partners L.P. | 3124047 | 0.9 |
| 17363 | Enviva, Inc. | 919718 | 0.3 |
| 37262 | EQT Corp. | 1260574 | 0.3 |
| 929<br><sup>(1)</sup> | NCS Multistage <br>Holdings, Inc. | 23225 | 0.0 |
| 9185 | Phillips 66 | 955975 | 0.3 |
|  |  | **13114674** | **3.7** |
|  | **Financials: 22.4%** | **Financials: 22.4%** | **Financials: 22.4%** |
| 23629 | Aflac, Inc. | 1699870 | 0.5 |
| 39771 | Allstate Corp. | 5392948 | 1.5 |
| 24825 | A-Mark Precious Metals, <br>Inc. | 862172 | 0.2 |
| 3150 | Ameriprise Financial, Inc. | 980816 | 0.3 |
| 25273 | Ameris Bancorp. | 1191369 | 0.3 |
| 29326 | Axis Capital Holdings <br>Ltd. | 1588589 | 0.5 |
| 139431 | Bank of New York <br>Mellon Corp. | 6346899 | 1.8 |
| 32290 | BankUnited, Inc. | 1096891 | 0.3 |
| 115672 | Capitol Federal <br>Financial, Inc. | 1000563 | 0.3 |
| 3137 | Chubb Ltd. | 692022 | 0.2 |
| 93082<br><sup>(3)</sup> | Compass Diversified <br>Holdings | 1696885 | 0.5 |
| 21015 | ConnectOne Bancorp, <br>Inc. | 508773 | 0.1 |
| 29179<br><sup>(1)</sup> | Donnelley Financial <br>Solutions, Inc. | 1127768 | 0.3 |
| 5854 | Enact Holdings, Inc. | 141198 | 0.0 |
| 150636 | First BanCorp. Puerto <br>Rico | 1916090 | 0.5 |
| 149254 | First Hawaiian, Inc. | 3886574 | 1.1 |
| 18672 | First Interstate <br>Bancsystem, Inc. | 721673 | 0.2 |
| 12133 | First Merchants Corp. | 498788 | 0.1 |
| 5688 | First Mid Bancshares, <br>Inc. | 182471 | 0.1 |
| 158122 | FNB Corp. | 2063492 | 0.6 |
| 14804 | Hanover Insurance <br>Group, Inc. | 2000465 | 0.6 |
| 74228 | Home Bancshares, <br>Inc./Conway AR | 1691656 | 0.5 |
| 17411 | Independent Bank <br>Group, Inc. | 1046053 | 0.3 |
| 78211 | Northern Trust Corp. | 6920891 | 2.0 |
| 130751 | Old National Bancorp. | 2350903 | 0.7 |

---

See Accompanying Notes to Financial Statements<br>117

------

VY<sup>®</sup> AMERICAN CENTURY PORTFOLIO OF INVESTMENTS<br>SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
|  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 13798 | Origin Bancorp, Inc. | $ | 506387 | 0.1 |
| 43975 | Pacific Premier Bancorp, <br>Inc. |  | 1387851 | 0.4 |
| 15996 | PacWest Bancorp |  | 367108 | 0.1 |
| 22499 | Patria Investments Ltd. |  | 313411 | 0.1 |
| 13949 | Premier Financial Corp. |  | 376205 | 0.1 |
| 8069 | ProAssurance Corp. |  | 140965 | 0.0 |
| 45379 | Prosperity Bancshares, <br>Inc. |  | 3298146 | 0.9 |
| 23442 | Provident Financial <br>Services, Inc. |  | 500721 | 0.1 |
| 7769 | QCR Holdings, Inc. |  | 385653 | 0.1 |
| 20158 | Reinsurance Group of <br>America, Inc. |  | 2864250 | 0.8 |
| 6060 | Selective Insurance <br>Group |  | 536977 | 0.2 |
| 26020 | SouthState Corp. |  | 1986887 | 0.6 |
| 33961 | T. Rowe Price <br>Group, Inc. |  | 3703787 | 1.0 |
| 16122 | TowneBank/<br>Portsmouth VA |  | 497202 | 0.1 |
| 99382 | Truist Financial Corp. |  | 4276407 | 1.2 |
| 23454 | UMB Financial Corp. |  | 1958878 | 0.6 |
| 60455 | US Bancorp |  | 2636443 | 0.7 |
| 148373 | Valley National Bancorp |  | 1678099 | 0.5 |
| 35307 | Veritex Holdings, Inc. |  | 991421 | 0.3 |
| 18802 | Westamerica Bancorp. |  | 1109506 | 0.3 |
| 9589 | Willis Towers <br>Watson PLC |  | 2345278 | 0.7 |
|  |  |  | **79467401** | **22.4** |
|  | **Health Care: 10.8%** | **Health Care: 10.8%** | **Health Care: 10.8%** | **Health Care: 10.8%** |
| 19418 | AmerisourceBergen <br>Corp. |  | 3217757 | 0.9 |
| 1813<br><sup>(1)</sup> | AMN Healthcare <br>Services, Inc. |  | 186413 | 0.1 |
| 24488 | Baxter International, Inc. |  | 1248153 | 0.3 |
| 4392 | Becton Dickinson & Co. |  | 1116885 | 0.3 |
| 15385 | Cardinal Health, Inc. |  | 1182645 | 0.3 |
| 53575 | Dentsply Sirona, Inc. |  | 1705828 | 0.5 |
| 95562 | Embecta Corp. |  | 2416763 | 0.7 |
| 21012<br><sup>(1)</sup> | Enovis Corp. |  | 1124562 | 0.3 |
| 35206<br><sup>(1)</sup> | Envista Holdings Corp. |  | 1185386 | 0.3 |
| 2898 | HCA Healthcare, Inc. |  | 695404 | 0.2 |
| 51292<br><sup>(1)</sup> | Henry Schein, Inc. |  | 4096692 | 1.2 |
| 17163<br><sup>(1)</sup> | Hologic, Inc. |  | 1283964 | 0.4 |
| 11877 | Laboratory Corp. of <br>America Holdings |  | 2796796 | 0.8 |
| 44630 | Patterson Cos., Inc. |  | 1250979 | 0.3 |
| 20147 | Quest Diagnostics, Inc. |  | 3151797 | 0.9 |
| 27240 | Universal Health <br>Services, Inc. |  | 3837844 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
| 60160 | Zimmer Biomet <br>Holdings, Inc. | $ | 7670400 | 2.2 |
| 17644<br><sup>(1)</sup> | Zimvie, Inc. |  | 164795 | 0.0 |
|  |  |  | **38333063** | **10.8** |
|  | **Industrials: 15.6%** | **Industrials: 15.6%** | **Industrials: 15.6%** | **Industrials: 15.6%** |
| 9758<br><sup>(1)</sup> | Atkore, Inc. |  | 1106752 | 0.3 |
| 5867 | Barrett Business <br>Services, Inc. |  | 547274 | 0.2 |
| 63959<br><sup>(1)</sup> | Beacon Roofing <br>Supply, Inc. |  | 3376396 | 0.9 |
| 33389 | Brink's Co. |  | 1793323 | 0.5 |
| 19189<br><sup>(1)</sup> | Ceco Environmental <br>Corp. |  | 224128 | 0.1 |
| 3456<br><sup>(1)</sup> | Charah Solutions, Inc. |  | 18662 | 0.0 |
| 53337 | Cie de Saint-Gobain |  | 2609281 | 0.7 |
| 5885 | Cummins, Inc. |  | 1425877 | 0.4 |
| 45332 | Deluxe Corp. |  | 769737 | 0.2 |
| 79057<br><sup>(1)</sup> | DIRTT Environmental <br>Solutions |  | 41900 | 0.0 |
| 17676<br><sup>(1)</sup> | DXP Enterprises, Inc. |  | 486974 | 0.1 |
| 6203<br><sup>(1)</sup> | Dycom Industries, Inc. |  | 580601 | 0.2 |
| 38057 | Emerson Electric Co. |  | 3655755 | 1.0 |
| 14067 | Esab Corp. |  | 660024 | 0.2 |
| 110967<br><sup>(1)</sup> | Gates Industrial Corp. <br>PLC |  | 1266133 | 0.4 |
| 26769<br><sup>(1)</sup> | GMS, Inc. |  | 1333096 | 0.4 |
| 7945 | Graham Corp. |  | 76431 | 0.0 |
| 56708<br><sup>(1)</sup> | Hayward Holdings, Inc. |  | 533055 | 0.1 |
| 113203 | Heartland Express, Inc. |  | 1736534 | 0.5 |
| 87072<br><sup>(1)</sup> | Hillman Solutions Corp. |  | 627789 | 0.2 |
| 13533 | Huntington Ingalls <br>Industries, Inc. |  | 3121792 | 0.9 |
| 121827 | IMI PLC |  | 1902684 | 0.5 |
| 55489<br><sup>(1)</sup> | KAR Auction Services, <br>Inc. |  | 724131 | 0.2 |
| 7309 | Karat Packaging, Inc. |  | 105030 | 0.0 |
| 31772 | Korn Ferry |  | 1608299 | 0.4 |
| 25154 | Legrand S.A. |  | 2016884 | 0.6 |
| 18405<br><sup>(1)</sup> | Leonardo DRS, Inc. |  | 235216 | 0.1 |
| 22803 | Loomis AB |  | 625032 | 0.2 |
| 14019 | Luxfer Holdings PLC |  | 192341 | 0.1 |
| 455 | Luxfer Holdings PLC <br>ADR |  | 6243 | 0.0 |
| 42382 | MSC Industrial Direct Co. |  | 3462609 | 1.0 |
| 75325 | nVent Electric PLC |  | 2897753 | 0.8 |
| 53317 | Oshkosh Corp. |  | 4702026 | 1.3 |
| 8729 | Republic Services, Inc. |  | 1125954 | 0.3 |
| 125559<br><sup>(1)</sup> | Southwest Airlines Co. |  | 4227572 | 1.2 |
| 32987<br><sup>(2)</sup> | Tecnoglass, Inc. |  | 1015010 | 0.3 |
| 26098 | Timken Co. |  | 1844346 | 0.5 |
| 26848 | Vinci SA |  | 2676387 | 0.8 |
|  |  |  | **55359031** | **15.6** |

---

See Accompanying Notes to Financial Statements<br>118

------

VY<sup>®</sup> AMERICAN CENTURY PORTFOLIO OF INVESTMENTS<br>SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Information Technology: 8.8%** | **Information Technology: 8.8%** | **Information Technology: 8.8%** |
| 3519 | Advanced Energy <br>Industries, Inc. | $301860 | 0.1 |
| 30557 | Amdocs Ltd. | 2777631 | 0.8 |
| 11630 | Applied Materials, Inc. | 1132529 | 0.3 |
| 48557 | Avnet, Inc. | 2019000 | 0.6 |
| 8339 | Belden, Inc. | 599574 | 0.2 |
| 74898<br><sup>(1)</sup> | Coherent Corp. | 2628920 | 0.7 |
| 21503<br><sup>(1)</sup> | Cohu, Inc. | 689171 | 0.2 |
| 29501 | Corning, Inc. | 942262 | 0.3 |
| 34534<br><sup>(1)</sup> | Digital Turbine, Inc. | 526298 | 0.1 |
| 6595<br><sup>(1)</sup> | Euronet Worldwide, Inc. | 622436 | 0.2 |
| 67633 | EVERTEC, Inc. | 2189957 | 0.6 |
| 19463<br><sup>(1)</sup> | F5, Inc. | 2793135 | 0.8 |
| 76422 | HP, Inc. | 2053459 | 0.6 |
| 14284<br><sup>(1)</sup> | IBEX Holdings Ltd. | 354957 | 0.1 |
| 64412 | Juniper Networks, Inc. | 2058608 | 0.6 |
| 39856 | Kulicke & Soffa <br>Industries, Inc. | 1764027 | 0.5 |
| 5685 | MKS Instruments, Inc. | 481690 | 0.1 |
| 23307 | TE Connectivity Ltd. | 2675644 | 0.8 |
| 68578<br><sup>(1)</sup> | Teradata Corp. | 2308335 | 0.6 |
| 14354 | Teradyne, Inc. | 1253822 | 0.3 |
| 60013 | Vontier Corp. | 1160051 | 0.3 |
|  |  | **31333366** | **8.8** |
|  | **Materials: 5.1%** | **Materials: 5.1%** | **Materials: 5.1%** |
| 40151 | Akzo Nobel NV | 2694226 | 0.8 |
| 198170 | Amcor PLC | 2360205 | 0.7 |
| 92177<br><sup>(1)</sup> | Axalta Coating Systems <br>Ltd. | 2347748 | 0.7 |
| 24924 | Element Solutions, Inc. | 453367 | 0.1 |
| 103887 | Graphic Packaging <br>Holding Co. | 2311486 | 0.6 |
| 19223 | Minerals Technologies, <br>Inc. | 1167221 | 0.3 |
| 17433 | Mondi PLC | 294809 | 0.1 |
| 31186 | Packaging Corp. of <br>America | 3989001 | 1.1 |
| 85199 | Pactiv Evergreen, Inc. | 967861 | 0.3 |
| 23124 | Sonoco Products Co. | 1403858 | 0.4 |
|  |  | **17989782** | **5.1** |
|  | **Real Estate: 7.5%** | **Real Estate: 7.5%** | **Real Estate: 7.5%** |
| 28754 | CareTrust REIT, Inc. | 534249 | 0.1 |
| 24892<br><sup>(2)</sup> | Easterly Government <br>Properties, Inc. | 355209 | 0.1 |
| 4618 | Equinix, Inc. | 3024929 | 0.8 |
| 12669 | Essex Property Trust, <br>Inc. | 2684814 | 0.8 |
| 34103 | Four Corners Property <br>Trust, Inc. | 884291 | 0.2 |
| 8630<br><sup>(2)</sup> | Getty Realty Corp. | 292125 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
| 145693 | Healthpeak Properties, <br>Inc. | $ | 3652524 | 1.0 |
| 25983 | Highwoods Properties, <br>Inc. |  | 727004 | 0.2 |
| 36259 | Kite Realty Group Trust |  | 763252 | 0.2 |
| 11348 | National Health <br>Investors, Inc. |  | 592593 | 0.2 |
| 13946 | NETSTREIT Corp. |  | 255630 | 0.1 |
| 44016 | Physicians Realty Trust |  | 636912 | 0.2 |
| 7664 | Public Storage, Inc. |  | 2147376 | 0.6 |
| 54983 | Realty Income Corp. |  | 3487572 | 1.0 |
| 50499 | Regency Centers Corp. |  | 3156187 | 0.9 |
| 55755 | Summit Hotel Properties, <br>Inc. |  | 402551 | 0.1 |
| 15914 | UMH Properties, Inc. |  | 256215 | 0.1 |
| 22375 | VICI Properties, Inc. |  | 724950 | 0.2 |
| 22493 | Weyerhaeuser Co. |  | 697283 | 0.2 |
| 17866 | WP Carey, Inc. |  | 1396228 | 0.4 |
|  |  |  | **26671894** | **7.5** |
|  | **Utilities: 6.7%** | **Utilities: 6.7%** | **Utilities: 6.7%** | **Utilities: 6.7%** |
| 6984 | ALLETE, Inc. |  | 450538 | 0.1 |
| 5798 | Atmos Energy Corp. |  | 649782 | 0.2 |
| 26738 | Duke Energy Corp. |  | 2753747 | 0.8 |
| 85307 | Edison International |  | 5427231 | 1.5 |
| 18881 | Evergy, Inc. |  | 1188181 | 0.3 |
| 14590 | Eversource Energy |  | 1223226 | 0.3 |
| 4637 | Northwest Natural <br>Holding Co. |  | 220675 | 0.1 |
| 67612 | NorthWestern Corp. |  | 4012096 | 1.1 |
| 27106 | Pinnacle West Capital <br>Corp. |  | 2061140 | 0.6 |
| 4147 | PNM Resources, Inc. |  | 202332 | 0.1 |
| 10448 | Southwest Gas <br>Holdings, Inc. |  | 646522 | 0.2 |
| 72605 | Spire, Inc. |  | 4999580 | 1.4 |
|  |  |  | **23835050** | **6.7** |
|  | Total Common Stock<br>(Cost $347,254,723) |  | **343877136** | **96.8** |
| **EXCHANGE-TRADED FUNDS: 0.9%** |  |  |  |  |
| 28276 | iShares Russell Mid-Cap <br>Value ETF |  | **2978594** | **0.9** |
|  | Total Exchange-Traded <br>Funds<br>(Cost $2,789,574) |  | **2978594** | **0.9** |
| **PREFERRED STOCK: 0.7%** |  |  |  |  |
|  | **Consumer Staples: 0.7%** | **Consumer Staples: 0.7%** | **Consumer Staples: 0.7%** | **Consumer Staples: 0.7%** |
| 36809 | Henkel AG & Co. KGaA |  | **2551324** | **0.7** |
|  | Total Preferred Stock<br>(Cost $2,397,436) |  | **2551324** | **0.7** |

---

See Accompanying Notes to Financial Statements<br>119

------

VY<sup>®</sup> AMERICAN CENTURY PORTFOLIO OF INVESTMENTS<br>SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **OTHER<sup>(4)</sup>: —%** |  |  |  |
|  | **Consumer, Non-cyclical: —%** | **Consumer, Non-cyclical: —%** | **Consumer, Non-cyclical: —%** |
| 6778<br><sup>(2</sup><br><sup>),(5),(6)</sup> | The Fresh Market <br>Holdings, Inc. | $**—** | **—** |
|  | Total Other<br>(Cost $—) | **—** | **—** |
|  | Total Long-Term <br>Investments<br>(Cost $352,441,733) | **349407054** | **98.4** |
| Principal<br>Amount† |  | Value | Percentage <br>of Net <br>Assets |
| **SHORT-TERM INVESTMENTS: 1.9%** |  |  |  |
|  | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** |
| 1000000<br><sup>(7)</sup> | National Bank Financial, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, due <br>01/03/23 (Repurchase <br>Amount $1,000,476, <br>collateralized by various <br>U.S. Government <br>Securities, <br>0.000%-4.435%, <br>Market Value plus <br>accrued interest <br>$1,020,000, due <br>01/03/23-09/09/49) | $1000000 | 0.3 |
| 611775<br><sup>(7)</sup> | RBC Dominion <br>Securities Inc., <br>Repurchase Agreement <br>dated 12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase Amount <br>$612,063, <br>collateralized by various <br>U.S. Government <br>Agency Obligations, <br>2.000%-6.000%, <br>Market Value plus <br>accrued interest <br>$624,010, due <br>09/01/24-10/20/52) | 611775 | 0.1 |
|  | Total Repurchase <br>Agreements<br>(Cost $1,611,775) | **1611775** | **0.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Mutual Funds: 1.5%** | **Mutual Funds: 1.5%** | **Mutual Funds: 1.5%** |
| 5300317<br><sup>(8)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional <br>Class, 4.030%<br>(Cost $5,300,317) | $**5300317** | **1.5** |
|  | Total Short-Term <br>Investments<br>(Cost $6,912,092) | **6912092** | **1.9** |
|  | **Total Investments in <br>Securities<br>(Cost $359,353,825)** | $**356319146** | **100.3** |
|  | **Liabilities in Excess of <br>Other Assets** | **(891909)** | **(0.3)** |
|  | **Net Assets** | $**355427237** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> Security is a Master Limited Partnership.

<sup>(4)</sup> Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

<sup>(5)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(6)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2022, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

<sup>(7)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(8)</sup> Rate shown is the 7-day yield as of December 31, 2022.

See Accompanying Notes to Financial Statements<br>120

------

VY<sup>®</sup> AMERICAN CENTURY PORTFOLIO OF INVESTMENTS<br>SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs#<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Communication Services | $7829812 | $— | $— | $7829812 |
| Consumer Discretionary | 26210212 | 3766564 |  | 29976776 |
| Consumer Staples | 15242641 | 4723646 |  | 19966287 |
| Energy | 13114674 |  |  | 13114674 |
| Financials | 79467401 |  |  | 79467401 |
| Health Care | 38333063 |  |  | 38333063 |
| Industrials | 45528763 | 9830268 |  | 55359031 |
| Information Technology | 31333366 |  |  | 31333366 |
| Materials | 15000747 | 2989035 |  | 17989782 |
| Real Estate | 26671894 |  |  | 26671894 |
| Utilities | 23835050 |  |  | 23835050 |
| Total Common Stock | 322567623 | 21309513 |  | 343877136 |
| Exchange-Traded Funds | 2978594 |  |  | 2978594 |
| Preferred Stock |  | 2551324 |  | 2551324 |
| Other |  |  |  |  |
| Short-Term Investments | 5300317 | 1611775 |  | 6912092 |
| Total Investments, at fair value | $330846534 | $25472612 | $— | $356319146 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts |  | 17832 |  | 17832 |
| Total Assets | $330846534 | $25490444 | $— | $356336978 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts | $— | $(107967) | $— | $(107967) |
| Total Liabilities | $— | $(107967) | $— | $(107967) |

---

^ 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 December 31, 2022, VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Fair Value** |
| The Fresh Market Holdings, Inc. | 11/14/2022 | $— | $— |
|  |  | $— | $— |

---

See Accompanying Notes to Financial Statements<br>121

------

VY<sup>®</sup> AMERICAN CENTURY PORTFOLIO OF INVESTMENTS<br>SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

At December 31, 2022, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency <br>Purchased** | **Currency <br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| GBP | 62539 | USD | 75618 | Bank of America N.A. | 03/31/23 | $152 |
| GBP | 54635 | USD | 65919 | Bank of America N.A. | 03/31/23 | 275 |
| GBP | 50010 | USD | 60463 | Bank of America N.A. | 03/31/23 | 128 |
| GBP | 53018 | USD | 64599 | Bank of America N.A. | 03/31/23 | (364) |
| USD | 2191058 | GBP | 1797239 | Bank of America N.A. | 03/31/23 | 13588 |
| USD | 428649 | EUR | 402368 | JPMorgan Chase Bank N.A. | 03/31/23 | (4669) |
| USD | 17655412 | EUR | 16488304 | JPMorgan Chase Bank N.A. | 03/31/23 | (101162) |
| NOK | 660223 | USD | 67547 | UBS AG | 03/31/23 | 105 |
| NOK | 208643 | USD | 21181 | UBS AG | 03/31/23 | 198 |
| USD | 16456 | SEK | 170566 | UBS AG | 03/31/23 | 28 |
| SEK | 143431 | USD | 13837 | UBS AG | 03/31/23 | (22) |
| NOK | 412278 | USD | 41839 | UBS AG | 03/31/23 | 406 |
| USD | 540723 | SEK | 5586051 | UBS AG | 03/31/23 | 2701 |
| NOK | 296198 | USD | 30100 | UBS AG | 03/31/23 | 251 |
| USD | 159877 | NOK | 1577341 | UBS AG | 03/31/23 | (1750) |
|  |  |  |  |  |  | $(90135) |

---

Currency Abbreviations

EUR — EU Euro

GBP — British Pound

NOK — Norwegian Krone

SEK — Swedish Krona

USD — United States Dollar

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted <br>for as hedging instruments** | **Location on Statement of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $17832 |
| Total Asset Derivatives |  | $17832 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $107967 |
| Total Liability Derivatives |  | $107967 |

---

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

---

| | |
|:---|:---|
|<br>**Derivatives not accounted <br>for as hedging instruments** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**<br>**Forward foreign currency contracts** |
| Foreign exchange contracts | $1398988 |
| Total | $1398988 |
|  | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted <br>for as hedging instruments** | **Forward foreign currency contracts** |
| Foreign exchange contracts | $116274 |
| Total | $116274 |

---

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

Cost for federal income tax purposes was $363,084,438.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | $20035351 |
| Gross Unrealized Depreciation | (26837220) |
| Net Unrealized Depreciation | $(6801869) |

---

See Accompanying Notes to Financial Statements<br>122

------

PORTFOLIO OF INVESTMENTS<br>VY<sup>®</sup> BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **COMMON STOCK: 99.6%** |  |  |  |
|  | **Communication Services: 5.6%** | **Communication Services: 5.6%** | **Communication Services: 5.6%** |
| 510000<br><sup>(1)</sup> | Iridium <br>Communications, Inc. | $**26214000** | **5.6** |
|  | **Consumer Discretionary: 20.8%** | **Consumer Discretionary: 20.8%** | **Consumer Discretionary: 20.8%** |
| 76100<br><sup>(1)</sup> | Bright Horizons <br>Family Solutions, Inc. | 4801910 | 1.0 |
| 282000 | Choice Hotels <br>International, Inc. | 31764480 | 6.8 |
| 130000 | Krispy Kreme, Inc. | 1341600 | 0.3 |
| 84500 | Marriott Vacations <br>Worldwide Corp. | 11372855 | 2.4 |
| 334000<br><sup>(1)</sup> | Penn Entertainment, Inc. | 9919800 | 2.1 |
| 82500 | Red Rock Resorts, Inc. | 3300825 | 0.7 |
| 146000 | Vail Resorts, Inc. | 34799100 | 7.5 |
|  |  | **97300570** | **20.8** |
|  | **Financials: 35.0%** | **Financials: 35.0%** | **Financials: 35.0%** |
| 394000<br><sup>(1)</sup> | Arch Capital Group <br>Ltd. | 24735320 | 5.3 |
| 115000 | Carlyle Group, Inc./The | 3431600 | 0.7 |
| 131500 | Cohen & Steers, Inc. | 8489640 | 1.8 |
| 35400 | Essent Group Ltd. | 1376352 | 0.3 |
| 76000 | Factset Research <br>Systems, Inc. | 30491960 | 6.5 |
| 30325 | Houlihan Lokey, Inc. | 2643127 | 0.6 |
| 70000 | Kinsale Capital Group, <br>Inc. | 18306400 | 3.9 |
| 22065 | Moelis & Co. | 846634 | 0.2 |
| 46687 | Morningstar, Inc. | 10111938 | 2.2 |
| 104000 | MSCI, Inc. - Class A | 48377680 | 10.4 |
| 102000 | Primerica, Inc. | 14465640 | 3.1 |
|  |  | **163276291** | **35.0** |
|  | **Health Care: 11.1%** | **Health Care: 11.1%** | **Health Care: 11.1%** |
| 176000 | Bio-Techne Corp. | 14586880 | 3.1 |
| 103782 | Dechra Pharmaceuticals <br>PLC | 3271206 | 0.7 |
| 325000<br><sup>(1)</sup> | Figs, Inc. | 2187250 | 0.5 |
| 36750<br><sup>(1)</sup> | Idexx Laboratories, Inc. | 14992530 | 3.2 |
| 5330<br><sup>(1)</sup> | Mettler Toledo <br>International, Inc. | 7704248 | 1.7 |
| 83100<br><sup>(1)</sup> | Neogen Corp. | 1265613 | 0.3 |
| 32500 | West Pharmaceutical <br>Services, Inc. | 7648875 | 1.6 |
|  |  | **51656602** | **11.1** |
|  | **Industrials: 7.0%** | **Industrials: 7.0%** | **Industrials: 7.0%** |
| 40000<br><sup>(1)</sup> | BrightView Holdings, Inc. | 275600 | 0.1 |
| 336000<br><sup>(1)</sup> | CoStar Group, Inc. | 25966080 | 5.6 |
| 475725<br><sup>(2)</sup> | Marel HF | 1639746 | 0.3 |
| 4129898<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Northvolt AB - Series E | 1049683 | 0.2 |
| 80000<br><sup>(1)</sup> | Trex Co., Inc. | 3386400 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| 190000<br><sup>(1)</sup> | Velo3D, Inc. | $340100 | 0.1 |
|  |  | **32657609** | **7.0** |
|  | **Information Technology: 13.5%** | **Information Technology: 13.5%** | **Information Technology: 13.5%** |
| 53870<br><sup>(1)</sup> | Altair Engineering, Inc. | 2449469 | 0.5 |
| 68000<br><sup>(1)</sup> | ANSYS, Inc. | 16428120 | 3.5 |
| 105000<br><sup>(1)</sup> | Gartner, Inc. | 35294700 | 7.6 |
| 94000<br><sup>(1)</sup> | Guidewire Software, Inc. | 5880640 | 1.3 |
| 4500 | Littelfuse, Inc. | 990900 | 0.2 |
| 150000<br><sup>(1)</sup> | Mirion Technologies, Inc. | 991500 | 0.2 |
| 16407 | SS&C Technologies <br>Holdings, Inc. | 854148 | 0.2 |
|  |  | **62889477** | **13.5** |
|  | **Real Estate: 6.6%** | **Real Estate: 6.6%** | **Real Estate: 6.6%** |
| 64824 | Alexandria Real Estate <br>Equities, Inc. | 9442912 | 2.0 |
| 247500 | Douglas Emmett, Inc. | 3880800 | 0.8 |
| 337000 | Gaming and Leisure <br>Properties, Inc. | 17554330 | 3.8 |
|  |  | **30878042** | **6.6** |
|  | Total Common Stock<br>(Cost $104,667,320) | **464872591** | **99.6** |
| **SHORT-TERM INVESTMENTS: 0.4%** |  |  |  |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 1748846<br><sup>(5)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional Class, <br>4.030%<br>(Cost $1,748,846) | **1748846** | **0.4** |
|  | Total Short-Term <br>Investments<br>(Cost $1,748,846) | **1748846** | **0.4** |
|  | **Total Investments in <br>Securities<br>(Cost $106,416,166)** | $**466621437** | **100.0** |
|  | **Liabilities in Excess of <br>Other Assets** | **(54134)** | **—** |
|  | **Net Assets** | $**466567303** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

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

<sup>(3)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(4)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2022, the Portfolio held restricted securities with a fair value of $1,049,683 or 0.2% of net assets. Please refer to the table below for additional details.

<sup>(5)</sup> Rate shown is the 7-day yield as of December 31, 2022.

See Accompanying Notes to Financial Statements<br>123

------

PORTFOLIO OF INVESTMENTS<br>VY<sup>®</sup> BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs#<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Communication Services | $26214000 | $— | $— | $26214000 |
| Consumer Discretionary | 97300570 |  |  | 97300570 |
| Financials | 163276291 |  |  | 163276291 |
| Health Care | 48385396 | 3271206 |  | 51656602 |
| Industrials | 31607926 |  | 1049683 | 32657609 |
| Information Technology | 62889477 |  |  | 62889477 |
| Real Estate | 30878042 |  |  | 30878042 |
| Total Common Stock | 460551702 | 3271206 | 1049683 | 464872591 |
| Short-Term Investments | 1748846 |  |  | 1748846 |
| Total Investments, at fair value | $462300548 | $3271206 | $1049683 | $466621437 |

---

^ 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 December 31, 2022, VY<sup>®</sup> Baron Growth Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Fair Value** |
| Northvolt AB - Series E | 9/21/2020 | $651737 | $1049683 |
|  |  | $651737 | $1049683 |

---

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

Cost for federal income tax purposes was $108,855,948.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $362113259 |
| Gross Unrealized Depreciation | (4347770) |
| Net Unrealized Appreciation | $357765489 |

---

See Accompanying Notes to Financial Statements<br>124

------

VY<sup>®</sup> COLUMBIA PORTFOLIO OF INVESTMENTS<br>CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **COMMON STOCK: 98.6%** |  |  |  |
|  | **Communication Services: 11.5%** | **Communication Services: 11.5%** | **Communication Services: 11.5%** |
| 8439<br><sup>(1)</sup> | Alphabet, Inc. - Class A | $744573 | 1.6 |
| 8585<br><sup>(1)</sup> | Alphabet, Inc. - Class C | 761747 | 1.6 |
| 17620 | Comcast Corp. - <br>Class A | 616172 | 1.3 |
| 11009<br><sup>(1)</sup> | Endeavor Group <br>Holdings, Inc. | 248143 | 0.5 |
| 8606<br><sup>(1)</sup> | Match Group, Inc. | 357063 | 0.8 |
| 4400<br><sup>(1)</sup> | Meta Platforms, Inc. | 529496 | 1.1 |
| 6864<br><sup>(1)</sup> | Take-Two Interactive <br>Software, Inc. | 714748 | 1.5 |
| 5017<br><sup>(1)</sup> | T-Mobile US, Inc. | 702380 | 1.5 |
| 5417<br><sup>(1)</sup> | Walt Disney Co. | 470629 | 1.0 |
| 8840<br><sup>(1)</sup> | ZoomInfo Technologies, <br>Inc. | 266172 | 0.6 |
|  |  | **5411123** | **11.5** |
|  | **Consumer Discretionary: 6.6%** | **Consumer Discretionary: 6.6%** | **Consumer Discretionary: 6.6%** |
| 16306<br><sup>(1)</sup> | Amazon.com, Inc. | 1369704 | 2.9 |
| 1124 | Lowe's Cos, Inc. | 223946 | 0.5 |
| 1777 | McDonald's Corp. | 468293 | 1.0 |
| 10376 | Tapestry, Inc. | 395118 | 0.8 |
| 2018<br><sup>(1)</sup> | Tesla, Inc. | 248577 | 0.5 |
| 5190 | TJX Cos., Inc. | 413124 | 0.9 |
|  |  | **3118762** | **6.6** |
|  | **Consumer Staples: 7.4%** | **Consumer Staples: 7.4%** | **Consumer Staples: 7.4%** |
| 23570<br><sup>(1)</sup> | Coty, Inc - Class A | 201759 | 0.4 |
| 12451 | Mondelez International, <br>Inc. | 829859 | 1.8 |
| 1593<br><sup>(1)</sup> | Monster Beverage Corp. | 161737 | 0.3 |
| 8391 | Procter & Gamble Co. | 1271740 | 2.7 |
| 4847 | Sysco Corp. | 370553 | 0.8 |
| 4474 | Walmart, Inc. | 634369 | 1.4 |
|  |  | **3470017** | **7.4** |
|  | **Energy: 5.4%** | **Energy: 5.4%** | **Energy: 5.4%** |
| 10011 | Canadian Natural <br>Resources Ltd. | 555911 | 1.2 |
| 7125 | Chevron Corp. | 1278866 | 2.7 |
| 5431 | EOG Resources, Inc. | 703423 | 1.5 |
|  |  | **2538200** | **5.4** |
|  | **Financials: 10.6%** | **Financials: 10.6%** | **Financials: 10.6%** |
| 345 | American Express Co. | 50974 | 0.1 |
| 1366 | Aon PLC | 409991 | 0.9 |
| 12596 | Bank of America Corp. | 417180 | 0.9 |
| 4953<br><sup>(1)</sup> | Berkshire Hathaway, <br>Inc. - Class B | 1529982 | 3.3 |
| 475 | Blackrock, Inc. | 336599 | 0.7 |
| 3171 | JPMorgan Chase & Co. | 425231 | 0.9 |
| 501 | MSCI, Inc. - Class A | 233050 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
| 8518 | State Street Corp. | $ | 660741 | 1.4 |
| 22151 | Wells Fargo & Co. |  | 914615 | 1.9 |
|  |  |  | **4978363** | **10.6** |
|  | **Health Care: 15.6%** | **Health Care: 15.6%** | **Health Care: 15.6%** | **Health Care: 15.6%** |
| 6707 | Abbott Laboratories |  | 736361 | 1.6 |
| 4391<br><sup>(1)</sup> | BioMarin <br>Pharmaceutical, Inc. |  | 454425 | 1.0 |
| 11228<br><sup>(1)</sup> | Boston Scientific Corp. |  | 519520 | 1.1 |
| 7273 | CVS Health Corp. |  | 677771 | 1.4 |
| 1497 | Elevance Health, Inc. |  | 767916 | 1.6 |
| 3015 | Eli Lilly & Co. |  | 1103008 | 2.4 |
| 1176<br><sup>(1)</sup> | IQVIA Holdings, Inc. |  | 240951 | 0.5 |
| 9667 | Johnson & Johnson |  | 1707675 | 3.6 |
| 769 | Thermo Fisher <br>Scientific, Inc. |  | 423481 | 0.9 |
| 2466<br><sup>(1)</sup> | Vertex Pharmaceuticals, <br>Inc. |  | 712131 | 1.5 |
|  |  |  | **7343239** | **15.6** |
|  | **Industrials: 8.2%** | **Industrials: 8.2%** | **Industrials: 8.2%** | **Industrials: 8.2%** |
| 6801 | General Electric Co. |  | 569856 | 1.2 |
| 1936 | Honeywell International, <br>Inc. |  | 414885 | 0.9 |
| 1943 | Parker Hannifin Corp. |  | 565413 | 1.2 |
| 10182 | Raytheon Technologies <br>Corp. |  | 1027567 | 2.2 |
| 6387<br><sup>(1)</sup> | Southwest Airlines Co. |  | 215050 | 0.5 |
| 24721<br><sup>(1)</sup> | Uber Technologies, Inc. |  | 611350 | 1.3 |
| 2109 | Union Pacific Corp. |  | 436711 | 0.9 |
|  |  |  | **3840832** | **8.2** |
|  | **Information Technology: 26.4%** | **Information Technology: 26.4%** | **Information Technology: 26.4%** | **Information Technology: 26.4%** |
| 1323 | Accenture PLC |  | 353029 | 0.7 |
| 2382<br><sup>(1)</sup> | Adobe, Inc. |  | 801614 | 1.7 |
| 4687<br><sup>(1)</sup> | Advanced Micro <br>Devices, Inc. |  | 303577 | 0.6 |
| 19232 | Apple, Inc. |  | 2498814 | 5.3 |
| 3204 | Fidelity National <br>Information Services, <br>Inc. |  | 217391 | 0.5 |
| 1527 | International Business <br>Machines Corp. |  | 215139 | 0.5 |
| 2029 | Intuit, Inc. |  | 789727 | 1.7 |
| 1071 | Lam Research Corp. |  | 450141 | 1.0 |
| 4029 | Marvell Technology, Inc. |  | 149234 | 0.3 |
| 2282 | Mastercard, Inc. - <br>Class A |  | 793520 | 1.7 |
| 3547 | Microchip Technology, <br>Inc. |  | 249177 | 0.5 |
| 12787 | Microsoft Corp. |  | 3066578 | 6.5 |
| 4697 | Nvidia Corp. |  | 686420 | 1.5 |
| 1542<br><sup>(1)</sup> | Palo Alto Networks, Inc. |  | 215171 | 0.5 |
| 1855 | Qualcomm, Inc. |  | 203939 | 0.4 |

---

See Accompanying Notes to Financial Statements<br>125

------

VY<sup>®</sup> COLUMBIA PORTFOLIO OF INVESTMENTS<br>CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
|  | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| 4107 | TE Connectivity Ltd. | $ | 471484 | 1.0 |
| 3887 | Visa, Inc. - Class A |  | 807563 | 1.7 |
| 555<br><sup>(1)</sup> | Zebra Technologies <br>Corp. |  | 142308 | 0.3 |
|  |  |  | **12414826** | **26.4** |
|  | **Materials: 2.5%** | **Materials: 2.5%** | **Materials: 2.5%** | **Materials: 2.5%** |
| 3889 | Corteva, Inc. |  | 228595 | 0.5 |
| 4795 | International Flavors & <br>Fragrances, Inc. |  | 502708 | 1.0 |
| 1922 | Sherwin-Williams Co. |  | 456148 | 1.0 |
|  |  |  | **1187451** | **2.5** |
|  | **Real Estate: 1.6%** | **Real Estate: 1.6%** | **Real Estate: 1.6%** | **Real Estate: 1.6%** |
| 3525 | American Tower Corp. |  | **746807** | **1.6** |
|  | **Utilities: 2.8%** | **Utilities: 2.8%** | **Utilities: 2.8%** | **Utilities: 2.8%** |
| 8115 | American Electric <br>Power Co., Inc. |  | 770519 | 1.6 |
| 9158 | Public Service <br>Enterprise Group, Inc. |  | 561111 | 1.2 |
|  |  |  | **1331630** | **2.8** |
|  | Total Common Stock<br>(Cost $46,689,114) |  | **46381250** | **98.6** |
| **OTHER<sup>(2)</sup>: —%** |  |  |  |  |
|  | **Materials: —%** | **Materials: —%** | **Materials: —%** | **Materials: —%** |
| 649000<br><sup>(3</sup><br><sup>),(4)</sup> | SINO Forest Corp. <br>(Escrow) |  | **—** | **—** |
|  | Total Other<br>(Cost $—) |  | **—** | **—** |
|  | Total Long-Term <br>Investments<br>(Cost $46,689,114) |  | **46381250** | **98.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** |
|  | **Mutual Funds: 2.5%** | **Mutual Funds: 2.5%** | **Mutual Funds: 2.5%** |
| 1188451<br><sup>(5)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional Class, <br>4.030%<br>(Cost $1,188,451) | $**1188451** | **2.5** |
|  | Total Short-Term <br>Investments<br>(Cost $1,188,451) | **1188451** | **2.5** |
|  | **Total Investments in <br>Securities<br>(Cost $47,877,565)** | $**47569701** | **101.1** |
|  | **Liabilities in Excess of <br>Other Assets** | **(505636)** | **(1.1)** |
|  | **Net Assets** | $**47064065** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

<sup>(3)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(4)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2022, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

<sup>(5)</sup> Rate shown is the 7-day yield as of December 31, 2022.

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $46381250 | $— | $— | $46381250 |
| Other |  |  |  |  |
| Short-Term Investments | 1188451 |  |  | 1188451 |
| Total Investments, at fair value | $47569701 | $— | $— | $47569701 |

---

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

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

See Accompanying Notes to Financial Statements<br>126

------

VY<sup>®</sup> COLUMBIA PORTFOLIO OF INVESTMENTS<br>CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

At December 31, 2022, VY<sup>®</sup> Columbia Contrarian Core Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Fair Value** |
| SINO Forest Corp. (Escrow) | 3/1/2013 | $— | $— |
|  |  | $— | $— |

---

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

Cost for federal income tax purposes was $49,061,374.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | $3043373 |
| Gross Unrealized Depreciation | (4535047) |
| Net Unrealized Depreciation | $(1491674) |

---

See Accompanying Notes to Financial Statements<br>127

------

VY<sup>®</sup> COLUMBIA PORTFOLIO OF INVESTMENTS<br>SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **COMMON STOCK: 95.5%** |  |  |  |
|  | **Communication Services: 1.6%** | **Communication Services: 1.6%** | **Communication Services: 1.6%** |
| 9300 | Nexstar Media Group, <br>Inc. | $1627779 | 1.1 |
| 10300<br><sup>(1)</sup> | Ziff Davis, Inc. | 814730 | 0.5 |
|  |  | **2442509** | **1.6** |
|  | **Consumer Discretionary: 9.6%** | **Consumer Discretionary: 9.6%** | **Consumer Discretionary: 9.6%** |
| 65700 | American Eagle <br>Outfitters, Inc. | 917172 | 0.6 |
| 13000<br><sup>(1)</sup> | CROCS, Inc. | 1409590 | 0.9 |
| 23500 | Foot Locker, Inc. | 888065 | 0.6 |
| 18950<br><sup>(1)</sup> | Genesco, Inc. | 872079 | 0.6 |
| 6900 | Group 1 Automotive, Inc. | 1244553 | 0.8 |
| 24156 | Hibbett, Inc. | 1647923 | 1.0 |
| 86800 | International Game <br>Technology PLC | 1968624 | 1.3 |
| 46000 | KB Home | 1465100 | 0.9 |
| 62600 | Macy's, Inc. | 1292690 | 0.8 |
| 21020 | Red Rock Resorts, Inc. | 841010 | 0.5 |
| 24000<br><sup>(1)</sup> | Scientific Games Corp. | 1406400 | 0.9 |
| 16500 | Signet Jewelers Ltd. | 1122000 | 0.7 |
|  |  | **15075206** | **9.6** |
|  | **Consumer Staples: 4.4%** | **Consumer Staples: 4.4%** | **Consumer Staples: 4.4%** |
| 27300<br><sup>(1)</sup> | BellRing Brands, Inc. | 699972 | 0.5 |
| 8900<br><sup>(1)</sup> | BJ's Wholesale Club <br>Holdings, Inc. | 588824 | 0.4 |
| 51500<br><sup>(1)</sup> | Chefs' Warehouse <br>Holdings, Inc. | 1713920 | 1.1 |
| 38500<br><sup>(1)</sup> | TreeHouse Foods, Inc. | 1901130 | 1.2 |
| 49800<br><sup>(1)</sup> | United Natural Foods, Inc. | 1927758 | 1.2 |
|  |  | **6831604** | **4.4** |
|  | **Energy: 5.1%** | **Energy: 5.1%** | **Energy: 5.1%** |
| 31300<br><sup>(1)</sup> | Antero Resources Corp. | 969987 | 0.6 |
| 17565 | Chesapeake Energy <br>Corp. | 1657609 | 1.1 |
| 24600 | Civitas Resources, Inc. | 1425078 | 0.9 |
| 40699<br><sup>(1)</sup> | Clean Energy Fuels <br>Corp. | 211635 | 0.1 |
| 116200 | Equitrans Midstream <br>Corp. | 778540 | 0.5 |
| 68800<br><sup>(1)</sup> | Golar LNG Ltd. | 1567952 | 1.0 |
| 26800 | Helmerich & Payne, Inc. | 1328476 | 0.9 |
|  |  | **7939277** | **5.1** |
|  | **Financials: 26.3%** | **Financials: 26.3%** | **Financials: 26.3%** |
| 46100 | Ameris Bancorp. | 2173154 | 1.4 |
| 22600 | Amerisafe, Inc. | 1174522 | 0.8 |
| 60600 | Argo Group International <br>Holdings Ltd. | 1566510 | 1.0 |
| 53600 | Atlantic Union <br>Bankshares Corp. | 1883504 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
| 43800<br><sup>(1)</sup> | Axos Financial, Inc. | $ | 1674036 | 1.1 |
| 72800<br><sup>(1)</sup> | Bancorp, Inc. |  | 2066064 | 1.3 |
| 51300 | Cathay General Bancorp. |  | 2092527 | 1.3 |
| 25500 | Community Bank <br>System, Inc. |  | 1605225 | 1.0 |
| 49356<br><sup>(1)</sup> | Focus Financial <br>Partners, Inc. |  | 1839498 | 1.2 |
| 43282 | Hancock Whitney Corp. |  | 2094416 | 1.3 |
| 26400 | Hannon Armstrong <br>Sustainable <br>Infrastructure Capital, <br>Inc. |  | 765072 | 0.5 |
| 19400 | Houlihan Lokey, Inc. |  | 1690904 | 1.1 |
| 19700 | Independent Bank Corp. |  | 1663271 | 1.1 |
| 21900 | Independent Bank <br>Group, Inc. |  | 1315752 | 0.8 |
| 112279 | MGIC Investment Corp. |  | 1459627 | 0.9 |
| 32300 | Pacific Premier Bancorp, <br>Inc. |  | 1019388 | 0.7 |
| 20400 | Popular, Inc. |  | 1352928 | 0.9 |
| 68198 | Radian Group, Inc. |  | 1300536 | 0.8 |
| 30900 | Renasant Corp. |  | 1161531 | 0.7 |
| 43100 | Sandy Spring Bancorp, <br>Inc. |  | 1518413 | 1.0 |
| 91416 | SLM Corp. |  | 1517505 | 1.0 |
| 8100 | SouthState Corp. |  | 618516 | 0.4 |
| 46700 | Starwood Property Trust, <br>Inc. |  | 856011 | 0.5 |
| 23600 | Stifel Financial Corp. |  | 1377532 | 0.9 |
| 14492<br><sup>(1)</sup> | Triumph Financial, Inc. |  | 708224 | 0.5 |
| 23900 | UMB Financial Corp. |  | 1996128 | 1.3 |
| 20300 | United Bankshares, Inc. |  | 821947 | 0.5 |
| 37249 | WSFS Financial Corp. |  | 1688870 | 1.1 |
|  |  |  | **41001611** | **26.3** |
|  | **Health Care: 7.0%** | **Health Care: 7.0%** | **Health Care: 7.0%** | **Health Care: 7.0%** |
| 72000<br><sup>(1)</sup> | AdaptHealth Corp. |  | 1383840 | 0.9 |
| 16800<br><sup>(1)</sup> | Agios Pharmaceuticals, <br>Inc. |  | 471744 | 0.3 |
| 10800<br><sup>(1)</sup> | Amylyx Pharmaceuticals, <br>Inc. |  | 399060 | 0.3 |
| 28238<br><sup>(1)</sup> | Arcutis Biotherapeutics, <br>Inc. |  | 417922 | 0.3 |
| 24300<br><sup>(1)</sup> | Haemonetics Corp. |  | 1911195 | 1.2 |
| 28400<br><sup>(1)</sup> | Ideaya Biosciences, Inc. |  | 516028 | 0.3 |
| 19400<br><sup>(1)</sup> | Insmed, Inc. |  | 387612 | 0.2 |
| 21000<br><sup>(1)</sup> | IVERIC bio, Inc. |  | 449610 | 0.3 |
| 32217<br><sup>(1)</sup> | Merit Medical Systems, <br>Inc. |  | 2275165 | 1.5 |
| 22600<br><sup>(1)</sup> | Prestige Consumer <br>Healthcare, Inc. |  | 1414760 | 0.9 |
| 18300<br><sup>(1)</sup> | Sage Therapeutics, Inc. |  | 697962 | 0.4 |
| 28000<br><sup>(1)</sup> | Varex Imaging Corp. |  | 568400 | 0.4 |
|  |  |  | **10893298** | **7.0** |

---

See Accompanying Notes to Financial Statements<br>128

------

VY<sup>®</sup> COLUMBIA PORTFOLIO OF INVESTMENTS<br>SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Industrials: 18.0%** | **Industrials: 18.0%** | **Industrials: 18.0%** |
| 40400 | ABM Industries, Inc. | $1794568 | 1.2 |
| 104000<br><sup>(1)</sup> | API Group Corp. | 1956240 | 1.3 |
| 21400 | ArcBest Corp. | 1498856 | 1.0 |
| 30800<br><sup>(1)</sup> | Beacon Roofing Supply, <br>Inc. | 1625932 | 1.0 |
| 68500<br><sup>(1)</sup> | Bloom Energy Corp. | 1309720 | 0.8 |
| 61500<br><sup>(1)</sup> | Core & Main, Inc. | 1187565 | 0.8 |
| 12000 | EMCOR Group, Inc. | 1777320 | 1.1 |
| 26400<br><sup>(1)</sup> | Evoqua Water <br>Technologies Corp. | 1045440 | 0.7 |
| 68700 | Heartland Express, Inc. | 1053858 | 0.7 |
| 14600 | Herc Holdings, Inc. | 1920922 | 1.2 |
| 16700 | ICF International, Inc. | 1654135 | 1.1 |
| 33400 | KBR, Inc. | 1763520 | 1.1 |
| 12800 | Kforce, Inc. | 701824 | 0.4 |
| 20997 | Moog, Inc. | 1842697 | 1.2 |
| 27200<br><sup>(1)</sup> | Parsons Corp. | 1258000 | 0.8 |
| 16100 | Science Applications <br>International Corp. | 1785973 | 1.1 |
| 33900 | Triton International Ltd. | 2331642 | 1.5 |
| 48200<br><sup>(1)</sup> | Univar Solutions, Inc. | 1532760 | 1.0 |
|  |  | **28040972** | **18.0** |
|  | **Information Technology: 5.5%** | **Information Technology: 5.5%** | **Information Technology: 5.5%** |
| 18900 | Amkor Technology, Inc. | 453222 | 0.3 |
| 18209<br><sup>(1)</sup> | Diodes, Inc. | 1386433 | 0.9 |
| 9000<br><sup>(1)</sup> | ExlService Holdings, Inc. | 1524870 | 1.0 |
| 69100<br><sup>(1)</sup> | Extreme Networks, Inc. | 1265221 | 0.8 |
| 30600<br><sup>(1)</sup> | Rambus, Inc. | 1096092 | 0.7 |
| 49400<br><sup>(1)</sup> | Ultra Clean Holdings, <br>Inc. | 1637610 | 1.0 |
| 57500 | Vishay Intertechnology, <br>Inc. | 1240275 | 0.8 |
|  |  | **8603723** | **5.5** |
|  | **Materials: 6.7%** | **Materials: 6.7%** | **Materials: 6.7%** |
| 18800 | Ashland, Inc. | 2021564 | 1.3 |
| 43300<br><sup>(1)</sup> | ATI, Inc. | 1292938 | 0.8 |
| 24800 | Cabot Corp. | 1657632 | 1.1 |
| 22000 | HB Fuller Co. | 1575640 | 1.0 |
| 20600 | Materion Corp. | 1802706 | 1.1 |
| 131100<br><sup>(1)</sup> | O-I Glass, Inc. | 2172327 | 1.4 |
|  |  | **10522807** | **6.7** |
|  | **Real Estate: 6.1%** | **Real Estate: 6.1%** | **Real Estate: 6.1%** |
| 55963 | American Assets Trust, <br>Inc. | 1483019 | 0.9 |
| 85700 | Apple Hospitality REIT, <br>Inc. | 1352346 | 0.9 |
| 25300 | First Industrial Realty <br>Trust, Inc. | 1220978 | 0.8 |
| 93100 | Kite Realty Group Trust | 1959755 | 1.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| 21200 | NETSTREIT Corp. | $388596 | 0.2 |
| 36700 | Rayonier, Inc. | 1209632 | 0.8 |
| 107200 | Tanger Factory Outlet <br>Centers, Inc. | 1923168 | 1.2 |
|  |  | **9537494** | **6.1** |
|  | **Utilities: 5.2%** | **Utilities: 5.2%** | **Utilities: 5.2%** |
| 51300 | Clearway Energy, <br>Inc. - Class C | 1634931 | 1.0 |
| 48500 | New Jersey Resources <br>Corp. | 2406570 | 1.5 |
| 26100 | ONE Gas, Inc. | 1976292 | 1.3 |
| 43300 | Portland General <br>Electric Co. | 2121700 | 1.4 |
|  |  | **8139493** | **5.2** |
|  | Total Common Stock<br>(Cost $127,752,259) | **149027994** | **95.5** |
| **EXCHANGE-TRADED FUNDS: 1.9%** |  |  |  |
| 35500<br><sup>(1)</sup> | SPDR S&P Biotech ETF | **2946500** | **1.9** |
|  | Total Exchange-Traded <br>Funds<br>(Cost $3,065,660) | **2946500** | **1.9** |
|  | Total Long-Term <br>Investments<br>(Cost $130,817,919) | **151974494** | **97.4** |
| **SHORT-TERM INVESTMENTS: 1.9%** |  |  |  |
|  | **Mutual Funds: 1.9%** | **Mutual Funds: 1.9%** | **Mutual Funds: 1.9%** |
| 2987006<br><sup>(2)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional Class, <br>4.030%<br>(Cost $2,987,006) | **2987006** | **1.9** |
|  | Total Short-Term <br>Investments<br>(Cost $2,987,006) | **2987006** | **1.9** |
|  | **Total Investments in <br>Securities<br>(Cost $133,804,925)** | $**154961500** | **99.3** |
|  | **Assets in Excess of <br>Other Liabilities** | **1107464** | **0.7** |
|  | **Net Assets** | $**156068964** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2022.

See Accompanying Notes to Financial Statements<br>129

------

VY<sup>®</sup> COLUMBIA PORTFOLIO OF INVESTMENTS<br>SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $149027994 | $— | $— | $149027994 |
| Exchange-Traded Funds | 2946500 |  |  | 2946500 |
| Short-Term Investments | 2987006 |  |  | 2987006 |
| Total Investments, at fair value | $154961500 | $— | $— | $154961500 |

---

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

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

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

Cost for federal income tax purposes was $133,924,600.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $26358648 |
| Gross Unrealized Depreciation | (5321748) |
| Net Unrealized Appreciation | $21036900 |

---

See Accompanying Notes to Financial Statements<br>130

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
| **COMMON STOCK: 95.8%** |  |  |  |
|  | **Communication Services: 3.4%** | **Communication Services: 3.4%** | **Communication Services: 3.4%** |
| 90589 | Comcast Corp. - <br>Class A | $3167897 | 1.2 |
| 21639<br><sup>(1)</sup> | Meta Platforms, Inc. | 2604037 | 1.0 |
| 21483<br><sup>(1)</sup> | T-Mobile US, Inc. | 3007620 | 1.2 |
|  |  | **8779554** | **3.4** |
|  | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** |
| 2364<br><sup>(1)</sup> | Booking Holdings, Inc. | 4764122 | 1.8 |
| 21088 | eBay, Inc. | 874519 | 0.3 |
| 114385 | General Motors Co. | 3847912 | 1.5 |
| 73859<br><sup>(1)</sup> | Las Vegas Sands Corp. | 3550402 | 1.4 |
| 20247 | Ralph Lauren Corp. | 2139501 | 0.8 |
| 10134 | Ross Stores, Inc. | 1176253 | 0.5 |
|  |  | **16352709** | **6.3** |
|  | **Consumer Staples: 7.2%** | **Consumer Staples: 7.2%** | **Consumer Staples: 7.2%** |
| 47293 | Coca-Cola Co. | 3008308 | 1.1 |
| 636839<br><sup>(1)</sup> | Haleon PLC | 2519740 | 0.9 |
| 32621 | Kimberly-Clark Corp. | 4428301 | 1.7 |
| 48260 | Kraft Heinz Co. | 1964664 | 0.8 |
| 69608 | Philip Morris <br>International, Inc. | 7045026 | 2.7 |
|  |  | **18966039** | **7.2** |
|  | **Energy: 11.3%** | **Energy: 11.3%** | **Energy: 11.3%** |
| 41924 | Chevron Corp. | 7524939 | 2.9 |
| 35818 | ConocoPhillips | 4226524 | 1.6 |
| 33737 | Devon Energy Corp. | 2075163 | 0.8 |
| 20970 | Exxon Mobil Corp. | 2312991 | 0.9 |
| 24885 | Hess Corp. | 3529191 | 1.3 |
| 111610 | Marathon Oil Corp. | 3021283 | 1.1 |
| 10171 | Pioneer Natural <br>Resources Co. | 2322954 | 0.9 |
| 146852 | Suncor Energy, Inc. | 4659614 | 1.8 |
|  |  | **29672659** | **11.3** |
|  | **Financials: 20.4%** | **Financials: 20.4%** | **Financials: 20.4%** |
| 19546 | Allstate Corp. | 2650438 | 1.0 |
| 101955 | American International <br>Group, Inc. | 6447634 | 2.5 |
| 205037 | Bank of America Corp. | 6790825 | 2.6 |
| 83568 | Citigroup, Inc. | 3779781 | 1.4 |
| 80118 | Citizens Financial <br>Group, Inc. | 3154246 | 1.2 |
| 79454 | Fifth Third Bancorp | 2606886 | 1.0 |
| 10078 | Goldman Sachs <br>Group, Inc. | 3460584 | 1.3 |
| 207360 | Huntington <br>Bancshares, Inc. | 2923776 | 1.1 |
| 24372 | JPMorgan Chase & <br>Co. | 3268285 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net<br>Assets |
| 14563 | M&T Bank Corp. | $ | 2112509 | 0.8 |
| 40717 | Metlife, Inc. |  | 2946689 | 1.1 |
| 26729 | Morgan Stanley |  | 2272499 | 0.9 |
| 65332 | State Street Corp. |  | 5067803 | 1.9 |
| 145430 | Wells Fargo & Co. |  | 6004805 | 2.3 |
|  |  |  | **53486760** | **20.4** |
|  | **Health Care: 19.1%** | **Health Care: 19.1%** | **Health Care: 19.1%** | **Health Care: 19.1%** |
| 27321 | Baxter International, Inc. |  | 1392551 | 0.5 |
| 12285 | Becton Dickinson & <br>Co. |  | 3124076 | 1.2 |
| 40165 | Bristol-Myers Squibb <br>Co. |  | 2889872 | 1.1 |
| 53656 | CVS Health Corp. |  | 5000203 | 1.9 |
| 30530 | Dentsply Sirona, Inc. |  | 972075 | 0.4 |
| 12391 | Elevance Health, Inc. |  | 6356211 | 2.4 |
| 13141 | HCA Healthcare, Inc. |  | 3153314 | 1.2 |
| 34928<br><sup>(1)</sup> | Henry Schein, Inc. |  | 2789699 | 1.1 |
| 4740 | Humana, Inc. |  | 2427781 | 0.9 |
| 25607 | Johnson & Johnson |  | 4523477 | 1.7 |
| 8908 | McKesson Corp. |  | 3341569 | 1.3 |
| 34351 | Medtronic PLC |  | 2669760 | 1.0 |
| 40673 | Merck & Co., Inc. |  | 4512669 | 1.7 |
| 84919 | Sanofi ADR |  | 4112627 | 1.6 |
| 20024 | Universal Health <br>Services, Inc. |  | 2821181 | 1.1 |
|  |  |  | **50087065** | **19.1** |
|  | **Industrials: 13.1%** | **Industrials: 13.1%** | **Industrials: 13.1%** | **Industrials: 13.1%** |
| 21401 | Caterpillar, Inc. |  | 5126823 | 2.0 |
| 30828 | Eaton Corp. PLC |  | 4838455 | 1.8 |
| 45882 | Emerson Electric Co. |  | 4407425 | 1.7 |
| 24805 | FedEx Corp. |  | 4296226 | 1.6 |
| 34595 | General Electric Co. |  | 2898715 | 1.1 |
| 87980 | Johnson Controls <br>International plc |  | 5630720 | 2.1 |
| 35884 | Textron, Inc. |  | 2540587 | 1.0 |
| 45926 | Westinghouse Air <br>Brake Technologies <br>Corp. |  | 4583874 | 1.8 |
|  |  |  | **34322825** | **13.1** |
|  | **Information Technology: 9.7%** | **Information Technology: 9.7%** | **Information Technology: 9.7%** | **Information Technology: 9.7%** |
| 111078 | Cisco Systems, Inc. |  | 5291756 | 2.0 |
| 61679 | Cognizant Technology <br>Solutions Corp. |  | 3527422 | 1.4 |
| 123432<br><sup>(1)</sup> | DXC Technology Co. |  | 3270948 | 1.3 |
| 14171<br><sup>(1)</sup> | F5, Inc. |  | 2033680 | 0.8 |
| 43535 | Intel Corp. |  | 1150630 | 0.4 |
| 14630 | Microsoft Corp. |  | 3508566 | 1.3 |
| 25261 | NXP Semiconductor <br>NV - NXPI - US |  | 3991996 | 1.5 |
| 22990 | Qualcomm, Inc. |  | 2527521 | 1.0 |
|  |  |  | **25302519** | **9.7** |

---

See Accompanying Notes to Financial Statements<br>131

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Materials: 3.3%** | **Materials: 3.3%** | **Materials: 3.3%** |
| 27392 | BASF SE | $1348740 | 0.5 |
| 30338 | CF Industries <br>Holdings, Inc. | 2584798 | 1.0 |
| 19822 | Corteva, Inc. | 1165137 | 0.4 |
| 103981 | International Paper Co. | 3600862 | 1.4 |
|  |  | **8699537** | **3.3** |
|  | **Real Estate: 0.5%** | **Real Estate: 0.5%** | **Real Estate: 0.5%** |
| 87526 | Host Hotels & <br>Resorts, Inc. | **1404792** | **0.5** |
|  | **Utilities: 1.5%** | **Utilities: 1.5%** | **Utilities: 1.5%** |
| 43471 | Dominion Energy, Inc. | 2665642 | 1.0 |
| 44164 | PPL Corp. | 1290472 | 0.5 |
|  |  | **3956114** | **1.5** |
|  | Total Common Stock<br>(Cost $211,707,567) | **251030573** | **95.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
| **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** |
|  | **Mutual Funds: 4.1%** | **Mutual Funds: 4.1%** | **Mutual Funds: 4.1%** |
| 10851805<br><sup>(2)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional Class, <br>4.030%<br>(Cost $10,851,805) | $**10851805** | **4.1** |
|  | Total Short-Term<br>Investments<br>(Cost $10,851,805) | **10851805** | **4.1** |
|  | **Total Investments in<br>Securities<br>(Cost $222,559,372)** | $**261882378** | **99.9** |
|  | **Assets in Excess <br>of Other Liabilities** | **149093** | **0.1** |
|  | **Net Assets** | $**262031471** | **100.0** |

---

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2022.

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs#<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Communication Services | $8779554 | $— | $— | $8779554 |
| Consumer Discretionary | 16352709 |  |  | 16352709 |
| Consumer Staples | 16446299 | 2519740 |  | 18966039 |
| Energy | 29672659 |  |  | 29672659 |
| Financials | 53486760 |  |  | 53486760 |
| Health Care | 50087065 |  |  | 50087065 |
| Industrials | 34322825 |  |  | 34322825 |
| Information Technology | 25302519 |  |  | 25302519 |
| Materials | 7350797 | 1348740 |  | 8699537 |
| Real Estate | 1404792 |  |  | 1404792 |
| Utilities | 3956114 |  |  | 3956114 |
| Total Common Stock | 247162093 | 3868480 |  | 251030573 |
| Short-Term Investments | 10851805 |  |  | 10851805 |
| Total Investments, at fair value | $258013898 | $3868480 | $— | $261882378 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts |  | 22367 |  | 22367 |
| Total Assets | $258013898 | $3890847 | $— | $261904745 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts | $— | $(48984) | $— | $(48984) |
| Total Liabilities | $— | $(48984) | $— | $(48984) |

---

^ 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<br>132

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

At December 31, 2022, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Comstock Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 65818 | CAD | 88852 | CIBC World Markets Corp. | 01/13/23 | $193 |
| CAD | 102613 | USD | 75155 | CIBC World Markets Corp. | 01/13/23 | 633 |
| USD | 2170704 | CAD | 2965073 | CIBC World Markets Corp. | 01/13/23 | (19266) |
| USD | 87546 | CAD | 119478 | Deutsche Bank AG | 01/13/23 | (700) |
| USD | 97562 | EUR | 91702 | Goldman Sachs International | 01/13/23 | (672) |
| CAD | 82018 | USD | 60335 | RBC Capital Markets Corp. | 01/13/23 | 243 |
| USD | 25240 | GBP | 20697 | RBC Capital Markets Corp. | 01/13/23 | 211 |
| USD | 98980 | CAD | 133899 | RBC Capital Markets Corp. | 01/13/23 | 84 |
| USD | 2563012 | EUR | 2418214 | RBC Capital Markets Corp. | 01/13/23 | (27444) |
| USD | 1232419 | GBP | 1001748 | RBC Capital Markets Corp. | 01/13/23 | 21003 |
| USD | 66888 | EUR | 63015 | State Street Bank and Trust Co. | 01/13/23 | (615) |
| USD | 30487 | GBP | 25314 | State Street Bank and Trust Co. | 01/13/23 | (125) |
| GBP | 26588 | USD | 32315 | State Street Bank and Trust Co. | 01/13/23 | (162) |
|  |  |  |  |  |  | $(26617) |

---

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted<br>for as hedging instruments** | **Location on Statement of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $22367 |
| Total Asset Derivatives |  | $22367 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $48984 |
| Total Liability Derivatives |  | $48984 |

---

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

---

| | |
|:---|:---|
|<br>**Derivatives not accounted <br>for as hedging instruments** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**<br>**Forward foreign currency contracts** |
| Foreign exchange contracts | $293270 |
| Total | $293270 |
|  | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted <br>for as hedging instruments** | **Forward foreign currency contracts** |
| Foreign exchange contracts | $20984 |
| Total | $20984 |

---

See Accompanying Notes to Financial Statements<br>133

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CIBC World<br>Markets Corp.** | **Deutsche<br>Bank<br>AG** | **Goldman<br>Sachs<br>International** | **RBC Capital<br>Markets<br>Corp.** | **State Street <br>Bank and <br>Trust Co.** | **Totals** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Forward foreign currency contracts | $826 | $— | $— | $21541 | $— | $22367 |
| **Total Assets** | $826 | $— | $— | $21541 | $— | $22367 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward foreign currency contracts | $19266 | $700 | $672 | $27444 | $902 | $48984 |
| **Total Liabilities** | $19266 | $700 | $672 | $27444 | $902 | $48984 |
| **Net OTC derivative instruments by <br>counterparty, at fair value** | $(18440) | $(700) | $(672) | $(5903) | $(902) | (26617) |
| **Total collateral pledged by the <br>Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(18440) | $(700) | $(672) | $(5903) | $(902) | $(26617) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

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

Cost for federal income tax purposes was $228,313,276.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $49479565 |
| Gross Unrealized Depreciation | (15936265) |
| Net Unrealized Appreciation | $33543300 |

---

See Accompanying Notes to Financial Statements<br>134

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **COMMON STOCK: 63.7%** |  |  |  |
|  | **Communication Services: 4.0%** | **Communication Services: 4.0%** | **Communication Services: 4.0%** |
| 20381<br><sup>(1)</sup> | Charter <br>Communications, <br>Inc. | $6911197 | 0.6 |
| 255934 | Comcast Corp. - <br>Class A | 8950012 | 0.8 |
| 40966<br><sup>(1)</sup> | Meta Platforms, Inc. | 4929848 | 0.5 |
| 101481<br><sup>(1)</sup> | T-Mobile US, Inc. | 14207340 | 1.3 |
| 100459<br><sup>(1)</sup> | Walt Disney Co. | 8727878 | 0.8 |
|  |  | **43726275** | **4.0** |
|  | **Consumer Discretionary: 5.1%** | **Consumer Discretionary: 5.1%** | **Consumer Discretionary: 5.1%** |
| 91400<br><sup>(1)</sup> | Amazon.com, Inc. | 7677600 | 0.7 |
| 3919<br><sup>(1)</sup> | Booking Holdings, Inc. | 7897882 | 0.8 |
| 512704 | General Motors Co. | 17247363 | 1.6 |
| 182984<br><sup>(1)</sup> | Las Vegas Sands <br>Corp. | 8796041 | 0.8 |
| 166727 | TJX Cos., Inc. | 13271469 | 1.2 |
|  |  | **54890355** | **5.1** |
|  | **Consumer Staples: 3.1%** | **Consumer Staples: 3.1%** | **Consumer Staples: 3.1%** |
| 216922 | Diageo PLC | 9495129 | 0.9 |
| 100073 | Philip Morris <br>International, Inc. | 10128388 | 0.9 |
| 90628 | Sysco Corp. | 6928511 | 0.6 |
| 211329<br><sup>(1)</sup> | US Foods Holding <br>Corp. | 7189413 | 0.7 |
|  |  | **33741441** | **3.1** |
|  | **Energy: 7.4%** | **Energy: 7.4%** | **Energy: 7.4%** |
| 80179 | Chevron Corp. | 14391329 | 1.3 |
| 215984 | ConocoPhillips | 25486112 | 2.4 |
| 175265 | Devon Energy Corp. | 10780550 | 1.0 |
| 160532 | Exxon Mobil Corp. | 17706680 | 1.6 |
| 10354 | Phillips 66 | 1077644 | 0.1 |
| 44667 | Pioneer Natural <br>Resources Co. | 10201496 | 1.0 |
|  |  | **79643811** | **7.4** |
|  | **Financials: 13.5%** | **Financials: 13.5%** | **Financials: 13.5%** |
| 50036 | American Express Co. | 7392819 | 0.7 |
| 312585 | American International <br>Group, Inc. | 19767875 | 1.8 |
| 585428 | Bank of America Corp. | 19389375 | 1.8 |
| 135431 | Charles Schwab Corp. | 11275985 | 1.1 |
| 325777 | Citizens Financial <br>Group, Inc. | 12825840 | 1.2 |
| 35554 | Goldman Sachs <br>Group, Inc. | 12208533 | 1.1 |
| 172930 | KKR & Co., Inc. | 8027411 | 0.8 |
| 131081 | Morgan Stanley | 11144507 | 1.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net <br>Assets |
| 39962 | PNC Financial <br>Services Group, Inc. | $ | 6311598 | 0.6 |
| 628409 | Wells Fargo & Co. |  | 25947008 | 2.4 |
| 45235 | Willis Towers <br>Watson PLC |  | 11063576 | 1.0 |
|  |  |  | **145354527** | **13.5** |
|  | **Health Care: 12.4%** | **Health Care: 12.4%** | **Health Care: 12.4%** | **Health Care: 12.4%** |
| 197169 | Bristol-Myers <br>Squibb Co. |  | 14186310 | 1.3 |
| 110247<br><sup>(1)</sup> | Centene Corp. |  | 9041356 | 0.8 |
| 43887 | Cigna Corp. |  | 14541519 | 1.4 |
| 74663 | CVS Health Corp. |  | 6957845 | 0.7 |
| 11383 | Elevance Health, Inc. |  | 5839137 | 0.5 |
| 287040 | GSK PLC |  | 4961004 | 0.5 |
| 79014 | Johnson & Johnson |  | 13957823 | 1.3 |
| 23852 | McKesson Corp. |  | 8947362 | 0.8 |
| 138448 | Medtronic PLC |  | 10760179 | 1.0 |
| 164017 | Merck & Co., Inc. |  | 18197686 | 1.7 |
| 117868 | Sanofi |  | 11365567 | 1.0 |
| 54292 | Universal Health <br>Services, Inc. |  | 7649200 | 0.7 |
| 56806 | Zimmer Biomet <br>Holdings, Inc. |  | 7242765 | 0.7 |
|  |  |  | **133647753** | **12.4** |
|  | **Industrials: 7.3%** | **Industrials: 7.3%** | **Industrials: 7.3%** | **Industrials: 7.3%** |
| 360991 | CSX Corp. |  | 11183501 | 1.0 |
| 75138 | Emerson Electric Co. |  | 7217756 | 0.7 |
| 82240 | Ferguson PLC |  | 10442013 | 1.0 |
| 224176 | Johnson Controls <br>International plc |  | 14347264 | 1.3 |
| 48003 | Parker Hannifin Corp. |  | 13968873 | 1.3 |
| 126254 | Raytheon <br>Technologies Corp. |  | 12741554 | 1.2 |
| 131519 | Textron, Inc. |  | 9311545 | 0.8 |
|  |  |  | **79212506** | **7.3** |
|  | **Information Technology: 7.2%** | **Information Technology: 7.2%** | **Information Technology: 7.2%** | **Information Technology: 7.2%** |
| 250825 | Cisco Systems, Inc. |  | 11949303 | 1.1 |
| 188621 | Cognizant Technology <br>Solutions Corp. |  | 10787235 | 1.0 |
| 75982<br><sup>(1)</sup> | Fiserv, Inc. |  | 7679501 | 0.7 |
| 183734 | Intel Corp. |  | 4856090 | 0.4 |
| 16002 | Lam Research Corp. |  | 6725641 | 0.6 |
| 81285 | Micron Technology, <br>Inc. |  | 4062624 | 0.4 |
| 40631 | NXP Semiconductor <br>NV - NXPI - US |  | 6420917 | 0.6 |
| 103532<br><sup>(1)</sup> | PayPal Holdings, Inc. |  | 7373549 | 0.7 |
| 60068 | Qualcomm, Inc. |  | 6603876 | 0.6 |
| 67748<br><sup>(1)</sup> | Splunk, Inc. |  | 5832425 | 0.5 |
| 52033 | TE Connectivity Ltd. |  | 5973388 | 0.6 |
|  |  |  | **78264549** | **7.2** |

---

See Accompanying Notes to Financial Statements<br>135

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Materials: 1.2%** | **Materials: 1.2%** | **Materials: 1.2%** |
| 335641 | Barrick Gold Corp. | $5766313 | 0.5 |
| 121885 | Corteva, Inc. | 7164400 | 0.7 |
|  |  | **12930713** | **1.2** |
|  | **Real Estate: 1.5%** | **Real Estate: 1.5%** | **Real Estate: 1.5%** |
| 211308<br><sup>(1)</sup> | CBRE Group, Inc. | **16262264** | **1.5** |
|  | **Utilities: 1.0%** | **Utilities: 1.0%** | **Utilities: 1.0%** |
| 64914 | American Electric <br>Power Co., Inc. | 6163584 | 0.6 |
| 96299 | Exelon Corp. | 4163006 | 0.4 |
|  |  | **10326590** | **1.0** |
|  | Total Common Stock<br>(Cost $573,687,414) | **688000784** | **63.7** |
| **PREFERRED STOCK: 1.0%** |  |  |  |
|  | **Energy: 0.6%** | **Energy: 0.6%** | **Energy: 0.6%** |
| 140612<br><sup>(1</sup><br><sup>),(2)</sup> | El Paso Energy <br>Capital Trust I | **6333038** | **0.6** |
|  | **Financials: 0.4%** | **Financials: 0.4%** | **Financials: 0.4%** |
| 75900<br><sup>(1)</sup> | AMG Capital Trust II | 3908850 | 0.4 |
| 4000<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Wells Fargo & Co. | 92040 | 0.0 |
|  |  | **4000890** | **0.4** |
|  | Total Preferred Stock<br>(Cost $10,847,296) | **10333928** | **1.0** |
| Principal <br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
| **CORPORATE BONDS/NOTES: 11.8%** |  |  |  |
|  | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** |
| 195000 | International Paper <br>Co., 6.000%, <br>11/15/2041 | $195366 | 0.0 |
| 441000<br><sup>(4)</sup> | LYB Finance Co. BV, <br>8.100%, 03/15/2027 | 481139 | 0.1 |
| 150000 | Rio Tinto Finance <br>USA Ltd., 7.125%, <br>07/15/2028 | 165492 | 0.0 |
| 211000 | Sherwin-Williams <br>Co/The, 4.500%, <br>06/01/2047 | 178088 | 0.0 |
|  |  | **1020085** | **0.1** |
|  | **Communications: 1.2%** | **Communications: 1.2%** | **Communications: 1.2%** |
| 1602000 | Amazon.com, Inc., <br>2.875%, 05/12/2041 | 1201769 | 0.1 |
| 455000 | America Movil <br>SAB de CV, 4.375%, <br>07/16/2042 | 388858 | 0.0 |
| 125000 | AT&T, Inc., 3.500%, <br>09/15/2053 | 84929 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
| 334000 | AT&T, Inc., 3.550%, <br>09/15/2055 | $224361 | 0.0 |
| 533000 | AT&T, Inc., 4.300%, <br>02/15/2030 | 503133 | 0.1 |
| 559000 | Charter <br>Communications <br>Operating LLC / <br>Charter <br>Communications <br>Operating Capital, <br>4.908%, 07/23/2025 | 548417 | 0.1 |
| 171000 | Comcast Corp., <br>2.887%, 11/01/2051 | 110596 | 0.0 |
| 283000 | Comcast Corp., <br>2.937%, 11/01/2056 | 176306 | 0.0 |
| 1119000<br><sup>(5)</sup> | Comcast Corp., <br>3.150%, 03/01/2026 | 1066457 | 0.1 |
| 910000 | Comcast Corp., <br>3.900%, 03/01/2038 | 787809 | 0.1 |
| 1055000 | Comcast Corp., <br>4.150%, 10/15/2028 | 1013830 | 0.1 |
| 188000<br><sup>(4)</sup> | Cox Communications, <br>Inc., 2.950%, <br>10/01/2050 | 113521 | 0.0 |
| 373000 | Discovery <br>Communications <br>LLC, 4.900%, <br>03/11/2026 | 362143 | 0.0 |
| 559000 | Omnicom Group, Inc. / <br>Omnicom Capital, <br>Inc., 3.600%, <br>04/15/2026 | 536916 | 0.1 |
| 373000 | Paramount Global, <br>4.000%, 01/15/2026 | 358076 | 0.0 |
| 910000 | Rogers <br>Communications, <br>Inc., 4.300%, <br>02/15/2048 | 689787 | 0.1 |
| 415000 | Rogers <br>Communications, <br>Inc., 4.500%, <br>03/15/2043 | 337731 | 0.0 |
| 390000 | Telefonica Emisiones <br>SAU, 4.665%, <br>03/06/2038 | 309397 | 0.0 |
| 860000 | Telefonica Emisiones <br>SAU, 5.213%, <br>03/08/2047 | 694157 | 0.1 |
| 1025000 | T-Mobile USA, Inc., <br>2.700%, 03/15/2032 | 830865 | 0.1 |
| 714000 | T-Mobile USA, Inc., <br>3.400%, 10/15/2052 | 482974 | 0.1 |
| 373000 | TWDC Enterprises 18 <br>Corp., 3.000%, <br>02/13/2026 | 353636 | 0.0 |
| 1305000 | Verizon <br>Communications, <br>Inc., 3.376%, <br>02/15/2025 | 1265426 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>136

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage<br>of Net <br>Assets |
|  | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| 539000 | Verizon <br>Communications, <br>Inc., 3.400%, <br>03/22/2041 | $ | 407407 | 0.0 |
|  |  |  | **12848501** | **1.2** |
|  | **Consumer, Cyclical: 0.9%** | **Consumer, Cyclical: 0.9%** | **Consumer, Cyclical: 0.9%** | **Consumer, Cyclical: 0.9%** |
| 434677 | American Airlines <br>2014-1 Class A Pass <br>Through Trust, <br>3.700%, 04/01/2028 |  | 375998 | 0.0 |
| 1470000 | American Honda <br>Finance Corp., <br>2.050%, 01/10/2023 |  | 1469445 | 0.1 |
| 563000 | General Motors Co., <br>6.600%, 04/01/2036 |  | 553405 | 0.1 |
| 713000 | General Motors <br>Financial Co., Inc., <br>5.250%, 03/01/2026 |  | 702755 | 0.1 |
| 546000<br><sup>(5)</sup> | Honda Motor Co. Ltd., <br>2.967%, 03/10/2032 |  | 469271 | 0.0 |
| 473000 | Lowe's Cos, Inc., <br>4.250%, 04/01/2052 |  | 377359 | 0.0 |
| 740000<br><sup>(5)</sup> | Starbucks Corp., <br>3.550%, 08/15/2029 |  | 683523 | 0.1 |
| 212969 | United Airlines 2012-1 <br>Class A Pass <br>Through Trust, <br>4.150%, 10/11/2025 |  | 206395 | 0.0 |
| 538022 | United Airlines 2014-2 <br>Class A Pass <br>Through Trust, <br>3.750%, 03/03/2028 |  | 495904 | 0.1 |
| 485468 | United Airlines 2018-1 <br>Class AA Pass <br>Through Trust, <br>3.500%, 09/01/2031 |  | 420324 | 0.0 |
| 737000 | Walgreens Boots <br>Alliance, Inc., <br>4.500%, 11/18/2034 |  | 646462 | 0.1 |
| 1640000<br><sup>(4)</sup> | Warnermedia <br>Holdings, Inc., <br>3.788%, 03/15/2025 |  | 1568405 | 0.1 |
| 796000<br><sup>(4)</sup> | Warnermedia <br>Holdings, Inc., <br>5.050%, 03/15/2042 |  | 611825 | 0.1 |
| 989000<br><sup>(4)</sup> | Warnermedia <br>Holdings, Inc., <br>5.141%, 03/15/2052 |  | 722788 | 0.1 |
|  |  |  | **9303859** | **0.9** |
|  | **Consumer, Non-cyclical: 1.3%** | **Consumer, Non-cyclical: 1.3%** | **Consumer, Non-cyclical: 1.3%** | **Consumer, Non-cyclical: 1.3%** |
| 1299000 | AbbVie, Inc., <br>4.050%, 11/21/2039 |  | 1117305 | 0.1 |
| 1137000 | AbbVie, Inc., <br>4.500%, 05/14/2035 |  | 1057283 | 0.1 |
| 185000 | AbbVie, Inc., <br>4.850%, 06/15/2044 |  | 170366 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
| 1273000 | Altria Group, Inc., <br>5.800%, 02/14/2039 | $1178756 | 0.1 |
| 1475000 | Anheuser-Busch Cos <br>LLC / Anheuser-<br>Busch InBev <br>Worldwide, Inc., <br>4.700%, 02/01/2036 | 1398624 | 0.1 |
| 216000 | Anheuser-Busch Cos <br>LLC / Anheuser-<br>Busch InBev <br>Worldwide, Inc., <br>4.900%, 02/01/2046 | 197449 | 0.0 |
| 498000<br><sup>(4)</sup> | Bayer US Finance II <br>LLC, 4.375%, <br>12/15/2028 | 468484 | 0.1 |
| 218000 | Becton Dickinson & <br>Co., <br>4.875%, 05/15/2044 | 183799 | 0.0 |
| 654000 | Bristol-Myers Squibb <br>Co., 4.125%, <br>06/15/2039 | 584710 | 0.1 |
| 107000 | Cigna Corp., 4.800%, <br>08/15/2038 | 99743 | 0.0 |
| 620000 | CVS Health Corp., <br>3.375%, 08/12/2024 | 604750 | 0.1 |
| 346165 | CVS Pass-Through <br>Trust, 6.036%, <br>12/10/2028 | 341095 | 0.0 |
| 80000 | GlaxoSmithKline <br>Capital, Inc., <br>6.375%, 05/15/2038 | 90880 | 0.0 |
| 300000<br><sup>(5)</sup> | GSK Consumer <br>Healthcare Capital <br>US LLC, 4.000%, <br>03/24/2052 | 235488 | 0.0 |
| 1232000<br><sup>(4)</sup> | Heineken NV, 3.500%, <br>01/29/2028 | 1165707 | 0.1 |
| 2395000 | Humana, Inc., 0.650%, <br>08/03/2023 | 2333786 | 0.2 |
| 240000 | Ingredion, Inc., 6.625%, <br>04/15/2037 | 237785 | 0.0 |
| 423000 | Laboratory Corp. of <br>America Holdings, <br>4.700%, 02/01/2045 | 364400 | 0.0 |
| 92000 | Mead Johnson <br>Nutrition Co., <br>4.125%, 11/15/2025 | 90191 | 0.0 |
| 413000 | Medtronic, Inc., <br>4.375%, 03/15/2035 | 391874 | 0.1 |
| 513000 | Molson Coors <br>Beverage Co., <br>4.200%, 07/15/2046 | 400018 | 0.1 |
| 275000<br><sup>(5)</sup> | Philip Morris <br>International, Inc., <br>3.600%, 11/15/2023 | 271994 | 0.0 |
| 820000 | Philip Morris <br>International, Inc., <br>4.875%, 11/15/2043 | 720574 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>137

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage<br>of Net <br>Assets |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 155000 | UnitedHealth <br>Group, Inc., <br>3.500%, 08/15/2039 | $ | 127313 | 0.0 |
| 79000 | Zoetis, Inc., 4.700%, <br>02/01/2043 |  | 71208 | 0.0 |
|  |  |  | **13903582** | **1.3** |
|  | **Energy: 1.3%** | **Energy: 1.3%** | **Energy: 1.3%** | **Energy: 1.3%** |
| 927000 | BP Capital Markets <br>America, Inc., <br>2.939%, 06/04/2051 |  | 614602 | 0.1 |
| 612000<br><sup>(4)</sup> | Cameron LNG LLC, <br>3.701%, 01/15/2039 |  | 487257 | 0.0 |
| 978000 | Chevron Corp., <br>2.954%, 05/16/2026 |  | 928779 | 0.1 |
| 392000 | ConocoPhillips Co., <br>4.150%, 11/15/2034 |  | 341081 | 0.0 |
| 182000<br><sup>(5)</sup> | Energy Transfer L.P., <br>4.200%, 09/15/2023 |  | 180909 | 0.0 |
| 570000 | Energy Transfer L.P., <br>4.900%, 03/15/2035 |  | 509627 | 0.0 |
| 723000 | Energy Transfer L.P., <br>5.000%, 05/15/2050 |  | 580850 | 0.1 |
| 835000 | Energy Transfer L.P., <br>5.300%, 04/01/2044 |  | 708470 | 0.1 |
| 833000 | Enterprise Products <br>Operating LLC, <br>4.250%, 02/15/2048 |  | 672358 | 0.1 |
| 564000<br><sup>(5)</sup> | Exxon Mobil Corp., <br>2.709%, 03/06/2025 |  | 539771 | 0.0 |
| 1128000 | Exxon Mobil Corp., <br>3.043%, 03/01/2026 |  | 1077179 | 0.1 |
| 902000 | Kinder Morgan, Inc., <br>4.300%, 06/01/2025 |  | 885412 | 0.1 |
| 700000 | Kinder Morgan, Inc., <br>5.300%, 12/01/2034 |  | 657456 | 0.1 |
| 2340000 | MPLX L.P., 4.500%, <br>07/15/2023 |  | 2331039 | 0.2 |
| 973000 | MPLX L.P., 4.500%, <br>04/15/2038 |  | 823217 | 0.1 |
| 1128000 | Shell International <br>Finance BV, 3.250%, <br>05/11/2025 |  | 1094026 | 0.1 |
| 858000 | Spectra Energy <br>Partners L.P., <br>4.500%, 03/15/2045 |  | 712109 | 0.1 |
| 215000 | Texas Eastern <br>Transmission L.P., <br>7.000%, 07/15/2032 |  | 235414 | 0.0 |
| 507000 | Valero Energy Corp., <br>4.000%, 06/01/2052 |  | 383300 | 0.0 |
|  |  |  | **13762856** | **1.3** |
|  | **Financial: 4.4%** | **Financial: 4.4%** | **Financial: 4.4%** | **Financial: 4.4%** |
| 391000 | AerCap Ireland <br>Capital DAC / <br>AerCap Global <br>Aviation Trust, <br>3.850%, 10/29/2041 |  | 277817 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
| 231000 | Air Lease Corp., <br>3.000%, 09/15/2023 | $227146 | 0.0 |
| 1870000 | Air Lease Corp., <br>4.250%, 09/15/2024 | 1830833 | 0.2 |
| 885000 | Aircastle Ltd., <br>4.400%, 09/25/2023 | 876441 | 0.1 |
| 410000 | Allstate Corp./The, <br>3.280%, 12/15/2026 | 389855 | 0.0 |
| 393000 | American Equity <br>Investment Life <br>Holding Co., 5.000%, <br>06/15/2027 | 372783 | 0.0 |
| 2380000 | American Express Co., <br>3.375%, 05/03/2024 | 2332788 | 0.2 |
| 543000 | American Express Co., <br>3.625%, 12/05/2024 | 529044 | 0.0 |
| 831000 | American Tower Corp., <br>1.600%, 04/15/2026 | 739796 | 0.1 |
| 440000<br><sup>(4)</sup> | Apollo Management <br>Holdings L.P., <br>4.000%, 05/30/2024 | 427083 | 0.0 |
| 285000<br><sup>(4)</sup> | Athene Global <br>Funding, 2.750%, <br>06/25/2024 | 271238 | 0.0 |
| 1095000<br><sup>(4)</sup> | Aviation Capital <br>Group LLC, <br>4.875%, 10/01/2025 | 1033119 | 0.1 |
| 834000<br><sup>(3)</sup> | Bank of America <br>Corp., 2.572%, <br>10/20/2032 | 655259 | 0.1 |
| 720000 | Bank of America Corp., <br>3.248%, 10/21/2027 | 666001 | 0.1 |
| 725000<br><sup>(4)</sup> | BBVA Bancomer <br>SA/Texas, <br>4.375%, 04/10/2024 | 716039 | 0.1 |
| 1760000 | Brighthouse <br>Financial, Inc., <br>3.850%, 12/22/2051 | 1117572 | 0.1 |
| 765000 | Brookfield Corp., <br>4.000%, 01/15/2025 | 748476 | 0.1 |
| 1140000 | Capital One <br>Financial Corp., <br>3.200%, 01/30/2023 | 1140000 | 0.1 |
| 630000<br><sup>(3)</sup> | Citigroup, Inc., <br>3.668%, 07/24/2028 | 579577 | 0.1 |
| 1930000 | Citigroup, Inc., <br>4.000%, 08/05/2024 | 1896626 | 0.2 |
| 520000 | Citigroup, Inc., <br>4.750%, 05/18/2046 | 434458 | 0.0 |
| 260000 | Citigroup, Inc., <br>5.300%, 05/06/2044 | 235529 | 0.0 |
| 560000 | Citigroup, Inc., <br>6.675%, 09/13/2043 | 601373 | 0.1 |
| 472000<br><sup>(4)</sup> | Credit Suisse AG, <br>6.500%, 08/08/2023 | 458173 | 0.0 |
| 1348000 | Crown Castle, Inc., <br>2.500%, 07/15/2031 | 1089666 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>138

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 60000 | Crown Castle, Inc., <br>4.750%, 05/15/2047 | $51218 | 0.0 |
| 1013000 | CubeSmart L.P., <br>2.500%, 02/15/2032 | 776965 | 0.1 |
| 2088000<br><sup>(4)</sup> | Delaware Life <br>Global Funding, <br>2.662%, 06/29/2026 | 1885304 | 0.2 |
| 620000 | Discover Bank, <br>3.350%, 02/06/2023 | 618877 | 0.1 |
| 2275000 | EPR Properties, <br>4.750%, 12/15/2026 | 2047109 | 0.2 |
| 820000 | Goldman Sachs <br>Group, Inc., <br>4.250%, 10/21/2025 | 801145 | 0.1 |
| 307000<br><sup>(3)</sup> | Goldman Sachs <br>Group, Inc./The, <br>2.908%, 07/21/2042 | 209907 | 0.0 |
| 755000<br><sup>(4)</sup> | Guardian Life <br>Global Funding, <br>2.900%, 05/06/2024 | 733673 | 0.1 |
| 1790000<br><sup>(3)</sup> | HSBC Holdings PLC, <br>2.633%, 11/07/2025 | 1682282 | 0.2 |
| 620000<br><sup>(4)</sup> | Jackson National Life <br>Global Funding, <br>3.250%, 01/30/2024 | 605668 | 0.1 |
| 550000 | JPMorgan Chase & <br>Co., 3.200%, <br>06/15/2026 | 519958 | 0.0 |
| 1270000<br><sup>(3)</sup> | JPMorgan Chase & <br>Co., 3.509%, <br>01/23/2029 | 1154744 | 0.1 |
| 1270000<br><sup>(3)</sup> | JPMorgan Chase & <br>Co., 3.897%, <br>01/23/2049 | 978930 | 0.1 |
| 675000<br><sup>(3)</sup> | JPMorgan Chase & <br>Co., 4.260%, <br>02/22/2048 | 555195 | 0.1 |
| 1210000 | Kimco Realty Corp., <br>3.200%, 04/01/2032 | 1004117 | 0.1 |
| 443000<br><sup>(4)</sup> | KKR Group Finance <br>Co. III LLC, <br>5.125%, 06/01/2044 | 386415 | 0.0 |
| 1059000<br><sup>(4)</sup> | KKR Group Finance <br>Co. XII LLC, <br>4.850%, 05/17/2032 | 991764 | 0.1 |
| 950000<br><sup>(4)</sup> | Liberty Mutual <br>Group, Inc., <br>3.950%, 05/15/2060 | 626681 | 0.1 |
| 587000 | Lifestorage L.P./CA, <br>3.500%, 07/01/2026 | 549116 | 0.0 |
| 285000 | Markel Corp., <br>5.000%, 03/30/2043 | 244131 | 0.0 |
| 525000 | Markel Corp., <br>5.000%, 05/20/2049 | 460450 | 0.0 |
| 2360000<br><sup>(4)</sup> | Mizuho Financial <br>Group Cayman 3 <br>Ltd., 4.600%, <br>03/27/2024 | 2318735 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage<br>of Net <br>Assets |
| 1040000 | Morgan Stanley, <br>4.000%, 07/23/2025 | $ | 1016566 | 0.1 |
| 1000000<br><sup>(4)</sup> | Nationwide Financial <br>Services, Inc., <br>5.300%, 11/18/2044 |  | 872717 | 0.1 |
| 590000 | PartnerRe <br>Finance B LLC, <br>3.700%, 07/02/2029 |  | 533521 | 0.0 |
| 755000 | PNC Financial <br>Services Group, <br>Inc./The, 3.450%, <br>04/23/2029 |  | 691721 | 0.1 |
| 200000 | Regency Centers <br>L.P., 2.950%, <br>09/15/2029 |  | 168276 | 0.0 |
| 300000 | Regency Centers <br>L.P., 4.650%, <br>03/15/2049 |  | 240134 | 0.0 |
| 259000 | Reinsurance Group of <br>America, Inc., <br>4.700%, 09/15/2023 |  | 257838 | 0.0 |
| 805000<br><sup>(4)</sup> | Societe Generale SA, <br>5.000%, 01/17/2024 |  | 796767 | 0.1 |
| 670000 | Synchrony Financial, <br>3.950%, 12/01/2027 |  | 598623 | 0.1 |
| 445000 | Travelers Cos, Inc., <br>4.600%, 08/01/2043 |  | 398183 | 0.0 |
| 585000<br><sup>(4)</sup> | UBS Group AG, <br>4.125%, 04/15/2026 |  | 561851 | 0.1 |
| 410000 | US Bancorp, <br>3.100%, 04/27/2026 |  | 387752 | 0.0 |
| 965000 | Wells Fargo & Co., <br>3.550%, 09/29/2025 |  | 929017 | 0.1 |
| 470000 | Wells Fargo & Co., <br>4.100%, 06/03/2026 |  | 455675 | 0.0 |
| 300000 | Wells Fargo & Co., <br>4.650%, 11/04/2044 |  | 253886 | 0.0 |
| 315000 | Willis North <br>America, Inc., <br>3.600%, 05/15/2024 |  | 306577 | 0.0 |
|  |  |  | **47318180** | **4.4** |
|  | **Industrial: 0.9%** | **Industrial: 0.9%** | **Industrial: 0.9%** | **Industrial: 0.9%** |
| 970000 | Avnet, Inc., <br>4.625%, 04/15/2026 |  | 934438 | 0.1 |
| 1585000 | Boeing Co/The, <br>5.805%, 05/01/2050 |  | 1477649 | 0.2 |
| 700000 | Burlington Northern <br>Santa Fe LLC, <br>3.850%, 09/01/2023 |  | 694478 | 0.1 |
| 381000 | Canadian Pacific <br>Railway Co., <br>3.000%, 12/02/2041 |  | 288852 | 0.0 |
| 330000 | CSX Corp., <br>5.500%, 04/15/2041 |  | 331029 | 0.0 |
| 295000 | FedEx Corp., <br>4.900%, 01/15/2034 |  | 279757 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>139

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage<br>of Net <br>Assets |
|  | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
| 500000 | Lockheed Martin Corp., <br>4.150%, 06/15/2053 | $ | 426915 | 0.1 |
| 459000 | Norfolk Southern <br>Corp., 3.400%, <br>11/01/2049 |  | 331697 | 0.0 |
| 285000 | Precision Castparts <br>Corp., 2.500%, <br>01/15/2023 |  | 284744 | 0.0 |
| 345000 | Raytheon <br>Technologies Corp., <br>4.450%, 11/16/2038 |  | 314816 | 0.0 |
| 262000 | Rockwell Automation, <br>Inc., 1.750%, <br>08/15/2031 |  | 208099 | 0.0 |
| 2370000<br><sup>(4)</sup> | Siemens <br>Financieringsmaatschappij <br>NV, 0.400%, 03/11/2023 |  | 2351365 | 0.2 |
| 970000 | Union Pacific Corp., <br>3.200%, 05/20/2041 |  | 765186 | 0.1 |
| 157000 | Union Pacific Corp., <br>3.646%, 02/15/2024 |  | 154647 | 0.0 |
| 375000 | Union Pacific Corp., <br>3.839%, 03/20/2060 |  | 291787 | 0.0 |
| 730000 | Union Pacific Corp., <br>4.150%, 01/15/2045 |  | 601772 | 0.1 |
| 330000 | United Parcel <br>Service, Inc., <br>3.400%, 11/15/2046 |  | 256488 | 0.0 |
|  |  |  | **9993719** | **0.9** |
|  | **Technology: 1.1%** | **Technology: 1.1%** | **Technology: 1.1%** | **Technology: 1.1%** |
| 435000 | Apple, Inc., <br>3.350%, 02/09/2027 |  | 416568 | 0.0 |
| 1030000<br><sup>(4)</sup> | Broadcom, Inc., <br>3.469%, 04/15/2034 |  | 824722 | 0.1 |
| 242000 | Dell International <br>LLC / EMC Corp., <br>5.450%, 06/15/2023 |  | 242181 | 0.0 |
| 2025000 | Dell International <br>LLC / EMC Corp., <br>6.020%, 06/15/2026 |  | 2068304 | 0.2 |
| 9000 | Dell International <br>LLC / EMC Corp., <br>8.350%, 07/15/2046 |  | 10300 | 0.0 |
| 1630000 | Fiserv, Inc., <br>3.800%, 10/01/2023 |  | 1613119 | 0.2 |
| 1152000 | Marvell Technology, <br>Inc., 2.450%, <br>04/15/2028 |  | 977062 | 0.1 |
| 170000 | Micron Technology, <br>Inc., 3.366%, <br>11/01/2041 |  | 114170 | 0.0 |
| 200000 | Micron Technology, <br>Inc., 4.663%, <br>02/15/2030 |  | 181842 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage<br>of Net <br>Assets |
| 649000 | Microsoft Corp., <br>3.500%, 02/12/2035 | $ | 588584 | 0.1 |
| 795000 | NXP BV / NXP <br>Funding LLC, <br>5.350%, 03/01/2026 |  | 791430 | 0.1 |
| 985000 | Oracle Corp., <br>3.600%, 04/01/2040 |  | 726174 | 0.1 |
| 1000000 | Salesforce, Inc., <br>2.700%, 07/15/2041 |  | 717759 | 0.1 |
| 341000 | Take-Two Interactive <br>Software, Inc., <br>3.700%, 04/14/2027 |  | 321410 | 0.0 |
| 285000 | Texas Instruments, <br>Inc., 2.625%, <br>05/15/2024 |  | 277328 | 0.0 |
| 1441000 | VMware, Inc., <br>1.000%, 08/15/2024 |  | 1341720 | 0.1 |
| 502000 | Workday, Inc., <br>3.500%, 04/01/2027 |  | 469912 | 0.0 |
|  |  |  | **11682585** | **1.1** |
|  | **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** |
| 620000<br><sup>(4)</sup> | Electricite de <br>France SA, <br>4.875%, 01/22/2044 |  | 500875 | 0.0 |
| 345000 | Georgia Power Co., <br>3.700%, 01/30/2050 |  | 258491 | 0.0 |
| 989000 | National Rural <br>Utilities Cooperative <br>Finance Corp., <br>2.750%, 04/15/2032 |  | 816245 | 0.1 |
| 2410000 | NextEra Energy <br>Capital Holdings, <br>Inc., 0.650%, <br>03/01/2023 |  | 2393652 | 0.2 |
| 703000 | NextEra Energy <br>Capital Holdings, <br>Inc., 3.550%, <br>05/01/2027 |  | 663403 | 0.1 |
| 760000 | NiSource, Inc., <br>4.375%, 05/15/2047 |  | 639166 | 0.1 |
| 605000 | Oglethorpe Power <br>Corp., 4.550%, <br>06/01/2044 |  | 471161 | 0.0 |
| 667000 | Sempra Energy, <br>3.800%, 02/01/2038 |  | 549460 | 0.1 |
| 529000 | Xcel Energy, Inc., <br>0.500%, 10/15/2023 |  | 509976 | 0.0 |
| 274000 | Xcel Energy, Inc., <br>3.500%, 12/01/2049 |  | 201131 | 0.0 |
|  |  |  | **7003560** | **0.6** |
|  | Total Corporate<br>Bonds/Notes<br>(Cost $141,082,271) |  | **126836927** | **11.8** |

---

See Accompanying Notes to Financial Statements<br>140

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
| **MUNICIPAL BONDS: 0.0%** |  |  |  |
|  | **Georgia: 0.0%** | **Georgia: 0.0%** | **Georgia: 0.0%** |
| 313000 | Municipal Electric <br>Authority of <br>Georgia, 6.655%, <br>04/01/2057 | $338718 | 0.0 |
|  | Total Municipal Bonds<br>(Cost $313,000) | **338718** | **0.0** |
| **U.S. TREASURY OBLIGATIONS: 10.5%** |  |  |  |
|  | **U.S. Treasury Bonds: 1.1%** | **U.S. Treasury Bonds: 1.1%** | **U.S. Treasury Bonds: 1.1%** |
| 4648500 | 3.000%,08/15/2052 | 3831381 | 0.4 |
| 7325700<br><sup>(5)</sup> | 4.000%,11/15/2042 | 7174607 | 0.7 |
| 425000 | 4.500%,02/15/2036 | 453771 | 0.0 |
|  |  | **11459759** | **1.1** |
|  | **U.S. Treasury Notes: 9.4%** | **U.S. Treasury Notes: 9.4%** | **U.S. Treasury Notes: 9.4%** |
| 29168200<br><sup>(5)</sup> | 3.875%,11/30/2027 | 29013244 | 2.7 |
| 22709000 | 3.875%,11/30/2029 | 22561746 | 2.1 |
| 31371000 | 4.000%,12/15/2025 | 31174931 | 2.9 |
| 5367900 | 4.125%,11/15/2032 | 5479032 | 0.5 |
| 13849000<br><sup>(5)</sup> | 4.500%,11/30/2024 | 13850623 | 1.2 |
|  |  | **102079576** | **9.4** |
|  | Total U.S. Treasury<br>Obligations<br>(Cost $114,559,533) | **113539335** | **10.5** |
| **CONVERTIBLE BONDS/NOTES: 8.3%** |  |  |  |
|  | **Communications: 2.7%** | **Communications: 2.7%** | **Communications: 2.7%** |
| 5066000<br><sup>(6)</sup> | Airbnb, Inc., 6.160%, <br>03/15/2026 | 4181983 | 0.4 |
| 438000<br><sup>(5)</sup> | Booking Holdings, Inc., <br>0.750%, 05/01/2025 | 585564 | 0.1 |
| 2761000 | Cable One, Inc., <br>1.125%, 03/15/2028 | 2065228 | 0.2 |
| 5339000<br><sup>(6)</sup> | Cable One, Inc., <br>7.600%, 03/15/2026 | 4220479 | 0.4 |
| 6264000 | DISH Network Corp., <br>3.375%, 08/15/2026 | 3940056 | 0.4 |
| 2642000<br><sup>(4)</sup> | Liberty Broadband <br>Corp., 1.250%, <br>09/30/2050 | 2562740 | 0.2 |
| 2950000 | Liberty Latin America <br>Ltd., 2.000%, <br>07/15/2024 | 2632875 | 0.2 |
| 298000<br><sup>(4)</sup> | Liberty Media Corp.-<br>Liberty Formula One, <br>2.250%, 08/15/2027 | 286229 | 0.0 |
| 1577000<br><sup>(4)</sup> | Match Group <br>Financeco 2, Inc., <br>0.875%, 06/15/2026 | 1404516 | 0.1 |
| 1560000<br><sup>(4)</sup> | Match Group <br>Financeco 3, Inc., <br>2.000%, 01/15/2030 | 1352520 | 0.1 |
| 3298000 | Shopify, Inc., <br>0.125%, 11/01/2025 | 2832157 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage<br>of Net <br>Assets |
| 3226000 | Snap, Inc., <br>0.750%, 08/01/2026 | $ | 2744520 | 0.3 |
| 338000 | TripAdvisor, Inc., <br>0.250%, 04/01/2026 |  | 271583 | 0.0 |
|  |  |  | **29080450** | **2.7** |
|  | **Consumer, Cyclical: 0.2%** | **Consumer, Cyclical: 0.2%** | **Consumer, Cyclical: 0.2%** | **Consumer, Cyclical: 0.2%** |
| 1697000 | JetBlue Airways Corp., <br>0.500%, 04/01/2026 |  | 1245729 | 0.1 |
| 1154000 | Spirit Airlines, Inc., <br>1.000%, 05/15/2026 |  | 934740 | 0.1 |
|  |  |  | **2180469** | **0.2** |
|  | **Consumer, Non-cyclical: 2.8%** | **Consumer, Non-cyclical: 2.8%** | **Consumer, Non-cyclical: 2.8%** | **Consumer, Non-cyclical: 2.8%** |
| 2272000<br><sup>(4)</sup> | Alnylam <br>Pharmaceuticals, Inc., <br>1.000%, 09/15/2027 |  | 2470800 | 0.2 |
| 4428000 | Block, Inc., <br>0.125%, 03/01/2025 |  | 4234275 | 0.4 |
| 4845000<br><sup>(5)</sup> | Halozyme <br>Therapeutics, Inc., <br>0.250%, 03/01/2027 |  | 4714791 | 0.4 |
| 560000<br><sup>(4)</sup> | Halozyme <br>Therapeutics, Inc., <br>1.000%, 08/15/2028 |  | 662550 | 0.1 |
| 4310000 | Integra LifeSciences <br>Holdings Corp., <br>0.500%, 08/15/2025 |  | 4200095 | 0.4 |
| 1699000 | Jazz Investments I <br>Ltd., 2.000%, <br>06/15/2026 |  | 2028181 | 0.2 |
| 586000<br><sup>(4)</sup> | Lantheus Holdings, <br>Inc., 2.625%, <br>12/15/2027 |  | 592973 | 0.0 |
| 2257000 | Neurocrine <br>Biosciences, Inc., <br>2.250%, 05/15/2024 |  | 3580730 | 0.3 |
| 3240000<br><sup>(5)</sup> | Pacira BioSciences, <br>Inc., 0.750%, <br>08/01/2025 |  | 2934225 | 0.3 |
| 1323000 | Supernus <br>Pharmaceuticals, <br>Inc., 0.625%, <br>04/01/2023 |  | 1306463 | 0.1 |
| 1264000<br><sup>(4)</sup> | Tandem Diabetes <br>Care, Inc., 1.500%, <br>05/01/2025 |  | 1149734 | 0.1 |
| 3735000<br><sup>(5)</sup> | Teladoc Health, Inc., <br>1.250%, 06/01/2027 |  | 2887883 | 0.3 |
|  |  |  | **30762700** | **2.8** |
|  | **Energy: 0.1%** | **Energy: 0.1%** | **Energy: 0.1%** | **Energy: 0.1%** |
| 771000<br><sup>(4)</sup> | Northern Oil and Gas, <br>Inc., 3.625%, <br>04/15/2029 |  | **832680** | **0.1** |
|  | **Industrial: 0.3%** | **Industrial: 0.3%** | **Industrial: 0.3%** | **Industrial: 0.3%** |
| 3162000<br><sup>(5)</sup> | John Bean <br>Technologies Corp., <br>0.250%, 05/15/2026 |  | **2730387** | **0.3** |

---

See Accompanying Notes to Financial Statements<br>141

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
|  | **Technology: 2.2%** | **Technology: 2.2%** | **Technology: 2.2%** |
| 5205000<br><sup>(6)</sup> | Dropbox, Inc., <br>3.090%, 03/01/2026 | $4726140 | 0.4 |
| 6383000<br><sup>(5)</sup> | Microchip Technology, <br>Inc., 0.125%, <br>11/15/2024 | 6877683 | 0.6 |
| 771000<br><sup>(4)</sup> | NextGen Healthcare, <br>Inc., 3.750%, <br>11/15/2027 | 805884 | 0.1 |
| 7770000<br><sup>(5)</sup> | Splunk, Inc., <br>1.125%, 06/15/2027 | 6595176 | 0.6 |
| 3012000 | Western Digital <br>Corp., 1.500%, <br>02/01/2024 | 2883990 | 0.3 |
| 2672000<br><sup>(4)</sup> | Wolfspeed, Inc., <br>0.250%, 02/15/2028 | 2316624 | 0.2 |
|  |  | **24205497** | **2.2** |
|  | Total Convertible<br>Bonds/Notes<br>(Cost $95,698,528) | **89792183** | **8.3** |
| **EQUITY-LINKED NOTES: 1.0%** |  |  |  |
|  | **Financial: 1.0%** | **Financial: 1.0%** | **Financial: 1.0%** |
| 5900000<br><sup>(7)</sup> | GS Finance Corp <br>(Guarantor: The <br>Goldman Sachs <br>Group, Inc.) <br>Exchangeable <br>Basket (Basket <br>of 5 Common <br>Stocks), 1.000%, <br>07/19/2029 | 5797340 | 0.5 |
| 5893000<br><sup>(7)</sup> | GS Finance Corp <br>(Guarantor: The <br>Goldman Sachs <br>Group, Inc.) <br>Exchangeable <br>Basket (Basket <br>of 5 Common <br>Stocks), 1.000%, <br>07/30/2029 | 5485204 | 0.5 |
|  | Total Equity-Linked <br>Notes<br>(Cost $11,793,000) | **11282544** | **1.0** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%** |  |  |  |
|  | **Federal National Mortgage <br>Association: 0.1%<sup>(8)</sup>** |  |  |
| 915000 | 6.625%,11/15/2030 | **1073662** | **0.1** |
|  | Total U.S. Government <br>Agency Obligations<br>(Cost $993,361) | **1073662** | **0.1** |
|  | Total Long-Term <br>Investments<br>(Cost $948,974,403) | **1041198081** | **96.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
| **SHORT-TERM INVESTMENTS: 9.8%** |  |  |  |
|  | **Repurchase Agreements: 5.5%** | **Repurchase Agreements: 5.5%** | **Repurchase Agreements: 5.5%** |
| 2696020<br><sup>(9)</sup> | Bethesda Securities <br>LLC, Repurchase <br>Agreement dated <br>12/30/22, 4.38%, <br>due 01/03/23 <br>(Repurchase Amount <br>$2,697,314, <br>collateralized by <br>various U.S. <br>Government Agency <br>Obligations, <br>2.000%-5.500%, <br>Market Value plus <br>accrued interest <br>$2,776,901, due <br>04/01/23-12/01/52) | $2696020 | 0.2 |
| 16228400<br><sup>(9)</sup> | Cantor Fitzgerald <br>Securities, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase Amount <br>$16,236,047, <br>collateralized by <br>various U.S. <br>Government/U.S. <br>Government Agency <br>Obligations, <br>0.000%-9.000%, <br>Market Value plus <br>accrued interest <br>$16,552,968, due <br>01/15/23-11/20/72) | 16228400 | 1.5 |
| 10736401<br><sup>(9)</sup> | Citadel Securities LLC, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.41%, <br>due 01/03/23 <br>(Repurchase Amount <br>$10,741,590, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.125%-6.250%, <br>Market Value plus <br>accrued interest <br>$10,956,495, due <br>04/15/23-11/15/52) | 10736401 | 1.0 |

---

See Accompanying Notes to Financial Statements<br>142

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Value | Percentage<br>of Net <br>Assets |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 5352386<br><sup>(9)</sup> | Mirae Asset <br>Securities USA Inc., <br>Repurchase <br>Agreement dated <br>12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase Amount <br>$5,354,908, <br>collateralized by <br>various U.S. <br>Government/U.S. <br>Government Agency <br>Obligations, <br>0.550%-8.250%, <br>Market Value plus <br>accrued interest <br>$5,462,044, due <br>03/01/23-11/20/72) | $ | 5352386 | 0.5 |
| 11827423<br><sup>(9)</sup> | National Bank <br>Financial, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase Amount <br>$11,833,048, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.000%-4.435%, <br>Market Value plus <br>accrued interest <br>$12,063,972, due <br>01/03/23-09/09/49) |  | 11827423 | 1.1 |
| 12579569<br><sup>(9)</sup> | State of Wisconsin <br>Investment Board, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase <br>Amount $12,585,552, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.125%-3.875%, <br>Market Value plus <br>accrued interest <br>$12,831,221, due <br>01/15/24-02/15/51) |  | 12579569 | 1.2 |
|  | Total Repurchase <br>Agreements<br>(Cost $59,420,199) |  | **59420199** | **5.5** |
|  | **Time Deposits: 1.0%** | **Time Deposits: 1.0%** | **Time Deposits: 1.0%** | **Time Deposits: 1.0%** |
| 1700000<br><sup>(9)</sup> | Canadian Imperial <br>Bank of Commerce, <br>4.300%, 01/03/2023 |  | 1700000 | 0.1 |
| 1700000<br><sup>(9)</sup> | Credit Agricole, <br>4.300%, 01/03/2023 |  | 1700000 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net <br>Assets |
| 1710000<br><sup>(9)</sup> | Landesbank <br>Baden-<br>Wuerttemberg, <br>4.320%, 01/03/2023 | $1710000 | 0.2 |
| 1700000<br><sup>(9)</sup> | Mizuho Bank Ltd., <br>4.320%, 01/03/2023 | 1700000 | 0.1 |
| 1710000<br><sup>(9)</sup> | The Royal Bank <br>of Canada, <br>4.320%, 01/03/2023 | 1710000 | 0.2 |
| 1710000<br><sup>(9)</sup> | Toronto-Dominion <br>Bank, 4.310%, <br>01/03/2023 | 1710000 | 0.2 |
|  | Total Time Deposits<br>(Cost $10,230,000) | **10230000** | **1.0** |
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Mutual Funds: 3.3%** | **Mutual Funds: 3.3%** | **Mutual Funds: 3.3%** |
| 35689847<br><sup>(10)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional <br>Class, 4.030%<br>(Cost $35,689,847) | **35689847** | **3.3** |
|  | Total Short-Term <br>Investments<br>(Cost $105,340,046) | **105340046** | **9.8** |
|  | **Total Investments in <br>Securities<br>(Cost <br>$1,054,314,449)** | $**1146538127** | **106.2** |
|  | **Liabilities in Excess <br>of Other Assets** | **(67284429)** | **(6.2)** |
|  | **Net Assets** | $**1079253698** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Preferred Stock may be called prior to convertible date.

<sup>(3)</sup> Variable rate security. Rate shown is the rate in effect as of December 31, 2022.

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

<sup>(5)</sup> Security, or a portion of the security, is on loan.

<sup>(6)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2022.

<sup>(7)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(8)</sup> The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

<sup>(9)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(10)</sup> Rate shown is the 7-day yield as of December 31, 2022.

See Accompanying Notes to Financial Statements<br>143

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs#<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Communication Services | $43726275 | $— | $— | $43726275 |
| Consumer Discretionary | 54890355 |  |  | 54890355 |
| Consumer Staples | 24246312 | 9495129 |  | 33741441 |
| Energy | 79643811 |  |  | 79643811 |
| Financials | 145354527 |  |  | 145354527 |
| Health Care | 117321182 | 16326571 |  | 133647753 |
| Industrials | 79212506 |  |  | 79212506 |
| Information Technology | 78264549 |  |  | 78264549 |
| Materials | 12930713 |  |  | 12930713 |
| Real Estate | 16262264 |  |  | 16262264 |
| Utilities | 10326590 |  |  | 10326590 |
| Total Common Stock | 662179084 | 25821700 |  | 688000784 |
| Preferred Stock | 6425078 | 3908850 |  | 10333928 |
| Corporate Bonds/Notes |  | 126836927 |  | 126836927 |
| Municipal Bonds |  | 338718 |  | 338718 |
| Convertible Bonds/Notes |  | 89792183 |  | 89792183 |
| U.S. Government Agency Obligations |  | 1073662 |  | 1073662 |
| Equity-Linked Notes |  |  | 11282544 | 11282544 |
| U.S. Treasury Obligations |  | 113539335 |  | 113539335 |
| Short-Term Investments | 35689847 | 69650199 |  | 105340046 |
| Total Investments, at fair value | $704294009 | $430961574 | $11282544 | $1146538127 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts |  | 297283 |  | 297283 |
| Total Assets | $704294009 | $431258857 | $11282544 | $1146835410 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts | $— | $(45335) | $— | $(45335) |
| Total Liabilities | $— | $(45335) | $— | $(45335) |

---

^ 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<br>144

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

At December 31, 2022, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Equity and Income Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 200535 | GBP | 166508 | State Street Bank and Trust Co. | 01/13/23 | $(823) |
| USD | 213943 | EUR | 201554 | State Street Bank and Trust Co. | 01/13/23 | (1967) |
| USD | 111833 | EUR | 105197 | State Street Bank and Trust Co. | 01/13/23 | (857) |
| EUR | 121993 | USD | 129659 | State Street Bank and Trust Co. | 01/13/23 | 1023 |
| GBP | 129855 | USD | 157824 | State Street Bank and Trust Co. | 01/13/23 | (790) |
| GBP | 127902 | USD | 155844 | State Street Bank and Trust Co. | 01/13/23 | (1172) |
| USD | 8388354 | EUR | 7867689 | The Bank of New York Mellon | 01/13/23 | (39726) |
| USD | 11455574 | GBP | 9227895 | The Bank of New York Mellon | 01/13/23 | 296260 |
|  |  |  |  |  |  | $251948 |

---

Currency Abbreviations

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted<br>for as hedging instruments** | **Location on Statement of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $297283 |
| Total Asset Derivatives |  | $297283 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $45335 |
| Total Liability Derivatives |  | $45335 |

---

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

---

| | |
|:---|:---|
|<br>**Derivatives not accounted<br>for as hedging instruments** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**<br>**Forward foreign currency contracts** |
| Foreign exchange contracts | $1707373 |
| Total | $1707373 |
|  | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted<br>for as hedging instruments** | **Forward foreign currency contracts** |
| Foreign exchange contracts | $657252 |
| Total | $657252 |

---

See Accompanying Notes to Financial Statements<br>145

------

VY<sup>®</sup> INVESCO PORTFOLIO OF INVESTMENTS <br>EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | **State Street Bank <br>and Trust Co.** | **The Bank of <br>New York Mellon** | **Totals** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Forward foreign currency contracts | $1023 | $296260 | $297283 |
| **Total Assets** | $1023 | $296260 | $297283 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward foreign currency contracts | $5609 | $39726 | $45335 |
| **Total Liabilities** | $5609 | $39726 | $45335 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(4586) | $256534 | $251948 |
| **Total collateral pledged by the Portfolio/<br>(Received from counterparty)** | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(4586) | $256534 | $251948 |

---

<sup>(1)</sup> 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.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | **Equity-Linked<br>Notes\*** | **Structured<br>Products\*** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Beginning balance at December 31, 2021 | $12531368 | $13837624 | $26368992 |
| Purchases | 11793000 |  | 11793000 |
| Sales | (11143000) | (12635632) | (23778632) |
| Accrued discounts/(premiums) |  | 294002 | 294002 |
| Total realized gain (loss) | (1388368) | (1495994) | (2884362) |
| Net change in unrealized appreciation (depreciation)\*\* | (510456) |  | (510456) |
| Transfers into Level 3 |  |  |  |
| Transfers out of Level 3 |  |  |  |
| Ending balance at December 31, 2022 | $11282544 | $— | $11282544 |
| Net change in unrealized appreciation (depreciation) on Level 3 <br>securities still held as of December 31, 2022\*\* | $(510456) | $— | $(510456) |

---

\* Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Portfolio does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

\*\* Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2022 may be due to securities no longer held or categorized as Level 3 at year end.

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

Cost for federal income tax purposes was $1,059,005,025.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $161597922 |
| Gross Unrealized Depreciation | (73811591) |
| Net Unrealized Appreciation | $87786331 |

---

See Accompanying Notes to Financial Statements<br>146

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
| **COMMON STOCK: 98.8%** |  |  |  |
|  | **Brazil: 0.2%** | **Brazil: 0.2%** | **Brazil: 0.2%** |
| 255857<br><sup>(1)</sup> | StoneCo Ltd. | $**2415290** | **0.2** |
|  | **Canada: 0.2%** | **Canada: 0.2%** | **Canada: 0.2%** |
| 21168<br><sup>(2)</sup> | Canadian Pacific <br>Railway Ltd. - US | **1578921** | **0.2** |
|  | **China: 6.3%** | **China: 6.3%** | **China: 6.3%** |
| 905383 | JD.com, Inc. ADR | 50819148 | 4.8 |
| 428000<br><sup>(1</sup><br><sup>),(3)</sup> | Meituan Class B | 9482697 | 0.9 |
| 158400 | Tencent Holdings Ltd. | 6716218 | 0.6 |
|  |  | **67018063** | **6.3** |
|  | **Denmark: 4.0%** | **Denmark: 4.0%** | **Denmark: 4.0%** |
| 311800 | Novo Nordisk A/S | **42347292** | **4.0** |
|  | **France: 9.4%** | **France: 9.4%** | **France: 9.4%** |
| 121045 | Dassault Systemes <br>SE | 4352722 | 0.4 |
| 35401 | EssilorLuxottica SA | 6405193 | 0.6 |
| 48061 | Kering SA | 24459494 | 2.3 |
| 85585 | LVMH Moet Hennessy <br>Louis Vuitton SE | 62279400 | 5.9 |
| 8532 | Pernod Ricard SA | 1678432 | 0.2 |
|  |  | **99175241** | **9.4** |
|  | **Germany: 2.1%** | **Germany: 2.1%** | **Germany: 2.1%** |
| 15255 | Allianz SE | 3257812 | 0.3 |
| 177556 | SAP SE | 18330945 | 1.8 |
|  |  | **21588757** | **2.1** |
|  | **India: 5.5%** | **India: 5.5%** | **India: 5.5%** |
| 8209040 | DLF Ltd. | 37118258 | 3.5 |
| 969647 | ICICI Bank Ltd. ADR | 21225573 | 2.0 |
|  |  | **58343831** | **5.5** |
|  | **Israel: 0.2%** | **Israel: 0.2%** | **Israel: 0.2%** |
| 11483<br><sup>(1</sup><br><sup>),(2)</sup> | NICE-Systems <br>Ltd. ADR | **2208181** | **0.2** |
|  | **Italy: 0.7%** | **Italy: 0.7%** | **Italy: 0.7%** |
| 104951 | Brunello Cucinelli SpA | **7765398** | **0.7** |
|  | **Japan: 6.4%** | **Japan: 6.4%** | **Japan: 6.4%** |
| 82204 | Keyence Corp. | 31915274 | 3.0 |
| 375200 | Murata Manufacturing <br>Co., Ltd. | 18503060 | 1.8 |
| 18500 | Nidec Corp. | 951994 | 0.1 |
| 48100 | Omron Corp. | 2324567 | 0.2 |
| 410900 | TDK Corp. | 13368055 | 1.3 |
|  |  | **67062950** | **6.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Netherlands: 6.0%** | **Netherlands: 6.0%** | **Netherlands: 6.0%** |
| 433435 | Airbus SE | $51536317 | 4.9 |
| 22059 | ASML Holding NV | 12027672 | 1.1 |
|  |  | **63563989** | **6.0** |
|  | **Spain: 0.8%** | **Spain: 0.8%** | **Spain: 0.8%** |
| 151420<br><sup>(1)</sup> | Amadeus IT <br>Group SA | **7855303** | **0.8** |
|  | **Sweden: 4.2%** | **Sweden: 4.2%** | **Sweden: 4.2%** |
| 869021 | Assa Abloy AB | 18692005 | 1.8 |
| 2171435 | Atlas Copco AB - <br>A Shares | 25728027 | 2.4 |
|  |  | **44420032** | **4.2** |
|  | **Switzerland: 0.8%** | **Switzerland: 0.8%** | **Switzerland: 0.8%** |
| 17645 | Lonza Group AG | **8661497** | **0.8** |
|  | **United States: 52.0%** | **United States: 52.0%** | **United States: 52.0%** |
| 98732<br><sup>(1)</sup> | Adobe, Inc. | 33226280 | 3.1 |
| 147728 | Agilent Technologies, <br>Inc. | 22107495 | 2.1 |
| 1167099<br><sup>(1)</sup> | Alphabet, Inc. - <br>Class A | 102973145 | 9.7 |
| 99614<br><sup>(1)</sup> | Amazon.com, Inc. | 8367576 | 0.8 |
| 343471 | Analog Devices, Inc. | 56339548 | 5.3 |
| 280861<br><sup>(1)</sup> | Avantor, Inc. | 5923359 | 0.6 |
| 75401<br><sup>(1)</sup> | Boston Scientific Corp. | 3488804 | 0.3 |
| 20631<br><sup>(1)</sup> | Charles River <br>Laboratories <br>International, Inc. | 4495495 | 0.4 |
| 12799<br><sup>(1)</sup> | Charter <br>Communications, <br>Inc. | 4340141 | 0.4 |
| 23977 | Danaher Corp. | 6363975 | 0.6 |
| 29186<br><sup>(1)</sup> | Datadog, Inc. | 2145171 | 0.2 |
| 136166 | Dun & Bradstreet <br>Holdings, Inc. | 1669395 | 0.2 |
| 23053 | Ecolab, Inc. | 3355595 | 0.3 |
| 108719 | Equifax, Inc. | 21130625 | 2.0 |
| 57280 | Fidelity National <br>Information <br>Services, Inc. | 3886448 | 0.4 |
| 8663<br><sup>(1)</sup> | Idexx Laboratories, <br>Inc. | 3534158 | 0.3 |
| 40446<br><sup>(1)</sup> | Illumina, Inc. | 8178181 | 0.8 |
| 131104 | Intuit, Inc. | 51028299 | 4.8 |
| 35687<br><sup>(1)</sup> | Intuitive Surgical, Inc. | 9469545 | 0.9 |
| 54634<br><sup>(1)</sup> | IQVIA Holdings, Inc. | 11193960 | 1.1 |
| 2783 | Lam Research Corp. | 1169695 | 0.1 |
| 42547 | Marriott International, <br>Inc. | 6334823 | 0.6 |
| 328108 | Marvell Technology, <br>Inc. | 12153120 | 1.2 |

---

See Accompanying Notes to Financial Statements<br>147

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 278333<br><sup>(1)</sup> | Meta Platforms, Inc. | $33494593 | 3.2 |
| 66404 | Microsoft Corp. | 15925007 | 1.5 |
| 34632 | Nvidia Corp. | 5061121 | 0.5 |
| 152505<br><sup>(1</sup><br><sup>),(2)</sup> | Phathom <br>Pharmaceuticals, <br>Inc. | 1711106 | 0.2 |
| 264608<br><sup>(1)</sup> | Qualtrics <br>International, Inc. | 2746631 | 0.3 |
| 161187 | S&P Global, Inc. | 53987974 | 5.1 |
| 51088<br><sup>(1)</sup> | Splunk, Inc. | 4398166 | 0.4 |
| 145607 | United Parcel Service, <br>Inc. - Class B | 25312321 | 2.4 |
| 107786 | Visa, Inc. - Class A | 22393619 | 2.1 |
| 17552<br><sup>(1)</sup> | Walt Disney Co. | 1524918 | 0.1 |
|  |  | **549430289** | **52.0** |
|  | Total Common Stock<br>(Cost <br>$601,572,756) | **1043435034** | **98.8** |
| Principal<br>Amount† |  | <br>Value | Percentage<br>of Net <br>Assets |
| **SHORT-TERM INVESTMENTS: 1.4%** |  |  |  |
|  | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** |
| 1000000<br><sup>(4)</sup> | Deutsche Bank <br>Securities Inc., <br>Repurchase <br>Agreement dated <br>12/30/22, 4.29%, <br>due 01/03/23 <br>(Repurchase <br>Amount $1,000,470, <br>collateralized by <br>various U.S. <br>Government Agency <br>Obligations, <br>1.500%-7.500%, <br>Market Value plus <br>accrued interest <br>$1,020,000, due <br>02/01/24-01/01/57) | $1000000 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | <br>Value | Percentage<br>of Net <br>Assets |
| 1000000<br><sup>(4)</sup> | MUFG Securities <br>America Inc., <br>Repurchase <br>Agreement dated <br>12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase <br>Amount $1,000,471, <br>collateralized by <br>various U.S. <br>Government Agency <br>Obligations, <br>2.000%-5.500%, <br>Market Value plus <br>accrued interest <br>$1,020,000, due <br>08/01/24-01/01/53) | $1000000 | 0.1 |
| 1000000<br><sup>(4)</sup> | National Bank <br>Financial, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase <br>Amount $1,000,476, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.000%-4.435%, <br>Market Value plus <br>accrued interest <br>$1,020,000, due <br>01/03/23-09/09/49) | 1000000 | 0.1 |
| 1000000<br><sup>(4)</sup> | RBC Dominion <br>Securities Inc., <br>Repurchase <br>Agreement dated <br>12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase <br>Amount $1,000,471, <br>collateralized by <br>various U.S. <br>Government Agency <br>Obligations, <br>2.000%-6.000%, <br>Market Value plus <br>accrued interest <br>$1,020,000, due <br>09/01/24-10/20/52) | 1000000 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>148

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | <br>Value | Percentage<br>of Net <br>Assets |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 10956<br><sup>(4)</sup> | TD Securities (USA) <br>LLC, Repurchase <br>Agreement dated <br>12/30/22, 4.27%, <br>due 01/03/23 <br>(Repurchase <br>Amount $10,961, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.375%-1.875%, <br>Market Value plus <br>accrued interest <br>$11,175, due <br>10/31/23-07/31/26) | $10956 | 0.0 |
|  | Total Repurchase <br>Agreements<br>(Cost $4,010,956) | **4010956** | **0.4** |
| Shares |  | Value | Percentage<br>of Net <br>Assets |
|  | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** |
| 10803496<br><sup>(5)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional Class, <br>4.030%<br>(Cost $10,803,496) | $**10803496** | **1.0** |
|  | Total Short-Term <br>Investments<br>(Cost $14,814,452) | **14814452** | **1.4** |
|  | **Total Investments <br>in Securities<br>(Cost <br>$616,387,208)** | $**1058249486** | **100.2** |
|  | **Liabilities in Excess <br>of Other Assets** | **(1611284)** | **(0.2)** |
|  | **Net Assets** | $**1056638202** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of December 31, 2022.

---

| | |
|:---|:---|
| Sector Diversification | Percentage of <br>Net Assets |
| Information Technology | 30.6% |
| Consumer Discretionary | 16.1 |
| Communication Services | 14.1 |
| Industrials | 13.9 |
| Health Care | 12.7 |
| Financials | 7.4 |
| Real Estate | 3.5 |
| Materials | 0.3 |
| Consumer Staples | 0.2 |
| Short-Term Investments | 1.4 |
| Liabilities in Excess of Other Assets | (0.2) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements<br>149

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs#<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Brazil | $2415290 | $— | $— | $2415290 |
| Canada | 1578921 |  |  | 1578921 |
| China | 50819148 | 16198915 |  | 67018063 |
| Denmark |  | 42347292 |  | 42347292 |
| France |  | 99175241 |  | 99175241 |
| Germany |  | 21588757 |  | 21588757 |
| India | 21225573 | 37118258 |  | 58343831 |
| Israel | 2208181 |  |  | 2208181 |
| Italy |  | 7765398 |  | 7765398 |
| Japan |  | 67062950 |  | 67062950 |
| Netherlands |  | 63563989 |  | 63563989 |
| Spain |  | 7855303 |  | 7855303 |
| Sweden |  | 44420032 |  | 44420032 |
| Switzerland |  | 8661497 |  | 8661497 |
| United States | 549430289 |  |  | 549430289 |
| Total Common Stock | 627677402 | 415757632 |  | 1043435034 |
| Short-Term Investments | 10803496 | 4010956 |  | 14814452 |
| Total Investments, at fair value | $638480898 | $419768588 | $— | $1058249486 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts | $— | $(39288) | $— | $(39288) |
| Total Liabilities | $— | $(39288) | $— | $(39288) |

---

^ 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 December 31, 2022, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Global Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 2073262 | JPY | 277251063 | UBS AG | 01/04/23 | $(39288) |
|  |  |  |  |  |  | $(39288) |

---

Currency Abbreviations

JPY — Japanese Yen

USD — United States Dollar

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted<br>for as hedging instruments** | **Location on Statement of Assets and Liabilities** | **Fair Value** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $39288 |
| Total Liability Derivatives |  | $39288 |

---

See Accompanying Notes to Financial Statements<br>150

------

PORTFOLIO OF INVESTMENTS <br>VY<sup>®</sup> INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

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

---

| | |
|:---|:---|
|<br>**Derivatives not accounted <br>for as hedging instruments** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**<br>**Forward foreign currency contracts** |
| Foreign exchange contracts | $11549 |
| Total | $11549 |
|  | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted <br>for as hedging instruments** | **Forward foreign currency contracts** |
| Foreign exchange contracts | $(39288) |
| Total | $(39288) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **UBS AG** | **Totals** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward foreign currency contracts | $39288 | $39288 |
| **Total Liabilities** | $39288 | $39288 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(39288) | (39288) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(39288) | $(39288) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

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

Cost for federal income tax purposes was $621,013,035.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $489823771 |
| Gross Unrealized Depreciation | (52742258) |
| Net Unrealized Appreciation | $437081513 |

---

See Accompanying Notes to Financial Statements<br>151

------

VY<sup>®</sup> JPMORGAN PORTFOLIO OF INVESTMENTS<br>MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| <br>Shares |  | Percentage<br>Value | of Net<br>Assets |
| **COMMON STOCK: 98.1%** |  |  |  |
|  | **Communication Services: 3.6%** | **Communication Services: 3.6%** | **Communication Services: 3.6%** |
| 58672<br><sup>(1)</sup> | IAC, Inc. | $2605037 | 0.8 |
| 42010<br><sup>(1)</sup> | Liberty Broadband <br>Corp. - Series C | 3204103 | 0.9 |
| 91768<br><sup>(1)</sup> | Liberty Media Corp.- <br>Liberty SiriusXM C <br>Tracking Stock | 3590882 | 1.1 |
| 25773<br><sup>(1)</sup> | Take-Two Interactive <br>Software, Inc. | 2683742 | 0.8 |
|  |  | **12083764** | **3.6** |
|  | **Consumer Discretionary: 10.4%** | **Consumer Discretionary: 10.4%** | **Consumer Discretionary: 10.4%** |
| 1830<br><sup>(1)</sup> | Autozone, Inc. | 4513109 | 1.3 |
| 49120 | Bath & Body Works, Inc. | 2069917 | 0.6 |
| 24819 | Best Buy Co., Inc. | 1990732 | 0.6 |
| 37960 | Carter's, Inc. | 2832196 | 0.8 |
| 17010 | Darden Restaurants, Inc. | 2352993 | 0.7 |
| 18370<br><sup>(1)</sup> | Expedia Group, Inc. | 1609212 | 0.5 |
| 36070<br><sup>(2)</sup> | Gap, Inc. | 406870 | 0.1 |
| 16050 | Genuine Parts Co. | 2784835 | 0.8 |
| 26552 | Kohl's Corp. | 670438 | 0.2 |
| 89500 | LKQ Corp. | 4780195 | 1.4 |
| 22100<br><sup>(1)</sup> | Mohawk Industries, Inc. | 2259062 | 0.7 |
| 201666 | Newell Brands, Inc. | 2637791 | 0.8 |
| 30740 | Ralph Lauren Corp. | 3248296 | 0.9 |
| 86790 | Tapestry, Inc. | 3304963 | 1.0 |
|  |  | **35460609** | **10.4** |
|  | **Consumer Staples: 4.4%** | **Consumer Staples: 4.4%** | **Consumer Staples: 4.4%** |
| 41936<br><sup>(1)</sup> | BellRing Brands, Inc. | 1075239 | 0.3 |
| 10960 | Constellation Brands, Inc. | 2539980 | 0.7 |
| 52342 | Energizer Holdings, Inc. | 1756074 | 0.5 |
| 67390 | Keurig Dr Pepper, Inc. | 2403127 | 0.7 |
| 50750 | Kroger Co. | 2262435 | 0.7 |
| 24760<br><sup>(1)</sup> | Post Holdings, Inc. | 2234838 | 0.7 |
| 80630<br><sup>(1)</sup> | US Foods Holding Corp. | 2743033 | 0.8 |
|  |  | **15014726** | **4.4** |
|  | **Energy: 2.6%** | **Energy: 2.6%** | **Energy: 2.6%** |
| 105190 | Coterra Energy, Inc. | 2584518 | 0.7 |
| 14544 | Diamondback Energy, Inc. | 1989329 | 0.6 |
| 134720 | Williams Cos., Inc. | 4432288 | 1.3 |
|  |  | **9006135** | **2.6** |
|  | **Financials: 23.5%** | **Financials: 23.5%** | **Financials: 23.5%** |
| 21100 | Ameriprise Financial, Inc. | 6569907 | 1.9 |
| 61650<br><sup>(1)</sup> | Arch Capital Group Ltd. | 3870387 | 1.1 |
| 109410 | Citizens Financial Group, <br>Inc. | 4307472 | 1.3 |
| 25570 | Discover Financial <br>Services | 2501513 | 0.7 |
| 142180 | Fifth Third Bancorp | 4664926 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>Shares |  | Percentage<br>Value | Percentage<br>Value | of Net<br>Assets |
| 3330 | First Citizens BancShares, <br>Inc. | $ | 2525339 | 0.8 |
| 12080 | Globe Life, Inc. |  | 1456244 | 0.4 |
| 59580 | Hartford Financial <br>Services Group, Inc. |  | 4517951 | 1.3 |
| 437165 | Huntington Bancshares, <br>Inc. |  | 6164026 | 1.8 |
| 37210 | Lincoln National Corp. |  | 1143091 | 0.3 |
| 96712 | Loews Corp. |  | 5641211 | 1.7 |
| 42983 | M&T Bank Corp. |  | 6235114 | 1.8 |
| 171230 | MGIC Investment Corp. |  | 2225990 | 0.7 |
| 38950 | Northern Trust Corp. |  | 3446685 | 1.0 |
| 44485 | Raymond James <br>Financial, Inc. |  | 4753222 | 1.4 |
| 239930 | Regions Financial Corp. |  | 5172891 | 1.5 |
| 10550 | RenaissanceRe Holdings <br>Ltd. |  | 1943627 | 0.6 |
| 49233 | State Street Corp. |  | 3819004 | 1.1 |
| 25940 | T. Rowe Price Group, Inc. |  | 2829016 | 0.8 |
| 50967 | WR Berkley Corp. |  | 3698675 | 1.1 |
| 51510 | Zions Bancorp NA |  | 2532232 | 0.8 |
|  |  |  | **80018523** | **23.5** |
|  | **Health Care: 8.4%** | **Health Care: 8.4%** | **Health Care: 8.4%** | **Health Care: 8.4%** |
| 36660 | AmerisourceBergen Corp. |  | 6074929 | 1.8 |
| 19990<br><sup>(1)</sup> | Globus Medical, Inc. |  | 1484657 | 0.4 |
| 61790<br><sup>(1)</sup> | Henry Schein, Inc. |  | 4935167 | 1.4 |
| 19710<br><sup>(1)</sup> | Jazz Pharmaceuticals <br>PLC |  | 3140000 | 0.9 |
| 27230 | Laboratory Corp. of <br>America Holdings |  | 6412121 | 1.9 |
| 16400 | Universal Health Services, <br>Inc. |  | 2310596 | 0.7 |
| 34380 | Zimmer Biomet Holdings, <br>Inc. |  | 4383450 | 1.3 |
|  |  |  | **28740920** | **8.4** |
|  | **Industrials: 12.7%** | **Industrials: 12.7%** | **Industrials: 12.7%** | **Industrials: 12.7%** |
| 23231 | Acuity Brands, Inc. |  | 3847286 | 1.1 |
| 30210 | Ametek, Inc. |  | 4220941 | 1.2 |
| 14280 | Carlisle Cos., Inc. |  | 3365082 | 1.0 |
| 59110 | Fortune Brands <br>Innovations, Inc. |  | 3375772 | 1.0 |
| 19060 | Hubbell, Inc. |  | 4473001 | 1.3 |
| 14160 | IDEX Corp. |  | 3233153 | 0.9 |
| 51120 | ITT, Inc. |  | 4145832 | 1.2 |
| 29480 | Lincoln Electric Holdings, <br>Inc. |  | 4259565 | 1.3 |
| 30200<br><sup>(1)</sup> | Middleby Corp. |  | 4043780 | 1.2 |
| 19241 | Snap-On, Inc. |  | 4396376 | 1.3 |
| 45770<br><sup>(1)</sup> | Southwest Airlines Co. |  | 1541076 | 0.5 |
| 35520 | Timken Co. |  | 2510198 | 0.7 |
|  |  |  | **43412062** | **12.7** |

---

See Accompanying Notes to Financial Statements<br>152

------

VY<sup>®</sup> JPMORGAN PORTFOLIO OF INVESTMENTS<br>MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| <br>Shares |  | Percentage<br>Value | of Net<br>Assets |
|  | **Information Technology: 7.4%** | **Information Technology: 7.4%** | **Information Technology: 7.4%** |
| 47140 | Amphenol Corp. | $3589240 | 1.1 |
| 25430 | CDW Corp. | 4541290 | 1.3 |
| 16580<br><sup>(1)</sup> | FleetCor Technologies, <br>Inc. | 3045414 | 0.9 |
| 99370 | Gen Digital, Inc. | 2129499 | 0.6 |
| 36790<br><sup>(1)</sup> | GoDaddy, Inc. | 2752628 | 0.8 |
| 32440 | Jabil, Inc. | 2212408 | 0.6 |
| 17130 | Motorola Solutions, Inc. | 4414572 | 1.3 |
| 6530<br><sup>(1)</sup> | Teledyne Technologies, <br>Inc. | 2611412 | 0.8 |
|  |  | **25296463** | **7.4** |
|  | **Materials: 5.7%** | **Materials: 5.7%** | **Materials: 5.7%** |
| 32485 | Ball Corp. | 1661283 | 0.5 |
| 13960 | Celanese Corp. - Series A | 1427270 | 0.4 |
| 37930 | Freeport-McMoRan, Inc. | 1441340 | 0.4 |
| 11035 | Martin Marietta Materials, <br>Inc. | 3729499 | 1.1 |
| 25580 | Packaging Corp. of <br>America | 3271938 | 1.0 |
| 42240 | RPM International, Inc. | 4116288 | 1.2 |
| 75810 | Silgan Holdings, Inc. | 3929990 | 1.1 |
|  |  | **19577608** | **5.7** |
|  | **Real Estate: 10.7%** | **Real Estate: 10.7%** | **Real Estate: 10.7%** |
| 86270 | American Homes 4 Rent | 2600178 | 0.8 |
| 15130 | AvalonBay Communities, <br>Inc. | 2443798 | 0.7 |
| 28530 | Boston Properties, Inc. | 1928057 | 0.6 |
| 96370 | Brixmor Property Group, <br>Inc. | 2184708 | 0.6 |
| 39030<br><sup>(1)</sup> | CBRE Group, Inc. | 3003749 | 0.9 |
| 6750 | Essex Property Trust, Inc. | 1430460 | 0.4 |
| 15450 | Federal Realty Investment <br>Trust | 1561068 | 0.5 |
| 78050 | Host Hotels & Resorts, <br>Inc. | 1252702 | 0.4 |
| 53913 | JBG SMITH Properties | 1023269 | 0.3 |
| 117460 | Kimco Realty Corp. | 2487803 | 0.7 |
| 10040 | Mid-America Apartment <br>Communities, Inc. | 1576180 | 0.5 |
| 97470 | Rayonier, Inc. | 3212611 | 0.9 |
| 26480 | Regency Centers Corp. | 1655000 | 0.5 |
| 27280 | Rexford Industrial Realty, <br>Inc. | 1490579 | 0.4 |
| 10760 | Sun Communities, Inc. | 1538680 | 0.5 |
| 30630 | Ventas, Inc. | 1379881 | 0.4 |
| 104340 | Weyerhaeuser Co. | 3234540 | 0.9 |
| 32730 | WP Carey, Inc. | 2557850 | 0.7 |
|  |  | **36561113** | **10.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Utilities: 8.7%** | **Utilities: 8.7%** | **Utilities: 8.7%** |
| 89090 | CMS Energy Corp. | $5642070 | 1.7 |
| 39330 | Edison International | 2502175 | 0.7 |
| 46290 | Entergy Corp. | 5207625 | 1.5 |
| 42775 | National Fuel Gas Co. | 2707657 | 0.8 |
| 8180 | Sempra Energy | 1264137 | 0.4 |
| 60560 | WEC Energy Group, Inc. | 5678106 | 1.7 |
| 94130 | Xcel Energy, Inc. | 6599454 | 1.9 |
|  |  | **29601224** | **8.7** |
|  | Total Common Stock<br>(Cost $267,995,227) | **334773147** | **98.1** |
| Principal<br>Amount† |  | Value | Percentage<br>of Net<br>Assets |
| **SHORT-TERM INVESTMENTS: 2.0%** |  |  |  |
|  | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** |
| 419761<br><sup>(3)</sup> | National Bank Financial, <br>Repurchase Agreement <br>dated 12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase Amount <br>$419,961, collateralized <br>by various U.S. <br>Government Securities, <br>0.000%-4.435%, <br>Market Value plus <br>accrued interest <br>$428,156, due <br>01/03/23-09/09/49)<br>(Cost $419,761) | $**419761** | **0.1** |
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Mutual Funds: 1.9%** | **Mutual Funds: 1.9%** | **Mutual Funds: 1.9%** |
| 6364399<br><sup>(4)</sup> | BlackRock Liquidity <br>Funds, FedFund, <br>Institutional Class, <br>4.030%<br>(Cost $6,364,399) | $**6364399** | **1.9** |
|  | Total Short-Term <br>Investments<br>(Cost $6,784,160) | **6784160** | **2.0** |
|  | **Total Investments in <br>Securities<br>(Cost $274,779,387)** | $**341557307** | **100.1** |
|  | **Liabilities in Excess of <br>Other Assets** | **(348164)** | **(0.1)** |
|  | **Net Assets** | $**341209143** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> Rate shown is the 7-day yield as of December 31, 2022.

See Accompanying Notes to Financial Statements<br>153

------

VY<sup>®</sup> JPMORGAN PORTFOLIO OF INVESTMENTS<br>MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $334773147 | $— | $— | $334773147 |
| Short-Term Investments | 6364399 | 419761 |  | 6784160 |
| Total Investments, at fair value | $341137546 | $419761 | $— | $341557307 |

---

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

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

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

Cost for federal income tax purposes was $275,965,198.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $86056400 |
| Gross Unrealized Depreciation | (20464291) |
| Net Unrealized Appreciation | $65592109 |

---

See Accompanying Notes to Financial Statements<br>154

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS<br>MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
| **COMMON STOCK: 99.0%** |  |  |  |
|  | **Communication Services: 2.7%** | **Communication Services: 2.7%** | **Communication Services: 2.7%** |
| 17900 | Electronic Arts, Inc. | $2187022 | 0.2 |
| 129900 | Fox Corp. - Class B | 3695655 | 0.4 |
| 104231<br><sup>(1)</sup> | Match Group, Inc. | 4324544 | 0.4 |
| 45600 | Omnicom Group | 3719592 | 0.4 |
| 13600<br><sup>(1)</sup> | Spotify Technology SA | 1073720 | 0.1 |
| 32400<br><sup>(1)</sup> | Take-Two Interactive <br>Software, Inc. | 3373812 | 0.3 |
| 171173<br><sup>(1)</sup> | Trade Desk, Inc./The | 7673686 | 0.7 |
| 53168<br><sup>(1)</sup> | ZoomInfo <br>Technologies, Inc. | 1600888 | 0.2 |
|  |  | **27648919** | **2.7** |
|  | **Consumer Discretionary: 14.9%** | **Consumer Discretionary: 14.9%** | **Consumer Discretionary: 14.9%** |
| 12800<br><sup>(1)</sup> | Aptiv PLC | 1192064 | 0.1 |
| 5600<br><sup>(1)</sup> | Autozone, Inc. | 13810608 | 1.4 |
| 20200<br><sup>(1)</sup> | Bright Horizons Family <br>Solutions, Inc. | 1274620 | 0.1 |
| 12100<br><sup>(1</sup><br><sup>),(2)</sup> | Burlington Stores, Inc. | 2453396 | 0.2 |
| 48800<br><sup>(1)</sup> | Caesars <br>Entertainment, Inc. | 2030080 | 0.2 |
| 11200<br><sup>(1)</sup> | Carmax, Inc. | 681968 | 0.1 |
| 28719<br><sup>(1</sup><br><sup>),(2)</sup> | Chewy, Inc. | 1064901 | 0.1 |
| 8500<br><sup>(1)</sup> | Chipotle Mexican <br>Grill, Inc. | 11793665 | 1.2 |
| 36300 | Darden Restaurants, <br>Inc. | 5021379 | 0.5 |
| 15200<br><sup>(1)</sup> | Dollar Tree, Inc. | 2149888 | 0.2 |
| 9700 | Domino's Pizza, Inc. | 3360080 | 0.3 |
| 58100<br><sup>(1</sup><br><sup>),(2)</sup> | DraftKings, Inc. | 661759 | 0.1 |
| 11800<br><sup>(1)</sup> | Etsy, Inc. | 1413404 | 0.1 |
| 22769<br><sup>(1)</sup> | Five Below, Inc. | 4027153 | 0.4 |
| 28800<br><sup>(1)</sup> | Floor & Decor <br>Holdings, Inc. | 2005344 | 0.2 |
| 108300 | Hilton Worldwide <br>Holdings, Inc. | 13684788 | 1.4 |
| 32600<br><sup>(1)</sup> | Lululemon Athletica, <br>Inc. | 10444388 | 1.0 |
| 134700<br><sup>(1)</sup> | Mattel, Inc. | 2403048 | 0.2 |
| 165700 | MGM Resorts <br>International | 5555921 | 0.5 |
| 14081<br><sup>(1</sup><br><sup>),(2)</sup> | Mobileye Global, Inc. | 493680 | 0.1 |
| 1204<br><sup>(1)</sup> | NVR, Inc. | 5553546 | 0.5 |
| 22900<br><sup>(1</sup><br><sup>),(2)</sup> | Ollie's Bargain Outlet <br>Holdings, Inc. | 1072636 | 0.1 |
| 12600<br><sup>(1)</sup> | O'Reilly Automotive, <br>Inc. | 10634778 | 1.1 |
| 23000 | Papa Johns <br>International, Inc. | 1893130 | 0.2 |
| 14200 | Pool Corp. | 4293086 | 0.4 |
| 47981<br><sup>(2)</sup> | Restaurant Brands <br>International, Inc. | 3102931 | 0.3 |
| 4700<br><sup>(1</sup><br><sup>),(2)</sup> | RH | 1255793 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net<br>Assets |
| 38400 | Ross Stores, Inc. | $ | 4457088 | 0.4 |
| 22500 | Service Corp. <br>International |  | 1555650 | 0.2 |
| 25400<br><sup>(1)</sup> | Skechers USA, Inc. |  | 1065530 | 0.1 |
| 46700 | Tractor Supply Co. |  | 10506099 | 1.0 |
| 20921<br><sup>(1)</sup> | Ulta Beauty, Inc. |  | 9813414 | 1.0 |
| 12200 | Vail Resorts, Inc. |  | 2907870 | 0.3 |
| 22800 | Williams-Sonoma, Inc. |  | 2620176 | 0.3 |
| 18800<br><sup>(1)</sup> | Wynn Resorts Ltd. |  | 1550436 | 0.2 |
| 23300 | Yum! Brands, Inc. |  | 2984264 | 0.3 |
|  |  |  | **150788561** | **14.9** |
|  | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** |
| 98700<br><sup>(1)</sup> | BJ's Wholesale Club <br>Holdings, Inc. |  | 6529992 | 0.6 |
| 51075 | Brown-Forman Corp. - <br>Class B |  | 3354606 | 0.3 |
| 6600 | Casey's General <br>Stores, Inc. |  | 1480710 | 0.2 |
| 11400 | Church & Dwight Co., <br>Inc. |  | 918954 | 0.1 |
| 5900 | Constellation Brands, <br>Inc. |  | 1367325 | 0.1 |
| 59200<br><sup>(1)</sup> | Darling Ingredients, <br>Inc. |  | 3705328 | 0.4 |
| 39600 | Hershey Co. |  | 9170172 | 0.9 |
| 10400 | McCormick & Co., Inc. |  | 862056 | 0.1 |
| 13600<br><sup>(1)</sup> | Monster Beverage <br>Corp. |  | 1380808 | 0.1 |
| 17389 | Tyson Foods, Inc. |  | 1082465 | 0.1 |
|  |  |  | **29852416** | **2.9** |
|  | **Energy: 5.1%** | **Energy: 5.1%** | **Energy: 5.1%** | **Energy: 5.1%** |
| 26000 | APA Corp. |  | 1213680 | 0.1 |
| 46700 | Cheniere Energy, Inc. |  | 7003132 | 0.7 |
| 135400 | Coterra Energy, Inc. |  | 3326778 | 0.3 |
| 150400 | Devon Energy Corp. |  | 9251104 | 0.9 |
| 41100 | Diamondback Energy, <br>Inc. |  | 5621658 | 0.6 |
| 189900 | Halliburton Co. |  | 7472565 | 0.7 |
| 41200 | Magnolia Oil & Gas <br>Corp. |  | 966140 | 0.1 |
| 16200 | Matador Resources <br>Co. |  | 927288 | 0.1 |
| 30900 | Pioneer Natural <br>Resources Co. |  | 7057251 | 0.7 |
| 44<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Venture Global LNG, <br>Inc. - Series B |  | 650991 | 0.1 |
| 560<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Venture Global LNG, <br>Inc. - Series C |  | 8285334 | 0.8 |
|  |  |  | **51775921** | **5.1** |

---

See Accompanying Notes to Financial Statements<br>155

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS<br>MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Financials: 6.9%** | **Financials: 6.9%** | **Financials: 6.9%** |
| 116100 | Apollo Global <br>Management, Inc. | $7406019 | 0.7 |
| 43500 | Arthur J. Gallagher & <br>Co. | 8201490 | 0.8 |
| 6100 | Assurant, Inc. | 762866 | 0.1 |
| 117600<br><sup>(2)</sup> | Blue Owl Capital, Inc. | 1246560 | 0.1 |
| 12033 | Cboe Global Markets, <br>Inc. | 1509780 | 0.2 |
| 43800 | Discover Financial <br>Services | 4284954 | 0.4 |
| 15400 | Factset Research <br>Systems, Inc. | 6178634 | 0.6 |
| 11500 | First Republic Bank | 1401735 | 0.1 |
| 115500 | Hartford Financial <br>Services Group, Inc. | 8758365 | 0.9 |
| 24700 | LPL Financial <br>Holdings, Inc. | 5339399 | 0.5 |
| 15000 | MarketAxess <br>Holdings, Inc. | 4183350 | 0.4 |
| 4000 | Moody's Corp. | 1114480 | 0.1 |
| 4600 | Morningstar, Inc. | 996314 | 0.1 |
| 21700 | MSCI, Inc. - Class A | 10094189 | 1.0 |
| 21300 | Nasdaq, Inc. | 1306755 | 0.1 |
| 27900<br><sup>(1)</sup> | Ryan Specialty <br>Holdings, Inc. | 1158129 | 0.1 |
| 10900<br><sup>(1)</sup> | SVB Financial Group | 2508526 | 0.3 |
| 55019 | Tradeweb Markets, Inc. | 3572384 | 0.4 |
|  |  | **70023929** | **6.9** |
|  | **Health Care: 15.6%** | **Health Care: 15.6%** | **Health Care: 15.6%** |
| 25999<br><sup>(1)</sup> | Acadia Healthcare <br>Co., Inc. | 2140238 | 0.2 |
| 81800 | Agilent Technologies, <br>Inc. | 12241370 | 1.2 |
| 5000<br><sup>(1)</sup> | Align Technology, Inc. | 1054500 | 0.1 |
| 33200<br><sup>(1)</sup> | Alnylam <br>Pharmaceuticals, <br>Inc. | 7889980 | 0.8 |
| 9300<br><sup>(1)</sup> | Amedisys, Inc. | 776922 | 0.1 |
| 6785<br><sup>(1)</sup> | Argenx SE ADR | 2570361 | 0.3 |
| 13200<br><sup>(1</sup><br><sup>),(2)</sup> | Ascendis Pharma A/S <br>ADR | 1612116 | 0.2 |
| 48443<br><sup>(1)</sup> | Avantor, Inc. | 1021663 | 0.1 |
| 14600<br><sup>(1)</sup> | BioMarin <br>Pharmaceutical, Inc. | 1510954 | 0.1 |
| 9800 | BioNTech SE ADR | 1472156 | 0.1 |
| 6100<br><sup>(1)</sup> | Bio-Rad Laboratories, <br>Inc. | 2564989 | 0.3 |
| 65600 | Bio-Techne Corp. | 5436928 | 0.5 |
| 22800<br><sup>(1)</sup> | Blueprint Medicines <br>Corp. | 998868 | 0.1 |
| 55400 | Bruker Corp. | 3786590 | 0.4 |
| 36284<br><sup>(1)</sup> | Catalent, Inc. | 1633143 | 0.2 |
| 26928<br><sup>(1)</sup> | Centene Corp. | 2208365 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net<br>Assets |
| 18800<br><sup>(1)</sup> | Charles River <br>Laboratories <br>International, Inc. | $ | 4096520 | 0.4 |
| 118600<br><sup>(1)</sup> | DexCom, Inc. |  | 13430264 | 1.3 |
| 60410<br><sup>(1)</sup> | Elanco Animal Health, <br>Inc. |  | 738210 | 0.1 |
| 34000<br><sup>(1)</sup> | Exact Sciences Corp. |  | 1683340 | 0.2 |
| 44000<br><sup>(1)</sup> | Genmab A/S ADR |  | 1864720 | 0.2 |
| 5100<br><sup>(1)</sup> | Idexx Laboratories, Inc. |  | 2080596 | 0.2 |
| 19300<br><sup>(1)</sup> | Incyte Corp., Ltd. |  | 1550176 | 0.2 |
| 26600<br><sup>(1)</sup> | Insulet Corp. |  | 7830774 | 0.8 |
| 16600<br><sup>(1)</sup> | IQVIA Holdings, Inc. |  | 3401174 | 0.3 |
| 6682<br><sup>(1)</sup> | Karuna Therapeutics, <br>Inc. |  | 1313013 | 0.1 |
| 14200<br><sup>(1)</sup> | Lantheus Holdings, Inc. |  | 723632 | 0.1 |
| 35391 | McKesson Corp. |  | 13275872 | 1.3 |
| 6900<br><sup>(1)</sup> | Mettler Toledo <br>International, Inc. |  | 9973605 | 1.0 |
| 18100<br><sup>(1)</sup> | Molina Healthcare, Inc. |  | 5976982 | 0.6 |
| 37879<br><sup>(1)</sup> | Neurocrine <br>Biosciences, Inc. |  | 4524268 | 0.4 |
| 19100<br><sup>(1</sup><br><sup>),(2)</sup> | Novocure Ltd. |  | 1400985 | 0.1 |
| 11500<br><sup>(1)</sup> | Penumbra, Inc. |  | 2558290 | 0.2 |
| 12500<br><sup>(1)</sup> | QuidelOrtho Corp. |  | 1070875 | 0.1 |
| 25186<br><sup>(1</sup><br><sup>),(2)</sup> | Repligen Corp. |  | 4264241 | 0.4 |
| 42300 | Resmed, Inc. |  | 8803899 | 0.9 |
| 35088 | Royalty Pharma PLC |  | 1386678 | 0.1 |
| 14180<br><sup>(1)</sup> | Seagen, Inc. |  | 1822272 | 0.2 |
| 7700<br><sup>(1)</sup> | Shockwave Medical, <br>Inc. |  | 1583197 | 0.2 |
| 11000 | STERIS Public Ltd. Co. |  | 2031590 | 0.2 |
| 3500 | Teleflex, Inc. |  | 873705 | 0.1 |
| 40200<br><sup>(1)</sup> | Veeva Systems, Inc. |  | 6487476 | 0.6 |
| 18200 | West Pharmaceutical <br>Services, Inc. |  | 4283370 | 0.4 |
|  |  |  | **157948867** | **15.6** |
|  | **Industrials: 16.4%** | **Industrials: 16.4%** | **Industrials: 16.4%** | **Industrials: 16.4%** |
| 71400<br><sup>(1)</sup> | Alaska Air Group, Inc. |  | 3065916 | 0.3 |
| 11500 | Allegion Public Ltd. |  | 1210490 | 0.1 |
| 11962 | Ametek, Inc. |  | 1671331 | 0.2 |
| 24700 | AO Smith Corp. |  | 1413828 | 0.1 |
| 19564 | Booz Allen Hamilton <br>Holding Corp. |  | 2044829 | 0.2 |
| 28000 | BWX Technologies, <br>Inc. |  | 1626240 | 0.2 |
| 21800 | Cintas Corp. |  | 9845316 | 1.0 |
| 27200<br><sup>(1)</sup> | Clean Harbors, Inc. |  | 3104064 | 0.3 |
| 156400<br><sup>(1)</sup> | Copart, Inc. |  | 9523196 | 0.9 |
| 47745<br><sup>(1)</sup> | CoStar Group, Inc. |  | 3689734 | 0.4 |
| 17787 | Equifax, Inc. |  | 3457081 | 0.3 |
| 17000 | Expeditors <br>International <br>Washington, Inc. |  | 1766640 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>156

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS<br>MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 201400 | Fastenal Co. | $9530248 | 0.9 |
| 18200 | Ferguson PLC | 2310854 | 0.2 |
| 27775 | Fortune Brands <br>Innovations, Inc. | 1586230 | 0.2 |
| 9100<br><sup>(1</sup><br><sup>),(2)</sup> | FTI Consulting, Inc. | 1445080 | 0.1 |
| 11000<br><sup>(1)</sup> | Generac Holdings, Inc. | 1107260 | 0.1 |
| 18000 | Graco, Inc. | 1210680 | 0.1 |
| 23600 | Hexcel Corp. | 1388860 | 0.1 |
| 63100 | Howmet Aerospace,<br>Inc. | 2486771 | 0.3 |
| 13500 | Hubbell, Inc. | 3168180 | 0.3 |
| 6800 | Huntington Ingalls <br>Industries, Inc. | 1568624 | 0.2 |
| 66200<br><sup>(1)</sup> | IAA, Inc. | 2648000 | 0.3 |
| 6900 | IDEX Corp. | 1575477 | 0.2 |
| 31400 | JB Hunt Transport <br>Services, Inc. | 5474904 | 0.5 |
| 9200 | Landstar System, Inc. | 1498680 | 0.2 |
| 13900 | Leidos Holdings, Inc. | 1462141 | 0.2 |
| 17400<br><sup>(1)</sup> | Middleby Corp. | 2329860 | 0.2 |
| 32050 | Old Dominion Freight <br>Line | 9095149 | 0.9 |
| 30700 | Otis Worldwide Corp. | 2404117 | 0.2 |
| 20000 | Paccar, Inc. | 1979400 | 0.2 |
| 38700 | Republic Services, Inc. | 4991913 | 0.5 |
| 20300 | Ritchie Bros <br>Auctioneers, Inc. | 1173949 | 0.1 |
| 25600 | Rockwell Automation, <br>Inc. | 6593792 | 0.7 |
| 35237 | Rollins, Inc. | 1287560 | 0.1 |
| 36400<br><sup>(1)</sup> | SiteOne Landscape <br>Supply, Inc. | 4270448 | 0.4 |
| 86000<br><sup>(1)</sup> | Southwest Airlines Co. | 2895620 | 0.3 |
| 20000 | Toro Co. | 2264000 | 0.2 |
| 40200 | Trane Technologies <br>PLC | 6757218 | 0.7 |
| 8196 | TransDigm Group, Inc. | 5160611 | 0.5 |
| 42200 | TransUnion | 2394850 | 0.2 |
| 51900<br><sup>(1)</sup> | Trex Co., Inc. | 2196927 | 0.2 |
| 15800<br><sup>(1)</sup> | United Rentals, Inc. | 5615636 | 0.6 |
| 14900 | Valmont Industries, <br>Inc. | 4926983 | 0.5 |
| 34456 | Verisk Analytics, Inc. | 6078728 | 0.6 |
| 39650 | Waste Connections, <br>Inc. | 5256004 | 0.5 |
| 16300 | Watsco, Inc. | 4065220 | 0.4 |
| 11900 | Westinghouse <br>Air Brake <br>Technologies Corp. | 1187739 | 0.1 |
| 49500<br><sup>(1)</sup> | WillScot Mobile Mini <br>Holdings Corp. | 2235915 | 0.2 |
|  |  | **166042293** | **16.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Information Technology: 27.9%** | **Information Technology: 27.9%** | **Information Technology: 27.9%** |
| 159300 | Amphenol Corp. | $12129102 | 1.2 |
| 14200<br><sup>(1)</sup> | ANSYS, Inc. | 3430578 | 0.3 |
| 38900<br><sup>(1</sup><br><sup>),(2)</sup> | AppLovin Corp. | 409617 | 0.0 |
| 83200<br><sup>(1)</sup> | Arista Networks, Inc. | 10096320 | 1.0 |
| 9843<br><sup>(1)</sup> | Aspen Technology, Inc. | 2021752 | 0.2 |
| 27281 | Bentley Systems, Inc. | 1008306 | 0.1 |
| 17300<br><sup>(1)</sup> | Bill.com Holdings, Inc. | 1885008 | 0.2 |
| 31234<br><sup>(1)</sup> | Black Knight, Inc. | 1928699 | 0.2 |
| 36800 | Broadridge Financial <br>Solutions, Inc. ADR | 4935984 | 0.5 |
| 82700<br><sup>(1)</sup> | Cadence Design <br>Systems, Inc. | 13284928 | 1.3 |
| 46036<br><sup>(1)</sup> | CCC Intelligent <br>Solutions Holdings, <br>Inc. | 400513 | 0.0 |
| 46200 | CDW Corp. | 8250396 | 0.8 |
| 32003<br><sup>(1)</sup> | Ceridian HCM <br>Holding, Inc. | 2052992 | 0.2 |
| 30100 | Cognex Corp. | 1418011 | 0.1 |
| 27348<br><sup>(1)</sup> | Confluent, Inc. | 608220 | 0.1 |
| 84997<br><sup>(1)</sup> | Crowdstrike Holdings, <br>Inc. | 8949334 | 0.9 |
| 33960<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Databricks, Inc. | 2037600 | 0.2 |
| 96346<br><sup>(1)</sup> | Datadog, Inc. | 7081431 | 0.7 |
| 17100<br><sup>(1)</sup> | Descartes Systems <br>Group, Inc./The | 1191015 | 0.1 |
| 52600<br><sup>(1)</sup> | DoubleVerify <br>Holdings, Inc. | 1155096 | 0.1 |
| 34137<br><sup>(1)</sup> | Dynatrace, Inc. | 1307447 | 0.1 |
| 13191<br><sup>(1)</sup> | Endava PLC ADR | 1009111 | 0.1 |
| 52400<br><sup>(1)</sup> | Enphase Energy, Inc. | 13883904 | 1.4 |
| 75400 | Entegris, Inc. | 4945486 | 0.5 |
| 16100<br><sup>(1)</sup> | EPAM Systems, Inc. | 5276614 | 0.5 |
| 15800<br><sup>(1)</sup> | Euronet Worldwide, <br>Inc. | 1491204 | 0.2 |
| 9300<br><sup>(1)</sup> | Fair Isaac Corp. | 5566794 | 0.6 |
| 6400<br><sup>(1)</sup> | First Solar, Inc. | 958656 | 0.1 |
| 22895<br><sup>(1)</sup> | Five9, Inc. | 1553655 | 0.2 |
| 29800<br><sup>(1)</sup> | FleetCor <br>Technologies, Inc. | 5473664 | 0.5 |
| 224100<br><sup>(1)</sup> | Fortinet, Inc. | 10956249 | 1.1 |
| 25300<br><sup>(1)</sup> | Gartner, Inc. | 8504342 | 0.8 |
| 24989<br><sup>(1</sup><br><sup>),(2)</sup> | Gitlab, Inc. | 1135500 | 0.1 |
| 15200<br><sup>(1)</sup> | Globant SA | 2556032 | 0.3 |
| 16366<br><sup>(1)</sup> | HubSpot, Inc. | 4731902 | 0.5 |
| 77700<br><sup>(1</sup><br><sup>),(2)</sup> | Informatica, Inc. | 1265733 | 0.1 |
| 27550<br><sup>(1)</sup> | Keysight <br>Technologies, Inc. | 4712979 | 0.5 |
| 5600 | KLA Corp. | 2111368 | 0.2 |
| 41200<br><sup>(1)</sup> | Lattice Semiconductor <br>Corp. | 2673056 | 0.3 |
| 5100 | Littelfuse, Inc. | 1123020 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>157

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS<br>MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| 25600<br><sup>(1)</sup> | Manhattan <br>Associates, Inc. | $3107840 | 0.3 |
| 42748 | Marvell Technology, <br>Inc. | 1583386 | 0.2 |
| 144234 | Microchip Technology, <br>Inc. | 10132439 | 1.0 |
| 11000 | MKS Instruments, Inc. | 932030 | 0.1 |
| 22839<br><sup>(1)</sup> | MongoDB, Inc. | 4495629 | 0.4 |
| 18200 | Monolithic Power <br>Systems, Inc. | 6435702 | 0.6 |
| 15800 | Motorola Solutions, <br>Inc. | 4071818 | 0.4 |
| 43282<br><sup>(1</sup><br><sup>),(2)</sup> | nCino, Inc. | 1144376 | 0.1 |
| 105000<br><sup>(1)</sup> | ON Semiconductor <br>Corp. | 6548850 | 0.7 |
| 37800<br><sup>(1)</sup> | Palo Alto Networks, <br>Inc. | 5274612 | 0.5 |
| 97100 | Paychex, Inc. | 11220876 | 1.1 |
| 22300<br><sup>(1)</sup> | Paycom Software, Inc. | 6919913 | 0.7 |
| 50100<br><sup>(1)</sup> | Paycor HCM, Inc. | 1225947 | 0.1 |
| 18000<br><sup>(1)</sup> | Paylocity Holding <br>Corp. | 3496680 | 0.3 |
| 16536<br><sup>(1)</sup> | Procore Technologies, <br>Inc. | 780168 | 0.1 |
| 36975<br><sup>(1)</sup> | PTC, Inc. | 4438479 | 0.4 |
| 36700<br><sup>(1)</sup> | Pure Storage, Inc. - <br>Class A | 982092 | 0.1 |
| 66502<br><sup>(1)</sup> | Qualtrics International, <br>Inc. | 690291 | 0.1 |
| 78400<br><sup>(1)</sup> | Samsara, Inc. | 974512 | 0.1 |
| 51771<br><sup>(1</sup><br><sup>),(2)</sup> | SentinelOne, Inc. | 755339 | 0.1 |
| 31700<br><sup>(1)</sup> | Shopify, Inc. | 1100307 | 0.1 |
| 10300<br><sup>(1</sup><br><sup>),(2)</sup> | Silicon Laboratories, <br>Inc. | 1397401 | 0.1 |
| 15600 | Skyworks Solutions, <br>Inc. | 1421628 | 0.1 |
| 7000<br><sup>(1)</sup> | Snowflake, Inc. - <br>Class A | 1004780 | 0.1 |
| 27535 | SS&C Technologies <br>Holdings, Inc. | 1433472 | 0.1 |
| 5400<br><sup>(1)</sup> | Synaptics, Inc. | 513864 | 0.1 |
| 42100<br><sup>(1)</sup> | Synopsys, Inc. | 13442109 | 1.3 |
| 31626<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Tanium, Inc. Class B | 139471 | 0.0 |
| 8400 | TE Connectivity Ltd. | 964320 | 0.1 |
| 33800 | Teradyne, Inc. | 2952430 | 0.3 |
| 14700<br><sup>(1)</sup> | Tyler Technologies, <br>Inc. | 4739427 | 0.5 |
| 6400<br><sup>(1)</sup> | VeriSign, Inc. | 1314816 | 0.1 |
| 12999<br><sup>(1)</sup> | WEX, Inc. | 2127286 | 0.2 |
| 16300<br><sup>(1)</sup> | Workiva, Inc. | 1368711 | 0.1 |
| 10000<br><sup>(1)</sup> | Zebra Technologies <br>Corp. | 2564100 | 0.3 |
| 52400<br><sup>(1)</sup> | Zscaler, Inc. | 5863560 | 0.6 |
|  |  | **283070279** | **27.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Materials: 3.5%** | **Materials: 3.5%** | **Materials: 3.5%** |
| 15300 | Albemarle Corp. | $3317958 | 0.3 |
| 20100 | Avery Dennison Corp. | 3638100 | 0.4 |
| 15180 | Ball Corp. | 776305 | 0.1 |
| 55600 | CF Industries <br>Holdings, Inc. | 4737120 | 0.5 |
| 51800 | Corteva, Inc. | 3044804 | 0.3 |
| 26200 | Nutrien Ltd. | 1913386 | 0.2 |
| 33100 | PPG Industries, Inc. | 4161994 | 0.4 |
| 35000 | RPM International, Inc. | 3410750 | 0.3 |
| 51300 | Sealed Air Corp. | 2558844 | 0.2 |
| 27900 | Steel Dynamics, Inc. | 2725830 | 0.3 |
| 31900 | Vulcan Materials Co. | 5586009 | 0.5 |
|  |  | **35871100** | **3.5** |
|  | **Real Estate: 2.8%** | **Real Estate: 2.8%** | **Real Estate: 2.8%** |
| 10900 | Alexandria Real <br>Estate Equities, Inc. | 1587803 | 0.2 |
| 181700 | CubeSmart | 7313425 | 0.7 |
| 56300 | Equity Lifestyle <br>Properties, Inc. | 3636980 | 0.4 |
| 22800 | Rexford Industrial <br>Realty, Inc. | 1245792 | 0.1 |
| 30100 | SBA Communications <br>Corp. | 8437331 | 0.8 |
| 48600 | Simon Property <br>Group, Inc. | 5709528 | 0.6 |
|  |  | **27930859** | **2.8** |
|  | **Utilities: 0.3%** | **Utilities: 0.3%** | **Utilities: 0.3%** |
| 129500 | Vistra Corp. | **3004400** | **0.3** |
|  | Total Common Stock<br>(Cost $919,900,897) | **1003957544** | **99.0** |
| **PREFERRED STOCK: 0.8%** |  |  |  |
|  | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** |
| 32438<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Rappi, Inc. - Series E | **1168092** | **0.1** |
|  | **Health Care: 0.1%** | **Health Care: 0.1%** | **Health Care: 0.1%** |
| 123878<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Caris Life Sciences, <br>Inc. Series D | **815117** | **0.1** |
|  | **Information Technology: 0.6%** | **Information Technology: 0.6%** | **Information Technology: 0.6%** |
| 73377<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Databricks, Inc., <br>Series F | 4402620 | 0.4 |
| 7908<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Databricks, Inc., <br>Series G | 474480 | 0.0 |
| 353970<br><sup>(1</sup><br><sup>),(3),(4)</sup> | Tanium, Inc. - Series G | 1561008 | 0.2 |
|  |  | **6438108** | **0.6** |
|  | Total Preferred Stock<br>(Cost $6,216,684) | **8421317** | **0.8** |
|  | Total Long-Term <br>Investments<br>(Cost $926,117,581) | **1012378861** | **99.8** |

---

See Accompanying Notes to Financial Statements<br>158

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS<br>MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net<br>Assets |
| **SHORT-TERM INVESTMENTS: 1.7%** |  |  |  |
|  | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** |
| 3542900<br><sup>(5)</sup> | Cantor Fitzgerald <br>Securities, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase <br>Amount $3,544,570, <br>collateralized by <br>various U.S. <br>Government/U.S. <br>Government Agency <br>Obligations, <br>0.000%-9.000%, <br>Market Value plus <br>accrued interest <br>$3,613,758, due <br>01/15/23-11/20/72) | $3542900 | 0.4 |
| 3542900<br><sup>(5)</sup> | Citadel Securities <br>LLC, Repurchase <br>Agreement dated <br>12/30/22, 4.41%, <br>due 01/03/23 <br>(Repurchase <br>Amount $3,544,612, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.125%-6.250%, <br>Market Value plus <br>accrued interest <br>$3,615,529, due <br>04/15/23-11/15/52) | 3542900 | 0.4 |
| 1357948<br><sup>(5)</sup> | Citigroup, Inc., <br>Repurchase <br>Agreement dated <br>12/30/22, 4.25%, <br>due 01/03/23 <br>(Repurchase <br>Amount $1,358,580, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.000%-4.500%, <br>Market Value plus <br>accrued interest <br>$1,385,107, due <br>04/11/23-10/31/29) | 1357948 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net<br>Assets |
| 3542888<br><sup>(5)</sup> | National Bank <br>Financial, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase <br>Amount $3,544,573, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.000%-4.435%, <br>Market Value plus <br>accrued interest <br>$3,613,746, due <br>01/03/23-09/09/49) | $3542888 | 0.3 |
| 3233508<br><sup>(5)</sup> | State of Wisconsin <br>Investment Board, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase <br>Amount $3,235,046, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.125%-3.875%, <br>Market Value plus <br>accrued interest <br>$3,298,194, due <br>01/15/24-02/15/51) | 3233508 | 0.3 |
|  | Total Repurchase <br>Agreements<br>(Cost $15,220,144) | **15220144** | **1.5** |
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 1522020<br><sup>(6)</sup> | T. Rowe Price <br>Government <br>Reserve Fund, <br>4.310%<br>(Cost $1,522,020) | $**1522020** | **0.2** |
|  | Total Short-Term <br>Investments<br>(Cost $16,742,164) | **16742164** | **1.7** |
|  | **Total Investments in <br>Securities<br>(Cost <br>$942,859,745)** | $**1029121025** | **101.5** |
|  | **Liabilities in Excess <br>of Other Assets** | **(15299449)** | **(1.5)** |
|  | **Net Assets** | $**1013821576** | **100.0** |

---

See Accompanying Notes to Financial Statements<br>159

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS<br>MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(4)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2022, the Portfolio held restricted securities with a fair value of $19,534,713 or 1.9% of net assets. Please refer to the table below for additional details.

<sup>(5)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(6)</sup> Rate shown is the 7-day yield as of December 31, 2022.

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Communication Services | $27648919 | $— | $— | $27648919 |
| Consumer Discretionary | 150788561 |  |  | 150788561 |
| Consumer Staples | 29852416 |  |  | 29852416 |
| Energy | 42839596 |  | 8936325 | 51775921 |
| Financials | 70023929 |  |  | 70023929 |
| Health Care | 157948867 |  |  | 157948867 |
| Industrials | 166042293 |  |  | 166042293 |
| Information Technology | 280893208 |  | 2177071 | 283070279 |
| Materials | 35871100 |  |  | 35871100 |
| Real Estate | 27930859 |  |  | 27930859 |
| Utilities | 3004400 |  |  | 3004400 |
| Total Common Stock | 992844148 |  | 11113396 | 1003957544 |
| Preferred Stock |  |  | 8421317 | 8421317 |
| Short-Term Investments | 1522020 | 15220144 |  | 16742164 |
| Total Investments, at fair value | $994366168 | $15220144 | $19534713 | $1029121025 |

---

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

At December 31, 2022, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Fair Value** |
| Caris Life Sciences, Inc. Series D | 5/11/2021 | $1003412 | $815117 |
| Databricks, Inc. | 7/24/2020 | 543644 | 2037600 |
| Databricks, Inc., Series F | 10/22/2019 | 1050475 | 4402620 |
| Databricks, Inc., Series G | 2/1/2021 | 467542 | 474480 |
| Rappi, Inc. - Series E | 9/8/2020 | 1938042 | 1168092 |
| Tanium, Inc. - Series G | 8/26/2015 | 1757213 | 1561008 |
| Tanium, Inc. Class B | 9/24/2020 | 360384 | 139471 |
| Venture Global LNG, Inc. - Series B | 3/8/2018 | 132880 | 650991 |
| Venture Global LNG, Inc. - Series C | 10/16/2017 | 2083973 | 8285334 |
|  |  | $9337565 | $19534713 |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at fair value** | **Fair Value at <br>December 31,<br>2022** | **Valuation <br>Technique(s)\*** | **Significant <br>Unobservable <br>Input(s)** | **Value or <br>Range of <br>Input(s)** | **Value or <br>Range of <br>Input(s)** | **Weighted <br>Average <br>of Inputs\*\*\*** | **Weighted <br>Average <br>of Inputs\*\*\*** | **Impact to Valuation<br>from an Increase <br>in Input\*\*\*\*** | **Impact to Valuation<br>from an Increase <br>in Input\*\*\*\*** |
| Common Stocks | $11113396 | Market Approach | Recent Comparable <br>Transaction Price(s) |  | \*\* |  | \*\* |  | \*\* |
|  |  | Market Approach | Enterprise Value to <br>EBITDA Multiple | 10.1 | x | 10.1 | x | <br>Increase |  |
|  |  | Market Approach | Projected Enterprise <br>Value to EBITDA <br>Multiple | 14.0 | x | 14.0 | x | <br>Increase |  |
|  |  | Market Approach | Enterprise Value to <br>Sales Multiple | 5.1 | x - 6.0x | 5.1 | x - 6.0x | <br>Increase |  |

---

See Accompanying Notes to Financial Statements<br>160

------

VY<sup>®</sup> T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS<br>MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at fair value** | **Fair Value at <br>December 31,<br>2022** | **Valuation <br>Technique(s)\*** | **Significant <br>Unobservable <br>Input(s)** | **Value or <br>Range of <br>Input(s)** | **Value or <br>Range of <br>Input(s)** | **Weighted <br>Average <br>of Inputs\*\*\*** | **Weighted <br>Average <br>of Inputs\*\*\*** | **Impact to Valuation<br>from an Increase <br>in Input\*\*\*\*** | **Impact to Valuation<br>from an Increase <br>in Input\*\*\*\*** |
| Preferred Stocks | $8421317 | Market Approach | Recent Comparable <br>Transaction Price(s) |  | \*\* |  | \*\* |  | \*\* |
|  |  | Market Approach | Enterprise Value to <br>Gross Profit Multiple | 6.0 | x - 7.2x | 6.0 | x - 7.2x | <br>Increase |  |
|  |  | Market Approach | Enterprise Value to <br>Sales Multiple | 2.3 | x - 6.0x | 2.3 | x - 6.0x | <br>Increase |  |
|  |  | Market Approach | Enterprise Value to <br>Gross Merchandise <br>Value | 0.5 | x | 0.5 | x | <br>Increase |  |
|  |  | Market Approach | Enterprise Value to <br>Billings | 5.4 | x | 5.4 | x | <br>Increase |  |
| Total Investments, at fair value | $19534713 |  |  |  |  |  |  |  |  |

---

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

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

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Preferred Stocks** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Beginning balance at December 31, 2021 | $6381016 | $12329931 | $18710947 |
| Purchases |  |  |  |
| Sales |  |  |  |
| Total realized gain (loss) |  |  |  |
| Net change in unrealized appreciation (depreciation)\*\*\*\*\* | 4732380 | (3908614) | 823766 |
| Transfers into Level 3 |  |  |  |
| Transfers out of Level 3 |  |  |  |
| Ending balance at December 31, 2022 | $11113396 | $8421317 | $19534713 |
| Net change in unrealized appreciation (depreciation) on Level 3 securities <br>still held as of December 31, 2022\*\*\*\*\* | $4732380 | $(3908614) | $823766 |

---

\*\*\*\*\* Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2022 may be due to securities no longer held or categorized as Level 3 at year end.

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

Cost for federal income tax purposes was $943,522,919.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $196492715 |
| Gross Unrealized Depreciation | (110894609) |
| Net Unrealized Appreciation | $85598106 |

---

See Accompanying Notes to Financial Statements<br>161

------

VY<sup>®</sup> T. ROWE PRICE PORTFOLIO OF INVESTMENTS<br>GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
| **COMMON STOCK: 93.2%** |  |  |  |
|  | **Communication Services: 10.6%** | **Communication Services: 10.6%** | **Communication Services: 10.6%** |
| 561435<br><sup>(1)</sup> | Alphabet, Inc. - <br>Class A | $49535410 | 4.1 |
| 320543<br><sup>(1)</sup> | Alphabet, Inc. - <br>Class C | 28441780 | 2.4 |
| 5531<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Epic Games, Inc. | 3804388 | 0.3 |
| 110368<br><sup>(1)</sup> | Match Group, Inc. | 4579168 | 0.4 |
| 37500<br><sup>(1)</sup> | Meta Platforms, Inc. | 4512750 | 0.4 |
| 51008<br><sup>(1)</sup> | NetFlix, Inc. | 15041239 | 1.2 |
| 219500<br><sup>(1)</sup> | Pinterest, Inc. | 5329460 | 0.4 |
| 84491<br><sup>(1)</sup> | Sea Ltd. ADR | 4396067 | 0.4 |
| 83822<br><sup>(1)</sup> | Spotify Technology SA | 6617747 | 0.5 |
| 120915<br><sup>(1)</sup> | Trade Desk, Inc./The | 5420620 | 0.5 |
|  |  | **127678629** | **10.6** |
|  | **Consumer Discretionary: 16.6%** | **Consumer Discretionary: 16.6%** | **Consumer Discretionary: 16.6%** |
| 829895<br><sup>(1)</sup> | Amazon.com, Inc. | 69711180 | 5.8 |
| 4913<br><sup>(1)</sup> | Booking Holdings, Inc. | 9901070 | 0.8 |
| 7175<br><sup>(1)</sup> | Chipotle Mexican Grill, <br>Inc. | 9955241 | 0.8 |
| 372249<br><sup>(1)</sup> | Coupang, Inc. | 5475783 | 0.4 |
| 67038<br><sup>(1)</sup> | Expedia Group, Inc. | 5872529 | 0.5 |
| 76490 | Ferrari NV | 16385688 | 1.4 |
| 56218<br><sup>(1)</sup> | Floor & Decor <br>Holdings, Inc. | 3914459 | 0.3 |
| 280357<br><sup>(1)</sup> | Las Vegas Sands <br>Corp. | 13476761 | 1.1 |
| 10019<br><sup>(1)</sup> | Lululemon Athletica, <br>Inc. | 3209887 | 0.3 |
| 18197<br><sup>(1)</sup> | Mobileye Global, Inc. | 637987 | 0.1 |
| 361512<br><sup>(1</sup><br><sup>),(4)</sup> | Peloton Interactive, Inc. | 2870405 | 0.2 |
| 1159563<br><sup>(1</sup><br><sup>),(4)</sup> | Rivian Automotive, Inc. | 21370746 | 1.8 |
| 247215 | Ross Stores, Inc. | 28694245 | 2.4 |
| 108834<br><sup>(1)</sup> | Wynn Resorts Ltd. | 8975540 | 0.7 |
|  |  | **200451521** | **16.6** |
|  | **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** |
| 29600 | Estee Lauder Cos., <br>Inc. | **7344056** | **0.6** |
|  | **Financials: 0.3%** | **Financials: 0.3%** | **Financials: 0.3%** |
| 1669750<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Ant International Co., <br>Limited- Class C | 3389592 | 0.3 |
| 12749<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Maplebear, Inc., <br>dba Instacart | 618072 | 0.0 |
| 666<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Maplebear, Inc., <br>dba Instacart - <br>Non-Voting | 32288 | 0.0 |
|  |  | **4039952** | **0.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Health Care: 13.7%** | **Health Care: 13.7%** | **Health Care: 13.7%** |
| 14107<br><sup>(1)</sup> | Align Technology, Inc. | $2975166 | 0.2 |
| 20545<br><sup>(1)</sup> | Argenx SE ADR | 7783062 | 0.6 |
| 28092 | AstraZeneca PLC | 3801411 | 0.3 |
| 235224<br><sup>(1)</sup> | Avantor, Inc. | 4960874 | 0.4 |
| 33661 | Cigna Corp. | 11153236 | 0.9 |
| 16300 | Danaher Corp. | 4326346 | 0.4 |
| 69911 | Eli Lilly & Co. | 25576240 | 2.1 |
| 35203 | HCA Healthcare, Inc. | 8447312 | 0.7 |
| 27273 | Humana, Inc. | 13968958 | 1.2 |
| 11833<br><sup>(1)</sup> | Illumina, Inc. | 2392633 | 0.2 |
| 16624<br><sup>(1)</sup> | Insulet Corp. | 4893939 | 0.4 |
| 71719<br><sup>(1)</sup> | Intuitive Surgical, Inc. | 19030637 | 1.6 |
| 33196 | Stryker Corp. | 8116090 | 0.7 |
| 92033 | UnitedHealth Group, <br>Inc. | 48794056 | 4.0 |
|  |  | **166219960** | **13.7** |
|  | **Industrials: 3.3%** | **Industrials: 3.3%** | **Industrials: 3.3%** |
| 98564 | Airbus SE | 11719463 | 1.0 |
| 8361 | Cintas Corp. | 3775995 | 0.3 |
| 41149 | FedEx Corp. | 7127007 | 0.6 |
| 23696 | Old Dominion Freight <br>Line | 6724451 | 0.5 |
| 142614 | TransUnion | 8093344 | 0.7 |
| 16664 | Verisk Analytics, Inc. | 2939863 | 0.2 |
|  |  | **40380123** | **3.3** |
|  | **Information Technology: 48.1%** | **Information Technology: 48.1%** | **Information Technology: 48.1%** |
| 266575<br><sup>(1)</sup> | Advanced Micro <br>Devices, Inc. | 17266063 | 1.4 |
| 1155<br><sup>(1</sup><br><sup>),(5)</sup> | Adyen NV | 1603423 | 0.1 |
| 862524 | Apple, Inc. | 112067743 | 9.3 |
| 57514 | ASML Holding <br>NV - NY Reg | 31425650 | 2.6 |
| 59180<br><sup>(1)</sup> | Atlassian Corp. | 7615282 | 0.6 |
| 61721<br><sup>(1)</sup> | Black Knight, Inc. | 3811272 | 0.3 |
| 81857<br><sup>(1)</sup> | Ceridian HCM <br>Holding, Inc. | 5251126 | 0.4 |
| 200135<br><sup>(1)</sup> | Fiserv, Inc. | 20227644 | 1.7 |
| 44423 | Global Payments, Inc. | 4412092 | 0.4 |
| 17420<br><sup>(1)</sup> | HashiCorp, Inc. | 476263 | 0.0 |
| 77126 | Intuit, Inc. | 30018982 | 2.5 |
| 18300 | Lam Research Corp. | 7691490 | 0.6 |
| 7871<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Magic Leap, Inc. - <br>Class A | 151138 | 0.0 |
| 103032 | Mastercard, Inc. - <br>Class A | 35827317 | 3.0 |
| 650758 | Microsoft Corp. | 156064784 | 12.9 |
| 10275<br><sup>(1</sup><br><sup>),(4)</sup> | Monday.com Ltd. | 1253550 | 0.1 |
| 13508<br><sup>(1)</sup> | MongoDB, Inc. | 2658915 | 0.2 |
| 207563 | Nvidia Corp. | 30333257 | 2.5 |

---

See Accompanying Notes to Financial Statements<br>162

------

VY<sup>®</sup> T. ROWE PRICE PORTFOLIO OF INVESTMENTS<br>GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Value | Percentage<br>of Net<br>Assets |
|  | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| 36657 | Roper Technologies, <br>Inc. | $ | 15839123 | 1.3 |
| 116405<br><sup>(1)</sup> | Salesforce, Inc. |  | 15434139 | 1.3 |
| 201281<br><sup>(1)</sup> | SentinelOne, Inc. |  | 2936690 | 0.2 |
| 55989<br><sup>(1)</sup> | ServiceNow, Inc. |  | 21738849 | 1.8 |
| 51440<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Stripe, Inc. - Class B |  | 952154 | 0.1 |
| 47637<br><sup>(1)</sup> | Teledyne <br>Technologies, Inc. |  | 19050513 | 1.6 |
| 186352 | Visa, Inc. - Class A |  | 38716491 | 3.2 |
|  |  |  | **582823950** | **48.1** |
|  | Total Common Stock<br>(Cost <br>$1,061,886,953) |  | **1128938191** | **93.2** |
| **PREFERRED STOCK: 2.2%** |  |  |  |  |
|  | **Consumer Discretionary: 1.3%** | **Consumer Discretionary: 1.3%** | **Consumer Discretionary: 1.3%** | **Consumer Discretionary: 1.3%** |
| 117977<br><sup>(1</sup><br><sup>),(4)</sup> | Dr Ing hc F Porsche AG |  | 11905434 | 1.0 |
| 38487<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Rappi, Inc. - Series E |  | 1385917 | 0.1 |
| 37201<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Sila Nanotechnologies, <br>Inc., Series F |  | 1159555 | 0.1 |
| 18931<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Waymo LLC., Series A-2 |  | 893164 | 0.1 |
|  |  |  | **15344070** | **1.3** |
|  | **Financials: 0.1%** | **Financials: 0.1%** | **Financials: 0.1%** | **Financials: 0.1%** |
| 1855<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Maplebear, Inc., dba <br>Instacart - Series A |  | 89931 | 0.0 |
| 26036<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Maplebear, Inc., dba <br>Instacart - Series G |  | 1262225 | 0.1 |
|  |  |  | **1352156** | **0.1** |
|  | **Health Care: 0.4%** | **Health Care: 0.4%** | **Health Care: 0.4%** | **Health Care: 0.4%** |
| 10116 | Sartorius AG |  | **3994551** | **0.4** |
|  | **Industrials: 0.4%** | **Industrials: 0.4%** | **Industrials: 0.4%** | **Industrials: 0.4%** |
| 159700<br><sup>(1</sup><br><sup>),(2),(3)</sup> | GM Cruise Holdings, <br>LLC - Class F |  | 3246701 | 0.3 |
| 132943<br><sup>(1</sup><br><sup>),(2),(3)</sup> | Nuro, Inc. - Series C |  | 1845249 | 0.1 |
|  |  |  | **5091950** | **0.4** |
|  | Total Preferred Stock<br>(Cost $24,685,242) |  | **25782727** | **2.2** |
|  | Total Long-Term <br>Investments<br>(Cost <br>$1,086,572,195) |  | **1154720918** | **95.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net<br>Assets |
| **SHORT-TERM INVESTMENTS: 7.4%** |  |  |  |
|  | **Repurchase Agreements: 3.1%** | **Repurchase Agreements: 3.1%** | **Repurchase Agreements: 3.1%** |
| 8821900<br><sup>(6)</sup> | Cantor Fitzgerald <br>Securities, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase <br>Amount $8,826,057, <br>collateralized by <br>various U.S. <br>Government/U.S. <br>Government Agency <br>Obligations, <br>0.000%-9.000%, <br>Market Value plus <br>accrued interest <br>$8,998,338, due <br>01/15/23-11/20/72) | $8821900 | 0.7 |
| 8381810<br><sup>(6)</sup> | Citadel Securities <br>LLC, Repurchase <br>Agreement dated <br>12/30/22, 4.41%, <br>due 01/03/23 <br>(Repurchase <br>Amount $8,385,861, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.125%-6.250%, <br>Market Value plus <br>accrued interest <br>$8,553,635, due <br>04/15/23-11/15/52) | 8381810 | 0.7 |
| 108772<br><sup>(6)</sup> | Deutsche Bank <br>Securities Inc., <br>Repurchase <br>Agreement dated <br>12/30/22, 4.26%, <br>due 01/03/23 <br>(Repurchase <br>Amount $108,823, <br>collateralized by <br>various U.S. <br>Government <br>Securities, 0.000%, <br>Market Value plus <br>accrued interest <br>$110,947, due <br>01/10/23-06/29/23) | 108772 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>163

------

VY<sup>®</sup> T. ROWE PRICE PORTFOLIO OF INVESTMENTS<br>GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount† |  | Value | Percentage<br>of Net<br>Assets |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 3712524<br><sup>(6)</sup> | Mirae Asset <br>Securities USA Inc., <br>Repurchase <br>Agreement dated <br>12/30/22, 4.30%, <br>due 01/03/23 <br>(Repurchase <br>Amount $3,714,273, <br>collateralized by <br>various U.S. <br>Government/U.S. <br>Government Agency <br>Obligations, <br>0.550%-8.250%, <br>Market Value plus <br>accrued interest <br>$3,788,585, due <br>03/01/23-11/20/72) | $3712524 | 0.3 |
| 8821904<br><sup>(6)</sup> | National Bank <br>Financial, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase <br>Amount $8,826,100, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.000%-4.435%, <br>Market Value plus <br>accrued interest <br>$8,998,343, due <br>01/03/23-09/09/49) | 8821904 | 0.7 |
| 8051575<br><sup>(6)</sup> | State of Wisconsin <br>Investment Board, <br>Repurchase <br>Agreement dated <br>12/30/22, 4.34%, <br>due 01/03/23 <br>(Repurchase <br>Amount $8,055,404, <br>collateralized by <br>various U.S. <br>Government <br>Securities, <br>0.125%-3.875%, <br>Market Value plus <br>accrued interest <br>$8,212,645, due <br>01/15/24-02/15/51) | 8051575 | 0.7 |
|  | Total Repurchase <br>Agreements<br>(Cost $37,898,485) | **37898485** | **3.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
|  | **Mutual Funds: 4.3%** | **Mutual Funds: 4.3%** | **Mutual Funds: 4.3%** |
| 52178657<br><sup>(7)</sup> | T. Rowe Price <br>Government <br>Reserve Fund, <br>4.310%<br>(Cost $52,178,657) | $**52178657** | **4.3** |
|  | Total Short-Term <br>Investments<br>(Cost $90,077,142) | **90077142** | **7.4** |
|  | **Total Investments in <br>Securities<br>(Cost <br>$1,176,649,337)** | $**1244798060** | **102.8** |
|  | **Liabilities in Excess <br>of Other Assets** | **(33443753)** | **(2.8)** |
|  | **Net Assets** | $**1211354307** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(3)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2022, the Portfolio held restricted securities with a fair value of $18,830,374 or 1.6% of net assets. Please refer to the table below for additional details.

<sup>(4)</sup> Security, or a portion of the security, is on loan.

<sup>(5)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(6)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(7)</sup> Rate shown is the 7-day yield as of December 31, 2022.

See Accompanying Notes to Financial Statements<br>164

------

VY<sup>®</sup> T. ROWE PRICE PORTFOLIO OF INVESTMENTS<br>GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Other<br>Observable<br>Inputs#<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Fair Value<br>at<br>December 31, 2022** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| Communication Services | $123874241 | $— | $3804388 | $127678629 |
| Consumer Discretionary | 200451521 |  |  | 200451521 |
| Consumer Staples | 7344056 |  |  | 7344056 |
| Financials |  |  | 4039952 | 4039952 |
| Health Care | 162418549 | 3801411 |  | 166219960 |
| Industrials | 28660660 | 11719463 |  | 40380123 |
| Information Technology | 580117235 | 1603423 | 1103292 | 582823950 |
| Total Common Stock | 1102866262 | 17124297 | 8947632 | 1128938191 |
| Preferred Stock |  | 15899985 | 9882742 | 25782727 |
| Short-Term Investments | 52178657 | 37898485 |  | 90077142 |
| Total Investments, at fair value | $1155044919 | $70922767 | $18830374 | $1244798060 |

---

^ 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 December 31, 2022, VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Fair Value** |
| Ant International Co., Limited - Class C | 6/7/2018 | $6364043 | $3389592 |
| Epic Games, Inc. | 6/18/2020 | 3180325 | 3804388 |
| GM Cruise Holdings, LLC - Class F | 5/7/2019 | 2914525 | 3246701 |
| Magic Leap, Inc. - Class A | 1/20/2016 | 3824971 | 151138 |
| Maplebear, Inc., dba Instacart | 8/7/2020 | 590711 | 618072 |
| Maplebear, Inc., dba Instacart - Non-Voting | 8/7/2020 | 30858 | 32288 |
| Maplebear, Inc., dba Instacart - Series A | 11/18/2020 | 113177 | 89931 |
| Maplebear, Inc., dba Instacart - Series G | 7/2/2020 | 1252121 | 1262225 |
| Nuro, Inc. - Series C | 10/30/2020 | 1735518 | 1845249 |
| Rappi, Inc. - Series E | 9/8/2020 | 2299446 | 1385917 |
| Sila Nanotechnologies, Inc., Series F | 1/7/2021 | 1535389 | 1159555 |
| Stripe, Inc. - Class B | 12/17/2019 | 807094 | 952154 |
| Waymo LLC., Series A-2 | 5/8/2020 | 1625552 | 893164 |
|  |  | $26273730 | $18830374 |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at fair value** | **Fair Value at<br>December 31,<br>2022** | **Valuation<br>Technique(s)\*** | **Significant<br>Unobservable<br>Input(s)** | **Value or<br>Range of<br>Input(s)** | **Value or<br>Range of<br>Input(s)** | **Weighted<br>Average of<br>Inputs\*\*\*** | **Weighted<br>Average of<br>Inputs\*\*\*** | **Impact to Valuation<br>from an Increase<br>in Input\*\*\*\*** | **Impact to Valuation<br>from an Increase<br>in Input\*\*\*\*** |
| Common Stocks | $8947632 | Market Approach | Recent Comparable <br>Transaction Price(s) |  | \*\* |  | \*\* |  | \*\* |
|  |  | Market Approach | Enterprise Value to <br>Sales Multiple | 3.4 | x - 4.4x | 3.4 | x - 4.4x | <br>Increase |  |
|  |  | Market Approach | Enterprise Value to <br>Gross Merchandise <br>Value | 0.29 | x - 0.41x | 0.29 | x - 0.41x | <br>Increase |  |
|  |  | Market Approach | Enterprise Value to <br>Gross Profit Multiple | 11.8 | x - 15.3x | 11.8 | x - 15.3x | <br>Increase |  |
|  |  | Market Approach | Price to Earnings <br>Multiple | 7.4 | x - 17.5x | 7.4 | x - 17.5x | <br>Increase |  |
|  |  | Market Approach | Dividend Yield | 4.98 | % | 4.98 | % | Increase |  |

---

See Accompanying Notes to Financial Statements<br>165

------

VY<sup>®</sup> T. ROWE PRICE PORTFOLIO OF INVESTMENTS<br>GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2022 (CONTINUED)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at fair value** | **Fair Value at<br>December 31,<br>2022** | **Valuation<br>Technique(s)\*** | **Significant<br>Unobservable<br>Input(s)** | **Value or<br>Range of<br>Input(s)** | **Value or<br>Range of<br>Input(s)** | **Weighted<br>Average of<br>Inputs\*\*\*** | **Weighted<br>Average of<br>Inputs\*\*\*** | **Impact to Valuation<br>from an Increase<br>in Input\*\*\*\*** | **Impact to Valuation<br>from an Increase<br>in Input\*\*\*\*** |
| Preferred Stocks | $9882742 | Market Approach | Recent Comparable <br>Transaction Price(s) |  | \*\* |  | \*\* |  | \*\* |
|  |  | Market Approach | Enterprise Value to <br>Sales Multiple | 2.3 | x - 6.2x | 2.3 | x - 6.2x | <br>Increase |  |
|  |  | Market Approach | Enterprise Value to <br>Gross Merchandise <br>Value | 0.29 | x - 0.5x | 0.29 | x - 0.5x | <br>Increase |  |
|  |  | Market Approach | Projected Enterprise <br>Value to Sales | 1.5 | x - 15.3x | 1.5 | x - 15.3x | <br>Increase |  |
|  |  | Market Approach | Projected Enterprise <br>Value to EBITDA <br>Multiple | 4.3 | x | 4.3 | x | <br>Increase |  |
|  |  | Discounted Cash Flow | Discount Rate | 25 | % | 25 | % | Decrease |  |
| Total Investments, at fair value | $18830374 |  |  |  |  |  |  |  |  |

---

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

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

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Preferred Stocks** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Beginning balance at December 31, 2021 | $16502888 | $16042676 | $32545564 |
| Purchases |  |  |  |
| Sales |  |  |  |
| Total realized gain (loss) |  |  |  |
| Net change in unrealized appreciation (depreciation)\*\*\*\*\* | (7555256) | (6159934) | (13715190) |
| Transfers into Level 3 |  |  |  |
| Transfers out of Level 3 |  |  |  |
| Ending balance at December 31, 2022 | $8947632 | $9882742 | $18830374 |
| Net change in unrealized appreciation (depreciation) <br>on Level 3 securities still held as of December 31, 2022\*\*\*\*\* | $(7555256) | $(6159934) | $(13715190) |

---

\*\*\*\*\* Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2022 may be due to securities no longer held or categorized as Level 3 at year end.

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

Cost for federal income tax purposes was $1,182,911,574.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $214423792 |
| Gross Unrealized Depreciation | (152537050) |
| Net Unrealized Appreciation | $61886742 |

---

See Accompanying Notes to Financial Statements<br>166

------

TAX INFORMATION (UNAUDITED)

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Type** | **Per Share Amount** |
| Voya Global Bond Portfolio | Voya Global Bond Portfolio | Voya Global Bond Portfolio |
| Class ADV | ROC | $0.2017 |
| Class I | ROC | $0.2499 |
| Class S | ROC | $0.2274 |
| Voya International High Dividend Low Volatility Portfolio | Voya International High Dividend Low Volatility Portfolio | Voya International High Dividend Low Volatility Portfolio |
| Class ADV | NII | $0.3888 |
| Class I | NII | $0.4410 |
| Class S | NII | $0.4111 |
| Class S2 | NII | $0.4085 |
| VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio |
| Class ADV | NII | $0.1352 |
| Class I | NII | $0.2058 |
| Class S | NII | $0.1698 |
| Class S2 | NII | $0.1441 |
| All Classes | STCG | $0.8712 |
| All Classes | LTCG | $1.5877 |
| VY<sup>®</sup> Baron Growth Portfolio | VY<sup>®</sup> Baron Growth Portfolio | VY<sup>®</sup> Baron Growth Portfolio |
| All Classes | LTCG | $2.8152 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio | VY<sup>®</sup> Columbia Contrarian Core Portfolio | VY<sup>®</sup> Columbia Contrarian Core Portfolio |
| Class ADV | NII | $0.0102 |
| Class I | NII | $0.1128 |
| Class S | NII | $0.0589 |
| All Classes | STCG | $1.4048 |
| All Classes | LTCG | $1.7765 |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio | VY<sup>®</sup> Columbia Small Cap Value II Portfolio | VY<sup>®</sup> Columbia Small Cap Value II Portfolio |
| Class ADV | NII | $— |
| Class I | NII | $0.0499 |
| Class R6 | NII | $0.0584 |
| Class S | NII | $0.0038 |
| Class S2 | NII | $— |
| All Classes | STCG | $0.8049 |
| All Classes | LTCG | $1.9164 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Type** | **Per Share Amount** |
| VY<sup>®</sup> Invesco Comstock Portfolio | VY<sup>®</sup> Invesco Comstock Portfolio | VY<sup>®</sup> Invesco Comstock Portfolio |
| Class ADV | NII | $0.2779 |
| Class I | NII | $0.3848 |
| Class S | NII | $0.3325 |
| All Classes | LTCG | $0.0517 |
| VY<sup>®</sup> Invesco Equity and Income Portfolio | VY<sup>®</sup> Invesco Equity and Income Portfolio | VY<sup>®</sup> Invesco Equity and Income Portfolio |
| Class ADV | NII | $0.5368 |
| Class I | NII | $0.7505 |
| Class S | NII | $0.6377 |
| Class S2 | NII | $0.5774 |
| All Classes | STCG | $0.9714 |
| All Classes | LTCG | $6.0316 |
| VY<sup>®</sup> Invesco Global Portfolio | VY<sup>®</sup> Invesco Global Portfolio | VY<sup>®</sup> Invesco Global Portfolio |
| All Classes | LTCG | $2.9341 |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio |
| Class ADV | NII | $0.1088 |
| Class I | NII | $0.1865 |
| Class S | NII | $0.1459 |
| Class S2 | NII | $0.0795 |
| All Classes | STCG | $0.1942 |
| All Classes | LTCG | $2.7709 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio |
| All Classes | STCG | $0.2412 |
| All Classes | LTCG | $2.5844 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio |
| All Classes | STCG | $1.3165 |
| All Classes | LTCG | $13.1241 |

---

NII — Net investment income<br>STCG — Short-term capital gain<br>LTCG — Long-term capital gain<br>ROC — Return of capital

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | 22.42% |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio | 16.20% |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio | 24.81% |
| VY<sup>®</sup> Invesco Comstock Portfolio | 95.09% |
| VY<sup>®</sup> Invesco Equity and Income Portfolio | 53.06% |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | 96.93% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | 20.48% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | 24.87% |

---

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | $41284814 |
| VY<sup>®</sup> Baron Growth Portfolio | $54434934 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio | $15666691 |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio | $17078355 |
| VY<sup>®</sup> Invesco Comstock Portfolio | $665579 |
| VY<sup>®</sup> Invesco Equity and Income Portfolio | $141559172 |
| VY<sup>®</sup> Invesco Global Portfolio | $182852274 |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | $54253817 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | $244839704 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | $238640525 |

---

------

TAX INFORMATION (UNAUDITED) (CONTINUED)

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2022. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
| | **Creditable<br>Foreign<br>Taxes Paid** | **Per Share <br>Amount** | **Portion of Ordinary <br>Income Distribution <br>Derived from Foreign<br>Sourced Income\*** |
| Voya International High Dividend Low Volatility Portfolio | $1258193 | $0.0337 | 93.22% |

---

\* None of the Portfolio's income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

------

DIRECTOR AND OFFICER INFORMATION (UNAUDITED)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br>and Age** | **Position(s) <br>held with the <br>Company** | **Term of <br>Office and <br>Length of <br>Time <br>Served** **<sup>(1)</sup>** | **Principal <br>Occupation(s) - <br>during the <br>Past 5 Years** | **Number of <br>Funds in <br>Fund Complex <br>Overseen <br>by Director** **<sup>(2)</sup>** | **Other Board <br>Positions <br>held by <br>Director** |
| **Independent Directors:** | **Independent Directors:** | **Independent Directors:** | **Independent Directors:** | **Independent Directors:** | **Independent Directors:** |
| Colleen D. Baldwin<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 62 | Chairperson<br>Director | January 2020 - Present<br>November 2007 - Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009 - Present). | 132 | RSR Partners, Inc, (2016 - Present). |
| John V. Boyer<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 69 | Director | November 1997 - Present | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 - <br>December 2019). | 132 | None. |
| Patricia W. Chadwick<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 74 | Director | January 2006 - Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 - Present). | 132 | The Royce Funds (22 funds) (December 2009 - Present). AMICA Mutual Insurance Company (1992 - Present). |
| Martin J. Gavin<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, AZ 85258<br>Age: 72 | Director | August 2015 - Present | Retired. | 132 | None. |
| Joseph E. Obermeyer<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 65 | Director | May 2013 - Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 - Present). | 132 | None. |
| Sheryl K. Pressler<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 72 | Director | January 2006 - Present | Consultant (May 2001 - Present). | 132 | Centerra Gold Inc. (May 2008 - Present). |
| Christopher P. Sullivan<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 69 | Director | October 2015 - Present | Retired. | 132 | None. |

---

(1) Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an "interested person" as defined in the 1940 Act, of each Portfolio ("Independent Director") is subject to the Board's retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board's other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors).

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

------

DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

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

---

------

DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address<br>and Age** | **Position(s)<br>Held with the Company** | **Term of Office and <br>Length of Time Served** **<sup>(1)</sup>** | **Principal Occupation(s) - during the <br>Past 5 Years** |
| Andrew K. Schlueter<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 46 | Senior Vice President | June 2022 - Present | Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 - Present); Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 - Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 - February 2022); Vice President, Voya Investment Management (March 2014 - February 2018). |
| Robert Terris<br>5780 Powers Ferry Road NW<br>Atlanta, Georgia 30327<br>Age: 52 | Senior Vice President | May 2006 - Present | Senior Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 - Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 - Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 - April 2018). |
| Joanne F. Osberg<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 41 | Vice President Secretary | June 2022 - Present<br>September 2020 - Present | Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (September 2020 - Present). Formerly, Vice President and Counsel, Voya Investment Management - Mutual Fund Legal Department (January 2013 - September 2020). |
| Fred Bedoya<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 50 | Vice President Principal Accounting Officer and Treasurer | September 2012 - Present | Vice President, Voya Investments, LLC (October 2015 - Present); Vice President, Voya Funds Services, LLC (July 2012 - Present). |
| Robyn L. Ichilov<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 55 | Vice President | January 2005 - Present | Vice President, Voya Investments, LLC (August 1997 - Present); Vice President, Voya Funds Services, LLC (November 1995 - Present). |
| Jason Kadavy<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 46 | Vice President | September 2012 - Present | Vice President, Voya Investments, LLC (October 2015 - Present); Vice President, Voya Funds Services, LLC (July 2007 - Present) |
| Erica McKenna<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 50 | Vice President | June 2022 - Present | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 - Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 - May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 - March 2021). |
| Craig Wheeler<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 53 | Vice President | May 2013 - Present | Vice President - Director of Tax, Voya Investments, LLC (October 2015 - Present). |
| Nicholas C.D. Ward<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 29 | Assistant Vice President and Assistant Secretary | June 2022 - Present | Counsel, Voya Investment Management - Mutual Fund Legal Department (November 2021 - Present). Formerly, Associate, Dechert LLP (October 2018 - November 2021). |

---

------

DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address<br>and Age** | **Position(s)<br>Held with the Company** | **Term of Office and <br>Length of Time Served** **<sup>(1)</sup>** | **Principal Occupation(s) - during the <br>Past 5 Years** |
| Gizachew Wubishet<br>7337 East Doubletree Ranch Rd.<br>Suite 100<br>Scottsdale, Arizona 85258<br>Age: 46 | Assistant Vice President and Assistant Secretary | June 2022 - Present | Assistant Vice President and Counsel, Voya Investment Management - Mutual Fund Legal Department (May 2019 - Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 - April 2019). |
| Monia Piacenti<br>One Orange Way<br>Windsor, Connecticut 06095<br>Age: 46 | Anti-Money Laundering Officer | June 2018 - Present | Compliance Consultant, Voya Financial, Inc. (January 2019 - Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 - Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 - December 2018). |

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

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 17, 2022, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio, VY<sup>®</sup> Baron Growth Portfolio, VY<sup>®</sup> Columbia Contrarian Core Portfolio, VY<sup>®</sup> Columbia Small Cap Value II Portfolio, VY<sup>®</sup> Invesco Comstock Portfolio, VY<sup>®</sup> Invesco Equity and Income Portfolio, VY<sup>®</sup> Invesco Global Portfolio, VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio, and VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio, each a series of the Company (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC; American Century Investment Management, Inc.; BAMCO, Inc.; Columbia Management Investment Advisers, LLC; Invesco Advisers, Inc.; J.P. Morgan Investment Management Inc.; and T. Rowe Price Associates, Inc., the respective sub-advisers to each Portfolio (the "Sub-Advisers"), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as "management") on October 12-13, 2022, and November 15, 2022. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya

family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

was requested in conducting its evaluation of the Manager and a Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to

ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

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

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio's prospectus. In addition, the Board considered Voya Global Bond Portfolio's investment performance compared to an additional performance peer group that is approved by the Board due to the investment structure or strategy of each Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Company's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules and that the Manager is responsible for paying the fees of the Sub-Advisers.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with

services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers that are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager and Sub-Advisers' potential fall-out benefits were not unreasonable.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

**Portfolio-by-Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio's performance was compared to its Morningstar category, as well as its primary benchmark and, as applicable, a performance peer group. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Global Bond Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Global Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year and ten-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date and one-year periods; and (2) the Portfolio outperformed its primary benchmark for the five-year and ten-year periods and underperformed for the year-to-date, one-year and three-year periods. In analyzing this performance data, the Board also took into account that the Portfolio outperformed its performance peer group average for the three-year, five-year and ten-year periods and underperformed for the year-to-date and one-year periods.

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

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

**Voya International High Dividend Low Volatility Portfolio**

In considering whether to approve the renewal of the Contracts for Voya International High Dividend Low Volatility Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile of its Morningstar category for the year-to-date period, and the fourth quintile for the three-year, five-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the impact of the Sub-Adviser's investment style on the Portfolio's performance during certain periods; and (2) the competitiveness of the Portfolio's performance during certain periods.

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

**VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio, the Board considered that, based on

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the year-to-date and three-year periods, and the third quintile for the one-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) management's representations regarding the competitiveness of the Portfolio's management fee rate and net expense ratio; and (2) that, as a result of the Board's request during the 2022 annual contract renewal cycle, new fee rates and lower expense limits were implemented for the Portfolio, effective January 1, 2023.

**VY<sup>®</sup> Baron Growth Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Baron Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year, five-year, and ten-year periods, the second quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the

Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fifth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive when compared to similar products for which the Sub-Adviser performs portfolio management services.

**VY<sup>®</sup> Columbia Contrarian Core Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Columbia Contrarian Core Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date and three-year periods, the second quintile for the five-year and ten-year periods, and the third quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account the competitiveness of the Portfolio's management fee rate and net expense ratio.

**VY<sup>®</sup> Columbia Small Cap Value II Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Columbia Small Cap Value II Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

periods, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

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

**VY<sup>®</sup> Invesco Comstock Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Invesco Comstock Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date, one-year and three-year periods, and the second quintile for the five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

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

**VY<sup>®</sup> Invesco Equity and Income Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Invesco Equity and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods, and the second quintile for the five-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

**VY<sup>®</sup> Invesco Global Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Invesco Global Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the ten-year period, the fourth quintile for the one-year, three-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the competitiveness of the Portfolio's performance during certain periods; (2) the impact of the security selection and sector allocation on the Portfolio's performance; and (3) its confidence in the Sub-Adviser's ability to deliver long-term performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

**VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the year-to-date, one-year and five-year periods, and the fourth quintile for the three-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the impact of security selection and sector allocation on the Portfolio's performance; (2) its confidence in the Sub-Adviser's ability to deliver long-term performance; and (3) the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its

Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

**VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and ten-year periods, and the third quintile for the year-to-date, three-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

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

**VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the ten-year period, the fourth quintile for the three-year and five-year periods, and the fifth quintile for the year-to-date and one-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) management's representations regarding its belief that the Portfolio's pricing is competitive; and (2) that, at the Board's request during the 2022 annual contract renewal cycle, management changed the management fee waiver for the Portfolio, effective January 1, 2023.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2023.

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**Investment Adviser**

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

**Distributor**

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

**Transfer Agent**

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

**Independent Registered Public Accounting Firm**

Ernst & Young LLP<br>200 Clarendon Street<br>Boston, Massachusetts 02116

**Custodian**

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

**Legal Counsel**

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

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

**RETIREMENT \| INVESTMENTS \| INSURANCE**

**voyainvestments.com**

![](j2313921_za017.jpg)

VPAR-VPI

(1222-022323)

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

## Annual Report

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

#### Voya Partners, Inc.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution Aggressive Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2035 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution Balanced Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2040 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution Conservative Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2045 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution Income Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2050 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution Moderately Aggressive Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2055 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution Moderately Conservative Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2060 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2025 Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2065 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Solution 2030 Portfolio <br>|  |

---

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

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

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

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Portfolio Managers' Reports](#tPMR)  | [2](#tPMR) |
| [Shareholder Expense Examples](#tSEEU)  | [22](#tSEEU) |
| [Report of Independent Registered Public Accounting Firm](#tROIR)  | [25](#tROIR) |
| [Statements of Assets and Liabilities](#tSOAA)  | [27](#tSOAA) |
| [Statements of Operations](#tSOOF)  | [35](#tSOOF) |
| [Statements of Changes in Net Assets](#tSOCI)  | [39](#tSOCI) |
| [Financial Highlights](#tFIHI)  | [47](#tFIHI) |
| [Notes to Financial Statements](#tNFST)  | [62](#tNFST) |
| [Portfolios of Investments](#tPOIN)  | [75](#tPOIN) |
| [Tax Information](#tTAIN)  | [111](#tTAIN) |
| [Director and Officer Information](#tDAOI)  | [115](#tDAOI) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#tAASA)  | [119](#tAASA) |

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

#### QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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Benchmark Descriptions

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| | |
|:---|:---|
| **Index**  | **Description**  |
| Bloomberg U.S. Aggregate Bond Index <br> ("Bloomberg U.S. Aggregate Bond") | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.  |
| MSCI Europe, Australasia and Far East<sup>®</sup> <br> ("MSCI EAFE<sup>®</sup>") Index | An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.  |
| Russell 3000<sup>®</sup> Index | An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.  |
| S&P Target Date Retirement Income Index | Seeks to represent asset allocations which target an immediate retirement horizon. |
| S&P Target Risk Aggressive<sup>®</sup> Index | Seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed-income securities to enhance portfolio efficiency.  |
| S&P Target Risk<sup>®</sup> Conservative Index | Seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.  |
| S&P Target Risk<sup>®</sup> Growth Index | Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.  |
| S&P Target Risk<sup>®</sup> Moderate Index | Seeks to measure the performance of an asset allocation strategy targeted to a moderate risk profile.  |
| S&P Target Date 2025 Index, <br> S&P Target Date 2030 Index, <br> S&P Target Date 2035 Index, <br> S&P Target Date 2040 Index, <br> S&P Target Date 2045 Index, <br> S&P Target Date 2050 Index, <br> S&P Target Date 2055 Index and <br> S&P Target Date 2060+ Index | Each index seeks to represent the market consensus for asset allocations which target an approximate 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and beyond the 2060 retirement horizon, respectively.  |

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Voya Solution Portfolios Portfolio Managers' Report

The Voya Solution Portfolios consist of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, and Voya Solution 2065 Portfolio (each a "Portfolio" or collectively, the "Portfolios" or the "Solution Portfolios"). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are actively managed funds or passively managed funds (index funds)<sup>(1)</sup>. Each Portfolio uses an asset allocation strategy designed for investors expecting to retire around the year or have the risk profile applicable to that Portfolio resulting in target investment allocations ("Target Asset Allocations"). These Target Asset Allocations as of December 31, 2022 are set out in the table below. The Portfolios are managed by Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers\* of Voya Investment Management Co. LLC ("Voya IM") the Sub-Adviser ("Sub-Adviser").

#### Performance: Each Portfolio's performance against its respective benchmarks is set out in the table below.
***Portfolio Specifics:*** Over the reporting period, the Portfolios produced both negative absolute and relative returns. Tactical asset allocation and underlying fund selection both detracted. The Portfolios began the year mostly neutral in their equity versus bond positioning, with modest equity overweights to the 2050, 2045, 2035 and 2030 vintages. Sub-asset class allocations were overweight to US large cap throughout the suite and overweight to US small cap in the 2045 and 2040 vintages. These positions were funded by underweight positions in US mid cap, developed international equities and core US fixed income in varying degrees depending on vintage.

In February, the Portfolios reduced their US large cap overweights and added to emerging market ("EM") and developed international equities. The non-US equity markets offer less tech exposure and less long duration equity exposure which has shown to be more sensitive to rising US real yields. In addition, the suite took advantage of the relatively stable credit markets and sold down the majority of its high yield exposure in favor of intermediate core fixed income.

In March, the Portfolios reduced their international equity exposure in favor of short-term Eurodollar futures, believing that international equities remained vulnerable to the economic fallout from the first major war in Europe post-Word War II. Recession risk in the Eurozone rose quickly as war waged, gasoline prices continued to rise, and an inflation problem forced the European Central Bank's hand to tighten financial conditions. In addition, slowing Chinese growth was a challenge for EM. In our view, any stimulus to occur would likely have not been enough to revive a slowing economy and meet Beijing's growth target. We believed strong forward guidance by the US Federal Reserve to increase policy rates and a faster balance sheet roll-off than other central banks were dollar positives. In mid-March, the strategy moved to a tactical underweight in TIPS in favor of short-duration bonds, to reduce portfolio exposure to rising real interest rates. Since the onset of the Covid pandemic, the Fed purchased a disproportionate amount of Treasury inflation-protected securities ("TIPS") issuance which contributed to deeply negative yields. As the Fed began to run down its balance sheet, we anticipated upwards pressure on TIPS yields.

As part of the annual strategic review in early April, the Portfolios enacted their glide downs, leading to lower equity weights in the 2050-2025 vintages. Still, the Portfolios held modest overweights to US large cap equities. This was a drag over the 2<sup>nd</sup> quarter as both international developed and EM equities performed better after lagging in the first three months of the year. However, overweights to US assets helped within the fixed income segments of the Portfolios, as US aggregate bonds performed better than global bonds and significantly outperformed EM debt, which struggled due to those countries' generally weaker growth outlook and a substantial strengthening in the US dollar.

In May, a new position in Japanese equities was initiated, funded by selling US large cap stocks. The rationale underpinning the trade was the belief that Japan was acting more defensive than the rest of the world given the Bank of Japan's ("BOJ") use of yield curve control, which, along with relatively cheap valuations, in our view made their equity markets more attractive in a highly uncertain macro environment. In addition, during times of market stress, the Japanese yen serves as a safe haven for investors. Furthermore, the yen had fallen dramatically since the beginning of 2021 and had not been as cheap relative to the US dollar since 2002 from both purchasing power parity and real effective exchange rate perspective. We believed this would help the nation's export-oriented businesses and could support earnings.

Throughout the third quarter, the Portfolios increased US large cap and small cap equities. The large cap increase was funded by a further reduction to international developed equites, as the United States continued to be the favorite region given its relatively insulated economic and geopolitical position, strong currency, and generally healthier companies. Within the US, small caps retraced all of their stimulus driven gains and began trading at a discount relative to large caps. Given

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Portfolio Managers' Report Voya Solution Portfolios

the severely oversold conditions, there was potential for an unwind and small caps would disproportionally benefit from the bounce. Within fixed income, the portfolio management team lengthened duration across the Portfolios by increasing exposure to long-term US government bonds and reducing short-term bonds and cash. In our view, declining energy and core goods prices, reduced shelter costs, softening labor market, and decreased domestic demand would pull inflation down to the 4-5% range by the middle of next year. The necessary drop in nominal gross domestic product or expectation thereof would weigh heavily on long dated yields. As a result, we extended duration in fixed income portfolios and maintained our preference for high-quality credit.

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

In early October, the Portfolios added to US TIPS in near-dated Portfolios. With the backup in real yields to the highest levels since 2009, a substantial underweighting to TIPS no longer appeared to be a good risk and reward with inflation breakeven declining to just above 2%. Later in the month, PMs initiated a tactical overweight to US large cap equities by selling short-term bonds. This was a short-term term trade that sought to capitalize on market momentum following promising evidence inflation was continuing to decline. This position was closed at a gain and reversed to an underweight in early November, as recession risks accumulated and fears deteriorating earnings would drive a sell-off into year end.

There was also a short-term tactical trade at the end of October to underweight EM equity and add to US large caps due to increased tensions between Beijing and Washington related to Taiwan. However, in December, relations between the two superpowers seemed to improve such that an escalation of hostilities was much less likely. As a result, the brief EM equity underweight was closed by selling international developed equities. International developed equities were used as the source of funds because Europe looked increasingly unappealing after the strong rally in the first two months of the quarter and their still challenged fundamental outlook with the ECB struggling to contain inflation in the face of a gas embargo with Russia that is likely to continue for a multi-year period and local governments having spent their fiscal firepower on helping households meet their increased energy costs. Europe looks to have used a short-term patch to try and fix a long-term problem, which will likely pressure European equities in 2023. Additionally, the emerging and developing international stocks relationship looked to be making an important bottom that favored EM, as China reopens and refocuses on growth.

Within fixed income, the Portfolios continue to hold a long duration posture as a hedge against equity beta in the event of a risk-off flight to safety and PM's expectations a weak growth environment will weigh down the back end of the yield curve.

During the year, tactical asset allocation moves relative to our strategic benchmarks have had a negative impact across the Portfolios. Overall, underlying fund selection detracted from results. Underlying Funds with top benchmark-relative performance include Voya Multi-Manager Mid Cap Value Fund, VY<sup>®</sup> Invesco Comstock Portfolio and Voya U.S. High Dividend Low Volatility Fund. Bottom benchmark-relative performers include VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio, Voya Multi-Manager International Equity Fund, and VY<sup>®</sup> T. Rowe Price Divers Mid Cap Growth Portfolio.

***Current Strategy and Outlook:*** Inflation dominated the headlines in 2022, and its progression and policy makers' responses will continue to be the principal global macro drivers in the year ahead. Although it remains unacceptably high, data suggests it has peaked with meaningfully lower core goods and energy prices. Income sensitive components of the price index baskets, such as shelter and services, are proving sticker given the still strong labor market and high personal income. However, we are beginning to see the effects of declining demand with wage gains cooling, which we expect will continue and contribute to a steady fall in inflation to the low single digits by the end of the year. However, we do not expect a shift in policy from the Fed or ECB. With more tightening in store and explicit declarations that there will be no rate cuts in 2023, a contraction in developed market growth seems likely and should cause top line revenues to fall. Additionally, the prolonged period of rising costs is likely to erode profit margins ahead, including those of US large cap companies, which have thus far been relatively successful in maintaining pricing power. In general, US stocks are not cheap, but they are well of peaks and seem reasonable. On the other side of this year, however, we believe we will see moderate inflation, more normal interest rates and slow but positive growth, which should be good for equities. Until investors begin to price in that outcome, volatility will likely be high.

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

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

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

The investment objective of each Portfolio is described in the Portfolios' prospectuses, each dated May 1, 2022.

\* <br>

Effective on May 31, 2022, Halvard Kvaale is no longer a portfolio manager for the Portfolios.

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

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

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Portfolio Managers' Report Voya Solution Portfolios

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  |
| **Sub Asset Class**  | &nbsp;&nbsp; **2065**  | &nbsp;&nbsp; **2060**  | &nbsp;&nbsp; **2055**  | &nbsp;&nbsp; **2050**  | &nbsp;&nbsp; **2045**  | &nbsp;&nbsp; **2040**  | &nbsp;&nbsp; **2035**  | &nbsp;&nbsp; **2030**  | &nbsp;&nbsp; **2025**  | **Income**  |
| US Large Blend | 38.3% | 38.8% | 39.0% | 38.0% | 36.5% | 33.5% | 30.0% | 25.0% | 20.0% | 11.0% |
| US Large Growth | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 6.0% | 5.0% | 5.0% | 4.5% |
| US Large Value | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 6.0% | 5.0% | 5.0% | 4.5% |
| US Mid Cap Blend | 5.0% | 5.0% | 5.0% | 5.0% | 4.0% | 4.0% | 4.0% | 4.0% | 3.0% | 2.0% |
| US Small Cap | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 5.0% | 5.0% | 4.0% | 2.0% |
| International | 23.0% | 22.0% | 22.0% | 22.0% | 22.0% | 20.0% | 17.0% | 14.0% | 11.0% | 5.0% |
| Emerging Markets | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 5.0% | 5.0% | 4.0% | 4.0% | 2.0% |
| Core Fixed Income | 4.7% | 4.7% | 4.0% | 4.5% | 5.5% | 12.0% | 22.0% | 33.0% | 35.5% | 42.5% |
| High Yield |  |  |  |  |  |  |  |  |  | 2.0% |
| International Bonds |  |  |  |  |  |  |  |  | 3.0% | 3.0% |
| TIPS |  |  |  |  |  |  |  | 1.0% | 4.0% | 6.0% |
| Short Duration |  |  |  | 1.0% | 1.5% | 1.0% | 1.0% | 1.0% | 2.5% | 12.5% |
| Long Govt Bonds | 2.5% | 3.0% | 3.5% | 3.0% | 4.0% | 4.0% | 4.0% | 3.0% | 3.0% | 3.0% |
| **Total Equity** | **92.8%** | **92.3%** | **92.5%** | **91.5%** | **89.0%** | **83.0%** | **73.0%** | **62.0%** | **52.0%** | **31.0%** |
| **Total Fixed Income** | **7.2%** | **7.7%** | **7.5%** | **8.5%** | **11.0%** | **17.0%** | **27.0%** | **38.0%** | **48.0%** | **69.0%** |

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

As these are target allocations, the actual allocations of each Portfolio's assets may deviate from the percentages shown. Although the Portfolios expect to be fully invested at all times, they may maintain liquidity reserves to meet redemption requests.

#### Portfolio holdings are subject to change daily.

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Voya Solution Portfolios Portfolio Managers' Report

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| | |
|:---|:---|
| **Total Returns for the Year Ended December 31, 2022**  | **Total Returns for the Year Ended December 31, 2022**  |
| | **1 Year**  |
| Voya Solution Aggressive Portfolio, Class S | -19.89%  |
| S&P Target Risk Aggressive<sup>®</sup> Index | -16.13%  |
| Voya Solution Balanced Portfolio, Class S | -17.90%  |
| S&P Target Risk<sup>®</sup> Growth Index | -15.27%  |
| Voya Solution Conservative Portfolio, Class S | -13.60%  |
| S&P Target Risk<sup>®</sup> Conservative Index | -13.99%  |
| Voya Solution Income Portfolio, Class S | -15.01%  |
| S&P Target Date Retirement Income Index | -11.17%  |
| Russell 3000<sup>®</sup> Index | -19.21%  |
| MSCI EAFE<sup>®</sup> | -14.45%  |
| Bloomberg U.S. Aggregate Bond | -13.01%  |
| Voya Solution Moderately Aggressive Portfolio, Class S | -18.87%  |
| S&P Target Risk Aggressive<sup>®</sup> Index | -16.13%  |
| Voya Solution Moderately Conservative Portfolio, Class S  | -15.87%  |
| S&P Target Risk<sup>®</sup> Moderate Index | -14.41%  |
| Voya Solution 2025 Portfolio, Class S | -17.46%  |
| S&P Target Date 2025 Index | -13.13%  |
| Russell 3000<sup>®</sup> Index | -19.21%  |
| MSCI EAFE<sup>®</sup> | -14.45%  |
| Bloomberg U.S. Aggregate Bond | -13.01%  |
| Voya Solution 2030 Portfolio, Class S | -17.87%  |
| S&P Target Date 2030 Index | -13.96%  |
| Voya Solution 2035 Portfolio, Class S | -18.62%  |
| S&P Target Date 2035 Index | -14.99%  |
| Russell 3000<sup>®</sup> Index | -19.21%  |
| MSCI EAFE<sup>®</sup> | -14.45%  |
| Bloomberg U.S. Aggregate Bond | -13.01%  |
| Voya Solution 2040 Portfolio, Class S | -19.29%  |
| S&P Target Date 2040 Index | -15.56%  |
| Voya Solution 2045 Portfolio, Class S | -19.50%  |
| S&P Target Date 2045 Index | -15.84%  |
| Russell 3000<sup>®</sup> Index | -19.21%  |
| MSCI EAFE<sup>®</sup> | -14.45%  |
| Bloomberg U.S. Aggregate Bond | -13.01%  |
| Voya Solution 2050 Portfolio, Class S | -19.64%  |
| S&P Target Date 2050 Index | -15.97%  |
| Voya Solution 2055 Portfolio, Class S | -19.80%  |
| S&P Target Date 2055 Index | -15.97%  |
| Voya Solution 2060 Portfolio, Class S | -19.78%  |
| S&P Target Date 2060 Index | -16.01%  |
| Voya Solution 2065 Portfolio, Class S | - 19.81%  |
| S&P Target Date 2065+ Index | - 15.95%  |

---

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

Portfolio Managers' Report Voya Solution Aggressive Portfolio

![[MISSING IMAGE: lc_aggressive-bw.jpg]](lc_aggressive-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **Since Inception <br> of Classes ADV, I, S, and S2 <br> May 1, 2013**  |
| Class ADV | -20.13% | 4.09% | 6.94% |
| Class I | -19.67% | 4.61% | 7.53% |
| Class R6<sup>(1)</sup> | -19.67% | 4.61% | 7.53% |
| Class S | -19.89% | 4.36% | 7.26% |
| Class S2 | -20.00% | 4.21% | 7.05% |
| S&P Target Risk Aggressive<sup>®</sup> Index | -16.13% | 4.45% | 6.94% |

---

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

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

Voya Solution Balanced Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_balance-bw.jpg]](lc_balance-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -18.03% | 3.08% | 5.56% |
| Class I | -17.61% | 3.62% | 6.10% |
| Class R6<sup>(1)</sup> | -17.61% | 3.62% | 6.10% |
| Class S | -17.90% | 3.33% | 5.81% |
| Class S2 | -17.99% | 3.17% | 5.66% |
| S&P Target Risk<sup>®</sup> Growth Index TR | -15.27% | 3.48% | 6.02% |

---

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

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

Portfolio Managers' Report Voya Solution Conservative Portfolio

![[MISSING IMAGE: lc_conservative-bw.jpg]](lc_conservative-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -13.78% | 1.50% | 2.89% |
| Class I | -13.36% | 2.01% | 3.40% |
| Class R6<sup>(1)</sup> | -13.34% | 2.01% | 3.41% |
| Class S | -13.60% | 1.75% | 3.15% |
| Class S2 | -13.75% | 1.60% | 3.00% |
| S&P Target Risk<sup>®</sup> Conservative Index | -13.99% | 1.89% | 3.36% |

---

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

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

Voya Solution Income Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_income-bw.jpg]](lc_income-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -15.32% | 1.82% | 3.41% |
| Class I | -14.82% | 2.36% | 3.94% |
| Class S | -15.01% | 2.09% | 3.68% |
| Class S2 | -15.17% | 1.95% | 3.52% |
| Class T | -15.52% | 1.63% | 3.21% |
| S&P Target Date Retirement Income Index | -11.17% | 2.33% | 3.59% |
| Russell 3000<sup>®</sup> Index | -19.21% | 8.79% | 12.13% |
| MSCI EAFE<sup>®</sup> | -14.45% | 1.54% | 4.67% |
| Bloomberg U.S. Aggregate Bond | -13.01% | 0.02% | 1.06% |

---

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

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Portfolio Managers' Report Voya Solution Moderately Aggressive Portfolio

![[MISSING IMAGE: lc_moderateaggres-bw.jpg]](lc_moderateaggres-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -19.01% | 3.56% | 6.48% |
| Class I | -18.60% | 4.09% | 7.02% |
| Class R6<sup>(1)</sup> | -18.61% | 4.09% | 7.02% |
| Class S | -18.87% | 3.81% | 6.75% |
| Class S2 | -18.98% | 3.66% | 6.59% |
| S&P Target Risk Aggressive<sup>®</sup> Index | -16.13% | 4.45% | 7.57% |

---

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

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

Voya Solution Moderately Conservative Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_moderateconser-bw.jpg]](lc_moderateconser-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -15.97% | 2.19% | 4.00% |
| Class I | -15.63% | 2.66% | 4.50% |
| Class R6<sup>(1)</sup> | -15.63% | 2.68% | 4.50% |
| Class S | -15.87% | 2.42% | 4.26% |
| Class S2 | -16.00% | 2.25% | 4.09% |
| S&P Target Risk<sup>®</sup> Moderate Index | -14.41% | 2.43% | 4.29% |

---

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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

Portfolio Managers' Report Voya Solution 2025 Portfolio

![[MISSING IMAGE: lc_index2025-bw.jpg]](lc_index2025-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -17.69% | 2.66% | 5.36% |
| Class I | -17.24% | 3.18% | 5.89% |
| Class S | -17.46% | 2.92% | 5.63% |
| Class S2 | -17.59% | 2.77% | 5.47% |
| Class T | -17.81% | 2.45% | 5.15% |
| S&P Target Date 2025 Index | -13.13% | 3.75% | 6.23% |
| Russell 3000<sup>®</sup> Index | -19.21% | 8.79% | 12.13% |
| MSCI EAFE<sup>®</sup> | -14.45% | 1.54% | 4.67% |
| Bloomberg U.S. Aggregate Bond | -13.01% | 0.02% | 1.06% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2025 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Voya Solution 2030 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2030-bw.jpg]](lc_index2030-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -18.09% | 3.10% | 6.23% |
| Class I | -17.69% | 3.61% | 6.78% |
| Class S | -17.87% | 3.36% | 6.49% |
| Class S2 | -18.01% | 3.21% | 6.32% |
| Class T | -17.89% | 2.98% | 6.09% |
| S&P Target Date 2030 Index | -13.96% | 4.17% | 6.84% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2030 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Portfolio Managers' Report Voya Solution 2035 Portfolio

![[MISSING IMAGE: lc_index2035-bw.jpg]](lc_index2035-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -18.84% | 3.22% | 6.40% |
| Class I | -18.39% | 3.75% | 6.93% |
| Class S | -18.62% | 3.50% | 6.67% |
| Class S2 | -18.73% | 3.34% | 6.51% |
| S&P Target Date 2035 Index | -14.99% | 4.63% | 7.42% |
| Russell 3000<sup>®</sup> Index | -19.21% | 8.79% | 12.13% |
| MSCI EAFE<sup>®</sup> | -14.45% | 1.54% | 4.67% |
| Bloomberg U.S. Aggregate Bond | -13.01% | 0.02% | 1.06% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2035 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Voya Solution 2040 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2040-bw.jpg]](lc_index2040-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -19.48% | 3.76% | 7.17% |
| Class I | -19.12% | 4.27% | 7.72% |
| Class S | -19.29% | 4.02% | 7.43% |
| Class S2 | -19.42% | 3.86% | 7.26% |
| Class T | -19.70% | 3.53% | 6.95% |
| S&P Target Date 2040 Index | -15.56% | 4.97% | 7.84% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2040 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Portfolio Managers' Report Voya Solution 2045 Portfolio

![[MISSING IMAGE: lc_index2045-bw.jpg]](lc_index2045-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -19.72% | 3.80% | 7.13% |
| Class I | -19.28% | 4.33% | 7.68% |
| Class S | -19.50% | 4.07% | 7.41% |
| Class S2 | -19.70% | 3.90% | 7.24% |
| Class T | -19.91% | 3.58% | 6.92% |
| S&P Target Date 2045 Index | -15.84% | 5.16% | 8.11% |
| Russell 3000<sup>®</sup> Index | -19.21% | 8.79% | 12.13% |
| MSCI EAFE<sup>®</sup> | -14.45% | 1.54% | 4.67% |
| Bloomberg U.S. Aggregate Bond | -13.01% | 0.02% | 1.06% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2045 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Voya Solution 2050 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2050-bw.jpg]](lc_index2050-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -19.81% | 3.73% | 7.30% |
| Class I | -19.46% | 4.23% | 7.86% |
| Class S | -19.64% | 3.98% | 7.56% |
| Class S2 | -19.76% | 3.81% | 7.39% |
| Class T | -19.96% | 3.51% | 7.11% |
| S&P Target Date 2050 Index | -15.97% | 5.26% | 8.33% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2050 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Portfolio Managers' Report Voya Solution 2055 Portfolio

![[MISSING IMAGE: lc_index2055-bw.jpg]](lc_index2055-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -19.93% | 3.75% | 7.18% |
| Class I | -19.53% | 4.26% | 7.71% |
| Class S | -19.80% | 3.99% | 7.43% |
| Class S2 | -19.84% | 3.84% | 7.28% |
| S&P Target Date 2055 Index | -15.97% | 5.31% | 8.46% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2055 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Voya Solution 2060 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2060-bw.jpg]](lc_index2060-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **Since Inception <br> of Classes ADV, I, S, S2 and T <br> February 9, 2015**  |
| Class ADV | -19.99% | 3.66% | 5.53% |
| Class I | -19.65% | 4.16% | 6.02% |
| Class S | -19.78% | 3.92% | 5.72% |
| Class S2 | -19.93% | 3.76% | 5.60% |
| Class T | -20.16% | 3.41% | 5.25% |
| S&P Target Date 2060 Index | -16.01% | 5.35% | 6.96% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2060 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

Portfolio Managers' Report Voya Solution 2065 Portfolio

![[MISSING IMAGE: lc_index2065-bw.jpg]](lc_index2065-bw.jpg) <br>

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **Since Inception <br> of Classes ADV, I, S, S2 and T <br> July 29, 2020**  |
| Class ADV | -19.98% | 4.00% |
| Class I | -19.60% | 4.52% |
| Class S | -19.81% | 4.26% |
| Class S2 | -19.89% | 4.13% |
| Class T | -20.11% | 3.79% |
| S&P Target Date 2065+ Index | -15.95% | 6.06% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2065 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

*It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.*

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

------

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  |
| **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** | **<u>Voya Solution Aggressive Portfolio</u>** |
| Class ADV | $1000.00 | $1014.60 | 0.86% | $4.37 | $1000.00 | $1020.87 | 0.86% | $4.38 |
| Class I | 1000.00 | 1017.30 | 0.36 | 1.83 | 1000.00 | 1023.39 | 0.36 | 1.84 |
| Class R6 | 1000.00 | 1017.30 | 0.32 | 1.63 | 1000.00 | 1023.59 | 0.32 | 1.63 |
| Class S | 1000.00 | 1016.70 | 0.61 | 3.10 | 1000.00 | 1022.13 | 0.61 | 3.11 |
| Class S2 | 1000.00 | 1016.20 | 0.76 | 3.86 | 1000.00 | 1021.37 | 0.76 | 3.87 |
| **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** | **<u>Voya Solution Balanced Portfolio</u>** |
| Class ADV | $1000.00 | $996.80 | 0.84% | $4.23 | $1000.00 | $1020.97 | 0.84% | $4.28 |
| Class I | 1000.00 | 999.00 | 0.34 | 1.71 | 1000.00 | 1023.49 | 0.34 | 1.73 |
| Class R6 | 1000.00 | 999.10 | 0.29 | 1.46 | 1000.00 | 1023.74 | 0.29 | 1.48 |
| Class S | 1000.00 | 996.70 | 0.59 | 2.97 | 1000.00 | 1022.23 | 0.59 | 3.01 |
| Class S2 | 1000.00 | 997.30 | 0.74 | 3.73 | 1000.00 | 1021.48 | 0.74 | 3.77 |
| **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** | **<u>Voya Solution Conservative Portfolio</u>** |
| Class ADV | $1000.00 | $983.00 | 0.74% | $3.70 | $1000.00 | $1021.48 | 0.74% | $3.77 |
| Class I | 1000.00 | 985.60 | 0.24 | 1.20 | 1000.00 | 1024.00 | 0.24 | 1.22 |
| Class R6 | 1000.00 | 985.80 | 0.24 | 1.20 | 1000.00 | 1024.00 | 0.24 | 1.22 |
| Class S | 1000.00 | 983.50 | 0.49 | 2.45 | 1000.00 | 1022.74 | 0.49 | 2.50 |
| Class S2 | 1000.00 | 982.80 | 0.64 | 3.20 | 1000.00 | 1021.98 | 0.64 | 3.26 |

---

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  |
| **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** | **<u>Voya Solution Income Portfolio</u>** |
| Class ADV | $1000.00 | $981.50 | 0.75% | $3.75 | $1000.00 | $1021.42 | 0.75% | $3.82 |
| Class I | 1000.00 | 984.00 | 0.25 | 1.25 | 1000.00 | 1023.95 | 0.25 | 1.28 |
| Class S | 1000.00 | 983.30 | 0.50 | 2.50 | 1000.00 | 1022.68 | 0.50 | 2.55 |
| Class S2 | 1000.00 | 982.10 | 0.65 | 3.25 | 1000.00 | 1021.93 | 0.65 | 3.31 |
| Class T | 1000.00 | 979.70 | 0.95 | 4.74 | 1000.00 | 1020.42 | 0.95 | 4.84 |
| **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** | **<u>Voya Solution Moderately Aggressive Portfolio</u>** |
| Class ADV | $1000.00 | $1007.90 | 0.77% | $3.90 | $1000.00 | $1021.32 | 0.77% | $3.92 |
| Class I | 1000.00 | 1011.20 | 0.27 | 1.37 | 1000.00 | 1023.84 | 0.27 | 1.38 |
| Class R6 | 1000.00 | 1011.30 | 0.27 | 1.37 | 1000.00 | 1023.84 | 0.27 | 1.38 |
| Class S | 1000.00 | 1008.60 | 0.52 | 2.63 | 1000.00 | 1022.58 | 0.52 | 2.65 |
| Class S2 | 1000.00 | 1008.10 | 0.67 | 3.39 | 1000.00 | 1021.83 | 0.67 | 3.41 |
| **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** | **<u>Voya Solution Moderately Conservative Portfolio</u>** |
| Class ADV | $1000.00 | $989.00 | 0.78% | $3.91 | $1000.00 | $1021.27 | 0.78% | $3.97 |
| Class I | 1000.00 | 990.10 | 0.28 | 1.40 | 1000.00 | 1023.79 | 0.28 | 1.43 |
| Class R6 | 1000.00 | 991.10 | 0.28 | 1.41 | 1000.00 | 1023.79 | 0.28 | 1.43 |
| Class S | 1000.00 | 989.70 | 0.53 | 2.66 | 1000.00 | 1022.53 | 0.53 | 2.70 |
| Class S2 | 1000.00 | 988.30 | 0.68 | 3.41 | 1000.00 | 1021.78 | 0.68 | 3.47 |
| **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** | **<u>Voya Solution 2025 Portfolio</u>** |
| Class ADV | $1000.00 | $991.20 | 0.74% | $3.71 | $1000.00 | $1021.48 | 0.74% | $3.77 |
| Class I | 1000.00 | 993.40 | 0.24 | 1.21 | 1000.00 | 1024.00 | 0.24 | 1.22 |
| Class S | 1000.00 | 993.00 | 0.49 | 2.46 | 1000.00 | 1022.74 | 0.49 | 2.50 |
| Class S2 | 1000.00 | 991.50 | 0.64 | 3.21 | 1000.00 | 1021.98 | 0.64 | 3.26 |
| Class T | 1000.00 | 990.00 | 0.94 | 4.71 | 1000.00 | 1020.47 | 0.94 | 4.79 |
| **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** | **<u>Voya Solution 2030 Portfolio</u>** |
| Class ADV | $1000.00 | $996.50 | 0.70% | $3.52 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 999.10 | 0.20 | 1.01 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 998.10 | 0.45 | 2.27 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 997.20 | 0.60 | 3.02 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class T | 1000.00 | 999.90 | 0.90 | 4.54 | 1000.00 | 1020.67 | 0.90 | 4.58 |
| **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** | **<u>Voya Solution 2035 Portfolio</u>** |
| Class ADV | $1000.00 | $1002.60 | 0.68% | $3.43 | $1000.00 | $1021.78 | 0.68% | $3.47 |
| Class I | 1000.00 | 1005.50 | 0.18 | 0.91 | 1000.00 | 1024.30 | 0.18 | 0.92 |
| Class S | 1000.00 | 1003.50 | 0.43 | 2.17 | 1000.00 | 1023.04 | 0.43 | 2.19 |
| Class S2 | 1000.00 | 1003.10 | 0.58 | 2.93 | 1000.00 | 1022.28 | 0.58 | 2.96 |
| **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** | **<u>Voya Solution 2040 Portfolio</u>** |
| Class ADV | $1000.00 | $1008.40 | 0.67% | $3.39 | $1000.00 | $1021.83 | 0.67% | $3.41 |
| Class I | 1000.00 | 1010.60 | 0.17 | 0.86 | 1000.00 | 1024.35 | 0.17 | 0.87 |
| Class S | 1000.00 | 1009.60 | 0.42 | 2.13 | 1000.00 | 1023.09 | 0.42 | 2.14 |
| Class S2 | 1000.00 | 1008.60 | 0.57 | 2.89 | 1000.00 | 1022.33 | 0.57 | 2.91 |
| Class T | 1000.00 | 1006.80 | 0.87 | 4.40 | 1000.00 | 1020.82 | 0.87 | 4.43 |

---

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  |
| **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** | **<u>Voya Solution 2045 Portfolio</u>** |
| Class ADV | $1000.00 | $1012.80 | 0.67% | $3.40 | $1000.00 | $1021.83 | 0.67% | $3.41 |
| Class I | 1000.00 | 1016.10 | 0.17 | 0.86 | 1000.00 | 1024.35 | 0.17 | 0.87 |
| Class S | 1000.00 | 1014.40 | 0.42 | 2.13 | 1000.00 | 1023.09 | 0.42 | 2.14 |
| Class S2 | 1000.00 | 1013.00 | 0.57 | 2.89 | 1000.00 | 1022.33 | 0.57 | 2.91 |
| Class T | 1000.00 | 1011.60 | 0.87 | 4.41 | 1000.00 | 1020.82 | 0.87 | 4.43 |
| **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** | **<u>Voya Solution 2050 Portfolio</u>** |
| Class ADV | $1000.00 | $1015.40 | 0.68% | $3.45 | $1000.00 | $1021.78 | 0.68% | $3.47 |
| Class I | 1000.00 | 1016.90 | 0.18 | 0.92 | 1000.00 | 1024.30 | 0.18 | 0.92 |
| Class S | 1000.00 | 1016.20 | 0.43 | 2.19 | 1000.00 | 1023.04 | 0.43 | 2.19 |
| Class S2 | 1000.00 | 1014.90 | 0.58 | 2.95 | 1000.00 | 1022.28 | 0.58 | 2.96 |
| Class T | 1000.00 | 1014.30 | 0.88 | 4.47 | 1000.00 | 1020.77 | 0.88 | 4.48 |
| **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** | **<u>Voya Solution 2055 Portfolio</u>** |
| Class ADV | $1000.00 | $1016.10 | 0.69% | $3.51 | $1000.00 | $1021.73 | 0.69% | $3.52 |
| Class I | 1000.00 | 1018.60 | 0.19 | 0.97 | 1000.00 | 1024.25 | 0.19 | 0.97 |
| Class S | 1000.00 | 1016.10 | 0.44 | 2.24 | 1000.00 | 1022.99 | 0.44 | 2.24 |
| Class S2 | 1000.00 | 1015.80 | 0.59 | 3.00 | 1000.00 | 1022.23 | 0.59 | 3.01 |
| **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** | **<u>Voya Solution 2060 Portfolio</u>** |
| Class ADV | $1000.00 | $1015.20 | 0.70% | $3.56 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 1017.00 | 0.20 | 1.02 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 1016.60 | 0.45 | 2.29 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 1015.20 | 0.60 | 3.05 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class T | 1000.00 | 1014.00 | 0.90 | 4.57 | 1000.00 | 1020.67 | 0.90 | 4.58 |
| **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** | **<u>Voya Solution 2065 Portfolio</u>** |
| Class ADV | $1000.00 | $1015.30 | 0.70% | $3.56 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 1017.30 | 0.20 | 1.02 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 1016.20 | 0.45 | 2.29 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 1015.10 | 0.60 | 3.05 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class T | 1000.00 | 1014.60 | 0.90 | 4.57 | 1000.00 | 1020.67 | 0.90 | 4.58 |

---

\* <br>

The annualized expense ratios do not include expenses of the underlying funds.

\*\* <br>

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

------

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio and Voya Solution 2065 Portfolio and the Board of Directors of Voya Partners, Inc.

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio and Voya Solution 2065 Portfolio (collectively referred to as the "Portfolios") (fifteen of the portfolios constituting Voya Partners, Inc. (the "Company")), including the portfolios of investments, as of December 31, 2022, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (fifteen of the portfolios constituting Voya Partners, Inc.) at December 31, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Individual portfolio constituting <br> Voya Partners, Inc.** | **Statement of Operations**  | **Statements of changes <br> in net assets**  | **Financial highlights**  |
| Voya Solution Aggressive Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution Balanced Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution Conservative Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution Income Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution Moderately Aggressive Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution Moderately Conservative Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2025 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2030 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2035 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2040 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |

---

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

---

| | | | |
|:---|:---|:---|:---|
| **Individual portfolio constituting <br> Voya Partners, Inc.** | **Statement of Operations**  | **Statements of changes <br> in net assets**  | **Financial highlights**  |
| Voya Solution 2045 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2050 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2055 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2060 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Solution 2065 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 and the period from July 29, 2020 (commencement of operations) through December 31, 2020 |

---

The financial highlights for each of the years in the two-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 26, 2020, expressed an unqualified opinion on those financial highlights.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![[MISSING IMAGE: sg_ernst-young.jpg]](sg_ernst-young.jpg)

We have served as the auditor of one or more Voya investment companies since 2019. <br> Boston, Massachusetts <br> February 28, 2023

------

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

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> Aggressive <br> Portfolio**  | **Voya Solution <br> Balanced <br> Portfolio**  | **Voya Solution <br> Conservative <br> Portfolio**  | **Voya Solution <br> Income <br> Portfolio**  |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $25281879 | $45356395 | $14243829 | $177196369 |
| Investments in unaffiliated underlying funds at fair value\*\* | 3306849 | 3472993 | 1582739 | 28924387 |
| Cash | 25203 | 3626 | 18411 | 225933 |
| Cash collateral for futures contracts |  |  |  | 338825 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 52411 | 40432 | 20255 | 77887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 32 | 38 | 28 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  |  |  |  | 13763 |
| Prepaid expenses | 134 | 257 | 72 | 1208 |
| Reimbursement due from Investment Adviser | 1032 |  | 1023 |  |
| Other assets | 350 | 1564 | 474 | 19156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 28667890 | 48875305 | 15866831 | 206797730 |
| **LIABILITIES:** |  |  |  |  |
|  Payable for investments in affiliated underlying funds purchased  | 52411 | 40432 | 14422 | 77444 |
| Payable for fund shares redeemed |  |  | 5833 | 443 |
| Payable for investment management fees | 5795 | 9602 | 3051 | 63841 |
| Payable for distribution and shareholder service fees | 2633 | 7702 | 2269 | 61856 |
| Payable for directors fees | 75 | 135 | 39 | 590 |
|  Payable to directors under the deferred compensation plan (Note 6)  | 350 | 1564 | 474 | 19156 |
| Other accrued expenses and liabilities | 3924 | 16625 | 7246 | 107923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 65188 | 76060 | 33334 | 331253 |
| **NET ASSETS**  | $28602702 | $48799245 | $15833497 | $206466477 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $32662433 | $54767541 | $18032801 | $236762999 |
| Total distributable loss | (4059731) | (5968296) | (2199304) | (30296522) |
| **NET ASSETS**  | $28602702 | $48799245 | $15833497 | $206466477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in affiliated underlying funds <br>| $29422241 | $53059625 | $16066583 | $205699946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in unaffiliated underlying funds <br>| $3736365 | $4298344 | $1822310 | $32719277 |

---

See Accompanying Notes to Financial Statements

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> Aggressive <br> Portfolio**  | **Voya Solution <br> Balanced <br> Portfolio**  | **Voya Solution <br> Conservative <br> Portfolio**  | **Voya Solution <br> Income <br> Portfolio**  |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $3523786 | $8836864 | $3387904 | $103029670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 321735 | 1108005 | 368757 | 11087912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.95 | $7.98 | $9.19 | $9.29 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $966474 | $3906148 | $414581 | $28448901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 85299 | 465715 | 44678 | 2970198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $11.33 | $8.39 | $9.28 | $9.58 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $20168649 | $19887155 | $9007932 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1779527 | 2370647 | 971018 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $11.33 | $8.39 | $9.28 | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $2589715 | $15077614 | $1782254 | $71665258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 232312 | 1860631 | 193055 | 7554911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $11.15 | $8.10 | $9.23 | $9.49 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $1354078 | $1091464 | $1240826 | $3259057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 124511 | 134937 | 136475 | 354383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.88 | $8.09 | $9.09 | $9.20 |
| **Class T** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | n/a | n/a | $63591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | n/a | n/a | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | n/a | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | n/a | n/a | 6208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | n/a | n/a | $10.24 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> Moderately <br> Aggressive <br> Portfolio**  | **Voya Solution <br> Moderately <br> Conservative <br> Portfolio**  | **Voya Solution <br> 2025 Portfolio**  | **Voya Solution <br> 2030 Portfolio**  |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $403935939 | $32078580 | $393573417 | $42744941 |
| Investments in unaffiliated underlying funds at fair value\*\* | 42980424 | 2820859 | 66302156 | 5656392 |
| Cash | 1022879 | 32565 | 374377 | 49473 |
| Cash collateral for futures contracts | 866867 |  | 755129 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated underlying funds sold  | 64221 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 91436 | 36123 | 196846 | 31450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 1582 | 48 | 932 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 24655 |  | 28983 |  |
| Prepaid expenses | 2559 | 187 | 2575 | 243 |
| Reimbursement due from Investment Adviser |  | 1632 |  | 1713 |
| Other assets | 28487 | 1103 | 31521 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 449019049 | 34971097 | 461265936 | 48484960 |
| **LIABILITIES:** |  |  |  |  |
|  Payable for investments in affiliated underlying funds purchased  |  | 36123 | 196041 | 16378 |
| Payable for fund shares redeemed | 155656 |  | 805 | 15072 |
| Payable for investment management fees | 90078 | 9423 | 112445 | 9545 |
| Payable for distribution and shareholder service fees | 95303 | 7061 | 126594 | 12801 |
| Payable for directors fees | 1267 | 95 | 1275 | 127 |
|  Payable to directors under the deferred compensation plan (Note 6)  | 28487 | 1103 | 31521 | 681 |
| Other accrued expenses and liabilities | 74224 | 24947 | 150411 | 53832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 445015 | 78752 | 619092 | 108436 |
| **NET ASSETS**  | $448574034 | $34892345 | $460646844 | $48376524 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $487745619 | $39980148 | $533491209 | $56515210 |
| Total distributable loss | (39171585) | (5087803) | (72844365) | (8138686) |
| **NET ASSETS**  | $448574034 | $34892345 | $460646844 | $48376524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in affiliated underlying funds <br>| $468273557 | $37040012 | $467415829 | $50430173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in unaffiliated underlying funds <br>| $49234993 | $3423168 | $72093306 | $6295669 |

---

See Accompanying Notes to Financial Statements

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> Moderately <br> Aggressive <br> Portfolio**  | **Voya Solution <br> Moderately <br> Conservative <br> Portfolio**  | **Voya Solution <br> 2025 Portfolio**  | **Voya Solution <br> 2030 Portfolio**  |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $20306363 | $5355042 | $170434488 | $20851755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 2019061 | 652625 | 20533193 | 1745068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.06 | $8.21 | $8.30 | $11.95 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $4575769 | $192233 | $50063349 | $9991734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 442243 | 22242 | 5789513 | 801182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.35 | $8.64 | $8.65 | $12.47 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $26693841 | $10211300 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 2582463 | 1182043 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.34 | $8.64 | n/a | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $396000107 | $15346129 | $232557746 | $16852558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 200000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 38846491 | 1828558 | 27405015 | 1365931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.19 | $8.39 | $8.49 | $12.34 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $997954 | $3787641 | $7321265 | $676860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 97737 | 460612 | 898257 | 55755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.21 | $8.22 | $8.15 | $12.14 |
| **Class T** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | n/a | $269996 | $3617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | n/a | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | n/a | 30081 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | n/a | $8.98 | $11.97 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> 2035 Portfolio**  | **Voya Solution <br> 2040 Portfolio**  | **Voya Solution <br> 2045 Portfolio**  | **Voya Solution <br> 2050 Portfolio**  |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $474186616 | $33607465 | $370986208 | $28791156 |
| Investments in unaffiliated underlying funds at fair value\*\* | 60859770 | 5758781 | 46603483 | 4432571 |
| Cash | 240159 | 51361 | 935710 | 35644 |
| Cash collateral for futures contracts | 1226601 |  | 1198247 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated underlying funds sold  |  | 10850 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 336936 | 37145 | 316240 | 60733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 660 | 57 | 1556 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 26750 |  | 18791 |  |
| Prepaid expenses | 2838 | 183 | 2191 | 149 |
| Reimbursement due from Investment Adviser | 12256 | 4078 | 20111 | 8539 |
| Other assets | 29705 | 532 | 20997 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 536922291 | 39470452 | 420103534 | 33329256 |
| **LIABILITIES:** |  |  |  |  |
|  Payable for investments in affiliated underlying funds purchased  | 224141 |  | 307191 | 48575 |
| Payable for fund shares redeemed | 112785 | 47995 | 9049 | 12158 |
| Payable for investment management fees | 107381 | 7909 | 83873 | 6631 |
| Payable for distribution and shareholder service fees | 138124 | 9494 | 105636 | 7948 |
| Payable for directors fees | 1438 | 97 | 1117 | 80 |
|  Payable to directors under the deferred compensation plan (Note 6)  | 29705 | 532 | 20997 | 421 |
| Other accrued expenses and liabilities | 125100 | 17200 | 80259 | 15415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 738674 | 83227 | 608122 | 91228 |
| **NET ASSETS**  | $536183617 | $39387225 | $419495412 | $33238028 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $602609074 | $45621760 | $472921496 | $38152130 |
| Total distributable loss | (66425457) | (6234535) | (53426084) | (4914102) |
| **NET ASSETS**  | $536183617 | $39387225 | $419495412 | $33238028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in affiliated underlying funds <br>| $560528298 | $39989775 | $447929292 | $33848371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in unaffiliated underlying funds <br>| $66210627 | $6260074 | $50370741 | $4680512 |

---

See Accompanying Notes to Financial Statements

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> 2035 Portfolio**  | **Voya Solution <br> 2040 Portfolio**  | **Voya Solution <br> 2045 Portfolio**  | **Voya Solution <br> 2050 Portfolio**  |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $163696752 | $14290382 | $121394961 | $12859905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 19275516 | 1158228 | 14738852 | 1022602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.49 | $12.34 | $8.24 | $12.58 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $65455027 | $10180549 | $54349123 | $9195819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 7388128 | 788982 | 6271923 | 694914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.86 | $12.90 | $8.67 | $13.23 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $297357988 | $13308782 | $237729447 | $10577099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 34220414 | 1047115 | 28214814 | 814945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.69 | $12.71 | $8.43 | $12.98 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $9673850 | $1603778 | $5964414 | $601348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1181247 | 129414 | 737129 | 47228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.19 | $12.39 | $8.09 | $12.73 |
| **Class T** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $3734 | $57467 | $3857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 301 | 6494 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $12.40 | $8.85 | $12.76 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Solution <br> 2055 Portfolio**  | **Voya Solution <br> 2060 Portfolio**  | **Voya Solution <br> 2065 Portfolio**  |
| **ASSETS:** |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $135599922 | $22345805 | $7129807 |
| Investments in unaffiliated underlying funds at fair value\*\* | 13514860 | 3092333 | 1024102 |
| Cash | 407484 | 34084 | 17037 |
| Cash collateral for futures contracts | 430420 |  |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 192273 | 76891 | 18230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 741 | 27 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 7213 |  |  |
| Prepaid expenses | 727 | 111 | 26 |
| Reimbursement due from Investment Adviser | 23581 |  |  |
| Other assets | 4670 | 238 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 150181891 | 25549489 | 8189235 |
| **LIABILITIES:** |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 184841 | 50725 | 13983 |
| Payable for fund shares redeemed | 7421 | 26166 | 4247 |
| Payable for investment management fees | 29705 | 12875 | 3576 |
| Payable for distribution and shareholder service fees | 37064 | 6018 | 1665 |
| Payable for directors fees | 381 | 60 | 17 |
| Payable to directors under the deferred compensation plan (Note 6) | 4670 | 238 | 14 |
| Other accrued expenses and liabilities | 58167 | 14302 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 322249 | 110384 | 28645 |
| **NET ASSETS**  | $149859642 | $25439105 | $8160590 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $171629446 | $29471981 | $9781567 |
| Total distributable loss | (21769804) | (4032876) | (1620977) |
| **NET ASSETS**  | $149859642 | $25439105 | $8160590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in affiliated underlying funds <br>| $161369638 | $26153749 | $8119259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in unaffiliated underlying funds <br>| $14008903 | $3281372 | $1055306 |

---

See Accompanying Notes to Financial Statements

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Solution <br> 2055 Portfolio**  | **Voya Solution <br> 2060 Portfolio**  | **Voya Solution <br> 2065 Portfolio**  |
| **Class ADV** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $45825200 | $9384319 | $1987804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 4850604 | 1012491 | 223620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.45 | $9.27 | $8.89 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $24944295 | $6854963 | $2335568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 2519843 | 719746 | 261824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.90 | $9.52 | $8.92 |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $76019806 | $8466243 | $3700472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 7931381 | 908767 | 415635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.58 | $9.32 | $8.90 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $3070341 | $729087 | $133462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 322104 | 78556 | 14996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.53 | $9.28 | $8.90 |
| **Class T** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $4493 | $3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 486 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $9.25 | $8.90 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> Aggressive <br> Portfolio**  | **Voya Solution <br> Balanced <br> Portfolio**  | **Voya Solution <br> Conservative <br> Portfolio**  | **Voya Solution <br> Income <br> Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $351386 | $786479 | $290205 | $3926847 |
| Dividends from unaffiliated underlying funds | 76220 | 109793 | 37336 | 816637 |
| Interest | 533 | 773 | 388 | 9252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 428139 | 897045 | 327929 | 4752736 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 70448 | 123261 | 34900 | 532702 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 19409 | 47396 | 18121 | 595388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 8874 | 47377 | 4879 | 200038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 5945 | 4491 | 4516 | 16538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  |  |  | 636 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 4663 | 4510 | 3053 | 55002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 1060 | 1776 | 252 | 15119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | 563 | 74 | 191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 4132 | 9019 | 1646 | 36957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 1783 | 539 | 952 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  |  |  | 41 |
| Shareholder reporting expense | 365 | 1095 | 365 | 5475 |
| Registration fees | 32 | 8 | 19 |  |
| Professional fees | 6534 | 8559 | 4836 | 18026 |
| Custody and accounting expense | 9855 | 12045 | 9855 | 21900 |
| Directors fees | 751 | 1354 | 395 | 5901 |
| Miscellaneous expense | 7661 | 11462 | 10297 | 25784 |
| Interest expense |  |  |  | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 142075 | 272966 | 94277 | 1531845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (8346) |  | (28335) | (125402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 133729 | 272966 | 65942 | 1406443 |
| Net investment income | 294410 | 624079 | 261987 | 3346293 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | (1760091) | (3466161) | (800558) | (5807316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | 105753 | 1127367 | (22891) | 322354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 2595522 | 4860715 | 561248 | 7688744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  |  |  |  | (156501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 941184 | 2521921 | (262201) | 2047281 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (6737872) | (11128474) | (1919871) | (39373908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | (1324181) | (3134202) | (413144) | (7327145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  |  |  |  | 21843 |
| Net change in unrealized appreciation (depreciation) | (8062053) | (14262676) | (2333015) | (46679210) |
| Net realized and unrealized loss | (7120869) | (11740755) | (2595216) | (44631929) |
| **Decrease in net assets resulting from operations**  | $(6826459) | $(11116676) | $(2333229) | $(41285636) |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> Moderately <br> Aggressive <br> Portfolio**  | **Voya Solution <br> Moderately <br> Conservative <br> Portfolio**  | **Voya Solution <br> 2025 Portfolio**  | **Voya Solution <br> 2030 Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $6338921 | $668162 | $8021223 | $807224 |
| Dividends from unaffiliated underlying funds | 1251824 | 72356 | 1718589 | 130762 |
| Interest | 24245 | 481 | 19284 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 7614990 | 740999 | 9759096 | 939180 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1188358 | 83589 | 1151181 | 113937 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 112715 | 27261 | 960560 | 110741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 1127658 | 44780 | 636109 | 42091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 4825 | 15960 | 35210 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  |  | 2188 | 226 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 1343 | 4117 | 84175 | 11150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 267 | 164 | 23781 | 5517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | 43 | 34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 26882 | 13534 | 111486 | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 70 | 3012 | 3858 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  |  | 136 | 17 |
| Shareholder reporting expense | 9490 | 2920 | 13870 | 511 |
| Registration fees | 12 |  |  |  |
| Professional fees | 63875 | 9715 | 62050 | 12045 |
| Custody and accounting expense | 41975 | 10220 | 32120 | 13080 |
| Directors fees | 12677 | 952 | 12749 | 1271 |
| Miscellaneous expense | 37735 | 9463 | 36675 | 10846 |
| Interest expense | 289 | 37 | 93 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2628214 | 225758 | 3166241 | 333726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  |  | (30280) | (297342) | (74896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 2628214 | 195478 | 2868899 | 258830 |
| Net investment income | 4986776 | 545521 | 6890197 | 680350 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | (20474921) | (1826220) | (17731878) | (2927105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | 8860637 | 259188 | 2788873 | 277371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 42826760 | 1805771 | 22603690 | 2784973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 736913 |  | (464853) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 31949389 | 238739 | 7195832 | 135239 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (121701477) | (6309657) | (101606257) | (9564226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | (29240453) | (1285338) | (17583079) | (1723069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 94647 |  | 34296 |  |
| Net change in unrealized appreciation (depreciation) | (150847283) | (7594995) | (119155040) | (11287295) |
| Net realized and unrealized loss | (118897894) | (7356256) | (111959208) | (11152056) |
| **Decrease in net assets resulting from operations**  | $(113911118) | $(6810735) | $(105069011) | $(10471706) |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution <br> 2035 Portfolio**  | **Voya Solution <br> 2040 Portfolio**  | **Voya Solution <br> 2045 Portfolio**  | **Voya Solution <br> 2050 Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $8823261 | $585791 | $6225954 | $474655 |
| Dividends from unaffiliated underlying funds | 1680001 | 118399 | 1398925 | 103042 |
| Interest | 22933 | 868 | 23297 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 10526195 | 705058 | 7648176 | 578388 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1323943 | 89940 | 1048008 | 75789 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 902133 | 70814 | 663170 | 64943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 788573 | 31541 | 624374 | 23691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 43423 | 6701 | 29069 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T<sup>(1)</sup>  | 85 | 58 | 826 | 59 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 86785 | 11533 | 89270 | 16394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 32957 | 8365 | 38277 | 11515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 151980 | 10268 | 168278 | 12052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 5212 | 1362 | 4870 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T<sup>(1)</sup>  | 6 | 7 | 78 | 10 |
| Shareholder reporting expense | 14850 | 730 | 14600 | 1370 |
| Professional fees | 72885 | 8213 | 57312 | 8125 |
| Custody and accounting expense | 41860 | 10950 | 35405 | 10220 |
| Directors fees | 14377 | 969 | 11164 | 807 |
| Miscellaneous expense | 35785 | 11736 | 24478 | 10442 |
| Interest expense | 176 |  | 86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 3515030 | 263187 | 2809265 | 239085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (735026) | (87333) | (723014) | (89226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 2780004 | 175854 | 2086251 | 149859 |
| Net investment income | 7746191 | 529204 | 5561925 | 428529 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | (21582653) | (2574002) | (13511183) | (1925389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | 5841397 | 297724 | 6710101 | 158291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 39099274 | 2959362 | 33489669 | 2342423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (1361199) |  | 105914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 21996819 | 683084 | 26794501 | 575325 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (131499280) | (7902385) | (111439897) | (6789470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | (24103068) | (1764527) | (24299082) | (1427413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 152666 |  | 145269 |  |
| Net change in unrealized appreciation (depreciation) | (155449682) | (9666912) | (135593710) | (8216883) |
| Net realized and unrealized loss | (133452863) | (8983828) | (108799209) | (7641558) |
| **Decrease in net assets resulting from operations**  | $(125706672) | $(8454624) | $(103237284) | $(7213029) |

---

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

Class T of Voya Solution 2035 Portfolio was fully redeemed on August 5, 2022.

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Solution <br> 2055 Portfolio**  | **Voya Solution <br> 2060 Portfolio**  | **Voya Solution <br> 2065 Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends from affiliated underlying funds | $2224262 | $361878 | $114462 |
| Dividends from unaffiliated underlying funds | 410334 | 73506 | 20674 |
| Interest | 9256 | 518 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 2643852 | 435902 | 135199 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 355334 | 56408 | 15606 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 239458 | 46558 | 8827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 190288 | 19141 | 7211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 14458 | 3413 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T<sup>(1)</sup>  | 86 | 33 | 24 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 52951 | 19596 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 27340 | 13336 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 84141 | 16157 | 4638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 3999 | 1786 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T<sup>(1)</sup>  | 14 | 10 | 4 |
| Shareholder reporting expense | 3650 | 365 | 590 |
| Registration fees |  |  | 21 |
| Professional fees | 21321 | 4273 | 4380 |
| Custody and accounting expense | 12775 | 10508 | 11905 |
| Directors fees | 3809 | 604 | 168 |
| Miscellaneous expense | 10660 | 9917 | 10405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1020284 | 202105 | 70447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (283087) | (84187) | (40581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 737197 | 117918 | 29866 |
| Net investment income | 1906655 | 317984 | 105333 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | (6791564) | (1823734) | (756520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | 584299 | 35780 | (67842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 11184449 | 1789324 | 510788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (35194) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 4941990 | 1370 | (313574) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (35953427) | (4792187) | (1003718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | (5813302) | (901317) | (148409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 55288 |  |  |
| Net change in unrealized appreciation (depreciation) | (41711441) | (5693504) | (1152127) |
| Net realized and unrealized loss | (36769451) | (5692134) | (1465701) |
| **Decrease in net assets resulting from operations**  | $(34862796) | $(5374150) | $(1360368) |

---

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

Class T of Voya Solution 2055 Portfolio was fully redeemed on August 5, 2022.

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution Aggressive Portfolio**  | **Voya Solution Aggressive Portfolio**  | **Voya Solution Balanced Portfolio**  | **Voya Solution Balanced Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $294410 | $225647 | $624079 | $758318 |
| Net realized gain | 941184 | 5404163 | 2521921 | 8457316 |
| Net change in unrealized appreciation (depreciation) | (8062053) | (536618) | (14262676) | (1358329) |
| Increase (decrease) in net assets resulting from operations | (6826459) | 5093192 | (11116676) | 7857305 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (668637) | (36612) | (1517139) | (155467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (170848) | (5299) | (660759) | (66254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | (3534289) | (231482) | (3191580) | (451989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (608279) | (46644) | (2916322) | (425470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (263460) | (10846) | (162982) | (20938) |
| Total distributions | (5245513) | (330883) | (8448782) | (1120118) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 9777325 | 6740195 | 6847228 | 9206125 |
| Reinvestment of distributions | 5245513 | 330883 | 8448782 | 1120118 |
|  | 15022838 | 7071078 | 15296010 | 10326243 |
| Cost of shares redeemed | (6163970) | (5947741) | (11278510) | (9237889) |
|  Net increase in net assets resulting from capital share transactions  | 8858868 | 1123337 | 4017500 | 1088354 |
| Net increase (decrease) in net assets | (3213104) | 5885646 | (15547958) | 7825541 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 31815806 | 25930160 | 64347203 | 56521662 |
| End of year or period | $28602702 | $31815806 | $48799245 | $64347203 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution Conservative Portfolio**  | **Voya Solution Conservative Portfolio**  | **Voya Solution Income Portfolio**  | **Voya Solution Income Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $261987 | $289596 | $3346293 | $4283608 |
| Net realized gain (loss) | (262201) | 1523234 | 2047281 | 29329165 |
| Net change in unrealized appreciation (depreciation) | (2333015) | (929355) | (46679210) | (15127857) |
| Increase (decrease) in net assets resulting from operations | (2333229) | 883475 | (41285636) | 18484916 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (404642) | (146010) | (16285351) | (9308131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (12040) | (18830) | (4639474) | (2702478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | (985167) | (385201) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (214009) | (98834) | (11265563) | (6498676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (123465) | (53159) | (499785) | (399483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  |  | (13497) | (6032) |
| Total distributions | (1739323) | (702034) | (32703670) | (18914800) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 5574904 | 5343901 | 9445664 | 22002385 |
| Reinvestment of distributions | 1739323 | 702034 | 32703229 | 18914584 |
|  | 7314227 | 6045935 | 42148893 | 40916969 |
| Cost of shares redeemed | (5156578) | (4574482) | (45101137) | (64160912) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 2157649 | 1471453 | (2952244) | (23243943) |
| Net increase (decrease) in net assets | (1914903) | 1652894 | (76941550) | (23673827) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 17748400 | 16095506 | 283408027 | 307081854 |
| End of year or period | $15833497 | $17748400 | $206466477 | $283408027 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution Moderately <br> Aggressive Portfolio**  | **Voya Solution Moderately <br> Aggressive Portfolio**  | **Voya Solution Moderately <br> Conservative Portfolio**  | **Voya Solution Moderately <br> Conservative Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $4986776 | $5637091 | $545521 | $697474 |
| Net realized gain | 31949389 | 97942934 | 238739 | 5425862 |
| Net change in unrealized appreciation (depreciation) | (150847283) | (4528261) | (7594995) | (2294126) |
| Increase (decrease) in net assets resulting from operations | (113911118) | 99051764 | (6810735) | 3829210 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (3961693) | (356936) | (825262) | (122461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (749224) | (94189) | (28238) | (1270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | (4855809) | (485492) | (1484083) | (259334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (75915836) | (9011067) | (2600087) | (481441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (188707) | (28117) | (585512) | (111682) |
| Total distributions | (85671269) | (9975801) | (5523182) | (976188) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 11155046 | 11333934 | 6858009 | 5842625 |
| Reinvestment of distributions | 85671269 | 9975801 | 5523182 | 976188 |
|  | 96826315 | 21309735 | 12381191 | 6818813 |
| Cost of shares redeemed | (74441619) | (91023574) | (8088901) | (7774332) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 22384696 | (69713839) | 4292290 | (955519) |
| Net increase (decrease) in net assets | (177197691) | 19362124 | (8041627) | 1897503 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 625771725 | 606409601 | 42933972 | 41036469 |
| End of year or period | $448574034 | $625771725 | $34892345 | $42933972 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution 2025 Portfolio**  | **Voya Solution 2025 Portfolio**  | **Voya Solution 2030 Portfolio**  | **Voya Solution 2030 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $6890197 | $8464648 | $680350 | $762889 |
| Net realized gain | 7195832 | 89922424 | 135239 | 9576849 |
| Net change in unrealized appreciation (depreciation) | (119155040) | (34665767) | (11287295) | (3617893) |
| Increase (decrease) in net assets resulting from operations | (105069011) | 63721305 | (10471706) | 6721845 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (35835604) | (17210023) | (4143768) | (591672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (10292531) | (4665157) | (2220217) | (351715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (47861792) | (22412706) | (3184277) | (505141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (1648478) | (851206) | (124936) | (33902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | (57590) | (23232) | (9720) | (1237) |
| Total distributions | (95695995) | (45162324) | (9682918) | (1483667) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 26055900 | 47546483 | 13114469 | 14205790 |
| Reinvestment of distributions | 95695995 | 45162324 | 9682020 | 1483538 |
|  | 121751895 | 92708807 | 22796489 | 15689328 |
| Cost of shares redeemed | (74586366) | (130258912) | (11411373) | (17879726) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 47165529 | (37550105) | 11385116 | (2190398) |
| Net increase (decrease) in net assets | (153599477) | (18991124) | (8769508) | 3047780 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 614246321 | 633237445 | 57146032 | 54098252 |
| End of year or period | $460646844 | $614246321 | $48376524 | $57146032 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution 2035 Portfolio**  | **Voya Solution 2035 Portfolio**  | **Voya Solution 2040 Portfolio**  | **Voya Solution 2040 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $7746191 | $8662809 | $529204 | $485038 |
| Net realized gain | 21996819 | 108775807 | 683084 | 8726431 |
| Net change in unrealized appreciation (depreciation) | (155449682) | (27977809) | (9666912) | (3039047) |
| Increase (decrease) in net assets resulting from operations | (125706672) | 89460807 | (8454624) | 6172422 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (35407781) | (13377292) | (3094562) | (401451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (13702686) | (4627389) | (2285111) | (278849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (62903020) | (22256497) | (2796646) | (328274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (2096580) | (862847) | (366210) | (46978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T<sup>(1)</sup>  | (3121) | (1154) | (2284) | (277) |
| Total distributions | (114113188) | (41125179) | (8544813) | (1055829) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 33020426 | 47375867 | 12618908 | 12776643 |
| Reinvestment of distributions | 114113188 | 41125179 | 8543754 | 1055698 |
|  | 147133614 | 88501046 | 21162662 | 13832341 |
| Cost of shares redeemed | (53568108) | (122487364) | (7621160) | (16251010) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 93565506 | (33986318) | 13541502 | (2418669) |
| Net increase (decrease) in net assets | (146254354) | 14349310 | (3457935) | 2697924 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 682437971 | 668088661 | 42845160 | 40147236 |
| End of year or period | $536183617 | $682437971 | $39387225 | $42845160 |

---

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

Class T of Voya Solution 2035 Portfolio was fully redeemed on August 5, 2022.

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution 2045 Portfolio**  | **Voya Solution 2045 Portfolio**  | **Voya Solution 2050 Portfolio**  | **Voya Solution 2050 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $5561925 | $5551672 | $428529 | $324337 |
| Net realized gain | 26794501 | 93099811 | 575325 | 7867663 |
| Net change in unrealized appreciation (depreciation) | (135593710) | (16422856) | (8216883) | (2463847) |
| Increase (decrease) in net assets resulting from operations | (103237284) | 82228627 | (7213029) | 5728153 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (28246695) | (14358057) | (2999006) | (407828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (12243814) | (5597625) | (2120939) | (292715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (54307105) | (25285756) | (2232853) | (266356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (1374674) | (990625) | (138857) | (28288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | (30620) | (14355) | (2492) | (302) |
| Total distributions | (96202908) | (46246418) | (7494147) | (995489) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 33468188 | 39159002 | 9812129 | 9181341 |
| Reinvestment of distributions | 96202908 | 46246418 | 7492936 | 995344 |
|  | 129671096 | 85405420 | 17305065 | 10176685 |
| Cost of shares redeemed | (39146755) | (92965289) | (5485801) | (14614819) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 90524341 | (7559869) | 11819264 | (4438134) |
| Net increase (decrease) in net assets | (108915851) | 28422340 | (2887912) | 294530 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 528411263 | 499988923 | 36125940 | 35831410 |
| End of year or period | $419495412 | $528411263 | $33238028 | $36125940 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Solution 2055 Portfolio**  | **Voya Solution 2055 Portfolio**  | **Voya Solution 2060 Portfolio**  | **Voya Solution 2060 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1906655 | $1534952 | $317984 | $224618 |
| Net realized gain | 4941990 | 32899770 | 1370 | 5746010 |
| Net change in unrealized appreciation (depreciation) | (41711441) | (7273004) | (5693504) | (2002387) |
| Increase (decrease) in net assets resulting from operations | (34862796) | 27161718 | (5374150) | 3968241 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (10473247) | (8173952) | (2117124) | (278652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (5456273) | (3511066) | (1463715) | (199058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (16966320) | (11778271) | (1768678) | (231483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (671464) | (701880) | (164546) | (32424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T<sup>(1)</sup>  | (4151) | (2823) | (1062) | (138) |
| Total distributions | (33571455) | (24167992) | (5515125) | (741755) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 22972098 | 25063582 | 8245218 | 8648215 |
| Reinvestment of distributions | 33571455 | 24167993 | 5515125 | 741755 |
|  | 56543553 | 49231575 | 13760343 | 9389970 |
| Cost of shares redeemed | (15418302) | (40353988) | (4026254) | (10332678) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 41125251 | 8877587 | 9734089 | (942708) |
| Net increase (decrease) in net assets | (27309000) | 11871313 | (1155186) | 2283778 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 177168642 | 165297329 | 26594291 | 24310513 |
| End of year or period | $149859642 | $177168642 | $25439105 | $26594291 |

---

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

Class T of Voya Solution 2055 Portfolio was fully redeemed on August 5, 2022.

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Voya Solution 2065 Portfolio**  | **Voya Solution 2065 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $105333 | $53103 |
| Net realized gain (loss) | (313574) | 747813 |
| Net change in unrealized appreciation (depreciation) | (1152127) | (178515) |
| Increase (decrease) in net assets resulting from operations | (1360368) | 622401 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (135293) | (182982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (165110) | (200791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (251152) | (283529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (9345) | (13311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | (231) | (472) |
| Total distributions | (561131) | (681085) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 4534636 | 2725314 |
| Reinvestment of distributions | 561131 | 681085 |
|  | 5095767 | 3406399 |
| Cost of shares redeemed | (837172) | (565627) |
| Net increase in net assets resulting from capital share transactions | 4258595 | 2840772 |
| Net increase in net assets | 2337096 | 2782088 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 5823494 | 3041406 |
| End of year or period | $8160590 | $5823494 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution Aggressive Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.45 | 0.07• | (3.23) | (3.16) | 0.32 | 2.02 |  | 2.34 |  | 10.95 | **(20.13)** | 0.94 | 0.86 | 0.86 | 0.56 | 3524 | 93 |
| 12-31-21 | 13.91 | 0.06• | 2.62 | 2.68 | 0.14 |  |  | 0.14 |  | 16.45 | 19.31 | 0.93 | 0.81 | 0.81 | 0.37 | 4406 | 58 |
| 12-31-20 | 13.08 | 0.10 | 1.76 | 1.86 | 0.15 | 0.88 |  | 1.03 |  | 13.91 | 15.53 | 1.00 | 0.81 | 0.81 | 0.64 | 3744 | 85 |
| 12-31-19 | 11.47 | 0.11 | 2.65 | 2.76 | 0.16 | 0.99 |  | 1.15 |  | 13.08 | 24.94 | 0.92 | 0.75 | 0.75 | 0.96 | 3760 | 85 |
| 12-31-18 | 13.56 | 0.10 | (1.53) | (1.43) | 0.11 | 0.55 |  | 0.66 |  | 11.47 | **(11.18)** | 0.90 | 0.69 | 0.69 | 0.79 | 3159 | 79 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.92 | 0.17• | (3.35) | (3.18) | 0.39 | 2.02 |  | 2.41 |  | 11.33 | **(19.67)** | 0.44 | 0.36 | 0.36 | 1.34 | 966 | 93 |
| 12-31-21 | 14.29 | 0.13• | 2.70 | 2.83 | 0.20 |  |  | 0.20 |  | 16.92 | 19.87 | 0.43 | 0.31 | 0.31 | 0.82 | 488 | 58 |
| 12-31-20 | 13.42 | 0.12• | 1.85 | 1.97 | 0.22 | 0.88 |  | 1.10 |  | 14.29 | 16.09 | 0.50 | 0.31 | 0.31 | 0.94 | 294 | 85 |
| 12-31-19 | 11.74 | 0.22• | 2.67 | 2.89 | 0.22 | 0.99 |  | 1.21 |  | 13.42 | 25.54 | 0.42 | 0.25 | 0.25 | 1.73 | 600 | 85 |
| 12-31-18 | 13.85 | 0.16• | (1.55) | (1.39) | 0.17 | 0.55 |  | 0.72 |  | 11.74 | **(10.72)** | 0.40 | 0.19 | 0.19 | 1.17 | 325 | 79 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.92 | 0.15• | (3.33) | (3.18) | 0.39 | 2.02 |  | 2.41 |  | 11.33 | **(19.67)** | 0.32 | 0.32 | 0.32 | 1.14 | 20169 | 93 |
| 12-31-21 | 14.29 | 0.15• | 2.68 | 2.83 | 0.20 |  |  | 0.20 |  | 16.92 | 19.86 | 0.33 | 0.31 | 0.31 | 0.94 | 21062 | 58 |
| 12-31-20 | 13.41 | 0.16• | 1.82 | 1.98 | 0.22 | 0.88 |  | 1.10 |  | 14.29 | 16.19 | 0.38 | 0.31 | 0.31 | 1.23 | 16188 | 85 |
| 12-31-19 | 11.74 | 0.20• | 2.68 | 2.88 | 0.22 | 0.99 |  | 1.21 |  | 13.41 | 25.45 | 0.42 | 0.25 | 0.25 | 1.57 | 11636 | 85 |
| 12-31-18 | 13.85 | 0.19• | (1.58) | (1.39) | 0.17 | 0.55 |  | 0.72 |  | 11.74 | **(10.72)** | 0.40 | 0.19 | 0.19 | 1.42 | 7177 | 79 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.69 | 0.08• | (3.25) | (3.17) | 0.35 | 2.02 |  | 2.37 |  | 11.15 | **(19.89)** | 0.69 | 0.61 | 0.61 | 0.57 | 2590 | 93 |
| 12-31-21 | 14.10 | 0.10• | 2.66 | 2.76 | 0.17 |  |  | 0.17 |  | 16.69 | 19.62 | 0.68 | 0.56 | 0.56 | 0.64 | 4426 | 58 |
| 12-31-20 | 13.25 | 0.10• | 1.82 | 1.92 | 0.19 | 0.88 |  | 1.07 |  | 14.10 | 15.83 | 0.75 | 0.56 | 0.56 | 0.80 | 3666 | 85 |
| 12-31-19 | 11.60 | 0.15 | 2.67 | 2.82 | 0.18 | 0.99 |  | 1.17 |  | 13.25 | 25.21 | 0.67 | 0.50 | 0.50 | 1.27 | 3925 | 85 |
| 12-31-18 | 13.69 | 0.12• | (1.52) | (1.40) | 0.14 | 0.55 |  | 0.69 |  | 11.60 | **(10.91)** | 0.65 | 0.44 | 0.44 | 0.93 | 3123 | 79 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.36 | 0.08• | (3.20) | (3.12) | 0.34 | 2.02 |  | 2.36 |  | 10.88 | **(20.00)** | 0.84 | 0.76 | 0.76 | 0.63 | 1354 | 93 |
| 12-31-21 | 13.81 | 0.06• | 2.62 | 2.68 | 0.13 |  |  | 0.13 |  | 16.36 | 19.42 | 0.83 | 0.71 | 0.71 | 0.37 | 1434 | 58 |
| 12-31-20 | 13.01 | 0.10• | 1.76 | 1.86 | 0.18 | 0.88 |  | 1.06 |  | 13.81 | 15.70 | 0.90 | 0.71 | 0.71 | 0.80 | 2038 | 85 |
| 12-31-19 | 11.43 | 0.16• | 2.60 | 2.76 | 0.19 | 0.99 |  | 1.18 |  | 13.01 | 25.05 | 0.82 | 0.65 | 0.65 | 1.28 | 1539 | 85 |
| 12-31-18 | 13.52 | 0.13• | (1.54) | (1.41) | 0.13 | 0.55 |  | 0.68 |  | 11.43 | **(11.08)** | 0.80 | 0.59 | 0.59 | 0.96 | 800 | 79 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution Balanced Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.48 | 0.08• | (2.05) | (1.97) | 0.35 | 1.18 |  | 1.53 |  | 7.98 | **(18.03)** | 0.84 | 0.84 | 0.84 | 0.83 | 8837 | 87 |
| 12-31-21 | 10.26 | 0.10• | 1.29 | 1.39 | 0.17 |  |  | 0.17 |  | 11.48 | 13.63 | 0.86 | 0.80 | 0.80 | 0.92 | 10713 | 50 |
| 12-31-20 | 9.74 | 0.11• | 1.06 | 1.17 | 0.17 | 0.48 |  | 0.65 |  | 10.26 | 12.75 | 0.89 | 0.81 | 0.81 | 1.22 | 9774 | 79 |
| 12-31-19 | 8.89 | 0.14• | 1.51 | 1.65 | 0.19 | 0.61 |  | 0.80 |  | 9.74 | 19.13 | 0.82 | 0.75 | 0.75 | 1.45 | 10913 | 85 |
| 12-31-18 | 10.08 | 0.14• | (0.80) | (0.66) | 0.16 | 0.37 |  | 0.53 |  | 8.89 | **(6.98)** | 0.80 | 0.69 | 0.69 | 1.39 | 11984 | 60 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.98 | 0.14• | (2.15) | (2.01) | 0.40 | 1.18 |  | 1.58 |  | 8.39 | **(17.61)** | 0.34 | 0.34 | 0.34 | 1.43 | 3906 | 87 |
| 12-31-21 | 10.70 | 0.17• | 1.34 | 1.51 | 0.23 |  |  | 0.23 |  | 11.98 | 14.15 | 0.36 | 0.30 | 0.30 | 1.49 | 3831 | 50 |
| 12-31-20 | 10.14 | 0.18• | 1.09 | 1.27 | 0.23 | 0.48 |  | 0.71 |  | 10.70 | 13.30 | 0.39 | 0.31 | 0.31 | 1.88 | 3224 | 79 |
| 12-31-19 | 9.24 | 0.18• | 1.59 | 1.77 | 0.26 | 0.61 |  | 0.87 |  | 10.14 | 19.75 | 0.32 | 0.25 | 0.25 | 1.78 | 2482 | 85 |
| 12-31-18 | 10.45 | 0.20• | (0.82) | (0.62) | 0.22 | 0.37 |  | 0.59 |  | 9.24 | **(6.38)** | 0.30 | 0.19 | 0.19 | 1.97 | 3689 | 60 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.98 | 0.14• | (2.15) | (2.01) | 0.40 | 1.18 |  | 1.58 |  | 8.39 | **(17.61)** | 0.29 | 0.29 | 0.29 | 1.39 | 19887 | 87 |
| 12-31-21 | 10.70 | 0.16• | 1.35 | 1.51 | 0.23 |  |  | 0.23 |  | 11.98 | 14.15 | 0.30 | 0.30 | 0.30 | 1.42 | 24204 | 50 |
| 12-31-20 | 10.14 | 0.17• | 1.10 | 1.27 | 0.23 | 0.48 |  | 0.71 |  | 10.70 | 13.30 | 0.32 | 0.31 | 0.31 | 1.77 | 22189 | 79 |
| 12-31-19 | 9.24 | 0.21• | 1.56 | 1.77 | 0.26 | 0.61 |  | 0.87 |  | 10.14 | 19.76 | 0.32 | 0.25 | 0.25 | 2.09 | 20185 | 85 |
| 12-31-18 | 10.45 | 0.18 | (0.80) | (0.62) | 0.22 | 0.37 |  | 0.59 |  | 9.24 | **(6.38)** | 0.30 | 0.19 | 0.19 | 2.00 | 13738 | 60 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.63 | 0.09• | (2.07) | (1.98) | 0.37 | 1.18 |  | 1.55 |  | 8.10 | **(17.90)** | 0.59 | 0.59 | 0.59 | 1.00 | 15078 | 87 |
| 12-31-21 | 10.39 | 0.13• | 1.31 | 1.44 | 0.20 |  |  | 0.20 |  | 11.63 | 13.96 | 0.61 | 0.55 | 0.55 | 1.18 | 24044 | 50 |
| 12-31-20 | 9.87 | 0.16 | 1.04 | 1.20 | 0.20 | 0.48 |  | 0.68 |  | 10.39 | 12.95 | 0.64 | 0.56 | 0.56 | 1.49 | 19713 | 79 |
| 12-31-19 | 9.01 | 0.17• | 1.53 | 1.70 | 0.23 | 0.61 |  | 0.84 |  | 9.87 | 19.47 | 0.57 | 0.50 | 0.50 | 1.76 | 20388 | 85 |
| 12-31-18 | 10.21 | 0.17• | (0.81) | (0.64) | 0.19 | 0.37 |  | 0.56 |  | 9.01 | **(6.70)** | 0.55 | 0.44 | 0.44 | 1.69 | 19594 | 60 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.60 | 0.09• | (2.08) | (1.99) | 0.34 | 1.18 |  | 1.52 |  | 8.09 | **(17.99)** | 0.74 | 0.74 | 0.74 | 0.96 | 1091 | 87 |
| 12-31-21 | 10.34 | 0.11• | 1.31 | 1.42 | 0.16 |  |  | 0.16 |  | 11.60 | 13.80 | 0.76 | 0.70 | 0.70 | 1.00 | 1556 | 50 |
| 12-31-20 | 9.83 | 0.11• | 1.08 | 1.19 | 0.20 | 0.48 |  | 0.68 |  | 10.34 | 12.81 | 0.79 | 0.71 | 0.71 | 1.22 | 1621 | 79 |
| 12-31-19 | 9.00 | 0.18• | 1.49 | 1.67 | 0.23 | 0.61 |  | 0.84 |  | 9.83 | 19.22 | 0.72 | 0.65 | 0.65 | 1.90 | 2548 | 85 |
| 12-31-18 | 10.17 | 0.13• | (0.79) | (0.66) | 0.14 | 0.37 |  | 0.51 |  | 9.00 | **(6.89)** | 0.70 | 0.59 | 0.59 | 1.30 | 856 | 60 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution Conservative Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.96 | 0.13• | (1.72) | (1.59) | 0.35 | 0.83 |  | 1.18 |  | 9.19 | **(13.78)** | 0.97 | 0.74 | 0.74 | 1.31 | 3388 | 80 |
| 12-31-21 | 11.80 | 0.17• | 0.45 | 0.62 | 0.27 | 0.19 |  | 0.46 |  | 11.96 | 5.26 | 0.95 | 0.69 | 0.69 | 1.42 | 4030 | 54 |
| 12-31-20 | 11.24 | 0.21• | 0.84 | 1.05 | 0.28 | 0.21 |  | 0.49 |  | 11.80 | 9.59 | 0.95 | 0.70 | 0.70 | 1.90 | 4658 | 91 |
| 12-31-19 | 10.40 | 0.24 | 0.90 | 1.14 | 0.21 | 0.09 |  | 0.30 |  | 11.24 | 10.99 | 0.92 | 0.67 | 0.67 | 2.10 | 8336 | 75 |
| 12-31-18 | 11.06 | 0.22 | (0.47) | (0.25) | 0.22 | 0.19 |  | 0.41 |  | 10.40 | **(2.39)** | 0.89 | 0.63 | 0.63 | 1.92 | 7912 | 67 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.07 | 0.18• | (1.74) | (1.56) | 0.40 | 0.83 |  | 1.23 |  | 9.28 | **(13.36)** | 0.47 | 0.24 | 0.24 | 1.73 | 415 | 80 |
| 12-31-21 | 11.92 | 0.27• | 0.42 | 0.69 | 0.35 | 0.19 |  | 0.54 |  | 12.07 | 5.85 | 0.45 | 0.19 | 0.19 | 2.24 | 913 | 54 |
| 12-31-20 | 11.41 | 0.24• | 0.86 | 1.10 | 0.38 | 0.21 |  | 0.59 |  | 11.92 | 9.99 | 0.45 | 0.20 | 0.20 | 2.17 | 238 | 91 |
| 12-31-19 | 10.54 | 0.31• | 0.91 | 1.22 | 0.26 | 0.09 |  | 0.35 |  | 11.41 | 11.65 | 0.42 | 0.17 | 0.17 | 2.82 | 658 | 75 |
| 12-31-18 | 11.21 | 0.28• | (0.49) | (0.21) | 0.27 | 0.19 |  | 0.46 |  | 10.54 | **(1.94)** | 0.39 | 0.13 | 0.13 | 2.62 | 274 | 67 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.07 | 0.19• | (1.74) | (1.55) | 0.41 | 0.83 |  | 1.24 |  | 9.28 | **(13.34)** | 0.39 | 0.24 | 0.24 | 1.84 | 9008 | 80 |
| 12-31-21 | 11.93 | 0.24• | 0.44 | 0.68 | 0.35 | 0.19 |  | 0.54 |  | 12.07 | 5.77 | 0.37 | 0.19 | 0.19 | 1.95 | 9365 | 54 |
| 12-31-20 | 11.41 | 0.28• | 0.83 | 1.11 | 0.38 | 0.21 |  | 0.59 |  | 11.93 | 10.09 | 0.39 | 0.20 | 0.20 | 2.46 | 7547 | 91 |
| 12-31-19 | 10.54 | 0.30 | 0.92 | 1.22 | 0.26 | 0.09 |  | 0.35 |  | 11.41 | 11.65 | 0.42 | 0.17 | 0.17 | 2.61 | 5365 | 75 |
| 12-31-18 | 11.21 | 0.28• | (0.49) | (0.21) | 0.27 | 0.19 |  | 0.46 |  | 10.54 | **(1.94)** | 0.39 | 0.13 | 0.13 | 2.52 | 5056 | 67 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.01 | 0.16• | (1.74) | (1.58) | 0.37 | 0.83 |  | 1.20 |  | 9.23 | **(13.60)** | 0.72 | 0.49 | 0.49 | 1.57 | 1782 | 80 |
| 12-31-21 | 11.87 | 0.20• | 0.45 | 0.65 | 0.32 | 0.19 |  | 0.51 |  | 12.01 | 5.52 | 0.70 | 0.44 | 0.44 | 1.67 | 2203 | 54 |
| 12-31-20 | 11.34 | 0.24• | 0.84 | 1.08 | 0.34 | 0.21 |  | 0.55 |  | 11.87 | 9.83 | 0.70 | 0.45 | 0.45 | 2.14 | 2215 | 91 |
| 12-31-19 | 10.48 | 0.25• | 0.93 | 1.18 | 0.23 | 0.09 |  | 0.32 |  | 11.34 | 11.31 | 0.67 | 0.42 | 0.42 | 2.30 | 2839 | 75 |
| 12-31-18 | 11.13 | 0.24• | (0.47) | (0.23) | 0.23 | 0.19 |  | 0.42 |  | 10.48 | **(2.14)** | 0.64 | 0.38 | 0.38 | 2.16 | 3508 | 67 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.85 | 0.15• | (1.72) | (1.57) | 0.36 | 0.83 |  | 1.19 |  | 9.09 | **(13.75)** | 0.87 | 0.64 | 0.64 | 1.47 | 1241 | 80 |
| 12-31-21 | 11.73 | 0.18• | 0.44 | 0.62 | 0.31 | 0.19 |  | 0.50 |  | 11.85 | 5.34 | 0.85 | 0.59 | 0.59 | 1.53 | 1237 | 54 |
| 12-31-20 | 11.25 | 0.24• | 0.82 | 1.06 | 0.37 | 0.21 |  | 0.58 |  | 11.73 | 9.69 | 0.85 | 0.60 | 0.60 | 2.19 | 1438 | 91 |
| 12-31-19 | 10.39 | 0.23• | 0.93 | 1.16 | 0.21 | 0.09 |  | 0.30 |  | 11.25 | 11.21 | 0.82 | 0.57 | 0.57 | 2.14 | 393 | 75 |
| 12-31-18 | 11.04 | 0.21• | (0.46) | (0.25) | 0.21 | 0.19 |  | 0.40 |  | 10.39 | **(2.34)** | 0.79 | 0.53 | 0.53 | 1.97 | 438 | 67 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution Income Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.75 | 0.13• | (1.99) | (1.86) | 0.43 | 1.17 |  | 1.60 |  | 9.29 | **(15.32)** | 0.80 | 0.75 | 0.75 | 1.26 | 103030 | 47 |
| 12-31-21 | 12.81 | 0.17• | 0.62 | 0.79 | 0.36 | 0.49 |  | 0.85 |  | 12.75 | 6.16 | 0.81 | 0.72 | 0.72 | 1.29 | 144001 | 35 |
| 12-31-20 | 11.76 | 0.21• | 1.13 | 1.34 | 0.26 | 0.03 |  | 0.29 |  | 12.81 | 11.61 | 0.81 | 0.71 | 0.71 | 1.75 | 150215 | 50 |
| 12-31-19 | 10.92 | 0.22• | 1.17 | 1.39 | 0.31 | 0.24 |  | 0.55 |  | 11.76 | 12.87 | 0.76 | 0.69 | 0.69 | 1.88 | 143202 | 39 |
| 12-31-18 | 11.85 | 0.20• | (0.57) | (0.37) | 0.26 | 0.30 |  | 0.56 |  | 10.92 | **(3.35)** | 0.75 | 0.62 | 0.62 | 1.77 | 148720 | 38 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.10 | 0.19• | (2.04) | (1.85) | 0.50 | 1.17 |  | 1.67 |  | 9.58 | **(14.82)** | 0.30 | 0.25 | 0.25 | 1.75 | 28449 | 47 |
| 12-31-21 | 13.13 | 0.23• | 0.64 | 0.87 | 0.41 | 0.49 |  | 0.90 |  | 13.10 | 6.69 | 0.31 | 0.22 | 0.22 | 1.77 | 40086 | 35 |
| 12-31-20 | 12.05 | 0.26• | 1.18 | 1.44 | 0.33 | 0.03 |  | 0.36 |  | 13.13 | 12.18 | 0.31 | 0.21 | 0.21 | 2.15 | 46389 | 50 |
| 12-31-19 | 11.19 | 0.28• | 1.19 | 1.47 | 0.37 | 0.24 |  | 0.61 |  | 12.05 | 13.38 | 0.26 | 0.19 | 0.19 | 2.41 | 78441 | 39 |
| 12-31-18 | 12.13 | 0.27• | (0.59) | (0.32) | 0.32 | 0.30 |  | 0.62 |  | 11.19 | **(2.80)** | 0.25 | 0.12 | 0.12 | 2.29 | 75592 | 38 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.98 | 0.17• | (2.03) | (1.86) | 0.46 | 1.17 |  | 1.63 |  | 9.49 | **(15.01)** | 0.55 | 0.50 | 0.50 | 1.53 | 71665 | 47 |
| 12-31-21 | 13.03 | 0.20• | 0.63 | 0.83 | 0.39 | 0.49 |  | 0.88 |  | 12.98 | 6.37 | 0.56 | 0.47 | 0.47 | 1.52 | 93573 | 35 |
| 12-31-20 | 11.95 | 0.24• | 1.16 | 1.40 | 0.29 | 0.03 |  | 0.32 |  | 13.03 | 11.94 | 0.56 | 0.46 | 0.46 | 2.00 | 105135 | 50 |
| 12-31-19 | 11.09 | 0.25• | 1.18 | 1.43 | 0.33 | 0.24 |  | 0.57 |  | 11.95 | 13.13 | 0.51 | 0.44 | 0.44 | 2.10 | 103157 | 39 |
| 12-31-18 | 12.03 | 0.24• | (0.59) | (0.35) | 0.29 | 0.30 |  | 0.59 |  | 11.09 | **(3.14)** | 0.50 | 0.37 | 0.37 | 2.01 | 118451 | 38 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.62 | 0.14• | (1.97) | (1.83) | 0.42 | 1.17 |  | 1.59 |  | 9.20 | **(15.17)** | 0.70 | 0.65 | 0.65 | 1.28 | 3259 | 47 |
| 12-31-21 | 12.70 | 0.18• | 0.61 | 0.79 | 0.38 | 0.49 |  | 0.87 |  | 12.62 | 6.25 | 0.71 | 0.62 | 0.62 | 1.43 | 5629 | 35 |
| 12-31-20 | 11.65 | 0.22• | 1.12 | 1.34 | 0.26 | 0.03 |  | 0.29 |  | 12.70 | 11.74 | 0.71 | 0.61 | 0.61 | 1.84 | 5194 | 50 |
| 12-31-19 | 10.82 | 0.22• | 1.16 | 1.38 | 0.31 | 0.24 |  | 0.55 |  | 11.65 | 12.96 | 0.66 | 0.59 | 0.59 | 1.95 | 5310 | 39 |
| 12-31-18 | 11.72 | 0.21• | (0.56) | (0.35) | 0.25 | 0.30 |  | 0.55 |  | 10.82 | **(3.21)** | 0.65 | 0.52 | 0.52 | 1.82 | 6111 | 38 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.87 | 0.12• | (2.18) | (2.06) | 0.40 | 1.17 |  | 1.57 |  | 10.24 | **(15.52)** | 1.00 | 0.95 | 0.95 | 0.97 | 64 | 47 |
| 12-31-21 | 13.81 | 0.15• | 0.68 | 0.83 | 0.28 | 0.49 |  | 0.77 |  | 13.87 | 6.03 | 1.01 | 0.92 | 0.92 | 1.04 | 118 | 35 |
| 12-31-20 | 12.56 | 0.18• | 1.24 | 1.42 | 0.14 | 0.03 |  | 0.17 |  | 13.81 | 11.39 | 1.01 | 0.91 | 0.91 | 1.41 | 148 | 50 |
| 12-31-19 | 11.65 | 0.20 | 1.24 | 1.44 | 0.29 | 0.24 |  | 0.53 |  | 12.56 | 12.54 | 0.96 | 0.89 | 0.89 | 1.74 | 259 | 39 |
| 12-31-18 | 12.60 | 0.19 | (0.60) | (0.41) | 0.24 | 0.30 |  | 0.54 |  | 11.65 | **(3.45)** | 0.95 | 0.82 | 0.82 | 1.62 | 218 | 38 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution Moderately Aggressive Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.96 | 0.09• | (2.80) | (2.71) | 0.41 | 1.78 |  | 2.19 |  | 10.06 | **(19.01)** | 0.77 | 0.77 | 0.77 | 0.74 | 20306 | 71 |
| 12-31-21 | 12.98 | 0.09• | 2.09 | 2.18 | 0.20 |  |  | 0.20 |  | 14.96 | 16.87 | 0.78 | 0.81 | 0.81 | 0.66 | 26263 | 41 |
| 12-31-20 | 12.54 | 0.14 | 1.40 | 1.54 | 0.21 | 0.89 |  | 1.10 |  | 12.98 | 13.59 | 0.77 | 0.81 | 0.81 | 1.03 | 24171 | 47 |
| 12-31-19 | 11.39 | 0.16 | 2.28 | 2.44 | 0.26 | 1.03 |  | 1.29 |  | 12.54 | 22.32 | 0.76 | 0.76 | 0.76 | 1.28 | 24168 | 55 |
| 12-31-18 | 13.39 | 0.14• | (1.32) | (1.18) | 0.20 | 0.62 |  | 0.82 |  | 11.39 | **(9.44)** | 0.75 | 0.71 | 0.71 | 1.09 | 21418 | 46 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.33 | 0.17• | (2.89) | (2.72) | 0.48 | 1.78 |  | 2.26 |  | 10.35 | **(18.60)** | 0.27 | 0.27 | 0.27 | 1.37 | 4576 | 71 |
| 12-31-21 | 13.29 | 0.17• | 2.14 | 2.31 | 0.27 |  |  | 0.27 |  | 15.33 | 17.42 | 0.28 | 0.31 | 0.31 | 1.19 | 5090 | 41 |
| 12-31-20 | 12.81 | 0.18• | 1.46 | 1.64 | 0.27 | 0.89 |  | 1.16 |  | 13.29 | 14.23 | 0.27 | 0.31 | 0.31 | 1.54 | 4726 | 47 |
| 12-31-19 | 11.61 | 0.22 | 2.34 | 2.56 | 0.33 | 1.03 |  | 1.36 |  | 12.81 | 22.99 | 0.26 | 0.26 | 0.26 | 1.84 | 4862 | 55 |
| 12-31-18 | 13.64 | 0.21• | (1.35) | (1.14) | 0.27 | 0.62 |  | 0.89 |  | 11.61 | **(9.02)** | 0.25 | 0.21 | 0.21 | 1.60 | 3898 | 46 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.32 | 0.16• | (2.87) | (2.71) | 0.49 | 1.78 |  | 2.27 |  | 10.34 | **(18.61)** | 0.27 | 0.27 | 0.27 | 1.30 | 26694 | 71 |
| 12-31-21 | 13.28 | 0.18• | 2.13 | 2.31 | 0.27 |  |  | 0.27 |  | 15.32 | 17.44 | 0.27 | 0.30 | 0.30 | 1.25 | 30360 | 41 |
| 12-31-20 | 12.80 | 0.19• | 1.45 | 1.64 | 0.27 | 0.89 |  | 1.16 |  | 13.28 | 14.24 | 0.26 | 0.30 | 0.30 | 1.58 | 23965 | 47 |
| 12-31-19 | 11.61 | 0.23• | 2.32 | 2.55 | 0.33 | 1.03 |  | 1.36 |  | 12.80 | 22.91 | 0.26 | 0.26 | 0.26 | 1.87 | 17843 | 55 |
| 12-31-18 | 13.63 | 0.23• | (1.36) | (1.13) | 0.27 | 0.62 |  | 0.89 |  | 11.61 | **(8.94)** | 0.25 | 0.21 | 0.21 | 1.76 | 12083 | 46 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.13 | 0.12• | (2.84) | (2.72) | 0.44 | 1.78 |  | 2.22 |  | 10.19 | **(18.87)** | 0.52 | 0.52 | 0.52 | 0.97 | 396000 | 71 |
| 12-31-21 | 13.12 | 0.13• | 2.11 | 2.24 | 0.23 |  |  | 0.23 |  | 15.13 | 17.16 | 0.53 | 0.56 | 0.56 | 0.89 | 562208 | 41 |
| 12-31-20 | 12.66 | 0.17 | 1.42 | 1.59 | 0.24 | 0.89 |  | 1.13 |  | 13.12 | 13.92 | 0.52 | 0.56 | 0.56 | 1.27 | 552268 | 47 |
| 12-31-19 | 11.49 | 0.19• | 2.30 | 2.49 | 0.29 | 1.03 |  | 1.32 |  | 12.66 | 22.61 | 0.51 | 0.51 | 0.51 | 1.51 | 557294 | 55 |
| 12-31-18 | 13.50 | 0.18• | (1.33) | (1.15) | 0.24 | 0.62 |  | 0.86 |  | 11.49 | **(9.20)** | 0.50 | 0.46 | 0.46 | 1.34 | 525590 | 46 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.13 | 0.09• | (2.82) | (2.73) | 0.41 | 1.78 |  | 2.19 |  | 10.21 | **(18.98)** | 0.67 | 0.67 | 0.67 | 0.74 | 998 | 71 |
| 12-31-21 | 13.14 | 0.12• | 2.10 | 2.22 | 0.23 |  |  | 0.23 |  | 15.13 | 16.99 | 0.68 | 0.71 | 0.71 | 0.84 | 1851 | 41 |
| 12-31-20 | 12.69 | 0.16• | 1.41 | 1.57 | 0.23 | 0.89 |  | 1.12 |  | 13.14 | 13.70 | 0.67 | 0.71 | 0.71 | 1.32 | 1280 | 47 |
| 12-31-19 | 11.50 | 0.17• | 2.32 | 2.49 | 0.27 | 1.03 |  | 1.30 |  | 12.69 | 22.49 | 0.66 | 0.66 | 0.66 | 1.35 | 879 | 55 |
| 12-31-18 | 13.47 | 0.15• | (1.32) | (1.17) | 0.18 | 0.62 |  | 0.80 |  | 11.50 | **(9.31)** | 0.65 | 0.61 | 0.61 | 1.10 | 732 | 46 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution Moderately Conservative Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.44 | 0.11• | (1.86) | (1.75) | 0.37 | 1.11 |  | 1.48 |  | 8.21 | **(15.97)** | 0.88 | 0.78 | 0.78 | 1.21 | 5355 | 75 |
| 12-31-21 | 10.69 | 0.15• | 0.83 | 0.98 | 0.23 |  |  | 0.23 |  | 11.44 | 9.16 | 0.90 | 0.73 | 0.73 | 1.35 | 5957 | 46 |
| 12-31-20 | 10.09 | 0.17• | 0.90 | 1.07 | 0.19 | 0.28 |  | 0.47 |  | 10.69 | 11.01 | 0.92 | 0.73 | 0.73 | 1.76 | 6505 | 72 |
| 12-31-19 | 9.13 | 0.18• | 1.14 | 1.32 | 0.16 | 0.20 |  | 0.36 |  | 10.09 | 14.61 | 0.84 | 0.70 | 0.70 | 1.83 | 7507 | 81 |
| 12-31-18 | 9.99 | 0.17• | (0.60) | (0.43) | 0.20 | 0.23 |  | 0.43 |  | 9.13 | **(4.52)** | 0.83 | 0.67 | 0.67 | 1.79 | 9033 | 59 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.97 | 0.16• | (1.95) | (1.79) | 0.43 | 1.11 |  | 1.54 |  | 8.64 | **(15.63)** | 0.38 | 0.28 | 0.28 | 1.62 | 192 | 75 |
| 12-31-21 | 11.18 | 0.41• | 0.67 | 1.08 | 0.29 |  |  | 0.29 |  | 11.97 | 9.69 | 0.40 | 0.23 | 0.23 | 3.56 | 373 | 46 |
| 12-31-20 | 10.55 | 0.23• | 0.93 | 1.16 | 0.25 | 0.28 |  | 0.53 |  | 11.18 | 11.50 | 0.42 | 0.23 | 0.23 | 2.27 | 43 | 72 |
| 12-31-19 | 9.54 | 0.29• | 1.14 | 1.43 | 0.22 | 0.20 |  | 0.42 |  | 10.55 | 15.17 | 0.34 | 0.20 | 0.20 | 2.83 | 69 | 81 |
| 12-31-18 | 10.42 | 0.24• | (0.64) | (0.40) | 0.25 | 0.23 |  | 0.48 |  | 9.54 | **(4.04)** | 0.33 | 0.17 | 0.17 | 2.35 | 31 | 59 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.97 | 0.17• | (1.96) | (1.79) | 0.43 | 1.11 |  | 1.54 |  | 8.64 | **(15.63)** | 0.31 | 0.28 | 0.28 | 1.69 | 10211 | 75 |
| 12-31-21 | 11.18 | 0.22• | 0.86 | 1.08 | 0.29 |  |  | 0.29 |  | 11.97 | 9.69 | 0.31 | 0.23 | 0.23 | 1.89 | 10245 | 46 |
| 12-31-20 | 10.54 | 0.25• | 0.92 | 1.17 | 0.25 | 0.28 |  | 0.53 |  | 11.18 | 11.61 | 0.33 | 0.23 | 0.23 | 2.38 | 9068 | 72 |
| 12-31-19 | 9.53 | 0.25• | 1.18 | 1.43 | 0.22 | 0.20 |  | 0.42 |  | 10.54 | 15.18 | 0.34 | 0.20 | 0.20 | 2.47 | 6045 | 81 |
| 12-31-18 | 10.41 | 0.25• | (0.65) | (0.40) | 0.25 | 0.23 |  | 0.48 |  | 9.53 | **(4.05)** | 0.33 | 0.17 | 0.17 | 2.45 | 3780 | 59 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.67 | 0.13• | (1.90) | (1.77) | 0.40 | 1.11 |  | 1.51 |  | 8.39 | **(15.87)** | 0.63 | 0.53 | 0.53 | 1.38 | 15346 | 75 |
| 12-31-21 | 10.91 | 0.19• | 0.83 | 1.02 | 0.26 |  |  | 0.26 |  | 11.67 | 9.41 | 0.65 | 0.48 | 0.48 | 1.64 | 21640 | 46 |
| 12-31-20 | 10.30 | 0.21 | 0.91 | 1.12 | 0.23 | 0.28 |  | 0.51 |  | 10.91 | 11.33 | 0.67 | 0.48 | 0.48 | 2.06 | 20347 | 72 |
| 12-31-19 | 9.32 | 0.22• | 1.16 | 1.38 | 0.20 | 0.20 |  | 0.40 |  | 10.30 | 14.96 | 0.59 | 0.45 | 0.45 | 2.24 | 19349 | 81 |
| 12-31-18 | 10.19 | 0.20• | (0.63) | (0.43) | 0.21 | 0.23 |  | 0.44 |  | 9.32 | **(4.35)** | 0.58 | 0.42 | 0.42 | 2.05 | 14452 | 59 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.46 | 0.12• | (1.87) | (1.75) | 0.38 | 1.11 |  | 1.49 |  | 8.22 | **(16.00)** | 0.78 | 0.68 | 0.68 | 1.28 | 3788 | 75 |
| 12-31-21 | 10.72 | 0.16• | 0.82 | 0.98 | 0.24 |  |  | 0.24 |  | 11.46 | 9.22 | 0.80 | 0.63 | 0.63 | 1.44 | 4718 | 46 |
| 12-31-20 | 10.14 | 0.19• | 0.89 | 1.08 | 0.22 | 0.28 |  | 0.50 |  | 10.72 | 11.13 | 0.82 | 0.63 | 0.63 | 1.89 | 5074 | 72 |
| 12-31-19 | 9.21 | 0.24• | 1.10 | 1.34 | 0.21 | 0.20 |  | 0.41 |  | 10.14 | 14.74 | 0.74 | 0.60 | 0.60 | 2.39 | 5439 | 81 |
| 12-31-18 | 10.08 | 0.18 | (0.61) | (0.43) | 0.21 | 0.23 |  | 0.44 |  | 9.21 | **(4.46)** | 0.73 | 0.57 | 0.57 | 1.96 | 1072 | 59 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2025 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.44 | 0.11• | (2.18) | (2.07) | 0.44 | 1.63 |  | 2.07 |  | 8.30 | **(17.69)** | 0.80 | 0.74 | 0.74 | 1.16 | 170434 | 53 |
| 12-31-21 | 12.12 | 0.14• | 1.10 | 1.24 | 0.33 | 0.59 |  | 0.92 |  | 12.44 | 10.40 | 0.81 | 0.70 | 0.70 | 1.16 | 234207 | 36 |
| 12-31-20 | 11.37 | 0.15• | 1.29 | 1.44 | 0.21 | 0.48 |  | 0.69 |  | 12.12 | 13.30 | 0.80 | 0.71 | 0.71 | 1.38 | 246302 | 60 |
| 12-31-19 | 10.48 | 0.18• | 1.64 | 1.82 | 0.25 | 0.68 |  | 0.93 |  | 11.37 | 17.79 | 0.75 | 0.71 | 0.71 | 1.59 | 260690 | 44 |
| 12-31-18 | 11.72 | 0.16• | (0.82) | (0.66) | 0.21 | 0.37 |  | 0.58 |  | 10.48 | **(5.97)** | 0.74 | 0.67 | 0.67 | 1.38 | 244883 | 47 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.88 | 0.17• | (2.26) | (2.09) | 0.51 | 1.63 |  | 2.14 |  | 8.65 | **(17.24)** | 0.30 | 0.24 | 0.24 | 1.68 | 50063 | 53 |
| 12-31-21 | 12.50 | 0.21• | 1.14 | 1.35 | 0.38 | 0.59 |  | 0.97 |  | 12.88 | 10.96 | 0.31 | 0.20 | 0.20 | 1.61 | 64534 | 36 |
| 12-31-20 | 11.71 | 0.20• | 1.34 | 1.54 | 0.27 | 0.48 |  | 0.75 |  | 12.50 | 13.85 | 0.30 | 0.21 | 0.21 | 1.71 | 77673 | 60 |
| 12-31-19 | 10.78 | 0.24 | 1.68 | 1.92 | 0.31 | 0.68 |  | 0.99 |  | 11.71 | 18.33 | 0.25 | 0.21 | 0.21 | 2.14 | 260767 | 44 |
| 12-31-18 | 12.04 | 0.23• | (0.85) | (0.62) | 0.27 | 0.37 |  | 0.64 |  | 10.78 | **(5.48)** | 0.24 | 0.17 | 0.17 | 1.93 | 219811 | 47 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.68 | 0.15• | (2.24) | (2.09) | 0.47 | 1.63 |  | 2.10 |  | 8.49 | **(17.46)** | 0.55 | 0.49 | 0.49 | 1.43 | 232558 | 53 |
| 12-31-21 | 12.34 | 0.18• | 1.12 | 1.30 | 0.37 | 0.59 |  | 0.96 |  | 12.68 | 10.67 | 0.56 | 0.45 | 0.45 | 1.43 | 303656 | 36 |
| 12-31-20 | 11.57 | 0.21 | 1.28 | 1.49 | 0.24 | 0.48 |  | 0.72 |  | 12.34 | 13.54 | 0.55 | 0.46 | 0.46 | 1.65 | 299333 | 60 |
| 12-31-19 | 10.65 | 0.21• | 1.67 | 1.88 | 0.28 | 0.68 |  | 0.96 |  | 11.57 | 18.12 | 0.50 | 0.46 | 0.46 | 1.82 | 299655 | 44 |
| 12-31-18 | 11.90 | 0.19• | (0.83) | (0.64) | 0.24 | 0.37 |  | 0.61 |  | 10.65 | **(5.73)** | 0.49 | 0.42 | 0.42 | 1.64 | 294102 | 47 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.26 | 0.12• | (2.15) | (2.03) | 0.45 | 1.63 |  | 2.08 |  | 8.15 | **(17.59)** | 0.70 | 0.64 | 0.64 | 1.21 | 7321 | 53 |
| 12-31-21 | 11.97 | 0.16• | 1.08 | 1.24 | 0.36 | 0.59 |  | 0.95 |  | 12.26 | 10.49 | 0.71 | 0.60 | 0.60 | 1.33 | 11469 | 36 |
| 12-31-20 | 11.23 | 0.16• | 1.27 | 1.43 | 0.21 | 0.48 |  | 0.69 |  | 11.97 | 13.42 | 0.70 | 0.61 | 0.61 | 1.47 | 9493 | 60 |
| 12-31-19 | 10.35 | 0.18• | 1.63 | 1.81 | 0.25 | 0.68 |  | 0.93 |  | 11.23 | 17.92 | 0.65 | 0.61 | 0.61 | 1.63 | 10745 | 44 |
| 12-31-18 | 11.56 | 0.15• | (0.79) | (0.64) | 0.20 | 0.37 |  | 0.57 |  | 10.35 | **(5.88)** | 0.64 | 0.57 | 0.57 | 1.34 | 11715 | 47 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.25 | 0.10• | (2.33) | (2.23) | 0.41 | 1.63 |  | 2.04 |  | 8.98 | **(17.81)** | 1.00 | 0.94 | 0.94 | 0.93 | 270 | 53 |
| 12-31-21 | 12.83 | 0.12• | 1.17 | 1.29 | 0.28 | 0.59 |  | 0.87 |  | 13.25 | 10.19 | 1.01 | 0.90 | 0.90 | 0.92 | 380 | 36 |
| 12-31-20 | 11.98 | 0.13• | 1.36 | 1.49 | 0.16 | 0.48 |  | 0.64 |  | 12.83 | 13.02 | 1.00 | 0.91 | 0.91 | 1.13 | 436 | 60 |
| 12-31-19 | 10.96 | 0.16• | 1.72 | 1.88 | 0.18 | 0.68 |  | 0.86 |  | 11.98 | 17.51 | 0.95 | 0.91 | 0.91 | 1.36 | 521 | 44 |
| 12-31-18 | 12.23 | 0.13• | (0.84) | (0.71) | 0.19 | 0.37 |  | 0.56 |  | 10.96 | **(6.14)** | 0.94 | 0.87 | 0.87 | 1.11 | 575 | 47 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2030 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.03 | 0.17• | (3.25) | (3.08) | 0.61 | 2.39 |  | 3.00 |  | 11.95 | **(18.09)** | 0.85 | 0.70 | 0.70 | 1.16 | 20852 | 83 |
| 12-31-21 | 16.46 | 0.20• | 1.81 | 2.01 | 0.27 | 0.17 |  | 0.44 |  | 18.03 | 12.26 | 0.90 | 0.67 | 0.67 | 1.15 | 25214 | 54 |
| 12-31-20 | 15.30 | 0.18• | 1.86 | 2.04 | 0.23 | 0.65 |  | 0.88 |  | 16.46 | 13.99 | 0.94 | 0.71 | 0.71 | 1.24 | 22015 | 90 |
| 12-31-19 | 13.79 | 0.23• | 2.46 | 2.69 | 0.25 | 0.93 |  | 1.18 |  | 15.30 | 20.13 | 0.83 | 0.71 | 0.71 | 1.55 | 18792 | 79 |
| 12-31-18 | 15.96 | 0.21 | (1.31) | (1.10) | 0.23 | 0.84 |  | 1.07 |  | 13.79 | **(7.47)** | 0.81 | 0.66 | 0.66 | 1.38 | 12630 | 87 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.68 | 0.24• | (3.36) | (3.12) | 0.70 | 2.39 |  | 3.09 |  | 12.47 | **(17.69)** | 0.35 | 0.20 | 0.20 | 1.59 | 9992 | 83 |
| 12-31-21 | 17.02 | 0.28• | 1.88 | 2.16 | 0.33 | 0.17 |  | 0.50 |  | 18.68 | 12.80 | 0.40 | 0.17 | 0.17 | 1.57 | 12248 | 54 |
| 12-31-20 | 15.77 | 0.26• | 1.93 | 2.19 | 0.29 | 0.65 |  | 0.94 |  | 17.02 | 14.61 | 0.44 | 0.21 | 0.21 | 1.69 | 13812 | 90 |
| 12-31-19 | 14.18 | 0.33• | 2.51 | 2.84 | 0.32 | 0.93 |  | 1.25 |  | 15.77 | 20.65 | 0.33 | 0.21 | 0.21 | 2.18 | 13781 | 79 |
| 12-31-18 | 16.36 | 0.31• | (1.36) | (1.05) | 0.29 | 0.84 |  | 1.13 |  | 14.18 | **(6.98)** | 0.31 | 0.16 | 0.16 | 1.95 | 7333 | 87 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.51 | 0.21• | (3.34) | (3.13) | 0.65 | 2.39 |  | 3.04 |  | 12.34 | **(17.87)** | 0.60 | 0.45 | 0.45 | 1.43 | 16853 | 83 |
| 12-31-21 | 16.89 | 0.24• | 1.86 | 2.10 | 0.31 | 0.17 |  | 0.48 |  | 18.51 | 12.49 | 0.65 | 0.42 | 0.42 | 1.35 | 18032 | 54 |
| 12-31-20 | 15.66 | 0.23• | 1.91 | 2.14 | 0.26 | 0.65 |  | 0.91 |  | 16.89 | 14.34 | 0.69 | 0.46 | 0.46 | 1.54 | 17584 | 90 |
| 12-31-19 | 14.09 | 0.27• | 2.51 | 2.78 | 0.28 | 0.93 |  | 1.21 |  | 15.66 | 20.36 | 0.58 | 0.46 | 0.46 | 1.78 | 13558 | 79 |
| 12-31-18 | 16.28 | 0.28• | (1.36) | (1.08) | 0.27 | 0.84 |  | 1.11 |  | 14.09 | **(7.23)** | 0.56 | 0.41 | 0.41 | 1.81 | 10589 | 87 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.22 | 0.15• | (3.25) | (3.10) | 0.59 | 2.39 |  | 2.98 |  | 12.14 | **(18.01)** | 0.75 | 0.60 | 0.60 | 1.01 | 677 | 83 |
| 12-31-21 | 16.66 | 0.27• | 1.77 | 2.04 | 0.31 | 0.17 |  | 0.48 |  | 18.22 | 12.35 | 0.80 | 0.57 | 0.57 | 1.53 | 1596 | 54 |
| 12-31-20 | 15.46 | 0.22• | 1.87 | 2.09 | 0.24 | 0.65 |  | 0.89 |  | 16.66 | 14.17 | 0.84 | 0.61 | 0.61 | 1.47 | 642 | 90 |
| 12-31-19 | 13.90 | 0.25• | 2.48 | 2.73 | 0.24 | 0.93 |  | 1.17 |  | 15.46 | 20.24 | 0.73 | 0.61 | 0.61 | 1.66 | 450 | 79 |
| 12-31-18 | 16.08 | 0.25• | (1.35) | (1.10) | 0.24 | 0.84 |  | 1.08 |  | 13.90 | **(7.40)** | 0.71 | 0.56 | 0.56 | 1.62 | 439 | 87 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.00 | 0.03• | (3.08) | (3.05) | 0.59 | 2.39 |  | 2.98 |  | 11.97 | **(17.89)** | 1.05 | 0.90 | 0.90 | 0.19 | 4 | 83 |
| 12-31-21 | 16.45 | 0.18• | 1.79 | 1.97 | 0.25 | 0.17 |  | 0.42 |  | 18.00 | 12.05 | 1.10 | 0.87 | 0.87 | 1.01 | 56 | 54 |
| 12-31-20 | 15.31 | 0.16• | 1.85 | 2.01 | 0.22 | 0.65 |  | 0.87 |  | 16.45 | 13.74 | 1.14 | 0.91 | 0.91 | 1.10 | 45 | 90 |
| 12-31-19 | 13.82 | 0.21• | 2.45 | 2.66 | 0.24 | 0.93 |  | 1.17 |  | 15.31 | 19.86 | 1.03 | 0.91 | 0.91 | 1.41 | 32 | 79 |
| 12-31-18 | 16.02 | 0.22• | (1.36) | (1.14) | 0.22 | 0.84 |  | 1.06 |  | 13.82 | **(7.67)** | 1.01 | 0.86 | 0.86 | 1.44 | 20 | 87 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2035 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.07 | 0.12• | (2.45) | (2.33) | 0.44 | 1.81 |  | 2.25 |  | 8.49 | **(18.84)** | 0.81 | 0.68 | 0.68 | 1.12 | 163697 | 69 |
| 12-31-21 | 12.20 | 0.14• | 1.53 | 1.67 | 0.26 | 0.54 |  | 0.80 |  | 13.07 | 13.81 | 0.83 | 0.65 | 0.65 | 1.05 | 219940 | 42 |
| 12-31-20 | 11.63 | 0.13 | 1.39 | 1.52 | 0.19 | 0.76 |  | 0.95 |  | 12.20 | 14.13 | 0.81 | 0.69 | 0.69 | 0.96 | 220485 | 65 |
| 12-31-19 | 10.60 | 0.16• | 2.04 | 2.20 | 0.24 | 0.93 |  | 1.17 |  | 11.63 | 21.53 | 0.75 | 0.71 | 0.71 | 1.38 | 226096 | 52 |
| 12-31-18 | 12.27 | 0.14• | (1.12) | (0.98) | 0.19 | 0.50 |  | 0.69 |  | 10.60 | **(8.54)** | 0.75 | 0.68 | 0.68 | 1.21 | 212084 | 50 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.54 | 0.18• | (2.54) | (2.36) | 0.51 | 1.81 |  | 2.32 |  | 8.86 | **(18.39)** | 0.31 | 0.18 | 0.18 | 1.68 | 65455 | 69 |
| 12-31-21 | 12.59 | 0.20• | 1.59 | 1.79 | 0.30 | 0.54 |  | 0.84 |  | 13.54 | 14.35 | 0.33 | 0.15 | 0.15 | 1.48 | 78910 | 42 |
| 12-31-20 | 11.98 | 0.15• | 1.47 | 1.62 | 0.25 | 0.76 |  | 1.01 |  | 12.59 | 14.65 | 0.31 | 0.19 | 0.19 | 1.30 | 93880 | 65 |
| 12-31-19 | 10.89 | 0.22 | 2.10 | 2.32 | 0.30 | 0.93 |  | 1.23 |  | 11.98 | 22.22 | 0.25 | 0.21 | 0.21 | 1.97 | 304111 | 52 |
| 12-31-18 | 12.59 | 0.22 | (1.17) | (0.95) | 0.25 | 0.50 |  | 0.75 |  | 10.89 | **(8.09)** | 0.25 | 0.18 | 0.18 | 1.75 | 247475 | 50 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.33 | 0.15• | (2.51) | (2.36) | 0.47 | 1.81 |  | 2.28 |  | 8.69 | **(18.62)** | 0.56 | 0.43 | 0.43 | 1.41 | 297358 | 69 |
| 12-31-21 | 12.43 | 0.18• | 1.55 | 1.73 | 0.29 | 0.54 |  | 0.83 |  | 13.33 | 14.08 | 0.58 | 0.40 | 0.40 | 1.35 | 369502 | 42 |
| 12-31-20 | 11.83 | 0.15 | 1.43 | 1.58 | 0.22 | 0.76 |  | 0.98 |  | 12.43 | 14.46 | 0.56 | 0.44 | 0.44 | 1.24 | 341146 | 65 |
| 12-31-19 | 10.76 | 0.19• | 2.08 | 2.27 | 0.27 | 0.93 |  | 1.20 |  | 11.83 | 21.94 | 0.50 | 0.46 | 0.46 | 1.64 | 324783 | 52 |
| 12-31-18 | 12.45 | 0.18• | (1.15) | (0.97) | 0.22 | 0.50 |  | 0.72 |  | 10.76 | **(8.34)** | 0.50 | 0.43 | 0.43 | 1.46 | 297721 | 50 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.70 | 0.12• | (2.37) | (2.25) | 0.45 | 1.81 |  | 2.26 |  | 8.19 | **(18.73)** | 0.71 | 0.58 | 0.58 | 1.20 | 9674 | 69 |
| 12-31-21 | 11.88 | 0.15• | 1.49 | 1.64 | 0.28 | 0.54 |  | 0.82 |  | 12.70 | 13.91 | 0.73 | 0.55 | 0.55 | 1.23 | 14062 | 42 |
| 12-31-20 | 11.34 | 0.11• | 1.38 | 1.49 | 0.19 | 0.76 |  | 0.95 |  | 11.88 | 14.30 | 0.71 | 0.59 | 0.59 | 1.01 | 12050 | 65 |
| 12-31-19 | 10.36 | 0.16• | 1.99 | 2.15 | 0.24 | 0.93 |  | 1.17 |  | 11.34 | 21.63 | 0.65 | 0.61 | 0.61 | 1.46 | 14599 | 52 |
| 12-31-18 | 12.00 | 0.15• | (1.09) | (0.94) | 0.20 | 0.50 |  | 0.70 |  | 10.36 | **(8.42)** | 0.65 | 0.58 | 0.58 | 1.28 | 14521 | 50 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2040 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.65 | 0.17• | (3.78) | (3.61) | 0.58 | 3.12 |  | 3.70 |  | 12.34 | **(19.48)** | 0.90 | 0.67 | 0.67 | 1.14 | 14290 | 92 |
| 12-31-21 | 17.38 | 0.18• | 2.55 | 2.73 | 0.24 | 0.22 |  | 0.46 |  | 19.65 | 15.78 | 0.93 | 0.64 | 0.64 | 0.95 | 17364 | 63 |
| 12-31-20 | 16.09 | 0.15• | 2.25 | 2.40 | 0.24 | 0.87 |  | 1.11 |  | 17.38 | 15.98 | 0.96 | 0.70 | 0.70 | 0.95 | 15773 | 91 |
| 12-31-19 | 14.26 | 0.23• | 2.92 | 3.15 | 0.26 | 1.06 |  | 1.32 |  | 16.09 | 22.82 | 0.84 | 0.72 | 0.72 | 1.47 | 14324 | 82 |
| 12-31-18 | 17.11 | 0.20• | (1.66) | (1.46) | 0.22 | 1.17 |  | 1.39 |  | 14.26 | **(9.41)** | 0.84 | 0.66 | 0.66 | 1.19 | 8662 | 81 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.38 | 0.25• | (3.93) | (3.68) | 0.68 | 3.12 |  | 3.80 |  | 12.90 | **(19.12)** | 0.40 | 0.17 | 0.17 | 1.61 | 10181 | 92 |
| 12-31-21 | 17.99 | 0.25• | 2.67 | 2.92 | 0.31 | 0.22 |  | 0.53 |  | 20.38 | 16.34 | 0.43 | 0.14 | 0.14 | 1.30 | 10092 | 63 |
| 12-31-20 | 16.60 | 0.26 | 2.31 | 2.57 | 0.31 | 0.87 |  | 1.18 |  | 17.99 | 16.55 | 0.46 | 0.20 | 0.20 | 1.48 | 12621 | 91 |
| 12-31-19 | 14.66 | 0.32• | 3.00 | 3.32 | 0.32 | 1.06 |  | 1.38 |  | 16.60 | 23.44 | 0.34 | 0.22 | 0.22 | 1.97 | 11825 | 82 |
| 12-31-18 | 17.53 | 0.30• | (1.72) | (1.42) | 0.28 | 1.17 |  | 1.45 |  | 14.66 | **(8.95)** | 0.34 | 0.16 | 0.16 | 1.77 | 7134 | 81 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.14 | 0.22• | (3.89) | (3.67) | 0.64 | 3.12 |  | 3.76 |  | 12.71 | **(19.29)** | 0.65 | 0.42 | 0.42 | 1.44 | 13309 | 92 |
| 12-31-21 | 17.80 | 0.25• | 2.60 | 2.85 | 0.29 | 0.22 |  | 0.51 |  | 20.14 | 16.10 | 0.68 | 0.39 | 0.39 | 1.28 | 13325 | 63 |
| 12-31-20 | 16.44 | 0.20• | 2.29 | 2.49 | 0.26 | 0.87 |  | 1.13 |  | 17.80 | 16.23 | 0.71 | 0.45 | 0.45 | 1.26 | 10486 | 91 |
| 12-31-19 | 14.54 | 0.23 | 3.02 | 3.25 | 0.29 | 1.06 |  | 1.35 |  | 16.44 | 23.07 | 0.59 | 0.47 | 0.47 | 1.44 | 8500 | 82 |
| 12-31-18 | 17.40 | 0.26• | (1.70) | (1.44) | 0.25 | 1.17 |  | 1.42 |  | 14.54 | **(9.13)** | 0.59 | 0.41 | 0.41 | 1.54 | 7641 | 81 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.74 | 0.18• | (3.79) | (3.61) | 0.62 | 3.12 |  | 3.74 |  | 12.39 | **(19.42)** | 0.80 | 0.57 | 0.57 | 1.19 | 1604 | 92 |
| 12-31-21 | 17.48 | 0.24• | 2.52 | 2.76 | 0.28 | 0.22 |  | 0.50 |  | 19.74 | 15.88 | 0.83 | 0.54 | 0.54 | 1.25 | 2051 | 63 |
| 12-31-20 | 16.17 | 0.17• | 2.26 | 2.43 | 0.25 | 0.87 |  | 1.12 |  | 17.48 | 16.07 | 0.86 | 0.60 | 0.60 | 1.07 | 1219 | 91 |
| 12-31-19 | 14.31 | 0.25• | 2.93 | 3.18 | 0.26 | 1.06 |  | 1.32 |  | 16.17 | 22.93 | 0.74 | 0.62 | 0.62 | 1.57 | 973 | 82 |
| 12-31-18 | 17.18 | 0.23• | (1.68) | (1.45) | 0.25 | 1.17 |  | 1.42 |  | 14.31 | **(9.30)** | 0.74 | 0.56 | 0.56 | 1.42 | 939 | 81 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.56 | 0.09• | (3.73) | (3.64) | 0.40 | 3.12 |  | 3.52 |  | 12.40 | **(19.70)** | 1.10 | 0.87 | 0.87 | 0.54 | 4 | 92 |
| 12-31-21 | 17.33 | 0.04• | 2.63 | 2.67 | 0.22 | 0.22 |  | 0.44 |  | 19.56 | 15.48 | 1.13 | 0.84 | 0.84 | 0.20 | 13 | 63 |
| 12-31-20 | 16.06 | 0.15• | 2.22 | 2.37 | 0.23 | 0.87 |  | 1.10 |  | 17.33 | 15.79 | 1.16 | 0.90 | 0.90 | 0.95 | 49 | 91 |
| 12-31-19 | 14.22 | 0.20• | 2.90 | 3.10 | 0.20 | 1.06 |  | 1.26 |  | 16.06 | 22.50 | 1.04 | 0.92 | 0.92 | 1.28 | 32 | 82 |
| 12-31-18 | 17.08 | 0.15 | (1.64) | (1.49) | 0.20 | 1.17 |  | 1.37 |  | 14.22 | **(9.57)** | 1.04 | 0.86 | 0.86 | 1.00 | 17 | 81 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2045 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.12 | 0.10• | (2.55) | (2.45) | 0.43 | 2.00 |  | 2.43 |  | 8.24 | **(19.72)** | 0.83 | 0.67 | 0.67 | 1.01 | 121395 | 75 |
| 12-31-21 | 12.29 | 0.11• | 1.94 | 2.05 | 0.23 | 0.99 |  | 1.22 |  | 13.12 | 16.95 | 0.85 | 0.65 | 0.65 | 0.86 | 162480 | 42 |
| 12-31-20 | 11.47 | 0.09 | 1.61 | 1.70 | 0.16 | 0.72 |  | 0.88 |  | 12.29 | 16.07 | 0.83 | 0.70 | 0.70 | 0.71 | 155503 | 61 |
| 12-31-19 | 10.42 | 0.15 | 2.20 | 2.35 | 0.20 | 1.10 |  | 1.30 |  | 11.47 | 23.59 | 0.75 | 0.72 | 0.72 | 1.26 | 150005 | 67 |
| 12-31-18 | 12.40 | 0.11• | (1.33) | (1.22) | 0.15 | 0.61 |  | 0.76 |  | 10.42 | **(10.53)** | 0.75 | 0.69 | 0.69 | 0.93 | 134754 | 53 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.67 | 0.16• | (2.66) | (2.50) | 0.50 | 2.00 |  | 2.50 |  | 8.67 | **(19.28)** | 0.33 | 0.17 | 0.17 | 1.55 | 54349 | 75 |
| 12-31-21 | 12.72 | 0.17• | 2.02 | 2.19 | 0.25 | 0.99 |  | 1.24 |  | 13.67 | 17.51 | 0.35 | 0.15 | 0.15 | 1.24 | 65611 | 42 |
| 12-31-20 | 11.85 | 0.12• | 1.69 | 1.81 | 0.22 | 0.72 |  | 0.94 |  | 12.72 | 16.57 | 0.33 | 0.20 | 0.20 | 1.06 | 82473 | 61 |
| 12-31-19 | 10.73 | 0.20 | 2.29 | 2.49 | 0.27 | 1.10 |  | 1.37 |  | 11.85 | 24.29 | 0.25 | 0.22 | 0.22 | 1.86 | 269670 | 67 |
| 12-31-18 | 12.75 | 0.18 | (1.37) | (1.19) | 0.22 | 0.61 |  | 0.83 |  | 10.73 | **(10.08)** | 0.25 | 0.19 | 0.19 | 1.49 | 211781 | 53 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.37 | 0.13• | (2.60) | (2.47) | 0.47 | 2.00 |  | 2.47 |  | 8.43 | **(19.50)** | 0.58 | 0.42 | 0.42 | 1.31 | 237729 | 75 |
| 12-31-21 | 12.50 | 0.15• | 1.97 | 2.12 | 0.26 | 0.99 |  | 1.25 |  | 13.37 | 17.26 | 0.60 | 0.40 | 0.40 | 1.14 | 289193 | 42 |
| 12-31-20 | 11.66 | 0.11 | 1.64 | 1.75 | 0.19 | 0.72 |  | 0.91 |  | 12.50 | 16.29 | 0.58 | 0.45 | 0.45 | 0.95 | 254990 | 61 |
| 12-31-19 | 10.58 | 0.18 | 2.23 | 2.41 | 0.23 | 1.10 |  | 1.33 |  | 11.66 | 23.90 | 0.50 | 0.47 | 0.47 | 1.51 | 237496 | 67 |
| 12-31-18 | 12.57 | 0.15• | (1.35) | (1.20) | 0.18 | 0.61 |  | 0.79 |  | 10.58 | **(10.23)** | 0.50 | 0.44 | 0.44 | 1.20 | 209647 | 53 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.93 | 0.10• | (2.51) | (2.41) | 0.43 | 2.00 |  | 2.43 |  | 8.09 | **(19.70)** | 0.73 | 0.57 | 0.57 | 0.96 | 5964 | 75 |
| 12-31-21 | 12.14 | 0.14• | 1.90 | 2.04 | 0.26 | 0.99 |  | 1.25 |  | 12.93 | 17.10 | 0.75 | 0.55 | 0.55 | 1.12 | 10947 | 42 |
| 12-31-20 | 11.34 | 0.09• | 1.60 | 1.69 | 0.17 | 0.72 |  | 0.89 |  | 12.14 | 16.13 | 0.73 | 0.60 | 0.60 | 0.82 | 6867 | 61 |
| 12-31-19 | 10.31 | 0.15• | 2.18 | 2.33 | 0.20 | 1.10 |  | 1.30 |  | 11.34 | 23.68 | 0.65 | 0.62 | 0.62 | 1.31 | 7234 | 67 |
| 12-31-18 | 12.25 | 0.12• | (1.30) | (1.18) | 0.15 | 0.61 |  | 0.76 |  | 10.31 | **(10.34)** | 0.65 | 0.59 | 0.59 | 1.03 | 7504 | 53 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.88 | 0.02• | (2.65) | (2.63) | 0.40 | 2.00 |  | 2.40 |  | 8.85 | **(19.91)** | 1.03 | 0.87 | 0.87 | 0.17 | 57 | 75 |
| 12-31-21 | 12.93 | 0.12• | 2.01 | 2.13 | 0.19 | 0.99 |  | 1.18 |  | 13.88 | 16.73 | 1.05 | 0.85 | 0.85 | 0.90 | 180 | 42 |
| 12-31-20 | 11.95 | 0.03• | 1.74 | 1.77 | 0.07 | 0.72 |  | 0.79 |  | 12.93 | 15.85 | 1.03 | 0.90 | 0.90 | 0.29 | 156 | 61 |
| 12-31-19 | 10.74 | 0.14• | 2.26 | 2.40 | 0.09 | 1.10 |  | 1.19 |  | 11.95 | 23.31 | 0.95 | 0.92 | 0.92 | 1.19 | 290 | 67 |
| 12-31-18 | 12.77 | 0.06• | (1.34) | (1.28) | 0.14 | 0.61 |  | 0.75 |  | 10.74 | **(10.72)** | 0.95 | 0.89 | 0.89 | 0.44 | 220 | 53 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2050 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.45 | 0.16• | (3.98) | (3.82) | 0.62 | 3.43 |  | 4.05 |  | 12.58 | **(19.81)** | 0.96 | 0.68 | 0.68 | 1.06 | 12860 | 88 |
| 12-31-21 | 17.96 | 0.14• | 2.86 | 3.00 | 0.21 | 0.30 |  | 0.51 |  | 20.45 | 16.82 | 0.98 | 0.65 | 0.65 | 0.71 | 15352 | 60 |
| 12-31-20 | 16.63 | 0.13• | 2.32 | 2.45 | 0.23 | 0.89 |  | 1.12 |  | 17.96 | 15.79 | 1.03 | 0.71 | 0.71 | 0.81 | 15402 | 80 |
| 12-31-19 | 14.58 | 0.23• | 3.17 | 3.40 | 0.22 | 1.13 |  | 1.35 |  | 16.63 | 24.13 | 0.86 | 0.73 | 0.73 | 1.45 | 12951 | 84 |
| 12-31-18 | 17.33 | 0.17• | (1.93) | (1.76) | 0.16 | 0.83 |  | 0.99 |  | 14.58 | **(10.82)** | 0.86 | 0.68 | 0.68 | 1.03 | 8144 | 86 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.30 | 0.25• | (4.17) | (3.92) | 0.72 | 3.43 |  | 4.15 |  | 13.23 | **(19.46)** | 0.46 | 0.18 | 0.18 | 1.57 | 9196 | 88 |
| 12-31-21 | 18.66 | 0.22• | 3.01 | 3.23 | 0.29 | 0.30 |  | 0.59 |  | 21.30 | 17.42 | 0.48 | 0.15 | 0.15 | 1.09 | 9999 | 60 |
| 12-31-20 | 17.22 | 0.24 | 2.38 | 2.62 | 0.29 | 0.89 |  | 1.18 |  | 18.66 | 16.36 | 0.53 | 0.21 | 0.21 | 1.31 | 11647 | 80 |
| 12-31-19 | 15.04 | 0.34• | 3.25 | 3.59 | 0.28 | 1.13 |  | 1.41 |  | 17.22 | 24.74 | 0.36 | 0.23 | 0.23 | 2.04 | 10912 | 84 |
| 12-31-18 | 17.81 | 0.27• | (1.99) | (1.72) | 0.22 | 0.83 |  | 1.05 |  | 15.04 | **(10.37)** | 0.36 | 0.18 | 0.18 | 1.55 | 6320 | 86 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.99 | 0.23• | (4.12) | (3.89) | 0.69 | 3.43 |  | 4.12 |  | 12.98 | **(19.64)** | 0.71 | 0.43 | 0.43 | 1.49 | 10577 | 88 |
| 12-31-21 | 18.42 | 0.20• | 2.93 | 3.13 | 0.26 | 0.30 |  | 0.56 |  | 20.99 | 17.10 | 0.73 | 0.40 | 0.40 | 0.97 | 9740 | 60 |
| 12-31-20 | 17.01 | 0.17• | 2.39 | 2.56 | 0.26 | 0.89 |  | 1.15 |  | 18.42 | 16.11 | 0.78 | 0.46 | 0.46 | 1.04 | 8339 | 80 |
| 12-31-19 | 14.88 | 0.26• | 3.25 | 3.51 | 0.25 | 1.13 |  | 1.38 |  | 17.01 | 24.41 | 0.61 | 0.48 | 0.48 | 1.58 | 7397 | 84 |
| 12-31-18 | 17.65 | 0.23• | (1.98) | (1.75) | 0.19 | 0.83 |  | 1.02 |  | 14.88 | **(10.61)** | 0.61 | 0.43 | 0.43 | 1.34 | 5413 | 86 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.63 | 0.15• | (4.00) | (3.85) | 0.62 | 3.43 |  | 4.05 |  | 12.73 | **(19.76)** | 0.86 | 0.58 | 0.58 | 0.95 | 601 | 88 |
| 12-31-21 | 18.16 | 0.20• | 2.85 | 3.05 | 0.28 | 0.30 |  | 0.58 |  | 20.63 | 16.91 | 0.88 | 0.55 | 0.55 | 0.99 | 1022 | 60 |
| 12-31-20 | 16.78 | 0.17 | 2.32 | 2.49 | 0.22 | 0.89 |  | 1.11 |  | 18.16 | 15.91 | 0.93 | 0.61 | 0.61 | 0.89 | 432 | 80 |
| 12-31-19 | 14.67 | 0.23• | 3.21 | 3.44 | 0.20 | 1.13 |  | 1.33 |  | 16.78 | 24.25 | 0.76 | 0.63 | 0.63 | 1.40 | 419 | 84 |
| 12-31-18 | 17.43 | 0.22• | (1.97) | (1.75) | 0.18 | 0.83 |  | 1.01 |  | 14.67 | **(10.75)** | 0.76 | 0.58 | 0.58 | 1.32 | 423 | 86 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.67 | 0.09• | (3.99) | (3.90) | 0.58 | 3.43 |  | 4.01 |  | 12.76 | **(19.96)** | 1.16 | 0.88 | 0.88 | 0.52 | 4 | 88 |
| 12-31-21 | 18.16 | 0.10• | 2.89 | 2.99 | 0.18 | 0.30 |  | 0.48 |  | 20.67 | 16.55 | 1.18 | 0.85 | 0.85 | 0.50 | 13 | 60 |
| 12-31-20 | 16.69 | 0.09 | 2.36 | 2.45 | 0.09 | 0.89 |  | 0.98 |  | 18.16 | 15.59 | 1.23 | 0.91 | 0.91 | 0.57 | 12 | 80 |
| 12-31-19 | 14.63 | 0.09• | 3.28 | 3.37 | 0.18 | 1.13 |  | 1.31 |  | 16.69 | 23.80 | 1.06 | 0.93 | 0.93 | 0.54 | 11 | 84 |
| 12-31-18 | 17.39 | 0.14 | (1.94) | (1.80) | 0.13 | 0.83 |  | 0.96 |  | 14.63 | **(11.01)** | 1.06 | 0.88 | 0.88 | 0.89 | 20 | 86 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2055 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.14 | 0.12• | (2.98) | (2.86) | 0.48 | 2.35 |  | 2.83 |  | 9.45 | **(19.93)** | 0.88 | 0.69 | 0.69 | 1.00 | 45825 | 75 |
| 12-31-21 | 14.99 | 0.10• | 2.38 | 2.48 | 0.31 | 2.02 |  | 2.33 |  | 15.14 | 17.03 | 0.93 | 0.66 | 0.66 | 0.67 | 58046 | 51 |
| 12-31-20 | 13.85 | 0.08 | 1.95 | 2.03 | 0.15 | 0.74 |  | 0.89 |  | 14.99 | 15.75 | 0.96 | 0.69 | 0.69 | 0.63 | 54540 | 67 |
| 12-31-19 | 12.35 | 0.16 | 2.70 | 2.86 | 0.20 | 1.16 |  | 1.36 |  | 13.85 | 24.13 | 0.77 | 0.72 | 0.72 | 1.29 | 49315 | 61 |
| 12-31-18 | 14.49 | 0.13 | (1.60) | (1.47) | 0.15 | 0.52 |  | 0.67 |  | 12.35 | **(10.72)** | 0.76 | 0.68 | 0.68 | 0.90 | 39621 | 62 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.72 | 0.19• | (3.10) | (2.91) | 0.56 | 2.35 |  | 2.91 |  | 9.90 | **(19.53)** | 0.38 | 0.19 | 0.19 | 1.57 | 24944 | 75 |
| 12-31-21 | 15.37 | 0.18• | 2.45 | 2.63 | 0.26 | 2.02 |  | 2.28 |  | 15.72 | 17.53 | 0.43 | 0.16 | 0.16 | 1.10 | 27701 | 51 |
| 12-31-20 | 14.17 | 0.13• | 2.03 | 2.16 | 0.22 | 0.74 |  | 0.96 |  | 15.37 | 16.38 | 0.46 | 0.19 | 0.19 | 1.00 | 34329 | 67 |
| 12-31-19 | 12.61 | 0.27• | 2.72 | 2.99 | 0.27 | 1.16 |  | 1.43 |  | 14.17 | 24.76 | 0.27 | 0.22 | 0.22 | 1.93 | 119915 | 61 |
| 12-31-18 | 14.78 | 0.21• | (1.64) | (1.43) | 0.22 | 0.52 |  | 0.74 |  | 12.61 | **(10.29)** | 0.26 | 0.18 | 0.18 | 1.48 | 77961 | 62 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.33 | 0.15• | (3.02) | (2.87) | 0.53 | 2.35 |  | 2.88 |  | 9.58 | **(19.80)** | 0.63 | 0.44 | 0.44 | 1.32 | 76020 | 75 |
| 12-31-21 | 15.15 | 0.15• | 2.40 | 2.55 | 0.35 | 2.02 |  | 2.37 |  | 15.33 | 17.32 | 0.68 | 0.41 | 0.41 | 0.96 | 86021 | 51 |
| 12-31-20 | 13.99 | 0.12• | 1.97 | 2.09 | 0.19 | 0.74 |  | 0.93 |  | 15.15 | 16.04 | 0.71 | 0.44 | 0.44 | 0.90 | 73361 | 67 |
| 12-31-19 | 12.46 | 0.20 | 2.72 | 2.92 | 0.23 | 1.16 |  | 1.39 |  | 13.99 | 24.50 | 0.52 | 0.47 | 0.47 | 1.52 | 59923 | 61 |
| 12-31-18 | 14.62 | 0.17• | (1.63) | (1.46) | 0.18 | 0.52 |  | 0.70 |  | 12.46 | **(10.56)** | 0.51 | 0.43 | 0.43 | 1.19 | 49077 | 62 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.22 | 0.11• | (2.97) | (2.86) | 0.48 | 2.35 |  | 2.83 |  | 9.53 | **(19.84)** | 0.78 | 0.59 | 0.59 | 0.93 | 3070 | 75 |
| 12-31-21 | 15.09 | 0.15• | 2.36 | 2.51 | 0.36 | 2.02 |  | 2.38 |  | 15.22 | 17.09 | 0.83 | 0.56 | 0.56 | 0.97 | 5377 | 51 |
| 12-31-20 | 13.92 | 0.13 | 1.93 | 2.06 | 0.15 | 0.74 |  | 0.89 |  | 15.09 | 15.86 | 0.86 | 0.59 | 0.59 | 0.80 | 3036 | 67 |
| 12-31-19 | 12.39 | 0.18• | 2.70 | 2.88 | 0.19 | 1.16 |  | 1.35 |  | 13.92 | 24.28 | 0.67 | 0.62 | 0.62 | 1.33 | 2876 | 61 |
| 12-31-18 | 14.54 | 0.15 | (1.62) | (1.47) | 0.16 | 0.52 |  | 0.68 |  | 12.39 | **(10.68)** | 0.66 | 0.58 | 0.58 | 1.03 | 2720 | 62 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2060 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.96 | 0.12• | (2.95) | (2.83) | 0.44 | 2.42 |  | 2.86 |  | 9.27 | **(19.99)** | 1.05 | 0.70 | 0.70 | 1.04 | 9384 | 85 |
| 12-31-21 | 13.16 | 0.10• | 2.11 | 2.21 | 0.16 | 0.25 |  | 0.41 |  | 14.96 | 16.83 | 1.08 | 0.68 | 0.68 | 0.73 | 10459 | 68 |
| 12-31-20 | 12.04 | 0.10• | 1.67 | 1.77 | 0.12 | 0.53 |  | 0.65 |  | 13.16 | 15.62 | 1.14 | 0.70 | 0.70 | 0.85 | 8999 | 74 |
| 12-31-19 | 10.45 | 0.16• | 2.28 | 2.44 | 0.15 | 0.70 |  | 0.85 |  | 12.04 | 24.12 | 0.95 | 0.74 | 0.74 | 1.39 | 6976 | 89 |
| 12-31-18 | 12.39 | 0.13• | (1.38) | (1.25) | 0.11 | 0.58 |  | 0.69 |  | 10.45 | **(10.76)** | 0.96 | 0.69 | 0.69 | 1.12 | 4593 | 84 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.29 | 0.19• | (3.03) | (2.84) | 0.51 | 2.42 |  | 2.93 |  | 9.52 | **(19.65)** | 0.55 | 0.20 | 0.20 | 1.64 | 6855 | 85 |
| 12-31-21 | 13.41 | 0.15• | 2.18 | 2.33 | 0.20 | 0.25 |  | 0.45 |  | 15.29 | 17.46 | 0.58 | 0.18 | 0.18 | 1.04 | 6685 | 68 |
| 12-31-20 | 12.25 | 0.17• | 1.69 | 1.86 | 0.17 | 0.53 |  | 0.70 |  | 13.41 | 16.14 | 0.64 | 0.20 | 0.20 | 1.42 | 7950 | 74 |
| 12-31-19 | 10.60 | 0.25• | 2.29 | 2.54 | 0.19 | 0.70 |  | 0.89 |  | 12.25 | 24.79 | 0.45 | 0.24 | 0.24 | 2.14 | 5184 | 89 |
| 12-31-18 | 12.53 | 0.19• | (1.41) | (1.22) | 0.13 | 0.58 |  | 0.71 |  | 10.60 | **(10.35)** | 0.46 | 0.19 | 0.19 | 1.57 | 2570 | 84 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.03 | 0.16• | (2.97) | (2.81) | 0.48 | 2.42 |  | 2.90 |  | 9.32 | **(19.78)** | 0.80 | 0.45 | 0.45 | 1.43 | 8466 | 85 |
| 12-31-21 | 13.21 | 0.13• | 2.12 | 2.25 | 0.18 | 0.25 |  | 0.43 |  | 15.03 | 17.15 | 0.83 | 0.43 | 0.43 | 0.93 | 8211 | 68 |
| 12-31-20 | 12.08 | 0.13• | 1.68 | 1.81 | 0.15 | 0.53 |  | 0.68 |  | 13.21 | 15.90 | 0.89 | 0.45 | 0.45 | 1.15 | 6886 | 74 |
| 12-31-19 | 10.47 | 0.18• | 2.30 | 2.48 | 0.17 | 0.70 |  | 0.87 |  | 12.08 | 24.45 | 0.70 | 0.49 | 0.49 | 1.56 | 4901 | 89 |
| 12-31-18 | 12.40 | 0.16• | (1.39) | (1.23) | 0.12 | 0.58 |  | 0.70 |  | 10.47 | **(10.60)** | 0.71 | 0.44 | 0.44 | 1.30 | 3440 | 84 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.96 | 0.11• | (2.93) | (2.82) | 0.44 | 2.42 |  | 2.86 |  | 9.28 | **(19.93)** | 0.95 | 0.60 | 0.60 | 0.91 | 729 | 85 |
| 12-31-21 | 13.19 | 0.16• | 2.06 | 2.22 | 0.20 | 0.25 |  | 0.45 |  | 14.96 | 16.93 | 0.98 | 0.58 | 0.58 | 1.08 | 1234 | 68 |
| 12-31-20 | 12.07 | 0.12• | 1.67 | 1.79 | 0.14 | 0.53 |  | 0.67 |  | 13.19 | 15.73 | 1.04 | 0.60 | 0.60 | 1.07 | 471 | 74 |
| 12-31-19 | 10.46 | 0.18 | 2.28 | 2.46 | 0.15 | 0.70 |  | 0.85 |  | 12.07 | 24.26 | 0.85 | 0.64 | 0.64 | 1.44 | 269 | 89 |
| 12-31-18 | 12.40 | 0.15• | (1.40) | (1.25) | 0.11 | 0.58 |  | 0.69 |  | 10.46 | **(10.70)** | 0.86 | 0.59 | 0.59 | 1.23 | 247 | 84 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.91 | 0.09• | (2.93) | (2.84) | 0.40 | 2.42 |  | 2.82 |  | 9.25 | **(20.16)** | 1.25 | 0.90 | 0.90 | 0.77 | 4 | 85 |
| 12-31-21 | 13.13 | 0.06• | 2.10 | 2.16 | 0.13 | 0.25 |  | 0.38 |  | 14.91 | 16.50 | 1.28 | 0.88 | 0.88 | 0.42 | 6 | 68 |
| 12-31-20 | 12.01 | 0.08• | 1.66 | 1.74 | 0.09 | 0.53 |  | 0.62 |  | 13.13 | 15.32 | 1.34 | 0.90 | 0.90 | 0.67 | 5 | 74 |
| 12-31-19 | 10.40 | 0.11 | 2.30 | 2.41 | 0.10 | 0.70 |  | 0.80 |  | 12.01 | 23.96 | 1.15 | 0.94 | 0.94 | 1.07 | 4 | 89 |
| 12-31-18 | 12.33 | 0.08 | (1.37) | (1.29) | 0.06 | 0.58 |  | 0.64 |  | 10.40 | **(11.08)** | 1.16 | 0.89 | 0.89 | 0.73 | 3 | 84 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Solution 2065 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.94 | 0.11• | (2.48) | (2.37) | 0.24 | 0.44 |  | 0.68 |  | 8.89 | **(19.98)** | 1.30 | 0.70 | 0.70 | 1.16 | 1988 | 89 |
| 12-31-21 | 11.55 | 0.11• | 1.86 | 1.97 | 0.41 | 1.17 |  | 1.58 |  | 11.94 | 17.05 | 1.61 | 0.67 | 0.67 | 0.90 | 1583 | 53 |
| 07-29-20<sup>(5)</sup> - 12-31-20 | 10.00 | 0.12• | 1.62 | 1.74 | 0.14 | 0.05 |  | 0.19 |  | 11.55 | 17.42 | 1.97 | 0.72 | 0.72 | 2.64 | 1012 | 24 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.97 | 0.18• | (2.51) | (2.33) | 0.28 | 0.44 |  | 0.72 |  | 8.92 | **(19.60)** | 0.80 | 0.20 | 0.20 | 1.77 | 2336 | 89 |
| 12-31-21 | 11.56 | 0.18• | 1.86 | 2.04 | 0.46 | 1.17 |  | 1.63 |  | 11.97 | 17.64 | 1.11 | 0.17 | 0.17 | 1.38 | 1692 | 53 |
| 07-29-20<sup>(5)</sup> - 12-31-20 | 10.00 | 0.12• | 1.65 | 1.77 | 0.16 | 0.05 |  | 0.21 |  | 11.56 | 17.69 | 1.47 | 0.22 | 0.22 | 2.60 | 1045 | 24 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.95 | 0.17• | (2.53) | (2.36) | 0.25 | 0.44 |  | 0.69 |  | 8.90 | **(19.81)** | 1.05 | 0.45 | 0.45 | 1.70 | 3700 | 89 |
| 12-31-21 | 11.56 | 0.18• | 1.82 | 2.00 | 0.44 | 1.17 |  | 1.61 |  | 11.95 | 17.30 | 1.36 | 0.42 | 0.42 | 1.41 | 2431 | 53 |
| 07-29-20<sup>(5)</sup> - 12-31-20 | 10.00 | 0.13• | 1.63 | 1.76 | 0.15 | 0.05 |  | 0.20 |  | 11.56 | 17.61 | 1.72 | 0.47 | 0.47 | 2.84 | 955 | 24 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.95 | 0.11• | (2.48) | (2.37) | 0.24 | 0.44 |  | 0.68 |  | 8.90 | **(19.89)** | 1.20 | 0.60 | 0.60 | 1.13 | 133 | 89 |
| 12-31-21 | 11.56 | 0.16• | 1.82 | 1.98 | 0.42 | 1.17 |  | 1.59 |  | 11.95 | 17.17 | 1.51 | 0.57 | 0.57 | 1.26 | 114 | 53 |
| 07-29-20<sup>(5)</sup> - 12-31-20 | 10.00 | 0.10• | 1.65 | 1.75 | 0.14 | 0.05 |  | 0.19 |  | 11.56 | 17.52 | 1.87 | 0.62 | 0.62 | 2.18 | 26 | 24 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.95 | 0.08• | (2.47) | (2.39) | 0.22 | 0.44 |  | 0.66 |  | 8.90 | **(20.11)** | 1.50 | 0.90 | 0.90 | 0.75 | 3 | 89 |
| 12-31-21 | 11.56 | 0.06• | 1.86 | 1.92 | 0.36 | 1.17 |  | 1.53 |  | 11.95 | 16.67 | 1.81 | 0.87 | 0.87 | 0.51 | 4 | 53 |
| 07-29-20<sup>(5)</sup> - 12-31-20 | 10.00 | 0.09• | 1.65 | 1.74 | 0.13 | 0.05 |  | 0.18 |  | 11.56 | 17.40 | 2.17 | 0.92 | 0.92 | 1.88 | 4 | 24 |

---

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

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

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

Annualized for periods less than one year.

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

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

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

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

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

Commencement of operations.

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

See Accompanying Notes to Financial Statements

------

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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

#### NOTE 1 — ORGANIZATION
Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The fifteen series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Solution Aggressive Portfolio ("Solution Aggressive"), Voya Solution Balanced Portfolio ("Solution Balanced"), Voya Solution Conservative Portfolio ("Solution Conservative"), Voya Solution Income Portfolio ("Solution Income"), Voya Solution Moderately Aggressive Portfolio ("Solution Moderately Aggressive"), Voya Solution Moderately Conservative Portfolio ("Solution Moderately Conservative"), Voya Solution 2025 Portfolio ("Solution 2025"), Voya Solution 2030 Portfolio ("Solution 2030"), Voya Solution 2035 Portfolio ("Solution 2035"), Voya Solution 2040 Portfolio ("Solution 2040"), Voya Solution 2045 Portfolio ("Solution 2045"), Voya Solution 2050 Portfolio ("Solution 2050"), Voya Solution 2055 Portfolio ("Solution 2055"), Voya Solution 2060 Portfolio ("Solution 2060") and Voya Solution 2065 Portfolio ("Solution 2065"). Each Portfolio is a diversified series of the Company.

Solution 2025, Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055, Solution 2060 and Solution 2065 are structured and managed around a specific target retirement or financial goal date ("Target Date"). When these Portfolios reach their respective Target Date, they may be combined with Solution Income, without a vote of shareholders, if approved by the Portfolios' Board of Directors (the "Board").

The classes of shares included in this report are: Adviser ("Class ADV"), Initial ("Class I"), Class R6, Service ("Class S"), Service 2 ("Class S2") and Class T; however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. 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
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation.*** Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the

NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. 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 from net investment income 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. ***Risk Exposures and the Use of Derivative Instruments.*** Each Portfolio's investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the year ended December 31, 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 purchased and sold for Solution Income, Solution Moderately Aggressive, Solution 2025, Solution 2035, Solution 2045 and Solution 2055. There were no open futures contracts purchased or sold for the remaining Portfolios at December 31, 2022.

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| | | |
|:---|:---|:---|
| | **Purchased**  | **Sold**  |
| Solution Income | $4775402 | $4737808 |
| Solution Moderately Aggressive  | 15358487 | 15209500 |
| Solution 2025 | 11479180 | 11271160 |
| Solution 2035 | 14734850 | 14779551 |
| Solution 2045 | 14708005 | 14521340 |
| Solution 2055 | 5400333 | 5378072 |

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

#### NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS
For the year ended December 31, 2022, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| Solution Aggressive | $31937748 | $28035553 |
| Solution Balanced | 47222189 | 50972532 |
| Solution Conservative | 13448332 | 12767659 |
| Solution Income | 112329407 | 145066639 |
| Solution Moderately Aggressive | 361226029 | 419972558 |
| Solution Moderately Conservative  | 28775383 | 29479298 |
| Solution 2025 | 272149100 | 314848883 |
| Solution 2030 | 44844667 | 42450389 |
| Solution 2035 | 396551876 | 411158442 |
| Solution 2040 | 41317186 | 35783346 |
| Solution 2045 | 337160439 | 338460851 |
| Solution 2050 | 33309726 | 28543823 |
| Solution 2055 | 123356905 | 114520925 |
| Solution 2060 | 25235652 | 20676595 |
| Solution 2065 | 9791425 | 5993408 |

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#### NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and

assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates: 0.20% of each Portfolio's average daily nets assets invested in affiliated Underlying Funds and 0.40% 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
Classes ADV, S2 and T of the respective Portfolios have a plan of distribution (each a "Plan" and collectively, the "Plans"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% and 0.45% of each Portfolio's average daily net assets attributable to its Class S2 and Class T shares, respectively.

The Company has a shareholder servicing plan ("Service Plan") for the Classes ADV, S, S2 and T shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S, S2 and T shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each applicable Portfolio's average daily net assets attributable to its Classes ADV, S, S2 and T shares.

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#### NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

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| | | |
|:---|:---|:---|
| **Subsidiary**  | **Portfolio**  | **Percentage**  |
|  Voya Institutional Trust Company  | Solution Balanced | 9.18% |
|  | Solution Income | 41.42 |
|  | Solution 2025 | 28.43 |
|  | Solution 2030 | 22.85 |
|  | Solution 2035 | 23.95 |
|  | Solution 2040 | 20.72 |
|  | Solution 2045 | 21.46 |
|  | Solution 2050 | 22.70 |
|  | Solution 2055 | 17.41 |
|  | Solution 2060 | 19.27 |
|  | Solution 2065 | 11.26 |
|  Voya Investment Management Co. LLC  | Solution 2065 | 27.18 |
|  Voya Retirement Insurance and <br> Annuity Company  | Solution Aggressive | 95.21 |
|  | Solution Balanced | 90.82 |
|  | Solution Conservative | 96.15 |
|  | Solution Income | 52.81 |
|  | Solution Moderately Aggressive | 8.32 |
|  | Solution Moderately Conservative | 99.11 |
|  | Solution 2025 | 68.13 |
|  | Solution 2030 | 77.01 |
|  | Solution 2035 | 73.16 |
|  | Solution 2040 | 79.25 |
|  | Solution 2045 | 77.30 |
|  | Solution 2050 | 77.29 |
|  | Solution 2055 | 82.59 |
|  | Solution 2060 | 80.72 |
|  | Solution 2065 | 61.56 |

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

the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

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| | |
|:---|:---|
| **Portfolio**  | **Amount**  |
| Solution Aggressive | $11368 |
| Solution Balanced | 15716 |
| Solution Conservative | 5750 |
| Solution Income | 106413 |
| Solution Moderately Aggressive | 27815 |
| Solution Moderately Conservative | 20721 |
| Solution 2025 | 222352 |
| Solution 2030 | 25501 |
| Solution 2035 | 275902 |
| Solution 2040 | 31058 |
| Solution 2045 | 300165 |
| Solution 2050 | 40338 |
| Solution 2055 | 168011 |
| Solution 2060 | 50438 |
| Solution 2065 | 9843 |

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#### 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio<sup>(1)</sup>**  | **Class <br> ADV**  | **Class <br> I**  | **Class <br> R6**  | **Class <br> S**  | **Class <br> S2**  | **Class <br> T**  |
| Solution Aggressive | 1.39% | 0.89% | 0.89% | 1.14% | 1.29% | N/A |
| Solution Balanced | 1.30% | 0.80% | 0.80% | 1.05% | 1.20% | N/A |
| Solution Conservative | 1.16% | 0.66% | 0.66% | 0.91% | 1.06% | N/A |
| Solution Income | 1.18% | 0.68% | N/A | 0.93% | 1.08% | 1.38% |
|  Solution Moderately Aggressive  | 1.38% | 0.88% | 0.88% | 1.13% | 1.28% | N/A |
|  Solution Moderately Conservative  | 1.24% | 0.74% | 0.74% | 0.99% | 1.14% | N/A |
| Solution 2025 | 1.28% | 0.78% | N/A | 1.03% | 1.18% | 1.48% |
| Solution 2030 | 1.29% | 0.79% | N/A | 1.04% | 1.19% | 1.49% |
| Solution 2035 | 1.33% | 0.83% | N/A | 1.08% | 1.23% | N/A |
| Solution 2040 | 1.33% | 0.83% | N/A | 1.08% | 1.23% | 1.53% |
| Solution 2045 | 1.36% | 0.86% | N/A | 1.11% | 1.26% | 1.56% |
| Solution 2050 | 1.36% | 0.86% | N/A | 1.11% | 1.26% | 1.56% |
| Solution 2055 | 1.36% | 0.86% | N/A | 1.11% | 1.26% | N/A |
| Solution 2060 | 1.37% | 0.87% | N/A | 1.12% | 1.27% | 1.57% |
| Solution 2065 | 1.37% | 0.87% | N/A | 1.12% | 1.27% | 1.57% |

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NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has further lowered the expense limits for the following Portfolios. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side letter agreements will continue. Termination or modification of this obligation requires approval by the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio<sup>(1)(2)</sup>**  | **Class <br> ADV**  | **Class <br> I**  | **Class <br> S**  | **Class <br> S2**  | **Class <br> T**  |
| Solution 2025 | 1.22% | 0.72% | 0.97% | 1.12% | 1.42% |
| Solution 2030 | 1.22% | 0.72% | 0.97% | 1.12% | 1.42% |
| Solution 2035 | 1.23% | 0.73% | 0.98% | 1.13% | N/A |
| Solution 2040 | 1.23% | 0.73% | 0.98% | 1.13% | 1.43% |
| Solution 2045 | 1.25% | 0.75% | 1.00% | 1.15% | 1.45% |
| Solution 2050 | 1.26% | 0.76% | 1.01% | 1.16% | 1.46% |
| Solution 2055 | 1.28% | 0.78% | 1.03% | 1.18% | N/A |
| Solution 2060 | 1.28% | 0.78% | 1.03% | 1.18% | 1.48% |
| Solution 2065 | 1.28% | 0.78% | 1.03% | 1.18% | 1.48% |

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

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.

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

Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | |
| | **2023**  | **2024**  | **2025**  |<br> **Total**  |
| Solution Aggressive | $14037 | $4182 | $— | $18219 |
| Solution Balanced | 5312 | 90 |  | 5402 |
| Solution Conservative | 33047 | 29745 | 22615 | 85407 |
| Solution Income | 310007 | 270803 | 125402 | 706212 |
|  Solution Moderately Conservative  | 38599 | 34837 | 9633 | 83069 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | |
| | **2023**  | **2024**  | **2025**  |<br> **Total**  |
| **Solution Aggressive** |  |  |  |  |
| Class ADV | $3688 | $4275 | $3353 | $11316 |
| Class I | 356 | 394 | 788 | 1538 |
| Class S | 4005 | 4422 | 2919 | 11346 |
| Class S2 | 1849 | 1596 | 1286 | 4731 |
| **Solution Balanced** |  |  |  |  |
| Class ADV | 6023 | 5606 |  | 11629 |
| Class I | 1469 | 1884 |  | 3353 |
| Class S | 11837 | 12465 |  | 24302 |
| Class S2 | 1316 | 862 |  | 2178 |
| **Solution Conservative** |  |  |  |  |
| Class ADV | 2791 | 3101 | 2969 | 8861 |
| Class I | 200 | 407 | 225 | 832 |
| Class S | 1238 | 1770 | 1597 | 4605 |
| Class S2 | 526 | 986 | 929 | 2441 |
| **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** |
| Class ADV | 5919 | 5600 | 4095 | 15614 |
| Class I | 33 | 71 | 162 | 266 |
| Class S | 16528 | 18389 | 13401 | 48318 |
| Class S2 | 4380 | 4497 | 2989 | 11866 |

---

The Expense Limitation Agreement is contractual through May 1, 2023 for all Portfolios 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 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.

------

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

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

NOTE 8 — LINE OF CREDIT (continued)

The following Portfolios utilized the line of credit during the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio**  | **Days <br> Utilized**  | **Approximate <br> Average <br> Daily <br> Balance For <br> Days Utilized**  | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized**  |
| Solution Income | 2 | $4556000 | 1.69% |
|  Solution Moderately Aggressive  | 5 | 817200 | 2.55 |
|  Solution Moderately Conservative  | 1 | 841000 | 1.58 |
| Solution 2025 | 2 | 640500 | 2.59 |
| Solution 2035 | 3 | 710333 | 2.98 |
| Solution 2045  | 1 | 926000 | 3.33 |

---

#### NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** | **Solution Aggressive** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 102607 |  | 57100 | (105878) | 53829 | 1410157 |  | 668637 | (1363041) | 715753 |
| 12/31/2021 | 61555 |  | 2313 | (65115) | (1247) | 952159 |  | 36612 | (1005199) | (16428) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 54346 |  | 14131 | (12030) | 56447 | 778047 |  | 170848 | (151086) | 797809 |
| 12/31/2021 | 9515 |  | 326 | (1549) | 8292 | 153652 |  | 5299 | (25111) | 133840 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 469429 |  | 292332 | (226701) | 535060 | 6440043 |  | 3534289 | (2844580) | 7129752 |
| 12/31/2021 | 285716 |  | 14236 | (188103) | 111849 | 4569068 |  | 231482 | (2972817) | 1827733 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 34373 |  | 51073 | (118364) | (32918) | 459290 |  | 608278 | (1380219) | (312651) |
| 12/31/2021 | 49740 |  | 2906 | (47375) | 5271 | 771813 |  | 46644 | (751172) | 67285 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 46768 |  | 22673 | (32572) | 36869 | 689788 |  | 263461 | (425044) | 528205 |
| 12/31/2021 | 19489 |  | 689 | (80107) | (59929) | 293503 |  | 10846 | (1193442) | (889093) |
| **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** | **Solution Balanced** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 117846 |  | 177859 | (121217) | 174488 | 1111175 |  | 1517139 | (1043646) | 1584668 |
| 12/31/2021 | 113708 |  | 13943 | (146888) | (19237) | 1242911 |  | 155467 | (1579480) | (181102) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 152286 |  | 73828 | (80158) | 145956 | 1542535 |  | 660757 | (752225) | 1451067 |
| 12/31/2021 | 41710 |  | 5702 | (29023) | 18389 | 479551 |  | 66254 | (326375) | 219430 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 262034 |  | 356601 | (268690) | 349945 | 2544520 |  | 3191581 | (2648728) | 3087373 |
| 12/31/2021 | 326721 |  | 38898 | (419515) | (53896) | 3710784 |  | 451989 | (4762062) | (599289) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 140208 |  | 336758 | (684193) | (207227) | 1361650 |  | 2916323 | (6321147) | (2043174) |
| 12/31/2021 | 319745 |  | 37686 | (186138) | 171293 | 3573955 |  | 425470 | (2110009) | 1889416 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31278 |  | 18842 | (49365) | 755 | 287348 |  | 162982 | (512764) | (62434) |
| 12/31/2021 | 17837 |  | 1858 | (42238) | (22543) | 198924 |  | 20938 | (459963) | (240101) |
| **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** | **Solution Conservative** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 105136 |  | 41759 | (115084) | 31811 | 1161086 |  | 404642 | (1249270) | 316458 |
| 12/31/2021 | 53123 |  | 12311 | (123198) | (57764) | 634400 |  | 146010 | (1468478) | (688068) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 37713 |  | 1233 | (69947) | (31001) | 352146 |  | 12040 | (800291) | (436105) |
| 12/31/2021 | 95445 |  | 1577 | (41279) | 55743 | 1158541 |  | 18829 | (509029) | 668341 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 306820 |  | 100939 | (212682) | 195077 | 3146316 |  | 985167 | (2225107) | 1906376 |
| 12/31/2021 | 221357 |  | 32261 | (110457) | 143161 | 2685988 |  | 385202 | (1330478) | 1740712 |

---

------

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

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

NOTE 9 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 56946 |  | 21995 | (69288) | 9653 | 557961 |  | 214009 | (691000) | 80970 |
| 12/31/2021 | 51005 |  | 8305 | (62536) | (3226) | 616065 |  | 98834 | (747010) | (32111) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 36712 |  | 12888 | (17557) | 32043 | 357395 |  | 123465 | (190910) | 289950 |
| 12/31/2021 | 21088 |  | 4528 | (43807) | (18191) | 248907 |  | 53159 | (519487) | (217421) |
| **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** | **Solution Income** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 247438 |  | 1655015 | (2110587) | (208134) | 2710807 |  | 16285351 | (22572300) | (3576142) |
| 12/31/2021 | 675984 |  | 735821 | (1846022) | (434217) | 8686612 |  | 9308131 | (23814304) | (5819561) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 222115 |  | 458446 | (769422) | (88861) | 2497117 |  | 4639474 | (8486794) | (1350203) |
| 12/31/2021 | 487391 |  | 208364 | (1169532) | (473777) | 6476050 |  | 2702478 | (15589002) | (6410474) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 353718 |  | 1122068 | (1127238) | 348548 | 3955084 |  | 11265563 | (12120844) | 3099803 |
| 12/31/2021 | 401543 |  | 504948 | (1771685) | (865194) | 5303129 |  | 6498676 | (23267459) | (11465654) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 25453 |  | 51313 | (168446) | (91680) | 280537 |  | 499785 | (1881244) | (1100922) |
| 12/31/2021 | 117603 |  | 31933 | (112576) | 36960 | 1529126 |  | 399483 | (1445471) | 483138 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 170 |  | 1202 | (3667) | (2295) | 2119 |  | 13056 | (39955) | (24780) |
| 12/31/2021 | 538 |  | 422 | (3174) | (2214) | 7468 |  | 5816 | (44676) | (31392) |
| **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 192384 |  | 368873 | (297254) | 264003 | 2383363 |  | 3961692 | (3314369) | 3030686 |
| 12/31/2021 | 219131 |  | 24650 | (350681) | (106900) | 3085826 |  | 356936 | (4997545) | (1554783) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 98611 |  | 67988 | (56276) | 110323 | 1112918 |  | 749224 | (715867) | 1146275 |
| 12/31/2021 | 34732 |  | 6360 | (64880) | (23788) | 504927 |  | 94189 | (959559) | (360443) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 485853 |  | 441036 | (326002) | 600887 | 5864773 |  | 4855809 | (3637537) | 7083045 |
| 12/31/2021 | 417375 |  | 32826 | (273853) | 176348 | 6100490 |  | 485492 | (3888342) | 2697640 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 124566 |  | 6983978 | (5413025) | 1695519 | 1481913 |  | 75915836 | (65913365) | 11484384 |
| 12/31/2021 | 75126 |  | 615931 | (5635898) | (4944841) | 1061875 |  | 9011067 | (80914364) | (70841422) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 25576 |  | 17313 | (67465) | (24576) | 312079 |  | 188708 | (860481) | (359694) |
| 12/31/2021 | 41980 |  | 1922 | (18980) | 24922 | 580816 |  | 28117 | (263764) | 345169 |
| **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** | **Solution Moderately Conservative** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 109430 |  | 94858 | (72162) | 132126 | 1053272 |  | 825261 | (681120) | 1197413 |
| 12/31/2021 | 53984 |  | 10895 | (152616) | (87737) | 603076 |  | 122461 | (1716450) | (990913) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5118 |  | 3090 | (17161) | (8953) | 53288 |  | 28239 | (193344) | (111817) |
| 12/31/2021 | 27936 |  | 108 | (677) | 27367 | 331441 |  | 1270 | (7730) | 324981 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 416500 |  | 162372 | (252811) | 326061 | 4352664 |  | 1484083 | (2593498) | 3243249 |
| 12/31/2021 | 252719 |  | 22090 | (230125) | 44684 | 2954723 |  | 259334 | (2694834) | 519223 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 125647 |  | 292473 | (444030) | (25910) | 1235185 |  | 2600087 | (4252610) | (417338) |
| 12/31/2021 | 141640 |  | 42047 | (194521) | (10834) | 1614812 |  | 481441 | (2206455) | (110202) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 16956 |  | 67146 | (35138) | 48964 | 163600 |  | 585512 | (368329) | 380783 |
| 12/31/2021 | 30748 |  | 9919 | (102412) | (61745) | 338573 |  | 111682 | (1148863) | (698608) |
| **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** | **Solution 2025** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 930052 |  | 4062994 | (3285316) | 1707730 | 9684577 |  | 35835604 | (33235057) | 12285124 |
| 12/31/2021 | 1196751 |  | 1404900 | (4098268) | (1496617) | 14923433 |  | 17210023 | (51142877) | (19009421) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 531432 |  | 1122413 | (874019) | 779826 | 5601756 |  | 10292530 | (9164423) | 6729863 |
| 12/31/2021 | 720869 |  | 368787 | (2292768) | (1203112) | 9297777 |  | 4665157 | (29932125) | (15969191) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1011919 |  | 5312075 | (2870205) | 3453789 | 10144070 |  | 47861792 | (29257206) | 28748656 |
| 12/31/2021 | 1636001 |  | 1797330 | (3746456) | (313125) | 20835014 |  | 22412706 | (47528117) | (4280397) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 62789 |  | 190355 | (290113) | (36969) | 624733 |  | 1648478 | (2883867) | (610656) |
| 12/31/2021 | 191987 |  | 70522 | (120329) | 142180 | 2408557 |  | 851206 | (1476600) | 1783163 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 62 |  | 6030 | (4695) | 1397 | 764 |  | 57591 | (45813) | 12542 |
| 12/31/2021 | 6239 |  | 1780 | (13338) | (5319) | 81702 |  | 23232 | (179193) | (74259) |

---

------

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

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

NOTE 9 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** | **Solution 2030** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 329277 |  | 326281 | (308952) | 346606 | 4910465 |  | 4143769 | (4663684) | 4390550 |
| 12/31/2021 | 357147 |  | 33523 | (329507) | 61163 | 6220950 |  | 591672 | (5803659) | 1008963 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 175162 |  | 167817 | (197446) | 145533 | 2572721 |  | 2220217 | (2584018) | 2208920 |
| 12/31/2021 | 166972 |  | 19272 | (342047) | (155803) | 3003862 |  | 351715 | (6190361) | (2834784) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 354289 |  | 243075 | (205616) | 391748 | 5345926 |  | 3184277 | (3125336) | 5404867 |
| 12/31/2021 | 226647 |  | 27908 | (321691) | (67136) | 4063787 |  | 505140 | (5813976) | (1245049) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18810 |  | 9685 | (60351) | (31856) | 281975 |  | 124937 | (991423) | (584511) |
| 12/31/2021 | 51020 |  | 1901 | (3850) | 49071 | 909309 |  | 33902 | (68713) | 874498 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 203 |  | 696 | (3689) | (2790) | 3382 |  | 8820 | (46912) | (34710) |
| 12/31/2021 | 454 |  | 63 | (173) | 344 | 7882 |  | 1109 | (3017) | 5974 |
| **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 880987 |  | 3925475 | (2357700) | 2448762 | 8916619 |  | 35407781 | (24829275) | 19495125 |
| 12/31/2021 | 887309 |  | 1048377 | (3174158) | (1238472) | 11453592 |  | 13377292 | (40852909) | (16022025) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 645835 |  | 1459285 | (543528) | 1561592 | 6786206 |  | 13702686 | (5728964) | 14759928 |
| 12/31/2021 | 946521 |  | 350560 | (2924583) | (1627502) | 12559297 |  | 4627389 | (39239255) | (22052569) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1588141 |  | 6822453 | (1914341) | 6496253 | 16454174 |  | 62903021 | (20213699) | 59143496 |
| 12/31/2021 | 1592622 |  | 1712038 | (3025225) | 279435 | 20942710 |  | 22256496 | (39775963) | 3423243 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 86403 |  | 240986 | (253411) | 73978 | 863417 |  | 2096580 | (2776254) | 183743 |
| 12/31/2021 | 189683 |  | 69584 | (166075) | 93192 | 2413853 |  | 862848 | (2071180) | 1205521 |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1 |  | 317 | (1990) | (1672) | 10 |  | 3120 | (19916) | (16786) |
| 12/31/2021 | 471 |  | 85 | (39752) | (39196) | 6415 |  | 1154 | (548057) | (540488) |
| **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 268004 |  | 236046 | (229585) | 274465 | 4033607 |  | 3094561 | (3977088) | 3151080 |
| 12/31/2021 | 230749 |  | 20996 | (275542) | (23797) | 4373331 |  | 401451 | (5211010) | (436228) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 234772 |  | 167040 | (108094) | 293718 | 4038534 |  | 2285111 | (1716036) | 4607609 |
| 12/31/2021 | 176548 |  | 14090 | (397118) | (206480) | 3394552 |  | 278849 | (7701423) | (4028022) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 266993 |  | 207313 | (88844) | 385462 | 4010610 |  | 2796647 | (1311748) | 5495509 |
| 12/31/2021 | 220498 |  | 16766 | (164535) | 72729 | 4278546 |  | 328275 | (3177367) | 1429454 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 34455 |  | 27827 | (36771) | 25511 | 536157 |  | 366210 | (610396) | 291971 |
| 12/31/2021 | 38077 |  | 2447 | (6354) | 34170 | 727754 |  | 46978 | (118433) | 656299 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 |  |  | 93 | (445) | (352) |  |  | 1225 | (5892) | (4667) |
| 12/31/2021 | 133 |  | 8 | (2292) | (2151) | 2460 |  | 145 | (42777) | (40172) |
| **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 912227 |  | 3235589 | (1795592) | 2352224 | 9022982 |  | 28246695 | (18599146) | 18670531 |
| 12/31/2021 | 845600 |  | 1127891 | (2239730) | (266239) | 11083381 |  | 14358057 | (29328049) | (3886611) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 638099 |  | 1336661 | (501543) | 1473217 | 6705577 |  | 12243814 | (5149381) | 13800010 |
| 12/31/2021 | 682994 |  | 422781 | (2789732) | (1683957) | 9295851 |  | 5597625 | (38154366) | (23260890) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1614377 |  | 6088241 | (1119911) | 6582707 | 16939333 |  | 54307105 | (11313750) | 59932688 |
| 12/31/2021 | 1083001 |  | 1951062 | (1797621) | 1236442 | 14374392 |  | 25285757 | (23822326) | 15837823 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 77102 |  | 160405 | (347277) | (109770) | 798167 |  | 1374674 | (3990360) | (1817519) |
| 12/31/2021 | 331093 |  | 78997 | (128843) | 281247 | 4394706 |  | 990625 | (1648553) | 3736778 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 168 |  | 3264 | (9940) | (6508) | 2129 |  | 30620 | (94118) | (61369) |
| 12/31/2021 | 781 |  | 1065 | (878) | 968 | 10672 |  | 14354 | (11995) | 13031 |

---

------

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

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

NOTE 9 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 180541 |  | 225150 | (133784) | 271907 | 2703855 |  | 2999006 | (2208060) | 3494801 |
| 12/31/2021 | 163733 |  | 20535 | (291113) | (106845) | 3218451 |  | 407828 | (5729756) | (2103477) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 173124 |  | 151604 | (99280) | 225448 | 2768411 |  | 2120940 | (1557791) | 3331560 |
| 12/31/2021 | 144521 |  | 14182 | (313274) | (154571) | 2933406 |  | 292715 | (6314663) | (3088542) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 266219 |  | 162626 | (77969) | 350876 | 4102973 |  | 2232853 | (1229292) | 5106534 |
| 12/31/2021 | 115952 |  | 13083 | (117677) | 11358 | 2337815 |  | 266356 | (2365351) | 238820 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14823 |  | 10301 | (27427) | (2303) | 236890 |  | 138857 | (484997) | (109250) |
| 12/31/2021 | 34601 |  | 1412 | (10295) | 25718 | 691669 |  | 28288 | (204476) | 515481 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 |  |  | 95 | (417) | (322) |  |  | 1280 | (5661) | (4381) |
| 12/31/2021 |  |  | 8 | (29) | (21) |  |  | 157 | (573) | (416) |
| **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 617543 |  | 1047325 | (649112) | 1015756 | 6865854 |  | 10473247 | (7871214) | 9467887 |
| 12/31/2021 | 441406 |  | 556051 | (800323) | 197134 | 6939080 |  | 8173952 | (12437823) | 2675209 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 433638 |  | 521632 | (197458) | 757812 | 5155947 |  | 5456273 | (2390532) | 8221688 |
| 12/31/2021 | 359722 |  | 230385 | (1061900) | (471793) | 5805593 |  | 3511066 | (17214017) | (7897358) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 876908 |  | 1673207 | (231703) | 2318412 | 9957044 |  | 16966319 | (2730157) | 24193206 |
| 12/31/2021 | 635802 |  | 792083 | (656547) | 771338 | 10071477 |  | 11778271 | (10166962) | 11682786 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 81662 |  | 66547 | (179255) | (31046) | 993242 |  | 671464 | (2406422) | (741716) |
| 12/31/2021 | 138026 |  | 47488 | (33529) | 151985 | 2245802 |  | 701880 | (522613) | 2425069 |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1 |  | 397 | (1903) | (1505) | 11 |  | 4152 | (19977) | (15814) |
| 12/31/2021 | 105 |  | 186 | (756) | (465) | 1630 |  | 2823 | (12573) | (8120) |
| **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 245375 |  | 215593 | (147630) | 313338 | 2734638 |  | 2117124 | (1675361) | 3176401 |
| 12/31/2021 | 192852 |  | 19178 | (196910) | 15120 | 2782491 |  | 278652 | (2835213) | 225930 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 205948 |  | 145354 | (68877) | 282425 | 2344862 |  | 1463715 | (814956) | 2993621 |
| 12/31/2021 | 160272 |  | 13432 | (329261) | (155557) | 2340656 |  | 199058 | (4758971) | (2219257) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 257461 |  | 179379 | (74495) | 362345 | 2803389 |  | 1768677 | (880663) | 3691403 |
| 12/31/2021 | 193794 |  | 15877 | (184676) | 24995 | 2767125 |  | 231483 | (2629097) | 369511 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31360 |  | 16739 | (52035) | (3936) | 362329 |  | 164547 | (655274) | (128398) |
| 12/31/2021 | 52152 |  | 2231 | (7578) | 46805 | 757943 |  | 32424 | (108984) | 681383 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 |  |  | 108 |  | 108 |  |  | 1062 |  | 1062 |
| 12/31/2021 |  |  | 9 | (29) | (20) |  |  | 138 | (413) | (275) |
| **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 109574 |  | 14680 | (33192) | 91062 | 1111961 |  | 135293 | (340005) | 907249 |
| 12/31/2021 | 50556 |  | 15228 | (20839) | 44945 | 647774 |  | 182982 | (262122) | 568634 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 116490 |  | 17896 | (13905) | 120481 | 1177964 |  | 165109 | (140636) | 1202437 |
| 12/31/2021 | 44094 |  | 16672 | (9783) | 50983 | 568820 |  | 200792 | (127336) | 642276 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 212193 |  | 27300 | (27274) | 212219 | 2112687 |  | 251152 | (273061) | 2090778 |
| 12/31/2021 | 110904 |  | 23596 | (13688) | 120812 | 1424530 |  | 283529 | (171152) | 1536907 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12290 |  | 1013 | (7826) | 5477 | 132024 |  | 9345 | (83470) | 57899 |
| 12/31/2021 | 6571 |  | 1107 | (394) | 7284 | 84190 |  | 13310 | (5017) | 92483 |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 |  |  | 25 |  | 25 |  |  | 232 |  | 232 |
| 12/31/2021 |  |  | 39 |  | 39 |  |  | 472 |  | 472 |

---

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

Class T was fully redeemed on August 5, 2022.

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

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

#### NOTE 10 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, futures contracts and wash sale deferrals.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2021**  |
| | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  |
| Solution Aggressive  | $1707659 | $3537854 | $330883 | $— |
| Solution Balanced | 3421744 | 5027038 | 1120118 |  |
|  Solution Conservative  | 984362 | 754961 | 628379 | 73655 |
| Solution Income | 14498810 | 18204860 | 12324645 | 6590155 |
|  Solution Moderately <br> Aggressive  | 24092582 | 61578687 | 9975801 |  |
|  Solution Moderately <br> Conservative  | 2769129 | 2754053 | 976188 |  |
| Solution 2025 | 35127802 | 60568193 | 28643871 | 16518453 |
| Solution 2030 | 3473710 | 6209208 | 1454818 | 28849 |
| Solution 2035 | 37722235 | 76390953 | 28980536 | 12144643 |
| Solution 2040 | 2937353 | 5607460 | 904629 | 151200 |
| Solution 2045 | 32695095 | 63507813 | 26216481 | 20029937 |
| Solution 2050 | 2443657 | 5050490 | 597936 | 397553 |
| Solution 2055 | 12598299 | 20973156 | 11699237 | 12468755 |
| Solution 2060 | 1897650 | 3617475 | 368140 | 373615 |
| Solution 2065 | 222177 | 338954 | 399683 | 281402 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital Gains**  | **Post-October <br> Capital Losses <br> Deferred**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| Solution Aggressive | $777740 | $1285446 | $— | $(6122917) | $(4059731) |
| Solution Balanced | 1916558 | 3009619 |  | (10894473) | (5968296) |
| Solution Conservative | 447131 | 178167 |  | (2824602) | (2199304) |
| Solution Income | 5573358 | 1678626 |  | (37548506) | (30296522) |
| Solution Moderately Aggressive | 15230710 | 25129308 |  | (79531603) | (39171585) |
| Solution Moderately Conservative | 998869 | 812775 |  | (6899447) | (5087803) |
| Solution 2025 | 11598310 | 7593502 |  | (92036177) | (72844365) |
| Solution 2030 | 1284843 | 779351 |  | (10202880) | (8138686) |
| Solution 2035 | 18418286 | 17491477 |  | (102335220) | (66425457) |
| Solution 2040 | 1292009 | 961132 |  | (8487676) | (6234535) |
| Solution 2045 | 13846180 | 20990595 |  | (88262859) | (53426084) |
| Solution 2050 | 994090 | 922998 |  | (6831190) | (4914102) |
| Solution 2055 | 4495168 | 3403919 |  | (29668891) | (21769804) |
| Solution 2060 | 730176 | 572576 |  | (5335628) | (4032876) |
| Solution 2065 |  |  | (98042) | (1522935) | (1620977) |

---

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

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

As of December 31, 2022, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

#### NOTE 11 — LONDON INTERBANK OFFERED RATE ("LIBOR")
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the

administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative

------

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

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

NOTE 11 — 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).

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 12 — MARKET DISRUPTION
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S.. Wars, terrorism,

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

#### NOTE 13 — SUBSEQUENT EVENTS
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

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

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 11.6%** | **EXCHANGE-TRADED FUNDS: 11.6%** | **EXCHANGE-TRADED FUNDS: 11.6%** | **EXCHANGE-TRADED FUNDS: 11.6%** |
| 5780 | iShares 20+ Year Treasury <br> Bond ETF | $575457 | 2 |
| 3280 | iShares Russell 2000 ETF | 571901 | 2 |
| 13848 | Vanguard FTSE Developed <br> Markets ETF | 581201 | 2 |
| 23224 | Vanguard Russell 1000 Growth <br> ETF | 1280106 | 4.6 |
| 3961 | Vanguard Short-Term <br> Bond ETF | 298184 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $3,736,365)  | **3306849** | 11.6 |
| **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** |
|  | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** |
| 117110 | Voya Intermediate Bond <br> Fund - Class R6 | 1001294 | 3.5 |
| 110139 | Voya Large Cap Value <br> Portfolio - Class R6 | 573823 | 2 |
| 103185 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 885329 | 3.1 |
| 132461 | Voya Multi-Manager International <br> Equity Fund - Class I  | 1170952 | 4.1 |
| 145715 | Voya Multi-Manager International <br> Factors Fund - Class I | 1174465 | 4.1 |
| 179194 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 1569736 | 5.5 |
| 16010 | Voya Short Term Bond <br> Fund - Class R6 | 147448 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 25858 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | $851511 | 3.0 |
| 90130 | Voya Small Company <br> Fund - Class R6 | 1152759 | 4.0 |
| 702699 | Voya U.S. Stock Index <br> Portfolio - Class I | 11088597 | 38.8 |
| 61789 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 1293866 | 4.5 |
| 58179 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 1445746 | 5.1 |
| 181635 | VY<sup>®</sup> T. Rowe Price <br> Diversified Mid Cap Growth <br> Portfolio - Class R6 | 1558425 | 5.4 |
| 23240 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I  | 1367928 | 4.8 |
|  | Total Mutual Funds <br> (Cost $29,422,241)  | **25281879** | 88.4 |
|  | **Total Investments in <br> Securities <br> (Cost $33,158,606)**  | $**28588728** | **100.0** |
|  | **Assets in Excess of Other <br> Liabilities**  | **13974** | **0.0** |
|  | **Net Assets** | $**28602702** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $3306849 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $3306849 |
| Mutual Funds | 25281879 |  |  | 25281879 |
| Total Investments, at fair value | $28588728 | $— | $— | $28588728 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Intermediate Bond Fund - Class R6 | $— | $1232263 | $(189247) | $(41722) | $1001294 | $12240 | $(9830) | $64 |
| Voya Large Cap Value Portfolio - Class R6 |  | 1118525 | (319768) | (224934) | 573823 | 9491 | (160771) | 342839 |
| Voya Government Money Market Portfolio - Class I  |  |  |  |  |  | 2467 |  |  |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 902854 | 1045788 | (1173172) | 109859 | 885329 | 24289 | (446325) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 3707194 | 1017089 | (3665045) | 111714 | 1170952 | 14054 | (982862) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 942121 | 1466730 | (1082977) | (151409) | 1174465 | 41153 | (175125) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1795209 | 633807 | (496225) | (363055) | 1569736 | 24587 | 28550 | 101681 |
| Voya Short Term Bond Fund - Class R6 |  | 1145684 | (995291) | (2945) | 147448 | 4755 | (12440) |  |
| Voya Small Cap Growth Fund - Class R6 |  | 1045187 | (138562) | (55114) | 851511 |  | (7904) |  |
| Voya Small Company Fund - Class R6 |  | 1403473 | (167738) | (82976) | 1152759 | 5414 | (16595) |  |
| Voya U.S. Stock Index Portfolio - Class I | 7235150 | 8553439 | (1991677) | (2708315) | 11088597 | 154964 | 246766 | 739265 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I | 2421072 | 949465 | (2873182) | (497355) |  | 11339 | (185654) | 319808 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1952542 | 581202 | (839314) | (400564) | 1293866 | 23496 | 403735 | 3495 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 1296039 | 687878 | (1757055) | (226862) |  | 75 | (173736) | 217485 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 1591887 | 642252 | (390837) | (397556) | 1445746 | 23062 | (11646) | 186239 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 1689862 | 1122277 | (453368) | (800346) | 1558425 |  | (68986) | 412894 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | 2355878 | 1537104 | (1518762) | (1006292) | 1367928 |  | (187268) | 271752 |
|  | $25889808 | $24182163 | $(18052220) | $(6737872) | $25281879 | $351386 | $(1760091) | $2595522 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $34,711,645. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $88740 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (6211657) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(6122917) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 7.1%** | **EXCHANGE-TRADED FUNDS: 7.1%** | **EXCHANGE-TRADED FUNDS: 7.1%** | **EXCHANGE-TRADED FUNDS: 7.1%** |
| 15025 | iShares 20+ Year Treasury <br> Bond ETF | $1495889 | 3.1 |
| 5684 | iShares Russell 2000 ETF | 991062 | 2.0 |
| 17889 | Vanguard Russell 1000 Growth <br> ETF | 986042 | 2.0 |
|  | Total Exchange-Traded Funds <br> (Cost $4,298,344)  | **3472993** | 7.1 |
| **MUTUAL FUNDS: 93.0%** | **MUTUAL FUNDS: 93.0%** | **MUTUAL FUNDS: 93.0%** | **MUTUAL FUNDS: 93.0%** |
|  | **Affiliated Investment Companies: 93.0%** | **Affiliated Investment Companies: 93.0%** | **Affiliated Investment Companies: 93.0%** |
| 1012194 | Voya Intermediate Bond <br> Fund - Class R6 | 8654261 | 17.7 |
| 327161 | Voya Large Cap Value <br> Portfolio - Class R6 | 1704510 | 3.5 |
| 289657 | Voya MidCap Opportunities <br> Portfolio - Class R6 | 1190488 | 2.4 |
| 116614 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 1000544 | 2.0 |
| 85280 | Voya Multi-Manager International <br> Equity Fund - Class I | 753875 | 1.5 |
| 93962 | Voya Multi-Manager International <br> Factors Fund - Class I  | 757334 | 1.6 |
| 138247 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 1211046 | 2.5 |
| 353745 | Voya Short Term Bond <br> Fund - Class R6 | 3257996 | 6.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 14256 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | $469443 | 1 |
| 75031 | Voya Small Company <br> Fund - Class R6 | 959652 | 2 |
| 795459 | Voya U.S. Stock Index <br> Portfolio - Class I | 12552350 | 25.7 |
| 420290 | VY<sup>®</sup> BrandywineGLOBAL - Bond <br> Portfolio - Class I | 3904490 | 8 |
| 81587 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 1708426 | 3.5 |
| 197601 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - Class R6 | 4910377 | 10.1 |
| 39443 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 2321603 | 4.8 |
|  | Total Mutual Funds <br> (Cost $53,059,625)  | **45356395** | 93.0 |
|  | **Total Investments in <br> Securities <br> (Cost $57,357,969)**  | $**48829388** | **100.1** |
|  | **Liabilities in Excess of <br> Other Assets**  | **(30143)** | **(0.1)** |
|  | **Net Assets** | $**48799245** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $3472993 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $3472993 |
| Mutual Funds | 45356395 |  |  | 45356395 |
| Total Investments, at fair value | $48829388 | $— | $— | $48829388 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya High Yield Bond Fund - Class R6 | $5144876 | $39542 | $(4878861) | $(305557) | $— | $22193 | $163222 | $— |
| Voya Intermediate Bond Fund - Class R6 | 7001195 | 6666961 | (3872892) | (1141003) | 8654261 | 236392 | (411854) | 15 |
| Voya Government Money Market Portfolio - Class I |  |  |  |  |  | 5116 |  |  |
| Voya Large Cap Value Portfolio - Class R6 |  | 3311289 | (906002) | (700777) | 1704510 | 28116 | (508655) | 1080666 |
| Voya MidCap Opportunities Portfolio - Class R6 | 1514295 | 1369797 | (1162678) | (530926) | 1190488 |  | (761487) | 901840 |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 1213652 | 838601 | (1218934) | 167225 | 1000544 | 21199 | (549144) |  |
| Voya Multi-Manager International Equity Fund - Class I  | 3123731 | 563148 | (2843643) | (89361) | 753875 | 12206 | (569806) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 1905827 | 339018 | (1211035) | (276476) | 757334 | 36084 | (62325) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1650784 | 281183 | (381654) | (339267) | 1211046 | 19513 | 65060 | 80695 |
| Voya Short Term Bond Fund - Class R6 | 1269161 | 3963056 | (1908639) | (65582) | 3257996 | 51129 | (77909) |  |
| Voya Small Cap Growth Fund - Class R6 |  | 599170 | (98821) | (30906) | 469443 |  | (4969) | 12 |
| Voya Small Company Fund - Class R6 |  | 1212209 | (181522) | (71035) | 959652 | 4512 | (13893) |  |
| Voya U.S. High Dividend Low Volatility Fund - Class R6  | 2311685 | 97090 | (2613760) | 204985 |  | 11926 | (245600) |  |
| Voya U.S. Stock Index Portfolio - Class I | 9399043 | 8676001 | (2184864) | (3337830) | 12552350 | 175434 | 381736 | 919613 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 4438792 | 1987934 | (1789551) | (732685) | 3904490 | 42306 | (82054) | 212811 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I | 2287438 | 587129 | (2537744) | (336823) |  | 10887 | (315676) | 307045 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 2280738 | (519524) | (52788) | 1708426 | 31026 | (13507) | 4847 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 1274840 | 404654 | (1689137) | 9643 |  | 67 | (372516) | 196354 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 6445109 | 1283465 | (1279227) | (1538970) | 4910377 | 78373 | 62678 | 670868 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 4410894 | 1994377 | (2123327) | (1960341) | 2321603 |  | (149462) | 485949 |
|  | $53391322 | $36495362 | $(33401815) | $(11128474) | $45356395 | $786479 | $(3466161) | $4860715 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $59,723,861. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $— |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (10894473) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(10894473) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 10.0%** | **EXCHANGE-TRADED FUNDS: 10.0%** | **EXCHANGE-TRADED FUNDS: 10.0%** | **EXCHANGE-TRADED FUNDS: 10.0%** |
| 4749 | iShares 20+ Year <br> Treasury Bond ETF | $472810 | 3 |
| 1796 | iShares Russell 2000 ETF | 313151 | 2 |
| 6213 | Schwab U.S. TIPS ETF | 321771 | 2 |
| 5654 | Vanguard Russell 1000 Growth <br> ETF | 311649 | 2 |
| 2170 | Vanguard Short-Term Bond <br> ETF | 163358 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $1,822,310) | **1582739** | 10.0 |
| **MUTUAL FUNDS: 90.0%** | **MUTUAL FUNDS: 90.0%** | **MUTUAL FUNDS: 90.0%** | **MUTUAL FUNDS: 90.0%** |
|  | **Affiliated Investment Companies: 90.0%** | **Affiliated Investment Companies: 90.0%** | **Affiliated Investment Companies: 90.0%** |
| 110721 | Voya Global Bond Fund - <br> Class R6 | 804940 | 5.1 |
| 121416 | Voya High Yield Bond Fund - <br> Class R6 | 797703 | 5 |
| 408517 | Voya Intermediate Bond Fund - <br> Class R6 | 3492823 | 22.1 |
| 37215 | Voya MidCap Opportunities <br> Portfolio - Class R6 | 152952 | 1 |
| 17760 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 155577 | 1 |
| 374614 | Voya Short Term Bond Fund - <br> Class R6 | 3450192 | 21.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 84294 | Voya U.S. High Dividend Low <br> Volatility Fund - Class R6 | $858115 | 5.4 |
| 20381 | Voya U.S. Stock Index <br> Portfolio - Class I | 321619 | 2.0 |
| 260922  | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 2423965 | 15.3 |
| 63396 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 1575398 | 10.0 |
| 3577 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 210545 | 1.3 |
|  | Total Mutual Funds <br> (Cost $16,066,583) | **14243829** | 90.0 |
|  | **Total Investments in <br> Securities <br> (Cost $17,888,893)** | $**15826568** | **100.0** |
|  | **Assets in Excess of <br> Other Liabilities** | **6929** | **0.0** |
|  | **Net Assets** | $**15833497** | **100.0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $1582739 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1582739 |
| Mutual Funds | 14243829 |  |  | 14243829 |
| Total Investments, at fair value | $15826568 | $— | $— | $15826568 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change <br> in Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Global Bond Fund - Class R6 | $874620 | $301321 | $(238643) | $(132358) | $804940 | $5719 | $(23573) | $— |
| Voya High Yield Bond Fund - Class R6 | 2319172 | 357102 | (1621240) | (257331) | 797703 | 54179 | 33100 | 10900 |
| Voya Intermediate Bond Fund - Class R6 | 3267297 | 2604784 | (1995456) | (383802) | 3492823 | 93367 | (246427) |  |
| Voya MidCap Opportunities Portfolio - Class R6 | 168349 | 195237 | (182486) | (28148) | 152952 |  | (119399) | 104209 |
| Voya Multi-Manager International Equity Fund - Class I | 173275 | 33372 | (225964) | 19317 |  |  | (49024) |  |
| Voya Multi-Manager International Factors Fund - Class I  | 352453 | 74878 | (436512) | 9181 |  |  | (75756) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 182839 | 65902 | (62252) | (30912) | 155577 | 2420 | (240) | 10008 |
| Voya Short Term Bond Fund - Class R6 | 2992574 | 2428908 | (1824444) | (146846) | 3450192 | 63037 | (75261) |  |
| Voya U.S. High Dividend Low Volatility Fund - Class R6  | 368389 | 1041735 | (493073) | (58936) | 858115 | 18546 | (58909) | 83071 |
| Voya U.S. Stock Index Portfolio - Class I | 733232 | 388101 | (760663) | (39051) | 321619 | 4366 | (21180) |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 2726672 | 926468 | (813588) | (415587) | 2423965 | 23528 | (34861) | 118355 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 1788093 | 732930 | (517661) | (427964) | 1575398 | 25043 | 8418 | 192586 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 262989 | 349329 | (374339) | (27434) | 210545 |  | (137446) | 42119 |
|  | $16209954 | $9500067 | $(9546321) | $(1919871) | $14243829 | $290205 | $(800558) | $561248 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $18,651,170. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $2175 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (2826777) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(2824602) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 14.0%** | **EXCHANGE-TRADED FUNDS: 14.0%** | **EXCHANGE-TRADED FUNDS: 14.0%** | **EXCHANGE-TRADED FUNDS: 14.0%** |
| 61437 | iShares 20+ Year Treasury <br> Bond ETF | $6116668 | 3 |
| 241144 | Schwab U.S. TIPS ETF | 12488848 | 6 |
| 99446 | Vanguard FTSE Developed <br> Markets ETF | 4173748 | 2 |
| 73147 | Vanguard Russell 1000 <br> Growth ETF | 4031863 | 2 |
| 28072 | Vanguard Short-Term Bond <br> ETF | 2113260 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $32,719,277)  | **28924387** | 14.0 |
| **MUTUAL FUNDS: 85.8%** | **MUTUAL FUNDS: 85.8%** | **MUTUAL FUNDS: 85.8%** | **MUTUAL FUNDS: 85.8%** |
|  | **Affiliated Investment Companies: 85.8%** | **Affiliated Investment Companies: 85.8%** | **Affiliated Investment Companies: 85.8%** |
| 866782 | Voya Global Bond Fund - <br> Class R6 | 6301508 | 3 |
| 633677 | Voya High Yield Bond Fund - <br> Class R6 | 4163256 | 2 |
| 5937803 | Voya Intermediate Bond <br> Fund - Class R6 | 50768216 | 24.6 |
| 490800 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 4211066 | 2 |
| 472129 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 4173620 | 2 |
| 519413 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 4186466 | 2 |
| 231580 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I  | 2028643 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 2614272 | Voya Short Term Bond Fund - <br> Class R6 | $24077444 | 11.7 |
| 910157 | Voya U.S. High Dividend Low <br> Volatility Fund - Class R6 | 9265394 | 4.5 |
| 761010 | Voya U.S. Stock Index <br> Portfolio - Class I | 12008742 | 5.8 |
| 3075207 | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 28568674 | 13.8 |
| 826973 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 20550288 | 10 |
| 234691 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 2013650 | 1 |
| 82898 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 4879402 | 2.4 |
|  | Total Mutual Funds |  |  |
|  | (Cost $205,699,946) | **177196369** | 85.8 |
|  | **Total Investments in <br> Securities <br> (Cost $238,419,223)**  | $**206120756** | **99.8** |
|  | **Assets in Excess of <br> Other Liabilities**  | **345721** | **0.2** |
|  | **Net Assets** | $**206466477** | **100.0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $28924387 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $28924387 |
| Mutual Funds | 177196369 |  |  | 177196369 |
| Total Investments, at fair value | $206120756 | $— | $— | $206120756 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 167649 |  |  | 167649 |
| Total Assets | $206288405 | $— | $— | $206288405 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(145806) | $— | $— | $(145806) |
| Total Liabilities | $(145806) | $— | $— | $(145806) |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

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

+ <br>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 46  | 03/17/23 | $4073070 | $(145806) |
|  |  |  | $4073070 | $(145806) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (22)  | 03/17/23 | (2144340) | 77728 |
| S&P 500<sup>®</sup> E-Mini | (11)  | 03/17/23 | (2123550) | 89921 |
|  |  |  | $(4267890) | $167649 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Global Bond Fund - Class R6 | $8385124 | $600591 | $(1108168) | $(1576039) | $6301508 | $44859 | $86061 | $— |
| Voya High Yield Bond Fund - Class R6 | 14255725 | 555319 | (8818449) | (1829339) | 4163256 | 286347 | 660975 | 57506 |
| Voya Intermediate Bond Fund - Class R6 | 72983404 | 17581061 | (31368539) | (8427710) | 50768216 | 1725976 | (4298127) |  |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 5415735 | 3229090 | (3765736) | (668023) | 4211066 | 86701 | (1014446) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 5536354 | 1073264 | (1204341) | (1231657) | 4173620 | 50323 | (41073) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 14074329 | 1435770 | (9665111) | (1658522) | 4186466 | 147381 | (1217656) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2931891 | 307577 | (875548) | (335277) | 2028643 | 31917 | (141014) | 131995 |
| Voya Short Term Bond Fund - Class R6 | 28230724 | 10573031 | (13392654) | (1333657) | 24077444 | 512750 | (655633) |  |
|  Voya U.S. High Dividend Low Volatility Fund - Class R6  | 6435103 | 7120233 | (2776264) | (1513678) | 9265394 | 218807 | 51322 | 907367 |
| Voya U.S. Stock Index Portfolio - Class I | 11478806 | 12630839 | (9211784) | (2889119) | 12008742 | 167168 | 752975 | 464778 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I  | 39351812 | 3137519 | (7557968) | (6362689) | 28568674 | 323047 | 160567 | 1624977 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 28571446 | 4215175 | (5631182) | (6605151) | 20550288 | 331571 | 166470 | 2927643 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 2752028 | 1170154 | (1021749) | (886783) | 2013650 |  | (358471) | 561605 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | 6841156 | 4109861 | (2015351) | (4056264) | 4879402 |  | 40734 | 1012873 |
|  | $247243637 | $67739484 | $(98412844) | $(39373908) | $177196369 | $3926847 | $(5807316) | $7688744 |

---

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

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

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $167649 |
| **Total Asset Derivatives**  |  | $167649 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $145806 |
| **Total Liability Derivatives**  |  | $145806 |

---

\* <br>

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

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(48074) |
| Interest rate contracts | (108427) |
| **Total**  | $(156501) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $21843 |
| **Total**  | $21843 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $243,691,105. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $664414 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (38212920) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(37548506) |

---

See Accompanying Notes to Financial Statements

------

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

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 9.6%** | **EXCHANGE-TRADED FUNDS: 9.6%** | **EXCHANGE-TRADED FUNDS: 9.6%** | **EXCHANGE-TRADED FUNDS: 9.6%** |
| 89740 | iShares 20+ Year Treasury <br> Bond ETF | $8934514 | 2.0 |
| 219429 | Vanguard FTSE Developed <br> Markets ETF | 9209435 | 2.0 |
| 240402 | Vanguard Russell 1000 <br> Growth ETF | 13250958 | 3.0 |
| 153899 | Vanguard Short-Term Bond <br> ETF  | 11585517 | 2.6 |
|  | Total Exchange-Traded Funds <br> (Cost $49,234,993)  | **42980424** | 9.6 |
| **MUTUAL FUNDS: 90.0%** | **MUTUAL FUNDS: 90.0%** | **MUTUAL FUNDS: 90.0%** | **MUTUAL FUNDS: 90.0%** |
|  | **Affiliated Investment Companies: 90.0%** | **Affiliated Investment Companies: 90.0%** | **Affiliated Investment Companies: 90.0%** |
| 4508946 | Voya Intermediate Bond <br> Fund - Class R6 | 38551485 | 8.6 |
| 3006466 | Voya Large Cap Value <br> Portfolio - Class R6 | 15663690 | 3.5 |
| 1612620 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 13836277 | 3.1 |
| 1554654 | Voya Multi-Manager <br> International Equity <br> Fund - Class I | 13743145 | 3.1 |
| 2279245 | Voya Multi-Manager <br> International Factors <br> Fund - Class I | 18370715 | 4.1 |
| 2032794 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I  | 17807271 | 4.0 |
| 268755 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | 8850088 | 2.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 1054380 | Voya Small Company <br> Fund - Class R6 | $13485526 | 3.0 |
| 8970757 | Voya U.S. Stock Index <br> Portfolio - Class I | 141558549 | 31.5 |
| 1915696 | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 17796812 | 4.0 |
| 963852 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 20183067 | 4.5 |
| 1814800 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 45097773 | 10.0 |
| 2060460 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 17678748 | 3.9 |
| 362093 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 21312793 | 4.7 |
|  | Total Mutual Funds <br> (Cost $468,273,557)  | **403935939** | 90.0 |
|  | **Total Investments in <br> Securities <br> (Cost $517,508,550)** | $**446916363** | **99.6** |
|  | **Assets in Excess of <br> Other Liabilities**  | **1657671** | **0.4** |
|  | **Net Assets** | $**448574034** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $42980424 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $42980424 |
| Mutual Funds | 403935939 |  |  | 403935939 |
| Total Investments, at fair value | $446916363 | $— | $— | $446916363 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 545622 |  |  | 545622 |
| Total Assets | $447461985 | $— | $— | $447461985 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(450975) | $— | $— | $(450975) |
| Total Liabilities | $(450975) | $— | $— | $(450975) |

---

See Accompanying Notes to Financial Statements

------

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

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of December 31, 2022 (continued)

^ <br>

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

+ <br>

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution Moderately Aggressive Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 101  | 03/17/23 | $8943045 | $(320139) |
| U.S. Treasury Ultra Long Bond | 34  | 03/22/23 | 4566625 | (130836) |
|  |  |  | $13509670 | $(450975) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (48)  | 03/17/23 | (4678560) | 169589 |
| S&P 500<sup>®</sup> E-Mini | (46)  | 03/17/23 | (8880300) | 376033 |
|  |  |  | $(13558860) | $545622 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya High Yield Bond Fund - Class R6 | $37510454 | $154030 | $(34820351) | $(2844133) | $— | $151592 | $1862431 | $— |
| Voya Intermediate Bond Fund - Class R6 | 24748449 | 41007805 | (22498247) | (4706522) | 38551485 | 973807 | (2009838) |  |
| Voya Large Cap Value Portfolio - Class R6 |  | 30260069 | (6899173) | (7697206) | 15663690 | 259044 | (3468983) | 9914120 |
|  Voya Multi-Manager Emerging Markets Equity Fund - <br> Class I  | 17728371 | 14128133 | (19755588) | 1735361 | 13836277 | 378685 | (8617189) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 54586096 | 4490077 | (43588700) | (1744328) | 13743145 | 164753 | (10496094) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 18520991 | 18754209 | (14595591) | (4308894) | 18370715 | 642916 | (1306879) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 25677014 | 2056081 | (5167214) | (4758610) | 17807271 | 278816 | 591001 | 1153055 |
| Voya Small Cap Growth Fund - Class R6 |  | 10418577 | (967795) | (600694) | 8850088 |  | (40175) |  |
| Voya Small Company Fund - Class R6 |  | 15742229 | (1223024) | (1033679) | 13485526 | 63503 | (90731) |  |
| Voya U.S. Stock Index Portfolio - Class I | 109570210 | 83484728 | (17613139) | (33883250) | 141558549 | 1975096 | 2956402 | 8918006 |
| VY<sup>®</sup> Brandywine Global - Bond Portfolio - Class I | 12327745 | 12250139 | (3723987) | (3057085) | 17796812 | 194113 | (321315) | 976453 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I | 38124725 | 6246471 | (36299322) | (8071874) |  | 167510 | (2269236) | 4724298 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 27736382 | 1806506 | (5601972) | (3757849) | 20183067 | 366970 | 3612620 | 55923 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 11935614 | 3658960 | (12830683) | (2763891) |  | 615 | (657798) | 1793619 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 62651484 | 7386105 | (10696430) | (14243386) | 45097773 | 721501 | 350427 | 6155136 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 24169210 | 8581866 | (4483354) | (10588974) | 17678748 |  | (213803) | 4805456 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 42638869 | 16839260 | (18788873) | (19376463) | 21312793 |  | (355761) | 4330694 |
|  | $507925614 | $277265245 | $(259553443) | $(121701477) | $403935939 | $6338921 | $(20474921) | $42826760 |

---

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

See Accompanying Notes to Financial Statements

------

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

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of December 31, 2022 (continued)

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $545622 |
| **Total Asset Derivatives**  |  | $545622 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $320139 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 130836 |
| **Total Liability Derivatives**  |  | $450975 |

---

\* <br>

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

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $1207328 |
| Interest rate contracts | (470415) |
| **Total**  | $736913 |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $225483 |
| Interest rate contracts | (130836) |
| **Total**  | $94647 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $526,542,613. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $2880020 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (82411623) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(79531603) |

---

See Accompanying Notes to Financial Statements

------

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

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 8.1%** | **EXCHANGE-TRADED FUNDS: 8.1%** | **EXCHANGE-TRADED FUNDS: 8.1%** | **EXCHANGE-TRADED FUNDS: 8.1%** |
| 10643 | iShares 20+ Year Treasury <br> Bond ETF | $1059617 | 3.1 |
| 4027 | iShares Russell 2000 ETF | 702148 | 2 |
| 6963 | Schwab U.S. TIPS ETF | 360614 | 1 |
| 12672 | Vanguard Russell 1000 <br> Growth ETF | 698480 | 2 |
|  | Total Exchange-Traded Funds <br> (Cost $3,423,168)  | **2820859** | 8.1 |
| **MUTUAL FUNDS: 91.9%** | **MUTUAL FUNDS: 91.9%** | **MUTUAL FUNDS: 91.9%** | **MUTUAL FUNDS: 91.9%** |
|  | **Affiliated Investment Companies: 91.9%** | **Affiliated Investment Companies: 91.9%** | **Affiliated Investment Companies: 91.9%** |
| 196045 | Voya Global Bond Fund - <br> Class R6 | 1425245 | 4.1 |
| 268704 | Voya High Yield Bond Fund - <br> Class R6 | 1765387 | 5.1 |
| 840988 | Voya Intermediate Bond Fund - <br> Class R6 | 7190444 | 20.6 |
| 82232 | Voya MidCap Opportunities <br> Portfolio - Class R6 | 337972 | 1 |
| 83060 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 712657 | 2 |
| 20090 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 177595 | 0.5 |
| 66680 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 537440 | 1.5 |
| 39245 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 343788 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 482509  | Voya Short Term Bond Fund - <br> Class R6 | $4443904 | 12.7 |
| 52552 | Voya Small Company Fund - <br> Class R6 | 672144 | 1.9 |
| 171404  | Voya U.S. High Dividend Low <br> Volatility Fund - Class R6 | 1744897 | 5.0 |
| 216491  | Voya U.S. Stock Index <br> Portfolio - Class I | 3416225 | 9.8 |
| 447204  | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 4154529 | 11.9 |
| 33083 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 692762 | 2.0 |
| 140207  | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 3484144 | 10.0 |
| 16640 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 979447 | 2.8 |
|  | Total Mutual Funds <br> (Cost $37,040,012)  | **32078580** | 91.9 |
|  | **Total Investments in <br> Securities <br> (Cost $40,463,180)** | $**34899439** | **100.0** |
|  | **Liabilities in Excess of Other <br> Assets**  | **(7094)** | **—** |
|  | **Net Assets** | $**34892345** | **100.0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $2820859 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $2820859 |
| Mutual Funds | 32078580 |  |  | 32078580 |
| Total Investments, at fair value | $34899439 | $— | $— | $34899439 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Global Bond Fund - Class R6 | $1689876 | $330554 | $(314787) | $(280398) | $1425245 | $10242 | $(32667) | $— |
| Voya High Yield Bond Fund - Class R6 | 5601768 | 587113 | (3742644) | (680850) | 1765387 | 119152 | 188235 | 24659 |
| Voya Intermediate Bond Fund - Class R6 | 6396432 | 5190252 | (3419641) | (976599) | 7190444 | 201573 | (377683) | 37 |
| Voya MidCap Opportunities Portfolio - Class R6 | 609791 | 421650 | (586026) | (107443) | 337972 |  | (305107) | 250677 |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 819395 | 623923 | (848093) | 117432 | 712657 | 14871 | (384166) |  |
| Voya Multi-Manager International Equity Fund - Class I | 1046808 | 233925 | (1118844) | 15706 | 177595 | 2160 | (255828) |  |
| Voya Multi-Manager International Factors Fund - Class I  | 1920473 | 381208 | (1665172) | (99069) | 537440 | 31640 | (213006) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 663281 | 120177 | (364112) | (75558) | 343788 | 5474 | (18340) | 22637 |
| Voya Short Term Bond Fund - Class R6 | 2125722 | 4075626 | (1598302) | (159142) | 4443904 | 78488 | (74396) |  |
| Voya Small Company Fund - Class R6 |  | 826999 | (104791) | (50064) | 672144 | 3158 | (8136) |  |
| Voya U.S. High Dividend Low Volatility Fund - Class R6 | 1333437 | 1342925 | (666512) | (264953) | 1744897 | 41176 | (5093) | 172907 |
| Voya U.S. Stock Index Portfolio - Class I | 4422535 | 3037978 | (3023558) | (1020730) | 3416225 | 48118 | (71581) | 313726 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 4672981 | 1861900 | (1534585) | (845767) | 4154529 | 43959 | (2128) | 221127 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 925205 | (211850) | (20593) | 692762 | 12556 | (5579) | 1888 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 849777 | 301492 | (1154358) | 3089 |  | 47 | (253844) | 135878 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 4318527 | 1139558 | (899195) | (1074746) | 3484144 | 55548 | 56078 | 464657 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 1691503 | 949730 | (871814) | (789972) | 979447 |  | (62979) | 197578 |
|  | $38162306 | $22350215 | $(22124284) | $(6309657) | $32078580 | $668162 | $(1826220) | $1805771 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $41,798,886. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $— |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (6899447) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(6899447) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 14.4%** | **EXCHANGE-TRADED FUNDS: 14.4%** | **EXCHANGE-TRADED FUNDS: 14.4%** | **EXCHANGE-TRADED FUNDS: 14.4%** |
| 135864 | iShares 20+ Year Treasury <br> Bond ETF | $13526620 | 3 |
| 355518 | Schwab U.S. TIPS ETF | 18412277 | 4 |
| 329776 | Vanguard FTSE Developed <br> Markets ETF | 13840699 | 3 |
| 161761 | Vanguard Russell 1000 Growth <br> ETF | 8916266 | 1.9 |
| 154175 | Vanguard Short-Term Bond <br> ETF | 11606294 | 2.5 |
|  | Total Exchange-Traded Funds <br> (Cost $72,093,306)  | **66302156** | 14.4 |
| **MUTUAL FUNDS: 85.4%** | **MUTUAL FUNDS: 85.4%** | **MUTUAL FUNDS: 85.4%** | **MUTUAL FUNDS: 85.4%** |
|  | **Affiliated Investment Companies: 85.4%** | **Affiliated Investment Companies: 85.4%** | **Affiliated Investment Companies: 85.4%** |
| 1937638 | Voya Global Bond Fund - <br> Class R6 | 14086632 | 3 |
| 12241038 | Voya Intermediate Bond Fund - <br> Class R6 | 104660874 | 22.7 |
| 2199704 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 18873461 | 4.1 |
| 2116011 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 18705533 | 4 |
| 2909413 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 23449866 | 5.1 |
| 776859 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 6805283 | 1.5 |
| 137124 <sup>(1)</sup> | Voya Small Cap Growth Fund - <br> Class R6 | 4515504 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 358809 | Voya Small Company Fund - <br> Class R6 | $4589164 | 1 |
| 2261256 | Voya U.S. High Dividend Low <br> Volatility Fund - Class R6 | 23019586 | 5 |
| 4297417 | Voya U.S. Stock Index <br> Portfolio - Class I | 67813247 | 14.7 |
| 4415799 | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 41022769 | 8.9 |
| 1849249 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 45953836 | 10 |
| 787401 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 6755896 | 1.5 |
| 226330 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 13321766 | 2.9 |
|  | Total Mutual Funds <br> (Cost $467,415,829)  | **393573417** | 85.4 |
|  | **Total Investments in <br> Securities <br> (Cost $539,509,135)** | $**459875573** | **99.8** |
|  | **Assets in Excess of Other <br> Liabilities**  | **771271** | **0.2** |
|  | **Net Assets** | $**460646844** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $66302156 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $66302156 |
| Mutual Funds | 393573417 |  |  | 393573417 |
| Total Investments, at fair value | $459875573 | $— | $— | $459875573 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 357605 |  |  | 357605 |
| Total Assets | $460233178 | $— | $— | $460233178 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $&nbsp;&nbsp;&nbsp;&nbsp;(323309) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(323309) |
| Total Liabilities | $(323309) | $— | $— | $(323309) |

---

^ <br>

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

+ <br>

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2025 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 102 | 03/17/23 | $9031590 | $(323309) |
|  |  |  | $9031590 | $(323309) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (48) | 03/17/23 | (4678560) | 169589 |
| S&P 500<sup>®</sup> E-Mini | (23) | 03/17/23 | (4440150) | 188016 |
|  |  |  | $(9118710) | $357605 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales at <br> Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Global Bond Fund - Class R6 | $18139252 | $1286394 | $(2435650) | $(2903364) | $14086632 | $98645 | $(326032) | $— |
| Voya High Yield Bond Fund - Class R6 | 30835364 | 129047 | (29418976) | (1545435) |  | 125415 | 752693 |  |
| Voya Intermediate Bond Fund - Class R6 | 128175110 | 47967468 | (55712160) | (15769544) | 104660874 | 3325002 | (8201535) |  |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 23440922 | 9422424 | (9286427) | (4703458) | 18873461 | 575391 | (2265297) |  |
|  Voya Multi-Manager International Equity Fund - <br> Class I  | 29947377 | 5095363 | (9881211) | (6455996) | 18705533 | 222770 | (1061880) |  |
|  Voya Multi-Manager International Factors Fund - <br> Class I  | 54811137 | 5253588 | (31015800) | (5599059) | 23449866 | 815021 | (5284668) |  |
|  Voya Multi-Manager Mid Cap Value Fund - Class I  | 9492954 | 1003951 | (1543168) | (2148454) | 6805283 | 105935 | 587447 | 438098 |
|  Voya U.S. High Dividend Low Volatility Fund - Class R6  | 28326919 | 5617465 | (7574218) | (3350580) | 23019586 | 603100 | (425120) | 2230839 |
| Voya U.S. Stock Index Portfolio - Class I | 59785292 | 35443333 | (8809019) | (18606359) | 67813247 | 950766 | 1686160 | 5198653 |
| Voya Small Cap Growth Fund - Class R6 |  | 5311617 | (491333) | (304780) | 4515504 |  | (22550) |  |
| Voya Small Company Fund - Class R6 |  | 5385683 | (444526) | (351993) | 4589164 | 21587 | (37130) |  |
|  VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I  | 60808246 | 9659156 | (20902587) | (8542046) | 41022769 | 442563 | (245999) | 2226239 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 12179759 | 2892337 | (15169535) | 97439 |  | 626 | (3561871) | 1824323 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 61804860 | 8456699 | (9844581) | (14463142) | 45953836 | 734402 | 540233 | 6236741 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio as of December 31, 2022 (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales at <br> Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth <br> Portfolio - Class R6  | $8947441 | $3599955 | $(1947177) | $(3844323) | $6755896 | $— | $(210491) | $1819875 |
|  VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | 30033341 | 11285864 | (14882276) | (13115163) | 13321766 |  | 344162 | 2628922 |
|  | $556727974 | $157810344 | $(219358644) | $(101606257) | $393573417 | $8021223 | $(17731878) | $22603690 |

---

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

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $357605 |
| **Total Asset Derivatives**  |  | $357605 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $323309 |
| **Total Liability Derivatives**  |  | $323309 |

---

\* <br>

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).

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(234241) |
| Interest rate contracts | (230612) |
| **Total**  | $(464853) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $34296 |
| **Total**  | $34296 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $551,946,046. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $1963179 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (93999356) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(92036177) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 11.7%** | **EXCHANGE-TRADED FUNDS: 11.7%** | **EXCHANGE-TRADED FUNDS: 11.7%** | **EXCHANGE-TRADED FUNDS: 11.7%** |
| 14105 | iShares 20+ Year Treasury <br> Bond ETF | $1404294 | 2.9 |
| 5336 | iShares Russell 2000 ETF | 930385 | 1.9 |
| 9227 | Schwab U.S. TIPS ETF | 477866 | 1 |
| 34143 | Vanguard FTSE Developed <br> Markets ETF | 1432982 | 3 |
| 16794 | Vanguard Russell 1000 Growth <br> ETF  | 925685 | 1.9 |
| 6445 | Vanguard Short-Term Bond <br> ETF | 485180 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $6,295,669)  | **5656392** | 11.7 |
| **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** |
|  | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** |
| 1208457 | Voya Intermediate Bond Fund - <br> Class R6 | 10332310 | 21.4 |
| 231761 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 1988513 | 4.1 |
| 280363 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 2478405 | 5.1 |
| 370252 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 2984229 | 6.2 |
| 109281 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I  | 957299 | 2 |
| 14655 <sup>(1)</sup> | Voya Small Cap Growth Fund - <br> Class R6 | 482601 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 76561 | Voya Small Company Fund - <br> Class R6 | $979219 | 2.0 |
| 143129 | Voya U.S. High Dividend Low <br> Volatility Fund - Class R6 | 1457051 | 3.0 |
| 573679 | Voya U.S. Stock Index <br> Portfolio - Class I | 9052649 | 18.7 |
| 415436 | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 3859399 | 8.0 |
| 46058 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 964455 | 2.0 |
| 195080 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 4847728 | 10.0 |
| 110766 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 950372 | 2.0 |
| 23967 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 1410711 | 2.9 |
|  | Total Mutual Funds <br> (Cost $50,430,173)  | **42744941**  | 88.4  |
|  | **Total Investments in <br> Securities <br> (Cost $56,725,842)** | $**48401333** | **100.1** |
|  | **Liabilities in Excess of Other <br> Assets**  | **(24809)** | **(0.1)** |
|  | **Net Assets** | $**48376524** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $5656392 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $5656392 |
| Mutual Funds | 42744941 |  |  | 42744941 |
| Total Investments, at fair value | $48401333 | $— | $— | $48401333 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya High Yield Bond Fund - Class R6 | $2866184 | $71411 | $(2823880) | $(113715) | $— | $11741 | $35053 | $— |
| Voya Intermediate Bond Fund - Class R6 | 7381994 | 7796327 | (3625437) | (1220574) | 10332310 | 274316 | (540396) |  |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 2177620 | 1331111 | (1160608) | (359610) | 1988513 | 60313 | (322905) |  |
| Voya Multi-Manager International Equity Fund - Class I  | 4450745 | 1453435 | (2943755) | (482020) | 2478405 | 29292 | (670162) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 5652916 | 1496960 | (3513561) | (652086) | 2984229 | 102886 | (504799) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1177318 | 319576 | (296249) | (243346) | 957299 | 14808 | 37407 | 61239 |
| Voya Small Cap Growth Fund - Class R6 |  | 581901 | (69038) | (30262) | 482601 |  | (2445) |  |
| Voya Small Company Fund - Class R6 |  | 1154073 | (105893) | (68961) | 979219 | 4608 | (8595) |  |
| Voya U.S. High Dividend Low Volatility Fund - Class R6  | 1714944 | 635294 | (803997) | (89190) | 1457051 | 37928 | (139708) | 140327 |
| Voya U.S. Stock Index Portfolio - Class I | 6571040 | 6469337 | (1677482) | (2310246) | 9052649 | 126483 | 286767 | 670284 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5090169 | 1756013 | (2330325) | (656458) | 3859399 | 40182 | (114762) | 202126 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I | 2039760 | 744164 | (2475863) | (308061) |  | 9968 | (295328) | 281128 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 1308143 | (315989) | (27699) | 964455 | 17435 | (8986) | 2535 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 1688659 | 625067 | (2171852) | (141874) |  | 96 | (370416) | 279503 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 5747841 | 1795031 | (1333017) | (1362127) | 4847728 | 77168 | (26100) | 637170 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 1107316 | 652902 | (390614) | (419232) | 950372 |  | (110300) | 245099 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 2782740 | 1512112 | (1805376) | (1078765) | 1410711 |  | (171430) | 265562 |
|  | $50449246 | $29702857 | $(27842936) | $(9564226) | $42744941 | $807224 | $(2927105) | $2784973 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $58,604,213. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $174259 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (10377139) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(10202880) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 11.4%** | **EXCHANGE-TRADED FUNDS: 11.4%** | **EXCHANGE-TRADED FUNDS: 11.4%** | **EXCHANGE-TRADED FUNDS: 11.4%** |
| 131526 | iShares 20+ Year Treasury <br> Bond ETF | $13094728 | 2.5 |
| 638538 | Vanguard FTSE Developed <br> Markets ETF | 26799440 | 5 |
| 281872 | Vanguard Russell 1000 <br> Growth ETF | 15536785 | 2.9 |
| 72115 | Vanguard Short-Term Bond <br> ETF  | 5428817 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $66,210,627)  | **60859770** | 11.4 |
| **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** |
|  | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** |
| 8897070 | Voya Intermediate Bond <br> Fund - Class R6 | 76069949 | 14.2 |
| 3065623 | Voya Large Cap Value <br> Portfolio - Class R6 | 15971894 | 3 |
| 3209205 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 27534978 | 5.1 |
| 3710642 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 32802073 | 6.1 |
| 4762695 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 38387323 | 7.1 |
| 1209146 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I  | 10592117 | 2 |
| 160819 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | 5295764 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 841404 | Voya Small Company Fund - <br> Class R6 | $10761557 | 2.0 |
| 8858430 | Voya U.S. Stock Index <br> Portfolio - Class I | 139786025 | 26.1 |
| 2294488 | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 21315797 | 4.0 |
| 764404 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 16006625 | 3.0 |
| 2158763 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 53645265 | 10.0 |
| 1225631 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 10515915 | 1.9 |
| 263359 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 15501334 | 2.9 |
|  | Total Mutual Funds <br> (Cost $560,528,298)  | **474186616** | 88.4 |
|  | **Total Investments in <br> Securities <br> (Cost $626,738,925)** | $**535046386** | **99.8** |
|  | **Assets in Excess of Other <br> Liabilities**  | **1137231** | **0.2** |
|  | **Net Assets** | $**536183617** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $60859770 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $60859770 |
| Mutual Funds | 474186616 |  |  | 474186616 |
| Total Investments, at fair value | $535046386 | $— | $— | $535046386 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 753728 |  |  | 753728 |
| Total Assets | $535800114 | $— | $— | $535800114 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(601062) | $— | $— | $(601062) |
| Total Liabilities | $(601062) | $— | $— | $(601062) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio as of December 31, 2022 (continued)

^ <br>

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

+ <br>

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2035 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 118  | 03/17/23 | $10448310 | $(374024) |
| U.S. Treasury Ultra Long Bond | 59  | 03/22/23 | 7924437 | (227038) |
|  |  |  | $18372747 | $(601062) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (56)  | 03/17/23 | (5458320) | 197854 |
| S&P 500<sup>®</sup> E-Mini | (68)  | 03/17/23 | (13127400) | 555874 |
|  |  |  | $(18585720) | $753728 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya High Yield Bond Fund - Class R6 | $27387145 | $123686 | $(25881111) | $(1629720) | $— | $119737 | $862446 | $— |
| Voya Intermediate Bond Fund - Class R6 | 60987983 | 42774377 | (16738394) | (10954017) | 76069949 | 2114194 | (2478954) |  |
| Voya Large Cap Value Portfolio - Class R6 |  | 29483029 | (5108663) | (8402472) | 15971894 | 263771 | (2476123) | 9680197 |
|  Voya Multi-Manager Emerging Markets Equity Fund - <br> Class I  | 32539072 | 12174461 | (9954613) | (7223942) | 27534978 | 894698 | (2449054) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 73158500 | 8322116 | (37015188) | (11663355) | 32802073 | 390245 | (6844589) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 67627412 | 13841967 | (34758882) | (8323174) | 38387323 | 1332763 | (6066827) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 14036669 | 1533207 | (1866984) | (3110775) | 10592117 | 164753 | 756434 | 681343 |
| Voya Small Cap Growth Fund - Class R6 |  | 6093773 | (446003) | (352006) | 5295764 |  | (18578) |  |
| Voya Small Company Fund - Class R6 |  | 12075971 | (490467) | (823947) | 10761557 | 50631 | (39859) |  |
| Voya U.S. Stock Index Portfolio - Class I | 80572885 | 93606215 | (9635918) | (24757157) | 139786025 | 1934092 | 2099898 | 6399687 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 27004383 | 14603462 | (17047572) | (3244476) | 21315797 | 221101 | (1009072) | 1112211 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I | 41745822 | 8256971 | (40996995) | (9005798) |  | 191066 | (2633602) | 5388645 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 20428220 | 1723425 | (5457331) | (687689) | 16006625 | 290011 | 589323 | 42524 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 20340899 | 4540856 | (22965972) | (1915783) |  | 1055 | (3915728) | 3075561 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 68614921 | 10209913 | (9008843) | (16170726) | 53645265 | 855144 | 484002 | 7010493 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 13257061 | 5284341 | (2202231) | (5823256) | 10515915 |  | (258057) | 2740541 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 40172788 | 13196730 | (20457197) | (17410987) | 15501334 |  | 1815687 | 2968072 |
|  | $587873760 | $277844500 | $(260032364) | $(131499280) | $474186616 | $8823261 | $(21582653) | $39099274 |

---

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio as of December 31, 2022 (continued)

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $753728 |
| **Total Asset Derivatives**  |  | $753728 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $374024 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 227038 |
| **Total Liability Derivatives**  |  | $601062 |

---

\* <br>

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

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(653985) |
| Interest rate contracts | (707214) |
| **Total**  | $(1361199) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $379704 |
| Interest rate contracts | (227038) |
| **Total**  | $152666 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $637,534,272. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $4658312 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (106993532) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(102335220) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** |
| 15320 | iShares 20+ Year Treasury <br> Bond ETF | $1525259 | 3.9 |
| 4347 | iShares Russell 2000 ETF | 757943 | 1.9 |
| 46445 | Vanguard FTSE Developed <br> Markets ETF | 1949297 | 4.9 |
| 20520 | Vanguard Russell 1000 <br> Growth ETF | 1131062 | 2.9 |
| 5250 | Vanguard Short-Term <br> Bond ETF | 395220 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $6,260,074) | **5758781** | 14.6 |
| **MUTUAL FUNDS: 85.3%** | **MUTUAL FUNDS: 85.3%** | **MUTUAL FUNDS: 85.3%** | **MUTUAL FUNDS: 85.3%** |
|  | **Affiliated Investment Companies: 85.3%** | **Affiliated Investment Companies: 85.3%** | **Affiliated Investment Companies: 85.3%** |
| 329703 | Voya Intermediate Bond <br> Fund - Class R6 | 2818964 | 7.2 |
| 282738 | Voya Large Cap Value <br> Portfolio - Class R6 | 1473066 | 3.7 |
| 236488 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 2029064 | 5.2 |
| 320837 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 2836196 | 7.2 |
| 403448 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 3251789 | 8.3 |
| 89215 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 781522 | 2 |
| 17912 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | 589853 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 78097 | Voya Small Company <br> Fund - Class R6 | $998859 | 2.5 |
| 714729 | Voya U.S. Stock Index <br> Portfolio - Class I | 11278427 | 28.6 |
| 85331 | VY<sup>®</sup> BrandywineGLOBAL - <br> Bond Portfolio - Class I | 792722 | 2.0 |
| 65800 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 1377858 | 3.5 |
| 119438 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 2968045 | 7.5 |
| 90434 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 775926 | 2.0 |
| 27781 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 1635174 | 4.1 |
|  | Total Mutual Funds <br> (Cost $39,989,775) | **33607465** | 85.3 |
|  | **Total Investments in <br> Securities <br> (Cost $46,249,849)** | $**39366246** | **99.9** |
|  | **Assets in Excess of <br> Other Liabilities** | **20979** | **0.1** |
|  | **Net Assets** | $**39387225** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $5758781 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $5758781 |
| Mutual Funds | 33607465 |  |  | 33607465 |
| Total Investments, at fair value | $39366246 | $— | $— | $39366246 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya High Yield Bond Fund - Class R6 | $1288027 | $60960 | $(1294637) | $(54350) | $— | $6366 | $12851 | $— |
| Voya Intermediate Bond Fund - Class R6 | 1700030 | 2829628 | (1481352) | (229342) | 2818964 | 72609 | (234870) |  |
| Voya Large Cap Value Portfolio - Class R6 |  | 2620382 | (434024) | (713292) | 1473066 | 24236 | (194659) | 811423 |
| Voya Short Term Bond Portfolio - Class R6 |  | 1385858 | (1385858) |  |  | 3595 | (10417) |  |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 2035954 | 1290225 | (1050612) | (246503) | 2029064 | 65395 | (389083) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 5841631 | 1685873 | (4291751) | (399557) | 2836196 | 33345 | (1024446) |  |
|  Voya Multi-Manager International Factors Fund - <br> Class I  | 3817886 | 2289819 | (2251930) | (603986) | 3251789 | 111506 | (293253) |  |
|  Voya Multi-Manager Mid Cap Value Fund - <br> Class I  | 878680 | 283663 | (261077) | (119744) | 781522 | 12042 | (37168) | 49802 |
| Voya Small Cap Growth Fund - Class R6 |  | 680491 | (53829) | (36809) | 589853 |  | (2172) |  |
| Voya Small Company Fund - Class R6 |  | 1122452 | (53779) | (69814) | 998859 | 4705 | (4287) |  |
| Voya U.S. Stock Index Portfolio - Class I | 6089443 | 8916712 | (1495588) | (2232140) | 11278427 | 158697 | 287228 | 626377 |
|  VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I  | 846869 | 1063456 | (1034990) | (82613) | 792722 | 7413 | (58027) | 37289 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I  | 2835273 | 1145790 | (3509118) | (471945) |  | 14110 | (359039) | 397938 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1965719 | 650835 | (1134645) | (104051) | 1377858 | 24779 | 111984 | 3382 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 1285781 | 530605 | (1722801) | (93585) |  | 71 | (286562) | 206636 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 3227025 | 1205241 | (673286) | (790935) | 2968045 | 46922 | 13065 | 352613 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 832864 | 522774 | (258550) | (321162) | 775926 |  | (79792) | 186817 |
|  VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | 3058730 | 1698368 | (1789367) | (1332557) | 1635174 |  | (25355) | 287085 |
|  | $35703912 | $29983132 | $(24177194) | $(7902385) | $33607465 | $585791 | $(2574002) | $2959362 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $47,853,922. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $235137 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (8722813) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(8487676) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 11.1%** | **EXCHANGE-TRADED FUNDS: 11.1%** | **EXCHANGE-TRADED FUNDS: 11.1%** | **EXCHANGE-TRADED FUNDS: 11.1%** |
| 82314 | iShares 20+ Year Treasury <br> Bond ETF | $8195182 | 1.9 |
| 499741 | Vanguard FTSE Developed <br> Markets ETF | 20974130 | 5.0 |
| 202132 | Vanguard Russell 1000 Growth <br> ETF | 11141516 | 2.7 |
| 83590 | Vanguard Short-Term Bond <br> ETF | 6292655 | 1.5 |
|  | Total Exchange-Traded Funds <br> (Cost $50,370,741) | **46603483** | 11.1 |
| **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** | **MUTUAL FUNDS: 88.4%** |
|  | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** | **Affiliated Investment Companies: 88.4%** |
| 1240371 | Voya Intermediate Bond Fund - <br> Class R6 | 10605169 | 2.5 |
| 2600770 | Voya Large Cap Value <br> Portfolio - Class R6 | 13550013 | 3.2 |
| 2989169 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 25647068 | 6.1 |
| 4359086 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 38534320 | 9.2 |
| 4795746 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 38653715 | 9.2 |
| 946893 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 8294782 | 2.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 188955 <sup>(1)</sup> | Voya Small Cap Growth Fund - <br> Class R6 | $6222286 | 1.5 |
| 823945 | Voya Small Company Fund - <br> Class R6 | 10538254 | 2.5 |
| 9151189  | Voya U.S. Stock Index Portfolio - <br> Class I | 144405759 | 34.4 |
| 798148 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 16713213 | 4.0 |
| 1267928  | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 31508005 | 7.5 |
| 959852 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 8235534 | 2.0 |
| 307137 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 18078090 | 4.3 |
|  | Total Mutual Funds |  |  |
|  | (Cost $447,929,292) | **370986208** | 88.4 |
|  | **Total Investments in <br> Securities <br> (Cost $498,300,033)** | $**417589691** | **99.5** |
|  | **Assets in Excess of <br> Other Liabilities** | **1905721** | **0.5** |
|  | **Net Assets** | $**419495412** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $46603483 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $46603483 |
| Mutual Funds | 370986208 |  |  | 370986208 |
| Total Investments, at fair value | $417589691 | $— | $— | $417589691 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 678633 |  |  | 678633 |
| Total Assets | $418268324 | $— | $— | $418268324 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(533364) | $— | $— | $(533364) |
| Total Liabilities | $(533364) | $— | $— | $(533364) |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio as of December 31, 2022 (continued)

+ <br>

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2045 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 93  | 03/17/23 | $8234685 | $(294782) |
| U.S. Treasury Ultra Long Bond | 62  | 03/22/23 | 8327375 | (238582) |
|  |  |  | $16562060 | $(533364) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (44)  | 03/17/23 | (4288680) | 155457 |
| S&P 500<sup>®</sup> E-Mini | (64)  | 03/17/23 | (12355200) | 523176 |
|  |  |  | $(16643880) | $678633 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales at <br> Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya High Yield Bond Fund - Class R6 | $10581607 | $86056 | $(10093446) | $(574217) | $— | $48802 | $270615 | $— |
| Voya Intermediate Bond Fund - Class R6 |  | 22531826 | (11425819) | (500838) | 10605169 | 120464 | (198988) |  |
| Voya Large Cap Value Portfolio - Class R6 |  | 24869746 | (4064315) | (7255418) | 13550013 | 223651 | (1863086) | 8095092 |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 30106595 | 10844764 | (8269487) | (7034804) | 25647068 | 864931 | (1907044) |  |
|  Voya Multi-Manager International Equity Fund - <br> Class I  | 82244175 | 9555216 | (41192195) | (12072876) | 38534320 | 457686 | (7208984) |  |
|  Voya Multi-Manager International Factors Fund - <br> Class I  | 47094868 | 21900501 | (22443778) | (7897876) | 38653715 | 1339808 | (3391157) |  |
|  Voya Multi-Manager Mid Cap Value Fund - Class I  | 10830778 | 1255205 | (1649072) | (2142129) | 8294782 | 128824 | 301508 | 532756 |
| Voya Small Cap Growth Fund - Class R6 |  | 7087856 | (451973) | (413597) | 6222286 |  | (20015) |  |
| Voya Small Company Fund - Class R6 |  | 11810052 | (475749) | (796049) | 10538254 | 49560 | (40480) |  |
| Voya U.S. Stock Index Portfolio - Class I | 85397460 | 96025677 | (10404658) | (26612720) | 144405759 | 2002812 | 503848 | 7627316 |
|  VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I  |  | 5037981 | (5037981) |  |  |  | (47620) |  |
|  VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I  | 40324275 | 8151597 | (38944136) | (9531736) |  | 184523 | (1733365) | 5203527 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 26607798 | 2179006 | (8538400) | (3535191) | 16713213 | 302450 | 3566644 | 43806 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 15749664 | 3624688 | (18034926) | (1339426) |  | 814 | (3185622) | 2372530 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 39766646 | 6664622 | (5723962) | (9199301) | 31508005 | 501629 | 65700 | 4059434 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth <br> Portfolio - Class R6  | 10258720 | 4095536 | (1981983) | (4136739) | 8235534 |  | (579522) | 2117377 |
|  VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | 37581012 | 13945835 | (15051777) | (18396980) | 18078090 |  | 1956385 | 3437831 |
|  | $436543598 | $249666164 | $(203783657) | $(111439897) | $370986208 | $6225954 | $(13511183) | $33489669 |

---

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio as of December 31, 2022 (continued)

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $678633 |
| **Total Asset Derivatives**  |  | $678633 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $294782 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 238582 |
| **Total Liability Derivatives**  |  | $533364 |

---

\* <br>

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

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $858695 |
| Interest rate contracts | (752781) |
| **Total**  | $105914 |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $383851 |
| Interest rate contracts | (238582) |
| **Total**  | $145269 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $505,997,819. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $3415430 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (91678289) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(88262859) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 13.4%** | **EXCHANGE-TRADED FUNDS: 13.4%** | **EXCHANGE-TRADED FUNDS: 13.4%** | **EXCHANGE-TRADED FUNDS: 13.4%** |
| 9641 | iShares 20+ Year Treasury Bond <br> ETF | $959858 | 2.9 |
| 3648 | iShares Russell 2000 ETF | 636065 | 1.9 |
| 38957 | Vanguard FTSE Developed <br> Markets ETF | 1635025 | 5 |
| 15784 | Vanguard Russell 1000 Growth <br> ETF | 870014 | 2.6 |
| 4405 | Vanguard Short-Term Bond ETF | 331609 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $4,680,512)  | **4432571** | 13.4 |
| **MUTUAL FUNDS: 86.6%** | **MUTUAL FUNDS: 86.6%** | **MUTUAL FUNDS: 86.6%** | **MUTUAL FUNDS: 86.6%** |
|  | **Affiliated Investment Companies: 86.6%** | **Affiliated Investment Companies: 86.6%** | **Affiliated Investment Companies: 86.6%** |
| 58333 | Voya Intermediate Bond Fund - <br> Class R6 | 498748 | 1.5 |
| 191000 | Voya Large Cap Value Portfolio - <br> Class R6 | 995110 | 3 |
| 239732 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 2056897 | 6.2 |
| 348888 | Voya Multi-Manager International <br> Equity Fund - Class I | 3084168 | 9.3 |
| 341037 | Voya Multi-Manager International <br> Factors Fund - Class I  | 2748756 | 8.3 |
| 94170 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 824930 | 2.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 15173 <sup>(1)</sup> | Voya Small Cap Growth Fund - <br> Class R6 | $499637 | 1.5 |
| 66145 | Voya Small Company Fund - <br> Class R6 | 845997 | 2.5 |
| 697439  | Voya U.S. Stock Index Portfolio - <br> Class I | 11005584 | 33.1 |
| 67470 | VY<sup>®</sup> Invesco Comstock Portfolio - <br> Class I | 1412823 | 4.2 |
| 101968  | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - Class R6 | 2533909 | 7.6 |
| 95459 | VY<sup>®</sup> T. Rowe Price Diversified Mid <br> Cap Growth Portfolio - Class R6 | 819041 | 2.5 |
| 24899 | VY<sup>®</sup> T. Rowe Price Growth Equity <br> Portfolio - Class I | 1465556 | 4.4 |
|  | Total Mutual Funds <br> (Cost $33,848,371)  | **28791156** | 86.6 |
|  | **Total Investments in Securities <br> (Cost $38,528,883)**  | $**33223727** | **100.0** |
|  | **Assets in Excess of Other <br> Liabilities**  | **14301** | **0.0** |
|  | **Net Assets** | $**33238028** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $4432571 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $4432571 |
| Mutual Funds | 28791156 |  |  | 28791156 |
| Total Investments, at fair value | $33223727 | $— | $— | $33223727 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)** | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)** | **Net Capital <br> Gain <br> Distributions**  |
| Voya Intermediate Bond Fund - Class R6 | $— | $1270313 | $(760032) | $(11533) | $498748 | $6400 | $(39645) | $— |
| Voya Large Cap Value Portfolio - Class R6 |  | 1782579 | (329314) | (458155) | 995110 | 16344 | (143860) | 536783 |
| Voya Money Market Portfolio - Class I |  |  |  |  |  | 2121 |  |  |
| Voya Short Term Bond Portfolio - Class R6 |  | 1172954 | (1172954) |  |  | 3489 | (12569) |  |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 2060972 | 1530830 | (1363405) | (171500) | 2056897 | 68957 | (494241) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 6334599 | 1516780 | (4297618) | (469593) | 3084168 | 36232 | (949535) |  |
|  Voya Multi-Manager International Factors Fund - <br> Class I  | 2504499 | 2358965 | (1699641) | (415067) | 2748756 | 94229 | (268704) |  |
|  Voya Multi-Manager Mid Cap Value Fund - Class I  | 928895 | 275883 | (196680) | (183168) | 824930 | 12700 | 18282 | 52523 |
| Voya Small Cap Growth Fund - Class R6 |  | 584618 | (54428) | (30553) | 499637 |  | (2445) |  |
| Voya Small Company Fund - Class R6 |  | 964482 | (61251) | (57234) | 845997 | 3974 | (5161) |  |
| Voya U.S. Stock Index Portfolio - Class I | 5815953 | 8117055 | (1003279) | (1924145) | 11005584 | 151506 | 151769 | 517178 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I  | 2761026 | 1031941 | (3270333) | (522634) |  | 13514 | (277959) | 381139 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1896123 | 471834 | (713182) | (241952) | 1412823 | 25345 | 246812 | 3409 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - <br> Class R6  | 695245 | 336276 | (964828) | (66693) |  | 39 | (141263) | 113622 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 2722669 | 1010372 | (549217) | (649915) | 2533909 | 39805 | (1243) | 291620 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio Class R6  | 876491 | 523583 | (229888) | (351145) | 819041 |  | (68086) | 193838 |
|  VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | 2565698 | 1369138 | (1233097) | (1236183) | 1465556 |  | 62459 | 252311 |
|  | $29162170 | $24317603 | $(17899147) | $(6789470) | $28791156 | $474655 | $(1925389) | $2342423 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $40,054,917. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $231660 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (7062850) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(6831190) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 9.0%** | **EXCHANGE-TRADED FUNDS: 9.0%** | **EXCHANGE-TRADED FUNDS: 9.0%** | **EXCHANGE-TRADED FUNDS: 9.0%** |
| 21178 | iShares 20+ Year Treasury Bond <br> ETF | $2108482 | 1.4 |
| 177452 | Vanguard FTSE Developed <br> Markets ETF | 7447660 | 5 |
| 71820 | Vanguard Russell 1000 <br> Growth ETF | 3958718 | 2.6 |
|  | Total Exchange-Traded Funds <br> (Cost $14,008,903)  | **13514860** | 9.0 |
| **MUTUAL FUNDS: 90.5%** | **MUTUAL FUNDS: 90.5%** | **MUTUAL FUNDS: 90.5%** | **MUTUAL FUNDS: 90.5%** |
|  | **Affiliated Investment Companies: 90.5%** | **Affiliated Investment Companies: 90.5%** | **Affiliated Investment Companies: 90.5%** |
| 178522 | Voya Intermediate Bond <br> Fund - Class R6 | 1526365 | 1 |
| 786676 | Voya Large Cap Value Portfolio - <br> Class R6 | 4098583 | 2.8 |
| 1068692 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 9169374 | 6.1 |
| 1556510 | Voya Multi-Manager International <br> Equity Fund - Class I | 13759552 | 9.2 |
| 1716669 | Voya Multi-Manager International <br> Factors Fund - Class I  | 13836351 | 9.2 |
| 423109 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 3706439 | 2.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 67749 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | $2230977 | 1.5 |
| 295399 | Voya Small Company <br> Fund - Class R6 | 3778158 | 2.5 |
| 3505594  | Voya U.S. Stock Index Portfolio - <br> Class I | 55318266 | 36.9 |
| 320976 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 6721236 | 4.5 |
| 454198 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - Class R6 | 11286823 | 7.5 |
| 428894 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 3679909 | 2.5 |
| 110226 | VY<sup>®</sup> T. Rowe Price Growth Equity <br> Portfolio - Class I | 6487889 | 4.3 |
|  | Total Mutual Funds <br> (Cost $161,369,638)  | **135599922** | 90.5 |
|  | **Total Investments in Securities <br> (Cost $175,378,541)** | $**149114782** | **99.5** |
|  | **Assets in Excess of <br> Other Liabilities**  | **744860** | **0.5** |
|  | **Net Assets** | $**149859642** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $13514860 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $13514860 |
| Mutual Funds | 135599922 |  |  | 135599922 |
| Total Investments, at fair value | $149114782 | $— | $— | $149114782 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 244546 |  |  | 244546 |
| Total Assets | $149359328 | $— | $— | $149359328 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(189258) | $— | $— | $(189258) |
| Total Liabilities | $(189258) | $— | $— | $(189258) |

---

^ <br>

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

+ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio as of December 31, 2022 (continued)

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2055 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 33  | 03/17/23 | $2921985 | $(104600) |
| U.S. Treasury Ultra Long Bond | 22  | 03/22/23 | 2954875 | (84658) |
|  |  |  | $5876860 | $(189258) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (16)  | 03/17/23 | (1559520) | 56530 |
| S&P 500<sup>®</sup> E-Mini | (23)  | 03/17/23 | (4440150) | 188016 |
|  |  |  | $(5999670) | $244546 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Intermediate Bond Fund - Class R6 | $— | $2319254 | $(757776) | $(35113) | $1526365 | $4267 | $(4328) | $— |
| Voya Large Cap Value Portfolio - Class R6  |  | 7313063.00 | (1076567.00) | (2137913.00) | 4098583.00 | 67569.00 | (481632.00) | 2335066.00 |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 10109823 | 6113095 | (5451616) | (1601928) | 9169374 | 308042 | (1869078) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 32797508 | 4557004 | (20272525) | (3322435) | 13759552 | 162636 | (3663935) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 10531256 | 12464309 | (6780621) | (2378593) | 13836351 | 477212 | (981318) |  |
|  Voya Multi-Manager Mid Cap Value Fund - <br> Class I  | 4557094 | 771027 | (653499) | (968183) | 3706439 | 57326 | 187551 | 237075 |
| Voya Small Cap Growth Fund - Class R6 |  | 2546397 | (172457) | (142963) | 2230977 |  | (6469) |  |
| Voya Small Company Fund - Class R6 |  | 4198336 | (144267) | (275911) | 3778158 | 17755 | (10407) |  |
| Voya U.S. Stock Index Portfolio - Class I | 30874516 | 38111734 | (4121115) | (9546869) | 55318266 | 765621 | (53598) | 2787125 |
|  VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I  | 13545373 | 3397911 | (14074082) | (2869202) |  | 63425 | (936970) | 1788767 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 9782524 | 1273917 | (2722815) | (1612390) | 6721236 | 121259 | 1626004 | 16940 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 3460884 | 1114353 | (4333629) | (241608) |  | 186 | (766641) | 541000 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 13357413 | 3329457 | (2313687) | (3086360) | 11286823 | 178964 | (9809) | 1385574 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 4299035 | 1966665 | (678641) | (1907150) | 3679909 |  | (87179) | 909759 |
|  VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - <br> Class I  | 12603289 | 5249034 | (5537625) | (5826809) | 6487889 |  | 266245 | 1183143 |
|  | $145918715 | $94725556 | $(69090922) | $(35953427) | $135599922 | $2224262 | $(6791564) | $11184449 |

---

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio as of December 31, 2022 (continued)

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $244546 |
| **Total Asset Derivatives**  |  | $244546 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $104600 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 84658 |
| **Total Liability Derivatives**  |  | $189258 |

---

\* <br>

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

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $316731 |
| Interest rate contracts | (351925) |
| **Total**  | $(35194) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $139946 |
| Interest rate contracts | (84658) |
| **Total**  | $55288 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $178,838,961. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $1601185 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (31270076) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(29668891) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 12.2%** | **EXCHANGE-TRADED FUNDS: 12.2%** | **EXCHANGE-TRADED FUNDS: 12.2%** | **EXCHANGE-TRADED FUNDS: 12.2%** |
| 7304 | iShares 20+ Year Treasury <br> Bond ETF | $727186 | 2.9 |
| 2763 | iShares Russell 2000 ETF | 481757 | 1.9 |
| 29170 | Vanguard FTSE Developed <br> Markets ETF | 1224265 | 4.8 |
| 11958 | Vanguard Russell 1000 Growth <br> ETF | 659125 | 2.6 |
|  | Total Exchange-Traded Funds <br> (Cost $3,281,372)  | **3092333** | 12.2 |
| **MUTUAL FUNDS: 87.8%** | **MUTUAL FUNDS: 87.8%** | **MUTUAL FUNDS: 87.8%** | **MUTUAL FUNDS: 87.8%** |
|  | **Affiliated Investment Companies: 87.8%** | **Affiliated Investment Companies: 87.8%** | **Affiliated Investment Companies: 87.8%** |
| 46065 | Voya Intermediate Bond <br> Fund - Class R6 | 393855 | 1.5 |
| 134155 | Voya Large Cap Value <br> Portfolio - Class R6 | 698946 | 2.7 |
| 183604 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 1575319 | 6.2 |
| 268204 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 2370921 | 9.3 |
| 262106 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 2112574 | 8.3 |
| 72157 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 632098 | 2.5 |
| 11690 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | 384939 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 50951 | Voya Small Company <br> Fund - Class R6 | $651669 | 2.6 |
| 542495 | Voya U.S. Stock Index <br> Portfolio - Class I | 8560568 | 33.7 |
| 54739 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 1146236 | 4.5 |
| 82916 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 2060463 | 8.1 |
| 73144 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 627575 | 2.5 |
| 19209 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 1130642 | 4.4 |
|  | Total Mutual Funds <br> (Cost $26,153,749)  | **22345805** | 87.8 |
|  | **Total Investments in <br> Securities <br> (Cost $29,435,121)** | $**25438138** | **100.0** |
|  | **Assets in Excess of Other <br> Liabilities**  | **967** | **0.0** |
|  | **Net Assets** | $**25439105** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $3092333 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $3092333 |
| Mutual Funds | 22345805 |  |  | 22345805 |
| Total Investments, at fair value | $25438138 | $— | $— | $25438138 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Intermediate Bond Fund - Class R6 | $— | $403133 | $(411) | $(8867) | $393855 | $864 | $(3) | $— |
| Voya Large Cap Value Portfolio - Class R6 |  | 1240211 | (227019) | (314246) | 698946 | 11461 | (101799) | 372189 |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 1518650 | 1200867 | (1018590) | (125608) | 1575319 | 52418 | (368276) |  |
|  Voya Multi-Manager International Equity Fund - Class I  | 4925684 | 1279444 | (3643074) | (191133) | 2370921 | 27585 | (888244) |  |
|  Voya Multi-Manager International Factors Fund - Class I  | 1581241 | 2076279 | (1350362) | (194584) | 2112574 | 71713 | (298914) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 684001 | 231693 | (140544) | (143052) | 632098 | 9655 | 20548 | 39930 |
| Voya Short Term Bond Fund - Class R6 |  | 927866 | (927866) |  |  | 4193 | (8503) |  |
| Voya Small Cap Growth Fund - Class R6 |  | 451119 | (43211) | (22969) | 384939 |  | (1869) |  |
| Voya Small Company Fund - Class R6 |  | 744604 | (50192) | (42743) | 651669 | 3059 | (4290) |  |
| Voya U.S. Stock Index Portfolio - Class I | 4641536 | 6318460 | (798219) | (1601209) | 8560568 | 117895 | 100336 | 444794 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I | 2033082 | 832700 | (2494630) | (371152) |  | 10173 | (225133) | 286906 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1477270 | 428566 | (558417) | (201183) | 1146236 | 20514 | 205790 | 2717 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 525150 | 264566 | (749937) | (39779) |  | 30 | (116585) | 86556 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 2004945 | 1027833 | (488406) | (483909) | 2060463 | 32318 | (3307) | 220569 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 645818 | 415551 | (162664) | (271130) | 627575 |  | (40650) | 145915 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | 1897978 | 1094452 | (1081165) | (780623) | 1130642 |  | (92835) | 189748 |
|  | $21935355 | $18937344 | $(13734707) | $(4792187) | $22345805 | $361878 | $(1823734) | $1789324 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $30,773,765. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $170332 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (5505960) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(5335628) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 12.5%** | **EXCHANGE-TRADED FUNDS: 12.5%** | **EXCHANGE-TRADED FUNDS: 12.5%** | **EXCHANGE-TRADED FUNDS: 12.5%** |
| 1926 | iShares 20+ Year Treasury <br> Bond ETF | $191753 | 2.3 |
| 875 | iShares Russell 2000 ETF | 152565 | 1.9 |
| 11226 | Vanguard FTSE Developed <br> Markets ETF | 471155 | 5.8 |
| 3785 | Vanguard Russell 1000 <br> Growth ETF | 208629 | 2.5 |
|  | Total Exchange-Traded Funds <br> (Cost $1,055,306) | **1024102** | 12.5 |
| **MUTUAL FUNDS: 87.4%** | **MUTUAL FUNDS: 87.4%** | **MUTUAL FUNDS: 87.4%** | **MUTUAL FUNDS: 87.4%** |
|  | **Affiliated Investment Companies: 87.4%** | **Affiliated Investment Companies: 87.4%** | **Affiliated Investment Companies: 87.4%** |
| 14737 | Voya Intermediate Bond <br> Fund - Class R6 | 126003 | 1.5 |
| 42988 | Voya Large Cap Value <br> Portfolio - Class R6 | 223967 | 2.7 |
| 58826 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 504725 | 6.2 |
| 86347 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 763311 | 9.4 |
| 84375 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 680062 | 8.3 |
| 23122 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 202548 | 2.5 |
| 3767 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | 124063 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 16421 | Voya Small Company <br> Fund - Class R6 | $210022 | 2.6 |
| 171135 | Voya U.S. Stock Index <br> Portfolio - Class I | 2700504 | 33.1 |
| 17540 | VY<sup>®</sup> Invesco Comstock <br> Portfolio - Class I | 367292 | 4.5 |
| 26617 | VY<sup>®</sup> T. Rowe Price Capital <br> Appreciation Portfolio - <br> Class R6 | 661440 | 8.1 |
| 23436 | VY<sup>®</sup> T. Rowe Price Diversified <br> Mid Cap Growth Portfolio - <br> Class R6 | 201083 | 2.5 |
| 6198 | VY<sup>®</sup> T. Rowe Price Growth <br> Equity Portfolio - Class I | 364787 | 4.5 |
|  | Total Mutual Funds <br> (Cost $8,119,259) | **7129807** | 87.4 |
|  | **Total Investments in <br> Securities <br> (Cost $9,174,565)** | $**8153909** | **99.9** |
|  | **Assets in Excess of Other <br> Liabilities** | **6681** | **0.1** |
|  | **Net Assets** | $**8160590** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $1024102 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1024102 |
| Mutual Funds | 7129807 |  |  | 7129807 |
| Total Investments, at fair value | $8153909 | $— | $— | $8153909 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Intermediate Bond Fund - Class R6 | $— | $128854 | $(15) | $(2836) | $126003 | $276 | $— | $— |
| Voya Large Cap Value Portfolio - Class R6 |  | 372751 | (58703) | (90081) | 223967 | 3674 | (28033) | 106196 |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 334426 | 464732 | (271427) | (23006) | 504725 | 16686 | (104943) |  |
| Voya Multi-Manager International Equity Fund - Class I | 1081129 | 713480 | (1086865) | 55567 | 763311 | 8804 | (323835) |  |
| Voya Multi-Manager International Factors Fund - Class I  | 347043 | 776207 | (412621) | (30567) | 680062 | 22878 | (101744) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 149511 | 124220 | (37688) | (33495) | 202548 | 3074 | 323 | 12713 |
| Voya Short Term Bond Fund - Class R6 |  | 271932 | (271932) |  |  | 1197 | (2430) |  |
| Voya Small Cap Growth Fund - Class R6 |  | 143347 | (12428) | (6856) | 124063 |  | (414) |  |
| Voya Small Company Fund - Class R6 |  | 236648 | (14508) | (12118) | 210022 | 986 | (945) |  |
| Voya U.S. Stock Index Portfolio - Class I | 1073502 | 2441576 | (414867) | (399707) | 2700504 | 37132 | (10451) | 127234 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Class I | 444632 | 400349 | (797167) | (47814) |  | 2876 | (111165) | 81114 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 349424 | 270019 | (214224) | (37927) | 367292 | 6540 | 39600 | 768 |
|  VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Class R6  | 138296 | 124147 | (258558) | (3885) |  | 9 | (39744) | 24903 |
|  VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6  | 439002 | 490518 | (135977) | (132103) | 661440 | 10330 | (363) | 62926 |
|  VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6  | 141504 | 169817 | (40179) | (70059) | 201083 |  | (11565) | 41254 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 427610 | 441539 | (335531) | (168831) | 364787 |  | (60811) | 53680 |
|  | $4926079 | $7570136 | $(4362690) | $(1003718) | $7129807 | $114462 | $(756520) | $510788 |

---

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

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $9,676,843. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $55252 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (1578187) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(1522935) |

---

See Accompanying Notes to Financial Statements

------

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

TAX INFORMATION (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya Solution Aggressive Portfolio | Voya Solution Aggressive Portfolio | Voya Solution Aggressive Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.3209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.3934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | NII  | $0.3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.3514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.4038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.6159 |
| Voya Solution Balanced Portfolio | Voya Solution Balanced Portfolio | Voya Solution Balanced Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.3965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | NII  | $0.3972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.9272 |
| Voya Solution Conservative Portfolio | Voya Solution Conservative Portfolio | Voya Solution Conservative Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.4046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | NII  | $0.4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.3046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.5292 |
| Voya Solution Income Portfolio | Voya Solution Income Portfolio | Voya Solution Income Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.4256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.4613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.4232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.3965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.2697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.9007 |
| Voya Solution Moderately Aggressive Portfolio | Voya Solution Moderately Aggressive Portfolio | Voya Solution Moderately Aggressive Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.4128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.4842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | NII  | $0.4851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.4054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.5996 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya Solution Moderately Conservative Portfolio | Voya Solution Moderately Conservative Portfolio | Voya Solution Moderately Conservative Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.4306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | NII  | $0.4307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.4002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.7555 |
| Voya Solution 2025 Portfolio | Voya Solution 2025 Portfolio | Voya Solution 2025 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.4356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.5050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.4057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.3207 |
| Voya Solution 2030 Portfolio | Voya Solution 2030 Portfolio | Voya Solution 2030 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.6098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.6976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.6520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.5883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.5900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.4435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.9423 |
| Voya Solution 2035 Portfolio | Voya Solution 2035 Portfolio | Voya Solution 2035 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.4353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.4741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.5264 |
| Voya Solution 2040 Portfolio | Voya Solution 2040 Portfolio | Voya Solution 2040 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.5789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.6805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.6419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.6153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.3976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.6604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $2.4591 |

---

------

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

TAX INFORMATION (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya Solution 2045 Portfolio | Voya Solution 2045 Portfolio | Voya Solution 2045 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.4288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.4978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.4675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.4290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.6237 |
| Voya Solution 2050 Portfolio | Voya Solution 2050 Portfolio | Voya Solution 2050 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.6175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.7244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.6868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.6225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.5832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.6670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $2.7591 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya Solution 2055 Portfolio | Voya Solution 2055 Portfolio | Voya Solution 2055 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.4814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.5601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.5272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.4808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.7887 |
| Voya Solution 2060 Portfolio | Voya Solution 2060 Portfolio | Voya Solution 2060 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.4418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.4782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.4414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.3979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.5232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.8944 |
| Voya Solution 2065 Portfolio | Voya Solution 2065 Portfolio | Voya Solution 2065 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.4438 |

---

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Aggressive Portfolio  | 15.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Balanced Portfolio  | 12.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Conservative Portfolio  | 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Income Portfolio  | 6.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Aggressive Portfolio  | 20.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Conservative Portfolio  | 7.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2025 Portfolio  | 9.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2030 Portfolio  | 9.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2035 Portfolio  | 10.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2040 Portfolio  | 9.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2045 Portfolio  | 11.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2050 Portfolio  | 10.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2055 Portfolio  | 10.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2060 Portfolio  | 9.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2065 Portfolio  | 35.94% |

---

------

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

TAX INFORMATION (Unaudited) (continued)

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Aggressive Portfolio  | $3537854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Balanced Portfolio  | $5027038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Conservative Portfolio  | $754961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Income Portfolio  | $18204860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Aggressive Portfolio  | $61578687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Conservative Portfolio  | $2754053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2025 Portfolio  | $60568193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2030 Portfolio  | $6209208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2035 Portfolio  | $76390953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2040 Portfolio  | $5607460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2045 Portfolio  | $63507813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2050 Portfolio  | $5050490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2055 Portfolio  | $20973156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2060 Portfolio  | $3617475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2065 Portfolio  | $338954 |

---

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | **Creditable <br> Foreign Taxes <br> Paid**  | **Per Share <br> Amount**  | **Portion of Ordinary Income <br> Distribution Derived from <br> Foreign Sourced Income\***  |
| Voya Solution Aggressive Portfolio | $10278 | $0.0040 | 6.79% |
| Voya Solution Balanced Portfolio | $13331 | $0.0022 | 4.26% |
| Voya Solution Conservative Portfolio | $159 | $0.0001 | 1.50% |
| Voya Solution Income Portfolio | $60489 | $0.0028 | 4.39% |
| Voya Solution Moderately Aggressive Portfolio | $203211 | $0.0046 | 7.78% |
| Voya Solution Moderately Conservative Portfolio | $7708 | $0.0019 | 3.53% |
| Voya Solution 2025 Portfolio | $296655 | $0.0054 | 7.61% |
| Voya Solution 2030 Portfolio | $25090 | $0.0063 | 8.59% |
| Voya Solution 2035 Portfolio | $471529 | $0.0076 | 10.80% |
| Voya Solution 2040 Portfolio | $36604 | $0.0117 | 9.18% |
| Voya Solution 2045 Portfolio | $480956 | $0.0096 | 11.18% |
| Voya Solution 2050 Portfolio | $35749 | $0.0139 | 9.96% |
| Voya Solution 2055 Portfolio | $119278 | $0.0076 | 9.31% |
| Voya Solution 2060 Portfolio | $27180 | $0.0100 | 9.30% |
| Voya Solution 2065 Portfolio | $9267 | $0.0101 | 23.69% |

---

\* <br>

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

------

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

TAX INFORMATION (Unaudited) (continued)

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) <br> Held with the <br> Company**  | **Term of Office and <br> Length of Time <br> Served<sup>(1)</sup>**  | **Principal <br> Occupation(s) – <br> During the Past 5 Years**  | **Number of <br> funds in <br> Fund <br> Complex <br> Overseen by <br> Director<sup>(2)</sup>**  | **Other Board Positions <br> Held by Director**  |
| **Independent Directors:** |  |  |  |  |  |
| Colleen D. Baldwin <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 62 | Chairperson <br>Director | January 2020 – <br> Present <br> November 2007 – <br> Present  | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | 132  | RSR Partners, Inc, (2016 - Present). |
| John V. Boyer <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 69 | Director | November 1997 – <br> Present | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 - December 2019). | 132  | None. |
| Patricia W. Chadwick <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 74 | Director | January 2006 – <br> Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present). | 132  | The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 - Present). |
| Martin J. Gavin <br> 7337 East Doubletree Ranch Rd. Suite 100 <br> Scottsdale, AZ 85258 <br> Age: 72 | Director | August 2015 – <br> Present | Retired. | 132  | None. |
| Joseph E. Obermeyer <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 65 | Director | May 2013 – Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | 132  | None. |
| Sheryl K. Pressler <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 72 | Director | January 2006 – <br> Present | Consultant (May 2001 - Present). | 132  | Centerra Gold Inc. (May 2008 - Present). |
| Christopher P. Sullivan <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 69 | Director | October 2015 – <br> Present | Retired. | 132  | None. |

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

Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an "interested person" as defined in the 1940 Act, of each Portfolio ("Independent Director") is subject to the Board's retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board's other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors).

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

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

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

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

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

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held With <br> the Company**  | **Term of Office and <br> Length of Time Served<sup>(1)</sup>**  | **Principal Occupation(s) – <br> During the Past 5 Years**  |
| Robert Terris <br> 5780 Powers Ferry Road NW <br> Atlanta, Georgia 30327 <br> Age: 52 | Senior Vice President  | May 2006 – Present | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018). |
| Joanne F. Osberg <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 41 | Vice President <br>Secretary | June 2022 – Present <br>September 2020 – Present | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020). |
| Fred Bedoya <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 50 | Vice President <br> Principal Accounting Officer and Treasurer | September 2012 – Present | Vice President, Voya Investments, LLC (October 2015 - Present); Vice President, Voya Funds Services, LLC (July 2012 - Present). |
| Robyn L. Ichilov <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 55 | Vice President | January 2005 – Present | Vice President, Voya Investments, LLC (August 1997 - Present); Vice President, Voya Funds Services, LLC (November 1995 – Present). |
| Jason Kadavy <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 46 | Vice President | September 2012 – Present | Vice President, Voya Investments, LLC (October 2015 - Present); Vice President, Voya Funds Services, LLC (July 2007 – Present) |
| Erica McKenna <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 50 | Vice President | June 2022 – Present | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 - Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021). |
| Craig Wheeler <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 53 | Vice President | May 2013 – Present | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
| Nicholas C.D. Ward <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 29 | Assistant Vice President and Assistant Secretary | June 2022 – Present | Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021). |
| Gizachew Wubishet <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 46 | Assistant Vice President and Assistant Secretary | June 2022 – Present | Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 - Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 - April 2019). |
| Monia Piacenti <br> One Orange Way <br> Windsor, Connecticut 06095 <br> Age: 46 | Anti-Money Laundering Officer | June 2018 – Present | Compliance Consultant, Voya Financial, Inc. (January 2019 - Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 - December 2018). |

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

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

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

#### BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT
At a meeting held on November 17, 2022, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, and Voya Solution 2065 Portfolio, each a series of the Company (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the "Sub-Adviser"), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 12-13, 2022, and November 15, 2022. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members.

The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

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

#### Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

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

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

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and

quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

#### Portfolio Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio's prospectus. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Company's Chief Investment Risk Officer.

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

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

#### Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to

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

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their

association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

#### Portfolio-by-Portfolio Analysis
Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

#### Voya Solution Aggressive Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, and the third quintile for the year-to-date, one-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

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

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second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's management fee rate and all-in net expense ratio.

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

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

#### Voya Solution Conservative Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the second quintile for the one-year period, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is below the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

#### Voya Solution Income Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed. In analyzing this performance data, the Board took into account Management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

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above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution Moderately Aggressive Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the one-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

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

rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

#### Voya Solution Moderately Conservative Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's management fee rate and all-in net expense ratio.

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

#### Voya Solution 2025 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, third quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2030 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, the third quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's management fee rate and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2035 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year, five-year and ten-year periods, the fourth quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management's representations regarding: (1) the competitiveness of the Portfolio's performance during certain periods; (2) the impact of security selection on the Portfolio's performance; and (3) its confidence in the ability of the Sub-Adviser to deliver long-term performance.

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

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

rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's management fee rate and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2040 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, the third quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's management fee rate

and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2045 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2050 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year and ten-year periods, the fourth quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into

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

account management's representations regarding: (1) the competitiveness of the Portfolio's performance during certain periods; (2) the impact of security selection on the Portfolio's performance; and (3) its confidence in the ability of the Portfolio to deliver long-term performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2055 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year period, the fourth quintile for the one-year, five-year and ten-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) management's representations regarding the impact of security selection on the Portfolio's performance; and (2) management's confidence in the ability of the Portfolio to deliver long-term performance.

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

borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2060 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the one-year, three-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) management's representations regarding the impact of security selection on the Portfolio's performance; and (2) management's confidence in the ability of the Portfolio to deliver long-term performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of

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AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board's direction during the 2021 annual contract renewal cycle, the Portfolio's expense limits were lowered, effective January 1, 2022; and (3) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Voya Solution 2065 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account: (1) that the Portfolio commenced operations in August 2020, and therefore had a limited operating history for the purpose of analyzing its performance; and (2) management's confidence in the ability of the Portfolio to deliver long-term performance.

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

fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board's direction during the 2021 annual contract renewal cycle, the Portfolio's expense limits were lowered, effective January 1, 2022; and (3) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Solution Portfolios' expense ratios when compared to peers identified by management.

#### Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2023.

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

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

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

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

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

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

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

RETIREMENT \| INVESTMENTS \| INSURANCE

voyainvestments.com

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

VPAR-VSOL (1222-022223)

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

## ANNUAL REPORT

#### December 31, 2022
Classes ADV, I, S, S2 and Z

#### Voya Partners, Inc.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution Income Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2045 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2025 Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2050 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2030 Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2055 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2035 Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2060 Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2040 Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Index Solution 2065 Portfolio <br>|

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

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

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

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Portfolio Managers' Report](#tPMRP)  | [2](#tPMRP) |
| [Shareholder Expense Examples](#tseeu-0)  | [16](#tseeu-0) |
| [Report of Independent Registered Public Accounting Firm](#troir-0)  | [18](#troir-0) |
| [Statements of Assets and Liabilities](#tsoaa-0)  | [20](#tsoaa-0) |
| [Statements of Operations](#tsoof-0)  | [26](#tsoof-0) |
| [Statements of Changes in Net Assets](#tsoci-0)  | [29](#tsoci-0) |
| [Financial Highlights](#tfihi-0)  | [34](#tfihi-0) |
| [Notes to Financial Statements](#tNFS)  | [43](#tNFS) |
| [Portfolios of Investments](#tPOI)  | [56](#tPOI) |
| [Tax Information](#tTIF)  | [88](#tTIF) |
| [Director and Officer Information](#tDOI)  | [91](#tDOI) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#tASC)  | [96](#tASC) |

---

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

#### QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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Benchmark Descriptions

---

| | |
|:---|:---|
| **Index**  | **Description**  |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | A widely recognized index of publicly issued fixed rate, investment grade debt securities, including Treasuries, Agencies and credit securities with a maturity of one to three years. |
| Bloomberg U.S. Aggregate Bond Index <br> ("Bloomberg U.S. Aggregate Bond") | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. |
| S&P Target Date Retirement Income Index | Seeks to represent asset allocations which target an immediate retirement horizon. |
| S&P Target Date 2025 Index, <br> S&P Target Date 2030 Index, <br> S&P Target Date 2035 Index, <br> S&P Target Date 2040 Index, <br> S&P Target Date 2045 Index, <br> S&P Target Date 2050 Index, <br> S&P Target Date 2055 Index <br> S&P Target Date 2060 Index and <br> S&P Target Date 2065+ Index | Each index seeks to represent the market consensus for asset allocations which target an approximate 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and beyond the 2065 retirement horizon, respectively. |

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Voya Index Solution Portfolios Portfolio Managers' Report

The Voya Index Solution Portfolios consist of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, and Voya Index Solution 2065 Portfolio (each a "Portfolio" or collectively, the "Portfolios"). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are passively managed funds (index funds)<sup>(1)</sup>. Each Portfolio uses an asset allocation strategy ("Target Asset Allocation") designed for investors expecting to retire around the year applicable to that Portfolio. These Target Asset Allocations as of December 31, 2022 are set out in the table below. The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers\* of Voya Investment Management Co. LLC ("Voya IM") — the Sub-Adviser.

#### Performance: Each Portfolio's performance against its respective benchmark is set out in the table below.
***Portfolio Specifics:*** Over the reporting period, the Portfolios produced negative absolute and relative returns. Tactical asset allocation detracted from performance. The Portfolios started the year mostly neutral in their equity versus bond positioning throughout the suite, with a modest equity overweight in the 2050, 2045, 2035 and 2030 vintages. Within sub-asset classes, the suite was overweight domestic small cap and emerging market ("EM") equities, funded by underweights to domestic mid cap equities, developed international equities and core US fixed income in varying degrees depending on vintage.

In February, the Portfolios reduced their US large cap position and added to EM and developed international equities. The non-US equity markets offer less tech exposure and less long duration equity exposure which has shown to be more sensitive to rising US real yields. In addition, the suite took advantage of the relatively stable credit markets and sold down the majority of its high yield exposure in favor of intermediate core fixed income.

In March, the Portfolios lowered their international equity exposure in favor of short-term Eurodollar futures, believing that international equities remained vulnerable to the economic fallout from the first major war in Europe post-WWII. Recession risk in the Eurozone rose quickly as war waged, gasoline prices continued to rise, and an inflation problem forced the European Central Bank's (ECB) hand to tighten financial conditions. In addition, slowing Chinese growth was a challenge for EMs. In our view, any stimulus to occur would likely have not been enough to revive a slowing economy and meet Beijing's growth target. We believed strong forward guidance by the US Federal Reserve to increase policy rates and a faster balance sheet roll-off than other central banks were dollar positives. In mid-March, the Portfolios moved to a tactical underweight in TIPS in favor of short-duration bonds within the Income vintage, to reduce portfolio exposure to rising real interest rates. Since the onset of the Covid pandemic, the Fed purchased a disproportionate amount of TIPS issuance which contributed to deeply negative yields. As the Fed began to run down its balance sheet, we anticipated upwards pressure on TIPS yields. As part of the annual strategic review in early April, the Portfolios enacted their glide downs, leading to lower equity weights in the 2050-2025 vintages. Still, the Portfolios held modest overweights to US large cap equities. This was a drag over the quarter as both international developed and EM equities performed better after lagging in the first three months of the year. However, overweights to US assets helped within the fixed income segments of the Portfolios, as US aggregate bonds performed better than global bonds and significantly outperformed EM debt, which struggled due to those countries' generally weaker growth outlook and a substantial strengthening in the US dollar.

In May, a new position in Japanese equities was initiated, funded by selling US large cap stocks. Rationale underpinning the trade was a belief that Japan was acting more defensive than the rest of the world given the Bank of Japan's ("BOJ") use of yield curve control, which, along with relatively cheap valuations, in our view made their equity markets more attractive in a highly uncertain macro environment. In addition, during times of market stress, the Japanese Yen serves as a safe haven for investors, in our opinion. Furthermore, the Yen had fallen dramatically since the beginning of 2021 and had not been this cheap relative to the US dollar since 2002 from both purchasing power parity and real effective exchange rate perspective. We believed this would help the nation's export-oriented businesses and could support earnings.

Throughout the third quarter, the Portfolios increased US large cap and small cap equities. The large cap increase was funded by a further reduction to international developed equites, as the US continued to be the favorite region given its relatively insulated economic and geopolitical position, strong currency, and generally healthier companies. Within the United States, small caps retraced all of their stimulus driven gains and began trading at a discount relative to large caps. Given the severely oversold conditions, there is potential for an unwind and small caps would disproportionally benefit from the bounce. Within fixed income, PMs lengthened duration across the Portfolios by increasing exposure to long-term US government bonds and reducing some combination of core fixed income, short-term bonds, and cash. In our view, declining energy and core goods prices, reduced shelter costs, softening labor market, and decreased domestic demand would pull

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Portfolio Managers' Report Voya Index Solution Portfolios

inflation down to the 4-5% range by the middle of next year. We believed the necessary drop in nominal GDP or expectation thereof should weigh heavily on long dated yields. As a result, we extended duration in fixed income portfolios and maintained our preference for high-quality credit.

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

In early October, the Portfolios added to US TIPS in near-dated Portfolios. With the backup in real yields to the highest levels since 2009, a substantial underweighting to TIPS no longer appeared to be a good risk and reward with inflation breakeven declining to just above 2%. Later in the month, we initiated a tactical overweight in the near dated portfolios to US large cap equities by selling short term bonds. This was a short-term term trade that sought to capitalize on market momentum following promising evidence inflation was continuing to decline.

This position was closed at a gain and reversed to an underweight in early November, as recession risks accumulated and fears deteriorating earnings would drive a sell-off into year end.

There was also a short term tactical trade at the end of October to decrease EM equity exposure and add to US large caps due to increased tensions between Beijing and Washington related to Taiwan. However, in December, relations between the two superpowers seemed to improve such that an escalation of hostilities was much less likely. As a result, PMs increased EM equity exposure and sold international developed equities. International developed equities were used as the source of funds because Europe looked increasingly unappealing after the strong rally in the first two months of the quarter and their still challenged fundamental outlook with the ECB struggling to contain inflation in the face of a gas embargo with Russia that is likely to continue for a multi-year period and local governments having spent their fiscal firepower on helping households meet their increased energy costs. Europe looks to have used a short-term patch to try and fix a long-term problem, which will likely pressure European equities in 2023. Additionally, the emerging and developing international stocks relationship looked to be making an important bottom that favored EM, as China reopens and refocuses on growth.

Within fixed income, the Portfolios continue to hold a long duration posture as a hedge against equity beta in the event of a risk-off flight to safety and expectations a weak growth environment will weigh down the back end of the yield curve.

During the year, tactical moves relative to our strategic benchmarks have had a negative impact on the Portfolios' performance.

***Current Strategy and Outlook:*** Inflation dominated the headlines in 2022, and its progression and policy makers' responses will continue to be the principal global macro drivers in the year ahead. Although it remains unacceptably high, data suggests it has peaked with meaningfully lower core goods and energy prices. Income sensitive components of the price Index baskets, such as shelter and services, are proving sticker given the still strong labor market and high personal income. However, we are beginning to see the effects of declining demand with wage gains cooling, which we expect will continue and contribute to a steady fall in inflation to the low single digits by the end of the year. However, we do not expect a shift in policy from the Fed or ECB. With more tightening in store and explicit declarations that there will be no rate cuts in 2023, a contraction in developed market growth seems likely and should cause top line revenues to fall. Additionally, the prolonged period of rising costs is likely to erode profit margins ahead, including those of US large cap companies, which have thus far been relatively successful in maintaining pricing power. In general, US stocks are not cheap, but they are well of peaks and seem reasonable. On the other side of this year, however, will see moderate inflation, more normal interest rates and slow but positive growth, which should be good for equities. Until investors begin to price in that outcome, volatility will likely be high.

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

The US continues to be our favorite region. It is further along in the inflation fight and still more geopolitically insulated as compared to the Eurozone, which still faces an increased probability and expected magnitude of a decline in output. China's

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Voya Index Solution Portfolios Portfolio Managers' Report

move away from zero covid and the seeming relaxation of tensions with the US from their boiling point are pluses for EM. While the US dollar is less likely to be a headwind to international assets, it should retain its defensive properties in risk-off scenarios, providing motivation for keeping close to home for now.

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

The investment objective of each Portfolio is described in the Portfolios' prospectuses, each dated May 1, 2022.

\* <br>

Effective on May 31, 2022, Halvard Kvaale is no longer a portfolio manager for the Portfolios.

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

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

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Portfolio Managers' Report Voya Index Solution Portfolios

---

| | |
|:---|:---|
| **Total Returns for the Year Ended December 31, 2022**  | **Total Returns for the Year Ended December 31, 2022**  |
| | **1 Year**  |
| Voya Index Solution Income Portfolio, Class S  | -14.32%  |
| S&P Target Date Retirement Income Index | -11.17%  |
| Voya Index Solution 2025 Portfolio, Class S | -16.09%  |
| S&P Target Date 2025 Index | -13.13%  |
| Voya Index Solution 2030 Portfolio, Class S | -16.70%  |
| S&P Target Date 2030 Index | -13.96%  |
| Voya Index Solution 2035 Portfolio, Class S | -17.95%  |
| S&P Target Date 2035 Index | -14.99%  |
| Voya Index Solution 2040 Portfolio, Class S | -18.30%  |
| S&P Target Date 2040 Index | -15.56%  |
| Voya Index Solution 2045 Portfolio, Class S | -18.40%  |
| S&P Target Date 2045 Index | -15.84%  |
| Voya Index Solution 2050 Portfolio, Class S | -18.52%  |
| S&P Target Date 2050 Index | -15.97%  |
| Voya Index Solution 2055 Portfolio, Class S | -18.56%  |
| S&P Target Date 2055 Index | -15.97%  |
| Voya Index Solution 2060 Portfolio, Class S | -18.65%  |
| S&P Target Date 2060 Index | -16.01%  |
| Voya Index Solution 2065 Portfolio, Class S | -18.71%  |
| S&P Target Date 2065+ Index | -15.95%  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  | **Annual Target Asset Allocation as of December 31, 2022<sup>(1)</sup> <br> (as a percentage of net assets)**  |
| **Sub Asset Class**  | **2065**  | **2060**  | **2055**  | **2050**  | **2045**  | **2040**  | **2035**  | **2030**  | **2025**  | **Income**  |
| US Large Blend | 51.5% | 52.0% | 51.5% | 50.5% | 49.0% | 46.0% | 40.0% | 33.0% | 30.0% | 20.0% |
| US Mid Cap Blend | 5.0% | 5.0% | 5.0% | 5.0% | 4.0% | 4.0% | 4.0% | 4.0% | 3.0% | 2.0% |
| US Small Cap | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 7.0% | 7.0% | 4.0% | 2.0% |
| International | 18.0% | 17.0% | 17.0% | 17.0% | 17.0% | 15.0% | 12.0% | 10.0% | 7.0% | 4.0% |
| International Small Cap | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |  |
| Emerging Markets | 9.0% | 9.0% | 9.0% | 9.0% | 9.0% | 8.0% | 8.0% | 6.0% | 6.0% | 3.0% |
| Core Fixed Income | 1.5% | 1.5% | 2.5% | 3.5% | 5.5% | 12.0% | 22.0% | 28.5% | 33.5% | 45.5% |
| High Yield |  |  |  |  |  |  |  |  |  | 2.0% |
| TIPS |  |  |  |  |  |  |  | 1.0% | 4.0% | 6.0% |
| Short Duration | 1.0% | 1.5% | 1.0% | 1.0% | 1.5% | 1.0% | 1.0% | 1.0% | 1.0% | 4.5% |
| Fixed Account Contract |  |  |  |  |  |  |  | 3.0% | 5.0% | 7.0% |
| Long Govt Bonds | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.5% | 4.5% | 4.0% |
| **Total Equity** | **93.5%** | **93.0%** | **92.5%** | **91.5%** | **89.0%** | **83.0%** | **73.0%** | **62.0%** | **52.0%** | **31.0%** |
| **Total Fixed Income** | **6.5%** | **7.0%** | **7.5%** | **8.5%** | **11.0%** | **17.0%** | **27.0%** | **38.0%** | **48.0%** | **69.0%** |

---

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

As these are target allocations, the actual allocations of each Portfolio's assets may deviate from the percentages shown. Although the Portfolios expect to be fully invested at all times, they may maintain liquidity reserves to meet redemption requests.

*Portfolio holdings are subject to change daily.*

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Voya Index Solution Income Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_solution-bw.jpg]](lc_solution-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -14.57% | 1.66% | 3.31% |
| Class I | -14.13% | 2.16% | 3.84% |
| Class S | -14.32% | 1.92% | 3.57% |
| Class S2 | -14.47% | 1.75% | 3.41% |
| Class Z<sup>(1)</sup> | -13.94% | 2.39% | 4.00% |
| S&P Target Date Retirement Income Index | -11.17% | 2.33% | 3.59% |

---

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Portfolio Managers' Report Voya Index Solution 2025 Portfolio

![[MISSING IMAGE: lc_index2025-bw.jpg]](lc_index2025-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -16.26% | 3.03% | 5.51% |
| Class I | -15.81% | 3.53% | 6.04% |
| Class S | -16.09% | 3.27% | 5.76% |
| Class S2 | -16.21% | 3.12% | 5.61% |
| Class Z<sup>(1)</sup> | -15.74% | 3.76% | 6.20% |
| S&P Target Date 2025 Index | -13.13% | 3.75% | 6.23% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2025 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Voya Index Solution 2030 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2030-bw.jpg]](lc_index2030-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -16.89% | 3.41% | 6.22% |
| Class I | -16.51% | 3.93% | 6.73% |
| Class S | -16.70% | 3.67% | 6.46% |
| Class S2 | -16.87% | 3.52% | 6.28% |
| Class Z<sup>(1)</sup> | -16.31% | 4.16% | 6.88% |
| S&P Target Date 2030 Index | -13.96% | 4.17% | 6.84% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2030 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Portfolio Managers' Report Voya Index Solution 2035 Portfolio

![[MISSING IMAGE: lc_index2035-bw.jpg]](lc_index2035-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -18.14% | 3.66% | 6.72% |
| Class I | -17.76% | 4.17% | 7.25% |
| Class S | -17.95% | 3.92% | 6.99% |
| Class S2 | -18.10% | 3.75% | 6.82% |
| Class Z<sup>(1)</sup> | -17.62% | 4.39% | 7.42% |
| S&P Target Date 2035 Index | -14.99% | 4.63% | 7.42% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2035 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

[**TABLE OF CONTENTS**](#toc-0)

Voya Index Solution 2040 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2040-bw.jpg]](lc_index2040-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -18.48% | 4.29% | 7.30% |
| Class I | -18.08% | 4.80% | 7.82% |
| Class S | -18.30% | 4.55% | 7.56% |
| Class S2 | -18.43% | 4.38% | 7.39% |
| Class Z<sup>(1)</sup> | -17.93% | 5.04% | 7.98% |
| S&P Target Date 2040 Index | -15.56% | 4.97% | 7.84% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2040 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

[**TABLE OF CONTENTS**](#toc-0)

Portfolio Managers' Report Voya Index Solution 2045 Portfolio

![[MISSING IMAGE: lc_index2045-bw.jpg]](lc_index2045-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -18.60% | 4.53% | 7.53% |
| Class I | -18.19% | 5.07% | 8.07% |
| Class S | -18.40% | 4.79% | 7.79% |
| Class S2 | -18.49% | 4.64% | 7.64% |
| Class Z<sup>(1)</sup> | -18.10% | 5.28% | 8.23% |
| S&P Target Date 2045 Index | -15.84% | 5.16% | 8.11% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2045 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

[**TABLE OF CONTENTS**](#toc-0)

Voya Index Solution 2050 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2050-bw.jpg]](lc_index2050-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -18.70% | 4.40% | 7.49% |
| Class I | -18.29% | 4.91% | 8.04% |
| Class S | -18.52% | 4.66% | 7.78% |
| Class S2 | -18.62% | 4.50% | 7.59% |
| Class Z<sup>(1)</sup> | -18.14% | 5.15% | 8.20% |
| S&P Target Date 2050 Index | -15.97% | 5.26% | 8.33% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2050 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

[**TABLE OF CONTENTS**](#toc-0)

Portfolio Managers' Report Voya Index Solution 2055 Portfolio

![[MISSING IMAGE: lc_index2055-bw.jpg]](lc_index2055-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 year**  |
| Class ADV | -18.76% | 4.44% | 7.54% |
| Class I | -18.38% | 4.95% | 8.06% |
| Class S | -18.56% | 4.71% | 7.81% |
| Class S2 | -18.69% | 4.54% | 7.64% |
| Class Z<sup>(1)</sup> | -18.20% | 5.20% | 8.24% |
| S&P Target Date 2055 Index | -15.97% | 5.31% | 8.46% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2055 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

[**TABLE OF CONTENTS**](#toc-0)

Voya Index Solution 2060 Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_index2060-bw.jpg]](lc_index2060-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **Since Inception <br> of Classes ADV, I, and S <br> February 9, 2015**  |
| Class ADV | -18.84% | 4.53% | 6.01%  |
| Class I | -18.44% | 5.05% | 6.53%  |
| Class S | -18.65% | 4.78% | 6.25%  |
| Class S2 | -18.77% | 4.64% | 6.09%  |
| Class Z<sup>(1)</sup> | -18.25% | 5.29% | 6.74%  |
| S&P Target Date 2060 Index | -16.01% | 5.35% | 6.96%  |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2060 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

[**TABLE OF CONTENTS**](#toc-0)

Portfolio Managers' Report Voya Index Solution 2065 Portfolio

![[MISSING IMAGE: lc_index2065-bw.jpg]](lc_index2065-bw.jpg) <br>

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended December 31, 2022**  | **Average Annual Total Returns for the Period Ended December 31, 2022**  | **Average Annual Total Returns for the Period Ended December 31, 2022**  |
| | **1 Year**  | **Since Inception <br> of Classes ADV, I, S, S2 and Z <br> July 29, 2020**  |
| Class ADV | -18.86% | 4.56%  |
| Class I | -18.45% | 5.10%  |
| Class S | -18.71% | 4.80%  |
| Class S2 | -18.74% | 4.66%  |
| Class Z | -18.27% | 5.32%  |
| S&P Target Date 2065+ Index | -15.95% | 6.06%  |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2065 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

***It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance. The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

------

[**TABLE OF CONTENTS**](#toc-0)

Shareholder Expense Examples (Unaudited)

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

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  |
| **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** | **<u>Voya Index Solution Income Portfolio</u>** |
| Class ADV | $1000.00 | $983.10 | 0.71% | $3.55 | $1000.00 | $1021.63 | 0.71% | $3.62 |
| Class I | 1000.00 | 984.90 | 0.21 | 1.05 | 1000.00 | 1024.15 | 0.21 | 1.07 |
| Class S | 1000.00 | 984.40 | 0.46 | 2.30 | 1000.00 | 1022.89 | 0.46 | 2.35 |
| Class S2 | 1000.00 | 983.40 | 0.61 | 3.05 | 1000.00 | 1022.13 | 0.61 | 3.11 |
| Class Z | 1000.00 | 985.80 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** | **<u>Voya Index Solution 2025 Portfolio</u>** |
| Class ADV | $1000.00 | $992.70 | 0.70% | $3.52 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 994.90 | 0.20 | 1.01 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 992.90 | 0.45 | 2.26 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 992.60 | 0.60 | 3.01 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class Z | 1000.00 | 995.50 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** | **<u>Voya Index Solution 2030 Portfolio</u>** |
| Class ADV | $1000.00 | $998.60 | 0.70% | $3.53 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 1000.60 | 0.20 | 1.01 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 999.50 | 0.45 | 2.27 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 998.60 | 0.60 | 3.02 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class Z | 1000.00 | 1001.90 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |

---

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[**TABLE OF CONTENTS**](#toc-0)

Shareholder Expense Examples (Unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\*\***  |
| **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** | **<u>Voya Index Solution 2035 Portfolio</u>** |
| Class ADV | $1000.00 | $1001.40 | 0.70% | $3.53 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 1004.20 | 0.20 | 1.01 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 1003.40 | 0.45 | 2.27 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 1001.80 | 0.60 | 3.03 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class Z | 1000.00 | 1004.70 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** | **<u>Voya Index Solution 2040 Portfolio</u>** |
| Class ADV | $1000.00 | $1008.90 | 0.70% | $3.54 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 1011.00 | 0.20 | 1.01 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 1009.70 | 0.45 | 2.28 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 1008.90 | 0.60 | 3.04 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class Z | 1000.00 | 1011.80 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** | **<u>Voya Index Solution 2045 Portfolio</u>** |
| Class ADV | $1000.00 | $1012.90 | 0.70% | $3.55 | $1000.00 | $1021.68 | 0.70% | $3.57 |
| Class I | 1000.00 | 1015.70 | 0.20 | 1.02 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 1014.20 | 0.45 | 2.28 | 1000.00 | 1022.94 | 0.45 | 2.29 |
| Class S2 | 1000.00 | 1013.60 | 0.60 | 3.05 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class Z | 1000.00 | 1016.10 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** | **<u>Voya Index Solution 2050 Portfolio</u>** |
| Class ADV | $1000.00 | $1013.90 | 0.72% | $3.65 | $1000.00 | $1021.58 | 0.72% | $3.67 |
| Class I | 1000.00 | 1016.90 | 0.22 | 1.12 | 1000.00 | 1024.10 | 0.22 | 1.12 |
| Class S | 1000.00 | 1015.30 | 0.47 | 2.39 | 1000.00 | 1022.84 | 0.47 | 2.40 |
| Class S2 | 1000.00 | 1014.70 | 0.62 | 3.15 | 1000.00 | 1022.08 | 0.62 | 3.16 |
| Class Z | 1000.00 | 1018.00 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** | **<u>Voya Index Solution 2055 Portfolio</u>** |
| Class ADV | $1000.00 | $1014.70 | 0.72% | $3.66 | $1000.00 | $1021.58 | 0.72% | $3.67 |
| Class I | 1000.00 | 1017.10 | 0.22 | 1.12 | 1000.00 | 1024.10 | 0.22 | 1.12 |
| Class S | 1000.00 | 1016.10 | 0.47 | 2.39 | 1000.00 | 1022.84 | 0.47 | 2.40 |
| Class S2 | 1000.00 | 1015.50 | 0.62 | 3.15 | 1000.00 | 1022.08 | 0.62 | 3.16 |
| Class Z | 1000.00 | 1018.00 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** | **<u>Voya Index Solution 2060 Portfolio</u>** |
| Class ADV | $1000.00 | $1015.50 | 0.72% | $3.66 | $1000.00 | $1021.58 | 0.72% | $3.67 |
| Class I | 1000.00 | 1017.30 | 0.22 | 1.12 | 1000.00 | 1024.10 | 0.22 | 1.12 |
| Class S | 1000.00 | 1016.30 | 0.47 | 2.39 | 1000.00 | 1022.84 | 0.47 | 2.40 |
| Class S2 | 1000.00 | 1015.80 | 0.62 | 3.15 | 1000.00 | 1022.08 | 0.62 | 3.16 |
| Class Z | 1000.00 | 1018.60 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |
| **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** | **<u>Voya Index Solution 2065 Portfolio</u>** |
| Class ADV | $1000.00 | $1015.40 | 0.73% | $3.71 | $1000.00 | $1021.53 | 0.73% | $3.72 |
| Class I | 1000.00 | 1018.00 | 0.23 | 1.17 | 1000.00 | 1024.05 | 0.23 | 1.17 |
| Class S | 1000.00 | 1016.10 | 0.48 | 2.44 | 1000.00 | 1022.79 | 0.48 | 2.45 |
| Class S2 | 1000.00 | 1016.10 | 0.63 | 3.20 | 1000.00 | 1022.03 | 0.63 | 3.21 |
| Class Z | 1000.00 | 1018.60 | 0.00 | 0.00 | 1000.00 | 1025.21 | 0.00 | 0.00 |

---

\* <br>

The annualized expense ratios do not include expenses of underlying funds.

\*\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio and Voya Index Solution 2065 Portfolio and the Board of Directors of Voya Partners, Inc.

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio and Voya Index Solution 2065 Portfolio (collectively referred to as the "Portfolios") (ten of the portfolios constituting Voya Partners, Inc. (the "Company")), including the portfolios of investments, as of December 31, 2022, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (ten of the portfolios constituting Voya Partners, Inc.) at December 31, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Individual portfolio constituting <br> Voya Partners, Inc.** | **Statement of Operations**  | **Statements of changes in <br> net assets** | **Financial highlights**  |
| Voya Index Solution Income Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2025 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2030 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2035 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2040 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2045 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2050 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2055 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |

---

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[**TABLE OF CONTENTS**](#toc-0)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

---

| | | | |
|:---|:---|:---|:---|
| **Individual portfolio constituting <br> Voya Partners, Inc.** | **Statement of Operations**  | **Statements of changes in <br> net assets** | **Financial highlights**  |
| Voya Index Solution 2060 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the three years in the period then ended December 31, 2022 |
| Voya Index Solution 2065 Portfolio | For the year ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 | For each of the two years in the period then ended December 31, 2022 and the period from July 29, 2020 (commencement of operations) through December 31, 2020 |

---

The financial highlights for each of the years in the two-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 26, 2020, expressed an unqualified opinion on those financial highlights.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![[MISSING IMAGE: sg_ernestyoungllp-bw.jpg]](sg_ernestyoungllp-bw.jpg)

We have served as the auditor of one or more Voya investment companies since 2019. <br> Boston, Massachusetts <br> February 28, 2023

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[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index <br> Solution Income <br> Portfolio**  | **Voya Index <br> Solution 2025 <br> Portfolio**  | **Voya Index <br> Solution 2030 <br> Portfolio**  | **Voya Index <br> Solution 2035 <br> Portfolio**  |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $524884469 | $884067836 | $715113845 | $1176668778 |
| Investments in unaffiliated underlying funds at fair value\*\* | 115002515 | 104699524 | 55600321 | 68557044 |
| Investments in affiliated funding agreements\*\*\* | 48136071 | 52079944 | 23865868 |  |
| Short-term investments at fair value† | 1149148 |  |  |  |
| Cash |  | 1271126 | 624592 | 743116 |
| Cash collateral for futures contracts | 1135700 | 2409914 | 1833715 | 2856557 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated underlying funds sold  | 99102 | 497819 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 133852 | 129030 | 513265 | 607056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 2479 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 637580 | 718747 | 352113 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 44976 | 51650 | 39680 | 62053 |
| Prepaid expenses | 3943 | 5545 | 3856 | 6072 |
| Reimbursement due from Investment Adviser | 152328 | 217377 | 160580 | 241475 |
| Other assets | 19115 | 22584 | 8423 | 20833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 691401278 | 1046171096 | 798116258 | 1249764641 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased |  |  | 166315 | 409812 |
| Payable for fund shares redeemed | 232954 | 626698 | 346903 | 197059 |
| Payable for investment management fees | 139572 | 198412 | 147019 | 226940 |
| Payable for distribution and shareholder service fees | 56508 | 84507 | 23512 | 84398 |
| Payable for directors fees | 1954 | 2862 | 2078 | 3245 |
| Payable to directors under the deferred compensation plan (Note 6) | 19115 | 22584 | 8423 | 20833 |
| Other accrued expenses and liabilities | 79502 | 80326 | 42707 | 76036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 529605 | 1015389 | 736957 | 1018323 |
| **NET ASSETS**  | $690871673 | $1045155707 | $797379301 | $1248746318 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $776094415 | $1130884985 | $852887256 | $1328026284 |
| Total distributable loss | (85222742) | (85729278) | (55507955) | (79279966) |
| **NET ASSETS**  | $690871673 | $1045155707 | $797379301 | $1248746318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in affiliated underlying funds <br>| $614774752 | $997705197 | $808173552 | $1337586174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in unaffiliated underlying funds <br>| $127695490 | $121040256 | $66716831 | $84636435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\* <br>Cost of investments in affiliated funding agreements <br>| $48136071 | $52079944 | $23865868 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $1149148 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index <br> Solution Income <br> Portfolio**  | **Voya Index <br> Solution 2025 <br> Portfolio**  | **Voya Index <br> Solution 2030 <br> Portfolio**  | **Voya Index <br> Solution 2035 <br> Portfolio**  |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $69319733 | $123759593 | $38122227 | $125263132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 7948439 | 13298083 | 2785068 | 12705731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.72 | $9.31 | $13.69 | $9.86 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $11434405 | $41956644 | $8702783 | $50433008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1271504 | 4376080 | 612307 | 4944393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.99 | $9.59 | $14.21 | $10.20 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $94618266 | $93779903 | $12262072 | $82071574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 10641593 | 9909418 | 869924 | 8169871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.89 | $9.46 | $14.10 | $10.05 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $16493438 | $31565725 | $13090078 | $36930510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1910274 | 3419623 | 949830 | 3763382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.63 | $9.23 | $13.78 | $9.81 |
| **Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $499005831 | $754093842 | $725202141 | $954048094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 300000000 | 300000000 | 100000000 | 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 54470885 | 77169292 | 50264337 | 91633174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.16 | $9.77 | $14.43 | $10.41 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index <br> Solution 2040 <br> Portfolio**  | **Voya Index <br> Solution 2045 <br> Portfolio**  | **Voya Index <br> Solution 2050 <br> Portfolio**  | **Voya Index <br> Solution 2055 <br> Portfolio**  |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $688577299 | $901796352 | $526285559 | $539043871 |
| Investments in unaffiliated underlying funds at fair value\*\* | 39995668 | 52626579 | 27685028 | 28323886 |
| Cash | 425485 | 225806 | 1011019 | 1028282 |
| Cash collateral for futures contracts | 1670632 | 2695840 | 1583010 | 1618907 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated underlying funds sold  |  | 12803 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 672005 | 698245 | 371830 | 480991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 954 | 3273 | 1745 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 36458 | 41485 | 25658 | 25808 |
| Prepaid expenses | 3346 | 4606 | 2425 | 2535 |
| Reimbursement due from Investment Adviser | 145045 | 189633 | 109901 | 113271 |
| Other assets | 6243 | 14141 | 4219 | 5701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 731533135 | 958308763 | 557080394 | 570645035 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 293346 |  | 20999 | 178199 |
| Payable for fund shares redeemed | 378570 | 710985 | 350788 | 302756 |
| Payable for investment management fees | 132473 | 173305 | 100504 | 102875 |
| Payable for distribution and shareholder service fees | 14735 | 61793 | 11183 | 32148 |
| Payable for directors fees | 1849 | 2468 | 1368 | 1407 |
| Payable to directors under the deferred compensation plan (Note 6) | 6243 | 14141 | 4219 | 5701 |
| Other accrued expenses and liabilities | 34770 | 48699 | 28367 | 30032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 861986 | 1011391 | 517428 | 653118 |
| **NET ASSETS**  | $730671149 | $957297372 | $556562966 | $569991917 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $774904186 | $999909992 | $586502616 | $599163012 |
| Total distributable loss | (44233037) | (42612620) | (29939650) | (29171095) |
| **NET ASSETS**  | $730671149 | $957297372 | $556562966 | $569991917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in affiliated underlying funds <br>| $785039123 | $1022424513 | $599667021 | $611563054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in unaffiliated underlying funds <br>| $49114243 | $64657116 | $34207133 | $35062042 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index <br> Solution 2040 <br> Portfolio**  | **Voya Index <br> Solution 2045 <br> Portfolio**  | **Voya Index <br> Solution 2050 <br> Portfolio**  | **Voya Index <br> Solution 2055 <br> Portfolio**  |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $25195430 | $93516155 | $17963498 | $45187461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1695926 | 8943145 | 1167101 | 3209708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $14.86 | $10.46 | $15.39 | $14.08 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $9800256 | $47574766 | $11848688 | $37658858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 636509 | 4353940 | 747126 | 2591166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $15.40 | $10.93 | $15.86 | $14.53 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $11599780 | $54085974 | $9813917 | $29006591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 755308 | 5045932 | 620649 | 2025749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $15.36 | $10.72 | $15.81 | $14.32 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $4152262 | $28509757 | $4017565 | $19070033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 276006 | 2731578 | 259484 | 1351444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $15.04 | $10.44 | $15.48 | $14.11 |
| **Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $679923421 | $733610720 | $512919298 | $439068974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 300000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 43421818 | 65831779 | 31856506 | 29660336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $15.66 | $11.14 | $16.10 | $14.80 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Voya Index <br> Solution 2060 <br> Portfolio**  | **Voya Index <br> Solution 2065 <br> Portfolio**  |
| **ASSETS:** |  |  |
| Investments in affiliated underlying funds at fair value\* | $285625824 | $40855847 |
| Investments in unaffiliated underlying funds at fair value\*\* | 16246932 | 2858562 |
| Cash | 78749 | 33617 |
| Cash collateral for futures contracts | 851078 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 773269 | 215563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 1004 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 14231 |  |
| Prepaid expenses | 1182 | 91 |
| Reimbursement due from Investment Adviser | 37926 | 3988 |
| Other assets | 1481 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 303631676 | 43967767 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 483198 | 43957 |
| Payable for fund shares redeemed | 290042 | 171600 |
| Payable for investment management fees | 54129 | 7818 |
| Payable for distribution and shareholder service fees | 7544 | 2127 |
| Payable for directors fees | 701 | 77 |
| Payable to directors under the deferred compensation plan (Note 6) | 1481 | 48 |
| Other accrued expenses and liabilities | 25056 | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 862151 | 230320 |
| **NET ASSETS**  | $302769525 | $43737447 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $325220043 | $50766863 |
| Total distributable loss | (22450518) | (7029416) |
| **NET ASSETS**  | $302769525 | $43737447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in affiliated underlying funds <br>| $328177354 | $45875650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in unaffiliated underlying funds <br>| $19500834 | $3223629 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

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

---

| | | |
|:---|:---|:---|
| | **Voya Index <br> Solution 2060 <br> Portfolio**  | **Voya Index <br> Solution 2065 <br> Portfolio**  |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $12814027 | $3366696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1044510 | 344824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $12.27 | $9.76 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $20762722 | $3336599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1652459 | 340619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $12.56 | $9.80 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $6049592 | $2156354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 486903 | 220615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $12.42 | $9.77 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $2380606 | $610528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 192910 | 62558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $12.34 | $9.76 |
| **Class Z** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $260762578 | $34267270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 20432587 | 3486277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $12.76 | $9.83 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index <br> Solution Income <br> Portfolio**  | **Voya Index <br> Solution 2025 <br> Portfolio**  | **Voya Index <br> Solution 2030 <br> Portfolio**  | **Voya Index <br> Solution 2035 <br> Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $14396351 | $20802113 | $15570840 | $25712138 |
| Dividends from unaffiliated underlying funds | 2864547 | 2757780 | 1437448 | 1554778 |
| Interest (Note 7) | 1376153 | 1704963 | 1003520 | 45743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 18637051 | 25264856 | 18011808 | 27312659 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1701076 | 2444038 | 1761323 | 2725994 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 402752 | 716033 | 203105 | 695256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 275209 | 262418 | 33422 | 225712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 70227 | 129399 | 52103 | 146027 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 28426 | 43478 | 23902 | 60340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 4654 | 14465 | 5715 | 23722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 38849 | 31884 | 7849 | 39196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 6193 | 9815 | 7666 | 15929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | 922 | 1229 | 1571 | 1536 |
| Shareholder reporting expense | 7108 | 6591 | 2510 | 6570 |
| Registration fees |  | 784 | 1899 | 1955 |
| Professional fees | 45240 | 66415 | 45625 | 73000 |
| Custody and accounting expense | 52745 | 81665 | 60225 | 87600 |
| Directors fees | 19543 | 28619 | 20788 | 32457 |
| Miscellaneous expense | 48312 | 70805 | 50071 | 71356 |
| Interest expense | 1399 | 60 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2702655 | 3907698 | 2277814 | 4206689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (1487644) | (2140305) | (1818347) | (2472929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 1215011 | 1767393 | 459467 | 1733760 |
| Net investment income | 17422040 | 23497463 | 17552341 | 25578899 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | (6719527) | 2690970 | 8009510 | 20924487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | 2103707 | (2295588) | (1907206) | (762175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 15967627 | 39528832 | 32945238 | 61217352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (492821) | (2962739) | (2174124) | (3119852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 10858986 | 36961475 | 36873418 | 78259812 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (137316360) | (250648910) | (196870737) | (348784877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated funding agreements  | (241793) | (345246) | (241275) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | (17189600) | (18359942) | (12243547) | (18378882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 64070 | 298759 | 230560 | 357043 |
| Net change in unrealized appreciation (depreciation) | (154683683) | (269055339) | (209124999) | (366806716) |
| Net realized and unrealized loss | (143824697) | (232093864) | (172251581) | (288546904) |
| **Decrease in net assets resulting from operations**  | $(126402657) | $(208596401) | $(154699240) | $(262968005) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index <br> Solution 2040 <br> Portfolio**  | **Voya Index <br> Solution 2045 <br> Portfolio**  | **Voya Index <br> Solution 2050 <br> Portfolio**  | **Voya Index <br> Solution 2055 <br> Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $14291183 | $18632734 | $10391749 | $10610567 |
| Dividends from unaffiliated underlying funds | 884665 | 1099371 | 555174 | 569131 |
| Interest | 28243 | 48933 | 26889 | 27834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 15204091 | 19781038 | 10973812 | 11207532 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1551301 | 2067493 | 1143124 | 1175228 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 133062 | 531908 | 99561 | 253118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 31919 | 153014 | 27567 | 80902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 16299 | 110048 | 15285 | 74691 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 20099 | 57794 | 23235 | 55574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 7158 | 26569 | 12915 | 42006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 9650 | 33243 | 12847 | 35503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 3078 | 15091 | 4477 | 20616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | 1705 | 1437 | 792 | 1108 |
| Shareholder reporting expense | 2548 | 6584 | 2384 | 5490 |
| Registration fees | 2121 | 1516 | 1671 | 1477 |
| Professional fees | 40190 | 53655 | 33567 | 29799 |
| Custody and accounting expense | 58400 | 73000 | 39444 | 40150 |
| Directors fees | 18484 | 24681 | 13679 | 14064 |
| Miscellaneous expense | 44550 | 54766 | 34798 | 43577 |
| Interest expense |  | 278 | 121 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1940564 | 3211077 | 1465467 | 1873428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (1637575) | (1904314) | (1213400) | (1153603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 302989 | 1306763 | 252067 | 719825 |
| Net investment income | 14901102 | 18474275 | 10721745 | 10487707 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | 11518566 | 18560828 | 8877797 | 8419133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | (979657) | (1412834) | (1065714) | (1093006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 39821343 | 58124697 | 33331575 | 34562383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (1786458) | 228626 | 116596 | 153073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 48573794 | 75501317 | 41260254 | 42041583 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (204244648) | (287878165) | (157218232) | (162219124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | (9666991) | (12232150) | (5887692) | (6074573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 210587 | 319383 | 203086 | 205762 |
| Net change in unrealized appreciation (depreciation) | (213701052) | (299790932) | (162902838) | (168087935) |
| Net realized and unrealized loss | (165127258) | (224289615) | (121642584) | (126046352) |
| **Decrease in net assets resulting from operations**  | $(150226156) | $(205815340) | $(110920839) | $(115558645) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Voya Index <br> Solution 2060 <br> Portfolio**  | **Voya Index <br> Solution 2065 <br> Portfolio**  |
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated underlying funds | $5355229 | $609936 |
| Dividends from unaffiliated underlying funds | 286973 | 40682 |
| Interest | 14436 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 5656638 | 650876 |
| **EXPENSES:** |  |  |
| Investment management fees | 586300 | 65161 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 66003 | 12372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 16589 | 4709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 8623 | 1822 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 18864 | 5098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 27939 | 4606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 9486 | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 3082 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | 452 | 540 |
| Shareholder reporting expense | 2532 | 741 |
| Registration fees | 1328 | 327 |
| Professional fees | 17366 | 4502 |
| Custody and accounting expense | 24946 | 10242 |
| Directors fees | 7015 | 771 |
| Miscellaneous expense | 21188 | 9990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 811713 | 125604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (625053) | (90602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 186660 | 35002 |
| Net investment income | 5469978 | 615874 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | 2298824 | (1436923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | (540528) | (64183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 17653926 | 1892516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (13909) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 19398313 | 391410 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (77685708) | (5769588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | (2947327) | (345107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 114060 |  |
| Net change in unrealized appreciation (depreciation) | (80518975) | (6114695) |
| Net realized and unrealized loss | (61120662) | (5723285) |
| **Decrease in net assets resulting from operations**  | $(55650684) | $(5107411) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index Solution Income Portfolio**  | **Voya Index Solution Income Portfolio**  | **Voya Index Solution 2025 Portfolio**  | **Voya Index Solution 2025 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $17422040 | $19067402 | $23497463 | $21458627 |
| Net realized gain | 10858986 | 70916312 | 36961475 | 114385765 |
| Net change in unrealized appreciation (depreciation) | (154683683) | (32018677) | (269055339) | (3615805) |
| Increase (decrease) in net assets resulting from operations | (126402657) | 57965037 | (208596401) | 132228587 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (8560615) | (3839468) | (15912065) | (10806715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (1492677) | (771721) | (5687644) | (3537550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (11842722) | (5555663) | (11317056) | (8623634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (1936236) | (756222) | (3631410) | (2347558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | (60976656) | (28759436) | (93404240) | (56670753) |
| Total distributions | (84808906) | (39682510) | (129952415) | (81986210) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 41556187 | 75963411 | 101097482 | 153227809 |
| Reinvestment of distributions | 84808906 | 39682510 | 129952415 | 81986210 |
|  | 126365093 | 115645921 | 231049897 | 235214019 |
| Cost of shares redeemed | (156160356) | (196133245) | (181859959) | (188594277) |
|  Net increase (decrease) in net assets resulting from capital share <br> transactions  | (29795263) | (80487324) | 49189938 | 46619742 |
| Net increase (decrease) in net assets | (241006826) | (62204797) | (289358878) | 96862119 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 931878499 | 994083296 | 1334514585 | 1237652466 |
| End of year or period | $690871673 | $931878499 | $1045155707 | $1334514585 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index Solution 2030 Portfolio**  | **Voya Index Solution 2030 Portfolio**  | **Voya Index Solution 2035 Portfolio**  | **Voya Index Solution 2035 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $17552341 | $14881340 | $25578899 | $20841145 |
| Net realized gain | 36873418 | 76403831 | 78259812 | 137616081 |
| Net change in unrealized appreciation (depreciation) | (209124999) | 10761882 | (366806716) | 23152393 |
| Increase (decrease) in net assets resulting from operations | (154699240) | 102047053 | (262968005) | 181609619 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (4213343) | (2288149) | (15561975) | (9891643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (1113804) | (506369) | (6544640) | (3819146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (1234903) | (895282) | (9979024) | (6800155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (1401576) | (642134) | (4140531) | (2812027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | (79092006) | (39398935) | (113337030) | (61202550) |
| Total distributions | (87055632) | (43730869) | (149563200) | (84525521) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 94738799 | 143922966 | 162739894 | 175092134 |
| Reinvestment of distributions | 87055632 | 43730869 | 149563200 | 84525521 |
|  | 181794431 | 187653835 | 312303094 | 259617655 |
| Cost of shares redeemed | (85985821) | (82201435) | (121857789) | (143063124) |
| Net increase in net assets resulting from capital share transactions  | 95808610 | 105452400 | 190445305 | 116554531 |
| Net increase (decrease) in net assets | (145946262) | 163768584 | (222085900) | 213638629 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 943325563 | 779556979 | 1470832218 | 1257193589 |
| End of year or period | $797379301 | $943325563 | $1248746318 | $1470832218 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index Solution 2040 Portfolio**  | **Voya Index Solution 2040 Portfolio**  | **Voya Index Solution 2045 Portfolio**  | **Voya Index Solution 2045 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $14901102 | $11455407 | $18474275 | $14144594 |
| Net realized gain | 48573794 | 76970289 | 75501317 | 118254184 |
| Net change in unrealized appreciation (depreciation) | (213701052) | 22881192 | (299790932) | 36282129 |
| Increase (decrease) in net assets resulting from operations | (150226156) | 111306888 | (205815340) | 168680907 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (3121988) | (1250768) | (13539249) | (7176007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (1107825) | (417084) | (6436933) | (2972561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (1320597) | (683959) | (7359967) | (4580764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (448995) | (231822) | (3611725) | (1610486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | (77839730) | (32448073) | (97148263) | (42981726) |
| Total distributions | (83839135) | (35031706) | (128096137) | (59321544) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 114007686 | 132447571 | 134502088 | 137700779 |
| Reinvestment of distributions | 83839135 | 35031706 | 128096137 | 59321544 |
|  | 197846821 | 167479277 | 262598225 | 197022323 |
| Cost of shares redeemed | (53037052) | (54186808) | (99196355) | (107534231) |
| Net increase in net assets resulting from capital share transactions  | 144809769 | 113292469 | 163401870 | 89488092 |
| Net increase (decrease) in net assets | (89255522) | 189567651 | (170509607) | 198847455 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 819926671 | 630359020 | 1127806979 | 928959524 |
| End of year or period | $730671149 | $819926671 | $957297372 | $1127806979 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index Solution 2050 Portfolio**  | **Voya Index Solution 2050 Portfolio**  | **Voya Index Solution 2055 Portfolio**  | **Voya Index Solution 2055 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $10721745 | $7537763 | $10487707 | $7290257 |
| Net realized gain | 41260254 | 57470532 | 42041583 | 61995877 |
| Net change in unrealized appreciation (depreciation) | (162902838) | 19814397 | (168087935) | 20077154 |
| Increase (decrease) in net assets resulting from operations | (110920839) | 84822692 | (115558645) | 89363288 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (2272085) | (838663) | (5782113) | (2706151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (1244567) | (428229) | (4575251) | (1828389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (1102710) | (589859) | (3473222) | (2098710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (440472) | (154127) | (2181304) | (961382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | (57577310) | (19735291) | (50916980) | (18962412) |
| Total distributions | (62637144) | (21746169) | (66928870) | (26557044) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 106314041 | 107713612 | 118011556 | 111457278 |
| Reinvestment of distributions | 62637144 | 21746169 | 66928870 | 26557044 |
|  | 168951185 | 129459781 | 184940426 | 138014322 |
| Cost of shares redeemed | (33721586) | (40985486) | (53238909) | (55192501) |
| Net increase in net assets resulting from capital share transactions  | 135229599 | 88474295 | 131701517 | 82821821 |
| Net increase (decrease) in net assets | (38328384) | 151550818 | (50785998) | 145628065 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 594891350 | 443340532 | 620777915 | 475149850 |
| End of year or period | $556562966 | $594891350 | $569991917 | $620777915 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Index Solution 2060 Portfolio**  | **Voya Index Solution 2060 Portfolio**  | **Voya Index Solution 2065 Portfolio**  | **Voya Index Solution 2065 Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $5469978 | $3448734 | $615874 | $191822 |
| Net realized gain | 19398313 | 28410564 | 391410 | 1228739 |
| Net change in unrealized appreciation (depreciation) | (80518975) | 8020582 | (6114695) | 325712 |
| Increase (decrease) in net assets resulting from operations | (55650684) | 39879880 | (5107411) | 1746273 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (1397248) | (391665) | (200127) | (102873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (2142050) | (589841) | (208012) | (91623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (629695) | (298973) | (141422) | (103041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (224780) | (74446) | (36383) | (27062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | (26530933) | (7315564) | (2160353) | (1042492) |
| Total distributions | (30924706) | (8670489) | (2746297) | (1367091) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 88274975 | 79342429 | 32291656 | 17085615 |
| Reinvestment of distributions | 30924706 | 8670489 | 2746297 | 1367091 |
|  | 119199681 | 88012918 | 35037953 | 18452706 |
| Cost of shares redeemed | (20938977) | (23039438) | (4634403) | (2114217) |
| Net increase in net assets resulting from capital share transactions  | 98260704 | 64973480 | 30403550 | 16338489 |
| Net increase in net assets | 11685314 | 96182871 | 22549842 | 16717671 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 291084211 | 194901340 | 21187605 | 4469934 |
| End of year or period | $302769525 | $291084211 | $43737447 | $21187605 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution Income Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.45 | 0.16• | (1.77) | (1.61) | 0.26 | 0.86 |  | 1.12 |  | 8.72 | **(14.57)** | 0.78 | 0.71 | 0.71 | 1.67 | 69320 | 51 |
| 12-31-21 | 11.27 | 0.16• | 0.47 | 0.63 | 0.16 | 0.29 |  | 0.45 |  | 11.45 | 5.62 | 0.80 | 0.74 | 0.74 | 1.40 | 96649 | 30 |
| 12-31-20 | 10.54 | 0.20• | 0.91 | 1.11 | 0.17 | 0.21 |  | 0.38 |  | 11.27 | 10.74 | 0.79 | 0.74 | 0.74 | 1.85 | 104557 | 45 |
| 12-31-19 | 9.66 | 0.16• | 1.05 | 1.21 | 0.18 | 0.15 |  | 0.33 |  | 10.54 | 12.62 | 0.76 | 0.74 | 0.74 | 1.52 | 81027 | 38 |
| 12-31-18 | 10.34 | 0.16• | (0.51) | (0.35) | 0.17 | 0.16 |  | 0.33 |  | 9.66 | **(3.50)** | 0.77 | 0.71 | 0.71 | 1.59 | 87697 | 38 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.78 | 0.22<sup>•</sup> | (1.82) | (1.60) | 0.33 | 0.86 |  | 1.19 |  | 8.99 | **(14.13)** | 0.28 | 0.21 | 0.21 | 2.17 | 11434 | 51 |
| 12-31-21 | 11.58 | 0.22• | 0.48 | 0.70 | 0.21 | 0.29 |  | 0.50 |  | 11.78 | 6.09 | 0.30 | 0.24 | 0.24 | 1.87 | 15867 | 30 |
| 12-31-20 | 10.82 | 0.25• | 0.95 | 1.20 | 0.23 | 0.21 |  | 0.44 |  | 11.58 | 11.32 | 0.29 | 0.24 | 0.24 | 2.31 | 20513 | 45 |
| 12-31-19 | 9.92 | 0.21• | 1.08 | 1.29 | 0.24 | 0.15 |  | 0.39 |  | 10.82 | 13.16 | 0.26 | 0.24 | 0.24 | 2.02 | 18653 | 38 |
| 12-31-18 | 10.62 | 0.23 | (0.54) | (0.31) | 0.23 | 0.16 |  | 0.39 |  | 9.92 | **(3.04)** | 0.27 | 0.21 | 0.21 | 2.11 | 21140 | 38 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.65 | 0.19<sup>•</sup> | (1.80) | (1.61) | 0.29 | 0.86 |  | 1.15 |  | 8.89 | **(14.32)** | 0.53 | 0.46 | 0.46 | 1.92 | 94618 | 51 |
| 12-31-21 | 11.46 | 0.19• | 0.47 | 0.66 | 0.18 | 0.29 |  | 0.47 |  | 11.65 | 5.81 | 0.55 | 0.49 | 0.49 | 1.65 | 131694 | 30 |
| 12-31-20 | 10.71 | 0.23 | 0.93 | 1.16 | 0.20 | 0.21 |  | 0.41 |  | 11.46 | 11.05 | 0.54 | 0.49 | 0.49 | 2.10 | 147405 | 45 |
| 12-31-19 | 9.82 | 0.19• | 1.06 | 1.25 | 0.21 | 0.15 |  | 0.36 |  | 10.71 | 12.88 | 0.51 | 0.49 | 0.49 | 1.78 | 136385 | 38 |
| 12-31-18 | 10.51 | 0.19• | (0.52) | (0.33) | 0.20 | 0.16 |  | 0.36 |  | 9.82 | **(3.25)** | 0.52 | 0.46 | 0.46 | 1.84 | 140647 | 38 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.36 | 0.18<sup>•</sup> | (1.76) | (1.58) | 0.29 | 0.86 |  | 1.15 |  | 8.63 | **(14.47)** | 0.68 | 0.61 | 0.61 | 1.81 | 16493 | 51 |
| 12-31-21 | 11.20 | 0.17• | 0.47 | 0.64 | 0.19 | 0.29 |  | 0.48 |  | 11.36 | 5.69 | 0.70 | 0.64 | 0.64 | 1.50 | 18519 | 30 |
| 12-31-20 | 10.48 | 0.21• | 0.90 | 1.11 | 0.18 | 0.21 |  | 0.39 |  | 11.20 | 10.79 | 0.69 | 0.64 | 0.64 | 1.99 | 16526 | 45 |
| 12-31-19 | 9.61 | 0.16• | 1.05 | 1.21 | 0.19 | 0.15 |  | 0.34 |  | 10.48 | 12.70 | 0.66 | 0.64 | 0.64 | 1.55 | 8387 | 38 |
| 12-31-18 | 10.29 | 0.19• | (0.52) | (0.33) | 0.19 | 0.16 |  | 0.35 |  | 9.61 | **(3.39)** | 0.67 | 0.61 | 0.61 | 1.85 | 16240 | 38 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.96 | 0.24<sup>•</sup> | (1.85) | (1.61) | 0.33 | 0.86 |  | 1.19 |  | 9.16 | **(13.94)** | 0.24 | 0.00\* | 0.00\* | 2.38 | 499006 | 51 |
| 12-31-21 | 11.72 | 0.25• | 0.50 | 0.75 | 0.22 | 0.29 |  | 0.51 |  | 11.96 | 6.41 | 0.26 | 0.00\* | 0.00\* | 2.14 | 669150 | 30 |
| 12-31-20 | 10.93 | 0.30• | 0.93 | 1.23 | 0.23 | 0.21 |  | 0.44 |  | 11.72 | 11.48 | 0.25 | 0.00\* | 0.00\* | 2.66 | 705082 | 45 |
| 12-31-19 | 9.99 | 0.25• | 1.08 | 1.33 | 0.24 | 0.15 |  | 0.39 |  | 10.93 | 13.47 | 0.26 | 0.00\* | 0.00\* | 2.32 | 230574 | 38 |
| 12-31-18 | 10.67 | 0.24• | (0.53) | (0.29) | 0.23 | 0.16 |  | 0.39 |  | 9.99 | **(2.83)** | 0.27 | 0.00\* | 0.00\* | 2.33 | 178763 | 38 |
| **Voya Index Solution 2025 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.53 | 0.16<sup>•</sup> | (2.13) | (1.97) | 0.20 | 1.05 |  | 1.25 |  | 9.31 | **(16.26)** | 0.77 | 0.70 | 0.70 | 1.48 | 123760 | 50 |
| 12-31-21 | 12.08 | 0.13• | 1.09 | 1.22 | 0.22 | 0.55 |  | 0.77 |  | 12.53 | 10.20 | 0.79 | 0.74 | 0.74 | 1.07 | 176976 | 40 |
| 12-31-20 | 11.22 | 0.19• | 1.17 | 1.36 | 0.17 | 0.33 |  | 0.50 |  | 12.08 | 12.50 | 0.79 | 0.74 | 0.74 | 1.70 | 186131 | 50 |
| 12-31-19 | 9.99 | 0.17• | 1.61 | 1.78 | 0.16 | 0.39 |  | 0.55 |  | 11.22 | 18.15 | 0.75 | 0.72 | 0.72 | 1.55 | 193477 | 28 |
| 12-31-18 | 10.94 | 0.17• | (0.73) | (0.56) | 0.14 | 0.25 |  | 0.39 |  | 9.99 | **(5.37)** | 0.76 | 0.70 | 0.70 | 1.53 | 196102 | 35 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2025 Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.88 | 0.22<sup>•</sup> | (2.18) | (1.96) | 0.28 | 1.05 |  | 1.33 |  | 9.59 | **(15.81)** | 0.27 | 0.20 | 0.20 | 2.00 | 41957 | 50 |
| 12-31-21 | 12.40 | 0.20• | 1.11 | 1.31 | 0.28 | 0.55 |  | 0.83 |  | 12.88 | 10.70 | 0.29 | 0.24 | 0.24 | 1.56 | 53067 | 40 |
| 12-31-20 | 11.51 | 0.24• | 1.21 | 1.45 | 0.23 | 0.33 |  | 0.56 |  | 12.40 | 13.05 | 0.29 | 0.24 | 0.24 | 2.13 | 52341 | 50 |
| 12-31-19 | 10.24 | 0.23• | 1.65 | 1.88 | 0.22 | 0.39 |  | 0.61 |  | 11.51 | 18.78 | 0.25 | 0.22 | 0.22 | 2.07 | 60504 | 28 |
| 12-31-18 | 11.21 | 0.23 | (0.76) | (0.53) | 0.19 | 0.25 |  | 0.44 |  | 10.24 | **(4.94)** | 0.26 | 0.20 | 0.20 | 2.06 | 56645 | 35 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.72 | 0.19<sup>•</sup> | (2.17) | (1.98) | 0.23 | 1.05 |  | 1.28 |  | 9.46 | **(16.09)** | 0.52 | 0.45 | 0.45 | 1.74 | 93780 | 50 |
| 12-31-21 | 12.26 | 0.17• | 1.09 | 1.26 | 0.25 | 0.55 |  | 0.80 |  | 12.72 | 10.42 | 0.54 | 0.49 | 0.49 | 1.33 | 134629 | 40 |
| 12-31-20 | 11.38 | 0.24 | 1.17 | 1.41 | 0.20 | 0.33 |  | 0.53 |  | 12.26 | 12.83 | 0.54 | 0.49 | 0.49 | 1.97 | 135558 | 50 |
| 12-31-19 | 10.13 | 0.21 | 1.62 | 1.83 | 0.19 | 0.39 |  | 0.58 |  | 11.38 | 18.46 | 0.50 | 0.47 | 0.47 | 1.82 | 133118 | 28 |
| 12-31-18 | 11.09 | 0.19• | (0.74) | (0.55) | 0.16 | 0.25 |  | 0.41 |  | 10.13 | **(5.17)** | 0.51 | 0.45 | 0.45 | 1.78 | 120905 | 35 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.45 | 0.17<sup>•</sup> | (2.12) | (1.95) | 0.22 | 1.05 |  | 1.27 |  | 9.23 | **(16.21)** | 0.67 | 0.60 | 0.60 | 1.63 | 31566 | 50 |
| 12-31-21 | 12.02 | 0.14• | 1.07 | 1.21 | 0.23 | 0.55 |  | 0.78 |  | 12.45 | 10.24 | 0.69 | 0.64 | 0.64 | 1.17 | 36074 | 40 |
| 12-31-20 | 11.17 | 0.20• | 1.18 | 1.38 | 0.20 | 0.33 |  | 0.53 |  | 12.02 | 12.71 | 0.69 | 0.64 | 0.64 | 1.85 | 36080 | 50 |
| 12-31-19 | 9.96 | 0.18• | 1.60 | 1.78 | 0.18 | 0.39 |  | 0.57 |  | 11.17 | 18.23 | 0.65 | 0.62 | 0.62 | 1.70 | 32859 | 28 |
| 12-31-18 | 10.90 | 0.17• | (0.72) | (0.55) | 0.14 | 0.25 |  | 0.39 |  | 9.96 | **(5.29)** | 0.66 | 0.60 | 0.60 | 1.61 | 26038 | 35 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.09 | 0.24<sup>•</sup> | (2.23) | (1.99) | 0.28 | 1.05 |  | 1.33 |  | 9.77 | **(15.74)** | 0.24 | 0.00\* | 0.00\* | 2.21 | 754094 | 50 |
| 12-31-21 | 12.56 | 0.24• | 1.12 | 1.36 | 0.28 | 0.55 |  | 0.83 |  | 13.09 | 11.03 | 0.25 | 0.00\* | 0.00\* | 1.83 | 933768 | 40 |
| 12-31-20 | 11.62 | 0.29• | 1.21 | 1.50 | 0.23 | 0.33 |  | 0.56 |  | 12.56 | 13.36 | 0.24 | 0.00\* | 0.00\* | 2.49 | 827543 | 50 |
| 12-31-19 | 10.31 | 0.26• | 1.66 | 1.92 | 0.22 | 0.39 |  | 0.61 |  | 11.62 | 19.04 | 0.25 | 0.00\* | 0.00\* | 2.35 | 685495 | 28 |
| 12-31-18 | 11.26 | 0.26• | (0.77) | (0.51) | 0.19 | 0.25 |  | 0.44 |  | 10.31 | **(4.74)** | 0.26 | 0.00\* | 0.00\* | 2.31 | 452255 | 35 |
| **Voya Index Solution 2030 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.37 | 0.22<sup>•</sup> | (3.23) | (3.01) | 0.26 | 1.41 |  | 1.67 |  | 13.69 | **(16.89)** | 0.79 | 0.70 | 0.70 | 1.46 | 38122 | 52 |
| 12-31-21 | 17.23 | 0.18• | 1.84 | 2.02 | 0.29 | 0.59 |  | 0.88 |  | 18.37 | 11.80 | 0.81 | 0.74 | 0.74 | 1.00 | 46915 | 41 |
| 12-31-20 | 15.89 | 0.26• | 1.77 | 2.03 | 0.23 | 0.46 |  | 0.69 |  | 17.23 | 13.22 | 0.83 | 0.74 | 0.74 | 1.69 | 42311 | 45 |
| 12-31-19 | 13.81 | 0.23• | 2.53 | 2.76 | 0.20 | 0.48 |  | 0.68 |  | 15.89 | 20.35 | 0.74 | 0.73 | 0.73 | 1.55 | 36621 | 29 |
| 12-31-18 | 15.28 | 0.24• | (1.21) | (0.97) | 0.15 | 0.35 |  | 0.50 |  | 13.81 | **(6.60)** | 0.75 | 0.70 | 0.70 | 1.61 | 27143 | 33 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.02 | 0.31<sup>•</sup> | (3.36) | (3.05) | 0.35 | 1.41 |  | 1.76 |  | 14.21 | **(16.51)** | 0.29 | 0.20 | 0.20 | 1.97 | 8703 | 52 |
| 12-31-21 | 17.78 | 0.28• | 1.90 | 2.18 | 0.35 | 0.59 |  | 0.94 |  | 19.02 | 12.40 | 0.31 | 0.24 | 0.24 | 1.51 | 10579 | 41 |
| 12-31-20 | 16.37 | 0.34• | 1.82 | 2.16 | 0.29 | 0.46 |  | 0.75 |  | 17.78 | 13.72 | 0.33 | 0.24 | 0.24 | 2.13 | 9372 | 45 |
| 12-31-19 | 14.19 | 0.31• | 2.61 | 2.92 | 0.26 | 0.48 |  | 0.74 |  | 16.37 | 21.02 | 0.24 | 0.23 | 0.23 | 2.01 | 8674 | 29 |
| 12-31-18 | 15.65 | 0.31• | (1.23) | (0.92) | 0.19 | 0.35 |  | 0.54 |  | 14.19 | **(6.11)** | 0.25 | 0.20 | 0.20 | 2.03 | 6304 | 33 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2030 Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.85 | 0.27<sup>•</sup> | (3.33) | (3.06) | 0.28 | 1.41 |  | 1.69 |  | 14.10 | **(16.70)** | 0.54 | 0.45 | 0.45 | 1.68 | 12262 | 52 |
| 12-31-21 | 17.63 | 0.23• | 1.90 | 2.13 | 0.32 | 0.59 |  | 0.91 |  | 18.85 | 12.18 | 0.56 | 0.49 | 0.49 | 1.24 | 20843 | 41 |
| 12-31-20 | 16.24 | 0.31• | 1.79 | 2.10 | 0.25 | 0.46 |  | 0.71 |  | 17.63 | 13.45 | 0.58 | 0.49 | 0.49 | 1.96 | 17414 | 45 |
| 12-31-19 | 14.09 | 0.28• | 2.58 | 2.86 | 0.23 | 0.48 |  | 0.71 |  | 16.24 | 20.67 | 0.49 | 0.48 | 0.48 | 1.79 | 14570 | 29 |
| 12-31-18 | 15.56 | 0.28 | (1.24) | (0.96) | 0.16 | 0.35 |  | 0.51 |  | 14.09 | **(6.40)** | 0.50 | 0.45 | 0.45 | 1.77 | 11224 | 33 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.51 | 0.24<sup>•</sup> | (3.27) | (3.03) | 0.29 | 1.41 |  | 1.70 |  | 13.78 | **(16.87)** | 0.69 | 0.60 | 0.60 | 1.57 | 13090 | 52 |
| 12-31-21 | 17.35 | 0.20• | 1.87 | 2.07 | 0.32 | 0.59 |  | 0.91 |  | 18.51 | 12.01 | 0.71 | 0.64 | 0.64 | 1.12 | 14118 | 41 |
| 12-31-20 | 16.02 | 0.31• | 1.73 | 2.04 | 0.25 | 0.46 |  | 0.71 |  | 17.35 | 13.26 | 0.73 | 0.64 | 0.64 | 1.96 | 10670 | 45 |
| 12-31-19 | 13.94 | 0.27• | 2.53 | 2.80 | 0.24 | 0.48 |  | 0.72 |  | 16.02 | 20.50 | 0.64 | 0.63 | 0.63 | 1.77 | 5688 | 29 |
| 12-31-18 | 15.37 | 0.26• | (1.22) | (0.96) | 0.12 | 0.35 |  | 0.47 |  | 13.94 | **(6.47)** | 0.65 | 0.60 | 0.60 | 1.74 | 2239 | 33 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.25 | 0.35<sup>•</sup> | (3.40) | (3.05) | 0.36 | 1.41 |  | 1.77 |  | 14.43 | **(16.31)** | 0.23 | 0.00\* | 0.00\* | 2.16 | 725202 | 52 |
| 12-31-21 | 17.96 | 0.33• | 1.92 | 2.25 | 0.37 | 0.59 |  | 0.96 |  | 19.25 | 12.64 | 0.25 | 0.00\* | 0.00\* | 1.76 | 850871 | 41 |
| 12-31-20 | 16.48 | 0.40• | 1.83 | 2.23 | 0.29 | 0.46 |  | 0.75 |  | 17.96 | 14.06 | 0.24 | 0.00\* | 0.00\* | 2.45 | 699789 | 45 |
| 12-31-19 | 14.26 | 0.36• | 2.60 | 2.96 | 0.26 | 0.48 |  | 0.74 |  | 16.48 | 21.20 | 0.24 | 0.00\* | 0.00\* | 2.30 | 558381 | 29 |
| 12-31-18 | 15.69 | 0.36• | (1.25) | (0.89) | 0.19 | 0.35 |  | 0.54 |  | 14.26 | **(5.90)** | 0.25 | 0.00\* | 0.00\* | 2.29 | 348273 | 33 |
| **Voya Index Solution 2035 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.59 | 0.15• | (2.54) | (2.39) | 0.16 | 1.18 |  | 1.34 |  | 9.86 | **(18.14)** | 0.77 | 0.70 | 0.70 | 1.37 | 125263 | 41 |
| 12-31-21 | 12.69 | 0.12• | 1.58 | 1.70 | 0.19 | 0.61 |  | 0.80 |  | 13.59 | 13.56 | 0.80 | 0.74 | 0.74 | 0.89 | 169629 | 38 |
| 12-31-20 | 11.72 | 0.18• | 1.37 | 1.55 | 0.16 | 0.42 |  | 0.58 |  | 12.69 | 13.85 | 0.80 | 0.74 | 0.74 | 1.58 | 172517 | 45 |
| 12-31-19 | 10.14 | 0.17• | 2.00 | 2.17 | 0.15 | 0.44 |  | 0.59 |  | 11.72 | 21.91 | 0.74 | 0.73 | 0.73 | 1.51 | 186455 | 28 |
| 12-31-18 | 11.34 | 0.16• | (0.94) | (0.78) | 0.13 | 0.29 |  | 0.42 |  | 10.14 | **(7.26)** | 0.75 | 0.70 | 0.70 | 1.45 | 176145 | 33 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.03 | 0.22• | (2.64) | (2.42) | 0.23 | 1.18 |  | 1.41 |  | 10.20 | **(17.76)** | 0.27 | 0.20 | 0.20 | 1.89 | 50433 | 41 |
| 12-31-21 | 13.07 | 0.19• | 1.64 | 1.83 | 0.26 | 0.61 |  | 0.87 |  | 14.03 | 14.17 | 0.30 | 0.24 | 0.24 | 1.40 | 60969 | 38 |
| 12-31-20 | 12.06 | 0.23• | 1.43 | 1.66 | 0.23 | 0.42 |  | 0.65 |  | 13.07 | 14.41 | 0.30 | 0.24 | 0.24 | 2.01 | 54401 | 45 |
| 12-31-19 | 10.42 | 0.24 | 2.05 | 2.29 | 0.21 | 0.44 |  | 0.65 |  | 12.06 | 22.58 | 0.24 | 0.23 | 0.23 | 2.00 | 64433 | 28 |
| 12-31-18 | 11.65 | 0.22 | (0.98) | (0.76) | 0.18 | 0.29 |  | 0.47 |  | 10.42 | **(6.86)** | 0.25 | 0.20 | 0.20 | 1.99 | 55982 | 33 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.83 | 0.18• | (2.59) | (2.41) | 0.19 | 1.18 |  | 1.37 |  | 10.05 | **(17.95)** | 0.52 | 0.45 | 0.45 | 1.59 | 82072 | 41 |
| 12-31-21 | 12.90 | 0.16• | 1.61 | 1.77 | 0.23 | 0.61 |  | 0.84 |  | 13.83 | 13.87 | 0.55 | 0.49 | 0.49 | 1.16 | 114671 | 38 |
| 12-31-20 | 11.91 | 0.23 | 1.37 | 1.60 | 0.19 | 0.42 |  | 0.61 |  | 12.90 | 14.12 | 0.55 | 0.49 | 0.49 | 1.86 | 112188 | 45 |
| 12-31-19 | 10.29 | 0.21 | 2.03 | 2.24 | 0.18 | 0.44 |  | 0.62 |  | 11.91 | 22.36 | 0.49 | 0.48 | 0.48 | 1.76 | 110305 | 28 |
| 12-31-18 | 11.51 | 0.19• | (0.97) | (0.78) | 0.15 | 0.29 |  | 0.44 |  | 10.29 | **(7.12)** | 0.50 | 0.45 | 0.45 | 1.70 | 96259 | 33 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2035 Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.54 | 0.17• | (2.55) | (2.38) | 0.17 | 1.18 |  | 1.35 |  | 9.81 | **(18.10)** | 0.67 | 0.60 | 0.60 | 1.54 | 36931 | 41 |
| 12-31-21 | 12.66 | 0.13• | 1.58 | 1.71 | 0.22 | 0.61 |  | 0.83 |  | 13.54 | 13.65 | 0.70 | 0.64 | 0.64 | 0.96 | 40801 | 38 |
| 12-31-20 | 11.71 | 0.20• | 1.36 | 1.56 | 0.19 | 0.42 |  | 0.61 |  | 12.66 | 13.93 | 0.70 | 0.64 | 0.64 | 1.79 | 41739 | 45 |
| 12-31-19 | 10.13 | 0.18• | 2.00 | 2.18 | 0.16 | 0.44 |  | 0.60 |  | 11.71 | 22.09 | 0.64 | 0.63 | 0.63 | 1.62 | 33877 | 28 |
| 12-31-18 | 11.32 | 0.17• | (0.94) | (0.77) | 0.13 | 0.29 |  | 0.42 |  | 10.13 | **(7.14)** | 0.65 | 0.60 | 0.60 | 1.52 | 29751 | 33 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.27 | 0.25• | (2.69) | (2.44) | 0.24 | 1.18 |  | 1.42 |  | 10.41 | **(17.62)** | 0.23 | 0.00\* | 0.00\* | 2.11 | 954048 | 41 |
| 12-31-21 | 13.26 | 0.23• | 1.66 | 1.89 | 0.27 | 0.61 |  | 0.88 |  | 14.27 | 14.41 | 0.24 | 0.00\* | 0.00\* | 1.67 | 1084762 | 38 |
| 12-31-20 | 12.20 | 0.28• | 1.43 | 1.71 | 0.23 | 0.42 |  | 0.65 |  | 13.26 | 14.66 | 0.24 | 0.00\* | 0.00\* | 2.40 | 876349 | 45 |
| 12-31-19 | 10.51 | 0.27• | 2.07 | 2.34 | 0.21 | 0.44 |  | 0.65 |  | 12.20 | 22.88 | 0.24 | 0.00\* | 0.00\* | 2.31 | 688542 | 28 |
| 12-31-18 | 11.72 | 0.26• | (1.00) | (0.74) | 0.18 | 0.29 |  | 0.47 |  | 10.51 | **(6.64)** | 0.25 | 0.00\* | 0.00\* | 2.24 | 412024 | 33 |
| **Voya Index Solution 2040 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.52 | 0.23• | (3.91) | (3.68) | 0.21 | 1.77 |  | 1.98 |  | 14.86 | **(18.48)** | 0.81 | 0.70 | 0.70 | 1.36 | 25195 | 40 |
| 12-31-21 | 18.49 | 0.16• | 2.76 | 2.92 | 0.25 | 0.64 |  | 0.89 |  | 20.52 | 15.95 | 0.84 | 0.74 | 0.74 | 0.83 | 28989 | 35 |
| 12-31-20 | 16.81 | 0.27 | 2.16 | 2.43 | 0.22 | 0.53 |  | 0.75 |  | 18.49 | 15.08 | 0.86 | 0.74 | 0.74 | 1.62 | 26276 | 32 |
| 12-31-19 | 14.29 | 0.24• | 3.01 | 3.25 | 0.19 | 0.54 |  | 0.73 |  | 16.81 | 23.19 | 0.74 | 0.73 | 0.73 | 1.48 | 24422 | 23 |
| 12-31-18 | 16.00 | 0.23• | (1.45) | (1.22) | 0.13 | 0.36 |  | 0.49 |  | 14.29 | **(7.94)** | 0.75 | 0.71 | 0.71 | 1.48 | 15441 | 30 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.19 | 0.32• | (4.04) | (3.72) | 0.30 | 1.77 |  | 2.07 |  | 15.40 | **(18.08)** | 0.31 | 0.20 | 0.20 | 1.87 | 9800 | 40 |
| 12-31-21 | 19.04 | 0.28• | 2.85 | 3.13 | 0.34 | 0.64 |  | 0.98 |  | 21.19 | 16.58 | 0.34 | 0.24 | 0.24 | 1.35 | 9660 | 35 |
| 12-31-20 | 17.28 | 0.37• | 2.21 | 2.58 | 0.29 | 0.53 |  | 0.82 |  | 19.04 | 15.62 | 0.36 | 0.24 | 0.24 | 2.20 | 7830 | 32 |
| 12-31-19 | 14.65 | 0.32• | 3.09 | 3.41 | 0.24 | 0.54 |  | 0.78 |  | 17.28 | 23.82 | 0.24 | 0.23 | 0.23 | 1.95 | 5832 | 23 |
| 12-31-18 | 16.36 | 0.32• | (1.50) | (1.18) | 0.17 | 0.36 |  | 0.53 |  | 14.65 | **(7.53)** | 0.25 | 0.21 | 0.21 | 1.97 | 3952 | 30 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.12 | 0.26• | (4.01) | (3.75) | 0.24 | 1.77 |  | 2.01 |  | 15.36 | **(18.30)** | 0.56 | 0.45 | 0.45 | 1.51 | 11600 | 40 |
| 12-31-21 | 18.99 | 0.23• | 2.84 | 3.07 | 0.30 | 0.64 |  | 0.94 |  | 21.12 | 16.30 | 0.59 | 0.49 | 0.49 | 1.12 | 16775 | 35 |
| 12-31-20 | 17.24 | 0.32• | 2.21 | 2.53 | 0.25 | 0.53 |  | 0.78 |  | 18.99 | 15.34 | 0.61 | 0.49 | 0.49 | 1.94 | 13728 | 32 |
| 12-31-19 | 14.62 | 0.28• | 3.09 | 3.37 | 0.21 | 0.54 |  | 0.75 |  | 17.24 | 23.53 | 0.49 | 0.48 | 0.48 | 1.71 | 11372 | 23 |
| 12-31-18 | 16.33 | 0.26 | (1.47) | (1.21) | 0.14 | 0.36 |  | 0.50 |  | 14.62 | **(7.73)** | 0.50 | 0.46 | 0.46 | 1.64 | 7981 | 30 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.73 | 0.25• | (3.96) | (3.71) | 0.21 | 1.77 |  | 1.98 |  | 15.04 | **(18.43)** | 0.71 | 0.60 | 0.60 | 1.49 | 4152 | 40 |
| 12-31-21 | 18.68 | 0.18• | 2.80 | 2.98 | 0.29 | 0.64 |  | 0.93 |  | 20.73 | 16.09 | 0.74 | 0.64 | 0.64 | 0.89 | 4354 | 35 |
| 12-31-20 | 16.98 | 0.31• | 2.16 | 2.47 | 0.24 | 0.53 |  | 0.77 |  | 18.68 | 15.17 | 0.76 | 0.64 | 0.64 | 1.89 | 4557 | 32 |
| 12-31-19 | 14.42 | 0.24• | 3.06 | 3.30 | 0.20 | 0.54 |  | 0.74 |  | 16.98 | 23.36 | 0.64 | 0.63 | 0.63 | 1.51 | 2896 | 23 |
| 12-31-18 | 16.13 | 0.23• | (1.46) | (1.23) | 0.12 | 0.36 |  | 0.48 |  | 14.42 | **(7.90)** | 0.65 | 0.61 | 0.61 | 1.47 | 1905 | 30 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2040 Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.49 | 0.36• | (4.10) | (3.74) | 0.32 | 1.77 |  | 2.09 |  | 15.66 | **(17.93)** | 0.23 | 0.00\* | 0.00\* | 2.06 | 679923 | 40 |
| 12-31-21 | 19.27 | 0.33• | 2.89 | 3.22 | 0.36 | 0.64 |  | 1.00 |  | 21.49 | 16.86 | 0.24 | 0.00\* | 0.00\* | 1.60 | 760148 | 35 |
| 12-31-20 | 17.43 | 0.41• | 2.25 | 2.66 | 0.29 | 0.53 |  | 0.82 |  | 19.27 | 15.96 | 0.23 | 0.00\* | 0.00\* | 2.41 | 577969 | 32 |
| 12-31-19 | 14.74 | 0.37• | 3.10 | 3.47 | 0.24 | 0.54 |  | 0.78 |  | 17.43 | 24.08 | 0.24 | 0.00\* | 0.00\* | 2.25 | 426037 | 23 |
| 12-31-18 | 16.42 | 0.36• | (1.51) | (1.15) | 0.17 | 0.36 |  | 0.53 |  | 14.74 | **(7.32)** | 0.25 | 0.00\* | 0.00\* | 2.22 | 243229 | 30 |
| **Voya Index Solution 2045 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.77 | 0.15• | (2.81) | (2.66) | 0.13 | 1.52 |  | 1.65 |  | 10.46 | **(18.60)** | 0.79 | 0.70 | 0.70 | 1.26 | 93516 | 39 |
| 12-31-21 | 13.31 | 0.11• | 2.16 | 2.27 | 0.19 | 0.62 |  | 0.81 |  | 14.77 | 17.25 | 0.81 | 0.74 | 0.74 | 0.73 | 132543 | 38 |
| 12-31-20 | 12.17 | 0.18• | 1.58 | 1.76 | 0.15 | 0.47 |  | 0.62 |  | 13.31 | 15.23 | 0.81 | 0.74 | 0.74 | 1.54 | 129548 | 34 |
| 12-31-19 | 10.38 | 0.16• | 2.29 | 2.45 | 0.14 | 0.52 |  | 0.66 |  | 12.17 | 24.29 | 0.73 | 0.73 | 0.73 | 1.39 | 134331 | 24 |
| 12-31-18 | 11.79 | 0.15• | (1.13) | (0.98) | 0.11 | 0.32 |  | 0.43 |  | 10.38 | **(8.70)** | 0.74 | 0.72 | 0.72 | 1.31 | 122905 | 31 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.37 | 0.23• | (2.94) | (2.71) | 0.21 | 1.52 |  | 1.73 |  | 10.93 | **(18.19)** | 0.29 | 0.20 | 0.20 | 1.81 | 47575 | 39 |
| 12-31-21 | 13.81 | 0.19• | 2.24 | 2.43 | 0.25 | 0.62 |  | 0.87 |  | 15.37 | 17.86 | 0.31 | 0.24 | 0.24 | 1.25 | 54110 | 38 |
| 12-31-20 | 12.61 | 0.23• | 1.66 | 1.89 | 0.22 | 0.47 |  | 0.69 |  | 13.81 | 15.78 | 0.31 | 0.24 | 0.24 | 1.92 | 46883 | 34 |
| 12-31-19 | 10.74 | 0.22 | 2.38 | 2.60 | 0.21 | 0.52 |  | 0.73 |  | 12.61 | 24.89 | 0.23 | 0.23 | 0.23 | 1.89 | 53784 | 24 |
| 12-31-18 | 12.17 | 0.22 | (1.16) | (0.94) | 0.17 | 0.32 |  | 0.49 |  | 10.74 | **(8.16)** | 0.24 | 0.22 | 0.22 | 1.84 | 43658 | 31 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.09 | 0.18• | (2.87) | (2.69) | 0.16 | 1.52 |  | 1.68 |  | 10.72 | **(18.40)** | 0.54 | 0.45 | 0.45 | 1.46 | 54086 | 39 |
| 12-31-21 | 13.58 | 0.15• | 2.20 | 2.35 | 0.22 | 0.62 |  | 0.84 |  | 15.09 | 17.56 | 0.56 | 0.49 | 0.49 | 1.02 | 84023 | 38 |
| 12-31-20 | 12.41 | 0.23 | 1.60 | 1.83 | 0.19 | 0.47 |  | 0.66 |  | 13.58 | 15.49 | 0.56 | 0.49 | 0.49 | 1.80 | 77113 | 34 |
| 12-31-19 | 10.58 | 0.20 | 2.33 | 2.53 | 0.18 | 0.52 |  | 0.70 |  | 12.41 | 24.55 | 0.48 | 0.48 | 0.48 | 1.64 | 74022 | 24 |
| 12-31-18 | 12.00 | 0.18• | (1.14) | (0.96) | 0.14 | 0.32 |  | 0.46 |  | 10.58 | **(8.44)** | 0.49 | 0.47 | 0.47 | 1.53 | 65002 | 31 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.76 | 0.17• | (2.81) | (2.64) | 0.16 | 1.52 |  | 1.68 |  | 10.44 | **(18.49)** | 0.69 | 0.60 | 0.60 | 1.45 | 28510 | 39 |
| 12-31-21 | 13.32 | 0.12• | 2.15 | 2.27 | 0.21 | 0.62 |  | 0.83 |  | 14.76 | 17.28 | 0.71 | 0.64 | 0.64 | 0.85 | 29628 | 38 |
| 12-31-20 | 12.19 | 0.20• | 1.58 | 1.78 | 0.18 | 0.47 |  | 0.65 |  | 13.32 | 15.35 | 0.71 | 0.64 | 0.64 | 1.72 | 25318 | 34 |
| 12-31-19 | 10.41 | 0.16 | 2.30 | 2.46 | 0.16 | 0.52 |  | 0.68 |  | 12.19 | 24.34 | 0.63 | 0.63 | 0.63 | 1.50 | 20384 | 24 |
| 12-31-18 | 11.80 | 0.16• | (1.12) | (0.96) | 0.11 | 0.32 |  | 0.43 |  | 10.41 | **(8.52)** | 0.64 | 0.62 | 0.62 | 1.40 | 16121 | 31 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.62 | 0.25• | (2.99) | (2.74) | 0.22 | 1.52 |  | 1.74 |  | 11.14 | **(18.10)** | 0.23 | 0.00\* | 0.00\* | 2.01 | 733611 | 39 |
| 12-31-21 | 14.00 | 0.23• | 2.27 | 2.50 | 0.26 | 0.62 |  | 0.88 |  | 15.62 | 18.14 | 0.24 | 0.00\* | 0.00\* | 1.52 | 827504 | 38 |
| 12-31-20 | 12.74 | 0.29• | 1.66 | 1.95 | 0.22 | 0.47 |  | 0.69 |  | 14.00 | 16.09 | 0.23 | 0.00\* | 0.00\* | 2.36 | 650098 | 34 |
| 12-31-19 | 10.82 | 0.27• | 2.38 | 2.65 | 0.21 | 0.52 |  | 0.73 |  | 12.74 | 25.17 | 0.23 | 0.00\* | 0.00\* | 2.21 | 464683 | 24 |
| 12-31-18 | 12.24 | 0.26• | (1.19) | (0.93) | 0.17 | 0.32 |  | 0.49 |  | 10.82 | **(8.03)** | 0.24 | 0.00\* | 0.00\* | 2.14 | 273348 | 31 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2050 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.29 | 0.22• | (4.10) | (3.88) | 0.16 | 1.86 |  | 2.02 |  | 15.39 | **(18.70)** | 0.85 | 0.72 | 0.72 | 1.25 | 17963 | 34 |
| 12-31-21 | 18.85 | 0.15• | 3.06 | 3.21 | 0.23 | 0.54 |  | 0.77 |  | 21.29 | 17.22 | 0.87 | 0.74 | 0.74 | 0.72 | 23791 | 38 |
| 12-31-20 | 17.18 | 0.25• | 2.15 | 2.40 | 0.20 | 0.53 |  | 0.73 |  | 18.85 | 14.66 | 0.91 | 0.74 | 0.74 | 1.53 | 19574 | 29 |
| 12-31-19 | 14.39 | 0.24• | 3.24 | 3.48 | 0.17 | 0.52 |  | 0.69 |  | 17.18 | 24.60 | 0.74 | 0.74 | 0.74 | 1.47 | 17450 | 22 |
| 12-31-18 | 16.26 | 0.22• | (1.62) | (1.40) | 0.11 | 0.36 |  | 0.47 |  | 14.39 | **(8.92)** | 0.75 | 0.73 | 0.73 | 1.39 | 11155 | 28 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.88 | 0.32• | (4.22) | (3.90) | 0.26 | 1.86 |  | 2.12 |  | 15.86 | **(18.29)** | 0.35 | 0.22 | 0.22 | 1.80 | 11849 | 34 |
| 12-31-21 | 19.33 | 0.26• | 3.15 | 3.41 | 0.32 | 0.54 |  | 0.86 |  | 21.88 | 17.81 | 0.37 | 0.24 | 0.24 | 1.23 | 11548 | 38 |
| 12-31-20 | 17.58 | 0.35• | 2.20 | 2.55 | 0.27 | 0.53 |  | 0.80 |  | 19.33 | 15.25 | 0.41 | 0.24 | 0.24 | 2.07 | 8770 | 29 |
| 12-31-19 | 14.69 | 0.32• | 3.31 | 3.63 | 0.22 | 0.52 |  | 0.74 |  | 17.58 | 25.21 | 0.24 | 0.24 | 0.24 | 1.97 | 6367 | 22 |
| 12-31-18 | 16.55 | 0.30• | (1.65) | (1.35) | 0.15 | 0.36 |  | 0.51 |  | 14.69 | **(8.49)** | 0.25 | 0.23 | 0.23 | 1.82 | 3851 | 28 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.78 | 0.25• | (4.18) | (3.93) | 0.18 | 1.86 |  | 2.04 |  | 15.81 | **(18.52)** | 0.60 | 0.47 | 0.47 | 1.40 | 9814 | 34 |
| 12-31-21 | 19.26 | 0.20• | 3.14 | 3.34 | 0.28 | 0.54 |  | 0.82 |  | 21.78 | 17.50 | 0.62 | 0.49 | 0.49 | 0.96 | 15698 | 38 |
| 12-31-20 | 17.53 | 0.30• | 2.20 | 2.50 | 0.24 | 0.53 |  | 0.77 |  | 19.26 | 14.94 | 0.66 | 0.49 | 0.49 | 1.80 | 12575 | 29 |
| 12-31-19 | 14.65 | 0.28• | 3.31 | 3.59 | 0.19 | 0.52 |  | 0.71 |  | 17.53 | 24.94 | 0.49 | 0.49 | 0.49 | 1.70 | 10885 | 22 |
| 12-31-18 | 16.51 | 0.25 | (1.63) | (1.38) | 0.12 | 0.36 |  | 0.48 |  | 14.65 | **(8.68)** | 0.50 | 0.48 | 0.48 | 1.53 | 7477 | 28 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.41 | 0.25• | (4.13) | (3.88) | 0.19 | 1.86 |  | 2.05 |  | 15.48 | **(18.62)** | 0.75 | 0.62 | 0.62 | 1.44 | 4018 | 34 |
| 12-31-21 | 18.95 | 0.19• | 3.06 | 3.25 | 0.25 | 0.54 |  | 0.79 |  | 21.41 | 17.33 | 0.77 | 0.64 | 0.64 | 0.93 | 3918 | 38 |
| 12-31-20 | 17.26 | 0.29• | 2.14 | 2.43 | 0.21 | 0.53 |  | 0.74 |  | 18.95 | 14.77 | 0.81 | 0.64 | 0.64 | 1.77 | 3563 | 29 |
| 12-31-19 | 14.45 | 0.25• | 3.25 | 3.50 | 0.17 | 0.52 |  | 0.69 |  | 17.26 | 24.69 | 0.64 | 0.64 | 0.64 | 1.53 | 3072 | 22 |
| 12-31-18 | 16.30 | 0.22• | (1.60) | (1.38) | 0.11 | 0.36 |  | 0.47 |  | 14.45 | **(8.80)** | 0.65 | 0.63 | 0.63 | 1.36 | 2023 | 28 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.16 | 0.36• | (4.27) | (3.91) | 0.29 | 1.86 |  | 2.15 |  | 16.10 | **(18.14)** | 0.23 | 0.00\* | 0.00\* | 2.01 | 512919 | 34 |
| 12-31-21 | 19.54 | 0.32• | 3.18 | 3.50 | 0.34 | 0.54 |  | 0.88 |  | 22.16 | 18.12 | 0.24 | 0.00\* | 0.00\* | 1.48 | 539936 | 38 |
| 12-31-20 | 17.73 | 0.40• | 2.21 | 2.61 | 0.27 | 0.53 |  | 0.80 |  | 19.54 | 15.46 | 0.23 | 0.00\* | 0.00\* | 2.32 | 398859 | 29 |
| 12-31-19 | 14.77 | 0.37• | 3.33 | 3.70 | 0.22 | 0.52 |  | 0.74 |  | 17.73 | 25.56 | 0.24 | 0.00\* | 0.00\* | 2.23 | 286945 | 22 |
| 12-31-18 | 16.60 | 0.35• | (1.67) | (1.32) | 0.15 | 0.36 |  | 0.51 |  | 14.77 | **(8.28)** | 0.25 | 0.00\* | 0.00\* | 2.15 | 153539 | 28 |
| **Voya Index Solution 2055 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.61 | 0.20• | (3.77) | (3.57) | 0.14 | 1.82 |  | 1.96 |  | 14.08 | **(18.76)** | 0.84 | 0.72 | 0.72 | 1.22 | 45187 | 34 |
| 12-31-21 | 17.47 | 0.13• | 2.87 | 3.00 | 0.21 | 0.65 |  | 0.86 |  | 19.61 | 17.32 | 0.85 | 0.74 | 0.74 | 0.69 | 63321 | 38 |
| 12-31-20 | 15.91 | 0.24 | 2.03 | 2.27 | 0.18 | 0.53 |  | 0.71 |  | 17.47 | 14.90 | 0.89 | 0.74 | 0.74 | 1.49 | 58091 | 29 |
| 12-31-19 | 13.42 | 0.22 | 3.00 | 3.22 | 0.15 | 0.58 |  | 0.73 |  | 15.91 | 24.52 | 0.74 | 0.74 | 0.74 | 1.40 | 54378 | 20 |
| 12-31-18 | 15.18 | 0.19 | (1.49) | (1.30) | 0.12 | 0.34 |  | 0.46 |  | 13.42 | **(8.87)** | 0.75 | 0.73 | 0.73 | 1.27 | 46688 | 29 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2055 Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.20 | 0.29• | (3.90) | (3.61) | 0.24 | 1.82 |  | 2.06 |  | 14.53 | **(18.38)** | 0.34 | 0.22 | 0.22 | 1.78 | 37659 | 34 |
| 12-31-21 | 17.95 | 0.24• | 2.95 | 3.19 | 0.29 | 0.65 |  | 0.94 |  | 20.20 | 17.95 | 0.35 | 0.24 | 0.24 | 1.22 | 42496 | 38 |
| 12-31-20 | 16.33 | 0.31• | 2.09 | 2.40 | 0.25 | 0.53 |  | 0.78 |  | 17.95 | 15.43 | 0.39 | 0.24 | 0.24 | 1.95 | 35009 | 29 |
| 12-31-19 | 13.75 | 0.30• | 3.09 | 3.39 | 0.23 | 0.58 |  | 0.81 |  | 16.33 | 25.22 | 0.24 | 0.24 | 0.24 | 1.95 | 31202 | 20 |
| 12-31-18 | 15.54 | 0.28• | (1.54) | (1.26) | 0.19 | 0.34 |  | 0.53 |  | 13.75 | **(8.48)** | 0.25 | 0.23 | 0.23 | 1.82 | 21247 | 29 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.90 | 0.23• | (3.82) | (3.59) | 0.17 | 1.82 |  | 1.99 |  | 14.32 | **(18.56)** | 0.59 | 0.47 | 0.47 | 1.43 | 29007 | 34 |
| 12-31-21 | 17.71 | 0.18• | 2.91 | 3.09 | 0.25 | 0.65 |  | 0.90 |  | 19.90 | 17.64 | 0.60 | 0.49 | 0.49 | 0.93 | 43919 | 38 |
| 12-31-20 | 16.13 | 0.27• | 2.06 | 2.33 | 0.22 | 0.53 |  | 0.75 |  | 17.71 | 15.11 | 0.64 | 0.49 | 0.49 | 1.76 | 40587 | 29 |
| 12-31-19 | 13.59 | 0.25• | 3.06 | 3.31 | 0.19 | 0.58 |  | 0.77 |  | 16.13 | 24.94 | 0.49 | 0.49 | 0.49 | 1.66 | 35423 | 20 |
| 12-31-18 | 15.36 | 0.23 | (1.51) | (1.28) | 0.15 | 0.34 |  | 0.49 |  | 13.59 | **(8.66)** | 0.50 | 0.48 | 0.48 | 1.55 | 26744 | 29 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.67 | 0.23• | (3.80) | (3.57) | 0.17 | 1.82 |  | 1.99 |  | 14.11 | **(18.69)** | 0.74 | 0.62 | 0.62 | 1.41 | 19070 | 34 |
| 12-31-21 | 17.54 | 0.15• | 2.88 | 3.03 | 0.25 | 0.65 |  | 0.90 |  | 19.67 | 17.43 | 0.75 | 0.64 | 0.64 | 0.78 | 20878 | 38 |
| 12-31-20 | 15.99 | 0.27• | 2.01 | 2.28 | 0.20 | 0.53 |  | 0.73 |  | 17.54 | 14.97 | 0.79 | 0.64 | 0.64 | 1.73 | 17208 | 29 |
| 12-31-19 | 13.49 | 0.23• | 3.03 | 3.26 | 0.18 | 0.58 |  | 0.76 |  | 15.99 | 24.68 | 0.64 | 0.64 | 0.64 | 1.53 | 11439 | 20 |
| 12-31-18 | 15.24 | 0.20• | (1.49) | (1.29) | 0.12 | 0.34 |  | 0.46 |  | 13.49 | **(8.77)** | 0.65 | 0.63 | 0.63 | 1.30 | 7943 | 29 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.51 | 0.33• | (3.96) | (3.63) | 0.26 | 1.82 |  | 2.08 |  | 14.80 | **(18.20)** | 0.23 | 0.00\* | 0.00\* | 2.00 | 439069 | 34 |
| 12-31-21 | 18.20 | 0.29• | 2.99 | 3.28 | 0.32 | 0.65 |  | 0.97 |  | 20.51 | 18.19 | 0.24 | 0.00\* | 0.00\* | 1.49 | 450163 | 38 |
| 12-31-20 | 16.51 | 0.37• | 2.10 | 2.47 | 0.25 | 0.53 |  | 0.78 |  | 18.20 | 15.69 | 0.23 | 0.00\* | 0.00\* | 2.32 | 324254 | 29 |
| 12-31-19 | 13.86 | 0.35• | 3.11 | 3.46 | 0.23 | 0.58 |  | 0.81 |  | 16.51 | 25.54 | 0.24 | 0.00\* | 0.00\* | 2.23 | 217585 | 20 |
| 12-31-18 | 15.62 | 0.33• | (1.56) | (1.23) | 0.19 | 0.34 |  | 0.53 |  | 13.86 | **(8.24)** | 0.25 | 0.00\* | 0.00\* | 2.15 | 111996 | 29 |
| **Voya Index Solution 2060 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.89 | 0.17• | (3.27) | (3.10) | 0.11 | 1.41 |  | 1.52 |  | 12.27 | **(18.84)** | 0.88 | 0.72 | 0.72 | 1.25 | 12814 | 34 |
| 12-31-21 | 14.80 | 0.12• | 2.47 | 2.59 | 0.13 | 0.37 |  | 0.50 |  | 16.89 | 17.65 | 0.91 | 0.74 | 0.74 | 0.72 | 15085 | 37 |
| 12-31-20 | 13.31 | 0.18• | 1.76 | 1.94 | 0.12 | 0.33 |  | 0.45 |  | 14.80 | 15.11 | 0.92 | 0.74 | 0.74 | 1.42 | 11253 | 34 |
| 12-31-19 | 11.02 | 0.18• | 2.50 | 2.68 | 0.09 | 0.30 |  | 0.39 |  | 13.31 | 24.62 | 0.77 | 0.74 | 0.74 | 1.45 | 9576 | 36 |
| 12-31-18 | 12.49 | 0.17• | (1.23) | (1.06) | 0.07 | 0.34 |  | 0.41 |  | 11.02 | **(8.88)** | 0.81 | 0.72 | 0.72 | 1.42 | 6029 | 40 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 17.25 | 0.25• | (3.35) | (3.10) | 0.18 | 1.41 |  | 1.59 |  | 12.56 | **(18.44)** | 0.38 | 0.22 | 0.22 | 1.80 | 20763 | 34 |
| 12-31-21 | 15.10 | 0.21• | 2.51 | 2.72 | 0.20 | 0.37 |  | 0.57 |  | 17.25 | 18.18 | 0.41 | 0.24 | 0.24 | 1.26 | 20267 | 37 |
| 12-31-20 | 13.55 | 0.28• | 1.77 | 2.05 | 0.17 | 0.33 |  | 0.50 |  | 15.10 | 15.69 | 0.43 | 0.24 | 0.24 | 2.11 | 13765 | 34 |
| 12-31-19 | 11.19 | 0.27• | 2.52 | 2.79 | 0.13 | 0.30 |  | 0.43 |  | 13.55 | 25.32 | 0.27 | 0.24 | 0.24 | 2.18 | 7603 | 36 |
| 12-31-18 | 12.65 | 0.25• | (1.27) | (1.02) | 0.10 | 0.34 |  | 0.44 |  | 11.19 | **(8.46)** | 0.31 | 0.22 | 0.22 | 2.05 | 3020 | 40 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2060 Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 17.04 | 0.20• | (3.30) | (3.10) | 0.11 | 1.41 |  | 1.52 |  | 12.42 | **(18.65)** | 0.63 | 0.47 | 0.47 | 1.39 | 6050 | 34 |
| 12-31-21 | 14.92 | 0.15• | 2.51 | 2.66 | 0.17 | 0.37 |  | 0.54 |  | 17.04 | 17.96 | 0.66 | 0.49 | 0.49 | 0.95 | 9659 | 37 |
| 12-31-20 | 13.41 | 0.24• | 1.75 | 1.99 | 0.15 | 0.33 |  | 0.48 |  | 14.92 | 15.37 | 0.68 | 0.49 | 0.49 | 1.83 | 8248 | 34 |
| 12-31-19 | 11.10 | 0.22• | 2.50 | 2.72 | 0.11 | 0.30 |  | 0.41 |  | 13.41 | 24.87 | 0.52 | 0.49 | 0.49 | 1.74 | 5693 | 36 |
| 12-31-18 | 12.56 | 0.21• | (1.25) | (1.04) | 0.08 | 0.34 |  | 0.42 |  | 11.10 | **(8.66)** | 0.56 | 0.47 | 0.47 | 1.70 | 3057 | 40 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.97 | 0.20• | (3.31) | (3.11) | 0.11 | 1.41 |  | 1.52 |  | 12.34 | **(18.77)** | 0.78 | 0.62 | 0.62 | 1.42 | 2381 | 34 |
| 12-31-21 | 14.87 | 0.13• | 2.49 | 2.62 | 0.15 | 0.37 |  | 0.52 |  | 16.97 | 17.78 | 0.81 | 0.64 | 0.64 | 0.80 | 2296 | 37 |
| 12-31-20 | 13.37 | 0.22• | 1.74 | 1.96 | 0.13 | 0.33 |  | 0.46 |  | 14.87 | 15.17 | 0.83 | 0.64 | 0.64 | 1.74 | 2098 | 34 |
| 12-31-19 | 11.07 | 0.19• | 2.51 | 2.70 | 0.10 | 0.30 |  | 0.40 |  | 13.37 | 24.76 | 0.67 | 0.64 | 0.64 | 1.56 | 1545 | 36 |
| 12-31-18 | 12.51 | 0.15• | (1.20) | (1.05) | 0.05 | 0.34 |  | 0.39 |  | 11.07 | **(8.75)** | 0.71 | 0.62 | 0.62 | 1.18 | 751 | 40 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 17.48 | 0.29• | (3.40) | (3.11) | 0.20 | 1.41 |  | 1.61 |  | 12.76 | **(18.25)** | 0.24 | 0.00\* | 0.00\* | 2.02 | 260763 | 34 |
| 12-31-21 | 15.27 | 0.25• | 2.55 | 2.80 | 0.22 | 0.37 |  | 0.59 |  | 17.48 | 18.50 | 0.24 | 0.00\* | 0.00\* | 1.49 | 243777 | 37 |
| 12-31-20 | 13.67 | 0.31• | 1.79 | 2.10 | 0.17 | 0.33 |  | 0.50 |  | 15.27 | 15.92 | 0.25 | 0.00\* | 0.00\* | 2.35 | 159536 | 34 |
| 12-31-19 | 11.26 | 0.29• | 2.55 | 2.84 | 0.13 | 0.30 |  | 0.43 |  | 13.67 | 25.61 | 0.27 | 0.00\* | 0.00\* | 2.31 | 84826 | 36 |
| 12-31-18 | 12.70 | 0.29• | (1.29) | (1.00) | 0.10 | 0.34 |  | 0.44 |  | 11.26 | **(8.27)** | 0.31 | 0.00\* | 0.00\* | 2.29 | 32971 | 40 |
| **Voya Index Solution 2065 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.79 | 0.12• | (2.52) | (2.40) | 0.12 | 0.51 |  | 0.63 |  | 9.76 | **(18.86)** | 1.00 | 0.73 | 0.73 | 1.16 | 3367 | 51 |
| 12-31-21 | 11.58 | 0.12• | 1.93 | 2.05 | 0.08 | 0.76 |  | 0.84 |  | 12.79 | 17.74 | 1.12 | 0.74 | 0.74 | 0.92 | 1684 | 42 |
| 07-29-20<sup>(5)</sup> - <br> 12-31-20 | 10.00 | 0.08• | 1.58 | 1.66 | 0.07 | 0.01 |  | 0.08 |  | 11.58 | 16.62 | 2.09 | 0.74 | 0.74 | 1.87 | 382 | 17 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.82 | 0.21• | (2.57) | (2.36) | 0.15 | 0.51 |  | 0.66 |  | 9.80 | **(18.45)** | 0.50 | 0.23 | 0.23 | 1.97 | 3337 | 51 |
| 12-31-21 | 11.58 | 0.20• | 1.93 | 2.13 | 0.13 | 0.76 |  | 0.89 |  | 12.82 | 18.45 | 0.62 | 0.24 | 0.24 | 1.51 | 1419 | 42 |
| 07-29-20<sup>(5)</sup> - <br> 12-31-20 | 10.00 | 0.13• | 1.55 | 1.68 | 0.09 | 0.01 |  | 0.10 |  | 11.58 | 16.79 | 1.59 | 0.24 | 0.24 | 2.76 | 341 | 17 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.80 | 0.17• | (2.56) | (2.39) | 0.13 | 0.51 |  | 0.64 |  | 9.77 | **(18.71)** | 0.75 | 0.48 | 0.48 | 1.55 | 2156 | 51 |
| 12-31-21 | 11.58 | 0.16• | 1.93 | 2.09 | 0.11 | 0.76 |  | 0.87 |  | 12.80 | 18.08 | 0.87 | 0.49 | 0.49 | 1.21 | 1626 | 42 |
| 07-29-20<sup>(5)</sup> - <br> 12-31-20 | 10.00 | 0.11• | 1.56 | 1.67 | 0.08 | 0.01 |  | 0.09 |  | 11.58 | 16.72 | 1.84 | 0.49 | 0.49 | 2.50 | 382 | 17 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.78 | 0.16• | (2.55) | (2.39) | 0.12 | 0.51 |  | 0.63 |  | 9.76 | **(18.74)** | 0.90 | 0.63 | 0.63 | 1.45 | 611 | 51 |
| 12-31-21 | 11.57 | 0.09• | 1.97 | 2.06 | 0.09 | 0.76 |  | 0.85 |  | 12.78 | 17.87 | 1.02 | 0.64 | 0.64 | 0.70 | 428 | 42 |
| 07-29-20<sup>(5)</sup> - <br> 12-31-20 | 10.00 | 0.13• | 1.53 | 1.66 | 0.08 | 0.01 |  | 0.09 |  | 11.57 | 16.59 | 1.99 | 0.64 | 0.64 | 2.80 | 175 | 17 |

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See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expense net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Index Solution 2065 Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.85 | 0.23• | (2.57) | (2.34) | 0.17 | 0.51 |  | 0.68 |  | 9.83 | **(18.27)** | 0.30 | 0.00\* | 0.00\* | 2.13 | 34267 | 51 |
| 12-31-21 | 11.59 | 0.22• | 1.94 | 2.16 | 0.14 | 0.76 |  | 0.90 |  | 12.85 | 18.69 | 0.48 | 0.00\* | 0.00\* | 1.72 | 16030 | 42 |
| 07-29-20<sup>(5)</sup> - <br> 12-31-20 | 10.00 | 0.12• | 1.57 | 1.69 | 0.09 | 0.01 |  | 0.10 |  | 11.59 | 16.89 | 1.57 | 0.00\* | 0.00\* | 2.74 | 3190 | 17 |

---

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

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

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

Annualized for periods less than one year.

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

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

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

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

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

Commencement of operations.

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

\* <br>

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

#### NOTE 1 — ORGANIZATION
Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The ten series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Index Solution Income Portfolio ("Index Solution Income"), Voya Index Solution 2025 Portfolio ("Index Solution 2025"), Voya Index Solution 2030 Portfolio ("Index Solution 2030"), Voya Index Solution 2035 Portfolio ("Index Solution 2035"), Voya Index Solution 2040 Portfolio ("Index Solution 2040"), Voya Index Solution 2045 Portfolio ("Index Solution 2045"), Voya Index Solution 2050 Portfolio ("Index Solution 2050"), Voya Index Solution 2055 Portfolio ("Index Solution 2055"), Voya Index Solution 2060 Portfolio ("Index Solution 2060") and Voya Index Solution 2065 Portfolio ("Index Solution 2065"), each a diversified series of the Company.

Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055, Index Solution 2060 and Index Solution 2065 are structured and managed around a specific target retirement or financial goal date ("Target Date"). When these Portfolios reach their respective Target Date, they may be combined with Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the "Board").

The classes of shares included in this report are: Adviser ("Class ADV"), Initial ("Class I"), Service ("Class S"), Service 2 ("Class S2") and Class Z. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context.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. In establishing its exposure to debt instruments, each Portfolio may invest up to 20% of its assets directly in funding agreements ("Funding Agreements") with affiliated or unaffiliated (if available) insurance companies (but only 10% of its assets directly in Funding Agreements with affiliated insurance companies). The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

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

A. ***Security Valuation.*** Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the

NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

B. ***Securities Transactions and Revenue Recognition.*** Security 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. Dividends from net investment income and 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.

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***. Risk Exposures and the Use of Derivative Instruments.*** Each Portfolio's investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

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

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2022, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices and also purchased and sold futures contracts on various U.S. Treasury Notes/Bonds and Eurodollars. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the year ended December 31, 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 purchased and sold at December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **Purchased**  | **Sold**  |
| Index Solution Income | $15793371 | $15684083 |
| Index Solution 2025 | 29357676 | 29388384 |
| Index Solution 2030 | 21558332 | 21587483 |
| Index Solution 2035 | 33653055 | 33656855 |
| Index Solution 2040 | 19265303 | 19396658 |
| Index Solution 2045 | 32800343 | 32301595 |
| Index Solution 2050 | 18411688 | 18226944 |
| Index Solution 2055 | 18857336 | 18629325 |
| Index Solution 2060 | 9546967 | 9465961 |

---

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

#### NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS AND FUNDING AGREEMENTS
For the year ended December 31, 2022, the cost of purchases and the proceeds from sales of the Underlying Funds and Funding Agreements were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| Index Solution Income | $401004494 | $500572771 |
| Index Solution 2025 | 573069446 | 636167937 |
| Index Solution 2030 | 459322481 | 436737696 |
| Index Solution 2035 | 594686781 | 532542630 |
| Index Solution 2040 | 368148767 | 294819521 |
| Index Solution 2045 | 436708063 | 383975910 |
| Index Solution 2050 | 268266114 | 186581251 |
| Index Solution 2055 | 265080513 | 191503991 |
| Index Solution 2060 | 167376422 | 95071352 |
| Index Solution 2065 | 43943969 | 15690413 |

---

#### NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and

assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates: 0.20% of each Portfolio's average daily nets assets invested in affiliated Underlying Funds and/or Funding Agreements and 0.40% 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
Classes ADV and S2 of the Portfolios have a plan of distribution (the "Plans"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio's average daily net assets attributable to its Class S2 shares.

The Company has a shareholder servicing plan ("Service Plan") for the Classes ADV, S and S2 shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S and S2 shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Classes ADV, S and S2 shares.

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

#### NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary**  | **Portfolio**  | **Percentage**  |
| Voya Institutional Trust Company | Index Solution Income  | 32.72% |
|  | Index Solution 2025 | 19.35 |
|  | Index Solution 2030 | 13.59 |
|  | Index Solution 2035 | 17.69 |
|  | Index Solution 2040 | 13.47 |
|  | Index Solution 2045 | 19.29 |
|  | Index Solution 2050 | 13.31 |
|  | Index Solution 2055 | 16.04 |
|  | Index Solution 2060 | 15.63 |
|  | Index Solution 2065 | 9.08 |
|  Voya Retirement Insurance and Annuity Company  | Index Solution Income  | 67.26 |
|  | Index Solution 2025 | 80.65 |
|  | Index Solution 2030 | 86.39 |
|  | Index Solution 2035 | 82.30 |
|  | Index Solution 2040 | 86.51 |
|  | Index Solution 2045 | 80.71 |
|  | Index Solution 2050 | 86.69 |
|  | Index Solution 2055 | 83.96 |
|  | Index Solution 2060 | 84.37 |
|  | Index Solution 2065 | 90.92 |

---

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

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on

certain assets. For the year ended December 31, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

---

| | |
|:---|:---|
| **Portfolio**  | **Amount**  |
| Index Solution Income | $77716 |
| Index Solution 2025 | 99149 |
| Index Solution 2030 | 44974 |
| Index Solution 2035 | 138647 |
| Index Solution 2040 | 39852 |
| Index Solution 2045 | 132227 |
| Index Solution 2050 | 53406 |
| Index Solution 2055 | 153334 |
| Index Solution 2060 | 59057 |
| Index Solution 2065 | 14134 |

---

#### NOTE 7 — FUNDING AGREEMENTS
During the year ended December 31, 2022, Index Solution Income, Index Solution 2025 and Index Solution 2030 each invested in a Funding Agreement issued by Voya Retirement Insurance and Annuity Company ("VRIAC"). VRIAC is a subsidiary of Voya Financial, Inc.

The Funding Agreements have a stable principal value and typically pay interest at a relatively short-term rate, which is subject to change periodically. If VRIAC becomes unable to pay interest or repay principal under each contract, Index Solution Income, Index Solution 2025 and/or Index Solution 2030 may lose money. In a rising interest rate environment, the interest rate provided by a Funding Agreement may not increase as quickly as the yields of other short-term investments. Investing in a Funding Agreement in such an environment could adversely affect each Portfolio's relative performance. In the case of a Funding Agreement with VRIAC, there can be no guarantee that the interest rate a Portfolio receives under the Funding Agreement will be as favorable to each Portfolio as the rate that might be paid under a Funding Agreement with another, unaffiliated insurer. Neither a Portfolio, the Investment Adviser, VRIAC, nor any of its affiliates guarantee each Portfolio's performance or that a Portfolio will provide a certain level of income. In the event of an insolvency of the insurer, it is possible that insurance policy holders and other preferred claimants will be paid before each Portfolio. Each Portfolio may withdraw any amount in the Funding Agreements for any reason, at any time.

Interest is credited each calendar day based on the end of day balance. The interest rate is determined by VRIAC and may be revised at any time subject to a 30-day advance notice of any change. If there is a change to the interest rate, VRIAC will not apply a subsequent decrease in the

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

NOTE 7 — FUNDING AGREEMENTS (continued)

interest rate prior to the last day of the three-month period measured from the first day of the month such prior change was effective. Interest will be accrued to the account value daily at a guaranteed minimum interest rate.

The current day price of each unit of the Funding Agreements issued by VRIAC is determined by applying the current interest rate to the previous day's price. The significant unobservable input used in the fair value measurement of each Portfolio's investment in the Funding Agreements issued by VRIAC is the interest rate. Please refer to the table within each respective Portfolio of Investments for fair value measurements.

Below are the interest rates during the year ended December 31, 2022 for the Funding Agreements issued by VRIAC:

---

| | |
|:---|:---|
| **Time period**  | **Rate**  |
| January 1, 2022 to January 31, 2022 | 1.60% |
| February 1, 2022 to March 31, 2022 | 1.40% |
| April 1, 2022 to October 31, 2022 | 1.50% |
| November 1, 2022 to December 31, 2022 | 2.15% |

---

#### NOTE 8 — EXPENSE LIMITATION AGREEMENTS
Effective October 1, 2022, the Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio<sup>(1)</sup>**  | **Class <br> ADV**  | **Class I**  | **Class S**  | **Class S2**  | **Class Z**  |
| Index Solution Income  | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2025 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2030 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2035 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2040 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2045 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2050 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2055 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2060 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2065 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |

---

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

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

Prior to October 1, 2022, the expense limits were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio**  | **Class <br> ADV<sup>(2)</sup>**  | **Class <br> I<sup>(2)</sup>**  | **Class <br> S<sup>(2)</sup>**  | **Class <br> S2<sup>(2)</sup>**  | **Class <br> Z<sup>(3)(4)</sup>**  |
| Index Solution Income | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2025 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2030 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2035 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2040 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio**  | **Class <br> ADV<sup>(2)</sup>**  | **Class <br> I<sup>(2)</sup>**  | **Class <br> S<sup>(2)</sup>**  | **Class <br> S2<sup>(2)</sup>**  | **Class <br> Z<sup>(3)(4)</sup>**  |
| Index Solution 2045 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2050 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2055 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2060 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |
| Index Solution 2065 | 0.89% | 0.39% | 0.64% | 0.79% | 0.00% |

---

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

The expense limits took 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 varies based on Each Portfolio's allocation of assets to, and the next expenses of, a particular Underlying Fund. The limits excluded interest, taxes, investment -related costs, leverage expenses, and extraordinary expenses. Any fees waived pursuant to this expense limit agreement were not eligible for recoupment.

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

Prior to October 1, 2022, per a side letter agreement, the Investment Adviser had agreed to waive all or a portion of the management fee and/or reimburse expenses so that the direct expense limits were 0.00% for Class Z shares of each Portfolio. Any fees waived pursuant to the side letter agreement were not eligible for recoupment. Effective October 1, 2022, the side letter agreement was terminated. Termination of this side letter agreement was approved by the Board.

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

The operating expense limits shown applied only at each Portfolio level and do not include the fees payable by the Underlying Funds in which each Portfolio invests (acquired fund fees and expenses), investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of each Portfolio's business.

The Expense Limitation Agreement is contractual through May 1, 2024 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

#### NOTE 9 — LINE OF CREDIT
Effective June 13, 2022, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 12, 2023. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of 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.

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[**TABLE OF CONTENTS**](#toc-0)

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

NOTE 9 — LINE OF CREDIT (continued)

The following Portfolios utilized the line of credit during the year ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio**  | **Days <br> Utilized**  | **Approximate <br> Average <br> Daily <br> Balance For <br> Days <br> Utilized**  | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized**  |
| Index Solution Income | 4 | $7821500 | 1.61% |
| Index Solution 2025 | 1 | 1362000 | 1.58 |
| Index Solution 2030 | 1 | 906000 | 1.58 |
| Index Solution 2035 | 1 | 892000 | 1.58 |
| Index Solution 2045 | 5 | 954400 | 2.10 |
| Index Solution 2050 | 4 | 555000 | 1.96 |
| Index Solution 2055 | 4 | 573500 | 1.96 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or period ended**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** | **Index Solution Income** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 274358 |  | 930502 | (1699121) | (494261) | 2673114 |  | 8560615 | (16398599) | (5164870) |
| 12/31/2021 | 448474 |  | 338279 | (1621093) | (834340) | 5109216 |  | 3839468 | (18470481) | (9521797) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 108915 |  | 157622 | (341964) | (75427) | 1109609 |  | 1492677 | (3362474) | (760188) |
| 12/31/2021 | 167642 |  | 66185 | (658714) | (424887) | 1970276 |  | 771721 | (7714945) | (4972948) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 218247 |  | 1263898 | (2141763) | (659618) | 2222542 |  | 11842722 | (21222986) | (7157722) |
| 12/31/2021 | 217530 |  | 481010 | (2262925) | (1564385) | 2515739 |  | 5555663 | (26324900) | (18253498) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 481980 |  | 212773 | (414223) | 280530 | 4921880 |  | 1936236 | (4063118) | 2794998 |
| 12/31/2021 | 502106 |  | 67100 | (414779) | 154427 | 5713537 |  | 756222 | (4698325) | 1771434 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 2907772 |  | 6325379 | (10707083) | (1473932) | 30629042 |  | 60976656 | (111113179) | (19507481) |
| 12/31/2021 | 5071310 |  | 2431060 | (11694957) | (4192587) | 60654643 |  | 28759436 | (138924594) | (49510515) |
| **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** | **Index Solution 2025** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 698343 |  | 1617080 | (3145300) | (829877) | 7368972 |  | 15912065 | (32985970) | (9704933) |
| 12/31/2021 | 1024576 |  | 878595 | (3178930) | (1275759) | 12675726 |  | 10806715 | (39555819) | (16073378) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 589718 |  | 562576 | (895347) | 256947 | 6560426 |  | 5687644 | (8895998) | 3352072 |
| 12/31/2021 | 674477 |  | 280091 | (1055001) | (100433) | 8683047 |  | 3537550 | (13490514) | (1269917) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 513247 |  | 1132839 | (2320942) | (674856) | 5377062 |  | 11317056 | (26515806) | (9821688) |
| 12/31/2021 | 793951 |  | 690996 | (1957242) | (472295) | 10014318 |  | 8623634 | (24728139) | (6090187) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 714733 |  | 372452 | (565590) | 521595 | 7437394 |  | 3631410 | (6059330) | 5009474 |
| 12/31/2021 | 660546 |  | 192108 | (957029) | (104375) | 8209547 |  | 2347558 | (11832103) | (1274998) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 6465642 |  | 9068373 | (9726229) | 5807786 | 74353628 |  | 93404240 | (107402855) | 60355013 |
| 12/31/2021 | 8730674 |  | 4423946 | (7662881) | 5491739 | 113645171 |  | 56670753 | (98987702) | 71328222 |
| **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** | **Index Solution 2030** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 486065 |  | 291178 | (545396) | 231847 | 7453355 |  | 4213343 | (8296329) | 3370369 |
| 12/31/2021 | 482643 |  | 127403 | (513072) | 96974 | 8707380 |  | 2288149 | (9215809) | 1779720 |

---

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[**TABLE OF CONTENTS**](#toc-0)

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

NOTE 10 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or period ended**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** | **Index Solution 2030 (continued)** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 156783 |  | 74303 | (174939) | 56147 | 2524774 |  | 1113804 | (2552581) | 1085997 |
| 12/31/2021 | 108259 |  | 27298 | (106527) | 29030 | 2028383 |  | 506369 | (1968454) | 566298 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 277732 |  | 82991 | (596740) | (236017) | 4371209 |  | 1234903 | (10384808) | (4778696) |
| 12/31/2021 | 298056 |  | 48657 | (228334) | 118379 | 5486199 |  | 895282 | (4208511) | 2172970 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 251262 |  | 96262 | (160596) | 186928 | 3846923 |  | 1401576 | (2441137) | 2807362 |
| 12/31/2021 | 313201 |  | 35516 | (200722) | 147995 | 5690660 |  | 642134 | (3621527) | 2711267 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 4677638 |  | 5200000 | (3806023) | 6071615 | 76542538 |  | 79092006 | (62310966) | 93323578 |
| 12/31/2021 | 6472391 |  | 2100156 | (3352144) | 5220403 | 122010344 |  | 39398935 | (63187134) | 98222145 |
| **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** | **Index Solution 2035** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1037832 |  | 1489184 | (2298762) | 228254 | 11497499 |  | 15561975 | (25840442) | 1219032 |
| 12/31/2021 | 822601 |  | 747668 | (2683246) | (1112977) | 11004007 |  | 9891643 | (35786364) | (14890714) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 724938 |  | 606547 | (732435) | 599050 | 8636630 |  | 6544640 | (7800476) | 7380794 |
| 12/31/2021 | 642827 |  | 280201 | (738630) | 184398 | 8849484 |  | 3819146 | (10133109) | 2535521 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 616099 |  | 937878 | (1676634) | (122657) | 7133267 |  | 9979024 | (20892531) | (3780240) |
| 12/31/2021 | 827678 |  | 505588 | (1737192) | (403926) | 11223225 |  | 6800155 | (23555823) | (5532443) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 805801 |  | 398128 | (453014) | 750915 | 8810685 |  | 4140531 | (5234171) | 7717045 |
| 12/31/2021 | 622333 |  | 213356 | (1119869) | (284180) | 8323500 |  | 2812027 | (14853546) | (3718019) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10465912 |  | 10294008 | (5143939) | 15615981 | 126661813 |  | 113337030 | (62090169) | 177908674 |
| 12/31/2021 | 9690252 |  | 4418957 | (4182892) | 9926317 | 135691918 |  | 61202550 | (58734282) | 138160186 |
| **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** | **Index Solution 2040** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 395470 |  | 198473 | (310813) | 283130 | 6800505 |  | 3121988 | (4982710) | 4939783 |
| 12/31/2021 | 296537 |  | 63011 | (368190) | (8642) | 5846672 |  | 1250768 | (7309898) | (212458) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 219956 |  | 68132 | (107507) | 180581 | 3727849 |  | 1107825 | (1667348) | 3168326 |
| 12/31/2021 | 83917 |  | 20385 | (59548) | 44754 | 1720524 |  | 417084 | (1210093) | 927515 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 178237 |  | 81318 | (298708) | (39153) | 3179977 |  | 1320597 | (5694578) | (1194004) |
| 12/31/2021 | 217703 |  | 33511 | (179589) | 71625 | 4447787 |  | 683959 | (3656280) | 1475466 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 88755 |  | 28203 | (50968) | 65990 | 1508516 |  | 448995 | (868347) | 1089164 |
| 12/31/2021 | 64990 |  | 11562 | (110433) | (33881) | 1301229 |  | 231822 | (2196478) | (663427) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5533563 |  | 4708998 | (2200427) | 8042134 | 98790839 |  | 77839730 | (39824069) | 136806500 |
| 12/31/2021 | 5740937 |  | 1566027 | (1920890) | 5386074 | 119131359 |  | 32448073 | (39814059) | 111765373 |
| **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** | **Index Solution 2045** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 642512 |  | 1226381 | (1900345) | (31452) | 7736776 |  | 13539249 | (22804674) | (1528649) |
| 12/31/2021 | 712976 |  | 503933 | (1975664) | (758755) | 10226109 |  | 7176007 | (28116117) | (10714001) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 619613 |  | 559247 | (345694) | 833166 | 7677807 |  | 6436933 | (4051550) | 10063190 |
| 12/31/2021 | 519981 |  | 200985 | (594569) | 126397 | 7663361 |  | 2972561 | (8826086) | 1809836 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 435697 |  | 650749 | (1608655) | (522209) | 5233292 |  | 7359967 | (21716302) | (9123043) |
| 12/31/2021 | 493136 |  | 315263 | (917460) | (109061) | 7201616 |  | 4580764 | (13478520) | (1696140) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 594214 |  | 327743 | (197120) | 724837 | 7070771 |  | 3611725 | (2488760) | 8193736 |
| 12/31/2021 | 439214 |  | 113175 | (447108) | 105281 | 6290657 |  | 1610486 | (6417708) | 1483435 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

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

NOTE 10 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or period ended**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** | **Index Solution 2045 (continued)** |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 8256400 |  | 8274980 | (3692035) | 12839345 | 106783442 |  | 97148263 | (48135069) | 155796636 |
| 12/31/2021 | 7028476 |  | 2863539 | (3336204) | 6555811 | 106319036 |  | 42981726 | (50695800) | 98604962 |
| **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** | **Index Solution 2050** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 245020 |  | 139821 | (335081) | 49760 | 4257394 |  | 2272085 | (5666141) | 863338 |
| 12/31/2021 | 262261 |  | 40851 | (224031) | 79081 | 5329530 |  | 838663 | (4557924) | 1610269 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 245419 |  | 74480 | (100575) | 219324 | 4328029 |  | 1244567 | (1828201) | 3744395 |
| 12/31/2021 | 139014 |  | 20343 | (85252) | 74105 | 2897058 |  | 428229 | (1786274) | 1539013 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 153455 |  | 66110 | (319627) | (100062) | 2765200 |  | 1102710 | (6299170) | (2431260) |
| 12/31/2021 | 198293 |  | 28115 | (158608) | 67800 | 4114575 |  | 589859 | (3308370) | 1396064 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 81084 |  | 26957 | (31533) | 76508 | 1426379 |  | 440472 | (543463) | 1323388 |
| 12/31/2021 | 47957 |  | 7467 | (60411) | (4987) | 983206 |  | 154127 | (1257941) | (120608) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5135454 |  | 3394889 | (1042563) | 7487780 | 93537039 |  | 57577310 | (19384611) | 131729738 |
| 12/31/2021 | 4446626 |  | 926540 | (1414268) | 3958898 | 94389243 |  | 19735291 | (30074977) | 84049557 |
| **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** | **Index Solution 2055** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 436916 |  | 388844 | (844942) | (19182) | 6891870 |  | 5782113 | (13537608) | (863625) |
| 12/31/2021 | 403284 |  | 143107 | (642901) | (96510) | 7613567 |  | 2706151 | (12101033) | (1781315) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 453533 |  | 298646 | (264796) | 487383 | 7510515 |  | 4575251 | (4365260) | 7720506 |
| 12/31/2021 | 364088 |  | 94053 | (304229) | 153912 | 7090718 |  | 1828389 | (5872620) | 3046487 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 301632 |  | 229862 | (712772) | (181278) | 4942206 |  | 3473222 | (12791690) | (4376262) |
| 12/31/2021 | 347808 |  | 109479 | (541628) | (84341) | 6653836 |  | 2098710 | (10321505) | (1568959) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 300170 |  | 146396 | (156462) | 290104 | 4793088 |  | 2181304 | (2653073) | 4321319 |
| 12/31/2021 | 288458 |  | 50706 | (258962) | 80202 | 5501725 |  | 961382 | (4948390) | 1514717 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5570510 |  | 3266003 | (1122606) | 7713907 | 93873877 |  | 50916980 | (19891278) | 124899579 |
| 12/31/2021 | 4275315 |  | 961583 | (1106640) | 4130258 | 84597432 |  | 18962412 | (21948953) | 81610891 |
| **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** | **Index Solution 2060** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 254332 |  | 107812 | (210977) | 151167 | 3505363 |  | 1397248 | (2902699) | 1999912 |
| 12/31/2021 | 281399 |  | 24073 | (172613) | 132859 | 4553678 |  | 391665 | (2760326) | 2185017 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 491197 |  | 161664 | (175088) | 477773 | 6927764 |  | 2142050 | (2456636) | 6613178 |
| 12/31/2021 | 390140 |  | 35554 | (162864) | 262830 | 6410349 |  | 589841 | (2684499) | 4315691 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 149029 |  | 48032 | (276978) | (79917) | 2089471 |  | 629695 | (4282443) | (1563277) |
| 12/31/2021 | 182215 |  | 18230 | (186324) | 14121 | 2960517 |  | 298973 | (3003990) | 255500 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 66587 |  | 17251 | (26231) | 57607 | 914136 |  | 224780 | (386594) | 752322 |
| 12/31/2021 | 45859 |  | 4556 | (56213) | (5798) | 742084 |  | 74446 | (918223) | (101693) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5244036 |  | 1972560 | (727730) | 6488866 | 74838241 |  | 26530933 | (10910605) | 90458569 |
| 12/31/2021 | 3877842 |  | 435710 | (817621) | 3495931 | 64675801 |  | 7315564 | (13672400) | 58318965 |
| **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** | **Index Solution 2065** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 248178 |  | 20303 | (55340) | 213141 | 2663707 |  | 200127 | (618000) | 2245834 |
| 12/31/2021 | 114259 |  | 8038 | (23611) | 98686 | 1426604 |  | 102873 | (308054) | 1221423 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

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

NOTE 10 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or period ended**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** | **Index Solution 2065 (continued)** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 253743 |  | 21061 | (44902) | 229902 | 2762716 |  | 208012 | (496728) | 2474000 |
| 12/31/2021 | 81631 |  | 7143 | (7498) | 81276 | 1056465 |  | 91623 | (97334) | 1050754 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 146422 |  | 14340 | (67212) | 93550 | 1615648 |  | 141422 | (746823) | 1010247 |
| 12/31/2021 | 115202 |  | 8045 | (29194) | 94053 | 1481961 |  | 103041 | (366190) | 1218812 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 37762 |  | 3693 | (12403) | 29052 | 410589 |  | 36383 | (141262) | 305710 |
| 12/31/2021 | 32698 |  | 2116 | (16406) | 18408 | 423191 |  | 27062 | (210200) | 240053 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 2241889 |  | 217851 | (221194) | 2238546 | 24838996 |  | 2160353 | (2631590) | 24367759 |
| 12/31/2021 | 979761 |  | 81085 | (88284) | 972562 | 12697394 |  | 1042492 | (1132439) | 12607447 |

---

#### 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 short-term capital gains, futures contracts, wash sale deferrals and de minimis distributions in excess of net investment income.

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

---

| | | |
|:---|:---|:---|
| | **Paid-in <br> Capital**  | **Distributable <br> Earnings**  |
| Index Solution 2065 | $(10133) | $10133 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2021**  |
| | **Ordinary <br> Income**  | **Long-term <br> Capital <br> Gains**  | **Ordinary <br> Income**  | **Long-term <br> Capital <br> Gains**  |
| Index Solution Income | $42278263 | $42530643 | $20542949 | $19139561 |
| Index Solution 2025 | 29671435 | 100280980 | 36229106 | 45757104 |
| Index Solution 2030 | 19397293 | 67658339 | 21798077 | 21932792 |
| Index Solution 2035 | 25939909 | 123623291 | 36045594 | 48479927 |
| Index Solution 2040 | 16748845 | 67090290 | 15253649 | 19778057 |
| Index Solution 2045 | 21504790 | 106591347 | 22872769 | 36448775 |
| Index Solution 2050 | 10874680 | 51762464 | 9464511 | 12281658 |
| Index Solution 2055 | 12710761 | 54218109 | 10256797 | 16300247 |
| Index Solution 2060 | 5896354 | 25028352 | 3970064 | 4700425 |
| Index Solution 2065 | 697368 | 2048929 | 607528 | 759563 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

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

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital Gains**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| Index Solution Income | $17718812 | $10471939 | $(113413493) | $(85222742) |
| Index Solution 2025 | 24735211 | 35043376 | (145507865) | (85729278) |
| Index Solution 2030 | 18947516 | 41591510 | (116046981) | (55507955) |
| Index Solution 2035 | 27876027 | 84351975 | (191507968) | (79279966) |
| Index Solution 2040 | 16380972 | 51816311 | (112430320) | (44233037) |
| Index Solution 2045 | 20530399 | 79748474 | (142891493) | (42612620) |
| Index Solution 2050 | 11944324 | 43571986 | (85455960) | (29939650) |
| Index Solution 2055 | 13073362 | 42669924 | (84914381) | (29171095) |
| Index Solution 2060 | 6101226 | 21592009 | (50143753) | (22450518) |
| Index Solution 2065 |  |  | (7029416) | (7029416) |

---

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

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

As of December 31, 2022, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

#### NOTE 12 — LONDON INTERBANK OFFERED RATE ("LIBOR")
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in

most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio's existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

#### NOTE 13 — MARKET DISRUPTION
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19

------

[**TABLE OF CONTENTS**](#toc-0)

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

NOTE 13 — MARKET DISRUPTION (continued)

pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio's investments, including beyond a Portfolio's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well

as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the Portfolios' investments. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios' service providers.

#### NOTE 14 — SUBSEQUENT EVENTS
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 16.6%** | **EXCHANGE-TRADED FUNDS: 16.6%** | **EXCHANGE-TRADED FUNDS: 16.6%** | **EXCHANGE-TRADED FUNDS: 16.6%** |
| 274277 | iShares 20+ Year <br> Treasury Bond ETF | $27307018 | 3.9 |
| 807417 | Schwab U.S. TIPS ETF | 41816126 | 6.1 |
| 422961 | Vanguard Short-Term <br> Bond ETF | 31840504 | 4.6 |
| 416460 | Xtrackers USD High <br> Yield Corporate Bond <br> ETF | 14038867 | 2.0 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $127,695,490) | **115002515** | 16.6 |
| **MUTUAL FUNDS: 76.0%** | **MUTUAL FUNDS: 76.0%** | **MUTUAL FUNDS: 76.0%** | **MUTUAL FUNDS: 76.0%** |
|  | **Affiliated Investment Companies: 76.0%** | **Affiliated Investment Companies: 76.0%** | **Affiliated Investment Companies: 76.0%** |
| 2113095 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 21278870 | 3.1 |
| 3483670 | Voya International Index <br> Portfolio - Class P2 | 35115395 | 5.1 |
| 1228517 | Voya Russell Mid Cap <br> Index Portfolio - Class P2 | 13550541 | 2.0 |
| 34417691 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 313889345 | 45.4 |
| 8871089 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 141050318 | 20.4 |
|  | Total Mutual Funds <br> (Cost $614,774,752) | **524884469** | 76.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units**  | **Units**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **FUNDING AGREEMENTS: 7.0%** | **FUNDING AGREEMENTS: 7.0%** | **FUNDING AGREEMENTS: 7.0%** | **FUNDING AGREEMENTS: 7.0%** |
|  | **Investment Contract: 7.0%** | **Investment Contract: 7.0%** | **Investment Contract: 7.0%** |
| 4775398 <sup>(1)(2)(3)</sup> | VRIAC Contract, 2.150%  | **48136071** | 7.0 |
|  | Total Funding <br> Agreements <br> (Cost $48,136,071) | **48136071** | 7.0 |
|  | Total Long-Term <br> Investments <br> (Cost $790,606,313) | **688023055** | 99.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 0.2%** | **SHORT-TERM INVESTMENTS: 0.2%** | **SHORT-TERM INVESTMENTS: 0.2%** | **SHORT-TERM INVESTMENTS: 0.2%** |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 1149148 <sup>(4)</sup> | BlackRock Liquidity <br> Funds, FedFund, <br> Institutional Class, <br> 4.030% <br> (Cost $1,149,148) | $**1149148** | 0.2 |
|  | Total Short-Term <br> Investments <br> (Cost $1,149,148) | **1149148** | 0.2 |
|  | **Total Investments in <br> Securities <br> (Cost $791,755,461)** | $**689172203** | **99.8** |
|  | **Assets in Excess of <br> Other Liabilities** | **1699470** | **0.2** |
|  | **Net Assets** | $**690871673** | **100.0** |

---

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

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

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

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company ("VRIAC"). The interest rate is assessed and may change quarterly.

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

Investment in affiliate.

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

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

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio as of December 31, 2022 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $115002515 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $115002515 |
| Mutual Funds | 524884469 |  |  | 524884469 |
| Funding Agreements |  |  | 48136071 | 48136071 |
| Short-Term Investments | 1149148 |  |  | 1149148 |
| Total Investments, at fair value | $641036132 | $— | $48136071 | $689172203 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 552203 |  |  | 552203 |
| Total Assets | $641588335 | $— | $48136071 | $689724406 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(488133) | $— | $— | $(488133) |
| Total Liabilities | $(488133) | $— | $— | $(488133) |

---

^ <br>

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

+ <br>

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at fair value**  | **Fair Value <br> at <br> December 31, 2022**  | **Valuation <br> Technique(s)\***  | **Significant <br> Unobservable <br> Input(s)**  | **Value or <br> Range of <br> Input(s)**  | **Weighted <br> Average of <br> Inputs\*\***  | **Impact to Valuation from <br> an Increase in Input\*\*\***  |
| Funding Agreements | $48136071 | Cost Approach  | Interest rate  | 2.150%  | 2.150%  | Increase\*\*  |

---

\* <br>

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

\*\* <br>

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

\*\*\* <br>

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended December 31, 2022:

---

| | |
|:---|:---|
|  | **Funding Agreements**  |
| **Assets:** |  |
| Beginning balance at December 31, 2021 | $46268502 |
| Purchases | 48545936 |
| Sales | (46436574) |
| Accrued discounts/(premiums) |  |
| Total realized gain (loss) |  |
| Net change in unrealized appreciation (depreciation)\*\*\*\* | (241793) |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending balance at December 31, 2022 | $48136071 |
|  Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2022\*\*\*\*  | $(241793) |

---

\*\*\*\* <br>

Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2022 may be due to securities no longer held or categorized as Level 3 at period end.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair <br> Value at <br> 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair <br> Value at <br> 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net <br> Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2  | $26586722 | $22790989 | $(21867770) | $(6231071) | $21278870 | $618263 | $(3888868) | $1035533 |
| Voya International Index Portfolio - Class P2 | 54928386 | 17810681 | (24636955) | (12986717) | 35115395 | 1845917 | 1395359 |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 18528116 | 3779608 | (5478546) | (3278637) | 13550541 | 166367 | (1189223) | 1182588 |
| Voya Short Term Bond - Class P2 | 27674560 | 28976509 | (57131858) | 480789 |  | 400832 | (1716141) |  |
| Voya U.S. Bond Index Portfolio - Class P2 | 430745952 | 82627611 | (147690445) | (51793773) | 313889345 | 9223116 | (14765494) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 211018081 | 86141160 | (92601972) | (63506951) | 141050318 | 2141856 | 13444840 | 13749506 |
| VRIAC Contract | 46268502 | 48545936 | (46436574) | (241793) | 48136071 | 1376153 |  |  |
|  | $815750319 | $290672494 | $(395844120) | $(137558153) | $573020540 | $15772504 | $(6719527) | $15967627 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 154 | 03/17/23 | $13635930 | $(488133) |
|  |  |  | $13635930 | $(488133) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (73) | 03/17/23 | (7115310) | 257916 |
| S&P 500<sup>®</sup> E-Mini | (36) | 03/17/23 | (6949800) | 294287 |
|  |  |  | $(14065110) | $552203 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $552203 |
| **Total Asset Derivatives**  |  | $552203 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $488133 |
| **Total Liability Derivatives**  |  | $488133 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio as of December 31, 2022 (continued)

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(144806) |
| Interest rate contracts | (348015) |
| **Total**  | $(492821) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $64070 |
| **Total**  | $64070 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $802,649,765. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $625608 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (114039101) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(113413493) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 10.0%** | **EXCHANGE-TRADED FUNDS: 10.0%** | **EXCHANGE-TRADED FUNDS: 10.0%** | **EXCHANGE-TRADED FUNDS: 10.0%** |
| 309112 | iShares 20+ Year Treasury <br> Bond ETF | $30775191 | 2.9 |
| 378917 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 21401232 | 2.1 |
| 808857 | Schwab U.S. TIPS ETF | 41890704 | 4 |
| 141238 | Vanguard Short-Term Bond <br> ETF | 10632397 | 1 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $121,040,256)  | **104699524** | 10.0 |
| **MUTUAL FUNDS: 84.6%** | **MUTUAL FUNDS: 84.6%** | **MUTUAL FUNDS: 84.6%** | **MUTUAL FUNDS: 84.6%** |
|  | **Affiliated Investment Companies: 84.6%** | **Affiliated Investment Companies: 84.6%** | **Affiliated Investment Companies: 84.6%** |
| 6425656 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 64706360 | 6.2 |
| 8412280 | Voya International Index <br> Portfolio - Class P2 | 84795785 | 8.1 |
| 2793369 | Voya Russell Mid Cap Index <br> Portfolio - Class P2 | 30810862 | 3 |
| 1570718 | Voya Russell Small Cap <br> Index Portfolio - Class P2 | 20136601 | 1.9 |
| 38533248 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 351423221 | 33.6 |
| 20892768 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 332195007 | 31.8 |
|  | Total Mutual Funds <br> (Cost $997,705,197)  | **884067836** | 84.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units**  | **Units**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **FUNDING AGREEMENTS: 5.0%** | **FUNDING AGREEMENTS: 5.0%** | **FUNDING AGREEMENTS: 5.0%** | **FUNDING AGREEMENTS: 5.0%** |
|  | **Investment Contract: 5.0%** | **Investment Contract: 5.0%** | **Investment Contract: 5.0%** |
| 5169488 <sup>(2)(3)(4)</sup> | VRIAC Contract, <br> 2.150% | $**&nbsp;&nbsp;&nbsp;&nbsp;52079944** | 5.0 |
|  | Total Funding <br> Agreements <br> (Cost $52,079,944)  | **52079944** | 5.0 |
|  | **Total Investments <br> in Securities <br> (Cost $1,170,825,397)** | $**1040847304** | **99.6** |
|  | **Assets in Excess <br> of Other Liabilities**  | **4308403** | 0.4 |
|  | **Net Assets** | $**1045155707** | **100.0** |

---

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

Non-income producing security.

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

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

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

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company ("VRIAC"). The interest rate is assessed and may change quarterly.

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

Investment in affiliate.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $104699524 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $104699524 |
| Mutual Funds | 884067836 |  |  | 884067836 |
| Funding Agreements |  |  | 52079944 | 52079944 |
| Total Investments, at fair value | $988767360 | $— | $52079944 | $1040847304 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1480508 |  |  | 1480508 |
| Total Assets | $990247868 | $— | $52079944 | $1042327812 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1181749) | $— | $— | $(1181749) |
| Total Liabilities | $(1181749) | $— | $— | $(1181749) |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio as of December 31, 2022 (continued)

+ <br>

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at fair value**  | **Fair Value at <br> December 31, 2022**  | **Valuation <br> Technique(s)\***  | **Significant <br> Unobservable <br> Input(s)**  | **Value <br> or Range <br> of Input(s)**  | **Weighted <br> Average <br> of Inputs\*\***  | **Impact to <br> Valuation from an <br> Increase in Input\*\*\***  |
| Funding Agreements | $52079944 | Cost Approach  | Interest rate  | 2.150% | 2.150% | Increase\*\*  |

---

\* <br>

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

\*\* <br>

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

\*\*\* <br>

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended December 31, 2022:

---

| | |
|:---|:---|
| | **Funding <br> Agreements**  |
| **Assets:** |  |
| Beginning balance at December 31, 2021 | $66219843 |
| Purchases | 44329449 |
| Sales | (58124102) |
| Total realized gain (loss) |  |
| Net change in unrealized appreciation (depreciation)\*\*\*\* | (345246) |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending balance at December 31, 2022 | $52079944 |
|  Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2022\*\*\*\*  | $(345246) |

---

\*\*\*\* <br>

Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2022 may be due to securities no longer held or categorized as Level 3 at period end.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
|  Voya Emerging Markets Index Portfolio - Class P2  | $76137068 | $43479045 | $(33652158) | $(21257595) | $64706360 | $1610948 | $(3334308) | $2698183 |
| Voya International Index Portfolio - Class P2 | 130597241 | 35247552 | (53842524) | (27206484) | 84795785 | 4327197 | 939363 |  |
| Voya Russell Mid Cap Index Portfolio - Class P2  | 39760871 | 8083871 | (5765031) | (11268849) | 30810862 | 373753 | 1402231 | 2656758 |
|  Voya Russell Small Cap Index Portfolio - Class P2  | 25346037 | 8315002 | (5384904) | (8139534) | 20136601 | 212586 | 612937 | 1902720 |
| Voya U.S. Bond Index Portfolio - Class P2 | 408713469 | 166168942 | (181954763) | (41504427) | 351423221 | 9229952 | (23763972) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 466190306 | 145921852 | (138645130) | (141272021) | 332195007 | 5047677 | 26834719 | 32271171 |
| VRIAC Contract | 66219843 | 44329449 | (58124102) | (345246) | 52079944 | 1704963 |  |  |
|  | $1212964835 | $451545713 | $(477368612) | $(250994156) | $936147780 | $22507076 | $2690970 | $39528832 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio as of December 31, 2022 (continued)

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2025 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 232 | 03/17/23 | $20542440 | $(735369) |
| U.S. Treasury Ultra Long Bond | 116 | 03/22/23 | 15580250 | (446380) |
|  |  |  | $36122690 | $(1181749) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (109) | 03/17/23 | (10624230) | 385108 |
| S&P 500<sup>®</sup> E-Mini | (134) | 03/17/23 | (25868700) | 1095400 |
|  |  |  | $(36492930) | $1480508 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** | | |
| Equity contracts | Variation margin receivable on futures contracts\*  | $1480508 |
| **Total Asset Derivatives**  |  | $1480508 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $735369 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 446380 |
| **Total Liability Derivatives**  |  | $1181749 |

---

\* <br>

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 December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(1287193) |
| Interest rate contracts | (1675546) |
| **Total**  | $(2962739) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $745139 |
| Interest rate contracts | (446380) |
| **Total**  | $298759 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio as of December 31, 2022 (continued)

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $1,186,653,928.  |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $1824830 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (147332695) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(145507865) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 6.9%** | **EXCHANGE-TRADED FUNDS: 6.9%** | **EXCHANGE-TRADED FUNDS: 6.9%** | **EXCHANGE-TRADED FUNDS: 6.9%** |
| 234530 | iShares 20+ Year Treasury <br> Bond ETF | $23349807 | 2.9 |
| 287493 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 16237605 | 2 |
| 153424 | Schwab U.S. TIPS ETF | 7945829 | 1 |
| 107161 | Vanguard Short-Term <br> Bond ETF | 8067080 | 1 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $66,716,831)  | **55600321** | 6.9 |
| **MUTUAL FUNDS: 89.7%** | **MUTUAL FUNDS: 89.7%** | **MUTUAL FUNDS: 89.7%** | **MUTUAL FUNDS: 89.7%** |
|  | **Affiliated Investment Companies: 89.7%** | **Affiliated Investment Companies: 89.7%** | **Affiliated Investment Companies: 89.7%** |
| 4908883 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 49432450 | 6.2 |
| 8849880 | Voya International Index <br> Portfolio - Class P2 | 89206793 | 11.2 |
| 2847172 | Voya Russell Mid Cap Index <br> Portfolio - Class P2 | 31404305 | 3.9 |
| 3027390 | Voya Russell Small Cap <br> Index Portfolio - Class P2 | 38811134 | 4.9 |
| 25108332 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 228987983 | 28.7 |
| 17438439 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 277271180 | 34.8 |
|  | Total Mutual Funds <br> (Cost $808,173,552)  | **715113845** | 89.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units**  | **Units**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **FUNDING AGREEMENTS: 3.0%** | **FUNDING AGREEMENTS: 3.0%** | **FUNDING AGREEMENTS: 3.0%** | **FUNDING AGREEMENTS: 3.0%** |
|  | **Investment Contract: 3.0%** | **Investment Contract: 3.0%** | **Investment Contract: 3.0%** |
| 2371051 <sup>(2)(3)(4)</sup> | VRIAC Contract, <br> 2.150% | $**23865868** | 3.0 |
|  | Total Funding <br> Agreements <br> (Cost $23,865,868)  | **23865868** | 3.0 |
|  | **Total Investments in <br> Securities <br> (Cost $898,756,251)** | $**794580034** | **99.6** |
|  | **Assets in Excess of <br> Other Liabilities**  | **2799267** | **0.4** |
|  | **Net Assets** | $**797379301** | **100.0** |

---

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

Non-income producing security.

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

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

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

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company ("VRIAC"). The interest rate is assessed and may change quarterly.

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

Investment in affiliate.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $55600321 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $55600321 |
| Mutual Funds | 715113845 |  |  | 715113845 |
| Funding Agreements |  |  | 23865868 | 23865868 |
| Total Investments, at fair value | $770714166 | $— | $23865868 | $794580034 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1127059 |  |  | 1127059 |
| Total Assets | $771841225 | $— | $23865868 | $795707093 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(896499) | $— | $— | $(896499) |
| Total Liabilities | $(896499) | $— | $— | $(896499) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio as of December 31, 2022 (continued)

^ <br>

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

+ <br>

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at fair value**  | **Fair Value at <br> December 31, 2022**  | **Valuation <br> Technique(s)\***  | **Significant <br> Unobservable <br> Input(s)**  | **Value <br> or Range <br> of Input(s)**  | **Weighted <br> Average <br> of Inputs\*\***  | **Impact to <br> Valuation from an <br> Increase in Input\*\*\***  |
| Funding Agreements | $23865868 | Cost Approach  | Interest rate  | 2.150% | 2.150% | Increase\*\* |

---

\* <br>

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

\*\* <br>

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

\*\*\* <br>

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended December 31, 2022:

---

| | |
|:---|:---|
| | **Funding <br> Agreements**  |
| **Assets:** |  |
| Beginning balance at December 31, 2021 | $46784734 |
| Purchases | 13770151 |
| Sales | (36447742) |
| Total realized gain (loss) |  |
| Net change in unrealized appreciation (depreciation)\*\*\*\* | (241275) |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending balance at December 31, 2022 | $23865868 |
|  Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2022\*\*\*\*  | $109645 |

---

\*\*\*\* <br>

Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2022 may be due to securities no longer held or categorized as Level 3 at period end.

#### 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.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio as of December 31, 2022 (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2  | $53823592 | $34149340 | $(23422842) | $(15117640) | $49432450 | $1161228 | $(2464292) | $1944946 |
| Voya International Index Portfolio - Class P2 | 129548637 | 35595478 | (50675566) | (25261756) | 89206793 | 4260667 | (576418) |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 37460983 | 8749894 | (4363995) | (10442577) | 31404305 | 359592 | 1020931 | 2556097 |
| Voya Russell Small Cap Index Portfolio - Class P2  | 45342404 | 15419587 | (7515573) | (14435284) | 38811134 | 383538 | 931431 | 3432797 |
| Voya U.S. Bond Index Portfolio - Class P2 | 177876687 | 156391520 | (82621207) | (22659017) | 228987983 | 5209550 | (11060078) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 367991396 | 127681297 | (109447050) | (108954463) | 277271180 | 4196265 | 20157936 | 25011398 |
| VRIAC Contract | 46784734 | 13770151 | (36447742) | (241275) | 23865868 | 1003520 |  |  |
|  | $858828433 | $391757267 | $(314493975) | $(197112012) | $738979713 | $16574360 | $8009510 | $32945238 |

---

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2030 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 176 | 03/17/23 | $15583920 | $(557866) |
| U.S. Treasury Ultra Long Bond | 88 | 03/22/23 | 11819500 | (338633) |
|  |  |  | $27403420 | $(896499) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (83) | 03/17/23 | (8090010) | 293247 |
| S&P 500<sup>®</sup> E-Mini | (102) | 03/17/23 | (19691100) | 833812 |
|  |  |  | $(27781110) | $1127059 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $1127059 |
| **Total Asset Derivatives**  |  | $1127059 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $557866 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 338633 |
| **Total Liability Derivatives**  |  | $896499 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio as of December 31, 2022 (continued)

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(961711) |
| Interest rate contracts | (1212413) |
| **Total**  | $(2174124) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $569193 |
| Interest rate contracts | (338633) |
| **Total**  | $230560 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $910,857,575. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $1002705 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (117049686) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(116046981) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** |
| 306171 | iShares 20+ Year <br> Treasury Bond ETF | $30482385 | 2.5 |
| 450375 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 25437180 | 2 |
| 167873 | Vanguard Short-Term <br> Bond ETF | 12637479 | 1 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $84,636,435)  | **68557044** | 5.5 |
| **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** |
|  | **Affiliated Investment Companies: 94.2%** | **Affiliated Investment Companies: 94.2%** | **Affiliated Investment Companies: 94.2%** |
| 10271938 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 103438420 | 8.3 |
| 16401832 | Voya International Index <br> Portfolio - Class P2 | 165330469 | 13.2 |
| 4464694 | Voya Russell Mid Cap Index <br> Portfolio - Class P2 | 49245573 | 3.9 |
| 4749272 | Voya Russell Small Cap <br> Index Portfolio - Class P2 | 60885665 | 4.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 30394687 | Voya U.S. Bond Index <br> Portfolio - Class P2 | $277199544 | 22.2 |
| 32740195 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 520569107 | 41.7 |
|  | Total Mutual Funds <br> (Cost $1,337,586,174)  | **1176668778** | 94.2 |
|  | **Total Investments in <br> Securities <br> (Cost $1,422,222,609)** | $**1245225822** | **99.7** |
|  | **Assets in Excess of <br> Other Liabilities**  | **3520496** | **0.3** |
|  | **Net Assets** | $**1248746318** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $68557044 | $— | $— | $68557044 |
| Mutual Funds | 1176668778 |  |  | 1176668778 |
| Total Investments, at fair value | $1245225822 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1245225822 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1759069 |  |  | 1759069 |
| Total Assets | $1246984891 | $— | $— | $1246984891 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1402026) | $— | $— | $(1402026) |
| Total Liabilities | $(1402026) | $— | $— | $(1402026) |

---

^ <br>

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

+ <br>

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

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2  | $111848577 | $60362093 | $(38182205) | $(30590045) | $103438420 | $2347508 | $(4252645) | $3931850 |
| Voya International Index Portfolio - Class P2 | 230627069 | 58368469 | (79872374) | (43792695) | 165330469 | 7593338 | (1868304) |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 58388120 | 12693798 | (5623344) | (16213001) | 49245573 | 565525 | 1435198 | 4019934 |
| Voya Russell Small Cap Index Portfolio - Class P2  | 70260812 | 23191077 | (13049088) | (19517136) | 60885665 | 603260 | (1673875) | 5399394 |
| Voya U.S. Bond Index Portfolio - Class P2 | 247276088 | 147023833 | (79925399) | (37174978) | 277199544 | 6719372 | (7228324) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 663816849 | 209295392 | (151046112) | (201497022) | 520569107 | 7883135 | 34512437 | 47866174 |
|  | $1382217515 | $510934662 | $(367698522) | $(348784877) | $1176668778 | $25712138 | $20924487 | $61217352 |

---

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2035 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 276 | 03/17/23 | $24438420 | $(874836) |
| U.S. Treasury Ultra Long Bond | 137 | 03/22/23 | 18400812 | (527190) |
|  |  |  | $42839232 | $(1402026) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (130) | 03/17/23 | (12671100) | 459303 |
| S&P 500<sup>®</sup> E-Mini | (159) | 03/17/23 | (30694950) | 1299766 |
|  |  |  | $(43366050) | $1759069 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $1759069 |
| **Total Asset Derivatives**  |  | $1759069 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $874836 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 527190 |
| **Total Liability Derivatives**  |  | $1402026 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio as of December 31, 2022 (continued)

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(1519532) |
| Interest rate contracts | (1600320) |
| **Total**  | $(3119852) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $884233 |
| Interest rate contracts | (527190) |
| **Total**  | $357043 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $1,437,090,832. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $1566780 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (193074748) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(191507968) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** |
| 178618 | iShares 20+ Year Treasury <br> Bond ETF | $17783208 | 2.5 |
| 262745 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 14839838 | 2 |
| 97936 | Vanguard Short-Term Bond <br> ETF | 7372622 | 1 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $49,114,243) | **39995668** | 5.5 |
| **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** |
|  | **Affiliated Investment Companies: 94.2%** | **Affiliated Investment Companies: 94.2%** | **Affiliated Investment Companies: 94.2%** |
| 6018644 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 60607742 | 8.3 |
| 11835744 | Voya International Index <br> Portfolio - Class P2 | 119304302 | 16.3 |
| 2617129 | Voya Russell Mid Cap Index <br> Portfolio - Class P2 | 28866934 | 3.9 |
| 3346330 | Voya Russell Small Cap <br> Index Portfolio - Class P2 | 42899951 | 5.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 9726525 | Voya U.S. Bond Index <br> Portfolio - Class P2 | $88705910 | 12.1 |
| 21898897 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 348192460 | 47.7 |
|  | Total Mutual Funds <br> (Cost $785,039,123) | **688577299** | 94.2 |
|  | **Total Investments in <br> Securities <br> (Cost $834,153,366)** | $**728572967** | **99.7** |
|  | **Assets in Excess of <br> Other Liabilities** | **2098182** | **0.3** |
|  | **Net Assets** | $**730671149** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $39995668 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $39995668 |
| Mutual Funds | 688577299 |  |  | 688577299 |
| Total Investments, at fair value | $728572967 | $— | $— | $728572967 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1028756 |  |  | 1028756 |
| Total Assets | $729601723 | $— | $— | $729601723 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(818169) | $— | $— | $(818169) |
| Total Liabilities | $(818169) | $— | $— | $(818169) |

---

^ <br>

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

+ <br>

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

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2  | $62147413 | $37529350 | $(22605957) | $(16463064) | $60607742 | $1338929 | $(3215574) | $2242575 |
| Voya International Index Portfolio - Class P2 | 144693779 | 42950492 | (39734772) | (28605197) | 119304302 | 4840571 | 1001443 |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 32471224 | 8515205 | (4542547) | (7576948) | 28866934 | 322662 | (783817) | 2293585 |
| Voya Russell Small Cap Index Portfolio - Class P2  | 47276136 | 17280732 | (6569162) | (15087755) | 42899951 | 413047 | 686332 | 3696922 |
| Voya U.S. Bond Index Portfolio - Class P2 | 73302591 | 68956076 | (45003274) | (8549483) | 88705910 | 2107841 | (5478678) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 419711080 | 143212996 | (86769415) | (127962201) | 348192460 | 5268133 | 19308860 | 31588261 |
|  | $779602223 | $318444851 | $(205225127) | $(204244648) | $688577299 | $14291183 | $11518566 | $39821343 |

---

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2040 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 161 | 03/17/23 | $14255745 | $(510321) |
| U.S. Treasury Ultra Long Bond | 80 | 03/22/23 | 10745000 | (307848) |
|  |  |  | $25000745 | $(818169) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (76) | 03/17/23 | (7407720) | 268516 |
| S&P 500<sup>®</sup> E-Mini | (93) | 03/17/23 | (17953650) | 760240 |
|  |  |  | $(25361370) | $1028756 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $1028756 |
| **Total Asset Derivatives**  |  | $1028756 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $510321 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 307848 |
| **Total Liability Derivatives**  |  | $818169 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio as of December 31, 2022 (continued)

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(869189) |
| Interest rate contracts | (917269) |
| **Total**  | $(1786458) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $518435 |
| Interest rate contracts | (307848) |
| **Total**  | $210587 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $841,213,874. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $913520 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (113343840) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(112430320) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** | **EXCHANGE-TRADED FUNDS: 5.5%** |
| 187120 | iShares 20+ Year Treasury <br> Bond ETF | $18629667 | 2.0 |
| 344065 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 19432791 | 2.0 |
| 193466 | Vanguard Short-Term Bond <br> ETF | 14564121 | 1.5 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $64,657,116)  | **52626579** | 5.5 |
| **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** | **MUTUAL FUNDS: 94.2%** |
|  | **Affiliated Investment Companies: 94.2%** | **Affiliated Investment Companies: 94.2%** | **Affiliated Investment Companies: 94.2%** |
| 8796204 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 88577773 | 9.2 |
| 17434000 | Voya International Index <br> Portfolio - Class P2 | 175734718 | 18.3 |
| 3436186 | Voya Russell Mid Cap Index <br> Portfolio - Class P2 | 37901133 | 4.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 4401183 | Voya Russell Small Cap <br> Index Portfolio - Class P2 | $56423162 | 5.9 |
| 5840345 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 53263945 | 5.6 |
| 30811045 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 489895621 | 51.2 |
|  | Total Mutual Funds <br> (Cost $1,022,424,513)  | **901796352** | 94.2 |
|  | **Total Investments in <br> Securities <br> (Cost $1,087,081,629)** | $**954422931** | **99.7** |
|  | **Assets in Excess of Other <br> Liabilities**  | **2874441** | **0.3** |
|  | **Net Assets** | $**957297372** | **100.0** |

---

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

Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $52626579 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $52626579 |
| Mutual Funds | 901796352 |  |  | 901796352 |
| Total Investments, at fair value | $954422931 | $— | $— | $954422931 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1526923 |  |  | 1526923 |
| Total Assets | $955949854 | $— | $— | $955949854 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1207540) | $— | $— | $(1207540) |
| Total Liabilities | $(1207540) | $— | $— | $(1207540) |

---

^ <br>

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

+ <br>

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

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio as of December 31, 2022 (continued)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2 | $96055358 | $51174577 | $(33625308) | $(25026854) | $88577773 | $2015997 | $(4180647) | $3376602 |
| Voya International Index Portfolio - Class P2 | 220469948 | 56773254 | (60814304) | (40694180) | 175734718 | 7186999 | (812945) |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 44624686 | 10117909 | (5263318) | (11578144) | 37901133 | 433231 | 260567 | 3079544 |
| Voya Russell Small Cap Index Portfolio - Class P2 | 64963157 | 21437977 | (9572091) | (20405881) | 56423162 | 562338 | 888190 | 5033126 |
| Voya U.S. Bond Index Portfolio - Class P2 | 33282854 | 56575576 | (33461972) | (3132513) | 53263945 | 1004959 | (3475175) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 623334139 | 176994338 | (123392263) | (187040593) | 489895621 | 7429210 | 25880838 | 46635425 |
|  | $1082730142 | $373073631 | $(266129256) | $(287878165) | $901796352 | $18632734 | $18560828 | $58124697 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2045 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 211 | 03/17/23 | $18682995 | $(668806) |
| U.S. Treasury Ultra Long Bond | 140 | 03/22/23 | 18803750 | (538734) |
|  |  |  | $37486745 | $(1207540) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (99) | 03/17/23 | (9649530) | 349777 |
| S&P 500<sup>®</sup> E-Mini | (144) | 03/17/23 | (27799200) | 1177146 |
|  |  |  | $(37448730) | $1526923 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $1526923 |
| **Total Asset Derivatives**  |  | $1526923 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $668806 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 538734 |
| **Total Liability Derivatives**  |  | $1207540 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $1892072 |
| Interest rate contracts | (1663446) |
| **Total**  | $228626 |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $858117 |
| Interest rate contracts | (538734) |
| **Total**  | $319383 |

---

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $1,097,633,807. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $1302053 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (144193546) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(142891493) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 5.0%** | **EXCHANGE-TRADED FUNDS: 5.0%** | **EXCHANGE-TRADED FUNDS: 5.0%** | **EXCHANGE-TRADED FUNDS: 5.0%** |
| 108566 | iShares 20+ Year Treasury <br> Bond ETF | $10808831 | 2 |
| 199624 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 11274763 | 2 |
| 74408 | Vanguard Short-Term <br> Bond ETF | 5601434 | 1 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $34,207,133)  | **27685028** | 5.0 |
| **MUTUAL FUNDS: 94.5%** | **MUTUAL FUNDS: 94.5%** | **MUTUAL FUNDS: 94.5%** | **MUTUAL FUNDS: 94.5%** |
|  | **Affiliated Investment Companies: 94.5%** | **Affiliated Investment Companies: 94.5%** | **Affiliated Investment Companies: 94.5%** |
| 5118480 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 51543094 | 9.3 |
| 10148136 | Voya International Index <br> Portfolio - Class P2 | 102293212 | 18.4 |
| 2493039 | Voya Russell Mid Cap <br> Index Portfolio - Class P2 | 27498215 | 4.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 2552744 | Voya Russell Small Cap <br> Index Portfolio - Class P2 | $32726183 | 5.9 |
| 2170386 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 19793920 | 3.5 |
| 18391883 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 292430935 | 52.5 |
|  | Total Mutual Funds <br> (Cost $599,667,021)  | **526285559** | 94.5 |
|  | **Total Investments in <br> Securities <br> (Cost $633,874,154)** | $**553970587** | **99.5** |
|  | **Assets in Excess of <br> Other Liabilities**  | **2592379** | **0.5** |
|  | **Net Assets** | $**556562966** | **100.0** |

---

<sup>(1)</sup> <br>

Non-income producing security.

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $27685028 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $27685028 |
| Mutual Funds | 526285559 |  |  | 526285559 |
| Total Investments, at fair value | $553970587 | $— | $— | $553970587 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 899763 |  |  | 899763 |
| Total Assets | $554870350 | $— | $— | $554870350 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(696678) | $— | $— | $(696678) |
| Total Liabilities | $(696678) | $— | $— | $(696678) |

---

^ <br>

See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+ <br>

Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio as of December 31, 2022 (continued)

#### Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2 | $50747456 | $31896487 | $(17580038) | $(13520811) | $51543094 | $1106339 | $(2337580) | $1853011 |
| Voya International Index Portfolio - Class P2 | 116621089 | 38924360 | (30352371) | (22899866) | 102293212 | 3944940 | 870635 |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 29456956 | 8785274 | (2412562) | (8331453) | 27498215 | 297062 | 680620 | 2111618 |
| Voya Russell Small Cap Index Portfolio - Class P2 | 33984621 | 14464663 | (6241420) | (9481681) | 32726183 | 309192 | (1105030) | 2767374 |
| Voya U.S. Bond Index Portfolio - Class P2 | 17639360 | 20020306 | (17493116) | (372630) | 19793920 | 310944 | (1804040) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 334687294 | 119969573 | (59614141) | (102611791) | 292430935 | 4423272 | 12573192 | 26599572 |
|  | $583136776 | $234060663 | $(133693648) | $(157218232) | $526285559 | $10391749 | $8877797 | $33331575 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2050 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 122 | 03/17/23 | $10802490 | $(386703) |
| U.S. Treasury Ultra Long Bond | 81 | 03/22/23 | 10879312 | (309975) |
|  |  |  | $21681802 | $(696678) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (58) | 03/17/23 | (5653260) | 204920 |
| S&P 500<sup>®</sup> E-Mini | (85) | 03/17/23 | (16409250) | 694843 |
|  |  |  | $(22062510) | $899763 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $899763 |
| **Total Asset Derivatives**  |  | $899763 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\* | $386703 |
| Interest rate contracts | Variation margin payable on futures contracts\* | 309975 |
| **Total Liability Derivatives**  |  | $696678 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $1062948 |
| Interest rate contracts | (946352) |
| **Total**  | $116596 |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $513060 |
| Interest rate contracts | (309975) |
| **Total**  | $203085 |

---

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $639,629,632. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $768779 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (86224739) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(85455960) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value** | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 4.9%** | **EXCHANGE-TRADED FUNDS: 4.9%** | **EXCHANGE-TRADED FUNDS: 4.9%** | **EXCHANGE-TRADED FUNDS: 4.9%** |
| 111071 | iShares 20+ Year Treasury <br> Bond ETF | $11058229 | 1.9 |
| 204231 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 11534967 | 2 |
| 76125 | Vanguard Short-Term <br> Bond ETF | 5730690 | 1 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $35,062,042)  | **28323886** | 4.9 |
| **MUTUAL FUNDS: 94.6%** | **MUTUAL FUNDS: 94.6%** | **MUTUAL FUNDS: 94.6%** | **MUTUAL FUNDS: 94.6%** |
|  | **Affiliated Investment Companies: 94.6%** | **Affiliated Investment Companies: 94.6%** | **Affiliated Investment Companies: 94.6%** |
| 5241139 | Voya Emerging Markets <br> Index Portfolio - Class P2 | 52778273 | 9.3 |
| 10397241 | Voya International Index <br> Portfolio - Class P2 | 104804193 | 18.4 |
| 2554038 | Voya Russell Mid Cap <br> Index Portfolio - Class P2 | 28171038 | 4.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value** | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 2616390 | Voya Russell Small Cap <br> Index Portfolio - Class P2 | $33542119 | 5.9 |
| 1594913 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 14545609 | 2.6 |
| 19195135 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 305202639 | 53.5 |
|  | Total Mutual Funds <br> (Cost $611,563,054)  | **539043871** | 94.6  |
|  | **Total Investments in <br> Securities <br> (Cost $646,625,096)** | $**567367757** | **99.5** |
|  | **Assets in Excess of <br> Other Liabilities**  | **2624160** | **0.5** |
|  | **Net Assets** | $**569991917** | **100.0** |

---

<sup>(1)</sup> <br>

Non-income producing security

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $28323886 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $28323886 |
| Mutual Funds | 539043871 |  |  | 539043871 |
| Total Investments, at fair value | $567367757 | $— | $— | $567367757 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 919645 |  |  | 919645 |
| Total Assets | $568287402 | $— | $— | $568287402 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(713883) | $— | $— | $(713883) |
| Total Liabilities | $(713883) | $— | $— | $(713883) |

---

^ <br>

See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+ <br>

Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

#### Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio as of December 31, 2022 (continued)

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2 | $52960763 | $32357555 | $(18351564) | $(14188481) | $52778273 | $1133909 | $(2155403) | $1899190 |
| Voya International Index Portfolio - Class P2 | 121679985 | 39161454 | (32433691) | (23603555) | 104804193 | 4037502 | 789423 |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 30743404 | 8762519 | (2788063) | (8546822) | 28171038 | 304169 | 655191 | 2162134 |
| Voya Russell Small Cap Index Portfolio - Class P2 | 35467036 | 14622425 | (6801685) | (9745657) | 33542119 | 317033 | (1179616) | 2837560 |
| Voya U.S. Bond Index Portfolio - Class P2 | 18409582 | 14074806 | (18054755) | 115976 | 14545609 | 205444 | (1874908) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 349313537 | 121312436 | (59172749) | (106250585) | 305202639 | 4612510 | 12184446 | 27663499 |
|  | $608574307 | $230291195 | $(137602507) | $(162219124) | $539043871 | $10610567 | $8419133 | $34562383 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2055 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| Long Contracts: |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 125 | 03/17/23 | $11068125 | $(396212) |
| U.S. Treasury Ultra Long Bond | 83 | 03/22/23 | 11147937 | (317671) |
|  |  |  | $22216062 | $(713883) |
| Short Contracts: |  |  |  |  |
| MSCI EAFE Index | (59) | 03/17/23 | (5750730) | 208453 |
| S&P 500<sup>®</sup> E-Mini | (87) | 03/17/23 | (16795350) | 711192 |
|  |  |  | $(22546080) | $919645 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $919645 |
| **Total Asset Derivatives**  |  | $919645 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $396212 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 317671 |
| **Total Liability Derivatives**  |  | $713883 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $1103361 |
| Interest rate contracts | (950288) |
| **Total**  | $153073 |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $523433 |
| Interest rate contracts | (317671) |
| **Total**  | $205762 |

---

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $652,487,900. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $787538 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (85701919) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(84914381) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 5.4%** | **EXCHANGE-TRADED FUNDS: 5.4%** | **EXCHANGE-TRADED FUNDS: 5.4%** | **EXCHANGE-TRADED FUNDS: 5.4%** |
| 58096 | iShares 20+ Year Treasury <br> Bond ETF | $5784038 | 1.9 |
| 106824 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 6033419 | 2.0 |
| 58840 | Vanguard Short-Term Bond <br> ETF | 4429475 | 1.5 |
|  | Total Exchange-Traded Funds <br> (Cost $19,500,834)  | **16246932** | 5.4 |
| **MUTUAL FUNDS: 94.3%** | **MUTUAL FUNDS: 94.3%** | **MUTUAL FUNDS: 94.3%** | **MUTUAL FUNDS: 94.3%** |
|  | **Affiliated Investment Companies: 94.3%** | **Affiliated Investment Companies: 94.3%** | **Affiliated Investment Companies: 94.3%** |
| 2781884 | Voya Emerging Markets Index <br> Portfolio - Class P2 | 28013572 | 9.3 |
| 5525400 | Voya International Index <br> Portfolio - Class P2 | 55696031 | 18.4 |
| 1356784 | Voya Russell Mid Cap Index <br> Portfolio - Class P2 | 14965333 | 4.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 1402542 | Voya Russell Small Cap Index <br> Portfolio - Class P2 | $17980589 | 5.9 |
| 519141 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 4734563 | 1.6 |
| 10329292 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 164235736 | 54.2 |
|  | Total Mutual Funds <br> (Cost $328,177,354)  | **285625824** | 94.3 |
|  | **Total Investments in <br> Securities <br> (Cost $347,678,188)** | $**301872756** | **99.7** |
|  | **Assets in Excess of Other <br> Liabilities**  | **896769** | **0.3** |
|  | **Net Assets** | $**302769525** | **100.0** |

---

<sup>(1)</sup> <br>

Non-income producing security.

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $16246932 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $16246932 |
| Mutual Funds | 285625824 |  |  | 285625824 |
| Total Investments, at fair value | $301872756 | $— | $— | $301872756 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 485559 |  |  | 485559 |
| Total Assets | $302358315 | $— | $— | $302358315 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(371499) | $— | $— | $(371499) |
| Total Liabilities | $(371499) | $— | $— | $(371499) |

---

^ <br>

See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+ <br>

Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio as of December 31, 2022 (continued)

#### Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2  | $24835656 | $19083715 | $(9772846) | $(6132953) | $28013572 | $559832 | $(1835118) | $937666 |
| Voya International Index Portfolio - Class P2 | 57131964 | 25952128 | (15685213) | (11702848) | 55696031 | 1988111 | 903646 |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 14410659 | 5985168 | (1403145) | (4027349) | 14965333 | 149664 | 215184 | 1063859 |
| Voya Russell Small Cap Index Portfolio - Class P2  | 16628412 | 9653178 | (3652862) | (4648139) | 17980589 | 157239 | (645498) | 1407343 |
| Voya U.S. Bond Index Portfolio - Class P2 | 5751971 | 5294050 | (6412469) | 101011 | 4734563 | 27691 | (473988) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 166660427 | 81529581 | (32678842) | (51275430) | 164235736 | 2472692 | 4134598 | 14245058 |
|  | $285419089 | $147497820 | $(69605377) | $(77685708) | $285625824 | $5355229 | $2298824 | $17653926 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2060 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 65 | 03/17/23 | $5755425 | $(206030) |
| U.S. Treasury Ultra Long Bond | 43 | 03/22/23 | 5775437 | (165469) |
|  |  |  | $11530862 | $(371499) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (31) | 03/17/23 | (3021570) | 109526 |
| S&P 500<sup>®</sup> E-Mini | (46) | 03/17/23 | (8880300) | 376033 |
|  |  |  | $(11901870) | $485559 |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $485559 |
| **Total Asset Derivatives**  |  | $485559 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\* | $206030 |
| Interest rate contracts | Variation margin payable on futures contracts\* | 165469 |
| **Total Liability Derivatives**  |  | $371499 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $472070 |
| Interest rate contracts | (485979) |
| **Total**  | $(13909) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $279529 |
| Interest rate contracts | (165469) |
| **Total**  | $114060 |

---

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $352,130,569. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $400912 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (50544665) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(50143753) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 6.5%** | **EXCHANGE-TRADED FUNDS: 6.5%** | **EXCHANGE-TRADED FUNDS: 6.5%** | **EXCHANGE-TRADED FUNDS: 6.5%** |
| 16124 | iShares 20+ Year Treasury <br> Bond ETF | $1605305 | 3.7 |
| 14824 <sup>(1)</sup> | iShares MSCI EAFE <br> Small-Cap ETF | 837260 | 1.9 |
| 5526 | Vanguard Short-Term Bond <br> ETF | 415997 | 0.9 |
|  | Total Exchange-Traded Funds <br> (Cost $3,223,629)  | **2858562** | 6.5 |
| **MUTUAL FUNDS: 93.4%** | **MUTUAL FUNDS: 93.4%** | **MUTUAL FUNDS: 93.4%** | **MUTUAL FUNDS: 93.4%** |
|  | **Affiliated Investment Companies: 93.4%** | **Affiliated Investment Companies: 93.4%** | **Affiliated Investment Companies: 93.4%** |
| 406401 | Voya Emerging Markets Index <br> Portfolio - Class P2 | 4092462 | 9.3 |
| 805294 | Voya International Index <br> Portfolio - Class P2 | 8117363 | 18.6 |
| 196794 | Voya Russell Mid Cap Index <br> Portfolio - Class P2 | 2170638 | 5.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** | **Affiliated Investment Companies (continued)** |
| 268097 | Voya Russell Small Cap Index <br> Portfolio - Class P2 | $3436999 | 7.8 |
| 76575 | Voya U.S. Bond Index <br> Portfolio - Class P2 | 698362 | 1.6 |
| 1405033 | Voya U.S. Stock Index <br> Portfolio - Class P2 | 22340023 | 51.1 |
|  | Total Mutual Funds <br> (Cost $45,875,650)  | **40855847** | 93.4 |
|  | **Total Investments in <br> Securities <br> (Cost $49,099,279)** | $**43714409** | **99.9** |
|  | **Assets in Excess of Other <br> Liabilities**  | **23038** | **0.1** |
|  | **Net Assets** | $**43737447** | **100.0** |

---

<sup>(1)</sup> <br>

Non-income producing security.

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $2858562 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $2858562 |
| Mutual Funds | 40855847 |  |  | 40855847 |
| Total Investments, at fair value | $43714409 | $— | $— | $43714409 |

---

^ <br>

See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+ <br>

Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

#### Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio as of December 31, 2022 (continued)

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair Value <br> at 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair Value <br> at 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net Capital <br> Gain <br> Distributions**  |
| Voya Emerging Markets Index Portfolio - Class P2 | $1817749 | $3895744 | $(1213640) | $(407391) | $4092462 | $48903 | $(273294) | $81909 |
| Voya International Index Portfolio - Class P2 | 4215542 | 7117851 | (2703756) | (512274) | 8117363 | 187698 | (314787) |  |
| Voya Russell Mid Cap Index Portfolio - Class P2 | 1050405 | 1731831 | (311992) | (299606) | 2170638 | 14731 | (55017) | 104710 |
| Voya Russell Small Cap Index Portfolio - Class P2 | 1212985 | 3173577 | (448328) | (501235) | 3436999 | 15102 | (82568) | 135165 |
| Voya Short Term Bond - Class P2 |  | 1340646 | (1340646) |  |  | 7897 | (21715) |  |
| Voya U.S. Bond Index Portfolio - Class P2 | 418910 | 842839 | (554564) | (8823) | 698362 | 2960 | (28826) |  |
| Voya U.S. Stock Index Portfolio - Class P2 | 12118958 | 21716912 | (7455588) | (4040259) | 22340023 | 332645 | (660716) | 1570732 |
|  | $20834549 | $39819400 | $(14028514) | $(5769588) | $40855847 | $609936 | $(1436923) | $1892516 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $50,743,826. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $5119 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (7034536) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(7029417) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya Index Solution Income Portfolio | Voya Index Solution Income Portfolio | Voya Index Solution Income Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.3255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.2916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.5903 |
| Voya Index Solution 2025 Portfolio | Voya Index Solution 2025 Portfolio | Voya Index Solution 2025 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.0344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.0124 |
| Voya Index Solution 2030 Portfolio | Voya Index Solution 2030 Portfolio | Voya Index Solution 2030 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.2567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.3599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.0408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.3704 |
| Voya Index Solution 2035 Portfolio | Voya Index Solution 2035 Portfolio | Voya Index Solution 2035 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.0203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.1641 |
| Voya Index Solution 2040 Portfolio | Voya Index Solution 2040 Portfolio | Voya Index Solution 2040 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.3021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.3191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.6643 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya Index Solution 2045 Portfolio | Voya Index Solution 2045 Portfolio | Voya Index Solution 2045 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.0837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.4360 |
| Voya Index Solution 2050 Portfolio | Voya Index Solution 2050 Portfolio | Voya Index Solution 2050 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.0942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.7694 |
| Voya Index Solution 2055 Portfolio | Voya Index Solution 2055 Portfolio | Voya Index Solution 2055 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.6702 |
| Voya Index Solution 2060 Portfolio | Voya Index Solution 2060 Portfolio | Voya Index Solution 2060 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.2986 |
| Voya Index Solution 2065 Portfolio | Voya Index Solution 2065 Portfolio | Voya Index Solution 2065 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z  | NII  | $0.1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.0055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.4995 |

---

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

------

[**TABLE OF CONTENTS**](#toc-0)

TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| Voya Index Solution Income Portfolio | 6.28% |
| Voya Index Solution 2025 Portfolio | 18.98% |
| Voya Index Solution 2030 Portfolio | 23.04% |
| Voya Index Solution 2035 Portfolio | 30.55% |
| Voya Index Solution 2040 Portfolio | 29.86% |
| Voya Index Solution 2045 Portfolio | 34.45% |
| Voya Index Solution 2050 Portfolio | 35.40% |
| Voya Index Solution 2055 Portfolio | 31.99% |
| Voya Index Solution 2060 Portfolio | 31.99% |
| Voya Index Solution 2065 Portfolio | 53.93% |

---

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| Voya Index Solution Income Portfolio | $42530643 |
| Voya Index Solution 2025 Portfolio | 100280980 |
| Voya Index Solution 2030 Portfolio | 67658339 |
| Voya Index Solution 2035 Portfolio | 123623291 |
| Voya Index Solution 2040 Portfolio | 67090290 |
| Voya Index Solution 2045 Portfolio | 106591347 |
| Voya Index Solution 2050 Portfolio | 51762464 |
| Voya Index Solution 2055 Portfolio | 54218109 |
| Voya Index Solution 2060 Portfolio | 25028352 |
| Voya Index Solution 2065 Portfolio | 2048929 |

---

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | **Creditable <br> Foreign Taxes <br> Paid**  | **Per Share <br> Amount**  | **Portion of Ordinary Income <br> Distribution Derived from <br> Foreign Sourced Income\***  |
| Voya Index Solution Income Portfolio | $200029 | $0.0026 | 3.42% |
| Voya Index Solution 2025 Portfolio | 522797 | 0.0048 | 13.22% |
| Voya Index Solution 2030 Portfolio | 695718 | 0.0125 | 19.22% |
| Voya Index Solution 2035 Portfolio | 774601 | 0.0064 | 24.15% |
| Voya Index Solution 2040 Portfolio | 450886 | 0.0096 | 23.24% |
| Voya Index Solution 2045 Portfolio | 673674 | 0.0078 | 26.44% |
| Voya Index Solution 2050 Portfolio | 369780 | 0.0107 | 28.28% |
| Voya Index Solution 2055 Portfolio | 378889 | 0.0098 | 24.56% |
| Voya Index Solution 2060 Portfolio | 186994 | 0.0079 | 23.98% |
| Voya Index Solution 2065 Portfolio | 16727 | 0.0038 | 31.95% |

---

\* <br>

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

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[**TABLE OF CONTENTS**](#toc-0)

TAX INFORMATION (Unaudited) (continued)

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

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[**TABLE OF CONTENTS**](#toc-0)

DIRECTOR AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director ("Independent Director"). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 992-0180.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) <br> Held with the <br> Company**  | **Term of Office and <br> Length of <br> Time Served<sup>(1)</sup>**  | **Principal <br> Occupation(s) – <br> During the Past 5 Years**  | **Number of <br> funds in Fund <br> Complex <br> Overseen by <br> Director<sup>(2)</sup>**  | **Other Board Positions <br> Held by Director**  |
| **Independent Directors:** |  |  |  |  |  |
| Colleen D. Baldwin <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 62 | Chairperson <br> Director  | January 2020 – <br> Present <br> November 2007 – <br> Present  | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | 132  | RSR Partners, Inc, (2016 – Present). |
| John V. Boyer <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 69 | Director | November 1997 – <br> Present | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – <br> December 2019). | 132  | None. |
| Patricia W. Chadwick <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 74 | Director | January 2006 – <br> Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – <br> Present). | 132  | The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 – Present). |
| Martin J. Gavin <br> 7337 East Doubletree Ranch Rd. Suite 100 <br> Scottsdale, AZ 85258 <br> Age: 72 | Director | August 2015 – <br> Present | Retired. | 132  | None. |
| Joseph E. Obermeyer <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 65 | Director | May 2013 – Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – <br> Present). | 132  | None. |
| Sheryl K. Pressler <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 72 | Director | January 2006 – <br> Present | Consultant (May 2001 – <br> Present). | 132  | Centerra Gold Inc. (May 2008 – Present). |
| Christopher P. Sullivan <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 69 | Director | October 2015 – <br> Present | Retired. | 132  | None. |

---

<sup>(1)</sup> <br>

Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an "interested person" as defined in the 1940 Act, of each Portfolio ("Independent Director") is subject to the Board's retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board's other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors).

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[**TABLE OF CONTENTS**](#toc-0)

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> <br>

For the purposes of this table, "Fund Complex" means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2023.

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held With <br> the Company**  | **Term of Office and <br> Length of Time Served<sup>(1)</sup>**  | **Principal Occupation(s) – During the Past 5 Years**  |
| Andy Simonoff <br> 5780 Powers Ferry Road NW <br> Atlanta, Georgia 30327 <br> Age: 50 | President and Chief Executive Officer | January 2023 – Present | Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019). |
| Jonathan Nash <br> 230 Park Avenue <br> New York, New York 10169 <br> Age: 55 | Executive Vice President and Chief Investment Risk Officer | March 2020 – Present | Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020); Consultant, DA Capital LLC (January 2016 – March 2017). |
| James M. Fink <br> 5780 Powers Ferry Road NW <br> Atlanta, Georgia 30327 <br> Age: 64 | Executive Vice President | March 2018 – Present | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017). |
| Steven Hartstein <br> 230 Park Avenue <br> New York, NY 10169 <br> Age: 59 | Chief Compliance Officer | December 2022 – Present | Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Brighthouse Financial, Inc. – Head of Funds Compliance; Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017 – December 2022). |
| Todd Modic <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 55 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005 – Present | Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022). |
| Kimberly A. Anderson <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 58 | Senior Vice President | January 2005 – Present | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
| Sara M. Donaldson <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 63 | Senior Vice President | June 2022 – Present | Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021). |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held With <br> the Company**  | **Term of Office and <br> Length of Time Served<sup>(1)</sup>**  | **Principal Occupation(s) – During the Past 5 Years**  |
| Andrew K. Schlueter <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 46 | Senior Vice President | June 2022 – Present | Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 – February 2018). |
| Robert Terris <br> 5780 Powers Ferry Road NW <br> Atlanta, Georgia 30327 <br> Age: 52 | Senior Vice President | May 2006 – Present | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018). |
| Joanne F. Osberg <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 41 | Vice President <br> Secretary  | June 2022 – Present <br> September 2020 – Present  | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020). |
| Fred Bedoya <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 50 | Vice President <br> Principal Accounting Officer and Treasurer  | September 2012 – Present | Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present). |
| Robyn L. Ichilov <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 55 | Vice President | January 2005 – Present | Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present). |
| Jason Kadavy <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 46 | Vice President | September 2012 – Present | Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2007 – Present) |
| Erica McKenna <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 50 | Vice President | June 2022 – Present | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021). |
| Craig Wheeler <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 53 | Vice President | May 2013 – Present | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
| Nicholas C.D. Ward <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 29 | Assistant Vice President and Assistant Secretary | June 2022 – Present | Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021). |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held With <br> the Company**  | **Term of Office and <br> Length of Time Served<sup>(1)</sup>**  | **Principal Occupation(s) – During the Past 5 Years**  |
| Gizachew Wubishet <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 46 | Assistant Vice President and Assistant Secretary | June 2022 – Present | Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019). |
| Monia Piacenti <br> One Orange Way <br> Windsor, Connecticut 06095 <br> Age: 46 | Anti-Money Laundering Officer | June 2018 – Present | Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018). |

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<sup>(1)</sup> <br>

The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

#### BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT
At a meeting held on November 17, 2022, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, and Voya Index Solution 2065 Portfolio, each a series of the Company (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the "Sub-Adviser"), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 12-13, 2022, and November 15, 2022. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets

several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

#### Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all

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investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

#### Portfolio Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio's prospectus. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Company's Chief Investment Risk Officer.

#### Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

#### Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

#### Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net

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management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews,

the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser's potential fall-out benefits were not unreasonable.

#### Portfolio-by-Portfolio Analysis
Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

#### Voya Index Solution Income Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the three-year and five-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of

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contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2025 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the

Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2030 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2035 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2035 Portfolio, the Board considered that, based on performance data for the

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periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and ten-year periods, and the third quintile for the year-to-date, three-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2040 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the

compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2045 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"),

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2050 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods, and the third quintile for the five-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by

management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2055 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods, and the third quintile for the five-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2060 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year and three-year periods, and the

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

third quintile for the five-year period; and (2) the Portfolio outperformed its primary benchmark for the three-year and five-year periods and underperformed for the year-to-date and one-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Voya Index Solution 2065 Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Portfolio underperformed its primary benchmark for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account that the Portfolio commenced operations in August 2020, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations regarding its belief that the Portfolio's pricing is competitive and the competitiveness of the Voya Index Solution Portfolios' expense ratios when compared to peers identified by management; and (3) management's representations that, with the Board's approval, it had lowered the Portfolio's expense limits, effective October 1, 2022.

#### Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2023.

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**Investment Adviser** <br> Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258 <br>

**Distributor** <br> Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258 <br>

**Transfer Agent** <br> BNY Mellon Investment Servicing (U.S.) Inc. <br> 301 Bellevue Parkway <br> Wilmington, Delaware 19809

**Independent Registered Public Accounting Firm** <br> Ernst & Young LLP <br> 200 Clarendon Street <br> Boston, Massachusetts 02116 <br>

**Custodian** <br> The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286 <br>

**Legal Counsel** <br> Ropes & Gray LLP <br> Prudential Tower <br> 800 Boylston Street <br> Boston, Massachusetts 02199

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

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(b) Not
applicable.

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 13(a)(1), Ex-99.CODE ETH.

**Item 3. Audit Committee Financial Expert.** 

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are "independent" for purposes of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal year ended December 31, 2022 and December 31, 2021.

(a) <u>Audit Fees</u>: The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY, the principal accountant
for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements for those fiscal years were $710,600 for the year ended December 31, 2022 and $710,600
for the year ended December 31, 2021.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for assurance and related services by EY that are reasonably related
to the performance of the audit of each respective registrant's financial statements and are not reported under paragraph (a) of
this Item were $0 for the year ended December 31, 2022 and $0 for the year ended December 31, 2021.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax
advice, and tax planning were $163,811 for the year ended December 31, 2022 and $167,191 for the year ended December 31, 2021. Such services
included review of excise distribution calculations (if applicable), preparation of the Registrants' federal, state, and excise
tax returns, tax services related to mergers and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for products and services provided by EY,
 other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2022 and $0 for
 the year ended December 31, 2021.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES<br> PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 18, 2021

Appendix A<br> Pre-Approved Audit Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Statutory audits or financial audits (including tax services associated with audit services) | &nbsp;&nbsp;√ | &nbsp;&nbsp;As presented to Audit Committee<sup>1</sup> |
| &nbsp;&nbsp;Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $9,750 per filing |
| &nbsp;&nbsp;Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $8,000 during the Pre-Approval Period |
| &nbsp;&nbsp;Seed capital audit and related review and issuance of consent on the N-2 registration statement | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $14,750 per audit |
| &nbsp;&nbsp;Audit of summary portfolio of investments | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $750 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B<br> Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $10,000 per merger |
| &nbsp;&nbsp;Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| &nbsp;&nbsp;Review of the Funds' semi-annual and quarterly financial statements | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $2,700 per set of financial statements per fund |
| &nbsp;&nbsp;Reports to regulatory or government agencies related to the annual engagement | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Up to $5,000 per occurrence during the Pre-Approval Period |
| &nbsp;&nbsp;Regulatory compliance assistance | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per quarter |
| &nbsp;&nbsp;Training courses |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per course |

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Appendix C<br> Pre-Approved Tax Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;As presented to Audit Committee<sup>2</sup> |
| &nbsp;&nbsp;Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;As presented to Audit Committee<sup>2</sup> |
| &nbsp;&nbsp;Tax assistance and advice regarding statutory, regulatory or administrative developments | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

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<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Tax and technology training sessions |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per course during the Pre-Approval Period |
| &nbsp;&nbsp;Tax services associated with Fund mergers | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| &nbsp;&nbsp;Ernst & Young LLP Passive Foreign Investment Company ("PFIC") Analyzer |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $95,000 during the Pre-Approval Period |
| &nbsp;&nbsp;Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $300,000 during the Pre-Approval Period |

---

Appendix D<br> Pre-Approved Other Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Agreed-upon procedures for Class B share 12b-1 programs |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $60,000 during the Pre-Approval Period |
| &nbsp;&nbsp; Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br>Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,700 per Fund during the Pre-Approval Period |
| &nbsp;&nbsp;Agreed upon procedures for 15 (c) FACT Books | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated: January 1, 2022 to December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;· Bookkeeping or other services related to the accounting records
or financial statements of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;· Financial information systems design and implementation

&nbsp;&nbsp;&nbsp;&nbsp;· Appraisal or valuation services, fairness opinions, or contribution-in-kind
reports

&nbsp;&nbsp;&nbsp;&nbsp;· Actuarial services

&nbsp;&nbsp;&nbsp;&nbsp;· Internal audit outsourcing services

&nbsp;&nbsp;&nbsp;&nbsp;· Management functions

&nbsp;&nbsp;&nbsp;&nbsp;· Human resources

&nbsp;&nbsp;&nbsp;&nbsp;· Broker-dealer, investment adviser, or investment banking
services

&nbsp;&nbsp;&nbsp;&nbsp;· Legal services

&nbsp;&nbsp;&nbsp;&nbsp;· Expert services unrelated to the audit

&nbsp;&nbsp;&nbsp;&nbsp;· Any other service that the Public Company Accounting Oversight
Board determines, by regulation, is impermissible

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA CREDIT INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.<br> VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee |

---

100% of the services were approved by the audit committee.

(f) Percentage
 of hours expended attributable to work performed by other than full time employees of EY
 if greater than 50%

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services)
 billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's fiscal years ended
 December 31, 2022 and December 31, 2021; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its
 affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time
 periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2022** | **2021** |
| Voya Partners, Inc. | $163811 | $167191 |
| Voya Investments, LLC <sup>(1)</sup> | $12831317 | $13583983 |

---

 

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether
 the provision of non-audit services that were rendered to the registrant's investment
 adviser and any entity controlling, controlled by, or under common control with the investment
 adviser that provides ongoing services to the registrant that were not pre-approved pursuant
 to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining EY's independence.

 

<sup>(1)</sup> Each Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Schedule of Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11. Controls and Procedures.**

(a) Based
 on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
 of the registrant's disclosure controls and procedures are effective to ensure that
 material information relating to the registrant is made known to the certifying officers
 by others within the appropriate entities, particularly during the period in which Forms
 N-CSR are being prepared, and the registrant's disclosure controls and procedures allow
 timely preparation and review of the information for the registrant's Form N-CSR and
 the officer certifications of such Form N-CSR.

(b) There
 were no significant changes in the registrant's internal controls that occurred during
 the second fiscal quarter of the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over
 financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

[(a)(1)](tm232302d16_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm232302d16_ex99-codeeth.htm)

---

| | |
|:---|:---|
| [(a)(2)](tm232302d16_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm232302d16_ex99-cert.htm) |

---

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

[(b)](tm232302d16_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm232302d16_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Partners, Inc.

---

| | |
|:---|:---|
| By | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: March 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: March 8, 2023

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Senior Vice President and Chief Financial Officer |

---

Date: March 8, 2023

## Ex-99.Code

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**A.** **Adoption** 

The Boards of Directors/Trustees (collectively, the "Board") of the Voya mutual funds (each a "Fund," and collectively, the "Funds") set forth on <u>Exhibit A</u> hereto, as such exhibit may be amended from time to time, have adopted this code of ethics (the "Code") in connection with the requirements of Section 406 of the Sarbanes-Oxley Act of 2002 (the "Act) concerning disclosure of a code of ethics for the principal executive officer, the principal financial officer, the principal accounting officer or controller, and persons performing similar functions (regardless of whether they are employed by a Fund or a third party) of the Funds (the "Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**B.** **Policy and Purpose; Conflicts with Law and Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Policy and Purpose**

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;a. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships.

&nbsp;&nbsp;&nbsp;&nbsp;b. Full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the Securities
and Exchange Commission (the "SEC") and in other public communications made by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;c. Compliance with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;d. The prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;e. Accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Conflicts with Law and Policy**

If any part of this Code, or if compliance with any part of this Code, violates or is in conflict with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or is in conflict with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

**C. Covered Officer Duties**

Each Covered Officer shall adhere to a high standard of business ethics in his or her dealings with and on behalf of a Fund. Specifically, each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct himself or herself in an honest and ethical manner when dealing with or on behalf of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in any activity that would compromise his or her professional ethics or otherwise prejudice his or her ability
faithfully to carry out his or her duties to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use material non-public information acquired in the course of his or her work for the Funds for
unethical or illegal advantage, either directly or indirectly through others.

&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their shareholders before his or her personal interests, and handle actual or apparent conflicts
of interest between his or her personal interests and the interests of a Fund in an ethical manner.

&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements generally applicable to the Funds and take all reasonable actions, consistent with his
or her position(s) with a Fund and/or a Fund's service provider(s) to ensure full, fair, accurate, timely and understandable disclosure
in reports and documents that a Fund files with, or submits to, the SEC or other governmental authorities, and in other public communications
made by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable laws and governmental rules and regulations in his or her dealings with or on behalf of a Fund, and take all
reasonable actions, consistent with his or her position(s) with a Fund and/or a Fund's service provider(s), to ensure compliance
by the Fund with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent with his or her position(s) with a Fund and/or a Fund's service provider(s), to ensure
prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly cause or permit others to misrepresent, facts about a Fund to a Fund's shareholders,
directors, counsel or auditors, to governmental regulators or self-regulatory organizations, or to the public.

&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers and employees of a Fund, and its adviser(s), administrator and principal underwriter, with the goal of
promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to,
the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or financial or other reporting by the Fund whereby the Covered Officer would benefit personally.

&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or fail to take an action, whereby the Covered Officer would benefit personally.

&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action against, or cause or permit any retaliation or adverse action to be taken against, any other
Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations of this Code or of applicable
laws and governmental rules and regulations that are made in good faith.

**D.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Conflicts of Interest** 

For the purposes of this Code (i) an "actual conflict of interest" is a situation in which a Covered Officer, a member of a Covered Officer's immediate family, or an entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered Officer may receive compensation or other personal benefit, has an interest in a transaction or the results of a transaction in which a Fund is involved that is different from the interests of the Fund with regard to that same transaction, and (ii) an "apparent conflict of interest" is a situation in which a Covered Officer, a member of a Covered Officer's immediate family, or an entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered Officer may receive compensation or other personal benefit, appears to have an actual conflict of interest, without regard to whether an actual conflict of interest in fact exists<sup>. (1)</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund with regard to a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transition, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law or by the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940.<sup>(2)</sup>

<sup>(1)</sup> Certain actual conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, administrator or principal underwriter, or for a combination thereof), be involved in recommending actions that may have different effects on the respective parties or may redound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

<sup>(2)</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act of 1940 (the "Investment Company Act") and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase of sale or securities or other property) with a Fund because of his or her status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside of the coverage of this Code. All other actual and apparent conflicts of interest, even if such actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Waiver and Implicit Waiver** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer <sup>(3)</sup> of the Fund.

<sup>(3)</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Benefit Personally; Immediate Family** 

With regard to a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, by a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, of any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes any step and adoptive relationships.

**E.** **Activities Requiring Prior Approval** 

A Covered Officer and his or her immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer (the "Chief Legal Officer") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the Chief Legal Officer and the Qualified Legal Compliance Committee of the Board (the "QLCC"). The obtain such approval, the Covered Officer shall submit a written statement to the Chief Legal Officer describing in detail the proposed activity and the reasons for it.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a direct, partner, officer, manager, or managing member on the board of any public or private company <sup>(4)</sup> other
than a Fund's investment adviser, administrator, principal underwriter, or an affiliate of any of the foregoing, if such company
has current or prospective business dealings with a Fund or if any Fund may invest in securities issued by such company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment <sup>(5)</sup> or meals from any company with which the Fund has current or prospective business dealings
unless such entertainment or meals are business-related, reasonable in cost, appropriate as to time and place, and not so frequent as
to raise any question of impropriety. For the purposes of this Code, entertainment and meals that are incidental to a business conference,
seminar or meeting shall be deemed business-related, reasonable in cost, and appropriate as to time and place.

&nbsp;&nbsp;&nbsp;&nbsp;3. Having any ownership interest in, or any consulting, employment or compensation relationship with, any of a Fund's service providers,
other than its investment adviser(s), administrator, principal underwriter, or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for his or her own personal gain any opportunity which a Fund may exploit. This prohibition shall not apply to securities
trading undertaken in conformance with the Funds' and an investment adviser's code of ethics adopted pursuant to Rule 17j-1
of the Investment Company Act.

<sup>(4)</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, *etc.*

<sup>(5)</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, *etc.,* at which a representative of the entertaining company is present along with the Covered Officer or his or her immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

**F.** **Prohibited Activities** 

A Covered Officer and his or her immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have direct or indirect financial interest, such as compensation or equity ownership, in commissions, transaction charges or spreads
paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
Officer's employment with the Fund's investment adviser, administrator, principal underwriter, or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in any calendar year from any entity or person that directly or indirectly currently or prospectively
does or will do business with or receives compensation or other benefits from a Fund. For the purposes of this restriction, gifts from
different persons employed by the same entity shall be aggregated, along with any gifts from the entity itself, in order to determine
whether the $500 limit has been exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other than a Fund's investment adviser(s), administrator or principal underwriter (or any
affiliate thereof), with which the Fund has current or prospective business dealings within one year after the latest to occur of such
Covered Officer's termination of employment at the Fund or at the Fund's investment adviser(s), administrator or principal
underwriter (or any affiliate thereof).

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow money from or have any other financial transactions with any company, other than a Fund's
investment adviser(s), administrator or principal underwriter (or any affiliate thereof), with which the Fund has current or prospective
business dealings, other than routine retail transactions that are effected on the same terms and conditions as are available to the general
public.

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a principal with a Fund, except that this prohibition shall not apply to the purchase or redemption
of the shares of any Fund on the same terms and conditions as all other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity that would cause them to benefit personally at the expense of a Fund.

**G.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Reporting** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon adoption of this Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Legal Officer
and the Board that he or she has received, read and understands this Code. Such affirmation shall be substantially in the form attached
hereto as <u>Exhibit B.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annually thereafter affirm to the Chief Legal Officer and the Board that he or she has complied with the requirements of this Code.
Such affirmation shall be substantially in the form attached hereto as <u>Exhibit C.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Report at least annually all employment, ownership, affiliations or other relationships related to conflicts of interest that the
Fund's Directors and Officers Questionnaire covers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Notify the Chief Legal Officer promptly if he or she knows of any violation of this Code or of any applicable laws and governmental
rules and regulations. Failure to do so is itself violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Interpretations** 

The Chief Legal Officer has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in any particular situation. In making interpretations of this Code, the Chief Legal Officer may consult with the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Investigations** 

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required
to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, after such investigation, the Chief Legal Officer believes a violation has occurred, the Chief Legal Officer shall report such
potential violation to the QLCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If the QLCC concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate
action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate
personnel of the investment adviser or its board; and a recommendation to discipline or dismiss the Covered Officer or to require reimbursement
or disgorgement by the Covered Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Waivers** 

The QLCC and the Chief Legal Officer, as applicable, may grant a waiver to compliance with this Code by a Covered Officer or his or her immediate family if the QLCC or the Chief Legal Officer determines that the proposed activity will not have an adverse impact on any Fund or on the ability of a Covered Officer faithfully to perform his or her duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the Chief Legal Officer describing in detail the proposed activity, and the reasons for it, and the provision(s) of this Code as to which the waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

**H.** **Relationship to Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other services providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**I.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

**J.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or his or her immediate family, as to any fact, circumstance, or legal conclusion.

**K.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Any amendments to this Code shall be disclosed to the extent required by law and SEC rules.

Date: _________________________

**<u>Exhibit A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA STRATEGIC ALLOCATION PORTFOLIOS, INC.

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS, INC.

VOYA VARIABLE PRODUCTS TRUST

**<u>Exhibit B</u>**

**INITIAL ACKNOWLEDGEMENT**

Covered Officer Name and Title: ____________________________________________________________________________

*(please print)*

I acknowledge that I have received and read a copy of the Voya mutual funds Sarbanes-Oxley Act Code of Ethics (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

Signature Date

**<u>Exhibit C</u>**

**ANNUAL ACKNOWLEDGEMENT**

Covered Office Name and Title: ____________________________________________________________________________

*(please print)*

I acknowledge that I have received and read a copy of the Voya mutual funds Sarbanes-Oxley Act Code of Ethics (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

Signature Date

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Andy Simonoff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Partners, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Partners, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Todd Modic |
|  | Todd Modic |
|  | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Partners, Inc. <br>Date of Form N-CSR: December 31, 2022

The undersigned, the principle executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Partners, Inc. and will be retained by Voya Partners, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 8<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Andy Simonoff |
| Andy Simonoff |
| Chief Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Partners, Inc. <br>Date of Form N-CSR: December 31, 2022

The undersigned, the principle financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Partners, Inc. and will be retained by Voya Partners, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 8<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Senior Vice President and Chief Financial Officer |

---