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: January 1, 2022 to June 30, 2022

Item 1. Reports to Stockholders.

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

Voya Investment Management

Semi-Annual Report

June 30, 2022

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

◼ Voya Global Bond Portfolio

◼ Voya International High Dividend Low Volatility Portfolio

◼ VY^® American Century Small-Mid Cap Value Portfolio

◼ VY^® Baron Growth Portfolio

◼ VY^® Columbia Contrarian Core Portfolio

◼ VY^® Columbia Small Cap Value II Portfolio

◼ VY^® Invesco Comstock Portfolio

◼ VY^® Invesco Equity and Income Portfolio

◼ VY^® Invesco Global Portfolio

◼ VY^® JPMorgan Mid Cap Value Portfolio

◼ VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio

◼ VY^® 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 semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

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

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Examples					1
Statements of Assets and Liabilities					4
Statements of Operations					10
Statements of Changes in Net Assets					13
Financial Highlights					19
Notes to Financial Statements					27
Portfolios of Investments					51

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return									Hypothetical (5% return before expenses)
Voya Global Bond Portfolio	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*		Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*
Class ADV	$	1,000.00	$	832.50		1.17	%	$	5.32	$	1,000.00	$	1,018.99		1.17	%	$	5.86
Class I		1,000.00		834.00		0.67			3.05		1,000.00		1,021.47		0.67			3.36
Class S		1,000.00		833.60		0.92			4.18		1,000.00		1,020.23		0.92			4.61
Voya International High Dividend Low Volatility Portfolio
Class ADV	$	1,000.00	$	878.80		1.23	%	$	5.73	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class I		1,000.00		881.20		0.73			3.40		1,000.00		1,021.17		0.73			3.66
Class S		1,000.00		880.30		0.98			4.57		1,000.00		1,019.93		0.98			4.91
Class S2		1,000.00		878.70		1.13			5.26		1,000.00		1,019.19		1.13			5.66
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	892.30		1.35	%	$	6.33	$	1,000.00	$	1,018.10		1.35	%	$	6.76
Class I		1,000.00		895.20		0.85			3.99		1,000.00		1,020.58		0.85			4.26
Class S		1,000.00		894.00		1.10			5.17		1,000.00		1,019.34		1.10			5.51
Class S2		1,000.00		893.10		1.25			5.87		1,000.00		1,018.60		1.25			6.26

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® Baron Growth Portfolio	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*		Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*
Class ADV	$	1,000.00	$	701.00		1.49	%	$	6.28	$	1,000.00	$	1,017.41		1.49	%	$	7.45
Class I		1,000.00		702.80		0.99			4.18		1,000.00		1,019.89		0.99			4.96
Class R6		1,000.00		703.20		0.98			4.14		1,000.00		1,019.93		0.98			4.91
Class S		1,000.00		702.10		1.24			5.23		1,000.00		1,018.65		1.24			6.21
Class S2		1,000.00		701.70		1.39			5.86		1,000.00		1,017.90		1.39			6.95
VY^® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	811.60		1.23	%	$	5.52	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class I		1,000.00		813.70		0.73			3.28		1,000.00		1,021.17		0.73			3.66
Class S		1,000.00		812.90		0.98			4.41		1,000.00		1,019.93		0.98			4.91
VY^® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	821.40		1.43	%	$	6.46	$	1,000.00	$	1,017.70		1.43	%	$	7.15
Class I		1,000.00		823.60		0.93			4.21		1,000.00		1,020.18		0.93			4.66
Class R6		1,000.00		823.80		0.86			3.89		1,000.00		1,020.53		0.86			4.31
Class S		1,000.00		822.30		1.18			5.33		1,000.00		1,018.94		1.18			5.91
Class S2		1,000.00		822.10		1.33			6.01		1,000.00		1,018.20		1.33			6.66
VY^® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	920.70		1.20	%	$	5.71	$	1,000.00	$	1,018.84		1.20	%	$	6.01
Class I		1,000.00		923.30		0.70			3.34		1,000.00		1,021.32		0.70			3.51
Class S		1,000.00		922.00		0.95			4.53		1,000.00		1,020.08		0.95			4.76
VY^® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	876.20		1.14	%	$	5.30	$	1,000.00	$	1,019.14		1.14	%	$	5.71
Class I		1,000.00		878.50		0.64			2.98		1,000.00		1,021.62		0.64			3.21
Class S		1,000.00		877.40		0.89			4.14		1,000.00		1,020.38		0.89			4.46
Class S2		1,000.00		876.80		1.02			4.75		1,000.00		1,019.74		1.02			5.11
VY^® Invesco Global Portfolio
Class ADV	$	1,000.00	$	679.80		1.30	%	$	5.41	$	1,000.00	$	1,018.35		1.30	%	$	6.51
Class I		1,000.00		681.40		0.80			3.34		1,000.00		1,020.83		0.80			4.01
Class S		1,000.00		680.60		1.05			4.38		1,000.00		1,019.59		1.05			5.26
Class S2		1,000.00		680.10		1.20			5.00		1,000.00		1,018.84		1.20			6.01
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	863.80		1.38	%	$	6.38	$	1,000.00	$	1,017.95		1.38	%	$	6.90
Class I		1,000.00		866.00		0.88			4.07		1,000.00		1,020.43		0.88			4.41
Class S		1,000.00		864.60		1.13			5.22		1,000.00		1,019.19		1.13			5.66
Class S2		1,000.00		863.80		1.28			5.92		1,000.00		1,018.45		1.28			6.41

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*		Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*
Class ADV	$	1,000.00	$	708.80		1.28	%	$	5.42	$	1,000.00	$	1,018.45		1.28	%	$	6.41
Class I		1,000.00		710.50		0.78			3.31		1,000.00		1,020.93		0.78			3.91
Class R6		1,000.00		710.20		0.75			3.18		1,000.00		1,021.08		0.75			3.76
Class S		1,000.00		708.90		1.03			4.36		1,000.00		1,019.69		1.03			5.16
Class S2		1,000.00		708.80		1.18			5.00		1,000.00		1,018.94		1.18			5.91
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	625.30		1.23	%	$	4.96	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class I		1,000.00		626.80		0.73			2.94		1,000.00		1,021.17		0.73			3.66
Class S		1,000.00		626.00		0.98			3.95		1,000.00		1,019.93		0.98			4.91
Class S2		1,000.00		625.50		1.13			4.55		1,000.00		1,019.19		1.13			5.66

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

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

	Voya Global Bond Portfolio			Voya International High Dividend Low Volatility Portfolio		VY^® American Century Small-Mid Cap Value Portfolio		VY^® Baron Growth Portfolio
ASSETS:
Investments in securities at fair value+*	$	110,992,105		$	342,362,725	$	341,957,778	$	436,945,990
Investments in affiliates at fair value**		24,900,657			—		—		—
Short-term investments at fair value^†		5,479,414			15,093,112		16,200,443		3,896,868
Cash		1,291,552			—		—		—
Cash collateral for futures contracts		970,000			—		—		—
Cash pledged for centrally cleared swaps (Note 2)		2,101,000			—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		800,000			—		—		—
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)		280,000			—		—		—
Foreign currencies at value^‡		385,859			548,015		156,288		—
Receivables:
Investment securities sold		194,314			666,058		506,138		15,258
Investments in affiliated underlying funds sold		6,286,397			—		—		—
Fund shares sold		45,468			156,290		99,076		599,930
Dividends		26,052			916,713		540,661		517,593
Interest		542,424			—		—		68,925
Foreign tax reclaims		4,486			1,812,091		16,268		—
Variation margin on futures contracts		311,714			—		—		—
Unrealized appreciation on forward foreign currency contracts		1,715,792			—		57,703		—
Prepaid expenses		1,743			4,499		4,432		6,299
Reimbursement due from Investment Adviser		14,263			—		80,737		39,244
Other assets		9,890			33,401		10,659		26,451
Total assets		156,353,130			361,592,904		359,630,183		442,116,558
LIABILITIES:
Payable for investment securities purchased		807,467			351,882		1,939,363		893,320
Payable for investment securities purchased on a delayed-delivery or when-issued basis		21,881,596			—		—		—
Payable for fund shares redeemed		343,197			2,691,707		310,994		62,326
Payable upon receipt of securities loaned		1,604,414			15,093,112		7,972,685		—
Unrealized depreciation on forward foreign currency contracts		2,622,684			—		16,923		—
Unrealized depreciation on OTC swap agreements		36,924			—		—		—
Variation margin payable on centrally cleared swaps		1,142,525			—		—		—
Cash received as collateral for OTC derivatives (Note 2)		380,000			—		—		—
Payable for investment management fees		63,630			176,106		273,608		351,977
Payable for distribution and shareholder service fees		11,316			55,480		60,247		81,104
Payable to custodian due to bank overdraft		—			428,401		—		—
Payable for directors fees		357			961		964		1,303
Payable to directors under the deferred compensation plan (Note 6)		9,890			33,401		10,659		26,451
Other accrued expenses and liabilities		62,123			158,203		102,531		147,992
Written options, at fair value^		173,006			—		—		—
Total liabilities		29,139,129			18,989,253		10,687,974		1,564,473
NET ASSETS	$	127,214,001		$	342,603,651	$	348,942,209	$	440,552,085
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	161,048,046		$	336,077,489	$	262,274,544	$	38,599,557
Total distributable earnings (loss)		(33,834,045	)		6,526,162		86,667,665		401,952,528
NET ASSETS	$	127,214,001		$	342,603,651	$	348,942,209	$	440,552,085
+ Including securities loaned at value	$	1,567,099		$	14,373,508	$	7,755,982	$	—
* Cost of investments in securities	$	118,165,648		$	354,375,282	$	355,430,003	$	104,651,575
** Cost of investments in affiliates	$	30,580,251		$	—	$	—	$	—
† Cost of short-term investments	$	5,479,414		$	15,093,112	$	16,200,443	$	3,896,868
‡ Cost of foreign currencies	$	388,003		$	548,729	$	156,288	$	—
^ Premiums received on written options	$	139,766		$	—	$	—	$	—

See Accompanying Notes to Financial Statements
4

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

	Voya Global Bond Portfolio		Voya International High Dividend Low Volatility Portfolio		VY^® American Century Small-Mid Cap Value Portfolio		VY^® Baron Growth Portfolio
Class ADV:
Net assets	$	14,941,242	$	23,371,725	$	95,892,764	$	94,921,485
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		1,794,070		2,579,892		7,560,611		4,734,001
Net asset value and redemption price per share	$	8.33	$	9.06	$	12.68	$	20.05
Class I:
Net assets	$	88,753,866	$	108,186,021	$	163,643,047	$	114,797,019
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		10,462,316		11,764,027		11,904,636		4,613,148
Net asset value and redemption price per share	$	8.48	$	9.20	$	13.75	$	24.88
Class R6:
Net assets		n/a		n/a		n/a	$	35,794,170
Shares authorized		n/a		n/a		n/a		100,000,000
Par value		n/a		n/a		n/a	$	0.001
Shares outstanding		n/a		n/a		n/a		1,436,592
Net asset value and redemption price per share		n/a		n/a		n/a	$	24.92
Class S:
Net assets	$	23,518,893	$	210,645,438	$	87,781,460	$	193,123,110
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		2,775,862		23,104,296		6,508,732		8,561,953
Net asset value and redemption price per share	$	8.47	$	9.12	$	13.49	$	22.56
Class S2:
Net assets		n/a	$	400,467	$	1,624,938	$	1,916,301
Shares authorized		n/a		100,000,000		100,000,000		100,000,000
Par value		n/a	$	0.001	$	0.001	$	0.001
Shares outstanding		n/a		43,513		127,989		93,442
Net asset value and redemption price per share		n/a	$	9.20	$	12.70	$	20.51

See Accompanying Notes to Financial Statements
5

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

	VY^® Columbia Contrarian Core Portfolio		VY^® Columbia Small Cap Value II Portfolio		VY^® Invesco Comstock Portfolio		VY^® Invesco Equity and Income Portfolio
ASSETS:
Investments in securities at fair value+*	$	158,221,710	$	156,325,903	$	238,947,020	$	1,048,122,671
Short-term investments at fair value^†		5,279,482		3,695,729		11,472,864		63,252,978
Foreign currencies at value^‡		—		—		824		691
Receivables:
Investment securities sold		1,254,561		399,818		986,635		28,909,025
Fund shares sold		193,825		193,086		226,779		217,347
Dividends		112,468		178,507		552,598		1,155,065
Interest		—		—		—		2,026,355
Foreign tax reclaims		22,088		—		13,587		152,044
Unrealized appreciation on forward foreign currency contracts		—		—		8,363		768,864
Prepaid expenses		2,151		2,093		3,029		14,504
Reimbursement due from Investment Adviser		29,095		6,762		17,560		50,202
Other assets		10,560		7,079		17,707		62,430
Total assets		165,125,940		160,808,977		252,246,966		1,144,732,176
LIABILITIES:
Payable for investment securities purchased		276,200		943,869		95,650		31,386,500
Payable for fund shares redeemed		18,603		1,811		166,220		1,258,557
Payable upon receipt of securities loaned		—		—		—		25,813,211
Unrealized depreciation on forward foreign currency contracts		—		—		10,174		149,582
Payable for investment management fees		121,896		113,466		150,544		582,987
Payable for distribution and shareholder service fees		14,419		29,673		31,337		179,807
Payable for directors fees		470		450		713		3,072
Payable to directors under the deferred compensation plan (Note 6)		10,560		7,079		17,707		62,430
Other accrued expenses and liabilities		99,334		37,297		95,222		143,301
Total liabilities		541,482		1,133,645		567,567		59,579,447
NET ASSETS	$	164,584,458	$	159,675,332	$	251,679,399	$	1,085,152,729
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	122,545,674	$	110,099,581	$	202,555,972	$	809,961,538
Total distributable earnings		42,038,784		49,575,751		49,123,427		275,191,191
NET ASSETS	$	164,584,458	$	159,675,332	$	251,679,399	$	1,085,152,729
+ Including securities loaned at value	$	—	$	—	$	—	$	25,161,011
* Cost of investments in securities	$	152,135,626	$	141,467,868	$	211,417,323	$	968,045,277
† Cost of short-term investments	$	5,279,482	$	3,695,729	$	11,472,864	$	63,252,978
‡ Cost of foreign currencies	$	—	$	—	$	837	$	702

See Accompanying Notes to Financial Statements
6

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

	VY^® Columbia Contrarian Core Portfolio		VY^® Columbia Small Cap Value II Portfolio		VY^® Invesco Comstock Portfolio		VY^® Invesco Equity and Income Portfolio
Class ADV:
Net assets	$	24,615,976	$	30,260,051	$	32,466,045	$	42,716,168
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		1,435,990		1,768,569		1,674,944		942,803
Net asset value and redemption price per share	$	17.14	$	17.11	$	19.38	$	45.31
Class I:
Net assets	$	120,983,882	$	44,318,737	$	139,256,016	$	421,138,655
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		6,410,412		2,478,724		7,098,487		9,098,343
Net asset value and redemption price per share	$	18.87	$	17.88	$	19.62	$	46.29
Class R6:
Net assets		n/a	$	10,133,217		n/a		n/a
Shares authorized		n/a		100,000,000		n/a		n/a
Par value		n/a	$	0.001		n/a		n/a
Shares outstanding		n/a		565,680		n/a		n/a
Net asset value and redemption price per share		n/a	$	17.91		n/a		n/a
Class S:
Net assets	$	18,984,600	$	73,424,800	$	79,957,338	$	355,243,658
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		1,043,018		4,131,459		4,074,284		7,743,061
Net asset value and redemption price per share	$	18.20	$	17.77	$	19.62	$	45.88
Class S2:
Net assets		n/a	$	1,538,527		n/a	$	266,054,248
Shares authorized		n/a		100,000,000		n/a		100,000,000
Par value		n/a	$	0.001		n/a	$	0.001
Shares outstanding		n/a		89,786		n/a		5,898,172
Net asset value and redemption price per share		n/a	$	17.14		n/a	$	45.11

See Accompanying Notes to Financial Statements
7

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

	VY^® Invesco Global Portfolio		VY^® JPMorgan Mid Cap Value Portfolio		VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio		VY^® T. Rowe Price Growth Equity Portfolio
ASSETS:
Investments in securities at fair value+*	$	1,109,028,344	$	329,391,484	$	991,862,214	$	1,311,678,598
Short-term investments at fair value^†		10,221,972		13,044,194		97,858,398		51,825,758
Cash		—		—		550,287		2,605,925
Foreign currencies at value^‡		62,107		—		—		194
Receivables:
Investment securities sold		—		—		22,032,148		43,308
Fund shares sold		1,306,308		12,460		470,789		2,043,229
Dividends		20,364		695,858		412,567		155,305
Interest		—		—		—		634
Foreign tax reclaims		2,313,841		—		2,377		1,802
Prepaid expenses		16,591		4,571		14,350		20,676
Reimbursement due from Investment Adviser		66,137		29,510		42,707		53,726
Other assets		58,675		17,510		34,765		57,263
Total assets		1,123,094,339		343,195,587		1,113,280,602		1,368,486,418
LIABILITIES:
Payable for investment securities purchased		—		—		21,578,958		4,850,336
Payable for fund shares redeemed		52,993		271,380		53,795		134,504
Payable upon receipt of securities loaned		3,183,731		223,215		96,484,387		33,791,998
Payable for investment management fees		667,265		250,601		609,227		773,063
Payable for distribution and shareholder service fees		67,343		67,163		29,410		109,717
Payable for directors fees		3,398		984		2,942		4,211
Payable to directors under the deferred compensation plan (Note 6)		58,675		17,510		34,765		57,263
Payable for foreign capital gains tax		2,123,304		—		—		—
Other accrued expenses and liabilities		334,929		63,238		204,026		501,897
Total liabilities		6,491,638		894,091		118,997,510		40,222,989
NET ASSETS	$	1,116,602,701	$	342,301,496	$	994,283,092	$	1,328,263,429
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	372,394,590	$	203,248,372	$	705,081,128	$	920,857,119
Total distributable earnings		744,208,111		139,053,124		289,201,964		407,406,310
NET ASSETS	$	1,116,602,701	$	342,301,496	$	994,283,092	$	1,328,263,429
+ Including securities loaned at value	$	2,961,413	$	218,640	$	94,371,497	$	32,964,435
* Cost of investments in securities	$	612,129,113	$	271,741,449	$	985,292,548	$	1,215,358,580
† Cost of short-term investments	$	10,221,972	$	13,044,194	$	97,858,398	$	51,825,758
‡ Cost of foreign currencies	$	62,230	$	—	$	—	$	196

See Accompanying Notes to Financial Statements
8

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

	VY^® Invesco Global Portfolio		VY^® JPMorgan Mid Cap Value Portfolio		VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio		VY^® T. Rowe Price Growth Equity Portfolio
Class ADV:
Net assets	$	98,027,542	$	78,770,499	$	51,835,607	$	233,358,956
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		5,874,823		4,740,016		5,885,417		3,646,135
Net asset value and redemption price per share	$	16.69	$	16.62	$	8.81	$	64.00
Class I:
Net assets	$	899,964,991	$	109,959,284	$	821,015,052	$	1,048,075,920
Shares authorized		250,000,000		100,000,000		250,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		50,393,469		6,347,212		77,980,198		14,035,563
Net asset value and redemption price per share	$	17.86	$	17.32	$	10.53	$	74.67
Class R6:
Net assets		n/a		n/a	$	89,002,777		n/a
Shares authorized		n/a		n/a		100,000,000		n/a
Par value		n/a		n/a	$	0.001		n/a
Shares outstanding		n/a		n/a		8,440,741		n/a
Net asset value and redemption price per share		n/a		n/a	$	10.54		n/a
Class S:
Net assets	$	115,972,242	$	152,246,360	$	28,209,568	$	43,112,016
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		6,863,739		8,928,119		2,865,481		620,839
Net asset value and redemption price per share	$	16.90	$	17.05	$	9.84	$	69.44
Class S2:
Net assets	$	2,637,926	$	1,325,353	$	4,220,088	$	3,716,537
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		162,639		80,016		473,478		56,505
Net asset value and redemption price per share	$	16.22	$	16.56	$	8.91	$	65.77

See Accompanying Notes to Financial Statements
9

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

	Voya Global Bond Portfolio			Voya International High Dividend Low Volatility Portfolio			VY^®American Century Small-Mid Cap Value Portfolio			VY^® Baron Growth Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	1,874		$	9,852,248		$	4,106,839		$	2,473,168
Dividends from affiliated underlying funds		776,455			—			—			—
Interest, net of foreign taxes withheld*		1,742,584			1,198			—			19,355
Securities lending income, net		809			48,822			17,313			—
Total investment income		2,521,722			9,902,268			4,124,152			2,492,523
EXPENSES:
Investment management fees		424,839			1,143,068			2,070,714			2,454,227
Distribution and shareholder service fees:
Class ADV		42,616			63,788			264,405			277,663
Class S		32,940			296,822			120,114			282,281
Class S2		—			774			4,262			4,425
Transfer agent fees:
Class ADV		10,319			9,226			87,740			53,002
Class I		59,454			42,545			148,193			65,683
Class R6		—			—			—			37
Class S		15,951			85,862			79,719			107,787
Class S2		—			140			1,765			1,056
Shareholder reporting expense		8,155			13,575			5,430			10,570
Professional fees		5,796			11,260			10,860			17,982
Custody and accounting expense		33,485			63,540			45,549			30,089
Directors fees		1,785			4,802			4,822			6,512
Miscellaneous expense		5,247			9,477			8,906			13,371
Interest expense		268			465			—			1,679
Total expenses		640,855			1,745,344			2,852,479			3,326,364
Waived and reimbursed fees		(90,894	)		—			(823,676	)		(197,821	)
Net expenses		549,961			1,745,344			2,028,803			3,128,543
Net investment income (loss)		1,971,761			8,156,924			2,095,349			(636,020	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(2,578,215	)		(1,100,656	)		33,418,469			18,082,300
Sale of affiliated underlying funds		(3,280,448	)		—			—			—
Forward foreign currency contracts		(6,237,573	)		143,121			1,473,707			—
Foreign currency related transactions		209,701			(352,069	)		(14,069	)		(195	)
Futures		(1,096,523	)		—			—			—
Swaps		(2,282,367	)		—			—			—
Written options		720,283			—			—			—
Net realized gain (loss)		(14,545,142	)		(1,309,604	)		34,878,107			18,082,105
Net change in unrealized appreciation (depreciation) on:
Investments		(10,511,311	)		(54,331,103	)		(78,872,960	)		(207,962,770	)
Affiliated underlying funds		(3,883,545	)		—			—			—
Forward foreign currency contracts		(690,051	)		371			247,189			—
Foreign currency related transactions		(2,444	)		(166,483	)		(1,114	)		—
Futures		(141,141	)		—			—			—
Swaps		2,063,230			—			—			—
Written options		(67,010	)		—			—			—
Net change in unrealized appreciation (depreciation)		(13,232,272	)		(54,497,215	)		(78,626,885	)		(207,962,770	)
Net realized and unrealized loss		(27,777,414	)		(55,806,819	)		(43,748,778	)		(189,880,665	)
Decrease in net assets resulting from operations	$	(25,805,653	)	$	(47,649,895	)	$	(41,653,429	)	$	(190,516,685	)
* Foreign taxes withheld	$	1,859		$	1,043,109		$	58,087		$	5,925

See Accompanying Notes to Financial Statements
10

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

	VY^® Columbia Contrarian Core Portfolio			VY^®Columbia Small Cap Value II Portfolio			VY^® Invesco Comstock Portfolio			VY^® Invesco Equity and Income Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	1,226,612		$	1,121,023		$	3,437,795		$	8,732,064
Interest		—			—			—			4,376,777
Securities lending income, net		—			—			1,367			97,622
Total investment income		1,226,612			1,121,023			3,439,162			13,206,463
EXPENSES:
Investment management fees		839,002			758,438			990,738			3,890,600
Distribution and shareholder service fees:
Class ADV		69,701			88,990			88,011			118,003
Class S		26,734			107,251			105,216			503,582
Class S2		—			3,368			—			595,196
Transfer agent fees:
Class ADV		4,255			16,557			9,278			9,740
Class I		20,936			20,481			43,160			97,212
Class R6		—			20			—			—
Class S		3,264			39,899			22,181			83,149
Class S2		—			784			—			61,420
Shareholder reporting expense		4,312			4,747			7,176			17,014
Professional fees		5,882			7,125			6,085			35,795
Custody and accounting expense		12,977			13,937			16,623			86,965
Directors fees		2,350			2,249			3,568			15,360
Miscellaneous expense		5,375			6,342			3,232			25,384
Interest expense		55			—			—			—
Total expenses		994,843			1,070,188			1,295,268			5,539,420
Waived and reimbursed fees		(218,958	)		(48,746	)		(109,855	)		(438,251	)
Brokerage commission recapture		(4,098	)		(7,710	)		—			—
Net expenses		771,787			1,013,732			1,185,413			5,101,169
Net investment income		454,825			107,291			2,253,749			8,105,294
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		6,991,412			10,387,607			25,140,189			24,662,229
Forward foreign currency contracts		—			—			199,335			1,298,721
Foreign currency related transactions		—			—			(12,683	)		(5,624	)
Net realized gain		6,991,412			10,387,607			25,326,841			25,955,326
Net change in unrealized appreciation (depreciation) on:
Investments		(45,393,155	)		(44,854,833	)		(47,857,405	)		(189,125,546	)
Forward foreign currency contracts		—			—			45,790			1,024,586
Foreign currency related transactions		—			—			(2,432	)		(13,179	)
Net change in unrealized appreciation (depreciation)		(45,393,155	)		(44,854,833	)		(47,814,047	)		(188,114,139	)
Net realized and unrealized loss		(38,401,743	)		(34,467,226	)		(22,487,206	)		(162,158,813	)
Decrease in net assets resulting from operations	$	(37,946,918	)	$	(34,359,935	)	$	(20,233,457	)	$	(154,053,519	)
* Foreign taxes withheld	$	6,862		$	3,060		$	46,288		$	112,572

See Accompanying Notes to Financial Statements
11

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

	VY^® Invesco Global Portfolio			VY^® JPMorgan Mid Cap Value Portfolio			VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio			VY^® T. Rowe Price Growth Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	7,229,669		$	3,680,495		$	4,119,985		$	3,103,245
Interest		89			36			681			2,831
Securities lending income, net		40,201			377			67,596			72,155
Total investment income		7,269,959			3,680,908			4,188,262			3,178,231
EXPENSES:
Investment management fees		4,718,712			1,658,486			4,318,462			5,847,586
Distribution and shareholder service fees:
Class ADV		295,035			221,489			151,308			738,209
Class S		177,705			217,339			43,013			67,945
Class S2		6,605			3,441			9,715			9,644
Transfer agent fees:
Class ADV		51,745			42,412			23,208			85,537
Class I		475,714			60,348			370,756			381,294
Class R6		—			—			100			—
Class S		62,288			83,244			13,155			15,746
Class S2		1,448			823			1,864			1,396
Shareholder reporting expense		34,020			11,546			25,342			40,490
Professional fees		48,717			10,894			39,412			57,739
Custody and accounting expense		135,800			24,073			67,765			126,448
Directors fees		16,992			4,918			14,710			21,057
Miscellaneous expense		34,843			8,397			26,612			39,759
Interest expense		20			165			318			406
Total expenses		6,059,644			2,347,575			5,105,740			7,433,256
Waived and reimbursed fees		(171,399	)		(183,970	)		(349,559	)		(484,110	)
Brokerage commission recapture		—			(2,269	)		—			—
Net expenses		5,888,245			2,161,336			4,756,181			6,949,146
Net investment income (loss)		1,381,714			1,519,572			(567,919	)		(3,770,915	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		70,854,238			23,121,604			15,860,942			58,140,983
Foreign currency related transactions		(89,216	)		—			—			(6,789	)
Net realized gain		70,765,022			23,121,604			15,860,942			58,134,194
Net change in unrealized appreciation (depreciation) on:
Investments		(611,166,658	)		(79,078,773	)		(432,055,537	)		(863,247,541	)
Foreign currency related transactions		(196,453	)		—			—			(33	)
Net change in unrealized appreciation (depreciation)		(611,363,111	)		(79,078,773	)		(432,055,537	)		(863,247,574	)
Net realized and unrealized loss		(540,598,089	)		(55,957,169	)		(416,194,595	)		(805,113,380	)
Decrease in net assets resulting from operations	$	(539,216,375	)	$	(54,437,597	)	$	(416,762,514	)	$	(808,884,295	)
* Foreign taxes withheld	$	739,286		$	—		$	22,858		$	80,426

See Accompanying Notes to Financial Statements
12

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Portfolio						Voya International High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	1,971,761		$	4,925,096		$	8,156,924		$	12,894,116
Net realized gain (loss)		(14,545,142	)		(4,083,527	)		(1,309,604	)		32,707,319
Net change in unrealized appreciation (depreciation)		(13,232,272	)		(9,372,789	)		(54,497,215	)		1,744,426
Increase (decrease) in net assets resulting from operations		(25,805,653	)		(8,531,220	)		(47,649,895	)		47,345,861
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(208,570	)		(915,517	)		—			(540,901	)
Class I		(1,452,188	)		(5,901,123	)		—			(3,068,169	)
Class S		(356,107	)		(1,449,150	)		—			(5,834,728	)
Class S2		—			—			—			(7,373	)
Return of capital:
Class ADV		—			(144,296	)		—			—
Class I		—			(824,076	)		—			—
Class S		—			(214,197	)		—			—
Total distributions		(2,016,865	)		(9,448,359	)		—			(9,451,171	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		4,259,267			10,210,633			10,017,441			10,505,727
Reinvestment of distributions		2,016,866			9,448,359			—			9,451,171
		6,276,133			19,658,992			10,017,441			19,956,898
Cost of shares redeemed		(10,119,462	)		(22,323,447	)		(30,969,324	)		(64,164,436	)
Net decrease in net assets resulting from capital share transactions		(3,843,329	)		(2,664,455	)		(20,951,883	)		(44,207,538	)
Net decrease in net assets		(31,665,847	)		(20,644,034	)		(68,601,778	)		(6,312,848	)
NET ASSETS:
Beginning of year or period		158,879,848			179,523,882			411,205,429			417,518,277
End of year or period	$	127,214,001		$	158,879,848		$	342,603,651		$	411,205,429

See Accompanying Notes to Financial Statements
13

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® American Century Small-Mid Cap Value Portfolio						VY^® Baron Growth Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)	$	2,095,349		$	3,770,929		$	(636,020	)	$	(3,304,222	)
Net realized gain		34,878,107			68,250,210			18,082,105			54,556,110
Net change in unrealized appreciation (depreciation)		(78,626,885	)		19,076,886			(207,962,770	)		64,034,412
Increase (decrease) in net assets resulting from operations		(41,653,429	)		91,098,025			(190,516,685	)		115,286,300
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(741,893	)		—			(11,180,973	)
Class I		—			(1,787,999	)		—			(11,935,097	)
Class R6		—			—			—			(3,273,603	)
Class S		—			(786,510	)		—			(20,610,306	)
Class S2		—			(19,149	)		—			(211,817	)
Total distributions		—			(3,335,551	)		—			(47,211,796	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		16,973,728			31,109,075			15,040,209			26,834,028
Reinvestment of distributions		—			3,335,551			—			47,211,796
		16,973,728			34,444,626			15,040,209			74,045,824
Cost of shares redeemed		(26,071,877	)		(69,553,735	)		(36,888,880	)		(85,094,711	)
Net decrease in net assets resulting from capital share transactions		(9,098,149	)		(35,109,109	)		(21,848,671	)		(11,048,887	)
Net increase (decrease) in net assets		(50,751,578	)		52,653,365			(212,365,356	)		57,025,617
NET ASSETS:
Beginning of year or period		399,693,787			347,040,422			652,917,441			595,891,824
End of year or period	$	348,942,209		$	399,693,787		$	440,552,085		$	652,917,441

See Accompanying Notes to Financial Statements
14

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Columbia Contrarian Core Portfolio						VY^® Columbia Small Cap Value II Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	454,825		$	795,000		$	107,291		$	297,712
Net realized gain		6,991,412			28,186,665			10,387,607			24,469,921
Net change in unrealized appreciation (depreciation)		(45,393,155	)		12,226,799			(44,854,833	)		26,184,413
Increase (decrease) in net assets resulting from operations		(37,946,918	)		41,208,464			(34,359,935	)		50,952,046
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(3,369,226	)		—			(207,547	)
Class I		—			(15,634,335	)		—			(368,043	)
Class R6		—			—			—			(87,814	)
Class S		—			(2,522,728	)		—			(587,512	)
Class S2		—			—			—			(9,407	)
Total distributions		—			(21,526,289	)		—			(1,260,323	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		8,994,017			31,293,760			19,212,671			53,308,350
Reinvestment of distributions		—			21,526,289			—			1,260,323
		8,994,017			52,820,049			19,212,671			54,568,673
Cost of shares redeemed		(18,993,650	)		(35,836,004	)		(21,421,407	)		(57,321,932	)
Net increase (decrease) in net assets resulting from capital share transactions		(9,999,633	)		16,984,045			(2,208,736	)		(2,753,259	)
Net increase (decrease) in net assets		(47,946,551	)		36,666,220			(36,568,671	)		46,938,464
NET ASSETS:
Beginning of year or period		212,531,009			175,864,789			196,244,003			149,305,539
End of year or period	$	164,584,458		$	212,531,009		$	159,675,332		$	196,244,003

See Accompanying Notes to Financial Statements
15

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Comstock Portfolio						VY^® Invesco Equity and Income Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	2,253,749		$	3,620,971		$	8,105,294		$	13,574,088
Net realized gain		25,326,841			20,116,759			25,955,326			167,266,053
Net change in unrealized appreciation (depreciation)		(47,814,047	)		42,756,666			(188,114,139	)		40,017,558
Increase (decrease) in net assets resulting from operations		(20,233,457	)		66,494,396			(154,053,519	)		220,857,699
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(403,191	)		—			(1,040,639	)
Class I		—			(2,872,788	)		—			(12,825,759	)
Class S		—			(1,119,663	)		—			(10,309,711	)
Class S2		—			—			—			(7,171,073	)
Total distributions		—			(4,395,642	)		—			(31,347,182	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		30,030,544			100,491,712			14,891,078			20,219,029
Reinvestment of distributions		—			4,395,642			—			31,347,182
		30,030,544			104,887,354			14,891,078			51,566,211
Cost of shares redeemed		(53,107,445	)		(78,319,236	)		(85,912,508	)		(186,570,258	)
Net increase (decrease) in net assets resulting from capital share transactions		(23,076,901	)		26,568,118			(71,021,430	)		(135,004,047	)
Net increase (decrease) in net assets		(43,310,358	)		88,666,872			(225,074,949	)		54,506,470
NET ASSETS:
Beginning of year or period		294,989,757			206,322,885			1,310,227,678			1,255,721,208
End of year or period	$	251,679,399		$	294,989,757		$	1,085,152,729		$	1,310,227,678

See Accompanying Notes to Financial Statements
16

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Global Portfolio						VY^® JPMorgan Mid Cap Value Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)	$	1,381,714		$	(6,327,314	)	$	1,519,572		$	2,317,786
Net realized gain		70,765,022			185,764,844			23,121,604			59,265,122
Net change in unrealized appreciation (depreciation)		(611,363,111	)		64,112,475			(79,078,773	)		43,813,263
Increase (decrease) in net assets resulting from operations		(539,216,375	)		243,550,005			(54,437,597	)		105,396,171
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(6,650,068	)		—			(3,739,188	)
Class I		—			(60,106,187	)		—			(5,837,589	)
Class S		—			(8,612,323	)		—			(7,866,665	)
Class S2		—			(200,349	)		—			(53,361	)
Total distributions		—			(75,568,927	)		—			(17,496,803	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		17,606,394			32,945,982			11,668,661			31,952,852
Reinvestment of distributions		—			75,568,927			—			17,496,803
		17,606,394			108,514,909			11,668,661			49,449,655
Cost of shares redeemed		(82,977,923	)		(213,252,498	)		(37,927,830	)		(89,164,000	)
Net decrease in net assets resulting from capital share transactions		(65,371,529	)		(104,737,589	)		(26,259,169	)		(39,714,345	)
Net increase (decrease) in net assets		(604,587,904	)		63,243,489			(80,696,766	)		48,185,023
NET ASSETS:
Beginning of year or period		1,721,190,605			1,657,947,116			422,998,262			374,813,239
End of year or period	$	1,116,602,701		$	1,721,190,605		$	342,301,496		$	422,998,262

See Accompanying Notes to Financial Statements
17

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio						VY^® T. Rowe Price Growth Equity Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment (loss)	$	(567,919	)	$	(6,489,262	)	$	(3,770,915	)	$	(10,889,034	)
Net realized gain		15,860,942			274,598,406			58,134,194			275,411,429
Net change in unrealized appreciation (depreciation)		(432,055,537	)		(78,857,995	)		(863,247,574	)		114,830,785
Increase (decrease) in net assets resulting from operations		(416,762,514	)		189,251,149			(808,884,295	)		379,353,180
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(12,473,482	)		—			(34,928,755	)
Class I		—			(179,469,278	)		—			(134,596,628	)
Class R6		—			(21,456,701	)		—			—
Class S		—			(7,427,852	)		—			(5,950,016	)
Class S2		—			(1,217,580	)		—			(500,457	)
Total distributions		—			(222,044,893	)		—			(175,975,856	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		26,344,949			67,311,211			115,927,552			210,975,263
Reinvestment of distributions		—			222,044,893			—			175,975,856
		26,344,949			289,356,104			115,927,552			386,951,119
Cost of shares redeemed		(76,571,129	)		(205,325,704	)		(195,008,671	)		(323,591,279	)
Net increase (decrease) in net assets resulting from capital share transactions		(50,226,180	)		84,030,400			(79,081,119	)		63,359,840
Net increase (decrease) in net assets		(466,988,694	)		51,236,656			(887,965,414	)		266,737,164
NET ASSETS:
Beginning of year or period		1,461,271,786			1,410,035,130			2,216,228,843			1,949,491,679
End of year or period	$	994,283,092		$	1,461,271,786		$	1,328,263,429		$	2,216,228,843

See Accompanying Notes to Financial Statements
18

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
Voya Global Bond Portfolio
Class ADV
06-30-22⁺		10.13		0.11	^•		(1.80	)		(1.69	)		0.11		—		—
12-31-21		11.28		0.27	^•		(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	^•		0.48			0.75			0.44		—		—
12-31-18		10.94		0.29	^•		(0.55	)		(0.26	)		0.35		—		—
12-31-17		10.24		0.26	^•		0.66			0.92			0.22		—		—
Class I
06-30-22⁺		10.32		0.13	^•		(1.83	)		(1.70	)		0.14		—		—
12-31-21		11.49		0.33	^•		(0.87	)		(0.54	)		0.55		—		0.08
12-31-20		10.83		0.33	^•		0.64			0.97			0.31		—		—
12-31-19		10.51		0.33	^•		0.49			0.82			0.50		—		—
12-31-18		11.14		0.35	^•		(0.57	)		(0.22	)		0.41		—		—
12-31-17		10.42		0.32	^•		0.68			1.00			0.28		—		—
Class S
06-30-22⁺		10.30		0.12	^•		(1.82	)		(1.70	)		0.13		—		—
12-31-21		11.47		0.30	^•		(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	^•		0.48			0.79			0.47		—		—
12-31-18		11.12		0.32	^•		(0.56	)		(0.24	)		0.38		—		—
12-31-17		10.41		0.30	^•		0.66			0.96			0.25		—		—
Voya International High Dividend Low Volatility Portfolio
Class ADV
06-30-22⁺		10.31		0.20	^•		(1.45	)		(1.25	)		—		—		—
12-31-21		9.43		0.28	^•		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	^•		1.38			1.65			0.19		0.98		—
12-31-18		13.06		0.16	^•		(2.13	)		(1.97	)		0.21		—		—
12-31-17		10.90		0.19			2.16			2.35			0.19		—		—
Class I
06-30-22⁺		10.44		0.22	^•		(1.46	)		(1.24	)		—		—		—
12-31-21		9.54		0.33	^•		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	^•		1.40			1.73			0.26		0.98		—
12-31-18		13.21		0.23	^•		(2.17	)		(1.94	)		0.27		—		—
12-31-17		11.01		0.25	^•		2.20			2.45			0.25		—		—
Class S
06-30-22⁺		10.36		0.21	^•		(1.45	)		(1.24	)		—		—		—
12-31-21		9.47		0.30	^•		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	^•		1.38			1.68			0.22		0.98		—
12-31-18		13.12		0.19	^•		(2.15	)		(1.96	)		0.23		—		—
12-31-17		10.94		0.22	^•		2.18			2.40			0.22		—		—
Class S2
06-30-22⁺		10.47		0.21	^•		(1.48	)		(1.27	)		—		—		—
12-31-21		9.56		0.29	^•		0.82			1.11			0.20		—		—
12-31-20		11.52		0.18	^•		(0.48	)		(0.30	)		0.35		1.31		—
12-31-19		10.99		0.27	^•		1.41			1.68			0.17		0.98		—
12-31-18		13.05		0.18	^•		(2.16	)		(1.98	)		0.08		—		—
12-31-17		10.86		0.19	^•		2.18			2.37			0.18		—		—

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
Voya Global Bond Portfolio
Class ADV
06-30-22⁺		0.11		—		8.33		(16.75	)		1.30		1.17		1.17		2.39		14,941		67
12-31-21		0.57		—		10.13		(5.21	)		1.30		1.17		1.17		2.54		19,156		144
12-31-20		0.26		—		11.28		8.58			1.28		1.17		1.17		2.50		21,097		150
12-31-19		0.44		—		10.64		7.36			1.16		1.16		1.16		2.58		21,661		228
12-31-18		0.35		—		10.33		(2.40	)		1.17		1.15		1.15		2.71		22,161		119
12-31-17		0.22		—		10.94		9.05			1.17		1.10		1.10		2.48		24,922		127
Class I
06-30-22⁺		0.14		—		8.48		(16.60	)		0.80		0.67		0.67		2.89		88,754		67
12-31-21		0.63		—		10.32		(4.78	)		0.80		0.67		0.67		3.04		110,162		144
12-31-20		0.31		—		11.49		9.20			0.78		0.67		0.67		3.00		125,244		150
12-31-19		0.50		—		10.83		7.90			0.66		0.66		0.66		3.08		146,354		228
12-31-18		0.41		—		10.51		(2.01	)		0.67		0.65		0.65		3.21		146,473		119
12-31-17		0.28		—		11.14		9.67			0.67		0.60		0.60		2.98		161,715		127
Class S
06-30-22⁺		0.13		—		8.47		(16.64	)		1.05		0.92		0.92		2.64		23,519		67
12-31-21		0.60		—		10.30		(5.03	)		1.05		0.92		0.92		2.79		29,562		144
12-31-20		0.29		—		11.47		8.85			1.03		0.92		0.92		2.75		33,183		150
12-31-19		0.47		—		10.82		7.64			0.91		0.91		0.91		2.83		33,323		228
12-31-18		0.38		—		10.50		(2.17	)		0.92		0.90		0.90		2.97		35,849		119
12-31-17		0.25		—		11.12		9.31			0.92		0.85		0.85		2.73		41,785		127
Voya International High Dividend Low Volatility Portfolio
Class ADV
06-30-22⁺		—		—		9.06		(12.12	)		1.23		1.23		1.23		4.01		23,372		34
12-31-21		0.20		—		10.31		11.50			1.23		1.23		1.23		2.75		27,021		73
12-31-20		1.63		—		9.43		(1.17	)		1.24		1.24		1.24		1.86		26,702		74
12-31-19		1.17		—		11.36		16.13			1.30		1.26		1.25		2.36		29,900		143
12-31-18		0.21		—		10.88		(15.32	)		1.47		1.40		1.40		1.26		30,149		16
12-31-17		0.19		—		13.06		21.66	^(a)		1.46		1.40		1.40		1.50		37,898		14
Class I
06-30-22⁺		—		—		9.20		(11.88	)		0.73		0.73		0.73		4.50		108,186		34
12-31-21		0.25		—		10.44		12.08			0.73		0.73		0.73		3.25		125,719		73
12-31-20		1.69		—		9.54		(0.71	)		0.74		0.74		0.74		2.37		122,082		74
12-31-19		1.24		—		11.49		16.75			0.80		0.76		0.75		2.86		139,862		143
12-31-18		0.27		—		11.00		(14.95	)		0.97		0.90		0.90		1.77		135,229		16
12-31-17		0.25		—		13.21		22.35	^(a)		0.96		0.90		0.90		2.00		183,905		14
Class S
06-30-22⁺		—		—		9.12		(11.97	)		0.98		0.98		0.98		4.20		210,645		34
12-31-21		0.23		—		10.36		11.79			0.98		0.98		0.98		3.00		258,075		73
12-31-20		1.66		—		9.47		(0.94	)		0.99		0.99		0.99		2.12		268,402		74
12-31-19		1.20		—		11.41		16.40			1.05		1.01		1.00		2.61		308,132		143
12-31-18		0.23		—		10.93		(15.15	)		1.22		1.15		1.15		1.52		309,059		16
12-31-17		0.22		—		13.12		22.00	^(a)		1.21		1.15		1.15		1.76		404,801		14
Class S2
06-30-22⁺		—		—		9.20		(12.13	)		1.13		1.13		1.13		4.23		400		34
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
12-31-17		0.18		—		13.05		21.90	^(a)		1.36		1.30		1.30		1.57		999		14

See Accompanying Notes to Financial Statements
19

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV
06-30-22⁺		14.21		0.06	^•		(1.59	)		(1.53	)		—		—		—
12-31-21		11.27		0.09	^•		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		—
12-31-17		12.03		0.11			1.16			1.27			0.12		0.52		—
Class I
06-30-22⁺		15.36		0.10	^•		(1.71	)		(1.61	)		—		—		—
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		—
12-31-17		12.72		0.19	^•		1.22			1.41			0.17		0.52		—
Class S
06-30-22⁺		15.09		0.08	^•		(1.68	)		(1.60	)		—		—		—
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		—
12-31-17		12.56		0.16			1.19			1.35			0.14		0.52		—
Class S2
06-30-22⁺		14.22		0.06	^•		(1.58	)		(1.52	)		—		—		—
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		—
12-31-17		12.01		0.12	^•		1.15			1.27			0.12		0.52		—
VY^® Baron Growth Portfolio
Class ADV
06-30-22⁺		28.60		(0.06	)^•		(8.49	)		(8.55	)		—		—		—
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	^*		(0.09	)		—		3.16		—
12-31-17		24.82		(0.10	)^•		6.72			6.62			0.16		3.40		—
Class I
06-30-22⁺		35.40		(0.01	)^•		(10.51	)		(10.52	)		—		—		—
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		—
12-31-17		26.92		0.03	^•		7.34			7.37			0.31		3.40		—
Class R6
06-30-22⁺		35.44		0.00	^*•		(10.52	)		(10.52	)		—		—		—
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	^*		—		3.16		—
12-31-17		26.93		0.13	^•		7.24			7.37			0.31		3.40		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV
06-30-22⁺		—		—		12.68		(10.77	)		1.79		1.35		1.35		0.80			95,893		38
12-31-21		0.09		—		14.21		26.94			1.80		1.35		1.35		0.67			110,892		55
12-31-20		0.18		—		11.27		3.35			1.86		1.35		1.35		0.92			96,609		70
12-31-19		1.29		—		11.12		30.17			1.66		1.34		1.34		0.99			108,460		52
12-31-18		1.44		—		9.64		(14.49	)		1.65		1.36		1.36		0.77			91,283		76
12-31-17		0.64		—		12.66		10.90			1.65		1.36		1.36		0.95			115,235		57
Class I
06-30-22⁺		—		—		13.75		(10.48	)		1.29		0.85		0.85		1.30			163,643		38
12-31-21		0.14		—		15.36		27.57			1.30		0.85		0.85		1.17			186,365		55
12-31-20		0.24		—		12.16		3.84			1.36		0.85		0.85		1.42			161,201		70
12-31-19		1.35		—		11.99		30.96			1.16		0.84		0.84		1.49			175,917		52
12-31-18		1.50		—		10.30		(14.15	)		1.15		0.86		0.86		1.30			142,379		76
12-31-17		0.69		—		13.44		11.44			1.15		0.86		0.86		1.44			151,054		57
Class S
06-30-22⁺		—		—		13.49		(10.60	)		1.54		1.10		1.10		1.05			87,781		38
12-31-21		0.12		—		15.09		27.30			1.55		1.10		1.10		0.92			100,022		55
12-31-20		0.21		—		11.95		3.52			1.61		1.10		1.10		1.17			85,902		70
12-31-19		1.31		—		11.79		30.67			1.41		1.09		1.09		1.24			93,230		52
12-31-18		1.47		—		10.14		(14.34	)		1.40		1.11		1.11		1.02			79,986		76
12-31-17		0.66		—		13.25		11.12			1.40		1.11		1.11		1.20			106,501		57
Class S2
06-30-22⁺		—		—		12.70		(10.69	)		1.69		1.25		1.25		0.85			1,625		38
12-31-21		0.09		—		14.22		27.11			1.70		1.25		1.25		0.74			2,415		55
12-31-20		0.19		—		11.26		3.40			1.76		1.25		1.25		1.02			3,328		70
12-31-19		1.29		—		11.12		30.42			1.56		1.24		1.24		1.07			3,271		52
12-31-18		1.45		—		9.62		(14.48	)		1.55		1.26		1.26		0.84			2,891		76
12-31-17		0.64		—		12.64		10.96			1.55		1.26		1.26		1.01			4,627		57
VY^® Baron Growth Portfolio
Class ADV
06-30-22⁺		—		—		20.05		(29.90	)		1.58		1.49		1.49		(0.53	)		94,921		—
12-31-21		2.44		—		28.60		20.14			1.59		1.49		1.49		(0.82	)		140,345		1
12-31-20		—		—		25.98		32.89			1.64		1.49		1.49		(0.80	)		122,298		1
12-31-19		14.04		—		19.55		38.24			1.49		1.49		1.49		(0.40	)		105,271		23
12-31-18		3.16		—		24.63		(2.15	)		1.49		1.49		1.49		(0.32	)		82,126		4
12-31-17		3.56		—		27.88		27.86			1.49		1.49		1.49		(0.38	)		88,499		3
Class I
06-30-22⁺		—		—		24.88		(29.72	)		1.08		0.99		0.99		(0.04	)		114,797		—
12-31-21		2.44		—		35.40		20.73			1.09		0.99		0.99		(0.32	)		177,254		1
12-31-20		—		—		31.49		33.55			1.14		0.99		0.99		(0.30	)		164,347		1
12-31-19		14.04		—		23.58		38.97			0.99		0.99		0.99		0.04			147,370		23
12-31-18		3.16		—		27.41		(1.68	)		0.99		0.99		0.99		0.17			118,743		4
12-31-17		3.71		—		30.58		28.52			0.99		0.99		0.99		0.11			145,389		3
Class R6
06-30-22⁺		—		—		24.92		(29.68	)		0.98		0.98		0.98		0.00	^*		35,794		—
12-31-21		2.44		—		35.44		20.74			0.97		0.97		0.97		(0.30	)		50,410		1
12-31-20		—		—		31.52		33.56			0.99		0.99		0.99		(0.30	)		44,926		1
12-31-19		14.04		—		23.60		38.94			0.99		0.99		0.99		0.20			33,764		23
12-31-18		3.16		—		27.43		(1.64	)		0.99		0.99		0.99		0.23			15,007		4
12-31-17		3.71		—		30.59		28.51			0.99		0.99		0.99		0.43			11,442		3

See Accompanying Notes to Financial Statements
20

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY^® Baron Growth Portfolio (continued)
Class S
06-30-22⁺		32.13		(0.04	)^•		(9.53	)		(9.57	)		—			—		—
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		—
12-31-17		25.93		(0.04	)^•		7.05			7.01			0.23			3.40		—
Class S2
06-30-22⁺		29.23		(0.05	)^•		(8.67	)		(8.72	)		—			—		—
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		—
12-31-17		24.92		(0.09	)^•		6.78			6.69			0.11			3.40		—
VY^® Columbia Contrarian Core Portfolio
Class ADV
06-30-22⁺		21.12		0.01	^•		(3.99	)		(3.98	)		—			—		—
12-31-21		19.23		0.00	^*•		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	^•		5.51			5.64			0.29			7.91		—
12-31-18		23.40		0.14	^•		(1.97	)		(1.83	)		0.15			2.48		—
12-31-17		20.66		0.13			4.17			4.30			0.20			1.36		—
Class I
06-30-22⁺		23.19		0.06	^•		(4.38	)		(4.32	)		—			—		—
12-31-21		20.88		0.12	^•		4.81			4.93			0.14			2.48		—
12-31-20		17.67		0.15	^•		3.61			3.76			0.01			0.54		—
12-31-19		20.01		0.25	^•		5.84			6.09			0.52			7.91		—
12-31-18		24.58		0.26	^•		(2.07	)		(1.81	)		0.28			2.48		—
12-31-17		21.61		0.25	^•		4.37			4.62			0.29			1.36		—
Class S
06-30-22⁺		22.39		0.04	^•		(4.23	)		(4.19	)		—			—		—
12-31-21		20.24		0.06	^•		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	^•		5.73			5.93			0.40			7.91		—
12-31-18		24.08		0.20	^•		(2.03	)		(1.83	)		0.21			2.48		—
12-31-17		21.21		0.19	^•		4.27			4.46			0.23			1.36		—
VY^® Columbia Small Cap Value II Portfolio
Class ADV
06-30-22⁺		20.83		(0.02	)^•		(3.70	)		(3.72	)		—			—		—
12-31-21		15.65		(0.02	)^•		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	^*		(3.06	)		(3.06	)		0.00	^*		2.09		—
12-31-17		18.50		0.00	^*•		1.89			1.89			0.03			0.79		—
Class I
06-30-22⁺		21.71		0.04	^•		(3.87	)		(3.83	)		—			—		—
12-31-21		16.27		0.07	^•		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	^•		(3.16	)		(3.06	)		0.11			2.09		—
12-31-17		19.05		0.10	^•		1.95			2.05			0.11			0.79		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® Baron Growth Portfolio (continued)
Class S
06-30-22⁺		—		—		22.56		(29.79	)		1.33		1.24		1.24		(0.28	)		193,123		—
12-31-21		2.44		—		32.13		20.43			1.34		1.24		1.24		(0.57	)		282,227		1
12-31-20		—		—		28.85		33.26			1.39		1.24		1.24		(0.55	)		261,358		1
12-31-19		14.04		—		21.65		38.52			1.24		1.24		1.24		(0.10	)		228,141		23
12-31-18		3.16		—		26.10		(1.89	)		1.24		1.24		1.24		(0.08	)		451,687		4
12-31-17		3.63		—		29.31		28.20			1.24		1.24		1.24		(0.13	)		512,397		3
Class S2
06-30-22⁺		—		—		20.51		(29.83	)		1.48		1.39		1.39		(0.42	)		1,916		—
12-31-21		2.44		—		29.23		20.25			1.49		1.39		1.39		(0.73	)		2,681		1
12-31-20		—		—		26.48		33.00			1.54		1.39		1.39		(0.69	)		2,963		1
12-31-19		14.04		—		19.91		38.37			1.39		1.39		1.39		(1.58	)		2,373		23
12-31-18		3.16		—		24.87		(2.05	)		1.39		1.39		1.39		(0.25	)		1,625		4
12-31-17		3.51		—		28.10		28.02			1.39		1.39		1.39		(0.32	)		1,835		3
VY^® Columbia Contrarian Core Portfolio
Class ADV
06-30-22⁺		—		—		17.14		(18.84	)		1.46		1.23		1.23		0.09			24,616		27
12-31-21		2.53		—		21.12		23.62			1.48		1.23		1.23		0.01			31,288		54
12-31-20		0.54		—		19.23		21.22			1.54		1.23		1.22		0.36			26,173		91
12-31-19		8.20		—		16.38		32.41			1.46		1.23		1.23		0.64			23,961		45
12-31-18		2.63		—		18.94		(9.23	)		1.44		1.22		1.21		0.61			21,088		64
12-31-17		1.56		—		23.40		21.32			1.44		1.21		1.20		0.58			29,515		45
Class I
06-30-22⁺		—		—		18.87		(18.63	)		0.96		0.73		0.72		0.59			120,984		27
12-31-21		2.62		—		23.19		24.23			0.98		0.73		0.72		0.52			157,468		54
12-31-20		0.55		—		20.88		21.79			1.04		0.73		0.72		0.80			129,553		91
12-31-19		8.43		—		17.67		33.05			0.96		0.73		0.73		1.14			8,548		45
12-31-18		2.76		—		20.01		(8.77	)		0.94		0.72		0.71		1.11			7,982		64
12-31-17		1.65		—		24.58		21.96			0.94		0.71		0.70		1.08			10,099		45
Class S
06-30-22⁺		—		—		18.20		(18.71	)		1.21		0.98		0.98		0.34			18,985		27
12-31-21		2.57		—		22.39		23.94			1.23		0.98		0.98		0.26			23,775		54
12-31-20		0.54		—		20.24		21.45			1.29		0.98		0.97		0.61			20,139		91
12-31-19		8.31		—		17.18		33.06			1.19		0.96		0.96		0.92			18,274		45
12-31-18		2.69		—		19.56		(8.99	)		1.19		0.97		0.96		0.86			222,203		64
12-31-17		1.59		—		24.08		21.58			1.19		0.96		0.95		0.83			285,025		45
VY^® Columbia Small Cap Value II Portfolio
Class ADV
06-30-22⁺		—		—		17.11		(17.86	)		1.48		1.43		1.42		(0.17	)		30,260		27
12-31-21		0.11		—		20.83		33.85			1.47		1.42		1.42		(0.10	)		39,427		56
12-31-20		0.61		—		15.65		9.28			1.51		1.42		1.41		0.18			24,162		47
12-31-19		2.08		—		15.06		19.88			1.41		1.38		1.37		0.27			25,615		25
12-31-18		2.09		—		14.42		(17.96	)		1.40		1.37		1.36		0.02			27,725		41
12-31-17		0.82		—		19.57		10.65			1.40		1.37		1.36		0.01			37,004		44
Class I
06-30-22⁺		—		—		17.88		(17.64	)		0.98		0.93		0.92		0.38			44,319		27
12-31-21		0.16		—		21.71		34.52			0.97		0.92		0.92		0.37			45,424		56
12-31-20		0.70		—		16.27		9.89			1.01		0.92		0.91		0.68			34,277		47
12-31-19		2.18		—		15.65		20.42			0.91		0.88		0.87		0.79			36,201		25
12-31-18		2.20		—		14.94		(17.53	)		0.90		0.87		0.86		0.53			33,887		41
12-31-17		0.90		—		20.20		11.21			0.90		0.87		0.86		0.50			43,897		44

See Accompanying Notes to Financial Statements
21

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® Columbia Small Cap Value II Portfolio (continued)
Class R6
06-30-22⁺		21.74		0.04	^•		(3.87	)		(3.83	)		—		—		—
12-31-21		16.29		0.10	^•		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		—
12-31-17		19.06		0.13	^•		1.92			2.05			0.11		0.79		—
Class S
06-30-22⁺		21.61		0.01	^•		(3.85	)		(3.84	)		—		—		—
12-31-21		16.20		0.02	^•		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		—
12-31-17		18.96		0.05	^•		1.94			1.99			0.06		0.79		—
Class S2
06-30-22⁺		20.85		(0.01	)^•		(3.70	)		(3.71	)		—		—		—
12-31-21		15.65		(0.00	)^*•		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	^•		2.67			2.72			0.03		2.07		—
12-31-18		19.52		0.02			(3.05	)		(3.03	)		—		2.09		—
12-31-17		18.44		0.01	^•		1.90			1.91			0.04		0.79		—
VY^® Invesco Comstock Portfolio
Class ADV
06-30-22⁺		21.05		0.13	^•		(1.80	)		(1.67	)		—		—		—
12-31-21		16.05		0.21	^•		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	^•		3.74			4.04			0.41		4.01		—
12-31-18		20.14		0.24	^•		(2.77	)		(2.53	)		0.22		—		—
12-31-17		17.33		0.19			2.80			2.99			0.18		—		—
Class I
06-30-22⁺		21.25		0.18	^•		(1.81	)		(1.63	)		—		—		—
12-31-21		16.20		0.31	^•		5.09			5.40			0.35		—		—
12-31-20		17.19		0.32	^•		(0.46	)		(0.14	)		0.40		0.45		—
12-31-19		17.52		0.40	^•		3.78			4.18			0.50		4.01		—
12-31-18		20.32		0.33			(2.80	)		(2.47	)		0.33		—		—
12-31-17		17.47		0.28	^•		2.85			3.13			0.28		—		—
Class S
06-30-22⁺		21.28		0.16	^•		(1.82	)		(1.66	)		—		—		—
12-31-21		16.23		0.26	^•		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	^•		3.77			4.13			0.45		4.01		—
12-31-18		20.30		0.29	^•		(2.81	)		(2.52	)		0.27		—		—
12-31-17		17.45		0.23	^•		2.85			3.08			0.23		—		—
VY^® Invesco Equity and Income Portfolio
Class ADV
06-30-22⁺		51.71		0.25	^•		(6.65	)		(6.40	)		—		—		—
12-31-21		44.76		0.36	^•		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	^•		6.82			7.44			0.68		2.35		—
12-31-18		46.81		0.64	^•		(4.95	)		(4.31	)		0.66		2.89		—
12-31-17		44.06		0.65			3.84			4.49			0.61		1.13		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® Columbia Small Cap Value II Portfolio (continued)
Class R6
06-30-22⁺		—		—		17.91		(17.62	)		0.89		0.86		0.85		0.40			10,133		27
12-31-21		0.17		—		21.74		34.57			0.89		0.86		0.86		0.49			12,560		56
12-31-20		0.70		—		16.29		9.94			0.91		0.88		0.87		0.71			6,983		47
12-31-19		2.18		—		15.66		20.48			0.91		0.88		0.87		0.81			6,701		25
12-31-18		2.20		—		14.94		(17.57	)		0.90		0.87		0.86		0.56			5,349		41
12-31-17		0.90		—		20.21		11.20			0.90		0.87		0.86		0.69			4,389		44
Class S
06-30-22⁺		—		—		17.77		(17.77	)		1.23		1.18		1.17		0.07			73,425		27
12-31-21		0.12		—		21.61		34.22			1.22		1.17		1.17		0.12			96,978		56
12-31-20		0.65		—		16.20		9.54			1.26		1.17		1.16		0.42			82,438		47
12-31-19		2.13		—		15.58		20.21			1.16		1.13		1.12		0.53			89,702		25
12-31-18		2.14		—		14.86		(17.76	)		1.15		1.12		1.11		0.26			89,274		41
12-31-17		0.85		—		20.10		10.92			1.15		1.12		1.11		0.25			124,984		44
Class S2
06-30-22⁺		—		—		17.14		(17.79	)		1.38		1.33		1.32		(0.06	)		1,539		27
12-31-21		0.10		—		20.85		33.96			1.37		1.32		1.32		(0.01	)		1,856		56
12-31-20		0.60		—		15.65		9.45			1.41		1.32		1.31		0.27			1,446		47
12-31-19		2.10		—		15.02		19.95			1.31		1.28		1.27		0.34			1,671		25
12-31-18		2.09		—		14.40		(17.87	)		1.30		1.27		1.26		0.11			2,431		41
12-31-17		0.83		—		19.52		10.77			1.30		1.27		1.26		0.06			3,431		44
VY^® Invesco Comstock Portfolio
Class ADV
06-30-22⁺		—		—		19.38		(7.93	)		1.28		1.20		1.20		1.26			32,466		15
12-31-21		0.24		—		21.05		32.69			1.29		1.20		1.20		1.06			34,649		31
12-31-20		0.75		—		16.05		(0.74	)		1.33		1.27		1.27		1.71			28,434		64
12-31-19		4.42		—		17.01		24.86			1.25		1.23		1.23		1.60			31,202		25
12-31-18		0.22		—		17.39		(12.56	)		1.25		1.23		1.23		1.16			28,006		29
12-31-17		0.18		—		20.14		17.31			1.25		1.23		1.23		1.00			36,178		14
Class I
06-30-22⁺		—		—		19.62		(7.67	)		0.78		0.70		0.70		1.71			139,256		15
12-31-21		0.35		—		21.25		33.33			0.79		0.70		0.70		1.58			178,856		31
12-31-20		0.85		—		16.20		(0.22	)		0.83		0.77		0.77		2.25			114,569		64
12-31-19		4.51		—		17.19		25.51			0.75		0.73		0.73		2.09			203,510		25
12-31-18		0.33		—		17.52		(12.16	)		0.75		0.73		0.73		1.72			219,086		29
12-31-17		0.28		—		20.32		17.95			0.75		0.73		0.73		1.50			188,040		14
Class S
06-30-22⁺		—		—		19.62		(7.80	)		1.03		0.95		0.95		1.51			79,957		15
12-31-21		0.30		—		21.28		32.96			1.04		0.95		0.95		1.31			81,485		31
12-31-20		0.78		—		16.23		(0.47	)		1.08		1.02		1.02		1.97			63,320		64
12-31-19		4.46		—		17.18		25.24			1.00		0.98		0.98		1.88			73,675		25
12-31-18		0.27		—		17.51		(12.39	)		1.00		0.98		0.98		1.41			215,609		29
12-31-17		0.23		—		20.30		17.68			1.00		0.98		0.98		1.25			274,498		14
VY^® Invesco Equity and Income Portfolio
Class ADV
06-30-22⁺		—		—		45.31		(12.38	)		1.21		1.14		1.14		1.03			42,716		72
12-31-21		1.10		—		51.71		18.03			1.20		1.14		1.14		0.73			49,436		127
12-31-20		2.43		—		44.76		9.62			1.21		1.14		1.14		1.34			42,053		90
12-31-19		3.03		—		43.36		19.50			1.17		1.14		1.14		1.47			44,825		143
12-31-18		3.55		—		38.95		(9.90	)		1.17		1.14		1.14		1.40			43,200		161
12-31-17		1.74		—		46.81		10.32			1.17		1.14		1.14		1.43			54,583		134

See Accompanying Notes to Financial Statements
22

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® Invesco Equity and Income Portfolio (continued)
Class I
06-30-22⁺		52.69		0.39	^•		(6.79	)		(6.40	)		—		—		—
12-31-21		45.58		0.62	^•		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	^•		6.94			7.79			0.90		2.35		—
12-31-18		47.51		0.88	^•		(5.06	)		(4.18	)		0.90		2.89		—
12-31-17		44.86		0.89	^•		3.93			4.82			1.04		1.13		—
Class S
06-30-22⁺		52.29		0.32	^•		(6.73	)		(6.41	)		—		—		—
12-31-21		45.24		0.49	^•		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	^•		6.88			7.62			0.78		2.35		—
12-31-18		47.22		0.76	^•		(5.01	)		(4.25	)		0.78		2.89		—
12-31-17		44.48		0.77	^•		3.89			4.66			0.79		1.13		—
Class S2
06-30-22⁺		51.45		0.28	^•		(6.62	)		(6.34	)		—		—		—
12-31-21		44.52		0.42	^•		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	^•		6.78			7.45			0.72		2.35		—
12-31-18		46.59		0.69	^•		(4.93	)		(4.24	)		0.71		2.89		—
12-31-17		43.85		0.70	^•		3.83			4.53			0.66		1.13		—
VY^® Invesco Global Portfolio
Class ADV
06-30-22⁺		24.55		(0.02	)^•		(7.84	)		(7.86	)		—		—		—
12-31-21		22.38		(0.19	)^•		3.51			3.32			—		1.15		—
12-31-20		18.41		(0.10	)^•		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		—
12-31-17		15.90		0.04			5.64			5.68			0.13		0.03		—
Class I
06-30-22⁺		26.21		0.03	^•		(8.38	)		(8.35	)		—		—		—
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		—
12-31-17		16.56		0.15			5.87			6.02			0.22		0.03		—
Class S
06-30-22⁺		24.83		0.00	^*•		(7.93	)		(7.93	)		—		—		—
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		—
12-31-17		15.98		0.08			5.67			5.75			0.17		0.03		—
Class S2
06-30-22⁺		23.85		(0.01	)^•		(7.62	)		(7.63	)		—		—		—
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		—
12-31-17		15.58		0.05			5.53			5.58			0.16		0.03		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® Invesco Equity and Income Portfolio (continued)
Class I
06-30-22⁺		—		—		46.29		(12.15	)		0.71		0.64		0.64		1.53			421,139		72
12-31-21		1.34		—		52.69		18.60			0.70		0.64		0.64		1.23			502,445		127
12-31-20		2.64		—		45.58		10.18			0.71		0.64		0.64		1.84			467,994		90
12-31-19		3.25		—		44.08		20.10			0.67		0.64		0.64		1.97			484,839		143
12-31-18		3.79		—		39.54		(9.46	)		0.67		0.64		0.64		1.90			468,289		161
12-31-17		2.17		—		47.51		10.90			0.67		0.64		0.64		1.92			594,834		134
Class S
06-30-22⁺		—		—		45.88		(12.26	)		0.96		0.89		0.89		1.27			355,244		72
12-31-21		1.21		—		52.29		18.31			0.95		0.89		0.89		0.97			437,821		127
12-31-20		2.53		—		45.24		9.88			0.96		0.89		0.89		1.59			436,888		90
12-31-19		3.13		—		43.79		19.80			0.92		0.89		0.89		1.72			473,465		143
12-31-18		3.67		—		39.30		(9.67	)		0.92		0.89		0.89		1.65			463,989		161
12-31-17		1.92		—		47.22		10.62			0.92		0.89		0.89		1.67			606,503		134
Class S2
06-30-22⁺		—		—		45.11		(12.32	)		1.11		1.02		1.02		1.15			266,054		72
12-31-21		1.13		—		51.45		18.17			1.10		1.02		1.02		0.84			320,526		127
12-31-20		2.47		—		44.52		9.76			1.11		1.02		1.02		1.46			308,786		90
12-31-19		3.07		—		43.13		19.63			1.07		1.02		1.02		1.59			328,815		143
12-31-18		3.60		—		38.75		(9.79	)		1.07		1.02		1.02		1.52			321,618		161
12-31-17		1.79		—		46.59		10.48			1.07		1.02		1.02		1.54			420,527		134
VY^® Invesco Global Portfolio
Class ADV
06-30-22⁺		—		—		16.69		(32.02	)		1.33		1.30		1.30		(0.22	)		98,028		6
12-31-21		1.15		—		24.55		14.80			1.33		1.30		1.30		(0.80	)		149,741		7
12-31-20		0.84		—		22.38		27.19			1.35		1.30		1.30		(0.53	)		131,946		8
12-31-19		3.58		—		18.41		31.10			1.25		1.25		1.25		0.26			123,467		8
12-31-18		1.74		—		17.06		(13.62	)		1.25		1.25		1.25		0.22			101,759		17
12-31-17		0.16		—		21.42		35.82			1.25		1.25		1.25		0.17			120,344		9
Class I
06-30-22⁺		—		—		17.86		(31.86	)		0.83		0.80		0.80		0.28			899,965		6
12-31-21		1.15		—		26.21		15.37			0.83		0.80		0.80		(0.30	)		1,381,312		7
12-31-20		0.94		—		23.71		27.78			0.85		0.80		0.80		(0.03	)		1,332,750		8
12-31-19		3.68		—		19.46		31.80			0.75		0.75		0.75		0.76			1,225,197		8
12-31-18		1.83		—		17.86		(13.19	)		0.75		0.75		0.75		0.72			1,061,448		17
12-31-17		0.25		—		22.33		36.49			0.75		0.75		0.75		0.68			1,384,452		9
Class S
06-30-22⁺		—		—		16.90		(31.94	)		1.08		1.05		1.05		0.02			115,972		6
12-31-21		1.15		—		24.83		15.13			1.08		1.05		1.05		(0.55	)		185,986		7
12-31-20		0.89		—		22.56		27.43			1.10		1.05		1.05		(0.28	)		188,985		8
12-31-19		3.62		—		18.56		31.44			1.00		1.00		1.00		0.52			181,045		8
12-31-18		1.78		—		17.17		(13.39	)		1.00		1.00		1.00		0.49			167,520		17
12-31-17		0.20		—		21.53		36.13			1.00		1.00		1.00		0.41			238,436		9
Class S2
06-30-22⁺		—		—		16.22		(31.99	)		1.23		1.20		1.20		(0.12	)		2,638		6
12-31-21		1.15		—		23.85		14.91			1.23		1.20		1.20		(0.69	)		4,152		7
12-31-20		0.84		—		21.75		27.33			1.25		1.20		1.20		(0.42	)		4,266		8
12-31-19		3.61		—		17.89		31.26			1.15		1.15		1.15		0.37			4,611		8
12-31-18		1.76		—		16.67		(13.56	)		1.15		1.15		1.15		0.30			3,963		17
12-31-17		0.19		—		20.97		35.92			1.15		1.15		1.15		0.27			4,030		9

See Accompanying Notes to Financial Statements
23

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
06-30-22⁺		19.24		0.05	^•		(2.67	)		(2.62	)		—			—		—
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		—
12-31-17		19.31		0.07			2.41			2.48			0.07			1.94		—
Class I
06-30-22⁺		20.00		0.10	^•		(2.78	)		(2.68	)		—			—		—
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		—
12-31-17		19.75		0.18	^•		2.48			2.66			0.17			1.94		—
Class S
06-30-22⁺		19.72		0.07	^•		(2.74	)		(2.67	)		—			—		—
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		—
12-31-17		19.58		0.12	^•		2.46			2.58			0.12			1.94		—
Class S2
06-30-22⁺		19.17		0.06	^•		(2.67	)		(2.61	)		—			—		—
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		—
12-31-17		19.25		0.09	^•		2.41			2.50			0.09			1.94		—
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
06-30-22⁺		12.43		(0.03	)^•		(3.59	)		(3.62	)		—			—		—
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		—
12-31-17		9.19		(0.03	)		2.17			2.14			0.03			0.80		—
Class I
06-30-22⁺		14.82		(0.00	)^*•		(4.29	)		(4.29	)		—			—		—
12-31-21		15.20		(0.06	)^•		2.13			2.07			0.00	^*		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		—
12-31-17		10.03		0.02			2.38			2.40			0.07			0.80		—
Class R6
06-30-22⁺		14.84		(0.00	)^*•		(4.30	)		(4.30	)		—			—		—
12-31-21		15.22		(0.06	)^•		2.13			2.07			0.00	^*		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		—
12-31-17		10.03		0.02	^•		2.38			2.40			0.07			0.80		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
06-30-22⁺		—		—		16.62		(13.62	)		1.48		1.38		1.38		0.52			78,770		8
12-31-21		0.75		—		19.24		29.15			1.49		1.38		1.38		0.28			93,649		22
12-31-20		1.40		—		15.51		0.08			1.51		1.38		1.38		0.58			79,036		18
12-31-19		2.45		—		17.15		25.81			1.39		1.39		1.39		0.71			89,967		9
12-31-18		1.84		—		15.74		(12.37	)		1.38		1.38		1.38		0.79			80,243		12
12-31-17		2.01		—		19.78		13.41			1.37		1.37		1.37		0.37			99,801		10
Class I
06-30-22⁺		—		—		17.32		(13.40	)		0.98		0.88		0.88		1.00			109,959		8
12-31-21		0.85		—		20.00		29.79			0.99		0.88		0.88		0.77			138,540		22
12-31-20		1.47		—		16.09		0.55			1.01		0.88		0.88		1.08			124,709		18
12-31-19		2.54		—		17.72		26.46			0.89		0.89		0.89		1.21			150,535		9
12-31-18		1.94		—		16.18		(11.96	)		0.88		0.88		0.88		1.28			144,880		12
12-31-17		2.11		—		20.30		14.04			0.87		0.87		0.87		0.87			210,989		10
Class S
06-30-22⁺		—		—		17.05		(13.54	)		1.23		1.13		1.13		0.76			152,246		8
12-31-21		0.80		—		19.72		29.51			1.24		1.13		1.13		0.53			188,813		22
12-31-20		1.44		—		15.87		0.28			1.26		1.13		1.13		0.83			169,728		18
12-31-19		2.49		—		17.51		26.21			1.14		1.14		1.14		0.96			200,304		9
12-31-18		1.89		—		16.01		(12.19	)		1.13		1.13		1.13		1.03			187,165		12
12-31-17		2.06		—		20.10		13.72			1.12		1.12		1.12		0.61			256,845		10
Class S2
06-30-22⁺		—		—		16.56		(13.62	)		1.38		1.28		1.28		0.61			1,325		8
12-31-21		0.79		—		19.17		29.29			1.39		1.28		1.28		0.43			1,996		22
12-31-20		1.41		—		15.47		0.18			1.41		1.28		1.28		0.69			1,340		18
12-31-19		2.46		—		17.10		25.96			1.29		1.29		1.29		0.81			1,782		9
12-31-18		1.86		—		15.69		(12.30	)		1.28		1.28		1.28		0.86			2,116		12
12-31-17		2.03		—		19.72		13.52			1.27		1.27		1.27		0.45			3,382		10
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
06-30-22⁺		—		—		8.81		(29.12	)		1.35		1.28		1.28		(0.57	)		51,836		17
12-31-21		2.45		—		12.43		13.24			1.34		1.30		1.30		(0.91	)		76,149		31
12-31-20		1.06		—		13.16		31.26			1.37		1.30		1.30		(0.49	)		64,622		53
12-31-19		1.31		—		11.00		36.56			1.27		1.27		1.27		(0.28	)		90,526		16
12-31-18		1.16		—		9.08		(3.77	)		1.27		1.27		1.27		(0.14	)		61,179		19
12-31-17		0.83		—		10.50		24.12			1.27		1.27		1.27		(0.32	)		62,022		28
Class I
06-30-22⁺		—		—		10.53		(28.95	)		0.85		0.78		0.78		(0.07	)		821,015		17
12-31-21		2.45		—		14.82		13.80			0.84		0.80		0.80		(0.41	)		1,214,371		31
12-31-20		1.06		—		15.20		31.84			0.87		0.80		0.80		(0.07	)		1,179,581		53
12-31-19		1.32		—		12.50		37.20			0.77		0.77		0.77		0.21			985,213		16
12-31-18		1.18		—		10.14		(3.23	)		0.77		0.77		0.77		0.36			763,686		19
12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			879,678		28
Class R6
06-30-22⁺		—		—		10.54		(28.98	)		0.77		0.75		0.75		(0.02	)		89,003		17
12-31-21		2.45		—		14.84		13.80			0.76		0.76		0.76		(0.37	)		118,927		31
12-31-20		1.06		—		15.22		31.90			0.77		0.77		0.77		(0.13	)		109,585		53
12-31-19		1.32		—		12.51		37.31			0.77		0.77		0.77		0.24			30,761		16
12-31-18		1.18		—		10.14		(3.24	)		0.77		0.77		0.77		0.38			15,642		19
12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			9,313		28

See Accompanying Notes to Financial Statements
24

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class S
06-30-22⁺		13.88		(0.02	)^•		(4.02	)		(4.04	)		—		—		—
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		—
12-31-17		9.71		(0.01	)^•		2.30			2.29			0.05		0.80		—
Class S2
06-30-22⁺		12.57		(0.02	)^•		(3.64	)		(3.66	)		—		—		—
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		—
12-31-17		9.22		(0.02	)		2.18			2.16			0.04		0.80		—
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
06-30-22⁺		102.35		(0.34	)^•		(38.01	)		(38.35	)		—		—		—
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		—
12-31-17		72.53		(0.23	)		23.41			23.18			—		9.49		—
Class I
06-30-22⁺		119.12		(0.16	)^•		(44.29	)		(44.45	)		—		—		—
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		—
12-31-17		77.44		0.19			25.10			25.29			0.05		9.49		—
Class S
06-30-22⁺		110.92		(0.26	)^•		(41.22	)		(41.48	)		—		—		—
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		—
12-31-17		74.96		(0.03	)		24.25			24.22			—		9.49		—
Class S2
06-30-22⁺		105.14		(0.31	)^•		(39.06	)		(39.37	)		—		—		—
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		—
12-31-17		73.27		(0.16	)^•		23.68			23.52			—		9.49		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class S
06-30-22⁺		—		—		9.84		(29.11	)		1.10		1.03		1.03		(0.33	)		28,210		17
12-31-21		2.45		—		13.88		13.58			1.09		1.05		1.05		(0.66	)		45,922		31
12-31-20		1.06		—		14.40		31.42			1.12		1.05		1.05		(0.30	)		49,415		53
12-31-19		1.31		—		11.93		36.88			1.02		1.02		1.02		(0.04	)		47,101		16
12-31-18		1.16		—		9.74		(3.44	)		1.02		1.02		1.02		0.11			42,403		19
12-31-17		0.85		—		11.15		24.46			1.02		1.02		1.02		(0.07	)		55,222		28
Class S2
06-30-22⁺		—		—		8.91		(29.12	)		1.25		1.18		1.18		(0.46	)		4,220		17
12-31-21		2.45		—		12.57		13.28			1.24		1.20		1.20		(0.82	)		5,903		31
12-31-20		1.06		—		13.28		31.40			1.27		1.20		1.20		(0.46	)		6,833		53
12-31-19		1.31		—		11.08		36.69			1.17		1.17		1.17		(0.18	)		5,586		16
12-31-18		1.16		—		9.13		(3.65	)		1.17		1.17		1.17		(0.03	)		4,094		19
12-31-17		0.84		—		10.54		24.28			1.17		1.17		1.17		(0.21	)		4,103		28
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
06-30-22⁺		—		—		64.00		(37.47	)		1.29		1.23		1.23		(0.85	)		233,359		18
12-31-21		9.55		—		102.35		19.54			1.30		1.23		1.23		(0.91	)		394,504		28
12-31-20		3.46		—		93.76		36.00			1.31		1.23		1.23		(0.75	)		362,950		36
12-31-19		19.26		—		71.90		30.15			1.23		1.21		1.21		(0.43	)		302,258		26
12-31-18		15.87		—		70.96		(1.57	)		1.23		1.21		1.21		(0.24	)		239,404		47
12-31-17		9.49		—		86.22		32.91			1.24		1.23		1.23		(0.29	)		248,624		51
Class I
06-30-22⁺		—		—		74.67		(37.32	)		0.79		0.73		0.73		(0.35	)		1,048,076		18
12-31-21		9.55		—		119.12		20.15			0.80		0.73		0.73		(0.41	)		1,742,542		28
12-31-20		3.46		—		107.26		36.68			0.81		0.73		0.73		(0.25	)		1,506,472		36
12-31-19		19.43		—		81.43		30.83			0.73		0.71		0.71		0.07			1,290,657		26
12-31-18		16.10		—		78.04		(1.09	)		0.73		0.71		0.71		0.27			1,092,998		47
12-31-17		9.54		—		93.19		33.58			0.74		0.73		0.73		0.21			1,101,965		51
Class S
06-30-22⁺		—		—		69.44		(37.40	)		1.04		0.98		0.98		(0.60	)		43,112		18
12-31-21		9.55		—		110.92		19.85			1.05		0.98		0.98		(0.66	)		72,845		28
12-31-20		3.46		—		100.68		36.36			1.06		0.98		0.98		(0.50	)		74,335		36
12-31-19		19.26		—		76.79		30.47			0.98		0.96		0.96		(0.18	)		65,359		26
12-31-18		15.91		—		74.54		(1.33	)		0.98		0.96		0.96		0.01			329,427		47
12-31-17		9.49		—		89.69		33.25			0.99		0.98		0.98		(0.04	)		379,473		51
Class S2
06-30-22⁺		—		—		65.77		(37.45	)		1.19		1.13		1.13		(0.75	)		3,717		18
12-31-21		9.55		—		105.14		19.68			1.20		1.13		1.13		(0.81	)		6,338		28
12-31-20		3.46		—		95.99		36.13			1.21		1.13		1.13		(0.64	)		5,735		36
12-31-19		19.26		—		73.47		30.27			1.13		1.11		1.11		(0.33	)		9,074		26
12-31-18		15.87		—		72.10		(1.47	)		1.13		1.11		1.11		(0.14	)		8,564		47
12-31-17		9.49		—		87.30		33.06			1.14		1.13		1.13		(0.19	)		9,014		51

See Accompanying Notes to Financial Statements
25

FINANCIAL HIGHLIGHTS (CONTINUED)

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

⁽²⁾ Annualized for periods less than one year.

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

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

^(a) Excluding amounts from foreign withholding tax claims received in the year ended December 31, 2017, total return for Voya International High Dividend Low Volatility Portfolio would have been 21.38%, 21.98%, 21.63%, and 21.53% for Classes ADV, I, S, and S2, respectively.

⁺ Unaudited.

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

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

See Accompanying Notes to Financial Statements
26

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

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^® American Century Small-Mid Cap Value Portfolio ("American Century Small-Mid Cap Value"), VY^® Baron Growth Portfolio ("Baron Growth"), VY^® Columbia Contrarian Core Portfolio ("Columbia Contrarian Core"), VY^® Columbia Small Cap Value II Portfolio ("Columbia Small Cap Value II"), VY^® Invesco Comstock Portfolio ("Invesco Comstock"), VY^® Invesco Equity and Income Portfolio ("Invesco Equity and Income"), VY^® Invesco Global Portfolio ("Invesco Global"), VY^® JPMorgan Mid Cap Value Portfolio ("JPMorgan Mid Cap Value"), VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio ("T. Rowe Price Diversified Mid Cap Growth") and VY^® 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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios' Board of Directors ("Board"). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter ("OTC") market are valued

based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios' valuation procedures; a "Pricing Committee" comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio. Each Portfolio's fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

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

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

presented only when a Portfolio has a significant amount of Level 3 investments.

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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,

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

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

Risks of Investing in Derivatives. A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 June 30, 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 $1,753,778, $8,363 and $768,864, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts, and purchased options were they to be unwound as of June 30, 2022. At June 30, 2022, Global Bond had received $380,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at June 30, 2022.

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

As of June 30, 2022, Global Bond, Invesco Comstock, and Invesco Equity and Income had a liability position of $2,536,002, $10,174, and $149,582, respectively, on open forward foreign currency contracts, forward premium swaptions, OTC written options, OTC volatility swaps and OTC total return swaps with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2022, the Portfolios could have been required to pay this amount in cash to its counterparties. As of June 30, 2022, Global Bond had

pledged $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 June 30, 2022.

As of June 30, 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 period ended June 30, 2022, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased		Sold
Global Bond*	$	164,137,157	$	104,893,489
International High Dividend Low Volatility**		—		101,432
American Century Small-Mid Cap Value**		234,847		17,990,127
Invesco Comstock**		457,770		5,310,625
Invesco Equity and Income**		11,563,088		39,331,563

* For the period ended June 30, 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 June 30, 2022.

** For the period ended June 30, 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 June 30, 2022.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 period ended June 30, 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 period ended June 30, 2022, Global Bond had an average notional value of $38,292,472 and $27,773,410 on futures contracts purchased and sold, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at June 30, 2022.

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

K. Restricted Securities. 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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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' Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At June 30, 2022, Global Bond pledged $280,000 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 period ended June 30, 2022, Global Bond had purchased and written interest rate swaptions with an average notional value of $1,938,000 and $8,125,333, 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 June 30, 2022. There were no open purchased interest rate swaptions at June 30, 2022.

During the period ended June 30, 2022, Global Bond had purchased and written foreign currency options with an average notional value of $8,636,250 and $7,069,800,

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 June 30, 2022.

During the period ended June 30, 2022, Global Bond had purchased forward premium swaptions with an average notional value of $6,734,500 to gain exposure to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at June 30, 2022.

During the period ended June 30, 2022, Global Bond had purchased and written options on equity indices with an average notional value of $11,618,793 and $6,310,922, respectively, to gain exposure to certain equity markets and to generate income. There were no open purchased and written equity options at June 30, 2022

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

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

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

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

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

During the period ended June 30, 2022, Global Bond sold credit protection on credit default swap indices ("CDX") with an average notional amount of $4,124,400 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. There were no open credit default swaps to sell protection at June 30, 2022.

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

For the period ended June 30, 2022, Global Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("Long

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

interest rate swap") in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps was $37,513,913.

For the period ended June 30, 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 $79,317,058.

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 June 30, 2022.

At June 30, 2022, Global Bond had pledged $2,101,000 in cash collateral for open centrally cleared swaps.

Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, 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 period ended June 30, 2022, Global Bond had entered into receiver volatility swaps on foreign currencies with an average notional amount of $2,266,980. Please refer to the Portfolio of Investments for open volatility swaps at June 30, 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 period ended June 30, 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. Please refer to the Portfolio of Investments for open total return swaps at June 30, 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 June 30, 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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 structured notes for either Global Bond and Invesco Equity and Income at June 30, 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.

NOTE 3 — INVESTMENT TRANSACTIONS

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

	Purchases		Sales
Global Bond	$	13,372,096	$	33,283,107
International High Dividend Low Volatility		129,339,544		135,288,020
American Century Small-Mid Cap Value		141,816,256		147,007,819
Baron Growth		1,635,334		27,300,813
Columbia Contrarian Core		49,828,849		62,588,483
Columbia Small Cap Value II		47,105,021		51,654,459
Invesco Comstock		40,526,348		66,409,584
Invesco Equity and Income		150,753,804		173,627,939
Invesco Global		86,554,834		149,554,527
JPMorgan Mid Cap Value		32,031,694		65,675,530
T. Rowe Price Diversified Mid Cap Growth		206,897,756		257,643,224
T. Rowe Price Growth Equity		314,420,581		387,845,438

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

	Purchases		Sales
Global Bond	$	87,562,007	$	75,108,556
Invesco Equity and Income		704,511,988		734,547,685

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⁽¹⁾				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 Low Volatility				0.60% on all assets
American Century Small-Mid Cap Value⁽¹⁾				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
Columbia Contrarian Core⁽¹⁾				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⁽¹⁾				0.85% on all assets
Invesco Comstock				0.70% on all assets
Invesco Equity and Income⁽¹⁾				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				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 Cap Growth⁽²⁾				0.74% on all assets
T. Rowe Price Growth Equity⁽¹⁾				0.70% on all assets

⁽¹⁾ The Investment Adviser is contractually obligated to waive 0.003%, 0.165%, 0.023%, 0.027%, 0.01% 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, and T. Rowe Price Growth Equity, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

⁽²⁾ Effective January 1, 2022, the Investment Adviser is contractually obligated to waive 0.02% of the management fee for T. Rowe Price Diversified Mid Cap Growth. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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.

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

Subsidiary/Affilitiated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	Invesco Comstock		5.79	%
	Invesco Global		6.88
	T. Rowe Price Diversified Mid Cap Growth		10.95
Security Life of Denver Insurance Company	Global Bond		8.59
	Columbia Small Cap Value II		5.45
Voya Institutional Trust Company	Global Bond		13.79
	International High Dividend Low Volatility		6.87
	American Century Small-Mid Cap Value		53.55
	Baron Growth		32.17
	Columbia Contrarian Core		15.51
	Columbia Small Cap Value II		21.73
	Invesco Comstock		12.97
	Invesco Global		15.78
	JPMorgan Mid Cap Value		31.04
	T. Rowe Price Diversified Mid Cap Growth		14.77
	T. Rowe Price Growth Equity		29.23
Voya Retirement Insurance and Annuity Company	Global Bond		70.89
	International High Dividend Low Volatility		25.37
	American Century Small-Mid Cap Value		44.03
	Baron Growth		61.74
	Columbia Contrarian Core		14.23
	Columbia Small Cap Value II		27.96
	Invesco Comstock		35.19
	Invesco Equity and Income		37.24
	Invesco Global		66.79
	JPMorgan Mid Cap Value		39.45
	T. Rowe Price Diversified Mid Cap Growth		62.93
	T. Rowe Price Growth Equity		55.43
Voya Solution 2035 Portfolio	Columbia Contrarian Core		19.26
	Invesco Comstock		6.33
Voya Solution 2045 Portfolio	Columbia Contrarian Core		18.58
	Invesco Comstock		6.52
Voya Solution 2055 Portfolio	Columbia Contrarian Core		6.31
Voya Solution Moderately Aggressive Portfolio	Columbia Contrarian Core		16.91
	Invesco Comstock		8.34

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

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

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

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 period ended June 30, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Global Bond	$	85,576
International High Dividend Low Volatility		137,390
American Century Small-Mid Cap Value		316,864
Baron Growth		227,079
Columbia Contrarian Core		27,966
Columbia Small Cap Value II		77,426
Invesco Comstock		73,924
Invesco Equity and Income		250,712
Invesco Global		590,356
JPMorgan Mid Cap Value		186,347
T. Rowe Price Diversified Mid Cap Growth		407,939
T. Rowe Price Growth Equity		482,580

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 Dividend Low Volatility		1.25	%		0.75	%		N/A			1.00	%		1.15	%
American Century Small-Mid Cap 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 Core⁽¹⁾		N/A			N/A			N/A			N/A			N/A
Columbia Small Cap Value II		1.45	%		0.95	%		0.95	%		1.20	%		1.35	%
Invesco Comstock⁽²⁾		N/A			N/A			N/A			N/A			N/A
Invesco Equity and 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 Value		1.38	%		0.88	%		N/A			1.13	%		1.28	%
T. Rowe Price Diversified Mid Cap Growth		1.30	%		0.80	%		0.80	%		1.05	%		1.20	%
T. Rowe Price Growth Equity		1.25	%		0.75	%		N/A			1.00	%		1.15	%

⁽¹⁾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.

⁽²⁾ Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits are 1.20%, 0.70%, 0.70%, 0.95%, and 1.10% for Class ADV, Class I, Class R6, 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.

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

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

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

	June 30,
	2023		2024		2025		Total
Global Bond	$	88,738	$	234,432	$	185,913	$	509,083
American Century Small-Mid Cap Value		784,413		1,131,819		998,001		2,914,233
Baron Growth		2,722		—		—		2,722
Invesco Equity and Income		476,420		746,768		659,753		1,882,941
Invesco Global		328,720		658,532		311,359		1,298,611
JPMorgan Mid Cap Value		227,449		465,758		402,785		1,095,992
T. Rowe Price Growth Equity		508,899		1,068,227		831,119		2,408,245

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 June 30, 2022, are as follows:

	June 30,
	2023		2024		2025		Total
Baron Growth
Class ADV	$	66,257	$	152,449	$	104,977	$	323,683
Class I		93,054		207,747		132,224		433,025
Class S		143,130		319,018		213,232		675,380
Class S2		1,573		3,581		2,063		7,217
Columbia Small Cap Value II
Class ADV		6,218		12,639		6,312		25,169
Class I		8,298		17,003		8,076		33,377
Class S		21,115		39,581		15,311		76,007
Class S2		367		738		294		1,399
T. Rowe Price Diversified Mid Cap Growth
Class ADV		20,877		37,703		24,189		82,769
Class I		319,074		695,917		392,141		1,407,132
Class S		13,669		27,766		14,422		55,857
Class S2		1,737		3,860		2,042		7,639

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 six months ended June 30, 2022 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Global Bond		5	$	1,219,000		1.58	%
International High Dividend Low Volatility		7		1,342,714		1.78
Baron Growth		36		1,216,444		1.38
Columbia Contrarian Core		1		1,496,000		1.33
Invesco Global		1		544,000		1.33
JPMorgan Mid Cap Value		1		4,477,000		1.33
T. Rowe Price Diversified Mid Cap Growth		4		1,870,500		1.53
T. Rowe Price Growth Equity		1		10,999,000		1.33

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

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Global Bond
Class ADV
6/30/2022		26,961		—		22,875		(147,404	)		(97,568	)		248,372		—		208,571		(1,323,837	)		(866,894	)
12/31/2021		146,488		—		101,137		(225,961	)		21,664			1,554,242		—		1,059,813		(2,405,586	)		208,469
Class I
6/30/2022		235,542		—		156,394		(609,001	)		(217,065	)		2,150,932		—		1,452,188		(5,723,602	)		(2,120,482	)
12/31/2021		427,848		—		628,708		(1,280,804	)		(224,248	)		4,747,549		—		6,725,199		(13,948,944	)		(2,476,196	)
Class S
6/30/2022		194,644		—		38,403		(326,647	)		(93,600	)		1,859,963		—		356,107		(3,072,023	)		(855,953	)
12/31/2021		359,591		—		155,896		(538,462	)		(22,975	)		3,908,842		—		1,663,347		(5,968,917	)		(396,728	)
International High Dividend Low Volatility
Class ADV
6/30/2022		119,140		—		—		(160,811	)		(41,671	)		1,163,208		—		—		(1,586,617	)		(423,409	)
12/31/2021		102,390		—		52,566		(365,602	)		(210,646	)		1,037,243		—		540,901		(3,670,569	)		(2,092,425	)
Class I
6/30/2022		524,637		—		—		(805,847	)		(281,210	)		5,267,739		—		—		(8,128,567	)		(2,860,828	)
12/31/2021		460,734		—		295,016		(1,508,212	)		(752,462	)		4,759,975		—		3,068,169		(15,417,513	)		(7,589,369	)
Class S
6/30/2022		353,492		—		—		(2,159,178	)		(1,805,686	)		3,524,595		—		—		(21,253,891	)		(17,729,296	)
12/31/2021		454,811		—		564,287		(4,446,542	)		(3,427,444	)		4,684,050		—		5,834,728		(45,069,304	)		(34,550,526	)
Class S2
6/30/2022		6,248		—		—		(25	)		6,223			61,899		—		—		(249	)		61,650
12/31/2021		2,385		—		706		(689	)		2,402			24,459		—		7,373		(7,050	)		24,782
American Century Small-Mid Cap Value
Class ADV
6/30/2022		207,688		—		—		(451,269	)		(243,581	)		2,876,535		—		—		(6,253,456	)		(3,376,921	)
12/31/2021		574,260		—		54,874		(1,398,054	)		(768,920	)		7,645,195		—		741,893		(18,477,186	)		(10,090,098	)
Class I
6/30/2022		640,569		—		—		(867,527	)		(226,958	)		9,647,806		—		—		(13,034,597	)		(3,386,791	)
12/31/2021		1,216,000		—		122,634		(2,463,814	)		(1,125,180	)		17,471,822		—		1,787,999		(35,235,044	)		(15,975,223	)
Class S
6/30/2022		278,968		—		—		(398,289	)		(119,321	)		4,135,377		—		—		(5,888,379	)		(1,753,002	)
12/31/2021		371,537		—		54,847		(984,265	)		(557,881	)		5,318,031		—		786,510		(13,429,366	)		(7,324,825	)
Class S2
6/30/2022		22,550		—		—		(64,455	)		(41,905	)		314,010		—		—		(895,445	)		(581,435	)
12/31/2021		52,013		—		1,416		(179,069	)		(125,640	)		674,027		—		19,149		(2,412,139	)		(1,718,963	)
Baron Growth
Class ADV
6/30/2022		123,921		—		—		(297,906	)		(173,985	)		2,862,795		—		—		(7,145,257	)		(4,282,462	)
12/31/2021		260,360		—		419,077		(479,266	)		200,171			7,095,819		—		11,180,973		(13,154,085	)		5,122,707
Class I
6/30/2022		120,307		—		—		(514,212	)		(393,905	)		3,415,667		—		—		(15,000,206	)		(11,584,539	)
12/31/2021		311,835		—		361,998		(885,710	)		(211,877	)		10,500,975		—		11,935,097		(29,525,384	)		(7,089,312	)
Class R6
6/30/2022		224,828		—		—		(210,498	)		14,330			6,139,165		—		—		(6,457,993	)		(318,828	)
12/31/2021		143,926		—		99,200		(246,153	)		(3,027	)		4,799,695		—		3,273,603		(8,201,082	)		(127,784	)
Class S
6/30/2022		94,769		—		—		(317,351	)		(222,582	)		2,470,576		—		—		(8,175,135	)		(5,704,559	)
12/31/2021		132,534		—		688,156		(1,095,774	)		(275,084	)		4,072,010		—		20,610,306		(33,055,860	)		(8,373,544	)
Class S2
6/30/2022		6,435		—		—		(4,719	)		1,716			152,006		—		—		(110,289	)		41,717
12/31/2021		13,002		—		7,767		(40,917	)		(20,148	)		365,529		—		211,817		(1,158,300	)		(580,954	)

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Columbia Contrarian Core
Class ADV
6/30/2022		52,791		—		—		(98,527	)		(45,736	)		1,030,793		—		—		(1,940,992	)		(910,199	)
12/31/2021		164,911		—		167,124		(211,683	)		120,352			3,382,325		—		3,369,226		(4,427,216	)		2,324,335
Class I
6/30/2022		342,126		—		—		(721,820	)		(379,694	)		7,121,344		—		—		(15,825,337	)		(8,703,993	)
12/31/2021		1,138,555		—		707,436		(1,261,034	)		584,957			26,185,506		—		15,634,335		(28,569,053	)		13,250,788
Class S
6/30/2022		40,309		—		—		(58,980	)		(18,671	)		841,880		—		—		(1,227,321	)		(385,441	)
12/31/2021		78,569		—		118,105		(129,803	)		66,871			1,725,929		—		2,522,728		(2,839,735	)		1,408,922
Columbia Small Cap Value II
Class ADV
6/30/2022		90,692		—		—		(215,282	)		(124,590	)		1,795,892		—		—		(4,097,616	)		(2,301,724	)
12/31/2021		872,371		—		10,889		(533,975	)		349,285			16,819,188		—		207,547		(10,353,412	)		6,673,323
Class I
6/30/2022		720,399		—		—		(334,155	)		386,244			14,186,447		—		—		(6,682,702	)		7,503,745
12/31/2021		797,433		—		18,560		(830,131	)		(14,138	)		15,875,731		—		368,043		(16,734,530	)		(490,756	)
Class R6
6/30/2022		68,372		—		—		(80,336	)		(11,964	)		1,398,512		—		—		(1,637,329	)		(238,817	)
12/31/2021		285,247		—		4,422		(140,643	)		149,026			5,805,072		—		87,814		(2,859,917	)		3,032,969
Class S
6/30/2022		73,770		—		—		(430,895	)		(357,125	)		1,494,882		—		—		(8,681,623	)		(7,186,741	)
12/31/2021		682,426		—		29,732		(1,310,880	)		(598,722	)		13,766,939		—		587,512		(26,262,690	)		(11,908,239	)
Class S2
6/30/2022		17,481		—		—		(16,719	)		762			336,938		—		—		(322,137	)		14,801
12/31/2021		52,418		—		493		(56,307	)		(3,396	)		1,041,420		—		9,407		(1,111,383	)		(60,556	)
Invesco Comstock
Class ADV
6/30/2022		183,937		—		—		(155,309	)		28,628			3,984,923		—		—		(3,255,058	)		729,865
12/31/2021		145,469		—		19,416		(289,658	)		(124,773	)		2,836,895		—		403,191		(5,615,125	)		(2,375,039	)
Class I
6/30/2022		781,811		—		—		(2,100,645	)		(1,318,834	)		16,676,949		—		—		(45,824,962	)		(29,148,013	)
12/31/2021		4,561,351		—		136,276		(3,351,084	)		1,346,543			90,254,805		—		2,872,788		(63,144,551	)		29,983,042
Class S
6/30/2022		435,346		—		—		(189,770	)		245,576			9,368,672		—		—		(4,027,425	)		5,341,247
12/31/2021		370,756		—		53,139		(496,521	)		(72,626	)		7,400,012		—		1,119,663		(9,559,560	)		(1,039,885	)
Invesco Equity and Income
Class ADV
6/30/2022		92,272		—		—		(105,551	)		(13,279	)		4,609,189		—		—		(5,188,585	)		(579,396	)
12/31/2021		104,226		—		20,455		(108,131	)		16,550			5,203,568		—		1,040,639		(5,364,684	)		879,523
Class I
6/30/2022		86,604		—		—		(523,347	)		(436,743	)		4,416,295		—		—		(26,536,822	)		(22,120,527	)
12/31/2021		137,798		—		246,394		(1,117,269	)		(733,077	)		6,968,284		—		12,825,759		(56,526,696	)		(36,732,653	)
Class S
6/30/2022		19,602		—		—		(648,799	)		(629,197	)		990,903		—		—		(32,757,757	)		(31,766,854	)
12/31/2021		91,794		—		200,039		(1,577,207	)		(1,285,374	)		4,665,687		—		10,309,711		(79,391,738	)		(64,416,340	)
Class S2
6/30/2022		100,020		—		—		(431,889	)		(331,869	)		4,874,691		—		—		(21,429,344	)		(16,554,653	)
12/31/2021		69,727		—		141,604		(917,369	)		(706,038	)		3,381,490		—		7,171,073		(45,287,140	)		(34,734,577	)
Invesco Global
Class ADV
6/30/2022		132,250		—		—		(355,962	)		(223,712	)		2,580,000		—		—		(6,871,606	)		(4,291,606	)
12/31/2021		356,278		—		269,670		(424,309	)		201,639			8,574,570		—		6,650,068		(10,140,640	)		5,083,998
Class I
6/30/2022		428,470		—		—		(2,728,392	)		(2,299,922	)		9,069,709		—		—		(57,076,706	)		(48,006,997	)
12/31/2021		639,488		—		2,288,016		(6,456,145	)		(3,528,641	)		16,254,795		—		60,106,187		(164,710,892	)		(88,349,910	)
Class S
6/30/2022		286,899		—		—		(912,783	)		(625,884	)		5,707,209		—		—		(18,582,696	)		(12,875,487	)
12/31/2021		309,536		—		345,738		(1,541,488	)		(886,214	)		7,551,935		—		8,612,323		(37,125,539	)		(20,961,281	)

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Invesco Global (continued)
Class S2
6/30/2022		12,855		—		—		(24,270	)		(11,415	)		249,476		—		—		(446,915	)		(197,439	)
12/31/2021		24,294		—		8,365		(54,759	)		(22,100	)		564,682		—		200,349		(1,275,427	)		(510,396	)
JPMorgan Mid Cap Value
Class ADV
6/30/2022		154,161		—		—		(282,164	)		(128,003	)		2,885,437		—		—		(5,214,743	)		(2,329,306	)
12/31/2021		465,629		—		203,042		(896,948	)		(228,277	)		8,560,886		—		3,739,188		(16,193,716	)		(3,893,642	)
Class I
6/30/2022		331,884		—		—		(910,009	)		(578,125	)		6,432,518		—		—		(17,603,092	)		(11,170,574	)
12/31/2021		865,455		—		302,747		(1,992,142	)		(823,940	)		16,488,418		—		5,837,589		(37,944,867	)		(15,618,860	)
Class S
6/30/2022		103,133		—		—		(751,696	)		(648,563	)		1,970,589		—		—		(14,289,711	)		(12,319,122	)
12/31/2021		310,094		—		415,449		(1,842,421	)		(1,116,878	)		5,812,653		—		7,866,665		(34,229,733	)		(20,550,415	)
Class S2
6/30/2022		20,752		—		—		(44,858	)		(24,106	)		380,117		—		—		(820,284	)		(440,167	)
12/31/2021		59,064		—		2,885		(44,471	)		17,478			1,090,895		—		53,361		(795,684	)		348,572
T. Rowe Price Diversified Mid Cap Growth
Class ADV
6/30/2022		194,732		—		—		(435,562	)		(240,830	)		1,989,386		—		—		(4,546,411	)		(2,557,025	)
12/31/2021		797,966		—		1,013,280		(595,469	)		1,215,777			10,583,797		—		12,473,482		(7,822,090	)		15,235,189
Class I
6/30/2022		589,437		—		—		(4,539,850	)		(3,950,413	)		7,841,402		—		—		(55,557,843	)		(47,716,441	)
12/31/2021		526,034		—		12,250,463		(8,435,391	)		4,341,106			8,136,801		—		179,469,278		(129,593,015	)		58,013,064
Class R6
6/30/2022		1,252,097		—		—		(824,505	)		427,592			15,447,167		—		—		(10,141,395	)		5,305,772
12/31/2021		2,833,110		—		1,463,622		(3,485,925	)		810,807			45,529,761		—		21,456,701		(53,314,177	)		13,672,285
Class S
6/30/2022		73,667		—		—		(517,541	)		(443,874	)		844,510		—		—		(6,147,305	)		(5,302,795	)
12/31/2021		192,838		—		540,994		(854,958	)		(121,126	)		2,793,284		—		7,427,852		(12,508,362	)		(2,287,226	)
Class S2
6/30/2022		21,242		—		—		(17,279	)		3,963			222,484		—		—		(178,175	)		44,309
12/31/2021		19,996		—		97,876		(163,084	)		(45,212	)		267,568		—		1,217,580		(2,088,060	)		(602,912	)
T. Rowe Price Growth Equity
Class ADV
6/30/2022		112,774		—		—		(320,915	)		(208,141	)		8,732,981		—		—		(25,642,415	)		(16,909,434	)
12/31/2021		149,326		—		347,792		(514,043	)		(16,925	)		15,332,817		—		34,928,755		(51,591,722	)		(1,330,150	)
Class I
6/30/2022		1,136,589		—		—		(1,728,989	)		(592,400	)		104,120,924		—		—		(162,858,714	)		(58,737,790	)
12/31/2021		1,579,947		—		1,153,850		(2,150,279	)		583,518			187,644,821		—		134,596,628		(249,226,605	)		73,014,844
Class S
6/30/2022		22,541		—		—		(58,461	)		(35,920	)		1,980,503		—		—		(5,265,089	)		(3,284,586	)
12/31/2021		52,349		—		54,728		(188,684	)		(81,607	)		5,717,825		—		5,950,016		(20,069,600	)		(8,401,759	)
Class S2
6/30/2022		12,286		—		—		(16,062	)		(3,776	)		1,093,144		—		—		(1,242,453	)		(149,309	)
12/31/2021		21,355		—		4,853		(25,672	)		536			2,279,800		—		500,457		(2,703,352	)		76,905

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

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 June 30, 2022:

Global Bond

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Capital Inc.	$	211,277	$	(211,277	)	$	—
BNP Paribas		24,697		(24,697	)		—
BNP Paribas Prime Brokerage Intl Ltd		722,599		(722,599	)		—
BofA Securities Inc		88,515		(88,515	)		—
Citigroup Global Markets Inc.		11,527		(11,527	)		—
Daiwa Capital Markets America Inc.		21,314		(21,314	)		—
Goldman Sachs & Co. LLC		62,442		(62,442	)		—
HSBC Securities (USA) Inc.		43,606		(43,606	)		—
J.P. Morgan Securities LLC		13,093		(13,093	)		—
RBC Capital Markets, LLC		29,033		(29,033	)		—
TD Securities (USA) Inc.		32,640		(32,640	)		—
Truist Securities INC		175,203		(175,203	)		—
Wells Fargo Securities LLC		131,154		(131,154	)		—
Total	$	1,567,099	$	(1,567,099	)	$	—

⁽¹⁾ Cash collateral with a fair value of $1,604,414 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 Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Capital Inc.	$	3,003,391	$	(3,003,391	)	$	—
Citigroup Global Markets Limited		5,580,774		(5,580,774	)		—
JP Morgan Securities Plc.		2,316,477		(2,316,477	)		—
Merrill Lynch International		935,750		(935,750	)		—
Scotia Capital (USA) INC		175,824		(175,824	)		—
UBS AG		2,361,292		(2,361,292	)		—
Total	$	14,373,508	$	(14,373,508	)	$	—

⁽¹⁾ Cash collateral with a fair value of $15,093,112 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 Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BMO Capital Markets Corp	$	38,280	$	(38,280	)	$	—
Citadel Securities LLC		76,605		(76,605	)		—
Citigroup Global Markets Inc.		57,073		(57,073	)		—
Citigroup Global Markets Limited		734,713		(734,713	)		—
Goldman Sachs & Co. LLC		339,031		(339,031	)		—
HSBC Bank PLC		3,039		(3,039	)		—
J.P. Morgan Securities LLC		1,637,181		(1,637,181	)		—
Morgan Stanley & Co. LLC		174,655		(174,655	)		—
National Bank of Canada Financial INC		3,981,978		(3,981,978	)		—

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

NOTE 10 — SECURITIES LENDING (continued)

American Century Small-Mid Cap Value (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
National Financial Services LLC	$	652,026	$	(652,026	)	$	—
TD Prime Services LLC		61,400		(61,400	)		—
Total	$	7,755,982	$	(7,755,982	)	$	—

⁽¹⁾ Cash collateral with a fair value of $7,972,685 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 Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BofA Securities Inc	$	11,976,541	$	(11,976,541	)	$	—
Citigroup Global Markets Inc.		107,755		(107,755	)		—
Goldman Sachs & Co. LLC		1,120,942		(1,120,942	)		—
J.P. Morgan Securities LLC		563,623		(563,623	)		—
Jefferies LLC		4,230,347		(4,230,347	)		—
Mirae Asset Securities (USA) INC		531,709		(531,709	)		—
National Financial Services LLC		1,905,623		(1,905,623	)		—
Societe Generale		133,843		(133,843	)		—
UBS AG		3,347,146		(3,347,146	)		—
UBS Securities LLC.		211,709		(211,709	)		—
Wells Fargo Bank NA		1,031,773		(1,031,773	)		—
Total	$	25,161,011	$	(25,161,011	)	$	—

⁽¹⁾ Cash collateral with a fair value of $25,813,211 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 Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BNP Paribas Arbitrage	$	774,559	$	(774,559	)	$	—
Citigroup Global Markets Limited		1,190,441		(1,190,441	)		—
Goldman Sachs & Co. LLC		144,397		(144,397	)		—
JP Morgan Securities Plc.		852,015		(852,015	)		—
Total	$	2,961,413	$	(2,961,413	)	$	—

⁽¹⁾ Cash collateral with a fair value of $3,183,731 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

JPMorgan Mid Cap Value

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
National Bank of Canada Financial Inc	$	218,640	$	(218,640	)	$	—
Total	$	218,640	$	(218,640	)	$	—

⁽¹⁾ Cash collateral with a fair value of $223,215 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 Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BMO Capital Markets Corp	$	2,250,283	$	(2,250,283	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		1,786,278		(1,786,278	)		—
BNP Paribas Securities Corp.		155,692		(155,692	)		—
BofA Securities Inc		8,909,786		(8,909,786	)		—
Citadel Securities LLC		1,454,219		(1,454,219	)		—
Citigroup Global Markets Inc.		3,423,458		(3,423,458	)		—
Cowen Execution Services LLC		1,797,511		(1,797,511	)		—
Credit Suisse Securities (USA) LLC		470,462		(470,462	)		—
Goldman Sachs & Co. LLC		7,918,959		(7,918,959	)		—
HSBC Bank PLC		59,360		(59,360	)		—
J.P. Morgan Securities LLC		26,127,670		(26,127,670	)		—
Mirae Asset Securities (USA) INC		1,304,930		(1,304,930	)		—
Mizuho Securities USA LLC.		310,002		(310,002	)		—
Morgan Stanley & Co. LLC		2,886,015		(2,886,015	)		—
Nationa Bank of Canada Financial INC		6,351,909		(6,351,909	)		—
National Financial Services LLC		5,813,867		(5,813,867	)		—
Natixis Securities America LLC		2,763,296		(2,763,296	)		—
RBC Capital Markets, LLC		1,340,319		(1,340,319	)		—
Scotia Capital (USA) INC		705,528		(705,528	)		—
SG Americas Securities, LLC		1,484,192		(1,484,192	)		—
State Street Bank and Trust Company		7,423,612		(7,423,612	)		—
TD Prime Services LLC		1,290,215		(1,290,215	)		—
UBS AG		859,461		(859,461	)		—
UBS Securities LLC.		1,430,650		(1,430,650	)		—
Wells Fargo Bank NA		3,402,143		(3,402,143	)		—
Wells Fargo Securities LLC		2,651,681		(2,651,681	)		—
Total	$	94,371,497	$	(94,371,497	)	$	—

⁽¹⁾ Cash collateral with a fair value of $96,484,387 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 Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Cowen Execution Services LLC	$	108,777	$	(108,777	)	$	—
Goldman Sachs & Co. LLC		13,135,000		(13,135,000	)		—
Merrill Lynch International		130,946		(130,946	)		—
Morgan Stanley & Co. LLC		18,127,943		(18,127,943	)		—
UBS AG		1,461,768		(1,461,768	)		—
Total	$	32,964,435	$	(32,964,435	)	$	—

⁽¹⁾ Cash collateral with a fair value of $33,791,998 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

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

NOTE 11 — FEDERAL INCOME TAXES (continued)

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.

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

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

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Ordinary Income		Long-term Capital Gains		Return of Capital		Ordinary Income		Long-term Capital Gains
Global Bond	$	8,265,790	$	—	$	1,182,569	$	5,472,686	$	—
International High Dividend Low Volatility		9,451,171		—		—		13,890,705		50,295,767
American Century Small-Mid Cap Value		3,335,551		—		—		6,727,212		—
Baron Growth		—		47,211,796		—		—		—
Columbia Contrarian Core		10,412,507		11,113,782		—		5,740,958		—
Columbia Small Cap Value II		554,727		705,596		—		909,064		5,238,920
Invesco Comstock		4,395,642		—		—		6,123,894		4,671,973
Invesco Equity and Income		30,664,167		683,015		—		23,558,242		47,796,674
Invesco Global		—		75,568,927		—		15,525,835		51,246,967
JPMorgan Mid Cap Value		2,779,046		14,717,757		—		3,665,483		29,653,088
T. Rowe Price Diversified Mid Cap Growth		16,444,346		205,600,547		—		3,687,499		94,214,679
T. Rowe Price Growth Equity		27,343,625		148,632,231		—		—		67,431,150

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2021 were:

	Undistributed Ordinary		Undistributed Long-term		Unrealized Appreciation/		Capital Loss Carryforwards										Total Distributable Earnings/
	Income		Capital Gains		(Depreciation)		Amount			Character		Expiration		Other			(Loss)
Global Bond	$	—	$	—	$	41,540	$	(6,042,192	)	Long-term			None	$	(10,875	)	$	(6,011,527	)
International High Dividend Low Volatility		15,547,949		—		39,186,443		(531,918	)	Short-term			None		(26,417	)		54,176,057
American Century Small-Mid Cap Value		27,374,765		40,831,873		60,121,478		—			—		—		(7,022	)		128,321,094
Baron Growth		—		54,336,029		538,158,723		—			—		—		(25,539	)		592,469,213
Columbia Contrarian Core		13,182,266		15,664,717		51,146,057		—			—		—		(7,338	)		79,985,702
Columbia Small Cap Value II		7,461,659		17,028,215		59,450,659		—			—		—		(4,847	)		83,935,686
Invesco Comstock		229,538		665,454		68,474,945		—			—		—		(13,053	)		69,356,884
Invesco Equity and Income		23,549,692		141,557,974		264,182,080		—			—		—		(45,036	)		429,244,710
Invesco Global		—		182,846,424		1,102,744,226		—			—		—		(2,166,164	)		1,283,424,486
JPMorgan Mid Cap Value		3,823,832		54,264,781		135,413,687		—			—		—		(11,579	)		193,490,721
T. Rowe Price Diversified Mid Cap Growth		22,880,683		244,804,726		438,303,772		—			—		—		(24,703	)		705,964,478
T. Rowe Price Growth Equity		23,938,000		238,639,554		953,752,638		—			—		—		(39,587	)		1,216,290,605

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

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

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

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

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

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 — LIQUIDITY

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

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

determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

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

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

NOTE 14 — MARKET DISRUPTION

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

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

NOTE 15 — SUBSEQUENT EVENTS

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

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
Global Bond
Class ADV	$	0.0170	$	—	$	—	August 1, 2022	Daily
Class I	$	0.0209	$	—	$	—	August 1, 2022	Daily
Class S	$	0.0191	$	—	$	—	August 1, 2022	Daily
International High Dividend Low Volatility
Class ADV	$	0.3888	$	—	$	—	August 4, 2022	August 2, 2022
Class I	$	0.4410	$	—	$	—	August 4, 2022	August 2, 2022
Class S	$	0.4111	$	—	$	—	August 4, 2022	August 2, 2022
Class S2	$	0.4085	$	—	$	—	August 4, 2022	August 2, 2022
American Century Small-Mid Cap Value
Class ADV	$	0.1352	$	0.8712	$	1.5877	August 4, 2022	August 2, 2022
Class I	$	0.2058	$	0.8712	$	1.5877	August 4, 2022	August 2, 2022
Class S	$	0.1698	$	0.8712	$	1.5877	August 4, 2022	August 2, 2022
Class S2	$	0.1441	$	0.8712	$	1.5877	August 4, 2022	August 2, 2022
Baron Growth
Class ADV	$	—	$	—	$	2.8152	August 4, 2022	August 2, 2022
Class I	$	—	$	—	$	2.8152	August 4, 2022	August 2, 2022
Class R6	$	—	$	—	$	2.8152	August 4, 2022	August 2, 2022
Class S	$	—	$	—	$	2.8152	August 4, 2022	August 2, 2022
Class S2	$	—	$	—	$	2.8152	August 4, 2022	August 2, 2022
Columbia Contrarian Core
Class ADV	$	0.0102	$	1.4048	$	1.7765	August 4, 2022	August 2, 2022
Class I	$	0.1128	$	1.4048	$	1.7765	August 4, 2022	August 2, 2022
Class S	$	0.0589	$	1.4048	$	1.7765	August 4, 2022	August 2, 2022
Columbia Small Cap Value II
Class ADV	$	—	$	0.8049	$	1.9164	August 4, 2022	August 2, 2022
Class I	$	0.0499	$	0.8049	$	1.9164	August 4, 2022	August 2, 2022
Class R6	$	0.0584	$	0.8049	$	1.9164	August 4, 2022	August 2, 2022
Class S	$	0.0038	$	0.8049	$	1.9164	August 4, 2022	August 2, 2022
Class S2	$	—	$	0.8049	$	1.9164	August 4, 2022	August 2, 2022
Invesco Comstock
Class ADV	$	0.0179	$	—	$	0.0517	August 4, 2022	August 2, 2022
Class I	$	0.0179	$	—	$	0.0517	August 4, 2022	August 2, 2022
Class S	$	0.0179	$	—	$	0.0517	August 4, 2022	August 2, 2022
Invesco Equity and Income
Class ADV	$	0.0321	$	0.9714	$	6.0316	August 4, 2022	August 2, 2022
Class I	$	0.0321	$	0.9714	$	6.0316	August 4, 2022	August 2, 2022
Class S	$	0.0321	$	0.9714	$	6.0316	August 4, 2022	August 2, 2022
Class S2	$	0.0321	$	0.9714	$	6.0316	August 4, 2022	August 2, 2022
Invesco Global
Class ADV	$	—	$	—	$	2.9341	August 4, 2022	August 2, 2022
Class I	$	—	$	—	$	2.9341	August 4, 2022	August 2, 2022
Class S	$	—	$	—	$	2.9341	August 4, 2022	August 2, 2022
Class S2	$	—	$	—	$	2.9341	August 4, 2022	August 2, 2022
JPMorgan Mid Cap Value
Class ADV	$	—	$	0.1942	$	2.7709	August 4, 2022	August 2, 2022
Class I	$	—	$	0.1942	$	2.7709	August 4, 2022	August 2, 2022
Class S	$	—	$	0.1942	$	2.7709	August 4, 2022	August 2, 2022
Class S2	$	—	$	0.1942	$	2.7709	August 4, 2022	August 2, 2022
T. Rowe Price Diversified Mid Cap Growth
Class ADV	$	—	$	0.2412	$	2.5844	August 4, 2022	August 2, 2022
Class I	$	—	$	0.2412	$	2.5844	August 4, 2022	August 2, 2022
Class R6	$	—	$	0.2412	$	2.5844	August 4, 2022	August 2, 2022
Class S	$	—	$	0.2412	$	2.5844	August 4, 2022	August 2, 2022
Class S2	$	—	$	0.2412	$	2.5844	August 4, 2022	August 2, 2022

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

NOTE 15 — SUBSEQUENT EVENTS (continued)

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
T. Rowe Price Growth Equity
Class ADV	$	—	$	1.3165	$	13.1241	August 4, 2022	August 2, 2022
Class I	$	—	$	1.3165	$	13.1241	August 4, 2022	August 2, 2022
Class S	$	—	$	1.3165	$	13.1241	August 4, 2022	August 2, 2022
Class S2	$	—	$	1.3165	$	13.1241	August 4, 2022	August 2, 2022

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
VOYA GLOBAL BOND PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 22.0%
				Australia: 0.1%
	6,000			Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051	$	4,400		0.0
	160,000	⁽¹	⁾	Santos Finance Ltd., 3.649%, 04/29/2031		135,886		0.1
	22,000			Westpac Banking Corp., 1.953%, 11/20/2028		19,216		0.0
						159,502		0.1
				Bermuda: 0.1%
	133,000	⁽¹	⁾	Triton Container International Ltd., 3.150%, 06/15/2031		107,648		0.1
				Canada: 0.4%
	145,000	⁽²	⁾	Bank of Nova Scotia/The, 4.588%, 05/04/2037		133,481		0.1
	14,000			Canadian Imperial Bank of Commerce, 3.600%, 04/07/2032		12,724		0.0
	38,000			Cenovus Energy, Inc., 5.400%, 06/15/2047		36,590		0.0
	177,000			Fortis, Inc./ Canada, 3.055%, 10/04/2026		166,681		0.2
	20,000	⁽¹	⁾	Rogers Communications, Inc., 3.800%, 03/15/2032		18,312		0.0
	56,000			Teck Resources Ltd., 5.400%, 02/01/2043		52,181		0.1
	29,000			Toronto- Dominion Bank/The, 2.800%, 03/10/2027		27,157		0.0

Principal Amount†					Value		Percentage of Net Assets
	34,000			Toronto- Dominion Bank/The, 4.456%, 06/08/2032	$	33,652		0.0
						480,778		0.4
				France: 0.9%
	572,000	⁽¹	⁾	BNP Paribas SA, 3.500%, 03/01/2023		570,724		0.5
	265,000	⁽¹	⁾	BPCE SA, 2.700%, 10/01/2029		230,975		0.2
	287,000	⁽¹	⁾	BPCE SA, 5.150%, 07/21/2024		287,227		0.2
						1,088,926		0.9
				Japan: 0.8%
	200,000	⁽¹	^),(3)	Mizuho Bank Ltd., 3.200%, 03/26/2025		195,261		0.2
	200,000			Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024		192,775		0.1
	639,000			Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026		627,530		0.5
	43,000	⁽¹	⁾	Sumitomo Mitsui Trust Bank Ltd., 2.800%, 03/10/2027		40,358		0.0
						1,055,924		0.8
				Mexico: 0.0%
MXN	1,007,437	⁽⁴	^),(5)	Banco Invex SA / Hipotecaria Credito y Casa SA de CV, 6.450%, 03/13/2034		—		—
MXN	25,098	⁽⁴	⁾	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035		1,213		0.0
						1,213		0.0

See Accompanying Notes to Financial Statements
51

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

Principal Amount†					Value		Percentage of Net Assets
				MULTI: 0.0%
	19,000			NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051	$	13,196		0.0
				Netherlands: 0.2%
	234,000			Shell International Finance BV, 3.875%, 11/13/2028		231,084		0.2
	77,000			Shell International Finance BV, 4.000%, 05/10/2046		68,753		0.0
						299,837		0.2
				Norway: 0.0%
	41,000			Equinor ASA, 3.125%, 04/06/2030		38,053		0.0
				South Africa: 0.1%
ZAR	1,000,000			Transnet SOC Ltd., 10.800%, 11/06/2023		63,379		0.1
				Switzerland: 0.5%
	400,000	⁽¹	⁾	Credit Suisse AG, 6.500%, 08/08/2023		401,000		0.3
	250,000			UBS AG/ Stamford CT, 7.625%, 08/17/2022		250,745		0.2
						651,745		0.5
				United Kingdom: 0.7%
	83,000			BAT International Finance PLC, 4.448%, 03/16/2028		78,656		0.1
	37,000	⁽¹	⁾	CSL Finance PLC, 4.050%, 04/27/2029		36,357		0.0
	63,000	⁽¹	⁾	CSL Finance PLC, 4.250%, 04/27/2032		61,827		0.1
	15,000	⁽¹	⁾	CSL Finance PLC, 4.625%, 04/27/2042		14,445		0.0

Principal Amount†					Value		Percentage of Net Assets
	25,000	⁽¹	⁾	CSL Finance PLC, 4.750%, 04/27/2052	$	24,196		0.0
	11,000	⁽¹	⁾	CSL Finance PLC, 4.950%, 04/27/2062		10,563		0.0
	200,000	⁽¹	⁾	LSEGA Financing PLC, 3.200%, 04/06/2041		156,812		0.1
	200,000	⁽¹	⁾	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027		189,332		0.2
	150,000			Royalty Pharma PLC, 1.200%, 09/02/2025		133,884		0.1
	143,000			Royalty Pharma PLC, 1.750%, 09/02/2027		122,019		0.1
						828,091		0.7
				United States: 18.2%
	165,000			AbbVie, Inc., 3.200%, 11/21/2029		151,922		0.1
	154,000			AbbVie, Inc., 3.800%, 03/15/2025		152,960		0.1
	133,000			AbbVie, Inc., 4.050%, 11/21/2039		118,824		0.1
	287,000			AbbVie, Inc., 4.300%, 05/14/2036		270,040		0.2
	90,000			Advance Auto Parts, Inc., 3.900%, 04/15/2030		81,927		0.1
	51,000			Advanced Micro Devices, Inc., 3.924%, 06/01/2032		50,246		0.1
	29,000			Advanced Micro Devices, Inc., 4.393%, 06/01/2052		28,276		0.0
	153,000	⁽¹	⁾	AEP Texas, Inc., 3.850%, 10/01/2025		152,057		0.1
	11,000			Albemarle Corp., 5.050%, 06/01/2032		10,756		0.0

See Accompanying Notes to Financial Statements
52

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	11,000			Albemarle Corp., 5.650%, 06/01/2052	$	11,026		0.0
	6,000			Alleghany Corp., 3.250%, 08/15/2051		4,372		0.0
	37,000			Alleghany Corp., 3.625%, 05/15/2030		34,659		0.0
	30,000	⁽¹	⁾	Alliant Energy Finance LLC, 3.600%, 03/01/2032		27,193		0.0
	134,000			Altria Group, Inc., 4.500%, 05/02/2043		100,918		0.1
	88,000			Altria Group, Inc., 4.800%, 02/14/2029		83,724		0.1
	40,000			Amazon.com, Inc., 2.100%, 05/12/2031		34,295		0.0
	131,000			Amazon.com, Inc., 2.875%, 05/12/2041		105,019		0.1
	45,000	⁽³	⁾	Amazon.com, Inc., 3.600%, 04/13/2032		43,377		0.0
	17,000			Amazon.com, Inc., 3.950%, 04/13/2052		15,735		0.0
	17,000			Amazon.com, Inc., 4.100%, 04/13/2062		15,415		0.0
	37,000			Amcor Flexibles North America, Inc., 4.000%, 05/17/2025		36,632		0.0
	203,000			American Airlines 2021-1 Class A Pass Through Trust, 2.875%, 01/11/2036		173,501		0.1
	51,000			American Electric Power Co., Inc., 3.250%, 03/01/2050		36,722		0.0

Principal Amount†					Value		Percentage of Net Assets
	34,000	⁽²	⁾	American Electric Power Co., Inc., 3.875%, 02/15/2062	$	26,910		0.0
	27,000			American Homes 4 Rent L.P., 3.625%, 04/15/2032		23,701		0.0
	17,000			American Homes 4 Rent L.P., 4.300%, 04/15/2052		13,730		0.0
	45,000			American International Group, Inc., 4.750%, 04/01/2048		42,191		0.0
	620,000			American Tower Corp., 2.750%, 01/15/2027		567,532		0.5
	29,000	⁽³	⁾	American Tower Corp., 3.650%, 03/15/2027		27,566		0.0
	40,000	⁽¹	⁾	American Transmission Systems, Inc., 2.650%, 01/15/2032		33,924		0.0
	33,000			Amgen, Inc., 2.000%, 01/15/2032		26,896		0.0
	286,000			Amgen, Inc., 3.200%, 11/02/2027		272,370		0.2
	130,000			Anheuser- Busch Cos LLC / Anheuser- Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		122,429		0.1
	124,000			Anheuser- Busch InBev Worldwide, Inc., 4.750%, 01/23/2029		126,277		0.1
	46,000			Apple, Inc., 2.650%, 02/08/2051		34,009		0.0
	34,000			Apple, Inc., 2.850%, 08/05/2061		24,723		0.0
	94,000			AT&T, Inc., 3.650%, 09/15/2059		70,610		0.1

See Accompanying Notes to Financial Statements
53

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	31,000			Avnet, Inc., 5.500%, 06/01/2032	$	30,459		0.0
	153,000	⁽²	⁾	Bank of America Corp., 1.734%, 07/22/2027		136,264		0.1
	72,000	⁽²	⁾	Bank of America Corp., 1.898%, 07/23/2031		57,608		0.1
	68,000	⁽²	⁾	Bank of America Corp., 2.087%, 06/14/2029		58,296		0.1
	29,000	⁽²	⁾	Bank of America Corp., 2.299%, 07/21/2032		23,464		0.0
	72,000	⁽²	⁾	Bank of America Corp., 2.572%, 10/20/2032		59,461		0.1
	342,000	⁽²	⁾	Bank of America Corp., 2.687%, 04/22/2032		287,420		0.2
	150,000	⁽²	⁾	Bank of America Corp., 3.458%, 03/15/2025		147,966		0.1
	155,000	⁽²	⁾	Bank of America Corp., 3.846%, 03/08/2037		134,149		0.1
	222,000			Bank of America Corp., 4.183%, 11/25/2027		215,956		0.2
	197,000	⁽²	⁾	Bank of America Corp., 4.330%, 03/15/2050		177,417		0.1
	14,000	⁽²	⁾	Bank of America Corp., 4.571%, 04/27/2033		13,641		0.0

Principal Amount†					Value		Percentage of Net Assets
	90,000	⁽²	⁾	Bank of New York Mellon Corp./The, 4.289%, 06/13/2033	$	88,147		0.1
	100,000			BAT Capital Corp., 2.259%, 03/25/2028		83,870		0.1
	22,000			Baxter International, Inc., 1.915%, 02/01/2027		19,720		0.0
	52,000			Baxter International, Inc., 2.272%, 12/01/2028		45,583		0.0
	34,000	⁽³	⁾	Baxter International, Inc., 2.539%, 02/01/2032		28,735		0.0
	17,000			Baxter International, Inc., 3.132%, 12/01/2051		12,325		0.0
	31,000	⁽¹	⁾	Berkshire Hathaway Energy Co., 4.600%, 05/01/2053		29,778		0.0
	230,000			Berry Global, Inc., 1.650%, 01/15/2027		201,514		0.2
	64,000	⁽¹	⁾	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051		43,727		0.0
	223,000			Boeing Co/The, 3.625%, 02/01/2031		192,711		0.2
	66,000			Boeing Co/The, 5.150%, 05/01/2030		63,408		0.1
	31,000			BP Capital Markets America, Inc., 3.000%, 02/24/2050		22,571		0.0
	86,000			Bristol-Myers Squibb Co., 3.700%, 03/15/2052		74,408		0.1
	61,000			Brookfield Finance LLC, 3.450%, 04/15/2050		43,785		0.0

See Accompanying Notes to Financial Statements
54

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	57,000			Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053	$	55,238		0.1
	48,000	⁽²	⁾	Capital One Financial Corp., 1.878%, 11/02/2027		42,139		0.0
	38,000	⁽²	⁾	Capital One Financial Corp., 3.273%, 03/01/2030		33,662		0.0
	26,000	⁽²	⁾	Capital One Financial Corp., 4.927%, 05/10/2028		25,771		0.0
	25,000	⁽²	⁾	Capital One Financial Corp., 5.268%, 05/10/2033		24,579		0.0
	20,000	⁽¹	⁾	Cargill, Inc., 2.125%, 04/23/2030		17,151		0.0
	47,000	⁽¹	⁾	Cargill, Inc., 2.125%, 11/10/2031		39,234		0.0
	16,000	⁽¹	⁾	Cargill, Inc., 4.375%, 04/22/2052		15,422		0.0
	133,000			CBRE Services, Inc., 2.500%, 04/01/2031		108,345		0.1
	28,000			CenterPoint Energy, Inc., 4.250%, 11/01/2028		27,349		0.0
	36,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029		29,612		0.0
	42,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042		29,212		0.0

Principal Amount†					Value		Percentage of Net Assets
	27,000			Chubb INA Holdings, Inc., 2.850%, 12/15/2051	$	19,792		0.0
	11,000			Chubb INA Holdings, Inc., 3.050%, 12/15/2061		7,879		0.0
	103,000			Cigna Corp., 3.200%, 03/15/2040		81,481		0.1
	22,000			Cigna Corp., 3.400%, 03/15/2050		16,838		0.0
	38,000			Cigna Corp., 4.800%, 08/15/2038		37,029		0.0
	469,000			Citigroup, Inc., 5.500%, 09/13/2025		482,590		0.4
	265,000	⁽¹	⁾	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		249,591		0.2
	157,000	⁽³	⁾	Comcast Corp., 2.350%, 01/15/2027		146,462		0.1
	295,000			Comcast Corp., 4.150%, 10/15/2028		294,464		0.2
	99,000			Comcast Corp., 4.250%, 01/15/2033		97,393		0.1
	72,000			Comcast Corp., 5.650%, 06/15/2035		78,455		0.1
	95,000	⁽¹	⁾	Corebridge Financial, Inc., 3.850%, 04/05/2029		87,880		0.1
	96,000	⁽¹	⁾	Corebridge Financial, Inc., 3.900%, 04/05/2032		86,219		0.1
	9,000	⁽¹	⁾	Corebridge Financial, Inc., 4.350%, 04/05/2042		7,693		0.0
	26,000	⁽¹	⁾	Corebridge Financial, Inc., 4.400%, 04/05/2052		21,736		0.0
	20,000			Crown Castle International Corp., 2.900%, 03/15/2027		18,461		0.0
	50,000			CSX Corp., 4.500%, 08/01/2054		46,426		0.0

See Accompanying Notes to Financial Statements
55

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	189,000			CVS Health Corp., 4.300%, 03/25/2028	$	187,188		0.2
	8,000			CVS Health Corp., 5.050%, 03/25/2048		7,669		0.0
	313,000			Dell International LLC / EMC Corp., 6.020%, 06/15/2026		325,457		0.3
	99,503			Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/2025		97,289		0.1
	94,000	⁽¹	⁾	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025		91,425		0.1
	103,000			Discovery Communications LLC, 5.300%, 05/15/2049		88,401		0.1
	23,000			Dollar General Corp., 3.500%, 04/03/2030		21,188		0.0
	103,000	⁽²	⁾	Dominion Energy, Inc., 4.350%, 12/31/2199		85,232		0.1
	92,000	⁽²	⁾	Dominion Energy, Inc., 4.650%, 12/31/2199		82,215		0.1
	83,000			DTE Electric Co., 4.300%, 07/01/2044		77,547		0.1
	4,000			Duke Energy Carolinas LLC, 3.750%, 06/01/2045		3,358		0.0
	4,000			Duke Energy Carolinas LLC, 3.875%, 03/15/2046		3,530		0.0
	2,000			Duke Energy Carolinas LLC, 4.250%, 12/15/2041		1,847		0.0

Principal Amount†			Value		Percentage of Net Assets
	40,000	Duke Energy Florida LLC, 2.400%, 12/15/2031	$	34,248		0.0
	4,000	Duke Energy Florida LLC, 4.200%, 07/15/2048		3,655		0.0
	131,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049		101,588		0.1
	2,000	Duke Energy Progress LLC, 4.100%, 03/15/2043		1,798		0.0
	38,000	DXC Technology Co., 1.800%, 09/15/2026		34,177		0.0
	38,000	DXC Technology Co., 2.375%, 09/15/2028		32,736		0.0
	16,000	Ecolab, Inc., 2.750%, 08/18/2055		11,179		0.0
	20,000	Elevance Health, Inc., 4.100%, 05/15/2032		19,483		0.0
	11,000	Elevance Health, Inc., 4.550%, 05/15/2052		10,372		0.0
	104,000	Energy Transfer L.P., 4.250%, 04/01/2024		104,075		0.1
	1,026,000	Energy Transfer L.P., 4.900%, 02/01/2024		1,032,572		0.8
	77,000	Energy Transfer L.P., 5.400%, 10/01/2047		67,716		0.1
	280,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		281,521		0.2
	22,000	Entergy Arkansas LLC, 4.200%, 04/01/2049		20,326		0.0

See Accompanying Notes to Financial Statements
56

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

Principal Amount†			Value		Percentage of Net Assets
		United States (continued)
	153,000	Entergy Louisiana LLC, 4.200%, 04/01/2050	$	138,369		0.1
	100,000	Essential Utilities, Inc., 2.704%, 04/15/2030		87,114		0.1
	85,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049		66,002		0.1
	55,000	Evergy Kansas Central, Inc., 4.125%, 03/01/2042		49,063		0.0
	48,000	Eversource Energy, 1.400%, 08/15/2026		42,924		0.0
	51,000	Eversource Energy, 2.900%, 03/01/2027		47,922		0.0
	29,000	Eversource Energy, 3.375%, 03/01/2032		26,110		0.0
	49,000	Extra Space Storage L.P., 2.350%, 03/15/2032		38,899		0.0
	90,000	Exxon Mobil Corp., 2.610%, 10/15/2030		80,885		0.1
	43,000	Exxon Mobil Corp., 2.995%, 08/16/2039		35,187		0.0
	44,000	Exxon Mobil Corp., 3.095%, 08/16/2049		34,465		0.0
	57,000	Exxon Mobil Corp., 3.452%, 04/15/2051		46,709		0.0
	45,000	FedEx Corp., 4.050%, 02/15/2048		37,757		0.0
	45,000	FedEx Corp., 5.250%, 05/15/2050		44,878		0.0
	222,000	Fiserv, Inc., 3.200%, 07/01/2026		210,628		0.2

Principal Amount†					Value		Percentage of Net Assets
	15,000			Florida Power & Light Co., 2.875%, 12/04/2051	$	11,187		0.0
	119,000			FMC Corp., 3.200%, 10/01/2026		113,425		0.1
	19,000			Fortune Brands Home & Security, Inc., 4.000%, 03/25/2032		16,826		0.0
	140,000			General Dynamics Corp., 3.500%, 04/01/2027		137,518		0.1
	99,000			General Electric Co., 6.750%, 03/15/2032		110,848		0.1
	90,000	⁽³	⁾	General Mills, Inc., 2.875%, 04/15/2030		79,815		0.1
	18,000			General Motors Financial Co., Inc., 5.000%, 04/09/2027		17,672		0.0
	202,000			General Motors Financial Co., Inc., 5.250%, 03/01/2026		202,563		0.2
	11,000			Georgia Power Co., 5.125%, 05/15/2052		10,932		0.0
	20,000	⁽¹	⁾	HCA, Inc., 3.125%, 03/15/2027		18,188		0.0
	46,000			HCA, Inc., 3.500%, 09/01/2030		39,266		0.0
	19,000	⁽¹	⁾	HCA, Inc., 3.625%, 03/15/2032		16,050		0.0
	248,000			HCA, Inc., 4.125%, 06/15/2029		226,360		0.2
	26,000	⁽¹	⁾	HCA, Inc., 4.375%, 03/15/2042		20,971		0.0
	115,000			Healthpeak Properties, Inc., 3.000%, 01/15/2030		101,637		0.1

See Accompanying Notes to Financial Statements
57

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	100,000			Hess Corp., 5.600%, 02/15/2041	$	97,617		0.1
	13,000			Home Depot, Inc./The, 3.625%, 04/15/2052		11,183		0.0
	77,000			HP, Inc., 4.000%, 04/15/2029		72,209		0.1
	22,000	⁽²	⁾	Huntington Bancshares, Inc./OH, 5.023%, 05/17/2033		21,956		0.0
	153,000			Intel Corp., 3.250%, 11/15/2049		119,242		0.1
	45,000			Intel Corp., 4.750%, 03/25/2050		44,264		0.0
	29,000			Intercontinental Exchange, Inc., 2.100%, 06/15/2030		24,352		0.0
	87,000			Intercontinental Exchange, Inc., 4.600%, 03/15/2033		86,911		0.1
	44,000			Intercontinental Exchange, Inc., 4.950%, 06/15/2052		43,591		0.0
	16,000	⁽¹	⁾	International Flavors & Fragrances, Inc., 3.268%, 11/15/2040		12,238		0.0
	21,000			Interstate Power and Light Co., 3.100%, 11/30/2051		15,439		0.0
	47,000			John Deere Capital Corp., 3.350%, 04/18/2029		45,119		0.0
	81,000			Johnson & Johnson, 3.625%, 03/03/2037		76,892		0.1
	60,000	⁽²	⁾	JPMorgan Chase & Co., 1.470%, 09/22/2027		52,666		0.1
	200,000	⁽²	⁾	JPMorgan Chase & Co., 1.578%, 04/22/2027		178,312		0.2

Principal Amount†					Value		Percentage of Net Assets
	103,000	⁽²	⁾	JPMorgan Chase & Co., 2.545%, 11/08/2032	$	85,681		0.1
	64,000	⁽²	⁾	JPMorgan Chase & Co., 2.580%, 04/22/2032		53,905		0.1
	77,000	⁽²	⁾	JPMorgan Chase & Co., 2.595%, 02/24/2026		73,275		0.1
	73,000	⁽²	⁾	JPMorgan Chase & Co., 2.947%, 02/24/2028		67,691		0.1
	119,000			JPMorgan Chase & Co., 2.950%, 10/01/2026		113,309		0.1
	55,000	⁽²	⁾	JPMorgan Chase & Co., 3.157%, 04/22/2042		42,811		0.0
	73,000	⁽²	⁾	JPMorgan Chase & Co., 3.964%, 11/15/2048		62,019		0.1
	136,000	⁽²	⁾	JPMorgan Chase & Co., 4.565%, 06/14/2030		133,638		0.1
	478,000	⁽²	⁾	JPMorgan Chase & Co., 6.000%, 12/31/2199		449,306		0.4
	36,000			Keurig Dr Pepper, Inc., 4.050%, 04/15/2032		33,728		0.0
	41,000			Keurig Dr Pepper, Inc., 4.500%, 04/15/2052		36,239		0.0
	222,000			Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024		222,281		0.2
	37,000			KLA Corp., 4.950%, 07/15/2052		37,268		0.0
	24,000			KLA Corp., 5.250%, 07/15/2062		24,778		0.0
	36,000	⁽¹	⁾	Liberty Mutual Group, Inc., 5.500%, 06/15/2052		34,154		0.0
	34,000			Lowe's Cos, Inc., 4.250%, 04/01/2052		29,520		0.0

See Accompanying Notes to Financial Statements
58

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	20,000			Lowe's Cos, Inc., 4.450%, 04/01/2062	$	17,118		0.0
	71,000	⁽¹	⁾	Magallanes, Inc., 3.755%, 03/15/2027		66,658		0.1
	32,000	⁽¹	⁾	Magallanes, Inc., 4.279%, 03/15/2032		28,630		0.0
	18,000	⁽¹	⁾	Magallanes, Inc., 5.050%, 03/15/2042		15,342		0.0
	43,000	⁽¹	⁾	Magallanes, Inc., 5.141%, 03/15/2052		36,148		0.0
	380,000	⁽¹	⁾	Metropolitan Edison Co., 4.000%, 04/15/2025		374,272		0.3
	130,000			Mississippi Power Co., 4.250%, 03/15/2042		113,606		0.1
	41,000			Mondelez International, Inc., 2.750%, 04/13/2030		36,048		0.0
	322,000	⁽²	⁾	Morgan Stanley, 1.593%, 05/04/2027		286,385		0.2
	133,000	⁽²	⁾	Morgan Stanley, 2.239%, 07/21/2032		107,886		0.1
	66,000	⁽²	⁾	Morgan Stanley, 2.511%, 10/20/2032		54,611		0.1
	117,000	⁽²	⁾	Morgan Stanley, 2.630%, 02/18/2026		111,771		0.1
	191,000			Morgan Stanley, 3.125%, 07/27/2026		182,572		0.2
	618,000			Morgan Stanley, 4.100%, 05/22/2023		620,703		0.5
	126,000	⁽²	⁾	Morgan Stanley, 5.297%, 04/20/2037		122,152		0.1
	150,000			Mosaic Co/The, 3.250%, 11/15/2022		150,175		0.1

Principal Amount†					Value		Percentage of Net Assets
	267,000			National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028	$	260,199		0.2
	150,000	⁽¹	^),(3)	Nestle Holdings, Inc., 1.500%, 09/14/2028		131,540		0.1
	32,000	⁽³	⁾	NextEra Energy Capital Holdings, Inc., 5.000%, 07/15/2032		32,814		0.0
	109,000			Northern States Power Co/MN, 3.600%, 09/15/2047		91,801		0.1
	19,000			Nucor Corp., 3.850%, 04/01/2052		15,482		0.0
	22,000			Nucor Corp., 4.300%, 05/23/2027		21,938		0.0
	35,000			ONEOK, Inc., 3.100%, 03/15/2030		30,125		0.0
	222,000			Oracle Corp., 2.800%, 04/01/2027		202,663		0.2
	35,000			Oracle Corp., 3.800%, 11/15/2037		27,282		0.0
	38,000			Oracle Corp., 3.950%, 03/25/2051		27,969		0.0
	46,000			O'Reilly Automotive, Inc., 3.600%, 09/01/2027		44,464		0.0
	91,000			O'Reilly Automotive, Inc., 4.350%, 06/01/2028		90,852		0.1
	27,000			O'Reilly Automotive, Inc., 4.700%, 06/15/2032		26,920		0.0
	20,000			Pacific Gas and Electric Co., 4.250%, 03/15/2046		14,645		0.0
	16,000			Pacific Gas and Electric Co., 4.300%, 03/15/2045		11,659		0.0

See Accompanying Notes to Financial Statements
59

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	26,000			Pacific Gas and Electric Co., 4.450%, 04/15/2042	$	19,568		0.0
	64,000			Parker- Hannifin Corp., 4.500%, 09/15/2029		63,736		0.1
	96,000	⁽²	⁾	PartnerRe Finance B LLC, 4.500%, 10/01/2050		80,287		0.1
	25,000	⁽³	⁾	PayPal Holdings, Inc., 4.400%, 06/01/2032		24,778		0.0
	23,000			PayPal Holdings, Inc., 5.050%, 06/01/2052		22,870		0.0
	33,000			PayPal Holdings, Inc., 5.250%, 06/01/2062		32,735		0.0
	129,000			PECO Energy Co., 4.150%, 10/01/2044		117,659		0.1
	63,000			Phillips 66, 3.850%, 04/09/2025		62,669		0.1
	156,000			Plains All American Pipeline L.P. / PAA Finance Corp., 3.800%, 09/15/2030		138,056		0.1
	154,000			Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045		124,120		0.1
	72,000			Public Service Enterprise Group, Inc., 2.450%, 11/15/2031		60,154		0.1
	17,000			Public Storage, 1.950%, 11/09/2028		14,715		0.0
	34,000			Puget Sound Energy, Inc., 3.250%, 09/15/2049		26,088		0.0

Principal Amount†					Value		Percentage of Net Assets
	122,000			Raytheon Technologies Corp., 4.500%, 06/01/2042	$	116,555		0.1
	13,000			Rexford Industrial Realty L.P., 2.150%, 09/01/2031		10,234		0.0
	36,000			Reynolds American, Inc., 5.700%, 08/15/2035		34,197		0.0
	27,000			Reynolds American, Inc., 5.850%, 08/15/2045		22,702		0.0
	209,000			Reynolds American, Inc., 6.150%, 09/15/2043		194,026		0.2
	23,000			Ross Stores, Inc., 4.700%, 04/15/2027		23,167		0.0
	6,000			S&P Global, Inc., 1.250%, 08/15/2030		4,755		0.0
	48,000	⁽¹	⁾	S&P Global, Inc., 2.700%, 03/01/2029		43,713		0.0
	48,000	⁽¹	⁾	S&P Global, Inc., 2.900%, 03/01/2032		42,815		0.0
	30,000	⁽¹	⁾	S&P Global, Inc., 3.700%, 03/01/2052		25,652		0.0
	12,000	⁽¹	⁾	S&P Global, Inc., 3.900%, 03/01/2062		10,208		0.0
	103,000			Salesforce, Inc., 2.700%, 07/15/2041		79,799		0.1
	52,000	⁽¹	⁾	Sealed Air Corp., 1.573%, 10/15/2026		45,284		0.0
	65,000	⁽²	⁾	Sempra Energy, 4.125%, 04/01/2052		52,258		0.1
	353,000			Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026		339,293		0.3
	27,000			Southern California Edison Co., 3.650%, 02/01/2050		20,691		0.0

See Accompanying Notes to Financial Statements
60

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	36,000			Southern Co/The, 5.113%, 08/01/2027	$	36,333		0.0
	12,000			Southwest Gas Corp., 4.050%, 03/15/2032		10,903		0.0
	46,000			Sun Communities Operating L.P., 4.200%, 04/15/2032		41,881		0.0
	19,000	⁽¹	⁾	Swiss Re Treasury US Corp., 4.250%, 12/06/2042		17,616		0.0
	25,000			Take-Two Interactive Software, Inc., 4.000%, 04/14/2032		23,497		0.0
	16,000			Targa Resources Corp., 5.200%, 07/01/2027		16,083		0.0
	23,000			Targa Resources Corp., 6.250%, 07/01/2052		23,113		0.0
	209,000			Time Warner Cable LLC, 5.875%, 11/15/2040		191,887		0.2
	96,000			T-Mobile USA, Inc., 3.000%, 02/15/2041		71,744		0.1
	222,000			T-Mobile USA, Inc., 3.750%, 04/15/2027		213,949		0.2
	40,000			T-Mobile USA, Inc., 3.875%, 04/15/2030		37,368		0.0
	40,000			Toyota Motor Credit Corp., 3.050%, 03/22/2027		38,489		0.0
	38,000			Toyota Motor Credit Corp., 4.450%, 06/29/2029		38,501		0.0
	50,000			Union Pacific Corp., 3.500%, 02/14/2053		40,848		0.0

Principal Amount†			Value		Percentage of Net Assets
	256,000	UnitedHealth Group, Inc., 2.300%, 05/15/2031	$	221,970		0.2
	73,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040		56,976		0.1
	36,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041		29,078		0.0
	19,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047		16,459		0.0
	26,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032		26,001		0.0
	11,000	UnitedHealth Group, Inc., 4.750%, 05/15/2052		11,013		0.0
	62,939	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026		62,808		0.1
	200,000	Utah Acquisition Sub, Inc., 3.950%, 06/15/2026		188,787		0.2
	38,000	Verizon Communications, Inc., 2.355%, 03/15/2032		31,540		0.0
	66,000	Verizon Communications, Inc., 3.400%, 03/22/2041		53,845		0.1
	38,000	Verizon Communications, Inc., 3.550%, 03/22/2051		30,531		0.0
	219,000	Verizon Communications, Inc., 4.125%, 03/16/2027		218,640		0.2
	203,000	Verizon Communications, Inc., 4.125%, 08/15/2046		180,402		0.2
	55,000	Verizon Communications, Inc., 4.400%, 11/01/2034		52,781		0.1
	72,000	Viatris, Inc., 2.700%, 06/22/2030		57,849		0.1

See Accompanying Notes to Financial Statements
61

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	45,000	⁽¹	⁾	Vistra Operations Co. LLC, 5.125%, 05/13/2025	$	44,583		0.0
	319,000			VMware, Inc., 1.400%, 08/15/2026		282,447		0.2
	38,000			VMware, Inc., 1.800%, 08/15/2028		31,596		0.0
	240,000	⁽²	⁾	Wells Fargo & Co., 2.406%, 10/30/2025		228,747		0.2
	312,000			Wells Fargo & Co., 3.000%, 10/23/2026		294,599		0.2
	40,000	⁽²	⁾	Wells Fargo & Co., 4.611%, 04/25/2053		37,083		0.0
						23,179,667		18.2
				Total Corporate Bonds/Notes (Cost $31,172,508)		27,967,959		22.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.6%
				United States: 14.6%
	147,438	⁽²	⁾	Adjustable Rate Mortgage Trust 2006-2 1A1, 3.223%, 05/25/2036		135,594		0.1
	59,265			Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		32,714		0.0
	201,849			Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035		184,504		0.2
	19,276			CHL Mortgage Pass- Through Trust 2005-17 1A8, 5.500%, 09/25/2035		18,427		0.0
	31,421			CHL Mortgage Pass- Through Trust 2005-J4 A7, 5.500%, 11/25/2035		28,005		0.0

Principal Amount†					Value		Percentage of Net Assets
	185,915			CHL Mortgage Pass- Through Trust 2007-7 A7, 5.750%, 06/25/2037	$	109,534		0.1
	33,813	⁽²	⁾	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 2.933%, 05/25/2035		32,953		0.0
	174,175			CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		156,651		0.1
	37,028			Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.124%, (US0001M + 0.500%), 11/25/2035		19,263		0.0
	127,967	⁽¹	^),(2)	CSMC Trust 2015-3 B1, 3.842%, 03/25/2045		124,222		0.1
	287	⁽¹	⁾	Deutsche ALT-A Securities, Inc. ALT2007- RS1 A2, 1.523%, (US0001M + 0.500%), 01/27/2037		349		0.0
	322,523			Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.624%, (US0001M + 3.000%), 10/25/2029		325,659		0.3
	337,194			Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.124%, (US0001M + 2.500%), 05/25/2030		336,694		0.3

See Accompanying Notes to Financial Statements
62

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	29,599	⁽¹	⁾	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 3.924%, (US0001M + 2.300%), 08/25/2031	$	29,606		0.0
	248,104	⁽¹	⁾	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 4.074%, (US0001M + 2.450%), 07/25/2031		246,671		0.2
	17,656	⁽⁶	⁾	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024		597		0.0
	9,068	⁽⁶	⁾	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028		1,312		0.0
	85,668	⁽⁶	⁾	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032		16,298		0.0
	29,860	⁽⁶	⁾	Fannie Mae Interest Strip Series 328 2, 6.000%, 12/25/2032		5,832		0.0
	13,853	⁽⁶	⁾	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033		2,599		0.0
	16,179	⁽⁶	⁾	Fannie Mae Interest Strip Series 332 2, 6.000%, 03/25/2033		3,036		0.0
	13,107	⁽⁶	⁾	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033		2,526		0.0
	16,170	⁽⁶	⁾	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033		2,785		0.0

Principal Amount†					Value		Percentage of Net Assets
	7,014	⁽⁶	⁾	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035	$	1,440		0.0
	7,525	⁽⁶	⁾	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035		1,403		0.0
	233,613	⁽⁶	⁾	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043		33,070		0.0
	342,151	⁽²	^),(6)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033		37,960		0.0
	3,779			Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029		3,939		0.0
	6,127			Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032		6,475		0.0
	30,151	⁽⁶	⁾	Fannie Mae REMIC Trust 2002-12 SB, 6.126%, (-1.000* US0001M + 7.750%), 07/25/2031		4,714		0.0
	19,105	⁽⁶	⁾	Fannie Mae REMIC Trust 2002-2 SW, 6.126%, (-1.000* US0001M + 7.750%), 02/25/2032		3,156		0.0
	8,120			Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032		8,788		0.0
	3,451			Fannie Mae REMIC Trust 2002-29 F, 2.624%, (US0001M + 1.000%), 04/25/2032		3,518		0.0

See Accompanying Notes to Financial Statements
63

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	9,928	⁽⁶	⁾	Fannie Mae REMIC Trust 2002-41 S, 6.326%, (-1.000* US0001M + 7.950%), 07/25/2032	$	1,161		0.0
	1,062			Fannie Mae REMIC Trust 2002-64 FJ, 2.624%, (US0001M + 1.000%), 04/25/2032		1,081		0.0
	2,277			Fannie Mae REMIC Trust 2002-68 FH, 2.095%, (US0001M + 0.500%), 10/18/2032		2,279		0.0
	366,275	⁽⁶	⁾	Fannie Mae REMIC Trust 2002-77 JS, 6.405%, (-1.000* US0001M + 8.000%), 12/18/2032		58,605		0.1
	9,475			Fannie Mae REMIC Trust 2002-84 FB, 2.624%, (US0001M + 1.000%), 12/25/2032		9,646		0.0
	9,473			Fannie Mae REMIC Trust 2003-11 FA, 2.624%, (US0001M + 1.000%), 09/25/2032		9,441		0.0
	2,001			Fannie Mae REMIC Trust 2003-116 FA, 2.024%, (US0001M + 0.400%), 11/25/2033		1,998		0.0
	12,872	⁽⁶	⁾	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033		2,632		0.0
	11,775	⁽⁶	⁾	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033		2,346		0.0

Principal Amount†					Value		Percentage of Net Assets
	238,781	⁽⁶	⁾	Fannie Mae REMIC Trust 2004-56 SE, 5.926%, (-1.000* US0001M + 7.550%), 10/25/2033	$	35,355		0.0
	15,144			Fannie Mae REMIC Trust 2005-25 PS, 21.016%, (-4.400* US0001M + 28.160%), 04/25/2035		21,174		0.0
	5,970	⁽⁶	⁾	Fannie Mae REMIC Trust 2005-40 SB, 5.126%, (-1.000* US0001M + 6.750%), 05/25/2035		514		0.0
	6,057			Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025		6,064		0.0
	76,657			Fannie Mae REMIC Trust 2005-74 DK, 17.506%, (-4.000* US0001M + 24.000%), 07/25/2035		95,560		0.1
	197,786			Fannie Mae REMIC Trust 2005-87 SB, 17.880%, (-3.667* US0001M + 23.833%), 10/25/2035		241,112		0.2
	102,399			Fannie Mae REMIC Trust 2006-104 ES, 25.332%, (-5.000* US0001M + 33.450%), 11/25/2036		158,382		0.1
	7,894			Fannie Mae REMIC Trust 2006-11 PS, 18.614%, (-3.667* US0001M + 24.567%), 03/25/2036		10,741		0.0

See Accompanying Notes to Financial Statements
64

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	17,816			Fannie Mae REMIC Trust 2006-46 SW, 18.246%, (-3.667* US0001M + 24.199%), 06/25/2036	$	22,014		0.0
	4,120,260	⁽⁶	⁾	Fannie Mae REMIC Trust 2006-51 SA, 4.946%, (-1.000* US0001M + 6.570%), 06/25/2036		538,437		0.4
	37,123	⁽⁶	⁾	Fannie Mae REMIC Trust 2006-90 SX, 5.606%, (-1.000* US0001M + 7.230%), 09/25/2036		4,565		0.0
	4,546,481	⁽⁶	⁾	Fannie Mae REMIC Trust 2007-116 DI, 4.316%, (-1.000* US0001M + 5.940%), 01/25/2038		574,102		0.5
	28,472	⁽⁶	⁾	Fannie Mae REMIC Trust 2007-88 XI, 4.916%, (-1.000* US0001M + 6.540%), 06/25/2037		4,311		0.0
	455,705	⁽⁶	⁾	Fannie Mae REMIC Trust 2007-89 SB, 4.926%, (-1.000* US0001M + 6.550%), 09/25/2037		36,255		0.0
	729,563	⁽⁶	⁾	Fannie Mae REMIC Trust 2007-94 SG, 4.826%, (-1.000* US0001M + 6.450%), 10/25/2037		101,545		0.1

Principal Amount†					Value		Percentage of Net Assets
	248,774			Fannie Mae REMIC Trust 2010-109 SN, 19.692%, (-5.000* US0001M + 25.000%), 10/25/2040	$	402,522		0.3
	29,333			Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040		30,955		0.0
	1,598,753	⁽⁶	⁾	Fannie Mae REMIC Trust 2011-55 SK, 4.936%, (-1.000* US0001M + 6.560%), 06/25/2041		229,896		0.2
	1,169,571	⁽⁶	⁾	Fannie Mae REMIC Trust 2011-86 NS, 4.326%, (-1.000* US0001M + 5.950%), 09/25/2041		125,316		0.1
	267,070	⁽⁶	⁾	Fannie Mae REMIC Trust 2012-10 US, 4.826%, (-1.000* US0001M + 6.450%), 02/25/2042		36,375		0.0
	474,588	⁽⁶	⁾	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042		67,432		0.1
	1,434,448	⁽⁶	⁾	Fannie Mae REMIC Trust 2012-133 PS, 4.576%, (-1.000* US0001M + 6.200%), 03/25/2042		120,206		0.1
	1,200,912	⁽⁶	⁾	Fannie Mae REMIC Trust 2012-144 SB, 4.476%, (-1.000* US0001M + 6.100%), 01/25/2043		176,633		0.1

See Accompanying Notes to Financial Statements
65

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	642,177	⁽⁶	⁾	Fannie Mae REMIC Trust 2012-27 SB, 4.356%, (-1.000* US0001M + 5.980%), 11/25/2041	$	52,840		0.1
	728,637	⁽⁶	⁾	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033		72,268		0.1
	2,854,693	⁽⁶	⁾	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027		128,491		0.1
	10,022,270	⁽⁶	⁾	Fannie Mae REMICS 2019-15 SA, 4.376%, (-1.000* US0001M + 6.000%), 04/25/2049		1,364,417		1.1
	15,897,186	⁽⁶	⁾	Fannie Mae REMICS 2021-4 IN, 2.500%, 02/25/2051		2,253,992		1.8
	3,809,091	⁽⁶	⁾	Freddie Mac 3502 DL, 4.676%, (-1.000* US0001M + 6.000%), 01/15/2039		465,134		0.4
	19,390			Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022		19,426		0.0
	3,947			Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024		4,014		0.0
	12,322			Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026		12,876		0.0
	3,687	⁽⁶	⁾	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028		511		0.0

Principal Amount†					Value		Percentage of Net Assets
	20,875	⁽⁶	⁾	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028	$	2,871		0.0
	10,121			Freddie Mac REMIC Trust 2122 F, 1.774%, (US0001M + 0.450%), 02/15/2029		10,118		0.0
	25,795	⁽⁶	⁾	Freddie Mac REMIC Trust 2134 SB, 6.376%, (-1.000* US0001M + 7.700%), 03/15/2029		1,847		0.0
	30,331	⁽⁶	⁾	Freddie Mac REMIC Trust 2136 SG, 6.326%, (-1.000* US0001M + 7.650%), 03/15/2029		3,116		0.0
	38,429	⁽⁶	⁾	Freddie Mac REMIC Trust 2177 SB, 7.626%, (-1.000* US0001M + 8.950%), 08/15/2029		4,405		0.0
	5,594			Freddie Mac REMIC Trust 2344 FP, 2.274%, (US0001M + 0.950%), 08/15/2031		5,691		0.0
	2,434			Freddie Mac REMIC Trust 2412 GF, 2.274%, (US0001M + 0.950%), 02/15/2032		2,478		0.0
	21,217			Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032		23,115		0.0
	3,107			Freddie Mac REMIC Trust 2464 FI, 2.324%, (US0001M + 1.000%), 02/15/2032		3,163		0.0

See Accompanying Notes to Financial Statements
66

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	3,187			Freddie Mac REMIC Trust 2470 LF, 2.324%, (US0001M + 1.000%), 02/15/2032	$	3,244		0.0
	4,509			Freddie Mac REMIC Trust 2471 FD, 2.324%, (US0001M + 1.000%), 03/15/2032		4,589		0.0
	3,665			Freddie Mac REMIC Trust 2504 FP, 1.824%, (US0001M + 0.500%), 03/15/2032		3,668		0.0
	12,170			Freddie Mac REMIC Trust 2551 LF, 1.824%, (US0001M + 0.500%), 01/15/2033		12,192		0.0
	6,550			Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023		6,585		0.0
	158,748			Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034		166,863		0.1
	135,736			Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034		141,619		0.1
	29,424			Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667* US0001M + 44.667%), 05/15/2035		31,449		0.0
	24,815	⁽⁶	⁾	Freddie Mac REMIC Trust 3004 SB, 4.826%, (-1.000* US0001M + 6.150%), 07/15/2035		1,916		0.0

Principal Amount†					Value		Percentage of Net Assets
	6,344			Freddie Mac REMIC Trust 3025 SJ, 19.895%, (-3.667* US0001M + 24.750%), 08/15/2035	$	8,793		0.0
	491,938	⁽⁶	⁾	Freddie Mac REMIC Trust 3223 S, 4.626%, (-1.000* US0001M + 5.950%), 10/15/2036		46,163		0.0
	1,159,407	⁽⁶	⁾	Freddie Mac REMIC Trust 3505 SA, 4.676%, (-1.000* US0001M + 6.000%), 01/15/2039		154,812		0.1
	1,123,080	⁽⁶	⁾	Freddie Mac REMIC Trust 3702 S, 3.126%, (-1.000* US0001M + 4.450%), 05/15/2036		56,997		0.1
	529,754	⁽⁶	⁾	Freddie Mac REMIC Trust 3925 SD, 4.726%, (-1.000* US0001M + 6.050%), 07/15/2040		24,620		0.0
	570,556	⁽⁶	⁾	Freddie Mac REMIC Trust 4136 SW, 4.926%, (-1.000* US0001M + 6.250%), 11/15/2032		50,424		0.0
	340,898	⁽⁶	⁾	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043		50,578		0.1
	4,346,521	⁽⁶	⁾	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043		648,979		0.5

See Accompanying Notes to Financial Statements
67

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	7,041,936	⁽⁶	⁾	Freddie Mac REMICS 3582 SL, 4.826%, (-1.000* US0001M + 6.150%), 10/15/2039	$	917,632		0.7
	6,251,190	⁽⁶	⁾	Freddie Mac REMICS 4976 MI, 4.500%, 05/25/2050		1,319,513		1.0
	476,759	⁽⁶	⁾	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032		45,366		0.0
	212,768	⁽¹	⁾	Freddie Mac STACR 2019-HQA3 M2, 3.474%, (US0001M + 1.850%), 09/25/2049		209,502		0.2
	383,480	⁽¹	⁾	Freddie Mac Stacr Remic Trust 2020- HQA2 M2, 4.724%, (US0001M + 3.100%), 03/25/2050		380,801		0.3
	500,000	⁽¹	⁾	Freddie Mac STACR REMIC Trust 2022-DNA1 M1B, 2.776%, (SOFR30A + 1.850%), 01/25/2042		449,900		0.4
	100,000	⁽¹	⁾	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 6.176%, (SOFR30A + 5.250%), 03/25/2042		93,562		0.1
	184,349	⁽¹	⁾	Freddie Mac STACR Trust 2019-DNA3 M2, 3.674%, (US0001M + 2.050%), 07/25/2049		183,470		0.2

Principal Amount†					Value		Percentage of Net Assets
	5,565			Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 5.524%, (US0001M + 3.900%), 12/25/2027	$	5,558		0.0
	185,477			Ginnie Mae Series 2007-8 SP, 16.876%, (-3.242* US0001M + 22.048%), 03/20/2037		244,460		0.2
	828,275	⁽⁶	⁾	Ginnie Mae Series 2010-68 MS, 4.255%, (-1.000* US0001M + 5.850%), 06/20/2040		95,363		0.1
	613,881	⁽⁶	⁾	Ginnie Mae Series 2012-97 SC, 5.191%, (-1.000* US0001M + 6.700%), 07/16/2041		62,849		0.1
	7,789,514	⁽⁶	⁾	Ginnie Mae Series 2014-133 BS, 4.005%, (-1.000* US0001M + 5.600%), 09/20/2044		821,554		0.7
	99,987			GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 2.044%, (US0001M + 0.210%), 04/25/2036		85,745		0.1
	15,120	⁽¹	^),(2)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		14,899		0.0

See Accompanying Notes to Financial Statements
68

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	12,083	⁽¹	^),(2)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050	$	11,820		0.0
	475,682	⁽¹	^),(2)	GS Mortgage- Backed Securities Corp. Trust 2020-PJ3 B1A, 3.426%, 10/25/2050		419,368		0.3
	192,900	⁽¹	^),(2)	GS Mortgage- Backed Securities Trust 2022-PJ1 A4, 2.500%, 05/28/2052		161,832		0.1
	8,784	⁽²	⁾	GSR Mortgage Loan Trust 2005-AR6 1A4, 2.933%, 09/25/2035		8,637		0.0
	368,436			IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.044%, (US0001M + 0.420%), 04/25/2046		327,041		0.3
	486,329	⁽²	⁾	JP Morgan Mortgage Trust 2005-A4 B1, 3.253%, 07/25/2035		455,467		0.4
	30,345	⁽²	⁾	JP Morgan Mortgage Trust 2007-A1 7A1, 2.808%, 07/25/2035		29,321		0.0
	259,366	⁽¹	^),(2)	JP Morgan Mortgage Trust 2017-3 B1, 3.765%, 08/25/2047		243,751		0.2
	199,705	⁽¹	^),(2)	JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050		189,142		0.2

Principal Amount†					Value		Percentage of Net Assets
	44,496	⁽¹	^),(2)	JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050	$	41,927		0.0
	5,809	⁽¹	^),(2)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049		5,771		0.0
	12,160	⁽¹	^),(2)	JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 03/25/2050		12,023		0.0
	138,105			Lehman XS Trust Series 2005-5N 1A2, 1.984%, (US0001M + 0.360%), 11/25/2035		131,852		0.1
	32,723	⁽²	⁾	MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 2.648%, 04/25/2036		30,732		0.0
	167,657	⁽¹	^),(2)	Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051		141,277		0.1
	1,430,531	⁽²	^),(6)	RALI Series Trust 2006-QO1 X2, 1.375%, 02/25/2046		82,739		0.1
	7,746	⁽¹	^),(2)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048		7,553		0.0
	3,470,637	⁽²	^),(6)	WaMu Mortgage Pass- Through Certificates Series 2005-AR11 X, 1.017%, 08/25/2045		15,624		0.0

See Accompanying Notes to Financial Statements
69

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	23,298	⁽²	⁾	WaMu Mortgage Pass- Through Certificates Series 2006-AR12 1A1, 3.011%, 10/25/2036	$	22,366		0.0
	78,380	⁽²	⁾	WaMu Mortgage Pass- Through Certificates Series 2006-AR8 1A4, 2.853%, 08/25/2046		73,369		0.1
	172,146	⁽²	⁾	WaMu Mortgage Pass- Through Certificates Series 2007-HY2 1A1, 3.196%, 12/25/2036		161,736		0.1
	53,197	⁽²	⁾	WaMu Mortgage Pass- Through Certificates Series 2007-HY4 1A1, 2.743%, 04/25/2037		49,362		0.0
	44,653			Wells Fargo Alternative Loan 2007-PA2 2A1, 2.054%, (US0001M + 0.430%), 06/25/2037		36,053		0.0
	101,292	⁽¹	^),(2)	WinWater Mortgage Loan Trust 2015-5 B4, 3.754%, 08/20/2045		93,239		0.1
				Total Collateralized Mortgage Obligations (Cost $20,597,835)		18,575,389		14.6

Principal Amount†					Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 20.1%
				Federal Home Loan Mortgage Corporation: 0.5%⁽⁷⁾
	341,680			3.500%, 01/01/2048	$	334,785		0.3
	73,695			4.000%, 09/01/2045		74,332		0.1
	50,605			4.000%, 09/01/2045		51,043		0.0
	39,357			4.000%, 09/01/2045		39,697		0.0
	36,331			4.000%, 09/01/2045		36,645		0.0
	53,162			4.000%, 05/01/2046		53,610		0.1
	3,034			5.000%, 12/01/2034		3,108		0.0
	10,602			6.000%, 02/01/2034		11,368		0.0
	51			6.500%, 09/01/2022		52		0.0
	1,357			6.500%, 08/01/2032		1,458		0.0
	5,366			6.500%, 07/01/2034		5,640		0.0
	2,102			6.500%, 07/01/2034		2,208		0.0
						613,946		0.5
				Federal National Mortgage Association: 2.5%⁽⁷⁾
	3,615,000	⁽⁸	⁾	2.000%, 07/15/2052		3,138,272		2.5
	43,470			2.310%, (US0012M + 1.777%), 10/01/2036		44,802		0.0
						3,183,074		2.5
				Government National Mortgage Association: 3.5%
	2,015,591			2.500%, 05/20/2051		1,853,053		1.4
	2,805,000	⁽⁸	⁾	3.000%, 07/15/2052		2,645,247		2.1
	17,257			5.000%, 04/15/2034		18,178		0.0
	7,941			6.500%, 02/20/2035		8,576		0.0
						4,525,054		3.5
				Uniform Mortgage-Backed Securities: 13.6%
	24,812			2.500%, 06/01/2030		24,345		0.0
	32,672			2.500%, 06/01/2030		32,057		0.0
	14,739			2.500%, 07/01/2030		14,462		0.0

See Accompanying Notes to Financial Statements
70

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

Principal Amount†					Value		Percentage of Net Assets
				Uniform Mortgage-Backed Securities (continued)
	2,475,000	⁽⁸	⁾	2.500%, 07/15/2052	$	2,226,533		1.8
	1,900,000	⁽⁸	⁾	3.500%, 07/15/2052		1,827,711		1.5
	33,570			4.000%, 05/01/2045		33,827		0.0
	651,627			4.000%, 04/01/2049		652,014		0.5
	6,200,000	⁽⁸	⁾	4.000%, 07/15/2052		6,115,598		4.8
	6,100,000	⁽⁸	⁾	4.500%, 07/15/2052		6,125,020		4.8
	32,913			5.000%, 06/01/2041		34,478		0.0
	4,132			5.500%, 09/01/2024		4,293		0.0
	34,794			6.000%, 11/01/2034		37,463		0.1
	59,399			6.000%, 04/01/2035		63,988		0.1
	24,046			6.500%, 12/01/2029		25,251		0.0
	10,870			6.500%, 01/01/2034		11,516		0.0
	80			7.000%, 04/01/2033		82		0.0
	9,835			7.500%, 09/01/2032		10,687		0.0
	19,945			7.500%, 01/01/2033		21,530		0.0
						17,260,855		13.6
				Total U.S. Government Agency Obligations (Cost $25,615,433)		25,582,929		20.1
SOVEREIGN BONDS: 12.4%
				Australia: 0.2%
AUD	558,000	⁽¹	⁾	Queensland Treasury Corp., 1.750%, 07/20/2034		291,545		0.2
				Canada: 0.3%
CAD	575,000			Canadian Government Bond, 2.000%, 12/01/2051		347,899		0.3

Principal Amount†			Value		Percentage of Net Assets
		China: 7.8%
CNY	13,660,000	China Government Bond, 2.850%, 06/04/2027	$	2,058,798		1.6
CNY	6,880,000	China Government Bond, 3.250%, 06/06/2026		1,053,848		0.8
CNY	29,640,000	China Government Bond, 3.250%, 11/22/2028		4,549,217		3.6
CNY	12,880,000	China Government Bond, 3.290%, 05/23/2029		1,985,701		1.6
CNY	1,780,000	China Government Bond, 4.080%, 10/22/2048		299,326		0.2
				9,946,890		7.8
		Germany: 0.3%
EUR	30,000	Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028		30,431		0.0
EUR	120,000	Bundesrepublik Deutschland Bundesanleihe, 0.930%, 08/15/2026		121,059		0.1
EUR	200,000	Bundesrepublik Deutschland Bundesanleihe, 1.250%, 08/15/2048		193,677		0.2
EUR	10,000	Bundesrepublik Deutschland Bundesanleihe, 2.000%, 08/15/2023		10,670		0.0
				355,837		0.3
		Indonesia: 0.3%
IDR	6,452,000,000	Indonesia Treasury Bond, 8.375%, 04/15/2039		459,728		0.3

See Accompanying Notes to Financial Statements
71

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

Principal
Amount†

Value

Percentage
of Net
Assets

Italy: 0.4%

EUR

438,000

⁽¹

⁾

Italy Buoni
Poliennali
Del Tesoro,
3.850%,
09/01/2049

477,961

0.4

Malaysia: 1.3%

MYR

7,864,000

Malaysia
Government
Bond,
3.828%,
07/05/2034

1,654,109

1.3

Spain: 1.4%

EUR

870,000

⁽¹

⁾

Spain
Government
Bond,
1.450%,
04/30/2029

880,736

0.7

EUR

908,000

⁽¹

⁾

Spain
Government
Bond,
2.700%,
10/31/2048

898,546

0.7

1,779,282

1.4

Thailand: 0.4%

THB

17,994,000

Thailand
Government
Bond,
2.875%,
12/17/2028

515,077

0.4

Total
Sovereign
Bonds
(Cost
$16,562,674)

15,828,328

12.4

COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.3%

United States: 9.3%

5,840,021

⁽²

^),(6)

BANK
2017-BNK5
XA, 1.113%,
06/15/2060

209,249

0.2

900,000

⁽¹

^),(2)

BANK
2017-BNK6
E, 2.771%,
07/15/2060

576,769

0.5

1,948,000

⁽¹

^),(2),(6)

BANK
2017-BNK6
XE, 1.500%,
07/15/2060

121,285

0.1

964,570

⁽²

^),(6)

BANK
2019-BNK16
XA, 1.103%,
02/15/2052

46,358

0.0

Principal Amount†					Value		Percentage of Net Assets
	9,024,997	⁽²	^),(6)	BANK 2019-BNK21 XA, 0.987%, 10/17/2052	$	428,670		0.3
	8,020,000	⁽¹	^),(2),(6)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033		141,181		0.1
	210,000	⁽¹	⁾	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		162,672		0.1
	1,183,853	⁽²	^),(6)	Benchmark 2019-B9 XA Mortgage Trust, 1.202%, 03/15/2052		62,719		0.0
	2,981,736	⁽²	^),(6)	Benchmark 2020-B18 XA Mortgage Trust, 1.916%, 07/15/2053		266,985		0.2
	1,554,841	⁽²	^),(6)	CD 2016-CD1 Mortgage Trust XA, 1.504%, 08/10/2049		65,207		0.1
	7,900,000	⁽²	^),(6)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.984%, 08/10/2049		237,757		0.2
	3,010,771	⁽²	^),(6)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.225%, 10/12/2050		126,486		0.1
	8,578,017	⁽¹	^),(2),(6)	COMM 2012-LTRT XA, 0.951%, 10/05/2030		190		0.0
	110,000	⁽¹	^),(2)	COMM 2013-CR10 E Mortgage Trust, 5.063%, 08/10/2046		103,210		0.1
	10,261,873	⁽²	^),(6)	COMM 2014-CR16 XA, 1.107%, 04/10/2047		132,634		0.1

See Accompanying Notes to Financial Statements
72

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	3,893,532	⁽²	^),(6)	COMM 2016-CR28 XA, 0.776%, 02/10/2049	$	70,860		0.1
	500,000			CSAIL Commercial Mortgage Trust 2021-C20 A3, 2.805%, 03/15/2054		442,276		0.3
	290,000	⁽¹	^),(2)	DBJPM 16-C3 Mortgage Trust, 3.624%, 08/10/2049		225,721		0.2
	171,228	⁽¹	^),(4)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044		171,039		0.1
	7,000,000	⁽²	^),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.849%, 12/25/2041		139,221		0.1
	4,080,864	⁽²	^),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.973%, 11/25/2030		238,521		0.2
	2,096,359	⁽²	^),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.443%, 07/25/2035		258,513		0.2
	2,109,000	⁽⁶	⁾	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029		164,496		0.1

Principal Amount†					Value		Percentage of Net Assets
	543,000	⁽¹	^),(9)	FREMF 2016-K60 D Mortgage Trust, 0.000%, 12/25/2049	$	387,313		0.3
	152,000	⁽¹	⁾	GAM RE- REMIC TR 2021-FFR2 BK44, 1.750%, 09/27/2051		135,190		0.1
	171,000	⁽¹	⁾	GAM RE- REMIC TR 2021-FFR2 BK78, 2.430%, 09/27/2051		136,942		0.1
	130,000	⁽¹	^),(9)	GAM RE- REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051		109,945		0.1
	159,000	⁽¹	^),(9)	GAM RE- REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051		131,292		0.1
	129,000	⁽¹	⁾	GAM RE- REMIC TR 2021-FFR2 CK49, 1.050%, 09/27/2051		109,782		0.1
	109,000	⁽¹	^),(9)	GAM RE- REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051		69,015		0.1
	130,000	⁽¹	^),(9)	GAM RE- REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051		107,265		0.1
	129,000	⁽¹	^),(9)	GAM RE- REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051		101,978		0.1
	238,000	⁽¹	^),(6)	GAM Resecuritization Trust 2022- FRR3 BK47, 2.038%, 01/29/2052		196,276		0.2

See Accompanying Notes to Financial Statements
73

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	163,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 BK61, 0.820%, 01/29/2052	$	127,970		0.1
	176,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 BK89, 1.280%, 01/27/2052		120,647		0.1
	92,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 C728, 0.460%, 08/27/2050		80,800		0.1
	95,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 CK47, 0.640%, 05/27/2048		80,422		0.1
	113,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 CK61, 1.080%, 11/27/2049		83,970		0.1
	80,000	⁽¹	^),(6)	GAM Resecuritization Trust 2022- FRR3 CK71, 1.411%, 01/29/2052		60,199		0.0
	92,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 CK89, 1.500%, 01/27/2052		59,060		0.0
	92,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 D728, 0.520%, 01/29/2052		78,789		0.1
	125,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 DK27, 0.140%, 12/27/2045		120,825		0.1
	75,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 DK41, 0.560%, 10/27/2047		65,105		0.0

Principal Amount†					Value		Percentage of Net Assets
	95,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 DK47, 0.720%, 05/27/2048	$	78,737		0.1
	31,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 EK27, 0.180%, 12/27/2045		29,683		0.0
	49,000	⁽¹	^),(10)	GAM Resecuritization Trust 2022- FRR3 EK41, 0.610%, 01/29/2052		40,938		0.0
	3,651,448	⁽²	^),(6)	GS Mortgage Securities Trust 2013- GC16 XA, 1.179%, 11/10/2046		35,496		0.0
	2,262,839	⁽²	^),(6)	GS Mortgage Securities Trust 2017- GS6 XA, 1.164%, 05/10/2050		92,589		0.1
	410,000	⁽¹	^),(2)	GS Mortgage Securities Trust 2019- GC40 DBD, 3.668%, 07/10/2052		377,322		0.3
	310,000	⁽¹	^),(2)	GS Mortgage Securities Trust 2019- GC40 DBE, 3.668%, 07/10/2052		280,654		0.2
	5,119,880	⁽²	^),(6)	GS Mortgage Securities Trust 2019- GC42 XA, 0.932%, 09/01/2052		220,875		0.2
	860,822	⁽²	^),(6)	GS Mortgage Securities Trust 2020- GC47 XA, 1.245%, 05/12/2053		60,364		0.0
	782,713	⁽²	^),(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 0.552%, 06/15/2045		1		0.0

See Accompanying Notes to Financial Statements
74

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	2,281,667	⁽¹	^),(2),(6)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.943%, 03/10/2050	$	50,997		0.0
	1,090,000	⁽¹	^),(2)	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 E, 4.737%, 11/15/2045		1,058,117		0.8
	18,750,000	⁽¹	^),(2),(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.575%, 12/15/2047		195,313		0.2
	1,706,487	⁽²	^),(6)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.422%, 05/15/2054		135,274		0.1
	600,000			RFM 2022-WF1, 3.750%, 05/27/2027		600,000		0.5
	700,000	⁽¹	⁾	SFO Commercial Mortgage Trust 2021-555 C, 3.124%, (US0001M + 1.800%), 05/15/2038		660,338		0.5
	6,619,465	⁽²	^),(6)	UBS Commercial Mortgage Trust 2018-C9 XA, 1.030%, 03/15/2051		269,815		0.2
	365,062	⁽¹	^),(2),(6)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.491%, 08/15/2045		12		0.0
	550,000	⁽¹	^),(2)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.371%, 03/15/2045		486,228		0.4

Principal
Amount†

Value

Percentage
of Net
Assets

330,000

⁽¹

^),(2)

WFRBS
Commercial
Mortgage
Trust
2013-C14 D,
4.090%,
06/15/2046

289,476

0.2

7,705,459

⁽²

^),(6)

WFRBS
Commercial
Mortgage
Trust
2014-C19
XA, 1.142%,
03/15/2047

83,466

0.1

Total
Commercial
Mortgage-
Backed
Securities
(Cost
$12,415,157)

11,800,499

9.3

U.S. TREASURY OBLIGATIONS: 1.0%

U.S. Treasury Bonds: 0.1%

174,000

⁽³

⁾

2.250%,
02/15/2052

143,251

0.1

34,800

3.250%,
05/15/2042

33,974

0.0

177,225

0.1

U.S. Treasury Notes: 0.9%

190,000

2.625%,
05/31/2027

186,430

0.2

932,500

⁽³

⁾

2.875%,
05/15/2032

922,155

0.7

1,108,585

0.9

Total U.S.
Treasury
Obligations
(Cost
$1,279,749)

1,285,810

1.0

ASSET-BACKED SECURITIES: 7.7%

United States: 7.7%

700,000

⁽¹

⁾

AGL CLO
11 Ltd.
2021-11A AJ,
2.394%,
(US0003M +
1.350%),
04/15/2034

663,225

0.5

600,000

⁽¹

⁾

Allegro CLO
IV Ltd.
2016-1A
CR2,
3.044%,
(US0003M +
2.000%),
01/15/2030

573,154

0.4

See Accompanying Notes to Financial Statements
75

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	500,000	⁽¹	⁾	AMMC CLO 16 Ltd. 2015-16A CR2, 2.988%, (US0003M + 1.950%), 04/14/2029	$	482,248		0.4
	350,000	⁽¹	⁾	Ares XXVIIIR CLO Ltd. 2018-28RA A2, 2.444%, (US0003M + 1.400%), 10/17/2030		338,519		0.3
	500,000	⁽¹	⁾	Barings Clo Ltd. 2019-4A C, 3.844%, (US0003M + 2.800%), 01/15/2033		489,006		0.4
	412,500	⁽¹	⁾	BlueMountain CLO 2013-2A CR, 3.086%, (US0003M + 1.950%), 10/22/2030		390,307		0.3
	250,000	⁽¹	⁾	BlueMountain CLO Ltd. 2021-28A C, 3.044%, (US0003M + 2.000%), 04/15/2034		230,292		0.2
	250,000	⁽¹	⁾	BlueMountain CLO XXXI Ltd. 2021-31A A2, 2.444%, (US0003M + 1.400%), 04/19/2034		237,954		0.2
	500,000	⁽¹	⁾	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A A1R2, 2.203%, (US0003M + 1.140%), 04/20/2034		482,512		0.4
	250,000	⁽¹	⁾	Carlyle US Clo 2017-2A CR Ltd., 2.463%, (US0003M + 1.400%), 07/20/2031		239,586		0.2

Principal Amount†					Value		Percentage of Net Assets
	250,000	⁽¹	⁾	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 2.494%, (US0003M + 1.450%), 10/17/2034	$	237,334		0.2
	400,000	⁽¹	⁾	CIFC Funding 2013-IA BR Ltd., 3.444%, (US0003M + 2.400%), 07/16/2030		386,687		0.3
	500,000	⁽¹	⁾	CIFC Funding 2020-2A AR Ltd., 2.233%, (US0003M + 1.170%), 10/20/2034		485,683		0.4
	223,536	⁽²	⁾	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.714%, 03/25/2036		118,028		0.1
	500,000	⁽¹	⁾	Galaxy XV CLO Ltd. 2013-15A CRR, 2.894%, (US0003M + 1.850%), 10/15/2030		471,073		0.4
	400,000	⁽¹	⁾	Galaxy XXI CLO Ltd. 2015-21A CR, 2.813%, (US0003M + 1.750%), 04/20/2031		371,648		0.3
	250,000	⁽¹	⁾	Madison Park Funding XXVII Ltd. 2018-27A B, 2.863%, (US0003M + 1.800%), 04/20/2030		234,593		0.2
	400,000	⁽¹	⁾	Madison Park Funding XXXI Ltd. 2018-31A C, 3.334%, (US0003M + 2.150%), 01/23/2031		380,018		0.3
	250,000	⁽¹	⁾	Marble Point CLO XIV Ltd. 2018-2A A1R, 2.343%, (US0003M + 1.280%), 01/20/2032		244,239		0.2

See Accompanying Notes to Financial Statements
76

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

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	200,000	⁽¹	^),(2)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059	$	193,169		0.1
	250,000	⁽¹	⁾	Oak Hill Credit Partners 2021-8A C, 2.944%, (US0003M + 1.900%), 01/18/2034		234,262		0.2
	500,000	⁽¹	⁾	OCP CLO 2014-5 A BR Ltd., 3.014%, (US0003M + 1.800%), 04/26/2031		464,652		0.3
	550,000	⁽¹	⁾	Octagon Investment Partners 31 Ltd. 2017-1A CR, 3.113%, (US0003M + 2.050%), 07/20/2030		520,626		0.4
	350,000	⁽¹	⁾	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 2.244%, (US0003M + 1.200%), 07/15/2029		337,720		0.2
	440,000	⁽¹	⁾	Shackleton 2019-15A CR CLO Ltd., 3.194%, (US0003M + 2.150%), 01/15/2032		415,387		0.3
	400,000	⁽¹	⁾	Sound Point Clo XV Ltd. 2017-1A CR, 3.234%, (US0003M + 2.050%), 01/23/2029		385,415		0.3
	250,000	⁽¹	⁾	THL Credit Wind River 2013-2A CR CLO Ltd., 3.044%, (US0003M + 2.000%), 10/18/2030		236,304		0.2
				Total Asset- Backed Securities (Cost $10,310,537)		9,843,641		7.7

Shares					Value		Percentage of Net Assets
COMMON STOCK: 0.1%
				United States: 0.1%
	2,149	⁽³	^),(4),(11)	American Media, Inc.	$	—		—
	18	⁽¹¹	⁾	Ingevity Corp.		1,136		0.0
	4,988	⁽³	^),(11)	Resolute Forest Products, Inc.		63,647		0.1
	120			WestRock Co.		4,781		0.0
				Total Common Stock (Cost $131,025)		69,564		0.1
MUTUAL FUNDS: 19.6%
				United States: 19.6%
	804,123			Voya Emerging Markets Corporate Debt Fund - Class P		6,497,316		5.1
	1,221,139			Voya Emerging Markets Hard Currency Debt Fund - Class P		8,877,682		7.0
	1,432,430			Voya High Yield Bond Fund - Class P		9,525,659		7.5
				Total Mutual Funds (Cost $30,580,251)		24,900,657		19.6
PURCHASED OPTIONS⁽¹²⁾: 0.0%
				Total Purchased Options (Cost $80,730)		37,986		0.0
				Total Long-Term Investments (Cost $148,745,899)		135,892,762		106.8

See Accompanying Notes to Financial Statements
77

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

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 4.3%

Repurchase Agreements: 1.3%

1,000,000

⁽¹³

⁾

National Bank
Financial,
Repurchase
Agreement
dated
06/30/22,
1.59%,
due 07/01/22
(Repurchase
Amount
$1,000,044,
collateralized
by various
U.S.
Government
Securities,
0.000%-
2.750%,
Market Value
plus accrued
interest
$1,020,001,
due 07/01/22-
09/09/49)

1,000,000

0.8

604,414

⁽¹³

⁾

RBC Dominion
Securities
Inc.,
Repurchase
Agreement
dated
06/30/22,
1.55%,
due 07/01/22
(Repurchase
Amount
$604,440,
collateralized
by various
U.S.
Government/
U.S.
Government
Agency
Obligations,
0.000%-
6.875%,
Market Value
plus accrued
interest
$616,502,
due 08/16/22-
05/20/52)

604,414

0.5

Total
Repurchase
Agreements
(Cost
$1,604,414)

1,604,414

1.3

Value

Percentage
of Net
Assets

Mutual Funds: 3.0%

3,875,000

⁽¹⁴

⁾

Morgan
Stanley
Institutional
Liquidity
Funds -
Government
Portfolio
(Institutional
Share
Class),
1.380%
(Cost
$3,875,000)

3,875,000

3.0

Total
Short-Term
Investments
(Cost
$5,479,414)

5,479,414

4.3

Total
Investments
in Securities
(Cost
$154,225,313)

141,372,176

111.1

Liabilities in
Excess of
Other
Assets

(14,158,175

)

(11.1

)

Net Assets

127,214,001

100.0

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

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

⁽²⁾ Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

⁽³⁾ Security, or a portion of the security, is on loan.

⁽⁴⁾ For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

⁽⁵⁾ Defaulted security.

⁽⁶⁾ 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.

⁽⁷⁾ 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.

⁽⁸⁾ Represents or includes a TBA transaction.

⁽⁹⁾ 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.

⁽¹⁰⁾ Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2022.

⁽¹¹⁾ Non-income producing security.

⁽¹²⁾ The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

See Accompanying Notes to Financial Statements
78

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

⁽¹³⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽¹⁴⁾ Rate shown is the 7-day yield as of June 30, 2022.

Currency Abbreviations:

AUD Australian Dollar

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

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		19.6	%
Collateralized Mortgage Obligations		14.6
Uniform Mortgage-Backed Securities		13.6
Sovereign Bonds		12.4
Commercial Mortgage-Backed Securities		9.3
Financial		8.0
Other Asset-Backed Securities		7.7
U.S. Government Agency Obligations		6.5
Consumer, Non-cyclical		3.9
Energy		2.3
Utilities		2.3
Communications		1.7
Technology		1.4
Industrial		1.1
Consumer, Cyclical		1.0
U.S. Treasury Obligations		1.0
Basic Materials		0.3
Materials		0.1
Communication Services		0.0
Purchased Options		0.0
Short-Term Investments		4.3
Liabilities in Excess of Other Assets		(11.1	)
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 June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
United States	$	69,564	$	—	$	—	$	69,564
Total Common Stock		69,564		—		—		69,564
Mutual Funds		24,900,657		—		—		24,900,657
Purchased Options		—		37,986		—		37,986
Corporate Bonds/Notes		—		27,966,746		1,213		27,967,959
Collateralized Mortgage Obligations		—		18,575,389		—		18,575,389
Asset-Backed Securities		—		9,843,641		—		9,843,641
U.S. Government Agency Obligations		—		25,582,929		—		25,582,929
Commercial Mortgage-Backed Securities		—		11,629,460		171,039		11,800,499
U.S. Treasury Obligations		—		1,285,810		—		1,285,810
Sovereign Bonds		—		15,828,328		—		15,828,328
Short-Term Investments		3,875,000		1,604,414		—		5,479,414
Total Investments, at fair value	$	28,845,221	$	112,354,703	$	172,252	$	141,372,176
Other Financial Instruments+
Centrally Cleared Swaps		—		2,443,218		—		2,443,218
Forward Foreign Currency Contracts		—		1,715,792		—		1,715,792
Futures		207,175		—		—		207,175
Total Assets	$	29,052,396	$	116,513,713	$	172,252	$	145,738,361

See Accompanying Notes to Financial Statements
79

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(1,327,650	)	$	—	$	(1,327,650	)
Forward Foreign Currency Contracts		—			(2,622,684	)		—		(2,622,684	)
Forward Premium Swaptions		—			(69,092	)		—		(69,092	)
Futures		(711,358	)		—			—		(711,358	)
OTC Swaps		—			(24,447	)		—		(24,447	)
Volatility Swaps		—			(12,477	)		—		(12,477	)
Written Options		—			(173,006	)		—		(173,006	)
Total Liabilities	$	(711,358	)	$	(4,229,356	)	$	—	$	(4,940,714	)

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

Issuer	Beginning Fair Value at 12/31/21		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/22		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund — Class P	$	7,767,851	$	155,876	$	—		$	(1,426,411	)	$	6,497,316	$	155,876	$	—		$	—
Voya Emerging Markets Hard Currency Debt Fund — Class P		13,553,973		288,782		(2,607,820	)		(2,357,253	)		8,877,682		288,782		(607,809	)		—
Voya Emerging Markets Local Currency Debt Fund — Class P		7,099,609		13,827		(8,962,332	)		1,848,896			—		39,008		(2,672,639	)		—
Voya High Yield Bond Fund — Class P		11,181,648		292,788		—			(1,948,777	)		9,525,659		292,789		—			—
	$	39,603,081	$	751,273	$	(11,570,152	)	$	(3,883,545	)	$	24,900,657	$	776,455	$	(3,280,448	)	$	—

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

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	754,962	CHF	749,987	Bank of America N.A.	07/08/22	$	(30,853	)
NZD	422,974	USD	273,300	Bank of America N.A.	07/08/22		(9,141	)
USD	358,626	JPY	46,610,767	Bank of America N.A.	07/08/22		15,006
USD	1,234,135	NZD	1,915,199	Bank of America N.A.	07/08/22		38,034
USD	358,626	JPY	46,720,690	Bank of America N.A.	07/08/22		14,196
USD	576,411	SEK	5,701,684	Bank of America N.A.	07/08/22		18,970
SEK	12,851,075	USD	1,326,083	Bank of America N.A.	07/08/22		(69,663	)
USD	1,222,203	SEK	12,043,586	Bank of America N.A.	07/08/22		44,728
SEK	6,118,878	USD	607,263	Bank of America N.A.	07/08/22		(9,035	)
CAD	3,016,323	USD	2,386,558	Bank of America N.A.	07/08/22		(43,250	)
USD	258,472	JPY	34,940,598	Bank of America N.A.	07/08/22		886
USD	645,271	NZD	1,024,219	Bank of America N.A.	07/08/22		5,615
NOK	12,095,980	USD	1,281,761	Bank of America N.A.	07/08/22		(53,611	)
USD	745,387	GBP	590,235	Bank of America N.A.	07/08/22		26,842
CHF	928,308	USD	940,450	Bank of America N.A.	07/08/22		32,206
USD	118,968	JPY	15,364,885	Bank of America N.A.	07/08/22		5,696
USD	243,947	NZD	382,406	Bank of America N.A.	07/08/22		5,122
EUR	867,604	USD	916,907	Bank of America N.A.	07/08/22		(7,451	)
USD	1,695,489	JPY	228,521,350	Bank of America N.A.	07/08/22		10,806
USD	568,827	SEK	5,657,605	Bank of America N.A.	07/08/22		15,695

See Accompanying Notes to Financial Statements
80

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	996,875	CHF	954,079	Bank of America N.A.	07/08/22	$	(2,782	)
GBP	613,696	USD	771,705	Bank of America N.A.	07/08/22		(24,599	)
NZD	1,963,538	USD	1,271,940	Bank of America N.A.	07/08/22		(45,651	)
USD	921,952	CAD	1,192,287	Bank of America N.A.	07/08/22		(4,306	)
USD	336,471	JPY	43,211,025	Bank of America N.A.	07/08/22		17,915
CHF	591,052	USD	615,955	Bank of America N.A.	07/08/22		3,332
USD	259,451	JPY	33,186,544	Bank of America N.A.	07/08/22		14,796
USD	665,069	JPY	87,599,883	Bank of America N.A.	07/08/22		19,273
NOK	4,874,737	USD	505,008	Bank of America N.A.	07/08/22		(10,057	)
JPY	165,516,239	USD	1,275,508	Bank of America N.A.	07/08/22		(55,305	)
USD	119,972	HUF	43,692,117	Barclays Bank PLC	07/29/22		4,965
USD	49,592	TRY	893,433	Barclays Bank PLC	07/29/22		(3,123	)
MYR	1,933,000	USD	439,009	Barclays Bank PLC	08/05/22		(219	)
PHP	966,184	USD	17,582	Barclays Bank PLC	08/05/22		(52	)
USD	672,159	THB	23,053,643	Barclays Bank PLC	08/05/22		19,155
USD	1,754,984	MYR	7,721,050	Barclays Bank PLC	08/05/22		2,308
THB	16,476,000	USD	469,428	Barclays Bank PLC	08/05/22		(2,739	)
USD	827,722	JPY	107,355,233	BNP Paribas	07/08/22		36,288
USD	292,119	JPY	39,482,802	BNP Paribas	07/08/22		1,048
USD	959,787	EUR	906,223	BNP Paribas	07/08/22		9,848
JPY	113,279,569	USD	836,799	BNP Paribas	07/08/22		(1,691	)
CHF	867,371	USD	907,774	BNP Paribas	07/08/22		1,032
CAD	2,503,372	USD	1,952,573	BNP Paribas	07/08/22		(7,764	)
JPY	43,443,149	USD	344,087	BNP Paribas	07/08/22		(23,819	)
USD	629,677	JPY	85,685,100	BNP Paribas	07/08/22		(2,002	)
GBP	1,122,159	USD	1,367,690	BNP Paribas	07/08/22		(1,588	)
EUR	868,762	USD	914,539	BNP Paribas	07/08/22		(3,869	)
USD	839,338	EUR	803,574	BNP Paribas	07/08/22		(3,000	)
JPY	78,633,696	USD	574,996	BNP Paribas	07/08/22		4,699
JPY	60,594,960	USD	445,162	BNP Paribas	07/08/22		1,550
USD	1,317,582	NZD	2,037,644	BNP Paribas	07/08/22		45,010
JPY	43,338,366	USD	318,977	BNP Paribas	07/08/22		518
JPY	37,153,673	USD	281,522	BNP Paribas	07/08/22		(7,621	)
JPY	86,463,825	USD	678,204	BNP Paribas	07/08/22		(40,784	)
USD	612,032	AUD	861,317	BNP Paribas	07/08/22		17,489
USD	1,105,947	SEK	11,167,778	BNP Paribas	07/08/22		14,099
USD	1,148,068	CHF	1,108,908	BNP Paribas	07/08/22		(13,814	)
CHF	533,476	USD	550,204	BNP Paribas	07/08/22		8,758
USD	728,560	AUD	1,050,310	BNP Paribas	07/08/22		3,561
AUD	1,031,822	USD	728,582	BNP Paribas	07/08/22		(16,345	)
GBP	505,644	USD	616,515	BNP Paribas	07/08/22		(950	)
USD	136,921	EUR	129,359	BNP Paribas	07/08/22		1,323
EUR	816,718	USD	863,889	BNP Paribas	07/08/22		(7,773	)
EUR	1,356,510	USD	1,430,340	BNP Paribas	07/08/22		(8,394	)
JPY	94,853,297	USD	698,535	BNP Paribas	07/08/22		733
GBP	733,603	USD	922,960	BNP Paribas	07/08/22		(29,881	)
USD	811,367	EUR	775,418	BNP Paribas	07/08/22		(1,456	)
USD	864,462	EUR	824,103	BNP Paribas	07/08/22		605
JPY	40,247,884	USD	300,763	BNP Paribas	07/08/22		(4,051	)
USD	737,174	GBP	597,425	BNP Paribas	07/08/22		9,876
EUR	882,327	USD	929,644	BNP Paribas	07/08/22		(4,754	)
USD	910,637	GBP	739,567	BNP Paribas	07/08/22		10,298
JPY	91,403,825	USD	691,148	BNP Paribas	07/08/22		(17,310	)
USD	588,630	AUD	833,505	BNP Paribas	07/08/22		13,285
USD	665,069	JPY	88,122,083	BNP Paribas	07/08/22		15,424
CHF	1,888,976	USD	1,975,295	BNP Paribas	07/08/22		3,921
USD	900,337	EUR	848,050	BNP Paribas	07/08/22		11,378
USD	2,060,054	EUR	1,920,959	BNP Paribas	07/08/22		46,431
USD	568,861	AUD	811,348	BNP Paribas	07/08/22		8,811
USD	539,492	EUR	501,685	BNP Paribas	07/08/22		13,606
USD	979,909	CHF	941,897	BNP Paribas	07/08/22		(6,984	)
GBP	644,622	USD	808,361	BNP Paribas	07/08/22		(23,607	)
EUR	819,310	USD	877,529	BNP Paribas	07/08/22		(18,696	)
JPY	12,607,982	USD	95,770	BNP Paribas	07/08/22		(2,823	)
JPY	93,965,650	USD	709,886	BNP Paribas	07/08/22		(17,161	)
EUR	786,508	USD	842,390	BNP Paribas	07/08/22		(17,941	)
AUD	828,843	USD	577,261	BNP Paribas	07/08/22		(5,134	)
EUR	1,733,887	USD	1,862,785	BNP Paribas	07/08/22		(45,256	)
USD	1,206,816	EUR	1,130,941	BNP Paribas	07/08/22		21,320
USD	723,164	AUD	1,007,006	BNP Paribas	07/08/22		28,056

See Accompanying Notes to Financial Statements
81

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	961,866	USD	678,957	BNP Paribas	07/08/22	$	(15,009	)
JPY	87,018,076	USD	679,914	BNP Paribas	07/08/22		(38,408	)
HUF	72,802,000	USD	190,215	BNP Paribas	07/29/22		1,416
USD	136,508	CNY	907,334	BNP Paribas	08/05/22		1,004
HKD	379,429	USD	48,437	BNP Paribas	08/05/22		(30	)
CLP	171,602,000	USD	185,818	BNP Paribas	08/05/22		(203	)
CNY	3,813,000	USD	569,595	BNP Paribas	08/05/22		(149	)
KRW	1,982,649,000	USD	1,578,640	BNP Paribas	08/05/22		(39,616	)
SGD	537,066	USD	390,169	BNP Paribas	08/05/22		(3,580	)
DKK	2,074,954	USD	291,769	Brown Brothers Harriman & Co.	07/08/22		660
CAD	5,750	USD	4,560	Brown Brothers Harriman & Co.	07/08/22		(93	)
EUR	102,003	USD	109,131	Brown Brothers Harriman & Co.	07/08/22		(2,207	)
CZK	5,286,798	USD	225,000	Brown Brothers Harriman & Co.	07/29/22		(1,904	)
USD	636,481	JPY	86,789,235	Citibank N.A.	07/08/22		(3,338	)
USD	404,647	AUD	570,232	Citibank N.A.	07/08/22		11,032
JPY	40,970,892	USD	321,716	Citibank N.A.	07/08/22		(19,674	)
USD	864,904	CHF	828,322	Citibank N.A.	07/08/22		(2,988	)
USD	595,921	JPY	75,923,308	Citibank N.A.	07/08/22		36,207
USD	670,912	ZAR	10,344,239	Citibank N.A.	07/29/22		36,767
ILS	792,296	USD	238,615	Citibank N.A.	07/29/22		(11,463	)
CHF	1,619,212	USD	1,690,535	Goldman Sachs & Co.	07/08/22		6,029
SEK	2,187,641	USD	213,850	Goldman Sachs & Co.	07/08/22		31
SEK	5,692,148	USD	564,815	Goldman Sachs & Co.	07/08/22		(8,306	)
USD	514,905	NOK	5,098,028	Goldman Sachs & Co.	07/08/22		(2,716	)
USD	976,059	CAD	1,229,181	Goldman Sachs & Co.	07/08/22		21,139
USD	252,528	SEK	2,565,329	Goldman Sachs & Co.	07/08/22		1,721
USD	903,162	CHF	864,371	Goldman Sachs & Co.	07/08/22		(2,502	)
CHF	703,239	USD	730,107	Goldman Sachs & Co.	07/08/22		6,727
USD	647,690	NOK	6,280,492	Goldman Sachs & Co.	07/08/22		10,009
AUD	805,472	USD	558,286	Goldman Sachs & Co.	07/08/22		(2,292	)
NOK	5,572,963	USD	569,315	Goldman Sachs & Co.	07/08/22		(3,471	)
NOK	4,925,510	USD	499,747	Goldman Sachs & Co.	07/08/22		358
USD	1,025,656	NOK	9,932,964	Goldman Sachs & Co.	07/08/22		17,125
CAD	1,181,346	USD	939,978	Goldman Sachs & Co.	07/08/22		(22,219	)
USD	534,732	SEK	5,368,981	Goldman Sachs & Co.	07/08/22		9,819
SEK	12,701,388	USD	1,294,220	Goldman Sachs & Co.	07/08/22		(52,434	)
USD	171,450	NOK	1,624,990	Goldman Sachs & Co.	07/08/22		6,459
SEK	11,416,740	USD	1,152,822	Goldman Sachs & Co.	07/08/22		(36,633	)
USD	693,045	SEK	6,801,456	Goldman Sachs & Co.	07/08/22		28,082
NOK	11,471,250	USD	1,222,766	Goldman Sachs & Co.	07/08/22		(58,046	)
USD	647,192	JPY	86,857,643	Goldman Sachs & Co.	07/08/22		6,868
USD	715,425	NZD	1,109,250	Goldman Sachs & Co.	07/08/22		22,665
USD	316,968	JPY	43,085,063	Goldman Sachs & Co.	07/08/22		(659	)
SEK	3,970,479	USD	405,019	Goldman Sachs & Co.	07/08/22		(16,834	)
USD	109,720	RON	509,854	Goldman Sachs & Co.	07/29/22		2,100
RON	870,000	USD	185,006	Goldman Sachs & Co.	07/29/22		(1,366	)
PLN	834,300	USD	186,934	Goldman Sachs & Co.	07/29/22		(1,454	)
PLN	941,462	USD	211,000	Goldman Sachs & Co.	07/29/22		(1,696	)
ZAR	9,088,000	USD	570,301	Goldman Sachs & Co.	07/29/22		(13,168	)
PEN	198,985	USD	52,294	Goldman Sachs & Co.	08/05/22		(506	)
PEN	702,977	USD	187,537	Goldman Sachs & Co.	08/05/22		(4,581	)
NOK	5,118,031	USD	514,892	Goldman Sachs International	07/08/22		4,760
SEK	5,796,227	USD	569,906	Goldman Sachs International	07/08/22		(3,222	)
IDR	4,425,100,340	USD	298,000	HSBC Bank USA N.A.	08/05/22		(2,279	)
USD	785,571	IDR	11,336,669,763	HSBC Bank USA N.A.	08/05/22		27,964
USD	40,043	JPY	5,410,591	JPMorgan Chase Bank N.A.	07/08/22		156
USD	591,125	EUR	558,587	JPMorgan Chase Bank N.A.	07/08/22		5,593
USD	6,132	JPY	821,756	JPMorgan Chase Bank N.A.	07/08/22		74
USD	229,158	EUR	217,076	JPMorgan Chase Bank N.A.	07/08/22		1,611
TRY	824,000	USD	48,820	JPMorgan Chase Bank N.A.	07/29/22		(202	)
IDR	7,502,819,331	USD	505,308	JPMorgan Chase Bank N.A.	08/05/22		(3,910	)
MXN	11,561,945	USD	573,702	JPMorgan Chase Bank N.A.	08/05/22		(2,199	)
USD	988,003	CAD	1,262,401	Morgan Stanley Capital Services LLC	07/08/22		7,275
JPY	110,686,926	USD	828,777	Morgan Stanley Capital Services LLC	07/08/22		(12,782	)
NZD	889,156	USD	559,420	Morgan Stanley Capital Services LLC	07/08/22		(4,114	)
CAD	2,290,481	USD	1,772,686	Morgan Stanley Capital Services LLC	07/08/22		6,732
USD	669,223	GBP	545,213	Morgan Stanley Capital Services LLC	07/08/22		5,488
USD	793,388	EUR	749,929	Morgan Stanley Capital Services LLC	07/08/22		7,283
USD	1,135,846	NZD	1,794,505	Morgan Stanley Capital Services LLC	07/08/22		15,123
NZD	949,196	USD	596,892	Morgan Stanley Capital Services LLC	07/08/22		(4,090	)

See Accompanying Notes to Financial Statements
82

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	763,398	GBP	621,797	Morgan Stanley Capital Services LLC	07/08/22	$	6,431
AUD	883,711	USD	612,101	Morgan Stanley Capital Services LLC	07/08/22		(2,100	)
USD	1,255,099	JPY	170,875,438	Morgan Stanley Capital Services LLC	07/08/22		(4,611	)
USD	1,260,693	GBP	1,020,328	Morgan Stanley Capital Services LLC	07/08/22		18,559
EUR	1,031,179	USD	1,107,344	Morgan Stanley Capital Services LLC	07/08/22		(26,422	)
USD	1,289,273	NZD	1,967,586	Morgan Stanley Capital Services LLC	07/08/22		60,454
USD	1,307,838	SEK	12,773,242	Morgan Stanley Capital Services LLC	07/08/22		59,027
USD	1,121,696	AUD	1,544,667	Morgan Stanley Capital Services LLC	07/08/22		55,457
AUD	1,590,047	USD	1,142,871	Morgan Stanley Capital Services LLC	07/08/22		(45,307	)
USD	1,936,502	CAD	2,481,941	Morgan Stanley Capital Services LLC	07/08/22		8,343
AUD	1,443,617	USD	1,024,338	Morgan Stanley Capital Services LLC	07/08/22		(27,851	)
USD	1,253,629	NOK	11,857,009	Morgan Stanley Capital Services LLC	07/08/22		49,742
USD	844,547	CAD	1,068,337	Morgan Stanley Capital Services LLC	07/08/22		14,582
USD	944,567	NOK	9,022,705	Morgan Stanley Capital Services LLC	07/08/22		28,458
USD	852,309	GBP	681,820	Morgan Stanley Capital Services LLC	07/08/22		22,270
CAD	1,279,271	USD	1,000,717	Morgan Stanley Capital Services LLC	07/08/22		(6,883	)
GBP	705,046	USD	888,851	Morgan Stanley Capital Services LLC	07/08/22		(30,537	)
USD	750,468	JPY	97,539,711	Morgan Stanley Capital Services LLC	07/08/22		31,396
JPY	108,254,169	USD	842,523	Morgan Stanley Capital Services LLC	07/08/22		(44,462	)
USD	876,530	CAD	1,129,211	Morgan Stanley Capital Services LLC	07/08/22		(727	)
NZD	1,056,887	USD	672,202	Morgan Stanley Capital Services LLC	07/08/22		(12,144	)
USD	38,847	JPY	4,936,330	Morgan Stanley Capital Services LLC	07/08/22		2,456
USD	748,535	JPY	95,577,113	Morgan Stanley Capital Services LLC	07/08/22		43,931
USD	913,004	EUR	872,939	Morgan Stanley Capital Services LLC	07/08/22		(2,045	)
CAD	1,109,103	USD	863,485	Morgan Stanley Capital Services LLC	07/08/22		(1,851	)
USD	924,046	CAD	1,190,350	Morgan Stanley Capital Services LLC	07/08/22		(708	)
USD	355,770	GBP	285,149	Morgan Stanley Capital Services LLC	07/08/22		8,634
GBP	5,410,905	USD	6,720,066	Morgan Stanley Capital Services LLC	07/08/22		(132,899	)
CHF	808,494	USD	820,144	Morgan Stanley Capital Services LLC	07/08/22		26,973
USD	949,895	CAD	1,219,612	Morgan Stanley Capital Services LLC	07/08/22		2,407
CAD	1,222,750	USD	955,262	Morgan Stanley Capital Services LLC	07/08/22		(5,337	)
NZD	1,157,514	USD	741,101	Morgan Stanley Capital Services LLC	07/08/22		(18,198	)
USD	803,898	CHF	779,040	Morgan Stanley Capital Services LLC	07/08/22		(12,358	)
EUR	157,033	USD	168,802	Morgan Stanley Capital Services LLC	07/08/22		(4,194	)
USD	641,134	JPY	81,730,660	Morgan Stanley Capital Services LLC	07/08/22		38,608
CHF	543,427	USD	569,421	Morgan Stanley Capital Services LLC	07/08/22		(34	)
USD	876,730	GBP	700,128	Morgan Stanley Capital Services LLC	07/08/22		24,403
USD	1,239,921	SEK	12,137,750	Morgan Stanley Capital Services LLC	07/08/22		53,240
USD	435,190	JPY	57,188,052	Morgan Stanley Capital Services LLC	07/08/22		13,594
USD	718,575	NZD	1,108,117	Morgan Stanley Capital Services LLC	07/08/22		26,522
SEK	11,958,888	USD	1,223,846	Morgan Stanley Capital Services LLC	07/08/22		(54,652	)
USD	1,763,068	EUR	1,640,291	Morgan Stanley Capital Services LLC	07/08/22		43,651
USD	1,213,662	CAD	1,549,202	Morgan Stanley Capital Services LLC	07/08/22		10,125
NZD	925,039	USD	582,536	Morgan Stanley Capital Services LLC	07/08/22		(4,821	)
USD	79,133	CZK	1,836,117	Morgan Stanley Capital Services LLC	07/29/22		1,651
USD	218,761	PLN	941,843	Morgan Stanley Capital Services LLC	07/29/22		9,372
COP	1,154,330,000	USD	277,952	Morgan Stanley Capital Services LLC	08/05/22		(1,578	)
USD	183,522	COP	703,004,542	Morgan Stanley Capital Services LLC	08/05/22		15,206
USD	262,026	MXN	5,176,878	Morgan Stanley Capital Services LLC	08/05/22		6,135
USD	242,047	NZD	383,604	Standard Chartered Bank	07/08/22		2,475
JPY	2,098,339,114	USD	16,279,870	Standard Chartered Bank	07/08/22		(810,702	)
JPY	178,257,329	USD	1,327,787	Standard Chartered Bank	07/08/22		(13,655	)
SEK	1,869,142	USD	191,687	Standard Chartered Bank	07/08/22		(8,946	)
USD	44,778	NZD	72,008	Standard Chartered Bank	07/08/22		(193	)
USD	312,924	CAD	398,171	Standard Chartered Bank	07/08/22		3,594
SEK	10,622,902	USD	1,057,825	Standard Chartered Bank	07/08/22		(19,248	)
USD	385,644	EUR	358,514	Standard Chartered Bank	07/08/22		9,835
EUR	25,332,982	USD	26,509,121	Standard Chartered Bank	07/08/22		45,899
CAD	4,463,974	USD	3,474,905	Standard Chartered Bank	07/08/22		(6,952	)
AUD	1,305,395	USD	910,847	Standard Chartered Bank	07/08/22		(9,771	)
JPY	44,208,827	USD	331,158	Standard Chartered Bank	07/08/22		(5,246	)
USD	198,130	CHF	197,909	State Street Bank and Trust Co.	07/08/22		(9,234	)
USD	283,171	JPY	36,754,136	State Street Bank and Trust Co.	07/08/22		12,216
USD	962,702	CHF	932,971	State Street Bank and Trust Co.	07/08/22		(14,839	)
NZD	2,213,614	USD	1,442,304	State Street Bank and Trust Co.	07/08/22		(59,834	)
USD	1,095,487	CAD	1,411,294	State Street Bank and Trust Co.	07/08/22		(913	)
NZD	911,502	USD	582,994	State Street Bank and Trust Co.	07/08/22		(13,733	)
JPY	96,558,906	USD	760,043	State Street Bank and Trust Co.	07/08/22		(48,201	)
NOK	6,436,549	USD	659,192	State Street Bank and Trust Co.	07/08/22		(5,665	)
AUD	831,633	USD	584,615	State Street Bank and Trust Co.	07/08/22		(10,562	)

See Accompanying Notes to Financial Statements
83

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
GBP	272,592	USD	340,894	State Street Bank and Trust Co.	07/08/22	$	(9,043	)
USD	389,848	JPY	53,162,399	State Street Bank and Trust Co.	07/08/22		(2,071	)
GBP	1,025,773	USD	1,254,853	State Street Bank and Trust Co.	07/08/22		(6,090	)
USD	331,103	JPY	43,915,194	State Street Bank and Trust Co.	07/08/22		7,356
NZD	826,132	USD	537,364	State Street Bank and Trust Co.	07/08/22		(21,419	)
						$	(906,892	)

At June 30, 2022, the following futures contracts were outstanding for Voya Global Bond Portfolio:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
30-year German Government Bond		2		09/08/22	$	342,807		$	(14,163	)
Australia 10-Year Bond		4		09/15/22		328,269			6,941
Australia 3-Year Bond		16		09/16/22		1,186,784			11,439
Canada 10-Year Bond		20		09/20/22		1,926,507			(68,380	)
Euro-Bobl 5-Year		45		09/08/22		5,856,546			(12,398	)
Euro-Bund		4		09/08/22		623,659			(7,388	)
Euro-OAT		45		09/08/22		6,532,790			(109,098	)
Euro-Schatz		76		09/08/22		8,692,803			9,549
Japan 10-Year Bond (TSE)		1		09/12/22		1,095,298			581
Japanese Government Bonds 10-Year Mini		21		09/09/22		2,300,744			(6,860	)
Long Gilt		23		09/26/12		3,191,201			(112,221	)
Long-Term Euro-BTP		13		09/08/22		1,677,314			(1,096	)
U.S. Treasury Long Bond		6		09/21/22		831,750			23,613
					$	34,586,472		$	(279,481	)
Short Contracts:
U.S. Treasury 10-Year Note		(60	)	09/21/22		(7,111,875	)		100,670
U.S. Treasury 2-Year Note		(3	)	09/30/22		(630,047	)		(5,982	)
U.S. Treasury 5-Year Note		(136	)	09/30/22		(15,266,000	)		(342,777	)
U.S. Treasury Ultra 10-Year Note		(25	)	09/21/22		(3,184,375	)		54,382
U.S. Treasury Ultra Long Bond		(4	)	09/21/22		(617,375	)		(30,995	)
					$	(26,809,672	)	$	(224,702	)

At June 30, 2022, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate			Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Pay	3-month EUR-EURIBOR	Quarterly		0.264	%	Annual	12/14/51	EUR	500,000	$	(207,205	)	$	(207,205	)
Pay	3-month EUR-EURIBOR	Quarterly		0.292		Annual	12/20/51	EUR	700,000		(285,853	)		(285,853	)
Pay	1-day Sterling Overnight Index Average (SONIA)	At Maturity		1.713		At Maturity	04/21/23	GBP	3,000,000		(12,946	)		(12,946	)
Pay	1-day Sterling Overnight Index Average (SONIA)	Annual		1.649		Annual	04/14/52	GBP	1,000,000		(133,263	)		(133,263	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.150		Annual	06/20/24	JPY	2,000,000,000		21,606			21,606
Pay	1-day Overnight Tokyo Average Rate	Annual		0.410		Annual	06/20/29	JPY	50,000,000		2,151			2,151
Pay	1-day Overnight Tokyo Average Rate	Annual		0.574		Annual	06/10/37	JPY	90,000,000		(11,825	)		(11,825	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.826		Annual	05/20/47	JPY	250,000,000		(56,438	)		(56,438	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.978		Annual	06/28/52	JPY	82,000,000		(8,459	)		(8,459	)
Pay	3-month NZD-BBR-FRA	Quarterly		1.318		Semi-Annual	12/31/22	NZD	28,413,000		(181,294	)		(181,294	)
Pay	1-month USD-LIBOR	Monthly		2.726		Monthly	12/27/28	USD	1,250,000		(10,881	)		(10,881	)
Pay	1-month USD-LIBOR	Monthly		2.466		Monthly	01/07/29	USD	584,000		(14,181	)		(14,181	)
Pay	3-month USD-LIBOR	Quarterly		1.997		Semi-Annual	06/25/29	USD	3,950,000		(256,173	)		(256,173	)
Pay	1-day Secured Overnight Financing Rate	Annual		2.836		Annual	07/14/32	USD	776,900		4,310			4,310
Pay	1-day Secured Overnight Financing Rate	Annual		2.897		Annual	07/14/32	USD	818,000		8,917			8,917

See Accompanying Notes to Financial Statements
84

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

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate			Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Pay	1-day Secured Overnight Financing Rate	Annual		2.941	%	Annual	07/14/32	USD	776,900	$	11,467		$	11,467
Pay	1-month USD-LIBOR	Monthly		2.400		Monthly	10/27/32	USD	690,000		(30,868	)		(30,868	)
Pay	1-month USD-LIBOR	Monthly		2.488		Monthly	10/27/47	USD	800,000		(49,098	)		(49,098	)
Receive	1-day Overnight Tokyo Average Rate	Annual		0.025		Annual	06/10/24	JPY	260,000,000		1,863			1,863
Receive	1-month USD-LIBOR	Monthly		1.983		Monthly	10/27/22	USD	23,590,000		28,445			28,444
Receive	1-month USD-LIBOR	Monthly		2.816		Monthly	06/19/23	USD	1,716,000		5,215			5,215
Receive	1-day Secured Overnight Financing Rate	Annual		1.567		Annual	02/17/24	USD	8,000,000		151,709			151,709
Receive	1-day Secured Overnight Financing Rate	Annual		2.140		Annual	03/24/24	USD	5,000,000		51,362			51,362
Receive	1-month USD-LIBOR	Monthly		2.514		Monthly	01/24/25	USD	1,210,000		15,036			15,036
Receive	1-month USD-LIBOR	Monthly		2.728		Monthly	03/01/25	USD	4,110,000		28,323			28,323
Receive	1-month USD-LIBOR	Monthly		0.801		Monthly	05/19/26	USD	16,000,000		1,233,505			1,233,495
Receive	1-month USD-LIBOR	Monthly		2.210		Monthly	10/27/26	USD	3,590,000		99,254			99,254
Receive	1-day Secured Overnight Financing Rate	Annual		2.962		Annual	06/14/27	USD	3,000,000		(31,528	)		(31,528	)
Receive	1-month USD-LIBOR	Monthly		2.681		Monthly	02/02/28	USD	1,690,000		17,413			17,413
Receive	1-month USD-LIBOR	Monthly		1.115		Monthly	03/01/28	USD	2,000,000		184,635			184,471
Receive	1-month USD-LIBOR	Monthly		2.884		Monthly	06/19/28	USD	910,000		(408	)		(408	)
Receive	1-month USD-LIBOR	Monthly		3.099		Monthly	10/18/28	USD	780,000		(10,114	)		(10,114	)
Receive	1-day Secured Overnight Financing Rate	Annual		1.551		Annual	01/24/29	USD	2,000,000		133,832			133,832
Receive	1-month USD-LIBOR	Monthly		1.646		Monthly	10/30/29	USD	3,000,000		242,955			242,955
Receive	3-month USD-LIBOR	Quarterly		1.807		Semi-Annual	12/18/29	USD	2,250,000		182,856			182,856
Receive	1-day Secured Overnight Financing Rate	Annual		2.933		Annual	07/14/32	USD	310,800		(4,370	)		(4,370	)
Receive	1-day Secured Overnight Financing Rate	Annual		2.981		Annual	07/14/32	USD	466,100		(8,488	)		(8,488	)
Receive	1-month USD-LIBOR	Monthly		2.390		Monthly	12/11/32	USD	400,000		18,539			18,539
Receive	1-month USD-LIBOR	Monthly		2.962		Monthly	04/30/33	USD	530,000		(2,697	)		(2,697	)
Receive	1-month USD-LIBOR	Monthly		3.148		Monthly	10/18/33	USD	520,000		(11,560	)		(11,560	)
										$	1,115,744		$	1,115,569

At June 30, 2022, the following OTC total return swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Total Return⁽¹⁾	Reference Entity	Reference Entity Payment Frequency	(Pay)/ Receive Financing Rate			Floating Rate Payment Frequency	Counterparty	Termination Date	Notional Amount		Fair Value			Upfront Payments Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Receive	Japanese Government 20-year Issue	At Maturity		(0.09	)%	At Maturity	Citibank N.A.	07/14/22	JPY	345,000,000	$	(24,447	)	$	—	$	(24,447	)
											$	(24,447	)	$	—	$	(24,447	)

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

Pay/Receive Volatility⁽²⁾	Reference Entity	Volatility Strike Rate		Counterparty	Maturity Date	Currency	Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)
Receive	USD vs. CNH Spot Exchange Rate		5.650%	BNP Paribas	11/03/22	USD		1,531,500	$	(12,477	)	$	(12,477	)
									$	(12,477	)	$	(12,477	)

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

Description	Counterparty	Expiration Date	Exercise Price⁽⁷⁾			Notional Amount		Cost		Fair Value
AUD/USD & USD/JPY Dual Digital	Standard Chartered Bank	08/10/22		0.6728 126.25 USD	&		77,000	$	5,775	$	557
								$	5,775	$	557

See Accompanying Notes to Financial Statements
85

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

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

Description	Counterparty	Expiration Date	Exercise Price			Notional Amount		Cost		Fair Value
Call JPY vs. Put USD	BNP Paribas	02/27/25		107.500	USD		747,500	$	37,076	$	17,032
Call USD vs. Put AUD	Capital Services LLC	Morgan Stanley 08/18/22		0.650	USD		3,590,000		25,553		15,381
Call USD vs. Put AUD	Bank	Standard Chartered 08/18/22		0.640	USD		1,682,000		12,326		5,016
								$	74,955	$	37,429

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

Description	Counterparty	Expiration Date	Exercise Price			Notional Amount		Premiums Received		Fair Value
Call USD vs. Put JPY	BNP Paribas	08/11/22		129.500	USD		1,604,000	$	33,981	$	(76,180	)
Put USD vs. Call JPY	BNP Paribas	08/11/22		129.500	USD		1,604,000		33,981		(8,523	)
								$	67,962	$	(84,703	)

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

Description	Counterparty	Pay/ Receive Exercise Rate	Exercise Rate			Floating Rate Index	Expiration Date	Notional Amount		Premiums Received		Fair Value
Call on 10-Year Interest Rate Swap⁽³⁾	Goldman Sachs International	Pay		3.070	%	1-day Secured Overnight Financing Rate	07/12/22	USD	848,500	$	9,015	$	(21,221	)
Call on 10-Year Interest Rate Swap⁽³⁾	Goldman Sachs International	Pay		3.070	%	1-day Secured Overnight Financing Rate	07/12/22	USD	2,545,500		26,887		(63,665	)
Put on 10-Year Interest Rate Swap⁽⁴⁾	BNP Paribas	Receive		3.070	%	1-day Secured Overnight Financing Rate	07/12/22	USD	2,545,500		26,887		(2,563	)
Put on 10-Year Interest Rate Swap⁽⁴⁾	Goldman Sachs International	Receive		3.070	%	1-day Secured Overnight Financing Rate	07/12/22	USD	848,500		9,015		(854	)
										$	71,804	$	(88,303	)

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

Description	Counterparty	Exercise Rate⁽⁵⁾			Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premium receivable/ (payable) at expiration⁽⁶⁾			Unrealized Appreciation/ (Depreciation)
Call on 30-Year Interest Rate Swap (Purchased)	Barclays Bank PLC		0.000	%	Receive	1-day Secured Overnight Financing Rate	06/14/27	USD	1,307,000	$	(228,725	)	$	(10,548	)
Call on 30-Year Interest Rate Swap (Purchased)	Nomura International PLC		0.000	%	Receive	1-day Secured Overnight Financing Rate	05/25/27	USD	1,050,000		(189,000	)		(12,268	)
Call on 35-Year Interest Rate Swap (Purchased)	Barclays Bank PLC		0.000	%	Receive	1-day Secured Overnight Financing Rate	06/03/27	USD	1,307,000		(229,052	)		(10,400	)
Put on 30-Year Interest Rate Swap (Purchased)	Barclays Bank PLC		0.000	%	Pay	1-day Secured Overnight Financing Rate	05/25/27	USD	3,070,500		(552,690	)		(35,876	)
										$	(1,199,467	)	$	(69,092	)

⁽¹⁾ The Portfolio will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Portfolio has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Portfolio has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative.

⁽²⁾ Payments made at maturity date.

⁽³⁾ Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.

⁽⁴⁾ Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly.

⁽⁵⁾ 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.

See Accompanying Notes to Financial Statements
86

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

⁽⁶⁾ 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.

⁽⁷⁾ The Portfolio will receive payment from the counterparty if both the AUD/USD exchange rate is less than or equal to 0.6286 and the USD/JPY exchange rate is less than or equal to 104.92 at expiration.

Currency Abbreviations

AUD — Australian Dollar

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

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian New Leu

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*	$	37,986
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,715,792
Interest rate contracts	Variation margin receivable on futures contracts**		207,175
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		2,443,218
Total Asset Derivatives		$	4,404,171
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	2,622,684
Interest rate contracts	Variation margin payable on futures contracts**		711,358
Interest rate contracts	Variation margin payable on centrally cleared swaps**		1,327,650
Interest rate contracts	Net Assets — Unrealized depreciation***		69,092
Interest rate contracts	Unrealized depreciation on OTC swap agreements		24,447
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements		12,477
Interest rate contracts	Written options, at fair value		88,303
Foreign exchange contracts	Written options, at fair value		84,703
Total Liability Derivatives		$	4,940,714

* 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).

*** Includes cumulative appreciation/depreciation of forward premium swaptions as reported in the within the Portfolio of Investments.

See Accompanying Notes to Financial Statements
87

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

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

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Equity contracts	$	10,858		$	—		$	1,301		$	—		$	(30,923	)	$	(18,764	)
Credit Contracts		—			—			—			165,474			—			165,474
Foreign exchange contracts		81,194			(6,237,573	)		—			29,404			92,017			(6,034,958	)
Interest rate contracts		38,446			—			(1,097,824	)		(2,477,245	)		659,189			(2,877,433	)
Total	$	130,498		$	(6,237,573	)	$	(1,096,523	)	$	(2,282,367	)	$	720,283		$	(8,765,681	)
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Equity contracts	$	(37,770	)	$	—		$	—		$	—		$	(27,316	)	$	(65,086	)
Foreign exchange contracts		(42,744	)		(690,051	)		—			1,716			(16,741	)		(747,820	)
Interest rate contracts		(69,092	)		—			(141,141	)		2,061,514			(22,953	)		1,828,328
Total	$	(149,606	)	$	(690,051	)	$	(141,141	)	$	2,063,230		$	(67,010	)	$	1,015,422

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

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

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Brown Brothers Harriman & Co.			Citibank N.A.		Deutsche Bank AG		Goldman Sachs & Co.			Goldman Sachs International			HSBC Bank USA N.A.		JPMorgan Chase Bank N.A.		Morgan Stanley Capital Services LLC			Nomura Global Financial Products Inc.			Standard Chartered Bank			State Street Bank and Trust Co.			Totals
Assets:
Purchased options	$	—		$	—		$	17,032		$	—		$	—	$	—	$	—		$	—		$	—	$	—	$	15,381		$	—		$	5,573		$	—		$	37,986
Forward foreign currency contracts		289,118			26,428			331,387			660			84,006		—		139,132			4,760			27,964		7,434		723,528			—			61,803			19,572			1,715,792
Total Assets	$	289,118		$	26,428		$	348,419		$	660		$	84,006	$	—	$	139,132		$	4,760		$	27,964	$	7,434	$	738,909		$	—		$	67,376		$	19,572		$	1,753,778
Liabilities:
Forward foreign currency contracts	$	365,704		$	6,133		$	431,463		$	4,204		$	37,463	$	—	$	228,883		$	3,222		$	2,279	$	6,311	$	460,705		$	—		$	874,713		$	201,604		$	2,622,684
Forward premium swaptions		—			56,824			—			—			—		—		—			—			—		—		—			12,268			—			—			69,092
Total return swaps		—			—			—			—			24,447		—		—			—			—		—		—			—			—			—			24,447
Volatility swaps		—			—			12,477			—			—		—		—			—			—		—		—			—			—			—			12,477
Written options		—			—			87,266			—			—		—		—			85,740			—		—		—			—			—			—			173,006
Total Liabilities	$	365,704		$	62,957		$	531,206		$	4,204		$	61,910	$	—	$	228,883		$	88,962		$	2,279	$	6,311	$	460,705		$	12,268		$	874,713		$	201,604		$	2,536,002
Net OTC derivative instruments by counterparty, at fair value	$	(76,586	)	$	(36,529	)	$	(182,787	)	$	(3,544	)	$	22,096	$	—	$	(89,751	)	$	(84,202	)	$	25,685	$	1,123	$	278,204		$	(12,268	)	$	(807,337	)	$	(182,032	)	$	(1,147,928	)
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—		$	—	$	—	$	(278,204	)	$	—		$	800,000		$	—		$	521,796
Net Exposure⁽¹⁾⁽²⁾	$	(76,586	)	$	(36,529	)	$	(182,787	)	$	(3,544	)	$	22,096	$	—	$	(89,751	)	$	(84,202	)	$	25,685	$	1,123	$	—		$	(12,268	)	$	(7,337	)	$	(182,032	)	$	(626,132	)

⁽¹⁾ Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements
88

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

⁽²⁾ At June 30, 2022 the Portfolio had received $380,000 in cash collateral from Morgan Stanley Capital Services LLC. Excess cash collateral is not shown for financial reporting purposes.

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

Cost for federal income tax purposes was $154,371,935.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	5,864,303
Gross Unrealized Depreciation		(19,055,035	)
Net Unrealized Depreciation	$	(13,190,732	)

See Accompanying Notes to Financial Statements
89

VOYA INTERNATIONAL HIGH DIVIDEND PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares			Value		Percentage of Net Assets
COMMON STOCK: 97.8%
		Australia: 8.4%
	751,156	Aurizon Holdings Ltd.	$	1,975,564		0.6
	219,471	Australia & New Zealand Banking Group Ltd.		3,342,700		1.0
	238,936	BHP Group Ltd. Australian		6,841,604		2.0
	211,696	Brambles Ltd.		1,565,343		0.4
	171,039	Coles Group Ltd.		2,104,867		0.6
	666,761	GPT Group		1,948,733		0.6
	877,029	Medibank Pvt Ltd.		1,972,595		0.6
	89,202	Rio Tinto Ltd.		6,363,569		1.9
	227,754	Suncorp Group Ltd.		1,736,795		0.5
	29,596	Wesfarmers Ltd.		856,035		0.2
				28,707,805		8.4
		Austria: 0.4%
	25,613	OMV AG		1,204,604		0.4
		Belgium: 1.1%
	7,071	Elia Group SA/NV		1,004,232		0.3
	15,137	Groupe Bruxelles Lambert S.A.		1,268,932		0.4
	96,896	Proximus SADP		1,430,176		0.4
				3,703,340		1.1
		China: 0.8%
	718,500	BOC Hong Kong Holdings Ltd.		2,853,147		0.8
		Denmark: 2.5%
	10,625	Chr Hansen Holding A/S		775,601		0.2
	3,806	Coloplast A/S		434,872		0.1
	154,848	Danske Bank A/S		2,203,908		0.7
	6,691	DSV A/S		940,871		0.3
	33,945	Novozymes A/S		2,042,911		0.6
	90,015	Tryg A/S		2,028,029		0.6
				8,426,192		2.5
		Finland: 1.6%
	39,310	Elisa OYJ		2,213,056		0.6
	33,709	Kone Oyj		1,611,135		0.5
	39,701	Orion Oyj		1,776,810		0.5
				5,601,001		1.6
		France: 7.0%
	15,058	Air Liquide SA		2,026,858		0.6
	25,617	BNP Paribas		1,225,317		0.4
	69,250	Bouygues SA		2,137,308		0.6
	25,597	Bureau Veritas SA		658,564		0.2

Shares					Value		Percentage of Net Assets
	93,192			Cie Generale des Etablissements Michelin SCA	$	2,545,175		0.8
	1	⁽¹	⁾	Euroapi SA		16		0.0
	4,343			Ipsen SA		411,211		0.1
	12,950	⁽²	⁾	La Francaise des Jeux SAEM		449,681		0.1
	19,264			Legrand S.A.		1,430,329		0.4
	256,592			Orange SA		3,023,584		0.9
	65,698			Sanofi		6,625,412		1.9
	7,528			SEB SA		726,502		0.2
	50,589	⁽³	⁾	TotalEnergies SE		2,662,863		0.8
						23,922,820		7.0
				Germany: 7.1%
	30,528			Bayerische Motoren Werke AG		2,366,559		0.7
	13,370			Deutsche Boerse AG		2,245,190		0.7
	78,095			Deutsche Post AG		2,948,580		0.9
	153,914			Deutsche Telekom AG		3,061,248		0.9
	41,651			E.ON AG		350,831		0.1
	84,152			Evonik Industries AG		1,804,746		0.5
	23,516			GEA Group AG		815,257		0.2
	9,888			Hannover Rueck SE		1,442,218		0.4
	20,265			LEG Immobilien SE		1,686,493		0.5
	47,287			Mercedes-Benz Group AG		2,746,363		0.8
	6,209			Muenchener Rueckversicherungs- Gesellschaft AG		1,468,729		0.4
	14,649			Symrise AG		1,597,704		0.5
	598,253			Telefonica Deutschland Holding AG		1,725,196		0.5
						24,259,114		7.1
				Hong Kong: 4.2%
	101,500			CK Infrastructure Holdings Ltd.		623,508		0.2
	290,000			CLP Holdings Ltd.		2,409,982		0.7
	409,500			HK Electric Investments & HK Electric Investments Ltd. - Stapled Security		375,745		0.1
	1,008,000			HKT Trust & HKT Ltd. - Stapled Security		1,353,788		0.4
	26,400			Jardine Matheson Holdings Ltd.		1,387,159		0.4
	346,200			Link REIT		2,828,928		0.8
	365,000			Power Assets Holdings Ltd.		2,299,468		0.7
	207,000			Sun Hung Kai Properties Ltd.		2,450,893		0.7

See Accompanying Notes to Financial Statements
90

VOYA INTERNATIONAL HIGH DIVIDEND PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Hong Kong (continued)
	229,600			Swire Properties Ltd.	$	571,620		0.2
						14,301,091		4.2
				Ireland: 1.2%
	31,997			CRH PLC		1,104,183		0.3
	29,487			DCC PLC		1,834,580		0.6
	33,256			Smurfit Kappa PLC		1,121,465		0.3
						4,060,228		1.2
				Israel: 1.2%
	279,373			Bank Leumi Le-Israel BM		2,499,278		0.7
	33,528	⁽³	⁾	ZIM Integrated Shipping Services Ltd.		1,583,527		0.5
						4,082,805		1.2
				Italy: 3.9%
	251,283			ENI S.p.A.		2,980,397		0.9
	130,149	⁽³	⁾	FinecoBank Banca Fineco SpA		1,561,347		0.4
	225,126			Mediobanca Banca di Credito Finanziario SpA		1,952,444		0.6
	192,506	⁽²	⁾	Poste Italiane SpA		1,801,186		0.5
	26,308			Recordati Industria Chimica e Farmaceutica SpA		1,147,277		0.3
	316,198			Snam SpA		1,658,898		0.5
	307,105			Terna - Rete Elettrica Nazionale		2,414,541		0.7
						13,516,090		3.9
				Japan: 23.0%
	25,000			Ajinomoto Co., Inc.		609,640		0.2
	77,600	⁽³	⁾	Bridgestone Corp.		2,829,249		0.8
	29,700			Brother Industries Ltd.		522,554		0.2
	66,500			Capcom Co., Ltd.		1,617,676		0.5
	52,900			Dai Nippon Printing Co., Ltd.		1,137,906		0.3
	41,000			Daiwa House Industry Co., Ltd.		958,867		0.3
	710,800			ENEOS Holdings, Inc.		2,674,594		0.8
	90,300			Idemitsu Kosan Co., Ltd.		2,157,147		0.6
	284,700			Japan Post Bank Co. Ltd.		2,216,521		0.6
	166,800	⁽³	⁾	Japan Tobacco, Inc.		2,890,442		0.8
	13,100			KDDI Corp.		413,100		0.1
	60,300			Mitsubishi Chemical Holdings Corp.		327,650		0.1
	45,200			Mitsubishi Corp.		1,346,109		0.4
	389,500			Mitsubishi HC Capital, Inc.		1,797,689		0.5

Shares			Value		Percentage of Net Assets
	875,300	Mitsubishi UFJ Financial Group, Inc.	$	4,682,901		1.4
	285,700	Mizuho Financial Group, Inc.		3,252,671		1.0
	88,900	MS&AD Insurance Group Holdings, Inc.		2,725,975		0.8
	4,600	Nintendo Co., Ltd.		1,978,260		0.6
	122,700	Nippon Telegraph & Telephone Corp.		3,525,560		1.0
	27,700	Nippon Yusen KK		1,899,249		0.6
	16,100	Nitto Denko Corp.		1,041,325		0.3
	32,200	Nomura Real Estate Holdings, Inc.		787,786		0.2
	208,700	Obayashi Corp.		1,517,930		0.4
	81,100	Ono Pharmaceutical Co., Ltd.		2,083,400		0.6
	26,400	Osaka Gas Co., Ltd.		505,962		0.2
	43,700	Otsuka Holdings Co. Ltd.		1,559,946		0.5
	33,700	Secom Co., Ltd.		2,080,797		0.6
	118,400	Sekisui House Ltd.		2,078,554		0.6
	92,700	SG Holdings Co. Ltd.		1,567,550		0.5
	314,300	SoftBank Corp.		3,489,529		1.0
	65,000	Sompo Holdings, Inc.		2,870,917		0.8
	67,300	Subaru Corp.		1,190,433		0.3
	146,800	Sumitomo Chemical Co., Ltd.		574,531		0.2
	169,400	Sumitomo Corp.		2,302,730		0.7
	125,800	Sumitomo Mitsui Financial Group, Inc.		3,739,417		1.1
	80,200	Sumitomo Mitsui Trust Holdings, Inc.		2,478,659		0.7
	142,800	Takeda Pharmaceutical Co., Ltd.		4,011,017		1.2
	34,900	Tokio Marine Holdings, Inc.		2,035,087		0.6
	37,800	Trend Micro, Inc.		1,849,231		0.5
	87,000	Yamato Holdings Co., Ltd.		1,392,275		0.4
				78,720,836		23.0
		Netherlands: 2.8%
	111,554	Koninklijke Ahold Delhaize NV		2,903,653		0.9
	53,507	NN Group NV		2,423,497		0.7
	54,031	OCI NV		1,777,394		0.5
	31,244	Shell PLC		813,681		0.2
	18,905	Wolters Kluwer NV		1,832,242		0.5
				9,750,467		2.8
		New Zealand: 0.3%
	343,501	Spark New Zealand Ltd.		1,028,014		0.3

See Accompanying Notes to Financial Statements
91

VOYA INTERNATIONAL HIGH DIVIDEND PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Norway: 0.2%
	18,439			Yara International ASA	$	772,613		0.2
				Portugal: 1.3%
	196,472			Galp Energia SGPS SA		2,298,927		0.7
	94,640			Jeronimo Martins SGPS SA		2,051,648		0.6
						4,350,575		1.3
				Singapore: 0.3%
	125,700			Oversea-Chinese Banking Corp., Ltd.		1,031,123		0.3
				Spain: 2.2%
	104,487			Enagas		2,310,901		0.7
	47,863			Iberdrola S.A. - IBEE		498,324		0.1
	125,585	⁽³	⁾	Red Electrica Corp. SA		2,377,281		0.7
	168,006	⁽³	⁾	Repsol SA		2,476,756		0.7
						7,663,262		2.2
				Sweden: 0.4%
	39,082	⁽¹	⁾	Aker BP ASA		1,357,412		0.4
	41,097	⁽³	⁾	Lundin Energy AB		27,944		0.0
						1,385,356		0.4
				Switzerland: 7.8%
	1,856			Geberit AG - Reg		892,928		0.3
	51,674			Holcim AG		2,216,275		0.6
	9,056			Nestle SA		1,058,400		0.3
	127,050			Novartis AG		10,771,379		3.1
	5,182			Roche Holding AG-GENUSSCHEIN		1,732,342		0.5
	21,663			Swiss Prime Site AG		1,903,400		0.6
	7,808			Swiss Re Ltd.		606,041		0.2
	4,996			Swisscom AG		2,763,390		0.8
	11,324			Zurich Insurance Group AG		4,938,096		1.4
						26,882,251		7.8
				United Kingdom: 20.1%
	516,079			Abrdn PLC		1,007,363		0.3
	13,185			Admiral Group Plc		361,007		0.1
	111,907	⁽²	⁾	Auto Trader Group PLC		757,896		0.2
	507,439			Aviva PLC		2,485,572		0.7
	357,341			BAE Systems PLC		3,617,719		1.0
	118,183			Barratt Developments PLC		661,076		0.2
	1,300,108			BP PLC		6,104,652		1.8
	150,431			British American Tobacco PLC		6,448,117		1.9

Shares			Value		Percentage of Net Assets
	7,172	Ferguson PLC	$	803,426		0.2
	336,258	GSK PLC		7,246,900		2.1
	46,839	Hikma Pharmaceuticals PLC		924,161		0.3
	1,256,883	HSBC Holdings PLC		8,210,618		2.4
	132,216	Imperial Brands PLC		2,960,017		0.8
	160,254	Land Securities Group PLC		1,300,457		0.4
	799,108	Legal & General Group PLC		2,336,253		0.7
	861,748	M&G PLC		2,042,964		0.6
	316,467	National Grid PLC		4,066,898		1.2
	477,942	Natwest Group PLC		1,272,168		0.4
	40,706	Reckitt Benckiser Group PLC		3,061,591		0.9
	57,256	Relx PLC (GBP Exchange)		1,554,579		0.4
	261,219	Sage Group PLC/The		2,022,824		0.6
	28,241	Schroders PLC		922,556		0.3
	143,833	Segro PLC		1,717,046		0.5
	10,484	Severn Trent PLC		348,071		0.1
	853,449	Tesco PLC		2,659,864		0.8
	36,378	Unilever PLC		1,652,310		0.5
	186,040	United Utilities Group PLC		2,315,879		0.7
				68,861,984		20.1
		Total Common Stock (Cost $345,680,294)		335,084,718		97.8
EXCHANGE-TRADED FUNDS: 1.6%
	129,866	iShares MSCI EAFE Value Index ETF		5,636,184		1.6
		Total Exchange- Traded Funds (Cost $6,387,801)		5,636,184		1.6
PREFERRED STOCK: 0.5%
		Germany: 0.5%
	26,532	Henkel AG & Co. KGaA		1,641,823		0.5
		Total Preferred Stock (Cost $2,307,187)		1,641,823		0.5
		Total Long-Term Investments (Cost $354,375,282)		342,362,725		99.9

See Accompanying Notes to Financial Statements
92

VOYA INTERNATIONAL HIGH DIVIDEND PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.4%
				Repurchase Agreements: 4.2%
	3,513,100	⁽⁴	⁾	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,513,249, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $3,583,362, due 08/01/22-01/20/68)	$	3,513,100		1.0
	417,691	⁽⁴	⁾	Morgan Stanley, Repurchase Agreement dated 06/30/22, 1.46%, due 07/01/22 (Repurchase Amount $417,708, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $426,045, due 09/29/22-11/15/40)		417,691		0.1
	3,513,107	⁽⁴	⁾	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,513,256, collateralized by various U.S. Government Agency Obligations, 3.000%-5.000%, Market Value plus accrued interest $3,583,369, due 11/01/26-07/01/52)		3,513,107		1.0

Principal
Amount†

Value

Percentage
of Net
Assets

3,513,107

⁽⁴

⁾

National Bank
Financial,
Repurchase
Agreement dated
06/30/22, 1.59%,
due 07/01/22
(Repurchase
Amount $3,513,260,
collateralized by
various
U.S. Government
Securities,
0.000%-2.750%,
Market Value plus
accrued interest
$3,583,372, due
07/01/22-09/09/49)

3,513,107

1.1

3,513,107

⁽⁴

⁾

RBC Dominion
Securities Inc.,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $3,513,256,
collateralized by
various
U.S. Government/
U.S. Government
Agency Obligations,
0.000%-6.875%,
Market Value plus
accrued interest
$3,583,369, due
08/16/22-05/20/52)

3,513,107

1.0

Total Repurchase
Agreements
(Cost $14,470,112)

14,470,112

4.2

Value

Percentage
of Net
Assets

Mutual Funds: 0.2%

119,000

⁽⁴

^),(5)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%

119,000

0.0

214,000

⁽⁴

^),(5)

Goldman Sachs
Financial Square
Government Fund -
Institutional Shares,
1.380%

214,000

0.1

See Accompanying Notes to Financial Statements
93

VOYA INTERNATIONAL HIGH DIVIDEND PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds (continued)

290,000

⁽⁴

^),(5)

Morgan Stanley
Institutional
Liquidity Funds -
Government
Portfolio
(Institutional Share
Class), 1.380%

290,000

0.1

Total Mutual Funds
(Cost $623,000)

623,000

0.2

Total Short-Term
Investments
(Cost $15,093,112)

15,093,112

4.4

Total Investments
in Securities
(Cost $369,468,394)

357,455,837

104.3

Liabilities in Excess
of Other Assets

(14,852,186

)

(4.3

)

Net Assets

342,603,651

100.0

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

⁽¹⁾ Non-income producing security.

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

⁽³⁾ Security, or a portion of the security, is on loan.

⁽⁴⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁵⁾ Rate shown is the 7-day yield as of June 30, 2022.

Sector Diversification	Percentage of Net Assets
Financials		24.2	%
Industrials		11.9
Health Care		11.3
Materials		8.9
Consumer Staples		8.8
Communication Services		8.3
Energy		7.2
Utilities		6.9
Consumer Discretionary		4.8
Real Estate		4.7
Exchange-Traded Funds		1.6
Information Technology		1.3
Short-Term Investments		4.4
Liabilities in Excess of Other Assets		(4.3	)
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements
94

VOYA INTERNATIONAL HIGH DIVIDEND PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	28,707,805	$	—	$	28,707,805
Austria		—		1,204,604		—		1,204,604
Belgium		—		3,703,340		—		3,703,340
China		—		2,853,147		—		2,853,147
Denmark		—		8,426,192		—		8,426,192
Finland		—		5,601,001		—		5,601,001
France		16		23,922,804		—		23,922,820
Germany		—		24,259,114		—		24,259,114
Hong Kong		375,745		13,925,346		—		14,301,091
Ireland		—		4,060,228		—		4,060,228
Israel		1,583,527		2,499,278		—		4,082,805
Italy		—		13,516,090		—		13,516,090
Japan		—		78,720,836		—		78,720,836
Netherlands		—		9,750,467		—		9,750,467
New Zealand		—		1,028,014		—		1,028,014
Norway		—		772,613		—		772,613
Portugal		—		4,350,575		—		4,350,575
Singapore		—		1,031,123		—		1,031,123
Spain		—		7,663,262		—		7,663,262
Sweden		—		1,385,356		—		1,385,356
Switzerland		—		26,882,251		—		26,882,251
United Kingdom		—		68,861,984		—		68,861,984
Total Common Stock		1,959,288		333,125,430		—		335,084,718
Exchange-Traded Funds		5,636,184		—		—		5,636,184
Preferred Stock		—		1,641,823		—		1,641,823
Short-Term Investments		623,000		14,470,112		—		15,093,112
Total Investments, at fair value	$	8,218,472	$	349,237,365	$	—	$	357,455,837

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

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	143,121
Total	$	143,121
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	371
Total	$	371

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

Cost for federal income tax purposes was $373,175,250.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	16,925,249
Gross Unrealized Depreciation		(32,236,021	)
Net Unrealized Depreciation	$	(15,310,772	)

See Accompanying Notes to Financial Statements
95

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.6%
				Communication Services: 1.2%
	140,575			Entravision Communications Corp.	$	641,022		0.2
	116,168			Fox Corp. - Class B		3,450,190		1.0
	15,295	⁽¹	⁾	Townsquare Media, Inc.		125,266		0.0
						4,216,478		1.2
				Consumer Discretionary: 9.4%
	74,626	⁽¹	⁾	Accel Entertainment, Inc.		792,528		0.2
	25,935			Advance Auto Parts, Inc.		4,489,089		1.3
	9,603	⁽¹	⁾	Aptiv PLC		855,339		0.2
	102,497			BorgWarner, Inc.		3,420,325		1.0
	8,229			Boyd Gaming Corp.		409,393		0.1
	20,600	⁽²	⁾	Bridgestone Corp.		751,063		0.2
	26,918			Brunswick Corp.		1,759,899		0.5
	10,792			Cracker Barrel Old Country Store, Inc.		901,024		0.3
	28,549	⁽¹	⁾	Dave & Buster's Entertainment, Inc.		935,836		0.3
	28,630	⁽¹	⁾	Dollar Tree, Inc.		4,461,985		1.3
	19,797	⁽¹	⁾	Malibu Boats, Inc.		1,043,500		0.3
	29,154	⁽¹	⁾	MarineMax, Inc.		1,053,042		0.3
	5,547	⁽¹	⁾	Mohawk Industries, Inc.		688,327		0.2
	26,794	⁽¹	⁾	OneWater Marine, Inc.		885,542		0.2
	13,214	⁽¹	⁾	Penn National Gaming, Inc.		401,970		0.1
	18,462			Penske Auto Group, Inc.		1,932,787		0.5
	15,399			Polaris, Inc.		1,528,813		0.4
	30,991	⁽¹	⁾	Red Robin Gourmet Burgers, Inc.		248,858		0.1
	33,814	⁽¹	⁾	Skyline Champion Corp.		1,603,460		0.5
	34,950			Sodexo SA		2,472,176		0.7
	48,920	⁽¹	^),(2)	Solo Brands, Inc.		198,615		0.1
	65,678			Tapestry, Inc.		2,004,493		0.6
						32,838,064		9.4
				Consumer Staples: 6.9%
	154,156			Conagra Brands, Inc.		5,278,302		1.5
	52,071			Edgewell Personal Care Co.		1,797,491		0.5
	11,391			General Mills, Inc.		859,451		0.3
	18,818			JM Smucker Co.		2,408,892		0.7
	11,786			Kellogg Co.		840,813		0.2
	29,975			Kimberly-Clark Corp.		4,051,121		1.2
	173,026			Koninklijke Ahold Delhaize NV		4,503,716		1.3

Shares					Value		Percentage of Net Assets
	199,406			Orkla ASA	$	1,597,381		0.4
	34,696			Spectrum Brands Holdings, Inc.		2,845,766		0.8
						24,182,933		6.9
				Energy: 4.1%
	74,973			Baker Hughes Co.		2,164,470		0.6
	61,873			ChampionX Corp.		1,228,179		0.3
	41,188			Devon Energy Corp.		2,269,871		0.6
	10,244			Diamondback Energy, Inc.		1,241,061		0.4
	15,378	⁽¹	^),(2)	Earthstone Energy, Inc.		209,910		0.1
	118,823	⁽³	⁾	Enterprise Products Partners L.P.		2,895,716		0.8
	10,875			Enviva, Inc.		622,267		0.2
	1,117	⁽¹	⁾	NCS Multistage Holdings, Inc.		34,180		0.0
	24,480			Phillips 66		2,007,115		0.6
	7,095			Pioneer Natural Resources Co.		1,582,753		0.5
						14,255,522		4.1
				Financials: 23.3%
	56,483			Aflac, Inc.		3,125,204		0.9
	41,279			Allstate Corp.		5,231,288		1.5
	21,339			A-Mark Precious Metals, Inc.		688,183		0.2
	11,602			Ameriprise Financial, Inc.		2,757,563		0.8
	33,009			Ameris Bancorp.		1,326,302		0.4
	35,161			Axis Capital Holdings Ltd.		2,007,341		0.6
	143,196			Bank of New York Mellon Corp.		5,972,705		1.7
	37,076			BankUnited, Inc.		1,318,793		0.4
	113,031			Capitol Federal Financial, Inc.		1,037,625		0.3
	6,241			Chubb Ltd.		1,226,856		0.3
	5,517			Commerce Bancshares, Inc.		362,191		0.1
	90,137	⁽²	^),(3)	Compass Diversified Holdings		1,930,735		0.5
	21,387			ConnectOne Bancorp, Inc.		522,912		0.1
	33,689	⁽¹	⁾	Donnelley Financial Solutions, Inc.		986,751		0.3
	9,003	⁽²	⁾	Enact Holdings, Inc.		193,384		0.1
	154,337			First BanCorp. Puerto Rico		1,992,491		0.6
	166,905			First Hawaiian, Inc.		3,790,413		1.1
	15,281			First Interstate Bancsystem, Inc.		582,359		0.2
	8,182			First Merchants Corp.		291,443		0.1
	6,269			First Mid Bancshares, Inc.		223,615		0.1

See Accompanying Notes to Financial Statements
96

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Financials (continued)
	167,915			FNB Corp.	$	1,823,557		0.5
	13,395			Hanover Insurance Group, Inc.		1,959,019		0.6
	65,483			Home Bancshares, Inc./Conway AR		1,360,082		0.4
	7,902			Independent Bank Corp.		627,656		0.2
	18,879			Independent Bank Group, Inc.		1,282,073		0.4
	6,082			James River Group Holdings Ltd.		150,712		0.0
	64,669			Northern Trust Corp.		6,239,265		1.8
	127,137			Old National Bancorp.		1,880,356		0.5
	12,954			Origin Bancorp, Inc.		502,615		0.1
	43,259			Pacific Premier Bancorp, Inc.		1,264,893		0.4
	20,959			Patria Investments Ltd.		277,078		0.1
	13,949			Premier Financial Corp.		353,607		0.1
	26,703			ProAssurance Corp.		630,992		0.2
	54,760			Prosperity Bancshares, Inc.		3,738,465		1.1
	22,471			Provident Financial Services, Inc.		500,204		0.1
	7,968			QCR Holdings, Inc.		430,192		0.1
	38,564			Reinsurance Group of America, Inc.		4,523,172		1.3
	27,815			SouthState Corp.		2,145,927		0.6
	15,026			State Street Corp.		926,353		0.3
	36,691			T. Rowe Price Group, Inc.		4,168,464		1.2
	19,432			TowneBank/ Portsmouth VA		527,579		0.1
	84,783			Truist Financial Corp.		4,021,258		1.1
	24,456			UMB Financial Corp.		2,105,662		0.6
	144,962			Valley National Bancorp		1,509,054		0.4
	36,678			Veritex Holdings, Inc.		1,073,198		0.3
	28,645			Westamerica Bancorp.		1,594,381		0.5
						81,183,968		23.3
				Health Care: 10.3%
	20,484			AmerisourceBergen Corp.		2,898,076		0.8
	5,639	⁽¹	⁾	AMN Healthcare Services, Inc.		618,655		0.2
	18,734			Baxter International, Inc.		1,203,285		0.3
	5,120			Becton Dickinson & Co.		1,262,234		0.4
	33,078			Cardinal Health, Inc.		1,728,987		0.5
	44,480			Dentsply Sirona, Inc.		1,589,270		0.4
	84,564	⁽¹	⁾	Embecta Corp.		2,141,160		0.6
	16,221	⁽¹	⁾	Enovis Corp.		892,155		0.2
	50,038	⁽¹	⁾	Henry Schein, Inc.		3,839,916		1.1

Shares					Value		Percentage of Net Assets
	48,135			Koninklijke Philips Electronics NV	$	1,036,347		0.3
	3,392			National Healthcare Corp.		237,101		0.1
	45,516			Patterson Cos., Inc.		1,379,135		0.4
	36,130			Quest Diagnostics, Inc.		4,804,567		1.4
	37,050			Universal Health Services, Inc.		3,731,306		1.1
	26,208	⁽¹	⁾	Varex Imaging Corp.		560,589		0.2
	72,819			Zimmer Biomet Holdings, Inc.		7,650,364		2.2
	16,384	⁽¹	⁾	Zimvie, Inc.		262,308		0.1
						35,835,455		10.3
				Industrials: 16.8%
	13,940	⁽¹	⁾	Atkore, Inc.		1,157,159		0.3
	7,607			Barrett Business Services, Inc.		554,322		0.2
	57,385	⁽¹	⁾	Beacon Roofing Supply, Inc.		2,947,294		0.8
	34,657			Brink's Co.		2,104,026		0.6
	34,470	⁽¹	⁾	Ceco Environmental Corp.		206,131		0.1
	39,011	⁽¹	⁾	Charah Solutions, Inc.		145,901		0.0
	48,542			Cie de Saint-Gobain		2,097,472		0.6
	12,817			Cummins, Inc.		2,480,474		0.7
	43,397			Deluxe Corp.		940,413		0.3
	79,057	⁽¹	^),(2)	DIRTT Environmental Solutions		84,591		0.0
	18,873	⁽¹	⁾	DXP Enterprises, Inc.		578,080		0.2
	13,914	⁽¹	⁾	Dycom Industries, Inc.		1,294,559		0.4
	63,631			Emerson Electric Co.		5,061,210		1.4
	15,578			Esab Corp.		681,537		0.2
	104,562	⁽¹	⁾	Gates Industrial Corp. PLC		1,130,315		0.3
	26,646	⁽¹	⁾	GMS, Inc.		1,185,747		0.3
	13,541			Graham Corp.		93,704		0.0
	40,132	⁽¹	⁾	Hayward Holdings, Inc.		577,499		0.2
	25,630			Healthcare Services Group, Inc.		446,218		0.1
	113,203			Heartland Express, Inc.		1,574,654		0.5
	5,192			Hubbell, Inc.		927,187		0.3
	12,228			Huntington Ingalls Industries, Inc.		2,663,503		0.8
	80,523			IMI PLC		1,154,917		0.4
	72,083	⁽¹	⁾	KAR Auction Services, Inc.		1,064,666		0.3
	7,309	⁽¹	⁾	Karat Packaging, Inc.		124,692		0.0
	31,420			Korn Ferry		1,822,988		0.5
	31,360			Loomis AB		766,048		0.2
	14,019			Luxfer Holdings PLC		211,967		0.1
	455			Luxfer Holdings PLC ADR		6,880		0.0
	54,052			MSC Industrial Direct Co.		4,059,846		1.2

See Accompanying Notes to Financial Statements
97

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials (continued)
	125,749			nVent Electric PLC	$	3,939,716		1.1
	45,725			Oshkosh Corp.		3,755,851		1.1
	13,482			Paccar, Inc.		1,110,108		0.3
	9,079			Republic Services, Inc.		1,188,169		0.3
	120,912	⁽¹	⁾	Southwest Airlines Co.		4,367,341		1.3
	9,644			Stanley Black & Decker, Inc.		1,011,270		0.3
	47,210	⁽²	⁾	Tecnoglass, Inc.		828,536		0.2
	45,437			Timken Co.		2,410,433		0.7
	2,445			Unifirst Corp.		420,980		0.1
	15,173			Vinci SA		1,361,957		0.4
						58,538,361		16.8
				Information Technology: 8.1%
	5,892			Advanced Energy Industries, Inc.		429,998		0.1
	25,533			Amdocs Ltd.		2,127,154		0.6
	9,757			Applied Materials, Inc.		887,692		0.3
	97,835	⁽¹	⁾	Avaya Holdings Corp.		219,151		0.1
	41,294			Avnet, Inc.		1,770,687		0.5
	21,897			Belden, Inc.		1,166,453		0.3
	1,802	⁽¹	⁾	Coherent, Inc.		479,729		0.2
	27,839	⁽¹	⁾	Cohu, Inc.		772,532		0.2
	3,748	⁽¹	⁾	Euronet Worldwide, Inc.		377,011		0.1
	60,024			EVERTEC, Inc.		2,213,685		0.6
	16,400	⁽¹	⁾	F5, Inc.		2,509,856		0.7
	70,763			HP, Inc.		2,319,611		0.7
	16,247	⁽¹	⁾	IBEX Holdings Ltd.		274,087		0.1
	48,324	⁽¹	^),(2)	II-VI, Inc.		2,462,108		0.7
	28,772			Juniper Networks, Inc.		820,002		0.2
	39,245	⁽²	⁾	Kulicke & Soffa Industries, Inc.		1,680,079		0.5
	63,851			Open Text Corp.		2,416,122		0.7
	22,429			TE Connectivity Ltd.		2,537,841		0.7
	56,638	⁽¹	⁾	Teradata Corp.		2,096,172		0.6
	34,372			Vontier Corp.		790,212		0.2
						28,350,182		8.1
				Materials: 4.4%
	28,349			Akzo Nobel NV		1,853,973		0.5
	61,079			Amcor PLC		759,212		0.2
	86,768	⁽¹	⁾	Axalta Coating Systems Ltd.		1,918,441		0.5
	93,906			Graphic Packaging Holding Co.		1,925,073		0.6
	18,507			Minerals Technologies, Inc.		1,135,219		0.3
	100,974			Mondi PLC		1,792,304		0.5
	19,450			Packaging Corp. of America		2,674,375		0.8
	95,951			Pactiv Evergreen, Inc.		955,672		0.3

Shares					Value		Percentage of Net Assets
	44,470			Sonoco Products Co.	$	2,536,569		0.7
						15,550,838		4.4
				Real Estate: 7.5%
	77,861			Brandywine Realty Trust		750,580		0.2
	34,949			CareTrust REIT, Inc.		644,460		0.2
	12,805			Cousins Properties, Inc.		374,290		0.1
	21,380			Easterly Government Properties, Inc.		407,075		0.1
	4,980			Equinix, Inc.		3,271,960		0.9
	8,294			Essex Property Trust, Inc.		2,168,964		0.6
	31,966			Four Corners Property Trust, Inc.		849,976		0.2
	15,758			Getty Realty Corp.		417,587		0.1
	11,727			Healthcare Realty Trust, Inc.		318,974		0.1
	95,292			Healthcare Trust of America, Inc.		2,659,600		0.8
	143,654			Healthpeak Properties, Inc.		3,722,075		1.1
	10,430			Highwoods Properties, Inc.		356,602		0.1
	20,535			Kite Realty Group Trust		355,050		0.1
	11,447			National Health Investors, Inc.		693,803		0.2
	19,584			Physicians Realty Trust		341,741		0.1
	30,449			Realty Income Corp.		2,078,449		0.6
	51,313			Regency Centers Corp.		3,043,374		0.9
	19,419			Sabra Healthcare REIT, Inc.		271,283		0.1
	46,634	⁽¹	⁾	Summit Hotel Properties, Inc.		339,029		0.1
	74,517			VICI Properties, Inc.		2,219,861		0.6
	26,043			Weyerhaeuser Co.		862,544		0.3
						26,147,277		7.5
				Utilities: 5.6%
	5,591			ALLETE, Inc.		328,639		0.1
	8,347			Atmos Energy Corp.		935,699		0.3
	81,395			Edison International		5,147,420		1.5
	12,070			Evergy, Inc.		787,567		0.2
	11,896			Eversource Energy		1,004,855		0.3
	3,826			Northwest Natural Holding Co.		203,160		0.1
	59,438			NorthWestern Corp.		3,502,681		1.0
	39,267			Pinnacle West Capital Corp.		2,871,203		0.8
	8,414			PNM Resources, Inc.		402,021		0.1
	4,810			Southwest Gas Holdings, Inc.		418,855		0.1

See Accompanying Notes to Financial Statements
98

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Value

Percentage
of Net
Assets

Utilities (continued)

52,640

Spire, Inc.

3,914,837

1.1

19,516,937

5.6

Total Common Stock
(Cost $354,027,981)

340,616,015

97.6

PREFERRED STOCK: 0.4%

Consumer Staples: 0.4%

21,683

Henkel AG & Co.
KGaA

1,341,763

0.4

Total Preferred Stock
(Cost $1,402,022)

1,341,763

0.4

Total Long-Term
Investments
(Cost $355,430,003)

341,957,778

98.0

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 4.6%

Repurchase Agreements: 2.2%

1,855,726

⁽⁴

⁾

Bank of America Inc.,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $1,855,805,
collateralized by
various
U.S. Government
Agency Obligations,
1.000%-8.500%,
Market Value plus
accrued interest
$1,892,841, due
01/20/24-06/20/52)

1,855,726

0.5

1,855,726

⁽⁴

⁾

Daiwa Capital
Markets,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $1,855,805,
collateralized by
various
U.S. Government/
U.S. Government
Agency Obligations,
0.000%-6.500%,
Market Value plus
accrued interest
$1,892,841, due
07/31/22-07/01/52)

1,855,726

0.5

Principal Amount†					Value		Percentage of Net Assets
	338,781	⁽⁴	⁾	Deutsche Bank Securities Inc., Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $338,795, collateralized by various U.S. Government Securities, 0.000%-0.750%, Market Value plus accrued interest $345,557, due 01/15/25-08/15/39)	$	338,781		0.1
	1,855,726	⁽⁴	⁾	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $1,855,807, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $1,892,842, due 07/01/22-09/09/49)		1,855,726		0.6
	1,855,726	⁽⁴	⁾	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,855,805, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $1,892,841, due 08/16/22-05/20/52)		1,855,726		0.5
				Total Repurchase Agreements (Cost $7,761,685)		7,761,685		2.2

See Accompanying Notes to Financial Statements
99

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds: 2.4%

8,227,758

⁽⁵

⁾

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%

8,227,758

2.3

211,000

⁽⁴

^),(5)

Morgan Stanley
Institutional
Liquidity Funds -
Government
Portfolio
(Institutional Share
Class), 1.380%

211,000

0.1

Total Mutual Funds
(Cost $8,438,758)

8,438,758

2.4

Total Short-Term
Investments
(Cost $16,200,443)

16,200,443

4.6

Total Investments
in Securities
(Cost $371,630,446)

358,158,221

102.6

Liabilities in Excess
of Other Assets

(9,216,012

)

(2.6

)

Net Assets

348,942,209

100.0

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

ADR American Depositary Receipt

⁽¹⁾ Non-income producing security.

⁽²⁾ Security, or a portion of the security, is on loan.

⁽³⁾ Security is a Master Limited Partnership.

⁽⁴⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁵⁾ Rate shown is the 7-day yield as of June 30, 2022.

Geographic Diversification
as of June 30, 2022
(as a percentage of net assets)

United States	88.6	%
United Kingdom	2.5	%
Netherlands	2.1	%
France	1.7	%
Canada	0.7	%
Puerto Rico	0.6	%
Norway	0.4	%
Germany	0.4	%
Switzerland	0.3	%
Colombia	0.2	%
Countries between 0.1% - 0.2%^	0.5	%
Assets in Excess of Other Liabilities*	2.0	%
Net Assets	100.0	%

^ Includes 3 countries, which each represents 0.1% - 0.2% of net assets.

* Includes short-term investments.

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements
100

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	4,216,478	$	—		$	—	$	4,216,478
Consumer Discretionary		29,614,825		3,223,239			—		32,838,064
Consumer Staples		18,081,836		6,101,097			—		24,182,933
Energy		14,255,522		—			—		14,255,522
Financials		81,183,968		—			—		81,183,968
Health Care		35,835,455		—			—		35,835,455
Industrials		53,157,967		5,380,394			—		58,538,361
Information Technology		28,350,182		—			—		28,350,182
Materials		11,904,561		3,646,277			—		15,550,838
Real Estate		26,147,277		—			—		26,147,277
Utilities		19,516,937		—			—		19,516,937
Total Common Stock		322,265,008		18,351,007			—		340,616,015
Preferred Stock		—		1,341,763			—		1,341,763
Short-Term Investments		8,438,758		7,761,685			—		16,200,443
Total Investments, at fair value	$	330,703,766	$	27,454,455		$	—	$	358,158,221
Other Financial Instruments+
Forward Foreign Currency Contracts		—		57,703			—		57,703
Total Assets	$	330,703,766	$	27,512,158		$	—	$	358,215,924
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(16,923	)	$	—	$	(16,923	)
Total Liabilities	$	—	$	(16,923	)	$	—	$	(16,923	)

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

At June 30, 2022, the following forward foreign currency contracts were outstanding for VY^® American Century Small-Mid Cap Value Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	86,737	GBP	71,384	Bank of America N.A.	09/30/22	$	(311	)
USD	76,562	GBP	62,655	Bank of America N.A.	09/30/22		158
GBP	70,566	USD	86,716	Bank of America N.A.	09/30/22		(665	)
USD	673,472	JPY	90,351,600	Bank of America N.A.	09/30/22		3,230
USD	2,569,314	GBP	2,091,356	Bank of America N.A.	09/30/22		19,046
USD	307,389	EUR	289,795	JPMorgan Chase Bank N.A.	09/30/22		1,733
USD	12,363,919	EUR	11,692,976	JPMorgan Chase Bank N.A.	09/30/22		30,949
USD	46,312	NOK	454,247	UBS AG	09/30/22		101
USD	649,102	SEK	6,589,363	UBS AG	09/30/22		2,486
USD	1,266,916	NOK	12,610,435	UBS AG	09/30/22		(15,947	)
						$	40,780

Currency Abbreviations

EUR — EU Euro

GBP — British Pound

JPY — Japanese Yen

SEK — Swedish Krona

USD — United States Dollar

See Accompanying Notes to Financial Statements
101

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	57,703
Total Asset Derivatives		$	57,703
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	16,923
Total Liability Derivatives		$	16,923

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	1,473,707
Total	$	1,473,707
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	247,189
Total	$	247,189

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

Cost for federal income tax purposes was $376,860,742.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	18,195,697
Gross Unrealized Depreciation		(36,702,059	)
Net Unrealized Depreciation	$	(18,506,362	)

See Accompanying Notes to Financial Statements
102

PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.2%
				Communication Services: 4.3%
	510,000	⁽¹	⁾	Iridium Communications, Inc.	$	19,155,600		4.3
				Consumer Discretionary: 21.6%
	84,500	⁽¹	⁾	Bright Horizons Family Solutions, Inc.		7,141,940		1.6
	287,000			Choice Hotels International, Inc.		32,037,810		7.3
	65,498			Krispy Kreme, Inc.		890,773		0.2
	84,500			Marriott Vacations Worldwide Corp.		9,818,900		2.3
	346,000	⁽¹	⁾	Penn National Gaming, Inc.		10,525,320		2.4
	82,500			Red Rock Resorts, Inc.		2,752,200		0.6
	146,000			Vail Resorts, Inc.		31,835,300		7.2
						95,002,243		21.6
				Financials: 34.0%
	394,000	⁽¹	⁾	Arch Capital Group Ltd.		17,923,060		4.1
	127,500			Carlyle Group, Inc./The		4,036,650		0.9
	139,000			Cohen & Steers, Inc.		8,839,010		2.0
	35,400			Essent Group Ltd.		1,377,060		0.3
	76,600			Factset Research Systems, Inc.		29,458,062		6.7
	30,325			Houlihan Lokey, Inc.		2,393,553		0.5
	72,130			Kinsale Capital Group, Inc.		16,563,933		3.8
	25,000			Moelis & Co.		983,750		0.2
	47,000			Morningstar, Inc.		11,366,010		2.6
	106,700			MSCI, Inc. - Class A		43,976,405		10.0
	107,000			Primerica, Inc.		12,806,830		2.9
						149,724,323		34.0
				Health Care: 12.2%
	45,000			Bio-Techne Corp.		15,598,800		3.5
	110,800			Dechra Pharmaceuticals PLC		4,671,917		1.1
	85,000	⁽¹	⁾	Figs, Inc.		774,350		0.2
	41,000	⁽¹	⁾	Idexx Laboratories, Inc.		14,379,930		3.3
	5,600	⁽¹	⁾	Mettler Toledo International, Inc.		6,433,112		1.4
	83,100	⁽¹	⁾	Neogen Corp.		2,001,879		0.4
	33,000			West Pharmaceutical Services, Inc.		9,978,210		2.3
						53,838,198		12.2

Shares					Value			Percentage of Net Assets
				Industrials: 6.8%
	63,153	⁽¹	⁾	BrightView Holdings, Inc.	$	757,836			0.2
	338,000	⁽¹	⁾	CoStar Group, Inc.		20,418,580			4.6
	475,725	⁽²	⁾	Marel HF		2,123,361			0.5
	4,129,898	⁽¹	^),(3),(4)	Northvolt AB - Series E		1,212,097			0.3
	92,000	⁽¹	⁾	Trex Co., Inc.		5,006,640			1.1
	200,000	⁽¹	⁾	Velo3D, Inc.		276,000			0.1
						29,794,514			6.8
				Information Technology: 13.3%
	53,870	⁽¹	⁾	Altair Engineering, Inc.		2,828,175			0.6
	68,000	⁽¹	⁾	ANSYS, Inc.		16,271,720			3.7
	105,300	⁽¹	⁾	Gartner, Inc.		25,464,699			5.8
	97,500	⁽¹	⁾	Guidewire Software, Inc.		6,921,525			1.6
	4,500			Littelfuse, Inc.		1,143,180			0.3
	150,000	⁽¹	⁾	Mirion Technologies, Inc.		864,000			0.2
	86,500			SS&C Technologies Holdings, Inc.		5,023,055			1.1
						58,516,354			13.3
				Real Estate: 7.0%
	64,824			Alexandria Real Estate Equities, Inc.		9,401,425			2.1
	269,000			Douglas Emmett, Inc.		6,020,220			1.4
	337,835			Gaming and Leisure Properties, Inc.		15,493,113			3.5
						30,914,758			7.0
				Total Common Stock (Cost $104,651,575)		436,945,990			99.2
SHORT-TERM INVESTMENTS: 0.9%
				Mutual Funds: 0.9%
	3,896,868	⁽⁵	⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $3,896,868)		3,896,868			0.9
				Total Short-Term Investments (Cost $3,896,868)		3,896,868			0.9
				Total Investments in Securities (Cost $108,548,443)	$	440,842,858			100.1
				Liabilities in Excess of Other Assets		(290,773	)		(0.1	)
				Net Assets	$	440,552,085			100.0

⁽¹⁾ Non-income producing security.

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

See Accompanying Notes to Financial Statements
103

PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

⁽⁴⁾ Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2022, the Portfolio held restricted securities with a

fair value of $1,212,097 or 0.3% of net assets. Please refer to the table below for additional details.

⁽⁵⁾ Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	19,155,600	$	—	$	—	$	19,155,600
Consumer Discretionary		95,002,243		—		—		95,002,243
Financials		149,724,323		—		—		149,724,323
Health Care		49,166,281		4,671,917		—		53,838,198
Industrials		26,459,056		2,123,361		1,212,097		29,794,514
Information Technology		58,516,354		—		—		58,516,354
Real Estate		30,914,758		—		—		30,914,758
Total Common Stock		428,938,615		6,795,278		1,212,097		436,945,990
Short-Term Investments		3,896,868		—		—		3,896,868
Total Investments, at fair value	$	432,835,483	$	6,795,278	$	1,212,097	$	440,842,858

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

At June 30, 2022, VY^® Baron Growth Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost		Fair Value
Northvolt AB - Series E	9/21/2020	$	651,737	$	1,212,097
		$	651,737	$	1,212,097

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

Cost for federal income tax purposes was $110,646,907.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	332,728,597
Gross Unrealized Depreciation		(2,532,644	)
Net Unrealized Appreciation	$	330,195,953

See Accompanying Notes to Financial Statements
104

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 96.1%
				Communication Services: 11.9%
	1,852	⁽¹	⁾	Alphabet, Inc. - Class A	$	4,035,990		2.5
	1,888	⁽¹	⁾	Alphabet, Inc. - Class C		4,129,906		2.5
	65,578			Comcast Corp. - Class A		2,573,281		1.6
	29,665	⁽¹	⁾	Endeavor Group Holdings, Inc.		609,912		0.4
	11,510	⁽¹	⁾	Meta Platforms, Inc.		1,855,987		1.1
	17,411	⁽¹	⁾	Snap, Inc.		228,606		0.1
	17,228	⁽¹	⁾	Take-Two Interactive Software, Inc.		2,110,947		1.3
	21,164	⁽¹	⁾	T-Mobile US, Inc.		2,847,405		1.7
	12,308	⁽¹	⁾	Walt Disney Co.		1,161,875		0.7
						19,553,909		11.9
				Consumer Discretionary: 6.7%
	59,500	⁽¹	⁾	Amazon.com, Inc.		6,319,495		3.8
	483	⁽¹	⁾	Chipotle Mexican Grill, Inc.		631,406		0.4
	3,788			Lowe's Cos, Inc.		661,650		0.4
	4,084			McDonald's Corp.		1,008,258		0.6
	34,523			Tapestry, Inc.		1,053,642		0.6
	1,709	⁽¹	⁾	Tesla, Inc.		1,150,875		0.7
	28,279	⁽¹	⁾	Under Armour, Inc. - Class A		235,564		0.2
						11,060,890		6.7
				Consumer Staples: 6.4%
	50,168	⁽¹	⁾	Coty, Inc - Class A		401,846		0.2
	42,036			Mondelez International, Inc.		2,610,015		1.6
	14,000	⁽¹	⁾	Monster Beverage Corp.		1,297,800		0.8
	33,472			Sysco Corp.		2,835,413		1.7
	28,174			Walmart, Inc.		3,425,395		2.1
						10,570,469		6.4
				Energy: 4.2%
	30,623			Canadian Natural Resources Ltd.		1,643,843		1.0
	23,811			Chevron Corp.		3,447,357		2.1
	17,058			EOG Resources, Inc.		1,883,885		1.1
						6,975,085		4.2
				Financials: 10.1%
	1,192			American Express Co.		165,235		0.1
	1,447			Aon PLC		390,227		0.2
	85,065			Bank of America Corp.		2,648,074		1.6
	16,972	⁽¹	⁾	Berkshire Hathaway, Inc. - Class B		4,633,695		2.8
	1,546			Blackrock, Inc.		941,576		0.6

Shares					Value		Percentage of Net Assets
	14,521			JPMorgan Chase & Co.	$	1,635,210		1.0
	2,289			MSCI, Inc. - Class A		943,411		0.6
	36,050			State Street Corp.		2,222,483		1.4
	75,579			Wells Fargo & Co.		2,960,429		1.8
						16,540,340		10.1
				Health Care: 15.8%
	20,300			Abbott Laboratories		2,205,595		1.3
	14,581			Baxter International, Inc.		936,538		0.6
	14,998	⁽¹	⁾	BioMarin Pharmaceutical, Inc.		1,242,884		0.8
	29,293	⁽¹	⁾	Boston Scientific Corp.		1,091,750		0.7
	29,116			CVS Health Corp.		2,697,888		1.6
	5,035			Elevance Health, Inc.		2,429,790		1.5
	11,909			Eli Lilly & Co.		3,861,255		2.3
	8,816	⁽¹	⁾	Horizon Therapeutics Plc		703,164		0.4
	4,823	⁽¹	⁾	IQVIA Holdings, Inc.		1,046,543		0.6
	34,853			Johnson & Johnson		6,186,756		3.8
	1,871			Thermo Fisher Scientific, Inc.		1,016,477		0.6
	9,411	⁽¹	⁾	Vertex Pharmaceuticals, Inc.		2,651,926		1.6
						26,070,566		15.8
				Industrials: 7.8%
	8,129			Honeywell International, Inc.		1,412,902		0.9
	62,259			Raytheon Technologies Corp.		5,983,712		3.6
	52,045	⁽¹	⁾	Southwest Airlines Co.		1,879,865		1.1
	96,954	⁽¹	⁾	Uber Technologies, Inc.		1,983,679		1.2
	7,524			Union Pacific Corp.		1,604,719		1.0
						12,864,877		7.8
				Information Technology: 25.6%
	7,013	⁽¹	⁾	Adobe, Inc.		2,567,179		1.6
	9,574	⁽¹	⁾	Advanced Micro Devices, Inc.		732,124		0.4
	65,457			Apple, Inc.		8,949,281		5.4
	12,925			Fidelity National Information Services, Inc.		1,184,835		0.7
	9,341			Global Payments, Inc.		1,033,488		0.6
	7,231	⁽¹	⁾	GLOBALFOUNDRIES, Inc.		291,699		0.2
	8,970			International Business Machines Corp.		1,266,474		0.8
	6,812			Intuit, Inc.		2,625,617		1.6
	2,392			Lam Research Corp.		1,019,351		0.6

See Accompanying Notes to Financial Statements
105

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	6,385			Marvell Technology, Inc.	$	277,939		0.2
	8,855			Mastercard, Inc. - Class A		2,793,575		1.7
	5,919			Micron Technology, Inc.		327,202		0.2
	42,731			Microsoft Corp.		10,974,603		6.7
	8,045			Nvidia Corp.		1,219,542		0.7
	4,144	⁽¹	⁾	Palo Alto Networks, Inc.		2,046,887		1.2
	8,425	⁽¹	⁾	PayPal Holdings, Inc.		588,402		0.4
	7,452	⁽¹	⁾	Salesforce, Inc.		1,229,878		0.7
	12,439			TE Connectivity Ltd.		1,407,473		0.9
	8,254			Visa, Inc. - Class A		1,625,130		1.0
						42,160,679		25.6
				Materials: 3.3%
	24,326			Corteva, Inc.		1,317,010		0.8
	6,530			Ecolab, Inc.		1,004,053		0.6
	14,424			International Flavors & Fragrances, Inc.		1,718,187		1.1
	9,102			Newmont Corp.		543,116		0.3
	9,637			Nutrien Ltd.		767,972		0.5
						5,350,338		3.3
				Real Estate: 1.5%
	9,930			American Tower Corp.		2,538,009		1.5
				Utilities: 2.8%
	27,116			American Electric Power Co., Inc.		2,601,509		1.6
	30,579			Public Service Enterprise Group, Inc.		1,935,039		1.2
						4,536,548		2.8
				Total Common Stock (Cost $152,135,626)		158,221,710		96.1
OTHER⁽²⁾: —%
				Materials: —%
	649,000	⁽³	^),(4)	SINO Forest Corp. (Escrow)		—		—
				Total Other (Cost $—)		—		—
				Total Long-Term Investments (Cost $152,135,626)		158,221,710		96.1

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 3.2%

Mutual Funds: 3.2%

5,279,482

⁽⁵

⁾

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%
(Cost $5,279,482)

5,279,482

3.2

Total Short-Term
Investments
(Cost $5,279,482)

5,279,482

3.2

Total Investments
in Securities
(Cost $157,415,108)

163,501,192

99.3

Assets in Excess of
Other Liabilities

1,083,266

0.7

Net Assets

164,584,458

100.0

⁽¹⁾ Non-income producing security.

⁽²⁾ 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.

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

⁽⁴⁾ Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2022, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

⁽⁵⁾ Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements
106

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*	$	158,221,710	$	—	$	—	$	158,221,710
Other		—		—		—		—
Short-Term Investments		5,279,482		—		—		5,279,482
Total Investments, at fair value	$	163,501,192	$	—	$	—	$	163,501,192

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

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

At June 30, 2022, VY^® Columbia Contrarian Core Portfolio held the following restricted securities:

Security

Acquisition
Date

Acquisition
Cost

Fair Value

SINO Forest Corp. (Escrow)

3/1/2013

—

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

Cost for federal income tax purposes was $157,748,289.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	20,491,817
Gross Unrealized Depreciation		(14,738,915	)
Net Unrealized Appreciation	$	5,752,902

See Accompanying Notes to Financial Statements
107

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.9%
				Communication Services: 1.5%
	14,800			Nexstar Media Group, Inc.	$	2,410,624		1.5
				Consumer Discretionary: 4.4%
	17,700	⁽¹	⁾	Genesco, Inc.		883,407		0.6
	61,100			International Game Technology PLC		1,134,016		0.7
	20,679			KB Home		588,524		0.4
	69,965			Macy's, Inc.		1,281,759		0.8
	105,700	⁽¹	⁾	Petco Health & Wellness Co., Inc.		1,558,018		1.0
	21,020			Red Rock Resorts, Inc.		701,227		0.4
	24,673			Rocky Brands, Inc.		843,323		0.5
						6,990,274		4.4
				Consumer Staples: 5.2%
	27,300	⁽¹	⁾	BellRing Brands, Inc.		679,497		0.4
	23,800	⁽¹	⁾	BJ's Wholesale Club Holdings, Inc.		1,483,216		0.9
	49,900	⁽¹	⁾	Chefs' Warehouse Holdings, Inc.		1,940,611		1.2
	42,800	⁽¹	⁾	TreeHouse Foods, Inc.		1,789,896		1.1
	62,700	⁽¹	⁾	United Natural Foods, Inc.		2,470,380		1.6
						8,363,600		5.2
				Energy: 5.5%
	51,400	⁽¹	⁾	Antero Resources Corp.		1,575,410		1.0
	17,565			Chesapeake Energy Corp.		1,424,522		0.9
	68,800	⁽¹	⁾	Golar LNG Ltd.		1,565,200		1.0
	24,000			Helmerich & Payne, Inc.		1,033,440		0.6
	26,700			PDC Energy, Inc.		1,644,987		1.0
	44,600			SM Energy Co.		1,524,874		1.0
						8,768,433		5.5
				Financials: 27.2%
	46,100			Ameris Bancorp.		1,852,298		1.2
	24,800			Amerisafe, Inc.		1,289,848		0.8
	38,314			Argo Group International Holdings Ltd.		1,412,254		0.9
	61,300			Atlantic Union Bankshares Corp.		2,079,296		1.3
	46,749	⁽¹	⁾	Axos Financial, Inc.		1,675,952		1.1
	82,219	⁽¹	⁾	Bancorp, Inc.		1,604,915		1.0
	62,880			Blackstone Mortgage Trust, Inc.		1,739,890		1.1
	54,500			Cathay General Bancorp.		2,133,675		1.3
	28,078			Community Bank System, Inc.		1,776,776		1.1
	38,891	⁽¹	⁾	Focus Financial Partners, Inc.		1,324,627		0.8
	48,282			Hancock Whitney Corp.		2,140,341		1.3

Shares					Value		Percentage of Net Assets
	42,498			Hannon Armstrong Sustainable Infrastructure Capital, Inc.	$	1,608,974		1.0
	19,000			Houlihan Lokey, Inc.		1,499,670		0.9
	21,500			Independent Bank Corp.		1,707,745		1.1
	27,300			Independent Bank Group, Inc.		1,853,943		1.2
	112,279			MGIC Investment Corp.		1,414,715		0.9
	38,502			Pacific Premier Bancorp, Inc.		1,125,799		0.7
	32,100			Popular, Inc.		2,469,453		1.6
	68,198			Radian Group, Inc.		1,340,091		0.8
	31,397			Renasant Corp.		904,548		0.6
	50,000			Sandy Spring Bancorp, Inc.		1,953,500		1.2
	91,416			SLM Corp.		1,457,171		0.9
	48,100			Starwood Property Trust, Inc.		1,004,809		0.6
	23,424			Stifel Financial Corp.		1,312,212		0.8
	16,652	⁽¹	⁾	Triumph Bancorp, Inc.		1,041,749		0.7
	26,348			UMB Financial Corp.		2,268,563		1.4
	37,249			WSFS Financial Corp.		1,493,312		0.9
						43,486,126		27.2
				Health Care: 8.0%
	76,400	⁽¹	⁾	AdaptHealth Corp.		1,378,256		0.9
	16,200	⁽¹	⁾	Alkermes PLC		482,598		0.3
	12,087	⁽¹	⁾	Apellis Pharmaceuticals, Inc.		546,574		0.3
	35,360	⁽¹	⁾	Arcutis Biotherapeutics, Inc.		753,522		0.5
	14,600	⁽¹	⁾	Cytokinetics, Inc.		573,634		0.4
	20,500	⁽¹	⁾	Haemonetics Corp.		1,336,190		0.8
	8,700	⁽¹	⁾	Integer Holdings Corp.		614,742		0.4
	37,224	⁽¹	⁾	Iovance Biotherapeutics, Inc.		410,953		0.3
	33,517	⁽¹	⁾	Merit Medical Systems, Inc.		1,818,967		1.1
	172,000	⁽¹	⁾	Multiplan Corp.		944,280		0.6
	33,300	⁽¹	⁾	Myriad Genetics, Inc.		605,061		0.4
	22,600	⁽¹	⁾	Prestige Consumer Healthcare, Inc.		1,328,880		0.8
	28,900	⁽¹	⁾	Tenet Healthcare Corp.		1,518,984		0.9
	20,377	⁽¹	⁾	Varex Imaging Corp.		435,864		0.3
						12,748,505		8.0
				Industrials: 18.0%
	29,300			ABM Industries, Inc.		1,272,206		0.8
	78,600	⁽¹	⁾	API Group Corp.		1,176,642		0.7
	23,400			ArcBest Corp.		1,646,658		1.0
	11,000	⁽¹	⁾	Atlas Air Worldwide Holdings, Inc.		678,810		0.4
	30,800	⁽¹	⁾	Beacon Roofing Supply, Inc.		1,581,888		1.0
	55,523	⁽¹	⁾	Bloom Energy Corp.		916,129		0.6

See Accompanying Notes to Financial Statements
108

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials (continued)
	42,940	⁽¹	⁾	Core & Main, Inc.	$	957,562		0.6
	16,200			EMCOR Group, Inc.		1,667,952		1.0
	29,300	⁽¹	⁾	Evoqua Water Technologies Corp.		952,543		0.6
	10,700			Herc Holdings, Inc.		964,605		0.6
	24,498			ICF International, Inc.		2,327,310		1.5
	44,700			KBR, Inc.		2,163,033		1.4
	35,405			Kforce, Inc.		2,171,743		1.4
	12,330	⁽¹	⁾	Mastec, Inc.		883,568		0.5
	22,797			Moog, Inc.		1,809,854		1.1
	36,300	⁽¹	⁾	Parsons Corp.		1,467,246		0.9
	21,800			Science Applications International Corp.		2,029,580		1.3
	42,000	⁽¹	⁾	Sunrun, Inc.		981,120		0.6
	36,155			Triton International Ltd.		1,903,561		1.2
	48,500	⁽¹	⁾	Univar Solutions, Inc.		1,206,195		0.8
						28,758,205		18.0
				Information Technology: 4.7%
	18,209	⁽¹	⁾	Diodes, Inc.		1,175,755		0.7
	15,500	⁽¹	⁾	ExlService Holdings, Inc.		2,283,615		1.4
	22,300			Kulicke & Soffa Industries, Inc.		954,663		0.6
	99,248	⁽¹	⁾	Magnachip Semiconductor Corp.		1,442,073		0.9
	59,600	⁽¹	⁾	SMART Global Holdings, Inc.		975,652		0.6
	23,615	⁽¹	⁾	Ultra Clean Holdings, Inc.		703,019		0.5
						7,534,777		4.7
				Materials: 7.3%
	57,059	⁽¹	⁾	Allegheny Technologies, Inc.		1,295,810		0.8
	18,800			Ashland Global Holdings, Inc.		1,937,340		1.2
	37,700			Avient Corp.		1,511,016		0.9
	24,800			Cabot Corp.		1,581,992		1.0
	21,600			HB Fuller Co.		1,300,536		0.8
	16,000	⁽¹	⁾	Intrepid Potash, Inc.		724,640		0.5
	22,149			Materion Corp.		1,633,046		1.0
	122,100	⁽¹	⁾	O-I Glass, Inc.		1,709,400		1.1
						11,693,780		7.3
				Real Estate: 9.2%
	55,963			American Assets Trust, Inc.		1,662,101		1.0
	97,400			Apple Hospitality REIT, Inc.		1,428,858		0.9
	23,100			Centerspace		1,883,805		1.2
	25,300			First Industrial Realty Trust, Inc.		1,201,244		0.8
	53,900			Independence Realty Trust, Inc.		1,117,347		0.7
	39,551			NETSTREIT Corp.		746,327		0.5
	33,900			PotlatchDeltic Corp.		1,498,041		0.9

Shares					Value			Percentage of Net Assets
	7,300			PS Business Parks, Inc.	$	1,366,195			0.9
	125,500			Sabra Healthcare REIT, Inc.		1,753,235			1.1
	140,100			Tanger Factory Outlet Centers, Inc.		1,992,222			1.2
						14,649,375			9.2
				Utilities: 6.9%
	61,800			Clearway Energy, Inc. - Class C		2,153,112			1.4
	48,500			New Jersey Resources Corp.		2,159,705			1.4
	25,806			ONE Gas, Inc.		2,095,189			1.3
	46,100			Portland General Electric Co.		2,228,013			1.4
	66,965			South Jersey Industries, Inc.		2,286,185			1.4
						10,922,204			6.9
				Total Common Stock (Cost $141,467,868)		156,325,903			97.9
SHORT-TERM INVESTMENTS: 2.3%
				Mutual Funds: 2.3%
	3,695,729	⁽²	⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $3,695,729)		3,695,729			2.3
				Total Short-Term Investments (Cost $3,695,729)		3,695,729			2.3
				Total Investments in Securities (Cost $145,163,597)	$	160,021,632			100.2
				Liabilities in Excess of Other Assets		(346,300	)		(0.2	)
				Net Assets	$	159,675,332			100.0

⁽¹⁾ Non-income producing security.

⁽²⁾ Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements
109

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*	$	156,325,903	$	—	$	—	$	156,325,903
Short-Term Investments		3,695,729		—		—		3,695,729
Total Investments, at fair value	$	160,021,632	$	—	$	—	$	160,021,632

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

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

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

Cost for federal income tax purposes was $145,425,806.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	25,264,072
Gross Unrealized Depreciation		(10,668,246	)
Net Unrealized Appreciation	$	14,595,826

See Accompanying Notes to Financial Statements
110

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 94.9%
				Communication Services: 3.4%
	93,261			Comcast Corp. - Class A	$	3,659,562		1.4
	11,778	⁽¹	⁾	Meta Platforms, Inc.		1,899,202		0.8
	22,116	⁽¹	⁾	T-Mobile US, Inc.		2,975,487		1.2
						8,534,251		3.4
				Consumer Discretionary: 5.6%
	2,239	⁽¹	⁾	Booking Holdings, Inc.		3,915,989		1.5
	21,709			eBay, Inc.		904,614		0.4
	117,759	⁽¹	⁾	General Motors Co.		3,740,026		1.5
	102,636	⁽¹	⁾	Las Vegas Sands Corp.		3,447,543		1.4
	22,239			Ralph Lauren Corp.		1,993,726		0.8
						14,001,898		5.6
				Consumer Staples: 7.5%
	—			Altria Group, Inc.		—		—
	48,688			Coca-Cola Co.		3,062,962		1.2
	29,925			Colgate-Palmolive Co.		2,398,190		0.9
	33,583			Kimberly-Clark Corp.		4,538,742		1.8
	49,682			Kraft Heinz Co.		1,894,872		0.8
	71,661			Philip Morris International, Inc.		7,075,807		2.8
						18,970,573		7.5
				Energy: 11.1%
	43,161			Chevron Corp.		6,248,849		2.5
	34,695			ConocoPhillips		3,115,958		1.2
	45,973			Devon Energy Corp.		2,533,572		1.0
	17,103			Exxon Mobil Corp.		1,464,701		0.6
	33,524			Hess Corp.		3,551,532		1.4
	125,316			Marathon Oil Corp.		2,817,104		1.1
	13,250			Pioneer Natural Resources Co.		2,955,810		1.2
	151,183			Suncor Energy, Inc.		5,301,988		2.1
						27,989,514		11.1
				Financials: 20.0%
	20,123			Allstate Corp.		2,550,188		1.0
	104,961			American International Group, Inc.		5,366,656		2.1
	200,279			Bank of America Corp.		6,234,685		2.5
	86,033			Citigroup, Inc.		3,956,658		1.6
	82,481			Citizens Financial Group, Inc.		2,943,747		1.2
	88,819			Fifth Third Bancorp		2,984,318		1.2
	11,787			Goldman Sachs Group, Inc.		3,500,975		1.4
	213,475			Huntington Bancshares, Inc.		2,568,104		1.0
	22,845			JPMorgan Chase & Co.		2,572,576		1.0
	16,318			M&T Bank Corp.		2,600,926		1.0
	41,917			Metlife, Inc.		2,631,968		1.0

Shares					Value		Percentage of Net Assets
	34,763			Morgan Stanley	$	2,644,074		1.1
	65,964			State Street Corp.		4,066,681		1.6
	144,679			Wells Fargo & Co.		5,667,076		2.3
						50,288,632		20.0
				Health Care: 19.5%
	12,647			Becton Dickinson & Co.		3,117,865		1.2
	41,350			Bristol-Myers Squibb Co.		3,183,950		1.3
	55,239			CVS Health Corp.		5,118,446		2.0
	31,430			Dentsply Sirona, Inc.		1,122,994		0.5
	14,723			Elevance Health, Inc.		7,105,025		2.8
	13,528			HCA Healthcare, Inc.		2,273,516		0.9
	35,958	⁽¹	⁾	Henry Schein, Inc.		2,759,417		1.1
	4,880			Humana, Inc.		2,284,182		0.9
	27,870			Johnson & Johnson		4,947,204		2.0
	16,940			McKesson Corp.		5,525,997		2.2
	22,304			Medtronic PLC		2,001,784		0.8
	41,872			Merck & Co., Inc.		3,817,470		1.5
	77,782			Sanofi ADR		3,891,433		1.5
	20,614			Universal Health Services, Inc.		2,076,036		0.8
						49,225,319		19.5
				Industrials: 12.0%
	21,975			Caterpillar, Inc.		3,928,251		1.6
	31,738			Eaton Corp. PLC		3,998,671		1.6
	47,235			Emerson Electric Co.		3,757,072		1.5
	25,536			FedEx Corp.		5,789,266		2.3
	35,616			General Electric Co.		2,267,671		0.9
	90,574			Johnson Controls International plc		4,336,683		1.7
	36,942			Textron, Inc.		2,256,048		0.9
	47,281			Westinghouse Air Brake Technologies Corp.		3,880,824		1.5
						30,214,486		12.0
				Information Technology: 10.9%
	114,354			Cisco Systems, Inc.		4,876,055		2.0
	63,498			Cognizant Technology Solutions Corp.		4,285,480		1.7
	127,071	⁽¹	⁾	DXC Technology Co.		3,851,522		1.5
	13,755	⁽¹	⁾	F5, Inc.		2,105,065		0.8
	40,512			Intel Corp.		1,515,554		0.6
	15,061			Microsoft Corp.		3,868,117		1.6
	26,006			NXP Semiconductor NV - NXPI - US		3,849,668		1.5
	23,668			Qualcomm, Inc.		3,023,350		1.2
						27,374,811		10.9
				Materials: 3.8%
	40,334			CF Industries Holdings, Inc.		3,457,834		1.3
	36,464			Corteva, Inc.		1,974,161		0.8
	101,671			International Paper Co.		4,252,898		1.7
						9,684,893		3.8

See Accompanying Notes to Financial Statements
111

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Value

Percentage
of Net
Assets

Real Estate: 0.7%

110,196

Host Hotels &
Resorts, Inc.

1,727,873

0.7

Utilities: 0.4%

20,626

Exelon Corp.

934,770

0.4

Total Common Stock
(Cost $211,417,323)

238,947,020

94.9

SHORT-TERM INVESTMENTS: 4.6%

Mutual Funds: 4.6%

11,472,864

⁽²

⁾

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%
(Cost $11,472,864)

11,472,864

4.6

Total Short-Term
Investments
(Cost $11,472,864)

11,472,864

4.6

Total Investments in
Securities
(Cost $222,890,187)

250,419,884

99.5

Assets in Excess of
Other Liabilities

1,259,515

0.5

Net Assets

251,679,399

100.0

ADR American Depositary Receipt

⁽¹⁾ Non-income producing security.

⁽²⁾ Rate shown is the 7-day yield as of June 30, 2022.

Geographic Diversification
as of June 30, 2022
(as a percentage of net assets)

United States	89.0	%
Canada	2.1	%
France	1.5	%
Netherlands	1.5	%
Ireland	0.8	%
Assets in Excess of Other Liabilities*	5.1	%
Net Assets	100.0	%

* Includes short-term investments.

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 June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*	$	238,947,020	$	—		$	—	$	238,947,020
Short-Term Investments		11,472,864		—			—		11,472,864
Total Investments, at fair value	$	250,419,884	$	—		$	—	$	250,419,884
Other Financial Instruments+
Forward Foreign Currency Contracts		—		8,363			—		8,363
Total Assets	$	250,419,884	$	8,363		$	—	$	250,428,247
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(10,174	)	$	—	$	(10,174	)
Total Liabilities	$	—	$	(10,174	)	$	—	$	(10,174	)

^ 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
112

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	86,430	CAD	111,281	CIBC World Markets Corp.	07/22/22	$	(20	)
USD	114,190	CAD	147,052	CIBC World Markets Corp.	07/22/22		(49	)
CAD	241,711	USD	187,091	Deutsche Bank AG	07/22/22		684
CAD	185,108	USD	142,402	Deutsche Bank AG	07/22/22		1,401
CAD	269,347	USD	207,419	Deutsche Bank AG	07/22/22		1,826
CAD	78,957	USD	61,148	Deutsche Bank AG	07/22/22		191
EUR	49,380	USD	51,686	Deutsche Bank AG	07/22/22		126
USD	66,720	CAD	86,001	RBC Capital Markets Corp.	07/22/22		(91	)
USD	128,077	EUR	120,796	RBC Capital Markets Corp.	07/22/22		1,334
USD	210,826	CAD	272,639	RBC Capital Markets Corp.	07/22/22		(976	)
CAD	152,595	USD	117,090	RBC Capital Markets Corp.	07/22/22		1,454
CAD	133,137	USD	102,744	RBC Capital Markets Corp.	07/22/22		685
USD	1,972,197	EUR	1,888,266	RBC Capital Markets Corp.	07/22/22		(9,038	)
USD	3,109,925	CAD	4,002,346	RBC Capital Markets Corp.	07/22/22		662
						$	(1,811	)

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

USD — United States Dollar

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	8,363
Total Asset Derivatives		$	8,363
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	10,174
Total Liability Derivatives		$	10,174

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	199,335
Total	$	199,335
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	45,790
Total	$	45,790

See Accompanying Notes to Financial Statements
113

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (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 June 30, 2022:

	CIBC World Markets Corp.			Deutsche Bank AG		RBC Capital Markets Corp.			Totals
Assets:
Forward foreign currency contracts	$	—		$	4,228	$	4,135		$	8,363
Total Assets	$	—		$	4,228	$	4,135		$	8,363
Liabilities:
Forward foreign currency contracts	$	69		$	—	$	10,105		$	10,174
Total Liabilities	$	69		$	—	$	10,105		$	10,174
Net OTC derivative instruments by counterparty, at fair value	$	(69	)	$	4,228	$	(5,970	)		(1,811	)
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	—		$	—	$	—		$	—
Net Exposure⁽¹⁾	$	(69	)	$	4,228	$	(5,970	)	$	(1,811	)

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

Cost for federal income tax purposes was $229,757,999.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	38,827,890
Gross Unrealized Depreciation		(18,166,992	)
Net Unrealized Appreciation	$	20,660,898

See Accompanying Notes to Financial Statements
114

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 63.6%
				Communication Services: 4.0%
	19,206	⁽¹	⁾	Charter Communications, Inc.	$	8,998,587		0.8
	268,779			Comcast Corp. - Class A		10,546,888		1.0
	106,574	⁽¹	⁾	T-Mobile US, Inc.		14,338,466		1.3
	105,501	⁽¹	⁾	Walt Disney Co.		9,959,295		0.9
						43,843,236		4.0
				Consumer Discretionary: 4.8%
	76,658	⁽¹	⁾	Amazon.com, Inc.		8,141,846		0.7
	4,964	⁽¹	⁾	Booking Holdings, Inc.		8,681,986		0.8
	538,437	⁽¹	⁾	General Motors Co.		17,100,759		1.6
	192,168	⁽¹	⁾	Las Vegas Sands Corp.		6,454,923		0.6
	206,250			TJX Cos., Inc.		11,519,063		1.1
						51,898,577		4.8
				Consumer Staples: 3.4%
	245,764			Diageo PLC		10,615,217		1.0
	130,770			Philip Morris International, Inc.		12,912,230		1.2
	95,176			Sysco Corp.		8,062,359		0.7
	191,522	⁽¹	⁾	US Foods Holding Corp.		5,875,895		0.5
						37,465,701		3.4
				Energy: 6.3%
	140,140			Canadian Natural Resources Ltd.		7,530,674		0.7
	116,039			Chevron Corp.		16,800,126		1.5
	238,002			ConocoPhillips		21,374,960		2.0
	228,128			Devon Energy Corp.		12,572,134		1.2
	43,482			Pioneer Natural Resources Co.		9,699,965		0.9
						67,977,859		6.3
				Financials: 12.1%
	77,739			American Express Co.		10,776,180		1.0
	341,983			American International Group, Inc.		17,485,591		1.6
	572,655			Bank of America Corp.		17,826,750		1.7
	151,771			Charles Schwab Corp.		9,588,892		0.9
	342,127			Citizens Financial Group, Inc.		12,210,513		1.1
	41,698			Goldman Sachs Group, Inc.		12,385,140		1.1

Shares					Value		Percentage of Net Assets
	137,659			Morgan Stanley	$	10,470,343		1.0
	35,948			PNC Financial Services Group, Inc.		5,671,516		0.5
	659,947			Wells Fargo & Co.		25,850,124		2.4
	43,999			Willis Towers Watson PLC		8,684,963		0.8
						130,950,012		12.1
				Health Care: 12.6%
	207,064			Bristol-Myers Squibb Co.		15,943,928		1.4
	115,779	⁽¹	⁾	Centene Corp.		9,796,061		0.9
	56,520			Cigna Corp.		14,894,151		1.4
	93,851			CVS Health Corp.		8,696,234		0.8
	17,436			Elevance Health, Inc.		8,414,265		0.8
	376,808			GSK PLC		8,120,818		0.8
	40,775			Johnson & Johnson		7,237,970		0.6
	35,699			McKesson Corp.		11,645,371		1.1
	136,184			Medtronic PLC		12,222,514		1.1
	175,778			Merck & Co., Inc.		16,025,680		1.5
	107,544			Sanofi		10,845,435		1.0
	64,323			Universal Health Services, Inc.		6,477,969		0.6
	59,656			Zimmer Biomet Holdings, Inc.		6,267,459		0.6
						136,587,855		12.6
				Industrials: 7.9%
	429,481			CSX Corp.		12,480,718		1.1
	78,909			Emerson Electric Co.		6,276,422		0.6
	73,883			Ferguson PLC		8,179,587		0.8
	14,925			General Dynamics Corp.		3,302,156		0.3
	235,427			Johnson Controls International plc		11,272,245		1.0
	43,209			Parker Hannifin Corp.		10,631,574		1.0
	62,835			Quanta Services, Inc.		7,875,739		0.7
	144,593			Raytheon Technologies Corp.		13,896,833		1.3
	193,383			Textron, Inc.		11,809,900		1.1
						85,725,174		7.9
				Information Technology: 8.0%
	299,687			Cisco Systems, Inc.		12,778,654		1.2
	291,635			Cognizant Technology Solutions Corp.		19,682,446		1.8
	79,794	⁽¹	⁾	Fiserv, Inc.		7,099,272		0.7

See Accompanying Notes to Financial Statements
115

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	248,624			Intel Corp.	$	9,301,024		0.9
	11,040			Lam Research Corp.		4,704,696		0.4
	42,671			NXP Semiconductor NV - NXPI - US		6,316,588		0.6
	98,282	⁽¹	⁾	PayPal Holdings, Inc.		6,864,015		0.6
	63,084			Qualcomm, Inc.		8,058,350		0.7
	61,692	⁽¹	⁾	Splunk, Inc.		5,457,274		0.5
	54,643			TE Connectivity Ltd.		6,182,856		0.6
						86,445,175		8.0
				Materials: 1.6%
	295,981			Barrick Gold Corp.		5,235,904		0.5
	229,825			Corteva, Inc.		12,442,725		1.1
						17,678,629		1.6
				Real Estate: 1.5%
	221,912	⁽¹	⁾	CBRE Group, Inc.		16,334,942		1.5
				Utilities: 1.4%
	68,172			American Electric Power Co., Inc.		6,540,422		0.6
	101,131			Exelon Corp.		4,583,257		0.4
	96,440			FirstEnergy Corp.		3,702,331		0.4
						14,826,010		1.4
				Total Common Stock (Cost $591,247,884)		689,733,170		63.6
PREFERRED STOCK: 1.0%
				Energy: 0.6%
	140,612	⁽¹	^),(2)	El Paso Energy Capital Trust I		6,531,428		0.6
				Financials: 0.4%
	75,900	⁽¹	⁾	AMG Capital Trust II		3,795,000		0.4
	4,000	⁽¹	^),(2),(3)	Wells Fargo & Co.		94,960		0.0
						3,889,960		0.4
				Total Preferred Stock (Cost $10,847,296)		10,421,388		1.0

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 12.7%
				Basic Materials: 0.1%
	195,000			International Paper Co., 6.000%, 11/15/2041	$	202,831		0.0
	441,000	⁽⁴	⁾	LYB Finance Co. BV, 8.100%, 03/15/2027		504,794		0.1
	150,000			Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028		172,892		0.0
	211,000			Sherwin-Williams Co/The, 4.500%, 06/01/2047		187,290		0.0
						1,067,807		0.1
				Communications: 1.4%
	2,307,000			Amazon.com, Inc., 2.875%, 05/12/2041		1,849,465		0.2
	455,000			America Movil SAB de CV, 4.375%, 07/16/2042		413,729		0.0
	125,000			AT&T, Inc., 3.500%, 09/15/2053		94,961		0.0
	334,000			AT&T, Inc., 3.550%, 09/15/2055		250,802		0.0
	533,000			AT&T, Inc., 4.300%, 02/15/2030		520,580		0.1
	559,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025		561,056		0.1
	171,000			Comcast Corp., 2.887%, 11/01/2051		122,382		0.0
	283,000			Comcast Corp., 2.937%, 11/01/2056		197,232		0.0
	1,119,000			Comcast Corp., 3.150%, 03/01/2026		1,091,061		0.1
	910,000			Comcast Corp., 3.900%, 03/01/2038		824,447		0.1
	1,055,000			Comcast Corp., 4.150%, 10/15/2028		1,053,084		0.1
	188,000	⁽⁴	⁾	Cox Communications, Inc., 2.950%, 10/01/2050		124,840		0.0

See Accompanying Notes to Financial Statements
116

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Communications (continued)
	373,000			Discovery Communications LLC, 4.900%, 03/11/2026	$	375,104		0.0
	559,000			Omnicom Group, Inc. / Omnicom Capital, Inc., 3.600%, 04/15/2026		543,721		0.1
	373,000			Paramount Global, 4.000%, 01/15/2026		364,335		0.0
	910,000			Rogers Communications, Inc., 4.300%, 02/15/2048		763,445		0.1
	415,000			Rogers Communications, Inc., 4.500%, 03/15/2043		357,595		0.0
	390,000			Telefonica Emisiones SAU, 4.665%, 03/06/2038		344,856		0.0
	860,000			Telefonica Emisiones SAU, 5.213%, 03/08/2047		763,939		0.1
	1,025,000	⁽⁴	⁾	T-Mobile USA, Inc., 2.700%, 03/15/2032		861,200		0.1
	714,000	⁽⁴	⁾	T-Mobile USA, Inc., 3.400%, 10/15/2052		528,876		0.1
	373,000			TWDC Enterprises 18 Corp., 3.000%, 02/13/2026		362,454		0.0
	1,305,000			Verizon Communications, Inc., 3.376%, 02/15/2025		1,296,937		0.1
	539,000			Verizon Communications, Inc., 3.400%, 03/22/2041		439,736		0.0
	1,350,000			Walt Disney Co/The, 3.000%, 09/15/2022		1,351,696		0.1
						15,457,533		1.4
				Consumer, Cyclical: 0.9%
	453,221			American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 04/01/2028		393,407		0.0

Principal Amount†					Value		Percentage of Net Assets
	1,470,000			American Honda Finance Corp., 2.050%, 01/10/2023	$	1,461,571		0.1
	595,000			Dollar General Corp., 3.250%, 04/15/2023		592,256		0.1
	563,000			General Motors Co., 6.600%, 04/01/2036		570,980		0.1
	713,000			General Motors Financial Co., Inc., 5.250%, 03/01/2026		714,988		0.1
	546,000			Honda Motor Co. Ltd., 2.967%, 03/10/2032		489,216		0.0
	473,000			Lowe's Cos, Inc., 4.250%, 04/01/2052		410,681		0.0
	1,640,000	⁽⁴	⁾	Magallanes, Inc., 3.788%, 03/15/2025		1,593,459		0.1
	796,000	⁽⁴	⁾	Magallanes, Inc., 5.050%, 03/15/2042		678,457		0.1
	989,000	⁽⁴	⁾	Magallanes, Inc., 5.141%, 03/15/2052		831,411		0.1
	740,000			Starbucks Corp., 3.550%, 08/15/2029		695,527		0.1
	222,813			United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025		218,874		0.0
	562,296			United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/2028		536,403		0.0
	500,338			United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031		458,181		0.0
	737,000			Walgreens Boots Alliance, Inc., 4.500%, 11/18/2034		678,318		0.1
						10,323,729		0.9
				Consumer, Non-cyclical: 1.3%
	1,299,000			AbbVie, Inc., 4.050%, 11/21/2039		1,160,547		0.1
	1,137,000			AbbVie, Inc., 4.500%, 05/14/2035		1,105,286		0.1

See Accompanying Notes to Financial Statements
117

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Consumer, Non-cyclical (continued)
	185,000			AbbVie, Inc., 4.850%, 06/15/2044	$	177,163		0.0
	1,273,000			Altria Group, Inc., 5.800%, 02/14/2039		1,158,784		0.1
	1,475,000			Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036		1,415,472		0.1
	216,000			Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		203,421		0.0
	498,000	⁽⁴	⁾	Bayer US Finance II LLC, 4.375%, 12/15/2028		485,463		0.1
	218,000			Becton Dickinson & Co., 4.875%, 05/15/2044		198,947		0.0
	654,000			Bristol-Myers Squibb Co., 4.125%, 06/15/2039		625,837		0.1
	107,000			Cigna Corp., 4.800%, 08/15/2038		104,265		0.0
	620,000			CVS Health Corp., 3.375%, 08/12/2024		616,711		0.1
	370,350			CVS Pass-Through Trust, 6.036%, 12/10/2028		380,241		0.0
	1,975,000			Gilead Sciences, Inc., 3.250%, 09/01/2022		1,975,000		0.2
	80,000			GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038		95,711		0.0
	300,000	⁽⁴	⁾	GSK Consumer Healthcare Capital US LLC, 4.000%, 03/24/2052		257,620		0.0
	1,232,000	⁽⁴	⁾	Heineken NV, 3.500%, 01/29/2028		1,189,305		0.1
	240,000			Ingredion, Inc., 6.625%, 04/15/2037		274,492		0.0
	423,000			Laboratory Corp. of America Holdings, 4.700%, 02/01/2045		376,521		0.0

Principal Amount†					Value		Percentage of Net Assets
	92,000			Mead Johnson Nutrition Co., 4.125%, 11/15/2025	$	93,037		0.0
	413,000			Medtronic, Inc., 4.375%, 03/15/2035		412,534		0.1
	513,000			Molson Coors Beverage Co., 4.200%, 07/15/2046		422,269		0.1
	275,000			Philip Morris International, Inc., 3.600%, 11/15/2023		275,954		0.0
	820,000			Philip Morris International, Inc., 4.875%, 11/15/2043		731,243		0.1
	155,000			UnitedHealth Group, Inc., 3.500%, 08/15/2039		135,397		0.0
	79,000			Zoetis, Inc., 4.700%, 02/01/2043		75,772		0.0
						13,946,992		1.3
				Energy: 1.3%
	927,000			BP Capital Markets America, Inc., 2.939%, 06/04/2051		664,838		0.1
	612,000	⁽⁴	⁾	Cameron LNG LLC, 3.701%, 01/15/2039		517,055		0.0
	978,000			Chevron Corp., 2.954%, 05/16/2026		954,900		0.1
	392,000			ConocoPhillips Co., 4.150%, 11/15/2034		364,453		0.0
	182,000			Energy Transfer L.P., 4.200%, 09/15/2023		182,352		0.0
	570,000			Energy Transfer L.P., 4.900%, 03/15/2035		512,057		0.0
	723,000			Energy Transfer L.P., 5.000%, 05/15/2050		616,337		0.1
	835,000			Energy Transfer L.P., 5.300%, 04/01/2044		725,853		0.1
	833,000			Enterprise Products Operating LLC, 4.250%, 02/15/2048		702,475		0.1

See Accompanying Notes to Financial Statements
118

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Energy (continued)
	564,000	Exxon Mobil Corp., 2.709%, 03/06/2025	$	552,387		0.0
	1,128,000	Exxon Mobil Corp., 3.043%, 03/01/2026		1,108,352		0.1
	902,000	Kinder Morgan, Inc., 4.300%, 06/01/2025		898,696		0.1
	700,000	Kinder Morgan, Inc., 5.300%, 12/01/2034		685,176		0.1
	2,340,000	MPLX L.P., 4.500%, 07/15/2023		2,347,368		0.2
	973,000	MPLX L.P., 4.500%, 04/15/2038		854,728		0.1
	1,128,000	Shell International Finance BV, 3.250%, 05/11/2025		1,115,685		0.1
	858,000	Spectra Energy Partners L.P., 4.500%, 03/15/2045		748,326		0.1
	215,000	Texas Eastern Transmission L.P., 7.000%, 07/15/2032		244,570		0.0
	507,000	Valero Energy Corp., 4.000%, 06/01/2052		405,589		0.0
				14,201,197		1.3
		Financial: 4.8%
	391,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041		282,369		0.0
	231,000	Air Lease Corp., 3.000%, 09/15/2023		225,941		0.0
	1,870,000	Air Lease Corp., 4.250%, 09/15/2024		1,836,591		0.2
	885,000	Aircastle Ltd., 4.400%, 09/25/2023		873,966		0.1
	410,000	Allstate Corp./The, 3.280%, 12/15/2026		402,054		0.0
	393,000	American Equity Investment Life Holding Co., 5.000%, 06/15/2027		388,340		0.0

Principal Amount†					Value		Percentage of Net Assets
	2,380,000			American Express Co., 3.375%, 05/03/2024	$	2,365,069		0.2
	543,000			American Express Co., 3.625%, 12/05/2024		540,278		0.0
	831,000			American Tower Corp., 1.600%, 04/15/2026		743,762		0.1
	440,000	⁽⁴	⁾	Apollo Management Holdings L.P., 4.000%, 05/30/2024		434,530		0.0
	285,000	⁽⁴	⁾	Athene Global Funding, 2.750%, 06/25/2024		275,462		0.0
	1,128,000			Athene Holding Ltd., 3.450%, 05/15/2052		776,825		0.1
	1,095,000	⁽⁴	⁾	Aviation Capital Group LLC, 4.875%, 10/01/2025		1,062,863		0.1
	834,000	⁽³	⁾	Bank of America Corp., 2.572%, 10/20/2032		688,758		0.1
	720,000			Bank of America Corp., 3.248%, 10/21/2027		677,442		0.1
	725,000	⁽⁴	⁾	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024		721,031		0.1
	1,760,000			Brighthouse Financial, Inc., 3.850%, 12/22/2051		1,200,286		0.1
	765,000			Brookfield Asset Management, Inc., 4.000%, 01/15/2025		762,057		0.1
	1,140,000			Capital One Financial Corp., 3.200%, 01/30/2023		1,140,886		0.1
	630,000	⁽³	⁾	Citigroup, Inc., 3.668%, 07/24/2028		595,291		0.1
	1,930,000			Citigroup, Inc., 4.000%, 08/05/2024		1,925,937		0.2
	520,000			Citigroup, Inc., 4.750%, 05/18/2046		465,386		0.0
	260,000			Citigroup, Inc., 5.300%, 05/06/2044		249,565		0.0
	560,000			Citigroup, Inc., 6.675%, 09/13/2043		629,346		0.1

See Accompanying Notes to Financial Statements
119

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Financial (continued)
	472,000	⁽⁴	⁾	Credit Suisse AG, 6.500%, 08/08/2023	$	473,180		0.0
	1,348,000			Crown Castle International Corp., 2.500%, 07/15/2031		1,104,512		0.1
	60,000			Crown Castle International Corp., 4.750%, 05/15/2047		54,327		0.0
	1,013,000			CubeSmart L.P., 2.500%, 02/15/2032		823,829		0.1
	2,088,000	⁽⁴	⁾	Delaware Life Global Funding, 2.662%, 06/29/2026		1,903,454		0.2
	620,000			Discover Bank, 3.350%, 02/06/2023		620,170		0.1
	2,275,000			EPR Properties, 4.750%, 12/15/2026		2,139,635		0.2
	820,000			Goldman Sachs Group, Inc., 4.250%, 10/21/2025		814,996		0.1
	307,000	⁽³	⁾	Goldman Sachs Group, Inc./The, 2.908%, 07/21/2042		224,684		0.0
	755,000	⁽⁴	⁾	Guardian Life Global Funding, 2.900%, 05/06/2024		744,549		0.1
	1,790,000	⁽³	⁾	HSBC Holdings PLC, 2.633%, 11/07/2025		1,708,827		0.2
	620,000	⁽⁴	⁾	Jackson National Life Global Funding, 3.250%, 01/30/2024		613,793		0.1
	550,000	⁽⁵	⁾	JPMorgan Chase & Co., 3.200%, 06/15/2026		531,632		0.0
	1,270,000	⁽³	⁾	JPMorgan Chase & Co., 3.509%, 01/23/2029		1,189,211		0.1
	1,270,000	⁽³	⁾	JPMorgan Chase & Co., 3.897%, 01/23/2049		1,074,802		0.1
	675,000	⁽³	⁾	JPMorgan Chase & Co., 4.260%, 02/22/2048		603,525		0.1
	665,000	⁽³	⁾	JPMorgan Chase & Co., 5.597%, 12/31/2199		624,269		0.1

Principal Amount†					Value		Percentage of Net Assets
	1,210,000			Kimco Realty Corp., 3.200%, 04/01/2032	$	1,058,725		0.1
	443,000	⁽⁴	⁾	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044		423,665		0.0
	1,059,000	⁽⁴	⁾	KKR Group Finance Co. XII LLC, 4.850%, 05/17/2032		1,046,825		0.1
	950,000	⁽⁴	⁾	Liberty Mutual Group, Inc., 3.950%, 05/15/2060		685,462		0.1
	587,000			Lifestorage L.P./CA, 3.500%, 07/01/2026		561,967		0.0
	285,000			Markel Corp., 5.000%, 03/30/2043		271,388		0.0
	525,000			Markel Corp., 5.000%, 05/20/2049		503,133		0.0
	2,360,000	⁽⁴	⁾	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024		2,368,160		0.2
	1,040,000			Morgan Stanley, 4.000%, 07/23/2025		1,040,627		0.1
	1,000,000	⁽⁴	⁾	Nationwide Financial Services, Inc., 5.300%, 11/18/2044		965,773		0.1
	590,000			PartnerRe Finance B LLC, 3.700%, 07/02/2029		561,319		0.0
	755,000			PNC Financial Services Group, Inc./The, 3.450%, 04/23/2029		705,154		0.1
	1,780,000	⁽⁴	⁾	Protective Life Global Funding, 2.615%, 08/22/2022		1,779,100		0.2
	200,000			Regency Centers L.P., 2.950%, 09/15/2029		175,984		0.0
	300,000			Regency Centers L.P., 4.650%, 03/15/2049		268,931		0.0
	259,000			Reinsurance Group of America, Inc., 4.700%, 09/15/2023		261,358		0.0
	805,000	⁽⁴	⁾	Societe Generale SA, 5.000%, 01/17/2024		808,811		0.1

See Accompanying Notes to Financial Statements
120

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Financial (continued)
	670,000			Synchrony Financial, 3.950%, 12/01/2027	$	611,396		0.1
	445,000			Travelers Cos, Inc., 4.600%, 08/01/2043		423,694		0.0
	585,000	⁽⁴	⁾	UBS Group AG, 4.125%, 04/15/2026		576,736		0.1
	410,000			US Bancorp, 3.100%, 04/27/2026		395,697		0.0
	965,000			Wells Fargo & Co., 3.550%, 09/29/2025		949,226		0.1
	470,000			Wells Fargo & Co., 4.100%, 06/03/2026		463,133		0.0
	300,000			Wells Fargo & Co., 4.650%, 11/04/2044		270,460		0.0
	315,000			Willis North America, Inc., 3.600%, 05/15/2024		310,496		0.0
						52,000,650		4.8
				Industrial: 1.0%
	970,000			Avnet, Inc., 4.625%, 04/15/2026		976,580		0.1
	1,585,000			Boeing Co/The, 5.805%, 05/01/2050		1,458,649		0.2
	700,000			Burlington Northern Santa Fe LLC, 3.850%, 09/01/2023		704,437		0.1
	381,000			Canadian Pacific Railway Co., 3.000%, 12/02/2041		298,698		0.0
	330,000			CSX Corp., 5.500%, 04/15/2041		345,660		0.0
	295,000			FedEx Corp., 4.900%, 01/15/2034		295,253		0.0
	461,000			Honeywell International, Inc., 0.483%, 08/19/2022		459,981		0.1
	500,000			Lockheed Martin Corp., 4.150%, 06/15/2053		467,706		0.1
	459,000			Norfolk Southern Corp., 3.400%, 11/01/2049		362,009		0.0

Principal Amount†					Value		Percentage of Net Assets
	285,000			Precision Castparts Corp., 2.500%, 01/15/2023	$	285,027		0.0
	345,000			Raytheon Technologies Corp., 4.450%, 11/16/2038		329,682		0.0
	262,000			Rockwell Automation, Inc., 1.750%, 08/15/2031		213,727		0.0
	2,370,000	⁽⁴	⁾	Siemens Financieringsmaatschappij NV, 0.400%, 03/11/2023		2,328,250		0.2
	970,000			Union Pacific Corp., 3.200%, 05/20/2041		793,039		0.1
	157,000			Union Pacific Corp., 3.646%, 02/15/2024		157,273		0.0
	375,000			Union Pacific Corp., 3.839%, 03/20/2060		314,002		0.0
	730,000			Union Pacific Corp., 4.150%, 01/15/2045		644,933		0.1
	330,000			United Parcel Service, Inc., 3.400%, 11/15/2046		275,909		0.0
						10,710,815		1.0
				Technology: 1.2%
	435,000			Apple, Inc., 3.350%, 02/09/2027		432,564		0.0
	1,030,000	⁽⁴	⁾	Broadcom, Inc., 3.469%, 04/15/2034		839,652		0.1
	242,000			Dell International LLC / EMC Corp., 5.450%, 06/15/2023		244,520		0.0
	2,025,000			Dell International LLC / EMC Corp., 6.020%, 06/15/2026		2,105,590		0.2
	9,000			Dell International LLC / EMC Corp., 8.350%, 07/15/2046		11,231		0.0
	1,630,000			Fiserv, Inc., 3.800%, 10/01/2023		1,631,550		0.2
	1,385,000			International Business Machines Corp., 2.875%, 11/09/2022		1,386,960		0.1

See Accompanying Notes to Financial Statements
121

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Technology (continued)
	1,152,000			Marvell Technology, Inc., 2.450%, 04/15/2028	$	1,006,633		0.1
	170,000			Micron Technology, Inc., 3.366%, 11/01/2041		123,471		0.0
	200,000			Micron Technology, Inc., 4.663%, 02/15/2030		191,992		0.0
	649,000			Microsoft Corp., 3.500%, 02/12/2035		622,954		0.1
	795,000			NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		811,003		0.1
	985,000			Oracle Corp., 3.600%, 04/01/2040		737,643		0.1
	1,000,000			Salesforce, Inc., 2.700%, 07/15/2041		774,751		0.1
	341,000			Take-Two Interactive Software, Inc., 3.700%, 04/14/2027		331,317		0.0
	285,000			Texas Instruments, Inc., 2.625%, 05/15/2024		282,610		0.0
	1,441,000			VMware, Inc., 1.000%, 08/15/2024		1,349,448		0.1
	502,000			Workday, Inc., 3.500%, 04/01/2027		480,470		0.0
						13,364,359		1.2
				Utilities: 0.7%
	620,000	⁽⁴	⁾	Electricite de France SA, 4.875%, 01/22/2044		525,428		0.0
	345,000			Georgia Power Co., 3.700%, 01/30/2050		274,688		0.0
	989,000			National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032		862,351		0.1
	2,410,000			NextEra Energy Capital Holdings, Inc., 0.650%, 03/01/2023		2,369,458		0.2

Principal Amount†					Value		Percentage of Net Assets
	703,000			NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027	$	679,333		0.1
	760,000			NiSource, Inc., 4.375%, 05/15/2047		670,451		0.1
	605,000			Oglethorpe Power Corp., 4.550%, 06/01/2044		534,402		0.1
	667,000			Sempra Energy, 3.800%, 02/01/2038		564,042		0.1
	529,000			Xcel Energy, Inc., 0.500%, 10/15/2023		509,289		0.0
	274,000			Xcel Energy, Inc., 3.500%, 12/01/2049		217,480		0.0
						7,206,922		0.7
				Total Corporate Bonds/Notes (Cost $148,948,968)		138,280,004		12.7
MUNICIPAL BONDS: 0.0%
				Georgia: 0.0%
	313,000			Municipal Electric Authority of Georgia, 6.655%, 04/01/2057		376,047		0.0
				Total Municipal Bonds (Cost $313,000)		376,047		0.0
U.S. TREASURY OBLIGATIONS: 8.6%
				U.S. Treasury Bonds: 0.6%
	1,300,500	⁽⁵	⁾	2.250%,02/15/2052		1,070,677		0.1
	5,113,700			3.250%,05/15/2042		4,992,250		0.5
	425,000			4.500%,02/15/2036		499,956		0.0
						6,562,883		0.6
				U.S. Treasury Notes: 8.0%
	11,135,000	⁽⁵	⁾	2.500%,05/31/2024		11,035,394		1.0
	26,377,200			2.625%,05/31/2027		25,881,597		2.4
	20,656,000			2.750%,05/31/2029		20,252,562		1.8
	26,887,000			2.875%,06/15/2025		26,781,973		2.5
	3,008,900			2.875%,05/15/2032		2,975,520		0.3
						86,927,046		8.0
				Total U.S. Treasury Obligations (Cost $93,966,351)		93,489,929		8.6
CONVERTIBLE BONDS/NOTES: 10.0%
				Communications: 3.8%
	438,000	⁽⁵	⁾	Booking Holdings, Inc., 0.750%, 05/01/2025		527,264		0.1

See Accompanying Notes to Financial Statements
122

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Communications (continued)
	2,761,000			Cable One, Inc., 1.125%, 03/15/2028	$	2,327,523		0.2
	5,339,000	⁽⁶	⁾	Cable One, Inc., 5.190%, 03/15/2026		4,426,031		0.4
	7,840,000			DISH Network Corp., 3.375%, 08/15/2026		5,315,520		0.5
	2,642,000	⁽⁴	⁾	Liberty Broadband Corp., 1.250%, 09/30/2050		2,480,838		0.2
	2,950,000			Liberty Latin America Ltd., 2.000%, 07/15/2024		2,568,344		0.2
	9,559,000			Liberty Media Corp., 1.375%, 10/15/2023		11,236,605		1.0
	673,000			Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/2023		1,163,196		0.1
	2,501,000			Mandiant, Inc., 1.000%, 06/01/2035		2,497,187		0.2
	3,298,000			Shopify, Inc., 0.125%, 11/01/2025		2,762,075		0.3
	3,989,000			Trip.com Group Ltd., 1.250%, 09/15/2022		3,959,083		0.4
	2,009,000	⁽⁶	⁾	Twitter, Inc., 3.190%, 03/15/2026		1,788,136		0.2
						41,051,802		3.8
				Consumer, Cyclical: 0.6%
	2,264,000			Live Nation Entertainment, Inc., 2.500%, 03/15/2023		2,933,238		0.3
	3,881,000	⁽⁶	⁾	Peloton Interactive, Inc., 13.350%, 02/15/2026		2,464,222		0.2
	1,154,000			Spirit Airlines, Inc., 1.000%, 05/15/2026		1,046,101		0.1
						6,443,561		0.6
				Consumer, Non-cyclical: 1.5%
	4,310,000			Integra LifeSciences Holdings Corp., 0.500%, 08/15/2025		4,056,572		0.4

Principal Amount†					Value		Percentage of Net Assets
	1,699,000			Jazz Investments I Ltd., 2.000%, 06/15/2026	$	2,000,572		0.2
	2,257,000	⁽⁵	⁾	Neurocrine Biosciences, Inc., 2.250%, 05/15/2024		2,996,167		0.3
	2,948,000			Pacira BioSciences, Inc., 0.750%, 08/01/2025		3,060,024		0.3
	1,323,000			Supernus Pharmaceuticals, Inc., 0.625%, 04/01/2023		1,290,752		0.1
	633,000	⁽⁴	⁾	Tandem Diabetes Care, Inc., 1.500%, 05/01/2025		589,323		0.0
	3,735,000			Teladoc Health, Inc., 1.250%, 06/01/2027		2,754,563		0.2
						16,747,973		1.5
	5,066,000	⁽⁶	⁾	Airbnb, Inc., 4.950%, 03/15/2026		4,235,176		0.4
	4,073,000			Block, Inc., 0.125%, 03/01/2025		3,838,803		0.4
	3,997,000			Halozyme Therapeutics, Inc., 0.250%, 03/01/2027		3,546,051		0.3
	1,697,000	⁽⁵	⁾	JetBlue Airways Corp., 0.500%, 04/01/2026		1,256,628		0.1
	870,000			John Bean Technologies Corp., 0.250%, 05/15/2026		805,620		0.1
	3,226,000			Snap, Inc., 0.750%, 08/01/2026		3,070,346		0.3
	338,000			TripAdvisor, Inc., 0.250%, 04/01/2026		259,415		0.0
				Financial: 0.4%
	2,241,000			BofA Finance LLC, 0.125%, 09/01/2022		2,242,120		0.2
	3,689,000	⁽⁵	^),(6)	Redfin Corp., 17.060%, 10/15/2025		2,196,698		0.2
						4,438,818		0.4
				Technology: 2.1%
	5,205,000	⁽⁵	^),(6)	Dropbox, Inc., 2.740%, 03/01/2026		4,713,128		0.4

See Accompanying Notes to Financial Statements
123

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Technology (continued)

6,383,000

⁽⁵

⁾

Microchip
Technology, Inc.,
0.125%,
11/15/2024

6,383,000

0.6

7,770,000

Splunk, Inc.,
1.125%,
06/15/2027

6,449,100

0.6

3,012,000

Western Digital
Corp., 1.500%,
02/01/2024

2,876,460

0.3

2,170,000

⁽⁴

⁾

Wolfspeed, Inc.,
0.250%,
02/15/2028

1,806,525

0.2

22,228,213

2.1

Total Convertible
Bonds/Notes
(Cost
$114,978,411)

107,922,406

10.0

EQUITY-LINKED NOTES: 0.6%

Financial: 0.6%

6,746,000

⁽⁷

⁾

GS Finance Corp
(Guarantor: The
Goldman Sachs
Group, Inc.),
Exchangeable
Basket (Basket of
5 Common
Stocks), 0.250%,
07/08/2024

6,768,262

0.6

Total Equity-
Linked Notes
(Cost $6,746,000)

6,768,262

0.6

U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%

Federal National Mortgage
Association: 0.1%⁽⁸⁾

915,000

6.625%,11/15/2030

1,131,465

0.1

Total U.S.
Government
Agency
Obligations
(Cost $997,367)

1,131,465

0.1

Total Long-Term
Investments
(Cost
$968,045,277)

1,048,122,671

96.6

SHORT-TERM INVESTMENTS: 5.8%

Commercial Paper: 0.1%

731,000

⁽⁹

⁾

Liberty Street
Funding LLC,
1.550%,
07/01/2022
(Cost $730,968)

730,968

0.1

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements: 1.7%
	4,550,259	⁽⁹	⁾	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $4,550,452, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $4,641,264, due 08/01/22- 01/20/68)	$	4,550,259		0.4
	2,194,986	⁽⁹	⁾	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $2,195,079, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $2,238,999, due 07/21/22- 05/15/52)		2,194,986		0.2
	3,642,333	⁽⁹	⁾	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,642,488, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,715,180, due 07/31/22- 07/01/52)		3,642,333		0.3

See Accompanying Notes to Financial Statements
124

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	6,010,894	⁽⁹	⁾	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $6,011,149, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $6,131,112, due 08/16/22- 05/20/52)	$	6,010,894		0.6
	2,572,770	⁽⁹	⁾	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $2,572,879, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,624,229, due 01/15/25- 02/15/51)		2,572,770		0.2
				Total Repurchase Agreements (Cost $18,971,242)		18,971,242		1.7
				Time Deposits: 0.4%
	620,000	⁽⁹	⁾	Barclays Bank PLC, 1.590%, 07/01/2022		620,000		0.0
	580,000	⁽⁹	⁾	Landesbank Baden- Wurttemberg, 1.570%, 07/01/2022		580,000		0.0
	620,000	⁽⁹	⁾	Mizuho Bank Ltd., 1.570%, 07/01/2022		620,000		0.1
	620,000	⁽⁹	⁾	Royal Bank of Canada, 1.570%, 07/01/2022		620,000		0.1

Principal
Amount†

Value

Percentage
of Net
Assets

620,000

⁽⁹

⁾

Skandinaviska
Enskilda Banken
AB, 1.560%,
07/01/2022

620,000

0.1

620,000

⁽⁹

⁾

Societe Generale,
1.550%,
07/01/2022

620,000

0.1

610,000

⁽⁹

⁾

Toronto-Dominion
Bank, 1.560%,
07/01/2022

610,000

0.0

Total Time Deposits
(Cost $4,290,000)

4,290,000

0.4

Value

Percentage
of Net
Assets

Mutual Funds: 3.6%

37,867,768

⁽⁹

^),(10)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%

37,867,768

3.5

644,000

⁽⁹

^),(10)

Goldman Sachs
Financial Square
Government
Fund - Institutional
Shares, 1.380%

644,000

0.0

749,000

⁽⁹

^),(10)

Morgan Stanley
Institutional
Liquidity Funds -
Government
Portfolio
(Institutional
Share Class),
1.380%

749,000

0.1

Total Mutual Funds
(Cost
$39,260,768)

39,260,768

3.6

Total Short-Term
Investments
(Cost
$63,252,978)

63,252,978

5.8

Total Investments
in Securities
(Cost
$1,031,298,255)

1,111,375,649

102.4

Liabilities in
Excess of Other
Assets

(26,222,920

)

(2.4

)

Net Assets

1,085,152,729

100.0

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

⁽¹⁾ Non-income producing security.

⁽²⁾ Preferred Stock may be called prior to convertible date.

⁽³⁾ Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

⁽⁴⁾ 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.

⁽⁵⁾ Security, or a portion of the security, is on loan.

⁽⁶⁾ Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2022.

See Accompanying Notes to Financial Statements
125

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

⁽⁷⁾ For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

⁽⁸⁾ 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.

⁽⁹⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽¹⁰⁾ Rate shown is the 7-day yield as of June 30, 2022.

Geographic Diversification
as of June 30, 2022
(as a percentage of net assets)

United States	86.6	%
United Kingdom	3.6	%
Canada	1.7	%
Ireland	1.1	%
France	1.1	%
Netherlands	1.0	%
Bermuda	0.5	%
China	0.4	%
Japan	0.2	%
Mexico	0.1	%
Countries between 0.0% - 0.1%^	0.3	%
Assets in Excess of Other Liabilities*	3.4	%
Net Assets	100.0	%

^ Includes 4 countries, which each represents 0.0% - 0.1% of net assets.

* Includes short-term investments.

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements
126

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	43,843,236	$	—		$	—	$	43,843,236
Consumer Discretionary		51,898,577		—			—		51,898,577
Consumer Staples		26,850,484		10,615,217			—		37,465,701
Energy		67,977,859		—			—		67,977,859
Financials		130,950,012		—			—		130,950,012
Health Care		117,621,602		18,966,253			—		136,587,855
Industrials		85,725,174		—			—		85,725,174
Information Technology		86,445,175		—			—		86,445,175
Materials		17,678,629		—			—		17,678,629
Real Estate		16,334,942		—			—		16,334,942
Utilities		14,826,010		—			—		14,826,010
Total Common Stock		660,151,700		29,581,470			—		689,733,170
Preferred Stock		10,421,388		—			—		10,421,388
Corporate Bonds/Notes		—		138,280,004			—		138,280,004
Municipal Bonds		—		376,047			—		376,047
Convertible Bonds/Notes		—		107,922,406			—		107,922,406
U.S. Government Agency Obligations		—		1,131,465			—		1,131,465
Equity-Linked Notes		—		—			6,768,262		6,768,262
U.S. Treasury Obligations		—		93,489,929			—		93,489,929
Short-Term Investments		39,260,768		23,992,210			—		63,252,978
Total Investments, at fair value	$	709,833,856	$	394,773,531		$	6,768,262	$	1,111,375,649
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	768,864		$	—	$	768,864
Total Assets	$	709,833,856	$	395,542,395		$	6,768,262	$	1,112,144,513
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(149,582	)	$	—	$	(149,582	)
Total Liabilities	$	—	$	(149,582	)	$	—	$	(149,582	)

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

See Accompanying Notes to Financial Statements
127

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	78,238	USD	82,593	State Street Bank and Trust Co.	07/01/22	$	(603	)
USD	120,179	EUR	113,993	State Street Bank and Trust Co.	07/01/22		720
USD	550,877	GBP	448,394	State Street Bank and Trust Co.	07/01/22		5,047
GBP	298,421	USD	363,249	State Street Bank and Trust Co.	07/01/22		19
USD	112,316	EUR	106,468	State Street Bank and Trust Co.	07/01/22		742
USD	518,233	GBP	422,184	State Street Bank and Trust Co.	07/01/22		4,308
USD	410,813	EUR	387,965	State Street Bank and Trust Co.	07/01/22		4,243
EUR	212,370	USD	221,976	State Street Bank and Trust Co.	07/01/22		578
USD	328,606	GBP	263,151	State Street Bank and Trust Co.	07/01/22		8,272
USD	117,147	EUR	109,308	State Street Bank and Trust Co.	07/01/22		2,597
EUR	256,103	USD	275,322	State Street Bank and Trust Co.	07/01/22		(6,938	)
USD	160,494	EUR	151,569	State Street Bank and Trust Co.	07/01/22		1,657
EUR	108,527	USD	113,268	State Street Bank and Trust Co.	07/01/22		463
EUR	168,647	USD	177,608	State Street Bank and Trust Co.	07/01/22		(873	)
GBP	257,403	USD	323,624	State Street Bank and Trust Co.	07/01/22		(10,288	)
USD	158,705	CAD	199,412	State Street Bank and Trust Co.	07/05/22		3,786
USD	172,666	CAD	223,050	State Street Bank and Trust Co.	07/05/22		(617	)
USD	248,616	CAD	318,449	State Street Bank and Trust Co.	07/05/22		1,219
USD	6,308,826	CAD	8,071,134	State Street Bank and Trust Co.	07/05/22		38,532
CAD	379,430	USD	291,916	State Street Bank and Trust Co.	07/05/22		2,855
CAD	133,281	USD	104,444	State Street Bank and Trust Co.	07/05/22		(900	)
CAD	290,089	USD	224,564	State Street Bank and Trust Co.	07/05/22		800
CAD	338,798	USD	268,049	State Street Bank and Trust Co.	07/05/22		(4,844	)
CAD	143,455	USD	114,535	State Street Bank and Trust Co.	07/05/22		(3,087	)
CAD	528,037	USD	405,245	State Street Bank and Trust Co.	07/05/22		4,976
CAD	187,203	USD	145,341	State Street Bank and Trust Co.	07/05/22		94
CAD	348,973	USD	269,483	State Street Bank and Trust Co.	07/05/22		1,626
CAD	225,865	USD	174,939	State Street Bank and Trust Co.	07/05/22		531
USD	139,103	CAD	174,995	State Street Bank and Trust Co.	07/05/22		3,153
USD	128,550	CAD	163,804	State Street Bank and Trust Co.	07/05/22		1,294
USD	238,880	CAD	302,171	State Street Bank and Trust Co.	07/05/22		4,130
USD	218,581	CAD	282,237	State Street Bank and Trust Co.	07/05/22		(683	)
CAD	370,338	USD	285,197	State Street Bank and Trust Co.	07/05/22		2,510
USD	338,922	CAD	435,135	State Street Bank and Trust Co.	07/29/22		886
USD	251,884	CAD	324,775	State Street Bank and Trust Co.	07/29/22		(418	)
USD	20,887	GBP	17,079	State Street Bank and Trust Co.	07/29/22		88
GBP	11,706,584	USD	14,305,445	The Bank of New York Mellon	07/01/22		(55,018	)
EUR	8,032,730	USD	8,470,514	The Bank of New York Mellon	07/01/22		(52,579	)
USD	8,563,653	EUR	7,987,313	The Bank of New York Mellon	07/01/22		193,314
USD	13,907,565	GBP	11,128,678	The Bank of New York Mellon	07/01/22		360,622
CAD	6,789,783	USD	5,287,581	The Bank of New York Mellon	07/05/22		(12,734	)
USD	8,485,463	EUR	8,032,730	The Bank of New York Mellon	07/29/22		53,237
USD	5,287,091	CAD	6,789,783	The Bank of New York Mellon	07/29/22		12,432
USD	14,310,924	GBP	11,706,584	The Bank of New York Mellon	07/29/22		54,133
						$	619,282

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 June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	768,864
Total Asset Derivatives		$	768,864
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	149,582
Total Liability Derivatives		$	149,582

See Accompanying Notes to Financial Statements
128

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	1,298,721
Total	$	1,298,721
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	1,024,586
Total	$	1,024,586

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

	State Street Bank and Trust Co.		The Bank of New York Mellon		Totals
Assets:
Forward foreign currency contracts	$	95,126	$	673,738	$	768,864
Total Assets	$	95,126	$	673,738	$	768,864
Liabilities:
Forward foreign currency contracts	$	29,251	$	120,331	$	149,582
Total Liabilities	$	29,251	$	120,331	$	149,582
Net OTC derivative instruments by counterparty, at fair value	$	65,875	$	553,407	$	619,282
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	—	$	—	$	—
Net Exposure⁽¹⁾	$	65,875	$	553,407	$	619,282

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

Cost for federal income tax purposes was $1,035,929,858.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	148,779,050
Gross Unrealized Depreciation		(72,711,109	)
Net Unrealized Appreciation	$	76,067,941

See Accompanying Notes to Financial Statements
129

VY^® INVESCO PORTFOLIO OF INVESTMENTS
GLOBAL PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.3%
				Brazil: 0.2%
	241,093	⁽¹	⁾	StoneCo Ltd.	$	1,856,416		0.2
				China: 5.8%
	860,717			JD.com, Inc. ADR		55,275,246		4.9
	317,600	⁽¹	^),(2)	Meituan Class B		7,925,482		0.7
	49,600			Tencent Holdings Ltd.		2,245,151		0.2
						65,445,879		5.8
				Denmark: 3.0%
	148,908	⁽³	⁾	Ambu A/S		1,454,992		0.1
	288,948			Novo Nordisk A/S		32,045,025		2.9
						33,500,017		3.0
				France: 9.0%
	114,057			Dassault Systemes SE		4,224,788		0.4
	61,923			Kering SA		32,090,303		2.9
	104,121			LVMH Moet Hennessy Louis Vuitton SE		63,813,741		5.7
						100,128,832		9.0
				Germany: 1.7%
		214,206		SAP SE		19,525,058		1.7
				India: 4.8%
	8,731,478			DLF Ltd.		34,746,126		3.1
	1,082,395			ICICI Bank Ltd. ADR		19,201,687		1.7
						53,947,813		4.8
				Italy: 0.4%
	98,893			Brunello Cucinelli SpA		4,466,668		0.4
				Japan: 8.8%
	16,800			Fanuc Ltd.		2,633,220		0.2
	83,904			Keyence Corp.		28,773,889		2.6
	553,900			Murata Manufacturing Co., Ltd.		30,147,293		2.7
	248,300			Nidec Corp.		15,386,377		1.4
	128,300			Omron Corp.		6,530,050		0.6
	471,100			TDK Corp.		14,565,601		1.3
						98,036,430		8.8
				Netherlands: 4.5%
	412,572			Airbus SE		40,353,793		3.6
	20,794			ASML Holding NV		9,823,916		0.9
						50,177,709		4.5

Shares					Value		Percentage of Net Assets
				Sweden: 3.3%
	818,859			Assa Abloy AB	$	17,474,489		1.6
	2,046,096			Atlas Copco AB		19,151,551		1.7
						36,626,040		3.3
				Switzerland: 0.8%
	13,536			Lonza Group AG		7,230,085		0.6
	22,108	⁽¹	^),(3)	Zur Rose Group AG		1,661,160		0.2
						8,891,245		0.8
				United Kingdom: 0.3%
	469,754	⁽¹	⁾	Farfetch Ltd. - Class A		3,363,439		0.3
				United States: 56.7%
	118,945	⁽¹	⁾	Adobe, Inc.		43,541,007		3.9
	143,505			Agilent Technologies, Inc.		17,044,089		1.5
	61,223	⁽¹	⁾	Alphabet, Inc. - Class A		133,420,835		11.9
	93,860	⁽¹	⁾	Amazon.com, Inc.		9,968,871		0.9
	335,717			Analog Devices, Inc.		49,044,897		4.4
	671,463	⁽¹	⁾	Avantor, Inc.		20,882,499		1.9
	131,433	⁽¹	⁾	Boston Scientific Corp.		4,898,508		0.4
	24,110	⁽¹	⁾	Charles River Laboratories International, Inc.		5,158,817		0.5
	5,122	⁽¹	⁾	Charter Communications, Inc.		2,399,811		0.2
	20,463			Danaher Corp.		5,187,780		0.5
	27,538	⁽¹	⁾	Datadog, Inc.		2,622,719		0.2
	128,308	⁽¹	⁾	Dun & Bradstreet Holdings, Inc.		1,928,469		0.2
	11,544			Ecolab, Inc.		1,775,005		0.2
	124,844			Equifax, Inc.		22,818,986		2.0
	67,364			Fidelity National Information Services, Inc.		6,175,258		0.6
	8,164	⁽¹	⁾	Idexx Laboratories, Inc.		2,863,360		0.3
	35,298	⁽¹	⁾	Illumina, Inc.		6,507,539		0.6
	163,714			Intuit, Inc.		63,101,924		5.6
	28,365	⁽¹	⁾	Intuitive Surgical, Inc.		5,693,139		0.5
	48,979	⁽¹	⁾	IQVIA Holdings, Inc.		10,627,953		1.0
	2,623			Lam Research Corp.		1,117,791		0.1
	33,291			Marriott International, Inc.		4,527,909		0.4
	309,169			Marvell Technology, Inc.		13,458,127		1.2
	262,268	⁽¹	⁾	Meta Platforms, Inc.		42,290,715		3.8
	62,571			Microsoft Corp.		16,070,110		1.4
	32,632			Nvidia Corp.		4,946,685		0.4
	43,598	⁽¹	⁾	Omnicell, Inc.		4,959,273		0.4
	143,701	⁽¹	⁾	Phathom Pharmaceuticals, Inc.		1,212,836		0.1

See Accompanying Notes to Financial Statements
130

VY^® INVESCO PORTFOLIO OF INVESTMENTS
GLOBAL PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				United States (continued)
	249,669	⁽¹	⁾	Qualtrics International, Inc.	$	3,123,359		0.3
	183,948			S&P Global, Inc.		62,001,513		5.6
	67,076	⁽¹	⁾	Splunk, Inc.		5,933,543		0.5
	175,912			United Parcel Service, Inc. - Class B		32,110,976		2.9
	212,016	⁽¹	⁾	Veracyte, Inc.		4,219,118		0.4
	98,462			Visa, Inc. - Class A		19,386,183		1.7
	21,644	⁽¹	⁾	Walt Disney Co.		2,043,194		0.2
						633,062,798		56.7
				Total Common Stock (Cost $612,129,113)		1,109,028,344		99.3
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.9%
				Repurchase Agreements: 0.3%
	183,731	⁽⁴	⁾	Citigroup, Inc., Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $183,739, collateralized by various U.S. Government Securities, 1.875%-3.250%, Market Value plus accrued interest $187,406, due 06/30/24-05/15/52)	$	183,731		0.0
	1,000,000	⁽⁴	⁾	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,000,042, collateralized by various U.S. Government Agency Obligations, 3.000%-5.000%, Market Value plus accrued interest $1,020,000, due 11/01/26- 07/01/52)		1,000,000		0.1

Principal
Amount†

Value

Percentage
of Net
Assets

1,000,000

⁽⁴

⁾

National Bank
Financial,
Repurchase
Agreement
dated 06/30/22,
1.59%, due 07/01/22
(Repurchase Amount
$1,000,044,
collateralized by
various U.S.
Government
Securities,
0.000%-2.750%,
Market Value plus
accrued interest
$1,020,001, due
07/01/22-09/09/49)

1,000,000

0.1

1,000,000

⁽⁴

⁾

RBC Dominion
Securities Inc.,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $1,000,042,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
0.000%-6.875%,
Market Value plus
accrued interest
$1,020,000, due
08/16/22-05/20/52)

1,000,000

0.1

Total Repurchase
Agreements
(Cost $3,183,731)

3,183,731

0.3

Value

Percentage
of Net
Assets

Mutual Funds: 0.6%

7,038,241

⁽⁵

⁾

BlackRock Liquidity
Funds, FedFund,
Institutional
Class, 1.320%
(Cost $7,038,241)

7,038,241

0.6

Total Short-Term
Investments
(Cost $10,221,972)

10,221,972

0.9

Total Investments
in Securities
(Cost
$622,351,085)

1,119,250,316

100.2

Liabilities in Excess
of Other Assets

(2,647,615

)

(0.2

)

Net Assets

1,116,602,701

100.0

See Accompanying Notes to Financial Statements
131

VY^® INVESCO PORTFOLIO OF INVESTMENTS
GLOBAL PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

ADR American Depositary Receipt

⁽¹⁾ Non-income producing security.

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

⁽³⁾ Security, or a portion of the security, is on loan.

⁽⁴⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁵⁾ Rate shown is the 7-day yield as of June 30, 2022.

Sector Diversification	Percentage of Net Assets
Information Technology		30.8	%
Communication Services		16.3
Consumer Discretionary		16.2
Industrials		13.6
Health Care		11.6
Financials		7.3
Real Estate		3.1
Materials		0.2
Consumer Staples		0.2
Short-Term Investments		0.9
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
132

VY^® INVESCO PORTFOLIO OF INVESTMENTS
GLOBAL PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Brazil	$	1,856,416	$	—	$	—	$	1,856,416
China		55,275,246		10,170,633		—		65,445,879
Denmark		—		33,500,017		—		33,500,017
France		—		100,128,832		—		100,128,832
Germany		—		19,525,058		—		19,525,058
India		19,201,687		34,746,126		—		53,947,813
Italy		—		4,466,668		—		4,466,668
Japan		—		98,036,430		—		98,036,430
Netherlands		—		50,177,709		—		50,177,709
Sweden		—		36,626,040		—		36,626,040
Switzerland		—		8,891,245		—		8,891,245
United Kingdom		3,363,439		—		—		3,363,439
United States		633,062,798		—		—		633,062,798
Total Common Stock		712,759,586		396,268,758		—		1,109,028,344
Short-Term Investments		7,038,241		3,183,731		—		10,221,972
Total Investments, at fair value	$	719,797,827	$	399,452,489	$	—	$	1,119,250,316

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

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

Cost for federal income tax purposes was $627,712,473.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	564,530,863
Gross Unrealized Depreciation		(73,149,748	)
Net Unrealized Appreciation	$	491,381,115

See Accompanying Notes to Financial Statements
133

VY^® JPMORGAN PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 96.2%
				Communication Services: 3.8%
	42,731	⁽¹	⁾	IAC/InterActiveCorp	$	3,246,274		1.0
	31,880	⁽¹	⁾	Liberty Broadband Corp. - Series C		3,686,603		1.1
	88,438	⁽¹	⁾	Liberty Media Corp. - Liberty SiriusXM C Tracking Stock		3,188,190		0.9
	22,843	⁽¹	⁾	Take-Two Interactive Software, Inc.		2,798,959		0.8
						12,920,026		3.8
				Consumer Discretionary: 10.1%
	2,630	⁽¹	⁾	Autozone, Inc.		5,652,185		1.6
	44,010			Bath & Body Works, Inc.		1,184,749		0.3
	24,819	⁽²	⁾	Best Buy Co., Inc.		1,617,951		0.5
	37,960			Carter's, Inc.		2,675,421		0.8
	14,980			Darden Restaurants, Inc.		1,694,537		0.5
	11,050	⁽¹	⁾	Expedia Group, Inc.		1,047,871		0.3
	74,090			Gap, Inc.		610,502		0.2
	19,270			Genuine Parts Co.		2,562,910		0.7
	35,142			Kohl's Corp.		1,254,218		0.4
	89,500			LKQ Corp.		4,393,555		1.3
	22,100	⁽¹	⁾	Mohawk Industries, Inc.		2,742,389		0.8
	201,666			Newell Brands, Inc.		3,839,721		1.1
	30,740			Ralph Lauren Corp.		2,755,841		0.8
	86,790			Tapestry, Inc.		2,648,831		0.8
						34,680,681		10.1
				Consumer Staples: 4.6%
	41,936	⁽¹	⁾	BellRing Brands, Inc.		1,043,787		0.3
	11,790			Constellation Brands, Inc.		2,747,778		0.8
	49,712			Energizer Holdings, Inc.		1,409,335		0.4
	67,390			Keurig Dr Pepper, Inc.		2,384,932		0.7
	60,410			Kroger Co.		2,859,205		0.9
	32,760	⁽¹	⁾	Post Holdings, Inc.		2,697,786		0.8
	80,630	⁽¹	⁾	US Foods Holding Corp.		2,473,729		0.7
						15,616,552		4.6
				Energy: 2.4%
	105,190			Coterra Energy, Inc.		2,712,850		0.8
	21,424			Diamondback Energy, Inc.		2,595,518		0.7
	95,190			Williams Cos., Inc.		2,970,880		0.9
						8,279,248		2.4
				Financials: 22.4%
	2,643	⁽¹	⁾	Alleghany Corp.		2,201,883		0.7
	21,100			Ameriprise Financial, Inc.		5,015,048		1.5
	55,120	⁽¹	⁾	Arch Capital Group Ltd.		2,507,409		0.7
	109,410			Citizens Financial Group, Inc.		3,904,843		1.1

Shares					Value		Percentage of Net Assets
	30,010			Discover Financial Services	$	2,838,346		0.8
	142,180			Fifth Third Bancorp		4,777,248		1.4
	3,210			First Citizens BancShares, Inc.		2,098,634		0.6
	59,580			Hartford Financial Services Group, Inc.		3,898,319		1.1
	437,165			Huntington Bancshares, Inc.		5,259,095		1.5
	48,140			Lincoln National Corp.		2,251,508		0.7
	96,712			Loews Corp.		5,731,153		1.7
	42,983			M&T Bank Corp.		6,851,060		2.0
	171,230			MGIC Investment Corp.		2,157,498		0.6
	38,950			Northern Trust Corp.		3,757,896		1.1
	44,485			Raymond James Financial, Inc.		3,977,404		1.2
	239,930			Regions Financial Corp.		4,498,688		1.3
	17,160			RenaissanceRe Holdings Ltd.		2,683,309		0.8
	49,233			State Street Corp.		3,035,215		0.9
	25,940			T. Rowe Price Group, Inc.		2,947,043		0.9
	50,967			WR Berkley Corp.		3,479,007		1.0
	51,510			Zions Bancorp NA		2,621,859		0.8
						76,492,465		22.4
				Health Care: 7.2%
	39,600			AmerisourceBergen Corp.		5,602,608		1.6
	59,600	⁽¹	⁾	Henry Schein, Inc.		4,573,704		1.3
	19,710	⁽¹	⁾	Jazz Pharmaceuticals PLC		3,074,957		0.9
	24,830			Laboratory Corp. of America Holdings		5,819,159		1.7
	20,740			Universal Health Services, Inc.		2,088,725		0.6
	34,380			Zimmer Biomet Holdings, Inc.		3,611,963		1.1
						24,771,116		7.2
				Industrials: 12.7%
	24,511			Acuity Brands, Inc.		3,775,675		1.1
	30,210			Ametek, Inc.		3,319,777		1.0
	19,530			Carlisle Cos., Inc.		4,660,053		1.4
	56,480			Fortune Brands Home & Security, Inc.		3,382,023		1.0
	25,210			Hubbell, Inc.		4,502,002		1.3
	15,760			IDEX Corp.		2,862,489		0.8
	51,120			ITT, Inc.		3,437,309		1.0
	28,490			Leidos Holdings, Inc.		2,869,228		0.8
	31,970			Lincoln Electric Holdings, Inc.		3,943,819		1.2
	25,740	⁽¹	⁾	Middleby Corp.		3,226,766		0.9
	19,241			Snap-On, Inc.		3,791,054		1.1

See Accompanying Notes to Financial Statements
134

VY^® JPMORGAN PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials (continued)
	45,770	⁽¹	⁾	Southwest Airlines Co.	$	1,653,212		0.5
	39,620			Timken Co.		2,101,841		0.6
						43,525,248		12.7
				Information Technology: 7.6%
	44,420			Amphenol Corp.		2,859,760		0.8
	21,960			CDW Corp.		3,460,018		1.0
	18,690	⁽¹	⁾	FleetCor Technologies, Inc.		3,926,956		1.1
	34,290	⁽¹	⁾	GoDaddy, Inc.		2,385,212		0.7
	40,430			Jabil, Inc.		2,070,420		0.6
	27,880			Motorola Solutions, Inc.		5,843,648		1.7
	163,520			NortonLifeLock, Inc.		3,590,899		1.1
	22,245			TD SYNNEX Corp.		2,026,520		0.6
						26,163,433		7.6
				Materials: 4.8%
	13,960			Celanese Corp. - Series A		1,641,835		0.5
	41,310			Freeport-McMoRan, Inc.		1,208,731		0.4
	10,585			Martin Marietta Materials, Inc.		3,167,455		0.9
	25,580			Packaging Corp. of America		3,517,250		1.0
	42,240			RPM International, Inc.		3,325,133		1.0
	86,440			Silgan Holdings, Inc.		3,574,294		1.0
						16,434,698		4.8
				Real Estate: 11.5%
	86,270			American Homes 4 Rent		3,057,409		0.9
	15,130			AvalonBay Communities, Inc.		2,939,002		0.8
	28,530			Boston Properties, Inc.		2,538,599		0.7
	96,370			Brixmor Property Group, Inc.		1,947,638		0.6
	39,030	⁽¹	⁾	CBRE Group, Inc.		2,872,998		0.8
	6,750			Essex Property Trust, Inc.		1,765,192		0.5
	15,450			Federal Realty OP L.P.		1,479,183		0.4
	78,050			Host Hotels & Resorts, Inc.		1,223,824		0.3
	53,913			JBG SMITH Properties		1,274,503		0.4
	117,460			Kimco Realty Corp.		2,322,184		0.7
	10,040			Mid-America Apartment Communities, Inc.		1,753,687		0.5
	97,470			Rayonier, Inc.		3,643,429		1.1
	26,480			Regency Centers Corp.		1,570,529		0.5
	27,280			Rexford Industrial Realty, Inc.		1,571,055		0.5
	10,760			Sun Communities, Inc.		1,714,714		0.5
	30,630			Ventas, Inc.		1,575,301		0.5
	104,340			Weyerhaeuser Co.		3,455,741		1.0
	32,730			WP Carey, Inc.		2,712,008		0.8
						39,416,996		11.5

Value

Percentage
of Net
Assets

Utilities: 9.1%

87,140

CMS Energy Corp.

5,881,950

1.7

39,330

Edison International

2,487,229

0.7

44,570

Entergy Corp.

5,020,365

1.5

53,315

National Fuel Gas Co.

3,521,456

1.0

9,730

Sempra Energy

1,462,127

0.4

60,560

WEC Energy Group, Inc.

6,094,758

1.8

93,600

Xcel Energy, Inc.

6,623,136

2.0

31,091,021

9.1

Total Common Stock
(Cost $271,741,449)

329,391,484

96.2

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 3.8%

Repurchase Agreements: 0.1%

223,215

⁽³

⁾

National Bank Financial,
Repurchase
Agreement
dated 06/30/22,
1.59%, due 07/01/22
(Repurchase Amount
$223,225,
collateralized by
various U.S.
Government Securities,
0.000%-2.750%,
Market Value plus
accrued interest
$227,679, due
07/01/22-09/09/49)
(Cost $223,215)

223,215

0.1

Value

Percentage
of Net
Assets

Mutual Funds: 3.7%

12,820,979

⁽⁴

⁾

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%
(Cost $12,820,979)

12,820,979

3.7

Total Short-Term
Investments
(Cost $13,044,194)

13,044,194

3.8

Total Investments in
Securities
(Cost $284,785,643)

342,435,678

100.0

Liabilities in Excess of
Other Assets

(134,182

)

—

Net Assets

342,301,496

100.0

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

⁽¹⁾ Non-income producing security.

⁽²⁾ Security, or a portion of the security, is on loan.

See Accompanying Notes to Financial Statements
135

VY^® JPMORGAN PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

⁽³⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁴⁾ Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*	$	329,391,484	$	—	$	—	$	329,391,484
Short-Term Investments		12,820,979		223,215		—		13,044,194
Total Investments, at fair value	$	342,212,463	$	223,215	$	—	$	342,435,678

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

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

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

Cost for federal income tax purposes was $286,100,764.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	76,370,906
Gross Unrealized Depreciation		(20,035,992	)
Net Unrealized Appreciation	$	56,334,914

See Accompanying Notes to Financial Statements
136

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.8%
				Communication Services: 2.3%
	3,548	⁽¹	⁾	Cable One, Inc.	$	4,574,507		0.5
	11,300			Electronic Arts, Inc.		1,374,645		0.1
	10,900	⁽¹	^),(2)	IAC/InterActiveCorp		828,073		0.1
	112,131	⁽²	⁾	Match Group, Inc.		7,814,410		0.8
	84,400	⁽²	⁾	Pinterest, Inc.		1,532,704		0.2
	17,000	⁽¹	^),(2)	Roku, Inc.		1,396,380		0.1
	29,000	⁽²	⁾	Spotify Technology SA		2,721,070		0.3
	10,300	⁽²	⁾	Take-Two Interactive Software, Inc.		1,262,059		0.1
	29,968	⁽¹	^),(2)	ZoomInfo Technologies, Inc.		996,136		0.1
						22,499,984		2.3
				Consumer Discretionary: 14.3%
	12,800	⁽²	⁾	Aptiv PLC		1,140,096		0.1
	5,150	⁽²	⁾	Autozone, Inc.		11,067,968		1.1
	20,200	⁽¹	^),(2)	Bright Horizons Family Solutions, Inc.		1,707,304		0.2
	17,700	⁽¹	^),(2)	Burlington Stores, Inc.		2,411,271		0.2
	56,800	⁽²	⁾	Caesars Entertainment, Inc.		2,175,440		0.2
	11,200	⁽¹	^),(2)	Carmax, Inc.		1,013,376		0.1
	12,700	⁽¹	^),(2)	Carvana Co.		286,766		0.0
	40,019	⁽¹	^),(2)	Chewy, Inc.		1,389,460		0.1
	10,050	⁽²	⁾	Chipotle Mexican Grill, Inc.		13,137,963		1.3
	12,900			Darden Restaurants, Inc.		1,459,248		0.1
	6,700	⁽²	⁾	Dollar Tree, Inc.		1,044,195		0.1
	9,700			Domino's Pizza, Inc.		3,780,187		0.4
	95,400	⁽¹	^),(2)	DraftKings, Inc.		1,113,318		0.1
	34,100	⁽¹	^),(2)	Etsy, Inc.		2,496,461		0.3
	26,469	⁽¹	^),(2)	Five Below, Inc.		3,002,379		0.3
	28,800	⁽¹	^),(2)	Floor & Decor Holdings, Inc.		1,813,248		0.2
	105,300			Hilton Worldwide Holdings, Inc.		11,734,632		1.2
	42,800	⁽²	⁾	Lululemon Athletica, Inc.		11,667,708		1.2
	134,700	⁽¹	^),(2)	Mattel, Inc.		3,007,851		0.3
	248,200			MGM Resorts International		7,185,390		0.7
	1,544	⁽²	⁾	NVR, Inc.		6,182,392		0.6
	22,900	⁽¹	^),(2)	Ollie's Bargain Outlet Holdings, Inc.		1,345,375		0.1
	12,600	⁽²	⁾	O'Reilly Automotive, Inc.		7,960,176		0.8
	23,000			Papa Johns International, Inc.		1,920,960		0.2

Shares					Value		Percentage of Net Assets
	14,200			Pool Corp.	$	4,987,466		0.5
	59,281			Restaurant Brands International, Inc.		2,972,942		0.3
	4,700	⁽¹	^),(2)	RH		997,622		0.1
	27,000			Ross Stores, Inc.		1,896,210		0.2
	22,500			Service Corp. International		1,555,200		0.2
	25,400	⁽¹	^),(2)	Skechers USA, Inc.		903,732		0.1
	51,500			Tractor Supply Co.		9,983,275		1.0
	22,921	⁽²	⁾	Ulta Beauty, Inc.		8,835,587		0.9
	7,000	⁽¹	⁾	Vail Resorts, Inc.		1,526,350		0.2
	12,900	⁽¹	^),(2)	Wayfair, Inc.		561,924		0.1
	22,800	⁽¹	⁾	Williams-Sonoma, Inc.		2,529,660		0.3
	37,100	⁽¹	^),(2)	Wynn Resorts Ltd.		2,113,958		0.2
	30,100			Yum! Brands, Inc.		3,416,651		0.3
						142,323,741		14.3
				Consumer Staples: 2.5%
	98,700	⁽²	⁾	BJ's Wholesale Club Holdings, Inc.		6,150,984		0.6
	2,889	⁽¹	^),(2)	Boston Beer Co., Inc.		875,280		0.1
	51,075	⁽¹	⁾	Brown-Forman Corp. - Class B		3,583,422		0.4
	6,600			Casey's General Stores, Inc.		1,220,868		0.1
	11,400			Church & Dwight Co., Inc.		1,056,324		0.1
	5,900			Constellation Brands, Inc.		1,375,054		0.1
	59,200	⁽²	⁾	Darling Ingredients, Inc.		3,540,160		0.4
	19,600			Hershey Co.		4,217,136		0.4
	10,400			McCormick & Co., Inc.		865,800		0.1
	17,389			Tyson Foods, Inc.		1,496,498		0.2
						24,381,526		2.5
				Energy: 3.4%
	26,000			APA Corp.		907,400		0.1
	37,600			Cheniere Energy, Inc.		5,001,928		0.5
	100,800			Coterra Energy, Inc.		2,599,632		0.3
	165,500			Devon Energy Corp.		9,120,705		0.9
	15,200			Diamondback Energy, Inc.		1,841,480		0.2
	116,100			Halliburton Co.		3,640,896		0.4
	33,400			Pioneer Natural Resources Co.		7,450,872		0.7
	44	⁽²	^),(3),(4)	Venture Global LNG, Inc. - Series B		261,808		0.0
	560	⁽²	^),(3),(4)	Venture Global LNG, Inc. - Series C		3,332,095		0.3
						34,156,816		3.4

See Accompanying Notes to Financial Statements
137

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Financials: 6.2%
	96,800			Apollo Global Management, Inc.	$	4,692,864		0.5
	52,100			Arthur J. Gallagher & Co.		8,494,384		0.8
	6,100			Assurant, Inc.		1,054,385		0.1
	96,000	⁽¹	⁾	Blue Owl Capital, Inc.		962,880		0.1
	12,033			Cboe Global Markets, Inc.		1,362,015		0.1
	50,600			Discover Financial Services		4,785,748		0.5
	15,400			Factset Research Systems, Inc.		5,922,378		0.6
	11,500			First Republic Bank		1,658,300		0.2
	124,900			Hartford Financial Services Group, Inc.		8,172,207		0.8
	16,500			MarketAxess Holdings, Inc.		4,224,165		0.4
	23,500			MSCI, Inc. - Class A		9,685,525		1.0
	7,100			Nasdaq, Inc.		1,083,034		0.1
	14,600	⁽²	⁾	SVB Financial Group		5,766,854		0.6
	61,319			Tradeweb Markets, Inc.		4,185,022		0.4
						62,049,761		6.2
				Health Care: 16.0%
	15,700	⁽²	⁾	Abiomed, Inc.		3,885,907		0.4
	14,599	⁽²	⁾	Acadia Healthcare Co., Inc.		987,330		0.1
	37,500			Agilent Technologies, Inc.		4,453,875		0.5
	2,800	⁽²	⁾	Align Technology, Inc.		662,676		0.1
	16,600	⁽²	⁾	Alnylam Pharmaceuticals, Inc.		2,421,110		0.2
	9,300	⁽¹	^),(2)	Amedisys, Inc.		977,616		0.1
	6,785	⁽²	⁾	Argenx SE ADR		2,570,701		0.3
	15,600	⁽²	⁾	Ascendis Pharma A/S ADR		1,450,176		0.1
	210,743	⁽²	⁾	Avantor, Inc.		6,554,107		0.7
	17,500	⁽²	⁾	BioMarin Pharmaceutical, Inc.		1,450,225		0.1
	9,800			BioNTech SE ADR		1,461,180		0.2
	8,300	⁽²	⁾	Bio-Rad Laboratories, Inc.		4,108,500		0.4
	15,000			Bio-Techne Corp.		5,199,600		0.5
	22,800	⁽¹	^),(2)	Blueprint Medicines Corp.		1,151,628		0.1
	23,900			Bruker Corp.		1,499,964		0.2
	36,284	⁽²	⁾	Catalent, Inc.		3,892,910		0.4
	20,628	⁽²	⁾	Centene Corp.		1,745,335		0.2

Shares					Value		Percentage of Net Assets
	4,500			Cooper Cos., Inc.	$	1,409,040		0.1
	177,600	⁽²	⁾	DexCom, Inc.		13,236,528		1.3
	60,410	⁽²	⁾	Elanco Animal Health, Inc.		1,185,848		0.1
	38,600	⁽¹	^),(2)	Exact Sciences Corp.		1,520,454		0.2
	44,000	⁽²	⁾	Genmab A/S ADR		1,429,560		0.1
	26,500	⁽¹	^),(2)	Guardant Health, Inc.		1,069,010		0.1
	18,400	⁽²	⁾	Hologic, Inc.		1,275,120		0.1
	16,200	⁽²	⁾	Horizon Therapeutics Plc		1,292,112		0.1
	10,900	⁽²	⁾	Idexx Laboratories, Inc.		3,822,957		0.4
	19,300	⁽²	⁾	Incyte Corp., Ltd.		1,466,221		0.2
	36,800	⁽¹	^),(2)	Insulet Corp.		8,020,192		0.8
	16,600	⁽²	⁾	IQVIA Holdings, Inc.		3,602,034		0.4
	46,291			McKesson Corp.		15,100,587		1.5
	6,900	⁽²	⁾	Mettler Toledo International, Inc.		7,926,513		0.8
	18,100	⁽²	⁾	Molina Healthcare, Inc.		5,060,941		0.5
	15,679	⁽²	⁾	Neurocrine Biosciences, Inc.		1,528,389		0.2
	19,100	⁽¹	^),(2)	Novocure Ltd.		1,327,450		0.1
	17,000	⁽¹	^),(2)	Penumbra, Inc.		2,116,840		0.2
	12,500	⁽²	⁾	QuidelOrtho Corp.		1,214,750		0.1
	32,486	⁽¹	^),(2)	Repligen Corp.		5,275,727		0.5
	43,200			Resmed, Inc.		9,056,016		0.9
	35,088			Royalty Pharma PLC		1,475,100		0.2
	14,180	⁽²	⁾	Seagen, Inc.		2,509,009		0.3
	7,700	⁽²	⁾	Shockwave Medical, Inc.		1,472,009		0.2
	11,000			STERIS Public Ltd. Co.		2,267,650		0.2
	3,500			Teleflex, Inc.		860,475		0.1
	5,900	⁽²	⁾	United Therapeutics Corp.		1,390,276		0.1
	51,500	⁽²	⁾	Veeva Systems, Inc.		10,199,060		1.0
	21,200			West Pharmaceutical Services, Inc.		6,410,244		0.6
						158,992,952		16.0
				Industrials: 15.6%
	71,400	⁽²	⁾	Alaska Air Group, Inc.		2,859,570		0.3
	11,500	⁽¹	⁾	Allegion Public Ltd.		1,125,850		0.1
	11,962			Ametek, Inc.		1,314,504		0.1
	24,700			AO Smith Corp.		1,350,596		0.1
	22,264			Booz Allen Hamilton Holding Corp.		2,011,775		0.2
	28,000			BWX Technologies, Inc.		1,542,520		0.2
	26,100			Cintas Corp.		9,749,133		1.0
	85,700	⁽²	⁾	Copart, Inc.		9,312,162		0.9

See Accompanying Notes to Financial Statements
138

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials (continued)
	60,945	⁽²	⁾	CoStar Group, Inc.	$	3,681,688		0.4
	17,787			Equifax, Inc.		3,251,108		0.3
	17,000			Expeditors International Washington, Inc.		1,656,820		0.2
	201,400			Fastenal Co.		10,053,888		1.0
	13,700			Ferguson PLC		1,516,727		0.2
	48,275			Fortune Brands Home & Security, Inc.		2,890,707		0.3
	6,300	⁽¹	^),(2)	FTI Consulting, Inc.		1,139,355		0.1
	28,100	⁽²	⁾	Generac Holdings, Inc.		5,917,298		0.6
	18,000			Graco, Inc.		1,069,380		0.1
	23,600			Hexcel Corp.		1,234,516		0.1
	63,100			Howmet Aerospace, Inc.		1,984,495		0.2
	13,500	⁽¹	⁾	Hubbell, Inc.		2,410,830		0.3
	6,800			Huntington Ingalls Industries, Inc.		1,481,176		0.2
	66,200	⁽²	⁾	IAA, Inc.		2,169,374		0.2
	6,900			IDEX Corp.		1,253,247		0.1
	27,300			JB Hunt Transport Services, Inc.		4,298,931		0.4
	9,200			Landstar System, Inc.		1,337,864		0.1
	13,900			Leidos Holdings, Inc.		1,399,869		0.2
	17,400	⁽²	⁾	Middleby Corp.		2,181,264		0.2
	35,450			Old Dominion Freight Line		9,085,126		0.9
	30,700			Otis Worldwide Corp.		2,169,569		0.2
	20,000			Paccar, Inc.		1,646,800		0.2
	40,800			Republic Services, Inc.		5,339,496		0.5
	20,300			Ritchie Bros Auctioneers, Inc.		1,320,718		0.1
	25,600			Rockwell Automation, Inc.		5,102,336		0.5
	35,237			Rollins, Inc.		1,230,476		0.1
	24,100	⁽²	⁾	SiteOne Landscape Supply, Inc.		2,864,767		0.3
	76,800	⁽²	⁾	Southwest Airlines Co.		2,774,016		0.3
	16,900			Toro Co.		1,280,851		0.1
	40,200			Trane Technologies PLC		5,220,774		0.5
	8,196	⁽²	⁾	TransDigm Group, Inc.		4,398,547		0.5
	51,700			TransUnion		4,135,483		0.4
	51,900	⁽¹	^),(2)	Trex Co., Inc.		2,824,398		0.3
	19,100	⁽²	⁾	United Rentals, Inc.		4,639,581		0.5
	39,600	⁽²	⁾	Upwork, Inc.		818,928		0.1
	14,900	⁽¹	⁾	Valmont Industries, Inc.		3,346,987		0.3
	34,456			Verisk Analytics, Inc.		5,963,989		0.6

Shares					Value		Percentage of Net Assets
	43,950			Waste Connections, Inc.	$	5,448,042		0.6
	16,300	⁽¹	⁾	Watsco, Inc.		3,892,766		0.4
	12,500	⁽¹	⁾	Woodward, Inc.		1,156,125		0.1
						154,854,422		15.6
				Information Technology: 32.5%
	165,700			Amphenol Corp.		10,667,766		1.1
	14,200	⁽²	⁾	ANSYS, Inc.		3,397,918		0.3
	38,900	⁽¹	^),(2)	AppLovin Corp.		1,339,716		0.1
	72,200	⁽²	⁾	Arista Networks, Inc.		6,768,028		0.7
	11,843	⁽¹	^),(2)	Aspen Technology, Inc.		2,175,322		0.2
	20,300	⁽¹	^),(2)	Avalara, Inc.		1,433,180		0.2
	27,281	⁽¹	⁾	Bentley Systems, Inc.		908,457		0.1
	39,000	⁽¹	^),(2)	Bill.com Holdings, Inc.		4,287,660		0.4
	42,934	⁽²	⁾	Black Knight, Inc.		2,807,454		0.3
	38,700			Broadridge Financial Solutions, Inc. ADR		5,516,685		0.6
	93,400	⁽²	⁾	Cadence Design Systems, Inc.		14,012,802		1.4
	46,036	⁽²	⁾	CCC Intelligent Solutions Holdings, Inc.		423,531		0.0
	52,300			CDW Corp.		8,240,388		0.8
	38,103	⁽²	⁾	Ceridian HCM Holding, Inc.		1,793,889		0.2
	30,100			Cognex Corp.		1,279,852		0.1
	27,348	⁽¹	^),(2)	Confluent, Inc.		635,568		0.1
	23,723	⁽²	⁾	Coupa Software, Inc.		1,354,583		0.1
	76,297	⁽²	⁾	Crowdstrike Holdings, Inc.		12,860,622		1.3
	11,320	⁽²	^),(3),(4)	Databricks, Inc.		1,877,762		0.2
	105,246	⁽²	⁾	Datadog, Inc.		10,023,629		1.0
	17,100	⁽²	⁾	Descartes Systems Group, Inc./The		1,061,226		0.1
	24,553	⁽²	⁾	DocuSign, Inc.		1,408,851		0.1
	52,600	⁽¹	^),(2)	DoubleVerify Holdings, Inc.		1,192,442		0.1
	34,137	⁽¹	^),(2)	Dynatrace, Inc.		1,346,363		0.1
	13,191	⁽²	⁾	Endava PLC ADR		1,164,370		0.1
	40,600	⁽²	⁾	Enphase Energy, Inc.		7,926,744		0.8
	80,400	⁽¹	⁾	Entegris, Inc.		7,407,252		0.8
	24,000	⁽²	⁾	EPAM Systems, Inc.		7,074,720		0.7
	15,800	⁽¹	^),(2)	Euronet Worldwide, Inc.		1,589,322		0.2
	11,900	⁽²	⁾	Fair Isaac Corp.		4,770,710		0.5
	22,895	⁽¹	^),(2)	Five9, Inc.		2,086,650		0.2
	14,500	⁽²	⁾	FleetCor Technologies, Inc.		3,046,595		0.3
	266,300	⁽²	⁾	Fortinet, Inc.		15,067,254		1.5
	27,400	⁽²	⁾	Gartner, Inc.		6,626,142		0.7

See Accompanying Notes to Financial Statements
139

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	31,400			Genpact Ltd.	$	1,330,104		0.1
	31,589	⁽¹	^),(2)	Gitlab, Inc.		1,678,640		0.2
	16,900	⁽²	⁾	Globant SA		2,940,600		0.3
	18,400	⁽²	⁾	GoDaddy, Inc.		1,279,904		0.1
	24,066	⁽²	⁾	HubSpot, Inc.		7,235,443		0.7
	77,700	⁽¹	^),(2)	Informatica, Inc.		1,613,829		0.2
	24,650	⁽²	⁾	Keysight Technologies, Inc.		3,398,003		0.3
	7,300			KLA Corp.		2,329,284		0.2
	27,300	⁽²	⁾	Lattice Semiconductor Corp.		1,324,050		0.1
	5,100	⁽¹	⁾	Littelfuse, Inc.		1,295,604		0.1
	30,900	⁽²	⁾	Manhattan Associates, Inc.		3,541,140		0.4
	42,748			Marvell Technology, Inc.		1,860,820		0.2
	169,834			Microchip Technology, Inc.		9,863,959		1.0
	11,000			MKS Instruments, Inc.		1,128,930		0.1
	26,039	⁽¹	^),(2)	MongoDB, Inc.		6,757,121		0.7
	19,600			Monolithic Power Systems, Inc.		7,527,184		0.8
	21,000			Motorola Solutions, Inc.		4,401,600		0.5
	60,482	⁽¹	^),(2)	nCino, Inc.		1,870,103		0.2
	36,700	⁽²	⁾	Okta, Inc.		3,317,680		0.3
	109,600	⁽¹	^),(2)	ON Semiconductor Corp.		5,513,976		0.6
	28,500	⁽²	⁾	Palo Alto Networks, Inc.		14,077,290		1.4
	71,500			Paychex, Inc.		8,141,705		0.8
	25,700	⁽²	⁾	Paycom Software, Inc.		7,199,084		0.7
	50,100	⁽¹	^),(2)	Paycor HCM, Inc.		1,302,600		0.1
	23,000	⁽²	⁾	Paylocity Holding Corp.		4,011,660		0.4
	16,536	⁽¹	^),(2)	Procore Technologies, Inc.		750,569		0.1
	39,375	⁽²	⁾	PTC, Inc.		4,187,138		0.4
	66,502	⁽²	⁾	Qualtrics International, Inc.		831,940		0.1
	29,000	⁽²	⁾	RingCentral, Inc.		1,515,540		0.2
	51,771	⁽¹	^),(2)	SentinelOne, Inc.		1,207,817		0.1
	10,300	⁽¹	^),(2)	Silicon Laboratories, Inc.		1,444,266		0.2
	25,700			Skyworks Solutions, Inc.		2,380,848		0.2
	27,535			SS&C Technologies Holdings, Inc.		1,598,958		0.2
	5,400	⁽¹	^),(2)	Synaptics, Inc.		637,470		0.1

Shares					Value		Percentage of Net Assets
	45,400	⁽²	⁾	Synopsys, Inc.	$	13,787,980		1.4
	31,626	⁽²	^),(3),(4)	Tanium, Inc. Class B		243,204		0.0
	47,700			Teradyne, Inc.		4,271,535		0.4
	208,873	⁽²	⁾	Trade Desk, Inc./The		8,749,690		0.9
	4,400	⁽¹	^),(2)	Twilio, Inc.		368,764		0.0
	14,700	⁽²	⁾	Tyler Technologies, Inc.		4,887,456		0.5
	43,061	⁽¹	^),(2)	UiPath, Inc.		783,280		0.1
	6,400	⁽²	⁾	VeriSign, Inc.		1,070,912		0.1
	12,999	⁽²	⁾	WEX, Inc.		2,022,124		0.2
	16,300	⁽¹	^),(2)	Workiva, Inc.		1,075,637		0.1
	16,300	⁽²	⁾	Zebra Technologies Corp.		4,791,385		0.5
	52,400	⁽¹	^),(2)	Zscaler, Inc.		7,834,324		0.8
						322,954,603		32.5
				Materials: 3.2%
	10,900			Albemarle Corp.		2,277,882		0.2
	165,947			Ardagh Metal Packaging SA		1,012,277		0.1
	17,100			Avery Dennison Corp.		2,767,977		0.3
	15,180	⁽¹	⁾	Ball Corp.		1,043,928		0.1
	56,000			CF Industries Holdings, Inc.		4,800,880		0.5
	56,200			Corteva, Inc.		3,042,668		0.3
	33,100			PPG Industries, Inc.		3,784,654		0.4
	32,500	⁽¹	⁾	RPM International, Inc.		2,558,400		0.2
	39,300			Sealed Air Corp.		2,268,396		0.2
	42,500			Steel Dynamics, Inc.		2,811,375		0.3
	41,200			Vulcan Materials Co.		5,854,520		0.6
						32,222,957		3.2
				Real Estate: 2.8%
	21,000			Alexandria Real Estate Equities, Inc.		3,045,630		0.3
	189,000			CubeSmart		8,074,080		0.8
	75,100			Equity Lifestyle Properties, Inc.		5,292,297		0.5
	30,900	⁽¹	⁾	eXp World Holdings, Inc.		363,693		0.1
	22,800			Rexford Industrial Realty, Inc.		1,313,052		0.1
	30,100			SBA Communications Corp.		9,633,505		1.0
						27,722,257		2.8
				Total Common Stock (Cost $979,075,864)		982,159,019		98.8

See Accompanying Notes to Financial Statements
140

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Value

Percentage
of Net
Assets

PREFERRED STOCK: 1.0%

Consumer Discretionary: 0.2%

32,438

⁽²

^),(3),(4)

Rappi,
Inc. - Series E

1,671,530

0.2

Health Care: 0.1%

123,878

⁽²

^),(3),(4)

Caris Life Sciences,
Inc. Series D

815,117

0.1

Information Technology: 0.7%

24,459

⁽²

^),(3),(4)

Databricks, Inc.,
Series F

4,057,259

0.4

2,636

⁽²

^),(3),(4)

Databricks, Inc.,
Series G

437,260

0.0

353,970

⁽²

^),(3),(4)

Tanium,
Inc. - Series G

2,722,029

0.3

7,216,548

0.7

Total Preferred Stock
(Cost $6,216,684)

9,703,195

1.0

Total Long-Term
Investments
(Cost
$985,292,548)

991,862,214

99.8

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 9.8%

Commercial Paper: 0.2%

2,392,000

⁽⁵

⁾

Liberty Street
Funding LLC,
1.550%,
07/01/2022
(Cost $2,391,897)

2,391,897

0.2

Floating Rate Notes: 1.6%

500,000

⁽⁵

⁾

ANZ Bank, 1.620%,
07/13/2022

500,003

0.0

600,000

⁽⁵

⁾

ANZ Bank, 1.660%,
08/18/2022

599,908

0.0

750,000

⁽⁵

⁾

Bank of America
N.A., 1.620%,
07/06/2022

749,997

0.1

425,000

⁽⁵

⁾

Bank of Nova Scotia,
1.680%, 07/18/2022

425,003

0.0

725,000

⁽⁵

⁾

Bayeriche
Landesbank of
New York, 1.710%,
07/27/2022

725,004

0.1

625,000

⁽⁵

⁾

Commonwealth
Bank of Australia,
1.690%,
09/01/2022

624,846

0.1

Principal Amount†					Value		Percentage of Net Assets
	725,000	⁽⁵	⁾	Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022	$	725,012		0.1
	725,000	⁽⁵	⁾	Cooperatieve Rabobank U.A./New York, 1.650%, 08/03/2022		724,960		0.1
	325,000	⁽⁵	⁾	Cooperatieve Rabobank U.A./New York, 1.660%, 08/16/2022		324,959		0.0
	725,000	⁽⁵	⁾	Credit Industriel et Commercial, 1.640%, 07/05/2022		725,010		0.1
	700,000	⁽⁵	⁾	Credit Industriel et Commercial, 1.650%, 07/07/2022		700,012		0.1
	425,000	⁽⁵	⁾	Credit Industriel et Commercial, 1.680%, 08/08/2022		424,979		0.0
	700,000	⁽⁵	⁾	Credit Suisse AG, 1.670%, 07/19/2022		700,029		0.1
	475,000	⁽⁵	⁾	Mitsubishi UFJ Trust and Banking Corp., 1.700%, 07/26/2022		474,992		0.0
	600,000	⁽⁵	⁾	National Australia Bank Ltd., 1.640%, 08/08/2022		599,948		0.0
	725,000	⁽⁵	⁾	National Bank of Canada, 1.670%, 08/09/2022		724,951		0.1
	725,000	⁽⁵	⁾	Natixis SA, 1.630%, 07/11/2022		725,010		0.1
	650,000	⁽⁵	⁾	Royal Bank of Canada, 1.660%, 08/16/2022		649,912		0.1
	675,000	⁽⁵	⁾	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022		674,989		0.1
	725,000	⁽⁵	⁾	Societe Generale, 1.670%, 08/08/2022		725,073		0.1
	375,000	⁽⁵	⁾	Societe Generale, 1.710%, 08/31/2022		375,035		0.0

See Accompanying Notes to Financial Statements
141

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Floating Rate Notes (continued)
	725,000	⁽⁵	⁾	Svenska Handelsbanken AB, 1.640%, 07/11/2022	$	725,010		0.1
	250,000	⁽⁵	⁾	Svenska Handelsbanken AB, 1.670%, 07/29/2022		249,992		0.0
	700,000	⁽⁵	⁾	Toronto-Dominion Bank, 1.650%, 07/25/2022		699,984		0.1
	275,000	⁽⁵	⁾	Toronto-Dominion Bank, 1.660%, 08/19/2022		274,971		0.0
	750,000	⁽⁵	⁾	Westpac Banking Corp., 1.650%, 08/02/2022		749,964		0.1
				Total Floating Rate Notes (Cost $15,599,553)		15,599,553		1.6
				Repurchase Agreements: 5.9%
	12,853,657	⁽⁵	⁾	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $12,854,203, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $13,110,730, due 08/01/22-01/20/68)		12,853,657		1.3
	6,792,991	⁽⁵	⁾	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $6,793,279, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $6,929,202, due 07/21/22-05/15/52)		6,792,991		0.7

Principal Amount†					Value		Percentage of Net Assets
	874,882	⁽⁵	⁾	HSBC Securities USA, Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $874,917, collateralized by various U.S. Government Securities, 0.000%-6.500%, Market Value plus accrued interest $892,380, due 11/15/23-08/15/51)	$	874,882		0.1
	3,694,693	⁽⁵	⁾	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $3,694,845, collateralized by various U.S. Government Securities, 0.000%-3.250%, Market Value plus accrued interest $3,768,587, due 12/29/22-06/30/27)		3,694,693		0.4
	4,402,466	⁽⁵	⁾	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $4,402,658, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $4,490,714, due 08/01/22-02/20/72)		4,402,466		0.4

See Accompanying Notes to Financial Statements
142

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	22,461,102	⁽⁵	⁾	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $22,462,080, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $22,910,341, due 07/01/22- 09/09/49)	$	22,461,102		2.2
	7,962,146	⁽⁵	⁾	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $7,962,484, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,121,401, due 01/15/25-02/15/51)		7,962,146		0.8
				Total Repurchase Agreements (Cost $59,041,937)		59,041,937		5.9
				Time Deposits: 1.4%
	2,360,000	⁽⁵	⁾	Barclays Bank PLC, 1.590%, 07/01/2022		2,360,000		0.2
	590,000	⁽⁵	⁾	DZ Bank AG, 1.550%, 07/01/2022		590,000		0.1
	2,200,000	⁽⁵	⁾	Landesbank Baden- Wurttemberg, 1.570%, 07/01/2022		2,200,000		0.2
	2,350,000	⁽⁵	⁾	Mizuho Bank Ltd., 1.570%, 07/01/2022		2,350,000		0.2

Principal
Amount†

Value

Percentage
of Net
Assets

1,720,000

⁽⁵

⁾

Royal Bank of
Canada, 1.570%,
07/01/2022

1,720,000

0.2

1,690,000

⁽⁵

⁾

Skandinaviska
Enskilda Banken
AB, 1.560%,
07/01/2022

1,690,000

0.2

1,120,000

⁽⁵

⁾

Societe Generale,
1.550%,
07/01/2022

1,120,000

0.1

1,380,000

⁽⁵

⁾

Toronto-Dominion
Bank, 1.560%,
07/01/2022

1,380,000

0.2

Total Time Deposits
(Cost $13,410,000)

13,410,000

1.4

Value

Percentage
of Net
Assets

Mutual Funds: 0.7%

1,663,000

⁽⁵

^),(6)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%

1,663,000

0.2

1,921,000

⁽⁵

^),(6)

Goldman Sachs
Financial Square
Government
Fund - Institutional
Shares, 1.380%

1,921,000

0.2

2,457,000

⁽⁵

^),(6)

Morgan Stanley
Institutional
Liquidity Funds -
Government
Portfolio
(Institutional Share
Class), 1.380%

2,457,000

0.2

1,374,011

⁽⁶

⁾

T. Rowe Price
Government
Reserve Fund,
1.340%

1,374,011

0.1

Total Mutual Funds
(Cost $7,415,011)

7,415,011

0.7

Total Short-Term
Investments
(Cost $97,858,398)

97,858,398

9.8

Total Investments
in Securities
(Cost
$1,083,150,946)

1,089,720,612

109.6

Liabilities in
Excess of
Other Assets

(95,437,520

)

(9.6

)

Net Assets

994,283,092

100.0

See Accompanying Notes to Financial Statements
143

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

ADR American Depositary Receipt

⁽¹⁾ Security, or a portion of the security, is on loan.

⁽²⁾ Non-income producing security.

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

⁽⁴⁾ Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2022, the Portfolio held restricted securities with a fair value of $15,418,064 or 1.6% of net assets. Please refer to the table below for additional details.

⁽⁵⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁶⁾ Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	22,499,984	$	—	$	—	$	22,499,984
Consumer Discretionary		142,323,741		—		—		142,323,741
Consumer Staples		24,381,526		—		—		24,381,526
Energy		30,562,913		—		3,593,903		34,156,816
Financials		62,049,761		—		—		62,049,761
Health Care		158,992,952		—		—		158,992,952
Industrials		154,854,422		—		—		154,854,422
Information Technology		320,833,637		—		2,120,966		322,954,603
Materials		32,222,957		—		—		32,222,957
Real Estate		27,722,257		—		—		27,722,257
Total Common Stock		976,444,150		—		5,714,869		982,159,019
Preferred Stock		—		—		9,703,195		9,703,195
Short-Term Investments		7,415,011		90,443,387		—		97,858,398
Total Investments, at fair value	$	983,859,161	$	90,443,387	$	15,418,064	$	1,089,720,612

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

At June 30, 2022, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost		Fair Value
Caris Life Sciences, Inc. Series D	5/11/2021	$	1,003,412	$	815,117
Databricks, Inc.	7/24/2020		543,644		1,877,762
Databricks, Inc., Series F	10/22/2019		1,050,475		4,057,259
Databricks, Inc., Series G	2/1/2021		467,542		437,260
Rappi, Inc. - Series E	9/8/2020		1,938,042		1,671,530
Tanium, Inc. - Series G	8/26/2015		1,757,213		2,722,029
Tanium, Inc. Class B	9/24/2020		360,384		243,204
Venture Global LNG, Inc. - Series B	3/8/2018		132,880		261,808
Venture Global LNG, Inc. - Series C	10/16/2017		2,083,973		3,332,095
		$	9,337,565	$	15,418,064

See Accompanying Notes to Financial Statements
144

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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 June 30, 2022:

Investments, at fair value

Fair Value at
June 30,
2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average of
Inputs***

Impact to Valuation
from an Increase
in Input****

Common Stocks

5,714,869

Market Approach

Recent Comparable
Transaction Price(s)

—

Market Approach

Enterprise Value to
EBITDA Multiple

10.5

Increase

Market Approach

Projected Enterprise
Value to EBITDA
Multiple

12.5

Increase

Market Approach

Enterprise Value to
Gross Profit
Multiple

10.5

x-23.2x

10.5

x-23.2x

Increase

Market Approach

Enterprise Value to
Sales Multiple

8.1

x-16.8x

8.1

x-16.8x

Increase

Market Approach

Discount Rate for
Cost of Equity

Decrease

Market Approach

Discount for lack of
marketability

Decrease

Preferred Stocks

9,703,195

Market Approach

Recent Comparable
Transaction Price(s)

—

Market Approach

Enterprise Value to
Gross Profit
Multiple

10.5

Increase

Market Approach

Enterprise Value to
Sales Multiple

3.3

x-8.1x

3.3

x-8.1x

Increase

Market Approach

Enterprise Value to
Gross Merchandise
Value

0.5

x-0.7x

0.5

x-0.7x

Increase

Market Approach

Discount for lack of
marketability

Decrease

Total Investments, at fair value

15,418,064

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

** No quantitative unobservable inputs significant to the valuation technique were created by the Portfolio's management.

*** 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 period ended June 30, 2022:

	Common Stocks			Preferred Stocks			Total
Assets:
Beginning balance at December 31, 2021	$	6,381,016		$	12,329,931		$	18,710,947
Purchases		—			—			—
Sales		—			—			—
Total realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)*****		(666,147	)		(2,626,736	)		(3,292,883	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Ending balance at June 30, 2022	$	5,714,869		$	9,703,195		$	15,418,064
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2022*****	$	(666,147	)	$	(2,626,736	)	$	(3,292,883	)

***** Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2022 may be due to securities no longer held or categorized as Level 3 at period end.

See Accompanying Notes to Financial Statements
145

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

Cost for federal income tax purposes was $1,083,472,377.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	166,393,936
Gross Unrealized Depreciation		(160,145,701	)
Net Unrealized Appreciation	$	6,248,235

See Accompanying Notes to Financial Statements
146

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.7%
				Communication Services: 13.4%
	28,480	⁽¹	⁾	Alphabet, Inc. - Class A	$	62,065,325		4.7
	26,025	⁽¹	⁾	Alphabet, Inc. - Class C		56,928,386		4.3
	5,531	⁽¹	^),(2),(3)	Epic Games, Inc.		5,143,830		0.4
	113,378	⁽¹	⁾	Match Group, Inc.		7,901,313		0.6
	79,623	⁽¹	⁾	Meta Platforms, Inc.		12,839,209		1.0
	42,808	⁽¹	⁾	NetFlix, Inc.		7,485,835		0.5
	134,591	⁽¹	⁾	Sea Ltd. ADR		8,998,754		0.7
	619,816	⁽¹	⁾	Snap, Inc.		8,138,184		0.6
	83,822	⁽¹	⁾	Spotify Technology SA		7,865,018		0.6
						177,365,854		13.4
				Consumer Discretionary: 23.1%
	46,397	⁽¹	⁾	Airbnb, Inc.		4,133,045		0.3
	1,253,786	⁽¹	⁾	Amazon.com, Inc.		133,164,611		10.0
	5,523	⁽¹	⁾	Booking Holdings, Inc.		9,659,672		0.7
	75,302	⁽¹	^),(4)	Carvana Co.		1,700,319		0.1
	11,295	⁽¹	⁾	Chipotle Mexican Grill, Inc.		14,765,502		1.1
	319,449	⁽¹	⁾	Coupang, Inc.		4,072,975		0.3
	101,607	⁽¹	⁾	DoorDash, Inc.		6,520,121		0.5
	77,438	⁽¹	⁾	Expedia Group, Inc.		7,343,445		0.6
	73,237	⁽⁴	⁾	Ferrari NV		13,437,525		1.0
	49,418	⁽¹	⁾	Floor & Decor Holdings, Inc.		3,111,357		0.3
	220,057	⁽¹	⁾	Las Vegas Sands Corp.		7,391,715		0.6
	25,519	⁽¹	⁾	Lululemon Athletica, Inc.		6,956,735		0.5
	284,612	⁽¹	⁾	Peloton Interactive, Inc.		2,612,738		0.2
	1,423,841	⁽¹	^),(4)	Rivian Automotive, Inc.		36,649,667		2.8
	269,482			Ross Stores, Inc.		18,925,721		1.4
	43,419	⁽¹	⁾	Tesla, Inc.		29,239,223		2.2
	121,434	⁽¹	⁾	Wynn Resorts Ltd.		6,919,309		0.5
						306,603,680		23.1
				Financials: 0.5%
	1,669,750	⁽¹	^),(2),(3)	Ant International Co., Limited - Class C		3,289,407		0.2
	12,749	⁽¹	^),(2),(3)	Maplebear, Inc., dba Instacart		912,701		0.1
	666	⁽¹	^),(2),(3)	Maplebear, Inc., dba Instacart - Non-Voting		47,679		0.0
	9,189			MarketAxess Holdings, Inc.		2,352,476		0.2
						6,602,263		0.5

Shares					Value		Percentage of Net Assets
				Health Care: 11.8%
	26,207	⁽¹	⁾	Align Technology, Inc.	$	6,202,411		0.5
	21,660	⁽¹	⁾	Argenx SE ADR		8,206,541		0.6
	31,927			AstraZeneca PLC		4,211,869		0.3
	252,133	⁽¹	⁾	Avantor, Inc.		7,841,336		0.6
	39,127			Cigna Corp.		10,310,747		0.8
	61,858			Eli Lilly & Co.		20,056,219		1.5
	26,603			HCA Healthcare, Inc.		4,470,900		0.3
	26,526			Humana, Inc.		12,416,025		0.9
	16,624	⁽¹	⁾	Insulet Corp.		3,623,035		0.3
	88,427	⁽¹	⁾	Intuitive Surgical, Inc.		17,748,183		1.3
	64,918			Stryker Corp.		12,914,138		1.0
	95,577			UnitedHealth Group, Inc.		49,091,214		3.7
						157,092,618		11.8
				Industrials: 4.1%
	98,564			Airbus SE		9,640,575		0.7
	219,869	⁽¹	^),(4)	Aurora Innovation, Inc.		419,950		0.0
	10,261			Cintas Corp.		3,832,791		0.3
	56,549			FedEx Corp.		12,820,224		1.0
	39,097	⁽¹	⁾	Generac Holdings, Inc.		8,233,046		0.6
	24,900			Old Dominion Freight Line		6,381,372		0.5
	115,047			TransUnion		9,202,609		0.7
	25,464			Verisk Analytics, Inc.		4,407,564		0.3
						54,938,131		4.1
				Information Technology: 44.8%
	204,803	⁽¹	⁾	Advanced Micro Devices, Inc.		15,661,285		1.2
	823,394			Apple, Inc.		112,574,428		8.5
	47,108			ASML Holding NV - NY Reg		22,417,755		1.7
	42,861	⁽¹	⁾	Atlassian Corp. PLC		8,032,151		0.6
	27,617	⁽¹	⁾	Bill.com Holdings, Inc.		3,036,213		0.2
	175,978	⁽¹	⁾	Black Knight, Inc.		11,507,201		0.9
	70,511	⁽¹	^),(4)	Block, Inc.		4,397,542		0.3
	24,248	⁽¹	⁾	Block, Inc. - USD		1,490,282		0.1
	70,285	⁽¹	⁾	Ceridian HCM Holding, Inc.		3,309,018		0.3
	50,046	⁽¹	⁾	Datadog, Inc.		4,766,381		0.4
	169,150	⁽¹	⁾	Fiserv, Inc.		15,049,275		1.1
	63,648			Global Payments, Inc.		7,042,015		0.5
	17,420	⁽¹	⁾	HashiCorp, Inc.		512,845		0.0
	77,204			Intuit, Inc.		29,757,510		2.2
	7,871	⁽¹	^),(2),(3)	Magic Leap, Inc. - Class A		151,138		0.0
	91,697			Mastercard, Inc. - Class A		28,928,570		2.2
	645,838			Microsoft Corp.		165,870,574		12.5

See Accompanying Notes to Financial Statements
147

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	17,371	⁽¹	⁾	Monday.com Ltd.	$	1,791,992		0.1
	26,408	⁽¹	⁾	MongoDB, Inc.		6,852,876		0.5
	179,403			Nvidia Corp.		27,195,701		2.0
	29,265			Roper Technologies, Inc.		11,549,432		0.9
	142,204	⁽¹	⁾	Salesforce, Inc.		23,469,348		1.8
	201,281	⁽¹	⁾	SentinelOne, Inc.		4,695,886		0.4
	47,492	⁽¹	⁾	ServiceNow, Inc.		22,583,396		1.7
	37,911	⁽¹	⁾	Snowflake, Inc. - Class A		5,271,904		0.4
	51,440	⁽¹	^),(2),(3)	Stripe, Inc. - Class B		1,185,178		0.1
	40,246	⁽¹	⁾	Teledyne Technologies, Inc.		15,096,677		1.1
	129,615	⁽¹	⁾	Trade Desk, Inc./The		5,429,572		0.4
	24,000	⁽¹	⁾	Twilio, Inc.		2,011,440		0.2
	167,961			Visa, Inc. - Class A		33,069,841		2.5
						594,707,426		44.8
				Total Common Stock (Cost $1,203,792,715)		1,297,309,972		97.7
PREFERRED STOCK: 1.1%
				Consumer Discretionary: 0.4%
	38,487	⁽¹	^),(2),(3)	Rappi, Inc. - Series E		1,983,235		0.2
	37,201	⁽¹	^),(2),(3)	Sila Nanotechnologies, Inc., Series F		1,159,555		0.1
	18,931	⁽¹	^),(2),(3)	Waymo LLC., Series A-2		1,736,389		0.1
						4,879,179		0.4
				Financials: 0.1%
	1,855	⁽¹	^),(2),(3)	Maplebear, Inc., dba Instacart - Series A		132,800		0.0
	26,036	⁽¹	^),(2),(3)	Maplebear, Inc., dba Instacart - Series G		1,863,917		0.1
						1,996,717		0.1
				Industrials: 0.6%
	159,700	⁽¹	^),(2),(3)	GM Cruise Holdings, LLC - Class F		4,631,300		0.4
	132,943	⁽¹	^),(2),(3)	Nuro, Inc. - Series C		2,771,293		0.2
						7,402,593		0.6
				Total Preferred Stock (Cost $11,475,728)		14,278,489		1.1

Principal
Amount†

Value

Percentage
of Net
Assets

CONVERTIBLE BONDS/NOTES: 0.0%

90,137

⁽²

⁾

Redwood Materials,
Inc., 0.000%,
09/24/2023

90,137

0.0

Total Convertible
Bonds/Notes
(Cost $90,137)

90,137

0.0

Total Long-Term
Investments
(Cost
$1,215,358,580)

1,311,678,598

98.8

SHORT-TERM INVESTMENTS: 3.9%

Repurchase Agreements: 1.9%

5,988,765

⁽⁵

⁾

Cantor Fitzgerald
Securities,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $5,989,019,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
0.000%-9.000%,
Market Value plus
accrued interest
$6,108,540, due
08/01/22-01/20/68)

5,988,765

0.4

2,888,903

⁽⁵

⁾

Citadel Securities LLC,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $2,889,026,
collateralized by
various U.S.
Government
Securities,
0.000%-7.250%,
Market Value plus
accrued interest
$2,946,831, due
07/21/22-05/15/52)

2,888,903

0.2

See Accompanying Notes to Financial Statements
148

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Repurchase Agreements (continued)

7,865,426

⁽⁵

⁾

National Bank
Financial, Repurchase
Agreement dated
06/30/22, 1.59%,
due 07/01/22
(Repurchase
Amount $7,865,769,
collateralized by
various U.S.
Government
Securities,
0.000%-2.750%,
Market Value plus
accrued interest
$8,022,740, due
07/01/22-09/09/49)

7,865,426

0.6

4,835,784

⁽⁵

⁾

RBC Dominion
Securities Inc.,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $4,835,989,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
0.000%-6.875%,
Market Value plus
accrued interest
$4,932,500, due
08/16/22-05/20/52)

4,835,784

0.4

3,386,120

⁽⁵

⁾

State of Wisconsin
Investment Board,
Repurchase
Agreement dated
06/30/22, 1.55%,
due 07/01/22
(Repurchase
Amount $3,386,264,
collateralized by
various U.S.
Government
Securities,
0.125%-3.875%,
Market Value plus
accrued interest
$3,453,848, due
01/15/25-02/15/51)

3,386,120

0.3

Total Repurchase
Agreements
(Cost $24,964,998)

24,964,998

1.9

Time Deposits: 0.5%

820,000

⁽⁵

⁾

Barclays Bank PLC,
1.590%,
07/01/2022

820,000

0.0

Principal Amount†					Value			Percentage of Net Assets
	820,000	⁽⁵	⁾	Canadian Imperial Bank of Commerce, 1.550%, 07/01/2022	$	820,000			0.1
	810,000	⁽⁵	⁾	DZ Bank AG, 1.550%, 07/01/2022		810,000			0.0
	760,000	⁽⁵	⁾	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022		760,000			0.0
	820,000	⁽⁵	⁾	Mizuho Bank Ltd., 1.570%, 07/01/2022		820,000			0.1
	820,000	⁽⁵	⁾	Royal Bank of Canada, 1.570%, 07/01/2022		820,000			0.1
	820,000	⁽⁵	⁾	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022		820,000			0.1
	820,000	⁽⁵	⁾	Societe Generale, 1.550%, 07/01/2022		820,000			0.1
	810,000	⁽⁵	⁾	Toronto-Dominion Bank, 1.560%, 07/01/2022		810,000			0.0
				Total Time Deposits (Cost $7,300,000)		7,300,000			0.5
Shares					Value			Percentage of Net Assets
				Mutual Funds: 1.5%
	560,000	⁽⁵	^),(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%	$	560,000			0.0
	967,000	⁽⁵	^),(6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%		967,000			0.1
	18,033,760	⁽⁶	⁾	T. Rowe Price Government Reserve Fund, 1.340%		18,033,760			1.4
				Total Mutual Funds (Cost $19,560,760)		19,560,760			1.5
				Total Short-Term Investments (Cost $51,825,758)		51,825,758			3.9
				Total Investments in Securities (Cost $1,267,184,338)	$	1,363,504,356			102.7
				Liabilities in Excess of Other Assets		(35,240,927	)		(2.7	)
				Net Assets	$	1,328,263,429			100.0

See Accompanying Notes to Financial Statements
149

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

ADR American Depositary Receipt

⁽¹⁾ Non-income producing security.

⁽²⁾ For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

⁽³⁾ Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2022, the Portfolio held restricted securities with a fair value of $25,008,422 or 1.9% of net assets. Please refer to the table below for additional details.

⁽⁴⁾ Security, or a portion of the security, is on loan.

⁽⁵⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁶⁾ Rate shown is the 7-day yield as of June 30, 2022.

Geographic Diversification
as of June 30, 2022
(as a percentage of net assets)

United States	91.7	%
Netherlands	3.0	%
Italy	1.0	%
United Kingdom	0.9	%
Singapore	0.7	%
Sweden	0.6	%
Canada	0.5	%
South Korea	0.3	%
Israel	0.1	%
Assets in Excess of Other Liabilities*	1.2	%
Net Assets	100.0	%

* Includes short-term investments.

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 June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	172,222,024	$	—	$	5,143,830	$	177,365,854
Consumer Discretionary		306,603,680		—		—		306,603,680
Financials		2,352,476		—		4,249,787		6,602,263
Health Care		152,880,749		4,211,869		—		157,092,618
Industrials		45,297,556		9,640,575		—		54,938,131
Information Technology		588,973,568		4,397,542		1,336,316		594,707,426
Total Common Stock		1,268,330,053		18,249,986		10,729,933		1,297,309,972
Preferred Stock		—		—		14,278,489		14,278,489
Convertible Bonds/Notes		—		—		90,137		90,137
Short-Term Investments		19,560,760		32,264,998		—		51,825,758
Total Investments, at fair value	$	1,287,890,813	$	50,514,984	$	25,098,559	$	1,363,504,356

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

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

Security	Acquisition Date	Acquisition Cost		Fair Value
Ant International Co., Limited - Class C	6/7/2018	$	6,364,043	$	3,289,407
Epic Games, Inc.	6/18/2020		3,180,325		5,143,830
GM Cruise Holdings, LLC - Class F	5/7/2019		2,914,525		4,631,300
Magic Leap, Inc. - Class A	1/20/2016		3,824,971		151,138
Maplebear, Inc., dba Instacart	8/7/2020		590,711		912,701
Maplebear, Inc., dba Instacart - Non-Voting	8/7/2020		30,858		47,679
Maplebear, Inc., dba Instacart - Series A	11/18/2020		113,177		132,800
Maplebear, Inc., dba Instacart - Series G	7/2/2020		1,252,121		1,863,917
Nuro, Inc. - Series C	10/30/2020		1,735,518		2,771,293
Rappi, Inc. - Series E	9/8/2020		2,299,446		1,983,235
Sila Nanotechnologies, Inc., Series F	1/7/2021		1,535,389		1,159,555
Stripe, Inc. - Class B	12/17/2019		807,093		1,185,178
Waymo LLC., Series A-2	5/8/2020		1,625,552		1,736,389
		$	26,273,729	$	25,008,422

See Accompanying Notes to Financial Statements
150

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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 June 30, 2022:

Investments, at fair value

Fair Value at
June 30,
2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average of
Inputs***

Impact to Valuation
from an Increase
in Input****

Common Stocks

10,729,933

Market Approach

Recent Comparable
Transaction Price(s)

—

Market Approach

Discount for lack of
marketability

Decrease

Market Approach

Enterprise Value to
EBITDA Multiple

10.6

x - 41.2x

10.6

x - 41.2x

Increase

Market Approach

Whole Company
Price to Earnings
Multiple

7.1

x - 19.9x

7.1

x - 19.9x

Increase

Convertible Bonds/Notes

90,137

Market Approach

Recent Comparable
Transaction Price(s)

—

Preferred Stocks

14,278,489

Market Approach

Recent Comparable
Transaction Price(s)

—

Market Approach

Enterprise Value to
Sales Multiple

3.3

x - 6.2x

3.3

x - 6.2x

Increase

Market Approach

Enterprise Value to
Gross Merchandise
Value

0.5

x - 0.7x

0.5

x - 0.7x

Increase

Market Approach

Discount for lack of
marketability

Decrease

Market Approach

Enterprise Value to
EBITDA Multiple

10.6

x - 41.2x

10.6

x - 41.2x

Increase

Market Approach

Projected Enterprise
Value to EBITDA
Multiple

4.3

Increase

Market Approach

Discount for
uncertainty

Decrease

Total Investments, at fair value

25,098,559

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

** No quantitative unobservable inputs significant to the valuation technique were created by the Portfolio's management.

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

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 June 30, 2022:

	Common Stocks			Convertible Bonds/Notes		Preferred Stocks			Total
Assets:
Beginning balance at December 31, 2021	$	16,502,888		$	—	$	16,042,676		$	32,545,564
Purchases		—			90,137		—			90,137
Sales		—			—		—			—
Total realized gain (loss)		—			—		—			—
Net change in unrealized appreciation (depreciation)*****		(5,772,955	)		—		(1,764,187	)		(7,537,142	)
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		—			—		—			—
Ending balance at June 30, 2022	$	10,729,933		$	90,137	$	14,278,489		$	25,098,559
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2022*****	$	(5,772,955	)	$	—	$	(1,764,187	)	$	(7,537,142	)

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

Cost for federal income tax purposes was $1,272,999,576.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	294,004,832
Gross Unrealized Depreciation		(203,499,768	)
Net Unrealized Appreciation	$	90,505,064

See Accompanying Notes to Financial Statements
151

Investment Adviser

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

Distributor

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

Transfer Agent

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

Custodian

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

Legal Counsel

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VPI

(0622-082222)

TABLE OF CONTENTS

Semi-Annual Report

June 30, 2022

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

Voya Partners, Inc.

	■ Voya Solution Aggressive Portfolio			■ Voya Solution 2035 Portfolio
	■ Voya Solution Balanced Portfolio			■ Voya Solution 2040 Portfolio
	■ Voya Solution Conservative Portfolio			■ Voya Solution 2045 Portfolio
	■ Voya Solution Income Portfolio			■ Voya Solution 2050 Portfolio
	■ Voya Solution Moderately Aggressive Portfolio			■ Voya Solution 2055 Portfolio
	■ Voya Solution Moderately Conservative Portfolio			■ Voya Solution 2060 Portfolio
	■ Voya Solution 2025 Portfolio			■ Voya Solution 2065 Portfolio
	■ Voya Solution 2030 Portfolio

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.

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.

TABLE OF CONTENTS

	Shareholder Expense Examples					1
	Statements of Assets and Liabilities					4
	Statements of Operations					12
	Statements of Changes in Net Assets					16
	Financial Highlights					24
	Notes to Financial Statements					39
	Portfolios of Investments					55

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.

TABLE OF CONTENTS

[This Page Intentionally Left Blank]

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**
Voya Solution Aggressive Portfolio
Class ADV		$	1,000.00		$	787.20		0.86%		$	3.81		$	1,000.00		$	1,020.53		0.86%		$	4.31
Class I			1,000.00			789.60		0.36			1.60			1,000.00			1,023.01		0.36			1.81
Class R6			1,000.00			789.60		0.32			1.42			1,000.00			1,023.21		0.32			1.61
Class S			1,000.00			787.90		0.61			2.70			1,000.00			1,021.77		0.61			3.06
Class S2			1,000.00			787.30		0.76			3.37			1,000.00			1,021.03		0.76			3.81
Voya Solution Balanced Portfolio
Class ADV		$	1,000.00		$	822.30		0.84%		$	3.80		$	1,000.00		$	1,020.63		0.84%		$	4.21
Class I			1,000.00			824.70		0.34			1.54			1,000.00			1,023.11		0.34			1.71
Class R6			1,000.00			824.70		0.29			1.31			1,000.00			1,023.36		0.29			1.45
Class S			1,000.00			823.70		0.59			2.67			1,000.00			1,021.87		0.59			2.96
Class S2			1,000.00			822.40		0.74			3.34			1,000.00			1,021.12		0.74			3.71
Voya Solution Conservative Portfolio
Class ADV		$	1,000.00		$	877.10		0.73%		$	3.40		$	1,000.00		$	1,021.17		0.73%		$	3.66
Class I			1,000.00			879.00		0.23			1.07			1,000.00			1,023.65		0.23			1.15
Class R6			1,000.00			879.00		0.23			1.07			1,000.00			1,023.65		0.23			1.15
Class S			1,000.00			878.40		0.48			2.24			1,000.00			1,022.41		0.48			2.41
Class S2			1,000.00			877.60		0.63			2.93			1,000.00			1,021.67		0.63			3.16

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**
Voya Solution Income Portfolio
Class ADV		$	1,000.00		$	862.70		0.74%		$	3.42		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			865.60		0.24			1.11			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			864.40		0.49			2.27			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			863.70		0.64			2.96			1,000.00			1,021.62		0.64			3.21
Class T			1,000.00			862.30		0.94			4.34			1,000.00			1,020.13		0.94			4.71
Voya Solution Moderately Aggressive Portfolio
Class ADV		$	1,000.00		$	803.50		0.77%		$	3.44		$	1,000.00		$	1,020.98		0.77%		$	3.86
Class I			1,000.00			805.00		0.27			1.21			1,000.00			1,023.46		0.27			1.35
Class R6			1,000.00			804.80		0.27			1.21			1,000.00			1,023.46		0.27			1.35
Class S			1,000.00			804.40		0.52			2.33			1,000.00			1,022.22		0.52			2.61
Class S2			1,000.00			803.70		0.67			3.00			1,000.00			1,021.47		0.67			3.36
Voya Solution Moderately Conservative Portfolio
Class ADV		$	1,000.00		$	849.70		0.77%		$	3.53		$	1,000.00		$	1,020.98		0.77%		$	3.86
Class I			1,000.00			852.10		0.27			1.24			1,000.00			1,023.46		0.27			1.35
Class R6			1,000.00			851.30		0.27			1.24			1,000.00			1,023.46		0.27			1.35
Class S			1,000.00			850.00		0.52			2.39			1,000.00			1,022.22		0.52			2.61
Class S2			1,000.00			849.90		0.67			3.07			1,000.00			1,021.47		0.67			3.36
Voya Solution 2025 Portfolio
Class ADV		$	1,000.00		$	830.40		0.72%		$	3.27		$	1,000.00		$	1,021.22		0.72%		$	3.61
Class I			1,000.00			833.10		0.22			1.00			1,000.00			1,023.70		0.22			1.10
Class S			1,000.00			831.20		0.47			2.13			1,000.00			1,022.46		0.47			2.36
Class S2			1,000.00			831.20		0.62			2.82			1,000.00			1,021.72		0.62			3.11
Class T			1,000.00			830.20		0.92			4.17			1,000.00			1,020.23		0.92			4.61
Voya Solution 2030 Portfolio
Class ADV		$	1,000.00		$	822.00		0.70%		$	3.16		$	1,000.00		$	1,021.32		0.70%		$	3.51
Class I			1,000.00			823.90		0.20			0.90			1,000.00			1,023.80		0.20			1.00
Class S			1,000.00			822.80		0.45			2.03			1,000.00			1,022.56		0.45			2.26
Class S2			1,000.00			822.20		0.60			2.71			1,000.00			1,021.82		0.60			3.01
Class T			1,000.00			821.10		0.90			4.06			1,000.00			1,020.33		0.90			4.51
Voya Solution 2035 Portfolio
Class ADV		$	1,000.00		$	809.50		0.67%		$	3.01		$	1,000.00		$	1,021.47		0.67%		$	3.36
Class I			1,000.00			811.70		0.17			0.76			1,000.00			1,023.95		0.17			0.85
Class S			1,000.00			811.00		0.42			1.89			1,000.00			1,022.71		0.42			2.11
Class S2			1,000.00			810.20		0.57			2.56			1,000.00			1,021.97		0.57			2.86
Class T			1,000.00			808.40		0.87			3.90			1,000.00			1,020.48		0.87			4.36
Voya Solution 2040 Portfolio
Class ADV		$	1,000.00		$	798.50		0.66%		$	2.94		$	1,000.00		$	1,021.52		0.66%		$	3.31
Class I			1,000.00			800.30		0.16			0.71			1,000.00			1,024.00		0.16			0.80
Class S			1,000.00			799.40		0.41			1.83			1,000.00			1,022.76		0.41			2.06
Class S2			1,000.00			798.90		0.56			2.50			1,000.00			1,022.02		0.56			2.81
Class T			1,000.00			797.50		0.86			3.83			1,000.00			1,020.53		0.86			4.31

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**
Voya Solution 2045 Portfolio
Class ADV		$	1,000.00		$	792.70		0.66%		$	2.93		$	1,000.00		$	1,021.52		0.66%		$	3.31
Class I			1,000.00			794.40		0.16			0.71			1,000.00			1,024.00		0.16			0.80
Class S			1,000.00			793.60		0.41			1.82			1,000.00			1,022.76		0.41			2.06
Class S2			1,000.00			792.70		0.56			2.49			1,000.00			1,022.02		0.56			2.81
Class T			1,000.00			791.80		0.86			3.82			1,000.00			1,020.53		0.86			4.31
Voya Solution 2050 Portfolio
Class ADV		$	1,000.00		$	789.70		0.68%		$	3.02		$	1,000.00		$	1,021.42		0.68%		$	3.41
Class I			1,000.00			792.00		0.18			0.80			1,000.00			1,023.90		0.18			0.90
Class S			1,000.00			790.90		0.43			1.91			1,000.00			1,022.66		0.43			2.16
Class S2			1,000.00			790.60		0.58			2.58			1,000.00			1,021.92		0.58			2.91
Class T			1,000.00			789.10		0.88			3.90			1,000.00			1,020.43		0.88			4.41
Voya Solution 2055 Portfolio
Class ADV		$	1,000.00		$	788.00		0.69%		$	3.06		$	1,000.00		$	1,021.37		0.69%		$	3.46
Class I			1,000.00			790.10		0.19			0.84			1,000.00			1,023.85		0.19			0.95
Class S			1,000.00			789.30		0.44			1.95			1,000.00			1,022.61		0.44			2.21
Class S2			1,000.00			789.10		0.59			2.62			1,000.00			1,021.87		0.59			2.96
Class T			1,000.00			787.20		0.89			3.94			1,000.00			1,020.38		0.89			4.46
Voya Solution 2060 Portfolio
Class ADV		$	1,000.00		$	788.10		0.69%		$	3.06		$	1,000.00		$	1,021.37		0.69%		$	3.46
Class I			1,000.00			790.10		0.19			0.84			1,000.00			1,023.85		0.19			0.95
Class S			1,000.00			789.10		0.44			1.95			1,000.00			1,022.61		0.44			2.21
Class S2			1,000.00			788.80		0.59			2.62			1,000.00			1,021.87		0.59			2.96
Class T			1,000.00			787.40		0.89			3.94			1,000.00			1,020.38		0.89			4.46
Voya Solution 2065 Portfolio
Class ADV		$	1,000.00		$	788.10		0.70%		$	3.10		$	1,000.00		$	1,021.32		0.70%		$	3.51
Class I			1,000.00			790.30		0.20			0.89			1,000.00			1,023.80		0.20			1.00
Class S			1,000.00			789.10		0.45			2.00			1,000.00			1,022.56		0.45			2.26
Class S2			1,000.00			789.10		0.60			2.66			1,000.00			1,021.82		0.60			3.01
Class T			1,000.00			787.40		0.90			3.99			1,000.00			1,020.33		0.90			4.51

The annualized expense ratios do not include expenses of the underlying funds.

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

TABLE OF CONTENTS

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

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	23,882,487		$	46,102,161		$	13,604,169		$	201,913,284
Investments in unaffiliated underlying funds at fair value**			4,410,661			5,531,868			1,421,805			24,824,609
Cash			—			148,546			51,315			242,434
Cash collateral for futures contracts			—			—			—			289,891
Receivables:
Investments in affiliated underlying funds sold			276,728			—			13,726			—
Investments in unaffiliated underlying funds sold			52,205			—			—			85,464
Fund shares sold			27,771			133,266			1,938			207,579
Variation margin on futures contracts			—			—			—			107,535
Prepaid expenses			334			650			177			3,096
Reimbursement due from Investment Adviser			2,277			105			2,457			25,155
Other assets			344			1,586			481			19,457
Total assets			28,652,807			51,918,182			15,096,068			227,718,504
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			3,187			116,513			—			79,257
Payable for investments in unaffiliated underlying funds purchased			159			112,439			42,296			338,543
Payable for fund shares redeemed			304,499			16,624			15,664			128,323
Payable for investment management fees			5,569			9,467			2,658			41,492
Payable for distribution and shareholder service fees			2,842			7,933			2,238			65,291
Payable to custodian due to bank overdraft			24,189			—			—			—
Payable for directors fees			76			141			39			636
Payable to directors under the deferred compensation plan (Note 6)			344			1,586			481			19,457
Other accrued expenses and liabilities			6,604			20,709			6,420			146,387
Total liabilities			347,469			285,412			69,796			819,386
NET ASSETS		$	28,305,338		$	51,632,770		$	15,026,272		$	226,899,118
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	27,524,666		$	49,044,914		$	15,223,015		$	220,656,511
Total distributable earnings (loss)			780,672			2,587,856			(196,743)			6,242,607
NET ASSETS		$	28,305,338		$	51,632,770		$	15,026,272		$	226,899,118
* Cost of investments in affiliated underlying funds		$	27,671,645		$	52,119,734		$	15,100,539		$	224,019,308
** Cost of investments in unaffiliated underlying funds		$	5,292,880		$	6,501,166		$	1,588,718		$	29,861,050

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
Class ADV
Net assets		$	3,611,063		$	9,249,217		$	3,568,166		$	113,391,740
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			278,872			979,851			340,103			10,307,040
Net asset value and redemption price per share		$	12.95		$	9.44		$	10.49		$	11.00
Class I
Net assets		$	880,485		$	3,391,712		$	102,555		$	31,392,630
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			65,912			343,344			9,663			2,769,081
Net asset value and redemption price per share		$	13.36		$	9.88		$	10.61		$	11.34
Class R6
Net assets		$	19,060,042		$	19,963,237		$	8,299,857			n/a
Shares authorized			100,000,000			100,000,000			100,000,000			n/a
Par value		$	0.001		$	0.001		$	0.001			n/a
Shares outstanding			1,426,593			2,020,674			781,977			n/a
Net asset value and redemption price per share		$	13.36		$	9.88		$	10.61			n/a
Class S
Net assets		$	3,335,653		$	18,015,661		$	1,944,149		$	78,129,015
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			253,609			1,881,335			184,289			6,963,537
Net asset value and redemption price per share		$	13.15		$	9.58		$	10.55		$	11.22
Class S2
Net assets		$	1,418,095		$	1,012,943		$	1,111,545		$	3,882,734
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			110,068			106,140			106,893			356,357
Net asset value and redemption price per share		$	12.88		$	9.54		$	10.40		$	10.90
Class T
Net assets			n/a			n/a			n/a		$	102,999
Shares authorized			n/a			n/a			n/a			100,000,000
Par value			n/a			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			n/a			8,615
Net asset value and redemption price per share			n/a			n/a			n/a		$	11.96

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2025 Portfolio			Voya Solution 2030 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	398,361,335		$	33,485,953		$	422,122,495		$	44,914,404
Investments in unaffiliated underlying funds at fair value**			74,425,239			2,544,263			60,155,722			4,310,403
Cash			305,917			37,694			430,475			88,189
Cash collateral for futures contracts			925,573			—			624,335			—
Receivables:
Investments in affiliated underlying funds sold			—			286,186			169,662			—
Investments in unaffiliated underlying funds sold			49,820			—			216,566			—
Fund shares sold			606,892			16,430			179,533			36,735
Variation margin on futures contracts			130,005			—			231,757			—
Prepaid expenses			6,528			467			6,586			619
Reimbursement due from Investment Adviser			—			1,656			35,277			1,789
Other assets			28,762			1,119			32,099			674
Total assets			474,840,071			36,373,768			484,204,507			49,352,813
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			601,837			—			172,967			33,330
Payable for investments in unaffiliated underlying funds purchased			121,396			17,704			643,904			59,388
Payable for fund shares redeemed			5,054			302,615			176,229			3,405
Payable for investment management fees			93,017			6,850			89,947			9,008
Payable for distribution and shareholder service fees			98,623			7,056			129,730			12,763
Payable for directors fees			1,364			100			1,366			134
Payable to directors under the deferred compensation plan (Note 6)			28,762			1,119			32,099			674
Other accrued expenses and liabilities			79,854			27,347			190,054			60,618
Total liabilities			1,029,907			362,791			1,436,296			179,320
NET ASSETS		$	473,810,164		$	36,010,977		$	482,768,211		$	49,173,493
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	432,063,326		$	35,200,414		$	456,012,197		$	47,539,049
Total distributable earnings			41,746,838			810,563			26,756,014			1,634,444
NET ASSETS		$	473,810,164		$	36,010,977		$	482,768,211		$	49,173,493
* Cost of investments in affiliated underlying funds		$	446,498,753		$	38,005,348		$	483,435,445		$	52,132,612
** Cost of investments in unaffiliated underlying funds		$	86,434,380		$	2,972,912		$	69,782,024		$	5,029,258

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2025 Portfolio			Voya Solution 2030 Portfolio
Class ADV
Net assets		$	21,680,577		$	5,422,088		$	180,868,513		$	21,875,988
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,804,267			557,740			17,504,017			1,476,114
Net asset value and redemption price per share		$	12.02		$	9.72		$	10.33		$	14.82
Class I
Net assets		$	4,084,312		$	185,270		$	51,521,581		$	10,892,374
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			330,888			18,169			4,803,523			707,565
Net asset value and redemption price per share		$	12.34		$	10.20		$	10.73		$	15.39
Class R6
Net assets		$	26,326,263		$	9,732,461			n/a			n/a
Shares authorized			100,000,000			100,000,000			n/a			n/a
Par value		$	0.001		$	0.001			n/a			n/a
Shares outstanding			2,134,470			954,876			n/a			n/a
Net asset value and redemption price per share		$	12.33		$	10.19			n/a			n/a
Class S
Net assets		$	420,653,125		$	16,856,251		$	241,992,843		$	15,748,124
Shares authorized			200,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			34,573,394			1,698,368			22,952,972			1,033,728
Net asset value and redemption price per share		$	12.17		$	9.92		$	10.54		$	15.23
Class S2
Net assets		$	1,065,887		$	3,814,907		$	8,073,307		$	608,658
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			87,677			391,604			792,223			40,619
Net asset value and redemption price per share		$	12.16		$	9.74		$	10.19		$	14.98
Class T
Net assets			n/a			n/a		$	311,967		$	48,349
Shares authorized			n/a			n/a			100,000,000			100,000,000
Par value			n/a			n/a		$	0.001		$	0.001
Shares outstanding			n/a			n/a			28,373			3,271
Net asset value and redemption price per share			n/a			n/a		$	11.00		$	14.78

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	465,855,822		$	31,081,959		$	345,537,988		$	25,035,334
Investments in unaffiliated underlying funds at fair value**			72,812,108			4,751,289			68,595,444			4,747,746
Cash			481,056			125,916			202,846			90,426
Cash collateral for futures contracts			692,282			—			821,342			—
Receivables:
Investments in unaffiliated underlying funds sold			250,543			—			258,316			—
Fund shares sold			289,766			31,276			200,664			33,681
Variation margin on futures contracts			260,672			—			115,381			—
Prepaid expenses			7,212			463			5,568			383
Reimbursement due from Investment Adviser			40,536			5,789			63,975			5,595
Other assets			30,230			527			21,374			415
Total assets			540,720,227			35,997,219			415,822,898			29,913,580
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			117,137			13,916			44,137			33,681
Payable for investments in unaffiliated underlying funds purchased			681,385			98,882			213,066			64,205
Payable for fund shares redeemed			172,629			17,361			156,527			—
Payable for investment management fees			103,504			6,863			82,289			5,775
Payable for distribution and shareholder service fees			137,274			8,395			103,969			7,089
Payable for directors fees			1,522			99			1,182			82
Payable to directors under the deferred compensation plan (Note 6)			30,230			527			21,374			415
Other accrued expenses and liabilities			183,176			23,927			135,831			22,216
Total liabilities			1,426,857			169,970			758,375			133,463
NET ASSETS		$	539,293,370		$	35,827,249		$	415,064,523		$	29,780,117
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	493,515,058		$	33,825,522		$	377,917,346		$	27,636,749
Total distributable earnings			45,778,312			2,001,727			37,147,177			2,143,368
NET ASSETS		$	539,293,370		$	35,827,249		$	415,064,523		$	29,780,117
* Cost of investments in affiliated underlying funds		$	535,122,675		$	37,177,238		$	408,098,689		$	29,937,980
** Cost of investments in unaffiliated underlying funds		$	86,789,730		$	5,692,893		$	77,779,651		$	5,611,343

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
Class ADV
Net assets		$	168,098,527		$	12,926,619		$	121,929,543		$	11,948,718
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			15,882,375			823,889			11,728,381			739,653
Net asset value and redemption price per share		$	10.58		$	15.69		$	10.40		$	16.15
Class I
Net assets		$	64,440,582		$	9,680,321		$	53,231,960		$	8,511,258
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			5,861,525			593,433			4,900,201			504,598
Net asset value and redemption price per share		$	10.99		$	16.31		$	10.86		$	16.87
Class S
Net assets		$	297,253,995		$	11,676,470		$	234,025,290		$	8,767,668
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			27,509,519			725,191			22,060,222			528,137
Net asset value and redemption price per share		$	10.81		$	16.10		$	10.61		$	16.60
Class S2
Net assets		$	9,483,519		$	1,533,697		$	5,737,771		$	542,326
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			921,750			97,241			559,815			33,255
Net asset value and redemption price per share		$	10.29		$	15.77		$	10.25		$	16.31
Class T
Net assets		$	16,747		$	10,142		$	139,959		$	10,147
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,492			650			12,740			622
Net asset value and redemption price per share		$	11.22		$	15.60		$	10.99		$	16.31

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	117,591,328		$	19,117,426		$	5,417,334
Investments in unaffiliated underlying funds at fair value**			22,804,822			3,286,728			929,576
Cash			361,957			85,587			39,710
Cash collateral for futures contracts			274,611			—			—
Receivables:
Fund shares sold			91,697			74,302			23,135
Variation margin on futures contracts			38,593			—			—
Prepaid expenses			1,838			277			61
Reimbursement due from Investment Adviser			23,598			—			7,093
Other assets			4,745			230			10
Total assets			141,193,189			22,564,550			6,416,919
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			31,703			74,303			23,134
Payable for investments in unaffiliated underlying funds purchased			276,108			67,008			34,435
Payable for fund shares redeemed			60,000			—			—
Payable for investment management fees			27,709			7,755			1,221
Payable for distribution and shareholder service fees			34,677			5,409			1,312
Payable for directors fees			395			61			16
Payable to directors under the deferred compensation plan (Note 6)			4,745			230			10
Other accrued expenses and liabilities			110,101			15,896			4,958
Total liabilities			545,438			170,662			65,086
NET ASSETS		$	140,647,751		$	22,393,888		$	6,351,833
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	131,222,715		$	21,252,713		$	7,509,570
Total distributable earnings (loss)			9,425,036			1,141,175			(1,157,737)
NET ASSETS		$	140,647,751		$	22,393,888		$	6,351,833
* Cost of investments in affiliated underlying funds		$	140,924,028		$	22,987,937		$	6,486,667
** Cost of investments in unaffiliated underlying funds		$	26,335,984		$	3,908,924		$	1,089,615

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
Class ADV
Net assets		$	43,807,103		$	8,688,562		$	1,687,423
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			3,671,250			737,001			179,312
Net asset value and redemption price per share		$	11.93		$	11.79		$	9.41
Class I
Net assets		$	23,086,555		$	5,962,064		$	1,822,921
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			1,858,161			493,673			192,788
Net asset value and redemption price per share		$	12.42		$	12.08		$	9.46
Class S
Net assets		$	70,962,625		$	7,079,139		$	2,723,829
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			5,866,347			597,025			288,822
Net asset value and redemption price per share		$	12.10		$	11.86		$	9.43
Class S2
Net assets		$	2,773,072		$	659,692		$	114,423
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			230,906			55,925			12,140
Net asset value and redemption price per share		$	12.01		$	11.80		$	9.43
Class T
Net assets		$	18,396		$	4,431		$	3,237
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			1,493			377			344
Net asset value and redemption price per share		$	12.32		$	11.74		$	9.41

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	3,397		$	144,888		$	90,221		$	1,192,901
Dividends from unaffiliated underlying funds			36,774			61,854			11,498			262,140
Total investment income			40,171			206,742			101,719			1,455,041
EXPENSES:
Investment management fees			35,573			64,569			17,178			280,525
Distribution and shareholder service fees:
Class ADV			9,954			24,571			9,341			319,583
Class S			4,904			24,994			2,525			105,592
Class S2			3,027			2,398			2,189			9,646
Class T			—			—			—			382
Transfer agent fees:
Class ADV			1,757			2,347			1,575			29,563
Class I			308			853			144			8,122
Class R6			279			37			93			—
Class S			1,705			4,778			852			19,534
Class S2			663			289			461			1,115
Class T			—			—			—			25
Shareholder reporting expense			181			543			181			2,715
Registration fees			32			8			19			—
Professional fees			3,240			4,327			2,398			16,834
Custody and accounting expense			4,887			5,973			4,887			10,860
Directors fees			381			706			199			3,181
Miscellaneous expense			3,910			5,858			5,162			13,472
Interest expense			—			—			—			374
Total expenses			70,801			142,251			47,204			821,523
Recouped/(Waived and reimbursed fees)			(4,112)			449			(14,762)			(81,241)
Net expenses			66,689			142,700			32,442			740,282
Net investment income (loss)			(26,518)			64,042			69,277			714,759
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			468,919			152,837			(204,438)			940,134
Sale of unaffiliated underlying funds			489,582			1,494,781			(858)			2,615,680
Futures			—			—			—			(141,233)
Net realized gain (loss)			958,501			1,647,618			(205,296)			3,414,581
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(6,386,668)			(9,442,817)			(1,593,486)			(32,976,356)
Unaffiliated underlying funds			(1,776,884)			(3,278,149)			(340,486)			(8,568,695)
Futures			—			—			—			(34,466)
Net change in unrealized appreciation (depreciation)			(8,163,552)			(12,720,966)			(1,933,972)			(41,579,517)
Net realized and unrealized loss			(7,205,051)			(11,073,348)			(2,139,268)			(38,164,936)
Decrease in net assets resulting from operations		$	(7,231,569)		$	(11,009,306)		$	(2,069,991)		$	(37,450,177)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2025 Portfolio			Voya Solution 2030 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	578,534		$	178,723		$	1,850,626		$	139,213
Dividends from unaffiliated underlying funds			663,031			32,450			510,749			48,455
Total investment income			1,241,565			211,173			2,361,375			187,668
EXPENSES:
Investment management fees			637,202			43,936			599,153			59,185
Distribution and shareholder service fees:
Class ADV			59,103			13,809			514,177			57,987
Class S			603,981			23,549			336,732			21,511
Class S2			2,692			8,218			19,437			2,078
Class T			—			—			1,195			181
Transfer agent fees:
Class ADV			704			2,090			45,048			5,856
Class I			137			91			12,500			2,884
Class R6			21			18			—			—
Class S			14,386			7,130			59,004			4,344
Class S2			39			1,554			2,129			267
Class T			—			—			74			13
Shareholder reporting expense			4,706			1,448			6,878			253
Registration fees			12			—			—			—
Professional fees			31,675			5,068			30,770			5,973
Custody and accounting expense			20,815			5,068			15,928			7,008
Directors fees			6,818			499			6,833			667
Miscellaneous expense			20,043			4,812			19,633			5,540
Interest expense			125			37			24			—
Total expenses			1,402,459			117,327			1,669,515			173,747
Waived and reimbursed fees			—			(17,834)			(195,244)			(38,622)
Net expenses			1,402,459			99,493			1,474,271			135,125
Net investment income (loss)			(160,894)			111,680			887,104			52,543
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			7,832,765			149,837			862,820			24,610
Sale of unaffiliated underlying funds			12,989,756			282,230			7,944,561			441,201
Futures			1,280,739			—			(290,470)			—
Net realized gain			22,103,260			432,067			8,516,911			465,811
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(105,501,276)			(5,867,620)			(89,076,794)			(9,097,201)
Unaffiliated underlying funds			(34,995,026)			(1,111,678)			(21,418,231)			(1,802,647)
Futures			(110,028)			—			(73,617)			—
Net change in unrealized appreciation (depreciation)			(140,606,330)			(6,979,298)			(110,568,642)			(10,899,848)
Net realized and unrealized loss			(118,503,070)			(6,547,231)			(102,051,731)			(10,434,037)
Decrease in net assets resulting from operations		$	(118,663,964)		$	(6,435,551)		$	(101,164,627)		$	(10,381,494)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	1,089,996		$	40,383		$	86,561		$	4,124
Dividends from unaffiliated underlying funds			755,338			47,885			662,725			46,615
Total investment income			1,845,334			88,268			749,286			50,739
EXPENSES:
Investment management fees			690,532			45,623			550,765			38,389
Distribution and shareholder service fees:
Class ADV			480,374			36,399			353,647			33,427
Class S			411,132			15,619			324,604			11,379
Class S2			23,983			3,492			17,163			1,627
Class T			73			40			564			40
Transfer agent fees:
Class ADV			43,595			5,941			46,067			7,850
Class I			16,047			4,240			19,201			5,415
Class S			74,617			5,095			84,567			5,342
Class S2			2,721			711			2,794			477
Class T			5			5			53			7
Shareholder reporting expense			8,226			362			7,240			1,002
Professional fees			37,005			4,072			28,240			4,997
Custody and accounting expense			21,620			5,430			17,557			5,068
Directors fees			7,610			494			5,909			410
Miscellaneous expense			20,795			5,947			13,829			4,480
Interest expense			23			—			—			—
Total expenses			1,838,358			133,470			1,472,200			119,910
Waived and reimbursed fees			(402,467)			(46,089)			(395,403)			(43,916)
Net expenses			1,435,891			87,381			1,076,797			75,994
Net investment income (loss)			409,443			887			(327,511)			(25,255)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			5,571,698			341,901			6,081,434			360,236
Sale of unaffiliated underlying funds			13,946,932			714,230			11,098,480			693,283
Futures			(315,734)			—			1,152,565			—
Net realized gain			19,202,896			1,056,131			18,332,479			1,053,519
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(114,424,451)			(7,615,355)			(97,057,514)			(6,634,902)
Unaffiliated underlying funds			(32,729,833)			(2,204,838)			(29,716,031)			(2,043,068)
Futures			(74,146)			—			(98,354)			—
Net change in unrealized appreciation (depreciation)			(147,228,430)			(9,820,193)			(126,871,899)			(8,677,970)
Net realized and unrealized loss			(128,025,534)			(8,764,062)			(108,539,420)			(7,624,451)
Decrease in net assets resulting from operations		$	(127,616,091)		$	(8,763,175)		$	(108,866,931)		$	(7,649,706)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	—		$	1,084		$	304
Dividends from unaffiliated underlying funds			216,016			32,760			8,521
Total investment income			216,016			33,844			8,825
EXPENSES:
Investment management fees			183,427			28,343			7,217
Distribution and shareholder service fees:
Class ADV			124,774			23,592			4,223
Class S			96,888			9,308			3,234
Class S2			8,454			1,990			279
Class T			73			17			13
Transfer agent fees:
Class ADV			27,654			9,563			1,207
Class I			13,858			6,268			1,260
Class S			42,938			7,547			1,852
Class S2			2,343			1,009			99
Class T			12			5			2
Shareholder reporting expense			1,810			181			272
Registration fees			—			—			21
Professional fees			10,649			2,124			2,172
Custody and accounting expense			6,335			5,356			7,305
Directors fees			1,975			303			78
Miscellaneous expense			5,848			4,872			5,292
Total expenses			527,038			100,478			34,526
Waived and reimbursed fees			(146,156)			(42,405)			(20,623)
Net expenses			380,882			58,073			13,903
Net investment loss			(164,866)			(24,229)			(5,078)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			2,290,173			102,011			(133,887)
Sale of unaffiliated underlying funds			2,648,128			396,221			41,548
Futures			387,575			—			—
Net realized gain (loss)			5,325,876			498,232			(92,339)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(33,516,410)			(4,854,753)			(1,083,597)
Unaffiliated underlying funds			(8,850,422)			(1,334,474)			(277,245)
Futures			(33,589)			—			—
Net change in unrealized appreciation (depreciation)			(42,400,421)			(6,189,227)			(1,360,842)
Net realized and unrealized loss			(37,074,545)			(5,690,995)			(1,453,181)
Decrease in net assets resulting from operations		$	(37,239,411)		$	(5,715,224)		$	(1,458,259)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Aggressive Portfolio						Voya Solution Balanced Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	(26,518)		$	225,647		$	64,042		$	758,318
Net realized gain			958,501			5,404,163			1,647,618			8,457,316
Net change in unrealized appreciation (depreciation)			(8,163,552)			(536,618)			(12,720,966)			(1,358,329)
Increase (decrease) in net assets resulting from operations			(7,231,569)			5,093,192			(11,009,306)			7,857,305
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(36,612)			—			(155,467)
Class I			—			(5,299)			—			(66,254)
Class R6			—			(231,482)			—			(451,989)
Class S			—			(46,644)			—			(425,470)
Class S2			—			(10,846)			—			(20,938)
Total distributions			—			(330,883)			—			(1,120,118)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,496,717			6,740,195			3,555,359			9,206,125
Reinvestment of distributions			—			330,883			—			1,120,118
			6,496,717			7,071,078			3,555,359			10,326,243
Cost of shares redeemed			(2,775,616)			(5,947,741)			(5,260,486)			(9,237,889)
Net increase (decrease) in net assets resulting from capital share transactions			3,721,101			1,123,337			(1,705,127)			1,088,354
Net increase (decrease) in net assets			(3,510,468)			5,885,646			(12,714,433)			7,825,541
NET ASSETS:
Beginning of year or period			31,815,806			25,930,160			64,347,203			56,521,662
End of year or period		$	28,305,338		$	31,815,806		$	51,632,770		$	64,347,203

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Conservative Portfolio						Voya Solution Income Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	69,277		$	289,596		$	714,759		$	4,283,608
Net realized gain (loss)			(205,296)			1,523,234			3,414,581			29,329,165
Net change in unrealized appreciation (depreciation)			(1,933,972)			(929,355)			(41,579,517)			(15,127,857)
Increase (decrease) in net assets resulting from operations			(2,069,991)			883,475			(37,450,177)			18,484,916
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(146,010)			—			(9,308,131)
Class I			—			(18,830)			—			(2,702,478)
Class R6			—			(385,201)			—			—
Class S			—			(98,834)			—			(6,498,676)
Class S2			—			(53,159)			—			(399,483)
Class T			—			—			—			(6,032)
Total distributions			—			(702,034)			—			(18,914,800)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			2,595,539			5,343,901			5,723,122			22,002,385
Reinvestment of distributions			—			702,034			—			18,914,584
			2,595,539			6,045,935			5,723,122			40,916,969
Cost of shares redeemed			(3,247,676)			(4,574,482)			(24,781,854)			(64,160,912)
Net increase (decrease) in net assets resulting from capital share transactions			(652,137)			1,471,453			(19,058,732)			(23,243,943)
Net increase (decrease) in net assets			(2,722,128)			1,652,894			(56,508,909)			(23,673,827)
NET ASSETS:
Beginning of year or period			17,748,400			16,095,506			283,408,027			307,081,854
End of year or period		$	15,026,272		$	17,748,400		$	226,899,118		$	283,408,027

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Moderately Aggressive Portfolio						Voya Solution Moderately Conservative Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	(160,894)		$	5,637,091		$	111,680		$	697,474
Net realized gain			22,103,260			97,942,934			432,067			5,425,862
Net change in unrealized appreciation (depreciation)			(140,606,330)			(4,528,261)			(6,979,298)			(2,294,126)
Increase (decrease) in net assets resulting from operations			(118,663,964)			99,051,764			(6,435,551)			3,829,210
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(356,936)			—			(122,461)
Class I			—			(94,189)			—			(1,270)
Class R6			—			(485,492)			—			(259,334)
Class S			—			(9,011,067)			—			(481,441)
Class S2			—			(28,117)			—			(111,682)
Total distributions			—			(9,975,801)			—			(976,188)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,360,918			11,333,934			4,607,600			5,842,625
Reinvestment of distributions			—			9,975,801			—			976,188
			6,360,918			21,309,735			4,607,600			6,818,813
Cost of shares redeemed			(39,658,515)			(91,023,574)			(5,095,044)			(7,774,332)
Net decrease in net assets resulting from capital share transactions			(33,297,597)			(69,713,839)			(487,444)			(955,519)
Net increase (decrease) in net assets			(151,961,561)			19,362,124			(6,922,995)			1,897,503
NET ASSETS:
Beginning of year or period			625,771,725			606,409,601			42,933,972			41,036,469
End of year or period		$	473,810,164		$	625,771,725		$	36,010,977		$	42,933,972

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2025 Portfolio						Voya Solution 2030 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	887,104		$	8,464,648		$	52,543		$	762,889
Net realized gain			8,516,911			89,922,424			465,811			9,576,849
Net change in unrealized appreciation (depreciation)			(110,568,642)			(34,665,767)			(10,899,848)			(3,617,893)
Increase (decrease) in net assets resulting from operations			(101,164,627)			63,721,305			(10,381,494)			6,721,845
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(17,210,023)			—			(591,672)
Class I			—			(4,665,157)			—			(351,715)
Class S			—			(22,412,706)			—			(505,141)
Class S2			—			(851,206)			—			(33,902)
Class T			—			(23,232)			—			(1,237)
Total distributions			—			(45,162,324)			—			(1,483,667)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			15,112,553			47,546,483			8,232,997			14,205,790
Reinvestment of distributions			—			45,162,324			—			1,483,538
			15,112,553			92,708,807			8,232,997			15,689,328
Cost of shares redeemed			(45,426,036)			(130,258,912)			(5,824,042)			(17,879,726)
Net increase (decrease) in net assets resulting from capital share transactions			(30,313,483)			(37,550,105)			2,408,955			(2,190,398)
Net increase (decrease) in net assets			(131,478,110)			(18,991,124)			(7,972,539)			3,047,780
NET ASSETS:
Beginning of year or period			614,246,321			633,237,445			57,146,032			54,098,252
End of year or period		$	482,768,211		$	614,246,321		$	49,173,493		$	57,146,032

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2035 Portfolio						Voya Solution 2040 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	409,443		$	8,662,809		$	887		$	485,038
Net realized gain			19,202,896			108,775,807			1,056,131			8,726,431
Net change in unrealized appreciation (depreciation)			(147,228,430)			(27,977,809)			(9,820,193)			(3,039,047)
Increase (decrease) in net assets resulting from operations			(127,616,091)			89,460,807			(8,763,175)			6,172,422
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(13,377,292)			—			(401,451)
Class I			—			(4,627,389)			—			(278,849)
Class S			—			(22,256,497)			—			(328,274)
Class S2			—			(862,847)			—			(46,978)
Class T			—			(1,154)			—			(277)
Total distributions			—			(41,125,179)			—			(1,055,829)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			16,835,726			47,375,867			7,386,187			12,776,643
Reinvestment of distributions			—			41,125,179			—			1,055,698
			16,835,726			88,501,046			7,386,187			13,832,341
Cost of shares redeemed			(32,364,236)			(122,487,364)			(5,640,923)			(16,251,010)
Net increase (decrease) in net assets resulting from capital share transactions			(15,528,510)			(33,986,318)			1,745,264			(2,418,669)
Net increase (decrease) in net assets			(143,144,601)			14,349,310			(7,017,911)			2,697,924
NET ASSETS:
Beginning of year or period			682,437,971			668,088,661			42,845,160			40,147,236
End of year or period		$	539,293,370		$	682,437,971		$	35,827,249		$	42,845,160

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2045 Portfolio						Voya Solution 2050 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	(327,511)		$	5,551,672		$	(25,255)		$	324,337
Net realized gain			18,332,479			93,099,811			1,053,519			7,867,663
Net change in unrealized appreciation (depreciation)			(126,871,899)			(16,422,856)			(8,677,970)			(2,463,847)
Increase (decrease) in net assets resulting from operations			(108,866,931)			82,228,627			(7,649,706)			5,728,153
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(14,358,057)			—			(407,828)
Class I			—			(5,597,625)			—			(292,715)
Class S			—			(25,285,756)			—			(266,356)
Class S2			—			(990,625)			—			(28,288)
Class T			—			(14,355)			—			(302)
Total distributions			—			(46,246,418)			—			(995,489)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			18,633,936			39,159,002			4,620,556			9,181,341
Reinvestment of distributions			—			46,246,418			—			995,344
			18,633,936			85,405,420			4,620,556			10,176,685
Cost of shares redeemed			(23,113,745)			(92,965,289)			(3,316,673)			(14,614,819)
Net increase (decrease) in net assets resulting from capital share transactions			(4,479,809)			(7,559,869)			1,303,883			(4,438,134)
Net increase (decrease) in net assets			(113,346,740)			28,422,340			(6,345,823)			294,530
NET ASSETS:
Beginning of year or period			528,411,263			499,988,923			36,125,940			35,831,410
End of year or period		$	415,064,523		$	528,411,263		$	29,780,117		$	36,125,940

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2055 Portfolio						Voya Solution 2060 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	(164,866)		$	1,534,952		$	(24,229)		$	224,618
Net realized gain			5,325,876			32,899,770			498,232			5,746,010
Net change in unrealized appreciation (depreciation)			(42,400,421)			(7,273,004)			(6,189,227)			(2,002,387)
Increase (decrease) in net assets resulting from operations			(37,239,411)			27,161,718			(5,715,224)			3,968,241
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(8,173,952)			—			(278,652)
Class I			—			(3,511,066)			—			(199,058)
Class S			—			(11,778,271)			—			(231,483)
Class S2			—			(701,880)			—			(32,424)
Class T			—			(2,823)			—			(138)
Total distributions			—			(24,167,992)			—			(741,755)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,921,737			25,063,583			3,885,643			8,648,215
Reinvestment of distributions			—			24,167,992			—			741,755
			10,921,737			49,231,575			3,885,643			9,389,970
Cost of shares redeemed			(10,203,217)			(40,353,988)			(2,370,822)			(10,332,678)
Net increase (decrease) in net assets resulting from capital share transactions			718,520			8,877,587			1,514,821			(942,708)
Net increase (decrease) in net assets			(36,520,891)			11,871,313			(4,200,403)			2,283,778
NET ASSETS:
Beginning of year or period			177,168,642			165,297,329			26,594,291			24,310,513
End of year or period		$	140,647,751		$	177,168,642		$	22,393,888		$	26,594,291

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2065 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	(5,078)		$	53,103
Net realized gain (loss)			(92,339)			747,813
Net change in unrealized appreciation (depreciation)			(1,360,842)			(178,515)
Increase (decrease) in net assets resulting from operations			(1,458,259)			622,401
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(182,982)
Class I			—			(200,791)
Class S			—			(283,529)
Class S2			—			(13,311)
Class T			—			(472)
Total distributions			—			(681,085)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			2,431,518			2,725,314
Reinvestment of distributions			—			681,085
			2,431,518			3,406,399
Cost of shares redeemed			(444,920)			(565,627)
Net increase in net assets resulting from capital share transactions			1,986,598			2,840,772
Net increase in net assets			528,339			2,782,088
NET ASSETS:
Beginning of year or period			5,823,494			3,041,406
End of year or period		$	6,351,833		$	5,823,494

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Aggressive Portfolio
Class ADV
06-30-22+		16.45		(0.04)•		(3.46)		(3.50)		—		—		—		—		—		12.95		(21.28)		0.91		0.86		0.86		(0.60)		3,611		35
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		4,406		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		3,744		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		3,760		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		3,159		79
12-31-17		11.33		0.11•		2.34		2.45		0.05		0.17		—		0.22		—		13.56		21.71		0.91		0.66		0.66		0.85		3,467		52
Class I
06-30-22+		16.92		(0.00)*•		(3.56)		(3.56)		—		—		—		—		—		13.36		(21.04)		0.41		0.36		0.36		(0.06)		880		35
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
12-31-17		11.56		0.18•		2.38		2.56		0.10		0.17		—		0.27		—		13.85		22.28		0.41		0.16		0.16		1.41		444		52
Class R6
06-30-22+		16.92		(0.00)*•		(3.56)		(3.56)		—		—		—		—		—		13.36		(21.04)		0.32		0.32		0.32		(0.05)		19,060		35
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		21,062		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		16,188		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		11,636		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		7,177		79
12-31-17		11.56		0.24•		2.32		2.56		0.10		0.17		—		0.27		—		13.85		22.28		0.41		0.16		0.16		1.82		5,015		52
Class S
06-30-22+		16.69		(0.03)•		(3.51)		(3.54)		—		—		—		—		—		13.15		(21.21)		0.66		0.61		0.61		(0.35)		3,336		35
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		4,426		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		3,666		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		3,925		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		3,123		79
12-31-17		11.44		0.12•		2.37		2.49		0.07		0.17		—		0.24		—		13.69		21.92		0.66		0.41		0.41		0.99		4,300		52
Class S2
06-30-22+		16.36		(0.04)•		(3.44)		(3.48)		—		—		—		—		—		12.88		(21.27)		0.81		0.76		0.76		(0.49)		1,418		35
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		1,434		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		2,038		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		1,539		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
12-31-17		11.32		0.12•		2.32		2.44		0.07		0.17		—		0.24		—		13.52		21.71		0.81		0.56		0.56		0.99		681		52

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Balanced Portfolio
Class ADV
06-30-22+		11.48		(0.01)•		(2.03)		(2.04)		—		—		—		—		—		9.44		(17.77)		0.84		0.84		0.84		(0.10)		9,249		45
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		10,713		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		9,774		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		10,913		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		11,984		60
12-31-17		9.06		0.13•		1.16		1.29		0.11		0.16		—		0.27		—		10.08		14.46		0.78		0.66		0.66		1.32		19,020		48
Class I
06-30-22+		11.98		0.02•		(2.12)		(2.10)		—		—		—		—		—		9.88		(17.53)		0.34		0.34		0.34		0.40		3,392		45
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		3,831		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		3,224		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		2,482		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		3,689		60
12-31-17		9.40		0.21•		1.17		1.38		0.17		0.16		—		0.33		—		10.45		14.89		0.28		0.16		0.16		2.06		4,683		48
Class R6
06-30-22+		11.98		0.02•		(2.12)		(2.10)		—		—		—		—		—		9.88		(17.53)		0.29		0.29		0.29		0.45		19,963		45
12-31-21		10.70		0.16•		1.35		1.51		0.23		—		—		0.23		—		11.98		14.15		0.29		0.29		0.29		1.42		24,204		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		22,189		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		20,185		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		13,738		60
12-31-17		9.39		0.22•		1.17		1.39		0.17		0.16		—		0.33		—		10.45		15.01		0.28		0.16		0.16		2.20		13,145		48
Class S
06-30-22+		11.63		0.01•		(2.06)		(2.05)		—		—		—		—		—		9.58		(17.63)		0.59		0.59		0.59		0.14		18,016		45
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		24,044		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		19,713		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		20,388		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		19,594		60
12-31-17		9.18		0.15•		1.19		1.34		0.15		0.16		—		0.31		—		10.21		14.75		0.53		0.41		0.41		1.54		23,906		48
Class S2
06-30-22+		11.60		(0.00)*•		(2.06)		(2.06)		—		—		—		—		—		9.54		(17.76)		0.74		0.74		0.74		(0.00)*		1,013		45
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		1,556		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		1,621		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		2,548		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
12-31-17		9.16		0.14•		1.18		1.32		0.15		0.16		—		0.31		—		10.17		14.63		0.68		0.56		0.56		1.43		2,004		48

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Conservative Portfolio
Class ADV
06-30-22+		11.96		0.03•		(1.50)		(1.47)		—		—		—		—		—		10.49		(12.29)		0.97		0.73		0.73		0.56		3,568		47
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		4,030		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		4,658		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		8,336		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		7,912		67
12-31-17		10.60		0.20•		0.55		0.75		0.22		0.07		—		0.29		—		11.06		7.06		0.86		0.62		0.62		1.84		8,486		63
Class I
06-30-22+		12.07		0.05•		(1.51)		(1.46)		—		—		—		—		—		10.61		(12.10)		0.47		0.23		0.23		0.95		103		47
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
12-31-17		10.74		0.25•		0.56		0.81		0.27		0.07		—		0.34		—		11.21		7.60		0.36		0.12		0.12		2.31		90		63
Class R6
06-30-22+		12.07		0.06•		(1.52)		(1.46)		—		—		—		—		—		10.61		(12.10)		0.39		0.23		0.23		1.06		8,300		47
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		9,365		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		7,547		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		5,365		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		5,056		67
12-31-17		10.74		0.27•		0.54		0.81		0.27		0.07		—		0.34		—		11.21		7.60		0.36		0.12		0.12		2.42		3,439		63
Class S
06-30-22+		12.01		0.05•		(1.51)		(1.46)		—		—		—		—		—		10.55		(12.16)		0.72		0.48		0.48		0.81		1,944		47
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		2,203		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		2,215		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		2,839		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		3,508		67
12-31-17		10.66		0.22•		0.56		0.78		0.24		0.07		—		0.31		—		11.13		7.31		0.61		0.37		0.37		2.04		4,020		63
Class S2
06-30-22+		11.85		0.04•		(1.49)		(1.45)		—		—		—		—		—		10.40		(12.24)		0.87		0.63		0.63		0.67		1,112		47
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		1,237		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		1,438		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
12-31-17		10.59		0.21•		0.55		0.76		0.24		0.07		—		0.31		—		11.04		7.20		0.76		0.52		0.52		1.92		635		63

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Income Portfolio
Class ADV
06-30-22+		12.75		0.02•		(1.77)		(1.75)		—		—		—		—		—		11.00		(13.73)		0.81		0.74		0.74		0.41		113,392		20
12-31-21		12.81		0.17•		0.62		0.79		0.36		0.49		—		0.84		—		12.75		6.16		0.81		0.72		0.72		1.29		144,001		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		150,215		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		143,202		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		148,720		38
12-31-17		11.11		0.18•		0.83		1.01		0.23		0.04		—		0.27		—		11.85		9.15		0.75		0.61		0.61		1.59		182,912		36
Class I
06-30-22+		13.10		0.05•		(1.81)		(1.76)		—		—		—		—		—		11.34		(13.44)		0.31		0.24		0.24		0.91		31,393		20
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		40,086		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		46,389		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		78,441		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		75,592		38
12-31-17		11.38		0.25		0.84		1.09		0.30		0.04		—		0.34		—		12.13		9.66		0.25		0.11		0.11		2.09		85,891		36
Class S
06-30-22+		12.98		0.04•		(1.80)		(1.76)		—		—		—		—		—		11.22		(13.56)		0.56		0.49		0.49		0.66		78,129		20
12-31-21		13.03		0.20•		0.63		0.83		0.39		0.49		—		0.87		—		12.98		6.37		0.56		0.47		0.47		1.52		93,573		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		105,135		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		103,157		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		118,451		38
12-31-17		11.28		0.21•		0.85		1.06		0.27		0.04		—		0.31		—		12.03		9.41		0.50		0.36		0.36		1.83		155,100		36
Class S2
06-30-22+		12.62		0.03•		(1.75)		(1.72)		—		—		—		—		—		10.90		(13.63)		0.71		0.64		0.64		0.50		3,883		20
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		5,629		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		5,194		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		5,310		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		6,111		38
12-31-17		10.99		0.19•		0.82		1.01		0.24		0.04		—		0.28		—		11.72		9.23		0.65		0.51		0.51		1.67		9,533		36
Class T
06-30-22+		13.87		0.01•		(1.92)		(1.91)		—		—		—		—		—		11.96		(13.77)		1.01		0.94		0.94		0.22		103		20
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
12-31-17		11.73		0.17		0.87		1.04		0.13		0.04		—		0.17		—		12.60		8.84		0.95		0.81		0.81		1.40		222		36

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Aggressive Portfolio
Class ADV
06-30-22+		14.96		(0.02)•		(2.92)		(2.94)		—		—		—		—		—		12.02		(19.65)		0.77		0.77		0.77		(0.31)		21,681		27
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		26,263		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		24,171		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		24,168		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		21,418		46
12-31-17		11.62		0.13•		1.93		2.06		0.15		0.14		—		0.29		—		13.39		17.89		0.75		0.71		0.71		1.04		27,468		31
Class I
06-30-22+		15.33		0.01•		(3.00)		(2.99)		—		—		—		—		—		12.34		(19.50)		0.27		0.27		0.27		0.19		4,084		27
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		5,090		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		4,726		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		4,862		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		3,898		46
12-31-17		11.83		0.21•		1.95		2.16		0.21		0.14		—		0.35		—		13.64		18.50		0.25		0.21		0.21		1.62		6,062		31
Class R6
06-30-22+		15.32		0.01•		(3.00)		(2.99)		—		—		—		—		—		12.33		(19.52)		0.27		0.27		0.27		0.20		26,326		27
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		30,360		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		23,965		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		17,843		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		12,083		46
12-31-17		11.82		0.25•		1.91		2.16		0.21		0.14		—		0.35		—		13.63		18.51		0.25		0.21		0.21		1.95		8,217		31
Class S
06-30-22+		15.13		(0.00)*•		(2.96)		(2.96)		—		—		—		—		—		12.17		(19.56)		0.52		0.52		0.52		(0.06)		420,653		27
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		562,208		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		552,268		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		557,294		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		525,590		46
12-31-17		11.71		0.16•		1.95		2.11		0.18		0.14		—		0.32		—		13.50		18.22		0.50		0.46		0.46		1.28		670,319		31
Class S2
06-30-22+		15.13		(0.02)•		(2.95)		(2.97)		—		—		—		—		—		12.16		(19.63)		0.67		0.67		0.67		(0.22)		1,066		27
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		1,851		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		1,280		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
12-31-17		11.70		0.15•		1.94		2.09		0.18		0.14		—		0.32		—		13.47		18.05		0.65		0.61		0.61		1.20		1,695		31

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Conservative Portfolio
Class ADV
06-30-22+		11.44		0.02•		(1.74)		(1.72)		—		—		—		—		—		9.72		(15.03)		0.88		0.77		0.77		0.30		5,422		46
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		5,957		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		6,505		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		7,507		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		9,033		59
12-31-17		9.24		0.15•		0.78		0.93		0.18		—		—		0.18		—		9.99		10.09		0.83		0.65		0.65		1.57		11,134		47
Class I
06-30-22+		11.97		0.04•		(1.81)		(1.77)		—		—		—		—		—		10.20		(14.79)		0.38		0.27		0.27		0.78		185		46
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
12-31-17		9.65		0.21•		0.82		1.03		0.26		—		—		0.26		—		10.42		10.73		0.33		0.15		0.15		2.06		27		47
Class R6
06-30-22+		11.97		0.04•		(1.82)		(1.78)		—		—		—		—		—		10.19		(14.87)		0.31		0.27		0.27		0.80		9,732		46
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		10,245		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		9,068		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		6,045		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		3,780		59
12-31-17		9.64		0.24•		0.78		1.02		0.25		—		—		0.25		—		10.41		10.68		0.33		0.15		0.15		2.37		2,164		47
Class S
06-30-22+		11.67		0.03•		(1.78)		(1.75)		—		—		—		—		—		9.92		(15.00)		0.63		0.52		0.52		0.54		16,856		46
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		21,640		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		20,347		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		19,349		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		14,452		59
12-31-17		9.44		0.18•		0.79		0.97		0.22		—		—		0.22		—		10.19		10.40		0.58		0.40		0.40		1.80		17,134		47
Class S2
06-30-22+		11.46		0.02•		(1.74)		(1.72)		—		—		—		—		—		9.74		(15.01)		0.78		0.67		0.67		0.40		3,815		46
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		4,718		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		5,074		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		5,439		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		1,072		59
12-31-17		9.34		0.17•		0.79		0.96		0.22		—		—		0.22		—		10.08		10.33		0.73		0.55		0.55		1.71		1,021		47

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2025 Portfolio
Class ADV
06-30-22+		12.44		0.01•		(2.12)		(2.11)		—		—		—		—		—		10.33		(16.96)		0.79		0.72		0.72		0.15		180,869		21
12-31-21		12.12		0.14•		1.10		1.24		0.33		0.59		—		0.93		—		12.44		10.40		0.81		0.70		0.70		1.16		234,207		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		246,302		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		260,690		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		244,883		47
12-31-17		10.66		0.15•		1.42		1.57		0.19		0.32		—		0.51		—		11.72		15.02		0.74		0.66		0.66		1.36		300,453		46
Class I
06-30-22+		12.88		0.04•		(2.19)		(2.15)		—		—		—		—		—		10.73		(16.69)		0.29		0.22		0.22		0.65		51,522		21
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		64,534		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		77,673		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		260,767		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		219,811		47
12-31-17		10.94		0.22•		1.46		1.68		0.26		0.32		—		0.58		—		12.04		15.62		0.24		0.16		0.16		1.92		243,053		46
Class S
06-30-22+		12.68		0.02•		(2.16)		(2.14)		—		—		—		—		—		10.54		(16.88)		0.54		0.47		0.47		0.40		241,993		21
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		303,656		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		299,333		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		299,655		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		294,102		47
12-31-17		10.82		0.18•		1.45		1.63		0.23		0.32		—		0.55		—		11.90		15.29		0.49		0.41		0.41		1.60		359,764		46
Class S2
06-30-22+		12.26		0.01•		(2.08)		(2.07)		—		—		—		—		—		10.19		(16.88)		0.69		0.62		0.62		0.24		8,073		21
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		11,469		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		9,493		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		10,745		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		11,715		47
12-31-17		10.52		0.16•		1.40		1.56		0.20		0.32		—		0.52		—		11.56		15.07		0.64		0.56		0.56		1.40		16,911		46
Class T
06-30-22+		13.25		(0.00)*•		(2.25)		(2.25)		—		—		—		—		—		11.00		(16.98)		0.99		0.92		0.92		(0.05)		312		21
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
12-31-17		11.10		0.14•		1.48		1.62		0.17		0.32		—		0.49		—		12.23		14.78		0.94		0.86		0.86		1.18		821		46

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2030 Portfolio
Class ADV
06-30-22+		18.03		0.00*•		(3.21)		(3.21)		—		—		—		—		—		14.82		(17.80)		0.85		0.70		0.70		0.01		21,876		40
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		25,214		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		22,015		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		18,792		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		12,630		87
12-31-17		13.94		0.23•		2.15		2.38		0.12		0.24		—		0.36		—		15.96		17.22		0.83		0.64		0.64		1.50		13,589		63
Class I
06-30-22+		18.68		0.04•		(3.33)		(3.29)		—		—		—		—		—		15.39		(17.61)		0.35		0.20		0.20		0.51		10,892		40
12-31-21		17.02		0.28•		1.88		2.16		0.33		0.17		—		0.51		—		18.68		12.80		0.40		0.17		0.17		1.57		12,248		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		13,812		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		13,781		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		7,333		87
12-31-17		14.23		0.32•		2.19		2.51		0.14		0.24		—		0.38		—		16.36		17.86		0.33		0.14		0.14		2.07		8,625		63
Class S
06-30-22+		18.51		0.02•		(3.30)		(3.28)		—		—		—		—		—		15.23		(17.72)		0.60		0.45		0.45		0.26		15,748		40
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		18,032		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		17,584		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		13,558		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		10,589		87
12-31-17		14.18		0.26•		2.21		2.47		0.13		0.24		—		0.37		—		16.28		17.59		0.58		0.39		0.39		1.72		8,484		63
Class S2
06-30-22+		18.22		0.00*•		(3.24)		(3.24)		—		—		—		—		—		14.98		(17.78)		0.75		0.60		0.60		0.05		609		40
12-31-21		16.66		0.27•		1.77		2.04		0.31		0.17		—		0.49		—		18.22		12.35		0.80		0.57		0.57		1.53		1,596		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
12-31-17		14.01		0.21•		2.20		2.41		0.10		0.24		—		0.34		—		16.08		17.38		0.73		0.54		0.54		1.42		588		63
Class T
06-30-22+		18.00		(0.02)•		(3.20)		(3.22)		—		—		—		—		—		14.78		(17.89)		1.05		0.90		0.90		(0.19)		48		40
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
12-31-17		13.98		0.19•		2.17		2.36		0.08		0.24		—		0.32		—		16.02		17.05		1.03		0.84		0.84		1.23		15		63

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2035 Portfolio
Class ADV
06-30-22+		13.07		(0.00)*•		(2.49)		(2.49)		—		—		—		—		—		10.58		(19.05)		0.81		0.67		0.67		(0.06)		168,099		23
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		219,940		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		220,485		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		226,096		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		212,084		50
12-31-17		10.71		0.13•		1.90		2.03		0.16		0.31		—		0.47		—		12.27		19.22		0.74		0.65		0.65		1.12		267,229		36
Class I
06-30-22+		13.54		0.03•		(2.58)		(2.55)		—		—		—		—		—		10.99		(18.83)		0.31		0.17		0.17		0.44		64,441		23
12-31-21		12.59		0.20•		1.59		1.79		0.30		0.54		—		0.83		—		13.54		14.35		0.33		0.15		0.15		1.48		78,910		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		93,880		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		304,111		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		247,475		50
12-31-17		10.98		0.20•		1.94		2.14		0.22		0.31		—		0.53		—		12.59		19.82		0.24		0.15		0.15		1.69		274,900		36
Class S
06-30-22+		13.33		0.01•		(2.53)		(2.52)		—		—		—		—		—		10.81		(18.90)		0.56		0.42		0.42		0.19		297,254		23
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		369,502		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		341,146		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		324,783		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		297,721		50
12-31-17		10.87		0.16•		1.92		2.08		0.19		0.31		—		0.50		—		12.45		19.44		0.49		0.40		0.40		1.38		368,554		36
Class S2
06-30-22+		12.70		0.00*•		(2.41)		(2.41)		—		—		—		—		—		10.29		(18.98)		0.71		0.57		0.57		0.03		9,484		23
12-31-21		11.88		0.15•		1.49		1.64		0.28		0.54		—		0.81		—		12.70		13.91		0.73		0.55		0.55		1.23		14,062		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		12,050		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		14,599		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		14,521		50
12-31-17		10.49		0.14•		1.85		1.99		0.17		0.31		—		0.48		—		12.00		19.28		0.64		0.55		0.55		1.22		19,146		36
Class T
06-30-22+		13.88		(0.02)•		(2.64)		(2.66)		—		—		—		—		—		11.22		(19.16)		1.01		0.87		0.87		(0.26)		17		23
12-31-21		12.93		(0.01)•		1.73		1.72		0.23		0.54		—		0.77		—		13.88		13.42		1.03		0.85		0.85		(0.08)		23		42
12-31-20		12.27		0.10•		1.49		1.59		0.17		0.76		—		0.93		—		12.93		13.98		1.01		0.89		0.89		0.83		528		65
12-31-19		11.07		0.14		2.15		2.29		0.16		0.93		—		1.09		—		12.27		21.36		0.95		0.91		0.91		1.27		447		52
12-31-18		12.79		0.10•		(1.16)		(1.06)		0.16		0.50		—		0.66		—		11.07		(8.76)		0.95		0.88		0.88		0.77		373		50
12-31-17		11.14		0.11•		1.98		2.09		0.13		0.31		—		0.44		—		12.79		19.03		0.94		0.85		0.85		0.95		700		36

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2040 Portfolio
Class ADV
06-30-22+		19.65		(0.02)•		(3.94)		(3.96)		—		—		—		—		—		15.69		(20.15)		0.90		0.66		0.66		(0.21)		12,927		44
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		17,364		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		15,773		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		14,324		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		8,662		81
12-31-17		14.55		0.19•		2.73		2.92		0.08		0.28		—		0.36		—		17.11		20.23		0.86		0.63		0.63		1.17		8,696		68
Class I
06-30-22+		20.38		0.03•		(4.10)		(4.07)		—		—		—		—		—		16.31		(19.97)		0.40		0.16		0.16		0.29		9,680		44
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		10,092		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		12,621		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		11,825		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		7,134		81
12-31-17		14.86		0.29•		2.78		3.07		0.12		0.28		—		0.40		—		17.53		20.85		0.36		0.13		0.13		1.76		7,753		68
Class S
06-30-22+		20.14		0.00*•		(4.04)		(4.04)		—		—		—		—		—		16.10		(20.06)		0.65		0.41		0.41		0.04		11,676		44
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		13,325		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		10,486		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		8,500		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		7,641		81
12-31-17		14.78		0.23•		2.78		3.01		0.11		0.28		—		0.39		—		17.40		20.53		0.61		0.38		0.38		1.45		6,732		68
Class S2
06-30-22+		19.74		(0.01)•		(3.96)		(3.97)		—		—		—		—		—		15.77		(20.11)		0.80		0.56		0.56		(0.12)		1,534		44
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		2,051		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		1,219		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
12-31-17		14.62		0.26•		2.69		2.95		0.11		0.28		—		0.39		—		17.18		20.31		0.76		0.53		0.53		1.61		721		68
Class T
06-30-22+		19.56		(0.04)•		(3.92)		(3.96)		—		—		—		—		—		15.60		(20.25)		1.10		0.86		0.86		(0.42)		10		44
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
12-31-17		14.53		0.17•		2.72		2.89		0.06		0.28		—		0.34		—		17.08		20.05		1.06		0.83		0.83		1.08		20		68

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2045 Portfolio
Class ADV
06-30-22+		13.12		(0.02)•		(2.70)		(2.72)		—		—		—		—		—		10.40		(20.73)		0.83		0.66		0.66		(0.35)		121,930		25
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		162,480		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		155,503		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		150,005		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		134,754		53
12-31-17		10.63		0.10•		2.09		2.19		0.10		0.32		—		0.42		—		12.40		20.92		0.75		0.67		0.67		0.84		177,624		37
Class I
06-30-22+		13.67		0.01•		(2.82)		(2.81)		—		—		—		—		—		10.86		(20.56)		0.33		0.16		0.16		0.16		53,232		25
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		65,611		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		82,473		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		269,670		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		211,781		53
12-31-17		10.92		0.17•		2.14		2.31		0.16		0.32		—		0.48		—		12.75		21.53		0.25		0.17		0.17		1.42		235,122		37
Class S
06-30-22+		13.37		(0.01)•		(2.75)		(2.76)		—		—		—		—		—		10.61		(20.64)		0.58		0.41		0.41		(0.09)		234,025		25
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		289,193		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		254,990		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		237,496		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		209,647		53
12-31-17		10.77		0.13•		2.12		2.25		0.13		0.32		—		0.45		—		12.57		21.25		0.50		0.42		0.42		1.11		269,521		37
Class S2
06-30-22+		12.93		(0.02)•		(2.66)		(2.68)		—		—		—		—		—		10.25		(20.73)		0.73		0.56		0.56		(0.26)		5,738		25
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		10,947		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		6,867		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		7,234		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		7,504		53
12-31-17		10.51		0.09•		2.08		2.17		0.11		0.32		—		0.43		—		12.25		21.02		0.65		0.57		0.57		0.82		9,902		37
Class T
06-30-22+		13.88		(0.03)•		(2.86)		(2.89)		—		—		—		—		—		10.99		(20.82)		1.03		0.86		0.86		(0.54)		140		25
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
12-31-17		10.95		0.08		2.15		2.23		0.09		0.32		—		0.41		—		12.77		20.69		0.95		0.87		0.87		0.70		508		37

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2050 Portfolio
Class ADV
06-30-22+		20.45		(0.03)•		(4.27)		(4.30)		—		—		—		—		—		16.15		(21.03)		0.95		0.68		0.68		(0.37)		11,949		33
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		15,352		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		15,402		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		12,951		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		8,144		86
12-31-17		14.57		0.18•		2.89		3.07		0.06		0.25		—		0.31		—		17.33		21.30		0.93		0.65		0.65		1.11		6,983		52
Class I
06-30-22+		21.30		0.01•		(4.44)		(4.43)		—		—		—		—		—		16.87		(20.80)		0.45		0.18		0.18		0.13		8,511		33
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		9,999		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		11,647		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		10,912		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		6,320		86
12-31-17		14.91		0.28•		2.97		3.25		0.10		0.25		—		0.35		—		17.81		21.99		0.43		0.15		0.15		1.70		5,705		52
Class S
06-30-22+		20.99		(0.01)•		(4.38)		(4.39)		—		—		—		—		—		16.60		(20.91)		0.70		0.43		0.43		(0.11)		8,768		33
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		9,740		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		8,339		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		7,397		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		5,413		86
12-31-17		14.81		0.22•		2.95		3.17		0.08		0.25		—		0.33		—		17.65		21.63		0.68		0.40		0.40		1.33		4,424		52
Class S2
06-30-22+		20.63		(0.03)•		(4.29)		(4.32)		—		—		—		—		—		16.31		(20.94)		0.85		0.58		0.58		(0.30)		542		33
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		1,022		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
12-31-17		14.64		0.20•		2.91		3.11		0.07		0.25		—		0.32		—		17.43		21.47		0.83		0.55		0.55		1.21		309		52
Class T
06-30-22+		20.67		(0.05)•		(4.31)		(4.36)		—		—		—		—		—		16.31		(21.09)		1.15		0.88		0.88		(0.58)		10		33
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
12-31-17		14.60		0.17•		2.89		3.06		0.02		0.25		—		0.27		—		17.39		21.15		1.13		0.85		0.85		1.05		20		52

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2055 Portfolio
Class ADV
06-30-22+		15.14		(0.03)•		(3.18)		(3.21)		—		—		—		—		—		11.93		(21.20)		0.88		0.69		0.69		(0.42)		43,807		25
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		58,046		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		54,540		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		49,315		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		39,621		62
12-31-17		12.27		0.11•		2.49		2.60		0.10		0.28		—		0.38		—		14.49		21.40		0.76		0.66		0.66		0.82		47,367		40
Class I
06-30-22+		15.72		0.01•		(3.31)		(3.30)		—		—		—		—		—		12.42		(20.99)		0.38		0.19		0.19		0.09		23,087		25
12-31-21		15.37		0.18•		2.45		2.63		0.26		2.02		—		2.27		—		15.72		17.53		0.43		0.16		0.16		1.10		27,701		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		34,329		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		119,915		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		77,961		62
12-31-17		12.51		0.20•		2.51		2.71		0.16		0.28		—		0.44		—		14.78		21.94		0.26		0.16		0.16		1.42		73,894		40
Class S
06-30-22+		15.33		(0.01)•		(3.22)		(3.23)		—		—		—		—		—		12.10		(21.07)		0.63		0.44		0.44		(0.16)		70,963		25
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		86,021		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		73,361		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		59,923		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		49,077		62
12-31-17		12.38		0.15•		2.50		2.65		0.13		0.28		—		0.41		—		14.62		21.66		0.51		0.41		0.41		1.08		58,217		40
Class S2
06-30-22+		15.22		(0.02)•		(3.19)		(3.21)		—		—		—		—		—		12.01		(21.09)		0.78		0.59		0.59		(0.34)		2,773		25
12-31-21		15.09		0.15•		2.36		2.51		0.36		2.02		—		2.38		—		15.22		17.09		0.82		0.56		0.56		0.97		5,377		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		3,036		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		2,876		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		2,720		62
12-31-17		12.31		0.12•		2.50		2.62		0.11		0.28		—		0.39		—		14.54		21.52		0.66		0.56		0.56		0.89		3,250		40
Class T
06-30-22+		15.65		(0.04)•		(3.29)		(3.33)		—		—		—		—		—		12.32		(21.28)		1.08		0.89		0.89		(0.61)		18		25
12-31-21		15.39		0.06•		2.46		2.52		0.24		2.02		—		2.26		—		15.65		16.77		1.13		0.86		0.86		0.38		24		51
12-31-20		14.22		0.07•		1.99		2.06		0.15		0.74		—		0.89		—		15.39		15.50		1.16		0.89		0.89		0.51		30		67
12-31-19		12.58		0.17•		2.73		2.90		0.10		1.16		—		1.26		—		14.22		23.93		0.97		0.92		0.92		1.27		22		61
12-31-18		14.73		0.08•		(1.61)		(1.53)		0.10		0.52		—		0.62		—		12.58		(10.91)		0.96		0.88		0.88		0.58		18		62
12-31-17		12.50		0.09•		2.52		2.61		0.10		0.28		—		0.38		—		14.73		21.08		0.96		0.86		0.86		0.67		32		40

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2060 Portfolio
Class ADV
06-30-22+		14.96		(0.03)•		(3.14)		(3.17)		—		—		—		—		—		11.79		(21.19)		1.04		0.69		0.69		(0.41)		8,689		33
12-31-21		13.16		0.10•		2.11		2.21		0.16		0.25		—		0.40		—		14.96		16.83		1.08		0.68		0.68		0.73		10,459		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		8,999		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		6,976		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		4,593		84
12-31-17		10.42		0.13•		2.08		2.21		0.04		0.20		—		0.24		—		12.39		21.42		1.10		0.67		0.67		1.11		3,202		65
Class I
06-30-22+		15.29		0.01•		(3.22)		(3.21)		—		—		—		—		—		12.08		(20.99)		0.54		0.19		0.19		0.09		5,962		33
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		6,685		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		7,950		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		5,184		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		2,570		84
12-31-17		10.49		0.20•		2.10		2.30		0.06		0.20		—		0.26		—		12.53		22.15		0.60		0.17		0.17		1.73		2,160		65
Class S
06-30-22+		15.03		(0.01)•		(3.16)		(3.17)		—		—		—		—		—		11.86		(21.09)		0.79		0.44		0.44		(0.16)		7,079		33
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		8,211		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		6,886		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		4,901		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		3,440		84
12-31-17		10.41		0.15•		2.10		2.25		0.06		0.20		—		0.26		—		12.40		21.81		0.85		0.42		0.42		1.30		2,825		65
Class S2
06-30-22+		14.96		(0.02)•		(3.14)		(3.16)		—		—		—		—		—		11.80		(21.12)		0.94		0.59		0.59		(0.34)		660		33
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		1,234		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
12-31-17		10.42		0.17•		2.05		2.22		0.04		0.20		—		0.24		—		12.40		21.56		1.00		0.57		0.57		1.45		180		65
Class T
06-30-22+		14.91		(0.04)•		(3.13)		(3.17)		—		—		—		—		—		11.74		(21.26)		1.24		0.89		0.89		(0.62)		4		33
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
12-31-17		10.35		0.08•		2.10		2.18		—		0.20		—		0.20		—		12.33		21.24		1.30		0.87		0.87		0.69		4		65

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2065 Portfolio
Class ADV
06-30-22+		11.94		(0.02)•		(2.51)		(2.53)		—		—		—		—		—		9.41		(21.19)		1.37		0.70		0.70		(0.42)		1,687		36
12-31-21		11.55		0.11•		1.86		1.97		0.41		1.17		—		1.57		—		11.94		17.05		1.61		0.67		0.67		0.90		1,583		53
07-29-20(5) - 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		1,012		24
Class I
06-30-22+		11.97		0.00*•		(2.51)		(2.51)		—		—		—		—		—		9.46		(20.97)		0.87		0.20		0.20		0.09		1,823		36
12-31-21		11.56		0.18•		1.86		2.04		0.46		1.17		—		1.62		—		11.97		17.64		1.11		0.17		0.17		1.38		1,692		53
07-29-20(5) - 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		1,045		24
Class S
06-30-22+		11.95		(0.01)•		(2.51)		(2.52)		—		—		—		—		—		9.43		(21.09)		1.12		0.45		0.45		(0.16)		2,724		36
12-31-21		11.56		0.18••		1.82		2.00		0.44		1.17		—		1.60		—		11.95		17.30		1.36		0.42		0.42		1.41		2,431		53
07-29-20(5) - 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
06-30-22+		11.95		(0.02)•		(2.50)		(2.52)		—		—		—		—		—		9.43		(21.09)		1.27		0.60		0.60		(0.34)		114		36
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(5) - 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
06-30-22+		11.95		(0.03)•		(2.51)		(2.54)		—		—		—		—		—		9.41		(21.26)		1.57		0.90		0.90		(0.64)		3		36
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(5) - 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

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

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

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.

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 June 30, 2022 (Unaudited) (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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio. Each Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing the Portfolios’ investments under these levels of classification is included within the Portfolio of Investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends 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.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 period ended June 30, 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.

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

	Purchased			Sold
Solution Income		$	4,833,388		$	4,904,710
Solution Moderately Aggressive			13,704,872			13,827,603
Solution 2025			10,445,799			10,421,935
Solution 2035			11,452,917			11,604,270
Solution 2045			12,062,341			12,099,753
Solution 2055			4,102,141			4,032,228

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 period ended June 30, 2022, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Solution Aggressive		$	14,574,858		$	10,878,866
Solution Balanced			25,647,179			27,263,225
Solution Conservative			7,503,159			8,079,026
Solution Income			50,731,150			69,359,279
Solution Moderately Aggressive			149,764,427			182,696,420
Solution Moderately Conservative			18,619,005			19,001,169
Solution 2025			115,683,364			145,821,509
Solution 2030			23,910,503			21,410,770
Solution 2035			143,059,851			158,653,548
Solution 2040			19,363,745			17,582,668
Solution 2045			119,306,780			123,520,212
Solution 2050			12,071,099			10,763,979
Solution 2055			39,843,856			39,087,522
Solution 2060			9,691,014			8,167,079
Solution 2065			4,244,757			2,266,260

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.

TABLE OF CONTENTS

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

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.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Solution Balanced		7.80%
	Solution Income		40.40
	Solution 2025		28.07
	Solution 2030		22.31
	Solution 2035		23.80
	Solution 2040		20.80
	Solution 2045		21.31
	Solution 2050		22.73
	Solution 2055		17.07
	Solution 2060		18.58
	Solution 2065		10.92
Voya Investment Management Co. LLC	Solution 2065		34.41
Voya Retirement Insurance and Annuity Company	Solution Aggressive		95.66
	Solution Balanced		92.20
	Solution Conservative		97.59

Subsidiary	Portfolio	Percentage
Voya Retirement Insurance and Annuity Company (continued)	Solution Income		53.81
	Solution Moderately Aggressive		8.11
	Solution Moderately Conservative		99.22
	Solution 2025		68.43
	Solution 2030		77.56
	Solution 2035		73.27
	Solution 2040		79.17
	Solution 2045		77.45
	Solution 2050		77.25
	Solution 2055		82.76
	Solution 2060		81.40
	Solution 2065		54.67

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

Portfolio	Amount
Solution Aggressive		$	4,293
Solution Balanced			8,201
Solution Conservative			2,955
Solution Income			56,971
Solution Moderately Aggressive			14,879
Solution Moderately Conservative			10,811
Solution 2025			118,205
Solution 2030			13,317
Solution 2035			136,471
Solution 2040			15,751
Solution 2045			152,373

TABLE OF CONTENTS

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

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

Portfolio	Amount
Solution 2050		18,836
Solution 2055		86,585
Solution 2060		24,170
Solution 2065		3,988

NOTE 7 — EXPENSE LIMITATION AGREEMENT

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

Portfolio(1)	Class ADV		Class I		Class R6		Class S		Class S2		Class 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%		1.53%
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%		1.56%
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%

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.

Portfolio(1)(2)	Class ADV		Class I		Class S		Class S2		Class 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%		1.43%
Solution 2040		1.23%		0.73%		0.98%		1.13%		1.43%

Portfolio(1)(2)	Class ADV		Class I		Class S		Class S2		Class T
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%		1.48%
Solution 2060(3)		1.28%		0.78%		1.03%		1.18%		1.48%
Solution 2065(3)		1.28%		0.78%		1.03%		1.18%		1.48%

(1)

The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

(2)

Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

(3)

Prior to January 1, 2022 the side letter expense limits for each Portfolio were 1.30%, 0.80%, 1.05%, 1.20%, and 1.50% for Class ADV, Class I, Class S, Class S2, and Class T, respectively.

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

	June 30,
	2023			2024			2025			Total
Solution Aggressive		$	25,574		$	6,609		$	1,937		$	34,120
Solution Balanced			23,396			90			—			23,486
Solution Conservative			43,150			27,775			26,494			97,419
Solution Income			257,187			291,711			208,091			756,989
Solution Moderately Conservative			50,146			33,794			21,685			105,625

	June 30,
	2023			2024			2025			Total
Solution Aggressive
Class ADV		$	1,702		$	4,266		$	3,091		$	9,059
Class I			210			334			408			952
Class S			1,900			8,436			7,362			17,698
Class S2			859			3,786			2,660			7,305

TABLE OF CONTENTS

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

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

	June 30,
	2023		2024		2025		Total
Solution Balanced
Class ADV		2,971		6,114		2,544		11,629
Class I		698		1,795		860		3,353
Class S		5,758		12,685		5,859		24,302
Class S2		703		1,092		383		2,178
Solution Conservative
Class ADV		1,830		2,297		3,300		7,427
Class I		199		121		405		725
Class S		810		1,127		1,901		3,838
Class S2		262		689		1,011		1,962
Solution Moderately Conservative
Class ADV		2,970		5,808		4,820		13,598
Class I		20		34		139		193
Class S		7,938		17,544		16,472		41,954
Class S2		2,141		4,510		3,763		10,414

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

or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2022.

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

The following Portfolios utilized the line of credit during the period ended June 30, 2022:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Income		1		$	8,528,000		1.58%
Solution Moderately Aggressive		4			573,250		1.94
Solution Moderately Conservative		1			841,000		1.58
Solution 2025		1			539,000		1.58
Solution 2035		1			525,000		1.58

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Aggressive
Class ADV
6/30/2022		72,580		—		—		(61,616)		10,964		1,059,630		—		—		(875,546)		184,084
12/31/2021		61,555		—		2,313		(65,115)		(1,247)		952,159		—		36,612		(1,005,199)		(16,428)
Class I
6/30/2022		40,469		—		—		(3,407)		37,062		607,968		—		—		(52,835)		555,133
12/31/2021		9,515		—		326		(1,549)		8,292		153,652		—		5,299		(25,111)		133,840
Class R6
6/30/2022		261,805		—		—		(79,677)		182,128		3,956,889		—		—		(1,166,023)		2,790,866
12/31/2021		285,716		—		14,236		(188,103)		111,849		4,569,068		—		231,482		(2,972,817)		1,827,733
Class S
6/30/2022		18,537		—		—		(30,159)		(11,622)		273,739		—		—		(432,334)		(158,595)
12/31/2021		49,740		—		2,906		(47,375)		5,271		771,813		—		46,644		(751,172)		67,285
Class S2
6/30/2022		38,826		—		—		(16,400)		22,426		598,491		—		—		(248,878)		349,613
12/31/2021		19,489		—		689		(80,107)		(59,929)		293,503		—		10,846		(1,193,442)		(889,093)
Solution Balanced
Class ADV
6/30/2022		64,230		—		—		(17,895)		46,335		656,085		—		—		(181,171)		474,914
12/31/2021		113,708		—		13,943		(146,888)		(19,237)		1,242,911		—		155,467		(1,579,480)		(181,102)

TABLE OF CONTENTS

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Balanced (continued)
Class I
6/30/2022		46,914		—		—		(23,330)		23,584		505,817		—		—		(248,094)		257,723
12/31/2021		41,710		—		5,702		(29,023)		18,389		479,551		—		66,254		(326,375)		219,430
Class R6
6/30/2022		130,235		—		—		(130,264)		(29)		1,400,287		—		—		(1,448,838)		(48,551)
12/31/2021		326,721		—		38,898		(419,515)		(53,896)		3,710,784		—		451,989		(4,762,062)		(599,289)
Class S
6/30/2022		81,556		—		—		(268,078)		(186,522)		865,411		—		—		(2,944,105)		(2,078,694)
12/31/2021		319,745		—		37,686		(186,138)		171,293		3,573,955		—		425,470		(2,110,009)		1,889,416
Class S2
6/30/2022		12,250		—		—		(40,292)		(28,042)		127,759		—		—		(438,278)		(310,519)
12/31/2021		17,837		—		1,858		(42,238)		(22,543)		198,924		—		20,938		(459,963)		(240,101)
Solution Conservative
Class ADV
6/30/2022		90,362		—		—		(87,207)		3,155		1,020,808		—		—		(989,131)		31,677
12/31/2021		53,123		—		12,311		(123,198)		(57,764)		634,400		—		146,010		(1,468,478)		(688,068)
Class I
6/30/2022		2,144		—		—		(68,159)		(66,015)		24,510		—		—		(783,596)		(759,086)
12/31/2021		95,445		—		1,577		(41,279)		55,743		1,158,541		—		18,829		(509,029)		668,341
Class R6
6/30/2022		108,275		—		—		(102,239)		6,036		1,220,882		—		—		(1,172,020)		48,862
12/31/2021		221,357		—		32,261		(110,457)		143,161		2,685,988		—		385,202		(1,330,478)		1,740,712
Class S
6/30/2022		16,579		—		—		(15,693)		886		186,336		—		—		(179,433)		6,903
12/31/2021		51,005		—		8,305		(62,536)		(3,226)		616,065		—		98,834		(747,010)		(32,111)
Class S2
6/30/2022		13,195		—		—		(10,733)		2,462		143,003		—		—		(123,496)		19,507
12/31/2021		21,088		—		4,528		(43,807)		(18,191)		248,907		—		53,159		(519,487)		(217,421)
Solution Income
Class ADV
6/30/2022		132,475		—		—		(1,121,480)		(989,005)		1,579,945		—		—		(13,121,606)		(11,541,661)
12/31/2021		675,984		—		735,821		(1,846,022)		(434,217)		8,686,612		—		9,308,131		(23,814,304)		(5,819,561)
Class I
6/30/2022		98,832		—		—		(388,811)		(289,979)		1,220,354		—		—		(4,753,819)		(3,533,465)
12/31/2021		487,391		—		208,364		(1,169,532)		(473,777)		6,476,050		—		2,702,478		(15,589,002)		(6,410,474)
Class S
6/30/2022		227,937		—		—		(470,763)		(242,826)		2,734,268		—		—		(5,684,103)		(2,949,835)
12/31/2021		401,543		—		504,948		(1,771,685)		(865,194)		5,303,129		—		6,498,676		(23,267,459)		(11,465,654)
Class S2
6/30/2022		15,725		—		—		(105,431)		(89,706)		186,768		—		—		(1,221,992)		(1,035,224)
12/31/2021		117,603		—		31,933		(112,576)		36,960		1,529,126		—		399,483		(1,445,471)		483,138
Class T
6/30/2022		139		—		—		(26)		113		1,787		—		—		(334)		1,453
12/31/2021		538		—		422		(3,174)		(2,214)		7,468		—		5,816		(44,676)		(31,392)
Solution Moderately Aggressive
Class ADV
6/30/2022		120,812		—		—		(71,603)		49,209		1,625,899		—		—		(974,340)		651,559
12/31/2021		219,131		—		24,650		(350,681)		(106,900)		3,085,826		—		356,936		(4,997,545)		(1,554,783)
Class I
6/30/2022		32,344		—		—		(33,377)		(1,033)		445,135		—		—		(465,775)		(20,640)
12/31/2021		34,732		—		6,360		(64,880)		(23,788)		504,927		—		94,189		(959,559)		(360,443)
Class R6
6/30/2022		225,723		—		—		(72,829)		152,894		3,117,900		—		—		(1,003,336)		2,114,564
12/31/2021		417,375		—		32,826		(273,853)		176,348		6,100,490		—		485,492		(3,888,342)		2,697,640
Class S
6/30/2022		77,270		—		—		(2,654,848)		(2,577,578)		989,715		—		—		(36,548,560)		(35,558,845)
12/31/2021		75,126		—		615,931		(5,635,898)		(4,944,841)		1,061,875		—		9,011,067		(80,914,364)		(70,841,422)
Class S2
6/30/2022		13,413		—		—		(48,048)		(34,635)		182,269		—		—		(666,504)		(484,235)
12/31/2021		41,980		—		1,922		(18,980)		24,922		580,816		—		28,117		(263,764)		345,169
Solution Moderately Conservative
Class ADV
6/30/2022		61,574		—		—		(24,334)		37,240		643,458		—		—		(265,303)		378,155
12/31/2021		53,984		—		10,895		(152,616)		(87,737)		603,076		—		122,461		(1,716,450)		(990,913)
Class I
6/30/2022		3,397		—		—		(16,423)		(13,026)		38,257		—		—		(186,793)		(148,536)
12/31/2021		27,936		—		108		(677)		27,367		331,441		—		1,270		(7,730)		324,981
Class R6
6/30/2022		290,390		—		—		(191,496)		98,894		3,218,496		—		—		(2,040,613)		1,177,883
12/31/2021		252,719		—		22,090		(230,125)		44,684		2,954,723		—		259,334		(2,694,834)		519,223

TABLE OF CONTENTS

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Moderately Conservative (continued)
Class S
6/30/2022		56,134		—		—		(212,233)		(156,099)		608,263		—		—		(2,281,186)		(1,672,923)
12/31/2021		141,640		—		42,047		(194,521)		(10,834)		1,614,812		—		481,441		(2,206,455)		(110,202)
Class S2
6/30/2022		9,442		—		—		(29,486)		(20,044)		99,126		—		—		(321,149)		(222,023)
12/31/2021		30,748		—		9,919		(102,412)		(61,745)		338,573		—		111,682		(1,148,863)		(698,608)
Solution 2025
Class ADV
6/30/2022		565,808		—		—		(1,887,254)		(1,321,446)		6,483,641		—		—		(21,270,080)		(14,786,439)
12/31/2021		1,196,751		—		1,404,900		(4,098,268)		(1,496,617)		14,923,433		—		17,210,023		(51,142,877)		(19,009,421)
Class I
6/30/2022		250,459		—		—		(456,624)		(206,165)		2,964,931		—		—		(5,437,613)		(2,472,682)
12/31/2021		720,869		—		368,787		(2,292,768)		(1,203,112)		9,297,777		—		4,665,157		(29,932,125)		(15,969,191)
Class S
6/30/2022		456,159		—		—		(1,454,413)		(998,254)		5,279,032		—		—		(16,731,552)		(11,452,520)
12/31/2021		1,636,001		—		1,797,330		(3,746,456)		(313,125)		20,835,014		—		22,412,706		(47,528,117)		(4,280,397)
Class S2
6/30/2022		34,499		—		—		(177,502)		(143,003)		384,185		—		—		(1,982,250)		(1,598,065)
12/31/2021		191,987		—		70,522		(120,329)		142,180		2,408,557		—		851,206		(1,476,600)		1,783,163
Class T
6/30/2022		61		—		—		(372)		(311)		764		—		—		(4,541)		(3,777)
12/31/2021		6,239		—		1,780		(13,338)		(5,319)		81,702		—		23,232		(179,193)		(74,259)
Solution 2030
Class ADV
6/30/2022		221,874		—		—		(144,222)		77,652		3,581,762		—		—		(2,353,032)		1,228,730
12/31/2021		357,147		—		33,523		(329,507)		61,163		6,220,950		—		591,672		(5,803,659)		1,008,963
Class I
6/30/2022		75,767		—		—		(23,851)		51,916		1,271,995		—		—		(397,571)		874,424
12/31/2021		166,972		—		19,272		(342,047)		(155,803)		3,003,862		—		351,715		(6,190,361)		(2,834,784)
Class S
6/30/2022		187,049		—		—		(127,504)		59,545		3,197,080		—		—		(2,113,210)		1,083,870
12/31/2021		226,647		—		27,908		(321,691)		(67,136)		4,063,787		—		505,140		(5,813,976)		(1,245,049)
Class S2
6/30/2022		10,692		—		—		(57,684)		(46,992)		178,778		—		—		(959,830)		(781,052)
12/31/2021		51,020		—		1,901		(3,850)		49,071		909,309		—		33,902		(68,713)		874,498
Class T
6/30/2022		203		—		—		(25)		178		3,382		—		—		(399)		2,983
12/31/2021		454		—		63		(173)		344		7,882		—		1,109		(3,017)		5,974
Solution 2035
Class ADV
6/30/2022		365,961		—		—		(1,310,341)		(944,380)		4,365,194		—		—		(15,487,963)		(11,122,769)
12/31/2021		887,309		—		1,048,377		(3,174,158)		(1,238,472)		11,453,592		—		13,377,292		(40,852,909)		(16,022,025)
Class I
6/30/2022		274,577		—		—		(239,588)		34,989		3,354,465		—		—		(2,962,937)		391,528
12/31/2021		946,521		—		350,560		(2,924,583)		(1,627,502)		12,559,297		—		4,627,389		(39,239,255)		(22,052,569)
Class S
6/30/2022		717,079		—		—		(931,720)		(214,641)		8,632,892		—		—		(11,345,428)		(2,712,536)
12/31/2021		1,592,622		—		1,712,038		(3,025,225)		279,435		20,942,710		—		22,256,496		(39,775,963)		3,423,243
Class S2
6/30/2022		41,866		—		—		(227,386)		(185,520)		483,175		—		—		(2,565,847)		(2,082,672)
12/31/2021		189,683		—		69,584		(166,075)		93,192		2,413,853		—		862,848		(2,071,180)		1,205,521
Class T
6/30/2022		—		—		—		(181)		(181)		—		—		—		(2,061)		(2,061)
12/31/2021		471		—		85		(39,752)		(39,196)		6,415		—		1,154		(548,057)		(540,488)
Solution 2040
Class ADV
6/30/2022		128,330		—		—		(188,206)		(59,876)		2,246,622		—		—		(3,452,281)		(1,205,659)
12/31/2021		230,749		—		20,996		(275,542)		(23,797)		4,373,331		—		401,451		(5,211,010)		(436,228)
Class I
6/30/2022		153,383		—		—		(55,213)		98,170		2,944,490		—		—		(1,028,679)		1,915,811
12/31/2021		176,548		—		14,090		(397,118)		(206,480)		3,394,552		—		278,849		(7,701,423)		(4,028,022)
Class S
6/30/2022		99,941		—		—		(36,404)		63,537		1,818,905		—		—		(646,287)		1,172,618
12/31/2021		220,498		—		16,766		(164,535)		72,729		4,278,546		—		328,275		(3,177,367)		1,429,454
Class S2
6/30/2022		22,233		—		—		(28,894)		(6,661)		376,170		—		—		(513,621)		(137,451)
12/31/2021		38,077		—		2,447		(6,354)		34,170		727,754		—		46,978		(118,433)		656,299
Class T
6/30/2022		—		—		—		(3)		(3)		—		—		—		(55)		(55)
12/31/2021		133		—		8		(2,292)		(2,151)		2,460		—		145		(42,777)		(40,172)

TABLE OF CONTENTS

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2045
Class ADV
6/30/2022		370,567		—		—		(1,028,813)		(658,246)		4,407,978		—		—		(11,951,136)		(7,543,158)
12/31/2021		845,600		—		1,127,891		(2,239,730)		(266,239)		11,083,381		—		14,358,057		(29,328,049)		(3,886,611)
Class I
6/30/2022		285,259		—		—		(183,763)		101,496		3,509,651		—		—		(2,261,724)		1,247,927
12/31/2021		682,994		—		422,781		(2,789,732)		(1,683,957)		9,295,851		—		5,597,625		(38,154,366)		(23,260,890)
Class S
6/30/2022		840,315		—		—		(412,200)		428,115		10,221,476		—		—		(5,061,198)		5,160,278
12/31/2021		1,083,001		—		1,951,062		(1,797,621)		1,236,442		14,374,392		—		25,285,757		(23,822,326)		15,837,823
Class S2
6/30/2022		41,665		—		—		(328,749)		(287,084)		492,883		—		—		(3,835,032)		(3,342,149)
12/31/2021		331,093		—		78,997		(128,843)		281,247		4,394,706		—		990,625		(1,648,553)		3,736,778
Class T
6/30/2022		152		—		—		(415)		(263)		1,948		—		—		(4,655)		(2,707)
12/31/2021		781		—		1,065		(878)		968		10,672		—		14,354		(11,995)		13,031
Solution 2050
Class ADV
6/30/2022		67,405		—		—		(78,447)		(11,042)		1,224,679		—		—		(1,464,849)		(240,170)
12/31/2021		163,733		—		20,535		(291,113)		(106,845)		3,218,451		—		407,828		(5,729,756)		(2,103,477)
Class I
6/30/2022		75,456		—		—		(40,324)		35,132		1,427,205		—		—		(761,300)		665,905
12/31/2021		144,521		—		14,182		(313,274)		(154,571)		2,933,406		—		292,715		(6,314,663)		(3,088,542)
Class S
6/30/2022		98,698		—		—		(34,630)		64,068		1,831,115		—		—		(650,743)		1,180,372
12/31/2021		115,952		—		13,083		(117,677)		11,358		2,337,815		—		266,356		(2,365,351)		238,820
Class S2
6/30/2022		7,371		—		—		(23,647)		(16,276)		137,557		—		—		(439,728)		(302,171)
12/31/2021		34,601		—		1,412		(10,295)		25,718		691,669		—		28,288		(204,476)		515,481
Class T
6/30/2022		—		—		—		(3)		(3)		—		—		—		(53)		(53)
12/31/2021		—		—		8		(29)		(21)		—		—		157		(573)		(416)
Solution 2055
Class ADV
6/30/2022		211,457		—		—		(375,056)		(163,599)		2,861,092		—		—		(5,188,792)		(2,327,700)
12/31/2021		441,406		—		556,051		(800,323)		197,134		6,939,080		—		8,173,952		(12,437,823)		2,675,209
Class I
6/30/2022		193,947		—		—		(97,818)		96,129		2,709,497		—		—		(1,383,705)		1,325,792
12/31/2021		359,722		—		230,385		(1,061,900)		(471,793)		5,805,593		—		3,511,066		(17,214,017)		(7,897,358)
Class S
6/30/2022		348,158		—		—		(94,779)		253,379		4,723,026		—		—		(1,337,072)		3,385,954
12/31/2021		635,802		—		792,083		(656,547)		771,338		10,071,477		—		11,778,272		(10,166,962)		11,682,787
Class S2
6/30/2022		45,153		—		—		(167,397)		(122,244)		628,122		—		—		(2,293,461)		(1,665,339)
12/31/2021		138,026		—		47,488		(33,529)		151,985		2,245,802		—		701,880		(522,613)		2,425,069
Class T
6/30/2022		—		—		—		(13)		(13)		—		—		—		(187)		(187)
12/31/2021		105		—		186		(756)		(465)		1,630		—		2,823		(12,573)		(8,120)
Solution 2060
Class ADV
6/30/2022		98,256		—		—		(60,409)		37,847		1,309,312		—		—		(820,637)		488,675
12/31/2021		192,852		—		19,178		(196,910)		15,120		2,782,491		—		278,652		(2,835,213)		225,930
Class I
6/30/2022		85,908		—		—		(29,556)		56,352		1,157,439		—		—		(414,917)		742,522
12/31/2021		160,272		—		13,432		(329,261)		(155,557)		2,340,656		—		199,058		(4,758,971)		(2,219,257)
Class S
6/30/2022		91,868		—		—		(41,265)		50,603		1,207,876		—		—		(566,553)		641,323
12/31/2021		193,794		—		15,877		(184,676)		24,995		2,767,125		—		231,483		(2,629,097)		369,511
Class S2
6/30/2022		15,654		—		—		(42,221)		(26,567)		211,016		—		—		(568,715)		(357,699)
12/31/2021		52,152		—		2,231		(7,578)		46,805		757,943		—		32,424		(108,984)		681,383
Class T
6/30/2022		—		—		—		—		—		—		—		—		—		—
12/31/2021		—		—		9		(29)		(20)		—		—		138		(413)		(275)
Solution 2065
Class ADV
6/30/2022		63,382		—		—		(16,627)		46,755		680,102		—		—		(182,441)		497,661
12/31/2021		50,556		—		15,228		(20,839)		44,945		647,774		—		182,982		(262,122)		568,634
Class I
6/30/2022		55,842		—		—		(4,396)		51,446		599,547		—		—		(47,050)		552,497
12/31/2021		44,094		—		16,672		(9,783)		50,983		568,820		—		200,792		(127,336)		642,276

TABLE OF CONTENTS

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2065 (continued)
Class S
6/30/2022		98,158		—		—		(12,752)		85,406		1,041,205		—		—		(135,596)		905,609
12/31/2021		110,904		—		23,596		(13,688)		120,812		1,424,530		—		283,529		(171,152)		1,536,907
Class S2
6/30/2022		10,032		—		—		(7,413)		2,619		110,664		—		—		(79,833)		30,831
12/31/2021		6,571		—		1,107		(394)		7,284		84,190		—		13,310		(5,017)		92,483
Class T
6/30/2022		—		—		—		—		—		—		—		—		—		—
12/31/2021		—		—		39		—		39		—		—		472		—		472

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, straddle loss deferrals and wash sale deferrals.

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

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Solution Aggressive		$	330,883		$	—		$	394,195		$	1,365,142
Solution Balanced			1,120,118			—			1,564,710			2,131,869
Solution Conservative			628,379			73,655			535,080			187,887
Solution Income			12,324,645			6,590,155			7,420,988			560,950
Solution Moderately Aggressive			9,975,801			—			10,679,656			39,481,314
Solution Moderately Conservative			976,188			—			1,031,400			854,887
Solution 2025			28,643,871			16,518,453			17,407,400			30,899,313
Solution 2030			1,454,818			28,849			926,283			1,719,132
Solution 2035			28,980,536			12,144,643			15,624,659			53,485,966
Solution 2040			904,629			151,200			691,140			1,723,766
Solution 2045			26,216,481			20,029,937			10,941,963			40,042,161
Solution 2050			597,936			397,553			528,816			1,510,883
Solution 2055			11,699,237			12,468,755			3,516,199			13,121,200
Solution 2060			368,140			373,615			302,676			817,260
Solution 2065			399,683			281,402			41,291			10,586

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Other			Total Distributable Earnings/(Loss)
Solution Aggressive		$	1,706,591		$	3,537,803		$	2,768,040		$	(193)		$	8,012,241
Solution Balanced			3,421,524			5,025,986			5,150,582			(930)			13,597,162
Solution Conservative			983,372			753,987			136,181			(292)			1,873,248
Solution Income			14,497,060			18,204,098			11,004,341			(12,715)			43,692,784
Solution Moderately Aggressive			24,090,454			61,576,573			75,364,925			(621,150)			160,410,802
Solution Moderately Conservative			2,767,123			2,754,009			1,725,646			(664)			7,246,114
Solution 2025			35,123,143			60,566,542			32,251,509			(20,553)			127,920,641
Solution 2030			3,472,781			6,208,073			2,335,514			(430)			12,015,938
Solution 2035			37,717,252			76,387,702			59,309,916			(20,467)			173,394,403
Solution 2040			2,936,429			5,606,359			2,222,451			(337)			10,764,902

TABLE OF CONTENTS

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

NOTE 10 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/ (Depreciation)		Other		Total Distributable Earnings/(Loss)
Solution 2045		32,693,408		63,506,716		49,828,268		(14,284)		146,014,108
Solution 2050		2,442,525		5,049,415		2,301,404		(270)		9,793,074
Solution 2055		12,597,977		20,972,628		13,096,778		(2,936)		46,664,447
Solution 2060		1,895,775		3,616,568		1,344,208		(152)		6,856,399
Solution 2065		—		169,120		131,409		(7)		300,522

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

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

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

NOTE 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 will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

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

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

NOTE 12 — LIQUIDITY

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

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

During the period covered by the annual assessment, January 1, 2021 through December 31, 2021, the Program supported the Portfolios’ ability to honor redemption

TABLE OF CONTENTS

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

NOTE 12 — LIQUIDITY (continued)

requests in a timely manner and the Program Administrator’s management of each Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.

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

NOTE 13 — MARKET DISRUPTION

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

NOTE 14 — SUBSEQUENT EVENTS

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

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution Aggressive
Class ADV		$	0.3209		$	0.4038		$	1.6159	August 4, 2022	August 2, 2022
Class I		$	0.3934		$	0.4038		$	1.6159	August 4, 2022	August 2, 2022
Class R6		$	0.3933		$	0.4038		$	1.6159	August 4, 2022	August 2, 2022
Class S		$	0.3514		$	0.4038		$	1.6159	August 4, 2022	August 2, 2022
Class S2		$	0.3388		$	0.4038		$	1.6159	August 4, 2022	August 2, 2022
Solution Balanced
Class ADV		$	0.3457		$	0.2553		$	0.9272	August 4, 2022	August 2, 2022
Class I		$	0.3965		$	0.2553		$	0.9272	August 4, 2022	August 2, 2022
Class R6		$	0.3972		$	0.2553		$	0.9272	August 4, 2022	August 2, 2022
Class S		$	0.3662		$	0.2553		$	0.9272	August 4, 2022	August 2, 2022
Class S2		$	0.3398		$	0.2553		$	0.9272	August 4, 2022	August 2, 2022
Solution Conservative
Class ADV		$	0.3486		$	0.3046		$	0.5292	August 4, 2022	August 2, 2022
Class I		$	0.4046		$	0.3046		$	0.5292	August 4, 2022	August 2, 2022
Class R6		$	0.4070		$	0.3046		$	0.5292	August 4, 2022	August 2, 2022
Class S		$	0.3746		$	0.3046		$	0.5292	August 4, 2022	August 2, 2022
Class S2		$	0.3581		$	0.3046		$	0.5292	August 4, 2022	August 2, 2022
Solution Income
Class ADV		$	0.4256		$	0.2697		$	0.9007	August 4, 2022	August 2, 2022
Class I		$	0.4975		$	0.2697		$	0.9007	August 4, 2022	August 2, 2022
Class S		$	0.4613		$	0.2697		$	0.9007	August 4, 2022	August 2, 2022
Class S2		$	0.4232		$	0.2697		$	0.9007	August 4, 2022	August 2, 2022
Class T		$	0.3965		$	0.2697		$	0.9007	August 4, 2022	August 2, 2022

TABLE OF CONTENTS

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

NOTE 14 — SUBSEQUENT EVENTS (continued)

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution Moderately Aggressive
Class ADV		$	0.4128		$	0.1820		$	1.5996	August 4, 2022	August 2, 2022
Class I		$	0.4842		$	0.1820		$	1.5996	August 4, 2022	August 2, 2022
Class R6		$	0.4851		$	0.1820		$	1.5996	August 4, 2022	August 2, 2022
Class S		$	0.4426		$	0.1820		$	1.5996	August 4, 2022	August 2, 2022
Class S2		$	0.4054		$	0.1820		$	1.5996	August 4, 2022	August 2, 2022
Solution Moderately Conservative
Class ADV		$	0.3732		$	0.3577		$	0.7555	August 4, 2022	August 2, 2022
Class I		$	0.4306		$	0.3577		$	0.7555	August 4, 2022	August 2, 2022
Class R6		$	0.4307		$	0.3577		$	0.7555	August 4, 2022	August 2, 2022
Class S		$	0.4002		$	0.3577		$	0.7555	August 4, 2022	August 2, 2022
Class S2		$	0.3784		$	0.3577		$	0.7555	August 4, 2022	August 2, 2022
Solution 2025
Class ADV		$	0.4356		$	0.3047		$	1.3207	August 4, 2022	August 2, 2022
Class I		$	0.5050		$	0.3047		$	1.3207	August 4, 2022	August 2, 2022
Class S		$	0.4720		$	0.3047		$	1.3207	August 4, 2022	August 2, 2022
Class S2		$	0.4508		$	0.3047		$	1.3207	August 4, 2022	August 2, 2022
Class T		$	0.4057		$	0.3047		$	1.3207	August 4, 2022	August 2, 2022
Solution 2030
Class ADV		$	0.6098		$	0.4435		$	1.9423	August 4, 2022	August 2, 2022
Class I		$	0.6976		$	0.4435		$	1.9423	August 4, 2022	August 2, 2022
Class S		$	0.6520		$	0.4435		$	1.9423	August 4, 2022	August 2, 2022
Class S2		$	0.5883		$	0.4435		$	1.9423	August 4, 2022	August 2, 2022
Class T		$	0.5900		$	0.4435		$	1.9423	August 4, 2022	August 2, 2022
Solution 2035
Class ADV		$	0.4353		$	0.2885		$	1.5264	August 4, 2022	August 2, 2022
Class I		$	0.5064		$	0.2885		$	1.5264	August 4, 2022	August 2, 2022
Class S		$	0.4741		$	0.2885		$	1.5264	August 4, 2022	August 2, 2022
Class S2		$	0.4492		$	0.2885		$	1.5264	August 4, 2022	August 2, 2022
Class T		$	0.2797		$	0.2885		$	1.5264	August 4, 2022	August 2, 2022
Solution 2040
Class ADV		$	0.5789		$	0.6604		$	2.4591	August 4, 2022	August 2, 2022
Class I		$	0.6805		$	0.6604		$	2.4591	August 4, 2022	August 2, 2022
Class S		$	0.6419		$	0.6604		$	2.4591	August 4, 2022	August 2, 2022
Class S2		$	0.6153		$	0.6604		$	2.4591	August 4, 2022	August 2, 2022
Class T		$	0.3976		$	0.6604		$	2.4591	August 4, 2022	August 2, 2022
Solution 2045
Class ADV		$	0.4288		$	0.3767		$	1.6237	August 4, 2022	August 2, 2022
Class I		$	0.4978		$	0.3767		$	1.6237	August 4, 2022	August 2, 2022
Class S		$	0.4675		$	0.3767		$	1.6237	August 4, 2022	August 2, 2022
Class S2		$	0.4290		$	0.3767		$	1.6237	August 4, 2022	August 2, 2022
Class T		$	0.4024		$	0.3767		$	1.6237	August 4, 2022	August 2, 2022
Solution 2050
Class ADV		$	0.6175		$	0.6670		$	2.7591	August 4, 2022	August 2, 2022
Class I		$	0.7244		$	0.6670		$	2.7591	August 4, 2022	August 2, 2022
Class S		$	0.6868		$	0.6670		$	2.7591	August 4, 2022	August 2, 2022
Class S2		$	0.6225		$	0.6670		$	2.7591	August 4, 2022	August 2, 2022
Class T		$	0.5832		$	0.6670		$	2.7591	August 4, 2022	August 2, 2022
Solution 2055
Class ADV		$	0.4814		$	0.5574		$	1.7887	August 4, 2022	August 2, 2022
Class I		$	0.5601		$	0.5574		$	1.7887	August 4, 2022	August 2, 2022
Class S		$	0.5272		$	0.5574		$	1.7887	August 4, 2022	August 2, 2022
Class S2		$	0.4808		$	0.5574		$	1.7887	August 4, 2022	August 2, 2022
Class T		$	0.4396		$	0.5574		$	1.7887	August 4, 2022	August 2, 2022

TABLE OF CONTENTS

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

NOTE 14 — SUBSEQUENT EVENTS (continued)

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution 2060
Class ADV		$	0.4418		$	0.5232		$	1.8944	August 4, 2022	August 2, 2022
Class I		$	0.5072		$	0.5232		$	1.8944	August 4, 2022	August 2, 2022
Class S		$	0.4782		$	0.5232		$	1.8944	August 4, 2022	August 2, 2022
Class S2		$	0.4414		$	0.5232		$	1.8944	August 4, 2022	August 2, 2022
Class T		$	0.3979		$	0.5232		$	1.8944	August 4, 2022	August 2, 2022
Solution 2065
Class ADV		$	—		$	—		$	0.2483	August 4, 2022	August 2, 2022
Class I		$	—		$	—		$	0.2483	August 4, 2022	August 2, 2022
Class S		$	—		$	—		$	0.2483	August 4, 2022	August 2, 2022
Class S2		$	—		$	—		$	0.2483	August 4, 2022	August 2, 2022
Class T		$	—		$	—		$	0.2483	August 4, 2022	August 2, 2022

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. Other than the above, no such subsequent events were identified.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 15.6%
10,839	iShares MSCI Japan ETF		$	572,624		2.0
5,011	iShares Russell 2000 ETF			848,663		3.0
22,761	Vanguard Russell 1000 Growth ETF			1,280,990		4.5
4,925	Vanguard S&P 500 ETF			1,708,384		6.1
	Total Exchange-Traded Funds (Cost $5,292,880)			4,410,661		15.6
MUTUAL FUNDS: 84.4%
	Affiliated Investment Companies: 84.4%
572,576	Voya Government Money Market Portfolio - Class I			572,575		2.0
64,630	Voya Intermediate Bond Fund - Class R6			578,137		2.0
44,151	Voya Large Cap Value Portfolio - Class R6			566,019		2.0
94,829	Voya Multi-Manager Emerging Markets Equity Fund - Class I			846,824		3.0
229,441	Voya Multi-Manager International Equity Fund - Class I			1,970,902		7.0
208,335	Voya Multi-Manager International Factors Fund - Class I			1,689,597		6.0
175,060	Voya Multi-Manager Mid Cap Value Fund - Class I			1,551,028		5.5
45,938	Voya Short Term Bond Fund - Class R6			431,357		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
404,796	Voya U.S. Stock Index Portfolio - Class I		$	7,075,825		25.0
97,720	VY® Columbia Contrarian Core Portfolio - Class I			1,843,979		6.5
64,342	VY® Invesco Comstock Portfolio - Class I			1,262,391		4.5
67,289	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,121,037		4.0
50,353	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,423,466		5.0
147,048	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,549,884		5.5
18,742	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,399,466		4.9
	Total Mutual Funds (Cost $27,671,645)			23,882,487		84.4
	Total Investments in Securities (Cost $32,964,525)		$	28,293,148		100.0
	Assets in Excess of Other Liabilities			12,190		0.0
	Net Assets		$	28,305,338		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,410,661		$	—		$	—		$	4,410,661
Mutual Funds			23,882,487			—			—			23,882,487
Total Investments, at fair value		$	28,293,148		$	—		$	—		$	28,293,148

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	—		$	640,746		$	(49,508)		$	(13,101)		$	578,137		$	1,629		$	(940)		$	—
Voya Large Cap Value Portfolio - Class R6			—			701,532			(72,719)			(62,794)			566,019			—			(2,722)			—
Voya Government Money Market Portfolio - Class I			—			700,831			(128,256)			—			572,575			486			—			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			902,854			606,528			(599,957)			(62,601)			846,824			—			(219,959)			—
Voya Multi-Manager International Equity Fund - Class I			3,707,194			708,347			(1,896,817)			(547,822)			1,970,902			—			(295,009)			—
Voya Multi-Manager International Factors Fund - Class I			942,121			1,162,124			(108,620)			(306,028)			1,689,597			—			25,634			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,795,209			355,422			(278,364)			(321,239)			1,551,028			—			(35)			—
Voya Short Term Bond Fund - Class R6			—			1,085,579			(652,880)			(1,342)			431,357			1,282			(5,652)			—
Voya U.S. Stock Index Portfolio - Class I			7,235,150			2,634,566			(877,260)			(1,916,631)			7,075,825			—			251,815			—
VY® Columbia Contrarian Core Portfolio - Class I			2,421,072			424,020			(427,765)			(573,348)			1,843,979			—			152,281			—
VY® Invesco Comstock Portfolio - Class I			1,952,542			397,678			(629,097)			(458,732)			1,262,391			—			376,513			—
VY® JPMorgan Small Cap Core Equity Portfolio Class R6			1,296,039			415,827			(209,182)			(381,647)			1,121,037			—			79,839			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,591,887			284,615			(205,017)			(248,019)			1,423,466			—			11,684			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,689,862			555,930			(139,510)			(556,398)			1,549,884			—			(1,563)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,355,878			870,265			(889,711)			(936,966)			1,399,466			—			97,033			—
		$	25,889,808		$	11,544,010		$	(7,164,663)		$	(6,386,668)		$	23,882,487		$	3,397		$	468,919		$	—

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

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

Cost for federal income tax purposes was $33,688,660.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(5,395,512)
Net Unrealized Depreciation	$	(5,395,512)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.7%
9,220	iShares 20+ Year Treasury Bond ETF		$	1,059,102		2.0
19,449	iShares MSCI Japan ETF			1,027,491		2.0
2,997	iShares Russell 2000 ETF			507,572		1.0
18,151	Vanguard Russell 1000 Growth ETF			1,021,538		2.0
5,524	Vanguard S&P 500 ETF			1,916,165		3.7
	Total Exchange-Traded Funds (Cost $6,501,166)			5,531,868		10.7
MUTUAL FUNDS: 89.3%
	Affiliated Investment Companies: 89.3%
1,037,166	Voya Government Money Market Portfolio - Class I			1,037,166		2.0
936,652	Voya Intermediate Bond Fund - Class R6			8,378,636		16.2
139,989	Voya Large Cap Value Portfolio - Class R6			1,794,653		3.5
101,076 (1)	Voya MidCap Opportunities Portfolio - Class R6			1,277,600		2.5
114,538	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,022,826		2.0
178,510	Voya Multi-Manager International Equity Fund - Class I			1,533,397		3.0
189,128	Voya Multi-Manager International Factors Fund - Class I			1,533,829		3.0
144,181	Voya Multi-Manager Mid Cap Value Fund - Class I			1,277,441		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
304,845	Voya Short Term Bond Fund - Class R6		$	2,862,496		5.5
507,145	Voya U.S. Stock Index Portfolio - Class I			8,864,886		17.2
401,479	VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,207,504		8.1
95,323	VY® Columbia Contrarian Core Portfolio - Class I			1,798,753		3.5
90,680	VY® Invesco Comstock Portfolio - Class I			1,779,142		3.4
61,358	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,022,222		2.0
182,431	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			5,157,329		10.0
34,208	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,554,281		4.9
	Total Mutual Funds (Cost $52,119,734)			46,102,161		89.3
	Total Investments in Securities (Cost $58,620,900)		$	51,634,029		100.0
	Liabilities in Excess of Other Assets			(1,259)		—
	Net Assets		$	51,632,770		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,531,868		$	—		$	—		$	5,531,868
Mutual Funds			46,102,161			—			—			46,102,161
Total Investments, at fair value		$	51,634,029		$	—		$	—		$	51,634,029

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	5,144,876		$	39,542		$	(4,878,861)		$	(305,557)		$	—		$	22,193		$	163,222		$	—
Voya Intermediate Bond Fund - Class R6			7,001,195			4,975,617			(2,629,293)			(968,883)			8,378,636			99,562			(188,783)			—
Voya Government Money Market Portfolio - Class I			—			1,202,922			(165,756)			—			1,037,166			856			—			—
Voya Large Cap Value Portfolio - Class R6			—			2,100,782			(105,494)			(200,635)			1,794,653			—			(3,213)			—
Voya MidCap Opportunities Portfolio - Class R6			1,514,295			406,878			(133,455)			(510,118)			1,277,600			—			21,738			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,213,652			231,153			(167,382)			(254,597)			1,022,826			—			(54,077)			—
Voya Multi-Manager International Equity Fund - Class I			3,123,731			417,316			(1,426,512)			(581,138)			1,533,397			—			(103,567)			—
Voya Multi-Manager International Factors Fund - Class I			1,905,827			157,152			(216,202)			(312,948)			1,533,829			—			(8,356)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,650,784			119,897			(213,992)			(279,248)			1,277,441			—			10,854			—
Voya Short Term Bond Fund - Class R6			1,269,161			3,013,778			(1,403,212)			(17,231)			2,862,496			10,351			(63,573)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			2,311,685			97,090			(2,613,760)			204,985			—			11,926			(245,600)			—
Voya U.S. Stock Index Portfolio - Class I			9,399,043			2,593,206			(809,097)			(2,318,266)			8,864,886			—			278,362			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,438,792			1,349,961			(1,251,762)			(329,487)			4,207,504			—			8,449			—
VY® Columbia Contrarian Core Portfolio - Class I			2,287,438			184,086			(197,927)			(474,844)			1,798,753			—			73,815			—
VY® Invesco Comstock Portfolio - Class I			—			2,127,790			(160,236)			(188,412)			1,779,142			—			559			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,274,840			176,779			(176,041)			(253,356)			1,022,222			—			(19,284)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			6,445,109			286,900			(622,040)			(952,640)			5,157,329			—			82,472			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			4,410,894			1,135,192			(1,291,363)			(1,700,442)			2,554,281			—			199,819			—
		$	53,391,322		$	20,616,041		$	(18,462,385)		$	(9,442,817)		$	46,102,161		$	144,888		$	152,837		$	—

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

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

Cost for federal income tax purposes was $59,204,413.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(7,570,384)
Net Unrealized Depreciation	$	(7,570,384)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.5%
2,673	iShares 20+ Year Treasury Bond ETF		$	307,048		2.0
5,638	iShares MSCI Japan ETF			297,856		2.0
5,354	Schwab U.S. TIPS ETF			298,753		2.0
5,262	Vanguard Russell 1000 Growth ETF			296,145		2.0
640	Vanguard S&P 500 ETF			222,003		1.5
	Total Exchange-Traded Funds (Cost $1,588,718)			1,421,805		9.5
MUTUAL FUNDS: 90.5%
	Affiliated Investment Companies: 90.5%
99,367	Voya Global Bond Fund - Class R6			754,196		5.0
111,602	Voya High Yield Bond Fund - Class R6			743,267		4.9
346,543	Voya Intermediate Bond Fund - Class R6			3,099,931		20.6
11,679 (1)	Voya MidCap Opportunities Portfolio - Class R6			147,629		1.0
36,362	Voya Multi-Manager International Factors Fund - Class I			294,897		2.0
16,662	Voya Multi-Manager Mid Cap Value Fund - Class I			147,623		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
376,145	Voya Short Term Bond Fund - Class R6		$	3,532,004		23.5
75,809	Voya U.S. High Dividend Low Volatility Fund - Class R6			819,494		5.4
224,666	VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,354,504		15.7
52,697	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,489,756		9.9
2,958	VY® T. Rowe Price Growth Equity Portfolio - Class I			220,868		1.5
	Total Mutual Funds (Cost $15,100,539)			13,604,169		90.5
	Total Investments in Securities (Cost $16,689,257)		$	15,025,974		100.0
	Assets in Excess of Other Liabilities			298		0.0
	Net Assets		$	15,026,272		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,421,805		$	—		$	—		$	1,421,805
Mutual Funds			13,604,169			—			—			13,604,169
Total Investments, at fair value		$	15,025,974		$	—		$	—		$	15,025,974

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	874,620		$	139,167		$	(128,494)		$	(131,097)		$	754,196		$	—		$	(3,404)		$	—
Voya High Yield Bond Fund - Class R6			2,319,172			179,780			(1,489,583)			(266,102)			743,267			30,665			54,543			—
Voya Intermediate Bond Fund - Class R6			3,267,297			1,626,534			(1,471,083)			(322,817)			3,099,931			39,987			(152,863)			—
Voya MidCap Opportunities Portfolio - Class R6			168,349			64,160			(35,824)			(49,056)			147,629			—			(5,337)			—
Voya Multi-Manager International Equity Fund - Class I			173,275			33,372			(225,964)			19,317			—			—			(49,024)			—
Voya Multi-Manager International Factors Fund - Class I			352,453			70,251			(72,286)			(55,521)			294,897			—			(5,015)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			182,839			26,606			(27,146)			(34,676)			147,623			—			4,430			—
Voya Short Term Bond Fund - Class R6			2,992,574			1,604,838			(940,660)			(124,748)			3,532,004			17,703			(23,896)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			368,389			699,200			(195,153)			(52,942)			819,494			1,866			(21,475)			—
Voya U.S. Stock Index Portfolio - Class I			733,232			61,318			(758,045)			(36,505)			—			—			(21,184)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,726,672			278,527			(461,644)			(189,051)			2,354,504			—			19,382			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,788,093			239,807			(266,648)			(271,496)			1,489,756			—			28,048			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			262,989			156,532			(119,861)			(78,792)			220,868			—			(28,643)			—
		$	16,209,954		$	5,180,092		$	(6,192,391)		$	(1,593,486)		$	13,604,169		$	90,221		$	(204,438)		$	—

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

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

Cost for federal income tax purposes was $16,823,766.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(1,797,791)
Net Unrealized Depreciation	$	(1,797,791)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.9%
40,339	iShares 20+ Year Treasury Bond ETF		$	4,633,741		2.0
85,096	iShares MSCI Japan ETF			4,495,622		2.0
80,808	Schwab U.S. TIPS ETF			4,509,086		2.0
53,920	Vanguard Emerging Markets ETF			2,245,768		1.0
54,782	Vanguard FTSE Developed Markets ETF			2,235,105		1.0
79,418	Vanguard Russell 1000 Growth ETF			4,469,645		1.9
6,445	Vanguard S&P 500 ETF			2,235,642		1.0
	Total Exchange-Traded Funds (Cost $29,861,050)			24,824,609		10.9
MUTUAL FUNDS: 89.0%
	Affiliated Investment Companies: 89.0%
900,871	Voya Global Bond Fund - Class R6			6,837,615		3.0
674,536	Voya High Yield Bond Fund - Class R6			4,492,413		2.0
6,897,434	Voya Intermediate Bond Fund - Class R6			61,699,619		27.2
499,933	Voya Multi-Manager Emerging Markets Equity Fund - Class I			4,464,406		2.0
519,084	Voya Multi-Manager International Equity Fund - Class I			4,458,933		2.0
1,374,817	Voya Multi-Manager International Factors Fund - Class I			11,149,763		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
251,751	Voya Multi-Manager Mid Cap Value Fund - Class I		$	2,230,515		1.0
3,143,999	Voya Short Term Bond Fund - Class R6			29,522,152		13.0
937,373	Voya U.S. High Dividend Low Volatility Fund - Class R6			10,132,997		4.5
256,542	Voya U.S. Stock Index Portfolio - Class I			4,484,354		2.0
3,066,155	VY® BrandywineGLOBAL - Bond Portfolio - Class I			32,133,302		14.1
796,242	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			22,509,767		9.9
211,436	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			2,228,537		1.0
74,580	VY® T. Rowe Price Growth Equity Portfolio - Class I			5,568,911		2.4
	Total Mutual Funds (Cost $224,019,308)			201,913,284		89.0
	Total Investments in Securities (Cost $253,880,358)		$	226,737,893		99.9
	Assets in Excess of Other Liabilities			161,225		0.1
	Net Assets		$	226,899,118		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	24,824,609		$	—		$	—		$	24,824,609
Mutual Funds			201,913,284			—			—			201,913,284
Total Investments, at fair value		$	226,737,893		$	—		$	—		$	226,737,893
Other Financial Instruments+
Futures			22,768			—			—			22,768
Total Assets		$	226,760,661		$	—		$	—		$	226,760,661
Liabilities Table
Other Financial Instruments+
Futures		$	(57,234)		$	—		$	—		$	(57,234)
Total Liabilities		$	(57,234)		$	—		$	—		$	(57,234)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

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

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

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

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		6		09/16/22		$	1,136,850		$	(38,228)
U.S. Treasury 2-Year Note		16		09/30/22			3,360,250			14,105
						$	4,497,100		$	(24,123)
Short Contracts:
MSCI EAFE Index		(24)		09/16/22			(2,227,920)			(19,006)
MSCI Emerging Markets Index		(45)		09/16/22			(2,256,075)			8,663
						$	(4,483,995)		$	(10,343)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	8,385,124		$	394,479		$	(678,013)		$	(1,263,975)		$	6,837,615		$	—		$	(35,712)		$	—
Voya High Yield Bond Fund - Class R6			14,255,725			293,088			(8,236,362)			(1,820,038)			4,492,413			156,203			706,112			—
Voya Intermediate Bond Fund - Class R6			72,983,404			11,622,731			(14,391,338)			(8,515,178)			61,699,619			826,705			(1,446,963)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,415,735			873,019			(471,890)			(1,352,458)			4,464,406			—			(25,111)			—
Voya Multi-Manager International Equity Fund - Class I			5,536,354			799,351			(442,053)			(1,434,719)			4,458,933			—			15,972			—
Voya Multi-Manager International Factors Fund - Class I			14,074,329			627,353			(1,241,934)			(2,309,985)			11,149,763			—			(50,624)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			2,931,891			139,995			(423,675)			(417,696)			2,230,515			—			(57,303)			—
Voya Short Term Bond Fund - Class R6			28,230,724			8,691,335			(6,136,418)			(1,263,489)			29,522,152			173,977			(166,848)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			6,435,103			5,978,713			(1,366,430)			(914,389)			10,132,997			36,016			(61,924)			—
Voya U.S. Stock Index Portfolio - Class I			11,478,806			1,145,671			(5,062,673)			(3,077,450)			4,484,354			—			1,422,302			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			39,351,812			209,112			(4,655,878)			(2,771,744)			32,133,302			—			276,340			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			28,571,446			887,599			(2,792,801)			(4,156,477)			22,509,767			—			312,156			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			2,752,028			604,879			(388,236)			(740,134)			2,228,537			—			(99,103)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			6,841,156			2,478,989			(812,610)			(2,938,624)			5,568,911			—			150,840			—
		$	247,243,637		$	34,746,314		$	(47,100,311)		$	(32,976,356)		$	201,913,284		$	1,192,901		$	940,134		$	—

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

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

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	8,663
Interest rate contracts	Variation margin receivable on futures contracts*			14,105
Total Asset Derivatives			$	22,768
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	57,234
Total Liability Derivatives			$	57,234

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(97,234)
Interest rate contracts			(43,999)
Total		$	(141,233)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(48,571)
Interest rate contracts			14,105
Total		$	(34,466)

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

Cost for federal income tax purposes was $257,278,603.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	22,768
Gross Unrealized Depreciation		(30,597,944)
Net Unrealized Depreciation	$	(30,575,176)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 15.7%
84,927	iShares 20+ Year Treasury Bond ETF		$	9,755,565		2.0
179,153	iShares MSCI Japan ETF			9,464,653		2.0
82,829	iShares Russell 2000 ETF			14,027,920		3.0
250,798	Vanguard Russell 1000 Growth ETF			14,114,911		3.0
78,016	Vanguard S&P 500 ETF			27,062,190		5.7
	Total Exchange-Traded Funds (Cost $86,434,380)			74,425,239		15.7
MUTUAL FUNDS: 84.1%
	Affiliated Investment Companies: 84.1%
3,772,362	Voya Intermediate Bond Fund - Class R6			33,744,912		7.1
1,287,592	Voya Large Cap Value Portfolio - Class R6			16,506,927		3.5
2,106,318	Voya Multi-Manager Emerging Markets Equity Fund - Class I			18,809,421		4.0
3,281,503	Voya Multi-Manager International Equity Fund - Class I			28,188,110		5.9
3,475,927	Voya Multi-Manager International Factors Fund - Class I			28,189,769		5.9
2,121,783	Voya Multi-Manager Mid Cap Value Fund - Class I			18,798,997		4.0
4,933,926	Voya U.S. Stock Index Portfolio - Class I			86,245,024		18.2

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,846,739	VY® BrandywineGLOBAL - Bond Portfolio - Class I		$	19,353,826		4.1
1,503,136	VY® Columbia Contrarian Core Portfolio - Class I			28,364,182		6.0
1,072,346	VY® Invesco Comstock Portfolio - Class I			21,039,425		4.4
564,791	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			9,409,411		2.0
1,678,078	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			47,439,264		10.0
1,782,257	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			18,784,986		4.0
314,545	VY® T. Rowe Price Growth Equity Portfolio - Class I			23,487,081		5.0
	Total Mutual Funds (Cost $446,498,753)			398,361,335		84.1
	Total Investments in Securities (Cost $532,933,133)		$	472,786,574		99.8
	Assets in Excess of Other Liabilities			1,023,590		0.2
	Net Assets		$	473,810,164		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	74,425,239		$	—		$	—		$	74,425,239
Mutual Funds			398,361,335			—			—			398,361,335
Total Investments, at fair value		$	472,786,574		$	—		$	—		$	472,786,574
Other Financial Instruments+
Futures			48,068			—			—			48,068
Total Assets		$	472,834,642		$	—		$	—		$	472,834,642
Liabilities Table
Other Financial Instruments+
Futures		$	(158,096)		$	—		$	—		$	(158,096)
Total Liabilities		$	(158,096)		$	—		$	—		$	(158,096)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

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

At June 30, 2022, the following futures contracts were outstanding for Voya Solution Moderately Aggressive Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		39		09/19/22		$	9,437,513		$	(53,026)
U.S. Treasury 2-Year Note		34		09/30/22			7,140,531			29,972
						$	16,578,044		$	(23,054)
Short Contracts:
MSCI EAFE Index		(51)		09/16/22			(4,734,330)			(39,140)
MSCI Emerging Markets Index		(94)		09/16/22			(4,712,690)			18,096
S&P 500® E-Mini		(37)		09/16/22			(7,010,575)			(65,930)
						$	(16,457,595)		$	(86,974)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	37,510,454		$	154,030		$	(34,820,351)		$	(2,844,133)		$	—		$	151,592		$	1,862,431		$	—
Voya Intermediate Bond Fund - Class R6			24,748,449			30,780,001			(17,945,180)			(3,838,357)			33,744,913			426,942			(1,238,400)			—
Voya Large Cap Value Portfolio - Class R6			—			19,840,299			(1,449,009)			(1,884,364)			16,506,926			—			(48,982)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			17,728,371			8,222,779			(1,979,377)			(5,162,352)			18,809,421			—			(473,085)			—
Voya Multi-Manager International Equity Fund - Class I			54,586,096			2,497,422			(18,871,061)			(10,024,347)			28,188,110			—			(1,693,281)			—
Voya Multi-Manager International Factors Fund - Class I			18,520,991			16,274,094			(1,584,247)			(5,021,069)			28,189,769			—			91,944			—
Voya Multi-Manager Mid Cap Value Fund - Class I			25,677,014			588,615			(2,929,058)			(4,537,574)			18,798,997			—			425,105			—
Voya U.S. Stock Index Portfolio - Class I			109,570,210			8,894,286			(8,637,004)			(23,582,468)			86,245,024			—			2,196,287			—
VY® Brandywine Global - Bond Portfolio - Class I			12,327,745			10,048,327			(1,977,827)			(1,044,419)			19,353,826			—			(79,964)			—
VY® Columbia Contrarian Core Portfolio - Class I			38,124,725			917,166			(3,006,281)			(7,671,428)			28,364,182			—			1,084,120			—
VY® Invesco Comstock Portfolio - Class I			27,736,382			884,768			(3,479,580)			(4,102,145)			21,039,425			—			2,549,578			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			11,935,614			1,863,217			(1,426,374)			(2,963,046)			9,409,411			—			377,507			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			62,651,484			154,167			(6,321,375)			(9,045,012)			47,439,264			—			686,659			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			24,169,210			3,716,909			(1,626,366)			(7,474,767)			18,784,986			—			172,742			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			42,638,869			9,910,796			(12,756,789)			(16,305,795)			23,487,081			—			1,920,104			—
		$	507,925,614		$	114,746,876		$	(118,809,879)		$	(105,501,276)		$	398,361,335		$	578,534		$	7,832,765		$	—

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

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

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

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	18,096
Interest rate contracts	Variation margin receivable on futures contracts*			29,972
Total Asset Derivatives			$	48,068
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	105,070
Interest rate contracts	Variation margin payable on futures contracts*			53,026
Total Liability Derivatives			$	158,096

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,372,649
Interest rate contracts			(91,910)
Total		$	1,280,739

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(86,974)
Interest rate contracts			(23,054)
Total		$	(110,028)

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

Cost for federal income tax purposes was $537,917,951.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,644,289
Gross Unrealized Depreciation		(66,885,694)
Net Unrealized Depreciation	$	(65,241,405)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.1%
6,474	iShares 20+ Year Treasury Bond ETF		$	743,668		2.1
13,657	iShares MSCI Japan ETF			721,499		2.0
6,484	Schwab U.S. TIPS ETF			361,807		1.0
12,745	Vanguard Russell 1000 Growth ETF			717,289		2.0
	Total Exchange-Traded Funds (Cost $2,972,912)			2,544,263		7.1
MUTUAL FUNDS: 93.0%
	Affiliated Investment Companies: 93.0%
191,266	Voya Global Bond Fund - Class R6			1,451,709		4.0
268,479	Voya High Yield Bond Fund - Class R6			1,788,071		5.0
771,922	Voya Intermediate Bond Fund - Class R6			6,905,071		19.2
28,095 (1)	Voya MidCap Opportunities Portfolio - Class R6			355,124		1.0
79,589	Voya Multi-Manager Emerging Markets Equity Fund - Class I			710,732		2.0
61,733	Voya Multi-Manager International Equity Fund - Class I			530,286		1.5
152,770	Voya Multi-Manager International Factors Fund - Class I			1,238,964		3.4
40,079	Voya Multi-Manager Mid Cap Value Fund - Class I			355,098		1.0
519,789	Voya Short Term Bond Fund - Class R6			4,880,820		13.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
165,824	Voya U.S. High Dividend Low Volatility Fund - Class R6		$	1,792,562		5.0
173,544	Voya U.S. Stock Index Portfolio - Class I			3,033,542		8.4
418,529	VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,386,181		12.2
36,006	VY® Invesco Comstock Portfolio - Class I			706,429		2.0
42,579	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			709,361		2.0
126,773	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			3,583,874		9.9
14,171	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,058,129		2.9
	Total Mutual Funds (Cost $38,005,348)			33,485,953		93.0
	Total Investments in Securities (Cost $40,978,260)		$	36,030,216		100.1
	Liabilities in Excess of Other Assets			(19,239)		(0.1)
	Net Assets		$	36,010,977		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,544,263		$	—		$	—		$	2,544,263
Mutual Funds			33,485,953			—			—			33,485,953
Total Investments, at fair value		$	36,030,216		$	—		$	—		$	36,030,216

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	1,689,876		$	206,021		$	(184,839)		$	(259,349)		$	1,451,709		$	—		$	(13,313)		$	—
Voya High Yield Bond Fund - Class R6			5,601,768			380,440			(3,505,143)			(688,994)			1,788,071			64,918			221,854			—
Voya Intermediate Bond Fund - Class R6			6,396,432			3,958,526			(2,651,571)			(798,316)			6,905,071			88,055			(236,123)			—
Voya MidCap Opportunities Portfolio - Class R6			609,791			152,795			(299,278)			(108,184)			355,124			—			(80,877)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			819,395			197,723			(140,799)			(165,587)			710,732			—			(50,274)			—
Voya Multi-Manager International Equity Fund - Class I			1,046,808			195,853			(533,979)			(178,396)			530,286			—			(62,983)			—
Voya Multi-Manager International Factors Fund - Class I			1,920,473			228,649			(555,595)			(354,563)			1,238,964			—			54,153			—
Voya Multi-Manager Mid Cap Value Fund - Class I			663,281			73,889			(295,187)			(86,885)			355,098			—			(5,401)			—
Voya Short Term Bond Fund - Class R6			2,125,722			3,502,744			(624,652)			(122,994)			4,880,820			18,369			(15,059)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			1,333,437			1,032,652			(381,107)			(192,420)			1,792,562			7,381			17,124			—
Voya U.S. Stock Index Portfolio - Class I			4,422,535			1,403,009			(1,859,031)			(932,971)			3,033,542			—			146,289			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,672,981			1,219,705			(1,116,178)			(390,327)			4,386,181			—			52,342			—
VY® Invesco Comstock Portfolio - Class I			—			868,974			(88,878)			(73,667)			706,429			—			(1,228)			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			849,777			154,872			(126,076)			(169,212)			709,361			—			(19,141)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,318,527			437,580			(487,721)			(684,512)			3,583,874			—			83,964			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,691,503			591,050			(563,181)			(661,243)			1,058,129			—			58,510			—
		$	38,162,306		$	14,604,482		$	(13,413,215)		$	(5,867,620)		$	33,485,953		$	178,723		$	149,837		$	—

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

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

Cost for federal income tax purposes was $41,283,868.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(5,253,652)
Net Unrealized Depreciation	$	(5,253,652)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.5%
86,119	iShares 20+ Year Treasury Bond ETF		$	9,892,490		2.0
181,668	iShares MSCI Japan ETF			9,597,520		2.0
172,514	Schwab U.S. TIPS ETF			9,626,281		2.0
115,112	Vanguard Emerging Markets ETF			4,794,415		1.0
116,953	Vanguard FTSE Developed Markets ETF			4,771,682		1.0
169,546	Vanguard Russell 1000 Growth ETF			9,542,049		2.0
34,396	Vanguard S&P 500 ETF			11,931,285		2.5
	Total Exchange-Traded Funds (Cost $69,782,024)			60,155,722		12.5
MUTUAL FUNDS: 87.4%
	Affiliated Investment Companies: 87.4%
1,924,209	Voya Global Bond Fund - Class R6			14,604,743		3.0
13,098,302	Voya Intermediate Bond Fund - Class R6			117,168,239		24.3
2,135,473	Voya Multi-Manager Emerging Markets Equity Fund - Class I			19,069,774		3.9
2,771,432	Voya Multi-Manager International Equity Fund - Class I			23,806,600		4.9
5,285,069	Voya Multi-Manager International Factors Fund - Class I			42,861,912		8.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
806,466	Voya Multi-Manager Mid Cap Value Fund - Class I		$	7,145,292		1.5
2,224,494	Voya U.S. High Dividend Low Volatility Fund - Class R6			24,046,777		5.0
2,876,597	Voya U.S. Stock Index Portfolio - Class I			50,282,916		10.4
4,210,466	VY® BrandywineGLOBAL - Bond Portfolio - Class I			44,125,682		9.1
571,213	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			9,516,405		2.0
1,700,648	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			48,077,322		10.0
677,362	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			7,139,394		1.5
191,207	VY® T. Rowe Price Growth Equity Portfolio - Class I			14,277,439		2.9
	Total Mutual Funds (Cost $483,435,445)			422,122,495		87.4
	Total Investments in Securities (Cost $553,217,469)		$	482,278,217		99.9
	Assets in Excess of Other Liabilities			489,994		0.1
	Net Assets		$	482,768,211		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	60,155,722		$	—		$	—		$	60,155,722
Mutual Funds			422,122,495			—			—			422,122,495
Total Investments, at fair value		$	482,278,217		$	—		$	—		$	482,278,217
Other Financial Instruments+
Futures			49,142			—			—			49,142
Total Assets		$	482,327,359		$	—		$	—		$	482,327,359

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Liabilities Table
Other Financial Instruments+
Futures		$	(122,759)		$	—		$	—		$	(122,759)
Total Liabilities		$	(122,759)		$	—		$	—		$	(122,759)

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

At June 30, 2022, the following futures contracts were outstanding for Voya Solution 2025 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		13		09/16/22		$	2,463,175		$	(82,828)
U.S. Treasury 2-Year Note		35		09/30/22			7,350,547			30,853
						$	9,813,722		$	(51,975)
Short Contracts:
MSCI EAFE Index		(52)		09/16/22			(4,827,160)			(39,931)
MSCI Emerging Markets Index		(95)		09/16/22			(4,762,825)			18,289
						$	(9,589,985)		$	(21,642)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	18,139,252		$	653,736		$	(1,548,185)		$	(2,640,060)		$	14,604,743		$	—		$	(170,541)		$	—
Voya High Yield Bond Fund - Class R6			30,835,364			129,047			(29,418,976)			(1,545,435)			—			125,415			752,693			—
Voya Intermediate Bond Fund - Class R6			128,175,110			34,150,281			(29,889,110)			(15,268,042)			117,168,239			1,567,424			(3,380,363)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			23,440,922			3,167,954			(1,728,580)			(5,810,522)			19,069,774			—			(141,221)			—
Voya Multi-Manager International Equity Fund - Class I			29,947,377			3,472,633			(1,841,162)			(7,772,248)			23,806,600			—			103,365			—
Voya Multi-Manager International Factors Fund - Class I			54,811,137			1,713,874			(4,648,002)			(9,015,097)			42,861,912			—			(172,240)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			9,492,954			390,025			(895,541)			(1,842,146)			7,145,292			—			303,396			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			28,326,919			2,456,411			(4,314,097)			(2,422,456)			24,046,777			157,787			(129,785)			—
Voya U.S. Stock Index Portfolio - Class I			59,785,292			8,367,097			(4,319,755)			(13,549,718)			50,282,916			—			1,292,697			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			60,808,246			5,223,208			(18,134,397)			(3,771,375)			44,125,682			—			146,909			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			12,179,759			1,048,583			(1,270,618)			(2,441,319)			9,516,405			—			(179,317)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			61,804,860			772,204			(5,330,410)			(9,169,332)			48,077,322			—			853,337			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			8,947,441			1,710,187			(725,515)			(2,792,719)			7,139,394			—			64,828			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			30,033,341			7,071,377			(11,790,954)			(11,036,325)			14,277,439			—			1,519,062			—
		$	556,727,974		$	70,326,617		$	(115,855,302)		$	(89,076,794)		$	422,122,495		$	1,850,626		$	862,820		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

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

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 June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	18,289
Interest rate contracts	Variation margin receivable on futures contracts*			30,853
Total Asset Derivatives			$	49,142
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	122,759
Total Liability Derivatives			$	122,759

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(195,579)
Interest rate contracts			(94,891)
Total		$	(290,470)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(104,470)
Interest rate contracts			30,853
Total		$	(73,617)

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

Cost for federal income tax purposes was $560,521,734.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	49,142
Gross Unrealized Depreciation		(78,366,275)
Net Unrealized Depreciation	$	(78,317,133)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.8%
8,797	iShares 20+ Year Treasury Bond ETF		$	1,010,511		2.1
18,558	iShares MSCI Japan ETF			980,419		2.0
8,811	Schwab U.S. TIPS ETF			491,654		1.0
11,947	Vanguard FTSE Developed Markets ETF			487,438		1.0
17,320	Vanguard Russell 1000 Growth ETF			974,770		2.0
1,054	Vanguard S&P 500 ETF			365,611		0.7
	Total Exchange-Traded Funds (Cost $5,029,258)			4,310,403		8.8
MUTUAL FUNDS: 91.3%
	Affiliated Investment Companies: 91.3%
1,060,704	Voya Intermediate Bond Fund - Class R6			9,488,317		19.3
218,420	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,950,487		3.9
396,938	Voya Multi-Manager International Equity Fund - Class I			3,409,694		6.9
600,769	Voya Multi-Manager International Factors Fund - Class I			4,872,235		9.9
109,979	Voya Multi-Manager Mid Cap Value Fund - Class I			974,412		2.0
79,338	Voya Short Term Bond Fund - Class R6			744,987		1.5
136,515	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,475,730		3.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
371,247	Voya U.S. Stock Index Portfolio - Class I		$	6,489,392		13.2
382,822	VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,011,979		8.1
90,890	VY® Columbia Contrarian Core Portfolio - Class I			1,715,092		3.5
49,406	VY® Invesco Comstock Portfolio - Class I			969,350		2.0
87,635	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,459,996		3.0
173,947	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,917,484		10.0
92,376	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			973,638		2.0
19,574	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,461,611		3.0
	Total Mutual Funds (Cost $52,132,612)			44,914,404		91.3
	Total Investments in Securities (Cost $57,161,870)		$	49,224,807		100.1
	Liabilities in Excess of Other Assets			(51,314)		(0.1)
	Net Assets		$	49,173,493		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,310,403		$	—		$	—		$	4,310,403
Mutual Funds			44,914,404			—			—			44,914,404
Total Investments, at fair value		$	49,224,807		$	—		$	—		$	49,224,807

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	2,866,184		$	66,857		$	(2,819,325)		$	(113,715)		$	—		$	11,741		$	39,608		$	—
Voya Intermediate Bond Fund - Class R6			7,381,994			5,487,769			(2,386,551)			(994,895)			9,488,317			114,804			(313,419)			—
Voya Large-Cap Growth Fund - Class R6			—			—			—			—			—			—			—			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,177,620			562,290			(204,477)			(584,946)			1,950,487			—			4,262			—
Voya Multi-Manager International Equity Fund - Class I			4,450,745			990,585			(937,932)			(1,093,704)			3,409,694			—			(46,861)			—
Voya Multi-Manager International Factors Fund - Class I			5,652,916			824,373			(622,774)			(982,280)			4,872,235			—			(22,353)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,177,318			171,306			(127,403)			(246,809)			974,412			—			45,738			—
Voya Short Term Bond Fund - Class R6			—			1,832,981			(1,085,650)			(2,344)			744,987			2,182			(9,533)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			1,714,944			340,426			(492,453)			(87,187)			1,475,730			10,486			(63,577)			—
Voya U.S. Stock Index Portfolio - Class I			6,571,040			2,325,197			(802,308)			(1,604,537)			6,489,392			—			254,608			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			5,090,169			1,076,884			(1,880,092)			(274,982)			4,011,979			—			(29,704)			—
VY® Columbia Contrarian Core Portfolio - Class I			2,039,760			321,420			(200,180)			(445,908)			1,715,092			—			68,796			—
VY® Invesco Comstock Portfolio - Class I			—			1,202,926			(131,772)			(101,804)			969,350			—			18			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,688,659			330,849			(141,424)			(418,088)			1,459,996			—			35,646			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			5,747,841			676,522			(656,146)			(850,733)			4,917,484			—			35,945			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,107,316			332,759			(121,052)			(345,385)			973,638			—			(6,048)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,782,740			958,523			(1,329,768)			(949,884)			1,461,611			—			31,484			—
		$	50,449,246		$	17,501,667		$	(13,939,307)		$	(9,097,201)		$	44,914,404		$	139,213		$	24,610		$	—

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

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

Cost for federal income tax purposes was $57,789,142.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(8,564,334)
Net Unrealized Depreciation	$	(8,564,334)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.5%
96,699	iShares 20+ Year Treasury Bond ETF		$	11,107,814		2.0
203,987	iShares MSCI Japan ETF			10,776,633		2.0
129,255	Vanguard Emerging Markets ETF			5,383,471		1.0
131,321	Vanguard FTSE Developed Markets ETF			5,357,897		1.0
285,564	Vanguard Russell 1000 Growth ETF			16,071,542		3.0
69,519	Vanguard S&P 500 ETF			24,114,751		4.5
	Total Exchange-Traded Funds (Cost $86,789,730)			72,812,108		13.5
MUTUAL FUNDS: 86.4%
	Affiliated Investment Companies: 86.4%
7,964,331	Voya Intermediate Bond Fund - Class R6			71,243,331		13.2
1,255,757	Voya Large Cap Value Portfolio - Class R6			16,098,801		3.0
2,996,769	Voya Multi-Manager Emerging Markets Equity Fund - Class I			26,761,148		4.9
6,221,953	Voya Multi-Manager International Equity Fund - Class I			53,446,574		9.9
7,251,236	Voya Multi-Manager International Factors Fund - Class I			58,807,523		10.9
1,207,115	Voya Multi-Manager Mid Cap Value Fund - Class I			10,695,042		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
3,537,310	Voya U.S. Stock Index Portfolio - Class I		$	61,832,182		11.5
2,101,126	VY® BrandywineGLOBAL - Bond Portfolio - Class I			22,019,798		4.1
1,710,252	VY® Columbia Contrarian Core Portfolio - Class I			32,272,450		6.0
813,421	VY® Invesco Comstock Portfolio - Class I			15,959,321		2.9
961,874	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			16,024,820		3.0
1,909,313	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			53,976,290		10.0
1,013,928	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			10,686,801		2.0
214,701	VY® T. Rowe Price Growth Equity Portfolio - Class I			16,031,741		3.0
	Total Mutual Funds (Cost $535,122,675)			465,855,822		86.4
	Total Investments in Securities (Cost $621,912,405)		$	538,667,930		99.9
	Assets in Excess of Other Liabilities			625,440		0.1
	Net Assets		$	539,293,370		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	72,812,108		$	—		$	—		$	72,812,108
Mutual Funds			465,855,822			—			—			465,855,822
Total Investments, at fair value		$	538,667,930		$	—		$	—		$	538,667,930
Other Financial Instruments+
Futures			54,979			—			—			54,979
Total Assets		$	538,722,909		$	—		$	—		$	538,722,909

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Liabilities Table
Other Financial Instruments+
Futures		$	(129,125)		$	—		$	—		$	(129,125)
Total Liabilities		$	(129,125)		$	—		$	—		$	(129,125)

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

At June 30, 2022, the following futures contracts were outstanding for Voya Solution 2035 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		14		09/16/22		$	2,652,650		$	(84,442)
U.S. Treasury 2-Year Note		39		09/30/22			8,190,609			34,380
						$	10,843,259		$	(50,062)
Short Contracts:
MSCI EAFE Index		(58)		09/16/22			(5,384,140)			(44,683)
MSCI Emerging Markets Index		(107)		09/16/22			(5,364,445)			20,599
						$	(10,748,585)		$	(24,084)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	27,387,145		$	123,687		$	(25,881,111)		$	(1,629,720)		$	—		$	119,736		$	862,446		$	—
Voya Intermediate Bond Fund - Class R6			60,987,983			28,996,307			(9,825,621)			(8,915,338)			71,243,331			970,260			(1,145,519)			—
Voya Large Cap Value Portfolio - Class R6			—			19,146,658			(1,218,528)			(1,829,329)			16,098,801			—			(37,855)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			32,539,072			4,140,283			(1,903,094)			(8,015,113)			26,761,148			—			(295,090)			—
Voya Multi-Manager International Equity Fund - Class I			73,158,500			4,640,780			(7,190,249)			(17,162,457)			53,446,574			—			(812,223)			—
Voya Multi-Manager International Factors Fund - Class I			67,627,412			8,152,379			(4,729,522)			(12,242,746)			58,807,523			—			52,982			—
Voya Multi-Manager Mid Cap Value Fund - Class I			14,036,669			494,468			(1,115,990)			(2,720,105)			10,695,042			—			421,085			—
Voya U.S. Stock Index Portfolio - Class I			80,572,885			3,994,243			(5,432,840)			(17,302,106)			61,832,182			—			1,784,698			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			27,004,383			11,979,558			(16,165,741)			(798,402)			22,019,798			—			(854,397)			—
VY® Columbia Contrarian Core Portfolio - Class I			41,745,822			1,662,825			(2,764,406)			(8,371,791)			32,272,450			—			1,005,364			—
VY® Invesco Comstock Portfolio - Class I			20,428,220			858,436			(3,687,320)			(1,640,015)			15,959,321			—			462,417			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			20,340,899			1,415,607			(1,049,998)			(4,681,688)			16,024,820			—			270,509			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			68,614,921			717,922			(5,158,815)			(10,197,738)			53,976,290			—			866,105			—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			13,257,061			2,283,122			(712,614)			(4,140,768)			10,686,801			—			67,665			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			40,172,788			8,254,092			(17,618,004)			(14,777,135)			16,031,741			—			2,923,511			—
		$	587,873,760		$	96,860,367		$	(104,453,853)		$	(114,424,451)		$	465,855,822		$	1,089,996		$	5,571,698		$	—

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 June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	20,599
Interest rate contracts	Variation margin receivable on futures contracts*			34,380
Total Asset Derivatives			$	54,979
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	129,125
Total Liability Derivatives			$	129,125

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(210,574)
Interest rate contracts			(105,160)
Total		$	(315,734)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(108,526)
Interest rate contracts			34,380
Total		$	(74,146)

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

Cost for federal income tax purposes was $626,512,298.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	841,100
Gross Unrealized Depreciation		(88,759,614)
Net Unrealized Depreciation	$	(87,918,514)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.3%
6,434	iShares 20+ Year Treasury Bond ETF		$	739,073		2.1
13,572	iShares MSCI Japan ETF			717,009		2.0
2,092	iShares Russell 2000 ETF			354,301		1.0
8,737	Vanguard FTSE Developed Markets ETF			356,470		1.0
18,999	Vanguard Russell 1000 Growth ETF			1,069,264		3.0
4,368	Vanguard S&P 500 ETF			1,515,172		4.2
	Total Exchange-Traded Funds (Cost $5,692,893)			4,751,289		13.3
MUTUAL FUNDS: 86.7%
	Affiliated Investment Companies: 86.7%
285,942	Voya Intermediate Bond Fund - Class R6			2,557,838		7.1
104,610	Voya Large Cap Value Portfolio - Class R6			1,341,101		3.7
199,718	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,783,486		5.0
456,220	Voya Multi-Manager International Equity Fund - Class I			3,918,931		10.9
483,369	Voya Multi-Manager International Factors Fund - Class I			3,920,122		10.9
80,445	Voya Multi-Manager Mid Cap Value Fund - Class I			712,744		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
58,040	Voya Short Term Bond Fund - Class R6		$	544,997		1.5
343,475	Voya U.S. Stock Index Portfolio - Class I			6,003,941		16.8
70,018	VY® BrandywineGLOBAL - Bond Portfolio - Class I			733,787		2.1
123,479	VY® Columbia Contrarian Core Portfolio - Class I			2,330,055		6.5
63,244	VY® Invesco Comstock Portfolio - Class I			1,240,847		3.5
64,150	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,068,744		3.0
95,435	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,697,953		7.5
67,573	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			712,215		2.0
20,292	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,515,198		4.2
	Total Mutual Funds (Cost $37,177,238)			31,081,959		86.7
	Total Investments in Securities (Cost $42,870,131)		$	35,833,248		100.0
	Liabilities in Excess of Other Assets			(5,999)		—
	Net Assets		$	35,827,249		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,751,289		$	—		$	—		$	4,751,289
Mutual Funds			31,081,959			—			—			31,081,959
Total Investments, at fair value		$	35,833,248		$	—		$	—		$	35,833,248

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	1,288,027		$	60,961		$	(1,294,637)		$	(54,350)		$	—		$	6,367		$	12,851		$	—
Voya Intermediate Bond Fund - Class R6			1,700,030			1,735,977			(636,883)			(241,286)			2,557,838			32,413			(88,438)			—
Voya Large Cap Value Portfolio - Class R6			—			1,622,103			(131,463)			(149,539)			1,341,101			—			(3,688)			—
Voya Government Money Market Portfolio - Class I			—			853,745			(853,745)			—			—			—			—			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,035,954			552,384			(332,041)			(472,811)			1,783,486			—			(68,054)			—
Voya Multi-Manager International Equity Fund - Class I			5,841,631			1,051,111			(1,657,121)			(1,316,690)			3,918,931			—			(80,926)			—
Voya Multi-Manager International Factors Fund - Class I			3,817,886			1,491,826			(635,711)			(753,879)			3,920,122			—			(14,330)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			878,680			141,575			(181,039)			(126,472)			712,744			—			(22,503)			—
Voya Short Term Bond Fund - Class R6			—			1,342,456			(795,785)			(1,674)			544,997			1,603			(7,014)			—
Voya U.S. Stock Index Portfolio - Class I			6,089,443			2,600,603			(1,121,122)			(1,564,983)			6,003,941			—			305,346			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			846,869			891,986			(1,007,562)			2,494			733,787			—			(53,695)			—
VY® Columbia Contrarian Core Portfolio - Class I			2,835,273			461,910			(328,989)			(638,139)			2,330,055			—			122,607			—
VY® Invesco Comstock Portfolio - Class I			1,965,719			460,180			(999,119)			(185,933)			1,240,847			—			107,155			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,285,781			294,918			(178,612)			(333,343)			1,068,744			—			47,667			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			3,227,025			460,753			(500,023)			(489,802)			2,697,953			—			38,678			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			832,864			248,583			(139,879)			(229,353)			712,215			—			(32,088)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			3,058,730			1,053,054			(1,536,991)			(1,059,595)			1,515,198			—			78,333			—
		$	35,703,912		$	15,324,125		$	(12,330,722)		$	(7,615,355)		$	31,081,959		$	40,383		$	341,901		$	—

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

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

Cost for federal income tax purposes was $43,430,989.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(7,597,742)
Net Unrealized Depreciation	$	(7,597,742)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.5%
74,652	iShares 20+ Year Treasury Bond ETF		$	8,575,275		2.1
157,477	iShares MSCI Japan ETF			8,319,510		2.0
24,269	iShares Russell 2000 ETF			4,110,198		1.0
99,785	Vanguard Emerging Markets ETF			4,156,045		1.0
101,380	Vanguard FTSE Developed Markets ETF			4,136,304		1.0
202,083	Vanguard Russell 1000 Growth ETF			11,373,231		2.7
80,503	Vanguard S&P 500 ETF			27,924,881		6.7
	Total Exchange-Traded Funds (Cost $77,779,651)			68,595,444		16.5
MUTUAL FUNDS: 83.3%
	Affiliated Investment Companies: 83.3%
474,099	Voya Intermediate Bond Fund - Class R6			4,240,958		1.0
1,050,044	Voya Large Cap Value Portfolio - Class R6			13,461,559		3.2
2,775,861	Voya Multi-Manager Emerging Markets Equity Fund - Class I			24,788,440		6.0
6,243,122	Voya Multi-Manager International Equity Fund - Class I			53,628,422		12.9
6,105,675	Voya Multi-Manager International Factors Fund - Class I			49,517,023		11.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
931,705	Voya Multi-Manager Mid Cap Value Fund - Class I		$	8,254,907		2.0
4,213,866	Voya U.S. Stock Index Portfolio - Class I			73,658,382		17.8
1,650,195	VY® Columbia Contrarian Core Portfolio - Class I			31,139,185		7.5
837,125	VY® Invesco Comstock Portfolio - Class I			16,424,398		4.0
742,558	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			12,371,020		3.0
1,105,352	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			31,248,299		7.5
782,629	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			8,248,908		2.0
248,513	VY® T. Rowe Price Growth Equity Portfolio - Class I			18,556,487		4.5
	Total Mutual Funds (Cost $408,098,689)			345,537,988		83.3
	Total Investments in Securities (Cost $485,878,340)		$	414,133,432		99.8
	Assets in Excess of Other Liabilities			931,091		0.2
	Net Assets		$	415,064,523		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	68,595,444		$	—		$	—		$	68,595,444
Mutual Funds			345,537,988			—			—			345,537,988
Total Investments, at fair value		$	414,133,432		$	—		$	—		$	414,133,432
Other Financial Instruments+
Futures			42,425			—			—			42,425
Total Assets		$	414,175,857		$	—		$	—		$	414,175,857

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Liabilities Table
Other Financial Instruments+
Futures		$	(140,779)		$	—		$	—		$	(140,779)
Total Liabilities		$	(140,779)		$	—		$	—		$	(140,779)

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

At June 30, 2022, the following futures contracts were outstanding for Voya Solution 2045 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		35		09/19/22		$	8,469,562		$	(47,588)
U.S. Treasury 2-Year Note		30		09/30/22			6,300,469			26,446
						$	14,770,031		$	(21,142)
Short Contracts:
MSCI EAFE Index		(45)		09/16/22			(4,177,350)			(34,388)
MSCI Emerging Markets Index		(83)		09/16/22			(4,161,205)			15,979
S&P 500® E-Mini		(33)		09/16/22			(6,252,675)			(58,803)
						$	(14,591,230)		$	(77,212)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	10,581,607		$	86,055		$	(10,093,446)		$	(574,217)		$	—		$	48,801		$	270,615		$	—
Voya Intermediate Bond Fund - Class R6			—			10,176,818			(5,713,633)			(222,227)			4,240,958			37,760			(134,225)			—
Voya Large Cap Value Portfolio - Class R6			—			16,149,293			(1,146,072)			(1,541,662)			13,461,559			—			(33,773)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			30,106,595			4,048,091			(2,032,866)			(7,333,380)			24,788,440			—			(415,909)			—
Voya Multi-Manager International Equity Fund - Class I			82,244,175			5,294,953			(16,627,906)			(17,282,800)			53,628,422			—			(1,928,409)			—
Voya Multi-Manager International Factors Fund - Class I			47,094,868			16,457,591			(4,418,976)			(9,616,460)			49,517,023			—			(165,407)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			10,830,778			419,243			(964,342)			(2,030,772)			8,254,907			—			245,098			—
Voya U.S. Stock Index Portfolio - Class I			85,397,460			11,962,249			(4,969,164)			(18,732,163)			73,658,382			—			954,401			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			—			5,037,981			(5,037,981)			—			—			—			(47,620)			—
VY® Columbia Contrarian Core Portfolio - Class I			40,324,275			1,490,380			(2,554,745)			(8,120,725)			31,139,185			—			956,491			—
VY® Invesco Comstock Portfolio - Class I			26,607,798			1,163,725			(6,826,057)			(4,521,068)			16,424,398			—			3,450,666			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			15,749,664			1,211,659			(925,577)			(3,664,726)			12,371,020			—			235,028			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			39,766,646			926,827			(3,728,697)			(5,716,477)			31,248,299			—			278,735			—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			10,258,720			1,712,654			(618,471)			(3,103,995)			8,248,908			—			(60,907)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			37,581,012			8,165,661			(12,593,344)			(14,596,842)			18,556,487			—			2,476,650			—
		$	436,543,598		$	84,303,180		$	(78,251,277)		$	(97,057,514)		$	345,537,988		$	86,561		$	6,081,434		$	—

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 June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	15,979
Interest rate contracts	Variation margin receivable on futures contracts*			26,446
Total Asset Derivatives			$	42,425
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	93,191
Interest rate contracts	Variation margin payable on futures contracts*			47,588
Total Liability Derivatives			$	140,779

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,231,444
Interest rate contracts			(78,879)
Total		$	1,152,565

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(77,212)
Interest rate contracts			(21,142)
Total		$	(98,354)

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

Cost for federal income tax purposes was $491,078,709.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,468,816
Gross Unrealized Depreciation		(78,512,447)
Net Unrealized Depreciation	$	(77,043,631)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 15.9%
11,298	iShares MSCI Japan ETF		$	596,873		2.0
3,482	iShares Russell 2000 ETF			589,711		2.0
14,547	Vanguard FTSE Developed Markets ETF			593,518		2.0
14,498	Vanguard Russell 1000 Growth ETF			815,947		2.7
6,203	Vanguard S&P 500 ETF			2,151,697		7.2
	Total Exchange-Traded Funds (Cost $5,611,343)			4,747,746		15.9
MUTUAL FUNDS: 84.1%
	Affiliated Investment Companies: 84.1%
602,788	Voya Government Money Market Portfolio - Class I			602,788		2.0
34,015	Voya Intermediate Bond Fund - Class R6			304,277		1.0
69,730	Voya Large Cap Value Portfolio - Class R6			893,940		3.0
199,699	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,783,312		6.0
414,778	Voya Multi-Manager International Equity Fund - Class I			3,562,942		12.0
402,861	Voya Multi-Manager International Factors Fund - Class I			3,267,204		11.0
83,785	Voya Multi-Manager Mid Cap Value Fund - Class I			742,334		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
48,361	Voya Short Term Bond Fund - Class R6		$	454,108		1.5
286,424	Voya U.S. Stock Index Portfolio - Class I			5,006,699		16.8
118,715	VY® Columbia Contrarian Core Portfolio - Class I			2,240,149		7.5
63,988	VY® Invesco Comstock Portfolio - Class I			1,255,445		4.2
35,722	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			595,126		2.0
79,519	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,247,994		7.6
70,379	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			741,792		2.5
17,908	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,337,224		4.5
	Total Mutual Funds (Cost $29,937,980)			25,035,334		84.1
	Total Investments in Securities (Cost $35,549,323)		$	29,783,080		100.0
	Liabilities in Excess of Other Assets			(2,963)		—
	Net Assets		$	29,780,117		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,747,746		$	—		$	—		$	4,747,746
Mutual Funds			25,035,334			—			—			25,035,334
Total Investments, at fair value		$	29,783,080		$	—		$	—		$	29,783,080

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	—		$	365,487		$	(45,491)		$	(15,719)		$	304,277		$	2,279		$	(1,672)		$	—
Voya Large Cap Value Portfolio - Class R6			—			1,094,210			(100,332)			(99,938)			893,940			—			(2,557)			—
Voya Government Money Market Portfolio - Class I			—			727,787			(124,999)			—			602,788			505			—			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,060,972			799,393			(689,017)			(388,036)			1,783,312			—			(186,177)			—
Voya Multi-Manager International Equity Fund - Class I			6,334,599			759,783			(2,234,396)			(1,297,044)			3,562,942			—			(122,671)			—
Voya Multi-Manager International Factors Fund - Class I			2,504,499			1,590,268			(255,170)			(572,393)			3,267,204			—			(1,469)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			928,895			105,144			(113,599)			(178,106)			742,334			—			22,724			—
Voya Short Term Bond Fund - Class R6			—			1,125,285			(669,812)			(1,365)			454,108			1,340			(5,852)			—
Voya U.S. Stock Index Portfolio - Class I			5,815,953			1,063,275			(532,164)			(1,340,365)			5,006,699			—			144,458			—
VY® Columbia Contrarian Core Portfolio - Class I			2,761,026			307,746			(242,495)			(586,128)			2,240,149			—			87,229			—
VY® Invesco Comstock Portfolio - Class I			1,896,123			239,176			(561,826)			(318,028)			1,255,445			—			235,634			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			695,245			195,550			(111,060)			(184,609)			595,126			—			27,762			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,722,669			262,775			(330,272)			(407,178)			2,247,994			—			28,763			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class R6			876,491			214,839			(87,633)			(261,905)			741,792			—			(11,831)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,565,698			741,920			(986,306)			(984,088)			1,337,224			—			145,895			—
		$	29,162,170		$	9,592,638		$	(7,084,572)		$	(6,634,902)		$	25,035,334		$	4,124		$	360,236		$	—

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

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

Cost for federal income tax purposes was $36,159,646.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(6,376,566)
Net Unrealized Depreciation	$	(6,376,566)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.2%
53,430	iShares MSCI Japan ETF		$	2,822,707		2.0
16,468	iShares Russell 2000 ETF			2,789,021		2.0
68,794	Vanguard FTSE Developed Markets ETF			2,806,795		2.0
68,565	Vanguard Russell 1000 Growth ETF			3,858,838		2.7
30,349	Vanguard S&P 500 ETF			10,527,461		7.5
	Total Exchange-Traded Funds (Cost $26,335,984)			22,804,822		16.2
MUTUAL FUNDS: 83.6%
	Affiliated Investment Companies: 83.6%
301,527	Voya Large Cap Value Portfolio - Class R6			3,865,577		2.8
1,098,929	Voya Multi-Manager Emerging Markets Equity Fund - Class I			9,813,440		7.0
1,955,807	Voya Multi-Manager International Equity Fund - Class I			16,800,382		11.9
2,072,154	Voya Multi-Manager International Factors Fund - Class I			16,805,167		11.9
395,235	Voya Multi-Manager Mid Cap Value Fund - Class I			3,501,780		2.5
1,530,896	Voya U.S. Stock Index Portfolio - Class I			26,760,064		19.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
560,027	VY® Columbia Contrarian Core Portfolio - Class I		$	10,567,707		7.5
319,604	VY® Invesco Comstock Portfolio - Class I			6,270,634		4.5
168,089	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			2,800,365		2.0
375,253	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			10,608,415		7.5
331,999	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			3,499,273		2.5
84,351	VY® T. Rowe Price Growth Equity Portfolio - Class I			6,298,524		4.5
	Total Mutual Funds (Cost $140,924,028)			117,591,328		83.6
	Total Investments in Securities (Cost $167,260,012)		$	140,396,150		99.8
	Assets in Excess of Other Liabilities			251,601		0.2
	Net Assets		$	140,647,751		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	22,804,822		$	—		$	—		$	22,804,822
Mutual Funds			117,591,328			—			—			117,591,328
Total Investments, at fair value		$	140,396,150		$	—		$	—		$	140,396,150
Other Financial Instruments+
Futures			14,206			—			—			14,206
Total Assets		$	140,410,356		$	—		$	—		$	140,410,356
Liabilities Table
Other Financial Instruments+
Futures		$	(47,795)		$	—		$	—		$	(47,795)
Total Liabilities		$	(47,795)		$	—		$	—		$	(47,795)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

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

At June 30, 2022, the following futures contracts were outstanding for Voya Solution 2055 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		12		09/19/22		$	2,903,850		$	(16,316)
U.S. Treasury 2-Year Note		10		09/30/22			2,100,156			8,815
						$	5,004,006		$	(7,501)
Short Contracts:
MSCI EAFE Index		(15)		09/16/22			(1,392,450)			(11,878)
MSCI Emerging Markets Index		(28)		09/16/22			(1,403,780)			5,391
S&P 500® E-Mini		(11)		09/16/22			(2,084,225)			(19,601)
						$	(4,880,455)		$	(26,088)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Large Cap Value Portfolio - Class R6		$	—		$	4,627,456		$	(321,573)		$	(440,307)		$	3,865,576		$	—		$	(7,659)		$	—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			10,109,823			3,285,434			(658,919)			(2,922,898)			9,813,440			—			(10,157)			—
Voya Multi-Manager International Equity Fund - Class I			32,797,508			2,404,005			(11,832,967)			(6,568,164)			16,800,382			—			(433,762)			—
Voya Multi-Manager International Factors Fund - Class I			10,531,256			9,884,999			(768,860)			(2,842,228)			16,805,167			—			(13,890)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			4,557,094			253,189			(407,547)			(900,956)			3,501,780			—			152,320			—
Voya U.S. Stock Index Portfolio - Class I			30,874,516			4,653,384			(2,120,797)			(6,647,039)			26,760,064			—			182,978			—
VY® Columbia Contrarian Core Portfolio - Class I			13,545,373			720,820			(941,353)			(2,757,133)			10,567,707			—			356,222			—
VY® Invesco Comstock Portfolio - Class I			9,782,524			591,625			(2,290,301)			(1,813,214)			6,270,634			—			1,398,708			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			3,460,884			517,339			(415,673)			(762,185)			2,800,365			—			2,337			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			13,357,413			642,126			(1,471,825)			(1,919,299)			10,608,415			—			96,111			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class R6			4,299,035			790,447			(268,528)			(1,321,680)			3,499,274			—			(2,839)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			12,603,289			2,911,124			(4,594,582)			(4,621,307)			6,298,524			—			569,804			—
		$	145,918,715		$	31,281,948		$	(26,092,925)		$	(33,516,410)		$	117,591,328		$	—		$	2,290,173		$	—

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 June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	5,391
Interest rate contracts	Variation margin receivable on futures contracts*			8,815
Total Asset Derivatives			$	14,206
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	31,479
Interest rate contracts	Variation margin payable on futures contracts*			16,316
Total Liability Derivatives			$	47,795

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	413,397
Interest rate contracts			(25,822)
Total		$	387,575

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(26,088)
Interest rate contracts			(7,501)
Total		$	(33,589)

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

Cost for federal income tax purposes was $169,666,204.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	463,583
Gross Unrealized Depreciation		(29,767,226)
Net Unrealized Depreciation	$	(29,303,643)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.7%
8,484	iShares MSCI Japan ETF		$	448,210		2.0
2,615	iShares Russell 2000 ETF			442,877		2.0
10,924	Vanguard FTSE Developed Markets ETF			445,699		2.0
10,887	Vanguard Russell 1000 Growth ETF			612,720		2.7
3,855	Vanguard S&P 500 ETF			1,337,222		6.0
	Total Exchange-Traded Funds (Cost $3,908,924)			3,286,728		14.7
MUTUAL FUNDS: 85.3%
	Affiliated Investment Companies: 85.3%
48,090	Voya Large Cap Value Portfolio - Class R6			616,514		2.7
150,246	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,341,701		6.0
312,155	Voya Multi-Manager International Equity Fund - Class I			2,681,410		12.0
303,198	Voya Multi-Manager International Factors Fund - Class I			2,458,932		11.0
63,036	Voya Multi-Manager Mid Cap Value Fund - Class I			558,500		2.5
84,763	Voya Short Term Bond Fund - Class R6			795,929		3.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
244,493	Voya U.S. Stock Index Portfolio - Class I		$	4,273,729		19.1
89,316	VY® Columbia Contrarian Core Portfolio - Class I			1,685,397		7.5
50,975	VY® Invesco Comstock Portfolio - Class I			1,000,121		4.5
26,924	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			448,552		2.0
59,826	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,691,281		7.5
52,951	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			558,098		2.5
13,490	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,007,262		4.5
	Total Mutual Funds (Cost $22,987,937)			19,117,426		85.3
	Total Investments in Securities (Cost $26,896,861)		$	22,404,154		100.0
	Liabilities in Excess of Other Assets			(10,266)		—
	Net Assets		$	22,393,888		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	3,286,728		$	—		$	—		$	3,286,728
Mutual Funds			19,117,426			—			—			19,117,426
Total Investments, at fair value		$	22,404,154		$	—		$	—		$	22,404,154

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Large Cap Value Portfolio - Class R6		$	—		$	750,082		$	(65,294)		$	(68,274)		$	616,514		$	—		$	(1,609)		$	—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,518,650			619,296			(505,143)			(291,102)			1,341,701			—			(134,117)			—
Voya Multi-Manager International Equity Fund - Class I			4,925,684			662,754			(2,016,852)			(890,176)			2,681,410			—			(190,904)			—
Voya Multi-Manager International Factors Fund - Class I			1,581,241			1,455,548			(150,074)			(427,783)			2,458,932			—			16,466			—
Voya Multi-Manager Mid Cap Value Fund - Class I			684,001			90,907			(81,537)			(134,871)			558,500			—			19,680			—
Voya Short Term Bond Fund - Class R6			—			849,079			(48,703)			(4,447)			795,929			1,084			(516)			—
Voya U.S. Stock Index Portfolio - Class I			4,641,536			1,145,749			(423,772)			(1,089,784)			4,273,729			—			98,655			—
VY® Columbia Contrarian Core Portfolio - Class I			2,033,082			265,449			(178,332)			(434,802)			1,685,397			—			65,234			—
VY® Invesco Comstock Portfolio - Class I			1,477,270			221,285			(437,725)			(260,709)			1,000,121			—			195,184			—
VY® JPMorgan Small Cap Core Equity Portfolio Class R6			525,150			155,372			(98,360)			(133,610)			448,552			—			16,551			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,004,945			277,231			(299,137)			(291,758)			1,691,281			—			11,901			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			645,818			171,053			(58,606)			(200,167)			558,098			—			(2,142)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,897,978			584,869			(848,315)			(627,270)			1,007,262			—			7,628			—
		$	21,935,355		$	7,248,674		$	(5,211,850)		$	(4,854,753)		$	19,117,426		$	1,084		$	102,011		$	—

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

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

Cost for federal income tax purposes was $27,249,173.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(4,845,019)
Net Unrealized Depreciation	$	(4,845,019)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.6%
2,400	iShares MSCI Japan ETF		$	126,792		2.0
740	iShares Russell 2000 ETF			125,327		2.0
3,090	Vanguard FTSE Developed Markets ETF			126,072		2.0
3,079	Vanguard Russell 1000 Growth ETF			173,286		2.7
1,090	Vanguard S&P 500 ETF			378,099		5.9
	Total Exchange-Traded Funds (Cost $1,089,615)			929,576		14.6
MUTUAL FUNDS: 85.3%
	Affiliated Investment Companies: 85.3%
13,624	Voya Large Cap Value Portfolio - Class R6			174,655		2.7
42,564	Voya Multi-Manager Emerging Markets Equity Fund - Class I			380,096		6.0
88,454	Voya Multi-Manager International Equity Fund - Class I			759,823		12.0
85,919	Voya Multi-Manager International Factors Fund - Class I			696,799		11.0
17,858	Voya Multi-Manager Mid Cap Value Fund - Class I			158,219		2.5
24,012	Voya Short Term Bond Fund - Class R6			225,477		3.5
69,299	Voya U.S. Stock Index Portfolio - Class I			1,211,338		19.1

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
25,303	VY® Columbia Contrarian Core Portfolio - Class I		$	477,459		7.5
14,441	VY® Invesco Comstock Portfolio - Class I			283,330		4.5
7,639	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			127,266		2.0
16,948	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			479,126		7.5
15,001	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			158,106		2.5
3,825	VY® T. Rowe Price Growth Equity Portfolio - Class I			285,640		4.5
	Total Mutual Funds (Cost $6,486,667)			5,417,334		85.3
	Total Investments in Securities (Cost $7,576,282)		$	6,346,910		99.9
	Assets in Excess of Other Liabilities			4,923		0.1
	Net Assets		$	6,351,833		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	929,576		$	—		$	—		$	929,576
Mutual Funds			5,417,334			—			—			5,417,334
Total Investments, at fair value		$	6,346,910		$	—		$	—		$	6,346,910

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Large Cap Value Portfolio - Class R6		$	—		$	208,731		$	(15,133)		$	(18,943)		$	174,655		$	—		$	(461)		$	—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			334,426			239,821			(124,726)			(69,425)			380,096			—			(38,111)			—
Voya Multi-Manager International Equity Fund - Class I			1,081,129			430,976			(619,945)			(132,337)			759,823			—			(138,315)			—
Voya Multi-Manager International Factors Fund - Class I			347,043			502,326			(44,784)			(107,786)			696,799			—			(1,765)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			149,511			60,776			(20,373)			(31,695)			158,219			—			1,956			—
Voya Short Term Bond Fund - Class R6			—			240,101			(13,382)			(1,242)			225,477			304			(140)			—
Voya U.S. Stock Index Portfolio - Class I			1,073,502			619,333			(195,302)			(286,195)			1,211,338			—			29,100			—
VY® Columbia Contrarian Core Portfolio - Class I			444,632			178,971			(41,764)			(104,380)			477,459			—			8,572			—
VY® Invesco Comstock Portfolio - Class I			349,424			171,252			(180,436)			(56,910)			283,330			—			38,189			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			138,296			91,663			(75,399)			(27,294)			127,266			—			(4,752)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			439,002			200,595			(82,622)			(77,849)			479,126			—			6,048			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			141,504			78,673			(13,740)			(48,331)			158,106			—			(1,881)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			427,610			242,238			(262,998)			(121,210)			285,640			—			(32,327)			—
		$	4,926,079		$	3,265,456		$	(1,690,604)		$	(1,083,597)		$	5,417,334		$	304		$	(133,887)		$	—

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

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

Cost for federal income tax purposes was $7,576,343.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(1,229,433)
Net Unrealized Depreciation	$	(1,229,433)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VSOL (0622-081922)

TABLE OF CONTENTS

SEMI-ANNUAL REPORT

June 30, 2022

Classes ADV, I, S, S2 and Z

Voya Partners, Inc.

	■ Voya Index Solution Income Portfolio			■ Voya Index Solution 2045 Portfolio
	■ Voya Index Solution 2025 Portfolio			■ Voya Index Solution 2050 Portfolio
	■ Voya Index Solution 2030 Portfolio			■ Voya Index Solution 2055 Portfolio
	■ Voya Index Solution 2035 Portfolio			■ Voya Index Solution 2060 Portfolio
	■ Voya Index Solution 2040 Portfolio			■ Voya Index Solution 2065 Portfolio

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.

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.

TABLE OF CONTENTS

	Shareholder Expense Examples					1
	Statements of Assets and Liabilities					3
	Statements of Operations					9
	Statements of Changes in Net Assets					12
	Financial Highlights					17
	Notes to Financial Statements					27
	Portfolios of Investments					42

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**
Voya Index Solution Income Portfolio
Class ADV		$	1,000.00		$	869.00		0.76%		$	3.52		$	1,000.00		$	1,021.03		0.76%		$	3.81
Class I			1,000.00			871.80		0.26			1.21			1,000.00			1,023.51		0.26			1.30
Class S			1,000.00			870.40		0.51			2.37			1,000.00			1,022.27		0.51			2.56
Class S2			1,000.00			869.70		0.66			3.06			1,000.00			1,021.52		0.66			3.31
Class Z			1,000.00			872.90		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2025 Portfolio
Class ADV		$	1,000.00		$	843.60		0.75%		$	3.43		$	1,000.00		$	1,021.08		0.75%		$	3.76
Class I			1,000.00			846.30		0.25			1.14			1,000.00			1,023.55		0.25			1.25
Class S			1,000.00			845.10		0.50			2.29			1,000.00			1,022.32		0.50			2.51
Class S2			1,000.00			844.20		0.65			2.97			1,000.00			1,021.57		0.65			3.26
Class Z			1,000.00			846.40		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2030 Portfolio
Class ADV		$	1,000.00		$	832.30		0.74%		$	3.36		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			834.40		0.24			1.09			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			833.40		0.49			2.23			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			832.50		0.64			2.91			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			835.30		0.00			0.00			1,000.00			1,024.79		0.00			0.00

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2022**
Voya Index Solution 2035 Portfolio
Class ADV		$	1,000.00		$	817.50		0.74%		$	3.33		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			819.00		0.24			1.08			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			817.80		0.49			2.21			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			817.60		0.64			2.88			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			819.90		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2040 Portfolio
Class ADV		$	1,000.00		$	808.00		0.74%		$	3.32		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			810.30		0.24			1.08			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			809.20		0.49			2.20			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			808.50		0.64			2.87			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			811.10		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2045 Portfolio
Class ADV		$	1,000.00		$	803.70		0.74%		$	3.31		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			805.50		0.24			1.07			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			804.50		0.49			2.19			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			804.20		0.64			2.86			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			806.00		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2050 Portfolio
Class ADV		$	1,000.00		$	801.80		0.74%		$	3.31		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			803.50		0.24			1.07			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			802.60		0.49			2.19			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			802.00		0.64			2.86			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			804.20		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2055 Portfolio
Class ADV		$	1,000.00		$	800.60		0.74%		$	3.30		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			802.50		0.24			1.07			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			801.50		0.49			2.19			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			800.70		0.64			2.86			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			803.50		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2060 Portfolio
Class ADV		$	1,000.00		$	799.30		0.74%		$	3.30		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			801.70		0.24			1.07			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			800.50		0.49			2.19			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			799.60		0.64			2.86			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			802.60		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2065 Portfolio
Class ADV		$	1,000.00		$	799.10		0.74%		$	3.30		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			801.10		0.24			1.07			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			800.00		0.49			2.19			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			799.70		0.64			2.86			1,000.00			1,021.62		0.64			3.21
Class Z			1,000.00			802.30		0.00			0.00			1,000.00			1,024.79		0.00			0.00

The annualized expense ratios do not include expenses of underlying funds.

TABLE OF CONTENTS

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

	Voya Index Solution Income Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio			Voya Index Solution 2035 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	615,982,203		$	918,436,715		$	683,081,484		$	1,153,717,507
Investments in unaffiliated underlying funds at fair value**			60,087,282			87,823,920			55,427,995			74,189,217
Investments in affiliated funding agreements***			74,872,270			87,677,553			47,346,569			—
Short-term investments at fair value†			1,377,263			—			—			—
Cash			—			1,964,174			1,248,894			1,786,643
Cash collateral for futures contracts			963,777			1,407,583			1,013,328			1,578,228
Receivables:
Investments in affiliated underlying funds sold			98,275			1,395,555			—			—
Fund shares sold			109,304			127,176			313,612			365,733
Variation margin on futures contracts			354,768			514,324			377,008			590,107
Prepaid expenses			10,085			14,076			9,701			15,304
Reimbursement due from Investment Adviser			101,561			152,399			149,931			200,045
Other assets			19,314			22,713			8,206			20,780
Total assets			753,976,102			1,099,536,188			788,976,728			1,232,463,564
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			59,154			16,129			313,684			49,465
Payable for investments in unaffiliated underlying funds purchased			1,216,361			2,105,642			1,364,307			1,948,108
Payable for fund shares redeemed			148,425			1,509,411			880			316,216
Payable for investment management fees			133,162			195,188			140,761			219,165
Payable for distribution and shareholder service fees			60,750			88,118			22,896			83,565
Payable to custodian due to bank overdraft			284,164			—			—			—
Payable for directors fees			2,095			3,037			2,162			3,377
Payable to directors under the deferred compensation plan (Note 6)			19,314			22,713			8,206			20,780
Other accrued expenses and liabilities			101,309			111,848			56,564			107,714
Total liabilities			2,024,734			4,052,086			1,909,460			2,748,390
NET ASSETS		$	751,951,368		$	1,095,484,102		$	787,067,268		$	1,229,715,174
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	741,701,861		$	1,045,723,995		$	756,517,690		$	1,164,577,058
Total distributable earnings			10,249,507			49,760,107			30,549,578			65,138,116
NET ASSETS		$	751,951,368		$	1,095,484,102		$	787,067,268		$	1,229,715,174
* Cost of investments in affiliated underlying funds		$	693,299,084		$	1,003,893,323		$	755,403,382		$	1,274,889,152
** Cost of investments in unaffiliated underlying funds		$	70,548,199		$	102,359,653		$	65,674,062		$	90,045,325
*** Cost of investments in affiliated funding agreements		$	74,237,344		$	86,837,321		$	46,816,175		$	—
† Cost of short-term investments		$	1,377,263		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution Income Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio			Voya Index Solution 2035 Portfolio
Class ADV
Net assets		$	79,041,868		$	137,845,945		$	38,461,240		$	129,966,324
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			7,942,643			13,040,305			2,514,866			11,701,315
Net asset value and redemption price per share		$	9.95		$	10.57		$	15.29		$	11.11
Class I
Net assets		$	12,910,815		$	46,744,277		$	9,885,587		$	52,950,230
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,257,628			4,289,065			622,848			4,607,752
Net asset value and redemption price per share		$	10.27		$	10.90		$	15.87		$	11.49
Class S
Net assets		$	106,624,612		$	96,245,260		$	11,377,001		$	82,098,198
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			10,512,480			8,955,355			724,404			7,257,689
Net asset value and redemption price per share		$	10.14		$	10.75		$	15.71		$	11.31
Class S2
Net assets		$	16,729,201		$	30,001,186		$	12,543,687		$	33,701,449
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,692,716			2,854,684			814,018			3,044,161
Net asset value and redemption price per share		$	9.88		$	10.51		$	15.41		$	11.07
Class Z
Net assets		$	536,644,872		$	784,647,434		$	714,799,753		$	930,998,973
Shares authorized			300,000,000			300,000,000			100,000,000			300,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			51,416,886			70,796,544			44,441,582			79,563,157
Net asset value and redemption price per share		$	10.44		$	11.08		$	16.08		$	11.70

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio			Voya Index Solution 2055 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	654,632,097		$	867,020,674		$	482,468,113		$	492,580,087
Investments in unaffiliated underlying funds at fair value**			42,147,088			55,953,622			31,124,272			31,786,073
Cash			973,363			1,393,700			939,585			1,125,746
Cash collateral for futures contracts			894,539			1,815,114			1,013,074			1,025,368
Receivables:
Fund shares sold			510,155			772,398			723,505			629,022
Variation margin on futures contracts			335,533			255,363			142,433			144,328
Prepaid expenses			8,372			11,584			6,043			6,327
Reimbursement due from Investment Adviser			136,250			153,736			106,164			93,683
Other assets			5,999			14,042			4,017			5,549
Total assets			699,643,396			927,390,233			516,527,206			527,396,183
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			510,115			522,577			723,473			540,601
Payable for investments in unaffiliated underlying funds purchased			1,067,071			1,167,584			829,544			779,131
Payable for fund shares redeemed			—			249,778			—			88,395
Payable for investment management fees			124,408			165,611			91,708			93,831
Payable for distribution and shareholder service fees			14,508			62,045			11,266			31,794
Payable for directors fees			1,902			2,572			1,387			1,435
Payable to directors under the deferred compensation plan (Note 6)			5,999			14,042			4,017			5,549
Other accrued expenses and liabilities			47,060			82,412			41,197			54,208
Total liabilities			1,771,063			2,266,621			1,702,592			1,594,944
NET ASSETS		$	697,872,333		$	925,123,612		$	514,824,614		$	525,801,239
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	666,773,297		$	854,258,423		$	491,457,029		$	497,650,245
Total distributable earnings			31,099,036			70,865,189			23,367,585			28,150,994
NET ASSETS		$	697,872,333		$	925,123,612		$	514,824,614		$	525,801,239
* Cost of investments in affiliated underlying funds		$	731,318,772		$	955,230,765		$	539,931,556		$	547,622,220
** Cost of investments in unaffiliated underlying funds		$	51,072,952		$	68,025,724		$	37,649,680		$	38,529,064

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio			Voya Index Solution 2055 Portfolio
Class ADV
Net assets		$	25,869,549		$	98,844,004		$	19,219,924		$	47,571,127
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,559,896			8,329,335			1,126,186			3,030,624
Net asset value and redemption price per share		$	16.58		$	11.87		$	17.07		$	15.70
Class I
Net assets		$	9,010,442		$	45,837,106		$	10,167,681		$	35,520,402
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			524,853			3,702,600			578,330			2,191,474
Net asset value and redemption price per share		$	17.17		$	12.38		$	17.58		$	16.21
Class S
Net assets		$	11,128,533		$	53,870,908		$	9,295,964		$	28,253,854
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			651,282			4,437,440			531,824			1,771,635
Net asset value and redemption price per share		$	17.09		$	12.14		$	17.48		$	15.95
Class S2
Net assets		$	3,796,179		$	25,177,499		$	3,613,353		$	16,719,563
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			226,446			2,121,258			210,408			1,061,332
Net asset value and redemption price per share		$	16.76		$	11.87		$	17.17		$	15.75
Class Z
Net assets		$	648,067,630		$	701,394,095		$	472,527,692		$	397,736,293
Shares authorized			100,000,000			300,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			37,183,382			55,695,071			26,509,873			24,136,793
Net asset value and redemption price per share		$	17.43		$	12.59		$	17.82		$	16.48

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	247,547,793		$	27,751,359
Investments in unaffiliated underlying funds at fair value**			15,949,045			1,780,202
Cash			595,601			162,982
Cash collateral for futures contracts			517,627			—
Receivables:
Fund shares sold			532,034			115,120
Variation margin on futures contracts			72,840			—
Prepaid expenses			2,917			212
Reimbursement due from Investment Adviser			57,908			4,586
Other assets			1,348			28
Total assets			265,277,113			29,814,489
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			531,975			115,043
Payable for investments in unaffiliated underlying funds purchased			556,005			148,010
Payable for investment management fees			46,762			5,155
Payable for distribution and shareholder service fees			7,099			1,627
Payable for directors fees			690			63
Payable to directors under the deferred compensation plan (Note 6)			1,348			28
Other accrued expenses and liabilities			32,704			4,452
Total liabilities			1,176,583			274,378
NET ASSETS		$	264,100,530		$	29,540,111
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	260,648,897		$	34,365,321
Total distributable earnings (loss)			3,451,633			(4,825,210)
NET ASSETS		$	264,100,530		$	29,540,111
* Cost of investments in affiliated underlying funds		$	282,134,192		$	32,713,880
** Cost of investments in unaffiliated underlying funds		$	19,203,047		$	2,078,275

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
Class ADV
Net assets		$	12,571,406		$	2,803,222
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			931,202			274,162
Net asset value and redemption price per share		$	13.50		$	10.22
Class I
Net assets		$	17,947,574		$	2,047,005
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,297,976			199,373
Net asset value and redemption price per share		$	13.83		$	10.27
Class S
Net assets		$	5,546,877		$	1,755,025
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			406,615			171,398
Net asset value and redemption price per share		$	13.64		$	10.24
Class S2
Net assets		$	1,952,438		$	440,119
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			143,875			43,054
Net asset value and redemption price per share		$	13.57		$	10.22
Class Z
Net assets		$	226,082,235		$	22,494,740
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			16,116,025			2,182,863
Net asset value and redemption price per share		$	14.03		$	10.31

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution Income Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio			Voya Index Solution 2035 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	7,061,046		$	10,641,880		$	8,281,305		$	13,857,055
Dividends from unaffiliated underlying funds			847,432			1,067,430			766,340			1,074,974
Total investment income			7,908,478			11,709,310			9,047,645			14,932,029
EXPENSES:
Investment management fees			888,451			1,266,969			902,438			1,401,390
Distribution and shareholder service fees:
Class ADV			217,095			387,531			106,395			372,390
Class S			146,739			142,841			18,417			121,467
Class S2			36,459			66,780			26,245			75,007
Transfer agent fees:
Class ADV			15,362			23,665			12,449			30,214
Class I			2,478			7,580			2,952			11,484
Class S			20,770			17,460			4,295			19,723
Class S2			3,223			5,093			3,839			7,604
Class Z			495			618			796			767
Shareholder reporting expense			1,736			2,727			1,406			3,258
Registration fees			—			784			1,899			1,955
Professional fees			23,160			33,295			22,625			36,200
Custody and accounting expense			28,405			40,365			29,865			43,440
Directors fees			10,475			15,186			10,809			16,885
Miscellaneous expense			29,495			43,002			28,365			39,565
Interest expense			1,344			60			40			39
Total expenses			1,425,687			2,053,956			1,172,835			2,181,388
Waived and reimbursed fees			(704,233)			(998,787)			(912,519)			(1,185,575)
Net expenses			721,454			1,055,169			260,316			995,813
Net investment income			7,187,024			10,654,141			8,787,329			13,936,216
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			10,035,465			17,582,011			15,305,703			30,716,770
Sale of affiliated funding agreements			159,463			173,181			87,587			—
Sale of unaffiliated underlying funds			4,539,936			597,406			(34,427)			1,950,185
Capital gain distributions from affiliated underlying funds			2,218,125			7,257,661			7,933,840			13,351,178
Futures			(465,776)			(638,210)			(447,672)			(693,513)
Net realized gain			16,487,213			24,972,049			22,845,031			45,324,620
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(124,742,957)			(222,468,158)			(176,132,927)			(309,039,125)
Affiliated funding agreements			393,133			494,986			289,119			—
Unaffiliated underlying funds			(14,957,542)			(16,554,943)			(11,373,104)			(18,155,599)
Futures			(106,185)			(157,506)			(112,787)			(179,235)
Net change in unrealized appreciation (depreciation)			(139,413,551)			(238,685,621)			(187,329,699)			(327,373,959)
Net realized and unrealized loss			(122,926,338)			(213,713,572)			(164,484,668)			(282,049,339)
Decrease in net assets resulting from operations		$	(115,739,314)		$	(203,059,431)		$	(155,697,339)		$	(268,113,123)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio			Voya Index Solution 2055 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	7,774,928		$	10,590,127		$	5,779,070		$	5,888,347
Dividends from unaffiliated underlying funds			607,710			771,264			372,487			382,444
Total investment income			8,382,638			11,361,391			6,151,557			6,270,791
EXPENSES:
Investment management fees			787,965			1,063,635			570,998			590,692
Distribution and shareholder service fees:
Class ADV			68,989			289,078			53,308			137,293
Class S			17,394			84,616			15,403			44,690
Class S2			8,271			55,762			7,587			38,185
Transfer agent fees:
Class ADV			10,456			29,169			12,057			28,625
Class I			3,536			12,614			6,141			20,262
Class S			5,278			17,084			6,956			18,622
Class S2			1,567			7,030			2,146			9,956
Class Z			859			684			395			548
Shareholder reporting expense			1,444			2,904			1,096			2,178
Registration fees			2,121			1,516			1,671			1,477
Professional fees			19,910			26,607			15,951			14,661
Custody and accounting expense			28,960			36,200			21,084			19,910
Directors fees			9,507			12,858			6,933			7,172
Miscellaneous expense			26,246			30,075			19,210			25,040
Interest expense			—			230			121			125
Total expenses			992,503			1,670,062			741,057			959,436
Waived and reimbursed fees			(821,509)			(912,881)			(598,697)			(553,212)
Net expenses			170,994			757,181			142,360			406,224
Net investment income			8,211,644			10,604,210			6,009,197			5,864,567
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			18,755,488			22,330,263			12,921,081			11,596,778
Sale of unaffiliated underlying funds			493,258			559,058			(7,269)			(14,743)
Capital gain distributions from affiliated underlying funds			8,233,082			11,489,273			6,732,003			6,898,884
Futures			(382,165)			2,534,775			1,403,695			1,432,839
Net realized gain			27,099,663			36,913,369			21,049,510			19,913,758
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(184,469,500)			(255,460,095)			(141,300,212)			(144,742,074)
Unaffiliated underlying funds			(9,474,279)			(12,273,715)			(5,890,996)			(6,079,408)
Futures			(100,746)			(217,437)			(118,247)			(122,269)
Net change in unrealized appreciation (depreciation)			(194,044,525)			(267,951,247)			(147,309,455)			(150,943,751)
Net realized and unrealized loss			(166,944,862)			(231,037,878)			(126,259,945)			(131,029,993)
Decrease in net assets resulting from operations		$	(158,733,218)		$	(220,433,668)		$	(120,250,748)		$	(125,165,426)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	2,871,028		$	269,342
Dividends from unaffiliated underlying funds			188,491			20,284
Total investment income			3,059,519			289,626
EXPENSES:
Investment management fees			284,475			26,362
Distribution and shareholder service fees:
Class ADV			34,480			4,589
Class S			9,187			2,066
Class S2			4,277			787
Transfer agent fees:
Class ADV			9,831			1,475
Class I			13,694			1,358
Class S			5,240			1,330
Class S2			1,526			316
Class Z			318			439
Shareholder reporting expense			1,428			189
Registration fees			1,328			327
Professional fees			8,742			2,001
Custody and accounting expense			12,250			4,895
Directors fees			3,454			316
Miscellaneous expense			11,795			5,301
Total expenses			402,025			51,751
Waived and reimbursed fees			(299,470)			(37,363)
Net expenses			102,555			14,388
Net investment income			2,956,964			275,238
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			4,988,493			(235,043)
Sale of unaffiliated underlying funds			—			(10,929)
Capital gain distributions from affiliated underlying funds			3,408,869			321,784
Futures			695,277			—
Net realized gain			9,092,639			75,812
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(69,720,577)			(5,712,306)
Unaffiliated underlying funds			(2,947,427)			(278,113)
Futures			(54,838)			—
Net change in unrealized appreciation (depreciation)			(72,722,842)			(5,990,419)
Net realized and unrealized loss			(63,630,203)			(5,914,607)
Decrease in net assets resulting from operations		$	(60,673,239)		$	(5,639,369)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution Income Portfolio						Voya Index Solution 2025 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	7,187,024		$	19,067,402		$	10,654,141		$	21,458,627
Net realized gain			16,487,213			70,916,312			24,972,049			114,385,765
Net change in unrealized appreciation (depreciation)			(139,413,551)			(32,018,677)			(238,685,621)			(3,615,805)
Increase (decrease) in net assets resulting from operations			(115,739,314)			57,965,037			(203,059,431)			132,228,587
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(3,839,468)			—			(10,806,715)
Class I			—			(771,721)			—			(3,537,550)
Class S			—			(5,555,663)			—			(8,623,634)
Class S2			—			(756,222)			—			(2,347,558)
Class Z			—			(28,759,436)			—			(56,670,753)
Total distributions			—			(39,682,510)			—			(81,986,210)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			26,236,626			75,963,411			67,512,402			153,227,809
Reinvestment of distributions			—			39,682,510			—			81,986,210
			26,236,626			115,645,921			67,512,402			235,214,019
Cost of shares redeemed			(90,424,443)			(196,133,245)			(103,483,454)			(188,594,277)
Net increase (decrease) in net assets resulting from capital share transactions			(64,187,817)			(80,487,324)			(35,971,052)			46,619,742
Net increase (decrease) in net assets			(179,927,131)			(62,204,797)			(239,030,483)			96,862,119
NET ASSETS:
Beginning of year or period			931,878,499			994,083,296			1,334,514,585			1,237,652,466
End of year or period		$	751,951,368		$	931,878,499		$	1,095,484,102		$	1,334,514,585

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2030 Portfolio						Voya Index Solution 2035 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	8,787,329		$	14,881,340		$	13,936,216		$	20,841,145
Net realized gain			22,845,031			76,403,831			45,324,620			137,616,081
Net change in unrealized appreciation (depreciation)			(187,329,699)			10,761,882			(327,373,959)			23,152,393
Increase (decrease) in net assets resulting from operations			(155,697,339)			102,047,053			(268,113,123)			181,609,619
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(2,288,149)			—			(9,891,643)
Class I			—			(506,369)			—			(3,819,146)
Class S			—			(895,282)			—			(6,800,155)
Class S2			—			(642,134)			—			(2,812,027)
Class Z			—			(39,398,935)			—			(61,202,550)
Total distributions			—			(43,730,869)			—			(84,525,521)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			53,529,243			143,922,966			101,606,998			175,092,134
Reinvestment of distributions			—			43,730,869			—			84,525,521
			53,529,243			187,653,835			101,606,998			259,617,655
Cost of shares redeemed			(54,090,199)			(82,201,435)			(74,610,919)			(143,063,124)
Net increase (decrease) in net assets resulting from capital share transactions			(560,956)			105,452,400			26,996,079			116,554,531
Net increase (decrease) in net assets			(156,258,295)			163,768,584			(241,117,044)			213,638,629
NET ASSETS:
Beginning of year or period			943,325,563			779,556,979			1,470,832,218			1,257,193,589
End of year or period		$	787,067,268		$	943,325,563		$	1,229,715,174		$	1,470,832,218

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2040 Portfolio						Voya Index Solution 2045 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	8,211,644		$	11,455,407		$	10,604,210		$	14,144,594
Net realized gain			27,099,663			76,970,289			36,913,369			118,254,184
Net change in unrealized appreciation (depreciation)			(194,044,525)			22,881,192			(267,951,247)			36,282,129
Increase (decrease) in net assets resulting from operations			(158,733,218)			111,306,888			(220,433,668)			168,680,907
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(1,250,768)			—			(7,176,007)
Class I			—			(417,084)			—			(2,972,561)
Class S			—			(683,959)			—			(4,580,764)
Class S2			—			(231,822)			—			(1,610,486)
Class Z			—			(32,448,073)			—			(42,981,726)
Total distributions			—			(35,031,706)			—			(59,321,544)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			68,074,395			132,447,571			79,886,235			137,700,779
Reinvestment of distributions			—			35,031,706			—			59,321,544
			68,074,395			167,479,277			79,886,235			197,022,323
Cost of shares redeemed			(31,395,515)			(54,186,808)			(62,135,934)			(107,534,231)
Net increase in net assets resulting from capital share transactions			36,678,880			113,292,469			17,750,301			89,488,092
Net increase (decrease) in net assets			(122,054,338)			189,567,651			(202,683,367)			198,847,455
NET ASSETS:
Beginning of year or period			819,926,671			630,359,020			1,127,806,979			928,959,524
End of year or period		$	697,872,333		$	819,926,671		$	925,123,612		$	1,127,806,979

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2050 Portfolio						Voya Index Solution 2055 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	6,009,197		$	7,537,763		$	5,864,567		$	7,290,257
Net realized gain			21,049,510			57,470,532			19,913,758			61,995,877
Net change in unrealized appreciation (depreciation)			(147,309,455)			19,814,397			(150,943,751)			20,077,154
Increase (decrease) in net assets resulting from operations			(120,250,748)			84,822,692			(125,165,426)			89,363,288
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(838,663)			—			(2,706,151)
Class I			—			(428,229)			—			(1,828,389)
Class S			—			(589,859)			—			(2,098,710)
Class S2			—			(154,127)			—			(961,382)
Class Z			—			(19,735,291)			—			(18,962,412)
Total distributions			—			(21,746,169)			—			(26,557,044)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			60,306,817			107,713,612			66,214,269			111,457,278
Reinvestment of distributions			—			21,746,169			—			26,557,044
			60,306,817			129,459,781			66,214,269			138,014,322
Cost of shares redeemed			(20,122,805)			(40,985,486)			(36,025,519)			(55,192,501)
Net increase in net assets resulting from capital share transactions			40,184,012			88,474,295			30,188,750			82,821,821
Net increase (decrease) in net assets			(80,066,736)			151,550,818			(94,976,676)			145,628,065
NET ASSETS:
Beginning of year or period			594,891,350			443,340,532			620,777,915			475,149,850
End of year or period		$	514,824,614		$	594,891,350		$	525,801,239		$	620,777,915

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2060 Portfolio						Voya Index Solution 2065 Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	2,956,964		$	3,448,734		$	275,238		$	191,822
Net realized gain			9,092,639			28,410,564			75,812			1,228,739
Net change in unrealized appreciation (depreciation)			(72,722,842)			8,020,582			(5,990,419)			325,712
Increase (decrease) in net assets resulting from operations			(60,673,239)			39,879,880			(5,639,369)			1,746,273
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(391,665)			—			(102,873)
Class I			—			(589,841)			—			(91,623)
Class S			—			(298,973)			—			(103,041)
Class S2			—			(74,446)			—			(27,062)
Class Z			—			(7,315,564)			—			(1,042,492)
Total distributions			—			(8,670,489)			—			(1,367,091)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			47,340,313			79,342,429			17,415,407			17,085,615
Reinvestment of distributions			—			8,670,489			—			1,367,091
			47,340,313			88,012,918			17,415,407			18,452,706
Cost of shares redeemed			(13,650,755)			(23,039,438)			(3,423,532)			(2,114,217)
Net increase in net assets resulting from capital share transactions			33,689,558			64,973,480			13,991,875			16,338,489
Net increase (decrease) in net assets			(26,983,681)			96,182,871			8,352,506			16,717,671
NET ASSETS:
Beginning of year or period			291,084,211			194,901,340			21,187,605			4,469,934
End of year or period		$	264,100,530		$	291,084,211		$	29,540,111		$	21,187,605

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution Income Portfolio
Class ADV
06-30-22+		11.45		0.06•		(1.56)		(1.50)		—		—		—		—		—		9.95		(13.10)		0.77		0.76		0.76		1.14		79,042		25
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		96,649		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		104,557		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		81,027		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		87,697		38
12-31-17		9.71		0.16•		0.68		0.84		0.16		0.05		—		0.21		—		10.34		8.69		0.76		0.68		0.68		1.64		110,507		32
Class I
06-30-22+		11.78		0.09•		(1.60)		(1.51)		—		—		—		—		—		10.27		(12.82)		0.27		0.26		0.26		1.64		12,911		25
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		15,867		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		20,513		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		18,653		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		21,140		38
12-31-17		9.96		0.22•		0.71		0.93		0.22		0.05		—		0.27		—		10.62		9.36		0.26		0.18		0.18		2.11		22,916		32
Class S
06-30-22+		11.65		0.07•		(1.58)		(1.51)		—		—		—		—		—		10.14		(12.96)		0.52		0.51		0.51		1.39		106,625		25
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		131,694		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		147,405		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		136,385		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		140,647		38
12-31-17		9.86		0.19•		0.70		0.89		0.19		0.05		—		0.24		—		10.51		9.06		0.51		0.43		0.43		1.89		168,730		32
Class S2
06-30-22+		11.36		0.07•		(1.55)		(1.48)		—		—		—		—		—		9.88		(13.03)		0.67		0.66		0.66		1.25		16,729		25
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		18,519		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		16,526		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		8,387		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		16,240		38
12-31-17		9.66		0.18•		0.68		0.86		0.18		0.05		—		0.23		—		10.29		8.89		0.66		0.58		0.58		1.75		12,928		32
Class Z
06-30-22+		11.96		0.10•		(1.62)		(1.52)		—		—		—		—		—		10.44		(12.71)		0.24		0.00*		0.00*		1.90		536,645		25
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		669,150		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		705,082		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		230,574		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		178,763		38
12-31-17		9.99		0.25•		0.70		0.95		0.22		0.05		—		0.27		—		10.67		9.54		0.26		0.00*		0.00*		2.45		169,194		32

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2025 Portfolio
Class ADV
06-30-22+		12.53		0.07•		(2.03)		(1.96)		—		—		—		—		—		10.57		(15.64)		0.76		0.75		0.75		1.16		137,846		27
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		176,976		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		186,131		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		193,477		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		196,102		35
12-31-17		9.89		0.15•		1.25		1.40		0.14		0.21		—		0.35		—		10.94		14.32		0.76		0.68		0.68		1.44		232,790		32
Class I
06-30-22+		12.88		0.10•		(2.08)		(1.98)		—		—		—		—		—		10.90		(15.37)		0.26		0.25		0.25		1.71		46,744		27
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		53,067		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		52,341		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		60,504		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		56,645		35
12-31-17		10.13		0.21•		1.27		1.48		0.19		0.21		—		0.40		—		11.21		14.84		0.26		0.18		0.18		1.94		60,664		32
Class S
06-30-22+		12.72		0.08•		(2.05)		(1.97)		—		—		—		—		—		10.75		(15.49)		0.51		0.50		0.50		1.39		96,245		27
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		134,629		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		135,558		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		133,118		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		120,905		35
12-31-17		10.02		0.18•		1.26		1.44		0.16		0.21		—		0.37		—		11.09		14.62		0.51		0.43		0.43		1.69		149,827		32
Class S2
06-30-22+		12.45		0.07•		(2.01)		(1.94)		—		—		—		—		—		10.51		(15.58)		0.66		0.65		0.65		1.28		30,001		27
12-31-21		12.02		0.14•		1.07		1.21		0.23		0.55		—		0.79		—		12.45		10.24		0.69		0.64		0.64		1.17		36,074		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		36,080		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		32,859		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		26,038		35
12-31-17		9.86		0.16•		1.24		1.40		0.15		0.21		—		0.36		—		10.90		14.41		0.66		0.58		0.58		1.55		34,197		32
Class Z
06-30-22+		13.09		0.12•		(2.13)		(2.01)		—		—		—		—		—		11.08		(15.36)		0.23		0.00*		0.00*		1.95		784,647		27
12-31-21		12.56		0.24•		1.12		1.36		0.28		0.55		—		0.84		—		13.09		11.03		0.25		0.00*		0.00*		1.83		933,768		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		827,543		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		685,495		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		452,255		35
12-31-17		10.16		0.25•		1.25		1.50		0.19		0.21		—		0.40		—		11.26		15.00		0.26		0.00*		0.00*		2.31		371,838		32

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2030 Portfolio
Class ADV
06-30-22+		18.37		0.11•		(3.19)		(3.08)		—		—		—		—		—		15.29		(16.77)		0.79		0.74		0.74		1.36		38,461		29
12-31-21		17.23		0.18•		1.84		2.02		0.29		0.59		—		0.87		—		18.37		11.80		0.81		0.74		0.74		1.00		46,915		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		42,311		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		36,621		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		27,143		33
12-31-17		13.22		0.21•		1.98		2.19		0.05		0.08		—		0.13		—		15.28		16.62		0.76		0.69		0.69		1.48		20,939		32
Class I
06-30-22+		19.02		0.17•		(3.32)		(3.15)		—		—		—		—		—		15.87		(16.56)		0.29		0.24		0.24		1.94		9,886		29
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		10,579		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		9,372		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		8,674		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		6,304		33
12-31-17		13.50		0.31•		1.99		2.30		0.07		0.08		—		0.15		—		15.65		17.14		0.26		0.19		0.19		2.10		4,953		32
Class S
06-30-22+		18.85		0.13•		(3.27)		(3.14)		—		—		—		—		—		15.71		(16.66)		0.54		0.49		0.49		1.54		11,377		29
12-31-21		17.63		0.23•		1.90		2.13		0.32		0.59		—		0.90		—		18.85		12.18		0.56		0.49		0.49		1.24		20,843		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		17,414		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		14,570		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		11,224		33
12-31-17		13.44		0.27•		1.99		2.26		0.06		0.08		—		0.14		—		15.56		16.91		0.51		0.44		0.44		1.82		12,320		32
Class S2
06-30-22+		18.51		0.12•		(3.22)		(3.10)		—		—		—		—		—		15.41		(16.75)		0.69		0.64		0.64		1.46		12,544		29
12-31-21		17.35		0.20•		1.87		2.07		0.32		0.59		—		0.90		—		18.51		12.01		0.71		0.64		0.64		1.12		14,118		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		10,670		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		5,688		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		2,239		33
12-31-17		13.29		0.22•		1.99		2.21		0.05		0.08		—		0.13		—		15.37		16.69		0.66		0.59		0.59		1.54		1,800		32
Class Z
06-30-22+		19.25		0.18•		(3.35)		(3.17)		—		—		—		—		—		16.08		(16.47)		0.23		0.00*		0.00*		2.11		714,800		29
12-31-21		17.96		0.33•		1.92		2.25		0.37		0.59		—		0.95		—		19.25		12.64		0.25		0.00*		0.00*		1.76		850,871		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		699,789		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		558,381		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		348,273		33
12-31-17		13.51		0.35•		1.98		2.33		0.07		0.08		—		0.15		—		15.69		17.35		0.26		0.00*		0.00*		2.36		267,328		32

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2035 Portfolio
Class ADV
06-30-22+		13.59		0.09•		(2.57)		(2.48)		—		—		—		—		—		11.11		(18.25)		0.77		0.74		0.74		1.44		129,966		22
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		169,629		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		172,517		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		186,455		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		176,145		33
12-31-17		9.98		0.15•		1.61		1.76		0.13		0.27		—		0.40		—		11.34		17.95		0.76		0.68		0.68		1.37		215,074		25
Class I
06-30-22+		14.03		0.13•		(2.67)		(2.54)		—		—		—		—		—		11.49		(18.10)		0.27		0.24		0.24		2.00		52,950		22
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		60,969		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		54,401		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		64,433		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		55,982		33
12-31-17		10.23		0.20		1.68		1.88		0.19		0.27		—		0.46		—		11.65		18.65		0.26		0.18		0.18		1.89		58,021		25
Class S
06-30-22+		13.83		0.10•		(2.62)		(2.52)		—		—		—		—		—		11.31		(18.22)		0.52		0.49		0.49		1.63		82,098		22
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		114,671		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		112,188		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		110,305		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		96,259		33
12-31-17		10.11		0.17•		1.66		1.83		0.16		0.27		—		0.43		—		11.51		18.39		0.51		0.43		0.43		1.61		121,702		25
Class S2
06-30-22+		13.54		0.10•		(2.57)		(2.47)		—		—		—		—		—		11.07		(18.24)		0.67		0.64		0.64		1.59		33,701		22
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		40,801		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		41,739		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		33,877		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		29,751		33
12-31-17		9.96		0.16		1.62		1.78		0.15		0.27		—		0.42		—		11.32		18.14		0.66		0.58		0.58		1.50		37,316		25
Class Z
06-30-22+		14.27		0.14•		(2.71)		(2.57)		—		—		—		—		—		11.70		(18.01)		0.23		0.00*		0.00*		2.24		930,999		22
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		1,084,762		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		876,349		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		688,542		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		412,024		33
12-31-17		10.27		0.25•		1.66		1.91		0.19		0.27		—		0.46		—		11.72		18.88		0.26		0.00*		0.00*		2.26		327,540		25

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2040 Portfolio
Class ADV
06-30-22+		20.52		0.14•		(4.08)		(3.94)		—		—		—		—		—		16.58		(19.20)		0.81		0.74		0.74		1.52		25,870		20
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		28,989		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		26,276		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		24,422		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		15,441		30
12-31-17		13.57		0.21•		2.36		2.57		0.05		0.09		—		0.14		—		16.00		19.05		0.77		0.68		0.68		1.44		11,117		29
Class I
06-30-22+		21.19		0.19•		(4.21)		(4.02)		—		—		—		—		—		17.17		(18.97)		0.31		0.24		0.24		2.01		9,010		20
12-31-21		19.04		0.28•		2.85		3.13		0.34		0.64		—		0.97		—		21.19		16.58		0.34		0.24		0.24		1.35		9,660		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		7,830		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		5,832		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		3,952		30
12-31-17		13.82		0.32•		2.38		2.70		0.07		0.09		—		0.16		—		16.36		19.68		0.27		0.18		0.18		2.12		2,612		29
Class S
06-30-22+		21.12		0.15•		(4.18)		(4.03)		—		—		—		—		—		17.09		(19.08)		0.56		0.49		0.49		1.56		11,129		20
12-31-21		18.99		0.23•		2.84		3.07		0.30		0.64		—		0.93		—		21.12		16.30		0.59		0.49		0.49		1.12		16,775		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		13,728		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		11,372		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		7,981		30
12-31-17		13.82		0.25•		2.41		2.66		0.06		0.09		—		0.15		—		16.33		19.39		0.52		0.43		0.43		1.64		8,832		29
Class S2
06-30-22+		20.73		0.15•		(4.12)		(3.97)		—		—		—		—		—		16.76		(19.15)		0.71		0.64		0.64		1.63		3,796		20
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		4,354		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		4,557		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		2,896		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		1,905		30
12-31-17		13.67		0.23•		2.38		2.61		0.06		0.09		—		0.15		—		16.13		19.21		0.67		0.58		0.58		1.50		1,688		29
Class Z
06-30-22+		21.49		0.21•		(4.27)		(4.06)		—		—		—		—		—		17.43		(18.89)		0.23		0.00*		0.00*		2.22		648,068		20
12-31-21		19.27		0.33•		2.89		3.22		0.36		0.64		—		0.99		—		21.49		16.86		0.24		0.00*		0.00*		1.60		760,148		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		577,969		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		426,037		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		243,229		30
12-31-17		13.85		0.34•		2.39		2.73		0.07		0.09		—		0.16		—		16.42		19.86		0.27		0.00*		0.00*		2.21		169,065		29

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2045 Portfolio
Class ADV
06-30-22+		14.77		0.10•		(3.00)		(2.90)		—		—		—		—		—		11.87		(19.63)		0.78		0.74		0.74		1.44		98,844		19
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		132,543		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		129,548		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		134,331		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		122,905		31
12-31-17		10.22		0.13•		1.88		2.01		0.12		0.32		—		0.44		—		11.79		19.96		0.75		0.69		0.69		1.20		148,205		25
Class I
06-30-22+		15.37		0.14•		(3.13)		(2.99)		—		—		—		—		—		12.38		(19.45)		0.28		0.24		0.24		1.99		45,837		19
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		54,110		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		46,883		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		53,784		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		43,658		31
12-31-17		10.54		0.20•		1.93		2.13		0.18		0.32		—		0.50		—		12.17		20.48		0.25		0.19		0.19		1.76		48,317		25
Class S
06-30-22+		15.09		0.11•		(3.06)		(2.95)		—		—		—		—		—		12.14		(19.55)		0.53		0.49		0.49		1.57		53,871		19
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		84,023		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		77,113		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		74,022		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		65,002		31
12-31-17		10.40		0.17		1.90		2.07		0.15		0.32		—		0.47		—		12.00		20.21		0.50		0.44		0.44		1.46		87,386		25
Class S2
06-30-22+		14.76		0.11•		(3.00)		(2.89)		—		—		—		—		—		11.87		(19.58)		0.68		0.64		0.64		1.61		25,177		19
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		29,628		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		25,318		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		20,384		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		16,121		31
12-31-17		10.24		0.14•		1.88		2.02		0.14		0.32		—		0.46		—		11.80		19.97		0.65		0.59		0.59		1.26		19,206		25
Class Z
06-30-22+		15.62		0.16•		(3.19)		(3.03)		—		—		—		—		—		12.59		(19.40)		0.23		0.00*		0.00*		2.24		701,394		19
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		827,504		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		650,098		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		464,683		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		273,348		31
12-31-17		10.57		0.24•		1.93		2.17		0.18		0.32		—		0.50		—		12.24		20.81		0.25		0.00*		0.00*		2.12		208,189		25

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2050 Portfolio
Class ADV
06-30-22+		21.29		0.14•		(4.36)		(4.22)		—		—		—		—		—		17.07		(19.82)		0.84		0.74		0.74		1.47		19,220		15
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		23,791		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		19,574		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		17,450		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		11,155		28
12-31-17		13.65		0.20•		2.53		2.73		0.04		0.08		—		0.12		—		16.26		20.12		0.78		0.70		0.70		1.31		7,817		26
Class I
06-30-22+		21.88		0.19•		(4.49)		(4.30)		—		—		—		—		—		17.58		(19.65)		0.34		0.24		0.24		1.95		10,168		15
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		11,548		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		8,770		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		6,367		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		3,851		28
12-31-17		13.84		0.31•		2.55		2.86		0.07		0.08		—		0.15		—		16.55		20.75		0.28		0.20		0.20		2.00		3,195		26
Class S
06-30-22+		21.78		0.15•		(4.45)		(4.30)		—		—		—		—		—		17.48		(19.74)		0.59		0.49		0.49		1.49		9,296		15
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		15,698		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		12,575		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		10,885		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		7,477		28
12-31-17		13.83		0.24•		2.58		2.82		0.06		0.08		—		0.14		—		16.51		20.47		0.53		0.45		0.45		1.56		8,090		26
Class S2
06-30-22+		21.41		0.16•		(4.40)		(4.24)		—		—		—		—		—		17.17		(19.80)		0.74		0.64		0.64		1.68		3,613		15
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		3,918		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		3,563		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		3,072		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		2,023		28
12-31-17		13.68		0.23•		2.52		2.75		0.05		0.08		—		0.13		—		16.30		20.21		0.68		0.60		0.60		1.50		1,973		26
Class Z
06-30-22+		22.16		0.22•		(4.56)		(4.34)		—		—		—		—		—		17.82		(19.58)		0.23		0.00*		0.00*		2.24		472,528		15
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		539,936		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		398,859		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		286,945		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		153,539		28
12-31-17		13.85		0.33•		2.57		2.90		0.07		0.08		—		0.15		—		16.60		21.03		0.28		0.00*		0.00*		2.13		97,126		26

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2055 Portfolio
Class ADV
06-30-22+		19.61		0.12•		(4.03)		(3.91)		—		—		—		—		—		15.70		(19.94)		0.84		0.74		0.74		1.39		47,571		15
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		63,321		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		58,091		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		54,378		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		46,688		29
12-31-17		13.01		0.16		2.46		2.62		0.14		0.31		—		0.45		—		15.18		20.37		0.76		0.70		0.70		1.19		52,886		25
Class I
06-30-22+		20.20		0.18•		(4.17)		(3.99)		—		—		—		—		—		16.21		(19.75)		0.34		0.24		0.24		1.96		35,520		15
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		42,496		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		35,009		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		31,202		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		21,247		29
12-31-17		13.29		0.27•		2.49		2.76		0.20		0.31		—		0.51		—		15.54		21.03		0.26		0.20		0.20		1.87		19,100		25
Class S
06-30-22+		19.90		0.14•		(4.09)		(3.95)		—		—		—		—		—		15.95		(19.85)		0.59		0.49		0.49		1.53		28,254		15
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		43,919		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		40,587		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		35,423		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		26,744		29
12-31-17		13.16		0.20•		2.48		2.68		0.17		0.31		—		0.48		—		15.36		20.63		0.51		0.45		0.45		1.40		29,602		25
Class S2
06-30-22+		19.67		0.14•		(4.06)		(3.92)		—		—		—		—		—		15.75		(19.93)		0.74		0.64		0.64		1.60		16,720		15
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		20,878		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		17,208		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		11,439		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		7,943		29
12-31-17		13.06		0.19•		2.45		2.64		0.15		0.31		—		0.46		—		15.24		20.50		0.66		0.60		0.60		1.35		10,327		25
Class Z
06-30-22+		20.51		0.20•		(4.23)		(4.03)		—		—		—		—		—		16.48		(19.65)		0.23		0.00*		0.00*		2.22		397,736		15
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		450,163		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		324,254		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		217,585		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		111,996		29
12-31-17		13.33		0.30•		2.50		2.80		0.20		0.31		—		0.51		—		15.62		21.27		0.26		0.00*		0.00*		2.07		68,540		25

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2060 Portfolio
Class ADV
06-30-22+		16.89		0.11•		(3.50)		(3.39)		—		—		—		—		—		13.50		(20.07)		0.88		0.74		0.74		1.42		12,571		15
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		15,085		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		11,253		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		9,576		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		6,029		40
12-31-17		10.48		0.16•		1.97		2.13		0.03		0.09		—		0.12		—		12.49		20.44		0.90		0.70		0.70		1.40		4,579		51
Class I
06-30-22+		17.25		0.15•		(3.57)		(3.42)		—		—		—		—		—		13.83		(19.83)		0.38		0.24		0.24		1.98		17,948		15
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		20,267		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		13,765		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		7,603		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		3,020		40
12-31-17		10.57		0.31•		1.91		2.22		0.05		0.09		—		0.14		—		12.65		21.11		0.40		0.20		0.20		2.60		1,563		51
Class S
06-30-22+		17.04		0.11•		(3.51)		(3.40)		—		—		—		—		—		13.64		(19.95)		0.63		0.49		0.49		1.47		5,547		15
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		9,659		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		8,248		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		5,693		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		3,057		40
12-31-17		10.52		0.18•		1.99		2.17		0.04		0.09		—		0.13		—		12.56		20.76		0.65		0.45		0.45		1.51		2,294		51
Class S2
06-30-22+		16.97		0.12•		(3.52)		(3.40)		—		—		—		—		—		13.57		(20.04)		0.78		0.64		0.64		1.59		1,952		15
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		2,296		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		2,098		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		1,545		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
12-31-17		10.50		0.20•		1.95		2.15		0.05		0.09		—		0.14		—		12.51		20.54		0.80		0.60		0.60		1.68		993		51
Class Z
06-30-22+		17.48		0.18•		(3.63)		(3.45)		—		—		—		—		—		14.03		(19.74)		0.24		0.00*		0.00*		2.24		226,082		15
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		243,777		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		159,536		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		84,826		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		32,971		40
12-31-17		10.60		0.26•		1.98		2.24		0.05		0.09		—		0.14		—		12.70		21.24		0.40		0.00*		0.00*		2.16		15,056		51

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2065 Portfolio
Class ADV
06-30-22+		12.79		0.07•		(2.64)		(2.57)		—		—		—		—		—		10.22		(20.09)		0.97		0.74		0.74		1.24		2,803		31
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		1,684		42
07-29-20(5) -
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
06-30-22+		12.82		0.13•		(2.68)		(2.55)		—		—		—		—		—		10.27		(19.89)		0.47		0.24		0.24		2.22		2,047		31
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		1,419		42
07-29-20(5) -
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
06-30-22+		12.80		0.10•		(2.66)		(2.56)		—		—		—		—		—		10.24		(20.00)		0.72		0.49		0.49		1.76		1,755		31
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		1,626		42
07-29-20(5) -
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
06-30-22+		12.78		0.09•		(2.65)		(2.56)		—		—		—		—		—		10.22		(20.03)		0.87		0.64		0.64		1.57		440		31
12-31-21		11.57		0.09•		1.97		2.06		0.09		0.76		—		0.86		—		12.78		17.87		1.02		0.64		0.64		0.70		428		42
07-29-20(5) -
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
Class Z
06-30-22+		12.85		0.13•		(2.67)		(2.54)		—		—		—		—		—		10.31		(19.77)		0.32		0.00*		0.00*		2.33		22,495		31
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		16,030		42
07-29-20(5) -
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		3,190		17

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

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

(5)

Commencement of operations.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

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

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.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios’ Board. Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities,

benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio. Each Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing the Portfolios’ investments under these levels of classification is included within the Portfolio of Investments.

B. Securities Transactions and Revenue Recognition. 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.

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

	Purchased			Sold
Index Solution Income		$	16,058,210		$	16,152,385
Index Solution 2025			23,228,667			23,386,433
Index Solution 2030			16,591,058			16,620,333
Index Solution 2035			25,793,833			26,021,825
Index Solution 2040			14,464,003			14,677,600
Index Solution 2045			26,568,305			26,608,033
Index Solution 2050			14,503,871			14,592,753
Index Solution 2055			14,976,047			14,934,140
Index Solution 2060			7,364,936			7,365,215

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 six months ended June 30, 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		$	212,562,274		$	269,528,824
Index Solution 2025			323,552,750			349,117,400
Index Solution 2030			260,982,226			252,885,158
Index Solution 2035			334,299,392			294,081,843
Index Solution 2040			200,557,832			156,111,805
Index Solution 2045			223,740,737			193,939,629
Index Solution 2050			133,019,971			86,130,184
Index Solution 2055			124,099,357			87,589,057
Index Solution 2060			77,737,900			40,758,920
Index Solution 2065			22,211,941			7,949,912

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.

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

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.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Index Solution Income		32.23%
	Index Solution 2025		18.89
	Index Solution 2030		13.16
	Index Solution 2035		17.46
	Index Solution 2040		13.26
	Index Solution 2045		18.83
	Index Solution 2050		12.90
	Index Solution 2055		15.68
	Index Solution 2060		15.14
	Index Solution 2065		8.12
Voya Retirement Insurance and Annuity Company	Index Solution Income		67.74
	Index Solution 2025		81.11
	Index Solution 2030		86.81
	Index Solution 2035		82.53
	Index Solution 2040		86.72
	Index Solution 2045		81.17
	Index Solution 2050		87.10
	Index Solution 2055		84.32
	Index Solution 2060		84.86
	Index Solution 2065		91.88

Portfolio	Amount
Index Solution Income		$	41,615
Index Solution 2025			53,543
Index Solution 2030			23,454
Index Solution 2035			68,746
Index Solution 2040			20,769
Index Solution 2045			65,662
Index Solution 2050			27,265
Index Solution 2055			77,272
Index Solution 2060			30,233
Index Solution 2065			4,354

NOTE 7 — FUNDING AGREEMENTS

Index Solution Income, Index Solution 2025 and Index Solution 2030 each invest 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

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

NOTE 7 — FUNDING AGREEMENTS (continued)

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 and is reinvested in the Fund Agreements. 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 no apply a subsequent decrease in the 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 fail value measurements.

Below are the interest rates during the period ended June 30, 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 June 30, 2022		1.50%

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

Portfolio	Class ADV(1)(2)		Class I(1)(2)		Class S(1)(2)		Class S2(1)(2)		Class Z(3)(4)
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%

Portfolio	Class ADV(1)(2)		Class I(1)(2)		Class S(1)(2)		Class S2(1)(2)		Class Z(3)(4)
Index Solution 2040		0.89%		0.39%		0.64%		0.79%		0.00%
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%

(1)

(2)

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

(3)

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 direct expense limits are 0.00% for all Portfolios. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(4)

The operating expense limits shown apply only at each Portfolio level and do not include the fees payable by the Underlying Funds in which each Portfolio invests, 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, 2023 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

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

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

TABLE OF CONTENTS

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

NOTE 9 — LINE OF CREDIT (continued)

The following Portfolios utilized the line of credit during the six months ended June 30, 2022.

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Solution Income		3		$	10,209,667		1.58%
Index Solution 2025		1			1,362,000		1.58
Index Solution 2030		1			906,000		1.58
Index Solution 2035		1			892,000		1.58
Index Solution 2045		4			1,060,250		1.95
Index Solution 2050		4			555,000		1.96
Index Solution 2055		4			573,500		1.96

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution Income
Class ADV
6/30/2022		126,448		—		—		(626,506)		(500,058)		1,324,666		—		—		(6,596,548)		(5,271,882)
12/31/2021		448,474		—		338,279		(1,621,093)		(834,340)		5,109,216		—		3,839,468		(18,470,481)		(9,521,797)
Class I
6/30/2022		58,033		—		—		(147,335)		(89,302)		634,212		—		—		(1,630,470)		(996,258)
12/31/2021		167,642		—		66,185		(658,714)		(424,887)		1,970,276		—		771,721		(7,714,945)		(4,972,948)
Class S
6/30/2022		121,658		—		—		(910,389)		(788,731)		1,311,416		—		—		(9,893,933)		(8,582,517)
12/31/2021		217,530		—		481,010		(2,262,925)		(1,564,385)		2,515,739		—		5,555,663		(26,324,900)		(18,253,498)
Class S2
6/30/2022		329,656		—		—		(266,683)		62,973		3,569,409		—		—		(2,794,183)		775,226
12/31/2021		502,106		—		67,100		(414,779)		154,427		5,713,537		—		756,222		(4,698,325)		1,771,434
Class Z
6/30/2022		1,728,860		—		—		(6,256,792)		(4,527,932)		19,396,923		—		—		(69,509,309)		(50,112,386)
12/31/2021		5,071,310		—		2,431,060		(11,694,957)		(4,192,587)		60,654,643		—		28,759,436		(138,924,594)		(49,510,515)
Index Solution 2025
Class ADV
6/30/2022		362,689		—		—		(1,450,344)		(1,087,655)		4,116,362		—		—		(16,670,299)		(12,553,937)
12/31/2021		1,024,576		—		878,595		(3,178,930)		(1,275,759)		12,675,726		—		10,806,715		(39,555,819)		(16,073,378)
Class I
6/30/2022		353,598		—		—		(183,665)		169,933		4,228,476		—		—		(2,160,997)		2,067,479
12/31/2021		674,477		—		280,091		(1,055,001)		(100,433)		8,683,047		—		3,537,550		(13,490,514)		(1,269,917)
Class S
6/30/2022		170,050		—		—		(1,798,970)		(1,628,920)		1,970,847		—		—		(21,188,272)		(19,217,425)
12/31/2021		793,951		—		690,996		(1,957,242)		(472,295)		10,014,318		—		8,623,634		(24,728,139)		(6,090,187)
Class S2
6/30/2022		338,043		—		—		(381,386)		(43,343)		3,907,392		—		—		(4,339,243)		(431,851)
12/31/2021		660,546		—		192,108		(957,029)		(104,375)		8,209,547		—		2,347,558		(11,832,103)		(1,274,998)
Class Z
6/30/2022		4,370,603		—		—		(4,935,565)		(564,962)		53,289,325		—		—		(59,124,643)		(5,835,318)
12/31/2021		8,730,674		—		4,423,946		(7,662,881)		5,491,739		113,645,171		—		56,670,753		(98,987,702)		71,328,222

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2030
Class ADV
6/30/2022		219,700		—		—		(258,055)		(38,355)		3,685,686		—		—		(4,256,350)		(570,664)
12/31/2021		482,643		—		127,403		(513,072)		96,974		8,707,380		—		2,288,149		(9,215,809)		1,779,720
Class I
6/30/2022		87,921		—		—		(21,233)		66,688		1,532,710		—		—		(376,088)		1,156,622
12/31/2021		108,259		—		27,298		(106,527)		29,030		2,028,383		—		506,369		(1,968,454)		566,298
Class S
6/30/2022		133,748		—		—		(515,286)		(381,538)		2,343,938		—		—		(9,223,988)		(6,880,050)
12/31/2021		298,056		—		48,657		(228,334)		118,379		5,486,199		—		895,282		(4,208,511)		2,172,970
Class S2
6/30/2022		117,905		—		—		(66,789)		51,116		1,987,359		—		—		(1,128,426)		858,933
12/31/2021		313,201		—		35,516		(200,722)		147,995		5,690,660		—		642,134		(3,621,527)		2,711,267
Class Z
6/30/2022		2,471,403		—		—		(2,222,543)		248,860		43,979,550		—		—		(39,105,347)		4,874,203
12/31/2021		6,472,391		—		2,100,156		(3,352,144)		5,220,403		122,010,344		—		39,398,935		(63,187,134)		98,222,145
Index Solution 2035
Class ADV
6/30/2022		421,075		—		—		(1,197,235)		(776,160)		5,218,362		—		—		(14,597,302)		(9,378,940)
12/31/2021		822,601		—		747,668		(2,683,246)		(1,112,977)		11,004,007		—		9,891,643		(35,786,364)		(14,890,714)
Class I
6/30/2022		440,680		—		—		(178,273)		262,407		5,654,832		—		—		(2,290,372)		3,364,460
12/31/2021		642,827		—		280,201		(738,630)		184,398		8,849,484		—		3,819,146		(10,133,109)		2,535,521
Class S
6/30/2022		338,143		—		—		(1,372,982)		(1,034,839)		4,231,954		—		—		(17,712,351)		(13,480,397)
12/31/2021		827,678		—		505,588		(1,737,192)		(403,926)		11,223,225		—		6,800,155		(23,555,823)		(5,532,443)
Class S2
6/30/2022		363,163		—		—		(331,469)		31,694		4,480,450		—		—		(4,027,290)		453,160
12/31/2021		622,333		—		213,356		(1,119,869)		(284,180)		8,323,500		—		2,812,027		(14,853,546)		(3,718,019)
Class Z
6/30/2022		6,273,116		—		—		(2,727,152)		3,545,964		82,021,400		—		—		(35,983,604)		46,037,796
12/31/2021		9,690,252		—		4,418,957		(4,182,892)		9,926,317		135,691,918		—		61,202,550		(58,734,282)		138,160,186
Index Solution 2040
Class ADV
6/30/2022		243,995		—		—		(96,895)		147,100		4,492,693		—		—		(1,763,045)		2,729,648
12/31/2021		296,537		—		63,011		(368,190)		(8,642)		5,846,672		—		1,250,768		(7,309,898)		(212,458)
Class I
6/30/2022		88,334		—		—		(19,408)		68,926		1,707,358		—		—		(378,942)		1,328,416
12/31/2021		83,917		—		20,385		(59,548)		44,754		1,720,524		—		417,084		(1,210,093)		927,515
Class S
6/30/2022		108,157		—		—		(251,336)		(143,179)		2,082,480		—		—		(4,957,768)		(2,875,288)
12/31/2021		217,703		—		33,511		(179,589)		71,625		4,447,787		—		683,959		(3,656,280)		1,475,466
Class S2
6/30/2022		45,945		—		—		(29,516)		16,429		854,135		—		—		(541,912)		312,223
12/31/2021		64,990		—		11,562		(110,433)		(33,881)		1,301,229		—		231,822		(2,196,478)		(663,427)
Class Z
6/30/2022		2,994,951		—		—		(1,191,253)		1,803,698		58,937,729		—		—		(23,753,848)		35,183,881
12/31/2021		5,740,937		—		1,566,027		(1,920,890)		5,386,074		119,131,359		—		32,448,073		(39,814,059)		111,765,373
Index Solution 2045
Class ADV
6/30/2022		311,499		—		—		(956,760)		(645,261)		4,167,350		—		—		(12,533,602)		(8,366,252)
12/31/2021		712,976		—		503,933		(1,975,664)		(758,755)		10,226,109		—		7,176,007		(28,116,117)		(10,714,001)
Class I
6/30/2022		281,358		—		—		(99,532)		181,826		3,936,897		—		—		(1,368,512)		2,568,385
12/31/2021		519,981		—		200,985		(594,569)		126,397		7,663,361		—		2,972,561		(8,826,086)		1,809,836

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2045 (continued)
Class S
6/30/2022		177,897		—		—		(1,308,599)		(1,130,702)		2,425,790		—		—		(18,349,953)		(15,924,163)
12/31/2021		493,136		—		315,263		(917,460)		(109,061)		7,201,616		—		4,580,764		(13,478,520)		(1,696,140)
Class S2
6/30/2022		281,659		—		—		(167,142)		114,517		3,778,494		—		—		(2,162,813)		1,615,681
12/31/2021		439,214		—		113,175		(447,108)		105,281		6,290,657		—		1,610,486		(6,417,708)		1,483,435
Class Z
6/30/2022		4,621,535		—		—		(1,918,898)		2,702,637		65,577,704		—		—		(27,721,054)		37,856,650
12/31/2021		7,028,476		—		2,863,539		(3,336,204)		6,555,811		106,319,036		—		42,981,726		(50,695,800)		98,604,962
Index Solution 2050
Class ADV
6/30/2022		121,767		—		—		(112,922)		8,845		2,323,908		—		—		(2,148,098)		175,810
12/31/2021		262,261		—		40,851		(224,031)		79,081		5,329,530		—		838,663		(4,557,924)		1,610,269
Class I
6/30/2022		104,551		—		—		(54,023)		50,528		2,080,908		—		—		(1,079,496)		1,001,412
12/31/2021		139,014		—		20,343		(85,252)		74,105		2,897,058		—		428,229		(1,786,274)		1,539,013
Class S
6/30/2022		82,245		—		—		(271,133)		(188,888)		1,616,468		—		—		(5,506,839)		(3,890,371)
12/31/2021		198,293		—		28,115		(158,608)		67,800		4,114,575		—		589,859		(3,308,370)		1,396,064
Class S2
6/30/2022		43,184		—		—		(15,751)		27,433		832,843		—		—		(298,026)		534,817
12/31/2021		47,957		—		7,467		(60,411)		(4,987)		983,206		—		154,127		(1,257,941)		(120,608)
Class Z
6/30/2022		2,673,847		—		—		(532,701)		2,141,146		53,452,690		—		—		(11,090,346)		42,362,344
12/31/2021		4,446,626		—		926,540		(1,414,268)		3,958,898		94,389,243		—		19,735,291		(30,074,977)		84,049,557
Index Solution 2055
Class ADV
6/30/2022		193,225		—		—		(391,491)		(198,266)		3,395,514		—		—		(6,857,806)		(3,462,292)
12/31/2021		403,284		—		143,107		(642,901)		(96,510)		7,613,567		—		2,706,151		(12,101,033)		(1,781,315)
Class I
6/30/2022		223,505		—		—		(135,815)		87,690		4,101,823		—		—		(2,472,818)		1,629,005
12/31/2021		364,088		—		94,053		(304,229)		153,912		7,090,718		—		1,828,389		(5,872,620)		3,046,487
Class S
6/30/2022		158,993		—		—		(594,385)		(435,392)		2,871,542		—		—		(10,982,181)		(8,110,639)
12/31/2021		347,808		—		109,479		(541,628)		(84,341)		6,653,836		—		2,098,710		(10,321,505)		(1,568,959)
Class S2
6/30/2022		137,046		—		—		(137,054)		(8)		2,420,977		—		—		(2,369,382)		51,595
12/31/2021		288,458		—		50,706		(258,962)		80,202		5,501,725		—		961,382		(4,948,390)		1,514,717
Class Z
6/30/2022		2,883,436		—		—		(693,073)		2,190,363		53,424,413		—		—		(13,343,332)		40,081,081
12/31/2021		4,275,315		—		961,583		(1,106,640)		4,130,258		84,597,432		—		18,962,412		(21,948,953)		81,610,891
Index Solution 2060
Class ADV
6/30/2022		126,048		—		—		(88,189)		37,859		1,900,946		—		—		(1,316,146)		584,800
12/31/2021		281,399		—		24,073		(172,613)		132,859		4,553,678		—		391,665		(2,760,326)		2,185,017
Class I
6/30/2022		226,154		—		—		(102,865)		123,289		3,528,763		—		—		(1,542,413)		1,986,350
12/31/2021		390,140		—		35,554		(162,864)		262,830		6,410,349		—		589,841		(2,684,499)		4,315,691
Class S
6/30/2022		75,531		—		—		(235,735)		(160,204)		1,166,953		—		—		(3,772,609)		(2,605,656)
12/31/2021		182,215		—		18,230		(186,324)		14,121		2,960,517		—		298,973		(3,003,990)		255,500
Class S2
6/30/2022		30,304		—		—		(21,731)		8,573		456,686		—		—		(328,957)		127,729
12/31/2021		45,859		—		4,556		(56,213)		(5,798)		742,084		—		74,446		(918,223)		(101,693)

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2060 (continued)
Class Z
6/30/2022		2,570,689		—		—		(398,385)		2,172,304		40,286,965		—		—		(6,690,630)		33,596,335
12/31/2021		3,877,842		—		435,710		(817,621)		3,495,931		64,675,801		—		7,315,564		(13,672,400)		58,318,965
Index Solution 2065
Class ADV
6/30/2022		172,472		—		—		(29,992)		142,480		1,882,693		—		—		(352,919)		1,529,774
12/31/2021		114,259		—		8,038		(23,611)		98,686		1,426,604		—		102,873		(308,054)		1,221,423
Class I
6/30/2022		111,490		—		—		(22,834)		88,656		1,287,255		—		—		(274,605)		1,012,650
12/31/2021		81,631		—		7,143		(7,498)		81,276		1,056,465		—		91,623		(97,334)		1,050,754
Class S
6/30/2022		78,998		—		—		(34,666)		44,332		898,341		—		—		(420,064)		478,277
12/31/2021		115,202		—		8,045		(29,194)		94,053		1,481,961		—		103,041		(366,190)		1,218,812
Class S2
6/30/2022		19,715		—		—		(10,166)		9,549		222,306		—		—		(119,110)		103,196
12/31/2021		32,698		—		2,116		(16,406)		18,408		423,191		—		27,062		(210,200)		240,053
Class Z
6/30/2022		1,120,314		—		—		(185,182)		935,132		13,124,812		—		—		(2,256,834)		10,867,978
12/31/2021		979,761		—		81,085		(88,284)		972,562		12,697,394		—		1,042,492		(1,132,439)		12,607,447

NOTE 11 — FEDERAL INCOME TAXES

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Solution Income		$	20,542,949		$	19,139,561		$	9,804,300		$	8,294,202
Index Solution 2025			36,229,106			45,757,104			21,041,791			31,354,013
Index Solution 2030			21,798,077			21,932,792			11,711,879			18,867,949
Index Solution 2035			36,045,594			48,479,927			19,549,662			38,649,852
Index Solution 2040			15,253,649			19,778,057			8,470,606			15,755,214
Index Solution 2045			22,872,769			36,448,775			12,788,216			29,321,520
Index Solution 2050			9,464,511			12,281,658			5,636,539			11,097,526
Index Solution 2055			10,256,797			16,300,247			5,773,945			12,919,382
Index Solution 2060			3,970,064			4,700,425			2,019,439			3,178,578
Index Solution 2065			607,528			759,563			35,357			—

TABLE OF CONTENTS

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

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Other			Total Distributable Earnings/(Loss)
Index Solution Income		$	42,271,439		$	42,529,210		$	45,617,437		$	(4,429,265)		$	125,988,821
Index Solution 2025			29,663,588			100,276,205			133,009,717			(10,129,972)			252,819,538
Index Solution 2030			19,395,493			67,657,299			100,974,655			(1,780,530)			186,246,917
Index Solution 2035			25,927,348			123,621,049			184,907,724			(1,204,882)			333,251,239
Index Solution 2040			16,743,337			67,089,166			106,697,938			(698,187)			189,832,254
Index Solution 2045			21,500,287			106,588,359			163,219,170			(8,959)			291,298,857
Index Solution 2050			10,870,864			51,762,332			80,987,261			(2,124)			143,618,333
Index Solution 2055			12,707,672			54,217,516			86,394,259			(3,027)			153,316,420
Index Solution 2060			5,895,507			25,027,743			33,202,327			(705)			64,124,872
Index Solution 2065			16,864			83,198			714,115			(18)			814,159

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

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

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

Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

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

NOTE 13 — LIQUIDITY

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and

TABLE OF CONTENTS

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

NOTE 13 — LIQUIDITY (continued)

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

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

NOTE 14 — MARKET DISRUPTION

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

NOTE 15 — SUBSEQUENT EVENTS

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

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Index Solution Income
Class ADV		$	0.2609		$	0.2693		$	0.5903	August 4, 2022	August 2, 2022
Class I		$	0.3255		$	0.2693		$	0.5903	August 4, 2022	August 2, 2022
Class S		$	0.2916		$	0.2693		$	0.5903	August 4, 2022	August 2, 2022
Class S2		$	0.2859		$	0.2693		$	0.5903	August 4, 2022	August 2, 2022
Class Z		$	0.3320		$	0.2693		$	0.5903	August 4, 2022	August 2, 2022
Index Solution 2025
Class ADV		$	0.2031		$	0.0344		$	1.0124	August 4, 2022	August 2, 2022
Class I		$	0.2754		$	0.0344		$	1.0124	August 4, 2022	August 2, 2022
Class S		$	0.2345		$	0.0344		$	1.0124	August 4, 2022	August 2, 2022
Class S2		$	0.2235		$	0.0344		$	1.0124	August 4, 2022	August 2, 2022
Class Z		$	0.2813		$	0.0344		$	1.0124	August 4, 2022	August 2, 2022

TABLE OF CONTENTS

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

NOTE 15 — SUBSEQUENT EVENTS (continued)

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Index Solution 2030
Class ADV		$	0.2567		$	0.0408		$	1.3704	August 4, 2022	August 2, 2022
Class I		$	0.3499		$	0.0408		$	1.3704	August 4, 2022	August 2, 2022
Class S		$	0.2788		$	0.0408		$	1.3704	August 4, 2022	August 2, 2022
Class S2		$	0.2878		$	0.0408		$	1.3704	August 4, 2022	August 2, 2022
Class Z		$	0.3599		$	0.0408		$	1.3704	August 4, 2022	August 2, 2022
Index Solution 2035
Class ADV		$	0.1563		$	0.0203		$	1.1641	August 4, 2022	August 2, 2022
Class I		$	0.2310		$	0.0203		$	1.1641	August 4, 2022	August 2, 2022
Class S		$	0.1899		$	0.0203		$	1.1641	August 4, 2022	August 2, 2022
Class S2		$	0.1723		$	0.0203		$	1.1641	August 4, 2022	August 2, 2022
Class Z		$	0.2385		$	0.0203		$	1.1641	August 4, 2022	August 2, 2022
Index Solution 2040
Class ADV		$	0.2107		$	0.1028		$	1.6643	August 4, 2022	August 2, 2022
Class I		$	0.3021		$	0.1028		$	1.6643	August 4, 2022	August 2, 2022
Class S		$	0.2371		$	0.1028		$	1.6643	August 4, 2022	August 2, 2022
Class S2		$	0.2120		$	0.1028		$	1.6643	August 4, 2022	August 2, 2022
Class Z		$	0.3191		$	0.1028		$	1.6643	August 4, 2022	August 2, 2022
Index Solution 2045
Class ADV		$	0.1298		$	0.0837		$	1.4360	August 4, 2022	August 2, 2022
Class I		$	0.2115		$	0.0837		$	1.4360	August 4, 2022	August 2, 2022
Class S		$	0.1607		$	0.0837		$	1.4360	August 4, 2022	August 2, 2022
Class S2		$	0.1599		$	0.0837		$	1.4360	August 4, 2022	August 2, 2022
Class Z		$	0.2222		$	0.0837		$	1.4360	August 4, 2022	August 2, 2022
Index Solution 2050
Class ADV		$	0.1615		$	0.0942		$	1.7694	August 4, 2022	August 2, 2022
Class I		$	0.2621		$	0.0942		$	1.7694	August 4, 2022	August 2, 2022
Class S		$	0.1806		$	0.0942		$	1.7694	August 4, 2022	August 2, 2022
Class S2		$	0.1874		$	0.0942		$	1.7694	August 4, 2022	August 2, 2022
Class Z		$	0.2854		$	0.0942		$	1.7694	August 4, 2022	August 2, 2022
Index Solution 2055
Class ADV		$	0.1372		$	0.1481		$	1.6702	August 4, 2022	August 2, 2022
Class I		$	0.2449		$	0.1481		$	1.6702	August 4, 2022	August 2, 2022
Class S		$	0.1719		$	0.1481		$	1.6702	August 4, 2022	August 2, 2022
Class S2		$	0.1718		$	0.1481		$	1.6702	August 4, 2022	August 2, 2022
Class Z		$	0.2645		$	0.1481		$	1.6702	August 4, 2022	August 2, 2022

TABLE OF CONTENTS

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

NOTE 15 — SUBSEQUENT EVENTS (continued)

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Index Solution 2060
Class ADV		$	0.1069		$	0.1140		$	1.2986	August 4, 2022	August 2, 2022
Class I		$	0.1794		$	0.1140		$	1.2986	August 4, 2022	August 2, 2022
Class S		$	0.1096		$	0.1140		$	1.2986	August 4, 2022	August 2, 2022
Class S2		$	0.1120		$	0.1140		$	1.2986	August 4, 2022	August 2, 2022
Class Z		$	0.2005		$	0.1140		$	1.2986	August 4, 2022	August 2, 2022
Index Solution 2065
Class ADV		$	—		$	0.0055		$	0.0273	August 4, 2022	August 2, 2022
Class I		$	—		$	0.0055		$	0.0273	August 4, 2022	August 2, 2022
Class S		$	—		$	0.0055		$	0.0273	August 4, 2022	August 2, 2022
Class S2		$	—		$	0.0055		$	0.0273	August 4, 2022	August 2, 2022
Class Z		$	0.0002		$	0.0055		$	0.0273	August 4, 2022	August 2, 2022

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.0%
133,523	iShares 20+ Year Treasury Bond ETF		$	15,337,787		2.0
281,666	iShares MSCI Japan ETF			14,880,415		2.0
267,475	Schwab U.S. TIPS ETF			14,925,105		2.0
443,047	Xtrackers USD High Yield Corporate Bond ETF			14,943,975		2.0
	Total Exchange-Traded Funds (Cost $70,548,199)			60,087,282		8.0
MUTUAL FUNDS: 81.9%
	Affiliated Investment Companies: 81.9%
2,819,431	Voya Emerging Markets Index Portfolio - Class P2			29,519,444		3.9
5,437,722	Voya International Index Portfolio - Class P2			51,712,738		6.9
1,407,782	Voya Russell Mid Cap Index Portfolio - Class P2			14,725,397		1.9
2,433,142	Voya Short Term Bond Fund - Class P2			22,555,230		3.0
38,066,976	Voya U.S. Bond Index Portfolio - Class P2			363,920,291		48.4
7,583,708	Voya U.S. Stock Index Portfolio - Class P2			133,549,103		17.8
	Total Mutual Funds (Cost $693,299,084)			615,982,203		81.9

Units		Value		Percentage of Net Assets
FUNDING AGREEMENTS: 9.9%
	Investment Contract: 9.9%
7,393,377 (1)(2)(3)	VRIAC Contract, 1.500%		74,872,270		9.9
	Total Funding Agreements (Cost $74,237,344)		74,872,270		9.9
	Total Long-Term Investments (Cost $838,084,627)		750,941,755		99.8

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
	Mutual Funds: 0.2%
1,377,263 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $1,377,263)		$	1,377,263		0.2
	Total Short-Term Investments (Cost $1,377,263)			1,377,263		0.2
	Total Investments in Securities (Cost $839,461,890)		$	752,319,018		100.0
	Liabilities in Excess of Other Assets			(367,650)		—
	Net Assets		$	751,951,368		100.0

(1)

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

(2)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(3)

Investment in affiliate.

(4)

Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	60,087,282		$	—		$	—		$	60,087,282
Mutual Funds			615,982,203			—			—			615,982,203
Funding Agreements			—			—			74,872,270			74,872,270
Short-Term Investments			1,377,263			—			—			1,377,263
Total Investments, at fair value		$	677,446,748		$	—		$	74,872,270		$	752,319,018
Other Financial Instruments+
Futures			76,095			—			—			76,095
Total Assets		$	677,522,843		$	—		$	74,872,270		$	752,395,113
Liabilities Table
Other Financial Instruments+
Futures		$	(182,280)		$	—		$	—		$	(182,280)
Total Liabilities		$	(182,280)		$	—		$	—		$	(182,280)

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

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 June 30, 2022:

Investments, at fair value

Fair Value at
June 30, 2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average of
Inputs**

Impact to
Valuation from an
Increase in Input***

Funding Agreements

74,872,270

Cost Approach

Interest rate

1.500%

Increase**

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

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

***

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

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 June 30, 2022:

	Funding Agreements
Assets:
Beginning balance at December 31, 2021		$	46,268,502
Purchases			43,292,548
Sales			(15,241,376)
Total realized gain (loss)			159,463
Net change in unrealized appreciation (depreciation)****			393,133
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at June 30, 2022		$	74,872,270
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2022****		$	393,133

****

Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 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

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of June 30, 2022 (Unaudited) (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 period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	26,586,722		$	14,027,577		$	(3,204,973)		$	(7,889,882)		$	29,519,444		$	618,263		$	159,608		$	1,035,532
Voya International Index Portfolio - Class P2			54,928,386			15,060,361			(4,202,859)			(14,073,150)			51,712,738			1,845,916			538,220			—
Voya Russell Mid Cap Index Portfolio - Class P2			18,528,116			3,639,361			(2,527,147)			(4,914,933)			14,725,397			166,367			(378,850)			1,182,589
Voya Short Term Bond - Class P2			27,674,560			27,954,936			(32,975,705)			(98,561)			22,555,230			263,070			(876,901)			—
Voya U.S. Bond Index Portfolio - Class P2			430,745,952			54,074,812			(74,654,446)			(46,246,027)			363,920,291			4,167,430			(3,551,875)			—
Voya U.S. Stock Index Portfolio - Class P2			211,018,081			21,931,915			(47,880,489)			(51,520,404)			133,549,103			—			14,145,263			4
VRIAC Contract			46,268,502			43,292,548			(15,081,913)			393,133			74,872,270			—			159,463			—
		$	815,750,319		$	179,981,510		$	(180,527,532)		$	(124,349,824)		$	690,854,473		$	7,061,046		$	10,194,928		$	2,218,125

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

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

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini	20	09/16/22		$	3,789,500		$	(122,670)
U.S. Treasury 2-Year Note	54	09/30/22			11,340,844			47,603
				$	15,130,344		$	(75,067)
Short Contracts:
MSCI EAFE Index	(80)	09/16/22			(7,426,400)			(59,610)
MSCI Emerging Markets Index	(148)	09/16/22			(7,419,980)			28,492
				$	(14,846,380)		$	(31,118)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

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

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	28,492
Interest rate contracts	Variation margin receivable on futures contracts*			47,603
Total Asset Derivatives			$	76,095
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	182,280
Total Liability Derivatives			$	182,280

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(321,183)
Interest rate contracts			(144,593)
Total		$	(465,776)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(153,788)
Interest rate contracts			47,603
Total		$	(106,185)

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

Cost for federal income tax purposes was $846,008,947.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	754,134
Gross Unrealized Depreciation		(94,550,248)
Net Unrealized Depreciation	$	(93,796,114)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.0%
195,732	iShares 20+ Year Treasury Bond ETF		$	22,483,735		2.0
396,557	iShares MSCI EAFE Small-Cap ETF			21,648,047		2.0
412,897	iShares MSCI Japan ETF			21,813,349		2.0
392,093	Schwab U.S. TIPS ETF			21,878,789		2.0
	Total Exchange-Traded Funds (Cost $102,359,653)			87,823,920		8.0
MUTUAL FUNDS: 83.9%
	Affiliated Investment Companies: 83.9%
7,223,511	Voya Emerging Markets Index Portfolio - Class P2			75,630,159		6.9
12,502,447	Voya International Index Portfolio - Class P2			118,898,267		10.9
3,090,756	Voya Russell Mid Cap Index Portfolio - Class P2			32,329,311		3.0
1,746,920	Voya Russell Small Cap Index Portfolio - Class P2			21,539,521		2.0
37,144,546	Voya U.S. Bond Index Portfolio - Class P2			355,101,861		32.4
17,884,020	Voya U.S. Stock Index Portfolio - Class P2			314,937,596		28.7
	Total Mutual Funds (Cost $1,003,893,323)			918,436,715		83.9

Units		Value			Percentage of Net Assets
FUNDING AGREEMENTS: 8.0%
	Investment Contract: 8.0%
8,657,854 (1)(2)(3)	VRIAC Contract, 1.500%		$	87,677,553		8.0
	Total Funding Agreements (Cost $86,837,321)			87,677,553		8.0
	Total Investments in Securities (Cost $1,193,090,297)		$	1,093,938,188		99.9
	Assets in Excess of Other Liabilities			1,545,914		0.1
	Net Assets		$	1,095,484,102		100.0

(1)

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

(2)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(3)

Investment in affiliate.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	87,823,920		$	—		$	—		$	87,823,920
Mutual Funds			918,436,715			—			—			918,436,715
Funding Agreements			—			—			87,677,553			87,677,553
Total Investments, at fair value		$	1,006,260,635		$	—		$	87,677,553		$	1,093,938,188
Other Financial Instruments+
Futures			111,416			—			—			111,416
Total Assets		$	1,006,372,051		$	—		$	87,677,553		$	1,094,049,604
Liabilities Table
Other Financial Instruments+
Futures		$	(268,922)		$	—		$	—		$	(268,922)
Total Liabilities		$	(268,922)		$	—		$	—		$	(268,922)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

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

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 June 30, 2022:

Investments, at fair value

Fair Value at
June 30, 2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value
or Range
of Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation from an
Increase in Input***

Funding Agreements

87,677,553

Cost Approach

Interest rate

1.500%

Increase**

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

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

***

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 June 30, 2022:

	Funding Agreements
Assets:
Beginning balance at December 31, 2021		$	66,219,843
Purchases			36,581,167
Sales			(15,791,624)
Total realized gain (loss)			173,181
Net change in unrealized appreciation (depreciation)****			494,986
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at June 30, 2022		$	87,677,553
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2022****		$	494,986

****

Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2022. may be due to securities no longer held or categorized as Level 3 at period end.

Transactions with Affiliates

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	76,137,068		$	27,980,707		$	(7,807,746)		$	(20,679,870)		$	75,630,159		$	1,610,947		$	663,896		$	2,698,183
Voya International Index Portfolio - Class P2			130,597,241			29,375,699			(8,158,068)			(32,916,605)			118,898,267			4,327,197			1,334,794			—
Voya Russell Mid Cap Index Portfolio - Class P2			39,760,871			7,585,553			(2,545,982)			(12,471,131)			32,329,311			373,753			789,162			2,656,758
Voya Russell Small Cap Index Portfolio - Class P2			25,346,037			7,010,864			(1,855,032)			(8,962,348)			21,539,521			212,586			486,935			1,902,720
Voya U.S. Bond Index Portfolio - Class P2			408,713,469			97,234,050			(112,620,648)			(38,225,010)			355,101,861			4,117,397			(10,552,838)			—
Voya U.S. Stock Index Portfolio - Class P2			466,190,306			42,480,748			(84,520,264)			(109,213,194)			314,937,596			—			24,860,062			—
VRIAC Contract			66,219,843			36,581,167			(15,618,443)			494,986			87,677,553			—			173,181			—
		$	1,212,964,835		$	248,248,788		$	(233,126,183)		$	(221,973,172)		$	1,006,114,268		$	10,641,880		$	17,755,192		$	7,257,661

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2025 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		29		09/16/22		$	5,494,775		$	(180,012)
U.S. Treasury 2-Year Note		79		09/30/22			16,591,234			69,640
						$	22,086,009		$	(110,372)
Short Contracts:
MSCI EAFE Index		(117)		09/16/22			(10,861,110)			(88,910)
MSCI Emerging Markets Index		(217)		09/16/22			(10,879,295)			41,776
						$	(21,740,405)		$	(47,134)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	41,776
Interest rate contracts	Variation margin receivable on futures contracts*			69,640
Total Asset Derivatives			$	111,416
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	268,922
Total Liability Derivatives			$	268,922

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(426,273)
Interest rate contracts			(211,937)
Total		$	(638,210)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(227,146)
Interest rate contracts			69,640
Total		$	(157,506)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

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

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

Cost for federal income tax purposes was $1,199,456,585.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	951,648
Gross Unrealized Depreciation		(106,627,552)
Net Unrealized Depreciation	$	(105,675,904)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.0%
141,108	iShares 20+ Year Treasury Bond ETF		$	16,209,076		2.0
285,888	iShares MSCI EAFE Small-Cap ETF			15,606,626		2.0
297,668	iShares MSCI Japan ETF			15,725,800		2.0
141,335	Schwab U.S. TIPS ETF			7,886,493		1.0
	Total Exchange-Traded Funds (Cost $65,674,062)			55,427,995		7.0
MUTUAL FUNDS: 86.8%
	Affiliated Investment Companies: 86.8%
5,201,852	Voya Emerging Markets Index Portfolio - Class P2			54,463,388		6.9
12,272,989	Voya International Index Portfolio - Class P2			116,716,129		14.8
2,967,083	Voya Russell Mid Cap Index Portfolio - Class P2			31,035,684		4.0
3,144,283	Voya Russell Small Cap Index Portfolio - Class P2			38,769,006		4.9
20,889,387	Voya U.S. Bond Index Portfolio - Class P2			199,702,544		25.4
13,764,607	Voya U.S. Stock Index Portfolio - Class P2			242,394,733		30.8
	Total Mutual Funds (Cost $755,403,382)			683,081,484		86.8

Units		Value			Percentage of Net Assets
FUNDING AGREEMENTS: 6.0%
	Investment Contract: 6.0%
4,675,309 (1)(2)(3)	VRIAC Contract, 1.500%		$	47,346,569		6.0
	Total Funding Agreements (Cost $46,816,175)			47,346,569		6.0
	Total Investments in Securities (Cost $867,893,619)		$	785,856,048		99.8
	Assets in Excess of Other Liabilities			1,211,220		0.2
	Net Assets		$	787,067,268		100.0

(1)

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

(2)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(3)

Investment in affiliate.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	55,427,995		$	—		$	—		$	55,427,995
Mutual Funds			683,081,484			—			—			683,081,484
Funding Agreements			—			—			47,346,569			47,346,569
Total Investments, at fair value		$	738,509,479		$	—		$	47,346,569		$	785,856,048
Other Financial Instruments+
Futures			80,279			—			—			80,279
Total Assets		$	738,589,758		$	—		$	47,346,569		$	785,936,327
Liabilities Table
Other Financial Instruments+
Futures		$	(193,066)		$	—		$	—		$	(193,066)
Total Liabilities		$	(193,066)		$	—		$	—		$	(193,066)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

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

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 June 30, 2022:

Investments, at fair value

Fair Value at
June 30, 2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value
or Range
of Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation from an
Increase in Input***

Funding Agreements

47,346,569

Cost Approach

Interest rate

1.500%

Increase**

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

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

***

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 June 30, 2022:

	Funding Agreements
Assets:
Beginning balance at December 31, 2021		$	46,784,734
Purchases			8,052,893
Sales			(7,867,764)
Total realized gain (loss)			87,587
Net change in unrealized appreciation (depreciation)****			289,119
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at June 30, 2022		$	47,346,569
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2022****		$	289,119

****

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	53,823,592		$	21,138,446		$	(5,992,621)		$	(14,506,029)		$	54,463,388		$	1,161,228		$	216,036		$	1,944,946
Voya International Index Portfolio - Class P2			129,548,637			27,639,528			(8,079,566)			(32,392,470)			116,716,129			4,260,668			1,409,928			—
Voya Russell Mid Cap Index Portfolio - Class P2			37,460,983			7,468,122			(2,128,319)			(11,765,102)			31,035,684			359,592			601,866			2,556,097
Voya Russell Small Cap Index Portfolio - Class P2			45,342,404			12,213,994			(2,850,677)			(15,936,715)			38,769,006			383,538			765,521			3,432,797
Voya U.S. Bond Index Portfolio - Class P2			177,876,687			102,348,623			(64,103,181)			(16,419,585)			199,702,544			2,116,279			(7,756,189)			—
Voya U.S. Stock Index Portfolio - Class P2			367,991,396			34,230,715			(74,714,352)			(85,113,026)			242,394,733			—			20,068,541			—
VRIAC Contract			46,784,734			8,052,893			(7,780,177)			289,119			47,346,569			—			87,587			—
		$	858,828,433		$	213,092,321		$	(165,648,893)		$	(175,843,808)		$	730,428,053		$	8,281,305		$	15,393,290		$	7,933,840

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2030 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		21		09/16/22		$	3,978,975		$	(129,041)
U.S. Treasury 2-Year Note		57		09/30/22			11,970,891			50,247
						$	15,949,866		$	(78,794)
Short Contracts:
MSCI EAFE Index		(84)		09/16/22			(7,797,720)			(64,025)
MSCI Emerging Markets Index		(156)		09/16/22			(7,821,060)			30,032
						$	(15,618,780)		$	(33,993)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	30,032
Interest rate contracts	Variation margin receivable on futures contracts*			50,247
Total Asset Derivatives			$	80,279
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	193,066
Total Liability Derivatives			$	193,066

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(295,764)
Interest rate contracts			(151,908)
Total		$	(447,672)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(163,034)
Interest rate contracts			50,247
Total		$	(112,787)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

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

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

Cost for federal income tax purposes was $872,098,306.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	610,674
Gross Unrealized Depreciation		(86,965,718)
Net Unrealized Depreciation	$	(86,355,044)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.1%
220,201	iShares 20+ Year Treasury Bond ETF		$	25,294,489		2.1
446,133	iShares MSCI EAFE Small-Cap ETF			24,354,401		2.0
464,515	iShares MSCI Japan ETF			24,540,327		2.0
	Total Exchange-Traded Funds (Cost $90,045,325)			74,189,217		6.1
MUTUAL FUNDS: 93.8%
	Affiliated Investment Companies: 93.8%
10,463,475	Voya Emerging Markets Index Portfolio - Class P2			109,552,588		8.9
21,782,700	Voya International Index Portfolio - Class P2			207,153,477		16.8
4,643,850	Voya Russell Mid Cap Index Portfolio - Class P2			48,574,676		4.0
4,921,117	Voya Russell Small Cap Index Portfolio - Class P2			60,677,369		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
27,477,366	Voya U.S. Bond Index Portfolio - Class P2		$	262,683,615		21.4
26,409,755	Voya U.S. Stock Index Portfolio - Class P2			465,075,782		37.8
	Total Mutual Funds (Cost $1,274,889,152)			1,153,717,507		93.8
	Total Investments in Securities (Cost $1,364,934,477)		$	1,227,906,724		99.9
	Assets in Excess of Other Liabilities			1,808,450		0.1
	Net Assets		$	1,229,715,174		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	74,189,217		$	—		$	—		$	74,189,217
Mutual Funds			1,153,717,507			—			—			1,153,717,507
Total Investments, at fair value		$	1,227,906,724		$	—		$	—		$	1,227,906,724
Other Financial Instruments+
Futures			125,437			—			—			125,437
Total Assets		$	1,228,032,161		$	—		$	—		$	1,228,032,161
Liabilities Table
Other Financial Instruments+
Futures		$	(304,672)		$	—		$	—		$	(304,672)
Total Liabilities		$	(304,672)		$	—		$	—		$	(304,672)

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

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

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	111,848,577		$	38,281,645		$	(11,171,700)		$	(29,405,934)		$	109,552,588		$	2,347,508		$	540,202		$	3,931,851
Voya International Index Portfolio - Class P2			230,627,069			46,136,658			(14,228,166)			(55,382,084)			207,153,477			7,593,337			311,754			—
Voya Russell Mid Cap Index Portfolio - Class P2			58,388,120			10,858,984			(2,387,566)			(18,284,862)			48,574,676			565,525			807,352			4,019,934
Voya Russell Small Cap Index Portfolio - Class P2			70,260,812			18,490,291			(3,972,699)			(24,101,035)			60,677,369			603,260			337,638			5,399,393
Voya U.S. Bond Index Portfolio - Class P2			247,276,088			105,442,583			(62,536,159)			(27,498,897)			262,683,615			2,747,425			(4,102,651)			—
Voya U.S. Stock Index Portfolio - Class P2			663,816,849			54,167,995			(98,542,749)			(154,366,313)			465,075,782			—			32,822,475			—
		$	1,382,217,515		$	273,378,156		$	(192,839,039)		$	(309,039,125)		$	1,153,717,507		$	13,857,055		$	30,716,770		$	13,351,178

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2035 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		32		09/16/22		$	6,063,200		$	(203,883)
U.S. Treasury 2-Year Note		89		09/30/22			18,691,391			78,463
						$	24,754,591		$	(125,420)
Short Contracts:
MSCI EAFE Index		(132)		09/16/22			(12,253,560)			(100,789)
MSCI Emerging Markets Index		(244)		09/16/22			(12,232,940)			46,974
						$	(24,486,500)		$	(53,815)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	46,974
Interest rate contracts	Variation margin receivable on futures contracts*			78,463
Total Asset Derivatives			$	125,437
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	304,672
Total Liability Derivatives			$	304,672

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(457,327)
Interest rate contracts			(236,186)
Total		$	(693,513)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(257,698)
Interest rate contracts			78,463
Total		$	(179,235)

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

Cost for federal income tax purposes was $1,370,193,724.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	125,437
Gross Unrealized Depreciation		(142,591,672)
Net Unrealized Depreciation	$	(142,466,235)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.0%
125,097	iShares 20+ Year Treasury Bond ETF		$	14,369,893		2.0
253,449	iShares MSCI EAFE Small-Cap ETF			13,835,781		2.0
263,892	iShares MSCI Japan ETF			13,941,414		2.0
	Total Exchange-Traded Funds (Cost $51,072,952)			42,147,088		6.0
MUTUAL FUNDS: 93.8%
	Affiliated Investment Companies: 93.8%
5,949,567	Voya Emerging Markets Index Portfolio - Class P2			62,291,970		8.9
13,846,441	Voya International Index Portfolio - Class P2			131,679,652		18.9
2,640,788	Voya Russell Mid Cap Index Portfolio - Class P2			27,622,645		4.0
3,358,085	Voya Russell Small Cap Index Portfolio - Class P2			41,405,188		5.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
8,932,302	Voya U.S. Bond Index Portfolio - Class P2		$	85,392,809		12.2
17,390,110	Voya U.S. Stock Index Portfolio - Class P2			306,239,833		43.9
	Total Mutual Funds (Cost $731,318,772)			654,632,097		93.8
	Total Investments in Securities (Cost $782,391,724)		$	696,779,185		99.8
	Assets in Excess of Other Liabilities			1,093,148		0.2
	Net Assets		$	697,872,333		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	42,147,088		$	—		$	—		$	42,147,088
Mutual Funds			654,632,097			—			—			654,632,097
Total Investments, at fair value		$	696,779,185		$	—		$	—		$	696,779,185
Other Financial Instruments+
Futures			70,836			—			—			70,836
Total Assets		$	696,850,021		$	—		$	—		$	696,850,021
Liabilities Table
Other Financial Instruments+
Futures		$	(171,582)		$	—		$	—		$	(171,582)
Total Liabilities		$	(171,582)		$	—		$	—		$	(171,582)

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

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

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	62,147,413		$	23,583,592		$	(6,154,334)		$	(17,284,701)		$	62,291,970		$	1,338,928		$	967,807		$	2,242,576
Voya International Index Portfolio - Class P2			144,693,779			32,292,308			(9,457,849)			(35,848,586)			131,679,652			4,840,571			1,009,916			—
Voya Russell Mid Cap Index Portfolio - Class P2			32,471,224			6,857,846			(1,876,260)			(9,830,165)			27,622,645			322,662			(78,688)			2,293,585
Voya Russell Small Cap Index Portfolio - Class P2			47,276,136			12,997,724			(2,075,903)			(16,792,769)			41,405,188			413,047			628,585			3,696,921
Voya U.S. Bond Index Portfolio - Class P2			73,302,591			48,309,312			(28,866,447)			(7,352,647)			85,392,809			859,720			(2,365,917)			—
Voya U.S. Stock Index Portfolio - Class P2			419,711,080			40,676,153			(56,786,768)			(97,360,632)			306,239,833			—			18,593,785			—
		$	779,602,223		$	164,716,935		$	(105,217,561)		$	(184,469,500)		$	654,632,097		$	7,774,928		$	18,755,488		$	8,233,082

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2040 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		18		09/16/22		$	3,410,550		$	(114,684)
U.S. Treasury 2-Year Note		50		09/30/22			10,500,781			44,076
						$	13,911,331		$	(70,608)
Short Contracts:
MSCI EAFE Index		(75)		09/16/22			(6,962,250)			(56,898)
MSCI Emerging Markets Index		(139)		09/16/22			(6,968,765)			26,760
						$	(13,931,015)		$	(30,138)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	26,760
Interest rate contracts	Variation margin receivable on futures contracts*			44,076
Total Asset Derivatives			$	70,836
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	171,582
Total Liability Derivatives			$	171,582

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(248,416)
Interest rate contracts			(133,749)
Total		$	(382,165)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(144,822)
Interest rate contracts			44,076
Total		$	(100,746)

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

Cost for federal income tax purposes was $784,025,026.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	70,836
Gross Unrealized Depreciation		(87,417,423)
Net Unrealized Depreciation	$	(87,346,587)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.1%
166,076	iShares 20+ Year Treasury Bond ETF		$	19,077,150		2.1
336,474	iShares MSCI EAFE Small-Cap ETF			18,368,116		2.0
350,338	iShares MSCI Japan ETF			18,508,356		2.0
	Total Exchange-Traded Funds (Cost $68,025,724)			55,953,622		6.1
MUTUAL FUNDS: 93.7%
	Affiliated Investment Companies: 93.7%
8,773,999	Voya Emerging Markets Index Portfolio - Class P2			91,863,774		9.9
20,309,043	Voya International Index Portfolio - Class P2			193,139,000		20.9
3,504,651	Voya Russell Mid Cap Index Portfolio - Class P2			36,658,652		4.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
4,456,516	Voya Russell Small Cap Index Portfolio - Class P2		$	54,948,847		5.9
3,956,102	Voya U.S. Bond Index Portfolio - Class P2			37,820,331		4.1
25,700,742	Voya U.S. Stock Index Portfolio - Class P2			452,590,070		48.9
	Total Mutual Funds (Cost $955,230,765)			867,020,674		93.7
	Total Investments in Securities (Cost $1,023,256,489)		$	922,974,296		99.8
	Assets in Excess of Other Liabilities			2,149,316		0.2
	Net Assets		$	925,123,612		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	55,953,622		$	—		$	—		$	55,953,622
Mutual Funds			867,020,674			—			—			867,020,674
Total Investments, at fair value		$	922,974,296		$	—		$	—		$	922,974,296
Other Financial Instruments+
Futures			94,485			—			—			94,485
Total Assets		$	923,068,781		$	—		$	—		$	923,068,781
Liabilities Table
Other Financial Instruments+
Futures		$	(311,922)		$	—		$	—		$	(311,922)
Total Liabilities		$	(311,922)		$	—		$	—		$	(311,922)

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

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

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	96,055,358		$	32,237,418		$	(10,461,974)		$	(25,967,028)		$	91,863,774		$	2,015,997		$	1,488,552		$	3,376,602
Voya International Index Portfolio - Class P2			220,469,948			42,405,250			(17,303,626)			(52,432,572)			193,139,000			7,186,999			336,952			—
Voya Russell Mid Cap Index Portfolio - Class P2			44,624,686			8,073,198			(2,111,823)			(13,927,409)			36,658,652			433,231			572,387			3,079,545
Voya Russell Small Cap Index Portfolio - Class P2			64,963,157			16,008,649			(3,271,819)			(22,751,140)			54,948,847			562,338			920,357			5,033,126
Voya U.S. Bond Index Portfolio - Class P2			33,282,854			36,391,318			(30,477,691)			(1,376,150)			37,820,331			391,562			(3,043,896)			—
Voya U.S. Stock Index Portfolio - Class P2			623,334,139			42,692,551			(74,430,824)			(139,005,796)			452,590,070			—			22,055,911			—
		$	1,082,730,142		$	177,808,384		$	(138,057,757)		$	(255,460,095)		$	867,020,674		$	10,590,127		$	22,330,263		$	11,489,273

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2045 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		77		09/19/22		$	18,633,037		$	(104,693)
U.S. Treasury 2-Year Note		67		09/30/22			14,071,047			59,062
						$	32,704,084		$	(45,631)
Short Contracts:
MSCI EAFE Index		(99)		09/16/22			(9,190,170)			(77,150)
MSCI Emerging Markets Index		(184)		09/16/22			(9,224,840)			35,423
S&P 500® E-Mini		(73)		09/16/22			(13,831,675)			(130,079)
						$	(32,246,685)		$	(171,806)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	35,423
Interest rate contracts	Variation margin receivable on futures contracts*			59,062
Total Asset Derivatives			$	94,485
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	207,229
Interest rate contracts	Variation margin payable on futures contracts*			104,693
Total Liability Derivatives			$	311,922

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	2,709,374
Interest rate contracts			(174,599)
Total		$	2,534,775

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(171,806)
Interest rate contracts			(45,631)
Total		$	(217,437)

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

Cost for federal income tax purposes was $1,027,488,936.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	94,485
Gross Unrealized Depreciation		(104,826,562)
Net Unrealized Depreciation	$	(104,732,077)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.1%
92,380	iShares 20+ Year Treasury Bond ETF		$	10,611,690		2.1
187,164	iShares MSCI EAFE Small-Cap ETF			10,217,283		2.0
194,876	iShares MSCI Japan ETF			10,295,299		2.0
	Total Exchange-Traded Funds (Cost $37,649,680)			31,124,272		6.1
MUTUAL FUNDS: 93.7%
	Affiliated Investment Companies: 93.7%
4,884,450	Voya Emerging Markets Index Portfolio - Class P2			51,140,191		9.9
11,308,204	Voya International Index Portfolio - Class P2			107,541,022		20.9
2,438,978	Voya Russell Mid Cap Index Portfolio - Class P2			25,511,713		5.0
2,481,116	Voya Russell Small Cap Index Portfolio - Class P2			30,592,157		5.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,105,810	Voya U.S. Bond Index Portfolio - Class P2		$	10,571,546		2.1
14,600,311	Voya U.S. Stock Index Portfolio - Class P2			257,111,484		49.9
	Total Mutual Funds (Cost $539,931,556)			482,468,113		93.7
	Total Investments in Securities (Cost $577,581,236)		$	513,592,385		99.8
	Assets in Excess of Other Liabilities			1,232,229		0.2
	Net Assets		$	514,824,614		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	31,124,272		$	—		$	—		$	31,124,272
Mutual Funds			482,468,113			—			—			482,468,113
Total Investments, at fair value		$	513,592,385		$	—		$	—		$	513,592,385
Other Financial Instruments+
Futures			52,253			—			—			52,253
Total Assets		$	513,644,638		$	—		$	—		$	513,644,638
Liabilities Table
Other Financial Instruments+
Futures		$	(170,500)		$	—		$	—		$	(170,500)
Total Liabilities		$	(170,500)		$	—		$	—		$	(170,500)

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

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

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	50,747,456		$	19,475,983		$	(5,028,200)		$	(14,055,048)		$	51,140,191		$	1,106,339		$	800,919		$	1,853,011
Voya International Index Portfolio - Class P2			116,621,089			27,361,470			(6,892,620)			(29,548,917)			107,541,022			3,944,941			1,306,035			—
Voya Russell Mid Cap Index Portfolio - Class P2			29,456,956			6,553,277			(1,005,967)			(9,492,553)			25,511,713			297,063			415,253			2,111,618
Voya Russell Small Cap Index Portfolio - Class P2			33,984,621			10,319,037			(2,032,020)			(11,679,481)			30,592,157			309,191			(175,424)			2,767,374
Voya U.S. Bond Index Portfolio - Class P2			17,639,360			8,516,178			(15,684,648)			100,656			10,571,546			121,536			(1,522,427)			—
Voya U.S. Stock Index Portfolio - Class P2			334,687,294			34,846,620			(35,797,561)			(76,624,869)			257,111,484			—			12,096,725			—
		$	583,136,776		$	107,072,565		$	(66,441,016)		$	(141,300,212)		$	482,468,113		$	5,779,070		$	12,921,081		$	6,732,003

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2050 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		43		09/19/22		$	10,405,463		$	(58,465)
U.S. Treasury 2-Year Note		37		09/30/22			7,770,578			32,616
						$	18,176,041		$	(25,849)
Short Contracts:
MSCI EAFE Index		(55)		09/16/22			(5,105,650)			(42,307)
MSCI Emerging Markets Index		(102)		09/16/22			(5,113,770)			19,637
S&P 500® E-Mini		(41)		09/16/22			(7,768,475)			(69,728)
						$	(17,987,895)		$	(92,398)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	19,637
Interest rate contracts	Variation margin receivable on futures contracts*			32,616
Total Asset Derivatives			$	52,253
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	112,035
Interest rate contracts	Variation margin payable on futures contracts*			58,465
Total Liability Derivatives			$	170,500

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,497,507
Interest rate contracts			(93,812)
Total		$	1,403,695

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(92,398)
Interest rate contracts			(25,849)
Total		$	(118,247)

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

Cost for federal income tax purposes was $579,796,332.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	52,253
Gross Unrealized Depreciation		(66,374,447)
Net Unrealized Depreciation	$	(66,322,194)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.0%
94,344	iShares 20+ Year Treasury Bond ETF		$	10,837,295		2.0
191,144	iShares MSCI EAFE Small-Cap ETF			10,434,551		2.0
199,020	iShares MSCI Japan ETF			10,514,227		2.0
	Total Exchange-Traded Funds (Cost $38,529,064)			31,786,073		6.0
MUTUAL FUNDS: 93.7%
	Affiliated Investment Companies: 93.7%
4,988,028	Voya Emerging Markets Index Portfolio - Class P2			52,224,648		9.9
11,547,875	Voya International Index Portfolio - Class P2			109,820,294		20.9
2,490,682	Voya Russell Mid Cap Index Portfolio - Class P2			26,052,529		5.0
2,533,704	Voya Russell Small Cap Index Portfolio - Class P2			31,240,567		6.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
567,617	Voya U.S. Bond Index Portfolio - Class P2		$	5,426,422		1.0
15,208,156	Voya U.S. Stock Index Portfolio - Class P2			267,815,627		50.9
	Total Mutual Funds (Cost $547,622,220)			492,580,087		93.7
	Total Investments in Securities (Cost $586,151,284)		$	524,366,160		99.7
	Assets in Excess of Other Liabilities			1,435,079		0.3
	Net Assets		$	525,801,239		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	31,786,073		$	—		$	—		$	31,786,073
Mutual Funds			492,580,087			—			—			492,580,087
Total Investments, at fair value		$	524,366,160		$	—		$	—		$	524,366,160
Other Financial Instruments+
Futures			53,712			—			—			53,712
Total Assets		$	524,419,872		$	—		$	—		$	524,419,872
Liabilities Table
Other Financial Instruments+
Futures		$	(175,981)		$	—		$	—		$	(175,981)
Total Liabilities		$	(175,981)		$	—		$	—		$	(175,981)

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

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

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	52,960,763		$	19,453,613		$	(5,638,802)		$	(14,550,926)		$	52,224,648		$	1,133,910		$	861,676		$	1,899,190
Voya International Index Portfolio - Class P2			121,679,985			26,824,917			(8,631,396)			(30,053,212)			109,820,294			4,037,501			890,936			—
Voya Russell Mid Cap Index Portfolio - Class P2			30,743,404			6,378,960			(1,347,372)			(9,722,463)			26,052,529			304,170			380,032			2,162,134
Voya Russell Small Cap Index Portfolio - Class P2			35,467,036			10,267,418			(2,510,598)			(11,983,289)			31,240,567			317,033			(228,160)			2,837,560
Voya U.S. Bond Index Portfolio - Class P2			18,409,582			2,664,147			(15,950,977)			303,670			5,426,422			95,733			(1,547,776)			—
Voya U.S. Stock Index Portfolio - Class P2			349,313,537			32,178,998			(34,941,054)			(78,735,854)			267,815,627			—			11,240,070			—
		$	608,574,307		$	97,768,053		$	(69,020,199)		$	(144,742,074)		$	492,580,087		$	5,888,347		$	11,596,778		$	6,898,884

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2055 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		44		09/19/22		$	10,647,450		$	(59,824)
U.S. Treasury 2-Year Note		38		09/30/22			7,980,594			33,498
						$	18,628,044		$	(26,326)
Short Contracts:
MSCI EAFE Index		(56)		09/16/22			(5,198,480)			(43,099)
MSCI Emerging Markets Index		(105)		09/16/22			(5,264,175)			20,214
S&P 500® E-Mini		(41)		09/16/22			(7,768,475)			(73,058)
						$	(18,231,130)		$	(95,943)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	20,214
Interest rate contracts	Variation margin receivable on futures contracts*			33,498
Total Asset Derivatives			$	53,712
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	116,157
Interest rate contracts	Variation margin payable on futures contracts*			59,824
Total Liability Derivatives			$	175,981

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,529,473
Interest rate contracts			(96,634)
Total		$	1,432,839

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(95,943)
Interest rate contracts			(26,326)
Total		$	(122,269)

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

Cost for federal income tax purposes was $588,793,383.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	53,712
Gross Unrealized Depreciation		(64,603,204)
Net Unrealized Depreciation	$	(64,549,492)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.1%
47,338	iShares 20+ Year Treasury Bond ETF		$	5,437,716		2.1
95,909	iShares MSCI EAFE Small-Cap ETF			5,235,672		2.0
99,861	iShares MSCI Japan ETF			5,275,657		2.0
	Total Exchange-Traded Funds (Cost $19,203,047)			15,949,045		6.1
MUTUAL FUNDS: 93.7%
	Affiliated Investment Companies: 93.7%
2,506,689	Voya Emerging Markets Index Portfolio - Class P2			26,245,029		9.9
5,805,576	Voya International Index Portfolio - Class P2			55,211,030		20.9
1,251,875	Voya Russell Mid Cap Index Portfolio - Class P2			13,094,617		5.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,273,507	Voya Russell Small Cap Index Portfolio - Class P2		$	15,702,336		5.9
7,796,410	Voya U.S. Stock Index Portfolio - Class P2			137,294,781		52.0
	Total Mutual Funds (Cost $282,134,192)			247,547,793		93.7
	Total Investments in Securities (Cost $301,337,239)		$	263,496,838		99.8
	Assets in Excess of Other Liabilities			603,692		0.2
	Net Assets		$	264,100,530		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	15,949,045		$	—		$	—		$	15,949,045
Mutual Funds			247,547,793			—			—			247,547,793
Total Investments, at fair value		$	263,496,838		$	—		$	—		$	263,496,838
Other Financial Instruments+
Futures			26,760			—			—			26,760
Total Assets		$	263,523,598		$	—		$	—		$	263,523,598
Liabilities Table
Other Financial Instruments+
Futures		$	(81,598)		$	—		$	—		$	(81,598)
Total Liabilities		$	(81,598)		$	—		$	—		$	(81,598)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	24,835,656		$	11,052,798		$	(2,840,890)		$	(6,802,535)		$	26,245,029		$	559,833		$	172,153		$	937,666
Voya International Index Portfolio - Class P2			57,131,964			16,739,724			(3,978,295)			(14,682,363)			55,211,030			1,988,110			535,587			—
Voya Russell Mid Cap Index Portfolio - Class P2			14,410,659			3,998,740			(585,120)			(4,729,662)			13,094,617			149,664			187,702			1,063,859
Voya Russell Small Cap Index Portfolio - Class P2			16,628,412			6,152,167			(1,274,917)			(5,803,326)			15,702,336			157,239			(121,413)			1,407,344
Voya U.S. Bond Index Portfolio - Class P2			5,751,971			427,911			(6,404,613)			224,731			—			16,182			(473,963)			—
Voya U.S. Stock Index Portfolio - Class P2			166,660,427			25,839,500			(17,277,724)			(37,927,422)			137,294,781			—			4,688,427			—
		$	285,419,089		$	64,210,840		$	(32,361,559)		$	(69,720,577)		$	247,547,793		$	2,871,028		$	4,988,493		$	3,408,869

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

At June 30, 2022, the following futures contracts were outstanding for Voya Index Solution 2060 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		22		09/19/22		$	5,323,725		$	(29,912)
U.S. Treasury 2-Year Note		19		09/30/22			3,990,297			16,749
						$	9,314,022		$	(13,163)
Short Contracts:
MSCI EAFE Index		(28)		09/16/22			(2,599,240)			(20,926)
MSCI Emerging Markets Index		(52)		09/16/22			(2,607,020)			10,011
S&P 500® E-Mini		(21)		09/16/22			(3,978,975)			(30,760)
						$	(9,185,235)		$	(41,675)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	10,011
Interest rate contracts	Variation margin receivable on futures contracts*			16,749
Total Asset Derivatives			$	26,760
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	51,686
Interest rate contracts	Variation margin payable on futures contracts*			29,912
Total Liability Derivatives			$	81,598

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	742,808
Interest rate contracts			(47,531)
Total		$	695,277

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(41,675)
Interest rate contracts			(13,163)
Total		$	(54,838)

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

Cost for federal income tax purposes was $302,962,515.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	26,760
Gross Unrealized Depreciation		(39,547,275)
Net Unrealized Depreciation	$	(39,520,515)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.0%
5,284	iShares 20+ Year Treasury Bond ETF		$	606,973		2.0
10,705	iShares MSCI EAFE Small-Cap ETF			584,386		2.0
11,146	iShares MSCI Japan ETF			588,843		2.0
	Total Exchange-Traded Funds (Cost $2,078,275)			1,780,202		6.0
MUTUAL FUNDS: 94.0%
	Affiliated Investment Companies: 94.0%
252,794	Voya Emerging Markets Index Portfolio - Class P2			2,646,756		9.0
619,893	Voya International Index Portfolio - Class P2			5,895,185		20.0
140,232	Voya Russell Mid Cap Index Portfolio - Class P2			1,466,832		5.0
142,657	Voya Russell Small Cap Index Portfolio - Class P2			1,758,961		5.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
113,058	Voya Short Term Bond Fund - Class P2		$	1,048,043		3.5
848,131	Voya U.S. Stock Index Portfolio - Class P2			14,935,582		50.6
	Total Mutual Funds (Cost $32,713,880)			27,751,359		94.0
	Total Investments in Securities (Cost $34,792,155)		$	29,531,561		100.0
	Assets in Excess of Other Liabilities			8,550		0.0
	Net Assets		$	29,540,111		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,780,202		$	—		$	—		$	1,780,202
Mutual Funds			27,751,359			—			—			27,751,359
Total Investments, at fair value		$	29,531,561		$	—		$	—		$	29,531,561

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio

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

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	1,817,749		$	2,098,781		$	(835,642)		$	(434,132)		$	2,646,756		$	48,903		$	(139,354)		$	81,909
Voya International Index Portfolio - Class P2			4,215,542			4,183,141			(1,234,254)			(1,269,244)			5,895,185			187,698			(11,485)			—
Voya Russell Mid Cap Index Portfolio - Class P2			1,050,405			1,018,705			(192,327)			(409,951)			1,466,832			14,731			(22,954)			104,711
Voya Russell Small Cap Index Portfolio - Class P2			1,212,985			1,293,870			(212,222)			(535,672)			1,758,961			15,102			(23,370)			135,164
Voya Short Term Bond Fund - Class P2			—			1,104,058			(50,334)			(5,681)			1,048,043			1,615			(535)			—
Voya U.S. Bond Index Portfolio - Class P2			418,910			122,159			(550,043)			8,974			—			1,293			(28,737)			—
Voya U.S. Stock Index Portfolio - Class P2			12,118,958			10,084,758			(4,201,534)			(3,066,600)			14,935,582			—			(8,608)			—
		$	20,834,549		$	19,905,472		$	(7,276,356)		$	(5,712,306)		$	27,751,359		$	269,342		$	(235,043)		$	321,784

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

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

Cost for federal income tax purposes was $34,807,865.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(5,276,304)
Net Unrealized Depreciation	$	(5,276,304)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VINDSOL (0622-081922)

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)	There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.

(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)	Not required for semi-annual filing.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Partners, Inc.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: September 1, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: September 1, 2022

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

Date: September 1, 2022

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CERT

EXHIBIT 99.906 CERT