Voya PARTNERS NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08319

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, 2023 to June 30, 2023

Item 1. Reports to Stockholders.

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

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Semi-Annual Report

June 30, 2023

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

	■ Voya Global Bond Portfolio			■ VY® Invesco Comstock Portfolio
	■ Voya International High Dividend Low Volatility Portfolio			■ VY® Invesco Equity and Income Portfolio
	■ VY® American Century Small-Mid Cap Value Portfolio			■ VY® Invesco Global Portfolio
	■ VY® Baron Growth Portfolio			■ VY® JPMorgan Mid Cap Value Portfolio
	■ VY® Columbia Contrarian Core Portfolio			■ VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
	■ VY® Columbia Small Cap Value II Portfolio			■ VY® T. Rowe Price Growth Equity Portfolio

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

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

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 to June 30, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*
Voya Global Bond Portfolio
Class ADV		$	1,000.00		$	1,012.10		1.17%		$	5.84		$	1,000.00		$	1,018.99		1.17%		$	5.86
Class I			1,000.00			1,014.60		0.67			3.35			1,000.00			1,021.47		0.67			3.36
Class S			1,000.00			1,013.30		0.92			4.59			1,000.00			1,020.23		0.92			4.61
Voya International High Dividend Low Volatility Portfolio
Class ADV		$	1,000.00		$	1,077.10		1.23%		$	6.33		$	1,000.00		$	1,018.70		1.23%		$	6.16
Class I			1,000.00			1,079.50		0.73			3.76			1,000.00			1,021.17		0.73			3.66
Class S			1,000.00			1,077.80		0.98			5.05			1,000.00			1,019.93		0.98			4.91
Class S2			1,000.00			1,078.20		1.13			5.82			1,000.00			1,019.19		1.13			5.66
VY® American Century Small-Mid Cap Value Portfolio
Class ADV		$	1,000.00		$	1,036.00		1.36%		$	6.87		$	1,000.00		$	1,018.05		1.36%		$	6.80
Class I			1,000.00			1,038.70		0.86			4.35			1,000.00			1,020.53		0.86			4.31
Class S			1,000.00			1,036.90		1.11			5.61			1,000.00			1,019.29		1.11			5.56
Class S2			1,000.00			1,036.00		1.26			6.36			1,000.00			1,018.55		1.26			6.31

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*
VY® Baron Growth Portfolio
Class ADV		$	1,000.00		$	1,105.50		1.49%		$	7.78		$	1,000.00		$	1,017.41		1.49%		$	7.45
Class I			1,000.00			1,108.00		0.99			5.17			1,000.00			1,019.89		0.99			4.96
Class R6			1,000.00			1,108.20		0.98			5.12			1,000.00			1,019.93		0.98			4.91
Class S			1,000.00			1,106.40		1.24			6.48			1,000.00			1,018.65		1.24			6.21
Class S2			1,000.00			1,105.80		1.39			7.26			1,000.00			1,017.90		1.39			6.95
VY® Columbia Contrarian Core Portfolio
Class ADV		$	1,000.00		$	1,204.10		1.21%		$	6.61		$	1,000.00		$	1,018.79		1.21%		$	6.06
Class I			1,000.00			1,207.90		0.71			3.89			1,000.00			1,021.27		0.71			3.56
Class S			1,000.00			1,206.00		0.96			5.25			1,000.00			1,020.03		0.96			4.81
VY® Columbia Small Cap Value II Portfolio
Class ADV		$	1,000.00		$	1,049.10		1.42%		$	7.21		$	1,000.00		$	1,017.75		1.42%		$	7.10
Class I			1,000.00			1,051.60		0.92			4.68			1,000.00			1,020.23		0.92			4.61
Class R6			1,000.00			1,052.20		0.87			4.43			1,000.00			1,020.48		0.87			4.36
Class S			1,000.00			1,050.10		1.17			5.95			1,000.00			1,018.99		1.17			5.86
Class S2			1,000.00			1,049.70		1.32			6.71			1,000.00			1,018.25		1.32			6.61
VY® Invesco Comstock Portfolio
Class ADV		$	1,000.00		$	1,036.60		1.20%		$	6.06		$	1,000.00		$	1,018.84		1.20%		$	6.01
Class I			1,000.00			1,039.20		0.70			3.54			1,000.00			1,021.32		0.70			3.51
Class S			1,000.00			1,038.10		0.95			4.80			1,000.00			1,020.08		0.95			4.76
VY® Invesco Equity and Income Portfolio
Class ADV		$	1,000.00		$	1,033.50		1.14%		$	5.75		$	1,000.00		$	1,019.14		1.14%		$	5.71
Class I			1,000.00			1,036.10		0.64			3.23			1,000.00			1,021.62		0.64			3.21
Class S			1,000.00			1,035.00		0.89			4.49			1,000.00			1,020.38		0.89			4.46
Class S2			1,000.00			1,034.20		1.02			5.14			1,000.00			1,019.74		1.02			5.11
VY® Invesco Global Portfolio
Class ADV		$	1,000.00		$	1,231.60		1.30%		$	7.19		$	1,000.00		$	1,018.35		1.30%		$	6.51
Class I			1,000.00			1,234.20		0.80			4.43			1,000.00			1,020.83		0.80			4.01
Class S			1,000.00			1,232.80		1.05			5.81			1,000.00			1,019.59		1.05			5.26
Class S2			1,000.00			1,232.10		1.20			6.64			1,000.00			1,018.84		1.20			6.01
VY® JPMorgan Mid Cap Value Portfolio
Class ADV		$	1,000.00		$	1,034.50		1.35%		$	6.81		$	1,000.00		$	1,018.10		1.35%		$	6.76
Class I			1,000.00			1,037.50		0.85			4.29			1,000.00			1,020.58		0.85			4.26
Class S			1,000.00			1,035.50		1.10			5.55			1,000.00			1,019.34		1.10			5.51
Class S2			1,000.00			1,035.20		1.25			6.31			1,000.00			1,018.60		1.25			6.26
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV		$	1,000.00		$	1,147.30		1.28%		$	6.81		$	1,000.00		$	1,018.45		1.28%		$	6.41
Class I			1,000.00			1,150.70		0.78			4.16			1,000.00			1,020.93		0.78			3.91
Class R6			1,000.00			1,151.50		0.76			4.05			1,000.00			1,021.03		0.76			3.81
Class S			1,000.00			1,148.10		1.03			5.49			1,000.00			1,019.69		1.03			5.16
Class S2			1,000.00			1,147.90		1.17			6.23			1,000.00			1,018.99		1.17			5.86

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*
VY® T. Rowe Price Growth Equity Portfolio
Class ADV		$	1,000.00		$	1,330.90		1.21%		$	6.99		$	1,000.00		$	1,018.79		1.21%		$	6.06
Class I			1,000.00			1,334.00		0.71			4.11			1,000.00			1,021.27		0.71			3.56
Class S			1,000.00			1,332.60		0.96			5.55			1,000.00			1,020.03		0.96			4.81
Class S2			1,000.00			1,331.40		1.11			6.42			1,000.00			1,019.29		1.11			5.56

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.

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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+*		$	102,326,371		$	325,337,784		$	308,638,911		$	502,873,179
Investments in affiliates at fair value**			11,833,596			—			—			—
Short-term investments at fair value†			11,515,687			13,618,482			4,341,222			—
Cash			736,663			673,816			—			—
Cash collateral for futures contracts			1,290,000			—			—			—
Cash pledged for centrally cleared swaps (Note 2)			1,185,000			—			—			—
Cash pledged as collateral for OTC derivatives (Note 2)			570,000			—			—			—
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			258,000			—			—			—
Foreign currencies at value‡			—			144,503			308,672			—
Receivables:
Investment securities and currencies sold			762,468			132,998			2,225,179			—
Investment securities sold on a delayed-delivery or when-issued basis			7,248,769			—			—			—
Fund shares sold			225,943			1,047,841			577,979			167,040
Dividends			3,408			855,410			535,855			427,490
Interest			875,334			523			—			107,822
Foreign tax reclaims			7,184			1,933,646			18,136			—
Unrealized appreciation on forward foreign currency contracts			425,421			—			12,437			—
Unrealized appreciation on forward premium swaptions			49,981			—			—			—
Prepaid expenses			19			51			58			76
Reimbursement due from Investment Adviser			14,389			—			150,972			45,940
Other assets			10,622			36,072			11,572			28,283
Total assets			139,338,855			343,781,126			316,820,993			503,649,830
LIABILITIES:
Payable for investment securities and currencies purchased			1,027,173			133,639			3,010,946			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			17,055,369			—			—			—
Payable for fund shares redeemed			45,135			—			7			—
Payable upon receipt of securities loaned			1,868,148			13,618,482			915,143			—
Unrealized depreciation on forward foreign currency contracts			684,455			—			1,492			—
Unrealized depreciation on forward premium swaptions			83,373			—			—			—
Variation margin payable on centrally cleared swaps			27,278			—			—			—
Variation margin payable on futures contracts			461,710			—			—			—
Payable for investment management fees			57,238			161,996			228,388			386,344
Payable for distribution and shareholder service fees			10,200			50,610			57,066			89,300
Payable to custodian due to bank overdraft			—			—			—			248,348
Payable to custodian due to foreign currency overdraft §			604,672			—			—			—
Payable for directors fees			298			841			836			1,238
Payable to directors under the deferred compensation plan (Note 6)			10,622			36,072			11,572			28,283
Other accrued expenses and liabilities			68,164			91,883			24,426			59,070
Written options, at fair value^			629,468			—			—			—
Total liabilities			22,633,303			14,093,523			4,249,876			812,583
NET ASSETS		$	116,705,552		$	329,687,603		$	312,571,117		$	502,837,247
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	146,990,104		$	302,550,493		$	262,217,817		$	66,931,222
Total distributable earnings (loss)			(30,284,552)			27,137,110			50,353,300			435,906,025
NET ASSETS		$	116,705,552		$	329,687,603		$	312,571,117		$	502,837,247
+ Including securities loaned at value		$	1,775,727		$	12,793,631		$	811,461		$	—
* Cost of investments in securities		$	110,794,972		$	303,313,708		$	308,669,036		$	95,459,601
** Cost of investments in affiliates		$	12,503,019		$	—		$	—		$	—
† Cost of short-term investments		$	11,516,332		$	13,618,482		$	4,341,222		$	—
‡ Cost of foreign currencies		$	—		$	144,553		$	308,672		$	—
§ Cost of foreign currency overdraft		$	593,297		$	—		$	—		$	—
^ Premiums received on written options		$	766,318		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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		$	13,866,666		$	24,263,345		$	97,356,982		$	108,193,886
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			1,726,603			2,516,834			8,687,937			5,137,701
Net asset value and redemption price per share		$	8.03		$	9.64		$	11.21		$	21.06
Class I
Net assets		$	80,630,653		$	106,245,606		$	129,440,234		$	129,587,348
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			9,855,895			10,858,660			10,474,813			4,801,806
Net asset value and redemption price per share		$	8.18		$	9.78		$	12.36		$	26.99
Class R6
Net assets			n/a			n/a			n/a		$	39,879,825
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			1,475,537
Net asset value and redemption price per share			n/a			n/a			n/a		$	27.03
Class S
Net assets		$	22,208,233		$	199,000,099		$	84,104,543		$	222,893,966
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			2,718,024			20,505,644			6,963,000			9,240,544
Net asset value and redemption price per share		$	8.17		$	9.70		$	12.08		$	24.12
Class S2
Net assets			n/a		$	178,553		$	1,669,358		$	2,282,222
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			18,246			148,784			105,524
Net asset value and redemption price per share			n/a		$	9.79		$	11.22		$	21.63

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	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+*		$	54,628,478		$	146,767,477		$	248,195,823		$	993,186,351
Short-term investments at fair value†			1,321,549			3,451,667			4,025,357			49,930,762
Foreign currencies at value‡			—			—			611			730
Receivables:
Investment securities and currencies sold			78,867			540,516			578,976			8,922,569
Fund shares sold			—			235,041			132,558			768,892
Dividends			28,521			181,449			477,481			902,901
Interest			—			—			—			1,890,073
Foreign tax reclaims			31,151			—			24,839			48,898
Unrealized appreciation on forward foreign currency contracts			—			—			23,627			74,470
Prepaid expenses			27			25			42			176
Reimbursement due from Investment Adviser			11,582			—			15,932			69,075
Other assets			11,216			7,631			18,935			67,117
Total assets			56,111,391			151,183,806			253,494,181			1,055,862,014
LIABILITIES:
Payable for investment securities and currencies purchased			340,515			381,835			1,372,097			1,119,648
Payable for fund shares redeemed			165,529			27,047			49,317			—
Payable upon receipt of securities loaned			—			—			—			19,229,107
Unrealized depreciation on forward foreign currency contracts			—			—			120,112			—
Payable for investment management fees			38,018			99,839			142,035			531,327
Payable for distribution and shareholder service fees			15,248			24,595			29,859			160,486
Payable for directors fees			127			384			645			2,638
Payable to directors under the deferred compensation plan (Note 6)			11,216			7,631			18,935			67,117
Other accrued expenses and liabilities			41,965			17,193			37,085			176,702
Total liabilities			612,618			558,524			1,770,085			21,287,025
NET ASSETS		$	55,498,773		$	150,625,282		$	251,724,096		$	1,034,574,989
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	28,030,281		$	110,610,386		$	176,150,504		$	850,798,921
Total distributable earnings			27,468,492			40,014,896			75,573,592			183,776,068
NET ASSETS		$	55,498,773		$	150,625,282		$	251,724,096		$	1,034,574,989
+ Including securities loaned at value		$	—		$	—		$	—		$	18,737,014
* Cost of investments in securities		$	45,755,051		$	125,069,595		$	211,201,047		$	910,741,461
† Cost of short-term investments		$	1,321,549		$	3,451,667		$	4,025,357		$	49,930,998
‡ Cost of foreign currencies		$	—		$	—		$	598		$	738

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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		$	27,342,033		$	25,211,151		$	30,589,895		$	40,926,465
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			1,597,565			1,573,704			1,422,706			989,171
Net asset value and redemption price per share		$	17.11		$	16.02		$	21.50		$	41.37
Class I
Net assets		$	6,883,500		$	44,754,459		$	134,474,779		$	415,585,309
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			359,080			2,648,144			6,179,363			9,794,843
Net asset value and redemption price per share		$	19.17		$	16.90		$	21.76		$	42.43
Class R6
Net assets			n/a		$	10,250,929			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			605,192			n/a			n/a
Net asset value and redemption price per share			n/a		$	16.94			n/a			n/a
Class S
Net assets		$	21,273,240		$	68,857,897		$	86,659,422		$	325,050,520
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			1,157,330			4,102,374			3,980,610			7,740,025
Net asset value and redemption price per share		$	18.38		$	16.78		$	21.77		$	42.00
Class S2
Net assets			n/a		$	1,550,846			n/a		$	253,012,695
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			96,536			n/a			6,146,022
Net asset value and redemption price per share			n/a		$	16.06			n/a		$	41.17

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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
ASSETS:
Investments in securities at fair value+*		$	1,186,361,066		$	309,883,309		$	1,035,837,129		$	1,494,726,122
Short-term investments at fair value†			30,348,462			9,427,031			11,269,731			16,048,968
Cash			—			—			701,484			1,977,486
Foreign currencies at value‡			11,259			—			—			247
Receivables:
Investment securities sold			3,045,710			1,040,351			17,677,270			—
Fund shares sold			231,381			41			16,577			1,077,215
Dividends			122,634			687,578			437,817			244,646
Interest			—			117			1,105			4,544
Foreign tax reclaims			2,305,490			—			2,377			12,069
Prepaid expenses			169			56			166			201
Reimbursement due from Investment Adviser			64,483			41,597			50,479			86,407
Other assets			63,407			18,683			38,044			61,957
Total assets			1,222,554,061			321,098,763			1,066,032,179			1,514,239,862
LIABILITIES:
Payable for investment securities purchased			1,217,482			—			17,211,287			34,123
Payable for fund shares redeemed			585,573			262,972			231,670			1,084,582
Payable upon receipt of securities loaned			25,239,059			—			10,045,608			12,201,624
Payable for investment management fees			682,601			213,525			592,364			788,652
Payable for distribution and shareholder service fees			71,937			59,375			30,490			121,097
Payable for directors fees			2,836			826			2,521			3,410
Payable to directors under the deferred compensation plan (Note 6)			63,407			18,683			38,044			61,957
Payable for foreign capital gains tax			2,593,864			—			—			—
Other accrued expenses and liabilities			300,023			20,078			48,028			341,541
Total liabilities			30,756,782			575,459			28,200,012			14,636,986
NET ASSETS		$	1,191,797,279		$	320,523,304		$	1,037,832,167		$	1,499,602,876
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	394,335,395		$	212,385,480		$	807,603,093		$	1,022,007,276
Total distributable earnings			797,461,884			108,137,824			230,229,074			477,595,600
NET ASSETS		$	1,191,797,279		$	320,523,304		$	1,037,832,167		$	1,499,602,876
+ Including securities loaned at value		$	24,521,000		$	—		$	9,819,832		$	11,767,339
* Cost of investments in securities		$	586,823,933		$	238,348,050		$	877,776,413		$	1,096,966,255
† Cost of short-term investments		$	30,348,462		$	9,427,031		$	11,269,731		$	16,048,968
‡ Cost of foreign currencies		$	11,251		$	—		$	—		$	246

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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		$	111,948,353		$	75,437,297		$	60,713,202		$	271,844,817
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			6,496,667			5,027,372			7,875,915			4,197,850
Net asset value and redemption price per share		$	17.23		$	15.01		$	7.71		$	64.76
Class I
Net assets		$	951,197,763		$	103,120,190		$	840,040,169		$	1,170,164,296
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			50,694,026			6,536,938			85,261,397			14,902,138
Net asset value and redemption price per share		$	18.76		$	15.78		$	9.85		$	78.52
Class R6
Net assets			n/a			n/a		$	106,244,673			n/a
Shares authorized			n/a			100,000,000			100,000,000			n/a
Par value			n/a			n/a		$	0.001			n/a
Shares outstanding			n/a			n/a			10,758,922			n/a
Net asset value and redemption price per share			n/a			n/a		$	9.88			n/a
Class S
Net assets		$	126,277,654		$	141,239,209		$	28,315,029		$	52,658,475
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			7,202,446			9,124,921			3,148,850			733,825
Net asset value and redemption price per share		$	17.53		$	15.48		$	8.99		$	71.76
Class S2
Net assets		$	2,373,509		$	726,608		$	2,519,094		$	4,935,288
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			142,362			48,482			321,186			73,606
Net asset value and redemption price per share		$	16.67		$	14.99		$	7.84		$	67.05

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (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*		$	51,577		$	9,715,171		$	4,309,639		$	2,808,277
Dividends from affiliated underlying funds			380,286			—			—			—
Interest, net of foreign taxes withheld*			1,994,877			4,725			175			18,792
Securities lending income, net			14,831			72,636			6,868			—
Other			286			805			807			1,178
Total investment income			2,441,857			9,793,337			4,317,489			2,828,247
EXPENSES:
Investment management fees			355,135			1,000,850			1,506,533			2,332,873
Distribution and shareholder service fees:
Class ADV			35,264			61,478			244,743			261,854
Class S			27,572			250,849			110,725			270,518
Class S2			—			457			3,314			4,367
Transfer agent fees:
Class ADV			8,541			9,617			89,478			70,802
Class I			49,778			42,281			130,792			87,104
Class R6			—			—			—			37
Class S			13,354			78,482			80,962			146,288
Class S2			—			89			1,513			1,476
Shareholder reporting expense			13,575			7,440			5,430			9,050
Professional fees			6,154			8,293			10,860			18,462
Custody and accounting expense			32,580			41,125			45,548			29,141
Directors fees			1,492			4,207			4,179			6,191
Miscellaneous expense			5,562			19,365			9,806			12,855
Interest expense			—			5,385			4,321			3,051
Total expenses			549,007			1,529,918			2,248,204			3,254,069
Waived and reimbursed fees			(89,691)			—			(473,228)			(280,476)
Net expenses			459,316			1,529,918			1,774,976			2,973,593
Net investment income (loss)			1,982,541			8,263,419			2,542,513			(145,346)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(874,156)			4,112,887			7,354,692			2,463,240
Sale of affiliated underlying funds			(1,570,038)			—			—			—
Forward foreign currency contracts			(860,299)			124,914			(219,777)			—
Foreign currency related transactions			203,014			(175,058)			(3,100)			(6,107)
Futures			(760,592)			—			—			—
Swaps			1,165,009			—			—			—
Written options			377,234			—			—			—
Net realized gain (loss)			(2,319,828)			4,062,743			7,131,815			2,457,133
Net change in unrealized appreciation (depreciation) on:
Investments			1,473,720			13,244,761			3,004,555			47,208,307
Affiliated underlying funds			1,700,516			—			—			—
Forward foreign currency contracts			(1,134,286)			371			101,080			—
Foreign currency related transactions			12,693			2,252			198			—
Futures			884,718			—			—			—
Swaps			(1,068,490)			—			—			—
Written options			138,804			—			—			—
Net change in unrealized appreciation (depreciation)			2,007,675			13,247,384			3,105,833			47,208,307
Net realized and unrealized gain (loss)			(312,153)			17,310,127			10,237,648			49,665,440
Increase in net assets resulting from operations		$	1,670,388		$	25,573,546		$	12,780,161		$	49,520,094
* Foreign taxes withheld		$	1,773		$	1,094,178		$	78,491		$	757

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (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*		$	343,304		$	1,526,398		$	3,429,959		$	8,474,169
Interest			—			17			15			5,252,685
Securities lending income, net			—			—			4,154			258,058
Other			119			368			618			2,527
Total investment income			343,423			1,526,783			3,434,746			13,987,439
EXPENSES:
Investment management fees			225,946			647,434			894,976			3,364,401
Distribution and shareholder service fees:
Class ADV			61,545			67,908			79,420			105,299
Class S			24,208			86,716			108,276			413,829
Class S2			—			3,085			—			512,370
Transfer agent fees:
Class ADV			98			15,261			8,336			10,140
Class I			24			24,780			36,029			100,343
Class R6			—			19			—			—
Class S			76			38,978			22,727			79,700
Class S2			—			866			—			61,674
Shareholder reporting expense			3,077			4,525			5,068			45,250
Professional fees			7,602			7,421			6,335			46,155
Custody and accounting expense			12,670			13,937			18,136			89,233
Directors fees			633			1,921			3,224			13,191
Miscellaneous expense			7,664			6,779			2,851			26,576
Total expenses			343,543			919,630			1,185,378			4,868,161
Waived and reimbursed fees			(79,910)			(60,485)			(100,290)			(502,173)
Brokerage commission recapture			(1,479)			(22,281)			—			—
Net expenses			262,154			836,864			1,085,088			4,365,988
Net investment income			81,269			689,919			2,349,658			9,621,451
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			280,814			6,155,819			9,587,773			36,314,521
Forward foreign currency contracts			—			—			(56,776)			(378,075)
Foreign currency related transactions			—			—			25,018			5,580
Futures			—			—			—			17,903
Net realized gain			280,814			6,155,819			9,556,015			35,959,929
Net change in unrealized appreciation (depreciation) on:
Investments			9,181,292			541,307			(2,328,229)			(9,779,024)
Forward foreign currency contracts			—			—			(69,868)			(177,478)
Foreign currency related transactions			—			—			(109)			2,017
Futures			—			—			—			39,349
Net change in unrealized appreciation (depreciation)			9,181,292			541,307			(2,398,206)			(9,915,136)
Net realized and unrealized gain			9,462,106			6,697,126			7,157,809			26,044,793
Increase in net assets resulting from operations		$	9,543,375		$	7,387,045		$	9,507,467		$	35,666,244
* Foreign taxes withheld		$	2,005		$	1,128		$	55,578		$	93,474

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (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*		$	6,682,091		$	3,696,820		$	4,306,396		$	4,153,126
Interest			13			117			11,667			46,383
Securities lending income, net			38,386			325			17,408			33,502
Other			2,672			793			2,401			3,200
Total investment income			6,723,162			3,698,055			4,337,872			4,236,211
EXPENSES:
Investment management fees			3,935,382			1,392,367			3,698,510			4,731,714
Distribution and shareholder service fees:
Class ADV			257,188			190,721			140,223			596,381
Class S			147,112			184,024			34,322			55,799
Class S2			4,454			1,449			4,682			8,042
Transfer agent fees:
Class ADV			63,344			42,059			26,832			111,154
Class I			555,141			56,997			391,491			496,692
Class R6			—			—			84			—
Class S			72,465			81,165			13,135			20,799
Class S2			1,846			398			1,120			1,873
Shareholder reporting expense			45,544			14,480			39,820			36,200
Professional fees			50,861			14,480			40,001			58,825
Custody and accounting expense			123,388			24,073			62,445			82,898
Directors fees			14,177			4,131			12,607			17,048
Miscellaneous expense			43,081			11,141			28,411			38,319
Interest expense			508			155			6,843			1,393
Total expenses			5,314,491			2,017,640			4,500,526			6,257,136
Waived and reimbursed fees			(391,663)			(236,299)			(411,191)			(768,181)
Brokerage commission recapture			—			(3,832)			—			—
Net expenses			4,922,828			1,777,509			4,089,335			5,488,955
Net investment income (loss)			1,800,334			1,920,546			248,537			(1,252,744)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)			77,458,485			4,538,263			71,063,245			63,014,044
Forward foreign currency contracts			20,345			—			—			—
Foreign currency related transactions			(51,449)			—			—			3,411
Net realized gain			77,427,381			4,538,263			71,063,245			63,017,455
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)			156,903,812			4,757,338			71,799,435			329,611,144
Forward foreign currency contracts			39,288			—			—			—
Foreign currency related transactions			1,138			—			—			268
Net change in unrealized appreciation (depreciation)			156,944,238			4,757,338			71,799,435			329,611,412
Net realized and unrealized gain			234,371,619			9,295,601			142,862,680			392,628,867
Increase in net assets resulting from operations		$	236,171,953		$	11,216,147		$	143,111,217		$	391,376,123
* Foreign taxes withheld		$	629,796		$	—		$	10,545		$	99,674
^ Foreign capital gains taxes withheld		$	48,700		$	—		$	—		$	—
# Change in foreign capital gains taxes accrued		$	771,043		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Portfolio						Voya International High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	1,982,541		$	3,663,047		$	8,263,419		$	13,251,844
Net realized gain (loss)			(2,319,827)			(21,566,424)			4,062,743			(16,681,403)
Net change in unrealized appreciation (depreciation)			2,007,675			(10,645,934)			13,247,384			(33,632,735)
Increase (decrease) in net assets resulting from operations			1,670,388			(28,549,311)			25,573,546			(37,062,294)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(186,955)			—			—			(1,010,101)
Class I			(1,294,835)			—			—			(5,146,169)
Class S			(320,481)			—			—			(9,376,139)
Class S2			—			—			—			(17,790)
Return of capital:
Class ADV			—			(368,978)			—			—
Class I			—			(2,606,514)			—			—
Class S			—			(633,923)			—			—
Total distributions			(1,802,271)			(3,609,415)			—			(15,550,199)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			1,844,547			6,419,046			4,374,279			14,407,949
Reinvestment of distributions			1,802,271			3,609,415			—			15,550,199
			3,646,818			10,028,461			4,374,279			29,958,148
Cost of shares redeemed			(6,384,774)			(17,174,192)			(36,087,782)			(52,723,524)
Net decrease in net assets resulting from capital share transactions			(2,737,956)			(7,145,731)			(31,713,503)			(22,765,376)
Net decrease in net assets			(2,869,839)			(39,304,457)			(6,139,957)			(75,377,869)
NET ASSETS:
Beginning of year or period			119,575,391			158,879,848			335,827,560			411,205,429
End of year or period		$	116,705,552		$	119,575,391		$	329,687,603		$	335,827,560

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® American Century Small-Mid Cap Value Portfolio						VY® Baron Growth Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income (loss)		$	2,542,513		$	4,844,009		$	(145,346)		$	(887,056)
Net realized gain			7,131,815			41,243,493			2,457,133			28,378,493
Net change in unrealized appreciation (depreciation)			3,105,833			(68,320,061)			47,208,307			(180,051,914)
Increase (decrease) in net assets resulting from operations			12,780,161			(22,232,559)			49,520,094			(152,560,477)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(19,606,986)			—			(13,275,713)
Class I			—			(31,568,986)			—			(12,899,261)
Class R6			—			—			—			(4,028,415)
Class S			—			(16,996,280)			—			(23,959,964)
Class S2			—			(343,178)			—			(271,581)
Total distributions			—			(68,515,430)			—			(54,434,934)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,871,005			28,004,910			13,657,626			25,617,606
Reinvestment of distributions			—			68,515,430			—			54,434,934
			10,871,005			96,520,340			13,657,626			80,052,540
Cost of shares redeemed			(66,507,286)			(50,038,901)			(26,907,776)			(59,407,267)
Net increase (decrease) in net assets resulting from capital share transactions			(55,636,281)			46,481,439			(13,250,150)			20,645,273
Net increase (decrease) in net assets			(42,856,120)			(44,266,550)			36,269,944			(186,350,138)
NET ASSETS:
Beginning of year or period			355,427,237			399,693,787			466,567,303			652,917,441
End of year or period		$	312,571,117		$	355,427,237		$	502,837,247		$	466,567,303

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Columbia Contrarian Core Portfolio						VY® Columbia Small Cap Value II Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	81,269		$	918,559		$	689,919		$	616,438
Net realized gain			280,814			17,655,851			6,155,819			11,054,043
Net change in unrealized appreciation (depreciation)			9,181,292			(51,787,103)			541,307			(38,556,293)
Increase (decrease) in net assets resulting from operations			9,543,375			(33,212,693)			7,387,045			(26,885,812)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(4,553,775)			—			(4,692,317)
Class I			—			(20,933,966)			—			(6,791,315)
Class R6			—			—			—			(1,562,818)
Class S			—			(3,360,151)			—			(11,137,553)
Class S2			—			—			—			(238,020)
Total distributions			—			(28,847,892)			—			(24,422,023)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			1,737,753			14,876,788			7,790,830			25,784,256
Reinvestment of distributions			—			28,847,892			—			24,422,023
			1,737,753			43,724,680			7,790,830			50,206,279
Cost of shares redeemed			(2,846,420)			(147,131,039)			(20,621,557)			(39,073,483)
Net increase (decrease) in net assets resulting from capital share transactions			(1,108,667)			(103,406,359)			(12,830,727)			11,132,796
Net increase (decrease) in net assets			8,434,708			(165,466,944)			(5,443,682)			(40,175,039)
NET ASSETS:
Beginning of year or period			47,064,065			212,531,009			156,068,964			196,244,003
End of year or period		$	55,498,773		$	47,064,065		$	150,625,282		$	156,068,964

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Invesco Comstock Portfolio						VY® Invesco Equity and Income Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	2,349,658		$	4,393,710		$	9,621,451		$	17,397,307
Net realized gain			9,556,015			33,389,752			35,959,929			59,465,134
Net change in unrealized appreciation (depreciation)			(2,398,206)			(36,045,518)			(9,915,136)			(176,336,770)
Increase (decrease) in net assets resulting from operations			9,507,467			1,737,944			35,666,244			(99,474,329)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(530,192)			—			(7,174,942)
Class I			—			(2,931,301)			—			(70,704,485)
Class S			—			(1,567,210)			—			(58,915,829)
Class S2			—			—			—			(44,865,301)
Total distributions			—			(5,028,703)			—			(181,660,557)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			14,298,403			43,441,009			8,177,903			22,784,795
Reinvestment of distributions			—			5,028,703			—			181,660,557
			14,298,403			48,469,712			8,177,903			204,445,352
Cost of shares redeemed			(34,113,245)			(78,137,239)			(88,522,856)			(154,284,446)
Net increase (decrease) in net assets resulting from capital share transactions			(19,814,842)			(29,667,527)			(80,344,953)			50,160,906
Net decrease in net assets			(10,307,375)			(32,958,286)			(44,678,709)			(230,973,980)
NET ASSETS:
Beginning of year or period			262,031,471			294,989,757			1,079,253,698			1,310,227,678
End of year or period		$	251,724,096		$	262,031,471		$	1,034,574,989		$	1,079,253,698

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Invesco Global Portfolio						VY® JPMorgan Mid Cap Value Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	1,800,334		$	628,302		$	1,920,546		$	3,349,504
Net realized gain			77,427,381			126,133,141			4,538,263			31,472,540
Net change in unrealized appreciation (depreciation)			156,944,238			(666,043,724)			4,757,338			(69,950,888)
Increase (decrease) in net assets resulting from operations			236,171,953			(539,282,281)			11,216,147			(35,128,844)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(17,135,556)			—			(14,497,034)
Class I			—			(145,390,666)			—			(19,038,677)
Class S			—			(19,841,719)			—			(27,658,238)
Class S2			—			(484,333)			—			(246,251)
Total distributions			—			(182,852,274)			—			(61,440,200)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			11,831,759			23,912,135			4,503,945			17,650,380
Reinvestment of distributions			—			182,852,274			—			61,440,200
			11,831,759			206,764,409			4,503,945			79,090,580
Cost of shares redeemed			(112,844,635)			(149,182,257)			(36,405,931)			(64,310,655)
Net increase (decrease) in net assets resulting from capital share transactions			(101,012,876)			57,582,152			(31,901,986)			14,779,925
Net increase (decrease) in net assets			135,159,077			(664,552,403)			(20,685,839)			(81,789,119)
NET ASSETS:
Beginning of year or period			1,056,638,202			1,721,190,605			341,209,143			422,998,262
End of year or period		$	1,191,797,279		$	1,056,638,202		$	320,523,304		$	341,209,143

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income (loss)		$	248,537		$	162,429		$	(1,252,744)		$	(6,163,726)
Net realized gain			71,063,245			1,045,272			63,017,455			23,955,160
Net change in unrealized appreciation (depreciation)			71,799,435			(352,363,923)			329,611,412			(891,418,952)
Increase (decrease) in net assets resulting from operations			143,111,217			(351,156,222)			391,376,123			(873,627,518)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(16,464,701)			—			(52,283,533)
Class I			—			(219,028,054)			—			(200,545,652)
Class R6			—			(23,277,351)			—			—
Class S			—			(7,774,089)			—			(8,926,736)
Class S2			—			(1,146,204)			—			(823,026)
Total distributions			—			(267,690,399)			—			(262,578,947)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			18,960,748			38,485,489			71,774,938			154,099,854
Reinvestment of distributions			—			267,690,399			—			262,578,947
			18,960,748			306,175,888			71,774,938			416,678,801
Cost of shares redeemed			(138,061,374)			(134,779,477)			(174,902,492)			(285,346,872)
Net increase (decrease) in net assets resulting from capital share transactions			(119,100,626)			171,396,411			(103,127,554)			131,331,929
Net increase (decrease) in net assets			24,010,591			(447,450,210)			288,248,569			(1,004,874,536)
NET ASSETS:
Beginning of year or period			1,013,821,576			1,461,271,786			1,211,354,307			2,216,228,843
End of year or period		$	1,037,832,167		$	1,013,821,576		$	1,499,602,876		$	1,211,354,307

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Bond Portfolio
Class ADV
06-30-23+		8.04		0.12•		(0.02)		0.10		0.11		—		—		0.11		—		8.03		1.21		1.32		1.17		1.17		2.95		13,867		138
12-31-22		10.13		0.21•		(2.10)		(1.89)		—		—		0.20		0.20		—		8.04		(18.75)		1.31		1.17		1.17		2.38		14,350		194
12-31-21		11.28		0.27•		(0.85)		(0.58)		0.49		—		0.08		0.57		—		10.13		(5.21)		1.30		1.17		1.17		2.54		19,156		144
12-31-20		10.64		0.28		0.62		0.90		0.26		—		—		0.26		—		11.28		8.58		1.28		1.17		1.17		2.50		21,097		150
12-31-19		10.33		0.27•		0.48		0.75		0.44		—		—		0.44		—		10.64		7.36		1.16		1.16		1.16		2.58		21,661		228
12-31-18		10.94		0.29•		(0.55)		(0.26)		0.35		—		—		0.35		—		10.33		(2.40)		1.17		1.15		1.15		2.71		22,161		119
Class I
06-30-23+		8.19		0.14•		(0.02)		0.12		0.13		—		—		0.13		—		8.18		1.46		0.82		0.67		0.67		3.46		80,631		138
12-31-22		10.32		0.25•		(2.13)		(1.88)		—		—		0.25		0.25		—		8.19		(18.35)		0.81		0.67		0.67		2.88		83,034		194
12-31-21		11.49		0.33•		(0.87)		(0.54)		0.55		—		0.08		0.63		—		10.32		(4.78)		0.80		0.67		0.67		3.04		110,162		144
12-31-20		10.83		0.33•		0.64		0.97		0.31		—		—		0.31		—		11.49		9.20		0.78		0.67		0.67		3.00		125,244		150
12-31-19		10.51		0.33•		0.49		0.82		0.50		—		—		0.50		—		10.83		7.90		0.66		0.66		0.66		3.08		146,354		228
12-31-18		11.14		0.35•		(0.57)		(0.22)		0.41		—		—		0.41		—		10.51		(2.01)		0.67		0.65		0.65		3.21		146,473		119
Class S
06-30-23+		8.18		0.13•		(0.02)		0.11		0.12		—		—		0.12		—		8.17		1.33		1.07		0.92		0.92		3.21		22,208		138
12-31-22		10.30		0.23•		(2.12)		(1.89)		—		—		0.23		0.23		—		8.18		(18.49)		1.06		0.92		0.92		2.63		22,191		194
12-31-21		11.47		0.30•		(0.87)		(0.57)		0.52		—		0.08		0.60		—		10.30		(5.03)		1.05		0.92		0.92		2.79		29,562		144
12-31-20		10.82		0.31		0.63		0.94		0.29		—		—		0.29		—		11.47		8.85		1.03		0.92		0.92		2.75		33,183		150
12-31-19		10.50		0.31•		0.48		0.79		0.47		—		—		0.47		—		10.82		7.64		0.91		0.91		0.91		2.83		33,323		228
12-31-18		11.12		0.32•		(0.56)		(0.24)		0.38		—		—		0.38		—		10.50		(2.17)		0.92		0.90		0.90		2.97		35,849		119
Voya International High Dividend Low Volatility Portfolio
Class ADV
06-30-23+		8.95		0.22•		0.47		0.69		—		—		—		—		—		9.64		7.71		1.23		1.23		1.23		4.67		24,263		35
12-31-22		10.31		0.31•		(1.28)		(0.97)		0.39		—		—		0.39		—		8.95		(9.34)		1.22		1.22		1.22		3.39		24,167		67
12-31-21		9.43		0.28•		0.80		1.08		0.20		—		—		0.20		—		10.31		11.50		1.23		1.23		1.23		2.75		27,021		73
12-31-20		11.36		0.19		(0.49)		(0.30)		0.32		1.31		—		1.63		—		9.43		(1.17)		1.24		1.24		1.24		1.86		26,702		74
12-31-19		10.88		0.27•		1.38		1.65		0.19		0.98		—		1.17		—		11.36		16.13		1.30		1.26		1.25		2.36		29,900		143
12-31-18		13.06		0.16•		(2.13)		(1.97)		0.21		—		—		0.21		—		10.88		(15.32)		1.47		1.40		1.40		1.26		30,149		16
Class I
06-30-23+		9.06		0.24•		0.48		0.72		—		—		—		—		—		9.78		7.95		0.73		0.73		0.73		5.13		106,246		35
12-31-22		10.44		0.36•		(1.30)		(0.94)		0.44		—		—		0.44		—		9.06		(8.90)		0.72		0.72		0.72		3.92		107,060		67
12-31-21		9.54		0.33•		0.82		1.15		0.25		—		—		0.25		—		10.44		12.08		0.73		0.73		0.73		3.25		125,719		73
12-31-20		11.49		0.25		(0.51)		(0.26)		0.38		1.31		—		1.69		—		9.54		(0.71)		0.74		0.74		0.74		2.37		122,082		74
12-31-19		11.00		0.33•		1.40		1.73		0.26		0.98		—		1.24		—		11.49		16.75		0.80		0.76		0.75		2.86		139,862		143
12-31-18		13.21		0.23•		(2.17)		(1.94)		0.27		—		—		0.27		—		11.00		(14.95)		0.97		0.90		0.90		1.77		135,229		16

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya International High Dividend Low Volatility Portfolio (continued)
Class S
06-30-23+		9.00		0.23•		0.47		0.70		—		—		—		—		—		9.70		7.78		0.98		0.98		0.98		4.89		199,000		35
12-31-22		10.36		0.34•		(1.29)		(0.95)		0.41		—		—		0.41		—		9.00		(9.07)		0.97		0.97		0.97		3.68		204,207		67
12-31-21		9.47		0.30•		0.82		1.12		0.23		—		—		0.23		—		10.36		11.79		0.98		0.98		0.98		3.00		258,075		73
12-31-20		11.41		0.22		(0.50)		(0.28)		0.35		1.31		—		1.66		—		9.47		(0.94)		0.99		0.99		0.99		2.12		268,402		74
12-31-19		10.93		0.30•		1.38		1.68		0.22		0.98		—		1.20		—		11.41		16.40		1.05		1.01		1.00		2.61		308,132		143
12-31-18		13.12		0.19•		(2.15)		(1.96)		0.23		—		—		0.23		—		10.93		(15.15)		1.22		1.15		1.15		1.52		309,059		16
Class S2
06-30-23+		9.08		0.18•		0.53		0.71		—		—		—		—		—		9.79		7.82		1.13		1.13		1.13		3.86		179		35
12-31-22		10.47		0.32•		(1.30)		(0.98)		0.41		—		—		0.41		—		9.08		(9.30)		1.12		1.12		1.12		3.50		394		67
12-31-21		9.56		0.29•		0.82		1.11		0.20		—		—		0.20		—		10.47		11.67		1.13		1.13		1.13		2.85		390		73
12-31-20		11.52		0.18•		(0.48)		(0.30)		0.35		1.31		—		1.66		—		9.56		(1.15)		1.14		1.14		1.14		1.92		334		74
12-31-19		10.99		0.27•		1.41		1.68		0.17		0.98		—		1.15		—		11.52		16.28		1.20		1.16		1.15		2.39		389		143
12-31-18		13.05		0.18•		(2.16)		(1.98)		0.08		—		—		0.08		—		10.99		(15.26)		1.37		1.30		1.30		1.41		397		16
VY® American Century Small-Mid Cap Value Portfolio
Class ADV
06-30-23+		10.82		0.07•		0.32		0.39		—		—		—		—		—		11.21		3.60		1.64		1.36		1.36		1.28		97,357		20
12-31-22		14.21		0.12•		(0.91)		(0.79)		0.14		2.46		—		2.59		—		10.82		(5.85)		1.80		1.35		1.35		1.01		98,642		66
12-31-21		11.27		0.09•		2.94		3.03		0.09		—		—		0.09		—		14.21		26.94		1.80		1.35		1.35		0.67		110,892		55
12-31-20		11.12		0.11		0.22		0.33		0.12		0.06		—		0.18		—		11.27		3.35		1.86		1.35		1.35		0.92		96,609		70
12-31-19		9.64		0.11		2.66		2.77		0.12		1.17		—		1.29		—		11.12		30.17		1.66		1.34		1.34		0.99		108,460		52
12-31-18		12.66		0.09		(1.67)		(1.58)		0.10		1.34		—		1.44		—		9.64		(14.49)		1.65		1.36		1.36		0.77		91,283		76
Class I
06-30-23+		11.90		0.10•		0.36		0.46		—		—		—		—		—		12.36		3.87		1.14		0.86		0.86		1.71		129,440		20
12-31-22		15.36		0.20•		(0.99)		(0.79)		0.21		2.46		—		2.66		—		11.90		(5.38)		1.30		0.85		0.85		1.51		165,702		66
12-31-21		12.16		0.17•		3.17		3.34		0.14		—		—		0.14		—		15.36		27.57		1.30		0.85		0.85		1.17		186,365		55
12-31-20		11.99		0.16		0.25		0.41		0.18		0.06		—		0.24		—		12.16		3.84		1.36		0.85		0.85		1.42		161,201		70
12-31-19		10.30		0.17		2.87		3.04		0.18		1.17		—		1.35		—		11.99		30.96		1.16		0.84		0.84		1.49		175,917		52
12-31-18		13.44		0.17•		(1.81)		(1.64)		0.16		1.34		—		1.50		—		10.30		(14.15)		1.15		0.86		0.86		1.30		142,379		76
Class S
06-30-23+		11.65		0.09•		0.34		0.43		—		—		—		—		—		12.08		3.69		1.39		1.11		1.11		1.53		84,105		20
12-31-22		15.09		0.17•		(0.98)		(0.81)		0.17		2.46		—		2.63		—		11.65		(5.60)		1.55		1.10		1.10		1.26		89,431		66
12-31-21		11.95		0.13•		3.13		3.26		0.12		—		—		0.12		—		15.09		27.30		1.55		1.10		1.10		0.92		100,022		55
12-31-20		11.79		0.13		0.24		0.37		0.15		0.06		—		0.21		—		11.95		3.52		1.61		1.10		1.10		1.17		85,902		70
12-31-19		10.14		0.15		2.81		2.96		0.14		1.17		—		1.31		—		11.79		30.67		1.41		1.09		1.09		1.24		93,230		52
12-31-18		13.25		0.13•		(1.77)		(1.64)		0.13		1.34		—		1.47		—		10.14		(14.34)		1.40		1.11		1.11		1.02		79,986		76

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate			Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)			($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
VY® American Century Small-Mid Cap Value Portfolio (continued)
Class S2
06-30-23+		10.83		0.08•		0.31		0.39		—		—		—		—		—			11.22		3.60		1.54		1.26		1.26		1.38		1,669		20
12-31-22		14.22		0.13•		(0.92)		(0.79)		0.14		2.46		—		2.60		—			10.83		(5.77)		1.71		1.25		1.25		1.08		1,653		66
12-31-21		11.26		0.10•		2.95		3.05		0.09		—		—		0.09		—			14.22		27.11		1.70		1.25		1.25		0.74		2,415		55
12-31-20		11.12		0.10•		0.23		0.33		0.13		0.06		—		0.19		—			11.26		3.40		1.76		1.25		1.25		1.02		3,328		70
12-31-19		9.62		0.12•		2.67		2.79		0.12		1.17		—		1.29		—			11.12		30.42		1.56		1.24		1.24		1.07		3,271		52
12-31-18		12.64		0.10•		(1.67)		(1.57)		0.11		1.34		—		1.45		—			9.62		(14.48)		1.55		1.26		1.26		0.84		2,891		76
VY® Baron Growth Portfolio
Class ADV
06-30-23+		19.05		(0.03)•		2.04		2.01		—		—		—		—		—			21.06		10.55		1.62		1.49		1.49		(0.34)		108,194		0*
12-31-22		28.60		(0.10)•		(6.63)		(6.73)		—		2.82		—		2.82		—			19.05		(23.90)		1.59		1.49		1.49		(0.46)		99,639		1
12-31-21		25.98		(0.22)•		5.28		5.06		—		2.44		—		2.44		—			28.60		20.14		1.59		1.49		1.49		(0.82)		140,345		1
12-31-20		19.55		(0.17)		6.60		6.43		—		—		—		—		—			25.98		32.89		1.64		1.49		1.49		(0.80)		122,298		1
12-31-19		24.63		(0.07)		9.03		8.96		—		13.89		0.15		14.04		—			19.55		38.24		1.49		1.49		1.49		(0.40)		105,271		23
12-31-18		27.88		(0.09)		0.00*		(0.09)		—		3.16		—		3.16		—			24.63		(2.15)		1.49		1.49		1.49		(0.32)		82,126		4
Class I
06-30-23+		24.36		0.02•		2.61		2.63		—		—		—		—		—	��		26.99		10.80		1.12		0.99		0.99		0.16		129,587		0*
12-31-22		35.40		0.01•		(8.23)		(8.22)		—		2.82		—		2.82		—			24.36		(23.50)		1.09		0.99		0.99		0.03		122,511		1
12-31-21		31.49		(0.11)•		6.46		6.35		—		2.44		—		2.44		—			35.40		20.73		1.09		0.99		0.99		(0.32)		177,254		1
12-31-20		23.58		(0.08)		7.99		7.91		—		—		—		—		—			31.49		33.55		1.14		0.99		0.99		(0.30)		164,347		1
12-31-19		27.41		0.01		10.20		10.21		—		13.89		0.15		14.04		—			23.58		38.97		0.99		0.99		0.99		0.04		147,370		23
12-31-18		30.58		0.05		(0.06)		(0.01)		—		3.16		—		3.16		—			27.41		(1.68)		0.99		0.99		0.99		0.17		118,743		4
Class R6
06-30-23+		24.39		0.02•		2.62		2.64		—		—		—		—		—			27.03		10.82		0.98		0.98		0.98		0.17		39,880		0*
12-31-22		35.44		0.02•		(8.25)		(8.23)		—		2.82		—		2.82		—			24.39		(23.50)		0.98		0.98		0.98		0.06		38,747		1
12-31-21		31.52		(0.10)•		6.46		6.36		—		2.44		—		2.44		—			35.44		20.74		0.97		0.97		0.97		(0.30)		50,410		1
12-31-20		23.60		(0.07)		7.99		7.92		—		—		—		—		—			31.52		33.56		0.99		0.99		0.99		(0.30)		44,926		1
12-31-19		27.43		0.04		10.17		10.21		—		13.89		0.15		14.04		—			23.60		38.94		0.99		0.99		0.99		0.20		33,764		23
12-31-18		30.59		0.06		(0.06)		0.00*		—		3.16		—		3.16		—			27.43		(1.64)		0.99		0.99		0.99		0.23		15,007		4
Class S
06-30-23+		21.80		(0.01)•		2.33		2.32		—		—		—		—		—			24.12		10.64		1.37		1.24		1.24		(0.09)		222,894		0*
12-31-22		32.13		(0.05)•		(7.46)		(7.51)		—		2.82		—		2.82		—			21.80		(23.69)		1.34		1.24		1.24		(0.21)		203,579		1
12-31-21		28.85		(0.17)•		5.89		5.72		—		2.44		—		2.44		—			32.13		20.43		1.34		1.24		1.24		(0.57)		282,227		1
12-31-20		21.65		(0.13)		7.33		7.20		—		—		—		—		—			28.85		33.26		1.39		1.24		1.24		(0.55)		261,358		1
12-31-19		26.10		(0.03)•		9.62		9.59		—		13.89		0.15		14.04		—			21.65		38.52		1.24		1.24		1.24		(0.10)		228,141		23
12-31-18		29.31		(0.02)		(0.03)		(0.05)		—		3.16		—		3.16		—			26.10		(1.89)		1.24		1.24		1.24		(0.08)		451,687		4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

				Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period			Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)			($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
VY® Baron Growth Portfolio (continued)
Class S2
06-30-23+		19.56	��		(0.03)•		2.10		2.07		—		—		—		—		—		21.63		10.58		1.52		1.39		1.39		(0.24)		2,282		0*
12-31-22		29.23			(0.08)•		(6.77)		(6.85)		—		2.82		—		2.82		—		19.56		(23.79)		1.49		1.39		1.39		(0.36)		2,092		1
12-31-21		26.48			(0.21)•		5.40		5.19		—		2.44		—		2.44		—		29.23		20.25		1.49		1.39		1.39		(0.73)		2,681		1
12-31-20		19.91			(0.15)		6.72		6.57		—		—		—		—		—		26.48		33.00		1.54		1.39		1.39		(0.69)		2,963		1
12-31-19		24.87			(0.45)•		9.53		9.08		—		13.89		0.15		14.04		—		19.91		38.37		1.39		1.39		1.39		(1.58)		2,373		23
12-31-18		28.10			(0.08)		0.01		(0.07)		—		3.16		—		3.16		—		24.87		(2.05)		1.39		1.39		1.39		(0.25)		1,625		4	��
VY® Columbia Contrarian Core Portfolio
Class ADV
06-30-23+		14.21			0.01•		2.89		2.90		—		—		—		—		—		17.11		20.41		1.53		1.21		1.20		0.16		27,342		21
12-31-22		21.12			0.03•		(3.75)		(3.72)		0.01		3.18		—		3.19		—		14.21		(18.85)		1.46		1.22		1.22		0.15		23,018		50
12-31-21		19.23			0.00*•		4.42		4.42		0.05		2.48		—		2.53		—		21.12		23.62		1.48		1.23		1.23		0.01		31,288		54
12-31-20		16.38			0.06		3.33		3.39		—		0.54		—		0.54		—		19.23		21.22		1.54		1.23		1.22		0.36		26,173		91
12-31-19		18.94			0.13•		5.51		5.64		0.29		7.91		—		8.20		—		16.38		32.41		1.46		1.23		1.23		0.64		23,961		45
12-31-18		23.40			0.14•		(1.97)		(1.83)		0.15		2.48		—		2.63		—		18.94		(9.23)		1.44		1.22		1.21		0.61		21,088		64
Class I
06-30-23+		15.87			0.06•		3.24		3.30		—		—		—		—		—		19.17		20.79		1.03		0.71		0.70		0.67		6,884		21
12-31-22		23.19			0.12•		(4.15)		(4.03)		0.11		3.18		—		3.29		—		15.87		(18.51)		0.96		0.72		0.72		0.64		5,731		50
12-31-21		20.88			0.12•		4.81		4.93		0.14		2.48		—		2.62		—		23.19		24.23		0.98		0.73		0.72		0.52		157,468		54
12-31-20		17.67			0.15•		3.61		3.76		0.01		0.54		—		0.55		—		20.88		21.79		1.04		0.73		0.72		0.80		129,553		91
12-31-19		20.01			0.25•		5.84		6.09		0.52		7.91		—		8.43		—		17.67		33.05		0.96		0.73		0.73		1.14		8,548		45
12-31-18		24.58			0.26•		(2.07)		(1.81)		0.28		2.48		—		2.76		—		20.01		(8.77)		0.94		0.72		0.71		1.11		7,982		64
Class S
06-30-23+		15.24			0.03•		3.11		3.14		—		—		—		—		—		18.38		20.60		1.28		0.96		0.95		0.42		21,273		21
12-31-22		22.39			0.07•		(3.98)		(3.91)		0.06		3.18		—		3.24		—		15.24		(18.64)		1.21		0.97		0.97		0.40		18,315		50
12-31-21		20.24			0.06•		4.66		4.72		0.09		2.48		—		2.57		—		22.39		23.94		1.23		0.98		0.98		0.26		23,775		54
12-31-20		17.18			0.11		3.49		3.60		—		0.54		—		0.54		—		20.24		21.45		1.29		0.98		0.97		0.61		20,139		91
12-31-19		19.56			0.20•		5.73		5.93		0.40		7.91		—		8.31		—		17.18		33.06		1.19		0.96		0.96		0.92		18,274		45
12-31-18		24.08			0.20•		(2.03)		(1.83)		0.21		2.48		—		2.69		—		19.56		(8.99)		1.19		0.97		0.96		0.86		222,203		64
VY® Columbia Small Cap Value II Portfolio
Class ADV
06-30-23+		15.27			0.05•		0.70		0.75		—		—		—		—		—		16.02		4.91		1.51		1.42		1.39		0.59		25,211		28
12-31-22		20.83			0.01•		(2.85)		(2.84)		—		2.72		—		2.72		—		15.27		(14.12)		1.49		1.42		1.41		0.07		28,968		56
12-31-21		15.65			(0.02)•		5.30		5.28		0.03		0.07		—		0.11		—		20.83		33.85		1.47		1.42		1.42		(0.10)		39,427		56
12-31-20		15.06			0.03		1.17		1.20		0.05		0.56		—		0.61		—		15.65		9.28		1.51		1.42		1.41		0.18		24,162		47
12-31-19		14.42			0.05		2.67		2.72		0.01		2.07		—		2.08		—		15.06		19.88		1.41		1.38		1.37		0.27		25,615		25
12-31-18		19.57			0.00*		(3.06)		(3.06)		0.00*		2.09		—		2.09		—		14.42		(17.96)		1.40		1.37		1.36		0.02		27,725		41

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
VY® Columbia Small Cap Value II Portfolio (continued)
Class I
06-30-23+		16.07		0.09•		0.74		0.83		—		—		—		—		—		16.90		5.16		1.01		0.92		0.89		1.12		44,754		28
12-31-22		21.71		0.11•		(2.98)		(2.87)		0.05		2.72		—		2.77		—		16.07		(13.67)		0.99		0.92		0.91		0.59		43,765		56
12-31-21		16.27		0.07•		5.53		5.60		0.09		0.07		—		0.16		—		21.71		34.52		0.97		0.92		0.92		0.37		45,424		56
12-31-20		15.65		0.10		1.22		1.32		0.14		0.56		—		0.70		—		16.27		9.89		1.01		0.92		0.91		0.68		34,277		47
12-31-19		14.94		0.13		2.76		2.89		0.11		2.07		—		2.18		—		15.65		20.42		0.91		0.88		0.87		0.79		36,201		25
12-31-18		20.20		0.10•		(3.16)		(3.06)		0.11		2.09		—		2.20		—		14.94		(17.53)		0.90		0.87		0.86		0.53		33,887		41
Class R6
06-30-23+		16.10		0.10•		0.74		0.84		—		—		—		—		—		16.94		5.22		0.90		0.87		0.84		1.18		10,251		28
12-31-22		21.74		0.12•		(2.98)		(2.86)		0.06		2.72		—		2.78		—		16.10		(13.62)		0.89		0.86		0.85		0.65		9,533		56
12-31-21		16.29		0.10•		5.51		5.61		0.09		0.07		—		0.17		—		21.74		34.57		0.89		0.86		0.86		0.49		12,560		56
12-31-20		15.66		0.10		1.23		1.33		0.14		0.56		—		0.70		—		16.29		9.94		0.91		0.88		0.87		0.71		6,983		47
12-31-19		14.94		0.12		2.78		2.90		0.11		2.07		—		2.18		—		15.66		20.48		0.91		0.88		0.87		0.81		6,701		25
12-31-18		20.21		0.09		(3.16)		(3.07)		0.11		2.09		—		2.20		—		14.94		(17.57)		0.90		0.87		0.86		0.56		5,349		41
Class S
06-30-23+		15.98		0.07•		0.73		0.80		—		—		—		—		—		16.78		5.01		1.26		1.17		1.14		0.86		68,858		28
12-31-22		21.61		0.06•		(2.97)		(2.91)		0.00*		2.72		—		2.73		—		15.98		(13.91)		1.24		1.17		1.16		0.32		72,207		56
12-31-21		16.20		0.02•		5.51		5.53		0.05		0.07		—		0.12		—		21.61		34.22		1.22		1.17		1.17		0.12		96,978		56
12-31-20		15.58		0.07		1.20		1.27		0.09		0.56		—		0.65		—		16.20		9.54		1.26		1.17		1.16		0.42		82,438		47
12-31-19		14.86		0.09		2.76		2.85		0.06		2.07		—		2.13		—		15.58		20.21		1.16		1.13		1.12		0.53		89,702		25
12-31-18		20.10		0.05		(3.15)		(3.10)		0.05		2.09		—		2.14		—		14.86		(17.76)		1.15		1.12		1.11		0.26		89,274		41
Class S2
06-30-23+		15.30		0.06•		0.70		0.76		—		—		—		—		—		16.06		4.97		1.41		1.32		1.29		0.71		1,551		28
12-31-22		20.85		0.03•		(2.86)		(2.83)		—		2.72		—		2.72		—		15.30		(14.06)		1.39		1.32		1.31		0.17		1,597		56
12-31-21		15.65		(0.00)*•		5.30		5.30		0.03		0.07		—		0.10		—		20.85		33.96		1.37		1.32		1.32		(0.01)		1,856		56
12-31-20		15.02		0.05		1.18		1.23		0.04		0.56		—		0.60		—		15.65		9.45		1.41		1.32		1.31		0.27		1,446		47
12-31-19		14.40		0.05•		2.67		2.72		0.03		2.07		—		2.10		—		15.02		19.95		1.31		1.28		1.27		0.34		1,671		25
12-31-18		19.52		0.02		(3.05)		(3.03)		—		2.09		—		2.09		—		14.40		(17.87)		1.30		1.27		1.26		0.11		2,431		41
VY® Invesco Comstock Portfolio
Class ADV
06-30-23+		20.74		0.15•		0.61		0.76		—		—		—		—		—		21.50		3.66		1.28		1.20		1.20		1.47		30,590		11
12-31-22		21.05		0.26•		(0.24)		0.02		0.28		0.05		—		0.33		—		20.74		0.12		1.28		1.20		1.20		1.27		33,953		22
12-31-21		16.05		0.21•		5.03		5.24		0.24		—		—		0.24		—		21.05		32.69		1.29		1.20		1.20		1.06		34,649		31
12-31-20		17.01		0.25		(0.46)		(0.21)		0.30		0.45		—		0.75		—		16.05		(0.74)		1.33		1.27		1.27		1.71		28,434		64
12-31-19		17.39		0.30•		3.74		4.04		0.41		4.01		—		4.42		—		17.01		24.86		1.25		1.23		1.23		1.60		31,202		25
12-31-18		20.14		0.24•		(2.77)		(2.53)		0.22		—		—		0.22		—		17.39		(12.56)		1.25		1.23		1.23		1.16		28,006		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)		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 Comstock Portfolio (continued)
Class I
06-30-23+		20.94		0.21•		0.61		0.82		—		—		—		—			—		21.76		3.92		0.78		0.70		0.70		1.98		134,475		11
12-31-22		21.25		0.37•		(0.25)		0.12		0.38		0.05		—		0.44			—		20.94		0.63		0.78		0.70		0.70		1.74		141,023		22
12-31-21		16.20		0.31•		5.09		5.40		0.35		—		—		0.35			—		21.25		33.33		0.79		0.70		0.70		1.58		178,856		31
12-31-20		17.19		0.32•		(0.46)		(0.14)		0.40		0.45		—		0.85			—		16.20		(0.22)		0.83		0.77		0.77		2.25		114,569		64
12-31-19		17.52		0.40•		3.78		4.18		0.50		4.01		—		4.51			—		17.19		25.51		0.75		0.73		0.73		2.09		203,510		25
12-31-18		20.32		0.33		(2.80)		(2.47)		0.33		—		—		0.33			—		17.52		(12.16)		0.75		0.73		0.73		1.72		219,086		29
Class S
06-30-23+		20.97		0.18•		0.62		0.80		—		—		—		—			—		21.77		3.81		1.03		0.95		0.95		1.74		86,659		11
12-31-22		21.28		0.32•		(0.25)		0.07		0.33		0.05		—		0.38			—		20.97		0.38		1.03		0.95		0.95		1.53		87,056		22
12-31-21		16.23		0.26•		5.09		5.35		0.30		—		—		0.30			—		21.28		32.96		1.04		0.95		0.95		1.31		81,485		31
12-31-20		17.18		0.31		(0.48)		(0.17)		0.33		0.45		—		0.78	��		—		16.23		(0.47)		1.08		1.02		1.02		1.97		63,320		64
12-31-19		17.51		0.36•		3.77		4.13		0.45		4.01		—		4.46			—		17.18		25.24		1.00		0.98		0.98		1.88		73,675		25
12-31-18		20.30		0.29•		(2.81)		(2.52)		0.27		—		—		0.27			—		17.51		(12.39)		1.00		0.98		0.98		1.41		215,609		29
VY® Invesco Equity and Income Portfolio
Class ADV
06-30-23+		40.03		0.31•		1.03		1.34		—		—		—		—			—		41.37		3.35		1.23		1.14		1.14		1.53		40,926		67
12-31-22		51.71		0.54•		(4.68)		(4.14)		0.54		7.00		—		7.54			—		40.03		(8.07)		1.22		1.14		1.14		1.20		43,412		136
12-31-21		44.76		0.36•		7.69		8.05		0.50		0.60		—		1.10			—		51.71		18.03		1.20		1.14		1.14		0.73		49,436		127
12-31-20		43.36		0.58		3.25		3.83		0.59		1.84		—		2.43			—		44.76		9.62		1.21		1.14		1.14		1.34		42,053		90
12-31-19		38.95		0.62•		6.82		7.44		0.68		2.35		—		3.03			—		43.36		19.50		1.17		1.14		1.14		1.47		44,825		143
12-31-18		46.81		0.64•		(4.95)		(4.31)		0.66		2.89		—		3.55			—		38.95		(9.90)		1.17		1.14		1.14		1.40		43,200		161
Class I
06-30-23+		40.95		0.42•		1.06		1.48		—		—		—		—			—		42.43		3.61		0.73		0.64		0.64		2.03		415,585		67
12-31-22		52.69		0.78•		(4.77)		(3.99)		0.75		7.00		—		7.75			—		40.95		(7.60)		0.72		0.64		0.64		1.69		423,188		136
12-31-21		45.58		0.62•		7.83		8.45		0.74		0.60		—		1.34			—		52.69		18.60		0.70		0.64		0.64		1.23		502,445		127
12-31-20		44.08		0.80		3.34		4.14		0.80		1.84		—		2.64			—		45.58		10.18		0.71		0.64		0.64		1.84		467,994		90
12-31-19		39.54		0.85•		6.94		7.79		0.90		2.35		—		3.25			—		44.08		20.10		0.67		0.64		0.64		1.97		484,839		143
12-31-18		47.51		0.88•		(5.06)		(4.18)		0.90		2.89		—		3.79			—		39.54		(9.46)		0.67		0.64		0.64		1.90		468,289		161
Class S
06-30-23+		40.58		0.36•		1.06		1.42		—		—		—		—			—		42.00		3.50		0.98		0.89		0.89		1.78		325,051		67
12-31-22		52.29		0.66•		(4.73)		(4.07)		0.64		7.00		—		7.64			—		40.58		(7.83)		0.97		0.89		0.89		1.44		346,982		136
12-31-21		45.24		0.49•		7.77		8.26		0.61		0.60		—		1.21			—		52.29		18.31		0.95		0.89		0.89		0.97		437,821		127
12-31-20		43.79		0.70		3.28		3.98		0.69		1.84		—		2.53			—		45.24		9.88		0.96		0.89		0.89		1.59		436,888		90
12-31-19		39.30		0.74•		6.88		7.62		0.78		2.35		—		3.13			—		43.79		19.80		0.92		0.89		0.89		1.72		473,465		143
12-31-18		47.22		0.76•		(5.01)		(4.25)		0.78		2.89		—		3.67			—		39.30		(9.67)		0.92		0.89		0.89		1.65		463,989		161

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
VY® Invesco Equity and Income Portfolio (continued)
Class S2
06-30-23+		39.81		0.33•		1.03		1.36		—		—		—		—		—		41.17		3.42		1.13		1.02		1.02		1.65		253,013		67
12-31-22		51.45		0.59•		(4.65)		(4.06)		0.58		7.00		—		7.58		—		39.81		(7.95)		1.12		1.02		1.02		1.31		265,672		136
12-31-21		44.52		0.42•		7.64		8.06		0.53		0.60		—		1.13		—		51.45		18.17		1.10		1.02		1.02		0.84		320,526		127
12-31-20		43.13		0.63		3.23		3.86		0.63		1.84		—		2.47		—		44.52		9.76		1.11		1.02		1.02		1.46		308,786		90
12-31-19		38.75		0.67•		6.78		7.45		0.72		2.35		—		3.07		—		43.13		19.63		1.07		1.02		1.02		1.59		328,815		143
12-31-18		46.59		0.69•		(4.93)		(4.24)		0.71		2.89		—		3.60		—		38.75		(9.79)		1.07		1.02		1.02		1.52		321,618		161
VY® Invesco Global Portfolio
Class ADV
06-30-23+		13.99		(0.01)•		3.25		3.24		—		—		—		—		—		17.23		23.16		1.37		1.30		1.30		(0.11)		111,948		4
12-31-22		24.55		(0.06)•		(7.57)		(7.63)		—		2.93		—		2.93		—		13.99		(32.28)		1.35		1.30		1.30		(0.38)		93,472		13
12-31-21		22.38		(0.19)•		3.51		3.32		—		1.15		—		1.15		—		24.55		14.80		1.33		1.30		1.30		(0.80)		149,741		7
12-31-20		18.41		(0.10)•		4.91		4.81		0.13		0.71		—		0.84		—		22.38		27.19		1.35		1.30		1.30		(0.53)		131,946		8
12-31-19		17.06		0.04		4.89		4.93		—		3.58		—		3.58		—		18.41		31.10		1.25		1.25		1.25		0.26		123,467		8
12-31-18		21.42		0.04		(2.66)		(2.62)		0.25		1.49		—		1.74		—		17.06		(13.62)		1.25		1.25		1.25		0.22		101,759		17
Class I
06-30-23+		15.20		0.03•		3.53		3.56		—		—		—		—		—		18.76		23.42		0.87		0.80		0.80		0.39		951,198		4
12-31-22		26.21		0.02•		(8.10)		(8.08)		—		2.93		—		2.93		—		15.20		(31.93)		0.85		0.80		0.80		0.12		852,916		13
12-31-21		23.71		(0.08)•		3.73		3.65		—		1.15		—		1.15		—		26.21		15.37		0.83		0.80		0.80		(0.30)		1,381,312		7
12-31-20		19.46		(0.01)•		5.20		5.19		0.23		0.71		—		0.94		—		23.71		27.78		0.85		0.80		0.80		(0.03)		1,332,750		8
12-31-19		17.86		0.15		5.13		5.28		0.10		3.58		—		3.68		—		19.46		31.80		0.75		0.75		0.75		0.76		1,225,197		8
12-31-18		22.33		0.16•		(2.80)		(2.64)		0.34		1.49		—		1.83		—		17.86		(13.19)		0.75		0.75		0.75		0.72		1,061,448		17
Class S
06-30-23+		14.22		0.01•		3.30		3.31		—		—		—		—		—		17.53		23.28		1.12		1.05		1.05		0.14		126,278		4
12-31-22		24.83		(0.02)•		(7.66)		(7.68)		—		2.93		—		2.93		—		14.22		(32.10)		1.10		1.05		1.05		(0.13)		108,045		13
12-31-21		22.56		(0.13)•		3.55		3.42		—		1.15		—		1.15		—		24.83		15.13		1.08		1.05		1.05		(0.55)		185,986		7
12-31-20		18.56		(0.05)•		4.94		4.89		0.18		0.71		—		0.89		—		22.56		27.43		1.10		1.05		1.05		(0.28)		188,985		8
12-31-19		17.17		0.10		4.91		5.01		0.04		3.58		—		3.62		—		18.56		31.44		1.00		1.00		1.00		0.52		181,045		8
12-31-18		21.53		0.10•		(2.68)		(2.58)		0.29		1.49		—		1.78		—		17.17		(13.39)		1.00		1.00		1.00		0.49		167,520		17
Class S2
06-30-23+		13.53		(0.00)*•		3.14		3.14		—		—		—		—		—		16.67		23.21		1.27		1.20		1.20		(0.01)		2,374		4
12-31-22		23.85		(0.04)•		(7.35)		(7.39)		—		2.93		—		2.93		—		13.53		(32.21)		1.25		1.20		1.20		(0.27)		2,205		13
12-31-21		21.75		(0.16)•		3.41		3.25		—		1.15		—		1.15		—		23.85		14.91		1.23		1.20		1.20		(0.69)		4,152		7
12-31-20		17.89		(0.07)•		4.77		4.70		0.13		0.71		—		0.84		—		21.75		27.33		1.25		1.20		1.20		(0.42)		4,266		8
12-31-19		16.67		0.06		4.77		4.83		0.03		3.58		—		3.61		—		17.89		31.26		1.15		1.15		1.15		0.37		4,611		8
12-31-18		20.97		0.06•		(2.60)		(2.54)		0.27		1.49		—		1.76		—		16.67		(13.56)		1.15		1.15		1.15		0.30		3,963		17

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
VY® JPMorgan Mid Cap Value Portfolio
Class ADV
06-30-23+		14.51		0.07•		0.43		0.50		—		—		—		—		—		15.01		3.45			1.50		1.35		1.35		0.91		75,437		5
12-31-22		19.24		0.11•		(1.76)		(1.65)		0.11		2.97		—		3.07		—		14.51		(8.84)			1.50		1.38		1.38		0.64		79,578		13
12-31-21		15.51		0.05•		4.43		4.48		0.05		0.70		—		0.75		—		19.24		29.15			1.49		1.38		1.38		0.28		93,649		22
12-31-20		17.15		0.09		(0.33)		(0.24)		0.11		1.29		—		1.40		—		15.51		0.08			1.51		1.38		1.38		0.58		79,036		18
12-31-19		15.74		0.12		3.74		3.86		0.12		2.33		—		2.45		—		17.15		25.81			1.39		1.39		1.39		0.71		89,967		9
12-31-18		19.78		0.15		(2.35)		(2.20)		0.16		1.68		—		1.84		—		15.74		(12.37)			1.38		1.38		1.38		0.79		80,243		12
Class I
06-30-23+		15.21		0.11•		0.46		0.57		—		—		—		—		—		15.78		3.75			1.00		0.85		0.85		1.41		103,120		5
12-31-22		20.00		0.20•		(1.83)		(1.63)		0.19		2.97		—		3.15		—		15.21		(8.39)			1.00		0.88		0.88		1.13		107,243		13
12-31-21		16.09		0.15•		4.60		4.75		0.14		0.70		—		0.85		—		20.00		29.79			0.99		0.88		0.88		0.77		138,540		22
12-31-20		17.72		0.17		(0.33)		(0.16)		0.18		1.29		—		1.47		—		16.09		0.55			1.01		0.88		0.88		1.08		124,709		18
12-31-19		16.18		0.22		3.86		4.08		0.21		2.33		—		2.54		—		17.72		26.46			0.89		0.89		0.89		1.21		150,535		9
12-31-18		20.30		0.25•		(2.43)		(2.18)		0.26		1.68		—		1.94		—		16.18		(11.96)			0.88		0.88		0.88		1.28		144,880		12
Class S
06-30-23+		14.95		0.09•		0.44		0.53		—		—		—		—		—		15.48		3.55			1.25		1.10		1.10		1.15		141,239		5
12-31-22		19.72		0.15•		(1.80)		(1.65)		0.15		2.97		—		3.11		—		14.95		(8.62)			1.25		1.13		1.13		0.89		153,670		13
12-31-21		15.87		0.10•		4.54		4.64		0.09		0.70		—		0.80		—		19.72		29.51			1.24		1.13		1.13		0.53		188,813		22
12-31-20		17.51		0.13		(0.33)		(0.20)		0.15		1.29		—		1.44		—		15.87		0.28			1.26		1.13		1.13		0.83		169,728		18
12-31-19		16.01		0.17		3.82		3.99		0.16		2.33		—		2.49		—		17.51		26.21			1.14		1.14		1.14		0.96		200,304		9
12-31-18		20.10		0.20•		(2.40)		(2.20)		0.21		1.68		—		1.89		—		16.01		(12.19)			1.13		1.13		1.13		1.03		187,165		12
Class S2
06-30-23+		14.48		0.07•		0.44		0.51		—		—		—		—		—		14.99		3.52			1.40		1.25		1.25		1.01		727		5
12-31-22		19.17		0.13•		(1.77)		(1.64)		0.08		2.97		—		3.04		—		14.48		(8.82)			1.40		1.28		1.28		0.73		718		13
12-31-21		15.47		0.08•		4.41		4.49		0.09		0.70		—		0.79		—		19.17		29.29			1.39		1.28		1.28		0.43		1,996		22
12-31-20		17.10		0.11		(0.33)		(0.22)		0.12		1.29		—		1.41		—		15.47		0.18			1.41		1.28		1.28		0.69		1,340		18
12-31-19		15.69		0.14•		3.73		3.87		0.13		2.33		—		2.46		—		17.10		25.96			1.29		1.29		1.29		0.81		1,782		9
12-31-18		19.72		0.16•		(2.33)		(2.17)		0.18		1.68		—		1.86		—		15.69		(12.30)			1.28		1.28		1.28		0.86		2,116		12
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio																									��
Class ADV
06-30-23+		6.72		(0.01)•		1.00		0.99		—		—		—		—		—		7.71		14.73			1.37		1.28		1.28		(0.41)		60,713		22
12-31-22		12.43		(0.04)•		(2.84)		(2.88)		—		2.83		—		2.83		—		6.72		(24.63)			1.36		1.28		1.28		(0.45)		53,242		29
12-31-21		13.16		(0.12)•		1.84		1.72		—		2.45		—		2.45		—		12.43		13.24			1.34		1.30		1.30		(0.91)		76,149		31
12-31-20		11.00		(0.05)		3.27		3.22		0.01		1.05		—		1.06		—		13.16		31.26			1.37		1.30		1.30		(0.49)		64,622		53
12-31-19		9.08		(0.03)		3.26		3.23		0.03		1.28		—		1.31		—		11.00		36.56	��		1.27		1.27		1.27		(0.28)		90,526		16
12-31-18		10.50		(0.02)		(0.24)		(0.26)		—		1.16		—		1.16		—		9.08		(3.77)			1.27		1.27		1.27		(0.14)		61,179		19

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class I
06-30-23+		8.56		0.00*•		1.29		1.29		—		—		—		—		—		9.85		15.07		0.87		0.78		0.78		0.08		840,040		22
12-31-22		14.82		0.00*•		(3.43)		(3.43)		—		2.83		—		2.83		—		8.56		(24.34)		0.86		0.78		0.78		0.05		841,674		29
12-31-21		15.20		(0.06)•		2.13		2.07		0.00*		2.45		—		2.45		—		14.82		13.80		0.84		0.80		0.80		(0.41)		1,214,371		31
12-31-20		12.50		(0.01)		3.77		3.76		0.01		1.05		—		1.06		—		15.20		31.84		0.87		0.80		0.80		(0.07)		1,179,581		53
12-31-19		10.14		0.03		3.65		3.68		0.04		1.28		—		1.32		—		12.50		37.20		0.77		0.77		0.77		0.21		985,213		16
12-31-18		11.56		0.04		(0.28)		(0.24)		0.02		1.16		—		1.18		—		10.14		(3.23)		0.77		0.77		0.77		0.36		763,686		19
Class R6
06-30-23+		8.58		0.01•		1.29		1.30		—		—		—		—		—		9.88		15.15		0.78		0.76		0.76		0.11		106,245		22
12-31-22		14.84		0.01•		(3.44)		(3.43)		—		2.83		—		2.83		—		8.58		(24.31)		0.77		0.75		0.75		0.08		89,811		29
12-31-21		15.22		(0.06)•		2.13		2.07		0.00*		2.45		—		2.45		—		14.84		13.80		0.76		0.76		0.76		(0.37)		118,927		31
12-31-20		12.51		(0.01)		3.78		3.77		0.01		1.05		—		1.06		—		15.22		31.90		0.77		0.77		0.77		(0.13)		109,585		53
12-31-19		10.14		0.02		3.67		3.69		0.04		1.28		—		1.32		—		12.51		37.31		0.77		0.77		0.77		0.24		30,761		16
12-31-18		11.56		0.03		(0.27)		(0.24)		0.02		1.16		—		1.18		—		10.14		(3.24)		0.77		0.77		0.77		0.38		15,642		19
Class S
06-30-23+		7.83		(0.01)•		1.17		1.16		—		—		—		—		—		8.99		14.81		1.12		1.03		1.03		(0.17)		28,315		22
12-31-22		13.88		(0.02)•		(3.20)		(3.22)		—		2.83		—		2.83		—		7.83		(24.47)		1.11		1.03		1.03		(0.22)		26,887		29
12-31-21		14.40		(0.10)•		2.03		1.93		—		2.45		—		2.45		—		13.88		13.58		1.09		1.05		1.05		(0.66)		45,922		31
12-31-20		11.93		(0.03)		3.56		3.53		0.01		1.05		—		1.06		—		14.40		31.42		1.12		1.05		1.05		(0.30)		49,415		53
12-31-19		9.74		(0.00)*		3.50		3.50		0.03		1.28		—		1.31		—		11.93		36.88		1.02		1.02		1.02		(0.04)		47,101		16
12-31-18		11.15		0.02		(0.27)		(0.25)		—		1.16		—		1.16		—		9.74		(3.44)		1.02		1.02		1.02		0.11		42,403		19
Class S2
06-30-23+		6.83		(0.01)•		1.02		1.01		—		—		—		—		—		7.84		14.79		1.26		1.17		1.17		(0.30)		2,519		22
12-31-22		12.57		(0.04)•		(2.87)		(2.91)		—		2.83		—		2.83		—		6.83		(24.60)		1.25		1.18		1.18		(0.41)		2,207		29
12-31-21		13.28		(0.11)•		1.85		1.74		—		2.45		—		2.45		—		12.57		13.28		1.24		1.20		1.20		(0.82)		5,903		31
12-31-20		11.08		(0.05)		3.31		3.26		0.01		1.05		—		1.06		—		13.28		31.40		1.27		1.20		1.20		(0.46)		6,833		53
12-31-19		9.13		(0.02)		3.28		3.26		0.03		1.28		—		1.31		—		11.08		36.69		1.17		1.17		1.17		(0.18)		5,586		16
12-31-18		10.54		(0.01)		(0.24)		(0.25)		—		1.16		—		1.16		—		9.13		(3.65)		1.17		1.17		1.17		(0.03)		4,094		19
VY® T. Rowe Price Growth Equity Portfolio
Class ADV
06-30-23+		48.66		(0.16)•		16.26		16.10		—		—		—		—		—		64.76		33.09		1.33		1.21		1.21		(0.59)		271,845		21
12-31-22		102.35		(0.54)•		(38.71)		(39.25)		—		14.44		—		14.44		—		48.66		(40.93)		1.30		1.23		1.23		(0.81)		210,945		30
12-31-21		93.76		(0.92)•		19.06		18.14		—		9.55		—		9.55		—		102.35		19.54		1.30		1.23		1.23		(0.91)		394,504		28
12-31-20		71.90		(0.61)		25.93		25.32		—		3.46		—		3.46		—		93.76		36.00		1.31		1.23		1.23		(0.75)		362,950		36
12-31-19		70.96		(0.31)		20.51		20.20		—		19.26		—		19.26		—		71.90		30.15		1.23		1.21		1.21		(0.43)		302,258		26
12-31-18		86.22		(0.20)•		0.81		0.61		—		15.87		—		15.87		—		70.96		(1.57)		1.23		1.21		1.21		(0.24)		239,404		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)		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 Growth Equity Portfolio (continued)
Class I
06-30-23+		58.86		(0.03)•		19.69		19.66		—		—		—		—		—		78.52			33.40		0.83		0.71		0.71		(0.09)		1,170,164		21
12-31-22		119.12		(0.24)•		(45.58)		(45.82)		—		14.44		—		14.44		—		58.86			(40.66)		0.80		0.73		0.73		(0.31)		957,701		30
12-31-21		107.26		(0.48)•		21.89		21.41		—		9.55		—		9.55		—		119.12			20.15		0.80		0.73		0.73		(0.41)		1,742,542		28
12-31-20		81.43		(0.24)		29.53		29.29		—		3.46		—		3.46		—		107.26			36.68		0.81		0.73		0.73		(0.25)		1,506,472		36
12-31-19		78.04		0.07		22.75		22.82		0.17		19.26		—		19.43		—		81.43			30.83		0.73		0.71		0.71		0.07		1,290,657		26
12-31-18		93.19		0.24		0.71		0.95		0.23		15.87		—		16.10		—		78.04			(1.09)		0.73		0.71		0.71		0.27		1,092,998		47
Class S
06-30-23+		53.85		(0.10)•		18.01		17.91		—		—		—		—		—		71.76			33.26		1.08		0.96		0.96		(0.34)		52,658		21
12-31-22		110.92		(0.41)•		(42.22)		(42.63)		—		14.44		—		14.44		—		53.85			(40.81)		1.05		0.98		0.98		(0.56)		39,165		30
12-31-21		100.68		(0.72)•		20.51		19.79		—		9.55		—		9.55		—		110.92			19.85		1.05		0.98		0.98		(0.66)		72,845		28
12-31-20		76.79		(0.42)•		27.77		27.35		—		3.46		—		3.46		—		100.68			36.36		1.06		0.98		0.98		(0.50)		74,335		36
12-31-19		74.54		(0.15)•		21.66		21.51		—		19.26		—		19.26		—		76.79			30.47		0.98		0.96		0.96		(0.18)		65,359		26
12-31-18		89.69		0.00*		0.76		0.76		0.04		15.87		—		15.91		—		74.54			(1.33)		0.98		0.96		0.96		0.01		329,427		47
Class S2
06-30-23+		50.36		(0.14)•		16.83		16.69		—		—		—		—		—		67.05	��		33.14		1.23		1.11		1.11		(0.49)		4,935		21
12-31-22		105.14		(0.49)•		(39.85)		(40.34)		—		14.44		—		14.44		—		50.36			(40.88)		1.20		1.13		1.13		(0.71)		3,544		30
12-31-21		95.99		(0.85)•		19.55		18.70		—		9.55		—		9.55		—		105.14			19.68		1.20		1.13		1.13		(0.81)		6,338		28
12-31-20		73.47		(0.51)•		26.49		25.98		—		3.46		—		3.46		—		95.99			36.13		1.21		1.13		1.13		(0.64)		5,735		36
12-31-19		72.10		(0.27)•		20.90		20.63		—		19.26		—		19.26		—		73.47			30.27		1.13		1.11		1.11		(0.33)		9,074		26
12-31-18		87.30		(0.12)•		0.79		0.67		—		15.87		—		15.87		—		72.10			(1.47)		1.13		1.11		1.11		(0.14)		8,564		47

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

Unaudited.

•

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

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, 2023 (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 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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

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

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

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

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. 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 each

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

(1)

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

(2)

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax

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

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

E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with GAAP for investment companies. Actual results could differ from these estimates.

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

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

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

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

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

being hedged by a Portfolio through foreign currency exchange transactions.

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

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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

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

As of June 30, 2023, 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 $523,147, $23,627, and $74,470, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts, OTC purchased options and forward premium swaptions were they to be unwound as of June 30, 2023. There was no cash collateral received by any Portfolio at June 30, 2023.

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, 2023, Global Bond, and Invesco Comstock had a liability position of $1,363,864 and $120,112, respectively, on open forward foreign currency contracts, forward premium swaptions, and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2023, the Portfolios could have been required to pay this amount in cash to its counterparties. As of June 30, 2023, Global Bond had pledged $570,000 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, 2023.

As of June 30, 2023, 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2023, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Global Bond*		$	75,706,973		$	45,332,775
American Century Small-Mid Cap Value**			580,993			19,116,829
Invesco Comstock**			2,244,168			8,274,535
Invesco Equity and Income**			443,327			20,831,051
Invesco Global**			—			2,073,262

For the period ended June 30, 2023, 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, 2023.

For the period ended June 30, 2023, 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, 2023. There were no open forward foreign currency contracts for Invesco Global at June 30, 2023.

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, 2023, 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, 2023, Global Bond had an average notional value of $38,692,437 and $12,073,750 on futures contracts purchased and sold, respectively. During the period ended June 30, 2023, Invesco Equity and Income had an average notional value of $3,434,688 on futures contracts sold. Please refer to the table within the Portfolio of Investments for open futures contracts at June 30, 2023.

At June 30, 2023, Invesco Equity and Income had pledged U.S. Treasury Bills with an original par value of $110,000 as collateral for open futures contracts.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 include investment in smaller, less seasoned issuers, which may involve greater risk.

L. Delayed-Delivery and When-Issued Transactions. Certain Portfolios may purchase or sell securities on a

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

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets 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, 2023, Global Bond pledged $258,000 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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2023, Global Bond had written interest rate swaptions with an average notional value of $49,628,000, 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, 2023. There were no open purchased interest rate swaptions at June 30, 2023.

During the period ended June 30, 2023, Global Bond had purchased and written foreign currency options with an average notional value of $6,601,483 and $10,113,021, 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, 2023.

During the period ended June 30, 2023, Global Bond had purchased and written forward premium swaptions with an average notional value of $5,556,000 and $33,011,900, respectively to gain exposure to manage duration and yield curve exposures. Please refer to the tables within the

Portfolio of Investments for open purchased and written forward premium swaptions at June 30, 2023.

During the period ended June 30, 2023, Global Bond had purchased and written exchange-traded options contracts to manage its duration strategy and to generate income. Global Bond had average notional values of $20,693,750 and $20,693,750, respectively, on purchased and written exchange-traded options contracts. Please refer to the tables within the Portfolio of Investments for open purchased and written options on exchange-traded options contracts at June 30, 2023.

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 Summary Portfolio of Investments.

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

realized gains or losses on each Portfolio’s Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

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

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

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

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain

sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2023, Global Bond purchased credit protection on credit default swap indices (“CDX”) with an average notional amount of $3,430,000,to hedge or to gain additional exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. There were no open credit default swaps to buy or sell protection at June 30, 2023.

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, 2023, Global Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps was $48,426,882.

For the period ended June 30, 2023, 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 $77,978,568.

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, 2023.

At June 30, 2023, Global Bond had pledged $1,185,000 in cash collateral for open centrally cleared credit default and interest rate swaps.

Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, 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, 2023, Global Bond had entered into receiver volatility swaps on foreign currencies with an average notional amount of $2,766,000. There were no open volatility swaps at June 30, 2023.

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

There were no open total return swaps at June 30, 2023.

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, 2023.

Q. Structured Notes. Global Bond and Invesco Equity and Income invest in structured notes whose principal payments or interest payments are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The terms and conditions of these notes may be ‘structured’ by the purchaser (a Portfolio) and the borrower issuing the note. The market value of these notes will increase or decrease based on the performance of the underlying asset or reference. A Portfolio records the net change in the market value of the structured note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. A Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the structured note. There were no open structured products at June 30, 2023.

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, 2023, 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		$	36,154,819		$	24,064,933
International High Dividend Low Volatility			115,999,618			142,360,376
American Century Small-Mid Cap Value			67,322,022			118,796,370
Baron Growth			997,501			12,668,340
Columbia Contrarian Core			10,335,695			11,307,437
Columbia Small Cap Value II			42,586,526			54,448,799
Invesco Comstock			28,455,967			38,554,799
Invesco Equity and Income			123,426,058			170,999,398
Invesco Global			40,710,463			134,105,074
JPMorgan Mid Cap Value			16,819,011			50,823,557
T. Rowe Price Diversified Mid Cap Growth			219,815,607			339,184,299
T. Rowe Price Growth Equity			289,567,592			342,706,781

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

	Purchases			Sales
Global Bond		$	128,489,642		$	136,501,547
Invesco Equity and Income			567,388,279			592,059,874

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:

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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)(2)			0.91% on all assets
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(1)			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(1)			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%, 0.048%, 0.027%, 0.01%, 0.025%, 0.02% and 0.039% of the management fee for Global Bond, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Equity and Income, JPMorgan Mid Cap Value, T. Rowe Price Diversified Mid Cap Growth, and T. Rowe Price Growth Equity, respectively. Prior to January 1, 2023, T. Rowe Price Growth Equity management fee waiver was 0.019%. Effective January 1, 2023, the American Century Small-Mid Cap Value management fee waiver of 0.165% terminated. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.

(2)

Prior to January 1, 2023, the investment management fees were 1.10% on the first $250 million; 1.05% on the next $250 million; and 1.00% on assets over $500 million.

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.

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NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2023, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	Invesco Comstock		6.00%
	Invesco Global		7.31
	T. Rowe Price Diversified Mid Cap Growth		11.77
Security Life of Denver Insurance Company	Global Bond		9.02
	Columbia Small Cap Value II		5.58
	Invesco Comstock		5.05
	T. Rowe Price Diversified Mid Cap Growth		5.27
Voya Institutional Trust Company	Global Bond		13.63
	International High Dividend Low Volatility		7.21
	American Century Small-Mid Cap Value		51.16
	Baron Growth		33.14
	Columbia Contrarian Core		49.58
	Columbia Small Cap Value II		20.45
	Invesco Comstock		12.16
	Invesco Global		12.94
	JPMorgan Mid Cap Value		30.47
	T. Rowe Price Diversified Mid Cap Growth		8.98
	T. Rowe Price Growth Equity		32.93
Voya Retirement Insurance and Annuity Company	Global Bond		70.73
	International High Dividend Low Volatility		26.02
	American Century Small-Mid Cap Value		46.31
	Baron Growth		60.91
	Columbia Contrarian Core		44.64
	Columbia Small Cap Value II		28.59
	Invesco Comstock		38.69
	Invesco Equity and Income		37.55
	Invesco Global		68.84
	JPMorgan Mid Cap Value		39.20
	T. Rowe Price Diversified Mid Cap Growth		66.85
	T. Rowe Price Growth Equity		56.56
Voya Solution 2035 Portfolio	Invesco Comstock		6.52
Voya Solution 2045 Portfolio	Invesco Comstock		5.10
Voya Solution Moderately Aggressive Portfolio	Invesco Comstock		6.38

The Investment Adviser may direct the Portfolios’ sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay

certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

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

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2023, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Global Bond		$	71,535
International High Dividend Low Volatility			130,111
American Century Small-Mid Cap Value			302,251
Baron Growth			305,233
Columbia Contrarian Core			—
Columbia Small Cap Value II			79,623
Invesco Comstock			66,486
Invesco Equity and Income			251,088
Invesco Global			645,436
JPMorgan Mid Cap Value			180,189
T. Rowe Price Diversified Mid Cap Growth			431,787
T. Rowe Price Growth Equity			629,219

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:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

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)		1.35%		0.85%		N/A		1.10%		1.25%
Baron Growth		1.49%		0.99%		0.99%		1.24%		1.39%
Columbia Contrarian Core(2)		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(3)		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)

Prior to January 1, 2023, the expenses limits were 1.52%, 1.02%, 1.27% and 1.42% for Class ADV, Class I, Class S and Class S2, respectively.

(2)

Pursuant to a side letter agreement, through May 1, 2024, 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.

(3)

Pursuant to a side letter agreement, through May 1, 2024, 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%, and 0.95% 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.

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

At June 30, 2023, 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,
	2024			2025			2026			Total
Global Bond		$	234,432		$	185,913		$	176,547		$	596,892
American Century Small-Mid Cap Value			1,131,819			998,001			1,053,984			3,183,804
Invesco Equity and Income			746,768			659,753			837,143			2,243,664
Invesco Global			658,532			311,359			757,203			1,727,094
JPMorgan Mid Cap Value			465,758			402,785			425,349			1,293,892
T. Rowe Price Growth Equity			1,068,227			831,119			914,119			2,813,465

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, 2023, are as follows:

	June 30,
	2024			2025			2026			Total
Baron Growth
Class ADV		$	152,449		$	104,977		$	126,344		$	383,770
Class I			207,747			132,224			154,003			493,974
Class S			319,018			213,232			258,428			790,678
Class S2			3,581			2,063			2,593			8,237
Columbia Small Cap Value II
Class ADV			12,639			6,312			15,794			34,745
Class I			17,003			8,076			24,519			49,598
Class S			39,581			15,311			39,713			94,605
Class S2			738			294			868			1,900
T. Rowe Price Diversified Mid Cap Growth
Class ADV			37,703			24,189			37,922			99,814
Class I			695,917			392,141			573,327			1,661,385
Class S			27,766			14,422			19,037			61,225
Class S2			3,860			2,042			1,673			7,575

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT

Effective June 12, 2023, 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 10, 2024. 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 12, 2023, 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 12, 2023.

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, 2023 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
International High Dividend Low Volatility		22		$	1,584,864		5.56%
American Century Small-Mid Cap Value		1			27,928,000		5.57
Baron Growth		22			822,500		6.07
Invesco Global		3			1,102,667		5.53
JPMorgan Mid Cap Value		1			1,897,000		6.07
T. Rowe Price Diversified Mid Cap Growth		5			8,814,400		5.59
T. Rowe Price Growth Equity		4			2,069,250		6.06

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
6/30/2023		23,317		—		23,028		(103,932)		(57,587)		188,686		—		186,955		(849,322)		(473,681)
12/31/2022		70,423		—		42,819		(220,691)		(107,449)		591,953		—		368,978		(1,911,909)		(950,978)
Class I
6/30/2023		107,553		—		156,511		(543,067)		(279,003)		891,715		—		1,294,835		(4,496,778)		(2,310,228)
12/31/2022		348,901		—		297,314		(1,190,699)		(544,484)		3,088,657		—		2,606,514		(10,496,268)		(4,801,097)
Class S
6/30/2023		92,888		—		38,795		(125,523)		6,160		764,146		—		320,481		(1,038,675)		45,952
12/31/2022		302,312		—		72,358		(532,267)		(157,597)		2,738,436		—		633,923		(4,766,015)		(1,393,656)
International High Dividend Low Volatility
Class ADV
6/30/2023		75,175		—		—		(259,365)		(184,190)		713,926		—		—		(2,441,714)		(1,727,788)
12/31/2022		283,668		—		115,177		(319,384)		79,461		2,526,636		—		1,010,101		(2,947,221)		589,516
Class I
6/30/2023		206,718		—		—		(1,166,589)		(959,871)		1,994,288		—		—		(11,187,095)		(9,192,807)
12/31/2022		647,467		—		580,832		(1,455,005)		(226,706)		6,299,391		—		5,146,169		(13,714,363)		(2,268,803)
Class S
6/30/2023		172,606		—		—		(2,366,793)		(2,194,187)		1,661,022		—		—		(22,212,264)		(20,551,242)
12/31/2022		608,121		—		1,064,261		(3,882,533)		(2,210,151)		5,509,648		—		9,376,139		(36,035,659)		(21,149,872)
Class S2
6/30/2023		532		—		—		(25,702)		(25,170)		5,043		—		—		(246,709)		(241,666)
12/31/2022		7,428		—		1,999		(3,301)		6,126		72,274		—		17,790		(26,281)		63,783

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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	#		#		#		#		#		($)		($)		($)		($)		($)
American Century Small-Mid Cap Value
Class ADV
6/30/2023		370,365		—		—		(797,339)		(426,974)		4,133,039		—		—		(8,766,565)		(4,633,526)
12/31/2022		454,499		—		1,787,328		(931,108)		1,310,719		5,645,878		—		19,606,986		(11,493,702)		13,759,162
Class I
6/30/2023		416,096		—		—		(3,861,333)		(3,445,237)		5,127,641		—		—		(47,718,244)		(42,590,603)
12/31/2022		1,151,740		—		2,622,009		(1,985,293)		1,788,456		15,865,162		—		31,568,986		(26,403,580)		21,030,568
Class S
6/30/2023		122,311		—		—		(835,324)		(713,013)		1,465,853		—		—		(9,836,079)		(8,370,226)
12/31/2022		435,965		—		1,440,363		(828,369)		1,047,959		6,024,851		—		16,996,280		(11,041,329)		11,979,802
Class S2
6/30/2023		13,049		—		—		(16,863)		(3,814)		144,472		—		—		(186,398)		(41,926)
12/31/2022		35,842		—		31,283		(84,421)		(17,296)		469,019		—		343,178		(1,100,290)		(288,093)
Baron Growth
Class ADV
6/30/2023		153,180		—		—		(245,288)		(92,108)		3,124,327		—		—		(5,021,553)		(1,897,226)
12/31/2022		220,023		—		671,848		(570,047)		321,824		4,712,456		—		13,275,713		(12,341,940)		5,646,229
Class I
6/30/2023		122,575		—		—		(350,892)		(228,317)		3,232,074		—		—		(9,220,215)		(5,988,141)
12/31/2022		258,513		—		511,672		(747,115)		23,070		6,824,708		—		12,899,261		(20,713,255)		(989,286)
Class R6
6/30/2023		69,479		—		—		(182,571)		(113,092)		1,824,510		—		—		(4,684,536)		(2,860,026)
12/31/2022		337,628		—		159,604		(330,867)		166,365		8,955,785		—		4,028,415		(9,356,393)		3,627,807
Class S
6/30/2023		233,888		—		—		(333,633)		(99,745)		5,334,797		—		—		(7,806,847)		(2,472,050)
12/31/2022		197,570		—		1,061,115		(702,931)		555,754		4,780,840		—		23,959,964		(16,689,888)		12,050,916
Class S2
6/30/2023		6,767		—		—		(8,187)		(1,420)		141,918		—		—		(174,625)		(32,707)
12/31/2022		16,096		—		13,398		(14,275)		15,219		343,817		—		271,581		(305,791)		309,607
Columbia Contrarian Core
Class ADV
6/30/2023		62,720		—		—		(85,467)		(22,747)		994,960		—		—		(1,336,576)		(341,616)
12/31/2022		83,008		—		294,171		(238,594)		138,585		1,485,070		—		4,553,775		(4,026,799)		2,012,046
Class I
6/30/2023		14,536		—		—		(16,499)		(1,963)		251,458		—		—		(289,174)		(37,716)
12/31/2022		651,399		—		1,212,158		(8,292,618)		(6,429,061)		12,258,297		—		20,933,966		(140,875,241)		(107,682,978)
Class S
6/30/2023		29,367		—		—		(73,923)		(44,556)		491,335		—		—		(1,220,670)		(729,335)
12/31/2022		58,317		—		202,541		(120,661)		140,197		1,133,421		—		3,360,151		(2,228,999)		2,264,573
Columbia Small Cap Value II
Class ADV
6/30/2023		34,487		—		—		(358,277)		(323,790)		542,510		—		—		(5,510,587)		(4,968,077)
12/31/2022		191,406		—		295,672		(482,743)		4,335		3,412,077		—		4,692,317		(8,331,191)		(226,797)
Class I
6/30/2023		241,657		—		—		(317,741)		(76,084)		3,988,483		—		—		(5,187,051)		(1,198,568)
12/31/2022		889,096		—		407,397		(664,746)		631,747		16,985,255		—		6,791,315		(12,158,531)		11,618,039
Class R6
6/30/2023		111,577		—		—		(98,595)		12,982		1,853,848		—		—		(1,621,218)		232,630
12/31/2022		128,469		—		93,582		(207,485)		14,566		2,397,569		—		1,562,818		(3,721,760)		238,627
Class S
6/30/2023		76,969		—		—		(494,487)		(417,518)		1,265,430		—		—		(8,038,576)		(6,773,146)
12/31/2022		139,968		—		671,341		(780,002)		31,307		2,561,264		—		11,137,553		(14,436,108)		(737,291)
Class S2
6/30/2023		8,994		—		—		(16,813)		(7,819)		140,559		—		—		(264,125)		(123,566)
12/31/2022		23,245		—		14,970		(22,883)		15,332		428,091		—		238,020		(425,893)		240,218

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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 Comstock
Class ADV
6/30/2023		17,972		—		—		(232,618)		(214,646)		386,002		—		—		(4,886,745)		(4,500,743)
12/31/2022		264,767		—		25,883		(299,614)		(8,964)		5,646,643		—		530,192		(6,141,056)		35,779
Class I
6/30/2023		553,455		—		—		(1,110,113)		(556,658)		11,736,564		—		—		(23,494,648)		(11,758,084)
12/31/2022		1,172,233		—		141,611		(2,995,144)		(1,681,300)		24,748,611		—		2,931,301		(64,409,776)		(36,729,864)
Class S
6/30/2023		101,970		—		—		(272,800)		(170,830)		2,175,837		—		—		(5,731,852)		(3,556,015)
12/31/2022		611,922		—		75,624		(364,814)		322,732		13,045,755		—		1,567,210		(7,586,407)		7,026,558
Invesco Equity and Income
Class ADV
6/30/2023		36,232		—		—		(131,432)		(95,200)		1,475,960		—		—		(5,303,003)		(3,827,043)
12/31/2022		127,486		—		176,430		(175,626)		128,290		6,066,772		—		7,174,942		(8,057,342)		5,184,372
Class I
6/30/2023		48,055		—		—		(586,842)		(538,787)		1,982,048		—		—		(24,322,042)		(22,339,994)
12/31/2022		135,855		—		1,696,342		(1,033,653)		798,544		6,491,868		—		70,704,485		(48,175,528)		29,020,825
Class S
6/30/2023		69,837		—		—		(879,366)		(809,529)		2,902,228		—		—		(35,833,503)		(32,931,275)
12/31/2022		38,060		—		1,427,620		(1,288,384)		177,296		1,774,410		—		58,915,829		(59,514,734)		1,175,505
Class S2
6/30/2023		44,618		—		—		(572,213)		(527,595)		1,817,667		—		—		(23,064,308)		(21,246,641)
12/31/2022		184,335		—		1,108,866		(849,626)		443,575		8,451,745		—		44,865,301		(38,536,842)		14,780,204
Invesco Global
Class ADV
6/30/2023		203,031		—		—		(386,728)		(183,697)		3,171,202		—		—		(6,062,420)		(2,891,218)
12/31/2022		222,212		—		1,100,549		(740,933)		581,828		3,870,638		—		17,135,556		(12,413,610)		8,592,584
Class I
6/30/2023		303,396		—		—		(5,728,933)		(5,425,537)		5,212,973		—		—		(96,613,742)		(91,400,769)
12/31/2022		650,417		—		8,613,191		(5,837,436)		3,426,172		12,546,150		—		145,390,666		(108,060,329)		49,876,487
Class S													��
6/30/2023		211,172		—		—		(607,422)		(396,250)		3,322,331		—		—		(9,727,698)		(6,405,367)
12/31/2022		378,496		—		1,255,805		(1,525,228)		109,073		7,069,211		—		19,841,719		(27,707,092)		(796,162)
Class S2
6/30/2023		8,290		—		—		(28,875)		(20,585)		125,253		—		—		(440,775)		(315,522)
12/31/2022		25,150		—		32,182		(68,439)		(11,107)		426,136		—		484,333		(1,001,226)		(90,757)
JPMorgan Mid Cap Value
Class ADV
6/30/2023		76,326		—		—		(533,765)		(457,439)		1,103,229		—		—		(7,716,236)		(6,613,007)
12/31/2022		221,679		—		977,597		(582,485)		616,791		3,879,450		—		14,497,034		(9,678,284)		8,698,200
Class I
6/30/2023		160,764		—		—		(672,726)		(511,962)		2,486,745		—		—		(10,361,605)		(7,874,860)
12/31/2022		570,188		—		1,222,015		(1,668,639)		123,564		10,136,830		—		19,038,677		(30,376,461)		(1,200,954)
Class S
6/30/2023		57,052		—		—		(1,212,250)		(1,155,198)		852,097		—		—		(18,251,963)		(17,399,866)
12/31/2022		182,377		—		1,808,846		(1,287,787)		703,436		3,184,757		—		27,658,238		(22,649,935)		8,193,060
Class S2
6/30/2023		4,303		—		—		(5,412)		(1,109)		61,874		—		—		(76,127)		(14,253)
12/31/2022		24,870		—		16,658		(96,059)		(54,531)		449,343		—		246,251		(1,605,975)		(910,381)
T. Rowe Price Diversified Mid Cap Growth
Class ADV
6/30/2023		365,340		—		—		(416,331)		(50,991)		2,611,410		—		—		(2,981,164)		(369,754)
12/31/2022		367,170		—		2,296,332		(862,844)		1,800,658		3,205,902		—		16,464,701		(7,629,568)		12,041,035
Class I
6/30/2023		370,097		—		—		(13,401,100)		(13,031,003)		3,431,556		—		—		(122,295,725)		(118,864,169)
12/31/2022		1,244,653		—		24,016,234		(8,899,097)		16,361,790		13,736,797		—		219,028,054		(94,918,070)		137,846,781

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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	#		#		#		#		#		($)		($)		($)		($)		($)
T. Rowe Price Diversified Mid Cap Growth (continued)
Class R6
6/30/2023		1,289,293		—		—		(996,036)		293,257		11,759,316		—		—		(9,188,640)		2,570,676
12/31/2022		1,706,574		—		2,546,756		(1,800,814)		2,452,516		19,547,177		—		23,277,351		(19,438,293)		23,386,235
Class S
6/30/2023		131,161		—		—		(418,342)		(287,181)		1,092,848		—		—		(3,515,006)		(2,422,158)
12/31/2022		175,005		—		932,145		(980,474)		126,676		1,709,581		—		7,774,089		(10,103,489)		(619,819)
Class S2
6/30/2023		9,030		—		—		(10,995)		(1,965)		65,618		—		—		(80,839)		(15,221)
12/31/2022		29,976		—		157,230		(333,568)		(146,362)		286,032		—		1,146,204		(2,690,057)		(1,257,821)
T. Rowe Price Growth Equity
Class ADV
6/30/2023		122,289		—		—		(259,649)		(137,360)		6,572,169		—		—		(14,592,522)		(8,020,353)
12/31/2022		166,206		—		877,830		(563,102)		480,934		11,556,479		—		52,283,533		(38,875,365)		24,964,647
Class I
6/30/2023		971,761		—		—		(2,341,698)		(1,369,937)		62,018,860		—		—		(157,908,102)		(95,889,242)
12/31/2022		1,658,827		—		2,789,618		(2,804,335)		1,644,110		137,761,851		—		200,545,652		(236,448,062)		101,859,441
Class S
6/30/2023		38,228		—		—		(31,667)		6,561		2,464,608		—		—		(1,913,737)		550,871
12/31/2022		47,221		—		135,562		(112,278)		70,505		3,470,623		—		8,926,736		(8,592,782)		3,804,577
Class S2
6/30/2023		12,281		—		—		(9,050)		3,231		719,301		—		—		(488,131)		231,170
12/31/2022		16,228		—		13,359		(19,493)		10,094		1,310,901		—		823,026		(1,430,663)		703,264

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 10 — SECURITIES LENDING (continued)

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, 2023:

Global Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	138,563		$	(138,563)		$	—
BNP Paribas			58,077			(58,077)			—
Daiwa Capital Markets America Inc.			56,294			(56,294)			—
Goldman, Sachs & Co. LLC			54,541			(54,541)			—
HSBC Securities (USA) Inc.			42,859			(42,859)			—
J.P. Morgan Securities LLC			21,753			(21,753)			—
JP Morgan Securities Plc.			1,179,294			(1,179,294)			—
MUFG Securities Americas Inc.			77,866			(77,866)			—
TD Securities INC			115,497			(115,497)			—
US Bancorp Investments			29,216			(29,216)			—
Wells Fargo Securities LLC			1,767			(1,767)			—
Total		$	1,775,727		$	(1,775,727)		$	—

(1)

Cash collateral with a fair value of $1,868,148 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
BMO Capital Markets Corp		$	1,796,132		$	(1,796,132)		$	—
Citigroup Global Markets Limited			1,919,825			(1,919,825)			—
JP Morgan Securities Plc.			1,808,650			(1,808,650)			—
Merrill Lynch International			4,252,186			(4,252,186)			—
Morgan Stanley & Co. International PLC			258,728			(258,728)			—
Morgan Stanley & Co. LLC			1,033,857			(1,033,857)			—
State Street Bank and Trust Company			1,724,253			(1,724,253)			—
Total		$	12,793,631		$	(12,793,631)		$	—

(1)

Cash collateral with a fair value of $13,618,482 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
Goldman Sachs International		$	311,225		$	(311,225)		$	—
Goldman, Sachs & Co. LLC			169,296			(169,296)			—
UBS AG			330,940			(330,940)			—
Total		$	811,461		$	(811,461)		$	—

(1)

Cash collateral with a fair value of $915,143 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
BNP Paribas Prime Brokerage Intl Ltd		$	3,263,782		$	(3,263,782)		$	—
BofA Securities Inc			2,634,308			(2,634,308)			—
Citadel Clearing LLC			1,553,206			(1,553,206)			—
Citigroup Global Markets Inc.			228,900			(228,900)			—
Credit Suisse AG			463,127			(463,127)			—
J.P. Morgan Securities LLC			344,713			(344,713)			—
Jefferies LLC			178,216			(178,216)			—
National Financial Services LLC			344,623			(344,623)			—
Nomura Securities International, Inc.			698,349			(698,349)			—
Scotia Capital (USA) INC			1,218,039			(1,218,039)			—
Societe Generale			6,297,712			(6,297,712)			—
UBS AG			1,446,939			(1,446,939)			—
Wells Fargo Securities LLC			65,100			(65,100)			—
Total		$	18,737,014		$	(18,737,014)		$	—

(1)

Cash collateral with a fair value of $19,229,107 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
Citadel Clearing LLC		$	4,561,484		$	(4,561,484)		$	—
Citigroup Global Markets Inc.			7,226,249			(7,226,249)			—
Citigroup Global Markets Limited			1,820,673			(1,820,673)			—
J.P. Morgan Securities LLC			1,656,639			(1,656,639)			—
Janney Montgomery Scott LLC			6,303,339			(6,303,339)			—
JP Morgan Securities Plc.			2,952,616			(2,952,616)			—
Total		$	24,521,000		$	(24,521,000)		$	—

(1)

Cash collateral with a fair value of $25,239,059 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 10 — SECURITIES LENDING (continued)

T. Rowe Price Diversified Mid Cap Growth

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc		$	5,605,132		$	(5,605,132)		$	—
Citigroup Global Markets Inc.			2,840,440			(2,840,440)			—
National Bank of Canada Financial Inc			625,707			(625,707)			—
Scotia Capital (USA) INC			632,641			(632,641)			—
State Street Bank and Trust Company			80,476			(80,476)			—
Wells Fargo Bank NA			35,436			(35,436)			—
Total		$	9,819,832		$	(9,819,832)		$	—

(1)

Cash collateral with a fair value of $10,045,608 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
BMO Capital Markets Corp		$	2,349,980		$	(2,349,980)		$	—
BNP Paribas Securities Corp.			113,543			(113,543)			—
Janney Montgomery Scott LLC			864,860			(864,860)			—
Morgan Stanley & Co. LLC			5,006,668			(5,006,668)			—
UBS AG			6,996			(6,996)			—
Wells Fargo Securities LLC			3,425,292			(3,425,292)			—
Total		$	11,767,339		$	(11,767,339)		$	—

(1)

Cash collateral with a fair value of $12,201,624 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 11 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, 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, 2022									Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gains			Return of Capital			Ordinary Income			Long-term Capital Gains			Return of Capital
Global Bond		$	—		$	—		$	3,609,415		$	8,265,790		$	—		$	1,182,569
International High Dividend Low Volatility			15,550,199			—			—			9,451,171			—			—
American Century Small-Mid Cap Value			27,230,616			41,284,814			—			3,335,551			—			—
Baron Growth			—			54,434,934			—			—			47,211,796			—
Columbia Contrarian Core			13,181,201			15,666,691			—			10,412,507			11,113,782			—
Columbia Small Cap Value II			7,343,668			17,078,355			—			554,727			705,596			—
Invesco Comstock			4,363,124			665,579			—			4,395,642			—			—
Invesco Equity and Income			40,101,385			141,559,172			—			30,664,167			683,015			—
Invesco Global			—			182,852,274			—			—			75,568,927			—
JPMorgan Mid Cap Value			7,186,383			54,253,817			—			2,779,046			14,717,757			—
T. Rowe Price Diversified Mid Cap Growth			22,850,695			244,839,704			—			16,444,346			205,600,547			—
T. Rowe Price Growth Equity			23,938,422			238,640,525			—			27,343,625			148,632,231			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards								Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character	Expiration	Other			Total Distributable Earnings/(Loss)
Global Bond		$	—		$	—		$	(11,449,393)		$	(2,874,788)	Short-term	None		$	—		$	(30,152,669)
												(15,828,488)	Long-term	None
											$	(18,703,276)
International High Dividend Low Volatility			13,975,635			—			7,552,787			(15,407,923)	Short-term	None			—			1,563,564
												(4,556,935)	Long-term	None
											$	(19,964,858)
American Century Small-Mid Cap Value			9,473,883			34,901,125			(6,801,869)			—	—	—			—			37,573,139
Baron Growth			—			28,620,442			357,765,489			—	—	—			—			386,385,931
Columbia Contrarian Core			909,049			18,507,742			(1,491,674)			—	—	—			—			17,925,117
Columbia Small Cap Value II			737,365			10,853,586			21,036,900			—	—	—			—			32,627,851
Invesco Comstock			2,015,646			30,507,179			33,543,300			—	—	—			—			66,066,125
Invesco Equity and Income			3,144,821			57,178,672			87,786,331			—	—	—			—			148,109,824
Invesco Global			460,274			125,570,965			437,081,513			—	—	—			(1,822,821)			561,289,931
JPMorgan Mid Cap Value			413,670			30,915,898			65,592,109			—	—	—			—			96,921,677
T. Rowe Price Diversified Mid Cap Growth			62,608			1,457,143			85,598,106			—	—	—			—			87,117,857
T. Rowe Price Growth Equity			—			24,332,735			61,886,742			—	—	—			—			86,219,477

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

As of June 30, 2023, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

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

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

NOTE 13 — 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 13 — LIQUIDITY (continued)

(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, 2022 through December 31, 2022, 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 that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies

and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Portfolios’ financial statements.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2023, 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		$	0.0262		$	—		$	—	August 1, 2023	Daily
Class I		$	0.0301		$	—		$	—	August 1, 2023	Daily
Class S		$	0.0283		$	—		$	—	August 1, 2023	Daily
International High Dividend Low Volatility
Class ADV		$	0.3903		$	—		$	—	August 4, 2023	August 2, 2023
Class I		$	0.4389		$	—		$	—	August 4, 2023	August 2, 2023
Class S		$	0.4114		$	—		$	—	August 4, 2023	August 2, 2023
Class S2		$	0.3464		$	—		$	—	August 4, 2023	August 2, 2023
American Century Small-Mid Cap Value
Class ADV		$	0.2090		$	0.1205		$	1.3384	August 4, 2023	August 2, 2023
Class I		$	0.2735		$	0.1205		$	1.3384	August 4, 2023	August 2, 2023
Class S		$	0.2363		$	0.1205		$	1.3384	August 4, 2023	August 2, 2023
Class S2		$	0.2172		$	0.1205		$	1.3384	August 4, 2023	August 2, 2023
Baron Growth
Class ADV		$	—		$	—		$	1.3909	August 4, 2023	August 2, 2023
Class I		$	—		$	—		$	1.3909	August 4, 2023	August 2, 2023
Class R6		$	—		$	—		$	1.3909	August 4, 2023	August 2, 2023
Class S		$	—		$	—		$	1.3909	August 4, 2023	August 2, 2023
Class S2		$	—		$	—		$	1.3909	August 4, 2023	August 2, 2023
Columbia Contrarian Core
Class ADV		$	0.2697		$	—		$	5.9159	August 4, 2023	August 2, 2023
Class I		$	0.3193		$	—		$	5.9159	August 4, 2023	August 2, 2023
Class S		$	0.3095		$	—		$	5.9159	August 4, 2023	August 2, 2023
Columbia Small Cap Value II
Class ADV		$	0.0303		$	—		$	1.1621	August 4, 2023	August 2, 2023
Class I		$	0.1421		$	—		$	1.1621	August 4, 2023	August 2, 2023
Class R6		$	0.1511		$	—		$	1.1621	August 4, 2023	August 2, 2023
Class S		$	0.0892		$	—		$	1.1621	August 4, 2023	August 2, 2023
Class S2		$	0.0727		$	—		$	1.1621	August 4, 2023	August 2, 2023
Invesco Comstock
Class ADV		$	0.0466		$	0.1296		$	2.6799	August 4, 2023	August 2, 2023
Class I		$	0.0466		$	0.1296		$	2.6799	August 4, 2023	August 2, 2023
Class S		$	0.0466		$	0.1296		$	2.6799	August 4, 2023	August 2, 2023
Invesco Equity and Income
Class ADV		$	0.1222		$	—		$	2.3493	August 4, 2023	August 2, 2023
Class I		$	0.1222		$	—		$	2.3493	August 4, 2023	August 2, 2023
Class S		$	0.1222		$	—		$	2.3493	August 4, 2023	August 2, 2023
Class S2		$	0.1222		$	—		$	2.3493	August 4, 2023	August 2, 2023
Invesco Global
Class ADV		$	—		$	—		$	2.0052	August 4, 2023	August 2, 2023
Class I		$	0.0095		$	—		$	2.0052	August 4, 2023	August 2, 2023
Class S		$	—		$	—		$	2.0052	August 4, 2023	August 2, 2023
Class S2		$	—		$	—		$	2.0052	August 4, 2023	August 2, 2023

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 16 — SUBSEQUENT EVENTS (continued)

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
JPMorgan Mid Cap Value
Class ADV		$	—		$	0.0077		$	1.5171	August 4, 2023	August 2, 2023
Class I		$	—		$	0.0077		$	1.5171	August 4, 2023	August 2, 2023
Class S		$	—		$	0.0077		$	1.5171	August 4, 2023	August 2, 2023
Class S2		$	—		$	0.0077		$	1.5171	August 4, 2023	August 2, 2023
T. Rowe Price Diversified Mid Cap Growth
Class ADV		$	—		$	—		$	0.0137	August 4, 2023	August 2, 2023
Class I		$	0.0001		$	—		$	0.0137	August 4, 2023	August 2, 2023
Class R6		$	0.0002		$	—		$	0.0137	August 4, 2023	August 2, 2023
Class S		$	—		$	—		$	0.0137	August 4, 2023	August 2, 2023
Class S2		$	—		$	—		$	0.0137	August 4, 2023	August 2, 2023
T. Rowe Price Growth Equity
Class ADV		$	—		$	—		$	1.2417	August 4, 2023	August 2, 2023
Class I		$	—		$	—		$	1.2417	August 4, 2023	August 2, 2023
Class S		$	—		$	—		$	1.2417	August 4, 2023	August 2, 2023
Class S2		$	—		$	—		$	1.2417	August 4, 2023	August 2, 2023

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 21.0%
	Australia: 0.1%
54,000	BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033		$	53,812		0.1
37,000 (1)	CSL Finance PLC, 4.050%, 04/27/2029			35,131		0.0
25,000 (1)	CSL Finance PLC, 4.750%, 04/27/2052			23,310		0.0
11,000 (1)	CSL Finance PLC, 4.950%, 04/27/2062			10,200		0.0
12,000 (1)	Northern Star Resources Ltd., 6.125%, 04/11/2033			11,656		0.0
				134,109		0.1
	Belgium: 0.2%
74,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			70,791		0.1
124,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 01/23/2029			123,529		0.1
				194,320		0.2
	Bermuda: 0.1%
133,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031			102,464		0.1

	Canada: 0.7%
145,000 (2)	Bank of Nova Scotia/The, 4.588%, 05/04/2037			125,085		0.1
26,000	Bank of Nova Scotia/The, 4.850%, 02/01/2030			25,110		0.0
44,000	Bell Telephone Co. of Canada or Bell Canada/ The, 5.100%, 05/11/2033			43,477		0.1
61,000	Brookfield Finance LLC / Brookfield Finance, Inc., 3.450%, 04/15/2050			40,453		0.0
139,000	Canadian Imperial Bank of Commerce, 3.945%, 08/04/2025			134,424		0.1
38,000	Cenovus Energy, Inc., 5.400%, 06/15/2047			34,455		0.0
46,000	Enbridge, Inc., 5.700%, 03/08/2033			46,653		0.1
31,000 (2)	Enbridge, Inc., 7.375%, 01/15/2083			30,476		0.0
31,000 (2)	Enbridge, Inc., 7.625%, 01/15/2083			31,229		0.0
177,000	Fortis, Inc./Canada, 3.055%, 10/04/2026			163,172		0.2
74,000 (1)	Intact Financial Corp., 5.459%, 09/22/2032			73,781		0.1
26,000	Magna International, Inc., 5.500%, 03/21/2033			26,491		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Canada (continued)
5,000	Nutrien Ltd., 5.800%, 03/27/2053		$	5,021		0.0
4,000	Nutrien Ltd., 5.875%, 12/01/2036			4,020		0.0
15,000	Nutrien Ltd., 5.950%, 11/07/2025			15,096		0.0
				798,943		0.7
	France: 0.4%
200,000 (1)	Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026			196,322		0.2
287,000 (1)	BPCE SA, 5.150%, 07/21/2024			281,896		0.2
				478,218		0.4
	Ireland: 0.0%
38,000	Trane Technologies Financing Ltd., 5.250%, 03/03/2033			38,488		0.0

	Luxembourg: 0.1%
40,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033			39,221		0.0
43,000	Schlumberger Investment SA, 4.850%, 05/15/2033			42,307		0.1
				81,528		0.1
	Norway: 0.0%
41,000	Equinor ASA, 3.125%, 04/06/2030			37,570		0.0

	Singapore: 0.2%
114,000	Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033			113,615		0.1
8,000	Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043			8,023		0.0
45,000	Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053			46,821		0.1
22,000	Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063			22,281		0.0
				190,740		0.2
	South Africa: 0.0%
ZAR 1,000,000	Transnet SOC Ltd., 10.800%, 11/06/2023			53,190		0.0

	Switzerland: 0.3%
400,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			398,544		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United Kingdom: 0.6%
200,000 (1)	LSEGA Financing PLC, 3.200%, 04/06/2041		$	149,305		0.1
200,000 (1)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027			187,260		0.2
35,000	Rio Tinto Finance USA PLC, 5.000%, 03/09/2033			35,324		0.0
37,000	Rio Tinto Finance USA PLC, 5.125%, 03/09/2053			37,340		0.1
150,000	Royalty Pharma PLC, 1.200%, 09/02/2025			135,331		0.1
143,000	Royalty Pharma PLC, 1.750%, 09/02/2027			122,707		0.1
16,000	Vodafone Group PLC, 5.750%, 02/10/2063			15,491		0.0
				682,758		0.6
	United States: 18.3%
165,000	AbbVie, Inc., 3.200%, 11/21/2029			149,311		0.1
154,000	AbbVie, Inc., 3.800%, 03/15/2025			149,807		0.1
33,000	AbbVie, Inc., 4.050%, 11/21/2039			28,748		0.0
2,000	AbbVie, Inc., 4.300%, 05/14/2036			1,838		0.0
59,000 (3)	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			55,954		0.1
73,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			66,536		0.1
153,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025			145,719		0.1
33,000	AES Corp./The, 5.450%, 06/01/2028			32,433		0.0
5,000	Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052			3,418		0.0
5,000	Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053			4,489		0.0
23,000	Alleghany Corp., 3.250%, 08/15/2051			16,488		0.0
26,000	Alleghany Corp., 3.625%, 05/15/2030			24,173		0.0
2,000	Alleghany Corp., 4.900%, 09/15/2044			1,865		0.0
134,000	Altria Group, Inc., 4.500%, 05/02/2043			106,680		0.1
52,000	Amazon.com, Inc., 2.100%, 05/12/2031			43,754		0.1
131,000	Amazon.com, Inc., 2.875%, 05/12/2041			101,135		0.1
21,000	Amazon.com, Inc., 4.100%, 04/13/2062			18,102		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
34,000	Amazon.com, Inc., 4.550%, 12/01/2027		$	33,807		0.0
182,959	American Airlines 2021-1 Class A Pass Through Trust, 2.875%, 01/11/2036			153,321		0.1
33,000	American Electric Power Co., Inc., 3.250%, 03/01/2050			22,604		0.0
22,000 (2)	American Electric Power Co., Inc., 3.875%, 02/15/2062			17,583		0.0
23,000	American Electric Power Co., Inc., 5.625%, 03/01/2033			23,399		0.0
18,000 (2)	American Express Co., 4.990%, 05/01/2026			17,785		0.0
14,000 (2)	American Express Co., 5.043%, 05/01/2034			13,701		0.0
34,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032			29,415		0.0
17,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			13,290		0.0
43,000	American Honda Finance Corp., 4.700%, 01/12/2028			42,690		0.1
181,000	American International Group, Inc., 4.750%, 04/01/2048			162,494		0.2
47,000	American International Group, Inc., 5.125%, 03/27/2033			45,933		0.1
205,000	American Tower Corp., 2.750%, 01/15/2027			186,681		0.2
29,000	American Tower Corp., 3.650%, 03/15/2027			27,180		0.0
40,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032			33,140		0.0
15,000	Amgen, Inc., 2.770%, 09/01/2053			9,333		0.0
43,000	Amgen, Inc., 4.400%, 02/22/2062			35,330		0.0
37,000	Amgen, Inc., 5.250%, 03/02/2033			37,065		0.0
80,000	Amgen, Inc., 5.600%, 03/02/2043			80,297		0.1
67,000	Amgen, Inc., 5.650%, 03/02/2053			67,900		0.1
31,000	Amgen, Inc., 5.750%, 03/02/2063			31,472		0.0
25,000	Apple, Inc., 2.850%, 08/05/2061			17,038		0.0
12,000	Apple, Inc., 4.100%, 08/08/2062			10,516		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
11,000	Apple, Inc., 4.150%, 05/10/2030		$	10,831		0.0
9,000 (3)	Apple, Inc., 4.300%, 05/10/2033			8,956		0.0
50,000	Arthur J Gallagher & Co., 5.750%, 03/02/2053			50,329		0.1
20,000	Astrazeneca Finance LLC, 4.900%, 03/03/2030			20,050		0.0
14,000	AT&T, Inc., 3.500%, 09/15/2053			9,921		0.0
94,000	AT&T, Inc., 3.650%, 09/15/2059			65,511		0.1
36,000 (1)	Aviation Capital Group LLC, 6.250%, 04/15/2028			35,950		0.0
31,000	Avnet, Inc., 5.500%, 06/01/2032			29,461		0.0
26,000	Avnet, Inc., 6.250%, 03/15/2028			26,269		0.0
20,000	Baltimore Gas and Electric Co., 5.400%, 06/01/2053			20,344		0.0
153,000 (2)	Bank of America Corp., 1.734%, 07/22/2027			136,679		0.1
43,000 (2)	Bank of America Corp., 2.087%, 06/14/2029			36,714		0.0
118,000 (2)	Bank of America Corp., 2.299%, 07/21/2032			94,414		0.1
200,000 (2)	Bank of America Corp., 2.482%, 09/21/2036			153,097		0.1
72,000 (2)	Bank of America Corp., 2.572%, 10/20/2032			58,672		0.1
124,000 (2)	Bank of America Corp., 2.651%, 03/11/2032			102,752		0.1
226,000 (2)	Bank of America Corp., 2.687%, 04/22/2032			187,389		0.2
24,000 (2)	Bank of America Corp., 3.419%, 12/20/2028			22,030		0.0
55,000 (2)	Bank of America Corp., 3.593%, 07/21/2028			51,170		0.1
78,000 (2)	Bank of America Corp., 3.846%, 03/08/2037			66,748		0.1
97,000 (2)	Bank of America Corp., 4.375%, 12/31/2199			82,959		0.1
87,000 (2)	Bank of America Corp., 4.571%, 04/27/2033			81,842		0.1
32,000 (2)	Bank of America Corp., 5.202%, 04/25/2029			31,670		0.0
302,000 (2)	Bank of America Corp., 5.288%, 04/25/2034			299,329		0.3
42,000	Becton Dickinson & Co., 4.693%, 02/13/2028			41,453		0.0
230,000	Berry Global, Inc., 1.650%, 01/15/2027			198,570		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
26,000	BlackRock, Inc., 4.750%, 05/25/2033		$	25,569		0.0
15,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			11,187		0.0
104,000 (1)	Blackstone Holdings Finance Co. LLC, 6.200%, 04/22/2033			106,329		0.1
223,000	Boeing Co/The, 3.625%, 02/01/2031			200,912		0.2
66,000	Boeing Co/The, 5.150%, 05/01/2030			65,406		0.1
8,000	Boeing Co/The, 5.805%, 05/01/2050			7,978		0.0
16,000	Boeing Co/The, 5.930%, 05/01/2060			15,859		0.0
43,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			29,398		0.0
11,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			8,932		0.0
53,000 (1)	Broadcom, Inc., 3.187%, 11/15/2036			40,085		0.0
85,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037			76,973		0.1
10,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			8,278		0.0
4,000	Burlington Northern Santa Fe LLC, 4.050%, 06/15/2048			3,434		0.0
5,000	Burlington Northern Santa Fe LLC, 4.150%, 04/01/2045			4,358		0.0
6,000	Burlington Northern Santa Fe LLC, 4.550%, 09/01/2044			5,539		0.0
43,000	Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054			43,903		0.1
45,000 (2)	Capital One Financial Corp., 6.312%, 06/08/2029			44,733		0.1
32,000 (2)	Capital One Financial Corp., 6.377%, 06/08/2034			31,789		0.0
20,000 (1)	Cargill, Inc., 1.700%, 02/02/2031			15,923		0.0
20,000 (1)	Cargill, Inc., 2.125%, 04/23/2030			16,758		0.0
51,000 (1)	Cargill, Inc., 2.125%, 11/10/2031			41,053		0.0
38,000 (3)	CBRE Services, Inc., 5.950%, 08/15/2034			37,555		0.0
111,000	Centene Corp., 3.000%, 10/15/2030			92,603		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
28,000	CenterPoint Energy, Inc., 4.250%, 11/01/2028		$	26,229		0.0
70,000 (2)	Charles Schwab Corp./The, 5.853%, 05/19/2034			71,091		0.1
36,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			29,994		0.0
19,000 (1)	Cheniere Energy Partners L.P., 5.950%, 06/30/2033			19,079		0.0
34,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			27,066		0.0
27,000	Chubb INA Holdings, Inc., 2.850%, 12/15/2051			18,844		0.0
11,000	Chubb INA Holdings, Inc., 3.050%, 12/15/2061			7,416		0.0
20,000	Cigna Group/The, 5.400%, 03/15/2033			20,361		0.0
25,000	Citizens Financial Group, Inc., 2.500%, 02/06/2030			19,620		0.0
7,000	Citizens Financial Group, Inc., 2.638%, 09/30/2032			4,952		0.0
16,000 (2)	Citizens Financial Group, Inc., 5.641%, 05/21/2037			13,793		0.0
265,000 (1)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			243,092		0.2
30,000	Comcast Corp., 1.950%, 01/15/2031			24,559		0.0
99,000	Comcast Corp., 4.250%, 01/15/2033			94,105		0.1
29,000	Comcast Corp., 5.350%, 11/15/2027			29,533		0.0
24,000	Comcast Corp., 5.350%, 05/15/2053			24,390		0.0
54,000	Comcast Corp., 5.500%, 05/15/2064			54,805		0.1
72,000	Comcast Corp., 5.650%, 06/15/2035			75,572		0.1
33,000	Connecticut Light and Power Co/The, 5.250%, 01/15/2053			33,550		0.0
30,000	ConocoPhillips Co., 5.300%, 05/15/2053			30,542		0.0
69,000	Corebridge Financial, Inc., 3.850%, 04/05/2029			62,150		0.1
37,000	Corebridge Financial, Inc., 3.900%, 04/05/2032			32,199		0.0
103,000 (2)	Corebridge Financial, Inc., 6.875%, 12/15/2052			98,907		0.1
20,000	Crown Castle, Inc., 2.900%, 03/15/2027			18,321		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
12,000	Crown Castle, Inc., 4.800%, 09/01/2028		$	11,653		0.0
50,000	CSX Corp., 4.500%, 08/01/2054			44,394		0.1
10,000	CVS Health Corp., 4.300%, 03/25/2028			9,651		0.0
2,000	CVS Health Corp., 5.125%, 07/20/2045			1,851		0.0
8,000	CVS Health Corp., 5.300%, 06/01/2033			7,992		0.0
24,000	CVS Health Corp., 6.000%, 06/01/2063			24,716		0.0
47,000	Deere & Co., 3.100%, 04/15/2030			43,011		0.1
313,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			318,280		0.3
87,676	Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/2025			87,425		0.1
46,000	Diamondback Energy, Inc., 4.250%, 03/15/2052			35,335		0.0
44,000	Diamondback Energy, Inc., 6.250%, 03/15/2033			45,535		0.1
17,000	Diamondback Energy, Inc., 6.250%, 03/15/2053			17,215		0.0
35,000	Discovery Communications LLC, 5.300%, 05/15/2049			29,080		0.0
23,000	Dollar General Corp., 3.500%, 04/03/2030			20,639		0.0
19,000	Dollar General Corp., 5.200%, 07/05/2028			18,811		0.0
17,000	Dollar General Corp., 5.450%, 07/05/2033			16,881		0.0
78,000 (2)	Dominion Energy, Inc., 4.350%, 12/31/2199			65,919		0.1
43,000 (2)	Dominion Energy, Inc., 4.650%, 12/31/2199			38,876		0.0
57,000 (3)	Dominion Energy, Inc., 5.375%, 11/15/2032			57,232		0.1
63,000	DTE Electric Co., 4.300%, 07/01/2044			54,634		0.1
10,000	DTE Electric Co., 5.400%, 04/01/2053			10,334		0.0
2,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			1,578		0.0
2,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046			1,598		0.0
2,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041			1,734		0.0
11,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053			11,160		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
40,000	Duke Energy Florida LLC, 2.400%, 12/15/2031		$	32,884		0.0
21,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			22,921		0.0
20,000	Duke Energy Indiana LLC, 5.400%, 04/01/2053			20,191		0.0
2,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046			1,525		0.0
12,000	Duke Energy Ohio, Inc., 5.250%, 04/01/2033			12,095		0.0
9,000	Duke Energy Ohio, Inc., 5.650%, 04/01/2053			9,242		0.0
7,000	Duke Energy Progress LLC, 4.000%, 04/01/2052			5,691		0.0
2,000	Duke Energy Progress LLC, 4.100%, 03/15/2043			1,683		0.0
16,000	Ecolab, Inc., 2.750%, 08/18/2055			10,274		0.0
18,000	Elevance Health, Inc., 4.900%, 02/08/2026			17,711		0.0
12,000	Eli Lilly & Co., 4.875%, 02/27/2053			12,335		0.0
21,000	Eli Lilly & Co., 4.950%, 02/27/2063			21,450		0.0
104,000	Energy Transfer L.P., 4.250%, 04/01/2024			102,428		0.1
1,026,000	Energy Transfer L.P., 4.900%, 02/01/2024			1,019,211		0.9
24,000	Energy Transfer L.P., 5.300%, 04/15/2047			20,908		0.0
77,000	Energy Transfer L.P., 5.400%, 10/01/2047			67,976		0.1
28,000	Energy Transfer L.P., 5.750%, 02/15/2033			28,222		0.0
280,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023			278,890		0.3
4,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			2,867		0.0
10,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			8,400		0.0
14,000 (3)	Entergy Arkansas LLC, 5.150%, 01/15/2033			14,043		0.0
100,000	Entergy Louisiana LLC, 4.200%, 04/01/2050			84,036		0.1
33,000	Entergy Mississippi LLC, 5.000%, 09/01/2033			32,402		0.0
20,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			15,447		0.0
24,000 (1)	ERAC USA Finance LLC, 5.400%, 05/01/2053			23,979		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
100,000	Essential Utilities, Inc., 2.704%, 04/15/2030		$	84,800		0.1
21,000 (3)	Estee Lauder Cos, Inc./The, 4.650%, 05/15/2033			20,658		0.0
38,000	Estee Lauder Cos, Inc./The, 5.150%, 05/15/2053			38,732		0.0
34,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			24,052		0.0
42,000	Evergy Kansas Central, Inc., 4.125%, 03/01/2042			35,514		0.0
38,000	Evergy Kansas Central, Inc., 5.700%, 03/15/2053			39,203		0.0
48,000	Eversource Energy, 1.400%, 08/15/2026			42,667		0.0
51,000	Eversource Energy, 2.900%, 03/01/2027			47,023		0.1
40,000	Eversource Energy, 5.125%, 05/15/2033			39,448		0.0
30,000	Eversource Energy, 5.450%, 03/01/2028			30,228		0.0
49,000	Exelon Corp., 5.150%, 03/15/2028			48,805		0.1
21,000	Exelon Corp., 5.600%, 03/15/2053			21,198		0.0
49,000	Extra Space Storage L.P., 2.350%, 03/15/2032			38,352		0.0
43,000	Exxon Mobil Corp., 2.995%, 08/16/2039			34,170		0.0
44,000	Exxon Mobil Corp., 3.095%, 08/16/2049			32,236		0.0
57,000	Exxon Mobil Corp., 3.452%, 04/15/2051			44,329		0.1
45,000 (3)	FedEx Corp., 5.250%, 05/15/2050			43,285		0.1
250,000	First Horizon Bank, 5.750%, 05/01/2030			217,341		0.2
3,000	Florida Power & Light Co., 2.875%, 12/04/2051			2,078		0.0
21,000	Florida Power & Light Co., 4.625%, 05/15/2030			20,689		0.0
15,000 (3)	Florida Power & Light Co., 4.800%, 05/15/2033			14,900		0.0
15,000	FMC Corp., 5.150%, 05/18/2026			14,766		0.0
24,000	Fortune Brands Innovations, Inc., 5.875%, 06/01/2033			24,043		0.0
90,000 (3)	General Mills, Inc., 2.875%, 04/15/2030			79,984		0.1
202,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			199,020		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
19,000	General Motors Financial Co., Inc., 5.850%, 04/06/2030		$	18,852		0.0
18,000	Georgia Power Co., 4.650%, 05/16/2028			17,650		0.0
27,000	HCA, Inc., 2.375%, 07/15/2031			21,610		0.0
18,000 (1)	HCA, Inc., 3.125%, 03/15/2027			16,541		0.0
11,000	HCA, Inc., 3.500%, 09/01/2030			9,648		0.0
118,000	HCA, Inc., 4.125%, 06/15/2029			109,256		0.1
24,000 (1)	HCA, Inc., 4.375%, 03/15/2042			19,902		0.0
31,000	HCA, Inc., 5.500%, 06/01/2033			30,964		0.0
22,000	HCA, Inc., 5.900%, 06/01/2053			21,815		0.0
115,000	Healthpeak OP LLC, 3.000%, 01/15/2030			100,051		0.1
44,000	Healthpeak OP LLC, 5.250%, 12/15/2032			42,860		0.1
22,000	HP, Inc., 2.650%, 06/17/2031			17,742		0.0
25,000 (2)	Huntington Bancshares, Inc./OH, 2.487%, 08/15/2036			17,640		0.0
4,000	Huntington Bancshares, Inc./OH, 2.550%, 02/04/2030			3,209		0.0
35,000 (1)	Hyundai Capital America, 5.680%, 06/26/2028			34,739		0.0
27,000	Intel Corp., 3.750%, 08/05/2027			25,834		0.0
37,000	Intel Corp., 5.125%, 02/10/2030			37,249		0.0
47,000	Intercontinental Exchange, Inc., 1.850%, 09/15/2032			36,144		0.0
29,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030			24,333		0.0
36,000	International Business Machines Corp., 4.150%, 07/27/2027			35,028		0.0
21,000	Interstate Power and Light Co., 3.100%, 11/30/2051			13,998		0.0
80,000	John Deere Capital Corp., 4.700%, 06/10/2030			79,528		0.1
37,000	John Deere Capital Corp., 4.750%, 01/20/2028			36,996		0.0
81,000	Johnson & Johnson, 3.625%, 03/03/2037			72,959		0.1
MXN 25,098 (4)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035			1,333		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
135,000 (2)	JPMorgan Chase & Co., 1.470%, 09/22/2027		$	119,263		0.1
58,000 (2)	JPMorgan Chase & Co., 1.578%, 04/22/2027			52,125		0.1
8,000 (2)	JPMorgan Chase & Co., 1.953%, 02/04/2032			6,377		0.0
44,000 (2)	JPMorgan Chase & Co., 2.069%, 06/01/2029			37,769		0.0
24,000 (2)	JPMorgan Chase & Co., 2.595%, 02/24/2026			22,769		0.0
78,000 (2)	JPMorgan Chase & Co., 2.947%, 02/24/2028			71,675		0.1
565,000	JPMorgan Chase & Co., 2.950%, 10/01/2026			529,962		0.5
510,000 (2)	JPMorgan Chase & Co., 6.000%, 12/31/2199			511,642		0.5
14,000	Kentucky Utilities Co., 5.450%, 04/15/2033			14,272		0.0
50,000 (1)	Kenvue, Inc., 4.900%, 03/22/2033			50,622		0.1
21,000 (1)	Kenvue, Inc., 5.050%, 03/22/2028			21,183		0.0
21,000 (1)	Kenvue, Inc., 5.050%, 03/22/2053			21,454		0.0
42,000 (1)	Kenvue, Inc., 5.100%, 03/22/2043			42,728		0.1
31,000 (1)	Kenvue, Inc., 5.200%, 03/22/2063			31,764		0.0
43,000 (2)	KeyCorp, 4.789%, 06/01/2033			36,069		0.0
222,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024			217,590		0.2
24,000	KLA Corp., 5.250%, 07/15/2062			24,319		0.0
31,000	Lockheed Martin Corp., 4.750%, 02/15/2034			30,943		0.0
31,000	Lockheed Martin Corp., 5.200%, 02/15/2055			32,018		0.0
20,000	Lockheed Martin Corp., 5.250%, 01/15/2033			20,728		0.0
14,000	Lockheed Martin Corp., 5.900%, 11/15/2063			15,952		0.0
14,000	Louisville Gas and Electric Co., 5.450%, 04/15/2033			14,270		0.0
34,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			27,773		0.0
20,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			16,078		0.0
20,000	Lowe’s Cos, Inc., 5.750%, 07/01/2053			20,396		0.0
15,000	Lowe’s Cos, Inc., 5.850%, 04/01/2063			14,968		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
7,000	LYB International Finance III LLC, 3.625%, 04/01/2051		$	4,850		0.0
32,000	McKesson Corp., 5.250%, 02/15/2026			31,894		0.0
10,000	Merck & Co., Inc., 4.500%, 05/17/2033			9,924		0.0
22,000	Merck & Co., Inc., 4.900%, 05/17/2044			22,071		0.0
28,000	Merck & Co., Inc., 5.000%, 05/17/2053			28,387		0.0
28,000	Merck & Co., Inc., 5.150%, 05/17/2063			28,624		0.0
24,000	Meta Platforms, Inc., 3.500%, 08/15/2027			22,800		0.0
54,000	Meta Platforms, Inc., 4.450%, 08/15/2052			46,991		0.1
9,000	Meta Platforms, Inc., 4.650%, 08/15/2062			7,913		0.0
10,000	Meta Platforms, Inc., 4.950%, 05/15/2033			9,996		0.0
11,000	Meta Platforms, Inc., 5.600%, 05/15/2053			11,305		0.0
86,000	Meta Platforms, Inc., 5.750%, 05/15/2063			89,074		0.1
380,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025			364,116		0.3
28,000	Mid-America Apartments L.P., 2.750%, 03/15/2030			24,322		0.0
130,000	Mississippi Power Co., 4.250%, 03/15/2042			108,431		0.1
14,000	Molson Coors Beverage Co., 4.200%, 07/15/2046			11,606		0.0
41,000	Mondelez International, Inc., 2.750%, 04/13/2030			36,020		0.0
74,000 (2)	Morgan Stanley, 0.791%, 01/22/2025			71,726		0.1
150,000 (2)	Morgan Stanley, 1.164%, 10/21/2025			140,265		0.1
46,000 (2)	Morgan Stanley, 1.512%, 07/20/2027			40,772		0.0
494,000 (2)	Morgan Stanley, 1.593%, 05/04/2027			442,480		0.4
17,000 (2)	Morgan Stanley, 2.699%, 01/22/2031			14,465		0.0
47,000 (2)	Morgan Stanley, 2.720%, 07/22/2025			45,339		0.1
293,000	Morgan Stanley, 3.125%, 07/27/2026			274,528		0.2
21,000 (2)	Morgan Stanley, 3.591%, 07/22/2028			19,393		0.0
40,000 (2)	Morgan Stanley, 5.164%, 04/20/2029			39,541		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
226,000 (2)	Morgan Stanley, 5.250%, 04/21/2034		$	223,270		0.2
101,000 (2)	Morgan Stanley, 5.297%, 04/20/2037			95,621		0.1
191,000 (2)	Morgan Stanley, 5.948%, 01/19/2038			188,633		0.2
16,000 (2)	Morgan Stanley, 6.296%, 10/18/2028			16,456		0.0
189,000 (2)	Morgan Stanley, 6.342%, 10/18/2033			201,145		0.2
267,000	National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028			252,164		0.2
40,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032			37,128		0.0
26,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033			27,210		0.0
31,000 (2)	National Rural Utilities Cooperative Finance Corp., 7.125%, 09/15/2053			31,079		0.0
49,000 (1)	New York Life Global Funding, 4.550%, 01/28/2033			47,243		0.1
39,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024			38,370		0.0
20,000	NextEra Energy Capital Holdings, Inc., 5.050%, 02/28/2033			19,702		0.0
51,000	NextEra Energy Capital Holdings, Inc., 5.250%, 02/28/2053			49,163		0.1
44,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025			44,185		0.1
71,000	Northern States Power Co/MN, 3.600%, 09/15/2047			55,946		0.1
45,000 (2)	Northern Trust Corp., 3.375%, 05/08/2032			39,953		0.0
104,000	Northern Trust Corp., 6.125%, 11/02/2032			107,870		0.1
2,000	Northrop Grumman Corp., 4.950%, 03/15/2053			1,950		0.0
31,000	Northrop Grumman Corp., 5.150%, 05/01/2040			30,569		0.0
22,000	Nucor Corp., 4.300%, 05/23/2027			21,366		0.0
19,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			12,685		0.0
15,000	Occidental Petroleum Corp., 7.500%, 05/01/2031			16,399		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
222,000	Oracle Corp., 2.800%, 04/01/2027		$	204,161		0.2
64,000	Oracle Corp., 3.800%, 11/15/2037			52,365		0.1
31,000	Oracle Corp., 6.150%, 11/09/2029			32,309		0.0
46,000	O’Reilly Automotive, Inc., 3.600%, 09/01/2027			43,582		0.1
91,000	O’Reilly Automotive, Inc., 4.350%, 06/01/2028			88,155		0.1
13,000	Ovintiv, Inc., 5.650%, 05/15/2028			12,752		0.0
8,000	Ovintiv, Inc., 6.250%, 07/15/2033			7,896		0.0
12,000	Ovintiv, Inc., 6.500%, 08/15/2034			12,036		0.0
21,000	Ovintiv, Inc., 7.100%, 07/15/2053			21,635		0.0
20,000	Ovintiv, Inc., 7.375%, 11/01/2031			21,461		0.0
15,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			10,688		0.0
12,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			8,581		0.0
19,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			14,409		0.0
20,000	Pacific Gas and Electric Co., 6.750%, 01/15/2053			19,763		0.0
48,000	PacifiCorp, 5.350%, 12/01/2053			43,900		0.1
34,000	PacifiCorp, 5.500%, 05/15/2054			31,946		0.0
88,000	Paramount Global, 4.375%, 03/15/2043			62,146		0.1
44,000 (3)	Paramount Global, 4.950%, 01/15/2031			39,669		0.0
29,000	Paramount Global, 4.950%, 05/19/2050			21,784		0.0
4,000	Paramount Global, 5.250%, 04/01/2044			3,041		0.0
11,000	Paramount Global, 5.850%, 09/01/2043			9,384		0.0
85,000 (2)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			71,100		0.1
5,000	PayPal Holdings, Inc., 2.850%, 10/01/2029			4,437		0.0
3,000 (3)	PayPal Holdings, Inc., 4.400%, 06/01/2032			2,892		0.0
44,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			42,797		0.1
25,000	PECO Energy Co., 4.900%, 06/15/2033			24,967		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
24,000 (1)	Pennsylvania Electric Co., 5.150%, 03/30/2026		$	23,648		0.0
70,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 6.200%, 06/15/2030			70,432		0.1
102,000	Philip Morris International, Inc., 5.375%, 02/15/2033			101,832		0.1
63,000	Phillips 66, 3.850%, 04/09/2025			61,285		0.1
21,000 (2)	PNC Financial Services Group, Inc./The, 6.000%, 12/31/2199			18,953		0.0
125,000 (2)	PNC Financial Services Group, Inc./The, 6.250%, 12/31/2199			112,531		0.1
31,000	PPL Electric Utilities Corp., 5.250%, 05/15/2053			31,659		0.0
18,000	Prologis L.P., 2.250%, 01/15/2032			14,554		0.0
41,000	Prologis L.P., 5.125%, 01/15/2034			40,732		0.0
30,000	Prologis L.P., 5.250%, 06/15/2053			29,510		0.0
12,000	Public Service Co. of Colorado, 5.250%, 04/01/2053			11,541		0.0
5,000	Public Service Co. of New Hampshire, 5.150%, 01/15/2053			5,031		0.0
3,000	Public Service Electric and Gas Co., 3.800%, 03/01/2046			2,432		0.0
7,000	Public Service Electric and Gas Co., 5.125%, 03/15/2053			7,068		0.0
72,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			58,266		0.1
17,000	Public Storage, 1.950%, 11/09/2028			14,596		0.0
34,000	Puget Sound Energy, Inc., 3.250%, 09/15/2049			24,126		0.0
59,000	QUALCOMM, Inc., 6.000%, 05/20/2053			66,087		0.1
91,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			83,823		0.1
34,000	Raytheon Technologies Corp., 5.150%, 02/27/2033			34,480		0.0
31,000	Raytheon Technologies Corp., 5.375%, 02/27/2053			32,223		0.0
13,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031			10,150		0.0
23,000	Ross Stores, Inc., 4.700%, 04/15/2027			22,503		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
37,000	Ryder System, Inc., 5.250%, 06/01/2028		$	36,561		0.0
13,000	S&P Global, Inc., 1.250%, 08/15/2030			10,245		0.0
48,000	S&P Global, Inc., 2.700%, 03/01/2029			43,236		0.1
35,000	S&P Global, Inc., 2.900%, 03/01/2032			30,351		0.0
52,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026			45,274		0.1
65,000 (2)	Sempra Energy, 4.125%, 04/01/2052			52,669		0.1
29,000	Sempra Energy, 5.500%, 08/01/2033			28,830		0.0
20,000	Southern California Gas Co., 5.200%, 06/01/2033			19,746		0.0
36,000	Southern Co/The, 5.113%, 08/01/2027			35,692		0.0
19,000	Southwestern Electric Power Co., 5.300%, 04/01/2033			18,771		0.0
48,000	Sprint Nextel Corp., 6.875%, 11/15/2028			50,923		0.1
100,000	Sprint Nextel Corp., 8.750%, 03/15/2032			120,972		0.1
19,000	Targa Resources Corp., 4.200%, 02/01/2033			16,833		0.0
23,000	Targa Resources Corp., 4.950%, 04/15/2052			19,032		0.0
16,000	Targa Resources Corp., 6.250%, 07/01/2052			15,661		0.0
59,000 (3)	Target Corp., 4.400%, 01/15/2033			57,383		0.1
34,000	Target Corp., 4.800%, 01/15/2053			32,572		0.0
20,000	Texas Instruments, Inc., 4.900%, 03/14/2033			20,499		0.0
30,000	Texas Instruments, Inc., 5.000%, 03/14/2053			30,428		0.0
86,000	Texas Instruments, Inc., 5.050%, 05/18/2063			86,244		0.1
39,000	Time Warner Cable LLC, 5.500%, 09/01/2041			32,476		0.0
3,000	Time Warner Cable LLC, 5.875%, 11/15/2040			2,649		0.0
5,000	T-Mobile USA, Inc., 3.000%, 02/15/2041			3,658		0.0
15,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			13,828		0.0
38,000	Toyota Motor Credit Corp., 4.450%, 06/29/2029			37,293		0.0
55,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027			54,269		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
27,000 (2)	Truist Financial Corp., 4.800%, 12/31/2199		$	23,085		0.0
58,000 (2)	Truist Financial Corp., 5.100%, 12/31/2199			50,460		0.1
232,000 (2)	Truist Financial Corp., 5.867%, 06/08/2034			232,201		0.2
25,000 (3)	Truist Financial Corp., 6.202%, (US0003M + 0.650%), 03/15/2028			21,769		0.0
10,000	Union Electric Co., 5.450%, 03/15/2053			10,211		0.0
9,000	Union Pacific Corp., 3.750%, 02/05/2070			6,822		0.0
25,000	Union Pacific Corp., 3.799%, 10/01/2051			20,517		0.0
8,000	Union Pacific Corp., 3.875%, 02/01/2055			6,478		0.0
21,000	Union Pacific Corp., 3.950%, 08/15/2059			17,023		0.0
22,000	Union Pacific Corp., 5.150%, 01/20/2063			22,104		0.0
73,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			54,286		0.1
36,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			27,858		0.0
10,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032			9,551		0.0
31,000	UnitedHealth Group, Inc., 5.050%, 04/15/2053			30,836		0.0
48,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063			48,065		0.1
58,058	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			57,601		0.1
45,000 (2)	US Bancorp, 5.836%, 06/12/2034			45,346		0.1
200,000	Utah Acquisition Sub, Inc., 3.950%, 06/15/2026			190,023		0.2
16,000	Verizon Communications, Inc., 1.750%, 01/20/2031			12,629		0.0
20,000	Verizon Communications, Inc., 2.550%, 03/21/2031			16,705		0.0
151,000	Verizon Communications, Inc., 4.125%, 08/15/2046			124,276		0.1
55,000	Verizon Communications, Inc., 4.400%, 11/01/2034			50,793		0.1
72,000 (3)	Viatris, Inc., 2.700%, 06/22/2030			58,303		0.1
26,000	Virginia Electric and Power Co., 5.450%, 04/01/2053			26,058		0.0
74,000	VMware, Inc., 1.400%, 08/15/2026			65,381		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
48,000	Walmart, Inc., 4.000%, 04/15/2030		$	46,708		0.1
24,000	Walmart, Inc., 4.100%, 04/15/2033			23,316		0.0
71,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			66,255		0.1
9,000	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			7,591		0.0
3,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			2,445		0.0
6,000	Warnermedia Holdings, Inc., 5.391%, 03/15/2062			4,894		0.0
20,000	Waste Management, Inc., 4.625%, 02/15/2030			19,721		0.0
10,000	Waste Management, Inc., 4.625%, 02/15/2033			9,803		0.0
9,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			8,920		0.0
13,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			12,990		0.0
42,000 (2)	Wells Fargo & Co., 2.164%, 02/11/2026			39,572		0.0
192,000 (2)	Wells Fargo & Co., 2.406%, 10/30/2025			182,911		0.2
312,000	Wells Fargo & Co., 3.000%, 10/23/2026			289,831		0.3
228,000 (2)	Wells Fargo & Co., 5.389%, 04/24/2034			226,650		0.2
6,000	Westlake Corp., 3.125%, 08/15/2051			3,762		0.0
21,000	Weyerhaeuser Co., 4.750%, 05/15/2026			20,639		0.0
				21,331,456		18.3
	Total Corporate Bonds/Notes (Cost $26,142,886)			24,522,328		21.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 13.8%
	United States: 13.8%
134,095 (2)	Adjustable Rate Mortgage Trust 2006-2 1A1, 4.189%, 05/25/2036			117,856		0.1
58,496	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			30,845		0.0
186,766	Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035			169,442		0.2
17,170	CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/2035			15,574		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
26,097	CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/2035		$	21,673		0.0
180,670	CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037			95,486		0.1
29,839 (2)	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 4.569%, 05/25/2035			28,507		0.0
159,496	CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036			138,924		0.1
380,005 (1)(2)	COLT 2021-2 A1 Mortgage Loan Trust, 0.924%, 08/25/2066			292,538		0.3
222,457 (1)(2)	COLT 2021-3 A1 Mortgage Loan Trust, 0.956%, 09/27/2066			173,103		0.2
35,080	Countrywide Alternative Loan Trust 2005-53T2 2A6, 5.650%, (US0001M + 0.500%), 11/25/2035			17,931		0.0
118,042 (1)(2)	CSMC Trust 2015-3 B1, 3.838%, 03/25/2045			110,040		0.1
3,273 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 7.450%, (US0001M + 2.300%), 08/25/2031			3,274		0.0
122,384 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 7.600%, (US0001M + 2.450%), 07/25/2031			122,898		0.1
2,838 (5)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024			24		0.0
6,163 (5)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028			652		0.0
71,774 (5)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032			12,288		0.0
24,175 (5)	Fannie Mae Interest Strip Series 328 2, 6.000%, 12/25/2032			3,999		0.0
11,287 (5)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033			1,813		0.0
13,665 (5)	Fannie Mae Interest Strip Series 332 2, 6.000%, 03/25/2033			2,322		0.0
10,911 (5)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033			1,768		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
13,806 (5)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033		$	2,235		0.0
5,886 (5)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035			1,021		0.0
6,265 (5)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035			1,007		0.0
201,998 (5)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043			27,997		0.0
282,593 (2)(5)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033			27,650		0.0
2,676	Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029			2,671		0.0
4,618	Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032			4,640		0.0
24,754 (5)	Fannie Mae REMIC Trust 2002-12 SB, 2.600%, (-1.000*SOFR30A + 7.750%), 07/25/2031			2,123		0.0
16,007 (5)	Fannie Mae REMIC Trust 2002-2 SW, 2.600%, (-1.000*SOFR30A + 7.750%), 02/25/2032			1,458		0.0
6,486	Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032			6,638		0.0
2,802	Fannie Mae REMIC Trust 2002-29 F, 6.150%, (SOFR30A + 1.000%), 04/25/2032			2,844		0.0
7,081 (5)	Fannie Mae REMIC Trust 2002-41 S, 2.800%, (-1.000*SOFR30A + 7.950%), 07/25/2032			447		0.0
862	Fannie Mae REMIC Trust 2002-64 FJ, 6.150%, (SOFR30A + 1.000%), 04/25/2032			872		0.0
1,915	Fannie Mae REMIC Trust 2002-68 FH, 5.646%, (SOFR30A + 0.500%), 10/18/2032			1,909		0.0
292,531 (5)	Fannie Mae REMIC Trust 2002-77 JS, 2.854%, (-1.000*SOFR30A + 8.000%), 12/18/2032			28,337		0.0
7,599	Fannie Mae REMIC Trust 2002-84 FB, 6.150%, (SOFR30A + 1.000%), 12/25/2032			7,717		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
7,598	Fannie Mae REMIC Trust 2003-11 FA, 6.150%, (SOFR30A + 1.000%), 09/25/2032		$	7,716		0.0
1,626	Fannie Mae REMIC Trust 2003-116 FA, 5.550%, (SOFR30A + 0.400%), 11/25/2033			1,621		0.0
10,293 (5)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033			1,906		0.0
9,716 (5)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033			1,790		0.0
198,350 (5)	Fannie Mae REMIC Trust 2004-56 SE, 2.400%, (-1.000*SOFR30A + 7.550%), 10/25/2033			19,482		0.0
11,903	Fannie Mae REMIC Trust 2005-25 PS, 5.498%, (-4.400*SOFR30A + 28.160%), 04/25/2035			13,965		0.0
4,443 (5)	Fannie Mae REMIC Trust 2005-40 SB, 1.600%, (-1.000*SOFR30A + 6.750%), 05/25/2035			177		0.0
1,755	Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025			1,729		0.0
68,300	Fannie Mae REMIC Trust 2005-74 DK, 3.398%, (-4.000*SOFR30A + 24.000%), 07/25/2035			65,937		0.1
171,718	Fannie Mae REMIC Trust 2005-87 SB, 4.948%, (-3.667*SOFR30A + 23.833%), 10/25/2035			176,213		0.2
86,912	Fannie Mae REMIC Trust 2006-104 ES, 7.698%, (-5.000*SOFR30A + 33.450%), 11/25/2036			111,864		0.1
7,051	Fannie Mae REMIC Trust 2006-11 PS, 5.682%, (-3.667*SOFR30A + 24.567%), 03/25/2036			8,148		0.0
14,817	Fannie Mae REMIC Trust 2006-46 SW, 5.315%, (-3.667*SOFR30A + 24.199%), 06/25/2036			15,650		0.0
3,470,853 (5)	Fannie Mae REMIC Trust 2006-51 SA, 1.420%, (-1.000*SOFR30A + 6.570%), 06/25/2036			267,204		0.2
29,973 (5)	Fannie Mae REMIC Trust 2006-90 SX, 2.080%, (-1.000*SOFR30A + 7.230%), 09/25/2036			2,099		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
3,653,332 (5)	Fannie Mae REMIC Trust 2007-116 DI, 0.790%, (-1.000*SOFR30A + 5.940%), 01/25/2038		$	277,236		0.3
25,335 (5)	Fannie Mae REMIC Trust 2007-88 XI, 1.390%, (-1.000*SOFR30A + 6.540%), 06/25/2037			2,192		0.0
187,195 (5)	Fannie Mae REMIC Trust 2007-89 SB, 1.400%, (-1.000*SOFR30A + 6.550%), 09/25/2037			13,380		0.0
618,369 (5)	Fannie Mae REMIC Trust 2007-94 SG, 1.300%, (-1.000*SOFR30A + 6.450%), 10/25/2037			54,589		0.1
248,774	Fannie Mae REMIC Trust 2010-109 SN, 0.762%, (-5.000*US0001M + 25.000%), 10/25/2040			270,163		0.2
27,899	Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040			27,879		0.0
1,349,859 (5)	Fannie Mae REMIC Trust 2011-55 SK, 1.410%, (-1.000*SOFR30A + 6.560%), 06/25/2041			133,555		0.1
971,656 (5)	Fannie Mae REMIC Trust 2011-86 NS, 0.800%, (-1.000*SOFR30A + 5.950%), 09/25/2041			61,057		0.1
231,244 (5)	Fannie Mae REMIC Trust 2012-10 US, 1.300%, (-1.000*SOFR30A + 6.450%), 02/25/2042			24,704		0.0
408,530 (5)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042			56,015		0.1
1,221,089 (5)	Fannie Mae REMIC Trust 2012-133 PS, 1.050%, (-1.000*SOFR30A + 6.200%), 03/25/2042			67,125		0.1
1,071,853 (5)	Fannie Mae REMIC Trust 2012-144 SB, 0.950%, (-1.000*SOFR30A + 6.100%), 01/25/2043			111,044		0.1
489,887 (5)	Fannie Mae REMIC Trust 2012-27 SB, 0.830%, (-1.000*SOFR30A + 5.980%), 11/25/2041			18,884		0.0
612,997 (5)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033			53,659		0.1
1,849,246 (5)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027			61,083		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
8,471,411 (5)	Fannie Mae REMICS 2019-15 SA, 0.850%, (-1.000*SOFR30A + 6.000%), 04/25/2049		$	827,497		0.7
14,333,483 (5)	Fannie Mae REMICS 2021-4 IN, 2.500%, 02/25/2051			1,805,176		1.6
3,136,638 (5)	Freddie Mac 3502 DL, 0.807%, (-1.000*SOFR30A + 6.000%), 01/15/2039			253,214		0.2
705	Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024			703		0.0
7,645	Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026			7,644		0.0
2,578 (5)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028			257		0.0
15,254 (5)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028			1,615		0.0
7,809	Freddie Mac REMIC Trust 2122 F, 5.643%, (SOFR30A + 0.450%), 02/15/2029			7,785		0.0
15,415 (5)	Freddie Mac REMIC Trust 2134 SB, 2.507%, (-1.000*SOFR30A + 7.700%), 03/15/2029			472		0.0
22,570 (5)	Freddie Mac REMIC Trust 2136 SG, 2.457%, (-1.000*SOFR30A + 7.650%), 03/15/2029			1,089		0.0
25,694 (5)	Freddie Mac REMIC Trust 2177 SB, 3.757%, (-1.000*SOFR30A + 8.950%), 08/15/2029			1,416		0.0
4,557	Freddie Mac REMIC Trust 2344 FP, 6.143%, (SOFR30A + 0.950%), 08/15/2031			4,618		0.0
1,936	Freddie Mac REMIC Trust 2412 GF, 6.143%, (SOFR30A + 0.950%), 02/15/2032			1,962		0.0
14,227	Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032			14,641		0.0
2,570	Freddie Mac REMIC Trust 2464 FI, 6.193%, (SOFR30A + 1.000%), 02/15/2032			2,600		0.0
2,636	Freddie Mac REMIC Trust 2470 LF, 6.193%, (SOFR30A + 1.000%), 02/15/2032			2,676		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
3,686	Freddie Mac REMIC Trust 2471 FD, 6.193%, (SOFR30A + 1.000%), 03/15/2032		$	3,743		0.0
2,997	Freddie Mac REMIC Trust 2504 FP, 5.693%, (SOFR30A + 0.500%), 03/15/2032			2,986		0.0
10,107	Freddie Mac REMIC Trust 2551 LF, 5.693%, (SOFR30A + 0.500%), 01/15/2033			10,099		0.0
285	Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023			284		0.0
129,958	Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034			128,789		0.1
113,370	Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034			112,230		0.1
23,894	Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667*SOFR30A + 44.667%), 05/15/2035			24,180		0.0
17,939 (5)	Freddie Mac REMIC Trust 3004 SB, 0.957%, (-1.000*SOFR30A + 6.150%), 07/15/2035			549		0.0
5,344	Freddie Mac REMIC Trust 3025 SJ, 5.708%, (-3.667*SOFR30A + 24.750%), 08/15/2035			6,256		0.0
430,337 (5)	Freddie Mac REMIC Trust 3223 S, 0.757%, (-1.000*SOFR30A + 5.950%), 10/15/2036			26,611		0.0
924,420 (5)	Freddie Mac REMIC Trust 3505 SA, 0.807%, (-1.000*SOFR30A + 6.000%), 01/15/2039			67,894		0.1
1,007,623 (5)	Freddie Mac REMIC Trust 3702 S, 0.132%, (-1.000*SOFR30A + 4.450%), 05/15/2036			27,001		0.0
428,339 (5)	Freddie Mac REMIC Trust 3925 SD, 0.857%, (-1.000*SOFR30A + 6.050%), 07/15/2040			10,198		0.0
435,709 (5)	Freddie Mac REMIC Trust 4136 SW, 1.057%, (-1.000*SOFR30A + 6.250%), 11/15/2032			20,682		0.0
282,773 (5)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043			40,137		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
3,835,669 (5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043		$	617,702		0.5
5,993,667 (5)	Freddie Mac REMICS 3582 SL, 0.957%, (-1.000*SOFR30A + 6.150%), 10/15/2039			510,223		0.4
5,409,733 (5)	Freddie Mac REMICS 4976 MI, 4.500%, 05/25/2050			1,161,956		1.0
399,265 (5)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032			34,425		0.0
300,149 (1)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 8.250%, (US0001M + 3.100%), 03/25/2050			308,029		0.3
500,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M1B, 6.917%, (SOFR30A + 1.850%), 01/25/2042			484,455		0.4
600,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 10.317%, (SOFR30A + 5.250%), 03/25/2042			622,246		0.5
200,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1B, 7.467%, (SOFR30A + 2.400%), 02/25/2042			197,839		0.2
153,292	Ginnie Mae Series 2007-8 SP, 5.362%, (-3.242*US0001M + 22.049%), 03/20/2037			177,310		0.2
726,609 (5)	Ginnie Mae Series 2010-68 MS, 0.704%, (-1.000*US0001M + 5.850%), 06/20/2040			58,721		0.1
479,830 (5)	Ginnie Mae Series 2012-97 SC, 1.542%, (-1.000*US0001M + 6.700%), 07/16/2041			25,787		0.0
6,806,002 (5)	Ginnie Mae Series 2014-133 BS, 0.454%, (-1.000*US0001M + 5.600%), 09/20/2044			503,625		0.4
89,875	GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 5.570%, (US0001M + 0.210%), 04/25/2036			77,020		0.1
11,949 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			11,123		0.0
9,503 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050			8,706		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
462,907 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B1A, 3.425%, 10/25/2050		$	385,076		0.3
183,096 (1)(2)	GS Mortgage-Backed Securities Trust 2022-PJ1 A4, 2.500%, 05/28/2052			141,926		0.1
385,024 (1)(2)	GS Mortgage-Backed Securities Trust 2022-PJ6 A24, 3.000%, 01/25/2053			311,663		0.3
568,069 (1)(2)	GS Mortgage-Backed Securities Trust 2023-PJ2 A16, 5.500%, 05/25/2053			560,673		0.5
4,727 (2)	GSR Mortgage Loan Trust 2005-AR6 1A4, 4.662%, 09/25/2035			4,662		0.0
336,074	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 5.570%, (US0001M + 0.420%), 04/25/2046		$	302,140		0.3
371,227 (1)(2)	J.P. Morgan Mortgage Trust 2022-6 A3, 3.000%, 11/25/2052			313,437		0.3
948,287 (1)(2)	J.P. Morgan Mortgage Trust 2023-2 A3A, 5.000%, 07/25/2053			912,356		0.8
422,905 (2)	JP Morgan Mortgage Trust 2005-A4 B1, 4.700%, 07/25/2035			385,153		0.3
26,436 (2)	JP Morgan Mortgage Trust 2007-A1 7A1, 4.319%, 07/25/2035			24,996		0.0
242,505 (1)(2)	JP Morgan Mortgage Trust 2017-3 B1, 3.740%, 08/25/2047			215,233		0.2
179,455 (1)(2)	JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050			158,695		0.1
38,235 (1)(2)	JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050			33,659		0.0
914 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			907		0.0
6,253 (1)(2)	JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 03/25/2050			6,015		0.0
131,691	Lehman XS Trust Series 2005-5N 1A2, 5.510%, (US0001M + 0.360%), 11/25/2035			127,142		0.1
30,478 (2)	MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 4.650%, 04/25/2036			28,792		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
154,318 (1)(2)	Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051		$	119,811		0.1
1,215,526 (2)(5)	RALI Series Trust 2006-QO1 X2, 0.520%, 02/25/2046			53,246		0.1
5,379 (1)(2)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			4,947		0.0
3,179,779 (2)(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.405%, 08/25/2045			2,903		0.0
21,473 (2)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.816%, 10/25/2036			19,473		0.0
73,763 (2)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.693%, 08/25/2046			66,175		0.1
158,586 (2)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.768%, 12/25/2036			142,352		0.1
37,465	Wells Fargo Alternative Loan 2007-PA2 2A1, 5.580%, (US0001M + 0.430%), 06/25/2037			30,222		0.0
95,442 (1)(2)	WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045			84,770		0.1
	Total Collateralized Mortgage Obligations (Cost $20,046,138)			16,059,184		13.8
SOVEREIGN BONDS: 18.7%
	Australia: 0.2%
AUD 558,000 (1)	Queensland Treasury Corp., 1.750%, 07/20/2034			277,165		0.2

	Brazil: 2.0%
BRL 1,210,000	Brazil Notas do Tesouro Nacional Serie B, 6.000%, 05/15/2055			1,133,823		1.0
BRL 1,300,000	Brazil Notas do Tesouro Nacional Series B, 6.000%, 08/15/2050			1,227,911		1.0
				2,361,734		2.0
	Canada: 0.8%
CAD 575,000	Canadian Government Bond, 2.000%, 12/01/2051			343,624		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Canada (continued)
571,000	Province of British Columbia Canada, 4.200%, 07/06/2033		$	569,565		0.5
				913,189		0.8
	China: 9.1%
CNY 4,120,000	China Government Bond, 2.690%, 08/15/2032			565,274		0.5
CNY 13,660,000	China Government Bond, 2.850%, 06/04/2027			1,911,063		1.6
CNY 4,500,000	China Government Bond, 2.880%, 02/25/2033			630,254		0.5
CNY 6,880,000	China Government Bond, 3.250%, 06/06/2026			974,555		0.8
CNY 29,640,000	China Government Bond, 3.250%, 11/22/2028			4,249,893		3.6
CNY 12,880,000	China Government Bond, 3.290%, 05/23/2029			1,848,660		1.6
CNY 1,270,000	China Government Bond, 3.320%, 04/15/2052			182,574		0.2
CNY 1,780,000	China Government Bond, 4.080%, 10/22/2048			287,068		0.3
				10,649,341		9.1
	Czech Republic: 0.2%
CZK 3,950,000	Czech Republic Government Bond, 2.750%, 07/23/2029			165,088		0.2

	Germany: 0.3%
EUR 30,000	Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028			29,826		0.0
EUR 200,000	Bundesrepublik Deutschland Bundesanleihe, 1.250%, 08/15/2048			173,261		0.2
EUR 10,000	Bundesrepublik Deutschland Bundesanleihe, 2.000%, 08/15/2023			10,896		0.0
EUR 120,000	Bundesrepublik Deutschland Bundesanleihe, 2.800%, 08/15/2026			120,113		0.1
				334,096		0.3
	Indonesia: 0.4%
IDR 6,452,000,000	Indonesia Treasury Bond, 8.375%, 04/15/2039			502,567		0.4

	Italy: 0.4%
EUR 438,000 (1)	Italy Buoni Poliennali Del Tesoro, 3.850%, 09/01/2049			446,270		0.4

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Malaysia: 1.4%
MYR 7,864,000	Malaysia Government Bond, 3.828%, 07/05/2034		$	1,656,056		1.4

	Mexico: 1.0%
MXN 21,600,000 (3)	Mexican Bonos, 7.750%, 05/29/2031			1,194,253		1.0

	Poland: 0.2%
PLN 650,000	Republic of Poland Government Bond, 7.500%, 07/25/2028			172,670		0.2

	South Africa: 0.8%
ZAR 21,275,000	Republic of South Africa Government Bond, 8.875%, 02/28/2035			926,678		0.8

	Spain: 1.4%
EUR 870,000 (1)	Spain Government Bond, 1.450%, 04/30/2029			861,573		0.7
EUR 908,000 (1)	Spain Government Bond, 2.700%, 10/31/2048			816,521		0.7
				1,678,094		1.4
	Thailand: 0.5%
THB 17,994,000	Thailand Government Bond, 2.875%, 12/17/2028			520,404		0.5
	Total Sovereign Bonds (Cost $22,771,096)			21,797,605		18.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8%
	Federal Home Loan Mortgage Corporation: 0.4%(6)
305,140	3.500%, 01/01/2048			282,125		0.3
58,098	4.000%, 09/01/2045			55,604		0.1
42,462	4.000%, 09/01/2045			40,653		0.0
34,332	4.000%, 09/01/2045			32,837		0.0
29,320	4.000%, 09/01/2045			27,927		0.0
46,192	4.000%, 05/01/2046			44,171		0.0
2,318	5.000%, 12/01/2034			2,307		0.0
8,887	6.000%, 02/01/2034			9,102		0.0
1,145	6.500%, 08/01/2032			1,195		0.0
1,985	6.500%, 07/01/2034			2,031		0.0
5,067	6.500%, 07/01/2034			5,188		0.0
				503,140		0.4
	Federal National Mortgage Association: 0.4%(6)
37,142	4.308%, (US0012M + 1.777%), 10/01/2036			37,656		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association (continued)
363,000 (7)	5.000%, 07/15/2053		$	355,712		0.3
				393,368		0.4
	Government National Mortgage Association: 2.7%
1,814,257	2.500%, 05/20/2051			1,577,726		1.3
1,767,000 (7)	3.000%, 08/15/2053			1,580,568		1.4
15,423	5.000%, 04/15/2034			15,528		0.0
6,147	6.500%, 02/20/2035			6,274		0.0
				3,180,096		2.7
	Uniform Mortgage-Backed Securities: 7.3%
1,821,000 (7)	2.000%, 07/15/2053			1,485,466		1.3
19,905	2.500%, 06/01/2030			18,514		0.0
26,398	2.500%, 06/01/2030			24,551		0.0
11,170	2.500%, 07/01/2030			10,389		0.0
1,873,000 (7)	2.500%, 07/15/2053			1,588,538		1.4
591,000 (7)	3.000%, 07/15/2053			520,242		0.5
1,818,000 (7)	3.500%, 07/15/2053			1,656,866		1.4
29,520	4.000%, 05/01/2045			28,243		0.0
563,193	4.000%, 04/01/2049			537,302		0.5
1,553,000 (7)	4.000%, 07/15/2053			1,457,575		1.3
1,112,000 (7)	4.500%, 07/15/2053			1,069,171		0.9
1,705	5.500%, 09/01/2024			1,698		0.0
29,738	6.000%, 11/01/2034			30,895		0.0
49,930	6.000%, 04/01/2035			51,874		0.0
17,851	6.500%, 12/01/2029			18,254		0.0
8,282	6.500%, 01/01/2034			8,471		0.0
70	7.000%, 04/01/2033			69		0.0
7,514	7.500%, 09/01/2032			7,825		0.0
15,728	7.500%, 01/01/2033			16,125		0.0
				8,532,068		7.3
	Total U.S. Government Agency Obligations (Cost $13,033,192)			12,608,672		10.8
U.S. TREASURY OBLIGATIONS: 4.0%
	U.S. Treasury Bonds: 1.6%
64,400	2.750%, 08/15/2032			59,050		0.0
25,200	3.250%, 05/15/2042			22,500		0.0
1,096,500	3.375%, 05/15/2033			1,057,608		0.9
204,600	3.625%, 02/15/2053			196,416		0.2
560,300	3.875%, 05/15/2043			546,818		0.5
				1,882,392		1.6
	U.S. Treasury Notes: 2.4%
473,000	3.625%, 05/15/2026			461,526		0.4

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes (continued)
592,000	3.625%, 05/31/2028		$	579,096		0.5
16,000	3.750%, 05/31/2030			15,779		0.0
1,508,000	4.000%, 06/30/2028			1,499,871		1.3
30,000	4.125%, 06/15/2026			29,700		0.0
130,300 (3)	4.250%, 05/31/2025			128,669		0.1
44,100	4.625%, 06/30/2025			43,901		0.1
				2,758,542		2.4
	Total U.S. Treasury Obligations (Cost $4,671,906)			4,640,934		4.0
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.7%
	United States: 9.7%
5,735,719 (2)(5)	BANK 2017-BNK5 XA, 1.084%, 06/15/2060			157,077		0.1
900,000 (1)(2)	BANK 2017-BNK6 E, 2.766%, 07/15/2060			454,696		0.4
1,948,000 (1)(2)(5)	BANK 2017-BNK6 XE, 1.500%, 07/15/2060			95,296		0.1
953,420 (2)(5)	BANK 2019-BNK16 XA, 1.102%, 02/15/2052			39,453		0.0
8,881,736 (2)(5)	BANK 2019-BNK21 XA, 0.960%, 10/17/2052			357,707		0.3
8,020,000 (1)(2)(5)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			91,298		0.1
210,000 (1)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052			112,940		0.1
1,152,581 (2)(5)	Benchmark 2019-B9 XA Mortgage Trust, 1.189%, 03/15/2052			50,527		0.0
2,973,875 (2)(5)	Benchmark 2020-B18 XA Mortgage Trust, 1.913%, 07/15/2053			212,001		0.2
226,061 (1)	BX 2021-MFM1 D, 6.762%, (TSFR1M + 1.615%), 01/15/2034			219,883		0.2
335,255 (1)	BX Commercial Mortgage Trust 2021-21M E, 7.364%, (US0001M + 2.171%), 10/15/2036			315,068		0.3
625,000 (1)	BX Trust 2021-ARIA C, 6.839%, (US0001M + 1.646%), 10/15/2036			601,590		0.5
450,000 (1)	BX Trust 2021-LBA EJV, 7.262%, (TSFR1M + 2.000%), 02/15/2036			418,421		0.4
275,000 (1)	BX Trust 2021-LGCY D, 6.495%, (US0001M + 1.302%), 10/15/2036			261,931		0.2
525,000 (1)	BX Trust 2021-SDMF D, 6.580%, (US0001M + 1.387%), 09/15/2034			497,804		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
1,525,391 (2)(5)	CD 2016-CD1 Mortgage Trust XA, 1.499%, 08/10/2049		$	45,064		0.0
625,000 (2)	Citigroup Commercial Mortgage Trust 2016-P4 C, 4.097%, 07/10/2049			526,936		0.4
2,690,134 (2)(5)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.173%, 10/12/2050			88,354		0.1
7,336,140 (1)(2)(5)	COMM 2012-LTRT XA, 0.930%, 10/05/2030			66,290		0.1
110,000 (1)(2)	COMM 2013-CR10 E Mortgage Trust, 5.021%, 08/10/2046			92,369		0.1
9,980,245 (2)(5)	COMM 2014-CR16 XA, 1.096%, 04/10/2047			40,171		0.0
3,581,084 (2)(5)	COMM 2016-CR28 XA, 0.742%, 02/10/2049			48,665		0.0
500,000	CSAIL Commercial Mortgage Trust 2021-C20 A3, 2.805%, 03/15/2054			413,369		0.3
14,685 (1)(4)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044			14,660		0.0
7,000,000 (2)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.906%, 12/25/2041			11,957		0.0
4,066,949 (2)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.971%, 11/25/2030			195,175		0.2
2,054,006 (2)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.436%, 07/25/2035			202,049		0.2
2,109,000 (2)(5)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.467%, 12/25/2029			133,163		0.1
171,000 (1)(2)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.520%, 09/27/2051			122,559		0.1
130,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			110,825		0.1
159,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			133,619		0.1
129,000 (1)(2)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.110%, 09/27/2051			107,932		0.1
109,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			63,492		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
130,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051		$	108,582		0.1
129,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			102,429		0.1
238,000 (1)(2)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.021%, 11/27/2050			176,182		0.1
163,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 BK61, 1.170%, 01/29/2052			116,790		0.1
176,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 BK89, 1.870%, 01/27/2052			103,290		0.1
92,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 C728, 0.470%, 08/27/2050			80,912		0.1
95,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.740%, 05/27/2048			79,024		0.1
113,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.420%, 11/27/2049			77,670		0.1
92,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.060%, 01/27/2052			51,021		0.0
92,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 D728, 0.520%, 01/29/2052			79,369		0.1
75,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.590%, 10/27/2047			64,982		0.1
95,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.810%, 05/27/2048			77,602		0.1
500,000 (1)	Great Wolf Trust 2019-WOLF C, 6.895%, (TSFR1M + 1.633%), 12/15/2036			491,058		0.4
1,908,844 (2)(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.161%, 11/10/2046			3,989		0.0
2,221,998 (2)(5)	GS Mortgage Securities Trust 2017-GS6 XA, 1.157%, 05/10/2050			69,366		0.1
410,000 (1)(2)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.668%, 07/10/2052			397,078		0.3
310,000 (1)(2)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.668%, 07/10/2052			299,704		0.3
5,102,505 (2)(5)	GS Mortgage Securities Trust 2019-GC42 XA, 0.928%, 09/10/2052			182,309		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
859,725 (2)(5)	GS Mortgage Securities Trust 2020-GC47 XA, 1.243%, 05/12/2053		$	49,296		0.0
275,000 (1)	JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH E, 7.033%, (US0001M + 1.840%), 06/15/2038			237,485		0.2
2,238,768 (1)(2)(5)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.953%, 03/10/2050			41,361		0.0
597,134 (1)	Med Trust 2021-MDLN D, 7.194%, (US0001M + 2.000%), 11/15/2038			570,505		0.5
18,750,000 (1)(2)(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.578%, 12/15/2047			113,800		0.1
1,701,974 (2)(5)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.417%, 05/15/2054			111,411		0.1
90,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049			69,683		0.1
80,000 (1)(2)	RFM Reremic Trust 2022-FRR1 AB60, 2.440%, 11/08/2049			64,322		0.1
110,000 (1)(2)	RFM Reremic Trust 2022-FRR1 AB64, 2.290%, 03/01/2050			86,349		0.1
30,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			22,338		0.0
30,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			21,119		0.0
30,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			20,354		0.0
750,000 (1)	SMRT 2022-MINI B, 6.497%, (TSFR1M + 1.350%), 01/15/2039			725,041		0.6
6,075,856 (2)(5)	UBS Commercial Mortgage Trust 2018-C9 XA, 1.083%, 03/15/2051			212,324		0.2
250,000 (1)(2)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.036%, 06/15/2046			136,252		0.1
5,687,662 (2)(5)	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.115%, 03/15/2047			15,735		0.0
	Total Commercial Mortgage-Backed Securities (Cost $12,356,461)			11,361,073		9.7

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: 9.6%
	Cayman Islands: 0.8%
500,000 (1)	Palmer Square CLO 2023-1A C Ltd., 7.977%, (TSFR3M + 3.250%), 01/20/2036		$	503,805		0.4
500,000 (1)	Sound Point CLO IX Ltd. 2015-2A ARRR, 6.460%, (US0003M + 1.210%), 07/20/2032			491,181		0.4
				994,986		0.8
	United States: 8.8%
700,000 (1)	AGL CLO 11 Ltd. 2021-11A AJ, 6.610%, (US0003M + 1.350%), 04/15/2034			682,368		0.6
600,000 (1)	Allegro CLO IV Ltd. 2016-1A CR2, 7.260%, (US0003M + 2.000%), 01/15/2030			582,401		0.5
500,000 (1)	AMMC CLO 16 Ltd. 2015-16A CR2, 7.201%, (US0003M + 1.950%), 04/14/2029			500,021		0.4
350,000 (1)	Ares XXVIIIR CLO Ltd. 2018-28RA A2, 6.660%, (US0003M + 1.400%), 10/17/2030			345,009		0.3
500,000 (1)	Barings Clo Ltd. 2019-4A C, 8.060%, (US0003M + 2.800%), 01/15/2033			491,665		0.4
412,500 (1)	BlueMountain CLO 2013-2A CR, 7.223%, (US0003M + 1.950%), 10/22/2030			395,677		0.4
250,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 7.260%, (US0003M + 2.000%), 04/15/2034			236,312		0.2
250,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A A2, 6.665%, (US0003M + 1.400%), 04/19/2034			242,594		0.2
500,000 (1)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A A1R2, 6.390%, (US0003M + 1.140%), 04/20/2034			490,829		0.4
250,000 (1)	Carlyle US Clo 2017-2A CR Ltd., 6.650%, (US0003M + 1.400%), 07/20/2031			245,377		0.2
250,000 (1)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 6.710%, (US0003M + 1.450%), 10/17/2034			243,414		0.2
400,000 (1)	CIFC Funding 2013-IA BR Ltd., 7.660%, (US0003M + 2.400%), 07/16/2030			386,941		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States (continued)
500,000 (1)	CIFC Funding 2020-2A AR Ltd., 6.420%, (US0003M + 1.170%), 10/20/2034		$	493,302		0.4
211,328 (2)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.607%, 03/25/2036			105,756		0.1
500,000 (1)	Galaxy XV CLO Ltd. 2013-15A CRR, 7.110%, (US0003M + 1.850%), 10/15/2030			476,840		0.4
400,000 (1)	Galaxy XXI CLO Ltd. 2015-21A CR, 7.000%, (US0003M + 1.750%), 04/20/2031			378,842		0.3
250,000 (1)	Invesco US CLO 2023-1A A1R Ltd., 8.520%, (TSFR3M + 0.000%), 04/22/2035			250,936		0.2
250,000 (1)	Madison Park Funding XXVII Ltd. 2018-27A B, 7.050%, (US0003M + 1.800%), 04/20/2030			238,735		0.2	��
400,000 (1)	Madison Park Funding XXXI Ltd. 2018-31A C, 7.423%, (US0003M + 2.150%), 01/23/2031			389,530		0.3
250,000 (1)	Marble Point CLO XIV Ltd. 2018-2A A1R, 6.530%, (US0003M + 1.280%), 01/20/2032			246,059		0.2
200,000 (1)(2)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			181,024		0.2
250,000 (1)	Oak Hill Credit Partners 2021-8A C, 7.162%, (US0003M + 1.900%), 01/18/2034			239,221		0.2
500,000 (1)	OCP CLO 2014-5 A BR Ltd., 7.068%, (US0003M + 1.800%), 04/26/2031			473,836		0.4
550,000 (1)	Octagon Investment Partners 31 Ltd. 2017-1A CR, 7.300%, (US0003M + 2.050%), 07/20/2030			534,852		0.5
350,000(1)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 6.460%, (US0003M + 1.200%), 07/15/2029			342,645		0.3
440,000 (1)	Shackleton 2019-15A CR CLO Ltd., 7.410%, (US0003M + 2.150%), 01/15/2032			423,101		0.4
400,000 (1)	Sound Point Clo XV Ltd. 2017-1A CR, 7.323%, (US0003M + 2.050%), 01/23/2029			391,396		0.4

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States (continued)
250,000 (1)	THL Credit Wind River 2013-2A CR CLO Ltd., 7.262%, (US0003M + 2.000%), 10/18/2030		$	235,712		0.2
				10,244,395		8.8
	Total Asset-Backed Securities (Cost $11,549,052)			11,239,381		9.6

Shares		Value		Percentage of Net Assets
COMMON STOCK: 0.0%
	United States: 0.0%
2,149 (3)(4)(10)	American Media, Inc.		—		—
18 (10)	Ingevity Corp.		1,047		0.0
120	WestRock Co.		3,488		0.0
	Total Common Stock (Cost $69,392)		4,535		0.0
MUTUAL FUNDS: 10.1%
	United States: 10.1%
447,692	Voya VACS Series EMCD Fund		3,697,935		3.2
315,121	Voya VACS Series EMHCD Fund		3,185,876		2.7
493,006	Voya VACS Series HYB Fund		4,949,785		4.2
	Total Mutual Funds (Cost $12,503,019)		11,833,596		10.1
RIGHTS: 0.0%
	United States: 0.0%
4,988 (4)(10)(11)	Resolute Forest Products, Inc. - CVR		7,083		0.0
	Total Rights (Cost $—)		7,083		0.0
PURCHASED OPTIONS(12): 0.1%
	Total Purchased Options (Cost $154,849)		85,576		0.1
	Total Long-Term Investments (Cost $123,297,991)		114,159,967		97.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 9.9%
	Commercial Paper: 7.8%
1,000,000	American Honda Finance Corp., 5.610%, 08/16/2023		$	992,834		0.9
2,000,000	Dominion Energy, Inc., 5.260%, 07/03/2023			1,999,136		1.7
600,000	EIDP Inc., 5.350%, 09/05/2023			594,165		0.5
1,100,000	Enbridge (US) Inc., 5.510%, 07/12/2023			1,098,011		1.0
1,200,000	Entergy Corp., 5.300%, 07/05/2023			1,199,129		1.0
2,000,000	Fiserv, Inc., 5.310%, 07/07/2023			1,997,966		1.7
1,200,000	Northrop Grumman Corp., 5.610%, 08/22/2023			1,190,298		1.0
	Total Commercial Paper (Cost $9,072,184)			9,071,539		7.8

	Repurchase Agreements: 1.6%
868,148 (13)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $868,509, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $885,511, due 04/01/35-09/01/61)			868,148		0.7
1,000,000 (13)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,000,416, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,020,000, due 07/31/23-05/20/53)			1,000,000		0.9
	Total Repurchase Agreements (Cost $1,868,148)
				1,868,148		1.6

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.5%
576,000 (14)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.030% (Cost $576,000)		$	576,000		0.5
	Total Short-Term Investments (Cost $11,516,332)			11,515,687		9.9
	Total Investments in Securities (Cost $134,814,323)		$	125,675,654		107.7
	Liabilities in Excess of Other Assets			(8,970,102)		(7.7)
	Net Assets		$	116,705,552		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, 2023.

(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)

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.

(6)

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.

(7)

Represents or includes a TBA transaction.

(8)

Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.

(9)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2023.

(10)

Non-income producing security.

(11)

Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2023, the Portfolio held restricted securities with a fair value of $7,083 or 0.0% of net assets. Please refer to the table below for additional details.

(12)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (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, 2023.

Currency Abbreviations:

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CNY

Chinese Yuan

CZK

Czech Koruna

EUR

EU Euro

IDR

Indonesian Rupiah

MXN

Mexican Peso

MYR

Malaysian Ringgit

PLN

Polish Zloty

THB

Thai Baht

ZAR

South African Rand

Reference Rate Abbreviations:

SOFR30A

30-day Secured Overnight Financing Rate

TSFR1M

1-month CME Term Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0012M

12-month LIBOR

Sector Diversification	Percentage of Net Assets
Sovereign Bonds		18.7%
Collateralized Mortgage Obligations		13.8
Affiliated Investment Companies		10.1
Commercial Mortgage-Backed Securities		9.7
Other Asset-Backed Securities		9.6
Financial		8.1
Uniform Mortgage-Backed Securities		7.3
U.S. Treasury Obligations		4.0
U.S. Government Agency Obligations		3.5
Consumer, Non-cyclical		3.0
Utilities		2.9
Energy		2.1
Industrial		1.3
Communications		1.2
Consumer, Cyclical		1.1
Technology		1.1
Basic Materials		0.2
Purchased Options		0.1
Communication Services		0.0
Materials		0.0
Rights		0.0
Short-Term Investments		9.9
Liabilities in Excess of Other Assets		(7.7)
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, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
United States		$	4,535		$	—		$	—		$	4,535
Total Common Stock			4,535			—			—			4,535
Mutual Funds			11,833,596			—			—			11,833,596
Rights			—			—			7,083			7,083
Purchased Options			37,831			47,745			—			85,576
Corporate Bonds/Notes			—			24,520,995			1,333			24,522,328
Collateralized Mortgage Obligations			—			16,059,184			—			16,059,184
Asset-Backed Securities			—			11,239,381			—			11,239,381
U.S. Government Agency Obligations			—			12,608,672			—			12,608,672
Commercial Mortgage-Backed Securities			—			11,346,413			14,660			11,361,073
Sovereign Bonds			—			21,797,605			—			21,797,605
U.S. Treasury Obligations			—			4,640,934			—			4,640,934
Short-Term Investments			576,000			10,939,687			—			11,515,687
Total Investments, at fair value		$	12,451,962		$	113,200,616		$	23,076		$	125,675,654

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (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, 2023
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	1,946,364		$	—		$	1,946,364
Forward Foreign Currency Contracts			—			425,421			—			425,421
Forward Premium Swaptions			—			49,981			—			49,981
Futures			150,539			—			—			150,539
Total Assets		$	12,602,501		$	115,622,382		$	23,076		$	128,247,959
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(1,236,309)		$	—		$	(1,236,309)
Forward Foreign Currency Contracts			—			(684,455)			—			(684,455)
Forward Premium Swaptions			—			(83,373)			—			(83,373)
Futures			(284,565)			—			—			(284,565)
Written Options			(33,432)			(596,036)			—			(629,468)
Total Liabilities		$	(317,997)		$	(2,600,173)		$	—		$	(2,918,170)

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, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P		$	3,049,289		$	14,751		$	(3,933,161)		$	869,121		$	—		$	23,757		$	(862,815)		$	—
Voya High Yield Bond Fund - Class P			4,695,049			26,758			(5,488,049)			766,242			—			50,131			(716,976)			—
Voya VACS Series HYB Fund			—			4,930,931			—			18,854			4,949,785			136,473			—			—
Voya VACS Series EMCD Fund			3,578,481			97,860			9,753			11,841			3,697,935			97,859			9,753			—
Voya VACS Series EMHCD Fund			—			3,151,418			—			34,458			3,185,876			72,066			—			—
		$	11,322,819		$	8,221,718		$	(9,411,457)		$	1,700,516		$	11,833,596		$	380,286		$	(1,570,038)		$	—

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

At June 30, 2023, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 692,829

MXN 11,992,519

Bank of America N.A.

07/14/23

(6,322)

USD 174,741

NOK 1,856,495

Bank of America N.A.

08/18/23

1,484

USD 809,529

NZD 1,312,252

Bank of America N.A.

08/18/23

4,359

USD 969,883

CAD 1,284,057

Bank of America N.A.

08/18/23

(110)

USD 986,370

CAD 1,299,276

Bank of America N.A.

08/18/23

4,880

CAD 252,287

USD 191,418

Bank of America N.A.

08/18/23

(837)

USD 221,253

GBP 173,602

Bank of America N.A.

08/18/23

724

ILS 792,296

USD 216,916

Barclays Bank PLC

07/21/23

(3,053)

EUR 1,750,895

USD 1,923,779

Barclays Bank PLC

08/18/23

(8,724)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 1,122,438

GBP 887,366

Barclays Bank PLC

08/18/23

(4,798)

BRL 5,305,084

USD 1,050,928

BNP Paribas

07/14/23

54,890

IDR 591,249,908

USD 40,070

BNP Paribas

07/14/23

(683)

USD 83,782

IDR 1,245,307,351

BNP Paribas

07/14/23

825

NOK 8,538,266

USD 795,286

BNP Paribas

08/18/23

1,546

USD 1,092,564

AUD 1,616,593

BNP Paribas

08/18/23

14,199

USD 351,799

EUR 321,648

BNP Paribas

08/18/23

(125)

USD 585,606

EUR 535,234

BNP Paribas

08/18/23

(10)

USD 301,554

CAD 398,466

BNP Paribas

08/18/23

644

USD 670,464

EUR 608,403

BNP Paribas

08/18/23

5,018

CHF 1,101,392

USD 1,239,653

BNP Paribas

08/18/23

(3,078)

EUR 1,393,363

USD 1,530,562

BNP Paribas

08/18/23

(6,561)

CAD 879,013

USD 669,311

BNP Paribas

08/18/23

(5,293)

NZD 1,374,922

USD 844,682

BNP Paribas

08/18/23

(1,060)

USD 1,613,424

EUR 1,477,264

BNP Paribas

08/18/23

(2,344)

NZD 2,460,463

USD 1,515,925

BNP Paribas

08/18/23

(6,239)

USD 300,642

EUR 274,637

BNP Paribas

08/18/23

256

AUD 1,419,338

USD 939,992

BNP Paribas

08/18/23

6,792

USD 86,041

EUR 78,583

BNP Paribas

08/18/23

USD 857,737

NOK 9,233,779

BNP Paribas

08/18/23

(4,003)

EUR 305,096

USD 333,659

BNP Paribas

08/18/23

CAD 3,881,239

USD 2,937,041

BNP Paribas

08/18/23

(5,103)

USD 807,776

NZD 1,309,261

BNP Paribas

08/18/23

4,442

USD 699,804

MXN 12,619,551

Brown Brothers Harriman & Co.

07/14/23

(35,902)

USD 1,040,342

CNY 7,237,113

Brown Brothers Harriman & Co.

07/14/23

42,344

HKD 379,429

USD 48,455

Brown Brothers Harriman & Co.

07/14/23

(24)

HUF 29,109,883

USD 84,509

Brown Brothers Harriman & Co.

07/21/23

332

COP 451,325,458

USD 99,300

Citibank N.A.

07/14/23

8,501

SGD 343,577

USD 260,038

Citibank N.A.

07/14/23

(5,890)

SEK 3,403,525

USD 316,877

Citibank N.A.

08/18/23

(615)

EUR 352,264

USD 383,945

Citibank N.A.

08/18/23

1,346

USD 341,166

NOK 3,652,804

Citibank N.A.

08/18/23

(961)

USD 405,388

NZD 657,505

Citibank N.A.

08/18/23

1,957

EUR 236,353

USD 257,498

Citibank N.A.

08/18/23

1,015

USD 198,814

AUD 297,754

Citibank N.A.

08/18/23

(166)

USD 454,113

NZD 735,324

Citibank N.A.

08/18/23

2,935

USD 684,249

AUD 1,011,560

Citibank N.A.

08/18/23

9,477

AUD 5,007,826

USD 3,386,414

Citibank N.A.

08/18/23

(45,893)

NZD 680,212

USD 422,161

Citibank N.A.

08/18/23

(4,798)

EUR 672,593

USD 738,896

Citibank N.A.

08/18/23

(3,243)

CAD 370,168

USD 281,704

Citibank N.A.

08/18/23

(2,075)

SEK 1,184,195

USD 110,730

Citibank N.A.

08/18/23

(692)

USD 317,356

SEK 3,413,913

Citibank N.A.

08/18/23

1,261

USD 160,637

AUD 240,774

Citibank N.A.

08/18/23

(265)

USD 199,373

BRL 976,553

Goldman Sachs International

07/14/23

(4,184)

MXN 19,958,945

USD 1,162,276

Goldman Sachs International

07/14/23

6,180

MXN 26,373,106

USD 1,539,793

Goldman Sachs International

07/14/23

(2,269)

USD 132,891

BRL 667,146

Goldman Sachs International

07/14/23

(6,172)

USD 651,773

AUD 957,265

Goldman Sachs International

08/18/23

13,219

GBP 448,674

USD 573,578

Goldman Sachs International

08/18/23

(3,619)

USD 880,977

GBP 697,742

Goldman Sachs International

08/18/23

(5,378)

JPY 71,637,247

USD 509,595

Goldman Sachs International

08/18/23

(9,518)

USD 296,458

CAD 389,790

Goldman Sachs International

08/18/23

2,006

JPY 56,634,275

USD 395,466

Goldman Sachs International

08/18/23

(120)

SEK 1,451,393

USD 136,551

Goldman Sachs International

08/18/23

(1,684)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

AUD 317,941

USD 212,673

Goldman Sachs International

08/18/23

(587)

USD 324,565

SEK 3,488,105

Goldman Sachs International

08/18/23

443

USD 4,001,146

BRL 20,078,753

HSBC Bank USA N.A.

07/14/23

(184,167)

KRW 1,770,337,965

USD 1,349,991

HSBC Bank USA N.A.

07/14/23

(5,788)

USD 94,668

ILS 346,235

HSBC Bank USA N.A.

07/21/23

1,209

USD 215,641

CNY 1,538,161

JPMorgan Chase Bank N.A.

07/14/23

3,528

USD 195,747

THB 6,577,643

JPMorgan Chase Bank N.A.

07/14/23

10,023

CLP 50,202,943

USD 62,786

JPMorgan Chase Bank N.A.

07/14/23

(263)

RON 360,146

USD 79,068

JPMorgan Chase Bank N.A.

07/21/23

156

MYR 451,551

USD 99,476

Morgan Stanley Capital Services LLC

07/14/23

(2,515)

USD 581,988

MXN 9,959,670

Morgan Stanley Capital Services LLC

07/14/23

1,350

USD 1,443,839

MYR 6,376,728

Morgan Stanley Capital Services LLC

07/14/23

74,576

USD 923,960

ZAR 17,740,182

Morgan Stanley Capital Services LLC

07/21/23

(16,859)

USD 3,173

CZK 69,078

Morgan Stanley Capital Services LLC

07/21/23

USD 95,204

ZAR 1,824,574

Morgan Stanley Capital Services LLC

07/21/23

(1,559)

PLN 122,866

USD 29,682

Morgan Stanley Capital Services LLC

07/21/23

507

NOK 1,594,265

USD 147,957

Morgan Stanley Capital Services LLC

08/18/23

828

USD 1,157,625

CHF 1,027,728

Morgan Stanley Capital Services LLC

08/18/23

3,755

CHF 648,787

USD 726,936

Morgan Stanley Capital Services LLC

08/18/23

1,482

USD 85,582

NOK 925,401

Morgan Stanley Capital Services LLC

08/18/23

(781)

USD 1,138,102

NZD 1,845,352

Morgan Stanley Capital Services LLC

08/18/23

5,835

USD 543,393

GBP 430,673

Morgan Stanley Capital Services LLC

08/18/23

(3,698)

USD 856,272

EUR 784,207

Morgan Stanley Capital Services LLC

08/18/23

(1,461)

USD 446,578

CAD 586,515

Morgan Stanley Capital Services LLC

08/18/23

3,517

USD 1,135,987

CHF 1,014,960

Morgan Stanley Capital Services LLC

08/18/23

(3,547)

GBP 559,062

USD 711,153

Morgan Stanley Capital Services LLC

08/18/23

(1,147)

GBP 547,910

USD 696,626

Morgan Stanley Capital Services LLC

08/18/23

(607)

CAD 822,616

USD 625,630

Morgan Stanley Capital Services LLC

08/18/23

(4,215)

CHF 242,538

USD 272,393

Morgan Stanley Capital Services LLC

08/18/23

(472)

USD 726,878

NZD 1,176,540

Morgan Stanley Capital Services LLC

08/18/23

4,979

SEK 5,156,648

USD 483,484

Morgan Stanley Capital Services LLC

08/18/23

(4,317)

CAD 550,119

USD 415,535

Morgan Stanley Capital Services LLC

08/18/23

CHF 111,136

USD 124,770

Morgan Stanley Capital Services LLC

08/18/23

(170)

SEK 1,852,263

USD 173,048

Morgan Stanley Capital Services LLC

08/18/23

(932)

NZD 2,125,108

USD 1,304,822

Morgan Stanley Capital Services LLC

08/18/23

1,430

USD 125,309

MXN 2,235,936

Standard Chartered Bank

07/14/23

(5,043)

IDR 972,639,000

USD 65,300

Standard Chartered Bank

07/14/23

(506)

THB 1,034,655

USD 30,200

Standard Chartered Bank

07/14/23

(986)

GBP 4,108,730

USD 5,226,699

Standard Chartered Bank

08/18/23

(7,309)

USD 155,676

AUD 232,378

Standard Chartered Bank

08/18/23

666

GBP 221,074

USD 281,314

Standard Chartered Bank

08/18/23

(480)

JPY 54,508,315

USD 382,720

Standard Chartered Bank

08/18/23

(2,215)

JPY 26,164,753

USD 183,725

Standard Chartered Bank

08/18/23

(1,077)

USD 277,375

EUR 253,508

Standard Chartered Bank

08/18/23

USD 163,780

CHF 145,922

Standard Chartered Bank

08/18/23

(53)

GBP 314,075

USD 399,113

Standard Chartered Bank

08/18/23

(240)

GBP 361,061

USD 459,005

Standard Chartered Bank

08/18/23

(343)

NZD 445,124

USD 273,409

Standard Chartered Bank

08/18/23

(291)

USD 534,642

AUD 798,935

Standard Chartered Bank

08/18/23

1,704

USD 96,249

JPY 13,728,184

Standard Chartered Bank

08/18/23

417

USD 134,531

JPY 19,075,679

Standard Chartered Bank

08/18/23

1,370

USD 288,005

GBP 225,853

Standard Chartered Bank

08/18/23

1,100

NZD 620,464

USD 380,798

Standard Chartered Bank

08/18/23

587

JPY 21,736,408

USD 152,101

Standard Chartered Bank

08/18/23

(366)

CHF 265,871

USD 299,233

Standard Chartered Bank

08/18/23

(730)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 122,662

CAD 162,374

Standard Chartered Bank

08/18/23

NZD 688,987

USD 419,450

Standard Chartered Bank

08/18/23

3,297

NZD 417,754

USD 254,238

Standard Chartered Bank

08/18/23

2,087

JPY 50,677,419

USD 353,767

Standard Chartered Bank

08/18/23

(4)

CHF 86,959

USD 97,564

Standard Chartered Bank

08/18/23

AUD 922,111

USD 610,738

Standard Chartered Bank

08/18/23

4,366

USD 223,344

JPY 32,121,392

Standard Chartered Bank

08/18/23

(886)

USD 308,352

JPY 44,345,161

Standard Chartered Bank

08/18/23

(1,208)

NZD 508,972

USD 308,890

Standard Chartered Bank

08/18/23

3,404

USD 478,508

JPY 68,585,364

Standard Chartered Bank

08/18/23

1,061

USD 338,072

AUD 498,872

Standard Chartered Bank

08/18/23

5,294

USD 165,284

CHF 147,150

Standard Chartered Bank

08/18/23

CHF 119,072

USD 133,540

Standard Chartered Bank

08/18/23

147

USD 370,559

GBP 290,653

Standard Chartered Bank

08/18/23

1,338

USD 1,102,741

MXN 18,919,151

State Street Bank and Trust Co.

07/14/23

(4,842)

MXN 1,967,366

USD 114,943

State Street Bank and Trust Co.

07/14/23

(248)

USD 697,731

MXN 11,983,938

State Street Bank and Trust Co.

07/14/23

(919)

MXN 4,956,152

USD 287,028

State Street Bank and Trust Co.

07/14/23

1,910

MXN 10,040,255

USD 580,717

State Street Bank and Trust Co.

07/14/23

4,618

MXN 10,412,986

USD 599,051

State Street Bank and Trust Co.

07/14/23

8,015

BRL 5,350,852

USD 1,049,990

State Street Bank and Trust Co.

07/14/23

65,368

EUR 20,989,671

USD 22,973,806

State Street Bank and Trust Co.

08/18/23

(16,198)

DKK 2,074,954

USD 305,096

State Street Bank and Trust Co.

08/18/23

(139)

USD 172,794

GBP 135,619

State Street Bank and Trust Co.

08/18/23

515

JPY 25,702,573

USD 181,298

State Street Bank and Trust Co.

08/18/23

(1,876)

CHF 299,682

USD 336,099

State Street Bank and Trust Co.

08/18/23

365

USD 212,822

AUD 318,161

State Street Bank and Trust Co.

08/18/23

589

USD 345,312

CAD 456,841

State Street Bank and Trust Co.

08/18/23

319

CHF 365,816

USD 409,921

State Street Bank and Trust Co.

08/18/23

795

USD 174,179

SEK 1,862,212

State Street Bank and Trust Co.

08/18/23

1,138

USD 383,080

CAD 504,589

State Street Bank and Trust Co.

08/18/23

1,907

NOK 2,972,342

USD 276,523

State Street Bank and Trust Co.

08/18/23

870

USD 342,310

GBP 268,335

State Street Bank and Trust Co.

08/18/23

1,440

EUR 880,186

USD 967,315

State Street Bank and Trust Co.

08/18/23

(4,605)

USD 425,596

GBP 336,367

State Street Bank and Trust Co.

08/18/23

(1,697)

USD 561,851

CHF 500,996

State Street Bank and Trust Co.

08/18/23

(637)

JPY 1,648,916,168

USD 11,716,811

State Street Bank and Trust Co.

08/18/23

(206,247)

USD 346,507

JPY 49,431,356

State Street Bank and Trust Co.

08/18/23

1,443

NOK 3,822,985

USD 357,193

State Street Bank and Trust Co.

08/18/23

(414)

NZD 568,791

USD 344,993

State Street Bank and Trust Co.

08/18/23

4,629

(259,034)

At June 30, 2023, the following futures contracts were outstanding for Voya Global Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Australia 10-Year Bond		4		09/15/23		$	309,553		$	(2,475)
Australia 3-Year Bond		16		09/15/23			1,125,853			(6,160)
Canada 10-Year Bond		19		09/20/23			1,757,365			(29,839)
Euro-Bobl 5-Year		53		09/07/23			6,691,943			(78,276)
Euro-Bund		2		09/07/23			291,875			(2,754)
Euro-Buxl® 30-year German Government Bond		8		09/07/23			1,218,655			18,770
Euro-OAT		40		09/07/23			5,604,417			(40,812)
Euro-Schatz		62		09/07/23			7,093,581			(53,294)
Japan 10-Year Bond (TSE)		1		09/12/23			1,029,488			4,698

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Japanese Government Bonds 10-Year Mini		27		09/11/23			2,778,308		$	11,712
Long Gilt		19		09/27/23			2,299,594			(39,263)
Long-Term Euro-BTP		12		09/07/23			1,520,395			(879)
U.S. Treasury 10-Year Note		6		09/20/23			673,594			(3,856)
U.S. Treasury 2-Year Note		20		09/29/23			4,066,875			(16,132)
U.S. Treasury Long Bond		4		09/20/23			507,625			(1,184)
U.S. Treasury Ultra Long Bond		7		09/20/23			953,531			(9,641)
						$	37,922,652		$	(249,385)
Short Contracts:
U.S. Treasury 5-Year Note		(43)		09/29/23			(4,605,031)			90,285
U.S. Treasury Ultra 10-Year Note		(32)		09/20/23			(3,790,000)			25,074
						$	(8,395,031)		$	115,359

At June 30, 2023, 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

1-month Brazilian Interbank Deposit Average

Annual

10.275%

Annual

01/04/27

BRL 6,214,662

10,071

Pay

1-day Sterling Overnight Index Average (SONIA)

Annual

4.760

Annual

05/25/25

GBP 900,000

(24,709)

Pay

1-day Sterling Overnight Index Average (SONIA)

Annual

1.649

Annual

04/14/52

GBP 800,000

(382,207)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.150

Annual

06/20/24

JPY 1,500,000,000

16,413

Pay

1-day Overnight Tokyo Average Rate

Annual

0.410

Annual

06/20/29

JPY 50,000,000

1,773

Pay

1-day Overnight Tokyo Average Rate

Annual

0.574

Annual

06/10/37

JPY 90,000,000

(16,752)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.664

Annual

07/15/37

JPY 330,000,000

(20,551)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.826

Annual

05/20/47

JPY 250,000,000

(71,062)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.978

Annual

06/28/52

JPY 57,000,000

(6,716)

Pay

1-day Secured Overnight Financing Rate

Annual

3.270

Annual

02/20/25

USD 2,523,000

(34,696)

Pay

1-day Secured Overnight Financing Rate

Annual

3.332

Annual

02/20/25

USD 550,746

(7,253)

Pay

1-day Secured Overnight Financing Rate

Annual

4.362

Annual

02/20/25

USD 1,093,000

(3,845)

Pay

1-day Secured Overnight Financing Rate

Annual

4.472

Annual

02/20/25

USD 415,000

(1,033)

Pay

1-day Secured Overnight Financing Rate

Monthly

3.058

Monthly

05/08/29

USD 900,000

(33,556)

(33,346)

Pay

1-day Secured Overnight Financing Rate

Monthly

3.105

Monthly

08/08/32

USD 1,870,000

(64,168)

(71,828)

Pay

1-day Secured Overnight Financing Rate

Annual

2.988

Annual

03/16/33

USD 234,000

(1,326)

Pay

1-day Secured Overnight Financing Rate

Annual

3.058

Annual

05/10/33

USD 1,571,000

(69,488)

Pay

1-day Secured Overnight Financing Rate

Annual

3.085

Annual

05/10/33

USD 1,005,000

(42,217)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD 1,382,194

(34,606)

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD 1,885,280

(16,778)

Pay

1-day Secured Overnight Financing Rate

Annual

3.065

Annual

05/11/33

USD 1,408,000

(61,429)

Pay

1-day Secured Overnight Financing Rate

Annual

3.139

Annual

05/12/33

USD 816,723

(30,575)

Pay

1-day Secured Overnight Financing Rate

Annual

3.164

Annual

05/12/33

USD 754,000

(26,652)

Pay

1-day Secured Overnight Financing Rate

Annual

3.200

Annual

05/12/33

USD 1,005,000

(32,502)

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/12/33

USD 718,780

(22,513)

Pay

1-day Secured Overnight Financing Rate

Annual

3.214

Annual

05/12/33

USD 691,110

(21,518)

Pay

1-day Secured Overnight Financing Rate

Annual

3.216

Annual

05/12/33

USD 345,555

(10,701)

Pay

1-day Secured Overnight Financing Rate

Annual

3.233

Annual

05/12/33

USD 817,000

(24,174)

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD 955,000

(10,299)

Pay

1-day Secured Overnight Financing Rate

Annual

2.995

Annual

06/09/33

USD 2,514,000

(120,273)

Pay

1-day Secured Overnight Financing Rate

Annual

3.415

Annual

08/23/33

USD 288,000

(2,578)

Pay

1-day Secured Overnight Financing Rate

Annual

3.435

Annual

08/23/33

USD 278,000

(2,030)

Pay

1-day Secured Overnight Financing Rate

Annual

3.524

Annual

08/23/33

USD 97,000

—

Pay

1-day Secured Overnight Financing Rate

Annual

3.392

Annual

09/13/33

USD 584,000

(5,636)

Pay

1-day Secured Overnight Financing Rate

Annual

3.405

Annual

09/13/33

USD 491,000

(4,213)

Pay

1-day Secured Overnight Financing Rate

Annual

3.406

Annual

09/13/33

USD 143,000

(1,210)

Pay

1-day Secured Overnight Financing Rate

Annual

3.421

Annual

09/13/33

USD 467,000

(3,387)

Pay

1-day Secured Overnight Financing Rate

Annual

3.519

Annual

09/13/33

USD 221,000

—

Receive

1-day Sterling Overnight Index Average (SONIA)

Annual

3.674

Annual

09/30/52

GBP 70,000

2,616

Receive

1-day Overnight Tokyo Average Rate

Annual

0.025

Annual

06/10/24

JPY 260,000,000

(642)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (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)

Receive

28-day MXN TIIE-BANXICO

Monthly

8.100%

Monthly

06/17/33

MXN 10,185,000

(589)

Receive

1-day Secured Overnight Financing Rate

Annual

1.567

Annual

02/17/24

USD 8,000,000

292,230

Receive

1-day Secured Overnight Financing Rate

Annual

2.140

Annual

03/24/24

USD 5,000,000

157,025

Receive

1-day Secured Overnight Financing Rate

Annual

3.559

Annual

02/20/25

USD 1,724,000

19,032

Receive

1-day Secured Overnight Financing Rate

Annual

3.564

Annual

02/20/25

USD 1,106,000

12,157

Receive

1-day Secured Overnight Financing Rate

Annual

3.718

Annual

02/20/25

USD 984,000

9,402

Receive

1-day Secured Overnight Financing Rate

Annual

4.073

Annual

02/20/25

USD 1,093,000

6,806

6,805

Receive

1-day Secured Overnight Financing Rate

Annual

4.116

Annual

02/20/25

USD 1,093,000

6,365

Receive

1-day Secured Overnight Financing Rate

Annual

4.258

Annual

02/20/25

USD 900,000

4,044

4,043

Receive

1-day Secured Overnight Financing Rate

Annual

4.369

Annual

02/20/25

USD 841,000

2,905

Receive

1-day Secured Overnight Financing Rate

Annual

4.426

Annual

02/20/25

USD 694,000

2,028

Receive

1-day Secured Overnight Financing Rate

Annual

4.464

Annual

02/20/25

USD 1,489,000

3,823

Receive

1-day Secured Overnight Financing Rate

Annual

4.586

Annual

02/20/25

USD 1,766,000

2,507

Receive

1-day Secured Overnight Financing Rate

Annual

4.711

Annual

02/20/25

USD 2,103,000

532

Receive

1-day Secured Overnight Financing Rate

Monthly

4.068

Monthly

05/03/25

USD 3,750,000

51,155

51,096

Receive

1-day Secured Overnight Financing Rate

Monthly

3.679

Monthly

05/03/26

USD 17,000,000

321,948

321,747

Receive

1-day Secured Overnight Financing Rate

Monthly

3.477

Monthly

05/03/27

USD 2,250,000

49,098

49,051

Receive

1-day Secured Overnight Financing Rate

Annual

2.962

Annual

06/14/27

USD 3,000,000

126,309

Receive

1-day Secured Overnight Financing Rate

Monthly

3.114

Monthly

03/08/28

USD 3,600,000

124,648

125,337

Receive

1-day Secured Overnight Financing Rate

Annual

1.551

Annual

01/24/29

USD 2,000,000

255,284

Receive

1-day Secured Overnight Financing Rate

Monthly

3.046

Monthly

05/08/30

USD 2,300,000

87,691

87,495

Receive

1-day Secured Overnight Financing Rate

Annual

3.464

Annual

09/26/32

USD 2,000,000

33,116

Receive

1-day Secured Overnight Financing Rate

Annual

3.180

Annual

05/11/33

USD 4,210,000

143,331

Receive

1-day Secured Overnight Financing Rate

Annual

3.337

Annual

05/11/33

USD 528,073

11,081

Receive

1-day Secured Overnight Financing Rate

Annual

3.292

Annual

05/12/33

USD 4,738,000

116,849

Receive

1-day Secured Overnight Financing Rate

Annual

3.296

Annual

05/12/33

USD 754,000

18,375

Receive

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/12/33

USD 1,068,000

9,376

Receive

1-day Secured Overnight Financing Rate

Annual

3.598

Annual

05/12/33

USD 691,000

(552)

Receive

1-day Secured Overnight Financing Rate

Annual

3.643

Annual

05/12/33

USD 1,760,000

(7,973)

Receive

1-day Secured Overnight Financing Rate

Annual

3.689

��

Annual

05/12/33

USD 691,000

(5,812)

Receive

1-day Secured Overnight Financing Rate

Annual

3.172

Annual

05/16/33

USD 540,000

18,588

Receive

1-day Secured Overnight Financing Rate

Annual

3.482

Annual

06/09/33

USD 2,000,000

14,799

Receive

1-day Secured Overnight Financing Rate

Annual

3.405

Annual

08/23/33

USD 124,000

1,212

Receive

1-day Secured Overnight Financing Rate

Annual

3.409

Annual

08/23/33

USD 566,000

5,353

Receive

1-day Secured Overnight Financing Rate

Annual

3.463

Annual

08/23/33

USD 402,000

1,991

Receive

1-day Secured Overnight Financing Rate

Annual

3.543

Annual

08/23/33

USD 603,000

(998)

Receive

1-day Secured Overnight Financing Rate

Annual

3.427

Annual

09/13/33

USD 286,000

1,929

Receive

1-day Secured Overnight Financing Rate

Annual

3.525

Annual

09/13/33

USD 1,116,000

(1,516)

Receive

1-day Secured Overnight Financing Rate

Annual

3.147

Annual

10/13/33

USD 119,000

3,326

Receive

1-day Secured Overnight Financing Rate

Annual

3.319

Annual

10/13/33

USD 34,000

471

Receive

1-day Secured Overnight Financing Rate

Annual

3.445

Annual

10/13/33

USD 119,000

424

423

Receive

1-day Secured Overnight Financing Rate

Annual

3.475

Annual

10/13/33

USD 94,000

Receive

1-day Secured Overnight Financing Rate

Annual

3.506

Annual

10/13/33

USD 85,000

(125)

717,322

710,055

At June 30, 2023, the following purchased exchange-traded options were outstanding for Voya Global Bond Portfolio:

Description	Put/Call		Expiration Date		Exercise Price		Number of Contracts	Notional Amount	Cost			Fair Value
3-Month Euribor		Call		12/18/23		96.00	43	EUR 10,320,000		$	28,996		$	26,980
3-Month Euribor		Call		12/18/23		96.50	43	EUR 10,373,750			10,688			10,851
										$	39,684		$	37,831

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, the following exchange-traded written options were outstanding for Voya Global Bond Portfolio:

Description	Put/Call		Expiration Date		Exercise Price		Number of Contracts	Notional Amount	Premiums Received			Fair Value
3-Month Euribor		Call		12/18/23		96.25	86	(20,693,750)		$	34,138		$	(33,432)
										$	34,138		$	(33,432)

At June 30, 2023, 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		$	4,975
Call USD vs. Put EUR	BNP Paribas		07/10/23		1.085	USD 1,196,000			7,197			2,484
Call USD vs. Put EUR	Goldman Sachs International		07/10/23		1.100	USD 1,196,000			7,599			11,032
Call USD vs. Put JPY	BNP Paribas		09/05/23		154.000	USD 122,000			6,037			4,977
Call USD vs. Put JPY	Bank of America N.A.		09/09/32		140.000	USD 877,800			15,625			11,198
Call USD vs. Put JPY	BNP Paribas		09/09/32		140.000	USD 877,800			16,748			11,197
Put USD vs. Call EUR	BNP Paribas		07/10/23		1.115	USD 1,196,000			7,670			133
Put USD vs. Call EUR	Goldman Sachs International		07/10/23		1.100	USD 1,196,000			5,270			1,749
Put USD vs. Call JPY	Goldman Sachs International		07/07/23		115.000	USD 132,700			11,943			—
								$	115,165		$	47,745

At June 30, 2023, 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	Bank of America N.A.		09/09/27		140.000	USD 877,800		$	24,859		$	(16,818)
Call USD vs. Put JPY	BNP Paribas		09/09/27		140.000	USD 877,800			24,052			(16,818)
Call USD vs. Put MXN	Bank of America N.A.		08/31/23		18.750	USD 2,593,000			80,305			(5,945)
Put USD vs. Call JPY	Bank of America N.A.		07/03/23		138.000	USD 1,183,000			13,605			—
Put USD vs. Call MXN	Bank of America N.A.		08/31/23		18.000	USD 1,136,000			12,632			(49,235)
Call USD vs. Put EUR	BNP Paribas		07/12/23		1.100	USD 1,196,000			13,291			(11,331)
Call USD vs. Put EUR	Goldman Sachs International		07/10/23		1.085	USD 1,196,000			1,708			(2,484)
Call USD vs. Put JPY	Bank of America N.A.		07/03/23		138.000	USD 1,183,000			14,924			(51,396)
Put USD vs. Call EUR	BNP Paribas		07/12/23		1.100	USD 1,196,000			14,437			(2,162)
Put USD vs. Call EUR	Goldman Sachs International		07/10/23		1.115	USD 1,196,000			995			(133)
								$	200,808		$	(156,322)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, 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(1)

Bank of America N.A.

Pay

3.550%

1-day Secured Overnight
Financing Rate

09/11/23

USD 1,298,000

35,111

(21,170)

Call on 10-Year Interest
Rate Swap(1)

BNP Paribas

Pay

3.033%

1-day Secured Overnight
Financing Rate

10/11/23

USD 853,000

22,882

(4,838)

Call on 10-Year Interest
Rate Swap(1)

Citibank N.A.

Pay

3.540%

1-day Secured Overnight
Financing Rate

09/11/23

USD 2,596,000

70,222

(41,251)

Call on 10-Year Interest
Rate Swap(1)

Goldman Sachs
International

Pay

3.460%

1-day Secured Overnight
Financing Rate

08/21/23

USD 2,514,000

63,478

(24,328)

Call on 10-Year Interest
Rate Swap(1)

Goldman Sachs
International

Pay

3.570%

1-day Secured Overnight
Financing Rate

09/07/23

USD 1,298,000

34,673

(21,596)

Call on 1-Year Interest
Rate Swap(1)

Barclays Bank PLC

Pay

4.170%

1-day Secured Overnight
Financing Rate

02/16/24

USD 4,205,000

19,785

(10,096)

Call on 1-Year Interest
Rate Swap(1)

Morgan Stanley Capital
Services LLC

Pay

3.520%

1-day Secured Overnight
Financing Rate

01/24/24

USD 8,410,000

36,604

(8,778)

Put on 10-Year Interest
Rate Swap(2)

Bank of America N.A.

Receive

3.550%

1-day Secured Overnight
Financing Rate

09/11/23

USD 1,298,000

35,111

(19,013)

Put on 10-Year Interest
Rate Swap(2)

BNP Paribas

Receive

3.033%

1-day Secured Overnight
Financing Rate

10/11/23

USD 853,000

22,882

(38,010)

Put on 10-Year Interest
Rate Swap(2)

Citibank N.A.

Receive

3.540%

1-day Secured Overnight
Financing Rate

09/11/23

USD 2,596,000

70,222

(39,060)

Put on 10-Year Interest
Rate Swap(2)

Goldman Sachs
International

Receive

3.460%

1-day Secured Overnight
Financing Rate

08/21/23

USD 2,514,000

63,478

(41,750)

Put on 10-Year Interest
Rate Swap(2)

Goldman Sachs
International

Receive

3.570%

1-day Secured Overnight
Financing Rate

09/07/23

USD 1,298,000

34,673

(17,451)

Put on 1-Year Interest Rate Swap(2)

Barclays Bank PLC

Receive

4.170%

1-day Secured Overnight
Financing Rate

02/16/24

USD 4,205,000

19,785

(34,993)

Put on 1-Year Interest Rate Swap(2)

Morgan Stanley Capital
Services LLC

Receive

3.520%

1-day Secured Overnight
Financing Rate

01/24/24

USD 8,410,000

36,604

(117,380)

565,510

(439,714)

At June 30, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Global Bond Portfolio:

Description

Counterparty

Exercise
Rate(3)

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year
Interest Rate Swap

Barclays Bank PLC

17.500%

Receive

1-day Secured Overnight
Financing Rate

06/14/27

USD 1,307,000

(898,092)

Put on 30-Year Interest
Rate Swap

Barclays Bank PLC

18.000%

Pay

1-day Secured Overnight
Financing Rate

05/25/27

USD 3,070,500

(293,300)

(11,939)

(1,191,392)

(11,920)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, the following OTC written forward premium swaptions were outstanding for Voya Global Bond Portfolio:

Description

Counterparty

Exercise
Rate(3)

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 1-Year Interest Rate Swap

Goldman Sachs
International

3.900%

Pay

1-day Secured Overnight
Financing Rate

06/17/24

USD 13,416,000

76,505

9,859

Call on 1-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

3.800%

Pay

1-day Secured Overnight
Financing Rate

06/14/24

USD 13,416,000

76,807

27,155

Call on 5-Year Interest Rate Swap

Bank of America N.A.

3.038%

Pay

1-day Secured Overnight
Financing Rate

03/27/28

USD 649,000

27,518

2,624

Call on 5-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

3.060%

Pay

1-day Secured Overnight
Financing Rate

03/14/28

USD 1,298,000

56,563

7,548

Put on 1-Year Interest Rate Swap

Goldman Sachs
International

3.900%

Receive

1-day Secured Overnight
Financing Rate

06/17/24

USD 13,416,000

76,505

(33,303)

Put on 1-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

3.800%

Receive

1-day Secured Overnight
Financing Rate

06/14/24

USD 13,416,000

(81,995)

(37,813)

Put on 5-Year Interest Rate Swap

Bank of America N.A.

3.038%

Receive

1-day Secured Overnight
Financing Rate

03/27/28

USD 649,000

27,518

(318)

Put on 5-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

3.060%

Receive

1-day Secured Overnight
Financing Rate

03/14/28

USD 1,298,000

56,563

2,776

315,984

(21,472)

(1)

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

(2)

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

(3)

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

(4)

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

Currency Abbreviations

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

COP – Colombian Peso

CNY – Chinese Yuan

CZK – Czech Koruna

DKK – Danish Krone

EUR – EU Euro

GBP – British Pound

HKD – Hong Kong Sar Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RON – Romanian New Leu

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thai Baht

USD – United States Dollar

ZAR – South African Rand

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

The fair value of derivative instruments as of June 30, 2023 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*		$	47,745
Interest rate contracts	Investments in securities at value*			37,831
Interest rate contracts	Unrealized appreciation on forward premium swaptions			49,981
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			425,421
Interest rate contracts	Variation margin receivable on futures contracts**			150,539
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			1,946,364
Total Asset Derivatives			$	2,657,881
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	684,455
Interest rate contracts	Unrealized depreciation on forward premium swaptions			83,373
Interest rate contracts	Variation margin payable on futures contracts**			284,565
Interest rate contracts	Variation margin payable on centrally cleared swaps**			1,236,309
Interest rate contracts	Written options, at fair value			473,146
Foreign exchange contracts	Written options, at fair value			156,322
Total Liability Derivatives			$	2,918,170

Includes purchased options.

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward forgeign currency contracts			Futures			Swaps			Written options			Total
Equity contracts		$	—		$	—		$	(14,351)		$	—		$	—		$	(14,351)
Credit Contracts			—			—			—			(198,729)			—			(198,729)
Foreign exchange contracts			(79,970)			(860,299)			—			(6,549)			(8,724)			(955,542)
Interest rate contracts			(5,831)			—			(746,241)			1,370,287			385,958			1,004,173
Total		$	(85,801)		$	(860,299)		$	(760,592)		$	1,165,009		$	377,234		$	(164,449)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward forgeign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	61,179		$	—		$	61,179
Foreign exchange contracts			(63,247)			(1,134,286)			—			(4,189)			(26,221)			(1,227,943)
Interest rate contracts			8,706			—			884,718			(1,125,480)			165,025			(67,031)
		$	(54,541)		$	(1,134,286)		$	884,718		$	(1,068,490)		$	138,804		$	(1,233,795)

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, 2023:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Brown Brothers Harriman & Co.			Citibank N.A.			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			State Street Bank and Trust Co.			Totals
Assets
Purchased options		$	11,198		$	—		$	23,766		$	—		$	—		$	12,781		$	—		$	—		$	—		$	—		$	—		$	47,745
Forward foreign currency contracts			11,447			—			88,744			42,676			26,492			21,848			1,209			13,707			98,297			27,080			93,921			425,421
Forward premium swaptions			2,624			19			—			—			—			9,859			—			—			37,479			—			—			49,981
Total Assets		$	25,269		$	19		$	112,510		$	42,676		$	26,492		$	44,488		$	1,209		$	13,707		$	135,776		$	27,080		$	93,921		$	523,147
Liabilities
Forward foreign currency contracts		$	7,269		$	16,575		$	34,499		$	35,926		$	64,598		$	33,531		$	189,955		$	263		$	42,280		$	21,737		$	237,822		$	684,455
Forward premium swaptions			318			11,939			—			—			—			33,303			—			—			37,813			—			—			83,373
Written options			163,577			45,089			73,159			—			80,311			107,742			—						126,158			—			—			596,036
Total Liabilities		$	171,164		$	73,603		$	107,658		$	35,926		$	144,909		$	174,576		$	189,955		$	263		$	206,251		$	21,737		$	237,822		$	1,363,864
Net OTC derivative instruments by counterparty, at fair value		$	(145,895)		$	(73,584)		$	4,852		$	6,750		$	(118,417)		$	(130,088)		$	(188,746)		$	13,444		$	(70,475)		$	5,343		$	(143,901)			(840,717)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	73,584		$	—		$	—		$	—		$	120,000		$	—		$	—		$	20,000		$	—		$	—		$	213,584
Net Exposure(1)(2)		$	(145,895)		$	—		$	4,852		$	6,750		$	(118,417)		$	(10,088)		$	(188,746)		$	13,444		$	(50,475)		$	5,343		$	(143,901)		$	(627,133)

(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.

(2)

At June 30, 2023 the Portfolio had pledged $430,000 in cash collateral from Barclays Bank PLC. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2023, 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 $134,327,671.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	3,659,728
Gross Unrealized Depreciation		(13,101,446)
Net Unrealized Depreciation	$	(9,441,718)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.2%
	Australia: 8.3%
84,830	Ampol Ltd.		$	1,694,606		0.5
242,404	ANZ Group Holdings Ltd.			3,837,213		1.2
791,121	Aurizon Holdings Ltd.			2,069,739		0.6
74,498	BHP Group Ltd.			2,239,561		0.7
206,089	Brambles Ltd.			1,981,668		0.6
552,931	Insurance Australia Group Ltd.			2,102,739		0.6
784,404	Medibank Pvt Ltd.			1,842,550		0.6
60,383	Rio Tinto Ltd.			4,624,122		1.4
136,503	Suncorp Group Ltd.			1,226,512		0.4
110,468	Telstra Group Ltd.			316,900		0.1
243,918	Transurban Group - Stapled Security			2,322,438		0.7
209,175	Westpac Banking Corp.			2,978,369		0.9
				27,236,417		8.3
	Austria: 0.1%
8,210	OMV AG			348,615		0.1

	Belgium: 0.2%
5,432	Solvay S.A.			607,408		0.2

	China: 0.7%
726,500	BOC Hong Kong Holdings Ltd.			2,225,507		0.7

	Denmark: 1.5%
108,691 (1)	Danske Bank A/S			2,647,323		0.8
2,710	Novo Nordisk A/S			437,773		0.2
80,512	Tryg A/S			1,743,568		0.5
				4,828,664		1.5
	Finland: 1.6%
23,168	Elisa OYJ			1,236,812		0.4
38,327	Nordea Bank Abp			417,484		0.1
26,772	Orion Oyj			1,111,068		0.4
53,206	Sampo OYJ			2,389,617		0.7
				5,154,981		1.6
	France: 7.4%
9,877	Bouygues SA			331,803		0.1
55,075	Bureau Veritas SA			1,510,988		0.5
54,321	Danone			3,328,987		1.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
6,187	Dassault Aviation SA		$	1,239,575		0.4
30,336	Edenred			2,032,042		0.6
13,266	Eiffage SA			1,385,088		0.4
100,975	Getlink SE			1,718,383		0.5
255,009	Orange SA			2,980,156		0.9
65,467	Sanofi			7,047,919		2.1
13,063	Thales S.A.			1,957,220		0.6
15,893	TotalEnergies SE			912,334		0.3
				24,444,495		7.4
	Germany: 6.4%
24,165	Allianz SE			5,628,615		1.7
72,550	BASF SE			3,524,721		1.1
25,585	Bayerische Motoren Werke AG			3,147,144		1.0
22,084	Deutsche Telekom AG			481,841		0.1
20,629	Evonik Industries AG			393,082		0.1
42,298	Mercedes-Benz Group AG			3,404,629		1.0
5,556	Muenchener Rueckversicherungs-Gesellschaft AG			2,085,798		0.6
25,864	Talanx AG			1,484,870		0.5
308,376	Telefonica Deutschland Holding AG			867,930		0.3
				21,018,630		6.4
	Hong Kong: 4.0%
394,500	CK Asset Holdings Ltd.			2,192,142		0.7
91,000	CLP Holdings Ltd.			708,763		0.2
512,000	Hang Lung Properties Ltd.			792,302		0.2
22,900	Hang Seng Bank Ltd.			326,454		0.1
628,000	HKT Trust & HKT Ltd. - Stapled Security			731,226		0.2
28,100	Jardine Matheson Holdings Ltd.			1,410,058		0.4
309,700	Link REIT			1,724,138		0.5
322,500	MTR Corp.			1,484,652		0.5
318,000	Power Assets Holdings Ltd.			1,669,334		0.5
562,000	Sino Land Co.			691,882		0.2
578,000	SITC International Holdings Co. Ltd.			1,058,417		0.3
205,600	Swire Properties Ltd.			506,571		0.2
				13,295,939		4.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Ireland: 0.5%
32,099	DCC PLC		$	1,795,672		0.5

	Israel: 3.4%
267,542	Bank Hapoalim BM			2,206,311		0.7
307,925	Bank Leumi Le-Israel BM			2,307,468		0.7
7,527	Elbit Systems Ltd.			1,575,497		0.5
319,240	ICL Group Ltd.			1,752,241		0.5
374,142	Israel Discount Bank Ltd.			1,869,151		0.6
42,546	Mizrahi Tefahot Bank Ltd.			1,422,727		0.4
				11,133,395		3.4
	Italy: 4.3%
69,500	Assicurazioni Generali S.p.A.			1,413,354		0.4
221,372	ENI S.p.A.			3,186,966		1.0
1,330,519	Intesa Sanpaolo SpA			3,488,297		1.1
176,274	Mediobanca Banca di Credito Finanziario SpA			2,110,445		0.6
346,707	Snam SpA			1,812,017		0.5
274,678 (2)	Terna - Rete Elettrica Nazionale			2,342,780		0.7
				14,353,859		4.3
	Japan: 23.2%
301,700	Asahi Kasei Corp.			2,042,833		0.6
24,500	Astellas Pharma, Inc.			364,866		0.1
47,600 (2)	Bridgestone Corp.			1,955,488		0.6
18,100	Central Japan Railway Co.			2,267,774		0.7
58,700	Chubu Electric Power Co., Inc.			716,110		0.2
47,400	Dai Nippon Printing Co., Ltd.			1,346,427		0.4
90,700	Daiwa House Industry Co., Ltd.			2,396,474		0.7
635,900	ENEOS Holdings, Inc.			2,185,728		0.7
54,000	Hankyu Hanshin Holdings, Inc.			1,785,463		0.6
55,100	Honda Motor Co., Ltd.			1,669,192		0.5
80,800	Idemitsu Kosan Co., Ltd.			1,621,255		0.5
254,700	Japan Post Bank Co. Ltd.			1,986,212		0.6
182,100	Japan Post Holdings Co. Ltd.			1,308,798		0.4
131,700 (2)	Japan Tobacco, Inc.			2,885,019		0.9
134,500	Kajima Corp.			2,030,765		0.6
35,000	Kansai Electric Power Co., Inc.			439,124		0.1
115,900	Kirin Holdings Co., Ltd.			1,692,451		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
44,900 (2)	McDonald’s Holdings Co. Japan Ltd.		$	1,745,653		0.5
348,400	Mitsubishi HC Capital, Inc.			2,068,593		0.6
66,400	MS&AD Insurance Group Holdings, Inc.			2,351,377		0.7
41,000	Nintendo Co., Ltd.			1,869,122		0.6
1,480,000	Nippon Telegraph & Telephone Corp.			1,751,293		0.5
4,300	Nitto Denko Corp.			319,171		0.1
37,500	Nomura Real Estate Holdings, Inc.			891,548		0.3
248,200	Obayashi Corp.			2,146,518		0.7
289,400	Oji Holdings Corp.			1,082,086		0.3
87,800	Ono Pharmaceutical Co., Ltd.			1,584,213		0.5
21,700	Oracle Corp. Japan			1,613,908		0.5
114,600	Osaka Gas Co., Ltd.			1,756,567		0.5
39,100	Otsuka Holdings Co. Ltd.			1,434,253		0.4
32,500	Secom Co., Ltd.			2,199,551		0.7
113,400	Sekisui House Ltd.			2,290,635		0.7
283,200	SoftBank Corp.			3,026,077		0.9
52,900	Sompo Holdings, Inc.			2,373,583		0.7
128,000	Subaru Corp.			2,410,724		0.7
155,000	Sumitomo Chemical Co., Ltd.			471,109		0.2
18,400	Sumitomo Mitsui Financial Group, Inc.			788,614		0.2
62,500	Sumitomo Mitsui Trust Holdings, Inc.			2,217,224		0.7
60,000	Taisei Corp.			2,096,302		0.6
120,400	Takeda Pharmaceutical Co., Ltd.			3,783,276		1.2
70,100	Tobu Railway Co., Ltd.			1,879,603		0.6
159,200	Tosoh Corp.			1,883,038		0.6
6,300	Trend Micro, Inc.			304,961		0.1
77,800	Yamato Holdings Co., Ltd.			1,410,189		0.4
				76,443,167		23.2
	Netherlands: 4.5%
50,300	Ferrovial SE			1,590,091		0.5
10,791	JDE Peet’s NV			320,991		0.1
99,778	Koninklijke Ahold Delhaize NV			3,401,742		1.0
654,789	Koninklijke KPN NV			2,337,586		0.7
60,317	NN Group NV			2,232,800		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Netherlands (continued)
61,150	OCI NV		$	1,468,766		0.4
62,036	Shell PLC			1,850,642		0.6
14,150	Wolters Kluwer NV			1,796,679		0.5
				14,999,297		4.5
	New Zealand: 0.3%
290,890	Spark New Zealand Ltd.			910,283		0.3

	Norway: 0.8%
36,497	Aker BP ASA			856,271		0.2
53,206	Yara International ASA			1,879,869		0.6
				2,736,140		0.8
	Portugal: 0.6%
175,729	Galp Energia SGPS SA			2,053,555		0.6

	Spain: 5.7%
46,131	ACS Actividades de Construccion y Servicios SA			1,622,147		0.5
299,657	Banco Bilbao Vizcaya Argentaria SA			2,302,181		0.7
73,300 (2)	Enagas			1,440,614		0.4
60,066 (2)	Endesa S.A.			1,290,679		0.4
403,035	Iberdrola S.A. - IBEE			5,263,167		1.6
53,836	Industria de Diseno Textil SA			2,088,186		0.6
112,327 (2)	Redeia Corp. SA			1,889,011		0.6
174,369 (2)	Repsol SA			2,536,028		0.8
77,385	Telefonica S.A.			314,181		0.1
				18,746,194		5.7
	Switzerland: 6.8%
9,285	Banque Cantonale Vaudoise			980,730		0.3
352,709	Glencore PLC			1,999,824		0.6
28,274	Holcim AG			1,905,873		0.6
97,950	Novartis AG			9,875,264		3.0
2,206	Roche Holding AG-GENUSSCHEIN			673,867		0.2
3,784	Swisscom AG			2,361,749		0.7
10,129	Zurich Insurance Group AG			4,818,250		1.4
				22,615,557		6.8
	United Kingdom: 16.9%
453,844	Aviva PLC			2,283,409		0.7
249,240	BAE Systems PLC			2,938,857		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
1,033,040	BP PLC		$	6,014,762		1.8
143,825	British American Tobacco PLC			4,778,660		1.4
21,860	Compass Group PLC			612,150		0.2
271,584	GSK PLC			4,813,174		1.5
50,942	Hikma Pharmaceuticals PLC			1,225,910		0.4
1,076,119	HSBC Holdings PLC			8,520,558		2.6
118,111	Imperial Brands PLC			2,614,329		0.8
488,370	Legal & General Group PLC			1,413,982		0.4
787,673	M&G PLC			1,916,934		0.6
289,738	National Grid PLC			3,841,462		1.2
712,692	NatWest Group PLC			2,178,341		0.7
194,388	Pearson PLC			2,037,936		0.6
257,189	Phoenix Group Holdings PLC			1,740,132		0.5
23,489	Reckitt Benckiser Group PLC			1,765,222		0.5
58,488	Relx PLC (GBP Exchange)			1,951,206		0.6
96,913	Smiths Group PLC			2,027,594		0.6
97,391	Tesco PLC			307,225		0.1
173,730	The Sage Group PLC			2,040,796		0.6
167	Unilever PLC			8,704		0.0
11,260	Unilever PLC - ULVRL			586,357		0.2
				55,617,700		16.9
	Total Common Stock (Cost $298,467,410)			320,565,475		97.2
EXCHANGE-TRADED FUNDS: 0.9%
58,728	iShares MSCI EAFE Value Index ETF			2,874,148		0.9
	Total Exchange-Traded Funds (Cost $2,815,315)			2,874,148		0.9
PREFERRED STOCK: 0.6%
	Germany: 0.6%
23,734	Henkel AG & Co. KGaA			1,898,161		0.6
	Total Preferred Stock (Cost $2,030,983)			1,898,161		0.6
	Total Long-Term Investments (Cost $303,313,708)			325,337,784		98.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.1%
	Repurchase Agreements: 4.1%
1,931,979 (3)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,932,782, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,970,619, due 04/01/35-09/01/61)		$	1,931,979		0.6
2,309,940 (3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/23, 5.08%, due 07/03/23 (Repurchase Amount $2,310,904, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,356,139, due 10/13/23-02/20/73)			2,309,940		0.7
3,255,312 (3)	Jefferies LLC, Repurchase Agreement dated 06/30/23, 5.17%, due 07/03/23 (Repurchase Amount $3,256,695, collateralized by various U.S. Government Agency Obligations, 0.000%-5.050%, Market Value plus accrued interest $3,320,426, due 07/28/23-06/21/28)			3,255,312		1.0
3,255,312 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $3,256,666, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $3,320,418, due 07/31/23-05/20/53)			3,255,312		1.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,865,939 (3)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/23, 5.15%, due 07/03/23 (Repurchase Amount $2,867,152, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,923,326, due 07/15/25-02/15/51)		$	2,865,939		0.8
	Total Repurchase Agreements
	Total Short-Term Investments (Cost $13,618,482)			13,618,482		4.1
	Total Investments in Securities (Cost $316,932,190)		$	338,956,266		102.8
	Liabilities in Excess of Other Assets			(9,268,663)		(2.8)
	Net Assets		$	329,687,603		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

Sector Diversification	Percentage of Net Assets
Financials		27.1%
Industrials		15.4
Health Care		9.8
Materials		7.9
Consumer Staples		7.2
Energy		7.1
Utilities		7.0
Consumer Discretionary		6.5
Communication Services		5.8
Real Estate		2.8
Information Technology		1.2
Exchange-Traded Funds		0.9
Short-Term Investments		4.1
Liabilities in Excess of Other Assets		(2.8)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	27,236,417		$	—		$	27,236,417
Austria			—			348,615			—			348,615
Belgium			—			607,408			—			607,408
China			—			2,225,507			—			2,225,507
Denmark			—			4,828,664			—			4,828,664
Finland			—			5,154,981			—			5,154,981
France			—			24,444,495			—			24,444,495
Germany			—			21,018,630			—			21,018,630
Hong Kong			1,410,058			11,885,881			—			13,295,939
Ireland			—			1,795,672			—			1,795,672
Israel			—			11,133,395			—			11,133,395
Italy			—			14,353,859			—			14,353,859
Japan			1,745,653			74,697,514			—			76,443,167
Netherlands			1,911,082			13,088,215			—			14,999,297
New Zealand			—			910,283			—			910,283
Norway			—			2,736,140			—			2,736,140
Portugal			—			2,053,555			—			2,053,555
Spain			—			18,746,194			—			18,746,194
Switzerland			—			22,615,557			—			22,615,557
United Kingdom			—			55,617,700			—			55,617,700
Total Common Stock			5,066,793			315,498,682			—			320,565,475
Exchange-Traded Funds			2,874,148			—			—			2,874,148
Preferred Stock			—			1,898,161			—			1,898,161
Short-Term Investments			—			13,618,482			—			13,618,482
Total Investments, at fair value		$	7,940,941		$	331,015,325		$	—		$	338,956,266

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

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

At June 30, 2023, 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 $318,235,791.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	32,605,065
Gross Unrealized Depreciation		(11,804,894)
Net Unrealized Appreciation	$	20,800,171

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

VY® American Century Small-Mid Cap

PORTFOLIO OF INVESTMENTS

Value Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.2%
	Communication Services: 3.1%
12,116	BCE, Inc.		$	552,411		0.2
1,536	Cable One, Inc.			1,009,275		0.3
9,860	Electronic Arts, Inc.			1,278,842		0.4
138,239	Entravision Communications Corp.			606,869		0.2
90,282	Fox Corp. - Class B			2,879,093		0.9
55,054	Interpublic Group of Cos., Inc.			2,123,983		0.7
11,376	Omnicom Group			1,082,426		0.4
11,147	Townsquare Media, Inc.			132,761		0.0
				9,665,660		3.1
	Consumer Discretionary: 6.4%
59,623 (1)	Accel Entertainment, Inc.			629,619		0.2
7,573 (1)	Aptiv PLC			773,128		0.2
14,716 (1)(2)	Atmus Filtration Technologies, Inc.			323,163		0.1
47,072	BorgWarner, Inc.			2,302,291		0.7
5,086	Boyd Gaming Corp.			352,816		0.1
22,289	Brunswick Corp.			1,931,119		0.6
30,666 (1)	Capri Holdings Ltd.			1,100,603		0.4
1,187 (1)	Cavco Industries, Inc.			350,165		0.1
53,814	Cie Generale des Etablissements Michelin SCA			1,591,894		0.5
25,123 (1)	Dave & Buster’s Entertainment, Inc.			1,119,481		0.4
30,296 (1)	Everi Holdings, Inc.			438,080		0.1
16,453 (1)	Malibu Boats, Inc.			965,133		0.3
27,964 (1)	MarineMax, Inc.			955,250		0.3
24,056 (1)	OneWater Marine, Inc.			871,789		0.3
25,751 (1)	Penn Entertainment, Inc.			618,797		0.2
4,373	Penske Auto Group, Inc.			728,673		0.2
11,206 (1)(2)	Red Robin Gourmet Burgers, Inc.			154,979		0.1
32,399 (1)	Skyline Champion Corp.			2,120,515		0.7
5,140	Sodexo SA			566,004		0.2
51,359 (1)	Solo Brands, Inc.			290,692		0.1
32,912	Tapestry, Inc.			1,408,634		0.5
36,378 (1)	Vizio Holding Corp.			245,551		0.1
				19,838,376		6.4
	Consumer Staples: 6.7%
141,726	Conagra Brands, Inc.			4,779,001		1.5
25,704 (1)	Dollar Tree, Inc.			3,688,524		1.2
37,366	Edgewell Personal Care Co.			1,543,589		0.5
10,761	JM Smucker Co.			1,589,077		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
23,126	Kimberly-Clark Corp.		$	3,192,776		1.0
129,639	Koninklijke Ahold Delhaize NV			4,419,796		1.4
19,922	Spectrum Brands Holdings, Inc.			1,554,912		0.5
12,093	Turning Point Brands, Inc.			290,353		0.1
				21,058,028		6.7
	Energy: 5.4%
76,781	Baker Hughes Co.			2,427,047		0.8
25,905	Cactus, Inc.			1,096,300		0.4
69,514	ChampionX Corp.			2,157,714		0.7
34,006	Devon Energy Corp.			1,643,850		0.5
12,872	Diamondback Energy, Inc.			1,690,866		0.5
27,935 (1)	Earthstone Energy, Inc.			399,191		0.1
136,340 (3)	Enterprise Products Partners L.P.			3,592,559		1.2
22,081	Enviva, Inc.			239,579		0.1
48,977	EQT Corp.			2,014,424		0.6
46,113	Magnolia Oil & Gas Corp.			963,762		0.3
17,530	Northern Oil and Gas, Inc.			601,630		0.2
				16,826,922		5.4
	Financials: 21.3%
35,989	Aflac, Inc.			2,512,032		0.8
44,851	Allstate Corp.			4,890,553		1.6
20,471	A-Mark Precious Metals, Inc.			766,332		0.2
26,527	Ameris Bancorp.			907,489		0.3
33,175	Axis Capital Holdings Ltd.			1,785,810		0.6
109,195	Bank of New York Mellon Corp.			4,861,361		1.6
29,856	BankUnited, Inc.			643,397		0.2
102,695	Capitol Federal Financial, Inc.			633,628		0.2
31,220	Charles Schwab Corp.			1,769,550		0.6
31,670	Columbia Banking System, Inc.			642,268		0.2
2,575	Comerica, Inc.			109,077		0.0
78,071	Compass Diversified Holdings			1,693,360		0.5
10,305	ConnectOne Bancorp, Inc.			170,960		0.1
37,551	CVB Financial Corp.			498,677		0.2
13,488 (1)	Donnelley Financial Solutions, Inc.			614,109		0.2
6,825	Enact Holdings, Inc.			171,512		0.1
9,545 (1)	Euronet Worldwide, Inc.			1,120,297		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

VY® American Century Small-Mid Cap

PORTFOLIO OF INVESTMENTS

Value Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
53,647	EVERTEC, Inc.		$	1,975,819		0.6
28,365 (1)	Fidelis Insurance Holdings Ltd.			387,182		0.1
137,919	First BanCorp. Puerto Rico			1,685,370		0.5
121,562	First Hawaiian, Inc.			2,189,332		0.7
28,815	First Interstate Bancsystem, Inc.			686,950		0.2
12,747	First Merchants Corp.			359,848		0.1
1,426	First Mid Bancshares, Inc.			34,424		0.0
147,088	FNB Corp.			1,682,687		0.5
15,843	Hanover Insurance Group, Inc.			1,790,734		0.6
73,361	Home Bancshares, Inc./ Conway AR			1,672,631		0.5
13,739	Independent Bank Group, Inc.			474,408		0.2
69,629	Northern Trust Corp.			5,162,294		1.7
143,437	Old National Bancorp.			1,999,512		0.6
12,355	Origin Bancorp, Inc.			362,001		0.1
43,304	Pacific Premier Bancorp, Inc.			895,527		0.3
21,845	Patria Investments Ltd.			312,383		0.1
8,530	Premier Financial Corp.			136,651		0.0
22,049	Prosperity Bancshares, Inc.			1,245,327		0.4
21,809	Provident Financial Services, Inc.			356,359		0.1
5,112	QCR Holdings, Inc.			209,745		0.1
20,453	Reinsurance Group of America, Inc.			2,836,626		0.9
4,630	Selective Insurance Group			444,248		0.1
25,317	SouthState Corp.			1,665,859		0.5
29,124	T. Rowe Price Group, Inc.			3,262,470		1.0
11,186	TowneBank/Portsmouth VA			259,963		0.1
82,757	Truist Financial Corp.			2,511,675		0.8
19,432	UMB Financial Corp.			1,183,409		0.4
44,387	US Bancorp			1,466,546		0.5
151,610	Valley National Bancorp			1,174,977		0.4
11,546	Veritex Holdings, Inc.			207,020		0.1
16,752	Westamerica Bancorp.			641,602		0.2
14,833	Willis Towers Watson PLC			3,493,171		1.1
				66,557,162		21.3
	Health Care: 10.9%
11,593	AmerisourceBergen Corp.			2,230,841		0.7
1,553 (1)	AMN Healthcare Services, Inc.			169,463		0.1

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
4,377	Becton Dickinson & Co.			$	1,155,572		0.4
22,433	Cardinal Health, Inc.				2,121,489		0.7
25,520 (1)	Centene Corp.	��			1,721,324		0.6
34,528	Dentsply Sirona, Inc.				1,381,811		0.4
81,532	Embecta Corp.				1,761,091		0.6
11,063 (1)	Enovis Corp.				709,360		0.2
66,509 (1)	Envista Holdings Corp.				2,250,665		0.7
52,378 (1)	Henry Schein, Inc.				4,247,856		1.4
8,890 (1)	Hologic, Inc.				719,823		0.2
12,252	Laboratory Corp. of America Holdings				2,956,775		0.9
24,929	Quest Diagnostics, Inc.				3,504,020		1.1
7,725 (2)	Smith & Nephew PLC ADR				249,131		0.1
20,687	Universal Health Services, Inc.				3,263,788		1.0
38,664	Zimmer Biomet Holdings, Inc.				5,629,478		1.8
					34,072,487		10.9
	Industrials: 16.7%
5,399	Barrett Business Services, Inc.				470,793		0.2
38,038 (1)	Beacon Roofing Supply, Inc.				3,156,393		1.0
25,802	Brink’s Co.				1,750,150		0.6
28,814	Bunzl PLC				1,098,048		0.3
10,752 (1)	Ceco Environmental Corp.				143,647		0.0
45,845	Cie de Saint-Gobain				2,791,344		0.9
6,311	Cummins, Inc.				1,547,205		0.5
38,871	Deluxe Corp.				679,465		0.2
79,057 (1)	DIRTT Environmental Solutions				20,650		0.0
11,064 (1)	DXP Enterprises, Inc.				402,840		0.1
3,592 (1)	Dycom Industries, Inc.				408,231		0.1
47,302	Emerson Electric Co.				4,275,628		1.4
4,043	Esab Corp.				269,021		0.1
96,892 (1)	Gates Industrial Corp. PLC				1,306,104		0.4
3,608	General Dynamics Corp.				776,261		0.3
19,439 (1)	GMS, Inc.				1,345,179		0.4
36,746 (1)	Hayward Holdings, Inc.				472,186		0.2
100,469	Heartland Express, Inc.				1,648,696		0.5
111,785 (1)	Hillman Solutions Corp.				1,007,183		0.3
15,255	Huntington Ingalls Industries, Inc.				3,472,038		1.1
13,903 (1)	IBEX Holdings Ltd.				295,161		0.1
51,311	IMI PLC				1,070,356		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

VY® American Century Small-Mid Cap

PORTFOLIO OF INVESTMENTS

Value Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
7,309	Karat Packaging, Inc.		$	133,389		0.0
24,473	Korn Ferry			1,212,392		0.4
9,118	Legrand S.A.			904,543		0.3
7,578 (1)	Leonardo DRS, Inc.			131,403		0.0
17,278	Loomis AB			504,563		0.2
12,739	Luxfer Holdings PLC			181,276		0.1
455	Luxfer Holdings PLC ADR			6,475		0.0
34,537	MSC Industrial Direct Co.			3,290,685		1.1
2,520 (1)	NV5 Global, Inc.			279,140		0.1
43,151	nVent Electric PLC			2,229,612		0.7
24,465 (1)	OPENLANE, Inc.			372,357		0.1
49,350	Oshkosh Corp.			4,273,216		1.4
7,021	Republic Services, Inc.			1,075,407		0.3
103,036	Southwest Airlines Co.			3,730,934		1.2
15,558	Tecnoglass, Inc.			803,726		0.3
22,817	Timken Co.			2,088,440		0.7
2,534 (1)	Titan Machinery, Inc.			74,753		0.0
21,367	Vinci SA			2,482,753		0.8
				52,181,643		16.7
	Information Technology: 7.4%
29,231	Amdocs Ltd.			2,889,484		0.9
37,216	Avnet, Inc.			1,877,547		0.6
4,688	Belden, Inc.			448,407		0.1
43,272 (1)	Coherent Corp.			2,206,007		0.7
10,679 (1)	Cohu, Inc.			443,819		0.1
29,080	Corning, Inc.			1,018,963		0.3
33,272 (1)	Digital Turbine, Inc.			308,764		0.1
17,397 (1)	F5, Inc.			2,544,485		0.8
71,289	HP, Inc.			2,189,285		0.7
55,777	Juniper Networks, Inc.			1,747,494		0.6
25,351	Kulicke & Soffa Industries, Inc.			1,507,117		0.5
5,114	MKS Instruments, Inc.			552,823		0.2
16,636	TE Connectivity Ltd.			2,331,702		0.8
29,641 (1)	Teradata Corp.			1,583,126		0.5
7,259	Teradyne, Inc.			808,145		0.3
17,047	Vontier Corp.			549,084		0.2
				23,006,252		7.4
	Materials: 5.0%
38,225	Akzo Nobel NV			3,125,023		1.0
269,719	Amcor PLC			2,691,796		0.9
24,695 (1)	Axalta Coating Systems Ltd.			810,243		0.3
18,281	Element Solutions, Inc.			350,995		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
84,853	Graphic Packaging Holding Co.		$	2,039,018		0.6
5,632 (1)	Ingevity Corp.			327,557		0.1
16,623	Minerals Technologies, Inc.			958,981		0.3
28,764	Packaging Corp. of America			3,801,450		1.2
76,466	Pactiv Evergreen, Inc.			578,848		0.2
17,271	Sonoco Products Co.			1,019,334		0.3
				15,703,245		5.0
	Real Estate: 6.9%
22,421	CareTrust REIT, Inc.			445,281		0.1
21,391 (2)	Easterly Government Properties, Inc.			310,170		0.1
557	Equinix, Inc.			436,655		0.1
11,316	Essex Property Trust, Inc.			2,651,339		0.9
32,394	Four Corners Property Trust, Inc.			822,808		0.3
131,031	Healthpeak Properties, Inc.			2,633,723		0.8
28,888	Highwoods Properties, Inc.			690,712		0.2
37,054	Kite Realty Group Trust			827,786		0.3
8,406	National Health Investors, Inc.			440,643		0.1
18,035	NETSTREIT Corp.			322,285		0.1
46,913	Physicians Realty Trust			656,313		0.2
7,704	Public Storage, Inc.			2,248,644		0.7
53,709	Realty Income Corp.			3,211,261		1.0
46,882	Regency Centers Corp.			2,895,901		0.9
24,812	Summit Hotel Properties, Inc.			161,526		0.1
27,986	UMH Properties, Inc.			447,216		0.2
17,646	VICI Properties, Inc.			554,614		0.2
19,920	Weyerhaeuser Co.			667,519		0.2
18,008	WP Carey, Inc.			1,216,620		0.4
				21,641,016		6.9
	Utilities: 7.4%
5,851	ALLETE, Inc.			339,183		0.1
10,780	Atmos Energy Corp.			1,254,145		0.4
32,450	Duke Energy Corp.			2,912,063		0.9
71,545	Edison International			4,968,800		1.6
32,510	Evergy, Inc.			1,899,234		0.6
22,723	Eversource Energy			1,611,515		0.5
3,839	Northwest Natural Holding Co.			165,269		0.1
62,825	NorthWestern Corp.			3,565,947		1.1
22,952	Pinnacle West Capital Corp.			1,869,670		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

VY® American Century Small-Mid Cap

PORTFOLIO OF INVESTMENTS

Value Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
12,899	Southwest Gas Holdings, Inc.		$	821,021		0.3
59,019	Spire, Inc.			3,744,166		1.2
				23,151,013		7.4
	Total Common Stock
	(Cost $304,106,405)			303,701,804		97.2
EXCHANGE-TRADED FUNDS: 0.9%
26,320	iShares Russell Mid-Cap Value ETF			2,890,989		0.9
	Total Exchange-Traded Funds (Cost $2,881,538)			2,890,989		0.9
PREFERRED STOCK: 0.6%
	Consumer Staples: 0.6%
25,584	Henkel AG & Co. KGaA			2,046,118		0.6
	Total Preferred Stock (Cost $1,681,093)			2,046,118		0.6
OTHER(4): —%
	Consumer, Non-cyclical: —%
6,778 (2)(5)(6)	The Fresh Market Holdings, Inc.			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $308,669,036)			308,638,911		98.7

Principal Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.4%

Repurchase Agreements: 0.3%

915,143 (7)

RBC Dominion Securities
Inc., Repurchase Agreement
dated 06/30/23, 5.06%, due
07/03/23 (Repurchase
Amount $915,524,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations, 0.000%-7.500%,
Market Value plus accrued
interest $933,446,
due 07/31/23-05/20/53)
(Cost $915,143)

915,143

0.3

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.1%
3,426,079 (8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $3,426,079)		$	3,426,079		1.1
	Total Short-Term Investments (Cost $4,341,222)			4,341,222		1.4
	Total Investments in Securities (Cost $313,010,258)		$	312,980,133		100.1
	Liabilities in Excess of Other Assets			(409,016)		(0.1)
	Net Assets		$	312,571,117		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)

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.

(5)

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

(6)

Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2023, 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.

(7)

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

(8)

Rate shown is the 7-day yield as of June 30, 2023.

	Geographic Diversification as of June 30, 2023 (as a percentage of net assets)

	United States			86.5%
	United Kingdom			4.2%
	France			2.7%
	Netherlands			2.4%
	Germany			0.6%
	Puerto Rico			0.6%
	Colombia			0.3%
	Canada			0.2%
	Sweden			0.2%
	Cayman Islands			0.1%
	Assets in Excess of Other Liabilities,*			2.2%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

VY® American Century Small-Mid Cap

PORTFOLIO OF INVESTMENTS

Value Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	9,665,660		$	—		$	—		$	9,665,660
Consumer Discretionary			17,680,478			2,157,898			—			19,838,376
Consumer Staples			16,638,232			4,419,796			—			21,058,028
Energy			16,826,922			—			—			16,826,922
Financials			66,557,162			—			—			66,557,162
Health Care			34,072,487			—			—			34,072,487
Industrials			43,330,036			8,851,607			—			52,181,643
Information Technology			23,006,252			—			—			23,006,252
Materials			12,578,222			3,125,023			—			15,703,245
Real Estate			21,641,016			—			—			21,641,016
Utilities			23,151,013			—			—			23,151,013
Total Common Stock			285,147,480			18,554,324			—			303,701,804
Exchange-Traded Funds			2,890,989			—			—			2,890,989
Preferred Stock			—			2,046,118			—			2,046,118
Other			—			—			—			—
Short-Term Investments			3,426,079			915,143			—			4,341,222
Total Investments, at fair value		$	291,464,548		$	21,515,585		$	—		$	312,980,133
Other Financial Instruments+
Forward Foreign Currency Contracts			—			12,437			—			12,437
Total Assets		$	291,464,548		$	21,528,022		$	—		$	312,992,570
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(1,492)		$	—		$	(1,492)
Total Liabilities		$	—		$	(1,492)		$	—		$	(1,492)

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

At June 30, 2023, VY® American Century Small-Mid Cap Value Portfolio held the following restricted securities:

Security

Acquisition
Date

Acquisition
Cost

Fair Value

The Fresh Market Holdings, Inc.

11/14/2022

—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

VY® American Century Small-Mid Cap

PORTFOLIO OF INVESTMENTS

Value Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, 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 157,483

GBP 124,756

Bank of America N.A.

09/29/23

(988)

USD 52,509

GBP 41,504

Bank of America N.A.

09/29/23

(210)

USD 3,822,611

EUR 3,484,042

Bank of America N.A.

09/29/23

3,971

USD 1,711,701

GBP 1,347,055

Bank of America N.A.

09/29/23

620

USD 83,428

GBP 65,640

Bank of America N.A.

09/29/23

USD 73,304

CAD 97,189

Goldman Sachs & Co.

09/29/23

(161)

USD 49,689

CAD 65,736

Goldman Sachs & Co.

09/29/23

(1)

USD 218,100

CAD 288,547

Goldman Sachs & Co.

09/29/23

USD 7,413,876

EUR 6,763,498

JPMorgan Chase Bank N.A.

09/29/23

831

USD 3,822,893

EUR 3,484,042

Morgan Stanley

09/29/23

4,253

USD 15,199

SEK 164,487

UBS AG

09/29/23

(117)

USD 15,574

SEK 167,424

UBS AG

09/29/23

(15)

USD 400,304

SEK 4,270,776

UBS AG

09/29/23

2,634

10,945

Currency Abbreviations
CAD – Canadian Dollar
EUR – EU Euro
GBP – British Pound
SEK – Swedish Krona
USD – United States Dollar

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

The fair value of derivative instruments as of June 30, 2023 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		$	12,437
Total Asset Derivatives			$	12,437
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	1,492
Total Liability Derivatives			$	1,492

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 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		$	(219,777)
Total		$	(219,777)

	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		$	101,080
Total		$	101,080

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

VY® American Century Small-Mid Cap

PORTFOLIO OF INVESTMENTS

Value Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $316,909,010.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	24,505,157
Gross Unrealized Depreciation		(28,201,192)
Net Unrealized Depreciation	$	(3,696,035)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Baron Growth Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 100.0%
	Communication Services: 6.3%
510,000	Iridium Communications, Inc.		$	31,681,200		6.3

	Consumer Discretionary: 20.5%
75,000 (1)	Bright Horizons Family Solutions, Inc.			6,933,750		1.4
282,000	Choice Hotels International, Inc.			33,140,640		6.6
335,000 (1)	Figs, Inc.			2,770,450		0.5
135,000	Krispy Kreme, Inc.			1,988,550		0.4
84,500	Marriott Vacations Worldwide Corp.			10,369,840		2.1
305,682 (1)	Penn Entertainment, Inc.			7,345,539		1.4
85,000	Red Rock Resorts, Inc.			3,976,300		0.8
146,000	Vail Resorts, Inc.			36,756,960		7.3
				103,282,029		20.5
	Financials: 35.8%
394,000 (1)	Arch Capital Group Ltd.			29,490,900		5.9
113,500	Carlyle Group, Inc./The			3,626,325		0.7
131,500	Cohen & Steers, Inc.			7,625,685		1.5
35,400	Essent Group Ltd.			1,656,720		0.3
76,000	Factset Research Systems, Inc.			30,449,400		6.1
30,325	Houlihan Lokey, Inc.			2,981,251		0.6
70,000	Kinsale Capital Group, Inc.			26,194,000		5.2
22,065	Moelis & Co.			1,000,427		0.2
46,687	Morningstar, Inc.			9,153,920		1.8
102,000	MSCI, Inc. - Class A			47,867,580		9.5
102,000	Primerica, Inc.			20,171,520		4.0
				180,217,728		35.8
	Health Care: 10.7%
176,000	Bio-Techne Corp.			14,366,880		2.9
36,055 (1)	Idexx Laboratories, Inc.			18,107,902		3.6
5,195 (1)	Mettler Toledo International, Inc.			6,813,970		1.3
83,100 (1)	Neogen Corp.			1,807,425		0.4
32,500	West Pharmaceutical Services, Inc.			12,430,275		2.5
				53,526,452		10.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 1.3%
4,129,898 (1)(2)(3)	Northvolt AB - Series E		$	1,209,759		0.2
80,000 (1)	Trex Co., Inc.			5,244,800		1.1
				6,454,559		1.3
	Information Technology: 14.1%
53,870 (1)	Altair Engineering, Inc.			4,085,501		0.8
68,000 (1)	ANSYS, Inc.			22,458,360		4.5
17,500 (1)	Clearwater Analytics Holdings, Inc.			277,725		0.0
102,500 (1)	Gartner, Inc.			35,906,775		7.1
92,600 (1)	Guidewire Software, Inc.			7,045,008		1.4
4,500	Littelfuse, Inc.			1,310,895		0.3
				71,084,264		14.1
	Real Estate: 11.3%
64,824	Alexandria Real Estate Equities, Inc.			7,356,876		1.5
336,000 (1)	CoStar Group, Inc.			29,904,000		5.9
241,452	Douglas Emmett, Inc.			3,035,051		0.6
337,000	Gaming and Leisure Properties, Inc.			16,331,020		3.3
				56,626,947		11.3
	Total Common Stock (Cost $95,459,601)			502,873,179		100.0
	Liabilities in Excess of Other Assets			(35,932)		—
	Net Assets		$	502,837,247		100.0

(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, 2023, the Portfolio held restricted securities with a fair value of $1,209,759 or 0.2% of net assets. Please refer to the table below for additional details.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Baron Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	31,681,200		$	—		$	—		$	31,681,200
Consumer Discretionary			103,282,029			—			—			103,282,029
Financials			180,217,728			—			—			180,217,728
Health Care			53,526,452			—			—			53,526,452
Industrials			5,244,800			—			1,209,759			6,454,559
Information Technology			71,084,264			—			—			71,084,264
Real Estate			56,626,947			—			—			56,626,947
Total Common Stock			501,663,420			—			1,209,759			502,873,179
Total Investments, at fair value		$	501,663,420		$	—		$	1,209,759		$	502,873,179

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

At June 30, 2023, 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		$	1,209,759
				$	651,737		$	1,209,759

At June 30, 2023, 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 $97,899,383.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	406,214,652
Gross Unrealized Depreciation		(1,240,856)
Net Unrealized Appreciation	$	404,973,796

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Columbia Contrarian Core Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.4%
	Communication Services: 12.9%
10,299 (1)	Alphabet, Inc. - Class A		$	1,232,790		2.2
9,779 (1)	Alphabet, Inc. - Class C			1,182,966		2.1
10,150	Comcast Corp. - Class A			421,732		0.8
17,727 (1)	Endeavor Group Holdings, Inc.			424,030		0.8
6,970 (1)	Match Group, Inc.			291,694		0.5
4,529 (1)	Meta Platforms, Inc.			1,299,732		2.4
11,231 (1)	Pinterest, Inc.			307,056		0.6
5,743 (1)	Take-Two Interactive Software, Inc.			845,140		1.5
4,113 (1)	T-Mobile US, Inc.			571,296		1.0
3,081 (1)	Walt Disney Co.			275,072		0.5
11,756 (1)	ZoomInfo Technologies, Inc.			298,485		0.5
				7,149,993		12.9
	Consumer Discretionary: 6.8%
16,696 (1)	Amazon.com, Inc.			2,176,491		3.9
1,120	Lowe’s Cos, Inc.			252,784		0.4
849	McDonald’s Corp.			253,350		0.5
7,253	Tapestry, Inc.			310,428		0.6
3,030 (1)	Tesla, Inc.			793,163		1.4
				3,786,216		6.8
	Consumer Staples: 6.1%
23,570 (1)	Coty, Inc - Class A			289,675		0.5
7,697 (1)	Kenvue, Inc.			203,355		0.4
11,336	Mondelez International, Inc.			826,848		1.5
5,638	Procter & Gamble Co.			855,510		1.5
3,797	Sysco Corp.			281,738		0.5
5,868	Walmart, Inc.			922,332		1.7
				3,379,458		6.1
	Energy: 3.4%
9,955	Canadian Natural Resources Ltd.			560,068		1.0
6,287	Chevron Corp.			989,259		1.8
2,924	EOG Resources, Inc.			334,623		0.6
				1,883,950		3.4
	Financials: 12.4%
1,575	American Express Co.			274,365		0.5
1,361	Aon PLC			469,817		0.8
10,874	Bank of America Corp.			311,975		0.6
4,312 (1)	Berkshire Hathaway, Inc. - Class B			1,470,392		2.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
1,122	BlackRock, Inc.		$	775,459		1.4
4,803	JPMorgan Chase & Co.			698,548		1.3
2,269	Mastercard, Inc. - Class A			892,398		1.6
499	MSCI, Inc. - Class A			234,176		0.4
1,211	S&P Global, Inc.			485,478		0.9
3,867	Visa, Inc. - Class A			918,335		1.7
7,635	Wells Fargo & Co.			325,862		0.6
				6,856,805		12.4
	Health Care: 14.8%
4,004	Abbott Laboratories			436,516		0.8
4,712	AbbVie, Inc.			634,848		1.2
2,828 (1)	BioMarin Pharmaceutical, Inc.			245,131		0.4
8,971 (1)	Boston Scientific Corp.			485,241		0.9
1,149	Danaher Corp.			275,760		0.5
2,123	Elevance Health, Inc.			943,228		1.7
3,000	Eli Lilly & Co.			1,406,940		2.5
3,116	GE HealthCare Technologies, Inc.			253,144		0.5
1,528 (1)	IQVIA Holdings, Inc.			343,448		0.6
6,810	Johnson & Johnson			1,127,191		2.0
9,639	Medtronic PLC			849,196		1.5
1,075	Thermo Fisher Scientific, Inc.			560,881		1.0
1,870 (1)	Vertex Pharmaceuticals, Inc.			658,072		1.2
				8,219,596		14.8
	Industrials: 8.7%
4,900	Emerson Electric Co.			442,911		0.8
5,799	General Electric Co.			637,020		1.1
1,796	Honeywell International, Inc.			372,670		0.7
2,073	Parker Hannifin Corp.			808,553		1.4
10,131	Raytheon Technologies Corp.			992,433		1.8
18,885 (1)	Uber Technologies, Inc.			815,265		1.5
3,780	Union Pacific Corp.			773,464		1.4
				4,842,316		8.7
	Information Technology: 28.8%
1,798	Accenture PLC			554,827		1.0
1,526 (1)	Adobe, Inc.			746,199		1.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Columbia Contrarian Core Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
2,727 (1)	Advanced Micro Devices, Inc.		$	310,633		0.6
19,130	Apple, Inc.			3,710,646		6.7
2,343	Entegris, Inc.			259,651		0.5
4,536	International Business Machines Corp.			606,962		1.1
2,017	Intuit, Inc.			924,169		1.7
1,111	Lam Research Corp.			714,217		1.3
4,501	Marvell Technology, Inc.			269,070		0.5
12,207	Microsoft Corp.			4,156,972		7.5
4,532	Nvidia Corp.			1,917,127		3.4
1,408 (1)	Palo Alto Networks, Inc.			359,758		0.6
3,495	Qualcomm, Inc.			416,045		0.7
5,394	TE Connectivity Ltd.			756,023		1.4
946 (1)	Zebra Technologies Corp.			279,855		0.5
				15,982,154		28.8
	Materials: 1.7%
132 (1)	Avery Dennison Corp.			22,647		0.0
1,915	Corteva, Inc.			109,729		0.2
4,607	Newmont Corp.			196,535		0.4
2,335	Sherwin-Williams Co.			619,989		1.1
				948,900		1.7
	Real Estate: 1.2%
3,525	American Tower Corp.			683,638		1.2

	Utilities: 1.6%
4,731	American Electric Power Co., Inc.			398,350		0.7
1,266	DTE Energy Co.			139,286		0.3
5,715	Public Service Enterprise Group, Inc.			357,816		0.6
				895,452		1.6
	Total Common Stock (Cost $45,755,051)			54,628,478		98.4
OTHER(2): —%
	Materials: —%
649,000 (3)(4)	SINO Forest Corp. (Escrow)			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $45,755,051)			54,628,478		98.4

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.4%
	Mutual Funds: 2.4%
1,321,549 (5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $1,321,549)		$	1,321,549		2.4
	Total Short-Term Investments (Cost $1,321,549)			1,321,549		2.4
	Total Investments in Securities (Cost $47,076,600)		$	55,950,027		100.8
	Liabilities in Excess of Other Assets			(451,254)		(0.8)
	Net Assets		$	55,498,773		100.0

(1)

Non-income producing security.

(2)

(3)

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

(4)

(5)

Rate shown is the 7-day yield as of June 30, 2023.

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Columbia Contrarian Core Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock*		$	54,628,478		$	—		$	—		$	54,628,478
Other			—			—			—			—
Short-Term Investments			1,321,549			—			—			1,321,549
Total Investments, at fair value		$	55,950,027		$	—		$	—		$	55,950,027

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

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

At June 30, 2023, 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, 2023, 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 $48,260,409.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	9,868,952
Gross Unrealized Depreciation		(2,179,334)
Net Unrealized Appreciation	$	7,689,618

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Columbia Small Cap Value II Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 95.5%
	Communication Services: 2.1%
48,100 (1)	Integral Ad Science Holding Corp.		$	864,838		0.5
8,900	Nexstar Media Group, Inc.			1,482,295		1.0
12,600 (1)	Ziff Davis, Inc.			882,756		0.6
				3,229,889		2.1
	Consumer Discretionary: 9.4%
39,500	American Eagle Outfitters, Inc.			466,100		0.3
31,100 (1)	Brinker International, Inc.			1,138,260		0.7
10,800	Foot Locker, Inc.			292,788		0.2
8,000	Group 1 Automotive, Inc.			2,064,800		1.4
24,156	Hibbett, Inc.			876,621		0.6
75,900	International Game Technology PLC			2,420,451		1.6
40,400	KB Home			2,089,084		1.4
24,000 (1)	Light & Wonder, Inc.			1,650,240		1.1
47,000	Macy’s, Inc.			754,350		0.5
21,020	Red Rock Resorts, Inc.			983,316		0.6
10,900	Signet Jewelers Ltd.			711,334		0.5
16,100 (1)	Taylor Morrison Home Corp.			785,197		0.5
				14,232,541		9.4
	Consumer Staples: 3.5%
27,300 (1)	BellRing Brands, Inc.			999,180		0.7
39,000 (1)	Chefs’ Warehouse Holdings, Inc.			1,394,640		0.9
36,800 (1)	Hostess Brands, Inc.			931,776		0.6
38,500 (1)	TreeHouse Foods, Inc.			1,939,630		1.3
				5,265,226		3.5
	Energy: 6.4%
6,700	Chord Energy Corp.			1,030,460		0.7
30,800	Civitas Resources, Inc.			2,136,596		1.4
68,800	Golar LNG Ltd.			1,387,696		0.9
13,200	Helmerich & Payne, Inc.			467,940		0.3
40,600	Murphy Oil Corp.			1,554,980		1.0
88,600	Permian Resources Corp.			971,056		0.7
291,100 (1)	Transocean Ltd.			2,040,611		1.4
				9,589,339		6.4
	Financials: 22.2%
40,100	Ameris Bancorp.			1,371,821		0.9
22,600	Amerisafe, Inc.			1,205,032		0.8
14,400	Argo Group International Holdings Ltd.			426,384		0.3
57,100	Atlantic Union Bankshares Corp.			1,481,745		1.0
49,800 (1)	AvidXchange Holdings, Inc.			516,924		0.3
38,900 (1)	Axos Financial, Inc.			1,534,216		1.0
63,700 (1)	Bancorp, Inc.			2,079,805		1.4
44,000	Blackstone Mortgage Trust, Inc.			915,640		0.6
42,800	Cathay General Bancorp.			1,377,732		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
25,500	Community Bank System, Inc.		$	1,195,440		0.8
43,900	Hancock Whitney Corp.			1,684,882		1.1
41,200	Hannon Armstrong Sustainable Infrastructure Capital, Inc.			1,030,000		0.7
19,400	Houlihan Lokey, Inc.			1,907,214		1.3
18,800	Independent Bank Corp.			836,788		0.5
112,279	MGIC Investment Corp.			1,772,886		1.2
169,800	New York Community Bancorp., Inc.			1,908,552		1.3
66,700	Radian Group, Inc.			1,686,176		1.1
45,500	Renasant Corp.			1,188,915		0.8
72,200	SLM Corp.			1,178,304		0.8
20,300	SouthState Corp.			1,335,740		0.9
47,300	Starwood Property Trust, Inc.			917,620		0.6
21,100	Stifel Financial Corp.			1,259,037		0.8
16,300 (1)	Triumph Financial, Inc.			989,736		0.7
19,400	UMB Financial Corp.			1,181,460		0.8
27,500	Western Alliance Bancorp.			1,002,925		0.7
37,249	WSFS Financial Corp.			1,405,032		0.9
				33,390,006		22.2
	Health Care: 4.7%
25,500 (1)	89bio, Inc.			483,225		0.3
16,800 (1)	Agios Pharmaceuticals, Inc.			475,776		0.3
16,900 (1)	Haemonetics Corp.			1,438,866		0.9
11,600 (1)	Ideaya Biosciences, Inc.			272,600		0.2
5,600 (1)	Immunocore Holdings PLC ADR			335,776		0.2
19,400 (1)	Insmed, Inc.			409,340		0.3
15,700 (1)	Merit Medical Systems, Inc.			1,313,148		0.9
19,300 (1)	Prestige Consumer Healthcare, Inc.			1,146,999		0.8
12,700 (1)	Sage Therapeutics, Inc.			597,154		0.4
23,100 (1)	Varex Imaging Corp.			544,467		0.4
				7,017,351		4.7
	Industrials: 20.1%
40,900	ABM Industries, Inc.			1,744,385		1.2
162,000 (1)	Alight, Inc.			1,496,880		1.0
87,400 (1)	API Group Corp.			2,382,524		1.6
12,900	ArcBest Corp.			1,274,520		0.8
22,400 (1)	Beacon Roofing Supply, Inc.			1,858,752		1.2
53,800 (1)	Bloom Energy Corp.			879,630		0.6
61,500 (1)	Core & Main, Inc.			1,927,410		1.3
8,000	EMCOR Group, Inc.			1,478,240		1.0
47,400	FTAI Aviation Ltd.			1,500,684		1.0
59,500	Heartland Express, Inc.			976,395		0.6
14,900	Herc Holdings, Inc.			2,039,065		1.4
20,000	Hillenbrand, Inc.			1,025,600		0.7
16,700	ICF International, Inc.			2,077,313		1.4

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Columbia Small Cap Value II Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
62,600 (1)	JELD-WEN Holding, Inc.		$	1,098,004		0.7
126,200 (1)	JetBlue Airways Corp.			1,118,132		0.7
22,700	KBR, Inc.			1,476,862		1.0
18,697	Moog, Inc.			2,027,316		1.3
27,200 (1)	Parsons Corp.			1,309,408		0.9
16,100	Science Applications International Corp.			1,810,928		1.2
41,100	Star Bulk Carriers Corp.			727,470		0.5
				30,229,518		20.1
	Information Technology: 8.0%
41,700 (1)	Cerence, Inc.			1,218,891		0.8
19,100 (1)	Coherent Corp.			973,718		0.6
14,400 (1)	Diodes, Inc.			1,331,856		0.9
54,100 (1)	Extreme Networks, Inc.			1,409,305		0.9
48,100 (1)	Knowles Corp.			868,686		0.6
24,600 (1)	Maxeon Solar Technologies Ltd.			692,736		0.5
17,500	Progress Software Corp.			1,016,750		0.7
16,800 (1)	Rambus, Inc.			1,078,056		0.7
41,600 (1)	SMART Global Holdings, Inc.			1,206,816		0.8
20,400 (1)	Ultra Clean Holdings, Inc.			784,584		0.5
51,100	Vishay Intertechnology, Inc.			1,502,340		1.0
				12,083,738		8.0
	Materials: 6.8%
18,500 (1)	ATI, Inc.			818,255		0.5
36,300	Avient Corp.			1,484,670		1.0
18,000	Cabot Corp.			1,204,020		0.8
45,500 (1)	Constellium SE			782,600		0.5
10,100	HB Fuller Co.			722,251		0.5
15,300	Materion Corp.			1,747,260		1.2
88,300 (1)	O-I Glass, Inc.			1,883,439		1.3
35,600	Ryerson Holding Corp.			1,544,328		1.0
				10,186,823		6.8
	Real Estate: 8.2%
85,700	Apple Hospitality REIT, Inc.			1,294,927		0.9
2,449	Centerspace			150,270		0.1
41,600	DigitalBridge Group, Inc.			611,936		0.4
25,800	First Industrial Realty Trust, Inc.			1,358,112		0.9
93,100	Kite Realty Group Trust			2,079,854		1.4
41,200	NETSTREIT Corp.			736,244		0.5
43,600	Rayonier, Inc.			1,369,040		0.9
17,600	SL Green Realty Corp.			528,880		0.3
37,100	STAG Industrial, Inc.			1,331,148		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
99,600	Tanger Factory Outlet Centers, Inc.		$	2,198,172		1.4
12,900	Terreno Realty Corp.			775,290		0.5
				12,433,873		8.2
	Utilities: 4.1%
34,600	Clearway Energy, Inc. - Class C			988,176		0.6
34,300	New Jersey Resources Corp.			1,618,960		1.1
23,300	ONE Gas, Inc.			1,789,673		1.2
38,800	Portland General Electric Co.			1,817,004		1.2
				6,213,813		4.1
	Total Common Stock (Cost $122,169,960)			143,872,117		95.5
EXCHANGE-TRADED FUNDS: 1.9%
34,800	SPDR S&P Biotech ETF			2,895,360		1.9
	Total Exchange-Traded Funds (Cost $2,899,635)			2,895,360		1.9
	Total Long-Term Investments (Cost $125,069,595)			146,767,477		97.4

SHORT-TERM INVESTMENTS: 2.3%
	Mutual Funds: 2.3%
3,451,667 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $3,451,667)			3,451,667		2.3
	Total Short-Term Investments
	(Cost $3,451,667)			3,451,667		2.3
	Total Investments in Securities (Cost $128,521,262)		$	150,219,144		99.7
	Assets in Excess of Other Liabilities			406,138		0.3
	Net Assets		$	150,625,282		100.0

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of June 30, 2023.

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Columbia Small Cap Value II Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock*		$	143,872,117		$	—		$	—		$	143,872,117
Exchange-Traded Funds			2,895,360			—			—			2,895,360
Short-Term Investments			3,451,667			—			—			3,451,667
Total Investments, at fair value		$	150,219,144		$	—		$	—		$	150,219,144

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, 2023, 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 $128,640,937.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	26,913,183
Gross Unrealized Depreciation		(5,334,976)
Net Unrealized Appreciation	$	21,578,207

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.6%
	Communication Services: 7.8%
31,272 (1)	Alphabet, Inc. - Class A		$	3,743,258		1.5
82,546	Comcast Corp. – Class A			3,429,786		1.4
26,373 (1)	Meta Platforms, Inc.			7,568,524		3.0
22,198 (1)	T-Mobile US, Inc.			3,083,302		1.2
8,410 (1)	Walt Disney Co.			750,845		0.3
90,031 (1)	Warner Bros Discovery, Inc.			1,128,989		0.4
				19,704,704		7.8
	Consumer Discretionary: 5.2%
530 (1)	Booking Holdings, Inc.			1,431,175		0.6
38,715	eBay, Inc.			1,730,173		0.7
108,388	General Motors Co.			4,179,441		1.7
54,143 (1)	Las Vegas Sands Corp.			3,140,294		1.2
18,148	Ralph Lauren Corp.			2,237,648		0.9
2,750	Ross Stores, Inc.			308,358		0.1
				13,027,089		5.2
	Consumer Staples: 9.0%
25,631	Coca-Cola Co.			1,543,499		0.6
541,972	Haleon PLC			2,224,512		0.9
75,817	Keurig Dr Pepper, Inc.			2,370,798		0.9
25,676	Kimberly-Clark Corp.			3,544,828		1.4
80,972	Kraft Heinz Co.			2,874,506		1.1
69,787	Philip Morris International, Inc.			6,812,607		2.7
34,221	Sysco Corp.			2,539,198		1.0
17,005	Tyson Foods, Inc.			867,935		0.4
				22,777,883		9.0
	Energy: 9.9%
5,775	Cheniere Energy, Inc.			879,879		0.3
37,896	Chevron Corp.			5,962,936		2.4
33,940	ConocoPhillips			3,516,524		1.4
19,271	Devon Energy Corp.			931,560		0.4
23,531	Exxon Mobil Corp.			2,523,700		1.0
18,019	Hess Corp.			2,449,683		1.0
105,759	Marathon Oil Corp.			2,434,572		1.0
10,280	Pioneer Natural Resources Co.			2,129,810		0.8
139,153	Suncor Energy, Inc.			4,079,966		1.6
				24,908,630		9.9
	Financials: 18.3%
18,230	Allstate Corp.			1,987,799		0.8
97,815	American International Group, Inc.			5,628,275		2.2
194,288	Bank of America Corp.			5,574,123		2.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
67,068	Citigroup, Inc.		$	3,087,811		1.2
77,563	Citizens Financial Group, Inc.			2,022,843		0.8
100,441	Fifth Third Bancorp			2,632,559		1.1
9,549	Goldman Sachs Group, Inc.			3,079,934		1.2
237,621	Huntington Bancshares, Inc.			2,561,554		1.0
23,095	JPMorgan Chase & Co.			3,358,937		1.3
17,496	M&T Bank Corp.			2,165,305		0.9
37,918	Metlife, Inc.			2,143,505		0.9
16,138	Morgan Stanley			1,378,185		0.6
59,113	State Street Corp.			4,325,889		1.7
144,184	Wells Fargo & Co.			6,153,773		2.4
				46,100,492		18.3
	Health Care: 17.5%
2,225	AbbVie, Inc.			299,774		0.1
30,858	Baxter International, Inc.			1,405,890		0.6
11,641	Becton Dickinson & Co.			3,073,340		1.2
38,059	Bristol-Myers Squibb Co.			2,433,873		1.0
59,461	CVS Health Corp.			4,110,539		1.6
28,930	Dentsply Sirona, Inc.			1,157,779		0.5
11,741	Elevance Health, Inc.			5,216,409		2.1
37,528 (1)	Henry Schein, Inc.			3,043,521		1.2
4,492	Humana, Inc.			2,008,508		0.8
24,265	Johnson & Johnson			4,016,343		1.6
5,363	McKesson Corp.			2,291,664		0.9
32,550	Medtronic PLC			2,867,655		1.1
38,541	Merck & Co., Inc.			4,447,246		1.8
85,805	Sanofi ADR			4,624,889		1.8
18,688	Universal Health Services, Inc.			2,948,406		1.2
				43,945,836		17.5
	Industrials: 14.0%
19,542	Caterpillar, Inc.			4,808,309		1.9
25,080	Eaton Corp. PLC			5,043,588		2.0
43,477	Emerson Electric Co.			3,929,886		1.6
24,106	FedEx Corp.			5,975,877		2.4
32,782	General Electric Co.			3,601,103		1.4
79,111	Johnson Controls International plc			5,390,623		2.2
34,003	Textron, Inc.			2,299,623		0.9
37,668	Westinghouse Air Brake Technologies Corp.			4,131,050		1.6
				35,180,059		14.0

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology: 13.0%
105,254	Cisco Systems, Inc.		$	5,445,842		2.2
59,383	Cognizant Technology Solutions Corp.			3,876,522		1.5
116,961 (1)	DXC Technology Co.			3,125,198		1.2
20,443 (1)	F5, Inc.			2,989,993		1.2
86,206	Intel Corp.			2,882,729		1.1
17,653	Microsoft Corp.			6,011,553		2.4
23,937	NXP Semiconductor NV - NXPI - US			4,899,425		2.0
30,400	Qualcomm, Inc.			3,618,816		1.4
				32,850,078		13.0
	Materials: 2.5%
43,508	CF Industries Holdings, Inc.			3,020,325		1.2
100,826	International Paper Co.			3,207,275		1.3
				6,227,600		2.5
	Utilities: 1.4%
67,068	Dominion Energy, Inc.			3,473,452		1.4
	Total Common Stock (Cost $211,201,047)			248,195,823		98.6
SHORT-TERM INVESTMENTS: 1.6%
	Mutual Funds: 1.6%
4,025,357 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $4,025,357)			4,025,357		1.6
	Total Short-Term Investments (Cost $4,025,357)			4,025,357		1.6
	Total Investments in Securities (Cost $215,226,404)		$	252,221,180		100.2
	Liabilities in Excess of Other Assets			(497,084)		(0.2)
	Net Assets		$	251,724,096		100.0

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of June 30, 2023.

	Geographic Diversification as of June 30, 2023 (as a percentage of net assets)

	United States			91.2%
	Netherlands			2.0%
	France			1.8%
	Canada			1.6%
	Ireland			1.1%
	United Kingdom			0.9%
	Assets in Excess of Other Liabilities,*			1.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	19,704,704		$	—		$	—		$	19,704,704
Consumer Discretionary			13,027,089			—			—			13,027,089
Consumer Staples			20,553,371			2,224,512			—			22,777,883
Energy			24,908,630			—			—			24,908,630
Financials			46,100,492			—			—			46,100,492
Health Care			43,945,836			—			—			43,945,836
Industrials			35,180,059			—			—			35,180,059
Information Technology			32,850,078			—			—			32,850,078
Materials			6,227,600			—			—			6,227,600
Utilities			3,473,452			—			—			3,473,452
Total Common Stock			245,971,311			2,224,512			—			248,195,823
Short-Term Investments			4,025,357			—			—			4,025,357
Total Investments, at fair value		$	249,996,668		$	2,224,512		$	—		$	252,221,180
Other Financial Instruments+
Forward Foreign Currency Contracts			—			23,627			—			23,627
Total Assets		$	249,996,668		$	2,248,139		$	—		$	252,244,807
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(120,112)		$	—		$	(120,112)
Total Liabilities		$	—		$	(120,112)		$	—		$	(120,112)

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

At June 30, 2023, the following forward foreign currency contracts were outstanding for VY® Invesco Comstock Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

CAD 67,049

USD 51,014

Barclays Bank PLC

07/07/23

(399)

GBP 869,459

USD 1,095,830

CIBC World Markets Corp.

07/07/23

8,411

USD 1,100,994

GBP 886,666

CIBC World Markets Corp.

07/07/23

(25,101)

USD 1,096,032

GBP 869,459

CIBC World Markets Corp.

07/31/23

(8,423)

EUR 2,073,677

USD 2,255,846

Deutsche Bank AG

07/07/23

7,322

CAD 83,509

USD 63,466

Deutsche Bank AG

07/07/23

(426)

CAD 69,205

USD 52,024

Deutsche Bank AG

07/07/23

219

USD 38,634

EUR 36,095

Deutsche Bank AG

07/07/23

(759)

USD 49,331

EUR 45,326

Deutsche Bank AG

07/31/23

(201)

USD 2,258,533

EUR 2,073,677

Deutsche Bank AG

07/31/23

(7,563)

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of June 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 2,037,873

CAD 2,731,697

Goldman Sachs International

07/07/23

(24,276)

EUR 57,059

USD 62,438

Goldman Sachs International

07/07/23

(165)

EUR 52,638

USD 56,646

Goldman Sachs International

07/07/23

802

USD 2,521,120

EUR 2,354,092

RBC Capital Markets Corp.

07/07/23

(48,088)

GBP 25,337

USD 31,706

RBC Capital Markets Corp.

07/07/23

473

EUR 132,465

USD 142,981

RBC Capital Markets Corp.

07/07/23

1,588

USD 10,092

GBP 8,130

RBC Capital Markets Corp.

07/07/23

(233)

EUR 74,348

USD 80,378

RBC Capital Markets Corp.

07/07/23

764

USD 44,684

CAD 58,906

RBC Capital Markets Corp.

07/07/23

216

USD 66,329

CAD 88,522

RBC Capital Markets Corp.

07/07/23

(496)

CAD 2,659,362

USD 2,003,712

RBC Capital Markets Corp.

07/07/23

3,832

USD 2,004,350

CAD 2,659,362

RBC Capital Markets Corp.

07/31/23

(3,982)

(96,485)

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, 2023 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		$	23,627
Total Asset Derivatives			$	23,627
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	120,112
Total Liability Derivatives			$	120,112

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 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		$	(56,776)
Total		$	(56,776)

	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		$	(69,868)
Total		$	(69,868)

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of June 30, 2023 (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, 2023:

	Barclays Bank PLC			CIBC World Markets Corp.			Deutsche Bank AG			Goldman Sachs International			RBC Capital Markets Corp.			Totals
Assets:
Forward foreign currency contracts		$	—		$	8,411		$	7,541		$	802		$	6,873		$	23,627
Total Assets		$	—		$	8,411		$	7,541		$	802		$	6,873		$	23,627
Liabilities:
Forward foreign currency contracts		$	399		$	33,524		$	8,949		$	24,441		$	52,799		$	120,112
Total Liabilities		$	399		$	33,524		$	8,949		$	24,441		$	52,799		$	120,112
Net OTC derivative instruments by counterparty, at fair value		$	(399)		$	(25,113)		$	(1,408)		$	(23,639)		$	(45,926)			(96,485)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(399)		$	(25,113)		$	(1,408)		$	(23,639)		$	(45,926)		$	(96,485)

(1)

At June 30, 2023, 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 $220,980,104.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	46,300,599
Gross Unrealized Depreciation		(15,155,505)
Net Unrealized Appreciation	$	31,145,094

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 63.1%
	Communication Services: 4.9%
32,490 (1)	Alphabet, Inc. - Class A		$	3,889,053		0.4
20,331 (1)	Charter Communications, Inc.			7,468,999		0.7
235,583	Comcast Corp. - Class A			9,788,474		0.9
37,070 (1)	Meta Platforms, Inc.			10,638,348		1.0
79,524 (1)	T-Mobile US, Inc.			11,045,884		1.1
90,907 (1)	Walt Disney Co.			8,116,177		0.8
				50,946,935		4.9
	Consumer Discretionary: 3.9%
85,732 (1)	Amazon.com, Inc.			11,176,023		1.1
330,557	General Motors Co.			12,746,278		1.2
138,138 (1)	Las Vegas Sands Corp.			8,012,004		0.8
101,549	TJX Cos., Inc.			8,610,340		0.8
				40,544,645		3.9
	Consumer Staples: 4.3%
199,675	Diageo PLC			8,584,246		0.8
181,889	Kraft Heinz Co.			6,457,060		0.6
130,908	Philip Morris International, Inc.			12,779,239		1.3
108,901	Sysco Corp.			8,080,454		0.8
191,235 (1)	US Foods Holding Corp.			8,414,340		0.8
				44,315,339		4.3
	Energy: 6.0%
57,856	Chevron Corp.			9,103,641		0.9
171,307	ConocoPhillips			17,749,118		1.7
105,071	Devon Energy Corp.			5,079,132		0.5
147,771	Exxon Mobil Corp.			15,848,440		1.5
60,615	Phillips 66			5,781,459		0.6
41,116	Pioneer Natural Resources Co.			8,518,413		0.8
				62,080,203		6.0
	Financials: 12.6%
42,130	American Express Co.			7,339,046		0.7
242,198	American International Group, Inc.			13,936,073		1.4
595,792	Bank of America Corp.			17,093,272		1.7
116,465	Charles Schwab Corp.			6,601,236		0.6
333,593	Citizens Financial Group, Inc.			8,700,105		0.8
71,712 (1)	Fiserv, Inc.			9,046,469		0.9
32,727	Goldman Sachs Group, Inc.			10,555,767		1.0
159,183	KKR & Co., Inc.			8,914,248		0.9
76,106 (1)	PayPal Holdings, Inc.			5,078,553		0.5
59,465	PNC Financial Services Group, Inc.			7,489,617		0.7
578,442	Wells Fargo & Co.			24,687,905		2.4
43,466	Willis Towers Watson PLC			10,236,243		1.0
				129,678,534		12.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 11.4%
181,494	Bristol-Myers Squibb Co.		$	11,606,541		1.1
124,169 (1)	Centene Corp.			8,375,199		0.8
38,048	Cigna Corp.			10,676,269		1.0
68,726	CVS Health Corp.			4,751,029		0.4
9,687	Elevance Health, Inc.			4,303,837		0.4
59,537	GE HealthCare Technologies, Inc.			4,836,786		0.5
264,218	GSK PLC			4,682,629		0.5
82,565	Johnson & Johnson			13,666,159		1.3
11,559	McKesson Corp.			4,939,276		0.5
127,442	Medtronic PLC			11,227,640		1.1
112,949	Merck & Co., Inc.			13,033,185		1.3
128,082	Sanofi			13,788,803		1.3
32,773	Universal Health Services, Inc.			5,170,596		0.5
47,578	Zimmer Biomet Holdings, Inc.			6,927,357		0.7
				117,985,306		11.4
	Industrials: 7.7%
307,234	CSX Corp.			10,476,679		1.0
69,165	Emerson Electric Co.			6,251,824		0.6
78,235	Ferguson PLC			12,307,148		1.2
206,353	Johnson Controls International plc			14,060,894		1.4
32,545	Parker Hannifin Corp.			12,693,852		1.2
103,109	Raytheon Technologies Corp.			10,100,558		1.0
63,145	Stanley Black & Decker, Inc.			5,917,318		0.6
107,154	Textron, Inc.			7,246,825		0.7
				79,055,098		7.7
	Information Technology: 7.3%
230,883	Cisco Systems, Inc.			11,945,886		1.2
116,739	Cognizant Technology Solutions Corp.			7,620,722		0.7
198,540	Intel Corp.			6,639,178		0.6
13,772	Lam Research Corp.			8,853,468		0.9
86,580	Micron Technology, Inc.			5,464,064		0.5
37,400	NXP Semiconductor NV - NXPI - US			7,655,032		0.7
61,167	Oracle Corp.			7,284,378		0.7
31,339 (1)	Salesforce, Inc.			6,620,677		0.6
64,867 (1)	Splunk, Inc.			6,881,740		0.7
47,897	TE Connectivity Ltd.			6,713,243		0.7
				75,678,388		7.3
	Materials: 1.7%
308,956	Barrick Gold Corp.			5,230,625		0.5
112,197	Corteva, Inc.			6,428,888		0.6
84,072	DuPont de Nemours, Inc.			6,006,104		0.6
				17,665,617		1.7

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate: 1.7%
221,903 (1)	CBRE Group, Inc.		$	17,909,791		1.7

	Utilities: 1.6%
71,311	American Electric Power Co., Inc.			6,004,386		0.6
128,150	Exelon Corp.			5,220,831		0.5
138,448	FirstEnergy Corp.			5,382,859		0.5
				16,608,076		1.6
	Total Common Stock (Cost $553,824,407)			652,467,932		63.1
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)(3)	AMG Capital Trust II			3,847,371		0.4
	Total Preferred Stock (Cost $10,747,296)			10,378,799		1.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 12.3%
	Basic Materials: 0.1%
195,000	International Paper Co., 6.000%, 11/15/2041		200,165		0.0
441,000 (4)	LYB Finance Co. BV, 8.100%, 03/15/2027		476,436		0.1
150,000	Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028		165,648		0.0
211,000	Sherwin-Williams Co/The, 4.500%, 06/01/2047		184,913		0.0
			1,027,162		0.1
	Communications: 1.4%
1,602,000	Amazon.com, Inc., 2.875%, 05/12/2041		1,236,778		0.1
455,000	America Movil SAB de CV, 4.375%, 07/16/2042		399,868		0.0
125,000	AT&T, Inc., 3.500%, 09/15/2053		88,578		0.0
334,000	AT&T, Inc., 3.550%, 09/15/2055		234,067		0.0
533,000	AT&T, Inc., 4.300%, 02/15/2030		506,190		0.1
559,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025		548,349		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
171,000	Comcast Corp., 2.887%, 11/01/2051		$	114,745		0.0
283,000	Comcast Corp., 2.937%, 11/01/2056			184,496		0.0
1,119,000	Comcast Corp., 3.150%, 03/01/2026			1,072,237		0.1
910,000	Comcast Corp., 3.900%, 03/01/2038			791,502		0.1
1,055,000	Comcast Corp., 4.150%, 10/15/2028			1,022,706		0.1
188,000 (4)	Cox Communications, Inc., 2.950%, 10/01/2050			118,311		0.0
373,000 (3)	Discovery Communications LLC, 4.900%, 03/11/2026			365,633		0.0
1,307,000	Meta Platforms, Inc., 5.600%, 05/15/2053			1,343,280		0.1
559,000	Omnicom Group, Inc. / Omnicom Capital, Inc., 3.600%, 04/15/2026			537,129		0.1
373,000	Paramount Global, 4.000%, 01/15/2026			355,176		0.0
910,000	Rogers Communications, Inc., 4.300%, 02/15/2048			710,082		0.1
415,000	Rogers Communications, Inc., 4.500%, 03/15/2043			345,015		0.0
390,000	Telefonica Emisiones SAU, 4.665%, 03/06/2038			330,447		0.0
860,000	Telefonica Emisiones SAU, 5.213%, 03/08/2047			748,633		0.1
1,025,000	T-Mobile USA, Inc., 2.700%, 03/15/2032			847,335		0.1
714,000	T-Mobile USA, Inc., 3.400%, 10/15/2052			510,262		0.1
373,000	TWDC Enterprises 18 Corp., 3.000%, 02/13/2026			356,464		0.0
1,305,000	Verizon Communications, Inc., 3.376%, 02/15/2025			1,261,100		0.1
539,000	Verizon Communications, Inc., 3.400%, 03/22/2041			416,332		0.1
				14,444,715		1.4
	Consumer, Cyclical: 0.9%
416,521	American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 04/01/2028			375,071		0.0
1,705,000	Dollar General Corp., 4.250%, 09/20/2024			1,672,736		0.2
563,000	General Motors Co., 6.600%, 04/01/2036			578,578		0.1
713,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			702,481		0.1

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
546,000	Honda Motor Co. Ltd., 2.967%, 03/10/2032		$	484,127		0.0
473,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			386,378		0.0
740,000	Starbucks Corp., 3.550%, 08/15/2029			690,377		0.1
203,125	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			199,712		0.0
513,822	United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/2028			483,041		0.0
470,599	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			425,222		0.0
737,000	Walgreens Boots Alliance, Inc., 4.500%, 11/18/2034			655,067		0.1
1,640,000	Warnermedia Holdings, Inc., 3.788%, 03/15/2025			1,582,019		0.1
796,000	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			671,363		0.1
989,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			805,947		0.1
				9,712,119		0.9
	Consumer, Non-cyclical: 1.6%
1,299,000	AbbVie, Inc., 4.050%, 11/21/2039			1,131,639		0.1
1,137,000	AbbVie, Inc., 4.500%, 05/14/2035			1,080,906		0.1
185,000	AbbVie, Inc., 4.850%, 06/15/2044			172,568		0.0
1,273,000	Altria Group, Inc., 5.800%, 02/14/2039			1,247,532		0.1
1,475,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			1,435,674		0.2
216,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			206,633		0.0
498,000 (4)	Bayer US Finance II LLC, 4.375%, 12/15/2028			472,657		0.1
218,000	Becton Dickinson & Co., 4.875%, 05/15/2044			193,171		0.0
654,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			596,887		0.1
107,000	Cigna Corp., 4.800%, 08/15/2038			101,118		0.0
620,000	CVS Health Corp., 3.375%, 08/12/2024			604,484		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
321,241	CVS Pass-Through Trust, 6.036%, 12/10/2028		$	318,691		0.0
80,000	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038			91,216		0.0
300,000	Haleon US Capital LLC, 4.000%, 03/24/2052			249,595		0.0
1,232,000 (4)	Heineken NV, 3.500%, 01/29/2028			1,173,075		0.1
2,395,000	Humana, Inc., 0.650%, 08/03/2023			2,386,105		0.2
240,000	Ingredion, Inc., 6.625%, 04/15/2037			247,510		0.0
619,000 (4)	Kenvue, Inc., 5.050%, 03/22/2053			632,396		0.1
423,000	Laboratory Corp. of America Holdings, 4.700%, 02/01/2045			367,183		0.0
92,000	Mead Johnson Nutrition Co., 4.125%, 11/15/2025			89,780		0.0
413,000	Medtronic, Inc., 4.375%, 03/15/2035			397,052		0.0
513,000	Molson Coors Beverage Co., 4.200%, 07/15/2046			425,264		0.1
275,000	Philip Morris International, Inc., 3.600%, 11/15/2023			272,970		0.0
820,000	Philip Morris International, Inc., 4.875%, 11/15/2043			733,792		0.1
1,930,000	Thermo Fisher Scientific, Inc., 1.215%, 10/18/2024			1,825,867		0.2
155,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			130,153		0.0
79,000	Zoetis, Inc., 4.700%, 02/01/2043			73,570		0.0
				16,657,488		1.6
	Energy: 1.2%
927,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			633,766		0.1
612,000 (4)	Cameron LNG LLC, 3.701%, 01/15/2039			505,822		0.0
978,000	Chevron Corp., 2.954%, 05/16/2026			931,314		0.1
392,000	ConocoPhillips Co., 4.150%, 11/15/2034			357,870		0.0
387,000	Enbridge, Inc., 5.969%, 03/08/2026			387,670		0.0
182,000	Energy Transfer L.P., 4.200%, 09/15/2023			181,335		0.0
570,000	Energy Transfer L.P., 4.900%, 03/15/2035			523,332		0.0
723,000	Energy Transfer L.P., 5.000%, 05/15/2050			611,396		0.1

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
835,000	Energy Transfer L.P., 5.300%, 04/01/2044		$	724,986		0.1
833,000	Enterprise Products Operating LLC, 4.250%, 02/15/2048			706,818		0.1
564,000	Exxon Mobil Corp., 2.709%, 03/06/2025			541,604		0.1
1,128,000	Exxon Mobil Corp., 3.043%, 03/01/2026			1,078,620		0.1
902,000	Kinder Morgan, Inc., 4.300%, 06/01/2025			880,149		0.1
700,000	Kinder Morgan, Inc., 5.300%, 12/01/2034			674,556		0.1
973,000	MPLX L.P., 4.500%, 04/15/2038			838,538		0.1
1,128,000	Shell International Finance BV, 3.250%, 05/11/2025			1,090,670		0.1
858,000	Spectra Energy Partners L.P., 4.500%, 03/15/2045			708,031		0.1
215,000	Texas Eastern Transmission L.P., 7.000%, 07/15/2032			239,044		0.0
507,000	Valero Energy Corp., 4.000%, 06/01/2052			383,186		0.0
499,000	Williams Cos, Inc./The, 5.400%, 03/02/2026			497,889		0.0
				12,496,596		1.2
	Financial: 4.6%
391,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041			297,362		0.0
231,000	Air Lease Corp., 3.000%, 09/15/2023			229,622		0.0
1,870,000	Air Lease Corp., 4.250%, 09/15/2024			1,826,132		0.2
885,000	Aircastle Ltd., 4.400%, 09/25/2023			880,560		0.1
410,000	Allstate Corp./The, 3.280%, 12/15/2026			386,239		0.0
393,000	American Equity Investment Life Holding Co., 5.000%, 06/15/2027			379,545		0.0
2,380,000	American Express Co., 3.375%, 05/03/2024			2,334,327		0.2
543,000	American Express Co., 3.625%, 12/05/2024			527,670		0.1
831,000	American Tower Corp., 1.600%, 04/15/2026			745,700		0.1
440,000 (4)	Apollo Management Holdings L.P., 4.000%, 05/30/2024			430,272		0.0
285,000 (4)	Athene Global Funding, 2.750%, 06/25/2024			274,193		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,095,000 (4)	Aviation Capital Group LLC, 4.875%, 10/01/2025		$	1,045,677		0.1
834,000 (5)	Bank of America Corp., 2.572%, 10/20/2032			679,615		0.1
720,000	Bank of America Corp., 3.248%, 10/21/2027			671,310		0.1
725,000 (4)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024			714,436		0.1
1,281,000	BlackRock, Inc., 4.750%, 05/25/2033			1,259,758		0.1
1,760,000	Brighthouse Financial, Inc., 3.850%, 12/22/2051			1,115,808		0.1
765,000	Brookfield Corp., 4.000%, 01/15/2025			742,399		0.1
630,000 (5)	Citigroup, Inc., 3.668%, 07/24/2028			589,421		0.1
1,930,000	Citigroup, Inc., 4.000%, 08/05/2024			1,891,050		0.2
520,000	Citigroup, Inc., 4.750%, 05/18/2046			445,589		0.0
260,000	Citigroup, Inc., 5.300%, 05/06/2044			240,735		0.0
560,000	Citigroup, Inc., 6.675%, 09/13/2043			603,958		0.1
1,348,000	Crown Castle, Inc., 2.500%, 07/15/2031			1,108,468		0.1
60,000	Crown Castle, Inc., 4.750%, 05/15/2047			51,685		0.0
1,013,000	CubeSmart L.P., 2.500%, 02/15/2032			802,695		0.1
2,088,000 (4)	Delaware Life Global Funding, 2.662%, 06/29/2026			1,888,765		0.2
2,275,000	EPR Properties, 4.750%, 12/15/2026			2,072,444		0.2
346,000	Extra Space Storage L.P., 5.700%, 04/01/2028			345,977		0.0
820,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025			790,609		0.1
307,000 (5)	Goldman Sachs Group, Inc./ The, 2.908%, 07/21/2042			217,099		0.0
755,000 (4)	Guardian Life Global Funding, 2.900%, 05/06/2024			737,096		0.1
1,790,000 (5)	HSBC Holdings PLC, 2.633%, 11/07/2025			1,701,137		0.2
620,000 (4)	Jackson National Life Global Funding, 3.250%, 01/30/2024			609,857		0.1
550,000	JPMorgan Chase & Co., 3.200%, 06/15/2026			524,397		0.0

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,270,000 (5)	JPMorgan Chase & Co., 3.509%, 01/23/2029		$	1,175,098		0.1
1,270,000 (5)	JPMorgan Chase & Co., 3.897%, 01/23/2049			1,028,193		0.1
675,000 (5)	JPMorgan Chase & Co., 4.260%, 02/22/2048			583,271		0.1
1,210,000	Kimco Realty OP LLC, 3.200%, 04/01/2032			1,004,041		0.1
443,000 (4)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044			383,893		0.0
1,059,000 (4)	KKR Group Finance Co. XII LLC, 4.850%, 05/17/2032			998,919		0.1
950,000 (4)	Liberty Mutual Group, Inc., 3.950%, 05/15/2060			673,362		0.1
587,000	Lifestorage L.P./CA, 3.500%, 07/01/2026			551,849		0.1
285,000	Markel Corp., 5.000%, 03/30/2043			249,475		0.0
525,000	Markel Corp., 5.000%, 05/20/2049			471,390		0.0
2,360,000 (4)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024			2,329,117		0.2
1,040,000	Morgan Stanley, 4.000%, 07/23/2025			1,010,057		0.1
159,000	Nasdaq, Inc., 5.950%, 08/15/2053			162,913		0.0
1,000,000 (4)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044			849,748		0.1
590,000	PartnerRe Finance B LLC, 3.700%, 07/02/2029			541,631		0.1
755,000	PNC Financial Services Group, Inc./The, 3.450%, 04/23/2029			680,449		0.1
200,000	Regency Centers L.P., 2.950%, 09/15/2029			171,747		0.0
300,000	Regency Centers L.P., 4.650%, 03/15/2049			251,961		0.0
259,000	Reinsurance Group of America, Inc., 4.700%, 09/15/2023			258,379		0.0
805,000 (4)	Societe Generale SA, 5.000%, 01/17/2024			795,397		0.1
670,000	Synchrony Financial, 3.950%, 12/01/2027			584,444		0.1
445,000	Travelers Cos, Inc., 4.600%, 08/01/2043			404,558		0.0
585,000 (4)	UBS Group AG, 4.125%, 04/15/2026			558,275		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
410,000	US Bancorp, 3.100%, 04/27/2026		$	383,369		0.0
965,000	Wells Fargo & Co., 3.550%, 09/29/2025			925,318		0.1
470,000	Wells Fargo & Co., 4.100%, 06/03/2026			451,127		0.0
300,000	Wells Fargo & Co., 4.650%, 11/04/2044			254,847		0.0
315,000	Willis North America, Inc., 3.600%, 05/15/2024			307,450		0.0
				47,201,885		4.6
	Industrial: 1.0%
970,000	Avnet, Inc., 4.625%, 04/15/2026			942,689		0.1
1,585,000	Boeing Co/The, 5.805%, 05/01/2050			1,580,559		0.2
700,000	Burlington Northern Santa Fe LLC, 3.850%, 09/01/2023			698,008		0.1
381,000	Canadian Pacific Railway Co., 3.000%, 12/02/2041			312,075		0.0
295,000	FedEx Corp., 4.900%, 01/15/2034			288,649		0.0
1,398,000	Honeywell International, Inc., 4.500%, 01/15/2034			1,368,338		0.1
500,000	Lockheed Martin Corp., 4.150%, 06/15/2053			440,817		0.1
459,000	Norfolk Southern Corp., 3.400%, 11/01/2049			339,055		0.0
1,405,000	Norfolk Southern Corp., 3.850%, 01/15/2024			1,389,716		0.2
345,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			317,665		0.0
262,000	Rockwell Automation, Inc., 1.750%, 08/15/2031			211,466		0.0
970,000	Union Pacific Corp., 3.200%, 05/20/2041			763,680		0.1
157,000	Union Pacific Corp., 3.646%, 02/15/2024			155,147		0.0
375,000	Union Pacific Corp., 3.839%, 03/20/2060			298,948		0.0
730,000	Union Pacific Corp., 4.150%, 01/15/2045			601,817		0.1
330,000	United Parcel Service, Inc., 3.400%, 11/15/2046			256,617		0.0
				9,965,246		1.0
	Technology: 1.1%
435,000	Apple, Inc., 3.350%, 02/09/2027			417,951		0.0
1,030,000 (4)	Broadcom, Inc., 3.469%, 04/15/2034			845,286		0.1

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
2,025,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		$	2,059,161		0.2
9,000	Dell International LLC / EMC Corp., 8.350%, 07/15/2046			11,048		0.0
1,630,000	Fiserv, Inc., 3.800%, 10/01/2023			1,621,981		0.2
1,152,000	Marvell Technology, Inc., 2.450%, 04/15/2028			1,006,604		0.1
170,000	Micron Technology, Inc., 3.366%, 11/01/2041			118,982		0.0
200,000	Micron Technology, Inc., 4.663%, 02/15/2030			188,701		0.0
649,000	Microsoft Corp., 3.500%, 02/12/2035			607,627		0.1
795,000	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026			789,968		0.1
985,000	Oracle Corp., 3.600%, 04/01/2040			762,450		0.1
1,000,000	Salesforce, Inc., 2.700%, 07/15/2041			735,449		0.1
341,000	Take-Two Interactive Software, Inc., 3.700%, 04/14/2027			323,033		0.0
285,000	Texas Instruments, Inc., 2.625%, 05/15/2024			278,281		0.0
1,441,000	VMware, Inc., 1.000%, 08/15/2024			1,364,872		0.1
502,000	Workday, Inc., 3.500%, 04/01/2027			476,074		0.0
				11,607,468		1.1
	Utilities: 0.4%
620,000 (4)	Electricite de France SA, 4.875%, 01/22/2044			512,454		0.0
345,000	Georgia Power Co., 3.700%, 01/30/2050			264,582		0.0
989,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			824,526		0.1
703,000	NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027			662,767		0.1
760,000	NiSource, Inc., 4.375%, 05/15/2047			647,946		0.1
605,000	Oglethorpe Power Corp., 4.550%, 06/01/2044			480,205		0.0
667,000	Sempra Energy, 3.800%, 02/01/2038			553,405		0.1
529,000	Xcel Energy, Inc., 0.500%, 10/15/2023			521,211		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
274,000	Xcel Energy, Inc., 3.500%, 12/01/2049		$	199,075		0.0
				4,666,171		0.4
	Total Corporate Bonds/Notes (Cost $140,178,142)			127,778,850		12.3
MUNICIPAL BONDS: 0.0%
	Georgia: 0.0%
310,000	Municipal Electric Authority of Georgia, 6.655%, 04/01/2057			355,832		0.0
	Total Municipal Bonds (Cost $310,000)			355,832		0.0
U.S. TREASURY OBLIGATIONS: 8.6%
	U.S. Treasury Bonds: 1.1%
911,900	3.375%, 05/15/2033			879,556		0.1
2,939,500	3.625%, 02/15/2053			2,821,920		0.3
7,603,700	3.875%, 05/15/2043			7,420,736		0.7
425,000 (3)	4.500%, 02/15/2036			459,075		0.0
				11,581,287		1.1
	U.S. Treasury Notes: 7.5%
18,839,200	3.625%, 05/31/2028			18,428,564		1.8
14,459,000 (3)	3.750%, 05/31/2030			14,259,059		1.4
31,371,000	4.125%, 06/15/2026			31,057,290		3.0
13,849,000 (3)	4.250%, 05/31/2025			13,675,617		1.3
				77,420,530		7.5
	Total U.S. Treasury Obligations (Cost $89,701,003)			89,001,817		8.6
CONVERTIBLE BONDS/NOTES: 9.2%
	Communications: 2.6%
5,066,000 (6)	Airbnb, Inc., 5.080%, 03/15/2026			4,430,217		0.4
438,000	Booking Holdings, Inc., 0.750%, 05/01/2025			658,664		0.1
2,761,000	Cable One, Inc., 1.125%, 03/15/2028			2,091,457		0.2
5,339,000 (3)(6)	Cable One, Inc., 7.480%, 03/15/2026			4,391,327		0.4
3,035,000 (4)	Liberty Broadband Corp., 3.125%, 03/31/2053			2,975,818		0.3
2,950,000	Liberty Latin America Ltd., 2.000%, 07/15/2024			2,808,400		0.3
298,000 (4)	Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/2027			321,542		0.0
1,577,000 (4)	Match Group Financeco 2, Inc., 0.875%, 06/15/2026			1,421,209		0.2

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CONVERTIBLE BONDS/NOTES: (continued)
	Communications (continued)
1,560,000 (3)(4)	Match Group Financeco 3, Inc., 2.000%, 01/15/2030		$	1,407,859		0.1
3,298,000	Shopify, Inc., 0.125%, 11/01/2025			3,004,478		0.3
3,226,000	Snap, Inc., 0.750%, 08/01/2026			2,988,083		0.3
338,000	TripAdvisor, Inc., 0.250%, 04/01/2026			284,427		0.0
				26,783,481		2.6
	Consumer, Cyclical: 0.2%
1,697,000	JetBlue Airways Corp., 0.500%, 04/01/2026			1,402,153		0.1
1,154,000	Spirit Airlines, Inc., 1.000%, 05/15/2026			938,202		0.1
				2,340,355		0.2
	Consumer, Non-cyclical: 2.5%
3,300,000 (3)(4)	Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/2027			3,164,277		0.3
4,428,000	Block, Inc., 0.125%, 03/01/2025			4,195,530		0.4
4,845,000	Halozyme Therapeutics, Inc., 0.250%, 03/01/2027			4,048,319		0.4
560,000 (4)	Halozyme Therapeutics, Inc., 1.000%, 08/15/2028			512,400		0.0
4,310,000 (3)	Integra LifeSciences Holdings Corp., 0.500%, 08/15/2025			3,956,580		0.4
1,699,000	Jazz Investments I Ltd., 2.000%, 06/15/2026			1,735,104		0.2
586,000 (4)	Lantheus Holdings, Inc., 2.625%, 12/15/2027			762,147		0.1
2,257,000	Neurocrine Biosciences, Inc., 2.250%, 05/15/2024			2,894,602		0.3
3,240,000	Pacira BioSciences, Inc., 0.750%, 08/01/2025			3,013,200		0.3
1,264,000 (4)	Tandem Diabetes Care, Inc., 1.500%, 05/01/2025			1,155,764		0.1
				25,437,923		2.5
	Energy: 0.2%
1,995,000 (4)	Northern Oil and Gas, Inc., 3.625%, 04/15/2029			2,234,842		0.2

	Financial: 0.1%
1,576,000 (4)	Welltower OP LLC, 2.750%, 05/15/2028			1,595,700		0.1

	Industrial: 0.3%
3,162,000 (3)	John Bean Technologies Corp., 0.250%, 05/15/2026			3,014,967		0.3

Principal Amount†		Value			Percentage of Net Assets
CONVERTIBLE BONDS/NOTES: (continued)
	Technology: 2.4%
5,205,000 (6)	Dropbox, Inc., 2.040%, 03/01/2026		$	4,931,737		0.5
6,383,000 (3)	Microchip Technology, Inc., 0.125%, 11/15/2024			7,252,684		0.7
850,000 (4)	NextGen Healthcare, Inc., 3.750%, 11/15/2027			828,325		0.1
7,770,000	Splunk, Inc., 1.125%, 06/15/2027			6,740,475		0.6
3,012,000	Western Digital Corp., 1.500%, 02/01/2024			2,935,194		0.3
2,228,000 (4)	Wolfspeed, Inc., 1.875%, 12/01/2029			1,728,928		0.2
				24,417,343		2.4
	Utilities: 0.9%
4,485,000 (4)	FirstEnergy Corp., 4.000%, 05/01/2026			4,485,000		0.5
4,571,000 (4)	PPL Capital Funding, Inc., 2.875%, 03/15/2028			4,388,160		0.4
				8,873,160		0.9
	Total Convertible Bonds/ Notes (Cost $97,384,651)			94,697,771		9.2
EQUITY-LINKED NOTES: 1.7%
	Diversified Finan Serv: 0.6%
5,678,000 (7)	GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 3 Common Stocks), 0.500%, 04/11/2028			5,945,434		0.6

	Financial: 1.1%
5,900,000 (7)	GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 5 Common Stocks), 0.270%, 07/19/2029			5,803,830		0.6
5,893,000 (7)	GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 5 Common Stocks), 0.570%, 07/30/2029			5,693,817		0.5
				11,497,647		1.1
	Total Equity-Linked Notes (Cost $17,606,677)			17,443,081		1.7

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%
	Federal National Mortgage Association: 0.1%(8)
915,000	6.625%,11/15/2030		$	1,062,269		0.1
	Total U.S. Government Agency Obligations (Cost $989,285)			1,062,269		0.1
	Total Long-Term Investments (Cost $910,741,461)			993,186,351		96.0

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.8%
	U.S. Treasury Bills: 0.0%
110,000 (6)(9)	United States Treasury Bill, 5.400%, 04/18/2024 (Cost $105,674)		105,438		0.0

	Repurchase Agreements: 1.9%
3,379,767 (10)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $3,381,173, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $3,447,362, due 04/01/35-09/01/61)		3,379,767		0.3
2,015,490 (10)	Bethesda Securities LLC, Repurchase Agreement dated 06/30/23, 5.16%, due 07/03/23 (Repurchase Amount $2,016,345, collateralized by various U.S. Government Agency Obligations, 3.062%-6.000%, Market Value plus accrued interest $2,055,800, due 08/01/28-02/01/53)		2,015,490		0.2
2,736,916 (10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/23, 5.08%, due 07/03/23 (Repurchase Amount $2,738,059, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,791,654, due 10/13/23-02/20/73)		2,736,916		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,427,870 (10)	Citadel Securities LLC, Repurchase Agreement dated 06/30/23, 5.11%, due 07/03/23 (Repurchase Amount $2,428,890, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $2,477,483, due 07/15/23-02/15/53)		$	2,427,870		0.2
4,622,237 (10)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $4,624,159, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $4,714,682, due 07/31/23-05/20/53)			4,622,237		0.5
4,046,827 (10)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/23, 5.15%, due 07/03/23 (Repurchase Amount $4,048,540, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,127,860, due 07/15/25-02/15/51)			4,046,827		0.4
	Total Repurchase Agreements (Cost $19,229,107)			19,229,107		1.9

	Mutual Funds: 2.9%
30,596,217 (11)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $30,596,217)			30,596,217		2.9
	Total Short-Term Investments (Cost $49,930,998)			49,930,762		4.8
	Total Investments in Securities (Cost $960,672,459)		$	1,043,117,113		100.8
	Liabilities in Excess of Other Assets			(8,542,124)		(0.8)
	Net Assets		$	1,034,574,989		100.0

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

†

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)

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

(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)

Variable rate security. Rate shown is the rate in effect as of June 30, 2023.

(6)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2023.

(7)

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

(8)

(9)

All or a portion of this security has been pledged as collateral in connection with open futures contracts. Please refer to Note 2 for additional details.

(10)

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

(11)

Rate shown is the 7-day yield as of June 30, 2023.

	Geographic Diversification as of June 30, 2023 (as a percentage of net assets)

	United States			86.5%
	United Kingdom			3.7%
	France			1.4%
	Ireland			1.1%
	Canada			1.0%
	Netherlands			0.9%
	Bermuda			0.5%
	Japan			0.2%
	Belgium			0.2%
	Mexico			0.1%
	Countries between 0.0% – 0.1%^			0.4%
	Assets in Excess of Other Liabilities,*			4.0%
	Net Assets			100.0%
	^ Includes 5 countries, which each represents 0.0% – 0.1% of net assets.
	* 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, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	50,946,935		$	—		$	—		$	50,946,935
Consumer Discretionary			40,544,645			—			—			40,544,645
Consumer Staples			35,731,093			8,584,246			—			44,315,339
Energy			62,080,203			—			—			62,080,203
Financials			129,678,534			—			—			129,678,534
Health Care			99,513,874			18,471,432			—			117,985,306
Industrials			79,055,098			—			—			79,055,098
Information Technology			75,678,388			—			—			75,678,388
Materials			17,665,617			—			—			17,665,617
Real Estate			17,909,791			—			—			17,909,791
Utilities			16,608,076			—			—			16,608,076
Total Common Stock			625,412,254			27,055,678			—			652,467,932
Preferred Stock			6,531,428			3,847,371			—			10,378,799
Corporate Bonds/Notes			—			127,778,850			—			127,778,850
Municipal Bonds			—			355,832			—			355,832
Convertible Bonds/Notes			—			94,697,771			—			94,697,771
U.S. Government Agency Obligations			—			1,062,269			—			1,062,269
Equity-Linked Notes			—			—			17,443,081			17,443,081
U.S. Treasury Obligations			—			89,001,817			—			89,001,817
Short-Term Investments			30,596,217			19,334,545			—			49,930,762
Total Investments, at fair value		$	662,539,899		$	363,134,133		$	17,443,081		$	1,043,117,113
Other Financial Instruments+
Forward Foreign Currency Contracts			—			74,470			—			74,470
Futures			39,349			—			—			39,349
Total Assets		$	662,579,248		$	363,208,603		$	17,443,081		$	1,043,230,932

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

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, 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)

USD 9,987,208

GBP 7,836,824

State Street Bank and Trust Co.

07/28/23

32,501

EUR 126,401

USD 138,063

State Street Bank and Trust Co.

07/28/23

USD 10,442,799

EUR 9,519,294

The Bank of New York Mellon

07/28/23

41,877

74,470

At June 30, 2023, the following futures contracts were outstanding for VY® Invesco Equity and Income Portfolio:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short Contracts:
U.S. Treasury Ultra 10-Year Note	(29)	09/20/23		$	(3,434,687)		$	39,349
				$	(3,434,687)		$	39,349

Currency Abbreviations

EUR – EU Euro
GBP – British Pound
USD – United States Dollar

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

The fair value of derivative instruments as of June 30, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	39,349
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	74,470
Total Asset Derivatives			$	74,470

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(378,075)			—			(378,075)
Interest rate contracts			—			17,903			17,903
Total		$	(378,075)		$	17,903		$	(360,172)

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Equity and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(177,478)			—			(177,478)
Interest rate contracts			—			39,349			39,349
Total		$	(177,478)		$	39,349		$	(138,129)

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, 2023:

	State Street Bank and Trust Co.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	32,593		$	41,877		$	74,470
Total Assets		$	32,593		$	41,877		$	74,470
Net OTC derivative instruments by counterparty, at fair value		$	32,593		$	41,877			74,470
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	32,593		$	41,877		$	74,470

(1)

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, 2023:

	Equity-Linked Notes*
Assets:
Beginning balance at December 31, 2022		$	11,282,544
Purchases			5,819,950
Sales			—
Accrued discounts/(premiums)			(6,273)
Total realized gain (loss)			—
Net change in unrealized appreciation (depreciation)**			346,860
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at June 30, 2023			17,443,081
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2023**		$	346,860

Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Portfolio does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2023 may be due to securities no longer held or categorized as Level 3 at period end.

At June 30, 2023, 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 $965,363,077.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	132,128,517
Gross Unrealized Depreciation		(54,257,322)
Net Unrealized Appreciation	$	77,871,195

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Global Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.6%
	Canada: 0.6%
92,012 (1)	Canadian Pacific Kansas City Ltd.		$	7,431,809		0.6

	China: 3.7%
876,974	JD.com, Inc. ADR			29,931,123		2.5
442,640 (2)(3)	Meituan Class B			6,941,001		0.6
157,000	Tencent Holdings Ltd.			6,656,985		0.5
17,795	Yum China Holdings, Inc.			1,005,417		0.1
				44,534,526		3.7
	Denmark: 3.5%
255,532	Novo Nordisk A/S			41,278,600		3.5

	France: 8.8%
119,982	Dassault Systemes SE			5,316,533		0.4
35,091 (1)	EssilorLuxottica SA			6,617,137		0.5
44,991	Kering SA			24,844,049		2.1
70,674	LVMH Moet Hennessy Louis Vuitton SE			66,639,550		5.6
8,456 (1)	Pernod Ricard SA			1,868,567		0.2
				105,285,836		8.8
	Germany: 2.5%
15,119	Allianz SE			3,521,582		0.3
193,889	SAP SE			26,486,739		2.2
				30,008,321		2.5
	India: 5.8%
7,929,258	DLF Ltd.			47,534,338		4.0
236,874	HDFC Bank Ltd.			4,915,803		0.4
733,428	ICICI Bank Ltd. ADR			16,927,518		1.4
				69,377,659		5.8
	Israel: 0.9%
53,561 (1)(2)	NICE-Systems Ltd. ADR			11,060,347		0.9

	Italy: 0.8%
104,031	Brunello Cucinelli SpA			9,159,442		0.8

	Japan: 6.2%
46,700	Hoya Corp.			5,588,414		0.5
80,204	Keyence Corp.			38,109,469		3.2
234,700	Murata Manufacturing Co., Ltd.			13,481,386		1.1
47,800	Omron Corp.			2,935,005		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
359,500	TDK Corp.		$	14,022,243		1.2
				74,136,517		6.2
	Netherlands: 6.0%
373,150	Airbus SE			53,950,812		4.5
21,865	ASML Holding NV			15,859,348		1.4
45,410	Universal Music Group NV			1,008,776		0.1
				70,818,936		6.0
	Spain: 1.5%
229,316 (2)	Amadeus IT Group SA			17,462,546		1.5

	Sweden: 4.3%
838,852	Assa Abloy AB			20,163,457		1.7
2,112,609	Atlas Copco AB - A Shares			30,499,489		2.6
				50,662,946		4.3
	Switzerland: 0.9%
17,490	Lonza Group AG			10,453,996		0.9

	United States: 54.1%
87,903 (2)	Adobe, Inc.			42,983,688		3.6
92,287	Agilent Technologies, Inc.			11,097,512		0.9
1,057,048 (2)	Alphabet, Inc. - Class A			126,528,646		10.6
98,741 (2)	Amazon.com, Inc.			12,871,877		1.1
305,535	Analog Devices, Inc.			59,521,273		5.0
253,880 (2)	Avantor, Inc.			5,214,695		0.4
74,739 (2)	Boston Scientific Corp.			4,042,633		0.3
18,270 (2)	Charles River Laboratories International, Inc.			3,841,267		0.3
14,253 (2)	Charter Communications, Inc.			5,236,125		0.5
23,766	Danaher Corp.			5,703,840		0.5
28,930 (2)	Datadog, Inc.			2,846,133		0.2
22,850	Ecolab, Inc.			4,265,866		0.4
105,129	Equifax, Inc.			24,736,854		2.1
56,777	Fidelity National Information Services, Inc.			3,105,702		0.3
9,692 (2)	Idexx Laboratories, Inc.			4,867,613		0.4
40,092 (2)	Illumina, Inc.			7,516,849		0.6
97,499	Intuit, Inc.			44,673,067		3.8
35,374 (2)	Intuitive Surgical, Inc.			12,095,786		1.0

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Global Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
54,154 (2)	IQVIA Holdings, Inc.		$	12,172,195		1.0
3,764	Lam Research Corp.			2,419,725		0.2
45,818	Marriott International, Inc.			8,416,308		0.7
325,230	Marvell Technology, Inc.			19,442,249		1.6
274,675 (2)	Meta Platforms, Inc.			78,826,231		6.6
65,821	Microsoft Corp.			22,414,683		1.9
34,328	Nvidia Corp.			14,521,431		1.2
234,938 (1)(2)	Phathom Pharmaceuticals, Inc.			3,364,312		0.3
138,900	S&P Global, Inc.			55,683,621		4.7
50,640 (2)	Splunk, Inc.			5,372,398		0.5
86,666	United Parcel Service, Inc. - Class B			15,534,880		1.3
106,839	Visa, Inc. - Class A			25,372,126		2.1
				644,689,585		54.1
	Total Common Stock (Cost $586,823,933)			1,186,361,066		99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
	Repurchase Agreements: 2.1%
2,684,114 (4)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $2,685,230, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,737,796, due 04/01/35-09/01/61)		2,684,114		0.2
2,190,347 (4)	Bethesda Securities LLC, Repurchase Agreement dated 06/30/23, 5.16%, due 07/03/23 (Repurchase Amount $2,191,276, collateralized by various U.S. Government Agency Obligations, 3.062%-6.000%, Market Value plus accrued interest $2,234,154, due 08/01/28-02/01/53)		2,190,347		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
5,833,229 (4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/23, 5.08%, due 07/03/23 (Repurchase Amount $5,835,665, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $5,949,894, due 10/13/23-02/20/73)		$	5,833,229		0.5
3,186,707 (4)	Citadel Securities LLC, Repurchase Agreement dated 06/30/23, 5.11%, due 07/03/23 (Repurchase Amount $3,188,045, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $3,251,827, due 07/15/23-02/15/53)			3,186,707		0.3
6,032,989 (4)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $6,035,498, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $6,153,649, due 07/31/23-05/20/53)			6,032,989		0.5
5,311,673 (4)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/23, 5.15%, due 07/03/23 (Repurchase Amount $5,313,921, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $5,418,033, due 07/15/25-02/15/51)			5,311,673		0.4
	Total Repurchase Agreements (Cost $25,239,059)			25,239,059		2.1

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Global Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.4%
5,109,403 (5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $5,109,403)		$	5,109,403		0.4
	Total Short-Term Investments (Cost $30,348,462)			30,348,462		2.5
	Total Investments in Securities (Cost $617,172,395)		$	1,216,709,528		102.1
	Liabilities in Excess of Other Assets			(24,912,249)		(2.1)
	Net Assets		$	1,191,797,279		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

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

(2)

Non-income producing security.

(3)

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

(4)

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

(5)

Rate shown is the 7-day yield as of June 30, 2023.

Sector Diversification	Percentage of Net Assets
Information Technology		28.6%
Communication Services		18.3
Consumer Discretionary		14.9
Industrials		12.8
Health Care		11.2
Financials		9.2
Real Estate		4.0
Materials		0.4
Consumer Staples		0.2
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(2.1)
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, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Canada		$	7,431,809		$	—		$	—		$	7,431,809
China			30,936,540			13,597,986			—			44,534,526
Denmark			—			41,278,600			—			41,278,600
France			—			105,285,836			—			105,285,836
Germany			—			30,008,321			—			30,008,321
India			16,927,518			52,450,141			—			69,377,659
Israel			11,060,347			—			—			11,060,347
Italy			—			9,159,442			—			9,159,442
Japan			—			74,136,517			—			74,136,517
Netherlands			—			70,818,936			—			70,818,936
Spain			—			17,462,546			—			17,462,546
Sweden			—			50,662,946			—			50,662,946
Switzerland			—			10,453,996			—			10,453,996
United States			644,689,585			—			—			644,689,585
Total Common Stock			711,045,799			475,315,267			—			1,186,361,066
Short-Term Investments			5,109,403			25,239,059			—			30,348,462
Total Investments, at fair value		$	716,155,202		$	500,554,326		$	—		$	1,216,709,528

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

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Invesco Global Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 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		$	20,345
Total		$	20,345

	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		$	39,288
Total		$	39,288

At June 30, 2023, 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 $620,529,169.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	625,063,272
Gross Unrealized Depreciation		(30,266,478)
Net Unrealized Appreciation	$	594,796,794

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® JPMorgan Mid Cap Value Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.7%
	Communication Services: 2.8%
55,622 (1)	IAC, Inc.		$	3,493,062		1.1
100,868 (1)	Liberty Media Corp.- Liberty SiriusXM C Tracking Stock			3,301,410		1.0
15,353 (1)	Take-Two Interactive Software, Inc.			2,259,347		0.7
				9,053,819		2.8
	Consumer Discretionary: 10.3%
1,390 (1)	Autozone, Inc.			3,465,770		1.1
56,720	Bath & Body Works, Inc.			2,127,000		0.7
22,919	Best Buy Co., Inc.			1,878,212		0.6
36,080	Carter’s, Inc.			2,619,408		0.8
16,620	Darden Restaurants, Inc.			2,776,870		0.9
23,160 (1)	Expedia Group, Inc.			2,533,472		0.8
15,500	Genuine Parts Co.			2,623,065		0.8
79,580	LKQ Corp.			4,637,127		1.4
20,660 (1)	Mohawk Industries, Inc.			2,131,286		0.7
158,966	Newell Brands, Inc.			1,383,004		0.4
27,240	Ralph Lauren Corp.			3,358,692		1.0
82,290	Tapestry, Inc.			3,522,012		1.1
				33,055,918		10.3
	Consumer Staples: 4.5%
10,570	Constellation Brands, Inc.			2,601,594		0.8
51,462	Energizer Holdings, Inc.			1,728,094		0.5
73,880	Keurig Dr Pepper, Inc.			2,310,228		0.7
50,390	Kroger Co.			2,368,330		0.7
23,930 (1)	Post Holdings, Inc.			2,073,534		0.7
76,500 (1)	US Foods Holding Corp.			3,366,000		1.1
				14,447,780		4.5
	Energy: 2.7%
93,220	Coterra Energy, Inc.			2,358,466		0.7
14,094	Diamondback Energy, Inc.			1,851,388		0.6
135,750	Williams Cos., Inc.			4,429,522		1.4
				8,639,376		2.7
	Financials: 21.8%
19,650	Ameriprise Financial, Inc.			6,526,944		2.0
59,930 (1)	Arch Capital Group Ltd.			4,485,761		1.4
104,000	Citizens Financial Group, Inc.			2,712,320		0.9
24,980	Discover Financial Services			2,918,913		0.9
135,010	Fifth Third Bancorp			3,538,612		1.1
2,540	First Citizens BancShares, Inc.			3,259,963		1.0
11,290 (1)	FleetCor Technologies, Inc.			2,834,693		0.9
18,880	Globe Life, Inc.			2,069,626		0.7
50,380	Hartford Financial Services Group, Inc.			3,628,368		1.1
374,105	Huntington Bancshares, Inc.			4,032,852		1.3
91,672	Loews Corp.			5,443,483		1.7
40,763	M&T Bank Corp.			5,044,829		1.6
162,560	MGIC Investment Corp.			2,566,822		0.8
28,291	Northern Trust Corp.			2,097,495		0.7
41,465	Raymond James Financial, Inc.			4,302,823		1.3
253,310	Regions Financial Corp.			4,513,984		1.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
5,760	RenaissanceRe Holdings Ltd.		$	1,074,355		0.3
52,811	State Street Corp.			3,864,709		1.2
21,255	T. Rowe Price Group, Inc.			2,380,985		0.7
42,977	WR Berkley Corp.			2,559,710		0.8
				69,857,247		21.8
	Health Care: 8.1%
28,350	AmerisourceBergen Corp.			5,455,391		1.7
28,760 (1)	Globus Medical, Inc.			1,712,370		0.5
61,180 (1)	Henry Schein, Inc.			4,961,698		1.6
21,140 (1)	Jazz Pharmaceuticals PLC			2,620,726		0.8
12,500	Laboratory Corp. of America Holdings			3,016,625		0.9
19,190	Quest Diagnostics, Inc.			2,697,346		0.8
11,680	Universal Health Services, Inc.			1,842,754		0.6
26,150	Zimmer Biomet Holdings, Inc.			3,807,440		1.2
				26,114,350		8.1
	Industrials: 15.2%
17,241	Acuity Brands, Inc.			2,811,662		0.9
28,610	Ametek, Inc.			4,631,387		1.5
12,020	Carlisle Cos., Inc.			3,083,491		1.0
22,670	Dover Corp.			3,347,225		1.0
57,430	Fortune Brands Innovations, Inc.			4,132,088		1.3
15,810	Hubbell, Inc.			5,241,964		1.6
13,850	IDEX Corp.			2,981,351		0.9
42,830	ITT, Inc.			3,992,184		1.3
22,430	Lincoln Electric Holdings, Inc.			4,455,271		1.4
26,350 (1)	Middleby Corp.			3,895,320		1.2
18,221	Snap-On, Inc.			5,251,110		1.6
43,690	Southwest Airlines Co.			1,582,015		0.5
34,620	Timken Co.			3,168,769		1.0
				48,573,837		15.2
	Information Technology: 6.7%
46,610	Amphenol Corp.			3,959,519		1.2
23,430	CDW Corp.			4,299,405		1.3
38,330 (1)	GoDaddy, Inc.			2,879,733		0.9
28,190	Jabil, Inc.			3,042,547		1.0
7,260	Microchip Technology, Inc.			650,423		0.2
8,770	Motorola Solutions, Inc.			2,572,066		0.8
7,550 (1)	Teledyne Technologies, Inc.			3,103,881		1.0
2,880 (1)	Zebra Technologies Corp.			851,990		0.3
				21,359,564		6.7
	Materials: 6.2%
34,415	Ball Corp.			2,003,297		0.6
13,350	Celanese Corp. - Series A			1,545,930		0.5
31,080	Freeport-McMoRan, Inc.			1,243,200		0.4
11,185	Martin Marietta Materials, Inc.			5,164,003		1.6
24,300	Packaging Corp. of America			3,211,488		1.0
39,390	RPM International, Inc.			3,534,465		1.1
68,670	Silgan Holdings, Inc.			3,219,936		1.0
				19,922,319		6.2

See Accompanying Notes to Financial Statements

125

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® JPMorgan Mid Cap Value Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate: 10.9%
81,950	American Homes 4 Rent		$	2,905,128		0.9
14,370	AvalonBay Communities, Inc.			2,719,810		0.9
31,190	Boston Properties, Inc.			1,796,232		0.6
91,720	Brixmor Property Group, Inc.			2,017,840		0.6
37,070 (1)	CBRE Group, Inc.			2,991,920		0.9
6,440	Essex Property Trust, Inc.			1,508,892		0.5
14,750	Federal Realty Investment Trust			1,427,358		0.5
74,480	Host Hotels & Resorts, Inc.			1,253,498		0.4
119,300	Kimco Realty Corp.			2,352,596		0.7
11,165	Mid-America Apartment Communities, Inc.			1,695,517		0.5
92,680	Rayonier, Inc.			2,910,152		0.9
27,900	Regency Centers Corp.			1,723,383		0.6
26,070	Rexford Industrial Realty, Inc.			1,361,375		0.4
10,300	Sun Communities, Inc.			1,343,738		0.4
29,320	Ventas, Inc.			1,385,956		0.4
99,130	Weyerhaeuser Co.			3,321,846		1.0
31,170	WP Carey, Inc.			2,105,845		0.7
				34,821,086		10.9
	Utilities: 7.5%
86,720	CMS Energy Corp.			5,094,800		1.6
37,370	Edison International			2,595,347		0.8
— (1)	Entergy Corp.			—		—
41,225	National Fuel Gas Co.			2,117,316		0.6
134,840 (1)	PG&E Corp.			2,330,035		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
7,960	Sempra Energy		$	1,158,896		0.4
57,420	WEC Energy Group, Inc.			5,066,741		1.6
91,280	Xcel Energy, Inc.			5,674,878		1.8
				24,038,013		7.5
	Total Common Stock (Cost $238,348,050)			309,883,309		96.7

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.9%
	Mutual Funds: 2.9%
9,427,031 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $9,427,031)			9,427,031		2.9
	Total Short-Term Investments
	(Cost $9,427,031)			9,427,031		2.9
	Total Investments in Securities (Cost $247,775,081)		$	319,310,340		99.6
	Assets in Excess of Other Liabilities			1,212,964		0.4
	Net Assets		$	320,523,304		100.0

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of June 30, 2023.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock*		$	309,883,309		$	—		$	—		$	309,883,309
Short-Term Investments			9,427,031			—			—			9,427,031
Total Investments, at fair value		$	319,310,340		$	—		$	—		$	319,310,340

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, 2023, 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 $248,960,892.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	83,453,153
Gross Unrealized Depreciation		(13,103,706)
Net Unrealized Appreciation	$	70,349,447

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

VY® T. Rowe Price Diversified

PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.9%
	Communication Services: 4.1%
17,900	Electronic Arts, Inc.		$	2,321,630		0.2
67,500 (1)	Endeavor Group Holdings, Inc.			1,614,600		0.2
123,700	Fox Corp. - Class B			3,944,793		0.4
78,031 (1)	Match Group, Inc.			3,265,597		0.3
102,200	Omnicom Group			9,724,330		1.0
36,000 (1)	Pinterest, Inc.			984,240		0.1
61,000 (1)	ROBLOX Corp.			2,458,300		0.2
21,600 (1)	Spotify Technology SA			3,467,880		0.3
21,300 (1)	Take-Two Interactive Software, Inc.			3,134,508		0.3
151,873 (1)	Trade Desk, Inc./The			11,727,633		1.1
				42,643,511		4.1
	Consumer Discretionary: 13.3%
12,800 (1)	Aptiv PLC			1,306,752		0.1
3,850 (1)	Autozone, Inc.			9,599,436		0.9
13,200 (1)	Bright Horizons Family Solutions, Inc.			1,220,340		0.1
17,300 (1)	Burlington Stores, Inc.			2,722,847		0.3
36,900 (1)	Caesars Entertainment, Inc.			1,880,793		0.2
28,719 (1)(2)	Chewy, Inc.			1,133,539		0.1
1,350 (1)	Chipotle Mexican Grill, Inc.			2,887,650		0.3
23,800	Churchill Downs, Inc.			3,312,246		0.3
218,600 (1)	Coupang, Inc.			3,803,640		0.4
31,400	Darden Restaurants, Inc.			5,246,312		0.5
9,700	Domino’s Pizza, Inc.			3,268,803		0.3
92,500 (1)	DraftKings, Inc.			2,457,725		0.2
6,500 (1)	Duolingo, Inc.			929,110		0.1
13,700 (1)	Etsy, Inc.			1,159,157		0.1
19,069 (1)	Five Below, Inc.			3,747,821		0.4
28,800 (1)	Floor & Decor Holdings, Inc.			2,994,048		0.3
12,800	Genuine Parts Co.			2,166,144		0.2
99,500	Hilton Worldwide Holdings, Inc.			14,482,225		1.4
8,700	Hyatt Hotels Corp.			996,846		0.1
12,600 (1)	Lululemon Athletica, Inc.			4,769,100		0.5
59,000 (1)	Mattel, Inc.			1,152,860		0.1
86,900	MGM Resorts International			3,816,648		0.4
14,081 (1)	Mobileye Global, Inc.			540,992		0.0
929 (1)	NVR, Inc.			5,899,726		0.6
19,500 (1)	Ollie’s Bargain Outlet Holdings, Inc.			1,129,635		0.1
2,000 (1)	O’Reilly Automotive, Inc.			1,910,600		0.2

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
14,200	Pool Corp.			$	5,319,888		0.5
37,281 (2)	Restaurant Brands International, Inc.				2,890,023		0.3
3,800 (1)	RH				1,252,442		0.1
90,600	Ross Stores, Inc.				10,158,978		1.0
16,700	Service Corp. International				1,078,653		0.1
25,400 (1)	Skechers USA, Inc.				1,337,564		0.1
41,000	Tractor Supply Co.				9,065,100		0.9
17,621 (1)	Ulta Beauty, Inc.				8,292,355		0.8
3,800	Vail Resorts, Inc.				956,688		0.1
17,100	Williams-Sonoma, Inc.				2,139,894		0.2
10,200	Wingstop, Inc.				2,041,632		0.2
14,300	Wynn Resorts Ltd.				1,510,223		0.1
55,600	Yum! Brands, Inc.				7,703,380		0.7
					138,281,815		13.3
	Consumer Staples: 3.1%
94,100 (1)	BJ’s Wholesale Club Holdings, Inc.				5,929,241		0.6
51,075	Brown-Forman Corp. - Class B				3,410,788		0.3
5,500	Casey’s General Stores, Inc.				1,341,340		0.1
23,500 (1)	Celsius Holdings, Inc.	��			3,505,965		0.3
11,400	Church & Dwight Co., Inc.				1,142,622		0.1
5,100	Constellation Brands, Inc.				1,255,263		0.1
17,700 (1)	Darling Ingredients, Inc.				1,129,083		0.1
8,600	Dollar General Corp.				1,460,108		0.2
15,200 (1)	Dollar Tree, Inc.				2,181,200		0.2
19,300 (1)	elf Beauty, Inc.				2,204,639		0.2
7,500	Hershey Co.				1,872,750		0.2
57,000 (1)	Kenvue, Inc.				1,505,940		0.2
74,000 (1)	Performance Food Group Co.				4,457,760		0.4
17,389	Tyson Foods, Inc.				887,535		0.1
					32,284,234		3.1
	Energy: 4.5%
26,000	APA Corp.				888,420		0.1
68,300	Cheniere Energy, Inc.				10,406,188		1.0
115,000	Coterra Energy, Inc.				2,909,500		0.3
60,000	Devon Energy Corp.				2,900,400		0.3
14,900	Diamondback Energy, Inc.				1,957,264		0.2
177,500	Halliburton Co.				5,855,725		0.6
42,100	Hess Corp.				5,723,495		0.5
70,200	Magnolia Oil & Gas Corp.				1,467,180		0.1
16,200	Matador Resources Co.				847,584		0.1

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

VY® T. Rowe Price Diversified

PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value				Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
15,700	Pioneer Natural Resources Co.		$	3,252,726			0.3
44 (1)(3)(4)	Venture Global LNG, Inc. - Series B			792,000			0.1
560 (1)(3)(4)	Venture Global LNG, Inc. - Series C			10,080,000			0.9
				47,080,482			4.5
	Financials: 7.8%
137,600	Apollo Global Management, Inc.			10,569,056			1.0
19,600 (1)	Ares Management Corp.			1,895,612			0.2
42,200	Arthur J. Gallagher & Co.			9,265,854			0.9
6,100	Assurant, Inc.			766,892	��		0.1
32,600 (1)	Block, Inc.			2,170,182			0.2
117,600	Blue Owl Capital, Inc.			1,370,040			0.1
9,033	Cboe Global Markets, Inc.			1,246,644			0.1
9,700	Discover Financial Services			1,133,445			0.1
18,200 (1)	Euronet Worldwide, Inc.			2,136,134			0.2
14,100	Factset Research Systems, Inc.			5,649,165			0.6
25,800 (1)	FleetCor Technologies, Inc.			6,477,864			0.6
11,700	Globe Life, Inc.			1,282,554			0.1
111,100	Hartford Financial Services Group, Inc.			8,001,422			0.8
25,800	LPL Financial Holdings, Inc.			5,609,694			0.5
12,700	MarketAxess Holdings, Inc.			3,320,034			0.3
6,700	Morningstar, Inc.			1,313,669			0.1
17,800	MSCI, Inc. - Class A			8,353,362			0.8
332,900 (1)	NU Holdings Ltd./ Cayman Islands			2,626,581			0.3
67,700 (1)	Ryan Specialty Holdings, Inc.			3,039,053			0.3
40,819	Tradeweb Markets, Inc.			2,795,285			0.3
12,499 (1)	WEX, Inc.			2,275,693			0.2
				81,298,235			7.8
	Health Care: 18.3%
15,399 (1)	Acadia Healthcare Co., Inc.			1,226,376			0.1
75,900	Agilent Technologies, Inc.			9,126,975			0.9
12,500 (1)	Align Technology, Inc.			4,420,500			0.4
29,600 (1)	Alnylam Pharmaceuticals, Inc.			5,622,224			0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
56,800	AmerisourceBergen Corp.		$	10,930,024		1.1
35,400 (1)	Apellis Pharmaceuticals, Inc.			3,224,940		0.3
5,685 (1)	Argenx SE ADR			2,215,615		0.2
10,000 (1)	Ascendis Pharma A/S ADR			892,500		0.1
10,300 (1)	BioMarin Pharmaceutical, Inc.			892,804		0.1
7,400 (1)	BioNTech SE ADR			798,682		0.1
4,300 (1)	Bio-Rad Laboratories, Inc.			1,630,216		0.2
81,000	Bio-Techne Corp.			6,612,030		0.6
22,800 (1)	Blueprint Medicines Corp.			1,440,960		0.1
39,300	Bruker Corp.			2,905,056		0.3
14,128 (1)	Centene Corp.			952,934		0.1
17,400 (1)	Charles River Laboratories International, Inc.			3,658,350		0.3
112,800 (1)	DexCom, Inc.			14,495,928		1.4
29,300 (1)	Exact Sciences Corp.			2,751,270		0.3
44,000 (1)	Genmab A/S ADR			1,672,440		0.2
27,000 (1)	Globus Medical, Inc.			1,607,580		0.2
12,200 (1)	Idexx Laboratories, Inc.			6,127,206		0.6
11,200 (1)	Illumina, Inc.			2,099,888		0.2
14,600 (1)	Incyte Corp., Ltd.			908,850		0.1
13,100 (1)	Inspire Medical Systems, Inc.			4,252,784		0.4
24,000 (1)	Insulet Corp.			6,920,160		0.7
51,500 (1)	IQVIA Holdings, Inc.			11,575,655		1.1
10,082 (1)	Karuna Therapeutics, Inc.			2,186,282		0.2
20,300 (1)	Lantheus Holdings, Inc.			1,703,576		0.2
31,300 (1)	Legend Biotech Corp. ADR			2,160,639		0.2
20,791	McKesson Corp.			8,884,202		0.9
7,100 (1)	Mettler Toledo International, Inc.			9,312,644		0.9
19,900 (1)	Molina Healthcare, Inc.			5,994,676		0.6
37,879 (1)	Neurocrine Biosciences, Inc.			3,571,990		0.3
36,200 (1)	Novocure Ltd.			1,502,300		0.1
13,300 (1)	Penumbra, Inc.			4,575,998		0.4
12,500 (1)	QuidelOrtho Corp.			1,035,750		0.1
17,586 (1)(2)	Repligen Corp.			2,487,715		0.2
34,700	Resmed, Inc.			7,581,950		0.7
27,888	Royalty Pharma PLC			857,277		0.1
21,700 (1)	Sarepta Therapeutics, Inc.			2,485,084		0.2

See Accompanying Notes to Financial Statements

128

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PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
14,000 (1)	Shockwave Medical, Inc.		$	3,995,740		0.4
11,100	STERIS Public Ltd. Co.			2,497,278		0.2
3,500	Teleflex, Inc.			847,105		0.1
47,000 (1)	Veeva Systems, Inc.			9,293,310		0.9
26,300	West Pharmaceutical Services, Inc.			10,058,961		1.0
				189,994,424		18.3
	Industrials: 20.6%
8,400	Advanced Drainage Systems, Inc.			955,752		0.1
18,200 (1)	Alaska Air Group, Inc.			967,876		0.1
17,400	Allegion Public Ltd.			2,088,348		0.2
25,562	Ametek, Inc.			4,137,977		0.4
17,000	AO Smith Corp.			1,237,260		0.1
25,000 (1)	Axon Enterprise, Inc.			4,878,000		0.5
17,064	Booz Allen Hamilton Holding Corp.			1,904,342		0.2
34,400	Broadridge Financial Solutions, Inc. ADR			5,697,672		0.6
18,100	BWX Technologies, Inc.			1,295,417		0.1
27,500	Carrier Global Corp.			1,367,025		0.1
29,203 (1)	Ceridian HCM Holding, Inc.			1,955,725		0.2
22,400	Cintas Corp.			11,134,592		1.1
27,200 (1)	Clean Harbors, Inc.			4,472,496		0.4
109,900 (1)	Copart, Inc.			10,023,979		1.0
14,987	Equifax, Inc.			3,526,441		0.4
10,600	Expeditors International Washington, Inc.			1,283,978		0.1
176,000	Fastenal Co.			10,382,240		1.0
20,400	Ferguson PLC			3,209,124		0.3
17,975	Fortune Brands Innovations, Inc.			1,293,301		0.1
6,200 (1)(2)	FTI Consulting, Inc.			1,179,240		0.1
13,800	Graco, Inc.			1,191,630		0.1
22,700	Heico Corp. - HEI			4,016,538		0.4
15,300	Hexcel Corp.			1,163,106		0.1
44,800	Howmet Aerospace, Inc.			2,220,288		0.2
13,300	Hubbell, Inc.			4,409,748		0.4
5,300	Huntington Ingalls Industries, Inc.			1,206,280		0.1
4,700	IDEX Corp.			1,011,722		0.1
10,600	JB Hunt Transport Services, Inc.			1,918,918		0.2
35,900	KBR, Inc.			2,335,654		0.2
6,300	Landstar System, Inc.			1,213,002		0.1
15,300 (1)	Middleby Corp.			2,261,799		0.2
25,150	Old Dominion Freight Line			9,299,212		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
13,300	Otis Worldwide Corp.		$	1,183,833		0.1
15,600	Paccar, Inc.			1,304,940		0.1
95,900	Paychex, Inc.			10,728,333		1.0
20,300	Paycom Software, Inc.			6,521,172		0.6
39,700 (1)	Paycor HCM, Inc.			939,699		0.1
18,100 (1)	Paylocity Holding Corp.			3,339,993		0.3
30,400	Quanta Services, Inc.			5,972,080		0.6
23,000	RB Global, Inc.			1,380,000		0.1
34,700	Republic Services, Inc.			5,314,999		0.5
30,500	Rockwell Automation, Inc.			10,048,225		1.0
27,737	Rollins, Inc.			1,187,976		0.1
28,000 (1)	SiteOne Landscape Supply, Inc.			4,686,080		0.5
57,200	Southwest Airlines Co.			2,071,212		0.2
19,135	SS&C Technologies Holdings, Inc.			1,159,581		0.1
34,500	Toro Co.			3,506,925		0.3
36,000	Trane Technologies PLC			6,885,360		0.7
8,196	TransDigm Group, Inc.			7,328,617		0.7
30,200	TransUnion			2,365,566		0.2
41,800 (1)	Trex Co., Inc.			2,740,408		0.3
21,400 (1)	United Airlines Holdings, Inc.			1,174,218		0.1
10,400	United Rentals, Inc.			4,631,848		0.5
13,600	Valmont Industries, Inc.			3,958,280		0.4
31,556	Verisk Analytics, Inc.			7,132,603		0.7
28,750	Waste Connections, Inc.			4,109,238		0.4
15,000 (2)	Watsco, Inc.			5,722,050		0.6
9,200	Westinghouse Air Brake Technologies Corp.			1,008,964		0.1
49,500 (1)	WillScot Mobile Mini Holdings Corp.			2,365,605		0.2
				214,006,487		20.6
	Information Technology: 22.6%
144,800	Amphenol Corp.			12,300,760		1.2
16,100 (1)	ANSYS, Inc.			5,317,347		0.5
38,900 (1)	AppLovin Corp.			1,000,897		0.1
31,700 (1)	Arista Networks, Inc.			5,137,302		0.5
5,000 (1)	Atlassian Corp.			839,050		0.1
62,681	Bentley Systems, Inc.			3,399,191		0.3
13,200 (1)	Bill.com Holdings, Inc.			1,542,420		0.2
24,600 (1)	Cadence Design Systems, Inc.			5,769,192		0.6
39,900	CDW Corp.			7,321,650		0.7
23,600	Cognex Corp.			1,322,072		0.1
36,448 (1)	Confluent, Inc.			1,286,979		0.1

See Accompanying Notes to Financial Statements

129

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VY® T. Rowe Price Diversified

PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
71,397 (1)	Crowdstrike Holdings, Inc.		$	10,486,077		1.0
33,960 (1)(3)(4)	Databricks, Inc.			2,484,513		0.3
81,446 (1)	Datadog, Inc.			8,012,657		0.8
32,100 (1)	Descartes Systems Group, Inc./The			2,571,531		0.3
43,000 (1)	DoubleVerify Holdings, Inc.			1,673,560		0.2
79,037 (1)	Dynatrace, Inc.			4,068,034		0.4
43,600 (1)	Enphase Energy, Inc.			7,302,128		0.7
57,400	Entegris, Inc.			6,361,068		0.6
4,700 (1)	EPAM Systems, Inc.			1,056,325		0.1
8,000 (1)	Fair Isaac Corp.			6,473,680		0.6
6,546 (1)	First Solar, Inc.			1,244,329		0.1
50,600 (1)	Fortinet, Inc.			3,824,854		0.4
24,200 (1)	Gartner, Inc.			8,477,502		0.8
6,300 (1)	Globant SA			1,132,236		0.1
18,366 (1)	HubSpot, Inc.			9,772,365		0.9
65,300 (1)	Informatica, Inc.			1,208,050		0.1
23,550 (1)	Keysight Technologies, Inc.			3,943,448		0.4
77,500 (1)	Lattice Semiconductor Corp.			7,445,425		0.7
4,300	Littelfuse, Inc.			1,252,633		0.1
23,400 (1)	Manhattan Associates, Inc.			4,677,192		0.5
23,048	Marvell Technology, Inc.			1,377,809		0.1
145,334	Microchip Technology, Inc.			13,020,473		1.3
11,000	MKS Instruments, Inc.			1,189,100		0.1
15,100 (1)(2)	Monday.com Ltd.			2,585,422		0.3
24,439 (1)	MongoDB, Inc.			10,044,185		1.0
15,800	Monolithic Power Systems, Inc.			8,535,634		0.8
14,000	Motorola Solutions, Inc.			4,105,920		0.4
43,282 (1)	nCino, Inc.			1,303,654		0.1
78,900 (1)	ON Semiconductor Corp.			7,462,362		0.7
12,700 (1)	Onto Innovation, Inc.			1,479,169		0.2
19,536 (1)	Procore Technologies, Inc.			1,271,208		0.1
31,075 (1)	PTC, Inc.			4,421,973		0.4
64,900 (1)	Pure Storage, Inc. - Class A			2,389,618		0.2
107,600 (1)	Samsara, Inc.			2,981,596		0.3
6,400 (1)	Silicon Laboratories, Inc.			1,009,536		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
9,900	Skyworks Solutions, Inc.		$	1,095,831		0.1
11,200 (1)	Super Micro Computer, Inc.			2,791,600		0.3
11,000 (1)	Synopsys, Inc.			4,789,510		0.5
31,626 (1)(3)(4)	Tanium, Inc. Class B			139,471		0.0
8,400	TE Connectivity Ltd.			1,177,344		0.1
30,900	Teradyne, Inc.			3,440,097		0.3
13,200 (1)	Tyler Technologies, Inc.			5,497,404		0.5
4,900 (1)	VeriSign, Inc.			1,107,253		0.1
12,500 (1)	Workiva, Inc.			1,270,750		0.1
7,900 (1)	Zebra Technologies Corp.			2,337,057		0.2
57,800 (1)	Zscaler, Inc.			8,456,140		0.8
				233,984,583		22.6
	Materials: 2.3%
9,800	Albemarle Corp.			2,186,282		0.2
17,300	Avery Dennison Corp.			2,972,140		0.3
15,180	Ball Corp.			883,628		0.1
13,500	CF Industries Holdings, Inc.			937,170		0.1
37,700	Corteva, Inc.			2,160,210		0.2
14,500	Nutrien Ltd.			856,225		0.1
29,500	PPG Industries, Inc.			4,374,850		0.4
12,700	RPM International, Inc.			1,139,571		0.1
27,800	Sealed Air Corp.			1,112,000		0.1
14,900	Steel Dynamics, Inc.			1,623,057		0.2
22,900	Vulcan Materials Co.			5,162,576		0.5
				23,407,709		2.3
	Real Estate: 2.2%
45,545 (1)	CoStar Group, Inc.			4,053,505		0.4
69,100	CubeSmart			3,086,006		0.3
45,800	Equity Lifestyle Properties, Inc.			3,063,562		0.3
40,043	Lamar Advertising Co.			3,974,268		0.4
18,700	Rexford Industrial Realty, Inc.			976,514		0.1
11,900	SBA Communications Corp.			2,757,944		0.3
37,900	Simon Property Group, Inc.			4,376,692		0.4
				22,288,491		2.2
	Utilities: 0.1%
46,800	Vistra Corp.			1,228,500		0.1
	Total Common Stock (Cost $871,559,730)			1,026,498,471		98.9

See Accompanying Notes to Financial Statements

130

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PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: 0.9%
	Consumer Discretionary: 0.1%
32,438 (1)(3)(4)	Rappi, Inc. - Series E		$	1,168,093		0.1

	Health Care: 0.1%
123,878 (1)(3)(4)	Caris Life Sciences, Inc. Series D			662,747		0.1

	Information Technology: 0.7%
73,377 (1)(3)(4)	Databricks, Inc., Series F			5,368,261		0.5
7,908 (1)(3)(4)	Databricks, Inc., Series G			578,549		0.1
353,970 (1)(3)(4)	Tanium, Inc. - Series G			1,561,008		0.1
				7,507,818		0.7
	Total Preferred Stock (Cost $6,216,683)			9,338,658		0.9
	Total Long-Term Investments (Cost $877,776,413)			1,035,837,129		99.8

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.1%
	Repurchase Agreements: 1.0%
727,673 (5)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $727,976, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $742,227, due 04/01/35-09/01/61)		727,673		0.1
2,401,266 (5)	HSBC Securities USA, Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $2,402,265, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $2,449,291, due 08/15/23-11/15/57)		2,401,266		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,401,266 (5)	Jefferies LLC, Repurchase Agreement dated 06/30/23, 5.17%, due 07/03/23 (Repurchase Amount $2,402,286, collateralized by various U.S. Government Agency Obligations, 0.000%-5.050%, Market Value plus accrued interest $2,449,297, due 07/28/23-06/21/28)		$	2,401,266		0.2
2,401,266 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $2,402,265, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,449,291, due 07/31/23-05/20/53)			2,401,266		0.2
2,114,137 (5)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/23, 5.15%, due 07/03/23 (Repurchase Amount $2,115,032, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,156,470, due 07/15/25-02/15/51)			2,114,137		0.2
	Total Repurchase Agreements (Cost $10,045,608)			10,045,608		1.0

See Accompanying Notes to Financial Statements

131

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VY® T. Rowe Price Diversified

PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.1%
1,224,123 (6)	T. Rowe Price Government Reserve Fund, 5.130% (Cost $1,224,123)		$	1,224,123		0.1
	Total Short-Term Investments (Cost $11,269,731)			11,269,731		1.1
	Total Investments in Securities (Cost $889,046,144)		$	1,047,106,860		100.9
	Liabilities in Excess of Other Assets			(9,274,693)		(0.9)
	Net Assets		$	1,037,832,167		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)

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, 2023, the Portfolio held restricted securities with a fair value of $22,834,642 or 2.2% 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, 2023.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	42,643,511		$	—		$	—		$	42,643,511
Consumer Discretionary			138,281,815			—			—			138,281,815
Consumer Staples			32,284,234			—			—			32,284,234
Energy			36,208,482			—			10,872,000			47,080,482
Financials			81,298,235			—			—			81,298,235
Health Care			189,994,424			—			—			189,994,424
Industrials			214,006,487			—			—			214,006,487
Information Technology			231,360,599			—			2,623,984			233,984,583
Materials			23,407,709			—			—			23,407,709
Real Estate			22,288,491			—			—			22,288,491
Utilities			1,228,500			—			—			1,228,500
Total Common Stock			1,013,002,487			—			13,495,984			1,026,498,471
Preferred Stock			—			—			9,338,658			9,338,658
Short-Term Investments			1,224,123			10,045,608			—			11,269,731
Total Investments, at fair value		$	1,014,226,610		$	10,045,608		$	22,834,642		$	1,047,106,860

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

At June 30, 2023, 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		$	1,003,411		$	662,747
Databricks, Inc.		7/24/2020			543,644			2,484,513
Databricks, Inc., Series F		10/22/2019			1,050,475			5,368,261
Databricks, Inc., Series G		2/1/2021			467,542			578,549
Rappi, Inc. - Series E		9/8/2020			1,938,042			1,168,093
Tanium, Inc. - Series G		8/26/2015			1,757,213			1,561,008
Tanium, Inc. Class B		9/24/2020			360,385			139,471

See Accompanying Notes to Financial Statements

132

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VY® T. Rowe Price Diversified

PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

Security	Acquisition Date		Acquisition Cost			Fair Value
Venture Global LNG, Inc. - Series B		3/8/2018		$	132,880		$	792,000
Venture Global LNG, Inc. - Series C		10/16/2017			2,083,973			10,080,000
				$	9,337,565		$	22,834,642

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, 2023:

Investments, at fair value

Fair Value
at June 30, 2023

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

13,495,984

Market Approach

Recent Comparable Transaction Price(s)

—**

Market Approach

Enterprise Value to Billings Multiple

5.4x

Increase

Market Approach

Enterprise Value to Gross Profit Multiple

6.0x-7.2x

Increase

Market Approach

Enterprise Value to Projected Gross Profit

15.8x-34.9x

Increase

Market Approach

Enterprise Value to Projected Revenue

12.6x-25.2x

Increase

Market Approach

Enterprise Value to Sales Multiple

5.1x-6.0x

Increase

Preferred Stocks

9,338,658

Market Approach

Recent Comparable Transaction Price(s)

—**

Market Approach

Enterprise Value to Billings Multiple

5.4x

Increase

Market Approach

Enterprise Value to Gross Merchandise
Value Multiple

0.5x

Increase

Market Approach

Enterprise Value to Gross Profit Multiple

6.0x-7.2x

Increase

Market Approach

Enterprise Value to Projected Gross Profit

15.8x-34.9x

Increase

Market Approach

Enterprise Value to Projected Revenue

12.6x-25.2x

Increase

Market Approach

Enterprise Value to Sales Multiple

5.1x-6.0x

Increase

��

Market Approach

Enterprise Value to Sales Multiple

2.3x-3.0x

Increase

Market Approach

Projected Enterprise Value to Sales Multiple

6.5x-7.9x

Increase

Total Investments, at fair value

22,834,642

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.

See Accompanying Notes to Financial Statements

133

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VY® T. Rowe Price Diversified

PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of June 30, 2023 (Unaudited) (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2023:

	Common Stocks			Preferred Stocks			Total
Assets:
Beginning balance at December 31, 2022		$	11,113,396		$	8,421,317		$	19,534,713
Purchases			—			—			—
Sales			—			—			—
Total realized gain (loss)			—			—			—
Net change in unrealized appreciation (depreciation)*****			2,382,588			917,341			3,299,929
Transfers into Level 3			—			—			—
Transfers out of Level 3			—			—			—
Ending balance at June 30, 2023		$	13,495,984		$	9,338,658		$	22,834,642
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2023*****		$	2,382,588		$	917,341		$	3,299,929

*****

At June 30, 2023, 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 $889,709,318.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	212,256,016
Gross Unrealized Depreciation		(54,858,475)
Net Unrealized Appreciation	$	157,397,541

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® T. Rowe Price Growth Equity Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.2%
	Communication Services: 14.8%
680,209 (1)	Alphabet, Inc. - Class A		$	81,421,017		5.4
166,499 (1)	Alphabet, Inc. - Class C			20,141,384		1.3
5,269 (1)(2)(3)	Epic Games, Inc.			3,639,035		0.2
126,424 (1)	Match Group, Inc.			5,290,845		0.4
183,137 (1)	Meta Platforms, Inc.			52,556,656		3.5
48,264 (1)	NetFlix, Inc.			21,259,809		1.4
361,858 (1)	Pinterest, Inc.			9,893,198		0.7
50,851 (1)	Spotify Technology SA			8,164,128		0.6
85,191 (1)	T-Mobile US, Inc.			11,833,030		0.8
105,591 (1)	Trade Desk, Inc./The			8,153,737		0.5
				222,352,839		14.8
	Consumer Discretionary: 14.2%
781,146 (1)	Amazon.com, Inc.			101,830,193		6.8
2,783 (1)	Booking Holdings, Inc.			7,515,018		0.5
7,593 (1)	Chipotle Mexican Grill, Inc.			16,241,427		1.1
454,254 (1)	Coupang, Inc.			7,904,020		0.5
39,142	Ferrari NV			12,729,370		0.8
46,518 (1)	Floor & Decor Holdings, Inc.			4,836,011		0.3
157,238 (1)	Las Vegas Sands Corp.			9,119,804		0.6
10,915 (1)	Lululemon Athletica, Inc.			4,131,327		0.3
848,061 (1)(4)	Rivian Automotive, Inc.			14,128,696		0.9
93,163	Ross Stores, Inc.			10,446,367		0.7
95,126 (1)	Tesla, Inc.			24,901,133		1.7
				213,783,366		14.2
	Consumer Staples: 1.5%
38,516	Constellation Brands, Inc.			9,479,943		0.6
33,080	Estee Lauder Cos., Inc.			6,496,250		0.4
47,551	Procter & Gamble Co.			7,215,389		0.5
				23,191,582		1.5
	Financials: 8.4%
1,669,750 (1)(2)(3)	Ant International Co., Limited - Class C			2,938,760		0.2
88,800	Charles Schwab Corp.			5,033,184		0.3
61,318	Chubb Ltd.			11,807,394		0.8
191,759 (1)	Fiserv, Inc.			24,190,398		1.6
31,282	Global Payments, Inc.			3,081,902		0.2
12,749 (1)(2)(3)	Maplebear, Inc., dba Instacart			414,343		0.0
666 (1)(2)(3)	Maplebear, Inc., dba Instacart - Non-Voting			21,645		0.0
89,474	Mastercard, Inc. - Class A			35,190,124		2.4
180,116	Visa, Inc. - Class A			42,773,948		2.9
				125,451,698		8.4
	Health Care: 12.3%
9,799 (1)	Align Technology, Inc.			3,465,318		0.2
20,221 (1)	Argenx SE ADR			7,880,730		0.5
243,544 (1)	Avantor, Inc.			5,002,394		0.3
46,149	Cigna Corp.			12,949,409		0.9
24,405	Danaher Corp.			5,857,200		0.4
76,037	Eli Lilly & Co.			35,659,832		2.4
20,754	HCA Healthcare, Inc.			6,298,424		0.4
28,317	Humana, Inc.			12,661,380		0.9
66,872 (1)	Intuitive Surgical, Inc.			22,866,212		1.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
43,072 (1)	Legend Biotech Corp. ADR		$	2,973,260		0.2
17,422	McKesson Corp.			7,444,595		0.5
17,261	Stryker Corp.			5,266,159		0.4
4,200	Thermo Fisher Scientific, Inc.			2,191,350		0.2
84,549	UnitedHealth Group, Inc.			40,637,631		2.7
23,072 (1)	Vertex Pharmaceuticals, Inc.			8,119,268		0.5
28,283	Zoetis, Inc.			4,870,616		0.3
				184,143,778		12.3
	Industrials: 2.5%
54,142	Airbus SE			7,827,964		0.5
80,274 (1)	Ceridian HCM Holding, Inc.			5,375,950		0.4
8,251	Cintas Corp.			4,101,407		0.3
15,392	FedEx Corp.			3,815,677		0.3
20,790	Old Dominion Freight Line			7,687,102		0.5
103,508	TransUnion			8,107,782		0.5
				36,915,882		2.5
	Information Technology: 43.9%
34,648	Accenture PLC			10,691,680		0.7
192,155 (1)	Advanced Micro Devices, Inc.			21,888,376		1.5
1,576	Amphenol Corp.			133,881		0.0
829,270	Apple, Inc.			160,853,502		10.7
29,363	ASML Holding NV - NY Reg			21,280,834		1.4
20,072 (1)	Atlassian Corp.			3,368,282		0.2
152,604 (1)	Dynatrace, Inc.			7,854,528		0.5
67,009	Intuit, Inc.			30,702,854		2.0
13,819	Lam Research Corp.			8,883,682		0.6
7,871 (1)(2)(3)	Magic Leap, Inc. - Class A			151,138		0.0
126,380	Marvell Technology, Inc.			7,554,996		0.5
614,563	Microsoft Corp.			209,283,284		14.0
4,798 (1)	Monday.com Ltd.			821,514		0.1
10,754 (1)	MongoDB, Inc.			4,419,787		0.3
209,441	Nvidia Corp.			88,597,732		5.9
33,034	Roper Technologies, Inc.			15,882,747		1.1
85,703 (1)	Salesforce, Inc.			18,105,616		1.2
38,790 (1)	ServiceNow, Inc.			21,798,816		1.5
126,387 (1)	Shopify, Inc.			8,164,600		0.5
51,440 (1)(2)(3)	Stripe, Inc. - Class B			1,035,487		0.1
41,033 (1)	Teledyne Technologies, Inc.			16,869,077		1.1
				658,342,413		43.9
	Materials: 0.6%
24,572	Linde PLC			9,363,898		0.6
	Total Common Stock (Cost $1,073,722,054)			1,473,545,456		98.2
PREFERRED STOCK: 1.4%
	Consumer Discretionary: 0.7%
63,083	Dr Ing hc F Porsche AG			7,836,737		0.5
38,487 (1)(2)(3)	Rappi, Inc. - Series E			1,385,917		0.1
37,201 (1)(2)(3)	Sila Nanotechnologies, Inc., Series F			754,436		0.1
18,931 (1)(2)(3)	Waymo LLC., Series A-2			722,028		0.0
				10,699,118		0.7

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® T. Rowe Price Growth Equity Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: (continued)
	Financials: 0.1%
1,855 (1)(2)(3)	Maplebear, Inc., dba Instacart - Series A		$	60,288		0.0
26,036 (1)(2)(3)	Maplebear, Inc., dba Instacart - Series G			846,170		0.1
				906,458		0.1
	Health Care: 0.4%
17,431 (4)	Sartorius AG			6,039,137		0.4

	Industrials: 0.2%
159,700 (1)(2)(3)	GM Cruise Holdings, LLC - Class F			2,711,706		0.2
132,943 (1)(2)(3)	Nuro, Inc. - Series C			824,247		0.0
				3,535,953		0.2
	Total Preferred Stock (Cost $23,244,201)			21,180,666		1.4
	Total Long-Term Investments (Cost $1,096,966,255)			1,494,726,122		99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.1%
	Repurchase Agreements: 0.8%
164,405 (5)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $164,473, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $167,693, due 04/01/35- 09/01/61)		164,405		0.0
2,069,606 (5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/23, 5.08%, due 07/03/23 (Repurchase Amount $2,070,470, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,110,998, due 10/13/23-02/20/73)		2,069,606		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,566,549 (5)	HSBC Securities USA, Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,567,201, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $1,597,880, due 08/15/23-11/15/57)		$	1,566,549		0.1
2,916,654 (5)	Jefferies LLC, Repurchase Agreement dated 06/30/23, 5.17%, due 07/03/23 (Repurchase Amount $2,917,893, collateralized by various U.S. Government Agency Obligations, 0.000%- 5.050%, Market Value plus accrued interest $2,974,994, due 07/28/23-06/21/28)			2,916,654		0.2
2,916,654 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $2,917,867, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,974,987, due 07/31/23-05/20/53)			2,916,654		0.2
2,567,756 (5)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/23, 5.15%, due 07/03/23 (Repurchase Amount $2,568,843, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,619,172, due 07/15/25-02/15/51)			2,567,756		0.2
	Total Repurchase Agreements (Cost $12,201,624)			12,201,624		0.8

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® T. Rowe Price Growth Equity Portfolio

as of June 30, 2023 (Unaudited) (continued)

	Geographic Diversification as of June 30, 2023 (as a percentage of net assets)

	United States			92.5%
	Netherlands			2.4%
	Germany			0.9%
	Italy			0.8%
	Canada			0.8%
	Switzerland			0.8%
	Sweden			0.6%
	South Korea			0.5%
	China			0.2%
	Israel			0.1%
	Assets in Excess of Other Liabilities,*			0.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.3%
3,847,344 (6)	T. Rowe Price Government Reserve Fund, 5.130% (Cost $3,847,344)		$	3,847,344		0.3
	Total Short-Term Investments (Cost $16,048,968)			16,048,968		1.1
	Total Investments in Securities (Cost $1,113,015,223)		$	1,510,775,090		100.7
	Liabilities in Excess of Other Assets			(11,172,214)		(0.7)
	Net Assets		$	1,499,602,876		100.0

†

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, 2023, the Portfolio held restricted securities with a fair value of $15,505,200 or 1.0% 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, 2023.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	218,713,804		$	—		$	3,639,035		$	222,352,839
Consumer Discretionary			213,783,366			—			—			213,783,366
Consumer Staples			23,191,582			—			—			23,191,582
Financials			122,076,950			—			3,374,748			125,451,698
Health Care			184,143,778			—			—			184,143,778
Industrials			29,087,918			7,827,964			—			36,915,882
Information Technology			657,155,788			—			1,186,625			658,342,413
Materials			9,363,898			—			—			9,363,898
Total Common Stock			1,457,517,084			7,827,964			8,200,408			1,473,545,456
Preferred Stock			—			13,875,874			7,304,792			21,180,666
Short-Term Investments			3,847,344			12,201,624			—			16,048,968
Total Investments, at fair value		$	1,461,364,428		$	33,905,462		$	15,505,200		$	1,510,775,090

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

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® T. Rowe Price Growth Equity Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, 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		$	2,938,760
Epic Games, Inc.		6/18/2020			3,029,675			3,639,035
GM Cruise Holdings, LLC - Class F		5/7/2019			2,914,525			2,711,706
Magic Leap, Inc. - Class A		1/20/2016			3,824,971			151,138
Maplebear, Inc., dba Instacart		8/7/2020			590,711			414,343
Maplebear, Inc., dba Instacart - Non-Voting		8/7/2020			30,858			21,645
Maplebear, Inc., dba Instacart - Series A		11/18/2020			113,177			60,288
Maplebear, Inc., dba Instacart - Series G		7/2/2020			1,252,121			846,170
Nuro, Inc. - Series C		10/30/2020			1,735,518			824,247
Rappi, Inc. - Series E		9/8/2020			2,299,446			1,385,917
Sila Nanotechnologies, Inc., Series F		1/7/2021			1,535,389			754,436
Stripe, Inc. - Class B		12/17/2019			807,093			1,035,487
Waymo LLC., Series A-2		5/8/2020			1,625,552			722,028
				$	26,123,079		$	15,505,200

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, 2023:

Investments, at fair value

Fair Value at
June 30, 2023

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

8,200,408

Market Approach

Recent Comparable Transaction Price(s)

—**

Market Approach

Enterprise Value to Sales Multiple

3.4x

Increase

Market Approach

Price to Earnings Multiple

8.4x-17.3x

Increase

Preferred Stocks

7,304,792

Market Approach

Recent Comparable Transaction Price(s)

—**

Market Approach

Discount based on Public Comparables

0.7%

Increase

Market Approach

Enterprise Value to Gross Merchandise Value

0.5x

Increase

Market Approach

Enterprise Value to Sales Multiple

2.3x-3.0.x

Increase

Market Approach

Enterprise Value to Sales Multiple

1.4x

Increase

Market Approach

Projected Enterprise Value to Sales Multiple

1.7x-10.x

Increase

Market Approach

Projected Enterprise Value to Sales Multiple

2.9x-10.x

Increase

Total Investments, at fair value

15,505,200

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, 2023:

	Common Stocks			Preferred Stocks			Total
Assets:
Beginning balance at December 31, 2022		$	8,947,632		$	9,882,742		$	18,830,374
Purchases			—			—			—
Sales			(150,650)			—			(150,650)
Total realized gain (loss)			(14,703)			—			(14,703)
Net change in unrealized appreciation (depreciation)*****			(581,871)			(2,577,950)			(3,159,821)
Transfers into Level 3			—			—			—
Transfers out of Level 3			—			—			—
Ending balance at June 30, 2023		$	8,200,408		$	7,304,792		$	15,505,200
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2023*****		$	(581,871)		$	(2,577,950)		$	(3,159,821)

*****

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® T. Rowe Price Growth Equity Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, 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 $1,119,277,455.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	439,431,954
Gross Unrealized Depreciation		(47,933,800)
Net Unrealized Appreciation	$	391,498,154

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

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

Transfer Agent
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301 Bellevue Parkway
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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

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TABLE OF CONTENTS

Semi-Annual Report

June 30, 2023

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

TABLE OF CONTENTS

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

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, 2023 to June 30, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**
Voya Solution Aggressive Portfolio
Class ADV		$	1,000.00		$	1,129.70		0.90%		$	4.75		$	1,000.00		$	1,020.33		0.90%		$	4.51
Class I			1,000.00			1,132.40		0.40			2.11			1,000.00			1,022.81		0.40			2.01
Class R6			1,000.00			1,133.30		0.31			1.64			1,000.00			1,023.26		0.31			1.56
Class S			1,000.00			1,130.90		0.65			3.43			1,000.00			1,021.57		0.65			3.26
Class S2			1,000.00			1,129.60		0.80			4.22			1,000.00			1,020.83		0.80			4.01
Voya Solution Balanced Portfolio
Class ADV		$	1,000.00		$	1,094.00		0.83%		$	4.31		$	1,000.00		$	1,020.68		0.83%		$	4.16
Class I			1,000.00			1,097.70		0.33			1.72			1,000.00			1,023.16		0.33			1.66
Class R6			1,000.00			1,097.70		0.28			1.46			1,000.00			1,023.41		0.28			1.40
Class S			1,000.00			1,097.50		0.58			3.02			1,000.00			1,021.92		0.58			2.91
Class S2			1,000.00			1,095.20		0.73			3.79			1,000.00			1,021.17		0.73			3.66
Voya Solution Conservative Portfolio
Class ADV		$	1,000.00		$	1,044.60		0.75%		$	3.80		$	1,000.00		$	1,021.08		0.75%		$	3.76
Class I			1,000.00			1,047.40		0.25			1.27			1,000.00			1,023.55		0.25			1.25
Class R6			1,000.00			1,046.30		0.25			1.27			1,000.00			1,023.55		0.25			1.25
Class S			1,000.00			1,046.60		0.50			2.54			1,000.00			1,022.32		0.50			2.51
Class S2			1,000.00			1,045.10		0.65			3.30			1,000.00			1,021.57		0.65			3.26

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**
Voya Solution Income Portfolio
Class ADV		$	1,000.00		$	1,058.10		0.76%		$	3.88		$	1,000.00		$	1,021.03		0.76%		$	3.81
Class I			1,000.00			1,059.50		0.26			1.33			1,000.00			1,023.51		0.26			1.30
Class S			1,000.00			1,058.00		0.51			2.60			1,000.00			1,022.27		0.51			2.56
Class S2			1,000.00			1,057.60		0.66			3.37			1,000.00			1,021.52		0.66			3.31
Class T			1,000.00			1,056.60		0.96			4.90			1,000.00			1,020.03		0.96			4.81
Voya Solution Moderately Aggressive Portfolio
Class ADV		$	1,000.00		$	1,113.30		0.75%		$	3.93		$	1,000.00		$	1,021.08		0.75%		$	3.76
Class I			1,000.00			1,115.90		0.25			1.31			1,000.00			1,023.55		0.25			1.25
Class R6			1,000.00			1,116.10		0.25			1.31			1,000.00			1,023.55		0.25			1.25
Class S			1,000.00			1,114.80		0.50			2.62			1,000.00			1,022.32		0.50			2.51
Class S2			1,000.00			1,113.60		0.65			3.41			1,000.00			1,021.57		0.65			3.26
Voya Solution Moderately Conservative Portfolio
Class ADV		$	1,000.00		$	1,062.10		0.78%		$	3.99		$	1,000.00		$	1,020.93		0.78%		$	3.91
Class I			1,000.00			1,066.00		0.28			1.43			1,000.00			1,023.41		0.28			1.40
Class R6			1,000.00			1,066.00		0.28			1.43			1,000.00			1,023.41		0.28			1.40
Class S			1,000.00			1,064.40		0.53			2.71			1,000.00			1,022.17		0.53			2.66
Class S2			1,000.00			1,064.50		0.68			3.48			1,000.00			1,021.42		0.68			3.41
Voya Solution 2025 Portfolio
Class ADV		$	1,000.00		$	1,079.50		0.76%		$	3.92		$	1,000.00		$	1,021.03		0.76%		$	3.81
Class I			1,000.00			1,082.10		0.26			1.34			1,000.00			1,023.51		0.26			1.30
Class S			1,000.00			1,081.30		0.51			2.63			1,000.00			1,022.27		0.51			2.56
Class S2			1,000.00			1,081.00		0.66			3.41			1,000.00			1,021.52		0.66			3.31
Class T			1,000.00			1,078.00		0.96			4.95			1,000.00			1,020.03		0.96			4.81
Voya Solution 2030 Portfolio
Class ADV		$	1,000.00		$	1,092.90		0.74%		$	3.84		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			1,095.40		0.24			1.25			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			1,094.00		0.49			2.54			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			1,093.10		0.64			3.32			1,000.00			1,021.62		0.64			3.21
Class T			1,000.00			1,090.20		0.94			4.87			1,000.00			1,020.13		0.94			4.71
Voya Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,107.20		0.73%		$	3.81		$	1,000.00		$	1,021.17		0.73%		$	3.66
Class I			1,000.00			1,109.50		0.23			1.20			1,000.00			1,023.65		0.23			1.15
Class S			1,000.00			1,108.20		0.48			2.51			1,000.00			1,022.41		0.48			2.41
Class S2			1,000.00			1,107.40		0.63			3.29			1,000.00			1,021.67		0.63			3.16
Voya Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,118.30		0.72%		$	3.78		$	1,000.00		$	1,021.22		0.72%		$	3.61
Class I			1,000.00			1,121.70		0.22			1.16			1,000.00			1,023.70		0.22			1.10
Class S			1,000.00			1,120.40		0.47			2.47			1,000.00			1,022.46		0.47			2.36
Class S2			1,000.00			1,119.50		0.62			3.26			1,000.00			1,021.72		0.62			3.11
Class T			1,000.00			1,116.90		0.92			4.83			1,000.00			1,020.23		0.92			4.61
Voya Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,123.80		0.71%		$	3.74		$	1,000.00		$	1,021.27		0.71%		$	3.56
Class I			1,000.00			1,126.90		0.21			1.11			1,000.00			1,023.75		0.21			1.05
Class S			1,000.00			1,125.70		0.46			2.42			1,000.00			1,022.51		0.46			2.31
Class S2			1,000.00			1,126.10		0.61			3.22			1,000.00			1,021.77		0.61			3.06
Class T			1,000.00			1,123.20		0.91			4.79			1,000.00			1,020.28		0.91			4.56

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**
Voya Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,128.00		0.73%		$	3.85		$	1,000.00		$	1,021.17		0.73%		$	3.66
Class I			1,000.00			1,131.50		0.23			1.22			1,000.00			1,023.65		0.23			1.15
Class S			1,000.00			1,129.40		0.48			2.53			1,000.00			1,022.41		0.48			2.41
Class S2			1,000.00			1,129.60		0.63			3.33			1,000.00			1,021.67		0.63			3.16
Class T			1,000.00			1,126.20		0.93			4.90			1,000.00			1,020.18		0.93			4.66
Voya Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,128.00		0.74%		$	3.90		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			1,131.30		0.24			1.27			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			1,130.50		0.49			2.59			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			1,129.10		0.64			3.38			1,000.00			1,021.62		0.64			3.21
Voya Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,128.40		0.74%		$	3.91		$	1,000.00		$	1,021.12		0.74%		$	3.71
Class I			1,000.00			1,132.40		0.24			1.27			1,000.00			1,023.60		0.24			1.20
Class S			1,000.00			1,129.80		0.49			2.59			1,000.00			1,022.36		0.49			2.46
Class S2			1,000.00			1,130.40		0.64			3.38			1,000.00			1,021.62		0.64			3.21
Class T			1,000.00			1,128.60		0.94			4.96			1,000.00			1,020.13		0.94			4.71
Voya Solution 2065 Portfolio
Class ADV		$	1,000.00		$	1,129.40		0.75%		$	3.96		$	1,000.00		$	1,021.08		0.75%		$	3.76
Class I			1,000.00			1,132.30		0.25			1.32			1,000.00			1,023.55		0.25			1.25
Class S			1,000.00			1,131.50		0.50			2.64			1,000.00			1,022.32		0.50			2.51
Class S2			1,000.00			1,130.30		0.65			3.43			1,000.00			1,021.57		0.65			3.26
Class T			1,000.00			1,128.10		0.95			5.01			1,000.00			1,020.08		0.95			4.76

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

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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*		$	30,983,553		$	48,391,949		$	14,847,309		$	168,310,540
Investments in unaffiliated underlying funds at fair value**			603,711			938,465			1,089,193			24,868,902
Cash			10,689			20,604			19,290			441,505
Receivables:
Investments in affiliated underlying funds sold			—			—			7,914			—
Investments in unaffiliated underlying funds sold			—			927,760			304,709			3,860,595
Fund shares sold			40,868			43,214			1,432			147,919
Interest			13			38			38			716
Prepaid expenses			10			8			6			33
Reimbursement due from Investment Adviser			722			—			2,632			25,179
Other assets			402			1,720			522			20,733
Total assets			31,639,968			50,323,758			16,273,045			197,676,122
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			40,447			43,215			—			135,136
Payable for investments in unaffiliated underlying funds purchased			—			928,996			305,137			3,865,724
Payable for fund shares redeemed			426			—			9,347			12,786
Payable for investment management fees			5,121			8,137			2,831			36,039
Payable for distribution and shareholder service fees			2,253			6,930			1,732			55,744
Payable for directors fees			74			121			39			508
Payable to directors under the deferred compensation plan (Note 6)			402			1,720			522			20,733
Other accrued expenses and liabilities			4,228			18,024			9,901			100,604
Total liabilities			52,951			1,007,143			329,509			4,227,274
NET ASSETS		$	31,587,017		$	49,316,615		$	15,943,536		$	193,448,848
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	31,978,431		$	50,760,222		$	17,420,580		$	212,234,702
Total distributable loss			(391,414)			(1,443,607)			(1,477,044)			(18,785,854)
NET ASSETS		$	31,587,017		$	49,316,615		$	15,943,536		$	193,448,848
* Cost of investments in affiliated underlying funds		$	30,190,096		$	48,936,024		$	15,369,219		$	181,733,990
** Cost of investments in unaffiliated underlying funds		$	486,308		$	928,996		$	1,101,729		$	24,162,560

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
Class ADV
Net assets		$	3,251,490		$	8,521,273		$	2,872,589		$	99,425,366
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			262,795			975,550			299,325			10,118,467
Net asset value and redemption price per share		$	12.37		$	8.73		$	9.60		$	9.83
Class I
Net assets		$	1,044,557		$	4,053,620		$	411,128		$	23,153,131
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			81,397			440,176			42,313			2,280,199
Net asset value and redemption price per share		$	12.83		$	9.21		$	9.72		$	10.15
Class R6
Net assets		$	23,539,688		$	20,312,682		$	10,305,831			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			1,833,017			2,204,746			1,061,001			n/a
Net asset value and redemption price per share		$	12.84		$	9.21		$	9.71			n/a
Class S
Net assets		$	2,022,515		$	15,349,834		$	1,734,629		$	67,527,744
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			160,372			1,727,365			179,658			6,723,629
Net asset value and redemption price per share		$	12.61		$	8.89		$	9.66		$	10.04
Class S2
Net assets		$	1,728,767		$	1,079,206		$	619,359		$	3,274,962
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			140,636			121,762			65,195			336,590
Net asset value and redemption price per share		$	12.29		$	8.86		$	9.50		$	9.73
Class T
Net assets			n/a			n/a			n/a		$	67,645
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			6,251
Net asset value and redemption price per share			n/a			n/a			n/a		$	10.82

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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*		$	451,692,097		$	29,009,534		$	404,158,606		$	42,865,863
Investments in unaffiliated underlying funds at fair value**			15,997,174			1,656,144			47,704,389			4,014,199
Cash			316,363			40,302			946,139			55,116
Cash collateral for futures contracts			499,840			—			—			—
Receivables:
Investments in affiliated underlying funds sold			376,969			—			234,766			—
Investments in unaffiliated underlying funds sold			4,351,690			649,605			8,770,732			906,394
Fund shares sold			120,105			33,730			260,586			32,005
Interest			505			64			1,461			74
Prepaid expenses			73			7			73			7
Reimbursement due from Investment Adviser			—			3,238			48,891			5,729
Other assets			31,060			1,212			34,239			775
Total assets			473,385,876			31,393,836			462,159,882			47,880,162
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			33,742			24			7,364
Payable for investments in unaffiliated underlying funds purchased			4,357,516			650,461			8,782,449			907,614
Payable for fund shares redeemed			497,074			—			495,353			24,641
Variation margin payable on futures contracts			17,750			—			—			—
Payable for investment management fees			78,678			5,318			82,265			8,316
Payable for distribution and shareholder service fees			92,504			5,021			121,472			12,396
Payable for directors fees			1,148			82			1,157			121
Payable to directors under the deferred compensation plan (Note 6)			31,060			1,212			34,239			775
Other accrued expenses and liabilities			91,682			24,864			140,270			50,675
Total liabilities			5,167,412			720,700			9,657,229			1,011,902
NET ASSETS		$	468,218,464		$	30,673,136		$	452,502,653		$	46,868,260
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	457,453,427		$	33,667,659		$	489,515,365		$	50,724,678
Total distributable earnings (loss)			10,765,037			(2,994,523)			(37,012,712)			(3,856,418)
NET ASSETS		$	468,218,464		$	30,673,136		$	452,502,653		$	46,868,260
* Cost of investments in affiliated underlying funds		$	457,826,471		$	30,173,654		$	424,632,263		$	42,972,506
** Cost of investments in unaffiliated underlying funds		$	14,128,204		$	1,668,647		$	45,356,494		$	3,748,754

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2025 Portfolio			Voya Solution 2030 Portfolio
Class ADV
Net assets		$	20,366,998		$	3,768,657		$	172,588,300		$	21,300,491
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			1,819,187			432,025			19,252,637			1,631,259
Net asset value and redemption price per share		$	11.20		$	8.72		$	8.96		$	13.06
Class I
Net assets		$	4,987,945		$	175,583		$	37,553,772		$	7,803,218
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			431,980			19,059			4,011,651			571,122
Net asset value and redemption price per share		$	11.55		$	9.21		$	9.36		$	13.66
Class R6
Net assets		$	28,486,629		$	10,446,289			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			2,469,390			1,134,474			n/a			n/a
Net asset value and redemption price per share		$	11.54		$	9.21			n/a			n/a
Class S
Net assets		$	413,199,897		$	14,925,421		$	234,599,962		$	17,035,012
Shares authorized			200,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			36,366,607			1,670,560			25,566,027			1,261,954
Net asset value and redemption price per share		$	11.36		$	8.93		$	9.18		$	13.50
Class S2
Net assets		$	1,176,995		$	1,357,186		$	7,471,407		$	725,594
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			103,500			155,114			848,365			54,683
Net asset value and redemption price per share		$	11.37		$	8.75		$	8.81		$	13.27
Class T
Net assets			n/a			n/a		$	289,212		$	3,945
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			29,865			302
Net asset value and redemption price per share			n/a			n/a		$	9.68		$	13.05

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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*		$	520,610,306		$	35,289,896		$	414,077,556		$	30,113,158
Investments in unaffiliated underlying funds at fair value**			33,305,958			3,322,770			23,886,282			2,618,768
Cash			552,294			42,810			230,936			36,983
Cash collateral for futures contracts			919,820			—			946,440			—
Receivables:
Investments in affiliated underlying funds sold			—			—			119,104			—
Investments in unaffiliated underlying funds sold			2,612,866			742,493			—			621,830
Fund shares sold			311,082			61,026			167,228			85,978
Interest			634			37			410			32
Prepaid expenses			85			5			66			11
Reimbursement due from Investment Adviser			51,406			7,270			71,687			7,503
Other assets			32,368			606			22,918			482
Total assets			558,396,819			39,466,913			439,522,627			33,484,745
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			142,909			25,953			—			85,983
Payable for investments in unaffiliated underlying funds purchased			2,616,371			743,474			—			622,664
Payable for fund shares redeemed			168,169			35,075			286,331			—
Variation margin payable on futures contracts			35,125			—			35,250			—
Payable for investment management fees			96,078			6,825			75,236			5,765
Payable for distribution and shareholder service fees			138,792			9,498			106,613			8,155
Payable for directors fees			1,379			99			1,080			84
Payable to directors under the deferred compensation plan (Note 6)			32,368			606			22,918			482
Other accrued expenses and liabilities			118,560			15,689			67,886			14,676
Total liabilities			3,349,751			837,219			595,314			737,809
NET ASSETS		$	555,047,068		$	38,629,694		$	438,927,313		$	32,746,936
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	565,413,398		$	40,414,506		$	441,360,683		$	33,606,651
Total distributable loss			(10,366,330)			(1,784,812)			(2,433,370)			(859,715)
NET ASSETS		$	555,047,068		$	38,629,694		$	438,927,313		$	32,746,936
* Cost of investments in affiliated underlying funds		$	537,029,069		$	34,122,772		$	423,854,823		$	28,350,550
** Cost of investments in unaffiliated underlying funds		$	27,773,810		$	2,936,428		$	19,599,127		$	2,296,240

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
Class ADV
Net assets		$	171,954,441		$	14,507,072		$	126,800,848		$	13,641,414
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			18,296,115			1,051,025			13,686,834			961,254
Net asset value and redemption price per share		$	9.40		$	13.80		$	9.26		$	14.19
Class I
Net assets		$	51,682,654		$	7,332,315		$	44,336,083		$	6,341,972
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			5,258,284			506,786			4,538,177			423,707
Net asset value and redemption price per share		$	9.83		$	14.47		$	9.77		$	14.97
Class S
Net assets		$	321,129,183		$	14,833,529		$	261,057,557		$	11,942,230
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			33,352,524			1,041,882			27,511,270			814,377
Net asset value and redemption price per share		$	9.63		$	14.24		$	9.49		$	14.66
Class S2
Net assets		$	10,280,790		$	1,952,607		$	6,668,329		$	816,975
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			1,133,793			140,772			732,306			56,830
Net asset value and redemption price per share		$	9.07		$	13.87		$	9.11		$	14.38
Class T
Net assets			n/a		$	4,171		$	64,496		$	4,345
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			301			6,488			302
Net asset value and redemption price per share			n/a		$	13.85		$	9.94		$	14.37

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited)

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	146,692,815		$	23,650,030		$	9,514,291
Investments in unaffiliated underlying funds at fair value**			8,566,251			1,912,541			857,722
Cash			89,583			31,485			12,015
Cash collateral for futures contracts			322,630			—			—
Receivables:
Investments in affiliated underlying funds sold			79,308			—			—
Fund shares sold			143,701			122,252			44,657
Interest			146			24			9
Prepaid expenses			24			5			—
Reimbursement due from Investment Adviser			20,243			888			—
Other assets			5,156			277			22
Total assets			155,919,857			25,717,502			10,428,716
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			122,259			44,660
Payable for fund shares redeemed			222,998			—			—
Variation margin payable on futures contracts			10,500			—			—
Payable for investment management fees			26,706			4,659			5,649
Payable for distribution and shareholder service fees			37,757			6,127			2,021
Payable for directors fees			386			65			23
Payable to directors under the deferred compensation plan (Note 6)			5,156			277			22
Other accrued expenses and liabilities			21,058			6,299			9,308
Total liabilities			324,561			139,686			61,683
NET ASSETS		$	155,595,296		$	25,577,816		$	10,367,033
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	158,688,749		$	26,487,553		$	10,864,434
Total distributable loss			(3,093,453)			(909,737)			(497,401)
NET ASSETS		$	155,595,296		$	25,577,816		$	10,367,033
* Cost of investments in affiliated underlying funds		$	146,283,731		$	22,526,797		$	9,030,364
** Cost of investments in unaffiliated underlying funds		$	7,043,963		$	1,741,032		$	761,083

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
Class ADV
Net assets		$	49,430,647		$	10,006,495		$	2,358,374
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			4,635,638			956,245			234,863
Net asset value and redemption price per share		$	10.66		$	10.46		$	10.04
Class I
Net assets		$	20,566,209		$	5,481,931		$	2,606,141
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			1,835,912			508,464			257,973
Net asset value and redemption price per share		$	11.20		$	10.78		$	10.10
Class S
Net assets		$	82,412,942		$	9,291,192		$	5,222,560
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			7,608,593			882,273			518,620
Net asset value and redemption price per share		$	10.83		$	10.53		$	10.07
Class S2
Net assets		$	3,185,498		$	793,129		$	176,256
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			295,922			75,644			17,522
Net asset value and redemption price per share		$	10.76		$	10.49		$	10.06
Class T
Net assets			n/a		$	5,069		$	3,702
Shares authorized			n/a			100,000,000			100,000,000
Par value			n/a		$	0.001		$	0.001
Shares outstanding			n/a			486			369
Net asset value and redemption price per share			n/a		$	10.44		$	10.04

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (Unaudited)

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	35,582		$	226,525		$	170,622		$	1,674,923
Dividends from unaffiliated underlying funds			13,086			17,816			12,279			253,496
Interest			382			431			302			10,335
Other			69			116			37			488
Total investment income			49,119			244,888			183,240			1,939,242
EXPENSES:
Investment management fees			30,923			50,551			17,051			228,410
Distribution and shareholder service fees:
Class ADV			7,988			21,142			7,636			253,602
Class S			2,327			18,380			2,234			88,860
Class S2			3,120			2,160			1,850			6,441
Class T			—			—			—			230
Transfer agent fees:
Class ADV			2,781			2,474			1,286			23,396
Class I			892			1,178			175			5,910
Class R6			298			39			102			—
Class S			1,620			4,318			753			16,395
Class S2			1,361			316			389			743
Class T			—			—			—			15
Shareholder reporting expense			181			543			181			2,715
Professional fees			3,239			4,163			2,398			15,928
Custody and accounting expense			4,887			5,973			4,887			10,860
Directors fees			366			608			197			2,541
Miscellaneous expense			4,471			5,598			5,317			11,228
Interest expense			—			—			—			299
Total expenses			64,454			117,443			44,456			667,573
Waived and reimbursed fees			(2,865)			—			(12,928)			(54,257)
Net expenses			61,589			117,443			31,528			613,316
Net investment income (loss)			(12,470)			127,445			151,712			1,325,926
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(1,492,774)			(2,971,947)			(794,698)			(5,933,263)
Sale of unaffiliated underlying funds			(388,323)			(721,590)			(182,693)			(3,433,623)
Capital gain distributions from affiliated underlying funds			81,147			96,807			20,060			346,128
Futures			—			—			—			(354,013)
Net realized loss			(1,799,950)			(3,596,730)			(957,331)			(9,374,771)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			4,933,818			7,159,154			1,300,844			15,080,124
Unaffiliated underlying funds			546,919			834,820			227,035			4,501,232
Futures			—			—			—			(21,843)
Net change in unrealized appreciation (depreciation)			5,480,737			7,993,974			1,527,879			19,559,513
Net realized and unrealized gain			3,680,787			4,397,244			570,548			10,184,742
Increase in net assets resulting from operations		$	3,668,317		$	4,524,689		$	722,260		$	11,510,668

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (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		$	965,682		$	288,921		$	2,644,812		$	213,284
Dividends from unaffiliated underlying funds			243,509			20,699			540,600			51,335
Interest			25,912			503			22,807			1,047
Other			1,092			79			1,106			116
Total investment income			1,236,195			310,202			3,209,325			265,782
EXPENSES:
Investment management fees			482,323			35,127			513,499			52,973
Distribution and shareholder service fees:
Class ADV			49,662			11,669			430,701			53,614
Class S			503,351			18,395			294,896			21,792
Class S2			2,114			5,434			14,380			1,304
Class T			—			—			977			14
Transfer agent fees:
Class ADV			591			1,759			37,755			5,379
Class I			145			161			9,380			2,135
Class R6			22			17			—			—
Class S			12,016			5,549			51,701			4,373
Class S2			31			1,023			1,576			385
Class T			—			—			61			3
Shareholder reporting expense			4,706			1,448			6,878			253
Professional fees			31,675			4,163			30,770			5,973
Custody and accounting expense			20,815			5,068			15,928			5,973
Directors fees			5,744			411			5,781			606
Miscellaneous expense			15,800			4,899			16,540			5,703
Interest expense			1,813			—			589			—
Total expenses			1,130,808			95,123			1,431,412			160,480
Waived and reimbursed fees			—			(13,429)			(87,630)			(25,420)
Net expenses			1,130,808			81,694			1,343,782			135,060
Net investment income			105,387			228,508			1,865,543			130,722
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(9,822,615)			(2,087,624)			(21,927,978)			(3,759,259)
Sale of unaffiliated underlying funds			(6,165,938)			(497,633)			(5,459,776)			(642,503)
Capital gain distributions from affiliated underlying funds			910,407			62,912			674,142			69,998
Futures			(1,216,641)			—			(793,782)			—
Net realized loss			(16,294,787)			(2,522,345)			(27,507,394)			(4,331,764)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			58,203,245			3,797,311			53,368,755			7,578,588
Unaffiliated underlying funds			8,123,539			589,806			8,139,045			904,722
Futures			(200,762)			—			(34,296)			—
Net change in unrealized appreciation (depreciation)			66,126,022			4,387,117			61,473,504			8,483,310
Net realized and unrealized gain			49,831,235			1,864,772			33,966,110			4,151,546
Increase in net assets resulting from operations		$	49,936,622		$	2,093,280		$	35,831,653		$	4,282,268

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (Unaudited)

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	1,641,240		$	64,238		$	416,719		$	15,710
Dividends from unaffiliated underlying funds			460,366			47,465			332,694			36,649
Interest			32,480			769			33,970			704
Other			1,313			95			1,027			80
Total investment income			2,135,399			112,567			784,410			53,143
EXPENSES:
Investment management fees			590,659			43,933			460,802			36,747
Distribution and shareholder service fees:
Class ADV			421,110			36,473			310,297			32,740
Class S			388,998			18,368			312,823			14,709
Class S2			19,576			3,489			12,301			1,388
Class T			—			14			212			14
Transfer agent fees:
Class ADV			48,521			7,031			46,632			10,253
Class I			16,594			3,949			17,914			5,967
Class S			89,645			7,110			94,023			9,211
Class S2			2,820			846			2,309			543
Class T			—			4			45			7
Shareholder reporting expense			6,516			362			7,240			362
Professional fees			35,295			4,073			28,598			3,077
Custody and accounting expense			19,910			5,430			17,557			5,068
Directors fees			6,896			497			5,400			419
Miscellaneous expense			15,889			6,553			11,571			6,488
Interest expense			801			—			1,049			—
Total expenses			1,663,230			138,132			1,328,773			126,993
Waived and reimbursed fees			(198,490)			(36,104)			(238,402)			(39,775)
Net expenses			1,464,740			102,028			1,090,371			87,218
Net investment income (loss)			670,659			10,539			(305,961)			(34,075)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(17,146,663)			(3,481,706)			(17,639,137)			(3,028,410)
Sale of unaffiliated underlying funds			(7,003,564)			(592,427)			(5,187,037)			(333,984)
Capital gain distributions from affiliated underlying funds			805,702			76,248			789,313			60,564
Futures			(1,720,104)			—			(1,535,241)			—
Net realized loss			(25,064,629)			(3,997,885)			(23,572,102)			(3,301,830)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			69,922,919			7,549,434			67,165,818			6,819,823
Unaffiliated underlying funds			10,883,005			887,635			8,054,412			570,469
Futures			(352,827)			—			(349,453)			—
Net change in unrealized appreciation (depreciation)			80,453,097			8,437,069			74,870,777			7,390,292
Net realized and unrealized gain			55,388,468			4,439,184			51,298,675			4,088,462
Increase in net assets resulting from operations		$	56,059,127		$	4,449,723		$	50,992,714		$	4,054,387

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (Unaudited)

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	57,824		$	6,404		$	2,336
Dividends from unaffiliated underlying funds			115,409			29,428			10,980
Interest			12,537			553			112
Other			368			62			21
Total investment income			186,138			36,447			13,449
EXPENSES:
Investment management fees			164,190			28,216			10,196
Distribution and shareholder service fees:
Class ADV			119,401			23,962			5,509
Class S			100,077			11,518			5,589
Class S2			6,127			1,478			306
Class T			—			16			11
Transfer agent fees:
Class ADV			26,337			11,351			2,028
Class I			12,249			7,053			2,191
Class S			44,147			10,912			4,113
Class S2			1,691			875			140
Class T			—			6			7
Shareholder reporting expense			1,810			181			724
Professional fees			10,498			2,114			2,172
Custody and accounting expense			6,335			5,068			4,525
Directors fees			1,930			322			116
Miscellaneous expense			5,596			5,637			5,167
Interest expense			341			—			—
Total expenses			500,729			108,709			42,794
Waived and reimbursed fees			(89,653)			(40,901)			(19,949)
Net expenses			411,076			67,808			22,845
Net investment loss			(224,938)			(31,361)			(9,396)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(8,009,828)			(1,997,186)			(419,389)
Sale of unaffiliated underlying funds			(996,970)			(187,041)			(66,543)
Capital gain distributions from affiliated underlying funds			283,153			47,002			17,682
Futures			(448,314)			—			—
Net realized loss			(9,171,959)			(2,137,225)			(468,250)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			26,178,800			4,931,177			1,473,379
Unaffiliated underlying funds			2,016,331			360,548			127,843
Futures			(121,883)			—			—
Net change in unrealized appreciation (depreciation)			28,073,248			5,291,725			1,601,222
Net realized and unrealized gain			18,901,289			3,154,500			1,132,972
Increase in net assets resulting from operations		$	18,676,351		$	3,123,139		$	1,123,576

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income (loss)		$	(12,470)		$	294,410		$	127,445		$	624,079
Net realized gain (loss)			(1,799,950)			941,184			(3,596,730)			2,521,921
Net change in unrealized appreciation (depreciation)			5,480,737			(8,062,053)			7,993,974			(14,262,676)
Increase (decrease) in net assets resulting from operations			3,668,317			(6,826,459)			4,524,689			(11,116,676)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(668,637)			—			(1,517,139)
Class I			—			(170,848)			—			(660,759)
Class R6			—			(3,534,289)			—			(3,191,580)
Class S			—			(608,279)			—			(2,916,322)
Class S2			—			(263,460)			—			(162,982)
Total distributions			—			(5,245,513)			—			(8,448,782)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,673,972			9,777,325			2,608,445			6,847,228
Reinvestment of distributions			—			5,245,513			—			8,448,782
			3,673,972			15,022,838			2,608,445			15,296,010
Cost of shares redeemed			(4,357,974)			(6,163,970)			(6,615,764)			(11,278,510)
Net increase (decrease) in net assets resulting from capital share transactions			(684,002)			8,858,868			(4,007,319)			4,017,500
Net increase (decrease) in net assets			2,984,315			(3,213,104)			517,370			(15,547,958)
NET ASSETS:
Beginning of year or period			28,602,702			31,815,806			48,799,245			64,347,203
End of year or period		$	31,587,017		$	28,602,702		$	49,316,615		$	48,799,245

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	151,712		$	261,987		$	1,325,926		$	3,346,293
Net realized gain (loss)			(957,331)			(262,201)			(9,374,771)			2,047,281
Net change in unrealized appreciation (depreciation)			1,527,879			(2,333,015)			19,559,513			(46,679,210)
Increase (decrease) in net assets resulting from operations			722,260			(2,333,229)			11,510,668			(41,285,636)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(404,642)			—			(16,285,351)
Class I			—			(12,040)			—			(4,639,474)
Class R6			—			(985,167)			—			—
Class S			—			(214,009)			��			(11,265,563)
Class S2			—			(123,465)			—			(499,785)
Class T			—			—			—			(13,497)
Total distributions			—			(1,739,323)			—			(32,703,670)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,399,734			5,574,904			4,146,774			9,445,664
Reinvestment of distributions			—			1,739,323			—			32,703,229
			3,399,734			7,314,227			4,146,774			42,148,893
Cost of shares redeemed			(4,011,955)			(5,156,578)			(28,675,071)			(45,101,137)
Net increase (decrease) in net assets resulting from capital share transactions			(612,221)			2,157,649			(24,528,297)			(2,952,244)
Net increase (decrease) in net assets			110,039			(1,914,903)			(13,017,629)			(76,941,550)
NET ASSETS:
Beginning of year or period			15,833,497			17,748,400			206,466,477			283,408,027
End of year or period		$	15,943,536		$	15,833,497		$	193,448,848		$	206,466,477

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	105,387		$	4,986,776		$	228,508		$	545,521
Net realized gain (loss)			(16,294,787)			31,949,389			(2,522,345)			238,739
Net change in unrealized appreciation (depreciation)			66,126,022			(150,847,283)			4,387,117			(7,594,995)
Increase (decrease) in net assets resulting from operations			49,936,622			(113,911,118)			2,093,280			(6,810,735)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(3,961,693)			—			(825,262)
Class I			—			(749,224)			—			(28,238)
Class R6			—			(4,855,809)			—			(1,484,083)
Class S			—			(75,915,836)			—			(2,600,087)
Class S2			—			(188,707)			—			(585,512)
Total distributions			—			(85,671,269)			—			(5,523,182)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,687,135			11,155,046			2,254,108			6,858,009
Reinvestment of distributions			—			85,671,269			—			5,523,182
			6,687,135			96,826,315			2,254,108			12,381,191
Cost of shares redeemed			(36,979,327)			(74,441,619)			(8,566,597)			(8,088,901)
Net increase (decrease) in net assets resulting from capital share transactions			(30,292,192)			22,384,696			(6,312,489)			4,292,290
Net increase (decrease) in net assets			19,644,430			(177,197,691)			(4,219,209)			(8,041,627)
NET ASSETS:
Beginning of year or period			448,574,034			625,771,725			34,892,345			42,933,972
End of year or period		$	468,218,464		$	448,574,034		$	30,673,136		$	34,892,345

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	1,865,543		$	6,890,197		$	130,722		$	680,350
Net realized gain (loss)			(27,507,394)			7,195,832			(4,331,764)			135,239
Net change in unrealized appreciation (depreciation)			61,473,504			(119,155,040)			8,483,310			(11,287,295)
Increase (decrease) in net assets resulting from operations			35,831,653			(105,069,011)			4,282,268			(10,471,706)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(35,835,604)			—			(4,143,768)
Class I			—			(10,292,531)			—			(2,220,217)
Class S			—			(47,861,792)			—			(3,184,277)
Class S2			—			(1,648,478)			—			(124,936)
Class T			—			(57,590)			—			(9,720)
Total distributions			—			(95,695,995)			—			(9,682,918)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			11,259,246			26,055,900			5,419,038			13,114,469
Reinvestment of distributions			—			95,695,995			—			9,682,020
			11,259,246			121,751,895			5,419,038			22,796,489
Cost of shares redeemed			(55,235,090)			(74,586,366)			(11,209,570)			(11,411,373)
Net increase (decrease) in net assets resulting from capital share transactions			(43,975,844)			47,165,529			(5,790,532)			11,385,116
Net decrease in net assets			(8,144,191)			(153,599,477)			(1,508,264)			(8,769,508)
NET ASSETS:
Beginning of year or period			460,646,844			614,246,321			48,376,524			57,146,032
End of year or period		$	452,502,653		$	460,646,844		$	46,868,260		$	48,376,524

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	670,659		$	7,746,191		$	10,539		$	529,204
Net realized gain (loss)			(25,064,629)			21,996,819			(3,997,885)			683,084
Net change in unrealized appreciation (depreciation)			80,453,097			(155,449,682)			8,437,069			(9,666,912)
Increase (decrease) in net assets resulting from operations			56,059,127			(125,706,672)			4,449,723			(8,454,624)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(35,407,781)			—			(3,094,562)
Class I			—			(13,702,686)			—			(2,285,111)
Class S			—			(62,903,020)			—			(2,796,646)
Class S2			—			(2,096,580)			—			(366,210)
Class T(1)			—			(3,121)			—			(2,284)
Total distributions			—			(114,113,188)			—			(8,544,813)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			17,233,660			33,020,426			4,800,127			12,618,908
Reinvestment of distributions			—			114,113,188			—			8,543,754
			17,233,660			147,133,614			4,800,127			21,162,662
Cost of shares redeemed			(54,429,336)			(53,568,108)			(10,007,381)			(7,621,160)
Net increase (decrease) in net assets resulting from capital share transactions			(37,195,676)			93,565,506			(5,207,254)			13,541,502
Net increase (decrease) in net assets			18,863,451			(146,254,354)			(757,531)			(3,457,935)
NET ASSETS:
Beginning of year or period			536,183,617			682,437,971			39,387,225			42,845,160
End of year or period		$	555,047,068		$	536,183,617		$	38,629,694		$	39,387,225

(1)

Class T of Voya Solution 2035 Portfolio was fully redeemed on August 5, 2022.

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income (loss)		$	(305,961)		$	5,561,925		$	(34,075)		$	428,529
Net realized gain (loss)			(23,572,102)			26,794,501			(3,301,830)			575,325
Net change in unrealized appreciation (depreciation)			74,870,777			(135,593,710)			7,390,292			(8,216,883)
Increase (decrease) in net assets resulting from operations			50,992,714			(103,237,284)			4,054,387			(7,213,029)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(28,246,695)			—			(2,999,006)
Class I			—			(12,243,814)			—			(2,120,939)
Class S			—			(54,307,105)			—			(2,232,853)
Class S2			—			(1,374,674)			—			(138,857)
Class T			—			(30,620)			—			(2,492)
Total distributions			—			(96,202,908)			—			(7,494,147)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			13,701,722			33,468,188			5,202,745			9,812,129
Reinvestment of distributions			—			96,202,908			—			7,492,936
			13,701,722			129,671,096			5,202,745			17,305,065
Cost of shares redeemed			(45,262,535)			(39,146,755)			(9,748,224)			(5,485,801)
Net increase (decrease) in net assets resulting from capital share transactions			(31,560,813)			90,524,341			(4,545,479)			11,819,264
Net increase (decrease) in net assets			19,431,901			(108,915,851)			(491,092)			(2,887,912)
NET ASSETS:
Beginning of year or period			419,495,412			528,411,263			33,238,028			36,125,940
End of year or period		$	438,927,313		$	419,495,412		$	32,746,936		$	33,238,028

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income (loss)		$	(224,938)		$	1,906,655		$	(31,361)		$	317,984
Net realized gain (loss)			(9,171,959)			4,941,990			(2,137,225)			1,370
Net change in unrealized appreciation (depreciation)			28,073,248			(41,711,441)			5,291,725			(5,693,504)
Increase (decrease) in net assets resulting from operations			18,676,351			(34,862,796)			3,123,139			(5,374,150)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(10,473,247)			—			(2,117,124)
Class I			—			(5,456,273)			—			(1,463,715)
Class S			—			(16,966,320)			—			(1,768,678)
Class S2			—			(671,464)			—			(164,546)
Class T(1)			—			(4,151)			—			(1,062)
Total distributions			—			(33,571,455)			—			(5,515,125)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			9,923,115			22,972,098			4,079,196			8,245,218
Reinvestment of distributions			—			33,571,455			—			5,515,125
			9,923,115			56,543,553			4,079,196			13,760,343
Cost of shares redeemed			(22,863,812)			(15,418,302)			(7,063,624)			(4,026,254)
Net increase (decrease) in net assets resulting from capital share transactions			(12,940,697)			41,125,251			(2,984,428)			9,734,089
Net increase (decrease) in net assets			5,735,654			(27,309,000)			138,711			(1,155,186)
NET ASSETS:
Beginning of year or period			149,859,642			177,168,642			25,439,105			26,594,291
End of year or period		$	155,595,296		$	149,859,642		$	25,577,816		$	25,439,105

(1)

Class T of Voya Solution 2055 Portfolio was fully redeemed on August 5, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

		Voya Solution 2065 Portfolio
		Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income (loss)			$	(9,396)		$	105,333
Net realized loss				(468,250)			(313,574)
Net change in unrealized appreciation (depreciation)				1,601,222			(1,152,127)
Increase (decrease) in net assets resulting from operations				1,123,576			(1,360,368)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV				—			(135,293)
Class I				—			(165,110)
Class S				—			(251,152)
Class S2				—			(9,345)
Class T				—			(231)
Total distributions				—			(561,131)
FROM CAPITAL SHARE TRANSACTIONS:	��
Net proceeds from sale of shares				2,387,149			4,534,636
Reinvestment of distributions				—			561,131
				2,387,149			5,095,767
Cost of shares redeemed				(1,304,282)			(837,172)
Net increase in net assets resulting from capital share transactions				1,082,867			4,258,595
Net increase in net assets				2,206,443			2,337,096
NET ASSETS:
Beginning of year or period				8,160,590			5,823,494
End of year or period			$	10,367,033		$	8,160,590

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Aggressive Portfolio
Class ADV
06-30-23+		10.95		(0.03)•		1.45		1.42		—		—		—		—		—		12.37		12.97		0.98		0.90		0.90		(0.57)		3,251		32
12-31-22		16.45		0.07•		(3.23)		(3.16)		0.32		2.02		—		2.34		—		10.95		(20.13)		0.94		0.86		0.86		0.56		3,524		93
12-31-21		13.91		0.06•		2.62		2.68		0.14		—		—		0.14		—		16.45		19.31		0.93		0.81		0.81		0.37		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
Class I
06-30-23+		11.33		(0.00)*•		1.50		1.50		—		—		—		—		—		12.83		13.24		0.48		0.40		0.40		(0.07)		1,045		32
12-31-22		16.92		0.17•		(3.35)		(3.18)		0.39		2.02		—		2.41		—		11.33		(19.67)		0.44		0.36		0.36		1.34		966		93
12-31-21		14.29		0.13•		2.70		2.83		0.20		—		—		0.20		—		16.92		19.87		0.43		0.31		0.31		0.82		488		58
12-31-20		13.42		0.12•		1.85		1.97		0.22		0.88		—		1.10		—		14.29		16.09		0.50		0.31		0.31		0.94		294		85
12-31-19		11.74		0.22•		2.67		2.89		0.22		0.99		—		1.21		—		13.42		25.54		0.42		0.25		0.25		1.73		600		85
12-31-18		13.85		0.16•		(1.55)		(1.39)		0.17		0.55		—		0.72		—		11.74		(10.72)		0.40		0.19		0.19		1.17		325		79
Class R6
06-30-23+		11.33		0.00*•		1.51		1.51		—		—		—		—		—		12.84		13.33		0.31		0.31		0.31		0.03		23,540		32
12-31-22		16.92		0.15•		(3.33)		(3.18)		0.39		2.02		—		2.41		—		11.33		(19.67)		0.32		0.32		0.32		1.14		20,169		93
12-31-21		14.29		0.15•		2.68		2.83		0.20		—		—		0.20		—		16.92		19.86		0.33		0.31		0.31		0.94		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
Class S
06-30-23+		11.15		(0.02)•		1.48		1.46		—		—		—		—		—		12.61		13.09		0.73		0.65		0.65		(0.32)		2,023		32
12-31-22		16.69		0.08•		(3.25)		(3.17)		0.35		2.02		—		2.37		—		11.15		(19.89)		0.69		0.61		0.61		0.57		2,590		93
12-31-21		14.10		0.10•		2.66		2.76		0.17		—		—		0.17		—		16.69		19.62		0.68		0.56		0.56		0.64		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
Class S2
06-30-23+		10.88		(0.03)•		1.44		1.41		—		—		—		—		—		12.29		12.96		0.88		0.80		0.80		(0.46)		1,729		32
12-31-22		16.36		0.08•		(3.20)		(3.12)		0.34		2.02		—		2.36		—		10.88		(20.00)		0.84		0.75		0.75		0.63		1,354		93
12-31-21		13.81		0.06•		2.62		2.68		0.13		—		—		0.13		—		16.36		19.42		0.83		0.71		0.71		0.37		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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Balanced Portfolio
Class ADV
06-30-23+		7.98		0.01•		0.74		0.75		—		—		—		—		—		8.73		9.40		0.83		0.83		0.83		0.17		8,521		24
12-31-22		11.48		0.08•		(2.05)		(1.97)		0.35		1.18		—		1.53		—		7.98		(18.03)		0.84		0.84		0.84		0.83		8,837		87
12-31-21		10.26		0.10•		1.29		1.39		0.17		—		—		0.17		—		11.48		13.63		0.86		0.80		0.80		0.92		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
Class I
06-30-23+		8.39		0.03•		0.79		0.82		—		—		—		—		—		9.21		9.77		0.33		0.33		0.33		0.68		4,054		24
12-31-22		11.98		0.14•		(2.15)		(2.01)		0.40		1.18		—		1.58		—		8.39		(17.61)		0.34		0.34		0.34		1.43		3,906		87
12-31-21		10.70		0.17•		1.34		1.51		0.23		—		—		0.23		—		11.98		14.15		0.36		0.30		0.30		1.49		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
Class R6
06-30-23+		8.39		0.03•		0.79		0.82		—		—		—		—		—		9.21		9.77		0.28		0.28		0.28		0.74		20,313		24
12-31-22		11.98		0.14•		(2.15)		(2.01)		0.40		1.18		—		1.58		—		8.39		(17.61)		0.29		0.29		0.29		1.39		19,887		87
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
Class S
06-30-23+		8.10		0.02•		0.77		0.79		—		—		—		—		—		8.89		9.75		0.58		0.58		0.58		0.43		15,350		24
12-31-22		11.63		0.09•		(2.07)		(1.98)		0.37		1.18		—		1.55		—		8.10		(17.90)		0.59		0.59		0.59		1.00		15,078		87
12-31-21		10.39		0.13•		1.31		1.44		0.20		—		—		0.20		—		11.63		13.96		0.61		0.55		0.55		1.18		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
Class S2
06-30-23+		8.09		0.01•		0.76		0.77		—		—		—		—		—		8.86		9.52		0.73		0.73		0.73		0.27		1,079		24
12-31-22		11.60		0.09•		(2.08)		(1.99)		0.34		1.18		—		1.52		—		8.09		(17.99)		0.74		0.74		0.74		0.96		1,091		87
12-31-21		10.34		0.11•		1.31		1.42		0.16		—		—		0.16		—		11.60		13.80		0.76		0.70		0.70		1.00		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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Conservative Portfolio
Class ADV
06-30-23+		9.19		0.07•		0.34		0.41		—		—		—		—		—		9.60		4.46		0.97		0.75		0.75		1.58		2,873		41
12-31-22		11.96		0.13•		(1.72)		(1.59)		0.35		0.83		—		1.18		—		9.19		(13.78)		0.97		0.74		0.74		1.31		3,388		80
12-31-21		11.80		0.17•		0.45		0.62		0.27		0.19		—		0.46		—		11.96		5.26		0.95		0.69		0.69		1.42		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
Class I
06-30-23+		9.28		0.10•		0.34		0.44		—		—		—		—		—		9.72		4.74		0.47		0.25		0.25		2.11		411		41
12-31-22		12.07		0.18•		(1.74)		(1.56)		0.40		0.83		—		1.24		—		9.28		(13.36)		0.47		0.24		0.24		1.73		415		80
12-31-21		11.92		0.27•		0.42		0.69		0.35		0.19		—		0.54		—		12.07		5.85		0.45		0.19		0.19		2.24		913		54
12-31-20		11.41		0.24•		0.86		1.10		0.38		0.21		—		0.59		—		11.92		9.99		0.45		0.20		0.20		2.17		238		91
12-31-19		10.54		0.31•		0.91		1.22		0.26		0.09		—		0.35		—		11.41		11.65		0.42		0.17		0.17		2.82		658		75
12-31-18		11.21		0.28•		(0.49)		(0.21)		0.27		0.19		—		0.46		—		10.54		(1.94)		0.39		0.13		0.13		2.62		274		67
Class R6
06-30-23+		9.28		0.10•		0.33		0.43		—		—		—		—		—		9.71		4.63		0.39		0.25		0.25		2.10		10,306		41
12-31-22		12.07		0.19•		(1.74)		(1.55)		0.41		0.83		—		1.24		—		9.28		(13.34)		0.39		0.24		0.24		1.84		9,008		80
12-31-21		11.93		0.24•		0.44		0.68		0.35		0.19		—		0.54		—		12.07		5.77		0.37		0.19		0.19		1.95		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
Class S
06-30-23+		9.23		0.09•		0.34		0.43		—		—		—		—		—		9.66		4.66		0.72		0.50		0.50		1.85		1,735		41
12-31-22		12.01		0.16•		(1.74)		(1.58)		0.37		0.83		—		1.21		—		9.23		(13.60)		0.72		0.49		0.49		1.57		1,782		80
12-31-21		11.87		0.20•		0.45		0.65		0.32		0.19		—		0.51		—		12.01		5.52		0.70		0.44		0.44		1.67		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
Class S2
06-30-23+		9.09		0.08•		0.33		0.41		—		—		—		—		—		9.50		4.51		0.87		0.65		0.65		1.65		619		41
12-31-22		11.85		0.15•		(1.72)		(1.57)		0.36		0.83		—		1.19		—		9.09		(13.75)		0.87		0.64		0.64		1.47		1,241		80
12-31-21		11.73		0.18•		0.44		0.62		0.31		0.19		—		0.50		—		11.85		5.34		0.85		0.59		0.59		1.53		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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Income Portfolio
Class ADV
06-30-23+		9.29		0.06•		0.48		0.54		—		—		—		—		—		9.83		5.81		0.82		0.76		0.76		1.16		99,425		23
12-31-22		12.75		0.13•		(1.99)		(1.86)		0.43		1.17		—		1.60		—		9.29		(15.32)		0.80		0.75		0.75		1.26		103,030		47
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
Class I
06-30-23+		9.58		0.08•		0.49		0.57		—		—		—		—		—		10.15		5.95		0.32		0.26		0.26		1.64		23,153		23
12-31-22		13.10		0.19•		(2.04)		(1.85)		0.50		1.17		—		1.67		—		9.58		(14.82)		0.30		0.25		0.25		1.75		28,449		47
12-31-21		13.13		0.23•		0.64		0.87		0.41		0.49		—		0.90		—		13.10		6.69		0.31		0.22		0.22		1.77		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
Class S
06-30-23+		9.49		0.07•		0.48		0.55		—		—		—		—		—	��	10.04		5.80		0.57		0.51		0.51		1.42		67,528		23
12-31-22		12.98		0.17•		(2.03)		(1.86)		0.46		1.17		—		1.63		—		9.49		(15.01)		0.55		0.50		0.50		1.53		71,665		47
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
Class S2
06-30-23+		9.20		0.06•		0.47		0.53		—		—		—		—		—		9.73		5.76		0.72		0.66		0.66		1.27		3,275		23
12-31-22		12.62		0.14•		(1.97)		(1.83)		0.42		1.17		—		1.59		—		9.20		(15.17)		0.70		0.65		0.65		1.28		3,259		47
12-31-21		12.70		0.18•		0.61		0.79		0.38		0.49		—		0.87		—		12.62		6.25		0.71		0.62		0.62		1.43		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
Class T
06-30-23+		10.24		0.05•		0.53		0.58		—		—		—		—		—		10.82		5.66		1.02		0.96		0.96		0.98		68		23
12-31-22		13.87		0.12•		(2.18)		(2.06)		0.40		1.17		—		1.57		—		10.24		(15.52)		1.00		0.95		0.95		0.97		64		47
12-31-21		13.81		0.15•		0.68		0.83		0.28		0.49		—		0.77		—		13.87		6.03		1.01		0.92		0.92		1.04		118		35
12-31-20		12.56		0.18•		1.24		1.42		0.14		0.03		—		0.17		—		13.81		11.39		1.01		0.91		0.91		1.41		148		50
12-31-19		11.65		0.20		1.24		1.44		0.29		0.24		—		0.53		—		12.56		12.54		0.96		0.89		0.89		1.74		259		39
12-31-18		12.60		0.19		(0.60)		(0.41)		0.24		0.30		—		0.54		—		11.65		(3.45)		0.95		0.82		0.82		1.62		218		38

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Aggressive Portfolio
Class ADV
06-30-23+		10.06		(0.01)•		1.15		1.14		—		—		—		—		—		11.20		11.33		0.75		0.75		0.75		(0.21)		20,367		17
12-31-22		14.96		0.09•		(2.80)		(2.71)		0.41		1.78		—		2.19		—		10.06		(19.01)		0.77		0.77		0.77		0.74		20,306		71
12-31-21		12.98		0.09•		2.09		2.18		0.20		—		—		0.20		—		14.96		16.87		0.78		0.81		0.81		0.66		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
Class I
06-30-23+		10.35		0.02•		1.18		1.20		—		—		—		—		—		11.55		11.59		0.25		0.25		0.25		0.29		4,988		17
12-31-22		15.33		0.17•		(2.89)		(2.72)		0.48		1.78		—		2.27		—		10.35		(18.60)		0.27		0.27		0.27		1.37		4,576		71
12-31-21		13.29		0.17•		2.14		2.31		0.27		—		—		0.27		—		15.33		17.42		0.28		0.31		0.31		1.19		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
Class R6
06-30-23+		10.34		0.02•		1.18		1.20		—		—		—		—		—		11.54		11.61		0.25		0.25		0.25		0.30		28,487		17
12-31-22		15.32		0.16•		(2.87)		(2.71)		0.49		1.78		—		2.27		—		10.34		(18.61)		0.27		0.27		0.27		1.30		26,694		71
12-31-21		13.28		0.18•		2.13		2.31		0.27		—		—		0.27		—		15.32		17.44		0.27		0.30		0.30		1.25		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
Class S
06-30-23+		10.19		0.00*•		1.17		1.17		—		—		—		—		—		11.36		11.48		0.50		0.50		0.50		0.04		413,200		17
12-31-22		15.13		0.12•		(2.84)		(2.72)		0.44		1.78		—		2.22		—		10.19		(18.87)		0.52		0.52		0.52		0.97		396,000		71
12-31-21		13.12		0.13•		2.11		2.24		0.23		—		—		0.23		—		15.13		17.16		0.53		0.56		0.56		0.89		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
Class S2
06-30-23+		10.21		(0.01)•		1.17		1.16		—		—		—		—		—		11.37		11.36		0.65		0.65		0.65		(0.10)		1,177		17
12-31-22		15.13		0.09•		(2.82)		(2.73)		0.41		1.78		—		2.19		—		10.21		(18.98)		0.67		0.67		0.67		0.74		998		71
12-31-21		13.14		0.12•		2.10		2.22		0.23		—		—		0.23		—		15.13		16.99		0.68		0.71		0.71		0.84		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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Conservative Portfolio
Class ADV
06-30-23+		8.21		0.05•		0.46		0.51		—		—		—		—		—		8.72		6.21		0.89		0.78		0.78		1.11		3,769		28
12-31-22		11.44		0.11•		(1.86)		(1.75)		0.37		1.11		—		1.49		—		8.21		(15.97)		0.88		0.78		0.78		1.21		5,355		75
12-31-21		10.69		0.15•		0.83		0.98		0.23		—		—		0.23		—		11.44		9.16		0.90		0.73		0.73		1.35		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
Class I
06-30-23+		8.64		0.07•		0.50		0.57		—		—		—		—		—		9.21		6.60		0.39		0.28		0.28		1.63		176		28
12-31-22		11.97		0.16•		(1.95)		(1.79)		0.43		1.11		—		1.54		—		8.64		(15.63)		0.38		0.28		0.28		1.62		192		75
12-31-21		11.18		0.41•		0.67		1.08		0.29		—		—		0.29		—		11.97		9.69		0.40		0.23		0.23		3.56		373		46
12-31-20		10.55		0.23•		0.93		1.16		0.25		0.28		—		0.53		—		11.18		11.50		0.42		0.23		0.23		2.27		43		72
12-31-19		9.54		0.29•		1.14		1.43		0.22		0.20		—		0.42		—		10.55		15.17		0.34		0.20		0.20		2.83		69		81
12-31-18		10.42		0.24•		(0.64)		(0.40)		0.25		0.23		—		0.48		—		9.54		(4.04)		0.33		0.17		0.17		2.35		31		59
Class R6
06-30-23+		8.64		0.07•		0.50		0.57		—		—		—		—		—		9.21		6.60		0.31		0.28		0.28		1.62		10,446		28
12-31-22		11.97		0.17•		(1.96)		(1.79)		0.43		1.11		—		1.54		—		8.64		(15.63)		0.31		0.28		0.28		1.69		10,211		75
12-31-21		11.18		0.22•		0.86		1.08		0.29		—		—		0.29		—		11.97		9.69		0.31		0.23		0.23		1.89		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
Class S
06-30-23+		8.39		0.06•		0.48		0.54		—		—		—		—		—		8.93		6.44		0.64		0.53		0.53		1.38		14,925		28
12-31-22		11.67		0.13•		(1.90)		(1.77)		0.40		1.11		—		1.51		—		8.39		(15.87)		0.63		0.53		0.53		1.38		15,346		75
12-31-21		10.91		0.19•		0.83		1.02		0.26		—		—		0.26		—		11.67		9.41		0.65		0.48		0.48		1.64		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
Class S2
06-30-23+		8.22		0.05•		0.48		0.53		—		—		—		—		—		8.75		6.45		0.79		0.68		0.68		1.17		1,357		28
12-31-22		11.46		0.12•		(1.87)		(1.75)		0.38		1.11		—		1.49		—		8.22		(16.00)		0.78		0.68		0.68		1.28		3,788		75
12-31-21		10.72		0.16•		0.82		0.98		0.24		—		—		0.24		—		11.46		9.22		0.80		0.63		0.63		1.44		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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations							Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)			($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2025 Portfolio
Class ADV							��
06-30-23+		8.30		0.03•		0.63			0.66		—		—		—		—		—		8.96		7.95		0.80		0.76		0.76		0.64		172,588		24
12-31-22		12.44		0.11•		(2.18)			(2.07)		0.44		1.63		—		2.06		—		8.30		(17.69)		0.80		0.74		0.74		1.16		170,434		53
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
Class I
06-30-23+		8.65		0.05•		0.66			0.71		—		—		—		—		—		9.36		8.21		0.30		0.26		0.26		1.10		37,554		24
12-31-22		12.88		0.17•		(2.26)			(2.09)		0.51		1.63		—		2.13		—		8.65		(17.24)		0.30		0.24		0.24		1.68		50,063		53
12-31-21		12.50		0.21•		1.14			1.35		0.38		0.59		—		0.97		—		12.88		10.96		0.31		0.20		0.20		1.61		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
Class S
06-30-23+		8.49		0.04•		0.65			0.69		—		—		—		—		—		9.18		8.13		0.55		0.51		0.51		0.89		234,600		24
12-31-22		12.68		0.15•		(2.24)			(2.09)		0.47		1.63		—		2.10		—		8.49		(17.46)		0.55		0.49		0.49		1.43		232,558		53
12-31-21		12.34		0.18•		1.12			1.30		0.37		0.59		—		0.96		—		12.68		10.67		0.56		0.45		0.45		1.43		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
Class S2
06-30-23+		8.15		0.03•		0.63			0.66		—		—		—		—		—		8.81		8.10		0.70		0.66		0.66		0.74		7,471		24
12-31-22		12.26		0.12•		(2.15)			(2.03)		0.45		1.63		—		2.08		—		8.15		(17.59)		0.70		0.64		0.64		1.21		7,321		53
12-31-21		11.97		0.16•		1.08			1.24		0.36		0.59		—		0.95		—		12.26		10.49		0.71		0.60		0.60		1.33		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
Class T
06-30-23+		8.98		0.02•		0.68			0.70		—		—		—		—		—		9.68		7.80		1.00		0.96		0.96		0.45		289		24
12-31-22		13.25		0.10•		(2.33)			(2.23)		0.41		1.63		—		2.03		—		8.98		(17.81)		1.00		0.94		0.94		0.93		270		53
12-31-21		12.83		0.12•		1.17			1.29		0.28		0.59		—		0.87		—		13.25		10.19		1.01		0.90		0.90		0.92		380		36
12-31-20		11.98		0.13•		1.36			1.49		0.16		0.48		—		0.64		—		12.83		13.02		1.00		0.91		0.91		1.13		436		60
12-31-19		10.96		0.16•		1.72			1.88		0.18		0.68		—		0.86		—		11.98		17.51		0.95		0.91		0.91		1.36		521		44
12-31-18		12.23		0.13•		(0.84)			(0.71)		0.19		0.37		—		0.56		—		10.96		(6.14)		0.94		0.87		0.87		1.11		575		47

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2030 Portfolio
Class ADV
06-30-23+		11.95		0.02•		1.09		1.11		—		—		—		—		—		13.06		9.29		0.85		0.74		0.74		0.37		21,300		34
12-31-22		18.03		0.17•		(3.25)		(3.08)		0.61		2.39		—		3.00		—		11.95		(18.09)		0.85		0.70		0.70		1.16		20,852		83
12-31-21		16.46		0.20•		1.81		2.01		0.27		0.17		—		0.44		—		18.03		12.26		0.90		0.67		0.67		1.15		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
Class I
06-30-23+		12.47		0.05•		1.14		1.19		—		—		—		—		—		13.66		9.54		0.35		0.24		0.24		0.84		7,803		34
12-31-22		18.68		0.24•		(3.36)		(3.12)		0.70		2.39		—		3.08		—		12.47		(17.69)		0.35		0.20		0.20		1.59		9,992		83
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
Class S
06-30-23+		12.34		0.04•		1.12		1.16		—		—		—		—		—		13.50		9.40		0.60		0.49		0.49		0.62		17,035		34
12-31-22		18.51		0.21•		(3.34)		(3.13)		0.65		2.39		—		3.04		—		12.34		(17.87)		0.60		0.45		0.45		1.43		16,853		83
12-31-21		16.89		0.24•		1.86		2.10		0.31		0.17		—		0.48		—		18.51		12.49		0.65		0.42		0.42		1.35		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
Class S2
06-30-23+		12.14		0.03•		1.10		1.13		—		—		—		—		—		13.27		9.31		0.75		0.64		0.64		0.49		726		34
12-31-22		18.22		0.15•		(3.25)		(3.10)		0.59		2.39		—		2.97		—		12.14		(18.01)		0.75		0.60		0.60		1.01		677		83
12-31-21		16.66		0.27•		1.77		2.04		0.31		0.17		—		0.49		—		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
Class T
06-30-23+		11.97		0.01•		1.07		1.08		—		—		—		—		—		13.05		9.02		1.05		0.94		0.94		0.18		4		34
12-31-22		18.00		0.03•		(3.08)		(3.05)		0.59		2.39		—		2.98		—		11.97		(17.89)		1.05		0.90		0.90		0.19		4		83
12-31-21		16.45		0.18•		1.79		1.97		0.25		0.17		—		0.42		—		18.00		12.05		1.10		0.87		0.87		1.01		56		54
12-31-20		15.31		0.16•		1.85		2.01		0.22		0.65		—		0.87		—		16.45		13.74		1.14		0.91		0.91		1.10		45		90
12-31-19		13.82		0.21•		2.45		2.66		0.24		0.93		—		1.17		—		15.31		19.86		1.03		0.91		0.91		1.41		32		79
12-31-18		16.02		0.22•		(1.36)		(1.14)		0.22		0.84		—		1.06		—		13.82		(7.67)		1.01		0.86		0.86		1.44		20		87

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2035 Portfolio
Class ADV
06-30-23+		8.49		0.00*•		0.91		0.91		—		—		—		—		—		9.40		10.72		0.80		0.73		0.73		0.05		171,954		19
12-31-22		13.07		0.12•		(2.45)		(2.33)		0.44		1.81		—		2.25		—		8.49		(18.84)		0.81		0.68		0.68		1.12		163,697		69
12-31-21		12.20		0.14•		1.53		1.67		0.26		0.54		—		0.80		—		13.07		13.81		0.83		0.65		0.65		1.05		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
Class I
06-30-23+		8.86		0.02•		0.95		0.97		—		—		—		—		—		9.83		10.95		0.30		0.23		0.23		0.52		51,683		19
12-31-22		13.54		0.18•		(2.54)		(2.36)		0.51		1.81		—		2.32		—		8.86		(18.39)		0.31		0.18		0.18		1.68		65,455		69
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
Class S
06-30-23+		8.69		0.01•		0.93		0.94		—		—		—		—		—		9.63		10.82		0.55		0.48		0.48		0.30		321,129		19
12-31-22		13.33		0.15•		(2.51)		(2.36)		0.47		1.81		—		2.29		—		8.69		(18.62)		0.56		0.43		0.43		1.41		297,358		69
12-31-21		12.43		0.18•		1.55		1.73		0.29		0.54		—		0.83		—		13.33		14.08		0.58		0.40		0.40		1.35		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
Class S2
06-30-23+		8.19		0.01•		0.87		0.88		—		—		—		—		—		9.07		10.74		0.70		0.63		0.63		0.15		10,281		19
12-31-22		12.70		0.12•		(2.37)		(2.25)		0.45		1.81		—		2.26		—		8.19		(18.73)		0.71		0.58		0.58		1.20		9,674		69
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2040 Portfolio
Class ADV
06-30-23+		12.34		(0.01)•		1.47		1.46		—		—		—		—		—		13.80		11.83		0.90		0.72		0.72		(0.15)		14,507		33
12-31-22		19.65		0.17•		(3.78)		(3.61)		0.58		3.12		—		3.70		—		12.34		(19.48)		0.90		0.67		0.67		1.14		14,290		92
12-31-21		17.38		0.18•		2.55		2.73		0.24		0.22		—		0.46		—		19.65		15.78		0.93		0.64		0.64		0.95		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
Class I
06-30-23+		12.90		0.02•		1.55		1.57		—		—		—		—		—		14.47		12.17		0.40		0.22		0.22		0.32		7,332		33
12-31-22		20.38		0.25•		(3.93)		(3.68)		0.68		3.12		—		3.80		—		12.90		(19.12)		0.40		0.17		0.17		1.61		10,181		92
12-31-21		17.99		0.25•		2.67		2.92		0.31		0.22		—		0.53		—		20.38		16.34		0.43		0.14		0.14		1.30		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
Class S
06-30-23+		12.71		0.01•		1.52		1.53		—		—		—		—		—		14.24		12.04		0.65		0.47		0.47		0.11		14,834		33
12-31-22		20.14		0.22•		(3.89)		(3.67)		0.64		3.12		—		3.76		—		12.71		(19.29)		0.65		0.42		0.42		1.44		13,309		92
12-31-21		17.80		0.25•		2.60		2.85		0.29		0.22		—		0.51		—		20.14		16.10		0.68		0.39		0.39		1.28		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
Class S2
06-30-23+		12.39		(0.00)*•		1.48		1.48		—		—		—		—		—		13.87		11.95		0.80		0.62		0.62		(0.02)		1,953		33
12-31-22		19.74		0.18•		(3.79)		(3.61)		0.62		3.12		—		3.74		—		12.39		(19.42)		0.80		0.57		0.57		1.19		1,604		92
12-31-21		17.48		0.24•		2.52		2.76		0.28		0.22		—		0.50		—		19.74		15.88		0.83		0.54		0.54		1.25		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
Class T
06-30-23+		12.40		(0.02)•		1.47		1.45		—		—		—		—		—		13.85		11.69		1.10		0.92		0.92		(0.34)		4		33
12-31-22		19.56		0.09•		(3.73)		(3.64)		0.40		3.12		—		3.52		—		12.40		(19.70)		1.10		0.87		0.87		0.54		4		92
12-31-21		17.33		0.04•		2.63		2.67		0.22		0.22		—		0.44		—		19.56		15.48		1.13		0.84		0.84		0.20		13		63
12-31-20		16.06		0.15•		2.22		2.37		0.23		0.87		—		1.10		—		17.33		15.79		1.16		0.90		0.90		0.95		49		91
12-31-19		14.22		0.20•		2.90		3.10		0.20		1.06		—		1.26		—		16.06		22.50		1.04		0.92		0.92		1.28		32		82
12-31-18		17.08		0.15		(1.64)		(1.49)		0.20		1.17		—		1.37		—		14.22		(9.57)		1.04		0.86		0.86		1.00		17		81

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2045 Portfolio
Class ADV
06-30-23+		8.24		(0.01)•		1.03		1.02		—		—		—		—		—		9.26		12.38		0.82		0.71		0.71		(0.34)		126,801		20
12-31-22		13.12		0.10•		(2.55)		(2.45)		0.43		2.00		—		2.43		—		8.24		(19.72)		0.83		0.67		0.67		1.01		121,395		75
12-31-21		12.29		0.11•		1.94		2.05		0.23		0.99		—		1.22		—		13.12		16.95		0.85		0.65		0.65		0.86		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
Class I
06-30-23+		8.67		0.01•		1.09		1.10		—		—		—		—		—		9.77		12.69		0.32		0.21		0.21		0.13		44,336		20
12-31-22		13.67		0.16•		(2.66)		(2.50)		0.50		2.00		—		2.50		—		8.67		(19.28)		0.33		0.17		0.17		1.55		54,349		75
12-31-21		12.72		0.17•		2.02		2.19		0.25		0.99		—		1.24		—		13.67		17.51		0.35		0.15		0.15		1.24		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
Class S
06-30-23+		8.43		(0.00)*•		1.06		1.06		—		—		—		—		—		9.49		12.57		0.57		0.46		0.46		(0.09)		261,058		20
12-31-22		13.37		0.13•		(2.60)		(2.47)		0.47		2.00		—		2.47		—		8.43		(19.50)		0.58		0.42		0.42		1.31		237,729		75
12-31-21		12.50		0.15•		1.97		2.12		0.26		0.99		—		1.25		—		13.37		17.26		0.60		0.40		0.40		1.14		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
Class S2
06-30-23+		8.09		(0.01)•		1.03		1.02		—		—		—		—		—		9.11		12.61		0.72		0.61		0.61		(0.24)		6,668		20
12-31-22		12.93		0.10•		(2.51)		(2.41)		0.43		2.00		—		2.43		—		8.09		(19.70)		0.73		0.57		0.57		0.96		5,964		75
12-31-21		12.14		0.14•		1.90		2.04		0.26		0.99		—		1.25		—		12.93		17.10		0.75		0.55		0.55		1.12		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
Class T
06-30-23+		8.85		(0.03)•		1.12		1.09		—		—		—		—		—		9.94		12.32		1.02		0.91		0.91		(0.61)		64		20
12-31-22		13.88		0.02•		(2.65)		(2.63)		0.40		2.00		—		2.40		—		8.85		(19.91)		1.03		0.87		0.87		0.17		57		75
12-31-21		12.93		0.12•		2.01		2.13		0.19		0.99		—		1.18		—		13.88		16.73		1.05		0.85		0.85		0.90		180		42
12-31-20		11.95		0.03•		1.74		1.77		0.07		0.72		—		0.79		—		12.93		15.85		1.03		0.90		0.90		0.29		156		61
12-31-19		10.74		0.14•		2.26		2.40		0.09		1.10		—		1.19		—		11.95		23.31		0.95		0.92		0.92		1.19		290		67
12-31-18		12.77		0.06•		(1.34)		(1.28)		0.14		0.61		—		0.75		—		10.74		(10.72)		0.95		0.89		0.89		0.44		220		53

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital			Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)			($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2050 Portfolio
Class ADV
06-30-23+		12.58		(0.03)•		1.64		1.61		—		—			—		—		—		14.19		12.80		0.97		0.73		0.73		(0.40)		13,641		36
12-31-22		20.45		0.16•		(3.98)		(3.82)		0.62		3.43			—		4.04		—		12.58		(19.81)		0.96		0.68		0.68		1.06		12,860		88
12-31-21		17.96		0.14•		2.86		3.00		0.21		0.30			—		0.51		—		20.45		16.82		0.98		0.65		0.65		0.71		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
Class I
06-30-23+		13.23		0.00*•		1.74		1.74		—		—			—		—		—		14.97		13.15		0.47		0.23		0.23		0.06		6,342		36
12-31-22		21.30		0.25•		(4.17)		(3.92)		0.72		3.43			—		4.15		—		13.23		(19.46)		0.46		0.18		0.18		1.57		9,196		88
12-31-21		18.66		0.22•		3.01		3.23		0.29		0.30			—		0.59		—		21.30		17.42		0.48		0.15		0.15		1.09		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
Class S
06-30-23+		12.98		(0.01)•		1.69		1.68		—		—			—		—		—		14.66		12.94		0.72		0.48		0.48		(0.15)		11,942		36
12-31-22		20.99		0.23•		(4.12)		(3.89)		0.69		3.43			—		4.11		—		12.98		(19.64)		0.71		0.43		0.43		1.49		10,577		88
12-31-21		18.42		0.20•		2.93		3.13		0.26		0.30			—		0.56		—		20.99		17.10		0.73		0.40		0.40		0.97		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
Class S2
06-30-23+		12.73		(0.02)•		1.67		1.65		—		—			—		—		—		14.38		12.96		0.87		0.63		0.63		(0.29)		817		36
12-31-22		20.63		0.15•		(4.00)		(3.85)		0.62		3.43			—		4.05		—		12.73		(19.76)		0.86		0.58		0.58		0.95		601		88
12-31-21		18.16		0.20•		2.85		3.05		0.28		0.30			—		0.58		—		20.63		16.91		0.88		0.55		0.55		0.99		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
Class T
06-30-23+		12.76		(0.04)•		1.65		1.61		—		—			—		—		—		14.37		12.62		1.17		0.93		0.93		(0.60)		4		36
12-31-22		20.67		0.09•		(3.99)		(3.90)		0.58		3.43			—		4.01		—		12.76		(19.96)		1.16		0.88		0.88		0.52		4		88
12-31-21		18.16		0.10•		2.89		2.99		0.18		0.30			—		0.48		—		20.67		16.55		1.18		0.85		0.85		0.50		13		60
12-31-20		16.69		0.09		2.36		2.45		0.09		0.89			—		0.98		—		18.16		15.59		1.23		0.91		0.91		0.57		12		80
12-31-19		14.63		0.09•		3.28		3.37		0.18		1.13			—		1.31		—		16.69		23.80		1.06		0.93		0.93		0.54		11		84
12-31-18		17.39		0.14		(1.94)		(1.80)		0.13		0.83			—		0.96		—		14.63		(11.01)		1.06		0.88		0.88		0.89		20		86

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2055 Portfolio
Class ADV
06-30-23+		9.45		(0.02)•		1.23		1.21		—		—		—		—		—		10.66		12.80		0.86		0.74		0.74		(0.50)		49,431		21
12-31-22		15.14		0.12•		(2.98)		(2.86)		0.48		2.35		—		2.83		—		9.45		(19.93)		0.88		0.69		0.69		1.00		45,825		75
12-31-21		14.99		0.10•		2.38		2.48		0.31		2.02		—		2.33		—		15.14		17.03		0.93		0.66		0.66		0.67		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
Class I
06-30-23+		9.90		(0.00)*•		1.30		1.30		—		—		—		—		—		11.20		13.13		0.36		0.24		0.24		(0.02)		20,566		21
12-31-22		15.72		0.19•		(3.10)		(2.91)		0.56		2.35		—		2.91		—		9.90		(19.53)		0.38		0.19		0.19		1.57		24,944		75
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
Class S
06-30-23+		9.58		(0.01)•		1.26		1.25		—		—		—		—		—		10.83		13.05		0.61		0.49		0.49		(0.25)		82,413		21
12-31-22		15.33		0.15•		(3.02)		(2.87)		0.53		2.35		—		2.87		—		9.58		(19.80)		0.63		0.44		0.44		1.32		76,020		75
12-31-21		15.15		0.15•		2.40		2.55		0.35		2.02		—		2.37		—		15.33		17.32		0.68		0.41		0.41		0.96		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
Class S2
06-30-23+		9.53		(0.02)•		1.25		1.23		—		—		—		—		—		10.76		12.91		0.76		0.64		0.64		(0.40)		3,185		21
12-31-22		15.22		0.11•		(2.97)		(2.86)		0.48		2.35		—		2.83		—		9.53		(19.84)		0.78		0.59		0.59		0.93		3,070		75
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2060 Portfolio
Class ADV
06-30-23+		9.27		(0.02)•		1.21		1.19		—		—		—		—		—		10.46		12.84		1.06		0.74		0.74		(0.45)		10,006		33
12-31-22		14.96		0.12•		(2.95)		(2.83)		0.44		2.42		—		2.86		—		9.27		(19.99)		1.05		0.70		0.70		1.04		9,384		85
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
Class I
06-30-23+		9.52		0.00*•		1.26		1.26		—		—		—		—		—		10.78		13.24		0.56		0.24		0.24		0.03		5,482		33
12-31-22		15.29		0.19•		(3.03)		(2.84)		0.51		2.42		—		2.92		—		9.52		(19.65)		0.55		0.20		0.20		1.64		6,855		85
12-31-21		13.41		0.15•		2.18		2.33		0.20		0.25		—		0.45		—		15.29		17.46		0.58		0.18		0.18		1.04		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
Class S
06-30-23+		9.32		(0.01)•		1.22		1.21		—		—		—		—		—		10.53		12.98		0.81		0.49		0.49		(0.20)		9,291		33
12-31-22		15.03		0.16•		(2.97)		(2.81)		0.48		2.42		—		2.90		—		9.32		(19.78)		0.80		0.45		0.45		1.43		8,466		85
12-31-21		13.21		0.13•		2.12		2.25		0.18		0.25		—		0.43		—		15.03		17.15		0.83		0.43		0.43		0.93		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
Class S2
06-30-23+		9.28		(0.02)•		1.23		1.21		—		—		—		—		—		10.49		13.04		0.96		0.64		0.64		(0.34)		793		33
12-31-22		14.96		0.11•		(2.93)		(2.82)		0.44		2.42		—		2.86		—		9.28		(19.93)		0.95		0.60		0.60		0.91		729		85
12-31-21		13.19		0.16•		2.06		2.22		0.20		0.25		—		0.45		—		14.96		16.93		0.98		0.58		0.58		1.08		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
Class T
06-30-23+		9.25		(0.03)•		1.22		1.19		—		—		—		—		—		10.44		12.86		1.26		0.94		0.94		(0.65)		5		33
12-31-22		14.91		0.09•		(2.93)		(2.84)		0.40		2.42		—		2.82		—		9.25		(20.16)		1.25		0.90		0.90		0.77		4		85
12-31-21		13.13		0.06•		2.10		2.16		0.13		0.25		—		0.38		—		14.91		16.50		1.28		0.88		0.88		0.42		6		68
12-31-20		12.01		0.08•		1.66		1.74		0.09		0.53		—		0.62		—		13.13		15.32		1.34		0.90		0.90		0.67		5		74
12-31-19		10.40		0.11		2.30		2.41		0.10		0.70		—		0.80		—		12.01		23.96		1.15		0.94		0.94		1.07		4		89
12-31-18		12.33		0.08		(1.37)		(1.29)		0.06		0.58		—		0.64		—		10.40		(11.08)		1.16		0.89		0.89		0.73		3		84

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2065 Portfolio
Class ADV
06-30-23+		8.89		(0.02)•		1.17		1.15		—		—		—		—		—		10.04		12.94		1.18		0.75		0.75		(0.46)		2,358		31
12-31-22		11.94		0.11•		(2.48)		(2.37)		0.24		0.44		—		0.68		—		8.89		(19.98)		1.30		0.70		0.70		1.16		1,988		89
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
06-30-23+		8.92		0.00*•		1.18		1.18		—		—		—		—		—		10.10		13.23		0.68		0.25		0.25		0.04		2,606		31
12-31-22		11.97		0.18•		(2.51)		(2.33)		0.28		0.44		—		0.72		—		8.92		(19.60)		0.80		0.20		0.20		1.77		2,336		89
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
06-30-23+		8.90		(0.01)•		1.18		1.17		—		—		—		—		—		10.07		13.15		0.93		0.50		0.50		(0.20)		5,223		31
12-31-22		11.95		0.17•		(2.53)		(2.36)		0.25		0.44		—		0.69		—		8.90		(19.81)		1.05		0.45		0.45		1.70		3,700		89
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
06-30-23+		8.90		(0.02)•		1.18		1.16		—		—		—		—		—		10.06		13.03		1.08		0.65		0.65		(0.35)		176		31
12-31-22		11.95		0.11•		(2.48)		(2.37)		0.24		0.44		—		0.68		—		8.90		(19.89)		1.20		0.60		0.60		1.13		133		89
12-31-21		11.56		0.16•		1.82		1.98		0.42		1.17		—		1.59		—		11.95		17.17		1.51		0.57		0.57		1.26		114		53
07-29-20(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
06-30-23+		8.90		(0.03)•		1.17		1.14		—		—		—		—		—		10.04		12.81		1.38		0.95		0.95		(0.74)		4		31
12-31-22		11.95		0.08•		(2.47)		(2.39)		0.22		0.44		—		0.66		—		8.90		(20.11)		1.50		0.90		0.90		0.75		3		89
12-31-21		11.56		0.06•		1.86		1.92		0.36		1.17		—		1.53		—		11.95		16.67		1.81		0.87		0.87		0.51		4		53
07-29-20(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)

(2)

Annualized for periods less than one year.

(3)

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(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, 2023 (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.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of 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.

are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 each Portfolio’s 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.

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:

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

G. Futures Contracts. Certain Portfolios may enter into futures contracts involving foreign currency, interest rates,

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2023, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices and also purchased and sold futures contracts on various U.S. Treasury Notes and Eurodollars. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the period ended June 30, 2023, 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, 2023.

	Purchased			Sold
Solution Income		$	3,986,048		$	4,216,633
Solution Moderately Aggressive			10,457,240			10,909,962
Solution 2025			8,868,195			9,193,680
Solution 2035			14,978,920			15,699,665
Solution 2045			13,851,670			14,466,981
Solution 2055			4,366,918			4,501,807

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, 2023, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Solution Aggressive		$	9,518,688		$	10,200,945
Solution Balanced			11,888,967			15,785,187
Solution Conservative			6,326,262			6,786,876
Solution Income			47,000,360			70,502,275
Solution Moderately Aggressive			78,440,852			108,916,618
Solution Moderately Conservative			9,312,651			15,411,185
Solution 2025			111,813,554			154,620,330
Solution 2030			16,498,623			22,171,440
Solution 2035			104,792,512			143,384,039
Solution 2040			13,188,372			18,381,137
Solution 2045			86,914,983			119,724,210
Solution 2050			12,201,519			16,781,787
Solution 2055			32,822,860			46,150,067
Solution 2060			8,575,530			11,605,604
Solution 2065			3,931,426			2,846,295

NOTE 4 — INVESTMENT MANAGEMENT FEES

general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates: 0.20% of each Portfolio’s average daily nets assets invested in affiliated Underlying Funds and 0.40% of each Portfolio’s average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV, S2 and T of the respective Portfolios have a plan of distribution (each a “Plan” and collectively, the “Plans”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio’s shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% and 0.45% of each Portfolio’s average daily net assets attributable to its Class S2 and Class T shares, respectively.

The Company has a shareholder servicing plan (“Service Plan”) for the Classes ADV, S, S2 and T shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S, S2 and T shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each applicable Portfolio’s average daily net assets attributable to its Classes ADV, S, S2 and T shares.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2023, 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		9.35%
	Solution Income		41.62
	Solution 2025		28.01
	Solution 2030		19.06
	Solution 2035		22.87
	Solution 2040		15.04
	Solution 2045		19.79
	Solution 2050		15.32
	Solution 2055		14.86
	Solution 2060		13.83
	Solution 2065		7.03
Voya Investment Management Co. LLC	Solution 2065		24.26
Voya Retirement Insurance and Annuity Company	Solution Aggressive		95.75
	Solution Balanced		90.65
	Solution Conservative		95.86
	Solution Income		52.33
	Solution Moderately Aggressive		8.17
	Solution Moderately Conservative		98.99
	Solution 2025		68.45
	Solution 2030		80.94
	Solution 2035		74.18
	Solution 2040		84.95
	Solution 2045		78.88
	Solution 2050		84.67
	Solution 2055		85.14
	Solution 2060		86.15
	Solution 2065		68.71

Portfolio	Amount
Solution Aggressive		$	6,550
Solution Balanced			8,235
Solution Conservative			2,536
Solution Income			45,325
Solution Moderately Aggressive			12,430
Solution Moderately Conservative			8,360
Solution 2025			99,952
Solution 2030			12,012
Solution 2035			157,076
Solution 2040			18,695
Solution 2045			160,602
Solution 2050			25,718
Solution 2055			84,205
Solution 2060			29,961
Solution 2065			7,832

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%		N/A
Solution 2040		1.33%		0.83%		N/A		1.08%		1.23%		1.53%
Solution 2045		1.36%		0.86%		N/A		1.11%		1.26%		1.56%
Solution 2050		1.36%		0.86%		N/A		1.11%		1.26%		1.56%
Solution 2055		1.36%		0.86%		N/A		1.11%		1.26%		N/A
Solution 2060		1.37%		0.87%		N/A		1.12%		1.27%		1.57%
Solution 2065		1.37%		0.87%		N/A		1.12%		1.27%		1.57%

Pursuant to a side letter agreement, through May 1, 2024, the Investment Adviser has further lowered the expense

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

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%		N/A
Solution 2040		1.23%		0.73%		0.98%		1.13%		1.43%
Solution 2045		1.25%		0.75%		1.00%		1.15%		1.45%
Solution 2050		1.26%		0.76%		1.01%		1.16%		1.46%
Solution 2055		1.28%		0.78%		1.03%		1.18%		N/A
Solution 2060		1.28%		0.78%		1.03%		1.18%		1.48%
Solution 2065		1.28%		0.78%		1.03%		1.18%		1.48%

(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.

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, 2023 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,
	2024			2025			2026			Total
Solution Aggressive		$	6,609		$	382		$	—		$	6,991
Solution Balanced			90			—			—			90
Solution Conservative			27,775			26,494			21,292			75,561
Solution Income			291,711			208,091			98,418			598,220
Solution Moderately Conservative			33,794			21,685			7,669			63,148

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, 2023, are as follows:

	June 30,
	2024			2025			2026			Total
Solution Aggressive
Class ADV		$	4,266		$	3,091		$	3,445		$	10,802
Class I			334			408			972			1,714
Class S			4,431			2,940			2,770			10,141
Class S2			1,937			1,064			1,467			4,468
Solution Balanced
Class ADV			6,114			2,544			—			8,658
Class I			1,795			860			—			2,655
Class S			12,685			5,859			—			18,544
Class S2			1,092			383			—			1,475
Solution Conservative
Class ADV			2,297			3,300			2,634			8,231
Class I			121			405			269			795
Class S			1,127			1,901			1,472			4,500
Class S2			689			1,011			834			2,534
Solution Moderately Conservative
Class ADV			5,808			4,820			3,683			14,311
Class I			34			139			232			405
Class S			17,544			16,472			11,881			45,897
Class S2			4,510			3,763			2,410			10,683

The Expense Limitation Agreement is contractual through May 1, 2024 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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT (continued)

The following Portfolios utilized the line of credit during the period ended June 30, 2023:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Income		1		$	1,845,000		5.83%
Solution Moderately Aggressive		4			2,732,750		5.97
Solution 2025		1			3,637,000		5.83
Solution 2035		4			1,255,500		5.74
Solution 2045		4			1,560,750		6.05
Solution 2055		3			673,000		6.08

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
6/30/2023		32,911		—		—		(91,851)		(58,940)		384,196		—		—		(1,067,014)		(682,818)
12/31/2022		102,607		—		57,100		(105,878)		53,829		1,410,157		—		668,637		(1,363,041)		715,753
Class I
6/30/2023		8,673		—		—		(12,575)		(3,902)		104,670		—		—		(153,053)		(48,383)
12/31/2022		54,346		—		14,131		(12,030)		56,447		778,047		—		170,848		(151,086)		797,809
Class R6
6/30/2023		204,218		—		—		(150,727)		53,491		2,468,792		—		—		(1,813,102)		655,690
12/31/2022		469,429		—		292,332		(226,701)		535,060		6,440,043		—		3,534,289		(2,844,580)		7,129,752
Class S
6/30/2023		24,550		—		—		(96,490)		(71,940)		294,644		—		—		(1,086,581)		(791,937)
12/31/2022		34,373		—		51,073		(118,364)		(32,918)		459,290		—		608,278		(1,380,219)		(312,651)
Class S2
6/30/2023		36,832		—		—		(20,707)		16,125		421,670		—		—		(238,224)		183,446
12/31/2022		46,768		—		22,673		(32,572)		36,869		689,788		—		263,461		(425,044)		528,205
Solution Balanced
Class ADV
6/30/2023		46,544		—		—		(178,999)		(132,455)		390,898		—		—		(1,513,413)		(1,122,515)
12/31/2022		117,846		—		177,859		(121,217)		174,488		1,111,175		—		1,517,139		(1,043,646)		1,584,668
Class I
6/30/2023		19,163		—		—		(44,702)		(25,539)		168,817		—		—		(395,458)		(226,641)
12/31/2022		152,286		—		73,828		(80,158)		145,956		1,542,535		—		660,757		(752,225)		1,451,067
Class R6
6/30/2023		159,364		—		—		(325,265)		(165,901)		1,409,830		—		—		(2,871,515)		(1,461,685)
12/31/2022		262,034		—		356,601		(268,690)		349,945		2,544,520		—		3,191,581		(2,648,728)		3,087,373
Class S
6/30/2023		68,314		—		—		(201,579)		(133,265)		583,839		—		—		(1,668,202)		(1,084,363)
12/31/2022		140,208		—		336,758		(684,193)		(207,227)		1,361,650		—		2,916,323		(6,321,147)		(2,043,174)
Class S2
6/30/2023		6,477		—		—		(19,652)		(13,175)		55,061		—		—		(167,176)		(112,115)
12/31/2022		31,278		—		18,842		(49,365)		755		287,348		—		162,982		(512,764)		(62,434)
Solution Conservative
Class ADV
6/30/2023		37,850		—		—		(107,283)		(69,433)		357,092		—		—		(1,014,294)		(657,202)
12/31/2022		105,136		—		41,759		(115,084)		31,811		1,161,086		—		404,642		(1,249,270)		316,458
Class I
6/30/2023		7,133		—		—		(9,498)		(2,365)		68,570		—		—		(90,741)		(22,171)
12/31/2022		37,713		—		1,233		(69,947)		(31,001)		352,146		—		12,040		(800,291)		(436,105)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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 Conservative (continued)
Class R6
6/30/2023		286,805		—		—		(196,822)		89,983		2,762,504		—		—		(1,899,030)		863,474
12/31/2022		306,820		—		100,939		(212,682)		195,077		3,146,316		—		985,167		(2,225,107)		1,906,376
Class S
6/30/2023		17,987		—		—		(31,383)		(13,396)		171,495		—		—		(298,448)		(126,953)
12/31/2022		56,946		—		21,995		(69,288)		9,653		557,961		—		214,009		(691,000)		80,970
Class S2
6/30/2023		4,284		—		—		(75,564)		(71,280)		40,073		—		—		(709,442)		(669,369)
12/31/2022		36,712		—		12,888		(17,557)		32,043		357,395		—		123,465		(190,910)		289,950
Solution Income
Class ADV
6/30/2023		198,312		—		—		(1,167,756)		(969,444)		1,917,526		—		—		(11,259,580)		(9,342,054)
12/31/2022		247,438		—		1,655,015		(2,110,587)		(208,134)		2,710,807		—		16,285,351		(22,572,300)		(3,576,142)
Class I
6/30/2023		104,658		—		—		(794,657)		(689,999)		1,042,612		—		—		(7,838,245)		(6,795,633)
12/31/2022		222,115		—		458,446		(769,422)		(88,861)		2,497,117		—		4,639,474		(8,486,794)		(1,350,203)
Class S
6/30/2023		112,443		—		—		(943,725)		(831,282)		1,104,684		—		—		(9,328,991)		(8,224,307)
12/31/2022		353,718		—		1,122,068		(1,127,238)		348,548		3,955,084		—		11,265,563		(12,120,844)		3,099,803
Class S2
6/30/2023		8,520		—		—		(26,314)		(17,794)		81,494		—		—		(248,255)		(166,761)
12/31/2022		25,453		—		51,313		(168,446)		(91,680)		280,537		—		499,785		(1,881,244)		(1,100,922)
Class T
6/30/2023		43		—		—		—*		43		458		—		—		—*		458
12/31/2022		170		—		1,202		(3,667)		(2,295)		2,119		—		13,056		(39,955)		(24,780)
Solution Moderately Aggressive
Class ADV
6/30/2023		85,462		—		—		(285,335)		(199,873)		907,641		—		—		(3,052,208)		(2,144,567)
12/31/2022		192,384		—		368,873		(297,254)		264,003		2,383,363		—		3,961,692		(3,314,369)		3,030,686
Class I
6/30/2023		15,830		—		—		(26,093)		(10,263)		173,692		—		—		(288,008)		(114,316)
12/31/2022		98,611		—		67,988		(56,276)		110,323		1,112,918		—		749,224		(715,867)		1,146,275
Class R6
6/30/2023		204,902		—		—		(317,974)		(113,072)		2,244,813		—		—		(3,481,796)		(1,236,983)
12/31/2022		485,853		—		441,036		(326,002)		600,887		5,864,773		—		4,855,809		(3,637,537)		7,083,045
Class S
6/30/2023		294,826		—		—		(2,774,710)		(2,479,884)		3,208,622		—		—		(30,068,781)		(26,860,159)
12/31/2022		124,566		—		6,983,978		(5,413,025)		1,695,519		1,481,913		—		75,915,836		(65,913,365)		11,484,384
Class S2
6/30/2023		14,038		—		—		(8,275)		5,763		152,367		—		—		(88,534)		63,833
12/31/2022		25,576		—		17,313		(67,465)		(24,576)		312,079		—		188,708		(860,481)		(359,694)
Solution Moderately Conservative
Class ADV
6/30/2023		16,412		—		—		(237,012)		(220,600)		140,001		—		—		(2,021,602)		(1,881,601)
12/31/2022		109,430		—		94,858		(72,162)		132,126		1,053,272		—		825,261		(681,120)		1,197,413
Class I
6/30/2023		864		—		—		(4,046)		(3,182)		7,771		—		—		(36,673)		(28,902)
12/31/2022		5,118		—		3,090		(17,161)		(8,953)		53,288		—		28,239		(193,344)		(111,817)
Class R6
6/30/2023		121,868		—		—		(169,437)		(47,569)		1,099,892		—		—		(1,529,572)		(429,680)
12/31/2022		416,500		—		162,372		(252,811)		326,061		4,352,664		—		1,484,083		(2,593,498)		3,243,249
Class S
6/30/2023		107,233		—		—		(265,231)		(157,998)		926,552		—		—		(2,271,193)		(1,344,641)
12/31/2022		125,647		—		292,473		(444,030)		(25,910)		1,235,185		—		2,600,087		(4,252,610)		(417,338)
Class S2
6/30/2023		9,415		—		—		(314,913)		(305,498)		79,892		—		—		(2,707,557)		(2,627,665)
12/31/2022		16,956		—		67,146		(35,138)		48,964		163,600		—		585,512		(368,329)		380,783
Solution 2025
Class ADV
6/30/2023		569,092		—		—		(1,849,648)		(1,280,556)		4,961,527		—		—		(16,131,329)		(11,169,802)
12/31/2022		930,052		—		4,062,994		(3,285,316)		1,707,730		9,684,577		—		35,835,604		(33,235,057)		12,285,124

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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 2025 (continued)
Class I
6/30/2023		230,927		—		—		(2,008,789)		(1,777,862)		2,081,998		—		—			(18,041,459)		(15,959,461)
12/31/2022		531,432		—		1,122,413		(874,019)		779,826		5,601,756		—		10,292,530			(9,164,423)		6,729,863
Class S
6/30/2023		443,691		—		—		(2,282,679)		(1,838,988)		3,948,759		—		—			(20,385,114)		(16,436,355)
12/31/2022		1,011,919		—		5,312,075		(2,870,205)		3,453,789		10,144,070		—		47,861,792			(29,257,206)		28,748,656
Class S2
6/30/2023		31,147		—		—		(81,039)		(49,892)		266,962		—		—			(675,181)		(408,219)
12/31/2022		62,789		—		190,355		(290,113)		(36,969)		624,733		—		1,648,478			(2,883,867)		(610,656)
Class T
6/30/2023		—		—		—		(216)		(216)		—		—		—			(2,007)		(2,007)
12/31/2022		62		—		6,030		(4,695)		1,397		764		—		57,591			(45,813)		12,542
Solution 2030
Class ADV
6/30/2023		132,339		—		—		(246,148)		(113,809)		1,668,409		—		—			(3,109,700)		(1,441,291)
12/31/2022		329,277		—		326,281		(308,952)		346,606		4,910,465		—		4,143,769			(4,663,684)		4,390,550
Class I
6/30/2023		74,321		—		—		(304,380)		(230,059)		974,110		—		—			(3,944,587)		(2,970,477)
12/31/2022		175,162		—		167,817		(197,446)		145,533		2,572,721		—		2,220,217			(2,584,018)		2,208,920
Class S
6/30/2023		205,572		—		—		(309,549)		(103,977)		2,675,010		—		—			(4,044,168)		(1,369,158)
12/31/2022		354,289		—		243,075		(205,616)		391,748		5,345,926		—		3,184,277			(3,125,336)		5,404,867
Class S2
6/30/2023		7,936		—		—		(9,008)		(1,072)		101,509		—		—			(111,115)		(9,606)
12/31/2022		18,810		—		9,685		(60,351)		(31,856)		281,975		—		124,937			(991,423)		(584,511)
Class T
6/30/2023		—		—		—		—		—		—		—		—			—		—
12/31/2022		203		—		696		(3,689)		(2,790)		3,382		—		8,820			(46,912)		(34,710)
Solution 2035
Class ADV
6/30/2023		629,022		—		—		(1,608,424)		(979,402)		5,674,439		—		—			(14,527,113)		(8,852,674)
12/31/2022		880,987		—		3,925,475		(2,357,700)		2,448,762		8,916,619		—		35,407,781			(24,829,275)		19,495,125
Class I
6/30/2023		339,702		—		—		(2,469,546)		(2,129,844)		3,196,990		—		—			(23,068,966)		(19,871,976)
12/31/2022		645,835		—		1,459,285		(543,528)		1,561,592		6,786,206		—		13,702,686			(5,728,964)		14,759,928
Class S
6/30/2023		865,759		—		—		(1,733,649)		(867,890)		7,975,295		—		—			(16,044,449)		(8,069,154)
12/31/2022		1,588,141		—		6,822,453		(1,914,341)		6,496,253		16,454,174		—		62,903,021			(20,213,699)		59,143,496
Class S2
6/30/2023		44,500		—		—		(91,955)		(47,455)		386,936		—		—			(788,808)		(401,872)
12/31/2022		86,403		—		240,986		(253,411)		73,978		863,417		—		2,096,580			(2,776,254)		183,743
Class T(1)
6/30/2023		—		—		—		—		—		—		—		—	��		—		—
12/31/2022		1		—		317		(1,990)		(1,672)		10		—		3,120			(19,916)		(16,786)
Solution 2040
Class ADV
6/30/2023		103,122		—		—		(210,325)		(107,203)		1,352,304		—		—			(2,760,351)		(1,408,047)
12/31/2022		268,004		—		236,046		(229,585)		274,465		4,033,607		—		3,094,561			(3,977,088)		3,151,080
Class I
6/30/2023		70,281		—		—		(352,477)		(282,196)		964,808		—		—			(4,793,548)		(3,828,740)
12/31/2022		234,772		—		167,040		(108,094)		293,718		4,038,534		—		2,285,111			(1,716,036)		4,607,609
Class S
6/30/2023		169,671		—		—		(174,904)		(5,233)		2,277,830		—		—			(2,396,531)		(118,701)
12/31/2022		266,993		—		207,313		(88,844)		385,462		4,010,610		—		2,796,647			(1,311,748)		5,495,509
Class S2
6/30/2023		15,571		—		—		(4,213)		11,358		205,185		—		—			(56,951)		148,234
12/31/2022		34,455		—		27,827		(36,771)		25,511		536,157		—		366,210			(610,396)		291,971
Class T
6/30/2023		—		—		—		—		—		—		—		—			—		—
12/31/2022		—		—		93		(445)		(352)		—		—		1,225			(5,892)		(4,667)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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
6/30/2023		451,963		—		—		(1,503,982)		(1,052,019)		3,972,919		—		—		(13,246,748)			(9,273,829)
12/31/2022		912,227		—		3,235,589		(1,795,592)		2,352,224		9,022,982		—		28,246,695		(18,599,146)			18,670,531
Class I
6/30/2023		271,812		—		—		(2,005,557)		(1,733,745)		2,512,615		—		—		(18,356,446)			(15,843,831)
12/31/2022		638,099		—		1,336,661		(501,543)		1,473,217		6,705,577		—		12,243,814		(5,149,381)			13,800,010
Class S
6/30/2023		752,167		—		—		(1,455,710)		(703,543)		6,773,416		—		—		(13,184,071)			(6,410,655)
12/31/2022		1,614,377		—		6,088,241		(1,119,911)		6,582,707		16,939,333		—		54,307,105		(11,313,750)			59,932,688
Class S2
6/30/2023		51,458		—		—		(56,280)		(4,822)		442,772		—		—		(475,217)			(32,445)
12/31/2022		77,102		—		160,405		(347,277)		(109,770)		798,167		—		1,374,674		(3,990,360)			(1,817,519)
Class T
6/30/2023		—		—		—		(6)		(6)		—		—		—		(53)			(53)
12/31/2022		168		—		3,264		(9,940)		(6,508)		2,129		—		30,620		(94,118)			(61,369)
Solution 2050
Class ADV
6/30/2023		112,763		—		—		(174,111)		(61,348)		1,517,578		—		—		(2,334,399)			(816,821)
12/31/2022		180,541		—		225,150		(133,784)		271,907		2,703,855		—		2,999,006		(2,208,060)			3,494,801
Class I
6/30/2023		92,142		—		—		(363,349)		(271,207)		1,296,817		—		—		(5,113,054)			(3,816,237)
12/31/2022		173,124		—		151,604		(99,280)		225,448		2,768,411		—		2,120,940		(1,557,791)			3,331,560
Class S
6/30/2023		162,827		—		—		(163,395)		(568)		2,256,159		—		—		(2,299,160)			(43,001)
12/31/2022		266,219		—		162,626		(77,969)		350,876		4,102,973		—		2,232,853		(1,229,292)			5,106,534
Class S2
6/30/2023		9,716		—		—		(114)		9,602		132,191		—		—		(1,611)			130,580
12/31/2022		14,823		—		10,301		(27,427)		(2,303)		236,890		—		138,857		(484,997)			(109,250)
Class T
6/30/2023		—		—		—		—		—		—		—		—		—			—
12/31/2022		—		—		95		(417)		(322)		—		—		1,280		(5,661)			(4,381)
Solution 2055
Class ADV
6/30/2023		322,657		—		—		(537,622)		(214,965)		3,248,526		—		—		(5,415,921)			(2,167,395)
12/31/2022		617,543		—		1,047,325		(649,112)		1,015,756		6,865,854		—		10,473,247		(7,871,214)			9,467,887
Class I
6/30/2023		193,715		—		—		(877,647)		(683,932)		2,048,955		—		—		(9,214,377)			(7,165,422)
12/31/2022		433,638		—		521,632		(197,458)		757,812		5,155,947		—		5,456,273		(2,390,532)			8,221,688
Class S
6/30/2023		422,136		—		—		(744,924)		(322,788)		4,321,737		—		—		(7,665,912)			(3,344,175)
12/31/2022		876,908		—		1,673,207		(231,703)		2,318,412		9,957,044		—		16,966,319		(2,730,157)			24,193,206
Class S2
6/30/2023		29,888		—		—		(56,071)		(26,183)		303,897		—		—		(567,602)			(263,705)
12/31/2022		81,662		—		66,547		(179,255)		(31,046)		993,242		—		671,464		(2,406,422)			(741,716)
Class T(1)
6/30/2023		—		—		—		—		—		—		—		—		—			—
12/31/2022		1		—		397		(1,903)		(1,505)		11		—		4,152		(19,977)			(15,814)
Solution 2060
Class ADV
6/30/2023		126,973		—		—		(183,219)		(56,246)		1,257,720		—		—		(1,808,218)			(550,498)
12/31/2022		245,375		—		215,593		(147,630)		313,338		2,734,638		—		2,117,124		(1,675,361)			3,176,401
Class I																				��
6/30/2023		126,027		—		—		(337,308)		(211,281)		1,286,483		—		—		(3,411,479)			(2,124,996)
12/31/2022		205,948		—		145,354		(68,877)		282,425		2,344,862		—		1,463,715		(814,956)			2,993,621
Class S
6/30/2023		135,579		—		—		(162,074)		(26,495)		1,350,112		—		—		(1,635,741)			(285,629)
12/31/2022		257,461		—		179,379		(74,495)		362,345		2,803,389		—		1,768,677		(880,663)			3,691,403
Class S2
6/30/2023		18,786		—		—		(21,699)		(2,913)		184,881		—		—		(208,186)			(23,305)
12/31/2022		31,360		—		16,739		(52,035)		(3,936)		362,329		—		164,547		(655,274)			(128,398)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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 2060 (continued)
Class T
6/30/2023		—		—		—		—		—		—		—		—		—		—
12/31/2022		—		—		108		—		108		—		—		1,062		—		1,062
Solution 2065
Class ADV
6/30/2023		45,200		—		—		(33,956)		11,244		430,258		—		—		(323,150)		107,108
12/31/2022		109,574		—		14,680		(33,192)		91,062		1,111,961		—		135,293		(340,005)		907,249
Class I
6/30/2023		66,989		—		—		(70,840)		(3,851)		643,673		—		—		(669,136)		(25,463)
12/31/2022		116,490		—		17,896		(13,905)		120,481		1,177,964		—		165,109		(140,636)		1,202,437
Class S
6/30/2023		134,675		—		—		(31,690)		102,985		1,280,189		—		—		(303,032)		977,157
12/31/2022		212,193		—		27,300		(27,274)		212,219		2,112,687		—		251,152		(273,061)		2,090,778
Class S2
6/30/2023		3,460		—		—		(934)		2,526		33,029		—		—		(8,964)		24,065
12/31/2022		12,290		—		1,013		(7,826)		5,477		132,024		—		9,345		(83,470)		57,899
Class T
6/30/2023		—		—		—		—		—		—		—		—		—		—
12/31/2022		—		—		25		—		25		—		—		232		—		232

(1)

Class T was fully redeemed on August 5, 2022.

Amount is less than 0.500 per share or $0.50.

NOTE 10 — FEDERAL INCOME TAXES

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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Solution Aggressive		$	1,707,659		$	3,537,854		$	330,883		$	—
Solution Balanced			3,421,744			5,027,038			1,120,118			—
Solution Conservative			984,362			754,961			628,379			73,655
Solution Income			14,498,810			18,204,860			12,324,645			6,590,155
Solution Moderately Aggressive			24,092,582			61,578,687			9,975,801			—
Solution Moderately Conservative			2,769,129			2,754,053			976,188			—
Solution 2025			35,127,802			60,568,193			28,643,871			16,518,453
Solution 2030			3,473,710			6,209,208			1,454,818			28,849
Solution 2035			37,722,235			76,390,953			28,980,536			12,144,643
Solution 2040			2,937,353			5,607,460			904,629			151,200
Solution 2045			32,695,095			63,507,813			26,216,481			20,029,937
Solution 2050			2,443,657			5,050,490			597,936			397,553
Solution 2055			12,598,299			20,973,156			11,699,237			12,468,755
Solution 2060			1,897,650			3,617,475			368,140			373,615
Solution 2065			222,177			338,954			399,683			281,402

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Post-October Capital Losses Deferred			Unrealized Appreciation/ (Depreciation)			Total Distributable Earnings/(Loss)
Solution Aggressive		$	777,740		$	1,285,446		$	—		$	(6,122,917)		$	(4,059,731)
Solution Balanced			1,916,558			3,009,619			—			(10,894,473)			(5,968,296)
Solution Conservative			447,131			178,167			—			(2,824,602)			(2,199,304)
Solution Income			5,573,358			1,678,626			—	��		(37,548,506)			(30,296,522)
Solution Moderately Aggressive			15,230,710			25,129,308			—			(79,531,603)			(39,171,585)
Solution Moderately Conservative			998,869			812,775			—			(6,899,447)			(5,087,803)
Solution 2025			11,598,310			7,593,502			—			(92,036,177)			(72,844,365)
Solution 2030			1,284,843			779,351			—			(10,202,880)			(8,138,686)
Solution 2035			18,418,286			17,491,477			—			(102,335,220)			(66,425,457)
Solution 2040			1,292,009			961,132			—			(8,487,676)			(6,234,535)
Solution 2045			13,846,180			20,990,595			—			(88,262,859)			(53,426,084)
Solution 2050			994,090			922,998			—			(6,831,190)			(4,914,102)
Solution 2055			4,495,168			3,403,919			—			(29,668,891)			(21,769,804)
Solution 2060			730,176			572,576			—			(5,335,628)			(4,032,876)
Solution 2065			—			—			(98,042)			(1,522,935)			(1,620,977)

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

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

NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer would be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer would 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 12 — LIQUIDITY (continued)

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.

NOTE 13 — MARKET DISRUPTION

significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2023, the Portfolios declared dividends and distributions of:

	PER SHARE AMOUNTS
	Net Investment Income			Long-term Capital Gains			Payable Date	Record Date
Solution Aggressive
Class ADV		$	0.2468		$	0.5277	August 4, 2023	August 2, 2023
Class I		$	0.3243		$	0.5277	August 4, 2023	August 2, 2023
Class R6		$	0.3267		$	0.5277	August 4, 2023	August 2, 2023
Class S		$	0.2564		$	0.5277	August 4, 2023	August 2, 2023
Class S2		$	0.2811		$	0.5277	August 4, 2023	August 2, 2023
Solution Balanced
Class ADV		$	0.3174		$	0.5559	August 4, 2023	August 2, 2023
Class I		$	0.3665		$	0.5559	August 4, 2023	August 2, 2023
Class R6		$	0.3706		$	0.5559	August 4, 2023	August 2, 2023
Class S		$	0.3367		$	0.5559	August 4, 2023	August 2, 2023
Class S2		$	0.3282		$	0.5559	August 4, 2023	August 2, 2023
Solution Conservative
Class ADV		$	0.2653		$	0.1338	August 4, 2023	August 2, 2023
Class I		$	0.3185		$	0.1338	August 4, 2023	August 2, 2023
Class R6		$	0.3233		$	0.1338	August 4, 2023	August 2, 2023
Class S		$	0.2976		$	0.1338	August 4, 2023	August 2, 2023
Class S2		$	0.2645		$	0.1338	August 4, 2023	August 2, 2023
Solution Income
Class ADV		$	0.2710		$	0.0940	August 4, 2023	August��2, 2023
Class I		$	0.3301		$	0.0940	August 4, 2023	August 2, 2023
Class S		$	0.3000		$	0.0940	August 4, 2023	August 2, 2023
Class S2		$	0.2801		$	0.0940	August 4, 2023	August 2, 2023
Class T		$	0.2286		$	0.0940	August 4, 2023	August 2, 2023
Solution Moderately Aggressive
Class ADV		$	0.3376		$	0.6406	August 4, 2023	August 2, 2023
Class I		$	0.3997		$	0.6406	August 4, 2023	August 2, 2023
Class R6		$	0.4003		$	0.6406	August 4, 2023	August 2, 2023
Class S		$	0.3681		$	0.6406	August 4, 2023	August 2, 2023
Class S2		$	0.3535		$	0.6406	August 4, 2023	August 2, 2023
Solution Moderately Conservative
Class ADV		$	0.2535		$	0.2666	August 4, 2023	August 2, 2023
Class I		$	0.3166		$	0.2666	August 4, 2023	August 2, 2023
Class R6		$	0.3160		$	0.2666	August 4, 2023	August 2, 2023
Class S		$	0.2896		$	0.2666	August 4, 2023	August 2, 2023
Class S2		$	0.2171		$	0.2666	August 4, 2023	August 2, 2023
Solution 2025
Class ADV		$	0.2190		$	0.1558	August 4, 2023	August 2, 2023
Class I		$	0.2700		$	0.1558	August 4, 2023	August 2, 2023
Class S		$	0.2443		$	0.1558	August 4, 2023	August 2, 2023
Class S2		$	0.2264		$	0.1558	August 4, 2023	August 2, 2023
Class T		$	0.1962		$	0.1558	August 4, 2023	August 2, 2023
Solution 2030
Class ADV		$	0.3300		$	0.2161	August 4, 2023	August 2, 2023
Class I		$	0.4004		$	0.2161	August 4, 2023	August 2, 2023
Class S		$	0.3625		$	0.2161	August 4, 2023	August 2, 2023
Class S2		$	0.3360		$	0.2161	August 4, 2023	August 2, 2023
Class T		$	—		$	0.2161	August 4, 2023	August 2, 2023
Solution 2035
Class ADV		$	0.2966		$	0.3050	August 4, 2023	August 2, 2023
Class I		$	0.3487		$	0.3050	August 4, 2023	August 2, 2023
Class S		$	0.3221		$	0.3050	August 4, 2023	August 2, 2023
Class S2		$	0.3077		$	0.3050	August 4, 2023	August 2, 2023
Class T		$	—		$	0.3050	August 4, 2023	August 2, 2023

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS (continued)

	PER SHARE AMOUNTS
	Net Investment Income			Long-term Capital Gains			Payable Date	Record Date
Solution 2040
Class ADV		$	0.4391		$	0.3572	August 4, 2023	August 2, 2023
Class I		$	0.5169		$	0.3572	August 4, 2023	August 2, 2023
Class S		$	0.4734		$	0.3572	August 4, 2023	August 2, 2023
Class S2		$	0.4533		$	0.3572	August 4, 2023	August 2, 2023
Class T		$	0.3323		$	0.3572	August 4, 2023	August 2, 2023
Solution 2045
Class ADV		$	0.2774		$	0.4563	August 4, 2023	August 2, 2023
Class I		$	0.3290		$	0.4563	August 4, 2023	August 2, 2023
Class S		$	0.3026		$	0.4563	August 4, 2023	August 2, 2023
Class S2		$	0.2853		$	0.4563	August 4, 2023	August 2, 2023
Class T		$	0.2068		$	0.4563	August 4, 2023	August 2, 2023
Solution 2050
Class ADV		$	0.4086		$	0.4177	August 4, 2023	August 2, 2023
Class I		$	0.4905		$	0.4177	August 4, 2023	August 2, 2023
Class S		$	0.4434		$	0.4177	August 4, 2023	August 2, 2023
Class S2		$	0.4248		$	0.4177	August 4, 2023	August 2, 2023
Class T		$	0.3029		$	0.4177	August 4, 2023	August 2, 2023
Solution 2055
Class ADV		$	0.2916		$	0.2383	August 4, 2023	August 2, 2023
Class I		$	0.3454		$	0.2383	August 4, 2023	August 2, 2023
Class S		$	0.3177		$	0.2383	August 4, 2023	August 2, 2023
Class S2		$	0.2960		$	0.2383	August 4, 2023	August 2, 2023
Class T		$	—		$	0.2383	August 4, 2023	August 2, 2023
Solution 2060
Class ADV		$	0.2777		$	0.2343	August 4, 2023	August 2, 2023
Class I		$	0.3298		$	0.2343	August 4, 2023	August 2, 2023
Class S		$	0.3028		$	0.2343	August 4, 2023	August 2, 2023
Class S2		$	0.2833		$	0.2343	August 4, 2023	August 2, 2023
Class T		$	0.2566		$	0.2343	August 4, 2023	August 2, 2023

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, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.9%
13,073	Vanguard FTSE Developed Markets ETF		$	603,711		1.9
	Total Exchange-Traded Funds (Cost $486,308)			603,711		1.9
MUTUAL FUNDS: 98.1%
	Affiliated Investment Companies: 98.1%
240,716	Voya Intermediate Bond Fund - Class R6			2,074,973		6.6
193,367	Voya Large Cap Value Portfolio - Class R6			1,061,582		3.4
98,540	Voya Multi-Manager Emerging Markets Equity Fund - Class I			912,477		2.9
148,381	Voya Multi-Manager International Equity Fund - Class I			1,445,231		4.6
161,872	Voya Multi-Manager International Factors Fund - Class I			1,451,990		4.6
204,669	Voya Multi-Manager Mid Cap Value Fund - Class I			1,850,204		5.9
32,578	Voya Russell Large Cap Growth Index Portfolio Class I			1,871,609		5.9
25,675 (1)	Voya Small Cap Growth Fund - Class R6			950,239		3.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
90,739	Voya Small Company Fund - Class R6		$	1,251,294		4.0
629,170	Voya U.S. Stock Index Portfolio - Class I			11,589,310		36.6
42,345	VY® Invesco Comstock Portfolio - Class I			921,421		2.9
83,993	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,322,414		7.3
195,080	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,927,387		6.1
17,237	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,353,422		4.3
	Total Mutual Funds (Cost $30,190,096)			30,983,553		98.1
	Total Investments in Securities (Cost $30,676,404)		$	31,587,264		100.0
	Liabilities in Excess of Other Assets			(247)		—
	Net Assets		$	31,587,017		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	603,711		$	—		$	—		$	603,711
Mutual Funds			30,983,553			—			—			30,983,553
Total Investments, at fair value		$	31,587,264		$	—		$	—		$	31,587,264

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, 2023 (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, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	1,001,294		$	1,326,019		$	(258,394)		$	6,054		$	2,074,973		$	26,782		$	(12,714)		$	—
Voya Large Cap Value Portfolio - Class R6			573,823			550,291			(271,867)			209,335			1,061,582			—			(170,510)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			885,329			439,253			(559,542)			147,437			912,477			—			(77,993)			—
Voya Multi-Manager International Equity Fund - Class I			1,170,952			407,310			(297,684)			164,653			1,445,231			—			(48,404)			—
Voya Multi-Manager International Factors Fund - Class I			1,174,465			431,929			(305,495)			151,091			1,451,990			—			(23,836)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,569,736			442,902			(190,357)			27,923			1,850,204			—			34,754			—
Voya Russell Large Cap Growth Index - Class I			—			1,685,201			(77,702)			264,110			1,871,609			8,654			7,729			81,147
Voya Short Term Bond Fund - Class R6			147,448			463			(150,856)			2,945			—			146			(2,191)			—
Voya Small Cap Growth Fund - Class R6			851,511			154,491			(162,501)			106,738			950,239			—			(2,457)			—
Voya Small Company Fund - Class R6			1,152,759			227,296			(229,154)			100,393			1,251,294			—			(9,256)			—
Voya U.S. Stock Index Portfolio - Class I			11,088,597			1,885,573			(3,726,011)			2,341,151			11,589,310			—			(631,043)			—
VY® Invesco Comstock Portfolio - Class I			1,293,866			148,751			(528,303)			7,107			921,421			—			32,094			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,445,746			942,744			(281,701)			215,625			2,322,414			—			(27,750)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,558,425			374,345			(391,298)			385,915			1,927,387			—			(143,669)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,367,928			261,099			(1,078,946)			803,341			1,353,422			—			(417,528)			—
		$	25,281,879		$	9,277,667		$	(8,509,811)		$	4,933,818		$	30,983,553		$	35,582		$	(1,492,774)		$	81,147

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

At June 30, 2023, 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 $32,229,443.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,475,285
Gross Unrealized Depreciation		(2,117,464)
Net Unrealized Depreciation	$	(642,179)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.9%
14,772	Vanguard Long-Term Treasury ETF		$	938,465		1.9
	Total Exchange-Traded Funds (Cost $928,996)			938,465		1.9
MUTUAL FUNDS: 98.1%
	Affiliated Investment Companies: 98.1%
1,008,007	Voya Intermediate Bond Fund - Class R6			8,689,019		17.6
309,604	Voya Large Cap Value Portfolio - Class R6			1,699,724		3.5
330,984	Voya MidCap Opportunities Portfolio - Class R6			1,575,483		3.2
158,429	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,467,054		3.0
136,757	Voya Multi-Manager International Equity Fund - Class I			1,332,010		2.7
149,110	Voya Multi-Manager International Factors Fund - Class I			1,337,520		2.7
163,492	Voya Multi-Manager Mid Cap Value Fund - Class I			1,477,964		3.0
38,023	Voya Russell Large Cap Growth Index Portfolio Class I			2,184,393		4.4
411,628	Voya Short Term Bond Fund - Class R6			3,791,097		7.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
13,624 (1)	Voya Small Cap Growth Fund - Class R6		$	504,217		1.0
72,356	Voya Small Company Fund - Class R6			997,789		2.0
628,777	Voya U.S. Stock Index Portfolio - Class I			11,582,067		23.5
362,587	VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,466,333		7.0
78,768	VY® Invesco Comstock Portfolio - Class I			1,713,998		3.5
179,052	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,950,774		10.0
20,664	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,622,507		3.3
	Total Mutual Funds (Cost $48,936,024)			48,391,949		98.1
	Total Investments in Securities (Cost $49,865,020)		$	49,330,414		100.0
	Liabilities in Excess of Other Assets			(13,799)		—
	Net Assets		$	49,316,615		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	938,465		$	—		$	—		$	938,465
Mutual Funds			48,391,949			—			—			48,391,949
Total Investments, at fair value		$	49,330,414		$	—		$	—		$	49,330,414

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	8,654,261		$	1,413,437		$	(1,743,637)		$	364,958		$	8,689,019		$	161,978		$	(299,140)		$	22
Voya Large Cap Value Portfolio - Class R6			1,704,510			118,362			(566,639)			443,491			1,699,724			—			(354,787)			—
Voya MidCap Opportunities Portfolio - Class R6			1,190,488			375,173			(692,368)			702,190			1,575,483			—			(496,077)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,000,544			576,521			(266,212)			156,201			1,467,054			—			(74,132)			—
Voya Multi-Manager International Equity Fund - Class I			753,875			651,653			(182,631)			109,113			1,332,010			—			(28,477)			—
Voya Multi-Manager International Factors Fund - Class I	��		757,334			632,815			(177,180)			124,551			1,337,520			—			(36,119)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,211,046			395,710			(176,056)			47,264			1,477,964			—			7,094			—
Voya Russell Large Cap Growth Index - Class I			—			2,017,303			(94,800)			261,890			2,184,393			10,323			9,514			96,785
Voya Short Term Bond Fund - Class R6			3,257,996			1,748,325			(1,235,591)			20,367			3,791,097			54,224			(29,714)			—
Voya Small Cap Growth Fund - Class R6			469,443			78,981			(103,191)			58,984			504,217			—			(1,187)			—
Voya Small Company Fund - Class R6			959,652			154,928			(199,972)			83,181			997,789			—			(6,780)			—
Voya U.S. Stock Index Portfolio - Class I			12,552,350			1,613,143			(4,774,726)			2,191,300			11,582,067			—			(359,187)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,904,490			270,875			(1,011,861)			302,829			3,466,333			—			(180,348)			—
VY® Invesco Comstock Portfolio - Class I			1,708,426			149,846			(215,194)			70,920			1,713,998			—			(5,384)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,910,377			210,707			(743,606)			573,296			4,950,774			—			(52,040)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,321,603			215,412			(2,563,127)			1,648,619			1,622,507			—			(1,065,183)			—
		$	45,356,395		$	10,623,191		$	(14,746,791)		$	7,159,154		$	48,391,949		$	226,525		$	(2,971,947)		$	96,807

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

At June 30, 2023, 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 $52,230,912.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,551,043
Gross Unrealized Depreciation		(4,451,542)
Net Unrealized Depreciation	$	(2,900,499)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.9%
14,895	Schwab U.S. TIPS ETF		$	780,945		4.9
4,852	Vanguard Long-Term Treasury ETF			308,248		2.0
	Total Exchange-Traded Funds (Cost $1,101,729)			1,089,193		6.9
MUTUAL FUNDS: 93.1%
	Affiliated Investment Companies: 93.1%
107,532	Voya Global Bond Fund - Class R6			780,685		4.9
119,446	Voya High Yield Bond Fund - Class R6			800,285		5.0
417,998	Voya Intermediate Bond Fund - Class R6			3,603,140		22.6
50,724	Voya MidCap Opportunities Portfolio - Class R6			241,447		1.5
17,757	Voya Multi-Manager Emerging Markets Equity Fund - Class I			164,431		1.0
12,266	Voya Multi-Manager International Equity Fund - Class I			119,470		0.8
13,310	Voya Multi-Manager International Factors Fund - Class I			119,391		0.8
25,357	Voya Multi-Manager Mid Cap Value Fund - Class I			229,230		1.4

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
8,664	Voya Russell Large Cap Growth Index Portfolio Class I		$	497,765		3.1
377,352	Voya Short Term Bond Fund - Class R6			3,475,412		21.8
67,778	Voya U.S. High Dividend Low Volatility Fund - Class R6			681,168		4.3
19,906	Voya U.S. Stock Index Portfolio - Class I			366,676		2.3
193,570	VY® BrandywineGLOBAL - Bond Portfolio - Class I			1,850,531		11.6
59,609	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,648,199		10.3
3,432	VY® T. Rowe Price Growth Equity Portfolio - Class I			269,479		1.7
	Total Mutual Funds (Cost $15,369,219)			14,847,309		93.1
	Total Investments in Securities (Cost $16,470,948)		$	15,936,502		100.0
	Assets in Excess of Other Liabilities			7,034		0.0
	Net Assets		$	15,943,536		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,089,193		$	—		$	—		$	1,089,193
Mutual Funds			14,847,309			—			—			14,847,309
Total Investments, at fair value		$	15,936,502		$	—		$	—		$	15,936,502

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	804,940		$	177,050		$	(261,556)		$	60,251		$	780,685		$	15,526		$	(60,248)		$	—
Voya High Yield Bond Fund - Class R6			797,703			183,989			(237,145)			55,738			800,285			24,160			(40,073)			—
Voya Intermediate Bond Fund - Class R6			3,492,823			1,116,324			(1,234,076)			228,069			3,603,140			65,171			(199,650)			—
Voya MidCap Opportunities Portfolio - Class R6			152,952			137,455			(110,768)			61,808			241,447			—			(32,162)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			—			382,155			(220,682)			2,958			164,431			—			870			—
Voya Multi-Manager International Equity Fund - Class I			—			128,154			(9,810)			1,126			119,470			—			(23)			—
Voya Multi-Manager International Factors Fund - Class I			—			128,153			(9,826)			1,064			119,391			—			(39)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			155,577			140,076			(99,147)			32,724			229,230			—			(22,406)			—
Voya Russell Large Cap Growth Index - Class I			—			626,725			(180,083)			51,123			497,765			2,139			19,972			20,060
Voya Short Term Bond Fund - Class R6			3,450,192			956,940			(1,005,934)			74,214			3,475,412			57,421			(73,331)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			858,115			170,456			(394,847)			47,444			681,168			6,191			(58,682)			—
Voya U.S. Stock Index Portfolio - Class I			321,619			385,055			(365,068)			25,070			366,676			—			21,820			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,423,965			472,033			(1,405,626)			360,159			1,850,531			—			(292,607)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,575,398			320,053			(461,592)			214,340			1,648,199			14			(43,432)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			210,545			87,247			(113,069)			84,756			269,479			—			(14,707)			—
		$	14,243,829		$	5,411,865		$	(6,109,229)		$	1,300,844		$	14,847,309		$	170,622		$	(794,698)		$	20,060

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

At June 30, 2023, 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 $17,233,225.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	155,684
Gross Unrealized Depreciation		(1,452,407)
Net Unrealized Depreciation	$	(1,296,723)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.9%
301,987	Schwab U.S. TIPS ETF		$	15,833,178		8.2
111,100	Vanguard FTSE Developed Markets ETF			5,130,598		2.7
61,469	Vanguard Long-Term Treasury ETF			3,905,126		2.0
	Total Exchange-Traded Funds (Cost $24,162,560)			24,868,902		12.9
MUTUAL FUNDS: 87.0%
	Affiliated Investment Companies: 87.0%
777,137	Voya Global Bond Fund - Class R6			5,642,012		2.9
1,153,855	Voya High Yield Bond Fund - Class R6			7,730,829		4.0
4,961,087	Voya Intermediate Bond Fund - Class R6			42,764,567		22.1
637,673	Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,904,855		3.1
387,933	Voya Multi-Manager International Equity Fund - Class I			3,778,465		2.0
423,805	Voya Multi-Manager International Factors Fund - Class I			3,801,535		2.0
218,797	Voya Multi-Manager Mid Cap Value Fund - Class I			1,977,922		1.0
132,687	Voya Russell Large Cap Growth Index Portfolio Class I			7,622,879		3.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,275,671	Voya Short Term Bond Fund - Class R6		$	20,958,932		10.8
143,489	Voya Small Company Fund - Class R6			1,978,712		1.0
1,149,132	Voya U.S. High Dividend Low Volatility Fund - Class R6			11,548,775		6.0
283,144	Voya U.S. Stock Index Portfolio - Class I			5,215,517		2.7
2,292,781	VY® BrandywineGLOBAL - Bond Portfolio - Class I			21,918,982		11.3
720,534	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			19,922,767		10.3
209,422	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			2,069,094		1.1
69,724	VY® T. Rowe Price Growth Equity Portfolio - Class I			5,474,697		2.8
	Total Mutual Funds (Cost $181,733,990)			168,310,540		87.0
	Total Investments in Securities (Cost $205,896,550)		$	193,179,442		99.9
	Assets in Excess of Other Liabilities			269,406		0.1
	Net Assets		$	193,448,848		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	24,868,902		$	—		$	—		$	24,868,902
Mutual Funds			168,310,540			—			—			168,310,540
Total Investments, at fair value		$	193,179,442		$	—		$	—		$	193,179,442

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022				Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	6,301,508			$	269,262		$	(1,258,318)		$	329,560		$	5,642,012		$	119,998		$	(335,141)		$	—
Voya High Yield Bond Fund - Class R6			4,163,256				4,467,516			(1,116,918)			216,975			7,730,829			212,334			(93,131)			—
Voya Intermediate Bond Fund - Class R6			50,768,216				4,818,398			(16,092,265)			3,270,218			42,764,567			871,046			(2,887,719)			115
Voya Multi-Manager Emerging Markets Equity Fund - Class I			4,211,066				2,292,169			(1,384,189)			785,809			5,904,855			—			(444,482)			—
Voya Multi-Manager International Equity Fund - Class I			4,173,620				163,322			(956,874)			398,397			3,778,465			—			7,413			—
Voya Multi-Manager International Factors Fund - Class I			4,186,466				48,380			(983,333)			550,022			3,801,535			—			(108,697)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			2,028,643	��			251,088			(476,101)			174,292			1,977,922			19			(104,375)			—
Voya Russell Large Cap Growth Index - Class I			—				10,893,815			(4,254,752)			983,816			7,622,879			36,907			360,460			346,013
Voya Short Term Bond Fund - Class R6			24,077,444				5,319,883			(9,009,135)			570,740			20,958,932			370,520			(602,445)			—
Voya Small Company Fund - Class R6			—				2,037,874			(160,891)			101,729			1,978,712			—			686			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			9,265,394				3,789,391			(1,682,721)			176,711			11,548,775			64,099			(288,089)			—
Voya U.S. Stock Index Portfolio - Class I			12,008,742				531,609			(8,247,553)			922,719			5,215,517			—			403,751			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			28,568,674				885,004			(9,098,243)			1,563,547			21,918,982			—			(788,069)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			20,550,288				288,780			(3,097,892)			2,181,591			19,922,767			—			(7,611)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			2,013,650				172,859			(731,823)			614,408			2,069,094			—			(320,053)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			4,879,402				407,751			(2,052,046)			2,239,590			5,474,697			—			(725,761)			—
		$	177,196,369			$	36,637,101		$	(60,603,054)		$	15,080,124		$	168,310,540		$	1,674,923		$	(5,933,263)		$	346,128

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(354,013)
Total		$	(354,013)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(21,843)
Total		$	(21,843)

At June 30, 2023, 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 $211,168,432.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,677,626
Gross Unrealized Depreciation		(20,666,619)
Net Unrealized Depreciation	$	(17,988,993)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.4%
251,088	Vanguard FTSE Developed Markets ETF		$	11,595,244		2.5
69,289	Vanguard Long-Term Treasury ETF			4,401,930		0.9
	Total Exchange-Traded Funds (Cost $14,128,204)			15,997,174		3.4
MUTUAL FUNDS: 96.5%
	Affiliated Investment Companies: 96.5%
5,090,459	Voya Intermediate Bond Fund - Class R6			43,879,759		9.4
3,722,148	Voya Large Cap Value Portfolio - Class R6			20,434,591		4.4
1,479,407	Voya Multi-Manager Emerging Markets Equity Fund - Class I			13,699,306		2.9
1,381,323	Voya Multi-Manager International Equity Fund - Class I			13,454,084		2.9
2,010,229	Voya Multi-Manager International Factors Fund - Class I			18,031,751		3.9
2,297,533	Voya Multi-Manager Mid Cap Value Fund - Class I			20,769,717		4.4
355,857	Voya Russell Large Cap Growth Index Portfolio Class I			20,443,991		4.4
1,461,013	Voya Short Term Bond Fund - Class R6			13,455,930		2.9
257,195 (1)	Voya Small Cap Growth Fund - Class R6			9,518,778		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,023,528	Voya Small Company Fund - Class R6		$	14,114,449		3.0
7,720,872	Voya U.S. Stock Index Portfolio - Class I			142,218,462		30.4
1,807,328	VY® BrandywineGLOBAL - Bond Portfolio - Class I			17,278,053		3.7
738,424	VY® Invesco Comstock Portfolio - Class I			16,068,116		3.4
1,676,725	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			46,361,437		9.9
2,190,683	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			21,643,961		4.6
258,784	VY® T. Rowe Price Growth Equity Portfolio - Class I			20,319,712		4.3
	Total Mutual Funds (Cost $457,826,471)			451,692,097		96.5
	Total Investments in Securities (Cost $471,954,675)		$	467,689,271		99.9
	Assets in Excess of Other Liabilities			529,193		0.1
	Net Assets		$	468,218,464		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	15,997,174		$	—		$	—		$	15,997,174
Mutual Funds			451,692,097			—			—			451,692,097
Total Investments, at fair value		$	467,689,271		$	—		$	—		$	467,689,271
Other Financial Instruments+
Futures			46,938			—			—			46,938
Total Assets		$	467,736,209		$	—		$	—		$	467,736,209
Liabilities Table
Other Financial Instruments+
Futures		$	(153,053)		$	—		$	—		$	(153,053)
Total Liabilities		$	(153,053)		$	—		$	—		$	(153,053)

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, 2023 (Unaudited) (continued)

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		32		09/20/23		$	4,359,000		$	46,938
						$	4,359,000		$	46,938
Short Contracts:
S&P 500® E-Mini		(22)		09/15/23			(4,937,075)			(153,053)
						$	(4,937,075)		$	(153,053)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	38,551,485		$	10,044,974		$	(5,737,203)		$	1,020,503		$	43,879,759		$	794,337		$	(824,379)		$	19
Voya Large Cap Value Portfolio - Class R6			15,663,690			5,210,213			(3,581,532)			3,142,220			20,434,591			—			(2,239,268)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			13,836,277			5,112,299			(7,828,467)			2,579,197			13,699,306			—			(1,491,074)			—
Voya Multi-Manager International Equity Fund - Class I			13,743,145			183,939			(2,592,903)			2,119,903			13,454,084			—			(772,446)			—
Voya Multi-Manager International Factors Fund - Class I			18,370,715			402,341			(3,006,880)			2,265,575			18,031,751			—			(289,462)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			17,807,271			3,797,137			(1,666,107)			831,416			20,769,717			—			(105,029)			—
Voya Russell Large Cap Growth Index - Class I			—			18,341,510			(784,418)			2,886,899			20,443,991			97,112			83,209			910,388
Voya Short Term Bond Fund - Class R6			—			13,869,250			(317,299)			(96,021)			13,455,930			74,150			(1,133)			—
Voya Small Cap Growth Fund - Class R6			8,850,088			769,434			(1,194,160)			1,093,416			9,518,778			83			10,942			—
Voya Small Company Fund - Class R6			13,485,526			1,320,278			(1,822,637)			1,131,282			14,114,449			—			(34,488)			—
Voya U.S. Stock Index Portfolio - Class I			141,558,549			2,961,475			(21,716,656)			19,415,094			142,218,462			—			2,608,896			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			17,796,812			991,127			(2,339,852)			829,966			17,278,053			—			(295,866)			—
VY® Invesco Comstock Portfolio - Class I			20,183,067			394,861			(4,058,169)			(451,643)			16,068,116			—			1,105,288			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			45,097,773			922,936			(4,663,979)			5,004,707			46,361,437			—			(120,021)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			17,678,748			3,066,435			(2,318,728)			3,217,506			21,643,961			—			(412,781)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			21,312,793			1,266,095			(15,472,401)			13,213,225			20,319,712			—			(7,045,003)			—
		$	403,935,939		$	68,654,304		$	(79,101,391)		$	58,203,245		$	451,692,097		$	965,682		$	(9,822,615)		$	910,407

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, 2023 (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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	46,938
Total Asset Derivatives			$	46,938
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	153,053
Total Liability Derivatives			$	153,053

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, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,078,837)
Interest rate contracts			(137,804)
Total		$	(1,216,641)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(378,536)
Interest rate contracts			177,774
Total		$	(200,762)

At June 30, 2023, 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 $480,988,738.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	15,725,830
Gross Unrealized Depreciation		(29,131,411)
Net Unrealized Depreciation	$	(13,405,581)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.4%
19,055	Schwab U.S. TIPS ETF		$	999,053		3.3
10,343	Vanguard Long-Term Treasury ETF			657,091		2.1
	Total Exchange-Traded Funds (Cost $1,668,647)			1,656,144		5.4
MUTUAL FUNDS: 94.6%
	Affiliated Investment Companies: 94.6%
163,394	Voya Global Bond Fund - Class R6			1,186,239		3.9
227,479	Voya High Yield Bond Fund - Class R6			1,524,110		5.0
779,999	Voya Intermediate Bond Fund - Class R6			6,723,592		21.9
102,654	Voya MidCap Opportunities Portfolio - Class R6			488,632		1.6
67,497	Voya Multi-Manager Emerging Markets Equity Fund - Class I			625,019		2.0
70,684	Voya Multi-Manager International Equity Fund - Class I			688,465		2.2
77,339	Voya Multi-Manager International Factors Fund - Class I			693,730		2.3
50,975	Voya Multi-Manager Mid Cap Value Fund - Class I			460,816		1.5
24,147	Voya Russell Large Cap Growth Index Portfolio Class I			1,387,243		4.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
359,093	Voya Short Term Bond Fund - Class R6		$	3,307,243		10.8
42,197	Voya Small Company Fund - Class R6			581,890		1.9
151,206	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,519,616		5.0
116,835	Voya U.S. Stock Index Portfolio - Class I			2,152,107		7.0
300,750	VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,875,172		9.4
28,551	VY® Invesco Comstock Portfolio - Class I			621,263		2.0
113,577	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			3,140,409		10.2
13,168	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,033,988		3.4
	Total Mutual Funds (Cost $30,173,654)			29,009,534		94.6
	Total Investments in Securities (Cost $31,842,301)		$	30,665,678		100.0
	Assets in Excess of Other Liabilities			7,458		0.0
	Net Assets		$	30,673,136		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,656,144		$	—		$	—		$	1,656,144
Mutual Funds			29,009,534			—			—			29,009,534
Total Investments, at fair value		$	30,665,678		$	—		$	—		$	30,665,678

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	1,425,245		$	127,281		$	(472,799)		$	106,512		$	1,186,239		$	25,900		$	(104,845)		$	—
Voya High Yield Bond Fund - Class R6			1,765,387			160,550			(521,311)			119,484			1,524,110			50,454			(84,499)			—
Voya Intermediate Bond Fund - Class R6			7,190,444			1,640,530			(2,610,022)			502,640			6,723,592			130,593			(445,786)			33
Voya MidCap Opportunities Portfolio - Class R6			337,972			213,649			(271,021)			208,032			488,632			6			(146,077)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			712,657			419,972			(615,779)			108,169			625,019			—			(53,959)			—
Voya Multi-Manager International Equity Fund - Class I			177,595			602,814			(123,910)			31,966			688,465			—			(7,532)			—
Voya Multi-Manager International Factors Fund - Class I			537,440			269,822			(190,512)			76,980			693,730			—			(20,230)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			343,788			219,186			(158,282)			56,124			460,816			—			(37,042)			—
Voya Russell Large Cap Growth Index - Class I			—			1,418,742			(192,092)			160,593			1,387,243			6,706			18,866			62,879
Voya Short Term Bond Fund - Class R6			4,443,904			408,082			(1,629,214)			84,471			3,307,243			63,122			(77,995)			—
Voya Small Company Fund - Class R6			672,144			156,432			(308,424)			61,738			581,890			—			(14,342)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			1,744,897			209,468			(542,145)			107,396			1,519,616			12,140			(131,102)			—
Voya U.S. Stock Index Portfolio - Class I			3,416,225			1,217,241			(3,127,124)			645,765			2,152,107			—			(246,002)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,154,529			273,221			(2,046,294)			493,716			2,875,172			—			(374,116)			—
VY® Invesco Comstock Portfolio - Class I			692,762			75,667			(177,147)			29,981			621,263			—			(4,856)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			3,484,144			196,308			(970,754)			430,711			3,140,409			—			(76,501)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			979,447			137,388			(655,880)			573,033			1,033,988			—			(281,606)			—
		$	32,078,580		$	7,746,353		$	(14,612,710)		$	3,797,311		$	29,009,534		$	288,921		$	(2,087,624)		$	62,912

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

At June 30, 2023, 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 $33,178,007.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	536,592
Gross Unrealized Depreciation		(3,048,922)
Net Unrealized Depreciation	$	(2,512,330)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.6%
428,792	Schwab U.S. TIPS ETF		$	22,481,565		5.0
354,068	Vanguard FTSE Developed Markets ETF			16,350,860		3.6
139,650	Vanguard Long-Term Treasury ETF			8,871,964		2.0
	Total Exchange-Traded Funds (Cost $45,356,494)			47,704,389		10.6
MUTUAL FUNDS: 89.3%
	Affiliated Investment Companies: 89.3%
1,792,247	Voya Global Bond Fund - Class R6			13,011,714		2.9
1,330,220	Voya High Yield Bond Fund - Class R6			8,912,474		2.0
10,503,351	Voya Intermediate Bond Fund - Class R6			90,538,884		20.0
1,464,848	Voya Multi-Manager Emerging Markets Equity Fund - Class I			13,564,491		3.0
1,824,403	Voya Multi-Manager International Equity Fund - Class I			17,769,683		3.9
2,489,261	Voya Multi-Manager International Factors Fund - Class I			22,328,669		4.9
756,980	Voya Multi-Manager Mid Cap Value Fund - Class I			6,843,102		1.5
260,899	Voya Russell Large Cap Growth Index Portfolio Class I			14,988,645		3.3
1,906,592	Voya Short Term Bond Fund - Class R6			17,559,709		3.9

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	��	Affiliated Investment Companies (continued)
126,552 (1)		Voya Small Cap Growth Fund - Class R6		$	4,683,673		1.0
335,760		Voya Small Company Fund - Class R6			4,630,137		1.0
2,210,998		Voya U.S. High Dividend Low Volatility Fund - Class R6			22,220,532		4.9
4,028,285		Voya U.S. Stock Index Portfolio - Class I			74,201,007		16.4
3,112,792		VY® BrandywineGLOBAL - Bond Portfolio - Class I			29,758,292		6.6
1,661,136		VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			45,930,399		10.2
724,192		VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			7,155,017		1.6
128,148		VY® T. Rowe Price Growth Equity Portfolio - Class I			10,062,178		2.2
		Total Mutual Funds (Cost $424,632,263)			404,158,606		89.3
		Total Investments in Securities (Cost $469,988,757)		$	451,862,995		99.9
		Assets in Excess of Other Liabilities			639,658		0.1
		Net Assets		$	452,502,653		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	47,704,389		$	—		$	—		$	47,704,389
Mutual Funds			404,158,606			—			—			404,158,606
Total Investments, at fair value		$	451,862,995		$	—		$	—		$	451,862,995

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 2025 Portfolio

as of June 30, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	14,086,632		$	805,816		$	(2,422,447)		$	541,713		$	13,011,714		$	272,685		$	(560,858)		$	—
Voya High Yield Bond Fund - Class R6			—			9,654,962			(832,783)			90,295			8,912,474			200,429			6,625			—
Voya Intermediate Bond Fund - Class R6			104,660,874			16,360,460			(38,472,180)			7,989,730			90,538,884			1,807,494			(7,257,035)			449
Voya Multi-Manager Emerging Markets Equity Fund - Class I			18,873,461			4,918,777			(16,010,342)			5,782,595			13,564,491			—			(4,602,149)			—
Voya Multi-Manager International Equity Fund - Class I			18,705,533			591,440			(3,342,160)			1,814,870			17,769,683			—			10,958			—
Voya Multi-Manager International Factors Fund - Class I			23,449,866			304,105			(3,829,621)			2,404,319			22,328,669			—			89,756			—
Voya Multi-Manager Mid Cap Value Fund - Class I			6,805,283			773,267			(940,419)			204,971			6,843,102			—			28,942			—
Voya Russell Large Cap Growth Index Portfolio Class I			—			22,292,310			(9,363,863)			2,060,198			14,988,645			71,857			781,875			673,693
Voya Short Term Bond Fund - Class R6			—			18,579,461			(839,481)			(180,271)			17,559,709			129,911			(3,894)			—
Voya Small Cap Growth Fund - Class R6			4,515,504			666,207			(1,052,679)			554,641			4,683,673			15			11,393			—
Voya Small Company Fund - Class R6			4,589,164			692,299			(1,049,472)			398,146			4,630,137			—			(16,806)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			23,019,586			2,007,801			(2,608,199)			(198,656)			22,220,532			162,421			(119,349)			—
Voya U.S. Stock Index Portfolio - Class I			67,813,247			6,682,974			(11,066,580)			10,771,366			74,201,007			—			292,403			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			41,022,769			6,367,165			(22,637,214)			5,005,572			29,758,292			—			(3,839,782)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			45,953,836			561,620			(5,689,807)			5,104,750			45,930,399			—			(179,068)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			6,755,896			502,305			(1,958,578)			1,855,394			7,155,017			—			(855,026)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			13,321,766			710,532			(13,139,242)			9,169,122			10,062,178			—			(5,715,963)			—
		$	393,573,417		$	92,471,501		$	(135,255,067)		$	53,368,755		$	404,158,606		$	2,644,812		$	(21,927,978)		$	674,142

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(793,782)
Total		$	(793,782)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(34,296)
Total		$	(34,296)

At June 30, 2023, 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 $482,425,668.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	9,480,102
Gross Unrealized Depreciation		(40,042,775)
Net Unrealized Depreciation	$	(30,562,673)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.6%
17,725	Schwab U.S. TIPS ETF		$	929,322		2.0
46,947	Vanguard FTSE Developed Markets ETF			2,168,012		4.6
14,432	Vanguard Long-Term Treasury ETF			916,865		2.0
	Total Exchange-Traded Funds (Cost $3,748,754)			4,014,199		8.6
MUTUAL FUNDS: 91.4%
	Affiliated Investment Companies: 91.4%
136,939	Voya High Yield Bond Fund - Class R6			917,492		1.9
930,190	Voya Intermediate Bond Fund - Class R6			8,018,234		17.1
200,974	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,861,023		4.0
233,984	Voya Multi-Manager International Equity Fund - Class I			2,278,999		4.9
306,429	Voya Multi-Manager International Factors Fund - Class I			2,748,665		5.9
103,877	Voya Multi-Manager Mid Cap Value Fund - Class I			939,044		2.0
26,880	Voya Russell Large Cap Growth Index Portfolio Class I			1,544,280		3.3
147,105	Voya Short Term Bond Fund - Class R6			1,354,837		2.9
13,050 (1)	Voya Small Cap Growth Fund - Class R6			482,977		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
69,298	Voya Small Company Fund - Class R6		$	955,613		2.0
136,544	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,372,263		2.9
547,266	Voya U.S. Stock Index Portfolio - Class I			10,080,640		21.5
274,946	VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,628,483		5.6
42,965	VY® Invesco Comstock Portfolio - Class I			934,927		2.0
171,033	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,729,070		10.1
99,435	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			982,417		2.1
13,206	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,036,899		2.2
	Total Mutual Funds (Cost $42,972,506)			42,865,863		91.4
	Total Investments in Securities (Cost $46,721,260)		$	46,880,062		100.0
	Liabilities in Excess of Other Assets			(11,802)		—
	Net Assets		$	46,868,260		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,014,199		$	—		$	—		$	4,014,199
Mutual Funds			42,865,863			—			—			42,865,863
Total Investments, at fair value		$	46,880,062		$	—		$	—		$	46,880,062

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	—		$	1,101,605		$	(192,971)		$	8,858		$	917,492		$	20,788		$	1,332		$	—
Voya Intermediate Bond Fund - Class R6			10,332,310			2,962,162			(6,343,410)			1,067,172			8,018,234			165,154			(1,006,118)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,988,513			725,507			(1,449,351)			596,354			1,861,023			—			(463,835)			—
Voya Multi-Manager International Equity Fund - Class I			2,478,405			340,934			(1,063,244)			522,904			2,278,999			—			(284,582)			—
Voya Multi-Manager International Factors Fund - Class I			2,984,229			343,656			(1,152,191)			572,971			2,748,665			—			(260,652)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			957,299			182,727			(301,040)			100,058			939,044			—			(68,309)			—
Voya Russell Large Cap Growth Index - Class I			—			2,404,237			(1,065,162)			205,205			1,544,280			7,467			90,884			69,998
Voya Short Term Bond Fund - Class R6			—			1,488,836			(120,083)			(13,916)			1,354,837			9,663			(588)			—
Voya Small Cap Growth Fund - Class R6			482,601			122,441			(180,009)			57,944			482,977			—			1,665			—
Voya Small Company Fund - Class R6			979,219			245,042			(356,633)			87,985			955,613			—			(8,008)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			1,457,051			236,495			(451,170)			129,887			1,372,263			10,140			(151,380)			—
Voya U.S. Stock Index Portfolio - Class I			9,052,649			2,396,946			(3,170,067)			1,801,112			10,080,640			—			(325,554)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,859,399			459,978			(2,255,923)			565,029			2,628,483			—			(452,720)			—
VY® Invesco Comstock Portfolio - Class I			964,455			134,716			(205,876)			41,632			934,927			—			(6,016)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,847,728			419,991			(1,163,788)			625,139			4,729,070			72			(113,197)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			950,372			144,623			(446,604)			334,026			982,417			—			(194,689)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,410,711			184,105			(1,434,145)			876,228			1,036,899			—			(517,492)			—
		$	42,744,941		$	13,894,001		$	(21,351,667)		$	7,578,588		$	42,865,863		$	213,284		$	(3,759,259)		$	69,998

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

At June 30, 2023, 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 $48,599,631.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,451,897
Gross Unrealized Depreciation		(3,171,467)
Net Unrealized Depreciation	$	(1,719,570)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.0%
663,987	Vanguard FTSE Developed Markets ETF		$	30,662,920		5.5
41,603	Vanguard Long-Term Treasury ETF			2,643,038		0.5
	Total Exchange-Traded Funds (Cost $27,773,810)			33,305,958		6.0
MUTUAL FUNDS: 93.8%
	Affiliated Investment Companies: 93.8%
1,603,361	Voya High Yield Bond Fund - Class R6			10,742,520		1.9
7,905,678	Voya Intermediate Bond Fund - Class R6			68,146,947		12.3
2,966,191	Voya Large Cap Value Portfolio - Class R6			16,284,390		2.9
2,943,031	Voya Multi-Manager Emerging Markets Equity Fund - Class I			27,252,464		4.9
3,307,676	Voya Multi-Manager International Equity Fund - Class I			32,216,762		5.8
4,169,131	Voya Multi-Manager International Factors Fund - Class I			37,397,103		6.7
1,216,727	Voya Multi-Manager Mid Cap Value Fund - Class I			10,999,211		2.0
313,096	Voya Russell Large Cap Growth Index Portfolio Class I			17,987,349		3.2
574,744	Voya Short Term Bond Fund - Class R6			5,293,392		1.0
153,034 (1)	Voya Small Cap Growth Fund - Class R6			5,663,796		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
812,577	Voya Small Company Fund - Class R6		$	11,205,432		2.0
8,436,130	Voya U.S. Stock Index Portfolio - Class I			155,393,510		28.0
2,155,664	VY® BrandywineGLOBAL - Bond Portfolio - Class I			20,608,147		3.7
754,794	VY® Invesco Comstock Portfolio - Class I			16,424,310		3.0
2,002,103	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			55,358,149		10.0
1,163,771	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			11,498,062		2.1
231,008	VY® T. Rowe Price Growth Equity Portfolio - Class I			18,138,762		3.3
	Total Mutual Funds (Cost $537,029,069)			520,610,306		93.8
	Total Investments in Securities (Cost $564,802,879)		$	553,916,264		99.8
	Assets in Excess of Other Liabilities			1,130,804		0.2
	Net Assets		$	555,047,068		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	33,305,958		$	—		$	—		$	33,305,958
Mutual Funds			520,610,306			—			—			520,610,306
Total Investments, at fair value		$	553,916,264		$	—		$	—		$	553,916,264
Other Financial Instruments+
Futures			85,074			—			—			85,074
Total Assets		$	554,001,338		$	—		$	—		$	554,001,338

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of June 30, 2023 (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, 2023
Liabilities Table
Other Financial Instruments+
Futures		$	(285,235)		$	—		$	—		$	(285,235)
Total Liabilities		$	(285,235)		$	—		$	—		$	(285,235)

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

At June 30, 2023, the following futures contracts were outstanding for Voya Solution 2035 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury Ultra Long Bond		58		09/20/23		$	7,900,688		$	85,074
						$	7,900,688		$	85,074
Short Contracts:
S&P 500® E-Mini		(41)		09/15/23			(9,200,913)			(285,235)
						$	(9,200,913)		$	(285,235)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	—		$	11,511,096		$	(876,946)		$	108,370		$	10,742,520		$	239,462		$	6,901		$	—
Voya Intermediate Bond Fund - Class R6			76,069,949			22,535,880			(37,257,654)			6,798,772			68,146,947			1,289,950			(6,453,027)			524
Voya Large Cap Value Portfolio - Class R6			15,971,894			892,491			(3,797,065)			3,217,070			16,284,390			—			(2,373,250)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			27,534,978			6,655,970			(13,579,811)			6,641,327			27,252,464			—			(4,710,446)			—
Voya Multi-Manager International Equity Fund - Class I			32,802,073			1,324,704			(5,149,425)			3,239,410			32,216,762			—			(34,413)			—
Voya Multi-Manager International Factors Fund - Class I			38,387,323			1,189,408			(6,122,731)			3,943,103			37,397,103			—			161,143			—
Voya Multi-Manager Mid Cap Value Fund - Class I			10,592,117			1,168,925			(985,453)			223,622			10,999,211			—			138,872			—
Voya Russell Large Cap Growth Index - Class I			—			27,708,070			(12,530,562)			2,809,841			17,987,349			85,882			1,055,228			805,164
Voya Short Term Bond Fund - Class R6			—			5,542,086			(185,942)			(62,752)			5,293,392			25,920			(1,467)			—
Voya Small Cap Growth Fund - Class R6			5,295,764			667,574			(953,136)			653,594			5,663,796			24			14,658			—
Voya Small Company Fund - Class R6			10,761,557			1,397,825			(1,870,141)			916,191			11,205,432			—			(23,178)			—
Voya U.S. Stock Index Portfolio - Class I			139,786,025			9,312,727			(16,896,348)			23,191,106			155,393,510			2			(192,330)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			21,315,797			1,194,604			(3,091,632)			1,189,378			20,608,147			—			(582,657)			—
VY® Invesco Comstock Portfolio - Class I			16,006,625			1,220,676			(1,303,757)			500,766			16,424,310			—			120,058			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			53,645,265			1,406,418			(6,026,625)			6,333,091			55,358,149			—			(505,293)			14

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of June 30, 2023 (Unaudited) (continued)

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6		$	10,515,915		$	736,307		$	(2,215,180)		$	2,461,020		$	11,498,062		$	—		$	(881,432)		$	—
VY® T. Rowe Price Growth Equity Portfolio - Class I			15,501,334			1,032,421			(6,154,003)			7,759,010			18,138,762			—			(2,886,030)			—
		$	474,186,616		$	95,497,182		$	(118,996,411)		$	69,922,919		$	520,610,306		$	1,641,240		$	(17,146,663)		$	805,702

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	85,074
Total Asset Derivatives			$	85,074
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	285,235
Total Liability Derivatives			$	285,235

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,449,385)
Interest rate contracts			(270,719)
Total		$	(1,720,104)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(664,939)
Interest rate contracts			312,112
Total		$	(352,827)

At June 30, 2023, 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 $575,598,226.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	22,662,696
Gross Unrealized Depreciation		(44,544,819)
Net Unrealized Depreciation	$	(21,882,123)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.6%
55,689	Vanguard FTSE Developed Markets ETF		$	2,571,718		6.7
11,822	Vanguard Long-Term Treasury ETF			751,052		1.9
	Total Exchange-Traded Funds (Cost $2,936,428)			3,322,770		8.6
MUTUAL FUNDS: 91.4%
	Affiliated Investment Companies: 91.4%
111,003	Voya High Yield Bond Fund - Class R6			743,720		1.9
208,003	Voya Intermediate Bond Fund - Class R6			1,792,987		4.6
290,524	Voya Large Cap Value Portfolio - Class R6			1,594,977		4.1
203,813	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,887,311		4.9
263,836	Voya Multi-Manager International Equity Fund - Class I			2,569,759		6.7
329,175	Voya Multi-Manager International Factors Fund - Class I			2,952,697		7.7
105,468	Voya Multi-Manager Mid Cap Value Fund - Class I			953,431		2.5
29,120	Voya Russell Large Cap Growth Index Portfolio Class I			1,672,958		4.3
39,671	Voya Short Term Bond Fund - Class R6			365,372		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
15,840 (1)	Voya Small Cap Growth Fund - Class R6		$	586,242		1.5
70,035	Voya Small Company Fund - Class R6			965,780		2.5
639,080	Voya U.S. Stock Index Portfolio - Class I			11,771,861		30.5
110,805	VY® BrandywineGLOBAL - Bond Portfolio - Class I			1,059,295		2.7
52,276	VY® Invesco Comstock Portfolio - Class I			1,137,527		3.0
103,984	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,875,171		7.4
100,470	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			992,642		2.6
17,424	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,368,166		3.5
	Total Mutual Funds (Cost $34,122,772)			35,289,896		91.4
	Total Investments in Securities (Cost $37,059,200)		$	38,612,666		100.0
	Assets in Excess of Other Liabilities			17,028		0.0
	Net Assets		$	38,629,694		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	3,322,770		$	—		$	—		$	3,322,770
Mutual Funds			35,289,896			—			—			35,289,896
Total Investments, at fair value		$	38,612,666		$	—		$	—		$	38,612,666

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	—		$	908,395		$	(171,853)		$	7,178		$	743,720		$	16,934		$	1,180		$	—
Voya Intermediate Bond Fund - Class R6			2,818,964			1,315,706			(2,585,817)			244,134			1,792,987			37,359			(233,562)			—
Voya Large Cap Value Portfolio - Class R6			1,473,066			398,140			(948,046)			671,817			1,594,977			—			(592,439)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,029,064			678,083			(1,486,637)			666,801			1,887,311			—			(528,965)			—
Voya Multi-Manager International Equity Fund - Class I			2,836,196			458,549			(1,305,134)			580,148			2,569,759			—			(307,455)			—
Voya Multi-Manager International Factors Fund - Class I			3,251,789			465,394			(1,349,948)			585,462			2,952,697			—			(246,459)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			781,522			351,452			(279,409)			99,866			953,431			—			(62,550)			—
Voya Russell Large Cap Growth Index - Class I			—			2,322,527			(882,401)			232,832			1,672,958			8,148			76,981			76,248
Voya Short Term Bond Fund - Class R6			—			397,476			(27,822)			(4,282)			365,372			1,797			(219)			—
Voya Small Cap Growth Fund - Class R6			589,853			140,033			(214,551)			70,907			586,242			—			3,161			—
Voya Small Company Fund - Class R6			998,859			253,303			(376,821)			90,439			965,780			—			(6,574)			—
Voya U.S. Stock Index Portfolio - Class I			11,278,427			2,069,113			(4,021,820)			2,446,141			11,771,861			—			(663,790)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			792,722			550,968			(341,228)			56,833			1,059,295			—			(45,565)			—
VY® Invesco Comstock Portfolio - Class I			1,377,858			147,438			(425,894)			38,125			1,137,527			—			8,290			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,968,045			323,699			(793,652)			377,079			2,875,171			—			(64,848)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			775,926			320,957			(400,167)			295,926			992,642			—			(167,492)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,635,174			274,887			(1,631,923)			1,090,028			1,368,166			—			(651,400)			—
		$	33,607,465		$	11,376,120		$	(17,243,123)		$	7,549,434		$	35,289,896		$	64,238		$	(3,481,706)		$	76,248

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

At June 30, 2023, 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 $38,663,273.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,989,063
Gross Unrealized Depreciation		(2,039,670)
Net Unrealized Depreciation	$	(50,607)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.5%
517,243	Vanguard FTSE Developed Markets ETF		$	23,886,282		5.5
	Total Exchange-Traded Funds (Cost $19,599,127)			23,886,282		5.5
MUTUAL FUNDS: 94.3%
	Affiliated Investment Companies: 94.3%
1,252,359	Voya High Yield Bond Fund - Class R6			8,390,805		1.9
1,425,510	Voya Intermediate Bond Fund - Class R6			12,287,893		2.8
3,277,897	Voya Large Cap Value Portfolio - Class R6			17,995,654		4.1
2,762,160	Voya Multi-Manager Emerging Markets Equity Fund - Class I			25,577,602		5.8
3,879,799	Voya Multi-Manager International Equity Fund - Class I			37,789,242		8.6
4,228,586	Voya Multi-Manager International Factors Fund - Class I			37,930,415		8.6
1,193,000	Voya Multi-Manager Mid Cap Value Fund - Class I			10,784,721		2.5
306,775	Voya Russell Large Cap Growth Index Portfolio Class I			17,624,231		4.0
179,688 (1)	Voya Small Cap Growth Fund - Class R6			6,650,252		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
794,663	Voya Small Company Fund - Class R6		$	10,958,405		2.5
8,420,120	Voya U.S. Stock Index Portfolio - Class I			155,098,612		35.3
590,369	VY® Invesco Comstock Portfolio - Class I			12,846,426		2.9
1,172,715	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			32,425,577		7.4
1,135,295	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			11,216,716		2.6
210,150	VY® T. Rowe Price Growth Equity Portfolio - Class I			16,501,005		3.8
	Total Mutual Funds (Cost $423,854,823)			414,077,556		94.3
	Total Investments in Securities (Cost $443,453,950)		$	437,963,838		99.8
	Assets in Excess of Other Liabilities			963,475		0.2
	Net Assets		$	438,927,313		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	23,886,282		$	—		$	—		$	23,886,282
Mutual Funds			414,077,556			—			—			414,077,556
Total Investments, at fair value		$	437,963,838		$	—		$	—		$	437,963,838
Other Financial Instruments+
Futures			88,008			—			—			88,008
Total Assets		$	438,051,846		$	—		$	—		$	438,051,846
Liabilities Table
Other Financial Instruments+
Futures		$	(292,192)		$	—		$	—		$	(292,192)
Total Liabilities		$	(292,192)		$	—		$	—		$	(292,192)

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 2045 Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, the following futures contracts were outstanding for Voya Solution 2045 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury Ultra Long Bond		60		09/20/23		$	8,173,125		$	88,008
						$	8,173,125		$	88,008
Short Contracts:
S&P 500® E-Mini		(42)		09/15/23			(9,425,325)			(292,192)
						$	(9,425,325)		$	(292,192)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	—		$	9,037,612		$	(729,592)		$	82,785		$	8,390,805		$	186,019		$	5,168		$	—
Voya Intermediate Bond Fund - Class R6			10,605,169			18,517,468			(17,147,183)			312,439			12,287,893			146,533			(462,356)			322
Voya Large Cap Value Portfolio - Class R6			13,550,013			5,150,090			(3,982,950)			3,278,501			17,995,654			—			(2,492,185)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			25,647,068			5,621,685			(12,427,871)			6,736,720			25,577,602			—			(4,753,010)			—
Voya Multi-Manager International Equity Fund - Class I			38,534,320			1,499,795			(7,264,417)			5,019,544			37,789,242			—			(1,271,301)			—
Voya Multi-Manager International Factors Fund - Class I			38,653,715			1,613,177			(7,009,051)			4,672,574			37,930,415			—			(547,675)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			8,294,782			3,057,799			(1,113,235)			545,375			10,784,721			—			(142,301)			—
Voya Russell Large Cap Growth Index - Class I			—			23,969,205			(8,831,719)			2,486,745			17,624,231			84,151			734,477			788,991
Voya Small Cap Growth Fund - Class R6			6,222,286			722,712			(1,060,814)			766,068			6,650,252			16			13,969			—
Voya Small Company Fund - Class R6			10,538,254			1,357,283			(1,836,475)			899,343			10,958,405			—			(31,268)			—
Voya U.S. Stock Index Portfolio - Class I			144,405,759			5,338,580			(19,899,714)			25,253,987			155,098,612			—			(2,007,158)			—
VY® Invesco Comstock Portfolio - Class I			16,713,213			685,264			(4,742,113)			190,062			12,846,426			—			338,365			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			31,508,005			1,207,016			(4,007,772)			3,718,328			32,425,577			—			(310,483)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			8,235,534			2,720,489			(2,012,710)			2,273,403			11,216,716			—			(879,210)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			18,078,090			1,335,356			(13,842,384)			10,929,944			16,501,005			—			(5,834,169)			—
		$	370,986,208		$	81,833,531		$	(105,908,000)		$	67,165,818		$	414,077,556		$	416,719		$	(17,639,137)		$	789,313

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 2045 Portfolio

as of June 30, 2023 (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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	88,008
Total Asset Derivatives			$	88,008
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	292,192
Total Liability Derivatives			$	292,192

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,259,468)
Interest rate contracts			(275,773)
Total		$	(1,535,241)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(676,043)
Interest rate contracts			326,590
Total		$	(349,453)

At June 30, 2023, 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 $451,151,736.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	17,359,022
Gross Unrealized Depreciation		(30,751,104)
Net Unrealized Depreciation	$	(13,392,082)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.0%
43,087	Vanguard FTSE Developed Markets ETF		$	1,989,758		6.1
9,901	Vanguard Long-Term Treasury ETF			629,010		1.9
	Total Exchange-Traded Funds (Cost $2,296,240)			2,618,768		8.0
MUTUAL FUNDS: 92.0%
	Affiliated Investment Companies: 92.0%
103,754	Voya Intermediate Bond Fund - Class R6			894,362		2.7
244,217	Voya Large Cap Value Portfolio - Class R6			1,340,750		4.1
206,226	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,909,650		5.8
287,685	Voya Multi-Manager International Equity Fund - Class I			2,802,048		8.6
296,047	Voya Multi-Manager International Factors Fund - Class I			2,655,543		8.1
106,696	Voya Multi-Manager Mid Cap Value Fund - Class I			964,535		3.0
22,969	Voya Russell Large Cap Growth Index Portfolio Class I			1,319,581		4.0
13,434 (1)	Voya Small Cap Growth Fund - Class R6			497,206		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
59,431	Voya Small Company Fund - Class R6		$	819,547		2.5
656,217	Voya U.S. Stock Index Portfolio - Class I			12,087,523		36.9	��
44,046	VY® Invesco Comstock Portfolio - Class I			958,431		2.9
58,500	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,617,522		5.0
101,750	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,005,292		3.1
15,807	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,241,168		3.8
	Total Mutual Funds (Cost $28,350,550)			30,113,158		92.0
	Total Investments in Securities (Cost $30,646,790)		$	32,731,926		100.0
	Assets in Excess of Other Liabilities			15,010		0.0
	Net Assets		$	32,746,936		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,618,768		$	—		$	—		$	2,618,768
Mutual Funds			30,113,158			—			—			30,113,158
Total Investments, at fair value		$	32,731,926		$	—		$	—		$	32,731,926

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	498,748		$	1,566,532		$	(1,169,479)		$	(1,439)		$	894,362		$	9,241		$	(8,033)		$	—
Voya Large Cap Value Portfolio - Class R6			995,110			585,716			(776,124)			536,048			1,340,750			—			(477,733)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,056,897			679,734			(1,414,743)			587,762			1,909,650			—			(431,952)			—
Voya Multi-Manager International Equity Fund - Class I			3,084,168			583,153			(1,588,547)			723,274			2,802,048			—			(427,457)			—
Voya Multi-Manager International Factors Fund - Class I			2,748,756			639,577			(1,172,362)			439,572			2,655,543			—			(153,046)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			824,930			348,221			(315,841)			107,225			964,535			—			(69,482)			—
Voya Russell Large Cap Growth Index - Class I			—			1,878,059			(737,916)			179,438			1,319,581			6,469			65,634			60,564
Voya Small Cap Growth Fund - Class R6			499,637			133,833			(195,817)			59,553			497,206			—			3,519			—
Voya Small Company Fund - Class R6			845,997			243,424			(346,324)			76,450			819,547			—			(4,334)			—
Voya U.S. Stock Index Portfolio - Class I			11,005,584			2,764,806			(4,040,134)			2,357,267			12,087,523			—			(568,527)			—
VY® Invesco Comstock Portfolio - Class I			1,412,823			179,697			(632,452)			(1,637)			958,431			—			44,200			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,533,909			317,345			(1,672,356)			438,624			1,617,522			—			(210,148)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			819,041			316,532			(461,866)			331,585			1,005,292			—			(198,949)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,465,556			291,774			(1,502,263)			986,101			1,241,168			—			(592,102)			—
		$	28,791,156		$	10,528,403		$	(16,026,224)		$	6,819,823		$	30,113,158		$	15,710		$	(3,028,410)		$	60,564

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

At June 30, 2023, 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 $32,172,824.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,239,242
Gross Unrealized Depreciation		(1,680,140)
Net Unrealized Appreciation	$	559,102

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.5%
185,497	Vanguard FTSE Developed Markets ETF		$	8,566,251		5.5
	Total Exchange-Traded Funds (Cost $7,043,963)			8,566,251		5.5
MUTUAL FUNDS: 94.3%
	Affiliated Investment Companies: 94.3%
323,702	Voya Intermediate Bond Fund - Class R6			2,790,312		1.8
1,159,217	Voya Large Cap Value Portfolio - Class R6			6,364,102		4.1
1,143,566	Voya Multi-Manager Emerging Markets Equity Fund - Class I			10,589,421		6.8
1,356,223	Voya Multi-Manager International Equity Fund - Class I			13,209,617		8.5
1,489,811	Voya Multi-Manager International Factors Fund - Class I			13,363,606		8.6
506,039	Voya Multi-Manager Mid Cap Value Fund - Class I			4,574,593		2.9
108,446	Voya Russell Large Cap Growth Index Portfolio Class I			6,230,230		4.0
63,600 (1)	Voya Small Cap Growth Fund - Class R6			2,353,829		1.5
281,239	Voya Small Company Fund - Class R6			3,878,279		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
3,285,511	Voya U.S. Stock Index Portfolio - Class I		$	60,519,105		38.9
209,109	VY® Invesco Comstock Portfolio - Class I			4,550,206		2.9
276,711	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			7,651,062		4.9
482,195	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			4,764,093		3.1
74,559	VY® T. Rowe Price Growth Equity Portfolio - Class I			5,854,360		3.8
	Total Mutual Funds (Cost $146,283,731)			146,692,815		94.3
	Total Investments in Securities (Cost $153,327,694)		$	155,259,066		99.8
	Assets in Excess of Other Liabilities			336,230		0.2
	Net Assets		$	155,595,296		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	8,566,251		$	—		$	—		$	8,566,251
Mutual Funds			146,692,815			—			—			146,692,815
Total Investments, at fair value		$	155,259,066		$	—		$	—		$	155,259,066
Other Financial Instruments+
Futures			30,803			—			—			30,803
Total Assets		$	155,289,869		$	—		$	—		$	155,289,869
Liabilities Table
Other Financial Instruments+
Futures		$	(97,398)		$	—		$	—		$	(97,398)
Total Liabilities		$	(97,398)		$	—		$	—		$	(97,398)

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, 2023 (Unaudited) (continued)

At June 30, 2023, the following futures contracts were outstanding for Voya Solution 2055 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury Ultra Long Bond		21		09/20/23		$	2,860,594		$	30,803
						$	2,860,594		$	30,803
Short Contracts:
S&P 500® E-Mini		(14)		09/15/23			(3,141,775)			(97,398)
						$	(3,141,775)		$	(97,398)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	1,526,365		$	4,817,789		$	(3,528,790)		$	(25,052)		$	2,790,312		$	27,625		$	(29,667)		$	—
Voya Large Cap Value Portfolio - Class R6			4,098,583			2,680,222			(1,784,973)			1,370,270			6,364,102			—			(1,118,894)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			9,169,374			2,266,924			(2,651,690)			1,804,813			10,589,421			—			(1,091,443)			—
Voya Multi-Manager International Equity Fund - Class I			13,759,552			929,588			(4,240,421)			2,760,898			13,209,617			—			(1,426,768)			—
Voya Multi-Manager International Factors Fund - Class I			13,836,351			938,258			(3,409,970)			1,998,967			13,363,606			—			(531,180)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			3,706,439			1,262,886			(544,145)			149,413			4,574,593			—			15,733			—
Voya Russell Large Cap Growth Index - Class I			—			8,595,117			(3,238,476)			873,589			6,230,230			30,199			273,467			283,153
Voya Small Cap Growth Fund - Class R6			2,230,977			331,733			(481,802)			272,921			2,353,829			—			5,480			—
Voya Small Company Fund - Class R6			3,778,158			618,120			(843,475)			325,476			3,878,279			—			(16,817)			—
Voya U.S. Stock Index Portfolio - Class I			55,318,266			5,685,636			(10,536,076)			10,051,279			60,519,105			—			(1,153,179)			—
VY® Invesco Comstock Portfolio - Class I			6,721,236			394,142			(2,304,396)			(260,776)			4,550,206			—			453,205			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			11,286,823			689,196			(5,864,956)			1,539,999			7,651,062			—			(489,444)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			3,679,909			1,111,679			(1,038,160)			1,010,665			4,764,093			—			(405,051)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			6,487,889			602,200			(5,542,067)			4,306,338			5,854,360			—			(2,495,270)			—
		$	135,599,922		$	30,923,490		$	(46,009,397)		$	26,178,800		$	146,692,815		$	57,824		$	(8,009,828)		$	283,153

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	30,803
Total Asset Derivatives			$	30,803
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	97,398
Total Liability Derivatives			$	97,398

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(332,238)
Interest rate contracts			(116,076)
Total		$	(448,314)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(237,344)
Interest rate contracts			115,461
Total		$	(121,883)

At June 30, 2023, 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 $156,788,114.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	7,088,906
Gross Unrealized Depreciation		(8,684,549)
Net Unrealized Depreciation	$	(1,595,643)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.5%
30,584	Vanguard FTSE Developed Markets ETF		$	1,412,369		5.5
7,873	Vanguard Long-Term Treasury ETF			500,172		2.0
	Total Exchange-Traded Funds (Cost $1,741,032)			1,912,541		7.5
MUTUAL FUNDS: 92.4%
	Affiliated Investment Companies: 92.4%
28,986	Voya Intermediate Bond Fund - Class R6			249,860		1.0
190,817	Voya Large Cap Value Portfolio - Class R6			1,047,586		4.1
188,380	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,744,399		6.8
225,171	Voya Multi-Manager International Equity Fund - Class I			2,193,165		8.6
245,733	Voya Multi-Manager International Factors Fund - Class I			2,204,225		8.6
83,388	Voya Multi-Manager Mid Cap Value Fund - Class I			753,829		2.9
17,861	Voya Russell Large Cap Growth Index Portfolio Class I			1,026,107		4.0
10,463 (1)	Voya Small Cap Growth Fund - Class R6			387,235		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
46,285	Voya Small Company Fund - Class R6		$	638,276		2.5
490,902	Voya U.S. Stock Index Portfolio - Class I			9,042,423		35.3
34,432	VY® Invesco Comstock Portfolio - Class I			749,247		2.9
67,463	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,865,358		7.3
79,497	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			785,432		3.1
12,263	VY® T. Rowe Price Growth Equity Portfolio - Class I			962,888		3.8
	Total Mutual Funds (Cost $22,526,797)			23,650,030		92.4
	Total Investments in Securities (Cost $24,267,829)		$	25,562,571		99.9
	Assets in Excess of Other Liabilities			15,245		0.1
	Net Assets		$	25,577,816		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,912,541		$	—		$	—		$	1,912,541
Mutual Funds			23,650,030			—			—			23,650,030
Total Investments, at fair value		$	25,562,571		$	—		$	—		$	25,562,571

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	393,855		$	602,159		$	(754,158)		$	8,004		$	249,860		$	1,395		$	(4,061)		$	—
Voya Large Cap Value Portfolio - Class R6			698,946			511,008			(533,247)			370,879			1,047,586			—			(328,476)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,575,319			525,528			(731,406)			374,958			1,744,399			—			(254,364)			—
Voya Multi-Manager International Equity Fund - Class I			2,370,921			445,863			(1,130,273)			506,654			2,193,165			—			(281,382)			—
Voya Multi-Manager International Factors Fund - Class I			2,112,574			629,038			(829,550)			292,163			2,204,225			—			(67,936)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			632,098			269,264			(219,664)			72,131			753,829			—			(43,307)			—
Voya Russell Large Cap Growth Index - Class I			—			1,456,165			(568,534)			138,476			1,026,107			5,009			50,149			47,002
Voya Small Cap Growth Fund - Class R6			384,939			98,041			(141,575)			45,830			387,235			—			1,904			—
Voya Small Company Fund - Class R6			651,669			182,146			(254,772)			59,233			638,276			—			(4,588)			—
Voya U.S. Stock Index Portfolio - Class I			8,560,568			1,701,431			(2,993,899)			1,774,323			9,042,423			—			(421,717)			—
VY® Invesco Comstock Portfolio - Class I			1,146,236			144,511			(538,256)			(3,244)			749,247			—			36,497			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,060,463			318,339			(831,144)			317,700			1,865,358			—			(108,464)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			627,575			244,925			(332,006)			244,938			785,432			—			(143,167)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,130,642			204,343			(1,101,229)			729,132			962,888			—			(428,274)			—
		$	22,345,805		$	7,332,761		$	(10,959,713)		$	4,931,177		$	23,650,030		$	6,404		$	(1,997,186)		$	47,002

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

At June 30, 2023, 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 $25,606,473.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,467,866
Gross Unrealized Depreciation		(1,511,769)
Net Unrealized Depreciation	$	(43,903)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.2%
14,511	Vanguard FTSE Developed Markets ETF		$	670,118		6.4
2,953	Vanguard Long-Term Treasury ETF			187,604		1.8
	Total Exchange-Traded Funds (Cost $761,083)			857,722		8.2
MUTUAL FUNDS: 91.8%
	Affiliated Investment Companies: 91.8%
77,672	Voya Large Cap Value Portfolio - Class R6			426,422		4.1
76,424	Voya Multi-Manager Emerging Markets Equity Fund - Class I			707,684		6.8
94,490	Voya Multi-Manager International Equity Fund - Class I			920,333		8.9
96,663	Voya Multi-Manager International Factors Fund - Class I			867,068		8.4
33,932	Voya Multi-Manager Mid Cap Value Fund - Class I			306,744		3.0
7,241	Voya Russell Large Cap Growth Index Portfolio Class I			416,011		4.0
4,257 (1)	Voya Small Cap Growth Fund - Class R6			157,541		1.5
18,831	Voya Small Company Fund - Class R6			259,683		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
198,986	Voya U.S. Stock Index Portfolio - Class I		$	3,665,328		35.3
13,996	VY® Invesco Comstock Portfolio - Class I			304,558		2.9
27,972	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			773,427		7.5
32,244	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			318,576		3.1
4,979	VY® T. Rowe Price Growth Equity Portfolio - Class I			390,916		3.8
	Total Mutual Funds (Cost $9,030,364)			9,514,291		91.8
	Total Investments in Securities (Cost $9,791,447)		$	10,372,013		100.0
	Liabilities in Excess of Other Assets			(4,980)		—
	Net Assets		$	10,367,033		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	857,722		$	—		$	—		$	857,722
Mutual Funds			9,514,291			—			—			9,514,291
Total Investments, at fair value		$	10,372,013		$	—		$	—		$	10,372,013

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	126,003		$	114,382		$	(243,221)		$	2,836		$	—		$	451		$	(1,149)		$	—
Voya Large Cap Value Portfolio - Class R6			223,967			222,227			(94,570)			74,798			426,422			—			(59,217)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			504,725			250,825			(127,932)			80,066			707,684			—			(39,237)			—
Voya Multi-Manager International Equity Fund - Class I			763,311			261,918			(215,074)			110,178			920,333			—			(32,951)			—
Voya Multi-Manager International Factors Fund - Class I			680,062			285,152			(188,874)			90,728			867,068			—			(13,182)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			202,548			125,158			(40,349)			19,387			306,744			—			(9,096)			—
Voya Russell Large Cap Growth Index - Class I			—			557,504			(195,987)			54,494			416,011			1,885			16,202			17,682
Voya Small Cap Growth Fund - Class R6			124,063			48,513			(31,286)			16,251			157,541			—			393			—
Voya Small Company Fund - Class R6			210,022			87,731			(57,443)			19,373			259,683			—			(1,105)			—
Voya U.S. Stock Index Portfolio - Class I			2,700,504			977,017			(624,645)			612,452			3,665,328			—			(121,246)			—
VY® Invesco Comstock Portfolio - Class I			367,292			91,451			(166,424)			12,239			304,558			—			(604)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			661,440			195,382			(193,889)			110,494			773,427			—			(34,748)			—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			201,083			115,970			(61,440)			62,963			318,576			—			(25,951)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			364,787			117,842			(298,833)			207,120			390,916			—			(97,498)			—
		$	7,129,807		$	3,451,072		$	(2,539,967)		$	1,473,379		$	9,514,291		$	2,336		$	(419,389)		$	17,682

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

At June 30, 2023, 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 $10,293,725.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	641,242
Gross Unrealized Depreciation		(562,955)
Net Unrealized Appreciation	$	78,287

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 (0623-081823)

TABLE OF CONTENTS

SEMI-ANNUAL REPORT

June 30, 2023

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

TABLE OF CONTENTS

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

TABLE OF CONTENTS

[This Page Intentionally Left Blank]

TABLE OF CONTENTS

Shareholder Expense Examples (Unaudited)

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 to June 30, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**
Voya Index Solution Income Portfolio
Class ADV		$	1,000.00		$	1,056.20		0.54%		$	2.75		$	1,000.00		$	1,022.12		0.54%		$	2.71
Class I			1,000.00			1,059.00		0.04			0.20			1,000.00			1,024.60		0.04			0.20
Class S			1,000.00			1,058.50		0.29			1.48			1,000.00			1,023.36		0.29			1.45
Class S2			1,000.00			1,057.90		0.44			2.25			1,000.00			1,022.61		0.44			2.21
Class Z			1,000.00			1,059.00		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2025 Portfolio
Class ADV		$	1,000.00		$	1,078.40		0.53%		$	2.73		$	1,000.00		$	1,022.17		0.53%		$	2.66
Class I			1,000.00			1,081.30		0.03			0.15			1,000.00			1,024.65		0.03			0.15
Class S			1,000.00			1,080.30		0.28			1.44			1,000.00			1,023.41		0.28			1.40
Class S2			1,000.00			1,079.10		0.43			2.22			1,000.00			1,022.66		0.43			2.16
Class Z			1,000.00			1,081.90		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2030 Portfolio
Class ADV		$	1,000.00		$	1,088.40		0.56%		$	2.90		$	1,000.00		$	1,022.02		0.56%		$	2.81
Class I			1,000.00			1,091.50		0.06			0.31			1,000.00			1,024.50		0.06			0.30
Class S			1,000.00			1,089.40		0.31			1.61			1,000.00			1,023.26		0.31			1.56
Class S2			1,000.00			1,089.30		0.46			2.38			1,000.00			1,022.51		0.46			2.31
Class Z			1,000.00			1,091.50		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, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2023**
Voya Index Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,101.40		0.56%		$	2.92		$	1,000.00		$	1,022.02		0.56%		$	2.81
Class I			1,000.00			1,103.90		0.06			0.31			1,000.00			1,024.50		0.06			0.30
Class S			1,000.00			1,102.50		0.31			1.62			1,000.00			1,023.26		0.31			1.56
Class S2			1,000.00			1,101.90		0.46			2.40			1,000.00			1,022.51		0.46			2.31
Class Z			1,000.00			1,104.70		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,113.10		0.58%		$	3.04		$	1,000.00		$	1,021.92		0.58%		$	2.91
Class I			1,000.00			1,115.60		0.08			0.42			1,000.00			1,024.40		0.08			0.40
Class S			1,000.00			1,114.60		0.33			1.73			1,000.00			1,023.16		0.33			1.66
Class S2			1,000.00			1,114.40		0.48			2.52			1,000.00			1,022.41		0.48			2.41
Class Z			1,000.00			1,116.20		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,119.50		0.57%		$	3.00		$	1,000.00		$	1,021.97		0.57%		$	2.86
Class I			1,000.00			1,122.60		0.07			0.37			1,000.00			1,024.45		0.07			0.35
Class S			1,000.00			1,121.30		0.32			1.68			1,000.00			1,023.21		0.32			1.61
Class S2			1,000.00			1,120.70		0.47			2.47			1,000.00			1,022.46		0.47			2.36
Class Z			1,000.00			1,123.90		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,123.50		0.63%		$	3.32		$	1,000.00		$	1,021.67		0.63%		$	3.16
Class I			1,000.00			1,126.10		0.13			0.69			1,000.00			1,024.15		0.13			0.65
Class S			1,000.00			1,125.20		0.38			2.00			1,000.00			1,022.91		0.38			1.91
Class S2			1,000.00			1,124.00		0.53			2.79			1,000.00			1,022.17		0.53			2.66
Class Z			1,000.00			1,126.70		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,123.60		0.63%		$	3.32		$	1,000.00		$	1,021.67		0.63%		$	3.16
Class I			1,000.00			1,127.30		0.13			0.69			1,000.00			1,024.15		0.13			0.65
Class S			1,000.00			1,125.00		0.38			2.00			1,000.00			1,022.91		0.38			1.91
Class S2			1,000.00			1,124.70		0.53			2.79			1,000.00			1,022.17		0.53			2.66
Class Z			1,000.00			1,127.70		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,123.90		0.64%		$	3.37		$	1,000.00		$	1,021.62		0.64%		$	3.21
Class I			1,000.00			1,127.40		0.14			0.74			1,000.00			1,024.10		0.14			0.70
Class S			1,000.00			1,125.60		0.39			2.06			1,000.00			1,022.86		0.39			1.96
Class S2			1,000.00			1,124.80		0.54			2.84			1,000.00			1,022.12		0.54			2.71
Class Z			1,000.00			1,127.70		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Index Solution 2065 Portfolio
Class ADV		$	1,000.00		$	1,125.00		0.70%		$	3.69		$	1,000.00		$	1,021.32		0.70%		$	3.51
Class I			1,000.00			1,127.60		0.20			1.06			1,000.00			1,023.80		0.20			1.00
Class S			1,000.00			1,126.90		0.45			2.37			1,000.00			1,022.56		0.45			2.26
Class S2			1,000.00			1,125.00		0.60			3.16			1,000.00			1,021.82		0.60			3.01
Class Z			1,000.00			1,129.20		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, 2023 (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*		$	317,919,080		$	670,023,160		$	619,019,726		$	1,141,368,651
Investments in unaffiliated underlying funds at fair value**			374,163,806			412,400,428			240,114,626			260,105,384
Short-term investments at fair value†			1,860,335			—			—			—
Cash			—			1,355,009			1,814,915			1,352,065
Cash collateral for futures contracts			—			1,749,440			1,361,250			2,164,250
Receivables:
Investments in affiliated underlying funds sold			—			—			974,338			—
Investments in unaffiliated underlying funds sold			13,224,365			5,075,361			3,956,230			6,311,695
Fund shares sold			143,564			720,644			323,629			1,387,342
Interest			—			305			2,434			1,708
Prepaid expenses			111			168			126			199
Reimbursement due from Investment Adviser			170,252			254,150			194,109			310,158
Other assets			21,180			25,234			9,815			23,557
Total assets			707,502,693			1,091,603,899			867,771,198			1,413,025,009
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			126,111			704,408			—			965,457
Payable for investments in unaffiliated underlying funds purchased			13,235,812			5,081,430			3,961,471			6,319,954
Payable for fund shares redeemed			17,448			16,203			1,297,967			421,813
Variation margin payable on futures contracts			—			62,125			48,750			75,625
Payable for investment management fees			135,161			196,604			147,543			234,972
Payable for distribution and shareholder service fees			51,955			81,929			23,841			85,062
Payable for directors fees			1,737			2,666			2,075			3,314
Payable to directors under the deferred compensation plan (Note 6)			21,180			25,234			9,815			23,557
Other accrued expenses and liabilities			89,170			95,185			63,964			112,383
Total liabilities			13,678,574			6,265,784			5,555,426			8,242,137
NET ASSETS		$	693,824,119		$	1,085,338,115		$	862,215,772		$	1,404,782,872
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	739,284,372		$	1,088,192,581		$	845,296,229		$	1,353,341,463
Total distributable earnings (loss)			(45,460,253)			(2,854,466)			16,919,543			51,441,409
NET ASSETS		$	693,824,119		$	1,085,338,115		$	862,215,772		$	1,404,782,872
* Cost of investments in affiliated underlying funds		$	302,214,573		$	630,122,110		$	583,448,886		$	1,073,299,697
** Cost of investments in unaffiliated underlying funds		$	383,002,102		$	420,724,634		$	245,205,862		$	265,390,551
† Cost of short-term investments		$	1,860,335		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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		$	66,503,206		$	124,269,867		$	37,756,726		$	128,960,485
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			7,217,458			12,381,977			2,534,217			11,876,247
Net asset value and redemption price per share		$	9.21		$	10.04		$	14.90		$	10.86
Class I
Net assets		$	12,135,476		$	45,159,249		$	11,522,562		$	59,551,536
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			1,274,159			4,356,893			742,971			5,287,645
Net asset value and redemption price per share		$	9.52		$	10.37		$	15.51		$	11.26
Class S
Net assets		$	92,573,500		$	96,993,903		$	15,364,613		$	91,525,110
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			9,842,391			9,492,083			1,000,212			8,261,714
Net asset value and redemption price per share		$	9.41		$	10.22		$	15.36		$	11.08
Class S2
Net assets		$	17,614,865		$	34,172,458		$	15,295,876		$	42,127,616
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			1,930,039			3,431,149			1,019,187			3,895,725
Net asset value and redemption price per share		$	9.13		$	9.96		$	15.01		$	10.81
Class Z
Net assets		$	504,997,072		$	784,742,638		$	782,275,995		$	1,082,618,125
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			52,037,824			74,271,006			49,676,248			94,147,525
Net asset value and redemption price per share		$	9.70		$	10.57		$	15.75		$	11.50

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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*		$	752,306,101		$	1,030,978,251		$	644,671,111		$	668,271,553
Investments in unaffiliated underlying funds at fair value**			85,098,554			71,988,289			24,622,709			18,592,576
Cash			302,402			801,884			297,393			167,404
Cash collateral for futures contracts			1,295,690			2,249,280			1,341,780			1,380,720
Receivables:
Investments in unaffiliated underlying funds sold			3,744,308			—			—			—
Fund shares sold			791,229			977,299			1,269,746			971,825
Interest			550			1,909			956			450
Prepaid expenses			115			150			88			88
Reimbursement due from Investment Adviser			185,661			240,699			141,004			147,626
Other assets			7,407			16,099			5,068			6,673
Total assets			843,732,017			1,107,253,860			672,349,855			689,538,915
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			791,169			417,325			1,131,662			971,734
Payable for investments in unaffiliated underlying funds purchased			3,749,257			—			—			—
Payable for fund shares redeemed			—			559,939			137,988			—
Variation margin payable on futures contracts			45,875			79,875			47,375			50,125
Payable for investment management fees			139,592			181,653			107,542			110,376
Payable for distribution and shareholder service fees			15,644			64,620			12,096			35,516
Payable for directors fees			1,958			2,574			1,527			1,565
Payable to directors under the deferred compensation plan (Note 6)			7,407			16,099			5,068			6,673
Other accrued expenses and liabilities			61,497			72,133			41,494			46,131
Total liabilities			4,812,399			1,394,218			1,484,752			1,222,120
NET ASSETS		$	838,919,618		$	1,105,859,642		$	670,865,103		$	688,316,795
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	797,089,396		$	1,029,370,276		$	628,053,676		$	642,770,007
Total distributable earnings			41,830,222			76,489,366			42,811,427			45,546,788
NET ASSETS		$	838,919,618		$	1,105,859,642		$	670,865,103		$	688,316,795
* Cost of investments in affiliated underlying funds		$	706,562,431		$	966,501,556		$	604,455,944		$	626,633,771
** Cost of investments in unaffiliated underlying funds		$	86,391,312		$	72,545,748		$	25,031,905		$	18,993,681

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (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		$	28,033,236		$	100,877,150		$	20,744,222		$	51,647,796
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			1,694,804			8,612,277			1,199,753			3,264,018
Net asset value and redemption price per share		$	16.54		$	11.71		$	17.29		$	15.82
Class I
Net assets		$	12,904,588		$	55,497,204		$	16,047,526		$	46,655,630
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			750,927			4,522,967			898,527			2,849,132
Net asset value and redemption price per share		$	17.18		$	12.27		$	17.86		$	16.38
Class S
Net assets		$	13,170,226		$	61,786,488		$	11,870,002		$	35,376,725
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			769,288			5,139,620			667,398			2,195,447
Net asset value and redemption price per share		$	17.12		$	12.02		$	17.79		$	16.11
Class S2
Net assets		$	5,042,825		$	33,228,882		$	4,384,535		$	23,396,662
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			300,924			2,840,812			251,958			1,474,477
Net asset value and redemption price per share		$	16.76		$	11.70		$	17.40		$	15.87
Class Z
Net assets		$	779,768,743		$	854,469,918		$	617,818,818		$	531,239,982
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			44,600,526			68,259,875			34,050,751			31,829,951
Net asset value and redemption price per share		$	17.48		$	12.52		$	18.14		$	16.69

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited)

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	371,847,897		$	63,930,402
Investments in unaffiliated underlying funds at fair value**			10,529,483			2,134,096
Cash			79,025			46,567
Cash collateral for futures contracts			749,760			—
Receivables:
Investments in unaffiliated underlying funds sold			—			1,019,121
Fund shares sold			797,373			256,418
Interest			249			64
Prepaid expenses			47			6
Reimbursement due from Investment Adviser			81,618			15,221
Other assets			1,878			91
Total assets			384,087,330			67,401,986
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			797,298			254,465
Payable for investments in unaffiliated underlying funds purchased			—			1,020,491
Payable for fund shares redeemed			—			1,929
Variation margin payable on futures contracts			26,625			—
Payable for investment management fees			61,140			10,507
Payable for distribution and shareholder service fees			8,408			2,070
Payable for directors fees			851			135
Payable to directors under the deferred compensation plan (Note 6)			1,878			91
Other accrued expenses and liabilities			31,283			9,187
Total liabilities			927,483			1,298,875
NET ASSETS		$	383,159,847		$	66,103,111
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	364,877,831		$	66,652,726
Total distributable earnings (loss)			18,282,016			(549,615)
NET ASSETS		$	383,159,847		$	66,103,111
* Cost of investments in affiliated underlying funds		$	348,868,842		$	60,177,096
** Cost of investments in unaffiliated underlying funds		$	10,677,304		$	2,145,469

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
Class ADV
Net assets		$	15,180,404		$	3,021,049
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,100,902			275,048
Net asset value and redemption price per share		$	13.79		$	10.98
Class I
Net assets		$	27,036,606		$	5,936,722
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,909,703			537,391
Net asset value and redemption price per share		$	14.16		$	11.05
Class S
Net assets		$	7,190,753		$	2,986,955
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			514,269			271,311
Net asset value and redemption price per share		$	13.98		$	11.01
Class S2
Net assets		$	2,765,824		$	785,608
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			199,311			71,520
Net asset value and redemption price per share		$	13.88		$	10.98
Class Z
Net assets		$	330,986,260		$	53,372,777
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			23,001,185			4,810,273
Net asset value and redemption price per share		$	14.39		$	11.10

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (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		$	2,741,632		$	3,601,237		$	2,694,633		$	4,192,787
Dividends from unaffiliated underlying funds			5,893,177			6,071,492			3,824,023			4,355,332
Interest			19,723			94,471			90,475			115,657
Other			1,655			2,534			1,967			3,129
Total investment income			8,656,188			9,769,734			6,611,098			8,666,905
EXPENSES:
Investment management fees			844,744			1,202,068			891,586			1,388,853
Distribution and shareholder service fees:
Class ADV			169,015			309,604			96,616			319,456
Class S			115,637			118,473			16,729			107,371
Class S2			33,908			65,428			28,162			78,223
Transfer agent fees:
Class ADV			11,892			18,673			11,446			34,605
Class I			2,080			6,474			2,996			14,838
Class S			16,273			14,291			3,963			23,261
Class S2			2,982			4,933			4,168			10,592
Class Z			417			599			779			784
Shareholder reporting expense			1,448			3,801			1,086			3,258
Professional fees			21,720			32,580			22,625			36,200
Custody and accounting expense			24,435			36,200			29,865			43,440
Directors fees			8,684			13,330			10,379			16,571
Miscellaneous expense			17,358			27,021			26,808			41,720
Total expenses			1,270,593			1,853,475			1,147,208			2,119,172
Waived and reimbursed fees			(911,161)			(1,302,900)			(973,194)			(1,516,197)
Net expenses			359,432			550,575			174,014			602,975
Net investment income			8,296,756			9,219,159			6,437,084			8,063,930
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(68,439,989)			(71,636,060)			(56,669,169)			(98,547,413)
Sale of affiliated funding agreements			174,249			187,727			86,462			—
Sale of unaffiliated underlying funds			(8,455,463)			(12,488,128)			(8,996,289)			(13,667,609)
Capital gain distributions from affiliated underlying funds			12			7,320			5,667			9,159
Futures			(1,198,476)			(3,299,981)			(2,571,713)			(4,103,199)
Net realized loss			(77,919,667)			(87,229,122)			(68,145,042)			(116,309,062)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			105,594,791			153,538,411			128,630,547			228,986,351
Unaffiliated underlying funds			3,854,679			8,016,527			6,025,274			10,794,224
Futures			(64,070)			(670,163)			(520,365)			(814,068)
Net change in unrealized appreciation (depreciation)			109,385,400			160,884,775			134,135,456			238,966,507
Net realized and unrealized gain			31,465,733			73,655,653			65,990,414			122,657,445
Increase in net assets resulting from operations		$	39,762,489		$	82,874,812		$	72,427,498		$	130,721,375

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (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		$	2,073,187		$	2,301,244		$	1,337,059		$	1,348,848
Dividends from unaffiliated underlying funds			1,388,671			1,094,742			308,778			279,579
Interest			57,574			98,143			50,619			49,666
Other			1,847			2,426			1,434			1,469
Total investment income			3,521,278			3,496,555			1,697,890			1,679,562
EXPENSES:
Investment management fees			811,566			1,057,229			616,605			631,179
Distribution and shareholder service fees:
Class ADV			66,737			243,600			48,134			119,634
Class S			14,923			71,734			13,222			39,848
Class S2			9,086			61,061			8,256			41,585
Transfer agent fees:
Class ADV			10,046			33,713			12,542			30,927
Class I			4,223			17,590			9,219			27,021
Class S			4,492			19,855			6,891			20,601
Class S2			1,709			10,562			2,690			13,437
Class Z			877			775			421			611
Shareholder reporting expense			1,086			3,620			1,267			3,258
Professional fees			21,720			26,607			16,290			17,014
Custody and accounting expense			28,960			36,200			18,100			19,910
Directors fees			9,791			12,870			7,633			7,824
Miscellaneous expense			34,675			33,439			24,903			25,854
Interest expense			—			269			—			—
Total expenses			1,019,891			1,629,124			786,173			998,703
Waived and reimbursed fees			(900,732)			(1,159,366)			(679,883)			(700,577)
Net expenses			119,159			469,758			106,290			298,126
Net investment income			3,402,119			3,026,797			1,591,600			1,381,436
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(56,739,901)			(65,255,557)			(40,573,609)			(38,961,038)
Sale of unaffiliated underlying funds			(7,713,715)			(10,781,318)			(5,321,029)			(5,468,251)
Capital gain distributions from affiliated underlying funds			5,534			6,897			4,055			4,241
Futures			(2,436,700)			(3,675,866)			(2,172,077)			(2,231,464)
Net realized loss			(66,884,782)			(79,705,844)			(48,062,660)			(46,656,512)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			142,205,493			185,104,856			113,596,630			114,156,965
Unaffiliated underlying funds			7,825,818			11,473,079			6,112,908			6,337,052
Futures			(485,389)			(796,902)			(487,400)			(501,058)
Net change in unrealized appreciation (depreciation)			149,545,922			195,781,033			119,222,138			119,992,959
Net realized and unrealized gain			82,661,140			116,075,189			71,159,478			73,336,447
Increase in net assets resulting from operations		$	86,063,259		$	119,101,986		$	72,751,078		$	74,717,883

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (Unaudited)

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	730,005		$	121,525
Dividends from unaffiliated underlying funds			100,787			26,899
Interest			22,563			483
Other			796			124
Total investment income			854,151			149,031
EXPENSES:
Investment management fees			344,005			55,155
Distribution and shareholder service fees:
Class ADV			34,477			7,379
Class S			8,155			3,207
Class S2			5,079			1,383
Transfer agent fees:
Class ADV			9,809			2,939
Class I			16,951			4,559
Class S			4,640			2,554
Class S2			1,809			688
Class Z			374			441
Shareholder reporting expense			1,086			543
Professional fees			10,136			2,715
Custody and accounting expense			12,489			5,430
Directors fees			4,256			672
Miscellaneous expense			16,879			7,627
Total expenses			470,145			95,292
Waived and reimbursed fees			(386,069)			(72,360)
Net expenses			84,076			22,932
Net investment income			770,075			126,099
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(24,602,630)			(2,512,512)
Sale of unaffiliated underlying funds			(2,592,471)			(260,983)
Capital gain distributions from affiliated underlying funds			2,253			394
Futures			(1,208,126)			—
Net realized loss			(28,400,974)			(2,773,101)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			65,530,585			8,773,109
Unaffiliated underlying funds			3,106,081			353,694
Futures			(273,233)			—
Net change in unrealized appreciation (depreciation)			68,363,433			9,126,803
Net realized and unrealized gain			39,962,459			6,353,702
Increase in net assets resulting from operations		$	40,732,534		$	6,479,801

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	8,296,756		$	17,422,040		$	9,219,159		$	23,497,463
Net realized gain (loss)			(77,919,667)			10,858,986			(87,229,122)			36,961,475
Net change in unrealized appreciation (depreciation)			109,385,400			(154,683,683)			160,884,775			(269,055,339)
Increase (decrease) in net assets resulting from operations			39,762,489			(126,402,657)			82,874,812			(208,596,401)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(8,560,615)			—			(15,912,065)
Class I			—			(1,492,677)			—			(5,687,644)
Class S			—			(11,842,722)			—			(11,317,056)
Class S2			—			(1,936,236)			—			(3,631,410)
Class Z			—			(60,976,656)			—			(93,404,240)
Total distributions			—			(84,808,906)			—			(129,952,415)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			13,670,121			41,556,187			33,130,469			101,097,482
Reinvestment of distributions			—			84,808,906			—			129,952,415
			13,670,121			126,365,093			33,130,469			231,049,897
Cost of shares redeemed			(50,480,164)			(156,160,356)			(75,822,873)			(181,859,959)
Net increase (decrease) in net assets resulting from capital share transactions			(36,810,043)			(29,795,263)			(42,692,404)			49,189,938
Net increase (decrease) in net assets			2,952,446			(241,006,826)			40,182,408			(289,358,878)
NET ASSETS:
Beginning of year or period			690,871,673			931,878,499			1,045,155,707			1,334,514,585
End of year or period		$	693,824,119		$	690,871,673		$	1,085,338,115		$	1,045,155,707

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	6,437,084		$	17,552,341		$	8,063,930		$	25,578,899
Net realized gain (loss)			(68,145,042)			36,873,418			(116,309,062)			78,259,812
Net change in unrealized appreciation (depreciation)			134,135,456			(209,124,999)			238,966,507			(366,806,716)
Increase (decrease) in net assets resulting from operations			72,427,498			(154,699,240)			130,721,375			(262,968,005)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(4,213,343)			—			(15,561,975)
Class I			—			(1,113,804)			—			(6,544,640)
Class S			—			(1,234,903)			—			(9,979,024)
Class S2			—			(1,401,576)			—			(4,140,531)
Class Z			—			(79,092,006)			—			(113,337,030)
Total distributions			—			(87,055,632)			—			(149,563,200)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			38,877,921			94,738,799			78,617,413			162,739,894
Reinvestment of distributions			—			87,055,632			—			149,563,200
			38,877,921			181,794,431			78,617,413			312,303,094
Cost of shares redeemed			(46,468,948)			(85,985,821)			(53,302,234)			(121,857,789)
Net increase (decrease) in net assets resulting from capital share transactions			(7,591,027)			95,808,610			25,315,179			190,445,305
Net increase (decrease) in net assets			64,836,471			(145,946,262)			156,036,554			(222,085,900)
NET ASSETS:
Beginning of year or period			797,379,301			943,325,563			1,248,746,318			1,470,832,218
End of year or period		$	862,215,772		$	797,379,301		$	1,404,782,872		$	1,248,746,318

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	3,402,119		$	14,901,102		$	3,026,797		$	18,474,275
Net realized gain (loss)			(66,884,782)			48,573,794			(79,705,844)			75,501,317
Net change in unrealized appreciation (depreciation)			149,545,922			(213,701,052)			195,781,033			(299,790,932)
Increase (decrease) in net assets resulting from operations			86,063,259			(150,226,156)			119,101,986			(205,815,340)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(3,121,988)			—			(13,539,249)
Class I			—			(1,107,825)			—			(6,436,933)
Class S			—			(1,320,597)			—			(7,359,967)
Class S2			—			(448,995)			—			(3,611,725)
Class Z			—			(77,839,730)			—			(97,148,263)
Total distributions			—			(83,839,135)			—			(128,096,137)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			51,512,842			114,007,686			65,229,348			134,502,088
Reinvestment of distributions			—			83,839,135			—			128,096,137
			51,512,842			197,846,821			65,229,348			262,598,225
Cost of shares redeemed			(29,327,632)			(53,037,052)			(35,769,064)			(99,196,355)
Net increase in net assets resulting from capital share transactions			22,185,210			144,809,769			29,460,284			163,401,870
Net increase (decrease) in net assets			108,248,469			(89,255,522)			148,562,270			(170,509,607)
NET ASSETS:
Beginning of year or period			730,671,149			819,926,671			957,297,372			1,127,806,979
End of year or period		$	838,919,618		$	730,671,149		$	1,105,859,642		$	957,297,372

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	1,591,600		$	10,721,745		$	1,381,436		$	10,487,707
Net realized gain (loss)			(48,062,660)			41,260,254			(46,656,512)			42,041,583
Net change in unrealized appreciation (depreciation)			119,222,138			(162,902,838)			119,992,959			(168,087,935)
Increase (decrease) in net assets resulting from operations			72,751,078			(110,920,839)			74,717,883			(115,558,645)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(2,272,085)			—			(5,782,113)
Class I			—			(1,244,567)			—			(4,575,251)
Class S			—			(1,102,710)			—			(3,473,222)
Class S2			—			(440,472)			—			(2,181,304)
Class Z			—			(57,577,310)			—			(50,916,980)
Total distributions			—			(62,637,144)			—			(66,928,870)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			57,459,467			106,314,041			58,554,792			118,011,556
Reinvestment of distributions			—			62,637,144			—			66,928,870
			57,459,467			168,951,185			58,554,792			184,940,426
Cost of shares redeemed			(15,908,408)			(33,721,586)			(14,947,797)			(53,238,909)
Net increase in net assets resulting from capital share transactions			41,551,059			135,229,599			43,606,995			131,701,517
Net increase (decrease) in net assets			114,302,137			(38,328,384)			118,324,878			(50,785,998)
NET ASSETS:
Beginning of year or period			556,562,966			594,891,350			569,991,917			620,777,915
End of year or period		$	670,865,103		$	556,562,966		$	688,316,795		$	569,991,917

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, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	770,075		$	5,469,978		$	126,099		$	615,874
Net realized gain (loss)			(28,400,974)			19,398,313			(2,773,101)			391,410
Net change in unrealized appreciation (depreciation)			68,363,433			(80,518,975)			9,126,803			(6,114,695)
Increase (decrease) in net assets resulting from operations			40,732,534			(55,650,684)			6,479,801			(5,107,411)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(1,397,248)			—			(200,127)
Class I			—			(2,142,050)			—			(208,012)
Class S			—			(629,695)			—			(141,422)
Class S2			—			(224,780)			—			(36,383)
Class Z			—			(26,530,933)			—			(2,160,353)
Total distributions			—			(30,924,706)			—			(2,746,297)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			47,192,610			88,274,975			19,006,130			32,291,656
Reinvestment of distributions			—			30,924,706			—			2,746,297
			47,192,610			119,199,681			19,006,130			35,037,953
Cost of shares redeemed			(7,534,822)			(20,938,977)			(3,120,267)			(4,634,403)
Net increase in net assets resulting from capital share transactions			39,657,788			98,260,704			15,885,863			30,403,550
Net increase in net assets			80,390,322			11,685,314			22,365,664			22,549,842
NET ASSETS:
Beginning of year or period			302,769,525			291,084,211			43,737,447			21,187,605
End of year or period		$	383,159,847		$	302,769,525		$	66,103,111		$	43,737,447

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
06-30-23+		8.72		0.09•		0.40		0.49		—		—		—		—		—		9.21		5.62		0.80		0.54		0.54		1.97		66,503		112
12-31-22		11.45		0.16•		(1.77)		(1.61)		0.26		0.86		—		1.12		—		8.72		(14.57)		0.78		0.71		0.71		1.67		69,320		51
12-31-21		11.27		0.16•		0.47		0.63		0.16		0.29		—		0.45		—		11.45		5.62		0.80		0.74		0.74		1.40		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
Class I
06-30-23+		8.99		0.11•		0.42		0.53		—		—		—		—		—		9.52		5.90		0.30		0.04		0.04		2.47		12,135		112
12-31-22		11.78		0.22•		(1.82)		(1.60)		0.33		0.86		—		1.19		—		8.99		(14.13)		0.28		0.21		0.21		2.17		11,434		51
12-31-21		11.58		0.22•		0.48		0.70		0.21		0.29		—		0.50		—		11.78		6.09		0.30		0.24		0.24		1.87		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
Class S
06-30-23+		8.89		0.10•		0.42		0.52		—		—		—		—		—		9.41		5.85		0.55		0.29		0.29		2.22		92,574		112
12-31-22		11.65		0.19•		(1.80)		(1.61)		0.29		0.86		—		1.15		—		8.89		(14.32)		0.53		0.46		0.46		1.92		94,618		51
12-31-21		11.46		0.19•		0.47		0.66		0.18		0.29		—		0.47		—		11.65		5.81		0.55		0.49		0.49		1.65		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
Class S2
06-30-23+		8.63		0.09•		0.41		0.50		—		—		—		—		—		9.13		5.79		0.70		0.44		0.44		2.09		17,615		112
12-31-22		11.36		0.18•		(1.76)		(1.58)		0.29		0.86		—		1.15		—		8.63		(14.47)		0.68		0.61		0.61		1.81		16,493		51
12-31-21		11.20		0.17•		0.47		0.64		0.19		0.29		—		0.48		—		11.36		5.69		0.70		0.64		0.64		1.50		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
Class Z
06-30-23+		9.16		0.12•		0.42		0.54		—		—		—		—		—		9.70		5.90		0.26		0.00*		0.00*		2.52		504,997		112
12-31-22		11.96		0.24•		(1.85)		(1.61)		0.33		0.86		—		1.19		—		9.16		(13.94)		0.24		0.00*		0.00*		2.38		499,006		51
12-31-21		11.72		0.25•		0.50		0.75		0.22		0.29		—		0.51		—		11.96		6.41		0.26		0.00*		0.00*		2.14		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

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
06-30-23+		9.31		0.06•		0.67		0.73		—		—		—		—		—		10.04		7.84		0.78		0.53		0.53		1.31		124,270		116
12-31-22		12.53		0.16•		(2.13)		(1.97)		0.20		1.05		—		1.25		—		9.31		(16.26)		0.77		0.70		0.70		1.48		123,760		50
12-31-21		12.08		0.13•		1.09		1.22		0.22		0.55		—		0.77		—		12.53		10.20		0.79		0.74		0.74		1.07		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
Class I
06-30-23+		9.59		0.09•		0.69		0.78		—		—		—		—		—		10.37		8.13		0.28		0.03		0.03		1.82		45,159		116
12-31-22		12.88		0.22•		(2.18)		(1.96)		0.28		1.05		—		1.33		—		9.59		(15.81)		0.27		0.20		0.20		2.00		41,957		50
12-31-21		12.40		0.20•		1.11		1.31		0.28		0.55		—		0.83		—		12.88		10.70		0.29		0.24		0.24		1.56		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
Class S
06-30-23+		9.46		0.08•		0.68		0.76		—		—		—		—		—		10.22		8.03		0.53		0.28		0.28		1.56		96,994		116
12-31-22		12.72		0.19•		(2.17)		(1.98)		0.23		1.05		—		1.28		—		9.46		(16.09)		0.52		0.45		0.45		1.74		93,780		50
12-31-21		12.26		0.17•		1.09		1.26		0.25		0.55		—		0.80		—		12.72		10.42		0.54		0.49		0.49		1.33		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
Class S2
06-30-23+		9.23		0.07•		0.66		0.73		—		—		—		—		—		9.96		7.91		0.68		0.43		0.43		1.42		34,172		116
12-31-22		12.45		0.17•		(2.12)		(1.95)		0.22		1.05		—		1.27		—		9.23		(16.21)		0.67		0.60		0.60		1.63		31,566		50
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
Class Z
06-30-23+		9.77		0.09•		0.71		0.80		—		—		—		—		—		10.57		8.19		0.25		0.00*		0.00*		1.84		784,743		116
12-31-22		13.09		0.24•		(2.23)		(1.99)		0.28		1.05		—		1.33		—		9.77		(15.74)		0.24		0.00*		0.00*		2.21		754,094		50
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

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
06-30-23+		13.69		0.07•		1.14		1.21		—		—		—		—		—		14.90		8.84		0.80		0.56		0.56		1.03		37,757		120
12-31-22		18.37		0.22•		(3.23)		(3.01)		0.26		1.41		—		1.67		—		13.69		(16.89)		0.79		0.70		0.70		1.46		38,122		52
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
Class I
06-30-23+		14.21		0.12•		1.18		1.30		—		—		—		—		—		15.51		9.15		0.30		0.06		0.06		1.58		11,523		120
12-31-22		19.02		0.31•		(3.36)		(3.05)		0.35		1.41		—		1.76		—		14.21		(16.51)		0.29		0.20		0.20		1.97		8,703		52
12-31-21		17.78		0.28•		1.90		2.18		0.35		0.59		—		0.94		—		19.02		12.40		0.31		0.24		0.24		1.51		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
Class S
06-30-23+		14.10		0.10•		1.16		1.26		—		—		—		—		—		15.36		8.94		0.55		0.31		0.31		1.32		15,365		120
12-31-22		18.85		0.27•		(3.33)		(3.06)		0.28		1.41		—		1.69		—		14.10		(16.70)		0.54		0.45		0.45		1.68		12,262		52
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
Class S2
06-30-23+		13.78		0.08•		1.15		1.23		—		—		—		—		—		15.01		8.93		0.70		0.46		0.46		1.15		15,296		120
12-31-22		18.51		0.24•		(3.27)		(3.03)		0.29		1.41		—		1.70		—		13.78		(16.87)		0.69		0.60		0.60		1.57		13,090		52
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
Class Z
06-30-23+		14.43		0.12•		1.20		1.32		—		—		—		—		—		15.75		9.15		0.24		0.00*		0.00*		1.60		782,276		120
12-31-22		19.25		0.35•		(3.40)		(3.05)		0.36		1.41		—		1.77		—		14.43		(16.31)		0.23		0.00*		0.00*		2.16		725,202		52
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

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
06-30-23+		9.86		0.04•		0.96		1.00		—		—		—		—		—		10.86		10.14		0.79		0.56		0.56		0.75		128,960		119
12-31-22		13.59		0.15•		(2.54)		(2.39)		0.16		1.18		—		1.34		—		9.86		(18.14)		0.77		0.70		0.70		1.37		125,263		41
12-31-21		12.69		0.12•		1.58		1.70		0.19		0.61		—		0.80		—		13.59		13.56		0.80		0.74		0.74		0.89		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
Class I
06-30-23+		10.20		0.07•		0.99		1.06		—		—		—		—		—		11.26		10.39		0.29		0.06		0.06		1.27		59,552		119
12-31-22		14.03		0.22•		(2.64)		(2.42)		0.23		1.18		—		1.41		—		10.20		(17.76)		0.27		0.20		0.20		1.89		50,433		41
12-31-21		13.07		0.19•		1.64		1.83		0.26		0.61		—		0.87		—		14.03		14.17		0.30		0.24		0.24		1.40		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
Class S
06-30-23+		10.05		0.05•		0.98		1.03		—		—		—		—		—		11.08		10.25		0.54		0.31		0.31		1.01		91,525		119
12-31-22		13.83		0.18•		(2.59)		(2.41)		0.19		1.18		—		1.37		—		10.05		(17.95)		0.52		0.45		0.45		1.59		82,072		41
12-31-21		12.90		0.16•		1.61		1.77		0.23		0.61		—		0.84		—		13.83		13.87		0.55		0.49		0.49		1.16		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
Class S2
06-30-23+		9.81		0.04•		0.96		1.00		—		—		—		—		—		10.81		10.19		0.69		0.46		0.46		0.87		42,128		119
12-31-22		13.54		0.17•		(2.55)		(2.38)		0.17		1.18		—		1.35		—		9.81		(18.10)		0.67		0.60		0.60		1.54		36,931		41
12-31-21		12.66		0.13•		1.58		1.71		0.22		0.61		—		0.83		—		13.54		13.65		0.70		0.64		0.64		0.96		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
Class Z
06-30-23+		10.41		0.07•		1.02		1.09		—		—		—		—		—		11.50		10.47		0.23		0.00*		0.00*		1.32		1,082,618		119
12-31-22		14.27		0.25•		(2.69)		(2.44)		0.24		1.18		—		1.42		—		10.41		(17.62)		0.23		0.00*		0.00*		2.11		954,048		41
12-31-21		13.26		0.23•		1.66		1.89		0.27		0.61		—		0.88		—		14.27		14.41		0.24		0.00*		0.00*		1.67		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

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
06-30-23+		14.86		0.03•		1.65		1.68		—		—		—		—		—		16.54		11.31		0.81		0.58		0.58		0.33		28,033		119
12-31-22		20.52		0.23•		(3.91)		(3.68)		0.21		1.77		—		1.98		—		14.86		(18.48)		0.81		0.70		0.70		1.36		25,195		40
12-31-21		18.49		0.16•		2.76		2.92		0.25		0.64		—		0.89		—		20.52		15.95		0.84		0.74		0.74		0.83		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
Class I
06-30-23+		15.40		0.07•		1.71		1.78		—		—		—		—		—		17.18		11.56		0.31		0.08		0.08		0.85		12,905		119
12-31-22		21.19		0.32•		(4.04)		(3.72)		0.30		1.77		—		2.07		—		15.40		(18.08)		0.31		0.20		0.20		1.87		9,800		40
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
Class S
06-30-23+		15.36		0.05•		1.71		1.76		—		—		—		—		—		17.12		11.46		0.56		0.33		0.33		0.58		13,170		119
12-31-22		21.12		0.26•		(4.01)		(3.75)		0.24		1.77		—		2.00		—		15.36		(18.30)		0.56		0.45		0.45		1.51		11,600		40
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
Class S2
06-30-23+		15.04		0.03•		1.69		1.72		—		—		—		—		—		16.76		11.44		0.71		0.48		0.48		0.44		5,043		119
12-31-22		20.73		0.25•		(3.96)		(3.71)		0.21		1.77		—		1.98		—		15.04		(18.43)		0.71		0.60		0.60		1.49		4,152		40
12-31-21		18.68		0.18•		2.80		2.98		0.29		0.64		—		0.93		—		20.73		16.09		0.74		0.64		0.64		0.89		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
Class Z
06-30-23+		15.66		0.07•		1.75		1.82		—		—		—		—		—		17.48		11.62		0.23		0.00*		0.00*		0.90		779,769		119
12-31-22		21.49		0.36•		(4.10)		(3.74)		0.32		1.77		—		2.09		—		15.66		(17.93)		0.23		0.00*		0.00*		2.06		679,923		40
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

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
06-30-23+		10.46		0.01•		1.24		1.25		—		—		—		—		—		11.71		11.95		0.80		0.57		0.57		0.11		100,877		121
12-31-22		14.77		0.15•		(2.81)		(2.66)		0.13		1.52		—		1.65		—		10.46		(18.60)		0.79		0.70		0.70		1.26		93,516		39
12-31-21		13.31		0.11•		2.16		2.27		0.19		0.62		—		0.81		—		14.77		17.25		0.81		0.74		0.74		0.73		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
Class I
06-30-23+		10.93		0.04•		1.30		1.34		—		—		—		—		—		12.27		12.26		0.30		0.07		0.07		0.61		55,497		121
12-31-22		15.37		0.23•		(2.94)		(2.71)		0.21		1.52		—		1.73		—		10.93		(18.19)		0.29		0.20		0.20		1.81		47,575		39
12-31-21		13.81		0.19•		2.24		2.43		0.25		0.62		—		0.87		—		15.37		17.86		0.31		0.24		0.24		1.25		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
Class S
06-30-23+		10.72		0.02•		1.28		1.30		—		—		—		—		—		12.02		12.13		0.55		0.32		0.32		0.36		61,786		121
12-31-22		15.09		0.18•		(2.87)		(2.69)		0.16		1.52		—		1.68		—		10.72		(18.40)		0.54		0.45		0.45		1.46		54,086		39
12-31-21		13.58		0.15•		2.20		2.35		0.22		0.62		—		0.84		—		15.09		17.56		0.56		0.49		0.49		1.02		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
Class S2
06-30-23+		10.44		0.01•		1.25		1.26		—		—		—		—		—		11.70		12.07		0.70		0.47		0.47		0.21		33,229		121
12-31-22		14.76		0.17•		(2.81)		(2.64)		0.16		1.52		—		1.68		—		10.44		(18.49)		0.69		0.60		0.60		1.45		28,510		39
12-31-21		13.32		0.12•		2.15		2.27		0.21		0.62		—		0.83		—		14.76		17.28		0.71		0.64		0.64		0.85		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
Class Z
06-30-23+		11.14		0.04•		1.34		1.38		—		—		—		—		—		12.52		12.39		0.23		0.00*		0.00*		0.68		854,470		121
12-31-22		15.62		0.25•		(2.99)		(2.74)		0.22		1.52		—		1.74		—		11.14		(18.10)		0.23		0.00*		0.00*		2.01		733,611		39
12-31-21		14.00		0.23•		2.27		2.50		0.26		0.62		—		0.88		—		15.62		18.14		0.24		0.00*		0.00*		1.52		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

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
06-30-23+		15.39		(0.01)•		1.91		1.90		—		—		—		—		—		17.29		12.35		0.85		0.63		0.63		(0.07)		20,744		117
12-31-22		21.29		0.22•		(4.10)		(3.88)		0.16		1.86		—		2.02		—		15.39		(18.70)		0.85		0.72		0.72		1.25		17,963		34
12-31-21		18.85		0.15•		3.06		3.21		0.23		0.54		—		0.77		—		21.29		17.22		0.87		0.74		0.74		0.72		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
Class I
06-30-23+		15.86		0.04•		1.96		2.00		—		—		—		—		—		17.86		12.61		0.35		0.13		0.13		0.45		16,048		117
12-31-22		21.88		0.32•		(4.22)		(3.90)		0.26		1.86		—		2.12		—		15.86		(18.29)		0.35		0.22		0.22		1.80		11,849		34
12-31-21		19.33		0.26•		3.15		3.41		0.32		0.54		—		0.86		—		21.88		17.81		0.37		0.24		0.24		1.23		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
Class S
06-30-23+		15.81		0.02•		1.96		1.98		—		—		—		—		—		17.79		12.52		0.60		0.38		0.38		0.19		11,870		117
12-31-22		21.78		0.25•		(4.18)		(3.93)		0.18		1.86		—		2.04		—		15.81		(18.52)		0.60		0.47		0.47		1.40		9,814		34
12-31-21		19.26		0.20•		3.14		3.34		0.28		0.54		—		0.82		—		21.78		17.50		0.62		0.49		0.49		0.96		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
Class S2
06-30-23+		15.48		0.00*•		1.92		1.92		—		—		—		—		—		17.40		12.40		0.75		0.53		0.53		0.02		4,385		117
12-31-22		21.41		0.25•		(4.13)		(3.88)		0.19		1.86		—		2.05		—		15.48		(18.62)		0.75		0.62		0.62		1.44		4,018		34
12-31-21		18.95		0.19•		3.06		3.25		0.25		0.54		—		0.79		—		21.41		17.33		0.77		0.64		0.64		0.93		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
Class Z
06-30-23+		16.10		0.05•		1.99		2.04		—		—		—		—		—		18.14		12.67		0.22		0.00*		0.00*		0.56		617,819		117
12-31-22		22.16		0.36•		(4.27)		(3.91)		0.29		1.86		—		2.15		—		16.10		(18.14)		0.23		0.00*		0.00*		2.01		512,919		34
12-31-21		19.54		0.32•		3.18		3.50		0.34		0.54		—		0.88		—		22.16		18.12		0.24		0.00*		0.00*		1.48		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

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
06-30-23+		14.08		(0.01)•				1.75		1.74		—		—		—		—		—		15.82		12.36		0.86		0.63		0.63		(0.09)		51,648		116
12-31-22		19.61		0.20•				(3.77)		(3.57)		0.14		1.82		—		1.96		—		14.08		(18.76)		0.84		0.72		0.72		1.22		45,187		34
12-31-21		17.47		0.13•				2.87		3.00		0.21		0.65		—		0.86		—		19.61		17.32		0.85		0.74		0.74		0.69		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
Class I
06-30-23+		14.53		0.03•				1.82		1.85		—		—		—		—		—		16.38		12.73		0.36		0.13		0.13		0.41		46,656		116
12-31-22		20.20		0.29•				(3.90)		(3.61)		0.24		1.82		—		2.06		—		14.53		(18.38)		0.34		0.22		0.22		1.78		37,659		34
12-31-21		17.95		0.24•				2.95		3.19		0.29		0.65		—		0.94		—		20.20		17.95		0.35		0.24		0.24		1.22		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
Class S
06-30-23+		14.32		0.01•				1.78		1.79		—		—		—		—		—		16.11		12.50		0.61		0.38		0.38		0.16		35,377		116
12-31-22		19.90		0.23•				(3.82)		(3.59)		0.17		1.82		—		1.99		—		14.32		(18.56)		0.59		0.47		0.47		1.43		29,007		34
12-31-21		17.71		0.18•				2.91		3.09		0.25		0.65		—		0.90		—		19.90		17.64		0.60		0.49		0.49		0.93		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
Class S2
06-30-23+		14.11		0.00*•				1.76		1.76		—		—		—		—		—		15.87		12.47		0.76		0.53		0.53		0.01		23,397		116
12-31-22		19.67		0.23•				(3.80)		(3.57)		0.17		1.82		—		1.99		—		14.11		(18.69)		0.74		0.62		0.62		1.41		19,070		34
12-31-21		17.54		0.15•				2.88		3.03		0.25		0.65		—		0.90		—		19.67		17.43		0.75		0.64		0.64		0.78		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
Class Z
06-30-23+		14.80		0.04•				1.85		1.89		—		—		—		—		—		16.69		12.77		0.23		0.00*		0.00*		0.54		531,240		116
12-31-22		20.51		0.33•				(3.96)		(3.63)		0.26		1.82		—		2.08		—		14.80		(18.20)		0.23		0.00*		0.00*		2.00		439,069		34
12-31-21		18.20		0.29•				2.99		3.28		0.32		0.65		—		0.97		—		20.51		18.19		0.24		0.00*		0.00*		1.49		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

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
06-30-23+		12.27		(0.01)•		1.53		1.52			—		—		—		—		—		13.79		12.39		0.87		0.64		0.64		(0.15)		15,180		116
12-31-22		16.89		0.17•		(3.27)		(3.10)			0.11		1.41		—		1.52		—		12.27		(18.84)		0.88		0.72		0.72		1.25		12,814		34
12-31-21		14.80		0.12•		2.47		2.59			0.13		0.37		—		0.50		—		16.89		17.65		0.91		0.74		0.74		0.72		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
Class I
06-30-23+		12.56		0.02•		1.58		1.60			—		—		—		—		—		14.16		12.74		0.37		0.14		0.14		0.36		27,037		116
12-31-22		17.25		0.25•		(3.35)		(3.10)			0.18		1.41		—		1.59		—		12.56		(18.44)		0.38		0.22		0.22		1.80		20,763		34
12-31-21		15.10		0.21•		2.51		2.72			0.20		0.37		—		0.57		—		17.25		18.18		0.41		0.24		0.24		1.26		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
Class S
06-30-23+		12.42		0.01•		1.55		1.56			—		—		—		—		—		13.98		12.56		0.62		0.39		0.39		0.11		7,191		116
12-31-22		17.04		0.20•		(3.30)		(3.10)			0.11		1.41		—		1.52		—		12.42		(18.65)		0.63		0.47		0.47		1.39		6,050		34
12-31-21		14.92		0.15•		2.51		2.66			0.17		0.37		—		0.54		—		17.04		17.96		0.66		0.49		0.49		0.95		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
Class S2
06-30-23+		12.34		(0.00)*•		1.54		1.54			—		—		—		—		—		13.88		12.48		0.77		0.54		0.54		(0.04)		2,766		116
12-31-22		16.97		0.20•		(3.31)		(3.11)			0.11		1.41		—		1.52		—		12.34		(18.77)		0.78		0.62		0.62		1.42		2,381		34
12-31-21		14.87		0.13•		2.49		2.62			0.15		0.37		—		0.52		—		16.97		17.78		0.81		0.64		0.64		0.80		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
Class Z
06-30-23+		12.76		0.03•		1.60		1.63			—		—		—		—		—		14.39		12.77		0.23		0.00*		0.00*		0.50		330,986		116
12-31-22		17.48		0.29•		(3.40)		(3.11)			0.20		1.41		—		1.61		—		12.76		(18.25)		0.24		0.00*		0.00*		2.02		260,763		34
12-31-21		15.27		0.25•		2.55		2.80			0.22		0.37		—		0.59		—		17.48		18.50		0.24		0.00*		0.00*		1.49		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

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
06-30-23+		9.76			(0.01)•		1.23		1.22		—		—		—		—		—		10.98		12.50		0.97		0.70		0.70		(0.20)		3,021		114
12-31-22		12.79			0.12•		(2.52)		(2.40)		0.12		0.51		—		0.63		—		9.76		(18.86)		1.00		0.73		0.73		1.16		3,367		51
12-31-21		11.58			0.12•		1.93		2.05		0.08		0.76		—		0.84		—		12.79		17.74		1.12		0.74		0.74		0.92		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
06-30-23+		9.80			0.02•		1.23		1.25		—		—		—		—		—		11.05		12.76		0.47		0.20		0.20		0.37		5,937		114
12-31-22		12.82			0.21•		(2.57)		(2.36)		0.15		0.51		—		0.66		—		9.80		(18.45)		0.50		0.23		0.23		1.97		3,337		51
12-31-21		11.58			0.20•		1.93		2.13		0.13		0.76		—		0.89		—		12.82		18.45		0.62		0.24		0.24		1.51		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
06-30-23+		9.77			0.01•		1.23		1.24		—		—		—		—		—		11.01		12.69		0.72		0.45		0.45		0.12		2,987		114
12-31-22		12.80			0.17•		(2.56)		(2.39)		0.13		0.51		—		0.64		—		9.77		(18.71)		0.75		0.48		0.48		1.55		2,156		51
12-31-21		11.58			0.16•		1.93		2.09		0.11		0.76		—		0.87		—		12.80		18.08		0.87		0.49		0.49		1.21		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
06-30-23+		9.76			(0.00)*•		1.22		1.22		—		—		—		—		—		10.98		12.50		0.87		0.60		0.60		(0.04)		786		114
12-31-22		12.78			0.16•		(2.55)		(2.39)		0.12		0.51		—		0.63		—		9.76		(18.74)		0.90		0.63		0.63		1.45		611		51
12-31-21		11.57			0.09•		1.97		2.06		0.09		0.76		—		0.86		—		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
06-30-23+		9.83			0.03•		1.24		1.27		—		—		—		—		—		11.10		12.92		0.27		0.00*		0.00*		0.56		53,373		114
12-31-22		12.85			0.23•		(2.57)		(2.34)		0.17		0.51		—		0.68		—		9.83		(18.27)		0.30		0.00*		0.00*		2.13		34,267		51
12-31-21		11.59			0.22•		1.94		2.16		0.14		0.76		—		0.90		—		12.85		18.69		0.48		0.00*		0.00*		1.72		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.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

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, 2023 (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.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.

B. Securities Transactions and Revenue Recognition. Security transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

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

D. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions

taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

G. Futures Contracts. Certain Portfolios may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing

price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio’s assets are valued.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

open futures contracts purchased and sold at June 30, 2023. There were no open futures contracts for Index Solution 2065.

	Purchased			Sold
Index Solution Income		$	13,391,903		$	14,061,280
Index Solution 2025			29,215,913			30,488,348
Index Solution 2030			22,470,225			23,509,166
Index Solution 2035			35,415,063			36,998,396
Index Solution 2040			20,889,800			21,979,690
Index Solution 2045			32,249,415			33,588,219
Index Solution 2050			18,848,422			19,759,029
Index Solution 2055			19,349,121			20,277,635
Index Solution 2060			10,289,379			10,829,219

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS AND FUNDING AGREEMENTS

For the six months ended June 30, 2023, the cost of purchases and the proceeds from sales of the Underlying Funds and Funding Agreements were as follows:

	Purchases			Sales
Index Solution Income		$	771,707,337		$	801,013,360
Index Solution 2025			1,227,740,592			1,264,508,816
Index Solution 2030			995,099,288			999,978,326
Index Solution 2035			1,606,465,844			1,577,792,270
Index Solution 2040			952,089,182			928,840,663
Index Solution 2045			1,270,816,898			1,242,821,210
Index Solution 2050			756,447,371			714,942,997
Index Solution 2055			766,309,126			722,881,629
Index Solution 2060			431,895,226			392,834,346
Index Solution 2065			77,665,138			61,668,727

NOTE 4 — INVESTMENT MANAGEMENT FEES

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.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV and S2 of the Portfolios have a plan of distribution (the “Plans”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective Portfolio’s shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio’s average daily net assets attributable to its Class S2 shares.

The Company has a shareholder servicing plan (“Service Plan”) for the Classes ADV, S and S2 shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S and S2 shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Classes ADV, S and S2 shares.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2023, 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		33.43%
	Index Solution 2025		19.54
	Index Solution 2030		14.00
	Index Solution 2035		17.91
	Index Solution 2040		13.69
	Index Solution 2045		19.33
	Index Solution 2050		13.56
	Index Solution 2055		16.39
	Index Solution 2060		16.04
	Index Solution 2065		9.85
Voya Retirement Insurance and Annuity Company	Index Solution Income		66.54
	Index Solution 2025		80.46
	Index Solution 2030		85.97
	Index Solution 2035		82.08
	Index Solution 2040		86.28
	Index Solution 2045		80.67
	Index Solution 2050		86.43
	Index Solution 2055		83.61
	Index Solution 2060		83.96
	Index Solution 2065		90.15

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, 2023, the per

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

Portfolio	Amount
Index Solution Income		$	33,057
Index Solution 2025			44,141
Index Solution 2030			22,496
Index Solution 2035			83,051
Index Solution 2040			20,403
Index Solution 2045			81,487
Index Solution 2050			31,306
Index Solution 2055			91,805
Index Solution 2060			33,147
Index Solution 2065			10,627

NOTE 7 — FUNDING AGREEMENTS

During the period ended June 30, 2023, Index Solution Income, Index Solution 2025 and Index Solution 2030 each invested in a Funding Agreement issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). VRIAC is a subsidiary of Voya Financial, Inc.

The Funding Agreements have a stable principal value and typically pay interest at a relatively short-term rate, which is subject to change periodically. If VRIAC becomes unable to pay interest or repay principal under each contract, Index Solution Income, Index Solution 2025 and/or Index Solution 2030 may lose money. In a rising interest rate environment, the interest rate provided by a Funding Agreement may not increase as quickly as the yields of other short-term investments. Investing in a Funding Agreement in such an environment could adversely affect each Portfolio’s relative performance. In the case of a Funding Agreement with VRIAC, there can be no guarantee that the interest rate a Portfolio receives under the Funding Agreement will be as favorable to each Portfolio as the rate that might be paid under a Funding Agreement with another, unaffiliated insurer. Neither a Portfolio, the Investment Adviser, VRIAC, nor any of its affiliates guarantee each Portfolio’s performance or that a Portfolio will provide a certain level of income. In the event of an insolvency of the insurer, it is possible that insurance policy holders and other preferred claimants will be paid before each Portfolio. Each Portfolio may withdraw any amount in the Funding Agreements for any reason, at any time.

Interest is credited each calendar day based on the end of day balance 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 not apply a subsequent decrease in the interest rate prior to the last day of the three-month period measured

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 7 — FUNDING AGREEMENTS (continued)

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.

Below are the interest rates during the period ended March 31, 2023 for the Fund Agreements issued by VRIAC:

Time period			Rate
January 1, 2023 to March 31, 2023					2.15%

As of March 31, 2023, Index Solution Income, Index Solution 2025 and Index Solution 2030 no longer each invest in Funding Agreements.

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

Effective October 1, 2022, the Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below.

Portfolio(1)	Class ADV		Class I		Class S		Class S2		Class Z
Index Solution Income		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2025		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2030		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2035		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2040		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2045		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2050		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2055		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2060		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2065		0.74%		0.24%		0.49%		0.64%		0.00%

(1)

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

Prior to October 1, 2022, the expense limits were:

Portfolio	Class ADV(2)		Class I(2)		Class S(2)		Class S2(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%
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%

Portfolio	Class ADV(2)		Class I(2)		Class S(2)		Class S2(2)		Class Z(3)(4)
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%

(2)

The expense limits took into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio varies based on Each Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund. The limits excluded interest, taxes, investment -related costs, leverage expenses, and extraordinary expenses. Any fees waived pursuant to this expense limit agreement were not eligible for recoupment.

(3)

Prior to October 1, 2022, per a side letter agreement, the Investment Adviser had agreed to waive all or a portion of the management fee and/or reimburse expenses so that the direct expense limits were 0.00% for Class Z shares of each Portfolio. Any fees waived pursuant to the side letter agreement were not eligible for recoupment. Effective October 1, 2022, the side letter agreement was terminated. Termination of this side letter agreement was approved by the Board.

(4)

The operating expense limits shown applied only at each Portfolio level and do not include the fees payable by the Underlying Funds in which each Portfolio invests (acquired fund fees and expenses), investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of each Portfolio’s business.

The Expense Limitation Agreement is contractual through May 1, 2024 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

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, 2023 (Unaudited) (continued)

NOTE 9 — LINE OF CREDIT (continued)

The following Portfolio utilized the line of credit during the six months ended June 30, 2023.

Portfolio			Days Utilized						Approximate Average Daily Balance For Days Utilized						Approximate Weighted Average Interest Rate For Days Utilized
Index Solution 2045					3					$	553,000						5.83%

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
6/30/2023		120,419		—			—		(851,401)		(730,982)		1,089,768		—		—		(7,654,623)		(6,564,855)
12/31/2022		274,358		—			930,502		(1,699,121)		(494,261)		2,673,114		—		8,560,615		(16,398,599)		(5,164,870)
Class I
6/30/2023		136,673		—			—		(134,017)		2,656		1,261,534		—		—		(1,245,414)		16,120
12/31/2022		108,915		—			157,622		(341,964)		(75,427)		1,109,609		—		1,492,677		(3,362,474)		(760,188)
Class S
6/30/2023		130,480		—			—		(929,682)		(799,202)		1,204,744		—		—		(8,513,858)		(7,309,114)
12/31/2022		218,247		—			1,263,898		(2,141,763)		(659,618)		2,222,542		—		11,842,722		(21,222,986)		(7,157,722)
Class S2
6/30/2023		162,586		—			—		(142,821)		19,765		1,454,331		—		—		(1,279,958)		174,373
12/31/2022		481,980		—			212,773		(414,223)		280,530		4,921,880		—		1,936,236		(4,063,118)		2,794,998
Class Z
6/30/2023		915,065		—			—		(3,348,127)		(2,433,062)		8,659,744		—		—		(31,786,311)		(23,126,567)
12/31/2022		2,907,772		—			6,325,379		(10,707,083)		(1,473,932)		30,629,042		—		60,976,656		(111,113,179)		(19,507,481)
Index Solution 2025
Class ADV
6/30/2023		310,412		—			—		(1,226,518)		(916,106)		3,018,878		—		—		(11,957,071)		(8,938,193)
12/31/2022		698,343		—			1,617,080		(3,145,300)		(829,877)		7,368,972		—		15,912,065		(32,985,970)		(9,704,933)
Class I
6/30/2023		281,639		—	��		—		(300,827)		(19,188)		2,825,980		—		—		(3,011,531)		(185,551)
12/31/2022		589,718		—			562,576		(895,347)		256,947		6,560,426		—		5,687,644		(8,895,998)		3,352,072
Class S
6/30/2023		290,067		—			—		(707,401)		(417,334)		2,876,109		—		—		(6,978,031)		(4,101,922)
12/31/2022		513,247		—			1,132,839		(2,320,942)		(674,856)		5,377,062		—		11,317,056		(26,515,806)		(9,821,688)
Class S2
6/30/2023		179,703		—			—		(168,177)		11,526		1,729,951		—		—		(1,625,116)		104,835
12/31/2022		714,733		—			372,452		(565,590)		521,595		7,437,394		—		3,631,410		(6,059,330)		5,009,474
Class Z
6/30/2023		2,212,672		—			—		(5,110,958)		(2,898,286)		22,679,551		—		—		(52,251,124)		(29,571,573)
12/31/2022		6,465,642		—			9,068,373		(9,726,229)		5,807,786		74,353,628		—		93,404,240		(107,402,855)		60,355,013
Index Solution 2030
Class ADV
6/30/2023		154,286		—			—		(405,137)		(250,851)		2,215,855		—		—		(5,864,059)		(3,648,204)
12/31/2022		486,065		—			291,178		(545,396)		231,847		7,453,355		—		4,213,343		(8,296,329)		3,370,369
Class I
6/30/2023		175,449		—			—		(44,784)		130,665		2,618,421		—		—		(673,141)		1,945,280
12/31/2022		156,783		—			74,303		(174,939)		56,147		2,524,774		—		1,113,804		(2,552,581)		1,085,997
Class S
6/30/2023		180,773		—			—		(50,485)		130,288		2,683,654		—		—		(743,294)		1,940,360
12/31/2022		277,732		—			82,991		(596,740)		(236,017)		4,371,209		—		1,234,903		(10,384,808)		(4,778,696)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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 (continued)
Class S2
6/30/2023		110,173		—		—		(40,816)		69,357		1,594,081		—		—		(586,104)		1,007,977
12/31/2022		251,262		—		96,262		(160,596)		186,928		3,846,923		—		1,401,576		(2,441,137)		2,807,362
Class Z
6/30/2023		1,962,114		—		—		(2,550,204)		(588,090)		29,765,910		—		—		(38,602,350)		(8,836,440)
12/31/2022		4,677,638		—		5,200,000		(3,806,023)		6,071,615		76,542,538		—		79,092,006		(62,310,966)		93,323,578
Index Solution 2035
Class ADV
6/30/2023		431,473		—		—		(1,260,957)		(829,484)		4,454,503		—		—		(13,129,840)		(8,675,337)
12/31/2022		1,037,832		—		1,489,184		(2,298,762)		228,254		11,497,499		—		15,561,975		(25,840,442)		1,219,032
Class I
6/30/2023		426,985		—		—		(83,734)		343,251		4,569,424		—		—		(897,429)		3,671,995
12/31/2022		724,938		—		606,547		(732,435)		599,050		8,636,630		—		6,544,640		(7,800,476)		7,380,794
Class S
6/30/2023		541,385		—		—		(449,542)		91,843		5,768,196		—		—		(4,744,408)		1,023,788
12/31/2022		616,099		—		937,878		(1,676,634)		(122,657)		7,133,267		—		9,979,024		(20,892,531)		(3,780,240)
Class S2
6/30/2023		271,936		—		—		(139,594)		132,342		2,804,413		—		—		(1,429,894)		1,374,519
12/31/2022		805,801		—		398,128		(453,014)		750,915		8,810,685		—		4,140,531		(5,234,171)		7,717,045
Class Z
6/30/2023		5,532,839		—		—		(3,018,487)		2,514,352		61,020,877		—		—		(33,100,663)		27,920,214
12/31/2022		10,465,912		—		10,294,008		(5,143,939)		15,615,981		126,661,813		—		113,337,030		(62,090,169)		177,908,674
Index Solution 2040
Class ADV
6/30/2023		165,970		—		—		(167,093)		(1,123)		2,600,962		—		—		(2,634,273)		(33,311)
12/31/2022		395,470		—		198,473		(310,813)		283,130		6,800,505		—		3,121,988		(4,982,710)		4,939,783
Class I
6/30/2023		136,620		—		—		(22,202)		114,418		2,229,992		—		—		(361,492)		1,868,500
12/31/2022		219,956		—		68,132		(107,507)		180,581		3,727,849		—		1,107,825		(1,667,348)		3,168,326
Class S
6/30/2023		106,368		—		—		(92,387)		13,981		1,735,512		—		—		(1,461,532)		273,980
12/31/2022		178,237		—		81,318		(298,708)		(39,153)		3,179,977		—		1,320,597		(5,694,578)		(1,194,004)
Class S2
6/30/2023		42,372		—		—		(17,454)		24,918		676,606		—		—		(278,138)		398,468
12/31/2022		88,755		—		28,203		(50,968)		65,990		1,508,516		—		448,995		(868,347)		1,089,164
Class Z
6/30/2023		2,664,692		—		—		(1,485,984)		1,178,708		44,269,770		—		—		(24,592,197)		19,677,573
12/31/2022		5,533,563		—		4,708,998		(2,200,427)		8,042,134		98,790,839		—		77,839,730		(39,824,069)		136,806,500
Index Solution 2045
Class ADV
6/30/2023		399,142		—		—		(730,009)		(330,867)		4,409,420		—		—		(8,146,634)		(3,737,214)
12/31/2022		642,512		—		1,226,381		(1,900,345)		(31,452)		7,736,776		—		13,539,249		(22,804,674)		(1,528,649)
Class I
6/30/2023		361,855		—		—		(192,827)		169,028		4,193,992		—		—		(2,205,170)		1,988,822
12/31/2022		619,613		—		559,247		(345,694)		833,166		7,677,807		—		6,436,933		(4,051,550)		10,063,190
Class S
6/30/2023		303,647		—		—		(209,960)		93,687		3,460,922		—		—		(2,393,133)		1,067,789
12/31/2022		435,697		—		650,749		(1,608,655)		(522,209)		5,233,292		—		7,359,967		(21,716,302)		(9,123,043)
Class S2
6/30/2023		246,237		—		—		(137,003)		109,234		2,738,096		—		—		(1,514,506)		1,223,590
12/31/2022		594,214		—		327,743		(197,120)		724,837		7,070,771		—		3,611,725		(2,488,760)		8,193,736
Class Z
6/30/2023		4,249,062		—		—		(1,820,967)		2,428,095		50,426,918		—		—		(21,509,621)		28,917,297
12/31/2022		8,256,400		—		8,274,980		(3,692,035)		12,839,345		106,783,442		—		97,148,263		(48,135,069)		155,796,636

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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 2050
Class ADV
6/30/2023		174,105		—		—		(141,453)		32,652		2,850,967		—		—		(2,327,692)		523,275
12/31/2022		245,020		—		139,821		(335,081)		49,760		4,257,394		—		2,272,085		(5,666,141)		863,338
Class I
6/30/2023		190,448		—		—		(39,047)		151,401		3,190,704		—		—		(657,951)		2,532,753
12/31/2022		245,419		—		74,480		(100,575)		219,324		4,328,029		—		1,244,567		(1,828,201)		3,744,395
Class S
6/30/2023		92,658		—		—		(45,910)		46,748		1,560,142		—		—		(759,907)		800,235
12/31/2022		153,455		—		66,110		(319,627)		(100,062)		2,765,200		—		1,102,710		(6,299,170)		(2,431,260)
Class S2
6/30/2023		38,714		—		—		(46,240)		(7,526)		632,300		—		—		(757,955)		(125,655)
12/31/2022		81,084		—		26,957		(31,533)		76,508		1,426,379		—		440,472		(543,463)		1,323,388
Class Z
6/30/2023		2,865,226		—		—		(670,982)		2,194,244		49,225,354		—		—		(11,404,903)		37,820,451
12/31/2022		5,135,454		—		3,394,889		(1,042,563)		7,487,780		93,537,039		—		57,577,310		(19,384,611)		131,729,738
Index Solution 2055
Class ADV
6/30/2023		286,262		—		—		(231,952)		54,310		4,263,898		—		—		(3,454,458)		809,440
12/31/2022		436,916		—		388,844		(844,942)		(19,182)		6,891,870		—		5,782,113		(13,537,608)		(863,625)
Class I
6/30/2023		304,582		—		—		(46,616)		257,966		4,707,701		—		—		(717,653)		3,990,048
12/31/2022		453,533		—		298,646		(264,796)		487,383		7,510,515		—		4,575,251		(4,365,260)		7,720,506
Class S
6/30/2023		244,755		—		—		(75,057)		169,698		3,723,741		—		—		(1,153,848)		2,569,893
12/31/2022		301,632		—		229,862		(712,772)		(181,278)		4,942,206		—		3,473,222		(12,791,690)		(4,376,262)
Class S2
6/30/2023		202,859		—		—		(79,826)		123,033		3,039,948		—		—		(1,188,936)		1,851,012
12/31/2022		300,170		—		146,396		(156,462)		290,104		4,793,088		—		2,181,304		(2,653,073)		4,321,319
Class Z
6/30/2023		2,709,640		—		—		(540,025)		2,169,615		42,819,504		—		—		(8,432,902)		34,386,602
12/31/2022		5,570,510		—		3,266,003		(1,122,606)		7,713,907		93,873,877		—		50,916,980		(19,891,278)		124,899,579
Index Solution 2060
Class ADV
6/30/2023		169,904		—		—		(113,512)		56,392		2,218,780		—		—		(1,484,280)		734,500
12/31/2022		254,332		—		107,812		(210,977)		151,167		3,505,363		—		1,397,248		(2,902,699)		1,999,912
Class I													��
6/30/2023		304,288		—		—		(47,044)		257,244		4,068,620		—		—		(630,969)		3,437,651
12/31/2022		491,197		—		161,664		(175,088)		477,773		6,927,764		—		2,142,050		(2,456,636)		6,613,178
Class S
6/30/2023		69,301		—		—		(41,935)		27,366		913,296		—		—		(541,716)		371,580
12/31/2022		149,029		—		48,032		(276,978)		(79,917)		2,089,471		—		629,695		(4,282,443)		(1,563,277)
Class S2
6/30/2023		32,511		—		—		(26,109)		6,402		425,420		—		—		(341,292)		84,128
12/31/2022		66,587		—		17,251		(26,231)		57,607		914,136		—		224,780		(386,594)		752,322
Class Z
6/30/2023		2,903,822		—		—		(335,224)		2,568,598		39,566,494		—		—		(4,536,565)		35,029,929
12/31/2022		5,244,036		—		1,972,560		(727,730)		6,488,866		74,838,241		—		26,530,933		(10,910,605)		90,458,569
Index Solution 2065
Class ADV
6/30/2023		69,363		—		—		(139,140)		(69,777)		719,329		—		—		(1,447,948)		(728,619)
12/31/2022		248,178		—		20,303		(55,340)		213,141		2,663,707		—		200,127		(618,000)		2,245,834
Class I
6/30/2023		213,243		—		—		(16,470)		196,773		2,224,589		—		—		(171,936)		2,052,653
12/31/2022		253,743		—		21,061		(44,902)		229,902		2,762,716		—		208,012		(496,728)		2,474,000
Class S
6/30/2023		67,097		—		—		(16,402)		50,695		701,310		—		—		(173,582)		527,728
12/31/2022		146,422		—		14,340		(67,212)		93,550		1,615,648		—		141,422		(746,823)		1,010,247

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (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 2065 (continued)
Class S2
6/30/2023		19,535		—		—		(10,572)		8,963		203,169		—		—		(110,324)		92,845
12/31/2022		37,762		—		3,693		(12,403)		29,052		410,589		—		36,383		(141,262)		305,710
Class Z
6/30/2023		1,442,096		—		—		(118,100)		1,323,996		15,157,733		—		—		(1,216,477)		13,941,256
12/31/2022		2,241,889		—		217,851		(221,194)		2,238,546		24,838,996		—		2,160,353		(2,631,590)		24,367,759

NOTE 11 — FEDERAL INCOME TAXES

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

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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Solution Income		$	42,278,263		$	42,530,643		$	20,542,949		$	19,139,561
Index Solution 2025			29,671,435			100,280,980			36,229,106			45,757,104
Index Solution 2030			19,397,293			67,658,339			21,798,077			21,932,792
Index Solution 2035			25,939,909			123,623,291			36,045,594			48,479,927
Index Solution 2040			16,748,845			67,090,290			15,253,649			19,778,057
Index Solution 2045			21,504,790			106,591,347			22,872,769			36,448,775
Index Solution 2050			10,874,680			51,762,464			9,464,511			12,281,658
Index Solution 2055			12,710,761			54,218,109			10,256,797			16,300,247
Index Solution 2060			5,896,354			25,028,352			3,970,064			4,700,425
Index Solution 2065			697,368			2,048,929			607,528			759,563

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Total Distributable Earnings/(Loss)
Index Solution Income		$	17,718,812		$	10,471,939		$	(113,413,493)		$	(85,222,742)
Index Solution 2025			24,735,211			35,043,376			(145,507,865)			(85,729,278)
Index Solution 2030			18,947,516			41,591,510			(116,046,981)			(55,507,955)
Index Solution 2035			27,876,027			84,351,975			(191,507,968)			(79,279,966)
Index Solution 2040			16,380,972			51,816,311			(112,430,320)			(44,233,037)
Index Solution 2045			20,530,399			79,748,474			(142,891,493)			(42,612,620)
Index Solution 2050			11,944,324			43,571,986			(85,455,960)			(29,939,650)
Index Solution 2055			13,073,362			42,669,924			(84,914,381)			(29,171,095)
Index Solution 2060			6,101,226			21,592,009			(50,143,753)			(22,450,518)
Index Solution 2065			—			—			(7,029,416)			(7,029,416)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

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

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

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer would be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer would 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).

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.

NOTE 14 — MARKET DISRUPTION

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 14 — MARKET DISRUPTION (continued)

to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will

experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2023, the Portfolios declared dividends and distributions of:

	PER SHARE AMOUNTS
	Net Investment Income			Long-term Capital Gains			Payable Date	Record Date
Index Solution Income
Class ADV		$	0.1854		$	0.1503	August 4, 2023	August 2, 2023
Class I		$	0.2422		$	0.1503	August 4, 2023	August 2, 2023
Class S		$	0.2145		$	0.1503	August 4, 2023	August 2, 2023
Class S2		$	0.2059		$	0.1503	August 4, 2023	August 2, 2023
Class Z		$	0.2645		$	0.1503	August 4, 2023	August 2, 2023
Index Solution 2025
Class ADV		$	0.1762		$	0.3392	August 4, 2023	August 2, 2023
Class I		$	0.2344		$	0.3392	August 4, 2023	August 2, 2023
Class S		$	0.2066		$	0.3392	August 4, 2023	August 2, 2023
Class S2		$	0.1958		$	0.3392	August 4, 2023	August 2, 2023
Class Z		$	0.2556		$	0.3392	August 4, 2023	August 2, 2023
Index Solution 2030
Class ADV		$	0.2742		$	0.7598	August 4, 2023	August 2, 2023
Class I		$	0.3527		$	0.7598	August 4, 2023	August 2, 2023
Class S		$	0.3199		$	0.7598	August 4, 2023	August 2, 2023
Class S2		$	0.3033		$	0.7598	August 4, 2023	August 2, 2023
Class Z		$	0.3484		$	0.7598	August 4, 2023	August 2, 2023

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 16 — SUBSEQUENT EVENTS (continued)

	PER SHARE AMOUNTS
	Net Investment Income			Long-term Capital Gains			Payable Date	Record Date
Index Solution 2035
Class ADV		$	0.1595		$	0.6814	August 4, 2023	August 2, 2023
Class I		$	0.2182		$	0.6814	August 4, 2023	August 2, 2023
Class S		$	0.1910		$	0.6814	August 4, 2023	August 2, 2023
Class S2		$	0.1813		$	0.6814	August 4, 2023	August 2, 2023
Class Z		$	0.2386		$	0.6814	August 4, 2023	August 2, 2023
Index Solution 2040
Class ADV		$	0.2359		$	1.0723	August 4, 2023	August 2, 2023
Class I		$	0.3139		$	1.0723	August 4, 2023	August 2, 2023
Class S		$	0.2739		$	1.0723	August 4, 2023	August 2, 2023
Class S2		$	0.2614		$	1.0723	August 4, 2023	August 2, 2023
Class Z		$	0.3451		$	1.0723	August 4, 2023	August 2, 2023
Index Solution 2045
Class ADV		$	0.1597		$	0.8909	August 4, 2023	August 2, 2023
Class I		$	0.2216		$	0.8909	August 4, 2023	August 2, 2023
Class S		$	0.1918		$	0.8909	August 4, 2023	August 2, 2023
Class S2		$	0.1829		$	0.8909	August 4, 2023	August 2, 2023
Class Z		$	0.2433		$	0.8909	August 4, 2023	August 2, 2023
Index Solution 2050
Class ADV		$	0.2129		$	1.1680	August 4, 2023	August 2, 2023
Class I		$	0.2951		$	1.1680	August 4, 2023	August 2, 2023
Class S		$	0.2540		$	1.1680	August 4, 2023	August 2, 2023
Class S2		$	0.2353		$	1.1680	August 4, 2023	August 2, 2023
Class Z		$	0.3264		$	1.1680	August 4, 2023	August 2, 2023
Index Solution 2055
Class ADV		$	0.2221		$	1.0182	August 4, 2023	August 2, 2023
Class I		$	0.3002		$	1.0182	August 4, 2023	August 2, 2023
Class S		$	0.2637		$	1.0182	August 4, 2023	August 2, 2023
Class S2		$	0.2499		$	1.0182	August 4, 2023	August 2, 2023
Class Z		$	0.3283		$	1.0182	August 4, 2023	August 2, 2023
Index Solution 2060
Class ADV		$	0.1511		$	0.7991	August 4, 2023	August 2, 2023
Class I		$	0.2101		$	0.7991	August 4, 2023	August 2, 2023
Class S		$	0.1786		$	0.7991	August 4, 2023	August 2, 2023
Class S2		$	0.1674		$	0.7991	August 4, 2023	August 2, 2023
Class Z		$	0.2323		$	0.7991	August 4, 2023	August 2, 2023

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 53.9%
1,034,437	Schwab U.S. TIPS ETF		$	54,235,532		7.8
210,562	Vanguard Long-Term Treasury ETF			13,377,004		1.9
453,640	Vanguard Short-Term Bond ETF			34,281,575		5.0
5,019,229	WisdomTree Voya Yield Enhanced USD Universal Bond Fund			244,381,241		35.2
808,361	Xtrackers USD High Yield Corporate Bond ETF			27,888,454		4.0
	Total Exchange-Traded Funds (Cost $383,002,102)			374,163,806		53.9
MUTUAL FUNDS: 45.8%
	Affiliated Investment Companies: 45.8%
4,374,300	Voya Short Term Bond Fund - Class R6			40,287,304		5.8
4,061,746	Voya U.S. Bond Index Portfolio - Class I			37,124,361		5.4
2,642,837 (1)	Voya VACS Index Series EM Portfolio			28,093,355		4.0
3,736,332 (1)	Voya VACS Index Series I Portfolio			38,633,673		5.6
1,420,342 (1)	Voya VACS Index Series MC Portfolio			14,388,069		2.1
13,819,762 (1)	Voya VACS Index Series S Portfolio			152,155,576		21.9
710,878 (1)	Voya VACS Index Series SC Portfolio			7,236,742		1.0
	Total Mutual Funds (Cost $302,214,573)			317,919,080		45.8
	Total Long-Term Investments (Cost $685,216,675)			692,082,886		99.7

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.3%
	Mutual Funds: 0.3%
1,860,335 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.990% (Cost $1,860,335)		$	1,860,335		0.3
	Total Short-Term Investments (Cost $1,860,335)			1,860,335		0.3
	Total Investments in Securities (Cost $687,077,010)		$	693,943,221		100.0
	Liabilities in Excess of Other Assets			(119,102)		—
	Net Assets		$	693,824,119		100.0

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of June 30, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	374,163,806		$	—		$	—		$	374,163,806
Mutual Funds			317,919,080			—			—			317,919,080
Short-Term Investments			1,860,335			—			—			1,860,335
Total Investments, at fair value		$	693,943,221		$	—		$	—		$	693,943,221

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

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, 2023:

	Funding Agreements
Assets:
Beginning balance at December 31, 2022		$	48,136,071
Purchases			—
Sales			(48,310,320)
Accrued discounts/(premiums)			—
Total realized gain (loss)			174,249
Net change in unrealized appreciation (depreciation)****			—
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at June 30, 2023		$	—
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2023****		$	—

****

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	23,255,102		$	(23,255,102)		$	—		$	—		$	538,017		$	(694,190)		$	—
Voya Emerging Markets Index Portfolio - Class P2			21,278,870			7,051,017			(31,519,268)			3,189,381			—			—			(2,635,736)			—
Voya International Index Portfolio - Class P2			35,115,395			15,626			(36,615,004)			1,483,983			—			—			1,409,223			—
Voya Russell Large Cap Growth Index - Class I			—			13,618,551			(13,618,551)			—			—			—			1,103,081			—
Voya Russell Mid Cap Index Portfolio - Class P2			13,550,541			3,849,887			(21,128,247)			3,727,819			—			—			(2,598,660)			—
Voya Short Term Bond Fund - Class R6			—			48,947,589			(8,527,892)			(132,393)			40,287,304			429,831			86,581			—
Voya U.S. Bond Index Portfolio - Class I			—			75,667,995			(38,136,612)			(407,022)			37,124,361			538,744			(273,015)			—
Voya U.S. Bond Index Portfolio - Class P2			313,889,345			3,966,934			(378,291,679)			60,435,400			—			1,235,040			(52,702,212)			—
Voya U.S. Stock Index Portfolio - Class P2			141,050,318			4,730,113			(166,834,131)			21,053,700			—			—			(12,217,718)			—
Voya VACS Index Series EM Portfolio			—			28,033,409			(488,101)			548,047			28,093,355			—			25,458			—
Voya VACS Index Series I Portfolio			—			40,592,207			(3,118,426)			1,159,892			38,633,673			—			2,754			12
Voya VACS Index Series MC Portfolio			—			18,483,641			(4,284,879)			189,307			14,388,069			—			(120,713)			—
Voya VACS Index Series S Portfolio			—			154,215,713			(15,994,533)			13,934,396			152,155,576			—			173,837			—
Voya VACS Index Series SC Portfolio			—			6,970,282			(145,821)			412,281			7,236,742			—			1,321			—
VRIAC Contract			48,136,071			681,330			(48,817,401)			—			—			—			174,249			—
		$	573,020,540		$	430,079,396		$	(790,775,647)		$	105,594,791		$	317,919,080		$	2,741,632		$	(68,265,740)		$	12

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,198,476)
Total		$	(1,198,476)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(64,070)
Total		$	(64,070)

At June 30, 2023, 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 $697,971,319.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	16,410,553
Gross Unrealized Depreciation		(20,438,646)
Net Unrealized Depreciation	$	(4,028,093)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 38.0%
1,191,028	Schwab U.S. TIPS ETF		$	62,445,598		5.7
80,811	Vanguard Long-Term Treasury ETF			5,133,923		0.5
417,034	Vanguard Short-Term Bond ETF			31,515,259		2.9
5,995,171	WisdomTree Voya Yield Enhanced USD Universal Bond Fund			291,898,881		26.9
620,486	Xtrackers USD High Yield Corporate Bond ETF			21,406,767		2.0
	Total Exchange-Traded Funds (Cost $420,724,634)			412,400,428		38.0
MUTUAL FUNDS: 61.7%
	Affiliated Investment Companies: 61.7%
7,718,073	Voya U.S. Bond Index Portfolio - Class I			70,543,191		6.5
4,869,017 (1)	Voya VACS Index Series EM Portfolio			51,757,646		4.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
11,015,819 (1)	Voya VACS Index Series I Portfolio		$	113,903,572		10.5
3,302,908 (1)	Voya VACS Index Series MC Portfolio			33,458,459		3.1
34,328,211 (1)	Voya VACS Index Series S Portfolio			377,953,604		34.8
2,201,050 (1)	Voya VACS Index Series SC Portfolio			22,406,688		2.0
	Total Mutual Funds (Cost $630,122,110)			670,023,160		61.7
	Total Investments in Securities (Cost $1,050,846,744)		$	1,082,423,588		99.7
	Assets in Excess of Other Liabilities			2,914,527		0.3
	Net Assets		$	1,085,338,115		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	412,400,428		$	—		$	—		$	412,400,428
Mutual Funds			670,023,160			—			—			670,023,160
Total Investments, at fair value		$	1,082,423,588		$	—		$	—		$	1,082,423,588
Other Financial Instruments+
Futures			164,281			—			—			164,281
Total Assets		$	1,082,587,869		$	—		$	—		$	1,082,587,869
Liabilities Table
Other Financial Instruments+
Futures		$	(535,685)		$	—		$	—		$	(535,685)
Total Liabilities		$	(535,685)		$	—		$	—		$	(535,685)

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, 2023 (Unaudited) (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2023:

	Funding Agreements
Assets:
Beginning balance at December 31, 2022		$	52,079,944
Purchases			—
Sales			(52,267,671)
Total realized gain (loss)			187,727
Net change in unrealized appreciation (depreciation)****			—
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at June 30, 2023		$	—
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2023****		$	—

****

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, 2023. may be due to securities no longer held or categorized as Level 3 at period end.

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	58,468,887		$	(58,468,887)		$	—		$	—		$	1,244,479		$	(1,642,003)		$	—
Voya Emerging Markets Index Portfolio - Class P2			64,706,360			11,119,671			(90,055,275)			14,229,244			—			—			(12,252,143)			—
Voya International Index Portfolio - Class P2			84,795,785			214,951			(84,508,870)			(501,866)			—			—			7,488,275			—
Voya Russell Large Cap Growth Index - Class I			—			20,799,739			(20,799,739)			—			—			—			1,681,158			—
Voya Russell Mid Cap Index Portfolio - Class P2			30,810,862			6,101,246			(44,000,330)			7,088,222			—			—			(4,598,494)			—
Voya Russell Small Cap Index Portfolio - Class P2			20,136,601			938,796			(27,191,752)			6,116,355			—			—			(4,840,699)			—
Voya U.S. Bond Index Portfolio - Class I			—			98,953,814			(27,768,579)			(642,044)			70,543,191			983,109			(223,357)			—
Voya U.S. Bond Index Portfolio - Class P2			351,423,221			7,662,970			(412,628,124)			53,541,933			—			1,373,649			(45,078,697)			—
Voya U.S. Stock Index Portfolio - Class P2			332,195,007			8,973,226			(374,331,706)			33,163,473			—			—			(12,464,990)			—
Voya VACS Index Series EM Portfolio			—			51,488,618			(864,920)			1,133,948			51,757,646			—			45,210			—
Voya VACS Index Series I Portfolio			—			116,739,550			(6,856,644)			4,020,666			113,903,572			—			22,819			7,320
Voya VACS Index Series MC Portfolio			—			39,389,242			(6,373,776)			442,993			33,458,459			—			(153,453)			—
Voya VACS Index Series S Portfolio			—			372,839,694			(29,342,352)			34,456,262			377,953,604			—			362,222			—
Voya VACS Index Series SC Portfolio			—			24,571,671			(2,654,208)			489,225			22,406,688			—			18,092			—
VRIAC Contract			52,079,944			880,802			(52,960,746)			—			—			—			187,727			—
		$	936,147,780		$	819,142,877		$	(1,238,805,908)		$	153,538,411		$	670,023,160		$	3,601,237		$	(71,448,333)		$	7,320

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, 2023 (Unaudited) (continued)

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		112		09/20/23		$	15,256,500		$	164,281
						$	15,256,500		$	164,281
Short Contracts:
S&P 500® E-Mini		(77)		09/15/23			(17,279,763)			(535,685)
						$	(17,279,763)		$	(535,685)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	164,281
Total Asset Derivatives			$	164,281
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	535,685
Total Liability Derivatives			$	535,685

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,808,653)
Interest rate contracts			(491,328)
Total		$	(3,299,981)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,280,824)
Interest rate contracts			610,661
Total		$	(670,163)

At June 30, 2023, 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 $1,066,675,308.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	40,862,958
Gross Unrealized Depreciation		(25,486,048)
Net Unrealized Appreciation	$	15,376,910

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 27.8%
309,466	Schwab U.S. TIPS ETF		$	16,225,302		1.9
62,992	Vanguard Long-Term Treasury ETF			4,001,882		0.5
108,066	Vanguard Short-Term Bond ETF			8,166,548		0.9
4,005,719	WisdomTree Voya Yield Enhanced USD Universal Bond Fund			195,034,452		22.6
483,665	Xtrackers USD High Yield Corporate Bond ETF			16,686,442		1.9
	Total Exchange-Traded Funds (Cost $245,205,862)			240,114,626		27.8
MUTUAL FUNDS: 71.8%
	Affiliated Investment Companies: 71.8%
5,392,828	Voya U.S. Bond Index Portfolio - Class I			49,290,444		5.7
4,724,119 (1)	Voya VACS Index Series EM Portfolio			50,217,390		5.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
11,171,928 (1)	Voya VACS Index Series I Portfolio		$	115,517,738		13.4
3,473,146 (1)	Voya VACS Index Series MC Portfolio			35,182,974		4.1
29,472,448 (1)	Voya VACS Index Series S Portfolio			324,491,594		37.6
4,353,594 (1)	Voya VACS Index Series SC Portfolio			44,319,586		5.2
	Total Mutual Funds (Cost $583,448,886)			619,019,726		71.8
	Total Investments in Securities (Cost $828,654,748)		$	859,134,352		99.6
	Assets in Excess of Other Liabilities			3,081,420		0.4
	Net Assets		$	862,215,772		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	240,114,626		$	—		$	—		$	240,114,626
Mutual Funds			619,019,726			—			—			619,019,726
Total Investments, at fair value		$	859,134,352		$	—		$	—		$	859,134,352
Other Financial Instruments+
Futures			127,612			—			—			127,612
Total Assets		$	859,261,964		$	—		$	—		$	859,261,964
Liabilities Table
Other Financial Instruments+
Futures		$	(417,417)		$	—		$	—		$	(417,417)
Total Liabilities		$	(417,417)		$	—		$	—		$	(417,417)

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, 2023 (Unaudited) (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2023:

	Funding Agreements
Assets:
Beginning balance at December 31, 2022		$	23,865,868
Purchases			—
Sales			(23,952,330)
Total realized gain (loss)			86,462
Net change in unrealized appreciation (depreciation)****			—
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at June 30, 2023		$	—
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2023****		$	—

****

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	47,164,045		$	(47,164,045)		$	—		$	—		$	1,126,824		$	(1,533,314)		$	—
Voya Emerging Markets Index Portfolio - Class P2			49,432,450			9,323,007			(69,027,530)			10,272,073			—			—			(8,790,649)			—
Voya International Index Portfolio - Class P2			89,206,793			351,441			(90,758,285)			1,200,051			—			—			6,160,951			—
Voya Russell Large Cap Growth Index - Class I			—			15,905,114			(15,905,114)			—			—			—			1,274,476			—
Voya Russell Mid Cap Index Portfolio - Class P2			31,404,305			4,821,540			(43,013,159)			6,787,314			—			—			(4,275,611)			—
Voya Russell Small Cap Index Portfolio - Class P2			38,811,134			1,304,403			(50,927,239)			10,811,702			—			—			(8,362,117)			—
Voya U.S. Bond Index Portfolio - Class I			—			67,158,496			(17,431,862)			(436,190)			49,290,444			671,485			(182,305)			—
Voya U.S. Bond Index Portfolio - Class P2			228,987,983			4,394,599			(262,248,443)			28,865,861			—			896,324			(23,392,200)			—
Voya U.S. Stock Index Portfolio - Class P2			277,271,180			7,055,356			(319,449,242)			35,122,706			—			—			(17,801,608)			—
Voya VACS Index Series EM Portfolio			—			49,685,669			(508,970)			1,040,691			50,217,390			—			26,760			—
Voya VACS Index Series I Portfolio			—			117,396,113			(5,874,962)			3,996,587			115,517,738			—			27,673			5,667
Voya VACS Index Series MC Portfolio			—			39,623,278			(4,925,574)			485,270			35,182,974			—			(107,532)			—
Voya VACS Index Series S Portfolio			—			315,668,875			(20,702,209)			29,524,928			324,491,594			—			247,251			—
Voya VACS Index Series SC Portfolio			—			47,438,138			(4,078,106)			959,554			44,319,586			—			39,056			—
VRIAC Contract			23,865,868			485,489			(24,351,357)			—			—			—			86,462			—
		$	738,979,713		$	727,775,563		$	(976,366,097)		$	128,630,547		$	619,019,726		$	2,694,633		$	(56,582,707)		$	5,667

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, 2023 (Unaudited) (continued)

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		87		09/20/23		$	11,851,031		$	127,612
						$	11,851,031		$	127,612
Short Contracts:
S&P 500® E-Mini		(60)		09/15/23			(13,464,750)			(417,417)
						$	(13,464,750)		$	(417,417)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	127,612
Total Asset Derivatives			$	127,612
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	417,417
Total Liability Derivatives			$	417,417

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,187,706)
Interest rate contracts			(384,007)
Total		$	(2,571,713)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(986,610)
Interest rate contracts			466,245
Total		$	(520,365)

At June 30, 2023, 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 $840,756,072.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	36,252,740
Gross Unrealized Depreciation		(18,164,265)
Net Unrealized Appreciation	$	18,088,475

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 18.5%
100,497	Vanguard Long-Term Treasury ETF		$	6,384,574		0.5
174,035	Vanguard Short-Term Bond ETF			13,151,825		0.9
4,394,168	WisdomTree Voya Yield Enhanced USD Universal Bond Fund			213,947,646		15.2
771,633	Xtrackers USD High Yield Corporate Bond ETF			26,621,339		1.9
	Total Exchange-Traded Funds (Cost $265,390,551)			260,105,384		18.5
MUTUAL FUNDS: 81.3%
	Affiliated Investment Companies: 81.3%
6,913,594	Voya U.S. Bond Index Portfolio - Class I			63,190,252		4.5
10,191,156 (1)	Voya VACS Index Series EM Portfolio			108,331,992		7.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
20,727,554 (1)	Voya VACS Index Series I Portfolio		$	214,322,908		15.3
5,613,741 (1)	Voya VACS Index Series MC Portfolio			56,867,200		4.1
56,935,938 (1)	Voya VACS Index Series S Portfolio			626,864,674		44.6
7,052,223 (1)	Voya VACS Index Series SC Portfolio			71,791,625		5.1
	Total Mutual Funds (Cost $1,073,299,697)			1,141,368,651		81.3
	Total Investments in Securities (Cost $1,338,690,248)		$	1,401,474,035		99.8
	Assets in Excess of Other Liabilities			3,308,837		0.2
	Net Assets		$	1,404,782,872		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	260,105,384		$	—		$	—		$	260,105,384
Mutual Funds			1,141,368,651			—			—			1,141,368,651
Total Investments, at fair value		$	1,401,474,035		$	—		$	—		$	1,401,474,035
Other Financial Instruments+
Futures			203,885			—			—			203,885
Total Assets		$	1,401,677,920		$	—		$	—		$	1,401,677,920
Liabilities Table
Other Financial Instruments+
Futures		$	(660,910)		$	—		$	—		$	(660,910)
Total Liabilities		$	(660,910)		$	—		$	—		$	(660,910)

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, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	95,836,886		$	(95,836,886)		$	—		$	—		$	2,330,115		$	(3,099,304)		$	—
Voya Emerging Markets Index Portfolio - Class P2			103,438,420			16,125,096			(145,824,388)			26,260,872			—			—			(23,145,018)			—
Voya International Index Portfolio - Class P2			165,330,469			1,316,947			(168,408,756)			1,761,340			—			—			11,831,023			—
Voya Russell Large Cap Growth Index - Class I			—			25,801,316			(25,801,316)			—			—			—			2,074,756			—
Voya Russell Mid Cap Index Portfolio - Class P2			49,245,573			7,545,984			(67,276,063)			10,484,506			—			—			(6,555,683)			—
Voya Russell Small Cap Index Portfolio - Class P2			60,885,665			1,821,691			(80,868,995)			18,161,639			—			—			(14,338,590)			—
Voya U.S. Bond Index Portfolio - Class I			—			112,092,700			(48,026,271)			(876,177)			63,190,252			777,221			(307,443)			—
Voya U.S. Bond Index Portfolio - Class P2			277,199,544			6,345,319			(326,508,052)			42,963,189			—			1,085,451			(36,442,539)			—
Voya U.S. Stock Index Portfolio - Class P2			520,569,107			12,361,414			(594,216,371)			61,285,850			—			—			(28,874,286)			—
Voya VACS Index Series EM Portfolio			—			106,882,773			(820,523)			2,269,742			108,331,992			—			42,293			—
Voya VACS Index Series I Portfolio			—			214,833,041			(7,849,583)			7,339,450			214,322,908			—			18,432			9,159
Voya VACS Index Series MC Portfolio			—			62,644,465			(6,579,792)			802,527			56,867,200			—			(154,973)			—
Voya VACS Index Series S Portfolio			—			594,695,333			(24,817,026)			56,986,367			626,864,674			—			333,289			—
Voya VACS Index Series SC Portfolio			—			74,952,512			(4,707,933)			1,547,046			71,791,625			—			70,630			—
		$	1,176,668,778		$	1,333,255,477		$	(1,597,541,955)		$	228,986,351		$	1,141,368,651		$	4,192,787		$	(98,547,413)		$	9,159

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

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		139		09/20/23		$	18,934,406		$	203,885
						$	18,934,406		$	203,885
Short Contracts:
S&P 500® E-Mini		(95)		09/15/23			(21,319,187)			(660,910)
						$	(21,319,187)		$	(660,910)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	203,885
Total Asset Derivatives			$	203,885
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	660,910
Total Liability Derivatives			$	660,910

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(3,483,419)
Interest rate contracts			(619,780)
Total		$	(4,103,199)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,545,143)
Interest rate contracts			731,075
Total		$	(814,068)

At June 30, 2023, 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 $1,353,558,544.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	69,347,156
Gross Unrealized Depreciation		(21,888,617)
Net Unrealized Appreciation	$	47,458,539

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.1%
59,618	Vanguard Long-Term Treasury ETF		$	3,787,532		0.4
103,004	Vanguard Short-Term Bond ETF			7,784,012		0.9
1,185,779	WisdomTree Voya Yield Enhanced USD Universal Bond Fund			57,734,394		6.9
457,757	Xtrackers USD High Yield Corporate Bond ETF			15,792,616		1.9
	Total Exchange-Traded Funds
	(Cost $86,391,312)			85,098,554		10.1
MUTUAL FUNDS: 89.7%
	Affiliated Investment Companies: 89.7%
3,137,285	Voya U.S. Bond Index Portfolio - Class I			28,674,781		3.4
6,043,405 (1)	Voya VACS Index Series EM Portfolio			64,241,392		7.7
14,634,729 (1)	Voya VACS Index Series I Portfolio			151,323,101		18.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
4,154,529 (1)	Voya VACS Index Series MC Portfolio		$	42,085,378		5.0
37,687,113 (1)	Voya VACS Index Series S Portfolio			414,935,115		49.5
5,014,375 (1)	Voya VACS Index Series SC Portfolio			51,046,334		6.1
	Total Mutual Funds (Cost $706,562,431)			752,306,101		89.7
	Total Investments in Securities (Cost $792,953,743)		$	837,404,655		99.8
	Assets in Excess of Other Liabilities			1,514,963		0.2
	Net Assets		$	838,919,618		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	85,098,554		$	—		$	—		$	85,098,554
Mutual Funds			752,306,101			—			—			752,306,101
Total Investments, at fair value		$	837,404,655		$	—		$	—		$	837,404,655
Other Financial Instruments+
Futures			121,744			—			—			121,744
Total Assets		$	837,526,399		$	—		$	—		$	837,526,399
Liabilities Table
Other Financial Instruments+
Futures		$	(396,546)		$	—		$	—		$	(396,546)
Total Liabilities		$	(396,546)		$	—		$	—		$	(396,546)

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, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	56,901,008		$	(56,901,008)		$	—		$	—		$	1,375,460		$	(1,830,034)		$	—
Voya Emerging Markets Index Portfolio - Class P2			60,607,742			10,096,017			(86,688,101)			15,984,342			—			—			(14,165,695)			—
Voya International Index Portfolio - Class P2			119,304,302			702,329			(123,798,343)			3,791,712			—			—			6,011,881			—
Voya Russell Large Cap Growth Index - Class I			—			15,317,020			(15,317,020)			—			—			—			1,222,411			—
Voya Russell Mid Cap Index Portfolio - Class P2			28,866,934			4,350,190			(40,844,496)			7,627,372			—			—			(5,327,022)			—
Voya Russell Small Cap Index Portfolio - Class P2			42,899,951			1,204,766			(56,419,994)			12,315,277			—			—			(9,626,480)			—
Voya U.S. Bond Index Portfolio - Class I			—			56,432,651			(27,314,802)			(443,068)			28,674,781			345,766			(172,817)			—
Voya U.S. Bond Index Portfolio - Class P2			88,705,910			2,360,928			(101,798,125)			10,731,287			—			351,961			(8,804,530)			—
Voya U.S. Stock Index Portfolio - Class P2			348,192,460			7,813,107			(402,017,401)			46,011,834			—			—			(24,350,033)			—
Voya VACS Index Series EM Portfolio			—			63,452,906			(549,874)			1,338,360			64,241,392			—			25,800			—
Voya VACS Index Series I Portfolio			—			151,757,706			(5,592,281)			5,157,676			151,323,101			—			46,574			5,534
Voya VACS Index Series MC Portfolio			—			42,864,519			(1,597,500)			818,359			42,085,378			—			(23,190)			—
Voya VACS Index Series S Portfolio			—			394,586,506			(17,406,952)			37,755,561			414,935,115			—			226,675			—
Voya VACS Index Series SC Portfolio			—			53,078,287			(3,148,734)			1,116,781			51,046,334			—			26,559			—
		$	688,577,299		$	860,917,940		$	(939,394,631)		$	142,205,493		$	752,306,101		$	2,073,187		$	(56,739,901)		$	5,534

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

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		83		09/20/23		$	11,306,156		$	121,744
						$	11,306,156		$	121,744
Short Contracts:
S&P 500® E-Mini		(57)		09/15/23			(12,791,512)			(396,546)
						$	(12,791,512)		$	(396,546)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	121,744
Total Asset Derivatives			$	121,744
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	396,546
Total Liability Derivatives			$	396,546

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,064,259)
Interest rate contracts			(372,441)
Total		$	(2,436,700)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(914,981)
Interest rate contracts			429,592
Total		$	(485,389)

At June 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $800,014,310.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	46,425,542
Gross Unrealized Depreciation		(9,309,940)
Net Unrealized Appreciation	$	37,115,602

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.5%
1,053,348	WisdomTree Voya Yield Enhanced USD Universal Bond Fund		$	51,286,461		4.6
600,053	Xtrackers USD High Yield Corporate Bond ETF			20,701,828		1.9
	Total Exchange-Traded Funds (Cost $72,545,748)			71,988,289		6.5
MUTUAL FUNDS: 93.2%
	Affiliated Investment Companies: 93.2%
1,216,683	Voya U.S. Bond Index Portfolio - Class I			11,120,481		1.0
8,914,106 (1)	Voya VACS Index Series EM Portfolio			94,756,950		8.6
21,253,217 (1)	Voya VACS Index Series I Portfolio			219,758,266		19.9
5,450,493 (1)	Voya VACS Index Series MC Portfolio			55,213,489		5.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
52,972,415 (1)	Voya VACS Index Series S Portfolio		$	583,226,288		52.7
6,571,982 (1)	Voya VACS Index Series SC Portfolio			66,902,777		6.0
	Total Mutual Funds (Cost $966,501,556)			1,030,978,251		93.2
	Total Investments in Securities (Cost $1,039,047,304)		$	1,102,966,540		99.7
	Assets in Excess of Other Liabilities			2,893,102		0.3
	Net Assets		$	1,105,859,642		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	71,988,289		$	—		$	—		$	71,988,289
Mutual Funds			1,030,978,251			—			—			1,030,978,251
Total Investments, at fair value		$	1,102,966,540		$	—		$	—		$	1,102,966,540
Other Financial Instruments+
Futures			211,219			—			—			211,219
Total Assets		$	1,103,177,759		$	—		$	—		$	1,103,177,759
Liabilities Table
Other Financial Instruments+
Futures		$	(688,738)		$	—		$	—		$	(688,738)
Total Liabilities		$	(688,738)		$	—		$	—		$	(688,738)

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, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	85,057,765		$	(85,057,765)		$	—		$	—		$	2,002,045		$	(2,475,318)		$	—
Voya Emerging Markets Index Portfolio - Class P2			88,577,773			13,939,231			(126,783,159)			24,266,155			—			—			(21,507,512)			—
Voya International Index Portfolio - Class P2			175,734,718			1,287,529			(182,755,184)			5,732,937			—			—			8,707,505			—
Voya Russell Large Cap Growth Index - Class I			—			20,051,813			(20,051,813)			—			—			—			1,602,428			—
Voya Russell Mid Cap Index Portfolio - Class P2			37,901,133			5,672,098			(53,699,396)			10,126,165			—			—			(7,111,076)			—
Voya Russell Small Cap Index Portfolio - Class P2			56,423,162			1,287,378			(74,160,405)			16,449,865			—			—			(12,926,463)			—
Voya U.S. Bond Index Portfolio - Class I			—			22,618,957			(11,274,215)			(224,261)			11,120,481			101,355			(219,466)			—
Voya U.S. Bond Index Portfolio - Class P2			53,263,945			858,095			(58,715,988)			4,593,948			—			197,844			(3,176,100)			—
Voya U.S. Stock Index Portfolio - Class P2			489,895,621			9,885,649			(559,240,361)			59,459,091			—			—			(29,037,762)			—
Voya VACS Index Series EM Portfolio			—			104,168,250			(10,947,170)			1,535,870			94,756,950			—			490,150			—
Voya VACS Index Series I Portfolio			—			219,106,925			(6,823,149)			7,474,490			219,758,266			—			54,226			6,897
Voya VACS Index Series MC Portfolio			—			55,876,832			(1,725,922)			1,062,579			55,213,489			—			(18,231)			—
Voya VACS Index Series S Portfolio			—			552,559,611			(22,510,688)			53,177,365			583,226,288			—			313,487			—
Voya VACS Index Series SC Portfolio			—			69,068,460			(3,616,335)			1,450,652			66,902,777			—			48,575			—
		$	901,796,352		$	1,161,438,593		$	(1,217,361,550)		$	185,104,856		$	1,030,978,251		$	2,301,244		$	(65,255,557)		$	6,897

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

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		144		09/20/23		$	19,615,500		$	211,219
						$	19,615,500		$	211,219
Short Contracts:
S&P 500® E-Mini		(99)		09/15/23			(22,216,838)			(688,738)
						$	(22,216,838)		$	(688,738)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	211,219
Total Asset Derivatives			$	211,219
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	688,738
Total Liability Derivatives			$	688,738

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(3,030,657)
Interest rate contracts			(645,209)
Total		$	(3,675,866)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,546,855)
Interest rate contracts			749,953
Total		$	(796,902)

At June 30, 2023, 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 $1,049,599,517.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	64,973,510
Gross Unrealized Depreciation		(12,083,970)
Net Unrealized Appreciation	$	52,889,540

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.7%
505,714	WisdomTree Voya Yield Enhanced USD Universal Bond Fund		$	24,622,709		3.7
	Total Exchange-Traded Funds (Cost $25,031,905)			24,622,709		3.7
MUTUAL FUNDS: 96.1%
	Affiliated Investment Companies: 96.1%
792,554	Voya U.S. Bond Index Portfolio - Class I			7,243,948		1.1
5,399,976 (1)	Voya VACS Index Series EM Portfolio			57,401,741		8.6
12,849,812 (1)	Voya VACS Index Series I Portfolio			132,867,054		19.8
3,962,455 (1)	Voya VACS Index Series MC Portfolio			40,139,665		6.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
33,280,582 (1)	Voya VACS Index Series S Portfolio		$	366,419,211		54.6
3,988,162 (1)	Voya VACS Index Series SC Portfolio			40,599,492		6.0
	Total Mutual Funds (Cost $604,455,944)			644,671,111		96.1
	Total Investments in Securities (Cost $629,487,849)		$	669,293,820		99.8
	Assets in Excess of Other Liabilities			1,571,283		0.2
	Net Assets		$	670,865,103		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	24,622,709		$	—		$	—		$	24,622,709
Mutual Funds			644,671,111			—			—			644,671,111
Total Investments, at fair value		$	669,293,820		$	—		$	—		$	669,293,820
Other Financial Instruments+
Futures			126,145			—			—			126,145
Total Assets		$	669,419,965		$	—		$	—		$	669,419,965
Liabilities Table
Other Financial Instruments+
Futures		$	(410,460)		$	—		$	—		$	(410,460)
Total Liabilities		$	(410,460)		$	—		$	—		$	(410,460)

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, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	50,775,237		$	(50,775,237)		$	—		$	—		$	1,195,887		$	(1,477,456)		$	—
Voya Emerging Markets Index Portfolio - Class P2			51,543,094			9,179,093			(74,073,459)			13,351,272			—			—			(11,760,613)			—
Voya International Index Portfolio - Class P2			102,293,212			1,185,352			(107,580,638)			4,102,074			—			—			4,310,944			—
Voya Russell Large Cap Growth Index - Class I			—			11,945,795			(11,945,795)			—			—			—			946,880			—
Voya Russell Mid Cap Index Portfolio - Class P2			27,498,215			3,580,721			(36,990,201)			5,911,265			—			—			(3,732,282)			—
Voya Russell Small Cap Index Portfolio - Class P2			32,726,183			876,467			(43,076,934)			9,474,284			—			—			(7,421,883)			—
Voya U.S. Bond Index Portfolio - Class I			—			14,366,016			(6,981,192)			(140,876)			7,243,948			73,542			(70,522)			—
Voya U.S. Bond Index Portfolio - Class P2			19,793,920			553,785			(21,475,907)			1,128,202			—			67,630			(611,573)			—
Voya U.S. Stock Index Portfolio - Class P2			292,430,935			7,274,911			(339,120,211)			39,414,365			—			—			(21,173,018)			—
Voya VACS Index Series EM Portfolio			—			62,864,463			(6,385,954)			923,232			57,401,741			—			289,879			—
Voya VACS Index Series I Portfolio			—			132,126,972			(3,753,426)			4,493,508			132,867,054			—			23,535			4,055
Voya VACS Index Series MC Portfolio			—			40,398,388			(1,039,899)			781,176			40,139,665			—			(10,236)			—
Voya VACS Index Series S Portfolio			—			341,958,768			(8,807,410)			33,267,853			366,419,211			—			88,411			—
Voya VACS Index Series SC Portfolio			—			41,624,342			(1,915,125)			890,275			40,599,492			—			24,325			—
		$	526,285,559		$	718,710,310		$	(713,921,388)		$	113,596,630		$	644,671,111		$	1,337,059		$	(40,573,609)		$	4,055

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

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		86		09/20/23		$	11,714,813		$	126,145
						$	11,714,813		$	126,145
Short Contracts:
S&P 500® E-Mini		(59)		09/15/23			(13,240,338)			(410,460)
						$	(13,240,338)		$	(410,460)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	126,145
Total Asset Derivatives			$	126,145
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	410,460
Total Liability Derivatives			$	410,460

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,780,023)
Interest rate contracts			(392,054)
Total		$	(2,172,077)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(923,520)
Interest rate contracts			436,120
Total		$	(487,400)

At June 30, 2023, 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 $635,243,422.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	40,279,103
Gross Unrealized Depreciation		(6,512,925)
Net Unrealized Appreciation	$	33,766,178

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.7%
381,864	WisdomTree Voya Yield Enhanced USD Universal Bond Fund		$	18,592,576		2.7
	Total Exchange-Traded Funds (Cost $18,993,681)			18,592,576		2.7
MUTUAL FUNDS: 97.1%
	Affiliated Investment Companies: 97.1%
808,304	Voya U.S. Bond Index Portfolio - Class I			7,387,896		1.1
6,176,371 (1)	Voya VACS Index Series EM Portfolio			65,654,821		9.5
13,192,354 (1)	Voya VACS Index Series I Portfolio			136,408,939		19.8
4,064,873 (1)	Voya VACS Index Series MC Portfolio			41,177,162		6.0

Shares		Value				Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
34,157,676 (1)	Voya VACS Index Series S Portfolio		$	376,076,008			54.6
4,083,176 (1)	Voya VACS Index Series SC Portfolio			41,566,727			6.1
	Total Mutual Funds (Cost $626,633,771)			668,271,553			97.1
	Total Investments in Securities (Cost $645,627,452)		$	686,864,129			99.8
	Assets in Excess of Other Liabilities			1,452,666			0.2
	Net Assets		$	688,316,795	��		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	18,592,576		$	—		$	—		$	18,592,576
Mutual Funds			668,271,553			—			—			668,271,553
Total Investments, at fair value		$	686,864,129		$	—		$	—		$	686,864,129
Other Financial Instruments+
Futures			129,078			—			—			129,078
Total Assets		$	686,993,207		$	—		$	—		$	686,993,207
Liabilities Table
Other Financial Instruments+
Futures		$	(424,374)		$	—		$	—		$	(424,374)
Total Liabilities		$	(424,374)		$	—		$	—		$	(424,374)

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, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	52,099,986		$	(52,099,986)		$	—		$	—		$	1,226,189		$	(1,515,111)		$	—
Voya Emerging Markets Index Portfolio - Class P2			52,778,273			9,289,121			(75,520,326)			13,452,932			—			—			(11,823,243)			—
Voya International Index Portfolio - Class P2			104,804,193			1,194,680			(109,965,601)			3,966,728			—			—			4,635,438			—
Voya Russell Large Cap Growth Index - Class I			—			12,238,585			(12,238,585)			—			—			—			970,041			—
Voya Russell Mid Cap Index Portfolio - Class P2			28,171,038			3,648,953			(36,904,728)			5,084,737			—			—			(2,859,336)			—
Voya Russell Small Cap Index Portfolio - Class P2			33,542,119			868,697			(44,132,787)			9,721,971			—			—			(7,625,847)			—
Voya U.S. Bond Index Portfolio - Class I			—			14,473,287			(6,940,878)			(144,513)			7,387,896			75,234			(71,704)			—
Voya U.S. Bond Index Portfolio - Class P2			14,545,609			468,557			(15,714,059)			699,893			—			47,425			(324,776)			—
Voya U.S. Stock Index Portfolio - Class P2			305,202,639			7,394,200			(352,189,761)			39,592,922			—			—			(20,603,698)			—
Voya VACS Index Series EM Portfolio			—			64,514,572			(135,326)			1,275,575			65,654,821			—			7,454			—
Voya VACS Index Series I Portfolio			—			135,129,770			(3,336,730)			4,615,899			136,408,939			—			36,042			4,241
Voya VACS Index Series MC Portfolio			—			41,281,146			(910,471)			806,487			41,177,162			—			(5,711)			—
Voya VACS Index Series S Portfolio			—			355,436,884			(13,522,276)			34,161,400			376,076,008			—			190,715			—
Voya VACS Index Series SC Portfolio			—			42,452,428			(1,808,635)			922,934			41,566,727			—			28,698			—
		$	539,043,871		$	740,490,866		$	(725,420,149)		$	114,156,965		$	668,271,553		$	1,348,848		$	(38,961,038)		$	4,241

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

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		88		09/20/23		$	11,987,250		$	129,078
						$	11,987,250		$	129,078
Short Contracts:
S&P 500® E-Mini		(61)		09/15/23			(13,689,163)			(424,374)
						$	(13,689,163)		$	(424,374)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	129,078
Total Asset Derivatives			$	129,078
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	424,374
Total Liability Derivatives			$	424,374

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,832,893)
Interest rate contracts			(398,571)
Total		$	(2,231,464)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(947,807)
Interest rate contracts			446,749
Total		$	(501,058)

At June 30, 2023, 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 $651,490,348.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	41,705,612
Gross Unrealized Depreciation		(6,627,034)
Net Unrealized Appreciation	$	35,078,578

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.8%
216,260	WisdomTree Voya Yield Enhanced USD Universal Bond Fund		$	10,529,483		2.8
	Total Exchange-Traded Funds (Cost $10,677,304)			10,529,483		2.8
MUTUAL FUNDS: 97.0%
	Affiliated Investment Companies: 97.0%
454,292	Voya U.S. Bond Index Portfolio - Class I			4,152,230		1.1
3,439,799 (1)	Voya VACS Index Series EM Portfolio			36,565,060		9.5
7,328,741 (1)	Voya VACS Index Series I Portfolio			75,779,184		19.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,263,403 (1)	Voya VACS Index Series MC Portfolio		$	22,928,271		6.0
19,000,832 (1)	Voya VACS Index Series S Portfolio			209,199,156		54.6
2,281,336 (1)	Voya VACS Index Series SC Portfolio			23,223,996		6.0
	Total Mutual Funds (Cost $348,868,842)			371,847,897		97.0
	Total Investments in Securities (Cost $359,546,146)		$	382,377,380		99.8
	Assets in Excess of Other Liabilities			782,467		0.2
	Net Assets		$	383,159,847		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	10,529,483		$	—		$	—		$	10,529,483
Mutual Funds			371,847,897			—			—			371,847,897
Total Investments, at fair value		$	382,377,380		$	—		$	—		$	382,377,380
Other Financial Instruments+
Futures			70,406			—			—			70,406
Total Assets		$	382,447,786		$	—		$	—		$	382,447,786
Liabilities Table
Other Financial Instruments+
Futures		$	(229,579)		$	—		$	—		$	(229,579)
Total Liabilities		$	(229,579)		$	—		$	—		$	(229,579)

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, 2023 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023				Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	28,612,226		$	(28,612,226)		$	—		$	—			$	674,934		$	(832,468)		$	—
Voya Emerging Markets Index Portfolio - Class P2			28,013,572			5,602,795			(40,136,652)			6,520,285			—				—			(5,660,608)			—
Voya International Index Portfolio - Class P2			55,696,031			970,610			(60,391,921)			3,725,280			—				—			857,882			—
Voya Russell Large Cap Growth Index - Class I			—			6,699,514			(6,699,514)			—			—				—			526,301			—
Voya Russell Mid Cap Index Portfolio - Class P2			14,965,333			1,979,786			(19,931,110)			2,985,991			—				—			(1,799,424)			—
Voya Russell Small Cap Index Portfolio - Class P2			17,980,589			355,713			(23,018,521)			4,682,219			—				—			(3,563,294)			—
Voya U.S. Bond Index Portfolio - Class I			—			8,055,750			(3,813,933)			(89,587)			4,152,230				36,295			(37,371)			—
Voya U.S. Bond Index Portfolio - Class P2			4,734,563			365,438			(5,223,721)			123,720			—	��			18,776			(1,338)			—
Voya U.S. Stock Index Portfolio - Class P2			164,235,736			3,760,867			(192,510,638)			24,514,035			—				—			(14,295,585)			—
Voya VACS Index Series EM Portfolio			—			35,939,322			(75,402)			701,140			36,565,060				—			2,710			—
Voya VACS Index Series I Portfolio			—			77,751,877			(4,486,855)			2,514,162			75,779,184				—			63,244			2,253
Voya VACS Index Series MC Portfolio			—			22,868,791			(406,240)			465,720			22,928,271				—			(3,841)			—
Voya VACS Index Series S Portfolio			—			198,812,306			(8,480,385)			18,867,235			209,199,156				—			125,601			—
Voya VACS Index Series SC Portfolio			—			23,664,050			(960,439)			520,385			23,223,996				—			15,561			—
		$	285,625,824		$	415,439,045		$	(394,747,557)		$	65,530,585		$	371,847,897			$	730,005		$	(24,602,630)		$	2,253

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

At June 30, 2023, 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:
U.S. Treasury Ultra Long Bond		48		09/20/23		$	6,538,500		$	70,406
						$	6,538,500		$	70,406
Short Contracts:
S&P 500® E-Mini		(33)		09/15/23			(7,405,613)			(229,579)
						$	(7,405,613)		$	(229,579)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	70,406
Total Asset Derivatives			$	70,406
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	229,579
Total Liability Derivatives			$	229,579

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(986,879)
Interest rate contracts			(221,247)
Total		$	(1,208,126)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(509,108)
Interest rate contracts			235,875
Total		$	(273,233)

At June 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $363,998,601.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	23,024,988
Gross Unrealized Depreciation		(4,805,308)
Net Unrealized Appreciation	$	18,219,680

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.2%
16,227	Vanguard Long-Term Treasury ETF		$	1,030,901		1.5
22,658	WisdomTree Voya Yield Enhanced USD Universal Bond Fund			1,103,195		1.7
	Total Exchange-Traded Funds (Cost $2,145,469)			2,134,096		3.2
MUTUAL FUNDS: 96.7%
	Affiliated Investment Companies: 96.7%
97,480	Voya U.S. Bond Index Portfolio - Class I			890,964		1.4
595,539 (1)	Voya VACS Index Series EM Portfolio			6,330,575		9.6
1,336,709 (1)	Voya VACS Index Series I Portfolio			13,821,567		20.9
391,690 (1)	Voya VACS Index Series MC Portfolio			3,967,816		6.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
3,172,164 (1)	Voya VACS Index Series S Portfolio		$	34,925,523		52.8
392,334 (1)	Voya VACS Index Series SC Portfolio			3,993,957		6.0
	Total Mutual Funds (Cost $60,177,096)			63,930,402		96.7
	Total Investments in Securities (Cost $62,322,565)		$	66,064,498		99.9
	Assets in Excess of Other Liabilities			38,613		0.1
	Net Assets		$	66,103,111		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, 2023 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, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,134,096		$	—		$	—		$	2,134,096
Mutual Funds			63,930,402			—			—			63,930,402
Total Investments, at fair value		$	66,064,498		$	—		$	—		$	66,064,498

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, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	4,678,486		$	(4,678,486)		$	—		$	—		$	112,347		$	(137,654)		$	—
Voya Emerging Markets Index Portfolio - Class P2			4,092,462			1,296,003			(5,920,576)			532,111			—			—			(415,057)			—
Voya International Index Portfolio - Class P2			8,117,363			602,207			(9,113,641)			394,071			—			—			274,531			—
Voya Russell Large Cap Growth Index - Class I			—			1,080,661			(1,080,661)			—			—			—			80,848			—
Voya Russell Mid Cap Index Portfolio - Class P2			2,170,638			385,041			(2,834,812)			279,133			—			—			(105,333)			—
Voya Russell Small Cap Index Portfolio - Class P2			3,436,999			145,926			(4,098,604)			515,679			—			—			(299,074)			—
Voya U.S. Bond Index Portfolio - Class I			—			1,570,262			(662,876)			(16,422)			890,964			6,507			(5,399)			—
Voya U.S. Bond Index Portfolio - Class P2			698,362			185,508			(901,667)			17,797			—			2,680			(886)			—
Voya U.S. Stock Index Portfolio - Class P2			22,340,023			1,025,509			(26,646,544)			3,281,012			—			—			(1,881,061)			—
Voya VACS Index Series EM Portfolio			—			6,240,430			(24,779)			114,924			6,330,575			—			940			—
Voya VACS Index Series I Portfolio			—			13,853,375			(459,561)			427,753			13,821,567			—			467			394
Voya VACS Index Series MC Portfolio			—			3,995,073			(122,744)			95,487			3,967,816			—			(511)			—
Voya VACS Index Series S Portfolio			—			34,065,503			(2,164,906)			3,024,926			34,925,523			(9)			29,667			—
Voya VACS Index Series SC Portfolio			—			5,331,091			(1,443,772)			106,638			3,993,957			—			(53,990)			—
		$	40,855,847		$	74,455,075		$	(60,153,629)		$	8,773,109		$	63,930,402		$	121,525		$	(2,512,512)		$	394

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

At June 30, 2023, 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 $63,967,136.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	3,780,129
Gross Unrealized Depreciation		(1,682,743)
Net Unrealized Appreciation	$	2,097,386

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

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VPSAR-VINDSOL (0623-081823)

(b) Not applicable.

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.

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

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the 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)(2)(1)

Not applicable.

(a)(2)(2)

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/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: September 5, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: September 5, 2023

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

Date: September 5, 2023

Voya PARTNERS N-CSRSCertified semi-annual shareholder report (management investment company)