N-CSR 1 tm222386d16_ncsr.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08319

Voya Partners, Inc.

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

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

Voya Investment Management

Annual Report

December 31, 2021

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

◼ Voya Global Bond Portfolio

◼ Voya International High Dividend Low Volatility Portfolio

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

◼ VY^® Baron Growth Portfolio

◼ VY^® Columbia Contrarian Core Portfolio

◼ VY^® Columbia Small Cap Value II Portfolio

◼ VY^® Invesco Comstock Portfolio

◼ VY^® Invesco Equity and Income Portfolio

◼ VY^® Invesco Global Portfolio (formerly VY^® Invesco Oppenheimer Global Portfolio)

◼ VY^® JPMorgan Mid Cap Value Portfolio

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

◼ VY^® T. Rowe Price Growth Equity Portfolio

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio's annual and semi-annual shareholder reports, like this annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

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

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

President's Letter					1
Portfolio Managers' Reports					3
Shareholder Expense Examples					27
Report of Independent Registered Public Accounting Firm					30
Statements of Assets and Liabilities					31
Statements of Operations					37
Statements of Changes in Net Assets					40
Financial Highlights					46
Notes to Financial Statements					53
Portfolios of Investments					76
Tax Information					173
Director and Officer Information					175
Shareholder Meeting Information					180
Advisory and Sub-Advisory Contract Approval Discussion					181

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.

PRESIDENT'S LETTER

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

Dear Shareholder,

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

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

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

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

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

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2022

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

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

BENCHMARK DESCRIPTIONS

Index				Description
Bloomberg Global Aggregate Index				Provides a broad-based measure of the global investment-grade fixed-rate debt markets.
Bloomberg U.S. Government/Credit Index				An index made up of the Barclays Government and Credit indices, including securities issued by the U.S. government and its agencies and publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.
MSCI All Country World Index^SM				A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets.
MSCI Europe, Australasia and Far East^® ("MSCI EAFE^®") Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI EAFE^® Value Index ("MSCI EAFE^® Value")				The index captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the U.S. and Canada.
Russell 1000^® Index				A comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies.
Russell 1000^® Growth Index				Measures the performance of the 1,000 largest companies in the Russell 3000^® Index with higher price-to-book ratios and higher forecasted growth.
Russell 1000^® Value Index				An index that measures the performance of those Russell 1000^® securities with lower price-to-book ratios and lower forecasted growth values.
Russell 2000^® Growth Index				An index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation.
Russell 2000^® Value Index				An index that measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower than forecasted growth values.
Russell 2500^TM Growth Index				Measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^TM Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 2500^TM Value Index				Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
Russell Midcap^® Growth Index				An index that measures the performance of those companies included in the Russell Midcap^® Index with relatively higher price-to-book ratios and higher forecasted growth values.
Russell Midcap^® Value Index				Measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.
S&P 500^® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
S&P MidCap 400^® Index				An index that measures the performance of the mid-size company segment of the U.S. market.
S&P SmallCap 600^® Value Index				Measures the performance of those S&P SmallCap 600^® Index companies with lower price-to-book ratios.

PORTFOLIO MANAGERS' REPORT

VOYA GLOBAL BOND PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of -5.03% compared to the Bloomberg Global Aggregate Index, which returned -4.71% for the same period.

Portfolio Specifics: The Portfolio slightly lagged the Bloomberg Global Aggregate Index for the period. Interest rate and currency positioning detracted, while sector allocations added to performance.

Fixed income markets lost ground, as interest rates rose over the course of 2021. Strong momentum in the U.S. recovery, expectations of a faster vaccination program and more fiscal stimulus propelled U.S. Treasury yields higher early in the reporting period, with other developed countries witnessing an increase in rates as well. After peaking in the first quarter of 2021, the remainder of the year witnessed a tug-of-war in yield levels, with elevated inflation concerns pushing rates higher, slowing growth and episodic COVID-19-related concerns sparking recoveries in bond markets. Non-government sectors, including corporate and securitized credit, outperformed global Treasuries. Corporate markets were supported by further improvements in the economy and earnings. In securitized sectors, non-agency residential mortgage-backed securities ("RMBS") were underpinned by the strong housing market and resilient consumers, while commercial mortgage-backed securities ("CMBS") markets responded positively to vaccine news and the prospect of a return to pre-COVID-19 behavior. One exception was agency mortgage-backed securities ("MBS"), a sector that struggled in the wake of higher rates and rate volatility. Meanwhile, the U.S. dollar ("USD") strengthened versus developed and emerging currencies, as it remained the preferred "flight to quality" currency during periods of COVID-19-related volatility.

Sector allocation, in aggregate, contributed to performance. Allocations to corporate credit, spanning investment-grade and high-yield added to performance. The impact from securitized sectors was mixed as allocations to agency RMBS detracted over the period, while investments in more credit sensitive segments, including CMBS, non-agency RMBS and collateralized loan obligations added to performance.

Overall, duration positioning was periodically underweight versus the Bloomberg Global Aggregate Index, and yield curve positioning, particularly in the United States, was a challenge to performance as the curve flattened. Duration allocations to local emerging markets ("EM") also detracted, as many EM central banks pivoted to raising rates to combat early signs of inflation. Emerging currencies also struggled in this environment and allocations weighed on performance. Currency positioning across developed currencies, in aggregate, detracted over the period.

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

Current Strategy and Outlook: Looking ahead, we expect pressure for the global ten-year yield to move higher throughout 2022, but the magnitude of those increases will be limited, and we believe the U.S. Treasury market will resist moving significantly above 2%. We think that global inflation, accentuated by energy and commodity prices, will peak in early 2022, but the rate of decline will vary across economies. We believe U.S. inflation will decline only gradually, and likely remain above the U.S. Federal Reserve Board's (the "Fed") target, as wage-driven services inflation and continued rising shelter costs offset a retracement in COVID-19-driven goods inflation.

In this environment, we believe corporate and consumer fundamentals should remain strong and justify valuations remaining at historically "fully-valued" levels, with episodes of volatility creating tactical opportunities and anchoring our preference for credit sensitivity over rate sensitivity in portfolios. As a result, we remain underweight in global Treasuries, while allocating risk across the corporate and securitized credit spectrum. In our opinion, the first Fed rate hike is a limited risk to global credit markets, as credit spreads have historically held steady and even narrowed in the early stages of a Fed hiking cycle. At the same time, we are mindful of the limited upside available, which we believe increases the need for downside protection beyond the traditional duration toolkit.

In our view, the US Dollar ("USD") will remain a barometer for global sentiment regarding COVID-19. We expect the USD to depreciate as COVID-19 variant fears ebb, even in a period when the Fed is raising rates. Further out, as U.S. rates reach an equilibrium and USD strength abates, EM debt securities and currencies could prove attractive. We continue to expect that divergence across EM will also reflect the success (and challenges) in containing inflation and managing COVID-19 across these countries, with dispersion across bond and currency markets.

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

United States⁽¹⁾	89.1	%
China	6.6	%
Spain	1.5	%
Malaysia	1.2	%
Portugal	1.0	%
Italy	0.9	%
United Kingdom	0.9	%
Japan	0.8	%
France	0.7	%
Canada	0.7	%
Countries between 0.0%-0.4%^	2.3	%
Liabilities in Excess of Other Assets*	(5.7	)%
Net Assets	100.0	%

* Includes short-term investments and purchased options.

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

⁽¹⁾Includes 24.9% total investment in Voya Emerging Markets Corporate Debt Fund, Voya Emerging Markets Hard Currency Debt Fund, Voya Emerging Markets Local Currency Debt Fund and Voya High Yield Bond Fund.

Portfolio holdings are subject to change daily.

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

Voya Emerging Markets Hard Currency Debt Fund — Class P	8.5	%
Voya High Yield Bond Fund — Class P	7.0	%
Voya Emerging Markets Corporate Debt Fund — Class P	4.9	%
Voya Emerging Markets Local Currency Debt Fund — Class P	4.5	%
China Government Bond, 3.250%, 11/22/28	3.0	%
Uniform Mortgage-Backed Securities, 2.000%, 02/15/52	2.3	%
Ginnie Mae, 3.000%, 01/15/52	2.1	%
Uniform Mortgage-Backed Securities, 2.500%, 02/15/52	1.6	%
Fannie Mae REMICS 2021-4 IN, 2.500%, 02/25/51	1.4	%
China Government Bond, 2.850%, 06/04/27	1.4	%

Portfolio holdings are subject to change daily.

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

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

VOYA GLOBAL BOND PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		-5.21	%		3.29	%		1.95	%
Class I		-4.78	%		3.82	%		2.47	%
Class S		-5.03	%		3.54	%		2.20	%
Blooomberg Global Aggregate Index		-4.71	%		3.36	%		1.77	%

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

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

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

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

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

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

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

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

Performance*: For the year ended December 31, 2021, the Portfolio's Class I shares provided a total return of 12.08% compared to the MSCI EAFE^® Value Index (the "Index" or "MSCI EAFE^® Value") and the MSCI EAFE^® Index ("MSCI EAFE^®"), which returned 10.89% and 11.26%, respectively, for the same period.

Portfolio Specifics: For the reporting period, the Portfolio outperformed the MSCI EAFE^® Value. In terms of the Portfolio's performance, the stock ranking model outperformed along with the Portfolio's higher dividend yield and lower beta (relative to the MSCI EAFE^® Value). Conversely, the small market capitalization tilt detracted from performance.

On the regional level, stock selection within Europe and Africa/Middle East was additive. By contrast, stock selection within Japan had the largest negative impact on performance.

On the sector level, the underweight and stock selection within real estate, utilities and health care, had the largest positive impact on performance. Conversely, the largest detractors from performance came from stock selection in the consumer discretionary sector.

At the individual stock level, not owning benchmark stock SoftBank Group Corp, an overweight to Bank Leumi Le-Israel Ltd., and an underweight in Novartis AG, were among the key contributors for the period. The key detractors for the period included owning non-benchmark stocks Nintendo Co., Ltd. and TSURUHA Holdings, Inc., as well as an overweight to Secom Co., Ltd.

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

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

Japan	22.7	%
United Kingdom	17.0	%
Germany	9.3	%
France	8.9	%
Australia	7.6	%
Switzerland	6.7	%
Italy	4.4	%
Hong Kong	3.7	%
Netherlands	3.2	%
Denmark	2.8	%
Countries between 0.2%-2.4%^	11.3	%
Assets in Excess of Other Liabilities*	2.4	%
Net Assets	100.0	%

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

^ Includes 12 countries, which each represents 0.2%-2.4% of net assets.

Portfolio holdings are subject to change daily.

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

GlaxoSmithKline PLC	1.9	%
Rio Tinto Ltd.	1.7	%
Sanofi	1.5	%
British American Tobacco PLC	1.5	%
Mitsubishi UFJ Financial Group, Inc.	1.3	%
Zurich Insurance Group AG	1.3	%
Deutsche Post AG	1.2	%
National Grid PLC	1.2	%
Novartis AG	1.2	%
BP PLC	1.1	%

Portfolio holdings are subject to change daily.

* Effective December 31, 2020, the Portfolio's benchmark changed from the MSCI EAFE^® Index to the MSCI EAFE^® Value Index because the MSCI EAFE^® Value is considered by the adviser to be a more appropriate benchmark, reflecting the type of securities in which the Portfolio invests.

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		11.50	%		5.68	%		5.40	%
Class I		12.08	%		6.22	%		5.92	%
Class S		11.79	%		5.94	%		5.65	%
Class S2		11.67	%		5.80	%		5.50	%
MSCI EAFE^® Value		10.89	%		5.34	%		5.81	%
MSCI EAFE^®		11.26	%		9.55	%		8.03	%

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

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

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

Portfolio holdings are subject to change daily.

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

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

VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 27.30% compared to the Russell 2500^TM Value Index and the S&P SmallCap 600^® Value Index, which returned 27.78% and 30.95%, respectively, for the same period.

Portfolio Specifics: Broad U.S. equity markets delivered strong returns in 2021, buoyed by expanding vaccine availability, federal aid, positive economic news and strong corporate earnings reports. Stocks experienced some volatility throughout the year, however, due to the emergence of the delta and omicron variants of the coronavirus, supply chain constraints, inflation concerns and labor shortages.

Value stocks outperformed. Mid-cap stocks as measured by the Russell family of indices outperformed small cap equities but underperformed large cap equities. Value stocks outperformed growth stocks for the period among mid-cap stocks.

The Portfolio underperformed the Russell 2500^TM Value Index after the deduction of fees and expenses but outperformed before fees and expenses during the reporting period. Although the Russell 2500^TM Value Index is the overall portfolio benchmark, the Small Cap Value and Mid Cap Value sleeves are managed against the Russell 2000^® Value and Russell Midcap Value^® indices, respectively.

The Mid Cap Value sleeve underperformed its benchmark, the Russell Midcap^® Value Index, for the year. Stock selection in materials hindered relative performance. Higher materials costs pressured containers and packaging holdings such as Sonoco Products. A lack of exposure to the metals and mining industry also dampened relative returns. Security selection in financials weighed on relative returns against a backdrop of strong equity markets and continued re-openings. Our preference for higher-quality banks and our investments in insurance dampened performance. Not owning companies in the consumer finance industry also detracted. On a positive note, stock selection in industrials contributed to performance. Select holdings in the machinery and electrical equipment industries benefited performance. Electrical product provider nVent Electric was a top performer.

The Small Cap Value sleeve, however, outperformed its benchmark, the Russell 2000^® Value Index. Stock selection in the financials sector aided relative performance. Signature Bank, a top performer, is what we believe to be a higher-quality, New York-based commercial bank that reported improved credit trends and deposit growth. Stock selection in information technology also lifted relative performance, assisted by software investments such as Teradata. Teradata benefited from growth in its public cloud business. Stock selection in materials, and especially in the containers and packaging industry, weighed on relative performance. Pactiv Evergreen, a producer of fresh food and beverage packaging, underperformed. Pactiv faced transitory challenges caused by the pandemic.

The blended Portfolio outperformed its benchmark, the Russell 2500^® Value Index before the deduction of fees and expenses but underperformed net of fees and expenses during the reporting period. Information technology holdings drove relative outperformance, aided by an investment in Teradata. The market reacted favorably after this leader in software for database management reported strong quarterly results. In addition, investors were encouraged by better-than-expected data for Teradata's public cloud business, validating the strategic efforts initiated by new senior management to strengthen its position in public cloud. ConcoPhillips was another strong performer. This exploration and production company outperformed due in part to its continued strong execution. During the third quarter, it unveiled what we think is an attractive 10-year financial plan and announced an attractively priced acquisition of assets from a competitor. The stock also benefited from stronger commodity prices. Stock selection in materials detracted from relative performance, as higher input costs pressured several containers and packaging holdings. Among individual holdings, Zimmer Biomet Holdings was a prominent detractor. This medical device company underperformed following strong performances in the second half of 2020, when elective surgeries began to be allowed during the pandemic. With the omicron surge toward the end of 2021, many providers delayed elective surgeries.

Current Strategy and Outlook: The Portfolio seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company. Our process is based on individual security selection, but broad themes have emerged.

We do not rely on impending catalysts in our process. Investors wonder if there are impending catalysts that might bring about a long-awaited and a lasting shift toward value stocks. We believe value catalysts are embedded in our security selection. Our process involves buying what we believe to be higher-quality companies trading at a discount to fair value. We believe our fundamental analysis leads us to companies that are undervalued for transitory reasons, and their shares will inherently revert at some point. Relying on catalysts can be precarious, in our opinion. When a catalyst becomes recognizable to the market, in our view the corresponding securities may have already become less attractive on a relative risk/reward basis.

We believe companies in the consumer staples sector generally offer strong defensive characteristics. Furthermore, we believe many of our holdings have taken steps to improve operations and strengthen their balance sheets. We added to some of our positions as select securities became more attractively priced in our view.

We believe the financial sector offers select higher-quality companies that fit our process. We prefer trust banks and other financials that risk minimal capital as part of their business model. Our exposure to banks focuses on those we think are more likely to manage credit successfully through the ups and downs of the business cycle.

The pandemic accelerated paradigm-shifting structural trends. For example, we believe de-denisfication has reshaped the real estate market as millennials migrate from urban cores, boosted by low mortgage interest rates and the acceptance of work-from-home practices. Declining technology costs and growing environmental concerns have created opportunities, in our view, for utilities to transition power generation from coal and natural gas to renewable sources such as solar and wind. In addition, we believe government entities will support renewables by enacting policies intended to combat global warming. In our opinion, these and other significant themes may create investment opportunities while increasing the importance of fundamental analysis and security selection.

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

Financials	21.7	%
Industrials	15.9	%
Health Care	12.8	%
Consumer Discretionary	9.9	%
Information Technology	8.7	%
Consumer Staples	7.2	%
Real Estate	6.4	%
Utilities	5.6	%
Materials	5.1	%
Energy	3.8	%
Communication Services	1.2	%
Assets in Excess of Other Liabilities*	1.7	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

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

Zimmer Biomet Holdings, Inc.	2.2	%
Northern Trust Corp.	1.7	%
Cerner Corp.	1.6	%
Conagra Brands, Inc.	1.4	%
Advance Auto Parts, Inc.	1.4	%
Bank of New York Mellon Corp.	1.4	%
Edison International	1.4	%
Southwest Airlines Co.	1.3	%
Sonoco Products Co.	1.2	%
Emerson Electric Co.	1.2	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		26.94	%		10.12	%		12.86	%
Class I		27.57	%		10.66	%		13.42	%
Class S		27.30	%		10.39	%		13.13	%
Class S2		27.11	%		10.22	%		12.97	%
Russell 2500^TM Value Index		27.78	%		9.88	%		12.43	%
S&P SmallCap 600^® Value Index		30.95	%		10.25	%		13.52	%

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

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

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

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

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® BARON GROWTH PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 20.43% compared to the Russell 2000^® Growth Index and the Russell 2500^TM Growth Index, which returned 2.83% and 5.04%, respectively, for the same period.

Portfolio Specifics: The U.S. stock market rose relatively steadily during 2021, buoyed by COVID-19 vaccines, strong corporate earnings, and robust consumer demand. While the distribution of vaccines and lifting of lockdowns kicked off an economic rebound at the start of the year, the subsequent emergence of new variants slowed the recovery. Investors largely shrugged off concerns around labor shortages, supply chain issues, rising inflation, and signs that the U.S. Federal Reserve Board would taper its Quantitative Easing program. Large cap equities significantly outpaced small- and mid-cap stocks, particularly in the second half of the year.

Absolute Performance: Shares of investment decision support tools provider MSCI, Inc. increased on solid earnings and upbeat management reports. MSCI, Inc. enhanced its private markets capabilities with the acquisition of Real Capital Analytics. We believe the company owns strong, "all weather" franchises and we believe remains positioned to benefit from numerous secular tailwinds in the investment community.

Shares of syndicated IT research provider Gartner, Inc. increased on financial results that significantly beat street forecasts. Growth in the research business reaccelerated to double-digit levels, led by the Global Business Services segment, which is benefiting from a multi-year investment cycle. We expect improved revenue growth and renewed focus on cost control to drive margin expansion and enhanced cash generation. In our view, Gartner, Inc.'s stellar balance sheet can support aggressive share repurchases and bolt-on acquisitions, in our view.

Shares of hotel franchisor Choice Hotels International, Inc. rose in 2021 on earnings that surpassed pre-pandemic levels, beating investor expectations. Work-from-anywhere policies implemented during the pandemic, which allowed people to add leisure travel to their business plans, boosted demand, augmenting revenue per available room. Unit growth in Choice Hotels International, Inc.'s higher revenue-generating brands also added to fee-based income. We retain conviction given what we believe to be the company's strong franchising business, consistent profitability, and continued new unit growth.

Shares of regional casino company Penn National Gaming, Inc. declined due to market share losses and increased marketing costs related to online sports betting company Barstool Sportsbook. Penn National Gaming, Inc.'s increased exposure in this highly competitive business with its $2 billion acquisition of sports betting app theScore also pressured shares. We think Penn National Gaming, Inc. will have a solid foothold in the U.S. and Canada with these two purchases. Penn National Gaming, Inc. has a strong balance sheet to fund its digital losses, and we expect it to be profitable by 2023.

Real estate data and marketing platform CoStar Group, Inc. detracted as record-high apartment occupancy caused a slowdown in its multifamily marketing platform. We think this condition is temporary and growth will improve through higher prices and better customer segmentation. We believe CoStar Group, Inc. push into the residential market, while requiring a meaningful short-term investment, should ultimately yield high returns and enhance growth and profitability, in our view.

Shares of corporate childcare provider Bright Horizons Family Solutions, Inc. dropped in 2021 as COVID-19 variants pushed out its re-enrollment ramp and labor shortages pressured capacity and margins. The possibility that more hybrid work-from-home arrangements could result in lower demand for services also hurt share price. We continue to like what we believe to be this high-quality name.

Relative Performance: The Portfolio outperformed the Russell 2000^® Growth Index in 2021 due to stock selection, differences in sector/sub-industry weights, and tailwinds from style biases, particularly underexposure to the weak performing residual volatility and beta factors.

Investments in health care, financials, and information technology added the most value. Within health care, lower exposure to lagging biotechnology stocks contributed over 585 basis points. Strength in the sector also came from Bio-Techne Corporation, veterinary diagnostics leader IDEXX Laboratories, Inc., and pharmaceutical packaging manufacturer West Pharmaceutical Services, Inc. Gains in financials were driven by financial exchanges & data providers MSCI, Inc. and FactSet Research Systems, Inc. Independent investment research provider Morningstar, Inc., asset manager The Carlyle Group Inc., and specialty insurer Arch Capital Group Ltd. also performed well in the sector. Performance in IT was bolstered by Gartner, Inc. Positive stock selection in information technology was somewhat offset by lack of exposure to semiconductor stocks.

Underperformance of industrials and consumer discretionary investments weighed the most on relative results. Weakness in industrials came from CoStar Group, Inc., while Penn National Gaming, Inc. and Bright Horizons Family Solutions, Inc. were responsible for the relative shortfall in the consumer discretionary sector.

Current Strategy and Outlook: As long-term investors in what we view as high quality growth stocks, we are always actively looking for companies with what we believe are open-ended growth opportunities, competitive advantages, and what we believe to be excellent management, at attractive valuations. While we are certainly aware of short-term macro events, we do not manage the Portfolio in response to these developments. Rather, we position the Portfolio to seek to benefit from what we believe to be durable growth opportunities over the long term.

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

Financials	31.4	%
Consumer Discretionary	22.2	%
Health Care	14.6	%
Information Technology	14.6	%
Industrials	7.4	%
Real Estate	6.2	%
Communication Services	3.6	%
Assets in Excess of Other Liabilities	0.0	%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

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

MSCI, Inc. — Class A	10.2	%
Vail Resorts, Inc.	7.3	%
Choice Hotels International, Inc.	7.0	%
Factset Research Systems, Inc.	5.8	%
Gartner, Inc.	5.6	%
ANSYS, Inc.	4.6	%
Idexx Laboratories, Inc.	4.5	%
CoStar Group, Inc.	4.2	%
Bio-Techne Corp.	3.8	%
Morningstar, Inc.	3.4	%

Portfolio holdings are subject to change daily.

VY^® BARON GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		20.14	%		22.53	%		16.81	%
Class I		20.73	%		23.14	%		17.39	%
Class R6⁽¹⁾		20.74	%		23.15	%		17.40	%
Class S		20.43	%		22.83	%		17.10	%
Class S2		20.25	%		22.64	%		16.93	%
Russell 2000^® Growth Index		2.83	%		14.53	%		14.14	%
Russell 2500^TM Growth Index		5.04	%		17.65	%		15.75	%

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

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

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

Portfolio holdings are subject to change daily.

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

VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 23.94% compared to the Russell 1000^® Index, which returned 26.45% for the same period.

Portfolio Specifics: The Portfolio's relative underperformance was driven by a combination of stock selection and sector allocation. From an allocation perspective, overweights to the communication services and materials sectors hurt relative performance. An underweight to the strong performing real estate sector also detracted from performance. The industrials sector was the weakest sector for the Portfolio, driven primarily by stock selection, most notably Uber, but also Southwest Airlines and Honeywell. Health care was also an area of detraction. Medical devices company, Medtronic, was the biggest relative detractor. We remain confident in Medtronic's new management team and believe that it will be among top performers in the health care sector once we are through the last COVID-19 surge from the Omicron variant. Other health care holdings that weighed on relative performance included, BioMarin and Vertex, health care equipment company, Dentsply Sirona, Inc. and Johnson & Johnson. Activision Blizzard, Inc. and T-Mobile USA, Inc., both within the communication services sector, were among the Portfolio's largest top detractors during the year. Within the consumer staples sector, Coca-Cola Company (which has been sold from the Portfolio) and Sysco Corporation disappointed. Within consumer discretionary, the Portfolio's large holding in Amazon.com (which had been a huge positive contributor in 2020) weighed on results, as did Dollar Tree (which has been sold from the Portfolio).

The Portfolio's overweight allocations to financials, energy and information technology contributed positively to performance versus the Russell 1000^® Index. Underweight allocations to the utilities and consumer staples also added to relative results. The information technology sector was the Portfolio's strongest area of contribution, with performance driven by strong stock selection. Holdings that delivered strong results included software companies Intuit, Microsoft and Palo Alto Networks. Semiconductor equipment companies NVIDIA Corp., Lam Research Corp., and Marvell Technology were also strong contributors to performance. Within energy, all three of the Portfolio's holdings, Canadian Natural Resources Limited, Chevron and EOG Resources, Inc. benefited the Portfolio's performance versus the Russell 1000^® Index. Eli Lilly and Company stood out in the sector as a significant positive contributor in health care. Within the financials sector notable contributors included Morgan Stanley, Bank of America Corp. and American Express. In the communications sector, Alphabet was one of the Portfolio's top individual contributors for the year.

Current Strategy and Outlook: In our opinion, the market's focus remains on the re-opening of economic activity, supply-chain improvement and a return to normal life, post-COVID-19. The rapid spread of the virus caused by the Omicron variant in the last month of 2021 has been mitigated thus far by the fact that cases have been much milder. Concerns for financial markets also include inflation and the pace and timing of interest rate hikes by the U.S. Federal Reserve Board. In our view, corporate earnings and capital markets remain strong, and our Contrarian Core team continues to be positive in its overall market outlook, while recognizing that recovery still depends on getting the coronavirus fully under control.

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

Information Technology	32.3	%
Health Care	13.4	%
Communication Services	11.8	%
Financials	10.0	%
Consumer Discretionary	9.2	%
Industrials	8.3	%
Consumer Staples	4.5	%
Materials	3.1	%
Energy	3.0	%
Utilities	1.7	%
Real Estate	1.2	%
Assets in Excess of Other Liabilities*	1.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

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

Microsoft Corp.	7.1	%
Apple, Inc.	6.4	%
Amazon.com, Inc.	4.4	%
Alphabet, Inc. — Class C	2.8	%
Berkshire Hathaway, Inc. — Class B	2.7	%
Raytheon Technologies Corp.	2.7	%
Alphabet, Inc. — Class A	2.6	%
Johnson & Johnson	2.5	%
Meta Platforms, Inc.	2.3	%
TE Connectivity Ltd.	2.2	%

Portfolio holdings are subject to change daily.

VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		23.62	%		16.92	%		15.18	%
Class I		24.23	%		17.50	%		15.77	%
Class S		23.94	%		17.25	%		15.49	%
Russell 1000^® Index		26.45	%		18.43	%		16.54	%

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

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

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

Portfolio holdings are subject to change daily.

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

PORTFOLIO MANAGERS' REPORT

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class I shares provided a total return of 34.52% compared to the Russell 2000^® Value Index, which returned 28.27% for the same period.

Portfolio Specifics: For year ended December 31, 2021, Portfolio meaningfully outperformed the Russell 2000^® Value Index, which returned 28.27% for the period. Outperformance was driven by strong, broad-based stock selection across a variety of sectors. Selection was especially strong within consumer staples, financials, industrials, and information technology. Selection within consumer discretionary detracted from relative results (though this was largely due to the strategy not owning GameStop). Sector allocation added to relative results, due in large part to an underweight to the underperforming healthcare sector.

Despite continued challenges due to the COVID-19 pandemic as well as supply chain disruptions and rising inflation, equity markets posted remarkably strong returns in 2021. High levels of fiscal and monetary stimulus along with strong consumer spending and corporate earnings propelled markets higher. Our long-standing investment process of searching for value companies that are exhibiting signs of early improvement and upward inflection allowed us to generate significant outperformance in this market environment. We have used this same investment process since the strategy's inception, and it has helped us navigate the Portfolio through all types of past market environments as well.

In terms of individual securities, one of the top contributors to relative performance was our position in United Natural Foods. Shares in the company, which is a leading distributor of health and specialty foods, saw tailwinds from the coronavirus pandemic as consumers looked for healthy foods at home. The company also announced they extended their distribution contract with Whole Foods through 2027.

Current Strategy and Outlook: We continue to be cautiously optimistic on equity markets and believe that the expansionary trajectory of the economy will continue. In our view, consumer spending remains strong and we believe that supply chain issues will alleviate eventually. While inflation may remain higher for longer, we do not see this as being enough to derail further growth, in our opinion. Of course, the COVID-19 pandemic has not gone away and continues to be something we must monitor closely.

As of year-end, the Portfolio is overweight industrials, information technology (specifically semiconductors), materials, and financials. Underweights remain in healthcare, real estate, and communication services.

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

Financials	29.0	%
Industrials	18.7	%
Information Technology	9.1	%
Consumer Discretionary	7.8	%
Real Estate	7.0	%
Materials	6.6	%
Energy	6.5	%
Health Care	5.6	%
Utilities	4.6	%
Consumer Staples	3.8	%
Communication Services	1.1	%
Assets in Excess of Other Liabilities*	0.2	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

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

Axos Financial, Inc.	1.6	%
Ovintiv, Inc.	1.6	%
First Industrial Realty Trust, Inc.	1.6	%
SMART Global Holdings, Inc.	1.5	%
ArcBest Corp.	1.5	%
UMB Financial Corp.	1.4	%
Kforce, Inc.	1.4	%
Diodes, Inc.	1.4	%
Focus Financial Partners, Inc.	1.4	%
United Natural Foods, Inc.	1.4	%

Portfolio holdings are subject to change daily.

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		33.85	%		9.74	%		12.16	%
Class I		34.52	%		10.30	%		12.72	%
Class R6⁽¹⁾		34.57	%		10.32	%		12.73	%
Class S		34.22	%		10.02	%		12.43	%
Class S2		33.96	%		9.86	%		12.27	%
Russell 2000^® Value Index		28.27	%		9.07	%		12.03	%

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

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

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO COMSTOCK PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 32.96% compared to the Russell 1000^® Value Index and the S&P 500^® Index, which returned 25.16% and 28.71%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2021, the Portfolio outperformed the Russell 1000^® Value Index. On the positive side, stock selection and an overweight in energy boosted relative return. Energy stocks were buoyed by rising oil prices resulting from OPEC production cuts and a gas and oil shortage in Europe and Asia. Devon Energy, Marathon Oil and Canadian Natural Resources were leading contributors to absolute and relative returns. Strong stock selection within industrials also boosted relative return. Johnson Controls International and Textron added to both absolute and relative returns. Textron benefited from a material uptick in business jet orders. Stock selection and an overweight in financials was a large contributor to relative return. American International, Bank of America and Wells Fargo aided both absolute and relative returns. We believe that financial companies are well positioned to benefit as interest rates/yields move higher and loan growth recovers. A material underweight to communication services enhanced relative returns, as the sector was the worst performing sector for the year.

On the negative side, although the average cash allocation averaged less than 3% for the period, cash was a large detractor in a strong equity market. Having a material underweight to real estate also detracted from relative returns, as the sector was the second-best performing sector for the period. Stock selection in consumer discretionary detracted from relative return, with Las Vegas Sands and not owning Ford Motor Company were the largest detractors in the sector. Las Vegas Sands stock underperformed due to COVID-19 restrictions as well as uncertainty surrounding the Macau government's re-tendering of casino/gaming licenses and divestiture of its U.S. casinos.

We used currency forward contracts during the reporting period for the purpose of hedging currency exposure of non-U.S.-based companies held in the Portfolio. The use of currency forward contracts had a slightly positive impact on the Portfolio's performance relative to the Russell 1000^® Value Index for the reporting period.

Current Strategy and Outlook: The Portfolio currently has a cyclical bias with overweight exposures in financial and energy companies and is also overweight information technology, consumer staples and industrials stocks. Conversely, the Portfolio is underweight real estate, utilities, communication services, healthcare and consumer discretionary.

Despite recent fears of inflation and the new Omicron variant causing a decrease in consumer demand, we remain cautiously optimistic about the longer-term outlook for U.S. and global economies. Though the creation of new vaccines and recently approved COVID-19 treatments should provide a measure of stability, we believe equity markets may experience continued volatility.

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

Financials	23.3	%
Health Care	15.5	%
Industrials	12.9	%
Information Technology	12.7	%
Energy	11.4	%
Consumer Staples	8.7	%
Consumer Discretionary	4.5	%
Materials	4.5	%
Utilities	1.7	%
Communication Services	1.3	%
Real Estate	1.0	%
Assets in Excess of Other Liabilities*	2.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

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

Bank of America Corp.	3.4	%
Philip Morris International, Inc.	3.0	%
Citigroup, Inc.	2.9	%
Anthem, Inc.	2.5	%
Wells Fargo & Co.	2.4	%
American International Group, Inc.	2.3	%
Cisco Systems, Inc.	2.3	%
Cognizant Technology Solutions Corp.	2.2	%
CVS Health Corp.	2.0	%
General Motors Co.	2.0	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

* Effective July 8, 2021, Charles DyReyes no longer serves as a portfolio manager for the Portfolio.

VY^® INVESCO COMSTOCK PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		32.69	%		11.03	%		12.43	%
Class I		33.33	%		11.59	%		12.99	%
Class S		32.96	%		11.31	%		12.71	%
Russell 1000^® Value Index		25.16	%		11.16	%		12.97	%
S&P 500^® Index		28.71	%		18.47	%		16.55	%

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

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

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

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

Portfolio holdings are subject to change daily.

VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 18.31% compared to the Russell 1000^® Value Index, Bloomberg U.S. Government/Credit Index and the 60% Russell 1000^® Value Index/40% Bloomberg U.S. Government/Credit Index, which returned 25.16%, -1.75% and 13.91%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2021, the Portfolio outperformed the 60% Russell 1000^® Value Index/40% Bloomberg U.S. Government/Credit Index.

The equity sleeve underperformed the Russell 1000^® Value Index. Within the equity allocation, stock selection in health care and information technology ("IT") detracted from relative returns. In health care, Zimmer Biomet and Medtronic were key detractors from both relative and absolute performance. Device makers suffered as COVID-19 variants began to spread rapidly, causing delays or cancellations to elective procedures.

Within IT, Splunk and Intel posted double-digit declines. Intel provided weaker guidance for the full year, driven by shortages of production components for microchips. Splunk announced an abrupt CEO departure in November that was viewed skeptically by investors, causing a sharp selloff in the stock.

Within the equity portion of the Portfolio, stock selection in industrials was the largest contributor to relative returns, due primarily to Johnson Controls. The company reported better than expected earnings driven in part by strength in its HVAC segment.

Stock selection and an overweight in financials also aided relative performance. Wells Fargo, Bank of America, AIG and Goldman Sachs were significant contributors.

Stock selection and an overweight in energy also contributed to relative returns during the year.

The Portfolio's non-equity sleeve holds investment grade bonds and convertible securities as a source of income and to provide stability amid market volatility. Both asset classes underperformed the Bloomberg U.S. Government/Credit Index during the year and detracted from relative performance.

The Portfolio's cash position, while less than 3.5% on average, also detracted from relative returns amid the strong market environment.

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

Current Strategy and Outlook: During the fiscal year, the team eliminated equity positions in materials, energy and financials, and added positions in communication services, consumer discretionary and health care. At the end of the fiscal year, the Portfolio's largest overweight exposures were in IT and consumer discretionary, while the largest underweights were in health care and utilities.

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

United States Treasury Note, 1.250%, 11/30/26	3.8	%
Wells Fargo & Co.	2.4	%
General Motors Co.	2.3	%
United States Treasury Note, 1.000%, 12/15/24	2.1	%
Cognizant Technology Solutions Corp.	2.0	%
United States Treasury Note, 1.500%, 11/30/28	2.0	%
Bank of America Corp.	1.9	%
CBRE Group, Inc.	1.9	%
CSX Corp.	1.6	%
American International Group, Inc.	1.5	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

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

Financials	21.4	%
Health Care	9.9	%
U.S. Treasury Notes	8.7	%
Industrials	8.6	%
Information Technology	8.5	%
Energy	6.0	%
Communications	5.4	%
Consumer Discretionary	5.2	%
Communication Services	4.5	%
Consumer Staples	3.3	%
Technology	3.3	%
Consumer, Non-cyclical	2.7	%
Utilities	2.2	%
Real Estate	1.9	%
Materials	1.9	%
U.S. Treasury Bonds	1.7	%
Consumer, Cyclical	1.5	%
Basic Materials	0.1	%
Federal National Mortgage Association	0.1	%
Municipal Bonds	0.0	%
Assets in Excess of Other Liabilities*	3.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		18.03	%		8.98	%		10.02	%
Class I		18.60	%		9.52	%		10.57	%
Class S		18.31	%		9.25	%		10.30	%
Class S2		18.17	%		9.11	%		10.15	%
Russell 1000^® Value Index		25.16	%		11.16	%		12.97	%
Bloomberg U.S. Government/Credit Index		-1.75	%		3.99	%		3.13	%
60% Russell 1000^® Value Index/40% Bloomberg U.S. Government/Credit Index		13.91	%		8.62	%		9.21	%

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

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

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

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

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO GLOBAL PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 15.13% compared to the MSCI All Country World Index^SM (the "Index"), which returned 18.54% for the same period.

Portfolio Specifics: For the reporting period, the Portfolio underperformed the Index. Three sectors were the primary drivers of our relative performance. Those were the information technology, consumer discretionary and healthcare sectors. Our relative deficits in those sectors were sizable enough to exceed the relatively good results we had in the communication service and real estate sectors, among others.

The top individual positions which contributed to our results were Alphabet Inc, which is dominant in many areas of increasing relevance, Intuit Inc the brand owner of both TurboTax and QuickBooks, the small business cornerstones, and S&P Global Inc, a company benefiting from rising debt issuance and the increasing prevalence of passive investing.

2021, as in every year, had its share of things which did not go as planned. JD.com was one such name. The company is fine, in our opinion, China however had its share of woes in 2021 and JD was not immune to it. It fell by 20%. StoneCo Ltd Class A is another company that disappointed. It is a Brazilian digital payments processor that had some execution mistakes and was then hurt by the domestic economic downturn in that country. Farfetch Limited Class A is an e-commerce company that is focused on luxury goods. It's share price declined during the period due to concerns about the Chinese economy and expectations that ended 2020, simply too high.

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

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

United States	58.1	%
Japan	12.0	%
France	8.5	%
India	4.5	%
Netherlands	3.7	%
China	3.6	%
Sweden	3.5	%
Germany	2.5	%
United Kingdom	1.1	%
Switzerland	1.0	%
Countries between 0.2%-0.4%^	1.0	%
Assets in Excess of Other Liabilities*	0.5	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 4 countries, which each represents 0.2%-0.4% of net assets.

Portfolio holdings are subject to change daily.

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

Alphabet, Inc. — Class A	11.3	%
Intuit, Inc.	6.5	%
S&P Global, Inc.	5.3	%
LVMH Moet Hennessy Louis Vuitton SE	5.3	%
Meta Platforms, Inc.	5.1	%
Adobe, Inc.	4.3	%
Analog Devices, Inc.	3.4	%
Nidec Corp.	3.3	%
JD.com, Inc. ADR	3.3	%
Keyence Corp.	3.0	%

Portfolio holdings are subject to change daily.

* Prior to May 1, 2021, the Portfolio was known as "VY^® Invesco Oppenheimer Global Portfolio."

VY^® INVESCO GLOBAL PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		14.80	%		17.56	%		13.73	%
Class I		15.37	%		18.15	%		14.29	%
Class S		15.13	%		17.86	%		14.00	%
Class S2		14.91	%		17.67	%		13.83	%
MSCI All Country World Index^SM		18.54	%		14.40	%		11.85	%

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

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

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

Portfolio holdings are subject to change daily.

Prior to June 27, 2019, the Portfolio was managed by a different sub-adviser. The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.

VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 29.51% compared to the Russell Midcap^® Value Index (the "Index" or "Russell Midcap^® Value"), which returned 28.34% for the same period.

Portfolio Specifics: Equity markets rallied during the reporting year, despite a bumpy ride highlighted by an increase in COVID-19 cases and macroeconomic concerns. Ultimately investors chose to focus on improving fundamentals over short-term headlines, as robust 3rd quarter earnings and favorable forward looking guidance led the market to continued all-time highs.

2021 was a banner year for markets, with the Russell Midcap^® Value returning over 28%. Despite the strong overall return, volatility persisted underneath the hood, as COVID-19 surges, mixed economic data, and supply chain issues remained in the headlines. The Portfolio was able to navigate the pockets of volatility; outperforming its benchmark. In terms of portfolio impact, industrials was our top contributor to performance, with health care as the most challenged sector.

Our stock selection within industrials has been additive, as we have been able to gain exposure to cyclicality through high quality companies that have been able to maintain strong pricing power during a difficult operating environment. One of our top contributors was CSL, a diversified manufacturer that serves a broad range of niche industrial markets with significant exposure to commercial roofing. CSL continued to deliver strong earnings as the year progressed, which demonstrates that construction projects are rebounding, in our view, amidst the economic recovery. Despite the recent outperformance, we still view CSL as attractively valued given their ability to capitalize on the cyclical uptick, which we believe will allow for continued margin and return improvement. Additionally, we appreciate management's history of delivering steady and consistent cash flows, and their focus on returning capital to shareholders.

On the other hand, health care has been a detractor from a stock selection perspective. Particularly, our position in ("ZBH") has lagged this year as hospitals have been forced to postpone elective surgeries in response to increasing COVID-19 cases. While this continues to hamper earnings, we believe that management is navigating this situation well, and will be well-positioned for a rebound once elective surgeries resume at a more normalized pace. Additionally, ZBH's size as the largest manufacturer of orthopedic devices, plus current valuations, provide significant room for multiple expansion, in our opinion. Finally, the company has recently delivered multiple successful product launches, which we believe should increase the magnitude of the future recovery and set up for long-term earnings and margin expansion.

Current Strategy and Outlook: Equity markets delivered a strong market rally in 2021, and Russell Midcap^® Value was one of the top performers (+28%) on the heels of positive COVID-19 vaccine rollouts and optimism around an economic recovery. However, the year was mired with negative headlines surrounding inflation, supply chain issues, and surging COVID-19 cases; all of which led to volatility across the marketplace. This has created what we believed to be an attractive environment to find high quality companies that can benefit from the economic recovery at compelling valuations.

Wide intra-sector valuation spreads have led to heightened portfolio activity, with over 15 initiations this year. Financials remains our highest conviction sector given what we view as an attractive economic backdrop, excellent credit fundamentals, and relatively undemanding valuations, yet we've taken profits on strength in 2021. We expect strong spending trends thanks to elevated wealth levels, healthy balance sheets & pent-up demand; short-term supply chain & Omicron variant fears have given us opportunities to add to select retailers (Tapestry) and auto parts repair (LKQ). Investors' narrow focus on high growth has given us the opportunity to invest in companies who we believe are well-run with impressive management teams at what we view as attractive multiples (FleetCor Technologies & NortonLifeLock); but remain underweight the sector due to overall high valuations. We have taken profits in the top performing energy sector. We maintain an approach of investing in companies with well-located assets, strong balance sheets, and a shareholder friendly approach to capital allocation.

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

Financials	22.3	%
Industrials	14.1	%
Real Estate	12.1	%
Consumer Discretionary	11.3	%
Utilities	8.1	%
Information Technology	7.3	%
Health Care	6.8	%
Materials	4.9	%
Communication Services	4.1	%
Consumer Staples	4.1	%
Energy	4.0	%
Assets in Excess of Other Liabilities*	0.9	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

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

Ameriprise Financial, Inc.	1.9	%
Autozone, Inc.	1.6	%
Huntington Bancshares, Inc.	1.6	%
Motorola Solutions, Inc.	1.6	%
M&T Bank Corp.	1.6	%
Laboratory Corp. of America Holdings	1.5	%
Loews Corp.	1.5	%
Fortune Brands Home & Security, Inc.	1.5	%
Xcel Energy, Inc.	1.5	%
Fifth Third Bancorp	1.5	%

Portfolio holdings are subject to change daily.

VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		29.15	%		10.07	%		12.41	%
Class I		29.79	%		10.63	%		12.98	%
Class S		29.51	%		10.36	%		12.70	%
Class S2		29.29	%		10.19	%		12.53	%
Russell Midcap^® Value		28.34	%		11.22	%		13.44	%

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

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

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

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

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 13.58% compared to the S&P MidCap 400^® Index and the Russell Midcap^® Growth Index, which returned 24.76% and 12.73%, respectively, for the same period.

Portfolio Specifics: The Portfolio outperformed the Russell Midcap Growth Index, for the reporting period. Broadly speaking, stock selection drove relative outperformance, although sector allocation had a negative impact.

Information technology contributed to relative results, due to stock selection. Fortinet is a network firewall security company with steady growth and what we believe to be a thoughtful capital allocation approach that is both profitable and trading at a reasonable valuation relative to peers, in our view. Shares traded higher over the period driven by product and revenue growth.

Security selection in the consumer discretionary sector aided relative performance. AutoZone is a leading distributor of automotive replacement parts and accessories, selling products to both do-it-yourself and commercial customers. Shares traded higher as the company reported strong sales and earnings results due to the company being able to attract customers through reliable product availability, in our view.

Stock choices in the consumer staples sector also had a positive impact on relative results, driven by BJ's Wholesale Club Holdings.

Conversely, industrials and business services weighed on relative results, due to stock selection and an unfavorable underweight position. Array Technologies is a leading manufacturer of solar trackers in large, utility-scale solar operations. The trackers allow the solar panels to move and track the sun throughout the day, leading to greater energy generation. Shares plunged after the company noted that it was unable to affirm its previous earnings guidance for fiscal year 2021 due to surging steel and freight prices. Considering that industry competition is tough, we decided to exit the stock in favor of what we believe to be better long-term growth opportunities.

The Portfolio's overweight to the communication services sector also hindered relative returns during the period, although the effect was partially offset by security selection.

Current Strategy and Outlook: After back-to-back years of strong performance across most equity and credit sectors, we believe that global markets face more uncertain prospects in 2022. In our view, investors will need to use greater selectivity to identify potential opportunities. We believe that higher inflation, a shift toward monetary tightening, and new coronavirus variants all pose potential challenges for economic growth and earnings — at a time when valuations, in our view, appear elevated across many asset categories. Many believe that as governments and central banks withdraw the massive stimulus applied during the pandemic, economic growth inevitably will slow sharply. But in our opinion, slower growth doesn't necessarily mean low growth. We believe that a number of tailwinds should sustain the recovery in 2022, including strong consumer and corporate balance sheets.

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

Information Technology	35.3	%
Health Care	18.1	%
Consumer Discretionary	15.7	%
Industrials	12.8	%
Communication Services	5.0	%
Financials	4.3	%
Materials	2.5	%
Consumer Staples	2.4	%
Energy	2.0	%
Real Estate	1.8	%
Assets in Excess of Other Liabilities*	0.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

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

Fortinet, Inc.	1.4	%
Cadence Design Systems, Inc.	1.3	%
McKesson Corp.	1.3	%
Chipotle Mexican Grill, Inc.	1.3	%
DexCom, Inc.	1.2	%
Palo Alto Networks, Inc.	1.2	%
Lululemon Athletica, Inc.	1.1	%
Trade Desk, Inc./The	1.1	%
Microchip Technology, Inc.	1.1	%
Amphenol Corp.	1.1	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

* Effective January 1, 2021, Donald J. Easley, CFA was removed as a portfolio manager of the Portfolio.

VY^® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		13.24	%		19.38	%		16.38	%
Class I		13.80	%		19.98	%		16.94	%
Class R6⁽¹⁾		13.80	%		20.01	%		16.96	%
Class S		13.58	%		19.68	%		16.65	%
Class S2		13.28	%		19.50	%		16.48	%
S&P MidCap 400^® Index		24.76	%		13.09	%		14.20	%
Russell Midcap^® Growth Index		12.73	%		19.83	%		16.63	%

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

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

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

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class I shares, provided a total return of 20.15% compared to the S&P 500^® Index and the Russell 1000^® Growth Index, which returned 28.71% and 27.60%, respectively, for the same period.

Portfolio Specifics: The Portfolio underperformed the S&P 500^® Index for the period. Stock selection largely drove the relative underperformance. Information technology was the leading relative detractor, due to security selection. Consumer discretionary also hindered relative results, owing to stock choices. The communication services sector further weighed on returns due to an overweight exposure, although favorable stock picks partially offset losses. Conversely, a lack of exposure to consumer staples and utilities aided relative performance.

The information technology sector detracted the most during the period. Shares of Zoom Video Communications traded lower due to faster-than-expected churn within small and mid-size customers as some employees begin to return to the office.

Consumer staples and utilities were the only two sectors that aided relative performance due to a lack of exposure.

Current Strategy and Outlook: After back-to-back years of strong performance across most equity and credit sectors, in our view global markets face more uncertain prospects in 2022. We believe that investors will need to use greater selectivity to identify potential opportunities. We also believe that higher inflation, a shift toward monetary tightening, and new coronavirus variants all pose potential challenges for economic growth and earnings — at a time when valuations, in our view, appear elevated across many asset categories. Many believe that as governments and central banks withdraw the massive stimulus applied during the pandemic, economic growth inevitably will slow sharply. But in our opinion, slower growth doesn't necessarily mean low growth. We believe that a number of tailwinds should sustain the recovery in 2022, including strong consumer and corporate balance sheets.

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

Information Technology	38.7	%
Consumer Discretionary	25.3	%
Communication Services	20.7	%
Health Care	7.8	%
Industrials	4.5	%
Financials	1.9	%
Assets in Excess of Other Liabilities*	1.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

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

Microsoft Corp.	10.5	%
Amazon.com, Inc.	9.8	%
Rivian Automotive, Inc. Lockup Shares	5.9	%
Apple, Inc.	5.8	%
Meta Platforms, Inc.	4.8	%
Alphabet, Inc. — Class A	4.2	%
Alphabet, Inc. — Class C	4.2	%
Intuit, Inc.	2.3	%
NetFlix, Inc.	1.9	%
Nvidia Corp.	1.8	%

Portfolio holdings are subject to change daily.

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		19.54	%		22.59	%		18.51	%
Class I		20.15	%		23.21	%		19.11	%
Class S		19.85	%		22.89	%		18.81	%
Class S2		19.68	%		22.71	%		18.63	%
S&P 500^® Index		28.71	%		18.47	%		16.55	%
Russell 1000^® Growth Index		27.60	%		25.32	%		19.79	%

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

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

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

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

Portfolio holdings are subject to change daily.

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021 to December 31, 2021. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return									Hypothetical (5% return before expenses)
Voya Global Bond Portfolio	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*
Class ADV	$	1,000.00	$	978.20		1.17	%	$	5.83	$	1,000.00	$	1,019.31		1.17	%	$	5.96
Class I		1,000.00		981.30		0.67			3.35		1,000.00		1,021.83		0.67			3.41
Class S		1,000.00		979.10		0.92			4.59		1,000.00		1,020.57		0.92			4.69
Voya International High Dividend Low Volatility Portfolio
Class ADV	$	1,000.00	$	1,022.80		1.23	%	$	6.27	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,026.20		0.73			3.73		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,023.90		0.98			5.00		1,000.00		1,020.27		0.98			4.99
Class S2		1,000.00		1,023.50		1.13			5.76		1,000.00		1,019.51		1.13			5.75
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,054.20		1.35	%	$	6.99	$	1,000.00	$	1,018.40		1.35	%	$	6.87
Class I		1,000.00		1,056.70		0.85			4.41		1,000.00		1,020.92		0.85			4.33
Class S		1,000.00		1,055.70		1.10			5.70		1,000.00		1,019.66		1.10			5.60
Class S2		1,000.00		1,054.70		1.25			6.47		1,000.00		1,018.90		1.25			6.36

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® Baron Growth Portfolio	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*
Class ADV	$	1,000.00	$	1,108.00		1.49	%	$	7.92	$	1,000.00	$	1,017.69		1.49	%	$	7.58
Class I		1,000.00		1,110.60		0.99			5.27		1,000.00		1,020.21		0.99			5.04
Class R6		1,000.00		1,110.50		0.97			5.16		1,000.00		1,020.32		0.97			4.94
Class S		1,000.00		1,109.30		1.24			6.59		1,000.00		1,018.95		1.24			6.31
Class S2		1,000.00		1,108.30		1.39			7.39		1,000.00		1,018.20		1.39			7.07
VY^® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	1,069.40		1.23	%	$	6.42	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,071.80		0.73			3.81		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,070.20		0.98			5.11		1,000.00		1,020.27		0.98			4.99
VY^® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	1,055.30		1.42	%	$	7.36	$	1,000.00	$	1,018.05		1.42	%	$	7.22
Class I		1,000.00		1,057.80		0.92			4.77		1,000.00		1,020.57		0.92			4.69
Class R6		1,000.00		1,058.00		0.86			4.46		1,000.00		1,020.87		0.86			4.38
Class S		1,000.00		1,056.60		1.17			6.06		1,000.00		1,019.31		1.17			5.96
Class S2		1,000.00		1,055.60		1.32			6.84		1,000.00		1,018.55		1.32			6.72
VY^® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	1,072.90		1.20	%	$	6.27	$	1,000.00	$	1,019.16		1.20	%	$	6.11
Class I		1,000.00		1,075.20		0.70			3.66		1,000.00		1,021.68		0.70			3.57
Class S		1,000.00		1,074.10		0.95			4.97		1,000.00		1,020.42		0.95			4.84
VY^® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	1,044.10		1.14	%	$	5.87	$	1,000.00	$	1,019.46		1.14	%	$	5.80
Class I		1,000.00		1,046.60		0.64			3.30		1,000.00		1,021.98		0.64			3.26
Class S		1,000.00		1,045.30		0.89			4.59		1,000.00		1,020.72		0.89			4.53
Class S2		1,000.00		1,044.60		1.02			5.26		1,000.00		1,020.06		1.02			5.19
VY^® Invesco Global Portfolio
Class ADV	$	1,000.00	$	1,031.40		1.30	%	$	6.66	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Class I		1,000.00		1,033.80		0.80			4.10		1,000.00		1,021.17		0.80			4.08
Class S		1,000.00		1,032.70		1.05			5.38		1,000.00		1,019.91		1.05			5.35
Class S2		1,000.00		1,031.90		1.20			6.15		1,000.00		1,019.16		1.20			6.11
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,063.80		1.38	%	$	7.18	$	1,000.00	$	1,018.25		1.38	%	$	7.02
Class I		1,000.00		1,066.00		0.88			4.58		1,000.00		1,020.77		0.88			4.48
Class S		1,000.00		1,065.50		1.13			5.88		1,000.00		1,019.51		1.13			5.75
Class S2		1,000.00		1,064.40		1.28			6.66		1,000.00		1,018.75		1.28			6.51

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*
Class ADV	$	1,000.00	$	1,037.10		1.30	%	$	6.67	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Class I		1,000.00		1,039.50		0.80			4.11		1,000.00		1,021.17		0.80			4.08
Class R6		1,000.00		1,039.60		0.76			3.91		1,000.00		1,021.37		0.76			3.87
Class S		1,000.00		1,038.40		1.05			5.39		1,000.00		1,019.91		1.05			5.35
Class S2		1,000.00		1,037.50		1.20			6.16		1,000.00		1,019.16		1.20			6.11
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	1,037.00		1.23	%	$	6.32	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,039.60		0.73			3.75		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,038.20		0.98			5.03		1,000.00		1,020.27		0.98			4.99
Class S2		1,000.00		1,037.50		1.13			5.80		1,000.00		1,019.51		1.13			5.75

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® Invesco Global Portfolio (formerly, VY^® Invesco Oppenheimer Global Portfolio), VY^® JPMorgan Mid Cap Value Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio and VY^® T. Rowe Price Growth Equity Portfolio (collectively referred to as the "Portfolios") (twelve of the portfolios constituting Voya Partners, Inc. (the "Company")), including the portfolios of investments, as of December 31, 2021, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolios (twelve of the portfolios constituting Voya Partners, Inc.) at December 31, 2021, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts
February 24, 2022

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021

	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+*	$	128,381,077		$	405,590,975	$	392,985,811	$	652,694,234
Investments in affiliates at fair value**		39,603,081			—		—		—
Short-term investments at fair value^†		1,613,120			13,517,409		13,522,613		—
Cash		—			397,181		—		596
Cash collateral for futures contracts		450,000			—		—		—
Cash pledged for centrally cleared swaps (Note 2)		955,000			—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		640,000			—		—		—
Foreign currencies at value^‡		152,188			302,099		103,353		—
Receivables:
Investment securities sold		51,107			101,432		438,128		1,602,240
Investment securities sold on a delayed-delivery or when-issued basis		8,605,192			—		—		—
Fund shares sold		310,322			2,862,180		32,342		51,662
Dividends		—			813,136		659,800		423,820
Interest		920,500			—		—		49,583
Foreign tax reclaims		4,989			1,715,372		14,379		—
Variation margin on futures contracts		240,834			—		—		—
Unrealized appreciation on forward foreign currency contracts		1,666,480			—		30,762		—
Unrealized appreciation on OTC swap agreements		15,675			—		—		—
Prepaid expenses		15			38		31		51
Reimbursement due from Investment Adviser		16,343			—		79,946		46,190
Other assets		11,646			39,769		12,298		30,738
Total assets		183,637,569			425,339,591		407,879,463		654,899,114
LIABILITIES:
Payable for investment securities purchased		47,404			101,431		213,119		111,924
Payable for investment securities purchased on a delayed-delivery or when-issued basis		22,173,436			—		—		—
Payable for fund shares redeemed		259			187		1,259,617		427,255
Payable upon receipt of securities loaned		132,120			13,517,409		5,933,484		—
Unrealized depreciation on forward foreign currency contracts		1,883,321			371		237,171		—
Unrealized depreciation on OTC swap agreements		221,203			—		—		—
Variation margin payable on centrally cleared swaps		3,393			—		—		—
Payable for investment management fees		80,634			205,133		304,563		512,885
Payable for distribution and shareholder service fees		14,371			64,890		67,725		117,083
Payable to custodian due to bank overdraft		75,070			—		—		—
Payable for directors fees		838			2,108		1,953		3,100
Payable to directors under the deferred compensation plan (Note 6)		11,646			39,769		12,298		30,738
Payable for borrowings against line of credit		—			—		—		531,000
Other accrued expenses and liabilities		84,296			202,864		155,746		247,688
Written options, at fair value^		29,730			—		—		—
Total liabilities		24,757,721			14,134,162		8,185,676		1,981,673
NET ASSETS	$	158,879,848		$	411,205,429	$	399,693,787	$	652,917,441
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	164,891,375		$	357,029,372	$	271,372,693	$	60,448,228
Total distributable earnings (loss)		(6,011,527	)		54,176,057		128,321,094		592,469,213
NET ASSETS	$	158,879,848		$	411,205,429	$	399,693,787	$	652,917,441
+ Including securities loaned at value	$	128,450		$	12,863,088	$	5,763,078	$	—
* Cost of investments in securities	$	125,112,400		$	363,272,429	$	327,585,076	$	112,437,049
** Cost of investments in affiliates	$	41,399,129		$	—	$	—	$	—
† Cost of short-term investments	$	1,613,120		$	13,517,409	$	13,522,613	$	—
‡ Cost of foreign currencies	$	153,720		$	299,650	$	103,353	$	—
^ Premiums received on written options	$	63,500		$	—	$	—	$	—

See Accompanying Notes to Financial Statements
31

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021 (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	$	19,155,618	$	27,020,903	$	110,891,873	$	140,345,452
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		1,891,638		2,621,564		7,804,192		4,907,985
Net asset value and redemption price per share	$	10.13	$	10.31	$	14.21	$	28.60
Class I:
Net assets	$	110,162,128	$	125,719,011	$	186,364,510	$	177,253,897
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		10,679,381		12,045,236		12,131,594		5,007,053
Net asset value and redemption price per share	$	10.32	$	10.44	$	15.36	$	35.40
Class R6:
Net assets		n/a		n/a		n/a	$	50,409,775
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		1,422,263
Net asset value and redemption price per share		n/a		n/a		n/a	$	35.44
Class S:
Net assets	$	29,562,102	$	258,075,245	$	100,022,067	$	282,226,940
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		2,869,462		24,909,982		6,628,053		8,784,535
Net asset value and redemption price per share	$	10.30	$	10.36	$	15.09	$	32.13
Class S2:
Net assets		n/a	$	390,270	$	2,415,337	$	2,681,377
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		37,290		169,894		91,726
Net asset value and redemption price per share		n/a	$	10.47	$	14.22	$	29.23

See Accompanying Notes to Financial Statements
32

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021

	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+*	$	209,383,232	$	195,667,445	$	287,546,429	$	1,270,388,288
Short-term investments at fair value^†		3,303,059		2,254,436		10,252,966		45,416,715
Foreign currencies at value^‡		—		—		881		671
Receivables:
Investment securities sold		—		—		26,672		—
Fund shares sold		98,986		29,519		252,554		64,964
Dividends		144,380		228,685		412,079		838,941
Interest		—		—		—		1,942,431
Foreign tax reclaims		17,012		—		28,283		254,450
Unrealized appreciation on forward foreign currency contracts		—		—		4,727		28,364
Prepaid expenses		15		15		20		113
Reimbursement due from Investment Adviser		37,187		—		18,977		59,918
Other assets		12,305		8,249		20,760		73,047
Total assets		212,996,176		198,188,349		298,564,348		1,319,067,902
LIABILITIES:
Payable for investment securities purchased		—		46,023		2,741,818		—
Payable for fund shares redeemed		160,759		1,658,230		433,982		1,940,570
Payable upon receipt of securities loaned		—		—		—		5,295,209
Unrealized depreciation on forward foreign currency contracts		—		—		52,328		433,668
Payable for investment management fees		155,206		135,836		171,175		690,852
Payable for distribution and shareholder service fees		18,021		37,643		31,213		215,423
Payable for directors fees		969		946		1,267		6,597
Payable to directors under the deferred compensation plan (Note 6)		12,305		8,249		20,760		73,047
Other accrued expenses and liabilities		117,907		57,419		122,048		184,858
Total liabilities		465,167		1,944,346		3,574,591		8,840,224
NET ASSETS	$	212,531,009	$	196,244,003	$	294,989,757	$	1,310,227,678
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	132,545,307	$	112,308,317	$	225,632,873	$	880,982,968
Total distributable earnings		79,985,702		83,935,686		69,356,884		429,244,710
NET ASSETS	$	212,531,009	$	196,244,003	$	294,989,757	$	1,310,227,678
+ Including securities loaned at value	$	—	$	—	$	—	$	54,744,008
* Cost of investments in securities	$	157,903,994	$	135,954,576	$	212,159,327	$	1,001,185,348
† Cost of short-term investments	$	3,303,059	$	2,254,436	$	10,252,966	$	45,416,715
‡ Cost of foreign currencies	$	—	$	—	$	869	$	670

See Accompanying Notes to Financial Statements
33

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021 (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	$	31,288,400	$	39,427,128	$	34,649,233	$	49,436,090
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		1,481,727		1,893,158		1,646,316		956,082
Net asset value and redemption price per share	$	21.12	$	20.83	$	21.05	$	51.71
Class I:
Net assets	$	157,467,715	$	45,423,534	$	178,855,973	$	502,444,651
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		6,790,106		2,092,480		8,417,321		9,535,087
Net asset value and redemption price per share	$	23.19	$	21.71	$	21.25	$	52.69
Class R6:
Net assets		n/a	$	12,559,756		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		577,644		n/a		n/a
Net asset value and redemption price per share		n/a	$	21.74		n/a		n/a
Class S:
Net assets	$	23,774,894	$	96,977,662	$	81,484,551	$	437,820,564
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		1,061,688		4,488,585		3,828,708		8,372,257
Net asset value and redemption price per share	$	22.39	$	21.61	$	21.28	$	52.29
Class S2:
Net assets		n/a	$	1,855,923		n/a	$	320,526,373
Shares authorized		n/a		100,000,000		n/a		100,000,000
Par value		n/a	$	0.001		n/a	$	0.001
Shares outstanding		n/a		89,024		n/a		6,230,041
Net asset value and redemption price per share		n/a	$	20.85		n/a	$	51.45

See Accompanying Notes to Financial Statements
34

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021

	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+*	$	1,712,341,570	$	419,433,317	$	1,459,054,888	$	2,190,372,492
Short-term investments at fair value^†		14,064,319		4,996,940		117,033,584		71,955,145
Cash		—		—		519,011		1,966,640
Foreign currencies at value^‡		8,617		—		—		—
Receivables:
Investment securities sold		—		—		1,875,330		—
Fund shares sold		796,642		32,614		286,418		238,448
Dividends		4,502		702,040		417,962		116,477
Foreign tax reclaims		2,311,012		—		—		1,834
Prepaid expenses		146		32		128		172
Reimbursement due from Investment Adviser		35,171		39,582		42,662		56,104
Other assets		68,726		20,264		40,563		66,702
Total assets		1,729,630,705		425,224,789		1,579,270,546		2,264,774,014
LIABILITIES:
Payable for investment securities purchased		—		—		77		643
Payable for fund shares redeemed		101,369		1,716,691		121,030		1,031,526
Payable upon receipt of securities loaned		4,425,451		—		116,541,462		45,268,511
Payable for investment management fees		1,019,920		299,780		903,259		1,281,239
Payable for distribution and shareholder service fees		104,093		79,161		43,175		185,660
Payable for directors fees		8,617		2,094		7,354		10,681
Payable to directors under the deferred compensation plan (Note 6)		68,726		20,264		40,563		66,702
Payable for foreign capital gains tax		2,123,304		—		—		—
Other accrued expenses and liabilities		588,620		108,537		341,840		700,209
Total liabilities		8,440,100		2,226,527		117,998,760		48,545,171
NET ASSETS	$	1,721,190,605	$	422,998,262	$	1,461,271,786	$	2,216,228,843
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	437,766,119	$	229,507,541	$	755,307,308	$	999,938,238
Total distributable earnings		1,283,424,486		193,490,721		705,964,478		1,216,290,605
NET ASSETS	$	1,721,190,605	$	422,998,262	$	1,461,271,786	$	2,216,228,843
+ Including securities loaned at value	$	4,217,848	$	—	$	114,095,065	$	44,234,476
* Cost of investments in securities	$	604,275,681	$	282,704,509	$	1,020,429,685	$	1,230,804,933
† Cost of short-term investments	$	14,064,319	$	4,996,940	$	117,033,584	$	71,955,145
‡ Cost of foreign currencies	$	8,705	$	—	$	—	$	—

See Accompanying Notes to Financial Statements
35

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021 (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	$	149,741,431	$	93,649,155	$	76,148,988	$	394,504,072
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		6,098,535		4,868,019		6,126,247		3,854,277
Net asset value and redemption price per share	$	24.55	$	19.24	$	12.43	$	102.35
Class I:
Net assets	$	1,381,311,614	$	138,540,472	$	1,214,370,556	$	1,742,541,779
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		52,693,391		6,925,337		81,930,611		14,627,964
Net asset value and redemption price per share	$	26.21	$	20.00	$	14.82	$	119.12
Class R6:
Net assets		n/a		n/a	$	118,927,419		n/a
Shares authorized		n/a		n/a		100,000,000		n/a
Par value		n/a		n/a	$	0.001		n/a
Shares outstanding		n/a		n/a		8,013,149		n/a
Net asset value and redemption price per share		n/a		n/a	$	14.84		n/a
Class S:
Net assets	$	185,985,506	$	188,813,068	$	45,921,899	$	72,845,235
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		7,489,623		9,576,683		3,309,356		656,759
Net asset value and redemption price per share	$	24.83	$	19.72	$	13.88	$	110.92
Class S2:
Net assets	$	4,152,054	$	1,995,567	$	5,902,924	$	6,337,757
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		174,054		104,121		469,515		60,281
Net asset value and redemption price per share	$	23.85	$	19.17	$	12.57	$	105.14

See Accompanying Notes to Financial Statements
36

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2021

	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*	$	5,695		$	16,590,544		$	7,898,935		$	4,140,340
Dividends from affiliated underlying funds		1,943,792			—			—			—
Interest, net of foreign taxes withheld*		4,271,720			—			—			39,001
Securities lending income, net		2,427			195,216			19,606			—
Total investment income		6,223,634			16,785,760			7,918,541			4,179,341
EXPENSES:
Investment management fees		1,005,938			2,529,157			4,227,190			5,890,368
Distribution and shareholder service fees:
Class ADV		99,824			136,335			545,871			657,381
Class S		75,574			668,511			239,692			670,687
Class S2		—			1,489			12,934			11,133
Transfer agent fees:
Class ADV		24,170			19,727			188,959			151,536
Class I		142,185			91,498			315,853			196,806
Class R6		—			—			—			79
Class S		36,593			193,444			165,745			309,415
Class S2		—			269			5,713			3,227
Shareholder reporting expense		17,141			28,435			24,310			14,015
Professional fees		17,783			37,390			26,898			33,213
Custody and accounting expense		75,710			101,714			79,952			50,274
Directors fees		6,706			16,861			15,627			24,802
Shareholder notification costs (Note 4)		—			31,995			—			—
Miscellaneous expense		13,093			34,396			11,060			22,712
Interest expense		—			423			297			4,845
Total expenses		1,514,717			3,891,644			5,860,101			8,040,493
Waived and reimbursed fees		(216,179	)		—			(1,712,489	)		(556,930	)
Net expenses		1,298,538			3,891,644			4,147,612			7,483,563
Net investment income (loss)		4,925,096			12,894,116			3,770,929			(3,304,222	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)		(427,681	)		32,719,734			67,198,863			54,558,239
Capital gain distributions from affiliated underlying funds		163,877			—			—			—
Forward foreign currency contracts		(4,734,543	)		(1,629	)		1,058,873			—
Foreign currency related transactions		49,512			(10,786	)		(7,526	)		(2,129	)
Futures		518,890			—			—			—
Swaps		(1,067,835	)		—			—			—
Written options		1,414,253			—			—			—
Net realized gain (loss)		(4,083,527	)		32,707,319			68,250,210			54,556,110
Net change in unrealized appreciation (depreciation) on:
Investments		(4,640,738	)		1,831,461			19,163,655			64,034,412
Affiliated underlying funds		(2,560,351	)		—			—			—
Forward foreign currency contracts		(955,231	)		(381	)		(86,344	)		—
Foreign currency related transactions		(124,382	)		(86,654	)		(425	)		—
Futures		(445,844	)		—			—			—
Swaps		(649,771	)		—			—			—
Written options		3,528			—			—			—
Net change in unrealized appreciation (depreciation)		(9,372,789	)		1,744,426			19,076,886			64,034,412
Net realized and unrealized gain (loss)		(13,456,316	)		34,451,745			87,327,096			118,590,522
Increase (decrease) in net assets resulting from operations	$	(8,531,220	)	$	47,345,861		$	91,098,025		$	115,286,300
* Foreign taxes withheld	$	2,514		$	1,581,371		$	71,136		$	6,804
^ Foreign capital gains taxes withheld	$	41,032		$	—		$	—		$	—

See Accompanying Notes to Financial Statements
37

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2021

	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*	$	2,403,588		$	2,460,955		$	5,737,664		$	17,380,985
Interest		—			—			—			7,137,395
Securities lending income, net		—			—			14,277			120,489
Total investment income		2,403,588			2,460,955			5,751,941			24,638,869
EXPENSES:
Investment management fees		1,744,499			1,609,229			1,774,086			8,398,903
Distribution and shareholder service fees:
Class ADV		147,575			176,745			166,051			235,346
Class S		56,255			242,936			187,731			1,124,681
Class S2		—			7,234			—			1,293,954
Transfer agent fees:
Class ADV		14,445			30,151			19,995			22,218
Class I		69,244			38,393			87,790			235,598
Class R6		—			35			—			—
Class S		11,027			83,900			45,241			212,377
Class S2		—			1,572			—			152,713
Shareholder reporting expense		6,202			17,534			17,880			21,806
Professional fees		14,496			12,241			15,515			64,940
Custody and accounting expense		28,513			25,204			31,193			95,482
Directors fees		7,753			7,573			10,138			52,780
Miscellaneous expense		9,165			8,238			9,149			40,247
Total expenses		2,109,174			2,260,985			2,364,769			11,951,045
Waived and reimbursed fees		(492,492	)		(89,884	)		(233,799	)		(886,264	)
Brokerage commission recapture		(8,094	)		(7,858	)		—			—
Net expenses		1,608,588			2,163,243			2,130,970			11,064,781
Net investment income		795,000			297,712			3,620,971			13,574,088
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		28,186,665			24,469,921			19,976,039			166,187,323
Forward foreign currency contracts		—			—			178,219			1,064,187
Foreign currency related transactions		—			—			(37,499	)		14,543
Net realized gain		28,186,665			24,469,921			20,116,759			167,266,053
Net change in unrealized appreciation (depreciation) on:
Investments		12,226,799			26,184,413			42,716,437			39,975,993
Forward foreign currency contracts		—			—			41,646			53,542
Foreign currency related transactions		—			—			(1,417	)		(11,977	)
Net change in unrealized appreciation (depreciation)		12,226,799			26,184,413			42,756,666			40,017,558
Net realized and unrealized gain		40,413,464			50,654,334			62,873,425			207,283,611
Increase in net assets resulting from operations	$	41,208,464		$	50,952,046		$	66,494,396		$	220,857,699
* Foreign taxes withheld	$	14,762		$	4,446		$	64,678		$	185,247

See Accompanying Notes to Financial Statements
38

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2021

	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*	$	8,670,531		$	6,938,411		$	5,627,727		$	6,760,181
Securities lending income, net		53,738			1,405			135,966			156,400
Total investment income		8,724,269			6,939,816			5,763,693			6,916,581
EXPENSES:
Investment management fees		12,063,851			3,560,260			10,884,337			14,954,326
Distribution and shareholder service fees:
Class ADV		717,500			455,471			358,480			1,937,449
Class S		473,396			472,585			120,255			179,937
Class S2		17,198			6,033			27,258			24,527
Transfer agent fees:
Class ADV		141,254			106,163			56,714			263,649
Class I		1,365,785			159,912			963,857			1,136,081
Class R6		—			—			165			—
Class S		186,636			220,302			38,307			48,989
Class S2		4,239			1,755			5,437			4,166
Shareholder reporting expense		31,391			14,296			38,482			82,900
Professional fees		99,384			21,954			77,342			116,435
Custody and accounting expense		239,304			44,112			114,356			176,184
Directors fees		68,936			16,754			58,834			85,453
Proxy and solicitation costs (Note 1)		—			—			—			105,950
Miscellaneous expense		72,226			13,265			46,316			71,616
Interest expense		2,729			164			402			—
Total expenses		15,483,829			5,093,026			12,790,542			19,187,662
Waived and reimbursed fees		(432,246	)		(463,244	)		(537,587	)		(1,382,047	)
Brokerage commission recapture		—			(7,752	)		—			—
Net expenses		15,051,583			4,622,030			12,252,955			17,805,615
Net investment income (loss)		(6,327,314	)		2,317,786			(6,489,262	)		(10,889,034	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)		185,793,782			59,265,122			274,598,406			275,440,602
Forward foreign currency contracts		37,903			—			—			(12,134	)
Foreign currency related transactions		(66,841	)		—			—			(17,039	)
Net realized gain		185,764,844			59,265,122			274,598,406			275,411,429
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)		64,264,489			43,813,263			(78,857,995	)		114,830,720
Forward foreign currency contracts		4,449			—			—			—
Foreign currency related transactions		(156,463	)		—			—			65
Net change in unrealized appreciation (depreciation)		64,112,475			43,813,263			(78,857,995	)		114,830,785
Net realized and unrealized gain		249,877,319			103,078,385			195,740,411			390,242,214
Increase in net assets resulting from operations	$	243,550,005		$	105,396,171		$	189,251,149		$	379,353,180
* Foreign taxes withheld	$	849,446		$	—		$	23,633		$	90,992
^ Foreign capital gains taxes withheld	$	18		$	—		$	—		$	—
# Change in foreign capital gains taxes accrued	$	2,123,304		$	—		$	—		$	—

See Accompanying Notes to Financial Statements
39

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Portfolio						Voya International High Dividend Low Volatility Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	4,925,096		$	5,671,017		$	12,894,116		$	8,705,812
Net realized gain (loss)		(4,083,527	)		4,861,124			32,707,319			(31,060,166	)
Net change in unrealized appreciation (depreciation)		(9,372,789	)		6,090,949			1,744,426			12,103,137
Increase (decrease) in net assets resulting from operations		(8,531,220	)		16,623,090			47,345,861			(10,251,217	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(915,517	)		(499,001	)		(540,901	)		(3,998,093	)
Class I		(5,901,123	)		(4,117,554	)		(3,068,169	)		(18,958,530	)
Class S		(1,449,150	)		(856,131	)		(5,834,728	)		(41,156,670	)
Class S2		—			—			(7,373	)		(73,179	)
Return of capital:
Class ADV		(144,296	)		—			—			—
Class I		(824,076	)		—			—			—
Class S		(214,197	)		—			—			—
Total distributions		(9,448,359	)		(5,472,686	)		(9,451,171	)		(64,186,472	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		10,210,633			17,959,104			10,505,727			20,855,018
Reinvestment of distributions		9,448,359			5,472,686			9,451,171			64,186,472
		19,658,992			23,431,790			19,956,898			85,041,490
Cost of shares redeemed		(22,323,447	)		(56,396,854	)		(64,164,436	)		(71,367,998	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,664,455	)		(32,965,064	)		(44,207,538	)		13,673,492
Net decrease in net assets		(20,644,034	)		(21,814,660	)		(6,312,848	)		(60,764,197	)
NET ASSETS:
Beginning of year or period		179,523,882			201,338,542			417,518,277			478,282,474
End of year or period	$	158,879,848		$	179,523,882		$	411,205,429		$	417,518,277

See Accompanying Notes to Financial Statements
40

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® American Century Small-Mid Cap Value Portfolio						VY^® Baron Growth Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income (loss)	$	3,770,929		$	3,845,487		$	(3,304,222	)	$	(2,566,484	)
Net realized gain (loss)		68,250,210			(2,741,117	)		54,556,110			47,657,871
Net change in unrealized appreciation (depreciation)		19,076,886			6,978,194			64,034,412			104,781,202
Increase in net assets resulting from operations		91,098,025			8,082,564			115,286,300			149,872,589
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(741,893	)		(1,711,366	)		(11,180,973	)		—
Class I		(1,787,999	)		(3,371,776	)		(11,935,097	)		—
Class R6		—			—			(3,273,603	)		—
Class S		(786,510	)		(1,584,274	)		(20,610,306	)		—
Class S2		(19,149	)		(59,796	)		(211,817	)		—
Total distributions		(3,335,551	)		(6,727,212	)		(47,211,796	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		31,109,075			20,389,448			26,834,028			43,933,495
Reinvestment of distributions		3,335,551			6,727,212			47,211,796			—
		34,444,626			27,116,660			74,045,824			43,933,495
Cost of shares redeemed		(69,553,735	)		(62,309,206	)		(85,094,711	)		(114,832,332	)
Net decrease in net assets resulting from capital share transactions		(35,109,109	)		(35,192,546	)		(11,048,887	)		(70,898,837	)
Net increase (decrease) in net assets		52,653,365			(33,837,194	)		57,025,617			78,973,752
NET ASSETS:
Beginning of year or period		347,040,422			380,877,616			595,891,824			516,918,072
End of year or period	$	399,693,787		$	347,040,422		$	652,917,441		$	595,891,824

See Accompanying Notes to Financial Statements
41

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Columbia Contrarian Core Portfolio						VY^® Columbia Small Cap Value II Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	795,000		$	995,168		$	297,712		$	564,427
Net realized gain		28,186,665			20,183,714			24,469,921			160,673
Net change in unrealized appreciation (depreciation)		12,226,799			29,571,634			26,184,413			9,456,557
Increase in net assets resulting from operations		41,208,464			50,750,516			50,952,046			10,181,657
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(3,369,226	)		(743,213	)		(207,547	)		(972,185	)
Class I		(15,634,335	)		(4,445,739	)		(368,043	)		(1,435,739	)
Class R6		—			—			(87,814	)		(255,902	)
Class S		(2,522,728	)		(552,006	)		(587,512	)		(3,428,166	)
Class S2		—			—			(9,407	)		(55,992	)
Total distributions		(21,526,289	)		(5,740,958	)		(1,260,323	)		(6,147,984	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		31,293,760			141,807,257			53,308,350			12,993,038
Reinvestment of distributions		21,526,289			5,740,958			1,260,323			6,147,984
		52,820,049			147,548,215			54,568,673			19,141,022
Cost of shares redeemed		(35,836,004	)		(67,475,819	)		(57,321,932	)		(33,759,350	)
Net increase (decrease) in net assets resulting from capital share transactions		16,984,045			80,072,396			(2,753,259	)		(14,618,328	)
Net increase (decrease) in net assets		36,666,220			125,081,954			46,938,464			(10,584,655	)
NET ASSETS:
Beginning of year or period		175,864,789			50,782,835			149,305,539			159,890,194
End of year or period	$	212,531,009		$	175,864,789		$	196,244,003		$	149,305,539

See Accompanying Notes to Financial Statements
42

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Comstock Portfolio						VY^® Invesco Equity and Income Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	3,620,971		$	4,842,340		$	13,574,088		$	19,246,602
Net realized gain (loss)		20,116,759			(23,108,052	)		167,266,053			9,602,771
Net change in unrealized appreciation (depreciation)		42,756,666			(10,389,112	)		40,017,558			74,680,078
Increase (decrease) in net assets resulting from operations		66,494,396			(28,654,824	)		220,857,699			103,529,451
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(403,191	)		(1,304,497	)		(1,040,639	)		(2,330,514	)
Class I		(2,872,788	)		(6,426,417	)		(12,825,759	)		(27,058,975	)
Class S		(1,119,663	)		(3,064,953	)		(10,309,711	)		(24,794,296	)
Class S2		—			—			(7,171,073	)		(17,171,131	)
Total distributions		(4,395,642	)		(10,795,867	)		(31,347,182	)		(71,354,916	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		100,491,712			89,543,749			20,219,029			13,882,671
Reinvestment of distributions		4,395,642			10,795,867			31,347,182			71,354,916
		104,887,354			100,339,616			51,566,211			85,237,587
Cost of shares redeemed		(78,319,236	)		(162,953,033	)		(186,570,258	)		(193,635,444	)
Net increase (decrease) in net assets resulting from capital share transactions		26,568,118			(62,613,417	)		(135,004,047	)		(108,397,857	)
Net increase (decrease) in net assets		88,666,872			(102,064,108	)		54,506,470			(76,223,322	)
NET ASSETS:
Beginning of year or period		206,322,885			308,386,993			1,255,721,208			1,331,944,530
End of year or period	$	294,989,757		$	206,322,885		$	1,310,227,678		$	1,255,721,208

See Accompanying Notes to Financial Statements
43

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Global Portfolio						VY^® JPMorgan Mid Cap Value Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income (loss)	$	(6,327,314	)	$	(1,449,121	)	$	2,317,786		$	3,038,963
Net realized gain		185,764,844			84,593,469			59,265,122			14,330,361
Net change in unrealized appreciation (depreciation)		64,112,475			279,045,095			43,813,263			(24,564,419	)
Increase (decrease) in net assets resulting from operations		243,550,005			362,189,443			105,396,171			(7,195,095	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(6,650,068	)		(4,996,181	)		(3,739,188	)		(6,939,506	)
Class I		(60,106,187	)		(53,910,828	)		(5,837,589	)		(11,193,835	)
Class S		(8,612,323	)		(7,716,024	)		(7,866,665	)		(15,047,063	)
Class S2		(200,349	)		(149,769	)		(53,361	)		(138,167	)
Total distributions		(75,568,927	)		(66,772,802	)		(17,496,803	)		(33,318,571	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		32,945,982			19,464,266			31,952,852			16,958,254
Reinvestment of distributions		75,568,927			66,772,802			17,496,803			33,318,571
		108,514,909			86,237,068			49,449,655			50,276,825
Cost of shares redeemed		(213,252,498	)		(258,026,375	)		(89,164,000	)		(77,538,133	)
Net decrease in net assets resulting from capital share transactions		(104,737,589	)		(171,789,307	)		(39,714,345	)		(27,261,308	)
Net increase (decrease) in net assets		63,243,489			123,627,334			48,185,023			(67,774,974	)
NET ASSETS:
Beginning of year or period		1,657,947,116			1,534,319,782			374,813,239			442,588,213
End of year or period	$	1,721,190,605		$	1,657,947,116		$	422,998,262		$	374,813,239

See Accompanying Notes to Financial Statements
44

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio						VY^® T. Rowe Price Growth Equity Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment (loss)	$	(6,489,262	)	$	(1,252,109	)	$	(10,889,034	)	$	(6,118,962	)
Net realized gain		274,598,406			225,120,348			275,411,429			178,779,501
Net change in unrealized appreciation (depreciation)		(78,857,995	)		127,862,938			114,830,785			378,276,668
Increase in net assets resulting from operations		189,251,149			351,731,177			379,353,180			550,937,207
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(12,473,482	)		(4,946,458	)		(34,928,755	)		(13,600,775	)
Class I		(179,469,278	)		(86,073,841	)		(134,596,628	)		(50,553,168	)
Class R6		(21,456,701	)		(2,931,489	)		—			—
Class S		(7,427,852	)		(3,459,838	)		(5,950,016	)		(2,861,917	)
Class S2		(1,217,580	)		(490,552	)		(500,457	)		(415,290	)
Total distributions		(222,044,893	)		(97,902,178	)		(175,975,856	)		(67,431,150	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		67,311,211			203,466,649			210,975,263			174,272,043
Reinvestment of distributions		222,044,893			97,902,178			175,975,856			67,431,150
		289,356,104			301,368,827			386,951,119			241,703,193
Cost of shares redeemed		(205,325,704	)		(304,349,380	)		(323,591,279	)		(443,066,547	)
Net increase (decrease) in net assets resulting from capital share transactions		84,030,400			(2,980,553	)		63,359,840			(201,363,354	)
Net increase in net assets		51,236,656			250,848,446			266,737,164			282,142,703
NET ASSETS:
Beginning of year or period		1,410,035,130			1,159,186,684			1,949,491,679			1,667,348,976
End of year or period	$	1,461,271,786		$	1,410,035,130		$	2,216,228,843		$	1,949,491,679

See Accompanying Notes to Financial Statements
45

FINANCIAL HIGHLIGHTS

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

				Income (loss) from investment operations									Less distributions
		Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended		($)		($)			($)			($)			($)		($)		($)
Voya Global Bond Portfolio
Class ADV
	12-31-21		11.28		0.27	^•		(0.85	)		(0.58	)		0.49		—		0.08
	12-31-20		10.64		0.28			0.62			0.90			0.26		—		—
	12-31-19		10.33		0.27	^•		0.48			0.75			0.44		—		—
	12-31-18		10.94		0.29	^•		(0.55	)		(0.26	)		0.35		—		—
	12-31-17		10.24		0.26	^•		0.66			0.92			0.22		—		—
Class I
	12-31-21		11.49		0.33	^•		(0.87	)		(0.54	)		0.55		—		0.08
	12-31-20		10.83		0.33	^•		0.64			0.97			0.31		—		—
	12-31-19		10.51		0.33	^•		0.49			0.82			0.50		—		—
	12-31-18		11.14		0.35	^•		(0.57	)		(0.22	)		0.41		—		—
	12-31-17		10.42		0.32	^•		0.68			1.00			0.28		—		—
Class S
	12-31-21		11.47		0.30	^•		(0.87	)		(0.57	)		0.52		—		0.08
	12-31-20		10.82		0.31			0.63			0.94			0.29		—		—
	12-31-19		10.50		0.31	^•		0.48			0.79			0.47		—		—
	12-31-18		11.12		0.32	^•		(0.56	)		(0.24	)		0.38		—		—
	12-31-17		10.41		0.30	^•		0.66			0.96			0.25		—		—
Voya International High Dividend Low Volatility Portfolio
Class ADV
	12-31-21		9.43		0.28	^•		0.80			1.08			0.20		—		—
	12-31-20		11.36		0.19			(0.49	)		(0.30	)		0.32		1.31		—
	12-31-19		10.88		0.27	^•		1.38			1.65			0.19		0.98		—
	12-31-18		13.06		0.16	^•		(2.13	)		(1.97	)		0.21		—		—
	12-31-17		10.90		0.19			2.16			2.35			0.19		—		—
Class I
	12-31-21		9.54		0.33	^•		0.82			1.15			0.25		—		—
	12-31-20		11.49		0.25			(0.51	)		(0.26	)		0.38		1.31		—
	12-31-19		11.00		0.33	^•		1.40			1.73			0.26		0.98		—
	12-31-18		13.21		0.23	^•		(2.17	)		(1.94	)		0.27		—		—
	12-31-17		11.01		0.25	^•		2.20			2.45			0.25		—		—
Class S
	12-31-21		9.47		0.30	^•		0.82			1.12			0.23		—		—
	12-31-20		11.41		0.22			(0.50	)		(0.28	)		0.35		1.31		—
	12-31-19		10.93		0.30	^•		1.38			1.68			0.22		0.98		—
	12-31-18		13.12		0.19	^•		(2.15	)		(1.96	)		0.23		—		—
	12-31-17		10.94		0.22	^•		2.18			2.40			0.22		—		—
Class S2
	12-31-21		9.56		0.29	^•		0.82			1.11			0.20		—		—
	12-31-20		11.52		0.18	^•		(0.48	)		(0.30	)		0.35		1.31		—
	12-31-19		10.99		0.27	^•		1.41			1.68			0.17		0.98		—
	12-31-18		13.05		0.18	^•		(2.16	)		(1.98	)		0.08		—		—
	12-31-17		10.86		0.19	^•		2.18			2.37			0.18		—		—
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV
	12-31-21		11.27		0.09	^•		2.94			3.03			0.09		—		—
	12-31-20		11.12		0.11			0.22			0.33			0.12		0.06		—
	12-31-19		9.64		0.11			2.66			2.77			0.12		1.17		—
	12-31-18		12.66		0.09			(1.67	)		(1.58	)		0.10		1.34		—
	12-31-17		12.03		0.11			1.16			1.27			0.12		0.52		—

											Ratios to average net assets								Supplemental data
		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
Voya Global Bond Portfolio
Class ADV
	12-31-21		0.57		—		10.13		(5.21	)		1.30		1.17		1.17		2.54		19,156		144
	12-31-20		0.26		—		11.28		8.58			1.28		1.17		1.17		2.50		21,097		150
	12-31-19		0.44		—		10.64		7.36			1.16		1.16		1.16		2.58		21,661		228
	12-31-18		0.35		—		10.33		(2.40	)		1.17		1.15		1.15		2.71		22,161		119
	12-31-17		0.22		—		10.94		9.05			1.17		1.10		1.10		2.48		24,922		127
Class I
	12-31-21		0.63		—		10.32		(4.78	)		0.80		0.67		0.67		3.04		110,162		144
	12-31-20		0.31		—		11.49		9.20			0.78		0.67		0.67		3.00		125,244		150
	12-31-19		0.50		—		10.83		7.90			0.66		0.66		0.66		3.08		146,354		228
	12-31-18		0.41		—		10.51		(2.01	)		0.67		0.65		0.65		3.21		146,473		119
	12-31-17		0.28		—		11.14		9.67			0.67		0.60		0.60		2.98		161,715		127
Class S
	12-31-21		0.60		—		10.30		(5.03	)		1.05		0.92		0.92		2.79		29,562		144
	12-31-20		0.29		—		11.47		8.85			1.03		0.92		0.92		2.75		33,183		150
	12-31-19		0.47		—		10.82		7.64			0.91		0.91		0.91		2.83		33,323		228
	12-31-18		0.38		—		10.50		(2.17	)		0.92		0.90		0.90		2.97		35,849		119
	12-31-17		0.25		—		11.12		9.31			0.92		0.85		0.85		2.73		41,785		127
Voya International High Dividend Low Volatility Portfolio
Class ADV
	12-31-21		0.20		—		10.31		11.50			1.23		1.23		1.23		2.75		27,021		73
	12-31-20		1.63		—		9.43		(1.17	)		1.24		1.24		1.24		1.86		26,702		74
	12-31-19		1.17		—		11.36		16.13			1.30		1.26		1.25		2.36		29,900		143
	12-31-18		0.21		—		10.88		(15.32	)		1.47		1.40		1.40		1.26		30,149		16
	12-31-17		0.19		—		13.06		21.66	^(a)		1.46		1.40		1.40		1.50		37,898		14
Class I
	12-31-21		0.25		—		10.44		12.08			0.73		0.73		0.73		3.25		125,719		73
	12-31-20		1.69		—		9.54		(0.71	)		0.74		0.74		0.74		2.37		122,082		74
	12-31-19		1.24		—		11.49		16.75			0.80		0.76		0.75		2.86		139,862		143
	12-31-18		0.27		—		11.00		(14.95	)		0.97		0.90		0.90		1.77		135,229		16
	12-31-17		0.25		—		13.21		22.35	^(a)		0.96		0.90		0.90		2.00		183,905		14
Class S
	12-31-21		0.23		—		10.36		11.79			0.98		0.98		0.98		3.00		258,075		73
	12-31-20		1.66		—		9.47		(0.94	)		0.99		0.99		0.99		2.12		268,402		74
	12-31-19		1.20		—		11.41		16.40			1.05		1.01		1.00		2.61		308,132		143
	12-31-18		0.23		—		10.93		(15.15	)		1.22		1.15		1.15		1.52		309,059		16
	12-31-17		0.22		—		13.12		22.00	^(a)		1.21		1.15		1.15		1.76		404,801		14
Class S2
	12-31-21		0.20		—		10.47		11.67			1.13		1.13		1.13		2.85		390		73
	12-31-20		1.66		—		9.56		(1.15	)		1.14		1.14		1.14		1.92		334		74
	12-31-19		1.15		—		11.52		16.28			1.20		1.16		1.15		2.39		389		143
	12-31-18		0.08		—		10.99		(15.26	)		1.37		1.30		1.30		1.41		397		16
	12-31-17		0.18		—		13.05		21.90	^(a)		1.36		1.30		1.30		1.57		999		14
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV
	12-31-21		0.09		—		14.21		26.94			1.80		1.35		1.35		0.67		110,892		55
	12-31-20		0.18		—		11.27		3.35			1.86		1.35		1.35		0.92		96,609		70
	12-31-19		1.29		—		11.12		30.17			1.66		1.34		1.34		0.99		108,460		52
	12-31-18		1.44		—		9.64		(14.49	)		1.65		1.36		1.36		0.77		91,283		76
	12-31-17		0.64		—		12.66		10.90			1.65		1.36		1.36		0.95		115,235		57

See Accompanying Notes to Financial Statements
46

FINANCIAL HIGHLIGHTS (CONTINUED)

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

				Income (loss) from investment operations									Less distributions
		Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended		($)		($)			($)			($)			($)		($)		($)
VY^® American Century Small-Mid Cap Value Portfolio (continued)
Class I
	12-31-21		12.16		0.17	^•		3.17			3.34			0.14		—		—
	12-31-20		11.99		0.16			0.25			0.41			0.18		0.06		—
	12-31-19		10.30		0.17			2.87			3.04			0.18		1.17		—
	12-31-18		13.44		0.17	^•		(1.81	)		(1.64	)		0.16		1.34		—
	12-31-17		12.72		0.19	^•		1.22			1.41			0.17		0.52		—
Class S
	12-31-21		11.95		0.13	^•		3.13			3.26			0.12		—		—
	12-31-20		11.79		0.13			0.24			0.37			0.15		0.06		—
	12-31-19		10.14		0.15			2.81			2.96			0.14		1.17		—
	12-31-18		13.25		0.13	^•		(1.77	)		(1.64	)		0.13		1.34		—
	12-31-17		12.56		0.16			1.19			1.35			0.14		0.52		—
Class S2
	12-31-21		11.26		0.10	^•		2.95			3.05			0.09		—		—
	12-31-20		11.12		0.10	^•		0.23			0.33			0.13		0.06		—
	12-31-19		9.62		0.12	^•		2.67			2.79			0.12		1.17		—
	12-31-18		12.64		0.10	^•		(1.67	)		(1.57	)		0.11		1.34		—
	12-31-17		12.01		0.12	^•		1.15			1.27			0.12		0.52		—
VY^® Baron Growth Portfolio
Class ADV
	12-31-21		25.98		(0.22	)^•		5.28			5.06			—		2.44		—
	12-31-20		19.55		(0.17	)		6.60			6.43			—		—		—
	12-31-19		24.63		(0.07	)		9.03			8.96			—		13.89		0.15
	12-31-18		27.88		(0.09	)		0.00	^*		(0.09	)		—		3.16		—
	12-31-17		24.82		(0.10	)^•		6.72			6.62			0.16		3.40		—
Class I
	12-31-21		31.49		(0.11	)^•		6.46			6.35			—		2.44		—
	12-31-20		23.58		(0.08	)		7.99			7.91			—		—		—
	12-31-19		27.41		0.01			10.20			10.21			—		13.89		0.15
	12-31-18		30.58		0.05			(0.06	)		(0.01	)		—		3.16		—
	12-31-17		26.92		0.03	^•		7.34			7.37			0.31		3.40		—
Class R6
	12-31-21		31.52		(0.10	)^•		6.46			6.36			—		2.44		—
	12-31-20		23.60		(0.07	)		7.99			7.92			—		—		—
	12-31-19		27.43		0.04			10.17			10.21			—		13.89		0.15
	12-31-18		30.59		0.06			(0.06	)		0.00	^*		—		3.16		—
	12-31-17		26.93		0.13	^•		7.24			7.37			0.31		3.40		—
Class S
	12-31-21		28.85		(0.17	)^•		5.89			5.72			—		2.44		—
	12-31-20		21.65		(0.13	)		7.33			7.20			—		—		—
	12-31-19		26.10		(0.03	)^•		9.62			9.59			—		13.89		0.15
	12-31-18		29.31		(0.02	)		(0.03	)		(0.05	)		—		3.16		—
	12-31-17		25.93		(0.04	)^•		7.05			7.01			0.23		3.40		—
Class S2
	12-31-21		26.48		(0.21	)^•		5.40			5.19			—		2.44		—
	12-31-20		19.91		(0.15	)		6.72			6.57			—		—		—
	12-31-19		24.87		(0.45	)^•		9.53			9.08			—		13.89		0.15
	12-31-18		28.10		(0.08	)		0.01			(0.07	)		—		3.16		—
	12-31-17		24.92		(0.09	)^•		6.78			6.69			0.11		3.40		—

											Ratios to average net assets									Supplemental data
		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® American Century Small-Mid Cap Value Portfolio (continued)
Class I
	12-31-21		0.14		—		15.36		27.57			1.30		0.85		0.85		1.17			186,365		55
	12-31-20		0.24		—		12.16		3.84			1.36		0.85		0.85		1.42			161,201		70
	12-31-19		1.35		—		11.99		30.96			1.16		0.84		0.84		1.49			175,917		52
	12-31-18		1.50		—		10.30		(14.15	)		1.15		0.86		0.86		1.30			142,379		76
	12-31-17		0.69		—		13.44		11.44			1.15		0.86		0.86		1.44			151,054		57
Class S
	12-31-21		0.12		—		15.09		27.30			1.55		1.10		1.10		0.92			100,022		55
	12-31-20		0.21		—		11.95		3.52			1.61		1.10		1.10		1.17			85,902		70
	12-31-19		1.31		—		11.79		30.67			1.41		1.09		1.09		1.24			93,230		52
	12-31-18		1.47		—		10.14		(14.34	)		1.40		1.11		1.11		1.02			79,986		76
	12-31-17		0.66		—		13.25		11.12			1.40		1.11		1.11		1.20			106,501		57
Class S2
	12-31-21		0.09		—		14.22		27.11			1.70		1.25		1.25		0.74			2,415		55
	12-31-20		0.19		—		11.26		3.40			1.76		1.25		1.25		1.02			3,328		70
	12-31-19		1.29		—		11.12		30.42			1.56		1.24		1.24		1.07			3,271		52
	12-31-18		1.45		—		9.62		(14.48	)		1.55		1.26		1.26		0.84			2,891		76
	12-31-17		0.64		—		12.64		10.96			1.55		1.26		1.26		1.01			4,627		57
VY^® Baron Growth Portfolio
Class ADV
	12-31-21		2.44		—		28.60		20.14			1.59		1.49		1.49		(0.82	)		140,345		1
	12-31-20		—		—		25.98		32.89			1.64		1.49		1.49		(0.80	)		122,298		1
	12-31-19		14.04		—		19.55		38.24			1.49		1.49		1.49		(0.40	)		105,271		23
	12-31-18		3.16		—		24.63		(2.15	)		1.49		1.49		1.49		(0.32	)		82,126		4
	12-31-17		3.56		—		27.88		27.86			1.49		1.49		1.49		(0.38	)		88,499		3
Class I
	12-31-21		2.44		—		35.40		20.73			1.09		0.99		0.99		(0.32	)		177,254		1
	12-31-20		—		—		31.49		33.55			1.14		0.99		0.99		(0.30	)		164,347		1
	12-31-19		14.04		—		23.58		38.97			0.99		0.99		0.99		0.04			147,370		23
	12-31-18		3.16		—		27.41		(1.68	)		0.99		0.99		0.99		0.17			118,743		4
	12-31-17		3.71		—		30.58		28.52			0.99		0.99		0.99		0.11			145,389		3
Class R6
	12-31-21		2.44		—		35.44		20.74			0.97		0.97		0.97		(0.30	)		50,410		1
	12-31-20		—		—		31.52		33.56			0.99		0.99		0.99		(0.30	)		44,926		1
	12-31-19		14.04		—		23.60		38.94			0.99		0.99		0.99		0.20			33,764		23
	12-31-18		3.16		—		27.43		(1.64	)		0.99		0.99		0.99		0.23			15,007		4
	12-31-17		3.71		—		30.59		28.51			0.99		0.99		0.99		0.43			11,442		3
Class S
	12-31-21		2.44		—		32.13		20.43			1.34		1.24		1.24		(0.57	)		282,227		1
	12-31-20		—		—		28.85		33.26			1.39		1.24		1.24		(0.55	)		261,358		1
	12-31-19		14.04		—		21.65		38.52			1.24		1.24		1.24		(0.10	)		228,141		23
	12-31-18		3.16		—		26.10		(1.89	)		1.24		1.24		1.24		(0.08	)		451,687		4
	12-31-17		3.63		—		29.31		28.20			1.24		1.24		1.24		(0.13	)		512,397		3
Class S2
	12-31-21		2.44		—		29.23		20.25			1.49		1.39		1.39		(0.73	)		2,681		1
	12-31-20		—		—		26.48		33.00			1.54		1.39		1.39		(0.69	)		2,963		1
	12-31-19		14.04		—		19.91		38.37			1.39		1.39		1.39		(1.58	)		2,373		23
	12-31-18		3.16		—		24.87		(2.05	)		1.39		1.39		1.39		(0.25	)		1,625		4
	12-31-17		3.51		—		28.10		28.02			1.39		1.39		1.39		(0.32	)		1,835		3

See Accompanying Notes to Financial Statements
47

FINANCIAL HIGHLIGHTS (CONTINUED)

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

				Income (loss) from investment operations									Less distributions
		Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended		($)		($)			($)			($)			($)			($)		($)
VY^® Columbia Contrarian Core Portfolio
Class ADV
	12-31-21		19.23		0.00	^*•		4.42			4.42			0.05			2.48		—
	12-31-20		16.38		0.06			3.33			3.39			—			0.54		—
	12-31-19		18.94		0.13	^•		5.51			5.64			0.29			7.91		—
	12-31-18		23.40		0.14	^•		(1.97	)		(1.83	)		0.15			2.48		—
	12-31-17		20.66		0.13			4.17			4.30			0.20			1.36		—
Class I
	12-31-21		20.88		0.12	^•		4.81			4.93			0.14			2.48		—
	12-31-20		17.67		0.15	^•		3.61			3.76			0.01			0.54		—
	12-31-19		20.01		0.25	^•		5.84			6.09			0.52			7.91		—
	12-31-18		24.58		0.26	^•		(2.07	)		(1.81	)		0.28			2.48		—
	12-31-17		21.61		0.25	^•		4.37			4.62			0.29			1.36		—
Class S
	12-31-21		20.24		0.06	^•		4.66			4.72			0.09			2.48		—
	12-31-20		17.18		0.11			3.49			3.60			—			0.54		—
	12-31-19		19.56		0.20	^•		5.73			5.93			0.40			7.91		—
	12-31-18		24.08		0.20	^•		(2.03	)		(1.83	)		0.21			2.48		—
	12-31-17		21.21		0.19	^•		4.27			4.46			0.23			1.36		—
VY^® Columbia Small Cap Value II Portfolio
Class ADV
	12-31-21		15.65		(0.02	)^•		5.30			5.28			0.03			0.07		—
	12-31-20		15.06		0.03			1.17			1.20			0.05			0.56		—
	12-31-19		14.42		0.05			2.67			2.72			0.01			2.07		—
	12-31-18		19.57		0.00	^*		(3.06	)		(3.06	)		0.00	^*		2.09		—
	12-31-17		18.50		0.00	^*•		1.89			1.89			0.03			0.79		—
Class I
	12-31-21		16.27		0.07	^•		5.53			5.60			0.09			0.07		—
	12-31-20		15.65		0.10			1.22			1.32			0.14			0.56		—
	12-31-19		14.94		0.13			2.76			2.89			0.11			2.07		—
	12-31-18		20.20		0.10	^•		(3.16	)		(3.06	)		0.11			2.09		—
	12-31-17		19.05		0.10	^•		1.95			2.05			0.11			0.79		—
Class R6
	12-31-21		16.29		0.10	^•		5.51			5.61			0.09			0.07		—
	12-31-20		15.66		0.10			1.23			1.33			0.14			0.56		—
	12-31-19		14.94		0.12			2.78			2.90			0.11			2.07		—
	12-31-18		20.21		0.09			(3.16	)		(3.07	)		0.11			2.09		—
	12-31-17		19.06		0.13	^•		1.92			2.05			0.11			0.79		—
Class S
	12-31-21		16.20		0.02	^•		5.51			5.53			0.05			0.07		—
	12-31-20		15.58		0.07			1.20			1.27			0.09			0.56		—
	12-31-19		14.86		0.09			2.76			2.85			0.06			2.07		—
	12-31-18		20.10		0.05			(3.15	)		(3.10	)		0.05			2.09		—
	12-31-17		18.96		0.05	^•		1.94			1.99			0.06			0.79		—
Class S2
	12-31-21		15.65		(0.00	)^*•		5.30			5.30			0.03			0.07		—
	12-31-20		15.02		0.05			1.18			1.23			0.04			0.56		—
	12-31-19		14.40		0.05	^•		2.67			2.72			0.03			2.07		—
	12-31-18		19.52		0.02			(3.05	)		(3.03	)		—			2.09		—
	12-31-17		18.44		0.01	^•		1.90			1.91			0.04			0.79		—

											Ratios to average net assets									Supplemental data
		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® Columbia Contrarian Core Portfolio
Class ADV
	12-31-21		2.53		—		21.12		23.62			1.48		1.23		1.23		0.01			31,288		54
	12-31-20		0.54		—		19.23		21.22			1.54		1.23		1.22		0.36			26,173		91
	12-31-19		8.20		—		16.38		32.41			1.46		1.23		1.23		0.64			23,961		45
	12-31-18		2.63		—		18.94		(9.23	)		1.44		1.22		1.21		0.61			21,088		64
	12-31-17		1.56		—		23.40		21.32			1.44		1.21		1.20		0.58			29,515		45
Class I
	12-31-21		2.62		—		23.19		24.23			0.98		0.73		0.73		0.52			157,468		54
	12-31-20		0.55		—		20.88		21.79			1.04		0.73		0.72		0.80			129,553		91
	12-31-19		8.43		—		17.67		33.05			0.96		0.73		0.73		1.14			8,548		45
	12-31-18		2.76		—		20.01		(8.77	)		0.94		0.72		0.71		1.11			7,982		64
	12-31-17		1.65		—		24.58		21.96			0.94		0.71		0.70		1.08			10,099		45
Class S
	12-31-21		2.57		—		22.39		23.94			1.23		0.98		0.98		0.26			23,775		54
	12-31-20		0.54		—		20.24		21.45			1.29		0.98		0.97		0.61			20,139		91
	12-31-19		8.31		—		17.18		33.06			1.19		0.96		0.96		0.92			18,274		45
	12-31-18		2.69		—		19.56		(8.99	)		1.19		0.97		0.96		0.86			222,203		64
	12-31-17		1.59		—		24.08		21.58			1.19		0.96		0.95		0.83			285,025		45
VY^® Columbia Small Cap Value II Portfolio
Class ADV
	12-31-21		0.10		—		20.83		33.85			1.47		1.42		1.42		(0.10	)		39,427		56
	12-31-20		0.61		—		15.65		9.28			1.51		1.42		1.41		0.18			24,162		47
	12-31-19		2.08		—		15.06		19.88			1.41		1.38		1.37		0.27			25,615		25
	12-31-18		2.09		—		14.42		(17.96	)		1.40		1.37		1.36		0.02			27,725		41
	12-31-17		0.82		—		19.57		10.65			1.40		1.37		1.36		0.01			37,004		44
Class I
	12-31-21		0.16		—		21.71		34.52			0.97		0.92		0.92		0.37			45,424		56
	12-31-20		0.70		—		16.27		9.89			1.01		0.92		0.91		0.68			34,277		47
	12-31-19		2.18		—		15.65		20.42			0.91		0.88		0.87		0.79			36,201		25
	12-31-18		2.20		—		14.94		(17.53	)		0.90		0.87		0.86		0.53			33,887		41
	12-31-17		0.90		—		20.20		11.21			0.90		0.87		0.86		0.50			43,897		44
Class R6
	12-31-21		0.16		—		21.74		34.57			0.89		0.86		0.86		0.49			12,560		56
	12-31-20		0.70		—		16.29		9.94			0.91		0.88		0.87		0.71			6,983		47
	12-31-19		2.18		—		15.66		20.48			0.91		0.88		0.87		0.81			6,701		25
	12-31-18		2.20		—		14.94		(17.57	)		0.90		0.87		0.86		0.56			5,349		41
	12-31-17		0.90		—		20.21		11.20			0.90		0.87		0.86		0.69			4,389		44
Class S
	12-31-21		0.12		—		21.61		34.22			1.22		1.17		1.17		0.12			96,978		56
	12-31-20		0.65		—		16.20		9.54			1.26		1.17		1.16		0.42			82,438		47
	12-31-19		2.13		—		15.58		20.21			1.16		1.13		1.12		0.53			89,702		25
	12-31-18		2.14		—		14.86		(17.76	)		1.15		1.12		1.11		0.26			89,274		41
	12-31-17		0.85		—		20.10		10.92			1.15		1.12		1.11		0.25			124,984		44
Class S2
	12-31-21		0.10		—		20.85		33.96			1.37		1.32		1.32		(0.01	)		1,856		56
	12-31-20		0.60		—		15.65		9.45			1.41		1.32		1.31		0.27			1,446		47
	12-31-19		2.10		—		15.02		19.95			1.31		1.28		1.27		0.34			1,671		25
	12-31-18		2.09		—		14.40		(17.87	)		1.30		1.27		1.26		0.11			2,431		41
	12-31-17		0.83		—		19.52		10.77			1.30		1.27		1.26		0.06			3,431		44

See Accompanying Notes to Financial Statements
48

FINANCIAL HIGHLIGHTS (CONTINUED)

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

				Income (loss) from investment operations									Less distributions
		Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended		($)		($)			($)			($)			($)		($)		($)
VY^® Invesco Comstock Portfolio
Class ADV
	12-31-21		16.05		0.21	^•		5.03			5.24			0.24		—		—
	12-31-20		17.01		0.25			(0.46	)		(0.21	)		0.30		0.45		—
	12-31-19		17.39		0.30	^•		3.74			4.04			0.41		4.01		—
	12-31-18		20.14		0.24	^•		(2.77	)		(2.53	)		0.22		—		—
	12-31-17		17.33		0.19			2.80			2.99			0.18		—		—
Class I
	12-31-21		16.20		0.31	^•		5.09			5.40			0.35		—		—
	12-31-20		17.19		0.32	^•		(0.46	)		(0.14	)		0.40		0.45		—
	12-31-19		17.52		0.40	^•		3.78			4.18			0.50		4.01		—
	12-31-18		20.32		0.33			(2.80	)		(2.47	)		0.33		—		—
	12-31-17		17.47		0.28	^•		2.85			3.13			0.28		—		—
Class S
	12-31-21		16.23		0.26	^•		5.09			5.35			0.30		—		—
	12-31-20		17.18		0.31			(0.48	)		(0.17	)		0.33		0.45		—
	12-31-19		17.51		0.36	^•		3.77			4.13			0.45		4.01		—
	12-31-18		20.30		0.29	^•		(2.81	)		(2.52	)		0.27		—		—
	12-31-17		17.45		0.23	^•		2.85			3.08			0.23		—		—
VY^® Invesco Equity and Income Portfolio
Class ADV
	12-31-21		44.76		0.36	^•		7.69			8.05			0.50		0.60		—
	12-31-20		43.36		0.58			3.25			3.83			0.59		1.84		—
	12-31-19		38.95		0.62	^•		6.82			7.44			0.68		2.35		—
	12-31-18		46.81		0.64	^•		(4.95	)		(4.31	)		0.66		2.89		—
	12-31-17		44.06		0.65			3.84			4.49			0.61		1.13		—
Class I
	12-31-21		45.58		0.62	^•		7.83			8.45			0.74		0.60		—
	12-31-20		44.08		0.80			3.34			4.14			0.80		1.84		—
	12-31-19		39.54		0.85	^•		6.94			7.79			0.90		2.35		—
	12-31-18		47.51		0.88	^•		(5.06	)		(4.18	)		0.90		2.89		—
	12-31-17		44.86		0.89	^•		3.93			4.82			1.04		1.13		—
Class S
	12-31-21		45.24		0.49	^•		7.77			8.26			0.61		0.60		—
	12-31-20		43.79		0.70			3.28			3.98			0.69		1.84		—
	12-31-19		39.30		0.74	^•		6.88			7.62			0.78		2.35		—
	12-31-18		47.22		0.76	^•		(5.01	)		(4.25	)		0.78		2.89		—
	12-31-17		44.48		0.77	^•		3.89			4.66			0.79		1.13		—
Class S2
	12-31-21		44.52		0.42	^•		7.64			8.06			0.53		0.60		—
	12-31-20		43.13		0.63			3.23			3.86			0.63		1.84		—
	12-31-19		38.75		0.67	^•		6.78			7.45			0.72		2.35		—
	12-31-18		46.59		0.69	^•		(4.93	)		(4.24	)		0.71		2.89		—
	12-31-17		43.85		0.70	^•		3.83			4.53			0.66		1.13		—
VY^® Invesco Global Portfolio
Class ADV
	12-31-21		22.38		(0.19	)^•		3.51			3.32			—		1.15		—
	12-31-20		18.41		(0.10	)^•		4.91			4.81			0.13		0.71		—
	12-31-19		17.06		0.04			4.89			4.93			—		3.58		—
	12-31-18		21.42		0.04			(2.66	)		(2.62	)		0.25		1.49		—
	12-31-17		15.90		0.04			5.64			5.68			0.13		0.03		—

											Ratios to average net assets									Supplemental data
		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® Invesco Comstock Portfolio
Class ADV
	12-31-21		0.24		—		21.05		32.69			1.29		1.20		1.20		1.06			34,649		31
	12-31-20		0.75		—		16.05		(0.74	)		1.33		1.27		1.27		1.71			28,434		64
	12-31-19		4.42		—		17.01		24.86			1.25		1.23		1.23		1.60			31,202		25
	12-31-18		0.22		—		17.39		(12.56	)		1.25		1.23		1.23		1.16			28,006		29
	12-31-17		0.18		—		20.14		17.31			1.25		1.23		1.23		1.00			36,178		14
Class I
	12-31-21		0.35		—		21.25		33.33			0.79		0.70		0.70		1.58			178,856		31
	12-31-20		0.85		—		16.20		(0.22	)		0.83		0.77		0.77		2.25			114,569		64
	12-31-19		4.51		—		17.19		25.51			0.75		0.73		0.73		2.09			203,510		25
	12-31-18		0.33		—		17.52		(12.16	)		0.75		0.73		0.73		1.72			219,086		29
	12-31-17		0.28		—		20.32		17.95			0.75		0.73		0.73		1.50			188,040		14
Class S
	12-31-21		0.30		—		21.28		32.96			1.04		0.95		0.95		1.31			81,485		31
	12-31-20		0.78		—		16.23		(0.47	)		1.08		1.02		1.02		1.97			63,320		64
	12-31-19		4.46		—		17.18		25.24			1.00		0.98		0.98		1.88			73,675		25
	12-31-18		0.27		—		17.51		(12.39	)		1.00		0.98		0.98		1.41			215,609		29
	12-31-17		0.23		—		20.30		17.68			1.00		0.98		0.98		1.25			274,498		14
VY^® Invesco Equity and Income Portfolio
Class ADV
	12-31-21		1.10		—		51.71		18.03			1.21		1.14		1.14		0.73			49,436		127
	12-31-20		2.43		—		44.76		9.62			1.21		1.14		1.14		1.34			42,053		90
	12-31-19		3.03		—		43.36		19.50			1.17		1.14		1.14		1.47			44,825		143
	12-31-18		3.55		—		38.95		(9.90	)		1.17		1.14		1.14		1.40			43,200		161
	12-31-17		1.74		—		46.81		10.32			1.17		1.14		1.14		1.43			54,583		134
Class I
	12-31-21		1.34		—		52.69		18.60			0.71		0.64		0.64		1.23			502,445		127
	12-31-20		2.64		—		45.58		10.18			0.71		0.64		0.64		1.84			467,994		90
	12-31-19		3.25		—		44.08		20.10			0.67		0.64		0.64		1.97			484,839		143
	12-31-18		3.79		—		39.54		(9.46	)		0.67		0.64		0.64		1.90			468,289		161
	12-31-17		2.17		—		47.51		10.90			0.67		0.64		0.64		1.92			594,834		134
Class S
	12-31-21		1.21		—		52.29		18.31			0.96		0.89		0.89		0.97			437,821		127
	12-31-20		2.53		—		45.24		9.88			0.96		0.89		0.89		1.59			436,888		90
	12-31-19		3.13		—		43.79		19.80			0.92		0.89		0.89		1.72			473,465		143
	12-31-18		3.67		—		39.30		(9.67	)		0.92		0.89		0.89		1.65			463,989		161
	12-31-17		1.92		—		47.22		10.62			0.92		0.89		0.89		1.67			606,503		134
Class S2
	12-31-21		1.13		—		51.45		18.17			1.11		1.02		1.02		0.84			320,526		127
	12-31-20		2.47		—		44.52		9.76			1.11		1.02		1.02		1.46			308,786		90
	12-31-19		3.07		—		43.13		19.63			1.07		1.02		1.02		1.59			328,815		143
	12-31-18		3.60		—		38.75		(9.79	)		1.07		1.02		1.02		1.52			321,618		161
	12-31-17		1.79		—		46.59		10.48			1.07		1.02		1.02		1.54			420,527		134
VY^® Invesco Global Portfolio
Class ADV
	12-31-21		1.15		—		24.55		14.80			1.33		1.30		1.30		(0.80	)		149,741		7
	12-31-20		0.84		—		22.38		27.19			1.35		1.30		1.30		(0.53	)		131,946		8
	12-31-19		3.58		—		18.41		31.10			1.25		1.25		1.25		0.26			123,467		8
	12-31-18		1.74		—		17.06		(13.62	)		1.25		1.25		1.25		0.22			101,759		17
	12-31-17		0.16		—		21.42		35.82			1.25		1.25		1.25		0.17			120,344		9

See Accompanying Notes to Financial Statements
49

FINANCIAL HIGHLIGHTS (CONTINUED)

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

				Income (loss) from investment operations									Less distributions
		Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended		($)		($)			($)			($)			($)		($)		($)
VY^® Invesco Global Portfolio (continued)
Class I
	12-31-21		23.71		(0.08	)^•		3.73			3.65			—		1.15		—
	12-31-20		19.46		(0.01	)^•		5.20			5.19			0.23		0.71		—
	12-31-19		17.86		0.15			5.13			5.28			0.10		3.58		—
	12-31-18		22.33		0.16	^•		(2.80	)		(2.64	)		0.34		1.49		—
	12-31-17		16.56		0.15			5.87			6.02			0.22		0.03		—
Class S
	12-31-21		22.56		(0.13	)^•		3.55			3.42			—		1.15		—
	12-31-20		18.56		(0.05	)^•		4.94			4.89			0.18		0.71		—
	12-31-19		17.17		0.10			4.91			5.01			0.04		3.58		—
	12-31-18		21.53		0.10	^•		(2.68	)		(2.58	)		0.29		1.49		—
	12-31-17		15.98		0.08			5.67			5.75			0.17		0.03		—
Class S2
	12-31-21		21.75		(0.16	)^•		3.41			3.25			—		1.15		—
	12-31-20		17.89		(0.07	)^•		4.77			4.70			0.13		0.71		—
	12-31-19		16.67		0.06			4.77			4.83			0.03		3.58		—
	12-31-18		20.97		0.06	^•		(2.60	)		(2.54	)		0.27		1.49		—
	12-31-17		15.58		0.05			5.53			5.58			0.16		0.03		—
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
	12-31-21		15.51		0.05	^•		4.43			4.48			0.05		0.70		—
	12-31-20		17.15		0.09			(0.33	)		(0.24	)		0.11		1.29		—
	12-31-19		15.74		0.12			3.74			3.86			0.12		2.33		—
	12-31-18		19.78		0.15			(2.35	)		(2.20	)		0.16		1.68		—
	12-31-17		19.31		0.07			2.41			2.48			0.07		1.94		—
Class I
	12-31-21		16.09		0.15	^•		4.60			4.75			0.14		0.70		—
	12-31-20		17.72		0.17			(0.33	)		(0.16	)		0.18		1.29		—
	12-31-19		16.18		0.22			3.86			4.08			0.21		2.33		—
	12-31-18		20.30		0.25	^•		(2.43	)		(2.18	)		0.26		1.68		—
	12-31-17		19.75		0.18	^•		2.48			2.66			0.17		1.94		—
Class S
	12-31-21		15.87		0.10	^•		4.54			4.64			0.09		0.70		—
	12-31-20		17.51		0.13			(0.33	)		(0.20	)		0.15		1.29		—
	12-31-19		16.01		0.17			3.82			3.99			0.16		2.33		—
	12-31-18		20.10		0.20	^•		(2.40	)		(2.20	)		0.21		1.68		—
	12-31-17		19.58		0.12	^•		2.46			2.58			0.12		1.94		—
Class S2
	12-31-21		15.47		0.08	^•		4.41			4.49			0.09		0.70		—
	12-31-20		17.10		0.11			(0.33	)		(0.22	)		0.12		1.29		—
	12-31-19		15.69		0.14	^•		3.73			3.87			0.13		2.33		—
	12-31-18		19.72		0.16	^•		(2.33	)		(2.17	)		0.18		1.68		—
	12-31-17		19.25		0.09	^•		2.41			2.50			0.09		1.94		—
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
	12-31-21		13.16		(0.12	)^•		1.84			1.72			—		2.45		—
	12-31-20		11.00		(0.05	)		3.27			3.22			0.01		1.05		—
	12-31-19		9.08		(0.03	)		3.26			3.23			0.03		1.28		—
	12-31-18		10.50		(0.02	)		(0.24	)		(0.26	)		—		1.16		—
	12-31-17		9.19		(0.03	)		2.17			2.14			0.03		0.80		—

											Ratios to average net assets									Supplemental data
		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® Invesco Global Portfolio (continued)
Class I
	12-31-21		1.15		—		26.21		15.37			0.83		0.80		0.80		(0.30	)		1,381,312		7
	12-31-20		0.94		—		23.71		27.78			0.85		0.80		0.80		(0.03	)		1,332,750		8
	12-31-19		3.68		—		19.46		31.80			0.75		0.75		0.75		0.76			1,225,197		8
	12-31-18		1.83		—		17.86		(13.19	)		0.75		0.75		0.75		0.72			1,061,448		17
	12-31-17		0.25		—		22.33		36.49			0.75		0.75		0.75		0.68			1,384,452		9
Class S
	12-31-21		1.15		—		24.83		15.13			1.08		1.05		1.05		(0.55	)		185,986		7
	12-31-20		0.89		—		22.56		27.43			1.10		1.05		1.05		(0.28	)		188,985		8
	12-31-19		3.62		—		18.56		31.44			1.00		1.00		1.00		0.52			181,045		8
	12-31-18		1.78		—		17.17		(13.39	)		1.00		1.00		1.00		0.49			167,520		17
	12-31-17		0.20		—		21.53		36.13			1.00		1.00		1.00		0.41			238,436		9
Class S2
	12-31-21		1.15		—		23.85		14.91			1.23		1.20		1.20		(0.69	)		4,152		7
	12-31-20		0.84		—		21.75		27.33			1.25		1.20		1.20		(0.42	)		4,266		8
	12-31-19		3.61		—		17.89		31.26			1.15		1.15		1.15		0.37			4,611		8
	12-31-18		1.76		—		16.67		(13.56	)		1.15		1.15		1.15		0.30			3,963		17
	12-31-17		0.19		—		20.97		35.92			1.15		1.15		1.15		0.27			4,030		9
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
	12-31-21		0.75		—		19.24		29.15			1.49		1.38		1.38		0.28			93,649		22
	12-31-20		1.40		—		15.51		0.08			1.51		1.38		1.38		0.58			79,036		18
	12-31-19		2.45		—		17.15		25.81			1.39		1.39		1.39		0.71			89,967		9
	12-31-18		1.84		—		15.74		(12.37	)		1.38		1.38		1.38		0.79			80,243		12
	12-31-17		2.01		—		19.78		13.41			1.37		1.37		1.37		0.37			99,801		10
Class I
	12-31-21		0.84		—		20.00		29.79			0.99		0.88		0.88		0.77			138,540		22
	12-31-20		1.47		—		16.09		0.55			1.01		0.88		0.88		1.08			124,709		18
	12-31-19		2.54		—		17.72		26.46			0.89		0.89		0.89		1.21			150,535		9
	12-31-18		1.94		—		16.18		(11.96	)		0.88		0.88		0.88		1.28			144,880		12
	12-31-17		2.11		—		20.30		14.04			0.87		0.87		0.87		0.87			210,989		10
Class S
	12-31-21		0.79		—		19.72		29.51			1.24		1.13		1.13		0.53			188,813		22
	12-31-20		1.44		—		15.87		0.28			1.26		1.13		1.13		0.83			169,728		18
	12-31-19		2.49		—		17.51		26.21			1.14		1.14		1.14		0.96			200,304		9
	12-31-18		1.89		—		16.01		(12.19	)		1.13		1.13		1.13		1.03			187,165		12
	12-31-17		2.06		—		20.10		13.72			1.12		1.12		1.12		0.61			256,845		10
Class S2
	12-31-21		0.79		—		19.17		29.29			1.39		1.28		1.28		0.43			1,996		22
	12-31-20		1.41		—		15.47		0.18			1.41		1.28		1.28		0.69			1,340		18
	12-31-19		2.46		—		17.10		25.96			1.29		1.29		1.29		0.81			1,782		9
	12-31-18		1.86		—		15.69		(12.30	)		1.28		1.28		1.28		0.86			2,116		12
	12-31-17		2.03		—		19.72		13.52			1.27		1.27		1.27		0.45			3,382		10
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
	12-31-21		2.45		—		12.43		13.24			1.34		1.30		1.30		(0.91	)		76,149		31
	12-31-20		1.06		—		13.16		31.26			1.37		1.30		1.30		(0.49	)		64,622		53
	12-31-19		1.31		—		11.00		36.56			1.27		1.27		1.27		(0.28	)		90,526		16
	12-31-18		1.16		—		9.08		(3.77	)		1.27		1.27		1.27		(0.14	)		61,179		19
	12-31-17		0.83		—		10.50		24.12			1.27		1.27		1.27		(0.32	)		62,022		28

See Accompanying Notes to Financial Statements
50

FINANCIAL HIGHLIGHTS (CONTINUED)

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

				Income (loss) from investment operations									Less distributions
		Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended		($)		($)			($)			($)			($)			($)		($)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class I
	12-31-21		15.20		(0.06	)^•		2.13			2.07			0.00	^*		2.45		—
	12-31-20		12.50		(0.01	)		3.77			3.76			0.01			1.05		—
	12-31-19		10.14		0.03			3.65			3.68			0.04			1.28		—
	12-31-18		11.56		0.04			(0.28	)		(0.24	)		0.02			1.16		—
	12-31-17		10.03		0.02			2.38			2.40			0.07			0.80		—
Class R6
	12-31-21		15.22		(0.06	)^•		2.13			2.07			0.00	^*		2.45		—
	12-31-20		12.51		(0.01	)		3.78			3.77			0.01			1.05		—
	12-31-19		10.14		0.02			3.67			3.69			0.04			1.28		—
	12-31-18		11.56		0.03			(0.27	)		(0.24	)		0.02			1.16		—
	12-31-17		10.03		0.02	^•		2.38			2.40			0.07			0.80		—
Class S
	12-31-21		14.40		(0.10	)^•		2.03			1.93			—			2.45		—
	12-31-20		11.93		(0.03	)		3.56			3.53			0.01			1.05		—
	12-31-19		9.74		(0.00	)^*		3.50			3.50			0.03			1.28		—
	12-31-18		11.15		0.02			(0.27	)		(0.25	)		—			1.16		—
	12-31-17		9.71		(0.01	)^•		2.30			2.29			0.05			0.80		—
Class S2
	12-31-21		13.28		(0.11	)^•		1.85			1.74			—			2.45		—
	12-31-20		11.08		(0.05	)		3.31			3.26			0.01			1.05		—
	12-31-19		9.13		(0.02	)		3.28			3.26			0.03			1.28		—
	12-31-18		10.54		(0.01	)		(0.24	)		(0.25	)		—			1.16		—
	12-31-17		9.22		(0.02	)		2.18			2.16			0.04			0.80		—
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
	12-31-21		93.76		(0.92	)^•		19.06			18.14			—			9.55		—
	12-31-20		71.90		(0.61	)		25.93			25.32			—			3.46		—
	12-31-19		70.96		(0.31	)		20.51			20.20			—			19.26		—
	12-31-18		86.22		(0.20	)^•		0.81			0.61			—			15.87		—
	12-31-17		72.53		(0.23	)		23.41			23.18			—			9.49		—
Class I
	12-31-21		107.26		(0.48	)^•		21.89			21.41			—			9.55		—
	12-31-20		81.43		(0.24	)		29.53			29.29			—			3.46		—
	12-31-19		78.04		0.07			22.75			22.82			0.17			19.26		—
	12-31-18		93.19		0.24			0.71			0.95			0.23			15.87		—
	12-31-17		77.44		0.19			25.10			25.29			0.05			9.49		—
Class S
	12-31-21		100.68		(0.72	)^•		20.51			19.79			—			9.55		—
	12-31-20		76.79		(0.42	)^•		27.77			27.35			—			3.46		—
	12-31-19		74.54		(0.15	)^•		21.66			21.51			—			19.26		—
	12-31-18		89.69		0.00	^*		0.76			0.76			0.04			15.87		—
	12-31-17		74.96		(0.03	)		24.25			24.22			—			9.49		—
Class S2
	12-31-21		95.99		(0.85	)^•		19.55			18.70			—			9.55		—
	12-31-20		73.47		(0.51	)^•		26.49			25.98			—			3.46		—
	12-31-19		72.10		(0.27	)^•		20.90			20.63			—			19.26		—
	12-31-18		87.30		(0.12	)^•		0.79			0.67			—			15.87		—
	12-31-17		73.27		(0.16	)^•		23.68			23.52			—			9.49		—

											Ratios to average net assets									Supplemental data
		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class I
	12-31-21		2.45		—		14.82		13.80			0.84		0.80		0.80		(0.41	)		1,214,371		31
	12-31-20		1.06		—		15.20		31.84			0.87		0.80		0.80		(0.07	)		1,179,581		53
	12-31-19		1.32		—		12.50		37.20			0.77		0.77		0.77		0.21			985,213		16
	12-31-18		1.18		—		10.14		(3.23	)		0.77		0.77		0.77		0.36			763,686		19
	12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			879,678		28
Class R6
	12-31-21		2.45		—		14.84		13.80			0.76		0.76		0.76		(0.37	)		118,927		31
	12-31-20		1.06		—		15.22		31.90			0.77		0.77		0.77		(0.13	)		109,585		53
	12-31-19		1.32		—		12.51		37.31			0.77		0.77		0.77		0.24			30,761		16
	12-31-18		1.18		—		10.14		(3.24	)		0.77		0.77		0.77		0.38			15,642		19
	12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			9,313		28
Class S
	12-31-21		2.45		—		13.88		13.58			1.09		1.05		1.05		(0.66	)		45,922		31
	12-31-20		1.06		—		14.40		31.42			1.12		1.05		1.05		(0.30	)		49,415		53
	12-31-19		1.31		—		11.93		36.88			1.02		1.02		1.02		(0.04	)		47,101		16
	12-31-18		1.16		—		9.74		(3.44	)		1.02		1.02		1.02		0.11			42,403		19
	12-31-17		0.85		—		11.15		24.46			1.02		1.02		1.02		(0.07	)		55,222		28
Class S2
	12-31-21		2.45		—		12.57		13.28			1.24		1.20		1.20		(0.82	)		5,903		31
	12-31-20		1.06		—		13.28		31.40			1.27		1.20		1.20		(0.46	)		6,833		53
	12-31-19		1.31		—		11.08		36.69			1.17		1.17		1.17		(0.18	)		5,586		16
	12-31-18		1.16		—		9.13		(3.65	)		1.17		1.17		1.17		(0.03	)		4,094		19
	12-31-17		0.84		—		10.54		24.28			1.17		1.17		1.17		(0.21	)		4,103		28
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
	12-31-21		9.55		—		102.35		19.54			1.30		1.23		1.23		(0.91	)		394,504		28
	12-31-20		3.46		—		93.76		36.00			1.31		1.23		1.23		(0.75	)		362,950		36
	12-31-19		19.26		—		71.90		30.15			1.23		1.21		1.21		(0.43	)		302,258		26
	12-31-18		15.87		—		70.96		(1.57	)		1.23		1.21		1.21		(0.24	)		239,404		47
	12-31-17		9.49		—		86.22		32.91			1.24		1.23		1.23		(0.29	)		248,624		51
Class I
	12-31-21		9.55		—		119.12		20.15			0.80		0.73		0.73		(0.41	)		1,742,542		28
	12-31-20		3.46		—		107.26		36.68			0.81		0.73		0.73		(0.25	)		1,506,472		36
	12-31-19		19.43		—		81.43		30.83			0.73		0.71		0.71		0.07			1,290,657		26
	12-31-18		16.10		—		78.04		(1.09	)		0.73		0.71		0.71		0.27			1,092,998		47
	12-31-17		9.54		—		93.19		33.58			0.74		0.73		0.73		0.21			1,101,965		51
Class S
	12-31-21		9.55		—		110.92		19.85			1.05		0.98		0.98		(0.66	)		72,845		28
	12-31-20		3.46		—		100.68		36.36			1.06		0.98		0.98		(0.50	)		74,335		36
	12-31-19		19.26		—		76.79		30.47			0.98		0.96		0.96		(0.18	)		65,359		26
	12-31-18		15.91		—		74.54		(1.33	)		0.98		0.96		0.96		0.01			329,427		47
	12-31-17		9.49		—		89.69		33.25			0.99		0.98		0.98		(0.04	)		379,473		51
Class S2
	12-31-21		9.55		—		105.14		19.68			1.20		1.13		1.13		(0.81	)		6,338		28
	12-31-20		3.46		—		95.99		36.13			1.21		1.13		1.13		(0.64	)		5,735		36
	12-31-19		19.26		—		73.47		30.27			1.13		1.11		1.11		(0.33	)		9,074		26
	12-31-18		15.87		—		72.10		(1.47	)		1.13		1.11		1.11		(0.14	)		8,564		47
	12-31-17		9.49		—		87.30		33.06			1.14		1.13		1.13		(0.19	)		9,014		51

See Accompanying Notes to Financial Statements
51

FINANCIAL HIGHLIGHTS (CONTINUED)

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

⁽²⁾ Annualized for periods less than one year.

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

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

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

^• 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
52

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021

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 effective October 7, 2021. Prior to October 7, 2021, T. Row Price Growth Equity was a diversified series of the Company⁽¹⁾. Prior to May 1, 2021, VY^® Invesco Global was known as VY^® Invesco Oppenheimer Global Portfolio. 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

⁽¹⁾ During the year ended December 31, 2021, T. Rowe Price Growth Equity incurred $105,950 of proxy and solicitation costs associated with the Portfolio's classification change from diversified to non-diversified.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does no transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

("Board"). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter ("OTC") market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios' valuation procedures; a "Pricing Committee" comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

accounting rules. A table summarizing the Portfolios' investments under these levels of classification is included within the Summary 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 Summary 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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

("ISDA") Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

As of December 31, 2021, the maximum amount of loss that Global Bond, Invesco Comstock, and Invesco Equity and Income would incur if the counterparties to its derivative transactions failed to perform would be $1,719,925, $4,727 and $28,364, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts, purchased options and OTC total return swaps were they to be unwound as of December 31, 2021. There was no cash collateral received by any Portfolios at December 31, 2021.

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

As of December 31, 2021, Global Bond, International High Dividend Low Volatility, Invesco Comstock, and

Invesco Equity and Income had a liability position of $2,134,254, $371, $52,328, and $433,668, respectively, on open forward foreign currency contracts, OTC written options, OTC volatility swaps and OTC total return swaps with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2021, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2021, Global Bond had pledged $640,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at December 31, 2021.

As of December 31, 2021, American Century Small-Mid Cap Value had not entered into any Master Agreements.

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

During the year ended December 31, 2021, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased		Sold
Global Bond*	$	160,224,043	$	93,967,224
International High Dividend Low Volatility**		—		193,130
American Century Small-Mid Cap Value**		376,804		19,051,272
Invesco Comstock**		551,807		6,005,767
Invesco Equity and Income**		1,864,553		38,747,816
Invesco Global**		—		1,599,586
T. Rowe Price Growth Equity**		—		268,602

* For the year ended December 31, 2021, the Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at December 31, 2021.

** For the year ended December 31, 2021, the Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at December 31, 2021. Invesco Global and T.Rowe Price Growth Equity did not have any open forward foreign currency contracts at December 31, 2021.

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 Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2021, Global Bond had purchased and sold futures contracts on various notes and bonds as part of their respective duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where

each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2021, Global Bond had an average notional value of $45,665,132 and $31,663,583 on futures contracts purchased and sold, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at December 31, 2021.

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 December 31, 2021, there was no cash collateral pledged to or received by any Portfolio.

M. Mortgage Dollar Roll Transactions. Certain Portfolios may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously

agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based dollar roll transactions, the fee is recorded as income.

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

During the year ended December 31, 2021, Global Bond had purchased and written interest rate swaptions with an average notional value of $3,569,373 and $12,684,481, respectively, to gain additional exposure to interest rates

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

and to generate income. Please refer to the tables within the Portfolio of Investments for open written interest swaptions at December 31, 2021. There were no open purchased interest rate swaptions at December 31, 2021.

During the year ended December 31, 2021, Global Bond had purchased and written foreign currency options with an average notional value of $6,904,750 and $4,384,000, respectively, to gain exposure to foreign currencies and to generate income. There were no open purchased and written foreign currency options at December 31, 2021.

During the year ended December 31, 2021, Global Bond had purchased credit default swaptions with an average notional value of $3,120,333 to gain exposure to certain credit markets. There were no open purchased credit default swaptions at December 31, 2021.

During the year ended December 31, 2021, Global Bond had purchased and written options on equity indices with an average notional value of $11,618,793 and $6,310,922, respectively, to gain exposure to certain equity markets and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written equity options at December 31, 2021.

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 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.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

During the year ended December 31, 2021, Global Bond bought credit protection on credit default swap indices ("CDX") with an average notional amount of $1,420,000 to hedge the credit risk associated with various sectors within 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.

During the year ended December 31, 2021, Global Bond sold credit protection on credit default swap indices ("CDX") with an average notional amount of $1,600,000 to gain additional exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 December 31, 2021.

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

For the year ended December 31, 2021, 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 $24,252,400.

For the year ended December 31, 2021, 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 $64,248,282.

Global Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for Global Bond for open centrally cleared interest rate swaps at December 31, 2021.

At December 31, 2021, Global Bond had pledged $955,000 in cash collateral for open centrally cleared swaps.

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

would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

During the year ended December 31, 2021, Global Bond had entered into receiver volatility swaps on foreign currencies with an average notional amount of $3,131,935. Please refer to the Portfolio of Investments for open volatility swaps at December 31, 2021.

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

For the year ended December 31, 2021, Global Bond entered into receiver and payer total return swaps on sovereign bonds with an average notional amount of $19,603,045 and $6,954,707, respectively. Please refer to the Portfolio of Investments for open total return swaps at December 31, 2021.

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolio records the net change in the fair value of the equity-linked note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. The Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity- linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Portfolio. Please refer to the Portfolio of Investments for open equity-linked notes at December 31, 2021.

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. Please refer to the Portfolio of Investments for structured notes held by Global Bond and Invesco Equity and Income at December 31, 2021.

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 year ended December 31, 2021, 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	$	53,279,971	$	47,668,595
International High Dividend Low Volatility		299,438,874		334,291,303
American Century Small-Mid Cap Value		208,258,928		243,520,473
Baron Growth		8,981,203		70,755,916
Columbia Contrarian Core		101,646,675		106,798,686
Columbia Small Cap Value II		101,916,723		105,200,544
Invesco Comstock		99,527,071		75,339,493
Invesco Equity and Income		341,490,607		571,711,642
Invesco Global		126,103,055		325,030,977
JPMorgan Mid Cap Value		87,732,781		142,991,481
T. Rowe Price Diversified Mid Cap Growth		457,963,412		604,597,541
T. Rowe Price Growth Equity		588,919,827		734,655,834

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

	Purchases		Sales
Global Bond	$	197,400,346	$	206,520,026
Invesco Equity and Income		1,265,316,705		1,174,084,957

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

Portfolio				Fee
Global Bond⁽¹⁾				0.600% on the first $4 billion;
				0.575% on the next $1 billion;
				0.550% on the next $1 billion;
				0.530% on assets over $6 billion
International High Dividend Low Volatility				0.60% on all assets
American Century Small-Mid Cap Value⁽¹⁾				1.10% on the first $250 million;
				1.05% on the next $250 million;
				1.00% on assets over $500 million
Baron Growth				0.950% on the first $1 billion;
				0.925% on the next $1 billion;
				0.900% on assets over $2 billion
Columbia Contrarian Core⁽¹⁾				0.90% on the first $500 million;
				0.85% on the next $500 million;
				0.80% on assets over $1 billion
Columbia Small Cap Value II⁽¹⁾				0.85% on all assets
Invesco Comstock⁽²⁾				0.70% on all assets

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Portfolio				Fee
Invesco Equity and Income⁽¹⁾				0.65% on the first $750 million;
				0.63% on the next $250 million;
				0.61% on assets over $1 billion
Invesco Global				0.70% on the first $3 billion;
				0.68% on the next $1 billion;
				0.67% on the next $4 billion;
				0.66% on assets over $8 billion
JPMorgan Mid Cap Value				0.85% on the first $500 million;
				0.75% on the next $500 million;
				0.70% on assets over $1 billion
T. Rowe Price Diversified Mid Cap Growth				0.74% on all assets
T. Rowe Price Growth Equity⁽¹⁾				0.70% on all assets

⁽¹⁾ The Investment Adviser is contractually obligated to waive 0.003%, 0.165%, 0.023%, 0.027%, 0.01% and 0.019% of the management fee for Global Bond, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Equity and Income, and T. Rowe Price Growth Equity, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

⁽²⁾ Prior to January 1, 2021, the Investment Adviser was contractually obligated to waive 0.017% of the management fee for Invesco Comstock. Any fees waived or reimbursed were not eligible for recoupment. Termination of this obligation was approved by the Board.

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.

During the year ended December 31, 2021, International High Dividend Low Volatility incurred $31,995 of shareholder notification costs associated with changes to the Portfolio's principal investment strategies.

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. Termination or modification of this obligation requires approval by the Board.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2021, 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		5.59	%
	Invesco Global		6.83
	T. Rowe Price Diversified Mid Cap Growth		11.01
Security Life of Denver Insurance Company	Global Bond		8.32
	Columbia Small Cap Value II		5.40

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

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

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
Voya Institutional Trust Company	Global Bond		14.09	%
	International High Dividend Low Volatility		6.43
	American Century Small-Mid Cap Value		53.30
	Baron Growth		32.56
	Columbia Contrarian Core		15.36
	Columbia Small Cap Value II		23.25
	Invesco Comstock		11.83
	Invesco Global		15.43
	JPMorgan Mid Cap Value		30.94
	T. Rowe Price Diversified Mid Cap Growth		14.73
	T. Rowe Price Growth Equity		29.11
Voya Retirement Insurance and Annuity Company	Global Bond		70.79
	International High Dividend Low Volatility		25.01
	American Century Small-Mid Cap Value		44.28
	Baron Growth		61.26
	Columbia Contrarian Core		13.99
	Columbia Small Cap Value II		29.25
	Invesco Comstock		31.05
	Invesco Equity and Income		37.00
	Invesco Global		66.96
	JPMorgan Mid Cap Value		39.58
	T. Rowe Price Diversified Mid Cap Growth		63.91
	T. Rowe Price Growth Equity		55.96
Voya Solution 2035 Portfolio	Columbia Contrarian Core		19.27
	Invesco Comstock		6.91
Voya Solution 2045 Portfolio	Columbia Contrarian Core		18.61
	Invesco Comstock		9.00
Voya Solution 2055 Portfolio	Columbia Contrarian Core		6.25
Voya Solution Moderately Aggressive Portfolio	Columbia Contrarian Core		17.63
	Invesco Comstock		9.41

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

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the "Notional Funds"). When the Portfolios purchase shares of the Notional

Funds, which are all advised by Voya Investments, in amounts equal to the directors' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2021, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Global Bond	$	202,627
International High Dividend Low Volatility		303,990
American Century Small-Mid Cap Value		675,137
Baron Growth		659,997
Columbia Contrarian Core		93,706
Columbia Small Cap Value II		153,390
Invesco Comstock		151,744
Invesco Equity and Income		621,235
Invesco Global		1,695,903
JPMorgan Mid Cap Value		487,035
T. Rowe Price Diversified Mid Cap Growth		1,062,598
T. Rowe Price Growth Equity		1,449,813

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

Portfolio	Class ADV			Class I			Class R6			Class S			Class S2
T. Rowe Price Diversified Mid Cap Growth		1.30	%		0.80	%		0.80	%		1.05	%		1.20	%
T. Rowe Price Growth Equity		1.25	%		0.75	%		N/A			1.00	%		1.15	%

⁽¹⁾Pursuant to a side letter agreement, through May 1, 2022, 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. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

⁽²⁾ Effective January 1, 2021, pursuant to a side letter agreement, through May 1, 2022, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits are 1.20%, 0.70%, 0.70%, 0.95%, and 1.10% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board. Prior to January 1, 2021, pursuant to 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 expense limits were 1.29%, 0.79%, 0.79%, 1.04% and 1.19% for Class ADV, Class I, Class R6, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement were not eligible for recoupment.

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

At December 31, 2021, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	December 31,
	2022		2023		2024		Total
Global Bond	$	—	$	209,164	$	211,149	$	420,313
American Century Small-Mid Cap Value		478,862		1,094,983		1,067,866		2,641,711
Baron Growth		—		2,722		—		2,722
Invesco Equity and Income		284,321		735,475		689,609		1,709,405
Invesco Global		—		694,966		432,246		1,127,212
JPMorgan Mid Cap Value		—		448,778		463,244		912,022
T. Rowe Price Growth Equity		—		1,106,658		976,182		2,082,840

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of December 31, 2021, are as follows:

	December 31,
	2022		2023		2024		Total
Baron Growth
Class ADV	$	—	$	149,830	$	127,757	$	277,587
Class I		—		210,262		165,825		376,087
Class S		—		320,888		260,627		581,515
Class S2		—		3,574		2,721		6,295
Columbia Small Cap Value II
Class ADV		—		12,463		7,521		19,984
Class I		—		16,873		9,718		26,591
Class S		—		42,446		21,127		63,573
Class S2		—		746		403		1,149
T. Rowe Price Diversified Mid Cap Growth
Class ADV		—		41,013		28,525		69,538
Class I		—		709,134		486,839		1,195,973
Class S		—		29,018		19,449		48,467
Class S2		—		3,796		2,774		6,570

The Expense Limitation Agreement is contractual through May 1, 2022 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 8 — LINE OF CREDIT

Effective June 14, 2021, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 13, 2022. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 14, 2021, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 14, 2021.

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 8 — LINE OF CREDIT (continued)

The below Portfolios utilized the line of credit during the year ended December 31, 2021 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		7	$	1,714,857		1.27	%
American Century Small-Mid Cap Value		7		1,156,286		1.32
Baron Growth⁽¹⁾		63		2,129,698		1.30
Invesco Global		18		4,264,111		1.28
JPMorgan Mid Cap Value		4		1,101,250		1.34
T. Rowe Price Diversified Mid Cap Growth		12		927,083		1.30

⁽¹⁾ As of December 31, 2021, Baron Growth had an outstanding balance of $531,000.

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
12/31/2021		146,488		—		101,137		(225,961	)		21,664			1,554,242		—		1,059,813		(2,405,586	)		208,469
12/31/2020		151,522		—		46,784		(363,955	)		(165,649	)		1,614,012		—		499,001		(3,837,787	)		(1,724,774	)
Class I
12/31/2021		427,848		—		628,708		(1,280,804	)		(224,248	)		4,747,549		—		6,725,199		(13,948,944	)		(2,476,196	)
12/31/2020		1,071,924		—		379,018		(4,056,693	)		(2,605,751	)		11,625,495		—		4,117,554		(44,941,232	)		(29,198,183	)
Class S
12/31/2021		359,591		—		155,896		(538,462	)		(22,975	)		3,908,842		—		1,663,347		(5,968,917	)		(396,728	)
12/31/2020		437,512		—		78,922		(703,803	)		(187,369	)		4,719,597		—		856,131		(7,617,835	)		(2,042,107	)
International High Dividend Low Volatility
Class ADV
12/31/2021		102,390		—		52,566		(365,602	)		(210,646	)		1,037,243		—		540,901		(3,670,569	)		(2,092,425	)
12/31/2020		231,631		—		468,161		(499,287	)		200,505			2,179,892		—		3,998,093		(4,695,750	)		1,482,235
Class I
12/31/2021		460,734		—		295,016		(1,508,212	)		(752,462	)		4,759,975		—		3,068,169		(15,417,513	)		(7,589,369	)
12/31/2020		635,652		—		2,196,817		(2,209,074	)		623,395			5,913,333		—		18,958,530		(20,893,043	)		3,978,820
Class S
12/31/2021		454,811		—		564,287		(4,446,542	)		(3,427,444	)		4,684,050		—		5,834,728		(45,069,304	)		(34,550,526	)
12/31/2020		1,333,822		—		4,802,412		(4,796,011	)		1,340,223			12,622,870		—		41,156,670		(45,576,239	)		8,203,301
Class S2
12/31/2021		2,385		—		706		(689	)		2,402			24,459		—		7,373		(7,050	)		24,782
12/31/2020		13,983		—		8,450		(21,300	)		1,133			138,923		—		73,179		(202,966	)		9,136
American Century Small-Mid Cap Value
Class ADV
12/31/2021		574,260		—		54,874		(1,398,054	)		(768,920	)		7,645,195		—		741,893		(18,477,186	)		(10,090,098	)
12/31/2020		609,735		—		184,018		(1,972,522	)		(1,178,769	)		5,290,505		—		1,711,366		(19,033,186	)		(12,031,315	)
Class I
12/31/2021		1,216,000		—		122,634		(2,463,814	)		(1,125,180	)		17,471,822		—		1,787,999		(35,235,044	)		(15,975,223	)
12/31/2020		1,093,595		—		336,841		(2,845,523	)		(1,415,087	)		10,880,226		—		3,371,776		(29,671,861	)		(15,419,859	)
Class S
12/31/2021		371,537		—		54,847		(984,265	)		(557,881	)		5,318,031		—		786,510		(13,429,366	)		(7,324,825	)
12/31/2020		373,825		—		160,840		(1,258,367	)		(723,702	)		3,687,266		—		1,584,274		(12,976,185	)		(7,704,645	)

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (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 (continued)
Class S2
12/31/2021		52,013		—		1,416		(179,069	)		(125,640	)		674,027		—		19,149		(2,412,139	)		(1,718,963	)
12/31/2020		56,480		—		6,436		(61,500	)		1,416			531,451		—		59,796		(627,974	)		(36,727	)
Baron Growth
Class ADV
12/31/2021		260,360		—		419,077		(479,266	)		200,171			7,095,819		—		11,180,973		(13,154,085	)		5,122,707
12/31/2020		385,123		—		—		(1,063,153	)		(678,030	)		7,667,594		—		—		(21,036,151	)		(13,368,557	)
Class I
12/31/2021		311,835		—		361,998		(885,710	)		(211,877	)		10,500,975		—		11,935,097		(29,525,384	)		(7,089,312	)
12/31/2020		992,333		—		—		(2,024,333	)		(1,032,000	)		24,933,092		—		—		(50,380,515	)		(25,447,423	)
Class R6
12/31/2021		143,926		—		99,200		(246,153	)		(3,027	)		4,799,695		—		3,273,603		(8,201,082	)		(127,784	)
12/31/2020		305,059		—		—		(310,598	)		(5,539	)		7,457,909		—		—		(7,433,159	)		24,750
Class S
12/31/2021		132,534		—		688,156		(1,095,774	)		(275,084	)		4,072,010		—		20,610,306		(33,055,860	)		(8,373,544	)
12/31/2020		137,540		—		—		(1,614,638	)		(1,477,098	)		2,983,204		—		—		(35,003,201	)		(32,019,997	)
Class S2
12/31/2021		13,002		—		7,767		(40,917	)		(20,148	)		365,529		—		211,817		(1,158,300	)		(580,954	)
12/31/2020		42,355		—		—		(49,702	)		(7,347	)		891,696		—		—		(979,306	)		(87,610	)
Columbia Contrarian Core
Class ADV
12/31/2021		164,911		—		167,124		(211,683	)		120,352			3,382,325		—		3,369,226		(4,427,216	)		2,324,335
12/31/2020		157,408		—		44,611		(303,254	)		(101,235	)		2,566,533		—		743,213		(4,812,920	)		(1,503,174	)
Class I
12/31/2021		1,138,555		—		707,436		(1,261,034	)		584,957			26,185,506		—		15,634,335		(28,569,053	)		13,250,788
12/31/2020		8,464,802		—		246,165		(2,989,447	)		5,721,520			137,733,870		—		4,445,739		(59,332,213	)		82,847,396
Class S
12/31/2021		78,569		—		118,105		(129,803	)		66,871			1,725,929		—		2,522,728		(2,839,735	)		1,408,922
12/31/2020		89,490		—		31,489		(189,843	)		(68,864	)		1,506,854		—		552,006		(3,330,686	)		(1,271,826	)
Columbia Small Cap Value II
Class ADV
12/31/2021		872,371		—		10,889		(533,975	)		349,285			16,819,188		—		207,547		(10,353,412	)		6,673,323
12/31/2020		217,420		—		82,110		(457,014	)		(157,484	)		2,610,253		—		972,185		(5,746,042	)		(2,163,604	)
Class I
12/31/2021		797,433		—		18,560		(830,131	)		(14,138	)		15,875,731		—		368,043		(16,734,530	)		(490,756	)
12/31/2020		331,812		—		116,917		(654,816	)		(206,087	)		4,350,521		—		1,435,739		(8,830,432	)		(3,044,172	)
Class R6
12/31/2021		285,247		—		4,422		(140,643	)		149,026			5,805,072		—		87,814		(2,859,917	)		3,032,969
12/31/2020		190,128		—		20,805		(210,151	)		782			2,655,126		—		255,902		(2,766,895	)		144,133
Class S
12/31/2021		682,426		—		29,732		(1,310,880	)		(598,722	)		13,766,939		—		587,512		(26,262,690	)		(11,908,239	)
12/31/2020		273,276		—		279,850		(1,224,385	)		(671,259	)		3,238,618		—		3,428,166		(15,939,137	)		(9,272,353	)
Class S2
12/31/2021		52,418		—		493		(56,307	)		(3,396	)		1,041,420		—		9,407		(1,111,383	)		(60,556	)
12/31/2020		11,681		—		4,733		(35,205	)		(18,791	)		138,520		—		55,992		(476,844	)		(282,332	)
Invesco Comstock
Class ADV
12/31/2021		145,469		—		19,416		(289,658	)		(124,773	)		2,836,895		—		403,191		(5,615,125	)		(2,375,039	)
12/31/2020		116,617		—		90,354		(269,952	)		(62,981	)		1,500,720		—		1,304,497		(3,764,154	)		(958,937	)
Class I
12/31/2021		4,561,351		—		136,276		(3,351,084	)		1,346,543			90,254,805		—		2,872,788		(63,144,551	)		29,983,042
12/31/2020		5,954,266		—		441,015		(11,162,406	)		(4,767,125	)		86,529,706		—		6,426,417		(149,060,396	)		(56,104,273	)
Class S
12/31/2021		370,756		—		53,139		(496,521	)		(72,626	)		7,400,012		—		1,119,663		(9,559,560	)		(1,039,885	)
12/31/2020		104,843		—		209,474		(701,229	)		(386,912	)		1,513,323		—		3,064,953		(10,128,483	)		(5,550,207	)

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (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 Equity and Income
Class ADV
12/31/2021		104,226		—		20,455		(108,131	)		16,550			5,203,568		—		1,040,639		(5,364,684	)		879,523
12/31/2020		75,973		—		58,895		(229,092	)		(94,224	)		3,056,251		—		2,330,514		(9,024,067	)		(3,637,302	)
Class I
12/31/2021		137,798		—		246,394		(1,117,269	)		(733,077	)		6,968,284		—		12,825,759		(56,526,696	)		(36,732,653	)
12/31/2020		117,159		—		664,170		(1,511,062	)		(729,733	)		4,802,008		—		27,058,975		(61,781,862	)		(29,920,879	)
Class S
12/31/2021		91,794		—		200,039		(1,577,207	)		(1,285,374	)		4,665,687		—		10,309,711		(79,391,738	)		(64,416,340	)
12/31/2020		90,613		—		616,561		(1,862,782	)		(1,155,608	)		3,561,494		—		24,794,296		(75,496,740	)		(47,140,950	)
Class S2
12/31/2021		69,727		—		141,604		(917,369	)		(706,038	)		3,381,490		—		7,171,073		(45,287,140	)		(34,734,577	)
12/31/2020		64,773		—		435,036		(1,186,931	)		(687,122	)		2,462,918		—		17,171,131		(47,332,775	)		(27,698,726	)
Invesco Global
Class ADV
12/31/2021		356,278		—		269,670		(424,309	)		201,639			8,574,570		—		6,650,068		(10,140,640	)		5,083,998
12/31/2020		199,176		—		272,420		(1,280,327	)		(808,731	)		3,733,927		—		4,996,181		(23,092,469	)		(14,362,361	)
Class I
12/31/2021		639,488		—		2,288,016		(6,456,145	)		(3,528,641	)		16,254,795		—		60,106,187		(164,710,892	)		(88,349,910	)
12/31/2020		485,441		—		2,780,342		(10,017,159	)		(6,751,376	)		9,491,825		—		53,910,828		(194,533,543	)		(131,130,890	)
Class S
12/31/2021		309,536		—		345,738		(1,541,488	)		(886,214	)		7,551,935		—		8,612,323		(37,125,539	)		(20,961,281	)
12/31/2020		314,509		—		417,760		(2,112,243	)		(1,379,974	)		5,696,566		—		7,716,024		(38,768,097	)		(25,355,507	)
Class S2
12/31/2021		24,294		—		8,365		(54,759	)		(22,100	)		564,682		—		200,349		(1,275,427	)		(510,396	)
12/31/2020		29,719		—		8,405		(99,655	)		(61,531	)		541,948		—		149,769		(1,632,266	)		(940,549	)
JPMorgan Mid Cap Value
Class ADV
12/31/2021		465,629		—		203,042		(896,948	)		(228,277	)		8,560,886		—		3,739,188		(16,193,716	)		(3,893,642	)
12/31/2020		348,762		—		525,236		(1,023,700	)		(149,702	)		4,557,818		—		6,939,506		(14,379,457	)		(2,882,133	)
Class I
12/31/2021		865,455		—		302,747		(1,992,142	)		(823,940	)		16,488,418		—		5,837,589		(37,944,867	)		(15,618,860	)
12/31/2020		579,873		—		809,416		(2,135,388	)		(746,099	)		8,343,245		—		11,193,835		(31,410,219	)		(11,873,139	)
Class S
12/31/2021		310,094		—		415,449		(1,842,421	)		(1,116,878	)		5,812,653		—		7,866,665		(34,229,733	)		(20,550,415	)
12/31/2020		283,193		—		1,107,872		(2,140,089	)		(749,024	)		3,937,227		—		15,047,063		(31,257,437	)		(12,273,147	)
Class S2
12/31/2021		59,064		—		2,885		(44,471	)		17,478			1,090,895		—		53,361		(795,684	)		348,572
12/31/2020		8,116		—		10,496		(36,180	)		(17,568	)		119,964		—		138,167		(491,020	)		(232,889	)
T. Rowe Price Diversified Mid Cap Growth
Class ADV
12/31/2021		797,966		—		1,013,280		(595,469	)		1,215,777			10,583,797		—		12,473,482		(7,822,090	)		15,235,189
12/31/2020		642,178		—		450,087		(4,408,208	)		(3,315,943	)		7,184,265		—		4,946,458		(41,263,880	)		(29,133,157	)
Class I
12/31/2021		526,034		—		12,250,463		(8,435,391	)		4,341,106			8,136,801		—		179,469,278		(129,593,015	)		58,013,064
12/31/2020		8,861,288		—		6,793,515		(16,857,282	)		(1,202,479	)		98,888,405		—		86,073,841		(219,582,198	)		(34,619,952	)
Class R6
12/31/2021		2,833,110		—		1,463,622		(3,485,925	)		810,807			45,529,761		—		21,456,701		(53,314,177	)		13,672,285
12/31/2020		6,492,519		—		231,190		(1,980,280	)		4,743,429			90,808,349		—		2,931,489		(28,259,378	)		65,480,460
Class S
12/31/2021		192,838		—		540,994		(854,958	)		(121,126	)		2,793,284		—		7,427,852		(12,508,362	)		(2,287,226	)
12/31/2020		495,351		—		287,840		(1,301,795	)		(518,604	)		5,989,623		—		3,459,838		(14,276,367	)		(4,826,906	)
Class S2
12/31/2021		19,996		—		97,876		(163,084	)		(45,212	)		267,568		—		1,217,580		(2,088,060	)		(602,912	)
12/31/2020		54,706		—		44,274		(88,181	)		10,799			596,007		—		490,552		(967,557	)		119,002

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (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 Growth Equity
Class ADV
12/31/2021		149,326		—		347,792		(514,043	)		(16,925	)		15,332,817		—		34,928,755		(51,591,722	)		(1,330,150	)
12/31/2020		255,157		—		168,681		(756,738	)		(332,900	)		19,352,797		—		13,600,775		(57,164,784	)		(24,211,212	)
Class I
12/31/2021		1,579,947		—		1,153,850		(2,150,279	)		583,518			187,644,821		—		134,596,628		(249,226,605	)		73,014,844
12/31/2020		1,715,903		—		549,133		(4,071,203	)		(1,806,167	)		144,464,162		—		50,553,168		(356,716,718	)		(161,699,388	)
Class S
12/31/2021		52,349		—		54,728		(188,684	)		(81,607	)		5,717,825		—		5,950,016		(20,069,600	)		(8,401,759	)
12/31/2020		90,994		—		33,086		(236,804	)		(112,724	)		7,559,513		—		2,861,917		(20,218,396	)		(9,796,966	)
Class S2
12/31/2021		21,355		—		4,853		(25,672	)		536			2,279,800		—		500,457		(2,703,352	)		76,905
12/31/2020		37,006		—		5,032		(105,797	)		(63,759	)		2,895,571		—		415,290		(8,966,649	)		(5,655,788	)

NOTE 10 — SECURITIES LENDING

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

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

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

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

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

Global Bond

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BNP Paribas Prime Brokerage Intl Ltd	$	3,587	$	(3,587	)	$	—
Goldman Sachs & Co. LLC		2,149		(2,149	)		—
MUFG Securities Americas Inc.		24,287		(24,287	)		—
TD Prime Services LLC		98,427		(98,427	)		—
Total	$	128,450	$	(128,450	)	$	—

⁽¹⁾ Cash collateral with a fair value of $132,120 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.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

International High Dividend Low Volatility

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Citigroup Global Markets Limited	$	5,321,971	$	(5,321,971	)	$	—
J.P. Morgan Securities LLC		3,937,856		(3,937,856	)		—
Morgan Stanley & Co. LLC		655,930		(655,930	)		—
Morgan Stanley & Co. International PLC		2,947,331		(2,947,331	)		—
Total	$	12,863,088	$	(12,863,088	)	$	—

⁽¹⁾ Cash collateral with a fair value of $13,517,409 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
Barclays Capital Inc.	$	136,116	$	(136,116	)	$	—
BNP Paribas Securities Corp.		27,274		(27,274	)		—
Citadel Securities LLC		92,616		(92,616	)		—
Citigroup Global Markets Inc.		254,677		(254,677	)		—
Citigroup Global Markets Limited		231,473		(231,473	)		—
Goldman Sachs & Co. LLC		7,600		(7,600	)		—
J.P. Morgan Securities LLC		256,270		(256,270	)		—
Morgan Stanley & Co. LLC		368,282		(368,282	)		—
National Bank of Canada Financial INC		26,150		(26,150	)		—
National Financial Services LLC		27,360		(27,360	)		—
Natixis Securities America LLC		3,053,723		(3,053,723	)		—
Nomura International PLC		1,104,506		(1,104,506	)		—
UBS Securities LLC.		91,063		(91,063	)		—
Wells Fargo Securities LLC		85,968		(85,968	)		—
Total	$	5,763,078	$	(5,763,078	)	$	—

⁽¹⁾ Cash collateral with a fair value of $5,933,484 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
Barclays Capital Inc.	$	2,108,533	$	(2,108,533	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		2,056,353		(2,056,353	)		—
Citadel Clearing LLC		61,604		(61,604	)		—
Citigroup Global Markets Inc.		312,152		(312,152	)		—
Goldman Sachs & Co. LLC		1,266,040		(1,266,040	)		—
Industrial And Commercial Bank Of China		3,784,381		(3,784,381	)		—
J.P. Morgan Securities LLC		677,370		(677,370	)		—
Morgan Stanley & Co. LLC		2,099		(2,099	)		—
National Financial Services LLC		1,976,392		(1,976,392	)		—
Societe Generale		28,839,140		(28,839,140	)		—

Invesco Equity and Income (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
TD Prime Services LLC	$	11,748,211	$	(11,748,211	)	$	—
Wells Fargo Bank NA		1,911,733		(1,911,733	)		—
Total	$	54,744,008	$	(54,744,008	)	$	—

⁽¹⁾ Cash collateral with a fair value of $55,954,717 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
Morgan Stanley & Co. LLC	$	3,886,015	$	(3,886,015	)	$	—
State Street Bank and Trust Company		331,833		(331,833	)		—
Total	$	4,217,848	$	(4,217,848	)	$	—

⁽¹⁾ Cash collateral with a fair value of $4,425,451 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price Diversified Mid Cap Growth

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Capital Inc.	$	211,259	$	(211,259	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		10,161,015		(10,161,015	)		—
BNP Paribas Securities Corp.		3,208,551		(3,208,551	)		—
BofA Securities Inc		11,851		(11,851	)		—
Citadel Clearing LLC		80,508		(80,508	)		—
CITADEL SECURITIES LLC		82,039		(82,039	)		—
Citigroup Global Markets Inc.		11,601,497		(11,601,497	)		—
Cowen Excecution Services LLC		8,109,170		(8,109,170	)		—
Credit Suisse Securities (USA) LLC		61,555		(61,555	)		—
Goldma, Sachs & Co. LLC		418,927		(418,927	)		—
HSBC Bank PLC		156,774		(156,774	)		—
J.P. Morgan Securities LLC		44,693,970		(44,693,970	)		—
Mizuho Securities USA LLC.		453,618		(453,618	)		—
Morgan Stanley & Co. LLC		448,955		(448,955	)		—
National Bank of Canada Financial INC		103,466		(103,466	)		—
National Financial Services LLC		6,104,490		(6,104,490	)		—
Natixis Securities America LLC		2,013,718		(2,013,718	)		—
Scotia Capital (USA) INC		1,376,264		(1,376,264	)		—
State Street Bank and Trust Company		9,450,273		(9,450,273	)		—
TD Prime Services LLC		947,525		(947,525	)		—
UBS AG		336		(336	)		—
Wells Fargo Bank NA		10,805,428		(10,805,428	)		—
Wells Fargo Securities LLC		3,593,876		(3,593,876	)		—
Total	$	114,095,065	$	(114,095,065	)	$	—

⁽¹⁾ Cash collateral with a fair value of $116,541,462 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.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

T. Rowe Price Growth Equity

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Capital Inc.	$	328,120	$	(328,120	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		2,121		(2,121	)		—
BNP Paribas Securities Corp.		7,261,516		(7,261,516	)		—
Citigroup Global Markets Inc.		7,271,564		(7,271,564	)		—
Cowen Excecution Services LLC		300,769		(300,769	)		—
Credit Suisse Securities (USA) LLC		1,373,127		(1,373,127	)		—
J.P. Morgan Securities LLC		6,940,952		(6,940,952	)		—
Jefferies LLC		115,624		(115,624	)		—
Morgan Stanley & Co. LLC		122,964		(122,964	)		—
National Bank of Canada Financial INC		18,642,935		(18,642,935	)		—
RBC Capital Markets, LLC		30,741		(30,741	)		—
Wells Fargo Securities LLC		1,844,043		(1,844,043	)		—
Total	$	44,234,476	$	(44,234,476	)	$	—

⁽¹⁾ Cash collateral with a fair value of $45,268,511 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 11 — FEDERAL INCOME TAXES

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

The following permanent tax differences have been reclassified as of December 31, 2021:

	Paid-in Capital			Distributable Earnings
Global Bond	$	(574,603	)	$	574,603
American Century Small-Mid Cap Value		(57	)		57
Baron Growth		(3,417,045	)		3,417,045
Invesco Global		(4,163,234	)		4,163,234

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

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

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (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, 2021 were:

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

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

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

NOTE 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 will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

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

NOTE 13 — MARKET DISRUPTION

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 (CONTINUED)

NOTE 13 — MARKET DISRUPTION (continued)

downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios' service providers.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 15 — SUBSEQUENT EVENTS

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

Per Share
Amount

Payable Date

Record Date

Global Bond

Class ADV

0.0206

February 1, 2022

Daily

Class I

0.0254

February 1, 2022

Daily

Class S

0.0232

February 1, 2022

Daily

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

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 22.9%
				Australia: 0.2%
	58,000			Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051	$	57,610		0.1
	180,000	(1	)	Santos Finance Ltd., 3.649%, 04/29/2031		183,460		0.1
	24,000			Westpac Banking Corp., 1.953%, 11/20/2028		23,924		0.0
	55,000	(2	)	Westpac Banking Corp., 3.020%, 11/18/2036		54,429		0.0
						319,423		0.2
				Bermuda: 0.1%
	150,000	(1	)	Triton Container International Ltd., 3.150%, 06/15/2031		151,434		0.1
				Canada: 0.4%
	18,000			Canadian Pacific Railway Co., 2.450%, 12/02/2031		18,373		0.0
	112,000			Canadian Pacific Railway Co., 3.000%, 12/02/2041		114,746		0.1
	38,000			Canadian Pacific Railway Co., 3.100%, 12/02/2051		39,151		0.0
	50,000			Cenovus Energy, Inc., 5.400%, 06/15/2047		62,392		0.1
	186,000			Fortis, Inc./ Canada, 3.055%, 10/04/2026		193,749		0.1
	49,000			Royal Bank of Canada, 2.300%, 11/03/2031		49,283		0.0

Principal Amount†					Value		Percentage of Net Assets
	56,000			Teck Resources Ltd., 5.400%, 02/01/2043	$	68,433		0.1
						546,127		0.4
				France: 0.7%
	572,000	(1	)	BNP Paribas SA, 3.500%, 03/01/2023		589,440		0.4
	265,000	(1	)	BPCE SA, 2.700%, 10/01/2029		270,869		0.1
	287,000	(1	)	BPCE SA, 5.150%, 07/21/2024		311,003		0.2
						1,171,312		0.7
				Japan: 0.8%
	200,000			Mitsubishi UFJ Financial Group, Inc., 2.193%, 02/25/2025		204,112		0.1
	200,000	(1	)	Mizuho Bank Ltd., 3.200%, 03/26/2025		210,929		0.1
	200,000			Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024		205,823		0.1
	639,000			Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026		689,912		0.5
						1,310,776		0.8
				Mexico: 0.0%
MXN	1,007,437	(3	),(4)	Banco Invex SA / Hipotecaria Credito y Casa SA de CV, 6.450%, 03/13/2034		—		—
MXN	38,114	(3	)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035		1,858		0.0
						1,858		0.0

See Accompanying Notes to Financial Statements
76

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				MULTI: 0.0%
	25,000	(1	)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051	$	25,046		0.0
				Netherlands: 0.4%
	15,000			Shell International Finance BV, 2.875%, 11/26/2041		15,042		0.0
	490,000			Shell International Finance BV, 3.250%, 05/11/2025		521,905		0.3
	100,000			Shell International Finance BV, 4.000%, 05/10/2046		116,572		0.1
						653,519		0.4
				Norway: 0.0%
	41,000			Equinor ASA, 3.125%, 04/06/2030		44,092		0.0
				South Africa: 0.1%
ZAR	1,000,000			Transnet SOC Ltd., 10.800%, 11/06/2023		67,074		0.1
				Switzerland: 0.4%
	400,000	(1	)	Credit Suisse AG, 6.500%, 08/08/2023		431,462		0.3
	250,000			UBS AG/ Stamford CT, 7.625%, 08/17/2022		259,696		0.1
						691,158		0.4
				United Kingdom: 0.9%
	220,000	(2	)	HSBC Holdings PLC, 2.251%, 11/22/2027		220,588		0.2
	405,000	(2	)	HSBC Holdings PLC, 3.973%, 05/22/2030		439,730		0.3
	200,000	(1	)	LSEGA Financing PLC, 3.200%, 04/06/2041		209,148		0.1

Principal Amount†					Value		Percentage of Net Assets
	200,000	(1	)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027	$	212,376		0.1
	150,000			Royalty Pharma PLC, 1.200%, 09/02/2025		146,971		0.1
	150,000			Royalty Pharma PLC, 1.750%, 09/02/2027		147,473		0.1
						1,376,286		0.9
				United States: 18.9%
	185,000			AbbVie, Inc., 3.200%, 11/21/2029		198,006		0.1
	154,000			AbbVie, Inc., 3.800%, 03/15/2025		164,042		0.1
	174,000			AbbVie, Inc., 4.050%, 11/21/2039		200,027		0.1
	321,000			AbbVie, Inc., 4.300%, 05/14/2036		379,063		0.2
	100,000			Advance Auto Parts, Inc., 3.900%, 04/15/2030		109,225		0.1
	153,000	(1	)	AEP Texas, Inc., 3.850%, 10/01/2025		163,451		0.1
	175,000			Altria Group, Inc., 4.500%, 05/02/2043		181,758		0.1
	92,000			Altria Group, Inc., 4.800%, 02/14/2029		103,859		0.1
	171,000			Amazon.com, Inc., 2.875%, 05/12/2041		177,909		0.1
	228,000			American Airlines 2021-1 Class A Pass Through Trust, 2.875%, 01/11/2036		226,817		0.1
	67,000			American Electric Power Co., Inc., 3.250%, 03/01/2050		66,387		0.0

See Accompanying Notes to Financial Statements
77

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	45,000	(2	)	American Electric Power Co., Inc., 3.875%, 02/15/2062	$	45,710		0.0
	91,000			American International Group, Inc., 3.400%, 06/30/2030		98,513		0.1
	59,000			American International Group, Inc., 4.250%, 03/15/2029		67,481		0.0
	174,000			American International Group, Inc., 4.500%, 07/16/2044		214,795		0.1
	59,000			American International Group, Inc., 4.750%, 04/01/2048		75,338		0.1
	650,000			American Tower Corp., 2.750%, 01/15/2027		670,386		0.4
	45,000	(1	)	American Transmission Systems, Inc., 2.650%, 01/15/2032		45,468		0.0
	37,000			Amgen, Inc., 2.000%, 01/15/2032		35,869		0.0
	300,000			Amgen, Inc., 3.200%, 11/02/2027		323,549		0.2
	22,000			Analog Devices, Inc., 2.800%, 10/01/2041		22,295		0.0
	170,000			Anheuser- Busch Cos LLC / Anheuser- Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		215,364		0.1
	130,000			Anheuser- Busch InBev Worldwide, Inc., 4.750%, 01/23/2029		151,448		0.1
	60,000			Apple, Inc., 2.650%, 02/08/2051		59,146		0.0

Principal Amount†					Value		Percentage of Net Assets
	40,000			Apple, Inc., 2.700%, 08/05/2051	$	39,645		0.0
	45,000			Apple, Inc., 2.850%, 08/05/2061		45,226		0.0
	131,000			Assurant, Inc., 2.650%, 01/15/2032		128,653		0.1
	80,000			AT&T, Inc., 3.300%, 02/01/2052		78,569		0.1
	123,000			AT&T, Inc., 3.650%, 09/15/2059		124,458		0.1
	40,000			Atmos Energy Corp., 2.850%, 02/15/2052		38,973		0.0
	161,000	(2	)	Bank of America Corp., 1.734%, 07/22/2027		159,916		0.1
	145,000	(2	)	Bank of America Corp., 1.898%, 07/23/2031		138,932		0.1
	71,000	(2	)	Bank of America Corp., 2.087%, 06/14/2029		70,555		0.0
	32,000	(2	)	Bank of America Corp., 2.299%, 07/21/2032		31,497		0.0
	80,000	(2	)	Bank of America Corp., 2.572%, 10/20/2032		80,443		0.1
	59,000	(2	)	Bank of America Corp., 2.592%, 04/29/2031		59,664		0.0
	496,000	(2	)	Bank of America Corp., 2.687%, 04/22/2032		503,882		0.3
	150,000	(2	)	Bank of America Corp., 3.458%, 03/15/2025		156,950		0.1

See Accompanying Notes to Financial Statements
78

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	233,000			Bank of America Corp., 4.183%, 11/25/2027	$	255,106		0.2
	258,000	(2	)	Bank of America Corp., 4.330%, 03/15/2050		319,964		0.2
	137,000			BAT Capital Corp., 2.259%, 03/25/2028		133,615		0.1
	24,000	(1	)	Baxter International, Inc., 1.915%, 02/01/2027		24,103		0.0
	55,000	(1	)	Baxter International, Inc., 2.272%, 12/01/2028		55,443		0.0
	38,000	(1	)	Baxter International, Inc., 2.539%, 02/01/2032		38,431		0.0
	22,000	(1	)	Baxter International, Inc., 3.132%, 12/01/2051		22,691		0.0
	241,000			Berry Global, Inc., 1.650%, 01/15/2027		235,813		0.2
	84,000	(1	)	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051		81,973		0.1
	250,000			Boeing Co/The, 3.625%, 02/01/2031		266,904		0.2
	74,000			Boeing Co/The, 5.150%, 05/01/2030		86,288		0.1
	59,000			Boston Scientific Corp., 4.000%, 03/01/2029		65,580		0.0
	41,000			BP Capital Markets America, Inc., 3.000%, 02/24/2050		40,470		0.0
	126,000			Bristol-Myers Squibb Co., 3.875%, 08/15/2025		136,457		0.1

Principal Amount†					Value		Percentage of Net Assets
	73,000			Bristol-Myers Squibb Co., 4.250%, 10/26/2049	$	90,436		0.1
	80,000			Brookfield Finance LLC, 3.450%, 04/15/2050		83,571		0.1
	50,000	(2	)	Capital One Financial Corp., 1.878%, 11/02/2027		49,774		0.0
	55,000	(2	)	Capital One Financial Corp., 2.618%, 11/02/2032		54,912		0.0
	52,000	(1	)	Cargill, Inc., 2.125%, 11/10/2031		51,314		0.0
	150,000			CBRE Services, Inc., 2.500%, 04/01/2031		151,024		0.1
	100,000			CenterPoint Energy, Inc., 4.250%, 11/01/2028		111,204		0.1
	38,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029		37,107		0.0
	55,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042		53,442		0.0
	55,000			Chubb INA Holdings, Inc., 1.375%, 09/15/2030		51,864		0.0
	20,000			Chubb INA Holdings, Inc., 2.850%, 12/15/2051		20,101		0.0
	15,000			Chubb INA Holdings, Inc., 3.050%, 12/15/2061		15,350		0.0
	135,000			Cigna Corp., 3.200%, 03/15/2040		140,148		0.1

See Accompanying Notes to Financial Statements
79

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	59,000			Cigna Corp., 3.400%, 03/15/2050	$	61,408		0.0
	50,000			Cigna Corp., 4.800%, 08/15/2038		61,611		0.0
	579,000			Citigroup, Inc., 4.000%, 08/05/2024		617,346		0.4
	469,000			Citigroup, Inc., 5.500%, 09/13/2025		530,877		0.3
	278,000	(1	)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		296,507		0.2
	165,000			Comcast Corp., 2.350%, 01/15/2027		171,005		0.1
	310,000			Comcast Corp., 4.150%, 10/15/2028		352,145		0.2
	110,000			Comcast Corp., 4.250%, 01/15/2033		128,902		0.1
	80,000			Comcast Corp., 5.650%, 06/15/2035		106,123		0.1
	65,000			CSX Corp., 4.500%, 08/01/2054		82,264		0.1
	198,000			CVS Health Corp., 4.300%, 03/25/2028		222,374		0.1
	40,000			CVS Health Corp., 5.050%, 03/25/2048		52,390		0.0
	313,000			Dell International LLC / EMC Corp., 6.020%, 06/15/2026		362,141		0.2
	105,417			Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/2025		108,974		0.1
	94,000	(1	)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025		98,853		0.1

Principal Amount†					Value		Percentage of Net Assets
	135,000			Discovery Communications LLC, 5.300%, 05/15/2049	$	169,439		0.1
	26,000			Dollar General Corp., 3.500%, 04/03/2030		28,128		0.0
	108,000	(2	)	Dominion Energy, Inc., 4.350%, 12/31/2199		111,780		0.1
	120,000	(2	)	Dominion Energy, Inc., 4.650%, 12/31/2199		125,400		0.1
	108,000			DTE Electric Co., 4.300%, 07/01/2044		130,831		0.1
	125,000			Duke Energy Carolinas LLC, 3.200%, 08/15/2049		129,721		0.1
	45,000			Duke Energy Florida LLC, 2.400%, 12/15/2031		45,597		0.0
	167,000			Duke Energy Indiana LLC, 3.250%, 10/01/2049		173,438		0.1
	40,000			DXC Technology Co., 1.800%, 09/15/2026		39,569		0.0
	40,000			DXC Technology Co., 2.375%, 09/15/2028		39,133		0.0
	80,000			Ecolab, Inc., 2.750%, 08/18/2055		78,738		0.1
	280,000			Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		293,421		0.2
	104,000			Energy Transfer L.P., 4.250%, 04/01/2024		109,242		0.1
	1,026,000			Energy Transfer L.P., 4.900%, 02/01/2024		1,086,113		0.7

See Accompanying Notes to Financial Statements
80

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		United States (continued)
	100,000	Energy Transfer L.P., 5.400%, 10/01/2047	$	117,609		0.1
	36,000	Entergy Louisiana LLC, 2.900%, 03/15/2051		35,374		0.0
	200,000	Entergy Louisiana LLC, 4.200%, 04/01/2050		238,587		0.2
	48,000	Equifax, Inc., 2.350%, 09/15/2031		47,403		0.0
	112,000	Essential Utilities, Inc., 2.704%, 04/15/2030		113,917		0.1
	111,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049		115,657		0.1
	72,000	Evergy Kansas Central, Inc., 4.125%, 03/01/2042		83,587		0.1
	50,000	Eversource Energy, 1.400%, 08/15/2026		49,057		0.0
	55,000	Extra Space Storage L.P., 2.350%, 03/15/2032		53,528		0.0
	100,000	Exxon Mobil Corp., 2.610%, 10/15/2030		103,754		0.1
	57,000	Exxon Mobil Corp., 2.995%, 08/16/2039		57,786		0.0
	58,000	Exxon Mobil Corp., 3.095%, 08/16/2049		58,897		0.0
	75,000	Exxon Mobil Corp., 3.452%, 04/15/2051		81,428		0.1
	77,000	FedEx Corp., 4.050%, 02/15/2048		86,668		0.1
	59,000	FedEx Corp., 5.250%, 05/15/2050		79,129		0.1

Principal Amount†					Value		Percentage of Net Assets
	532,000			FirstEnergy Corp., 4.750%, 03/15/2023	$	553,945		0.4
	233,000			Fiserv, Inc., 3.200%, 07/01/2026		246,617		0.2
	38,000			Florida Power & Light Co., 2.875%, 12/04/2051		38,637		0.0
	125,000			FMC Corp., 3.200%, 10/01/2026		132,218		0.1
	147,000			General Dynamics Corp., 3.500%, 04/01/2027		160,140		0.1
	111,000			General Electric Co., 6.750%, 03/15/2032		151,566		0.1
	100,000	(5	)	General Mills, Inc., 2.875%, 04/15/2030		104,480		0.1
	224,000			General Motors Financial Co., Inc., 4.300%, 07/13/2025		241,658		0.2
	260,000			HCA, Inc., 4.125%, 06/15/2029		286,372		0.2
	130,000			Healthpeak Properties, Inc., 3.000%, 01/15/2030		136,615		0.1
	130,000			Hess Corp., 5.600%, 02/15/2041		160,814		0.1
	200,000			Intel Corp., 3.250%, 11/15/2049		211,641		0.1
	59,000			Intel Corp., 4.750%, 03/25/2050		78,763		0.1
	55,000			Intercontinental Exchange, Inc., 3.000%, 06/15/2050		55,280		0.0
	45,000	(1	)	International Flavors & Fragrances, Inc., 3.268%, 11/15/2040		45,778		0.0

See Accompanying Notes to Financial Statements
81

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	27,000			Interstate Power and Light Co., 3.100%, 11/30/2051	$	26,902		0.0
	90,000			Johnson & Johnson, 3.625%, 03/03/2037		103,500		0.1
	63,000	(2	)	JPMorgan Chase & Co., 1.470%, 09/22/2027		61,782		0.0
	210,000	(2	)	JPMorgan Chase & Co., 1.578%, 04/22/2027		207,634		0.1
	28,000	(2	)	JPMorgan Chase & Co., 1.953%, 02/04/2032		26,997		0.0
	115,000	(2	)	JPMorgan Chase & Co., 2.545%, 11/08/2032		115,775		0.1
	101,000	(2	)	JPMorgan Chase & Co., 2.580%, 04/22/2032		102,406		0.1
	125,000			JPMorgan Chase & Co., 2.950%, 10/01/2026		132,039		0.1
	72,000	(2	)	JPMorgan Chase & Co., 3.157%, 04/22/2042		75,300		0.1
	96,000	(2	)	JPMorgan Chase & Co., 3.964%, 11/15/2048		112,867		0.1
	478,000	(2	)	JPMorgan Chase & Co., 6.000%, 12/31/2199		498,972		0.3
	222,000			Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024		236,823		0.2
	40,000			Kinder Morgan, Inc., 3.600%, 02/15/2051		40,319		0.0
	48,000			Life Storage L.P., 2.400%, 10/15/2031		47,234		0.0
	380,000	(1	)	Metropolitan Edison Co., 4.000%, 04/15/2025		402,850		0.3

Principal Amount†					Value		Percentage of Net Assets
	45,000			Mid-America Apartments L.P., 2.875%, 09/15/2051	$	44,458		0.0
	170,000			Mississippi Power Co., 4.250%, 03/15/2042		195,535		0.1
	100,000			Mondelez International, Inc., 2.750%, 04/13/2030		103,164		0.1
	338,000	(2	)	Morgan Stanley, 1.593%, 05/04/2027		334,846		0.2
	177,000	(2	)	Morgan Stanley, 2.239%, 07/21/2032		173,308		0.1
	74,000	(2	)	Morgan Stanley, 2.511%, 10/20/2032		74,008		0.1
	200,000			Morgan Stanley, 3.125%, 07/27/2026		212,070		0.1
	303,000	(2	)	Morgan Stanley, 3.622%, 04/01/2031		330,516		0.2
	618,000			Morgan Stanley, 4.100%, 05/22/2023		643,895		0.4
	150,000			Mosaic Co/The, 3.250%, 11/15/2022		152,928		0.1
	280,000			National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028		312,989		0.2
	150,000	(1	)	Nestle Holdings, Inc., 1.500%, 09/14/2028		146,251		0.1
	143,000			Northern States Power Co/MN, 3.600%, 09/15/2047		161,264		0.1
	39,000			ONEOK, Inc., 3.100%, 03/15/2030		39,766		0.0
	233,000			Oracle Corp., 2.800%, 04/01/2027		240,360		0.2

See Accompanying Notes to Financial Statements
82

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	54,000			Oracle Corp., 3.950%, 03/25/2051	$	56,154		0.0
	48,000			O'Reilly Automotive, Inc., 3.600%, 09/01/2027		51,920		0.0
	95,000			O'Reilly Automotive, Inc., 4.350%, 06/01/2028		107,249		0.1
	26,000			Pacific Gas and Electric Co., 4.250%, 03/15/2046		26,020		0.0
	21,000			Pacific Gas and Electric Co., 4.300%, 03/15/2045		21,281		0.0
	33,000			Pacific Gas and Electric Co., 4.450%, 04/15/2042		33,613		0.0
	81,000	(2	)	PartnerRe Finance B LLC, 4.500%, 10/01/2050		85,322		0.1
	140,000			PayPal Holdings, Inc., 2.850%, 10/01/2029		147,483		0.1
	168,000			PECO Energy Co., 4.150%, 10/01/2044		200,404		0.1
	24,000	(5	)	PepsiCo, Inc., 2.625%, 10/21/2041		24,331		0.0
	9,000			PepsiCo, Inc., 2.750%, 10/21/2051		9,248		0.0
	26,000			Phillips 66, 3.300%, 03/15/2052		26,020		0.0
	63,000			Phillips 66, 3.850%, 04/09/2025		67,223		0.0
	175,000			Plains All American Pipeline L.P. / PAA Finance Corp., 3.800%, 09/15/2030		182,950		0.1

Principal Amount†					Value		Percentage of Net Assets
	200,000			Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045	$	217,544		0.1
	100,000			Public Service Enterprise Group, Inc., 2.450%, 11/15/2031		98,928		0.1
	18,000			Public Storage, 1.950%, 11/09/2028		17,952		0.0
	18,000			Public Storage, 2.250%, 11/09/2031		18,111		0.0
	45,000			Puget Sound Energy, Inc., 3.250%, 09/15/2049		47,673		0.0
	160,000			Raytheon Technologies Corp., 4.500%, 06/01/2042		198,240		0.1
	181,000			Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030		171,372		0.1
	15,000			Rexford Industrial Realty L.P., 2.150%, 09/01/2031		14,179		0.0
	40,000			Reynolds American, Inc., 5.700%, 08/15/2035		47,510		0.0
	35,000			Reynolds American, Inc., 5.850%, 08/15/2045		42,619		0.0
	272,000			Reynolds American, Inc., 6.150%, 09/15/2043		334,257		0.2
	25,000			Ross Stores, Inc., 4.700%, 04/15/2027		28,278		0.0
	135,000			salesforce.com, Inc., 2.700%, 07/15/2041		135,089		0.1
	55,000	(1	)	Sealed Air Corp., 1.573%, 10/15/2026		53,359		0.0

See Accompanying Notes to Financial Statements
83

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	85,000	(2	)	Sempra Energy, 4.125%, 04/01/2052	$	86,128		0.1
	370,000			Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026		392,886		0.3
	35,000			Southern California Edison Co., 3.650%, 02/01/2050		37,129		0.0
	272,000			Time Warner Cable LLC, 5.875%, 11/15/2040		340,085		0.2
	125,000			T-Mobile USA, Inc., 3.000%, 02/15/2041		122,265		0.1
	233,000			T-Mobile USA, Inc., 3.750%, 04/15/2027		252,432		0.2
	59,000			T-Mobile USA, Inc., 3.875%, 04/15/2030		64,589		0.0
	287,000			UnitedHealth Group, Inc., 2.300%, 05/15/2031		292,305		0.2
	95,000			UnitedHealth Group, Inc., 2.750%, 05/15/2040		96,642		0.1
	48,000			UnitedHealth Group, Inc., 3.050%, 05/15/2041		50,307		0.0
	67,410			US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026		70,736		0.1
	200,000			Utah Acquisition Sub, Inc., 3.950%, 06/15/2026		215,858		0.1
	45,000			Valero Energy Corp., 3.650%, 12/01/2051		44,816		0.0

Principal Amount†					Value		Percentage of Net Assets
	147,000	(1	)	Verizon Communications, Inc., 2.355%, 03/15/2032	$	145,009		0.1
	86,000			Verizon Communications, Inc., 3.400%, 03/22/2041		90,198		0.1
	86,000			Verizon Communications, Inc., 3.550%, 03/22/2051		92,828		0.1
	230,000			Verizon Communications, Inc., 4.125%, 03/16/2027		255,843		0.2
	265,000			Verizon Communications, Inc., 4.125%, 08/15/2046		308,114		0.2
	80,000			Viatris, Inc., 2.700%, 06/22/2030		80,360		0.1
	80,000			Visa, Inc., 2.000%, 08/15/2050		70,276		0.0
	335,000			VMware, Inc., 1.400%, 08/15/2026		329,581		0.2
	40,000			VMware, Inc., 1.800%, 08/15/2028		38,957		0.0
	240,000	(2	)	Wells Fargo & Co., 2.406%, 10/30/2025		246,151		0.2
	327,000			Wells Fargo & Co., 3.000%, 10/23/2026		343,774		0.2
						29,955,085		18.9
				Total Corporate Bonds/Notes (Cost $35,263,351)		36,313,190		22.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.5%
				United States: 14.5%
	157,468	(2	)	Adjustable Rate Mortgage Trust 2006-2 1A1, 3.156%, 05/25/2036		153,357		0.1
	60,713			Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		40,568		0.0

See Accompanying Notes to Financial Statements
84

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	240,272			Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035	$	248,139		0.2
	25,501			CHL Mortgage Pass- Through Trust 2005-17 1A8, 5.500%, 09/25/2035		25,640		0.0
	32,517			CHL Mortgage Pass- Through Trust 2005-J4 A7, 5.500%, 11/25/2035		32,009		0.0
	197,329			CHL Mortgage Pass- Through Trust 2007-7 A7, 5.750%, 06/25/2037		137,064		0.1
	39,494	(2	)	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 2.816%, 05/25/2035		39,889		0.0
	190,878			CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		189,653		0.1
	39,320			Countrywide Alternative Loan Trust 2005-53T2 2A6, 0.602%, (US0001M + 0.500%), 11/25/2035		21,233		0.0
	154,195	(1	),(2)	CSMC Trust 2015-3 B1, 3.885%, 03/25/2045		155,235		0.1
	675	(1	)	Deutsche ALT-A Securities, Inc. ALT2007- RS1 A2, 0.592%, (US0001M + 0.500%), 01/27/2037		815		0.0

Principal Amount†					Value		Percentage of Net Assets
	414,663			Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.103%, (US0001M + 3.000%), 10/25/2029	$	424,691		0.3
	355,825			Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 2.602%, (US0001M + 2.500%), 05/25/2030		360,446		0.2
	63,679	(1	)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 2.403%, (US0001M + 2.300%), 08/25/2031		63,971		0.1
	23,829	(1	)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 2.553%, (US0001M + 2.450%), 07/25/2031		23,950		0.0
	29,331	(6	)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024		1,442		0.0
	10,777	(6	)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028		1,687		0.0
	97,647	(6	)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032		19,189		0.0
	33,987	(6	)	Fannie Mae Interest Strip Series 328 2, 6.000%, 12/25/2032		6,798		0.0
	15,525	(6	)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033		3,029		0.0

See Accompanying Notes to Financial Statements
85

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	18,071	(6	)	Fannie Mae Interest Strip Series 332 2, 6.000%, 03/25/2033	$	3,473		0.0
	15,135	(6	)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033		3,011		0.0
	18,450	(6	)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033		3,177		0.0
	7,955	(6	)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035		1,617		0.0
	9,026	(6	)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035		1,754		0.0
	264,213	(6	)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043		36,346		0.0
	384,765	(2	),(6)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033		45,470		0.0
	4,598			Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029		5,000		0.0
	7,018			Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032		7,827		0.0
	34,482	(6	)	Fannie Mae REMIC Trust 2002-12 SB, 7.648%, (-1.000* US0001M + 7.750%), 07/25/2031		7,483		0.0
	21,777	(6	)	Fannie Mae REMIC Trust 2002-2 SW, 7.648%, (-1.000* US0001M + 7.750%), 02/25/2032		4,917		0.0

Principal Amount†					Value		Percentage of Net Assets
	9,144			Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032	$	10,539		0.0
	3,896			Fannie Mae REMIC Trust 2002-29 F, 1.102%, (US0001M + 1.000%), 04/25/2032		3,985		0.0
	11,365	(6	)	Fannie Mae REMIC Trust 2002-41 S, 7.848%, (-1.000* US0001M + 7.950%), 07/25/2032		1,933		0.0
	1,199			Fannie Mae REMIC Trust 2002-64 FJ, 1.102%, (US0001M + 1.000%), 04/25/2032		1,227		0.0
	2,547			Fannie Mae REMIC Trust 2002-68 FH, 0.604%, (US0001M + 0.500%), 10/18/2032		2,564		0.0
	411,818	(6	)	Fannie Mae REMIC Trust 2002-77 JS, 7.896%, (-1.000* US0001M + 8.000%), 12/18/2032		90,379		0.1
	10,871			Fannie Mae REMIC Trust 2002-84 FB, 1.102%, (US0001M + 1.000%), 12/25/2032		11,121		0.0
	10,870			Fannie Mae REMIC Trust 2003-11 FA, 1.102%, (US0001M + 1.000%), 09/25/2032		10,903		0.0
	2,390			Fannie Mae REMIC Trust 2003-116 FA, 0.502%, (US0001M + 0.400%), 11/25/2033		2,403		0.0

See Accompanying Notes to Financial Statements
86

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	14,800	(6	)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033	$	3,591		0.0
	12,525	(6	)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033		2,554		0.0
	269,867	(6	)	Fannie Mae REMIC Trust 2004-56 SE, 7.448%, (-1.000* US0001M + 7.550%), 10/25/2033		54,321		0.0
	17,301			Fannie Mae REMIC Trust 2005-25 PS, 27.712%, (-4.400* US0001M + 28.160%), 04/25/2035		29,301		0.0
	7,031	(6	)	Fannie Mae REMIC Trust 2005-40 SB, 6.648%, (-1.000* US0001M + 6.750%), 05/25/2035		927		0.0
	10,301			Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025		10,539		0.0
	93,152			Fannie Mae REMIC Trust 2005-74 DK, 23.593%, (-4.000* US0001M + 24.000%), 07/25/2035		140,888		0.1
	219,685			Fannie Mae REMIC Trust 2005-87 SB, 23.460%, (-3.667* US0001M + 23.833%), 10/25/2035		329,751		0.2

Principal Amount†					Value		Percentage of Net Assets
	111,759			Fannie Mae REMIC Trust 2006-104 ES, 32.941%, (-5.000* US0001M + 33.450%), 11/25/2036	$	214,009		0.1
	9,131			Fannie Mae REMIC Trust 2006-11 PS, 24.193%, (-3.667* US0001M + 24.567%), 03/25/2036		14,721		0.0
	20,591			Fannie Mae REMIC Trust 2006-46 SW, 23.826%, (-3.667* US0001M + 24.199%), 06/25/2036		30,761		0.0
	4,609,154	(6	)	Fannie Mae REMIC Trust 2006-51 SA, 6.468%, (-1.000* US0001M + 6.570%), 06/25/2036		860,056		0.6
	43,159	(6	)	Fannie Mae REMIC Trust 2006-90 SX, 7.128%, (-1.000* US0001M + 7.230%), 09/25/2036		7,537		0.0
	5,078,454	(6	)	Fannie Mae REMIC Trust 2007-116 DI, 5.838%, (-1.000* US0001M + 5.940%), 01/25/2038		942,204		0.6
	31,138	(6	)	Fannie Mae REMIC Trust 2007-88 XI, 6.438%, (-1.000* US0001M + 6.540%), 06/25/2037		7,086		0.0
	467,850	(6	)	Fannie Mae REMIC Trust 2007-89 SB, 6.448%, (-1.000* US0001M + 6.550%), 09/25/2037		61,466		0.1

See Accompanying Notes to Financial Statements
87

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	826,484	(6	)	Fannie Mae REMIC Trust 2007-94 SG, 6.348%, (-1.000* US0001M + 6.450%), 10/25/2037	$	165,989		0.1
	248,774			Fannie Mae REMIC Trust 2010-109 SN, 24.504%, (-5.000* US0001M + 25.000%), 10/25/2040		647,668		0.4
	34,081			Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040		37,510		0.0
	1,785,125	(6	)	Fannie Mae REMIC Trust 2011-55 SK, 6.458%, (-1.000* US0001M + 6.560%), 06/25/2041		389,892		0.3
	1,363,626	(6	)	Fannie Mae REMIC Trust 2011-86 NS, 5.848%, (-1.000* US0001M + 5.950%), 09/25/2041		225,251		0.2
	324,843	(6	)	Fannie Mae REMIC Trust 2012-10 US, 6.348%, (-1.000* US0001M + 6.450%), 02/25/2042		55,159		0.0
	635,061	(6	)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042		89,658		0.1
	1,669,355	(6	)	Fannie Mae REMIC Trust 2012-133 PS, 6.098%, (-1.000* US0001M + 6.200%), 03/25/2042		130,511		0.1

Principal Amount†					Value		Percentage of Net Assets
	1,330,063	(6	)	Fannie Mae REMIC Trust 2012-144 SB, 5.998%, (-1.000* US0001M + 6.100%), 01/25/2043	$	302,754		0.2
	814,476	(6	)	Fannie Mae REMIC Trust 2012-27 SB, 5.878%, (-1.000* US0001M + 5.980%), 11/25/2041		78,978		0.1
	809,978	(6	)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033		83,413		0.1
	3,592,374	(6	)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027		179,998		0.1
	11,672,167	(6	)	Fannie Mae REMICS 2019-15 SA, 5.898%, (-1.000* US0001M + 6.000%), 04/25/2049		2,125,722		1.3
	16,601,784	(6	)	Fannie Mae REMICS 2021-4 IN, 2.500%, 02/25/2051		2,220,598		1.4
	4,097,625	(6	)	Freddie Mac 3502 DL, 5.890%, (-1.000* US0001M + 6.000%), 01/15/2039		833,504		0.5
	85,266			Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022		86,593		0.1
	6,550			Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024		6,821		0.0
	15,061			Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026		16,357		0.0

See Accompanying Notes to Financial Statements
88

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	4,425	(6	)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028	$	667		0.0
	24,847	(6	)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028		3,755		0.0
	11,773			Freddie Mac REMIC Trust 2122 F, 0.560%, (US0001M + 0.450%), 02/15/2029		11,820		0.0
	31,648	(6	)	Freddie Mac REMIC Trust 2134 SB, 7.590%, (-1.000* US0001M + 7.700%), 03/15/2029		3,564		0.0
	35,433	(6	)	Freddie Mac REMIC Trust 2136 SG, 7.540%, (-1.000* US0001M + 7.650%), 03/15/2029		5,499		0.0
	45,934	(6	)	Freddie Mac REMIC Trust 2177 SB, 8.840%, (-1.000* US0001M + 8.950%), 08/15/2029		7,655		0.0
	6,530			Freddie Mac REMIC Trust 2344 FP, 1.060%, (US0001M + 0.950%), 08/15/2031		6,687		0.0
	2,791			Freddie Mac REMIC Trust 2412 GF, 1.060%, (US0001M + 0.950%), 02/15/2032		2,855		0.0
	23,821			Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032		27,730		0.0

Principal Amount†			Value		Percentage of Net Assets
	3,509	Freddie Mac REMIC Trust 2464 FI, 1.110%, (US0001M + 1.000%), 02/15/2032	$	3,588		0.0
	3,599	Freddie Mac REMIC Trust 2470 LF, 1.110%, (US0001M + 1.000%), 02/15/2032		3,681		0.0
	5,085	Freddie Mac REMIC Trust 2471 FD, 1.110%, (US0001M + 1.000%), 03/15/2032		5,199		0.0
	4,134	Freddie Mac REMIC Trust 2504 FP, 0.610%, (US0001M + 0.500%), 03/15/2032		4,162		0.0
	13,964	Freddie Mac REMIC Trust 2551 LF, 0.610%, (US0001M + 0.500%), 01/15/2033		14,168		0.0
	12,124	Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023		12,415		0.0
	177,460	Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034		199,606		0.1
	153,423	Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034		170,817		0.1
	34,864	Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667* US0001M + 44.667%), 05/15/2035		39,415		0.0

See Accompanying Notes to Financial Statements
89

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	29,621	(6	)	Freddie Mac REMIC Trust 3004 SB, 6.040%, (-1.000* US0001M + 6.150%), 07/15/2035	$	3,692		0.0
	7,167			Freddie Mac REMIC Trust 3025 SJ, 24.348%, (-3.667* US0001M + 24.750%), 08/15/2035		11,949		0.0
	506,061	(6	)	Freddie Mac REMIC Trust 3223 S, 5.840%, (-1.000* US0001M + 5.950%), 10/15/2036		77,725		0.1
	1,375,219	(6	)	Freddie Mac REMIC Trust 3505 SA, 5.890%, (-1.000* US0001M + 6.000%), 01/15/2039		261,375		0.2
	1,246,674	(6	)	Freddie Mac REMIC Trust 3702 S, 4.340%, (-1.000* US0001M + 4.450%), 05/15/2036		138,089		0.1
	665,262	(6	)	Freddie Mac REMIC Trust 3925 SD, 5.940%, (-1.000* US0001M + 6.050%), 07/15/2040		36,105		0.0
	649,955	(6	)	Freddie Mac REMIC Trust 4136 SW, 6.140%, (-1.000* US0001M + 6.250%), 11/15/2032		91,613		0.1
	375,615	(6	)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043		57,963		0.0

Principal Amount†					Value		Percentage of Net Assets
	4,879,691	(6	)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043	$	686,083		0.4
	7,963,026	(6	)	Freddie Mac REMICS 3582 SL, 6.040%, (-1.000* US0001M + 6.150%), 10/15/2039		1,474,192		0.9
	543,683	(6	)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032		51,002		0.0
	212,768	(1	)	Freddie Mac STACR 2019-HQA3 M2, 1.953%, (US0001M + 1.850%), 09/25/2049		213,492		0.1
	511,912	(1	)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 3.203%, (US0001M + 3.100%), 03/25/2050		518,406		0.3
	260,254	(1	)	Freddie Mac STACR Trust 2019-DNA3 M2, 2.153%, (US0001M + 2.050%), 07/25/2049		262,286		0.2
	361,960	(1	)	Freddie Mac Stacr Trust 2019-HQA1 M2, 2.453%, (US0001M + 2.350%), 02/25/2049		365,257		0.2
	59,093			Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 4.003%, (US0001M + 3.900%), 12/25/2027		59,407		0.0

See Accompanying Notes to Financial Statements
90

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	234,200			Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA1 M3, 6.453%, (US0001M + 6.350%), 09/25/2028	$	245,780		0.2
	3,245	(2	)	Freddie Mac Whole Loan Securities Trust 2016-SC02 M1, 3.661%, 10/25/2046		3,251		0.0
	203,979			Ginnie Mae Series 2007-8 SP, 21.712%, (-3.242* US0001M + 22.048%), 03/20/2037		319,548		0.2
	937,885	(6	)	Ginnie Mae Series 2010-68 MS, 5.746%, (-1.000* US0001M + 5.850%), 06/20/2040		149,753		0.1
	705,330	(6	)	Ginnie Mae Series 2012-97 SC, 6.593%, (-1.000* US0001M + 6.700%), 07/16/2041		102,649		0.1
	8,916,852	(6	)	Ginnie Mae Series 2014-133 BS, 5.496%, (-1.000* US0001M + 5.600%), 09/20/2044		1,331,591		0.9
	143,086			GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 0.522%, (US0001M + 0.210%), 04/25/2036		141,841		0.1

Principal Amount†					Value		Percentage of Net Assets
	24,701	(1	),(2)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049	$	24,751		0.0
	19,902	(1	),(2)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050		20,042		0.0
	481,441	(1	),(2)	GS Mortgage- Backed Securities Corp. Trust 2020-PJ3 B1A, 3.431%, 10/25/2050		492,370		0.3
	10,387	(2	)	GSR Mortgage Loan Trust 2005-AR6 1A4, 2.749%, 09/25/2035		10,534		0.0
	401,908			IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.522%, (US0001M + 0.420%), 04/25/2046		385,661		0.3
	524,181	(2	)	JP Morgan Mortgage Trust 2005-A4 B1, 2.445%, 07/25/2035		524,472		0.3
	39,097	(2	)	JP Morgan Mortgage Trust 2007-A1 7A1, 2.511%, 07/25/2035		39,793		0.0
	264,551	(1	),(2)	JP Morgan Mortgage Trust 2017-3 B1, 3.773%, 08/25/2047		271,576		0.2
	293,664	(1	),(2)	JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050		296,006		0.2

See Accompanying Notes to Financial Statements
91

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	62,210	(1	),(2)	JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050	$	63,200		0.1
	20,194	(1	),(2)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049		20,287		0.0
	34,075	(1	),(2)	JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 03/25/2050		34,236		0.0
	138,105			Lehman XS Trust Series 2005-5N 1A2, 0.462%, (US0001M + 0.360%), 11/25/2035		134,507		0.1
	41,281	(2	)	MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 2.619%, 04/25/2036		41,304		0.0
	181,903	(1	),(2)	Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051		180,486		0.1
	1,518,793	(2	),(6)	RALI Series Trust 2006-QO1 X2, 2.185%, 02/25/2046		103,001		0.1
	11,150	(1	),(2)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048		11,238		0.0
	3,675,595	(2	),(6)	WaMu Mortgage Pass- Through Certificates Series 2005-AR11 X, 1.800%, 08/25/2045		141,266		0.1

Principal Amount†					Value		Percentage of Net Assets
	25,843	(2	)	WaMu Mortgage Pass- Through Certificates Series 2006-AR12 1A1, 2.956%, 10/25/2036	$	26,038		0.0
	84,653	(2	)	WaMu Mortgage Pass- Through Certificates Series 2006-AR8 1A4, 2.847%, 08/25/2046		84,648		0.1
	185,550	(2	)	WaMu Mortgage Pass- Through Certificates Series 2007-HY2 1A1, 2.991%, 12/25/2036		186,316		0.1
	55,971	(2	)	WaMu Mortgage Pass- Through Certificates Series 2007-HY4 1A1, 2.737%, 04/25/2037		55,817		0.0
	51,340			Wells Fargo Alternative Loan 2007-PA2 2A1, 0.533%, (US0001M + 0.430%), 06/25/2037		41,302		0.0
	114,700	(1	),(2)	WinWater Mortgage Loan Trust 2015-5 B4, 3.774%, 08/20/2045		113,778		0.1
				Total Collateralized Mortgage Obligations (Cost $21,796,318)		23,018,983		14.5

See Accompanying Notes to Financial Statements
92

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
SOVEREIGN BONDS: 12.6%
				Australia: 0.2%
AUD	558,000	(1	)	Queensland Treasury Corp., 1.750%, 07/20/2034	$	384,703		0.2
				Canada: 0.3%
CAD	500,000			Canadian Government Bond, 2.000%, 12/01/2051		425,713		0.3
				China: 6.6%
CNY	13,660,000			China Government Bond, 2.850%, 06/04/2027		2,165,126		1.4
CNY	6,880,000			China Government Bond, 3.250%, 06/06/2026		1,108,749		0.7
CNY	29,640,000			China Government Bond, 3.250%, 11/22/2028		4,774,370		3.0
CNY	12,880,000			China Government Bond, 3.290%, 05/23/2029		2,077,731		1.3
CNY	1,780,000			China Government Bond, 4.080%, 10/22/2048		312,298		0.2
						10,438,274		6.6
				Germany: 0.3%
EUR	120,000			Bundesrepublik Deutschland Bundesanleihe, -0.500%, 08/15/2026		139,803		0.1
EUR	30,000			Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028		36,090		0.0
EUR	200,000			Bundesrepublik Deutschland Bundesanleihe, 1.250%, 08/15/2048		295,114		0.2

Principal Amount†					Value		Percentage of Net Assets
EUR	10,000			Bundesrepublik Deutschland Bundesanleihe, 2.000%, 08/15/2023	$	11,893		0.0
						482,900		0.3
				Indonesia: 0.3%
IDR	6,452,000,000			Indonesia Treasury Bond, 8.375%, 04/15/2039		511,090		0.3
				Italy: 0.9%
EUR	438,000	(1	)	Italy Buoni Poliennali Del Tesoro, 3.850%, 09/01/2049		701,411		0.4
EUR	438,000	(1	)	Italy Buoni Poliennali Del Tesoro, 5.000%, 08/01/2034		709,535		0.5
						1,410,946		0.9
				Malaysia: 1.2%
MYR	7,864,000			Malaysia Government Bond, 3.828%, 07/05/2034		1,879,860		1.2
				Portugal: 1.0%
EUR	1,135,000	(1	)	Portugal Obrigacoes do Tesouro OT, 2.250%, 04/18/2034		1,537,967		1.0
				Spain: 1.5%
EUR	870,000	(1	)	Spain Government Bond, 1.450%, 04/30/2029		1,078,896		0.7
EUR	908,000	(1	)	Spain Government Bond, 2.700%, 10/31/2048		1,358,987		0.8
						2,437,883		1.5

See Accompanying Notes to Financial Statements
93

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Thailand: 0.3%
THB	17,994,000			Thailand Government Bond, 2.875%, 12/17/2028	$	580,396		0.3
				Total Sovereign Bonds (Cost $18,656,773)		20,089,732		12.6
U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.9%
				Federal Home Loan Mortgage Corporation: 0.5%⁽⁷⁾
	394,313			3.500%, 01/01/2048		420,895		0.3
	93,560			4.000%, 09/01/2045		101,548		0.1
	57,754			4.000%, 09/01/2045		63,135		0.0
	46,183			4.000%, 09/01/2045		50,049		0.0
	39,545			4.000%, 09/01/2045		43,072		0.0
	65,123			4.000%, 05/01/2046		70,560		0.1
	6,104			5.000%, 12/01/2034		6,733		0.0
	15,704			6.000%, 02/01/2034		17,838		0.0
	38			6.500%, 02/01/2022		39		0.0
	366			6.500%, 09/01/2022		370		0.0
	1,546			6.500%, 08/01/2032		1,755		0.0
	5,509			6.500%, 07/01/2034		6,085		0.0
	2,158			6.500%, 07/01/2034		2,382		0.0
						784,461		0.5
				Federal National Mortgage Association: 0.0%⁽⁷⁾
	50,572			2.107%, (US0012M + 1.777%), 10/01/2036		53,375		0.0
				Government National Mortgage Association: 3.5%
	2,103,000	(8	)	2.500%, 01/15/2052		2,153,765		1.4
	3,205,000	(8	)	3.000%, 01/15/2052		3,316,312		2.1
	19,094			5.000%, 04/15/2034		21,909		0.0

Principal Amount†					Value		Percentage of Net Assets
	8,915			6.500%, 02/20/2035	$	10,357		0.0
						5,502,343		3.5
				Uniform Mortgage-Backed Securities: 5.9%
	3,615,000	(8	)	2.000%, 02/15/2052		3,596,095		2.3
	2,475,000	(8	)	2.500%, 02/15/2052		2,519,001		1.6
	38,242			2.500%, 06/01/2030		39,730		0.0
	28,535			2.500%, 06/01/2030		29,646		0.0
	16,998			2.500%, 07/01/2030		17,661		0.0
	1,900,000	(8	)	3.500%, 02/15/2052		1,997,504		1.3
	43,468			4.000%, 05/01/2045		47,269		0.0
	783,521			4.000%, 04/01/2049		845,518		0.6
	45,095			5.000%, 06/01/2041		50,957		0.0
	5,510			5.500%, 09/01/2024		6,031		0.0
	40,161			6.000%, 11/01/2034		45,581		0.0
	67,178			6.000%, 04/01/2035		76,339		0.1
	28,283			6.500%, 12/01/2029		31,232		0.0
	12,497			6.500%, 01/01/2034		13,940		0.0
	210			7.000%, 04/01/2033		233		0.0
	10,806			7.500%, 09/01/2032		12,410		0.0
	22,590			7.500%, 01/01/2033		25,751		0.0
						9,354,898		5.9
				Total U.S. Government Agency Obligations (Cost $15,641,013)		15,695,077		9.9
COMMERCIAL MORTGAGE-BACKED SECURITIES: 10.7%
				United States: 10.7%
	6,717,865	(2	),(6)	BANK 2017-BNK5 XA, 1.044%, 06/15/2060		260,876		0.2
	900,000	(1	),(2)	BANK 2017-BNK6 E, 2.645%, 07/15/2060		529,601		0.3
	1,948,000	(1	),(2),(6)	BANK 2017-BNK6 XE, 1.500%, 07/15/2060		138,841		0.1

See Accompanying Notes to Financial Statements
94

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	968,471	(2	),(6)	BANK 2019-BNK16 XA, 0.946%, 02/15/2052	$	53,535		0.0
	9,404,694	(2	),(6)	BANK 2019-BNK21 XA, 0.869%, 10/17/2052		519,949		0.3
	8,020,000	(1	),(2),(6)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033		169,328		0.1
	210,000	(1	)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		195,172		0.1
	1,187,278	(2	),(6)	Benchmark 2019-B9 XA Mortgage Trust, 1.039%, 03/15/2052		74,098		0.0
	180,000	(1	)	Benchmark 2020-B18 AGNE Mortgage Trust, 3.759%, 07/15/2053		180,492		0.1
	2,984,572	(2	),(6)	Benchmark 2020-B18 XA Mortgage Trust, 1.792%, 07/15/2053		308,435		0.2
	270,000	(1	),(2)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041		268,590		0.2
	1,643,635	(2	),(6)	CD 2016-CD1 Mortgage Trust XA, 1.389%, 08/10/2049		84,159		0.0
	7,900,000	(2	),(6)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.838%, 08/10/2049		289,331		0.2
	3,054,789	(2	),(6)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.082%, 10/12/2050		132,595		0.1

Principal Amount†					Value		Percentage of Net Assets
	8,772,398	(1	),(2),(6)	COMM 2012-LTRT XA, 0.839%, 10/05/2030	$	18,409		0.0
	110,000	(1	),(2)	COMM 2013-CR10 E Mortgage Trust, 4.900%, 08/10/2046		107,170		0.1
	10,497,417	(2	),(6)	COMM 2014-CR16 XA, 0.950%, 04/10/2047		193,839		0.1
	570,000	(2	)	COMM 2016-COR1 C, 4.333%, 10/10/2049		599,542		0.4
	4,024,967	(2	),(6)	COMM 2016-CR28 XA, 0.712%, 02/10/2049		89,653		0.1
	200,000	(2	)	CSAIL 2015-C2 C Commercial Mortgage Trust, 4.187%, 06/15/2057		191,614		0.1
	500,000			CSAIL Commercial Mortgage Trust 2021-C20 A3, 2.805%, 03/15/2054		520,881		0.3
	249,564	(1	),(3)	DBUBS 2011-LC2A F Mortgage Trust, 3.749%, (US0001M + 3.650%), 07/10/2044		233,155		0.2
	290,000	(1	),(2)	DBJPM 16-C3 Mortgage Trust, 3.484%, 08/10/2049		245,454		0.1
	270,000	(1	),(2)	Fontainebleau Miami Beach Trust 2019-FBLU F, 3.963%, 12/10/2036		265,952		0.2

See Accompanying Notes to Financial Statements
95

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	7,000,000	(2	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.788%, 12/25/2041	$	190,352		0.1
	4,083,963	(2	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.883%, 11/25/2030		273,117		0.2
	2,097,425	(2	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.331%, 07/25/2035		296,677		0.2
	2,109,000	(6	)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029		182,302		0.1
	543,000	(1	),(9)	FREMF 2016-K60 D Mortgage Trust, 0.000%, 12/25/2049		404,376		0.2
	6,950,483	(1	),(6)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044		7		0.0
	1,819,100	(1	),(3)	GAM 2021-WF1 A LLC, 5.250%, 12/30/2026		1,819,100		1.1
	152,000	(1	)	GAM RE- REMIC TR 2021-FFR2 BK44, 2.071%, 10/27/2028		146,245		0.1

Principal Amount†					Value		Percentage of Net Assets
	171,000	(1	)	GAM RE- REMIC TR 2021-FFR2 BK78, 2.435%, 10/27/2028	$	156,074		0.1
	130,000	(1	),(9)	GAM RE- REMIC TR 2021-FFR2 C730, 0.000%, 10/27/2028		116,824		0.1
	159,000	(1	),(9)	GAM RE- REMIC TR 2021-FFR2 CK44, 0.000%, 10/27/2028		139,678		0.1
	129,000	(1	)	GAM RE- REMIC TR 2021-FFR2 CK49, 1.079%, 10/27/2028		118,998		0.1
	109,000	(1	),(9)	GAM RE- REMIC TR 2021-FFR2 CK78, 0.000%, 10/27/2028		78,977		0.0
	130,000	(1	),(9)	GAM RE- REMIC TR 2021-FFR2 D730, 0.000%, 10/27/2028		113,344		0.1
	129,000	(1	),(9)	GAM RE- REMIC TR 2021-FFR2 DK49, 0.000%, 10/27/2028		110,280		0.1
	143,000	(1	),(2)	Grace Trust 2020-GRCE E, 2.680%, 12/10/2040		128,206		0.1
	500,000	(1	)	Great Wolf Trust 2019- WOLF E, 2.842%, (US0001M + 2.732%), 12/15/2036		486,206		0.3
	180,000	(1	)	GS Mortgage Securities Trust 2013- GC16 G, 3.500%, 11/10/2046		109,925		0.1

See Accompanying Notes to Financial Statements
96

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	3,705,145	(2	),(6)	GS Mortgage Securities Trust 2013- GC16 XA, 1.009%, 11/10/2046	$	54,988		0.0
	2,270,631	(2	),(6)	GS Mortgage Securities Trust 2017- GS6 XA, 1.019%, 05/10/2050		111,604		0.1
	410,000	(1	),(2)	GS Mortgage Securities Trust 2019- GC40 DBD, 3.550%, 07/10/2052		409,628		0.3
	310,000	(1	),(2)	GS Mortgage Securities Trust 2019- GC40 DBE, 3.550%, 07/10/2052		304,204		0.2
	5,126,786	(2	),(6)	GS Mortgage Securities Trust 2019- GC42 XA, 0.808%, 09/01/2052		264,696		0.2
	861,229	(2	),(6)	GS Mortgage Securities Trust 2020- GC47 XA, 1.131%, 05/12/2053		68,789		0.0
	1,740,000	(1	),(2)	JP Morgan Chase Commercial Mortgage Securities Trust 2011- C5 E, 4.000%, 08/15/2046		1,434,526		0.9
	2,017,529	(2	),(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2012- CIBX XA, 0.863%, 06/15/2045		2,410		0.0
	269,944	(1	)	JP Morgan Chase Commercial Mortgage Securities Trust 2014- C20 A4A2, 3.538%, 07/15/2047		274,692		0.2

Principal Amount†					Value		Percentage of Net Assets
	140,000	(1	),(2)	LSTAR Commercial Mortgage Trust 2015-3 D, 3.166%, 04/20/2048	$	139,365		0.1
	2,535,230	(1	),(2),(6)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.857%, 03/10/2050		59,639		0.0
	1,090,000	(1	),(2)	Morgan Stanley Bank of America Merrill Lynch Trust 2012- C6 E, 4.598%, 11/15/2045		1,050,844		0.7
	18,750,000	(1	),(2),(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.433%, 12/15/2047		242,406		0.1
	1,708,271	(2	),(6)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.300%, 05/15/2054		158,408		0.1
	700,000	(1	)	SFO Commercial Mortgage Trust 2021-555 C, 1.910%, (US0001M + 1.800%), 05/15/2038		701,765		0.4
	6,647,496	(2	),(6)	UBS Commercial Mortgage Trust 2018-C9 XA, 0.874%, 03/15/2051		302,988		0.2
	2,226,080	(1	),(2),(6)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.763%, 08/15/2045		7,567		0.0

See Accompanying Notes to Financial Statements
97

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	550,000	(1	),(2)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.239%, 03/15/2045	$	460,099		0.3
	330,000	(1	),(2)	WFRBS Commercial Mortgage Trust 2013-C14 D, 3.960%, 06/15/2046		274,094		0.2
	8,494,586	(2	),(6)	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.005%, 03/15/2047		134,269		0.1
				Total Commercial Mortgage- Backed Securities (Cost $17,293,521)		16,998,340		10.7
ASSET-BACKED SECURITIES: 9.6%
				United States: 9.6%
	700,000	(1	)	AGL CLO 11 Ltd. 2021-11A AJ, 1.474%, (US0003M + 1.350%), 04/15/2034		700,269		0.4
	600,000	(1	)	Allegro CLO IV Ltd. 2016-1A CR2, 2.124%, (US0003M + 2.000%), 01/15/2030		600,009		0.4
	500,000	(1	)	AMMC CLO 16 Ltd. 2015-16A CR2, 2.077%, (US0003M + 1.950%), 04/14/2029		495,816		0.3
	350,000	(1	)	Ares XXVIIIR CLO Ltd. 2018-28RA A2, 1.522%, (US0003M + 1.400%), 10/17/2030		350,029		0.2

Principal Amount†					Value		Percentage of Net Assets
	500,000	(1	)	Barings Clo Ltd. 2019-4A C, 2.924%, (US0003M + 2.800%), 01/15/2033	$	500,106		0.3
	412,500	(1	)	BlueMountain CLO 2013-2A CR, 2.078%, (US0003M + 1.950%), 10/22/2030		408,365		0.3
	250,000	(1	)	BlueMountain CLO Ltd. 2021-28A C, 2.124%, (US0003M + 2.000%), 04/15/2034		248,138		0.2
	250,000	(1	)	BlueMountain CLO XXXI Ltd. 2021-31A A2, 1.524%, (US0003M + 1.400%), 04/19/2034		250,097		0.2
	300,000	(1	)	BlueMountain Fuji US Clo I Ltd. 2017-1A CR, 2.382%, (US0003M + 2.250%), 07/20/2029		299,016		0.2
	1,000,000	(1	)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A A1R2, 1.272%, (US0003M + 1.140%), 04/20/2034		998,366		0.6
	250,000	(1	)	Carlyle US Clo 2017-2A CR Ltd., 1.534%, (US0003M + 1.400%), 07/20/2031		250,002		0.2
	250,000	(1	)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 1.572%, (US0003M + 1.450%), 10/17/2034		249,644		0.2

See Accompanying Notes to Financial Statements
98

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	400,000	(1	)	CIFC Funding 2013-IA BR Ltd., 2.522%, (US0003M + 2.400%), 07/16/2030	$	400,296		0.2
	500,000	(1	)	CIFC Funding 2020-2A AR Ltd., 1.308%, (US0003M + 1.170%), 10/20/2034		500,272		0.3
	229,387	(2	)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.818%, 03/25/2036		137,182		0.1
	400,000	(1	)	Clear Creek CLO 2015-1A CR, 2.082%, (US0003M + 1.950%), 10/20/2030		398,941		0.2
	650,000	(1	)	Elevation CLO 2014-2A A1R Ltd., 1.354%, (US0003M + 1.230%), 10/15/2029		649,786		0.4
	500,000	(1	)	Galaxy XV CLO Ltd. 2013-15A CRR, 1.974%, (US0003M + 1.850%), 10/15/2030		499,496		0.3
	400,000	(1	)	Galaxy XXI CLO Ltd. 2015-21A CR, 1.882%, (US0003M + 1.750%), 04/20/2031		394,223		0.2
	500,000	(1	)	Jay Park CLO Ltd. 2016-1A BR, 2.132%, (US0003M + 2.000%), 10/20/2027		499,631		0.3

Principal Amount†					Value		Percentage of Net Assets
	250,000	(1	)	Madison Park Funding XXVII Ltd. 2018-27A B, 1.932%, (US0003M + 1.800%), 04/20/2030	$	247,257		0.2
	400,000	(1	)	Madison Park Funding XXXI Ltd. 2018-31A C, 2.274%, (US0003M + 2.150%), 01/23/2031		400,019		0.2
	250,000	(1	)	Marble Point CLO XIV Ltd. 2018-2A A1R, 1.412%, (US0003M + 1.280%), 01/20/2032		250,111		0.2
	200,000	(1	),(2)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		206,409		0.1
	250,000	(1	)	Oak Hill Credit Partners 2021-8A C, 2.022%, (US0003M + 1.900%), 01/18/2034		247,272		0.2
	500,000	(1	)	OCP CLO 2014-5 A BR Ltd., 1.925%, (US0003M + 1.800%), 04/26/2031		495,279		0.3
	250,000	(1	)	Octagon Investment Partners 30 Ltd. 2017-1A BR, 2.082%, (US0003M + 1.950%), 03/17/2030		248,822		0.2
	550,000	(1	)	Octagon Investment Partners 31 Ltd. 2017-1A CR, 2.182%, (US0003M + 2.050%), 07/20/2030		548,968		0.3

See Accompanying Notes to Financial Statements
99

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	350,000	(1	)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 1.324%, (US0003M + 1.200%), 07/15/2029	$	350,001		0.2
	1,200,000	(1	)	Palmer Square CLO Ltd. 2021-2A A, 1.274%, (US0003M + 1.150%), 07/15/2034		1,200,182		0.8
	440,000	(1	)	Shackleton 2019-15A CR CLO Ltd., 2.274%, (US0003M + 2.150%), 01/15/2032		437,699		0.3
	400,000	(1	)	Sound Point Clo XIV Ltd. 2016-3A CR, 2.174%, (US0003M + 2.050%), 01/23/2029		398,773		0.2
	400,000	(1	)	Sound Point Clo XV Ltd. 2017-1A CR, 2.174%, (US0003M + 2.050%), 01/23/2029		398,744		0.2
	250,000	(1	)	THL Credit Wind River 2013-2A CR CLO Ltd., 2.122%, (US0003M + 2.000%), 10/18/2030		248,225		0.2
	800,000	(1	)	THL Credit Wind River 2019-1A AR CLO Ltd., 1.292%, (US0003M + 1.160%), 07/20/2034		799,998		0.5
				Total Asset- Backed Securities (Cost $15,280,354)		15,307,443		9.6

Principal Amount†					Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 0.5%
				U.S. Treasury Bonds: 0.5%
	1,000			1.250%, 05/15/2050	$	849		0.0
	201,900			1.375%, 11/15/2031		199,408		0.1
	1,700			1.625%, 11/15/2050		1,584		0.0
	240,000			2.000%, 08/15/2051		244,725		0.2
	296,000			2.000%, 11/15/2041		299,469		0.2
						746,035		0.5
				U.S. Treasury Notes: 0.0%
	1,000			0.125%, 10/15/2023		990		0.0
	3,600	(5	)	0.500%, 11/30/2023		3,586		0.0
	32,000			0.750%, 12/31/2023		32,009		0.0
	5,000	(5	)	1.250%, 11/30/2026		4,998		0.0
	49,200			1.250%, 12/31/2026		49,154		0.0
	1,000			1.250%, 09/30/2028		989		0.0
						91,726		0.0
				Total U.S. Treasury Obligations (Cost $847,550)		837,761		0.5
STRUCTURED NOTES: —%
				Russia: —%
RUB	3,719,550	(3	)	Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.000%, 08/22/2034		—		—
				Total Structured Notes (Cost $133,678)		—		—

See Accompanying Notes to Financial Statements
100

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 0.1%
				United States: 0.1%
	2,149	(3	),(5),(10)	American Media, Inc.	$	—		—
	18	(10	)	Ingevity Corp.		1,291		0.0
	4,988			Resolute Forest Products, Inc.		76,167		0.1
	120			WestRock Co.		5,323		0.0
				Total Common Stock (Cost $131,025)		82,781		0.1
MUTUAL FUNDS: 24.9%
				United States: 24.9%
	786,220			Voya Emerging Markets Corporate Debt Fund - Class P		7,767,851		4.9
	1,444,986			Voya Emerging Markets Hard Currency Debt Fund - Class P		13,553,973		8.5
	1,154,408			Voya Emerging Markets Local Currency Debt Fund - Class P		7,099,609		4.5
	1,392,484			Voya High Yield Bond Fund - Class P		11,181,648		7.0
				Total Mutual Funds (Cost $41,399,129)		39,603,081		24.9
PURCHASED OPTIONS⁽¹¹⁾: 0.0%
				Total Purchased Options (Cost $68,817)		37,770		0.0
				Total Long-Term Investments (Cost $166,511,529)		167,984,158		105.7

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.0%

Repurchase Agreements: 0.1%

132,120

(12

)

Barclays
Capital, Inc.,
Repurchase
Agreement
dated
12/31/21,
0.05%,
due 01/03/22
(Repurchase
Amount
$132,121,
collateralized
by various
U.S.
Government
Securities,
0.125%-
1.000%,
Market Value
plus accrued
interest
$134,763,
due 07/15/30-
02/15/46)
(Cost
$132,120)

132,120

0.1

Value

Percentage
of Net
Assets

Mutual Funds: 0.9%

1,481,000

(13

)

BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
0.030%
(Cost
$1,481,000)

1,481,000

0.9

Total
Short-Term
Investments
(Cost
$1,613,120)

1,613,120

1.0

Total
Investments
in Securities
(Cost
$168,124,649)

169,597,278

106.7

Liabilities in
Excess of
Other
Assets

(10,717,430

)

(6.7

)

Net Assets

158,879,848

100.0

See Accompanying Notes to Financial Statements
101

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

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

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

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

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

(4) Defaulted security.

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

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

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

(8) Represents or includes a TBA transaction.

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

(10) Non-income producing security.

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

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

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

Currency Abbreviations:

AUD Australian Dollar

CAD Canadian Dollar

CNY Chinese Yuan

EUR EU Euro

IDR Indonesian Rupiah

MXN Mexican Peso

MYR Malaysian Ringgit

RUB Russian Ruble

THB Thai Baht

ZAR South African Rand

Reference Rate Abbreviations:

US0001M 1-month LIBOR

US0003M 3-month LIBOR

US0012M 12-month LIBOR

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		24.9	%
Collateralized Mortgage Obligations		14.5
Sovereign Bonds		12.6
Commercial Mortgage-Backed Securities		10.7
Other Asset-Backed Securities		9.6
Financial		8.3
Uniform Mortgage-Backed Securities		5.9
Consumer, Non-cyclical		4.1
U.S. Government Agency Obligations		4.0
Utilities		2.9
Energy		2.5
Communications		1.9
Technology		1.2
Industrial		1.0
Consumer, Cyclical		0.7
U.S. Treasury Obligations		0.5
Basic Materials		0.3
Materials		0.1
Purchased Options		0.0
Communication Services		0.0
Structured Notes		0.0
Short-Term Investments		1.0
Liabilities in Excess of Other Assets		(6.7	)
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 December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
United States	$	82,781	$	—	$	—	$	82,781
Total Common Stock		82,781		—		—		82,781
Mutual Funds		39,603,081		—		—		39,603,081
Purchased Options		—		37,770		—		37,770
Corporate Bonds/Notes		—		36,311,332		1,858		36,313,190
Collateralized Mortgage Obligations		—		23,018,983		—		23,018,983
Asset-Backed Securities		—		15,307,443		—		15,307,443
U.S. Government Agency Obligations		—		15,695,077		—		15,695,077
Commercial Mortgage-Backed Securities		—		14,946,085		2,052,255		16,998,340
Sovereign Bonds		—		20,089,732		—		20,089,732
U.S. Treasury Obligations		—		837,761		—		837,761
Structured Notes		—		—		—		—
Short-Term Investments		1,481,000		132,120		—		1,613,120
Total Investments, at fair value	$	41,166,862	$	126,376,303	$	2,054,113	$	169,597,278

See Accompanying Notes to Financial Statements
102

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	820,323		$	—	$	820,323
Forward Foreign Currency Contracts		—			1,666,480			—		1,666,480
Futures		96,423			—			—		96,423
OTC Swaps		—			15,675			—		15,675
Total Assets	$	41,263,285		$	128,878,781		$	2,054,113	$	172,196,179
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(1,599,381	)	$	—	$	(1,599,381	)
Forward Foreign Currency Contracts		—			(1,883,321	)		—		(1,883,321	)
Futures		(459,465	)		—			—		(459,465	)
OTC Swaps		—			(207,010	)		—		(207,010	)
Volatility Swaps		—			(14,193	)		—		(14,193	)
Written Options		—			(29,730	)		—		(29,730	)
Total Liabilities	$	(459,465	)	$	(3,733,635	)	$	—	$	(4,193,100	)

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

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

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/20		Purchases at Cost		Sales at Cost		Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/21		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P	$	7,704,709	$	518,278	$	—	$	(455,136	)	$	7,767,851	$	354,563	$	—	$	163,877
Voya Emerging Markets Hard Currency Debt Fund - Class P		13,865,056		682,345		—		(993,428	)		13,553,973		682,486		—		—
Voya Emerging Markets Local Currency Debt Fund - Class P		7,896,804		293,221		—		(1,090,416	)		7,099,609		293,221		—		—
Voya High Yield Bond Fund - Class P		10,589,498		613,521		—		(21,371	)		11,181,648		613,522		—		—
	$	40,056,067	$	2,107,365	$	—	$	(2,560,351	)	$	39,603,081	$	1,943,792	$	—	$	163,877

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

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,822,120	MYR	7,721,050	Barclays Bank PLC	01/21/22	$	(31,771	)
USD	143,235	CLP	121,399,057	Barclays Bank PLC	02/04/22		1,373
USD	3,649,781	SEK	33,317,526	BNP Paribas	01/14/22		(37,627	)
USD	2,953,488	AUD	4,150,431	BNP Paribas	01/14/22		(66,252	)
GBP	1,220,926	USD	1,640,996	BNP Paribas	01/14/22		11,547
CHF	3,999,443	USD	4,394,172	BNP Paribas	01/14/22		(3,810	)
CAD	629,241	USD	491,871	BNP Paribas	01/14/22		5,568
USD	4,476,972	CHF	4,116,135	BNP Paribas	01/14/22		(41,486	)
USD	4,339,168	JPY	492,377,892	BNP Paribas	01/14/22		58,390
GBP	398,591	USD	531,291	BNP Paribas	01/14/22		8,208
USD	4,678,367	EUR	4,129,808	BNP Paribas	01/14/22		(24,395	)
NZD	1,922,225	USD	1,305,752	BNP Paribas	01/14/22		10,603
USD	2,937,352	SEK	26,522,966	BNP Paribas	01/14/22		1,929

See Accompanying Notes to Financial Statements
103

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	1,399,806	USD	1,001,068	BNP Paribas	01/14/22	$	17,392
EUR	26,727,448	USD	30,367,325	BNP Paribas	01/14/22		68,184
AUD	1,994,608	USD	1,420,261	BNP Paribas	01/14/22		30,961
SEK	26,914,555	USD	2,944,401	BNP Paribas	01/14/22		34,360
USD	940,587	CAD	1,194,311	BNP Paribas	01/14/22		(3,559	)
NZD	3,189,543	USD	2,171,919	BNP Paribas	01/14/22		12,305
CHF	4,084,114	USD	4,458,773	BNP Paribas	01/14/22		24,535
USD	1,554,496	AUD	2,184,569	BNP Paribas	01/14/22		(34,937	)
USD	1,310,812	NOK	11,808,909	BNP Paribas	01/14/22		(29,867	)
CAD	2,783,361	USD	2,166,698	BNP Paribas	01/14/22		33,652
USD	4,469,784	CAD	5,652,476	BNP Paribas	01/14/22		1,294
GBP	1,354,730	USD	1,793,460	BNP Paribas	01/14/22		40,189
EUR	2,747,309	USD	3,122,009	BNP Paribas	01/14/22		6,452
AUD	3,266,757	USD	2,346,014	BNP Paribas	01/14/22		30,788
USD	8,000,509	EUR	7,078,729	BNP Paribas	01/14/22		(60,295	)
GBP	726,591	USD	963,067	BNP Paribas	01/14/22		20,385
EUR	2,258,922	USD	2,560,850	BNP Paribas	01/14/22		11,467
GBP	8,790,855	USD	11,718,693	BNP Paribas	01/14/22		179,868
KRW	2,244,175,069	USD	1,885,182	BNP Paribas	01/21/22		1,359
HKD	379,429	USD	48,632	BNP Paribas	01/21/22		29
CNY	3,921,496	USD	612,533	BNP Paribas	01/21/22		2,719
USD	539,027	NOK	4,906,477	Brown Brothers Harriman & Co.	01/14/22		(18,010	)
SEK	17,377,136	USD	1,919,727	Brown Brothers Harriman & Co.	01/14/22		3,483
USD	319,518	EUR	282,584	Brown Brothers Harriman & Co.	01/14/22		(2,270	)
NOK	10,487,968	USD	1,153,248	Brown Brothers Harriman & Co.	01/14/22		37,463
JPY	1,744,523	USD	15,250	Brown Brothers Harriman & Co.	01/14/22		(83	)
USD	709,113	SEK	6,436,347	Citibank N.A.	01/14/22		(3,228	)
USD	3,862,889	CHF	3,567,668	Citibank N.A.	01/14/22		(53,494	)
CHF	3,546,656	USD	3,860,684	Citibank N.A.	01/14/22		32,633
JPY	530,469,958	USD	4,675,577	Citibank N.A.	01/14/22		(63,624	)
SEK	9,662,206	USD	1,070,854	Citibank N.A.	01/14/22		(1,492	)
USD	2,217,867	GBP	1,662,238	Citibank N.A.	01/14/22		(31,999	)
CAD	4,805,052	USD	3,747,447	Citibank N.A.	01/14/22		51,123
USD	626,548	SEK	5,706,330	Citibank N.A.	01/14/22		(4,999	)
USD	2,928,581	NZD	4,298,974	Citibank N.A.	01/14/22		(15,390	)
USD	787,274	IDR	11,336,669,763	Citibank N.A.	01/21/22		(8,900	)
USD	221,259	PEN	901,961	Citibank N.A.	02/04/22		(4,389	)
DKK	3,145,127	USD	480,454	Deutsche Bank AG	01/14/22		1,142
GBP	178,467	USD	236,399	Deutsche Bank AG	01/14/22		5,160
EUR	624,847	USD	706,868	Deutsche Bank AG	01/14/22		4,668
JPY	246,264	USD	2,170	Deutsche Bank AG	01/14/22		(29	)
USD	649,135	EUR	575,245	Deutsche Bank AG	01/14/22		(5,917	)
AUD	466,188	USD	332,772	Goldman Sachs International	01/14/22		6,414
USD	2,252,826	NOK	19,815,185	Goldman Sachs International	01/14/22		3,186
NOK	2,789,949	USD	308,919	Goldman Sachs International	01/14/22		7,827
AUD	3,389,529	USD	2,453,141	Goldman Sachs International	01/14/22		12,987
USD	217,547	EUR	191,863	Goldman Sachs International	01/14/22		(934	)
USD	2,941,234	SEK	26,817,397	Goldman Sachs International	01/14/22		(26,775	)
USD	602,952	NZD	884,823	Goldman Sachs International	01/14/22		(2,982	)
USD	2,242,547	EUR	1,990,709	Goldman Sachs International	01/14/22		(24,345	)
NZD	1,956,142	USD	1,335,594	Goldman Sachs International	01/14/22		(8,904	)
NOK	2,937,184	USD	324,037	Goldman Sachs International	01/14/22		9,425
NOK	25,677,388	USD	2,851,792	Goldman Sachs International	01/14/22		63,392
EUR	534,520	USD	604,811	Goldman Sachs International	01/14/22		3,866
NOK	3,554,864	USD	400,347	Goldman Sachs International	01/14/22		3,241
USD	578,240	GBP	437,262	Goldman Sachs International	01/14/22		(13,601	)
USD	1,974,179	GBP	1,487,755	Goldman Sachs International	01/14/22		(39,521	)
CHF	1,377,823	USD	1,492,335	Goldman Sachs International	01/14/22		20,161
GBP	1,075,161	USD	1,431,744	Goldman Sachs International	01/14/22		23,504
USD	115,729	RON	509,854	Goldman Sachs International	01/21/22		(1,397	)
USD	310,423	RUB	23,348,652	Goldman Sachs International	01/21/22		(73	)
USD	179,809	COP	703,004,542	Goldman Sachs International	02/04/22		7,574
USD	245,056	MXN	5,176,878	Goldman Sachs International	02/04/22		(6,419	)
USD	225,569	PLN	941,843	HSBC Bank USA N.A.	01/21/22		(7,912	)
USD	19,136	PHP	966,184	HSBC Bank USA N.A.	01/21/22		290
SGD	537,066	USD	392,093	HSBC Bank USA N.A.	01/21/22		6,397
JPY	40,612,425	USD	357,528	JPMorgan Chase Bank N.A.	01/14/22		(4,439	)
GBP	1,190,155	USD	1,596,750	JPMorgan Chase Bank N.A.	01/14/22		14,143
USD	4,874	JPY	554,691	JPMorgan Chase Bank N.A.	01/14/22		51
ILS	792,296	USD	251,169	JPMorgan Chase Bank N.A.	01/21/22		3,692

See Accompanying Notes to Financial Statements
104

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	2,185,748	NZD	3,235,963	Morgan Stanley Capital Services LLC	01/14/22	$	(30,266	)
AUD	2,574,780	USD	1,826,836	Morgan Stanley Capital Services LLC	01/14/22		46,503
AUD	4,567,032	USD	3,267,635	Morgan Stanley Capital Services LLC	01/14/22		55,212
NZD	905,768	USD	611,790	Morgan Stanley Capital Services LLC	01/14/22		8,487
USD	3,925,436	CHF	3,625,044	Morgan Stanley Capital Services LLC	01/14/22		(53,931	)
USD	2,262,383	NOK	20,456,125	Morgan Stanley Capital Services LLC	01/14/22		(60,025	)
EUR	2,470,741	USD	2,793,259	Morgan Stanley Capital Services LLC	01/14/22		20,263
USD	2,845,567	EUR	2,525,218	Morgan Stanley Capital Services LLC	01/14/22		(29,990	)
USD	1,739,068	NOK	15,628,203	Morgan Stanley Capital Services LLC	01/14/22		(35,220	)
EUR	3,554,082	USD	4,017,392	Morgan Stanley Capital Services LLC	01/14/22		29,770
NOK	20,306,348	USD	2,268,353	Morgan Stanley Capital Services LLC	01/14/22		37,050
NZD	2,246,914	USD	1,525,349	Morgan Stanley Capital Services LLC	01/14/22		13,356
NOK	19,256,450	USD	2,139,491	Morgan Stanley Capital Services LLC	01/14/22		46,716
CAD	1,281,550	USD	995,247	Morgan Stanley Capital Services LLC	01/14/22		17,865
USD	3,958,451	GBP	2,983,156	Morgan Stanley Capital Services LLC	01/14/22		(79,298	)
USD	348,542	NOK	3,098,664	Morgan Stanley Capital Services LLC	01/14/22		(3,253	)
SEK	12,041,583	USD	1,333,062	Morgan Stanley Capital Services LLC	01/14/22		(362	)
USD	4,624,311	JPY	525,566,824	Morgan Stanley Capital Services LLC	01/14/22		54,986
USD	918,502	AUD	1,280,592	Morgan Stanley Capital Services LLC	01/14/22		(13,222	)
JPY	75,927,139	USD	669,205	Morgan Stanley Capital Services LLC	01/14/22		(9,088	)
SEK	10,199,674	USD	1,126,199	Morgan Stanley Capital Services LLC	01/14/22		2,647
CAD	5,000	USD	3,891	Morgan Stanley Capital Services LLC	01/14/22		62
USD	993,755	CHF	918,349	Morgan Stanley Capital Services LLC	01/14/22		(14,356	)
USD	974,795	CAD	1,260,356	Morgan Stanley Capital Services LLC	01/14/22		(21,562	)
AUD	2,092,809	USD	1,517,381	Morgan Stanley Capital Services LLC	01/14/22		5,290
GBP	2,493,901	USD	3,299,455	Morgan Stanley Capital Services LLC	01/14/22		76,078
USD	326,165	SEK	2,962,514	Morgan Stanley Capital Services LLC	01/14/22		(1,711	)
USD	3,226,304	CAD	4,129,202	Morgan Stanley Capital Services LLC	01/14/22		(37,982	)
EUR	5,581,881	USD	6,296,605	Morgan Stanley Capital Services LLC	01/14/22		59,685
USD	446,292	CAD	570,456	Morgan Stanley Capital Services LLC	01/14/22		(4,674	)
USD	276,744	NOK	2,444,063	Morgan Stanley Capital Services LLC	01/14/22		(733	)
USD	1,072,794	JPY	121,854,915	Morgan Stanley Capital Services LLC	01/14/22		13,376
NOK	6,063,091	USD	666,622	Morgan Stanley Capital Services LLC	01/14/22		21,728
USD	894,501	AUD	1,234,420	Morgan Stanley Capital Services LLC	01/14/22		(3,629	)
USD	2,838,920	EUR	2,513,481	Morgan Stanley Capital Services LLC	01/14/22		(23,272	)
USD	465,175	CHF	429,997	Morgan Stanley Capital Services LLC	01/14/22		(6,852	)
USD	2,933,315	CHF	2,691,570	Morgan Stanley Capital Services LLC	01/14/22		(21,338	)
SEK	4,309,413	USD	477,774	Morgan Stanley Capital Services LLC	01/14/22		(831	)
USD	883,501	CAD	1,132,022	Morgan Stanley Capital Services LLC	01/14/22		(11,403	)
USD	321,748	JPY	36,549,590	Morgan Stanley Capital Services LLC	01/14/22		3,982
NZD	610,039	USD	416,767	Morgan Stanley Capital Services LLC	01/14/22		993
CHF	287,176	USD	313,017	Morgan Stanley Capital Services LLC	01/14/22		2,228
AUD	4,175,993	USD	3,027,467	Morgan Stanley Capital Services LLC	01/14/22		10,871
USD	2,231,654	EUR	1,967,329	Morgan Stanley Capital Services LLC	01/14/22		(8,614	)
USD	211,940	NOK	1,869,228	Morgan Stanley Capital Services LLC	01/14/22		(275	)
EUR	2,661,619	USD	3,018,763	Morgan Stanley Capital Services LLC	01/14/22		12,118
EUR	2,483,293	USD	2,814,626	Morgan Stanley Capital Services LLC	01/14/22		13,190
USD	548,978	NOK	4,855,546	Morgan Stanley Capital Services LLC	01/14/22		(2,278	)
SEK	13,433,209	USD	1,486,903	Morgan Stanley Capital Services LLC	01/14/22		(185	)
SEK	26,673,200	USD	2,938,872	Morgan Stanley Capital Services LLC	01/14/22		13,178
USD	80,675	CZK	1,836,117	Morgan Stanley Capital Services LLC	01/21/22		(3,226	)
USD	133,562	HUF	43,692,117	Morgan Stanley Capital Services LLC	01/21/22		(880	)
USD	635,364	ZAR	10,344,239	Morgan Stanley Capital Services LLC	01/21/22		(12,164	)
JPY	215,871,783	USD	1,879,755	Standard Chartered Bank	01/14/22		(2,946	)
USD	875,447	GBP	660,355	Standard Chartered Bank	01/14/22		(18,353	)
USD	16,606	NZD	24,247	Standard Chartered Bank	01/14/22		1
JPY	1,814,359,038	USD	16,071,985	Standard Chartered Bank	01/14/22		(297,785	)
USD	2,146,931	NOK	19,382,225	Standard Chartered Bank	01/14/22		(53,555	)
USD	2,418,071	SEK	21,802,425	Standard Chartered Bank	01/14/22		5,093
JPY	201,079,728	USD	1,751,913	Standard Chartered Bank	01/14/22		(3,707	)
SEK	2,016,333	USD	222,582	Standard Chartered Bank	01/14/22		575
USD	682,289	THB	23,053,643	Standard Chartered Bank	01/21/22		(7,752	)
USD	68,591	TRY	893,433	Standard Chartered Bank	01/21/22		2,073
USD	611,006	BRL	3,502,483	Standard Chartered Bank	02/04/22		(13,081	)
JPY	483,322,053	USD	4,197,463	State Street Bank and Trust Co.	01/14/22		4,583
USD	553,732	GBP	417,134	State Street Bank and Trust Co.	01/14/22		(10,865	)
CAD	627,396	USD	491,692	State Street Bank and Trust Co.	01/14/22		4,288
USD	506,165	CAD	643,410	State Street Bank and Trust Co.	01/14/22		(2,474	)
SEK	16,964,780	USD	1,867,593	State Street Bank and Trust Co.	01/14/22		9,979
JPY	31,157,779	USD	275,042	State Street Bank and Trust Co.	01/14/22		(4,154	)

See Accompanying Notes to Financial Statements
105

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	462,864	USD	524,525	State Street Bank and Trust Co.	01/14/22	$	2,555
JPY	521,182,396	USD	4,586,886	State Street Bank and Trust Co.	01/14/22		(55,680	)
USD	262,993	AUD	375,549	State Street Bank and Trust Co.	01/14/22		(10,246	)
CAD	1,462,610	USD	1,141,997	State Street Bank and Trust Co.	01/14/22		14,250
CAD	436,785	USD	341,118	State Street Bank and Trust Co.	01/14/22		4,176
CAD	617,610	USD	483,023	State Street Bank and Trust Co.	01/14/22		5,220
USD	2,225,566	NZD	3,278,829	State Street Bank and Trust Co.	01/14/22		(19,802	)
USD	516,840	AUD	727,036	State Street Bank and Trust Co.	01/14/22		(12,131	)
USD	324,568	JPY	36,875,442	State Street Bank and Trust Co.	01/14/22		3,969
JPY	67,127,170	USD	590,586	State Street Bank and Trust Co.	01/14/22		(6,976	)
CAD	2,756,977	USD	2,165,280	State Street Bank and Trust Co.	01/14/22		14,212
CHF	687,122	USD	748,444	State Street Bank and Trust Co.	01/14/22		5,839
USD	1,124,741	CAD	1,422,656	State Street Bank and Trust Co.	01/14/22		79
USD	834,724	GBP	631,778	State Street Bank and Trust Co.	01/14/22		(20,398	)
NZD	744,076	USD	506,802	State Street Bank and Trust Co.	01/14/22		2,747
EUR	484,158	USD	546,549	State Street Bank and Trust Co.	01/14/22		4,779
USD	230,366	CHF	210,758	State Street Bank and Trust Co.	01/14/22		(992	)
USD	1,878,243	EUR	1,657,344	State Street Bank and Trust Co.	01/14/22		(9,035	)
USD	2,389,941	AUD	3,330,763	State Street Bank and Trust Co.	01/14/22		(33,431	)
CAD	2,365,594	USD	1,841,693	State Street Bank and Trust Co.	01/14/22		28,396
USD	1,851,423	EUR	1,636,599	State Street Bank and Trust Co.	01/14/22		(12,231	)
USD	448,196	NZD	665,021	State Street Bank and Trust Co.	01/14/22		(7,215	)
CHF	3,605,605	USD	3,932,771	State Street Bank and Trust Co.	01/14/22		25,257
USD	3,915,347	GBP	2,903,482	State Street Bank and Trust Co.	01/14/22		(14,562	)
USD	2,261,969	AUD	3,132,074	State Street Bank and Trust Co.	01/14/22		(16,842	)
USD	2,405,044	JPY	276,491,459	State Street Bank and Trust Co.	01/14/22		1,202
USD	540,050	AUD	753,682	State Street Bank and Trust Co.	01/14/22		(8,309	)
GBP	2,526,869	USD	3,408,297	State Street Bank and Trust Co.	01/14/22		11,860
EUR	223,771	USD	253,037	State Street Bank and Trust Co.	01/14/22		1,779
USD	1,418,681	AUD	1,967,298	State Street Bank and Trust Co.	01/14/22		(12,671	)
CAD	451,477	USD	352,384	State Street Bank and Trust Co.	01/14/22		4,525
USD	3,676,108	GBP	2,737,729	State Street Bank and Trust Co.	01/14/22		(29,452	)
CHF	807,963	USD	879,837	State Street Bank and Trust Co.	01/14/22		7,099
USD	1,698,439	GBP	1,271,774	State Street Bank and Trust Co.	01/14/22		(22,927	)
JPY	884,709	USD	7,695	State Street Bank and Trust Co.	01/14/22		(4	)
AUD	335,633	USD	243,266	State Street Bank and Trust Co.	01/14/22		931
						$	(216,841	)

At December 31, 2021, 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		10		03/15/22	$	1,012,509		$	(1,708	)
Australia 3-Year Bond		26		03/15/22		2,159,291			1,584
Canada 10-Year Bond		27		03/22/22		3,044,183			77,045
Euro-Bobl 5-Year		58		03/08/22		8,798,224			(63,630	)
Euro-Buxl^® 30-year German Government Bond		2		03/08/22		470,746			(17,753	)
Euro-OAT		45		03/08/22		8,358,570			(148,673	)
Euro-Schatz		80		03/08/22		10,203,677			(15,071	)
Japanese Government Bonds 10-Year Mini		22		03/11/22		2,899,609			(7,711	)
Long Gilt		24		03/29/22		4,057,390			(1,388	)
Long-Term Euro-BTP		9		03/08/22		1,506,336			(28,354	)
U.S. Treasury 10-Year Note		7		03/22/22		913,281			95
U.S. Treasury Ultra Long Bond		5		03/22/22		985,625			(10,323	)
					$	44,409,441		$	(215,887	)
Short Contracts:
Euro-Bund		(3	)	03/08/22		(585,313	)		9,826
Japan 10-Year Bond (TSE)		(1	)	03/14/22		(1,317,830	)		3,562
U.S. Treasury 2-Year Note		(39	)	03/31/22		(8,508,703	)		4,311
U.S. Treasury 5-Year Note		(36	)	03/31/22		(4,355,156	)		(16,100	)
U.S. Treasury Long Bond		(15	)	03/22/22		(2,406,563	)		(10,555	)
U.S. Treasury Ultra 10-Year Note		(56	)	03/22/22		(8,200,500	)		(138,199	)
					$	(25,374,065	)	$	(147,155	)

See Accompanying Notes to Financial Statements
106

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

At December 31, 2021, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate			Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Pay	3-month EUR-EURIBOR	Quarterly		0.264	%	Annual	12/14/51	EUR	500,000	$	(36,915	)	$	(36,915	)
Pay	3-month EUR-EURIBOR	Quarterly		0.292		Annual	12/20/51	EUR	700,000		(45,364	)		(45,364	)
Pay	3-month NZD-BBR-FRA	Quarterly		1.318		Semi-Annual	12/31/22	NZD	28,413,000		(72,926	)		(72,926	)
Pay	1-month USD-LIBOR	Monthly		2.726		Monthly	12/27/28	USD	1,250,000		116,965			116,965
Pay	1-month USD-LIBOR	Monthly		2.466		Monthly	01/07/29	USD	584,000		44,507			44,507
Pay	3-month USD-LIBOR	Quarterly		1.997		Semi-Annual	06/25/29	USD	3,950,000		143,019			143,019
Pay	3-month USD-LIBOR	Quarterly		1.466		Semi-Annual	12/21/31	USD	161,200		(1,646	)		(1,646	)
Pay	3-month USD-LIBOR	Quarterly		1.540		Semi-Annual	12/24/31	USD	108,000		(357	)		(357	)
Pay	3-month USD-LIBOR	Quarterly		1.581		Semi-Annual	01/04/32	USD	314,000		109			109
Pay	1-month USD-LIBOR	Monthly		2.400		Monthly	10/27/32	USD	690,000		65,392			65,392
Pay	1-month USD-LIBOR	Monthly		2.488		Monthly	10/27/47	USD	800,000		152,802			152,802
Receive	1-month USD-LIBOR	Monthly		1.983		Monthly	10/27/22	USD	23,590,000		(309,224	)		(309,224	)
Receive	1-month USD-LIBOR	Monthly		2.816		Monthly	06/19/23	USD	1,716,000		(54,124	)		(54,124	)
Receive	1-month USD-LIBOR	Monthly		2.514		Monthly	01/24/25	USD	1,210,000		(53,059	)		(53,059	)
Receive	1-month USD-LIBOR	Monthly		2.728		Monthly	03/01/25	USD	4,110,000		(212,388	)		(212,388	)
Receive	1-month USD-LIBOR	Monthly		0.801		Monthly	05/19/26	USD	16,000,000		272,633			272,623
Receive	1-month USD-LIBOR	Monthly		2.210		Monthly	10/27/26	USD	3,590,000		(166,147	)		(166,147	)
Receive	1-month USD-LIBOR	Monthly		2.681		Monthly	02/02/28	USD	1,690,000		(138,063	)		(138,063	)
Receive	1-month USD-LIBOR	Monthly		1.115		Monthly	03/01/28	USD	2,000,000		22,055			21,891
Receive	1-month USD-LIBOR	Monthly		2.884		Monthly	06/19/28	USD	910,000		(89,405	)		(89,405	)
Receive	1-month USD-LIBOR	Monthly		3.099		Monthly	10/18/28	USD	780,000		(90,606	)		(90,606	)
Receive	1-month USD-LIBOR	Monthly		1.646		Monthly	10/30/29	USD	3,000,000		(60,751	)		(60,751	)
Receive	3-month USD-LIBOR	Quarterly		1.807		Semi-Annual	12/18/29	USD	2,250,000		(50,183	)		(50,183	)
Receive	3-month USD-LIBOR	Quarterly		1.497		Semi-Annual	12/22/31	USD	200,000		1,453			1,453
Receive	3-month USD-LIBOR	Quarterly		1.548		Semi-Annual	12/23/31	USD	573,000		1,435			1,435
Receive	3-month USD-LIBOR	Quarterly		1.569		Semi-Annual	12/29/31	USD	227,401		127			127
Receive	3-month USD-LIBOR	Quarterly		1.628		Semi-Annual	12/31/31	USD	538,400		(2,706	)		(2,706	)
Receive	3-month USD-LIBOR	Quarterly		1.578		Semi-Annual	01/05/32	USD	89,800		—			—
Receive	1-month USD-LIBOR	Monthly		2.390		Monthly	12/11/32	USD	400,000		(37,757	)		(37,757	)
Receive	1-month USD-LIBOR	Monthly		2.962		Monthly	04/30/33	USD	530,000		(83,227	)		(83,227	)
Receive	1-month USD-LIBOR	Monthly		3.148		Monthly	10/18/33	USD	520,000		(94,532	)		(94,532	)
										$	(778,883	)	$	(779,057	)

At December 31, 2021, the following OTC total return swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Total Return⁽¹⁾	Reference Entity	Reference Entity Payment Frequency	(Pay)/ Receive Financing Rate			Floating Rate Payment Frequency	Counterparty	Termination Date	Notional Amount		Fair Value			Upfront Payments Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Receive	U.K. Conventional Gilt	At Maturity		(0.25	)%	At Maturity	BNP Paribas	02/09/22	GBP	1,800,000	$	(188,841	)	$	—	$	(188,841	)
Receive	U.K. Conventional Gilt	At Maturity		(0.09	)%	At Maturity	Goldman Sachs International	02/09/22	GBP	900,000		(3,954	)		—		(3,954	)
Pay	Japanese Government 2-year Issue	At Maturity		0.2	%	At Maturity	Nomura Global Financial Products Inc.	01/21/22	JPY	800,000,000		2,507			—		2,507
Receive	Japanese Government 5-year Issue	At Maturity		(0.05	)%	At Maturity	BNP Paribas	03/17/22	JPY	1,457,000,000		(3,513	)		—		(3,513	)
Receive	Japanese Government 20-year Issue	At Maturity		(0.1	)%	At Maturity	Citibank N.A.	01/14/22	JPY	345,000,000		7,648			—		7,648
Receive	Japanese Government 20-year Issue	At Maturity		(0.1	)%	At Maturity	Nomura Global Financial Products Inc.	01/21/22	JPY	400,000,000		(10,446	)		—		(10,446	)
Receive	Japanese Government 30-year Issue	At Maturity		(0.1	)%	At Maturity	Nomura Global Financial Products Inc.	02/17/22	JPY	230,000,000		5,520			—		5,520
Receive	Japanese Government 20-year Issue	At Maturity		(0.1	)%	At Maturity	Nomura Global Financial Products Inc.	03/09/22	JPY	50,000,000		(256	)		—		(256	)
											$	(191,335	)	$	—	$	(191,335	)

See Accompanying Notes to Financial Statements
107

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

At December 31, 2021, the following OTC volatility swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Volatility⁽²⁾	Reference Entity	Volatility Strike Rate			Counterparty	Maturity Date		Currency	Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)
Receive	EUR vs. USD		6.500	%	BNP Paribas	03/14/22		EUR		1,233,200	$	(5,431	)	$	(5,431	)
Receive	EUR vs. USD		6.400	%	Goldman Sachs International		06/14/22	EUR		1,094,100		(4,537	)		(4,537	)
Receive	EUR vs. USD		6.300	%	Standard Chartered Bank		06/14/22	EUR		1,238,200		(4,225	)		(4,225	)
											$	(14,193	)	$	(14,193	)

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

Description	Counterparty	Put/Call	Expiration Date	Exercise Price		Number of Contracts		Notional Amount		Cost		Fair Value
iShares iBoxx $ High Yield Corporate Bond ETF	Citibank N.A.	Put	03/18/22	USD	80.500		133,534	USD	11,618,793	$	68,817	$	37,770
										$	68,817	$	37,770

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

Description	Counterparty	Put/Call	Expiration Date	Exercise Price		Number of Contracts		Notional Amount		Premiums Received		Fair Value
iShares iBoxx $ High Yield Corporate Bond ETF	Citibank N.A.	Put	01/21/22	USD	85.250		72,531	USD	6,310,922	$	36,991	$	(9,675	)
										$	36,991	$	(9,675	)

At December 31, 2021, the following OTC written interest rate swaptions were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Pay/ Receive Exercise Rate	Exercise Rate			Floating Rate Index	Expiration Date	Notional Amount		Premiums Received		Fair Value
Call on 10-Year Interest Rate Swap⁽³⁾	Goldman Sachs International	Pay		1.497	%	3-month USD-LIBOR	01/06/22	USD	2,067,000	$	13,254	$	(1,950	)
Put on 10-Year Interest Rate Swap⁽⁴⁾	Goldman Sachs International	Receive		1.497	%	3-month USD-LIBOR	01/06/22	USD	2,067,000		13,255		(18,105	)
										$	26,509	$	(20,055	)

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

(2) Payments made at maturity date.

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

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

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

See Accompanying Notes to Financial Statements
108

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

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

The fair value of derivative instruments as of December 31, 2021 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Investments in securities at value*	$	37,770
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,666,480
Interest rate contracts	Variation margin receivable on futures contracts**		96,423
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		820,323
Interest rate contracts	Unrealized appreciation on OTC swap agreements		15,675
Total Asset Derivatives		$	2,636,671
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,883,321
Interest rate contracts	Variation margin payable on futures contracts**		459,465
Interest rate contracts	Variation margin payable on centrally cleared swaps**		1,599,381
Interest rate contracts	Unrealized depreciation on OTC swap agreements		207,010
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements		14,193
Interest rate contracts	Written options, at fair value		20,055
Equity contracts	Written options, at fair value		9,675
Total Liability Derivatives		$	4,193,100

* Includes purchased options.

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2021 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures		Swaps			Written options		Total
Equity contracts	$	(11,359	)	$	—		$	—	$	—		$	12,800	$	1,441
Credit Contracts		(99,104	)		—			—		16,310			—		(82,794	)
Foreign exchange contracts		(42,313	)		(4,734,543	)		—		—			38,322		(4,738,534	)
Interest rate contracts		104,392			—			518,890		(1,084,145	)		1,363,131		902,268
Total	$	(48,384	)	$	(4,734,543	)	$	518,890	$	(1,067,835	)	$	1,414,253	$	(3,917,619	)

See Accompanying Notes to Financial Statements
109

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Equity contracts	$	(31,047	)	$	—		$	—		$	—		$	27,316		$	(3,731	)
Credit contracts		15,407			—			—			—			—			15,407
Foreign exchange contracts		43,338			(955,231	)		—			(14,193	)		(30,242	)		(956,328	)
Interest rate contracts		—			—			(445,844	)		(635,578	)		6,454			(1,074,968	)
Total	$	27,698		$	(955,231	)	$	(445,844	)	$	(649,771	)	$	3,528		$	(2,019,620	)

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

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

	Barclays Bank PLC		BNP Paribas		Brown Brothers Harriman & Co.		Citibank N.A.		Deutsche Bank AG		Goldman Sachs International		HSBC Bank USA N.A.		JPMorgan Chase Bank N.A.		Morgan Stanley Capital Services LLC		Nomura Global Financial Products Inc.		Standard Chartered Bank		State Street Bank and Trust Co.		Totals
Assets:
Purchased options	$	—	$	—	$	—	$	37,770	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	37,770
Forward foreign currency contracts		1,373		612,184		40,946		83,756		10,970		161,577		6,687		17,886		565,634				7,742		157,725		1,666,480
Total return swaps		—		—		—		7,648		—		—		—		—		—		8,027		—		—		15,675
Total Assets	$	1,373	$	612,184	$	40,946	$	129,174	$	10,970	$	161,577	$	6,687	$	17,886	$	565,634	$	8,027	$	7,742	$	157,725	$	1,719,925
Liabilities:

Forward foreign currency contracts	$	31,771	$	302,228	$	20,363	$	187,515	$	5,946	$	124,951	$	7,912	$	4,439	$	490,620		$	397,179	$	310,397	$	1,883,321
Total return swaps		—		192,354		—		—		—		3,954		—		—		—	10,702		—		—		207,010
Volatility swaps				5,431		—		—		—		4,537		—		—		—	—		4,225		—		14,193
Written options		—		—		—		9,675		—		20,055		—		—		—	—		—		—		29,730

Total Liabilities				$	31,771			$	500,013			$	20,363			$	197,190			$	5,946			$	153,497			$	7,912			$	4,439			$	490,620			$	10,702			$	401,404			$	310,397			$	2,134,254
Net OTC derivative instruments by counterparty, at fair value				$	(30,398	)		$	112,171			$	20,583			$	(68,016	)		$	5,024			$	8,080			$	(1,225	)		$	13,447			$	75,014			$	(2,675	)		$	(393,662	)		$	(152,672	)		$	(414,329	)

Total collateral
pledged by
the Portfolio/
(Received from
counterparty)

—

260,000

—

260,000

Net Exposure⁽¹⁾⁽²⁾

(30,398

)

112,171

20,583

(68,016

)

5,024

8,080

(1,225

)

13,447

75,014

(2,675

)

(133,662

)

(152,672

)

(154,329

)

(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 December 31, 2021 the Portfolio had pledged $260,000 and $120,000 in cash collateral to BNP Paribas and Morgan Stanley Capital Services LLC, respectively. Excess cash collateral is not shown for financial reporting purposes.

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

Investments,
at fair value

Fair Value at
December 31, 2021

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation
from an
Increase
in Input***

Commercial
Mortgage-Backed
Securities

2,052,255

Market Approach

Recent Comparable
Transaction Price(s)

93.425-$100.00

Increase

Corporate Bonds/Notes

1,858

n/a****

2,054,113

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

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

See Accompanying Notes to Financial Statements
110

PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

*** 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.

**** Security is 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.

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

	Commercial Mortgage-Backed Securities			Corporate Bonds/Notes			Total
Assets:
Beginning balance at December 31, 2020	$	—		$	—		$	—
Purchases		2,066,578			9,354			2,075,932
Sales		—			—			—
Total realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)*****		(14,323	)		(7,496	)		(21,819	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Ending balance at December 31, 2021	$	2,052,255		$	1,858		$	2,054,113
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021*****	$	(14,323	)	$	(7,496	)	$	(21,819	)

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

At December 31, 2021, the 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 $168,113,254.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	8,503,103
Gross Unrealized Depreciation		(8,461,563	)
Net Unrealized Appreciation	$	41,540

See Accompanying Notes to Financial Statements
111

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 96.7%
				Austrialia: 7.6%
	36,251			ASX Ltd.	$	2,449,989		0.6
	960,330			Aurizon Holdings Ltd.		2,439,834		0.6
	132,139	(1	)	BHP Group Ltd.		3,989,494		1.0
	282,890			Brambles Ltd.		2,188,522		0.5
	174,089			Coles Group Ltd.		2,271,522		0.6
	9,876			CSL Ltd.		2,088,772		0.5
	29,024			Fortescue Metals Group Ltd.		407,982		0.1
	115,375			Goodman Group		2,224,057		0.5
	162,376			GPT Group		640,279		0.2
	892,670			Medibank Pvt Ltd.		2,174,183		0.5
	97,551			Rio Tinto Ltd.		7,118,495		1.7
	644,114			Telstra Corp., Ltd.		1,957,585		0.5
	30,123			Wesfarmers Ltd.		1,299,696		0.3
						31,250,410		7.6
				Austria: 0.4%
	26,070			OMV AG		1,474,329		0.4
				Belgium: 0.6%
	7,197			Elia Group SA/NV		948,606		0.2
	15,406			Groupe Bruxelles Lambert S.A.		1,720,645		0.4
						2,669,251		0.6
				China: 0.7%
	907,500			BOC Hong Kong Holdings Ltd.		2,976,152		0.7
				Denmark: 2.8%
	867			AP Moller - Maersk A/S - Class B		3,094,595		0.7
	3,873			Coloplast A/S		681,939		0.2
	125,816			Danske Bank A/S		2,172,088		0.5
	6,811			DSV A/S		1,587,156		0.4
	27,738			Novozymes A/S		2,277,562		0.6
	62,860			Tryg A/S		1,551,236		0.4
						11,364,576		2.8
				Finland: 2.4%
	24,118			Elisa OYJ		1,485,087		0.3
	34,310			Kone Oyj		2,462,039		0.6
	360,722			Nordea Bank Abp		4,400,285		1.1
	40,408			Orion Oyj		1,678,498		0.4
						10,025,909		2.4
				France: 8.9%
	24,285			Air Liquide SA		4,235,404		1.0
	16,205	(2	)	Amundi SA		1,336,659		0.3
	72,033			AXA S.A.		2,143,935		0.5
	26,074			BNP Paribas		1,802,781		0.4

Shares					Value		Percentage of Net Assets
	26,053			Bureau Veritas SA	$	864,931		0.2
	12,621			Cie de Saint-Gobain		887,843		0.2
	21,792			Cie Generale des Etablissements Michelin SCA		3,569,182		0.9
	108,063			Credit Agricole SA		1,540,686		0.4
	38,865			Dassault Systemes SE		2,306,454		0.6
	172,037			Engie SA		2,547,072		0.6
	7,780			Ipsen SA		711,945		0.2
	13,180	(2	)	La Francaise des Jeux SAEM		584,107		0.1
	19,606			Legrand S.A.		2,296,273		0.5
	2,391			L'Oreal S.A.		1,140,058		0.3
	292,317			Orange SA		3,122,580		0.8
	60,433			Sanofi		6,064,082		1.5
	2,109			Schneider Electric SE		414,619		0.1
	7,662			SEB SA		1,193,976		0.3
						36,762,587		8.9
				Germany: 8.4%
	31,072			Bayerische Motoren Werke AG		3,108,509		0.8
	17,395	(2	)	Covestro AG		1,070,627		0.3
	48,130			Daimler AG		3,677,329		0.9
	17,530	(3	)	Daimler Truck Holding AG		644,440		0.2
	13,608			Deutsche Boerse AG		2,272,185		0.5
	79,487			Deutsche Post AG		5,112,660		1.2
	209,524			Deutsche Telekom AG		3,871,475		0.9
	33,461			E.ON AG		465,022		0.1
	78,538			Evonik Industries AG		2,537,205		0.6
	23,935			GEA Group AG		1,307,313		0.3
	10,064			Hannover Rueck SE		1,908,097		0.5
	10,636			HeidelbergCement AG		719,812		0.2
	10,842			LEG Immobilien SE		1,511,621		0.4
	6,319			Muenchener Rueckversicherungs- Gesellschaft AG		1,865,422		0.5
	8,726	(2	)	Scout24 SE		609,304		0.1
	14,909			Symrise AG		2,204,959		0.5
	608,922			Telefonica Deutschland Holding AG		1,689,020		0.4
						34,575,000		8.4
				Hong Kong: 3.7%
	103,500			CK Infrastructure Holdings Ltd.		659,421		0.2
	295,000			CLP Holdings Ltd.		2,980,907		0.7
	416,500			HK Electric Investments & HK Electric Investments Ltd. - Stapled Security		408,619		0.1
	596,000			HKT Trust & HKT Ltd. - Stapled Security		800,828		0.2

See Accompanying Notes to Financial Statements
112

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Hong Kong (continued)
	240,900			Hongkong Land Holdings Ltd. - HKHGF	$	1,252,587		0.3
	26,900			Jardine Matheson Holdings Ltd.		1,479,167		0.4
	352,300			Link REIT		3,103,506		0.7
	306,000			Power Assets Holdings Ltd.		1,907,399		0.5
	159,000			Sun Hung Kai Properties Ltd.		1,929,346		0.5
	233,600			Swire Properties Ltd.		585,608		0.1
						15,107,388		3.7
				Ireland: 1.0%
	32,567			CRH PLC		1,724,096		0.4
	19,692			DCC PLC		1,612,046		0.4
	15,900			Smurfit Kappa PLC		876,350		0.2
						4,212,492		1.0
				Israel: 2.3%
	262,358			Bank Hapoalim BM		2,700,179		0.7
	284,355			Bank Leumi Le-Israel BM		3,049,997		0.7
	329,526			Israel Discount Bank Ltd.		2,212,525		0.5
	42,286			Mizrahi Tefahot Bank Ltd.		1,628,461		0.4
						9,591,162		2.3
				Italy: 4.4%
	163,520			Assicurazioni Generali S.p.A.		3,455,948		0.9
	300,292			ENI S.p.A.		4,173,389		1.0
	1,537			Ferrari NV		395,633		0.1
	132,469			FinecoBank Banca Fineco SpA		2,319,865		0.6
	195,939	(2	)	Poste Italiane SpA		2,566,851		0.6
	26,777			Recordati Industria Chimica e Farmaceutica SpA		1,719,460		0.4
	95,861			Snam SpA		577,387		0.1
	358,438			Terna - Rete Elettrica Nazionale		2,899,631		0.7
						18,108,164		4.4
				Japan: 22.7%
	87,900			Ajinomoto Co., Inc.		2,675,863		0.6
	76,600	(1	)	Bridgestone Corp.		3,288,643		0.8
	30,200			Brother Industries Ltd.		582,091		0.1
	67,700			Capcom Co., Ltd.		1,594,426		0.4
	52,900			Dai Nippon Printing Co., Ltd.		1,331,324		0.3
	41,700			Daiwa House Industry Co., Ltd.		1,198,420		0.3

Shares					Value		Percentage of Net Assets
	723,500			ENEOS Holdings, Inc.	$	2,702,859		0.7
	14,000			Honda Motor Co., Ltd.		398,310		0.1
	14,100			Hoya Corp.		2,092,325		0.5
	91,900			Idemitsu Kosan Co., Ltd.		2,345,266		0.6
	260,800			Japan Post Bank Co. Ltd.		2,390,662		0.6
	173,100	(1	)	Japan Tobacco, Inc.		3,495,227		0.8
	13,300			KDDI Corp.		388,942		0.1
	37,200			Lawson, Inc.		1,765,117		0.4
	46,000			Mitsubishi Corp.		1,460,643		0.4
	376,300			Mitsubishi HC Capital, Inc.		1,861,758		0.4
	996,600			Mitsubishi UFJ Financial Group, Inc.		5,423,774		1.3
	275,800			Mizuho Financial Group, Inc.		3,503,007		0.8
	90,500			MS&AD Insurance Group Holdings, Inc.		2,786,703		0.7
	4,700			Nintendo Co., Ltd.		2,198,930		0.5
	144,000			Nippon Telegraph & Telephone Corp.		3,938,150		1.0
	20,400			Nippon Yusen KK		1,555,560		0.4
	16,400			Nitto Denko Corp.		1,266,941		0.3
	32,800			Nomura Real Estate Holdings, Inc.		755,776		0.2
	92,800			Osaka Gas Co., Ltd.		1,534,844		0.4
	44,500			Otsuka Holdings Co. Ltd.		1,618,952		0.4
	39,800	(1	)	Pola Orbis Holdings, Inc.		663,299		0.2
	4,200			Rohm Co., Ltd.		382,072		0.1
	58,300			Santen Pharmaceutical Co., Ltd.		711,770		0.2
	34,300			Secom Co., Ltd.		2,383,379		0.6
	120,500			Sekisui House Ltd.		2,592,648		0.6
	94,300			SG Holdings Co. Ltd.		2,211,189		0.5
	124,700			SoftBank Corp.		1,575,033		0.4
	16,200			Sohgo Security Services Co., Ltd.		643,720		0.2
	66,200			Sompo Holdings, Inc.		2,791,899		0.7
	89,900			Subaru Corp.		1,606,316		0.4
	149,400			Sumitomo Chemical Co., Ltd.		704,542		0.2
	172,400			Sumitomo Corp.		2,551,416		0.6
	128,000			Sumitomo Mitsui Financial Group, Inc.		4,370,855		1.1
	81,600			Sumitomo Mitsui Trust Holdings, Inc.		2,728,570		0.7
	70,200			Takeda Pharmaceutical Co., Ltd.		1,917,043		0.5
	53,600			Tokio Marine Holdings, Inc.		2,983,893		0.7
	80,500			Tokyo Gas Co., Ltd.		1,445,005		0.3
	20,400			Toyo Suisan Kaisha Ltd.		864,927		0.2

See Accompanying Notes to Financial Statements
113

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Japan (continued)
	46,100	(1	)	Trend Micro, Inc.	$	2,559,290		0.6
	12,900			Tsuruha Holdings, Inc.		1,238,642		0.3
	88,500			Yamato Holdings Co., Ltd.		2,079,000		0.5
						93,159,021		22.7
				Netherlands: 3.2%
	966			ASM International NV		426,409		0.1
	113,542			Koninklijke Ahold Delhaize NV		3,896,342		0.9
	29,211			Koninklijke Philips NV		1,081,145		0.3
	54,460			NN Group NV		2,945,209		0.7
	37,448			Randstad NV		2,554,596		0.6
	19,241			Wolters Kluwer NV		2,264,682		0.6
						13,168,383		3.2
				New Zealand: 0.4%
	20,537			Fisher & Paykel Healthcare Corp. Ltd.		460,101		0.1
	349,627			Spark New Zealand Ltd.		1,081,216		0.3
						1,541,317		0.4
				Norway: 0.2%
	18,767			Yara International ASA		946,198		0.2
				Portugal: 0.5%
	199,975			Galp Energia SGPS SA		1,940,384		0.5
				Singapore: 0.5%
	127,900			Oversea-Chinese Banking Corp., Ltd.		1,082,513		0.3
	58,400			Singapore Exchange Ltd.		403,133		0.1
	20,000			United Overseas Bank Ltd.		399,435		0.1
						1,885,081		0.5
				Spain: 1.4%
	70,632			Enagas		1,640,873		0.4
	17,769			Endesa S.A.		409,067		0.1
	47,918			Iberdrola S.A. - IBEE		567,348		0.1
	91,005			Red Electrica Corp. SA		1,967,926		0.5
	84,172			Repsol SA		996,859		0.3
						5,582,073		1.4
				Sweden: 0.9%
	54,125			Lundin Energy AB		1,936,743		0.5
	139,124			Swedish Match AB		1,104,461		0.2
	60,398			Tele2 AB		861,618		0.2
						3,902,822		0.9
				Switzerland: 6.7%
	42,483			ABB Ltd.		1,619,147		0.4

Shares					Value		Percentage of Net Assets
	2,660			Geberit AG - Reg	$	2,168,256		0.5
	52,594			Holcim Ltd.		2,674,882		0.7
	9,217			Nestle SA		1,286,853		0.3
	55,682			Novartis AG		4,892,890		1.2
	5,274			Roche Holding AG		2,187,978		0.5
	5,408			Sika AG		2,247,659		0.5
	2,759			Sonova Holding AG - Reg		1,078,209		0.3
	5,084			Swisscom AG		2,868,007		0.7
	67,379			UBS Group AG		1,209,406		0.3
	12,360			Zurich Insurance Group AG		5,414,656		1.3
						27,647,943		6.7
				United Kingdom: 17.0%
	139,173			3i Group PLC		2,728,237		0.7
	525,283			Abrdn PLC		1,711,376		0.4
	61,682			Admiral Group Plc		2,640,258		0.6
	113,901	(2	)	Auto Trader Group PLC		1,140,701		0.3
	458,955			BAE Systems PLC		3,422,510		0.8
	538,805			Barclays PLC		1,372,474		0.3
	1,033,311			BP PLC		4,629,865		1.1
	162,327			British American Tobacco PLC		6,027,466		1.5
	282,385			Evraz PLC		2,308,722		0.6
	7,300			Ferguson PLC		1,296,672		0.3
	354,352			GlaxoSmithKline PLC		7,715,200		1.9
	23,001			Hargreaves Lansdown PLC		422,669		0.1
	54,925			Hikma Pharmaceuticals PLC		1,649,451		0.4
	152,635			Imperial Brands PLC		3,344,956		0.8
	685,121			J Sainsbury Plc		2,560,952		0.6
	345,346			National Grid PLC		4,979,631		1.2
	486,465			Natwest Group PLC		1,489,706		0.4
	74,572			Persimmon PLC		2,890,332		0.7
	58,275			Relx PLC (GBP Exchange)		1,902,495		0.5
	225,769			Sage Group PLC/The		2,612,354		0.6
	28,744			Schroders PLC		1,387,395		0.3
	146,397			Segro PLC		2,849,132		0.7
	10,671			Severn Trent PLC		426,112		0.1
	120,350			Standard Chartered PLC		731,821		0.2
	37,026			Unilever PLC		1,984,823		0.5
	180,514			United Utilities Group PLC		2,663,559		0.7
	1,891,836			Vodafone Group PLC		2,849,546		0.7
						69,738,415		17.0
				Total Common Stock (Cost $354,765,883)		397,629,057		96.7

See Accompanying Notes to Financial Statements
114

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.0%
	83,600			iShares MSCI EAFE Value Index ETF	$	4,212,604		1.0
				Total Exchange-Traded Funds (Cost $4,217,024)		4,212,604		1.0
PREFERRED STOCK: 0.9%
				Germany: 0.9%
	10,905			Fuchs Petrolub SE		492,786		0.1
	40,358			Henkel AG & Co. KGaA		3,256,528		0.8
				Total Preferred Stock (Cost $4,289,522)		3,749,314		0.9
				Total Long-Term Investments (Cost $363,272,429)		405,590,975		98.6
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.3%
				Repurchase Agreements: 3.3%
	2,190,127	(4	)	Bank of America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $2,190,136, collateralized by various U.S. Government Agency Obligations, 1.000%-5.000%, Market Value plus accrued interest $2,233,930, due 09/01/28-01/01/61)	$	2,190,127		0.5
	2,190,100	(4	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $2,190,109, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,233,902, due 02/01/22-07/20/71)		2,190,100		0.5

Principal Amount†					Value		Percentage of Net Assets
	2,190,100	(4	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $2,190,113, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $2,233,915, due 01/04/22-11/15/51)	$	2,190,100		0.5
	2,190,127	(4	)	Daiwa Capital Markets, Repurchase Agreement dated 12/31/21, 0.04%, due 01/03/22 (Repurchase Amount $2,190,134, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $2,233,930, due 02/10/22-01/01/52)		2,190,127		0.5
	376,701	(4	)	JPMorgan Securities LLC, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $376,703, collateralized by various U.S. Government Securities, 0.000%-4.375%, Market Value plus accrued interest $384,235, due 01/18/22-05/15/40)		376,701		0.1
	2,190,127	(4	)	MUFG Securities America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $2,190,136, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $2,233,930, due 05/20/24-10/01/51)		2,190,127		0.6

See Accompanying Notes to Financial Statements
115

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Repurchase Agreements (continued)

2,190,127

)

RBC Dominion
Securities Inc.,
Repurchase Agreement
dated 12/31/21, 0.05%,
due 01/03/22
(Repurchase Amount
$2,190,136,
collateralized by various
U.S. Government/
U.S. Government
Agency Obligations,
0.000%-6.500%,
Market Value plus
accrued interest
$2,233,929, due
05/15/22-12/01/51)

2,190,127

0.6

Total Repurchase
Agreements

Total Short-Term
Investments
(Cost $13,517,409)

13,517,409

3.3

Total Investments in
Securities
(Cost $376,789,838)

419,108,384

101.9

Liabilities in Excess of
Other Assets

(7,902,955

)

(1.9

)

Net Assets

411,205,429

100.0

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

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

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

(3) Non-income producing security.

(4) 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		24.6	%
Industrials		13.6
Health Care		9.3
Materials		9.2
Consumer Staples		9.1
Communication Services		7.8
Utilities		7.1
Consumer Discretionary		6.0
Energy		4.9
Real Estate		3.9
Information Technology		2.1
Exchange-Traded Funds		1.0
Short-Term Investments		3.3
Liabilities in Excess of Other Assets		(1.9	)
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	31,250,410	$	—	$	31,250,410
Austria		—		1,474,329		—		1,474,329
Belgium		—		2,669,251		—		2,669,251
China		—		2,976,152		—		2,976,152
Denmark		—		11,364,576		—		11,364,576
Finland		—		10,025,909		—		10,025,909
France		—		36,762,587		—		36,762,587
Germany		644,440		33,930,560		—		34,575,000
Hong Kong		408,619		14,698,769		—		15,107,388
Ireland		—		4,212,492		—		4,212,492
Israel		—		9,591,162		—		9,591,162
Italy		—		18,108,164		—		18,108,164
Japan		—		93,159,021		—		93,159,021
Netherlands		—		13,168,383		—		13,168,383
New Zealand		—		1,541,317		—		1,541,317
Norway		—		946,198		—		946,198
Portugal		—		1,940,384		—		1,940,384
Singapore		—		1,885,081		—		1,885,081
Spain		—		5,582,073		—		5,582,073
Sweden		—		3,902,822		—		3,902,822
Switzerland		—		27,647,943		—		27,647,943
United Kingdom		—		69,738,415		—		69,738,415
Total Common Stock		1,053,059		396,575,998		—		397,629,057

See Accompanying Notes to Financial Statements
116

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Exchange-Traded Funds	$	4,212,604	$	—		$	—	$	4,212,604
Preferred Stock		—		3,749,314			—		3,749,314
Short-Term Investments		—		13,517,409			—		13,517,409
Total Investments, at fair value	$	5,265,663	$	413,842,721		$	—	$	419,108,384
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		—		(371	)		—		(371	)
Total Liabilities	$	—	$	(371	)	$	—	$	(371	)

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

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

At December 31, 2021, the following forward foreign currency contracts were outstanding for Voya International High Dividend Low Volatility Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	101,432	GBP	75,211	The Bank of New York Mellon	01/04/22	$	(371	)
						$	(371	)

Currency Abbreviations

GBP — British Pound

USD — United States Dollar

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

The fair value of derivative instruments as of December 31, 2021 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	371
Total Liability Derivatives		$	371

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(1,629	)
Total	$	(1,629	)
	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	$	(381	)
Total	$	(381	)

See Accompanying Notes to Financial Statements
117

VOYA INTERNATIONAL HIGH PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

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

	The Bank of New York Mellon
Liabilities:
Forward foreign currency contracts	$	371
Total Liabilities	$	371
Net OTC derivative instruments by counterparty, at fair value	$	(371	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—
Net Exposure⁽¹⁾	$	(371	)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $380,247,615.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	48,900,349
Gross Unrealized Depreciation		(9,713,906	)
Net Unrealized Appreciation	$	39,186,443

See Accompanying Notes to Financial Statements
118

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.3%
				Communication Services: 1.2%
	138,818			Entravision Communications Corp.	$	941,186		0.2
	112,068			Fox Corp. - Class B		3,840,570		1.0
	14,777	(1	)	Townsquare Media, Inc.		196,978		0.0
						4,978,734		1.2
				Consumer Discretionary: 9.9%
	69,672	(1	)	Accel Entertainment, Inc.		907,129		0.2
	22,735			Advance Auto Parts, Inc.		5,453,672		1.4
	13,732	(1	)	BJ's Restaurants, Inc.		474,441		0.1
	90,021			BorgWarner, Inc.		4,057,246		1.0
	31,400	(2	)	Bridgestone Corp.		1,348,086		0.3
	20,559			Brunswick Corp.		2,070,908		0.5
	11,001			Cracker Barrel Old Country Store, Inc.		1,415,169		0.4
	43,236	(1	)	Dave & Buster's Entertainment, Inc.		1,660,262		0.4
	25,331	(1	)	Dollar Tree, Inc.		3,559,512		0.9
	47,250			Honda Motor Co., Ltd. ADR		1,344,263		0.3
	19,390	(1	)	Malibu Boats, Inc.		1,332,675		0.3
	29,173	(1	)	MarineMax, Inc.		1,722,374		0.4
	3,843	(1	)	Mohawk Industries, Inc.		700,118		0.2
	23,777			OneWater Marine, Inc.		1,449,684		0.4
	8,558	(1	)	Penn National Gaming, Inc.		443,732		0.1
	24,447			Penske Auto Group, Inc.		2,621,207		0.7
	18,020			Polaris, Inc.		1,980,578		0.5
	36,912	(1	)	Red Robin Gourmet Burgers, Inc.		610,155		0.1
	20,117	(1	)	Skyline Champion Corp.		1,588,841		0.4
	30,963			Sodexo SA		2,714,461		0.7
	16,414	(1	),(2)	Solo Brands, Inc.		256,551		0.1
	49,095			Tapestry, Inc.		1,993,257		0.5
						39,704,321		9.9
				Consumer Staples: 7.2%
	169,250			Conagra Brands, Inc.		5,779,887		1.4
	48,649			Edgewell Personal Care Co.		2,223,746		0.6
	30,817			General Mills, Inc.		2,076,449		0.5
	15,375	(1	)	Honest Co., Inc./The		124,384		0.0
	16,248			JM Smucker Co.		2,206,803		0.6
	28,306			Kellogg Co.		1,823,473		0.5
	21,977			Kimberly-Clark Corp.		3,140,953		0.8
	116,672			Koninklijke Ahold Delhaize NV		4,003,753		1.0
	210,669			Orkla ASA		2,111,654		0.5
	31,288			Spectrum Brands Holdings, Inc.		3,182,615		0.8
	26,418			Sysco Corp.		2,075,134		0.5
						28,748,851		7.2

Shares					Value		Percentage of Net Assets
				Energy: 3.8%
	118,042			Baker Hughes Co.	$	2,840,090		0.7
	56,103	(1	)	ChampionX Corp.		1,133,842		0.3
	53,923			ConocoPhillips		3,892,162		1.0
	80,371			Devon Energy Corp.		3,540,343		0.9
	23,451	(1	)	Earthstone Energy, Inc.		256,554		0.1
	12,669	(2	),(3)	Enviva Partners L.P.		892,151		0.2
	1,538	(1	)	NCS Multistage Holdings, Inc.		44,602		0.0
	13,504			Pioneer Natural Resources Co.		2,456,107		0.6
						15,055,851		3.8
				Financials: 21.7%
	81,972			Aflac, Inc.		4,786,345		1.2
	25,755			Allstate Corp.		3,030,076		0.8
	8,102			A-Mark Precious Metals, Inc.		495,032		0.1
	9,558			Ameriprise Financial, Inc.		2,883,266		0.7
	25,738			Ameris Bancorp.		1,278,664		0.3
	6,400			Arthur J. Gallagher & Co.		1,085,888		0.3
	35,589			Axis Capital Holdings Ltd.		1,938,533		0.5
	93,890			Bank of New York Mellon Corp.		5,453,131		1.4
	38,844			BankUnited, Inc.		1,643,490		0.4
	99,729			Capitol Federal Financial, Inc.		1,129,929		0.3
	22,031			Chubb Ltd.		4,258,813		1.1
	7,036			Commerce Bancshares, Inc.		483,655		0.1
	83,086	(3	)	Compass Diversified Holdings		2,540,770		0.6
	28,112			CVB Financial Corp.		601,878		0.1
	33,758	(1	)	Donnelley Financial Solutions, Inc.		1,591,352		0.4
	21,481			Enact Holdings, Inc.		444,012		0.1
	88,809			First BanCorp. Puerto Rico		1,223,788		0.3
	99,906			First Hawaiian, Inc.		2,730,431		0.7
	5,924			First Mid Bancshares, Inc.		253,488		0.1
	135,594			FNB Corp.		1,644,755		0.4
	52,206			Home Bancshares, Inc./ Conway AR		1,271,216		0.3
	8,519			Independent Bank Corp.		694,554		0.2
	23,567			Independent Bank Group, Inc.		1,700,359		0.4
	12,682			James River Group Holdings Ltd.		365,368		0.1
	20,950			M&T Bank Corp.		3,217,501		0.8
	55,836			Northern Trust Corp.		6,678,544		1.7
	95,084			Old National Bancorp.		1,722,922		0.4
	12,728			Origin Bancorp, Inc.		546,286		0.1

See Accompanying Notes to Financial Statements
119

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Financials (continued)
	37,425			Pacific Premier Bancorp, Inc.	$	1,498,123		0.4
	13,799			Patria Investments Ltd.		223,544		0.0
	14,060			Premier Financial Corp.		434,594		0.1
	31,034			ProAssurance Corp.		785,160		0.2
	14,797			Progressive Corp.		1,518,912		0.4
	38,754			Prosperity Bancshares, Inc.		2,801,914		0.7
	20,755			Provident Financial Services, Inc.		502,686		0.1
	6,177			QCR Holdings, Inc.		345,912		0.1
	41,424			Reinsurance Group of America, Inc.		4,535,514		1.1
	7,591			Renasant Corp.		288,078		0.1
	25,948			SouthState Corp.		2,078,694		0.5
	15,673			State Street Corp.		1,457,589		0.4
	16,390			T. Rowe Price Group, Inc.		3,222,930		0.8
	14,515			TowneBank/ Portsmouth VA		458,529		0.1
	73,923			Truist Financial Corp.		4,328,192		1.1
	19,154			UMB Financial Corp.		2,032,431		0.5
	172,297			Valley National Bancorp		2,369,084		0.6
	16,546			Veritex Holdings, Inc.		658,200		0.2
	28,645			Westamerica Bancorp.		1,653,676		0.4
						86,887,808		21.7
				Health Care: 12.8%
	14,965			AmerisourceBergen Corp.		1,988,699		0.5
	4,732	(1	)	AMN Healthcare Services, Inc.		578,866		0.1
	31,131	(1	)	Apria, Inc.		1,014,871		0.3
	11,825			Becton Dickinson & Co.		2,973,751		0.7
	60,125			Cardinal Health, Inc.		3,095,836		0.8
	24,423	(1	)	Centene Corp.		2,012,455		0.5
	69,705			Cerner Corp.		6,473,503		1.6
	57,393	(1	)	Envista Holdings Corp.		2,586,129		0.7
	57,480	(1	)	Henry Schein, Inc.		4,456,424		1.1
	48,135			Koninklijke Philips Electronics NV		1,773,775		0.4
	17,116			McKesson Corp.		4,254,524		1.1
	6,464			National Healthcare Corp.		439,164		0.1
	42,016			Patterson Cos., Inc.		1,233,170		0.3
	25,013			Quest Diagnostics, Inc.		4,327,499		1.1
	37,473			Universal Health Services, Inc.		4,858,749		1.2
	9,443	(1	)	Varex Imaging Corp.		297,927		0.1
	67,836			Zimmer Biomet Holdings, Inc.		8,617,885		2.2
						50,983,227		12.8

Shares					Value		Percentage of Net Assets
				Industrials: 15.9%
	6,421			Albany International Corp.	$	567,938		0.1
	13,874			Arcosa, Inc.		731,160		0.2
	384,578			BAE Systems PLC		2,867,867		0.7
	7,307			Barrett Business Services, Inc.		504,621		0.1
	58,509	(1	)	Beacon Roofing Supply, Inc.		3,355,491		0.8
	32,519			Brink's Co.		2,132,271		0.5
	6,419			Cadre Holdings, Inc.		163,171		0.0
	34,470	(1	)	Ceco Environmental Corp.		214,748		0.1
	39,011	(1	)	Charah Solutions, Inc.		184,522		0.0
	36,886	(1	)	Colfax Corp.		1,695,649		0.4
	75,928	(1	)	Cornerstone Building Brands, Inc.		1,324,184		0.3
	5,914			Cummins, Inc.		1,290,080		0.3
	44,187			Deluxe Corp.		1,418,845		0.4
	79,057	(1	)	DIRTT Environmental Solutions		172,344		0.0
	23,407	(1	)	DXP Enterprises, Inc.		600,858		0.2
	16,502	(1	)	Dycom Industries, Inc.		1,547,228		0.4
	53,136			Emerson Electric Co.		4,940,054		1.2
	4,612			EnPro Industries, Inc.		507,643		0.1
	89,320	(1	)	Gates Industrial Corp. PLC		1,421,081		0.4
	18,189			General Dynamics Corp.		3,791,861		1.0
	17,030	(1	)	GMS, Inc.		1,023,673		0.3
	14,901			Graham Corp.		185,368		0.0
	25,155			Healthcare Services Group, Inc.		447,508		0.1
	110,552			Heartland Express, Inc.		1,859,485		0.5
	7,475			Hubbell, Inc.		1,556,818		0.4
	8,078			IMI PLC		190,511		0.1
	82,890	(1	)	KAR Auction Services, Inc.		1,294,742		0.3
	7,853	(1	)	Karat Packaging, Inc.		158,709		0.0
	21,151			KBR, Inc.		1,007,211		0.3
	20,451			Korn Ferry		1,548,754		0.4
	30,914			Loomis AB		823,466		0.2
	13,075			Luxfer Holdings PLC		252,478		0.1
	455			Luxfer Holdings PLC ADR		8,786		0.0
	49,866			MSC Industrial Direct Co.		4,191,736		1.1
	112,519			nVent Electric PLC		4,275,722		1.1
	23,268			Oshkosh Corp.		2,622,536		0.7
	29,367			Paccar, Inc.		2,591,931		0.6
	10,761			Republic Services, Inc.		1,500,621		0.4
	119,897	(1	)	Southwest Airlines Co.		5,136,388		1.3
	34,568	(2	)	Tecnoglass, Inc.		905,336		0.2
	36,155			Timken Co.		2,505,180		0.6
						63,518,575		15.9

See Accompanying Notes to Financial Statements
120

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 8.7%
	5,595			Advanced Energy Industries, Inc.	$	509,481		0.1
	24,994			Amdocs Ltd.		1,870,551		0.5
	72,584	(1	)	Avaya Holdings Corp.		1,437,163		0.4
	51,202			Avnet, Inc.		2,111,058		0.5
	5,977			Belden, Inc.		392,868		0.1
	42,498			CDK Global, Inc.		1,773,867		0.4
	6,972	(1	)	Coherent, Inc.		1,858,317		0.5
	12,078	(1	)	Cohu, Inc.		460,051		0.1
	19,459			Corning, Inc.		724,459		0.2
	21,772	(1	)	Euronet Worldwide, Inc.		2,594,569		0.6
	53,167			EVERTEC, Inc.		2,657,287		0.7
	11,927	(1	)	F5, Inc.		2,918,656		0.7
	103,502			HP, Inc.		3,898,920		1.0
	17,639	(1	)	IBEX Holdings Ltd.		227,367		0.0
	44,777	(1	),(2)	II-VI, Inc.		3,059,612		0.8
	45,323			Juniper Networks, Inc.		1,618,484		0.4
	25,163			Kulicke & Soffa Industries, Inc.		1,523,368		0.4
	61,374			Open Text Corp.		2,914,038		0.7
	43,801	(1	)	Teradata Corp.		1,860,229		0.5
	17,162			Vontier Corp.		527,388		0.1
						34,937,733		8.7
				Materials: 5.1%
	87,038			Amcor PLC		1,045,326		0.3
	76,528	(1	)	Axalta Coating Systems Ltd.		2,534,607		0.6
	136,233			Graphic Packaging Holding Co.		2,656,544		0.7
	16,059			Minerals Technologies, Inc.		1,174,716		0.3
	160,164			Mondi PLC		3,972,685		1.0
	20,731			Packaging Corp. of America		2,822,526		0.7
	96,661			Pactiv Evergreen, Inc.		1,225,661		0.3
	85,355			Sonoco Products Co.		4,941,201		1.2
						20,373,266		5.1
				Real Estate: 6.4%
	82,317			Brandywine Realty Trust		1,104,694		0.3
	30,659			CareTrust REIT, Inc.		699,945		0.2
	20,733			Cousins Properties, Inc.		835,125		0.2
	20,323			Easterly Government Properties, Inc.		465,803		0.1
	2,893			Equinix, Inc.		2,447,015		0.6
	7,572			Essex Property Trust, Inc.		2,667,086		0.7
	32,926			Four Corners Property Trust, Inc.		968,354		0.2
	14,939			Getty Realty Corp.		479,393		0.1
	10,929			Healthcare Realty Trust, Inc.		345,794		0.1

Shares					Value		Percentage of Net Assets
	88,310			Healthcare Trust of America, Inc.	$	2,948,671		0.7
	104,194			Healthpeak Properties, Inc.		3,760,361		0.9
	9,639			Highwoods Properties, Inc.		429,803		0.1
	25,485			Kite Realty Group Trust		555,063		0.1
	72,210			MGM Growth Properties LLC		2,949,778		0.7
	9,910			National Health Investors, Inc.		569,528		0.2
	13,670			Physicians Realty Trust		257,406		0.1
	34,788			Regency Centers Corp.		2,621,276		0.7
	18,634			Sabra Healthcare REIT, Inc.		252,304		0.1
	26,139	(1	)	Summit Hotel Properties, Inc.		255,117		0.1
	23,241			Weyerhaeuser Co.		957,064		0.2
						25,569,580		6.4
				Utilities: 5.6%
	24,499			Atmos Energy Corp.		2,566,760		0.6
	79,732			Edison International		5,441,709		1.4
	28,074			Evergy, Inc.		1,926,157		0.5
	20,715			Eversource Energy		1,884,651		0.5
	69,513			NorthWestern Corp.		3,973,363		1.0
	36,656			Pinnacle West Capital Corp.		2,587,547		0.6
	23,645			South Jersey Industries, Inc.		617,608		0.2
	30,123			Spire, Inc.		1,964,622		0.5
	18,692			Xcel Energy, Inc.		1,265,448		0.3
						22,227,865		5.6
				Total Common Stock (Cost $327,585,076)		392,985,811		98.3
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.4%
				Repurchase Agreements: 1.5%
	1,381,020	(4	)	Bank of America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,381,026, collateralized by various U.S. Government Agency Obligations, 1.000%-5.000%, Market Value plus accrued interest $1,408,640, due 09/01/28-01/01/61)	$	1,381,020		0.3

See Accompanying Notes to Financial Statements
121

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	409,404	(4	)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $409,406, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $417,594, due 04/07/22-04/01/51)	$	409,404		0.1
	1,381,020	(4	)	Daiwa Capital Markets, Repurchase Agreement dated 12/31/21, 0.04%, due 01/03/22 (Repurchase Amount $1,381,025, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,408,640, due 02/10/22-01/01/52)		1,381,020		0.3
	1,381,020	(4	)	HSBC Securities USA, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,381,026, collateralized by various U.S. Government Agency Obligations, 1.875%-6.500%, Market Value plus accrued interest $1,408,640, due 01/20/27-05/20/51)		1,381,020		0.4

Principal
Amount†

Value

Percentage
of Net
Assets

1,381,020

)

RBC Dominion
Securities Inc.,
Repurchase
Agreement dated
12/31/21, 0.05%, due
01/03/22 (Repurchase
Amount $1,381,026,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
0.000%-6.500%,
Market Value plus
accrued interest
$1,408,640, due
05/15/22-12/01/51)

1,381,020

0.4

Total Repurchase
Agreements
(Cost $5,933,484)

5,933,484

1.5

Value

Percentage
of Net
Assets

Mutual Funds: 1.9%

7,589,129

)

BlackRock Liquidity Funds,
FedFund, Institutional
Class, 0.030%
(Cost $7,589,129)

7,589,129

1.9

Total Short-Term
Investments
(Cost $13,522,613)

13,522,613

3.4

Total Investments in
Securities
(Cost $341,107,689)

406,508,424

101.7

Liabilities in Excess of
Other Assets

(6,814,637

)

(1.7

)

Net Assets

399,693,787

100.0

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

ADR American Depositary Receipt

(1) Non-income producing security.

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

(3) Security is a Master Limited Partnership.

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

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

See Accompanying Notes to Financial Statements
122

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	4,978,734	$	—		$	—	$	4,978,734
Consumer Discretionary		35,641,774		4,062,547			—		39,704,321
Consumer Staples		22,633,444		6,115,407			—		28,748,851
Energy		15,055,851		—			—		15,055,851
Financials		86,887,808		—			—		86,887,808
Health Care		50,983,227		—			—		50,983,227
Industrials		60,460,197		3,058,378			—		63,518,575
Information Technology		34,937,733		—			—		34,937,733
Materials		16,400,581		3,972,685			—		20,373,266
Real Estate		25,569,580		—			—		25,569,580
Utilities		22,227,865		—			—		22,227,865
Total Common Stock		375,776,794		17,209,017			—		392,985,811
Short-Term Investments		7,589,129		5,933,484			—		13,522,613
Total Investments, at fair value	$	383,365,923	$	23,142,501		$	—	$	406,508,424
Other Financial Instruments+
Forward Foreign Currency Contracts		—		30,762			—		30,762
Total Assets	$	383,365,923	$	23,173,263		$	—	$	406,539,186
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(237,171	)	$	—	$	(237,171	)
Total Liabilities	$	—	$	(237,171	)	$	—	$	(237,171	)

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

At December 31, 2021, 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	58,157	JPY	6,667,968	Bank of America N.A.	03/31/22	$	144
USD	53,460	JPY	6,110,174	Bank of America N.A.	03/31/22		301
JPY	9,589,362	USD	84,423	Bank of America N.A.	03/31/22		(994	)
USD	2,302,199	JPY	261,224,801	Bank of America N.A.	03/31/22		29,492
USD	7,076,792	EUR	6,249,651	Credit Suisse International	03/31/22		(51,437	)
USD	177,327	EUR	155,984	Credit Suisse International	03/31/22		825
USD	144,848	GBP	107,448	JPMorgan Chase Bank N.A.	03/31/22		(532	)
USD	5,701,476	GBP	4,312,080	JPMorgan Chase Bank N.A.	03/31/22		(132,871	)
USD	51,128	NOK	451,253	UBS AG	03/31/22		(30	)
USD	16,528	SEK	149,778	UBS AG	03/31/22		(60	)
USD	16,215	SEK	147,151	UBS AG	03/31/22		(82	)
USD	658,312	SEK	6,004,272	UBS AG	03/31/22		(6,652	)
USD	1,696,473	NOK	15,356,928	UBS AG	03/31/22		(44,513	)
						$	(206,409	)

See Accompanying Notes to Financial Statements
123

VY^® AMERICAN CENTURY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Currency Abbreviations

EUR — EU Euro

GBP — British Pound

JPY — Japanese Yen

SEK — Swedish Krona

USD — United States Dollar

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

The fair value of derivative instruments as of December 31, 2021 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	$	30,762
Total Asset Derivatives		$	30,762
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	237,171
Total Liability Derivatives		$	237,171

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	1,058,873
Total	$	1,058,873
	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	$	(86,344	)
Total	$	(86,344	)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $346,284,095.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	71,634,053
Gross Unrealized Depreciation		(11,512,575	)
Net Unrealized Appreciation	$	60,121,478

See Accompanying Notes to Financial Statements
124

PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 100.0%
				Communication Services: 3.6%
	510,000	(1	)	Iridium Communications, Inc.	$	21,057,900		3.2
	152,351			Manchester United PLC - Class A		2,169,478		0.4
						23,227,378		3.6
				Consumer Discretionary: 22.2%
	88,500	(1	)	Bright Horizons Family Solutions, Inc.		11,140,380		1.7
	292,500			Choice Hotels International, Inc.		45,627,075		7.0
	31,693			Krispy Kreme, Inc.		599,632		0.1
	84,900			Marriott Vacations Worldwide Corp.		14,346,402		2.2
	380,000	(1	)	Penn National Gaming, Inc.		19,703,000		3.0
	82,500			Red Rock Resorts, Inc.		4,538,325		0.7
	15,000	(1	)	Sweetgreen, Inc.		480,000		0.1
	146,000			Vail Resorts, Inc.		47,873,400		7.3
	10,000	(1	)	Warby Parker, Inc.		465,600		0.1
						144,773,814		22.2
				Financials: 31.4%
	394,000	(1	)	Arch Capital Group Ltd.		17,513,300		2.7
	129,700			Carlyle Group, Inc./The		7,120,530		1.1
	139,000			Cohen & Steers, Inc.		12,858,890		2.0
	35,400			Essent Group Ltd.		1,611,762		0.2
	77,848			Factset Research Systems, Inc.		37,834,906		5.8
	30,325			Houlihan Lokey, Inc.		3,139,244		0.5
	72,130			Kinsale Capital Group, Inc.		17,159,006		2.6
	34,260			Moelis & Co.		2,141,593		0.3
	65,871			Morningstar, Inc.		22,527,223		3.4
	108,500			MSCI, Inc. - Class A		66,476,865		10.2
	109,400			Primerica, Inc.		16,767,738		2.6
						205,151,057		31.4
				Health Care: 14.6%
	48,200			Bio-Techne Corp.		24,935,788		3.8
	110,800			Dechra Pharmaceuticals PLC		8,008,015		1.2
	43,000	(1	)	Denali Therapeutics, Inc.		1,917,800		0.3
	44,500	(1	)	Idexx Laboratories, Inc.		29,301,470		4.5

Shares					Value		Percentage of Net Assets
	6,013	(1	)	Mettler Toledo International, Inc.	$	10,205,324		1.6
	83,100	(1	)	Neogen Corp.		3,773,571		0.6
	46,000	(1	)	Schrodinger, Inc./ United States		1,602,180		0.2
	33,500			West Pharmaceutical Services, Inc.		15,711,835		2.4
						95,455,983		14.6
				Industrials: 7.4%
	63,153	(1	)	BrightView Holdings, Inc.		889,194		0.1
	347,500	(1	)	CoStar Group, Inc.		27,462,925		4.2
	475,725	(2	)	Marel HF		3,217,176		0.5
	4,129,898	(1	),(3),(4)	Northvolt AB - Series E		1,151,345		0.2
	103,000	(1	)	Trex Co., Inc.		13,908,090		2.1
	237,578	(1	)	Velo3D, Inc.		1,855,484		0.3
						48,484,214		7.4
				Information Technology: 14.6%
	53,870	(1	)	Altair Engineering, Inc.		4,165,229		0.6
	75,000	(1	)	ANSYS, Inc.		30,084,000		4.6
	108,732	(1	)	Gartner, Inc.		36,351,282		5.6
	100,000	(1	)	Guidewire Software, Inc.		11,353,000		1.8
	4,500			Littelfuse, Inc.		1,416,060		0.2
	191,696	(1	)	Mirion Technologies, Inc.		2,007,057		0.3
	122,020			SS&C Technologies Holdings, Inc.		10,003,200		1.5
						95,379,828		14.6
				Real Estate: 6.2%
	64,824			Alexandria Real Estate Equities, Inc.		14,453,159		2.2
	278,500			Douglas Emmett, Inc.		9,329,750		1.5
	337,835			Gaming and Leisure Properties, Inc.		16,439,051		2.5
						40,221,960		6.2
				Total Common Stock (Cost $112,437,049)		652,694,234		100.0
				Assets in Excess of Other Liabilities		223,207		0.0
				Net Assets	$	652,917,441		100.0

(1) Non-income producing security.

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

(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 December 31, 2021, the Portfolio held restricted securities with a fair value of $1,151,345 or 0.2% of net assets. Please refer to the table below for additional details.

See Accompanying Notes to Financial Statements
125

PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	23,227,378	$	—	$	—	$	23,227,378
Consumer Discretionary		144,773,814		—		—		144,773,814
Financials		205,151,057		—		—		205,151,057
Health Care		87,447,968		8,008,015		—		95,455,983
Industrials		47,332,869		—		1,151,345		48,484,214
Information Technology		95,379,828		—		—		95,379,828
Real Estate		40,221,960		—		—		40,221,960
Total Common Stock		643,534,874		8,008,015		1,151,345		652,694,234
Total Investments, at fair value	$	643,534,874	$	8,008,015	$	1,151,345	$	652,694,234

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

At December 31, 2021, 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	$	1,151,345
		$	651,737	$	1,151,345

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $114,535,511.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	539,031,809
Gross Unrealized Depreciation		(873,086	)
Net Unrealized Appreciation	$	538,158,723

See Accompanying Notes to Financial Statements
126

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.5%
				Communication Services: 11.8%
	5,306			Activision Blizzard, Inc.	$	353,008		0.2
	1,946	(1	)	Alphabet, Inc. - Class A		5,637,640		2.6
	2,081	(1	)	Alphabet, Inc. - Class C		6,021,561		2.8
	42,580			AT&T, Inc.		1,047,468		0.5
	54,016			Comcast Corp. - Class A		2,718,625		1.3
	24,190	(1	)	Endeavor Group Holdings, Inc.		843,989		0.4
	14,544	(1	)	Meta Platforms, Inc.		4,891,875		2.3
	19,358	(1	)	T-Mobile US, Inc.		2,245,141		1.1
	8,270	(1	)	Walt Disney Co.		1,280,940		0.6
						25,040,247		11.8
				Consumer Discretionary: 9.2%
	2,826	(1	)	Amazon.com, Inc.		9,422,845		4.4
	17,012			eBay, Inc.		1,131,298		0.5
	40,913			Gap, Inc.		722,114		0.4
	7,698			Lowe's Cos, Inc.		1,989,779		0.9
	11,303			McDonald's Corp.		3,029,995		1.4
	45,765			Tapestry, Inc.		1,858,059		0.9
	1,808	(1	)	Ulta Beauty, Inc.		745,511		0.4
	30,079	(1	)	Under Armour, Inc. - Class A		637,374		0.3
						19,536,975		9.2
				Consumer Staples: 4.5%
	46,470			Mondelez International, Inc.		3,081,426		1.5
	23,352			Philip Morris International, Inc.		2,218,440		1.0
	53,561			Sysco Corp.		4,207,216		2.0
						9,507,082		4.5
				Energy: 3.0%
	41,348			Canadian Natural Resources Ltd.		1,746,953		0.8
	25,056			Chevron Corp.		2,940,321		1.4
	17,971			EOG Resources, Inc.		1,596,364		0.8
						6,283,638		3.0
				Financials: 10.0%
	3,837			American Express Co.		627,733		0.3
	1,784			Aon PLC		536,199		0.2
	85,787			Bank of America Corp.		3,816,664		1.8
	18,964	(1	)	Berkshire Hathaway, Inc. - Class B		5,670,236		2.7
	2,235			Blackrock, Inc.		2,046,277		1.0

Shares					Value		Percentage of Net Assets
	19,650			JPMorgan Chase & Co.	$	3,111,577		1.5
	10,297			Morgan Stanley		1,010,754		0.5
	30,289			State Street Corp.		2,816,877		1.3
	6,574			Willis Towers Watson PLC		1,561,259		0.7
						21,197,576		10.0
				Health Care: 13.4%
	26,478			Abbott Laboratories		3,726,514		1.7
	5,041			Anthem, Inc.		2,336,705		1.1
	18,781			Baxter International, Inc.		1,612,161		0.8
	3,554	(1	)	Biogen, Inc.		852,676		0.4
	16,766	(1	)	BioMarin Pharmaceutical, Inc.		1,481,276		0.7
	27,901			CVS Health Corp.		2,878,267		1.3
	33,877			Dentsply Sirona, Inc.		1,889,998		0.9
	11,764			Eli Lilly & Co.		3,249,452		1.5
	30,956			Johnson & Johnson		5,295,643		2.5
	28,438			Medtronic PLC		2,941,911		1.4
	10,466	(1	)	Vertex Pharmaceuticals, Inc.		2,298,333		1.1
						28,562,936		13.4
				Industrials: 8.3%
	15,537			Carrier Global Corp.		842,727		0.4
	10,573			Honeywell International, Inc.		2,204,576		1.0
	65,540			Raytheon Technologies Corp.		5,640,372		2.7
	50,890	(1	)	Southwest Airlines Co.		2,180,128		1.0
	9,946			Stanley Black & Decker, Inc.		1,876,014		0.9
	65,347	(1	)	Uber Technologies, Inc.		2,740,000		1.3
	8,664			Union Pacific Corp.		2,182,722		1.0
						17,666,539		8.3
				Information Technology: 32.3%
	4,857	(1	)	Adobe, Inc.		2,754,211		1.3
	9,070	(1	)	Akamai Technologies, Inc.		1,061,553		0.5
	76,550			Apple, Inc.		13,592,984		6.4
	6,884	(1	)	Autodesk, Inc.		1,935,712		0.9
	33,135			Cisco Systems, Inc.		2,099,765		1.0
	16,242			Fidelity National Information Services, Inc.		1,772,814		0.8
	11,469			Global Payments, Inc.		1,550,379		0.7
	10,291	(1	)	GLOBALFOUNDRIES, Inc.		668,606		0.3
	13,355			International Business Machines Corp.		1,785,029		0.8

See Accompanying Notes to Financial Statements
127

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	3,209			Intuit, Inc.	$	2,064,093		1.0
	3,172			Lam Research Corp.		2,281,144		1.1
	14,431			Marvell Technology, Inc.		1,262,568		0.6
	12,443			Mastercard, Inc. - Class A		4,471,019		2.1
	16,147			Micron Technology, Inc.		1,504,093		0.7
	44,982			Microsoft Corp.		15,128,346		7.1
	12,239			Nvidia Corp.		3,599,612		1.7
	5,608	(1	)	Palo Alto Networks, Inc.		3,122,310		1.5
	7,710	(1	)	PayPal Holdings, Inc.		1,453,952		0.7
	29,246			TE Connectivity Ltd.		4,718,550		2.2
	8,728			Visa, Inc. - Class A		1,891,445		0.9
						68,718,185		32.3
				Materials: 3.1%
	1,907			Air Products & Chemicals, Inc.		580,224		0.3
	40,732			Corteva, Inc.		1,925,809		0.9
	10,861			International Flavors & Fragrances, Inc.		1,636,210		0.8
	17,669			Newmont Corp.		1,095,831		0.5
	17,641			Nutrien Ltd.		1,326,603		0.6
						6,564,677		3.1
				Real Estate: 1.2%
	5,686			American Tower Corp.		1,663,155		0.8
	14,868	(1	)	Zillow Group, Inc. - Class C		949,322		0.4
						2,612,477		1.2
				Utilities: 1.7%
	28,249			American Electric Power Co., Inc.		2,513,314		1.2
	17,677			Public Service Enterprise Group, Inc.		1,179,586		0.5
						3,692,900		1.7
				Total Common Stock (Cost $157,903,994)		209,383,232		98.5
OTHER⁽²⁾: —%
				Materials: —%
	649,000	(3	),(4)	SINO Forest Corp. (Escrow)		—		—
				Total Other (Cost $—)		—		—
				Total Long-Term Investments (Cost $157,903,994)		209,383,232		98.5

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.6%

Mutual Funds: 1.6%

3,303,059

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.030%
(Cost $3,303,059)

3,303,059

1.6

Total Short-Term
Investments
(Cost $3,303,059)

3,303,059

1.6

Total Investments in
Securities
(Cost $161,207,053)

212,686,291

100.1

Liabilities in Excess of
Other Assets

(155,282

)

(0.1

)

Net Assets

212,531,009

100.0

(1) Non-income producing security.

(2) Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

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

(4) Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2021, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

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

See Accompanying Notes to Financial Statements
128

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock*	$	209,383,232	$	—	$	—	$	209,383,232
Other		—		—		—		—
Short-Term Investments		3,303,059		—		—		3,303,059
Total Investments, at fair value	$	212,686,291	$	—	$	—	$	212,686,291

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

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

At December 31, 2021, 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 December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $161,540,234.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	52,876,743
Gross Unrealized Depreciation		(1,730,686	)
Net Unrealized Appreciation	$	51,146,057

See Accompanying Notes to Financial Statements
129

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.8%
				Communication Services: 1.1%
	14,500			Nexstar Media Group, Inc.	$	2,189,210		1.1
				Consumer Discretionary: 7.8%
	16,800	(1	)	Childrens Place, Inc./The		1,332,072		0.7
	59,199			Dana, Inc.		1,350,921		0.7
	133,310	(1	)	F45 Training Holdings, Inc.		1,451,746		0.7
	17,700	(1	)	Genesco, Inc.		1,135,809		0.6
	53,900	(1	)	Goodyear Tire & Rubber Co.		1,149,148		0.6
	50,900			International Game Technology PLC		1,471,519		0.8
	25,900			KB Home		1,158,507		0.6
	74,800			Macy's, Inc.		1,958,264		1.0
	122,200	(1	)	Petco Health & Wellness Co., Inc.		2,418,338		1.2
	21,800			Red Rock Resorts, Inc.		1,199,218		0.6
	14,800			Rocky Brands, Inc.		589,040		0.3
						15,214,582		7.8
				Consumer Staples: 3.8%
	37,500	(1	)	BellRing Brands, Inc.		1,069,875		0.5
	35,100	(1	)	BJ's Wholesale Club Holdings, Inc.		2,350,647		1.2
	39,300	(1	)	Chefs' Warehouse Holdings, Inc.		1,308,690		0.7
	55,100	(1	)	United Natural Foods, Inc.		2,704,308		1.4
						7,433,520		3.8
				Energy: 6.5%
	72,300	(1	)	Antero Resources Corp.		1,265,250		0.6
	131,593			Coterra Energy, Inc.		2,500,267		1.3
	51,500			Matador Resources Co.		1,901,380		1.0
	92,500			Ovintiv, Inc.		3,117,250		1.6
	45,300			PDC Energy, Inc.		2,209,734		1.1
	59,300			SM Energy Co.		1,748,164		0.9
						12,742,045		6.5
				Financials: 29.0%
	42,400			Ameris Bancorp.		2,106,432		1.1
	22,700			Amerisafe, Inc.		1,221,941		0.6
	41,000			Argo Group International Holdings Ltd.		2,382,510		1.2
	59,000			Atlantic Union Bankshares Corp.		2,200,110		1.1
	56,100	(1	)	Axos Financial, Inc.		3,136,551		1.6
	83,800	(1	)	Bancorp, Inc.		2,120,978		1.1
	61,500			Blackstone Mortgage Trust, Inc.		1,883,130		1.0

Shares					Value		Percentage of Net Assets
	50,600			Cathay General Bancorp.	$	2,175,294		1.1
	28,600			Community Bank System, Inc.		2,130,128		1.1
	36,500			Cowen, Inc.		1,317,650		0.7
	45,300	(1	)	Focus Financial Partners, Inc.		2,705,316		1.4
	43,700			Hancock Whitney Corp.		2,185,874		1.1
	40,000			Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,124,800		1.1
	22,800			Houlihan Lokey, Inc.		2,360,256		1.2
	21,500			Independent Bank Corp.		1,752,895		0.9
	27,300			Independent Bank Group, Inc.		1,969,695		1.0
	127,700			MGIC Investment Corp.		1,841,434		0.9
	44,102			Pacific Premier Bancorp, Inc.		1,765,403		0.9
	29,200			Popular, Inc.		2,395,568		1.2
	61,800			Radian Group, Inc.		1,305,834		0.7
	43,700			Renasant Corp.		1,658,415		0.8
	52,800			Sandy Spring Bancorp, Inc.		2,538,624		1.3
	83,400			SLM Corp.		1,640,478		0.8
	48,100			Starwood Property Trust, Inc.		1,168,830		0.6
	21,950			Stifel Financial Corp.		1,545,719		0.8
	19,452	(1	)	Triumph Bancorp, Inc.		2,316,344		1.2
	26,600			UMB Financial Corp.		2,822,526		1.4
	41,300			WSFS Financial Corp.		2,069,956		1.1
						56,842,691		29.0
				Health Care: 5.6%
	12,200	(1	)	Apellis Pharmaceuticals, Inc.		576,816		0.3
	7,769	(1	)	Arcutis Biotherapeutics, Inc.		161,129		0.1
	16,900	(1	)	Arena Pharmaceuticals, Inc.		1,570,686		0.8
	36,900	(1	)	Atara Biotherapeutics, Inc.		581,544		0.3
	14,600	(1	)	Cytokinetics, Inc.		665,468		0.3
	8,700	(1	)	Integer Holdings Corp.		744,633		0.4
	40,200	(1	)	Invitae Corp.		613,854		0.3
	29,600	(1	)	Iovance Biotherapeutics, Inc.		565,064		0.3
	33,000	(1	)	Merit Medical Systems, Inc.		2,055,900		1.1
	33,300	(1	)	Myriad Genetics, Inc.		919,080		0.5
	22,200	(1	)	Tenet Healthcare Corp.		1,813,518		0.9
	19,800	(1	)	Varex Imaging Corp.		624,690		0.3
						10,892,382		5.6

See Accompanying Notes to Financial Statements
130

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials: 18.7%
	30,100			Altra Industrial Motion Corp.	$	1,552,257		0.8
	78,600	(1	)	API Group Corp.		2,025,522		1.0
	23,900			ArcBest Corp.		2,864,415		1.5
	11,800	(1	)	Atlas Air Worldwide Holdings, Inc.		1,110,616		0.6
	22,700	(1	)	Beacon Roofing Supply, Inc.		1,301,845		0.7
	43,100	(1	)	Bloom Energy Corp.		945,183		0.5
	63,100	(1	)	Core & Main, Inc.		1,914,454		1.0
	17,500			EMCOR Group, Inc.		2,229,325		1.1
	46,200	(1	)	Evoqua Water Technologies Corp.		2,159,850		1.1
	15,700			Herc Holdings, Inc.		2,457,835		1.3
	21,900			ICF International, Inc.		2,245,845		1.1
	54,300			KBR, Inc.		2,585,766		1.3
	36,841			Kforce, Inc.		2,771,180		1.4
	11,600	(1	)	Masonite International Corp.		1,368,220		0.7
	11,200	(1	)	Mastec, Inc.		1,033,536		0.5
	21,700			Moog, Inc.		1,757,049		0.9
	12,500			Science Applications International Corp.		1,044,875		0.5
	26,700	(1	)	Skywest, Inc.		1,049,310		0.5
	21,700	(1	)	Sunrun, Inc.		744,310		0.4
	39,500			Triton International Ltd.		2,379,085		1.2
	65,400	(1	)	Triumph Group, Inc.		1,211,862		0.6
						36,752,340		18.7
				Information Technology: 9.1%
	13,200	(1	)	Cerence, Inc.		1,011,648		0.5
	25,000	(1	)	Diodes, Inc.		2,745,250		1.4
	15,500	(1	)	ExlService Holdings, Inc.		2,243,935		1.2
	16,200			Kulicke & Soffa Industries, Inc.		980,748		0.5
	109,800	(1	)	Magnachip Semiconductor Corp.		2,302,506		1.2
	13,900	(1	)	Marathon Digital Holdings, Inc.		456,754		0.2
	41,865	(1	)	SMART Global Holdings, Inc.		2,971,996		1.5
	38,800	(1	)	SunPower Corp.		809,756		0.4
	8,600	(1	)	Synaptics, Inc.		2,489,786		1.3
	31,000	(1	)	Ultra Clean Holdings, Inc.		1,778,160		0.9
						17,790,539		9.1
				Materials: 6.6%
	24,200	(1	)	Arconic Corp.		798,842		0.4
	9,000			Ashland Global Holdings, Inc.		968,940		0.5
	32,700			Avient Corp.		1,829,565		0.9
	52,800	(1	)	Cleveland-Cliffs, Inc.		1,149,456		0.6

Shares					Value			Percentage of Net Assets
	12,800			HB Fuller Co.	$	1,036,800			0.5
	30,520	(1	)	Intrepid Potash, Inc.		1,304,120			0.7
	23,100	(1	)	Livent Corp.		563,178			0.3
	22,149			Materion Corp.		2,036,379			1.0
	46,800	(1	)	Orion Engineered Carbons SA		859,248			0.4
	62,200	(1	)	Summit Materials, Inc.		2,496,708			1.3
						13,043,236			6.6
				Real Estate: 7.0%
	54,100			American Assets Trust, Inc.		2,030,373			1.0
	24,300			Centerspace		2,694,870			1.4
	46,500			First Industrial Realty Trust, Inc.		3,078,300			1.6
	29,600			Hudson Pacific Properties, Inc.		731,416			0.4
	10,900			PS Business Parks, Inc.		2,007,453			1.0
	54,600	(1	)	Sunstone Hotel Investors, Inc.		640,458			0.3
	132,600			Tanger Factory Outlet Centers, Inc.		2,556,528			1.3
						13,739,398			7.0
				Utilities: 4.6%
	49,800			Clearway Energy, Inc. - Class C		1,794,294			0.9
	37,900			New Jersey Resources Corp.		1,556,174			0.8
	20,000			ONE Gas, Inc.		1,551,800			0.8
	44,900			Portland General Electric Co.		2,376,108			1.2
	66,965			South Jersey Industries, Inc.		1,749,126			0.9
						9,027,502			4.6
				Total Common Stock (Cost $135,954,576)		195,667,445			99.8
SHORT-TERM INVESTMENTS: 1.1%
				Mutual Funds: 1.1%
	2,254,436	(2	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030% (Cost $2,254,436)		2,254,436			1.1
				Total Short-Term Investments (Cost $2,254,436)		2,254,436			1.1
				Total Investments in Securities (Cost $138,209,012)	$	197,921,881			100.9
				Liabilities in Excess of Other Assets		(1,677,878	)		(0.9	)
				Net Assets	$	196,244,003			100.0

(1) Non-income producing security.

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

See Accompanying Notes to Financial Statements
131

VY^® COLUMBIA PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock*	$	195,667,445	$	—	$	—	$	195,667,445
Short-Term Investments		2,254,436		—		—		2,254,436
Total Investments, at fair value	$	197,921,881	$	—	$	—	$	197,921,881

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

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

At December 31, 2021, 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 $138,471,221.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	63,142,607
Gross Unrealized Depreciation		(3,691,948	)
Net Unrealized Appreciation	$	59,450,659

See Accompanying Notes to Financial Statements
132

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.5%
				Communication Services: 1.3%
	77,867			Comcast Corp. - Class A	$	3,919,046		1.3
				Consumer Discretionary: 4.5%
	1,649	(1	)	Booking Holdings, Inc.		3,956,330		1.3
	22,522			eBay, Inc.		1,497,713		0.5
	100,418	(1	)	General Motors Co.		5,887,507		2.0
	52,806	(1	)	Las Vegas Sands Corp.		1,987,618		0.7
						13,329,168		4.5
				Consumer Staples: 8.7%
	77,565			Altria Group, Inc.		3,675,805		1.2
	93,674			Coca-Cola Co.		5,546,438		1.9
	26,347			Colgate-Palmolive Co.		2,248,453		0.8
	25,587			Kimberly-Clark Corp.		3,656,894		1.2
	51,544			Kraft Heinz Co.		1,850,430		0.6
	92,590			Philip Morris International, Inc.		8,796,050		3.0
						25,774,070		8.7
				Energy: 11.4%
	67,487			Canadian Natural Resources Ltd.		2,851,638		1.0
	48,322			Chevron Corp.		5,670,587		1.9
	35,995			ConocoPhillips		2,598,119		0.9
	127,004			Devon Energy Corp.		5,594,526		1.9
	44,139			Hess Corp.		3,267,610		1.1
	289,713			Marathon Oil Corp.		4,757,087		1.6
	26,753			Pioneer Natural Resources Co.		4,865,836		1.7
	156,853			Suncor Energy, Inc.		3,926,031		1.3
						33,531,434		11.4
				Financials: 23.3%
	20,879			Allstate Corp.		2,456,414		0.8
	121,705			American International Group, Inc.		6,920,146		2.3
	224,683			Bank of America Corp.		9,996,147		3.4
	90,632			Bank of New York Mellon Corp.		5,263,907		1.8
	8,143			Capital One Financial Corp.		1,181,468		0.4
	139,879			Citigroup, Inc.		8,447,293		2.9
	85,576			Citizens Financial Group, Inc.		4,043,466		1.4
	92,150			Fifth Third Bancorp		4,013,132		1.4

Shares					Value		Percentage of Net Assets
	12,230			Goldman Sachs Group, Inc.	$	4,678,586		1.6
	95,635			Huntington Bancshares, Inc.		1,474,692		0.5
	23,700			JPMorgan Chase & Co.		3,752,895		1.3
	43,489			Metlife, Inc.		2,717,628		0.9
	41,777			Morgan Stanley		4,100,830		1.4
	25,321			State Street Corp.		2,354,853		0.8
	150,105			Wells Fargo & Co.		7,202,038		2.4
						68,603,495		23.3
				Health Care: 15.5%
	15,759			Anthem, Inc.		7,304,927		2.5
	5,190			Becton Dickinson & Co.		1,305,181		0.4
	42,899			Bristol-Myers Squibb Co.		2,674,753		0.9
	57,310			CVS Health Corp.		5,912,100		2.0
	32,801			Dentsply Sirona, Inc.		1,829,968		0.6
	14,034			HCA Healthcare, Inc.		3,605,615		1.2
	37,308	(1	)	Henry Schein, Inc.		2,892,489		1.0
	28,915			Johnson & Johnson		4,946,489		1.7
	17,708			McKesson Corp.		4,401,677		1.5
	34,210			Merck & Co., Inc.		2,621,854		0.9
	80,698			Sanofi ADR		4,042,970		1.4
	2,804			UnitedHealth Group, Inc.		1,408,001		0.5
	21,386			Universal Health Services, Inc.		2,772,909		0.9
						45,718,933		15.5
				Industrials: 12.9%
	24,687			Caterpillar, Inc.		5,103,790		1.7
	32,927			Eaton Corp. PLC		5,690,444		1.9
	54,200			Emerson Electric Co.		5,038,974		1.7
	18,946			FedEx Corp.		4,900,194		1.7
	36,951			General Electric Co.		3,490,761		1.2
	70,740			Johnson Controls International plc		5,751,870		1.9
	48,936			Textron, Inc.		3,777,859		1.3
	47,119			Westinghouse Air Brake Technologies Corp.		4,340,131		1.5
						38,094,023		12.9
				Information Technology: 12.7%
	75,057			CDK Global, Inc.		3,132,879		1.1
	107,425			Cisco Systems, Inc.		6,807,522		2.3
	72,328			Cognizant Technology Solutions Corp.		6,416,940		2.2
	111,974	(1	)	DXC Technology Co.		3,604,443		1.2
	43,294			Intel Corp.		2,229,641		0.7
	15,625			Microsoft Corp.		5,255,000		1.8

See Accompanying Notes to Financial Statements
133

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	24,079			NXP Semiconductor NV - NXPI - US	$	5,484,715		1.9
	24,554			Qualcomm, Inc.		4,490,190		1.5
						37,421,330		12.7
				Materials: 4.5%
	62,883			CF Industries Holdings, Inc.		4,450,859		1.5
	99,684			Corteva, Inc.		4,713,059		1.6
	85,724			International Paper Co.		4,027,314		1.4
						13,191,232		4.5
				Real Estate: 1.0%
	176,514	(1	)	Host Hotels & Resorts, Inc.		3,069,578		1.0
				Utilities: 1.7%
	84,732			Exelon Corp.		4,894,120		1.7
				Total Common Stock (Cost $212,159,327)		287,546,429		97.5

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 3.5%

Mutual Funds: 3.5%

10,252,966

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.030%
(Cost $10,252,966)

10,252,966

3.5

Total Short-Term
Investments
(Cost $10,252,966)

10,252,966

3.5

Total Investments in
Securities
(Cost $222,412,293)

297,799,395

101.0

Liabilities in Excess
of Other Assets

(2,809,638

)

(1.0

)

Net Assets

294,989,757

100.0

ADR American Depositary Receipt

(1) Non-income producing security.

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock*	$	287,546,429	$	—		$	—	$	287,546,429
Short-Term Investments		10,252,966		—			—		10,252,966
Total Investments, at fair value	$	297,799,395	$	—		$	—	$	297,799,395
Other Financial Instruments+
Forward Foreign Currency Contracts		—		4,727			—		4,727
Total Assets	$	297,799,395	$	4,727		$	—	$	297,804,122
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(52,328	)	$	—	$	(52,328	)
Total Liabilities	$	—	$	(52,328	)	$	—	$	(52,328	)

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

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

See Accompanying Notes to Financial Statements
134

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

At December 31, 2021, the following forward foreign currency contracts were outstanding for VY^® Invesco Comstock Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	172,528	USD	135,249	CIBC World Markets Corp.	01/07/22	$	1,141
USD	3,317,988	CAD	4,249,268	CIBC World Markets Corp.	01/07/22		(41,239	)
USD	54,272	EUR	47,986	Deutsche Bank AG	01/07/22		(364	)
CAD	92,380	USD	71,876	Deutsche Bank AG	01/07/22		1,154
USD	63,981	EUR	56,635	Deutsche Bank AG	01/07/22		(502	)
CAD	120,915	USD	95,032	Deutsche Bank AG	01/07/22		557
USD	90,660	CAD	114,640	Goldman Sachs International	01/07/22		33
CAD	90,073	USD	69,606	JPMorgan Chase Bank N.A.	01/07/22		1,601
USD	103,660	CAD	132,808	RBC Capital Markets Corp.	01/07/22		(1,330	)
USD	87,625	CAD	110,782	RBC Capital Markets Corp.	01/07/22		47
USD	1,904,493	EUR	1,679,394	RBC Capital Markets Corp.	01/07/22		(7,614	)
USD	87,640	CAD	112,478	State Street Bank and Trust Co.	01/07/22		(1,279	)
CAD	33,985	USD	26,672	UBS AG	01/04/22		194
						$	(47,601	)

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

USD — United States Dollar

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

The fair value of derivative instruments as of December 31, 2021 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	$	4,727
Total Asset Derivatives		$	4,727
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	52,328
Total Liability Derivatives		$	52,328

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	178,219
Total	$	178,219
	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	$	41,646
Total	$	41,646

See Accompanying Notes to Financial Statements
135

PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

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

	CIBC World Markets Corp.			Deutsche Bank AG		Goldman Sachs International		JPMorgan Chase Bank N.A.		RBC Capital Markets Corp.			State Street Bank and Trust Co.			UBS AG		Totals
Assets:
Forward foreign currency contracts	$	1,141		$	1,711	$	33	$	1,601	$	47		$	—		$	194	$	4,727
Total Assets	$	1,141		$	1,711	$	33	$	1,601	$	47		$	—		$	194	$	4,727
Liabilities:
Forward foreign currency contracts	$	41,239		$	866	$	—	$	—	$	8,944		$	1,279		$	—	$	52,328
Total Liabilities	$	41,239		$	866	$	—	$	—	$	8,944		$	1,279		$	—	$	52,328
Net OTC derivative instruments by counterparty, at fair value	$	(40,098	)	$	845	$	33	$	1,601	$	(8,897	)	$	(1,279	)	$	194	$	(47,601	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—								$	—							$	—
Net Exposure⁽¹⁾	$	(40,098	)	$	845	$	33	$	1,601	$	(8,897	)	$	(1,279	)	$	194	$	(47,601	)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $229,280,137.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	77,225,302
Gross Unrealized Depreciation		(8,750,357	)
Net Unrealized Appreciation	$	68,474,945

See Accompanying Notes to Financial Statements
136

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 63.2%
				Communication Services: 4.5%
	18,158	(1	)	Charter Communications, Inc.	$	11,838,471		0.9
	271,096			Comcast Corp. - Class A		13,644,262		1.0
	15,371	(1	)	NetFlix, Inc.		9,260,105		0.7
	92,060	(1	)	T-Mobile US, Inc.		10,677,119		0.8
	89,565	(1	)	Walt Disney Co.		13,872,723		1.1
						59,292,680		4.5
				Consumer Discretionary: 5.2%
	1,905	(1	)	Amazon.com, Inc.		6,351,918		0.5
	4,621	(1	)	Booking Holdings, Inc.		11,086,842		0.8
	513,797	(1	)	General Motors Co.		30,123,918		2.3
	156,569	(1	)	Las Vegas Sands Corp.		5,893,257		0.5
	196,669			TJX Cos., Inc.		14,931,110		1.1
						68,387,045		5.2
				Consumer Staples: 3.3%
	186,927			Diageo PLC		10,220,405		0.8
	187,692			Philip Morris International, Inc.		17,830,740		1.3
	97,358			Sysco Corp.		7,647,471		0.6
	215,448	(1	)	US Foods Holding Corp.		7,504,054		0.6
						43,202,670		3.3
				Energy: 4.5%
	164,015			Canadian Natural Resources Ltd.		6,930,394		0.5
	115,740			Chevron Corp.		13,582,089		1.1
	238,917			ConocoPhillips		17,245,029		1.3
	274,397			Devon Energy Corp.		12,087,188		0.9
	46,520			Pioneer Natural Resources Co.		8,461,057		0.7
						58,305,757		4.5
				Financials: 14.1%
	79,521			American Express Co.		13,009,636		1.0
	355,365			American International Group, Inc.		20,206,054		1.5
	565,552			Bank of America Corp.		25,161,409		1.9
	145,128			Charles Schwab Corp.		12,205,265		0.9
	364,805			Citizens Financial Group, Inc.		17,237,036		1.3
	43,753			Goldman Sachs Group, Inc.		16,737,710		1.3
	166,656			Morgan Stanley		16,358,953		1.3
	40,227			PNC Financial Services Group, Inc.		8,066,318		0.6
	240,735			Truist Financial Corp.		14,095,034		1.1

Shares					Value		Percentage of Net Assets
	662,194			Wells Fargo & Co.	$	31,772,068		2.4
	41,154			Willis Towers Watson PLC		9,773,663		0.8
						184,623,146		14.1
				Health Care: 9.9%
	21,388			Anthem, Inc.		9,914,194		0.8
	211,810			Bristol-Myers Squibb Co.		13,206,354		1.0
	96,633	(1	)	Centene Corp.		7,962,559		0.6
	49,202			Cigna Corp.		11,298,255		0.9
	96,001			CVS Health Corp.		9,903,463		0.8
	318,652			GlaxoSmithKline PLC		6,937,914		0.5
	41,708			Johnson & Johnson		7,134,988		0.5
	43,581			McKesson Corp.		10,832,929		0.8
	83,949			Medtronic PLC		8,684,524		0.7
	179,807			Merck & Co., Inc.		13,780,408		1.1
	119,822			Pfizer, Inc.		7,075,489		0.5
	106,065			Sanofi		10,642,974		0.8
	49,586			Universal Health Services, Inc.		6,429,321		0.5
	46,494			Zimmer Biomet Holdings, Inc.		5,906,598		0.4
						129,709,970		9.9
				Industrials: 7.8%
	546,125			CSX Corp.		20,534,300		1.6
	76,582			Emerson Electric Co.		7,119,829		0.5
	32,908			General Dynamics Corp.		6,860,331		0.5
	159,362			Johnson Controls International plc		12,957,724		1.0
	34,304			Parker Hannifin Corp.		10,912,788		0.8
	88,113			Quanta Services, Inc.		10,103,037		0.8
	215,651			Raytheon Technologies Corp.		18,558,925		1.4
	197,815			Textron, Inc.		15,271,318		1.2
						102,318,252		7.8
				Information Technology: 8.5%
	306,560			Cisco Systems, Inc.		19,426,707		1.5
	298,322			Cognizant Technology Solutions Corp.		26,467,128		2.0
	166,069			Corning, Inc.		6,182,749		0.5
	80,759	(1	)	Fiserv, Inc.		8,381,976		0.6
	254,327			Intel Corp.		13,097,840		1.0
	43,647			NXP Semiconductor NV - NXPI - US		9,941,914		0.7
	70,310			Qualcomm, Inc.		12,857,590		1.0
	54,257	(1	)	Splunk, Inc.		6,278,620		0.5
	55,894			TE Connectivity Ltd.		9,017,938		0.7
						111,652,462		8.5

See Accompanying Notes to Financial Statements
137

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Materials: 1.9%
	209,153	(1	)	Axalta Coating Systems Ltd.	$	6,927,147		0.5
	301,355			Barrick Gold Corp.		5,725,745		0.5
	247,918			Corteva, Inc.		11,721,563		0.9
						24,374,455		1.9
				Real Estate: 1.9%
	226,998	(1	)	CBRE Group, Inc.		24,631,553		1.9
				Utilities: 1.6%
	77,535			American Electric Power Co., Inc.		6,898,289		0.5
	125,234			Exelon Corp.		7,233,516		0.6
	170,332			FirstEnergy Corp.		7,084,108		0.5
						21,215,913		1.6
				Total Common Stock (Cost $583,540,881)		827,713,903		63.2
PREFERRED STOCK: 0.9%
				Energy: 0.5%
	140,612	(2	)	El Paso Energy Capital Trust I		7,113,561		0.5
				Financials: 0.4%
	75,900			AMG Capital Trust II		4,454,381		0.4
	4,000	(2	),(3)	Wells Fargo & Co.		107,160		0.0
						4,561,541		0.4
				Total Preferred Stock (Cost $10,847,296)		11,675,102		0.9
Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 11.9%
				Basic Materials: 0.1%
	441,000	(4	)	LYB Finance Co. BV, 8.100%, 03/15/2027	$	565,962		0.1
	195,000			International Paper Co., 6.000%, 11/15/2041		269,944		0.0
	150,000			Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028		195,713		0.0
	211,000			Sherwin-Williams Co/The, 4.500%, 06/01/2047		263,626		0.0
						1,295,245		0.1
				Communications: 1.4%
	2,307,000			Amazon.com, Inc., 2.875%, 05/12/2041		2,400,215		0.2

Principal Amount†					Value		Percentage of Net Assets
	455,000			America Movil SAB de CV, 4.375%, 07/16/2042	$	541,303		0.0
	837,000			AT&T, Inc., 3.000%, 06/30/2022		843,442		0.1
	125,000			AT&T, Inc., 3.500%, 09/15/2053		126,348		0.0
	334,000			AT&T, Inc., 3.550%, 09/15/2055		335,776		0.0
	533,000			AT&T, Inc., 4.300%, 02/15/2030		600,504		0.0
	958,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061		906,126		0.1
	1,635,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022		1,659,301		0.1
	171,000	(4	)	Comcast Corp., 2.887%, 11/01/2051		165,836		0.0
	283,000	(4	)	Comcast Corp., 2.937%, 11/01/2056		270,305		0.0
	910,000			Comcast Corp., 3.900%, 03/01/2038		1,031,621		0.1
	1,055,000			Comcast Corp., 4.150%, 10/15/2028		1,198,428		0.1
	188,000	(4	)	Cox Communications, Inc., 2.950%, 10/01/2050		176,036		0.0
	910,000			Rogers Communications, Inc., 4.300%, 02/15/2048		1,043,935		0.1
	415,000			Rogers Communications, Inc., 4.500%, 03/15/2043		477,316		0.0
	390,000			Telefonica Emisiones SAU, 4.665%, 03/06/2038		449,487		0.0
	860,000			Telefonica Emisiones SAU, 5.213%, 03/08/2047		1,070,294		0.1
	1,025,000	(4	)	T-Mobile USA, Inc., 2.700%, 03/15/2032		1,032,472		0.1
	714,000	(4	)	T-Mobile USA, Inc., 3.400%, 10/15/2052		712,035		0.1
	539,000			Verizon Communications, Inc., 3.400%, 03/22/2041		565,308		0.0
	535,000			Verizon Communications, Inc., 4.400%, 11/01/2034		624,129		0.1

See Accompanying Notes to Financial Statements
138

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Communications (continued)
	833,000	Verizon Communications, Inc., 4.812%, 03/15/2039	$	1,046,456		0.1
	1,350,000	Walt Disney Co/The, 3.000%, 09/15/2022		1,373,745		0.1
				18,650,418		1.4
		Consumer, Cyclical: 0.7%
	472,151	American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 04/01/2028		479,996		0.0
	595,000	Dollar General Corp., 3.250%, 04/15/2023		609,571		0.0
	563,000	General Motors Co., 6.600%, 04/01/2036		762,672		0.1
	713,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026		800,306		0.1
	1,920,000	Home Depot, Inc./The, 2.625%, 06/01/2022		1,934,898		0.1
	740,000	Starbucks Corp., 3.550%, 08/15/2029		809,047		0.1
	2,400,000	Toyota Motor Credit Corp., 2.600%, 01/11/2022		2,401,025		0.2
	232,656	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025		241,462		0.0
	586,639	United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/2028		614,014		0.0
	515,207	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031		538,411		0.0
	737,000	Walgreens Boots Alliance, Inc., 4.500%, 11/18/2034		848,850		0.1
				10,040,252		0.7
		Consumer, Non-cyclical: 1.5%
	1,299,000	AbbVie, Inc., 4.050%, 11/21/2039		1,493,307		0.1
	1,137,000	AbbVie, Inc., 4.500%, 05/14/2035		1,362,283		0.1
	185,000	AbbVie, Inc., 4.850%, 06/15/2044		232,362		0.0
	1,273,000	Altria Group, Inc., 5.800%, 02/14/2039		1,532,353		0.1
	1,475,000	Anheuser-Busch Cos LLC / Anheuser- Busch InBev Worldwide, Inc., 4.700%, 02/01/2036		1,782,868		0.1

Principal Amount†					Value		Percentage of Net Assets
	216,000			Anheuser-Busch Cos LLC / Anheuser- Busch InBev Worldwide, Inc., 4.900%, 02/01/2046	$	273,639		0.0
	2,770,000			AstraZeneca PLC, 2.375%, 06/12/2022		2,787,698		0.2
	498,000	(4	)	Bayer US Finance II LLC, 4.375%, 12/15/2028		556,733		0.1
	218,000			Becton Dickinson & Co., 4.875%, 05/15/2044		262,159		0.0
	654,000			Bristol-Myers Squibb Co., 4.125%, 06/15/2039		774,992		0.1
	107,000			Cigna Corp., 4.800%, 08/15/2038		131,847		0.0
	620,000			CVS Health Corp., 3.375%, 08/12/2024		651,986		0.1
	393,818			CVS Pass-Through Trust, 6.036%, 12/10/2028		449,105		0.0
	1,975,000			Gilead Sciences, Inc., 3.250%, 09/01/2022		2,001,879		0.2
	80,000			GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038		117,261		0.0
	1,232,000	(4	)	Heineken NV, 3.500%, 01/29/2028		1,327,774		0.1
	240,000			Ingredion, Inc., 6.625%, 04/15/2037		335,866		0.0
	423,000			Laboratory Corp. of America Holdings, 4.700%, 02/01/2045		516,036		0.1
	92,000			Mead Johnson Nutrition Co., 4.125%, 11/15/2025		100,343		0.0
	413,000			Medtronic, Inc., 4.375%, 03/15/2035		508,843		0.0
	513,000			Molson Coors Beverage Co., 4.200%, 07/15/2046		570,050		0.1
	275,000			Philip Morris International, Inc., 3.600%, 11/15/2023		288,531		0.0
	820,000			Philip Morris International, Inc., 4.875%, 11/15/2043		1,000,191		0.1
	155,000			UnitedHealth Group, Inc., 3.500%, 08/15/2039		172,187		0.0
	79,000			Zoetis, Inc., 4.700%, 02/01/2043		100,916		0.0
						19,331,209		1.5

See Accompanying Notes to Financial Statements
139

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Energy: 1.0%
	927,000			BP Capital Markets America, Inc., 2.939%, 06/04/2051	$	892,271		0.1
	612,000	(4	)	Cameron LNG LLC, 3.701%, 01/15/2039		661,059		0.0
	1,275,000			Chevron Corp., 2.498%, 03/03/2022		1,277,280		0.1
	392,000			ConocoPhillips Co., 4.150%, 11/15/2034		445,209		0.0
	182,000			Energy Transfer L.P., 4.200%, 09/15/2023		190,134		0.0
	570,000			Energy Transfer L.P., 4.900%, 03/15/2035		645,916		0.0
	723,000			Energy Transfer L.P., 5.000%, 05/15/2050		833,978		0.1
	835,000			Energy Transfer L.P., 5.300%, 04/01/2044		958,241		0.1
	833,000			Enterprise Products Operating LLC, 4.250%, 02/15/2048		945,182		0.1
	700,000			Kinder Morgan, Inc., 5.300%, 12/01/2034		843,676		0.1
	2,340,000			MPLX L.P., 4.500%, 07/15/2023		2,436,831		0.2
	973,000			MPLX L.P., 4.500%, 04/15/2038		1,091,547		0.1
	295,000			Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/2022		296,461		0.0
	858,000			Spectra Energy Partners L.P., 4.500%, 03/15/2045		994,199		0.1
	215,000			Texas Eastern Transmission L.P., 7.000%, 07/15/2032		291,588		0.0
						12,803,572		1.0
				Financial: 4.5%
	391,000			AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041		407,998		0.0
	231,000			Air Lease Corp., 3.000%, 09/15/2023		237,166		0.0
	1,870,000			Air Lease Corp., 4.250%, 09/15/2024		1,990,435		0.2
	885,000			Aircastle Ltd., 4.400%, 09/25/2023		927,650		0.1
	410,000			Allstate Corp./The, 3.280%, 12/15/2026		440,619		0.0
	393,000			American Equity Investment Life Holding Co., 5.000%, 06/15/2027		445,336		0.0

Principal Amount†					Value		Percentage of Net Assets
	543,000			American Express Co., 3.625%, 12/05/2024	$	580,629		0.0
	1,140,000			American International Group, Inc., 4.375%, 01/15/2055		1,402,319		0.1
	831,000			American Tower Corp., 1.600%, 04/15/2026		823,319		0.1
	455,000	(4	)	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/2022		455,623		0.0
	440,000	(4	)	Apollo Management Holdings L.P., 4.000%, 05/30/2024		466,412		0.0
	285,000	(4	)	Athene Global Funding, 2.750%, 06/25/2024		293,928		0.0
	1,555,000	(4	)	Athene Global Funding, 4.000%, 01/25/2022		1,558,275		0.1
	1,128,000			Athene Holding Ltd., 3.450%, 05/15/2052		1,135,746		0.1
	1,095,000	(4	)	Aviation Capital Group LLC, 4.875%, 10/01/2025	$	1,185,031		0.1
	834,000	(3	)	Bank of America Corp., 2.572%, 10/20/2032		838,613		0.1
	720,000			Bank of America Corp., 3.248%, 10/21/2027		766,885		0.1
	725,000	(4	)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024		771,085		0.1
	1,760,000			Brighthouse Financial, Inc., 3.850%, 12/22/2051		1,739,963		0.1
	765,000			Brookfield Asset Management, Inc., 4.000%, 01/15/2025		818,258		0.1
	1,140,000			Capital One Financial Corp., 3.200%, 01/30/2023		1,167,932		0.1
	630,000	(3	)	Citigroup, Inc., 3.668%, 07/24/2028		679,997		0.1
	1,930,000			Citigroup, Inc., 4.000%, 08/05/2024		2,057,820		0.2
	520,000			Citigroup, Inc., 4.750%, 05/18/2046		640,993		0.0
	260,000			Citigroup, Inc., 5.300%, 05/06/2044		340,046		0.0
	560,000			Citigroup, Inc., 6.675%, 09/13/2043		845,560		0.1
	472,000	(4	)	Credit Suisse AG, 6.500%, 08/08/2023		509,125		0.0
	1,348,000			Crown Castle International Corp., 2.500%, 07/15/2031		1,339,494		0.1
	60,000			Crown Castle International Corp., 4.750%, 05/15/2047		73,798		0.0

See Accompanying Notes to Financial Statements
140

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Financial (continued)
	1,013,000			CubeSmart L.P., 2.500%, 02/15/2032	$	1,009,702		0.1
	2,088,000	(4	)	Delaware Life Global Funding, 2.662%, 06/29/2026		2,055,988		0.2
	620,000			Discover Bank, 3.350%, 02/06/2023		634,986		0.0
	2,275,000			EPR Properties, 4.750%, 12/15/2026		2,432,881		0.2
	307,000	(3	)	Goldman Sachs Group, Inc./The, 2.908%, 07/21/2042		305,802		0.0
	820,000			Goldman Sachs Group, Inc., 4.250%, 10/21/2025		895,088		0.1
	755,000	(4	)	Guardian Life Global Funding, 2.900%, 05/06/2024		788,215		0.1
	1,790,000	(3	)	HSBC Holdings PLC, 2.633%, 11/07/2025		1,837,164		0.1
	620,000	(4	)	Jackson National Life Global Funding, 3.250%, 01/30/2024		646,515		0.1
	550,000			JPMorgan Chase & Co., 3.200%, 06/15/2026		583,816		0.0
	1,270,000	(3	)	JPMorgan Chase & Co., 3.509%, 01/23/2029		1,361,547		0.1
	665,000	(3	)	JPMorgan Chase & Co., 3.534%, 12/31/2199		667,485		0.1
	1,270,000	(3	)	JPMorgan Chase & Co., 3.897%, 01/23/2049		1,474,905		0.1
	675,000	(3	)	JPMorgan Chase & Co., 4.260%, 02/22/2048		827,207		0.1
	443,000	(4	)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044		572,727		0.0
	950,000	(4	)	Liberty Mutual Group, Inc., 3.950%, 05/15/2060		1,046,688		0.1
	587,000			Lifestorage L.P./CA, 3.500%, 07/01/2026		628,683		0.0
	285,000			Markel Corp., 5.000%, 03/30/2043		348,481		0.0
	525,000			Markel Corp., 5.000%, 05/20/2049		670,915		0.1
	2,360,000	(4	)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024		2,508,793		0.2
	1,040,000			Morgan Stanley, 4.000%, 07/23/2025		1,128,041		0.1

Principal Amount†					Value		Percentage of Net Assets
	1,000,000	(4	)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044	$	1,278,812		0.1
	835,000			Office Properties Income Trust, 4.000%, 07/15/2022		846,196		0.1
	590,000			PartnerRe Finance B LLC, 3.700%, 07/02/2029		643,296		0.1
	755,000			PNC Financial Services Group, Inc./The, 3.450%, 04/23/2029		822,822		0.1
	1,780,000	(4	)	Protective Life Global Funding, 2.615%, 08/22/2022		1,804,440		0.1
	200,000			Regency Centers L.P., 2.950%, 09/15/2029		207,793		0.0
	300,000			Regency Centers L.P., 4.650%, 03/15/2049		373,583		0.0
	259,000			Reinsurance Group of America, Inc., 4.700%, 09/15/2023		274,356		0.0
	240,000			Service Properties Trust, 5.000%, 08/15/2022		240,018		0.0
	805,000	(4	)	Societe Generale SA, 5.000%, 01/17/2024		857,265		0.1
	670,000			Synchrony Financial, 3.950%, 12/01/2027		720,032		0.1
	445,000			Travelers Cos, Inc., 4.600%, 08/01/2043		569,882		0.0
	585,000	(4	)	UBS Group AG, 4.125%, 04/15/2026		639,005		0.0
	410,000			US Bancorp, 3.100%, 04/27/2026		433,696		0.0
	965,000			Wells Fargo & Co., 3.550%, 09/29/2025		1,029,200		0.1
	470,000			Wells Fargo & Co., 4.100%, 06/03/2026		512,784		0.0
	300,000			Wells Fargo & Co., 4.650%, 11/04/2044		364,010		0.0
	315,000			Willis North America, Inc., 3.600%, 05/15/2024		330,108		0.0
	350,000			WR Berkley Corp., 4.625%, 03/15/2022		352,801		0.0
						59,665,783		4.5
				Industrial: 0.8%
	970,000			Avnet, Inc., 4.625%, 04/15/2026		1,064,236		0.1
	1,585,000			Boeing Co/The, 5.805%, 05/01/2050		2,150,380		0.2

See Accompanying Notes to Financial Statements
141

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Industrial (continued)
	381,000			Canadian Pacific Railway Co., 3.000%, 12/02/2041	$	390,342		0.0
	330,000			CSX Corp., 5.500%, 04/15/2041		440,775		0.0
	1,015,000			Deere & Co., 2.600%, 06/08/2022		1,019,551		0.1
	295,000			FedEx Corp., 4.900%, 01/15/2034		356,492		0.0
	461,000			Honeywell International, Inc., 0.483%, 08/19/2022		461,067		0.1
	459,000			Norfolk Southern Corp., 3.400%, 11/01/2049		493,956		0.1
	285,000			Precision Castparts Corp., 2.500%, 01/15/2023		289,260		0.0
	345,000			Raytheon Technologies Corp., 4.450%, 11/16/2038		416,644		0.0
	262,000			Rockwell Automation, Inc., 1.750%, 08/15/2031		254,864		0.0
	970,000			Union Pacific Corp., 3.200%, 05/20/2041		1,034,622		0.1
	157,000			Union Pacific Corp., 3.646%, 02/15/2024		164,164		0.0
	375,000			Union Pacific Corp., 3.839%, 03/20/2060		442,947		0.0
	730,000			Union Pacific Corp., 4.150%, 01/15/2045		868,623		0.1
	330,000			United Parcel Service, Inc., 3.400%, 11/15/2046		372,071		0.0
						10,219,994		0.8
				Technology: 1.3%
	1,146,000			Apple, Inc., 2.150%, 02/09/2022		1,148,082		0.1
	435,000			Apple, Inc., 3.350%, 02/09/2027		472,371		0.0
	1,030,000	(4	)	Broadcom, Inc., 3.469%, 04/15/2034		1,079,435		0.1
	1,185,000			Broadcom, Inc., 4.250%, 04/15/2026		1,293,531		0.1
	242,000			Dell International LLC / EMC Corp., 5.450%, 06/15/2023		255,369		0.0
	2,025,000			Dell International LLC / EMC Corp., 6.020%, 06/15/2026		2,342,921		0.2
	9,000			Dell International LLC / EMC Corp., 8.350%, 07/15/2046		14,995		0.0
	1,630,000			Fiserv, Inc., 3.800%, 10/01/2023		1,704,540		0.1

Principal Amount†					Value		Percentage of Net Assets
	1,385,000			International Business Machines Corp., 2.875%, 11/09/2022	$	1,412,578		0.1
	1,152,000			Marvell Technology, Inc., 2.450%, 04/15/2028		1,169,258		0.1
	170,000			Micron Technology, Inc., 3.366%, 11/01/2041		174,812		0.0
	200,000			Micron Technology, Inc., 4.663%, 02/15/2030		230,789		0.0
	649,000			Microsoft Corp., 3.500%, 02/12/2035		742,346		0.1
	795,000	(4	)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		899,124		0.1
	985,000			Oracle Corp., 3.600%, 04/01/2040		989,533		0.1
	1,000,000			salesforce.com, Inc., 2.700%, 07/15/2041		1,000,661		0.1
	285,000			Texas Instruments, Inc., 2.625%, 05/15/2024		296,121		0.0
	1,441,000			VMware, Inc., 1.000%, 08/15/2024		1,427,921		0.1
						16,654,387		1.3
				Utilities: 0.6%
	620,000	(4	)	Electricite de France SA, 4.875%, 01/22/2044		772,211		0.1
	345,000			Georgia Power Co., 3.700%, 01/30/2050		367,804		0.0
	2,410,000			NextEra Energy Capital Holdings, Inc., 0.650%, 03/01/2023		2,405,641		0.2
	703,000			NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027		762,125		0.1
	760,000			NiSource, Inc., 4.375%, 05/15/2047		897,188		0.1
	605,000			Oglethorpe Power Corp., 4.550%, 06/01/2044		687,515		0.0
	667,000			Sempra Energy, 3.800%, 02/01/2038		733,214		0.1
	529,000			Xcel Energy, Inc., 0.500%, 10/15/2023		525,663		0.0
	274,000			Xcel Energy, Inc., 3.500%, 12/01/2049		292,154		0.0
						7,443,515		0.6
				Total Corporate Bonds/Notes (Cost $144,695,678)		156,104,375		11.9

See Accompanying Notes to Financial Statements
142

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
MUNICIPAL BONDS: 0.0%
				Georgia: 0.0%
	317,000			Municipal Electric Authority of Georgia, 6.655%, 04/01/2057	$	491,072		0.0
				Total Municipal Bonds (Cost $317,000)		491,072		0.0
U.S. TREASURY OBLIGATIONS: 10.4%
				U.S. Treasury Bonds: 1.7%
	10,287,900	(5	)	1.375%,11/15/2031		10,160,909		0.8
	6,065,900			2.000%,08/15/2051		6,185,322		0.5
	5,746,700			2.000%,11/15/2041		5,814,044		0.4
	425,000			4.500%,02/15/2036		584,242		0.0
						22,744,517		1.7
				U.S. Treasury Notes: 8.7%
	11,135,000	(5	)	0.500%,11/30/2023		11,093,244		0.8
	26,887,000			1.000%,12/15/2024		26,919,559		2.1
	49,714,800	(5	)	1.250%,11/30/2026		49,691,496		3.8
	25,656,000			1.500%,11/30/2028		25,764,236		2.0
						113,468,535		8.7
				Total U.S. Treasury Obligations (Cost $135,926,004)		136,213,052		10.4
CONVERTIBLE BONDS/NOTES: 8.4%
				Communications: 4.0%
	438,000	(5	)	Booking Holdings, Inc., 0.750%, 05/01/2025		645,393		0.1
	5,339,000	(4	),(6)	Cable One, Inc., 0.950%, 03/15/2026		5,130,779		0.4
	2,761,000	(4	)	Cable One, Inc., 1.125%, 03/15/2028		2,746,714		0.2
	7,840,000			DISH Network Corp., 3.375%, 08/15/2026		7,440,576		0.6
	2,642,000	(4	)	Liberty Broadband Corp., 1.250%, 09/30/2050		2,618,222		0.2
	2,950,000	(5	)	Liberty Latin America Ltd., 2.000%, 07/15/2024		2,913,125		0.2
	9,559,000			Liberty Media Corp., 1.375%, 10/15/2023		14,432,071		1.1
	673,000			Liberty Media Corp.- Liberty Formula One, 1.000%, 01/30/2023		1,163,144		0.1
	2,501,000			Mandiant, Inc., 1.000%, 06/01/2035		2,467,511		0.2
	2,692,000			Mandiant, Inc., 1.625%, 06/01/2035		2,698,949		0.2
	3,000,000	(5	)	Shopify, Inc., 0.125%, 11/01/2025		3,757,500		0.3

Principal Amount†					Value		Percentage of Net Assets
	3,989,000			Trip.com Group Ltd., 1.250%, 09/15/2022	$	3,801,455		0.3
	338,000	(4	),(5)	TripAdvisor, Inc., 0.250%, 04/01/2026		298,285		0.0
	2,009,000	(4	),(6)	Twitter, Inc., 2.520%, 03/15/2026		1,809,305		0.1
						51,923,029		4.0
				Consumer, Cyclical: 0.8%
	1,697,000	(4	)	JetBlue Airways Corp., 0.500%, 04/01/2026		1,590,458		0.1
	2,264,000			Live Nation Entertainment, Inc., 2.500%, 03/15/2023		4,097,840		0.3
	3,881,000	(4	),(6)	Peloton Interactive, Inc., 3.940%, 02/15/2026		3,308,553		0.3
	1,154,000	(5	)	Spirit Airlines, Inc., 1.000%, 05/15/2026		1,000,565		0.1
						9,997,416		0.8
				Consumer, Non-cyclical: 1.2%
	3,457,000			Integra LifeSciences Holdings Corp., 0.500%, 08/15/2025		3,761,562		0.3
	1,699,000			Jazz Investments I Ltd., 2.000%, 06/15/2026		1,926,241		0.1
	2,257,000			Neurocrine Biosciences, Inc., 2.250%, 05/15/2024		2,836,767		0.2
	2,405,000			Pacira BioSciences, Inc., 0.750%, 08/01/2025		2,671,053		0.2
	1,323,000			Supernus Pharmaceuticals, Inc., 0.625%, 04/01/2023		1,310,597		0.1
	380,000	(4	)	Tandem Diabetes Care, Inc., 1.500%, 05/01/2025		565,250		0.0
	3,735,000			Teladoc Health, Inc., 1.250%, 06/01/2027		3,419,859		0.3
						16,491,329		1.2
				Financial: 0.4%
	2,241,000			BofA Finance LLC, 0.125%, 09/01/2022		2,523,366		0.2
	3,689,000	(6	)	Redfin Corp., 2.950%, 10/15/2025		3,303,961		0.2
						5,827,327		0.4
				Technology: 2.0%
	5,205,000	(4	),(6)	Dropbox, Inc., 0.550%, 03/01/2026		5,087,887		0.4

See Accompanying Notes to Financial Statements
143

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Technology (continued)
	4,780,000	(5	)	Microchip Technology, Inc., 0.125%, 11/15/2024	$	5,939,150		0.4
	6,706,000			Splunk, Inc., 1.125%, 06/15/2027		6,286,875		0.5
	2,444,000			Western Digital Corp., 1.500%, 02/01/2024		2,479,133		0.2
	7,080,000	(6	)	Zynga, Inc., 1.750%, 12/15/2026		6,496,546		0.5
						26,289,591		2.0
				Total Convertible Bonds/Notes (Cost $101,372,619)		110,528,692		8.4
EQUITY-LINKED NOTES: 1.0%
				Financial: 1.0%
	4,397,000	(4	),(7)	Credit Suisse AG, Convertible Basket (Basket of 5 Common Stocks), 0.500%, 06/24/2024		4,326,208		0.4
	6,746,000	(7	)	GS Finance Corp (Guarantor: The Goldman Sachs Group, Inc.), Exchangeable Basket (Basket of 5 Common Stocks), 0.250%, 07/08/2024		8,205,160		0.6
				Total Equity-Linked Notes (Cost $11,143,000)		12,531,368		1.0
STRUCTURED NOTES: 1.0%
				Financial: 1.0%
	6,016,000	(7	)	Wells Fargo Bank N.A., Convertible Trust - Energy Series 2019-1 (Linked to a basket of 4 Stocks), 0.330%, 09/19/2024		6,834,176		0.5
	5,968,000	(7	)	Wells Fargo Bank N.A., Convertible Trust - Media Series 2019-1 (Linked to a basked of 3 Stocks), 0.250%, 12/04/2024		7,003,448		0.5
				Total Structured Notes (Cost $12,341,630)		13,837,624		1.0

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	$	1,293,100		0.1
				Total U.S. Government Agency Obligations (Cost $1,001,240)		1,293,100		0.1
				Total Long-Term Investments (Cost $1,001,185,348)		1,270,388,288		96.9
SHORT-TERM INVESTMENTS: 3.5%
				Repurchase Agreements: 0.4%
	1,232,474	(9	)	Bank of America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,232,479, collateralized by various U.S. Government Agency Obligations, 1.000%-5.000%, Market Value plus accrued interest $1,257,123, due 09/01/28-01/01/61)		1,232,474		0.1
	1,135,787	(9	)	Citigroup, Inc., Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $1,135,793, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-3.500%, Market Value plus accrued interest $1,158,503, due 02/15/22-12/20/51)	$	1,135,787		0.1

See Accompanying Notes to Financial Statements
144

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	1,232,474	(9	)	Daiwa Capital Markets, Repurchase Agreement dated 12/31/21, 0.04%, due 01/03/22 (Repurchase Amount $1,232,478, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,257,124, due 02/10/22-01/01/52)	$	1,232,474		0.1
	1,232,474	(9	)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,232,479, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,257,124, due 05/15/22-12/01/51)		1,232,474		0.1
				Total Repurchase Agreements (Cost $4,833,209)		4,833,209		0.4
Shares					Value		Percentage of Net Assets
				Mutual Funds: 3.1%
	40,275,506	(9	),(10)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%	$	40,275,506		3.1
	154,000	(9	),(10)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		154,000		0.0

Value

Percentage
of Net
Assets

154,000

),(10)

Morgan Stanley
Institutional Liquidity
Funds - Government
Portfolio (Institutional
Share Class),
0.030%

154,000

0.0

Total Mutual Funds
(Cost $40,583,506)

40,583,506

3.1

Total Short-Term
Investments
(Cost $45,416,715)

45,416,715

3.5

Total Investments
in Securities
(Cost
$1,046,602,063)

1,315,805,003

100.4

Liabilities in Excess
of Other Assets

(5,577,325

)

(0.4

)

Net Assets

1,310,227,678

100.0

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

(1) Non-income producing security.

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

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

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

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

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

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

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

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

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

See Accompanying Notes to Financial Statements
145

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	59,292,680	$	—		$	—	$	59,292,680
Consumer Discretionary		68,387,045		—			—		68,387,045
Consumer Staples		32,982,265		10,220,405			—		43,202,670
Energy		58,305,757		—			—		58,305,757
Financials		184,623,146		—			—		184,623,146
Health Care		112,129,082		17,580,888			—		129,709,970
Industrials		102,318,252		—			—		102,318,252
Information Technology		111,652,462		—			—		111,652,462
Materials		24,374,455		—			—		24,374,455
Real Estate		24,631,553		—			—		24,631,553
Utilities		21,215,913		—			—		21,215,913
Total Common Stock		799,912,610		27,801,293			—		827,713,903
Preferred Stock		11,675,102		—			—		11,675,102
Corporate Bonds/Notes		—		156,104,375			—		156,104,375
Municipal Bonds		—		491,072			—		491,072
Convertible Bonds/Notes		—		110,528,692			—		110,528,692
Structured Notes		—		—			13,837,624		13,837,624
Equity-Linked Notes		—		—			12,531,368		12,531,368
U.S. Government Agency Obligations		—		1,293,100			—		1,293,100
U.S. Treasury Obligations		—		136,213,052			—		136,213,052
Short-Term Investments		40,583,506		4,833,209			—		45,416,715
Total Investments, at fair value	$	852,171,218	$	437,264,793		$	26,368,992	$	1,315,805,003
Other Financial Instruments+
Forward Foreign Currency Contracts		—		28,364			—		28,364
Total Assets	$	852,171,218	$	437,293,157		$	26,368,992	$	1,315,833,367
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(433,668	)	$	—	$	(433,668	)
Total Liabilities	$	—	$	(433,668	)	$	—	$	(433,668	)

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

See Accompanying Notes to Financial Statements
146

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

At December 31, 2021, 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)
USD205,552 GBP		152,276	State Street Bank and Trust Co.	01/07/22	$	(559	)
USD87,496 CAD		111,520	State Street Bank and Trust Co.	01/07/22		(666	)
USD100,384 CAD		128,452	State Street Bank and Trust Co.	01/07/22		(1,163	)
USD148,205 CAD		190,208	State Street Bank and Trust Co.	01/07/22		(2,162	)
CAD137,098 USD		105,947	State Street Bank and Trust Co.	01/07/22		2,435
CAD88,279 USD		68,482	State Street Bank and Trust Co.	01/07/22		1,306
GBP142,638 USD		189,158	State Street Bank and Trust Co.	01/07/22		3,908
CAD529,319 USD		411,773	State Street Bank and Trust Co.	01/07/22		6,676
CAD 91,242 USD		70,973	State Street Bank and Trust Co.	01/07/22		1,158
USD 176,145 EUR		155,918	State Street Bank and Trust Co.	01/07/22		(1,379	)
CAD 220,281 USD		173,141	State Street Bank and Trust Co.	01/07/22		1,000
CAD 168,818 USD		132,891	State Street Bank and Trust Co.	01/07/22		567
EUR 158,197 USD		178,753	State Street Bank and Trust Co.	01/07/22		1,366
USD 196,621 GBP		148,500	State Street Bank and Trust Co.	01/07/22		(4,379	)
USD 147,950 EUR		130,255	State Street Bank and Trust Co.	01/07/22		(354	)
USD 133,048 CAD		168,204	State Street Bank and Trust Co.	01/07/22		75
USD 236,696 GBP		178,695	State Street Bank and Trust Co.	01/07/22		(5,175	)
USD 194,741 CAD		246,249	State Street Bank and Trust Co.	01/07/22		71
EUR 169,576 USD		191,554	State Street Bank and Trust Co.	01/07/22		1,520
USD 74,880 CAD		95,540	State Street Bank and Trust Co.	01/07/22		(648	)
CAD 148,951 USD		116,339	State Street Bank and Trust Co.	01/07/22		1,413
CAD 373,405 USD		291,675	State Street Bank and Trust Co.	01/07/22		3,518
USD 749,412 GBP		562,985	State Street Bank and Trust Co.	01/07/22		(12,609	)
USD 183,490 EUR		162,202	State Street Bank and Trust Co.	01/07/22		(1,189	)
CAD 168,810 USD		131,720	State Street Bank and Trust Co.	01/07/22		1,731
EUR 143,360 USD		162,401	State Street Bank and Trust Co.	01/07/22		824
USD 11,375,163 GBP		8,588,399	State Street Bank and Trust Co.	01/07/22		(249,554	)
USD 5,813,113 CAD		7,441,832	State Street Bank and Trust Co.	01/07/22		(69,971	)
USD 7,850,570 EUR		6,964,040	State Street Bank and Trust Co.	01/07/22		(78,476	)
USD 155,549 GBP		117,486	State Street Bank and Trust Co.	01/07/22		(3,472	)
USD 55,486 EUR		49,152	State Street Bank and Trust Co.	01/07/22		(477	)
USD 107,345 CAD		137,602	State Street Bank and Trust Co.	01/07/22		(1,435	)
USD 113,468 EUR		99,746	State Street Bank and Trust Co.	01/07/22		796
					$	(405,304	)

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

The fair value of derivative instruments as of December 31, 2021 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	$	28,364
Total Asset Derivatives		$	28,364
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	433,668
Total Liability Derivatives		$	433,668

See Accompanying Notes to Financial Statements
147

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	1,064,187
Total	$	1,064,187
	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	$	53,542
Total	$	53,542

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

	State Street Bank and Trust Co.			Totals
Assets:
Forward foreign currency contracts	$	28,364		$	28,364
Total Assets	$	28,364		$	28,364
Liabilities:
Forward foreign currency contracts	$	433,668		$	433,668
Total Liabilities	$	433,668		$	433,668
Net OTC derivative instruments by counterparty, at fair value	$	(405,304	)		(405,304	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—
Net Exposure⁽¹⁾	$	(405,304	)	$	(405,304	)

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

	Equity-Linked Notes*		Structured Products*			Total
Assets:
Beginning balance at December 31, 2020	$	11,377,989	$	21,388,478		$	32,766,467
Purchases		—		—			—
Sales		—		(7,039,845	)		(7,039,845	)
Accrued discounts/(premiums)		—		(128,109	)		(128,109	)
Total realized gain (loss)		—		894,812			894,812
Net change in unrealized appreciation (depreciation)**		1,153,379		(1,277,712	)		(124,333	)
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Ending balance at December 31, 2021	$	12,531,368	$	13,837,624		$	26,368,992
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021**	$	1,153,379	$	(542,571	)	$	610,808

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

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

See Accompanying Notes to Financial Statements
148

VY^® INVESCO PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,051,233,634.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	279,697,930
Gross Unrealized Depreciation		(15,515,850	)
Net Unrealized Appreciation	$	264,182,080

See Accompanying Notes to Financial Statements
149

PORTFOLIO OF INVESTMENTS
VY^® INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.5%
				Brazil: 0.2%
	240,017	(1	)	StoneCo Ltd.	$	4,046,687		0.2
				China: 3.6%
	804,174	(1	)	JD.com, Inc. ADR		56,348,472		3.3
	203,200	(1	),(2)	Meituan Class B		5,876,034		0.3
						62,224,506		3.6
				Denmark: 0.2%
	148,908	(3	)	Ambu A/S		3,930,250		0.2
				France: 8.5%
	112,935			Dassault Systemes SE		6,702,158		0.4
	61,315			Kering SA		49,196,162		2.8
	109,566			LVMH Moet Hennessy Louis Vuitton SE		90,548,923		5.3
						146,447,243		8.5
				Germany: 2.5%
	304,601			SAP SE		42,869,344		2.5
				India: 4.5%
	8,911,196			DLF Ltd.		46,576,679		2.7
	1,507,825			ICICI Bank Ltd. ADR		29,839,857		1.8
						76,416,536		4.5
				Italy: 0.4%
	97,923	(1	)	Brunello Cucinelli SpA		6,730,541		0.4
				Japan: 12.0%
	32,800			Fanuc Ltd.		6,972,034		0.4
	83,104			Keyence Corp.		52,252,322		3.0
	548,500			Murata Manufacturing Co., Ltd.		43,749,710		2.5
	483,800			Nidec Corp.		57,230,833		3.3
	284,600			Omron Corp.		28,359,649		1.7
	469,200			TDK Corp.		18,310,946		1.1
						206,875,494		12.0
				Netherlands: 3.7%
	396,330	(1	)	Airbus SE		50,707,916		2.9
	16,097			ASML Holding NV		12,894,014		0.8
						63,601,930		3.7
				Spain: 0.2%
	108,185			Industria de Diseno Textil SA		3,488,966		0.2

Shares					Value		Percentage of Net Assets
				Sweden: 3.5%
	810,823			Assa Abloy AB	$	24,714,679		1.5
	506,504			Atlas Copco AB - A Shares		34,999,853		2.0
						59,714,532		3.5
				Switzerland: 1.0%
	13,479			Lonza Group AG		11,222,459		0.7
	21,891	(1	)	Zur Rose Group AG		5,642,036		0.3
						16,864,495		1.0
				United Kingdom: 1.1%
	465,144	(1	)	Farfetch Ltd. - Class A		15,549,764		0.9
	222,669			Prudential PLC		3,850,573		0.2
						19,400,337		1.1
				United States: 58.1%
	129,110	(1	)	Adobe, Inc.		73,213,117		4.3
	235,167			Agilent Technologies, Inc.		37,544,412		2.2
	66,908	(1	)	Alphabet, Inc. - Class A		193,835,152		11.3
	4,647	(1	)	Amazon.com, Inc.		15,494,678		0.9
	332,422			Analog Devices, Inc.		58,429,815		3.4
	744,036	(1	)	Avantor, Inc.		31,353,677		1.8
	212,217	(1	)	Boston Scientific Corp.		9,014,978		0.5
	51,528	(1	)	Castle Biosciences, Inc.		2,209,005		0.1
	23,873	(1	)	Charles River Laboratories International, Inc.		8,994,869		0.5
	20,377			Danaher Corp.		6,704,237		0.4
	127,047	(1	)	Dun & Bradstreet Holdings, Inc.		2,603,193		0.1
	132,723			Equifax, Inc.		38,859,967		2.3
	259,694	(1	)	Meta Platforms, Inc.		87,348,077		5.1
	148,104			Fidelity National Information Services, Inc.		16,165,552		0.9
	33,148	(1	)	Illumina, Inc.		12,610,825		0.7
	173,356			Intuit, Inc.		111,506,046		6.5
	25,557	(1	)	Intuitive Surgical, Inc.		9,182,630		0.5
	48,687	(1	)	IQVIA Holdings, Inc.		13,736,550		0.8
	15,845	(1	)	Marriott International, Inc.		2,618,228		0.1
	114,133			Marvell Technology, Inc.		9,985,496		0.6
	61,957			Microsoft Corp.		20,837,378		1.2
	54,007	(1	)	Natera, Inc.		5,043,714		0.3
	32,498			Nvidia Corp.		9,557,987		0.6
	43,339	(1	)	Omnicell, Inc.		7,820,089		0.5
	98,405	(1	)	PayPal Holdings, Inc.		18,557,215		1.1
	142,290	(1	)	Phathom Pharmaceuticals, Inc.		2,798,844		0.2

See Accompanying Notes to Financial Statements
150

PORTFOLIO OF INVESTMENTS
VY^® INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				United States (continued)
	199,953	(1	)	Qualtrics International, Inc.	$	7,078,336		0.4
	192,476			S&P Global, Inc.		90,835,199		5.3
	52,490	(1	)	Splunk, Inc.		6,074,143		0.3
	130,700	(1	),(3)	Uniqure B.V.		2,710,718		0.2
	184,365			United Parcel Service, Inc. - Class B		39,516,794		2.3
	209,936	(1	)	Veracyte, Inc.		8,649,363		0.5
	97,894			Visa, Inc. - Class A		21,214,609		1.2
	113,324	(1	)	Walt Disney Co.		17,552,754		1.0
						999,657,647		58.1
				Total Common Stock (Cost $603,940,265)		1,712,268,508		99.5
PREFERRED STOCK: 0.0%
				India: 0.0%
	2,598,630			Zee Entertainment Enterprises Ltd.		73,062		0.0
				Total Preferred Stock (Cost $335,416)		73,062		0.0
				Total Long-Term Investments (Cost $604,275,681)		1,712,341,570		99.5
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.8%
				Repurchase Agreements: 0.2%
	1,030,025	(4	)	Bank of America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,030,029, collateralized by various U.S. Government Agency Obligations, 1.000%-5.000%, Market Value plus accrued interest $1,050,625, due 09/01/28-01/01/61)	$	1,030,025		0.1

Principal Amount†					Value		Percentage of Net Assets
	305,351	(4	)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $305,353, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $311,459, due 04/07/22-04/01/51)	$	305,351		0.0
	1,030,025	(4	)	HSBC Securities USA, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,030,029, collateralized by various U.S. Government Agency Obligations, 1.875%-6.500%, Market Value plus accrued interest $1,050,626, due 01/20/27-05/20/51)		1,030,025		0.0
	1,030,025	(4	)	MUFG Securities America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,030,029, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,050,626, due 05/20/24-10/01/51)		1,030,025		0.0

See Accompanying Notes to Financial Statements
151

PORTFOLIO OF INVESTMENTS
VY^® INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Repurchase Agreements (continued)

1,030,025

)

RBC Dominion
Securities Inc.,
Repurchase
Agreement dated
12/31/21, 0.05%,
due 01/03/22
(Repurchase
Amount $1,030,029,
collateralized by
various U.S.
Government/U.S.
Government
Agency Obligations,
0.000%-6.500%,
Market Value plus
accrued interest
$1,050,626, due
05/15/22-12/01/51)

1,030,025

0.1

Total Repurchase
Agreements
(Cost $4,425,451)

4,425,451

0.2

Value

Percentage
of Net
Assets

Mutual Funds: 0.6%

9,638,868

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.030%
(Cost $9,638,868)

9,638,868

0.6

Total Short-Term
Investments
(Cost $14,064,319)

14,064,319

0.8

Total Investments
in Securities
(Cost
$618,340,000)

1,726,405,889

100.3

Liabilities in Excess
of Other Assets

(5,215,284

)

(0.3

)

Net Assets

1,721,190,605

100.0

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

ADR American Depositary Receipt

(1) Non-income producing security.

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

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

(4) 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 December 31, 2021.

Sector Diversification	Percentage of Net Assets
Information Technology		32.6	%
Communication Services		17.4
Industrials		14.9
Consumer Discretionary		14.3
Health Care		10.1
Financials		7.2
Real Estate		2.7
Consumer Staples		0.3
Short-Term Investments		0.8
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements
152

PORTFOLIO OF INVESTMENTS
VY^® INVESCO GLOBAL PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
Brazil	$	4,046,687	$	—	$	—	$	4,046,687
China		56,348,472		5,876,034		—		62,224,506
Denmark		—		3,930,250		—		3,930,250
France		—		146,447,243		—		146,447,243
Germany		—		42,869,344		—		42,869,344
India		29,839,857		46,576,679		—		76,416,536
Italy		—		6,730,541		—		6,730,541
Japan		—		206,875,494		—		206,875,494
Netherlands		—		63,601,930		—		63,601,930
Spain		—		3,488,966		—		3,488,966
Sweden		—		59,714,532		—		59,714,532
Switzerland		—		16,864,495		—		16,864,495
United Kingdom		15,549,764		3,850,573		—		19,400,337
United States		999,657,647		—		—		999,657,647
Total Common Stock		1,105,442,427		606,826,081		—		1,712,268,508
Preferred Stock		73,062		—		—		73,062
Short-Term Investments		9,638,868		4,425,451		—		14,064,319
Total Investments, at fair value	$	1,115,154,357	$	611,251,532	$	—	$	1,726,405,889

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	37,903
Total	$	37,903
	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	$	4,449
Total	$	4,449

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $623,647,863.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,122,033,734
Gross Unrealized Depreciation		(19,289,508	)
Net Unrealized Appreciation	$	1,102,744,226

See Accompanying Notes to Financial Statements
153

VY^® JPMORGAN PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.1%
				Communication Services: 4.1%
	29,735	(1	)	IAC/InterActiveCorp	$	3,886,662		0.9
	84,238	(1	)	Liberty Media Corp.- Liberty SiriusXM C Tracking Stock		4,283,502		1.0
	35,960	(1	)	Liberty Broadband Corp. - Series C		5,793,156		1.4
	547,617	(1	)	Zynga, Inc. - Class A		3,504,749		0.8
						17,468,069		4.1
				Consumer Discretionary: 11.3%
	3,280	(1	)	Autozone, Inc.		6,876,159		1.6
	37,420			Best Buy Co., Inc.		3,801,872		0.9
	35,840			Carter's, Inc.		3,627,725		0.9
	15,340			Darden Restaurants, Inc.		2,310,818		0.5
	10,780	(1	)	Expedia Group, Inc.		1,948,162		0.5
	149,370			Gap, Inc.		2,636,380		0.6
	19,290			Genuine Parts Co.		2,704,458		0.6
	63,781			Kohl's Corp.		3,150,143		0.7
	89,480			LKQ Corp.		5,371,484		1.3
	22,170	(1	)	Mohawk Industries, Inc.		4,038,931		1.0
	203,586			Newell Brands, Inc.		4,446,318		1.1
	30,700			Ralph Lauren Corp.		3,649,002		0.9
	77,390			Tapestry, Inc.		3,142,034		0.7
						47,703,486		11.3
				Consumer Staples: 4.1%
	14,320			Constellation Brands, Inc.		3,593,890		0.8
	49,562			Energizer Holdings, Inc.		1,987,436		0.5
	67,710			Keurig Dr Pepper, Inc.		2,495,791		0.6
	68,710			Kroger Co.		3,109,815		0.7
	32,710	(1	)	Post Holdings, Inc.		3,687,398		0.9
	72,920	(1	)	US Foods Holding Corp.		2,539,804		0.6
						17,414,134		4.1
				Energy: 4.0%
	293,230			Coterra Energy, Inc.		5,571,370		1.3
	53,794			Diamondback Energy, Inc.		5,801,683		1.4
	208,580			Williams Cos., Inc.		5,431,423		1.3
						16,804,476		4.0
				Financials: 22.3%
	3,273	(1	)	Alleghany Corp.		2,185,022		0.5
	26,620			Ameriprise Financial, Inc.		8,030,189		1.9
	48,210	(1	)	Arch Capital Group Ltd.		2,142,935		0.5
	105,800			Citizens Financial Group, Inc.		4,999,050		1.2
	37,850			Discover Financial Services		4,373,946		1.0
	145,370			Fifth Third Bancorp		6,330,863		1.5
	59,550			Hartford Financial Services Group, Inc.		4,111,332		1.0

Shares					Value		Percentage of Net Assets
	441,105			Huntington Bancshares, Inc.	$	6,801,839		1.6
	48,010			Lincoln National Corp.		3,277,163		0.8
	112,682			Loews Corp.		6,508,512		1.5
	43,333			M&T Bank Corp.		6,655,082		1.6
	134,030			MGIC Investment Corp.		1,932,713		0.5
	42,540			Northern Trust Corp.		5,088,209		1.2
	26,940			Progressive Corp.		2,765,391		0.7
	53,465			Raymond James Financial, Inc.		5,367,886		1.3
	239,780			Regions Financial Corp.		5,227,204		1.2
	13,460			RenaissanceRe Holdings Ltd.		2,279,182		0.5
	54,033			State Street Corp.		5,025,069		1.2
	22,380			T. Rowe Price Group, Inc.		4,400,803		1.0
	39,005			WR Berkley Corp.		3,213,622		0.8
	53,710			Zions Bancorp NA		3,392,324		0.8
						94,108,336		22.3
				Health Care: 6.8%
	38,380			AmerisourceBergen Corp.		5,100,318		1.2
	48,490	(1	)	Henry Schein, Inc.		3,759,430		0.9
	5,030			Humana, Inc.		2,333,216		0.5
	18,640	(1	)	Jazz Pharmaceuticals PLC		2,374,736		0.6
	20,760	(1	)	Laboratory Corp. of America Holdings		6,522,999		1.5
	34,390			Universal Health Services, Inc.		4,459,007		1.1
	34,320			Zimmer Biomet Holdings, Inc.		4,360,013		1.0
						28,909,719		6.8
				Industrials: 14.1%
	26,611			Acuity Brands, Inc.		5,634,081		1.3
	30,190			Ametek, Inc.		4,439,138		1.0
	25,500			Carlisle Cos., Inc.		6,327,060		1.5
	59,990			Fortune Brands Home & Security, Inc.		6,412,931		1.5
	27,920			Hubbell, Inc.		5,814,898		1.4
	14,040			IDEX Corp.		3,317,933		0.8
	51,060			ITT, Inc.		5,217,821		1.2
	39,220			Leidos Holdings, Inc.		3,486,658		0.8
	31,960			Lincoln Electric Holdings, Inc.		4,457,461		1.1
	23,230	(1	)	Middleby Corp.		4,570,735		1.1
	21,491			Snap-On, Inc.		4,628,732		1.1
	45,620	(1	)	Southwest Airlines Co.		1,954,361		0.5
	49,780			Timken Co.		3,449,256		0.8
						59,711,065		14.1
				Information Technology: 7.3%
	53,290			Amphenol Corp.		4,660,743		1.1
	14,610			Analog Devices, Inc.		2,568,000		0.6
	18,160			CDW Corp.		3,718,805		0.9

See Accompanying Notes to Financial Statements
154

VY^® JPMORGAN PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	19,870	(1	)	FleetCor Technologies, Inc.	$	4,447,701		1.0
	24,820			Motorola Solutions, Inc.		6,743,594		1.6
	149,640			NortonLifeLock, Inc.		3,887,647		0.9
	42,820			TD SYNNEX Corp.		4,896,895		1.2
						30,923,385		7.3
				Materials: 4.9%
	23,140			Celanese Corp. - Series A		3,888,909		0.9
	92,600			Freeport-McMoRan, Inc.		3,864,198		0.9
	9,695			Martin Marietta Materials, Inc.		4,270,841		1.0
	21,860			Packaging Corp. of America		2,976,239		0.7
	20,530			RPM International, Inc.		2,073,530		0.5
	86,480			Silgan Holdings, Inc.		3,704,803		0.9
						20,778,520		4.9
				Real Estate: 12.1%
	92,010			American Homes 4 Rent		4,012,556		1.0
	15,830			AvalonBay Communities, Inc.		3,998,500		1.0
	30,410			Boston Properties, Inc.		3,502,624		0.8
	105,950			Brixmor Property Group, Inc.		2,692,189		0.6
	41,200	(1	)	CBRE Group, Inc.		4,470,612		1.1
	7,460			Essex Property Trust, Inc.		2,627,636		0.6
	15,420			Federal Realty Investment Trust		2,102,054		0.5
	76,660	(1	)	Host Hotels & Resorts, Inc.		1,333,117		0.3
	53,713			JBG SMITH Properties		1,542,100		0.4
	127,050			Kimco Realty Corp.		3,131,783		0.7
	10,990			Mid-America Apartment Communities, Inc.		2,521,546		0.6
	97,500			Rayonier, Inc.		3,935,100		0.9
	29,350			Regency Centers Corp.		2,211,523		0.5

Shares					Value			Percentage of Net Assets
	30,440			Rexford Industrial Realty, Inc.	$	2,468,988			0.6
	10,610			Sun Communities, Inc.		2,227,782			0.5
	30,610			Ventas, Inc.		1,564,783			0.4
	104,300			Weyerhaeuser Co.		4,295,074			1.0
	33,240			WP Carey, Inc.		2,727,342			0.6
						51,365,309			12.1
				Utilities: 8.1%
	87,150			CMS Energy Corp.		5,669,107			1.3
	51,270			Edison International		3,499,178			0.8
	44,580			Entergy Corp.		5,021,937			1.2
	90,905			National Fuel Gas Co.		5,812,466			1.4
	16,690			Sempra Energy		2,207,753			0.5
	58,710			WEC Energy Group, Inc.		5,698,980			1.4
	93,610			Xcel Energy, Inc.		6,337,397			1.5
						34,246,818			8.1
				Total Common Stock (Cost $282,704,509)		419,433,317			99.1
SHORT-TERM INVESTMENTS: 1.2%
				Mutual Funds: 1.2%
	4,996,940	(2	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030% (Cost $4,996,940)		4,996,940			1.2
				Total Short-Term Investments (Cost $4,996,940)		4,996,940			1.2
				Total Investments in Securities (Cost $287,701,449)	$	424,430,257			100.3
				Liabilities in Excess of Other Assets		(1,431,995	)		(0.3	)
				Net Assets	$	422,998,262			100.0

(1) Non-income producing security.

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock*	$	419,433,317	$	—	$	—	$	419,433,317
Short-Term Investments		4,996,940		—		—		4,996,940
Total Investments, at fair value	$	424,430,257	$	—	$	—	$	424,430,257

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

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

See Accompanying Notes to Financial Statements
155

VY^® JPMORGAN PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $289,016,570.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	143,927,684
Gross Unrealized Depreciation		(8,513,997	)
Net Unrealized Appreciation	$	135,413,687

See Accompanying Notes to Financial Statements
156

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.0%
				Communication Services: 5.0%
	151,494	(1	)	Altice USA, Inc.	$	2,451,173		0.2
	39,254	(1	)	Bumble, Inc.		1,329,140		0.1
	7,575	(2	)	Cable One, Inc.		13,358,134		0.9
	13,600			Electronic Arts, Inc.		1,793,840		0.1
	30,800	(1	)	IAC/InterActiveCorp		4,025,868		0.3
	103,331	(1	)	Match Group, Inc.		13,665,525		1.0
	193,900	(1	)	Pinterest, Inc.		7,048,265		0.5
	43,700	(1	)	Roku, Inc.		9,972,340		0.7
	51,400	(1	)	Spotify Technology SA		12,029,142		0.8
	10,300	(1	)	Take-Two Interactive Software, Inc.		1,830,516		0.1
	91,430	(1	)	Vimeo, Inc.		1,642,083		0.1
	29,968	(1	)	ZoomInfo Technologies, Inc.		1,923,945		0.1
	240,100	(1	)	Zynga, Inc. - Class A		1,536,640		0.1
						72,606,611		5.0
				Consumer Discretionary: 15.5%
	19,900	(1	)	Aptiv PLC		3,282,505		0.2
	4,850	(1	)	Autozone, Inc.		10,167,492		0.7
	20,200	(1	)	Bright Horizons Family Solutions, Inc.		2,542,776		0.2
	27,500	(1	)	Burlington Stores, Inc.		8,016,525		0.6
	56,800	(1	)	Caesars Entertainment, Inc.		5,312,504		0.4
	29,700	(1	)	Carmax, Inc.		3,867,831		0.3
	27,200	(1	),(2)	Carvana Co.		6,304,688		0.4
	47,819	(1	),(2)	Chewy, Inc.		2,819,886		0.2
	10,450	(1	)	Chipotle Mexican Grill, Inc.		18,269,213		1.3
	10,400	(1	)	Dollar Tree, Inc.		1,461,408		0.1
	20,500			Domino's Pizza, Inc.		11,568,765		0.8
	147,200	(1	),(2)	DraftKings, Inc. - Class A		4,043,584		0.3
	44,200	(1	)	Etsy, Inc.		9,677,148		0.7
	28,469	(1	)	Five Below, Inc.		5,889,951		0.4
	28,800	(1	)	Floor & Decor Holdings, Inc.		3,744,288		0.3
	88,100	(1	)	Hilton Worldwide Holdings, Inc.		13,742,719		0.9
	42,800	(1	)	Lululemon Athletica, Inc.		16,754,060		1.1
	325,600			MGM Resorts International		14,612,928		1.0
	1,819	(1	)	NVR, Inc.		10,748,235		0.7
	70,100	(1	),(2)	Ollie's Bargain Outlet Holdings, Inc.		3,588,419		0.2
	16,300	(1	)	O'Reilly Automotive, Inc.		11,511,549		0.8
	23,000			Papa Johns International, Inc.		3,069,810		0.2
	3,600			Pool Corp.		2,037,600		0.1

Shares					Value		Percentage of Net Assets
	59,281	(2	)	Restaurant Brands International, Inc.	$	3,597,171		0.2
	5,700	(1	),(2)	RH		3,054,858		0.2
	29,200			Ross Stores, Inc.		3,336,976		0.2
	25,700			Service Corp. International		1,824,443		0.1
	52,800			Tractor Supply Co.		12,598,080		0.9
	30,821	(1	)	Ulta Beauty, Inc.		12,708,731		0.9
	8,638	(1	),(2)	Warby Parker, Inc.		402,185		0.0
	14,700	(1	),(2)	Wayfair, Inc.		2,792,559		0.2
	22,800	(2	)	Williams-Sonoma, Inc.		3,856,164		0.3
	37,100	(1	),(2)	Wynn Resorts Ltd.		3,154,984		0.2
	32,600			Yum China Holdings, Inc.		1,624,784		0.1
	30,100			Yum! Brands, Inc.		4,179,686		0.3
						226,164,505		15.5
				Consumer Staples: 2.4%
	72,800	(1	)	BJ's Wholesale Club Holdings, Inc.		4,875,416		0.3
	3,989	(1	)	Boston Beer Co., Inc.		2,014,844		0.1
	78,275			Brown-Forman Corp. - Class B		5,703,117		0.4
	6,600			Casey's General Stores, Inc.		1,302,510		0.1
	17,300			Church & Dwight Co., Inc.		1,773,250		0.1
	12,100			Clorox Co.		2,109,756		0.2
	8,300			Constellation Brands, Inc.		2,083,051		0.1
	79,600	(1	)	Darling Ingredients, Inc.		5,515,484		0.4
	35,900			Hershey Co.		6,945,573		0.5
	16,800			McCormick & Co., Inc.		1,623,048		0.1
	17,389			Tyson Foods, Inc.		1,515,625		0.1
						35,461,674		2.4
				Energy: 2.0%
	347,500			Devon Energy Corp.		15,307,375		1.1
	58,800			Pioneer Natural Resources Co.		10,694,544		0.7
	44	(1	),(3),(4)	Venture Global LNG, Inc. - Series B		261,808		0.0
	560	(1	),(3),(4)	Venture Global LNG, Inc. - Series C		3,332,095		0.2
						29,595,822		2.0
				Financials: 4.3%
	46,400			Arthur J. Gallagher & Co.		7,872,688		0.5
	11,500			Assurant, Inc.		1,792,390		0.1
	13,833			Cboe Global Markets, Inc.		1,803,823		0.1
	66,200			Discover Financial Services		7,650,072		0.5

See Accompanying Notes to Financial Statements
157

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Financials (continued)
	4,300			Factset Research Systems, Inc.	$	2,089,843		0.2
	10,100			First Republic Bank		2,085,751		0.1
	79,200			Hartford Financial Services Group, Inc.		5,467,968		0.4
	21,200			MarketAxess Holdings, Inc.		8,718,924		0.6
	22,200			MSCI, Inc. - Class A		13,601,718		0.9
	11,400			Nasdaq, Inc.		2,394,114		0.2
	3,200	(1	)	SVB Financial Group		2,170,368		0.2
	69,419			Tradeweb Markets, Inc.		6,951,619		0.5
						62,599,278		4.3
				Health Care: 18.0%
	15,700	(1	)	Abiomed, Inc.		5,638,969		0.4
	24,099	(1	)	Acadia Healthcare Co., Inc.		1,462,809		0.1
	53,800	(1	)	Acadia Pharmaceuticals, Inc.		1,255,692		0.1
	44,959	(1	)	Adaptive Biotechnologies Corp.		1,261,550		0.1
	45,400			Agilent Technologies, Inc.		7,248,110		0.5
	50,167	(1	),(2)	agilon health, Inc.		1,354,509		0.1
	2,800	(1	)	Align Technology, Inc.		1,840,104		0.1
	32,200	(1	),(2)	Alnylam Pharmaceuticals, Inc.		5,460,476		0.4
	14,700	(1	)	Amedisys, Inc.		2,379,636		0.2
	12,585	(1	)	Argenx SE ADR		4,407,141		0.3
	15,600	(1	)	Ascendis Pharma A/S ADR		2,098,668		0.1
	224,343	(1	)	Avantor, Inc.		9,453,814		0.6
	17,500	(1	)	BioMarin Pharmaceutical, Inc.		1,546,125		0.1
	16,500	(1	)	BioNTech SE ADR		4,253,700		0.3
	8,300	(1	)	Bio-Rad Laboratories, Inc.		6,271,231		0.4
	15,000			Bio-Techne Corp.		7,760,100		0.5
	22,800	(1	)	Blueprint Medicines Corp.		2,442,108		0.2
	23,900			Bruker Corp.		2,005,449		0.1
	41,984	(1	)	Catalent, Inc.		5,375,212		0.4
	24,228	(1	)	Centene Corp.		1,996,387		0.1
	4,500			Cooper Cos., Inc.		1,885,230		0.1
	16,400	(1	)	DaVita, Inc.		1,865,664		0.1
	16,044	(1	)	Denali Therapeutics, Inc.		715,562		0.0
	34,100	(1	)	DexCom, Inc.		18,309,995		1.2
	69,110	(1	)	Elanco Animal Health, Inc.		1,961,342		0.1
	49,500	(1	),(2)	Exact Sciences Corp.		3,852,585		0.3

Shares					Value		Percentage of Net Assets
	82,700	(1	)	Exelixis, Inc.	$	1,511,756		0.1
	16,500	(1	),(2)	Fate Therapeutics, Inc.		965,415		0.1
	105,800	(1	)	Genmab A/S ADR		4,185,448		0.3
	26,500	(1	),(2)	Guardant Health, Inc.		2,650,530		0.2
	30,300	(1	)	Hologic, Inc.		2,319,768		0.2
	27,900	(1	)	Horizon Therapeutics Plc		3,006,504		0.2
	5,775	(1	)	ICU Medical, Inc.		1,370,639		0.1
	19,600	(1	)	Idexx Laboratories, Inc.		12,905,816		0.9
	44,900	(1	)	Incyte Corp., Ltd.		3,295,660		0.2
	31,200	(1	),(2)	Ionis Pharmaceuticals, Inc.		949,416		0.1
	18,600	(1	)	IQVIA Holdings, Inc.		5,247,804		0.4
	9,722	(1	),(2)	Kodiak Sciences, Inc.		824,231		0.1
	75,491			McKesson Corp.		18,764,798		1.3
	7,400	(1	)	Mettler Toledo International, Inc.		12,559,354		0.9
	6,400	(1	)	Mirati Therapeutics, Inc.		938,816		0.1
	11,100	(1	)	Molina Healthcare, Inc.		3,530,688		0.2
	183,000	(1	),(2)	Multiplan Corp.		810,690		0.0
	25,700	(1	),(2)	Natera, Inc.		2,400,123		0.2
	34,079	(1	)	Neurocrine Biosciences, Inc.		2,902,508		0.2
	32,500	(1	),(2)	Novocure Ltd.		2,440,100		0.2
	84,191	(1	)	Ortho Clinical Diagnostics Holdings PLC		1,800,845		0.1
	46,700	(1	),(2)	Pacific Biosciences of California, Inc.		955,482		0.1
	17,000	(1	),(2)	Penumbra, Inc.		4,884,440		0.3
	12,500	(1	),(2)	Quidel Corp.		1,687,375		0.1
	36,886	(1	),(2)	Repligen Corp.		9,768,888		0.7
	45,600			Resmed, Inc.		11,877,888		0.8
	35,088	(2	)	Royalty Pharma PLC		1,398,257		0.1
	43,380	(1	)	Seagen, Inc.		6,706,548		0.5
	7,700	(1	)	Shockwave Medical, Inc.		1,373,141		0.1
	14,500			STERIS Public Ltd. Co.		3,529,445		0.2
	12,712	(1	),(2)	Teladoc Health, Inc.		1,167,216		0.1
	7,500			Teleflex, Inc.		2,463,600		0.2
	19,692	(1	),(2)	Ultragenyx Pharmaceutical, Inc.		1,655,900		0.1
	9,000	(1	)	United Therapeutics Corp.		1,944,720		0.1
	53,500	(1	)	Veeva Systems, Inc.		13,668,180		0.9
	22,200			West Pharmaceutical Services, Inc.		10,412,022		0.7
						262,976,179		18.0

See Accompanying Notes to Financial Statements
158

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials: 12.8%
	49,800	(1	)	Alaska Air Group, Inc.	$	2,594,580		0.2
	11,500			Allegion Public Ltd.		1,523,060		0.1
	11,962			Ametek, Inc.		1,758,892		0.1
	24,700			AO Smith Corp.		2,120,495		0.1
	66,564			Booz Allen Hamilton Holding Corp.		5,643,962		0.4
	32,300			BWX Technologies, Inc.		1,546,524		0.1
	28,600			Cintas Corp.		12,674,662		0.9
	51,178	(1	),(2)	Clarivate PLC		1,203,707		0.1
	90,300	(1	)	Copart, Inc.		13,691,286		0.9
	145,845	(1	)	CoStar Group, Inc.		11,526,130		0.8
	23,087			Equifax, Inc.		6,759,643		0.5
	17,000			Expeditors International Washington, Inc.		2,282,930		0.1
	31,600			Fastenal Co.		2,024,296		0.1
	38,175			Fortune Brands Home & Security, Inc.		4,080,907		0.3
	26,700	(1	)	Generac Holdings, Inc.		9,396,264		0.6
	18,000			Graco, Inc.		1,451,160		0.1
	36,400	(1	)	Hexcel Corp.		1,885,520		0.1
	11,500			Hubbell, Inc.		2,395,105		0.2
	10,700			Huntington Ingalls Industries, Inc.		1,998,118		0.1
	86,500	(1	)	IAA, Inc.		4,378,630		0.3
	6,900			IDEX Corp.		1,630,608		0.1
	8,500			JB Hunt Transport Services, Inc.		1,737,400		0.1
	11,300			Landstar System, Inc.		2,022,926		0.1
	33,469	(1	),(2)	Legalzoom.com, Inc.		537,847		0.0
	21,800			Leidos Holdings, Inc.		1,938,020		0.1
	14,600	(1	)	Middleby Corp.		2,872,696		0.2
	27,150			Old Dominion Freight Line		9,730,017		0.7
	30,700			Otis Worldwide Corp.		2,673,049		0.2
	20,000			Paccar, Inc.		1,765,200		0.1
	48,700			Republic Services, Inc.		6,791,215		0.5
	20,300			Ritchie Bros Auctioneers, Inc.		1,242,563		0.1
	21,700			Rockwell Automation, Inc.		7,570,045		0.5
	35,237	(2	)	Rollins, Inc.		1,205,458		0.1
	47,198	(1	)	Shoals Technologies Group, Inc.		1,146,911		0.1
	57,300	(1	)	Southwest Airlines Co.		2,454,732		0.2
	16,900			Toro Co.		1,688,479		0.1
	26,500			Trane Technologies PLC		5,353,795		0.4
	8,196	(1	)	TransDigm Group, Inc.		5,214,951		0.4
		72,100		TransUnion		8,549,618		0.6

Shares					Value		Percentage of Net Assets
	17,100	(1	)	United Rentals, Inc.	$	5,682,159		0.4
	39,600	(1	)	Upwork, Inc.		1,352,736		0.1
	11,200			Valmont Industries, Inc.		2,805,600		0.2
	36,256			Verisk Analytics, Inc.		8,292,835		0.6
	53,650			Waste Connections, Inc.		7,310,885		0.5
	8,000			Watsco, Inc.		2,503,040		0.2
	17,600			Woodward, Inc.		1,926,496		0.1
						186,935,152		12.8
				Information Technology: 34.7%
	20,559	(1	),(2)	Affirm Holdings, Inc.		2,067,413		0.1
	18,900	(1	)	Akamai Technologies, Inc.		2,212,056		0.1
	179,100	(2	)	Amphenol Corp.		15,664,086		1.1
	75,700	(1	)	Anaplan, Inc.		3,470,845		0.2
	16,800	(1	)	ANSYS, Inc.		6,738,816		0.5
	56,300	(1	),(2)	AppLovin Corp.		5,306,838		0.4
	28,199	(1	)	Aspen Technology, Inc.		4,291,888		0.3
	35,500	(1	)	Avalara, Inc.		4,583,405		0.3
	27,281	(2	)	Bentley Systems, Inc.		1,318,491		0.1
	37,100	(1	)	Bill.com Holdings, Inc.		9,243,465		0.6
	46,434	(1	)	Black Knight, Inc.		3,848,914		0.3
	45,400			Broadridge Financial Solutions, Inc. ADR		8,300,028		0.6
	105,000	(1	)	Cadence Design Systems, Inc.		19,566,750		1.3
	46,036	(1	)	CCC Intelligent Solutions Holdings, Inc.		524,350		0.0
	62,600			CDW Corp.		12,819,228		0.9
	38,103	(1	)	Ceridian HCM Holding, Inc.		3,980,239		0.3
	20,500			Citrix Systems, Inc.		1,939,095		0.1
	30,100			Cognex Corp.		2,340,576		0.2
	18,248	(1	),(2)	Confluent, Inc.		1,391,227		0.1
	33,223	(1	)	Coupa Software, Inc.		5,250,895		0.4
	61,597	(1	)	Crowdstrike Holdings, Inc.		12,611,986		0.9
	11,320	(1	),(3),(4)	Databricks, Inc.		2,495,521		0.2
	76,246	(1	)	Datadog, Inc.		13,580,175		0.9
	62,853	(1	)	DocuSign, Inc.		9,573,140		0.6
	52,600	(1	)	DoubleVerify Holdings, Inc.		1,750,528		0.1
	34,137	(1	)	Dynatrace, Inc.		2,060,168		0.1
	52,600	(1	)	Enphase Energy, Inc.		9,622,644		0.7
	91,500			Entegris, Inc.		12,680,070		0.9
	22,200	(1	)	EPAM Systems, Inc.		14,839,590		1.0
	15,800	(1	)	Euronet Worldwide, Inc.		1,882,886		0.1
	28,595	(1	)	Five9, Inc.		3,926,665		0.3
	22,400	(1	)	FleetCor Technologies, Inc.		5,014,016		0.3

See Accompanying Notes to Financial Statements
159

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	55,700	(1	)	Fortinet, Inc.	$	20,018,580		1.4
	25,600	(1	)	Gartner, Inc.		8,558,592		0.6
	36,000			Genpact Ltd.		1,910,880		0.1
	11,260	(1	),(2)	Gitlab, Inc.		979,620		0.1
	34,129	(1	),(4)	Gitlab, Inc., Class B - Lockup Shares		2,820,762		0.2
	21,100	(1	)	GoDaddy, Inc.		1,790,546		0.1
	12,300	(1	),(2)	Guidewire Software, Inc.		1,396,419		0.1
	2,391	(1	)	HashiCorp, Inc.		217,677		0.0
	16,950	(1	)	HubSpot, Inc.		11,172,592		0.8
	77,700	(1	)	Informatica, Inc.		2,873,346		0.2
	6,400	(1	)	IPG Photonics Corp.		1,101,696		0.1
	26,650	(1	)	Keysight Technologies, Inc.		5,503,491		0.4
	8,300			KLA Corp.		3,569,913		0.2
	27,300	(1	)	Lattice Semiconductor Corp.		2,103,738		0.1
	5,100			Littelfuse, Inc.		1,604,868		0.1
	30,900	(1	)	Manhattan Associates, Inc.		4,804,641		0.3
	42,748			Marvell Technology, Inc.		3,740,023		0.3
	183,634			Microchip Technology, Inc.		15,987,176		1.1
	11,000			MKS Instruments, Inc.		1,915,870		0.1
	3,206	(1	),(2)	Monday.com Ltd.		989,756		0.1
	22,639	(1	),(2)	MongoDB, Inc.		11,983,955		0.8
	24,200			Monolithic Power Systems, Inc.		11,938,586		0.8
	25,400			Motorola Solutions, Inc.		6,901,180		0.5
	67,682	(1	),(2)	nCino, Inc.		3,713,035		0.2
	42,700	(1	),(2)	Okta, Inc.		9,572,059		0.6
	95,000	(1	)	ON Semiconductor Corp.		6,452,400		0.4
	30,700	(1	),(2)	Palo Alto Networks, Inc.		17,092,532		1.2
	29,900			Paychex, Inc.		4,081,350		0.3
	25,700	(1	)	Paycom Software, Inc.		10,670,383		0.7
	50,100	(1	),(2)	Paycor HCM, Inc.		1,443,381		0.1
	23,000	(1	)	Paylocity Holding Corp.		5,431,680		0.4
	16,536	(1	),(2)	Procore Technologies, Inc.		1,322,384		0.1
	44,075	(1	)	PTC, Inc.		5,339,686		0.4
	66,502	(1	)	Qualtrics International, Inc.		2,354,171		0.2
	29,000	(1	)	RingCentral, Inc.		5,433,150		0.4
	51,771	(1	),(2)	SentinelOne, Inc.		2,613,918		0.2
	10,300	(1	),(2)	Silicon Laboratories, Inc.		2,126,126		0.1
	30,900			Skyworks Solutions, Inc.		4,793,826		0.3

Shares					Value		Percentage of Net Assets
	58,300	(1	)	Smartsheet, Inc.	$	4,515,335		0.3
	12,100	(1	)	Splunk, Inc.		1,400,212		0.1
	15,488	(1	)	Squarespace, Inc.		456,896		0.0
	46,035			SS&C Technologies Holdings, Inc.		3,773,949		0.3
	55,221	(1	),(2)	StoneCo Ltd.		931,026		0.1
	39,200	(1	)	Synopsys, Inc.		14,445,200		1.0
	31,626	(1	),(3),(4)	Tanium, Inc. Class B		291,592		0.0
	59,100	(2	)	Teradyne, Inc.		9,664,623		0.7
	6,136	(1	),(2)	Toast, Inc.		212,981		0.0
	176,500	(1	)	Trade Desk, Inc./The		16,174,460		1.1
	4,400	(1	)	Twilio, Inc.		1,158,696		0.1
	14,700	(1	)	Tyler Technologies, Inc.		7,907,865		0.5
	78,661	(1	),(2)	UiPath, Inc.		3,392,649		0.2
	6,400	(1	)	VeriSign, Inc.		1,624,448		0.1
	12,999	(1	)	WEX, Inc.		1,824,930		0.1
	9,553	(1	)	Wix.com Ltd.		1,507,368		0.1
	16,300	(1	),(2)	Workiva, Inc.		2,126,987		0.1
	21,000	(1	)	Zebra Technologies Corp.		12,499,200		0.9
	39,400	(1	)	Zscaler, Inc.		12,660,402		0.9
						507,788,801		34.7
				Materials: 2.5%
	7,900			Albemarle Corp.		1,846,783		0.1
	165,947	(1	)	Ardagh Metal Packaging SA		1,498,501		0.1
	18,300			Avery Dennison Corp.		3,963,231		0.3
	39,980			Ball Corp.		3,848,875		0.3
	47,100			CF Industries Holdings, Inc.		3,333,738		0.2
	42,500			PPG Industries, Inc.		7,328,700		0.5
	46,800			RPM International, Inc.		4,726,800		0.3
	44,300			Sealed Air Corp.		2,988,921		0.2
	42,500			Steel Dynamics, Inc.		2,637,975		0.2
	21,300			Vulcan Materials Co.		4,421,454		0.3
						36,594,978		2.5
				Real Estate: 1.8%
	17,900			Alexandria Real Estate Equities, Inc.		3,990,984		0.3
	122,400			CubeSmart		6,965,784		0.5
	85,200			Equity Lifestyle Properties, Inc.		7,468,632		0.5
	30,900	(2	)	eXp World Holdings, Inc.		1,041,021		0.1
	16,800			SBA Communications Corp.		6,535,536		0.4
						26,001,957		1.8
				Total Common Stock (Cost $1,014,213,001)		1,446,724,957		99.0

See Accompanying Notes to Financial Statements
160

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
PREFERRED STOCK: 0.9%
				Consumer Discretionary: 0.2%
	32,438	(1	),(3),(4)	Rappi, Inc. - Series E	$	2,089,758		0.2
				Health Care: 0.1%
	123,878	(1	),(3),(4)	Caris Life Sciences, Inc. Series D		1,003,412		0.1
				Information Technology: 0.6%
	24,459	(1	),(3),(4)	Databricks, Inc., Series F		5,392,045		0.4
	2,636	(1	),(3),(4)	Databricks, Inc., Series G		581,113		0.0
	353,970	(1	),(3),(4)	Tanium, Inc. - Series G		3,263,603		0.2
						9,236,761		0.6
				Total Preferred Stock (Cost $6,216,684)		12,329,931		0.9
				Total Long-Term Investments (Cost $1,020,429,685)		1,459,054,888		99.9
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.0%
				Commercial Paper: 1.6%
	500,000	(5	)	ANZ Bank, 0.120%, 01/25/2022	$	499,976		0.0
	750,000	(5	)	ANZ Bank, 0.120%, 02/10/2022		749,927		0.1
	475,000	(5	)	Caisse des Dépôts et Consignations, 0.120%, 01/26/2022		474,974		0.0
	500,000	(5	)	Collateralized Commercial Paper FLEX Co., LLC, 0.150%, 03/08/2022		499,803		0.0
	600,000	(5	)	Collateralized Commercial Paper V Co., LLC, 0.360%, 06/08/2022		599,099		0.0
	725,000	(5	)	Credit Suisse AG, 0.330%, 06/09/2022		724,001		0.1
	750,000	(5	)	DBS Bank Ltd., 0.120%, 02/01/2022		749,931		0.1
	725,000	(5	)	DNB Bank ASA, 0.140%, 03/16/2022		724,781		0.1
	575,000	(5	)	DNB Bank ASA, 0.140%, 03/22/2022		574,805		0.0
	625,000	(5	)	HSBC Bank PLC, 0.140%, 03/03/2022		624,748		0.0
	725,000	(5	)	JPMorgan Securities LLC, 0.220%, 03/14/2022		724,668		0.1

Principal Amount†					Value		Percentage of Net Assets
	400,000	(5	)	Liberty Street Funding LLC, 0.220%, 03/17/2022	$	399,808		0.0
	425,000	(5	)	Lloyds Bank PLC, 0.150%, 03/14/2022		424,848		0.0
	400,000	(5	)	Lloyds Bank PLC, 0.150%, 03/29/2022		399,798		0.0
	525,000	(5	)	LMA-Americas LLC, 0.150%, 03/14/2022		524,764		0.0
	500,000	(5	)	LMA-Americas LLC, 0.270%, 05/04/2022		499,528		0.0
	700,000	(5	)	Matchpoint Finance PLC, 0.150%, 03/15/2022		699,679		0.1
	525,000	(5	)	Mizuho Bank Ltd., 0.150%, 03/16/2022		524,743		0.0
	725,000	(5	)	National Australia Bank Ltd., 0.120%, 02/18/2022		724,890		0.1
	750,000	(5	)	Nieuw Amsterdam Receivables Corporation B.V., 0.100%, 01/07/2022		749,988		0.1
	625,000	(5	)	Nieuw Amsterdam Receivables Corporation B.V., 0.100%, 01/11/2022		624,984		0.0
	750,000	(5	)	NRW.Bank, 0.130%, 03/21/2022		749,822		0.1
	750,000	(5	)	Old Line Funding LLC, 0.130%, 03/10/2022		749,691		0.1
	250,000	(5	)	Old Line Funding LLC, 0.250%, 04/27/2022		249,782		0.0
	425,000	(5	)	Santander UK PLC, 0.130%, 02/01/2022		424,968		0.0
	500,000	(5	)	Santander UK PLC, 0.300%, 05/03/2022		499,553		0.0
	700,000	(5	)	Sheffield Receivables Company LLC, 0.240%, 03/15/2022		699,679		0.0
	800,000	(5	)	Skandinaviska Enskilda Banken AB, 0.140%, 04/04/2022		799,574		0.1
	300,000	(5	)	Skandinaviska Enskilda Banken AB, 0.220%, 03/15/2022		299,900		0.0
	750,000	(5	)	Societe Generale, 0.170%, 03/31/2022		749,737		0.1
	525,000	(5	)	Starbird Funding Corp., 0.250%, 03/21/2022		524,728		0.0
	600,000	(5	)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/07/2022		599,831		0.0
	525,000	(5	)	Sumitomo Mitsui Trust Bank Ltd., 0.290%, 04/08/2022		524,681		0.0
	725,000	(5	)	Swedbank AB, 0.150%, 03/23/2022		724,754		0.1

See Accompanying Notes to Financial Statements
161

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Commercial Paper (continued)
	750,000	(5	)	Swedbank AB, 0.150%, 03/24/2022	$	749,739		0.1
	750,000	(5	)	Thunder Bay Funding LLC, 0.130%, 03/18/2022		749,666		0.1
	625,000	(5	)	Victory Receivables Corporation, 0.120%, 01/06/2022		624,992		0.0
	725,000	(5	)	Westpac Banking Corp., 0.130%, 03/25/2022		724,726		0.1
				Total Commercial Paper (Cost $22,965,566)		22,965,566		1.6
				Floating Rate Notes: 0.4%
	675,000	(5	)	Bank of Montreal, 0.120%, 01/05/2022		675,015		0.0
	800,000	(5	)	Bank of Nova Scotia, 0.130%, 02/28/2022		800,080		0.1
	400,000	(5	)	Barclays Bank PLC, 0.140%, 03/03/2022		399,992		0.0
	700,000	(5	)	Barclays Bank PLC, 0.160%, 03/22/2022		699,983		0.1
	725,000	(5	)	Canadian Imperial Bank of Commerce, 0.130%, 02/10/2022		725,052		0.1
	725,000	(5	)	DBS Bank Ltd., 0.140%, 03/16/2022		724,962		0.1
	500,000	(5	)	National Australia Bank Ltd., 0.130%, 03/10/2022		499,991		0.0
	600,000	(5	)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/14/2022		600,009		0.0
	375,000	(5	)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/22/2022		374,999		0.0
	500,000	(5	)	Sumitomo Mitsui Trust Bank Ltd., 0.160%, 03/08/2022		500,021		0.0
	600,000	(5	)	Sumitomo Mitsui Trust Bank Ltd., 0.270%, 06/24/2022		600,052		0.0
				Total Floating Rate Notes (Cost $6,600,156)		6,600,156		0.4

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements: 4.5%
	3,141,102	(5	)	Bethesda Securities LLC, Repurchase Agreement dated 12/31/21, 0.09%, due 01/03/22 (Repurchase Amount $3,141,125, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $3,203,924, due 01/01/25-12/01/51)	$	3,141,102		0.2
	15,717,351	(5	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $15,717,416, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $16,031,698, due 02/01/22-07/20/71)		15,717,351		1.1
	5,407,152	(5	)	CF Secured LLC, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $5,407,174, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $5,515,296, due 01/20/22-06/20/69)		5,407,152		0.4

See Accompanying Notes to Financial Statements
162

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	7,191,647	(5	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $7,191,688, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $7,335,523, due 01/04/22-11/15/51)	$	7,191,647		0.5
	10,350,520	(5	)	Citigroup, Inc., Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $10,350,571, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-3.500%, Market Value plus accrued interest $10,557,531, due 02/15/22-12/20/51)		10,350,520		0.7
	7,077,802	(5	)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $7,077,837, collateralized by various U.S. Government Agency Obligations, 0.550%-7.500%, Market Value plus accrued interest $7,219,394, due 01/01/23-10/20/71)		7,077,802		0.5

Principal Amount†					Value		Percentage of Net Assets
	13,366,030	(5	)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $13,366,107, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $13,633,420, due 07/15/23-02/15/48)	$	13,366,030		0.9
	3,192,575	(5	)	Stonex Financial Inc., Repurchase Agreement dated 12/31/21, 0.09%, due 01/03/22 (Repurchase Amount $3,192,599, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $3,256,427, due 01/13/22-11/20/71)		3,192,575		0.2
				Total Repurchase Agreements (Cost $65,444,179)		65,444,179		4.5
				Certificates of Deposit: 0.8%
	400,000	(5	)	Bank of Montreal, 0.130%, 02/28/2022		399,988		0.0
	725,000	(5	)	Bank of Montreal, 0.220%, 03/21/2022		725,028		0.1
	550,000	(5	)	BNP Paribas, 0.130%, 03/03/2022		550,005		0.0
	300,000	(5	)	Commonwealth Bank of Australia, 0.130%, 02/11/2022		300,007		0.0
	725,000	(5	)	Credit Agricole, 0.230%, 03/09/2022		725,097		0.1
	400,000	(5	)	Landesbank Baden-Wurttemberg, 0.160%, 02/07/2022		400,019		0.0
	725,000	(5	)	Landesbank Baden-Wurttemberg, 0.160%, 03/21/2022		724,984		0.1
	550,000	(5	)	Lloyds Bank PLC, 0.130%, 02/22/2022		550,096		0.0

See Accompanying Notes to Financial Statements
163

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Certificates of Deposit (continued)
	500,000	(5	)	Mitsubishi UFJ Trust and Banking Corp., 0.130%, 01/26/2022	$	500,022		0.0
	300,000	(5	)	Mitsubishi UFJ Trust and Banking Corp., 0.150%, 03/02/2022		299,994		0.0
	400,000	(5	)	Mitsubishi UFJ Trust and Banking Corp., 0.150%, 03/03/2022		399,990		0.0
	575,000	(5	)	Mizuho Bank Ltd., 0.150%, 03/07/2022		574,977		0.0
	725,000	(5	)	Mizuho Bank Ltd., 0.150%, 03/14/2022		724,947		0.1
	725,000	(5	)	Norinchukin Bank of New York, 0.110%, 01/27/2022		725,003		0.1
	800,000	(5	)	Norinchukin Bank of New York, 0.240%, 03/14/2022		800,099		0.1
	425,000	(5	)	Oversea-Chinese Banking Corp. Ltd., 0.140%, 02/24/2022		425,021		0.0
	700,000	(5	)	Oversea-Chinese Banking Corp. Ltd., 0.250%, 03/17/2022		700,096		0.1
	700,000	(5	)	Oversea-Chinese Banking Corp. Ltd., 0.260%, 03/24/2022		700,069		0.1
	350,000	(5	)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/04/2022		350,001		0.0
	640,000	(5	)	Svenska Handelsbanken AB, 0.110%, 02/10/2022		640,071		0.0
	525,000	(5	)	Toronto-Dominion Bank, 0.150%, 03/03/2022		525,059		0.0
	325,000	(5	)	Toronto-Dominion Bank, 0.280%, 05/10/2022		324,988		0.0
				Total Certificates of Deposit (Cost $12,065,561)		12,065,561		0.8

Shares					Value			Percentage of Net Assets
				Mutual Funds: 0.7%
	3,222,000	(5	),(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%	$	3,222,000			0.2
	3,222,000	(5	),(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		3,222,000			0.2
	3,022,000	(5	),(6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%		3,022,000			0.2
	492,122	(6	)	T. Rowe Price Government Reserve Fund, 0.070%		492,122			0.1
				Total Mutual Funds (Cost $9,958,122)		9,958,122			0.7
				Total Short-Term Investments (Cost $117,033,584)		117,033,584			8.0
				Total Investments in Securities (Cost $1,137,463,269)	$	1,576,088,472			107.9
				Liabilities in Excess of Other Assets		(114,816,686	)		(7.9	)
				Net Assets	$	1,461,271,786			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 December 31, 2021, the Portfolio held restricted securities with a fair value of $21,531,709 or 1.5% 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 December 31, 2021.

See Accompanying Notes to Financial Statements
164

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	72,606,611	$	—	$	—	$	72,606,611
Consumer Discretionary		226,164,505		—		—		226,164,505
Consumer Staples		35,461,674		—		—		35,461,674
Energy		26,001,919		—		3,593,903		29,595,822
Financials		62,599,278		—		—		62,599,278
Health Care		262,976,179		—		—		262,976,179
Industrials		186,935,152		—		—		186,935,152
Information Technology		502,180,926		2,820,762		2,787,113		507,788,801
Materials		36,594,978		—		—		36,594,978
Real Estate		26,001,957		—		—		26,001,957
Total Common Stock		1,437,523,179		2,820,762		6,381,016		1,446,724,957
Preferred Stock		—		—		12,329,931		12,329,931
Short-Term Investments		9,958,122		107,075,462		—		117,033,584
Total Investments, at fair value	$	1,447,481,301	$	109,896,224	$	18,710,947	$	1,576,088,472

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

At December 31, 2021, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost		Fair Value
Caris Life Sciences, Inc. Series D	5/11/2021	$	1,003,412	$	1,003,412
Databricks, Inc.	7/24/2020		543,644		2,495,521
Databricks, Inc., Series F	10/22/2019		1,050,475		5,392,045
Databricks, Inc., Series G	2/1/2021		467,542		581,113
Gitlab, Inc., Class B - Lockup Shares	12/15/2020		1,375,399		2,820,762
Rappi, Inc. - Series E	9/8/2020		1,938,042		2,089,758
Tanium, Inc. - Series G	8/26/2015		1,757,213		3,263,603
Tanium, Inc. Class B	9/24/2020		360,384		291,592
Venture Global LNG, Inc. - Series B	3/8/2018		132,880		261,808
Venture Global LNG, Inc. - Series C	10/16/2017		2,083,973		3,332,095
		$	10,712,964	$	21,531,709

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

Investments, at fair value

Fair Value at
December 31,
2021

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average
of Inputs***

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

Common Stocks

$6,381,016

Market Approach

Recent Comparable
Transaction Price(s)

—

Market Approach

Enterprise Value to
EBITDA Multiple

10.5

Increase

Market Approach

Projected Enterprise
Value to EBITDA
Multiple

12.5

Increase

Market Approach

Enterprise Value to
Gross Profit Multiple

14.2

Increase

Market Approach

Enterprise Value to
Sales Multiple

11.2

Increase

Market Approach

Discount Rate for
Cost of Equity

Decrease

Market Approach

Discount for
lack of marketability

Decrease

See Accompanying Notes to Financial Statements
165

VY^® T. ROWE PRICE DIVERSIFIED PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Investments, at fair value

Fair Value at
December 31,
2021

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average
of Inputs***

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

Preferred Stocks

12,329,931

Market Approach

Recent Comparable
Transaction Price(s)

—

Market Approach

Enterprise Value to
Gross Profit Multiple

14.2

Increase

Market Approach

Enterprise Value to
Sales Multiple

11.2

Increase

Market Approach

Discount for
lack of marketability

Decrease

Total Investments, at fair value

18,710,947

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

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

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

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

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

	Common Stocks			Preferred Stocks			Total
Assets:
Beginning balance at December 31, 2020	$	6,238,425		$	9,847,301		$	16,085,726
Purchases		1,173,818			1,900,407			3,074,225
Sales		—			—			—
Total realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)*****		2,115,836			3,713,345			5,829,181
Transfers into Level 3		—			—			—
Transfers out of Level 3		(3,147,063	)		(3,131,122	)		(6,278,185	)
Ending balance at December 31, 2021	$	6,381,016		$	12,329,931		$	18,710,947
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021*****	$	2,115,836		$	3,713,345		$	5,829,181

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,137,784,700.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	501,726,759
Gross Unrealized Depreciation		(63,422,987	)
Net Unrealized Appreciation	$	438,303,772

See Accompanying Notes to Financial Statements
166

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2021

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.1%
				Communication Services: 20.7%
	32,309	(1	)	Alphabet, Inc. - Class A	$	93,600,465		4.2
	32,260	(1	)	Alphabet, Inc. - Class C		93,347,213		4.2
	5,531	(1	),(2),(3)	Epic Games, Inc.		5,318,665		0.2
	318,723	(1	)	Meta Platforms, Inc.		107,202,481		4.8
	8,156	(1	)	IAC/InterActiveCorp		1,066,071		0.0
	21,400	(1	),(4)	Kuaishou Technology		198,410		0.0
	99,990	(1	)	Match Group, Inc.		13,223,677		0.6
	68,641	(1	)	NetFlix, Inc.		41,352,084		1.9
	114,970	(1	)	Pinterest, Inc.		4,179,160		0.2
	120,233	(1	)	ROBLOX Corp.		12,403,236		0.6
	154,439	(1	)	Sea Ltd. ADR		34,549,549		1.6
	646,696	(1	)	Snap, Inc.		30,414,113		1.4
	90,399	(1	)	Spotify Technology SA		21,156,078		1.0
	46,176	(1	)	Vimeo, Inc.		829,321		0.0
						458,840,523		20.7
				Consumer Discretionary: 25.0%
	64,616	(1	)	Airbnb, Inc.		10,757,918		0.5
	65,159	(1	)	Amazon.com, Inc.		217,262,260		9.8
	5,755	(1	)	Booking Holdings, Inc.		13,807,569		0.6
	36,608	(1	)	Carvana Co.		8,485,368		0.4
	8,158	(1	)	Chipotle Mexican Grill, Inc.		14,262,223		0.6
	240,487	(1	),(5)	Coupang, Inc.		7,065,508		0.3
	80,950	(1	)	DoorDash, Inc.		12,053,455		0.5
	125,818	(1	)	DraftKings, Inc. - Class A		3,456,220		0.2
	58,689	(1	)	Expedia Group, Inc.		10,606,276		0.5
	261,583	(1	)	Farfetch Ltd. - Class A		8,744,720		0.4
	68,949			Ferrari NV		17,845,380		0.8
	171,673	(1	)	Las Vegas Sands Corp.		6,461,772		0.3
	42,955	(1	)	Lululemon Athletica, Inc.		16,814,735		0.8
	151,200	(1	),(4)	Meituan Class B		4,372,325		0.2
	66,648			Nike, Inc. - Class B		11,108,222		0.5
	113,487	(1	)	Peloton Interactive, Inc.		4,058,295		0.2
	47,200	(1	)	Pinduoduo, Inc. ADR		2,751,760		0.1
	90,525	(1	),(5)	Rivian Automotive, Inc.		9,386,537		0.4
	1,333,316	(1	),(3)	Rivian Automotive, Inc. Lockup Shares		131,338,959		5.9
	272,221			Ross Stores, Inc.		31,109,416		1.4
	154,646	(1	),(5)	Wynn Resorts Ltd.		13,151,096		0.6
						554,900,014		25.0
				Financials: 1.7%
	1,669,750	(1	),(2),(3)	Ant International Co., Limited- Class C		6,114,458		0.3

Shares					Value		Percentage of Net Assets
	12,749	(1	),(2),(3)	Maplebear, Inc., dba Instacart	$	1,513,944		0.1
	666	(1	),(2),(3)	Maplebear, Inc., dba Instacart - Non-Voting		79,087		0.0
	9,189			MarketAxess Holdings, Inc.		3,779,160		0.2
	5,427			MSCI, Inc. - Class A		3,325,069		0.1
	25,508			S&P Global, Inc.		12,037,990		0.5
	379,590	(1	),(5)	SoFi Technologies, Inc.		6,001,318		0.3
	38,540			Tradeweb Markets, Inc.		3,859,395		0.2
						36,710,421		1.7
				Health Care: 7.8%
	6,802	(1	)	Align Technology, Inc.		4,470,138		0.2
	20,757			Anthem, Inc.		9,621,700		0.4
	13,672	(1	)	Argenx SE ADR		4,787,798		0.2
	105,278			AstraZeneca PLC		12,293,220		0.6
	248,846	(1	)	Avantor, Inc.		10,486,371		0.5
	39,071			Cigna Corp.		8,971,874		0.4
	82,983			Eli Lilly & Co.		22,921,564		1.0
	80,524			HCA Healthcare, Inc.		20,688,226		0.9
	14,365			Humana, Inc.		6,663,349		0.3
	91,570	(1	)	Intuitive Surgical, Inc.		32,901,101		1.5
	89,577			Stryker Corp.		23,954,681		1.1
	29,685			UnitedHealth Group, Inc.		14,906,026		0.7
						172,666,048		7.8
				Industrials: 4.2%
	116,801	(1	)	Airbus SE		14,943,949		0.7
	353,868	(1	),(3)	Aurora Innovation, Inc. Lockup Shares		3,785,326		0.2
	23,941			Cintas Corp.		10,609,933		0.4
	68,026	(1	),(3)	Didi Global, Inc., Lockup Shares		1,314,426		0.0
	68,602			FedEx Corp.		17,743,221		0.8
	36,533	(1	)	Generac Holdings, Inc.		12,856,693		0.6
	40,281			Roper Technologies, Inc.		19,812,613		0.9
	109,483			TransUnion		12,982,494		0.6
						94,048,655		4.2
				Information Technology: 38.7%
	155,594	(1	)	Advanced Micro Devices, Inc.		22,389,977		1.0
	27,999	(1	)	Affirm Holdings, Inc.		2,815,579		0.1
	188,031	(1	)	Afterpay Ltd.		11,350,877		0.5
	727,763			Apple, Inc.		129,228,876		5.8
	40,802			ASML Holding NV - NY Reg		32,484,104		1.5
	15,700	(1	)	Atlassian Corp. PLC		5,986,253		0.3
	35,156	(1	)	Avalara, Inc.		4,538,991		0.2

See Accompanying Notes to Financial Statements
167

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	7,556	(1	)	Bill.com Holdings, Inc.	$	1,882,577		0.1
	167,178	(1	)	Black Knight, Inc.		13,857,384		0.6
	28,100	(1	)	Block, Inc.		4,538,431		0.2
	57,285	(1	)	Ceridian HCM Holding, Inc.		5,983,991		0.3
	69,054	(1	)	Datadog, Inc.		12,299,208		0.6
	178,883	(1	)	Fiserv, Inc.		18,566,267		0.8
	77,029			Global Payments, Inc.		10,412,780		0.5
	17,420	(1	)	HashiCorp, Inc.		1,585,917		0.1
	80,893			Intuit, Inc.		52,031,995		2.3
	7,871	(1	),(2),(3)	Magic Leap, Inc. - Class A		151,138		0.0
	79,729			Mastercard, Inc. - Class A		28,648,224		1.3
	691,948			Microsoft Corp.		232,715,951		10.5
	7,152	(1	),(5)	Monday.com Ltd.		2,207,965		0.1
	28,776	(1	)	MongoDB, Inc.		15,232,576		0.7
	136,636			Nvidia Corp.		40,186,014		1.8
	11,262	(1	)	Paycom Software, Inc.		4,675,870		0.2
	54,831	(1	)	PayPal Holdings, Inc.		10,340,030		0.5
	108,103	(1	)	Salesforce.com, Inc.		27,472,215		1.2
	191,600	(1	),(5)	SentinelOne, Inc.		9,673,884		0.4
	45,443	(1	)	ServiceNow, Inc.		29,497,506		1.3
	8,845	(1	)	Shopify, Inc.		12,183,015		0.6
	14,557	(1	)	Snowflake, Inc. - Class A		4,931,184		0.2
	51,440	(1	),(2),(3)	Stripe, Inc. - Class B		3,325,596		0.2
	101,930			Taiwan Semiconductor Manufacturing Co., Ltd. ADR		12,263,198		0.6
	40,861	(1	)	Teledyne Technologies, Inc.		17,851,762		0.8
	9,017	(1	),(5)	Toast, Inc.		312,980		0.0
	95,454	(1	)	Trade Desk, Inc./The		8,747,405		0.4
	19,000	(1	)	Twilio, Inc.		5,003,460		0.2
	238,712	(1	)	UiPath, Inc.		10,295,649		0.5
	157,581			Visa, Inc. - Class A		34,149,379		1.5
	22,906	(1	)	Workday, Inc.		6,257,461		0.3
	60,293	(1	)	Zoom Video Communications, Inc.		11,088,486		0.5
						857,164,155		38.7
				Total Common Stock (Cost $1,219,329,204)		2,174,329,816		98.1

Shares					Value		Percentage of Net Assets
PREFERRED STOCK: 0.8%
				Consumer Discretionary: 0.3%
	38,487	(1	),(2),(3)	Rappi, Inc. - Series E	$	2,479,453		0.1
	37,201	(1	),(2),(3)	Sila Nanotechnologies, Inc., Series F		1,535,389		0.1
	18,931	(1	),(2),(3)	Waymo LLC., Series A-2		1,736,390		0.1
						5,751,232		0.3
				Financials: 0.2%
	1,855	(1	),(2),(3)	Maplebear, Inc., dba Instacart - Series A		220,281		0.0
	26,036	(1	),(2),(3)	Maplebear, Inc., dba Instacart - Series G		3,091,775		0.2
						3,312,056		0.2
				Industrials: 0.3%
	159,700	(1	),(2),(3)	GM Cruise Holdings, LLC - Class F		4,208,095		0.2
	132,943	(1	),(2),(3)	Nuro, Inc. - Series C		2,771,293		0.1
						6,979,388		0.3
				Total Preferred Stock (Cost $11,475,729)		16,042,676		0.8
				Total Long-Term Investments (Cost $1,230,804,933)		2,190,372,492		98.9
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.2%
				Repurchase Agreements: 1.8%
	9,576,047	(6	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $9,576,086, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $9,767,568, due 02/01/22-07/20/71)	$	9,576,047		0.4

See Accompanying Notes to Financial Statements
168

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	6,613,337	(6	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $6,613,375, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $6,745,643, due 01/04/22-11/15/51)	$	6,613,337		0.3
	4,312,263	(6	)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $4,312,284, collateralized by various U.S. Government Agency Obligations, 0.550%-7.500%, Market Value plus accrued interest $4,398,530, due 01/01/23-10/20/71)		4,312,263		0.2
	8,280,066	(6	)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $8,280,100, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $8,445,667, due 05/15/22-12/01/51)		8,280,066		0.4

Principal Amount†					Value		Percentage of Net Assets
	8,143,470	(6	)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $8,143,517, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,306,382, due 07/15/23-02/15/48)	$	8,143,470		0.4
	2,433,328	(6	)	Stonex Financial Inc., Repurchase Agreement dated 12/31/21, 0.09%, due 01/03/22 (Repurchase Amount $2,433,346, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,481,995, due 01/13/22-11/20/71)		2,433,328		0.1
				Total Repurchase Agreements (Cost $39,358,511)		39,358,511		1.8
				Time Deposits: 0.1%
	1,280,000	(6	)	Mizuho Bank LTD, 0.050%, 01/03/2022		1,280,000		0.1
	1,270,000	(6	)	Mizuho Bank LTD, 0.070%, 01/03/2022		1,270,000		0.0
	1,240,000	(6	)	Mizuho Bank LTD, 0.070%, 01/03/2022		1,240,000		0.0
				Total Time Deposits (Cost $3,790,000)		3,790,000		0.1
Shares					Value		Percentage of Net Assets
				Mutual Funds: 1.3%
	1,120,000	(6	),(7)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%	$	1,120,000		0.1
	500,000	(6	),(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		500,000		0.0

See Accompanying Notes to Financial Statements
169

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

Shares					Value			Percentage of Net Assets
				Mutual Funds (continued)
	500,000	(6	),(7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%	$	500,000			0.0
	26,686,634	(7	)	T. Rowe Price Government Reserve Fund, 0.070%		26,686,634			1.2
				Total Mutual Funds (Cost $28,806,634)		28,806,634			1.3
				Total Short-Term Investments (Cost $71,955,145)		71,955,145			3.2
				Total Investments in Securities (Cost $1,302,760,078)	$	2,262,327,637			102.1
				Liabilities in Excess of Other Assets		(46,098,794	)		(2.1	)
				Net Assets	$	2,216,228,843			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 December 31, 2021, the Portfolio held restricted securities with a fair value of $168,984,275 or 7.6% of net assets. Please refer to the table below for additional details.

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

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

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

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	453,323,448	$	198,410	$	5,318,665	$	458,840,523
Consumer Discretionary		419,188,730		135,711,284		—		554,900,014
Financials		29,002,932		—		7,707,489		36,710,421
Health Care		160,372,828		12,293,220		—		172,666,048
Industrials		74,004,954		20,043,701		—		94,048,655
Information Technology		842,336,544		11,350,877		3,476,734		857,164,155
Total Common Stock		1,978,229,436		179,597,492		16,502,888		2,174,329,816
Preferred Stock		—		—		16,042,676		16,042,676
Short-Term Investments		28,806,634		43,148,511		—		71,955,145
Total Investments, at fair value	$	2,007,036,070	$	222,746,003	$	32,545,564	$	2,262,327,637

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

See Accompanying Notes to Financial Statements
170

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

At December 31, 2021, 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	$	6,114,458
Aurora Innovation, Inc. Lockup Shares	3/1/2019		1,506,258		3,785,326
Didi Global, Inc., Lockup Shares	10/19/2015		1,865,695		1,314,426
Epic Games, Inc.	6/18/2020		3,180,325		5,318,665
GM Cruise Holdings, LLC - Class F	5/7/2019		2,914,525		4,208,095
Magic Leap, Inc. - Class A	1/20/2016		3,824,971		151,138
Maplebear, Inc., dba Instacart	8/7/2020		590,711		1,513,944
Maplebear, Inc., dba Instacart - Non-Voting	8/7/2020		30,858		79,087
Maplebear, Inc., dba Instacart - Series A	11/18/2020		113,178		220,281
Maplebear, Inc., dba Instacart - Series G	7/2/2020		1,252,121		3,091,775
Nuro, Inc. - Series C	10/30/2020		1,735,518		2,771,293
Rappi, Inc. - Series E	9/8/2020		2,299,446		2,479,453
Rivian Automotive, Inc. Lockup Shares	12/23/2019		20,686,703		131,338,959
Sila Nanotechnologies, Inc., Series F	1/7/2021		1,535,389		1,535,389
Stripe, Inc. - Class B	12/17/2019		807,094		3,325,596
Waymo LLC., Series A-2	5/8/2020		1,625,552		1,736,390
		$	50,332,387	$	168,984,275

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(12,134	)
Total	$	(12,134	)

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

Investments, at fair value	Fair Value at December 31, 2021		Valuation Technique(s)*	Significant Unobservable Input(s)	Value or Range of Input(s)			Weighted Average of Inputs***			Impact to Valuation from an Increase in Input****
Common Stocks	$	16,502,888	Market Approach	Recent Comparable Transaction Price(s)		—	**		—	**		—	**
			Market Approach	Discount for lack of marketability		10	%		10	%		Decrease
			Market Approach	Enterprise Value to EBITDA Multiple		22.0	x - 25.4x		22.0	x - 25.4x		Increase
			Market Approach	Enterprise Value to Sales Multiple		6.4	x - 7.5x		6.4	x - 7.5x		Increase
			Market Approach	Sales growth rate		25	%		25	%		Increase
			Market Approach	EBITDA growth rate		32	%		32	%		Increase
			Market Approach	Enterprise Value to Gross Profit Multiple		43.4	x - 58.1x		43.4	x - 58.1x		Increase
			Market Approach	Gross profit growth rate		40	%		40	%		Increase
			Market Approach	Segment Based Price to Earnings Multiple		9.5	x - 36.8x		9.5	x - 36.8x		Increase
			Market Approach	Whole Company Price to Earnings Multiple		18.1	x		18.1	x		Increase
Preferred Stocks	$	16,042,676	Market Approach	Recent Comparable Transaction Price(s)		—	**		—	**		—	**
Total Investments, at fair value	$	32,545,564

* 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.

See Accompanying Notes to Financial Statements
171

VY^® T. ROWE PRICE PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2021 (CONTINUED)

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

	Common Stocks			Preferred Stocks			Total
Assets:
Beginning balance at December 31, 2020	$	19,155,080		$	41,961,073		$	61,116,153
Purchases		3,824,971			6,094,729			9,919,700
Sales		—			—			—
Total realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)*****		(2,050,852	)		4,119,333			2,068,481
Transfers into Level 3		—			—			—
Transfers out of Level 3******		(4,426,311	)		(36,132,459	)		(40,558,770	)
Ending balance at December 31, 2021	$	16,502,888		$	16,042,676		$	32,545,564
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021*****	$	(2,050,852	)	$	4,119,333		$	2,068,481

****** During the year ended December 31, 2021, certain securities fair valued at $35,999,430 transferred out of Level 3 because observable market data became available for the securities.

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,308,575,120.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,014,080,147
Gross Unrealized Depreciation		(60,327,509	)
Net Unrealized Appreciation	$	953,752,638

See Accompanying Notes to Financial Statements
172

TAX INFORMATION (UNAUDITED)

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

Portfolio Name	Type	Per Share Amount
Voya Global Bond Portfolio
Class ADV	NII	$	0.4928
Class I	NII	$	0.5523
Class S	NII	$	0.5245
All Classes	ROC	$	0.0779
Voya International High Dividend Low Volatility Portfolio
Class ADV	NII	$	0.2042
Class I	NII	$	0.2515
Class S	NII	$	0.2264
Class S2	NII	$	0.2049
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	NII	$	0.0911
Class I	NII	$	0.1443
Class S	NII	$	0.1165
Class S2	NII	$	0.0882
VY^® Baron Growth Portfolio
Class ADV	NII	$	—
Class I	NII	$	—
Class R6	NII	$	—
Class S	NII	$	—
Class S2	NII	$	—
All Classes	LTCG	$	2.4374
VY^® Columbia Contrarian Core Portfolio
Class ADV	NII	$	0.0519
Class I	NII	$	0.1398
Class S	NII	$	0.0911
All Classes	STCG	$	1.1377
All Classes	LTCG	$	1.3423
VY^® Columbia Small Cap Value II Portfolio
Class ADV	NII	$	0.0345
Class I	NII	$	0.0873
Class R6	NII	$	0.0926
Class S	NII	$	0.0495
Class S2	NII	$	0.0313
All Classes	LTCG	$	0.0734
VY^® Invesco Comstock Portfolio
Class ADV	NII	$	0.2435
Class I	NII	$	0.3464
Class S	NII	$	0.2954

Portfolio Name	Type	Per Share Amount
VY^® Invesco Equity and Income Portfolio
Class ADV	NII	$	0.4972
Class I	NII	$	0.7431
Class S	NII	$	0.6070
Class S2	NII	$	0.5343
All Classes	STCG	$	0.5731
All Classes	LTCG	$	0.0265
VY^® Invesco Global Portfolio
Class ADV	NII	$	—
Class I	NII	$	—
Class S	NII	$	—
Class S2	NII	$	—
All Classes	LTCG	$	1.1471
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	NII	$	0.0524
Class I	NII	$	0.1437
Class S	NII	$	0.0945
Class S2	NII	$	0.0928
All Classes	STCG	$	0.0290
All Classes	LTCG	$	0.6725
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV	NII	$	—
Class I	NII	$	0.0006
Class R6	NII	$	0.0011
Class S	NII	$	—
Class S2	NII	$	—
All Classes	STCG	$	0.1808
All Classes	LTCG	$	2.2679
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV	NII	$	—
Class I	NII	$	—
Class S	NII	$	—
Class S2	NII	$	—
All Classes	STCG	$	1.4833
All Classes	LTCG	$	8.0628

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

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

VY^® American Century Small-Mid Cap Value Portfolio	99.98	%
VY^® Columbia Contrarian Core Portfolio	17.78	%
VY^® Columbia Small Cap Value II Portfolio	99.99	%
VY^® Invesco Comstock Portfolio	100.00	%
VY^® Invesco Equity and Income Portfolio	45.14	%
VY^® JPMorgan Mid Cap Value Portfolio	93.88	%
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	42.21	%
VY^® T. Rowe Price Growth Equity Portfolio	24.87	%

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

VY^® Baron Growth Portfolio	$	47,211,796
VY^® Columbia Contrarian Core Portfolio	$	11,113,782
VY^® Columbia Small Cap Value II Portfolio	$	705,596
VY^® Invesco Equity and Income Portfolio	$	683,015
VY^® Invesco Global Portfolio	$	75,568,927
VY^® JPMorgan Mid Cap Value Portfolio	$	14,717,757
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	$	205,600,547
VY^® T. Rowe Price Growth Equity Portfolio	$	148,632,231

173

TAX INFORMATION (UNAUDITED) (CONTINUED)

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2021. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

				Creditable Foreign Taxes Paid				Per Share Amount				Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya International High Dividend Low Volatility Portfolio				$	716,555			$	0.0182				92.67	%

* None of the Portfolio's income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

174

DIRECTOR AND OFFICER INFORMATION (UNAUDITED)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director ("Independent Director"). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 262-3862.

Name, Address
and Age

Position(s)
held with the
Company

Term of
Office and
Length of
Time
Served⁽¹⁾

Principal
Occupation(s) -
during the
Past 5 Years

Number of
Funds in
Fund Complex
Overseen
by Director⁽²⁾

Other Board
Positions
held by
Director

Independent Directors:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 61

Director

Chairperson

November 2007 - Present
January 2020 - Present

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

131

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

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

Director

November 1997 - Present

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

131

None.

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

Director

January 2006 - Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 - Present).

131

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

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

Director

August 2015 - Present

Retired.

131

None.

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

Director

May 2013 - Present

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

131

None.

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

Director

January 2006 - Present

Consultant (May 2001 - Present).

131

Centerra Gold Inc. (May 2008 - Present).

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

Director

October 2015 - Present

Retired.

131

None.

175

DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

Name, Address
and Age

Position(s)
held with the
Company

Term of
Office and
Length of
Time
Served⁽¹⁾

Principal
Occupation(s) -
during the
Past 5 Years

Number of
Funds in
Fund Complex
Overseen
by Director⁽²⁾

Other Board
Positions
held by
Director

Director who is an "interested person":

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

Director

July 2018 -
Present

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

131

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

(1) Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an "interested person" as defined in the 1940 Act, of each Portfolio ("Independent Director") is subject to the Board's retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board's other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors).

(2) For the purposes of this table, "Fund Complex" means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2022.

176

DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

Name, Address
and Age

Position(s)
Held with the Company

Term of Office and
Length of Time Served⁽¹⁾

Principal Occupation(s) - during the
Past 5 Years

Michael Bell
One Orange Way
Windsor, Connecticut 06095
Age: 53

Chief Executive Officer

March 2018 - Present

Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 -Present); Senior Vice President, Voya Investments Distributor, LLC (March 2020 - Present); Chief Financial Officer, Voya Investment Management (September 2014 - Present). Formerly, Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 - March 2020); Senior Vice President and Treasurer, Voya Investments Distributor, LLC (November 2015 - September 2019); Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 - March 2018).

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

President

March 2018 - Present

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

Jonathan Nash
230 Park Avenue
New York, New York 10169
Age: 54

Executive Vice President

Chief Investment Risk Officer

March 2020 - Present

March 2020 - Present

Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 - Present) and Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 - Present). Formerly, Vice President, Voya Investments, LLC (September 2018 - March 2020); Consultant, DA Capital LLC (January 2016 - March 2017).

James M. Fink
5780 Powers Ferry Road NW
Atlanta, Georgia 30327
Age: 63

Executive Vice President

March 2018 - Present

Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 - Present) and Senior Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Chief Administrative Officer, Voya Investment Management (September 2017 - Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 - September 2017).

Kevin M. Gleason
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 55

Chief Compliance Officer

February 2012 - Present

Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 - Present).

Todd Modic
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age:54

Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary

March 2005 - Present

President, Voya Funds Services, LLC (March 2018 - Present) and Senior Vice President, Voya Investments, LLC (April 2005 - Present).

Kimberly A. Anderson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 57

Senior Vice President

January 2005 - Present

Senior Vice President, Voya Investments, LLC (September 2003 - Present).

177

DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

Name, Address
and Age

Position(s)
Held with the Company

Term of Office and
Length of Time Served⁽¹⁾

Principal Occupation(s) - during the
Past 5 Years

Micheline S. Faver
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 44

Senior Vice President

September 2020 - Present

Senior Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (March 2021 - Present). Formerly, Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 - March 2021).

Robert Terris
5780 Powers Ferry Road NW
Atlanta, Georgia 30327
Age: 51

Senior Vice President

May 2006 - Present

Senior Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 - Present) and Voya Funds Services, LLC (March 2006 - Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 - April 2018).

Fred Bedoya
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 49

Vice President
Treasurer

September 2012 - Present

Vice President, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (July 2012 - Present).

Maria M. Anderson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 63

Vice President

January 2005 - Present

Vice President, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (September 2004 - Present).

Sara M. Donaldson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Vice President

September 2014 - Present

Vice President, Voya Investments, LLC (October 2015 - Present).

Robyn L. Ichilov
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 54

Vice President

January 2005 - Present

Vice President, Voya Funds Services, LLC (November 1995 - Present) and Voya Investments, LLC (August 1997 - Present).

Jason Kadavy
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 45

Vice President

September 2012 - Present

Vice President, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (July 2007 - Present).

Andrew K. Schlueter
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 45

Vice President

March 2018 - Present

Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 - Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 - Present). Formerly, Vice President, Voya Investment Management (March 2014 - February 2018).

Craig Wheeler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 52

Vice President

May 2013 - Present

Vice President - Director of Tax, Voya Investments, LLC (October 2015 - Present).

Monia Piacenti
One Orange Way
Windsor, Connecticut 06095
Age: 45

Anti-Money Laundering Officer

June 2018 - Present

Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 - Present); Compliance Consultant, Voya Financial, Inc. (January 2019 - Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 - December 2018).

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DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

Name, Address
and Age

Position(s)
Held with the Company

Term of Office and
Length of Time Served⁽¹⁾

Principal Occupation(s) - during the
Past 5 Years

Joanne F. Osberg
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 40

Secretary

September 2020 - Present

Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (September 2020 - Present). Formerly, Vice President, Counsel, Voya Investment Management - Mutual Fund Legal Department (January 2013 - September 2020).

Paul A. Caldarelli
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Assistant Secretary

June 2010 - Present

Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present).

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

179

SHAREHOLDER MEETING INFORMATION (UNAUDITED)

Proposal:

1 At this meeting, a proposal was submitted to approve a change in the sub-classification under the Investment Company Act of 1940, as amended, of their respective Portfolio from "diversified" to "non-diversified", including the elimination of the related fundamental investment restriction.

A shareholder meeting of VY^® T. Rowe Price Growth Equity Portfolio was held virtually on October 7, 2021.

				Proposal				Shares voted for				Shares voted against or withheld				Shares abstained				Broker non-vote				Total Shares Voted
VY^® T. Rowe Price Growth Equity Portfolio					1	*			8,144,898.896				1,028,559.772				546,334.369				0.000				9,719,793.037

* Proposal Passed

180

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

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

At a meeting held on November 18, 2021, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® Invesco Global Portfolio, VY^® JPMorgan Mid Cap Value Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, and VY^® T. Rowe Price Growth Equity Portfolio, each a series of the Company (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, American Century Investment Management, Inc., BAMCO, Inc., Columbia Management Investment Advisers, LLC, Invesco Advisers, Inc., J.P. Morgan Investment Management Inc., and T. Rowe Price Associates, Inc., the respective sub-advisers to each Portfolio (the "Sub-Advisers") for an additional one year period ending November 30, 2022.

In addition to the Board meeting on November 18, 2021, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as "management") on October 7-8, 2021, and November 16, 2021. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board

considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and a Sub-Adviser.

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Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio's investment management and sub-advisory arrangements.

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company's Chief Compliance Officer evaluating whether the regulatory compliance systems and procedures of the Manager and

Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are consistently complied with, and other periodic reports covering related matters.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio's prospectus. In addition, the Board considered Voya Global Bond Portfolio's investment performance compared to an additional performance peer group that is approved by the Portfolios' IRC due to the investment structure or strategy of that Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Company's Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Portfolio through such fee waivers, expense

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reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules and that the Manager is responsible for paying the fees of the Sub-Advisers.

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to

their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager and both before and after giving effect to any expenses incurred by the Manager or the affiliated Sub-Adviser in making payments to affiliated insurance companies. The Board did not request profitability data from the Sub-Advisers that are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

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the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager and Sub-Advisers' potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 7-8, 2021, November 16, 2021, and/or November 18, 2021 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio's performance was compared to its Morningstar category, as well as its primary benchmark and, as applicable, a performance peer group. The performance data provided to the Board primarily was for various periods ended March 31, 2021. In addition, the Board also considered at its October 7-8, 2021, November 16, 2021, and/or November 18, 2021 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Global Bond Portfolio

In considering whether to approve the renewal of the Contracts for Voya Global Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the ten-year period, the third quintile for the one-year and three-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for the one-year, five-year and ten-year periods and underperformed for the year-to-date and three-year periods. In analyzing this performance data, the Board also took into account that the Portfolio outperformed its performance peer group average for the one-year, five-year and ten-year periods and underperformed for the year-to-date and three-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors

described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

Voya International High Dividend Low Volatility Portfolio

In considering whether to approve the renewal of the Contracts for Voya International High Dividend Low Volatility Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the year-to-date, three-year, five-year and ten-year periods and the fifth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the impact of stock selection and sector allocation on the Portfolio's performance; (2) the fact that performance prior to May 1, 2019, reflects a different investment strategy and portfolio management team; (3) the recent change in the Portfolio's primary benchmark which may provide shareholders with stronger relative returns; and (4) its confidence in the ability of the Sub-Adviser to execute the Portfolio's investment strategy.

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fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

VY^® American Century Small-Mid Cap Value Portfolio

In considering whether to approve the renewal of the Contracts for VY^® American Century Small-Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the year-to-date, three-year and five-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Portfolio's management fee rate and net expense ratio.

VY^® Baron Growth Portfolio

In considering whether to approve the renewal of the Contracts for VY Baron^® Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year, five-year and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for the three-year,

five-year and ten-year periods and underperformed for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fifth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive when compared to peers identified by management.

VY^® Columbia Contrarian Core Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Columbia Contrarian Core Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date, one-year and five-year periods, and the third quintile for the ten-year period; and (2) the Portfolio outperformed its primary benchmark for the year-to-date and three-year periods and underperformed for the one-year, five-year and ten-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the

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contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

VY^® Columbia Small Cap Value II Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Columbia Small Cap Value II Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for the one-year and ten-year periods and underperformed the year-to-date, three-year and five-year periods.

VY^® Invesco Comstock Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Invesco Comstock Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date and one-year periods, the second quintile for the five-year period, the third quintile for the ten-year period, and the fourth quintile for the three-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the three-year and ten-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

VY^® Invesco Equity and Income Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Invesco Equity and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date, one-year and five-year periods, the second quintile for the ten-year period, and the third quintile for the three-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

VY^® Invesco Global Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Invesco Global Portfolio (formerly, VY^® Invesco Oppenheimer Global Portfolio), the Board considered that, based on performance data for the

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periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year, five-year and ten-year periods, the second quintile for the three-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.

VY^® JPMorgan Mid Cap Value Portfolio

In considering whether to approve the renewal of the Contracts for VY^® JPMorgan Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the third quintile for the year-to-date and three-year periods, and the fourth quintile for the one-year and five-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and ten-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the impact of security selection and sector positioning on the Portfolio's performance; and (2) the competitiveness of the Portfolio's performance during certain periods.

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

including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Portfolio's management fee rate and net expense ratio.

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

In considering whether to approve the renewal of the Contracts for VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the three-year and five-year periods, and the fourth quintile for the year-to-date and one-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

VY^® T. Rowe Price Growth Equity Portfolio

In considering whether to approve the renewal of the Contracts for VY^® T. Rowe Price Growth Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is

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ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the year-to-date, one-year and five-year periods, and the third quintile for the three-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

Board Conclusions

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2022.

188

Investment Adviser

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

Distributor

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

Transfer Agent

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Custodian

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

Legal Counsel

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VPI

(1221-022422)

TABLE OF CONTENTS

Annual Report

December 31, 2021

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

Voya Partners, Inc.

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

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

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

TABLE OF CONTENTS

	President’s Letter					1
	Portfolio Managers’ Reports					3
	Shareholder Expense Examples					22
	Report of Independent Registered Public Accounting Firm					25
	Statements of Assets and Liabilities					27
	Statements of Operations					35
	Statements of Changes in Net Assets					39
	Financial Highlights					47
	Notes to Financial Statements					62
	Portfolios of Investments					76
	Tax Information					109
	Director and Officer Information					113
	Advisory and Sub-Advisory Approval Discussion					118

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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PRESIDENT’S LETTER

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

Dear Shareholder,

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

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

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

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2022

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

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

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Benchmark Descriptions

		Index				Description
		Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”)				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE®”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		Russell 3000® Index				An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
		S&P Target Date Retirement Income Index				Seeks to represent asset allocations which target an immediate retirement horizon.
		S&P Target Risk Aggressive® Index				Seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed-income securities to enhance portfolio efficiency.
		S&P Target Risk® Conservative Index				Seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
		S&P Target Risk® Growth Index				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.
		S&P Target Risk® Moderate Index				Seeks to measure the performance of an asset allocation strategy targeted to a moderate risk profile.
		S&P Target Date 2025 Index, S&P Target Date 2030 Index, S&P Target Date 2035 Index, S&P Target Date 2040 Index, S&P Target Date 2045 Index, S&P Target Date 2050 Index, S&P Target Date 2055 Index and S&P Target Date 2060+ Index				Each index seeks to represent the market consensus for asset allocations which target an approximate 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and beyond the 2060 retirement horizon, respectively.

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Portfolio Managers’ Report

Voya Solution Portfolios

The Voya Solution Portfolios consist of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, and Voya Solution 2065 Portfolio (each a “Portfolio” or collectively, the “Portfolios” or the “Solution Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are actively managed funds or passively managed funds (index funds)(1). Each Portfolio uses an asset allocation strategy designed for investors expecting to retire around the year or have the risk profile applicable to that Portfolio resulting in target investment allocations (“Target Asset Allocations”). These Target Asset Allocations as of December 31, 2021 are set out in the table on page 6. The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers* of Voya Investment Management Co. LLC (“Voya IM”) the Sub-Adviser (“Sub-Adviser”).

Performance: Each Portfolio’s performance against its respective benchmarks can be found on page 6.

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

The Portfolios started the year overweight to equities in the 2065-2040 Portfolio vintages, but flat or modestly underweight in equities in the near-dated vintages. Within equities, the Portfolios were overweight to domestic small cap across all vintages and developed international in far-dated vintages, as well as underweight in domestic large cap across all vintages. Within fixed income, the Portfolios were overweight to core U.S. fixed income and long government bonds in the near-dated Portfolios, while being underweight in core U.S. fixed income in the far-dated Portfolios.

At the close of January, the Portfolios implemented a modest overweight to emerging market (“EM”) equities funded by selling down domestic large cap equities. The rationale underpinning the trade was our belief that the U.S. dollar (“USD”) would continue to depreciate and that the COVID-19 vaccine rollout would benefit EM equities more than U.S. large cap equities. The EM index is more heavily weighted toward industrial stocks and less heavily weighted toward technology stocks, and we believed that industrial companies stood to benefit more as the vaccine would allow employees to return to worksites.

In March, the Portfolios trimmed their overweight position in domestic small cap equities and purchased domestic large cap with the proceeds. At the time of the trade, domestic small caps had outperformed domestic large caps by over 22% since we initiated the overweight in October 2020. With the trade, the Portfolios increase their overweight to domestic large cap equities — reflective of our view that growth will continue for mega cap growth stocks while also having more dollar resiliency.

In April, as part of their annual review process, the Portfolios glided down the equity portion of the 2040-2025 Portfolios, reducing total equity between 1-3% in favor of fixed income. Within equities, the Portfolios rotated from U.S. large cap into U.S. mid, U.S. small and EM equities. Within fixed income, we reduced the position in U.S. long government bonds within the near-dated vintages in favor of core U.S. fixed income.

At the end of May, the Portfolios rotated a portion of their U.S. small cap and EM equities into European equities. We have been cautious on Europe for years. By March 2021, Europe had wiped out the heady gains made in the fourth quarter of 2020. Since then, with more successful COVID-19 vaccine rollouts, re-opening of tourism in the summer and additional stimulus through the European recovery fund, Europe looks to be in the next leg of the global growth recovery, in our opinion.

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

In October, the Portfolios conducted their semi-annual strategic asset allocation review, resulting in a shift of assets into domestic large cap equities and away from U.S. mid and small cap, developed international and EM equities and core U.S. fixed income in varying degrees depending on the Portfolios.

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Voya Solution Portfolios

Portfolio Managers’ Report

In December, the Portfolios further increased their U.S. large cap overweight, while lowering exposure to U.S. small cap. With rising wages, small cap companies will have a harder time passing on rising costs to consumers relative to their larger counterparts. In addition, we expect higher volatility caused by the U.S. Federal Reserve Board (the “Fed”) tapering, justifying a lower allocation to the higher-beta asset class.

During the year, tactical moves relative to our strategic benchmarks have had a positive impact across the Portfolios.

During the year, the Portfolios utilized various futures to enact tactical positions. Futures were utilized to avoid significant manager disruption and provide the Portfolios with greater liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions. Overall, tactical positions contributed to performance for the year.

From a holdings standpoint, overall performance from underlying strategies detracted from results. Underlying funds with top benchmark-relative performance include VY® Invesco Comstock Portfolio, VY® JPMorgan Small Cap Core Equity Portfolio and VY® BrandywineGLOBAL-Bond Portfolio. Bottom benchmark-relative performers include VY® Columbia Contrarian Core Portfolio, VY® T. Rowe Price Growth Equity and Voya Multi-Manager International Equity Fund.

Current Strategy and Outlook: In our opinion, COVID-19 could be with us for the long run, but we are learning to live with it: successive waves of infection from new mutations have exerted diminishing impacts on economic activity. U.S. consumer balance sheets have improved dramatically from the early days of the pandemic. In our view, with less risk of lockdowns, expected high demand for labor and more than $2 trillion in excess savings, we think there are more self-sufficient individuals who are well-positioned to contribute to the next leg of growth in 2022. In addition, capital goods orders have taken off, in our view; when considered alongside exceedingly slim inventories, we believe that capital expenditures are likely to be strong in the coming year. We recognize that monetary and fiscal policy will likely continue to become less accommodative in 2022, leaving economies with fewer supports. In our view, this could lead to bouts of fragility and volatility. However, we also see potentially powerful offsets to tightening financial conditions, including a drawdown of consumer savings and corporate inventory rebuilding. These factors make us believe there is scope for continued global equity gains. What is more, we think equity market risk premia have room to absorb modestly higher rates. Though certain pockets of the market are vulnerable to tighter financial conditions, it is our opinion that sell-offs in those pockets should not crash the entire equity market. Funding costs are rising, but remain near record lows, and we think strong fundamentals should insulate credit spreads from rising rates. Still, we believe inflation and profit dynamics are critical variables affecting this outlook.

The economy only re-opens once; in our view, we project 2022 above-trend inflation will generally be supply driven and abate as bottlenecks ease. The Fed’s policy tools are not tuned to resolve supply side issues — that is why we believe the Fed will look past impermanent price pressures and allow inflation to decelerate naturally, as delivery costs come down, more supply comes online, and more workers re-enter the labor force. Furthermore, we expect the handoff from goods to services to happen gradually. We believe that a sharp rise in wages from prolonged labor market tightness is possible, but firms, particularly larger ones, have been able to pass through rising input costs to maintain margins. We also believe that this is likely to continue and, combined with still above-trend GDP growth, will support earnings growth in 2022. S&P 500® Index companies have historically demonstrated greater pricing power than smaller companies; this fact underpins the retention of our overweight to U.S. large cap stocks.

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2021.

Effective on or about May 31, 2022, Halvard Kvaale will retire and no longer be a portfolio manager for the Portfolios.

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

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

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Portfolio Managers’ Report

Voya Solution Portfolios

Annual Target Asset Allocation as of December 31, 2021(1) (as a percentage of net assets)
Sub Asset Class	2065		2060		2055		2050		2045		2040		2035		2030		2025		Income
US Large Blend		38.5%		38.5%		38.5%		38.5%		37.5%		33.5%		30.0%		26.0%		20.0%		13.0%
US Large Growth		9.3%		9.3%		9.3%		9.3%		9.3%		9.3%		8.0%		7.0%		7.0%		4.5%
US Large Value		9.3%		9.3%		9.3%		9.3%		9.3%		9.3%		8.0%		7.0%		7.0%		4.5%
US Mid Cap Blend		5.0%		5.0%		5.0%		5.0%		4.0%		4.0%		4.0%		4.0%		3.0%		2.0%
US Small Cap		4.0%		4.0%		4.0%		4.0%		4.0%		4.0%		3.0%		3.0%		2.0%		—
International		25.0%		25.0%		25.0%		25.0%		25.0%		23.0%		21.0%		18.0%		14.0%		7.0%
Emerging Markets		6.0%		6.0%		6.0%		6.0%		6.0%		5.0%		5.0%		4.0%		4.0%		2.0%
Core Fixed Income		3.0%		3.0%		3.0%		3.0%		3.0%		9.0%		17.0%		26.0%		35.0%		44.0%
High Yield		—		—		—		—		2.0%		3.0%		4.0%		5.0%		5.0%		5.0%
International Bonds		—		—		—		—		—		—		—		—		3.0%		3.0%
TIPS		—		—		—		—		—		—		—		—		—		3.0%
Short Duration		—		—		—		—		—		—		—		—		—		10.0%
Long Govt Bonds		—		—		—		—		—		—		—		—		—		2.0%
Total Equity		97.0%		97.0%		97.0%		97.0%		95.0%		88.0%		79.0%		69.0%		57.0%		33.0%
Total Fixed Income		3.0%		3.0%		3.0%		3.0%		5.0%		12.0%		21.0%		31.0%		43.0%		67.0%
Total		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%

(1)

As these are target allocations, the actual allocations of each Portfolio’s assets may deviate from the percentages shown. Although the Portfolios expect to be fully invested at all times, they may maintain liquidity reserves to meet redemption requests.

Portfolio holdings are subject to change daily.

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Voya Solution Portfolios

Portfolio Managers’ Report

		Total Returns for the Year Ended December 31, 2021
					1 Year
		Voya Solution Aggressive Portfolio, Class S			19.62%
		S&P Target Risk Aggressive® Index			15.62%
		Voya Solution Balanced Portfolio, Class S			13.96%
		S&P Target Risk® Growth Index			11.37%
		Voya Solution Conservative Portfolio, Class S			5.52%
		S&P Target Risk® Conservative Index			4.99%
		Voya Solution Income Portfolio, Class S			6.37%
		S&P Target Date Retirement Income Index			5.11%
		Russell 3000® Index			25.66%
		MSCI EAFE®			11.26%
		Bloomberg U.S. Aggregate Bond			-1.54%
		Voya Solution Moderately Aggressive Portfolio, Class S			17.16%
		S&P Target Risk Aggressive® Index			15.62%
		Voya Solution Moderately Conservative Portfolio, Class S			9.41%
		S&P Target Risk® Moderate Index			7.12%
		Voya Solution 2025 Portfolio, Class S			10.67%
		S&P Target Date 2025 Index			10.67%
		Russell 3000® Index			25.66%
		MSCI EAFE®			11.26%
		Bloomberg U.S. Aggregate Bond			-1.54%
		Voya Solution 2030 Portfolio, Class S			12.49%
		S&P Target Date 2030 Index			12.61%
		Voya Solution 2035 Portfolio, Class S			14.08%
		S&P Target Date 2035 Index			14.92%
		Russell 3000® Index			25.66%
		MSCI EAFE®			11.26%
		Bloomberg U.S. Aggregate Bond			-1.54%
		Voya Solution 2040 Portfolio, Class S			16.10%
		S&P Target Date 2040 Index			16.55%
		Voya Solution 2045 Portfolio, Class S			17.26%
		S&P Target Date 2045 Index			17.51%
		Russell 3000® Index			25.66%
		MSCI EAFE®			11.26%
		Bloomberg U.S. Aggregate Bond			-1.54%
		Voya Solution 2050 Portfolio, Class S			17.10%
		S&P Target Date 2050 Index			17.99%
		Voya Solution 2055 Portfolio, Class S			17.32%
		S&P Target Date 2055 Index			18.19%
		Voya Solution 2060 Portfolio, Class S			17.15%
		S&P Target Date 2060+ Index			18.05%
		Voya Solution 2065 Portfolio, Class S			17.30%
		S&P Target Date 2060+ Index			18.05%

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Portfolio Managers’ Report

Voya Solution Aggressive Portfolio

[MISSING IMAGE: tm222386d6-lc_aggressivebw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 May 1, 2013
Class ADV		19.31%		13.23%		10.61%
Class I		19.87%		13.78%		11.21%
Class R6(1)		19.86%		13.79%		13.26%
Class S		19.62%		13.51%		10.94%
Class S2		19.42%		13.33%		10.70%
S&P Target Risk Aggressive® Index		15.62%		12.23%		9.98%

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

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

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

Portfolio holdings are subject to change daily.

(1)

Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Voya Solution Balanced Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		13.63%		10.20%		9.04%
Class I		14.15%		10.74%		9.58%
Class R6(1)		14.15%		10.77%		10.35%
Class S		13.96%		10.48%		9.32%
Class S2		13.80%		10.32%		9.15%
S&P Target Risk® Growth Index		11.37%		10.17%		8.96%

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

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

Portfolio holdings are subject to change daily.

(1)

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Portfolio Managers’ Report

Voya Solution Conservative Portfolio

[MISSING IMAGE: tm222386d6-lc_conservatbw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		5.26%		5.99%		5.44%
Class I		5.85%		6.52%		5.96%
Class R6(1)		5.77%		6.53%		6.22%
Class S		5.52%		6.26%		5.71%
Class S2		5.34%		6.11%		5.56%
S&P Target Risk® Conservative Index		4.99%		6.97%		5.60%

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

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

Portfolio holdings are subject to change daily.

(1)

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Voya Solution Income Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tm222386d6-lc_incomebw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		6.16%		7.13%		6.11%
Class I		6.69%		7.66%		6.64%
Class S		6.37%		7.38%		6.37%
Class S2		6.25%		7.23%		6.21%
Class T		6.03%		6.91%		5.90%
S&P Target Date Retirement Income Index		5.11%		6.52%		5.59%
Russell 3000® Index		25.66%		17.97%		16.30%
MSCI EAFE®		11.26%		9.55%		8.03%
Bloomberg U.S. Aggregate Bond		-1.54%		3.57%		2.90%

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

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

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Solution Moderately Aggressive Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		16.87%		11.63%		10.29%
Class I		17.42%		12.21%		10.85%
Class R6(1)		17.44%		12.22%		11.71%
Class S		17.16%		11.92%		10.57%
Class S2		16.99%		11.77%		10.41%
S&P Target Risk Aggressive® Index		15.62%		12.23%		11.04%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Solution Moderately Conservative Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		9.16%		7.86%		7.01%
Class I		9.69%		8.40%		7.52%
Class R6(1)		9.69%		8.41%		8.05%
Class S		9.41%		8.14%		7.28%
Class S2		9.22%		7.98%		7.12%
S&P Target Risk® Moderate Index		7.12%		8.05%		6.81%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2025 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		10.40%		9.76%		8.78%
Class I		10.96%		10.31%		9.32%
Class S		10.67%		10.04%		9.05%
Class S2		10.49%		9.86%		8.88%
Class T		10.19%		9.53%		8.55%
S&P Target Date 2025 Index		10.67%		9.65%		9.01%
Russell 3000® Index		25.66%		17.97%		16.30%
MSCI EAFE®		11.26%		9.55%		8.03%
Bloomberg U.S. Aggregate Bond		-1.54%		3.57%		2.90%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2025 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2030 Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		12.26%		10.77%		9.75%
Class I		12.80%		11.33%		10.31%
Class S		12.49%		11.05%		10.01%
Class S2		12.35%		10.88%		9.84%
Class T		12.05%		10.55%		9.56%
S&P Target Date 2030 Index		12.61%		10.63%		9.83%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2030 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2035 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		13.81%		11.47%		10.16%
Class I		14.35%		12.03%		10.70%
Class S		14.08%		11.75%		10.43%
Class S2		13.91%		11.59%		10.27%
Class T		13.42%		11.25%		9.93%
S&P Target Date 2035 Index		14.92%		11.67%		10.63%
Russell 3000® Index		25.66%		17.97%		16.30%
MSCI EAFE®		11.26%		9.55%		8.03%
Bloomberg U.S. Aggregate Bond		-1.54%		3.57%		2.90%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2035 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2040 Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		15.78%		12.43%		11.04%
Class I		16.34%		12.99%		11.61%
Class S		16.10%		12.71%		11.30%
Class S2		15.88%		12.53%		11.14%
Class T		15.48%		12.20%		10.82%
S&P Target Date 2040 Index		16.55%		12.40%		11.19%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2040 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2045 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		16.95%		12.66%		11.08%
Class I		17.51%		13.22%		11.63%
Class S		17.26%		12.96%		11.35%
Class S2		17.10%		12.79%		11.19%
Class T		16.73%		12.44%		10.85%
S&P Target Date 2045 Index		17.51%		12.81%		11.56%
Russell 3000® Index		25.66%		17.97%		16.30%
MSCI EAFE®		11.26%		9.55%		8.03%
Bloomberg U.S. Aggregate Bond		-1.54%		3.57%		2.90%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2045 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2050 Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		16.82%		12.68%		11.22%
Class I		17.42%		13.26%		11.82%
Class S		17.10%		12.96%		11.49%
Class S2		16.91%		12.79%		11.32%
Class T		16.55%		12.45%		11.03%
S&P Target Date 2050 Index		17.99%		13.07%		11.83%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2050 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Solution 2055 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		17.03%		12.75%		11.15%
Class I		17.53%		13.30%		11.71%
Class S		17.32%		13.02%		11.43%
Class S2		17.09%		12.85%		11.25%
Class T		16.77%		12.51%		10.94%
S&P Target Date 2055 Index		18.19%		13.18%		12.00%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2055 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2060 Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T February 9, 2015
Class ADV		16.83%		12.68%		9.85%
Class I		17.46%		13.26%		10.37%
Class S		17.15%		12.97%		10.04%
Class S2		16.93%		12.79%		9.93%
Class T		16.50%		12.42%		9.55%
S&P Target Date 2060+ Index		18.05%		13.28%		10.78%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2060 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2065 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		Since Inception of Classes ADV, I, S, S2 and T July 29, 2020
Class ADV		17.05%		25.06%
Class I		17.64%		25.70%
Class S		17.30%		25.39%
Class S2		17.17%		25.22%
Class T		16.67%		24.75%
S&P Target Date 2060+ Index		18.05%		24.81%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2065 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

Portfolio holdings are subject to change daily.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021 to December 31, 2021. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**			Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**
Voya Solution Aggressive Portfolio
Class ADV		$	1,000.00		$	1,053.70		0.81%		$	4.19		$	1,000.00		$	1,021.12		0.81%		$	4.13
Class I			1,000.00			1,056.00		0.31			1.61			1,000.00			1,023.64		0.31			1.58
Class R6			1,000.00			1,056.00		0.31			1.61			1,000.00			1,023.64		0.31			1.58
Class S			1,000.00			1,055.50		0.56			2.90			1,000.00			1,022.38		0.56			2.85
Class S2			1,000.00			1,054.40		0.71			3.68			1,000.00			1,021.63		0.71			3.62
Voya Solution Balanced Portfolio
Class ADV		$	1,000.00		$	1,044.70		0.80%		$	4.12		$	1,000.00		$	1,021.17		0.80%		$	4.08
Class I			1,000.00			1,046.60		0.30			1.55			1,000.00			1,023.69		0.30			1.53
Class R6			1,000.00			1,046.60		0.30			1.55			1,000.00			1,023.69		0.30			1.53
Class S			1,000.00			1,045.00		0.55			2.83			1,000.00			1,022.43		0.55			2.80
Class S2			1,000.00			1,045.10		0.70			3.61			1,000.00			1,021.68		0.70			3.57
Voya Solution Conservative Portfolio
Class ADV		$	1,000.00		$	1,017.30		0.69%		$	3.51		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class I			1,000.00			1,020.00		0.19			0.97			1,000.00			1,024.25		0.19			0.97
Class R6			1,000.00			1,020.10		0.19			0.97			1,000.00			1,024.25		0.19			0.97
Class S			1,000.00			1,018.30		0.44			2.24			1,000.00			1,022.99		0.44			2.24
Class S2			1,000.00			1,017.80		0.59			3.00			1,000.00			1,022.23		0.59			3.01

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**			Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**
Voya Solution Income Portfolio
Class ADV		$	1,000.00		$	1,020.20		0.72%		$	3.67		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,022.50		0.22			1.12			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,021.40		0.47			2.39			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,020.80		0.62			3.16			1,000.00			1,022.08		0.62			3.16
Class T			1,000.00			1,019.70		0.92			4.68			1,000.00			1,020.57		0.92			4.69
Voya Solution Moderately Aggressive Portfolio
Class ADV		$	1,000.00		$	1,047.70		0.81%		$	4.18		$	1,000.00		$	1,021.12		0.81%		$	4.13
Class I			1,000.00			1,050.10		0.31			1.60			1,000.00			1,023.64		0.31			1.58
Class R6			1,000.00			1,050.20		0.30			1.55			1,000.00			1,023.69		0.30			1.53
Class S			1,000.00			1,049.20		0.56			2.89			1,000.00			1,022.38		0.56			2.85
Class S2			1,000.00			1,048.60		0.71			3.67			1,000.00			1,021.63		0.71			3.62
Voya Solution Moderately Conservative Portfolio
Class ADV		$	1,000.00		$	1,029.00		0.73%		$	3.73		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,032.20		0.23			1.18			1,000.00			1,024.05		0.23			1.17
Class R6			1,000.00			1,032.20		0.23			1.18			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,030.80		0.48			2.46			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,029.70		0.63			3.22			1,000.00			1,022.03		0.63			3.21
Voya Solution 2025 Portfolio
Class ADV		$	1,000.00		$	1,030.00		0.70%		$	3.58		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,032.00		0.20			1.02			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			1,031.40		0.45			2.30			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			1,030.00		0.60			3.07			1,000.00			1,022.18		0.60			3.06
Class T			1,000.00			1,028.90		0.90			4.60			1,000.00			1,020.67		0.90			4.58
Voya Solution 2030 Portfolio
Class ADV		$	1,000.00		$	1,035.80		0.67%		$	3.44		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class I			1,000.00			1,038.30		0.17			0.87			1,000.00			1,024.35		0.17			0.87
Class S			1,000.00			1,037.10		0.42			2.16			1,000.00			1,023.09		0.42			2.14
Class S2			1,000.00			1,036.40		0.57			2.93			1,000.00			1,022.33		0.57			2.91
Class T			1,000.00			1,034.90		0.87			4.46			1,000.00			1,020.82		0.87			4.43
Voya Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,037.70		0.65%		$	3.34		$	1,000.00		$	1,021.93		0.65%		$	3.31
Class I			1,000.00			1,040.20		0.15			0.77			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,039.60		0.40			2.06			1,000.00			1,023.19		0.40			2.04
Class S2			1,000.00			1,038.60		0.55			2.83			1,000.00			1,022.43		0.55			2.80
Class T			1,000.00			1,035.70		0.85			4.36			1,000.00			1,020.92		0.85			4.33
Voya Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,041.50		0.64%		$	3.29		$	1,000.00		$	1,021.98		0.64%		$	3.26
Class I			1,000.00			1,044.40		0.14			0.72			1,000.00			1,024.50		0.14			0.71
Class S			1,000.00			1,043.20		0.39			2.01			1,000.00			1,023.24		0.39			1.99
Class S2			1,000.00			1,042.00		0.54			2.78			1,000.00			1,022.48		0.54			2.75
Class T			1,000.00			1,040.10		0.84			4.32			1,000.00			1,020.97		0.84			4.28

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**			Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**
Voya Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,044.60		65.00%		$	334.98		$	1,000.00		$	697.53		65.00%		$	278.12
Class I			1,000.00			1,046.80		0.15			0.77			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,046.20		0.40			2.06			1,000.00			1,023.19		0.40			2.04
Class S2			1,000.00			1,045.30		0.55			2.84			1,000.00			1,022.43		0.55			2.80
Class T			1,000.00			1,043.80		0.85			4.38			1,000.00			1,020.92		0.85			4.33
Voya Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,043.30		0.65%		$	3.35		$	1,000.00		$	1,021.93		0.65%		$	3.31
Class I			1,000.00			1,045.80		0.15			0.77			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,044.60		0.40			2.06			1,000.00			1,023.19		0.40			2.04
Class S2			1,000.00			1,043.80		0.55			2.83			1,000.00			1,022.43		0.55			2.80
Class T			1,000.00			1,042.10		0.85			4.38			1,000.00			1,020.92		0.85			4.33
Voya Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,042.90		0.66%		$	3.40		$	1,000.00		$	1,021.88		0.66%		$	3.36
Class I			1,000.00			1,045.40		0.16			0.82			1,000.00			1,024.40		0.16			0.82
Class S			1,000.00			1,044.30		0.41			2.11			1,000.00			1,023.14		0.41			2.09
Class S2			1,000.00			1,043.00		0.56			2.88			1,000.00			1,022.38		0.56			2.85
Class T			1,000.00			1,041.80		0.86			4.43			1,000.00			1,020.87		0.86			4.38
Voya Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,043.00		0.68%		$	3.50		$	1,000.00		$	1,021.78		0.68%		$	3.47
Class I			1,000.00			1,045.20		0.18			0.93			1,000.00			1,024.30		0.18			0.92
Class S			1,000.00			1,044.20		0.43			2.22			1,000.00			1,023.04		0.43			2.19
Class S2			1,000.00			1,042.80		0.58			2.99			1,000.00			1,022.28		0.58			2.96
Class T			1,000.00			1,041.30		0.88			4.53			1,000.00			1,020.77		0.88			4.48
Voya Solution 2065 Portfolio
Class ADV		$	1,000.00		$	1,043.90		0.67%		$	2.93		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class I			1,000.00			1,046.90		0.17			0.74			1,000.00			1,024.35		0.17			0.87
Class S			1,000.00			1,045.50		0.42			1.84			1,000.00			1,023.09		0.42			2.14
Class S2			1,000.00			1,045.10		0.06			0.25			1,000.00			1,024.92		0.06			0.29
Class T			1,000.00			1,042.30		0.87			3.80			1,000.00			1,020.82		0.87			4.43

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

Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year.

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio and Voya Solution 2065 Portfolio and the Board of Directors of Voya Partners, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio and Voya Solution 2065 Portfolio (collectively referred to as the “Portfolios”) (fifteen of the portfolios constituting Voya Partners, Inc. (the “Company”)), including the portfolios of investments, as of December 31, 2021, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolios (fifteen of the portfolios constituting Voya Partners, Inc.) at December 31, 2021, and the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual portfolio constituting Voya Partners, Inc.	Statement of Operations	Statements of changes in net assets	Financial highlights
Voya Solution Aggressive Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution Balanced Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution Conservative Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution Income Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution Moderately Aggressive Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution Moderately Conservative Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2025 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2030 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2035 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2040 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2045 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2050 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2055 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2060 Portfolio	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021
Voya Solution 2065 Portfolio	For the year ended December 31, 2021	For the year ended December 31, 2021 and the period from July 29, 2020 (commencement of operations) through December 31, 2020

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

Basis for Opinion

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

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

We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 24, 2022

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	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*		$	25,889,808		$	53,391,322		$	16,209,954		$	247,243,637
Investments in unaffiliated underlying funds at fair value**			5,917,595			10,929,165			1,531,156			36,111,622
Cash			32,878			85,168			20,893			330,793
Receivables:
Fund shares sold			141,194			65,567			2,404			205,234
Prepaid expenses			—			—			—			27
Reimbursement due from Investment Adviser			844			—			3,073			17,521
Other assets			395			1,827			556			22,735
Total assets			31,982,714			64,473,049			17,768,036			283,931,569
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			141,186			65,566			2,402			59,506
Payable for fund shares redeemed			8			—			—			145,728
Payable for investment management fees			8,709			19,377			3,270			54,178
Payable for distribution and shareholder service fees			3,248			10,061			2,612			82,937
Payable for directors fees			144			305			83			1,488
Payable to directors under the deferred compensation plan (Note 6)			395			1,827			556			22,735
Other accrued expenses and liabilities			13,218			28,710			10,713			156,970
Total liabilities			166,908			125,846			19,636			523,542
NET ASSETS		$	31,815,806		$	64,347,203		$	17,748,400		$	283,408,027
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	23,803,565		$	50,750,041		$	15,875,152		$	239,715,243
Total distributable earnings			8,012,241			13,597,162			1,873,248			43,692,784
NET ASSETS		$	31,815,806		$	64,347,203		$	17,748,400		$	283,408,027
* Cost of investments in affiliated underlying funds		$	23,292,298		$	49,966,078		$	16,112,838		$	236,373,306
** Cost of investments in unaffiliated underlying funds		$	5,022,930		$	8,620,314		$	1,357,583		$	32,579,367

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
Class ADV
Net assets		$	4,406,175		$	10,712,780		$	4,030,156		$	144,001,425
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			267,907			933,517			336,947			11,296,045
Net asset value and redemption price per share		$	16.45		$	11.48		$	11.96		$	12.75
Class I
Net assets		$	488,199		$	3,830,584		$	913,456		$	40,086,068
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			28,851			319,760			75,678			3,059,059
Net asset value and redemption price per share		$	16.92		$	11.98		$	12.07		$	13.10
Class R6
Net assets		$	21,062,317		$	24,204,256		$	9,364,690			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			1,244,466			2,020,702			775,941			n/a
Net asset value and redemption price per share		$	16.92		$	11.98		$	12.07			n/a
Class S
Net assets		$	4,425,569		$	24,043,737		$	2,202,822		$	93,573,447
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			265,231			2,067,857			183,402			7,206,363
Net asset value and redemption price per share		$	16.69		$	11.63		$	12.01		$	12.98
Class S2
Net assets		$	1,433,546		$	1,555,846		$	1,237,276		$	5,629,178
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			87,642			134,182			104,432			446,063
Net asset value and redemption price per share		$	16.36		$	11.60		$	11.85		$	12.62
Class T
Net assets			n/a			n/a			n/a		$	117,909
Shares authorized			n/a			n/a			n/a			100,000,000
Par value			n/a			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			n/a			8,503
Net asset value and redemption price per share			n/a			n/a			n/a		$	13.87

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	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*		$	507,925,614		$	38,162,306		$	556,727,974		$	50,449,246
Investments in unaffiliated underlying funds at fair value**			117,466,733			4,797,304			57,376,034			6,709,865
Cash			748,820			20,606			584,099			68,376
Receivables:
Investments in affiliated underlying funds sold			784,381			—			—			—
Fund shares sold			51,201			11,870			209,895			39,441
Prepaid expenses			53			4			56			6
Reimbursement due from Investment Adviser			—			3,624			43,421			11,089
Other assets			33,634			1,290			37,366			775
Total assets			627,010,436			42,997,004			614,978,845			57,278,798
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			11,870			187,968			39,413
Payable for fund shares redeemed			835,582			—			21,928			28
Payable for investment management fees			148,954			8,026			112,316			10,791
Payable for distribution and shareholder service fees			129,755			8,708			166,147			14,970
Payable for directors fees			3,135			213			3,146			290
Payable to directors under the deferred compensation plan (Note 6)			33,634			1,290			37,366			775
Other accrued expenses and liabilities			87,651			32,925			203,653			66,499
Total liabilities			1,238,711			63,032			732,524			132,766
NET ASSETS		$	625,771,725		$	42,933,972		$	614,246,321		$	57,146,032
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	465,360,923		$	35,687,858		$	486,325,680		$	45,130,094
Total distributable earnings			160,410,802			7,246,114			127,920,641			12,015,938
NET ASSETS		$	625,771,725		$	42,933,972		$	614,246,321		$	57,146,032
* Cost of investments in affiliated underlying funds		$	450,561,756		$	36,814,081		$	528,964,128		$	48,570,252
** Cost of investments in unaffiliated underlying funds		$	94,480,848		$	4,114,275		$	45,584,105		$	5,626,073

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2025 Portfolio			Voya Solution 2030 Portfolio
Class ADV
Net assets		$	26,263,088		$	5,956,586		$	234,207,183		$	25,213,505
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			1,755,058			520,500			18,825,463			1,398,462
Net asset value and redemption price per share		$	14.96		$	11.44		$	12.44		$	18.03
Class I
Net assets		$	5,089,676		$	373,469		$	64,534,462		$	12,248,362
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			331,920			31,195			5,009,687			655,649
Net asset value and redemption price per share		$	15.33		$	11.97		$	12.88		$	18.68
Class R6
Net assets		$	30,359,793		$	10,245,125			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			1,981,575			855,981			n/a			n/a
Net asset value and redemption price per share		$	15.32		$	11.97			n/a			n/a
Class S
Net assets		$	562,208,339		$	21,640,415		$	303,655,511		$	18,032,220
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			37,150,972			1,854,466			23,951,226			974,183
Net asset value and redemption price per share		$	15.13		$	11.67		$	12.68		$	18.51
Class S2
Net assets		$	1,850,829		$	4,718,377		$	11,469,077		$	1,596,289
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			122,313			411,648			935,226			87,610
Net asset value and redemption price per share		$	15.13		$	11.46		$	12.26		$	18.22
Class T
Net assets			n/a			n/a		$	380,088		$	55,656
Shares authorized			n/a			n/a			100,000,000			100,000,000
Par value			n/a			n/a		$	0.001		$	0.001
Shares outstanding			n/a			n/a			28,683			3,092
Net asset value and redemption price per share			n/a			n/a		$	13.25		$	18.00

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	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*		$	587,873,760		$	35,703,912		$	436,543,598		$	29,162,170
Investments in unaffiliated underlying funds at fair value**			94,023,521			7,112,321			91,396,897			6,937,212
Cash			980,566			69,136			794,289			63,197
Receivables:
Fund shares sold			318,527			35,503			305,522			51,298
Prepaid expenses			59			—			44			2
Reimbursement due from Investment Adviser			81,637			9,374			76,917			9,735
Other assets			35,141			607			24,815			480
Total assets			683,313,211			42,930,853			529,142,082			36,224,094
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			312,682			32,634			302,203			41,827
Payable for fund shares redeemed			5,876			2,869			3,320			9,471
Payable for investment management fees			130,131			8,286			103,316			7,169
Payable for distribution and shareholder service fees			174,157			10,616			131,595			8,748
Payable for directors fees			3,414			211			2,603			182
Payable to directors under the deferred compensation plan (Note 6)			35,141			607			24,815			480
Other accrued expenses and liabilities			213,839			30,470			162,967			30,277
Total liabilities			875,240			85,693			730,819			98,154
NET ASSETS		$	682,437,971		$	42,845,160		$	528,411,263		$	36,125,940
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	509,043,568		$	32,080,258		$	382,397,155		$	26,332,866
Total distributable earnings			173,394,403			10,764,902			146,014,108			9,793,074
NET ASSETS		$	682,437,971		$	42,845,160		$	528,411,263		$	36,125,940
* Cost of investments in affiliated underlying funds		$	542,716,162		$	34,183,837		$	402,046,785		$	27,429,915
** Cost of investments in unaffiliated underlying funds		$	75,271,310		$	5,849,087		$	70,865,074		$	5,757,740

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
Class ADV
Net assets		$	219,940,433		$	17,364,148		$	162,479,748		$	15,351,524
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			16,826,755			883,764			12,386,628			750,694
Net asset value and redemption price per share		$	13.07		$	19.65		$	13.12		$	20.45
Class I
Net assets		$	78,910,159		$	10,092,050		$	65,611,476		$	9,999,110
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			5,826,536			495,263			4,798,706			469,465
Net asset value and redemption price per share		$	13.54		$	20.38		$	13.67		$	21.30
Class S
Net assets		$	369,502,154		$	13,324,841		$	289,192,515		$	9,740,374
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			27,724,161			661,653			21,632,108			464,069
Net asset value and redemption price per share		$	13.33		$	20.14		$	13.37		$	20.99
Class S2
Net assets		$	14,062,010		$	2,051,345		$	10,947,113		$	1,022,014
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			1,107,270			103,902			846,899			49,531
Net asset value and redemption price per share		$	12.70		$	19.74		$	12.93		$	20.63
Class T
Net assets		$	23,215		$	12,776		$	180,411		$	12,918
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			1,673			653			13,002			625
Net asset value and redemption price per share		$	13.88		$	19.56		$	13.88		$	20.67

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	145,918,715		$	21,935,355		$	4,926,079
Investments in unaffiliated underlying funds at fair value**			31,149,633			4,635,859			895,516
Cash			287,450			58,417			17,651
Receivables:
Fund shares sold			93,818			47,272			8,010
Prepaid expenses			13			—			—
Reimbursement due from Investment Adviser			34,508			937			2,926
Other assets			5,491			265			9
Total assets			177,489,628			26,678,105			5,850,191
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			70,913			47,270			6,813
Payable for fund shares redeemed			22,905			—			1,197
Payable for investment management fees			34,800			5,182			1,088
Payable for distribution and shareholder service fees			43,946			6,426			1,146
Payable for directors fees			865			127			21
Payable to directors under the deferred compensation plan (Note 6)			5,491			265			9
Other accrued expenses and liabilities			142,066			24,544			16,423
Total liabilities			320,986			83,814			26,697
NET ASSETS		$	177,168,642		$	26,594,291		$	5,823,494
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	130,504,195		$	19,737,892		$	5,522,972
Total distributable earnings			46,664,447			6,856,399			300,522
NET ASSETS		$	177,168,642		$	26,594,291		$	5,823,494
* Cost of investments in affiliated underlying funds		$	135,735,004		$	20,951,113		$	4,911,815
** Cost of investments in unaffiliated underlying funds		$	25,830,374		$	3,923,581		$	778,311

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
Class ADV
Net assets		$	58,046,069		$	10,458,544		$	1,582,843
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			3,834,848			699,154			132,557
Net asset value and redemption price per share		$	15.14		$	14.96		$	11.94
Class I
Net assets		$	27,701,352		$	6,684,918		$	1,691,663
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			1,762,032			437,321			141,343
Net asset value and redemption price per share		$	15.72		$	15.29		$	11.97
Class S
Net assets		$	86,020,987		$	8,210,827		$	2,431,106
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			5,612,969			546,422			203,415
Net asset value and redemption price per share		$	15.33		$	15.03		$	11.95
Class S2
Net assets		$	5,376,665		$	1,234,375		$	113,772
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			353,150			82,492			9,520
Net asset value and redemption price per share		$	15.22		$	14.96		$	11.95
Class T
Net assets		$	23,569		$	5,627		$	4,110
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			1,506			377			344
Net asset value and redemption price per share		$	15.65		$	14.91		$	11.95

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2021

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	271,826		$	891,567		$	321,018		$	5,178,353
Dividends from unaffiliated underlying funds			81,167			161,890			31,136			778,588
Total investment income			352,993			1,053,457			352,154			5,956,941
EXPENSES:
Investment management fees			67,755			139,734			35,763			658,054
Distribution and shareholder service fees:
Class ADV			20,676			50,373			20,025			739,182
Class S			10,719			56,460			5,730			252,656
Class S2			6,075			6,044			5,080			22,837
Class T			—			—			—			876
Transfer agent fees:
Class ADV			4,389			6,409			3,181			77,169
Class I			405			2,194			424			22,370
Class R6			514			82			181			—
Class S			4,542			14,362			1,822			52,753
Class S2			1,633			965			1,007			2,980
Class T			—			—			—			64
Shareholder reporting expense			349			1,080			880			4,760
Registration fees			6			—			—			—
Professional fees			5,009			8,761			4,836			33,640
Custody and accounting expense			9,855			12,046			10,826			21,900
Directors fees			1,153			2,438			659			11,904
Miscellaneous expense			9,135			15,098			8,153			42,867
Interest expense			—			—			—			124
Total expenses			142,215			316,046			98,567			1,944,136
Waived and reimbursed fees			(14,869)			(20,907)			(36,009)			(270,803)
Net expenses			127,346			295,139			62,558			1,673,333
Net investment income			225,647			758,318			289,596			4,283,608
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			2,033,668			3,461,165			760,393			12,177,347
Sale of unaffiliated underlying funds			948,381			704,833			186,104			3,294,807
Capital gain distributions from affiliated underlying funds			2,422,114			4,291,318			576,737			13,248,584
Futures			—			—			—			608,427
Net realized gain			5,404,163			8,457,316			1,523,234			29,329,165
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(574,936)			(2,375,285)			(879,154)			(14,940,300)
Unaffiliated underlying funds			38,318			1,016,956			(50,201)			(99,338)
Futures			—			—			—			(88,219)
Net change in unrealized appreciation (depreciation)			(536,618)			(1,358,329)			(929,355)			(15,127,857)
Net realized and unrealized gain			4,867,545			7,098,987			593,879			14,201,308
Increase in net assets resulting from operations		$	5,093,192		$	7,857,305		$	883,475		$	18,484,916

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2021

	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		$	7,399,293		$	803,535		$	10,833,388		$	916,808
Dividends from unaffiliated underlying funds			1,750,751			97,494			923,721			120,110
Total investment income			9,150,044			901,029			11,757,109			1,036,918
EXPENSES:
Investment management fees			1,453,983			93,799			1,371,311			129,146
Distribution and shareholder service fees:
Class ADV			129,023			31,944			1,212,257			122,037
Class S			1,419,323			52,466			764,263			47,834
Class S2			6,779			20,525			43,377			4,357
Class T			—			—			2,822			359
Transfer agent fees:
Class ADV			1,534			5,607			106,165			18,108
Class I			311			73			30,575			9,775
Class R6			38			30			—			—
Class S			33,756			18,414			133,863			14,194
Class S2			98			4,501			4,749			805
Class T			—			—			176			38
Shareholder reporting expense			13,303			3,620			14,325			753
Registration fees			10			1			—			7
Professional fees			55,851			10,220			65,702			12,545
Custody and accounting expense			37,609			10,220			31,898			28,470
Directors fees			25,079			1,707			25,169			2,314
Miscellaneous expense			102,322			13,822			136,635			17,770
Interest expense			305			—			336			—
Total expenses			3,279,324			266,949			3,943,623			408,512
Recouped/(Waived and reimbursed fees)			233,629			(63,394)			(651,162)			(134,483)
Net expenses			3,512,953			203,555			3,292,461			274,029
Net investment income			5,637,091			697,474			8,464,648			762,889
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			40,947,221			2,407,151			32,047,615			4,157,101
Sale of unaffiliated underlying funds			9,861,539			755,657			13,820,863			1,052,848
Capital gain distributions from affiliated underlying funds			46,139,145			2,263,054			43,073,675			4,366,900
Futures			995,029			—			980,271			—
Net realized gain			97,942,934			5,425,862			89,922,424			9,576,849
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(13,789,498)			(2,231,287)			(32,465,504)			(3,720,721)
Unaffiliated underlying funds			9,415,587			(62,839)			(2,065,285)			102,828
Futures			(154,350)			—			(134,978)			—
Net change in unrealized appreciation (depreciation)			(4,528,261)			(2,294,126)			(34,665,767)			(3,617,893)
Net realized and unrealized gain			93,414,673			3,131,736			55,256,657			5,958,956
Increase in net assets resulting from operations		$	99,051,764		$	3,829,210		$	63,721,305		$	6,721,845

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2021

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	10,182,977		$	551,609		$	6,353,307		$	381,781
Dividends from unaffiliated underlying funds			1,586,330			114,281			1,520,791			102,415
Total investment income			11,769,307			665,890			7,874,098			484,196
EXPENSES:
Investment management fees			1,545,029			97,570			1,221,656			84,861
Distribution and shareholder service fees:
Class ADV			1,118,105			84,114			807,288			78,494
Class S			903,272			30,783			696,567			23,294
Class S2			52,959			6,649			37,996			3,317
Class T			1,298			170			1,223			88
Transfer agent fees:
Class ADV			119,339			18,068			120,032			24,479
Class I			45,025			12,317			52,930			16,342
Class S			192,818			13,157			206,927			14,479
Class S2			7,065			1,755			7,021			1,272
Class T			98			27			130			19
Shareholder reporting expense			17,723			750			10,300			1,750
Registration fees			—			2			—			—
Professional fees			81,951			8,213			60,972			8,533
Custody and accounting expense			50,175			10,950			39,316			9,194
Directors fees			27,309			1,686			20,827			1,453
Miscellaneous expense			140,236			15,721			100,237			13,517
Interest expense			773			57			589			52
Total expenses			4,303,175			301,989			3,384,011			281,144
Waived and reimbursed fees			(1,196,677)			(121,137)			(1,061,585)			(121,285)
Net expenses			3,106,498			180,852			2,322,426			159,859
Net investment income			8,662,809			485,038			5,551,672			324,337
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			—			—			—			(17,865)
Sale of affiliated underlying funds			41,468,023			4,043,268			31,183,433			3,632,939
Sale of unaffiliated underlying funds			13,975,938			1,223,181			14,249,834			1,031,139
Capital gain distributions from affiliated underlying funds			52,643,964			3,459,982			45,421,111			3,221,450
Futures			687,882			—			2,245,433			—
Net realized gain			108,775,807			8,726,431			93,099,811			7,867,663
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(28,953,959)			(3,144,026)			(19,960,300)			(2,566,173)
Unaffiliated underlying funds			988,523			104,979			3,764,663			102,326
Futures			(12,373)			—			(227,219)			—
Net change in unrealized appreciation (depreciation)			(27,977,809)			(3,039,047)			(16,422,856)			(2,463,847)
Net realized and unrealized gain			80,797,998			5,687,384			76,676,955			5,403,816
Increase in net assets resulting from operations		$	89,460,807		$	6,172,422		$	82,228,627		$	5,728,153

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2021

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	1,873,213		$	276,029		$	59,451
Dividends from unaffiliated underlying funds			452,178			66,648			10,905
Total investment income			2,325,391			342,677			70,356
EXPENSES:
Investment management fees			400,479			58,645			9,812
Distribution and shareholder service fees:
Class ADV			289,504			49,269			6,171
Class S			205,374			19,363			3,937
Class S2			17,759			3,566			311
Class T			176			40			28
Transfer agent fees:
Class ADV			82,413			23,976			1,016
Class I			40,690			16,795			1,111
Class S			116,635			18,838			1,364
Class S2			6,228			2,155			72
Class T			36			14			4
Shareholder reporting expense			8,235			1,473			68
Registration fees			2			8			—
Professional fees			23,142			3,937			4,862
Custody and accounting expense			15,330			9,618			9,425
Directors fees			6,917			1,015			169
Offering expense			—			—			7,624
Miscellaneous expense			45,060			11,972			11,461
Interest expense			279			—			—
Total expenses			1,258,259			220,684			57,435
Waived and reimbursed fees			(467,820)			(102,625)			(40,182)
Net expenses			790,439			118,059			17,253
Net investment income			1,534,952			224,618			53,103
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			10,852,923			2,640,030			229,728
Sale of unaffiliated underlying funds			5,405,740			722,070			59,641
Capital gain distributions from affiliated underlying funds			16,192,812			2,383,910			458,444
Futures			448,295			—			—
Net realized gain			32,899,770			5,746,010			747,813
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(6,956,638)			(2,001,103)			(230,858)
Unaffiliated underlying funds			(285,371)			(1,284)			52,343
Futures			(30,995)			—			—
Net change in unrealized appreciation (depreciation)			(7,273,004)			(2,002,387)			(178,515)
Net realized and unrealized gain			25,626,766			3,743,623			569,298
Increase in net assets resulting from operations		$	27,161,718		$	3,968,241		$	622,401

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Aggressive Portfolio						Voya Solution Balanced Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	225,647		$	215,309		$	758,318		$	822,003
Net realized gain (loss)			5,404,163			(484,560)			8,457,316			303,108
Net change in unrealized appreciation (depreciation)			(536,618)			3,852,787			(1,358,329)			5,569,560
Increase in net assets resulting from operations			5,093,192			3,583,536			7,857,305			6,694,671
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(36,612)			(256,190)			(155,467)			(641,988)
Class I			(5,299)			(16,865)			(66,254)			(159,522)
Class R6			(231,482)			(1,063,984)			(451,989)			(1,431,759)
Class S			(46,644)			(285,893)			(425,470)			(1,304,764)
Class S2			(10,846)			(136,405)			(20,938)			(158,546)
Total distributions			(330,883)			(1,759,337)			(1,120,118)			(3,696,579)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,740,195			6,686,500			9,206,125			8,281,566
Reinvestment of distributions			330,883			1,759,337			1,120,118			3,696,579
			7,071,078			8,445,837			10,326,243			11,978,145
Cost of shares redeemed			(5,947,741)			(5,799,833)			(9,237,889)			(14,970,813)
Net increase (decrease) in net assets resulting from capital share transactions			1,123,337			2,646,004			1,088,354			(2,992,668)
Net increase in net assets			5,885,646			4,470,203			7,825,541			5,424
NET ASSETS:
Beginning of year or period			25,930,160			21,459,957			56,521,662			56,516,238
End of year or period		$	31,815,806		$	25,930,160		$	64,347,203		$	56,521,662

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Conservative Portfolio						Voya Solution Income Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	289,596		$	359,463		$	4,283,608		$	6,172,216
Net realized gain			1,523,234			420,995			29,329,165			14,295,401
Net change in unrealized appreciation (depreciation)			(929,355)			714,255			(15,127,857)			15,169,329
Increase in net assets resulting from operations			883,475			1,494,713			18,484,916			35,636,946
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(146,010)			(195,577)			(9,308,131)			(3,264,320)
Class I			(18,830)			(6,223)			(2,702,478)			(2,162,299)
Class R6			(385,201)			(354,405)			—			—
Class S			(98,834)			(110,012)			(6,498,676)			(2,446,178)
Class S2			(53,159)			(56,750)			(399,483)			(107,658)
Class T			—			—			(6,032)			(1,483)
Total distributions			(702,034)			(722,967)			(18,914,800)			(7,981,938)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			5,343,901			7,395,917			22,002,385			23,115,685
Proceeds from shares issued in merger (Note 11)			—			—			—			29,460,111
Reinvestment of distributions			702,034			722,967			18,914,584			7,981,938
			6,045,935			8,118,884			40,916,969			60,557,734
Cost of shares redeemed			(4,574,482)			(10,386,426)			(64,160,912)			(111,500,211)
Net increase (decrease) in net assets resulting from capital share transactions			1,471,453			(2,267,542)			(23,243,943)			(50,942,477)
Net increase (decrease) in net assets			1,652,894			(1,495,796)			(23,673,827)			(23,287,469)
NET ASSETS:
Beginning of year or period			16,095,506			17,591,302			307,081,854			330,369,323
End of year or period		$	17,748,400		$	16,095,506		$	283,408,027		$	307,081,854

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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	5,637,091		$	7,018,765		$	697,474		$	776,907
Net realized gain (loss)			97,942,934			(10,634,496)			5,425,862			43,391
Net change in unrealized appreciation (depreciation)			(4,528,261)			75,482,179			(2,294,126)			3,248,340
Increase in net assets resulting from operations			99,051,764			71,866,448			3,829,210			4,068,638
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(356,936)			(1,962,248)			(122,461)			(314,149)
Class I			(94,189)			(378,760)			(1,270)			(959)
Class R6			(485,492)			(1,857,459)			(259,334)			(381,248)
Class S			(9,011,067)			(45,876,550)			(481,441)			(939,184)
Class S2			(28,117)			(85,953)			(111,682)			(250,747)
Total distributions			(9,975,801)			(50,160,970)			(976,188)			(1,886,287)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			11,333,934			12,389,989			5,842,625			5,714,788
Reinvestment of distributions			9,975,801			50,160,970			976,188			1,886,287
			21,309,735			62,550,959			6,818,813			7,601,075
Cost of shares redeemed			(91,023,574)			(82,894,066)			(7,774,332)			(7,155,969)
Net increase (decrease) in net assets resulting from capital share transactions			(69,713,839)			(20,343,107)			(955,519)			445,106
Net increase in net assets			19,362,124			1,362,371			1,897,503			2,627,457
NET ASSETS:
Beginning of year or period			606,409,601			605,047,230			41,036,469			38,409,012
End of year or period		$	625,771,725		$	606,409,601		$	42,933,972		$	41,036,469

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2025 Portfolio						Voya Solution 2030 Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	8,464,648		$	12,392,851		$	762,889		$	665,627
Net realized gain			89,922,424			37,038,538			9,576,849			256,090
Net change in unrealized appreciation (depreciation)			(34,665,767)			47,926,409			(3,617,893)			5,589,011
Increase in net assets resulting from operations			63,721,305			97,357,798			6,721,845			6,510,728
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(17,210,023)			(14,227,528)			(591,672)			(1,092,015)
Class I			(4,665,157)			(16,158,946)			(351,715)			(721,318)
Class S			(22,412,706)			(17,355,345)			(505,141)			(801,977)
Class S2			(851,206)			(543,386)			(33,902)			(27,984)
Class T			(23,232)			(21,508)			(1,237)			(2,121)
Total distributions			(45,162,324)			(48,306,713)			(1,483,667)			(2,645,415)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			47,546,483			63,355,665			14,205,790			15,093,882
Reinvestment of distributions			45,162,324			48,306,713			1,483,538			2,645,155
			92,708,807			111,662,378			15,689,328			17,739,037
Cost of shares redeemed			(130,258,912)			(359,854,136)			(17,879,726)			(14,119,348)
Net increase (decrease) in net assets resulting from capital share transactions			(37,550,105)			(248,191,758)			(2,190,398)			3,619,689
Net increase (decrease) in net assets			(18,991,124)			(199,140,673)			3,047,780			7,485,002
NET ASSETS:
Beginning of year or period			633,237,445			832,378,118			54,098,252			46,613,250
End of year or period		$	614,246,321		$	633,237,445		$	57,146,032		$	54,098,252

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2035 Portfolio						Voya Solution 2040 Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	8,662,809		$	9,786,357		$	485,038		$	411,638
Net realized gain (loss)			108,775,807			36,410,535			8,726,431			(154,313)
Net change in unrealized appreciation (depreciation)			(27,977,809)			69,229,480			(3,039,047)			5,214,178
Increase in net assets resulting from operations			89,460,807			115,426,372			6,172,422			5,471,503
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(13,377,292)			(17,064,874)			(401,451)			(1,024,164)
Class I			(4,627,389)			(25,557,984)			(278,849)			(732,390)
Class S			(22,256,497)			(25,432,218)			(328,274)			(583,691)
Class S2			(862,847)			(1,021,548)			(46,978)			(72,338)
Class T			(1,154)			(34,001)			(277)			(2,323)
Total distributions			(41,125,179)			(69,110,625)			(1,055,829)			(2,414,906)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			47,375,867			65,367,566			12,776,643			10,906,398
Reinvestment of distributions			41,125,179			69,110,625			1,055,698			2,414,576
			88,501,046			134,478,191			13,832,341			13,320,974
Cost of shares redeemed			(122,487,364)			(382,740,378)			(16,251,010)			(11,884,083)
Net increase (decrease) in net assets resulting from capital share transactions			(33,986,318)			(248,262,187)			(2,418,669)			1,436,891
Net increase (decrease) in net assets			14,349,310			(201,946,440)			2,697,924			4,493,488
NET ASSETS:
Beginning of year or period			668,088,661			870,035,101			40,147,236			35,653,748
End of year or period		$	682,437,971		$	668,088,661		$	42,845,160		$	40,147,236

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2045 Portfolio						Voya Solution 2050 Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	5,551,672		$	6,024,492		$	324,337		$	306,781
Net realized gain (loss)			93,099,811			40,038,089			7,867,663			(141,996)
Net change in unrealized appreciation (depreciation)			(16,422,856)			57,354,060			(2,463,847)			4,935,252
Increase in net assets resulting from operations			82,228,627			103,416,641			5,728,153			5,100,037
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(14,358,057)			(10,669,545)			(407,828)			(884,091)
Class I			(5,597,625)			(21,965,537)			(292,715)			(652,158)
Class S			(25,285,756)			(17,862,735)			(266,356)			(478,997)
Class S2			(990,625)			(477,241)			(28,288)			(23,826)
Class T			(14,355)			(9,066)			(302)			(627)
Total distributions			(46,246,418)			(50,984,124)			(995,489)			(2,039,699)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			39,159,002			63,768,655			9,181,341			9,784,250
Reinvestment of distributions			46,246,418			50,984,123			995,344			2,039,405
			85,405,420			114,752,778			10,176,685			11,823,655
Cost of shares redeemed			(92,965,289)			(331,891,640)			(14,614,819)			(10,741,819)
Net increase (decrease) in net assets resulting from capital share transactions			(7,559,869)			(217,138,862)			(4,438,134)			1,081,836
Net increase (decrease) in net assets			28,422,340			(164,706,345)			294,530			4,142,174
NET ASSETS:
Beginning of year or period			499,988,923			664,695,268			35,831,410			31,689,236
End of year or period		$	528,411,263		$	499,988,923		$	36,125,940		$	35,831,410

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2055 Portfolio						Voya Solution 2060 Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	1,534,952		$	2,139,642		$	224,618		$	210,671
Net realized gain			32,899,770			21,239,174			5,746,010			43,428
Net change in unrealized appreciation (depreciation)			(7,273,004)			18,444,792			(2,002,387)			3,363,142
Increase in net assets resulting from operations			27,161,718			41,823,608			3,968,241			3,617,241
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(8,173,952)			(3,090,178)			(278,652)			(412,239)
Class I			(3,511,066)			(9,250,529)			(199,058)			(365,911)
Class S			(11,778,271)			(4,155,976)			(231,483)			(321,696)
Class S2			(701,880)			(139,214)			(32,424)			(19,875)
Class T			(2,823)			(1,502)			(138)			(215)
Total distributions			(24,167,992)			(16,637,399)			(741,755)			(1,119,936)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			25,063,582			52,513,500			8,648,215			9,090,858
Reinvestment of distributions			24,167,993			16,637,399			741,755			1,119,936
			49,231,575			69,150,900			9,389,970			10,210,794
Cost of shares redeemed			(40,353,988)			(161,089,782)			(10,332,678)			(5,732,191)
Net increase (decrease) in net assets resulting from capital share transactions			8,877,587			(91,938,883)			(942,708)			4,478,603
Net increase (decrease) in net assets			11,871,313			(66,752,674)			2,283,778			6,975,908
NET ASSETS:
Beginning of year or period			165,297,329			232,050,003			24,310,513			17,334,605
End of year or period		$	177,168,642		$	165,297,329		$	26,594,291		$	24,310,513

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2065 Portfolio
	Year Ended December 31, 2021			July 29, 2020(1) to December 31, 2020
FROM OPERATIONS:
Net investment income		$	53,103		$	26,897
Net realized gain			747,813			71,335
Net change in unrealized appreciation (depreciation)			(178,515)			309,985
Increase in net assets resulting from operations			622,401			408,217
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(182,982)			(16,550)
Class I			(200,791)			(18,505)
Class S			(283,529)			(16,346)
Class S2			(13,311)			(422)
Class T			(472)			(54)
Total distributions			(681,085)			(51,877)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			2,725,314			2,795,806
Reinvestment of distributions			681,085			51,877
			3,406,399			2,847,683
Cost of shares redeemed			(565,627)			(162,617)
Net increase in net assets resulting from capital share transactions			2,840,772			2,685,066
Net increase in net assets			2,782,088			3,041,406
NET ASSETS:
Beginning of year or period			3,041,406			—
End of year or period		$	5,823,494		$	3,041,406

(1)

Commencement of operations.

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
12-31-21		13.91		0.06•		2.62		2.68		0.14		—		—		0.14		—		16.45		19.31		0.93		0.81		0.81		0.37		4,406		58
12-31-20		13.08		0.10		1.76		1.86		0.15		0.88		—		1.03		—		13.91		15.53		1.00		0.81		0.81		0.64		3,744		85
12-31-19		11.47		0.11		2.65		2.76		0.16		0.99		—		1.15		—		13.08		24.94		0.92		0.75		0.75		0.96		3,760		85
12-31-18		13.56		0.10		(1.53)		(1.43)		0.11		0.55		—		0.66		—		11.47		(11.18)		0.90		0.69		0.69		0.79		3,159		79
12-31-17		11.33		0.11•		2.34		2.45		0.05		0.17		—		0.22		—		13.56		21.71		0.91		0.66		0.66		0.85		3,467		52
Class I
12-31-21		14.29		0.13•		2.70		2.83		0.20		—		—		0.20		—		16.92		19.87		0.43		0.31		0.31		0.82		488		58
12-31-20		13.42		0.12•		1.85		1.97		0.22		0.88		—		1.10		—		14.29		16.09		0.50		0.31		0.31		0.94		294		85
12-31-19		11.74		0.22•		2.67		2.89		0.22		0.99		—		1.21		—		13.42		25.54		0.42		0.25		0.25		1.73		600		85
12-31-18		13.85		0.16•		(1.55)		(1.39)		0.17		0.55		—		0.72		—		11.74		(10.72)		0.40		0.19		0.19		1.17		325		79
12-31-17		11.56		0.18•		2.38		2.56		0.10		0.17		—		0.27		—		13.85		22.28		0.41		0.16		0.16		1.41		444		52
Class R6
12-31-21		14.29		0.15•		2.68		2.83		0.20		—		—		0.20		—		16.92		19.86		0.33		0.31		0.31		0.94		21,062		58
12-31-20		13.41		0.16•		1.82		1.98		0.22		0.88		—		1.10		—		14.29		16.19		0.38		0.31		0.31		1.23		16,188		85
12-31-19		11.74		0.20•		2.68		2.88		0.22		0.99		—		1.21		—		13.41		25.45		0.42		0.25		0.25		1.57		11,636		85
12-31-18		13.85		0.19•		(1.58)		(1.39)		0.17		0.55		—		0.72		—		11.74		(10.72)		0.40		0.19		0.19		1.42		7,177		79
12-31-17		11.56		0.24•		2.32		2.56		0.10		0.17		—		0.27		—		13.85		22.28		0.41		0.16		0.16		1.82		5,015		52
Class S
12-31-21		14.10		0.10•		2.66		2.76		0.17		—		—		0.17		—		16.69		19.62		0.68		0.56		0.56		0.64		4,426		58
12-31-20		13.25		0.10•		1.82		1.92		0.19		0.88		—		1.07		—		14.10		15.83		0.75		0.56		0.56		0.80		3,666		85
12-31-19		11.60		0.15		2.67		2.82		0.18		0.99		—		1.17		—		13.25		25.21		0.67		0.50		0.50		1.27		3,925		85
12-31-18		13.69		0.12•		(1.52)		(1.40)		0.14		0.55		—		0.69		—		11.60		(10.91)		0.65		0.44		0.44		0.93		3,123		79
12-31-17		11.44		0.12•		2.37		2.49		0.07		0.17		—		0.24		—		13.69		21.92		0.66		0.41		0.41		0.99		4,300		52
Class S2
12-31-21		13.81		0.06•		2.62		2.68		0.13		—		—		0.13		—		16.36		19.42		0.83		0.71		0.71		0.37		1,434		58
12-31-20		13.01		0.10•		1.76		1.86		0.18		0.88		—		1.06		—		13.81		15.70		0.90		0.71		0.71		0.80		2,038		85
12-31-19		11.43		0.16•		2.60		2.76		0.19		0.99		—		1.18		—		13.01		25.05		0.82		0.65		0.65		1.28		1,539		85
12-31-18		13.52		0.13•		(1.54)		(1.41)		0.13		0.55		—		0.68		—		11.43		(11.08)		0.80		0.59		0.59		0.96		800		79
12-31-17		11.32		0.12•		2.32		2.44		0.07		0.17		—		0.24		—		13.52		21.71		0.81		0.56		0.56		0.99		681		52

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		10.26		0.10•		1.29		1.39		0.17		—		—		0.17		—		11.48		13.63		0.86		0.80		0.80		0.92		10,713		50
12-31-20		9.74		0.11•		1.06		1.17		0.17		0.48		—		0.65		—		10.26		12.75		0.89		0.81		0.81		1.22		9,774		79
12-31-19		8.89		0.14•		1.51		1.65		0.19		0.61		—		0.80		—		9.74		19.13		0.82		0.75		0.75		1.45		10,913		85
12-31-18		10.08		0.14•		(0.80)		(0.66)		0.16		0.37		—		0.53		—		8.89		(6.98)		0.80		0.69		0.69		1.39		11,984		60
12-31-17		9.06		0.13•		1.16		1.29		0.11		0.16		—		0.27		—		10.08		14.46		0.78		0.66		0.66		1.32		19,020		48
Class I
12-31-21		10.70		0.17•		1.34		1.51		0.23		—		—		0.23		—		11.98		14.15		0.36		0.30		0.30		1.49		3,831		50
12-31-20		10.14		0.18•		1.09		1.27		0.23		0.48		—		0.71		—		10.70		13.30		0.39		0.31		0.31		1.88		3,224		79
12-31-19		9.24		0.18•		1.59		1.77		0.26		0.61		—		0.87		—		10.14		19.75		0.32		0.25		0.25		1.78		2,482		85
12-31-18		10.45		0.20•		(0.82)		(0.62)		0.22		0.37		—		0.59		—		9.24		(6.38)		0.30		0.19		0.19		1.97		3,689		60
12-31-17		9.40		0.21•		1.17		1.38		0.17		0.16		—		0.33		—		10.45		14.89		0.28		0.16		0.16		2.06		4,683		48
Class R6
12-31-21		10.70		0.16•		1.35		1.51		0.23		—		—		0.23		—		11.98		14.15		0.30		0.30		0.30		1.42		24,204		50
12-31-20		10.14		0.17•		1.10		1.27		0.23		0.48		—		0.71		—		10.70		13.30		0.32		0.31		0.31		1.77		22,189		79
12-31-19		9.24		0.21•		1.56		1.77		0.26		0.61		—		0.87		—		10.14		19.76		0.32		0.25		0.25		2.09		20,185		85
12-31-18		10.45		0.18		(0.80)		(0.62)		0.22		0.37		—		0.59		—		9.24		(6.38)		0.30		0.19		0.19		2.00		13,738		60
12-31-17		9.39		0.22•		1.17		1.39		0.17		0.16		—		0.33		—		10.45		15.01		0.28		0.16		0.16		2.20		13,145		48
Class S
12-31-21		10.39		0.13•		1.31		1.44		0.20		—		—		0.20		—		11.63		13.96		0.61		0.55		0.55		1.18		24,044		50
12-31-20		9.87		0.16		1.04		1.20		0.20		0.48		—		0.68		—		10.39		12.95		0.64		0.56		0.56		1.49		19,713		79
12-31-19		9.01		0.17•		1.53		1.70		0.23		0.61		—		0.84		—		9.87		19.47		0.57		0.50		0.50		1.76		20,388		85
12-31-18		10.21		0.17•		(0.81)		(0.64)		0.19		0.37		—		0.56		—		9.01		(6.70)		0.55		0.44		0.44		1.69		19,594		60
12-31-17		9.18		0.15•		1.19		1.34		0.15		0.16		—		0.31		—		10.21		14.75		0.53		0.41		0.41		1.54		23,906		48
Class S2
12-31-21		10.34		0.11•		1.31		1.42		0.16		—		—		0.16		—		11.60		13.80		0.76		0.70		0.70		1.00		1,556		50
12-31-20		9.83		0.11•		1.08		1.19		0.20		0.48		—		0.68		—		10.34		12.81		0.79		0.71		0.71		1.22		1,621		79
12-31-19		9.00		0.18•		1.49		1.67		0.23		0.61		—		0.84		—		9.83		19.22		0.72		0.65		0.65		1.90		2,548		85
12-31-18		10.17		0.13•		(0.79)		(0.66)		0.14		0.37		—		0.51		—		9.00		(6.89)		0.70		0.59		0.59		1.30		856		60
12-31-17		9.16		0.14•		1.18		1.32		0.15		0.16		—		0.31		—		10.17		14.63		0.68		0.56		0.56		1.43		2,004		48

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		11.80		0.17•		0.45		0.62		0.27		0.19		—		0.46		—		11.96		5.26		0.95		0.69		0.69		1.42		4,030		54
12-31-20		11.24		0.21•		0.84		1.05		0.28		0.21		—		0.49		—		11.80		9.59		0.95		0.70		0.70		1.90		4,658		91
12-31-19		10.40		0.24		0.90		1.14		0.21		0.09		—		0.30		—		11.24		10.99		0.92		0.67		0.67		2.10		8,336		75
12-31-18		11.06		0.22		(0.47)		(0.25)		0.22		0.19		—		0.41		—		10.40		(2.39)		0.89		0.63		0.63		1.92		7,912		67
12-31-17		10.60		0.20•		0.55		0.75		0.22		0.07		—		0.29		—		11.06		7.06		0.86		0.62		0.62		1.84		8,486		63
Class I
12-31-21		11.92		0.27•		0.42		0.69		0.35		0.19		—		0.54		—		12.07		5.85		0.45		0.19		0.19		2.24		913		54
12-31-20		11.41		0.24•		0.86		1.10		0.38		0.21		—		0.59		—		11.92		9.99		0.45		0.20		0.20		2.17		238		91
12-31-19		10.54		0.31•		0.91		1.22		0.26		0.09		—		0.35		—		11.41		11.65		0.42		0.17		0.17		2.82		658		75
12-31-18		11.21		0.28•		(0.49)		(0.21)		0.27		0.19		—		0.46		—		10.54		(1.94)		0.39		0.13		0.13		2.62		274		67
12-31-17		10.74		0.25•		0.56		0.81		0.27		0.07		—		0.34		—		11.21		7.60		0.36		0.12		0.12		2.31		90		63
Class R6
12-31-21		11.93		0.24•		0.44		0.68		0.35		0.19		—		0.54		—		12.07		5.77		0.37		0.19		0.19		1.95		9,365		54
12-31-20		11.41		0.28•		0.83		1.11		0.38		0.21		—		0.59		—		11.93		10.09		0.39		0.20		0.20		2.46		7,547		91
12-31-19		10.54		0.30		0.92		1.22		0.26		0.09		—		0.35		—		11.41		11.65		0.42		0.17		0.17		2.61		5,365		75
12-31-18		11.21		0.28•		(0.49)		(0.21)		0.27		0.19		—		0.46		—		10.54		(1.94)		0.39		0.13		0.13		2.52		5,056		67
12-31-17		10.74		0.27•		0.54		0.81		0.27		0.07		—		0.34		—		11.21		7.60		0.36		0.12		0.12		2.42		3,439		63
Class S
12-31-21		11.87		0.20•		0.45		0.65		0.32		0.19		—		0.51		—		12.01		5.52		0.70		0.44		0.44		1.67		2,203		54
12-31-20		11.34		0.24•		0.84		1.08		0.34		0.21		—		0.55		—		11.87		9.83		0.70		0.45		0.45		2.14		2,215		91
12-31-19		10.48		0.25•		0.93		1.18		0.23		0.09		—		0.32		—		11.34		11.31		0.67		0.42		0.42		2.30		2,839		75
12-31-18		11.13		0.24•		(0.47)		(0.23)		0.23		0.19		—		0.42		—		10.48		(2.14)		0.64		0.38		0.38		2.16		3,508		67
12-31-17		10.66		0.22•		0.56		0.78		0.24		0.07		—		0.31		—		11.13		7.31		0.61		0.37		0.37		2.04		4,020		63
Class S2
12-31-21		11.73		0.18•		0.44		0.62		0.31		0.19		—		0.50		—		11.85		5.34		0.85		0.59		0.59		1.53		1,237		54
12-31-20		11.25		0.24•		0.82		1.06		0.37		0.21		—		0.58		—		11.73		9.69		0.85		0.60		0.60		2.19		1,438		91
12-31-19		10.39		0.23•		0.93		1.16		0.21		0.09		—		0.30		—		11.25		11.21		0.82		0.57		0.57		2.14		393		75
12-31-18		11.04		0.21•		(0.46)		(0.25)		0.21		0.19		—		0.40		—		10.39		(2.34)		0.79		0.53		0.53		1.97		438		67
12-31-17		10.59		0.21•		0.55		0.76		0.24		0.07		—		0.31		—		11.04		7.20		0.76		0.52		0.52		1.92		635		63

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		12.81		0.17•		0.62		0.79		0.36		0.49		—		0.85		—		12.75		6.16		0.81		0.72		0.72		1.29		144,001		35
12-31-20		11.76		0.21•		1.13		1.34		0.26		0.03		—		0.29		—		12.81		11.61		0.81		0.71		0.71		1.75		150,215		50
12-31-19		10.92		0.22•		1.17		1.39		0.31		0.24		—		0.55		—		11.76		12.87		0.76		0.69		0.69		1.88		143,202		39
12-31-18		11.85		0.20•		(0.57)		(0.37)		0.26		0.30		—		0.56		—		10.92		(3.35)		0.75		0.62		0.62		1.77		148,720		38
12-31-17		11.11		0.18•		0.83		1.01		0.23		0.04		—		0.27		—		11.85		9.15		0.75		0.61		0.61		1.59		182,912		36
Class I
12-31-21		13.13		0.23•		0.64		0.87		0.41		0.49		—		0.90		—		13.10		6.69		0.31		0.22		0.22		1.77		40,086		35
12-31-20		12.05		0.26•		1.18		1.44		0.33		0.03		—		0.36		—		13.13		12.18		0.31		0.21		0.21		2.15		46,389		50
12-31-19		11.19		0.28•		1.19		1.47		0.37		0.24		—		0.61		—		12.05		13.38		0.26		0.19		0.19		2.41		78,441		39
12-31-18		12.13		0.27•		(0.59)		(0.32)		0.32		0.30		—		0.62		—		11.19		(2.80)		0.25		0.12		0.12		2.29		75,592		38
12-31-17		11.38		0.25		0.84		1.09		0.30		0.04		—		0.34		—		12.13		9.66		0.25		0.11		0.11		2.09		85,891		36
Class S
12-31-21		13.03		0.20•		0.63		0.83		0.39		0.49		—		0.88		—		12.98		6.37		0.56		0.47		0.47		1.52		93,573		35
12-31-20		11.95		0.24•		1.16		1.40		0.29		0.03		—		0.32		—		13.03		11.94		0.56		0.46		0.46		2.00		105,135		50
12-31-19		11.09		0.25•		1.18		1.43		0.33		0.24		—		0.57		—		11.95		13.13		0.51		0.44		0.44		2.10		103,157		39
12-31-18		12.03		0.24•		(0.59)		(0.35)		0.29		0.30		—		0.59		—		11.09		(3.14)		0.50		0.37		0.37		2.01		118,451		38
12-31-17		11.28		0.21•		0.85		1.06		0.27		0.04		—		0.31		—		12.03		9.41		0.50		0.36		0.36		1.83		155,100		36
Class S2
12-31-21		12.70		0.18•		0.61		0.79		0.38		0.49		—		0.87		—		12.62		6.25		0.71		0.62		0.62		1.43		5,629		35
12-31-20		11.65		0.22•		1.12		1.34		0.26		0.03		—		0.29		—		12.70		11.74		0.71		0.61		0.61		1.84		5,194		50
12-31-19		10.82		0.22•		1.16		1.38		0.31		0.24		—		0.55		—		11.65		12.96		0.66		0.59		0.59		1.95		5,310		39
12-31-18		11.72		0.21•		(0.56)		(0.35)		0.25		0.30		—		0.55		—		10.82		(3.21)		0.65		0.52		0.52		1.82		6,111		38
12-31-17		10.99		0.19•		0.82		1.01		0.24		0.04		—		0.28		—		11.72		9.23		0.65		0.51		0.51		1.67		9,533		36
Class T
12-31-21		13.81		0.15•		0.68		0.83		0.28		0.49		—		0.77		—		13.87		6.03		1.01		0.92		0.92		1.04		118		35
12-31-20		12.56		0.18•		1.24		1.42		0.14		0.03		—		0.17		—		13.81		11.39		1.01		0.91		0.91		1.41		148		50
12-31-19		11.65		0.20		1.24		1.44		0.29		0.24		—		0.53		—		12.56		12.54		0.96		0.89		0.89		1.74		259		39
12-31-18		12.60		0.19		(0.60)		(0.41)		0.24		0.30		—		0.54		—		11.65		(3.45)		0.95		0.82		0.82		1.62		218		38
12-31-17		11.73		0.17		0.87		1.04		0.13		0.04		—		0.17		—		12.60		8.84		0.95		0.81		0.81		1.40		222		36

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		12.98		0.09•		2.09		2.18		0.20		—		—		0.20		—		14.96		16.87		0.78		0.81		0.81		0.66		26,263		41
12-31-20		12.54		0.14		1.40		1.54		0.21		0.89		—		1.10		—		12.98		13.59		0.77		0.81		0.81		1.03		24,171		47
12-31-19		11.39		0.16		2.28		2.44		0.26		1.03		—		1.29		—		12.54		22.32		0.76		0.76		0.76		1.28		24,168		55
12-31-18		13.39		0.14•		(1.32)		(1.18)		0.20		0.62		—		0.82		—		11.39		(9.44)		0.75		0.71		0.71		1.09		21,418		46
12-31-17		11.62		0.13•		1.93		2.06		0.15		0.14		—		0.29		—		13.39		17.89		0.75		0.71		0.71		1.04		27,468		31
Class I
12-31-21		13.29		0.17•		2.14		2.31		0.27		—		—		0.27		—		15.33		17.42		0.28		0.31		0.31		1.19		5,090		41
12-31-20		12.81		0.18•		1.46		1.64		0.27		0.89		—		1.16		—		13.29		14.23		0.27		0.31		0.31		1.54		4,726		47
12-31-19		11.61		0.22		2.34		2.56		0.33		1.03		—		1.36		—		12.81		22.99		0.26		0.26		0.26		1.84		4,862		55
12-31-18		13.64		0.21•		(1.35)		(1.14)		0.27		0.62		—		0.89		—		11.61		(9.02)		0.25		0.21		0.21		1.60		3,898		46
12-31-17		11.83		0.21•		1.95		2.16		0.21		0.14		—		0.35		—		13.64		18.50		0.25		0.21		0.21		1.62		6,062		31
Class R6
12-31-21		13.28		0.18•		2.13		2.31		0.27		—		—		0.27		—		15.32		17.44		0.27		0.30		0.30		1.25		30,360		41
12-31-20		12.80		0.19•		1.45		1.64		0.27		0.89		—		1.16		—		13.28		14.24		0.26		0.30		0.30		1.58		23,965		47
12-31-19		11.61		0.23•		2.32		2.55		0.33		1.03		—		1.36		—		12.80		22.91		0.26		0.26		0.26		1.87		17,843		55
12-31-18		13.63		0.23•		(1.36)		(1.13)		0.27		0.62		—		0.89		—		11.61		(8.94)		0.25		0.21		0.21		1.76		12,083		46
12-31-17		11.82		0.25•		1.91		2.16		0.21		0.14		—		0.35		—		13.63		18.51		0.25		0.21		0.21		1.95		8,217		31
Class S
12-31-21		13.12		0.13•		2.11		2.24		0.23		—		—		0.23		—		15.13		17.16		0.53		0.56		0.56		0.89		562,208		41
12-31-20		12.66		0.17		1.42		1.59		0.24		0.89		—		1.13		—		13.12		13.92		0.52		0.56		0.56		1.27		552,268		47
12-31-19		11.49		0.19•		2.30		2.49		0.29		1.03		—		1.32		—		12.66		22.61		0.51		0.51		0.51		1.51		557,294		55
12-31-18		13.50		0.18•		(1.33)		(1.15)		0.24		0.62		—		0.86		—		11.49		(9.20)		0.50		0.46		0.46		1.34		525,590		46
12-31-17		11.71		0.16•		1.95		2.11		0.18		0.14		—		0.32		—		13.50		18.22		0.50		0.46		0.46		1.28		670,319		31
Class S2
12-31-21		13.14		0.12•		2.10		2.22		0.23		—		—		0.23		—		15.13		16.99		0.68		0.71		0.71		0.84		1,851		41
12-31-20		12.69		0.16•		1.41		1.57		0.23		0.89		—		1.12		—		13.14		13.70		0.67		0.71		0.71		1.32		1,280		47
12-31-19		11.50		0.17•		2.32		2.49		0.27		1.03		—		1.30		—		12.69		22.49		0.66		0.66		0.66		1.35		879		55
12-31-18		13.47		0.15•		(1.32)		(1.17)		0.18		0.62		—		0.80		—		11.50		(9.31)		0.65		0.61		0.61		1.10		732		46
12-31-17		11.70		0.15•		1.94		2.09		0.18		0.14		—		0.32		—		13.47		18.05		0.65		0.61		0.61		1.20		1,695		31

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		10.69		0.15•		0.83		0.98		0.23		—		—		0.23		—		11.44		9.16		0.90		0.73		0.73		1.35		5,957		46
12-31-20		10.09		0.17•		0.90		1.07		0.19		0.28		—		0.47		—		10.69		11.01		0.92		0.73		0.73		1.76		6,505		72
12-31-19		9.13		0.18•		1.14		1.32		0.16		0.20		—		0.36		—		10.09		14.61		0.84		0.70		0.70		1.83		7,507		81
12-31-18		9.99		0.17•		(0.60)		(0.43)		0.20		0.23		—		0.43		—		9.13		(4.52)		0.83		0.67		0.67		1.79		9,033		59
12-31-17		9.24		0.15•		0.78		0.93		0.18		—		—		0.18		—		9.99		10.09		0.83		0.65		0.65		1.57		11,134		47
Class I
12-31-21		11.18		0.41•		0.67		1.08		0.29		—		—		0.29		—		11.97		9.69		0.40		0.23		0.23		3.56		373		46
12-31-20		10.55		0.23•		0.93		1.16		0.25		0.28		—		0.53		—		11.18		11.50		0.42		0.23		0.23		2.27		43		72
12-31-19		9.54		0.29•		1.14		1.43		0.22		0.20		—		0.42		—		10.55		15.17		0.34		0.20		0.20		2.83		69		81
12-31-18		10.42		0.24•		(0.64)		(0.40)		0.25		0.23		—		0.48		—		9.54		(4.04)		0.33		0.17		0.17		2.35		31		59
12-31-17		9.65		0.21•		0.82		1.03		0.26		—		—		0.26		—		10.42		10.73		0.33		0.15		0.15		2.06		27		47
Class R6
12-31-21		11.18		0.22•		0.86		1.08		0.29		—		—		0.29		—		11.97		9.69		0.31		0.23		0.23		1.89		10,245		46
12-31-20		10.54		0.25•		0.92		1.17		0.25		0.28		—		0.53		—		11.18		11.61		0.33		0.23		0.23		2.38		9,068		72
12-31-19		9.53		0.25•		1.18		1.43		0.22		0.20		—		0.42		—		10.54		15.18		0.34		0.20		0.20		2.47		6,045		81
12-31-18		10.41		0.25•		(0.65)		(0.40)		0.25		0.23		—		0.48		—		9.53		(4.05)		0.33		0.17		0.17		2.45		3,780		59
12-31-17		9.64		0.24•		0.78		1.02		0.25		—		—		0.25		—		10.41		10.68		0.33		0.15		0.15		2.37		2,164		47
Class S
12-31-21		10.91		0.19•		0.83		1.02		0.26		—		—		0.26		—		11.67		9.41		0.65		0.48		0.48		1.64		21,640		46
12-31-20		10.30		0.21		0.91		1.12		0.23		0.28		—		0.51		—		10.91		11.33		0.67		0.48		0.48		2.06		20,347		72
12-31-19		9.32		0.22•		1.16		1.38		0.20		0.20		—		0.40		—		10.30		14.96		0.59		0.45		0.45		2.24		19,349		81
12-31-18		10.19		0.20•		(0.63)		(0.43)		0.21		0.23		—		0.44		—		9.32		(4.35)		0.58		0.42		0.42		2.05		14,452		59
12-31-17		9.44		0.18•		0.79		0.97		0.22		—		—		0.22		—		10.19		10.40		0.58		0.40		0.40		1.80		17,134		47
Class S2
12-31-21		10.72		0.16•		0.82		0.98		0.24		—		—		0.24		—		11.46		9.22		0.80		0.63		0.63		1.44		4,718		46
12-31-20		10.14		0.19•		0.89		1.08		0.22		0.28		—		0.50		—		10.72		11.13		0.82		0.63		0.63		1.89		5,074		72
12-31-19		9.21		0.24•		1.10		1.34		0.21		0.20		—		0.41		—		10.14		14.74		0.74		0.60		0.60		2.39		5,439		81
12-31-18		10.08		0.18		(0.61)		(0.43)		0.21		0.23		—		0.44		—		9.21		(4.46)		0.73		0.57		0.57		1.96		1,072		59
12-31-17		9.34		0.17•		0.79		0.96		0.22		—		—		0.22		—		10.08		10.33		0.73		0.55		0.55		1.71		1,021		47

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		12.12		0.14•		1.10		1.24		0.33		0.59		—		0.92		—		12.44		10.40		0.81		0.70		0.70		1.16		234,207		36
12-31-20		11.37		0.15•		1.29		1.44		0.21		0.48		—		0.69		—		12.12		13.30		0.80		0.71		0.71		1.38		246,302		60
12-31-19		10.48		0.18•		1.64		1.82		0.25		0.68		—		0.93		—		11.37		17.79		0.75		0.71		0.71		1.59		260,690		44
12-31-18		11.72		0.16•		(0.82)		(0.66)		0.21		0.37		—		0.58		—		10.48		(5.97)		0.74		0.67		0.67		1.38		244,883		47
12-31-17		10.66		0.15•		1.42		1.57		0.19		0.32		—		0.51		—		11.72		15.02		0.74		0.66		0.66		1.36		300,453		46
Class I
12-31-21		12.50		0.21•		1.14		1.35		0.38		0.59		—		0.97		—		12.88		10.96		0.31		0.20		0.20		1.61		64,534		36
12-31-20		11.71		0.20•		1.34		1.54		0.27		0.48		—		0.75		—		12.50		13.85		0.30		0.21		0.21		1.71		77,673		60
12-31-19		10.78		0.24		1.68		1.92		0.31		0.68		—		0.99		—		11.71		18.33		0.25		0.21		0.21		2.14		260,767		44
12-31-18		12.04		0.23•		(0.85)		(0.62)		0.27		0.37		—		0.64		—		10.78		(5.48)		0.24		0.17		0.17		1.93		219,811		47
12-31-17		10.94		0.22•		1.46		1.68		0.26		0.32		—		0.58		—		12.04		15.62		0.24		0.16		0.16		1.92		243,053		46
Class S
12-31-21		12.34		0.18•		1.12		1.30		0.37		0.59		—		0.96		—		12.68		10.67		0.56		0.45		0.45		1.43		303,656		36
12-31-20		11.57		0.21		1.28		1.49		0.24		0.48		—		0.72		—		12.34		13.54		0.55		0.46		0.46		1.65		299,333		60
12-31-19		10.65		0.21•		1.67		1.88		0.28		0.68		—		0.96		—		11.57		18.12		0.50		0.46		0.46		1.82		299,655		44
12-31-18		11.90		0.19•		(0.83)		(0.64)		0.24		0.37		—		0.61		—		10.65		(5.73)		0.49		0.42		0.42		1.64		294,102		47
12-31-17		10.82		0.18•		1.45		1.63		0.23		0.32		—		0.55		—		11.90		15.29		0.49		0.41		0.41		1.60		359,764		46
Class S2
12-31-21		11.97		0.16•		1.08		1.24		0.36		0.59		—		0.95		—		12.26		10.49		0.71		0.60		0.60		1.33		11,469		36
12-31-20		11.23		0.16•		1.27		1.43		0.21		0.48		—		0.69		—		11.97		13.42		0.70		0.61		0.61		1.47		9,493		60
12-31-19		10.35		0.18•		1.63		1.81		0.25		0.68		—		0.93		—		11.23		17.92		0.65		0.61		0.61		1.63		10,745		44
12-31-18		11.56		0.15•		(0.79)		(0.64)		0.20		0.37		—		0.57		—		10.35		(5.88)		0.64		0.57		0.57		1.34		11,715		47
12-31-17		10.52		0.16•		1.40		1.56		0.20		0.32		—		0.52		—		11.56		15.07		0.64		0.56		0.56		1.40		16,911		46
Class T
12-31-21		12.83		0.12•		1.17		1.29		0.28		0.59		—		0.87		—		13.25		10.19		1.01		0.90		0.90		0.92		380		36
12-31-20		11.98		0.13•		1.36		1.49		0.16		0.48		—		0.64		—		12.83		13.02		1.00		0.91		0.91		1.13		436		60
12-31-19		10.96		0.16•		1.72		1.88		0.18		0.68		—		0.86		—		11.98		17.51		0.95		0.91		0.91		1.36		521		44
12-31-18		12.23		0.13•		(0.84)		(0.71)		0.19		0.37		—		0.56		—		10.96		(6.14)		0.94		0.87		0.87		1.11		575		47
12-31-17		11.10		0.14•		1.48		1.62		0.17		0.32		—		0.49		—		12.23		14.78		0.94		0.86		0.86		1.18		821		46

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		16.46		0.20•		1.81		2.01		0.27		0.17		—		0.44		—		18.03		12.26		0.90		0.67		0.67		1.15		25,214		54
12-31-20		15.30		0.18•		1.86		2.04		0.23		0.65		—		0.88		—		16.46		13.99		0.94		0.71		0.71		1.24		22,015		90
12-31-19		13.79		0.23•		2.46		2.69		0.25		0.93		—		1.18		—		15.30		20.13		0.83		0.71		0.71		1.55		18,792		79
12-31-18		15.96		0.21		(1.31)		(1.10)		0.23		0.84		—		1.07		—		13.79		(7.47)		0.81		0.66		0.66		1.38		12,630		87
12-31-17		13.94		0.23•		2.15		2.38		0.12		0.24		—		0.36		—		15.96		17.22		0.83		0.64		0.64		1.50		13,589		63
Class I
12-31-21		17.02		0.28•		1.88		2.16		0.33		0.17		—		0.50		—		18.68		12.80		0.40		0.17		0.17		1.57		12,248		54
12-31-20		15.77		0.26•		1.93		2.19		0.29		0.65		—		0.94		—		17.02		14.61		0.44		0.21		0.21		1.69		13,812		90
12-31-19		14.18		0.33•		2.51		2.84		0.32		0.93		—		1.25		—		15.77		20.65		0.33		0.21		0.21		2.18		13,781		79
12-31-18		16.36		0.31•		(1.36)		(1.05)		0.29		0.84		—		1.13		—		14.18		(6.98)		0.31		0.16		0.16		1.95		7,333		87
12-31-17		14.23		0.32•		2.19		2.51		0.14		0.24		—		0.38		—		16.36		17.86		0.33		0.14		0.14		2.07		8,625		63
Class S
12-31-21		16.89		0.24•		1.86		2.10		0.31		0.17		—		0.48		—		18.51		12.49		0.65		0.42		0.42		1.35		18,032		54
12-31-20		15.66		0.23•		1.91		2.14		0.26		0.65		—		0.91		—		16.89		14.34		0.69		0.46		0.46		1.54		17,584		90
12-31-19		14.09		0.27•		2.51		2.78		0.28		0.93		—		1.21		—		15.66		20.36		0.58		0.46		0.46		1.78		13,558		79
12-31-18		16.28		0.28•		(1.36)		(1.08)		0.27		0.84		—		1.11		—		14.09		(7.23)		0.56		0.41		0.41		1.81		10,589		87
12-31-17		14.18		0.26•		2.21		2.47		0.13		0.24		—		0.37		—		16.28		17.59		0.58		0.39		0.39		1.72		8,484		63
Class S2
12-31-21		16.66		0.27•		1.77		2.04		0.31		0.17		—		0.48		—		18.22		12.35		0.80		0.57		0.57		1.53		1,596		54
12-31-20		15.46		0.22•		1.87		2.09		0.24		0.65		—		0.89		—		16.66		14.17		0.84		0.61		0.61		1.47		642		90
12-31-19		13.90		0.25•		2.48		2.73		0.24		0.93		—		1.17		—		15.46		20.24		0.73		0.61		0.61		1.66		450		79
12-31-18		16.08		0.25•		(1.35)		(1.10)		0.24		0.84		—		1.08		—		13.90		(7.40)		0.71		0.56		0.56		1.62		439		87
12-31-17		14.01		0.21•		2.20		2.41		0.10		0.24		—		0.34		—		16.08		17.38		0.73		0.54		0.54		1.42		588		63
Class T
12-31-21		16.45		0.18•		1.79		1.97		0.25		0.17		—		0.42		—		18.00		12.05		1.10		0.87		0.87		1.01		56		54
12-31-20		15.31		0.16•		1.85		2.01		0.22		0.65		—		0.87		—		16.45		13.74		1.14		0.91		0.91		1.10		45		90
12-31-19		13.82		0.21•		2.45		2.66		0.24		0.93		—		1.17		—		15.31		19.86		1.03		0.91		0.91		1.41		32		79
12-31-18		16.02		0.22•		(1.36)		(1.14)		0.22		0.84		—		1.06		—		13.82		(7.67)		1.01		0.86		0.86		1.44		20		87
12-31-17		13.98		0.19•		2.17		2.36		0.08		0.24		—		0.32		—		16.02		17.05		1.03		0.84		0.84		1.23		15		63

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		12.20		0.14•		1.53		1.67		0.26		0.54		—		0.80		—		13.07		13.81		0.83		0.65		0.65		1.05		219,940		42
12-31-20		11.63		0.13		1.39		1.52		0.19		0.76		—		0.95		—		12.20		14.13		0.81		0.69		0.69		0.96		220,485		65
12-31-19		10.60		0.16•		2.04		2.20		0.24		0.93		—		1.17		—		11.63		21.53		0.75		0.71		0.71		1.38		226,096		52
12-31-18		12.27		0.14•		(1.12)		(0.98)		0.19		0.50		—		0.69		—		10.60		(8.54)		0.75		0.68		0.68		1.21		212,084		50
12-31-17		10.71		0.13•		1.90		2.03		0.16		0.31		—		0.47		—		12.27		19.22		0.74		0.65		0.65		1.12		267,229		36
Class I
12-31-21		12.59		0.20•		1.59		1.79		0.30		0.54		—		0.84		—		13.54		14.35		0.33		0.15		0.15		1.48		78,910		42
12-31-20		11.98		0.15•		1.47		1.62		0.25		0.76		—		1.01		—		12.59		14.65		0.31		0.19		0.19		1.30		93,880		65
12-31-19		10.89		0.22		2.10		2.32		0.30		0.93		—		1.23		—		11.98		22.22		0.25		0.21		0.21		1.97		304,111		52
12-31-18		12.59		0.22		(1.17)		(0.95)		0.25		0.50		—		0.75		—		10.89		(8.09)		0.25		0.18		0.18		1.75		247,475		50
12-31-17		10.98		0.20•		1.94		2.14		0.22		0.31		—		0.53		—		12.59		19.82		0.24		0.15		0.15		1.69		274,900		36
Class S
12-31-21		12.43		0.18•		1.55		1.73		0.29		0.54		—		0.83		—		13.33		14.08		0.58		0.40		0.40		1.35		369,502		42
12-31-20		11.83		0.15		1.43		1.58		0.22		0.76		—		0.98		—		12.43		14.46		0.56		0.44		0.44		1.24		341,146		65
12-31-19		10.76		0.19•		2.08		2.27		0.27		0.93		—		1.20		—		11.83		21.94		0.50		0.46		0.46		1.64		324,783		52
12-31-18		12.45		0.18•		(1.15)		(0.97)		0.22		0.50		—		0.72		—		10.76		(8.34)		0.50		0.43		0.43		1.46		297,721		50
12-31-17		10.87		0.16•		1.92		2.08		0.19		0.31		—		0.50		—		12.45		19.44		0.49		0.40		0.40		1.38		368,554		36
Class S2
12-31-21		11.88		0.15•		1.49		1.64		0.28		0.54		—		0.82		—		12.70		13.91		0.73		0.55		0.55		1.23		14,062		42
12-31-20		11.34		0.11•		1.38		1.49		0.19		0.76		—		0.95		—		11.88		14.30		0.71		0.59		0.59		1.01		12,050		65
12-31-19		10.36		0.16•		1.99		2.15		0.24		0.93		—		1.17		—		11.34		21.63		0.65		0.61		0.61		1.46		14,599		52
12-31-18		12.00		0.15•		(1.09)		(0.94)		0.20		0.50		—		0.70		—		10.36		(8.42)		0.65		0.58		0.58		1.28		14,521		50
12-31-17		10.49		0.14•		1.85		1.99		0.17		0.31		—		0.48		—		12.00		19.28		0.64		0.55		0.55		1.22		19,146		36
Class T
12-31-21		12.93		(0.01)•		1.73		1.72		0.23		0.54		—		0.77		—		13.88		13.42		1.03		0.85		0.85		(0.08)		23		42
12-31-20		12.27		0.10•		1.49		1.59		0.17		0.76		—		0.93		—		12.93		13.98		1.01		0.89		0.89		0.83		528		65
12-31-19		11.07		0.14		2.15		2.29		0.16		0.93		—		1.09		—		12.27		21.36		0.95		0.91		0.91		1.27		447		52
12-31-18		12.79		0.10•		(1.16)		(1.06)		0.16		0.50		—		0.66		—		11.07		(8.76)		0.95		0.88		0.88		0.77		373		50
12-31-17		11.14		0.11•		1.98		2.09		0.13		0.31		—		0.44		—		12.79		19.03		0.94		0.85		0.85		0.95		700		36

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		17.38		0.18•		2.55		2.73		0.24		0.22		—		0.46		—		19.65		15.78		0.93		0.64		0.64		0.95		17,364		63
12-31-20		16.09		0.15•		2.25		2.40		0.24		0.87		—		1.11		—		17.38		15.98		0.96		0.70		0.70		0.95		15,773		91
12-31-19		14.26		0.23•		2.92		3.15		0.26		1.06		—		1.32		—		16.09		22.82		0.84		0.72		0.72		1.47		14,324		82
12-31-18		17.11		0.20•		(1.66)		(1.46)		0.22		1.17		—		1.39		—		14.26		(9.41)		0.84		0.66		0.66		1.19		8,662		81
12-31-17		14.55		0.19•		2.73		2.92		0.08		0.28		—		0.36		—		17.11		20.23		0.86		0.63		0.63		1.17		8,696		68
Class I
12-31-21		17.99		0.25•		2.67		2.92		0.31		0.22		—		0.53		—		20.38		16.34		0.43		0.14		0.14		1.30		10,092		63
12-31-20		16.60		0.26		2.31		2.57		0.31		0.87		—		1.18		—		17.99		16.55		0.46		0.20		0.20		1.48		12,621		91
12-31-19		14.66		0.32•		3.00		3.32		0.32		1.06		—		1.38		—		16.60		23.44		0.34		0.22		0.22		1.97		11,825		82
12-31-18		17.53		0.30•		(1.72)		(1.42)		0.28		1.17		—		1.45		—		14.66		(8.95)		0.34		0.16		0.16		1.77		7,134		81
12-31-17		14.86		0.29•		2.78		3.07		0.12		0.28		—		0.40		—		17.53		20.85		0.36		0.13		0.13		1.76		7,753		68
Class S
12-31-21		17.80		0.25•		2.60		2.85		0.29		0.22		—		0.51		—		20.14		16.10		0.68		0.39		0.39		1.28		13,325		63
12-31-20		16.44		0.20•		2.29		2.49		0.26		0.87		—		1.13		—		17.80		16.23		0.71		0.45		0.45		1.26		10,486		91
12-31-19		14.54		0.23		3.02		3.25		0.29		1.06		—		1.35		—		16.44		23.07		0.59		0.47		0.47		1.44		8,500		82
12-31-18		17.40		0.26•		(1.70)		(1.44)		0.25		1.17		—		1.42		—		14.54		(9.13)		0.59		0.41		0.41		1.54		7,641		81
12-31-17		14.78		0.23•		2.78		3.01		0.11		0.28		—		0.39		—		17.40		20.53		0.61		0.38		0.38		1.45		6,732		68
Class S2
12-31-21		17.48		0.24•		2.52		2.76		0.28		0.22		—		0.50		—		19.74		15.88		0.83		0.54		0.54		1.25		2,051		63
12-31-20		16.17		0.17•		2.26		2.43		0.25		0.87		—		1.12		—		17.48		16.07		0.86		0.60		0.60		1.07		1,219		91
12-31-19		14.31		0.25•		2.93		3.18		0.26		1.06		—		1.32		—		16.17		22.93		0.74		0.62		0.62		1.57		973		82
12-31-18		17.18		0.23•		(1.68)		(1.45)		0.25		1.17		—		1.42		—		14.31		(9.30)		0.74		0.56		0.56		1.42		939		81
12-31-17		14.62		0.26•		2.69		2.95		0.11		0.28		—		0.39		—		17.18		20.31		0.76		0.53		0.53		1.61		721		68
Class T
12-31-21		17.33		0.04•		2.63		2.67		0.22		0.22		—		0.44		—		19.56		15.48		1.13		0.84		0.84		0.20		13		63
12-31-20		16.06		0.15•		2.22		2.37		0.23		0.87		—		1.10		—		17.33		15.79		1.16		0.90		0.90		0.95		49		91
12-31-19		14.22		0.20•		2.90		3.10		0.20		1.06		—		1.26		—		16.06		22.50		1.04		0.92		0.92		1.28		32		82
12-31-18		17.08		0.15		(1.64)		(1.49)		0.20		1.17		—		1.37		—		14.22		(9.57)		1.04		0.86		0.86		1.00		17		81
12-31-17		14.53		0.17•		2.72		2.89		0.06		0.28		—		0.34		—		17.08		20.05		1.06		0.83		0.83		1.08		20		68

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		12.29		0.11•		1.94		2.05		0.23		0.99		—		1.22		—		13.12		16.95		0.85		0.65		0.65		0.86		162,480		42
12-31-20		11.47		0.09		1.61		1.70		0.16		0.72		—		0.88		—		12.29		16.07		0.83		0.70		0.70		0.71		155,503		61
12-31-19		10.42		0.15		2.20		2.35		0.20		1.10		—		1.30		—		11.47		23.59		0.75		0.72		0.72		1.26		150,005		67
12-31-18		12.40		0.11•		(1.33)		(1.22)		0.15		0.61		—		0.76		—		10.42		(10.53)		0.75		0.69		0.69		0.93		134,754		53
12-31-17		10.63		0.10•		2.09		2.19		0.10		0.32		—		0.42		—		12.40		20.92		0.75		0.67		0.67		0.84		177,624		37
Class I
12-31-21		12.72		0.17•		2.02		2.19		0.25		0.99		—		1.24		—		13.67		17.51		0.35		0.15		0.15		1.24		65,611		42
12-31-20		11.85		0.12•		1.69		1.81		0.22		0.72		—		0.94		—		12.72		16.57		0.33		0.20		0.20		1.06		82,473		61
12-31-19		10.73		0.20		2.29		2.49		0.27		1.10		—		1.37		—		11.85		24.29		0.25		0.22		0.22		1.86		269,670		67
12-31-18		12.75		0.18		(1.37)		(1.19)		0.22		0.61		—		0.83		—		10.73		(10.08)		0.25		0.19		0.19		1.49		211,781		53
12-31-17		10.92		0.17•		2.14		2.31		0.16		0.32		—		0.48		—		12.75		21.53		0.25		0.17		0.17		1.42		235,122		37
Class S
12-31-21		12.50		0.15•		1.97		2.12		0.26		0.99		—		1.25		—		13.37		17.26		0.60		0.40		0.40		1.14		289,193		42
12-31-20		11.66		0.11		1.64		1.75		0.19		0.72		—		0.91		—		12.50		16.29		0.58		0.45		0.45		0.95		254,990		61
12-31-19		10.58		0.18		2.23		2.41		0.23		1.10		—		1.33		—		11.66		23.90		0.50		0.47		0.47		1.51		237,496		67
12-31-18		12.57		0.15•		(1.35)		(1.20)		0.18		0.61		—		0.79		—		10.58		(10.23)		0.50		0.44		0.44		1.20		209,647		53
12-31-17		10.77		0.13•		2.12		2.25		0.13		0.32		—		0.45		—		12.57		21.25		0.50		0.42		0.42		1.11		269,521		37
Class S2
12-31-21		12.14		0.14•		1.90		2.04		0.26		0.99		—		1.25		—		12.93		17.10		0.75		0.55		0.55		1.12		10,947		42
12-31-20		11.34		0.09•		1.60		1.69		0.17		0.72		—		0.89		—		12.14		16.13		0.73		0.60		0.60		0.82		6,867		61
12-31-19		10.31		0.15•		2.18		2.33		0.20		1.10		—		1.30		—		11.34		23.68		0.65		0.62		0.62		1.31		7,234		67
12-31-18		12.25		0.12•		(1.30)		(1.18)		0.15		0.61		—		0.76		—		10.31		(10.34)		0.65		0.59		0.59		1.03		7,504		53
12-31-17		10.51		0.09•		2.08		2.17		0.11		0.32		—		0.43		—		12.25		21.02		0.65		0.57		0.57		0.82		9,902		37
Class T
12-31-21		12.93		0.12•		2.01		2.13		0.19		0.99		—		1.18		—		13.88		16.73		1.05		0.85		0.85		0.90		180		42
12-31-20		11.95		0.03•		1.74		1.77		0.07		0.72		—		0.79		—		12.93		15.85		1.03		0.90		0.90		0.29		156		61
12-31-19		10.74		0.14•		2.26		2.40		0.09		1.10		—		1.19		—		11.95		23.31		0.95		0.92		0.92		1.19		290		67
12-31-18		12.77		0.06•		(1.34)		(1.28)		0.14		0.61		—		0.75		—		10.74		(10.72)		0.95		0.89		0.89		0.44		220		53
12-31-17		10.95		0.08		2.15		2.23		0.09		0.32		—		0.41		—		12.77		20.69		0.95		0.87		0.87		0.70		508		37

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		17.96		0.14•		2.86		3.00		0.21		0.30		—		0.51		—		20.45		16.82		0.98		0.65		0.65		0.71		15,352		60
12-31-20		16.63		0.13•		2.32		2.45		0.23		0.89		—		1.12		—		17.96		15.79		1.03		0.71		0.71		0.81		15,402		80
12-31-19		14.58		0.23•		3.17		3.40		0.22		1.13		—		1.35		—		16.63		24.13		0.86		0.73		0.73		1.45		12,951		84
12-31-18		17.33		0.17•		(1.93)		(1.76)		0.16		0.83		—		0.99		—		14.58		(10.82)		0.86		0.68		0.68		1.03		8,144		86
12-31-17		14.57		0.18•		2.89		3.07		0.06		0.25		—		0.31		—		17.33		21.30		0.93		0.65		0.65		1.11		6,983		52
Class I
12-31-21		18.66		0.22•		3.01		3.23		0.29		0.30		—		0.59		—		21.30		17.42		0.48		0.15		0.15		1.09		9,999		60
12-31-20		17.22		0.24		2.38		2.62		0.29		0.89		—		1.18		—		18.66		16.36		0.53		0.21		0.21		1.31		11,647		80
12-31-19		15.04		0.34•		3.25		3.59		0.28		1.13		—		1.41		—		17.22		24.74		0.36		0.23		0.23		2.04		10,912		84
12-31-18		17.81		0.27•		(1.99)		(1.72)		0.22		0.83		—		1.05		—		15.04		(10.37)		0.36		0.18		0.18		1.55		6,320		86
12-31-17		14.91		0.28•		2.97		3.25		0.10		0.25		—		0.35		—		17.81		21.99		0.43		0.15		0.15		1.70		5,705		52
Class S
12-31-21		18.42		0.20•		2.93		3.13		0.26		0.30		—		0.56		—		20.99		17.10		0.73		0.40		0.40		0.97		9,740		60
12-31-20		17.01		0.17•		2.39		2.56		0.26		0.89		—		1.15		—		18.42		16.11		0.78		0.46		0.46		1.04		8,339		80
12-31-19		14.88		0.26•		3.25		3.51		0.25		1.13		—		1.38		—		17.01		24.41		0.61		0.48		0.48		1.58		7,397		84
12-31-18		17.65		0.23•		(1.98)		(1.75)		0.19		0.83		—		1.02		—		14.88		(10.61)		0.61		0.43		0.43		1.34		5,413		86
12-31-17		14.81		0.22•		2.95		3.17		0.08		0.25		—		0.33		—		17.65		21.63		0.68		0.40		0.40		1.33		4,424		52
Class S2
12-31-21		18.16		0.20•		2.85		3.05		0.28		0.30		—		0.58		—		20.63		16.91		0.88		0.55		0.55		0.99		1,022		60
12-31-20		16.78		0.17		2.32		2.49		0.22		0.89		—		1.11		—		18.16		15.91		0.93		0.61		0.61		0.89		432		80
12-31-19		14.67		0.23•		3.21		3.44		0.20		1.13		—		1.33		—		16.78		24.25		0.76		0.63		0.63		1.40		419		84
12-31-18		17.43		0.22•		(1.97)		(1.75)		0.18		0.83		—		1.01		—		14.67		(10.75)		0.76		0.58		0.58		1.32		423		86
12-31-17		14.64		0.20•		2.91		3.11		0.07		0.25		—		0.32		—		17.43		21.47		0.83		0.55		0.55		1.21		309		52
Class T
12-31-21		18.16		0.10•		2.89		2.99		0.18		0.30		—		0.48		—		20.67		16.55		1.18		0.85		0.85		0.50		13		60
12-31-20		16.69		0.09		2.36		2.45		0.09		0.89		—		0.98		—		18.16		15.59		1.23		0.91		0.91		0.57		12		80
12-31-19		14.63		0.09•		3.28		3.37		0.18		1.13		—		1.31		—		16.69		23.80		1.06		0.93		0.93		0.54		11		84
12-31-18		17.39		0.14		(1.94)		(1.80)		0.13		0.83		—		0.96		—		14.63		(11.01)		1.06		0.88		0.88		0.89		20		86
12-31-17		14.60		0.17•		2.89		3.06		0.02		0.25		—		0.27		—		17.39		21.15		1.13		0.85		0.85		1.05		20		52

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		14.99		0.10•		2.38		2.48		0.31		2.02		—		2.33		—		15.14		17.03		0.93		0.66		0.66		0.67		58,046		51
12-31-20		13.85		0.08		1.95		2.03		0.15		0.74		—		0.89		—		14.99		15.75		0.96		0.69		0.69		0.63		54,540		67
12-31-19		12.35		0.16		2.70		2.86		0.20		1.16		—		1.36		—		13.85		24.13		0.77		0.72		0.72		1.29		49,315		61
12-31-18		14.49		0.13		(1.60)		(1.47)		0.15		0.52		—		0.67		—		12.35		(10.72)		0.76		0.68		0.68		0.90		39,621		62
12-31-17		12.27		0.11•		2.49		2.60		0.10		0.28		—		0.38		—		14.49		21.40		0.76		0.66		0.66		0.82		47,367		40
Class I
12-31-21		15.37		0.18•		2.45		2.63		0.26		2.02		—		2.28		—		15.72		17.53		0.43		0.16		0.16		1.10		27,701		51
12-31-20		14.17		0.13•		2.03		2.16		0.22		0.74		—		0.96		—		15.37		16.38		0.46		0.19		0.19		1.00		34,329		67
12-31-19		12.61		0.27•		2.72		2.99		0.27		1.16		—		1.43		—		14.17		24.76		0.27		0.22		0.22		1.93		119,915		61
12-31-18		14.78		0.21•		(1.64)		(1.43)		0.22		0.52		—		0.74		—		12.61		(10.29)		0.26		0.18		0.18		1.48		77,961		62
12-31-17		12.51		0.20•		2.51		2.71		0.16		0.28		—		0.44		—		14.78		21.94		0.26		0.16		0.16		1.42		73,894		40
Class S
12-31-21		15.15		0.15•		2.40		2.55		0.35		2.02		—		2.37		—		15.33		17.32		0.68		0.41		0.41		0.96		86,021		51
12-31-20		13.99		0.12•		1.97		2.09		0.19		0.74		—		0.93		—		15.15		16.04		0.71		0.44		0.44		0.90		73,361		67
12-31-19		12.46		0.20		2.72		2.92		0.23		1.16		—		1.39		—		13.99		24.50		0.52		0.47		0.47		1.52		59,923		61
12-31-18		14.62		0.17•		(1.63)		(1.46)		0.18		0.52		—		0.70		—		12.46		(10.56)		0.51		0.43		0.43		1.19		49,077		62
12-31-17		12.38		0.15•		2.50		2.65		0.13		0.28		—		0.41		—		14.62		21.66		0.51		0.41		0.41		1.08		58,217		40
Class S2
12-31-21		15.09		0.15•		2.36		2.51		0.36		2.02		—		2.38		—		15.22		17.09		0.83		0.56		0.56		0.97		5,377		51
12-31-20		13.92		0.13		1.93		2.06		0.15		0.74		—		0.89		—		15.09		15.86		0.86		0.59		0.59		0.80		3,036		67
12-31-19		12.39		0.18•		2.70		2.88		0.19		1.16		—		1.35		—		13.92		24.28		0.67		0.62		0.62		1.33		2,876		61
12-31-18		14.54		0.15		(1.62)		(1.47)		0.16		0.52		—		0.68		—		12.39		(10.68)		0.66		0.58		0.58		1.03		2,720		62
12-31-17		12.31		0.12•		2.50		2.62		0.11		0.28		—		0.39		—		14.54		21.52		0.66		0.56		0.56		0.89		3,250		40
Class T
12-31-21		15.39		0.06•		2.46		2.52		0.24		2.02		—		2.26		—		15.65		16.77		1.13		0.86		0.86		0.38		24		51
12-31-20		14.22		0.07•		1.99		2.06		0.15		0.74		—		0.89		—		15.39		15.50		1.16		0.89		0.89		0.51		30		67
12-31-19		12.58		0.17•		2.73		2.90		0.10		1.16		—		1.26		—		14.22		23.93		0.97		0.92		0.92		1.27		22		61
12-31-18		14.73		0.08•		(1.61)		(1.53)		0.10		0.52		—		0.62		—		12.58		(10.91)		0.96		0.88		0.88		0.58		18		62
12-31-17		12.50		0.09•		2.52		2.61		0.10		0.28		—		0.38		—		14.73		21.08		0.96		0.86		0.86		0.67		32		40

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		13.16		0.10•		2.11		2.21		0.16		0.25		—		0.41		—		14.96		16.83		1.08		0.68		0.68		0.73		10,459		68
12-31-20		12.04		0.10•		1.67		1.77		0.12		0.53		—		0.65		—		13.16		15.62		1.14		0.70		0.70		0.85		8,999		74
12-31-19		10.45		0.16•		2.28		2.44		0.15		0.70		—		0.85		—		12.04		24.12		0.95		0.74		0.74		1.39		6,976		89
12-31-18		12.39		0.13•		(1.38)		(1.25)		0.11		0.58		—		0.69		—		10.45		(10.76)		0.96		0.69		0.69		1.12		4,593		84
12-31-17		10.42		0.13•		2.08		2.21		0.04		0.20		—		0.24		—		12.39		21.42		1.10		0.67		0.67		1.11		3,202		65
Class I
12-31-21		13.41		0.15•		2.18		2.33		0.20		0.25		—		0.45		—		15.29		17.46		0.58		0.18		0.18		1.04		6,685		68
12-31-20		12.25		0.17•		1.69		1.86		0.17		0.53		—		0.70		—		13.41		16.14		0.64		0.20		0.20		1.42		7,950		74
12-31-19		10.60		0.25•		2.29		2.54		0.19		0.70		—		0.89		—		12.25		24.79		0.45		0.24		0.24		2.14		5,184		89
12-31-18		12.53		0.19•		(1.41)		(1.22)		0.13		0.58		—		0.71		—		10.60		(10.35)		0.46		0.19		0.19		1.57		2,570		84
12-31-17		10.49		0.20•		2.10		2.30		0.06		0.20		—		0.26		—		12.53		22.15		0.60		0.17		0.17		1.73		2,160		65
Class S
12-31-21		13.21		0.13•		2.12		2.25		0.18		0.25		—		0.43		—		15.03		17.15		0.83		0.43		0.43		0.93		8,211		68
12-31-20		12.08		0.13•		1.68		1.81		0.15		0.53		—		0.68		—		13.21		15.90		0.89		0.45		0.45		1.15		6,886		74
12-31-19		10.47		0.18•		2.30		2.48		0.17		0.70		—		0.87		—		12.08		24.45		0.70		0.49		0.49		1.56		4,901		89
12-31-18		12.40		0.16•		(1.39)		(1.23)		0.12		0.58		—		0.70		—		10.47		(10.60)		0.71		0.44		0.44		1.30		3,440		84
12-31-17		10.41		0.15•		2.10		2.25		0.06		0.20		—		0.26		—		12.40		21.81		0.85		0.42		0.42		1.30		2,825		65
Class S2
12-31-21		13.19		0.16•		2.06		2.22		0.20		0.25		—		0.45		—		14.96		16.93		0.98		0.58		0.58		1.08		1,234		68
12-31-20		12.07		0.12•		1.67		1.79		0.14		0.53		—		0.67		—		13.19		15.73		1.04		0.60		0.60		1.07		471		74
12-31-19		10.46		0.18		2.28		2.46		0.15		0.70		—		0.85		—		12.07		24.26		0.85		0.64		0.64		1.44		269		89
12-31-18		12.40		0.15•		(1.40)		(1.25)		0.11		0.58		—		0.69		—		10.46		(10.70)		0.86		0.59		0.59		1.23		247		84
12-31-17		10.42		0.17•		2.05		2.22		0.04		0.20		—		0.24		—		12.40		21.56		1.00		0.57		0.57		1.45		180		65
Class T
12-31-21		13.13		0.06•		2.10		2.16		0.13		0.25		—		0.38		—		14.91		16.50		1.28		0.88		0.88		0.42		6		68
12-31-20		12.01		0.08•		1.66		1.74		0.09		0.53		—		0.62		—		13.13		15.32		1.34		0.90		0.90		0.67		5		74
12-31-19		10.40		0.11		2.30		2.41		0.10		0.70		—		0.80		—		12.01		23.96		1.15		0.94		0.94		1.07		4		89
12-31-18		12.33		0.08		(1.37)		(1.29)		0.06		0.58		—		0.64		—		10.40		(11.08)		1.16		0.89		0.89		0.73		3		84
12-31-17		10.35		0.08•		2.10		2.18		—		0.20		—		0.20		—		12.33		21.24		1.30		0.87		0.87		0.69		4		65

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-21		11.55		0.11•		1.86		1.97		0.41		1.17		—		1.58		—		11.94		17.05		1.61		0.67		0.67		0.90		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
12-31-21		11.56		0.18•		1.86		2.04		0.46		1.17		—		1.63		—		11.97		17.64		1.11		0.17		0.17		1.38		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
12-31-21		11.56		0.18•		1.82		2.00		0.44		1.17		—		1.61		—		11.95		17.30		1.36		0.42		0.42		1.41		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
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
12-31-21		11.56		0.06•		1.86		1.92		0.36		1.17		—		1.53		—		11.95		16.67		1.81		0.87		0.87		0.51		4		53
07-29-20(5) - 12-31-20		10.00		0.09•		1.65		1.74		0.13		0.05		—		0.18		—		11.56		17.40		2.17		0.92		0.92		1.88		4		24

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

•

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2021

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The fifteen series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Solution Aggressive Portfolio (“Solution Aggressive”), Voya Solution Balanced Portfolio (“Solution Balanced”), Voya Solution Conservative Portfolio (“Solution Conservative”), Voya Solution Income Portfolio (“Solution Income”), Voya Solution Moderately Aggressive Portfolio (“Solution Moderately Aggressive”), Voya Solution Moderately Conservative Portfolio (“Solution Moderately Conservative”), Voya Solution 2025 Portfolio (“Solution 2025”), Voya Solution 2030 Portfolio (“Solution 2030”), Voya Solution 2035 Portfolio (“Solution 2035”), Voya Solution 2040 Portfolio (“Solution 2040”), Voya Solution 2045 Portfolio (“Solution 2045”), Voya Solution 2050 Portfolio (“Solution 2050”), Voya Solution 2055 Portfolio (“Solution 2055”), Voya Solution 2060 Portfolio (“Solution 2060”) and Voya Solution 2065 Portfolio (“Solution 2065”). Each Portfolio is a diversified series of the Company.

Solution 2025, Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055, Solution 2060 and Solution 2065 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Solution Income, without a vote of shareholders, if approved by the Portfolios’ Board of Directors (the “Board”).

The classes of shares included in this report are: Adviser (“Class ADV”), Initial (“Class I”), Class R6, Service (“Class S”), Service 2 (“Class S2”) and Class T; however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the

applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios’ Board. Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors

such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing the Portfolios’ investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes

attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends from net investment income and capital gain distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

F. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2021, 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 Bonds. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2021, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. There were no open futures contracts for any Portfolio at December 31, 2021.

	Purchased			Sold
Solution Income		$	4,945,455		$	4,957,647
Solution Moderately Aggressive			9,443,465			9,104,230
Solution 2025			9,443,465			9,453,010
Solution 2035			13,527,380			13,495,680
Solution 2045			13,180,880			13,096,877
Solution 2055			3,498,000			3,488,886

H. Offering Costs. Costs incurred with the offering of shares of a Portfolio are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

I. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims

that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the year ended December 31, 2021, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Solution Aggressive		$	17,465,548		$	16,588,369
Solution Balanced			30,702,943			30,089,942
Solution Conservative			9,914,880			8,886,552
Solution Income			104,170,728			141,339,530
Solution Moderately Aggressive			255,982,993			326,745,997
Solution Moderately Conservative			19,658,502			20,918,551
Solution 2025			222,408,031			295,236,904
Solution 2030			30,695,049			33,659,091
Solution 2035			285,599,496			351,988,750
Solution 2040			26,234,007			29,266,520
Solution 2045			217,744,525			263,177,058
Solution 2050			21,583,822			26,741,068
Solution 2055			88,105,977			101,225,870
Solution 2060			17,058,770			18,560,225
Solution 2065			4,453,276			2,246,652

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates: 0.20% of each Portfolio’s average daily nets assets invested in affiliated Underlying Funds and 0.40% of each Portfolio’s average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2021, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Solution Balanced		7.20%
	Solution Conservative		7.55
	Solution Income		40.60
	Solution 2025		27.50
	Solution 2030		22.42
	Solution 2035		23.70
	Solution 2040		20.80
	Solution 2045		21.22
	Solution 2050		21.64
	Solution 2055		17.11
	Solution 2060		17.75
	Solution 2065		8.01
Voya Investment Management Co. LLC	Solution 2065		47.44
Voya Retirement Insurance and Annuity Company	Solution Aggressive		97.16
	Solution Balanced		92.80

Subsidiary	Portfolio	Percentage
Voya Retirement Insurance and Annuity Company (continued)	Solution Conservative		92.45
	Solution Income		53.65
	Solution Moderately Aggressive		7.70
	Solution Moderately Conservative		98.89
	Solution 2025		68.93
	Solution 2030		77.44
	Solution 2035		73.34
	Solution 2040		79.17
	Solution 2045		77.51
	Solution 2050		78.35
	Solution 2055		82.72
	Solution 2060		82.23
	Solution 2065		44.55

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

Portfolio	Amount
Solution Aggressive		$	10,683
Solution Balanced			23,791
Solution Conservative			6,259
Solution Income			152,057
Solution Moderately Aggressive			34,844
Solution Moderately Conservative			28,471
Solution 2025			274,362
Solution 2030			42,596
Solution 2035			363,100
Solution 2040			44,807

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

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

Portfolio	Amount
Solution 2045		$	386,389
Solution 2050			56,024
Solution 2055			244,742
Solution 2060			61,230
Solution 2065			2,974

NOTE 7 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses to the levels listed below:

Portfolio(1)	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Solution Aggressive		1.39%		0.89%		0.89%		1.14%		1.29%		N/A
Solution Balanced		1.30%		0.80%		0.80%		1.05%		1.20%		N/A
Solution Conservative		1.16%		0.66%		0.66%		0.91%		1.06%		N/A
Solution Income		1.18%		0.68%		N/A		0.93%		1.08%		1.38%
Solution Moderately Aggressive		1.38%		0.88%		0.88%		1.13%		1.28%		N/A
Solution Moderately Conservative		1.24%		0.74%		0.74%		0.99%		1.14%		N/A
Solution 2025		1.28%		0.78%		N/A		1.03%		1.18%		1.48%
Solution 2030		1.29%		0.79%		N/A		1.04%		1.19%		1.49%
Solution 2035		1.33%		0.83%		N/A		1.08%		1.23%		1.53%
Solution 2040		1.33%		0.83%		N/A		1.08%		1.23%		1.53%
Solution 2045		1.36%		0.86%		N/A		1.11%		1.26%		1.56%
Solution 2050		1.36%		0.86%		N/A		1.11%		1.26%		1.56%
Solution 2055		1.36%		0.86%		N/A		1.11%		1.26%		1.56%
Solution 2060		1.37%		0.87%		N/A		1.12%		1.27%		1.57%
Solution 2065		1.37%		0.87%		N/A		1.12%		1.27%		1.57%

Pursuant to a side letter agreement, through May 1, 2022, the Investment Adviser has further lowered the expense limits for the following Portfolios. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side letter agreements will continue. Termination or modification of this obligation requires approval by the Board.

Portfolio(1)(2)(3)	Class ADV		Class I		Class S		Class S2		Class T
Solution 2025		1.22%		0.72%		0.97%		1.12%		1.42%
Solution 2030		1.22%		0.72%		0.97%		1.12%		1.42%
Solution 2035		1.23%		0.73%		0.98%		1.13%		1.43%
Solution 2040		1.23%		0.73%		0.98%		1.13%		1.43%
Solution 2045		1.25%		0.75%		1.00%		1.15%		1.45%

Portfolio(1)(2)(3)	Class ADV		Class I		Class S		Class S2		Class T
Solution 2050		1.26%		0.76%		1.01%		1.16%		1.46%
Solution 2055		1.28%		0.78%		1.03%		1.18%		1.48%
Solution 2060		1.30%		0.80%		1.05%		1.20%		1.50%
Solution 2065		1.30%		0.80%		1.05%		1.20%		1.50%

(1)

The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

(2)

Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

(3)

Prior to January 1, 2021, the side letter expense limits for the following Portfolios were as follows:

Portfolio	Class ADV		Class I		Class S		Class S2		Class T
Solution 2025		1.24%		0.74%		0.99%		1.14%		1.44%
Solution 2030		1.24%		0.74%		0.99%		1.14%		1.44%
Solution 2035		1.27%		0.77%		1.02%		1.17%		1.47%
Solution 2040		1.27%		0.77%		1.02%		1.17%		1.47%
Solution 2045		1.30%		0.80%		1.05%		1.20%		1.50%
Solution 2050		1.30%		0.80%		1.05%		1.20%		1.50%
Solution 2055		1.30%		0.80%		1.05%		1.20%		1.50%

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

As of December 31, 2021 the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	December 31,
	2022			2023			2024			Total
Solution Aggressive		$	32,432		$	14,037		$	4,182		$	50,651
Solution Balanced			37,237			5,312			90			42,639
Solution Conservative			46,641			33,047			29,745			109,433
Solution Income			235,911			310,007			270,803			816,721
Solution Moderately Conservative			48,667			38,599			34,837			122,103

TABLE OF CONTENTS

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

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

	December 31,
	2022			2023			2024			Total
Solution Aggressive
Class ADV		$	—		$	3,688		$	4,275		$	7,963
Class I			—			356			394			750
Class S			—			4,005			4,422			8,427
Class S2			—			1,849			1,596			3,445
Solution Balanced
Class ADV			—			6,023			5,606			11,629
Class I			—			1,469			1,884			3,353
Class S			—			11,837			12,465			24,302
Class S2			—			1,316			862			2,178
Solution Conservative
Class ADV			—			2,791			3,101			5,892
Class I			—			200			407			607
Class S			—			1,238			1,770			3,008
Class S2			—			526			986			1,512
Solution Moderately Conservative
Class ADV			—			5,919			5,600			11,519
Class I			—			33			71			104
Class S			—			16,528			18,389			34,917
Class S2			—			4,380			4,497			8,877

The Expense Limitation Agreement is contractual through May 1, 2022 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

Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 13, 2022. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 14, 2021, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 14, 2021.

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

The following Portfolios utilized the line of credit during the year ended December 31, 2021:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Income		2		$	1,704,500		1.31%
Solution Moderately Aggressive		3			2,812,000		1.30
Solution 2025		2			4,676,500		1.29
Solution 2035		4			5,434,750		1.28
Solution 2040		2			791,500		1.30
Solution 2045		3			5,432,333		1.30
Solution 2050		2			724,000		1.30
Solution 2055		3			2,618,667		1.28

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
12/31/2021		61,555		—		2,313		(65,115)		(1,247)		952,159		—		36,612		(1,005,199)		(16,428)
12/31/2020		89,098		—		21,601		(129,063)		(18,364)		1,087,710		—		256,190		(1,602,218)		(258,318)
Class I
12/31/2021		9,515		—		326		(1,549)		8,292		153,652		—		5,299		(25,111)		133,840
12/31/2020		9,644		—		1,387		(35,192)		(24,161)		123,057		—		16,865		(358,654)		(218,732)
Class R6
12/31/2021		285,716		—		14,236		(188,103)		111,849		4,569,068		—		231,482		(2,972,817)		1,827,733
12/31/2020		337,209		—		87,498		(159,540)		265,167		4,255,365		—		1,063,984		(2,068,046)		3,251,303
Class S
12/31/2021		49,740		—		2,906		(47,375)		5,271		771,813		—		46,644		(751,172)		67,285
12/31/2020		53,653		—		23,804		(113,791)		(36,334)		652,888		—		285,893		(1,417,509)		(478,728)
Class S2
12/31/2021		19,489		—		689		(80,107)		(59,929)		293,503		—		10,846		(1,193,442)		(889,093)
12/31/2020		47,125		—		11,589		(29,393)		29,321		567,480		—		136,405		(353,406)		350,479

TABLE OF CONTENTS

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Balanced
Class ADV
12/31/2021		113,708		—		13,943		(146,888)		(19,237)		1,242,911		—		155,467		(1,579,480)		(181,102)
12/31/2020		94,757		—		69,781		(332,053)		(167,515)		890,391		—		641,988		(3,189,844)		(1,657,465)
Class I
12/31/2021		41,710		—		5,702		(29,023)		18,389		479,551		—		66,254		(326,375)		219,430
12/31/2020		119,774		—		16,669		(79,913)		56,530		1,231,503		—		159,522		(781,833)		609,192
Class R6
12/31/2021		326,721		—		38,898		(419,515)		(53,896)		3,710,784		—		451,989		(4,762,062)		(599,289)
12/31/2020		442,113		—		149,609		(508,665)		83,057		4,241,291		—		1,431,759		(5,023,701)		649,349
Class S
12/31/2021		319,745		—		37,686		(186,138)		171,293		3,573,955		—		425,470		(2,110,009)		1,889,416
12/31/2020		165,753		—		140,147		(475,466)		(169,566)		1,553,525		—		1,304,764		(4,482,352)		(1,624,063)
Class S2
12/31/2021		17,837		—		1,858		(42,238)		(22,543)		198,924		—		20,938		(459,963)		(240,101)
12/31/2020		38,703		—		17,103		(158,139)		(102,333)		364,856		—		158,546		(1,493,083)		(969,681)
Solution Conservative
Class ADV
12/31/2021		53,123		—		12,311		(123,198)		(57,764)		634,400		—		146,010		(1,468,478)		(688,068)
12/31/2020		52,501		—		17,557		(416,710)		(346,652)		584,107		—		195,578		(4,743,058)		(3,963,374)
Class I
12/31/2021		95,445		—		1,577		(41,279)		55,743		1,158,541		—		18,829		(509,029)		668,341
12/31/2020		13,918		—		554		(52,202)		(37,730)		161,370		—		6,223		(586,834)		(419,241)
Class R6
12/31/2021		221,357		—		32,261		(110,457)		143,161		2,685,988		—		385,202		(1,330,478)		1,740,712
12/31/2020		404,463		—		31,559		(273,663)		162,359		4,639,656		—		354,405		(3,140,906)		1,853,155
Class S
12/31/2021		51,005		—		8,305		(62,536)		(3,226)		616,065		—		98,834		(747,010)		(32,111)
12/31/2020		80,278		—		9,831		(153,880)		(63,771)		904,470		—		110,012		(1,692,256)		(677,774)
Class S2
12/31/2021		21,088		—		4,528		(43,807)		(18,191)		248,907		—		53,159		(519,487)		(217,421)
12/31/2020		102,428		—		5,131		(19,899)		87,660		1,106,315		—		56,749		(223,372)		939,692
Solution Income
Class ADV
12/31/2021		675,984		—		735,821		(1,846,022)		(434,217)		8,686,612		—		9,308,131		(23,814,304)		(5,819,561)
12/31/2020		499,574		973,643		272,254		(2,196,869)		(451,398)		5,916,380		11,732,481		3,264,320		(25,688,891)		(4,775,710)
Class I
12/31/2021		487,391		—		208,364		(1,169,532)		(473,777)		6,476,050		—		2,702,478		(15,589,002)		(6,410,474)
12/31/2020		919,878		631,142		176,227		(4,704,456)		(2,977,209)		11,174,951		7,781,780		2,162,299		(60,069,442)		(38,950,412)
Class S
12/31/2021		401,543		—		504,948		(1,771,685)		(865,194)		5,303,129		—		6,498,676		(23,267,459)		(11,465,654)
12/31/2020		462,318		773,830		200,671		(1,997,040)		(560,221)		5,586,152		9,475,047		2,446,178		(24,068,794)		(6,561,417)
Class S2
12/31/2021		117,603		—		31,933		(112,576)		36,960		1,529,126		—		399,483		(1,445,471)		483,138
12/31/2020		35,927		37,941		9,062		(129,729)		(46,799)		426,312		453,071		107,658		(1,533,250)		(546,209)
Class T
12/31/2021		538		—		422		(3,174)		(2,214)		7,468		—		5,816		(44,676)		(31,392)
12/31/2020		938		1,363		114		(12,332)		(9,917)		11,890		17,732		1,483		(139,834)		(108,729)
Solution Moderately Aggressive
Class ADV
12/31/2021		219,131		—		24,650		(350,681)		(106,900)		3,085,826		—		356,936		(4,997,545)		(1,554,783)
12/31/2020		196,866		—		174,267		(436,342)		(65,209)		2,297,028		—		1,962,248		(5,012,717)		(753,441)
Class I
12/31/2021		34,732		—		6,360		(64,880)		(23,788)		504,927		—		94,189		(959,559)		(360,443)
12/31/2020		34,551		—		32,936		(91,257)		(23,770)		414,057		—		378,760		(966,414)		(173,597)
Class R6
12/31/2021		417,375		—		32,826		(273,853)		176,348		6,100,490		—		485,492		(3,888,342)		2,697,640
12/31/2020		564,724		—		161,659		(314,905)		411,478		6,921,450		—		1,857,459		(3,720,594)		5,058,315
Class S
12/31/2021		75,126		—		615,931		(5,635,898)		(4,944,841)		1,061,875		—		9,011,067		(80,914,364)		(70,841,422)
12/31/2020		204,767		—		4,034,877		(6,154,699)		(1,915,055)		2,309,295		—		45,876,550		(72,983,967)		(24,798,122)
Class S2
12/31/2021		41,980		—		1,922		(18,980)		24,922		580,816		—		28,117		(263,764)		345,169
12/31/2020		37,790		—		7,546		(17,263)		28,073		448,159		—		85,953		(210,374)		323,738
Solution Moderately Conservative
Class ADV
12/31/2021		53,984		—		10,895		(152,616)		(87,737)		603,076		—		122,461		(1,716,450)		(990,913)
12/31/2020		56,038		—		31,926		(223,402)		(135,438)		559,807		—		314,149		(2,214,131)		(1,340,175)
Class I
12/31/2021		27,936		—		108		(677)		27,367		331,441		—		1,270		(7,730)		324,981
12/31/2020		5,194		—		93		(7,959)		(2,672)		53,806		—		959		(72,225)		(17,460)

TABLE OF CONTENTS

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Moderately Conservative (continued)
Class R6
12/31/2021		252,719		—		22,090		(230,125)		44,684		2,954,723		—		259,334		(2,694,834)		519,223
12/31/2020		294,779		—		37,122		(94,052)		237,849		3,066,609		—		381,248		(964,932)		2,482,925
Class S
12/31/2021		141,640		—		42,047		(194,521)		(10,834)		1,614,812		—		481,441		(2,206,455)		(110,202)
12/31/2020		152,429		—		93,638		(258,880)		(12,813)		1,534,888		—		939,184		(2,530,859)		(56,787)
Class S2
12/31/2021		30,748		—		9,919		(102,412)		(61,745)		338,573		—		111,682		(1,148,863)		(698,608)
12/31/2020		49,781		—		25,431		(138,329)		(63,117)		499,678		—		250,747		(1,373,822)		(623,397)
Solution 2025
Class ADV
12/31/2021		1,196,751		—		1,404,900		(4,098,268)		(1,496,617)		14,923,433		—		17,210,023		(51,142,877)		(19,009,421)
12/31/2020		1,041,966		—		1,295,768		(4,936,510)		(2,598,776)		11,559,828		—		14,227,528		(54,463,054)		(28,675,698)
Class I
12/31/2021		720,869		—		368,787		(2,292,768)		(1,203,112)		9,297,777		—		4,665,157		(29,932,125)		(15,969,191)
12/31/2020		2,994,244		—		1,429,995		(20,472,700)		(16,048,461)		34,210,086		—		16,158,946		(249,947,335)		(199,578,303)
Class S
12/31/2021		1,636,001		—		1,797,330		(3,746,456)		(313,125)		20,835,014		—		22,412,706		(47,528,117)		(4,280,397)
12/31/2020		1,446,795		—		1,555,138		(4,643,941)		(1,642,008)		16,382,976		—		17,355,345		(51,982,211)		(18,243,890)
Class S2
12/31/2021		191,987		—		70,522		(120,329)		142,180		2,408,557		—		851,206		(1,476,600)		1,783,163
12/31/2020		108,315		—		50,128		(321,829)		(163,386)		1,186,999		—		543,386		(3,321,569)		(1,591,184)
Class T
12/31/2021		6,239		—		1,780		(13,338)		(5,319)		81,702		—		23,232		(179,193)		(74,259)
12/31/2020		1,353		—		1,849		(12,702)		(9,500)		15,776		—		21,508		(139,967)		(102,683)
Solution 2030
Class ADV
12/31/2021		357,147		—		33,523		(329,507)		61,163		6,220,950		—		591,672		(5,803,659)		1,008,963
12/31/2020		366,092		—		74,337		(331,665)		108,764		5,451,415		—		1,092,015		(4,949,160)		1,594,270
Class I
12/31/2021		166,972		—		19,272		(342,047)		(155,803)		3,003,862		—		351,715		(6,190,361)		(2,834,784)
12/31/2020		185,684		—		47,580		(295,587)		(62,323)		2,822,986		—		721,318		(4,517,908)		(973,604)
Class S
12/31/2021		226,647		—		27,908		(321,691)		(67,136)		4,063,787		—		505,140		(5,813,976)		(1,245,049)
12/31/2020		411,257		—		53,288		(289,095)		175,450		6,408,420		—		801,977		(4,346,924)		2,863,473
Class S2
12/31/2021		51,020		—		1,901		(3,850)		49,071		909,309		—		33,902		(68,713)		874,498
12/31/2020		29,743		—		1,883		(22,160)		9,466		403,391		—		27,984		(304,825)		126,550
Class T
12/31/2021		454		—		63		(173)		344		7,882		—		1,109		(3,017)		5,974
12/31/2020		538		—		127		(36)		629		7,670		—		1,861		(531)		9,000
Solution 2035
Class ADV
12/31/2021		887,309		—		1,048,377		(3,174,158)		(1,238,472)		11,453,592		—		13,377,292		(40,852,909)		(16,022,025)
12/31/2020		944,816		—		1,591,872		(3,912,785)		(1,376,097)		10,293,999		—		17,064,874		(43,614,127)		(16,255,254)
Class I
12/31/2021		946,521		—		350,560		(2,924,583)		(1,627,502)		12,559,297		—		4,627,389		(39,239,255)		(22,052,569)
12/31/2020		3,430,663		—		2,312,940		(23,678,053)		(17,934,450)		38,613,364		—		25,557,984		(292,423,757)		(228,252,409)
Class S
12/31/2021		1,592,622		—		1,712,038		(3,025,225)		279,435		20,942,710		—		22,256,496		(39,775,963)		3,423,243
12/31/2020		1,359,249		—		2,331,093		(3,702,429)		(12,087)		15,080,765		—		25,432,218		(41,385,016)		(872,033)
Class S2
12/31/2021		189,683		—		69,584		(166,075)		93,192		2,413,853		—		862,848		(2,071,180)		1,205,521
12/31/2020		126,111		—		97,849		(497,023)		(273,063)		1,356,763		—		1,021,548		(5,312,720)		(2,934,409)
Class T
12/31/2021		471		—		85		(39,752)		(39,196)		6,415		—		1,154		(548,057)		(540,488)
12/31/2020		1,967		—		2,990		(475)		4,482		22,675		—		34,001		(4,758)		51,918
Solution 2040
Class ADV
12/31/2021		230,749		—		20,996		(275,542)		(23,797)		4,373,331		—		401,451		(5,211,010)		(436,228)
12/31/2020		296,802		—		68,051		(347,476)		17,377		4,558,764		—		1,024,164		(5,369,506)		213,422
Class I
12/31/2021		176,548		—		14,090		(397,118)		(206,480)		3,394,552		—		278,849		(7,701,423)		(4,028,022)
12/31/2020		195,258		—		47,129		(253,137)		(10,750)		3,102,664		—		732,390		(3,948,698)		(113,644)
Class S
12/31/2021		220,498		—		16,766		(164,535)		72,729		4,278,546		—		328,275		(3,177,367)		1,429,454
12/31/2020		189,719		—		37,902		(155,785)		71,836		2,994,848		—		583,691		(2,398,286)		1,180,253
Class S2
12/31/2021		38,077		—		2,447		(6,354)		34,170		727,754		—		46,978		(118,433)		656,299
12/31/2020		15,641		—		4,781		(10,857)		9,565		236,829		—		72,338		(164,384)		144,783

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (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 2040 (continued)
Class T
12/31/2021		133		—		8		(2,292)		(2,151)		2,460		—		145		(42,777)		(40,172)
12/31/2020		878		—		133		(197)		814		13,293		—		1,993		(3,209)		12,077
Solution 2045
Class ADV
12/31/2021		845,600		—		1,127,891		(2,239,730)		(266,239)		11,083,381		—		14,358,057		(29,328,049)		(3,886,611)
12/31/2020		833,851		—		1,011,331		(2,265,543)		(420,361)		9,067,559		—		10,669,545		(24,578,928)		(4,841,824)
Class I
12/31/2021		682,994		—		422,781		(2,789,732)		(1,683,957)		9,295,851		—		5,597,625		(38,154,366)		(23,260,890)
12/31/2020		3,557,942		—		2,015,187		(21,852,796)		(16,279,667)		39,191,495		—		21,965,536		(271,756,675)		(210,599,644)
Class S
12/31/2021		1,083,001		—		1,951,062		(1,797,621)		1,236,442		14,374,392		—		25,285,757		(23,822,326)		15,837,823
12/31/2020		1,337,418		—		1,666,300		(2,977,403)		26,315		14,405,327		—		17,862,735		(33,076,803)		(808,741)
Class S2
12/31/2021		331,093		—		78,997		(128,843)		281,247		4,394,706		—		990,625		(1,648,553)		3,736,778
12/31/2020		103,434		—		45,800		(221,553)		(72,319)		1,086,292		—		477,241		(2,342,796)		(779,263)
Class T
12/31/2021		781		—		1,065		(878)		968		10,672		—		14,354		(11,995)		13,031
12/31/2020		1,585		—		816		(14,639)		(12,238)		17,982		—		9,066		(136,438)		(109,390)
Solution 2050
Class ADV
12/31/2021		163,733		—		20,535		(291,113)		(106,845)		3,218,451		—		407,828		(5,729,756)		(2,103,477)
12/31/2020		261,472		—		57,371		(240,083)		78,760		4,064,197		—		884,091		(3,927,893)		1,020,395
Class I
12/31/2021		144,521		—		14,182		(313,274)		(154,571)		2,933,406		—		292,715		(6,314,663)		(3,088,542)
12/31/2020		218,069		—		40,811		(268,542)		(9,662)		3,520,006		—		652,158		(4,361,079)		(188,915)
Class S
12/31/2021		115,952		—		13,083		(117,677)		11,358		2,337,815		—		266,356		(2,365,351)		238,820
12/31/2020		130,272		—		30,335		(142,681)		17,926		2,080,512		—		478,997		(2,283,576)		275,933
Class S2
12/31/2021		34,601		—		1,412		(10,295)		25,718		691,669		—		28,288		(204,476)		515,481
12/31/2020		7,538		—		1,530		(10,201)		(1,133)		119,535		—		23,826		(168,868)		(25,507)
Class T
12/31/2021		—		—		8		(29)		(21)		—		—		157		(573)		(416)
12/31/2020		—		—		21		(23)		(2)		—		—		333		(403)		(70)
Solution 2055
Class ADV
12/31/2021		441,406		—		556,051		(800,323)		197,134		6,939,080		—		8,173,952		(12,437,823)		2,675,209
12/31/2020		499,545		—		240,856		(663,500)		76,901		6,485,108		—		3,090,178		(8,900,873)		674,413
Class I
12/31/2021		359,722		—		230,385		(1,061,900)		(471,793)		5,805,593		—		3,511,066		(17,214,017)		(7,897,358)
12/31/2020		2,653,382		—		705,071		(9,587,365)		(6,228,912)		34,992,948		—		9,250,529		(144,045,909)		(99,802,432)
Class S
12/31/2021		635,802		—		792,083		(656,547)		771,338		10,071,477		—		11,778,271		(10,166,962)		11,682,786
12/31/2020		779,560		—		320,925		(542,858)		557,627		10,182,899		—		4,155,976		(7,198,051)		7,140,824
Class S2
12/31/2021		138,026		—		47,488		(33,529)		151,985		2,245,802		—		701,880		(522,613)		2,425,069
12/31/2020		63,528		—		10,784		(79,763)		(5,451)		847,963		—		139,214		(944,472)		42,705
Class T
12/31/2021		105		—		186		(756)		(465)		1,630		—		2,823		(12,573)		(8,120)
12/31/2020		350		—		114		(34)		430		4,582		—		1,502		(477)		5,607
Solution 2060
Class ADV
12/31/2021		192,852		—		19,178		(196,910)		15,120		2,782,491		—		278,652		(2,835,213)		225,930
12/31/2020		266,536		—		36,578		(198,454)		104,660		3,031,702		—		412,239		(2,327,329)		1,116,612
Class I
12/31/2021		160,272		—		13,432		(329,261)		(155,557)		2,340,656		—		199,058		(4,758,971)		(2,219,257)
12/31/2020		292,971		—		31,929		(155,379)		169,521		3,366,031		—		365,911		(1,803,499)		1,928,443
Class S
12/31/2021		193,794		—		15,877		(184,676)		24,995		2,767,125		—		231,483		(2,629,097)		369,511
12/31/2020		223,987		—		28,469		(136,731)		115,725		2,525,781		—		321,696		(1,565,966)		1,281,511
Class S2
12/31/2021		52,152		—		2,231		(7,578)		46,805		757,943		—		32,424		(108,984)		681,383
12/31/2020		14,826		—		1,760		(3,225)		13,361		166,978		—		19,875		(35,397)		151,456
Class T
12/31/2021		—		—		9		(29)		(20)		—		—		138		(413)		(275)
12/31/2020		29		—		19		—*		48		366		—		215		—*		581

TABLE OF CONTENTS

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2065
Class ADV
12/31/2021		50,556		—		15,228		(20,839)		44,945		647,774		—		182,982		(262,122)		568,634
7/29/2020(1) - 12/31/2020		88,970		—		1,433		(2,790)		87,613		915,673		—		16,550		(31,818)		900,405
Class I
12/31/2021		44,094		—		16,672		(9,783)		50,983		568,820		—		200,791		(127,336)		642,275
7/29/2020(1) - 12/31/2020		88,759		—		1,601		—*		90,360		889,326		—		18,505		—*		907,831
Class S
12/31/2021		110,904		—		23,596		(13,688)		120,812		1,424,530		—		283,529		(171,152)		1,536,907
7/29/2020(1) - 12/31/2020		93,025		—		1,414		(11,836)		82,603		965,808		—		16,346		(130,798)		851,355
Class S2
12/31/2021		6,571		—		1,107		(394)		7,284		84,190		—		13,310		(5,017)		92,483
7/29/2020(1) - 12/31/2020		2,200		—		36		—		2,236		21,999		—		422		—		22,421
Class T
12/31/2021		—		—		39		—		39		—		—		472		—		472
7/29/2020(1) - 12/31/2020		300		—		5		—		305		3,000		—		54		—		3,054

(1)

Commencement of operations

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, 2021						Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Solution Aggressive		$	330,883		$	—		$	394,195		$	1,365,142
Solution Balanced			1,120,118			—			1,564,710			2,131,869
Solution Conservative			628,379			73,655			535,080			187,887
Solution Income			12,324,645			6,590,155			7,420,988			560,950
Solution Moderately Aggressive			9,975,801			—			10,679,656			39,481,314
Solution Moderately Conservative			976,188			—			1,031,400			854,887
Solution 2025			28,643,871			16,518,453			17,407,400			30,899,313
Solution 2030			1,454,818			28,849			926,283			1,719,132
Solution 2035			28,980,536			12,144,643			15,624,659			53,485,966
Solution 2040			904,629			151,200			691,140			1,723,766
Solution 2045			26,216,481			20,029,937			10,941,963			40,042,161
Solution 2050			597,936			397,553			528,816			1,510,883
Solution 2055			11,699,237			12,468,755			3,516,199			13,121,200
Solution 2060			368,140			373,615			302,676			817,260
Solution 2065			399,683			281,402			41,291			10,586

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Other			Total Distributable Earnings/(Loss)
Solution Aggressive		$	1,706,591		$	3,537,803		$	2,768,040		$	(193)		$	8,012,241
Solution Balanced			3,421,524			5,025,986			5,150,582			(930)			13,597,162
Solution Conservative			983,372			753,987			136,181			(292)			1,873,248
Solution Income			14,497,060			18,204,098			11,004,341			(12,715)			43,692,784
Solution Moderately Aggressive			24,090,454			61,576,573			75,364,925			(621,150)			160,410,802
Solution Moderately Conservative			2,767,123			2,754,009			1,725,646			(664)			7,246,114
Solution 2025			35,123,143			60,566,542			32,251,509			(20,553)			127,920,641

TABLE OF CONTENTS

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

NOTE 10 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/ (Depreciation)		Other		Total Distributable Earnings/(Loss)
Solution 2030		3,472,781		6,208,073		2,335,514		(430)		12,015,938
Solution 2035		37,717,252		76,387,702		59,309,916		(20,467)		173,394,403
Solution 2040		2,936,429		5,606,359		2,222,451		(337)		10,764,902
Solution 2045		32,693,408		63,506,716		49,828,268		(14,284)		146,014,108
Solution 2050		2,442,525		5,049,415		2,301,404		(270)		9,793,074
Solution 2055		12,597,977		20,972,628		13,096,778		(2,936)		46,664,447
Solution 2060		1,895,775		3,616,568		1,344,208		(152)		6,856,399
Solution 2065		—		169,120		131,409		(7)		300,522

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

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

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

NOTE 11 — REORGANIZATIONS

On August 7, 2020, Solution Income (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of Voya Solution 2020 Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2020, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2020, are as follows (Unaudited):

Net investment income	$	6,530,477
Net realized and unrealized loss on investments	$	30,068,364
Net decrease in net assets resulting from operations	$	36,598,841

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since August 7, 2020. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

	Total Net Assets of Acquired Portfolio (000s)			Total Net Assets of Acquiring Portfolio (000s)						Acquired Portfolio’s Capital Loss Carryforwards (000s)						Acquired Portfolio’s Unrealized Appreciation (000s)						Portfolio’s Conversion Ratio
	$29,460				$	311,448					$	62					$	1,929						1.0138

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $340,908,109.

NOTE 12 — LONDON INTERBANK OFFERED RATE (“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

TABLE OF CONTENTS

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

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

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

NOTE 13 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups

of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 15 — SUBSEQUENT EVENTS

Expense Limitation Agreement: On January 27, 2022, the Board approved a revised side letter expense limitation agreement with respect to Solution 2060 and Solution 2065, effective January 1, 2022 through May 1, 2023. The new non-recoupable side letter expense limits for each Portfolio are 1.28%, 0.78%, 1.03%, 1.18%, and 1.48% for Class ADV, Class I, Class S, Class S2, and Class T, respectively.

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 above, no such subsequent events were identified.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 18.6%
3,862	iShares Russell 2000 ETF		$	859,102		2.7
10,054	Vanguard Russell 1000 Growth ETF			789,641		2.5
6,889	Vanguard S&P 500 ETF			3,007,531		9.4
8,574	Vanguard Value ETF			1,261,321		4.0
	Total Exchange-Traded Funds (Cost $5,022,930)			5,917,595		18.6
MUTUAL FUNDS: 81.4%
	Affiliated Investment Companies: 81.4%
76,643	Voya Multi-Manager Emerging Markets Equity Fund - Class I			902,854		2.8
324,055	Voya Multi-Manager International Equity Fund - Class I			3,707,194		11.7
95,841	Voya Multi-Manager International Factors Fund - Class I			942,121		3.0
167,152	Voya Multi-Manager Mid Cap Value Fund - Class I			1,795,209		5.6
330,825	Voya U.S. Stock Index Portfolio - Class I			7,235,150		22.8
104,402	VY® Columbia Contrarian Core Portfolio - Class I			2,421,072		7.6

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
91,884	VY® Invesco Comstock Portfolio - Class I		$	1,952,542		6.1
60,990	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,296,039		4.1
48,268	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,591,887		5.0
113,872	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,689,862		5.3
19,789	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,355,878		7.4
	Total Mutual Funds
	(Cost $23,292,298)			25,889,808		81.4
	Total Investments in Securities (Cost $28,315,228)		$	31,807,403		100.0
	Assets in Excess of Other Liabilities			8,403		0.0
	Net Assets		$	31,815,806		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,917,595		$	—		$	—		$	5,917,595
Mutual Funds			25,889,808			—			—			25,889,808
Total Investments, at fair value		$	31,807,403		$	—		$	—		$	31,807,403

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 December 31, 2021 (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	253,644		$	35,607		$	(263,662)		$	(25,589)		$	—		$	4,128		$	25,464		$	—
Voya Large-Cap Growth Fund - Class R6			652,849			137,068			(710,375)			(79,542)			—			—			195,656			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,580,140			1,222,956			(1,450,140)			(450,102)			902,854			18,868			301,845			126,641
Voya Multi-Manager International Equity Fund - Class I			2,604,628			2,177,752			(429,705)			(645,481)			3,707,194			51,240			139,782			631,642
Voya Multi-Manager International Factors Fund - Class I			1,297,591			391,413			(638,014)			(108,869)			942,121			37,817			112,711			89,525
Voya Multi-Manager Mid Cap Value Fund - Class I			1,302,001			818,019			(394,662)			69,851			1,795,209			21,779			75,610			219,296
Voya U.S. Stock Index Portfolio - Class I			4,686,382			3,567,432			(1,351,858)			333,194			7,235,150			73,866			485,880			473,602
VY® Columbia Contrarian Core Portfolio - Class I			1,935,588			705,574			(319,026)			98,936			2,421,072			12,684			131,685			225,006
VY® Invesco Comstock Portfolio - Class I			1,326,708			895,710			(587,893)			318,017			1,952,542			31,241			86,451			—
VY® JPMorgan Small Cap Core Equity Portfolio Class R6			1,627,338			557,463			(889,702)			940			1,296,039			4,278			214,025			54,151
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,272,427			536,443			(246,514)			29,531			1,591,887			15,811			37,049			165,103
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,317,577			891,763			(381,204)			(138,274)			1,689,862			114			84,747			254,238
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,673,156			1,104,225			(443,955)			22,452			2,355,878			—			142,763			182,910
		$	21,530,029		$	13,041,425		$	(8,106,710)		$	(574,936)		$	25,889,808		$	271,826		$	2,033,668		$	2,422,114

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $29,039,363.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	3,976,016
Gross Unrealized Depreciation		(1,207,976)
Net Unrealized Appreciation	$	2,768,040

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.0%
2,639	iShares Russell 2000 ETF		$	587,046		0.9
16,708	Vanguard Russell 1000 Growth ETF			1,312,246		2.1
12,431	Vanguard S&P 500 ETF			5,427,002		8.4
24,491	Vanguard Value ETF			3,602,871		5.6
	Total Exchange-Traded Funds (Cost $8,620,314)			10,929,165		17.0
MUTUAL FUNDS: 83.0%
	Affiliated Investment Companies: 83.0%
639,910	Voya High Yield Bond Fund - Class R6			5,144,876		8.0
682,378	Voya Intermediate Bond Fund - Class R6			7,001,195		10.9
83,617	Voya MidCap Opportunities Portfolio - Class R6			1,514,295		2.3
103,026	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,213,652		1.9
273,053	Voya Multi-Manager International Equity Fund - Class I			3,123,731		4.8
193,879	Voya Multi-Manager International Factors Fund - Class I			1,905,827		3.0
153,704	Voya Multi-Manager Mid Cap Value Fund - Class I			1,650,784		2.6
128,458	Voya Short Term Bond Fund - Class R6			1,269,161		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
194,096	Voya U.S. High Dividend Low Volatility Fund - Class R6		$	2,311,685		3.6
429,769	Voya U.S. Stock Index Portfolio - Class I			9,399,043		14.6
395,614	VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,438,792		6.9
98,639	VY® Columbia Contrarian Core Portfolio - Class I			2,287,438		3.6
59,992	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,274,840		2.0
195,425	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			6,445,109		10.0
37,051	VY® T. Rowe Price Growth Equity Portfolio - Class I			4,410,894		6.8
	Total Mutual Funds (Cost $49,966,078)			53,391,322		83.0
	Total Investments in Securities (Cost $58,586,392)		$	64,320,487		100.0
	Assets in Excess of Other Liabilities			26,716		0.0
	Net Assets		$	64,347,203		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	10,929,165		$	—		$	—		$	10,929,165
Mutual Funds			53,391,322			—			—			53,391,322
Total Investments, at fair value		$	64,320,487		$	—		$	—		$	64,320,487

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	4,471,055		$	1,300,676		$	(608,579)		$	(18,276)		$	5,144,876		$	244,311		$	8,390		$	—
Voya Intermediate Bond Fund - Class R6			5,548,318			2,544,803			(884,790)			(207,136)			7,001,195			163,606			(1,158)			—
Voya Large-Cap Growth Fund - Class R6			2,302,258			247,903			(2,200,610)			(349,551)			—			—			676,573			—
Voya MidCap Opportunities Portfolio - Class R6			1,171,235			1,001,892			(422,434)			(236,398)			1,514,295			—			166,342			236,650
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,322,190			1,907,525			(2,355,438)			(660,625)			1,213,652			25,572			447,515			171,646
Voya Multi-Manager International Equity Fund - Class I			2,869,868			1,142,430			(377,209)			(511,358)			3,123,731			43,525			122,591			536,547
Voya Multi-Manager International Factors Fund - Class I			1,715,644			535,617			(238,287)			(107,147)			1,905,827			77,109			42,322			182,542
Voya Multi-Manager Mid Cap Value Fund - Class I			1,147,943			971,355			(476,082)			7,568			1,650,784			20,182			118,072			202,380
Voya Short Term Bond Fund - Class R6			1,105,850			330,203			(153,121)			(13,771)			1,269,161			17,812			1,121			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			2,556,338			1,919,852			(1,771,418)			(393,087)			2,311,685			46,369			339,591			535,706
Voya U.S. Stock Index Portfolio - Class I			7,360,877			2,968,401			(1,581,389)			651,154			9,399,043			95,843			570,287			828,887
VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,875,521			2,017,374			(971,422)			(482,681)			4,438,792			76,472			152,861			304,407
VY® Columbia Contrarian Core Portfolio - Class I			1,421,894			1,064,110			(234,778)			36,212			2,287,438			12,566			95,068			222,910
VY® Invesco Comstock Portfolio - Class I			—			636,628			(636,628)			—			—			1,880			38,636			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,174,228			1,506,905			(1,177,498)			(228,795)			1,274,840			2,107			360,410			26,677
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			5,607,104			1,645,514			(898,471)			90,962			6,445,109			64,213			188,634			702,959
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,268,824			2,572,289			(477,863)			47,644			4,410,894			—			133,910			340,007
		$	46,919,147		$	24,313,477		$	(15,466,017)		$	(2,375,285)		$	53,391,322		$	891,567		$	3,461,165		$	4,291,318

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $59,169,905.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	6,473,500
Gross Unrealized Depreciation		(1,322,918)
Net Unrealized Appreciation	$	5,150,582

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.6%
5,575	Schwab U.S. TIPS ETF		$	350,612		2.0
4,616	Vanguard Russell 1000 Growth ETF			362,540		2.0
1,252	Vanguard S&P 500 ETF			546,586		3.1
1,845	Vanguard Value ETF			271,418		1.5
	Total Exchange-Traded Funds (Cost $1,357,583)			1,531,156		8.6
MUTUAL FUNDS: 91.4%
	Affiliated Investment Companies: 91.4%
95,171	Voya Global Bond Fund - Class R6			874,620		4.9
288,454	Voya High Yield Bond Fund - Class R6			2,319,172		13.1
318,450	Voya Intermediate Bond Fund - Class R6			3,267,297		18.4
9,296	Voya MidCap Opportunities Portfolio - Class R6			168,349		0.9
15,146	Voya Multi-Manager International Equity Fund - Class I			173,275		1.0
35,855	Voya Multi-Manager International Factors Fund - Class I			352,453		2.0
17,024	Voya Multi-Manager Mid Cap Value Fund - Class I			182,839		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
302,892	Voya Short Term Bond Fund - Class R6		$	2,992,574		16.9
30,931	Voya U.S. High Dividend Low Volatility Fund - Class R6			368,389		2.1
33,527	Voya U.S. Stock Index Portfolio - Class I			733,232		4.1
243,019	VY®BrandywineGLOBAL - Bond Portfolio - Class I			2,726,672		15.4
54,217	VY®T. Rowe Price Capital Appreciation Portfolio - Class R6			1,788,093		10.1
2,209	VY®T. Rowe Price Growth Equity Portfolio - Class I			262,989		1.5
	Total Mutual Funds (Cost $16,112,838)			16,209,954		91.4
	Total Investments in Securities (Cost $17,470,421)		$	17,741,110		100.0
	Assets in Excess of Other Liabilities			7,290		0.0
	Net Assets		$	17,748,400		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,531,156		$	—		$	—		$	1,531,156
Mutual Funds			16,209,954			—			—			16,209,954
Total Investments, at fair value		$	17,741,110		$	—		$	—		$	17,741,110

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	804,209		$	301,546		$	(175,126)		$	(56,009)		$	874,620		$	4,521		$	10,872		$	—
Voya High Yield Bond Fund - Class R6			2,088,707			737,761			(453,070)			(54,226)			2,319,172			108,002			49,887			—
Voya Intermediate Bond Fund - Class R6			2,635,756			1,594,902			(863,696)			(99,665)			3,267,297			74,473			6,228			—
Voya Large-Cap Growth Fund - Class R6			496,483			191,334			(620,917)			(66,900)			—			—			151,396			—
Voya MidCap Opportunities Portfolio - Class R6			168,404			158,760			(108,357)			(50,458)			168,349			—			44,342			31,192
Voya Multi-Manager Emerging Markets Equity Fund - Class I			333,927			252,708			(549,017)			(37,618)			—			—			45,752			—
Voya Multi-Manager International Equity Fund - Class I			165,040			79,789			(36,670)			(34,884)			173,275			2,407			13,265			29,676
Voya Multi-Manager International Factors Fund - Class I			328,877			137,185			(65,401)			(48,208)			352,453			14,220			35,183			33,663
Voya Multi-Manager Mid Cap Value Fund - Class I			165,043			147,699			(106,252)			(23,651)			182,839			2,229			44,233			22,406
Voya Short Term Bond Fund - Class R6			2,702,245			951,841			(612,603)			(48,909)			2,992,574			41,111			19,790			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			447,602			308,778			(314,247)			(73,744)			368,389			8,287			72,225			85,075
Voya U.S. Stock Index Portfolio - Class I			—			1,069,890			(373,163)			36,505			733,232			7,503			25,599			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			1,511,996			1,847,270			(381,866)			(250,728)			2,726,672			39,872			74,571			158,711
VY®JPMorgan Small Cap Core Equity Portfolio - Class R6			337,879			107,178			(382,233)			(62,824)			—			579			101,792			7,336
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,612,147			661,950			(490,590)			4,586			1,788,093			17,814			67,722			189,083
VY® T. Rowe Price Growth Equity Portfolio - Class I			—			312,169			(36,759)			(12,421)			262,989			—			(2,464)			19,595
		$	13,798,315		$	8,860,760		$	(5,569,967)		$	(879,154)		$	16,209,954		$	321,018		$	760,393		$	576,737

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $17,604,930.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	501,115
Gross Unrealized Depreciation		(364,934)
Net Unrealized Appreciation	$	136,181

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.8%
39,279	iShares 20+ Year Treasury Bond ETF		$	5,820,755		2.1
137,503	Schwab U.S. TIPS ETF			8,647,564		3.0
75,897	Vanguard Russell 1000 Growth ETF			5,960,950		2.1
20,586	Vanguard S&P 500 ETF			8,987,230		3.2
45,511	Vanguard Value ETF			6,695,123		2.4
	Total Exchange-Traded Funds (Cost $32,579,367)			36,111,622		12.8
MUTUAL FUNDS: 87.2%
	Affiliated Investment Companies: 87.2%
912,418	Voya Global Bond Fund - Class R6			8,385,124		3.0
1,773,100	Voya High Yield Bond Fund - Class R6			14,255,725		5.0
7,113,392	Voya Intermediate Bond Fund - Class R6			72,983,404		25.7
459,740	Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,415,735		1.9
483,947	Voya Multi-Manager International Equity Fund - Class I			5,536,354		1.9
1,431,773	Voya Multi-Manager International Factors Fund - Class I			14,074,329		5.0
272,988	Voya Multi-Manager Mid Cap Value Fund - Class I			2,931,891		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,857,361	Voya Short Term Bond Fund - Class R6		$	28,230,724		10.0
540,311	Voya U.S. High Dividend Low Volatility Fund - Class R6			6,435,103		2.3
524,865	Voya U.S. Stock Index Portfolio - Class I			11,478,806		4.0
3,507,292	VY® BrandywineGLOBAL - Bond Portfolio - Class I			39,351,812		13.9
866,326	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			28,571,446		10.1
185,447	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			2,752,028		1.0
57,465	VY® T. Rowe Price Growth Equity Portfolio - Class I			6,841,156		2.4
	Total Mutual Funds (Cost $236,373,306)			247,243,637		87.2
	Total Investments in Securities (Cost $268,952,673)		$	283,355,259		100.0
	Assets in Excess of Other Liabilities			52,768		0.0
	Net Assets		$	283,408,027		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	36,111,622		$	—		$	—		$	36,111,622
Mutual Funds			247,243,637			—			—			247,243,637
Total Investments, at fair value		$	283,355,259		$	—		$	—		$	283,355,259

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	9,208,164		$	1,221,065		$	(1,486,306)		$	(557,799)		$	8,385,124		$	35,162		$	77,117		$	—
Voya High Yield Bond Fund - Class R6			15,351,134			1,624,842			(2,406,694)			(313,557)			14,255,725			749,060			286,855			—
Voya Intermediate Bond Fund - Class R6			75,845,948			15,886,270			(15,476,252)			(3,272,562)			72,983,404			1,909,265			679,122			—
Voya Large-Cap Growth Fund - Class R6			7,646,044			385,969			(6,836,078)			(1,195,935)			—			—			2,428,360			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			6,219,711			1,903,183			(1,292,117)			(1,415,042)			5,415,735			114,696			425,158			769,857
Voya Multi-Manager International Equity Fund - Class I			6,112,977			1,356,511			(890,601)			(1,042,533)			5,536,354			77,527			422,722			955,694
Voya Multi-Manager International Factors Fund - Class I			18,273,439			2,458,632			(5,498,157)			(1,159,585)			14,074,329			572,230			1,111,101			1,354,658
Voya Multi-Manager Mid Cap Value Fund - Class I			—			3,506,268			(402,723)			(171,654)			2,931,891			36,015			9,023			361,726
Voya Securitized Credit Fund - Class R6			—			14,719,483			(14,719,483)			—			—			53,658			(14,765)			—
Voya Short Term Bond Fund - Class R6			30,565,932			16,664,172			(18,362,832)			(636,548)			28,230,724			414,475			422,540			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			6,932,168			2,352,390			(2,173,958)			(675,497)			6,435,103			148,694			625,143			1,506,890
Voya U.S. Stock Index Portfolio - Class I			14,606,353			1,674,161			(4,973,995)			172,287			11,478,806			117,733			1,778,789			1,120,578
VY® BrandywineGLOBAL - Bond Portfolio - Class I			42,745,645			6,953,963			(6,489,140)			(3,858,656)			39,351,812			651,494			1,103,738			2,593,357
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			2,231,195			4,556,240			(6,345,698)			(441,737)			—			10,507			708,368			133,012
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			30,753,381			4,786,268			(7,013,254)			45,051			28,571,446			287,638			1,420,733			3,422,067
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			—			3,597,906			(613,487)			(232,391)			2,752,028			199			(50,323)			442,473
VY® T. Rowe Price Growth Equity Portfolio - Class I			6,107,132			2,338,801			(1,420,635)			(184,142)			6,841,156			—			743,666			588,272
		$	272,599,223		$	85,986,124		$	(96,401,410)		$	(14,940,300)		$	247,243,637		$	5,178,353		$	12,177,347		$	13,248,584

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	579,265
Interest rate contracts			29,162
Total		$	608,427

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(88,929)
Interest rate contracts			710
Total		$	(88,219)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2021 (continued)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $272,350,918.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	16,733,544
Gross Unrealized Depreciation		(5,729,203)
Net Unrealized Appreciation	$	11,004,341

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

As of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 18.8%
82,003	iShares Russell 2000 ETF		$	18,241,567		2.9
165,688	Vanguard Russell 1000 Growth ETF			13,013,136		2.1
130,518	Vanguard S&P 500 ETF			56,980,243		9.1
198,707	Vanguard Value ETF			29,231,787		4.7
	Total Exchange-Traded Funds (Cost $94,480,848)			117,466,733		18.8
MUTUAL FUNDS: 81.1%
	Affiliated Investment Companies: 81.1%
4,665,479	Voya High Yield Bond Fund - Class R6			37,510,454		6.0
2,412,129	Voya Intermediate Bond Fund - Class R6			24,748,449		3.9
1,504,955	Voya Multi-Manager Emerging Markets Equity Fund - Class I			17,728,371		2.8
4,771,512	Voya Multi-Manager International Equity Fund ‑ Class I			54,586,096		8.7
1,884,129	Voya Multi-Manager International Factors Fund ‑ Class I			18,520,991		3.0
2,390,783	Voya Multi-Manager Mid Cap Value Fund - Class I			25,677,014		4.1
5,010,069	Voya U.S. Stock Index Portfolio - Class I			109,570,210		17.5
1,098,729	VY® BrandywineGLOBAL - Bond Portfolio - Class I			12,327,745		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,644,016	VY® Columbia Contrarian Core Portfolio - Class I		$	38,124,725		6.1
1,305,242	VY® Invesco Comstock Portfolio - Class I			27,736,382		4.4
561,676	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			11,935,614		1.9
1,899,681	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			62,651,484		10.0
1,628,653	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			24,169,210		3.9
358,159	VY® T. Rowe Price Growth Equity Portfolio - Class I			42,638,869		6.8
	Total Mutual Funds (Cost $450,561,756)			507,925,614		81.1
	Total Investments in Securities (Cost $545,042,604)		$	625,392,347		99.9
	Assets in Excess of Other Liabilities			379,378		0.1
	Net Assets		$	625,771,725		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	117,466,733		$	—		$	—		$	117,466,733
Mutual Funds			507,925,614			—			—			507,925,614
Total Investments, at fair value		$	625,392,347		$	—		$	—		$	625,392,347

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	35,646,425		$	6,993,198		$	(4,989,162)		$	(140,007)		$	37,510,454		$	1,878,924		$	79,140		$	—
Voya Intermediate Bond Fund - Class R6			23,568,155			5,402,772			(3,208,465)			(1,014,013)			24,748,449			625,958			170,403			—
Voya Large-Cap Growth Fund - Class R6			18,365,251			610,058			(16,057,591)			(2,917,718)			—			—			6,046,174			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			30,872,205			19,215,859			(23,464,132)			(8,895,561)			17,728,371			376,219			5,774,557			2,525,228
Voya Multi-Manager International Equity Fund - Class I			48,869,138			26,768,656			(10,783,922)			(10,267,776)			54,586,096			765,890			3,353,007			9,441,314
Voya Multi-Manager International Factors Fund - Class I			30,440,143			3,556,671			(13,996,872)			(1,478,951)			18,520,991			754,479			1,883,703			1,786,100
Voya Multi-Manager Mid Cap Value Fund - Class I			24,416,999			9,285,437			(10,942,814)			2,917,392			25,677,014			316,003			316,717			3,169,945
Voya U.S. Stock Index Portfolio - Class I			89,869,678			30,596,079			(19,735,026)			8,839,479			109,570,210			1,125,335			5,398,968			8,323,320
VY® Brandywine Global - Bond Portfolio - Class I			11,769,859			3,076,157			(1,596,756)			(921,515)			12,327,745			195,327			92,677			777,524
VY® Columbia Contrarian Core Portfolio - Class I			30,236,222			10,775,230			(4,270,898)			1,384,171			38,124,725			218,719			1,733,083			3,879,994
VY® Invesco Comstock Portfolio - Class I			20,736,054			15,584,824			(11,447,267)			2,862,771			27,736,382			433,517			2,992,503			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			37,078,081			2,734,037			(25,159,786)			(2,716,718)			11,935,614			77,614			7,579,972			982,567
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			59,604,321			10,501,839			(8,872,874)			1,418,198			62,651,484			629,235			1,574,218			7,182,499
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			24,727,532			11,774,978			(9,097,677)			(3,235,623)			24,169,210			2,073			2,342,400			4,614,556
VY® T. Rowe Price Growth Equity Portfolio - Class I			24,127,893			23,155,138			(5,020,535)			376,373			42,638,869			—			1,609,699			3,456,098
		$	510,327,956		$	180,030,933		$	(168,643,777)		$	(13,789,498)		$	507,925,614		$	7,399,293		$	40,947,221		$	46,139,145

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	995,029
Total		$	995,029

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(154,350)
Total		$	(154,350)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $550,027,422.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	86,680,118
Gross Unrealized Depreciation		(11,315,193)
Net Unrealized Appreciation	$	75,364,925

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.2%
13,486	Schwab U.S. TIPS ETF		$	848,135		2.0
11,166	Vanguard Russell 1000 Growth ETF			876,978		2.0
4,029	Vanguard S&P 500 ETF			1,758,940		4.1
8,927	Vanguard Value ETF			1,313,251		3.1
	Total Exchange-Traded Funds (Cost $4,114,275)			4,797,304		11.2
MUTUAL FUNDS: 88.9%
	Affiliated Investment Companies: 88.9%
183,882	Voya Global Bond Fund - Class R6			1,689,876		3.9
696,737	Voya High Yield Bond Fund - Class R6			5,601,768		13.1
623,434	Voya Intermediate Bond Fund - Class R6			6,396,432		14.9
33,672	Voya MidCap Opportunities Portfolio - Class R6			609,791		1.4
69,558	Voya Multi-Manager Emerging Markets Equity Fund - Class I			819,395		1.9
91,504	Voya Multi-Manager International Equity Fund - Class I			1,046,808		2.4
195,369	Voya Multi-Manager International Factors Fund - Class I			1,920,473		4.5
61,758	Voya Multi-Manager Mid Cap Value Fund - Class I			663,281		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
215,154	Voya Short Term Bond Fund - Class R6		$	2,125,722		5.0
111,959	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,333,437		3.1
202,219	Voya U.S. Stock Index Portfolio - Class I			4,422,535		10.3
416,487	VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,672,981		10.9
39,990	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			849,777		2.0
130,944	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,318,527		10.1
14,208	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,691,503		3.9
	Total Mutual Funds (Cost $36,814,081)			38,162,306		88.9
	Total Investments in Securities (Cost $40,928,356)		$	42,959,610		100.1
	Liabilities in Excess of Other Assets			(25,638)		(0.1)
	Net Assets		$	42,933,972		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,797,304		$	—		$	—		$	4,797,304
Mutual Funds			38,162,306			—			—			38,162,306
Total Investments, at fair value		$	42,959,610		$	—		$	—		$	42,959,610

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	1,632,792		$	422,703		$	(259,436)		$	(106,183)		$	1,689,876		$	8,457		$	13,703		$	—
Voya High Yield Bond Fund - Class R6			5,301,014			1,200,611			(876,314)			(23,543)			5,601,768			279,143			13,903			—
Voya Intermediate Bond Fund - Class R6			5,664,178			2,114,648			(1,144,783)			(237,611)			6,396,432			157,732			32,067			—
Voya Large-Cap Growth Fund - Class R6			1,365,407			109,675			(1,231,340)			(243,742)			—			—			421,921			—
Voya MidCap Opportunities Portfolio - Class R6			427,493			596,036			(266,149)			(147,589)			609,791			—			108,583			109,022
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,271,212			1,198,211			(1,254,073)			(395,955)			819,395			17,395			259,154			116,756
Voya Multi-Manager International Equity Fund - Class I			837,912			558,792			(154,198)			(195,698)			1,046,808			14,693			54,839			181,126
Voya Multi-Manager International Factors Fund - Class I			1,669,724			886,391			(476,424)			(159,218)			1,920,473			78,261			78,717			185,271
Voya Multi-Manager Mid Cap Value Fund - Class I			418,887			567,558			(291,534)			(31,630)			663,281			8,166			77,681			81,874
Voya Short Term Bond Fund - Class R6			2,016,956			472,174			(333,808)			(29,600)			2,125,722			31,390			7,615			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			2,164,698			732,608			(1,377,499)			(186,370)			1,333,437			36,217			255,042			313,572
Voya U.S. Stock Index Portfolio - Class I			2,475,674			2,933,022			(1,122,520)			136,359			4,422,535			45,175			414,072			283,532
VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,443,131			1,744,174			(1,001,910)			(512,414)			4,672,981			80,628			167,540			320,949
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			854,047			1,067,894			(903,789)			(168,375)			849,777			3,065			248,971			38,803
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,091,366			1,075,609			(874,309)			25,861			4,318,527			43,213			175,204			494,040
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,138,400			829,132			(320,450)			44,421			1,691,503			—			78,139			138,109
		$	35,772,891		$	16,509,238		$	(11,888,536)		$	(2,231,287)		$	38,162,306		$	803,535		$	2,407,151		$	2,263,054

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $41,233,964.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,432,960
Gross Unrealized Depreciation		(707,314)
Net Unrealized Appreciation	$	1,725,646

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.4%
162,657	Vanguard Russell 1000 Growth ETF		$	12,775,081		2.1
65,644	Vanguard S&P 500 ETF			28,658,201		4.7
108,373	Vanguard Value ETF			15,942,752		2.6
	Total Exchange-Traded Funds (Cost $45,584,105)			57,376,034		9.4
MUTUAL FUNDS: 90.6%
	Affiliated Investment Companies: 90.6%
1,973,803	Voya Global Bond Fund - Class R6			18,139,252		2.9
3,835,244	Voya High Yield Bond Fund - Class R6			30,835,364		5.0
12,492,701	Voya Intermediate Bond Fund - Class R6			128,175,110		20.9
1,989,892	Voya Multi-Manager Emerging Markets Equity Fund - Class I			23,440,922		3.8
2,617,778	Voya Multi-Manager International Equity Fund - Class I			29,947,377		4.9
5,575,904	Voya Multi-Manager International Factors Fund - Class I			54,811,137		8.9
883,888	Voya Multi-Manager Mid Cap Value Fund - Class I			9,492,954		1.5
2,378,415	Voya U.S. High Dividend Low Volatility Fund - Class R6			28,326,919		4.6

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,733,667	Voya U.S. Stock Index Portfolio - Class I		$	59,785,292		9.7
5,419,630	VY® BrandywineGLOBAL - Bond Portfolio - Class I			60,808,246		9.9
573,165	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			12,179,759		2.0
1,874,010	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			61,804,860		10.1
602,927	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			8,947,441		1.5
252,275	VY® T. Rowe Price Growth Equity Portfolio - Class I			30,033,341		4.9
	Total Mutual Funds (Cost $528,964,128)			556,727,974		90.6
	Total Investments in Securities (Cost $574,548,233)		$	614,104,008		100.0
	Assets in Excess of Other Liabilities			142,313		0.0
	Net Assets		$	614,246,321		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	57,376,034		$	—		$	—		$	57,376,034
Mutual Funds			556,727,974			—			—			556,727,974
Total Investments, at fair value		$	614,104,008		$	—		$	—		$	614,104,008

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	18,971,632		$	3,432,370		$	(3,129,726)		$	(1,135,024)		$	18,139,252		$	69,197		$	128,776		$	—
Voya High Yield Bond Fund - Class R6			25,306,709			10,968,075			(4,811,691)			(627,729)			30,835,364			1,483,258			575,182			—
Voya Intermediate Bond Fund - Class R6			113,595,343			41,123,661			(22,490,565)			(4,053,329)			128,175,110			3,185,799			37,498			—
Voya Large-Cap Growth Fund - Class R6			22,041,792			1,248,910			(19,326,315)			(3,964,387)			—			—			7,437,145			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			22,412,490			10,061,794			(3,548,717)			(5,484,645)			23,440,922			493,740			905,695			3,314,046
Voya Multi-Manager International Equity Fund - Class I			37,763,947			7,814,816			(9,362,987)			(6,268,399)			29,947,377			417,124			3,303,472			5,141,989
Voya Multi-Manager International Factors Fund - Class I			56,458,454			10,353,803			(9,188,279)			(2,812,841)			54,811,137			2,216,822			1,609,998			5,247,949
Voya Multi-Manager Mid Cap Value Fund - Class I			7,952,515			6,219,291			(4,486,825)			(192,027)			9,492,954			116,019			1,214,570			1,162,260
Voya U.S. High Dividend Low Volatility Fund - Class R6			25,295,240			12,716,874			(6,985,441)			(2,699,754)			28,326,919			579,869			1,707,479			6,570,803
Voya U.S. Stock Index Portfolio - Class I			66,272,799			9,910,531			(19,778,176)			3,380,138			59,785,292			611,042			6,240,516			5,594,099
VY® BrandywineGLOBAL - Bond Portfolio - Class I			56,581,919			19,104,630			(9,112,535)			(5,765,768)			60,808,246			992,939			1,513,913			3,952,522
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			2,000,686			25,951,312			(15,293,350)			(478,889)			12,179,759			46,751			638,565			591,850
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			63,325,545			11,252,014			(12,420,464)			(352,235)			61,804,860			620,005			3,357,427			7,264,080
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			7,895,658			7,064,578			(4,058,516)			(1,954,279)			8,947,441			823			1,467,680			1,831,320
VY® T. Rowe Price Growth Equity Portfolio - Class I			22,006,815			13,188,322			(5,105,460)			(56,336)			30,033,341			—			1,909,699			2,402,757
		$	547,881,544		$	190,410,981		$	(149,099,047)		$	(32,465,504)		$	556,727,974		$	10,833,388		$	32,047,615		$	43,073,675

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	980,271
Total		$	980,271

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(134,978)
Total		$	(134,978)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $581,852,498.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	44,504,919
Gross Unrealized Depreciation		(12,253,410)
Net Unrealized Appreciation	$	32,251,509

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.7%
15,235	Vanguard Russell 1000 Growth ETF		$	1,196,557		2.1
7,156	Vanguard S&P 500 ETF			3,124,095		5.4
16,241	Vanguard Value ETF			2,389,213		4.2
	Total Exchange-Traded Funds (Cost $5,626,073)			6,709,865		11.7
MUTUAL FUNDS: 88.3%
	Affiliated Investment Companies: 88.3%
356,491	Voya High Yield Bond Fund - Class R6			2,866,184		5.0
719,493	Voya Intermediate Bond Fund - Class R6			7,381,994		12.9
184,857	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,177,620		3.8
389,051	Voya Multi-Manager International Equity Fund - Class I			4,450,745		7.8
575,068	Voya Multi-Manager International Factors Fund - Class I			5,652,916		9.9
109,620	Voya Multi-Manager Mid Cap Value Fund - Class I			1,177,318		2.1
143,992	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,714,944		3.0
300,459	Voya U.S. Stock Index Portfolio - Class I			6,571,040		11.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
453,669	VY® BrandywineGLOBAL - Bond Portfolio - Class I		$	5,090,169		8.9
87,959	VY® Columbia Contrarian Core Portfolio - Class I			2,039,760		3.6
79,466	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,688,659		2.9
174,283	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			5,747,841		10.1
74,617	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,107,316		1.9
23,375	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,782,740		4.9
	Total Mutual Funds (Cost $48,570,252)			50,449,246		88.3
	Total Investments in Securities (Cost $54,196,325)		$	57,159,111		100.0
	Liabilities in Excess of Other Assets			(13,079)		—
	Net Assets		$	57,146,032		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	6,709,865		$	—		$	—		$	6,709,865
Mutual Funds			50,449,246			—			—			50,449,246
Total Investments, at fair value		$	57,159,111		$	—		$	—		$	57,159,111

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation /(Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	2,135,880		$	1,341,041		$	(534,563)		$	(76,174)		$	2,866,184		$	121,074		$	73,346		$	—
Voya Intermediate Bond Fund - Class R6			6,897,950			3,103,393			(2,361,973)			(257,376)			7,381,994			198,031			9,290			—
Voya Large-Cap Growth Fund - Class R6			1,649,606			253,126			(1,705,355)			(197,377)			—			—			474,810			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,772,956			1,047,150			(1,030,368)			(612,118)			2,177,620			45,459			226,512			305,126
Voya Multi-Manager International Equity Fund - Class I			4,935,066			1,861,876			(1,446,471)			(899,726)			4,450,745			61,449			416,465			757,502
Voya Multi-Manager International Factors Fund - Class I			5,463,458			2,458,134			(1,787,388)			(481,288)			5,652,916			226,659			359,412			536,576
Voya Multi-Manager Mid Cap Value Fund - Class I			822,578			927,781			(539,506)			(33,535)			1,177,318			14,268			131,779			142,728
Voya U.S. High Dividend Low Volatility Fund - Class R6			1,106,541			1,838,215			(890,619)			(339,193)			1,714,944			29,014			218,472			389,230
Voya U.S. Stock Index Portfolio - Class I			6,505,117			2,272,657			(2,356,872)			150,138			6,571,040			67,228			851,508			617,070
VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,702,916			2,958,269			(1,063,372)			(507,644)			5,090,169			83,150			148,094			330,988
VY® Columbia Contrarian Core Portfolio - Class I			1,358,557			992,157			(342,583)			31,629			2,039,760			8,326			143,213			147,694
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,691,147			1,144,668			(977,376)			(169,780)			1,688,659			4,357			391,857			55,153
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			5,357,782			1,899,196			(1,464,035)			(45,102)			5,747,841			57,699			310,575			675,873
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			832,461			1,001,232			(488,077)			(238,300)			1,107,316			94			175,852			210,251
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,896,749			1,519,317			(588,451)			(44,875)			2,782,740			—			225,916			198,709
		$	47,128,764		$	24,618,212		$	(17,577,009)		$	(3,720,721)		$	50,449,246		$	916,808		$	4,157,101		$	4,366,900

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $54,823,597.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	3,811,498
Gross Unrealized Depreciation		(1,475,984)
Net Unrealized Appreciation	$	2,335,514

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.8%
178,924	Vanguard Russell 1000 Growth ETF		$	14,052,691		2.1
102,839	Vanguard S&P 500 ETF			44,896,422		6.6
238,423	Vanguard Value ETF			35,074,408		5.1
	Total Exchange-Traded Funds (Cost $75,271,310)			94,023,521		13.8
MUTUAL FUNDS: 86.1%
	Affiliated Investment Companies: 86.1%
3,406,361	Voya High Yield Bond Fund - Class R6			27,387,145		4.0
5,944,248	Voya Intermediate Bond Fund - Class R6			60,987,983		8.9
2,762,230	Voya Multi-Manager Emerging Markets Equity Fund - Class I			32,539,072		4.8
6,394,974	Voya Multi-Manager International Equity Fund - Class I			73,158,500		10.7
6,879,696	Voya Multi-Manager International Factors Fund - Class I			67,627,412		9.9
1,306,952	Voya Multi-Manager Mid Cap Value Fund - Class I			14,036,669		2.1
3,684,174	Voya U.S. Stock Index Portfolio - Class I			80,572,885		11.8
2,406,808	VY® BrandywineGLOBAL - Bond Portfolio - Class I			27,004,383		4.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,800,165	VY® Columbia Contrarian Core Portfolio - Class I		$	41,745,822		6.1
961,328	VY® Invesco Comstock Portfolio - Class I			20,428,220		3.0
957,219	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			20,340,899		3.0
2,080,501	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			68,614,921		10.0
893,333	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			13,257,061		1.9
337,445	VY® T. Rowe Price Growth Equity Portfolio - Class I			40,172,788		5.9
	Total Mutual Funds (Cost $542,716,162)			587,873,760		86.1
	Total Investments in Securities (Cost $617,987,472)		$	681,897,281		99.9
	Assets in Excess of Other Liabilities			540,690		0.1
	Net Assets		$	682,437,971		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	94,023,521		$	—		$	—		$	94,023,521
Mutual Funds			587,873,760			—			—			587,873,760
Total Investments, at fair value		$	681,897,281		$	—		$	—		$	681,897,281

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 2035 Portfolio

as of December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	26,737,499		$	4,987,655		$	(3,798,600)		$	(539,409)		$	27,387,145		$	1,418,810		$	448,323		$	—
Voya Intermediate Bond Fund - Class R6			39,907,631			31,582,305			(8,882,324)			(1,619,629)			60,987,983			1,517,023			(2,650)			—
Voya Large-Cap Growth Fund - Class R6			18,293,169			1,152,194			(16,086,734)			(3,358,629)			—			—			6,253,629			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			40,580,520			18,452,672			(16,085,298)			(10,408,822)			32,539,072			687,507			4,880,904			4,614,636
Voya Multi-Manager International Equity Fund - Class I			79,754,301			19,466,129			(13,948,568)			(12,113,362)			73,158,500			1,022,114			3,995,361			12,599,853
Voya Multi-Manager International Factors Fund - Class I			59,602,838			20,506,090			(9,009,753)			(3,471,763)			67,627,412			2,743,410			1,246,194			6,494,554
Voya Multi-Manager Mid Cap Value Fund - Class I			13,439,801			9,112,184			(8,160,544)			(354,772)			14,036,669			172,052			2,261,619			1,718,766
Voya U.S. High Dividend Low Volatility Fund - Class R6			13,097,236			1,862,953			(13,862,875)			(1,097,314)			—			98,866			2,632,640			—
Voya U.S. Stock Index Portfolio - Class I			86,658,039			13,193,666			(23,761,582)			4,482,762			80,572,885			823,766			8,377,659			7,345,466
VY® BrandywineGLOBAL - Bond Portfolio - Class I			26,562,282			6,337,604			(3,855,126)			(2,040,377)			27,004,383			430,761			209,843			1,714,701
VY® Columbia Contrarian Core Portfolio - Class I			33,418,763			11,685,804			(5,200,702)			1,841,957			41,745,822			197,420			2,142,642			3,502,156
VY® Invesco Comstock Portfolio - Class I			—			24,443,797			(5,456,267)			1,440,690			20,428,220			331,920			221,688			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			8,151,704			15,193,246			(3,335,917)			331,866			20,340,899			50,702			1,290,045			641,862
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			66,889,052			12,350,960			(11,604,385)			979,294			68,614,921			687,282			2,265,801			7,878,337
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			13,343,679			10,632,788			(7,363,475)			(3,355,931)			13,257,061			1,344			2,652,392			2,991,939
VY® T. Rowe Price Growth Equity Portfolio - Class I			31,547,323			15,254,430			(6,958,445)			329,480			40,172,788			—			2,591,933			3,141,694
		$	557,983,837		$	216,214,477		$	(157,370,595)		$	(28,953,959)		$	587,873,760		$	10,182,977		$	41,468,023		$	52,643,964

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	687,882
Total		$	687,882

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(12,373)
Total		$	(12,373)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $622,587,365.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	69,003,661
Gross Unrealized Depreciation		(9,693,745)
Net Unrealized Appreciation	$	59,309,916

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.6%
1,749	iShares Russell 2000 ETF		$	389,065		0.9
11,036	Vanguard Russell 1000 Growth ETF			866,767		2.0
8,707	Vanguard S&P 500 ETF			3,801,215		8.9
13,971	Vanguard Value ETF			2,055,274		4.8
	Total Exchange-Traded Funds
	(Cost $5,849,087)			7,112,321		16.6
MUTUAL FUNDS: 83.3%
	Affiliated Investment Companies: 83.3%
160,202	Voya High Yield Bond Fund - Class R6			1,288,027		3.0
165,695	Voya Intermediate Bond Fund - Class R6			1,700,030		4.0
172,831	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,035,954		4.8
510,632	Voya Multi-Manager International Equity Fund - Class I			5,841,631		13.6
388,391	Voya Multi-Manager International Factors Fund - Class I			3,817,886		8.9
81,814	Voya Multi-Manager Mid Cap Value Fund - Class I			878,680		2.1
278,438	Voya U.S. Stock Index Portfolio - Class I			6,089,443		14.2
75,479	VY® BrandywineGLOBAL - Bond Portfolio - Class I			846,869		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
122,263	VY® Columbia Contrarian Core Portfolio - Class I		$	2,835,273		6.6
92,504	VY® Invesco Comstock Portfolio - Class I			1,965,719		4.6
60,507	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,285,781		3.0
97,848	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			3,227,025		7.5
56,123	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			832,864		1.9
25,693	VY® T. Rowe Price Growth Equity Portfolio - Class I			3,058,730		7.1
	Total Mutual Funds
	(Cost $34,183,837)			35,703,912		83.3
	Total Investments in Securities (Cost $40,032,924)		$	42,816,233		99.9
	Assets in Excess of Other Liabilities			28,927		0.1
	Net Assets		$	42,845,160		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	7,112,321		$	—		$	—		$	7,112,321
Mutual Funds			35,703,912			—			—			35,703,912
Total Investments, at fair value		$	42,816,233		$	—		$	—		$	42,816,233

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	1,181,441		$	505,843		$	(348,294)		$	(50,963)		$	1,288,027		$	65,473		$	47,417		$	—
Voya Intermediate Bond Fund - Class R6			1,171,591			1,067,180			(506,399)			(32,342)			1,700,030			42,960			(13,854)			—
Voya Large-Cap Growth Fund - Class R6			1,014,774			216,772			(1,114,949)			(116,597)			—			—			290,086			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,661,661			1,873,683			(1,686,348)			(813,042)			2,035,954			42,682			444,510			286,490
Voya Multi-Manager International Equity Fund - Class I			5,667,052			2,820,473			(1,570,667)			(1,075,227)			5,841,631			80,993			370,707			998,418
Voya Multi-Manager International Factors Fund - Class I			3,629,336			1,505,587			(1,013,794)			(303,243)			3,817,886			153,719			196,113			363,902
Voya Multi-Manager Mid Cap Value Fund - Class I			809,469			1,011,077			(822,004)			(119,862)			878,680			10,692			238,069			106,907
Voya U.S. Stock Index Portfolio - Class I			6,022,955			3,308,350			(3,114,566)			(127,296)			6,089,443			62,124			1,024,229			534,082
VY® BrandywineGLOBAL -Bond Portfolio - Class I			780,093			389,722			(252,573)			(70,373)			846,869			13,830			11,234			55,051
VY® Columbia Contrarian Core Portfolio - Class I			2,205,165			1,225,621			(607,371)			11,858			2,835,273			13,465			251,726			238,858
VY® Invesco Comstock Portfolio - Class I			767,556			2,165,761			(931,423)			(36,175)			1,965,719			30,025			313,454			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,215,301			959,096			(751,540)			(137,076)			1,285,781			3,194			301,405			40,431
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,963,472			1,242,403			(989,113)			10,263			3,227,025			32,356			122,139			381,361
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			819,746			1,136,426			(883,919)			(239,389)			832,864			96			184,035			214,532
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,299,484			1,587,987			(784,179)			(44,562)			3,058,730			—			261,998			239,950
		$	33,209,096		$	21,015,981		$	(15,377,139)		$	(3,144,026)		$	35,703,912		$	551,609		$	4,043,268		$	3,459,982

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $40,593,782.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	3,559,077
Gross Unrealized Depreciation		(1,336,626)
Net Unrealized Appreciation	$	2,222,451

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.3%
21,983	iShares Russell 2000 ETF		$	4,890,118		0.9
137,580	Vanguard Russell 1000 Growth ETF			10,805,533		2.1
120,890	Vanguard S&P 500 ETF			52,776,947		10.0
155,831	Vanguard Value ETF			22,924,299		4.3
	Total Exchange-Traded Funds (Cost $70,865,074)			91,396,897		17.3
MUTUAL FUNDS: 82.6%
	Affiliated Investment Companies: 82.6%
1,316,120	Voya High Yield Bond Fund - Class R6			10,581,607		2.0
2,555,738	Voya Multi-Manager Emerging Markets Equity Fund - Class I			30,106,595		5.7
7,189,176	Voya Multi-Manager International Equity Fund - Class I			82,244,175		15.6
4,790,933	Voya Multi-Manager International Factors Fund - Class I			47,094,868		8.9
1,008,452	Voya Multi-Manager Mid Cap Value Fund - Class I			10,830,778		2.1
3,904,776	Voya U.S. Stock Index Portfolio - Class I			85,397,460		16.2

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,738,865	VY® Columbia Contrarian Core Portfolio - Class I		$	40,324,275		7.6
1,252,132	VY® Invesco Comstock Portfolio - Class I			26,607,798		5.0
741,161	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			15,749,664		3.0
1,205,781	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			39,766,646		7.5
691,288	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			10,258,720		1.9
315,674	VY® T. Rowe Price Growth Equity Portfolio - Class I			37,581,012		7.1
	Total Mutual Funds (Cost $402,046,785)			436,543,598		82.6
	Total Investments in Securities (Cost $472,911,859)		$	527,940,495		99.9
	Assets in Excess of Other Liabilities			470,768		0.1
	Net Assets		$	528,411,263		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	91,396,897		$	—		$	—		$	91,396,897
Mutual Funds			436,543,598			—			—			436,543,598
Total Investments, at fair value		$	527,940,495		$	—		$	—		$	527,940,495

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 December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	9,981,965		$	2,122,804		$	(1,331,974)		$	(191,188)		$	10,581,607		$	538,478		$	157,049		$	—
Voya Index Plus LargeCap Portfolio - Class I			—			—			—			—			—			—			—			—
Voya Intermediate Bond Fund - Class R6			6,248,176			303,366			(6,570,533)			18,991			—			64,313			(221,538)			—
Voya Large-Cap Growth Fund - Class R6			12,412,291			1,019,520			(11,544,618)			(1,887,193)			—			—			4,005,952			—
Voya MidCap Opportunities Portfolio - Class I			—			—			—			—			—			—			—			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			35,330,626			21,334,972			(16,213,100)			(10,345,903)			30,106,595			634,119			4,733,796			4,256,289
Voya Multi-Manager International Equity Fund - Class I			74,396,707			30,548,554			(10,144,911)			(12,556,175)			82,244,175			1,145,518			2,417,106			14,121,076
Voya Multi-Manager International Factors Fund - Class I			44,476,663			15,662,202			(9,867,999)			(3,175,998)			47,094,868			1,904,704			1,748,007			4,509,060
Voya Multi-Manager Mid Cap Value Fund - Class I			11,284,081			8,417,200			(7,783,337)			(1,087,166)			10,830,778			132,365			2,839,854			1,319,403
Voya Short Term Bond Fund - Class R6			—			—			—			—			—			—			—			—
Voya Strategic Income Opportunities Fund - Class R6			—			—			—			—			—			—			—			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			—			—			—			—			—			—			—
Voya U.S. Stock Index Portfolio - Class I			70,854,992			22,086,402			(14,250,859)			6,706,925			85,397,460			873,195			4,581,581			6,843,291
VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,979,972			67,907			(4,758,350)			(289,529)			—			—			318,860			—
VY® Columbia Contrarian Core Portfolio - Class I			34,918,940			8,163,379			(4,819,926)			2,061,882			40,324,275			212,887			1,993,789			3,776,527
VY® Invesco Comstock Portfolio - Class I			12,454,815			16,890,336			(4,343,736)			1,606,383			26,607,798			412,730			2,567,023			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			9,875,859			7,941,513			(2,436,887)			369,179			15,749,664			36,040			946,348			456,254
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			37,441,627			7,216,142			(5,880,412)			989,289			39,766,646			397,753			883,658			4,472,916
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			11,203,948			10,290,276			(8,030,016)			(3,205,488)			10,258,720			1,205			2,569,490			2,682,178
VY® T. Rowe Price Growth Equity Portfolio - Class I			28,503,530			12,975,350			(4,923,559)			1,025,691			37,581,012			—			1,642,458			2,984,117
		$	404,364,192		$	165,039,923		$	(112,900,217)		$	(19,960,300)		$	436,543,598		$	6,353,307		$	31,183,433		$	45,421,111

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,850,139
Interest rate contracts			395,294
Total		$	2,245,433

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(244,363)
Interest rate contracts			17,144
Total		$	(227,219)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2021 (continued)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $478,112,228.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	59,608,984
Gross Unrealized Depreciation		(9,780,716)
Net Unrealized Appreciation	$	49,828,268

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 19.2%
3,105	iShares Russell 2000 ETF		$	690,707		1.9
9,525	Vanguard Russell 1000 Growth ETF			748,093		2.1
9,173	Vanguard S&P 500 ETF			4,004,657		11.1
10,154	Vanguard Value ETF			1,493,755		4.1
	Total Exchange-Traded Funds (Cost $5,757,740)			6,937,212		19.2
MUTUAL FUNDS: 80.7%
	Affiliated Investment Companies: 80.7%
174,955	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,060,972		5.7
553,724	Voya Multi-Manager International Equity Fund - Class I			6,334,599		17.5
254,781	Voya Multi-Manager International Factors Fund - Class I			2,504,499		6.9
86,489	Voya Multi-Manager Mid Cap Value Fund - Class I			928,895		2.6
265,933	Voya U.S. Stock Index Portfolio - Class I			5,815,953		16.1
119,061	VY® Columbia Contrarian Core Portfolio - Class I			2,761,026		7.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
89,229	VY® Invesco Comstock Portfolio - Class I		$	1,896,123		5.3
32,717	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			695,245		1.9
82,555	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,722,669		7.5
59,063	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			876,491		2.4
21,551	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,565,698		7.1
	Total Mutual Funds (Cost $27,429,915)			29,162,170		80.7
	Total Investments in Securities (Cost $33,187,655)		$	36,099,382		99.9
	Assets in Excess of Other Liabilities			26,558		0.1
	Net Assets		$	36,125,940		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	6,937,212		$	—		$	—		$	6,937,212
Mutual Funds			29,162,170			—			—			29,162,170
Total Investments, at fair value		$	36,099,382		$	—		$	—		$	36,099,382

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

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	347,930		$	58,329		$	(408,147)		$	1,888		$	—		$	3,558		$	(13,110)		$	—
Voya Large-Cap Growth Fund - Class R6			723,006			131,645			(765,329)			(89,322)			—			—			211,719			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,552,709			1,849,515			(1,542,410)			(798,842)			2,060,972			43,229			421,569			290,161
Voya Multi-Manager International Equity Fund - Class I			5,948,607			3,389,434			(1,789,659)			(1,213,783)			6,334,599			87,873			448,212			1,083,236
Voya Multi-Manager International Factors Fund - Class I			3,412,005			971,364			(1,600,722)			(278,148)			2,504,499			100,890			287,901			238,838
Voya Multi-Manager Mid Cap Value Fund - Class I			811,141			765,156			(577,745)			(69,657)			928,895			11,309			178,421			112,870
Voya U.S. Stock Index Portfolio - Class I			5,471,299			2,971,104			(2,749,009)			122,559			5,815,953			59,210			720,492			480,108
VY® Columbia Contrarian Core Portfolio - Class I			2,499,812			943,280			(685,843)			3,777			2,761,026			15,146			274,515			268,686
VY® Invesco Comstock Portfolio - Class I			1,331,921			1,260,878			(793,774)			97,098			1,896,123			30,784			321,572			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,090,264			455,601			(710,583)			(140,037)			695,245			2,470			289,708			31,265
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,639,892			937,772			(867,833)			12,838			2,722,669			27,227			115,716			315,282
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class R6			821,356			862,787			(607,498)			(200,154)			876,491			85			148,832			189,055
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,226,341			1,085,902			(732,156)			(14,389)			2,565,698			—			227,392			211,949
		$	29,876,283		$	15,682,767		$	(13,830,708)		$	(2,566,172)		$	29,162,170		$	381,781		$	3,632,939		$	3,221,450

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $33,797,978.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	3,618,585
Gross Unrealized Depreciation		(1,317,181)
Net Unrealized Appreciation	$	2,301,404

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.6%
15,004	iShares Russell 2000 ETF		$	3,337,640		1.9
46,549	Vanguard Russell 1000 Growth ETF			3,655,959		2.1
39,655	Vanguard S&P 500 ETF			17,312,183		9.8
46,522	Vanguard Value ETF			6,843,851		3.8
	Total Exchange-Traded Funds (Cost $25,830,374)			31,149,633		17.6
MUTUAL FUNDS: 82.3%
	Affiliated Investment Companies: 82.3%
858,219	Voya Multi-Manager Emerging Markets Equity Fund - Class I			10,109,823		5.7
2,866,915	Voya Multi-Manager International Equity Fund - Class I			32,797,508		18.5
1,071,338	Voya Multi-Manager International Factors Fund - Class I			10,531,256		5.9
424,310	Voya Multi-Manager Mid Cap Value Fund - Class I			4,557,094		2.6
1,411,729	Voya U.S. Stock Index Portfolio - Class I			30,874,516		17.4
584,104	VY® Columbia Contrarian Core Portfolio - Class I			13,545,373		7.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
460,354	VY® Invesco Comstock Portfolio - Class I		$	9,782,524		5.5
162,865	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			3,460,884		2.0
405,016	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			13,357,413		7.5
289,692	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			4,299,035		2.4
105,866	VY® T. Rowe Price Growth Equity Portfolio - Class I			12,603,289		7.1
	Total Mutual Funds (Cost $135,735,004)			145,918,715		82.3
	Total Investments in Securities(Cost $161,565,378)		$	177,068,348		99.9
	Assets in Excess of Other Liabilities			100,294		0.1
	Net Assets		$	177,168,642		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	31,149,633		$	—		$	—		$	31,149,633
Mutual Funds			145,918,715			—			—			145,918,715
Total Investments, at fair value		$	177,068,348		$	—		$	—		$	177,068,348

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

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	2,067,615		$	89,936		$	(2,173,002)		$	15,451		$	—		$	21,017		$	(81,600)		$	—
Voya Large-Cap Growth Fund - Class R6			3,285,304			417,744			(3,382,914)			(320,134)			—			—			856,128			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			12,523,944			6,961,661			(5,786,379)			(3,589,403)			10,109,823			213,318			1,734,395			1,431,819
Voya Multi-Manager International Equity Fund - Class I			26,256,423			16,964,191			(4,916,024)			(5,507,082)			32,797,508			457,607			1,167,227			5,641,033
Voya Multi-Manager International Factors Fund - Class I			14,715,996			3,307,781			(6,498,100)			(994,421)			10,531,256			426,651			1,051,333			1,010,023
Voya Multi-Manager Mid Cap Value Fund - Class I			4,148,105			2,754,333			(2,190,622)			(154,722)			4,557,094			55,786			715,254			552,999
Voya U.S. Stock Index Portfolio - Class I			25,105,906			10,186,071			(7,413,882)			2,996,421			30,874,516			316,555			958,647			2,498,406
VY® Columbia Contrarian Core Portfolio - Class I			11,552,918			3,295,751			(1,865,186)			561,890			13,545,373			76,654			719,259			1,359,817
VY® Invesco Comstock Portfolio - Class I			6,629,753			4,213,154			(2,022,144)			961,761			9,782,524			159,115			1,113,052			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			742,004			4,098,152			(1,505,850)			126,578			3,460,884			12,274			260,439			155,384
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			12,387,414			3,168,129			(2,443,010)			244,880			13,357,413			133,832			349,324			1,504,268
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class R6			4,118,795			3,283,008			(2,285,295)			(817,473)			4,299,035			404			609,068			900,395
VY® T. Rowe Price Growth Equity Portfolio - Class I			10,250,511			6,061,984			(3,228,822)			(480,384)			12,603,289			—			1,400,397			1,138,668
		$	133,784,688		$	64,801,895		$	(45,711,230)		$	(6,956,638)		$	145,918,715		$	1,873,213		$	10,852,923		$	16,192,812

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	375,716
Interest rate contracts			72,579
Total		$	448,295

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(34,390)
Interest rate contracts			3,395
Total		$	(30,995)

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2021 (continued)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $163,971,570.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	17,943,500
Gross Unrealized Depreciation		(4,846,722)
Net Unrealized Appreciation	$	13,096,778

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.4%
2,232	iShares Russell 2000 ETF		$	496,508		1.9
6,928	Vanguard Russell 1000 Growth ETF			544,125		2.0
5,902	Vanguard S&P 500 ETF			2,576,636		9.7
6,924	Vanguard Value ETF			1,018,590		3.8
	Total Exchange-Traded Funds (Cost $3,923,581)			4,635,859		17.4
MUTUAL FUNDS: 82.5%
	Affiliated Investment Companies: 82.5%
128,918	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,518,650		5.7
430,567	Voya Multi-Manager International Equity Fund - Class I			4,925,684		18.5
160,859	Voya Multi-Manager International Factors Fund - Class I			1,581,241		6.0
63,687	Voya Multi-Manager Mid Cap Value Fund - Class I			684,001		2.6
212,233	Voya U.S. Stock Index Portfolio - Class I			4,641,536		17.5
87,671	VY® Columbia Contrarian Core Portfolio - Class I			2,033,082		7.6

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
69,519	VY® Invesco Comstock Portfolio - Class I		$	1,477,270		5.6
24,713	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			525,150		2.0
60,793	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,004,945		7.5
43,519	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			645,818		2.4
15,943	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,897,978		7.1
	Total Mutual Funds (Cost $20,951,113)			21,935,355		82.5
	Total Investments in Securities (Cost $24,874,694)		$	26,571,214		99.9
	Assets in Excess of Other Liabilities			23,077		0.1
	Net Assets		$	26,594,291		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,635,859		$	—		$	—		$	4,635,859
Mutual Funds			21,935,355			—			—			21,935,355
Total Investments, at fair value		$	26,571,214		$	—		$	—		$	26,571,214

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

See Accompanying Notes to Financial Statements

105

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PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Large-Cap Growth Fund - Class R6		$	489,912		$	113,777		$	(548,238)		$	(55,451)		$	—		$	—		$	132,919		$	—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,853,471			1,322,951			(1,085,187)			(572,585)			1,518,650			31,816			298,208			213,555
Voya Multi-Manager International Equity Fund - Class I			4,031,013			3,073,105			(1,234,393)			(944,041)			4,925,684			68,251			305,778			841,349
Voya Multi-Manager International Factors Fund - Class I			2,312,162			768,141			(1,244,334)			(254,728)			1,581,241			63,626			270,671			150,624
Voya Multi-Manager Mid Cap Value Fund - Class I			610,807			522,412			(407,052)			(42,166)			684,001			8,318			123,494			82,673
Voya U.S. Stock Index Portfolio - Class I			3,595,231			2,513,125			(1,581,471)			114,651			4,641,536			47,172			465,518			354,048
VY® Columbia Contrarian Core Portfolio - Class I			1,815,110			712,641			(500,027)			5,358			2,033,082			11,344			195,773			201,230
VY® Invesco Comstock Portfolio - Class I			967,262			947,681			(536,157)			98,484			1,477,270			23,769			207,368			—
VY® JPMorgan Small Cap Core Equity Portfolio Class R6			741,216			377,988			(494,696)			(99,358)			525,150			1,742			199,948			22,047
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,789,302			796,379			(586,780)			6,044			2,004,945			19,932			83,737			218,338
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			618,384			589,854			(423,922)			(138,498)			645,818			59			105,861			132,133
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,508,784			1,172,587			(664,580)			(118,813)			1,897,978			—			250,755			167,913
		$	20,332,654		$	12,910,641		$	(9,306,837)		$	(2,001,103)		$	21,935,355		$	276,029		$	2,640,030		$	2,383,910

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $25,227,006.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,315,119
Gross Unrealized Depreciation		(970,911)
Net Unrealized Appreciation	$	1,344,208

See Accompanying Notes to Financial Statements

106

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PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 15.4%
386	iShares Russell 2000 ETF		$	85,866		1.5
1,338	Vanguard Russell 1000 Growth ETF			105,086		1.8
1,163	Vanguard S&P 500 ETF			507,731		8.7
1,338	Vanguard Value ETF			196,833		3.4
	Total Exchange-Traded Funds (Cost $778,311)			895,516		15.4
MUTUAL FUNDS: 84.6%
	Affiliated Investment Companies: 84.6%
28,389	Voya Multi-Manager Emerging Markets Equity Fund - Class I			334,426		5.7
94,504	Voya Multi-Manager International Equity Fund - Class I			1,081,129		18.6
35,304	Voya Multi-Manager International Factors Fund - Class I			347,043		6.0
13,921	Voya Multi-Manager Mid Cap Value Fund - Class I			149,511		2.6
49,086	Voya U.S. Stock Index Portfolio - Class I			1,073,502		18.4
19,173	VY® Columbia Contrarian Core Portfolio - Class I			444,632		7.6

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
16,443	VY® Invesco Comstock Portfolio - Class I		$	349,424		6.0
6,508	VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			138,296		2.4
13,311	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			439,002		7.5
9,535	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			141,504		2.4
3,592	VY® T. Rowe Price Growth Equity Portfolio - Class I			427,610		7.4
	Total Mutual Funds (Cost $4,911,815)			4,926,079		84.6
	Total Investments in Securities (Cost $5,690,126)		$	5,821,595		100.0
	Assets in Excess of Other Liabilities			1,899		0.0
	Net Assets		$	5,823,494		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	895,516		$	—		$	—		$	895,516
Mutual Funds			4,926,079			—			—			4,926,079
Total Investments, at fair value		$	5,821,595		$	—		$	—		$	5,821,595

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

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio

as of December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Large-Cap Growth Fund - Class R6		$	61,313		$	30,558		$	(91,055)		$	(816)		$	—		$	—		$	13,318		$	—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			231,894			320,967			(132,060)			(86,375)			334,426			6,802			23,470			45,656
Voya Multi-Manager International Equity Fund - Class I			504,406			833,344			(78,696)			(177,925)			1,081,129			14,550			18,717			179,363
Voya Multi-Manager International Factors Fund - Class I			289,331			238,445			(142,097)			(38,636)			347,043			13,570			26,833			32,125
Voya Multi-Manager Mid Cap Value Fund - Class I			76,424			129,445			(45,325)			(11,033)			149,511			1,768			18,454			17,486
Voya U.S. Stock Index Portfolio - Class I			455,180			745,286			(182,227)			55,263			1,073,502			10,860			43,042			59,100
VY® Columbia Contrarian Core Portfolio - Class I			227,183			224,292			(29,561)			22,718			444,632			1,930			6,976			34,230
VY® Invesco Comstock Portfolio - Class I			123,095			270,336			(67,086)			23,079			349,424			5,377			24,027			—
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			94,314			121,767			(66,814)			(10,971)			138,296			316			24,286			4,002
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			223,979			234,938			(29,513)			9,598			439,002			4,268			4,360			35,224
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			77,355			135,693			(56,919)			(14,625)			141,504			10			8,290			22,650
VY® T. Rowe Price Growth Equity Portfolio - Class I			188,828			308,010			(68,093)			(1,135)			427,610			—			17,955			28,608
		$	2,553,302		$	3,593,081		$	(989,446)		$	(230,858)		$	4,926,079		$	59,451		$	229,728		$	458,444

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $5,690,187.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	347,630
Gross Unrealized Depreciation		(216,221)
Net Unrealized Appreciation	$	131,409

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

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

Portfolio Name	Type	Per Share Amount
Voya Solution Aggressive Portfolio
Class ADV	NII		$	0.1400
Class I	NII		$	0.2008
Class R6	NII		$	0.2006
Class S	NII		$	0.1696
Class S2	NII		$	0.1263
Voya Solution Balanced Portfolio
Class ADV	NII		$	0.1734
Class I	NII		$	0.2265
Class R6	NII		$	0.2265
Class S	NII		$	0.2041
Class S2	NII		$	0.1625
Voya Solution Conservative Portfolio
Class ADV	NII		$	0.2658
Class I	NII		$	0.3501
Class R6	NII		$	0.3515
Class S	NII		$	0.3195
Class S2	NII		$	0.3110
All Classes	STCG		$	0.1370
All Classes	LTCG		$	0.0540
Voya Solution Income Portfolio
Class ADV	NII		$	0.3568
Class I	NII		$	0.4131
Class S	NII		$	0.3865
Class S2	NII		$	0.3807
Class T	NII		$	0.2807
All Classes	STCG		$	0.1860
All Classes	LTCG		$	0.3000
Voya Solution Moderately Aggressive Portfolio
Class ADV	NII		$	0.2034
Class I	NII		$	0.2654
Class R6	NII		$	0.2661
Class S	NII		$	0.2328
Class S2	NII		$	0.2345
Voya Solution Moderately Conservative Portfolio
Class ADV	NII		$	0.2253
Class I	NII		$	0.2874
Class R6	NII		$	0.2873
Class S	NII		$	0.2618
Class S2	NII		$	0.2438

Portfolio Name	Type	Per Share Amount
Voya Solution 2025 Portfolio
Class ADV	NII		$	0.3323
Class I	NII		$	0.3793
Class S	NII		$	0.3667
Class S2	NII		$	0.3573
Class T	NII		$	0.2805
All Classes	STCG		$	0.2467
All Classes	LTCG		$	0.3466
Voya Solution 2030 Portfolio
Class ADV	NII		$	0.2651
Class I	NII		$	0.3332
Class S	NII		$	0.3058
Class S2	NII		$	0.3141
Class T	NII		$	0.2497
All Classes	STCG		$	0.1643
All Classes	LTCG		$	0.0091
Voya Solution 2035 Portfolio
Class ADV	NII		$	0.2572
Class I	NII		$	0.2968
Class S	NII		$	0.2908
Class S2	NII		$	0.2751
Class T	NII		$	0.2301
All Classes	STCG		$	0.2964
All Classes	LTCG		$	0.2415
Voya Solution 2040 Portfolio
Class ADV	NII		$	0.2352
Class I	NII		$	0.3106
Class S	NII		$	0.2869
Class S2	NII		$	0.2781
Class T	NII		$	0.2162
All Classes	STCG		$	0.1531
All Classes	LTCG		$	0.0709
Voya Solution 2045 Portfolio
Class ADV	NII		$	0.2275
Class I	NII		$	0.2489
Class S	NII		$	0.2588
Class S2	NII		$	0.2586
Class T	NII		$	0.1899
All Classes	STCG		$	0.4532
All Classes	LTCG		$	0.5355

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TAX INFORMATION (Unaudited) (continued)

Portfolio Name	Type	Per Share Amount
Voya Solution 2050 Portfolio
Class ADV	NII		$	0.2140
Class I	NII		$	0.2907
Class S	NII		$	0.2627
Class S2	NII		$	0.2827
Class T	NII		$	0.1813
All Classes	STCG		$	0.0809
All Classes	LTCG		$	0.2197
Voya Solution 2055 Portfolio
Class ADV	NII		$	0.3148
Class I	NII		$	0.2551
Class S	NII		$	0.3531
Class S2	NII		$	0.3598
Class T	NII		$	0.2382
All Classes	STCG		$	0.8088
All Classes	LTCG		$	1.2090

Portfolio Name	Type	Per Share Amount
Voya Solution 2060 Portfolio
Class ADV	NII		$	0.1551
Class I	NII		$	0.2000
Class S	NII		$	0.1846
Class S2	NII		$	0.2028
Class T	NII		$	0.1287
All Classes	STCG		$	0.0333
All Classes	LTCG		$	0.2140
Voya Solution 2065 Portfolio
Class ADV	NII		$	0.4058
Class I	NII		$	0.4555
Class S	NII		$	0.4364
Class S2	NII		$	0.4213
Class T	NII		$	0.3638
All Classes	STCG		$	0.5027
All Classes	LTCG		$	0.6658

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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

	Voya Solution Aggressive Portfolio					66.62%
	Voya Solution Balanced Portfolio					36.57%
	Voya Solution Conservative Portfolio					6.50%
	Voya Solution Income Portfolio					6.87%
	Voya Solution Moderately Aggressive Portfolio					50.45%
	Voya Solution Moderately Conservative Portfolio					19.61%
	Voya Solution 2025 Portfolio					12.20%
	Voya Solution 2030 Portfolio					19.46%
	Voya Solution 2035 Portfolio					15.82%
	Voya Solution 2040 Portfolio					30.94%
	Voya Solution 2045 Portfolio					15.56%
	Voya Solution 2050 Portfolio					42.16%
	Voya Solution 2055 Portfolio					12.85%
	Voya Solution 2060 Portfolio					45.92%
	Voya Solution 2065 Portfolio					10.25%

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TAX INFORMATION (Unaudited) (continued)

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya Solution Conservative Portfolio	$	73,655
Voya Solution Income Portfolio		6,590,155
Voya Solution 2025 Portfolio		16,518,453
Voya Solution 2030 Portfolio		28,849
Voya Solution 2035 Portfolio		12,144,643
Voya Solution 2040 Portfolio		151,200
Voya Solution 2045 Portfolio		20,029,937
Voya Solution 2050 Portfolio		397,553
Voya Solution 2055 Portfolio		12,468,755
Voya Solution 2060 Portfolio		373,615
Voya Solution 2065 Portfolio		281,402

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds.

A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2021:

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Solution Aggressive Portfolio		$	11,824		$	0.0063		6.77%
Voya Solution Balanced Portfolio			14,295			0.0026		4.26%
Voya Solution Conservative Portfolio			951			0.0006		1.50%
Voya Solution Income Portfolio			61,442			0.0028		4.39%
Voya Solution Moderately Aggressive Portfolio			206,577			0.0050		7.78%
Voya Solution Moderately Conservative Portfolio			9,248			0.0025		3.52%
Voya Solution 2025 Portfolio			262,294			0.0054		7.56%
Voya Solution 2030 Portfolio			27,852			0.0089		8.55%
Voya Solution 2035 Portfolio			399,282			0.0078		10.75%
Voya Solution 2040 Portfolio			26,001			0.0121		9.09%
Voya Solution 2045 Portfolio			363,245			0.0092		11.06%
Voya Solution 2050 Portfolio			24,507			0.0141		9.81%
Voya Solution 2055 Portfolio			120,253			0.0104		9.21%
Voya Solution 2060 Portfolio			17,935			0.0102		9.13%
Voya Solution 2065 Portfolio			3,823			0.0079		9.84%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

111

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TAX INFORMATION (Unaudited) (continued)

112

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 262-3862.

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) −
During the Past 5 Years

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

Other Board Positions
Held by Director

Independent Directors:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 61

Director

Chairperson

November 2007 –
Present
January 2020 –
Present

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

131

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

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

Director

November 1997 –
Present

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

131

None.

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

Director

January 2006 –
Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 –
Present).

131

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

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

Director

August 2015 –
Present

Retired.

131

None.

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

Director

May 2013 – Present

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

131

None.

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

Director

January 2006 –
Present

Consultant (May 2001 –
Present).

131

Centerra Gold Inc. (May 2008 – Present).

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

Director

October 2015 –
Present

Retired.

131

None.

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) −
During the Past 5 Years

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

Other Board Positions
Held by Director

Director who is an “interested person”:

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

Director

July 2018 –
Present

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

131

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

(1)

Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors).

(2)

For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2022.

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Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) − During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 53	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (March 2020 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – March 2020); Senior Vice President and Treasurer, Voya Investments Distributor, LLC (November 2015 – September 2019); Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 48	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Operating Officer and Senior Managing Director, Voya Investment Management (January 2022 – Present). Formerly, Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – January 2022); Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 54	Executive Vice President	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present) and Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020); Consultant, DA Capital LLC (January 2016 – March 2017).
	Chief Investment Risk Officer	March 2020 – Present
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 63	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:54	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44	Senior Vice President	September 2020 – Present	Senior Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (March 2021 – Present). Formerly, Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – March 2021).

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Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) − During the Past 5 Years
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 51	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present) and Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Vice President Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 45	Anti-Money Laundering Officer	June 2018 – Present	Anti – Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 40	Secretary	September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President, Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).

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Name, Address and Age			Position(s) Held With the Company			Term of Office and Length of Time Served(1)			Principal Occupation(s) − During the Past 5 Years
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70			Assistant Secretary			June 2010 – Present			Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).

(1)

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

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

At a meeting held on November 18, 2021, the Board of Directors (“Board”) of Voya Partners, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, and Voya Solution 2065 Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2022.

In addition to the Board meeting on November 18, 2021, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 7-8, 2021, and November 16, 2021. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout

the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s investment management and sub-advisory arrangements.

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Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company’s Chief Compliance Officer evaluating whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are consistently complied with, and other periodic reports covering related matters.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and

quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio’s prospectus. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Company’s Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. The Board also considered the impact of fee waiver and expense reimbursement arrangements in instances where a share class of a Portfolio is operating such that its expense ratio is below the expense limit applicable to that share class. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

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

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

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate

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payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. In addition, the Board considered certain Portfolio’s contractual management fee schedule compared to other third-party sub-advised funds, other funds the Sub-Adviser manages and/or their proprietary funds (if applicable) identified by the Manager. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager and both before and after giving effect to any expenses incurred by the Manager or the affiliated Sub-Adviser in making payments to affiliated insurance companies.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also

recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 7-8, 2021, November 16, 2021, and/or November 18, 2021 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2021. In addition, the Board also considered at its October 7-8, 2021, November 16, 2021, and/or November 18, 2021 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Solution Aggressive Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods and the third quintile for

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the three-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the second quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

Voya Solution Balanced Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, and the third quintile for the year-to-date, three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Solution Conservative Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year and five-year periods, and the second quintile for the year-to-date, one-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for the year-to-date and one-year periods and underperformed for the three-year, five-year and ten-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is below the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

Voya Solution Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for all periods presented; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

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In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution Moderately Aggressive Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date and three-year periods, and the third quintile for the five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for the year-to-date, one-year and three-year periods and underperformed for the five-year and ten-year periods.

for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Solution Moderately Conservative Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, and the second quintile for the year-to-date, three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

Voya Solution 2025 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date,

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three-year and five-year periods, and the third quintile for the ten-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, as a result of the Board’s request during the 2020 annual contract renewal cycle, lower expense limits were implemented for the Portfolio, effective January 1, 2021; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2030 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date and five-year periods, and the third quintile for the three-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, as a result of the Board’s request during the 2020 annual contract renewal cycle, lower expense limits were implemented for the Portfolio, effective January 1, 2021; and (3) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and all-in net expense ratio and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2035 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, and the third quintile for the three-year, five-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it outperformed.

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net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board’s direction during the 2020 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2021; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2040 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, and the third quintile for the three-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, as a result of the Board’s request during the 2020 annual contract renewal cycle, lower expense limits were implemented for the Portfolio, effective January 1, 2021; and (3) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and all-in net expense ratio and the

competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2045 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, and the third quintile for the three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is equal to the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board’s direction during the 2020 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2021; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2050 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, the third quintile for the five-year period, and the

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fourth quintile for the three-year period; and (2) the Portfolio outperformed its primary benchmark for the one-year and five-year periods and underperformed for the year-to-date and three-year periods. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, as a result of the Board’s direction during the 2020 annual contract renewal cycle, lower the Portfolio’s expense limits were implemented for the Portfolio, effective January 1, 2021; and (3) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to the peers identified by management.

Voya Solution 2055 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, the third quintile for the five-year and ten-year periods, and the fourth quintile for the three-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it outperformed. In analyzing this performance data, the Board took into

account management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board’s direction during the 2020 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2021; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2060 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, and the fourth quintile for the three-year and five-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

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level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board’s direction during the 2021 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2022; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2065 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for the year-to-date period. In analyzing this performance data, the Board took into account that the Portfolio commenced operations in August 2020, and therefore had a limited operating history for the purpose of analyzing its performance.

pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board’s direction during the 2021 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2022; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Board Conclusions

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2022.

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

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

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

Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VSOL (1221-022322)

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ANNUAL REPORT

December 31, 2021

Classes ADV, I, S, S2 and Z

Voya Partners, Inc.

	■ Voya Index Solution Income Portfolio			■ Voya Index Solution 2045 Portfolio
	■ Voya Index Solution 2025 Portfolio			■ Voya Index Solution 2050 Portfolio
	■ Voya Index Solution 2030 Portfolio			■ Voya Index Solution 2055 Portfolio
	■ Voya Index Solution 2035 Portfolio			■ Voya Index Solution 2060 Portfolio
	■ Voya Index Solution 2040 Portfolio			■ Voya Index Solution 2065 Portfolio

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

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

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	President’s Letter					1
	Portfolio Managers’ Report					3
	Shareholder Expense Examples					16
	Report of Independent Registered Public Accounting Firm					18
	Statements of Assets and Liabilities					20
	Statements of Operations					26
	Statements of Changes in Net Assets					29
	Financial Highlights					34
	Notes to Financial Statements					43
	Portfolios of Investments					56
	Tax Information					79
	Director and Officer Information					82
	Advisory and Sub-Advisory Contract Approval Discussion					87

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

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PRESIDENT’S LETTER

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

Dear Shareholder,

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

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2022

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

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Benchmark Descriptions

		Index				Description
		Bloomberg U.S. 1-3 Year Government/Credit Bond Index				A widely recognized index of publicly issued fixed rate, investment grade debt securities, including Treasuries, Agencies and credit securities with a maturity of one to three years.
		Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”)				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		S&P Target Date Retirement Income Index				Seeks to represent asset allocations which target an immediate retirement horizon.
		S&P Target Date 2025 Index, S&P Target Date 2030 Index, S&P Target Date 2035 Index, S&P Target Date 2040 Index, S&P Target Date 2045 Index, S&P Target Date 2050 Index, S&P Target Date 2055 Index and S&P Target Date 2060+ Index				Each index seeks to represent the market consensus for asset allocations which target an approximate 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and beyond the 2060 retirement horizon, respectively.

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Portfolio Managers’ Report

Voya Index Solution Portfolios

The Voya Index Solution Portfolios consist of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, and Voya Index Solution 2065 Portfolio (each a “Portfolio” or collectively, the “Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are passively managed funds (index funds)(1). Each Portfolio uses an asset allocation strategy (“Target Asset Allocation”) designed for investors expecting to retire around the year applicable to that Portfolio. These Target Asset Allocations as of December 31, 2021 are set out in the table on page 5. The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers* of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.

Performance: Each Portfolio’s performance against its respective benchmark can be found on page 5.

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

The Portfolios started the year overweight to equities in the 2065-2040 vintages, but flat or modestly underweight in equities in the near-dated vintages. Within equities, the Portfolios were overweight to domestic small cap across all vintages and emerging market (“EM”) equities, and underweight in developed international and domestic large cap across all vintages. Within fixed income, the Portfolios were overweight to core U.S. fixed income and long government bonds in the near-dated vintages, while being underweight in core U.S. fixed income in the far-dated vintages and Treasury inflation-protected securities in the near-dated portfolios.

At the close of January, the Portfolios implemented an overweight to EM equities funded by selling down domestic large cap equities. The rationale underpinning the trade was our belief that the U.S. dollar (“USD”) would continue to depreciate and that the COVID-19 vaccine rollout would benefit EM equities more than U.S. large cap equities. The EM index is more heavily weighted toward industrial stocks and less heavily weighted toward technology stocks, and we believed that industrial companies stood to benefit more as the vaccine would allow employees to return to worksites. At the beginning of February, and again in early March, the Portfolios increased exposure to small cap equities by selling U.S. large cap equities.

Near the close of March, the Portfolios slightly trimmed their overweight position in domestic small cap equities and purchased domestic large cap with the proceeds. At the time of the trade, domestic small caps had outperformed domestic large cap by over 22% since we initiated the overweight in October 2020. With the trade, the Portfolios increase their overweight to domestic large cap; reflective of our view that growth will continue for mega cap growth stocks while also having more dollar resiliency.

At the end of May, the Portfolios rotated a portion of its U.S. small cap and EM equities into European equities. We have been cautious on Europe for years. By March 2021, Europe had wiped out the heavy gains made in the fourth quarter 2020. Since then, with more successful COVID-19 vaccine rollouts, re-opening for tourism in the summer and additional stimulus through the European recovery fund, Europe looks to be in the next leg of the global growth recovery, in our opinion.

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

At the end of August, a strategic allocation to funding agreements was introduced in the 2030, 2025 and Income Portfolios. We believe the addition of the funding agreements will help to reduce volatility while increasing yields relative to other short-term fixed income instruments. This investment was a benefit to 2030, 2025, and Income returning approximately 0.52% over the past four months of the reporting year, outperforming the Bloomberg U.S. Aggregate Bond and the Bloomberg U.S. 1-3 Year Government/Credit Bond Index. In addition, the allocation to high yield was increased, while core U.S. fixed income was reduced for these three Portfolios.

TABLE OF CONTENTS

Voya Index Solution Portfolios

Portfolio Managers’ Report

In October, the Portfolios conducted its semi-annual strategic asset allocation review, resulting in a shift of assets into domestic large cap equities and away from U.S. mid and small cap, developed international and EM equities and core U.S. fixed income in varying degrees depending on the Portfolios.

In December, the strategy further increased its U.S. large cap overweight, while lowering exposure to U.S. small cap. With rising wages, small cap companies will have a harder time passing on rising costs to consumers relative to their larger counterparts. In addition, we expect higher volatility caused by the U.S. Federal Reserve Board (the “Fed”) tapering, justifying a lower allocation to the higher-beta asset class.

During the year, tactical moves relative to our strategic benchmarks have had a negative impact across the Portfolios.

Current Strategy and Outlook: In our opinion, COVID-19 could be with us for the long run, but we are learning to live with it: successive waves of infection from new mutations have exerted diminishing impacts on economic activity. U.S. consumer balance sheets have improved dramatically from the early days of the pandemic. With less risk of lockdowns, expected high demand for labor and more than $2 trillion in excess savings, we believe there are more self-sufficient individuals who are well positioned to contribute to the next leg of growth in 2022. In addition, capital goods orders have taken off, in our view; when considered alongside exceedingly slim inventories, we believe that capital expenditures are likely to be strong in the coming year. We recognize that monetary and fiscal policy will likely continue to become less accommodative in 2022, leaving economies with fewer supports. In our view, this could lead to bouts of fragility and volatility. However, we also see potentially powerful offsets to tightening financial conditions, including a drawdown of consumer savings and corporate inventory rebuilding. These factors make us believe there is scope for continued global equity gains. What is more, we think equity market risk premia have room to absorb modestly higher rates. Though certain pockets of the market are vulnerable to tighter financial conditions, it is our opinion that sell-offs in those pockets should not crash the entire equity market. Funding costs are rising, but remain near record lows, and we believe strong fundamentals should insulate credit spreads from rising rates. Still, inflation and profit dynamics are critical variables affecting this outlook.

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

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The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2021.

Effective on or about May 31, 2022, Halvard Kvaale will retire and no longer be a portfolio manager for the Portfolios.

On May 27, 2021, the Board of Directors of Voya Partners, Inc. approved changes with respect to the Portfolios’ investment strategies to allow each Portfolio to invest in funding agreements with affiliated or unaffiliated (if available) insurance companies, effective on or about August 31, 2021.

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

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

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution Portfolios

		Total Returns for the Year Ended December 31, 2021
					1 Year
		Voya Index Solution Income Portfolio, Class S			5.81%
		S&P Target Date Retirement Income Index			5.11%
		Voya Index Solution 2025 Portfolio, Class S			10.42%
		S&P Target Date 2025 Index			10.67%
		Voya Index Solution 2030 Portfolio, Class S			12.18%
		S&P Target Date 2030 Index			12.61%
		Voya Index Solution 2035 Portfolio, Class S			13.87%
		S&P Target Date 2035 Index			14.92%
		Voya Index Solution 2040 Portfolio, Class S			16.30%
		S&P Target Date 2040 Index			16.55%
		Voya Index Solution 2045 Portfolio, Class S			17.56%
		S&P Target Date 2045 Index			17.51%
		Voya Index Solution 2050 Portfolio, Class S			17.50%
		S&P Target Date 2050 Index			17.99%
		Voya Index Solution 2055 Portfolio, Class S			17.64%
		S&P Target Date 2055 Index			18.19%
		Voya Index Solution 2060 Portfolio, Class S			17.96%
		S&P Target Date 2060+ Index			18.05%
		Voya Index Solution 2065 Portfolio, Class S			18.08%
		S&P Target Date 2060+ Index			18.05%

Annual Target Asset Allocation as of December 31, 2021(1) (as a percentage of net assets)
Sub Asset Class	2065		2060		2055		2050		2045		2040		2035		2030		2025		Income
US Large Blend		56.0%		56.0%		55.0%		55.0%		54.0%		50.0%		44.0%		38.0%		34.0%		22.0%
US Mid Cap Blend		5.0%		5.0%		5.0%		5.0%		4.0%		4.0%		4.0%		4.0%		3.0%		2.0%
US Small Cap		6.0%		6.0%		6.0%		6.0%		6.0%		6.0%		5.0%		5.0%		2.0%		—
International		20.0%		20.0%		20.0%		20.0%		20.0%		18.0%		16.0%		14.0%		10.0%		6.0%
International Small Cap		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		—
Emerging Markets		9.0%		9.0%		9.0%		9.0%		9.0%		8.0%		8.0%		6.0%		6.0%		3.0%
Funding Agreement		—		—		—		—		—		—		—		5.0%		5.0%		5.0%
Core Fixed Income		2.0%		2.0%		3.0%		3.0%		3.0%		9.0%		17.0%		19.0%		31.0%		47.0%
High Yield		—		—		—		—		2.0%		3.0%		4.0%		7.0%		7.0%		7.0%
TIPS		—		—		—		—		—		—		—		—		—		3.0%
Short Duration		—		—		—		—		—		—		—		—		—		3.0%
Long Govt Bonds		—		—		—		—		—		—		—		—		—		2.0%
Total Equity		98.0%		98.0%		97.0%		97.0%		95.0%		88.0%		79.0%		69.0%		57.0%		33.0%
Total Fixed Income		2.0%		2.0%		3.0%		3.0%		5.0%		12.0%		21.0%		31.0%		43.0%		67.0%
Total		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%

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TABLE OF CONTENTS

Voya Index Solution Income Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tm222386d7-lc_solutionbw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		5.62%		6.68%		5.79%
Class I		6.09%		7.22%		6.32%
Class S		5.81%		6.95%		6.05%
Class S2		5.69%		6.78%		5.89%
Class Z(1)		6.41%		7.46%		6.46%
S&P Target Date Retirement Income Index		5.11%		6.52%		5.59%

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

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

Portfolio holdings are subject to change daily.

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Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2025 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		10.20%		9.64%		8.70%
Class I		10.70%		10.17%		9.23%
Class S		10.42%		9.91%		8.97%
Class S2		10.24%		9.74%		8.81%
Class Z(1)		11.03%		10.42%		9.39%
S&P Target Date 2025 Index		10.67%		9.65%		9.01%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2025 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2030 Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		11.80%		10.66%		9.63%
Class I		12.40%		11.21%		10.16%
Class S		12.18%		10.94%		9.87%
Class S2		12.01%		10.78%		9.71%
Class Z(1)		12.64%		11.45%		10.29%
S&P Target Date 2030 Index		12.61%		10.63%		9.83%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2030 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2035 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		13.56%		11.51%		10.39%
Class I		14.17%		12.09%		10.95%
Class S		13.87%		11.82%		10.67%
Class S2		13.65%		11.64%		10.51%
Class Z(1)		14.41%		12.33%		11.11%
S&P Target Date 2035 Index		14.92%		11.67%		10.63%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2035 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2040 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tm222386d7-lc_index2040bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		15.95%		12.50%		11.06%
Class I		16.58%		13.06%		11.60%
Class S		16.30%		12.79%		11.32%
Class S2		16.09%		12.61%		11.15%
Class Z(1)		16.86%		13.31%		11.75%
S&P Target Date 2040 Index		16.55%		12.40%		11.19%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2040 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2045 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		17.25%		12.96%		11.37%
Class I		17.86%		13.52%		11.93%
Class S		17.56%		13.23%		11.64%
Class S2		17.28%		13.05%		11.47%
Class Z(1)		18.14%		13.79%		12.09%
S&P Target Date 2045 Index		17.51%		12.81%		11.56%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2045 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2050 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tm222386d7-lc_index2050bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		17.22%		12.87%		11.31%
Class I		17.81%		13.44%		11.88%
Class S		17.50%		13.17%		11.59%
Class S2		17.33%		12.98%		11.41%
Class Z(1)		18.12%		13.71%		12.02%
S&P Target Date 2050 Index		17.99%		13.07%		11.83%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2050 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2055 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 year
Class ADV		17.32%		12.98%		11.39%
Class I		17.95%		13.56%		11.95%
Class S		17.64%		13.27%		11.68%
Class S2		17.43%		13.10%		11.51%
Class Z(1)		18.19%		13.82%		12.11%
S&P Target Date 2055 Index		18.19%		13.18%		12.00%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2055 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2060 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tm222386d7-lc_index2060bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		Since Inception of Classes ADV, I, and S February 9, 2015
Class ADV		17.65%		13.12%	10.19%
Class I		18.18%		13.69%	10.74%
Class S		17.96%		13.39%	10.45%
Class S2		17.78%		13.23%	10.28%
Class Z(1)		18.50%		13.92%	10.95%
S&P Target Date 2060+ Index		18.05%		13.28%	10.78%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2060 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2065 Portfolio

[MISSING IMAGE: tm222386d7-lc_index2065bw.jpg]

Average Annual Total Returns for the Period Ended December 31, 2021
	1 Year		Since Inception of Classes ADV, I, S, S2 and Z July 29, 2020
Class ADV		17.74%	24.98%
Class I		18.45%	25.63%
Class S		18.08%	25.30%
Class S2		17.87%	25.06%
Class Z		18.69%	25.89%
S&P Target Date 2060+ Index		18.05%	24.81%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2065 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Shareholder Expense Examples (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**			Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**
Voya Index Solution Income Portfolio
Class ADV		$	1,000.00		$	1,022.70		0.74%		$	3.77		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,024.70		0.24			1.22			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,023.30		0.49			2.50			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,022.20		0.64			3.26			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,025.60		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2025 Portfolio
Class ADV		$	1,000.00		$	1,032.70		0.74%		$	3.79		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,034.40		0.24			1.23			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,033.40		0.49			2.51			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,032.80		0.64			3.28			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,036.00		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2030 Portfolio
Class ADV		$	1,000.00		$	1,036.20		0.74%		$	3.80		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,039.30		0.24			1.23			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,038.20		0.49			2.52			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,037.60		0.64			3.29			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,040.60		0.00			0.00			1,000.00			1,025.21		0.00			0.00

TABLE OF CONTENTS

Shareholder Expense Examples (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**			Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2021**
Voya Index Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,039.00		0.74%		$	3.80		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,042.00		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,041.00		0.49			2.52			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,039.60		0.64			3.29			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,043.40		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,046.40		0.74%		$	3.82		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,049.00		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,047.70		0.49			2.53			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,046.70		0.64			3.30			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,050.30		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,050.20		0.74%		$	3.82		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,052.80		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,051.70		0.49			2.53			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,050.60		0.64			3.31			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,054.20		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,049.70		0.74%		$	3.82		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,052.30		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,051.10		0.49			2.53			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,050.30		0.64			3.31			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,053.90		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,050.00		0.74%		$	3.82		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,052.80		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,051.20		0.49			2.53			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,050.40		0.64			3.31			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,053.90		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,051.40		0.74%		$	3.83		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,053.50		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,052.00		0.49			2.53			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,051.90		0.64			3.31			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,055.10		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2065 Portfolio
Class ADV		$	1,000.00		$	1,052.10		0.74%		$	3.83		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,055.10		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,053.40		0.49			2.54			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,052.30		0.64			3.31			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,056.50		0.00			0.00			1,000.00			1,025.21		0.00			0.00

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

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

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio and Voya Index Solution 2065 Portfolio and the Board of Directors of Voya Partners, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio and Voya Index Solution 2065 Portfolio (collectively referred to as the “Portfolios”) (ten of the portfolios constituting Voya Partners, Inc. (the “Company”)), including the portfolios of investments, as of December 31, 2021, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolios (ten of the portfolios constituting Voya Partners, Inc.) at December 31, 2021, and the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual portfolio constituting Voya Partners, Inc.

Statement of Operations

Statements of changes in
net assets

Financial highlights

Voya Index Solution Income Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2025 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2030 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2035 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2040 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2045 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2050 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2055 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2060 Portfolio

For the year ended December 31, 2021

For each of the two years in the period ended December 31, 2021

Voya Index Solution 2065 Portfolio

For the year ended December 31, 2021

For the year ended December 31, 2021 and the period from July 29, 2020
(commencement of operations) through December 31, 2020

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Basis for Opinion

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

We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 24, 2022

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	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*		$	769,481,817		$	1,146,744,992		$	812,043,699		$	1,382,217,515
Investments in unaffiliated underlying funds at fair value**			114,512,360			119,455,859			82,854,756			86,648,250
Investments in affiliated funding agreements***			46,268,502			66,219,843			46,784,734			—
Short-term investments at fair value†			1,856,949			—			—			—
Cash			—			2,394,220			1,742,489			2,229,494
Receivables:
Investments in affiliated underlying funds sold			7,570,432			5,680,147			1,063,548			3,428,003
Fund shares sold			126,415			146,427			32,593			486,548
Dividends			—			22,437			15,634			24,684
Prepaid expenses			89			110			69			114
Reimbursement due from Investment Adviser			128,931			170,036			152,479			218,866
Other assets			22,290			26,144			9,388			23,863
Total assets			939,967,785			1,340,860,215			944,699,389			1,475,277,337
LIABILITIES:
Payable for fund shares redeemed			7,696,847			5,826,575			1,096,141			3,914,551
Payable for investment management fees			178,372			245,331			172,290			260,971
Payable for distribution and shareholder service fees			76,149			116,068			28,364			109,073
Payable for directors fees			4,822			6,531			4,380			6,956
Payable to directors under the deferred compensation plan (Note 6)			22,290			26,144			9,388			23,863
Other accrued expenses and liabilities			110,806			124,981			63,263			129,705
Total liabilities			8,089,286			6,345,630			1,373,826			4,445,119
NET ASSETS		$	931,878,499		$	1,334,514,585		$	943,325,563		$	1,470,832,218
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	805,889,678		$	1,081,695,047		$	757,078,646		$	1,137,580,979
Total distributable earnings			125,988,821			252,819,538			186,246,917			333,251,239
NET ASSETS		$	931,878,499		$	1,334,514,585		$	943,325,563		$	1,470,832,218
* Cost of investments in affiliated underlying funds		$	722,055,740		$	1,009,733,441		$	708,232,669		$	1,194,350,035
** Cost of investments in unaffiliated underlying funds		$	110,015,736		$	117,436,651		$	81,727,719		$	84,348,759
*** Cost of investments in affiliated funding agreements		$	46,026,709		$	65,874,597		$	46,543,459		$	—
† Cost of short-term investments		$	1,856,949		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021 (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		$	96,648,970		$	176,976,490		$	46,914,684		$	169,629,149
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			8,442,701			14,127,960			2,553,222			12,477,476
Net asset value and redemption price per share		$	11.45		$	12.53		$	18.37		$	13.59
Class I
Net assets		$	15,866,905		$	53,067,472		$	10,579,173		$	60,968,762
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			1,346,931			4,119,132			556,160			4,345,344
Net asset value and redemption price per share		$	11.78		$	12.88		$	19.02		$	14.03
Class S
Net assets		$	131,693,855		$	134,628,596		$	20,843,092		$	114,671,358
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			11,301,211			10,584,275			1,105,941			8,292,528
Net asset value and redemption price per share		$	11.65		$	12.72		$	18.85		$	13.83
Class S2
Net assets		$	18,519,022		$	36,074,153		$	14,117,517		$	40,800,786
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			1,629,743			2,898,028			762,902			3,012,467
Net asset value and redemption price per share		$	11.36		$	12.45		$	18.51		$	13.54
Class Z
Net assets		$	669,149,747		$	933,767,874		$	850,871,097		$	1,084,762,163
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			55,944,817			71,361,506			44,192,722			76,017,192
Net asset value and redemption price per share		$	11.96		$	13.09		$	19.25		$	14.27

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	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*		$	779,602,223		$	1,082,730,142		$	583,136,776		$	608,574,307
Investments in unaffiliated underlying funds at fair value**			39,192,885			43,798,260			11,111,215			11,622,114
Cash			1,175,699			1,476,058			695,160			699,457
Receivables:
Investments in affiliated underlying funds sold			—			2,360,765			125,325			911,162
Fund shares sold			1,511,761			62,124			398,725			130,245
Dividends			13,510			18,814			9,752			10,202
Prepaid expenses			55			82			39			42
Reimbursement due from Investment Adviser			153,779			177,308			101,798			89,115
Other assets			6,828			16,099			4,560			6,330
Total assets			821,656,740			1,130,639,652			595,583,350			622,042,974
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			749,684			—			—			—
Payable for fund shares redeemed			762,076			2,422,889			524,050			1,041,407
Payable for investment management fees			142,575			195,656			100,363			104,785
Payable for distribution and shareholder service fees			17,037			83,228			14,311			42,410
Payable for directors fees			3,688			5,227			2,638			2,782
Payable to directors under the deferred compensation plan (Note 6)			6,828			16,099			4,560			6,330
Other accrued expenses and liabilities			48,181			109,574			46,078			67,345
Total liabilities			1,730,069			2,832,673			692,000			1,265,059
NET ASSETS		$	819,926,671		$	1,127,806,979		$	594,891,350		$	620,777,915
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	630,094,417		$	836,508,122		$	451,273,017		$	467,461,495
Total distributable earnings			189,832,254			291,298,857			143,618,333			153,316,420
NET ASSETS		$	819,926,671		$	1,127,806,979		$	594,891,350		$	620,777,915
* Cost of investments in affiliated underlying funds		$	671,819,397		$	915,480,138		$	499,300,007		$	518,874,366
** Cost of investments in unaffiliated underlying funds		$	38,644,471		$	43,596,647		$	11,745,627		$	12,285,697

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021 (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		$	28,988,955		$	132,543,465		$	23,790,857		$	63,320,862
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			1,412,796			8,974,596			1,117,341			3,228,890
Net asset value and redemption price per share		$	20.52		$	14.77		$	21.29		$	19.61
Class I
Net assets		$	9,660,364		$	54,109,610		$	11,548,343		$	42,496,188
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			455,928			3,520,774			527,802			2,103,784
Net asset value and redemption price per share		$	21.19		$	15.37		$	21.88		$	20.20
Class S
Net assets		$	16,775,358		$	84,022,616		$	15,697,905		$	43,919,367
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			794,461			5,568,142			720,711			2,207,027
Net asset value and redemption price per share		$	21.12		$	15.09		$	21.78		$	19.90
Class S2
Net assets		$	4,353,946		$	29,627,581		$	3,918,383		$	20,878,142
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			210,017			2,006,741			182,976			1,061,340
Net asset value and redemption price per share		$	20.73		$	14.76		$	21.41		$	19.67
Class Z
Net assets		$	760,148,048		$	827,503,707		$	539,935,862		$	450,163,356
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			35,379,684			52,992,435			24,368,727			21,946,430
Net asset value and redemption price per share		$	21.49		$	15.62		$	22.16		$	20.51

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	285,419,089		$	20,834,549
Investments in unaffiliated underlying funds at fair value**			5,369,411			349,590
Cash			349,066			23,211
Receivables:
Investments in affiliated underlying funds sold			117,320			—
Fund shares sold			191,431			62,525
Dividends			4,713			307
Prepaid expenses			18			2
Reimbursement due from Investment Adviser			39,006			4,340
Other assets			1,505			22
Total assets			291,491,559			21,274,546
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			41,351
Payable for fund shares redeemed			308,752			21,174
Payable for investment management fees			48,865			3,423
Payable for distribution and shareholder service fees			8,950			1,144
Payable for directors fees			1,229			61
Payable to directors under the deferred compensation plan (Note 6)			1,505			22
Other accrued expenses and liabilities			38,047			19,766
Total liabilities			407,348			86,941
NET ASSETS		$	291,084,211		$	21,187,605
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	226,959,339		$	20,373,446
Total distributable earnings			64,124,872			814,159
NET ASSETS		$	291,084,211		$	21,187,605
* Cost of investments in affiliated underlying funds		$	250,284,911		$	20,084,764
** Cost of investments in unaffiliated underlying funds		$	5,675,986		$	369,550

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
Class ADV
Net assets		$	15,085,467		$	1,684,442
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			893,343			131,683
Net asset value and redemption price per share		$	16.89		$	12.79
Class I
Net assets		$	20,266,872		$	1,418,890
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,174,686			110,717
Net asset value and redemption price per share		$	17.25		$	12.82
Class S
Net assets		$	9,659,489		$	1,626,022
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			566,819			127,066
Net asset value and redemption price per share		$	17.04		$	12.80
Class S2
Net assets		$	2,295,568		$	428,328
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			135,302			33,505
Net asset value and redemption price per share		$	16.97		$	12.78
Class Z
Net assets		$	243,776,815		$	16,029,923
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			13,943,722			1,247,731
Net asset value and redemption price per share		$	17.48		$	12.85

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2021

	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		$	16,509,466		$	19,947,213		$	12,881,488		$	19,687,995
Dividends from unaffiliated underlying funds			4,175,376			3,953,820			2,566,995			3,456,855
Total investment income			20,684,842			23,901,033			15,448,483			23,144,850
EXPENSES:
Investment management fees			2,149,246			2,787,030			1,868,247			2,943,814
Distribution and shareholder service fees:
Class ADV			499,840			912,270			231,128			857,626
Class S			354,540			349,663			47,331			287,860
Class S2			70,337			148,318			51,362			177,055
Transfer agent fees:
Class ADV			43,194			83,357			29,696			96,610
Class I			8,118			25,183			6,372			34,315
Class S			61,276			63,900			11,988			64,853
Class S2			7,596			16,939			8,115			24,931
Class Z			1,481			1,236			1,606			1,450
Shareholder reporting expense			9,294			7,875			3,560			6,410
Registration fees			—			38			147			102
Professional fees			50,337			60,225			45,735			74,110
Custody and accounting expense			58,152			67,525			55,445			71,410
Directors fees			38,577			52,255			35,038			55,647
Miscellaneous expense			180,058			239,547			159,467			251,654
Interest expense			90			—			—			—
Total expenses			3,532,136			4,815,361			2,555,237			4,947,847
Waived and reimbursed fees			(1,914,696)			(2,372,955)			(1,988,094)			(2,644,142)
Net expenses			1,617,440			2,442,406			567,143			2,303,705
Net investment income			19,067,402			21,458,627			14,881,340			20,841,145
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			45,261,338			66,641,418			42,944,690			79,472,608
Sale of affiliated funding agreements			10,525			9,702			4,802			—
Sale of unaffiliated underlying funds			955,117			(4,015,227)			(2,159,018)			(3,521,229)
Capital gain distributions from affiliated underlying funds			24,951,663			49,725,137			34,760,604			60,284,198
Futures			(262,331)			2,024,735			852,753			1,380,504
Net realized gain			70,916,312			114,385,765			76,403,831			137,616,081
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(30,356,640)			(2,759,543)			11,280,780			23,944,569
Affiliated funding agreements			241,793			345,246			241,275			—
Unaffiliated underlying funds			(1,991,625)			(890,760)			(711,217)			(715,214)
Futures			87,795			(310,748)			(48,956)			(76,962)
Net change in unrealized appreciation (depreciation)			(32,018,677)			(3,615,805)			10,761,882			23,152,393
Net realized and unrealized gain			38,897,635			110,769,960			87,165,713			160,768,474
Increase in net assets resulting from operations		$	57,965,037		$	132,228,587		$	102,047,053		$	181,609,619

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2021

	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		$	10,352,947		$	14,243,528		$	7,482,060		$	7,813,693
Dividends from unaffiliated underlying funds			1,457,274			1,609,379			355,150			381,112
Total investment income			11,810,221			15,852,907			7,837,210			8,194,805
EXPENSES:
Investment management fees			1,537,693			2,158,864			1,068,592			1,130,338
Distribution and shareholder service fees:
Class ADV			141,987			658,248			110,315			306,982
Class S			38,300			206,473			37,221			111,157
Class S2			19,326			112,545			15,878			79,328
Transfer agent fees:
Class ADV			29,203			100,262			28,610			69,307
Class I			9,101			39,749			13,648			43,564
Class S			15,748			62,867			19,311			50,391
Class S2			4,971			21,393			5,166			22,284
Class Z			1,525			1,210			894			1,029
Shareholder reporting expense			3,560			6,320			4,931			12,255
Registration fees			147			102			117			113
Professional fees			38,208			52,713			25,467			23,160
Custody and accounting expense			36,740			56,535			36,640			33,850
Directors fees			29,507			41,812			21,100			22,256
Miscellaneous expense			123,804			175,081			89,331			96,094
Interest expense			—			19			—			—
Total expenses			2,029,820			3,694,193			1,477,221			2,002,108
Waived and reimbursed fees			(1,675,006)			(1,985,880)			(1,177,774)			(1,097,560)
Net expenses			354,814			1,708,313			299,447			904,548
Net investment income			11,455,407			14,144,594			7,537,763			7,290,257
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			38,428,468			60,146,357			28,958,507			30,076,866
Sale of unaffiliated underlying funds			483,116			672,270			351,688			2,154,155
Capital gain distributions from affiliated underlying funds			35,373,247			53,173,766			26,908,565			28,433,128
Futures			2,685,458			4,261,791			1,251,772			1,331,728
Net realized gain			76,970,289			118,254,184			57,470,532			61,995,877
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			24,218,524			38,075,904			20,541,171			22,203,646
Unaffiliated underlying funds			(1,003,090)			(1,344,969)			(634,412)			(2,024,370)
Futures			(334,242)			(448,806)			(92,362)			(102,122)
Net change in unrealized appreciation (depreciation)			22,881,192			36,282,129			19,814,397			20,077,154
Net realized and unrealized gain			99,851,481			154,536,313			77,284,929			82,073,031
Increase in net assets resulting from operations		$	111,306,888		$	168,680,907		$	84,822,692		$	89,363,288

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2021

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	3,478,060		$	199,655
Dividends from unaffiliated underlying funds			172,573			10,159
Total investment income			3,650,633			209,814
EXPENSES:
Investment management fees			499,023			24,974
Distribution and shareholder service fees:
Class ADV			64,615			6,213
Class S			22,572			2,617
Class S2			9,207			1,180
Transfer agent fees:
Class ADV			21,467			1,729
Class I			28,459			1,146
Class S			15,033			1,528
Class S2			3,844			433
Class Z			550			1,010
Shareholder reporting expense			3,028			365
Registration fees			101			4
Professional fees			13,908			4,115
Custody and accounting expense			21,520			9,735
Directors fees			9,826			492
Offering expense			—			7,624
Miscellaneous expense			45,376			11,278
Total expenses			758,529			74,443
Waived and reimbursed fees			(556,630)			(56,451)
Net expenses			201,899			17,992
Net investment income			3,448,734			191,822
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			14,130,715			564,540
Sale of unaffiliated underlying funds			845,999			22,621
Capital gain distributions from affiliated underlying funds			12,709,782			641,578
Futures			724,068			—
Net realized gain			28,410,564			1,228,739
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			8,886,279			350,210
Unaffiliated underlying funds			(801,638)			(24,498)
Futures			(64,059)			—
Net change in unrealized appreciation (depreciation)			8,020,582			325,712
Net realized and unrealized gain			36,431,146			1,554,451
Increase in net assets resulting from operations		$	39,879,880		$	1,746,273

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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	19,067,402		$	15,765,695		$	21,458,627		$	25,305,300
Net realized gain			70,916,312			20,255,267			114,385,765			44,200,979
Net change in unrealized appreciation (depreciation)			(32,018,677)			37,915,760			(3,615,805)			72,538,172
Increase in net assets resulting from operations			57,965,037			73,936,722			132,228,587			142,044,451
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(3,839,468)			(2,739,970)			(10,806,715)			(7,813,249)
Class I			(771,721)			(722,414)			(3,537,550)			(2,714,034)
Class S			(5,555,663)			(4,982,635)			(8,623,634)			(5,835,868)
Class S2			(756,222)			(304,139)			(2,347,558)			(1,641,507)
Class Z			(28,759,436)			(9,349,344)			(56,670,753)			(34,391,146)
Total distributions			(39,682,510)			(18,098,502)			(81,986,210)			(52,395,804)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			75,963,411			131,831,050			153,227,809			181,881,107
Proceeds from shares issued in merger (Note 15)			—			441,776,493			—			—
Reinvestment of distributions			39,682,510			18,098,502			81,986,210			52,395,804
			115,645,921			591,706,045			235,214,019			234,276,911
Cost of shares redeemed			(196,133,245)			(128,486,210)			(188,594,277)			(191,725,403)
Net increase (decrease) in net assets resulting from capital share transactions			(80,487,324)			463,219,835			46,619,742			42,551,508
Net increase (decrease) in net assets			(62,204,797)			519,058,055			96,862,119			132,200,155
NET ASSETS:
Beginning of year or period			994,083,296			475,025,241			1,237,652,466			1,105,452,311
End of year or period		$	931,878,499		$	994,083,296		$	1,334,514,585		$	1,237,652,466

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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	14,881,340		$	15,914,817		$	20,841,145		$	23,954,970
Net realized gain			76,403,831			19,891,612			137,616,081			52,317,584
Net change in unrealized appreciation (depreciation)			10,761,882			58,809,247			23,152,393			84,257,335
Increase in net assets resulting from operations			102,047,053			94,615,676			181,609,619			160,529,889
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(2,288,149)			(1,626,967)			(9,891,643)			(8,357,037)
Class I			(506,369)			(409,433)			(3,819,146)			(3,457,004)
Class S			(895,282)			(671,172)			(6,800,155)			(5,329,917)
Class S2			(642,134)			(335,167)			(2,812,027)			(1,886,218)
Class Z			(39,398,935)			(27,537,089)			(61,202,550)			(39,169,338)
Total distributions			(43,730,869)			(30,579,828)			(84,525,521)			(58,199,514)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			143,922,966			140,373,100			175,092,134			188,359,365
Reinvestment of distributions			43,730,869			30,579,828			84,525,521			58,199,514
			187,653,835			170,952,928			259,617,655			246,558,879
Cost of shares redeemed			(82,201,435)			(79,365,913)			(143,063,124)			(175,307,423)
Net increase in net assets resulting from capital share transactions			105,452,400			91,587,015			116,554,531			71,251,456
Net increase in net assets			163,768,584			155,622,863			213,638,629			173,581,831
NET ASSETS:
Beginning of year or period			779,556,979			623,934,116			1,257,193,589			1,083,611,758
End of year or period		$	943,325,563		$	779,556,979		$	1,470,832,218		$	1,257,193,589

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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	11,455,407		$	11,932,978		$	14,144,594		$	16,340,579
Net realized gain			76,970,289			17,347,476			118,254,184			38,749,191
Net change in unrealized appreciation (depreciation)			22,881,192			56,766,366			36,282,129			71,679,396
Increase in net assets resulting from operations			111,306,888			86,046,820			168,680,907			126,769,166
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(1,250,768)			(1,035,335)			(7,176,007)			(6,283,226)
Class I			(417,084)			(321,833)			(2,972,561)			(3,063,168)
Class S			(683,959)			(519,370)			(4,580,764)			(3,773,890)
Class S2			(231,822)			(138,265)			(1,610,486)			(1,178,350)
Class Z			(32,448,073)			(22,211,017)			(42,981,726)			(27,811,102)
Total distributions			(35,031,706)			(24,225,820)			(59,321,544)			(42,109,736)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			132,447,571			127,966,528			137,700,779			176,126,996
Reinvestment of distributions			35,031,706			24,225,820			59,321,544			42,109,736
			167,479,277			152,192,348			197,022,323			218,236,732
Cost of shares redeemed			(54,186,808)			(54,212,607)			(107,534,231)			(121,140,377)
Net increase in net assets resulting from capital share transactions			113,292,469			97,979,741			89,488,092			97,096,355
Net increase in net assets			189,567,651			159,800,741			198,847,455			181,755,785
NET ASSETS:
Beginning of year or period			630,359,020			470,558,279			928,959,524			747,203,739
End of year or period		$	819,926,671		$	630,359,020		$	1,127,806,979		$	928,959,524

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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	7,537,763		$	7,978,125		$	7,290,257		$	8,002,619
Net realized gain			57,470,532			10,358,760			61,995,877			15,810,552
Net change in unrealized appreciation (depreciation)			19,814,397			42,996,640			20,077,154			43,015,775
Increase in net assets resulting from operations			84,822,692			61,333,525			89,363,288			66,828,946
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(838,663)			(775,910)			(2,706,151)			(2,421,084)
Class I			(428,229)			(348,884)			(1,828,389)			(1,744,199)
Class S			(589,859)			(519,111)			(2,098,710)			(1,713,622)
Class S2			(154,127)			(127,088)			(961,382)			(624,512)
Class Z			(19,735,291)			(14,963,072)			(18,962,412)			(12,189,910)
Total distributions			(21,746,169)			(16,734,065)			(26,557,044)			(18,693,327)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			107,713,612			105,675,567			111,457,278			114,774,349
Reinvestment of distributions			21,746,169			16,734,065			26,557,044			18,693,327
			129,459,781			122,409,632			138,014,322			133,467,676
Cost of shares redeemed			(40,985,486)			(48,387,465)			(55,192,501)			(56,481,022)
Net increase in net assets resulting from capital share transactions			88,474,295			74,022,167			82,821,821			76,986,654
Net increase in net assets			151,550,818			118,621,627			145,628,065			125,122,273
NET ASSETS:
Beginning of year or period			443,340,532			324,718,905			475,149,850			350,027,577
End of year or period		$	594,891,350		$	443,340,532		$	620,777,915		$	475,149,850

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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			July 29, 2020(1) to December 31, 2020
FROM OPERATIONS:
Net investment income		$	3,448,734		$	3,007,762		$	191,822		$	31,655
Net realized gain			28,410,564			3,624,556			1,228,739			33,593
Net change in unrealized appreciation (depreciation)			8,020,582			20,533,492			325,712			404,113
Increase in net assets resulting from operations			39,879,880			27,165,810			1,746,273			469,361
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(391,665)			(374,965)			(102,873)			(2,696)
Class I			(589,841)			(389,656)			(91,623)			(2,881)
Class S			(298,973)			(254,832)			(103,041)			(2,954)
Class S2			(74,446)			(55,293)			(27,062)			(1,341)
Class Z			(7,315,564)			(4,123,271)			(1,042,492)			(25,485)
Total distributions			(8,670,489)			(5,198,017)			(1,367,091)			(35,357)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			79,342,429			75,479,359			17,085,615			4,299,579
Reinvestment of distributions			8,670,489			5,198,017			1,367,091			35,357
			88,012,918			80,677,376			18,452,706			4,334,936
Cost of shares redeemed			(23,039,438)			(16,986,595)			(2,114,217)			(299,006)
Net increase in net assets resulting from capital share transactions			64,973,480			63,690,781			16,338,489			4,035,930
Net increase in net assets			96,182,871			85,658,574			16,717,671			4,469,934
NET ASSETS:
Beginning of year or period			194,901,340			109,242,766			4,469,934			—
End of year or period		$	291,084,211		$	194,901,340		$	21,187,605		$	4,469,934

(1)

Commencement of operations.

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 Index Solution Income Portfolio
Class ADV
12-31-21		11.27		0.16•		0.47		0.63		0.16		0.29		—		0.45		—		11.45		5.62		0.80		0.74		0.74		1.40		96,649		30
12-31-20		10.54		0.20•		0.91		1.11		0.17		0.21		—		0.38		—		11.27		10.74		0.79		0.74		0.74		1.85		104,557		45
12-31-19		9.66		0.16•		1.05		1.21		0.18		0.15		—		0.33		—		10.54		12.62		0.76		0.74		0.74		1.52		81,027		38
12-31-18		10.34		0.16•		(0.51)		(0.35)		0.17		0.16		—		0.33		—		9.66		(3.50)		0.77		0.71		0.71		1.59		87,697		38
12-31-17		9.71		0.16•		0.68		0.84		0.16		0.05		—		0.21		—		10.34		8.69		0.76		0.68		0.68		1.64		110,507		32
Class I
12-31-21		11.58		0.22•		0.48		0.70		0.21		0.29		—		0.50		—		11.78		6.09		0.30		0.24		0.24		1.87		15,867		30
12-31-20		10.82		0.25•		0.95		1.20		0.23		0.21		—		0.44		—		11.58		11.32		0.29		0.24		0.24		2.31		20,513		45
12-31-19		9.92		0.21•		1.08		1.29		0.24		0.15		—		0.39		—		10.82		13.16		0.26		0.24		0.24		2.02		18,653		38
12-31-18		10.62		0.23		(0.54)		(0.31)		0.23		0.16		—		0.39		—		9.92		(3.04)		0.27		0.21		0.21		2.11		21,140		38
12-31-17		9.96		0.22•		0.71		0.93		0.22		0.05		—		0.27		—		10.62		9.36		0.26		0.18		0.18		2.11		22,916		32
Class S
12-31-21		11.46		0.19•		0.47		0.66		0.18		0.29		—		0.47		—		11.65		5.81		0.55		0.49		0.49		1.65		131,694		30
12-31-20		10.71		0.23		0.93		1.16		0.20		0.21		—		0.41		—		11.46		11.05		0.54		0.49		0.49		2.10		147,405		45
12-31-19		9.82		0.19•		1.06		1.25		0.21		0.15		—		0.36		—		10.71		12.88		0.51		0.49		0.49		1.78		136,385		38
12-31-18		10.51		0.19•		(0.52)		(0.33)		0.20		0.16		—		0.36		—		9.82		(3.25)		0.52		0.46		0.46		1.84		140,647		38
12-31-17		9.86		0.19•		0.70		0.89		0.19		0.05		—		0.24		—		10.51		9.06		0.51		0.43		0.43		1.89		168,730		32
Class S2
12-31-21		11.20		0.17•		0.47		0.64		0.19		0.29		—		0.48		—		11.36		5.69		0.70		0.64		0.64		1.50		18,519		30
12-31-20		10.48		0.21•		0.90		1.11		0.18		0.21		—		0.39		—		11.20		10.79		0.69		0.64		0.64		1.99		16,526		45
12-31-19		9.61		0.16•		1.05		1.21		0.19		0.15		—		0.34		—		10.48		12.70		0.66		0.64		0.64		1.55		8,387		38
12-31-18		10.29		0.19•		(0.52)		(0.33)		0.19		0.16		—		0.35		—		9.61		(3.39)		0.67		0.61		0.61		1.85		16,240		38
12-31-17		9.66		0.18•		0.68		0.86		0.18		0.05		—		0.23		—		10.29		8.89		0.66		0.58		0.58		1.75		12,928		32
Class Z
12-31-21		11.72		0.25•		0.50		0.75		0.22		0.29		—		0.51		—		11.96		6.41		0.26		0.00*		0.00*		2.14		669,150		30
12-31-20		10.93		0.30•		0.93		1.23		0.23		0.21		—		0.44		—		11.72		11.48		0.25		0.00*		0.00*		2.66		705,082		45
12-31-19		9.99		0.25•		1.08		1.33		0.24		0.15		—		0.39		—		10.93		13.47		0.26		0.00*		0.00*		2.32		230,574		38
12-31-18		10.67		0.24•		(0.53)		(0.29)		0.23		0.16		—		0.39		—		9.99		(2.83)		0.27		0.00*		0.00*		2.33		178,763		38
12-31-17		9.99		0.25•		0.70		0.95		0.22		0.05		—		0.27		—		10.67		9.54		0.26		0.00*		0.00*		2.45		169,194		32
Voya Index Solution 2025 Portfolio
Class ADV
12-31-21		12.08		0.13•		1.09		1.22		0.22		0.55		—		0.77		—		12.53		10.20		0.79		0.74		0.74		1.07		176,976		40
12-31-20		11.22		0.19•		1.17		1.36		0.17		0.33		—		0.50		—		12.08		12.50		0.79		0.74		0.74		1.70		186,131		50
12-31-19		9.99		0.17•		1.61		1.78		0.16		0.39		—		0.55		—		11.22		18.15		0.75		0.72		0.72		1.55		193,477		28
12-31-18		10.94		0.17•		(0.73)		(0.56)		0.14		0.25		—		0.39		—		9.99		(5.37)		0.76		0.70		0.70		1.53		196,102		35
12-31-17		9.89		0.15•		1.25		1.40		0.14		0.21		—		0.35		—		10.94		14.32		0.76		0.68		0.68		1.44		232,790		32

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 Index Solution 2025 Portfolio (continued)
Class I
12-31-21		12.40		0.20•		1.11		1.31		0.28		0.55		—		0.83		—		12.88		10.70		0.29		0.24		0.24		1.56		53,067		40
12-31-20		11.51		0.24•		1.21		1.45		0.23		0.33		—		0.56		—		12.40		13.05		0.29		0.24		0.24		2.13		52,341		50
12-31-19		10.24		0.23•		1.65		1.88		0.22		0.39		—		0.61		—		11.51		18.78		0.25		0.22		0.22		2.07		60,504		28
12-31-18		11.21		0.23		(0.76)		(0.53)		0.19		0.25		—		0.44		—		10.24		(4.94)		0.26		0.20		0.20		2.06		56,645		35
12-31-17		10.13		0.21•		1.27		1.48		0.19		0.21		—		0.40		—		11.21		14.84		0.26		0.18		0.18		1.94		60,664		32
Class S
12-31-21		12.26		0.17•		1.09		1.26		0.25		0.55		—		0.80		—		12.72		10.42		0.54		0.49		0.49		1.33		134,629		40
12-31-20		11.38		0.24		1.17		1.41		0.20		0.33		—		0.53		—		12.26		12.83		0.54		0.49		0.49		1.97		135,558		50
12-31-19		10.13		0.21		1.62		1.83		0.19		0.39		—		0.58		—		11.38		18.46		0.50		0.47		0.47		1.82		133,118		28
12-31-18		11.09		0.19•		(0.74)		(0.55)		0.16		0.25		—		0.41		—		10.13		(5.17)		0.51		0.45		0.45		1.78		120,905		35
12-31-17		10.02		0.18•		1.26		1.44		0.16		0.21		—		0.37		—		11.09		14.62		0.51		0.43		0.43		1.69		149,827		32
Class S2
12-31-21		12.02		0.14•		1.07		1.21		0.23		0.55		—		0.78		—		12.45		10.24		0.69		0.64		0.64		1.17		36,074		40
12-31-20		11.17		0.20•		1.18		1.38		0.20		0.33		—		0.53		—		12.02		12.71		0.69		0.64		0.64		1.85		36,080		50
12-31-19		9.96		0.18•		1.60		1.78		0.18		0.39		—		0.57		—		11.17		18.23		0.65		0.62		0.62		1.70		32,859		28
12-31-18		10.90		0.17•		(0.72)		(0.55)		0.14		0.25		—		0.39		—		9.96		(5.29)		0.66		0.60		0.60		1.61		26,038		35
12-31-17		9.86		0.16•		1.24		1.40		0.15		0.21		—		0.36		—		10.90		14.41		0.66		0.58		0.58		1.55		34,197		32
Class Z
12-31-21		12.56		0.24•		1.12		1.36		0.28		0.55		—		0.83		—		13.09		11.03		0.25		0.00*		0.00*		1.83		933,768		40
12-31-20		11.62		0.29•		1.21		1.50		0.23		0.33		—		0.56		—		12.56		13.36		0.24		0.00*		0.00*		2.49		827,543		50
12-31-19		10.31		0.26•		1.66		1.92		0.22		0.39		—		0.61		—		11.62		19.04		0.25		0.00*		0.00*		2.35		685,495		28
12-31-18		11.26		0.26•		(0.77)		(0.51)		0.19		0.25		—		0.44		—		10.31		(4.74)		0.26		0.00*		0.00*		2.31		452,255		35
12-31-17		10.16		0.25•		1.25		1.50		0.19		0.21		—		0.40		—		11.26		15.00		0.26		0.00*		0.00*		2.31		371,838		32
Voya Index Solution 2030 Portfolio
Class ADV
12-31-21		17.23		0.18•		1.84		2.02		0.29		0.59		—		0.88		—		18.37		11.80		0.81		0.74		0.74		1.00		46,915		41
12-31-20		15.89		0.26•		1.77		2.03		0.23		0.46		—		0.69		—		17.23		13.22		0.83		0.74		0.74		1.69		42,311		45
12-31-19		13.81		0.23•		2.53		2.76		0.20		0.48		—		0.68		—		15.89		20.35		0.74		0.73		0.73		1.55		36,621		29
12-31-18		15.28		0.24•		(1.21)		(0.97)		0.15		0.35		—		0.50		—		13.81		(6.60)		0.75		0.70		0.70		1.61		27,143		33
12-31-17		13.22		0.21•		1.98		2.19		0.05		0.08		—		0.13		—		15.28		16.62		0.76		0.69		0.69		1.48		20,939		32
Class I
12-31-21		17.78		0.28•		1.90		2.18		0.35		0.59		—		0.94		—		19.02		12.40		0.31		0.24		0.24		1.51		10,579		41
12-31-20		16.37		0.34•		1.82		2.16		0.29		0.46		—		0.75		—		17.78		13.72		0.33		0.24		0.24		2.13		9,372		45
12-31-19		14.19		0.31•		2.61		2.92		0.26		0.48		—		0.74		—		16.37		21.02		0.24		0.23		0.23		2.01		8,674		29
12-31-18		15.65		0.31•		(1.23)		(0.92)		0.19		0.35		—		0.54		—		14.19		(6.11)		0.25		0.20		0.20		2.03		6,304		33
12-31-17		13.50		0.31•		1.99		2.30		0.07		0.08		—		0.15		—		15.65		17.14		0.26		0.19		0.19		2.10		4,953		32

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 Index Solution 2030 Portfolio (continued)
Class S
12-31-21		17.63		0.23•		1.90		2.13		0.32		0.59		—		0.91		—		18.85		12.18		0.56		0.49		0.49		1.24		20,843		41
12-31-20		16.24		0.31•		1.79		2.10		0.25		0.46		—		0.71		—		17.63		13.45		0.58		0.49		0.49		1.96		17,414		45
12-31-19		14.09		0.28•		2.58		2.86		0.23		0.48		—		0.71		—		16.24		20.67		0.49		0.48		0.48		1.79		14,570		29
12-31-18		15.56		0.28		(1.24)		(0.96)		0.16		0.35		—		0.51		—		14.09		(6.40)		0.50		0.45		0.45		1.77		11,224		33
12-31-17		13.44		0.27•		1.99		2.26		0.06		0.08		—		0.14		—		15.56		16.91		0.51		0.44		0.44		1.82		12,320		32
Class S2
12-31-21		17.35		0.20•		1.87		2.07		0.32		0.59		—		0.91		—		18.51		12.01		0.71		0.64		0.64		1.12		14,118		41
12-31-20		16.02		0.31•		1.73		2.04		0.25		0.46		—		0.71		—		17.35		13.26		0.73		0.64		0.64		1.96		10,670		45
12-31-19		13.94		0.27•		2.53		2.80		0.24		0.48		—		0.72		—		16.02		20.50		0.64		0.63		0.63		1.77		5,688		29
12-31-18		15.37		0.26•		(1.22)		(0.96)		0.12		0.35		—		0.47		—		13.94		(6.47)		0.65		0.60		0.60		1.74		2,239		33
12-31-17		13.29		0.22•		1.99		2.21		0.05		0.08		—		0.13		—		15.37		16.69		0.66		0.59		0.59		1.54		1,800		32
Class Z
12-31-21		17.96		0.33•		1.92		2.25		0.37		0.59		—		0.96		—		19.25		12.64		0.25		0.00*		0.00*		1.76		850,871		41
12-31-20		16.48		0.40•		1.83		2.23		0.29		0.46		—		0.75		—		17.96		14.06		0.24		0.00*		0.00*		2.45		699,789		45
12-31-19		14.26		0.36•		2.60		2.96		0.26		0.48		—		0.74		—		16.48		21.20		0.24		0.00*		0.00*		2.30		558,381		29
12-31-18		15.69		0.36•		(1.25)		(0.89)		0.19		0.35		—		0.54		—		14.26		(5.90)		0.25		0.00*		0.00*		2.29		348,273		33
12-31-17		13.51		0.35•		1.98		2.33		0.07		0.08		—		0.15		—		15.69		17.35		0.26		0.00*		0.00*		2.36		267,328		32
Voya Index Solution 2035 Portfolio
Class ADV
12-31-21		12.69		0.12•		1.58		1.70		0.19		0.61		—		0.80		—		13.59		13.56		0.80		0.74		0.74		0.89		169,629		38
12-31-20		11.72		0.18•		1.37		1.55		0.16		0.42		—		0.58		—		12.69		13.85		0.80		0.74		0.74		1.58		172,517		45
12-31-19		10.14		0.17•		2.00		2.17		0.15		0.44		—		0.59		—		11.72		21.91		0.74		0.73		0.73		1.51		186,455		28
12-31-18		11.34		0.16•		(0.94)		(0.78)		0.13		0.29		—		0.42		—		10.14		(7.26)		0.75		0.70		0.70		1.45		176,145		33
12-31-17		9.98		0.15•		1.61		1.76		0.13		0.27		—		0.40		—		11.34		17.95		0.76		0.68		0.68		1.37		215,074		25
Class I
12-31-21		13.07		0.19•		1.64		1.83		0.26		0.61		—		0.87		—		14.03		14.17		0.30		0.24		0.24		1.40		60,969		38
12-31-20		12.06		0.23•		1.43		1.66		0.23		0.42		—		0.65		—		13.07		14.41		0.30		0.24		0.24		2.01		54,401		45
12-31-19		10.42		0.24		2.05		2.29		0.21		0.44		—		0.65		—		12.06		22.58		0.24		0.23		0.23		2.00		64,433		28
12-31-18		11.65		0.22		(0.98)		(0.76)		0.18		0.29		—		0.47		—		10.42		(6.86)		0.25		0.20		0.20		1.99		55,982		33
12-31-17		10.23		0.20		1.68		1.88		0.19		0.27		—		0.46		—		11.65		18.65		0.26		0.18		0.18		1.89		58,021		25
Class S
12-31-21		12.90		0.16•		1.61		1.77		0.23		0.61		—		0.84		—		13.83		13.87		0.55		0.49		0.49		1.16		114,671		38
12-31-20		11.91		0.23		1.37		1.60		0.19		0.42		—		0.61		—		12.90		14.12		0.55		0.49		0.49		1.86		112,188		45
12-31-19		10.29		0.21		2.03		2.24		0.18		0.44		—		0.62		—		11.91		22.36		0.49		0.48		0.48		1.76		110,305		28
12-31-18		11.51		0.19•		(0.97)		(0.78)		0.15		0.29		—		0.44		—		10.29		(7.12)		0.50		0.45		0.45		1.70		96,259		33
12-31-17		10.11		0.17•		1.66		1.83		0.16		0.27		—		0.43		—		11.51		18.39		0.51		0.43		0.43		1.61		121,702		25

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 Index Solution 2035 Portfolio (continued)
Class S2
12-31-21		12.66		0.13•		1.58		1.71		0.22		0.61		—		0.83		—		13.54		13.65		0.70		0.64		0.64		0.96		40,801		38
12-31-20		11.71		0.20•		1.36		1.56		0.19		0.42		—		0.61		—		12.66		13.93		0.70		0.64		0.64		1.79		41,739		45
12-31-19		10.13		0.18•		2.00		2.18		0.16		0.44		—		0.60		—		11.71		22.09		0.64		0.63		0.63		1.62		33,877		28
12-31-18		11.32		0.17•		(0.94)		(0.77)		0.13		0.29		—		0.42		—		10.13		(7.14)		0.65		0.60		0.60		1.52		29,751		33
12-31-17		9.96		0.16		1.62		1.78		0.15		0.27		—		0.42		—		11.32		18.14		0.66		0.58		0.58		1.50		37,316		25
Class Z
12-31-21		13.26		0.23•		1.66		1.89		0.27		0.61		—		0.88		—		14.27		14.41		0.24		0.00*		0.00*		1.67		1,084,762		38
12-31-20		12.20		0.28•		1.43		1.71		0.23		0.42		—		0.65		—		13.26		14.66		0.24		0.00*		0.00*		2.40		876,349		45
12-31-19		10.51		0.27•		2.07		2.34		0.21		0.44		—		0.65		—		12.20		22.88		0.24		0.00*		0.00*		2.31		688,542		28
12-31-18		11.72		0.26•		(1.00)		(0.74)		0.18		0.29		—		0.47		—		10.51		(6.64)		0.25		0.00*		0.00*		2.24		412,024		33
12-31-17		10.27		0.25•		1.66		1.91		0.19		0.27		—		0.46		—		11.72		18.88		0.26		0.00*		0.00*		2.26		327,540		25
Voya Index Solution 2040 Portfolio
Class ADV
12-31-21		18.49		0.16•		2.76		2.92		0.25		0.64		—		0.89		—		20.52		15.95		0.84		0.74		0.74		0.83		28,989		35
12-31-20		16.81		0.27		2.16		2.43		0.22		0.53		—		0.75		—		18.49		15.08		0.86		0.74		0.74		1.62		26,276		32
12-31-19		14.29		0.24•		3.01		3.25		0.19		0.54		—		0.73		—		16.81		23.19		0.74		0.73		0.73		1.48		24,422		23
12-31-18		16.00		0.23•		(1.45)		(1.22)		0.13		0.36		—		0.49		—		14.29		(7.94)		0.75		0.71		0.71		1.48		15,441		30
12-31-17		13.57		0.21•		2.36		2.57		0.05		0.09		—		0.14		—		16.00		19.05		0.77		0.68		0.68		1.44		11,117		29
Class I
12-31-21		19.04		0.28•		2.85		3.13		0.34		0.64		—		0.98		—		21.19		16.58		0.34		0.24		0.24		1.35		9,660		35
12-31-20		17.28		0.37•		2.21		2.58		0.29		0.53		—		0.82		—		19.04		15.62		0.36		0.24		0.24		2.20		7,830		32
12-31-19		14.65		0.32•		3.09		3.41		0.24		0.54		—		0.78		—		17.28		23.82		0.24		0.23		0.23		1.95		5,832		23
12-31-18		16.36		0.32•		(1.50)		(1.18)		0.17		0.36		—		0.53		—		14.65		(7.53)		0.25		0.21		0.21		1.97		3,952		30
12-31-17		13.82		0.32•		2.38		2.70		0.07		0.09		—		0.16		—		16.36		19.68		0.27		0.18		0.18		2.12		2,612		29
Class S
12-31-21		18.99		0.23•		2.84		3.07		0.30		0.64		—		0.94		—		21.12		16.30		0.59		0.49		0.49		1.12		16,775		35
12-31-20		17.24		0.32•		2.21		2.53		0.25		0.53		—		0.78		—		18.99		15.34		0.61		0.49		0.49		1.94		13,728		32
12-31-19		14.62		0.28•		3.09		3.37		0.21		0.54		—		0.75		—		17.24		23.53		0.49		0.48		0.48		1.71		11,372		23
12-31-18		16.33		0.26		(1.47)		(1.21)		0.14		0.36		—		0.50		—		14.62		(7.73)		0.50		0.46		0.46		1.64		7,981		30
12-31-17		13.82		0.25•		2.41		2.66		0.06		0.09		—		0.15		—		16.33		19.39		0.52		0.43		0.43		1.64		8,832		29
Class S2
12-31-21		18.68		0.18•		2.80		2.98		0.29		0.64		—		0.93		—		20.73		16.09		0.74		0.64		0.64		0.89		4,354		35
12-31-20		16.98		0.31•		2.16		2.47		0.24		0.53		—		0.77		—		18.68		15.17		0.76		0.64		0.64		1.89		4,557		32
12-31-19		14.42		0.24•		3.06		3.30		0.20		0.54		—		0.74		—		16.98		23.36		0.64		0.63		0.63		1.51		2,896		23
12-31-18		16.13		0.23•		(1.46)		(1.23)		0.12		0.36		—		0.48		—		14.42		(7.90)		0.65		0.61		0.61		1.47		1,905		30
12-31-17		13.67		0.23•		2.38		2.61		0.06		0.09		—		0.15		—		16.13		19.21		0.67		0.58		0.58		1.50		1,688		29

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 Index Solution 2040 Portfolio (continued)
Class Z
12-31-21		19.27		0.33•		2.89		3.22		0.36		0.64		—		1.00		—		21.49		16.86		0.24		0.00*		0.00*		1.60		760,148		35
12-31-20		17.43		0.41•		2.25		2.66		0.29		0.53		—		0.82		—		19.27		15.96		0.23		0.00*		0.00*		2.41		577,969		32
12-31-19		14.74		0.37•		3.10		3.47		0.24		0.54		—		0.78		—		17.43		24.08		0.24		0.00*		0.00*		2.25		426,037		23
12-31-18		16.42		0.36•		(1.51)		(1.15)		0.17		0.36		—		0.53		—		14.74		(7.32)		0.25		0.00*		0.00*		2.22		243,229		30
12-31-17		13.85		0.34•		2.39		2.73		0.07		0.09		—		0.16		—		16.42		19.86		0.27		0.00*		0.00*		2.21		169,065		29
Voya Index Solution 2045 Portfolio
Class ADV
12-31-21		13.31		0.11•		2.16		2.27		0.19		0.62		—		0.81		—		14.77		17.25		0.81		0.74		0.74		0.73		132,543		38
12-31-20		12.17		0.18•		1.58		1.76		0.15		0.47		—		0.62		—		13.31		15.23		0.81		0.74		0.74		1.54		129,548		34
12-31-19		10.38		0.16•		2.29		2.45		0.14		0.52		—		0.66		—		12.17		24.29		0.73		0.73		0.73		1.39		134,331		24
12-31-18		11.79		0.15•		(1.13)		(0.98)		0.11		0.32		—		0.43		—		10.38		(8.70)		0.74		0.72		0.72		1.31		122,905		31
12-31-17		10.22		0.13•		1.88		2.01		0.12		0.32		—		0.44		—		11.79		19.96		0.75		0.69		0.69		1.20		148,205		25
Class I
12-31-21		13.81		0.19•		2.24		2.43		0.25		0.62		—		0.87		—		15.37		17.86		0.31		0.24		0.24		1.25		54,110		38
12-31-20		12.61		0.23•		1.66		1.89		0.22		0.47		—		0.69		—		13.81		15.78		0.31		0.24		0.24		1.92		46,883		34
12-31-19		10.74		0.22		2.38		2.60		0.21		0.52		—		0.73		—		12.61		24.89		0.23		0.23		0.23		1.89		53,784		24
12-31-18		12.17		0.22		(1.16)		(0.94)		0.17		0.32		—		0.49		—		10.74		(8.16)		0.24		0.22		0.22		1.84		43,658		31
12-31-17		10.54		0.20•		1.93		2.13		0.18		0.32		—		0.50		—		12.17		20.48		0.25		0.19		0.19		1.76		48,317		25
Class S
12-31-21		13.58		0.15•		2.20		2.35		0.22		0.62		—		0.84		—		15.09		17.56		0.56		0.49		0.49		1.02		84,023		38
12-31-20		12.41		0.23		1.60		1.83		0.19		0.47		—		0.66		—		13.58		15.49		0.56		0.49		0.49		1.80		77,113		34
12-31-19		10.58		0.20		2.33		2.53		0.18		0.52		—		0.70		—		12.41		24.55		0.48		0.48		0.48		1.64		74,022		24
12-31-18		12.00		0.18•		(1.14)		(0.96)		0.14		0.32		—		0.46		—		10.58		(8.44)		0.49		0.47		0.47		1.53		65,002		31
12-31-17		10.40		0.17		1.90		2.07		0.15		0.32		—		0.47		—		12.00		20.21		0.50		0.44		0.44		1.46		87,386		25
Class S2
12-31-21		13.32		0.12•		2.15		2.27		0.21		0.62		—		0.83		—		14.76		17.28		0.71		0.64		0.64		0.85		29,628		38
12-31-20		12.19		0.20•		1.58		1.78		0.18		0.47		—		0.65		—		13.32		15.35		0.71		0.64		0.64		1.72		25,318		34
12-31-19		10.41		0.16		2.30		2.46		0.16		0.52		—		0.68		—		12.19		24.34		0.63		0.63		0.63		1.50		20,384		24
12-31-18		11.80		0.16•		(1.12)		(0.96)		0.11		0.32		—		0.43		—		10.41		(8.52)		0.64		0.62		0.62		1.40		16,121		31
12-31-17		10.24		0.14•		1.88		2.02		0.14		0.32		—		0.46		—		11.80		19.97		0.65		0.59		0.59		1.26		19,206		25
Class Z
12-31-21		14.00		0.23•		2.27		2.50		0.26		0.62		—		0.88		—		15.62		18.14		0.24		0.00*		0.00*		1.52		827,504		38
12-31-20		12.74		0.29•		1.66		1.95		0.22		0.47		—		0.69		—		14.00		16.09		0.23		0.00*		0.00*		2.36		650,098		34
12-31-19		10.82		0.27•		2.38		2.65		0.21		0.52		—		0.73		—		12.74		25.17		0.23		0.00*		0.00*		2.21		464,683		24
12-31-18		12.24		0.26•		(1.19)		(0.93)		0.17		0.32		—		0.49		—		10.82		(8.03)		0.24		0.00*		0.00*		2.14		273,348		31
12-31-17		10.57		0.24•		1.93		2.17		0.18		0.32		—		0.50		—		12.24		20.81		0.25		0.00*		0.00*		2.12		208,189		25

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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 Index Solution 2050 Portfolio
Class ADV
12-31-21		18.85		0.15•		3.06		3.21		0.23		0.54		—		0.77		—		21.29		17.22		0.87		0.74		0.74		0.72		23,791		38
12-31-20		17.18		0.25•		2.15		2.40		0.20		0.53		—		0.73		—		18.85		14.66		0.91		0.74		0.74		1.53		19,574		29
12-31-19		14.39		0.24•		3.24		3.48		0.17		0.52		—		0.69		—		17.18		24.60		0.74		0.74		0.74		1.47		17,450		22
12-31-18		16.26		0.22•		(1.62)		(1.40)		0.11		0.36		—		0.47		—		14.39		(8.92)		0.75		0.73		0.73		1.39		11,155		28
12-31-17		13.65		0.20•		2.53		2.73		0.04		0.08		—		0.12		—		16.26		20.12		0.78		0.70		0.70		1.31		7,817		26
Class I
12-31-21		19.33		0.26•		3.15		3.41		0.32		0.54		—		0.86		—		21.88		17.81		0.37		0.24		0.24		1.23		11,548		38
12-31-20		17.58		0.35•		2.20		2.55		0.27		0.53		—		0.80		—		19.33		15.25		0.41		0.24		0.24		2.07		8,770		29
12-31-19		14.69		0.32•		3.31		3.63		0.22		0.52		—		0.74		—		17.58		25.21		0.24		0.24		0.24		1.97		6,367		22
12-31-18		16.55		0.30•		(1.65)		(1.35)		0.15		0.36		—		0.51		—		14.69		(8.49)		0.25		0.23		0.23		1.82		3,851		28
12-31-17		13.84		0.31•		2.55		2.86		0.07		0.08		—		0.15		—		16.55		20.75		0.28		0.20		0.20		2.00		3,195		26
Class S
12-31-21		19.26		0.20•		3.14		3.34		0.28		0.54		—		0.82		—		21.78		17.50		0.62		0.49		0.49		0.96		15,698		38
12-31-20		17.53		0.30•		2.20		2.50		0.24		0.53		—		0.77		—		19.26		14.94		0.66		0.49		0.49		1.80		12,575		29
12-31-19		14.65		0.28•		3.31		3.59		0.19		0.52		—		0.71		—		17.53		24.94		0.49		0.49		0.49		1.70		10,885		22
12-31-18		16.51		0.25		(1.63)		(1.38)		0.12		0.36		—		0.48		—		14.65		(8.68)		0.50		0.48		0.48		1.53		7,477		28
12-31-17		13.83		0.24•		2.58		2.82		0.06		0.08		—		0.14		—		16.51		20.47		0.53		0.45		0.45		1.56		8,090		26
Class S2
12-31-21		18.95		0.19•		3.06		3.25		0.25		0.54		—		0.79		—		21.41		17.33		0.77		0.64		0.64		0.93		3,918		38
12-31-20		17.26		0.29•		2.14		2.43		0.21		0.53		—		0.74		—		18.95		14.77		0.81		0.64		0.64		1.77		3,563		29
12-31-19		14.45		0.25•		3.25		3.50		0.17		0.52		—		0.69		—		17.26		24.69		0.64		0.64		0.64		1.53		3,072		22
12-31-18		16.30		0.22•		(1.60)		(1.38)		0.11		0.36		—		0.47		—		14.45		(8.80)		0.65		0.63		0.63		1.36		2,023		28
12-31-17		13.68		0.23•		2.52		2.75		0.05		0.08		—		0.13		—		16.30		20.21		0.68		0.60		0.60		1.50		1,973		26
Class Z
12-31-21		19.54		0.32•		3.18		3.50		0.34		0.54		—		0.88		—		22.16		18.12		0.24		0.00*		0.00*		1.48		539,936		38
12-31-20		17.73		0.40•		2.21		2.61		0.27		0.53		—		0.80		—		19.54		15.46		0.23		0.00*		0.00*		2.32		398,859		29
12-31-19		14.77		0.37•		3.33		3.70		0.22		0.52		—		0.74		—		17.73		25.56		0.24		0.00*		0.00*		2.23		286,945		22
12-31-18		16.60		0.35•		(1.67)		(1.32)		0.15		0.36		—		0.51		—		14.77		(8.28)		0.25		0.00*		0.00*		2.15		153,539		28
12-31-17		13.85		0.33•		2.57		2.90		0.07		0.08		—		0.15		—		16.60		21.03		0.28		0.00*		0.00*		2.13		97,126		26
Voya Index Solution 2055 Portfolio
Class ADV
12-31-21		17.47		0.13•		2.87		3.00		0.21		0.65		—		0.86		—		19.61		17.32		0.85		0.74		0.74		0.69		63,321		38
12-31-20		15.91		0.24		2.03		2.27		0.18		0.53		—		0.71		—		17.47		14.90		0.89		0.74		0.74		1.49		58,091		29
12-31-19		13.42		0.22		3.00		3.22		0.15		0.58		—		0.73		—		15.91		24.52		0.74		0.74		0.74		1.40		54,378		20
12-31-18		15.18		0.19		(1.49)		(1.30)		0.12		0.34		—		0.46		—		13.42		(8.87)		0.75		0.73		0.73		1.27		46,688		29
12-31-17		13.01		0.16		2.46		2.62		0.14		0.31		—		0.45		—		15.18		20.37		0.76		0.70		0.70		1.19		52,886		25

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 Index Solution 2055 Portfolio (continued)
Class I
12-31-21		17.95		0.24•		2.95		3.19		0.29		0.65		—		0.94		—		20.20		17.95		0.35		0.24		0.24		1.22		42,496		38
12-31-20		16.33		0.31•		2.09		2.40		0.25		0.53		—		0.78		—		17.95		15.43		0.39		0.24		0.24		1.95		35,009		29
12-31-19		13.75		0.30•		3.09		3.39		0.23		0.58		—		0.81		—		16.33		25.22		0.24		0.24		0.24		1.95		31,202		20
12-31-18		15.54		0.28•		(1.54)		(1.26)		0.19		0.34		—		0.53		—		13.75		(8.48)		0.25		0.23		0.23		1.82		21,247		29
12-31-17		13.29		0.27•		2.49		2.76		0.20		0.31		—		0.51		—		15.54		21.03		0.26		0.20		0.20		1.87		19,100		25
Class S
12-31-21		17.71		0.18•		2.91		3.09		0.25		0.65		—		0.90		—		19.90		17.64		0.60		0.49		0.49		0.93		43,919		38
12-31-20		16.13		0.27•		2.06		2.33		0.22		0.53		—		0.75		—		17.71		15.11		0.64		0.49		0.49		1.76		40,587		29
12-31-19		13.59		0.25•		3.06		3.31		0.19		0.58		—		0.77		—		16.13		24.94		0.49		0.49		0.49		1.66		35,423		20
12-31-18		15.36		0.23		(1.51)		(1.28)		0.15		0.34		—		0.49		—		13.59		(8.66)		0.50		0.48		0.48		1.55		26,744		29
12-31-17		13.16		0.20•		2.48		2.68		0.17		0.31		—		0.48		—		15.36		20.63		0.51		0.45		0.45		1.40		29,602		25
Class S2
12-31-21		17.54		0.15•		2.88		3.03		0.25		0.65		—		0.90		—		19.67		17.43		0.75		0.64		0.64		0.78		20,878		38
12-31-20		15.99		0.27•		2.01		2.28		0.20		0.53		—		0.73		—		17.54		14.97		0.79		0.64		0.64		1.73		17,208		29
12-31-19		13.49		0.23•		3.03		3.26		0.18		0.58		—		0.76		—		15.99		24.68		0.64		0.64		0.64		1.53		11,439		20
12-31-18		15.24		0.20•		(1.49)		(1.29)		0.12		0.34		—		0.46		—		13.49		(8.77)		0.65		0.63		0.63		1.30		7,943		29
12-31-17		13.06		0.19•		2.45		2.64		0.15		0.31		—		0.46		—		15.24		20.50		0.66		0.60		0.60		1.35		10,327		25
Class Z
12-31-21		18.20		0.29•		2.99		3.28		0.32		0.65		—		0.97		—		20.51		18.19		0.24		0.00*		0.00*		1.49		450,163		38
12-31-20		16.51		0.37•		2.10		2.47		0.25		0.53		—		0.78		—		18.20		15.69		0.23		0.00*		0.00*		2.32		324,254		29
12-31-19		13.86		0.35•		3.11		3.46		0.23		0.58		—		0.81		—		16.51		25.54		0.24		0.00*		0.00*		2.23		217,585		20
12-31-18		15.62		0.33•		(1.56)		(1.23)		0.19		0.34		—		0.53		—		13.86		(8.24)		0.25		0.00*		0.00*		2.15		111,996		29
12-31-17		13.33		0.30•		2.50		2.80		0.20		0.31		—		0.51		—		15.62		21.27		0.26		0.00*		0.00*		2.07		68,540		25
Voya Index Solution 2060 Portfolio
Class ADV
12-31-21		14.80		0.12•		2.47		2.59		0.13		0.37		—		0.50		—		16.89		17.65		0.91		0.74		0.74		0.72		15,085		37
12-31-20		13.31		0.18•		1.76		1.94		0.12		0.33		—		0.45		—		14.80		15.11		0.92		0.74		0.74		1.42		11,253		34
12-31-19		11.02		0.18•		2.50		2.68		0.09		0.30		—		0.39		—		13.31		24.62		0.77		0.74		0.74		1.45		9,576		36
12-31-18		12.49		0.17•		(1.23)		(1.06)		0.07		0.34		—		0.41		—		11.02		(8.88)		0.81		0.72		0.72		1.42		6,029		40
12-31-17		10.48		0.16•		1.97		2.13		0.03		0.09		—		0.12		—		12.49		20.44		0.90		0.70		0.70		1.40		4,579		51
Class I
12-31-21		15.10		0.21•		2.51		2.72		0.20		0.37		—		0.57		—		17.25		18.18		0.41		0.24		0.24		1.26		20,267		37
12-31-20		13.55		0.28•		1.77		2.05		0.17		0.33		—		0.50		—		15.10		15.69		0.43		0.24		0.24		2.11		13,765		34
12-31-19		11.19		0.27•		2.52		2.79		0.13		0.30		—		0.43		—		13.55		25.32		0.27		0.24		0.24		2.18		7,603		36
12-31-18		12.65		0.25•		(1.27)		(1.02)		0.10		0.34		—		0.44		—		11.19		(8.46)		0.31		0.22		0.22		2.05		3,020		40
12-31-17		10.57		0.31•		1.91		2.22		0.05		0.09		—		0.14		—		12.65		21.11		0.40		0.20		0.20		2.60		1,563		51

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 Index Solution 2060 Portfolio (continued)
Class S
12-31-21		14.92		0.15•		2.51		2.66		0.17		0.37		—		0.54		—		17.04		17.96		0.66		0.49		0.49		0.95		9,659		37
12-31-20		13.41		0.24•		1.75		1.99		0.15		0.33		—		0.48		—		14.92		15.37		0.68		0.49		0.49		1.83		8,248		34
12-31-19		11.10		0.22•		2.50		2.72		0.11		0.30		—		0.41		—		13.41		24.87		0.52		0.49		0.49		1.74		5,693		36
12-31-18		12.56		0.21•		(1.25)		(1.04)		0.08		0.34		—		0.42		—		11.10		(8.66)		0.56		0.47		0.47		1.70		3,057		40
12-31-17		10.52		0.18•		1.99		2.17		0.04		0.09		—		0.13		—		12.56		20.76		0.65		0.45		0.45		1.51		2,294		51
Class S2
12-31-21		14.87		0.13•		2.49		2.62		0.15		0.37		—		0.52		—		16.97		17.78		0.81		0.64		0.64		0.80		2,296		37
12-31-20		13.37		0.22•		1.74		1.96		0.13		0.33		—		0.46		—		14.87		15.17		0.83		0.64		0.64		1.74		2,098		34
12-31-19		11.07		0.19•		2.51		2.70		0.10		0.30		—		0.40		—		13.37		24.76		0.67		0.64		0.64		1.56		1,545		36
12-31-18		12.51		0.15•		(1.20)		(1.05)		0.05		0.34		—		0.39		—		11.07		(8.75)		0.71		0.62		0.62		1.18		751		40
12-31-17		10.50		0.20•		1.95		2.15		0.05		0.09		—		0.14		—		12.51		20.54		0.80		0.60		0.60		1.68		993		51
Class Z
12-31-21		15.27		0.25•		2.55		2.80		0.22		0.37		—		0.59		—		17.48		18.50		0.24		0.00*		0.00*		1.49		243,777		37
12-31-20		13.67		0.31•		1.79		2.10		0.17		0.33		—		0.50		—		15.27		15.92		0.25		0.00*		0.00*		2.35		159,536		34
12-31-19		11.26		0.29•		2.55		2.84		0.13		0.30		—		0.43		—		13.67		25.61		0.27		0.00*		0.00*		2.31		84,826		36
12-31-18		12.70		0.29•		(1.29)		(1.00)		0.10		0.34		—		0.44		—		11.26		(8.27)		0.31		0.00*		0.00*		2.29		32,971		40
12-31-17		10.60		0.26•		1.98		2.24		0.05		0.09		—		0.14		—		12.70		21.24		0.40		0.00*		0.00*		2.16		15,056		51
Voya Index Solution 2065 Portfolio
Class ADV
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
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
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
12-31-21		11.57		0.09•		1.97		2.06		0.09		0.76		—		0.85		—		12.78		17.87		1.02		0.64		0.64		0.70		428		42
07-29-20(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
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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

(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.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The ten series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Index Solution Income Portfolio (“Index Solution Income”), Voya Index Solution 2025 Portfolio (“Index Solution 2025”), Voya Index Solution 2030 Portfolio (“Index Solution 2030”), Voya Index Solution 2035 Portfolio (“Index Solution 2035”), Voya Index Solution 2040 Portfolio (“Index Solution 2040”), Voya Index Solution 2045 Portfolio (“Index Solution 2045”), Voya Index Solution 2050 Portfolio (“Index Solution 2050”), Voya Index Solution 2055 Portfolio (“Index Solution 2055”), Voya Index Solution 2060 Portfolio (“Index Solution 2060”) and Voya Index Solution 2065 Portfolio (“Index Solution 2065”), each a diversified series of the Company.

Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055, Index Solution 2060 and Index Solution 2065 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the “Board”).

The classes of shares included in this report are: Adviser (“Class ADV”), Initial (“Class I”), Service (“Class S”), Service 2 (“Class S2”) and Class Z. Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context.With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a

portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

Each Portfolio seeks to achieve its investment objective by investing in other investment companies (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. In establishing its exposure to debt instruments, each Portfolio may invest up to 20% of its assets directly in funding agreements (“Funding Agreements”) with affiliated or unaffiliated (if available) insurance companies (but only 10% of its assets directly in Funding Agreements with affiliated insurance companies). The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

All other assets for which market quotations are not readily available or became unreliable (or if the above fair

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses,

purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition. Security transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

F. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

	Purchased			Sold
Index Solution Income		$	4,808,350		$	4,822,625
Index Solution 2025			19,232,965			18,557,240
Index Solution 2030			16,193,360			15,370,080
Index Solution 2035			26,363,580			25,116,960
Index Solution 2040			12,319,830			11,692,510
Index Solution 2045			24,768,595			23,624,216
Index Solution 2050			9,722,005			9,415,669
Index Solution 2055			10,289,165			9,937,593
Index Solution 2060			4,715,515			4,411,156

H. Offering Costs. Costs incurred with the offering of shares of a Portfolio are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

I. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain

indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS AND FUNDING AGREEMENTS

For the year ended December 31, 2021, the cost of purchases and the proceeds from sales of the Underlying Funds and Funding Agreements were as follows:

	Purchases			Sales
Index Solution Income		$	291,433,220		$	385,988,826
Index Solution 2025			513,304,724			517,749,226
Index Solution 2030			434,950,080			356,559,905
Index Solution 2035			584,026,815			525,689,227
Index Solution 2040			345,925,401			253,581,723
Index Solution 2045			446,693,189			393,744,656
Index Solution 2050			275,595,682			199,224,172
Index Solution 2055			276,395,049			209,770,940
Index Solution 2060			151,795,328			90,890,224
Index Solution 2065			20,286,794			5,169,512

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates: 0.20% of each Portfolio’s average daily nets assets invested in affiliated Underlying Funds and/or Funding Agreements and 0.40% of each Portfolio’s average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV and S2 of the Portfolios have a plan of distribution (the “Plans”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective Portfolio’s shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio’s average daily net assets attributable to its Class S2 shares.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2021, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Index Solution Income		30.39%
	Index Solution 2025		17.75
	Index Solution 2030		12.02
	Index Solution 2035		16.07
	Index Solution 2040		12.63
	Index Solution 2045		17.81
	Index Solution 2050		12.35
	Index Solution 2055		14.97
	Index Solution 2060		14.74
	Index Solution 2065		7.78
Voya Investment Management Co. LLC	Index Solution 2065		13.09
Voya Retirement Insurance and Annuity Company	Index Solution Income		69.59
	Index Solution 2025		82.25
	Index Solution 2030		87.96
	Index Solution 2035		83.92
	Index Solution 2040		87.35

Subsidiary	Portfolio	Percentage
Voya Retirement Insurance and Annuity Company (continued)	Index Solution 2045		82.19
	Index Solution 2050		87.65
	Index Solution 2055		85.03
	Index Solution 2060		85.26
	Index Solution 2065		79.13

Portfolio	Amount
Index Solution Income		$	119,618
Index Solution 2025			188,805
Index Solution 2030			55,994
Index Solution 2035			220,093
Index Solution 2040			58,897
Index Solution 2045			223,795
Index Solution 2050			66,638
Index Solution 2055			185,113
Index Solution 2060			68,689
Index Solution 2065			4,441

NOTE 7 — FUNDING AGREEMENTS

Effective August 31, 2021, Index Solution Income, Index Solution 2025 and Index Solution 2030 each invest in a Funding Agreement issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). VRIAC is a subsidiary of Voya Financial, Inc.

The Funding Agreements have a stable principal value and typically pay interest at a relatively short-term rate, which is subject to change periodically. If VRIAC becomes unable

TABLE OF CONTENTS

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

NOTE 7 — FUNDING AGREEMENTS (continued)

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 Funding 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 from the first day of the month such prior change was effective. Interest will be accrued to the account value daily at a guaranteed minimum interest rate.

The current day price of each unit of the Funding Agreements issued by VRIAC is determined by applying the current interest rate to the previous day’s price. The significant unobservable input used in the fair value measurement of each Portfolio’s investment in the Funding Agreements issued by VRIAC is the interest rate. Please refer to the tables within each respective Portfolio of Investments for fair value measurements.

During the period ended December 31, 2021, the interest rate for the Funding Agreements issued by VRIAC was 1.60%.

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

Portfolio	Class ADV(1)(2)		Class I(1)(2)		Class S(1)(2)		Class S2(1)(2)		Class Z(3)(4)
Index Solution Income		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2025		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2030		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2035		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2040		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2045		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2050		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2055		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2060		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2065		0.89%		0.39%		0.64%		0.79%		0.00%

(1)

(2)

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

(3)

Pursuant to a side letter agreement, through May 1, 2022, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the direct expense limits are 0.00% for all Portfolios. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(4)

The operating expense limits shown apply only at each Portfolio level and do not include the fees payable by the Underlying Funds in which each Portfolio invests, investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of each Portfolio’s business.

The Expense Limitation Agreement is contractual through May 1, 2022 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

Effective June 14, 2021, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 13, 2022. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 14, 2021, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 14, 2021.

TABLE OF CONTENTS

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

NOTE 9 — LINE OF CREDIT (continued)

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

The following Portfolios utilized the line of credit during the year ended December 31, 2021.

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Solution Income		1		$	2,441,000		1.33%
Index Solution 2045		1			546,000		1.26

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
12/31/2021		448,474		—		338,279		(1,621,093)		(834,340)		5,109,216		—		3,839,468		(18,470,481)		(9,521,797)
12/31/2020		717,747		2,687,004		256,072		(2,069,779)		1,591,044		7,609,479		28,842,421		2,739,970		(22,117,134)		17,074,736
Class I
12/31/2021		167,642		—		66,185		(658,714)		(424,887)		1,970,276		—		771,721		(7,714,945)		(4,972,948)
12/31/2020		487,107		562,341		65,854		(1,067,247)		48,055		5,459,262		6,187,741		722,414		(11,842,053)		527,364
Class S
12/31/2021		217,530		—		481,010		(2,262,925)		(1,564,385)		2,515,739		—		5,555,663		(26,324,900)		(18,253,498)
12/31/2020		707,770		888,803		458,384		(1,920,879)		134,078		7,683,317		9,688,951		4,982,635		(20,857,605)		1,497,298
Class S2
12/31/2021		502,106		—		67,100		(414,779)		154,427		5,713,537		—		756,222		(4,698,325)		1,771,434
12/31/2020		469,538		981,176		28,612		(804,493)		674,833		5,006,516		10,462,773		304,139		(8,562,092)		7,211,337
Class Z
12/31/2021		5,071,310		—		2,431,060		(11,694,957)		(4,192,587)		60,654,643		—		28,759,436		(138,924,594)		(49,510,515)
12/31/2020		9,306,166		34,721,940		842,283		(5,830,726)		39,039,663		106,072,476		386,594,608		9,349,344		(65,107,326)		436,909,100
Index Solution 2025
Class ADV
12/31/2021		1,024,576		—		878,595		(3,178,930)		(1,275,759)		12,675,726		—		10,806,715		(39,555,819)		(16,073,378)
12/31/2020		1,898,294		—		706,442		(4,447,311)		(1,842,575)		21,147,829		—		7,813,249		(48,793,153)		(19,832,075)
Class I
12/31/2021		674,477		—		280,091		(1,055,001)		(100,433)		8,683,047		—		3,537,550		(13,490,514)		(1,269,917)
12/31/2020		1,410,329		—		239,544		(2,688,052)		(1,038,179)		16,542,295		—		2,714,034		(30,884,496)		(11,628,168)
Class S
12/31/2021		793,951		—		690,996		(1,957,242)		(472,295)		10,014,318		—		8,623,634		(24,728,139)		(6,090,187)
12/31/2020		992,489		—		520,595		(2,154,621)		(641,537)		11,098,047		—		5,835,868		(24,039,641)		(7,105,726)
Class S2
12/31/2021		660,546		—		192,108		(957,029)		(104,375)		8,209,547		—		2,347,558		(11,832,103)		(1,274,998)
12/31/2020		881,102		—		149,228		(969,139)		61,191		9,679,413		—		1,641,507		(10,675,295)		645,625
Class Z
12/31/2021		8,730,674		—		4,423,946		(7,662,881)		5,491,739		113,645,171		—		56,670,753		(98,987,702)		71,328,222
12/31/2020		10,748,070		—		2,998,356		(6,868,965)		6,877,461		123,413,523		—		34,391,146		(77,332,818)		80,471,852
Index Solution 2030
Class ADV
12/31/2021		482,643		—		127,403		(513,072)		96,974		8,707,380		—		2,288,149		(9,215,809)		1,779,720
12/31/2020		774,801		—		104,898		(727,448)		152,251		11,983,019		—		1,626,967		(11,079,347)		2,530,639
Class I
12/31/2021		108,259		—		27,298		(106,527)		29,030		2,028,383		—		506,369		(1,968,454)		566,298
12/31/2020		296,207		—		25,622		(324,707)		(2,878)		4,757,963		—		409,433		(5,262,693)		(95,297)
Class S
12/31/2021		298,056		—		48,657		(228,334)		118,379		5,486,199		—		895,282		(4,208,511)		2,172,970
12/31/2020		286,151		—		42,318		(237,809)		90,660		4,549,495		—		671,172		(3,775,271)		1,445,395
Class S2
12/31/2021		313,201		—		35,516		(200,722)		147,995		5,690,660		—		642,134		(3,621,527)		2,711,267
12/31/2020		370,305		—		21,457		(131,949)		259,813		5,815,982		—		335,167		(2,064,055)		4,087,095

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2030 (continued)
Class Z
12/31/2021		6,472,391		—		2,100,156		(3,352,144)		5,220,403		122,010,344		—		39,398,935		(63,187,134)		98,222,145
12/31/2020		6,915,969		—		1,708,256		(3,526,141)		5,098,084		113,266,641		—		27,537,089		(57,184,547)		83,619,183
Index Solution 2035
Class ADV
12/31/2021		822,601		—		747,668		(2,683,246)		(1,112,977)		11,004,007		—		9,891,643		(35,786,364)		(14,890,714)
12/31/2020		1,152,250		—		741,529		(4,206,112)		(2,312,333)		13,111,891		—		8,357,037		(47,882,272)		(26,413,344)
Class I
12/31/2021		642,827		—		280,201		(738,630)		184,398		8,849,484		—		3,819,146		(10,133,109)		2,535,521
12/31/2020		1,426,897		—		298,532		(2,905,565)		(1,180,136)		17,241,026		—		3,457,004		(34,971,857)		(14,273,827)
Class S
12/31/2021		827,678		—		505,588		(1,737,192)		(403,926)		11,223,225		—		6,800,155		(23,555,823)		(5,532,443)
12/31/2020		762,527		—		465,902		(1,793,853)		(565,424)		8,853,175		—		5,329,917		(20,473,784)		(6,290,692)
Class S2
12/31/2021		622,333		—		213,356		(1,119,869)		(284,180)		8,323,500		—		2,812,027		(14,853,546)		(3,718,019)
12/31/2020		663,682		—		167,813		(428,428)		403,067		7,431,450		—		1,886,218		(5,015,552)		4,302,116
Class Z
12/31/2021		9,690,252		—		4,418,957		(4,182,892)		9,926,317		135,691,918		—		61,202,550		(58,734,282)		138,160,186
12/31/2020		11,852,084		—		3,336,400		(5,553,756)		9,634,728		141,721,823		—		39,169,338		(66,963,958)		113,927,203
Index Solution 2040
Class ADV
12/31/2021		296,537		—		63,011		(368,190)		(8,642)		5,846,672		—		1,250,768		(7,309,898)		(212,458)
12/31/2020		367,613		—		64,028		(463,431)		(31,790)		6,014,710		—		1,035,335		(7,509,583)		(459,538)
Class I
12/31/2021		83,917		—		20,385		(59,548)		44,754		1,720,524		—		417,084		(1,210,093)		927,515
12/31/2020		292,906		—		19,353		(238,628)		73,631		5,023,794		—		321,833		(4,184,472)		1,161,156
Class S
12/31/2021		217,703		—		33,511		(179,589)		71,625		4,447,787		—		683,959		(3,656,280)		1,475,466
12/31/2020		231,022		—		31,287		(199,247)		63,062		3,852,194		—		519,370		(3,259,973)		1,111,591
Class S2
12/31/2021		64,990		—		11,562		(110,433)		(33,881)		1,301,229		—		231,822		(2,196,478)		(663,427)
12/31/2020		107,659		—		8,462		(42,771)		73,350		1,790,287		—		138,265		(679,975)		1,248,577
Class Z
12/31/2021		5,740,937		—		1,566,027		(1,920,890)		5,386,074		119,131,359		—		32,448,073		(39,814,059)		111,765,373
12/31/2020		6,437,206		—		1,321,298		(2,204,285)		5,554,219		111,285,543		—		22,211,017		(38,578,604)		94,917,955
Index Solution 2045
Class ADV
12/31/2021		712,976		—		503,933		(1,975,664)		(758,755)		10,226,109		—		7,176,007		(28,116,117)		(10,714,001)
12/31/2020		783,324		—		543,531		(2,632,874)		(1,306,019)		9,165,407		—		6,283,226		(30,744,555)		(15,295,921)
Class I
12/31/2021		519,981		—		200,985		(594,569)		126,397		7,663,361		—		2,972,561		(8,826,086)		1,809,836
12/31/2020		1,042,204		—		255,904		(2,170,367)		(872,259)		13,059,759		—		3,063,168		(27,420,403)		(11,297,477)
Class S
12/31/2021		493,136		—		315,263		(917,460)		(109,061)		7,201,616		—		4,580,764		(13,478,520)		(1,696,140)
12/31/2020		628,835		—		320,364		(1,237,416)		(288,217)		7,386,658		—		3,773,890		(14,600,438)		(3,439,890)
Class S2
12/31/2021		439,214		—		113,175		(447,108)		105,281		6,290,657		—		1,610,486		(6,417,708)		1,483,435
12/31/2020		458,455		—		101,934		(331,729)		228,660		5,332,678		—		1,178,350		(3,851,749)		2,659,279
Class Z
12/31/2021		7,028,476		—		2,863,539		(3,336,204)		6,555,811		106,319,036		—		42,981,726		(50,695,800)		98,604,962
12/31/2020		11,110,829		—		2,294,645		(3,445,551)		9,959,923		141,182,494		—		27,811,102		(44,523,232)		124,470,364
Index Solution 2050
Class ADV
12/31/2021		262,261		—		40,851		(224,031)		79,081		5,329,530		—		838,663		(4,557,924)		1,610,269
12/31/2020		332,763		—		47,427		(357,517)		22,673		5,555,351		—		775,910		(5,918,896)		412,365

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2050 (continued)
Class I
12/31/2021		139,014		—		20,343		(85,252)		74,105		2,897,058		—		428,229		(1,786,274)		1,539,013
12/31/2020		320,202		—		20,829		(249,425)		91,606		5,606,277		—		348,884		(4,421,218)		1,533,943
Class S
12/31/2021		198,293		—		28,115		(158,608)		67,800		4,114,575		—		589,859		(3,308,370)		1,396,064
12/31/2020		236,906		—		31,084		(236,018)		31,972		3,933,194		—		519,111		(3,903,999)		548,305
Class S2
12/31/2021		47,957		—		7,467		(60,411)		(4,987)		983,206		—		154,127		(1,257,941)		(120,608)
12/31/2020		67,185		—		7,726		(64,902)		10,009		1,098,357		—		127,088		(1,024,000)		201,445
Class Z
12/31/2021		4,446,626		—		926,540		(1,414,268)		3,958,898		94,389,243		—		19,735,291		(30,074,977)		84,049,557
12/31/2020		5,166,662		—		884,866		(1,829,622)		4,221,906		89,482,388		—		14,963,072		(33,119,352)		71,326,109
Index Solution 2055
Class ADV
12/31/2021		403,284		—		143,107		(642,901)		(96,510)		7,613,567		—		2,706,151		(12,101,033)		(1,781,315)
12/31/2020		472,726		—		160,019		(724,215)		(91,470)		7,163,062		—		2,421,084		(10,992,537)		(1,408,390)
Class I
12/31/2021		364,088		—		94,053		(304,229)		153,912		7,090,718		—		1,828,389		(5,872,620)		3,046,487
12/31/2020		915,394		—		112,384		(988,266)		39,512		14,753,294		—		1,744,199		(16,431,171)		66,321
Class S
12/31/2021		347,808		—		109,479		(541,628)		(84,341)		6,653,836		—		2,098,710		(10,321,505)		(1,568,959)
12/31/2020		428,155		—		111,782		(444,908)		95,029		6,515,419		—		1,713,622		(6,937,103)		1,291,938
Class S2
12/31/2021		288,458		—		50,706		(258,962)		80,202		5,501,725		—		961,382		(4,948,390)		1,514,717
12/31/2020		353,606		—		41,113		(129,067)		265,652		5,330,443		—		624,512		(1,929,801)		4,025,154
Class Z
12/31/2021		4,275,315		—		961,583		(1,106,640)		4,130,258		84,597,432		—		18,962,412		(21,948,953)		81,610,891
12/31/2020		5,048,444		—		775,440		(1,189,440)		4,634,444		81,012,131		—		12,189,910		(20,190,410)		73,011,631
Index Solution 2060
Class ADV
12/31/2021		281,399		—		24,073		(172,613)		132,859		4,553,678		—		391,665		(2,760,326)		2,185,017
12/31/2020		304,319		—		29,294		(292,586)		41,027		3,888,207		—		374,965		(3,812,505)		450,667
Class I
12/31/2021		390,140		—		35,554		(162,864)		262,830		6,410,349		—		589,841		(2,684,499)		4,315,691
12/31/2020		512,245		—		29,904		(191,443)		350,706		6,744,561		—		389,656		(2,667,250)		4,466,967
Class S
12/31/2021		182,215		—		18,230		(186,324)		14,121		2,960,517		—		298,973		(3,003,990)		255,500
12/31/2020		264,003		—		19,754		(155,472)		128,285		3,343,706		—		254,832		(1,980,056)		1,618,482
Class S2
12/31/2021		45,859		—		4,556		(56,213)		(5,798)		742,084		—		74,446		(918,223)		(101,693)
12/31/2020		66,512		—		4,299		(45,313)		25,498		849,307		—		55,293		(559,069)		345,531
Class Z
12/31/2021		3,877,842		—		435,710		(817,621)		3,495,931		64,675,801		—		7,315,564		(13,672,400)		58,318,965
12/31/2020		4,509,084		—		313,081		(580,792)		4,241,373		60,653,578		—		4,123,271		(7,967,715)		56,809,134
Index Solution 2065
Class ADV
12/31/2021		114,259		—		8,038		(23,611)		98,686		1,426,604		—		102,873		(308,054)		1,221,423
7/29/2020(1) - 12/31/2020		34,032		—		233		(1,269)		32,996		352,799		—		2,696		(14,370)		341,125
Class I
12/31/2021		81,631		—		7,143		(7,498)		81,276		1,056,465		—		91,623		(97,334)		1,050,754
7/29/2020(1) - 12/31/2020		29,195		—		249		(4)		29,440		305,166		—		2,881		(42)		308,005
Class S
12/31/2021		115,202		—		8,045		(29,194)		94,053		1,481,961		—		103,041		(366,190)		1,218,812
7/29/2020(1) - 12/31/2020		35,831		—		255		(3,073)		33,013		379,194		—		2,954		(35,111)		347,037

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2065 (continued)
Class S2
12/31/2021		32,698		—		2,116		(16,406)		18,408		423,191		—		27,062		(210,200)		240,053
7/29/2020(1) - 12/31/2020		14,982		—		116		—*		15,098		158,323		—		1,341		(1)		159,663
Class Z
12/31/2021		979,761		—		81,085		(88,284)		972,562		12,697,394		—		1,042,492		(1,132,439)		12,607,447
7/29/2020(1) - 12/31/2020		296,058		—		2,199		(23,088)		275,169		3,104,097		—		25,485		(249,482)		2,880,100

(1)

Commencement of operations.

Amount is less than 0.50 or $0.50.

NOTE 11 — FEDERAL INCOME TAXES

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

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Solution Income		$	20,542,949		$	19,139,561		$	9,804,300		$	8,294,202
Index Solution 2025			36,229,106			45,757,104			21,041,791			31,354,013
Index Solution 2030			21,798,077			21,932,792			11,711,879			18,867,949
Index Solution 2035			36,045,594			48,479,927			19,549,662			38,649,852
Index Solution 2040			15,253,649			19,778,057			8,470,606			15,755,214
Index Solution 2045			22,872,769			36,448,775			12,788,216			29,321,520
Index Solution 2050			9,464,511			12,281,658			5,636,539			11,097,526
Index Solution 2055			10,256,797			16,300,247			5,773,945			12,919,382
Index Solution 2060			3,970,064			4,700,425			2,019,439			3,178,578
Index Solution 2065			607,528			759,563			35,357			—

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Other			Total Distributable Earnings/ (Loss)
Index Solution Income		$	42,271,439		$	42,529,210		$	45,617,437		$	(4,429,265)		$	125,988,821
Index Solution 2025			29,663,588			100,276,205			133,009,717			(10,129,972)			252,819,538
Index Solution 2030			19,395,493			67,657,299			100,974,655			(1,780,530)			186,246,917
Index Solution 2035			25,927,348			123,621,049			184,907,724			(1,204,882)			333,251,239
Index Solution 2040			16,743,337			67,089,166			106,697,938			(698,187)			189,832,254
Index Solution 2045			21,500,287			106,588,359			163,219,170			(8,959)			291,298,857

TABLE OF CONTENTS

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

NOTE 11 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/ (Depreciation)		Other		Total Distributable Earnings/ (Loss)
Index Solution 2050		10,870,864		51,762,332		80,987,261		(2,124)		143,618,333
Index Solution 2055		12,707,672		54,217,516		86,394,259		(3,027)		153,316,420
Index Solution 2060		5,895,507		25,027,743		33,202,327		(705)		64,124,872
Index Solution 2065		16,864		83,198		714,115		(18)		814,159

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

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

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

and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio’s existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 13 — MARKET DISRUPTION

TABLE OF CONTENTS

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

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

NOTE 15 — REORGANIZATIONS

On August 7, 2020, Index Solution Income (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of Voya Index Solution 2020 Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Net investment income	$	21,633,383
Net realized and unrealized loss on investments	$	73,977,064
Net decrease in net assets resulting from operations	$	95,610,447

	Total Net Assets of Acquired Portfolio (000s)			Total Net Assets of Acquiring Portfolio (000s)						Acquired Portfolio’s Capital Loss Carryforwards (000s)						Acquired Portfolio’s Unrealized Appreciation (000s)						Portfolios’ Conversion Ratio
	$441,776				$	489,072					$	0					$	34,254						1.2354

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $930,848,682.

NOTE 16 — SUBSEQUENT EVENTS

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.3%
129,641	iShares 20+ Year Treasury Bond ETF		$	19,211,500		2.0
453,837	Schwab U.S. TIPS ETF			28,541,809		3.1
1,675,679	Xtrackers USD High Yield Corporate Bond ETF			66,759,051		7.2
	Total Exchange-Traded Funds (Cost $110,015,736)			114,512,360		12.3
MUTUAL FUNDS: 82.6%
	Affiliated Investment Companies: 82.6%
1,978,179	Voya Emerging Markets Index Portfolio - Class P2			26,586,722		2.9
4,494,958	Voya International Index Portfolio - Class P2			54,928,386		5.9
1,257,849	Voya Russell Mid Cap Index Portfolio - Class P2			18,528,116		2.0
2,832,606	Voya Short Term Bond Fund - Class P2			27,674,560		3.0
40,069,391	Voya U.S. Bond Index Portfolio - Class P2			430,745,952		46.2
9,587,373	Voya U.S. Stock Index Portfolio - Class P2			211,018,081		22.6
	Total Mutual Funds (Cost $722,055,740)			769,481,817		82.6

Units		Value		Percentage of Net Assets
FUNDING AGREEMENTS: 4.9%
	Investment Contract: 4.9%
4,602,367 (1)(2)(3)	VRIAC Contract, 1.600%		46,268,502		4.9
	Total Funding Agreements (Cost $46,026,709)		46,268,502		4.9
	Total Long-Term Investments (Cost $878,098,185)		930,262,679		99.8

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
	Mutual Funds: 0.2%
1,856,949 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030% (Cost $1,856,949)		$	1,856,949		0.2
	Total Short-Term Investments (Cost $1,856,949)			1,856,949		0.2
	Total Investments in Securities (Cost $879,955,134)		$	932,119,628		100.0
	Liabilities in Excess of Other Assets			(241,129)		—
	Net Assets		$	931,878,499		100.0

(1)

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

(2)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(3)

Investment in affiliate.

(4)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2021 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	114,512,360		$	—		$	—		$	114,512,360
Mutual Funds			769,481,817			—			—			769,481,817
Funding Agreements			—			—			46,268,502			46,268,502
Short-Term Investments			1,856,949			—			—			1,856,949
Total Investments, at fair value		$	885,851,126		$	—		$	46,268,502		$	932,119,628

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

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

Investments, at fair value

Fair Value
at
December 31, 2021

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average of
Inputs**

Impact to Valuation from
an Increase in Input***

Funding Agreements

$46,268,502

Cost Approach

Interest rate

1.600%

Increase**

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

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

***

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

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

	Funding Agreements
Assets:
Beginning balance at December 31, 2020		$	—
Purchases			49,766,837
Sales			(3,750,653)
Total realized gain (loss)			10,525
Net change in unrealized appreciation (depreciation)****			241,793
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at December 31, 2021		$	46,268,502
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021****		$	241,793

****

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	30,839,526		$	3,906,556		$	(5,529,631)		$	(2,629,729)		$	26,586,722		$	257,878		$	1,662,005		$	—
Voya International Index Portfolio - Class P2			55,689,531			7,666,185			(10,667,166)			2,239,836			54,928,386			1,172,496			2,448,522			—
Voya Russell Mid Cap Index Portfolio - Class P2			—			22,009,720			(3,032,422)			(449,182)			18,528,116			192,942			(200,206)			1,698,466
Voya Russell Small Cap Index Portfolio - Class P2			52,498,559			1,250,286			(42,684,398)			(11,064,447)			—			126,272			17,033,987			—
Voya Short Term Bond - Class P2			98,126,274			11,739,602			(80,067,308)			(2,124,008)			27,674,560			1,978,650			1,078,458			—
Voya U.S. Bond Index Portfolio - Class P2			461,103,872			88,113,462			(90,153,228)			(28,318,154)			430,745,952			10,615,949			5,134,023			5,179,943
Voya U.S. Stock Index Portfolio - Class P2			195,353,038			62,121,369			(58,445,370)			11,989,044			211,018,081			2,165,279			18,104,549			18,073,254
VRIAC Contract			—			49,766,837			(3,740,128)			241,793			46,268,502			—			10,525			—
		$	893,610,800		$	246,574,017		$	(294,319,651)		$	(30,114,847)		$	815,750,319		$	16,509,466		$	45,271,863		$	24,951,663

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(262,331)
Total		$	(262,331)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	87,795
Total		$	87,795

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $886,502,191.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	63,718,226
Gross Unrealized Depreciation		(18,100,789)
Net Unrealized Appreciation	$	45,617,437

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.9%
350,489	iShares MSCI EAFE Small-Cap ETF		$	25,617,241		1.9
2,355,387	Xtrackers USD High Yield Corporate Bond ETF			93,838,618		7.0
	Total Exchange-Traded Funds (Cost $117,436,651)			119,455,859		8.9
MUTUAL FUNDS: 85.9%
	Affiliated Investment Companies: 85.9%
5,664,960	Voya Emerging Markets Index Portfolio - Class P2			76,137,068		5.7
10,687,172	Voya International Index Portfolio - Class P2			130,597,241		9.8
2,699,312	Voya Russell Mid Cap Index Portfolio - Class P2			39,760,871		3.0
1,414,399	Voya Russell Small Cap Index Portfolio - Class P2			25,346,037		1.9
38,019,858	Voya U.S. Bond Index Portfolio - Class P2			408,713,469		30.6
21,180,841	Voya U.S. Stock Index Portfolio - Class P2			466,190,306		34.9
	Total Mutual Funds (Cost $1,009,733,441)			1,146,744,992		85.9

Units		Value			Percentage of Net Assets
FUNDING AGREEMENTS: 5.0%
	Investment Contract: 5.0%
6,586,944 (1)(2)(3)	VRIAC Contract, 1.600%		$	66,219,843		5.0
	Total Funding Agreements (Cost $65,874,597)			66,219,843		5.0
	Total Investments in Securities (Cost $1,193,044,689)		$	1,332,420,694		99.8
	Assets in Excess of Other Liabilities			2,093,891		0.2
	Net Assets		$	1,334,514,585		100.0

(1)

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

(2)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(3)

Investment in affiliate.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	119,455,859		$	—		$	—		$	119,455,859
Mutual Funds			1,146,744,992			—			—			1,146,744,992
Funding Agreements			—			—			66,219,843			66,219,843
Total Investments, at fair value		$	1,266,200,851		$	—		$	66,219,843		$	1,332,420,694

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 December 31, 2021 (continued)

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

Investments, at fair value

Fair Value at
December 31, 2021

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value
or Range
of Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation from an
Increase in Input***

Funding Agreements

66,219,843

Cost Approach

Interest rate

1.600%

Increase**

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

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

***

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

	Funding Agreements
Assets:
Beginning balance at December 31, 2020		$	—
Purchases			69,609,531
Sales			(3,744,636)
Total realized gain (loss)			9,702
Net change in unrealized appreciation (depreciation)****			345,246
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at December 31, 2021		$	66,219,843
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021****		$	345,246

****

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	69,909,060		$	20,215,123		$	(9,195,840)		$	(4,791,275)		$	76,137,068		$	696,994		$	1,228,564		$	—
Voya International Index Portfolio - Class P2			161,964,096			15,605,869			(52,194,530)			5,221,806			130,597,241			3,166,828			9,269,569			—
Voya Russell Mid Cap Index Portfolio - Class P2			31,334,886			26,542,028			(18,748,304)			632,261			39,760,871			521,347			2,043,746			4,589,406
Voya Russell Small Cap Index Portfolio - Class P2			38,962,189			18,144,219			(25,227,841)			(6,532,530)			25,346,037			255,812			10,751,258			—
Voya U.S. Bond Index Portfolio - Class P2			411,615,746			167,015,740			(140,324,531)			(29,593,486)			408,713,469			10,541,348			8,208,379			5,724,647
Voya U.S. Stock Index Portfolio - Class P2			445,949,352			93,996,547			(106,059,274)			32,303,681			466,190,306			4,764,884			35,139,902			39,411,084
VRIAC Contract			—			69,609,531			(3,734,934)			345,246			66,219,843			—			9,702			—
		$	1,159,735,329		$	411,129,057		$	(355,485,254)		$	(2,414,297)		$	1,212,964,835		$	19,947,213		$	66,651,120		$	49,725,137

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 December 31, 2021 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	2,024,735
Total		$	2,024,735

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(310,748)
Total		$	(310,748)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,199,410,977.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	152,876,167
Gross Unrealized Depreciation		(19,866,450)
Net Unrealized Appreciation	$	133,009,717

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.8%
244,072	iShares MSCI EAFE Small-Cap ETF		$	17,839,223		1.9
1,631,916	Xtrackers USD High Yield Corporate Bond ETF			65,015,533		6.9
	Total Exchange-Traded Funds (Cost $81,727,719)			82,854,756		8.8
MUTUAL FUNDS: 86.1%
	Affiliated Investment Companies: 86.1%
4,004,732	Voya Emerging Markets Index Portfolio - Class P2			53,823,592		5.7
10,601,361	Voya International Index Portfolio - Class P2			129,548,637		13.7
2,543,176	Voya Russell Mid Cap Index Portfolio - Class P2			37,460,983		4.0
2,530,268	Voya Russell Small Cap Index Portfolio - Class P2			45,342,404		4.8
16,546,669	Voya U.S. Bond Index Portfolio - Class P2			177,876,687		18.9
16,719,282	Voya U.S. Stock Index Portfolio - Class P2			367,991,396		39.0
	Total Mutual Funds (Cost $708,232,669)			812,043,699		86.1

Units		Value			Percentage of Net Assets
FUNDING AGREEMENTS: 4.9%
	Investment Contract: 4.9%
4,653,717 (1)(2)(3)	VRIAC Contract, 1.600%		$	46,784,734		4.9
	Total Funding Agreements (Cost $46,543,459)			46,784,734		4.9
	Total Investments in Securities (Cost $836,503,847)		$	941,683,189		99.8
	Assets in Excess of Other Liabilities			1,642,374		0.2
	Net Assets		$	943,325,563		100.0

(1)

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

(2)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(3)

Investment in affiliate.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	82,854,756		$	—		$	—		$	82,854,756
Mutual Funds			812,043,699			—			—			812,043,699
Funding Agreements			—			—			46,784,734			46,784,734
Total Investments, at fair value		$	894,898,455		$	—		$	46,784,734		$	941,683,189

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 December 31, 2021 (continued)

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

Investments, at fair value

Fair Value at
December 31, 2021

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value
or Range
of Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation from an
Increase in Input***

Funding Agreements

46,784,734

Cost Approach

Interest rate

1.600%

Increase**

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

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

***

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

	Funding Agreements
Assets:
Beginning balance at December 31, 2020		$	—
Purchases			48,602,067
Sales			(2,063,410)
Total realized gain (loss)			4,802
Net change in unrealized appreciation (depreciation)****			241,275
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at December 31, 2021		$	46,784,734
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021****		$	241,275

****

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	55,922,987		$	14,325,103		$	(11,390,583)		$	(5,033,915)		$	53,823,592		$	537,927		$	2,889,313		$	—
Voya International Index Portfolio - Class P2			133,127,676			23,541,472			(34,235,386)			7,114,875			129,548,637			2,972,732			5,369,027			—
Voya Russell Mid Cap Index Portfolio - Class P2			23,635,901			25,385,198			(12,510,759)			950,643			37,460,983			432,218			1,122,994			3,804,804
Voya Russell Small Cap Index Portfolio - Class P2			32,821,464			34,535,609			(18,511,749)			(3,502,920)			45,342,404			338,540			7,877,515			—
Voya U.S. Bond Index Portfolio - Class P2			183,218,356			91,199,468			(83,901,155)			(12,639,982)			177,876,687			4,848,388			3,047,263			2,749,402
Voya U.S. Stock Index Portfolio - Class P2			303,549,466			105,579,195			(65,529,344)			24,392,079			367,991,396			3,751,683			22,638,578			28,206,398
VRIAC Contract			—			48,602,067			(2,058,608)			241,275			46,784,734			—			4,802			—
		$	732,275,850		$	343,168,112		$	(228,137,584)		$	11,522,055		$	858,828,433		$	12,881,488		$	42,949,492		$	34,760,604

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 December 31, 2021 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	852,753
Total		$	852,753

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(48,956)
Total		$	(48,956)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $840,708,534.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	112,404,744
Gross Unrealized Depreciation		(11,430,089)
Net Unrealized Appreciation	$	100,974,655

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.9%
384,218	iShares MSCI EAFE Small-Cap ETF		$	28,082,494		1.9
1,470,024	Xtrackers USD High Yield Corporate Bond ETF			58,565,756		4.0
	Total Exchange-Traded Funds (Cost $84,348,759)			86,648,250		5.9
MUTUAL FUNDS: 94.0%
	Affiliated Investment Companies: 94.0%
8,322,067	Voya Emerging Markets Index Portfolio - Class P2			111,848,577		7.6
18,872,919	Voya International Index Portfolio - Class P2			230,627,069		15.7
3,963,891	Voya Russell Mid Cap Index Portfolio - Class P2			58,388,120		4.0
3,920,804	Voya Russell Small Cap Index Portfolio - Class P2			70,260,812		4.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
23,002,427	Voya U.S. Bond Index Portfolio - Class P2		$	247,276,088		16.8
30,159,784	Voya U.S. Stock Index Portfolio - Class P2			663,816,849		45.1
	Total Mutual Funds (Cost $1,194,350,035)			1,382,217,515		94.0
	Total Investments in Securities (Cost $1,278,698,794)		$	1,468,865,765		99.9
	Assets in Excess of Other Liabilities			1,966,453		0.1
	Net Assets		$	1,470,832,218		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	86,648,250		$	—		$	—		$	86,648,250
Mutual Funds			1,382,217,515			—			—			1,382,217,515
Total Investments, at fair value		$	1,468,865,765		$	—		$	—		$	1,468,865,765

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 2035 Portfolio

as of December 31, 2021 (continued)

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	115,625,379		$	51,854,467		$	(41,724,855)		$	(13,906,414)		$	111,848,577		$	1,355,703		$	9,352,507		$	—
Voya International Index Portfolio - Class P2			226,657,508			32,604,690			(42,364,409)			13,729,280			230,627,069			5,048,509			7,420,126			—
Voya Russell Mid Cap Index Portfolio - Class P2			50,680,655			40,538,835			(34,711,845)			1,880,475			58,388,120			831,909			2,705,934			7,323,280
Voya Russell Small Cap Index Portfolio - Class P2			52,450,509			66,694,727			(38,716,679)			(10,167,745)			70,260,812			542,948			16,564,842			—
Voya U.S. Bond Index Portfolio - Class P2			171,068,994			106,869,651			(19,167,601)			(11,494,956)			247,276,088			5,142,652			1,351,964			2,745,911
Voya U.S. Stock Index Portfolio - Class P2			563,522,769			186,516,048			(130,125,897)			43,903,929			663,816,849			6,766,274			42,077,235			50,215,007
		$	1,180,005,814		$	485,078,418		$	(306,811,286)		$	23,944,569		$	1,382,217,515		$	19,687,995		$	79,472,608		$	60,284,198

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,380,504
Total		$	1,380,504

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(76,962)
Total		$	(76,962)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,283,958,041.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	197,558,596
Gross Unrealized Depreciation		(12,650,872)
Net Unrealized Appreciation	$	184,907,724

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.8%
209,682	iShares MSCI EAFE Small-Cap ETF		$	15,325,657		1.9
599,077	Xtrackers USD High Yield Corporate Bond ETF			23,867,228		2.9
	Total Exchange-Traded Funds (Cost $38,644,471)			39,192,885		4.8
MUTUAL FUNDS: 95.1%
	Affiliated Investment Companies: 95.1%
4,624,063	Voya Emerging Markets Index Portfolio - Class P2			62,147,413		7.6
11,840,735	Voya International Index Portfolio - Class P2			144,693,779		17.6
2,204,428	Voya Russell Mid Cap Index Portfolio - Class P2			32,471,224		4.0
2,638,177	Voya Russell Small Cap Index Portfolio - Class P2			47,276,136		5.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
6,818,846	Voya U.S. Bond Index Portfolio - Class P2		$	73,302,591		8.9
19,069,109	Voya U.S. Stock Index Portfolio - Class P2			419,711,080		51.2
	Total Mutual Funds (Cost $671,819,397)			779,602,223		95.1
	Total Investments in Securities (Cost $710,463,868)		$	818,795,108		99.9
	Assets in Excess of Other Liabilities			1,131,563		0.1
	Net Assets		$	819,926,671		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	39,192,885		$	—		$	—		$	39,192,885
Mutual Funds			779,602,223			—			—			779,602,223
Total Investments, at fair value		$	818,795,108		$	—		$	—		$	818,795,108

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 December 31, 2021 (continued)

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	60,972,646		$	36,538,838		$	(26,017,773)		$	(9,346,298)		$	62,147,413		$	780,862		$	6,346,214		$	—
Voya International Index Portfolio - Class P2			125,873,091			29,430,666			(19,853,718)			9,243,740			144,693,779			2,957,150			2,974,932			—
Voya Russell Mid Cap Index Portfolio - Class P2			25,327,314			31,739,541			(22,172,242)			(2,423,389)			32,471,224			511,050			4,564,878			4,498,760
Voya Russell Small Cap Index Portfolio - Class P2			26,571,124			38,122,187			(14,588,708)			(2,828,467)			47,276,136			286,611			6,200,519			—
Voya U.S. Bond Index Portfolio - Class P2			56,839,731			23,160,003			(3,343,227)			(3,353,916)			73,302,591			1,553,105			129,502			772,595
Voya U.S. Stock Index Portfolio - Class P2			314,484,448			135,743,347			(63,443,569)			32,926,854			419,711,080			4,264,169			18,212,423			30,101,892
		$	610,068,354		$	294,734,582		$	(149,419,237)		$	24,218,524		$	779,602,223		$	10,352,947		$	38,428,468		$	35,373,247

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	2,290,512
Interest rate contracts			394,946
Total		$	2,685,458

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(348,095)
Interest rate contracts			13,853
Total		$	(334,242)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $712,097,170.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	111,438,509
Gross Unrealized Depreciation		(4,740,571)
Net Unrealized Appreciation	$	106,697,938

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.9%
293,432	iShares MSCI EAFE Small-Cap ETF		$	21,446,945		1.9
561,027	Xtrackers USD High Yield Corporate Bond ETF			22,351,315		2.0
	Total Exchange-Traded Funds (Cost $43,596,647)			43,798,260		3.9
MUTUAL FUNDS: 96.0%
	Affiliated Investment Companies: 96.0%
7,146,976	Voya Emerging Markets Index Portfolio - Class P2			96,055,358		8.5
18,041,731	Voya International Index Portfolio - Class P2			220,469,948		19.5
3,029,510	Voya Russell Mid Cap Index Portfolio - Class P2			44,624,686		4.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
3,625,176	Voya Russell Small Cap Index Portfolio - Class P2		$	64,963,157		5.8
3,096,079	Voya U.S. Bond Index Portfolio - Class P2			33,282,854		2.9
28,320,497	Voya U.S. Stock Index Portfolio - Class P2			623,334,139		55.3
	Total Mutual Funds (Cost $915,480,138)			1,082,730,142		96.0
	Total Investments in Securities (Cost $959,076,785)		$	1,126,528,402		99.9
	Assets in Excess of Other Liabilities			1,278,577		0.1
	Net Assets		$	1,127,806,979		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	43,798,260		$	—		$	—		$	43,798,260
Mutual Funds			1,082,730,142			—			—			1,082,730,142
Total Investments, at fair value		$	1,126,528,402		$	—		$	—		$	1,126,528,402

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 December 31, 2021 (continued)

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	94,397,219		$	55,041,209		$	(39,467,224)		$	(13,915,846)		$	96,055,358		$	1,204,386		$	9,157,508		$	—
Voya International Index Portfolio - Class P2			194,755,051			45,829,192			(32,419,855)			12,305,560			220,469,948			4,629,716			6,214,495			—
Voya Russell Mid Cap Index Portfolio - Class P2			41,917,329			37,727,230			(33,541,338)			(1,478,535)			44,624,686			726,969			5,207,879			6,399,496
Voya Russell Small Cap Index Portfolio - Class P2			39,213,332			51,462,610			(21,523,744)			(4,189,041)			64,963,157			407,998			9,160,296			—
Voya U.S. Bond Index Portfolio - Class P2			47,221,159			11,850,398			(23,916,711)			(1,871,992)			33,282,854			922,131			(387,792)			363,458
Voya U.S. Stock Index Portfolio - Class P2			490,122,350			175,086,921			(89,100,890)			47,225,758			623,334,139			6,352,328			30,793,971			46,410,812
		$	907,626,440		$	376,997,560		$	(239,969,762)		$	38,075,904		$	1,082,730,142		$	14,243,528		$	60,146,357		$	53,173,766

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	3,522,222
Interest rate contracts			739,569
Total		$	4,261,791

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(473,169)
Interest rate contracts			24,363
Total		$	(448,806)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $963,309,232.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	170,137,599
Gross Unrealized Depreciation		(6,918,429)
Net Unrealized Appreciation	$	163,219,170

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.9%
152,021	iShares MSCI EAFE Small-Cap ETF		$	11,111,215		1.9
	Total Exchange-Traded Funds(Cost $11,745,627)			11,111,215		1.9
MUTUAL FUNDS: 98.0%
	Affiliated Investment Companies: 98.0%
3,775,852	Voya Emerging Markets Index Portfolio - Class P2			50,747,456		8.5
9,543,461	Voya International Index Portfolio - Class P2			116,621,089		19.6
1,999,793	Voya Russell Mid Cap Index Portfolio - Class P2			29,456,956		4.9
1,896,463	Voya Russell Small Cap Index Portfolio - Class P2			33,984,621		5.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,640,871	Voya U.S. Bond Index Portfolio - Class P2		$	17,639,360		3.0
15,206,147	Voya U.S. Stock Index Portfolio - Class P2			334,687,294		56.3
	Total Mutual Funds (Cost $499,300,007)			583,136,776		98.0
	Total Investments in Securities (Cost $511,045,634)		$	594,247,991		99.9
	Assets in Excess of Other Liabilities			643,359		0.1
	Net Assets		$	594,891,350		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	11,111,215		$	—		$	—		$	11,111,215
Mutual Funds			583,136,776			—			—			583,136,776
Total Investments, at fair value		$	594,247,991		$	—		$	—		$	594,247,991

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

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	45,093,486		$	31,883,713		$	(18,695,568)		$	(7,534,175)		$	50,747,456		$	601,486		$	4,938,918		$	—
Voya International Index Portfolio - Class P2			97,298,476			31,858,992			(18,978,719)			6,442,340			116,621,089			2,419,154			3,161,032			—
Voya Russell Mid Cap Index Portfolio - Class P2			20,015,149			21,235,329			(12,126,401)			332,879			29,456,956			363,580			1,558,509			3,200,584
Voya Russell Small Cap Index Portfolio - Class P2			18,529,697			34,328,776			(14,910,907)			(3,962,945)			33,984,621			237,719			6,053,955			—
Voya U.S. Bond Index Portfolio - Class P2			22,507,824			6,828,764			(10,813,100)			(884,128)			17,639,360			459,645			(224,531)			183,153
Voya U.S. Stock Index Portfolio - Class P2			238,404,054			116,395,688			(46,259,648)			26,147,200			334,687,294			3,400,476			13,470,624			23,524,828
		$	441,848,686		$	242,531,262		$	(121,784,343)		$	20,541,171		$	583,136,776		$	7,482,060		$	28,958,507		$	26,908,565

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2021 (continued)

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,053,054
Interest rate contracts			198,718
Total		$	1,251,772

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(99,677)
Interest rate contracts			7,315
Total		$	(92,362)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $513,260,730.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	84,592,342
Gross Unrealized Depreciation		(3,605,081)
Net Unrealized Appreciation	$	80,987,261

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.9%
159,011	iShares MSCI EAFE Small-Cap ETF		$	11,622,114		1.9
	Total Exchange-Traded Funds (Cost $12,285,697)			11,622,114		1.9
MUTUAL FUNDS: 98.0%
	Affiliated Investment Companies: 98.0%
3,940,533	Voya Emerging Markets Index Portfolio - Class P2			52,960,763		8.5
9,957,446	Voya International Index Portfolio - Class P2			121,679,985		19.6
2,087,129	Voya Russell Mid Cap Index Portfolio - Class P2			30,743,404		4.9
1,979,187	Voya Russell Small Cap Index Portfolio - Class P2			35,467,036		5.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,712,519	Voya U.S. Bond Index Portfolio - Class P2		$	18,409,582		3.0
15,870,674	Voya U.S. Stock Index Portfolio - Class P2			349,313,537		56.3
	Total Mutual Funds (Cost $518,874,366)			608,574,307		98.0
	Total Investments in Securities (Cost $531,160,063)		$	620,196,421		99.9
	Assets in Excess of Other Liabilities			581,494		0.1
	Net Assets		$	620,777,915		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	11,622,114		$	—		$	—		$	11,622,114
Mutual Funds			608,574,307			—			—			608,574,307
Total Investments, at fair value		$	620,196,421		$	—		$	—		$	620,196,421

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

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	50,715,063		$	30,244,515		$	(20,443,826)		$	(7,554,989)		$	52,960,763		$	634,521		$	4,986,647		$	—
Voya International Index Portfolio - Class P2			104,299,310			31,707,848			(21,358,933)			7,031,760			121,679,985			2,552,066			3,104,495			—
Voya Russell Mid Cap Index Portfolio - Class P2			23,826,181			19,357,917			(13,696,323)			1,255,629			30,743,404			383,580			1,097,690			3,376,645
Voya Russell Small Cap Index Portfolio - Class P2			19,947,316			35,668,818			(15,946,304)			(4,202,794)			35,467,036			250,777			6,460,212			—
Voya U.S. Bond Index Portfolio - Class P2			19,453,539			6,156,988			(6,313,066)			(887,879)			18,409,582			440,756			(119,193)			193,210
Voya U.S. Stock Index Portfolio - Class P2			250,742,214			118,089,600			(46,080,196)			26,561,919			349,313,537			3,551,993			14,547,015			24,863,273
		$	468,983,623		$	241,225,686		$	(123,838,648)		$	22,203,646		$	608,574,307		$	7,813,693		$	30,076,866		$	28,433,128

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 2055 Portfolio

as of December 31, 2021 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,118,758
Interest rate contracts			212,970
Total		$	1,331,728

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(109,133)
Interest rate contracts			7,011
Total		$	(102,122)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $533,802,162.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	90,515,810
Gross Unrealized Depreciation		(4,121,551)
Net Unrealized Appreciation	$	86,394,259

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.8%
73,463	iShares MSCI EAFE Small-Cap ETF		$	5,369,411		1.8
	Total Exchange-Traded Funds (Cost $5,675,986)			5,369,411		1.8
MUTUAL FUNDS: 98.1%
	Affiliated Investment Companies: 98.1%
1,847,891	Voya Emerging Markets Index Portfolio - Class P2			24,835,656		8.5
4,675,283	Voya International Index Portfolio - Class P2			57,131,964		19.6
978,320	Voya Russell Mid Cap Index Portfolio - Class P2			14,410,659		5.0
927,925	Voya Russell Small Cap Index Portfolio - Class P2			16,628,412		5.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
535,067	Voya U.S. Bond Index Portfolio - Class P2		$	5,751,971		2.0
7,572,032	Voya U.S. Stock Index Portfolio - Class P2			166,660,427		57.3
	Total Mutual Funds (Cost $250,284,911)			285,419,089		98.1
	Total Investments in Securities (Cost $255,960,897)		$	290,788,500		99.9
	Assets in Excess of Other Liabilities			295,711		0.1
	Net Assets		$	291,084,211		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,369,411		$	—		$	—		$	5,369,411
Mutual Funds			285,419,089			—			—			285,419,089
Total Investments, at fair value		$	290,788,500		$	—		$	—		$	290,788,500

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2021 (continued)

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	20,774,263		$	16,331,119		$	(8,566,974)		$	(3,702,752)		$	24,835,656		$	273,151		$	2,457,291		$	—
Voya International Index Portfolio - Class P2			42,870,030			20,452,069			(8,415,191)			2,225,056			57,131,964			1,098,169			2,138,664			—
Voya Russell Mid Cap Index Portfolio - Class P2			9,766,176			10,141,143			(5,314,160)			(182,500)			14,410,659			164,999			1,231,569			1,452,485
Voya Russell Small Cap Index Portfolio - Class P2			8,368,023			17,541,913			(7,627,922)			(1,653,602)			16,628,412			107,945			2,568,149			—
Voya U.S. Bond Index Portfolio - Class P2			6,841,994			2,839,665			(3,721,338)			(208,350)			5,751,971			144,524			(141,835)			56,660
Voya U.S. Stock Index Portfolio - Class P2			103,805,244			68,505,155			(18,058,399)			12,408,427			166,660,427			1,689,272			5,876,877			11,200,637
		$	192,425,730		$	135,811,064		$	(51,703,984)		$	8,886,279		$	285,419,089		$	3,478,060		$	14,130,715		$	12,709,782

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 year ended December 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	604,197
Interest rate contracts			119,871
Total		$	724,068

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(68,282)
Interest rate contracts			4,223
Total		$	(64,059)

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $257,586,173.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	35,780,321
Gross Unrealized Depreciation		(2,577,994)
Net Unrealized Appreciation	$	33,202,327

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.7%
4,783	iShares MSCI EAFE Small-Cap ETF		$	349,590		1.7
	Total Exchange-Traded Funds (Cost $369,550)			349,590		1.7
MUTUAL FUNDS: 98.3%
	Affiliated Investment Companies: 98.3%
135,249	Voya Emerging Markets Index Portfolio - Class P2			1,817,749		8.6
344,971	Voya International Index Portfolio - Class P2			4,215,542		19.9
71,311	Voya Russell Mid Cap Index Portfolio - Class P2			1,050,405		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
67,689	Voya Russell Small Cap Index Portfolio - Class P2		$	1,212,985		5.7
38,968	Voya U.S. Bond Index Portfolio - Class P2			418,910		2.0
550,611	Voya U.S. Stock Index Portfolio - Class P2			12,118,958		57.2
	Total Mutual Funds (Cost $20,084,764)			20,834,549		98.3
	Total Investments in Securities (Cost $20,454,314)		$	21,184,139		100.0
	Assets in Excess of Other Liabilities			3,466		0.0
	Net Assets		$	21,187,605		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2021
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	349,590		$	—		$	—		$	349,590
Mutual Funds			20,834,549			—			—			20,834,549
Total Investments, at fair value		$	21,184,139		$	—		$	—		$	21,184,139

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

Transactions with Affiliates

The following table provides transactions during the year ended December 31, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	477,055		$	—		$	1,515,551		$	(174,857)		$	1,817,749		$	12,009		$	60,432		$	—
Voya International Index Portfolio - Class P2			1,026,959			—			3,166,093			22,490			4,215,542			48,348			140,477			—
Voya Russell Mid Cap Index Portfolio - Class P2			224,341			—			833,107			(7,043)			1,050,405			7,276			50,697			64,047
Voya Russell Small Cap Index Portfolio - Class P2			277,598			1			997,849			(62,463)			1,212,985			4,748			70,776			—
Voya U.S. Bond Index Portfolio - Class P2			87,068			—			340,438			(8,596)			418,910			5,366			(855)			2,889
Voya U.S. Stock Index Portfolio - Class P2			2,340,728			—			9,197,551			580,679			12,118,958			121,908			243,013			574,642
		$	4,433,749		$	1		$	16,050,589		$	350,210		$	20,834,549		$	199,655		$	564,540		$	641,578

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio

as of December 31, 2021 (continued)

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

At December 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $20,470,024.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	897,923
Gross Unrealized Depreciation		(183,808)
Net Unrealized Appreciation	$	714,115

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

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

Portfolio Name	Type	Per Share Amount
Voya Index Solution Income Portfolio
Class ADV	NII		$	0.1615
Class I	NII		$	0.2123
Class S	NII		$	0.1836
Class S2	NII		$	0.1855
Class Z	NII		$	0.2180
All Classes	STCG		$	0.0498
All Classes	LTCG		$	0.2385
Voya Index Solution 2025 Portfolio
Class ADV	NII		$	0.2150
Class I	NII		$	0.2779
Class S	NII		$	0.2492
Class S2	NII		$	0.2335
Class Z	NII		$	0.2840
All Classes	STCG		$	0.0942
All Classes	LTCG		$	0.4584
Voya Index Solution 2030 Portfolio
Class ADV	NII		$	0.2857
Class I	NII		$	0.3542
Class S	NII		$	0.3176
Class S2	NII		$	0.3155
Class Z	NII		$	0.3679
All Classes	STCG		$	0.1114
All Classes	LTCG		$	0.4755
Voya Index Solution 2035 Portfolio
Class ADV	NII		$	0.1938
Class I	NII		$	0.2609
Class S	NII		$	0.2301
Class S2	NII		$	0.2204
Class Z	NII		$	0.2688
All Classes	STCG		$	0.1125
All Classes	LTCG		$	0.4931
Voya Index Solution 2040 Portfolio
Class ADV	NII		$	0.2526
Class I	NII		$	0.3356
Class S	NII		$	0.2956
Class S2	NII		$	0.2877
Class Z	NII		$	0.3551
All Classes	STCG		$	0.0804
All Classes	LTCG		$	0.5569

Portfolio Name	Type	Per Share Amount
Voya Index Solution 2045 Portfolio
Class ADV	NII		$	0.1858
Class I	NII		$	0.2520
Class S	NII		$	0.2221
Class S2	NII		$	0.2114
Class Z	NII		$	0.2643
All Classes	STCG		$	0.0862
All Classes	LTCG		$	0.5335
Voya Index Solution 2050 Portfolio
Class ADV	NII		$	0.2345
Class I	NII		$	0.3157
Class S	NII		$	0.2760
Class S2	NII		$	0.2514
Class Z	NII		$	0.3418
All Classes	STCG		$	0.0477
All Classes	LTCG		$	0.4953
Voya Index Solution 2055 Portfolio
Class ADV	NII		$	0.2080
Class I	NII		$	0.2894
Class S	NII		$	0.2542
Class S2	NII		$	0.2483
Class Z	NII		$	0.3162
All Classes	STCG		$	0.0687
All Classes	LTCG		$	0.5772
Voya Index Solution 2060 Portfolio
Class ADV	NII		$	0.1299
Class I	NII		$	0.2002
Class S	NII		$	0.1662
Class S2	NII		$	0.1508
Class Z	NII		$	0.2175
All Classes	STCG		$	0.0573
All Classes	LTCG		$	0.3155
Voya Index Solution 2065 Portfolio
Class ADV	NII		$	0.0804
Class I	NII		$	0.1316
Class S	NII		$	0.1091
Class S2	NII		$	0.0934
Class Z	NII		$	0.1411
All Classes	STCG		$	0.2712
All Classes	LTCG		$	0.4921

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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TAX INFORMATION (Unaudited) (continued)

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

	Voya Index Solution Income Portfolio					13.95%
	Voya Index Solution 2025 Portfolio					21.49%
	Voya Index Solution 2030 Portfolio					23.82%
	Voya Index Solution 2035 Portfolio					27.11%
	Voya Index Solution 2040 Portfolio					33.56%
	Voya Index Solution 2045 Portfolio					34.92%
	Voya Index Solution 2050 Portfolio					40.76%
	Voya Index Solution 2055 Portfolio					40.09%
	Voya Index Solution 2060 Portfolio					39.25%
	Voya Index Solution 2065 Portfolio					21.76%

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya Index Solution Income Portfolio	$	19,139,561
Voya Index Solution 2025 Portfolio		45,757,104
Voya Index Solution 2030 Portfolio		21,932,792
Voya Index Solution 2035 Portfolio		48,479,927
Voya Index Solution 2040 Portfolio		19,778,057
Voya Index Solution 2045 Portfolio		36,448,775
Voya Index Solution 2050 Portfolio		12,281,658
Voya Index Solution 2055 Portfolio		16,300,247
Voya Index Solution 2060 Portfolio		4,700,425
Voya Index Solution 2065 Portfolio		759,563

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Index Solution Income Portfolio		$	155,374		$	0.0020		3.37%
Voya Index Solution 2025 Portfolio			418,871			0.0040		13.04%
Voya Index Solution 2030 Portfolio			355,290			0.0072		18.66%
Voya Index Solution 2035 Portfolio			669,923			0.0064		23.87%
Voya Index Solution 2040 Portfolio			397,525			0.0104		22.89%
Voya Index Solution 2045 Portfolio			609,588			0.0083		25.98%
Voya Index Solution 2050 Portfolio			321,477			0.0119		27.87%
Voya Index Solution 2055 Portfolio			335,923			0.0110		24.20%
Voya Index Solution 2060 Portfolio			157,406			0.0094		23.49%
Voya Index Solution 2065 Portfolio			11,515			0.0070		11.32%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

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TAX INFORMATION (Unaudited) (continued)

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 262-3862.

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of
Time Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

Independent Directors:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 61

Director

Chairperson

November 2007 –
Present

January 2020 –
Present

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

131

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

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

Director

November 1997 –
Present

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

131

None.

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

Director

January 2006 –
Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).

131

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

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

Director

August 2015 –
Present

Retired.

131

None.

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

Director

May 2013 – Present

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

131

None.

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

Director

January 2006 –
Present

Consultant (May 2001 – Present).

131

Centerra Gold Inc. (May 2008 – Present).

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

Director

October 2015 –
Present

Retired.

131

None.

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of
Time Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

Director who is an “interested person”:

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

Director

July 2018 – Present

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

131

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

(1)

(2)

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 53	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (March 2020 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – March 2020); Senior Vice President and Treasurer, Voya Investments Distributor, LLC (November 2015 – September 2019); Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 48	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Operating Officer and Senior Managing Director, Voya Investment Management (January 2022 – Present). Formerly, Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – January 2022); Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 54	Executive Vice President Chief Investment Risk Officer	March 2020 – Present March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present) and Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020); Consultant, DA Capital LLC (January 2016 – March 2017).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 63	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:54	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44	Senior Vice President	September 2020 – Present	Senior Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (March 2021 – Present). Formerly, Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – March 2021).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 51	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present) and Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Vice President Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 45	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 40	Secretary	September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President, Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70	Assistant Secretary	June 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).

(1)

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

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

At a meeting held on November 18, 2021, the Board of Directors (“Board”) of Voya Partners, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, and Voya Index Solution 2065 Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2022.

sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s investment management and sub-advisory arrangements.

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

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio’s prospectus. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Company’s Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

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

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate

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

payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. In addition, the Board considered each Portfolio’s contractual management fee schedule compared to other third-party sub-advised funds, other funds the Sub-Adviser manages and/or their proprietary funds (if applicable) identified by the Manager. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. The Board also considered the extent to which the Manager currently waives management fees and/or reimburses a Portfolio for other Portfolio-level expenses at different rates for different share classes (“Differential Fee Waiver”), including the basis for the Manager’s determination that any Differential Fee Waiver does not and will not result in any cross-subsidization by one share class of another share class. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Advisers’ potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 7-8, 2021, November 16, 2021, and/or November 18, 2021 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2021. In addition, the Board also considered at its October 7-8, 2021, November 16, 2021, and/or November 18, 2021 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

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

Voya Index Solution Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the three-year and five-year periods, and the third quintile for the year-to-date and one-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2025 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, three-year, and ten-year periods, and the third quintile for the one-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the

compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2030 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, three-year and five-year periods, and the third quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

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all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2035 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, and the third quintile for the year-to-date, one-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2040 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for all periods presented; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2045 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, and the third quintile for the year-to-date, one-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

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

above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2050 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the third quintile of its Morningstar category for all periods presented; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) Management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2055 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the ten-year period, and the third quintile for the year-to-date, one-year, three-year, and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and ten-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

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

Voya Index Solution 2060 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the year-to-date and three-year periods, and the fourth quintile for the one-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Index Solution 2065 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2021: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for the year-to-date period. In analyzing this performance data, the Board took into

account: (1) that the Portfolio commenced operations in August 2020, and therefore had a limited operating history for the purpose of analyzing its performance; and (2) management’s representations regarding the competitiveness of the Portfolio’s performance during its limited operating history.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management.

Board Conclusions

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2022.

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

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

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

Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VINDSOL (1221-022322)

Item 2. Code of Ethics.

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Ex-99.CODE ETH.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Below are the amount of fees that Ernst & Young LLP (“EY”), the Fund’s current Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended December 31, 2021 and December 31, 2020 and the amount of fees that the previous independent public accounting firm billed to the Fund during the Fund’s fiscal year ended December 31, 2021 and December 31, 2020.

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by EY, the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $710,600 for the year ended December 31, 2021 and $710,600 for the year ended December 31, 2020.

(b)

Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by EY that are reasonably related to the performance of the audit of each respective registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended December 31, 2021 and $0 for the year ended December 31, 2020.

(c)

Tax Fees⁽¹⁾: The aggregate fees billed in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax advice, and tax planning were $167,191 for the year ended December 31, 2021 and $47,754 for the year ended December 31, 2020. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state, and excise tax returns, tax services related to mergers and routine consulting.

(d)

All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by EY, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2021 and $0 for the year ended December 31, 2020.

⁽¹⁾For the fiscal years ended December 31, 2021, and December 31, 2020, the previous independent public accounting firm billed $0 and $18,758, respectively, for Tax Fees.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

Appendix A

AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY

I. Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

II. Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

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

III. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

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

IV. Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

V. Other Services

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

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

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

VI. Pre-approval of Fee levels and Budgeted Amounts

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

VII. Procedures

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

VIII. Delegation

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

IX. Additional Requirements

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

Last Approved: November 19, 2020

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

Service
	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee¹
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	√	Not to exceed $9,750 per filing
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	√	Not to exceed $8,000 during the Pre-Approval Period
Seed capital audit and related review and issuance of consent on the N-2 registration statement	√	Not to exceed $14,750 per audit
Audit of summary portfolio of investments	√	Not to exceed $750 per fund

For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

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

Service
	The Fund(s)	Fund Affiliates	Fee Range
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	√	√	Not to exceed $10,000 per merger
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	√		Not to exceed $5,000 per occurrence during the Pre-Approval Period
Review of the Funds’ semi-annual and quarterly financial statements	√		Not to exceed $2,700 per set of financial statements per fund
Reports to regulatory or government agencies related to the annual engagement	√		Up to $5,000 per occurrence during the Pre-Approval Period
Regulatory compliance assistance	√	√	Not to exceed $5,000 per quarter
Training courses		√	Not to exceed $5,000 per course

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

Service
	The Fund(s)	Fund Affiliates	Fee Range
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	√		As presented to Audit Committee²
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	√		As presented to Audit Committee²
Tax assistance and advice regarding statutory, regulatory or administrative developments	√	√	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period

Appendix C, continued

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2021 through December 31, 2021

Service
	The Fund(s)	Fund Affiliates	Fee Range
Tax and technology training sessions		√	Not to exceed $5,000 per course during the Pre-Approval Period
Tax services associated with Fund mergers	√	√	Not to exceed $4,000 per fund per merger during the Pre-Approval Period
Ernst & Young LLP Passive Foreign Investment Company (“PFIC”) Analyzer		√	Not to exceed $95,000 during the Pre-Approval Period
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099’s, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested.	√		Not to exceed $300,000 during the Pre-Approval Period

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

Service
	The Fund(s)	Fund Affiliates	Fee Range
Agreed-upon procedures for Class B share 12b-1 programs		√	Not to exceed $60,000 during the Pre-Approval Period
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC.	√	√	Not to exceed $5,700 per Fund during the Pre-Approval Period
Agreed upon procedures for 15 (c) FACT Books	√		Not to exceed $50,000 during the Pre-Approval Period

Appendix E

Prohibited Non-Audit Services
Dated: January 1, 2021 to December 31, 2021

●

Bookkeeping or other services related to the accounting records or financial statements of the Funds

●

Financial information systems design and implementation

●

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

●

Actuarial services

●

Internal audit outsourcing services

●

Management functions

●

Human resources

●

Broker-dealer, investment adviser, or investment banking services

●

Legal services

●

Expert services unrelated to the audit

●

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SENIOR INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC.

VOYA VARIABLE PRODUCTS TRUST

(e)(2)

Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

100% of the services were approved by the audit committee.

(f)

Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%

Not applicable.

(g)

Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to each Registrant by the independent registered public accounting firm for each Registrant’s fiscal years ended December 31, 2021 and December 31, 2020; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods.

Registrant/Investment Adviser		2021⁽¹⁾		2020⁽¹⁾
Voya Partners, Inc.	$	167,191	$	47,754
Voya Investments, LLC ⁽²⁾	$	13,583,983	$	14,804,511

⁽¹⁾ For the years ended December 31, 2021 and December 31, 2020, the previous independent public accounting firm billed the Registrant $0 and $18,758, respectively, for Non-Audit Fees.

⁽²⁾ Each Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h)

Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining EY’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(3)

Not applicable.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Partners, Inc.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: March 4, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: March 4, 2022

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

Date: March 4, 2022