Annual Report

December 31, 2022

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

Voya Partners, Inc.

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

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this 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

	Portfolio Managers’ Reports					2
	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					75
	Tax Information					111
	Director and Officer Information					115
	Advisory and Sub-Advisory Contract Approval Discussion					119

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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Benchmark Descriptions

		Index				Description
		Bloomberg U.S. 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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Voya Solution Portfolios

Portfolio Managers’ Report

The Voya Solution Portfolios consist of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, and Voya Solution 2065 Portfolio (each a “Portfolio” or collectively, the “Portfolios” or the “Solution Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are actively managed funds or passively managed funds (index funds)(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, 2022 are set out in the table below. The Portfolios are managed by Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers* of Voya Investment Management Co. LLC (“Voya IM”) the Sub-Adviser (“Sub-Adviser”).

Performance: Each Portfolio’s performance against its respective benchmarks is set out in the table below.

Portfolio Specifics: Over the reporting period, the Portfolios produced both negative absolute and relative returns. Tactical asset allocation and underlying fund selection both detracted. The Portfolios began the year mostly neutral in their equity versus bond positioning, with modest equity overweights to the 2050, 2045, 2035 and 2030 vintages. Sub-asset class allocations were overweight to US large cap throughout the suite and overweight to US small cap in the 2045 and 2040 vintages. These positions were funded by underweight positions in US mid cap, developed international equities and core US fixed income in varying degrees depending on vintage.

In February, the Portfolios reduced their US large cap overweights and added to emerging market (“EM”) and developed international equities. The non-US equity markets offer less tech exposure and less long duration equity exposure which has shown to be more sensitive to rising US real yields. In addition, the suite took advantage of the relatively stable credit markets and sold down the majority of its high yield exposure in favor of intermediate core fixed income.

In March, the Portfolios reduced their international equity exposure in favor of short-term Eurodollar futures, believing that international equities remained vulnerable to the economic fallout from the first major war in Europe post-Word War II. Recession risk in the Eurozone rose quickly as war waged, gasoline prices continued to rise, and an inflation problem forced the European Central Bank’s hand to tighten financial conditions. In addition, slowing Chinese growth was a challenge for EM. In our view, any stimulus to occur would likely have not been enough to revive a slowing economy and meet Beijing’s growth target. We believed strong forward guidance by the US Federal Reserve to increase policy rates and a faster balance sheet roll-off than other central banks were dollar positives. In mid-March, the strategy moved to a tactical underweight in TIPS in favor of short-duration bonds, to reduce portfolio exposure to rising real interest rates. Since the onset of the Covid pandemic, the Fed purchased a disproportionate amount of Treasury inflation-protected securities (“TIPS”) issuance which contributed to deeply negative yields. As the Fed began to run down its balance sheet, we anticipated upwards pressure on TIPS yields.

As part of the annual strategic review in early April, the Portfolios enacted their glide downs, leading to lower equity weights in the 2050-2025 vintages. Still, the Portfolios held modest overweights to US large cap equities. This was a drag over the 2nd quarter as both international developed and EM equities performed better after lagging in the first three months of the year. However, overweights to US assets helped within the fixed income segments of the Portfolios, as US aggregate bonds performed better than global bonds and significantly outperformed EM debt, which struggled due to those countries’ generally weaker growth outlook and a substantial strengthening in the US dollar.

In May, a new position in Japanese equities was initiated, funded by selling US large cap stocks. The rationale underpinning the trade was the belief that Japan was acting more defensive than the rest of the world given the Bank of Japan’s (“BOJ”) use of yield curve control, which, along with relatively cheap valuations, in our view made their equity markets more attractive in a highly uncertain macro environment. In addition, during times of market stress, the Japanese yen serves as a safe haven for investors. Furthermore, the yen had fallen dramatically since the beginning of 2021 and had not been as cheap relative to the US dollar since 2002 from both purchasing power parity and real effective exchange rate perspective. We believed this would help the nation’s export-oriented businesses and could support earnings.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Portfolios

the severely oversold conditions, there was potential for an unwind and small caps would disproportionally benefit from the bounce. Within fixed income, the portfolio management team lengthened duration across the Portfolios by increasing exposure to long-term US government bonds and reducing short-term bonds and cash. In our view, declining energy and core goods prices, reduced shelter costs, softening labor market, and decreased domestic demand would pull inflation down to the 4-5% range by the middle of next year. The necessary drop in nominal gross domestic product or expectation thereof would weigh heavily on long dated yields. As a result, we extended duration in fixed income portfolios and maintained our preference for high-quality credit.

In September, the Portfolios closed the long Japan position, reallocating proceeds to US large cap. The BOJ held firm in its policy of “unlimited” purchases of 10-year Japanese Government Bonds (JGBs) to keep the yield at or below 0.25%. As Treasury yields climb and the yen weakens, the BOJ seems to have only two options: eliminate or raise the yield cap or intervene in currency markets to support the weakening yen. The BOJ has chosen the latter for now, but we are skeptical of their ability to defend the yen while maintaining yield curve control.

In early October, the Portfolios added to US TIPS in near-dated Portfolios. With the backup in real yields to the highest levels since 2009, a substantial underweighting to TIPS no longer appeared to be a good risk and reward with inflation breakeven declining to just above 2%. Later in the month, PMs initiated a tactical overweight to US large cap equities by selling short-term bonds. This was a short-term term trade that sought to capitalize on market momentum following promising evidence inflation was continuing to decline. This position was closed at a gain and reversed to an underweight in early November, as recession risks accumulated and fears deteriorating earnings would drive a sell-off into year end.

There was also a short-term tactical trade at the end of October to underweight EM equity and add to US large caps due to increased tensions between Beijing and Washington related to Taiwan. However, in December, relations between the two superpowers seemed to improve such that an escalation of hostilities was much less likely. As a result, the brief EM equity underweight was closed by selling international developed equities. International developed equities were used as the source of funds because Europe looked increasingly unappealing after the strong rally in the first two months of the quarter and their still challenged fundamental outlook with the ECB struggling to contain inflation in the face of a gas embargo with Russia that is likely to continue for a multi-year period and local governments having spent their fiscal firepower on helping households meet their increased energy costs. Europe looks to have used a short-term patch to try and fix a long-term problem, which will likely pressure European equities in 2023. Additionally, the emerging and developing international stocks relationship looked to be making an important bottom that favored EM, as China reopens and refocuses on growth.

Within fixed income, the Portfolios continue to hold a long duration posture as a hedge against equity beta in the event of a risk-off flight to safety and PM’s expectations a weak growth environment will weigh down the back end of the yield curve.

During the year, tactical asset allocation moves relative to our strategic benchmarks have had a negative impact across the Portfolios. Overall, underlying fund selection detracted from results. Underlying Funds with top benchmark-relative performance include Voya Multi-Manager Mid Cap Value Fund, VY® Invesco Comstock Portfolio and Voya U.S. High Dividend Low Volatility Fund. Bottom benchmark-relative performers include VY® T. Rowe Price Growth Equity Portfolio, Voya Multi-Manager International Equity Fund, and VY® T. Rowe Price Divers Mid Cap Growth Portfolio.

Current Strategy and Outlook: Inflation dominated the headlines in 2022, and its progression and policy makers’ responses will continue to be the principal global macro drivers in the year ahead. Although it remains unacceptably high, data suggests it has peaked with meaningfully lower core goods and energy prices. Income sensitive components of the price index baskets, such as shelter and services, are proving sticker given the still strong labor market and high personal income. However, we are beginning to see the effects of declining demand with wage gains cooling, which we expect will continue and contribute to a steady fall in inflation to the low single digits by the end of the year. However, we do not expect a shift in policy from the Fed or ECB. With more tightening in store and explicit declarations that there will be no rate cuts in 2023, a contraction in developed market growth seems likely and should cause top line revenues to fall. Additionally, the prolonged period of rising costs is likely to erode profit margins ahead, including those of US large cap companies, which have thus far been relatively successful in maintaining pricing power. In general, US stocks are not cheap, but they are well of peaks and seem reasonable. On the other side of this year, however, we believe we will see moderate inflation, more normal interest rates and slow but positive growth, which should be good for equities. Until investors begin to price in that outcome, volatility will likely be high.

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Voya Solution Portfolios

Portfolio Managers’ Report

We think the bond bear market is over. Following one of the worst years on record, we believe bonds now look attractive. Positive real yields across the interest rate curve offer attractive carry for the first time in years. We expect the hand-off from inflation risk to growth risk should pressure yields lower to the benefit of duration sensitive assets. Additionally, the volatility in rates and the correlation between stocks and bonds should normalize, as fixed income reassumes its place of ballast within multi-asset Portfolios.

The US continues to be our favorite region. It is further along in the inflation fight and still more geopolitically insulated as compared to the Eurozone, which still faces an increased probability and expected magnitude of a decline in output. China’s move away from zero Covid and the seeming relaxation of tensions with the United States from their boiling point are pluses for EM. While the US dollar is less likely to be a hurdle to international assets, it should retain its defensive properties in risk-off scenarios, providing motivation for keeping close to home for now.

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2022.

Effective on May 31, 2022, Halvard Kvaale is no longer a portfolio manager for the Portfolios.

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

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

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Portfolio Managers’ Report

Voya Solution Portfolios

Annual Target Asset Allocation as of December 31, 2022(1) (as a percentage of net assets)
Sub Asset Class	2065		2060		2055		2050		2045		2040		2035		2030		2025		Income
US Large Blend		38.3%		38.8%		39.0%		38.0%		36.5%		33.5%		30.0%		25.0%		20.0%		11.0%
US Large Growth		7.3%		7.3%		7.3%		7.3%		7.3%		7.3%		6.0%		5.0%		5.0%		4.5%
US Large Value		7.3%		7.3%		7.3%		7.3%		7.3%		7.3%		6.0%		5.0%		5.0%		4.5%
US Mid Cap Blend		5.0%		5.0%		5.0%		5.0%		4.0%		4.0%		4.0%		4.0%		3.0%		2.0%
US Small Cap		6.0%		6.0%		6.0%		6.0%		6.0%		6.0%		5.0%		5.0%		4.0%		2.0%
International		23.0%		22.0%		22.0%		22.0%		22.0%		20.0%		17.0%		14.0%		11.0%		5.0%
Emerging Markets		6.0%		6.0%		6.0%		6.0%		6.0%		5.0%		5.0%		4.0%		4.0%		2.0%
Core Fixed Income		4.7%		4.7%		4.0%		4.5%		5.5%		12.0%		22.0%		33.0%		35.5%		42.5%
High Yield		—		—		—		—		—		—		—		—		—		2.0%
International Bonds		—		—		—		—		—		—		—		—		3.0%		3.0%
TIPS		—		—		—		—		—		—		—		1.0%		4.0%		6.0%
Short Duration		—		—		—		1.0%		1.5%		1.0%		1.0%		1.0%		2.5%		12.5%
Long Govt Bonds		2.5%		3.0%		3.5%		3.0%		4.0%		4.0%		4.0%		3.0%		3.0%		3.0%
Total Equity		92.8%		92.3%		92.5%		91.5%		89.0%		83.0%		73.0%		62.0%		52.0%		31.0%
Total Fixed Income		7.2%		7.7%		7.5%		8.5%		11.0%		17.0%		27.0%		38.0%		48.0%		69.0%

(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, 2022
					1 Year
		Voya Solution Aggressive Portfolio, Class S			-19.89%
		S&P Target Risk Aggressive® Index			-16.13%
		Voya Solution Balanced Portfolio, Class S			-17.90%
		S&P Target Risk® Growth Index			-15.27%
		Voya Solution Conservative Portfolio, Class S			-13.60%
		S&P Target Risk® Conservative Index			-13.99%
		Voya Solution Income Portfolio, Class S			-15.01%
		S&P Target Date Retirement Income Index			-11.17%
		Russell 3000® Index			-19.21%
		MSCI EAFE®			-14.45%
		Bloomberg U.S. Aggregate Bond			-13.01%
		Voya Solution Moderately Aggressive Portfolio, Class S			-18.87%
		S&P Target Risk Aggressive® Index			-16.13%
		Voya Solution Moderately Conservative Portfolio, Class S			-15.87%
		S&P Target Risk® Moderate Index			-14.41%
		Voya Solution 2025 Portfolio, Class S			-17.46%
		S&P Target Date 2025 Index			-13.13%
		Russell 3000® Index			-19.21%
		MSCI EAFE®			-14.45%
		Bloomberg U.S. Aggregate Bond			-13.01%
		Voya Solution 2030 Portfolio, Class S			-17.87%
		S&P Target Date 2030 Index			-13.96%
		Voya Solution 2035 Portfolio, Class S			-18.62%
		S&P Target Date 2035 Index			-14.99%
		Russell 3000® Index			-19.21%
		MSCI EAFE®			-14.45%
		Bloomberg U.S. Aggregate Bond			-13.01%
		Voya Solution 2040 Portfolio, Class S			-19.29%
		S&P Target Date 2040 Index			-15.56%
		Voya Solution 2045 Portfolio, Class S			-19.50%
		S&P Target Date 2045 Index			-15.84%
		Russell 3000® Index			-19.21%
		MSCI EAFE®			-14.45%
		Bloomberg U.S. Aggregate Bond			-13.01%
		Voya Solution 2050 Portfolio, Class S			-19.64%
		S&P Target Date 2050 Index			-15.97%
		Voya Solution 2055 Portfolio, Class S			-19.80%
		S&P Target Date 2055 Index			-15.97%
		Voya Solution 2060 Portfolio, Class S			-19.78%
		S&P Target Date 2060 Index			-16.01%
		Voya Solution 2065 Portfolio, Class S			- 19.81%
		S&P Target Date 2065+ Index			- 15.95%

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Portfolio Managers’ Report

Voya Solution Aggressive Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 May 1, 2013
Class ADV		-20.13%		4.09%		6.94%
Class I		-19.67%		4.61%		7.53%
Class R6(1)		-19.67%		4.61%		7.53%
Class S		-19.89%		4.36%		7.26%
Class S2		-20.00%		4.21%		7.05%
S&P Target Risk Aggressive® Index		-16.13%		4.45%		6.94%

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

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

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

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

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

Portfolio holdings are subject to change daily.

(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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.03%		3.08%		5.56%
Class I		-17.61%		3.62%		6.10%
Class R6(1)		-17.61%		3.62%		6.10%
Class S		-17.90%		3.33%		5.81%
Class S2		-17.99%		3.17%		5.66%
S&P Target Risk® Growth Index TR		-15.27%		3.48%		6.02%

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

The 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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Portfolio Managers’ Report

Voya Solution Conservative Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-13.78%		1.50%		2.89%
Class I		-13.36%		2.01%		3.40%
Class R6(1)		-13.34%		2.01%		3.41%
Class S		-13.60%		1.75%		3.15%
Class S2		-13.75%		1.60%		3.00%
S&P Target Risk® Conservative Index		-13.99%		1.89%		3.36%

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

The 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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Voya Solution Income Portfolio

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-15.32%		1.82%		3.41%
Class I		-14.82%		2.36%		3.94%
Class S		-15.01%		2.09%		3.68%
Class S2		-15.17%		1.95%		3.52%
Class T		-15.52%		1.63%		3.21%
S&P Target Date Retirement Income Index		-11.17%		2.33%		3.59%
Russell 3000® Index		-19.21%		8.79%		12.13%
MSCI EAFE®		-14.45%		1.54%		4.67%
Bloomberg U.S. Aggregate Bond		-13.01%		0.02%		1.06%

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

The 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

[MISSING IMAGE: lc_moderateaggres-bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-19.01%		3.56%		6.48%
Class I		-18.60%		4.09%		7.02%
Class R6(1)		-18.61%		4.09%		7.02%
Class S		-18.87%		3.81%		6.75%
Class S2		-18.98%		3.66%		6.59%
S&P Target Risk Aggressive® Index		-16.13%		4.45%		7.57%

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

The 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

[MISSING IMAGE: lc_moderateconser-bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-15.97%		2.19%		4.00%
Class I		-15.63%		2.66%		4.50%
Class R6(1)		-15.63%		2.68%		4.50%
Class S		-15.87%		2.42%		4.26%
Class S2		-16.00%		2.25%		4.09%
S&P Target Risk® Moderate Index		-14.41%		2.43%		4.29%

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

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-17.69%		2.66%		5.36%
Class I		-17.24%		3.18%		5.89%
Class S		-17.46%		2.92%		5.63%
Class S2		-17.59%		2.77%		5.47%
Class T		-17.81%		2.45%		5.15%
S&P Target Date 2025 Index		-13.13%		3.75%		6.23%
Russell 3000® Index		-19.21%		8.79%		12.13%
MSCI EAFE®		-14.45%		1.54%		4.67%
Bloomberg U.S. Aggregate Bond		-13.01%		0.02%		1.06%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2025 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.09%		3.10%		6.23%
Class I		-17.69%		3.61%		6.78%
Class S		-17.87%		3.36%		6.49%
Class S2		-18.01%		3.21%		6.32%
Class T		-17.89%		2.98%		6.09%
S&P Target Date 2030 Index		-13.96%		4.17%		6.84%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2030 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.84%		3.22%		6.40%
Class I		-18.39%		3.75%		6.93%
Class S		-18.62%		3.50%		6.67%
Class S2		-18.73%		3.34%		6.51%
S&P Target Date 2035 Index		-14.99%		4.63%		7.42%
Russell 3000® Index		-19.21%		8.79%		12.13%
MSCI EAFE®		-14.45%		1.54%		4.67%
Bloomberg U.S. Aggregate Bond		-13.01%		0.02%		1.06%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2035 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-19.48%		3.76%		7.17%
Class I		-19.12%		4.27%		7.72%
Class S		-19.29%		4.02%		7.43%
Class S2		-19.42%		3.86%		7.26%
Class T		-19.70%		3.53%		6.95%
S&P Target Date 2040 Index		-15.56%		4.97%		7.84%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2040 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-19.72%		3.80%		7.13%
Class I		-19.28%		4.33%		7.68%
Class S		-19.50%		4.07%		7.41%
Class S2		-19.70%		3.90%		7.24%
Class T		-19.91%		3.58%		6.92%
S&P Target Date 2045 Index		-15.84%		5.16%		8.11%
Russell 3000® Index		-19.21%		8.79%		12.13%
MSCI EAFE®		-14.45%		1.54%		4.67%
Bloomberg U.S. Aggregate Bond		-13.01%		0.02%		1.06%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2045 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-19.81%		3.73%		7.30%
Class I		-19.46%		4.23%		7.86%
Class S		-19.64%		3.98%		7.56%
Class S2		-19.76%		3.81%		7.39%
Class T		-19.96%		3.51%		7.11%
S&P Target Date 2050 Index		-15.97%		5.26%		8.33%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2050 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2055 Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-19.93%		3.75%		7.18%
Class I		-19.53%		4.26%		7.71%
Class S		-19.80%		3.99%		7.43%
Class S2		-19.84%		3.84%		7.28%
S&P Target Date 2055 Index		-15.97%		5.31%		8.46%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2055 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T February 9, 2015
Class ADV		-19.99%		3.66%		5.53%
Class I		-19.65%		4.16%		6.02%
Class S		-19.78%		3.92%		5.72%
Class S2		-19.93%		3.76%		5.60%
Class T		-20.16%		3.41%		5.25%
S&P Target Date 2060 Index		-16.01%		5.35%		6.96%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2060 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		Since Inception of Classes ADV, I, S, S2 and T July 29, 2020
Class ADV		-19.98%		4.00%
Class I		-19.60%		4.52%
Class S		-19.81%		4.26%
Class S2		-19.89%		4.13%
Class T		-20.11%		3.79%
S&P Target Date 2065+ Index		-15.95%		6.06%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2065 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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.

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**
Voya Solution Aggressive Portfolio
Class ADV		$	1,000.00		$	1,014.60		0.86%		$	4.37		$	1,000.00		$	1,020.87		0.86%		$	4.38
Class I			1,000.00			1,017.30		0.36			1.83			1,000.00			1,023.39		0.36			1.84
Class R6			1,000.00			1,017.30		0.32			1.63			1,000.00			1,023.59		0.32			1.63
Class S			1,000.00			1,016.70		0.61			3.10			1,000.00			1,022.13		0.61			3.11
Class S2			1,000.00			1,016.20		0.76			3.86			1,000.00			1,021.37		0.76			3.87
Voya Solution Balanced Portfolio
Class ADV		$	1,000.00		$	996.80		0.84%		$	4.23		$	1,000.00		$	1,020.97		0.84%		$	4.28
Class I			1,000.00			999.00		0.34			1.71			1,000.00			1,023.49		0.34			1.73
Class R6			1,000.00			999.10		0.29			1.46			1,000.00			1,023.74		0.29			1.48
Class S			1,000.00			996.70		0.59			2.97			1,000.00			1,022.23		0.59			3.01
Class S2			1,000.00			997.30		0.74			3.73			1,000.00			1,021.48		0.74			3.77
Voya Solution Conservative Portfolio
Class ADV		$	1,000.00		$	983.00		0.74%		$	3.70		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			985.60		0.24			1.20			1,000.00			1,024.00		0.24			1.22
Class R6			1,000.00			985.80		0.24			1.20			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			983.50		0.49			2.45			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			982.80		0.64			3.20			1,000.00			1,021.98		0.64			3.26

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**
Voya Solution Income Portfolio
Class ADV		$	1,000.00		$	981.50		0.75%		$	3.75		$	1,000.00		$	1,021.42		0.75%		$	3.82
Class I			1,000.00			984.00		0.25			1.25			1,000.00			1,023.95		0.25			1.28
Class S			1,000.00			983.30		0.50			2.50			1,000.00			1,022.68		0.50			2.55
Class S2			1,000.00			982.10		0.65			3.25			1,000.00			1,021.93		0.65			3.31
Class T			1,000.00			979.70		0.95			4.74			1,000.00			1,020.42		0.95			4.84
Voya Solution Moderately Aggressive Portfolio
Class ADV		$	1,000.00		$	1,007.90		0.77%		$	3.90		$	1,000.00		$	1,021.32		0.77%		$	3.92
Class I			1,000.00			1,011.20		0.27			1.37			1,000.00			1,023.84		0.27			1.38
Class R6			1,000.00			1,011.30		0.27			1.37			1,000.00			1,023.84		0.27			1.38
Class S			1,000.00			1,008.60		0.52			2.63			1,000.00			1,022.58		0.52			2.65
Class S2			1,000.00			1,008.10		0.67			3.39			1,000.00			1,021.83		0.67			3.41
Voya Solution Moderately Conservative Portfolio
Class ADV		$	1,000.00		$	989.00		0.78%		$	3.91		$	1,000.00		$	1,021.27		0.78%		$	3.97
Class I			1,000.00			990.10		0.28			1.40			1,000.00			1,023.79		0.28			1.43
Class R6			1,000.00			991.10		0.28			1.41			1,000.00			1,023.79		0.28			1.43
Class S			1,000.00			989.70		0.53			2.66			1,000.00			1,022.53		0.53			2.70
Class S2			1,000.00			988.30		0.68			3.41			1,000.00			1,021.78		0.68			3.47
Voya Solution 2025 Portfolio
Class ADV		$	1,000.00		$	991.20		0.74%		$	3.71		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			993.40		0.24			1.21			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			993.00		0.49			2.46			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			991.50		0.64			3.21			1,000.00			1,021.98		0.64			3.26
Class T			1,000.00			990.00		0.94			4.71			1,000.00			1,020.47		0.94			4.79
Voya Solution 2030 Portfolio
Class ADV		$	1,000.00		$	996.50		0.70%		$	3.52		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			999.10		0.20			1.01			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			998.10		0.45			2.27			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			997.20		0.60			3.02			1,000.00			1,022.18		0.60			3.06
Class T			1,000.00			999.90		0.90			4.54			1,000.00			1,020.67		0.90			4.58
Voya Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,002.60		0.68%		$	3.43		$	1,000.00		$	1,021.78		0.68%		$	3.47
Class I			1,000.00			1,005.50		0.18			0.91			1,000.00			1,024.30		0.18			0.92
Class S			1,000.00			1,003.50		0.43			2.17			1,000.00			1,023.04		0.43			2.19
Class S2			1,000.00			1,003.10		0.58			2.93			1,000.00			1,022.28		0.58			2.96
Voya Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,008.40		0.67%		$	3.39		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class I			1,000.00			1,010.60		0.17			0.86			1,000.00			1,024.35		0.17			0.87
Class S			1,000.00			1,009.60		0.42			2.13			1,000.00			1,023.09		0.42			2.14
Class S2			1,000.00			1,008.60		0.57			2.89			1,000.00			1,022.33		0.57			2.91
Class T			1,000.00			1,006.80		0.87			4.40			1,000.00			1,020.82		0.87			4.43

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**
Voya Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,012.80		0.67%		$	3.40		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class I			1,000.00			1,016.10		0.17			0.86			1,000.00			1,024.35		0.17			0.87
Class S			1,000.00			1,014.40		0.42			2.13			1,000.00			1,023.09		0.42			2.14
Class S2			1,000.00			1,013.00		0.57			2.89			1,000.00			1,022.33		0.57			2.91
Class T			1,000.00			1,011.60		0.87			4.41			1,000.00			1,020.82		0.87			4.43
Voya Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,015.40		0.68%		$	3.45		$	1,000.00		$	1,021.78		0.68%		$	3.47
Class I			1,000.00			1,016.90		0.18			0.92			1,000.00			1,024.30		0.18			0.92
Class S			1,000.00			1,016.20		0.43			2.19			1,000.00			1,023.04		0.43			2.19
Class S2			1,000.00			1,014.90		0.58			2.95			1,000.00			1,022.28		0.58			2.96
Class T			1,000.00			1,014.30		0.88			4.47			1,000.00			1,020.77		0.88			4.48
Voya Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,016.10		0.69%		$	3.51		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class I			1,000.00			1,018.60		0.19			0.97			1,000.00			1,024.25		0.19			0.97
Class S			1,000.00			1,016.10		0.44			2.24			1,000.00			1,022.99		0.44			2.24
Class S2			1,000.00			1,015.80		0.59			3.00			1,000.00			1,022.23		0.59			3.01
Voya Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,015.20		0.70%		$	3.56		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,017.00		0.20			1.02			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			1,016.60		0.45			2.29			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			1,015.20		0.60			3.05			1,000.00			1,022.18		0.60			3.06
Class T			1,000.00			1,014.00		0.90			4.57			1,000.00			1,020.67		0.90			4.58
Voya Solution 2065 Portfolio
Class ADV		$	1,000.00		$	1,015.30		0.70%		$	3.56		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,017.30		0.20			1.02			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			1,016.20		0.45			2.29			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			1,015.10		0.60			3.05			1,000.00			1,022.18		0.60			3.06
Class T			1,000.00			1,014.60		0.90			4.57			1,000.00			1,020.67		0.90			4.58

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 184/365 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, 2022, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (fifteen of the portfolios constituting Voya Partners, Inc.) at December 31, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual portfolio constituting Voya Partners, Inc.	Statement of Operations	Statements of changes in net assets	Financial highlights
Voya Solution Aggressive Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution Balanced Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution Conservative Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution Income Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution Moderately Aggressive Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution Moderately Conservative Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2025 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2030 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2035 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2040 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Individual portfolio constituting Voya Partners, Inc.	Statement of Operations	Statements of changes in net assets	Financial highlights
Voya Solution 2045 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2050 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2055 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2060 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Solution 2065 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the two years in the period then ended December 31, 2022 and the period from July 29, 2020 (commencement of operations) through December 31, 2020

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

Basis for Opinion

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

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

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

We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 28, 2023

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	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*		$	25,281,879		$	45,356,395		$	14,243,829		$	177,196,369
Investments in unaffiliated underlying funds at fair value**			3,306,849			3,472,993			1,582,739			28,924,387
Cash			25,203			3,626			18,411			225,933
Cash collateral for futures contracts			—			—			—			338,825
Receivables:
Fund shares sold			52,411			40,432			20,255			77,887
Interest			32			38			28			202
Variation margin on futures contracts			—			—			—			13,763
Prepaid expenses			134			257			72			1,208
Reimbursement due from Investment Adviser			1,032			—			1,023			—
Other assets			350			1,564			474			19,156
Total assets			28,667,890			48,875,305			15,866,831			206,797,730
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			52,411			40,432			14,422			77,444
Payable for fund shares redeemed			—			—			5,833			443
Payable for investment management fees			5,795			9,602			3,051			63,841
Payable for distribution and shareholder service fees			2,633			7,702			2,269			61,856
Payable for directors fees			75			135			39			590
Payable to directors under the deferred compensation plan (Note 6)			350			1,564			474			19,156
Other accrued expenses and liabilities			3,924			16,625			7,246			107,923
Total liabilities			65,188			76,060			33,334			331,253
NET ASSETS		$	28,602,702		$	48,799,245		$	15,833,497		$	206,466,477
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	32,662,433		$	54,767,541		$	18,032,801		$	236,762,999
Total distributable loss			(4,059,731)			(5,968,296)			(2,199,304)			(30,296,522)
NET ASSETS		$	28,602,702		$	48,799,245		$	15,833,497		$	206,466,477
* Cost of investments in affiliated underlying funds		$	29,422,241		$	53,059,625		$	16,066,583		$	205,699,946
** Cost of investments in unaffiliated underlying funds		$	3,736,365		$	4,298,344		$	1,822,310		$	32,719,277

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
Class ADV
Net assets		$	3,523,786		$	8,836,864		$	3,387,904		$	103,029,670
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			321,735			1,108,005			368,757			11,087,912
Net asset value and redemption price per share		$	10.95		$	7.98		$	9.19		$	9.29
Class I
Net assets		$	966,474		$	3,906,148		$	414,581		$	28,448,901
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			85,299			465,715			44,678			2,970,198
Net asset value and redemption price per share		$	11.33		$	8.39		$	9.28		$	9.58
Class R6
Net assets		$	20,168,649		$	19,887,155		$	9,007,932			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			1,779,527			2,370,647			971,018			n/a
Net asset value and redemption price per share		$	11.33		$	8.39		$	9.28			n/a
Class S
Net assets		$	2,589,715		$	15,077,614		$	1,782,254		$	71,665,258
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			232,312			1,860,631			193,055			7,554,911
Net asset value and redemption price per share		$	11.15		$	8.10		$	9.23		$	9.49
Class S2
Net assets		$	1,354,078		$	1,091,464		$	1,240,826		$	3,259,057
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			124,511			134,937			136,475			354,383
Net asset value and redemption price per share		$	10.88		$	8.09		$	9.09		$	9.20
Class T
Net assets			n/a			n/a			n/a		$	63,591
Shares authorized			n/a			n/a			n/a			100,000,000
Par value			n/a			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			n/a			6,208
Net asset value and redemption price per share			n/a			n/a			n/a		$	10.24

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	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*		$	403,935,939		$	32,078,580		$	393,573,417		$	42,744,941
Investments in unaffiliated underlying funds at fair value**			42,980,424			2,820,859			66,302,156			5,656,392
Cash			1,022,879			32,565			374,377			49,473
Cash collateral for futures contracts			866,867			—			755,129			—
Receivables:
Investments in affiliated underlying funds sold			64,221			—			—			—
Fund shares sold			91,436			36,123			196,846			31,450
Interest			1,582			48			932			67
Variation margin on futures contracts			24,655			—			28,983			—
Prepaid expenses			2,559			187			2,575			243
Reimbursement due from Investment Adviser			—			1,632			—			1,713
Other assets			28,487			1,103			31,521			681
Total assets			449,019,049			34,971,097			461,265,936			48,484,960
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			36,123			196,041			16,378
Payable for fund shares redeemed			155,656			—			805			15,072
Payable for investment management fees			90,078			9,423			112,445			9,545
Payable for distribution and shareholder service fees			95,303			7,061			126,594			12,801
Payable for directors fees			1,267			95			1,275			127
Payable to directors under the deferred compensation plan (Note 6)			28,487			1,103			31,521			681
Other accrued expenses and liabilities			74,224			24,947			150,411			53,832
Total liabilities			445,015			78,752			619,092			108,436
NET ASSETS		$	448,574,034		$	34,892,345		$	460,646,844		$	48,376,524
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	487,745,619		$	39,980,148		$	533,491,209		$	56,515,210
Total distributable loss			(39,171,585)			(5,087,803)			(72,844,365)			(8,138,686)
NET ASSETS		$	448,574,034		$	34,892,345		$	460,646,844		$	48,376,524
* Cost of investments in affiliated underlying funds		$	468,273,557		$	37,040,012		$	467,415,829		$	50,430,173
** Cost of investments in unaffiliated underlying funds		$	49,234,993		$	3,423,168		$	72,093,306		$	6,295,669

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2025 Portfolio			Voya Solution 2030 Portfolio
Class ADV
Net assets		$	20,306,363		$	5,355,042		$	170,434,488		$	20,851,755
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			2,019,061			652,625			20,533,193			1,745,068
Net asset value and redemption price per share		$	10.06		$	8.21		$	8.30		$	11.95
Class I
Net assets		$	4,575,769		$	192,233		$	50,063,349		$	9,991,734
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			442,243			22,242			5,789,513			801,182
Net asset value and redemption price per share		$	10.35		$	8.64		$	8.65		$	12.47
Class R6
Net assets		$	26,693,841		$	10,211,300			n/a			n/a
Shares authorized			100,000,000			100,000,000			n/a			n/a
Par value		$	0.001		$	0.001			n/a			n/a
Shares outstanding			2,582,463			1,182,043			n/a			n/a
Net asset value and redemption price per share		$	10.34		$	8.64			n/a			n/a
Class S
Net assets		$	396,000,107		$	15,346,129		$	232,557,746		$	16,852,558
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			38,846,491			1,828,558			27,405,015			1,365,931
Net asset value and redemption price per share		$	10.19		$	8.39		$	8.49		$	12.34
Class S2
Net assets		$	997,954		$	3,787,641		$	7,321,265		$	676,860
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			97,737			460,612			898,257			55,755
Net asset value and redemption price per share		$	10.21		$	8.22		$	8.15		$	12.14
Class T
Net assets			n/a			n/a		$	269,996		$	3,617
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			30,081			302
Net asset value and redemption price per share			n/a			n/a		$	8.98		$	11.97

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	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*		$	474,186,616		$	33,607,465		$	370,986,208		$	28,791,156
Investments in unaffiliated underlying funds at fair value**			60,859,770			5,758,781			46,603,483			4,432,571
Cash			240,159			51,361			935,710			35,644
Cash collateral for futures contracts			1,226,601			—			1,198,247			—
Receivables:
Investments in affiliated underlying funds sold			—			10,850			—			—
Fund shares sold			336,936			37,145			316,240			60,733
Interest			660			57			1,556			43
Variation margin on futures contracts			26,750			—			18,791			—
Prepaid expenses			2,838			183			2,191			149
Reimbursement due from Investment Adviser			12,256			4,078			20,111			8,539
Other assets			29,705			532			20,997			421
Total assets			536,922,291			39,470,452			420,103,534			33,329,256
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			224,141			—			307,191			48,575
Payable for fund shares redeemed			112,785			47,995			9,049			12,158
Payable for investment management fees			107,381			7,909			83,873			6,631
Payable for distribution and shareholder service fees			138,124			9,494			105,636			7,948
Payable for directors fees			1,438			97			1,117			80
Payable to directors under the deferred compensation plan (Note 6)			29,705			532			20,997			421
Other accrued expenses and liabilities			125,100			17,200			80,259			15,415
Total liabilities			738,674			83,227			608,122			91,228
NET ASSETS		$	536,183,617		$	39,387,225		$	419,495,412		$	33,238,028
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	602,609,074		$	45,621,760		$	472,921,496		$	38,152,130
Total distributable loss			(66,425,457)			(6,234,535)			(53,426,084)			(4,914,102)
NET ASSETS		$	536,183,617		$	39,387,225		$	419,495,412		$	33,238,028
* Cost of investments in affiliated underlying funds		$	560,528,298		$	39,989,775		$	447,929,292		$	33,848,371
** Cost of investments in unaffiliated underlying funds		$	66,210,627		$	6,260,074		$	50,370,741		$	4,680,512

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
Class ADV
Net assets		$	163,696,752		$	14,290,382		$	121,394,961		$	12,859,905
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			19,275,516			1,158,228			14,738,852			1,022,602
Net asset value and redemption price per share		$	8.49		$	12.34		$	8.24		$	12.58
Class I
Net assets		$	65,455,027		$	10,180,549		$	54,349,123		$	9,195,819
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			7,388,128			788,982			6,271,923			694,914
Net asset value and redemption price per share		$	8.86		$	12.90		$	8.67		$	13.23
Class S
Net assets		$	297,357,988		$	13,308,782		$	237,729,447		$	10,577,099
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			34,220,414			1,047,115			28,214,814			814,945
Net asset value and redemption price per share		$	8.69		$	12.71		$	8.43		$	12.98
Class S2
Net assets		$	9,673,850		$	1,603,778		$	5,964,414		$	601,348
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,181,247			129,414			737,129			47,228
Net asset value and redemption price per share		$	8.19		$	12.39		$	8.09		$	12.73
Class T
Net assets			n/a		$	3,734		$	57,467		$	3,857
Shares authorized			n/a			100,000,000			100,000,000			100,000,000
Par value			n/a		$	0.001		$	0.001		$	0.001
Shares outstanding			n/a			301			6,494			302
Net asset value and redemption price per share			n/a		$	12.40		$	8.85		$	12.76

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	135,599,922		$	22,345,805		$	7,129,807
Investments in unaffiliated underlying funds at fair value**			13,514,860			3,092,333			1,024,102
Cash			407,484			34,084			17,037
Cash collateral for futures contracts			430,420			—			—
Receivables:
Fund shares sold			192,273			76,891			18,230
Interest			741			27			19
Variation margin on futures contracts			7,213			—			—
Prepaid expenses			727			111			26
Reimbursement due from Investment Adviser			23,581			—			—
Other assets			4,670			238			14
Total assets			150,181,891			25,549,489			8,189,235
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			184,841			50,725			13,983
Payable for fund shares redeemed			7,421			26,166			4,247
Payable for investment management fees			29,705			12,875			3,576
Payable for distribution and shareholder service fees			37,064			6,018			1,665
Payable for directors fees			381			60			17
Payable to directors under the deferred compensation plan (Note 6)			4,670			238			14
Other accrued expenses and liabilities			58,167			14,302			5,143
Total liabilities			322,249			110,384			28,645
NET ASSETS		$	149,859,642		$	25,439,105		$	8,160,590
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	171,629,446		$	29,471,981		$	9,781,567
Total distributable loss			(21,769,804)			(4,032,876)			(1,620,977)
NET ASSETS		$	149,859,642		$	25,439,105		$	8,160,590
* Cost of investments in affiliated underlying funds		$	161,369,638		$	26,153,749		$	8,119,259
** Cost of investments in unaffiliated underlying funds		$	14,008,903		$	3,281,372		$	1,055,306

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
Class ADV
Net assets		$	45,825,200		$	9,384,319		$	1,987,804
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			4,850,604			1,012,491			223,620
Net asset value and redemption price per share		$	9.45		$	9.27		$	8.89
Class I
Net assets		$	24,944,295		$	6,854,963		$	2,335,568
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			2,519,843			719,746			261,824
Net asset value and redemption price per share		$	9.90		$	9.52		$	8.92
Class S
Net assets		$	76,019,806		$	8,466,243		$	3,700,472
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			7,931,381			908,767			415,635
Net asset value and redemption price per share		$	9.58		$	9.32		$	8.90
Class S2
Net assets		$	3,070,341		$	729,087		$	133,462
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			322,104			78,556			14,996
Net asset value and redemption price per share		$	9.53		$	9.28		$	8.90
Class T
Net assets			n/a		$	4,493		$	3,284
Shares authorized			n/a			100,000,000			100,000,000
Par value			n/a		$	0.001		$	0.001
Shares outstanding			n/a			486			369
Net asset value and redemption price per share			n/a		$	9.25		$	8.90

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	351,386		$	786,479		$	290,205		$	3,926,847
Dividends from unaffiliated underlying funds			76,220			109,793			37,336			816,637
Interest			533			773			388			9,252
Total investment income			428,139			897,045			327,929			4,752,736
EXPENSES:
Investment management fees			70,448			123,261			34,900			532,702
Distribution and shareholder service fees:
Class ADV			19,409			47,396			18,121			595,388
Class S			8,874			47,377			4,879			200,038
Class S2			5,945			4,491			4,516			16,538
Class T			—			—			—			636
Transfer agent fees:
Class ADV			4,663			4,510			3,053			55,002
Class I			1,060			1,776			252			15,119
Class R6			563			74			191			—
Class S			4,132			9,019			1,646			36,957
Class S2			1,783			539			952			1,910
Class T			—			—			—			41
Shareholder reporting expense			365			1,095			365			5,475
Registration fees			32			8			19			—
Professional fees			6,534			8,559			4,836			18,026
Custody and accounting expense			9,855			12,045			9,855			21,900
Directors fees			751			1,354			395			5,901
Miscellaneous expense			7,661			11,462			10,297			25,784
Interest expense			—			—			—			428
Total expenses			142,075			272,966			94,277			1,531,845
Waived and reimbursed fees			(8,346)			—			(28,335)			(125,402)
Net expenses			133,729			272,966			65,942			1,406,443
Net investment income			294,410			624,079			261,987			3,346,293
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(1,760,091)			(3,466,161)			(800,558)			(5,807,316)
Sale of unaffiliated underlying funds			105,753			1,127,367			(22,891)			322,354
Capital gain distributions from affiliated underlying funds			2,595,522			4,860,715			561,248			7,688,744
Futures			—			—			—			(156,501)
Net realized gain (loss)			941,184			2,521,921			(262,201)			2,047,281
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(6,737,872)			(11,128,474)			(1,919,871)			(39,373,908)
Unaffiliated underlying funds			(1,324,181)			(3,134,202)			(413,144)			(7,327,145)
Futures			—			—			—			21,843
Net change in unrealized appreciation (depreciation)			(8,062,053)			(14,262,676)			(2,333,015)			(46,679,210)
Net realized and unrealized loss			(7,120,869)			(11,740,755)			(2,595,216)			(44,631,929)
Decrease in net assets resulting from operations		$	(6,826,459)		$	(11,116,676)		$	(2,333,229)		$	(41,285,636)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	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		$	6,338,921		$	668,162		$	8,021,223		$	807,224
Dividends from unaffiliated underlying funds			1,251,824			72,356			1,718,589			130,762
Interest			24,245			481			19,284			1,194
Total investment income			7,614,990			740,999			9,759,096			939,180
EXPENSES:
Investment management fees			1,188,358			83,589			1,151,181			113,937
Distribution and shareholder service fees:
Class ADV			112,715			27,261			960,560			110,741
Class S			1,127,658			44,780			636,109			42,091
Class S2			4,825			15,960			35,210			3,386
Class T			—			—			2,188			226
Transfer agent fees:
Class ADV			1,343			4,117			84,175			11,150
Class I			267			164			23,781			5,517
Class R6			43			34			—			—
Class S			26,882			13,534			111,486			8,475
Class S2			70			3,012			3,858			433
Class T			—			—			136			17
Shareholder reporting expense			9,490			2,920			13,870			511
Registration fees			12			—			—			—
Professional fees			63,875			9,715			62,050			12,045
Custody and accounting expense			41,975			10,220			32,120			13,080
Directors fees			12,677			952			12,749			1,271
Miscellaneous expense			37,735			9,463			36,675			10,846
Interest expense			289			37			93			—
Total expenses			2,628,214			225,758			3,166,241			333,726
Waived and reimbursed fees			—			(30,280)			(297,342)			(74,896)
Net expenses			2,628,214			195,478			2,868,899			258,830
Net investment income			4,986,776			545,521			6,890,197			680,350
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(20,474,921)			(1,826,220)			(17,731,878)			(2,927,105)
Sale of unaffiliated underlying funds			8,860,637			259,188			2,788,873			277,371
Capital gain distributions from affiliated underlying funds			42,826,760			1,805,771			22,603,690			2,784,973
Futures			736,913			—			(464,853)			—
Net realized gain			31,949,389			238,739			7,195,832			135,239
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(121,701,477)			(6,309,657)			(101,606,257)			(9,564,226)
Unaffiliated underlying funds			(29,240,453)			(1,285,338)			(17,583,079)			(1,723,069)
Futures			94,647			—			34,296			—
Net change in unrealized appreciation (depreciation)			(150,847,283)			(7,594,995)			(119,155,040)			(11,287,295)
Net realized and unrealized loss			(118,897,894)			(7,356,256)			(111,959,208)			(11,152,056)
Decrease in net assets resulting from operations		$	(113,911,118)		$	(6,810,735)		$	(105,069,011)		$	(10,471,706)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio			Voya Solution 2050 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	8,823,261		$	585,791		$	6,225,954		$	474,655
Dividends from unaffiliated underlying funds			1,680,001			118,399			1,398,925			103,042
Interest			22,933			868			23,297			691
Total investment income			10,526,195			705,058			7,648,176			578,388
EXPENSES:
Investment management fees			1,323,943			89,940			1,048,008			75,789
Distribution and shareholder service fees:
Class ADV			902,133			70,814			663,170			64,943
Class S			788,573			31,541			624,374			23,691
Class S2			43,423			6,701			29,069			2,796
Class T(1)			85			58			826			59
Transfer agent fees:
Class ADV			86,785			11,533			89,270			16,394
Class I			32,957			8,365			38,277			11,515
Class S			151,980			10,268			168,278			12,052
Class S2			5,212			1,362			4,870			872
Class T(1)			6			7			78			10
Shareholder reporting expense			14,850			730			14,600			1,370
Professional fees			72,885			8,213			57,312			8,125
Custody and accounting expense			41,860			10,950			35,405			10,220
Directors fees			14,377			969			11,164			807
Miscellaneous expense			35,785			11,736			24,478			10,442
Interest expense			176			—			86			—
Total expenses			3,515,030			263,187			2,809,265			239,085
Waived and reimbursed fees			(735,026)			(87,333)			(723,014)			(89,226)
Net expenses			2,780,004			175,854			2,086,251			149,859
Net investment income			7,746,191			529,204			5,561,925			428,529
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(21,582,653)			(2,574,002)			(13,511,183)			(1,925,389)
Sale of unaffiliated underlying funds			5,841,397			297,724			6,710,101			158,291
Capital gain distributions from affiliated underlying funds			39,099,274			2,959,362			33,489,669			2,342,423
Futures			(1,361,199)			—			105,914			—
Net realized gain			21,996,819			683,084			26,794,501			575,325
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(131,499,280)			(7,902,385)			(111,439,897)			(6,789,470)
Unaffiliated underlying funds			(24,103,068)			(1,764,527)			(24,299,082)			(1,427,413)
Futures			152,666			—			145,269			—
Net change in unrealized appreciation (depreciation)			(155,449,682)			(9,666,912)			(135,593,710)			(8,216,883)
Net realized and unrealized loss			(133,452,863)			(8,983,828)			(108,799,209)			(7,641,558)
Decrease in net assets resulting from operations		$	(125,706,672)		$	(8,454,624)		$	(103,237,284)		$	(7,213,029)

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio			Voya Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	2,224,262		$	361,878		$	114,462
Dividends from unaffiliated underlying funds			410,334			73,506			20,674
Interest			9,256			518			63
Total investment income			2,643,852			435,902			135,199
EXPENSES:
Investment management fees			355,334			56,408			15,606
Distribution and shareholder service fees:
Class ADV			239,458			46,558			8,827
Class S			190,288			19,141			7,211
Class S2			14,458			3,413			526
Class T(1)			86			33			24
Transfer agent fees:
Class ADV			52,951			19,596			2,818
Class I			27,340			13,336			3,118
Class S			84,141			16,157			4,638
Class S2			3,999			1,786			206
Class T(1)			14			10			4
Shareholder reporting expense			3,650			365			590
Registration fees			—			—			21
Professional fees			21,321			4,273			4,380
Custody and accounting expense			12,775			10,508			11,905
Directors fees			3,809			604			168
Miscellaneous expense			10,660			9,917			10,405
Total expenses			1,020,284			202,105			70,447
Waived and reimbursed fees			(283,087)			(84,187)			(40,581)
Net expenses			737,197			117,918			29,866
Net investment income			1,906,655			317,984			105,333
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(6,791,564)			(1,823,734)			(756,520)
Sale of unaffiliated underlying funds			584,299			35,780			(67,842)
Capital gain distributions from affiliated underlying funds			11,184,449			1,789,324			510,788
Futures			(35,194)			—			—
Net realized gain (loss)			4,941,990			1,370			(313,574)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(35,953,427)			(4,792,187)			(1,003,718)
Unaffiliated underlying funds			(5,813,302)			(901,317)			(148,409)
Futures			55,288			—			—
Net change in unrealized appreciation (depreciation)			(41,711,441)			(5,693,504)			(1,152,127)
Net realized and unrealized loss			(36,769,451)			(5,692,134)			(1,465,701)
Decrease in net assets resulting from operations		$	(34,862,796)		$	(5,374,150)		$	(1,360,368)

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Aggressive Portfolio						Voya Solution Balanced Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	294,410		$	225,647		$	624,079		$	758,318
Net realized gain			941,184			5,404,163			2,521,921			8,457,316
Net change in unrealized appreciation (depreciation)			(8,062,053)			(536,618)			(14,262,676)			(1,358,329)
Increase (decrease) in net assets resulting from operations			(6,826,459)			5,093,192			(11,116,676)			7,857,305
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(668,637)			(36,612)			(1,517,139)			(155,467)
Class I			(170,848)			(5,299)			(660,759)			(66,254)
Class R6			(3,534,289)			(231,482)			(3,191,580)			(451,989)
Class S			(608,279)			(46,644)			(2,916,322)			(425,470)
Class S2			(263,460)			(10,846)			(162,982)			(20,938)
Total distributions			(5,245,513)			(330,883)			(8,448,782)			(1,120,118)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			9,777,325			6,740,195			6,847,228			9,206,125
Reinvestment of distributions			5,245,513			330,883			8,448,782			1,120,118
			15,022,838			7,071,078			15,296,010			10,326,243
Cost of shares redeemed			(6,163,970)			(5,947,741)			(11,278,510)			(9,237,889)
Net increase in net assets resulting from capital share transactions			8,858,868			1,123,337			4,017,500			1,088,354
Net increase (decrease) in net assets			(3,213,104)			5,885,646			(15,547,958)			7,825,541
NET ASSETS:
Beginning of year or period			31,815,806			25,930,160			64,347,203			56,521,662
End of year or period		$	28,602,702		$	31,815,806		$	48,799,245		$	64,347,203

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Conservative Portfolio						Voya Solution Income Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	261,987		$	289,596		$	3,346,293		$	4,283,608
Net realized gain (loss)			(262,201)			1,523,234			2,047,281			29,329,165
Net change in unrealized appreciation (depreciation)			(2,333,015)			(929,355)			(46,679,210)			(15,127,857)
Increase (decrease) in net assets resulting from operations			(2,333,229)			883,475			(41,285,636)			18,484,916
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(404,642)			(146,010)			(16,285,351)			(9,308,131)
Class I			(12,040)			(18,830)			(4,639,474)			(2,702,478)
Class R6			(985,167)			(385,201)			—			—
Class S			(214,009)			(98,834)			(11,265,563)			(6,498,676)
Class S2			(123,465)			(53,159)			(499,785)			(399,483)
Class T			—			—			(13,497)			(6,032)
Total distributions			(1,739,323)			(702,034)			(32,703,670)			(18,914,800)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			5,574,904			5,343,901			9,445,664			22,002,385
Reinvestment of distributions			1,739,323			702,034			32,703,229			18,914,584
			7,314,227			6,045,935			42,148,893			40,916,969
Cost of shares redeemed			(5,156,578)			(4,574,482)			(45,101,137)			(64,160,912)
Net increase (decrease) in net assets resulting from capital share transactions			2,157,649			1,471,453			(2,952,244)			(23,243,943)
Net increase (decrease) in net assets			(1,914,903)			1,652,894			(76,941,550)			(23,673,827)
NET ASSETS:
Beginning of year or period			17,748,400			16,095,506			283,408,027			307,081,854
End of year or period		$	15,833,497		$	17,748,400		$	206,466,477		$	283,408,027

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Moderately Aggressive Portfolio						Voya Solution Moderately Conservative Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	4,986,776		$	5,637,091		$	545,521		$	697,474
Net realized gain			31,949,389			97,942,934			238,739			5,425,862
Net change in unrealized appreciation (depreciation)			(150,847,283)			(4,528,261)			(7,594,995)			(2,294,126)
Increase (decrease) in net assets resulting from operations			(113,911,118)			99,051,764			(6,810,735)			3,829,210
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(3,961,693)			(356,936)			(825,262)			(122,461)
Class I			(749,224)			(94,189)			(28,238)			(1,270)
Class R6			(4,855,809)			(485,492)			(1,484,083)			(259,334)
Class S			(75,915,836)			(9,011,067)			(2,600,087)			(481,441)
Class S2			(188,707)			(28,117)			(585,512)			(111,682)
Total distributions			(85,671,269)			(9,975,801)			(5,523,182)			(976,188)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			11,155,046			11,333,934			6,858,009			5,842,625
Reinvestment of distributions			85,671,269			9,975,801			5,523,182			976,188
			96,826,315			21,309,735			12,381,191			6,818,813
Cost of shares redeemed			(74,441,619)			(91,023,574)			(8,088,901)			(7,774,332)
Net increase (decrease) in net assets resulting from capital share transactions			22,384,696			(69,713,839)			4,292,290			(955,519)
Net increase (decrease) in net assets			(177,197,691)			19,362,124			(8,041,627)			1,897,503
NET ASSETS:
Beginning of year or period			625,771,725			606,409,601			42,933,972			41,036,469
End of year or period		$	448,574,034		$	625,771,725		$	34,892,345		$	42,933,972

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2025 Portfolio						Voya Solution 2030 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	6,890,197		$	8,464,648		$	680,350		$	762,889
Net realized gain			7,195,832			89,922,424			135,239			9,576,849
Net change in unrealized appreciation (depreciation)			(119,155,040)			(34,665,767)			(11,287,295)			(3,617,893)
Increase (decrease) in net assets resulting from operations			(105,069,011)			63,721,305			(10,471,706)			6,721,845
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(35,835,604)			(17,210,023)			(4,143,768)			(591,672)
Class I			(10,292,531)			(4,665,157)			(2,220,217)			(351,715)
Class S			(47,861,792)			(22,412,706)			(3,184,277)			(505,141)
Class S2			(1,648,478)			(851,206)			(124,936)			(33,902)
Class T			(57,590)			(23,232)			(9,720)			(1,237)
Total distributions			(95,695,995)			(45,162,324)			(9,682,918)			(1,483,667)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			26,055,900			47,546,483			13,114,469			14,205,790
Reinvestment of distributions			95,695,995			45,162,324			9,682,020			1,483,538
			121,751,895			92,708,807			22,796,489			15,689,328
Cost of shares redeemed			(74,586,366)			(130,258,912)			(11,411,373)			(17,879,726)
Net increase (decrease) in net assets resulting from capital share transactions			47,165,529			(37,550,105)			11,385,116			(2,190,398)
Net increase (decrease) in net assets			(153,599,477)			(18,991,124)			(8,769,508)			3,047,780
NET ASSETS:
Beginning of year or period			614,246,321			633,237,445			57,146,032			54,098,252
End of year or period		$	460,646,844		$	614,246,321		$	48,376,524		$	57,146,032

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2035 Portfolio						Voya Solution 2040 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	7,746,191		$	8,662,809		$	529,204		$	485,038
Net realized gain			21,996,819			108,775,807			683,084			8,726,431
Net change in unrealized appreciation (depreciation)			(155,449,682)			(27,977,809)			(9,666,912)			(3,039,047)
Increase (decrease) in net assets resulting from operations			(125,706,672)			89,460,807			(8,454,624)			6,172,422
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(35,407,781)			(13,377,292)			(3,094,562)			(401,451)
Class I			(13,702,686)			(4,627,389)			(2,285,111)			(278,849)
Class S			(62,903,020)			(22,256,497)			(2,796,646)			(328,274)
Class S2			(2,096,580)			(862,847)			(366,210)			(46,978)
Class T(1)			(3,121)			(1,154)			(2,284)			(277)
Total distributions			(114,113,188)			(41,125,179)			(8,544,813)			(1,055,829)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			33,020,426			47,375,867			12,618,908			12,776,643
Reinvestment of distributions			114,113,188			41,125,179			8,543,754			1,055,698
			147,133,614			88,501,046			21,162,662			13,832,341
Cost of shares redeemed			(53,568,108)			(122,487,364)			(7,621,160)			(16,251,010)
Net increase (decrease) in net assets resulting from capital share transactions			93,565,506			(33,986,318)			13,541,502			(2,418,669)
Net increase (decrease) in net assets			(146,254,354)			14,349,310			(3,457,935)			2,697,924
NET ASSETS:
Beginning of year or period			682,437,971			668,088,661			42,845,160			40,147,236
End of year or period		$	536,183,617		$	682,437,971		$	39,387,225		$	42,845,160

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2045 Portfolio						Voya Solution 2050 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	5,561,925		$	5,551,672		$	428,529		$	324,337
Net realized gain			26,794,501			93,099,811			575,325			7,867,663
Net change in unrealized appreciation (depreciation)			(135,593,710)			(16,422,856)			(8,216,883)			(2,463,847)
Increase (decrease) in net assets resulting from operations			(103,237,284)			82,228,627			(7,213,029)			5,728,153
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(28,246,695)			(14,358,057)			(2,999,006)			(407,828)
Class I			(12,243,814)			(5,597,625)			(2,120,939)			(292,715)
Class S			(54,307,105)			(25,285,756)			(2,232,853)			(266,356)
Class S2			(1,374,674)			(990,625)			(138,857)			(28,288)
Class T			(30,620)			(14,355)			(2,492)			(302)
Total distributions			(96,202,908)			(46,246,418)			(7,494,147)			(995,489)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			33,468,188			39,159,002			9,812,129			9,181,341
Reinvestment of distributions			96,202,908			46,246,418			7,492,936			995,344
			129,671,096			85,405,420			17,305,065			10,176,685
Cost of shares redeemed			(39,146,755)			(92,965,289)			(5,485,801)			(14,614,819)
Net increase (decrease) in net assets resulting from capital share transactions			90,524,341			(7,559,869)			11,819,264			(4,438,134)
Net increase (decrease) in net assets			(108,915,851)			28,422,340			(2,887,912)			294,530
NET ASSETS:
Beginning of year or period			528,411,263			499,988,923			36,125,940			35,831,410
End of year or period		$	419,495,412		$	528,411,263		$	33,238,028		$	36,125,940

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2055 Portfolio						Voya Solution 2060 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	1,906,655		$	1,534,952		$	317,984		$	224,618
Net realized gain			4,941,990			32,899,770			1,370			5,746,010
Net change in unrealized appreciation (depreciation)			(41,711,441)			(7,273,004)			(5,693,504)			(2,002,387)
Increase (decrease) in net assets resulting from operations			(34,862,796)			27,161,718			(5,374,150)			3,968,241
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(10,473,247)			(8,173,952)			(2,117,124)			(278,652)
Class I			(5,456,273)			(3,511,066)			(1,463,715)			(199,058)
Class S			(16,966,320)			(11,778,271)			(1,768,678)			(231,483)
Class S2			(671,464)			(701,880)			(164,546)			(32,424)
Class T(1)			(4,151)			(2,823)			(1,062)			(138)
Total distributions			(33,571,455)			(24,167,992)			(5,515,125)			(741,755)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			22,972,098			25,063,582			8,245,218			8,648,215
Reinvestment of distributions			33,571,455			24,167,993			5,515,125			741,755
			56,543,553			49,231,575			13,760,343			9,389,970
Cost of shares redeemed			(15,418,302)			(40,353,988)			(4,026,254)			(10,332,678)
Net increase (decrease) in net assets resulting from capital share transactions			41,125,251			8,877,587			9,734,089			(942,708)
Net increase (decrease) in net assets			(27,309,000)			11,871,313			(1,155,186)			2,283,778
NET ASSETS:
Beginning of year or period			177,168,642			165,297,329			26,594,291			24,310,513
End of year or period		$	149,859,642		$	177,168,642		$	25,439,105		$	26,594,291

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2065 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	105,333		$	53,103
Net realized gain (loss)			(313,574)			747,813
Net change in unrealized appreciation (depreciation)			(1,152,127)			(178,515)
Increase (decrease) in net assets resulting from operations			(1,360,368)			622,401
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(135,293)			(182,982)
Class I			(165,110)			(200,791)
Class S			(251,152)			(283,529)
Class S2			(9,345)			(13,311)
Class T			(231)			(472)
Total distributions			(561,131)			(681,085)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,534,636			2,725,314
Reinvestment of distributions			561,131			681,085
			5,095,767			3,406,399
Cost of shares redeemed			(837,172)			(565,627)
Net increase in net assets resulting from capital share transactions			4,258,595			2,840,772
Net increase in net assets			2,337,096			2,782,088
NET ASSETS:
Beginning of year or period			5,823,494			3,041,406
End of year or period		$	8,160,590		$	5,823,494

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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
12-31-22		16.45		0.07•		(3.23)		(3.16)		0.32		2.02		—		2.34		—		10.95		(20.13)		0.94		0.86		0.86		0.56		3,524		93
12-31-21		13.91		0.06•		2.62		2.68		0.14		—		—		0.14		—		16.45		19.31		0.93		0.81		0.81		0.37		4,406		58
12-31-20		13.08		0.10		1.76		1.86		0.15		0.88		—		1.03		—		13.91		15.53		1.00		0.81		0.81		0.64		3,744		85
12-31-19		11.47		0.11		2.65		2.76		0.16		0.99		—		1.15		—		13.08		24.94		0.92		0.75		0.75		0.96		3,760		85
12-31-18		13.56		0.10		(1.53)		(1.43)		0.11		0.55		—		0.66		—		11.47		(11.18)		0.90		0.69		0.69		0.79		3,159		79
Class I
12-31-22		16.92		0.17•		(3.35)		(3.18)		0.39		2.02		—		2.41		—		11.33		(19.67)		0.44		0.36		0.36		1.34		966		93
12-31-21		14.29		0.13•		2.70		2.83		0.20		—		—		0.20		—		16.92		19.87		0.43		0.31		0.31		0.82		488		58
12-31-20		13.42		0.12•		1.85		1.97		0.22		0.88		—		1.10		—		14.29		16.09		0.50		0.31		0.31		0.94		294		85
12-31-19		11.74		0.22•		2.67		2.89		0.22		0.99		—		1.21		—		13.42		25.54		0.42		0.25		0.25		1.73		600		85
12-31-18		13.85		0.16•		(1.55)		(1.39)		0.17		0.55		—		0.72		—		11.74		(10.72)		0.40		0.19		0.19		1.17		325		79
Class R6
12-31-22		16.92		0.15•		(3.33)		(3.18)		0.39		2.02		—		2.41		—		11.33		(19.67)		0.32		0.32		0.32		1.14		20,169		93
12-31-21		14.29		0.15•		2.68		2.83		0.20		—		—		0.20		—		16.92		19.86		0.33		0.31		0.31		0.94		21,062		58
12-31-20		13.41		0.16•		1.82		1.98		0.22		0.88		—		1.10		—		14.29		16.19		0.38		0.31		0.31		1.23		16,188		85
12-31-19		11.74		0.20•		2.68		2.88		0.22		0.99		—		1.21		—		13.41		25.45		0.42		0.25		0.25		1.57		11,636		85
12-31-18		13.85		0.19•		(1.58)		(1.39)		0.17		0.55		—		0.72		—		11.74		(10.72)		0.40		0.19		0.19		1.42		7,177		79
Class S
12-31-22		16.69		0.08•		(3.25)		(3.17)		0.35		2.02		—		2.37		—		11.15		(19.89)		0.69		0.61		0.61		0.57		2,590		93
12-31-21		14.10		0.10•		2.66		2.76		0.17		—		—		0.17		—		16.69		19.62		0.68		0.56		0.56		0.64		4,426		58
12-31-20		13.25		0.10•		1.82		1.92		0.19		0.88		—		1.07		—		14.10		15.83		0.75		0.56		0.56		0.80		3,666		85
12-31-19		11.60		0.15		2.67		2.82		0.18		0.99		—		1.17		—		13.25		25.21		0.67		0.50		0.50		1.27		3,925		85
12-31-18		13.69		0.12•		(1.52)		(1.40)		0.14		0.55		—		0.69		—		11.60		(10.91)		0.65		0.44		0.44		0.93		3,123		79
Class S2
12-31-22		16.36		0.08•		(3.20)		(3.12)		0.34		2.02		—		2.36		—		10.88		(20.00)		0.84		0.76		0.76		0.63		1,354		93
12-31-21		13.81		0.06•		2.62		2.68		0.13		—		—		0.13		—		16.36		19.42		0.83		0.71		0.71		0.37		1,434		58
12-31-20		13.01		0.10•		1.76		1.86		0.18		0.88		—		1.06		—		13.81		15.70		0.90		0.71		0.71		0.80		2,038		85
12-31-19		11.43		0.16•		2.60		2.76		0.19		0.99		—		1.18		—		13.01		25.05		0.82		0.65		0.65		1.28		1,539		85
12-31-18		13.52		0.13•		(1.54)		(1.41)		0.13		0.55		—		0.68		—		11.43		(11.08)		0.80		0.59		0.59		0.96		800		79

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Balanced Portfolio
Class ADV
12-31-22		11.48		0.08•		(2.05)		(1.97)		0.35		1.18		—		1.53		—		7.98		(18.03)		0.84		0.84		0.84		0.83		8,837		87
12-31-21		10.26		0.10•		1.29		1.39		0.17		—		—		0.17		—		11.48		13.63		0.86		0.80		0.80		0.92		10,713		50
12-31-20		9.74		0.11•		1.06		1.17		0.17		0.48		—		0.65		—		10.26		12.75		0.89		0.81		0.81		1.22		9,774		79
12-31-19		8.89		0.14•		1.51		1.65		0.19		0.61		—		0.80		—		9.74		19.13		0.82		0.75		0.75		1.45		10,913		85
12-31-18		10.08		0.14•		(0.80)		(0.66)		0.16		0.37		—		0.53		—		8.89		(6.98)		0.80		0.69		0.69		1.39		11,984		60
Class I
12-31-22		11.98		0.14•		(2.15)		(2.01)		0.40		1.18		—		1.58		—		8.39		(17.61)		0.34		0.34		0.34		1.43		3,906		87
12-31-21		10.70		0.17•		1.34		1.51		0.23		—		—		0.23		—		11.98		14.15		0.36		0.30		0.30		1.49		3,831		50
12-31-20		10.14		0.18•		1.09		1.27		0.23		0.48		—		0.71		—		10.70		13.30		0.39		0.31		0.31		1.88		3,224		79
12-31-19		9.24		0.18•		1.59		1.77		0.26		0.61		—		0.87		—		10.14		19.75		0.32		0.25		0.25		1.78		2,482		85
12-31-18		10.45		0.20•		(0.82)		(0.62)		0.22		0.37		—		0.59		—		9.24		(6.38)		0.30		0.19		0.19		1.97		3,689		60
Class R6
12-31-22		11.98		0.14•		(2.15)		(2.01)		0.40		1.18		—		1.58		—		8.39		(17.61)		0.29		0.29		0.29		1.39		19,887		87
12-31-21		10.70		0.16•		1.35		1.51		0.23		—		—		0.23		—		11.98		14.15		0.30		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
Class S
12-31-22		11.63		0.09•		(2.07)		(1.98)		0.37		1.18		—		1.55		—		8.10		(17.90)		0.59		0.59		0.59		1.00		15,078		87
12-31-21		10.39		0.13•		1.31		1.44		0.20		—		—		0.20		—		11.63		13.96		0.61		0.55		0.55		1.18		24,044		50
12-31-20		9.87		0.16		1.04		1.20		0.20		0.48		—		0.68		—		10.39		12.95		0.64		0.56		0.56		1.49		19,713		79
12-31-19		9.01		0.17•		1.53		1.70		0.23		0.61		—		0.84		—		9.87		19.47		0.57		0.50		0.50		1.76		20,388		85
12-31-18		10.21		0.17•		(0.81)		(0.64)		0.19		0.37		—		0.56		—		9.01		(6.70)		0.55		0.44		0.44		1.69		19,594		60
Class S2
12-31-22		11.60		0.09•		(2.08)		(1.99)		0.34		1.18		—		1.52		—		8.09		(17.99)		0.74		0.74		0.74		0.96		1,091		87
12-31-21		10.34		0.11•		1.31		1.42		0.16		—		—		0.16		—		11.60		13.80		0.76		0.70		0.70		1.00		1,556		50
12-31-20		9.83		0.11•		1.08		1.19		0.20		0.48		—		0.68		—		10.34		12.81		0.79		0.71		0.71		1.22		1,621		79
12-31-19		9.00		0.18•		1.49		1.67		0.23		0.61		—		0.84		—		9.83		19.22		0.72		0.65		0.65		1.90		2,548		85
12-31-18		10.17		0.13•		(0.79)		(0.66)		0.14		0.37		—		0.51		—		9.00		(6.89)		0.70		0.59		0.59		1.30		856		60

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Conservative Portfolio
Class ADV
12-31-22		11.96		0.13•		(1.72)		(1.59)		0.35		0.83		—		1.18		—		9.19		(13.78)		0.97		0.74		0.74		1.31		3,388		80
12-31-21		11.80		0.17•		0.45		0.62		0.27		0.19		—		0.46		—		11.96		5.26		0.95		0.69		0.69		1.42		4,030		54
12-31-20		11.24		0.21•		0.84		1.05		0.28		0.21		—		0.49		—		11.80		9.59		0.95		0.70		0.70		1.90		4,658		91
12-31-19		10.40		0.24		0.90		1.14		0.21		0.09		—		0.30		—		11.24		10.99		0.92		0.67		0.67		2.10		8,336		75
12-31-18		11.06		0.22		(0.47)		(0.25)		0.22		0.19		—		0.41		—		10.40		(2.39)		0.89		0.63		0.63		1.92		7,912		67
Class I
12-31-22		12.07		0.18•		(1.74)		(1.56)		0.40		0.83		—		1.23		—		9.28		(13.36)		0.47		0.24		0.24		1.73		415		80
12-31-21		11.92		0.27•		0.42		0.69		0.35		0.19		—		0.54		—		12.07		5.85		0.45		0.19		0.19		2.24		913		54
12-31-20		11.41		0.24•		0.86		1.10		0.38		0.21		—		0.59		—		11.92		9.99		0.45		0.20		0.20		2.17		238		91
12-31-19		10.54		0.31•		0.91		1.22		0.26		0.09		—		0.35		—		11.41		11.65		0.42		0.17		0.17		2.82		658		75
12-31-18		11.21		0.28•		(0.49)		(0.21)		0.27		0.19		—		0.46		—		10.54		(1.94)		0.39		0.13		0.13		2.62		274		67
Class R6
12-31-22		12.07		0.19•		(1.74)		(1.55)		0.41		0.83		—		1.24		—		9.28		(13.34)		0.39		0.24		0.24		1.84		9,008		80
12-31-21		11.93		0.24•		0.44		0.68		0.35		0.19		—		0.54		—		12.07		5.77		0.37		0.19		0.19		1.95		9,365		54
12-31-20		11.41		0.28•		0.83		1.11		0.38		0.21		—		0.59		—		11.93		10.09		0.39		0.20		0.20		2.46		7,547		91
12-31-19		10.54		0.30		0.92		1.22		0.26		0.09		—		0.35		—		11.41		11.65		0.42		0.17		0.17		2.61		5,365		75
12-31-18		11.21		0.28•		(0.49)		(0.21)		0.27		0.19		—		0.46		—		10.54		(1.94)		0.39		0.13		0.13		2.52		5,056		67
Class S
12-31-22		12.01		0.16•		(1.74)		(1.58)		0.37		0.83		—		1.20		—		9.23		(13.60)		0.72		0.49		0.49		1.57		1,782		80
12-31-21		11.87		0.20•		0.45		0.65		0.32		0.19		—		0.51		—		12.01		5.52		0.70		0.44		0.44		1.67		2,203		54
12-31-20		11.34		0.24•		0.84		1.08		0.34		0.21		—		0.55		—		11.87		9.83		0.70		0.45		0.45		2.14		2,215		91
12-31-19		10.48		0.25•		0.93		1.18		0.23		0.09		—		0.32		—		11.34		11.31		0.67		0.42		0.42		2.30		2,839		75
12-31-18		11.13		0.24•		(0.47)		(0.23)		0.23		0.19		—		0.42		—		10.48		(2.14)		0.64		0.38		0.38		2.16		3,508		67
Class S2
12-31-22		11.85		0.15•		(1.72)		(1.57)		0.36		0.83		—		1.19		—		9.09		(13.75)		0.87		0.64		0.64		1.47		1,241		80
12-31-21		11.73		0.18•		0.44		0.62		0.31		0.19		—		0.50		—		11.85		5.34		0.85		0.59		0.59		1.53		1,237		54
12-31-20		11.25		0.24•		0.82		1.06		0.37		0.21		—		0.58		—		11.73		9.69		0.85		0.60		0.60		2.19		1,438		91
12-31-19		10.39		0.23•		0.93		1.16		0.21		0.09		—		0.30		—		11.25		11.21		0.82		0.57		0.57		2.14		393		75
12-31-18		11.04		0.21•		(0.46)		(0.25)		0.21		0.19		—		0.40		—		10.39		(2.34)		0.79		0.53		0.53		1.97		438		67

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Income Portfolio
Class ADV
12-31-22		12.75		0.13•		(1.99)		(1.86)		0.43		1.17		—		1.60		—		9.29		(15.32)		0.80		0.75		0.75		1.26		103,030		47
12-31-21		12.81		0.17•		0.62		0.79		0.36		0.49		—		0.85		—		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
Class I
12-31-22		13.10		0.19•		(2.04)		(1.85)		0.50		1.17		—		1.67		—		9.58		(14.82)		0.30		0.25		0.25		1.75		28,449		47
12-31-21		13.13		0.23•		0.64		0.87		0.41		0.49		—		0.90		—		13.10		6.69		0.31		0.22		0.22		1.77		40,086		35
12-31-20		12.05		0.26•		1.18		1.44		0.33		0.03		—		0.36		—		13.13		12.18		0.31		0.21		0.21		2.15		46,389		50
12-31-19		11.19		0.28•		1.19		1.47		0.37		0.24		—		0.61		—		12.05		13.38		0.26		0.19		0.19		2.41		78,441		39
12-31-18		12.13		0.27•		(0.59)		(0.32)		0.32		0.30		—		0.62		—		11.19		(2.80)		0.25		0.12		0.12		2.29		75,592		38
Class S
12-31-22		12.98		0.17•		(2.03)		(1.86)		0.46		1.17		—		1.63		—		9.49		(15.01)		0.55		0.50		0.50		1.53		71,665		47
12-31-21		13.03		0.20•		0.63		0.83		0.39		0.49		—		0.88		—		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
Class S2
12-31-22		12.62		0.14•		(1.97)		(1.83)		0.42		1.17		—		1.59		—		9.20		(15.17)		0.70		0.65		0.65		1.28		3,259		47
12-31-21		12.70		0.18•		0.61		0.79		0.38		0.49		—		0.87		—		12.62		6.25		0.71		0.62		0.62		1.43		5,629		35
12-31-20		11.65		0.22•		1.12		1.34		0.26		0.03		—		0.29		—		12.70		11.74		0.71		0.61		0.61		1.84		5,194		50
12-31-19		10.82		0.22•		1.16		1.38		0.31		0.24		—		0.55		—		11.65		12.96		0.66		0.59		0.59		1.95		5,310		39
12-31-18		11.72		0.21•		(0.56)		(0.35)		0.25		0.30		—		0.55		—		10.82		(3.21)		0.65		0.52		0.52		1.82		6,111		38
Class T
12-31-22		13.87		0.12•		(2.18)		(2.06)		0.40		1.17		—		1.57		—		10.24		(15.52)		1.00		0.95		0.95		0.97		64		47
12-31-21		13.81		0.15•		0.68		0.83		0.28		0.49		—		0.77		—		13.87		6.03		1.01		0.92		0.92		1.04		118		35
12-31-20		12.56		0.18•		1.24		1.42		0.14		0.03		—		0.17		—		13.81		11.39		1.01		0.91		0.91		1.41		148		50
12-31-19		11.65		0.20		1.24		1.44		0.29		0.24		—		0.53		—		12.56		12.54		0.96		0.89		0.89		1.74		259		39
12-31-18		12.60		0.19		(0.60)		(0.41)		0.24		0.30		—		0.54		—		11.65		(3.45)		0.95		0.82		0.82		1.62		218		38

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Aggressive Portfolio
Class ADV
12-31-22		14.96		0.09•		(2.80)		(2.71)		0.41		1.78		—		2.19		—		10.06		(19.01)		0.77		0.77		0.77		0.74		20,306		71
12-31-21		12.98		0.09•		2.09		2.18		0.20		—		—		0.20		—		14.96		16.87		0.78		0.81		0.81		0.66		26,263		41
12-31-20		12.54		0.14		1.40		1.54		0.21		0.89		—		1.10		—		12.98		13.59		0.77		0.81		0.81		1.03		24,171		47
12-31-19		11.39		0.16		2.28		2.44		0.26		1.03		—		1.29		—		12.54		22.32		0.76		0.76		0.76		1.28		24,168		55
12-31-18		13.39		0.14•		(1.32)		(1.18)		0.20		0.62		—		0.82		—		11.39		(9.44)		0.75		0.71		0.71		1.09		21,418		46
Class I
12-31-22		15.33		0.17•		(2.89)		(2.72)		0.48		1.78		—		2.26		—		10.35		(18.60)		0.27		0.27		0.27		1.37		4,576		71
12-31-21		13.29		0.17•		2.14		2.31		0.27		—		—		0.27		—		15.33		17.42		0.28		0.31		0.31		1.19		5,090		41
12-31-20		12.81		0.18•		1.46		1.64		0.27		0.89		—		1.16		—		13.29		14.23		0.27		0.31		0.31		1.54		4,726		47
12-31-19		11.61		0.22		2.34		2.56		0.33		1.03		—		1.36		—		12.81		22.99		0.26		0.26		0.26		1.84		4,862		55
12-31-18		13.64		0.21•		(1.35)		(1.14)		0.27		0.62		—		0.89		—		11.61		(9.02)		0.25		0.21		0.21		1.60		3,898		46
Class R6
12-31-22		15.32		0.16•		(2.87)		(2.71)		0.49		1.78		—		2.27		—		10.34		(18.61)		0.27		0.27		0.27		1.30		26,694		71
12-31-21		13.28		0.18•		2.13		2.31		0.27		—		—		0.27		—		15.32		17.44		0.27		0.30		0.30		1.25		30,360		41
12-31-20		12.80		0.19•		1.45		1.64		0.27		0.89		—		1.16		—		13.28		14.24		0.26		0.30		0.30		1.58		23,965		47
12-31-19		11.61		0.23•		2.32		2.55		0.33		1.03		—		1.36		—		12.80		22.91		0.26		0.26		0.26		1.87		17,843		55
12-31-18		13.63		0.23•		(1.36)		(1.13)		0.27		0.62		—		0.89		—		11.61		(8.94)		0.25		0.21		0.21		1.76		12,083		46
Class S
12-31-22		15.13		0.12•		(2.84)		(2.72)		0.44		1.78		—		2.22		—		10.19		(18.87)		0.52		0.52		0.52		0.97		396,000		71
12-31-21		13.12		0.13•		2.11		2.24		0.23		—		—		0.23		—		15.13		17.16		0.53		0.56		0.56		0.89		562,208		41
12-31-20		12.66		0.17		1.42		1.59		0.24		0.89		—		1.13		—		13.12		13.92		0.52		0.56		0.56		1.27		552,268		47
12-31-19		11.49		0.19•		2.30		2.49		0.29		1.03		—		1.32		—		12.66		22.61		0.51		0.51		0.51		1.51		557,294		55
12-31-18		13.50		0.18•		(1.33)		(1.15)		0.24		0.62		—		0.86		—		11.49		(9.20)		0.50		0.46		0.46		1.34		525,590		46
Class S2
12-31-22		15.13		0.09•		(2.82)		(2.73)		0.41		1.78		—		2.19		—		10.21		(18.98)		0.67		0.67		0.67		0.74		998		71
12-31-21		13.14		0.12•		2.10		2.22		0.23		—		—		0.23		—		15.13		16.99		0.68		0.71		0.71		0.84		1,851		41
12-31-20		12.69		0.16•		1.41		1.57		0.23		0.89		—		1.12		—		13.14		13.70		0.67		0.71		0.71		1.32		1,280		47
12-31-19		11.50		0.17•		2.32		2.49		0.27		1.03		—		1.30		—		12.69		22.49		0.66		0.66		0.66		1.35		879		55
12-31-18		13.47		0.15•		(1.32)		(1.17)		0.18		0.62		—		0.80		—		11.50		(9.31)		0.65		0.61		0.61		1.10		732		46

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Conservative Portfolio
Class ADV
12-31-22		11.44		0.11•		(1.86)		(1.75)		0.37		1.11		—		1.48		—		8.21		(15.97)		0.88		0.78		0.78		1.21		5,355		75
12-31-21		10.69		0.15•		0.83		0.98		0.23		—		—		0.23		—		11.44		9.16		0.90		0.73		0.73		1.35		5,957		46
12-31-20		10.09		0.17•		0.90		1.07		0.19		0.28		—		0.47		—		10.69		11.01		0.92		0.73		0.73		1.76		6,505		72
12-31-19		9.13		0.18•		1.14		1.32		0.16		0.20		—		0.36		—		10.09		14.61		0.84		0.70		0.70		1.83		7,507		81
12-31-18		9.99		0.17•		(0.60)		(0.43)		0.20		0.23		—		0.43		—		9.13		(4.52)		0.83		0.67		0.67		1.79		9,033		59
Class I
12-31-22		11.97		0.16•		(1.95)		(1.79)		0.43		1.11		—		1.54		—		8.64		(15.63)		0.38		0.28		0.28		1.62		192		75
12-31-21		11.18		0.41•		0.67		1.08		0.29		—		—		0.29		—		11.97		9.69		0.40		0.23		0.23		3.56		373		46
12-31-20		10.55		0.23•		0.93		1.16		0.25		0.28		—		0.53		—		11.18		11.50		0.42		0.23		0.23		2.27		43		72
12-31-19		9.54		0.29•		1.14		1.43		0.22		0.20		—		0.42		—		10.55		15.17		0.34		0.20		0.20		2.83		69		81
12-31-18		10.42		0.24•		(0.64)		(0.40)		0.25		0.23		—		0.48		—		9.54		(4.04)		0.33		0.17		0.17		2.35		31		59
Class R6
12-31-22		11.97		0.17•		(1.96)		(1.79)		0.43		1.11		—		1.54		—		8.64		(15.63)		0.31		0.28		0.28		1.69		10,211		75
12-31-21		11.18		0.22•		0.86		1.08		0.29		—		—		0.29		—		11.97		9.69		0.31		0.23		0.23		1.89		10,245		46
12-31-20		10.54		0.25•		0.92		1.17		0.25		0.28		—		0.53		—		11.18		11.61		0.33		0.23		0.23		2.38		9,068		72
12-31-19		9.53		0.25•		1.18		1.43		0.22		0.20		—		0.42		—		10.54		15.18		0.34		0.20		0.20		2.47		6,045		81
12-31-18		10.41		0.25•		(0.65)		(0.40)		0.25		0.23		—		0.48		—		9.53		(4.05)		0.33		0.17		0.17		2.45		3,780		59
Class S
12-31-22		11.67		0.13•		(1.90)		(1.77)		0.40		1.11		—		1.51		—		8.39		(15.87)		0.63		0.53		0.53		1.38		15,346		75
12-31-21		10.91		0.19•		0.83		1.02		0.26		—		—		0.26		—		11.67		9.41		0.65		0.48		0.48		1.64		21,640		46
12-31-20		10.30		0.21		0.91		1.12		0.23		0.28		—		0.51		—		10.91		11.33		0.67		0.48		0.48		2.06		20,347		72
12-31-19		9.32		0.22•		1.16		1.38		0.20		0.20		—		0.40		—		10.30		14.96		0.59		0.45		0.45		2.24		19,349		81
12-31-18		10.19		0.20•		(0.63)		(0.43)		0.21		0.23		—		0.44		—		9.32		(4.35)		0.58		0.42		0.42		2.05		14,452		59
Class S2
12-31-22		11.46		0.12•		(1.87)		(1.75)		0.38		1.11		—		1.49		—		8.22		(16.00)		0.78		0.68		0.68		1.28		3,788		75
12-31-21		10.72		0.16•		0.82		0.98		0.24		—		—		0.24		—		11.46		9.22		0.80		0.63		0.63		1.44		4,718		46
12-31-20		10.14		0.19•		0.89		1.08		0.22		0.28		—		0.50		—		10.72		11.13		0.82		0.63		0.63		1.89		5,074		72
12-31-19		9.21		0.24•		1.10		1.34		0.21		0.20		—		0.41		—		10.14		14.74		0.74		0.60		0.60		2.39		5,439		81
12-31-18		10.08		0.18		(0.61)		(0.43)		0.21		0.23		—		0.44		—		9.21		(4.46)		0.73		0.57		0.57		1.96		1,072		59

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2025 Portfolio
Class ADV
12-31-22		12.44		0.11•		(2.18)		(2.07)		0.44		1.63		—		2.07		—		8.30		(17.69)		0.80		0.74		0.74		1.16		170,434		53
12-31-21		12.12		0.14•		1.10		1.24		0.33		0.59		—		0.92		—		12.44		10.40		0.81		0.70		0.70		1.16		234,207		36
12-31-20		11.37		0.15•		1.29		1.44		0.21		0.48		—		0.69		—		12.12		13.30		0.80		0.71		0.71		1.38		246,302		60
12-31-19		10.48		0.18•		1.64		1.82		0.25		0.68		—		0.93		—		11.37		17.79		0.75		0.71		0.71		1.59		260,690		44
12-31-18		11.72		0.16•		(0.82)		(0.66)		0.21		0.37		—		0.58		—		10.48		(5.97)		0.74		0.67		0.67		1.38		244,883		47
Class I
12-31-22		12.88		0.17•		(2.26)		(2.09)		0.51		1.63		—		2.14		—		8.65		(17.24)		0.30		0.24		0.24		1.68		50,063		53
12-31-21		12.50		0.21•		1.14		1.35		0.38		0.59		—		0.97		—		12.88		10.96		0.31		0.20		0.20		1.61		64,534		36
12-31-20		11.71		0.20•		1.34		1.54		0.27		0.48		—		0.75		—		12.50		13.85		0.30		0.21		0.21		1.71		77,673		60
12-31-19		10.78		0.24		1.68		1.92		0.31		0.68		—		0.99		—		11.71		18.33		0.25		0.21		0.21		2.14		260,767		44
12-31-18		12.04		0.23•		(0.85)		(0.62)		0.27		0.37		—		0.64		—		10.78		(5.48)		0.24		0.17		0.17		1.93		219,811		47
Class S
12-31-22		12.68		0.15•		(2.24)		(2.09)		0.47		1.63		—		2.10		—		8.49		(17.46)		0.55		0.49		0.49		1.43		232,558		53
12-31-21		12.34		0.18•		1.12		1.30		0.37		0.59		—		0.96		—		12.68		10.67		0.56		0.45		0.45		1.43		303,656		36
12-31-20		11.57		0.21		1.28		1.49		0.24		0.48		—		0.72		—		12.34		13.54		0.55		0.46		0.46		1.65		299,333		60
12-31-19		10.65		0.21•		1.67		1.88		0.28		0.68		—		0.96		—		11.57		18.12		0.50		0.46		0.46		1.82		299,655		44
12-31-18		11.90		0.19•		(0.83)		(0.64)		0.24		0.37		—		0.61		—		10.65		(5.73)		0.49		0.42		0.42		1.64		294,102		47
Class S2
12-31-22		12.26		0.12•		(2.15)		(2.03)		0.45		1.63		—		2.08		—		8.15		(17.59)		0.70		0.64		0.64		1.21		7,321		53
12-31-21		11.97		0.16•		1.08		1.24		0.36		0.59		—		0.95		—		12.26		10.49		0.71		0.60		0.60		1.33		11,469		36
12-31-20		11.23		0.16•		1.27		1.43		0.21		0.48		—		0.69		—		11.97		13.42		0.70		0.61		0.61		1.47		9,493		60
12-31-19		10.35		0.18•		1.63		1.81		0.25		0.68		—		0.93		—		11.23		17.92		0.65		0.61		0.61		1.63		10,745		44
12-31-18		11.56		0.15•		(0.79)		(0.64)		0.20		0.37		—		0.57		—		10.35		(5.88)		0.64		0.57		0.57		1.34		11,715		47
Class T
12-31-22		13.25		0.10•		(2.33)		(2.23)		0.41		1.63		—		2.04		—		8.98		(17.81)		1.00		0.94		0.94		0.93		270		53
12-31-21		12.83		0.12•		1.17		1.29		0.28		0.59		—		0.87		—		13.25		10.19		1.01		0.90		0.90		0.92		380		36
12-31-20		11.98		0.13•		1.36		1.49		0.16		0.48		—		0.64		—		12.83		13.02		1.00		0.91		0.91		1.13		436		60
12-31-19		10.96		0.16•		1.72		1.88		0.18		0.68		—		0.86		—		11.98		17.51		0.95		0.91		0.91		1.36		521		44
12-31-18		12.23		0.13•		(0.84)		(0.71)		0.19		0.37		—		0.56		—		10.96		(6.14)		0.94		0.87		0.87		1.11		575		47

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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
12-31-22		18.03		0.17•		(3.25)		(3.08)		0.61		2.39		—		3.00		—		11.95		(18.09)		0.85		0.70		0.70		1.16		20,852		83
12-31-21		16.46		0.20•		1.81		2.01		0.27		0.17		—		0.44		—		18.03		12.26		0.90		0.67		0.67		1.15		25,214		54
12-31-20		15.30		0.18•		1.86		2.04		0.23		0.65		—		0.88		—		16.46		13.99		0.94		0.71		0.71		1.24		22,015		90
12-31-19		13.79		0.23•		2.46		2.69		0.25		0.93		—		1.18		—		15.30		20.13		0.83		0.71		0.71		1.55		18,792		79
12-31-18		15.96		0.21		(1.31)		(1.10)		0.23		0.84		—		1.07		—		13.79		(7.47)		0.81		0.66		0.66		1.38		12,630		87
Class I
12-31-22		18.68		0.24•		(3.36)		(3.12)		0.70		2.39		—		3.09		—		12.47		(17.69)		0.35		0.20		0.20		1.59		9,992		83
12-31-21		17.02		0.28•		1.88		2.16		0.33		0.17		—		0.50		—		18.68		12.80		0.40		0.17		0.17		1.57		12,248		54
12-31-20		15.77		0.26•		1.93		2.19		0.29		0.65		—		0.94		—		17.02		14.61		0.44		0.21		0.21		1.69		13,812		90
12-31-19		14.18		0.33•		2.51		2.84		0.32		0.93		—		1.25		—		15.77		20.65		0.33		0.21		0.21		2.18		13,781		79
12-31-18		16.36		0.31•		(1.36)		(1.05)		0.29		0.84		—		1.13		—		14.18		(6.98)		0.31		0.16		0.16		1.95		7,333		87
Class S
12-31-22		18.51		0.21•		(3.34)		(3.13)		0.65		2.39		—		3.04		—		12.34		(17.87)		0.60		0.45		0.45		1.43		16,853		83
12-31-21		16.89		0.24•		1.86		2.10		0.31		0.17		—		0.48		—		18.51		12.49		0.65		0.42		0.42		1.35		18,032		54
12-31-20		15.66		0.23•		1.91		2.14		0.26		0.65		—		0.91		—		16.89		14.34		0.69		0.46		0.46		1.54		17,584		90
12-31-19		14.09		0.27•		2.51		2.78		0.28		0.93		—		1.21		—		15.66		20.36		0.58		0.46		0.46		1.78		13,558		79
12-31-18		16.28		0.28•		(1.36)		(1.08)		0.27		0.84		—		1.11		—		14.09		(7.23)		0.56		0.41		0.41		1.81		10,589		87
Class S2
12-31-22		18.22		0.15•		(3.25)		(3.10)		0.59		2.39		—		2.98		—		12.14		(18.01)		0.75		0.60		0.60		1.01		677		83
12-31-21		16.66		0.27•		1.77		2.04		0.31		0.17		—		0.48		—		18.22		12.35		0.80		0.57		0.57		1.53		1,596		54
12-31-20		15.46		0.22•		1.87		2.09		0.24		0.65		—		0.89		—		16.66		14.17		0.84		0.61		0.61		1.47		642		90
12-31-19		13.90		0.25•		2.48		2.73		0.24		0.93		—		1.17		—		15.46		20.24		0.73		0.61		0.61		1.66		450		79
12-31-18		16.08		0.25•		(1.35)		(1.10)		0.24		0.84		—		1.08		—		13.90		(7.40)		0.71		0.56		0.56		1.62		439		87
Class T
12-31-22		18.00		0.03•		(3.08)		(3.05)		0.59		2.39		—		2.98		—		11.97		(17.89)		1.05		0.90		0.90		0.19		4		83
12-31-21		16.45		0.18•		1.79		1.97		0.25		0.17		—		0.42		—		18.00		12.05		1.10		0.87		0.87		1.01		56		54
12-31-20		15.31		0.16•		1.85		2.01		0.22		0.65		—		0.87		—		16.45		13.74		1.14		0.91		0.91		1.10		45		90
12-31-19		13.82		0.21•		2.45		2.66		0.24		0.93		—		1.17		—		15.31		19.86		1.03		0.91		0.91		1.41		32		79
12-31-18		16.02		0.22•		(1.36)		(1.14)		0.22		0.84		—		1.06		—		13.82		(7.67)		1.01		0.86		0.86		1.44		20		87

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2035 Portfolio
Class ADV
12-31-22		13.07		0.12•		(2.45)		(2.33)		0.44		1.81		—		2.25		—		8.49		(18.84)		0.81		0.68		0.68		1.12		163,697		69
12-31-21		12.20		0.14•		1.53		1.67		0.26		0.54		—		0.80		—		13.07		13.81		0.83		0.65		0.65		1.05		219,940		42
12-31-20		11.63		0.13		1.39		1.52		0.19		0.76		—		0.95		—		12.20		14.13		0.81		0.69		0.69		0.96		220,485		65
12-31-19		10.60		0.16•		2.04		2.20		0.24		0.93		—		1.17		—		11.63		21.53		0.75		0.71		0.71		1.38		226,096		52
12-31-18		12.27		0.14•		(1.12)		(0.98)		0.19		0.50		—		0.69		—		10.60		(8.54)		0.75		0.68		0.68		1.21		212,084		50
Class I
12-31-22		13.54		0.18•		(2.54)		(2.36)		0.51		1.81		—		2.32		—		8.86		(18.39)		0.31		0.18		0.18		1.68		65,455		69
12-31-21		12.59		0.20•		1.59		1.79		0.30		0.54		—		0.84		—		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
Class S
12-31-22		13.33		0.15•		(2.51)		(2.36)		0.47		1.81		—		2.28		—		8.69		(18.62)		0.56		0.43		0.43		1.41		297,358		69
12-31-21		12.43		0.18•		1.55		1.73		0.29		0.54		—		0.83		—		13.33		14.08		0.58		0.40		0.40		1.35		369,502		42
12-31-20		11.83		0.15		1.43		1.58		0.22		0.76		—		0.98		—		12.43		14.46		0.56		0.44		0.44		1.24		341,146		65
12-31-19		10.76		0.19•		2.08		2.27		0.27		0.93		—		1.20		—		11.83		21.94		0.50		0.46		0.46		1.64		324,783		52
12-31-18		12.45		0.18•		(1.15)		(0.97)		0.22		0.50		—		0.72		—		10.76		(8.34)		0.50		0.43		0.43		1.46		297,721		50
Class S2
12-31-22		12.70		0.12•		(2.37)		(2.25)		0.45		1.81		—		2.26		—		8.19		(18.73)		0.71		0.58		0.58		1.20		9,674		69
12-31-21		11.88		0.15•		1.49		1.64		0.28		0.54		—		0.82		—		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

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
12-31-22		19.65		0.17•		(3.78)		(3.61)		0.58		3.12		—		3.70		—		12.34		(19.48)		0.90		0.67		0.67		1.14		14,290		92
12-31-21		17.38		0.18•		2.55		2.73		0.24		0.22		—		0.46		—		19.65		15.78		0.93		0.64		0.64		0.95		17,364		63
12-31-20		16.09		0.15•		2.25		2.40		0.24		0.87		—		1.11		—		17.38		15.98		0.96		0.70		0.70		0.95		15,773		91
12-31-19		14.26		0.23•		2.92		3.15		0.26		1.06		—		1.32		—		16.09		22.82		0.84		0.72		0.72		1.47		14,324		82
12-31-18		17.11		0.20•		(1.66)		(1.46)		0.22		1.17		—		1.39		—		14.26		(9.41)		0.84		0.66		0.66		1.19		8,662		81
Class I
12-31-22		20.38		0.25•		(3.93)		(3.68)		0.68		3.12		—		3.80		—		12.90		(19.12)		0.40		0.17		0.17		1.61		10,181		92
12-31-21		17.99		0.25•		2.67		2.92		0.31		0.22		—		0.53		—		20.38		16.34		0.43		0.14		0.14		1.30		10,092		63
12-31-20		16.60		0.26		2.31		2.57		0.31		0.87		—		1.18		—		17.99		16.55		0.46		0.20		0.20		1.48		12,621		91
12-31-19		14.66		0.32•		3.00		3.32		0.32		1.06		—		1.38		—		16.60		23.44		0.34		0.22		0.22		1.97		11,825		82
12-31-18		17.53		0.30•		(1.72)		(1.42)		0.28		1.17		—		1.45		—		14.66		(8.95)		0.34		0.16		0.16		1.77		7,134		81
Class S
12-31-22		20.14		0.22•		(3.89)		(3.67)		0.64		3.12		—		3.76		—		12.71		(19.29)		0.65		0.42		0.42		1.44		13,309		92
12-31-21		17.80		0.25•		2.60		2.85		0.29		0.22		—		0.51		—		20.14		16.10		0.68		0.39		0.39		1.28		13,325		63
12-31-20		16.44		0.20•		2.29		2.49		0.26		0.87		—		1.13		—		17.80		16.23		0.71		0.45		0.45		1.26		10,486		91
12-31-19		14.54		0.23		3.02		3.25		0.29		1.06		—		1.35		—		16.44		23.07		0.59		0.47		0.47		1.44		8,500		82
12-31-18		17.40		0.26•		(1.70)		(1.44)		0.25		1.17		—		1.42		—		14.54		(9.13)		0.59		0.41		0.41		1.54		7,641		81
Class S2
12-31-22		19.74		0.18•		(3.79)		(3.61)		0.62		3.12		—		3.74		—		12.39		(19.42)		0.80		0.57		0.57		1.19		1,604		92
12-31-21		17.48		0.24•		2.52		2.76		0.28		0.22		—		0.50		—		19.74		15.88		0.83		0.54		0.54		1.25		2,051		63
12-31-20		16.17		0.17•		2.26		2.43		0.25		0.87		—		1.12		—		17.48		16.07		0.86		0.60		0.60		1.07		1,219		91
12-31-19		14.31		0.25•		2.93		3.18		0.26		1.06		—		1.32		—		16.17		22.93		0.74		0.62		0.62		1.57		973		82
12-31-18		17.18		0.23•		(1.68)		(1.45)		0.25		1.17		—		1.42		—		14.31		(9.30)		0.74		0.56		0.56		1.42		939		81
Class T
12-31-22		19.56		0.09•		(3.73)		(3.64)		0.40		3.12		—		3.52		—		12.40		(19.70)		1.10		0.87		0.87		0.54		4		92
12-31-21		17.33		0.04•		2.63		2.67		0.22		0.22		—		0.44		—		19.56		15.48		1.13		0.84		0.84		0.20		13		63
12-31-20		16.06		0.15•		2.22		2.37		0.23		0.87		—		1.10		—		17.33		15.79		1.16		0.90		0.90		0.95		49		91
12-31-19		14.22		0.20•		2.90		3.10		0.20		1.06		—		1.26		—		16.06		22.50		1.04		0.92		0.92		1.28		32		82
12-31-18		17.08		0.15		(1.64)		(1.49)		0.20		1.17		—		1.37		—		14.22		(9.57)		1.04		0.86		0.86		1.00		17		81

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2045 Portfolio
Class ADV
12-31-22		13.12		0.10•		(2.55)		(2.45)		0.43		2.00		—		2.43		—		8.24		(19.72)		0.83		0.67		0.67		1.01		121,395		75
12-31-21		12.29		0.11•		1.94		2.05		0.23		0.99		—		1.22		—		13.12		16.95		0.85		0.65		0.65		0.86		162,480		42
12-31-20		11.47		0.09		1.61		1.70		0.16		0.72		—		0.88		—		12.29		16.07		0.83		0.70		0.70		0.71		155,503		61
12-31-19		10.42		0.15		2.20		2.35		0.20		1.10		—		1.30		—		11.47		23.59		0.75		0.72		0.72		1.26		150,005		67
12-31-18		12.40		0.11•		(1.33)		(1.22)		0.15		0.61		—		0.76		—		10.42		(10.53)		0.75		0.69		0.69		0.93		134,754		53
Class I
12-31-22		13.67		0.16•		(2.66)		(2.50)		0.50		2.00		—		2.50		—		8.67		(19.28)		0.33		0.17		0.17		1.55		54,349		75
12-31-21		12.72		0.17•		2.02		2.19		0.25		0.99		—		1.24		—		13.67		17.51		0.35		0.15		0.15		1.24		65,611		42
12-31-20		11.85		0.12•		1.69		1.81		0.22		0.72		—		0.94		—		12.72		16.57		0.33		0.20		0.20		1.06		82,473		61
12-31-19		10.73		0.20		2.29		2.49		0.27		1.10		—		1.37		—		11.85		24.29		0.25		0.22		0.22		1.86		269,670		67
12-31-18		12.75		0.18		(1.37)		(1.19)		0.22		0.61		—		0.83		—		10.73		(10.08)		0.25		0.19		0.19		1.49		211,781		53
Class S
12-31-22		13.37		0.13•		(2.60)		(2.47)		0.47		2.00		—		2.47		—		8.43		(19.50)		0.58		0.42		0.42		1.31		237,729		75
12-31-21		12.50		0.15•		1.97		2.12		0.26		0.99		—		1.25		—		13.37		17.26		0.60		0.40		0.40		1.14		289,193		42
12-31-20		11.66		0.11		1.64		1.75		0.19		0.72		—		0.91		—		12.50		16.29		0.58		0.45		0.45		0.95		254,990		61
12-31-19		10.58		0.18		2.23		2.41		0.23		1.10		—		1.33		—		11.66		23.90		0.50		0.47		0.47		1.51		237,496		67
12-31-18		12.57		0.15•		(1.35)		(1.20)		0.18		0.61		—		0.79		—		10.58		(10.23)		0.50		0.44		0.44		1.20		209,647		53
Class S2
12-31-22		12.93		0.10•		(2.51)		(2.41)		0.43		2.00		—		2.43		—		8.09		(19.70)		0.73		0.57		0.57		0.96		5,964		75
12-31-21		12.14		0.14•		1.90		2.04		0.26		0.99		—		1.25		—		12.93		17.10		0.75		0.55		0.55		1.12		10,947		42
12-31-20		11.34		0.09•		1.60		1.69		0.17		0.72		—		0.89		—		12.14		16.13		0.73		0.60		0.60		0.82		6,867		61
12-31-19		10.31		0.15•		2.18		2.33		0.20		1.10		—		1.30		—		11.34		23.68		0.65		0.62		0.62		1.31		7,234		67
12-31-18		12.25		0.12•		(1.30)		(1.18)		0.15		0.61		—		0.76		—		10.31		(10.34)		0.65		0.59		0.59		1.03		7,504		53
Class T
12-31-22		13.88		0.02•		(2.65)		(2.63)		0.40		2.00		—		2.40		—		8.85		(19.91)		1.03		0.87		0.87		0.17		57		75
12-31-21		12.93		0.12•		2.01		2.13		0.19		0.99		—		1.18		—		13.88		16.73		1.05		0.85		0.85		0.90		180		42
12-31-20		11.95		0.03•		1.74		1.77		0.07		0.72		—		0.79		—		12.93		15.85		1.03		0.90		0.90		0.29		156		61
12-31-19		10.74		0.14•		2.26		2.40		0.09		1.10		—		1.19		—		11.95		23.31		0.95		0.92		0.92		1.19		290		67
12-31-18		12.77		0.06•		(1.34)		(1.28)		0.14		0.61		—		0.75		—		10.74		(10.72)		0.95		0.89		0.89		0.44		220		53

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2050 Portfolio
Class ADV
12-31-22		20.45		0.16•		(3.98)		(3.82)		0.62		3.43		—		4.05		—		12.58		(19.81)		0.96		0.68		0.68		1.06		12,860		88
12-31-21		17.96		0.14•		2.86		3.00		0.21		0.30		—		0.51		—		20.45		16.82		0.98		0.65		0.65		0.71		15,352		60
12-31-20		16.63		0.13•		2.32		2.45		0.23		0.89		—		1.12		—		17.96		15.79		1.03		0.71		0.71		0.81		15,402		80
12-31-19		14.58		0.23•		3.17		3.40		0.22		1.13		—		1.35		—		16.63		24.13		0.86		0.73		0.73		1.45		12,951		84
12-31-18		17.33		0.17•		(1.93)		(1.76)		0.16		0.83		—		0.99		—		14.58		(10.82)		0.86		0.68		0.68		1.03		8,144		86
Class I
12-31-22		21.30		0.25•		(4.17)		(3.92)		0.72		3.43		—		4.15		—		13.23		(19.46)		0.46		0.18		0.18		1.57		9,196		88
12-31-21		18.66		0.22•		3.01		3.23		0.29		0.30		—		0.59		—		21.30		17.42		0.48		0.15		0.15		1.09		9,999		60
12-31-20		17.22		0.24		2.38		2.62		0.29		0.89		—		1.18		—		18.66		16.36		0.53		0.21		0.21		1.31		11,647		80
12-31-19		15.04		0.34•		3.25		3.59		0.28		1.13		—		1.41		—		17.22		24.74		0.36		0.23		0.23		2.04		10,912		84
12-31-18		17.81		0.27•		(1.99)		(1.72)		0.22		0.83		—		1.05		—		15.04		(10.37)		0.36		0.18		0.18		1.55		6,320		86
Class S
12-31-22		20.99		0.23•		(4.12)		(3.89)		0.69		3.43		—		4.12		—		12.98		(19.64)		0.71		0.43		0.43		1.49		10,577		88
12-31-21		18.42		0.20•		2.93		3.13		0.26		0.30		—		0.56		—		20.99		17.10		0.73		0.40		0.40		0.97		9,740		60
12-31-20		17.01		0.17•		2.39		2.56		0.26		0.89		—		1.15		—		18.42		16.11		0.78		0.46		0.46		1.04		8,339		80
12-31-19		14.88		0.26•		3.25		3.51		0.25		1.13		—		1.38		—		17.01		24.41		0.61		0.48		0.48		1.58		7,397		84
12-31-18		17.65		0.23•		(1.98)		(1.75)		0.19		0.83		—		1.02		—		14.88		(10.61)		0.61		0.43		0.43		1.34		5,413		86
Class S2
12-31-22		20.63		0.15•		(4.00)		(3.85)		0.62		3.43		—		4.05		—		12.73		(19.76)		0.86		0.58		0.58		0.95		601		88
12-31-21		18.16		0.20•		2.85		3.05		0.28		0.30		—		0.58		—		20.63		16.91		0.88		0.55		0.55		0.99		1,022		60
12-31-20		16.78		0.17		2.32		2.49		0.22		0.89		—		1.11		—		18.16		15.91		0.93		0.61		0.61		0.89		432		80
12-31-19		14.67		0.23•		3.21		3.44		0.20		1.13		—		1.33		—		16.78		24.25		0.76		0.63		0.63		1.40		419		84
12-31-18		17.43		0.22•		(1.97)		(1.75)		0.18		0.83		—		1.01		—		14.67		(10.75)		0.76		0.58		0.58		1.32		423		86
Class T
12-31-22		20.67		0.09•		(3.99)		(3.90)		0.58		3.43		—		4.01		—		12.76		(19.96)		1.16		0.88		0.88		0.52		4		88
12-31-21		18.16		0.10•		2.89		2.99		0.18		0.30		—		0.48		—		20.67		16.55		1.18		0.85		0.85		0.50		13		60
12-31-20		16.69		0.09		2.36		2.45		0.09		0.89		—		0.98		—		18.16		15.59		1.23		0.91		0.91		0.57		12		80
12-31-19		14.63		0.09•		3.28		3.37		0.18		1.13		—		1.31		—		16.69		23.80		1.06		0.93		0.93		0.54		11		84
12-31-18		17.39		0.14		(1.94)		(1.80)		0.13		0.83		—		0.96		—		14.63		(11.01)		1.06		0.88		0.88		0.89		20		86

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2055 Portfolio
Class ADV
12-31-22		15.14		0.12•		(2.98)		(2.86)		0.48		2.35		—		2.83		—		9.45		(19.93)		0.88		0.69		0.69		1.00		45,825		75
12-31-21		14.99		0.10•		2.38		2.48		0.31		2.02		—		2.33		—		15.14		17.03		0.93		0.66		0.66		0.67		58,046		51
12-31-20		13.85		0.08		1.95		2.03		0.15		0.74		—		0.89		—		14.99		15.75		0.96		0.69		0.69		0.63		54,540		67
12-31-19		12.35		0.16		2.70		2.86		0.20		1.16		—		1.36		—		13.85		24.13		0.77		0.72		0.72		1.29		49,315		61
12-31-18		14.49		0.13		(1.60)		(1.47)		0.15		0.52		—		0.67		—		12.35		(10.72)		0.76		0.68		0.68		0.90		39,621		62
Class I
12-31-22		15.72		0.19•		(3.10)		(2.91)		0.56		2.35		—		2.91		—		9.90		(19.53)		0.38		0.19		0.19		1.57		24,944		75
12-31-21		15.37		0.18•		2.45		2.63		0.26		2.02		—		2.28		—		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
Class S
12-31-22		15.33		0.15•		(3.02)		(2.87)		0.53		2.35		—		2.88		—		9.58		(19.80)		0.63		0.44		0.44		1.32		76,020		75
12-31-21		15.15		0.15•		2.40		2.55		0.35		2.02		—		2.37		—		15.33		17.32		0.68		0.41		0.41		0.96		86,021		51
12-31-20		13.99		0.12•		1.97		2.09		0.19		0.74		—		0.93		—		15.15		16.04		0.71		0.44		0.44		0.90		73,361		67
12-31-19		12.46		0.20		2.72		2.92		0.23		1.16		—		1.39		—		13.99		24.50		0.52		0.47		0.47		1.52		59,923		61
12-31-18		14.62		0.17•		(1.63)		(1.46)		0.18		0.52		—		0.70		—		12.46		(10.56)		0.51		0.43		0.43		1.19		49,077		62
Class S2
12-31-22		15.22		0.11•		(2.97)		(2.86)		0.48		2.35		—		2.83		—		9.53		(19.84)		0.78		0.59		0.59		0.93		3,070		75
12-31-21		15.09		0.15•		2.36		2.51		0.36		2.02		—		2.38		—		15.22		17.09		0.83		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

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
12-31-22		14.96		0.12•		(2.95)		(2.83)		0.44		2.42		—		2.86		—		9.27		(19.99)		1.05		0.70		0.70		1.04		9,384		85
12-31-21		13.16		0.10•		2.11		2.21		0.16		0.25		—		0.41		—		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
Class I
12-31-22		15.29		0.19•		(3.03)		(2.84)		0.51		2.42		—		2.93		—		9.52		(19.65)		0.55		0.20		0.20		1.64		6,855		85
12-31-21		13.41		0.15•		2.18		2.33		0.20		0.25		—		0.45		—		15.29		17.46		0.58		0.18		0.18		1.04		6,685		68
12-31-20		12.25		0.17•		1.69		1.86		0.17		0.53		—		0.70		—		13.41		16.14		0.64		0.20		0.20		1.42		7,950		74
12-31-19		10.60		0.25•		2.29		2.54		0.19		0.70		—		0.89		—		12.25		24.79		0.45		0.24		0.24		2.14		5,184		89
12-31-18		12.53		0.19•		(1.41)		(1.22)		0.13		0.58		—		0.71		—		10.60		(10.35)		0.46		0.19		0.19		1.57		2,570		84
Class S
12-31-22		15.03		0.16•		(2.97)		(2.81)		0.48		2.42		—		2.90		—		9.32		(19.78)		0.80		0.45		0.45		1.43		8,466		85
12-31-21		13.21		0.13•		2.12		2.25		0.18		0.25		—		0.43		—		15.03		17.15		0.83		0.43		0.43		0.93		8,211		68
12-31-20		12.08		0.13•		1.68		1.81		0.15		0.53		—		0.68		—		13.21		15.90		0.89		0.45		0.45		1.15		6,886		74
12-31-19		10.47		0.18•		2.30		2.48		0.17		0.70		—		0.87		—		12.08		24.45		0.70		0.49		0.49		1.56		4,901		89
12-31-18		12.40		0.16•		(1.39)		(1.23)		0.12		0.58		—		0.70		—		10.47		(10.60)		0.71		0.44		0.44		1.30		3,440		84
Class S2
12-31-22		14.96		0.11•		(2.93)		(2.82)		0.44		2.42		—		2.86		—		9.28		(19.93)		0.95		0.60		0.60		0.91		729		85
12-31-21		13.19		0.16•		2.06		2.22		0.20		0.25		—		0.45		—		14.96		16.93		0.98		0.58		0.58		1.08		1,234		68
12-31-20		12.07		0.12•		1.67		1.79		0.14		0.53		—		0.67		—		13.19		15.73		1.04		0.60		0.60		1.07		471		74
12-31-19		10.46		0.18		2.28		2.46		0.15		0.70		—		0.85		—		12.07		24.26		0.85		0.64		0.64		1.44		269		89
12-31-18		12.40		0.15•		(1.40)		(1.25)		0.11		0.58		—		0.69		—		10.46		(10.70)		0.86		0.59		0.59		1.23		247		84
Class T
12-31-22		14.91		0.09•		(2.93)		(2.84)		0.40		2.42		—		2.82		—		9.25		(20.16)		1.25		0.90		0.90		0.77		4		85
12-31-21		13.13		0.06•		2.10		2.16		0.13		0.25		—		0.38		—		14.91		16.50		1.28		0.88		0.88		0.42		6		68
12-31-20		12.01		0.08•		1.66		1.74		0.09		0.53		—		0.62		—		13.13		15.32		1.34		0.90		0.90		0.67		5		74
12-31-19		10.40		0.11		2.30		2.41		0.10		0.70		—		0.80		—		12.01		23.96		1.15		0.94		0.94		1.07		4		89
12-31-18		12.33		0.08		(1.37)		(1.29)		0.06		0.58		—		0.64		—		10.40		(11.08)		1.16		0.89		0.89		0.73		3		84

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2065 Portfolio
Class ADV
12-31-22		11.94		0.11•		(2.48)		(2.37)		0.24		0.44		—		0.68		—		8.89		(19.98)		1.30		0.70		0.70		1.16		1,988		89
12-31-21		11.55		0.11•		1.86		1.97		0.41		1.17		—		1.58		—		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
12-31-22		11.97		0.18•		(2.51)		(2.33)		0.28		0.44		—		0.72		—		8.92		(19.60)		0.80		0.20		0.20		1.77		2,336		89
12-31-21		11.56		0.18•		1.86		2.04		0.46		1.17		—		1.63		—		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
12-31-22		11.95		0.17•		(2.53)		(2.36)		0.25		0.44		—		0.69		—		8.90		(19.81)		1.05		0.45		0.45		1.70		3,700		89
12-31-21		11.56		0.18•		1.82		2.00		0.44		1.17		—		1.61		—		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
12-31-22		11.95		0.11•		(2.48)		(2.37)		0.24		0.44		—		0.68		—		8.90		(19.89)		1.20		0.60		0.60		1.13		133		89
12-31-21		11.56		0.16•		1.82		1.98		0.42		1.17		—		1.59		—		11.95		17.17		1.51		0.57		0.57		1.26		114		53
07-29-20(5) - 12-31-20		10.00		0.10•		1.65		1.75		0.14		0.05		—		0.19		—		11.56		17.52		1.87		0.62		0.62		2.18		26		24
Class T
12-31-22		11.95		0.08•		(2.47)		(2.39)		0.22		0.44		—		0.66		—		8.90		(20.11)		1.50		0.90		0.90		0.75		3		89
12-31-21		11.56		0.06•		1.86		1.92		0.36		1.17		—		1.53		—		11.95		16.67		1.81		0.87		0.87		0.51		4		53
07-29-20(5) - 12-31-20		10.00		0.09•		1.65		1.74		0.13		0.05		—		0.18		—		11.56		17.40		2.17		0.92		0.92		1.88		4		24

(1)

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The fifteen series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Solution Aggressive Portfolio (“Solution Aggressive”), Voya Solution Balanced Portfolio (“Solution Balanced”), Voya Solution Conservative Portfolio (“Solution Conservative”), Voya Solution Income Portfolio (“Solution Income”), Voya Solution Moderately Aggressive Portfolio (“Solution Moderately Aggressive”), Voya Solution Moderately Conservative Portfolio (“Solution Moderately Conservative”), Voya Solution 2025 Portfolio (“Solution 2025”), Voya Solution 2030 Portfolio (“Solution 2030”), Voya Solution 2035 Portfolio (“Solution 2035”), Voya Solution 2040 Portfolio (“Solution 2040”), Voya Solution 2045 Portfolio (“Solution 2045”), Voya Solution 2050 Portfolio (“Solution 2050”), Voya Solution 2055 Portfolio (“Solution 2055”), Voya Solution 2060 Portfolio (“Solution 2060”) and Voya Solution 2065 Portfolio (“Solution 2065”). Each Portfolio is a diversified series of the Company.

Solution 2025, Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055, Solution 2060 and Solution 2065 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Solution Income, without a vote of shareholders, if approved by the Portfolios’ Board of Directors (the “Board”).

The classes of shares included in this report are: Adviser (“Class ADV”), Initial (“Class I”), Class R6, Service (“Class S”), Service 2 (“Class S2”) and Class T; however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the

applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

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

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

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

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

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

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

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

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.

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

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends from net investment income and capital gain distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

D. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of

its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

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

F. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

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

G. Futures Contracts. Certain Portfolios may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2022, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices and also purchased and sold futures contracts on various U.S. Treasury Notes and Eurodollars. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the year ended December 31, 2022, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts purchased and sold for Solution Income, Solution Moderately Aggressive, Solution 2025, Solution 2035, Solution 2045 and Solution 2055. There were no open futures contracts purchased or sold for the remaining Portfolios at December 31, 2022.

	Purchased			Sold
Solution Income		$	4,775,402		$	4,737,808
Solution Moderately Aggressive			15,358,487			15,209,500
Solution 2025			11,479,180			11,271,160
Solution 2035			14,734,850			14,779,551
Solution 2045			14,708,005			14,521,340
Solution 2055			5,400,333			5,378,072

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

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the year ended December 31, 2022, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Solution Aggressive		$	31,937,748		$	28,035,553
Solution Balanced			47,222,189			50,972,532
Solution Conservative			13,448,332			12,767,659
Solution Income			112,329,407			145,066,639
Solution Moderately Aggressive			361,226,029			419,972,558
Solution Moderately Conservative			28,775,383			29,479,298
Solution 2025			272,149,100			314,848,883
Solution 2030			44,844,667			42,450,389
Solution 2035			396,551,876			411,158,442
Solution 2040			41,317,186			35,783,346
Solution 2045			337,160,439			338,460,851
Solution 2050			33,309,726			28,543,823
Solution 2055			123,356,905			114,520,925
Solution 2060			25,235,652			20,676,595
Solution 2065			9,791,425			5,993,408

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Solution Balanced		9.18%
	Solution Income		41.42
	Solution 2025		28.43
	Solution 2030		22.85
	Solution 2035		23.95
	Solution 2040		20.72
	Solution 2045		21.46
	Solution 2050		22.70
	Solution 2055		17.41
	Solution 2060		19.27
	Solution 2065		11.26
Voya Investment Management Co. LLC	Solution 2065		27.18
Voya Retirement Insurance and Annuity Company	Solution Aggressive		95.21
	Solution Balanced		90.82
	Solution Conservative		96.15
	Solution Income		52.81
	Solution Moderately Aggressive		8.32
	Solution Moderately Conservative		99.11
	Solution 2025		68.13
	Solution 2030		77.01
	Solution 2035		73.16
	Solution 2040		79.25
	Solution 2045		77.30
	Solution 2050		77.29
	Solution 2055		82.59
	Solution 2060		80.72
	Solution 2065		61.56

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

the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Solution Aggressive		$	11,368
Solution Balanced			15,716
Solution Conservative			5,750
Solution Income			106,413
Solution Moderately Aggressive			27,815
Solution Moderately Conservative			20,721
Solution 2025			222,352
Solution 2030			25,501
Solution 2035			275,902
Solution 2040			31,058
Solution 2045			300,165
Solution 2050			40,338
Solution 2055			168,011
Solution 2060			50,438
Solution 2065			9,843

NOTE 7 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses to the levels listed below:

Portfolio(1)	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Solution Aggressive		1.39%		0.89%		0.89%		1.14%		1.29%		N/A
Solution Balanced		1.30%		0.80%		0.80%		1.05%		1.20%		N/A
Solution Conservative		1.16%		0.66%		0.66%		0.91%		1.06%		N/A
Solution Income		1.18%		0.68%		N/A		0.93%		1.08%		1.38%
Solution Moderately Aggressive		1.38%		0.88%		0.88%		1.13%		1.28%		N/A
Solution Moderately Conservative		1.24%		0.74%		0.74%		0.99%		1.14%		N/A
Solution 2025		1.28%		0.78%		N/A		1.03%		1.18%		1.48%
Solution 2030		1.29%		0.79%		N/A		1.04%		1.19%		1.49%
Solution 2035		1.33%		0.83%		N/A		1.08%		1.23%		N/A
Solution 2040		1.33%		0.83%		N/A		1.08%		1.23%		1.53%
Solution 2045		1.36%		0.86%		N/A		1.11%		1.26%		1.56%
Solution 2050		1.36%		0.86%		N/A		1.11%		1.26%		1.56%
Solution 2055		1.36%		0.86%		N/A		1.11%		1.26%		N/A
Solution 2060		1.37%		0.87%		N/A		1.12%		1.27%		1.57%
Solution 2065		1.37%		0.87%		N/A		1.12%		1.27%		1.57%

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has further lowered the expense limits for the following Portfolios. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side letter agreements will continue. Termination or modification of this obligation requires approval by the Board.

Portfolio(1)(2)	Class ADV		Class I		Class S		Class S2		Class T
Solution 2025		1.22%		0.72%		0.97%		1.12%		1.42%
Solution 2030		1.22%		0.72%		0.97%		1.12%		1.42%
Solution 2035		1.23%		0.73%		0.98%		1.13%		N/A
Solution 2040		1.23%		0.73%		0.98%		1.13%		1.43%
Solution 2045		1.25%		0.75%		1.00%		1.15%		1.45%
Solution 2050		1.26%		0.76%		1.01%		1.16%		1.46%
Solution 2055		1.28%		0.78%		1.03%		1.18%		N/A
Solution 2060		1.28%		0.78%		1.03%		1.18%		1.48%
Solution 2065		1.28%		0.78%		1.03%		1.18%		1.48%

(1)

The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

(2)

Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

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

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

	December 31,
	2023			2024			2025			Total
Solution Aggressive		$	14,037		$	4,182		$	—		$	18,219
Solution Balanced			5,312			90			—			5,402
Solution Conservative			33,047			29,745			22,615			85,407
Solution Income			310,007			270,803			125,402			706,212
Solution Moderately Conservative			38,599			34,837			9,633			83,069

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

	December 31,
	2023			2024			2025			Total
Solution Aggressive
Class ADV		$	3,688		$	4,275		$	3,353		$	11,316
Class I			356			394			788			1,538
Class S			4,005			4,422			2,919			11,346
Class S2			1,849			1,596			1,286			4,731
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			2,969			8,861
Class I			200			407			225			832
Class S			1,238			1,770			1,597			4,605
Class S2			526			986			929			2,441
Solution Moderately Conservative
Class ADV			5,919			5,600			4,095			15,614
Class I			33			71			162			266
Class S			16,528			18,389			13,401			48,318
Class S2			4,380			4,497			2,989			11,866

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

NOTE 8 — LINE OF CREDIT

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 8 — LINE OF CREDIT (continued)

The following Portfolios utilized the line of credit during the year ended December 31, 2022:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Income		2		$	4,556,000		1.69%
Solution Moderately Aggressive		5			817,200		2.55
Solution Moderately Conservative		1			841,000		1.58
Solution 2025		2			640,500		2.59
Solution 2035		3			710,333		2.98
Solution 2045		1			926,000		3.33

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Aggressive
Class ADV
12/31/2022		102,607		—		57,100		(105,878)		53,829		1,410,157		—		668,637		(1,363,041)		715,753
12/31/2021		61,555		—		2,313		(65,115)		(1,247)		952,159		—		36,612		(1,005,199)		(16,428)
Class I
12/31/2022		54,346		—		14,131		(12,030)		56,447		778,047		—		170,848		(151,086)		797,809
12/31/2021		9,515		—		326		(1,549)		8,292		153,652		—		5,299		(25,111)		133,840
Class R6
12/31/2022		469,429		—		292,332		(226,701)		535,060		6,440,043		—		3,534,289		(2,844,580)		7,129,752
12/31/2021		285,716		—		14,236		(188,103)		111,849		4,569,068		—		231,482		(2,972,817)		1,827,733
Class S
12/31/2022		34,373		—		51,073		(118,364)		(32,918)		459,290		—		608,278		(1,380,219)		(312,651)
12/31/2021		49,740		—		2,906		(47,375)		5,271		771,813		—		46,644		(751,172)		67,285
Class S2
12/31/2022		46,768		—		22,673		(32,572)		36,869		689,788		—		263,461		(425,044)		528,205
12/31/2021		19,489		—		689		(80,107)		(59,929)		293,503		—		10,846		(1,193,442)		(889,093)
Solution Balanced
Class ADV
12/31/2022		117,846		—		177,859		(121,217)		174,488		1,111,175		—		1,517,139		(1,043,646)		1,584,668
12/31/2021		113,708		—		13,943		(146,888)		(19,237)		1,242,911		—		155,467		(1,579,480)		(181,102)
Class I
12/31/2022		152,286		—		73,828		(80,158)		145,956		1,542,535		—		660,757		(752,225)		1,451,067
12/31/2021		41,710		—		5,702		(29,023)		18,389		479,551		—		66,254		(326,375)		219,430
Class R6
12/31/2022		262,034		—		356,601		(268,690)		349,945		2,544,520		—		3,191,581		(2,648,728)		3,087,373
12/31/2021		326,721		—		38,898		(419,515)		(53,896)		3,710,784		—		451,989		(4,762,062)		(599,289)
Class S
12/31/2022		140,208		—		336,758		(684,193)		(207,227)		1,361,650		—		2,916,323		(6,321,147)		(2,043,174)
12/31/2021		319,745		—		37,686		(186,138)		171,293		3,573,955		—		425,470		(2,110,009)		1,889,416
Class S2
12/31/2022		31,278		—		18,842		(49,365)		755		287,348		—		162,982		(512,764)		(62,434)
12/31/2021		17,837		—		1,858		(42,238)		(22,543)		198,924		—		20,938		(459,963)		(240,101)
Solution Conservative
Class ADV
12/31/2022		105,136		—		41,759		(115,084)		31,811		1,161,086		—		404,642		(1,249,270)		316,458
12/31/2021		53,123		—		12,311		(123,198)		(57,764)		634,400		—		146,010		(1,468,478)		(688,068)
Class I
12/31/2022		37,713		—		1,233		(69,947)		(31,001)		352,146		—		12,040		(800,291)		(436,105)
12/31/2021		95,445		—		1,577		(41,279)		55,743		1,158,541		—		18,829		(509,029)		668,341
Class R6
12/31/2022		306,820		—		100,939		(212,682)		195,077		3,146,316		—		985,167		(2,225,107)		1,906,376
12/31/2021		221,357		—		32,261		(110,457)		143,161		2,685,988		—		385,202		(1,330,478)		1,740,712

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Conservative (continued)
Class S
12/31/2022		56,946		—		21,995		(69,288)		9,653		557,961		—		214,009		(691,000)		80,970
12/31/2021		51,005		—		8,305		(62,536)		(3,226)		616,065		—		98,834		(747,010)		(32,111)
Class S2
12/31/2022		36,712		—		12,888		(17,557)		32,043		357,395		—		123,465		(190,910)		289,950
12/31/2021		21,088		—		4,528		(43,807)		(18,191)		248,907		—		53,159		(519,487)		(217,421)
Solution Income
Class ADV
12/31/2022		247,438		—		1,655,015		(2,110,587)		(208,134)		2,710,807		—		16,285,351		(22,572,300)		(3,576,142)
12/31/2021		675,984		—		735,821		(1,846,022)		(434,217)		8,686,612		—		9,308,131		(23,814,304)		(5,819,561)
Class I
12/31/2022		222,115		—		458,446		(769,422)		(88,861)		2,497,117		—		4,639,474		(8,486,794)		(1,350,203)
12/31/2021		487,391		—		208,364		(1,169,532)		(473,777)		6,476,050		—		2,702,478		(15,589,002)		(6,410,474)
Class S
12/31/2022		353,718		—		1,122,068		(1,127,238)		348,548		3,955,084		—		11,265,563		(12,120,844)		3,099,803
12/31/2021		401,543		—		504,948		(1,771,685)		(865,194)		5,303,129		—		6,498,676		(23,267,459)		(11,465,654)
Class S2
12/31/2022		25,453		—		51,313		(168,446)		(91,680)		280,537		—		499,785		(1,881,244)		(1,100,922)
12/31/2021		117,603		—		31,933		(112,576)		36,960		1,529,126		—		399,483		(1,445,471)		483,138
Class T
12/31/2022		170		—		1,202		(3,667)		(2,295)		2,119		—		13,056		(39,955)		(24,780)
12/31/2021		538		—		422		(3,174)		(2,214)		7,468		—		5,816		(44,676)		(31,392)
Solution Moderately Aggressive
Class ADV
12/31/2022		192,384		—		368,873		(297,254)		264,003		2,383,363		—		3,961,692		(3,314,369)		3,030,686
12/31/2021		219,131		—		24,650		(350,681)		(106,900)		3,085,826		—		356,936		(4,997,545)		(1,554,783)
Class I
12/31/2022		98,611		—		67,988		(56,276)		110,323		1,112,918		—		749,224		(715,867)		1,146,275
12/31/2021		34,732		—		6,360		(64,880)		(23,788)		504,927		—		94,189		(959,559)		(360,443)
Class R6
12/31/2022		485,853		—		441,036		(326,002)		600,887		5,864,773		—		4,855,809		(3,637,537)		7,083,045
12/31/2021		417,375		—		32,826		(273,853)		176,348		6,100,490		—		485,492		(3,888,342)		2,697,640
Class S
12/31/2022		124,566		—		6,983,978		(5,413,025)		1,695,519		1,481,913		—		75,915,836		(65,913,365)		11,484,384
12/31/2021		75,126		—		615,931		(5,635,898)		(4,944,841)		1,061,875		—		9,011,067		(80,914,364)		(70,841,422)
Class S2
12/31/2022		25,576		—		17,313		(67,465)		(24,576)		312,079		—		188,708		(860,481)		(359,694)
12/31/2021		41,980		—		1,922		(18,980)		24,922		580,816		—		28,117		(263,764)		345,169
Solution Moderately Conservative
Class ADV
12/31/2022		109,430		—		94,858		(72,162)		132,126		1,053,272		—		825,261		(681,120)		1,197,413
12/31/2021		53,984		—		10,895		(152,616)		(87,737)		603,076		—		122,461		(1,716,450)		(990,913)
Class I
12/31/2022		5,118		—		3,090		(17,161)		(8,953)		53,288		—		28,239		(193,344)		(111,817)
12/31/2021		27,936		—		108		(677)		27,367		331,441		—		1,270		(7,730)		324,981
Class R6
12/31/2022		416,500		—		162,372		(252,811)		326,061		4,352,664		—		1,484,083		(2,593,498)		3,243,249
12/31/2021		252,719		—		22,090		(230,125)		44,684		2,954,723		—		259,334		(2,694,834)		519,223
Class S
12/31/2022		125,647		—		292,473		(444,030)		(25,910)		1,235,185		—		2,600,087		(4,252,610)		(417,338)
12/31/2021		141,640		—		42,047		(194,521)		(10,834)		1,614,812		—		481,441		(2,206,455)		(110,202)
Class S2
12/31/2022		16,956		—		67,146		(35,138)		48,964		163,600		—		585,512		(368,329)		380,783
12/31/2021		30,748		—		9,919		(102,412)		(61,745)		338,573		—		111,682		(1,148,863)		(698,608)
Solution 2025
Class ADV
12/31/2022		930,052		—		4,062,994		(3,285,316)		1,707,730		9,684,577		—		35,835,604		(33,235,057)		12,285,124
12/31/2021		1,196,751		—		1,404,900		(4,098,268)		(1,496,617)		14,923,433		—		17,210,023		(51,142,877)		(19,009,421)
Class I
12/31/2022		531,432		—		1,122,413		(874,019)		779,826		5,601,756		—		10,292,530		(9,164,423)		6,729,863
12/31/2021		720,869		—		368,787		(2,292,768)		(1,203,112)		9,297,777		—		4,665,157		(29,932,125)		(15,969,191)
Class S
12/31/2022		1,011,919		—		5,312,075		(2,870,205)		3,453,789		10,144,070		—		47,861,792		(29,257,206)		28,748,656
12/31/2021		1,636,001		—		1,797,330		(3,746,456)		(313,125)		20,835,014		—		22,412,706		(47,528,117)		(4,280,397)
Class S2
12/31/2022		62,789		—		190,355		(290,113)		(36,969)		624,733		—		1,648,478		(2,883,867)		(610,656)
12/31/2021		191,987		—		70,522		(120,329)		142,180		2,408,557		—		851,206		(1,476,600)		1,783,163
Class T
12/31/2022		62		—		6,030		(4,695)		1,397		764		—		57,591		(45,813)		12,542
12/31/2021		6,239		—		1,780		(13,338)		(5,319)		81,702		—		23,232		(179,193)		(74,259)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (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 2030
Class ADV
12/31/2022		329,277		—		326,281		(308,952)		346,606		4,910,465		—		4,143,769		(4,663,684)		4,390,550
12/31/2021		357,147		—		33,523		(329,507)		61,163		6,220,950		—		591,672		(5,803,659)		1,008,963
Class I
12/31/2022		175,162		—		167,817		(197,446)		145,533		2,572,721		—		2,220,217		(2,584,018)		2,208,920
12/31/2021		166,972		—		19,272		(342,047)		(155,803)		3,003,862		—		351,715		(6,190,361)		(2,834,784)
Class S
12/31/2022		354,289		—		243,075		(205,616)		391,748		5,345,926		—		3,184,277		(3,125,336)		5,404,867
12/31/2021		226,647		—		27,908		(321,691)		(67,136)		4,063,787		—		505,140		(5,813,976)		(1,245,049)
Class S2
12/31/2022		18,810		—		9,685		(60,351)		(31,856)		281,975		—		124,937		(991,423)		(584,511)
12/31/2021		51,020		—		1,901		(3,850)		49,071		909,309		—		33,902		(68,713)		874,498
Class T
12/31/2022		203		—		696		(3,689)		(2,790)		3,382		—		8,820		(46,912)		(34,710)
12/31/2021		454		—		63		(173)		344		7,882		—		1,109		(3,017)		5,974
Solution 2035
Class ADV
12/31/2022		880,987		—		3,925,475		(2,357,700)		2,448,762		8,916,619		—		35,407,781		(24,829,275)		19,495,125
12/31/2021		887,309		—		1,048,377		(3,174,158)		(1,238,472)		11,453,592		—		13,377,292		(40,852,909)		(16,022,025)
Class I
12/31/2022		645,835		—		1,459,285		(543,528)		1,561,592		6,786,206		—		13,702,686		(5,728,964)		14,759,928
12/31/2021		946,521		—		350,560		(2,924,583)		(1,627,502)		12,559,297		—		4,627,389		(39,239,255)		(22,052,569)
Class S
12/31/2022		1,588,141		—		6,822,453		(1,914,341)		6,496,253		16,454,174		—		62,903,021		(20,213,699)		59,143,496
12/31/2021		1,592,622		—		1,712,038		(3,025,225)		279,435		20,942,710		—		22,256,496		(39,775,963)		3,423,243
Class S2
12/31/2022		86,403		—		240,986		(253,411)		73,978		863,417		—		2,096,580		(2,776,254)		183,743
12/31/2021		189,683		—		69,584		(166,075)		93,192		2,413,853		—		862,848		(2,071,180)		1,205,521
Class T(1)
12/31/2022		1		—		317		(1,990)		(1,672)		10		—		3,120		(19,916)		(16,786)
12/31/2021		471		—		85		(39,752)		(39,196)		6,415		—		1,154		(548,057)		(540,488)
Solution 2040
Class ADV
12/31/2022		268,004		—		236,046		(229,585)		274,465		4,033,607		—		3,094,561		(3,977,088)		3,151,080
12/31/2021		230,749		—		20,996		(275,542)		(23,797)		4,373,331		—		401,451		(5,211,010)		(436,228)
Class I
12/31/2022		234,772		—		167,040		(108,094)		293,718		4,038,534		—		2,285,111		(1,716,036)		4,607,609
12/31/2021		176,548		—		14,090		(397,118)		(206,480)		3,394,552		—		278,849		(7,701,423)		(4,028,022)
Class S
12/31/2022		266,993		—		207,313		(88,844)		385,462		4,010,610		—		2,796,647		(1,311,748)		5,495,509
12/31/2021		220,498		—		16,766		(164,535)		72,729		4,278,546		—		328,275		(3,177,367)		1,429,454
Class S2
12/31/2022		34,455		—		27,827		(36,771)		25,511		536,157		—		366,210		(610,396)		291,971
12/31/2021		38,077		—		2,447		(6,354)		34,170		727,754		—		46,978		(118,433)		656,299
Class T
12/31/2022		—		—		93		(445)		(352)		—		—		1,225		(5,892)		(4,667)
12/31/2021		133		—		8		(2,292)		(2,151)		2,460		—		145		(42,777)		(40,172)
Solution 2045
Class ADV
12/31/2022		912,227		—		3,235,589		(1,795,592)		2,352,224		9,022,982		—		28,246,695		(18,599,146)		18,670,531
12/31/2021		845,600		—		1,127,891		(2,239,730)		(266,239)		11,083,381		—		14,358,057		(29,328,049)		(3,886,611)
Class I
12/31/2022		638,099		—		1,336,661		(501,543)		1,473,217		6,705,577		—		12,243,814		(5,149,381)		13,800,010
12/31/2021		682,994		—		422,781		(2,789,732)		(1,683,957)		9,295,851		—		5,597,625		(38,154,366)		(23,260,890)
Class S
12/31/2022		1,614,377		—		6,088,241		(1,119,911)		6,582,707		16,939,333		—		54,307,105		(11,313,750)		59,932,688
12/31/2021		1,083,001		—		1,951,062		(1,797,621)		1,236,442		14,374,392		—		25,285,757		(23,822,326)		15,837,823
Class S2
12/31/2022		77,102		—		160,405		(347,277)		(109,770)		798,167		—		1,374,674		(3,990,360)		(1,817,519)
12/31/2021		331,093		—		78,997		(128,843)		281,247		4,394,706		—		990,625		(1,648,553)		3,736,778
Class T
12/31/2022		168		—		3,264		(9,940)		(6,508)		2,129		—		30,620		(94,118)		(61,369)
12/31/2021		781		—		1,065		(878)		968		10,672		—		14,354		(11,995)		13,031

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (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 2050
Class ADV
12/31/2022		180,541		—		225,150		(133,784)		271,907		2,703,855		—		2,999,006		(2,208,060)		3,494,801
12/31/2021		163,733		—		20,535		(291,113)		(106,845)		3,218,451		—		407,828		(5,729,756)		(2,103,477)
Class I
12/31/2022		173,124		—		151,604		(99,280)		225,448		2,768,411		—		2,120,940		(1,557,791)		3,331,560
12/31/2021		144,521		—		14,182		(313,274)		(154,571)		2,933,406		—		292,715		(6,314,663)		(3,088,542)
Class S
12/31/2022		266,219		—		162,626		(77,969)		350,876		4,102,973		—		2,232,853		(1,229,292)		5,106,534
12/31/2021		115,952		—		13,083		(117,677)		11,358		2,337,815		—		266,356		(2,365,351)		238,820
Class S2
12/31/2022		14,823		—		10,301		(27,427)		(2,303)		236,890		—		138,857		(484,997)		(109,250)
12/31/2021		34,601		—		1,412		(10,295)		25,718		691,669		—		28,288		(204,476)		515,481
Class T
12/31/2022		—		—		95		(417)		(322)		—		—		1,280		(5,661)		(4,381)
12/31/2021		—		—		8		(29)		(21)		—		—		157		(573)		(416)
Solution 2055
Class ADV
12/31/2022		617,543		—		1,047,325		(649,112)		1,015,756		6,865,854		—		10,473,247		(7,871,214)		9,467,887
12/31/2021		441,406		—		556,051		(800,323)		197,134		6,939,080		—		8,173,952		(12,437,823)		2,675,209
Class I
12/31/2022		433,638		—		521,632		(197,458)		757,812		5,155,947		—		5,456,273		(2,390,532)		8,221,688
12/31/2021		359,722		—		230,385		(1,061,900)		(471,793)		5,805,593		—		3,511,066		(17,214,017)		(7,897,358)
Class S
12/31/2022		876,908		—		1,673,207		(231,703)		2,318,412		9,957,044		—		16,966,319		(2,730,157)		24,193,206
12/31/2021		635,802		—		792,083		(656,547)		771,338		10,071,477		—		11,778,271		(10,166,962)		11,682,786
Class S2
12/31/2022		81,662		—		66,547		(179,255)		(31,046)		993,242		—		671,464		(2,406,422)		(741,716)
12/31/2021		138,026		—		47,488		(33,529)		151,985		2,245,802		—		701,880		(522,613)		2,425,069
Class T(1)
12/31/2022		1		—		397		(1,903)		(1,505)		11		—		4,152		(19,977)		(15,814)
12/31/2021		105		—		186		(756)		(465)		1,630		—		2,823		(12,573)		(8,120)
Solution 2060
Class ADV
12/31/2022		245,375		—		215,593		(147,630)		313,338		2,734,638		—		2,117,124		(1,675,361)		3,176,401
12/31/2021		192,852		—		19,178		(196,910)		15,120		2,782,491		—		278,652		(2,835,213)		225,930
Class I
12/31/2022		205,948		—		145,354		(68,877)		282,425		2,344,862		—		1,463,715		(814,956)		2,993,621
12/31/2021		160,272		—		13,432		(329,261)		(155,557)		2,340,656		—		199,058		(4,758,971)		(2,219,257)
Class S
12/31/2022		257,461		—		179,379		(74,495)		362,345		2,803,389		—		1,768,677		(880,663)		3,691,403
12/31/2021		193,794		—		15,877		(184,676)		24,995		2,767,125		—		231,483		(2,629,097)		369,511
Class S2
12/31/2022		31,360		—		16,739		(52,035)		(3,936)		362,329		—		164,547		(655,274)		(128,398)
12/31/2021		52,152		—		2,231		(7,578)		46,805		757,943		—		32,424		(108,984)		681,383
Class T
12/31/2022		—		—		108		—		108		—		—		1,062		—		1,062
12/31/2021		—		—		9		(29)		(20)		—		—		138		(413)		(275)
Solution 2065
Class ADV
12/31/2022		109,574		—		14,680		(33,192)		91,062		1,111,961		—		135,293		(340,005)		907,249
12/31/2021		50,556		—		15,228		(20,839)		44,945		647,774		—		182,982		(262,122)		568,634
Class I
12/31/2022		116,490		—		17,896		(13,905)		120,481		1,177,964		—		165,109		(140,636)		1,202,437
12/31/2021		44,094		—		16,672		(9,783)		50,983		568,820		—		200,792		(127,336)		642,276
Class S
12/31/2022		212,193		—		27,300		(27,274)		212,219		2,112,687		—		251,152		(273,061)		2,090,778
12/31/2021		110,904		—		23,596		(13,688)		120,812		1,424,530		—		283,529		(171,152)		1,536,907
Class S2
12/31/2022		12,290		—		1,013		(7,826)		5,477		132,024		—		9,345		(83,470)		57,899
12/31/2021		6,571		—		1,107		(394)		7,284		84,190		—		13,310		(5,017)		92,483
Class T
12/31/2022		—		—		25		—		25		—		—		232		—		232
12/31/2021		—		—		39		—		39		—		—		472		—		472

(1)

Class T was fully redeemed on August 5, 2022.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 10 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, futures contracts and wash sale deferrals.

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

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

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

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

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

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

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

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

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

administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

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

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

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

NOTE 12 — MARKET DISRUPTION

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

NOTE 13 — SUBSEQUENT EVENTS

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.6%
5,780	iShares 20+ Year Treasury Bond ETF		$	575,457		2.0
3,280	iShares Russell 2000 ETF			571,901		2.0
13,848	Vanguard FTSE Developed Markets ETF			581,201		2.0
23,224	Vanguard Russell 1000 Growth ETF			1,280,106		4.6
3,961	Vanguard Short-Term Bond ETF			298,184		1.0
	Total Exchange-Traded Funds (Cost $3,736,365)			3,306,849		11.6
MUTUAL FUNDS: 88.4%
	Affiliated Investment Companies: 88.4%
117,110	Voya Intermediate Bond Fund - Class R6			1,001,294		3.5
110,139	Voya Large Cap Value Portfolio - Class R6			573,823		2.0
103,185	Voya Multi-Manager Emerging Markets Equity Fund - Class I			885,329		3.1
132,461	Voya Multi-Manager International Equity Fund - Class I			1,170,952		4.1
145,715	Voya Multi-Manager International Factors Fund - Class I			1,174,465		4.1
179,194	Voya Multi-Manager Mid Cap Value Fund - Class I			1,569,736		5.5
16,010	Voya Short Term Bond Fund - Class R6			147,448		0.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
25,858 (1)	Voya Small Cap Growth Fund - Class R6		$	851,511		3.0
90,130	Voya Small Company Fund - Class R6			1,152,759		4.0
702,699	Voya U.S. Stock Index Portfolio - Class I			11,088,597		38.8
61,789	VY® Invesco Comstock Portfolio - Class I			1,293,866		4.5
58,179	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,445,746		5.1
181,635	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,558,425		5.4
23,240	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,367,928		4.8
	Total Mutual Funds (Cost $29,422,241)			25,281,879		88.4
	Total Investments in Securities (Cost $33,158,606)		$	28,588,728		100.0
	Assets in Excess of Other Liabilities			13,974		0.0
	Net Assets		$	28,602,702		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	3,306,849		$	—		$	—		$	3,306,849
Mutual Funds			25,281,879			—			—			25,281,879
Total Investments, at fair value		$	28,588,728		$	—		$	—		$	28,588,728

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, 2022 (continued)

Transactions with Affiliates

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

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	—		$	1,232,263		$	(189,247)		$	(41,722)		$	1,001,294		$	12,240		$	(9,830)		$	64
Voya Large Cap Value Portfolio - Class R6			—			1,118,525			(319,768)			(224,934)			573,823			9,491			(160,771)			342,839
Voya Government Money Market Portfolio - Class I			—			—			—			—			—			2,467			—			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			902,854			1,045,788			(1,173,172)			109,859			885,329			24,289			(446,325)			—
Voya Multi-Manager International Equity Fund - Class I			3,707,194			1,017,089			(3,665,045)			111,714			1,170,952			14,054			(982,862)			—
Voya Multi-Manager International Factors Fund - Class I			942,121			1,466,730			(1,082,977)			(151,409)			1,174,465			41,153			(175,125)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,795,209			633,807			(496,225)			(363,055)			1,569,736			24,587			28,550			101,681
Voya Short Term Bond Fund - Class R6			—			1,145,684			(995,291)			(2,945)			147,448			4,755			(12,440)			—
Voya Small Cap Growth Fund - Class R6			—			1,045,187			(138,562)			(55,114)			851,511			—			(7,904)			—
Voya Small Company Fund - Class R6			—			1,403,473			(167,738)			(82,976)			1,152,759			5,414			(16,595)			—
Voya U.S. Stock Index Portfolio - Class I			7,235,150			8,553,439			(1,991,677)			(2,708,315)			11,088,597			154,964			246,766			739,265
VY® Columbia Contrarian Core Portfolio - Class I			2,421,072			949,465			(2,873,182)			(497,355)			—			11,339			(185,654)			319,808
VY® Invesco Comstock Portfolio - Class I			1,952,542			581,202			(839,314)			(400,564)			1,293,866			23,496			403,735			3,495
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,296,039			687,878			(1,757,055)			(226,862)			—			75			(173,736)			217,485
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,591,887			642,252			(390,837)			(397,556)			1,445,746			23,062			(11,646)			186,239
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,689,862			1,122,277			(453,368)			(800,346)			1,558,425			—			(68,986)			412,894
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,355,878			1,537,104			(1,518,762)			(1,006,292)			1,367,928			—			(187,268)			271,752
		$	25,889,808		$	24,182,163		$	(18,052,220)		$	(6,737,872)		$	25,281,879		$	351,386		$	(1,760,091)		$	2,595,522

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $34,711,645.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	88,740
Gross Unrealized Depreciation		(6,211,657)
Net Unrealized Depreciation	$	(6,122,917)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.1%
15,025	iShares 20+ Year Treasury Bond ETF		$	1,495,889		3.1
5,684	iShares Russell 2000 ETF			991,062		2.0
17,889	Vanguard Russell 1000 Growth ETF			986,042		2.0
	Total Exchange-Traded Funds (Cost $4,298,344)			3,472,993		7.1
MUTUAL FUNDS: 93.0%
	Affiliated Investment Companies: 93.0%
1,012,194	Voya Intermediate Bond Fund - Class R6			8,654,261		17.7
327,161	Voya Large Cap Value Portfolio - Class R6			1,704,510		3.5
289,657	Voya MidCap Opportunities Portfolio - Class R6			1,190,488		2.4
116,614	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,000,544		2.0
85,280	Voya Multi-Manager International Equity Fund - Class I			753,875		1.5
93,962	Voya Multi-Manager International Factors Fund - Class I			757,334		1.6
138,247	Voya Multi-Manager Mid Cap Value Fund - Class I			1,211,046		2.5
353,745	Voya Short Term Bond Fund - Class R6			3,257,996		6.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
14,256 (1)	Voya Small Cap Growth Fund - Class R6		$	469,443		1.0
75,031	Voya Small Company Fund - Class R6			959,652		2.0
795,459	Voya U.S. Stock Index Portfolio - Class I			12,552,350		25.7
420,290	VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,904,490		8.0
81,587	VY® Invesco Comstock Portfolio - Class I			1,708,426		3.5
197,601	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,910,377		10.1
39,443	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,321,603		4.8
	Total Mutual Funds (Cost $53,059,625)			45,356,395		93.0
	Total Investments in Securities (Cost $57,357,969)		$	48,829,388		100.1
	Liabilities in Excess of Other Assets			(30,143)		(0.1)
	Net Assets		$	48,799,245		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	3,472,993		$	—		$	—		$	3,472,993
Mutual Funds			45,356,395			—			—			45,356,395
Total Investments, at fair value		$	48,829,388		$	—		$	—		$	48,829,388

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, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	5,144,876		$	39,542		$	(4,878,861)		$	(305,557)		$	—		$	22,193		$	163,222		$	—
Voya Intermediate Bond Fund - Class R6			7,001,195			6,666,961			(3,872,892)			(1,141,003)			8,654,261			236,392			(411,854)			15
Voya Government Money Market Portfolio - Class I			—			—			—			—			—			5,116			—			—
Voya Large Cap Value Portfolio - Class R6			—			3,311,289			(906,002)			(700,777)			1,704,510			28,116			(508,655)			1,080,666
Voya MidCap Opportunities Portfolio - Class R6			1,514,295			1,369,797			(1,162,678)			(530,926)			1,190,488			—			(761,487)			901,840
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,213,652			838,601			(1,218,934)			167,225			1,000,544			21,199			(549,144)			—
Voya Multi-Manager International Equity Fund - Class I			3,123,731			563,148			(2,843,643)			(89,361)			753,875			12,206			(569,806)			—
Voya Multi-Manager International Factors Fund - Class I			1,905,827			339,018			(1,211,035)			(276,476)			757,334			36,084			(62,325)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,650,784			281,183			(381,654)			(339,267)			1,211,046			19,513			65,060			80,695
Voya Short Term Bond Fund - Class R6			1,269,161			3,963,056			(1,908,639)			(65,582)			3,257,996			51,129			(77,909)			—
Voya Small Cap Growth Fund - Class R6			—			599,170			(98,821)			(30,906)			469,443			—			(4,969)			12
Voya Small Company Fund - Class R6			—			1,212,209			(181,522)			(71,035)			959,652			4,512			(13,893)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			2,311,685			97,090			(2,613,760)			204,985			—			11,926			(245,600)			—
Voya U.S. Stock Index Portfolio - Class I			9,399,043			8,676,001			(2,184,864)			(3,337,830)			12,552,350			175,434			381,736			919,613
VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,438,792			1,987,934			(1,789,551)			(732,685)			3,904,490			42,306			(82,054)			212,811
VY® Columbia Contrarian Core Portfolio - Class I			2,287,438			587,129			(2,537,744)			(336,823)			—			10,887			(315,676)			307,045
VY® Invesco Comstock Portfolio - Class I			—			2,280,738			(519,524)			(52,788)			1,708,426			31,026			(13,507)			4,847
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,274,840			404,654			(1,689,137)			9,643			—			67			(372,516)			196,354
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			6,445,109			1,283,465			(1,279,227)			(1,538,970)			4,910,377			78,373			62,678			670,868
VY® T. Rowe Price Growth Equity Portfolio - Class I			4,410,894			1,994,377			(2,123,327)			(1,960,341)			2,321,603			—			(149,462)			485,949
		$	53,391,322		$	36,495,362		$	(33,401,815)		$	(11,128,474)		$	45,356,395		$	786,479		$	(3,466,161)		$	4,860,715

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $59,723,861.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(10,894,473)
Net Unrealized Depreciation	$	(10,894,473)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.0%
4,749	iShares 20+ Year Treasury Bond ETF		$	472,810		3.0
1,796	iShares Russell 2000 ETF			313,151		2.0
6,213	Schwab U.S. TIPS ETF			321,771		2.0
5,654	Vanguard Russell 1000 Growth ETF			311,649		2.0
2,170	Vanguard Short-Term Bond ETF			163,358		1.0
	Total Exchange-Traded Funds (Cost $1,822,310)			1,582,739		10.0
MUTUAL FUNDS: 90.0%
	Affiliated Investment Companies: 90.0%
110,721	Voya Global Bond Fund - Class R6			804,940		5.1
121,416	Voya High Yield Bond Fund - Class R6			797,703		5.0
408,517	Voya Intermediate Bond Fund - Class R6			3,492,823		22.1
37,215	Voya MidCap Opportunities Portfolio - Class R6			152,952		1.0
17,760	Voya Multi-Manager Mid Cap Value Fund - Class I			155,577		1.0
374,614	Voya Short Term Bond Fund - Class R6			3,450,192		21.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
84,294	Voya U.S. High Dividend Low Volatility Fund - Class R6		$	858,115		5.4
20,381	Voya U.S. Stock Index Portfolio - Class I			321,619		2.0
260,922	VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,423,965		15.3
63,396	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,575,398		10.0
3,577	VY® T. Rowe Price Growth Equity Portfolio - Class I			210,545		1.3
	Total Mutual Funds (Cost $16,066,583)			14,243,829		90.0
	Total Investments in Securities (Cost $17,888,893)		$	15,826,568		100.0
	Assets in Excess of Other Liabilities			6,929		0.0
	Net Assets		$	15,833,497		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,582,739		$	—		$	—		$	1,582,739
Mutual Funds			14,243,829			—			—			14,243,829
Total Investments, at fair value		$	15,826,568		$	—		$	—		$	15,826,568

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, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	874,620		$	301,321		$	(238,643)		$	(132,358)		$	804,940		$	5,719		$	(23,573)		$	—
Voya High Yield Bond Fund - Class R6			2,319,172			357,102			(1,621,240)			(257,331)			797,703			54,179			33,100			10,900
Voya Intermediate Bond Fund - Class R6			3,267,297			2,604,784			(1,995,456)			(383,802)			3,492,823			93,367			(246,427)			—
Voya MidCap Opportunities Portfolio - Class R6			168,349			195,237			(182,486)			(28,148)			152,952			—			(119,399)			104,209
Voya Multi-Manager International Equity Fund - Class I			173,275			33,372			(225,964)			19,317			—			—			(49,024)			—
Voya Multi-Manager International Factors Fund - Class I			352,453			74,878			(436,512)			9,181			—			—			(75,756)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			182,839			65,902			(62,252)			(30,912)			155,577			2,420			(240)			10,008
Voya Short Term Bond Fund - Class R6			2,992,574			2,428,908			(1,824,444)			(146,846)			3,450,192			63,037			(75,261)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			368,389			1,041,735			(493,073)			(58,936)			858,115			18,546			(58,909)			83,071
Voya U.S. Stock Index Portfolio - Class I			733,232			388,101			(760,663)			(39,051)			321,619			4,366			(21,180)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,726,672			926,468			(813,588)			(415,587)			2,423,965			23,528			(34,861)			118,355
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			1,788,093			732,930			(517,661)			(427,964)			1,575,398			25,043			8,418			192,586
VY® T. Rowe Price Growth Equity Portfolio - Class I			262,989			349,329			(374,339)			(27,434)			210,545			—			(137,446)			42,119
		$	16,209,954		$	9,500,067		$	(9,546,321)		$	(1,919,871)		$	14,243,829		$	290,205		$	(800,558)		$	561,248

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $18,651,170.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,175
Gross Unrealized Depreciation		(2,826,777)
Net Unrealized Depreciation	$	(2,824,602)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.0%
61,437	iShares 20+ Year Treasury Bond ETF		$	6,116,668		3.0
241,144	Schwab U.S. TIPS ETF			12,488,848		6.0
99,446	Vanguard FTSE Developed Markets ETF			4,173,748		2.0
73,147	Vanguard Russell 1000 Growth ETF			4,031,863		2.0
28,072	Vanguard Short-Term Bond ETF			2,113,260		1.0
	Total Exchange-Traded Funds (Cost $32,719,277)			28,924,387		14.0
MUTUAL FUNDS: 85.8%
	Affiliated Investment Companies: 85.8%
866,782	Voya Global Bond Fund - Class R6			6,301,508		3.0
633,677	Voya High Yield Bond Fund - Class R6			4,163,256		2.0
5,937,803	Voya Intermediate Bond Fund - Class R6			50,768,216		24.6
490,800	Voya Multi-Manager Emerging Markets Equity Fund - Class I			4,211,066		2.0
472,129	Voya Multi-Manager International Equity Fund - Class I			4,173,620		2.0
519,413	Voya Multi-Manager International Factors Fund - Class I			4,186,466		2.0
231,580	Voya Multi-Manager Mid Cap Value Fund - Class I			2,028,643		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,614,272	Voya Short Term Bond Fund - Class R6		$	24,077,444		11.7
910,157	Voya U.S. High Dividend Low Volatility Fund - Class R6			9,265,394		4.5
761,010	Voya U.S. Stock Index Portfolio - Class I			12,008,742		5.8
3,075,207	VY® BrandywineGLOBAL - Bond Portfolio - Class I			28,568,674		13.8
826,973	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			20,550,288		10.0
234,691	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			2,013,650		1.0
82,898	VY® T. Rowe Price Growth Equity Portfolio - Class I			4,879,402		2.4
	Total Mutual Funds
	(Cost $205,699,946)			177,196,369		85.8
	Total Investments in Securities (Cost $238,419,223)		$	206,120,756		99.8
	Assets in Excess of Other Liabilities			345,721		0.2
	Net Assets		$	206,466,477		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	28,924,387		$	—		$	—		$	28,924,387
Mutual Funds			177,196,369			—			—			177,196,369
Total Investments, at fair value		$	206,120,756		$	—		$	—		$	206,120,756
Other Financial Instruments+
Futures			167,649			—			—			167,649
Total Assets		$	206,288,405		$	—		$	—		$	206,288,405
Liabilities Table
Other Financial Instruments+
Futures		$	(145,806)		$	—		$	—		$	(145,806)
Total Liabilities		$	(145,806)		$	—		$	—		$	(145,806)

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, 2022 (continued)

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution Income Portfolio:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index	46		03/17/23		$	4,073,070		$	(145,806)
					$	4,073,070		$	(145,806)
Short Contracts:
MSCI EAFE Index	(22)		03/17/23			(2,144,340)			77,728
S&P 500® E-Mini	(11)		03/17/23			(2,123,550)			89,921
					$	(4,267,890)		$	167,649

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	8,385,124		$	600,591		$	(1,108,168)		$	(1,576,039)		$	6,301,508		$	44,859		$	86,061		$	—
Voya High Yield Bond Fund - Class R6			14,255,725			555,319			(8,818,449)			(1,829,339)			4,163,256			286,347			660,975			57,506
Voya Intermediate Bond Fund - Class R6			72,983,404			17,581,061			(31,368,539)			(8,427,710)			50,768,216			1,725,976			(4,298,127)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,415,735			3,229,090			(3,765,736)			(668,023)			4,211,066			86,701			(1,014,446)			—
Voya Multi-Manager International Equity Fund - Class I			5,536,354			1,073,264			(1,204,341)			(1,231,657)			4,173,620			50,323			(41,073)			—
Voya Multi-Manager International Factors Fund - Class I			14,074,329			1,435,770			(9,665,111)			(1,658,522)			4,186,466			147,381			(1,217,656)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			2,931,891			307,577			(875,548)			(335,277)			2,028,643			31,917			(141,014)			131,995
Voya Short Term Bond Fund - Class R6			28,230,724			10,573,031			(13,392,654)			(1,333,657)			24,077,444			512,750			(655,633)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			6,435,103			7,120,233			(2,776,264)			(1,513,678)			9,265,394			218,807			51,322			907,367
Voya U.S. Stock Index Portfolio - Class I			11,478,806			12,630,839			(9,211,784)			(2,889,119)			12,008,742			167,168			752,975			464,778
VY® BrandywineGLOBAL - Bond Portfolio - Class I			39,351,812			3,137,519			(7,557,968)			(6,362,689)			28,568,674			323,047			160,567			1,624,977
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			28,571,446			4,215,175			(5,631,182)			(6,605,151)			20,550,288			331,571			166,470			2,927,643
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			2,752,028			1,170,154			(1,021,749)			(886,783)			2,013,650			—			(358,471)			561,605
VY® T. Rowe Price Growth Equity Portfolio - Class I			6,841,156			4,109,861			(2,015,351)			(4,056,264)			4,879,402			—			40,734			1,012,873
		$	247,243,637		$	67,739,484		$	(98,412,844)		$	(39,373,908)		$	177,196,369		$	3,926,847		$	(5,807,316)		$	7,688,744

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2022 (continued)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	167,649
Total Asset Derivatives			$	167,649
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	145,806
Total Liability Derivatives			$	145,806

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended Decmber 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(48,074)
Interest rate contracts			(108,427)
Total		$	(156,501)

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $243,691,105.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	664,414
Gross Unrealized Depreciation		(38,212,920)
Net Unrealized Depreciation	$	(37,548,506)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.6%
89,740	iShares 20+ Year Treasury Bond ETF		$	8,934,514		2.0
219,429	Vanguard FTSE Developed Markets ETF			9,209,435		2.0
240,402	Vanguard Russell 1000 Growth ETF			13,250,958		3.0
153,899	Vanguard Short-Term Bond ETF			11,585,517		2.6
	Total Exchange-Traded Funds (Cost $49,234,993)			42,980,424		9.6
MUTUAL FUNDS: 90.0%
	Affiliated Investment Companies: 90.0%
4,508,946	Voya Intermediate Bond Fund - Class R6			38,551,485		8.6
3,006,466	Voya Large Cap Value Portfolio - Class R6			15,663,690		3.5
1,612,620	Voya Multi-Manager Emerging Markets Equity Fund - Class I			13,836,277		3.1
1,554,654	Voya Multi-Manager International Equity Fund - Class I			13,743,145		3.1
2,279,245	Voya Multi-Manager International Factors Fund - Class I			18,370,715		4.1
2,032,794	Voya Multi-Manager Mid Cap Value Fund - Class I			17,807,271		4.0
268,755 (1)	Voya Small Cap Growth Fund - Class R6			8,850,088		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,054,380	Voya Small Company Fund - Class R6		$	13,485,526		3.0
8,970,757	Voya U.S. Stock Index Portfolio - Class I			141,558,549		31.5
1,915,696	VY® BrandywineGLOBAL - Bond Portfolio - Class I			17,796,812		4.0
963,852	VY® Invesco Comstock Portfolio - Class I			20,183,067		4.5
1,814,800	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			45,097,773		10.0
2,060,460	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			17,678,748		3.9
362,093	VY® T. Rowe Price Growth Equity Portfolio - Class I			21,312,793		4.7
	Total Mutual Funds (Cost $468,273,557)			403,935,939		90.0
	Total Investments in Securities (Cost $517,508,550)		$	446,916,363		99.6
	Assets in Excess of Other Liabilities			1,657,671		0.4
	Net Assets		$	448,574,034		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	42,980,424		$	—		$	—		$	42,980,424
Mutual Funds			403,935,939			—			—			403,935,939
Total Investments, at fair value		$	446,916,363		$	—		$	—		$	446,916,363
Other Financial Instruments+
Futures			545,622			—			—			545,622
Total Assets		$	447,461,985		$	—		$	—		$	447,461,985
Liabilities Table
Other Financial Instruments+
Futures		$	(450,975)		$	—		$	—		$	(450,975)
Total Liabilities		$	(450,975)		$	—		$	—		$	(450,975)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2022 (continued)

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution Moderately Aggressive Portfolio:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index	101		03/17/23		$	8,943,045		$	(320,139)
U.S. Treasury Ultra Long Bond	34		03/22/23			4,566,625			(130,836)
					$	13,509,670		$	(450,975)
Short Contracts:
MSCI EAFE Index	(48)		03/17/23			(4,678,560)			169,589
S&P 500® E-Mini	(46)		03/17/23			(8,880,300)			376,033
					$	(13,558,860)		$	545,622

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	37,510,454		$	154,030		$	(34,820,351)		$	(2,844,133)		$	—		$	151,592		$	1,862,431		$	—
Voya Intermediate Bond Fund - Class R6			24,748,449			41,007,805			(22,498,247)			(4,706,522)			38,551,485			973,807			(2,009,838)			—
Voya Large Cap Value Portfolio - Class R6			—			30,260,069			(6,899,173)			(7,697,206)			15,663,690			259,044			(3,468,983)			9,914,120
Voya Multi-Manager Emerging Markets Equity Fund - Class I			17,728,371			14,128,133			(19,755,588)			1,735,361			13,836,277			378,685			(8,617,189)			—
Voya Multi-Manager International Equity Fund - Class I			54,586,096			4,490,077			(43,588,700)			(1,744,328)			13,743,145			164,753			(10,496,094)			—
Voya Multi-Manager International Factors Fund - Class I			18,520,991			18,754,209			(14,595,591)			(4,308,894)			18,370,715			642,916			(1,306,879)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			25,677,014			2,056,081			(5,167,214)			(4,758,610)			17,807,271			278,816			591,001			1,153,055
Voya Small Cap Growth Fund - Class R6			—			10,418,577			(967,795)			(600,694)			8,850,088			—			(40,175)			—
Voya Small Company Fund - Class R6			—			15,742,229			(1,223,024)			(1,033,679)			13,485,526			63,503			(90,731)			—
Voya U.S. Stock Index Portfolio - Class I			109,570,210			83,484,728			(17,613,139)			(33,883,250)			141,558,549			1,975,096			2,956,402			8,918,006
VY® Brandywine Global - Bond Portfolio - Class I			12,327,745			12,250,139			(3,723,987)			(3,057,085)			17,796,812			194,113			(321,315)			976,453
VY® Columbia Contrarian Core Portfolio - Class I			38,124,725			6,246,471			(36,299,322)			(8,071,874)			—			167,510			(2,269,236)			4,724,298
VY® Invesco Comstock Portfolio - Class I			27,736,382			1,806,506			(5,601,972)			(3,757,849)			20,183,067			366,970			3,612,620			55,923
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			11,935,614			3,658,960			(12,830,683)			(2,763,891)			—			615			(657,798)			1,793,619
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			62,651,484			7,386,105			(10,696,430)			(14,243,386)			45,097,773			721,501			350,427			6,155,136
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			24,169,210			8,581,866			(4,483,354)			(10,588,974)			17,678,748			—			(213,803)			4,805,456
VY® T. Rowe Price Growth Equity Portfolio - Class I			42,638,869			16,839,260			(18,788,873)			(19,376,463)			21,312,793			—			(355,761)			4,330,694
		$	507,925,614		$	277,265,245		$	(259,553,443)		$	(121,701,477)		$	403,935,939		$	6,338,921		$	(20,474,921)		$	42,826,760

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2022 (continued)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	545,622
Total Asset Derivatives			$	545,622
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	320,139
Interest rate contracts	Variation margin payable on futures contracts*			130,836
Total Liability Derivatives			$	450,975

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended Decmber 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,207,328
Interest rate contracts			(470,415)
Total		$	736,913

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	225,483
Interest rate contracts			(130,836)
Total		$	94,647

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $526,542,613.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,880,020
Gross Unrealized Depreciation		(82,411,623)
Net Unrealized Depreciation	$	(79,531,603)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.1%
10,643	iShares 20+ Year Treasury Bond ETF		$	1,059,617		3.1
4,027	iShares Russell 2000 ETF			702,148		2.0
6,963	Schwab U.S. TIPS ETF			360,614		1.0
12,672	Vanguard Russell 1000 Growth ETF			698,480		2.0
	Total Exchange-Traded Funds (Cost $3,423,168)			2,820,859		8.1
MUTUAL FUNDS: 91.9%
	Affiliated Investment Companies: 91.9%
196,045	Voya Global Bond Fund - Class R6			1,425,245		4.1
268,704	Voya High Yield Bond Fund - Class R6			1,765,387		5.1
840,988	Voya Intermediate Bond Fund - Class R6			7,190,444		20.6
82,232	Voya MidCap Opportunities Portfolio - Class R6			337,972		1.0
83,060	Voya Multi-Manager Emerging Markets Equity Fund - Class I			712,657		2.0
20,090	Voya Multi-Manager International Equity Fund - Class I			177,595		0.5
66,680	Voya Multi-Manager International Factors Fund - Class I			537,440		1.5
39,245	Voya Multi-Manager Mid Cap Value Fund - Class I			343,788		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
482,509	Voya Short Term Bond Fund - Class R6		$	4,443,904		12.7
52,552	Voya Small Company Fund - Class R6			672,144		1.9
171,404	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,744,897		5.0
216,491	Voya U.S. Stock Index Portfolio - Class I			3,416,225		9.8
447,204	VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,154,529		11.9
33,083	VY® Invesco Comstock Portfolio - Class I			692,762		2.0
140,207	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			3,484,144		10.0
16,640	VY® T. Rowe Price Growth Equity Portfolio - Class I			979,447		2.8
	Total Mutual Funds (Cost $37,040,012)			32,078,580		91.9
	Total Investments in Securities (Cost $40,463,180)		$	34,899,439		100.0
	Liabilities in Excess of Other Assets			(7,094)		—
	Net Assets		$	34,892,345		100.0

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,820,859		$	—		$	—		$	2,820,859
Mutual Funds			32,078,580			—			—			32,078,580
Total Investments, at fair value		$	34,899,439		$	—		$	—		$	34,899,439

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, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	1,689,876		$	330,554		$	(314,787)		$	(280,398)		$	1,425,245		$	10,242		$	(32,667)		$	—
Voya High Yield Bond Fund - Class R6			5,601,768			587,113			(3,742,644)			(680,850)			1,765,387			119,152			188,235			24,659
Voya Intermediate Bond Fund - Class R6			6,396,432			5,190,252			(3,419,641)			(976,599)			7,190,444			201,573			(377,683)			37
Voya MidCap Opportunities Portfolio - Class R6			609,791			421,650			(586,026)			(107,443)			337,972			—			(305,107)			250,677
Voya Multi-Manager Emerging Markets Equity Fund - Class I			819,395			623,923			(848,093)			117,432			712,657			14,871			(384,166)			—
Voya Multi-Manager International Equity Fund - Class I			1,046,808			233,925			(1,118,844)			15,706			177,595			2,160			(255,828)			—
Voya Multi-Manager International Factors Fund - Class I			1,920,473			381,208			(1,665,172)			(99,069)			537,440			31,640			(213,006)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			663,281			120,177			(364,112)			(75,558)			343,788			5,474			(18,340)			22,637
Voya Short Term Bond Fund - Class R6			2,125,722			4,075,626			(1,598,302)			(159,142)			4,443,904			78,488			(74,396)			—
Voya Small Company Fund - Class R6			—			826,999			(104,791)			(50,064)			672,144			3,158			(8,136)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			1,333,437			1,342,925			(666,512)			(264,953)			1,744,897			41,176			(5,093)			172,907
Voya U.S. Stock Index Portfolio - Class I			4,422,535			3,037,978			(3,023,558)			(1,020,730)			3,416,225			48,118			(71,581)			313,726
VY® BrandywineGLOBAL - Bond Portfolio - Class I			4,672,981			1,861,900			(1,534,585)			(845,767)			4,154,529			43,959			(2,128)			221,127
VY® Invesco Comstock Portfolio - Class I			—			925,205			(211,850)			(20,593)			692,762			12,556			(5,579)			1,888
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			849,777			301,492			(1,154,358)			3,089			—			47			(253,844)			135,878
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,318,527			1,139,558			(899,195)			(1,074,746)			3,484,144			55,548			56,078			464,657
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,691,503			949,730			(871,814)			(789,972)			979,447			—			(62,979)			197,578
		$	38,162,306		$	22,350,215		$	(22,124,284)		$	(6,309,657)		$	32,078,580		$	668,162		$	(1,826,220)		$	1,805,771

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $41,798,886.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(6,899,447)
Net Unrealized Depreciation	$	(6,899,447)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.4%
135,864	iShares 20+ Year Treasury Bond ETF		$	13,526,620		3.0
355,518	Schwab U.S. TIPS ETF			18,412,277		4.0
329,776	Vanguard FTSE Developed Markets ETF			13,840,699		3.0
161,761	Vanguard Russell 1000 Growth ETF			8,916,266		1.9
154,175	Vanguard Short-Term Bond ETF			11,606,294		2.5
	Total Exchange-Traded Funds (Cost $72,093,306)			66,302,156		14.4
MUTUAL FUNDS: 85.4%
	Affiliated Investment Companies: 85.4%
1,937,638	Voya Global Bond Fund - Class R6			14,086,632		3.0
12,241,038	Voya Intermediate Bond Fund - Class R6			104,660,874		22.7
2,199,704	Voya Multi-Manager Emerging Markets Equity Fund - Class I			18,873,461		4.1
2,116,011	Voya Multi-Manager International Equity Fund - Class I			18,705,533		4.0
2,909,413	Voya Multi-Manager International Factors Fund - Class I			23,449,866		5.1
776,859	Voya Multi-Manager Mid Cap Value Fund - Class I			6,805,283		1.5
137,124 (1)	Voya Small Cap Growth Fund - Class R6			4,515,504		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
358,809	Voya Small Company Fund - Class R6		$	4,589,164		1.0
2,261,256	Voya U.S. High Dividend Low Volatility Fund - Class R6			23,019,586		5.0
4,297,417	Voya U.S. Stock Index Portfolio - Class I			67,813,247		14.7
4,415,799	VY® BrandywineGLOBAL - Bond Portfolio - Class I			41,022,769		8.9
1,849,249	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			45,953,836		10.0
787,401	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			6,755,896		1.5
226,330	VY® T. Rowe Price Growth Equity Portfolio - Class I			13,321,766		2.9
	Total Mutual Funds (Cost $467,415,829)			393,573,417		85.4
	Total Investments in Securities (Cost $539,509,135)		$	459,875,573		99.8
	Assets in Excess of Other Liabilities			771,271		0.2
	Net Assets		$	460,646,844		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	66,302,156		$	—		$	—		$	66,302,156
Mutual Funds			393,573,417			—			—			393,573,417
Total Investments, at fair value		$	459,875,573		$	—		$	—		$	459,875,573
Other Financial Instruments+
Futures			357,605			—			—			357,605
Total Assets		$	460,233,178		$	—		$	—		$	460,233,178

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2022 (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, 2022
Liabilities Table
Other Financial Instruments+
Futures		$	(323,309)		$	—		$	—		$	(323,309)
Total Liabilities		$	(323,309)		$	—		$	—		$	(323,309)

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2025 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		102		03/17/23		$	9,031,590		$	(323,309)
						$	9,031,590		$	(323,309)
Short Contracts:
MSCI EAFE Index		(48)		03/17/23			(4,678,560)			169,589
S&P 500® E-Mini		(23)		03/17/23			(4,440,150)			188,016
						$	(9,118,710)		$	357,605

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	18,139,252		$	1,286,394		$	(2,435,650)		$	(2,903,364)		$	14,086,632		$	98,645		$	(326,032)		$	—
Voya High Yield Bond Fund - Class R6			30,835,364			129,047			(29,418,976)			(1,545,435)			—			125,415			752,693			—
Voya Intermediate Bond Fund - Class R6			128,175,110			47,967,468			(55,712,160)			(15,769,544)			104,660,874			3,325,002			(8,201,535)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			23,440,922			9,422,424			(9,286,427)			(4,703,458)			18,873,461			575,391			(2,265,297)			—
Voya Multi-Manager International Equity Fund - Class I			29,947,377			5,095,363			(9,881,211)			(6,455,996)			18,705,533			222,770			(1,061,880)			—
Voya Multi-Manager International Factors Fund - Class I			54,811,137			5,253,588			(31,015,800)			(5,599,059)			23,449,866			815,021			(5,284,668)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			9,492,954			1,003,951			(1,543,168)			(2,148,454)			6,805,283			105,935			587,447			438,098
Voya U.S. High Dividend Low Volatility Fund - Class R6			28,326,919			5,617,465			(7,574,218)			(3,350,580)			23,019,586			603,100			(425,120)			2,230,839
Voya U.S. Stock Index Portfolio - Class I			59,785,292			35,443,333			(8,809,019)			(18,606,359)			67,813,247			950,766			1,686,160			5,198,653
Voya Small Cap Growth Fund - Class R6			—			5,311,617			(491,333)			(304,780)			4,515,504			—			(22,550)			—
Voya Small Company Fund - Class R6			—			5,385,683			(444,526)			(351,993)			4,589,164			21,587			(37,130)			—
VY® BrandywineGLOBAL - Bond Portfolio - Class I			60,808,246			9,659,156			(20,902,587)			(8,542,046)			41,022,769			442,563			(245,999)			2,226,239
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			12,179,759			2,892,337			(15,169,535)			97,439			—			626			(3,561,871)			1,824,323
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			61,804,860			8,456,699			(9,844,581)			(14,463,142)			45,953,836			734,402			540,233			6,236,741

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2022 (continued)

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6		$	8,947,441		$	3,599,955		$	(1,947,177)		$	(3,844,323)		$	6,755,896		$	—		$	(210,491)		$	1,819,875
VY® T. Rowe Price Growth Equity Portfolio - Class I			30,033,341			11,285,864			(14,882,276)			(13,115,163)			13,321,766			—			344,162			2,628,922
		$	556,727,974		$	157,810,344		$	(219,358,644)		$	(101,606,257)		$	393,573,417		$	8,021,223		$	(17,731,878)		$	22,603,690

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

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	357,605
Total Asset Derivatives			$	357,605
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	323,309
Total Liability Derivatives			$	323,309

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(234,241)
Interest rate contracts			(230,612)
Total		$	(464,853)

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $551,946,046.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,963,179
Gross Unrealized Depreciation		(93,999,356)
Net Unrealized Depreciation	$	(92,036,177)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.7%
14,105	iShares 20+ Year Treasury Bond ETF		$	1,404,294		2.9
5,336	iShares Russell 2000 ETF			930,385		1.9
9,227	Schwab U.S. TIPS ETF			477,866		1.0
34,143	Vanguard FTSE Developed Markets ETF			1,432,982		3.0
16,794	Vanguard Russell 1000 Growth ETF			925,685		1.9
6,445	Vanguard Short-Term Bond ETF			485,180		1.0
	Total Exchange-Traded Funds (Cost $6,295,669)			5,656,392		11.7
MUTUAL FUNDS: 88.4%
	Affiliated Investment Companies: 88.4%
1,208,457	Voya Intermediate Bond Fund - Class R6			10,332,310		21.4
231,761	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,988,513		4.1
280,363	Voya Multi-Manager International Equity Fund - Class I			2,478,405		5.1
370,252	Voya Multi-Manager International Factors Fund - Class I			2,984,229		6.2
109,281	Voya Multi-Manager Mid Cap Value Fund - Class I			957,299		2.0
14,655 (1)	Voya Small Cap Growth Fund - Class R6			482,601		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
76,561	Voya Small Company Fund - Class R6		$	979,219		2.0
143,129	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,457,051		3.0
573,679	Voya U.S. Stock Index Portfolio - Class I			9,052,649		18.7
415,436	VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,859,399		8.0
46,058	VY® Invesco Comstock Portfolio - Class I			964,455		2.0
195,080	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			4,847,728		10.0
110,766	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			950,372		2.0
23,967	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,410,711		2.9
	Total Mutual Funds (Cost $50,430,173)			42,744,941		88.4
	Total Investments in Securities (Cost $56,725,842)		$	48,401,333		100.1
	Liabilities in Excess of Other Assets			(24,809)		(0.1)
	Net Assets		$	48,376,524		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,656,392		$	—		$	—		$	5,656,392
Mutual Funds			42,744,941			—			—			42,744,941
Total Investments, at fair value		$	48,401,333		$	—		$	—		$	48,401,333

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, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	2,866,184		$	71,411		$	(2,823,880)		$	(113,715)		$	—		$	11,741		$	35,053		$	—
Voya Intermediate Bond Fund - Class R6			7,381,994			7,796,327			(3,625,437)			(1,220,574)			10,332,310			274,316			(540,396)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,177,620			1,331,111			(1,160,608)			(359,610)			1,988,513			60,313			(322,905)			—
Voya Multi-Manager International Equity Fund - Class I			4,450,745			1,453,435			(2,943,755)			(482,020)			2,478,405			29,292			(670,162)			—
Voya Multi-Manager International Factors Fund - Class I			5,652,916			1,496,960			(3,513,561)			(652,086)			2,984,229			102,886			(504,799)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,177,318			319,576			(296,249)			(243,346)			957,299			14,808			37,407			61,239
Voya Small Cap Growth Fund - Class R6			—			581,901			(69,038)			(30,262)			482,601			—			(2,445)			—
Voya Small Company Fund - Class R6			—			1,154,073			(105,893)			(68,961)			979,219			4,608			(8,595)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			1,714,944			635,294			(803,997)			(89,190)			1,457,051			37,928			(139,708)			140,327
Voya U.S. Stock Index Portfolio - Class I			6,571,040			6,469,337			(1,677,482)			(2,310,246)			9,052,649			126,483			286,767			670,284
VY® BrandywineGLOBAL - Bond Portfolio - Class I			5,090,169			1,756,013			(2,330,325)			(656,458)			3,859,399			40,182			(114,762)			202,126
VY® Columbia Contrarian Core Portfolio - Class I			2,039,760			744,164			(2,475,863)			(308,061)			—			9,968			(295,328)			281,128
VY® Invesco Comstock Portfolio - Class I			—			1,308,143			(315,989)			(27,699)			964,455			17,435			(8,986)			2,535
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,688,659			625,067			(2,171,852)			(141,874)			—			96			(370,416)			279,503
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			5,747,841			1,795,031			(1,333,017)			(1,362,127)			4,847,728			77,168			(26,100)			637,170
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			1,107,316			652,902			(390,614)			(419,232)			950,372			—			(110,300)			245,099
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,782,740			1,512,112			(1,805,376)			(1,078,765)			1,410,711			—			(171,430)			265,562
		$	50,449,246		$	29,702,857		$	(27,842,936)		$	(9,564,226)		$	42,744,941		$	807,224		$	(2,927,105)		$	2,784,973

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $58,604,213.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	174,259
Gross Unrealized Depreciation		(10,377,139)
Net Unrealized Depreciation	$	(10,202,880)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.4%
131,526	iShares 20+ Year Treasury Bond ETF		$	13,094,728		2.5
638,538	Vanguard FTSE Developed Markets ETF			26,799,440		5.0
281,872	Vanguard Russell 1000 Growth ETF			15,536,785		2.9
72,115	Vanguard Short-Term Bond ETF			5,428,817		1.0
	Total Exchange-Traded Funds (Cost $66,210,627)			60,859,770		11.4
MUTUAL FUNDS: 88.4%
	Affiliated Investment Companies: 88.4%
8,897,070	Voya Intermediate Bond Fund - Class R6			76,069,949		14.2
3,065,623	Voya Large Cap Value Portfolio - Class R6			15,971,894		3.0
3,209,205	Voya Multi-Manager Emerging Markets Equity Fund - Class I			27,534,978		5.1
3,710,642	Voya Multi-Manager International Equity Fund - Class I			32,802,073		6.1
4,762,695	Voya Multi-Manager International Factors Fund - Class I			38,387,323		7.1
1,209,146	Voya Multi-Manager Mid Cap Value Fund - Class I			10,592,117		2.0
160,819 (1)	Voya Small Cap Growth Fund - Class R6			5,295,764		1.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
841,404	Voya Small Company Fund - Class R6		$	10,761,557		2.0
8,858,430	Voya U.S. Stock Index Portfolio - Class I			139,786,025		26.1
2,294,488	VY® BrandywineGLOBAL - Bond Portfolio - Class I			21,315,797		4.0
764,404	VY® Invesco Comstock Portfolio - Class I			16,006,625		3.0
2,158,763	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			53,645,265		10.0
1,225,631	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			10,515,915		1.9
263,359	VY® T. Rowe Price Growth Equity Portfolio - Class I			15,501,334		2.9
	Total Mutual Funds (Cost $560,528,298)			474,186,616		88.4
	Total Investments in Securities (Cost $626,738,925)		$	535,046,386		99.8
	Assets in Excess of Other Liabilities			1,137,231		0.2
	Net Assets		$	536,183,617		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	60,859,770		$	—		$	—		$	60,859,770
Mutual Funds			474,186,616			—			—			474,186,616
Total Investments, at fair value		$	535,046,386		$	—		$	—		$	535,046,386
Other Financial Instruments+
Futures			753,728			—			—			753,728
Total Assets		$	535,800,114		$	—		$	—		$	535,800,114
Liabilities Table
Other Financial Instruments+
Futures		$	(601,062)		$	—		$	—		$	(601,062)
Total Liabilities		$	(601,062)		$	—		$	—		$	(601,062)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2022 (continued)

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

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2035 Portfolio:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index	118		03/17/23		$	10,448,310		$	(374,024)
U.S. Treasury Ultra Long Bond	59		03/22/23			7,924,437			(227,038)
					$	18,372,747		$	(601,062)
Short Contracts:
MSCI EAFE Index	(56)		03/17/23			(5,458,320)			197,854
S&P 500® E-Mini	(68)		03/17/23			(13,127,400)			555,874
					$	(18,585,720)		$	753,728

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	27,387,145		$	123,686		$	(25,881,111)		$	(1,629,720)		$	—		$	119,737		$	862,446		$	—
Voya Intermediate Bond Fund - Class R6			60,987,983			42,774,377			(16,738,394)			(10,954,017)			76,069,949			2,114,194			(2,478,954)			—
Voya Large Cap Value Portfolio - Class R6			—			29,483,029			(5,108,663)			(8,402,472)			15,971,894			263,771			(2,476,123)			9,680,197
Voya Multi-Manager Emerging Markets Equity Fund - Class I			32,539,072			12,174,461			(9,954,613)			(7,223,942)			27,534,978			894,698			(2,449,054)			—
Voya Multi-Manager International Equity Fund - Class I			73,158,500			8,322,116			(37,015,188)			(11,663,355)			32,802,073			390,245			(6,844,589)			—
Voya Multi-Manager International Factors Fund - Class I			67,627,412			13,841,967			(34,758,882)			(8,323,174)			38,387,323			1,332,763			(6,066,827)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			14,036,669			1,533,207			(1,866,984)			(3,110,775)			10,592,117			164,753			756,434			681,343
Voya Small Cap Growth Fund - Class R6			—			6,093,773			(446,003)			(352,006)			5,295,764			—			(18,578)			—
Voya Small Company Fund - Class R6			—			12,075,971			(490,467)			(823,947)			10,761,557			50,631			(39,859)			—
Voya U.S. Stock Index Portfolio - Class I			80,572,885			93,606,215			(9,635,918)			(24,757,157)			139,786,025			1,934,092			2,099,898			6,399,687
VY® BrandywineGLOBAL - Bond Portfolio - Class I			27,004,383			14,603,462			(17,047,572)			(3,244,476)			21,315,797			221,101			(1,009,072)			1,112,211
VY® Columbia Contrarian Core Portfolio - Class I			41,745,822			8,256,971			(40,996,995)			(9,005,798)			—			191,066			(2,633,602)			5,388,645
VY® Invesco Comstock Portfolio - Class I			20,428,220			1,723,425			(5,457,331)			(687,689)			16,006,625			290,011			589,323			42,524
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			20,340,899			4,540,856			(22,965,972)			(1,915,783)			—			1,055			(3,915,728)			3,075,561
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			68,614,921			10,209,913			(9,008,843)			(16,170,726)			53,645,265			855,144			484,002			7,010,493
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			13,257,061			5,284,341			(2,202,231)			(5,823,256)			10,515,915			—			(258,057)			2,740,541
VY® T. Rowe Price Growth Equity Portfolio - Class I			40,172,788			13,196,730			(20,457,197)			(17,410,987)			15,501,334			—			1,815,687			2,968,072
		$	587,873,760		$	277,844,500		$	(260,032,364)		$	(131,499,280)		$	474,186,616		$	8,823,261		$	(21,582,653)		$	39,099,274

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2022 (continued)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	753,728
Total Asset Derivatives			$	753,728
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	374,024
Interest rate contracts	Variation margin payable on futures contracts*			227,038
Total Liability Derivatives			$	601,062

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(653,985)
Interest rate contracts			(707,214)
Total		$	(1,361,199)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	379,704
Interest rate contracts			(227,038)
Total		$	152,666

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $637,534,272.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	4,658,312
Gross Unrealized Depreciation		(106,993,532)
Net Unrealized Depreciation	$	(102,335,220)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.6%
15,320	iShares 20+ Year Treasury Bond ETF		$	1,525,259		3.9
4,347	iShares Russell 2000 ETF			757,943		1.9
46,445	Vanguard FTSE Developed Markets ETF			1,949,297		4.9
20,520	Vanguard Russell 1000 Growth ETF			1,131,062		2.9
5,250	Vanguard Short-Term Bond ETF			395,220		1.0
	Total Exchange-Traded Funds (Cost $6,260,074)			5,758,781		14.6
MUTUAL FUNDS: 85.3%
	Affiliated Investment Companies: 85.3%
329,703	Voya Intermediate Bond Fund - Class R6			2,818,964		7.2
282,738	Voya Large Cap Value Portfolio - Class R6			1,473,066		3.7
236,488	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,029,064		5.2
320,837	Voya Multi-Manager International Equity Fund - Class I			2,836,196		7.2
403,448	Voya Multi-Manager International Factors Fund - Class I			3,251,789		8.3
89,215	Voya Multi-Manager Mid Cap Value Fund - Class I			781,522		2.0
17,912 (1)	Voya Small Cap Growth Fund - Class R6			589,853		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
78,097	Voya Small Company Fund - Class R6		$	998,859		2.5
714,729	Voya U.S. Stock Index Portfolio - Class I			11,278,427		28.6
85,331	VY® BrandywineGLOBAL - Bond Portfolio - Class I			792,722		2.0
65,800	VY® Invesco Comstock Portfolio - Class I			1,377,858		3.5
119,438	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,968,045		7.5
90,434	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			775,926		2.0
27,781	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,635,174		4.1
	Total Mutual Funds (Cost $39,989,775)			33,607,465		85.3
	Total Investments in Securities (Cost $46,249,849)		$	39,366,246		99.9
	Assets in Excess of Other Liabilities			20,979		0.1
	Net Assets		$	39,387,225		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,758,781		$	—		$	—		$	5,758,781
Mutual Funds			33,607,465			—			—			33,607,465
Total Investments, at fair value		$	39,366,246		$	—		$	—		$	39,366,246

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, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	1,288,027		$	60,960		$	(1,294,637)		$	(54,350)		$	—		$	6,366		$	12,851		$	—
Voya Intermediate Bond Fund - Class R6			1,700,030			2,829,628			(1,481,352)			(229,342)			2,818,964			72,609			(234,870)			—
Voya Large Cap Value Portfolio - Class R6			—			2,620,382			(434,024)			(713,292)			1,473,066			24,236			(194,659)			811,423
Voya Short Term Bond Portfolio - Class R6			—			1,385,858			(1,385,858)			—			—			3,595			(10,417)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,035,954			1,290,225			(1,050,612)			(246,503)			2,029,064			65,395			(389,083)			—
Voya Multi-Manager International Equity Fund - Class I			5,841,631			1,685,873			(4,291,751)			(399,557)			2,836,196			33,345			(1,024,446)			—
Voya Multi-Manager International Factors Fund - Class I			3,817,886			2,289,819			(2,251,930)			(603,986)			3,251,789			111,506			(293,253)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			878,680			283,663			(261,077)			(119,744)			781,522			12,042			(37,168)			49,802
Voya Small Cap Growth Fund - Class R6			—			680,491			(53,829)			(36,809)			589,853			—			(2,172)			—
Voya Small Company Fund - Class R6			—			1,122,452			(53,779)			(69,814)			998,859			4,705			(4,287)			—
Voya U.S. Stock Index Portfolio - Class I			6,089,443			8,916,712			(1,495,588)			(2,232,140)			11,278,427			158,697			287,228			626,377
VY® BrandywineGLOBAL - Bond Portfolio - Class I			846,869			1,063,456			(1,034,990)			(82,613)			792,722			7,413			(58,027)			37,289
VY® Columbia Contrarian Core Portfolio - Class I			2,835,273			1,145,790			(3,509,118)			(471,945)			—			14,110			(359,039)			397,938
VY® Invesco Comstock Portfolio - Class I			1,965,719			650,835			(1,134,645)			(104,051)			1,377,858			24,779			111,984			3,382
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			1,285,781			530,605			(1,722,801)			(93,585)			—			71			(286,562)			206,636
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			3,227,025			1,205,241			(673,286)			(790,935)			2,968,045			46,922			13,065			352,613
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			832,864			522,774			(258,550)			(321,162)			775,926			—			(79,792)			186,817
VY® T. Rowe Price Growth Equity Portfolio - Class I			3,058,730			1,698,368			(1,789,367)			(1,332,557)			1,635,174			—			(25,355)			287,085
		$	35,703,912		$	29,983,132		$	(24,177,194)		$	(7,902,385)		$	33,607,465		$	585,791		$	(2,574,002)		$	2,959,362

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $47,853,922.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	235,137
Gross Unrealized Depreciation		(8,722,813)
Net Unrealized Depreciation	$	(8,487,676)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.1%
82,314	iShares 20+ Year Treasury Bond ETF		$	8,195,182		1.9
499,741	Vanguard FTSE Developed Markets ETF			20,974,130		5.0
202,132	Vanguard Russell 1000 Growth ETF			11,141,516		2.7
83,590	Vanguard Short-Term Bond ETF			6,292,655		1.5
	Total Exchange-Traded Funds (Cost $50,370,741)			46,603,483		11.1
MUTUAL FUNDS: 88.4%
	Affiliated Investment Companies: 88.4%
1,240,371	Voya Intermediate Bond Fund - Class R6			10,605,169		2.5
2,600,770	Voya Large Cap Value Portfolio - Class R6			13,550,013		3.2
2,989,169	Voya Multi-Manager Emerging Markets Equity Fund - Class I			25,647,068		6.1
4,359,086	Voya Multi-Manager International Equity Fund - Class I			38,534,320		9.2
4,795,746	Voya Multi-Manager International Factors Fund - Class I			38,653,715		9.2
946,893	Voya Multi-Manager Mid Cap Value Fund - Class I			8,294,782		2.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
188,955 (1)	Voya Small Cap Growth Fund - Class R6		$	6,222,286		1.5
823,945	Voya Small Company Fund - Class R6			10,538,254		2.5
9,151,189	Voya U.S. Stock Index Portfolio - Class I			144,405,759		34.4
798,148	VY® Invesco Comstock Portfolio - Class I			16,713,213		4.0
1,267,928	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			31,508,005		7.5
959,852	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			8,235,534		2.0
307,137	VY® T. Rowe Price Growth Equity Portfolio - Class I			18,078,090		4.3
	Total Mutual Funds
	(Cost $447,929,292)			370,986,208		88.4
	Total Investments in Securities (Cost $498,300,033)		$	417,589,691		99.5
	Assets in Excess of Other Liabilities			1,905,721		0.5
	Net Assets		$	419,495,412		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	46,603,483		$	—		$	—		$	46,603,483
Mutual Funds			370,986,208			—			—			370,986,208
Total Investments, at fair value		$	417,589,691		$	—		$	—		$	417,589,691
Other Financial Instruments+
Futures			678,633			—			—			678,633
Total Assets		$	418,268,324		$	—		$	—		$	418,268,324
Liabilities Table
Other Financial Instruments+
Futures		$	(533,364)		$	—		$	—		$	(533,364)
Total Liabilities		$	(533,364)		$	—		$	—		$	(533,364)

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, 2022 (continued)

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2045 Portfolio:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index	93		03/17/23		$	8,234,685		$	(294,782)
U.S. Treasury Ultra Long Bond	62		03/22/23			8,327,375			(238,582)
					$	16,562,060		$	(533,364)
Short Contracts:
MSCI EAFE Index	(44)		03/17/23			(4,288,680)			155,457
S&P 500® E-Mini	(64)		03/17/23			(12,355,200)			523,176
					$	(16,643,880)		$	678,633

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class R6		$	10,581,607		$	86,056		$	(10,093,446)		$	(574,217)		$	—		$	48,802		$	270,615		$	—
Voya Intermediate Bond Fund - Class R6			—			22,531,826			(11,425,819)			(500,838)			10,605,169			120,464			(198,988)			—
Voya Large Cap Value Portfolio - Class R6			—			24,869,746			(4,064,315)			(7,255,418)			13,550,013			223,651			(1,863,086)			8,095,092
Voya Multi-Manager Emerging Markets Equity Fund - Class I			30,106,595			10,844,764			(8,269,487)			(7,034,804)			25,647,068			864,931			(1,907,044)			—
Voya Multi-Manager International Equity Fund - Class I			82,244,175			9,555,216			(41,192,195)			(12,072,876)			38,534,320			457,686			(7,208,984)			—
Voya Multi-Manager International Factors Fund - Class I			47,094,868			21,900,501			(22,443,778)			(7,897,876)			38,653,715			1,339,808			(3,391,157)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			10,830,778			1,255,205			(1,649,072)			(2,142,129)			8,294,782			128,824			301,508			532,756
Voya Small Cap Growth Fund - Class R6			—			7,087,856			(451,973)			(413,597)			6,222,286			—			(20,015)			—
Voya Small Company Fund - Class R6			—			11,810,052			(475,749)			(796,049)			10,538,254			49,560			(40,480)			—
Voya U.S. Stock Index Portfolio - Class I			85,397,460			96,025,677			(10,404,658)			(26,612,720)			144,405,759			2,002,812			503,848			7,627,316
VY® BrandywineGLOBAL - Bond Portfolio - Class I			—			5,037,981			(5,037,981)			—			—			—			(47,620)			—
VY® Columbia Contrarian Core Portfolio - Class I			40,324,275			8,151,597			(38,944,136)			(9,531,736)			—			184,523			(1,733,365)			5,203,527
VY® Invesco Comstock Portfolio - Class I			26,607,798			2,179,006			(8,538,400)			(3,535,191)			16,713,213			302,450			3,566,644			43,806
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			15,749,664			3,624,688			(18,034,926)			(1,339,426)			—			814			(3,185,622)			2,372,530
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			39,766,646			6,664,622			(5,723,962)			(9,199,301)			31,508,005			501,629			65,700			4,059,434
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			10,258,720			4,095,536			(1,981,983)			(4,136,739)			8,235,534			—			(579,522)			2,117,377
VY® T. Rowe Price Growth Equity Portfolio - Class I			37,581,012			13,945,835			(15,051,777)			(18,396,980)			18,078,090			—			1,956,385			3,437,831
		$	436,543,598		$	249,666,164		$	(203,783,657)		$	(111,439,897)		$	370,986,208		$	6,225,954		$	(13,511,183)		$	33,489,669

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

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2022 (continued)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	678,633
Total Asset Derivatives			$	678,633
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	294,782
Interest rate contracts	Variation margin payable on futures contracts*			238,582
Total Liability Derivatives			$	533,364

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended Decmber 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	858,695
Interest rate contracts			(752,781)
Total		$	105,914

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	383,851
Interest rate contracts			(238,582)
Total		$	145,269

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $505,997,819.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	3,415,430
Gross Unrealized Depreciation		(91,678,289)
Net Unrealized Depreciation	$	(88,262,859)

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.4%
9,641	iShares 20+ Year Treasury Bond ETF		$	959,858		2.9
3,648	iShares Russell 2000 ETF			636,065		1.9
38,957	Vanguard FTSE Developed Markets ETF			1,635,025		5.0
15,784	Vanguard Russell 1000 Growth ETF			870,014		2.6
4,405	Vanguard Short-Term Bond ETF			331,609		1.0
	Total Exchange-Traded Funds (Cost $4,680,512)			4,432,571		13.4
MUTUAL FUNDS: 86.6%
	Affiliated Investment Companies: 86.6%
58,333	Voya Intermediate Bond Fund - Class R6			498,748		1.5
191,000	Voya Large Cap Value Portfolio - Class R6			995,110		3.0
239,732	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,056,897		6.2
348,888	Voya Multi-Manager International Equity Fund - Class I			3,084,168		9.3
341,037	Voya Multi-Manager International Factors Fund - Class I			2,748,756		8.3
94,170	Voya Multi-Manager Mid Cap Value Fund - Class I			824,930		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
15,173 (1)	Voya Small Cap Growth Fund - Class R6		$	499,637		1.5
66,145	Voya Small Company Fund - Class R6			845,997		2.5
697,439	Voya U.S. Stock Index Portfolio - Class I			11,005,584		33.1
67,470	VY® Invesco Comstock Portfolio - Class I			1,412,823		4.2
101,968	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,533,909		7.6
95,459	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			819,041		2.5
24,899	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,465,556		4.4
	Total Mutual Funds (Cost $33,848,371)			28,791,156		86.6
	Total Investments in Securities (Cost $38,528,883)		$	33,223,727		100.0
	Assets in Excess of Other Liabilities			14,301		0.0
	Net Assets		$	33,238,028		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,432,571		$	—		$	—		$	4,432,571
Mutual Funds			28,791,156			—			—			28,791,156
Total Investments, at fair value		$	33,223,727		$	—		$	—		$	33,223,727

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 2050 Portfolio

as of December 31, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	—		$	1,270,313		$	(760,032)		$	(11,533)		$	498,748		$	6,400		$	(39,645)		$	—
Voya Large Cap Value Portfolio - Class R6			—			1,782,579			(329,314)			(458,155)			995,110			16,344			(143,860)			536,783
Voya Money Market Portfolio - Class I			—			—			—			—			—			2,121			—			—
Voya Short Term Bond Portfolio - Class R6			—			1,172,954			(1,172,954)			—			—			3,489			(12,569)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,060,972			1,530,830			(1,363,405)			(171,500)			2,056,897			68,957			(494,241)			—
Voya Multi-Manager International Equity Fund - Class I			6,334,599			1,516,780			(4,297,618)			(469,593)			3,084,168			36,232			(949,535)			—
Voya Multi-Manager International Factors Fund - Class I			2,504,499			2,358,965			(1,699,641)			(415,067)			2,748,756			94,229			(268,704)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			928,895			275,883			(196,680)			(183,168)			824,930			12,700			18,282			52,523
Voya Small Cap Growth Fund - Class R6			—			584,618			(54,428)			(30,553)			499,637			—			(2,445)			—
Voya Small Company Fund - Class R6			—			964,482			(61,251)			(57,234)			845,997			3,974			(5,161)			—
Voya U.S. Stock Index Portfolio - Class I			5,815,953			8,117,055			(1,003,279)			(1,924,145)			11,005,584			151,506			151,769			517,178
VY® Columbia Contrarian Core Portfolio - Class I			2,761,026			1,031,941			(3,270,333)			(522,634)			—			13,514			(277,959)			381,139
VY® Invesco Comstock Portfolio - Class I			1,896,123			471,834			(713,182)			(241,952)			1,412,823			25,345			246,812			3,409
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			695,245			336,276			(964,828)			(66,693)			—			39			(141,263)			113,622
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,722,669			1,010,372			(549,217)			(649,915)			2,533,909			39,805			(1,243)			291,620
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class R6			876,491			523,583			(229,888)			(351,145)			819,041			—			(68,086)			193,838
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,565,698			1,369,138			(1,233,097)			(1,236,183)			1,465,556			—			62,459			252,311
		$	29,162,170		$	24,317,603		$	(17,899,147)		$	(6,789,470)		$	28,791,156		$	474,655		$	(1,925,389)		$	2,342,423

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $40,054,917.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	231,660
Gross Unrealized Depreciation		(7,062,850)
Net Unrealized Depreciation	$	(6,831,190)

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.0%
21,178	iShares 20+ Year Treasury Bond ETF		$	2,108,482		1.4
177,452	Vanguard FTSE Developed Markets ETF			7,447,660		5.0
71,820	Vanguard Russell 1000 Growth ETF			3,958,718		2.6
	Total Exchange-Traded Funds (Cost $14,008,903)			13,514,860		9.0
MUTUAL FUNDS: 90.5%
	Affiliated Investment Companies: 90.5%
178,522	Voya Intermediate Bond Fund - Class R6			1,526,365		1.0
786,676	Voya Large Cap Value Portfolio - Class R6			4,098,583		2.8
1,068,692	Voya Multi-Manager Emerging Markets Equity Fund - Class I			9,169,374		6.1
1,556,510	Voya Multi-Manager International Equity Fund - Class I			13,759,552		9.2
1,716,669	Voya Multi-Manager International Factors Fund - Class I			13,836,351		9.2
423,109	Voya Multi-Manager Mid Cap Value Fund - Class I			3,706,439		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
67,749 (1)	Voya Small Cap Growth Fund - Class R6		$	2,230,977		1.5
295,399	Voya Small Company Fund - Class R6			3,778,158		2.5
3,505,594	Voya U.S. Stock Index Portfolio - Class I			55,318,266		36.9
320,976	VY® Invesco Comstock Portfolio - Class I			6,721,236		4.5
454,198	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			11,286,823		7.5
428,894	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			3,679,909		2.5
110,226	VY® T. Rowe Price Growth Equity Portfolio - Class I			6,487,889		4.3
	Total Mutual Funds (Cost $161,369,638)			135,599,922		90.5
	Total Investments in Securities (Cost $175,378,541)		$	149,114,782		99.5
	Assets in Excess of Other Liabilities			744,860		0.5
	Net Assets		$	149,859,642		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	13,514,860		$	—		$	—		$	13,514,860
Mutual Funds			135,599,922			—			—			135,599,922
Total Investments, at fair value		$	149,114,782		$	—		$	—		$	149,114,782
Other Financial Instruments+
Futures			244,546			—			—			244,546
Total Assets		$	149,359,328		$	—		$	—		$	149,359,328
Liabilities Table
Other Financial Instruments+
Futures		$	(189,258)		$	—		$	—		$	(189,258)
Total Liabilities		$	(189,258)		$	—		$	—		$	(189,258)

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

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the following futures contracts were outstanding for Voya Solution 2055 Portfolio:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index	33		03/17/23		$	2,921,985		$	(104,600)
U.S. Treasury Ultra Long Bond	22		03/22/23			2,954,875			(84,658)
					$	5,876,860		$	(189,258)
Short Contracts:
MSCI EAFE Index	(16)		03/17/23			(1,559,520)			56,530
S&P 500® E-Mini	(23)		03/17/23			(4,440,150)			188,016
					$	(5,999,670)		$	244,546

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	—		$	2,319,254		$	(757,776)		$	(35,113)		$	1,526,365		$	4,267		$	(4,328)		$	—
Voya Large Cap Value Portfolio - Class R6			—			7,313,063.00			(1,076,567.00)			(2,137,913.00)			4,098,583.00			67,569.00			(481,632.00)			2,335,066.00
Voya Multi-Manager Emerging Markets Equity Fund - Class I			10,109,823			6,113,095			(5,451,616)			(1,601,928)			9,169,374			308,042			(1,869,078)			—
Voya Multi-Manager International Equity Fund - Class I			32,797,508			4,557,004			(20,272,525)			(3,322,435)			13,759,552			162,636			(3,663,935)			—
Voya Multi-Manager International Factors Fund - Class I			10,531,256			12,464,309			(6,780,621)			(2,378,593)			13,836,351			477,212			(981,318)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			4,557,094			771,027			(653,499)			(968,183)			3,706,439			57,326			187,551			237,075
Voya Small Cap Growth Fund - Class R6			—			2,546,397			(172,457)			(142,963)			2,230,977			—			(6,469)			—
Voya Small Company Fund - Class R6			—			4,198,336			(144,267)			(275,911)			3,778,158			17,755			(10,407)			—
Voya U.S. Stock Index Portfolio - Class I			30,874,516			38,111,734			(4,121,115)			(9,546,869)			55,318,266			765,621			(53,598)			2,787,125
VY® Columbia Contrarian Core Portfolio - Class I			13,545,373			3,397,911			(14,074,082)			(2,869,202)			—			63,425			(936,970)			1,788,767
VY® Invesco Comstock Portfolio - Class I			9,782,524			1,273,917			(2,722,815)			(1,612,390)			6,721,236			121,259			1,626,004			16,940
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			3,460,884			1,114,353			(4,333,629)			(241,608)			—			186			(766,641)			541,000
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			13,357,413			3,329,457			(2,313,687)			(3,086,360)			11,286,823			178,964			(9,809)			1,385,574
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			4,299,035			1,966,665			(678,641)			(1,907,150)			3,679,909			—			(87,179)			909,759
VY® T. Rowe Price Growth Equity Portfolio - Class I			12,603,289			5,249,034			(5,537,625)			(5,826,809)			6,487,889			—			266,245			1,183,143
		$	145,918,715		$	94,725,556		$	(69,090,922)		$	(35,953,427)		$	135,599,922		$	2,224,262		$	(6,791,564)		$	11,184,449

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

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2022 (continued)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	244,546
Total Asset Derivatives			$	244,546
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	104,600
Interest rate contracts	Variation margin payable on futures contracts*			84,658
Total Liability Derivatives			$	189,258

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended Decmber 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	316,731
Interest rate contracts			(351,925)
Total		$	(35,194)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	139,946
Interest rate contracts			(84,658)
Total		$	55,288

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $178,838,961.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,601,185
Gross Unrealized Depreciation		(31,270,076)
Net Unrealized Depreciation	$	(29,668,891)

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.2%
7,304	iShares 20+ Year Treasury Bond ETF		$	727,186		2.9
2,763	iShares Russell 2000 ETF			481,757		1.9
29,170	Vanguard FTSE Developed Markets ETF			1,224,265		4.8
11,958	Vanguard Russell 1000 Growth ETF			659,125		2.6
	Total Exchange-Traded Funds (Cost $3,281,372)			3,092,333		12.2
MUTUAL FUNDS: 87.8%
	Affiliated Investment Companies: 87.8%
46,065	Voya Intermediate Bond Fund - Class R6			393,855		1.5
134,155	Voya Large Cap Value Portfolio - Class R6			698,946		2.7
183,604	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,575,319		6.2
268,204	Voya Multi-Manager International Equity Fund - Class I			2,370,921		9.3
262,106	Voya Multi-Manager International Factors Fund - Class I			2,112,574		8.3
72,157	Voya Multi-Manager Mid Cap Value Fund - Class I			632,098		2.5
11,690 (1)	Voya Small Cap Growth Fund - Class R6			384,939		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
50,951	Voya Small Company Fund - Class R6		$	651,669		2.6
542,495	Voya U.S. Stock Index Portfolio - Class I			8,560,568		33.7
54,739	VY® Invesco Comstock Portfolio - Class I			1,146,236		4.5
82,916	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,060,463		8.1
73,144	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			627,575		2.5
19,209	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,130,642		4.4
	Total Mutual Funds (Cost $26,153,749)			22,345,805		87.8
	Total Investments in Securities (Cost $29,435,121)		$	25,438,138		100.0
	Assets in Excess of Other Liabilities			967		0.0
	Net Assets		$	25,439,105		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	3,092,333		$	—		$	—		$	3,092,333
Mutual Funds			22,345,805			—			—			22,345,805
Total Investments, at fair value		$	25,438,138		$	—		$	—		$	25,438,138

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

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	—		$	403,133		$	(411)		$	(8,867)		$	393,855		$	864		$	(3)		$	—
Voya Large Cap Value Portfolio - Class R6			—			1,240,211			(227,019)			(314,246)			698,946			11,461			(101,799)			372,189
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,518,650			1,200,867			(1,018,590)			(125,608)			1,575,319			52,418			(368,276)			—
Voya Multi-Manager International Equity Fund - Class I			4,925,684			1,279,444			(3,643,074)			(191,133)			2,370,921			27,585			(888,244)			—
Voya Multi-Manager International Factors Fund - Class I			1,581,241			2,076,279			(1,350,362)			(194,584)			2,112,574			71,713			(298,914)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			684,001			231,693			(140,544)			(143,052)			632,098			9,655			20,548			39,930
Voya Short Term Bond Fund - Class R6			—			927,866			(927,866)			—			—			4,193			(8,503)			—
Voya Small Cap Growth Fund - Class R6			—			451,119			(43,211)			(22,969)			384,939			—			(1,869)			—
Voya Small Company Fund - Class R6			—			744,604			(50,192)			(42,743)			651,669			3,059			(4,290)			—
Voya U.S. Stock Index Portfolio - Class I			4,641,536			6,318,460			(798,219)			(1,601,209)			8,560,568			117,895			100,336			444,794
VY® Columbia Contrarian Core Portfolio - Class I			2,033,082			832,700			(2,494,630)			(371,152)			—			10,173			(225,133)			286,906
VY® Invesco Comstock Portfolio - Class I			1,477,270			428,566			(558,417)			(201,183)			1,146,236			20,514			205,790			2,717
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			525,150			264,566			(749,937)			(39,779)			—			30			(116,585)			86,556
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			2,004,945			1,027,833			(488,406)			(483,909)			2,060,463			32,318			(3,307)			220,569
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			645,818			415,551			(162,664)			(271,130)			627,575			—			(40,650)			145,915
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,897,978			1,094,452			(1,081,165)			(780,623)			1,130,642			—			(92,835)			189,748
		$	21,935,355		$	18,937,344		$	(13,734,707)		$	(4,792,187)		$	22,345,805		$	361,878		$	(1,823,734)		$	1,789,324

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $30,773,765.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	170,332
Gross Unrealized Depreciation		(5,505,960)
Net Unrealized Depreciation	$	(5,335,628)

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Solution 2065 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.5%
1,926	iShares 20+ Year Treasury Bond ETF		$	191,753		2.3
875	iShares Russell 2000 ETF			152,565		1.9
11,226	Vanguard FTSE Developed Markets ETF			471,155		5.8
3,785	Vanguard Russell 1000 Growth ETF			208,629		2.5
	Total Exchange-Traded Funds (Cost $1,055,306)			1,024,102		12.5
MUTUAL FUNDS: 87.4%
	Affiliated Investment Companies: 87.4%
14,737	Voya Intermediate Bond Fund - Class R6			126,003		1.5
42,988	Voya Large Cap Value Portfolio - Class R6			223,967		2.7
58,826	Voya Multi-Manager Emerging Markets Equity Fund - Class I			504,725		6.2
86,347	Voya Multi-Manager International Equity Fund - Class I			763,311		9.4
84,375	Voya Multi-Manager International Factors Fund - Class I			680,062		8.3
23,122	Voya Multi-Manager Mid Cap Value Fund - Class I			202,548		2.5
3,767 (1)	Voya Small Cap Growth Fund - Class R6			124,063		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
16,421	Voya Small Company Fund - Class R6		$	210,022		2.6
171,135	Voya U.S. Stock Index Portfolio - Class I			2,700,504		33.1
17,540	VY® Invesco Comstock Portfolio - Class I			367,292		4.5
26,617	VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			661,440		8.1
23,436	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			201,083		2.5
6,198	VY® T. Rowe Price Growth Equity Portfolio - Class I			364,787		4.5
	Total Mutual Funds (Cost $8,119,259)			7,129,807		87.4
	Total Investments in Securities (Cost $9,174,565)		$	8,153,909		99.9
	Assets in Excess of Other Liabilities			6,681		0.1
	Net Assets		$	8,160,590		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,024,102		$	—		$	—		$	1,024,102
Mutual Funds			7,129,807			—			—			7,129,807
Total Investments, at fair value		$	8,153,909		$	—		$	—		$	8,153,909

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, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund - Class R6		$	—		$	128,854		$	(15)		$	(2,836)		$	126,003		$	276		$	—		$	—
Voya Large Cap Value Portfolio - Class R6			—			372,751			(58,703)			(90,081)			223,967			3,674			(28,033)			106,196
Voya Multi-Manager Emerging Markets Equity Fund - Class I			334,426			464,732			(271,427)			(23,006)			504,725			16,686			(104,943)			—
Voya Multi-Manager International Equity Fund - Class I			1,081,129			713,480			(1,086,865)			55,567			763,311			8,804			(323,835)			—
Voya Multi-Manager International Factors Fund - Class I			347,043			776,207			(412,621)			(30,567)			680,062			22,878			(101,744)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			149,511			124,220			(37,688)			(33,495)			202,548			3,074			323			12,713
Voya Short Term Bond Fund - Class R6			—			271,932			(271,932)			—			—			1,197			(2,430)			—
Voya Small Cap Growth Fund - Class R6			—			143,347			(12,428)			(6,856)			124,063			—			(414)			—
Voya Small Company Fund - Class R6			—			236,648			(14,508)			(12,118)			210,022			986			(945)			—
Voya U.S. Stock Index Portfolio - Class I			1,073,502			2,441,576			(414,867)			(399,707)			2,700,504			37,132			(10,451)			127,234
VY® Columbia Contrarian Core Portfolio - Class I			444,632			400,349			(797,167)			(47,814)			—			2,876			(111,165)			81,114
VY® Invesco Comstock Portfolio - Class I			349,424			270,019			(214,224)			(37,927)			367,292			6,540			39,600			768
VY® JPMorgan Small Cap Core Equity Portfolio - Class R6			138,296			124,147			(258,558)			(3,885)			—			9			(39,744)			24,903
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6			439,002			490,518			(135,977)			(132,103)			661,440			10,330			(363)			62,926
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6			141,504			169,817			(40,179)			(70,059)			201,083			—			(11,565)			41,254
VY® T. Rowe Price Growth Equity Portfolio - Class I			427,610			441,539			(335,531)			(168,831)			364,787			—			(60,811)			53,680
		$	4,926,079		$	7,570,136		$	(4,362,690)		$	(1,003,718)		$	7,129,807		$	114,462		$	(756,520)		$	510,788

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $9,676,843.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	55,252
Gross Unrealized Depreciation		(1,578,187)
Net Unrealized Depreciation	$	(1,522,935)

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2022 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Solution Aggressive Portfolio
Class ADV	NII		$	0.3209
Class I	NII		$	0.3934
Class R6	NII		$	0.3933
Class S	NII		$	0.3514
Class S2	NII		$	0.3388
All Classes	STCG		$	0.4038
All Classes	LTCG		$	1.6159
Voya Solution Balanced Portfolio
Class ADV	NII		$	0.3457
Class I	NII		$	0.3965
Class R6	NII		$	0.3972
Class S	NII		$	0.3662
Class S2	NII		$	0.3398
All Classes	STCG		$	0.2553
All Classes	LTCG		$	0.9272
Voya Solution Conservative Portfolio
Class ADV	NII		$	0.3486
Class I	NII		$	0.4046
Class R6	NII		$	0.4070
Class S	NII		$	0.3746
Class S2	NII		$	0.3581
All Classes	STCG		$	0.3046
All Classes	LTCG		$	0.5292
Voya Solution Income Portfolio
Class ADV	NII		$	0.4256
Class I	NII		$	0.4975
Class S	NII		$	0.4613
Class S2	NII		$	0.4232
Class T	NII		$	0.3965
All Classes	STCG		$	0.2697
All Classes	LTCG		$	0.9007
Voya Solution Moderately Aggressive Portfolio
Class ADV	NII		$	0.4128
Class I	NII		$	0.4842
Class R6	NII		$	0.4851
Class S	NII		$	0.4426
Class S2	NII		$	0.4054
All Classes	STCG		$	0.1820
All Classes	LTCG		$	1.5996

Portfolio Name	Type	Per Share Amount
Voya Solution Moderately Conservative Portfolio
Class ADV	NII		$	0.3732
Class I	NII		$	0.4306
Class R6	NII		$	0.4307
Class S	NII		$	0.4002
Class S2	NII		$	0.3784
All Classes	STCG		$	0.3577
All Classes	LTCG		$	0.7555
Voya Solution 2025 Portfolio
Class ADV	NII		$	0.4356
Class I	NII		$	0.5050
Class S	NII		$	0.4720
Class S2	NII		$	0.4508
Class T	NII		$	0.4057
All Classes	STCG		$	0.3047
All Classes	LTCG		$	1.3207
Voya Solution 2030 Portfolio
Class ADV	NII		$	0.6098
Class I	NII		$	0.6976
Class S	NII		$	0.6520
Class S2	NII		$	0.5883
Class T	NII		$	0.5900
All Classes	STCG		$	0.4435
All Classes	LTCG		$	1.9423
Voya Solution 2035 Portfolio
Class ADV	NII		$	0.4353
Class I	NII		$	0.5064
Class S	NII		$	0.4741
Class S2	NII		$	0.4492
All Classes	STCG		$	0.2885
All Classes	LTCG		$	1.5264
Voya Solution 2040 Portfolio
Class ADV	NII		$	0.5789
Class I	NII		$	0.6805
Class S	NII		$	0.6419
Class S2	NII		$	0.6153
Class T	NII		$	0.3976
All Classes	STCG		$	0.6604
All Classes	LTCG		$	2.4591

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TAX INFORMATION (Unaudited) (continued)

Portfolio Name	Type	Per Share Amount
Voya Solution 2045 Portfolio
Class ADV	NII		$	0.4288
Class I	NII		$	0.4978
Class S	NII		$	0.4675
Class S2	NII		$	0.4290
Class T	NII		$	0.4024
All Classes	STCG		$	0.3767
All Classes	LTCG		$	1.6237
Voya Solution 2050 Portfolio
Class ADV	NII		$	0.6175
Class I	NII		$	0.7244
Class S	NII		$	0.6868
Class S2	NII		$	0.6225
Class T	NII		$	0.5832
All Classes	STCG		$	0.6670
All Classes	LTCG		$	2.7591

Portfolio Name	Type	Per Share Amount
Voya Solution 2055 Portfolio
Class ADV	NII		$	0.4814
Class I	NII		$	0.5601
Class S	NII		$	0.5272
Class S2	NII		$	0.4808
All Classes	STCG		$	0.5574
All Classes	LTCG		$	1.7887
Voya Solution 2060 Portfolio
Class ADV	NII		$	0.4418
Class I	NII		$	0.5072
Class S	NII		$	0.4782
Class S2	NII		$	0.4414
Class T	NII		$	0.3979
All Classes	STCG		$	0.5232
All Classes	LTCG		$	1.8944
Voya Solution 2065 Portfolio
Class ADV	NII		$	0.2359
Class I	NII		$	0.2753
Class S	NII		$	0.2546
Class S2	NII		$	0.2449
Class T	NII		$	0.2196
All Classes	LTCG		$	0.4438

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Solution Aggressive Portfolio					15.58%
	Voya Solution Balanced Portfolio					12.87%
	Voya Solution Conservative Portfolio					4.95%
	Voya Solution Income Portfolio					6.34%
	Voya Solution Moderately Aggressive Portfolio					20.35%
	Voya Solution Moderately Conservative Portfolio					7.35%
	Voya Solution 2025 Portfolio					9.31%
	Voya Solution 2030 Portfolio					9.38%
	Voya Solution 2035 Portfolio					10.53%
	Voya Solution 2040 Portfolio					9.47%
	Voya Solution 2045 Portfolio					11.35%
	Voya Solution 2050 Portfolio					10.51%
	Voya Solution 2055 Portfolio					10.12%
	Voya Solution 2060 Portfolio					9.79%
	Voya Solution 2065 Portfolio					35.94%

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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 Aggressive Portfolio	$	3,537,854
Voya Solution Balanced Portfolio	$	5,027,038
Voya Solution Conservative Portfolio	$	754,961
Voya Solution Income Portfolio	$	18,204,860
Voya Solution Moderately Aggressive Portfolio	$	61,578,687
Voya Solution Moderately Conservative Portfolio	$	2,754,053
Voya Solution 2025 Portfolio	$	60,568,193
Voya Solution 2030 Portfolio	$	6,209,208
Voya Solution 2035 Portfolio	$	76,390,953
Voya Solution 2040 Portfolio	$	5,607,460
Voya Solution 2045 Portfolio	$	63,507,813
Voya Solution 2050 Portfolio	$	5,050,490
Voya Solution 2055 Portfolio	$	20,973,156
Voya Solution 2060 Portfolio	$	3,617,475
Voya Solution 2065 Portfolio	$	338,954

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2022:

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Solution Aggressive Portfolio		$	10,278		$	0.0040		6.79%
Voya Solution Balanced Portfolio		$	13,331		$	0.0022		4.26%
Voya Solution Conservative Portfolio		$	159		$	0.0001		1.50%
Voya Solution Income Portfolio		$	60,489		$	0.0028		4.39%
Voya Solution Moderately Aggressive Portfolio		$	203,211		$	0.0046		7.78%
Voya Solution Moderately Conservative Portfolio		$	7,708		$	0.0019		3.53%
Voya Solution 2025 Portfolio		$	296,655		$	0.0054		7.61%
Voya Solution 2030 Portfolio		$	25,090		$	0.0063		8.59%
Voya Solution 2035 Portfolio		$	471,529		$	0.0076		10.80%
Voya Solution 2040 Portfolio		$	36,604		$	0.0117		9.18%
Voya Solution 2045 Portfolio		$	480,956		$	0.0096		11.18%
Voya Solution 2050 Portfolio		$	35,749		$	0.0139		9.96%
Voya Solution 2055 Portfolio		$	119,278		$	0.0076		9.31%
Voya Solution 2060 Portfolio		$	27,180		$	0.0100		9.30%
Voya Solution 2065 Portfolio		$	9,267		$	0.0101		23.69%

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)

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 992-0180.

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: 62

Chairperson

Director

January 2020 –
Present

November 2007 –
Present

President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).

132

RSR Partners, Inc, (2016 − Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

November 1997 –
Present

Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 − December 2019).

132

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director

January 2006 –
Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).

132

The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 − Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 72

Director

August 2015 –
Present

Retired.

132

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director

May 2013 – Present

President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present).

132

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 72

Director

January 2006 –
Present

Consultant (May 2001 − Present).

132

Centerra Gold Inc. (May 2008 − Present).

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

October 2015 –
Present

Retired.

132

None.

(1)

Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

(2)

For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2023.

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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
Andy Simonoff 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 50	President and Chief Executive Officer	January 2023 – Present	Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019).
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 55	Executive Vice President and Chief Investment Risk Officer	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 − March 2020); Consultant, DA Capital LLC (January 2016 − March 2017).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 64	Executive Vice President	March 2018 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Steven Hartstein 230 Park Avenue New York, NY 10169 Age: 59	Chief Compliance Officer	December 2022 – Present	Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Brighthouse Financial, Inc. – Head of Funds Compliance; Chief Compliance Officer − Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 − Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Senior Vice President	June 2022 – Present	Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 − Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 − August 2021).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Senior Vice President	June 2022 – Present	Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 − Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 − February 2018).

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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: 52	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Vice President Secretary	June 2022 – Present September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 − Present); Vice President, Voya Funds Services, LLC (July 2012 − Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (August 1997 − Present); Vice President, Voya Funds Services, LLC (November 1995 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 − Present); Vice President, Voya Funds Services, LLC (July 2007 – Present)
Erica McKenna 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 − Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Nicholas C.D. Ward 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 29	Assistant Vice President and Assistant Secretary	June 2022 – Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).
Gizachew Wubishet 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Assistant Vice President and Assistant Secretary	June 2022 – Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 − Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 − April 2019).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 46	Anti-Money Laundering Officer	June 2018 – Present	Compliance Consultant, Voya Financial, Inc. (January 2019 − Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 − December 2018).

(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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BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT

At a meeting held on November 17, 2022, the Board of Directors (“Board”) of Voya Partners, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, and Voya Solution 2065 Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 12-13, 2022, and November 15, 2022. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Directors as members.

The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

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Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and

quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio’s prospectus. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Company’s Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. The Board also considered the compensation payable by the Manager to

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the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager’s and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Solution Aggressive Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, and the third quintile for the year-to-date, one-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

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second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and all-in net expense ratio.

Voya Solution Balanced Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding the competitiveness of the Portfolio’s all-in net expense ratio.

Voya Solution Conservative Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the second quintile for the one-year period, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the second quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is below the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

Voya Solution Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed. In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

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above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution Moderately Aggressive Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the one-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding the competitiveness of the Portfolio’s all-in net expense ratio.

Voya Solution Moderately Conservative Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the second quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and all-in net expense ratio.

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Voya Solution 2025 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, third quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2030 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, the third quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2035 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year, five-year and ten-year periods, the fourth quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; (2) the impact of security selection on the Portfolio’s performance; and (3) its confidence in the ability of the Sub-Adviser to deliver long-term performance.

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rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2040 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, the third quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding the competitiveness of the Portfolio’s management fee rate

and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2045 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2050 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year and ten-year periods, the fourth quintile for the one-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; (2) the impact of security selection on the Portfolio’s performance; and (3) its confidence in the ability of the Portfolio to deliver long-term performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2055 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year period, the fourth quintile for the one-year, five-year and ten-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) management’s representations regarding the impact of security selection on the Portfolio’s performance; and (2) management’s confidence in the ability of the Portfolio to deliver long-term performance.

borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2060 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the one-year, three-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) management’s representations regarding the impact of security selection on the Portfolio’s performance; and (2) management’s confidence in the ability of the Portfolio to deliver long-term performance.

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AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board’s direction during the 2021 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2022; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2065 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account: (1) that the Portfolio commenced operations in August 2020, and therefore had a limited operating history for the purpose of analyzing its performance; and (2) management’s confidence in the ability of the Portfolio to deliver long-term performance.

fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) that, at the Board’s direction during the 2021 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2022; and (3) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Solution Portfolios’ expense ratios when compared to peers identified by management.

Board Conclusions

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2023.

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Investment Adviser
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-VSOL (1222-022223)

TABLE OF CONTENTS

ANNUAL REPORT

December 31, 2022

Classes ADV, I, S, S2 and Z

Voya Partners, Inc.

	■ Voya Index Solution Income Portfolio			■ Voya Index Solution 2045 Portfolio
	■ Voya Index Solution 2025 Portfolio			■ Voya Index Solution 2050 Portfolio
	■ Voya Index Solution 2030 Portfolio			■ Voya Index Solution 2055 Portfolio
	■ Voya Index Solution 2035 Portfolio			■ Voya Index Solution 2060 Portfolio
	■ Voya Index Solution 2040 Portfolio			■ Voya Index Solution 2065 Portfolio

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

TABLE OF CONTENTS

	Portfolio Managers’ Report					2
	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					88
	Director and Officer Information					91
	Advisory and Sub-Advisory Contract Approval Discussion					96

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

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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 S&P Target Date 2060 Index and S&P Target Date 2065+ Index				Each index seeks to represent the market consensus for asset allocations which target an approximate 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and beyond the 2065 retirement horizon, respectively.

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Voya Index Solution Portfolios

Portfolio Managers’ Report

The Voya Index Solution Portfolios consist of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, and Voya Index Solution 2065 Portfolio (each a “Portfolio” or collectively, the “Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are passively managed funds (index funds)(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, 2022 are set out in the table below. The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers* of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.

Performance: Each Portfolio’s performance against its respective benchmark is set out in the table below.

Portfolio Specifics: Over the reporting period, the Portfolios produced negative absolute and relative returns. Tactical asset allocation detracted from performance. The Portfolios started the year mostly neutral in their equity versus bond positioning throughout the suite, with a modest equity overweight in the 2050, 2045, 2035 and 2030 vintages. Within sub-asset classes, the suite was overweight domestic small cap and emerging market (“EM”) equities, funded by underweights to domestic mid cap equities, developed international equities and core US fixed income in varying degrees depending on vintage.

In February, the Portfolios reduced their US large cap position and added to EM and developed international equities. The non-US equity markets offer less tech exposure and less long duration equity exposure which has shown to be more sensitive to rising US real yields. In addition, the suite took advantage of the relatively stable credit markets and sold down the majority of its high yield exposure in favor of intermediate core fixed income.

In March, the Portfolios lowered their international equity exposure in favor of short-term Eurodollar futures, believing that international equities remained vulnerable to the economic fallout from the first major war in Europe post-WWII. Recession risk in the Eurozone rose quickly as war waged, gasoline prices continued to rise, and an inflation problem forced the European Central Bank’s (ECB) hand to tighten financial conditions. In addition, slowing Chinese growth was a challenge for EMs. In our view, any stimulus to occur would likely have not been enough to revive a slowing economy and meet Beijing’s growth target. We believed strong forward guidance by the US Federal Reserve to increase policy rates and a faster balance sheet roll-off than other central banks were dollar positives. In mid-March, the Portfolios moved to a tactical underweight in TIPS in favor of short-duration bonds within the Income vintage, to reduce portfolio exposure to rising real interest rates. Since the onset of the Covid pandemic, the Fed purchased a disproportionate amount of TIPS issuance which contributed to deeply negative yields. As the Fed began to run down its balance sheet, we anticipated upwards pressure on TIPS yields. As part of the annual strategic review in early April, the Portfolios enacted their glide downs, leading to lower equity weights in the 2050-2025 vintages. Still, the Portfolios held modest overweights to US large cap equities. This was a drag over the quarter as both international developed and EM equities performed better after lagging in the first three months of the year. However, overweights to US assets helped within the fixed income segments of the Portfolios, as US aggregate bonds performed better than global bonds and significantly outperformed EM debt, which struggled due to those countries’ generally weaker growth outlook and a substantial strengthening in the US dollar.

In May, a new position in Japanese equities was initiated, funded by selling US large cap stocks. Rationale underpinning the trade was a belief that Japan was acting more defensive than the rest of the world given the Bank of Japan’s (“BOJ”) use of yield curve control, which, along with relatively cheap valuations, in our view made their equity markets more attractive in a highly uncertain macro environment. In addition, during times of market stress, the Japanese Yen serves as a safe haven for investors, in our opinion. Furthermore, the Yen had fallen dramatically since the beginning of 2021 and had not been this cheap relative to the US dollar since 2002 from both purchasing power parity and real effective exchange rate perspective. We believed this would help the nation’s export-oriented businesses and could support earnings.

Throughout the third quarter, the Portfolios increased US large cap and small cap equities. The large cap increase was funded by a further reduction to international developed equites, as the US continued to be the favorite region given its relatively insulated economic and geopolitical position, strong currency, and generally healthier companies. Within the United States, small caps retraced all of their stimulus driven gains and began trading at a discount relative to large caps. Given the severely oversold conditions, there is potential for an unwind and small caps would disproportionally benefit from the bounce. Within fixed income, PMs lengthened duration across the Portfolios by increasing exposure to long-term US government bonds and reducing some combination of core fixed income, short-term bonds, and cash. In our view, declining energy and core goods prices, reduced shelter costs, softening labor market, and decreased domestic demand would pull

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Portfolio Managers’ Report

Voya Index Solution Portfolios

inflation down to the 4-5% range by the middle of next year. We believed the necessary drop in nominal GDP or expectation thereof should weigh heavily on long dated yields. As a result, we extended duration in fixed income portfolios and maintained our preference for high-quality credit.

In September, the Portfolios closed the long Japan position, reallocating proceeds to US large cap. The BOJ has held firm in its policy of “unlimited” purchases of 10-year Japanese Government Bonds (JGBs) to keep the yield at or below 0.25%. As Treasury yields climb and the yen weakens, the BOJ seems to have only two options: eliminate or raise the yield cap or intervene in currency markets to support the weakening yen. The BOJ has chosen the latter for now, but we are skeptical of their ability to defend the yen while maintaining yield curve control.

In early October, the Portfolios added to US TIPS in near-dated Portfolios. With the backup in real yields to the highest levels since 2009, a substantial underweighting to TIPS no longer appeared to be a good risk and reward with inflation breakeven declining to just above 2%. Later in the month, we initiated a tactical overweight in the near dated portfolios to US large cap equities by selling short term bonds. This was a short-term term trade that sought to capitalize on market momentum following promising evidence inflation was continuing to decline.

This position was closed at a gain and reversed to an underweight in early November, as recession risks accumulated and fears deteriorating earnings would drive a sell-off into year end.

There was also a short term tactical trade at the end of October to decrease EM equity exposure and add to US large caps due to increased tensions between Beijing and Washington related to Taiwan. However, in December, relations between the two superpowers seemed to improve such that an escalation of hostilities was much less likely. As a result, PMs increased EM equity exposure and sold international developed equities. International developed equities were used as the source of funds because Europe looked increasingly unappealing after the strong rally in the first two months of the quarter and their still challenged fundamental outlook with the ECB struggling to contain inflation in the face of a gas embargo with Russia that is likely to continue for a multi-year period and local governments having spent their fiscal firepower on helping households meet their increased energy costs. Europe looks to have used a short-term patch to try and fix a long-term problem, which will likely pressure European equities in 2023. Additionally, the emerging and developing international stocks relationship looked to be making an important bottom that favored EM, as China reopens and refocuses on growth.

Within fixed income, the Portfolios continue to hold a long duration posture as a hedge against equity beta in the event of a risk-off flight to safety and expectations a weak growth environment will weigh down the back end of the yield curve.

During the year, tactical moves relative to our strategic benchmarks have had a negative impact on the Portfolios’ performance.

Current Strategy and Outlook: Inflation dominated the headlines in 2022, and its progression and policy makers’ responses will continue to be the principal global macro drivers in the year ahead. Although it remains unacceptably high, data suggests it has peaked with meaningfully lower core goods and energy prices. Income sensitive components of the price Index baskets, such as shelter and services, are proving sticker given the still strong labor market and high personal income. However, we are beginning to see the effects of declining demand with wage gains cooling, which we expect will continue and contribute to a steady fall in inflation to the low single digits by the end of the year. However, we do not expect a shift in policy from the Fed or ECB. With more tightening in store and explicit declarations that there will be no rate cuts in 2023, a contraction in developed market growth seems likely and should cause top line revenues to fall. Additionally, the prolonged period of rising costs is likely to erode profit margins ahead, including those of US large cap companies, which have thus far been relatively successful in maintaining pricing power. In general, US stocks are not cheap, but they are well of peaks and seem reasonable. On the other side of this year, however, will see moderate inflation, more normal interest rates and slow but positive growth, which should be good for equities. Until investors begin to price in that outcome, volatility will likely be high.

We think the bond bear market is over. Following one of the worst years on record, bonds now look attractive. Positive real yields across the interest rate curve offer attractive carry for the first time in years. We expect the hand-off from inflation risk to growth risk should pressure yields lower to the benefit of duration sensitive assets. Additionally, the volatility in rates and the correlation between stocks and bonds should normalize, as fixed income reassumes its place of ballast within multi-asset portfolios.

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Voya Index Solution Portfolios

Portfolio Managers’ Report

move away from zero covid and the seeming relaxation of tensions with the US from their boiling point are pluses for EM. While the US dollar is less likely to be a headwind to international assets, it should retain its defensive properties in risk-off scenarios, providing motivation for keeping close to home for now.

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2022.

Effective on May 31, 2022, Halvard Kvaale is no longer a portfolio manager for the Portfolios.

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Portfolio Managers’ Report

Voya Index Solution Portfolios

		Total Returns for the Year Ended December 31, 2022
					1 Year
		Voya Index Solution Income Portfolio, Class S			-14.32%
		S&P Target Date Retirement Income Index			-11.17%
		Voya Index Solution 2025 Portfolio, Class S			-16.09%
		S&P Target Date 2025 Index			-13.13%
		Voya Index Solution 2030 Portfolio, Class S			-16.70%
		S&P Target Date 2030 Index			-13.96%
		Voya Index Solution 2035 Portfolio, Class S			-17.95%
		S&P Target Date 2035 Index			-14.99%
		Voya Index Solution 2040 Portfolio, Class S			-18.30%
		S&P Target Date 2040 Index			-15.56%
		Voya Index Solution 2045 Portfolio, Class S			-18.40%
		S&P Target Date 2045 Index			-15.84%
		Voya Index Solution 2050 Portfolio, Class S			-18.52%
		S&P Target Date 2050 Index			-15.97%
		Voya Index Solution 2055 Portfolio, Class S			-18.56%
		S&P Target Date 2055 Index			-15.97%
		Voya Index Solution 2060 Portfolio, Class S			-18.65%
		S&P Target Date 2060 Index			-16.01%
		Voya Index Solution 2065 Portfolio, Class S			-18.71%
		S&P Target Date 2065+ Index			-15.95%

Annual Target Asset Allocation as of December 31, 2022(1) (as a percentage of net assets)
Sub Asset Class	2065		2060		2055		2050		2045		2040		2035		2030		2025		Income
US Large Blend		51.5%		52.0%		51.5%		50.5%		49.0%		46.0%		40.0%		33.0%		30.0%		20.0%
US Mid Cap Blend		5.0%		5.0%		5.0%		5.0%		4.0%		4.0%		4.0%		4.0%		3.0%		2.0%
US Small Cap		8.0%		8.0%		8.0%		8.0%		8.0%		8.0%		7.0%		7.0%		4.0%		2.0%
International		18.0%		17.0%		17.0%		17.0%		17.0%		15.0%		12.0%		10.0%		7.0%		4.0%
International Small Cap		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		—
Emerging Markets		9.0%		9.0%		9.0%		9.0%		9.0%		8.0%		8.0%		6.0%		6.0%		3.0%
Core Fixed Income		1.5%		1.5%		2.5%		3.5%		5.5%		12.0%		22.0%		28.5%		33.5%		45.5%
High Yield		—		—		—		—		—		—		—		—		—		2.0%
TIPS		—		—		—		—		—		—		—		1.0%		4.0%		6.0%
Short Duration		1.0%		1.5%		1.0%		1.0%		1.5%		1.0%		1.0%		1.0%		1.0%		4.5%
Fixed Account Contract		—		—		—		—		—		—		—		3.0%		5.0%		7.0%
Long Govt Bonds		4.0%		4.0%		4.0%		4.0%		4.0%		4.0%		4.0%		4.5%		4.5%		4.0%
Total Equity		93.5%		93.0%		92.5%		91.5%		89.0%		83.0%		73.0%		62.0%		52.0%		31.0%
Total Fixed Income		6.5%		7.0%		7.5%		8.5%		11.0%		17.0%		27.0%		38.0%		48.0%		69.0%

(1)

Portfolio holdings are subject to change daily.

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Voya Index Solution Income Portfolio

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-14.57%		1.66%		3.31%
Class I		-14.13%		2.16%		3.84%
Class S		-14.32%		1.92%		3.57%
Class S2		-14.47%		1.75%		3.41%
Class Z(1)		-13.94%		2.39%		4.00%
S&P Target Date Retirement Income Index		-11.17%		2.33%		3.59%

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

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-16.26%		3.03%		5.51%
Class I		-15.81%		3.53%		6.04%
Class S		-16.09%		3.27%		5.76%
Class S2		-16.21%		3.12%		5.61%
Class Z(1)		-15.74%		3.76%		6.20%
S&P Target Date 2025 Index		-13.13%		3.75%		6.23%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2025 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-16.89%		3.41%		6.22%
Class I		-16.51%		3.93%		6.73%
Class S		-16.70%		3.67%		6.46%
Class S2		-16.87%		3.52%		6.28%
Class Z(1)		-16.31%		4.16%		6.88%
S&P Target Date 2030 Index		-13.96%		4.17%		6.84%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2030 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.14%		3.66%		6.72%
Class I		-17.76%		4.17%		7.25%
Class S		-17.95%		3.92%		6.99%
Class S2		-18.10%		3.75%		6.82%
Class Z(1)		-17.62%		4.39%		7.42%
S&P Target Date 2035 Index		-14.99%		4.63%		7.42%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2035 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.48%		4.29%		7.30%
Class I		-18.08%		4.80%		7.82%
Class S		-18.30%		4.55%		7.56%
Class S2		-18.43%		4.38%		7.39%
Class Z(1)		-17.93%		5.04%		7.98%
S&P Target Date 2040 Index		-15.56%		4.97%		7.84%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2040 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.60%		4.53%		7.53%
Class I		-18.19%		5.07%		8.07%
Class S		-18.40%		4.79%		7.79%
Class S2		-18.49%		4.64%		7.64%
Class Z(1)		-18.10%		5.28%		8.23%
S&P Target Date 2045 Index		-15.84%		5.16%		8.11%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2045 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.70%		4.40%		7.49%
Class I		-18.29%		4.91%		8.04%
Class S		-18.52%		4.66%		7.78%
Class S2		-18.62%		4.50%		7.59%
Class Z(1)		-18.14%		5.15%		8.20%
S&P Target Date 2050 Index		-15.97%		5.26%		8.33%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2050 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 year
Class ADV		-18.76%		4.44%		7.54%
Class I		-18.38%		4.95%		8.06%
Class S		-18.56%		4.71%		7.81%
Class S2		-18.69%		4.54%		7.64%
Class Z(1)		-18.20%		5.20%		8.24%
S&P Target Date 2055 Index		-15.97%		5.31%		8.46%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2055 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		Since Inception of Classes ADV, I, and S February 9, 2015
Class ADV		-18.84%		4.53%	6.01%
Class I		-18.44%		5.05%	6.53%
Class S		-18.65%		4.78%	6.25%
Class S2		-18.77%		4.64%	6.09%
Class Z(1)		-18.25%		5.29%	6.74%
S&P Target Date 2060 Index		-16.01%		5.35%	6.96%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2060 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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

Average Annual Total Returns for the Period Ended December 31, 2022
	1 Year		Since Inception of Classes ADV, I, S, S2 and Z July 29, 2020
Class ADV		-18.86%	4.56%
Class I		-18.45%	5.10%
Class S		-18.71%	4.80%
Class S2		-18.74%	4.66%
Class Z		-18.27%	5.32%
S&P Target Date 2065+ Index		-15.95%	6.06%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2065 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The 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.

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Shareholder Expense Examples (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**
Voya Index Solution Income Portfolio
Class ADV		$	1,000.00		$	983.10		0.71%		$	3.55		$	1,000.00		$	1,021.63		0.71%		$	3.62
Class I			1,000.00			984.90		0.21			1.05			1,000.00			1,024.15		0.21			1.07
Class S			1,000.00			984.40		0.46			2.30			1,000.00			1,022.89		0.46			2.35
Class S2			1,000.00			983.40		0.61			3.05			1,000.00			1,022.13		0.61			3.11
Class Z			1,000.00			985.80		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2025 Portfolio
Class ADV		$	1,000.00		$	992.70		0.70%		$	3.52		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			994.90		0.20			1.01			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			992.90		0.45			2.26			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			992.60		0.60			3.01			1,000.00			1,022.18		0.60			3.06
Class Z			1,000.00			995.50		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2030 Portfolio
Class ADV		$	1,000.00		$	998.60		0.70%		$	3.53		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,000.60		0.20			1.01			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			999.50		0.45			2.27			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			998.60		0.60			3.02			1,000.00			1,022.18		0.60			3.06
Class Z			1,000.00			1,001.90		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, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2022**
Voya Index Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,001.40		0.70%		$	3.53		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,004.20		0.20			1.01			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			1,003.40		0.45			2.27			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			1,001.80		0.60			3.03			1,000.00			1,022.18		0.60			3.06
Class Z			1,000.00			1,004.70		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,008.90		0.70%		$	3.54		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,011.00		0.20			1.01			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			1,009.70		0.45			2.28			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			1,008.90		0.60			3.04			1,000.00			1,022.18		0.60			3.06
Class Z			1,000.00			1,011.80		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,012.90		0.70%		$	3.55		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,015.70		0.20			1.02			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			1,014.20		0.45			2.28			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			1,013.60		0.60			3.05			1,000.00			1,022.18		0.60			3.06
Class Z			1,000.00			1,016.10		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,013.90		0.72%		$	3.65		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,016.90		0.22			1.12			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,015.30		0.47			2.39			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,014.70		0.62			3.15			1,000.00			1,022.08		0.62			3.16
Class Z			1,000.00			1,018.00		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,014.70		0.72%		$	3.66		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,017.10		0.22			1.12			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,016.10		0.47			2.39			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,015.50		0.62			3.15			1,000.00			1,022.08		0.62			3.16
Class Z			1,000.00			1,018.00		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,015.50		0.72%		$	3.66		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,017.30		0.22			1.12			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,016.30		0.47			2.39			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,015.80		0.62			3.15			1,000.00			1,022.08		0.62			3.16
Class Z			1,000.00			1,018.60		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2065 Portfolio
Class ADV		$	1,000.00		$	1,015.40		0.73%		$	3.71		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,018.00		0.23			1.17			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,016.10		0.48			2.44			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,016.10		0.63			3.20			1,000.00			1,022.03		0.63			3.21
Class Z			1,000.00			1,018.60		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.

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, 2022, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (ten of the portfolios constituting Voya Partners, Inc.) at December 31, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual portfolio constituting 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, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2025 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2030 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2035 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2040 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2045 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2050 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2055 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Individual portfolio constituting Voya Partners, Inc.	Statement of Operations	Statements of changes in net assets	Financial highlights
Voya Index Solution 2060 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the three years in the period then ended December 31, 2022
Voya Index Solution 2065 Portfolio	For the year ended December 31, 2022	For each of the two years in the period then ended December 31, 2022	For each of the two years in the period then ended December 31, 2022 and the period from July 29, 2020 (commencement of operations) through December 31, 2020

Basis for Opinion

We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 28, 2023

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	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*		$	524,884,469		$	884,067,836		$	715,113,845		$	1,176,668,778
Investments in unaffiliated underlying funds at fair value**			115,002,515			104,699,524			55,600,321			68,557,044
Investments in affiliated funding agreements***			48,136,071			52,079,944			23,865,868			—
Short-term investments at fair value†			1,149,148			—			—			—
Cash			—			1,271,126			624,592			743,116
Cash collateral for futures contracts			1,135,700			2,409,914			1,833,715			2,856,557
Receivables:
Investments in affiliated underlying funds sold			99,102			497,819			—			—
Fund shares sold			133,852			129,030			513,265			607,056
Dividends			2,479			—			—			—
Interest			637,580			718,747			352,113			1,657
Variation margin on futures contracts			44,976			51,650			39,680			62,053
Prepaid expenses			3,943			5,545			3,856			6,072
Reimbursement due from Investment Adviser			152,328			217,377			160,580			241,475
Other assets			19,115			22,584			8,423			20,833
Total assets			691,401,278			1,046,171,096			798,116,258			1,249,764,641
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			—			166,315			409,812
Payable for fund shares redeemed			232,954			626,698			346,903			197,059
Payable for investment management fees			139,572			198,412			147,019			226,940
Payable for distribution and shareholder service fees			56,508			84,507			23,512			84,398
Payable for directors fees			1,954			2,862			2,078			3,245
Payable to directors under the deferred compensation plan (Note 6)			19,115			22,584			8,423			20,833
Other accrued expenses and liabilities			79,502			80,326			42,707			76,036
Total liabilities			529,605			1,015,389			736,957			1,018,323
NET ASSETS		$	690,871,673		$	1,045,155,707		$	797,379,301		$	1,248,746,318
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	776,094,415		$	1,130,884,985		$	852,887,256		$	1,328,026,284
Total distributable loss			(85,222,742)			(85,729,278)			(55,507,955)			(79,279,966)
NET ASSETS		$	690,871,673		$	1,045,155,707		$	797,379,301		$	1,248,746,318
* Cost of investments in affiliated underlying funds		$	614,774,752		$	997,705,197		$	808,173,552		$	1,337,586,174
** Cost of investments in unaffiliated underlying funds		$	127,695,490		$	121,040,256		$	66,716,831		$	84,636,435
*** Cost of investments in affiliated funding agreements		$	48,136,071		$	52,079,944		$	23,865,868		$	—
† Cost of short-term investments		$	1,149,148		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (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		$	69,319,733		$	123,759,593		$	38,122,227		$	125,263,132
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			7,948,439			13,298,083			2,785,068			12,705,731
Net asset value and redemption price per share		$	8.72		$	9.31		$	13.69		$	9.86
Class I
Net assets		$	11,434,405		$	41,956,644		$	8,702,783		$	50,433,008
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			1,271,504			4,376,080			612,307			4,944,393
Net asset value and redemption price per share		$	8.99		$	9.59		$	14.21		$	10.20
Class S
Net assets		$	94,618,266		$	93,779,903		$	12,262,072		$	82,071,574
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			10,641,593			9,909,418			869,924			8,169,871
Net asset value and redemption price per share		$	8.89		$	9.46		$	14.10		$	10.05
Class S2
Net assets		$	16,493,438		$	31,565,725		$	13,090,078		$	36,930,510
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			1,910,274			3,419,623			949,830			3,763,382
Net asset value and redemption price per share		$	8.63		$	9.23		$	13.78		$	9.81
Class Z
Net assets		$	499,005,831		$	754,093,842		$	725,202,141		$	954,048,094
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			54,470,885			77,169,292			50,264,337			91,633,174
Net asset value and redemption price per share		$	9.16		$	9.77		$	14.43		$	10.41

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	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*		$	688,577,299		$	901,796,352		$	526,285,559		$	539,043,871
Investments in unaffiliated underlying funds at fair value**			39,995,668			52,626,579			27,685,028			28,323,886
Cash			425,485			225,806			1,011,019			1,028,282
Cash collateral for futures contracts			1,670,632			2,695,840			1,583,010			1,618,907
Receivables:
Investments in affiliated underlying funds sold			—			12,803			—			—
Fund shares sold			672,005			698,245			371,830			480,991
Interest			954			3,273			1,745			1,783
Variation margin on futures contracts			36,458			41,485			25,658			25,808
Prepaid expenses			3,346			4,606			2,425			2,535
Reimbursement due from Investment Adviser			145,045			189,633			109,901			113,271
Other assets			6,243			14,141			4,219			5,701
Total assets			731,533,135			958,308,763			557,080,394			570,645,035
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			293,346			—			20,999			178,199
Payable for fund shares redeemed			378,570			710,985			350,788			302,756
Payable for investment management fees			132,473			173,305			100,504			102,875
Payable for distribution and shareholder service fees			14,735			61,793			11,183			32,148
Payable for directors fees			1,849			2,468			1,368			1,407
Payable to directors under the deferred compensation plan (Note 6)			6,243			14,141			4,219			5,701
Other accrued expenses and liabilities			34,770			48,699			28,367			30,032
Total liabilities			861,986			1,011,391			517,428			653,118
NET ASSETS		$	730,671,149		$	957,297,372		$	556,562,966		$	569,991,917
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	774,904,186		$	999,909,992		$	586,502,616		$	599,163,012
Total distributable loss			(44,233,037)			(42,612,620)			(29,939,650)			(29,171,095)
NET ASSETS		$	730,671,149		$	957,297,372		$	556,562,966		$	569,991,917
* Cost of investments in affiliated underlying funds		$	785,039,123		$	1,022,424,513		$	599,667,021		$	611,563,054
** Cost of investments in unaffiliated underlying funds		$	49,114,243		$	64,657,116		$	34,207,133		$	35,062,042

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio			Voya Index Solution 2055 Portfolio
Class ADV
Net assets		$	25,195,430		$	93,516,155		$	17,963,498		$	45,187,461
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			1,695,926			8,943,145			1,167,101			3,209,708
Net asset value and redemption price per share		$	14.86		$	10.46		$	15.39		$	14.08
Class I
Net assets		$	9,800,256		$	47,574,766		$	11,848,688		$	37,658,858
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			636,509			4,353,940			747,126			2,591,166
Net asset value and redemption price per share		$	15.40		$	10.93		$	15.86		$	14.53
Class S
Net assets		$	11,599,780		$	54,085,974		$	9,813,917		$	29,006,591
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			755,308			5,045,932			620,649			2,025,749
Net asset value and redemption price per share		$	15.36		$	10.72		$	15.81		$	14.32
Class S2
Net assets		$	4,152,262		$	28,509,757		$	4,017,565		$	19,070,033
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			276,006			2,731,578			259,484			1,351,444
Net asset value and redemption price per share		$	15.04		$	10.44		$	15.48		$	14.11
Class Z
Net assets		$	679,923,421		$	733,610,720		$	512,919,298		$	439,068,974
Shares authorized			100,000,000			300,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			43,421,818			65,831,779			31,856,506			29,660,336
Net asset value and redemption price per share		$	15.66		$	11.14		$	16.10		$	14.80

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	285,625,824		$	40,855,847
Investments in unaffiliated underlying funds at fair value**			16,246,932			2,858,562
Cash			78,749			33,617
Cash collateral for futures contracts			851,078			—
Receivables:
Fund shares sold			773,269			215,563
Interest			1,004			51
Variation margin on futures contracts			14,231			—
Prepaid expenses			1,182			91
Reimbursement due from Investment Adviser			37,926			3,988
Other assets			1,481			48
Total assets			303,631,676			43,967,767
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			483,198			43,957
Payable for fund shares redeemed			290,042			171,600
Payable for investment management fees			54,129			7,818
Payable for distribution and shareholder service fees			7,544			2,127
Payable for directors fees			701			77
Payable to directors under the deferred compensation plan (Note 6)			1,481			48
Other accrued expenses and liabilities			25,056			4,693
Total liabilities			862,151			230,320
NET ASSETS		$	302,769,525		$	43,737,447
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	325,220,043		$	50,766,863
Total distributable loss			(22,450,518)			(7,029,416)
NET ASSETS		$	302,769,525		$	43,737,447
* Cost of investments in affiliated underlying funds		$	328,177,354		$	45,875,650
** Cost of investments in unaffiliated underlying funds		$	19,500,834		$	3,223,629

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
Class ADV
Net assets		$	12,814,027		$	3,366,696
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,044,510			344,824
Net asset value and redemption price per share		$	12.27		$	9.76
Class I
Net assets		$	20,762,722		$	3,336,599
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,652,459			340,619
Net asset value and redemption price per share		$	12.56		$	9.80
Class S
Net assets		$	6,049,592		$	2,156,354
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			486,903			220,615
Net asset value and redemption price per share		$	12.42		$	9.77
Class S2
Net assets		$	2,380,606		$	610,528
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			192,910			62,558
Net asset value and redemption price per share		$	12.34		$	9.76
Class Z
Net assets		$	260,762,578		$	34,267,270
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			20,432,587			3,486,277
Net asset value and redemption price per share		$	12.76		$	9.83

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	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		$	14,396,351		$	20,802,113		$	15,570,840		$	25,712,138
Dividends from unaffiliated underlying funds			2,864,547			2,757,780			1,437,448			1,554,778
Interest (Note 7)			1,376,153			1,704,963			1,003,520			45,743
Total investment income			18,637,051			25,264,856			18,011,808			27,312,659
EXPENSES:
Investment management fees			1,701,076			2,444,038			1,761,323			2,725,994
Distribution and shareholder service fees:
Class ADV			402,752			716,033			203,105			695,256
Class S			275,209			262,418			33,422			225,712
Class S2			70,227			129,399			52,103			146,027
Transfer agent fees:
Class ADV			28,426			43,478			23,902			60,340
Class I			4,654			14,465			5,715			23,722
Class S			38,849			31,884			7,849			39,196
Class S2			6,193			9,815			7,666			15,929
Class Z			922			1,229			1,571			1,536
Shareholder reporting expense			7,108			6,591			2,510			6,570
Registration fees			—			784			1,899			1,955
Professional fees			45,240			66,415			45,625			73,000
Custody and accounting expense			52,745			81,665			60,225			87,600
Directors fees			19,543			28,619			20,788			32,457
Miscellaneous expense			48,312			70,805			50,071			71,356
Interest expense			1,399			60			40			39
Total expenses			2,702,655			3,907,698			2,277,814			4,206,689
Waived and reimbursed fees			(1,487,644)			(2,140,305)			(1,818,347)			(2,472,929)
Net expenses			1,215,011			1,767,393			459,467			1,733,760
Net investment income			17,422,040			23,497,463			17,552,341			25,578,899
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(6,719,527)			2,690,970			8,009,510			20,924,487
Sale of unaffiliated underlying funds			2,103,707			(2,295,588)			(1,907,206)			(762,175)
Capital gain distributions from affiliated underlying funds			15,967,627			39,528,832			32,945,238			61,217,352
Futures			(492,821)			(2,962,739)			(2,174,124)			(3,119,852)
Net realized gain			10,858,986			36,961,475			36,873,418			78,259,812
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(137,316,360)			(250,648,910)			(196,870,737)			(348,784,877)
Affiliated funding agreements			(241,793)			(345,246)			(241,275)			—
Unaffiliated underlying funds			(17,189,600)			(18,359,942)			(12,243,547)			(18,378,882)
Futures			64,070			298,759			230,560			357,043
Net change in unrealized appreciation (depreciation)			(154,683,683)			(269,055,339)			(209,124,999)			(366,806,716)
Net realized and unrealized loss			(143,824,697)			(232,093,864)			(172,251,581)			(288,546,904)
Decrease in net assets resulting from operations		$	(126,402,657)		$	(208,596,401)		$	(154,699,240)		$	(262,968,005)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	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		$	14,291,183		$	18,632,734		$	10,391,749		$	10,610,567
Dividends from unaffiliated underlying funds			884,665			1,099,371			555,174			569,131
Interest			28,243			48,933			26,889			27,834
Total investment income			15,204,091			19,781,038			10,973,812			11,207,532
EXPENSES:
Investment management fees			1,551,301			2,067,493			1,143,124			1,175,228
Distribution and shareholder service fees:
Class ADV			133,062			531,908			99,561			253,118
Class S			31,919			153,014			27,567			80,902
Class S2			16,299			110,048			15,285			74,691
Transfer agent fees:
Class ADV			20,099			57,794			23,235			55,574
Class I			7,158			26,569			12,915			42,006
Class S			9,650			33,243			12,847			35,503
Class S2			3,078			15,091			4,477			20,616
Class Z			1,705			1,437			792			1,108
Shareholder reporting expense			2,548			6,584			2,384			5,490
Registration fees			2,121			1,516			1,671			1,477
Professional fees			40,190			53,655			33,567			29,799
Custody and accounting expense			58,400			73,000			39,444			40,150
Directors fees			18,484			24,681			13,679			14,064
Miscellaneous expense			44,550			54,766			34,798			43,577
Interest expense			—			278			121			125
Total expenses			1,940,564			3,211,077			1,465,467			1,873,428
Waived and reimbursed fees			(1,637,575)			(1,904,314)			(1,213,400)			(1,153,603)
Net expenses			302,989			1,306,763			252,067			719,825
Net investment income			14,901,102			18,474,275			10,721,745			10,487,707
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			11,518,566			18,560,828			8,877,797			8,419,133
Sale of unaffiliated underlying funds			(979,657)			(1,412,834)			(1,065,714)			(1,093,006)
Capital gain distributions from affiliated underlying funds			39,821,343			58,124,697			33,331,575			34,562,383
Futures			(1,786,458)			228,626			116,596			153,073
Net realized gain			48,573,794			75,501,317			41,260,254			42,041,583
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(204,244,648)			(287,878,165)			(157,218,232)			(162,219,124)
Unaffiliated underlying funds			(9,666,991)			(12,232,150)			(5,887,692)			(6,074,573)
Futures			210,587			319,383			203,086			205,762
Net change in unrealized appreciation (depreciation)			(213,701,052)			(299,790,932)			(162,902,838)			(168,087,935)
Net realized and unrealized loss			(165,127,258)			(224,289,615)			(121,642,584)			(126,046,352)
Decrease in net assets resulting from operations		$	(150,226,156)		$	(205,815,340)		$	(110,920,839)		$	(115,558,645)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Index Solution 2060 Portfolio			Voya Index Solution 2065 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	5,355,229		$	609,936
Dividends from unaffiliated underlying funds			286,973			40,682
Interest			14,436			258
Total investment income			5,656,638			650,876
EXPENSES:
Investment management fees			586,300			65,161
Distribution and shareholder service fees:
Class ADV			66,003			12,372
Class S			16,589			4,709
Class S2			8,623			1,822
Transfer agent fees:
Class ADV			18,864			5,098
Class I			27,939			4,606
Class S			9,486			3,801
Class S2			3,082			922
Class Z			452			540
Shareholder reporting expense			2,532			741
Registration fees			1,328			327
Professional fees			17,366			4,502
Custody and accounting expense			24,946			10,242
Directors fees			7,015			771
Miscellaneous expense			21,188			9,990
Total expenses			811,713			125,604
Waived and reimbursed fees			(625,053)			(90,602)
Net expenses			186,660			35,002
Net investment income			5,469,978			615,874
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			2,298,824			(1,436,923)
Sale of unaffiliated underlying funds			(540,528)			(64,183)
Capital gain distributions from affiliated underlying funds			17,653,926			1,892,516
Futures			(13,909)			—
Net realized gain			19,398,313			391,410
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(77,685,708)			(5,769,588)
Unaffiliated underlying funds			(2,947,327)			(345,107)
Futures			114,060			—
Net change in unrealized appreciation (depreciation)			(80,518,975)			(6,114,695)
Net realized and unrealized loss			(61,120,662)			(5,723,285)
Decrease in net assets resulting from operations		$	(55,650,684)		$	(5,107,411)

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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	17,422,040		$	19,067,402		$	23,497,463		$	21,458,627
Net realized gain			10,858,986			70,916,312			36,961,475			114,385,765
Net change in unrealized appreciation (depreciation)			(154,683,683)			(32,018,677)			(269,055,339)			(3,615,805)
Increase (decrease) in net assets resulting from operations			(126,402,657)			57,965,037			(208,596,401)			132,228,587
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(8,560,615)			(3,839,468)			(15,912,065)			(10,806,715)
Class I			(1,492,677)			(771,721)			(5,687,644)			(3,537,550)
Class S			(11,842,722)			(5,555,663)			(11,317,056)			(8,623,634)
Class S2			(1,936,236)			(756,222)			(3,631,410)			(2,347,558)
Class Z			(60,976,656)			(28,759,436)			(93,404,240)			(56,670,753)
Total distributions			(84,808,906)			(39,682,510)			(129,952,415)			(81,986,210)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			41,556,187			75,963,411			101,097,482			153,227,809
Reinvestment of distributions			84,808,906			39,682,510			129,952,415			81,986,210
			126,365,093			115,645,921			231,049,897			235,214,019
Cost of shares redeemed			(156,160,356)			(196,133,245)			(181,859,959)			(188,594,277)
Net increase (decrease) in net assets resulting from capital share transactions			(29,795,263)			(80,487,324)			49,189,938			46,619,742
Net increase (decrease) in net assets			(241,006,826)			(62,204,797)			(289,358,878)			96,862,119
NET ASSETS:
Beginning of year or period			931,878,499			994,083,296			1,334,514,585			1,237,652,466
End of year or period		$	690,871,673		$	931,878,499		$	1,045,155,707		$	1,334,514,585

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2030 Portfolio						Voya Index Solution 2035 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	17,552,341		$	14,881,340		$	25,578,899		$	20,841,145
Net realized gain			36,873,418			76,403,831			78,259,812			137,616,081
Net change in unrealized appreciation (depreciation)			(209,124,999)			10,761,882			(366,806,716)			23,152,393
Increase (decrease) in net assets resulting from operations			(154,699,240)			102,047,053			(262,968,005)			181,609,619
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(4,213,343)			(2,288,149)			(15,561,975)			(9,891,643)
Class I			(1,113,804)			(506,369)			(6,544,640)			(3,819,146)
Class S			(1,234,903)			(895,282)			(9,979,024)			(6,800,155)
Class S2			(1,401,576)			(642,134)			(4,140,531)			(2,812,027)
Class Z			(79,092,006)			(39,398,935)			(113,337,030)			(61,202,550)
Total distributions			(87,055,632)			(43,730,869)			(149,563,200)			(84,525,521)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			94,738,799			143,922,966			162,739,894			175,092,134
Reinvestment of distributions			87,055,632			43,730,869			149,563,200			84,525,521
			181,794,431			187,653,835			312,303,094			259,617,655
Cost of shares redeemed			(85,985,821)			(82,201,435)			(121,857,789)			(143,063,124)
Net increase in net assets resulting from capital share transactions			95,808,610			105,452,400			190,445,305			116,554,531
Net increase (decrease) in net assets			(145,946,262)			163,768,584			(222,085,900)			213,638,629
NET ASSETS:
Beginning of year or period			943,325,563			779,556,979			1,470,832,218			1,257,193,589
End of year or period		$	797,379,301		$	943,325,563		$	1,248,746,318		$	1,470,832,218

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2040 Portfolio						Voya Index Solution 2045 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	14,901,102		$	11,455,407		$	18,474,275		$	14,144,594
Net realized gain			48,573,794			76,970,289			75,501,317			118,254,184
Net change in unrealized appreciation (depreciation)			(213,701,052)			22,881,192			(299,790,932)			36,282,129
Increase (decrease) in net assets resulting from operations			(150,226,156)			111,306,888			(205,815,340)			168,680,907
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(3,121,988)			(1,250,768)			(13,539,249)			(7,176,007)
Class I			(1,107,825)			(417,084)			(6,436,933)			(2,972,561)
Class S			(1,320,597)			(683,959)			(7,359,967)			(4,580,764)
Class S2			(448,995)			(231,822)			(3,611,725)			(1,610,486)
Class Z			(77,839,730)			(32,448,073)			(97,148,263)			(42,981,726)
Total distributions			(83,839,135)			(35,031,706)			(128,096,137)			(59,321,544)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			114,007,686			132,447,571			134,502,088			137,700,779
Reinvestment of distributions			83,839,135			35,031,706			128,096,137			59,321,544
			197,846,821			167,479,277			262,598,225			197,022,323
Cost of shares redeemed			(53,037,052)			(54,186,808)			(99,196,355)			(107,534,231)
Net increase in net assets resulting from capital share transactions			144,809,769			113,292,469			163,401,870			89,488,092
Net increase (decrease) in net assets			(89,255,522)			189,567,651			(170,509,607)			198,847,455
NET ASSETS:
Beginning of year or period			819,926,671			630,359,020			1,127,806,979			928,959,524
End of year or period		$	730,671,149		$	819,926,671		$	957,297,372		$	1,127,806,979

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2050 Portfolio						Voya Index Solution 2055 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	10,721,745		$	7,537,763		$	10,487,707		$	7,290,257
Net realized gain			41,260,254			57,470,532			42,041,583			61,995,877
Net change in unrealized appreciation (depreciation)			(162,902,838)			19,814,397			(168,087,935)			20,077,154
Increase (decrease) in net assets resulting from operations			(110,920,839)			84,822,692			(115,558,645)			89,363,288
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(2,272,085)			(838,663)			(5,782,113)			(2,706,151)
Class I			(1,244,567)			(428,229)			(4,575,251)			(1,828,389)
Class S			(1,102,710)			(589,859)			(3,473,222)			(2,098,710)
Class S2			(440,472)			(154,127)			(2,181,304)			(961,382)
Class Z			(57,577,310)			(19,735,291)			(50,916,980)			(18,962,412)
Total distributions			(62,637,144)			(21,746,169)			(66,928,870)			(26,557,044)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			106,314,041			107,713,612			118,011,556			111,457,278
Reinvestment of distributions			62,637,144			21,746,169			66,928,870			26,557,044
			168,951,185			129,459,781			184,940,426			138,014,322
Cost of shares redeemed			(33,721,586)			(40,985,486)			(53,238,909)			(55,192,501)
Net increase in net assets resulting from capital share transactions			135,229,599			88,474,295			131,701,517			82,821,821
Net increase (decrease) in net assets			(38,328,384)			151,550,818			(50,785,998)			145,628,065
NET ASSETS:
Beginning of year or period			594,891,350			443,340,532			620,777,915			475,149,850
End of year or period		$	556,562,966		$	594,891,350		$	569,991,917		$	620,777,915

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2060 Portfolio						Voya Index Solution 2065 Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	5,469,978		$	3,448,734		$	615,874		$	191,822
Net realized gain			19,398,313			28,410,564			391,410			1,228,739
Net change in unrealized appreciation (depreciation)			(80,518,975)			8,020,582			(6,114,695)			325,712
Increase (decrease) in net assets resulting from operations			(55,650,684)			39,879,880			(5,107,411)			1,746,273
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(1,397,248)			(391,665)			(200,127)			(102,873)
Class I			(2,142,050)			(589,841)			(208,012)			(91,623)
Class S			(629,695)			(298,973)			(141,422)			(103,041)
Class S2			(224,780)			(74,446)			(36,383)			(27,062)
Class Z			(26,530,933)			(7,315,564)			(2,160,353)			(1,042,492)
Total distributions			(30,924,706)			(8,670,489)			(2,746,297)			(1,367,091)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			88,274,975			79,342,429			32,291,656			17,085,615
Reinvestment of distributions			30,924,706			8,670,489			2,746,297			1,367,091
			119,199,681			88,012,918			35,037,953			18,452,706
Cost of shares redeemed			(20,938,977)			(23,039,438)			(4,634,403)			(2,114,217)
Net increase in net assets resulting from capital share transactions			98,260,704			64,973,480			30,403,550			16,338,489
Net increase in net assets			11,685,314			96,182,871			22,549,842			16,717,671
NET ASSETS:
Beginning of year or period			291,084,211			194,901,340			21,187,605			4,469,934
End of year or period		$	302,769,525		$	291,084,211		$	43,737,447		$	21,187,605

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution Income Portfolio
Class ADV
12-31-22		11.45		0.16•		(1.77)		(1.61)		0.26		0.86		—		1.12		—		8.72		(14.57)		0.78		0.71		0.71		1.67		69,320		51
12-31-21		11.27		0.16•		0.47		0.63		0.16		0.29		—		0.45		—		11.45		5.62		0.80		0.74		0.74		1.40		96,649		30
12-31-20		10.54		0.20•		0.91		1.11		0.17		0.21		—		0.38		—		11.27		10.74		0.79		0.74		0.74		1.85		104,557		45
12-31-19		9.66		0.16•		1.05		1.21		0.18		0.15		—		0.33		—		10.54		12.62		0.76		0.74		0.74		1.52		81,027		38
12-31-18		10.34		0.16•		(0.51)		(0.35)		0.17		0.16		—		0.33		—		9.66		(3.50)		0.77		0.71		0.71		1.59		87,697		38
Class I
12-31-22		11.78		0.22•		(1.82)		(1.60)		0.33		0.86		—		1.19		—		8.99		(14.13)		0.28		0.21		0.21		2.17		11,434		51
12-31-21		11.58		0.22•		0.48		0.70		0.21		0.29		—		0.50		—		11.78		6.09		0.30		0.24		0.24		1.87		15,867		30
12-31-20		10.82		0.25•		0.95		1.20		0.23		0.21		—		0.44		—		11.58		11.32		0.29		0.24		0.24		2.31		20,513		45
12-31-19		9.92		0.21•		1.08		1.29		0.24		0.15		—		0.39		—		10.82		13.16		0.26		0.24		0.24		2.02		18,653		38
12-31-18		10.62		0.23		(0.54)		(0.31)		0.23		0.16		—		0.39		—		9.92		(3.04)		0.27		0.21		0.21		2.11		21,140		38
Class S
12-31-22		11.65		0.19•		(1.80)		(1.61)		0.29		0.86		—		1.15		—		8.89		(14.32)		0.53		0.46		0.46		1.92		94,618		51
12-31-21		11.46		0.19•		0.47		0.66		0.18		0.29		—		0.47		—		11.65		5.81		0.55		0.49		0.49		1.65		131,694		30
12-31-20		10.71		0.23		0.93		1.16		0.20		0.21		—		0.41		—		11.46		11.05		0.54		0.49		0.49		2.10		147,405		45
12-31-19		9.82		0.19•		1.06		1.25		0.21		0.15		—		0.36		—		10.71		12.88		0.51		0.49		0.49		1.78		136,385		38
12-31-18		10.51		0.19•		(0.52)		(0.33)		0.20		0.16		—		0.36		—		9.82		(3.25)		0.52		0.46		0.46		1.84		140,647		38
Class S2
12-31-22		11.36		0.18•		(1.76)		(1.58)		0.29		0.86		—		1.15		—		8.63		(14.47)		0.68		0.61		0.61		1.81		16,493		51
12-31-21		11.20		0.17•		0.47		0.64		0.19		0.29		—		0.48		—		11.36		5.69		0.70		0.64		0.64		1.50		18,519		30
12-31-20		10.48		0.21•		0.90		1.11		0.18		0.21		—		0.39		—		11.20		10.79		0.69		0.64		0.64		1.99		16,526		45
12-31-19		9.61		0.16•		1.05		1.21		0.19		0.15		—		0.34		—		10.48		12.70		0.66		0.64		0.64		1.55		8,387		38
12-31-18		10.29		0.19•		(0.52)		(0.33)		0.19		0.16		—		0.35		—		9.61		(3.39)		0.67		0.61		0.61		1.85		16,240		38
Class Z
12-31-22		11.96		0.24•		(1.85)		(1.61)		0.33		0.86		—		1.19		—		9.16		(13.94)		0.24		0.00*		0.00*		2.38		499,006		51
12-31-21		11.72		0.25•		0.50		0.75		0.22		0.29		—		0.51		—		11.96		6.41		0.26		0.00*		0.00*		2.14		669,150		30
12-31-20		10.93		0.30•		0.93		1.23		0.23		0.21		—		0.44		—		11.72		11.48		0.25		0.00*		0.00*		2.66		705,082		45
12-31-19		9.99		0.25•		1.08		1.33		0.24		0.15		—		0.39		—		10.93		13.47		0.26		0.00*		0.00*		2.32		230,574		38
12-31-18		10.67		0.24•		(0.53)		(0.29)		0.23		0.16		—		0.39		—		9.99		(2.83)		0.27		0.00*		0.00*		2.33		178,763		38
Voya Index Solution 2025 Portfolio
Class ADV
12-31-22		12.53		0.16•		(2.13)		(1.97)		0.20		1.05		—		1.25		—		9.31		(16.26)		0.77		0.70		0.70		1.48		123,760		50
12-31-21		12.08		0.13•		1.09		1.22		0.22		0.55		—		0.77		—		12.53		10.20		0.79		0.74		0.74		1.07		176,976		40
12-31-20		11.22		0.19•		1.17		1.36		0.17		0.33		—		0.50		—		12.08		12.50		0.79		0.74		0.74		1.70		186,131		50
12-31-19		9.99		0.17•		1.61		1.78		0.16		0.39		—		0.55		—		11.22		18.15		0.75		0.72		0.72		1.55		193,477		28
12-31-18		10.94		0.17•		(0.73)		(0.56)		0.14		0.25		—		0.39		—		9.99		(5.37)		0.76		0.70		0.70		1.53		196,102		35

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2025 Portfolio (continued)
Class I
12-31-22		12.88		0.22•		(2.18)		(1.96)		0.28		1.05		—		1.33		—		9.59		(15.81)		0.27		0.20		0.20		2.00		41,957		50
12-31-21		12.40		0.20•		1.11		1.31		0.28		0.55		—		0.83		—		12.88		10.70		0.29		0.24		0.24		1.56		53,067		40
12-31-20		11.51		0.24•		1.21		1.45		0.23		0.33		—		0.56		—		12.40		13.05		0.29		0.24		0.24		2.13		52,341		50
12-31-19		10.24		0.23•		1.65		1.88		0.22		0.39		—		0.61		—		11.51		18.78		0.25		0.22		0.22		2.07		60,504		28
12-31-18		11.21		0.23		(0.76)		(0.53)		0.19		0.25		—		0.44		—		10.24		(4.94)		0.26		0.20		0.20		2.06		56,645		35
Class S
12-31-22		12.72		0.19•		(2.17)		(1.98)		0.23		1.05		—		1.28		—		9.46		(16.09)		0.52		0.45		0.45		1.74		93,780		50
12-31-21		12.26		0.17•		1.09		1.26		0.25		0.55		—		0.80		—		12.72		10.42		0.54		0.49		0.49		1.33		134,629		40
12-31-20		11.38		0.24		1.17		1.41		0.20		0.33		—		0.53		—		12.26		12.83		0.54		0.49		0.49		1.97		135,558		50
12-31-19		10.13		0.21		1.62		1.83		0.19		0.39		—		0.58		—		11.38		18.46		0.50		0.47		0.47		1.82		133,118		28
12-31-18		11.09		0.19•		(0.74)		(0.55)		0.16		0.25		—		0.41		—		10.13		(5.17)		0.51		0.45		0.45		1.78		120,905		35
Class S2
12-31-22		12.45		0.17•		(2.12)		(1.95)		0.22		1.05		—		1.27		—		9.23		(16.21)		0.67		0.60		0.60		1.63		31,566		50
12-31-21		12.02		0.14•		1.07		1.21		0.23		0.55		—		0.78		—		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
Class Z
12-31-22		13.09		0.24•		(2.23)		(1.99)		0.28		1.05		—		1.33		—		9.77		(15.74)		0.24		0.00*		0.00*		2.21		754,094		50
12-31-21		12.56		0.24•		1.12		1.36		0.28		0.55		—		0.83		—		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
Voya Index Solution 2030 Portfolio
Class ADV
12-31-22		18.37		0.22•		(3.23)		(3.01)		0.26		1.41		—		1.67		—		13.69		(16.89)		0.79		0.70		0.70		1.46		38,122		52
12-31-21		17.23		0.18•		1.84		2.02		0.29		0.59		—		0.88		—		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
Class I
12-31-22		19.02		0.31•		(3.36)		(3.05)		0.35		1.41		—		1.76		—		14.21		(16.51)		0.29		0.20		0.20		1.97		8,703		52
12-31-21		17.78		0.28•		1.90		2.18		0.35		0.59		—		0.94		—		19.02		12.40		0.31		0.24		0.24		1.51		10,579		41
12-31-20		16.37		0.34•		1.82		2.16		0.29		0.46		—		0.75		—		17.78		13.72		0.33		0.24		0.24		2.13		9,372		45
12-31-19		14.19		0.31•		2.61		2.92		0.26		0.48		—		0.74		—		16.37		21.02		0.24		0.23		0.23		2.01		8,674		29
12-31-18		15.65		0.31•		(1.23)		(0.92)		0.19		0.35		—		0.54		—		14.19		(6.11)		0.25		0.20		0.20		2.03		6,304		33

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2030 Portfolio (continued)
Class S
12-31-22		18.85		0.27•		(3.33)		(3.06)		0.28		1.41		—		1.69		—		14.10		(16.70)		0.54		0.45		0.45		1.68		12,262		52
12-31-21		17.63		0.23•		1.90		2.13		0.32		0.59		—		0.91		—		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
Class S2
12-31-22		18.51		0.24•		(3.27)		(3.03)		0.29		1.41		—		1.70		—		13.78		(16.87)		0.69		0.60		0.60		1.57		13,090		52
12-31-21		17.35		0.20•		1.87		2.07		0.32		0.59		—		0.91		—		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
Class Z
12-31-22		19.25		0.35•		(3.40)		(3.05)		0.36		1.41		—		1.77		—		14.43		(16.31)		0.23		0.00*		0.00*		2.16		725,202		52
12-31-21		17.96		0.33•		1.92		2.25		0.37		0.59		—		0.96		—		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
Voya Index Solution 2035 Portfolio
Class ADV
12-31-22		13.59		0.15•		(2.54)		(2.39)		0.16		1.18		—		1.34		—		9.86		(18.14)		0.77		0.70		0.70		1.37		125,263		41
12-31-21		12.69		0.12•		1.58		1.70		0.19		0.61		—		0.80		—		13.59		13.56		0.80		0.74		0.74		0.89		169,629		38
12-31-20		11.72		0.18•		1.37		1.55		0.16		0.42		—		0.58		—		12.69		13.85		0.80		0.74		0.74		1.58		172,517		45
12-31-19		10.14		0.17•		2.00		2.17		0.15		0.44		—		0.59		—		11.72		21.91		0.74		0.73		0.73		1.51		186,455		28
12-31-18		11.34		0.16•		(0.94)		(0.78)		0.13		0.29		—		0.42		—		10.14		(7.26)		0.75		0.70		0.70		1.45		176,145		33
Class I
12-31-22		14.03		0.22•		(2.64)		(2.42)		0.23		1.18		—		1.41		—		10.20		(17.76)		0.27		0.20		0.20		1.89		50,433		41
12-31-21		13.07		0.19•		1.64		1.83		0.26		0.61		—		0.87		—		14.03		14.17		0.30		0.24		0.24		1.40		60,969		38
12-31-20		12.06		0.23•		1.43		1.66		0.23		0.42		—		0.65		—		13.07		14.41		0.30		0.24		0.24		2.01		54,401		45
12-31-19		10.42		0.24		2.05		2.29		0.21		0.44		—		0.65		—		12.06		22.58		0.24		0.23		0.23		2.00		64,433		28
12-31-18		11.65		0.22		(0.98)		(0.76)		0.18		0.29		—		0.47		—		10.42		(6.86)		0.25		0.20		0.20		1.99		55,982		33
Class S
12-31-22		13.83		0.18•		(2.59)		(2.41)		0.19		1.18		—		1.37		—		10.05		(17.95)		0.52		0.45		0.45		1.59		82,072		41
12-31-21		12.90		0.16•		1.61		1.77		0.23		0.61		—		0.84		—		13.83		13.87		0.55		0.49		0.49		1.16		114,671		38
12-31-20		11.91		0.23		1.37		1.60		0.19		0.42		—		0.61		—		12.90		14.12		0.55		0.49		0.49		1.86		112,188		45
12-31-19		10.29		0.21		2.03		2.24		0.18		0.44		—		0.62		—		11.91		22.36		0.49		0.48		0.48		1.76		110,305		28
12-31-18		11.51		0.19•		(0.97)		(0.78)		0.15		0.29		—		0.44		—		10.29		(7.12)		0.50		0.45		0.45		1.70		96,259		33

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2035 Portfolio (continued)
Class S2
12-31-22		13.54		0.17•		(2.55)		(2.38)		0.17		1.18		—		1.35		—		9.81		(18.10)		0.67		0.60		0.60		1.54		36,931		41
12-31-21		12.66		0.13•		1.58		1.71		0.22		0.61		—		0.83		—		13.54		13.65		0.70		0.64		0.64		0.96		40,801		38
12-31-20		11.71		0.20•		1.36		1.56		0.19		0.42		—		0.61		—		12.66		13.93		0.70		0.64		0.64		1.79		41,739		45
12-31-19		10.13		0.18•		2.00		2.18		0.16		0.44		—		0.60		—		11.71		22.09		0.64		0.63		0.63		1.62		33,877		28
12-31-18		11.32		0.17•		(0.94)		(0.77)		0.13		0.29		—		0.42		—		10.13		(7.14)		0.65		0.60		0.60		1.52		29,751		33
Class Z
12-31-22		14.27		0.25•		(2.69)		(2.44)		0.24		1.18		—		1.42		—		10.41		(17.62)		0.23		0.00*		0.00*		2.11		954,048		41
12-31-21		13.26		0.23•		1.66		1.89		0.27		0.61		—		0.88		—		14.27		14.41		0.24		0.00*		0.00*		1.67		1,084,762		38
12-31-20		12.20		0.28•		1.43		1.71		0.23		0.42		—		0.65		—		13.26		14.66		0.24		0.00*		0.00*		2.40		876,349		45
12-31-19		10.51		0.27•		2.07		2.34		0.21		0.44		—		0.65		—		12.20		22.88		0.24		0.00*		0.00*		2.31		688,542		28
12-31-18		11.72		0.26•		(1.00)		(0.74)		0.18		0.29		—		0.47		—		10.51		(6.64)		0.25		0.00*		0.00*		2.24		412,024		33
Voya Index Solution 2040 Portfolio
Class ADV
12-31-22		20.52		0.23•		(3.91)		(3.68)		0.21		1.77		—		1.98		—		14.86		(18.48)		0.81		0.70		0.70		1.36		25,195		40
12-31-21		18.49		0.16•		2.76		2.92		0.25		0.64		—		0.89		—		20.52		15.95		0.84		0.74		0.74		0.83		28,989		35
12-31-20		16.81		0.27		2.16		2.43		0.22		0.53		—		0.75		—		18.49		15.08		0.86		0.74		0.74		1.62		26,276		32
12-31-19		14.29		0.24•		3.01		3.25		0.19		0.54		—		0.73		—		16.81		23.19		0.74		0.73		0.73		1.48		24,422		23
12-31-18		16.00		0.23•		(1.45)		(1.22)		0.13		0.36		—		0.49		—		14.29		(7.94)		0.75		0.71		0.71		1.48		15,441		30
Class I
12-31-22		21.19		0.32•		(4.04)		(3.72)		0.30		1.77		—		2.07		—		15.40		(18.08)		0.31		0.20		0.20		1.87		9,800		40
12-31-21		19.04		0.28•		2.85		3.13		0.34		0.64		—		0.98		—		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
Class S
12-31-22		21.12		0.26•		(4.01)		(3.75)		0.24		1.77		—		2.01		—		15.36		(18.30)		0.56		0.45		0.45		1.51		11,600		40
12-31-21		18.99		0.23•		2.84		3.07		0.30		0.64		—		0.94		—		21.12		16.30		0.59		0.49		0.49		1.12		16,775		35
12-31-20		17.24		0.32•		2.21		2.53		0.25		0.53		—		0.78		—		18.99		15.34		0.61		0.49		0.49		1.94		13,728		32
12-31-19		14.62		0.28•		3.09		3.37		0.21		0.54		—		0.75		—		17.24		23.53		0.49		0.48		0.48		1.71		11,372		23
12-31-18		16.33		0.26		(1.47)		(1.21)		0.14		0.36		—		0.50		—		14.62		(7.73)		0.50		0.46		0.46		1.64		7,981		30
Class S2
12-31-22		20.73		0.25•		(3.96)		(3.71)		0.21		1.77		—		1.98		—		15.04		(18.43)		0.71		0.60		0.60		1.49		4,152		40
12-31-21		18.68		0.18•		2.80		2.98		0.29		0.64		—		0.93		—		20.73		16.09		0.74		0.64		0.64		0.89		4,354		35
12-31-20		16.98		0.31•		2.16		2.47		0.24		0.53		—		0.77		—		18.68		15.17		0.76		0.64		0.64		1.89		4,557		32
12-31-19		14.42		0.24•		3.06		3.30		0.20		0.54		—		0.74		—		16.98		23.36		0.64		0.63		0.63		1.51		2,896		23
12-31-18		16.13		0.23•		(1.46)		(1.23)		0.12		0.36		—		0.48		—		14.42		(7.90)		0.65		0.61		0.61		1.47		1,905		30

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2040 Portfolio (continued)
Class Z
12-31-22		21.49		0.36•		(4.10)		(3.74)		0.32		1.77		—		2.09		—		15.66		(17.93)		0.23		0.00*		0.00*		2.06		679,923		40
12-31-21		19.27		0.33•		2.89		3.22		0.36		0.64		—		1.00		—		21.49		16.86		0.24		0.00*		0.00*		1.60		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
Voya Index Solution 2045 Portfolio
Class ADV
12-31-22		14.77		0.15•		(2.81)		(2.66)		0.13		1.52		—		1.65		—		10.46		(18.60)		0.79		0.70		0.70		1.26		93,516		39
12-31-21		13.31		0.11•		2.16		2.27		0.19		0.62		—		0.81		—		14.77		17.25		0.81		0.74		0.74		0.73		132,543		38
12-31-20		12.17		0.18•		1.58		1.76		0.15		0.47		—		0.62		—		13.31		15.23		0.81		0.74		0.74		1.54		129,548		34
12-31-19		10.38		0.16•		2.29		2.45		0.14		0.52		—		0.66		—		12.17		24.29		0.73		0.73		0.73		1.39		134,331		24
12-31-18		11.79		0.15•		(1.13)		(0.98)		0.11		0.32		—		0.43		—		10.38		(8.70)		0.74		0.72		0.72		1.31		122,905		31
Class I
12-31-22		15.37		0.23•		(2.94)		(2.71)		0.21		1.52		—		1.73		—		10.93		(18.19)		0.29		0.20		0.20		1.81		47,575		39
12-31-21		13.81		0.19•		2.24		2.43		0.25		0.62		—		0.87		—		15.37		17.86		0.31		0.24		0.24		1.25		54,110		38
12-31-20		12.61		0.23•		1.66		1.89		0.22		0.47		—		0.69		—		13.81		15.78		0.31		0.24		0.24		1.92		46,883		34
12-31-19		10.74		0.22		2.38		2.60		0.21		0.52		—		0.73		—		12.61		24.89		0.23		0.23		0.23		1.89		53,784		24
12-31-18		12.17		0.22		(1.16)		(0.94)		0.17		0.32		—		0.49		—		10.74		(8.16)		0.24		0.22		0.22		1.84		43,658		31
Class S
12-31-22		15.09		0.18•		(2.87)		(2.69)		0.16		1.52		—		1.68		—		10.72		(18.40)		0.54		0.45		0.45		1.46		54,086		39
12-31-21		13.58		0.15•		2.20		2.35		0.22		0.62		—		0.84		—		15.09		17.56		0.56		0.49		0.49		1.02		84,023		38
12-31-20		12.41		0.23		1.60		1.83		0.19		0.47		—		0.66		—		13.58		15.49		0.56		0.49		0.49		1.80		77,113		34
12-31-19		10.58		0.20		2.33		2.53		0.18		0.52		—		0.70		—		12.41		24.55		0.48		0.48		0.48		1.64		74,022		24
12-31-18		12.00		0.18•		(1.14)		(0.96)		0.14		0.32		—		0.46		—		10.58		(8.44)		0.49		0.47		0.47		1.53		65,002		31
Class S2
12-31-22		14.76		0.17•		(2.81)		(2.64)		0.16		1.52		—		1.68		—		10.44		(18.49)		0.69		0.60		0.60		1.45		28,510		39
12-31-21		13.32		0.12•		2.15		2.27		0.21		0.62		—		0.83		—		14.76		17.28		0.71		0.64		0.64		0.85		29,628		38
12-31-20		12.19		0.20•		1.58		1.78		0.18		0.47		—		0.65		—		13.32		15.35		0.71		0.64		0.64		1.72		25,318		34
12-31-19		10.41		0.16		2.30		2.46		0.16		0.52		—		0.68		—		12.19		24.34		0.63		0.63		0.63		1.50		20,384		24
12-31-18		11.80		0.16•		(1.12)		(0.96)		0.11		0.32		—		0.43		—		10.41		(8.52)		0.64		0.62		0.62		1.40		16,121		31
Class Z
12-31-22		15.62		0.25•		(2.99)		(2.74)		0.22		1.52		—		1.74		—		11.14		(18.10)		0.23		0.00*		0.00*		2.01		733,611		39
12-31-21		14.00		0.23•		2.27		2.50		0.26		0.62		—		0.88		—		15.62		18.14		0.24		0.00*		0.00*		1.52		827,504		38
12-31-20		12.74		0.29•		1.66		1.95		0.22		0.47		—		0.69		—		14.00		16.09		0.23		0.00*		0.00*		2.36		650,098		34
12-31-19		10.82		0.27•		2.38		2.65		0.21		0.52		—		0.73		—		12.74		25.17		0.23		0.00*		0.00*		2.21		464,683		24
12-31-18		12.24		0.26•		(1.19)		(0.93)		0.17		0.32		—		0.49		—		10.82		(8.03)		0.24		0.00*		0.00*		2.14		273,348		31

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2050 Portfolio
Class ADV
12-31-22		21.29		0.22•		(4.10)		(3.88)		0.16		1.86		—		2.02		—		15.39		(18.70)		0.85		0.72		0.72		1.25		17,963		34
12-31-21		18.85		0.15•		3.06		3.21		0.23		0.54		—		0.77		—		21.29		17.22		0.87		0.74		0.74		0.72		23,791		38
12-31-20		17.18		0.25•		2.15		2.40		0.20		0.53		—		0.73		—		18.85		14.66		0.91		0.74		0.74		1.53		19,574		29
12-31-19		14.39		0.24•		3.24		3.48		0.17		0.52		—		0.69		—		17.18		24.60		0.74		0.74		0.74		1.47		17,450		22
12-31-18		16.26		0.22•		(1.62)		(1.40)		0.11		0.36		—		0.47		—		14.39		(8.92)		0.75		0.73		0.73		1.39		11,155		28
Class I
12-31-22		21.88		0.32•		(4.22)		(3.90)		0.26		1.86		—		2.12		—		15.86		(18.29)		0.35		0.22		0.22		1.80		11,849		34
12-31-21		19.33		0.26•		3.15		3.41		0.32		0.54		—		0.86		—		21.88		17.81		0.37		0.24		0.24		1.23		11,548		38
12-31-20		17.58		0.35•		2.20		2.55		0.27		0.53		—		0.80		—		19.33		15.25		0.41		0.24		0.24		2.07		8,770		29
12-31-19		14.69		0.32•		3.31		3.63		0.22		0.52		—		0.74		—		17.58		25.21		0.24		0.24		0.24		1.97		6,367		22
12-31-18		16.55		0.30•		(1.65)		(1.35)		0.15		0.36		—		0.51		—		14.69		(8.49)		0.25		0.23		0.23		1.82		3,851		28
Class S
12-31-22		21.78		0.25•		(4.18)		(3.93)		0.18		1.86		—		2.04		—		15.81		(18.52)		0.60		0.47		0.47		1.40		9,814		34
12-31-21		19.26		0.20•		3.14		3.34		0.28		0.54		—		0.82		—		21.78		17.50		0.62		0.49		0.49		0.96		15,698		38
12-31-20		17.53		0.30•		2.20		2.50		0.24		0.53		—		0.77		—		19.26		14.94		0.66		0.49		0.49		1.80		12,575		29
12-31-19		14.65		0.28•		3.31		3.59		0.19		0.52		—		0.71		—		17.53		24.94		0.49		0.49		0.49		1.70		10,885		22
12-31-18		16.51		0.25		(1.63)		(1.38)		0.12		0.36		—		0.48		—		14.65		(8.68)		0.50		0.48		0.48		1.53		7,477		28
Class S2
12-31-22		21.41		0.25•		(4.13)		(3.88)		0.19		1.86		—		2.05		—		15.48		(18.62)		0.75		0.62		0.62		1.44		4,018		34
12-31-21		18.95		0.19•		3.06		3.25		0.25		0.54		—		0.79		—		21.41		17.33		0.77		0.64		0.64		0.93		3,918		38
12-31-20		17.26		0.29•		2.14		2.43		0.21		0.53		—		0.74		—		18.95		14.77		0.81		0.64		0.64		1.77		3,563		29
12-31-19		14.45		0.25•		3.25		3.50		0.17		0.52		—		0.69		—		17.26		24.69		0.64		0.64		0.64		1.53		3,072		22
12-31-18		16.30		0.22•		(1.60)		(1.38)		0.11		0.36		—		0.47		—		14.45		(8.80)		0.65		0.63		0.63		1.36		2,023		28
Class Z
12-31-22		22.16		0.36•		(4.27)		(3.91)		0.29		1.86		—		2.15		—		16.10		(18.14)		0.23		0.00*		0.00*		2.01		512,919		34
12-31-21		19.54		0.32•		3.18		3.50		0.34		0.54		—		0.88		—		22.16		18.12		0.24		0.00*		0.00*		1.48		539,936		38
12-31-20		17.73		0.40•		2.21		2.61		0.27		0.53		—		0.80		—		19.54		15.46		0.23		0.00*		0.00*		2.32		398,859		29
12-31-19		14.77		0.37•		3.33		3.70		0.22		0.52		—		0.74		—		17.73		25.56		0.24		0.00*		0.00*		2.23		286,945		22
12-31-18		16.60		0.35•		(1.67)		(1.32)		0.15		0.36		—		0.51		—		14.77		(8.28)		0.25		0.00*		0.00*		2.15		153,539		28
Voya Index Solution 2055 Portfolio
Class ADV
12-31-22		19.61		0.20•		(3.77)		(3.57)		0.14		1.82		—		1.96		—		14.08		(18.76)		0.84		0.72		0.72		1.22		45,187		34
12-31-21		17.47		0.13•		2.87		3.00		0.21		0.65		—		0.86		—		19.61		17.32		0.85		0.74		0.74		0.69		63,321		38
12-31-20		15.91		0.24		2.03		2.27		0.18		0.53		—		0.71		—		17.47		14.90		0.89		0.74		0.74		1.49		58,091		29
12-31-19		13.42		0.22		3.00		3.22		0.15		0.58		—		0.73		—		15.91		24.52		0.74		0.74		0.74		1.40		54,378		20
12-31-18		15.18		0.19		(1.49)		(1.30)		0.12		0.34		—		0.46		—		13.42		(8.87)		0.75		0.73		0.73		1.27		46,688		29

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2055 Portfolio (continued)
Class I
12-31-22		20.20		0.29•		(3.90)		(3.61)		0.24		1.82		—		2.06		—		14.53		(18.38)		0.34		0.22		0.22		1.78		37,659		34
12-31-21		17.95		0.24•		2.95		3.19		0.29		0.65		—		0.94		—		20.20		17.95		0.35		0.24		0.24		1.22		42,496		38
12-31-20		16.33		0.31•		2.09		2.40		0.25		0.53		—		0.78		—		17.95		15.43		0.39		0.24		0.24		1.95		35,009		29
12-31-19		13.75		0.30•		3.09		3.39		0.23		0.58		—		0.81		—		16.33		25.22		0.24		0.24		0.24		1.95		31,202		20
12-31-18		15.54		0.28•		(1.54)		(1.26)		0.19		0.34		—		0.53		—		13.75		(8.48)		0.25		0.23		0.23		1.82		21,247		29
Class S
12-31-22		19.90		0.23•		(3.82)		(3.59)		0.17		1.82		—		1.99		—		14.32		(18.56)		0.59		0.47		0.47		1.43		29,007		34
12-31-21		17.71		0.18•		2.91		3.09		0.25		0.65		—		0.90		—		19.90		17.64		0.60		0.49		0.49		0.93		43,919		38
12-31-20		16.13		0.27•		2.06		2.33		0.22		0.53		—		0.75		—		17.71		15.11		0.64		0.49		0.49		1.76		40,587		29
12-31-19		13.59		0.25•		3.06		3.31		0.19		0.58		—		0.77		—		16.13		24.94		0.49		0.49		0.49		1.66		35,423		20
12-31-18		15.36		0.23		(1.51)		(1.28)		0.15		0.34		—		0.49		—		13.59		(8.66)		0.50		0.48		0.48		1.55		26,744		29
Class S2
12-31-22		19.67		0.23•		(3.80)		(3.57)		0.17		1.82		—		1.99		—		14.11		(18.69)		0.74		0.62		0.62		1.41		19,070		34
12-31-21		17.54		0.15•		2.88		3.03		0.25		0.65		—		0.90		—		19.67		17.43		0.75		0.64		0.64		0.78		20,878		38
12-31-20		15.99		0.27•		2.01		2.28		0.20		0.53		—		0.73		—		17.54		14.97		0.79		0.64		0.64		1.73		17,208		29
12-31-19		13.49		0.23•		3.03		3.26		0.18		0.58		—		0.76		—		15.99		24.68		0.64		0.64		0.64		1.53		11,439		20
12-31-18		15.24		0.20•		(1.49)		(1.29)		0.12		0.34		—		0.46		—		13.49		(8.77)		0.65		0.63		0.63		1.30		7,943		29
Class Z
12-31-22		20.51		0.33•		(3.96)		(3.63)		0.26		1.82		—		2.08		—		14.80		(18.20)		0.23		0.00*		0.00*		2.00		439,069		34
12-31-21		18.20		0.29•		2.99		3.28		0.32		0.65		—		0.97		—		20.51		18.19		0.24		0.00*		0.00*		1.49		450,163		38
12-31-20		16.51		0.37•		2.10		2.47		0.25		0.53		—		0.78		—		18.20		15.69		0.23		0.00*		0.00*		2.32		324,254		29
12-31-19		13.86		0.35•		3.11		3.46		0.23		0.58		—		0.81		—		16.51		25.54		0.24		0.00*		0.00*		2.23		217,585		20
12-31-18		15.62		0.33•		(1.56)		(1.23)		0.19		0.34		—		0.53		—		13.86		(8.24)		0.25		0.00*		0.00*		2.15		111,996		29
Voya Index Solution 2060 Portfolio
Class ADV
12-31-22		16.89		0.17•		(3.27)		(3.10)		0.11		1.41		—		1.52		—		12.27		(18.84)		0.88		0.72		0.72		1.25		12,814		34
12-31-21		14.80		0.12•		2.47		2.59		0.13		0.37		—		0.50		—		16.89		17.65		0.91		0.74		0.74		0.72		15,085		37
12-31-20		13.31		0.18•		1.76		1.94		0.12		0.33		—		0.45		—		14.80		15.11		0.92		0.74		0.74		1.42		11,253		34
12-31-19		11.02		0.18•		2.50		2.68		0.09		0.30		—		0.39		—		13.31		24.62		0.77		0.74		0.74		1.45		9,576		36
12-31-18		12.49		0.17•		(1.23)		(1.06)		0.07		0.34		—		0.41		—		11.02		(8.88)		0.81		0.72		0.72		1.42		6,029		40
Class I
12-31-22		17.25		0.25•		(3.35)		(3.10)		0.18		1.41		—		1.59		—		12.56		(18.44)		0.38		0.22		0.22		1.80		20,763		34
12-31-21		15.10		0.21•		2.51		2.72		0.20		0.37		—		0.57		—		17.25		18.18		0.41		0.24		0.24		1.26		20,267		37
12-31-20		13.55		0.28•		1.77		2.05		0.17		0.33		—		0.50		—		15.10		15.69		0.43		0.24		0.24		2.11		13,765		34
12-31-19		11.19		0.27•		2.52		2.79		0.13		0.30		—		0.43		—		13.55		25.32		0.27		0.24		0.24		2.18		7,603		36
12-31-18		12.65		0.25•		(1.27)		(1.02)		0.10		0.34		—		0.44		—		11.19		(8.46)		0.31		0.22		0.22		2.05		3,020		40

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2060 Portfolio (continued)
Class S
12-31-22		17.04		0.20•		(3.30)		(3.10)		0.11		1.41		—		1.52		—		12.42		(18.65)		0.63		0.47		0.47		1.39		6,050		34
12-31-21		14.92		0.15•		2.51		2.66		0.17		0.37		—		0.54		—		17.04		17.96		0.66		0.49		0.49		0.95		9,659		37
12-31-20		13.41		0.24•		1.75		1.99		0.15		0.33		—		0.48		—		14.92		15.37		0.68		0.49		0.49		1.83		8,248		34
12-31-19		11.10		0.22•		2.50		2.72		0.11		0.30		—		0.41		—		13.41		24.87		0.52		0.49		0.49		1.74		5,693		36
12-31-18		12.56		0.21•		(1.25)		(1.04)		0.08		0.34		—		0.42		—		11.10		(8.66)		0.56		0.47		0.47		1.70		3,057		40
Class S2
12-31-22		16.97		0.20•		(3.31)		(3.11)		0.11		1.41		—		1.52		—		12.34		(18.77)		0.78		0.62		0.62		1.42		2,381		34
12-31-21		14.87		0.13•		2.49		2.62		0.15		0.37		—		0.52		—		16.97		17.78		0.81		0.64		0.64		0.80		2,296		37
12-31-20		13.37		0.22•		1.74		1.96		0.13		0.33		—		0.46		—		14.87		15.17		0.83		0.64		0.64		1.74		2,098		34
12-31-19		11.07		0.19•		2.51		2.70		0.10		0.30		—		0.40		—		13.37		24.76		0.67		0.64		0.64		1.56		1,545		36
12-31-18		12.51		0.15•		(1.20)		(1.05)		0.05		0.34		—		0.39		—		11.07		(8.75)		0.71		0.62		0.62		1.18		751		40
Class Z
12-31-22		17.48		0.29•		(3.40)		(3.11)		0.20		1.41		—		1.61		—		12.76		(18.25)		0.24		0.00*		0.00*		2.02		260,763		34
12-31-21		15.27		0.25•		2.55		2.80		0.22		0.37		—		0.59		—		17.48		18.50		0.24		0.00*		0.00*		1.49		243,777		37
12-31-20		13.67		0.31•		1.79		2.10		0.17		0.33		—		0.50		—		15.27		15.92		0.25		0.00*		0.00*		2.35		159,536		34
12-31-19		11.26		0.29•		2.55		2.84		0.13		0.30		—		0.43		—		13.67		25.61		0.27		0.00*		0.00*		2.31		84,826		36
12-31-18		12.70		0.29•		(1.29)		(1.00)		0.10		0.34		—		0.44		—		11.26		(8.27)		0.31		0.00*		0.00*		2.29		32,971		40
Voya Index Solution 2065 Portfolio
Class ADV
12-31-22		12.79		0.12•		(2.52)		(2.40)		0.12		0.51		—		0.63		—		9.76		(18.86)		1.00		0.73		0.73		1.16		3,367		51
12-31-21		11.58		0.12•		1.93		2.05		0.08		0.76		—		0.84		—		12.79		17.74		1.12		0.74		0.74		0.92		1,684		42
07-29-20(5) - 12-31-20		10.00		0.08•		1.58		1.66		0.07		0.01		—		0.08		—		11.58		16.62		2.09		0.74		0.74		1.87		382		17
Class I
12-31-22		12.82		0.21•		(2.57)		(2.36)		0.15		0.51		—		0.66		—		9.80		(18.45)		0.50		0.23		0.23		1.97		3,337		51
12-31-21		11.58		0.20•		1.93		2.13		0.13		0.76		—		0.89		—		12.82		18.45		0.62		0.24		0.24		1.51		1,419		42
07-29-20(5) - 12-31-20		10.00		0.13•		1.55		1.68		0.09		0.01		—		0.10		—		11.58		16.79		1.59		0.24		0.24		2.76		341		17
Class S
12-31-22		12.80		0.17•		(2.56)		(2.39)		0.13		0.51		—		0.64		—		9.77		(18.71)		0.75		0.48		0.48		1.55		2,156		51
12-31-21		11.58		0.16•		1.93		2.09		0.11		0.76		—		0.87		—		12.80		18.08		0.87		0.49		0.49		1.21		1,626		42
07-29-20(5) - 12-31-20		10.00		0.11•		1.56		1.67		0.08		0.01		—		0.09		—		11.58		16.72		1.84		0.49		0.49		2.50		382		17
Class S2
12-31-22		12.78		0.16•		(2.55)		(2.39)		0.12		0.51		—		0.63		—		9.76		(18.74)		0.90		0.63		0.63		1.45		611		51
12-31-21		11.57		0.09•		1.97		2.06		0.09		0.76		—		0.85		—		12.78		17.87		1.02		0.64		0.64		0.70		428		42
07-29-20(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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2065 Portfolio (continued)
Class Z
12-31-22		12.85		0.23•		(2.57)		(2.34)		0.17		0.51		—		0.68		—		9.83		(18.27)		0.30		0.00*		0.00*		2.13		34,267		51
12-31-21		11.59		0.22•		1.94		2.16		0.14		0.76		—		0.90		—		12.85		18.69		0.48		0.00*		0.00*		1.72		16,030		42
07-29-20(5) - 12-31-20		10.00		0.12•		1.57		1.69		0.09		0.01		—		0.10		—		11.59		16.89		1.57		0.00*		0.00*		2.74		3,190		17

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

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

(5)

Commencement of operations.

•

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, 2022

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The ten series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Index Solution Income Portfolio (“Index Solution Income”), Voya Index Solution 2025 Portfolio (“Index Solution 2025”), Voya Index Solution 2030 Portfolio (“Index Solution 2030”), Voya Index Solution 2035 Portfolio (“Index Solution 2035”), Voya Index Solution 2040 Portfolio (“Index Solution 2040”), Voya Index Solution 2045 Portfolio (“Index Solution 2045”), Voya Index Solution 2050 Portfolio (“Index Solution 2050”), Voya Index Solution 2055 Portfolio (“Index Solution 2055”), Voya Index Solution 2060 Portfolio (“Index Solution 2060”) and Voya Index Solution 2065 Portfolio (“Index Solution 2065”), each a diversified series of the Company.

Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055, Index Solution 2060 and Index Solution 2065 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the “Board”).

The classes of shares included in this report are: Adviser (“Class ADV”), Initial (“Class I”), Service (“Class S”), Service 2 (“Class S2”) and Class Z. Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context.With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a

portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

Each Portfolio seeks to achieve its investment objective by investing in other investment companies (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. In establishing its exposure to debt instruments, each Portfolio may invest up to 20% of its assets directly in funding agreements (“Funding Agreements”) with affiliated or unaffiliated (if available) insurance companies (but only 10% of its assets directly in Funding Agreements with affiliated insurance companies). The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2022, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices and also purchased and sold futures contracts on various U.S. Treasury Notes/Bonds and Eurodollars. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

	Purchased			Sold
Index Solution Income		$	15,793,371		$	15,684,083
Index Solution 2025			29,357,676			29,388,384
Index Solution 2030			21,558,332			21,587,483
Index Solution 2035			33,653,055			33,656,855
Index Solution 2040			19,265,303			19,396,658
Index Solution 2045			32,800,343			32,301,595
Index Solution 2050			18,411,688			18,226,944
Index Solution 2055			18,857,336			18,629,325
Index Solution 2060			9,546,967			9,465,961

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS AND FUNDING AGREEMENTS

For the year ended December 31, 2022, the cost of purchases and the proceeds from sales of the Underlying Funds and Funding Agreements were as follows:

	Purchases			Sales
Index Solution Income		$	401,004,494		$	500,572,771
Index Solution 2025			573,069,446			636,167,937
Index Solution 2030			459,322,481			436,737,696
Index Solution 2035			594,686,781			532,542,630
Index Solution 2040			368,148,767			294,819,521
Index Solution 2045			436,708,063			383,975,910
Index Solution 2050			268,266,114			186,581,251
Index Solution 2055			265,080,513			191,503,991
Index Solution 2060			167,376,422			95,071,352
Index Solution 2065			43,943,969			15,690,413

NOTE 4 — INVESTMENT MANAGEMENT FEES

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.

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Index Solution Income		32.72%
	Index Solution 2025		19.35
	Index Solution 2030		13.59
	Index Solution 2035		17.69
	Index Solution 2040		13.47
	Index Solution 2045		19.29
	Index Solution 2050		13.31
	Index Solution 2055		16.04
	Index Solution 2060		15.63
	Index Solution 2065		9.08
Voya Retirement Insurance and Annuity Company	Index Solution Income		67.26
	Index Solution 2025		80.65
	Index Solution 2030		86.39
	Index Solution 2035		82.30
	Index Solution 2040		86.51
	Index Solution 2045		80.71
	Index Solution 2050		86.69
	Index Solution 2055		83.96
	Index Solution 2060		84.37
	Index Solution 2065		90.92

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on

certain assets. For the year ended December 31, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Index Solution Income		$	77,716
Index Solution 2025			99,149
Index Solution 2030			44,974
Index Solution 2035			138,647
Index Solution 2040			39,852
Index Solution 2045			132,227
Index Solution 2050			53,406
Index Solution 2055			153,334
Index Solution 2060			59,057
Index Solution 2065			14,134

NOTE 7 — FUNDING AGREEMENTS

During the year ended December 31, 2022, Index Solution Income, Index Solution 2025 and Index Solution 2030 each invested in a Funding Agreement issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). VRIAC is a subsidiary of Voya Financial, Inc.

The Funding Agreements have a stable principal value and typically pay interest at a relatively short-term rate, which is subject to change periodically. If VRIAC becomes unable to pay interest or repay principal under each contract, Index Solution Income, Index Solution 2025 and/or Index Solution 2030 may lose money. In a rising interest rate environment, the interest rate provided by a Funding Agreement may not increase as quickly as the yields of other short-term investments. Investing in a Funding Agreement in such an environment could adversely affect each Portfolio’s relative performance. In the case of a Funding Agreement with VRIAC, there can be no guarantee that the interest rate a Portfolio receives under the Funding Agreement will be as favorable to each Portfolio as the rate that might be paid under a Funding Agreement with another, unaffiliated insurer. Neither a Portfolio, the Investment Adviser, VRIAC, nor any of its affiliates guarantee each Portfolio’s performance or that a Portfolio will provide a certain level of income. In the event of an insolvency of the insurer, it is possible that insurance policy holders and other preferred claimants will be paid before each Portfolio. Each Portfolio may withdraw any amount in the Funding Agreements for any reason, at any time.

Interest is credited each calendar day based on the end of day balance. The interest rate is determined by VRIAC and may be revised at any time subject to a 30-day advance notice of any change. If there is a change to the interest rate, VRIAC will not apply a subsequent decrease in the

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 7 — FUNDING AGREEMENTS (continued)

interest rate prior to the last day of the three-month period measured from the first day of the month such prior change was effective. Interest will be accrued to the account value daily at a guaranteed minimum interest rate.

The current day price of each unit of the Funding Agreements issued by VRIAC is determined by applying the current interest rate to the previous day’s price. The significant unobservable input used in the fair value measurement of each Portfolio’s investment in the Funding Agreements issued by VRIAC is the interest rate. Please refer to the table within each respective Portfolio of Investments for fair value measurements.

Below are the interest rates during the year ended December 31, 2022 for the Funding Agreements issued by VRIAC:

Time period	Rate
January 1, 2022 to January 31, 2022		1.60%
February 1, 2022 to March 31, 2022		1.40%
April 1, 2022 to October 31, 2022		1.50%
November 1, 2022 to December 31, 2022		2.15%

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

Effective October 1, 2022, the Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below.

Portfolio(1)	Class ADV		Class I		Class S		Class S2		Class Z
Index Solution Income		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2025		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2030		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2035		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2040		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2045		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2050		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2055		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2060		0.74%		0.24%		0.49%		0.64%		0.00%
Index Solution 2065		0.74%		0.24%		0.49%		0.64%		0.00%

(1)

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

Prior to October 1, 2022, the expense limits were:

Portfolio	Class ADV(2)		Class I(2)		Class S(2)		Class S2(2)		Class Z(3)(4)
Index Solution Income		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2025		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2030		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2035		0.89%		0.39%		0.64%		0.79%		0.00%
Index Solution 2040		0.89%		0.39%		0.64%		0.79%		0.00%

Portfolio	Class ADV(2)		Class I(2)		Class S(2)		Class S2(2)		Class Z(3)(4)
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%

(2)

The expense limits took into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio varies based on Each Portfolio’s allocation of assets to, and the next expenses of, a particular Underlying Fund. The limits excluded interest, taxes, investment -related costs, leverage expenses, and extraordinary expenses. Any fees waived pursuant to this expense limit agreement were not eligible for recoupment.

(3)

Prior to October 1, 2022, per a side letter agreement, the Investment Adviser had agreed to waive all or a portion of the management fee and/or reimburse expenses so that the direct expense limits were 0.00% for Class Z shares of each Portfolio. Any fees waived pursuant to the side letter agreement were not eligible for recoupment. Effective October 1, 2022, the side letter agreement was terminated. Termination of this side letter agreement was approved by the Board.

(4)

The operating expense limits shown applied only at each Portfolio level and do not include the fees payable by the Underlying Funds in which each Portfolio invests (acquired fund fees and expenses), investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of each Portfolio’s business.

The Expense Limitation Agreement is contractual through May 1, 2024 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 9 — LINE OF CREDIT (continued)

The following Portfolios utilized the line of credit during the year ended December 31, 2022.

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Solution Income		4		$	7,821,500		1.61%
Index Solution 2025		1			1,362,000		1.58
Index Solution 2030		1			906,000		1.58
Index Solution 2035		1			892,000		1.58
Index Solution 2045		5			954,400		2.10
Index Solution 2050		4			555,000		1.96
Index Solution 2055		4			573,500		1.96

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution Income
Class ADV
12/31/2022		274,358		—		930,502		(1,699,121)		(494,261)		2,673,114		—		8,560,615		(16,398,599)		(5,164,870)
12/31/2021		448,474		—		338,279		(1,621,093)		(834,340)		5,109,216		—		3,839,468		(18,470,481)		(9,521,797)
Class I
12/31/2022		108,915		—		157,622		(341,964)		(75,427)		1,109,609		—		1,492,677		(3,362,474)		(760,188)
12/31/2021		167,642		—		66,185		(658,714)		(424,887)		1,970,276		—		771,721		(7,714,945)		(4,972,948)
Class S
12/31/2022		218,247		—		1,263,898		(2,141,763)		(659,618)		2,222,542		—		11,842,722		(21,222,986)		(7,157,722)
12/31/2021		217,530		—		481,010		(2,262,925)		(1,564,385)		2,515,739		—		5,555,663		(26,324,900)		(18,253,498)
Class S2
12/31/2022		481,980		—		212,773		(414,223)		280,530		4,921,880		—		1,936,236		(4,063,118)		2,794,998
12/31/2021		502,106		—		67,100		(414,779)		154,427		5,713,537		—		756,222		(4,698,325)		1,771,434
Class Z
12/31/2022		2,907,772		—		6,325,379		(10,707,083)		(1,473,932)		30,629,042		—		60,976,656		(111,113,179)		(19,507,481)
12/31/2021		5,071,310		—		2,431,060		(11,694,957)		(4,192,587)		60,654,643		—		28,759,436		(138,924,594)		(49,510,515)
Index Solution 2025
Class ADV
12/31/2022		698,343		—		1,617,080		(3,145,300)		(829,877)		7,368,972		—		15,912,065		(32,985,970)		(9,704,933)
12/31/2021		1,024,576		—		878,595		(3,178,930)		(1,275,759)		12,675,726		—		10,806,715		(39,555,819)		(16,073,378)
Class I
12/31/2022		589,718		—		562,576		(895,347)		256,947		6,560,426		—		5,687,644		(8,895,998)		3,352,072
12/31/2021		674,477		—		280,091		(1,055,001)		(100,433)		8,683,047		—		3,537,550		(13,490,514)		(1,269,917)
Class S
12/31/2022		513,247		—		1,132,839		(2,320,942)		(674,856)		5,377,062		—		11,317,056		(26,515,806)		(9,821,688)
12/31/2021		793,951		—		690,996		(1,957,242)		(472,295)		10,014,318		—		8,623,634		(24,728,139)		(6,090,187)
Class S2
12/31/2022		714,733		—		372,452		(565,590)		521,595		7,437,394		—		3,631,410		(6,059,330)		5,009,474
12/31/2021		660,546		—		192,108		(957,029)		(104,375)		8,209,547		—		2,347,558		(11,832,103)		(1,274,998)
Class Z
12/31/2022		6,465,642		—		9,068,373		(9,726,229)		5,807,786		74,353,628		—		93,404,240		(107,402,855)		60,355,013
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
Index Solution 2030
Class ADV
12/31/2022		486,065		—		291,178		(545,396)		231,847		7,453,355		—		4,213,343		(8,296,329)		3,370,369
12/31/2021		482,643		—		127,403		(513,072)		96,974		8,707,380		—		2,288,149		(9,215,809)		1,779,720

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (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 I
12/31/2022		156,783		—		74,303		(174,939)		56,147		2,524,774		—		1,113,804		(2,552,581)		1,085,997
12/31/2021		108,259		—		27,298		(106,527)		29,030		2,028,383		—		506,369		(1,968,454)		566,298
Class S
12/31/2022		277,732		—		82,991		(596,740)		(236,017)		4,371,209		—		1,234,903		(10,384,808)		(4,778,696)
12/31/2021		298,056		—		48,657		(228,334)		118,379		5,486,199		—		895,282		(4,208,511)		2,172,970
Class S2
12/31/2022		251,262		—		96,262		(160,596)		186,928		3,846,923		—		1,401,576		(2,441,137)		2,807,362
12/31/2021		313,201		—		35,516		(200,722)		147,995		5,690,660		—		642,134		(3,621,527)		2,711,267
Class Z
12/31/2022		4,677,638		—		5,200,000		(3,806,023)		6,071,615		76,542,538		—		79,092,006		(62,310,966)		93,323,578
12/31/2021		6,472,391		—		2,100,156		(3,352,144)		5,220,403		122,010,344		—		39,398,935		(63,187,134)		98,222,145
Index Solution 2035
Class ADV
12/31/2022		1,037,832		—		1,489,184		(2,298,762)		228,254		11,497,499		—		15,561,975		(25,840,442)		1,219,032
12/31/2021		822,601		—		747,668		(2,683,246)		(1,112,977)		11,004,007		—		9,891,643		(35,786,364)		(14,890,714)
Class I
12/31/2022		724,938		—		606,547		(732,435)		599,050		8,636,630		—		6,544,640		(7,800,476)		7,380,794
12/31/2021		642,827		—		280,201		(738,630)		184,398		8,849,484		—		3,819,146		(10,133,109)		2,535,521
Class S
12/31/2022		616,099		—		937,878		(1,676,634)		(122,657)		7,133,267		—		9,979,024		(20,892,531)		(3,780,240)
12/31/2021		827,678		—		505,588		(1,737,192)		(403,926)		11,223,225		—		6,800,155		(23,555,823)		(5,532,443)
Class S2
12/31/2022		805,801		—		398,128		(453,014)		750,915		8,810,685		—		4,140,531		(5,234,171)		7,717,045
12/31/2021		622,333		—		213,356		(1,119,869)		(284,180)		8,323,500		—		2,812,027		(14,853,546)		(3,718,019)
Class Z
12/31/2022		10,465,912		—		10,294,008		(5,143,939)		15,615,981		126,661,813		—		113,337,030		(62,090,169)		177,908,674
12/31/2021		9,690,252		—		4,418,957		(4,182,892)		9,926,317		135,691,918		—		61,202,550		(58,734,282)		138,160,186
Index Solution 2040
Class ADV
12/31/2022		395,470		—		198,473		(310,813)		283,130		6,800,505		—		3,121,988		(4,982,710)		4,939,783
12/31/2021		296,537		—		63,011		(368,190)		(8,642)		5,846,672		—		1,250,768		(7,309,898)		(212,458)
Class I
12/31/2022		219,956		—		68,132		(107,507)		180,581		3,727,849		—		1,107,825		(1,667,348)		3,168,326
12/31/2021		83,917		—		20,385		(59,548)		44,754		1,720,524		—		417,084		(1,210,093)		927,515
Class S
12/31/2022		178,237		—		81,318		(298,708)		(39,153)		3,179,977		—		1,320,597		(5,694,578)		(1,194,004)
12/31/2021		217,703		—		33,511		(179,589)		71,625		4,447,787		—		683,959		(3,656,280)		1,475,466
Class S2
12/31/2022		88,755		—		28,203		(50,968)		65,990		1,508,516		—		448,995		(868,347)		1,089,164
12/31/2021		64,990		—		11,562		(110,433)		(33,881)		1,301,229		—		231,822		(2,196,478)		(663,427)
Class Z
12/31/2022		5,533,563		—		4,708,998		(2,200,427)		8,042,134		98,790,839		—		77,839,730		(39,824,069)		136,806,500
12/31/2021		5,740,937		—		1,566,027		(1,920,890)		5,386,074		119,131,359		—		32,448,073		(39,814,059)		111,765,373
Index Solution 2045
Class ADV
12/31/2022		642,512		—		1,226,381		(1,900,345)		(31,452)		7,736,776		—		13,539,249		(22,804,674)		(1,528,649)
12/31/2021		712,976		—		503,933		(1,975,664)		(758,755)		10,226,109		—		7,176,007		(28,116,117)		(10,714,001)
Class I
12/31/2022		619,613		—		559,247		(345,694)		833,166		7,677,807		—		6,436,933		(4,051,550)		10,063,190
12/31/2021		519,981		—		200,985		(594,569)		126,397		7,663,361		—		2,972,561		(8,826,086)		1,809,836
Class S
12/31/2022		435,697		—		650,749		(1,608,655)		(522,209)		5,233,292		—		7,359,967		(21,716,302)		(9,123,043)
12/31/2021		493,136		—		315,263		(917,460)		(109,061)		7,201,616		—		4,580,764		(13,478,520)		(1,696,140)
Class S2
12/31/2022		594,214		—		327,743		(197,120)		724,837		7,070,771		—		3,611,725		(2,488,760)		8,193,736
12/31/2021		439,214		—		113,175		(447,108)		105,281		6,290,657		—		1,610,486		(6,417,708)		1,483,435

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2045 (continued)
Class Z
12/31/2022		8,256,400		—		8,274,980		(3,692,035)		12,839,345		106,783,442		—		97,148,263		(48,135,069)		155,796,636
12/31/2021		7,028,476		—		2,863,539		(3,336,204)		6,555,811		106,319,036		—		42,981,726		(50,695,800)		98,604,962
Index Solution 2050
Class ADV
12/31/2022		245,020		—		139,821		(335,081)		49,760		4,257,394		—		2,272,085		(5,666,141)		863,338
12/31/2021		262,261		—		40,851		(224,031)		79,081		5,329,530		—		838,663		(4,557,924)		1,610,269
Class I
12/31/2022		245,419		—		74,480		(100,575)		219,324		4,328,029		—		1,244,567		(1,828,201)		3,744,395
12/31/2021		139,014		—		20,343		(85,252)		74,105		2,897,058		—		428,229		(1,786,274)		1,539,013
Class S
12/31/2022		153,455		—		66,110		(319,627)		(100,062)		2,765,200		—		1,102,710		(6,299,170)		(2,431,260)
12/31/2021		198,293		—		28,115		(158,608)		67,800		4,114,575		—		589,859		(3,308,370)		1,396,064
Class S2
12/31/2022		81,084		—		26,957		(31,533)		76,508		1,426,379		—		440,472		(543,463)		1,323,388
12/31/2021		47,957		—		7,467		(60,411)		(4,987)		983,206		—		154,127		(1,257,941)		(120,608)
Class Z
12/31/2022		5,135,454		—		3,394,889		(1,042,563)		7,487,780		93,537,039		—		57,577,310		(19,384,611)		131,729,738
12/31/2021		4,446,626		—		926,540		(1,414,268)		3,958,898		94,389,243		—		19,735,291		(30,074,977)		84,049,557
Index Solution 2055
Class ADV
12/31/2022		436,916		—		388,844		(844,942)		(19,182)		6,891,870		—		5,782,113		(13,537,608)		(863,625)
12/31/2021		403,284		—		143,107		(642,901)		(96,510)		7,613,567		—		2,706,151		(12,101,033)		(1,781,315)
Class I
12/31/2022		453,533		—		298,646		(264,796)		487,383		7,510,515		—		4,575,251		(4,365,260)		7,720,506
12/31/2021		364,088		—		94,053		(304,229)		153,912		7,090,718		—		1,828,389		(5,872,620)		3,046,487
Class S
12/31/2022		301,632		—		229,862		(712,772)		(181,278)		4,942,206		—		3,473,222		(12,791,690)		(4,376,262)
12/31/2021		347,808		—		109,479		(541,628)		(84,341)		6,653,836		—		2,098,710		(10,321,505)		(1,568,959)
Class S2
12/31/2022		300,170		—		146,396		(156,462)		290,104		4,793,088		—		2,181,304		(2,653,073)		4,321,319
12/31/2021		288,458		—		50,706		(258,962)		80,202		5,501,725		—		961,382		(4,948,390)		1,514,717
Class Z
12/31/2022		5,570,510		—		3,266,003		(1,122,606)		7,713,907		93,873,877		—		50,916,980		(19,891,278)		124,899,579
12/31/2021		4,275,315		—		961,583		(1,106,640)		4,130,258		84,597,432		—		18,962,412		(21,948,953)		81,610,891
Index Solution 2060
Class ADV
12/31/2022		254,332		—		107,812		(210,977)		151,167		3,505,363		—		1,397,248		(2,902,699)		1,999,912
12/31/2021		281,399		—		24,073		(172,613)		132,859		4,553,678		—		391,665		(2,760,326)		2,185,017
Class I
12/31/2022		491,197		—		161,664		(175,088)		477,773		6,927,764		—		2,142,050		(2,456,636)		6,613,178
12/31/2021		390,140		—		35,554		(162,864)		262,830		6,410,349		—		589,841		(2,684,499)		4,315,691
Class S
12/31/2022		149,029		—		48,032		(276,978)		(79,917)		2,089,471		—		629,695		(4,282,443)		(1,563,277)
12/31/2021		182,215		—		18,230		(186,324)		14,121		2,960,517		—		298,973		(3,003,990)		255,500
Class S2
12/31/2022		66,587		—		17,251		(26,231)		57,607		914,136		—		224,780		(386,594)		752,322
12/31/2021		45,859		—		4,556		(56,213)		(5,798)		742,084		—		74,446		(918,223)		(101,693)
Class Z
12/31/2022		5,244,036		—		1,972,560		(727,730)		6,488,866		74,838,241		—		26,530,933		(10,910,605)		90,458,569
12/31/2021		3,877,842		—		435,710		(817,621)		3,495,931		64,675,801		—		7,315,564		(13,672,400)		58,318,965
Index Solution 2065
Class ADV
12/31/2022		248,178		—		20,303		(55,340)		213,141		2,663,707		—		200,127		(618,000)		2,245,834
12/31/2021		114,259		—		8,038		(23,611)		98,686		1,426,604		—		102,873		(308,054)		1,221,423

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (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 I
12/31/2022		253,743		—		21,061		(44,902)		229,902		2,762,716		—		208,012		(496,728)		2,474,000
12/31/2021		81,631		—		7,143		(7,498)		81,276		1,056,465		—		91,623		(97,334)		1,050,754
Class S
12/31/2022		146,422		—		14,340		(67,212)		93,550		1,615,648		—		141,422		(746,823)		1,010,247
12/31/2021		115,202		—		8,045		(29,194)		94,053		1,481,961		—		103,041		(366,190)		1,218,812
Class S2
12/31/2022		37,762		—		3,693		(12,403)		29,052		410,589		—		36,383		(141,262)		305,710
12/31/2021		32,698		—		2,116		(16,406)		18,408		423,191		—		27,062		(210,200)		240,053
Class Z
12/31/2022		2,241,889		—		217,851		(221,194)		2,238,546		24,838,996		—		2,160,353		(2,631,590)		24,367,759
12/31/2021		979,761		—		81,085		(88,284)		972,562		12,697,394		—		1,042,492		(1,132,439)		12,607,447

NOTE 11 — FEDERAL INCOME TAXES

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

The following permanent tax differences have been reclassified as of December 31, 2022:

			Paid-in Capital						Distributable Earnings
Index Solution 2065				$	(10,133)					$	10,133

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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Solution Income		$	42,278,263		$	42,530,643		$	20,542,949		$	19,139,561
Index Solution 2025			29,671,435			100,280,980			36,229,106			45,757,104
Index Solution 2030			19,397,293			67,658,339			21,798,077			21,932,792
Index Solution 2035			25,939,909			123,623,291			36,045,594			48,479,927
Index Solution 2040			16,748,845			67,090,290			15,253,649			19,778,057
Index Solution 2045			21,504,790			106,591,347			22,872,769			36,448,775
Index Solution 2050			10,874,680			51,762,464			9,464,511			12,281,658
Index Solution 2055			12,710,761			54,218,109			10,256,797			16,300,247
Index Solution 2060			5,896,354			25,028,352			3,970,064			4,700,425
Index Solution 2065			697,368			2,048,929			607,528			759,563

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Total Distributable Earnings/(Loss)
Index Solution Income		$	17,718,812		$	10,471,939		$	(113,413,493)		$	(85,222,742)
Index Solution 2025			24,735,211			35,043,376			(145,507,865)			(85,729,278)
Index Solution 2030			18,947,516			41,591,510			(116,046,981)			(55,507,955)
Index Solution 2035			27,876,027			84,351,975			(191,507,968)			(79,279,966)
Index Solution 2040			16,380,972			51,816,311			(112,430,320)			(44,233,037)
Index Solution 2045			20,530,399			79,748,474			(142,891,493)			(42,612,620)
Index Solution 2050			11,944,324			43,571,986			(85,455,960)			(29,939,650)
Index Solution 2055			13,073,362			42,669,924			(84,914,381)			(29,171,095)
Index Solution 2060			6,101,226			21,592,009			(50,143,753)			(22,450,518)
Index Solution 2065			—			—			(7,029,416)			(7,029,416)

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

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

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

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

NOTE 13 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 13 — MARKET DISRUPTION (continued)

pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well

as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the Portfolios’ investments. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 14 — SUBSEQUENT EVENTS

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.6%
274,277	iShares 20+ Year Treasury Bond ETF		$	27,307,018		3.9
807,417	Schwab U.S. TIPS ETF			41,816,126		6.1
422,961	Vanguard Short-Term Bond ETF			31,840,504		4.6
416,460	Xtrackers USD High Yield Corporate Bond ETF			14,038,867		2.0
	Total Exchange-Traded Funds (Cost $127,695,490)			115,002,515		16.6
MUTUAL FUNDS: 76.0%
	Affiliated Investment Companies: 76.0%
2,113,095	Voya Emerging Markets Index Portfolio - Class P2			21,278,870		3.1
3,483,670	Voya International Index Portfolio - Class P2			35,115,395		5.1
1,228,517	Voya Russell Mid Cap Index Portfolio - Class P2			13,550,541		2.0
34,417,691	Voya U.S. Bond Index Portfolio - Class P2			313,889,345		45.4
8,871,089	Voya U.S. Stock Index Portfolio - Class P2			141,050,318		20.4
	Total Mutual Funds (Cost $614,774,752)			524,884,469		76.0

Units		Value		Percentage of Net Assets
FUNDING AGREEMENTS: 7.0%
	Investment Contract: 7.0%
4,775,398 (1)(2)(3)	VRIAC Contract, 2.150%		48,136,071		7.0
	Total Funding Agreements (Cost $48,136,071)		48,136,071		7.0
	Total Long-Term Investments (Cost $790,606,313)		688,023,055		99.6

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
	Mutual Funds: 0.2%
1,149,148 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030% (Cost $1,149,148)		$	1,149,148		0.2
	Total Short-Term Investments (Cost $1,149,148)			1,149,148		0.2
	Total Investments in Securities (Cost $791,755,461)		$	689,172,203		99.8
	Assets in Excess of Other Liabilities			1,699,470		0.2
	Net Assets		$	690,871,673		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, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2022 (continued)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	115,002,515		$	—		$	—		$	115,002,515
Mutual Funds			524,884,469			—			—			524,884,469
Funding Agreements			—			—			48,136,071			48,136,071
Short-Term Investments			1,149,148			—			—			1,149,148
Total Investments, at fair value		$	641,036,132		$	—		$	48,136,071		$	689,172,203
Other Financial Instruments+
Futures			552,203			—			—			552,203
Total Assets		$	641,588,335		$	—		$	48,136,071		$	689,724,406
Liabilities Table
Other Financial Instruments+
Futures		$	(488,133)		$	—		$	—		$	(488,133)
Total Liabilities		$	(488,133)		$	—		$	—		$	(488,133)

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, 2022:

Investments, at fair value

Fair Value
at
December 31, 2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Weighted
Average of
Inputs**

Impact to Valuation from
an Increase in Input***

Funding Agreements

48,136,071

Cost Approach

Interest rate

2.150%

Increase**

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

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

***

Represents the directional change in the fair value of the Level 3 investment(s) that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in signficantly higher or lower fair value measurements.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended December 31, 2022:

	Funding Agreements
Assets:
Beginning balance at December 31, 2021		$	46,268,502
Purchases			48,545,936
Sales			(46,436,574)
Accrued discounts/(premiums)
Total realized gain (loss)			—
Net change in unrealized appreciation (depreciation)****			(241,793)
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at December 31, 2022		$	48,136,071
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2022****		$	(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, 2022 may be due to securities no longer held or categorized as Level 3 at period end.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	26,586,722		$	22,790,989		$	(21,867,770)		$	(6,231,071)		$	21,278,870		$	618,263		$	(3,888,868)		$	1,035,533
Voya International Index Portfolio - Class P2			54,928,386			17,810,681			(24,636,955)			(12,986,717)			35,115,395			1,845,917			1,395,359			—
Voya Russell Mid Cap Index Portfolio - Class P2			18,528,116			3,779,608			(5,478,546)			(3,278,637)			13,550,541			166,367			(1,189,223)			1,182,588
Voya Short Term Bond - Class P2			27,674,560			28,976,509			(57,131,858)			480,789			—			400,832			(1,716,141)			—
Voya U.S. Bond Index Portfolio - Class P2			430,745,952			82,627,611			(147,690,445)			(51,793,773)			313,889,345			9,223,116			(14,765,494)			—
Voya U.S. Stock Index Portfolio - Class P2			211,018,081			86,141,160			(92,601,972)			(63,506,951)			141,050,318			2,141,856			13,444,840			13,749,506
VRIAC Contract			46,268,502			48,545,936			(46,436,574)			(241,793)			48,136,071			1,376,153			—			—
		$	815,750,319		$	290,672,494		$	(395,844,120)		$	(137,558,153)		$	573,020,540		$	15,772,504		$	(6,719,527)		$	15,967,627

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution Income Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		154		03/17/23		$	13,635,930		$	(488,133)
						$	13,635,930		$	(488,133)
Short Contracts:
MSCI EAFE Index		(73)		03/17/23			(7,115,310)			257,916
S&P 500® E-Mini		(36)		03/17/23			(6,949,800)			294,287
						$	(14,065,110)		$	552,203

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	552,203
Total Asset Derivatives			$	552,203
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	488,133
Total Liability Derivatives			$	488,133

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(144,806)
Interest rate contracts			(348,015)
Total		$	(492,821)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	64,070
Total		$	64,070

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $802,649,765.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	625,608
Gross Unrealized Depreciation		(114,039,101)
Net Unrealized Depreciation	$	(113,413,493)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.0%
309,112	iShares 20+ Year Treasury Bond ETF		$	30,775,191		2.9
378,917 (1)	iShares MSCI EAFE Small-Cap ETF			21,401,232		2.1
808,857	Schwab U.S. TIPS ETF			41,890,704		4.0
141,238	Vanguard Short-Term Bond ETF			10,632,397		1.0
	Total Exchange-Traded Funds (Cost $121,040,256)			104,699,524		10.0
MUTUAL FUNDS: 84.6%
	Affiliated Investment Companies: 84.6%
6,425,656	Voya Emerging Markets Index Portfolio - Class P2			64,706,360		6.2
8,412,280	Voya International Index Portfolio - Class P2			84,795,785		8.1
2,793,369	Voya Russell Mid Cap Index Portfolio - Class P2			30,810,862		3.0
1,570,718	Voya Russell Small Cap Index Portfolio - Class P2			20,136,601		1.9
38,533,248	Voya U.S. Bond Index Portfolio - Class P2			351,423,221		33.6
20,892,768	Voya U.S. Stock Index Portfolio - Class P2			332,195,007		31.8
	Total Mutual Funds (Cost $997,705,197)			884,067,836		84.6

Units		Value			Percentage of Net Assets
FUNDING AGREEMENTS: 5.0%
	Investment Contract: 5.0%
5,169,488 (2)(3)(4)	VRIAC Contract, 2.150%		$	52,079,944		5.0
	Total Funding Agreements (Cost $52,079,944)			52,079,944		5.0
	Total Investments in Securities (Cost $1,170,825,397)		$	1,040,847,304		99.6
	Assets in Excess of Other Liabilities			4,308,403		0.4
	Net Assets		$	1,045,155,707		100.0

(1)

Non-income producing security.

(2)

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

(3)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(4)

Investment in affiliate.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	104,699,524		$	—		$	—		$	104,699,524
Mutual Funds			884,067,836			—			—			884,067,836
Funding Agreements			—			—			52,079,944			52,079,944
Total Investments, at fair value		$	988,767,360		$	—		$	52,079,944		$	1,040,847,304
Other Financial Instruments+
Futures			1,480,508			—			—			1,480,508
Total Assets		$	990,247,868		$	—		$	52,079,944		$	1,042,327,812
Liabilities Table
Other Financial Instruments+
Futures		$	(1,181,749)		$	—		$	—		$	(1,181,749)
Total Liabilities		$	(1,181,749)		$	—		$	—		$	(1,181,749)

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, 2022 (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, 2022:

Investments, at fair value

Fair Value at
December 31, 2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value
or Range
of Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation from an
Increase in Input***

Funding Agreements

52,079,944

Cost Approach

Interest rate

2.150%

Increase**

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

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

***

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended December 31, 2022:

	Funding Agreements
Assets:
Beginning balance at December 31, 2021		$	66,219,843
Purchases			44,329,449
Sales			(58,124,102)
Total realized gain (loss)			—
Net change in unrealized appreciation (depreciation)****			(345,246)
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at December 31, 2022		$	52,079,944
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2022****		$	(345,246)

****

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	76,137,068		$	43,479,045		$	(33,652,158)		$	(21,257,595)		$	64,706,360		$	1,610,948		$	(3,334,308)		$	2,698,183
Voya International Index Portfolio - Class P2			130,597,241			35,247,552			(53,842,524)			(27,206,484)			84,795,785			4,327,197			939,363			—
Voya Russell Mid Cap Index Portfolio - Class P2			39,760,871			8,083,871			(5,765,031)			(11,268,849)			30,810,862			373,753			1,402,231			2,656,758
Voya Russell Small Cap Index Portfolio - Class P2			25,346,037			8,315,002			(5,384,904)			(8,139,534)			20,136,601			212,586			612,937			1,902,720
Voya U.S. Bond Index Portfolio - Class P2			408,713,469			166,168,942			(181,954,763)			(41,504,427)			351,423,221			9,229,952			(23,763,972)			—
Voya U.S. Stock Index Portfolio - Class P2			466,190,306			145,921,852			(138,645,130)			(141,272,021)			332,195,007			5,047,677			26,834,719			32,271,171
VRIAC Contract			66,219,843			44,329,449			(58,124,102)			(345,246)			52,079,944			1,704,963			—			—
		$	1,212,964,835		$	451,545,713		$	(477,368,612)		$	(250,994,156)		$	936,147,780		$	22,507,076		$	2,690,970		$	39,528,832

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2022 (continued)

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2025 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		232		03/17/23		$	20,542,440		$	(735,369)
U.S. Treasury Ultra Long Bond		116		03/22/23			15,580,250			(446,380)
						$	36,122,690		$	(1,181,749)
Short Contracts:
MSCI EAFE Index		(109)		03/17/23			(10,624,230)			385,108
S&P 500® E-Mini		(134)		03/17/23			(25,868,700)			1,095,400
						$	(36,492,930)		$	1,480,508

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	1,480,508
Total Asset Derivatives			$	1,480,508
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	735,369
Interest rate contracts	Variation margin payable on futures contracts*			446,380
Total Liability Derivatives			$	1,181,749

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,287,193)
Interest rate contracts			(1,675,546)
Total		$	(2,962,739)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	745,139
Interest rate contracts			(446,380)
Total		$	298,759

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,186,653,928.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,824,830
Gross Unrealized Depreciation		(147,332,695)
Net Unrealized Depreciation	$	(145,507,865)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.9%
234,530	iShares 20+ Year Treasury Bond ETF		$	23,349,807		2.9
287,493 (1)	iShares MSCI EAFE Small-Cap ETF			16,237,605		2.0
153,424	Schwab U.S. TIPS ETF			7,945,829		1.0
107,161	Vanguard Short-Term Bond ETF			8,067,080		1.0
	Total Exchange-Traded Funds (Cost $66,716,831)			55,600,321		6.9
MUTUAL FUNDS: 89.7%
	Affiliated Investment Companies: 89.7%
4,908,883	Voya Emerging Markets Index Portfolio - Class P2			49,432,450		6.2
8,849,880	Voya International Index Portfolio - Class P2			89,206,793		11.2
2,847,172	Voya Russell Mid Cap Index Portfolio - Class P2			31,404,305		3.9
3,027,390	Voya Russell Small Cap Index Portfolio - Class P2			38,811,134		4.9
25,108,332	Voya U.S. Bond Index Portfolio - Class P2			228,987,983		28.7
17,438,439	Voya U.S. Stock Index Portfolio - Class P2			277,271,180		34.8
	Total Mutual Funds (Cost $808,173,552)			715,113,845		89.7

Units		Value			Percentage of Net Assets
FUNDING AGREEMENTS: 3.0%
	Investment Contract: 3.0%
2,371,051 (2)(3)(4)	VRIAC Contract, 2.150%		$	23,865,868		3.0
	Total Funding Agreements (Cost $23,865,868)			23,865,868		3.0
	Total Investments in Securities (Cost $898,756,251)		$	794,580,034		99.6
	Assets in Excess of Other Liabilities			2,799,267		0.4
	Net Assets		$	797,379,301		100.0

(1)

Non-income producing security.

(2)

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

(3)

The Funding Agreement is issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The interest rate is assessed and may change quarterly.

(4)

Investment in affiliate.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	55,600,321		$	—		$	—		$	55,600,321
Mutual Funds			715,113,845			—			—			715,113,845
Funding Agreements			—			—			23,865,868			23,865,868
Total Investments, at fair value		$	770,714,166		$	—		$	23,865,868		$	794,580,034
Other Financial Instruments+
Futures			1,127,059			—			—			1,127,059
Total Assets		$	771,841,225		$	—		$	23,865,868		$	795,707,093
Liabilities Table
Other Financial Instruments+
Futures		$	(896,499)		$	—		$	—		$	(896,499)
Total Liabilities		$	(896,499)		$	—		$	—		$	(896,499)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2022 (continued)

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, 2022:

Investments, at fair value

Fair Value at
December 31, 2022

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value
or Range
of Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation from an
Increase in Input***

Funding Agreements

23,865,868

Cost Approach

Interest rate

2.150%

Increase**

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

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

***

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended December 31, 2022:

	Funding Agreements
Assets:
Beginning balance at December 31, 2021		$	46,784,734
Purchases			13,770,151
Sales			(36,447,742)
Total realized gain (loss)			—
Net change in unrealized appreciation (depreciation)****			(241,275)
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at December 31, 2022		$	23,865,868
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2022****		$	109,645

****

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2022 (continued)

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	53,823,592		$	34,149,340		$	(23,422,842)		$	(15,117,640)		$	49,432,450		$	1,161,228		$	(2,464,292)		$	1,944,946
Voya International Index Portfolio - Class P2			129,548,637			35,595,478			(50,675,566)			(25,261,756)			89,206,793			4,260,667			(576,418)			—
Voya Russell Mid Cap Index Portfolio - Class P2			37,460,983			8,749,894			(4,363,995)			(10,442,577)			31,404,305			359,592			1,020,931			2,556,097
Voya Russell Small Cap Index Portfolio - Class P2			45,342,404			15,419,587			(7,515,573)			(14,435,284)			38,811,134			383,538			931,431			3,432,797
Voya U.S. Bond Index Portfolio - Class P2			177,876,687			156,391,520			(82,621,207)			(22,659,017)			228,987,983			5,209,550			(11,060,078)			—
Voya U.S. Stock Index Portfolio - Class P2			367,991,396			127,681,297			(109,447,050)			(108,954,463)			277,271,180			4,196,265			20,157,936			25,011,398
VRIAC Contract			46,784,734			13,770,151			(36,447,742)			(241,275)			23,865,868			1,003,520			—			—
		$	858,828,433		$	391,757,267		$	(314,493,975)		$	(197,112,012)		$	738,979,713		$	16,574,360		$	8,009,510		$	32,945,238

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2030 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		176		03/17/23		$	15,583,920		$	(557,866)
U.S. Treasury Ultra Long Bond		88		03/22/23			11,819,500			(338,633)
						$	27,403,420		$	(896,499)
Short Contracts:
MSCI EAFE Index		(83)		03/17/23			(8,090,010)			293,247
S&P 500® E-Mini		(102)		03/17/23			(19,691,100)			833,812
						$	(27,781,110)		$	1,127,059

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	1,127,059
Total Asset Derivatives			$	1,127,059
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	557,866
Interest rate contracts	Variation margin payable on futures contracts*			338,633
Total Liability Derivatives			$	896,499

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(961,711)
Interest rate contracts			(1,212,413)
Total		$	(2,174,124)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	569,193
Interest rate contracts			(338,633)
Total		$	230,560

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $910,857,575.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,002,705
Gross Unrealized Depreciation		(117,049,686)
Net Unrealized Depreciation	$	(116,046,981)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.5%
306,171	iShares 20+ Year Treasury Bond ETF		$	30,482,385		2.5
450,375 (1)	iShares MSCI EAFE Small-Cap ETF			25,437,180		2.0
167,873	Vanguard Short-Term Bond ETF			12,637,479		1.0
	Total Exchange-Traded Funds (Cost $84,636,435)			68,557,044		5.5
MUTUAL FUNDS: 94.2%
	Affiliated Investment Companies: 94.2%
10,271,938	Voya Emerging Markets Index Portfolio - Class P2			103,438,420		8.3
16,401,832	Voya International Index Portfolio - Class P2			165,330,469		13.2
4,464,694	Voya Russell Mid Cap Index Portfolio - Class P2			49,245,573		3.9
4,749,272	Voya Russell Small Cap Index Portfolio - Class P2			60,885,665		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
30,394,687	Voya U.S. Bond Index Portfolio - Class P2		$	277,199,544		22.2
32,740,195	Voya U.S. Stock Index Portfolio - Class P2			520,569,107		41.7
	Total Mutual Funds (Cost $1,337,586,174)			1,176,668,778		94.2
	Total Investments in Securities (Cost $1,422,222,609)		$	1,245,225,822		99.7
	Assets in Excess of Other Liabilities			3,520,496		0.3
	Net Assets		$	1,248,746,318		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	68,557,044		$	—		$	—		$	68,557,044
Mutual Funds			1,176,668,778			—			—			1,176,668,778
Total Investments, at fair value		$	1,245,225,822		$	—		$	—		$	1,245,225,822
Other Financial Instruments+
Futures			1,759,069			—			—			1,759,069
Total Assets		$	1,246,984,891		$	—		$	—		$	1,246,984,891
Liabilities Table
Other Financial Instruments+
Futures		$	(1,402,026)		$	—		$	—		$	(1,402,026)
Total Liabilities		$	(1,402,026)		$	—		$	—		$	(1,402,026)

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, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	111,848,577		$	60,362,093		$	(38,182,205)		$	(30,590,045)		$	103,438,420		$	2,347,508		$	(4,252,645)		$	3,931,850
Voya International Index Portfolio - Class P2			230,627,069			58,368,469			(79,872,374)			(43,792,695)			165,330,469			7,593,338			(1,868,304)			—
Voya Russell Mid Cap Index Portfolio - Class P2			58,388,120			12,693,798			(5,623,344)			(16,213,001)			49,245,573			565,525			1,435,198			4,019,934
Voya Russell Small Cap Index Portfolio - Class P2			70,260,812			23,191,077			(13,049,088)			(19,517,136)			60,885,665			603,260			(1,673,875)			5,399,394
Voya U.S. Bond Index Portfolio - Class P2			247,276,088			147,023,833			(79,925,399)			(37,174,978)			277,199,544			6,719,372			(7,228,324)			—
Voya U.S. Stock Index Portfolio - Class P2			663,816,849			209,295,392			(151,046,112)			(201,497,022)			520,569,107			7,883,135			34,512,437			47,866,174
		$	1,382,217,515		$	510,934,662		$	(367,698,522)		$	(348,784,877)		$	1,176,668,778		$	25,712,138		$	20,924,487		$	61,217,352

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2035 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		276		03/17/23		$	24,438,420		$	(874,836)
U.S. Treasury Ultra Long Bond		137		03/22/23			18,400,812			(527,190)
						$	42,839,232		$	(1,402,026)
Short Contracts:
MSCI EAFE Index		(130)		03/17/23			(12,671,100)			459,303
S&P 500® E-Mini		(159)		03/17/23			(30,694,950)			1,299,766
						$	(43,366,050)		$	1,759,069

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	1,759,069
Total Asset Derivatives			$	1,759,069
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	874,836
Interest rate contracts	Variation margin payable on futures contracts*			527,190
Total Liability Derivatives			$	1,402,026

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,519,532)
Interest rate contracts			(1,600,320)
Total		$	(3,119,852)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	884,233
Interest rate contracts			(527,190)
Total		$	357,043

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,437,090,832.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,566,780
Gross Unrealized Depreciation		(193,074,748)
Net Unrealized Depreciation	$	(191,507,968)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.5%
178,618	iShares 20+ Year Treasury Bond ETF		$	17,783,208		2.5
262,745 (1)	iShares MSCI EAFE Small-Cap ETF			14,839,838		2.0
97,936	Vanguard Short-Term Bond ETF			7,372,622		1.0
	Total Exchange-Traded Funds (Cost $49,114,243)			39,995,668		5.5
MUTUAL FUNDS: 94.2%
	Affiliated Investment Companies: 94.2%
6,018,644	Voya Emerging Markets Index Portfolio - Class P2			60,607,742		8.3
11,835,744	Voya International Index Portfolio - Class P2			119,304,302		16.3
2,617,129	Voya Russell Mid Cap Index Portfolio - Class P2			28,866,934		3.9
3,346,330	Voya Russell Small Cap Index Portfolio - Class P2			42,899,951		5.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
9,726,525	Voya U.S. Bond Index Portfolio - Class P2		$	88,705,910		12.1
21,898,897	Voya U.S. Stock Index Portfolio - Class P2			348,192,460		47.7
	Total Mutual Funds (Cost $785,039,123)			688,577,299		94.2
	Total Investments in Securities (Cost $834,153,366)		$	728,572,967		99.7
	Assets in Excess of Other Liabilities			2,098,182		0.3
	Net Assets		$	730,671,149		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	39,995,668		$	—		$	—		$	39,995,668
Mutual Funds			688,577,299			—			—			688,577,299
Total Investments, at fair value		$	728,572,967		$	—		$	—		$	728,572,967
Other Financial Instruments+
Futures			1,028,756			—			—			1,028,756
Total Assets		$	729,601,723		$	—		$	—		$	729,601,723
Liabilities Table
Other Financial Instruments+
Futures		$	(818,169)		$	—		$	—		$	(818,169)
Total Liabilities		$	(818,169)		$	—		$	—		$	(818,169)

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 2040 Portfolio

as of December 31, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	62,147,413		$	37,529,350		$	(22,605,957)		$	(16,463,064)		$	60,607,742		$	1,338,929		$	(3,215,574)		$	2,242,575
Voya International Index Portfolio - Class P2			144,693,779			42,950,492			(39,734,772)			(28,605,197)			119,304,302			4,840,571			1,001,443			—
Voya Russell Mid Cap Index Portfolio - Class P2			32,471,224			8,515,205			(4,542,547)			(7,576,948)			28,866,934			322,662			(783,817)			2,293,585
Voya Russell Small Cap Index Portfolio - Class P2			47,276,136			17,280,732			(6,569,162)			(15,087,755)			42,899,951			413,047			686,332			3,696,922
Voya U.S. Bond Index Portfolio - Class P2			73,302,591			68,956,076			(45,003,274)			(8,549,483)			88,705,910			2,107,841			(5,478,678)			—
Voya U.S. Stock Index Portfolio - Class P2			419,711,080			143,212,996			(86,769,415)			(127,962,201)			348,192,460			5,268,133			19,308,860			31,588,261
		$	779,602,223		$	318,444,851		$	(205,225,127)		$	(204,244,648)		$	688,577,299		$	14,291,183		$	11,518,566		$	39,821,343

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2040 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		161		03/17/23		$	14,255,745		$	(510,321)
U.S. Treasury Ultra Long Bond		80		03/22/23			10,745,000			(307,848)
						$	25,000,745		$	(818,169)
Short Contracts:
MSCI EAFE Index		(76)		03/17/23			(7,407,720)			268,516
S&P 500® E-Mini		(93)		03/17/23			(17,953,650)			760,240
						$	(25,361,370)		$	1,028,756

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	1,028,756
Total Asset Derivatives			$	1,028,756
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	510,321
Interest rate contracts	Variation margin payable on futures contracts*			307,848
Total Liability Derivatives			$	818,169

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(869,189)
Interest rate contracts			(917,269)
Total		$	(1,786,458)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	518,435
Interest rate contracts			(307,848)
Total		$	210,587

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $841,213,874.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	913,520
Gross Unrealized Depreciation		(113,343,840)
Net Unrealized Depreciation	$	(112,430,320)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.5%
187,120	iShares 20+ Year Treasury Bond ETF		$	18,629,667		2.0
344,065 (1)	iShares MSCI EAFE Small-Cap ETF			19,432,791		2.0
193,466	Vanguard Short-Term Bond ETF			14,564,121		1.5
	Total Exchange-Traded Funds (Cost $64,657,116)			52,626,579		5.5
MUTUAL FUNDS: 94.2%
	Affiliated Investment Companies: 94.2%
8,796,204	Voya Emerging Markets Index Portfolio - Class P2			88,577,773		9.2
17,434,000	Voya International Index Portfolio - Class P2			175,734,718		18.3
3,436,186	Voya Russell Mid Cap Index Portfolio - Class P2			37,901,133		4.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
4,401,183	Voya Russell Small Cap Index Portfolio - Class P2		$	56,423,162		5.9
5,840,345	Voya U.S. Bond Index Portfolio - Class P2			53,263,945		5.6
30,811,045	Voya U.S. Stock Index Portfolio - Class P2			489,895,621		51.2
	Total Mutual Funds (Cost $1,022,424,513)			901,796,352		94.2
	Total Investments in Securities (Cost $1,087,081,629)		$	954,422,931		99.7
	Assets in Excess of Other Liabilities			2,874,441		0.3
	Net Assets		$	957,297,372		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	52,626,579		$	—		$	—		$	52,626,579
Mutual Funds			901,796,352			—			—			901,796,352
Total Investments, at fair value		$	954,422,931		$	—		$	—		$	954,422,931
Other Financial Instruments+
Futures			1,526,923			—			—			1,526,923
Total Assets		$	955,949,854		$	—		$	—		$	955,949,854
Liabilities Table
Other Financial Instruments+
Futures		$	(1,207,540)		$	—		$	—		$	(1,207,540)
Total Liabilities		$	(1,207,540)		$	—		$	—		$	(1,207,540)

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 2045 Portfolio

as of December 31, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	96,055,358		$	51,174,577		$	(33,625,308)		$	(25,026,854)		$	88,577,773		$	2,015,997		$	(4,180,647)		$	3,376,602
Voya International Index Portfolio - Class P2			220,469,948			56,773,254			(60,814,304)			(40,694,180)			175,734,718			7,186,999			(812,945)			—
Voya Russell Mid Cap Index Portfolio - Class P2			44,624,686			10,117,909			(5,263,318)			(11,578,144)			37,901,133			433,231			260,567			3,079,544
Voya Russell Small Cap Index Portfolio - Class P2			64,963,157			21,437,977			(9,572,091)			(20,405,881)			56,423,162			562,338			888,190			5,033,126
Voya U.S. Bond Index Portfolio - Class P2			33,282,854			56,575,576			(33,461,972)			(3,132,513)			53,263,945			1,004,959			(3,475,175)			—
Voya U.S. Stock Index Portfolio - Class P2			623,334,139			176,994,338			(123,392,263)			(187,040,593)			489,895,621			7,429,210			25,880,838			46,635,425
		$	1,082,730,142		$	373,073,631		$	(266,129,256)		$	(287,878,165)		$	901,796,352		$	18,632,734		$	18,560,828		$	58,124,697

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2045 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		211		03/17/23		$	18,682,995		$	(668,806)
U.S. Treasury Ultra Long Bond		140		03/22/23			18,803,750			(538,734)
						$	37,486,745		$	(1,207,540)
Short Contracts:
MSCI EAFE Index		(99)		03/17/23			(9,649,530)			349,777
S&P 500® E-Mini		(144)		03/17/23			(27,799,200)			1,177,146
						$	(37,448,730)		$	1,526,923

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	1,526,923
Total Asset Derivatives			$	1,526,923
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	668,806
Interest rate contracts	Variation margin payable on futures contracts*			538,734
Total Liability Derivatives			$	1,207,540

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,892,072
Interest rate contracts			(1,663,446)
Total		$	228,626

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	858,117
Interest rate contracts			(538,734)
Total		$	319,383

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,097,633,807.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,302,053
Gross Unrealized Depreciation		(144,193,546)
Net Unrealized Depreciation	$	(142,891,493)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.0%
108,566	iShares 20+ Year Treasury Bond ETF		$	10,808,831		2.0
199,624 (1)	iShares MSCI EAFE Small-Cap ETF			11,274,763		2.0
74,408	Vanguard Short-Term Bond ETF			5,601,434		1.0
	Total Exchange-Traded Funds (Cost $34,207,133)			27,685,028		5.0
MUTUAL FUNDS: 94.5%
	Affiliated Investment Companies: 94.5%
5,118,480	Voya Emerging Markets Index Portfolio - Class P2			51,543,094		9.3
10,148,136	Voya International Index Portfolio - Class P2			102,293,212		18.4
2,493,039	Voya Russell Mid Cap Index Portfolio - Class P2			27,498,215		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,552,744	Voya Russell Small Cap Index Portfolio - Class P2		$	32,726,183		5.9
2,170,386	Voya U.S. Bond Index Portfolio - Class P2			19,793,920		3.5
18,391,883	Voya U.S. Stock Index Portfolio - Class P2			292,430,935		52.5
	Total Mutual Funds (Cost $599,667,021)			526,285,559		94.5
	Total Investments in Securities (Cost $633,874,154)		$	553,970,587		99.5
	Assets in Excess of Other Liabilities			2,592,379		0.5
	Net Assets		$	556,562,966		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	27,685,028		$	—		$	—		$	27,685,028
Mutual Funds			526,285,559			—			—			526,285,559
Total Investments, at fair value		$	553,970,587		$	—		$	—		$	553,970,587
Other Financial Instruments+
Futures			899,763			—			—			899,763
Total Assets		$	554,870,350		$	—		$	—		$	554,870,350
Liabilities Table
Other Financial Instruments+
Futures		$	(696,678)		$	—		$	—		$	(696,678)
Total Liabilities		$	(696,678)		$	—		$	—		$	(696,678)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	50,747,456		$	31,896,487		$	(17,580,038)		$	(13,520,811)		$	51,543,094		$	1,106,339		$	(2,337,580)		$	1,853,011
Voya International Index Portfolio - Class P2			116,621,089			38,924,360			(30,352,371)			(22,899,866)			102,293,212			3,944,940			870,635			—
Voya Russell Mid Cap Index Portfolio - Class P2			29,456,956			8,785,274			(2,412,562)			(8,331,453)			27,498,215			297,062			680,620			2,111,618
Voya Russell Small Cap Index Portfolio - Class P2			33,984,621			14,464,663			(6,241,420)			(9,481,681)			32,726,183			309,192			(1,105,030)			2,767,374
Voya U.S. Bond Index Portfolio - Class P2			17,639,360			20,020,306			(17,493,116)			(372,630)			19,793,920			310,944			(1,804,040)			—
Voya U.S. Stock Index Portfolio - Class P2			334,687,294			119,969,573			(59,614,141)			(102,611,791)			292,430,935			4,423,272			12,573,192			26,599,572
		$	583,136,776		$	234,060,663		$	(133,693,648)		$	(157,218,232)		$	526,285,559		$	10,391,749		$	8,877,797		$	33,331,575

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2050 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		122		03/17/23		$	10,802,490		$	(386,703)
U.S. Treasury Ultra Long Bond		81		03/22/23			10,879,312			(309,975)
						$	21,681,802		$	(696,678)
Short Contracts:
MSCI EAFE Index		(58)		03/17/23			(5,653,260)			204,920
S&P 500® E-Mini		(85)		03/17/23			(16,409,250)			694,843
						$	(22,062,510)		$	899,763

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	899,763
Total Asset Derivatives			$	899,763
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	386,703
Interest rate contracts	Variation margin payable on futures contracts*			309,975
Total Liability Derivatives			$	696,678

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,062,948
Interest rate contracts			(946,352)
Total		$	116,596

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	513,060
Interest rate contracts			(309,975)
Total		$	203,085

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $639,629,632.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	768,779
Gross Unrealized Depreciation		(86,224,739)
Net Unrealized Depreciation	$	(85,455,960)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.9%
111,071	iShares 20+ Year Treasury Bond ETF		$	11,058,229		1.9
204,231 (1)	iShares MSCI EAFE Small-Cap ETF			11,534,967		2.0
76,125	Vanguard Short-Term Bond ETF			5,730,690		1.0
	Total Exchange-Traded Funds (Cost $35,062,042)			28,323,886		4.9
MUTUAL FUNDS: 94.6%
	Affiliated Investment Companies: 94.6%
5,241,139	Voya Emerging Markets Index Portfolio - Class P2			52,778,273		9.3
10,397,241	Voya International Index Portfolio - Class P2			104,804,193		18.4
2,554,038	Voya Russell Mid Cap Index Portfolio - Class P2			28,171,038		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,616,390	Voya Russell Small Cap Index Portfolio - Class P2		$	33,542,119		5.9
1,594,913	Voya U.S. Bond Index Portfolio - Class P2			14,545,609		2.6
19,195,135	Voya U.S. Stock Index Portfolio - Class P2			305,202,639		53.5
	Total Mutual Funds (Cost $611,563,054)			539,043,871		94.6
	Total Investments in Securities (Cost $646,625,096)		$	567,367,757		99.5
	Assets in Excess of Other Liabilities			2,624,160		0.5
	Net Assets		$	569,991,917		100.0

(1)

Non-income producing security

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	28,323,886		$	—		$	—		$	28,323,886
Mutual Funds			539,043,871			—			—			539,043,871
Total Investments, at fair value		$	567,367,757		$	—		$	—		$	567,367,757
Other Financial Instruments+
Futures			919,645			—			—			919,645
Total Assets		$	568,287,402		$	—		$	—		$	568,287,402
Liabilities Table
Other Financial Instruments+
Futures		$	(713,883)		$	—		$	—		$	(713,883)
Total Liabilities		$	(713,883)		$	—		$	—		$	(713,883)

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2022 (continued)

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	52,960,763		$	32,357,555		$	(18,351,564)		$	(14,188,481)		$	52,778,273		$	1,133,909		$	(2,155,403)		$	1,899,190
Voya International Index Portfolio - Class P2			121,679,985			39,161,454			(32,433,691)			(23,603,555)			104,804,193			4,037,502			789,423			—
Voya Russell Mid Cap Index Portfolio - Class P2			30,743,404			8,762,519			(2,788,063)			(8,546,822)			28,171,038			304,169			655,191			2,162,134
Voya Russell Small Cap Index Portfolio - Class P2			35,467,036			14,622,425			(6,801,685)			(9,745,657)			33,542,119			317,033			(1,179,616)			2,837,560
Voya U.S. Bond Index Portfolio - Class P2			18,409,582			14,074,806			(18,054,755)			115,976			14,545,609			205,444			(1,874,908)			—
Voya U.S. Stock Index Portfolio - Class P2			349,313,537			121,312,436			(59,172,749)			(106,250,585)			305,202,639			4,612,510			12,184,446			27,663,499
		$	608,574,307		$	230,291,195		$	(137,602,507)		$	(162,219,124)		$	539,043,871		$	10,610,567		$	8,419,133		$	34,562,383

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2055 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		125		03/17/23		$	11,068,125		$	(396,212)
U.S. Treasury Ultra Long Bond		83		03/22/23			11,147,937			(317,671)
						$	22,216,062		$	(713,883)
Short Contracts:
MSCI EAFE Index		(59)		03/17/23			(5,750,730)			208,453
S&P 500® E-Mini		(87)		03/17/23			(16,795,350)			711,192
						$	(22,546,080)		$	919,645

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	919,645
Total Asset Derivatives			$	919,645
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	396,212
Interest rate contracts	Variation margin payable on futures contracts*			317,671
Total Liability Derivatives			$	713,883

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,103,361
Interest rate contracts			(950,288)
Total		$	153,073

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	523,433
Interest rate contracts			(317,671)
Total		$	205,762

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $652,487,900.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	787,538
Gross Unrealized Depreciation		(85,701,919)
Net Unrealized Depreciation	$	(84,914,381)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.4%
58,096	iShares 20+ Year Treasury Bond ETF		$	5,784,038		1.9
106,824 (1)	iShares MSCI EAFE Small-Cap ETF			6,033,419		2.0
58,840	Vanguard Short-Term Bond ETF			4,429,475		1.5
	Total Exchange-Traded Funds (Cost $19,500,834)			16,246,932		5.4
MUTUAL FUNDS: 94.3%
	Affiliated Investment Companies: 94.3%
2,781,884	Voya Emerging Markets Index Portfolio - Class P2			28,013,572		9.3
5,525,400	Voya International Index Portfolio - Class P2			55,696,031		18.4
1,356,784	Voya Russell Mid Cap Index Portfolio - Class P2			14,965,333		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,402,542	Voya Russell Small Cap Index Portfolio - Class P2		$	17,980,589		5.9
519,141	Voya U.S. Bond Index Portfolio - Class P2			4,734,563		1.6
10,329,292	Voya U.S. Stock Index Portfolio - Class P2			164,235,736		54.2
	Total Mutual Funds (Cost $328,177,354)			285,625,824		94.3
	Total Investments in Securities (Cost $347,678,188)		$	301,872,756		99.7
	Assets in Excess of Other Liabilities			896,769		0.3
	Net Assets		$	302,769,525		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	16,246,932		$	—		$	—		$	16,246,932
Mutual Funds			285,625,824			—			—			285,625,824
Total Investments, at fair value		$	301,872,756		$	—		$	—		$	301,872,756
Other Financial Instruments+
Futures			485,559			—			—			485,559
Total Assets		$	302,358,315		$	—		$	—		$	302,358,315
Liabilities Table
Other Financial Instruments+
Futures		$	(371,499)		$	—		$	—		$	(371,499)
Total Liabilities		$	(371,499)		$	—		$	—		$	(371,499)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2022 (continued)

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	24,835,656		$	19,083,715		$	(9,772,846)		$	(6,132,953)		$	28,013,572		$	559,832		$	(1,835,118)		$	937,666
Voya International Index Portfolio - Class P2			57,131,964			25,952,128			(15,685,213)			(11,702,848)			55,696,031			1,988,111			903,646			—
Voya Russell Mid Cap Index Portfolio - Class P2			14,410,659			5,985,168			(1,403,145)			(4,027,349)			14,965,333			149,664			215,184			1,063,859
Voya Russell Small Cap Index Portfolio - Class P2			16,628,412			9,653,178			(3,652,862)			(4,648,139)			17,980,589			157,239			(645,498)			1,407,343
Voya U.S. Bond Index Portfolio - Class P2			5,751,971			5,294,050			(6,412,469)			101,011			4,734,563			27,691			(473,988)			—
Voya U.S. Stock Index Portfolio - Class P2			166,660,427			81,529,581			(32,678,842)			(51,275,430)			164,235,736			2,472,692			4,134,598			14,245,058
		$	285,419,089		$	147,497,820		$	(69,605,377)		$	(77,685,708)		$	285,625,824		$	5,355,229		$	2,298,824		$	17,653,926

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

At December 31, 2022, the following futures contracts were outstanding for Voya Index Solution 2060 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		65		03/17/23		$	5,755,425		$	(206,030)
U.S. Treasury Ultra Long Bond		43		03/22/23			5,775,437			(165,469)
						$	11,530,862		$	(371,499)
Short Contracts:
MSCI EAFE Index		(31)		03/17/23			(3,021,570)			109,526
S&P 500® E-Mini		(46)		03/17/23			(8,880,300)			376,033
						$	(11,901,870)		$	485,559

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	485,559
Total Asset Derivatives			$	485,559
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	206,030
Interest rate contracts	Variation margin payable on futures contracts*			165,469
Total Liability Derivatives			$	371,499

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2022 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	472,070
Interest rate contracts			(485,979)
Total		$	(13,909)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	279,529
Interest rate contracts			(165,469)
Total		$	114,060

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $352,130,569.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	400,912
Gross Unrealized Depreciation		(50,544,665)
Net Unrealized Depreciation	$	(50,143,753)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.5%
16,124	iShares 20+ Year Treasury Bond ETF		$	1,605,305		3.7
14,824 (1)	iShares MSCI EAFE Small-Cap ETF			837,260		1.9
5,526	Vanguard Short-Term Bond ETF			415,997		0.9
	Total Exchange-Traded Funds (Cost $3,223,629)			2,858,562		6.5
MUTUAL FUNDS: 93.4%
	Affiliated Investment Companies: 93.4%
406,401	Voya Emerging Markets Index Portfolio - Class P2			4,092,462		9.3
805,294	Voya International Index Portfolio - Class P2			8,117,363		18.6
196,794	Voya Russell Mid Cap Index Portfolio - Class P2			2,170,638		5.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
268,097	Voya Russell Small Cap Index Portfolio - Class P2		$	3,436,999		7.8
76,575	Voya U.S. Bond Index Portfolio - Class P2			698,362		1.6
1,405,033	Voya U.S. Stock Index Portfolio - Class P2			22,340,023		51.1
	Total Mutual Funds (Cost $45,875,650)			40,855,847		93.4
	Total Investments in Securities (Cost $49,099,279)		$	43,714,409		99.9
	Assets in Excess of Other Liabilities			23,038		0.1
	Net Assets		$	43,737,447		100.0

(1)

Non-income producing security.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,858,562		$	—		$	—		$	2,858,562
Mutual Funds			40,855,847			—			—			40,855,847
Total Investments, at fair value		$	43,714,409		$	—		$	—		$	43,714,409

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2065 Portfolio

as of December 31, 2022 (continued)

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	1,817,749		$	3,895,744		$	(1,213,640)		$	(407,391)		$	4,092,462		$	48,903		$	(273,294)		$	81,909
Voya International Index Portfolio - Class P2			4,215,542			7,117,851			(2,703,756)			(512,274)			8,117,363			187,698			(314,787)			—
Voya Russell Mid Cap Index Portfolio - Class P2			1,050,405			1,731,831			(311,992)			(299,606)			2,170,638			14,731			(55,017)			104,710
Voya Russell Small Cap Index Portfolio - Class P2			1,212,985			3,173,577			(448,328)			(501,235)			3,436,999			15,102			(82,568)			135,165
Voya Short Term Bond - Class P2			—			1,340,646			(1,340,646)			—			—			7,897			(21,715)			—
Voya U.S. Bond Index Portfolio - Class P2			418,910			842,839			(554,564)			(8,823)			698,362			2,960			(28,826)			—
Voya U.S. Stock Index Portfolio - Class P2			12,118,958			21,716,912			(7,455,588)			(4,040,259)			22,340,023			332,645			(660,716)			1,570,732
		$	20,834,549		$	39,819,400		$	(14,028,514)		$	(5,769,588)		$	40,855,847		$	609,936		$	(1,436,923)		$	1,892,516

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

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $50,743,826.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	5,119
Gross Unrealized Depreciation		(7,034,536)
Net Unrealized Depreciation	$	(7,029,417)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2022 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Index Solution Income Portfolio
Class ADV	NII		$	0.2609
Class I	NII		$	0.3255
Class S	NII		$	0.2916
Class S2	NII		$	0.2859
Class Z	NII		$	0.3320
All Classes	STCG		$	0.2693
All Classes	LTCG		$	0.5903
Voya Index Solution 2025 Portfolio
Class ADV	NII		$	0.2031
Class I	NII		$	0.2754
Class S	NII		$	0.2345
Class S2	NII		$	0.2235
Class Z	NII		$	0.2813
All Classes	STCG		$	0.0344
All Classes	LTCG		$	1.0124
Voya Index Solution 2030 Portfolio
Class ADV	NII		$	0.2567
Class I	NII		$	0.3499
Class S	NII		$	0.2788
Class S2	NII		$	0.2878
Class Z	NII		$	0.3599
All Classes	STCG		$	0.0408
All Classes	LTCG		$	1.3704
Voya Index Solution 2035 Portfolio
Class ADV	NII		$	0.1563
Class I	NII		$	0.2310
Class S	NII		$	0.1899
Class S2	NII		$	0.1723
Class Z	NII		$	0.2385
All Classes	STCG		$	0.0203
All Classes	LTCG		$	1.1641
Voya Index Solution 2040 Portfolio
Class ADV	NII		$	0.2107
Class I	NII		$	0.3021
Class S	NII		$	0.2371
Class S2	NII		$	0.2120
Class Z	NII		$	0.3191
All Classes	STCG		$	0.1028
All Classes	LTCG		$	1.6643

Portfolio Name	Type	Per Share Amount
Voya Index Solution 2045 Portfolio
Class ADV	NII		$	0.1298
Class I	NII		$	0.2115
Class S	NII		$	0.1607
Class S2	NII		$	0.1599
Class Z	NII		$	0.2222
All Classes	STCG		$	0.0837
All Classes	LTCG		$	1.4360
Voya Index Solution 2050 Portfolio
Class ADV	NII		$	0.1615
Class I	NII		$	0.2621
Class S	NII		$	0.1806
Class S2	NII		$	0.1874
Class Z	NII		$	0.2854
All Classes	STCG		$	0.0942
All Classes	LTCG		$	1.7694
Voya Index Solution 2055 Portfolio
Class ADV	NII		$	0.1372
Class I	NII		$	0.2449
Class S	NII		$	0.1719
Class S2	NII		$	0.1718
Class Z	NII		$	0.2645
All Classes	STCG		$	0.1481
All Classes	LTCG		$	1.6702
Voya Index Solution 2060 Portfolio
Class ADV	NII		$	0.1069
Class I	NII		$	0.1794
Class S	NII		$	0.1096
Class S2	NII		$	0.1120
Class Z	NII		$	0.2005
All Classes	STCG		$	0.1140
All Classes	LTCG		$	1.2986
Voya Index Solution 2065 Portfolio
Class ADV	NII		$	0.1172
Class I	NII		$	0.1543
Class S	NII		$	0.1346
Class S2	NII		$	0.1243
Class Z	NII		$	0.1718
All Classes	STCG		$	0.0055
All Classes	LTCG		$	0.4995

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

TABLE OF CONTENTS

TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Index Solution Income Portfolio					6.28%
	Voya Index Solution 2025 Portfolio					18.98%
	Voya Index Solution 2030 Portfolio					23.04%
	Voya Index Solution 2035 Portfolio					30.55%
	Voya Index Solution 2040 Portfolio					29.86%
	Voya Index Solution 2045 Portfolio					34.45%
	Voya Index Solution 2050 Portfolio					35.40%
	Voya Index Solution 2055 Portfolio					31.99%
	Voya Index Solution 2060 Portfolio					31.99%
	Voya Index Solution 2065 Portfolio					53.93%

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya Index Solution Income Portfolio	$	42,530,643
Voya Index Solution 2025 Portfolio		100,280,980
Voya Index Solution 2030 Portfolio		67,658,339
Voya Index Solution 2035 Portfolio		123,623,291
Voya Index Solution 2040 Portfolio		67,090,290
Voya Index Solution 2045 Portfolio		106,591,347
Voya Index Solution 2050 Portfolio		51,762,464
Voya Index Solution 2055 Portfolio		54,218,109
Voya Index Solution 2060 Portfolio		25,028,352
Voya Index Solution 2065 Portfolio		2,048,929

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Index Solution Income Portfolio		$	200,029		$	0.0026		3.42%
Voya Index Solution 2025 Portfolio			522,797			0.0048		13.22%
Voya Index Solution 2030 Portfolio			695,718			0.0125		19.22%
Voya Index Solution 2035 Portfolio			774,601			0.0064		24.15%
Voya Index Solution 2040 Portfolio			450,886			0.0096		23.24%
Voya Index Solution 2045 Portfolio			673,674			0.0078		26.44%
Voya Index Solution 2050 Portfolio			369,780			0.0107		28.28%
Voya Index Solution 2055 Portfolio			378,889			0.0098		24.56%
Voya Index Solution 2060 Portfolio			186,994			0.0079		23.98%
Voya Index Solution 2065 Portfolio			16,727			0.0038		31.95%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

TABLE OF CONTENTS

TAX INFORMATION (Unaudited) (continued)

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

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: 62

Chairperson

Director

January 2020 –
Present

November 2007 –
Present

President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).

132

RSR Partners, Inc, (2016 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

November 1997 –
Present

Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 –
December 2019).

132

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director

January 2006 –
Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 –
Present).

132

The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 72

Director

August 2015 –
Present

Retired.

132

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director

May 2013 – Present

President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 –
Present).

132

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 72

Director

January 2006 –
Present

Consultant (May 2001 –
Present).

132

Centerra Gold Inc. (May 2008 – Present).

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

October 2015 –
Present

Retired.

132

None.

(1)

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

(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
Andy Simonoff 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 50	President and Chief Executive Officer	January 2023 – Present	Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019).
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 55	Executive Vice President and Chief Investment Risk Officer	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020); Consultant, DA Capital LLC (January 2016 – March 2017).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 64	Executive Vice President	March 2018 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Steven Hartstein 230 Park Avenue New York, NY 10169 Age: 59	Chief Compliance Officer	December 2022 – Present	Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Brighthouse Financial, Inc. – Head of Funds Compliance; Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017 – December 2022).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Senior Vice President	June 2022 – Present	Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021).

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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
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Senior Vice President	June 2022 – Present	Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 – February 2018).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 52	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Vice President Secretary	June 2022 – Present September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2007 – Present)
Erica McKenna 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Nicholas C.D. Ward 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 29	Assistant Vice President and Assistant Secretary	June 2022 – Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).

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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
Gizachew Wubishet 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Assistant Vice President and Assistant Secretary	June 2022 – Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 46	Anti-Money Laundering Officer	June 2018 – Present	Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

(1)

The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT

At a meeting held on November 17, 2022, the Board of Directors (“Board”) of Voya Partners, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Index Solution Income Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, and Voya Index Solution 2065 Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”), for an additional one-year period ending November 30, 2023.

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.

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all

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investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

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

Economies of Scale

Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients

Fee Schedules, Profitability, and Fall-out Benefits

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management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

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

Voya Index Solution Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the three-year and five-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

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contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2025 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the

Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2030 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2035 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2035 Portfolio, the Board considered that, based on performance data for the

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periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and ten-year periods, and the third quintile for the year-to-date, three-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2040 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the

compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2045 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

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is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2050 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods, and the third quintile for the five-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by

management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2055 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods, and the third quintile for the five-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fifth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2060 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year and three-year periods, and the

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

third quintile for the five-year period; and (2) the Portfolio outperformed its primary benchmark for the three-year and five-year periods and underperformed for the year-to-date and one-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Voya Index Solution 2065 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Portfolio underperformed its primary benchmark for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account that the Portfolio commenced operations in August 2020, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Voya Index Solution Portfolios’ expense ratios when compared to peers identified by management; and (3) management’s representations that, with the Board’s approval, it had lowered the Portfolio’s expense limits, effective October 1, 2022.

Board Conclusions

102

TABLE OF CONTENTS

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

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

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

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 (1222-022223)

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

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 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.

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

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

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

Portfolio Managers' Reports					2
Shareholder Expense Examples					26
Report of Independent Registered Public Accounting Firm					29
Statements of Assets and Liabilities					30
Statements of Operations					36
Statements of Changes in Net Assets					39
Financial Highlights					45
Notes to Financial Statements					52
Portfolios of Investments					74
Tax Information					167
Director and Officer Information					169
Advisory and Sub-Advisory Contract Approval Discussion					173

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	Actual Portfolio Return									Hypothetical (5% return before expenses)
Voya Global Bond Portfolio	Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2022*		Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2022*
Class ADV	$	1,000.00	$	976.00		1.17	%	$	5.83	$	1,000.00	$	1,019.31		1.17	%	$	5.96
Class I		1,000.00		979.10		0.67			3.34		1,000.00		1,021.83		0.67			3.41
Class S		1,000.00		977.80		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	$	1,031.70		1.22	%	$	6.25	$	1,000.00	$	1,019.06		1.22	%	$	6.21
Class I		1,000.00		1,033.80		0.72			3.69		1,000.00		1,021.58		0.72			3.67
Class S		1,000.00		1,032.90		0.97			4.97		1,000.00		1,020.32		0.97			4.94
Class S2		1,000.00		1,032.30		1.12			5.74		1,000.00		1,019.56		1.12			5.70
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,055.10		1.35	%	$	6.99	$	1,000.00	$	1,018.40		1.35	%	$	6.87
Class I		1,000.00		1,057.00		0.85			4.41		1,000.00		1,020.92		0.85			4.33
Class S		1,000.00		1,056.00		1.10			5.70		1,000.00		1,019.66		1.10			5.60
Class S2		1,000.00		1,055.10		1.25			6.47		1,000.00		1,018.90		1.25			6.36

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® Baron Growth Portfolio	Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2022*		Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2022*
Class ADV	$	1,000.00	$	1,085.50		1.49	%	$	7.83	$	1,000.00	$	1,017.69		1.49	%	$	7.58
Class I		1,000.00		1,088.40		0.99			5.21		1,000.00		1,020.21		0.99			5.04
Class R6		1,000.00		1,087.90		0.98			5.16		1,000.00		1,020.27		0.98			4.99
Class S		1,000.00		1,086.80		1.24			6.52		1,000.00		1,018.95		1.24			6.31
Class S2		1,000.00		1,086.10		1.39			7.31		1,000.00		1,018.20		1.39			7.07
VY^® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	1,000.00		1.22	%	$	6.15	$	1,000.00	$	1,019.06		1.22	%	$	6.21
Class I		1,000.00		1,001.40		0.72			3.63		1,000.00		1,021.58		0.72			3.67
Class S		1,000.00		1,000.90		0.97			4.89		1,000.00		1,020.32		0.97			4.94
VY^® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	1,045.50		1.42	%	$	7.32	$	1,000.00	$	1,018.05		1.42	%	$	7.22
Class I		1,000.00		1,048.20		0.92			4.75		1,000.00		1,020.57		0.92			4.69
Class R6		1,000.00		1,048.60		0.86			4.44		1,000.00		1,020.87		0.86			4.38
Class S		1,000.00		1,047.00		1.17			6.04		1,000.00		1,019.31		1.17			5.96
Class S2		1,000.00		1,045.40		1.32			6.81		1,000.00		1,018.55		1.32			6.72
VY^® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	1,087.40		1.20	%	$	6.31	$	1,000.00	$	1,019.16		1.20	%	$	6.11
Class I		1,000.00		1,089.90		0.70			3.69		1,000.00		1,021.68		0.70			3.57
Class S		1,000.00		1,088.70		0.95			5.00		1,000.00		1,020.42		0.95			4.84
VY^® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	1,049.20		1.14	%	$	5.89	$	1,000.00	$	1,019.46		1.14	%	$	5.80
Class I		1,000.00		1,051.80		0.64			3.31		1,000.00		1,021.98		0.64			3.26
Class S		1,000.00		1,050.50		0.89			4.60		1,000.00		1,020.72		0.89			4.53
Class S2		1,000.00		1,049.90		1.02			5.27		1,000.00		1,020.06		1.02			5.19
VY^® Invesco Global Portfolio
Class ADV	$	1,000.00	$	996.20		1.30	%	$	6.54	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Class I		1,000.00		999.00		0.80			4.03		1,000.00		1,021.17		0.80			4.08
Class S		1,000.00		997.70		1.05			5.29		1,000.00		1,019.91		1.05			5.35
Class S2		1,000.00		996.80		1.20			6.04		1,000.00		1,019.16		1.20			6.11
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,055.30		1.38	%	$	7.15	$	1,000.00	$	1,018.25		1.38	%	$	7.02
Class I		1,000.00		1,057.80		0.88			4.56		1,000.00		1,020.77		0.88			4.48
Class S		1,000.00		1,056.90		1.13			5.86		1,000.00		1,019.51		1.13			5.75
Class S2		1,000.00		1,055.50		1.28			6.63		1,000.00		1,018.75		1.28			6.51

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2022*		Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2022*
Class ADV	$	1,000.00	$	1,063.40		1.28	%	$	6.66	$	1,000.00	$	1,018.75		1.28	%	$	6.51
Class I		1,000.00		1,064.80		0.78			4.06		1,000.00		1,021.27		0.78			3.97
Class R6		1,000.00		1,065.70		0.75			3.91		1,000.00		1,021.42		0.75			3.82
Class S		1,000.00		1,065.30		1.03			5.36		1,000.00		1,020.01		1.03			5.24
Class S2		1,000.00		1,063.70		1.18			6.14		1,000.00		1,019.26		1.18			6.01
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	944.60		1.23	%	$	6.03	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		946.60		0.73			3.58		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		945.50		0.98			4.81		1,000.00		1,020.27		0.98			4.99
Class S2		1,000.00		945.20		1.13			5.54		1,000.00		1,019.51		1.13			5.75

	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+*	$	98,751,713		$	334,272,448	$	349,407,054	$	464,872,591
Investments in affiliates at fair value**		11,322,819			—		—		—
Short-term investments at fair value^†		23,309,914			7,250,283		6,912,092		1,748,846
Cash		720,625			—		—		—
Cash collateral for futures contracts		1,550,000			—		—		—
Cash pledged for centrally cleared swaps (Note 2)		985,000			—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		1,800,000			—		—		—
Foreign currencies at value^‡		1,545,324			323,571		54,274		—
Receivables:
Investment securities and currencies sold		214,696			142,724		1,268,624		—
Fund shares sold		127,194			2,903		104,188		65,412
Dividends		21,106			542,280		716,436		541,407
Interest		871,177			485		—		88,480
Foreign tax reclaims		4,588			1,541,821		17,910		—
Unrealized appreciation on forward foreign currency contracts		1,154,564			—		17,832		—
Unrealized appreciation on forward premium swaptions		9,841			—		—		—
Unrealized appreciation on OTC swap agreements		4,189			—		—		—
Prepaid expenses		680			1,765		1,758		2,481
Reimbursement due from Investment Adviser		15,197			—		170,864		47,050
Other assets		9,772			33,165		10,520		25,966
Total assets		142,418,399			344,111,445		358,681,552		467,392,233
LIABILITIES:
Payable for investment securities and currencies purchased		2,321,521			142,960		651,851		—
Payable for investment securities purchased on a delayed-delivery or when-issued basis		15,824,592			—		—		—
Payable for fund shares redeemed		414			520,153		480,050		247,211
Payable upon receipt of securities loaned		1,684,277			7,250,283		1,611,775		—
Unrealized depreciation on forward foreign currency contracts		279,312			—		107,967		—
Unrealized depreciation on forward premium swaptions		94,400			—		—		—
Variation margin payable on centrally cleared swaps		1,789			—		—		—
Variation margin payable on futures contracts		569,736			—		—		—
Cash received as collateral for OTC derivatives (Note 2)		480,000			—		—		—
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)		6,872			—		—		—
Payable for investment management fees		61,283			171,656		281,227		388,204
Payable for distribution and shareholder service fees		10,915			53,983		62,399		89,096
Payable to custodian due to bank overdraft		—			5,015		—		—
Payable for directors fees		331			887		925		1,236
Payable to directors under the deferred compensation plan (Note 6)		9,772			33,165		10,520		25,966
Other accrued expenses and liabilities		50,939			105,783		47,601		73,217
Written options, at fair value^		1,446,855			—		—		—
Total liabilities		22,843,008			8,283,885		3,254,315		824,930
NET ASSETS	$	119,575,391		$	335,827,560	$	355,427,237	$	466,567,303
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	149,728,060		$	334,263,996	$	317,854,098	$	80,181,372
Total distributable earnings (loss)		(30,152,669	)		1,563,564		37,573,139		386,385,931
NET ASSETS	$	119,575,391		$	335,827,560	$	355,427,237	$	466,567,303
+ Including securities loaned at value	$	1,637,285		$	6,878,826	$	1,546,608	$	—
* Cost of investments in securities	$	108,681,781		$	325,493,133	$	352,441,733	$	104,667,320
** Cost of investments in affiliates	$	13,692,757		$	—	$	—	$	—
† Cost of short-term investments	$	23,312,254		$	7,250,283	$	6,912,092	$	1,748,846
‡ Cost of foreign currencies	$	1,557,549		$	321,745	$	54,274	$	—
^ Premiums received on written options	$	1,519,647		$	—	$	—	$	—

	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+*	$	46,381,250	$	151,974,494	$	251,030,573	$	1,041,198,081
Short-term investments at fair value^†		1,188,451		2,987,006		10,851,805		105,340,046
Foreign currencies at value^‡		—		—		814		685
Receivables:
Investment securities sold		—		1,195,976		—		808,938
Fund shares sold		36,964		22,433		205,260		2,797
Dividends		57,716		181,303		507,954		1,068,282
Interest		—		—		—		2,030,185
Foreign tax reclaims		29,859		—		13,587		47,343
Unrealized appreciation on forward foreign currency contracts		—		—		22,367		297,283
Prepaid expenses		849		829		1,216		5,720
Reimbursement due from Investment Adviser		19,216		7,362		17,564		72,289
Other assets		10,387		6,982		17,407		61,588
Total assets		47,724,692		156,376,385		262,668,547		1,150,933,237
LIABILITIES:
Payable for investment securities purchased		219,751		—		—		353,300
Payable for fund shares redeemed		279,391		133,700		324,774		678,518
Payable upon receipt of securities loaned		—		—		—		69,650,199
Unrealized depreciation on forward foreign currency contracts		—		—		48,984		45,335
Payable for investment management fees		70,505		112,113		156,345		588,466
Payable for distribution and shareholder service fees		13,976		28,993		32,901		180,572
Payable for directors fees		429		428		680		2,907
Payable to directors under the deferred compensation plan (Note 6)		10,387		6,982		17,407		61,588
Other accrued expenses and liabilities		66,188		25,205		55,985		118,654
Total liabilities		660,627		307,421		637,076		71,679,539
NET ASSETS	$	47,064,065	$	156,068,964	$	262,031,471	$	1,079,253,698
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	29,138,948	$	123,441,113	$	195,965,346	$	931,143,874
Total distributable earnings		17,925,117		32,627,851		66,066,125		148,109,824
NET ASSETS	$	47,064,065	$	156,068,964	$	262,031,471	$	1,079,253,698
+ Including securities loaned at value	$	—	$	—	$	—	$	68,018,540
* Cost of investments in securities	$	46,689,114	$	130,817,919	$	211,707,567	$	948,974,403
† Cost of short-term investments	$	1,188,451	$	2,987,006	$	10,851,805	$	105,340,046
‡ Cost of foreign currencies	$	—	$	—	$	802	$	696

	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+*	$	1,043,435,034	$	334,773,147	$	1,012,378,861	$	1,154,720,918
Short-term investments at fair value^†		14,814,452		6,784,160		16,742,164		90,077,142
Cash		—		—		509,957		2,955,807
Foreign currencies at value^‡		8,165		—		—		256
Receivables:
Investment securities and currencies sold		7,272,234		—		2,417,022		1,062,845
Fund shares sold		30,431		16,801		124,265		1,414,164
Dividends		107,120		744,492		536,271		250,664
Interest		—		—		879		3,829
Foreign tax reclaims		2,282,733		—		2,377		1,714
Prepaid expenses		6,448		1,805		5,628		8,028
Reimbursement due from Investment Adviser		44,631		64,580		57,444		87,214
Other assets		57,966		17,158		34,508		56,417
Total assets		1,068,059,214		342,402,143		1,032,809,376		1,250,638,998
LIABILITIES:
Payable for investment securities and currencies purchased		3,969,463		—		1,872,303		141,692
Payable for fund shares redeemed		567,372		398,413		1,112,650		42,627
Payable upon receipt of securities loaned		4,010,956		419,761		15,220,144		37,898,485
Unrealized depreciation on forward foreign currency contracts		39,288		—		—		—
Payable for investment management fees		645,865		243,569		635,955		728,621
Payable for distribution and shareholder service fees		65,303		67,979		29,833		102,822
Payable for directors fees		3,070		923		2,781		3,779
Payable to directors under the deferred compensation plan (Note 6)		57,966		17,158		34,508		56,417
Payable for foreign capital gains tax		1,822,821		—		—		—
Other accrued expenses and liabilities		238,908		45,197		79,626		310,248
Total liabilities		11,421,012		1,193,000		18,987,800		39,284,691
NET ASSETS	$	1,056,638,202	$	341,209,143	$	1,013,821,576	$	1,211,354,307
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	495,348,271	$	244,287,466	$	926,703,719	$	1,125,134,830
Total distributable earnings		561,289,931		96,921,677		87,117,857		86,219,477
NET ASSETS	$	1,056,638,202	$	341,209,143	$	1,013,821,576	$	1,211,354,307
+ Including securities loaned at value	$	3,928,054	$	407,083	$	14,840,804	$	36,774,900
* Cost of investments in securities	$	601,572,756	$	267,995,227	$	926,117,581	$	1,086,572,195
† Cost of short-term investments	$	14,814,452	$	6,784,160	$	16,742,164	$	90,077,142
‡ Cost of foreign currencies	$	8,163	$	—	$	—	$	251

	Voya Global Bond Portfolio						Voya International High Dividend Low Volatility Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	3,663,047		$	4,925,096		$	13,251,844		$	12,894,116
Net realized gain (loss)		(21,566,424	)		(4,083,527	)		(16,681,403	)		32,707,319
Net change in unrealized appreciation (depreciation)		(10,645,934	)		(9,372,789	)		(33,632,735	)		1,744,426
Increase (decrease) in net assets resulting from operations		(28,549,311	)		(8,531,220	)		(37,062,294	)		47,345,861
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(915,517	)		(1,010,101	)		(540,901	)
Class I		—			(5,901,123	)		(5,146,169	)		(3,068,169	)
Class S		—			(1,449,150	)		(9,376,139	)		(5,834,728	)
Class S2		—			—			(17,790	)		(7,373	)
Return of capital:
Class ADV		(368,978	)		(144,296	)		—			—
Class I		(2,606,514	)		(824,076	)		—			—
Class S		(633,923	)		(214,197	)		—			—
Total distributions		(3,609,415	)		(9,448,359	)		(15,550,199	)		(9,451,171	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		6,419,046			10,210,633			14,407,949			10,505,727
Reinvestment of distributions		3,609,415			9,448,359			15,550,199			9,451,171
		10,028,461			19,658,992			29,958,148			19,956,898
Cost of shares redeemed		(17,174,192	)		(22,323,447	)		(52,723,524	)		(64,164,436	)
Net decrease in net assets resulting from capital share transactions		(7,145,731	)		(2,664,455	)		(22,765,376	)		(44,207,538	)
Net decrease in net assets		(39,304,457	)		(20,644,034	)		(75,377,869	)		(6,312,848	)
NET ASSETS:
Beginning of year or period		158,879,848			179,523,882			411,205,429			417,518,277
End of year or period	$	119,575,391		$	158,879,848		$	335,827,560		$	411,205,429