UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08319

Voya Partners, Inc.

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2019 to June 30, 2019

Item 1. Reports to Stockholders.

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

Voya Investment Management

Semi-Annual Report

June 30, 2019

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

n Voya Global Bond Portfolio

n Voya International High Dividend Low Volatility Portfolio (formerly, VY^® Templeton Foreign Equity Portfolio)

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

n VY^® Baron Growth Portfolio

n VY^® Columbia Contrarian Core Portfolio

n VY^® Columbia Small Cap Value II Portfolio

n VY^® Invesco Comstock Portfolio

n VY^® Invesco Equity and Income Portfolio

n VY^® Invesco Oppenheimer Global Portfolio (formerly, VY^® Oppenheimer Global Portfolio)

n VY^® JPMorgan Mid Cap Value Portfolio

n VY^® Pioneer High Yield Portfolio

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

n VY^® T. Rowe Price Growth Equity Portfolio

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio's annual and semi-annual shareholder reports, like this semi-annual report, will no longer be 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 will not be affected by this change and 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 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

President's Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	7
Statements of Operations	15
Statements of Changes in Net Assets	19
Financial Highlights	26
Notes to Financial Statements	34
Summary Portfolios of Investments ("Portfolio of Investments")	57
Sub-Advisory Contract Approval Discussion	142

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 N-Q or Form N-PORT, available for filings after March 31, 2019. This report contains a summary portfolio of investments for the Portfolios. The Portfolios' Form N-Q or Form N-PORT is available on the SEC's website at www.sec.gov. The Portfolios' complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT'S LETTER

Staying the Course for the Long Term

Dear Shareholder,

The S&P 500^® Index turned in an impressive year-to-date ("YTD") return of 18.54%; despite the trade/tariff impasse and concerns about global economic slowdown, both U.S. and international markets notched positive YTD returns. Bonds also posted solid YTD returns as the U.S. Federal Reserve Board ("Fed") called time out from its program of interest rate hikes and hinted at the prospect of rate cuts.

May's sharp sell-off in stocks was swiftly countered by a rally in June that helped drive global equity markets to their best first half-year performance in over two decades — yet another example of the resilience the markets and economy have displayed throughout this expansion, now the longest on record. Our view continues to be that global economic expansion will persist through 2019 and into 2020. Though there has been some softness in recent U.S. economic data, the Fed seems to be cognizant of the risks facing the economy and we believe it will provide the support necessary to prolong the cycle.

The downturn in May, followed quickly by the June rally, reminds us that volatility is an ever-present factor in the financial markets, with a penchant for appearing unannounced. Predicting downturns, with the intention of avoiding losses, is thus a futile endeavor. Seeking to avoid a loss, for example, by pulling back from equities, might expose investors to the risk of missing the next potential period of gain.

Remember that investing is for the long haul, and it's usually inadvisable to abandon one's long-term strategy for a short-term opportunity. We believe investors should stay focused on their long-term goals and not try to time market downturns or upturns. Only if those long-term goals change should one consider making changes to the investment strategy, and then only after thorough discussion with an investment advisor.

Voya seeks to remain a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
July 29, 2019

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

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

1

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2019

Many investors must have greeted the new year with trepidation. Global equities, in the form of the MSCI World Index^SM (the "Index"), measured in local currencies, including net reinvested dividends, had fallen 7.38% in 2018, after a 13.14% slump in the fourth quarter. Markets were increasingly unnerved by an intensifying economic slowdown outside of the U.S., exacerbating existing concerns about a potential trade war between the U.S. and China. (The Index returned 16.98% for the six-months ended June 30, 2019, measured in U.S. dollars.)

Furthermore, the Federal Open Market Committee ("FOMC") still seemed intent on raising interest rates, despite no apparent inflationary threat. In December, the FOMC raised rates for the fourth time in 2018, from 2.25% to 2.50%. Chairman Powell signaled two more increases in 2019, instead of a hoped-for pause. Markets now had a potential policy mistake to worry about, in addition to everything else.

Yet the equity investor who found this all too much and sold out near year-end would have missed a rebound as intense as it was unexpected. By the end of June, the Index was up 16.69% in 2019.

Two main factors drove the recovery. Firstly, Powell changed his tune and said repeatedly that the FOMC would be "patient" as the economic data evolved. Secondly, on trade, the view emerged that, as far apart as the U.S. and China were on key issues, both were motivated to find some face-saving "deal".

On perceived slowing global growth, there was little relief from most of the incoming data.

In continental Europe, the euro zone's annual growth in gross domestic product ("GDP") in the first quarter of 2019 was just 1.2%. The European Central Bank ("ECB") forecast slightly less for 2019 as a whole. In the UK, Prime Minister May's proposed Brexit deal was repeatedly defeated in parliament and she finally resigned on June 7 with no deal in sight.

In Japan, the economy grew at 2.1% annualized in the first quarter. But it relied on a statistical quirk as imports fell sharply, indicating weakening demand.

China's GDP grew at 6.6% in 2018 over 2017, the smallest advance in 28 years. The official target for 2019 was lowered to 6.0% from 6.5%. Manufacturing activity was contracting, while retail sales were growing at the slowest pace in 16 years.

In the U.S., after annualized GDP growth at 2.2% in the fourth quarter of 2018, first quarter growth surprised to the upside at 3.1%, although it was flattered by volatile inventory and trade elements. The employment situation remained strong, with the unemployment rate down to 3.6%. But more forward-looking indicators like purchasing managers' indices were showing signs of weakness.

Notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed upwards. This all changed in early May when the President tweeted his intention to raise the existing 10% tariff on some $200 billion of imported Chinese goods to 25%. The remaining $325 billion were now in the crosshairs. Trade negotiations with China had evidently broken down. On May 20, he blacklisted Chinese technology giant Huawei from buying hardware and software from U.S. companies, and on the 31st, unexpectedly threatened tariffs on Mexican goods for reasons related to illegal immigration. The Index fell 5.70% in May.

It was central banks to the rescue in June. On June 19, the FOMC left rates unchanged, but markets listened to Powell's comments and heard him signal a cut in July. The previous day ECB President Draghi promised more stimulus if the economic outlook failed to improve, and on the 20th Bank of Japan governor Kuroda said much the same thing, sending the Index to a new all-time high. Plans for tariffs on Mexican imports had by now been "indefinitely suspended". Investors were then left to cheer a truce in the U.S./China trade conflict, agreed between the two Presidents on June 29.

In U.S. fixed income markets, the Treasury yield curve mostly fell and flattened over the period. It partially inverted in March, with the yield on the three-month bill greater than the yield on the ten-year note for the first time since 2007. Some commentators believe this portends economic weakness, as it implies declining short-term rates. For the half-year, the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.11%.

U.S. equities, represented by the S&P 500^® Index including dividends, rose 18.54%, ending fractionally below the record set on June 20. The forward price-earnings ratio of the S&P 500^® Index stood at 16.6, just above the five-year average (16.5), but well above the 10-year average (14.8). Technology was the top performer, soaring 27.13%, led by Microsoft and Apple. Health care, a defensive sector subject to periodic scares over government interference, was the weakest, up 8.07%.

In currencies, the dollar edged up 0.93% against the euro and 0.45% against the pound, but slipped 1.70% against the yen. The dollar was on a rising trend against most currencies, but stalled at the increasingly likely prospect of falling interest rates.

In international markets, the MSCI Japan^® Index rose just 5.81% in the half-year, reflecting Japan's own vulnerability to a trade war and the resilient yen, despite a supportive central bank. The MSCI Europe ex UK^® Index added 17.22%. However, this concealed wide differences, with auto companies vulnerable to trade frictions and banks to low interest rates, both lagging, while industrials led the way. The MSCI UK^® Index rose 12.98%. As usual, a few heavily weighted constituents influenced the result. Thus, top weight HSBC returned just above 5%, while telecoms giant Vodafone and miner Glencore lost money.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Portfolio's performance is subject to change since the period's end and may be lower or higher than the performance data shown. Please call (800) 262-3862 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of Voya Investment Management's Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

2

BENCHMARK DESCRIPTIONS

Index	Description
Bloomberg Barclays U.S. Aggregate Bond Index	An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World IndexSM	An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
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.

3

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 to June 30, 2019. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return									Hypothetical (5% return before expenses)
Voya Global Bond Portfolio	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2019*		Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2019*
Class ADV	$	1,000.00	$	1,064.70		1.17	%	$	5.99	$	1,000.00	$	1,018.99		1.17	%	$	5.86
Class I		1,000.00		1,067.40		0.67			3.43		1,000.00		1,021.47		0.67			3.36
Class S		1,000.00		1,066.10		0.92			4.71		1,000.00		1,020.23		0.92			4.61
Voya International High Dividend Low Volatility Portfolio
Class ADV	$	1,000.00	$	1,101.10		1.35	%	$	7.03	$	1,000.00	$	1,018.10		1.35	%	$	6.76
Class I		1,000.00		1,103.60		0.85			4.43		1,000.00		1,020.58		0.85			4.26
Class S		1,000.00		1,102.50		1.10			5.73		1,000.00		1,019.34		1.10			5.51
Class S2		1,000.00		1,101.90		1.25			6.51		1,000.00		1,018.60		1.25			6.26
VY® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,186.70		1.33	%	$	7.21	$	1,000.00	$	1,018.20		1.33	%	$	6.66
Class I		1,000.00		1,191.30		0.83			4.51		1,000.00		1,020.68		0.83			4.16
Class S		1,000.00		1,189.30		1.08			5.86		1,000.00		1,019.44		1.08			5.41
Class S2		1,000.00		1,188.10		1.23			6.67		1,000.00		1,018.70		1.23			6.16

4

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY® Baron Growth Portfolio	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2019*		Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2019*
Class ADV	$	1,000.00	$	1,282.60		1.49	%	$	8.43	$	1,000.00	$	1,017.41		1.49	%	$	7.45
Class I		1,000.00		1,286.00		0.99			5.61		1,000.00		1,019.89		0.99			4.96
Class R6		1,000.00		1,285.80		0.99			5.61		1,000.00		1,019.89		0.99			4.96
Class S		1,000.00		1,283.90		1.24			7.02		1,000.00		1,018.65		1.24			6.21
Class S2		1,000.00		1,283.10		1.39			7.87		1,000.00		1,017.90		1.39			6.95
VY® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	1,192.20		1.23	%	$	6.69	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class I		1,000.00		1,194.90		0.73			3.97		1,000.00		1,021.17		0.73			3.66
Class S		1,000.00		1,193.80		0.98			5.33		1,000.00		1,019.93		0.98			4.91
VY® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	1,153.30		1.38	%	$	7.37	$	1,000.00	$	1,017.95		1.38	%	$	6.90
Class I		1,000.00		1,156.60		0.88			4.71		1,000.00		1,020.43		0.88			4.41
Class R6		1,000.00		1,157.30		0.88			4.71		1,000.00		1,020.43		0.88			4.41
Class S		1,000.00		1,155.50		1.13			6.04		1,000.00		1,019.19		1.13			5.66
Class S2		1,000.00		1,154.20		1.28			6.84		1,000.00		1,018.45		1.28			6.41
VY® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	1,148.40		1.23	%	$	6.55	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class I		1,000.00		1,151.30		0.73			3.89		1,000.00		1,021.17		0.73			3.66
Class S		1,000.00		1,150.20		0.98			5.22		1,000.00		1,019.93		0.98			4.91
VY® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	1,127.30		1.14	%	$	6.01	$	1,000.00	$	1,019.14		1.14	%	$	5.71
Class I		1,000.00		1,130.20		0.64			3.38		1,000.00		1,021.62		0.64			3.21
Class S		1,000.00		1,128.80		0.89			4.70		1,000.00		1,020.38		0.89			4.46
Class S2		1,000.00		1,128.00		1.02			5.38		1,000.00		1,019.74		1.02			5.11
VY® Invesco Oppenheimer Global Portfolio
Class ADV	$	1,000.00	$	1,212.20		1.26	%	$	6.91	$	1,000.00	$	1,018.55		1.26	%	$	6.31
Class I		1,000.00		1,215.00		0.76			4.17		1,000.00		1,021.03		0.76			3.81
Class S		1,000.00		1,213.70		1.01			5.54		1,000.00		1,019.79		1.01			5.06
Class S2		1,000.00		1,213.00		1.16			6.36		1,000.00		1,019.04		1.16			5.81
VY® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,179.20		1.39	%	$	7.51	$	1,000.00	$	1,017.90		1.39	%	$	6.95
Class I		1,000.00		1,182.30		0.89			4.82		1,000.00		1,020.38		0.89			4.46
Class S		1,000.00		1,181.10		1.14			6.17		1,000.00		1,019.14		1.14			5.71
Class S2		1,000.00		1,180.40		1.29			6.97		1,000.00		1,018.40		1.29			6.46
VY® Pioneer High Yield Portfolio
Class I	$	1,000.00	$	1,093.30		0.84	%	$	4.36	$	1,000.00	$	1,020.63		0.84	%	$	4.21
Class S		1,000.00		1,092.00		1.09			5.65		1,000.00		1,019.39		1.09			5.46

5

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2019*		Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2019*
Class ADV	$	1,000.00	$	1,274.20		1.28	%	$	7.22	$	1,000.00	$	1,018.45		1.28	%	$	6.41
Class I		1,000.00		1,277.10		0.78			4.40		1,000.00		1,020.93		0.78			3.91
Class R6		1,000.00		1,277.10		0.78			4.40		1,000.00		1,020.93		0.78			3.91
Class S		1,000.00		1,275.20		1.03			5.81		1,000.00		1,019.69		1.03			5.16
Class S2		1,000.00		1,274.90		1.18			6.66		1,000.00		1,018.94		1.18			5.91
VY® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	1,200.10		1.21	%	$	6.60	$	1,000.00	$	1,018.79		1.21	%	$	6.06
Class I		1,000.00		1,203.20		0.71			3.88		1,000.00		1,021.27		0.71			3.56
Class S		1,000.00		1,201.60		0.96			5.24		1,000.00		1,020.03		0.96			4.81
Class S2		1,000.00		1,200.70		1.11			6.06		1,000.00		1,019.29		1.11			5.56

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

6

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED)

	Voya Global Bond Portfolio		Voya International High Dividend Low Volatility Portfolio		VY® American Century Small-Mid Cap Value Portfolio		VY® Baron Growth Portfolio
ASSETS:
Investments in securities at fair value+*	$	164,772,867	$	481,160,786	$	359,887,583	$	808,775,554
Investments in affiliated underlying funds at fair value**		37,199,239		—		—		—
Short-term investments at fair value***		21,984,186		7,061,969		8,378,845		9,748,487
Cash		209,379		739,353		—		—
Cash collateral for futures		756,270		—		—		—
Cash pledged for centrally cleared swaps (Note 2)		1,781,000		—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		1,586,000		—		—		—
Foreign currencies at value****		—		6,333,432		405,345		—
Foreign cash collateral for futures*****		63,704		—		—		—
Receivables:
Investment securities sold		—		16,839,366		1,547,831		93,020
Investment securities sold on a delayed-delivery or when-issued basis		4,194,172		—		—		—
Fund shares sold		94,987		36,472		120,479		58,541
Dividends		87,293		1,411,935		628,254		906,294
Interest		1,067,994		—		—		—
Foreign tax reclaims		6,370		1,554,402		5,190		—
Unrealized appreciation on forward foreign currency contracts		521,287		1,536		2,805		—
Unrealized appreciation on forward premium swaptions		98,315		—		—		—
Reimbursement due from manager		2,982		6,760		39,029		—
Other assets		15,253		59,371		12,090		35,116
Total assets		234,441,298		515,205,382		371,027,451		819,617,012
LIABILITIES:
Payable for investment securities purchased		11,484,313		21,078,520		1,081,721		1,628,967
Payable for investment securities purchased on a delayed-delivery or when-issued basis		13,779,420		—		—		—
Payable for fund shares redeemed		36,757		3,452,332		1,538,301		300,658
Payable upon receipt of securities loaned		—		7,061,969		4,567,483		—
Unrealized depreciation on forward foreign currency contracts		411,244		744		73,315		—
Unrealized depreciation on forward premium swaptions		2,627		—		—		—
Variation margin payable on centrally cleared swaps		22,649		—		—		—
Cash received as collateral for OTC derivatives (Note 2)		1,030,000		—		—		—
Payable for investment management fees		100,130		238,597		271,638		629,473
Payable for distribution and shareholder service fees		16,348		77,012		61,572		151,462
Payable to custodian due to foreign currency overdraft******		—		—		—		123
Payable to directors under the deferred compensation plan (Note 6)		15,253		59,371		12,090		35,116
Payable for director fees		1,015		2,460		1,781		3,816
Other accrued expenses and liabilities		68,787		302,024		77,818		137,248
Written options, at fair value^		1,326,022		—		—		—
Total liabilities		28,294,565		32,273,029		7,685,719		2,886,863
NET ASSETS	$	206,146,733	$	482,932,353	$	363,341,732	$	816,730,149
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	202,911,603	$	369,748,776	$	318,338,876	$	158,324,960
Total distributable earnings		3,235,130		113,183,577		45,002,856		658,405,189
NET ASSETS	$	206,146,733	$	482,932,353	$	363,341,732	$	816,730,149
+ Including securities loaned at value	$	—	$	6,718,364	$	4,437,323	$	—
* Cost of investments in securities	$	160,688,095	$	476,398,606	$	353,996,801	$	235,267,570
** Cost of investments in affiliated underlying funds	$	39,371,730	$	—	$	—	$	—
*** Cost of short-term investments	$	21,987,566	$	7,061,969	$	8,378,845	$	9,748,487
**** Cost of foreign currencies	$	—	$	6,333,387	$	405,345	$	—
***** Cost of foreign cash collateral for futures	$	63,704	$	—	$	—	$	—
****** Cost of foreign currency overdraft	$	—	$	—	$	—	$	123
^ Premiums received on written options	$	240,000	$	—	$	—	$	—

See Accompanying Notes to Financial Statements
7

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

	Voya Global Bond Portfolio		Voya International High Dividend Low Volatility Portfolio		VY® American Century Small-Mid Cap Value Portfolio		VY® Baron Growth Portfolio
Class ADV:
Net assets	$	22,202,028	$	30,824,362	$	104,605,118	$	102,063,747
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		2,043,140		2,572,904		9,141,021		3,230,689
Net asset value and redemption price per share	$	10.87	$	11.98	$	11.44	$	31.59
Class I:
Net assets	$	147,862,258	$	137,569,159	$	165,406,870	$	145,484,760
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		13,368,849		11,327,829		13,483,329		4,127,750
Net asset value and redemption price per share	$	11.06	$	12.14	$	12.27	$	35.25
Class R6:
Net assets		n/a		n/a		n/a	$	28,793,287
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		816,467
Net asset value and redemption price per share		n/a		n/a		n/a	$	35.27
Class S:
Net assets	$	36,082,447	$	314,170,230	$	89,848,884	$	538,084,698
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		3,266,411		26,070,377		7,448,676		16,058,453
Net asset value and redemption price per share	$	11.05	$	12.05	$	12.06	$	33.51
Class S2:
Net assets		n/a	$	368,602	$	3,480,860	$	2,303,657
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		30,449		304,444		72,190
Net asset value and redemption price per share		n/a	$	12.11	$	11.43	$	31.91

See Accompanying Notes to Financial Statements
8

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED)

	VY® Columbia Contrarian Core Portfolio		VY® Columbia Small Cap Value II Portfolio		VY® Invesco Comstock Portfolio		VY® Invesco Equity and Income Portfolio
ASSETS:
Investments in securities at fair value+*	$	275,249,867	$	166,234,154	$	429,752,140	$	1,281,717,077
Short-term investments at fair value**		5,175,744		1,993,165		25,026,539		102,842,158
Cash		—		—		11,809		—
Foreign currencies at value***		—		—		80,350		473,542
Receivables:
Investment securities sold		617,342		1,059,356		2,553,763		1,739,165
Fund shares sold		11,789		68,870		1,077,251		21,130
Dividends		254,018		272,170		604,522		1,544,303
Interest		—		—		—		2,638,506
Foreign tax reclaims		—		—		207,777		497,693
Unrealized appreciation on forward foreign currency contracts		—		—		2,776		48,493
Reimbursement due from manager		41,914		—		—		27,589
Other assets		15,447		10,031		26,125		91,896
Total assets		281,366,121		169,637,746		459,343,052		1,391,641,552
LIABILITIES:
Payable for investment securities purchased		1,894,084		626,107		318,777		909,243
Payable for fund shares redeemed		46,438		53,861		145,859		2,234,318
Payable upon receipt of securities loaned		—		—		—		33,036,594
Unrealized depreciation on forward foreign currency contracts		—		—		396,553		737,388
Payable for investment management fees		197,736		112,520		251,159		688,766
Payable for distribution and shareholder service fees		59,512		31,789		59,443		220,925
Payable to directors under the deferred compensation plan (Note 6)		15,447		10,031		26,125		91,896
Payable for director fees		1,361		863		2,400		6,814
Other accrued expenses and liabilities		65,688		48,251		117,270		358,578
Total liabilities		2,280,266		883,422		1,317,586		38,284,522
NET ASSETS	$	279,085,855	$	168,754,324	$	458,025,466	$	1,353,357,030
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	185,247,535	$	123,620,968	$	342,758,871	$	1,129,525,784
Total distributable earnings		93,838,320		45,133,356		115,266,595		223,831,246
NET ASSETS	$	279,085,855	$	168,754,324	$	458,025,466	$	1,353,357,030
+ Including securities loaned at value	$	—	$	—	$	—	$	32,342,850
* Cost of investments in securities	$	217,872,065	$	141,980,555	$	386,281,948	$	1,164,156,027
** Cost of short-term investments	$	5,175,744	$	1,993,165	$	25,026,539	$	102,842,158
*** Cost of foreign currencies	$	—	$	—	$	79,885	$	474,888

See Accompanying Notes to Financial Statements
9

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

	VY® Columbia Contrarian Core Portfolio		VY® Columbia Small Cap Value II Portfolio		VY® Invesco Comstock Portfolio		VY® Invesco Equity and Income Portfolio
Class ADV:
Net assets	$	23,310,663	$	28,642,382	$	30,236,588	$	44,628,578
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		1,032,505		1,721,901		1,514,292		1,016,301
Net asset value and redemption price per share	$	22.58	$	16.63	$	19.97	$	43.91
Class I:
Net assets	$	7,757,536	$	36,352,958	$	193,386,359	$	484,542,087
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		324,476		2,104,284		9,588,247		10,841,629
Net asset value and redemption price per share	$	23.91	$	17.28	$	20.17	$	44.69
Class R6:
Net assets		n/a	$	5,710,349		n/a		n/a
Shares authorized		n/a		100,000,000		n/a		n/a
Par value		n/a	$	0.001		n/a		n/a
Shares outstanding		n/a		330,362		n/a		n/a
Net asset value and redemption price per share		n/a	$	17.29		n/a		n/a
Class S:
Net assets	$	248,017,656	$	95,328,972	$	234,402,519	$	486,573,193
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		10,623,006		5,552,514		11,639,148		10,969,124
Net asset value and redemption price per share	$	23.35	$	17.17	$	20.14	$	44.36
Class S2:
Net assets		n/a	$	2,719,663		n/a	$	337,613,172
Shares authorized		n/a		100,000,000		n/a		100,000,000
Par value		n/a	$	0.001		n/a	$	0.001
Shares outstanding		n/a		163,645		n/a		7,723,883
Net asset value and redemption price per share		n/a	$	16.62		n/a	$	43.71

See Accompanying Notes to Financial Statements
10

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED)

	VY® Invesco Oppenheimer Global Portfolio		VY® JPMorgan Mid Cap Value Portfolio		VY® Pioneer High Yield Portfolio		VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
ASSETS:
Investments in securities at fair value+*	$	1,492,306,996	$	437,745,133	$	91,048,034	$	1,107,640,269
Short-term investments at fair value**		20,539,443		10,224,293		4,569,148		8,056,140
Cash		17,045		—		—		493,929
Cash collateral for futures		—		—		68,452		—
Cash pledged for centrally cleared swaps (Note 2)		—		—		147,101		—
Receivables:
Investment securities sold		204,928		1,451,453		5,445,834		2,467,410
Fund shares sold		69,801		20,003		37,303		99,407
Dividends		170,062		685,270		16,681		443,492
Interest		—		—		1,393,109		—
Foreign tax reclaims		2,192,177		—		—		—
Reimbursement due from manager		370,000		—		6,327		—
Other assets		80,750		21,865		6,091		42,996
Total assets		1,515,951,202		450,148,017		102,738,080		1,119,243,643
LIABILITIES:
Payable for investment securities purchased		755,089		249,177		2,368,475		1,130,517
Payable for fund shares redeemed		6,297,762		317,412		19,414		541,749
Payable upon receipt of securities loaned		—		2,426,581		—		8,055,358
Variation margin payable on centrally cleared swaps		—		—		1,338		—
Payable for investment management fees		845,717		307,907		56,349		659,857
Payable for distribution and shareholder service fees		85,379		77,681		447		43,368
Payable to custodian due to bank overdraft		—		—		699,648		—
Payable to custodian due to foreign currency overdraft***		36		—		—		—
Payable to directors under the deferred compensation plan (Note 6)		80,750		21,865		6,091		42,996
Payable for director fees		7,379		2,239		484		5,135
Payable for proxy and solicitation costs (Note 6)		—		—		122,596		—
Other accrued expenses and liabilities		383,794		100,768		37,346		116,500
Total liabilities		8,455,906		3,503,630		3,312,188		10,595,480
NET ASSETS	$	1,507,495,296	$	446,644,387	$	99,425,892	$	1,108,648,163
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	557,120,816	$	270,443,746	$	98,628,881	$	591,400,274
Total distributable earnings		950,374,480		176,200,641		797,011		517,247,889
NET ASSETS	$	1,507,495,296	$	446,644,387	$	99,425,892	$	1,108,648,163
+ Including securities loaned at value	$	—	$	2,363,466	$	—	$	7,839,290
* Cost of investments in securities	$	798,774,105	$	331,707,352	$	89,469,273	$	750,454,196
** Cost of short-term investments	$	20,539,443	$	10,224,293	$	4,569,127	$	8,056,140
*** Cost of foreign currency overdraft	$	36	$	—	$	—	$	—

See Accompanying Notes to Financial Statements
11

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

	VY® Invesco Oppenheimer Global Portfolio		VY® JPMorgan Mid Cap Value Portfolio		VY® Pioneer High Yield Portfolio		VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV:
Net assets	$	117,239,235	$	89,125,636		n/a	$	80,776,942
Shares authorized		100,000,000		100,000,000		n/a		100,000,000
Par value	$	0.001	$	0.001		n/a	$	0.001
Shares outstanding		5,669,603		4,802,110		n/a		6,981,157
Net asset value and redemption price per share	$	20.68	$	18.56		n/a	$	11.57
Class I:
Net assets	$	1,199,436,495	$	153,040,536	$	97,129,944	$	952,115,514
Shares authorized		250,000,000		100,000,000		100,000,000		250,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		55,269,522		8,000,333		8,244,414		73,539,547
Net asset value and redemption price per share	$	21.70	$	19.13	$	11.78	$	12.95
Class R6:
Net assets		n/a		n/a		n/a	$	23,275,590
Shares authorized		n/a		n/a		n/a		100,000,000
Par value		n/a		n/a		n/a	$	0.001
Shares outstanding		n/a		n/a		n/a		1,796,909
Net asset value and redemption price per share		n/a		n/a		n/a	$	12.95
Class S:
Net assets	$	186,052,059	$	202,599,048	$	2,295,948	$	47,174,672
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		8,929,720		10,714,658		195,103		3,799,123
Net asset value and redemption price per share	$	20.84	$	18.91	$	11.77	$	12.42
Class S2:
Net assets	$	4,767,507	$	1,879,167		n/a	$	5,305,445
Shares authorized		100,000,000		100,000,000		n/a		100,000,000
Par value	$	0.001	$	0.001		n/a	$	0.001
Shares outstanding		235,747		101,485		n/a		455,800
Net asset value and redemption price per share	$	20.22	$	18.52		n/a	$	11.64

See Accompanying Notes to Financial Statements
12

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED)

	VY® T. Rowe Price Growth Equity Portfolio
ASSETS:
Investments in securities at fair value+*	$	1,915,678,979
Short-term investments at fair value**		60,897,810
Cash		2,831,968
Receivables:
Investment securities sold		9,663,731
Fund shares sold		477,832
Dividends		444,743
Other assets		69,690
Total assets		1,990,064,753
LIABILITIES:
Payable for investment securities purchased		1,640,663
Payable for fund shares redeemed		1,283,880
Payable upon receipt of securities loaned		57,033,149
Payable for investment management fees		1,058,009
Payable for distribution and shareholder service fees		190,217
Payable to directors under the deferred compensation plan (Note 6)		69,690
Payable for director fees		9,313
Other accrued expenses and liabilities		240,339
Total liabilities		61,525,260
NET ASSETS	$	1,928,539,493
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	1,130,300,441
Total distributable earnings		798,239,052
NET ASSETS	$	1,928,539,493
+ Including securities loaned at value	$	55,584,870
* Cost of investments in securities	$	1,360,787,347
** Cost of short-term investments	$	60,897,810

See Accompanying Notes to Financial Statements
13

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

	VY® T. Rowe Price Growth Equity Portfolio
Class ADV:
Net assets	$	284,066,722
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		3,335,674
Net asset value and redemption price per share	$	85.16
Class I:
Net assets	$	1,272,950,435
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		13,557,051
Net asset value and redemption price per share	$	93.90
Class S:
Net assets	$	361,644,202
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		4,037,548
Net asset value and redemption price per share	$	89.57
Class S2:
Net assets	$	9,878,134
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		114,102
Net asset value and redemption price per share	$	86.57

See Accompanying Notes to Financial Statements
14

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (UNAUDITED)

	Voya Global Bond Portfolio			Voya International High Dividend Low Volatility Portfolio			VY® American Century Small-Mid Cap Value Portfolio			VY® Baron Growth Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	46,473		$	10,684,708		$	4,218,338		$	4,446,436
Interest, net of foreign taxes withheld*		2,810,135			50,699			—			—
Dividends from affiliated underlying funds		756,400			—			—			—
Securities lending income, net		11,043			40,483			100,937			—
Total investment income		3,624,051			10,775,890			4,319,275			4,446,436
EXPENSES:
Investment management fees		603,485			1,952,767			1,916,349			3,596,052
Distribution and shareholder service fees:
Class ADV		54,348			77,603			253,455			236,760
Class S		43,848			395,588			108,589			631,457
Class S2		—			765			6,592			4,057
Transfer agent fees		165			498			615			678
Shareholder reporting expense		13,039			32,110			18,643			33,692
Professional fees		11,057			26,785			16,109			26,521
Custody and accounting expense		41,085			121,120			68,825			43,124
Director fees		4,057			9,840			7,123			15,267
Shareholder notification costs (Note 6)		—			76,700			—			—
Miscellaneous expense		6,440			18,035			13,711			16,185
Interest expense		1,364			1,171			—			6,029
Total expenses		778,888			2,712,982			2,410,011			4,609,822
Waived and reimbursed fees		(6,100	)		(176,384	)		(571,875	)		—
Brokerage commission recapture		—			(7,987	)		—			—
Net expenses		772,788			2,528,611			1,838,136			4,609,822
Net investment income (loss)		2,851,263			8,247,279			2,481,139			(163,386	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of Indian capital gains tax withheld^)		1,542,958			54,737,600			1,346,019			22,958,201
Sale of affiliated underlying funds		(936,338	)		—			—			—
Forward foreign currency contracts		107,291			(569,517	)		63,239			—
Foreign currency related transactions		201,479			192,945			(304	)		1,093
Futures		1,024,939			—			—			—
Swaps		1,574,335			—			—			—
Written options		(270,648	)		—			—			—
Net realized gain		3,244,016			54,361,028			1,408,954			22,959,294
Net change in unrealized appreciation (depreciation) on:
Investments		6,940,243			(14,654,116	)		55,349,102			161,312,260
Affiliated underlying funds		4,293,491			—			—			—
Forward foreign currency contracts		(511,706	)		792			45,617			—
Foreign currency related transactions		(119,607	)		20,044			601			(12	)
Futures		(41,660	)		—			—			—
Swaps		(3,899,241	)		—			—			—
Written options		438,450			—			—			—
Net change in unrealized appreciation (depreciation)		7,099,970			(14,633,280	)		55,395,320			161,312,248
Net realized and unrealized gain		10,343,986			39,727,748			56,804,274			184,271,542
Increase in net assets resulting from operations	$	13,195,249		$	47,975,027		$	59,285,413		$	184,108,156
*Foreign taxes withheld	$	17,279		$	1,056,309		$	52,052		$	—
^Foreign taxes on sale of Indian investments	$	—		$	25,558		$	—		$	—

See Accompanying Notes to Financial Statements
15

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (UNAUDITED)

	VY® Columbia Contrarian Core Portfolio			VY® Columbia Small Cap Value II Portfolio			VY® Invesco Comstock Portfolio			VY® Invesco Equity and Income Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,594,423		$	1,430,375		$	6,890,466		$	12,406,884
Interest		—			—			—			6,010,039
Securities lending income, net		—			—			14,611			81,314
Total investment income		2,594,423			1,430,375			6,905,077			18,498,237
EXPENSES:
Investment management fees		1,215,318			727,695			1,666,301			4,295,679
Distribution and shareholder service fees:
Class ADV		56,241			74,332			75,379			110,918
Class S		300,396			120,665			290,165			604,994
Class S2		—			5,305			—			671,185
Transfer agent fees		331			333			600			1,093
Shareholder reporting expense		14,038			11,584			20,760			65,679
Professional fees		11,273			9,661			21,177			48,971
Custody and accounting expense		23,792			16,508			48,954			112,869
Director fees		5,446			3,453			9,601			27,254
Miscellaneous expense		7,172			8,321			14,215			31,324
Total expenses		1,634,007			977,857			2,147,152			5,969,966
Waived and reimbursed fees		(292,406	)		(25,449	)		(50,938	)		(275,156	)
Brokerage commission recapture		(6,843	)		(1,767	)		(1,080	)		(315	)
Net expenses		1,334,758			950,641			2,095,134			5,694,495
Net investment income		1,259,665			479,734			4,809,943			12,803,742
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		2,612,548			(418,594	)		27,299,875			24,275,489
Forward foreign currency contracts		—			—			483,600			967,914
Foreign currency related transactions		—			—			897			(9,656	)
Net realized gain (loss)		2,612,548			(418,594	)		27,784,372			25,233,747
Net change in unrealized appreciation (depreciation) on:
Investments		43,326,183			24,332,658			36,561,307			126,418,776
Forward foreign currency contracts		—			—			(320,492	)		(568,383	)
Foreign currency related transactions		—			—			4,049			6,141
Net change in unrealized appreciation (depreciation)		43,326,183			24,332,658			36,244,864			125,856,534
Net realized and unrealized gain		45,938,731			23,914,064			64,029,236			151,090,281
Increase in net assets resulting from operations	$	47,198,396		$	24,393,798		$	68,839,179		$	163,894,023
*Foreign taxes withheld	$	9,823		$	3,720		$	127,517		$	217,194

See Accompanying Notes to Financial Statements
16

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (UNAUDITED)

	VY® Invesco Oppenheimer Global Portfolio			VY® JPMorgan Mid Cap Value Portfolio			VY® Pioneer High Yield Portfolio			VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	15,003,846		$	4,625,109		$	63,450		$	4,629,785
Interest		—			—			2,638,068			—
Securities lending income, net		204,979			4,240			—			48,900
Total investment income		15,208,825			4,629,349			2,701,518			4,678,685
EXPENSES:
Investment management fees		5,122,887			1,887,217			336,245			3,768,660
Distribution and shareholder service fees:
Class ADV		281,552			218,692			—			181,113
Class S		228,002			251,664			2,595			55,709
Class S2		8,983			4,002			—			9,703
Transfer agent fees		1,252			447			200			787
Shareholder reporting expense		72,400			20,815			9,955			42,535
Professional fees		61,721			17,376			5,658			34,817
Custody and accounting expense		209,055			31,313			22,082			58,259
Director fees		29,516			8,955			1,937			20,540
Proxy and solicitation costs (Note 6)		—			—			131,400			—
Miscellaneous expense		37,716			9,781			4,242			20,803
Interest expense		—			240			640			368
Total expenses		6,053,084			2,450,502			514,954			4,193,294
Waived and reimbursed fees		—			—			(106,945	)		—
Brokerage commission recapture		—			(2,135	)		—			—
Net expenses		6,053,084			2,448,367			408,009			4,193,294
Net investment income		9,155,741			2,180,982			2,293,509			485,391
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		4,532,739			14,336,439			(508,647	)		49,736,317
Forward foreign currency contracts		(58,601	)		—			—			—
Foreign currency related transactions		(35,283	)		—			(82	)		—
Futures		—			—			(123,749	)		—
Swaps		—			—			25,785			—
Net realized gain (loss)		4,438,855			14,336,439			(606,693	)		49,736,317
Net change in unrealized appreciation (depreciation) on:
Investments		266,488,532			56,815,764			6,852,951			190,657,084
Foreign currency related transactions		4,449			—			44			—
Futures		—			—			(40,038	)		—
Swaps		—			—			25,263			—
Net change in unrealized appreciation (depreciation)		266,492,981			56,815,764			6,838,220			190,657,084
Net realized and unrealized gain		270,931,836			71,152,203			6,231,527			240,393,401
Increase in net assets resulting from operations	$	280,087,577		$	73,333,185		$	8,525,036		$	240,878,792
*Foreign taxes withheld	$	1,364,777		$	—		$	—		$	13,377

See Accompanying Notes to Financial Statements
17

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (UNAUDITED)

	VY® T. Rowe Price Growth Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	7,432,934
Interest		8,040
Securities lending income, net		20,529
Total investment income		7,461,503
EXPENSES:
Investment management fees		6,465,487
Distribution and shareholder service fees:
Class ADV		672,605
Class S		444,945
Class S2		19,238
Transfer agent fees		1,447
Shareholder reporting expense		68,288
Professional fees		60,816
Custody and accounting expense		112,429
Director fees		37,252
Miscellaneous expense		34,998
Total expenses		7,917,505
Waived and reimbursed fees		(175,198	)
Net expenses		7,742,307
Net investment (loss)		(280,804	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		34,744,096
Foreign currency related transactions		4,946
Net realized gain		34,749,042
Net change in unrealized appreciation (depreciation) on:
Investments		298,266,273
Foreign currency related transactions		(35	)
Net change in unrealized appreciation (depreciation)		298,266,238
Net realized and unrealized gain		333,015,280
Increase in net assets resulting from operations	$	332,734,476
*Foreign taxes withheld	$	75,386

See Accompanying Notes to Financial Statements
18

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Portfolio						Voya International High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	2,851,263		$	6,813,827		$	8,247,279		$	8,990,733
Net realized gain (loss)		3,244,016			(5,154,958	)		54,361,028			39,105,623
Net change in unrealized appreciation (depreciation)		7,099,970			(6,303,437	)		(14,633,280	)		(134,006,113	)
Increase (decrease) in net assets resulting from operations		13,195,249			(4,644,568	)		47,975,027			(85,909,757	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(259,701	)		(769,925	)		—			(573,585	)
Class I		(2,083,985	)		(5,803,370	)		—			(3,467,151	)
Class S		(462,632	)		(1,366,597	)		—			(6,719,064	)
Class S2		—			—			—			(2,851	)
Total distributions		(2,806,318	)		(7,939,892	)		—			(10,762,651	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		4,936,928			15,122,844			4,402,709			18,768,528
Reinvestment of distributions		2,806,318			7,939,892			—			10,762,651
		7,743,246			23,062,736			4,402,709			29,531,179
Cost of shares redeemed		(16,468,926	)		(34,417,143	)		(44,280,765	)		(85,626,571	)
Net decrease in net assets resulting from capital share transactions		(8,725,680	)		(11,354,407	)		(39,878,056	)		(56,095,392	)
Net increase (decrease) in net assets		1,663,251			(23,938,867	)		8,096,971			(152,767,800	)
NET ASSETS:
Beginning of year or period		204,483,482			228,422,349			474,835,382			627,603,182
End of year or period	$	206,146,733		$	204,483,482		$	482,932,353		$	474,835,382

See Accompanying Notes to Financial Statements
19

STATEMENTS OF CHANGES IN NET ASSETS

	VY® American Century Small-Mid Cap Value Portfolio						VY® Baron Growth Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income (loss)	$	2,481,139		$	3,927,997		$	(163,386	)	$	(452,012	)
Net realized gain		1,408,954			34,841,089			22,959,294			68,149,880
Net change in unrealized appreciation (depreciation)		55,395,320			(92,265,050	)		161,312,248			(79,072,995	)
Increase (decrease) in net assets resulting from operations		59,285,413			(53,495,964	)		184,108,156			(11,375,127	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(12,531,586	)		—			(9,617,517	)
Class I		—			(18,924,313	)		—			(12,799,676	)
Class R6		—			—			—			(1,297,132	)
Class S		—			(11,088,373	)		—			(51,924,632	)
Class S2		—			(448,005	)		—			(234,454	)
Total distributions		—			(42,992,277	)		—			(75,873,411	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		27,509,022			59,400,575			32,557,595			86,703,502
Reinvestment of distributions		—			42,992,277			—			75,873,411
		27,509,022			102,392,852			32,557,595			162,576,913
Cost of shares redeemed		(39,991,874	)		(66,783,280	)		(69,123,275	)		(165,703,704	)
Net increase (decrease) in net assets resulting from capital share transactions		(12,482,852	)		35,609,572			(36,565,680	)		(3,126,791	)
Net increase (decrease) in net assets		46,802,561			(60,878,669	)		147,542,476			(90,375,329	)
NET ASSETS:
Beginning of year or period		316,539,171			377,417,840			669,187,673			759,563,002
End of year or period	$	363,341,732		$	316,539,171		$	816,730,149		$	669,187,673

See Accompanying Notes to Financial Statements
20

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Columbia Contrarian Core Portfolio						VY® Columbia Small Cap Value II Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	1,259,665		$	2,538,545		$	479,734		$	565,067
Net realized gain (loss)		2,612,548			31,116,313			(418,594	)		20,249,835
Net change in unrealized appreciation (depreciation)		43,326,183			(57,899,017	)		24,332,658			(54,637,824	)
Increase (decrease) in net assets resulting from operations		47,198,396			(24,244,159	)		24,393,798			(33,822,922	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(2,909,173	)		—			(3,708,442	)
Class I		—			(1,071,961	)		—			(4,664,883	)
Class R6		—			—			—			(669,195	)
Class S		—			(28,941,556	)		—			(12,004,777	)
Class S2		—			—			—			(368,284	)
Total distributions		—			(32,922,690	)		—			(21,415,581	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		1,638,619			5,769,940			5,874,891			24,634,720
Reinvestment of distributions		—			32,922,690			—			21,415,581
		1,638,619			38,692,630			5,874,891			46,050,301
Cost of shares redeemed		(21,023,285	)		(54,892,340	)		(20,179,282	)		(45,851,085	)
Net increase (decrease) in net assets resulting from capital share transactions		(19,384,666	)		(16,199,710	)		(14,304,391	)		199,216
Net increase (decrease) in net assets		27,813,730			(73,366,559	)		10,089,407			(55,039,287	)
NET ASSETS:
Beginning of year or period		251,272,125			324,638,684			158,664,917			213,704,204
End of year or period	$	279,085,855		$	251,272,125		$	168,754,324		$	158,664,917

See Accompanying Notes to Financial Statements
21

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Invesco Comstock Portfolio						VY® Invesco Equity and Income Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	4,809,943		$	8,030,430		$	12,803,742		$	26,345,545
Net realized gain		27,784,372			42,920,467			25,233,747			75,191,935
Net change in unrealized appreciation (depreciation)		36,244,864			(113,328,174	)		125,856,534			(241,086,245	)
Increase (decrease) in net assets resulting from operations		68,839,179			(62,377,277	)		163,894,023			(139,548,765	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(343,478	)		—			(3,961,563	)
Class I		—			(3,805,062	)		—			(44,057,761	)
Class S		—			(3,279,768	)		—			(42,757,248	)
Class S2		—			—			—			(29,253,116	)
Total distributions		—			(7,428,308	)		—			(120,029,688	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		15,205,852			129,215,150			4,834,736			17,173,506
Reinvestment of distributions		—			7,428,308			—			120,029,688
		15,205,852			136,643,458			4,834,736			137,203,194
Cost of shares redeemed		(88,720,443	)		(102,854,056	)		(112,468,113	)		(256,974,933	)
Net increase (decrease) in net assets resulting from capital share transactions		(73,514,591	)		33,789,402			(107,633,377	)		(119,771,739	)
Net increase (decrease) in net assets		(4,675,412	)		(36,016,183	)		56,260,646			(379,350,192	)
NET ASSETS:
Beginning of year or period		462,700,878			498,717,061			1,297,096,384			1,676,446,576
End of year or period	$	458,025,466		$	462,700,878		$	1,353,357,030		$	1,297,096,384

See Accompanying Notes to Financial Statements
22

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Invesco Oppenheimer Global Portfolio						VY® JPMorgan Mid Cap Value Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	9,155,741		$	10,921,163		$	2,180,982		$	5,523,023
Net realized gain		4,438,855			253,555,506			14,336,439			54,383,439
Net change in unrealized appreciation (depreciation)		266,492,981			(467,680,242	)		56,815,764			(116,778,313	)
Increase (decrease) in net assets resulting from operations		280,087,577			(203,203,573	)		73,333,185			(56,871,851	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(9,769,648	)		—			(8,727,492	)
Class I		—			(106,189,185	)		—			(16,991,070	)
Class S		—			(17,292,594	)		—			(21,524,896	)
Class S2		—			(380,527	)		—			(247,852	)
Total distributions		—			(133,631,954	)		—			(47,491,310	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		8,503,730			53,037,519			4,811,051			20,875,714
Reinvestment of distributions		—			133,631,954			—			47,491,310
		8,503,730			186,669,473			4,811,051			68,367,024
Cost of shares redeemed		(115,785,861	)		(262,406,375	)		(45,904,037	)		(120,615,767	)
Net decrease in net assets resulting from capital share transactions		(107,282,131	)		(75,736,902	)		(41,092,986	)		(52,248,743	)
Net increase (decrease) in net assets		172,805,446			(412,572,429	)		32,240,199			(156,611,904	)
NET ASSETS:
Beginning of year or period		1,334,689,850			1,747,262,279			414,404,188			571,016,092
End of year or period	$	1,507,495,296		$	1,334,689,850		$	446,644,387		$	414,404,188

See Accompanying Notes to Financial Statements
23

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Pioneer High Yield Portfolio						VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	2,293,509		$	5,057,620		$	485,391		$	3,184,925
Net realized gain (loss)		(606,693	)		680,704			49,736,317			110,954,170
Net change in unrealized appreciation (depreciation)		6,838,220			(8,281,485	)		190,657,084			(139,167,658	)
Increase (decrease) in net assets resulting from operations		8,525,036			(2,543,161	)		240,878,792			(25,028,563	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			—			—			(7,077,906	)
Class I		(2,320,325	)		(5,069,426	)		—			(84,724,065	)
Class R6		—			—			—			(1,316,053	)
Class S		(48,705	)		(139,264	)		—			(5,077,125	)
Class S2		—			—			—			(452,699	)
Total distributions		(2,369,030	)		(5,208,690	)		—			(98,647,848	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		4,236,175			11,445,657			38,805,364			37,754,869
Reinvestment of distributions		2,369,030			5,208,690			—			98,647,848
		6,605,205			16,654,347			38,805,364			136,402,717
Cost of shares redeemed		(5,419,047	)		(18,530,617	)		(58,039,882	)		(136,060,334	)
Net increase (decrease) in net assets resulting from capital share transactions		1,186,158			(1,876,270	)		(19,234,518	)		342,383
Net increase (decrease) in net assets		7,342,164			(9,628,121	)		221,644,274			(123,334,028	)
NET ASSETS:
Beginning of year or period		92,083,728			101,711,849			887,003,889			1,010,337,917
End of year or period	$	99,425,892		$	92,083,728		$	1,108,648,163		$	887,003,889

See Accompanying Notes to Financial Statements
24

STATEMENTS OF CHANGES IN NET ASSETS

	VY® T. Rowe Price Growth Equity Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income (loss)	$	(280,804	)	$	2,631,363
Net realized gain		34,749,042			209,220,291
Net change in unrealized appreciation (depreciation)		298,266,238			(227,279,367	)
Increase (decrease) in net assets resulting from operations		332,734,476			(15,427,713	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(45,353,718	)
Class I		—			(195,495,575	)
Class S		—			(65,810,841	)
Class S2		—			(1,626,233	)
Total distributions		—			(308,286,367	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		76,924,264			284,145,955
Reinvestment of distributions		—			308,286,367
		76,924,264			592,432,322
Cost of shares redeemed		(151,512,227	)		(337,400,591	)
Net increase (decrease) in net assets resulting from capital share transactions		(74,587,963	)		255,031,731
Net increase (decrease) in net assets		258,146,513			(68,682,349	)
NET ASSETS:
Beginning of year or period		1,670,392,980			1,739,075,329
End of year or period	$	1,928,539,493		$	1,670,392,980

See Accompanying Notes to Financial Statements
25

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
Voya Global Bond Portfolio
Class ADV
06-30-19+		10.33		0.13	•		0.53			0.66			0.12		—		—
12-31-18		10.94		0.29	•		(0.55	)		(0.26	)		0.35		—		—
12-31-17		10.24		0.26	•		0.66			0.92			0.22		—		—
12-31-16		9.81		0.24	•		0.33			0.57			0.06		—		0.08
12-31-15		10.31		0.26	•		(0.76	)		(0.50	)		—		—		—
12-31-14		10.35		0.37	•		(0.37	)		0.00	*		0.04		—		—
Class I
06-30-19+		10.51		0.16	•		0.54			0.70			0.15		—		—
12-31-18		11.14		0.35	•		(0.57	)		(0.22	)		0.41		—		—
12-31-17		10.42		0.32	•		0.68			1.00			0.28		—		—
12-31-16		9.97		0.30	•		0.33			0.63			0.10		—		0.08
12-31-15		10.42		0.32	•		(0.77	)		(0.45	)		—		—		—
12-31-14		10.46		0.43	•		(0.38	)		0.05			0.09		—		—
Class S
06-30-19+		10.50		0.14	•		0.55			0.69			0.14		—		—
12-31-18		11.12		0.32	•		(0.56	)		(0.24	)		0.38		—		—
12-31-17		10.41		0.30	•		0.66			0.96			0.25		—		—
12-31-16		9.97		0.27			0.33			0.60			0.08		—		0.08
12-31-15		10.44		0.29	•		(0.76	)		(0.47	)		—		—		—
12-31-14		10.48		0.40	•		(0.38	)		0.02			0.06		—		—
Voya International High Dividend Low Volatility Portfolio
Class ADV
06-30-19+		10.88		0.18	•		0.92			1.10			—		—		—
12-31-18		13.06		0.16	•		(2.13	)		(1.97	)		0.21		—		—
12-31-17		10.90		0.19			2.16			2.35			0.19		—		—
12-31-16		11.08		0.20	•		(0.07	)		0.13			0.31		—		—
12-31-15		11.91		0.21	•		(0.63	)		(0.42	)		0.41		—		—
12-31-14		13.07		0.36	•		(1.26	)		(0.90	)		0.26		—		—
Class I
06-30-19+		11.00		0.21	•		0.93			1.14			—		—		—
12-31-18		13.21		0.23	•		(2.17	)		(1.94	)		0.27		—		—
12-31-17		11.01		0.25	•		2.20			2.45			0.25		—		—
12-31-16		11.20		0.25	•		(0.06	)		0.19			0.38		—		—
12-31-15		12.04		0.28	•		(0.64	)		(0.36	)		0.48		—		—
12-31-14		13.21		0.43	•		(1.28	)		(0.85	)		0.32		—		—
Class S
06-30-19+		10.93		0.19	•		0.93			1.12			—		—		—
12-31-18		13.12		0.19	•		(2.15	)		(1.96	)		0.23		—		—
12-31-17		10.94		0.22	•		2.18			2.40			0.22		—		—
12-31-16		11.12		0.22	•		(0.05	)		0.17			0.35		—		—
12-31-15		11.95		0.25	•		(0.64	)		(0.39	)		0.44		—		—
12-31-14		13.12		0.40	•		(1.28	)		(0.88	)		0.29		—		—
Class S2
06-30-19+		10.99		0.18	•		0.94			1.12			—		—		—
12-31-18		13.05		0.18	•		(2.16	)		(1.98	)		0.08		—		—
12-31-17		10.86		0.19	•		2.18			2.37			0.18		—		—
12-31-16		11.06		0.22			(0.08	)		0.14			0.34		—		—
12-31-15		11.90		0.23	•		(0.63	)		(0.40	)		0.44		—		—
12-31-14		13.07		0.34			(1.23	)		(0.89	)		0.28		—		—

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
Voya Global Bond Portfolio
Class ADV
06-30-19+		0.12		—		10.87		6.47			1.18		1.17		1.17		2.43		22,202		106
12-31-18		0.35		—		10.33		(2.40	)		1.17		1.15		1.15		2.71		22,161		119
12-31-17		0.22		—		10.94		9.05			1.17		1.10		1.10		2.48		24,922		127
12-31-16		0.14		—		10.24		5.82			1.16		1.10		1.10		2.27		24,365		214
12-31-15		—		—		9.81		(4.85	)		1.15		1.10		1.10		2.58		26,374		335
12-31-14		0.04		—		10.31		(0.06	)		1.16		1.10		1.10		3.49		32,874		296
Class I
06-30-19+		0.15		—		11.06		6.74			0.68		0.67		0.67		2.93		147,862		106
12-31-18		0.41		—		10.51		(2.01	)		0.67		0.65		0.65		3.21		146,473		119
12-31-17		0.28		—		11.14		9.67			0.67		0.60		0.60		2.98		161,715		127
12-31-16		0.18		—		10.42		6.30			0.66		0.60		0.60		2.78		163,397		214
12-31-15		—		—		9.97		(4.32	)		0.65		0.60		0.60		3.08		168,739		335
12-31-14		0.09		—		10.42		0.42			0.66		0.60		0.60		3.99		208,023		296
Class S
06-30-19+		0.14		—		11.05		6.61			0.93		0.92		0.92		2.68		36,082		106
12-31-18		0.38		—		10.50		(2.17	)		0.92		0.90		0.90		2.97		35,849		119
12-31-17		0.25		—		11.12		9.31			0.92		0.85		0.85		2.73		41,785		127
12-31-16		0.16		—		10.41		6.03			0.91		0.85		0.85		2.53		40,635		214
12-31-15		—		—		9.97		(4.50	)		0.90		0.85		0.85		2.83		43,169		335
12-31-14		0.06		—		10.44		0.15			0.91		0.85		0.85		3.74		51,041		296
Voya International High Dividend Low Volatility Portfolio
Class ADV
06-30-19+		—		—		11.98		10.11			1.42		1.35		1.34		3.07		30,824		112
12-31-18		0.21		—		10.88		(15.32	)		1.47		1.40		1.40		1.26		30,149		16
12-31-17		0.19		—		13.06		21.66	(a)		1.46		1.40		1.40		1.50		37,898		14
12-31-16		0.31		—		10.90		1.33			1.46		1.41		1.41		1.84		31,937		15
12-31-15		0.41		—		11.08		(3.83	)(b)		1.45		1.43		1.43		1.76		35,751		10
12-31-14		0.26		—		11.91		(7.01	)		1.44		1.42		1.42		2.81		40,973		10
Class I
06-30-19+		—		—		12.14		10.36			0.92		0.85		0.84		3.59		137,569		112
12-31-18		0.27		—		11.00		(14.95	)		0.97		0.90		0.90		1.77		135,229		16
12-31-17		0.25		—		13.21		22.35	(a)		0.96		0.90		0.90		2.00		183,905		14
12-31-16		0.38		—		11.01		1.85			0.96		0.91		0.91		2.33		170,231		15
12-31-15		0.48		—		11.20		(3.34	)(b)		0.95		0.93		0.93		2.29		186,602		10
12-31-14		0.32		—		12.04		(6.59	)		0.94		0.92		0.92		3.27		215,838		10
Class S
06-30-19+		—		—		12.05		10.25			1.17		1.10		1.09		3.32		314,170		112
12-31-18		0.23		—		10.93		(15.15	)		1.22		1.15		1.15		1.52		309,059		16
12-31-17		0.22		—		13.12		22.00	(a)		1.21		1.15		1.15		1.76		404,801		14
12-31-16		0.35		—		10.94		1.63			1.21		1.16		1.16		2.09		423,390		15
12-31-15		0.44		—		11.12		(3.57	)(b)		1.20		1.18		1.18		2.03		497,824		10
12-31-14		0.29		—		11.95		(6.87	)		1.19		1.17		1.17		3.10		584,346		10
Class S2
06-30-19+		—		—		12.11		10.19			1.32		1.25		1.24		3.05		369		112
12-31-18		0.08		—		10.99		(15.26	)		1.37		1.30		1.30		1.41		397		16
12-31-17		0.18		—		13.05		21.90	(a)		1.36		1.30		1.30		1.57		999		14
12-31-16		0.34		—		10.86		1.39			1.39		1.31		1.31		1.94		2,321		15
12-31-15		0.44		—		11.06		(3.72	)(b)		1.45		1.33		1.33		1.88		2,510		10
12-31-14		0.28		—		11.90		(6.99	)		1.44		1.32		1.32		2.80		2,065		10

See Accompanying Notes to Financial Statements
26

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY® American Century Small-Mid Cap Value Portfolio
Class ADV
06-30-19+		9.64		0.06	•		1.74			1.80			—		—		—
12-31-18		12.66		0.09			(1.67	)		(1.58	)		0.10		1.34		—
12-31-17		12.03		0.11			1.16			1.27			0.12		0.52		—
12-31-16		10.80		0.08			2.34			2.42			0.14		1.05		—
12-31-15		13.82		0.08			(0.27	)		(0.19	)		0.19		2.64		—
12-31-14		14.79		0.12	•		1.49			1.61			0.18		2.40		—
Class I
06-30-19+		10.30		0.09	•		1.88			1.97			—		—		—
12-31-18		13.44		0.17	•		(1.81	)		(1.64	)		0.16		1.34		—
12-31-17		12.72		0.19	•		1.22			1.41			0.17		0.52		—
12-31-16		11.35		0.15	•		2.47			2.62			0.20		1.05		—
12-31-15		14.40		0.16	•		(0.31	)		(0.15	)		0.26		2.64		—
12-31-14		15.30		0.20	•		1.55			1.75			0.25		2.40		—
Class S
06-30-19+		10.14		0.08	•		1.84			1.92			—		—		—
12-31-18		13.25		0.13	•		(1.77	)		(1.64	)		0.13		1.34		—
12-31-17		12.56		0.16			1.19			1.35			0.14		0.52		—
12-31-16		11.22		0.11			2.44			2.55			0.16		1.05		—
12-31-15		14.25		0.13	•		(0.30	)		(0.17	)		0.22		2.64		—
12-31-14		15.16		0.16	•		1.54			1.70			0.21		2.40		—
Class S2
06-30-19+		9.62		0.07	•		1.74			1.81			—		—		—
12-31-18		12.64		0.10	•		(1.67	)		(1.57	)		0.11		1.34		—
12-31-17		12.01		0.12	•		1.15			1.27			0.12		0.52		—
12-31-16		10.78		0.09			2.35			2.44			0.16		1.05		—
12-31-15		13.79		0.11	•		(0.30	)		(0.19	)		0.18		2.64		—
12-31-14		14.70		0.13	•		1.49			1.62			0.13		2.40		—
VY® Baron Growth Portfolio
Class ADV
06-30-19+		24.63		(0.04	)•		7.00			6.96			—		—		—
12-31-18		27.88		(0.09	)		0.00	*		(0.09	)		—		3.16		—
12-31-17		24.82		(0.10	)•		6.72			6.62			0.16		3.40		—
12-31-16		26.58		(0.11	)		1.50			1.39			—		3.15		—
12-31-15		30.35		(0.16	)		(1.23	)		(1.39	)		0.02		2.36		—
12-31-14		29.66		(0.01	)		1.17			1.16			—		0.47		—
Class I
06-30-19+		27.41		0.03	•		7.81			7.84			—		—		—
12-31-18		30.58		0.05			(0.06	)		(0.01	)		—		3.16		—
12-31-17		26.92		0.03	•		7.34			7.37			0.31		3.40		—
12-31-16		28.45		0.04			1.58			1.62			—		3.15		—
12-31-15		32.31		(0.01	)		(1.31	)		(1.32	)		0.18		2.36		—
12-31-14		31.49		0.14			1.24			1.38			0.09		0.47		—
Class R6
06-30-19+		27.43		0.04	•		7.80			7.84			—		—		—
12-31-18		30.59		0.06			(0.06	)		0.00	*		—		3.16		—
12-31-17		26.93		0.13	•		7.24			7.37			0.31		3.40		—
05-03-16(5)-12-31-16		28.86		0.23	•		0.99			1.22			—		3.15		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® American Century Small-Mid Cap Value Portfolio
Class ADV
06-30-19+		—		—		11.44		18.67			1.66		1.33		1.33		1.11			104,605		27
12-31-18		1.44		—		9.64		(14.49	)		1.65		1.36		1.36		0.77			91,283		76
12-31-17		0.64		—		12.66		10.90			1.65		1.36		1.36		0.95			115,235		57
12-31-16		1.19		—		12.03		23.69			1.65		1.36		1.36		0.78			101,948		68
12-31-15		2.83		—		10.80		(1.97	)		1.66		1.36		1.36		0.72			79,901		71
12-31-14		2.58		—		13.82		12.15			1.65		1.36		1.36		0.82			86,335		79
Class I
06-30-19+		—		—		12.27		19.13			1.16		0.83		0.83		1.61			165,407		27
12-31-18		1.50		—		10.30		(14.15	)		1.15		0.86		0.86		1.30			142,379		76
12-31-17		0.69		—		13.44		11.44			1.15		0.86		0.86		1.44			151,054		57
12-31-16		1.25		—		12.72		24.38			1.15		0.86		0.86		1.28			156,657		68
12-31-15		2.90		—		11.35		(1.54	)		1.16		0.86		0.86		1.21			115,279		71
12-31-14		2.65		—		14.40		12.76			1.15		0.86		0.86		1.31			138,605		79
Class S
06-30-19+		—		—		12.06		18.93			1.41		1.08		1.08		1.36			89,849		27
12-31-18		1.47		—		10.14		(14.34	)		1.40		1.11		1.11		1.02			79,986		76
12-31-17		0.66		—		13.25		11.12			1.40		1.11		1.11		1.20			106,501		57
12-31-16		1.21		—		12.56		24.06			1.40		1.11		1.11		1.03			99,089		68
12-31-15		2.86		—		11.22		(1.74	)		1.41		1.11		1.11		0.96			78,646		71
12-31-14		2.61		—		14.25		12.47			1.40		1.11		1.11		1.06			94,268		79
Class S2
06-30-19+		—		—		11.43		18.81			1.56		1.23		1.23		1.21			3,481		27
12-31-18		1.45		—		9.62		(14.48	)		1.55		1.26		1.26		0.84			2,891		76
12-31-17		0.64		—		12.64		10.96			1.55		1.26		1.26		1.01			4,627		57
12-31-16		1.21		—		12.01		23.92			1.58		1.26		1.26		0.90			4,881		68
12-31-15		2.82		—		10.78		(1.91	)		1.66		1.26		1.26		0.85			3,573		71
12-31-14		2.53		—		13.79		12.33			1.65		1.26		1.26		0.89			3,262		79
VY® Baron Growth Portfolio
Class ADV
06-30-19+		—		—		31.59		28.26			1.49		1.49		1.49		(0.31	)		102,064		1
12-31-18		3.16		—		24.63		(2.15	)		1.49		1.49		1.49		(0.32	)		82,126		4
12-31-17		3.56		—		27.88		27.86			1.49		1.49		1.49		(0.38	)		88,499		3
12-31-16		3.15		—		24.82		5.06			1.48		1.48		1.48		(0.41	)		77,655		4
12-31-15		2.38		—		26.58		(5.27	)		1.49		1.49		1.49		(0.54	)		90,914		5
12-31-14		0.47		—		30.35		4.06			1.48		1.48		1.48		(0.04	)		111,145		10
Class I
06-30-19+		—		—		35.25		28.60			0.99		0.99		0.99		0.19			145,485		1
12-31-18		3.16		—		27.41		(1.68	)		0.99		0.99		0.99		0.17			118,743		4
12-31-17		3.71		—		30.58		28.52			0.99		0.99		0.99		0.11			145,389		3
12-31-16		3.15		—		26.92		5.57			0.98		0.98		0.98		0.12			150,672		4
12-31-15		2.54		—		28.45		(4.75	)		0.99		0.99		0.99		(0.04	)		193,601		5
12-31-14		0.56		—		32.31		4.55			0.98		0.98		0.98		0.45			251,230		10
Class R6
06-30-19+		—		—		35.27		28.58			0.99		0.99		0.99		0.24			28,793		1
12-31-18		3.16		—		27.43		(1.64	)		0.99		0.99		0.99		0.23			15,007		4
12-31-17		3.71		—		30.59		28.51			0.99		0.99		0.99		0.43			11,442		3
05-03-16(5)-12-31-16		3.15		—		26.93		4.10			0.98		0.98		0.98		1.39			879		4

See Accompanying Notes to Financial Statements
27

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY® Baron Growth Portfolio (continued)
Class S
06-30-19+		26.10		(0.01	)		7.42			7.41			—			—		—
12-31-18		29.31		(0.02	)		(0.03	)		(0.05	)		—			3.16		—
12-31-17		25.93		(0.04	)•		7.05			7.01			0.23			3.40		—
12-31-16		27.57		(0.05	)		1.56			1.51			—			3.15		—
12-31-15		31.39		(0.08	)		(1.29	)		(1.37	)		0.09			2.36		—
12-31-14		30.60		0.09			1.19			1.28			0.02			0.47		—
Class S2
06-30-19+		24.87		(0.03	)•		7.07			7.04			—			—		—
12-31-18		28.10		(0.08	)		0.01			(0.07	)		—			3.16		—
12-31-17		24.92		(0.09	)•		6.78			6.69			0.11			3.40		—
12-31-16		26.65		(0.10	)•		1.52			1.42			—			3.15		—
12-31-15		30.43		(0.13	)		(1.24	)		(1.37	)		0.05			2.36		—
12-31-14		29.75		0.02			1.17			1.19			0.04			0.47		—
VY® Columbia Contrarian Core Portfolio
Class ADV
06-30-19+		18.94		0.07	•		3.57			3.64			—			—		—
12-31-18		23.40		0.14	•		(1.97	)		(1.83	)		0.15			2.48		—
12-31-17		20.66		0.13			4.17			4.30			0.20			1.36		—
12-31-16		21.73		0.15	•		1.55			1.70			0.74			2.03		—
12-31-15		24.00		0.12	•		0.58			0.70			0.18			2.79		—
12-31-14		24.56		0.14	•		2.70			2.84			0.17			3.23		—
Class I
06-30-19+		20.01		0.13	•		3.77			3.90			—			—		—
12-31-18		24.58		0.26	•		(2.07	)		(1.81	)		0.28			2.48		—
12-31-17		21.61		0.25	•		4.37			4.62			0.29			1.36		—
12-31-16		22.59		0.27	•		1.62			1.89			0.84			2.03		—
12-31-15		24.82		0.24	•		0.60			0.84			0.28			2.79		—
12-31-14		25.24		0.27			2.79			3.06			0.25			3.23		—
Class S
06-30-19+		19.56		0.10	•		3.69			3.79			—			—		—
12-31-18		24.08		0.20	•		(2.03	)		(1.83	)		0.21			2.48		—
12-31-17		21.21		0.19	•		4.27			4.46			0.23			1.36		—
12-31-16		22.21		0.21	•		1.59			1.80			0.77			2.03		—
12-31-15		24.45		0.18	•		0.58			0.76			0.21			2.79		—
12-31-14		24.93		0.21			2.75			2.96			0.21			3.23		—
VY® Columbia Small Cap Value II Portfolio
Class ADV
06-30-19+		14.42		0.03			2.18			2.21			—			—		—
12-31-18		19.57		0.00	*		(3.06	)		(3.06	)		0.00	*		2.09		—
12-31-17		18.50		0.00	*•		1.89			1.89			0.03			0.79		—
12-31-16		15.67		0.01			3.55			3.56			0.01			0.72		—
12-31-15		16.23		0.00	*		(0.52	)		(0.52	)		0.04			—		—
12-31-14		15.63		0.03	•		0.61			0.64			0.04			—		—
Class I
06-30-19+		14.94		0.07	•		2.27			2.34			—			—		—
12-31-18		20.20		0.10	•		(3.16	)		(3.06	)		0.11			2.09		—
12-31-17		19.05		0.10	•		1.95			2.05			0.11			0.79		—
12-31-16		16.12		0.10			3.64			3.74			0.09			0.72		—
12-31-15		16.67		0.09			(0.54	)		(0.45	)		0.10			—		—
12-31-14		15.99		0.11	•		0.63			0.74			0.06			—		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® Baron Growth Portfolio (continued)
Class S
06-30-19+		—		—		33.51		28.39			1.24		1.24		1.24		(0.07	)		538,085		1
12-31-18		3.16		—		26.10		(1.89	)		1.24		1.24		1.24		(0.08	)		451,687		4
12-31-17		3.63		—		29.31		28.20			1.24		1.24		1.24		(0.13	)		512,397		3
12-31-16		3.15		—		25.93		5.33			1.23		1.23		1.23		(0.17	)		478,020		4
12-31-15		2.45		—		27.57		(5.03	)		1.24		1.24		1.24		(0.29	)		559,237		5
12-31-14		0.49		—		31.39		4.34			1.23		1.23		1.23		0.26			694,762		10
Class S2
06-30-19+		—		—		31.91		28.31			1.39		1.39		1.39		(0.20	)		2,304		1
12-31-18		3.16		—		24.87		(2.05	)		1.39		1.39		1.39		(0.25	)		1,625		4
12-31-17		3.51		—		28.10		28.02			1.39		1.39		1.39		(0.32	)		1,835		3
12-31-16		3.15		—		24.92		5.17			1.42		1.38		1.38		(0.38	)		2,609		4
12-31-15		2.41		—		26.65		(5.17	)		1.49		1.39		1.39		(0.44	)		5,696		5
12-31-14		0.51		—		30.43		4.17			1.48		1.38		1.38		0.05			6,874		10
VY® Columbia Contrarian Core Portfolio
Class ADV
06-30-19+		—		—		22.58		19.22			1.45		1.23		1.22		0.70			23,311		24
12-31-18		2.63		—		18.94		(9.23	)		1.44		1.22		1.21		0.61			21,088		64
12-31-17		1.56		—		23.40		21.32			1.44		1.21		1.20		0.58			29,515		45
12-31-16		2.77		—		20.66		8.12			1.44		1.20		1.19		0.71			25,432		53
12-31-15		2.97		—		21.73		2.75			1.44		1.18		1.17		0.51			22,738		65
12-31-14		3.40		—		24.00		12.50			1.44		1.18		1.17		0.56			17,942		72
Class I
06-30-19+		—		—		23.91		19.49			0.95		0.73		0.72		1.19			7,758		24
12-31-18		2.76		—		20.01		(8.77	)		0.94		0.72		0.71		1.11			7,982		64
12-31-17		1.65		—		24.58		21.96			0.94		0.71		0.70		1.08			10,099		45
12-31-16		2.87		—		21.61		8.64			0.94		0.70		0.69		1.21			10,629		53
12-31-15		3.07		—		22.59		3.25			0.94		0.68		0.67		1.01			10,628		65
12-31-14		3.48		—		24.82		13.09			0.94		0.68		0.67		1.07			11,751		72
Class S
06-30-19+		—		—		23.35		19.38			1.20		0.98		0.97		0.95			248,018		24
12-31-18		2.69		—		19.56		(8.99	)		1.19		0.97		0.96		0.86			222,203		64
12-31-17		1.59		—		24.08		21.58			1.19		0.96		0.95		0.83			285,025		45
12-31-16		2.80		—		21.21		8.41			1.19		0.95		0.94		0.96			289,864		53
12-31-15		3.00		—		22.21		2.98			1.19		0.93		0.92		0.76			304,352		65
12-31-14		3.44		—		24.45		12.81			1.19		0.93		0.92		0.82			331,659		72
VY® Columbia Small Cap Value II Portfolio
Class ADV
06-30-19+		—		—		16.63		15.33			1.41		1.38		1.38		0.29			28,642		9
12-31-18		2.09		—		14.42		(17.96	)		1.40		1.37		1.36		0.02			27,725		41
12-31-17		0.82		—		19.57		10.65			1.40		1.37		1.36		0.01			37,004		44
12-31-16		0.73		—		18.50		23.41			1.39		1.36		1.34		0.10			36,304		61
12-31-15		0.04		—		15.67		(3.21	)		1.39		1.36		1.35		0.00	*		27,978		53
12-31-14		0.04		—		16.23		4.12			1.39		1.36		1.35		0.18			30,927		52
Class I
06-30-19+		—		—		17.28		15.66			0.91		0.88		0.88		0.80			36,353		9
12-31-18		2.20		—		14.94		(17.53	)		0.90		0.87		0.86		0.53			33,887		41
12-31-17		0.90		—		20.20		11.21			0.90		0.87		0.86		0.50			43,897		44
12-31-16		0.81		—		19.05		24.00			0.89		0.86		0.84		0.59			49,625		61
12-31-15		0.10		—		16.12		(2.74	)		0.89		0.86		0.85		0.50			42,845		53
12-31-14		0.06		—		16.67		4.68			0.89		0.86		0.85		0.67			49,412		52

See Accompanying Notes to Financial Statements
28

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY® Columbia Small Cap Value II Portfolio (continued)
Class R6
06-30-19+		14.94		0.07	•		2.28			2.35			—		—		—
12-31-18		20.21		0.09			(3.16	)		(3.07	)		0.11		2.09		—
12-31-17		19.06		0.13	•		1.92			2.05			0.11		0.79		—
05-03-16(5)-12-31-16		16.28		0.19	•		3.40			3.59			0.09		0.72		—
Class S
06-30-19+		14.86		0.05	•		2.26			2.31			—		—		—
12-31-18		20.10		0.05			(3.15	)		(3.10	)		0.05		2.09		—
12-31-17		18.96		0.05	•		1.94			1.99			0.06		0.79		—
12-31-16		16.04		0.06			3.63			3.69			0.05		0.72		—
12-31-15		16.58		0.05			(0.54	)		(0.49	)		0.05		—		—
12-31-14		15.92		0.06			0.63			0.69			0.03		—		—
Class S2
06-30-19+		14.40		0.03	•		2.19			2.22			—		—		—
12-31-18		19.52		0.02			(3.05	)		(3.03	)		—		2.09		—
12-31-17		18.44		0.01	•		1.90			1.91			0.04		0.79		—
12-31-16		15.62		0.03			3.54			3.57			0.03		0.72		—
12-31-15		16.20		0.02	•		(0.53	)		(0.51	)		0.07		—		—
12-31-14		15.59		0.05	•		0.61			0.66			0.05		—		—
VY® Invesco Comstock Portfolio
Class ADV
06-30-19+		17.39		0.16	•		2.42			2.58			—		—		—
12-31-18		20.14		0.24	•		(2.77	)		(2.53	)		0.22		—		—
12-31-17		17.33		0.19			2.80			2.99			0.18		—		—
12-31-16		15.07		0.28			2.35			2.63			0.37		—		—
12-31-15		16.42		0.17	•		(1.18	)		(1.01	)		0.34		—		—
12-31-14		15.34		0.19			1.17			1.36			0.28		—		—
Class I
06-30-19+		17.52		0.21	•		2.44			2.65			—		—		—
12-31-18		20.32		0.33			(2.80	)		(2.47	)		0.33		—		—
12-31-17		17.47		0.28	•		2.85			3.13			0.28		—		—
12-31-16		15.18		0.34	•		2.41			2.75			0.46		—		—
12-31-15		16.55		0.26	•		(1.20	)		(0.94	)		0.43		—		—
12-31-14		15.45		0.28			1.17			1.45			0.35		—		—
Class S
06-30-19+		17.51		0.19	•		2.44			2.63			—		—		—
12-31-18		20.30		0.29	•		(2.81	)		(2.52	)		0.27		—		—
12-31-17		17.45		0.23	•		2.85			3.08			0.23		—		—
12-31-16		15.17		0.30	•		2.39			2.69			0.41		—		—
12-31-15		16.53		0.22	•		(1.20	)		(0.98	)		0.38		—		—
12-31-14		15.43		0.24			1.17			1.41			0.31		—		—
VY® Invesco Equity and Income Portfolio
Class ADV
06-30-19+		38.95		0.34	•		4.62			4.96			—		—		—
12-31-18		46.81		0.64	•		(4.95	)		(4.31	)		0.66		2.89		—
12-31-17		44.06		0.65			3.84			4.49			0.61		1.13		—
12-31-16		40.80		0.53			5.28			5.81			0.68		1.87		—
12-31-15		46.25		0.46			(1.47	)		(1.01	)		0.79		3.65		—
12-31-14		44.34		0.61	•		3.09			3.70			0.55		1.24		—

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
VY® Columbia Small Cap Value II Portfolio (continued)
Class R6
06-30-19+		—		—		17.29		15.73			0.91		0.88		0.88		0.79		5,710		9
12-31-18		2.20		—		14.94		(17.57	)		0.90		0.87		0.86		0.56		5,349		41
12-31-17		0.90		—		20.21		11.20			0.90		0.87		0.86		0.69		4,389		44
05-03-16(5)-12-31-16		0.81		—		19.06		22.85			0.89		0.86		0.84		1.57		402		61
Class S
06-30-19+		—		—		17.17		15.55			1.16		1.13		1.13		0.55		95,329		9
12-31-18		2.14		—		14.86		(17.76	)		1.15		1.12		1.11		0.26		89,274		41
12-31-17		0.85		—		20.10		10.92			1.15		1.12		1.11		0.25		124,984		44
12-31-16		0.77		—		18.96		23.70			1.14		1.11		1.09		0.33		145,816		61
12-31-15		0.05		—		16.04		(2.95	)		1.14		1.11		1.10		0.24		135,313		53
12-31-14		0.03		—		16.58		4.33			1.14		1.11		1.10		0.36		160,726		52
Class S2
06-30-19+		—		—		16.62		15.42			1.31		1.28		1.28		0.40		2,720		9
12-31-18		2.09		—		14.40		(17.87	)		1.30		1.27		1.26		0.11		2,431		41
12-31-17		0.83		—		19.52		10.77			1.30		1.27		1.26		0.06		3,431		44
12-31-16		0.75		—		18.44		23.57			1.32		1.26		1.24		0.18		5,849		61
12-31-15		0.07		—		15.62		(3.19	)		1.39		1.26		1.25		0.12		4,834		53
12-31-14		0.05		—		16.20		4.28			1.39		1.26		1.25		0.30		3,967		52
VY® Invesco Comstock Portfolio
Class ADV
06-30-19+		—		—		19.97		14.84			1.25		1.23		1.23		1.69		30,237		15
12-31-18		0.22		—		17.39		(12.56	)		1.25		1.23		1.23		1.16		28,006		29
12-31-17		0.18		—		20.14		17.31			1.25		1.23		1.23		1.00		36,178		14
12-31-16		0.37		—		17.33		17.51			1.25		1.23		1.23		1.66		34,490		18
12-31-15		0.34		—		15.07		(6.19	)		1.24		1.22		1.22		1.08		34,395		24
12-31-14		0.28		—		16.42		8.82			1.24		1.22		1.22		1.20		41,258		26
Class I
06-30-19+		—		—		20.17		15.13			0.75		0.73		0.73		2.15		193,386		15
12-31-18		0.33		—		17.52		(12.16	)		0.75		0.73		0.73		1.72		219,086		29
12-31-17		0.28		—		20.32		17.95			0.75		0.73		0.73		1.50		188,040		14
12-31-16		0.46		—		17.47		18.13			0.75		0.73		0.73		2.16		194,504		18
12-31-15		0.43		—		15.18		(5.76	)		0.74		0.72		0.72		1.62		198,367		24
12-31-14		0.35		—		16.55		9.39			0.74		0.72		0.72		1.70		143,633		26
Class S
06-30-19+		—		—		20.14		15.02			1.00		0.98		0.98		1.94		234,403		15
12-31-18		0.27		—		17.51		(12.39	)		1.00		0.98		0.98		1.41		215,609		29
12-31-17		0.23		—		20.30		17.68			1.00		0.98		0.98		1.25		274,498		14
12-31-16		0.41		—		17.45		17.79			1.00		0.98		0.98		1.91		291,208		18
12-31-15		0.38		—		15.17		(5.97	)		0.99		0.97		0.97		1.33		302,784		24
12-31-14		0.31		—		16.53		9.13			0.99		0.97		0.97		1.44		383,997		26
VY® Invesco Equity and Income Portfolio
Class ADV
06-30-19+		—		—		43.91		12.73			1.18		1.14		1.14		1.60		44,629		64
12-31-18		3.55		—		38.95		(9.90	)		1.17		1.14		1.14		1.40		43,200		161
12-31-17		1.74		—		46.81		10.32			1.17		1.14		1.14		1.43		54,583		134
12-31-16		2.55		—		44.06		14.69			1.17		1.14		1.14		1.24		49,628		134
12-31-15		4.44		—		40.80		(2.55	)		1.16		1.14		1.14		1.04		49,572		140
12-31-14		1.79		—		46.25		8.43			1.16		1.14		1.14		1.34		52,407		157

See Accompanying Notes to Financial Statements
29

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY® Invesco Equity and Income Portfolio (continued)
Class I
06-30-19+		39.54		0.45	•		4.70			5.15			—		—		—
12-31-18		47.51		0.88	•		(5.06	)		(4.18	)		0.90		2.89		—
12-31-17		44.86		0.89	•		3.93			4.82			1.04		1.13		—
12-31-16		41.47		0.74	•		5.41			6.15			0.89		1.87		—
12-31-15		46.93		0.70	•		(1.50	)		(0.80	)		1.01		3.65		—
12-31-14		44.92		0.87	•		3.11			3.98			0.73		1.24		—
Class S
06-30-19+		39.30		0.39	•		4.67			5.06			—		—		—
12-31-18		47.22		0.76	•		(5.01	)		(4.25	)		0.78		2.89		—
12-31-17		44.48		0.77	•		3.89			4.66			0.79		1.13		—
12-31-16		41.14		0.62	•		5.37			5.99			0.78		1.87		—
12-31-15		46.59		0.58	•		(1.49	)		(0.91	)		0.89		3.65		—
12-31-14		44.65		0.64	•		3.20			3.84			0.66		1.24		—
Class S2
06-30-19+		38.75		0.36	•		4.60			4.96			—		—		—
12-31-18		46.59		0.69	•		(4.93	)		(4.24	)		0.71		2.89		—
12-31-17		43.85		0.70	•		3.83			4.53			0.66		1.13		—
12-31-16		40.60		0.56	•		5.28			5.84			0.72		1.87		—
12-31-15		46.03		0.51	•		(1.46	)		(0.95	)		0.83		3.65		—
12-31-14		44.13		0.43	•		3.29			3.72			0.58		1.24		—
VY® Invesco Oppenheimer Global Portfolio
Class ADV
06-30-19+		17.06		0.08	•		3.54			3.62			—		—		—
12-31-18		21.42		0.04			(2.66	)		(2.62	)		0.25		1.49		—
12-31-17		15.90		0.04			5.64			5.68			0.13		0.03		—
12-31-16		17.30		0.09	•		(0.17	)		(0.08	)		0.12		1.20		—
12-31-15		18.21		0.08			0.69			0.77			0.19		1.49		—
12-31-14		18.28		0.15			0.19			0.34			0.15		0.26		—
Class I
06-30-19+		17.86		0.13	•		3.71			3.84			—		—		—
12-31-18		22.33		0.16	•		(2.80	)		(2.64	)		0.34		1.49		—
12-31-17		16.56		0.15			5.87			6.02			0.22		0.03		—
12-31-16		17.97		0.20			(0.20	)		0.00	*		0.21		1.20		—
12-31-15		18.84		0.20	•		0.71			0.91			0.29		1.49		—
12-31-14		18.89		0.25	•		0.19			0.44			0.23		0.26		—
Class S
06-30-19+		17.17		0.10	•		3.57			3.67			—		—		—
12-31-18		21.53		0.10	•		(2.68	)		(2.58	)		0.29		1.49		—
12-31-17		15.98		0.08			5.67			5.75			0.17		0.03		—
12-31-16		17.38		0.13	•		(0.17	)		(0.04	)		0.16		1.20		—
12-31-15		18.28		0.15	•		0.68			0.83			0.24		1.49		—
12-31-14		18.34		0.20	•		0.18			0.38			0.18		0.26		—
Class S2
06-30-19+		16.67		0.09	•		3.46			3.55			—		—		—
12-31-18		20.97		0.06	•		(2.60	)		(2.54	)		0.27		1.49		—
12-31-17		15.58		0.05			5.53			5.58			0.16		0.03		—
12-31-16		16.97		0.10	•		(0.17	)		(0.07	)		0.12		1.20		—
12-31-15		17.88		0.11	•		0.69			0.80			0.22		1.49		—
12-31-14		17.98		0.16	•		0.18			0.34			0.18		0.26		—

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
VY® Invesco Equity and Income Portfolio (continued)
Class I
06-30-19+		—		—		44.69		13.02			0.68		0.64		0.64		2.09		484,542		64
12-31-18		3.79		—		39.54		(9.46	)		0.67		0.64		0.64		1.90		468,289		161
12-31-17		2.17		—		47.51		10.90			0.67		0.64		0.64		1.92		594,834		134
12-31-16		2.76		—		44.86		15.28			0.67		0.64		0.64		1.74		594,456		134
12-31-15		4.66		—		41.47		(2.06	)		0.66		0.64		0.64		1.53		600,309		140
12-31-14		1.97		—		46.93		8.96			0.66		0.64		0.64		1.87		694,569		157
Class S
06-30-19+		—		—		44.36		12.88			0.93		0.89		0.89		1.85		486,573		64
12-31-18		3.67		—		39.30		(9.67	)		0.92		0.89		0.89		1.65		463,989		161
12-31-17		1.92		—		47.22		10.62			0.92		0.89		0.89		1.67		606,503		134
12-31-16		2.65		—		44.48		15.00			0.92		0.89		0.89		1.49		682,465		134
12-31-15		4.54		—		41.14		(2.31	)		0.91		0.89		0.89		1.28		720,086		140
12-31-14		1.90		—		46.59		8.69			0.91		0.89		0.89		1.39		889,726		157
Class S2
06-30-19+		—		—		43.71		12.80			1.08		1.02		1.02		1.72		337,613		64
12-31-18		3.60		—		38.75		(9.79	)		1.07		1.02		1.02		1.52		321,618		161
12-31-17		1.79		—		46.59		10.48			1.07		1.02		1.02		1.54		420,527		134
12-31-16		2.59		—		43.85		14.84			1.10		1.02		1.02		1.36		446,998		134
12-31-15		4.48		—		40.60		(2.44	)		1.16		1.02		1.02		1.15		443,119		140
12-31-14		1.82		—		46.03		8.54			1.16		1.02		1.02		0.95		522,608		157
VY® Invesco Oppenheimer Global Portfolio
Class ADV
06-30-19+		—		—		20.68		21.22			1.26		1.26		1.26		0.83		117,239		4
12-31-18		1.74		—		17.06		(13.62	)		1.25		1.25		1.25		0.22		101,759		17
12-31-17		0.16		—		21.42		35.82			1.25		1.25		1.25		0.17		120,344		9
12-31-16		1.32		—		15.90		(0.29	)		1.25		1.25		1.25		0.58		90,660		6
12-31-15		1.68		—		17.30		3.56			1.25		1.25		1.25		0.51		110,372		12
12-31-14		0.41		—		18.21		1.86			1.25		1.25		1.25		0.81		101,077		12
Class I
06-30-19+		—		—		21.70		21.50			0.76		0.76		0.76		1.32		1,199,436		4
12-31-18		1.83		—		17.86		(13.19	)		0.75		0.75		0.75		0.72		1,061,448		17
12-31-17		0.25		—		22.33		36.49			0.75		0.75		0.75		0.68		1,384,452		9
12-31-16		1.41		—		16.56		0.22			0.75		0.75		0.75		1.07		1,091,478		6
12-31-15		1.78		—		17.97		4.13			0.75		0.75		0.75		1.04		1,254,238		12
12-31-14		0.49		—		18.84		2.32			0.75		0.75		0.75		1.32		1,320,671		12
Class S
06-30-19+		—		—		20.84		21.37			1.01		1.01		1.01		1.07		186,052		4
12-31-18		1.78		—		17.17		(13.39	)		1.00		1.00		1.00		0.49		167,520		17
12-31-17		0.20		—		21.53		36.13			1.00		1.00		1.00		0.41		238,436		9
12-31-16		1.36		—		15.98		(0.04	)		1.00		1.00		1.00		0.82		174,417		6
12-31-15		1.73		—		17.38		3.84			1.00		1.00		1.00		0.77		231,621		12
12-31-14		0.44		—		18.28		2.09			1.00		1.00		1.00		1.08		215,383		12
Class S2
06-30-19+		—		—		20.22		21.30			1.16		1.16		1.16		0.93		4,768		4
12-31-18		1.76		—		16.67		(13.56	)		1.15		1.15		1.15		0.30		3,963		17
12-31-17		0.19		—		20.97		35.92			1.15		1.15		1.15		0.27		4,030		9
12-31-16		1.32		—		15.58		(0.20	)		1.18		1.15		1.15		0.66		3,415		6
12-31-15		1.71		—		16.97		3.74			1.25		1.15		1.15		0.61		4,371		12
12-31-14		0.44		—		17.88		1.91			1.25		1.15		1.15		0.91		4,827		12

See Accompanying Notes to Financial Statements
30

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY® JPMorgan Mid Cap Value Portfolio
Class ADV
06-30-19+		15.74		0.06	•		2.76			2.82			—			—		—
12-31-18		19.78		0.15			(2.35	)		(2.20	)		0.16			1.68		—
12-31-17		19.31		0.07			2.41			2.48			0.07			1.94		—
12-31-16		18.66		0.08			2.50			2.58			0.08			1.85		—
12-31-15		22.47		0.06			(0.63	)		(0.57	)		0.08			3.16		—
12-31-14		20.96		0.11			2.84			2.95			0.14			1.30		—
Class I
06-30-19+		16.18		0.11	•		2.84			2.95			—			—		—
12-31-18		20.30		0.25	•		(2.43	)		(2.18	)		0.26			1.68		—
12-31-17		19.75		0.18	•		2.48			2.66			0.17			1.94		—
12-31-16		19.04		0.18			2.56			2.74			0.18			1.85		—
12-31-15		22.85		0.17			(0.64	)		(0.47	)		0.18			3.16		—
12-31-14		21.27		0.23			2.89			3.12			0.24			1.30		—
Class S
06-30-19+		16.01		0.09	•		2.81			2.90			—			—		—
12-31-18		20.10		0.20	•		(2.40	)		(2.20	)		0.21			1.68		—
12-31-17		19.58		0.12	•		2.46			2.58			0.12			1.94		—
12-31-16		18.89		0.13			2.54			2.67			0.13			1.85		—
12-31-15		22.70		0.12			(0.65	)		(0.53	)		0.12			3.16		—
12-31-14		21.14		0.18			2.86			3.04			0.18			1.30		—
Class S2
06-30-19+		15.69		0.07	•		2.76			2.83			—			—		—
12-31-18		19.72		0.16	•		(2.33	)		(2.17	)		0.18			1.68		—
12-31-17		19.25		0.09	•		2.41			2.50			0.09			1.94		—
12-31-16		18.60		0.10			2.50			2.60			0.10			1.85		—
12-31-15		22.40		0.08	•		(0.63	)		(0.55	)		0.09			3.16		—
12-31-14		20.89		0.13			2.84			2.97			0.16			1.30		—
VY® Pioneer High Yield Portfolio
Class I
06-30-19+		11.04		0.27	•		0.75			1.02			0.28			—		—
12-31-18		11.95		0.59			(0.89	)		(0.30	)		0.61			—		—
12-31-17		11.69		0.57	•		0.28			0.85			0.59			—		—
12-31-16		10.77		0.56			0.94			1.50			0.58			—		—
12-31-15		11.87		0.59	•		(1.10	)		(0.51	)		0.59			—		—
12-31-14		12.41		0.58			(0.53	)		0.05			0.59			—		—
Class S
06-30-19+		11.03		0.26	•		0.75			1.01			0.27			—		—
12-31-18		11.94		0.56	•		(0.89	)		(0.33	)		0.58			—		—
12-31-17		11.67		0.54	•		0.29			0.83			0.56			—		—
12-31-16		10.76		0.52			0.94			1.46			0.55			—		—
12-31-15		11.86		0.56	•		(1.10	)		(0.54	)		0.56			—		—
12-31-14		12.39		0.56	•		(0.53	)		0.03			0.56			—		—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
06-30-19+		9.08		(0.02	)•		2.51			2.49			—			—		—
12-31-18		10.50		(0.02	)		(0.24	)		(0.26	)		—			1.16		—
12-31-17		9.19		(0.03	)		2.17			2.14			0.03			0.80		—
12-31-16		9.83		(0.01	)•		0.68			0.67			0.00	*		1.31		—
12-31-15		11.43		(0.04	)		0.31			0.27			—			1.87		—
12-31-14		11.08		(0.03	)		1.21			1.18			0.00	*		0.83		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® JPMorgan Mid Cap Value Portfolio
Class ADV
06-30-19+		—		—		18.56		17.92			1.39		1.39		1.39		0.70			89,126		4
12-31-18		1.84		—		15.74		(12.37	)		1.38		1.38		1.38		0.79			80,243		12
12-31-17		2.01		—		19.78		13.41			1.37		1.37		1.37		0.37			99,801		10
12-31-16		1.93		—		19.31		14.42			1.37		1.37		1.37		0.42			98,003		19
12-31-15		3.24		—		18.66		(3.27	)		1.36		1.36		1.36		0.31			90,818		14
12-31-14		1.44		—		22.47		14.66			1.36		1.36		1.36		0.54			91,446		22
Class I
06-30-19+		—		—		19.13		18.23			0.89		0.89		0.89		1.19			153,041		4
12-31-18		1.94		—		16.18		(11.96	)		0.88		0.88		0.88		1.28			144,880		12
12-31-17		2.11		—		20.30		14.04			0.87		0.87		0.87		0.87			210,989		10
12-31-16		2.03		—		19.75		14.94			0.87		0.87		0.87		0.92			215,892		19
12-31-15		3.34		—		19.04		(2.77	)		0.86		0.86		0.86		0.80			227,935		14
12-31-14		1.54		—		22.85		15.27			0.86		0.86		0.86		1.02			272,496		22
Class S
06-30-19+		—		—		18.91		18.11			1.14		1.14		1.14		0.95			202,599		4
12-31-18		1.89		—		16.01		(12.19	)		1.13		1.13		1.13		1.03			187,165		12
12-31-17		2.06		—		20.10		13.72			1.12		1.12		1.12		0.61			256,845		10
12-31-16		1.98		—		19.58		14.69			1.12		1.12		1.12		0.67			291,725		19
12-31-15		3.28		—		18.89		(3.04	)		1.11		1.11		1.11		0.55			298,607		14
12-31-14		1.48		—		22.70		14.99			1.11		1.11		1.11		0.75			352,277		22
Class S2
06-30-19+		—		—		18.52		18.04			1.29		1.29		1.29		0.79			1,879		4
12-31-18		1.86		—		15.69		(12.30	)		1.28		1.28		1.28		0.86			2,116		12
12-31-17		2.03		—		19.72		13.52			1.27		1.27		1.27		0.45			3,382		10
12-31-16		1.95		—		19.25		14.56			1.30		1.27		1.27		0.52			3,810		19
12-31-15		3.25		—		18.60		(3.20	)		1.36		1.26		1.26		0.40			3,906		14
12-31-14		1.46		—		22.40		14.81			1.36		1.26		1.26		0.63			5,643		22
VY® Pioneer High Yield Portfolio
Class I
06-30-19+		0.28		—		11.78		9.33			1.07		0.84		0.84		4.78			97,130		42
12-31-18		0.61		—		11.04		(2.67	)		0.78		0.71		0.71		5.05			90,089		54
12-31-17		0.59		—		11.95		7.36			0.78		0.71		0.71		4.78			98,202		44
12-31-16		0.58		—		11.69		14.29			0.78		0.71		0.71		5.01			99,573		51
12-31-15		0.59		—		10.77		(4.55	)		0.76		0.71		0.71		4.98			91,560		28
12-31-14		0.59		—		11.87		0.27			0.76		0.71		0.71		4.73			117,617		35
Class S
06-30-19+		0.27		—		11.77		9.20			1.32		1.09		1.09		4.53			2,296		42
12-31-18		0.58		—		11.03		(2.91	)		1.03		0.96		0.96		4.76			1,995		54
12-31-17		0.56		—		11.94		7.19			1.03		0.96		0.96		4.53			3,510		44
12-31-16		0.55		—		11.67		13.91			1.03		0.96		0.96		4.76			4,263		51
12-31-15		0.56		—		10.76		(4.79	)		1.01		0.96		0.96		4.73			3,776		28
12-31-14		0.56		—		11.86		0.10			1.01		0.96		0.96		4.50			4,412		35
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
06-30-19+		—		—		11.57		27.42			1.28		1.28		1.28		(0.36	)		80,777		10
12-31-18		1.16		—		9.08		(3.77	)		1.27		1.27		1.27		(0.14	)		61,179		19
12-31-17		0.83		—		10.50		24.12			1.27		1.27		1.27		(0.32	)		62,022		28
12-31-16		1.31		—		9.19		6.93			1.27		1.27		1.27		(0.15	)		49,418		26
12-31-15		1.87		—		9.83		1.51			1.27		1.27		1.27		(0.34	)		27,217		26
12-31-14		0.83		—		11.43		11.29			1.28		1.27		1.27		(0.28	)		29,356		27

See Accompanying Notes to Financial Statements
31

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class I
06-30-19+		10.14		0.01			2.80			2.81			—			—		—
12-31-18		11.56		0.04			(0.28	)		(0.24	)		0.02			1.16		—
12-31-17		10.03		0.02			2.38			2.40			0.07			0.80		—
12-31-16		10.60		0.04			0.73			0.77			0.03			1.31		—
12-31-15		12.13		0.02			0.32			0.34			—			1.87		—
12-31-14		11.68		0.03			1.28			1.31			0.03			0.83		—
Class R6
06-30-19+		10.14		0.01			2.80			2.81			—			—		—
12-31-18		11.56		0.03			(0.27	)		(0.24	)		0.02			1.16		—
12-31-17		10.03		0.02	•		2.38			2.40			0.07			0.80		—
05-03-16(5)-12-31-16		10.58		0.03	•		0.76			0.79			0.03			1.31		—
Class S
06-30-19+		9.74		(0.00	)*		2.68			2.68			—			—		—
12-31-18		11.15		0.02			(0.27	)		(0.25	)		—			1.16		—
12-31-17		9.71		(0.01	)•		2.30			2.29			0.05			0.80		—
12-31-16		10.30		0.01	•		0.72			0.73			0.01			1.31		—
12-31-15		11.87		(0.01	)		0.31			0.30			—			1.87		—
12-31-14		11.44		(0.00	)*		1.26			1.26			0.00	*		0.83		—
Class S2
06-30-19+		9.13		(0.01	)		2.52			2.51			—			—		—
12-31-18		10.54		(0.01	)		(0.24	)		(0.25	)		—			1.16		—
12-31-17		9.22		(0.02	)		2.18			2.16			0.04			0.80		—
12-31-16		9.85		(0.01	)		0.69			0.68			—			1.31		—
12-31-15		11.44		(0.02	)		0.30			0.28			—			1.87		—
12-31-14		11.08		(0.01	)		1.20			1.19			0.00	*		0.83		—
VY® T. Rowe Price Growth Equity Portfolio
Class ADV
06-30-19+		70.96		(0.16	)•		14.36			14.20			—			—		—
12-31-18		86.22		(0.20	)•		0.81			0.61			—			15.87		—
12-31-17		72.53		(0.23	)		23.41			23.18			—			9.49		—
12-31-16		81.69		(0.25	)		0.93			0.68			—			9.84		—
12-31-15		86.54		(0.46	)•		9.58			9.12			—			13.97		—
12-31-14		86.20		(0.42	)		7.08			6.66			—			6.32		—
Class I
06-30-19+		78.04		0.04	•		15.82			15.86			—			—		—
12-31-18		93.19		0.24			0.71			0.95			0.23			15.87		—
12-31-17		77.44		0.19			25.10			25.29			0.05			9.49		—
12-31-16		86.14		0.13			1.01			1.14			—			9.84		—
12-31-15		90.15		(0.03	)		9.99			9.96			—			13.97		—
12-31-14		89.11		0.00	*		7.36			7.36			—			6.32		—
Class S
06-30-19+		74.54		(0.07	)•		15.10			15.03			—			—		—
12-31-18		89.69		0.00	*		0.76			0.76			0.04			15.87		—
12-31-17		74.96		(0.03	)		24.25			24.22			—			9.49		—
12-31-16		83.90		(0.08	)		0.98			0.90			—			9.84		—
12-31-15		88.33		(0.25	)•		9.79			9.54			—			13.97		—
12-31-14		87.65		(0.22	)		7.22			7.00			—			6.32		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class I
06-30-19+		—		—		12.95		27.71			0.78		0.78		0.78		0.14			952,116		10
12-31-18		1.18		—		10.14		(3.23	)		0.77		0.77		0.77		0.36			763,686		19
12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			879,678		28
12-31-16		1.34		—		10.03		7.41			0.77		0.77		0.77		0.34			737,054		26
12-31-15		1.87		—		10.60		2.02			0.77		0.77		0.77		0.17			766,591		26
12-31-14		0.86		—		12.13		11.82			0.78		0.77		0.77		0.22			796,856		27
Class R6
06-30-19+		—		—		12.95		27.71			0.78		0.78		0.78		0.16			23,276		10
12-31-18		1.18		—		10.14		(3.24	)		0.77		0.77		0.77		0.38			15,642		19
12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			9,313		28
05-03-16(5)-12-31-16		1.34		—		10.03		7.62			0.77		0.77		0.77		0.53			1,084		26
Class S
06-30-19+		—		—		12.42		27.52			1.03		1.03		1.03		(0.11	)		47,175		10
12-31-18		1.16		—		9.74		(3.44	)		1.02		1.02		1.02		0.11			42,403		19
12-31-17		0.85		—		11.15		24.46			1.02		1.02		1.02		(0.07	)		55,222		28
12-31-16		1.32		—		9.71		7.19			1.02		1.02		1.02		0.12			56,578		26
12-31-15		1.87		—		10.30		1.72			1.02		1.02		1.02		(0.08	)		30,614		26
12-31-14		0.83		—		11.87		11.65			1.03		1.02		1.02		(0.02	)		30,412		27
Class S2
06-30-19+		—		—		11.64		27.49			1.18		1.18		1.18		(0.26	)		5,305		10
12-31-18		1.16		—		9.13		(3.65	)		1.17		1.17		1.17		(0.03	)		4,094		19
12-31-17		0.84		—		10.54		24.28			1.17		1.17		1.17		(0.21	)		4,103		28
12-31-16		1.31		—		9.22		6.99			1.20		1.17		1.17		(0.06	)		4,451		26
12-31-15		1.87		—		9.85		1.60			1.27		1.17		1.17		(0.23	)		4,095		26
12-31-14		0.83		—		11.44		11.39			1.28		1.17		1.17		(0.13	)		3,893		27
VY® T. Rowe Price Growth Equity Portfolio
Class ADV
06-30-19+		—		—		85.16		20.01			1.23		1.21		1.21		(0.40	)		284,067		12
12-31-18		15.87		—		70.96		(1.57	)		1.23		1.21		1.21		(0.24	)		239,404		47
12-31-17		9.49		—		86.22		32.91			1.24		1.23		1.23		(0.29	)		248,624		51
12-31-16		9.84		—		72.53		1.01			1.24		1.23		1.23		(0.34	)		192,546		40
12-31-15		13.97		—		81.69		10.25			1.24		1.23		1.23		(0.54	)		202,307		42
12-31-14		6.32		—		86.54		8.16			1.24		1.23		1.23		(0.50	)		171,971		35
Class I
06-30-19+		—		—		93.90		20.32			0.73		0.71		0.71		0.09			1,272,950		12
12-31-18		16.10		—		78.04		(1.09	)		0.73		0.71		0.71		0.27			1,092,998		47
12-31-17		9.54		—		93.19		33.58			0.74		0.73		0.73		0.21			1,101,965		51
12-31-16		9.84		—		77.44		1.51			0.74		0.73		0.73		0.16			989,826		40
12-31-15		13.97		—		86.14		10.81			0.74		0.73		0.73		(0.04	)		1,124,421		42
12-31-14		6.32		—		90.15		8.69			0.74		0.73		0.73		0.00	*		1,036,976		35
Class S
06-30-19+		—		—		89.57		20.16			0.98		0.96		0.96		(0.16	)		361,644		12
12-31-18		15.91		—		74.54		(1.33	)		0.98		0.96		0.96		0.01			329,427		47
12-31-17		9.49		—		89.69		33.25			0.99		0.98		0.98		(0.04	)		379,473		51
12-31-16		9.84		—		74.96		1.26			0.99		0.98		0.98		(0.10	)		336,810		40
12-31-15		13.97		—		83.90		10.54			0.99		0.98		0.98		(0.29	)		427,186		42
12-31-14		6.32		—		88.33		8.42			0.99		0.98		0.98		(0.25	)		360,966		35

See Accompanying Notes to Financial Statements
32

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations							Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)		($)		($)		($)		($)
VY® T. Rowe Price Growth Equity Portfolio (continued)
Class S2
06-30-19+		72.10		(0.12	)•		14.59		14.47		—		—		—
12-31-18		87.30		(0.12	)•		0.79		0.67		—		15.87		—
12-31-17		73.27		(0.16	)•		23.68		23.52		—		9.49		—
12-31-16		82.35		(0.17	)•		0.93		0.76		—		9.84		—
12-31-15		87.05		(0.38	)•		9.65		9.27		—		13.97		—
12-31-14		86.59		(0.33	)•		7.11		6.78		—		6.32		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® T. Rowe Price Growth Equity Portfolio (continued)
Class S2
06-30-19+		—		—		86.57		20.07			1.13		1.11		1.11		(0.31	)		9,878		12
12-31-18		15.87		—		72.10		(1.47	)		1.13		1.11		1.11		(0.14	)		8,564		47
12-31-17		9.49		—		87.30		33.06			1.14		1.13		1.13		(0.19	)		9,014		51
12-31-16		9.84		—		73.27		1.10			1.17		1.13		1.13		(0.23	)		8,597		40
12-31-15		13.97		—		82.35		10.38			1.24		1.13		1.13		(0.44	)		5,361		42
12-31-14		6.32		—		87.05		8.26			1.24		1.13		1.13		(0.38	)		4,616		35

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

⁽²⁾  Annualized for periods less than one year.

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

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

⁽⁵⁾  Commencement of operations.

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

^(b)  Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, total return for Voya International High Dividend Low Volatility Portfolio would have been (4.09)%, (3.60)%, (3.83)% and (3.99)% for Classes ADV, I, S and S2, respectively.

⁺  Unaudited.

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

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

See Accompanying Notes to Financial Statements
33

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED)

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-eight active separate investment series. The thirteen series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Global Bond Portfolio ("Global Bond"), Voya International High Dividend Low Volatility Portfolio ("International High Dividend Low Volatility"), VY^® American Century Small-Mid Cap Value Portfolio ("American Century Small-Mid Cap Value"), VY^® Baron Growth Portfolio ("Baron Growth"), VY^® Columbia Contrarian Core Portfolio ("Columbia Contrarian Core"), VY^® Columbia Small Cap Value II Portfolio ("Columbia Small Cap Value II"), VY^® Invesco Comstock Portfolio ("Invesco Comstock"), VY^® Invesco Equity and Income Portfolio ("Invesco Equity and Income"), VY^® Invesco Oppenheimer Global Portfolio ("Invesco Oppenheimer Global"), VY^® JPMorgan Mid Cap Value Portfolio ("JPMorgan Mid Cap Value"), VY^® Pioneer High Yield Portfolio ("Pioneer High Yield"), VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio ("T. Rowe Price Diversified Mid Cap Growth") and VY^® T. Rowe Price Growth Equity Portfolio ("T. Rowe Price Growth Equity"), each a diversified series of the Company. The investment objective of the Portfolios is described in the respective Portfolio's Prospectus. Prior to May 1, 2019 International High Dividend Low Volatility was known as VY^® Templeton Foreign Equity Portfolio and prior to June 27, 2019, Invesco Oppenheimer Global was known as VY^® Oppenheimer Global Portfolio.

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

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

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to Global Bond and, as of May 1, 2019, International High Dividend Low Volatility. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A.  Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and

34

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

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

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

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

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

35

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between levels of the Portfolio's assets and liabilities. A reconciliation of Level 3 investments within the Summary

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

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

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

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

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Portfolios' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies

36

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

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

E.  Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

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

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

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

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

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

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

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

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments,

37

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV.

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

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

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

38

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

As of June 30, 2019, the maximum amount of loss that Global Bond, International High Dividend Low Volatility, Invesco Comstock, and Invesco Equity and Income would incur if the counterparties to its derivative transactions failed to perform would be $635,097, $1,536, $2,776 and $48,493, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts, purchased options and forward premium swaptions were they to be unwound as of June 30, 2019. To reduce the amount of potential loss to Global Bond, the Portfolio had received $1,030,000 in cash collateral for open OTC transactions at June 30, 2019. There was no cash collateral received by any other Portfolio at June 30, 2019.

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

As of June 30, 2019, Global Bond, International High Dividend Low Volatility, Invesco Comstock and Invesco Equity and Income had a liability position of $1,739,893, $744, $396,553 and $737,388, respectively, on open forward foreign currency contracts, OTC written options and forward premium swaptions with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2019, the Portfolios could

have been required to pay this amount in cash to its counterparties. As of June 30, 2019, Global Bond had pledged $1,586,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at June 30, 2019.

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

During the period ended June 30, 2019, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased		Sold
Global Bond**	$	134,581,078	$	52,425,417
International High Dividend Low Volatility*		560,028		2,060,080
American Century Small-Mid Cap Value*		200,413		15,802,172
Invesco Comstock*		567,856		28,641,369
Invesco Equity and Income*		2,351,887		62,398,891
Invesco Oppenheimer Global*		2,195,892		—

*  For the period ended June 30, 2019, the Portfolios used forward foreign currency contracts primarily to protect their non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at June 30, 2019. There were no open forward foreign currency contracts for International High Dividend Low Volatility at June 30, 2019.

**  For the period ended June 30, 2019, the Portfolio used forward foreign currency contracts primarily to protect their non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2019.

39

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2019, Global Bond had purchased and sold futures contracts on various notes and bonds as part of their respective duration strategy. During the period ended June 30, 2019, Pioneer High Yield had sold futures contracts on equity indices to decrease exposure to equity risk. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2019, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables within the Portfolio of Investments for Global Bond for open futures contracts at June 30, 2019. There were no open futures contracts for Pioneer High Yield at June 30, 2019.

	Purchased		Sold
Global Bond	$	59,278,857	$	35,299,366
Pioneer High Yield		—		1,068,600

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

K.  Restricted Securities. The Portfolios may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are not registered for sale to the public under the 1933 Act are referred to as "restricted securities." These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally

40

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

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

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At June 30, 2019, there was no cash collateral pledged to or received by any Portfolio.

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

will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based dollar roll transactions, the fee is recorded as income.

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

During the period ended June 30, 2019, Global Bond had purchased and written interest rate swaptions with an average notional value of $120,818,667 and $252,533,333, respectively, to gain exposure to interest rates and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at June 30, 2019.

41

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the period ended June 30, 2019, Global Bond had purchased forward premium swaptions with an average notional value of $55,812,333 to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at June 30, 2019.

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

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

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

termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

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

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

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

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on

42

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

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

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

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

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

For the period ended June 30, 2019, Global Bond had purchased credit protection on various credit default swap indices to hedge the credit risk associated with certain sectors of the markets. For the period ended June 30, 2019, Pioneer High Yield had sold credit protection on various credit default swap indices to gain additional exposure to the market or certain sectors of the markets.

During the period ended June 30, 2019, Global Bond and Pioneer High Yield had an average notional amount on credit default swaps to buy and sell protection as disclosed below. Please refer to the table within the Portfolio of Investments for Pioneer High Yield for open credit default swaps to sell protection June 30, 2019. There were no open credit default swaps for Global Bond at June 30, 2019.

	Purchased		Sold
Global Bond	$	5,690,805	$	—
Pioneer High Yield		—		3,175,409

At June 30, 2019, Pioneer High Yield had $147,101 in cash collateral paid for open centrally cleared credit default swaps.

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

43

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended June 30, 2019, Global Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("Long interest rate swap") in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps was $267,120,248.

For the period ended June 30, 2019, Global Bond had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps was $99,413,212.

Global Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for Global Bond for open centrally cleared interest rate swaps at June 30, 2019.

At June 30, 2019, Global Bond had pledged $1,781,000 in cash collateral for open centrally cleared interest rate swaps.

P.  Equity-Linked Notes. Invesco Equity and Income invests in equity-linked notes. Equity-linked notes are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income earned from equity-linked notes is recorded as Interest income in the Statements of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The Portfolio records the net change in the fair value of the equity-linked note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. The Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity- linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Portfolio. Please refer to the Portfolio of Investments for open equity-linked notes at June 30, 2019.

Q.  Structured Notes. Global Bond and Invesco Equity and Income invest in structured notes whose principal payments or interest payments are linked to the performance of underlying foreign currencies, interest

rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The terms and conditions of these notes may be 'structured' by the purchaser (a Portfolio) and the borrower issuing the note. The market value of these notes will increase or decrease based on the performance of the underlying asset or reference. A Portfolio records the net change in the market value of the structured note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. A Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the structured note. Please refer to the Portfolio of Investments for structured notes held by Global Bond and Invesco Equity and Income at June 30, 2019.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended June 30, 2019, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:

	Purchases		Sales
Global Bond	$	24,205,035	$	55,818,133
International High Dividend Low Volatility		537,536,254		551,441,750
American Century Small-Mid Cap Value		91,965,887		95,545,727
Baron Growth		6,285,622		46,040,086
Columbia Contrarian Core		64,825,906		80,973,396
Columbia Small Cap Value II		14,506,848		24,829,336
Invesco Comstock		65,329,981		127,622,529
Invesco Equity and Income		97,033,547		188,432,386
Invesco Oppenheimer Global		54,734,695		150,187,563
JPMorgan Mid Cap Value		15,797,108		57,368,619
Pioneer High Yield		38,018,242		37,762,057
T. Rowe Price Diversified Mid Cap Growth		101,694,099		119,750,165
T. Rowe Price Growth Equity		213,689,937		293,767,504

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

	Purchases		Sales
Global Bond	$	175,970,758	$	147,991,007
Invesco Equity and Income		735,085,077		762,810,350

44

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

Portfolio	Fee
Global Bond	0.600% on the first $4 billion;
	0.575% on the next $1 billion;
	0.550% on the next $1 billion;
	0.530% on assets over $6 billion
International High Dividend Low Volatility(1)	0.60%
American Century Small-Mid Cap Value	1.10% on the first $250 million;
	1.05% on the next $250 million;
	1.00% on assets over $500 million
Baron Growth	0.950% on the first $1 billion;
	0.925% on the next $1 billion;
	0.900% on assets over $2 billion
Columbia Contrarian Core	0.90% on the first $500 million;
	0.85% on the next $500 million;
	0.80% on assets over $1 billion
Invesco Comstock	0.70%
Invesco Equity and Income(2)	0.65% on the first $750 million;
	0.63% on the next $250 million;
	0.61% on assets over $1 billion
Invesco Oppenheimer Global	0.70% on the first $3 billion;
	0.68% on the next $1 billion;
	0.67% on the next $4 billion;
	0.66% on assets over $8 billion
JPMorgan Mid Cap Value	0.85% on the first $500 million;
	0.75% on the next $500 million;
	0.70% on assets over $1 billion
Pioneer High Yield	0.70% on the first $2 billion;
	0.60% on the next $1 billion;
	0.50% on the next $1 billion;
	0.40% on assets over $4 billion
T. Rowe Price Diversified Mid Cap Growth	0.74%
T. Rowe Price Growth Equity	0.70%

⁽¹⁾  Prior to May 1, 2019, the management fee for International High Dividend Low Volatility was 0.90% on the first $500 million; and 0.85% on assets over $500 million.

⁽²⁾  The Investment Adviser has contractually agreed to waive 0.01% of the management fee for Invesco Equity and Income. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Effective May 1, 2019, the Investment Adviser has contractually agreed to waive 0.003%, 0.165%, 0.023%, 0.027%, 0.017%, and 0.019% of the management fee for Global Bond, American Century Small-Mid Cap Value,

Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Comstock, and T. Rowe Price Growth Equity, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. These waivers replace the management fee waivers in connection with the sub-advisory fee reductions.

Prior to May 1, 2019, the Investment Adviser had contractually agreed to waive a portion of the management fee for Global Bond, International High Dividend Low Volatility, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Comstock, and T. Rowe Price Growth Equity in connection with sub-advisory fee reductions for these Portfolios. The waiver was calculated as follows: Waiver = 50% x (former sub-advisory fee rate minus new sub-advisory fee rate) x average daily net assets as of the calculation date. In addition, the Investment Adviser had agreed to further waive a portion of the advisory fee for T. Rowe Price Growth Equity, which was based on the total savings in excess of $500,000 as a result of the aggregated sub-advisory fee schedule of T. Rowe Price Growth Equity and VY^® T. Rowe Price Equity Income Portfolio, which is not included in this report. The aggregated amount of savings was allocated to the two Portfolios pro rata based on each Portfolio's contribution to the amount saved. For the period ended April 30, 2019, the Investment Adviser waived $2,105, $34,449, $236,669, $20,486, $17,823, $38,125 and $115,044 of management fees for Global Bond, International High Dividend Low Volatility, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Comstock and T. Rowe Price Growth Equity, respectively based on the sub-advisory fee reductions. Effective May 1, 2019, the Investment Adviser is no longer obligated to waive a portion of the management fee for these Portfolios based on the sub-advisory fee reductions. The termination of these obligations were approved by the Board and, for all but International High Dividend Low Volatility, replaced with a management fee waiver.

Prior to May 1, 2019, International High Dividend Low Volatility (which was known as VY^® Templeton Foreign Equity Portfolio) could invest its assets in Templeton Institutional Funds-Foreign Smaller Companies Series ("Foreign Smaller Companies Series"). The Portfolio's purchase of shares of Foreign Smaller Companies Series would result in the Portfolio paying a proportionate share of the expenses of Foreign Smaller Companies Series. The Investment Adviser had agreed to waive its management fee in an amount equal to the advisory fee received by the adviser of the Foreign Smaller

45

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Companies Series resulting from the Portfolio's investment into the Foreign Smaller Companies Series. There were no such waivers for the period ended April 30, 2019.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each respective Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (*denotes an affiliated sub-adviser):

Portfolio	Sub-Adviser
Global Bond	Voya Investment Management Co. LLC*
International High Dividend Low Volatility(1)	Voya Investment Management Co. LLC*
American Century Small-Mid Cap Value	American Century Investment Management, Inc.
Baron Growth	BAMCO, Inc.
Columbia Contrarian Core & Columbia Small Cap Value II	Columbia Management Investment Advisers, LLC
Invesco Comstock, Invesco Equity and Income & Invesco Oppenheimer Global(2)	Invesco Advisers, Inc.(2)
JPMorgan Mid Cap Value	J.P. Morgan Investment Management Inc.
Pioneer High Yield	Amundi Pioneer Asset Management, Inc.
T. Rowe Price Diversified Mid Cap Growth & T. Rowe Price Growth Equity	T. Rowe Price Associates, Inc.

⁽¹⁾  Effective May 1, 2019, Templeton Investment Counsel, LLC was removed as a sub-adviser and Voya Investment Management Co. LLC was added as a sub-adviser to the Portfolio.

⁽²⁾  Effective May 24, 2019, the Investment Adviser entered into a new sub-advisory agreement with Invesco Advisers, Inc. due to a change in control of OppenheimerFunds, Inc.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV and Class S2 shares of each respective Portfolio have a plan of distribution (the "Plan"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance. Under the Plan, a Portfolio makes payments at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV

shares and a Portfolio makes payments at an annual rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.02% of the distribution fee for Class S2 shares of Invesco Equity and Income. Termination or modification of this obligation requires approval by the Board.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

For the period ended June 30, 2019, International High Dividend Low Volatility incurred $76,700 of shareholder notification costs associated with changes to the Portfolio's name, sub-adviser and expense structure. The Investment Adviser reimbursed the Portfolio $33,605 of these costs.

For the period ended June 30, 2019, Pioneer High Yield incurred $131,400 of proxy and solicitation costs associated with obtaining shareholder approval relating to its merger with and into Voya High Yield Portfolio, which is not included in this report. The Investment Adviser reimbursed the Portfolio $68,800 of these costs.

At June 30, 2019, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc., affiliated investment companies or other related/affiliated party owned more than 5% of the following Portfolios:

Entity	Portfolio	Percentage
ReliaStar Life Insurance Company	Invesco Oppenheimer Global		6.25	%
	Pioneer High Yield		21.79
	T. Rowe Price Diversified Mid Cap Growth		11.80
Security Life of Denver Insurance Company	Global Bond		7.77
	Columbia Small Cap Value II		5.48
	Pioneer High Yield		21.74
Voya Institutional Trust Company	Global Bond		23.05
	International High Dividend Low Volatility		5.99
	American Century Small-Mid Cap Value		51.00
	Baron Growth		17.78
	Columbia Contrarian Core		8.39
	Columbia Small Cap Value II		17.32
	Invesco Comstock		6.65
	Invesco Oppenheimer Global		13.58
	JPMorgan Mid Cap Value		27.31
	T. Rowe Price Diversified Mid Cap Growth		13.17
	T. Rowe Price Growth Equity		22.74

46

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

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

Entity	Portfolio	Percentage
Voya Insurance and Annuity Company	International High Dividend Low Volatility		62.07%
	Baron Growth		37.86
	Columbia Contrarian Core		80.35
	Columbia Small Cap Value II		42.98
	Invesco Comstock		34.53
	Invesco Equity and Income		58.09
	Invesco Oppenheimer Global		9.44
	JPMorgan Mid Cap Value		22.96
	T. Rowe Price Growth Equity		15.53
Voya Retirement Insurance and Annuity Company	Global Bond		62.98
	International High Dividend Low Volatility		25.23
	American Century Small-Mid Cap Value		46.70
	Baron Growth		39.36
	Columbia Contrarian Core		8.39
	Columbia Small Cap Value II		29.46
	Invesco Comstock		18.23
	Invesco Equity and Income		34.96
	Invesco Oppenheimer Global		68.76
	JPMorgan Mid Cap Value		42.74
	Pioneer High Yield		54.06
	T. Rowe Price Diversified Mid Cap Growth		67.14
	T. Rowe Price Growth Equity		49.64
Voya Solution 2035 Portfolio	Invesco Comstock		9.09
Voya Solution 2045 Portfolio	Invesco Comstock		10.24
Voya Solution Moderately Aggressive Portfolio	Invesco Comstock		9.96

Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.

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

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

equal to the directors' deferred fees, resulting 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 Portfolio, 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 engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers) and/or have a common sub-adviser. These interfund transactions are made pursuant to Rule 17a-7 of the 1940 Act. For the period ended June 30, 2019, Pioneer High Yield engaged in such purchase and sales transactions totaling $15,059,357 and $28,903 respectively.

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV			Class I			Class R6			Class S			Class S2
Global Bond		1.17	%		0.67	%		N/A			0.92	%		N/A
International High Dividend Low Volatility(1)		1.25	%		0.75	%		N/A			1.00	%		1.15	%
American Century Small-Mid Cap Value		1.52	%		1.02	%		N/A			1.27	%		1.42	%
Baron Growth		1.55	%		1.05	%		1.05	%		1.30	%		1.45	%
Columbia Contrarian Core(2)		N/A			N/A			N/A			N/A			N/A
Columbia Small Cap Value II		1.65	%		1.15	%		1.15	%		1.40	%		1.55	%
Invesco Comstock(3)		N/A			N/A			N/A			N/A			N/A
Invesco Equity and Income		1.15	%		0.65	%		N/A			0.90	%		1.05	%
Invesco Oppenheimer Global		1.30	%		0.80	%		N/A			1.05	%		1.20	%
JPMorgan Mid Cap Value		1.50	%		1.00	%		N/A			1.25	%		1.40	%
Pioneer High Yield		N/A			0.71	%		N/A			0.96	%		N/A
T. Rowe Price Diversified Mid Cap Growth		1.30	%		0.80	%		0.80	%		1.05	%		1.20	%
T. Rowe Price Growth Equity		1.25	%		0.75	%		N/A			1.00	%		1.15	%

⁽¹⁾  Prior to May 1, 2019, the expense limits for International High Dividend Low Volatility were 1.48%, 0.98%, 1.23% and 1.38% for Class ADV, Class I, Class S, and Class S2, respectively. Also prior to May 1, 2019, the expense limits for the Portfolio were pursuant to a side letter agreement so that the expense limits were 1.42%, 0.92%, 1.17% and 1.32% for Class ADV, Class I, Class S, and Class S2, respectively. Termination or modification of the side letter agreement was approved by the Board. Any fees waived pursuant to the side letter agreement were not eligible for recoupment.

47

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

⁽²⁾  Pursuant to a side letter agreement, through May 1, 2020, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits are 1.25%, 0.75% and 1.00% for Class ADV, Class I and Class S, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

⁽³⁾  Pursuant to a side letter agreement, through May 1, 2020, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits are 1.31%, 0.81% and 1.06% for Class ADV, Class I, and Class S, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

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

At June 30, 2019, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

	June 30,
Portfolio	2020		2021		2022		Total
Global Bond	$	148,057	$	123,290	$	2,981	$	274,328
American Century Small-Mid Cap Value		418,033		445,756		486,883		1,350,672
Invesco Equity and Income		326,111		322,966		350,296		999,373
Pioneer High Yield		69,879		71,720		74,153		215,752

The Expense Limitation Agreement is contractual through May 1, 2020, with the exception of Pioneer High

Yield, which is through May 1, 2021, 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 May 17, 2019, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has 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 May 15, 2020. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 17, 2019, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.

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

The below Portfolios utilized the line of credit during the six months ended June 30, 2019 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
International High Dividend Low Volatility		6	$	2,280,667		3.43	%
Baron Growth		35		1,849,143		3.40
JPMorgan Mid Cap Value		3		859,333		3.40
Pioneer High Yield		8		647,625		3.40
T. Rowe Price Diversified Mid Cap Growth		2		1,974,000		3.40

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Global Bond
Class ADV
6/30/2019		27,509		—		24,563		(155,198	)		(103,126	)		289,728		—		259,701		(1,628,767	)		(1,079,338	)
12/31/2018		107,461		—		72,678		(311,313	)		(131,174	)		1,157,396		—		769,925		(3,327,931	)		(1,400,610	)
Class I
6/30/2019		224,837		—		193,678		(987,043	)		(568,528	)		2,401,648		—		2,083,985		(10,549,082	)		(6,063,449	)
12/31/2018		911,412		—		537,701		(2,033,504	)		(584,391	)		10,018,950		—		5,803,370		(22,121,742	)		(6,299,422	)

48

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Global Bond (continued)
Class S
6/30/2019		211,279		—		43,035		(403,212	)		(148,898	)		2,245,552		—		462,632		(4,291,077	)		(1,582,893	)
12/31/2018		357,448		—		126,794		(825,761	)		(341,519	)		3,946,498		—		1,366,597		(8,967,470	)		(3,654,375	)
International High Dividend Low Volatility
Class ADV
6/30/2019		48,099		—		—		(246,943	)		(198,844	)		563,141		—		—		(2,897,630	)		(2,334,489	)
12/31/2018		204,397		—		45,777		(379,502	)		(129,328	)		2,498,165		—		573,585		(4,728,970	)		(1,657,220	)
Class I
6/30/2019		189,471		—		—		(1,156,521	)		(967,050	)		2,251,947		—		—		(13,683,165	)		(11,431,218	)
12/31/2018		338,766		—		274,300		(2,243,203	)		(1,630,137	)		4,293,304		—		3,467,151		(28,466,112	)		(20,705,657	)
Class S
6/30/2019		133,967		—		—		(2,345,712	)		(2,211,745	)		1,566,295		—		—		(27,611,712	)		(26,045,417	)
12/31/2018		996,742		—		534,532		(4,108,088	)		(2,576,814	)		11,842,738		—		6,719,064		(51,763,740	)		(33,201,938	)
Class S2
6/30/2019		1,811		—		—		(7,511	)		(5,700	)		21,326		—		—		(88,258	)		(66,932	)
12/31/2018		10,549		—		225		(51,196	)		(40,422	)		134,321		—		2,851		(667,749	)		(530,577	)
American Century Small-Mid Cap Value
Class ADV
6/30/2019		197,894		—		—		(530,741	)		(332,847	)		2,183,368		—		—		(5,826,079	)		(3,642,711	)
12/31/2018		613,792		—		1,071,992		(1,311,960	)		373,824			6,960,016		—		12,531,586		(15,681,948	)		3,809,654
Class I
6/30/2019		1,963,152		—		—		(2,298,250	)		(335,098	)		23,157,375		—		—		(27,259,282	)		(4,101,907	)
12/31/2018		3,435,749		—		1,517,587		(2,373,300	)		2,580,036			45,855,002		—		18,924,313		(30,367,166	)		34,412,149
Class S
6/30/2019		159,639		—		—		(596,239	)		(436,600	)		1,849,404		—		—		(6,627,030	)		(4,777,626	)
12/31/2018		396,054		—		902,227		(1,448,064	)		(149,783	)		5,116,135		—		11,088,373		(18,075,907	)		(1,871,399	)
Class S2
6/30/2019		29,668		—		—		(25,683	)		3,985			318,875		—		—		(279,483	)		39,392
12/31/2018		123,487		—		38,390		(227,466	)		(65,589	)		1,469,422		—		448,005		(2,658,259	)		(740,832	)
Baron Growth
Class ADV
6/30/2019		126,534		—		—		(229,757	)		(103,223	)		3,793,626		—		—		(6,758,121	)		(2,964,495	)
12/31/2018		300,567		—		328,131		(468,556	)		160,142			8,872,455		—		9,617,517		(13,262,712	)		5,227,260
Class I
6/30/2019		368,941		—		—		(572,606	)		(203,665	)		12,378,639		—		—		(18,555,242	)		(6,176,603	)
12/31/2018		1,026,844		—		393,231		(1,843,012	)		(422,937	)		34,412,110		—		12,799,676		(59,860,928	)		(12,649,142	)
Class R6
6/30/2019		291,561		—		—		(22,178	)		269,383			9,907,493		—		—		(712,747	)		9,194,746
12/31/2018		207,770		—		39,826		(74,487	)		173,109			6,540,912		—		1,297,132		(2,403,899	)		5,434,145
Class S
6/30/2019		193,198		—		—		(1,443,873	)		(1,250,675	)		6,122,952		—		—		(42,944,363	)		(36,821,411	)
12/31/2018		1,119,922		—		1,673,908		(2,967,774	)		(173,944	)		36,139,530		—		51,924,632		(89,260,707	)		(1,196,545	)
Class S2
6/30/2019		11,878		—		—		(5,018	)		6,860			354,885		—		—		(152,802	)		202,083
12/31/2018		23,784		—		7,926		(31,698	)		12			738,495		—		234,454		(915,458	)		57,491
Columbia Contrarian Core
Class ADV
6/30/2019		20,674		—		—		(101,543	)		(80,869	)		444,539		—		—		(2,142,599	)		(1,698,060	)
12/31/2018		49,081		—		134,249		(331,366	)		(148,036	)		1,069,831		—		2,909,173		(7,381,566	)		(3,402,562	)
Class I
6/30/2019		15,769		—		—		(90,228	)		(74,459	)		359,410		—		—		(1,853,486	)		(1,494,076	)
12/31/2018		29,872		—		46,913		(88,763	)		(11,978	)		715,909		—		1,071,961		(2,093,065	)		(305,195	)
Class S
6/30/2019		37,807		—		—		(773,571	)		(735,764	)		834,670		—		—		(17,027,200	)		(16,192,530	)
12/31/2018		184,454		—		1,294,345		(1,955,721	)		(476,922	)		3,984,200		—		28,941,556		(45,417,709	)		(12,491,953	)

49

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Columbia Small Cap Value II
Class ADV
6/30/2019		78,887		—		—		(279,975	)		(201,088	)		1,285,772		—		—		(4,585,476	)		(3,299,704	)
12/31/2018		227,250		—		201,218		(396,799	)		31,669			4,035,866		—		3,708,442		(7,407,431	)		336,877
Class I
6/30/2019		167,801		—		—		(332,195	)		(164,394	)		2,847,997		—		—		(5,622,018	)		(2,774,021	)
12/31/2018		566,411		—		244,876		(715,737	)		95,550			11,432,694		—		4,664,883		(14,142,351	)		1,955,226
Class R6
6/30/2019		44,297		—		—		(71,829	)		(27,532	)		741,630		—		—		(1,237,546	)		(495,916	)
12/31/2018		167,370		—		35,110		(61,775	)		140,705			3,303,461		—		669,195		(1,190,120	)		2,782,536
Class S
6/30/2019		52,350		—		—		(506,481	)		(454,131	)		879,701		—		—		(8,529,066	)		(7,649,365	)
12/31/2018		300,878		—		632,496		(1,144,288	)		(210,914	)		5,236,661		—		12,004,777		(22,016,618	)		(4,775,180	)
Class S2
6/30/2019		7,311		—		—		(12,517	)		(5,206	)		119,791		—		—		(205,176	)		(85,385	)
12/31/2018		32,079		—		20,026		(59,021	)		(6,916	)		626,038		—		368,284		(1,094,565	)		(100,243	)
Invesco Comstock
Class ADV
6/30/2019		12,971		—		—		(109,461	)		(96,490	)		249,599		—		—		(2,130,171	)		(1,880,572	)
12/31/2018		51,425		—		19,900		(256,551	)		(185,226	)		1,004,115		—		343,478		(5,197,952	)		(3,850,359	)
Class I
6/30/2019		696,392		—		—		(3,614,253	)		(2,917,861	)		13,518,264		—		—		(72,061,123	)		(58,542,859	)
12/31/2018		5,430,306		—		218,682		(2,397,948	)		3,251,040			108,367,907		—		3,805,062		(49,370,454	)		62,802,515
Class S
6/30/2019		73,090		—		—		(744,450	)		(671,360	)		1,437,989		—		—		(14,529,149	)		(13,091,160	)
12/31/2018		967,823		—		188,601		(2,367,511	)		(1,211,087	)		19,843,128		—		3,279,768		(48,285,650	)		(25,162,754	)
Invesco Equity and Income
Class ADV
6/30/2019		32,364		—		—		(125,161	)		(92,797	)		1,392,184		—		—		(5,303,118	)		(3,910,934	)
12/31/2018		81,155		—		91,253		(229,247	)		(56,839	)		3,648,189		—		3,961,563		(9,984,995	)		(2,375,243	)
Class I
6/30/2019		37,502		—		—		(1,037,978	)		(1,000,476	)		1,626,428		—		—		(45,043,270	)		(43,416,842	)
12/31/2018		104,499		—		1,004,991		(1,787,520	)		(678,030	)		4,853,395		—		44,057,761		(82,254,303	)		(33,343,147	)
Class S
6/30/2019		30,121		—		—		(868,131	)		(838,010	)		1,277,552		—		—		(37,220,520	)		(35,942,968	)
12/31/2018		118,305		—		979,094		(2,134,911	)		(1,037,512	)		5,275,466		—		42,757,248		(97,706,897	)		(49,674,183	)
Class S2
6/30/2019		12,592		—		—		(588,936	)		(576,344	)		538,572		—		—		(24,901,205	)		(24,362,633	)
12/31/2018		78,918		—		678,477		(1,483,010	)		(725,615	)		3,396,456		—		29,253,116		(67,028,738	)		(34,379,166	)
Invesco Oppenheimer Global
Class ADV
6/30/2019		101,279		—		—		(397,298	)		(296,019	)		2,025,489		—		—		(7,774,448	)		(5,748,959	)
12/31/2018		633,609		—		474,485		(760,606	)		347,488			13,358,244		—		9,769,648		(15,739,471	)		7,388,421
Class I
6/30/2019		197,466		—		—		(4,368,840	)		(4,171,374	)		4,055,156		—		—		(89,066,611	)		(85,011,455	)
12/31/2018		1,123,768		—		4,936,736		(8,624,635	)		(2,564,131	)		25,291,868		—		106,189,185		(187,567,248	)		(56,086,195	)
Class S
6/30/2019		106,887		—		—		(936,290	)		(829,403	)		2,107,892		—		—		(18,584,867	)		(16,476,975	)
12/31/2018		626,522		—		835,391		(2,776,365	)		(1,314,452	)		13,220,396		—		17,292,594		(58,501,665	)		(27,988,675	)
Class S2
6/30/2019		16,483		—		—		(18,430	)		(1,947	)		315,193		—		—		(359,935	)		(44,742	)
12/31/2018		56,448		—		18,913		(29,829	)		45,532			1,167,011		—		380,527		(597,991	)		949,547
JPMorgan Mid Cap Value
Class ADV
6/30/2019		58,897		—		—		(356,319	)		(297,422	)		1,051,091		—		—		(6,378,091	)		(5,327,000	)
12/31/2018		284,401		—		475,470		(705,865	)		54,006			5,101,884		—		8,727,492		(13,480,108	)		349,268

50

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
JPMorgan Mid Cap Value (continued)
Class I
6/30/2019		135,547		—		—		(1,090,454	)		(954,907	)		2,483,551		—		—		(19,978,874	)		(17,495,323	)
12/31/2018		624,104		—		904,875		(2,968,852	)		(1,439,873	)		12,311,094		—		16,991,070		(59,119,229	)		(29,817,065	)
Class S
6/30/2019		63,139		—		—		(1,037,984	)		(974,845	)		1,146,247		—		—		(18,832,221	)		(17,685,974	)
12/31/2018		171,038		—		1,155,320		(2,416,380	)		(1,090,022	)		3,188,532		—		21,524,896		(46,776,268	)		(22,062,840	)
Class S2
6/30/2019		7,431		—		—		(40,821	)		(33,390	)		130,162		—		—		(714,851	)		(584,689	)
12/31/2018		14,255		—		13,541		(64,364	)		(36,568	)		274,204		—		247,852		(1,240,162	)		(718,106	)
Pioneer High Yield
Class I
6/30/2019		343,752		—		199,327		(455,750	)		87,329			3,971,098		—		2,320,325		(5,273,305	)		1,018,118
12/31/2018		913,892		—		436,451		(1,408,679	)		(58,336	)		10,727,168		—		5,069,426		(16,360,168	)		(563,574	)
Class S
6/30/2019		22,742		—		4,188		(12,646	)		14,284			265,077		—		48,705		(145,742	)		168,040
12/31/2018		61,189		—		11,972		(186,288	)		(113,127	)		718,489		—		139,264		(2,170,449	)		(1,312,696	)
T. Rowe Price Diversified Mid Cap Growth
Class ADV
6/30/2019		494,675		—		—		(248,072	)		246,603			5,336,779		—		—		(2,639,637	)		2,697,142
12/31/2018		798,669		—		688,512		(660,539	)		826,642			8,480,509		—		7,077,906		(6,722,707	)		8,835,708
Class I
6/30/2019		2,186,214		—		—		(3,962,711	)		(1,776,497	)		27,112,616		—		—		(46,424,948	)		(19,312,332	)
12/31/2018		1,199,176		—		7,399,482		(9,389,775	)		(791,117	)		14,034,229		—		84,724,065		(109,632,993	)		(10,874,699	)
Class R6
6/30/2019		361,114		—		—		(106,101	)		255,013			4,247,428		—		—		(1,202,051	)		3,045,377
12/31/2018		859,308		—		114,839		(237,675	)		736,472			10,179,816		—		1,316,053		(2,802,680	)		8,693,189
Class S
6/30/2019		158,804		—		—		(714,703	)		(555,899	)		1,815,535		—		—		(7,559,725	)		(5,744,190	)
12/31/2018		356,278		—		461,138		(1,415,694	)		(598,278	)		4,036,987		—		5,077,125		(16,026,103	)		(6,911,991	)
Class S2
6/30/2019		27,403		—		—		(19,783	)		7,620			293,006		—		—		(213,521	)		79,485
12/31/2018		94,906		—		43,824		(79,822	)		58,908			1,023,328		—		452,699		(875,851	)		600,176
T. Rowe Price Growth Equity
Class ADV
6/30/2019		110,564		—		—		(148,753	)		(38,189	)		9,090,839		—		—		(12,009,893	)		(2,919,054	)
12/31/2018		261,182		—		559,992		(330,772	)		490,402			22,951,628		—		45,353,718		(27,985,404	)		40,319,942
Class I
6/30/2019		662,205		—		—		(1,110,150	)		(447,945	)		59,734,915		—		—		(98,527,872	)		(38,792,957	)
12/31/2018		2,230,797		—		2,199,050		(2,249,562	)		2,180,285			213,234,651		—		195,495,575		(213,135,984	)		195,594,242
Class S
6/30/2019		88,671		—		—		(470,563	)		(381,892	)		7,430,260		—		—		(39,903,345	)		(32,473,085	)
12/31/2018		480,816		—		774,336		(1,066,587	)		188,565			46,196,756		—		65,810,841		(94,161,918	)		17,845,679
Class S2
6/30/2019		8,384		—		—		(13,060	)		(4,676	)		668,250		—		—		(1,071,117	)		(402,867	)
12/31/2018		19,695		—		19,769		(23,934	)		15,530			1,762,920		—		1,626,233		(2,117,285	)		1,271,868

NOTE 10 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is

determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios

51

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

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

The following is a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2019:

International High Dividend Low Volatility

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp	$	3,146,504	$	(3,146,504	)	$	—
Mizuho Securities USA LLC		3,571,860		(3,571,860	)		—
Total	$	6,718,364	$	(6,718,364	)	$	—

⁽¹⁾  Collateral with a fair value of $7,061,969 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

American Century Small-Mid Cap Value

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.	$	7,398	$	(7,398	)	$	—
BofA Securities Inc.		11,785		(11,785	)		—
Credit Suisse Securities (USA) LLC		333,750		(333,750	)		—
Deutsche Bank Securities Inc.		729,900		(729,900	)		—
Goldman Sachs & Co. LLC		301,378		(301,378	)		—
J.P. Morgan Securities LLC		22,231		(22,231	)		—
Morgan Stanley & Co. LLC		285,250		(285,250	)		—
National Bank of Canada Financial Inc.		10,424		(10,424	)		—
Natixis Securities America LLC		1,747,200		(1,747,200	)		—
RBC Capital Markets, LLC		616		(616	)		—
Scotia Capital (USA) Inc.		153,875		(153,875	)		—
SG Americas Securities, LLC		86,986		(86,986	)		—
UBS AG		114,815		(114,815	)		—
Wells Fargo Securities LLC		631,715		(631,715	)		—
Total	$	4,437,323	$	(4,437,323	)	$	—

⁽¹⁾  Collateral with a fair value of $4,567,483 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Invesco Equity and Income

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.	$	3,228,182	$	(3,228,182	)	$	—
BofA Securities Inc.		989,037		(989,037	)		—
Citigroup Global Markets Inc.		122,379		(122,379	)		—
Deutsche Bank Securities Inc.		243,305		(243,305	)		—
J.P. Morgan Securities LLC		307,862		(307,862	)		—
Mizuho Securities USA LLC		740,587		(740,587	)		—
MUFG Securities Americas Inc.		776,952		(776,952	)		—
National Bank Financial Inc.		105,997		(105,997	)		—
Societe Generale		419,487		(419,487	)		—
TD Prime Services LLC		25,325,252		(25,325,252	)		—
UBS Securities LLC		83,810		(83,810	)		—
Total	$	32,342,850	$	(32,342,850	)	$	—

⁽¹⁾  Collateral with a fair value of $33,036,594 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

JPMorgan Mid Cap Value

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Mizuho Securities USA LLC	$	63,025	$	(63,025	)	$	—
UBS AG		2,300,441		(2,300,441	)		—
Total	$	2,363,466	$	(2,363,466	)	$	—

⁽¹⁾  Collateral with a fair value of $2,426,581 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

52

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

T. Rowe Price Diversified Mid Cap Growth

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.	$	629,418	$	(629,418	)	$	—
CIBC World Markets Corporation		990,333		(990,333	)		—
Credit Suisse AG		137,586		(137,586	)		—
Deutsche Bank Securities Inc.		18,957		(18,957	)		—
Goldman Sachs & Co. LLC		2,072,745		(2,072,745	)		—
J.P. Morgan Securities LLC		144,474		(144,474	)		—
Morgan Stanley & Co. LLC		691,284		(691,284	)		—
National Bank of Canada Financial Inc.		2,161,155		(2,161,155	)		—
National Financial Services LLC		422,501		(422,501	)		—
Scotia Capital (USA) Inc.		220,740		(220,740	)		—
TD Prime Services LLC		278,347		(278,347	)		—
Wells Fargo Securities LLC		71,750		(71,750	)		—
Total	$	7,839,290	$	(7,839,290	)	$	—

⁽¹⁾  Collateral with a fair value of $8,055,358 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price Growth Equity

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Bank PLC	$	369,978	$	(369,978	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		555,523		(555,523	)		—
Citigroup Global Markets Inc.		9,102,731		(9,102,731	)		—
Credit Suisse AG		26,032,439		(26,032,439	)		—
Deutsche Bank Securities Inc.		404,861		(404,861	)		—
Industrial And Commercial Bank Of China		25,596		(25,596	)		—
J.P. Morgan Securities LLC		10,857,340		(10,857,340	)		—
Morgan Stanley & Co. LLC		2,556		(2,556	)		—
National Financial Services LLC		121,523		(121,523	)		—
UBS AG		49,132		(49,132	)		—
UBS Securities LLC		3,151,369		(3,151,369	)		—
Wells Fargo Bank NA		1,499,786		(1,499,786	)		—
Wells Fargo Securities LLC		3,412,036		(3,412,036	)		—
Total	$	55,584,870	$	(55,584,870	)	$	—

⁽¹⁾  Collateral with a fair value of $57,033,149 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 11 — UNFUNDED LOAN COMMITMENTS

Certain Portfolios may enter in credit agreements, all or a portion of which may be unfunded. The Portfolios are obligated to fund these loan commitments at the borrower's discretion. Funded portions of the credit agreements, if any, are presented in the Summary Portfolio of Investments. There were no unfunded commitments for any Portfolio at June 30, 2019.

NOTE 12 — 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, foreign currency transactions, paydowns, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

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

	Six Months Ended June 30, 2019		Year Ended December 31, 2018
	Ordinary Income		Ordinary Income		Long-term Capital Gains
Global Bond	$	2,806,318	$	7,939,892	$	—
International High Dividend Low Volatility		—		10,762,651		—
American Century Small-Mid Cap Value		—		15,059,560		27,932,717
Baron Growth		—		3,009,782		72,863,629
Columbia Contrarian Core		—		4,280,361		28,642,329
Columbia Small Cap Value II		—		3,298,285		18,117,296
Invesco Comstock		—		7,428,308		—
Invesco Equity and Income		—		26,090,360		93,939,328
Invesco Oppenheimer Global		—		28,967,304		104,664,650

53

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 12 — FEDERAL INCOME TAXES (continued)

	Six Months Ended June 30, 2019		Year Ended December 31, 2018
	Ordinary Income		Ordinary Income		Long-term Capital Gains
JPMorgan Mid Cap Value	$	—	$	7,147,783	$	40,343,527
Pioneer High Yield		2,369,030		5,208,690		—
T. Rowe Price Diversified Mid Cap Growth		—		7,473,924		91,173,924
T. Rowe Price Growth Equity		—		8,462,876		299,823,491

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of June 30, 2019 were:

	Undistributed		Undistributed Long-term		Unrealized Appreciation/			Capital Loss Carryforwards
	Ordinary Income		Capital Gains		(Depreciation)			Amount			Character		Expiration
Global Bond	$	6,245,318	$	—	$	1,363,850		$	(268,236	)	Short-term			None
									(4,093,110	)	Long-term			None
								$	(4,361,346	)
International High Dividend Low Volatility		18,512,122		93,494,931		1,228,096			—			—		—
American Century Small-Mid Cap Value		17,134,554		28,351,431		(474,584	)		—			—		—
Baron Growth		—		91,097,127		567,495,924			—			—		—
Columbia Contrarian Core		3,775,818		33,680,158		56,393,994			—			—		—
Columbia Small Cap Value II		1,067,440		20,243,975		24,251,902			(422,600	)	Short-term			None
Invesco Comstock		10,793,252		66,958,304		37,536,069			—			—		—
Invesco Equity and Income		22,348,508		89,137,808		112,417,980			—			—		—
Invesco Oppenheimer Global		16,890,422		250,960,062		682,824,885			—			—		—
JPMorgan Mid Cap Value		4,892,145		66,487,754		104,836,679			—			—		—
Pioneer High Yield		2,858,194		—		1,558,412			(701,575	)	Short-term			None
									(2,913,175	)	Long-term			None
								$	(3,614,750	)
T. Rowe Price Diversified Mid Cap Growth		9,222,546		153,338,836		354,719,544			—			—		—
T. Rowe Price Growth Equity		2,350,307		244,918,071		551,298,150			—			—		—

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

As of June 30, 2019, 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 earliest tax year that remains subject to examination by these jurisdictions is 2014.

NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principle and adopted the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Update 2017-08 ("ASU 2017-08"), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, with the exception of Pioneer High Yield, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts. As a result of the adoption of ASU 2017-08 effective as of January 1, 2019, the amortized cost basis of investments for Pioneer High Yield was reduced by $25,898 and unrealized appreciation of investments was increased by $25,898.

54

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 14 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2019, the following Portfolios declared dividends and distributions of:

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
Global Bond
Class ADV	$	0.0221	$	—	$	—	August 1, 2019	Daily
Class I	$	0.0272	$	—	$	—	August 1, 2019	Daily
Class S	$	0.0249	$	—	$	—	August 1, 2019	Daily
International High Dividend Low Volatility
Class ADV	$	0.1884	$	—	$	0.9830	August 5, 2019	August 1, 2019
Class I	$	0.2581	$	—	$	0.9830	August 5, 2019	August 1, 2019
Class S	$	0.2225	$	—	$	0.9830	August 5, 2019	August 1, 2019
Class S2	$	0.1730	$	—	$	0.9830	August 5, 2019	August 1, 2019
American Century Small-Mid Cap Value
Class ADV	$	0.1183	$	0.3024	$	0.8690	August 5, 2019	August 1, 2019
Class I	$	0.1784	$	0.3024	$	0.8690	August 5, 2019	August 1, 2019
Class S	$	0.1448	$	0.3024	$	0.8690	August 5, 2019	August 1, 2019
Class S2	$	0.1153	$	0.3024	$	0.8690	August 5, 2019	August 1, 2019
Baron Growth
Class ADV	$	—	$	—	$	2.8212	August 5, 2019	August 1, 2019
Class I	$	—	$	—	$	2.8212	August 5, 2019	August 1, 2019
Class R6	$	—	$	—	$	2.8212	August 5, 2019	August 1, 2019
Class S	$	—	$	—	$	2.8212	August 5, 2019	August 1, 2019
Class S2	$	—	$	—	$	2.8212	August 5, 2019	August 1, 2019
Columbia Contrarian Core
Class ADV	$	0.1499	$	—	$	2.6541	August 5, 2019	August 1, 2019
Class I	$	0.2810	$	—	$	2.6541	August 5, 2019	August 1, 2019
Class S	$	0.2175	$	—	$	2.6541	August 5, 2019	August 1, 2019
Columbia Small Cap Value II
Class ADV	$	0.0055	$	—	$	2.0675	August 5, 2019	August 1, 2019
Class I	$	0.1083	$	—	$	2.0675	August 5, 2019	August 1, 2019
Class R6	$	0.1083	$	—	$	2.0675	August 5, 2019	August 1, 2019
Class S	$	0.0561	$	—	$	2.0675	August 5, 2019	August 1, 2019
Class S2	$	0.0302	$	—	$	2.0675	August 5, 2019	August 1, 2019
Invesco Comstock
Class ADV	$	0.0966	$	0.0794	$	1.7827	August 5, 2019	August 1, 2019
Class I	$	0.0966	$	0.0794	$	1.7827	August 5, 2019	August 1, 2019
Class S	$	0.0966	$	0.0794	$	1.7827	August 5, 2019	August 1, 2019
Invesco Equity and Income
Class ADV	$	0.1763	$	—	$	2.3509	August 5, 2019	August 1, 2019
Class I	$	0.1763	$	—	$	2.3509	August 5, 2019	August 1, 2019
Class S	$	0.1763	$	—	$	2.3509	August 5, 2019	August 1, 2019
Class S2	$	0.1763	$	—	$	2.3509	August 5, 2019	August 1, 2019
Invesco Oppenheimer Global
Class ADV	$	—	$	0.0245	$	3.5592	August 5, 2019	August 1, 2019
Class I	$	0.1045	$	0.0245	$	3.5592	August 5, 2019	August 1, 2019
Class S	$	0.0427	$	0.0245	$	3.5592	August 5, 2019	August 1, 2019
Class S2	$	0.0295	$	0.0245	$	3.5592	August 5, 2019	August 1, 2019
JPMorgan Mid Cap Value
Class ADV	$	0.0204	$	0.0955	$	2.2307	August 5, 2019	August 1, 2019
Class I	$	0.0204	$	0.0955	$	2.2307	August 5, 2019	August 1, 2019
Class S	$	0.0204	$	0.0955	$	2.2307	August 5, 2019	August 1, 2019
Class S2	$	0.0204	$	0.0955	$	2.2307	August 5, 2019	August 1, 2019
Pioneer High Yield
Class I	$	0.0552	$	—	$	—	August 1, 2019	Daily
Class S	$	0.0527	$	—	$	—	August 1, 2019	Daily

55

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 14 — SUBSEQUENT EVENTS (continued)

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
T. Rowe Price Diversified Mid Cap Growth
Class ADV	$	0.0266	$	0.0437	$	1.2312	August 5, 2019	August 1, 2019
Class I	$	0.0266	$	0.0437	$	1.2312	August 5, 2019	August 1, 2019
Class R6	$	0.0266	$	0.0437	$	1.2312	August 5, 2019	August 1, 2019
Class S	$	0.0266	$	0.0437	$	1.2312	August 5, 2019	August 1, 2019
Class S2	$	0.0266	$	0.0437	$	1.2312	August 5, 2019	August 1, 2019
T. Rowe Price Growth Equity
Class ADV	$	—	$	—	$	10.0983	August 5, 2019	August 1, 2019
Class I	$	0.1746	$	—	$	10.0983	August 5, 2019	August 1, 2019
Class S	$	—	$	—	$	10.0983	August 5, 2019	August 1, 2019
Class S2	$	—	$	—	$	10.0983	August 5, 2019	August 1, 2019

Reorganization: The Board approved a proposal to reorganize Pioneer High Yield (the "Merging Portfolio"), with and into Voya High Yield Portfolio, which is not included in this report, (the "Reorganization"). The proposed Reorganization was approved by the shareholders of the Merging Portfolio at a shareholder meeting held on July 23, 2019. The Reorganization will take place on close of business August 23, 2019.

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

56

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Geographic Diversification
as of June 30, 2019
(as a percentage of net assets)

United States(1)	84.0	%
Germany	4.8	%
Spain	1.2	%
Peru	1.0	%
Netherlands	0.9	%
United Kingdom	0.8	%
Japan	0.8	%
Colombia	0.7	%
Indonesia	0.7	%
France	0.6	%
Countries between 0.0% - 0.5%^	2.5	%
Assets in Excess of Other Liabilities*	2.0	%
Net Assets	100.0	%

* Includes short-term investments and purchased options.

^ Includes 12 countries, which each represents 0.0% - 0.5% of net assets.

⁽¹⁾ Includes 18.1% total investment in Voya Emerging Markets Corporate Debt Fund, Voya Emerging Markets Hard Currency Debt Fund, Voya Emerging Markets Local Currency Debt Fund and Voya High Yield Bond Fund.

Portfolio holdings are subject to change daily.

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 19.0%
				Canada: 0.2%
	377,000			Other Securities	$	382,402		0.2
				China: 0.3%
	601,000			Alibaba Group Holding Ltd., 3.600%, 11/28/2024		627,030		0.3
				France: 0.6%
	572,000	(1	)	BNP Paribas SA, 3.500%, 03/01/2023		588,584		0.3
	287,000	(1	)	BPCE SA, 5.150%, 07/21/2024		310,530		0.2
	226,000	(1	)	Electricite de France SA, 2.350%, 10/13/2020		226,131		0.1
						1,125,245		0.6
				Guernsey: 0.4%
	716,000			Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/2020		717,250		0.4
				Ireland: 0.3%
	652,000			Other Securities		652,510		0.3

Principal Amount†					Value		Percentage of Net Assets
				Japan: 0.8%
	200,000	(1	)	Mizuho Bank Ltd., 3.200%, 03/26/2025	$	206,603		0.1
	790,000	(1	)	MUFG Bank Ltd, 2.300%, 03/05/2020		789,484		0.4
	639,000			Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026		680,366		0.3
						1,676,453		0.8
				Mexico: 0.0%
MXN	66,023	(2	)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035		3,433		0.0
MXN	1,007,437	(3	),(4)	Other Securities		—		—
						3,433		0.0
				Netherlands: 0.9%
	690,000			Shell International Finance BV, 3.250%, 05/11/2025		722,205		0.4
	361,000			Shell International Finance BV, 4.000%, 05/10/2046		396,407		0.2

See Accompanying Notes to Financial Statements
57

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Netherlands (continued)
	300,000	(1	)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026	$	293,120		0.1
	440,000			Other Securities		472,844		0.2
						1,884,576		0.9
				Norway: 0.2%
	380,000			Other Securities		382,411		0.2
				South Africa: 0.0%
ZAR	1,000,000			Other Securities		76,337		0.0
				Sweden: 0.1%
	298,000	(1	),(5)	Nordea Bank ABP, 5.500%, 12/31/2199		298,894		0.1
				Switzerland: 0.4%
	400,000	(1	)	Credit Suisse AG, 6.500%, 08/08/2023		441,250		0.2
	250,000			UBS AG/ Stamford CT, 7.625%, 08/17/2022		280,486		0.2
						721,736		0.4
				United Kingdom: 0.8%
	200,000	(1	)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027		201,742		0.1
	1,002,000			Santander UK PLC, 2.375%, 03/16/2020		1,002,059		0.5
	230,000	(1	)	Standard Chartered PLC, 5.300%, 01/09/2043		252,525		0.1
	283,000			Other Securities		285,000		0.1
						1,741,326		0.8
				United States: 14.0%
	1,022,000			AT&T, Inc., 4.300%- 5.650%, 02/15/2030- 02/15/2047		1,144,131		0.5

Principal Amount†					Value		Percentage of Net Assets
	1,700,000	(5	)	Bank of America Corp., 3.300%- 4.330%, 01/11/2023- 03/15/2050	$	1,791,799		0.9
	530,000			BP Capital Markets America, Inc., 3.216%, 11/28/2023		546,838		0.3
	474,000			Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022		498,094		0.2
	1,313,000			Citigroup, Inc., 4.000%- 5.500%, 08/05/2024- 07/25/2028		1,422,029		0.7
	758,000			Citizens Bank NA/ Providence RI, 2.450%, 12/04/2019		758,029		0.4
	278,000	(1	)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		282,361		0.1
	665,000			Comcast Corp., 2.350%- 5.650%, 01/15/2027- 06/15/2035		726,138		0.3
	1,184,000			CVS Health Corp., 2.800%, 07/20/2020		1,187,190		0.6
	510,000			CVS Health Corp., 4.300%, 03/25/2028		537,963		0.2
	480,000	(1	)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023		517,674		0.2
	313,000	(1	)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		345,441		0.2

See Accompanying Notes to Financial Statements
58

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	1,026,000			Energy Transfer Operating L.P., 4.900%, 02/01/2024	$	1,101,936		0.5
	280,000			Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		295,848		0.2
	558,000			Entergy Corp., 5.125%, 09/15/2020		571,380		0.3
	200,000			Entergy Louisiana LLC, 4.200%, 04/01/2050		222,723		0.1
	532,000			FirstEnergy Corp., 4.250%, 03/15/2023		559,053		0.3
	569,000			Ford Motor Credit Co. LLC, 3.200%, 01/15/2021		570,823		0.3
	240,000			Goldman Sachs Group, Inc./ The, 2.625%, 04/25/2021		240,881		0.1
	942,000	(5	)	Goldman Sachs Group, Inc./ The, 2.876%, 10/31/2022		949,740		0.5
	250,000	(5	)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021		250,285		0.1
	595,000	(5	)	JPMorgan Chase & Co., 2.550%- 6.000%, 03/01/2021- 12/31/2199		620,103		0.3
	103,000			Kroger Co/The, 4.650%, 01/15/2048		103,632		0.1
	380,000	(1	)	Metropolitan Edison Co., 4.000%, 04/15/2025		398,196		0.2

Principal Amount†					Value		Percentage of Net Assets
	990,000			Morgan Stanley, 3.750%- 4.100%, 02/25/2023- 05/22/2023	$	1,039,325		0.5
	324,000	(1	)	Newmont Goldcorp Corp., 3.700%, 03/15/2023		336,171		0.2
	561,000			Verizon Communications, Inc., 4.125%- 4.522%, 03/16/2027- 09/15/2048		620,839		0.3
	300,000	(1	)	Walt Disney Co/The, 5.400%, 10/01/2043		391,311		0.2
	430,000			Wells Fargo & Co., 4.100%, 06/03/2026		455,932		0.2
	9,767,998			Other Securities		10,343,646		5.0
						28,829,511		14.0
				Total Corporate Bonds/Notes (Cost $37,707,033)		39,119,114		19.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 13.3%
				United States: 13.3%
	244,966			Alternative Loan Trust 2005-51 3A2A, 3.794%, (12MTA + 1.290%), 11/20/2035		237,927		0.1
	515,866			Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035		529,328		0.3
	79,960	(5	)	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 4.991%, 05/25/2035		81,616		0.0
	326,333			CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		323,283		0.2

See Accompanying Notes to Financial Statements
59

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	53,274			Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.904%, (US0001M + 0.500%), 11/25/2035	$	34,458		0.0
	266,445			Countrywide Asset-Backed Certificates 2005-IM1 M1, 3.124%, (US0001M + 0.720%), 11/25/2035		267,364		0.1
	270,599	(1	),(5)	CSMC Trust 2015-3 B1, 3.935%, 03/25/2045		279,526		0.1
	7,554	(1	)	Deutsche ALT- A Securities, Inc. ALT2007- RS1 A2, 2.930%, (US0001M + 0.500%), 01/27/2037		9,952		0.0
	400,000			Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 6.054%, (US0001M + 3.650%), 09/25/2029		426,033		0.2
	500,000			Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.404%, (US0001M + 3.000%), 10/25/2029		522,382		0.3
	500,000			Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.604%, (US0001M + 2.200%), 01/25/2030		505,209		0.3

Principal Amount†					Value		Percentage of Net Assets
	300,000			Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.804%, (US0001M + 2.400%), 05/25/2030	$	305,231		0.2
	600,000			Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.904%, (US0001M + 2.500%), 05/25/2030		610,871		0.3
	61,123	(6	)	Fannie Mae Interest Strip Sereis 328 2, 6.000%, 12/25/2032		13,868		0.0
	32,952	(6	)	Fannie Mae Interest Strip Sereis 332 2, 6.000%, 03/25/2033		7,633		0.0
	104,925	(6	)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024		12,775		0.0
	19,307	(6	)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028		3,963		0.0
	165,711	(6	)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032		35,202		0.0
	26,683	(6	)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033		5,417		0.0
	26,229	(6	)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033		5,832		0.0
	32,240	(6	)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033		6,366		0.0
	13,822	(6	)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035		2,757		0.0

See Accompanying Notes to Financial Statements
60

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	14,718	(6	)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035	$	2,983		0.0
	478,474	(6	)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043		75,997		0.0
	697,598	(5	),(6)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033		91,498		0.0
	9,897			Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029		10,796		0.0
	14,968			Fannie Mae REMIC Trust 1999-54 LH, 6.500%, 11/25/2029		16,605		0.0
	13,326			Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032		14,721		0.0
	65,366	(6	)	Fannie Mae REMIC Trust 2002-12 SB, 5.346%, (-1.000* US0001M + 7.750%), 07/25/2031		13,670		0.0
	36,956	(6	)	Fannie Mae REMIC Trust 2002-2 SW, 5.346%, (-1.000* US0001M + 7.750%), 02/25/2032		8,039		0.0
	16,086			Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032		18,278		0.0
	6,666			Fannie Mae REMIC Trust 2002-29 F, 3.404%, (US0001M + 1.000%), 04/25/2032		6,850		0.0

Principal Amount†					Value		Percentage of Net Assets
	21,266	(6	)	Fannie Mae REMIC Trust 2002-41 S, 5.546%, (-1.000* US0001M + 7.950%), 07/25/2032	$	3,993		0.0
	2,051			Fannie Mae REMIC Trust 2002-64 FJ, 3.404%, (US0001M + 1.000%), 04/25/2032		2,108		0.0
	4,278			Fannie Mae REMIC Trust 2002-68 FH, 2.882%, (US0001M + 0.500%), 10/18/2032		4,309		0.0
	737,430	(6	)	Fannie Mae REMIC Trust 2002-77 JS, 5.618%, (-1.000* US0001M + 8.000%), 12/18/2032		153,878		0.1
	18,809			Fannie Mae REMIC Trust 2002-84 FB, 3.404%, (US0001M + 1.000%), 12/25/2032		19,323		0.0
	18,807			Fannie Mae REMIC Trust 2003-11 FA, 3.404%, (US0001M + 1.000%), 09/25/2032		19,320		0.0
	4,007			Fannie Mae REMIC Trust 2003-116 FA, 2.804%, (US0001M + 0.400%), 11/25/2033		3,964		0.0
	25,669	(6	)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033		6,681		0.0
	18,042	(6	)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033		4,207		0.0

See Accompanying Notes to Financial Statements
61

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	10,323	(6	)	Fannie Mae REMIC Trust 2003-52 NS, 4.696%, (-1.000* US0001M + 7.100%), 06/25/2023	$	547		0.0
	460,253	(6	)	Fannie Mae REMIC Trust 2004-56 SE, 5.146%, (-1.000* US0001M + 7.550%), 10/25/2033		87,881		0.0
	27,449			Fannie Mae REMIC Trust 2005-25 PS, 17.581%, (-4.400* US0001M + 28.160%), 04/25/2035		46,211		0.0
	13,237	(6	)	Fannie Mae REMIC Trust 2005-40 SB, 4.346%, (-1.000* US0001M + 6.750%), 05/25/2035		1,936		0.0
	47,613			Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025		48,646		0.0
	112,127			Fannie Mae REMIC Trust 2005-74 DK, 14.383%, (-4.000* US0001M + 24.000%), 07/25/2035		178,671		0.1
	319,976			Fannie Mae REMIC Trust 2005-87 SB, 15.017%, (-3.667* US0001M + 23.833%), 10/25/2035		500,221		0.2
	203,784			Fannie Mae REMIC Trust 2006-104 ES, 21.428%, (-5.000* US0001M + 33.450%), 11/25/2036		359,796		0.2

Principal Amount†					Value		Percentage of Net Assets
	14,368			Fannie Mae REMIC Trust 2006-11 PS, 15.751%, (-3.667* US0001M + 24.567%), 03/25/2036	$	23,387		0.0
	37,250			Fannie Mae REMIC Trust 2006-46 SW, 15.384%, (-3.667* US0001M + 24.199%), 06/25/2036		55,833		0.0
	8,193,577	(6	)	Fannie Mae REMIC Trust 2006-51 SA, 4.166%, (-1.000* US0001M + 6.570%), 06/25/2036		1,551,827		0.8
	71,001	(6	)	Fannie Mae REMIC Trust 2006-90 SX, 4.826%, (-1.000* US0001M + 7.230%), 09/25/2036		13,197		0.0
	8,105,408	(6	)	Fannie Mae REMIC Trust 2007-116 DI, 3.536%, (-1.000* US0001M + 5.940%), 01/25/2038		1,475,990		0.7
	59,882	(6	)	Fannie Mae REMIC Trust 2007-88 XI, 4.136%, (-1.000* US0001M + 6.540%), 06/25/2037		12,225		0.0
	695,672	(6	)	Fannie Mae REMIC Trust 2007-89 SB, 4.146%, (-1.000* US0001M + 6.550%), 09/25/2037		109,283		0.1
	1,662,884	(6	)	Fannie Mae REMIC Trust 2007-94 SG, 4.046%, (-1.000* US0001M + 6.450%), 10/25/2037		324,586		0.2

See Accompanying Notes to Financial Statements
62

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	248,774			Fannie Mae REMIC Trust 2010-109 SN, 12.800%, (-5.000* US0001M + 25.000%), 10/25/2040	$	621,314		0.3
	112,076			Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040		119,003		0.1
	3,089,373	(6	)	Fannie Mae REMIC Trust 2011-55 SK, 4.156%, (-1.000* US0001M + 6.560%), 06/25/2041		615,154		0.3
	2,436,974	(6	)	Fannie Mae REMIC Trust 2011-86 NS, 3.546%, (-1.000* US0001M + 5.950%), 09/25/2041		381,507		0.2
	1,727,770	(6	)	Fannie Mae REMIC Trust 2012-10 US, 4.046%, (-1.000* US0001M + 6.450%), 02/25/2042		234,441		0.1
	1,297,599	(6	)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042		174,503		0.1
	4,391,840	(6	)	Fannie Mae REMIC Trust 2012-133 PS, 3.796%, (-1.000* US0001M + 6.200%), 03/25/2042		482,952		0.2
	2,069,157	(6	)	Fannie Mae REMIC Trust 2012-144 SB, 3.696%, (-1.000* US0001M + 6.100%), 01/25/2043		458,571		0.2

Principal Amount†					Value		Percentage of Net Assets
	2,312,317	(6	)	Fannie Mae REMIC Trust 2012-27 SB, 3.576%, (-1.000* US0001M + 5.980%), 11/25/2041	$	306,391		0.2
	23,601			Fannie Mae REMIC Trust 2013-130 ST, 8.000%, (-16.000* US0001M + 64.000%), 05/25/2043		29,163		0.0
	1,377,858	(6	)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033		156,706		0.1
	8,535,581	(6	)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027		606,145		0.3
	7,582,858	(6	)	Freddie Mac 3502 DL, 3.606%, (-1.000* US0001M + 6.000%), 01/15/2039		1,360,886		0.7
	31,627			Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022		33,381		0.0
	19,096			Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024		20,334		0.0
	38,596			Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026		42,452		0.0
	8,166	(6	)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028		1,660		0.0
	42,437	(6	)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028		8,267		0.0

See Accompanying Notes to Financial Statements
63

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	21,553			Freddie Mac REMIC Trust 2122 F, 2.844%, (US0001M + 0.450%), 02/15/2029	$	21,029		0.0
	67,196	(6	)	Freddie Mac REMIC Trust 2134 SB, 5.306%, (-1.000* US0001M + 7.700%), 03/15/2029		10,255		0.0
	72,901	(6	)	Freddie Mac REMIC Trust 2136 SG, 5.256%, (-1.000* US0001M + 7.650%), 03/15/2029		12,446		0.0
	95,722	(6	)	Freddie Mac REMIC Trust 2177 SB, 6.556%, (-1.000* US0001M + 8.950%), 08/15/2029		18,901		0.0
	10,954			Freddie Mac REMIC Trust 2344 FP, 3.344%, (US0001M + 0.950%), 08/15/2031		11,224		0.0
	4,629			Freddie Mac REMIC Trust 2412 GF, 3.344%, (US0001M + 0.950%), 02/15/2032		4,746		0.0
	39,102			Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032		45,324		0.0
	30,469			Freddie Mac REMIC Trust 2461 PZ, 6.500%, 06/15/2032		34,116		0.0
	6,048			Freddie Mac REMIC Trust 2464 FI, 3.394%, (US0001M + 1.000%), 02/15/2032		6,213		0.0

Principal Amount†					Value		Percentage of Net Assets
	6,203			Freddie Mac REMIC Trust 2470 LF, 3.394%, (US0001M + 1.000%), 02/15/2032	$	6,373		0.0
	8,762			Freddie Mac REMIC Trust 2471 FD, 3.394%, (US0001M + 1.000%), 03/15/2032		9,001		0.0
	7,124			Freddie Mac REMIC Trust 2504 FP, 2.894%, (US0001M + 0.500%), 03/15/2032		7,177		0.0
	26,350			Freddie Mac REMIC Trust 2551 LF, 2.894%, (US0001M + 0.500%), 01/15/2033		26,545		0.0
	57,316			Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023		59,576		0.0
	340,836			Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034		378,606		0.2
	291,397			Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034		318,152		0.2
	55,992			Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667* US0001M + 44.667%), 05/15/2035		63,297		0.0
	59,786	(6	)	Freddie Mac REMIC Trust 3004 SB, 3.756%, (-1.000* US0001M + 6.150%), 07/15/2035		7,409		0.0

See Accompanying Notes to Financial Statements
64

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	13,128			Freddie Mac REMIC Trust 3025 SJ, 15.971%, (-3.667* US0001M + 24.750%), 08/15/2035	$	21,092		0.0
	743,873	(6	)	Freddie Mac REMIC Trust 3223 S, 3.556%, (-1.000* US0001M + 5.950%), 10/15/2036		106,159		0.1
	2,102,601	(6	)	Freddie Mac REMIC Trust 3505 SA, 3.606%, (-1.000* US0001M + 6.000%), 01/15/2039		400,687		0.2
	2,432,671	(6	)	Freddie Mac REMIC Trust 3702 S, 2.056%, (-1.000* US0001M + 4.450%), 05/15/2036		256,241		0.1
	1,123,653	(6	)	Freddie Mac REMIC Trust 3710 SL, 3.606%, (-1.000* US0001M + 6.000%), 05/15/2036		25,858		0.0
	2,558,019	(6	)	Freddie Mac REMIC Trust 3925 SD, 3.656%, (-1.000* US0001M + 6.050%), 07/15/2040		277,358		0.1
	1,269,651	(6	)	Freddie Mac REMIC Trust 4136 SW, 3.856%, (-1.000* US0001M + 6.250%), 11/15/2032		194,850		0.1
	589,851	(6	)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043		101,840		0.1

Principal Amount†					Value		Percentage of Net Assets
	8,845,082	(6	)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043	$	1,339,589		0.7
	1,087,634	(6	)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032		121,963		0.1
	100,000			Freddie Mac Structured Agency Credit Risk Debt Notes 2015- DNA3 M3, 7.104%, (US0001M + 4.700%), 04/25/2028		111,277		0.1
	400,000			Freddie Mac Structured Agency Credit Risk Debt Notes 2017- DNA3 M2, 4.904%, (US0001M + 2.500%), 03/25/2030		409,444		0.2
	600,000			Freddie Mac Structured Agency Credit Risk Debt Notes 2017- HQA2 M2, 5.054%, (US0001M + 2.650%), 12/25/2029		614,893		0.3
	66,807	(5	)	Freddie Mac Whole Loan Securities Trust 2016- SC02 M1, 3.607%, 10/25/2046		67,361		0.0
	374,117			Ginnie Mae Series 2007-8 SP, 14.322%, (-3.242* US0001M + 22.049%), 03/20/2037		558,398		0.3
	899,617	(6	)	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/2038		13,799		0.0

See Accompanying Notes to Financial Statements
65

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	1,990,593	(6	)	Ginnie Mae Series 2010-68 MS, 3.467%, (-1.000* US0001M + 5.850%), 06/20/2040	$	331,831		0.2
	1,428,407	(6	)	Ginnie Mae Series 2012-97 SC, 4.306%, (-1.000* US0001M + 6.700%), 07/16/2041		251,289		0.1
	232,644			GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 2.614%, (US0001M + 0.210%), 04/25/2036		222,522		0.1
	600,935			IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.614%, (US0001M + 0.210%), 04/25/2046		566,933		0.3
	637,242	(5	)	JP Morgan Mortgage Trust 2005-A4 B1, 4.542%, 07/25/2035		646,993		0.3
	72,276	(5	)	JP Morgan Mortgage Trust 2007-A1 7A1, 4.686%, 07/25/2035		73,411		0.0
	286,714	(1	),(5)	JP Morgan Mortgage Trust 2017-3 B1, 3.859%, 08/25/2047		299,172		0.2
	138,105			Lehman XS Trust Series 2005-5N 1A2, 2.764%, (US0001M + 0.360%), 11/25/2035		133,049		0.1

Principal Amount†					Value		Percentage of Net Assets
	74,660	(1	),(5)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048	$	76,786		0.0
	6,634,819	(5	),(6)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.565%, 08/25/2045		239,110		0.1
	43,226	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.915%, 10/25/2036		42,436		0.0
	751,427	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.701%, 12/25/2036		723,779		0.3
	148,783	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.910%, 08/25/2046		143,921		0.1
	320,614	(5	)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.824%, 12/25/2036		320,590		0.2
	89,509	(5	)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.566%, 04/25/2037		82,332		0.0
	108,411			Wells Fargo Alternative Loan 2007-PA2 2A1, 2.834%, (US0001M + 0.430%), 06/25/2037		89,346		0.0

See Accompanying Notes to Financial Statements
66

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	34,199	(5	)	Wells Fargo Mortgage Backed Securities 2005-AR16 2A1, 5.019%, 02/25/2034	$	35,450		0.0
	118,750			Wells Fargo Mortgage Backed Securities 2006-8 A15, 6.000%, 07/25/2036		120,672		0.1
	122,643	(5	)	Wells Fargo Mortgage Backed Securities 2006-AR17 A1, 4.760%, 10/25/2036		123,672		0.1
	26,453	(5	)	Wells Fargo Mortgage Backed Securities 2006-AR17 A2, 4.760%, 10/25/2036		26,623		0.0
	158,368	(5	)	Wells Fargo Mortgage Backed Securities 2006-AR7 2A1, 5.088%, 05/25/2036		165,071		0.1
	167,592	(5	)	Wells Fargo Mortgage Backed Securities 2006-AR8 3A2, 5.003%, 04/25/2036		170,884		0.1
	184,033	(1	),(5)	WinWater Mortgage Loan Trust 2015-5 B4, 3.788%, 08/20/2045		186,436		0.1
	3,846,903			Other Securities		1,458,311		0.7
				Total Collateralized Mortgage Obligations (Cost $24,948,990)		27,339,098		13.3

Principal Amount†					Value		Percentage of Net Assets
STRUCTURED NOTES: 0.0%
				Russia: 0.0%
RUB	4,181,910	(2	)	Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.000%, 08/22/2034	$	12,243		0.0
				Total Structured Notes (Cost $149,752)		12,243		0.0
ASSET-BACKED SECURITIES: 3.8%
				United States: 3.8%
	500,000	(1	)	AMMC CLO 16 Ltd. 2015-16A CR, 4.947%, (US0003M + 2.350%), 04/14/2029		498,363		0.3
	500,000	(1	)	Apidos CLO XXIX 2018-29A B, 4.480%, (US0003M + 1.900%), 07/25/2030		485,210		0.2
	250,000	(1	)	Babson CLO Ltd. 2014-IA BR, 4.792%, (US0003M + 2.200%), 07/20/2025		249,998		0.1
	412,500	(1	)	BlueMountain CLO 2013-2A CR, 4.542%, (US0003M + 1.950%), 10/22/2030		400,151		0.2
	400,000	(1	)	CIFC Funding 2013-IA BR Ltd., 5.001%, (US0003M + 2.400%), 07/16/2030		399,243		0.2
	295,119	(5	)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.886%, 03/25/2036		199,279		0.1

See Accompanying Notes to Financial Statements
67

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	1,040,000	(1	)	Invitation Homes 2018-SFR1 D Trust, 3.844%, (US0001M + 1.450%), 03/17/2037	$	1,036,222		0.5
	500,000	(1	)	LCM XXIV Ltd. 24A C, 4.842%, (US0003M + 2.250%), 03/20/2030		495,029		0.2
	250,000	(1	)	Madison Park Funding XXVII Ltd. 2018-27A B, 4.392%, (US0003M + 1.800%), 04/20/2030		240,753		0.1
	400,000	(1	)	Madison Park Funding XXXI Ltd. 2018-31A C, 4.742%, (US0003M + 2.150%), 01/23/2031		394,720		0.2
	200,000	(1	),(5)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		198,765		0.1
	250,000	(1	)	Octagon Investment Partners XIX Ltd. 2014-1A CR, 4.697%, (US0003M + 2.100%), 04/15/2026		249,980		0.1
	575,000	(1	)	Palmer Square Loan Funding 2017-1A D Ltd., 7.447%, (US0003M + 4.850%), 10/15/2025		573,761		0.3
	250,000	(1	)	Palmer Square Loan Funding 2018-1A C Ltd., 4.447%, (US0003M + 1.850%), 04/15/2026		239,937		0.1

Principal Amount†					Value		Percentage of Net Assets
	1,060,000	(1	)	Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035	$	1,099,602		0.5
	250,000	(1	)	THL Credit Wind River 2013-2A CR CLO Ltd., 4.601%, (US0003M + 2.000%), 10/18/2030		241,960		0.1
	560,000	(1	)	THL Credit Wind River 2017-3A C CLO Ltd., 4.797%, (US0003M + 2.200%), 10/15/2030		554,733		0.3
	300,000	(1	),(5)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057		289,609		0.2
				Total Asset- Backed Securities (Cost $7,882,068)		7,847,315		3.8
SOVEREIGN BONDS: 9.0%
				Chile: 0.1%
CLP	155,000,000			Other Securities		289,100		0.1
				Colombia: 0.7%
COP	4,409,400,000			Colombian TES, 7.000%, 06/30/2032		1,457,819		0.7
				Germany: 4.8%
EUR	1,010,000			Bundesobligation, 0.000%, 10/08/2021		1,168,566		0.6
EUR	660,000			Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046		1,198,486		0.6
EUR	5,770,000			Bundesrepublik Deutschland, 0.500%, 02/15/2025		6,987,091		3.4

See Accompanying Notes to Financial Statements
68

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Germany (continued)
EUR	360,000			Bundesrepublik Deutschland Bundesanleihe, 0.000%- 2.000%, 08/15/2023- 08/15/2048	$	481,664		0.2
EUR	10,000			Other Securities		11,427		0.0
						9,847,234		4.8
				Indonesia: 0.7%
IDR	17,656,000,000			Indonesia Treasury Bond, 8.750%, 05/15/2031		1,360,875		0.7
				Peru: 1.0%
PEN	5,649,000			Peru Government Bond, 6.150%, 08/12/2032		1,884,217		0.9
PEN	750,000	(1	)	Peru Government Bond, 5.400%, 08/12/2034		232,919		0.1
						2,117,136		1.0
				Poland: 0.5%
PLN	3,655,000			Republic of Poland Government Bond, 2.750%, 04/25/2028		1,010,016		0.5
				Spain: 1.2%
EUR	870,000	(1	)	Spain Government Bond, 1.450%, 04/30/2029		1,090,220		0.5
EUR	908,000	(1	)	Spain Government Bond, 2.700%, 10/31/2048		1,359,254		0.7
						2,449,474		1.2
				Total Sovereign Bonds (Cost $17,810,976)		18,531,654		9.0

Principal Amount†					Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 16.4%
				U.S. Treasury Bonds: 5.5%
	8,891,000			2.375%, 05/15/2029	$	9,183,951		4.4
	2,027,700			3.000%, 02/15/2049		2,224,213		1.1
	30,000			3.500%, 02/15/2039		35,613		0.0
						11,443,777		5.5
				U.S. Treasury Notes: 10.9%
	679,000			1.500%, 10/31/2019		677,700		0.3
	1,488,000			1.500%, 07/15/2020		1,481,287		0.7
	5,768,000			1.625%, 06/30/2021		5,753,467		2.8
	3,001,000			1.750%, 06/15/2022		3,004,458		1.5
	4,798,000			1.750%, 06/30/2024		4,794,252		2.3
	1,553,000			2.000%, 05/31/2024		1,570,623		0.8
	2,122,000			2.125%, 05/31/2021		2,136,050		1.1
	2,907,000			2.125%, 05/31/2026		2,954,012		1.4
						22,371,849		10.9
				Total U.S. Treasury Obligations (Cost $33,306,201)		33,815,626		16.4
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%
				United States: 9.1%
	6,937,888	(5	),(6)	BANK 2017- BNK5 XA, 1.229%, 06/15/2060		418,410		0.2
	900,000	(1	),(5)	BANK 2017- BNK6 E, 2.792%, 07/15/2060		615,819		0.3
	1,948,000	(1	),(5),(6)	BANK 2017- BNK6 XE, 1.500%, 07/15/2060		194,308		0.1
	998,205	(5	),(6)	BANK 2019- BNK16 XA, 1.130%, 02/15/2052		73,509		0.0
	2,048,211	(5	),(6)	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.674%, 02/15/2050		181,053		0.1

See Accompanying Notes to Financial Statements
69

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	8,020,000	(1	),(5),(6)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033	$	288,886		0.1
	210,000	(1	)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		188,526		0.1
	1,198,947	(5	),(6)	Benchmark 2019-B9 XA Mortgage Trust, 1.215%, 03/15/2052		99,742		0.0
	1,846,570	(5	),(6)	CD 2016-CD1 Mortgage Trust XA, 1.552%, 08/10/2049		140,620		0.1
	7,900,000	(5	),(6)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.995%, 08/10/2049		434,771		0.2
	3,219,420	(5	),(6)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.262%, 10/12/2050		217,219		0.1
	210,000	(5	)	Citigroup Commercial Mortgage Trust 2017-P8 C, 4.412%, 09/15/2050		216,700		0.1
	3,291,096	(5	),(6)	COMM 2012- CR1 XA, 2.039%, 05/15/2045		142,525		0.1
	9,673,167	(1	),(5),(6)	COMM 2012- LTRT XA, 1.089%, 10/05/2030		230,428		0.1
	1,819,012	(5	),(6)	COMM 2013- CCRE10 XA Mortgage Trust, 0.840%, 08/10/2046		44,838		0.0
	11,308,984	(5	),(6)	COMM 2014- CR16 XA, 1.146%, 04/10/2047		443,293		0.2

Principal Amount†					Value		Percentage of Net Assets
	570,000	(5	)	COMM 2016- COR1 C, 4.531%, 10/10/2049	$	593,751		0.3
	4,419,478	(5	),(6)	COMM 2016- CR28 XA, 0.742%, 02/10/2049		150,596		0.1
	1,000,000	(5	)	COMM 2017- COR2 C, 4.714%, 09/10/2050		1,059,615		0.5
	440,000	(1	)	Credit Suisse Mortgage Capital Certificates 2019-ICE4 F, 5.044%, (US0001M + 2.650%), 05/15/2036		442,602		0.2
	4,886,510	(5	),(6)	CSAIL 2017- CX9 XA Commercial Mortgage Trust, 1.028%, 09/15/2050		199,627		0.1
	300,000	(1	),(7)	DBRR Re-REMIC Trust 2015- FRR1 B711, 0.000%, 08/28/2045		297,806		0.2
	1,912,379	(1	),(5),(6)	DBUBS 2011- LC1A XA, 0.885%, 11/10/2046		11,315		0.0
	290,000	(1	),(5)	DBJPM 16-C3 Mortgage Trust, 3.633%, 08/10/2049		270,917		0.1
	3,840,000	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.910%, 01/25/2043		162,410		0.1
	7,000,000	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.852%, 12/25/2041		490,790		0.3

See Accompanying Notes to Financial Statements
70

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	2,636,538	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K055 X1, 1.499%, 03/25/2026	$	203,153		0.1
	4,423,190	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.626%, 08/25/2040		34,157		0.0
	38,271,849	(1	),(6)	FREMF Mortgage Trust 2012- K17 X2A, 0.100%, 12/25/2044		72,284		0.0
	228,375	(1	),(5)	GCCFC Commercial Mortgage Trust 2004- GG1 F, 6.608%, 06/10/2036		228,147		0.1
	255,000	(1	)	GPT 2018- GPP D Mortgage Trust, 4.244%, (US0001M + 1.850%), 06/15/2035		253,263		0.1
	450,000	(1	),(5)	Grace 2014- GRCE F Mortgage Trust, 3.710%, 06/10/2028		450,588		0.2
	100,000	(1	),(5)	GS Mortgage Securities Trust 2010- C2 F, 4.548%, 12/10/2043		97,868		0.0
	1,964,780	(5	),(6)	GS Mortgage Securities Trust 2012- GCJ7 XA, 2.360%, 05/10/2045		75,726		0.0
	180,000	(1	)	GS Mortgage Securities Trust 2013- GC16 G, 3.500%, 11/10/2046		149,566		0.1

Principal Amount†					Value		Percentage of Net Assets
	3,998,765	(5	),(6)	GS Mortgage Securities Trust 2013- GC16 XA, 1.217%, 11/10/2046	$	154,573		0.1
	4,479,015	(5	),(6)	GS Mortgage Securities Trust 2013- GCJ14 XA, 0.763%, 08/10/2046		98,655		0.1
	1,350,000	(1	),(5)	GS Mortgage Securities Trust 2016- GS4 E, 3.922%, 11/10/2049		1,040,336		0.5
	2,317,230	(5	),(6)	GS Mortgage Securities Trust 2017- GS6 XA, 1.191%, 05/10/2050		160,409		0.1
	410,000	(1	),(5)	GS Mortgage Securities Trust 2019- GC40 DBD, 3.668%, 07/10/2052		411,209		0.2
	310,000	(1	),(5)	GS Mortgage Securities Trust 2019- GC40 DBE, 3.668%, 07/10/2052		303,433		0.1
	2,940,000	(1	),(5),(6)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012- LC9 XB, 0.420%, 12/15/2047		32,689		0.0
	34,535	(5	)	JP Morgan Chase Commercial Mortgage Securities Trust 2004- CIBC9 E, 5.536%, 06/12/2041		34,780		0.0
	1,740,000	(1	),(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2011- C5 E, 4.000%, 08/15/2046		1,693,005		0.8

See Accompanying Notes to Financial Statements
71

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	5,942,136	(5	),(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2012- CIBX XA, 1.659%, 06/15/2045	$	173,383		0.1
	660,000	(5	)	JPMBB Commercial Mortgage Securities Trust 2014- C18 AS, 4.439%, 02/15/2047		708,468		0.4
	3,107,208	(1	),(5),(6)	LSTAR Commercial Mortgage Trust 2017-5 X, 1.265%, 03/10/2050		129,832		0.1
	1,090,000	(1	),(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2012- C6 E, 4.762%, 11/15/2045		1,096,428		0.5
	18,750,000	(1	),(5),(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.584%, 12/15/2047		453,212		0.2
	570,000	(1	),(5)	Morgan Stanley Capital I Trust 2011-C1 D, 5.554%, 09/15/2047		593,245		0.3
	4,773,681	(1	),(5),(6)	UBS-Barclays Commercial Mortgage Trust 2012- C3 XA, 1.996%, 08/10/2049		236,829		0.1
	7,011,766	(5	),(6)	Wells Fargo Commercial Mortgage Trust 2016- C37, 1.149%, 12/15/2049		315,507		0.2

Principal Amount†					Value		Percentage of Net Assets
	3,196,673	(1	),(5),(6)	WFRBS Commercial Mortgage Trust 2012- C8 XA, 1.988%, 08/15/2045	$	141,892		0.1
	550,000	(1	),(5)	WFRBS Commercial Mortgage Trust 2013- C11 F, 4.407%, 03/15/2045		472,173		0.2
	530,000	(1	),(5)	WFRBS Commercial Mortgage Trust 2013- C14 D, 4.111%, 06/15/2046		504,262		0.2
	9,397,114	(5	),(6)	WFRBS Commercial Mortgage Trust 2014- C19 XA, 1.211%, 03/15/2047		340,604		0.2
	544,910			Other Securities		538,465		0.3
				Total Commercial Mortgage- Backed Securities (Cost $18,376,870)		18,808,217		9.1
U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.3%
				Federal Home Loan Mortgage Corporation(8): 0.5%
	932,759			4.000%- 6.500%, 01/01/2020- 05/01/2046		980,891		0.5
				Federal National Mortgage Association: 0.0%
	101,887			4.764%, 10/01/2036		107,465		0.0
				Government National Mortgage Association: 2.1%
	4,100,000	(9	)	3.000%, 08/01/2044		4,181,679		2.1
	51,384			5.000%- 6.500%, 04/15/2034- 02/20/2035		57,090		0.0
						4,238,769		2.1

See Accompanying Notes to Financial Statements
72

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Uniform Mortgage-Backed Security: 6.7%
	2,942,110			3.500%, 05/01/2049	$	3,011,179		1.4
	1,593,365			3.500%, 06/01/2049		1,631,194		0.8
	2,400,000	(9	)	3.500%, 07/25/2049		2,453,062		1.2
	2,902,945			4.000%, 06/01/2049		3,006,395		1.4
	1,000,000	(9	)	4.000%, 07/25/2049		1,033,379		0.5
	1,900,000	(9	)	4.500%, 07/25/2049		1,985,537		1.0
	732,086			2.500%- 7.500%, 09/01/2019- 05/01/2045		794,051		0.4
						13,914,797		6.7
				Total U.S. Government Agency Obligations (Cost $19,131,899)		19,241,922		9.3
Shares					Value		Percentage of Net Assets
COMMON STOCK: 0.0%
				United States: 0.0%
	48,209	(4	),(10)	Other Securities	$	42,183		0.0
				Total Common Stock (Cost $1,305,735)		42,183		0.0
MUTUAL FUNDS: 18.1%
				United States: 18.1%
	626,727			Voya Emerging Markets Corporate Debt Fund - Class P		6,267,271		3.1
	1,098,658			Voya Emerging Markets Hard Currency Debt Fund - Class P		10,744,872		5.2
	1,810,542			Voya Emerging Markets Local Currency Debt Fund - Class P		13,198,849		6.4

Shares			Value		Percentage of Net Assets
	876,819	Voya High Yield Bond Fund - Class P	$	6,988,247		3.4
		Total Mutual Funds (Cost $39,371,730)		37,199,239		18.1
			Value		Percentage of Net Assets
PURCHASED OPTIONS(11): 0.0%
		Total Purchased Options (Cost $68,571)	$	15,495		0.0
		Total Long- Term Investments (Cost $200,059,825)		201,972,106		98.0
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 10.6%
		Commercial Paper: 7.5%
	2,000,000	American Electric Power Co., Inc., 2.730%, 08/13/2019	$	1,993,440		0.9
	1,000,000	Consolidated Edison Co. of New York, Inc., 2.950%, 07/19/2019		998,468		0.5
	1,000,000	Consolidated Edison Co. of New York, Inc., 3.020%, 07/15/2019		998,760		0.5
	2,000,000	Dominion Resources, Inc., 2.730%, 08/08/2019		1,994,173		1.0
	4,000,000	Kroger Co., 7.360%, 07/01/2019		3,999,194		1.9
	1,600,000	National Grid, 2.730%, 08/28/2019		1,592,978		0.8
	4,000,000	United Health, 7.550%, 07/01/2019		3,999,173		1.9
				15,576,186		7.5

See Accompanying Notes to Financial Statements
73

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value			Percentage of Net Assets
				Mutual Funds: 3.1%
	6,408,000	(12	)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.260% (Cost $6,408,000)	$	6,408,000			3.1
				Total Short- Term Investments (Cost $21,987,566)		21,984,186			10.6
				Total Investments in Securities (Cost $222,047,391)	$	223,956,292			108.6
				Liabilities in Excess of Other Assets		(17,809,559	)		(8.6	)
				Net Assets	$	206,146,733			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

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

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

(3)  The grouping contains securities in default.

(4)  The grouping contains Level 3 securities.

(5)  Variable rate security. Rate shown is the rate in effect as of June 30, 2019.

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

(7)  Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2019.

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

(9)  Settlement is on a when-issued or delayed-delivery basis.

(10)  The grouping contains non-income producing securities.

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

(12)  Rate shown is the 7-day yield as of June 30, 2019.

CLP  Chilean Peso

COP  Colombian Peso

EUR  EU Euro

IDR  Indonesian Rupiah

MXN  Mexican Peso

PEN  Peruvian Nuevo Sol

PLN  Polish Zloty

RUB  Russian Ruble

ZAR  South African Rand

Reference Rate Abbreviations:

12MTA  12-month Treasury Average

US0001M  1-month LIBOR

US0003M  3-month LIBOR

US0012M  12-month LIBOR

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		18.0	%
U.S. Treasury Obligations		16.4
Collateralized Mortgage Obligations		13.3
Commercial Mortgage-Backed Securities		9.1
Sovereign Bonds		9.0
Financial		7.9
Uniform Mortgage-Backed Security		6.7
Other Asset-Backed Securities		3.8
Consumer, Non-cyclical		3.0
U.S. Government Agency Obligations		2.6
Communications		2.3
Energy		2.2
Utilities		1.4
Consumer, Cyclical		0.8
Technology		0.7
Industrial		0.4
Basic Materials		0.3
Purchased Options		0.0
Structured Notes		0.0
Materials		0.0
Communication Services		0.0
Short-Term Investments		10.7
Liabilities in Excess of Other Assets		(8.6	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements
74

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
United States	$	42,183		$	—		$	—	$	42,183
Total Common Stock		42,183			—			—		42,183
Mutual Funds		37,199,239			—			—		37,199,239
Purchased Options		—			15,495			—		15,495
Corporate Bonds/Notes		—			39,115,681			3,433		39,119,114
Collateralized Mortgage Obligations		—			27,339,098			—		27,339,098
Structured Notes		—			—			12,243		12,243
Sovereign Bonds		—			18,531,654			—		18,531,654
Asset-Backed Securities		—			7,847,315			—		7,847,315
U.S. Government Agency Obligations		—			19,241,922			—		19,241,922
U.S. Treasury Obligations		—			33,815,626			—		33,815,626
Commercial Mortgage-Backed Securities		—			18,808,217			—		18,808,217
Short-Term Investments		6,408,000			15,576,186			—		21,984,186
Total Investments, at fair value	$	43,649,422		$	180,291,194		$	15,676	$	223,956,292
Other Financial Instruments+
Centrally Cleared Swaps		—			2,215,216			—		2,215,216
Forward Foreign Currency Contracts		—			521,287			—		521,287
Forward Premium Swaptions		—			98,315			—		98,315
Futures		815,101			—			—		815,101
Total Assets	$	44,464,523		$	183,126,012		$	15,676	$	227,606,211
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(1,380,639	)	$	—	$	(1,380,639	)
Forward Foreign Currency Contracts		—			(411,244	)		—		(411,244	)
Forward Premium Swaptions		—			(2,627	)		—		(2,627	)
Futures		(697,960	)		—			—		(697,960	)
Written Options		—			(1,326,022	)		—		(1,326,022	)
Total Liabilities	$	(697,960	)	$	(3,120,532	)	$	—	$	(3,818,492	)

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

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

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/18		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 6/30/19		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund — Class P	$	10,570,022	$	191,907	$	(5,232,154	)	$	737,496	$	6,267,271	$	191,902	$	(228,650	)	$	—
Voya Emerging Markets Hard Currency Debt Fund — Class P		15,377,081		301,312		(6,639,599	)		1,706,078		10,744,872		301,310		(639,602	)		—
Voya Emerging Markets Local Currency Debt Fund — Class P		12,193,671		—		—			1,005,178		13,198,849		—		—			—
Voya High Yield Bond Fund — Class P		11,948,411		263,181		(6,068,084	)		844,739		6,988,247		263,188		(68,086	)		—
	$	50,089,185	$	756,400	$	(17,939,837	)	$	4,293,491	$	37,199,239	$	756,400	$	(936,338	)	$	—

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

See Accompanying Notes to Financial Statements
75

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

At June 30, 2019, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
SEK	10,233,087	USD	1,105,000	Barclays Bank PLC	07/26/19	$	(942	)
NOK	56,875,287	USD	6,653,298	Barclays Bank PLC	07/26/19		19,586
KRW	2,911,609,447	USD	2,482,762	Barclays Bank PLC	08/23/19		36,665
SGD	648,988	USD	475,001	Barclays Bank PLC	08/23/19		5,086
USD	439,702	THB	13,710,158	Barclays Bank PLC	08/23/19		(7,939	)
USD	1,288,900	BRL	5,018,964	Barclays Bank PLC	08/23/19		(11,638	)
USD	166,635	MXN	3,231,156	Barclays Bank PLC	08/23/19		(206	)
ILS	798,680	USD	222,735	Barclays Bank PLC	08/23/19		1,802
CNY	12,712,231	USD	1,839,716	Barclays Bank PLC	08/23/19		12,143
USD	411,143	HUF	118,332,397	Barclays Bank PLC	08/23/19		(6,774	)
USD	33,518	MYR	138,881	Barclays Bank PLC	08/23/19		(85	)
USD	571,927	RUB	36,934,953	Barclays Bank PLC	08/23/19		(7,837	)
USD	226,000	EUR	198,367	BNP Paribas	07/26/19		(26	)
CAD	10,553	USD	8,006	BNP Paribas	07/26/19		57
EUR	451,465	USD	515,808	BNP Paribas	07/26/19		(1,394	)
USD	1,690,398	PLN	6,420,357	BNP Paribas	08/23/19		(31,467	)
USD	348,001	RON	1,468,543	BNP Paribas	08/23/19		(5,153	)
USD	2,586,383	COP	8,437,408,124	BNP Paribas	08/23/19		(30,227	)
NZD	684,818	USD	451,000	Brown Brothers Harriman & Co.	07/26/19		9,323
GBP	1,598,375	USD	2,027,000	Brown Brothers Harriman & Co.	07/26/19		5,383
USD	370,135	NOK	3,137,456	Brown Brothers Harriman & Co.	07/26/19		2,033
EUR	728,573	USD	830,000	Brown Brothers Harriman & Co.	07/26/19		161
SEK	11,014,274	USD	1,174,938	Brown Brothers Harriman & Co.	07/26/19		13,403
EUR	33,095,671	USD	37,561,866	Brown Brothers Harriman & Co.	07/26/19		148,452
DKK	3,145,127	USD	478,307	Brown Brothers Harriman & Co.	07/26/19		1,880
USD	1,077,000	EUR	944,579	Brown Brothers Harriman & Co.	07/26/19		714
USD	1,104,000	NZD	1,642,803	Brown Brothers Harriman & Co.	07/26/19		(263	)
AUD	6,279,270	USD	4,341,519	Brown Brothers Harriman & Co.	07/26/19		70,709
USD	280,000	GBP	220,232	Brown Brothers Harriman & Co.	07/26/19		(32	)
USD	1,548,000	EUR	1,357,910	Brown Brothers Harriman & Co.	07/26/19		751
USD	510,000	NOK	4,321,779	Brown Brothers Harriman & Co.	07/26/19		2,948
USD	1,393,000	GBP	1,093,363	Brown Brothers Harriman & Co.	07/26/19		2,756
USD	817,000	GBP	640,356	Brown Brothers Harriman & Co.	07/26/19		2,768
USD	3,155,000	JPY	339,634,772	Citibank N.A.	07/26/19		(1,212	)
USD	1,582,000	NOK	13,461,888	Citibank N.A.	07/26/19		2,586
NZD	2,822,726	USD	1,888,000	Citibank N.A.	07/26/19		9,386
USD	6,180,000	EUR	5,424,700	Goldman Sachs International	07/26/19		(1,085	)
USD	2,875,000	CHF	2,799,796	Goldman Sachs International	07/26/19		250
CHF	254,458	USD	261,000	Goldman Sachs International	07/26/19		270
EUR	5,577,062	USD	6,372,000	Goldman Sachs International	07/26/19		(17,308	)
CHF	951,987	USD	982,000	Goldman Sachs International	07/26/19		(4,527	)
USD	2,481,430	PEN	8,298,710	Goldman Sachs International	08/23/19		(33,181	)
CHF	1,380,236	USD	1,417,000	HSBC Bank USA N.A.	07/26/19		187
NZD	1,664,158	USD	1,107,000	HSBC Bank USA N.A.	07/26/19		11,618
HKD	222,909	USD	28,495	HSBC Bank USA N.A.	08/23/19		47
USD	726,188	CLP	504,548,823	HSBC Bank USA N.A.	08/23/19		(18,730	)
USD	1,933,978	IDR	27,737,115,070	HSBC Bank USA N.A.	08/23/19		(16,579	)
JPY	3,301,083,774	USD	30,790,435	JPMorgan Chase Bank N.A.	07/26/19		(113,595	)
NZD	554,281	USD	367,000	JPMorgan Chase Bank N.A.	07/26/19		5,578
USD	156,354	PHP	8,116,501	JPMorgan Chase Bank N.A.	08/23/19		(1,656	)
USD	1,160,894	ZAR	17,000,192	JPMorgan Chase Bank N.A.	08/23/19		(37,971	)
USD	360,160	CZK	8,226,306	JPMorgan Chase Bank N.A.	08/23/19		(8,062	)
CAD	19,831,538	USD	15,020,781	Morgan Stanley	07/26/19		131,887
CHF	285,781	USD	294,000	Morgan Stanley	07/26/19		(568	)
USD	272,000	GBP	213,898	Morgan Stanley	07/26/19		22
USD	300,000	NZD	447,541	Morgan Stanley	07/26/19		(829	)
USD	1,210,000	AUD	1,726,662	Morgan Stanley	07/26/19		(3,266	)
USD	4,196,000	CAD	5,491,153	Morgan Stanley	07/26/19		379
USD	129,002	TRY	782,975	Morgan Stanley	08/23/19		(2,276	)
CHF	1,198,250	USD	1,232,823	State Street Bank and Trust Co.	07/26/19		(2,494	)
USD	817,531	CHF	799,819	State Street Bank and Trust Co.	07/26/19		(3,700	)
GBP	4,912,299	USD	6,228,885	State Street Bank and Trust Co.	07/26/19		17,253
AUD	348,810	USD	245,000	State Street Bank and Trust Co.	07/26/19		97
USD	1,671,611	NZD	2,546,681	State Street Bank and Trust Co.	07/26/19		(40,222	)
USD	1,347,036	GBP	1,055,365	State Street Bank and Trust Co.	07/26/19		5,107
						$	110,043

See Accompanying Notes to Financial Statements
76

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

At June 30, 2019, the following futures contracts were outstanding for Voya Global Bond Portfolio:

Description	Number of Contracts			Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Australia 10-Year Bond		11		09/16/19	$	1,109,345		$	7,353
Australia 3-Year Bond		36		09/16/19		2,906,427			3,050
Canada 10-Year Bond		25		09/19/19		2,728,609			58,432
Euro-Bobl 5-Year		55		09/06/19		8,407,946			39,455
Euro-Buxl® 30-year German Government Bond		16		09/06/19		3,691,482			112,517
Euro-OAT		59		09/06/19		11,060,949			185,893
Euro-Schatz		74		09/06/19		9,448,268			17,125
Long Gilt		22		09/26/19		3,640,451			37,238
Long-Term Euro-BTP		39		09/06/19		5,955,790			232,670
Short Gilt		17		09/26/19		2,258,664			614
U.S. Treasury Long Bond		23		09/19/19		3,578,656			120,754
					$	54,786,587		$	815,101
Short Contracts:
Euro-Bund		(25	)	09/06/19		(4,910,567	)		(51,489	)
Japanese Government Bonds 10-Year Mini		(8	)	09/11/19		(1,141,956	)		(3,435	)
U.S. Treasury 10-Year Note		(19	)	09/19/19		(2,431,406	)		(52,437	)
U.S. Treasury 2-Year Note		(6	)	09/30/19		(1,291,078	)		(6,744	)
U.S. Treasury 5-Year Note		(171	)	09/30/19		(20,204,719	)		(294,235	)
U.S. Treasury Ultra 10-Year Note		(77	)	09/19/19		(10,635,625	)		(283,491	)
U.S. Treasury Ultra Long Bond		(2	)	09/19/19		(355,125	)		(6,129	)
					$	(40,970,476	)	$	(697,960	)

At June 30, 2019, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate			Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Pay	3-month CAD-CDOR	Semi-Annual		2.960	%	Semi-Annual	11/21/44	CAD	1,000,000	$	134,565		$	122,028
Pay	6-month EUR-EURIBOR	Semi-Annual		0.294		Annual	02/10/23	EUR	2,400,000		61,736			61,664
Pay	6-month EUR-EURIBOR	Semi-Annual		0.325		Annual	02/16/23	EUR	100,000		2,711			2,702
Pay	6-month GBP-LIBOR	Semi-Annual		2.899		Semi-Annual	08/22/44	GBP	2,000,000		949,380			1,087,124
Pay	6-month JPY-LIBOR	Semi-Annual		(0.015	)	Semi-Annual	02/13/24	JPY	1,946,200,000		87,092			86,952
Pay	6-month JPY-LIBOR	Semi-Annual		0.135		Semi-Annual	02/13/29	JPY	477,600,000		55,324			54,988
Pay	6-month JPY-LIBOR	Semi-Annual		0.328		Semi-Annual	02/13/34	JPY	403,500,000		92,132			91,286
Pay	6-month JPY-LIBOR	Semi-Annual		0.519		Semi-Annual	02/15/39	JPY	65,000,000		28,579			28,226
Pay	6-month JPY-LIBOR	Semi-Annual		0.583		Semi-Annual	02/13/44	JPY	349,200,000		186,641			184,667
Pay	6-month JPY-LIBOR	Semi-Annual		0.670		Semi-Annual	02/07/49	JPY	180,000,000		137,897			136,258
Pay	3-month USD-LIBOR	Quarterly		1.914		Semi-Annual	08/15/20	USD	474,695,000		—			—
Pay	1-month USD-LIBOR	Monthly		2.726		Monthly	12/27/28	USD	1,250,000		97,871			97,871
Pay	1-month USD-LIBOR	Monthly		2.466		Monthly	01/07/29	USD	584,000		32,340			32,340
Pay	3-month USD-LIBOR	Quarterly		1.997		Semi-Annual	06/25/29	USD	3,950,000		15,058			15,058
Pay	1-month USD-LIBOR	Monthly		2.400		Monthly	10/27/32	USD	690,000		35,795			35,884
Pay	1-month USD-LIBOR	Monthly		2.488		Monthly	10/27/47	USD	800,000		68,377			68,488
Receive	6-month EUR-EURIBOR	Semi-Annual		0.056		Annual	02/10/21	EUR	100,000		(802	)		(814	)
Receive	6-month EUR-EURIBOR	Semi-Annual		1.143		Annual	02/04/46	EUR	500,000		(62,089	)		(63,872	)
Receive	1-month USD-LIBOR	Monthly		1.720		Monthly	10/27/19	USD	18,320,000		28,195			27,218
Receive	1-month USD-LIBOR	Monthly		2.656		Monthly	06/19/20	USD	8,150,000		(59,865	)		(59,865	)
Receive	1-month USD-LIBOR	Monthly		2.798		Monthly	09/14/20	USD	4,000,000		(46,481	)		(46,481	)
Receive	1-month USD-LIBOR	Monthly		1.079		Monthly	04/04/21	USD	7,500,000		82,462			82,462
Receive	1-month USD-LIBOR	Monthly		1.983		Monthly	10/27/22	USD	23,590,000		(274,683	)		(276,629	)
Receive	1-month USD-LIBOR	Monthly		2.816		Monthly	06/19/23	USD	1,716,000		(78,704	)		(78,704	)
Receive	1-month USD-LIBOR	Monthly		2.514		Monthly	01/24/25	USD	1,210,000		(54,321	)		(54,320	)
Receive	1-month USD-LIBOR	Monthly		2.728		Monthly	03/01/25	USD	4,110,000		(235,093	)		(235,093	)
Receive	1-month USD-LIBOR	Monthly		2.210		Monthly	10/27/26	USD	3,590,000		(115,638	)		(116,025	)
Receive	1-month USD-LIBOR	Monthly		2.681		Monthly	02/02/28	USD	1,690,000		(119,714	)		(119,714	)
Receive	1-month USD-LIBOR	Monthly		2.884		Monthly	06/19/28	USD	910,000		(81,363	)		(81,363	)
Receive	1-month USD-LIBOR	Monthly		3.099		Monthly	10/18/28	USD	780,000		(85,630	)		(85,630	)
Receive	1-month USD-LIBOR	Monthly		2.390		Monthly	12/11/32	USD	400,000		(20,281	)		(20,281	)
Receive	1-month USD-LIBOR	Monthly		2.962		Monthly	04/30/33	USD	530,000		(65,400	)		(65,400	)
Receive	1-month USD-LIBOR	Monthly		3.148		Monthly	10/18/33	USD	520,000		(76,448	)		(76,448	)
										$	719,643		$	834,577

See Accompanying Notes to Financial Statements
77

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

At June 30, 2019, the following over-the-counter purchased interest rate swaptions were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Pay/ Receive Exercise Rate	Exercise Rate			Floating Rate Index	Expiration Date	Notional Amount		Cost		Fair Value
Put on 1-Year Interest Rate Swap(1)	Goldman Sachs International	Pay		2.200	%	3-month USD-LIBOR	08/07/19	USD	4,509,000	$	830	$	341
Put on 1-Year Interest Rate Swap(1)	JPMorgan Chase Bank N.A.	Pay		2.200	%	3-month USD-LIBOR	08/07/19	USD	101,000,000		47,975		7,640
Put on 1-Year Interest Rate Swap(1)	Societe Generale	Pay		2.200	%	3-month USD-LIBOR	08/07/19	USD	3,427,000		582		259
Put on 1-Year Interest Rate Swap(1)	Wells Fargo	Pay		2.200	%	3-month USD-LIBOR	08/07/19	USD	95,920,000		19,184		7,255
										$	68,571	$	15,495

At June 30, 2019, the following over-the-counter written interest rate swaptions were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Pay/ Receive Exercise Rate	Exercise Rate			Floating Rate Index		Expiration Date	Notional Amount		Premiums Received		Fair Value
Call on 1-Year Interest Rate Swap(1)	Nomura Global Financial Products Inc.	Pay		2.100	%		3-month USD-LIBOR	08/15/19	USD	600,000,000	$	240,000	$	(1,326,022	)
											$	240,000	$	(1,326,022	)

At June 30, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Exercise Rate(2)			Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premium receivable/ (payable) at expiration(3)			Unrealized Appreciation/ (Depreciation)
Call on 5-Year Interest Rate Swap (Purchased)	Bank of America N.A.		5.250	%	Receive	3-month USD-LIBOR	02/21/20	USD	3,269,000	$	(1,716,225	)	$	704
Call on 5-Year Interest Rate Swap (Purchased)	Goldman Sachs International		5.130	%	Receive	3-month USD-LIBOR	03/16/20	USD	5,881,000		(301,695	)		8,097
Call on 5-Year Interest Rate Swap (Purchased)	Morgan Stanley Capital Services LLC		4.960	%	Receive	3-month USD-LIBOR	04/29/20	USD	12,329,000		(610,902	)		39,028
Call on 5-Year Interest Rate Swap (Purchased)	Morgan Stanley Capital Services LLC		5.250	%	Receive	3-month USD-LIBOR	05/15/20	USD	18,558,000		—			50,486
Call on 5-Year Interest Rate Swap (Purchased)	Morgan Stanley Capital Services LLC		5.280	%	Receive	3-month USD-LIBOR	02/24/20	USD	2,746,000		(144,920	)		(125	)
Call on 5-Year Interest Rate Swap (Purchased)	Morgan Stanley Capital Services LLC		5.290	%	Receive	3-month USD-LIBOR	02/27/20	USD	10,614,000		(562,011	)		(2,502	)
										$	(3,335,753	)	$	95,688

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

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

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

See Accompanying Notes to Financial Statements
78

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

COP — Colombian Peso

CNY — Chinese Yuan

CZK — Czech Koruna

DKK — Danish Krone

EUR — EU Euro

GBP — British Pound

HKD — Hong Kong Sar Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Investments in securities at value*	$	15,495
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		521,287
Interest rate contracts	Unrealized appreciation on forward premium swaptions**		98,315
Interest rate contracts	Net Assets — Unrealized appreciation***		815,101
Interest rate contracts	Net Assets — Unrealized appreciation****		2,215,216
Total Asset Derivatives		$	3,665,414
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	411,244
Interest rate contracts	Unrealized depreciation on forward premium swaptions**		2,627
Interest rate contracts	Net Assets — Unrealized depreciation***		697,960
Interest rate contracts	Net Assets — Unrealized depreciation****		1,380,639
Interest rate contracts	Written options, at fair value		1,326,022
Total Liability Derivatives		$	3,818,492

*  Includes purchased options.

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

***  Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.

****  Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current day's variation margin receivable/payable is shown on the Statement of Assets and Liabiliites.

See Accompanying Notes to Financial Statements
79

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*		Forward foreign currency contracts			Futures			Swaps			Written options			Total
Equity contracts	$	—	$	—		$	(114,734	)	$	—		$	—		$	(114,734	)
Credit Contracts		—		—			—			56,753			—			56,753
Foreign exchange contracts		—		107,291			—			—			—			107,291
Interest rate contracts		53,134		—			1,139,673			1,517,582			(270,648	)		2,439,741
Total	$	53,134	$	107,291		$	1,024,939		$	1,574,335		$	(270,648	)	$	2,489,051
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*		Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts	$	—	$	—		$	—		$	9,484		$	—		$	9,484
Foreign exchange contracts		—		(511,706	)		—			—			—			(511,706	)
Interest rate contracts		4,344		—			(41,660	)		(3,908,725	)		438,450			(3,507,591	)
Total	$	4,344	$	(511,706	)	$	(41,660	)	$	(3,899,241	)	$	438,450		$	(4,009,813	)

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2019:

	Bank of America N.A.		Barclays Bank PLC		BNP Paribas		Brown Brothers Harrmian & Co.		Citibank N.A.		Goldman Sachs International		HSBC Bank USA N.A.		JPMorgan Chase Bank N.A.		Morgan Stanley		Morgan Stanley Capital Services LLC		Nomura Global Financial Products Inc.		Societe Generale		State Street Bank & Trust Co.		Wells Fargo		Totals
Assets:
Purchased options	$	—	$	—	$	—	$	—	$	—	$	341	$	—	$	7,640	$	—	$	—	$	—	$	259	$	—	$	7,255	$	15,495
Forward premium swaptions		704		—		—		—		—		8,097		—		—		—		89,514		—		—		—		—		98,315
Forward foreign currency contracts		—		75,282		57		261,281		11,972		520		11,852		5,578		132,288		—		—		—		22,457		—		521,287
Total Assets	$	704	$	75,282	$	57	$	261,281	$	11,972	$	8,958	$	11,852	$	13,218	$	132,288	$	89,514	$	—	$	259	$	22,457	$	7,255	$	635,097
Liabilities:
Forward foreign currency contracts	$	—	$	35,421	$	68,267	$	295	$	1,212	$	56,101	$	35,309	$	161,284	$	6,939	$	—	$	—	$	—	$	46,416	$	—	$	411,244
Forward premium swaptions		—		—		—		—		—		—		—		—		—		2,627		—		—		—		—		2,627
Written options		—		—		—		—		—		—		—		—		—		—		1,326,022		—		—		—		1,326,022
Total Liabilities	$	—	$	35,421	$	68,267	$	295	$	1,212	$	56,101	$	35,309	$	161,284	$	6,939	$	2,627	$	1,326,022	$	—	$	46,416	$	—	$	1,739,893

See Accompanying Notes to Financial Statements
80

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

	Bank of America N.A.		Barclays Bank PLC		BNP Paribas			Brown Brothers Harrmian & Co.		Citibank N.A.		Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley		Morgan Stanley Capital Services LLC			Nomura Global Financial Products Inc.			Societe Generale		State Street Bank & Trust Co.			Wells Fargo		Totals
Net OTC derivative instruments by counterparty, at fair value	$	704	$	39,861	$	(68,210	)	$	260,986	$	10,760	$	(47,143	)	$	(23,457	)	$	(148,066	)	$	125,349	$	86,887		$	(1,326,022	)	$	259	$	(23,959	)	$	7,255	$	(1,104,796	)
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	—	$	—	$	—		$	—	$	—	$	—		$	—		$	—		$	—	$	(60,000	)	$	1,326,022		$	—	$	—		$	—	$	1,266,022
Net Exposure(1)(2)	$	704	$	39,861	$	(68,210	)	$	260,986	$	10,760	$	(47,143	)	$	(23,457	)	$	(148,066	)	$	125,349	$	26,887		$	—		$	259	$	(23,959	)	$	7,255	$	161,226

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

(2)  At June 30, 2019, the Portfolio pledged $66,000 and $1,520,000 in cash collateral from Citibank N.A. and Nomura Global Financial Products Inc. In addition, the Portfolio received $970,000 in cash collateral from BNP Paribas. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $222,492,336.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	10,512,606
Gross Unrealized Depreciation		(9,148,756	)
Net Unrealized Appreciation	$	1,363,850

See Accompanying Notes to Financial Statements
81

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED)

Geographic Diversification
as of June 30, 2019
(as a percentage of net assets)

Japan	24.6	%
United Kingdom	13.9	%
France	8.6	%
Switzerland	8.3	%
Australia	8.0	%
Netherlands	7.7	%
Germany	5.7	%
Italy	4.2	%
Hong Kong	3.6	%
Spain	2.7	%
Countries between 0.2% - 2.6%^	12.2	%
Assets in Excess of Other Liabilities*	0.5	%
Net Assets	100.0	%

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

^ Includes 11 countries, which each represents 0.2% - 2.6% of net assets.

Portfolio holdings are subject to change daily.

Shares			Value		Percentage of Net Assets
COMMON STOCK: 99.5%
		Australia: 8.0%
	887,702	Aurizon Holdings Ltd.	$	3,369,868		0.7
	549,124	Sydney Airport		3,102,270		0.6
	8,433,709	Other Securities		32,403,472		6.7
				38,875,610		8.0
		Belgium: 0.4%
	31,081	Other Securities		1,804,374		0.4
		China: 0.3%
	371,000	Other Securities		1,460,682		0.3
		Denmark: 2.6%
	25,189	Carlsberg A/S		3,342,512		0.7
	30,472	Coloplast A/S		3,444,519		0.7
	111,610	Novo Nordisk A/S		5,700,727		1.2
				12,487,758		2.6
		Finland: 2.3%
	77,684	Sampo OYJ		3,667,031		0.7
	484,151	Other Securities		7,635,810		1.6
				11,302,841		2.3
		France: 8.6%
	42,633	Danone		3,609,831		0.7
	242,851	Engie SA		3,682,471		0.7
	70,762	Sanofi		6,115,416		1.3
	27,483	Sodexo SA		3,212,595		0.7
	859,238	Other Securities		24,963,584		5.2
				41,583,897		8.6
		Germany: 5.7%
	54,374	BASF SE		3,955,667		0.8

Shares					Value		Percentage of Net Assets
	26,014			Deutsche Boerse AG	$	3,672,396		0.8
	114,798			Deutsche Post AG		3,776,490		0.8
	194,083			Deutsche Telekom AG		3,362,421		0.7
	858,760			Other Securities		12,558,932		2.6
						27,325,906		5.7
				Hong Kong: 3.6%
	292,000			CLP Holdings Ltd.		3,217,781		0.7
	146,900			Hang Seng Bank Ltd.		3,656,413		0.7
	448,000			Power Assets Holdings Ltd.		3,222,933		0.7
	3,154,500			Other Securities		7,112,563		1.5
						17,209,690		3.6
				Ireland: 0.2%
	221,593			Other Securities		906,096		0.2
				Israel: 1.7%
	1,086,764			Other Securities		8,062,538		1.7
				Italy: 4.2%
	194,540			Assicurazioni Generali S.p.A.		3,662,718		0.8
	218,709			ENI S.p.A.		3,636,547		0.8
	1,594,915			Intesa Sanpaolo SpA		3,414,396		0.7
	1,093,149			Other Securities		9,387,663		1.9
						20,101,324		4.2
				Japan: 24.6%
	123,600	(1	)	Canon, Inc.		3,619,388		0.7
	73,500			Fuji Film Holdings Corp.		3,731,581		0.8
	137,600			Mitsubishi Corp.		3,636,132		0.8
	78,900			Mitsubishi Heavy Industries Ltd.		3,440,992		0.7
	222,700			Mitsui & Co., Ltd.		3,635,109		0.8

See Accompanying Notes to Financial Statements
82

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Japan (continued)
	2,524,500			Mizuho Financial Group, Inc.	$	3,670,943		0.8
	78,700			NEC Corp.		3,105,584		0.6
	167,800			NTT DoCoMo, Inc.		3,915,098		0.8
	201,700			Sekisui House Ltd.		3,323,332		0.7
	224,600			Sumitomo Corp.		3,411,242		0.7
	42,200			West Japan Railway Co.		3,415,477		0.7
	4,061,411			Other Securities		79,908,478		16.5
						118,813,356		24.6
				Luxembourg: 0.4%
	72,691			Other Securities		1,878,473		0.4
				Netherlands: 7.7%
	136,459	(2	)	ABN AMRO Bank NV		2,919,882		0.6
	155,561			Koninklijke Ahold Delhaize NV		3,492,298		0.7
	478,589			Koninklijke KPN NV		1,469,651		0.3
	363,832			Royal Dutch Shell PLC - Class A		11,874,641		2.5
	138,910			Unilever NV		8,439,920		1.7
	50,915			Wolters Kluwer NV		3,704,133		0.8
	271,671			Other Securities		5,146,509		1.1
						37,047,034		7.7
				New Zealand: 0.2%
	391,263			Other Securities		1,052,645		0.2
				Norway: 1.0%
	343,643			Other Securities		4,878,827		1.0
				Singapore: 2.4%
	1,490,400			Singapore Telecommunications Ltd.		3,857,627		0.8
	2,737,600			Other Securities		7,961,184		1.6
						11,818,811		2.4
				Spain: 2.7%
	17,175	(2	)	Aena SME SA		3,404,135		0.7
	120,473			Ferrovial SA - FERE		3,083,943		0.6
	231,194	(3	)	Other Securities		6,817,403		1.4
						13,305,481		2.7
				Sweden: 0.7%
	191,927			Other Securities		3,500,458		0.7
				Switzerland: 8.3%
	1,259			Givaudan		3,556,085		0.8
	124,826			Nestle SA		12,922,267		2.7
	85,753			Novartis AG		7,828,544		1.6
	34,503			Roche Holding AG		9,701,825		2.0

Shares					Value		Percentage of Net Assets
	14,004			Zurich Insurance Group AG	$	4,872,684		1.0
	6,912			Other Securities		1,026,688		0.2
						39,908,093		8.3
				United Kingdom: 13.9%
	398,710	(2	)	Auto Trader Group PLC		2,776,934		0.6
	653,492			Aviva PLC		3,461,271		0.7
	561,403			BAE Systems PLC		3,528,365		0.7
	1,362,392			BT Group PLC		3,406,445		0.7
	61,591			Coca-Cola European Partners PLC		3,479,891		0.7
	160,229			Compass Group PLC		3,840,987		0.8
	307,047			GlaxoSmithKline PLC		6,154,731		1.3
	1,071,656			Legal & General Group PLC		3,671,522		0.8
	2,180,343			Vodafone Group PLC		3,573,732		0.7
	8,562,728			Other Securities		33,214,660		6.9
						67,108,538		13.9
				Total Common Stock (Cost $475,661,429)		480,432,432		99.5
EXCHANGE-TRADED FUNDS: 0.1%
	11,081			Other Securities		728,354		0.1
				Total Exchange-Traded Funds (Cost $737,177)		728,354		0.1
				Total Long-Term Investments (Cost $476,398,606)		481,160,786		99.6
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
				Repurchase Agreements: 1.5%
	1,643,820	(4	)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,644,158, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $1,676,696, due 06/01/46-07/01/49)	$	1,643,820		0.4

See Accompanying Notes to Financial Statements
83

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	1,643,820	(4	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $1,644,162, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,676,696, due 06/30/19-05/20/69)	$	1,643,820		0.4
	1,643,820	(4	)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,644,158, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,676,697, due 07/02/19-01/20/63)		1,643,820		0.3
	1,643,820	(4	)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,644,160, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $1,676,704, due 07/05/19-08/16/23)		1,643,820		0.3

Principal Amount†					Value			Percentage of Net Assets
	486,689	(4	)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $486,790, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $496,423, due 07/31/19-06/30/22)	$	486,689			0.1
						7,061,969			1.5
				Total Short-Term Investments (Cost $7,061,969)		7,061,969			1.5
				Total Investments in Securities (Cost $483,460,575)	$	488,222,755			101.1
				Liabilities in Excess of Other Assets		(5,290,402	)		(1.1	)
				Net Assets	$	482,932,353			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

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

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

(3)  The grouping contains securities on loan.

(4)  Represents securities purchased with cash collateral received for securities on loan.

Sector Diversification	Percentage of Net Assets
Financials		18.0	%
Industrials		17.4
Consumer Staples		13.0
Health Care		10.1
Consumer Discretionary		8.5
Communication Services		6.9
Materials		6.1
Utilities		5.8
Information Technology		5.4
Real Estate		4.6
Energy		3.7
Exchange-Traded Funds		0.1
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(1.1	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements
84

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:⁽¹⁾

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	38,875,610		$	—	$	38,875,610
Belgium		—		1,804,374			—		1,804,374
China		—		1,460,682			—		1,460,682
Denmark		—		12,487,758			—		12,487,758
Finland		—		11,302,841			—		11,302,841
France		5,411,928		36,171,969			—		41,583,897
Germany		1,605,020		25,720,886			—		27,325,906
Hong Kong		1,769,909		15,439,781			—		17,209,690
Ireland		906,096		—			—		906,096
Israel		—		8,062,538			—		8,062,538
Italy		—		20,101,324			—		20,101,324
Japan		—		118,813,356			—		118,813,356
Luxembourg		810,197		1,068,276			—		1,878,473
Netherlands		—		37,047,034			—		37,047,034
New Zealand		—		1,052,645			—		1,052,645
Norway		—		4,878,827			—		4,878,827
Singapore		—		11,818,811			—		11,818,811
Spain		—		13,305,481			—		13,305,481
Sweden		—		3,500,458			—		3,500,458
Switzerland		—		39,908,093			—		39,908,093
United Kingdom		3,479,891		63,628,647			—		67,108,538
Total Common Stock		13,983,041		466,449,391			—		480,432,432
Exchange-Traded Funds		728,354		—			—		728,354
Short-Term Investments		—		7,061,969			—		7,061,969
Total Investments, at fair value	$	14,711,395	$	473,511,360		$	—	$	488,222,755
Other Financial Instruments+
Forward Foreign Currency Contracts		—		1,536			—		1,536
Total Assets	$	14,711,395	$	473,512,896		$	—	$	488,224,291
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(744	)	$	—	$	(744	)
Total Liabilities	$	—	$	(744	)	$	—	$	(744	)

(1)  For the period ended June 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Portfolio (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio's policy is to recognize transfers between levels at the beginning of the reporting period. At June 30, 2019, securities valued at $13,254,683 were transferred from Level 2 to Level 1 within the fair value hierarchy.

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

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

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

See Accompanying Notes to Financial Statements
85

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

At June 30, 2019, the following forward foreign currency contracts were outstanding for Voya International High Dividend Low Volatility Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	209,563	GBP	165,197	The Bank of New York Mellon	07/01/19	$	(230	)
USD	676,301	JPY	72,770,530	The Bank of New York Mellon	07/01/19		1,344
JPY	54,272,617	USD	503,194	The Bank of New York Mellon	07/02/19		192
USD	46,198	GBP	36,493	The Bank of New York Mellon	07/02/19		(146	)
USD	976,962	HKD	7,633,952	The Bank of New York Mellon	07/02/19		(284	)
USD	41,821	GBP	32,949	The Bank of New York Mellon	07/03/19		(23	)
USD	109,235	GBP	86,063	The Bank of New York Mellon	07/03/19		(61	)
						$	792

Currency Abbreviations

GBP — British Pound

HKD — Hong Kong Sar Dollar

JPY — Japanese Yen

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	1,536
Total Asset Derivatives		$	1,536
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	744
Total Liability Derivatives		$	744

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(569,517	)
Total	$	(569,517	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	792
Total	$	792

See Accompanying Notes to Financial Statements
86

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2019:

	The Bank of New York Mellon
Assets:
Forward foreign currency contracts	$	1,536
Total Assets	$	1,536
Liabilities:
Forward foreign currency contracts	$	744
Total Liabilities	$	744
Net OTC derivative instruments by counterparty, at fair value	$	792
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—
Net Exposure(1)	$	792

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $493,340,373.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	26,333,849
Gross Unrealized Depreciation		(25,105,753	)
Net Unrealized Appreciation	$	1,228,096

See Accompanying Notes to Financial Statements
87

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Financials	27.0	%
Industrials	17.3	%
Information Technology	8.7	%
Health Care	8.3	%
Consumer Discretionary	7.3	%
Utilities	6.7	%
Consumer Staples	6.3	%
Real Estate	6.2	%
Materials	4.8	%
Energy	3.9	%
Exchange-Traded Funds	2.2	%
Communication Services	0.4	%
Assets in Excess of Other Liabilities*	0.9	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 96.9%
				Communication Services: 0.4%
	380,309			Other Securities	$	1,254,285		0.4
				Consumer Discretionary: 7.3%
	20,459			Advance Auto Parts, Inc.		3,153,550		0.9
	58,689			BorgWarner, Inc.		2,463,764		0.7
	98,374			Honda Motor Co., Ltd. ADR		2,541,984		0.7
	87,978			Pulte Group, Inc.		2,781,865		0.7
	20,214			Sodexo SA		2,362,893		0.6
	361,686	(1	),(2)	Other Securities		13,339,469		3.7
						26,643,525		7.3
				Consumer Staples: 6.3%
	18,390			Kimberly-Clark Corp.		2,451,019		0.7
	111,293			Koninklijke Ahold Delhaize NV		2,498,494		0.7
	402,432			Orkla ASA		3,571,555		1.0
	33,972			Sysco Corp.		2,402,500		0.6
	308,304	(1	),(2)	Other Securities		11,973,433		3.3
						22,897,001		6.3
				Energy: 3.9%
	99,840			Baker Hughes a GE Co.		2,459,059		0.7
	719,951	(1	),(2)	Other Securities		11,738,851		3.2
						14,197,910		3.9
				Financials: 27.0%
	25,635			Ameriprise Financial, Inc.		3,721,177		1.0
	79,344			BankUnited, Inc.		2,677,067		0.7
	112,619			BB&T Corp.		5,532,971		1.5
	182,835			Capitol Federal Financial, Inc.		2,517,638		0.7
	25,925			Chubb Ltd.		3,818,493		1.1
	43,718			Comerica, Inc.		3,175,675		0.9
	41,669			Commerce Bancshares, Inc.		2,485,972		0.7

Shares					Value		Percentage of Net Assets
	152,227	(3	),(4)	Compass Diversified Holdings	$	2,909,058		0.8
	197,716			First Hawaiian, Inc.		5,114,913		1.4
	155,891			Home Bancshares, Inc./ Conway AR		3,002,461		0.8
	18,229			M&T Bank Corp.		3,100,206		0.9
	82,487			Northern Trust Corp.		7,423,830		2.1
	102,096			ProAssurance Corp.		3,686,687		1.0
	17,014			Reinsurance Group of America, Inc.		2,654,694		0.7
	72,750			UMB Financial Corp.		4,788,405		1.3
	301,643			Valley National Bancorp		3,251,712		0.9
	873,045	(2	)	Other Securities		38,091,383		10.5
						97,952,342		27.0
				Health Care: 8.3%
	68,996			Cardinal Health, Inc.		3,249,712		0.9
	19,635			McKesson Corp.		2,638,748		0.7
	34,139			Quest Diagnostics, Inc.		3,475,691		1.0
	44,354	(5	)	Siemens Healthineers AG		1,868,987		0.5
	62,391			Zimmer Biomet Holdings, Inc.		7,345,916		2.0
	187,709	(2	)	Other Securities		11,726,492		3.2
						30,305,546		8.3
				Industrials: 17.3%
	20,262			Cummins, Inc.		3,471,691		1.0
	31,893			Eaton Corp. PLC		2,656,049		0.7
	64,131			Emerson Electric Co.		4,278,821		1.2
	133,032	(3	)	Heartland Express, Inc.		2,403,888		0.7
	45,139			Hubbell, Inc.		5,886,126		1.6
	197,270			IMI PLC		2,602,695		0.7
	81,142			Johnson Controls International plc		3,351,976		0.9
	50,347			MSC Industrial Direct Co.		3,738,768		1.0
	75,726			Southwest Airlines Co.		3,845,366		1.1
	1,468,421	(2	)	Other Securities		30,702,262		8.4
						62,937,642		17.3

See Accompanying Notes to Financial Statements
88

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 8.7%
	94,836			Applied Materials, Inc.	$	4,259,085		1.2
	57,611			Maxim Integrated Products		3,446,290		0.9
	27,014			TE Connectivity Ltd.		2,587,401		0.7
	714,538	(2	)	Other Securities		21,261,493		5.9
						31,554,269		8.7
				Materials: 4.8%
	455,889			Graphic Packaging Holding Co.		6,373,328		1.7
	329,172	(1	)	Other Securities		11,176,634		3.1
						17,549,962		4.8
				Real Estate: 6.2%
	83,738			MGM Growth Properties LLC		2,566,570		0.7
	187,346			Weyerhaeuser Co.		4,934,693		1.4
	763,247			Other Securities		15,030,005		4.1
						22,531,268		6.2
				Utilities: 6.7%
	37,394			Ameren Corp.		2,808,663		0.8
	45,809			NorthWestern Corp.		3,305,120		0.9
	33,839			Pinnacle West Capital Corp.		3,183,912		0.9
	86,925			Xcel Energy, Inc.		5,171,168		1.4
	117,937			Other Securities		9,662,935		2.7
						24,131,798		6.7
				Total Common Stock (Cost $346,394,159)		351,955,548		96.9
EXCHANGE-TRADED FUNDS: 2.2%
	88,994			iShares Russell Mid-Cap Value ETF		7,932,035		2.2
				Total Exchange-Traded Funds (Cost $7,602,642)		7,932,035		2.2
				Total Long-Term Investments (Cost $353,996,801)		359,887,583		99.1

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.3%
				Repurchase Agreements: 1.3%
	1,063,149	(6	)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,063,367, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $1,084,412, due 06/01/46-07/01/49)	$	1,063,149		0.3
	1,063,149	(6	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $1,063,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,084,412, due 06/30/19-05/20/69)		1,063,149		0.3
	1,063,149	(6	)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,063,367, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,084,412, due 07/02/19-01/20/63)		1,063,149		0.3

See Accompanying Notes to Financial Statements
89

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value			Percentage of Net Assets
				Repurchase Agreements (continued)
	1,063,149	(6	)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,063,369, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $1,084,417, due 07/05/19-08/16/23)	$	1,063,149			0.3
	314,887	(6	)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $314,952, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $321,185, due 07/31/19-06/30/22)		314,887			0.1
						4,567,483			1.3
Shares					Value			Percentage of Net Assets
				Mutual Funds: 1.0%
	3,811,362	(7	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $3,811,362)	$	3,811,362			1.0
				Total Short-Term Investments (Cost $8,378,845)		8,378,845			2.3
				Total Investments in Securities (Cost $362,375,646)	$	368,266,428			101.4
				Liabilities in Excess of Other Assets		(4,924,696	)		(1.4	)
				Net Assets	$	363,341,732			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

ADR  American Depositary Receipt

(1)  The grouping contains securities on loan.

(2)  The grouping contains non-income producing securities.

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

(4)  Security is a Master Limited Partnership.

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

(6)  Represents securities purchased with cash collateral received for securities on loan.

(7)  Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements
90

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	1,254,285	$	—		$	—	$	1,254,285
Consumer Discretionary		26,643,525		—			—		26,643,525
Consumer Staples		16,826,952		6,070,049			—		22,897,001
Energy		14,197,910		—			—		14,197,910
Financials		97,952,342		—			—		97,952,342
Health Care		28,436,559		1,868,987			—		30,305,546
Industrials		53,878,596		9,059,046			—		62,937,642
Information Technology		31,554,269		—			—		31,554,269
Materials		17,549,962		—			—		17,549,962
Real Estate		22,531,268		—			—		22,531,268
Utilities		24,131,798		—			—		24,131,798
Total Common Stock		334,957,466		16,998,082			—		351,955,548
Exchange-Traded Funds		7,932,035		—			—		7,932,035
Short-Term Investments		3,811,362		4,567,483			—		8,378,845
Total Investments, at fair value	$	346,700,863	$	21,565,565		$	—	$	368,266,428
Other Financial Instruments+
Forward Foreign Currency Contracts		—		2,805			—		2,805
Total Assets	$	346,700,863	$	21,568,370		$	—	$	368,269,233
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(73,315	)	$	—	$	(73,315	)
Total Liabilities	$	—	$	(73,315	)	$	—	$	(73,315	)

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

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

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

At June 30, 2019, the following forward foreign currency contracts were outstanding for VY^® American Century Small-Mid Cap Value Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,538,537	JPY	164,481,891	Bank of America N.A.	09/30/19	$	2,730
USD	7,421,536	EUR	6,506,980	Credit Suisse AG	09/30/19		(30,683	)
USD	3,063,775	NOK	26,127,093	Goldman Sachs & Co.	09/30/19		(6,522	)
USD	1,621,848	SEK	15,129,568	Goldman Sachs & Co.	09/30/19		(17,924	)
USD	177,362	GBP	139,126	JPMorgan Chase Bank N.A.	09/30/19		(31	)
USD	3,985,619	GBP	3,132,437	JPMorgan Chase Bank N.A.	09/30/19		(8,410	)
USD	1,091,725	CAD	1,440,105	Morgan Stanley	09/30/19		(9,745	)
CAD	41,519	USD	31,681	Morgan Stanley	09/30/19		75
						$	(70,510	)

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

GBP — British Pound

JPY — Japanese Yen

SEK — Swedish Krona

USD — United States Dollar

See Accompanying Notes to Financial Statements
91

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2,805
Total Asset Derivatives		$	2,805
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	73,315
Total Liability Derivatives		$	73,315

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	63,239
Total	$	63,239
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	45,617
Total	$	45,617

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $369,076,033.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	31,309,881
Gross Unrealized Depreciation		(31,784,465	)
Net Unrealized Depreciation	$	(474,584	)

See Accompanying Notes to Financial Statements
92

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Consumer Discretionary	25.4	%
Financials	22.8	%
Information Technology	17.5	%
Health Care	11.5	%
Industrials	9.0	%
Real Estate	7.9	%
Communication Services	3.9	%
Consumer Staples	1.0	%
Assets in Excess of Other Liabilities*	1.0	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.0%
				Communication Services: 3.9%
	902,500	(1	)	Iridium Communications, Inc.	$	20,992,150		2.6
	613,000			Manchester United PLC - Class A		11,083,040		1.3
						32,075,190		3.9
				Consumer Discretionary: 25.4%
	218,000	(1	)	Bright Horizons Family Solutions, Inc.		32,889,660		4.0
	544,900			Choice Hotels International, Inc.		47,411,749		5.8
	182,900			Marriott Vacations Worldwide Corp.		17,631,560		2.2
	40,000	(1	)	Ollie's Bargain Outlet Holdings, Inc.		3,484,400		0.4
	698,741	(1	)	Penn National Gaming, Inc.		13,457,751		1.6
	255,000			Red Rock Resorts, Inc.		5,477,400		0.7
	382,700			Vail Resorts, Inc.		85,410,986		10.5
	58,260	(2	)	Other Securities		1,683,464		0.2
						207,446,970		25.4
				Consumer Staples: 1.0%
	45,000			Church & Dwight Co., Inc.		3,287,700		0.4
	116,900	(1	)	Performance Food Group Co.		4,679,507		0.6
						7,967,207		1.0
				Financials: 22.8%
	542,600	(1	)	Arch Capital Group Ltd.		20,119,608		2.5
	270,000	(3	)	Carlyle Group L.P.		6,104,700		0.7
	317,200			Cohen & Steers, Inc.		16,316,768		2.0
	65,500	(1	)	Essent Group Ltd.		3,077,845		0.4
	82,000			Factset Research Systems, Inc.		23,497,920		2.9
	53,950			Houlihan Lokey, Inc.		2,402,393		0.3

Shares					Value		Percentage of Net Assets
	123,241			Kinsale Capital Group, Inc.	$	11,274,087		1.4
	12,175	(1	)	LendingTree, Inc.		5,113,865		0.6
	80,000			Moelis & Co.		2,796,000		0.3
	136,500			Morningstar, Inc.		19,743,360		2.4
	181,000			MSCI, Inc. - Class A		43,220,990		5.3
	109,100	(3	)	Oaktree Capital Group LLC		5,404,814		0.7
	223,300			Primerica, Inc.		26,784,835		3.3
						185,857,185		22.8
				Health Care: 11.5%
	48,909	(1	)	Adaptive Biotechnologies Corp.		2,362,305		0.3
	94,500			Bio-Techne Corp.		19,702,305		2.4
	44,000	(1	)	Covetrus, Inc.		1,076,240		0.1
	207,500			Dechra Pharmaceuticals PLC		7,242,268		0.9
	81,000	(1	)	Denali Therapeutics, Inc.		1,681,560		0.2
	131,000	(1	)	Idexx Laboratories, Inc.		36,068,230		4.4
	14,700	(1	)	Mettler Toledo International, Inc.		12,348,000		1.5
	65,077	(1	)	Neogen Corp.		4,041,932		0.5
	73,000			West Pharmaceutical Services, Inc.		9,135,950		1.1
	22,000	(2	)	Other Securities		418,000		0.1
						94,076,790		11.5
				Industrials: 9.0%
	48,550			Air Lease Corp.		2,007,057		0.3
	108,153	(1	)	CoStar Group, Inc.		59,923,251		7.3
	492,136	(1	),(4)	Marel HF		2,160,367		0.3
	104,200	(1	)	Trex Co., Inc.		7,471,140		0.9
	65,862	(2	)	Other Securities		1,944,320		0.2
						73,506,135		9.0

See Accompanying Notes to Financial Statements
93

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 17.5%
	91,000	(1	)	Altair Engineering, Inc.	$	3,675,490		0.5
	176,700	(1	)	ANSYS, Inc.		36,191,694		4.4
	283,700	(1	)	Benefitfocus, Inc.		7,702,455		0.9
	262,200	(1	)	Gartner, Inc.		42,198,468		5.2
	164,000	(1	)	Guidewire Software, Inc.		16,626,320		2.0
	15,000			Littelfuse, Inc.		2,653,650		0.3
	460,500			SS&C Technologies Holdings, Inc.		26,529,405		3.3
	52,753	(1	)	Wix.com Ltd.		7,496,201		0.9
						143,073,683		17.5
				Real Estate: 7.9%
	10,700			Alexander's, Inc.		3,962,210		0.5
	82,000			Alexandria Real Estate Equities, Inc.		11,569,380		1.4
	68,838			American Assets Trust, Inc.		3,243,647		0.4
	470,000			Douglas Emmett, Inc.		18,724,800		2.3
	699,650			Gaming and Leisure Properties, Inc.		27,272,357		3.3
						64,772,394		7.9
				Total Common Stock (Cost $235,267,570)		808,775,554		99.0

Shares					Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
				Mutual Funds: 1.2%
	9,748,487	(5	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $9,748,487)	$	9,748,487			1.2
				Total Short-Term Investments (Cost $9,748,487)		9,748,487			1.2
				Total Investments in Securities (Cost $245,016,057)	$	818,524,041			100.2
				Liabilities in Excess of Other Assets		(1,793,892	)		(0.2	)
				Net Assets	$	816,730,149			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)  Non-income producing security.

(2)  The grouping contains non-income producing securities.

(3)  Security is a Master Limited Partnership.

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

(5)  Rate shown is the 7-day yield as of June 30, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	32,075,190	$	—	$	—	$	32,075,190
Consumer Discretionary		207,446,970		—		—		207,446,970
Consumer Staples		7,967,207		—		—		7,967,207
Financials		185,857,185		—		—		185,857,185
Health Care		86,834,522		7,242,268		—		94,076,790
Industrials		73,506,135		—		—		73,506,135
Information Technology		143,073,683		—		—		143,073,683
Real Estate		64,772,394		—		—		64,772,394
Total Common Stock		801,533,286		7,242,268		—		808,775,554
Short-Term Investments		9,748,487		—		—		9,748,487
Total Investments, at fair value	$	811,281,773	$	7,242,268	$	—	$	818,524,041

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

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

See Accompanying Notes to Financial Statements
94

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

  Cost for federal income tax purposes was $251,027,983.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	572,969,275
Gross Unrealized Depreciation		(5,473,351	)
Net Unrealized Appreciation	$	567,495,924

See Accompanying Notes to Financial Statements
95

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Information Technology	23.7	%
Health Care	14.4	%
Financials	13.3	%
Communication Services	12.2	%
Consumer Discretionary	10.6	%
Consumer Staples	6.6	%
Industrials	6.1	%
Energy	5.0	%
Materials	4.3	%
Real Estate	1.4	%
Utilities	1.0	%
Assets in Excess of Other Liabilities*	1.4	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.6%
				Communication Services: 12.2%
	3,933	(1	)	Alphabet, Inc. - Class A	$	4,258,652		1.5
	5,159	(1	)	Alphabet, Inc. - Class C		5,576,415		2.0
	144,850			AT&T, Inc.		4,853,923		1.7
	174,659			Comcast Corp. - Class A		7,384,583		2.7
	30,640	(1	)	Facebook, Inc. - Class A		5,913,520		2.1
	34,627			Verizon Communications, Inc.		1,978,240		0.7
	58,285	(2	)	Other Securities		4,094,747		1.5
						34,060,080		12.2
				Consumer Discretionary: 10.6%
	5,365	(1	)	Amazon.com, Inc.		10,159,325		3.6
	100,250			eBay, Inc.		3,959,875		1.4
	46,209			Lowe's Cos, Inc.		4,662,950		1.7
	17,171			McDonald's Corp.		3,565,730		1.3
	145,278			Other Securities		7,100,510		2.6
						29,448,390		10.6
				Consumer Staples: 6.6%
	30,940			Colgate-Palmolive Co.		2,217,470		0.8
	87,505			Mondelez International, Inc.		4,716,519		1.7
	80,350			Philip Morris International, Inc.		6,309,886		2.3
	32,559			Sysco Corp.		2,302,572		0.8
	116,476			Other Securities		2,873,480		1.0
						18,419,927		6.6
				Energy: 5.0%
	54,931			Chevron Corp.		6,835,614		2.4
	33,294			EOG Resources, Inc.		3,101,669		1.1
	56,390			Schlumberger Ltd.		2,240,938		0.8
	70,728			Other Securities		1,907,534		0.7
						14,085,755		5.0

Shares					Value		Percentage of Net Assets
				Financials: 13.3%
	17,695			Aon PLC	$	3,414,781		1.2
	43,597	(1	)	Berkshire Hathaway, Inc. - Class B		9,293,572		3.3
	6,426			BlackRock, Inc.		3,015,722		1.1
	105,587			Citigroup, Inc.		7,394,258		2.7
	70,493			JPMorgan Chase & Co.		7,881,117		2.8
	77,170			Morgan Stanley		3,380,818		1.2
	60,190			Wells Fargo & Co.		2,848,191		1.0
						37,228,459		13.3
				Health Care: 14.4%
	27,328			Abbott Laboratories		2,298,285		0.8
	26,335			Allergan plc		4,409,269		1.6
	13,827			Anthem, Inc.		3,902,118		1.4
	11,090			Becton Dickinson & Co.		2,794,791		1.0
	16,803			Cigna Corp.		2,647,313		0.9
	43,965			Dentsply Sirona, Inc.		2,565,797		0.9
	41,982			Johnson & Johnson		5,847,253		2.1
	74,843			Medtronic PLC		7,288,960		2.6
	100,311			Pfizer, Inc.		4,345,472		1.6
	37,040	(2	)	Other Securities		4,089,844		1.5
						40,189,102		14.4
				Industrials: 6.1%
	32,790			Emerson Electric Co.		2,187,749		0.8
	11,375			Harris Corp.		2,151,354		0.8
	34,032			Honeywell International, Inc.		5,941,647		2.1
	15,475			Northrop Grumman Corp.		5,000,127		1.8
	13,315			Other Securities		1,814,701		0.6
						17,095,578		6.1

See Accompanying Notes to Financial Statements
96

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 23.7%
	10,205	(1	)	Adobe, Inc.	$	3,006,903		1.1
	51,001			Apple, Inc.		10,094,118		3.6
	74,140			Cisco Systems, Inc.		4,057,682		1.4
	40,790			Fidelity National Information Services, Inc.		5,004,117		1.8
	113,555	(1	)	First Data Corp.		3,073,934		1.1
	41,075			Intel Corp.		1,966,260		0.7
	15,260			International Business Machines Corp.		2,104,354		0.7
	35,391			Mastercard, Inc. - Class A		9,361,981		3.4
	120,435			Microsoft Corp.		16,133,473		5.8
	160,876	(2	)	Other Securities		11,360,607		4.1
						66,163,429		23.7
				Materials: 4.3%
	14,580			Air Products & Chemicals, Inc.		3,300,475		1.2
	37,128			DowDuPont, Inc.		2,787,199		1.0
	68,830			Newmont Goldcorp Corp.		2,647,890		1.0
	61,955	(2	)	Other Securities		3,125,592		1.1
						11,861,156		4.3
				Real Estate: 1.4%
	19,425			American Tower Corp.		3,971,441		1.4
				Utilities: 1.0%
	30,980			American Electric Power Co., Inc.		2,726,550		1.0
				Total Common Stock (Cost $217,872,065)		275,249,867		98.6
OTHER(3): —%
				Materials: —%
	649,000	(4	),(5)	SINO Forest Corp. (Escrow)		—		—
				Total Other (Cost $—)		—		—
				Total Long-Term Investments (Cost $217,872,065)		275,249,867		98.6

Shares					Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.9%
				Mutual Funds: 1.9%
	5,175,744	(6	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $5,175,744)	$	5,175,744			1.9
				Total Short-Term Investments (Cost $5,175,744)		5,175,744			1.9
				Total Investments in Securities (Cost $223,047,809)	$	280,425,611			100.5
				Liabilities in Excess of Other Assets		(1,339,756	)		(0.5	)
				Net Assets	$	279,085,855			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)  Non-income producing security.

(2)  The grouping contains non-income producing securities.

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

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

(5)  Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(6)  Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements
97

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock*	$	275,249,867	$	—	$	—	$	275,249,867
Other		—		—		—		—
Short-Term Investments		5,175,744		—		—		5,175,744
Total Investments, at fair value	$	280,425,611	$	—	$	—	$	280,425,611

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

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

At June 30, 2019, VY^® Columbia Contrarian Core Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost		Fair Value
SINO Forest Corp. (Escrow)	3/1/2013	$	—	$	—
		$	—	$	—

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $224,031,617.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	60,959,476
Gross Unrealized Depreciation		(4,565,482	)
Net Unrealized Appreciation	$	56,393,994

See Accompanying Notes to Financial Statements
98

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Financials	28.7	%
Industrials	14.1	%
Information Technology	10.4	%
Real Estate	9.9	%
Consumer Discretionary	9.8	%
Utilities	7.3	%
Materials	5.0	%
Energy	4.5	%
Health Care	4.0	%
Consumer Staples	2.5	%
Communication Services	2.2	%
Consumer, Non-cyclical	0.1	%
Assets in Excess of Other Liabilities*	1.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.4%
				Communication Services: 2.2%
	20,000			Nexstar Media Group, Inc.	$	2,020,000		1.2
	150,000	(1	)	Vonage Holdings Corp.		1,699,500		1.0
						3,719,500		2.2
				Consumer Discretionary: 9.8%
	39,000			Aarons, Inc.		2,394,990		1.4
	42,000	(1	)	Adtalem Global Education, Inc.		1,892,100		1.1
	18,500			Childrens Place, Inc./The		1,764,530		1.0
	24,000			Dine Brands Global, Inc.		2,291,280		1.4
	69,800			KB Home		1,795,954		1.1
	231,751	(2	)	Other Securities		6,431,141		3.8
						16,569,995		9.8
				Consumer Staples: 2.5%
	82,000	(1	)	BJ's Wholesale Club Holdings, Inc.		2,164,800		1.3
	36,500	(1	)	TreeHouse Foods, Inc.		1,974,650		1.2
						4,139,450		2.5
				Energy: 4.5%
	21,500			Arch Coal, Inc.		2,025,515		1.2
	42,500			Delek US Holdings, Inc.		1,722,100		1.0
	613,500	(2	)	Other Securities		3,873,575		2.3
						7,621,190		4.5
				Financials: 28.7%
	47,000			Ameris Bancorp.		1,841,930		1.1
	30,000			Amerisafe, Inc.		1,913,100		1.1
	34,000			Argo Group International Holdings Ltd.		2,517,700		1.5
	75,500			Atlantic Union Bankshares Corp.		2,667,415		1.6

Shares					Value		Percentage of Net Assets
	45,900			Blackstone Mortgage Trust, Inc.	$	1,633,122		1.0
	58,000			Cathay General Bancorp.		2,082,780		1.2
	44,000			Community Bank System, Inc.		2,896,960		1.7
	47,500			Hancock Whitney Corp.		1,902,850		1.1
	43,500			Houlihan Lokey, Inc.		1,937,055		1.1
	30,800			Independent Bank Corp.		2,345,420		1.4
	165,000	(1	)	MGIC Investment Corp.		2,168,100		1.3
	58,000			Pacific Premier Bancorp, Inc.		1,791,040		1.1
	63,500			Renasant Corp.		2,282,190		1.4
	62,000			Sandy Spring Bancorp, Inc.		2,162,560		1.3
	31,500			UMB Financial Corp.		2,073,330		1.2
	51,000			WSFS Financial Corp.		2,106,300		1.3
	769,724	(2	)	Other Securities		14,128,175		8.3
						48,450,027		28.7
				Health Care: 4.0%
	15,700	(1	)	LHC Group, Inc.		1,877,406		1.1
	28,500	(1	)	Merit Medical Systems, Inc.		1,697,460		1.0
	200,000	(2	)	Other Securities		3,204,753		1.9
						6,779,619		4.0
				Industrials: 14.1%
	22,500			Armstrong World Industries, Inc.		2,187,000		1.3
	39,000			Granite Construction, Inc.		1,879,020		1.1
	26,000			ICF International, Inc.		1,892,800		1.1
	39,700	(1	)	Mastec, Inc.		2,045,741		1.2
	35,500			Skywest, Inc.		2,153,785		1.3
	106,000	(1	)	Sunrun, Inc.		1,988,560		1.2
	490,843	(2	)	Other Securities		11,688,392		6.9
						23,835,298		14.1

See Accompanying Notes to Financial Statements
99

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 10.4%
	45,000			Entegris, Inc.	$	1,679,400		1.0
	32,500	(1	)	Lumentum Holdings, Inc.		1,735,825		1.0
	20,000			Science Applications International Corp.		1,731,200		1.0
	22,000			SYNNEX Corp.		2,164,800		1.3
	122,700	(1	)	Viavi Solutions, Inc.		1,630,683		1.0
	333,000	(2	)	Other Securities		8,676,760		5.1
						17,618,668		10.4
				Materials: 5.0%
	34,000			Carpenter Technology Corp.		1,631,320		1.0
	150,500			Cleveland-Cliffs, Inc.		1,605,835		1.0
	30,300			Materion Corp.		2,054,643		1.2
	174,701	(2	)	Other Securities		3,084,621		1.8
						8,376,419		5.0
				Real Estate: 9.9%
	43,000			American Assets Trust, Inc.		2,026,160		1.2
	72,000			Chesapeake Lodging Trust		2,046,240		1.2
	74,000			First Industrial Realty Trust, Inc.		2,718,760		1.6
	75,000			Mack-Cali Realty Corp.		1,746,750		1.0
	15,500			PS Business Parks, Inc.		2,612,215		1.5
	129,000			Sunstone Hotel Investors, Inc.		1,768,590		1.1
	184,600			Other Securities		3,824,292		2.3
						16,743,007		9.9
				Utilities: 7.3%
	53,500			New Jersey Resources Corp.		2,662,695		1.6
	25,000			ONE Gas, Inc.		2,257,500		1.3
	32,700			PNM Resources, Inc.		1,664,757		1.0
	40,000			Portland General Electric Co.		2,166,800		1.3

Shares					Value		Percentage of Net Assets
	55,000			South Jersey Industries, Inc.	$	1,855,150		1.1
	18,500			Southwest Gas Holdings, Inc.		1,657,970		1.0
						12,264,872		7.3
				Total Common Stock (Cost $141,980,555)		166,118,045		98.4
RIGHTS: 0.1%
				Consumer, Non-cyclical: 0.1%
	59,543	(2	)	Other Securities		116,109		0.1
				Total Rights (Cost $—)		116,109		0.1
				Total Long-Term Investments (Cost $141,980,555)		166,234,154		98.5
SHORT-TERM INVESTMENTS: 1.2%
				Mutual Funds: 1.2%
	1,993,165	(3	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $1,993,165)		1,993,165		1.2
				Total Short-Term Investments (Cost $1,993,165)		1,993,165		1.2
				Total Investments in Securities (Cost $143,973,720)	$	168,227,319		99.7
				Assets in Excess of Other Liabilities		527,005		0.3
				Net Assets	$	168,754,324		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)  Non-income producing security.

(2)  The grouping contains non-income producing securities.

(3)  Rate shown is the 7-day yield as of June 30, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock*	$	166,118,045	$	—	$	—	$	166,118,045
Rights		116,109		—		—		116,109
Short-Term Investments		1,993,165		—		—		1,993,165
Total Investments, at fair value	$	168,227,319	$	—	$	—	$	168,227,319

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

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

See Accompanying Notes to Financial Statements
100

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $143,975,417.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	34,170,693
Gross Unrealized Depreciation		(9,918,791	)
Net Unrealized Appreciation	$	24,251,902

See Accompanying Notes to Financial Statements
101

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Financials	28.7	%
Energy	16.8	%
Health Care	11.2	%
Information Technology	7.8	%
Industrials	7.8	%
Consumer Staples	7.3	%
Consumer Discretionary	6.5	%
Communication Services	4.7	%
Materials	2.1	%
Utilities	0.9	%
Assets in Excess of Other Liabilities*	6.2	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 93.4%
				Communication Services: 4.7%
	155,228			AT&T, Inc.	$	5,201,690		1.1
	14,240	(1	)	Charter Communications, Inc.		5,627,363		1.2
	120,369			Comcast Corp. - Class A		5,089,202		1.1
	1,443,191			Other Securities		5,717,935		1.3
						21,636,190		4.7
				Consumer Discretionary: 6.1%
	172,964			Carnival Corp.		8,051,474		1.8
	172,144			eBay, Inc.		6,799,688		1.5
	249,458			General Motors Co.		9,611,617		2.1
	121,154			Other Securities		3,360,318		0.7
						27,823,097		6.1
				Consumer Staples: 7.3%
	117,163			Altria Group, Inc.		5,547,668		1.2
	110,749			Archer-Daniels- Midland Co.		4,518,559		1.0
	43,494			Kimberly-Clark Corp.		5,796,881		1.3
	103,770			Philip Morris International, Inc.		8,149,058		1.8
	60,820			Reckitt Benckiser Group PLC		4,802,042		1.0
	59,458			Other Securities		4,577,852		1.0
						33,392,060		7.3
				Energy: 16.8%
	215,680			BP PLC ADR		8,993,856		2.0
	159,863			Canadian Natural Resources Ltd.		4,310,460		0.9
	78,575			Chevron Corp.		9,777,873		2.1
	224,956			Devon Energy Corp.		6,415,745		1.4
	114,418			Hess Corp.		7,273,552		1.6
	508,767			Marathon Oil Corp.		7,229,579		1.6
	176,400			Noble Energy, Inc.		3,951,360		0.9

Shares					Value		Percentage of Net Assets
	164,137			Royal Dutch Shell PLC - Class A ADR	$	10,680,395		2.3
	299,236			Suncor Energy, Inc.		9,324,194		2.0
	841,365			Other Securities		8,954,748		2.0
						76,911,762		16.8
				Financials: 28.7%
	197,198			American International Group, Inc.		10,506,709		2.3
	47,060			Allstate Corp.		4,785,531		1.0
	724,242			Bank of America Corp.		21,003,018		4.6
	125,816			Bank of New York Mellon Corp.		5,554,776		1.2
	333,496			Citigroup, Inc.		23,354,725		5.1
	152,460			Citizens Financial Group, Inc.		5,390,986		1.2
	210,141			Fifth Third Bancorp		5,862,934		1.3
	24,558			Goldman Sachs Group, Inc.		5,024,567		1.1
	139,707			JPMorgan Chase & Co.		15,619,243		3.4
	119,269			Metlife, Inc.		5,924,091		1.3
	184,194			Morgan Stanley		8,069,539		1.8
	33,982			PNC Financial Services Group, Inc.		4,665,049		1.0
	98,986			State Street Corp.		5,549,155		1.2
	137,318			Wells Fargo & Co.		6,497,888		1.4
	113,408			Other Securities		3,514,514		0.8
						131,322,725		28.7
				Health Care: 11.2%
	29,934			Allergan plc		5,011,850		1.1
	31,509			Anthem, Inc.		8,892,155		2.0
	104,734			Bristol-Myers Squibb Co.		4,749,687		1.0
	79,398			Gilead Sciences, Inc.		5,364,129		1.2
	148,953			Sanofi ADR		6,445,196		1.4
	385,158	(2	)	Other Securities		20,718,066		4.5
						51,181,083		11.2

See Accompanying Notes to Financial Statements
102

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials: 7.8%
	74,977			Eaton Corp. PLC	$	6,244,084		1.4
	72,145			Emerson Electric Co.		4,813,514		1.1
	30,676			Ingersoll-Rand PLC - Class A		3,885,729		0.8
	224,186			Johnson Controls International plc		9,261,124		2.0
	87,715			Textron, Inc.		4,652,404		1.0
	314,625			Other Securities		6,893,271		1.5
						35,750,126		7.8
				Information Technology: 7.8%
	176,973			Cisco Systems, Inc.		9,685,732		2.1
	70,397			Cognizant Technology Solutions Corp.		4,462,466		0.9
	141,812			Intel Corp.		6,788,540		1.5
	62,180			Microsoft Corp.		8,329,633		1.8
	88,786			Qualcomm, Inc.		6,753,951		1.5
						36,020,322		7.8
				Materials: 2.1%
	147,630			International Paper Co.		6,395,332		1.4
	73,958			Other Securities		3,454,578		0.7
						9,849,910		2.1
				Utilities: 0.9%
	178,883	(2	)	Other Securities		4,073,662		0.9
				Total Common Stock (Cost $385,271,451)		427,960,937		93.4

Shares					Value		Percentage of Net Assets
CLOSED-END FUNDS: 0.4%
				Consumer Discretionary: 0.4%
	25,821	(2	)	Other Securities	$	1,791,203		0.4
				Total Closed-End Funds (Cost $1,010,497)		1,791,203		0.4
				Total Long-Term Investments (Cost $386,281,948)		429,752,140		93.8
SHORT-TERM INVESTMENTS: 5.5%
				Mutual Funds: 5.5%
	25,026,539	(3	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $25,026,539)		25,026,539		5.5
				Total Short-Term Investments (Cost $25,026,539)		25,026,539		5.5
				Total Investments in Securities (Cost $411,308,487)	$	454,778,679		99.3
				Assets in Excess of Other Liabilities		3,246,787		0.7
				Net Assets	$	458,025,466		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

ADR  American Depositary Receipt

(1)  Non-income producing security.

(2)  The grouping contains non-income producing securities.

(3)  Rate shown is the 7-day yield as of June 30, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	19,384,558	$	2,251,632	$	—	$	21,636,190
Consumer Discretionary		27,823,097		—		—		27,823,097
Consumer Staples		24,890,434		8,501,626		—		33,392,060
Energy		76,911,762		—		—		76,911,762
Financials		131,322,725		—		—		131,322,725
Health Care		47,328,387		3,852,696		—		51,181,083
Industrials		35,750,126		—		—		35,750,126
Information Technology		36,020,322		—		—		36,020,322
Materials		9,849,910		—		—		9,849,910
Utilities		4,073,662		—		—		4,073,662
Total Common Stock		413,354,983		14,605,954		—		427,960,937

See Accompanying Notes to Financial Statements
103

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Closed-End Funds	$	1,791,203	$	—		$	—	$	1,791,203
Short-Term Investments		25,026,539		—			—		25,026,539
Total Investments, at fair value	$	440,172,725	$	14,605,954		$	—	$	454,778,679
Other Financial Instruments+
Forward Foreign Currency Contracts		—		2,776			—		2,776
Total Assets	$	440,172,725	$	14,608,730		$	—	$	454,781,455
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(396,553	)	$	—	$	(396,553	)
Total Liabilities	$	—	$	(396,553	)	$	—	$	(396,553	)

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

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

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

At June 30, 2019, the following forward foreign currency contracts were outstanding for VY^® Invesco Comstock Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,785,690	CHF	1,776,415	CIBC World Markets Corp.	07/12/19	$	(35,805	)
USD	7,788,831	GBP	6,155,938	CIBC World Markets Corp.	07/12/19		(32,972	)
USD	174,127	GBP	137,051	CIBC World Markets Corp.	07/12/19		(11	)
USD	42,970	CHF	42,624	Citibank N.A.	07/12/19		(736	)
USD	6,624,903	CAD	8,917,914	Goldman Sachs International	07/12/19		(186,670	)
CAD	287,145	USD	216,548	Goldman Sachs International	07/12/19		2,776
USD	414,584	EUR	365,522	Goldman Sachs International	07/12/19		(1,406	)
USD	304,599	CAD	408,378	Goldman Sachs International	07/12/19		(7,323	)
USD	110,656	CHF	110,225	Goldman Sachs International	07/12/19		(2,366	)
USD	14,226	CAD	19,149	RBC Capital Markets Corp.	07/12/19		(400	)
USD	225,351	EUR	200,378	RBC Capital Markets Corp.	07/12/19		(2,694	)
USD	9,784,570	EUR	8,708,356	RBC Capital Markets Corp.	07/12/19		(126,170	)
						$	(393,777	)

Currency Abbreviations

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2,776
Total Asset Derivatives		$	2,776
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	396,553
Total Liability Derivatives		$	396,553

See Accompanying Notes to Financial Statements
104

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	483,600
Total	$	483,600
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(320,492	)
Total	$	(320,492	)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2019:

	CIBC World Markets Corp.			Citibank N.A.			Goldman Sachs International			RBC Capital Markets Corp.			Totals
Assets:
Forward foreign currency contracts	$	—		$	—		$	2,776		$	—		$	2,776
Total Assets	$	—		$	—		$	2,776		$	—		$	2,776
Liabilities:
Forward foreign currency contracts	$	68,788		$	736		$	197,765		$	129,264		$	396,553
Total Liabilities	$	68,788		$	736		$	197,765		$	129,264		$	396,553
Net OTC derivative instruments by counterparty, at fair value	$	(68,788	)	$	(736	)	$	(194,989	)	$	(129,264	)	$	(393,777	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—		$	—		$	—		$	—
Net Exposure(1)	$	(68,788	)	$	(736	)	$	(194,989	)	$	(129,264	)	$	(393,777	)

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $416,930,275.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	69,074,454
Gross Unrealized Depreciation		(31,538,385	)
Net Unrealized Appreciation	$	37,536,069

See Accompanying Notes to Financial Statements
105

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Financials	25.0	%
Health Care	9.9	%
Energy	9.7	%
U.S. Treasury Notes	9.3	%
Information Technology	6.2	%
Consumer Discretionary	5.1	%
Industrials	5.0	%
Communications	4.9	%
Consumer, Non-cyclical	4.7	%
Consumer Staples	3.9	%
Technology	2.7	%
Communication Services	2.6	%
Materials	2.0	%
Consumer, Cyclical	1.4	%
Utilities	1.2	%
U.S. Treasury Bonds	0.9	%
Basic Materials	0.1	%
Federal National Mortgage Association	0.1	%
Municipal Bonds**	0.0	%
Assets in Excess of Other Liabilities*	5.3	%
Net Assets	100.0	%

* Includes short-term investments.

** Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 59.6%
				Communication Services: 2.6%
	47,910	(1	)	Charter Communications, Inc.	$	18,933,074		1.4
	217,840			Comcast Corp. - Class A		9,210,275		0.7
	142,854			Other Securities		7,128,415		0.5
						35,271,764		2.6
				Consumer Discretionary: 5.1%
	321,695	(1	)	Capri Holdings Ltd.		11,156,382		0.8
	336,594			Carnival Corp.		15,668,451		1.2
	294,584			eBay, Inc.		11,636,068		0.9
	579,669			General Motors Co.		22,334,646		1.6
	3,031,246			Kingfisher PLC		8,262,237		0.6
						69,057,784		5.1
				Consumer Staples: 3.9%
	370,797			Mondelez International, Inc.		19,985,958		1.5
	269,083			Philip Morris International, Inc.		21,131,088		1.6
	325,606	(1	)	US Foods Holding Corp.		11,643,671		0.8
						52,760,717		3.9
				Energy: 7.8%
	2,132,672			BP PLC		14,857,880		1.1
	288,748			Canadian Natural Resources Ltd.		7,785,645		0.6

Shares			Value		Percentage of Net Assets
	96,235	Chevron Corp.	$	11,975,483		0.9
	532,331	Devon Energy Corp.		15,182,080		1.1
	801,609	Marathon Oil Corp.		11,390,864		0.8
	602,462	Royal Dutch Shell PLC - Class A		19,662,977		1.5
	478,947	TechnipFMC PLC		12,423,885		0.9
	261,924	Other Securities		11,611,832		0.9
				104,890,646		7.8
		Financials: 17.1%
	511,532	American International Group, Inc.		27,254,425		2.0
	1,213,977	Bank of America Corp.		35,205,333		2.6
	614,954	Citigroup, Inc.		43,065,229		3.2
	496,917	Citizens Financial Group, Inc.		17,570,985		1.3
	65,200	Goldman Sachs Group, Inc.		13,339,920		1.0
	233,736	JPMorgan Chase & Co.		26,131,685		1.9
	474,174	Morgan Stanley		20,773,563		1.5
	71,640	PNC Financial Services Group, Inc.		9,834,739		0.7
	286,245	Wells Fargo & Co.		13,545,113		1.0
	76,044	Willis Towers Watson PLC		14,565,468		1.1
	377,488	Other Securities		9,984,075		0.8
				231,270,535		17.1

See Accompanying Notes to Financial Statements
106

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Health Care: 9.9%
	31,692			Anthem, Inc.	$	8,943,799		0.7
	248,203			Bristol-Myers Squibb Co.		11,256,006		0.8
	221,162			CVS Health Corp.		12,051,118		0.9
	196,876			Johnson & Johnson		27,420,889		2.0
	97,834			McKesson Corp.		13,147,911		1.0
	95,722			Medtronic PLC		9,322,366		0.7
	173,187			Novartis AG		15,810,549		1.2
	111,610			Sanofi		9,645,595		0.7
	105,704			Zimmer Biomet Holdings, Inc.		12,445,589		0.9
	183,154	(2	)	Other Securities		13,811,480		1.0
						133,855,302		9.9
				Industrials: 4.3%
	150,430			CSX Corp.		11,638,769		0.9
	101,109			General Dynamics Corp.		18,383,638		1.4
	94,065			Ingersoll-Rand PLC - Class A		11,915,214		0.9
	377,549			Johnson Controls International plc		15,596,549		1.1
						57,534,170		4.3
				Information Technology: 6.2%
	55,747			Apple, Inc.		11,033,446		0.8
	293,070			Cisco Systems, Inc.		16,039,721		1.2
	144,375			Cognizant Technology Solutions Corp.		9,151,931		0.7
	335,595			Intel Corp.		16,064,933		1.2
	369,196			Oracle Corp.		21,033,096		1.5
	143,050			Qualcomm, Inc.		10,881,814		0.8
						84,204,941		6.2
				Materials: 2.0%
	599,235	(2	),(3)	Other Securities		27,728,247		2.0
				Utilities: 0.7%
	166,987			Other Securities		9,451,151		0.7
				Total Common Stock (Cost $707,666,022)		806,025,257		59.6
PREFERRED STOCK: 0.8%
				Energy: 0.5%
	140,612	(2	)	Other Securities		7,452,436		0.5
				Financials: 0.3%
	4,000	(1	),(4),(5)	Wells Fargo & Co.		105,040		0.0
	75,900	(2	)	Other Securities		3,683,387		0.3
						3,788,427		0.3
				Total Preferred Stock (Cost $10,847,296)		11,240,863		0.8

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 14.0%
				Basic Materials: 0.1%
	770,000	(6	)	LYB Finance Co. BV, 8.100%, 03/15/2027	$	977,745		0.0
	968,000			Other Securities		1,066,301		0.1
						2,044,046		0.1
				Communications: 1.8%
	909,000	(6	)	Liberty Latin America Ltd., 2.000%, 07/15/2024		919,720		0.1
	1,903,000	(6	)	YY, Inc., 1.375%, 06/15/2026		1,936,318		0.1
	20,044,000			Other Securities		21,501,559		1.6
						24,357,597		1.8
				Consumer, Cyclical: 1.2%
	137,000	(6	)	Alimentation Couche-Tard, Inc., 4.500%, 07/26/2047		137,997		0.0
	398,962	(6	)	Virgin Australia 2013-1A Pass Through Trust, 5.000%, 04/23/2025		411,071		0.1
	14,660,182			Other Securities		15,100,557		1.1
						15,649,625		1.2
				Consumer, Non-cyclical: 2.3%
	315,000	(6	)	Bayer US Finance II LLC, 2.125%, 07/15/2019		314,930		0.0
	498,000	(6	)	Bayer US Finance II LLC, 4.375%, 12/15/2028		525,143		0.1
	1,200,000	(6	)	Bayer US Finance LLC, 2.375%, 10/08/2019		1,198,496		0.1
	981,000	(6	)	Bayer US Finance LLC, 3.000%, 10/08/2021		988,295		0.0
	654,000	(6	)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		709,716		0.0
	107,000	(6	)	Cigna Corp., 4.800%, 08/15/2038		115,426		0.0
	965,000	(6	)	ERAC USA Finance LLC, 2.350%, 10/15/2019		963,888		0.1
	1,232,000	(6	)	Heineken NV, 3.500%, 01/29/2028		1,280,589		0.1
	1,095,000			Philip Morris International, Inc., 3.600%-4.875%, 11/15/2023- 11/15/2043		1,215,508		0.1
	23,197,120			Other Securities		24,404,479		1.8
						31,716,470		2.3

See Accompanying Notes to Financial Statements
107

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Energy: 1.1%
	14,097,000			Other Securities	$	14,829,892		1.1
				Financial: 5.6%
	1,535,000			American International Group, Inc., 2.300%-4.375%, 07/16/2019- 01/15/2055		1,542,883		0.1
	455,000	(6	)	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/2022		460,299		0.0
	440,000	(6	)	Apollo Management Holdings L.P., 4.000%, 05/30/2024		457,254		0.0
	285,000	(6	)	Athene Global Funding, 2.750%, 06/25/2024		284,310		0.0
	1,555,000	(6	)	Athene Global Funding, 4.000%, 01/25/2022		1,608,828		0.1
	725,000	(6	)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024		757,988		0.1
	130,000	(6	)	Carlyle Holdings Finance LLC, 3.875%, 02/01/2023		134,129		0.0
	595,000			Citizens Financial Group, Inc., 2.375%, 07/28/2021		594,580		0.0
	1,335,000	(6	)	Commonwealth Bank of Australia, 2.250%, 03/10/2020		1,334,741		0.1
	895,000	(5	),(6)	Cooperatieve Centrale Raiffeisen- Boerenleenbank BA/Netherlands, 11.000%, 12/31/2199		895,000		0.1
	472,000	(6	)	Credit Suisse AG, 6.500%, 08/08/2023		520,675		0.0
	1,175,000			Goldman Sachs Group, Inc., 4.250%-5.250%, 07/27/2021- 10/21/2025		1,245,315		0.1
	755,000	(6	)	Guardian Life Global Funding, 2.900%, 05/06/2024		774,965		0.1
	670,000	(6	)	Jackson National Life Global Funding, 2.100%, 10/25/2021		665,338		0.1
	620,000	(6	)	Jackson National Life Global Funding, 3.250%, 01/30/2024		638,750		0.0

Principal Amount†					Value		Percentage of Net Assets
	4,430,000	(5	)	JPMorgan Chase & Co., 3.200%-5.639%, 06/15/2026- 12/31/2199	$	4,632,014		0.3
	443,000	(6	)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044		492,733		0.0
	2,335,000	(6	)	Liberty Mutual Group, Inc., 4.850%, 08/01/2044		2,564,295		0.2
	1,300,000	(6	)	MassMutual Global Funding II, 2.000%, 04/15/2021		1,295,688		0.1
	670,000	(6	)	Metropolitan Life Global Funding I, 2.050%, 06/12/2020		669,314		0.1
	740,000	(6	)	Mizuho Bank Ltd., 2.650%, 09/25/2019		740,461		0.0
	2,360,000	(6	)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024		2,509,799		0.2
	4,015,000			Morgan Stanley, 2.375%-4.000%, 07/23/2019- 07/23/2025		4,089,103		0.3
	1,000,000	(6	)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044		1,141,088		0.1
	690,000	(6	)	Reliance Standard Life Global Funding II, 3.050%, 01/20/2021		695,889		0.1
	1,360,000	(6	)	Societe Generale SA, 2.625%, 09/16/2020		1,364,327		0.1
	805,000	(6	)	Societe Generale SA, 5.000%, 01/17/2024		854,510		0.1
	985,000	(6	)	Standard Chartered PLC, 3.050%, 01/15/2021		993,435		0.1
	585,000	(6	)	UBS Group Funding Switzerland AG, 4.125%, 04/15/2026		625,244		0.1
	38,891,000	(3	)	Other Securities		40,669,327		3.0
						75,252,282		5.6
				Industrial: 0.7%
	305,000	(6	)	Aviation Capital Group LLC, 2.875%, 01/20/2022		307,190		0.0
	1,095,000	(6	)	Aviation Capital Group LLC, 4.875%, 10/01/2025		1,182,262		0.1
	435,000	(6	)	BAE Systems Holdings, Inc., 2.850%, 12/15/2020		436,749		0.0

See Accompanying Notes to Financial Statements
108

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Industrial (continued)
	410,000	(6	)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021	$	409,876		0.0
	7,216,000			Other Securities		7,743,598		0.6
						10,079,675		0.7
				Technology: 0.7%
	1,581,000			Apple, Inc., 2.150%-3.350%, 02/09/2022- 02/09/2027		1,607,846		0.1
	910,000	(6	)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023		981,424		0.1
	35,000	(6	)	Dell International LLC / EMC Corp., 8.350%, 07/15/2046		44,286		0.0
	795,000	(6	)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		881,385		0.0
	6,249,000			Other Securities		6,426,933		0.5
						9,941,874		0.7
				Utilities: 0.5%
	150,000	(6	)	Electricite de France SA, 4.600%, 01/27/2020		151,865		0.0
	620,000	(6	)	Electricite de France SA, 4.875%, 01/22/2044		686,378		0.1
	350,000	(5	),(6)	Electricite de France SA, 5.625%, 12/31/2199		359,875		0.0
	4,870,000			Other Securities		4,950,701		0.4
						6,148,819		0.5
				Total Corporate Bonds/Notes (Cost $181,486,753)		190,020,280		14.0
MUNICIPAL BONDS: 0.0%
				Georgia: 0.0%
	323,000			Other Securities		422,655		0.0
				Total Municipal Bonds (Cost $323,000)		422,655		0.0
U.S. TREASURY OBLIGATIONS: 10.2%
				U.S. Treasury Bonds: 0.9%
	10,718,200	(7	)	3.000%, 02/15/2049		11,756,944		0.8
	871,900	(7	)	2.375%-4.500%, 05/15/2029- 02/15/2036		1,022,028		0.1
						12,778,972		0.9

Principal Amount†					Value		Percentage of Net Assets
				U.S. Treasury Notes: 9.3%
	50,346,000			1.750%, 06/15/2022	$	50,404,015		3.7
	30,611,700	(7	)	2.000%, 05/31/2024		30,959,071		2.3
	43,470,000			2.125%, 05/31/2021		43,757,819		3.3
	180,000			2.625%, 11/15/2020		181,853		0.0
						125,302,758		9.3
				Total U.S. Treasury Obligations (Cost $136,874,589)		138,081,730		10.2
U.S. GOVERNMENT AGENCY OBLIGATIONS(8): 0.1%
				Federal National Mortgage Association: 0.1%
	915,000			Other Securities		1,308,742		0.1
				Total U.S. Government Agency Obligations (Cost $1,019,273)		1,308,742		0.1
CONVERTIBLE BONDS/NOTES: 8.0%
				Communications: 3.1%
	2,954,000	(6	)	GCI Liberty, Inc., 1.750%, 09/30/2046		3,467,799		0.3
	3,355,000	(6	)	IAC Financeco 3, Inc., 2.000%, 01/15/2030		3,460,555		0.2
	1,807,000	(6	),(7)	Liberty Expedia Holdings, Inc., 1.000%, 06/30/2047		1,808,410		0.1
	9,559,000			Liberty Media Corp., 1.375%, 10/15/2023		10,753,354		0.8
	1,933,000	(7	)	Liberty Media Corp., 2.250%, 09/30/2046		1,042,723		0.1
	673,000			Liberty Media Corp.- Liberty Formula One, 1.000%, 01/30/2023		793,980		0.1
	20,271,000			Other Securities		20,663,888		1.5
						41,990,709		3.1
				Consumer, Cyclical: 0.2%
	2,264,000	(3	)	Other Securities		2,685,463		0.2
				Consumer, Non-cyclical: 2.4%
	2,934,000			DexCom, Inc., 0.750%, 05/15/2022		4,689,249		0.3
	3,140,000	(6	)	DexCom, Inc., 0.750%, 12/01/2023		3,690,763		0.3
	617,000	(6	),(7)	Euronet Worldwide, Inc., 0.750%, 03/15/2049		750,377		0.1
	3,694,000	(6	)	Wright Medical Group, Inc., 1.625%, 06/15/2023		4,070,326		0.3
	16,024,000	(3	)	Other Securities		18,480,096		1.4
						31,680,811		2.4
				Energy: 0.3%
	4,334,000	(3	)	Other Securities		3,909,829		0.3

See Accompanying Notes to Financial Statements
109

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Technology: 2.0%
	3,560,000	(6	)	Cree, Inc., 0.875%, 09/01/2023	$	4,129,361		0.3
	2,238,000	(6	)	Western Digital Corp., 1.500%, 02/01/2024		2,015,388		0.1
	18,903,000			Other Securities		21,076,600		1.6
						27,221,349		2.0
				Total Convertible Bonds/Notes (Cost $98,139,466)		107,488,161		8.0
EQUITY-LINKED NOTES: 1.1%
				Financial: 1.1%
	9,000,000	(6	)	Credit Suisse AG, Convertible Basket (Basket of 5 Common Stocks), 0.500%, 06/24/2024		8,475,300		0.6
	6,746,000			GS Finance Corp (Guarantor: The Goldman Sachs Group, Inc.), Exchangeable Basket (Basket of 5 Common Stocks), 0.250%, 07/08/2024		6,423,204		0.5
				Total Equity-Linked Notes (Cost $15,746,000)		14,898,504		1.1
STRUCTURED NOTES: 0.9%
				Financial: 0.9%
	12,054,000			Other Securities		12,230,885		0.9
				Total Structured Notes (Cost $12,053,628)		12,230,885		0.9
				Total Long-Term Investments (Cost $1,164,156,027)		1,281,717,077		94.7
SHORT-TERM INVESTMENTS: 7.6%
				Repurchase Agreements: 2.4%
	7,698,210	(9	)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $7,699,792, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $7,852,174, due 06/01/46-07/01/49)		7,698,210		0.6

Principal Amount†					Value		Percentage of Net Assets
	7,698,210	(9	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $7,699,811, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $7,852,174, due 06/30/19-05/20/69)	$	7,698,210		0.6
	7,698,210	(9	)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $7,699,792, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $7,852,174, due 07/02/19-01/20/63)		7,698,210		0.6
	7,698,210	(9	)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $7,699,804, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $7,852,211, due 07/05/19-08/16/23)		7,698,210		0.5

See Accompanying Notes to Financial Statements
110

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value			Percentage of Net Assets
				Repurchase Agreements (continued)
	2,243,754	(9	)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $2,244,221, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $2,288,629, due 07/31/19-06/30/22)	$	2,243,754			0.1
						33,036,594			2.4
Shares					Value			Percentage of Net Assets
				Mutual Funds: 5.2%
	69,805,564	(10	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $69,805,564)	$	69,805,564			5.2
				Total Short-Term Investments (Cost $102,842,158)		102,842,158			7.6
				Total Investments in Securities (Cost $1,266,998,185)	$	1,384,559,235			102.3
				Liabilities in Excess of Other Assets		(31,202,205	)		(2.3	)
				Net Assets	$	1,353,357,030			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

(1)  Non-income producing security.

(2)  The grouping contains non-income producing securities.

(3)  The grouping contains securities on loan.

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

(5)  Variable rate security. Rate shown is the rate in effect as of June 30, 2019.

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

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

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

(9)  Represents securities purchased with cash collateral received for securities on loan.

(10)  Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements
111

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	35,271,764	$	—		$	—	$	35,271,764
Consumer Discretionary		60,795,547		8,262,237			—		69,057,784
Consumer Staples		52,760,717		—			—		52,760,717
Energy		70,369,789		34,520,857			—		104,890,646
Financials		231,270,535		—			—		231,270,535
Health Care		108,399,158		25,456,144			—		133,855,302
Industrials		57,534,170		—			—		57,534,170
Information Technology		84,204,941		—			—		84,204,941
Materials		27,728,247		—			—		27,728,247
Utilities		9,451,151		—			—		9,451,151
Total Common Stock		737,786,019		68,239,238			—		806,025,257
Preferred Stock		7,557,476		3,683,387			—		11,240,863
Corporate Bonds/Notes		—		190,020,280			—		190,020,280
Municipal Bonds		—		422,655			—		422,655
Convertible Bonds/Notes		—		107,488,161			—		107,488,161
U.S. Treasury Obligations		—		138,081,730			—		138,081,730
U.S. Government Agency Obligations		—		1,308,742			—		1,308,742
Structured Notes		—		12,230,885			—		12,230,885
Equity-Linked Notes		—		14,898,504			—		14,898,504
Short-Term Investments		69,805,564		33,036,594			—		102,842,158
Total Investments, at fair value	$	815,149,059	$	569,410,176		$	—	$	1,384,559,235
Other Financial Instruments+
Forward Foreign Currency Contracts		—		48,493			—		48,493
Total Assets	$	815,149,059	$	569,458,669		$	—	$	1,384,607,728
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(737,388	)	$	—	$	(737,388	)
Total Liabilities	$	—	$	(737,388	)	$	—	$	(737,388	)

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

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

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

At June 30, 2019, the following forward foreign currency contracts were outstanding for VY^® Invesco Equity and Income Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
GBP	505,680	USD	635,663	State Street Bank and Trust Co.	07/05/19	$	6,627
EUR	185,830	USD	210,154	State Street Bank and Trust Co.	07/05/19		1,208
GBP	577,833	USD	737,367	State Street Bank and Trust Co.	07/05/19		(3,431	)
USD	278,885	CHF	276,856	State Street Bank and Trust Co.	07/05/19		(4,804	)
USD	502,574	CHF	498,292	State Street Bank and Trust Co.	07/05/19		(8,015	)
CHF	3,859,056	USD	3,922,215	State Street Bank and Trust Co.	07/05/19		32,079
USD	7,253,024	CHF	7,221,691	State Street Bank and Trust Co.	07/05/19		(146,892	)
USD	6,026,357	CAD	8,118,829	State Street Bank and Trust Co.	07/05/19		(173,807	)

See Accompanying Notes to Financial Statements
112

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	16,011,522	GBP	12,641,091	State Street Bank and Trust Co.	07/05/19	$	(44,575	)
CHF	227,328	USD	234,079	State Street Bank and Trust Co.	07/05/19		(1,141	)
CAD	456,230	USD	341,666	State Street Bank and Trust Co.	07/05/19		6,746
USD	277,863	CHF	274,105	State Street Bank and Trust Co.	07/05/19		(3,007	)
USD	3,717,002	CHF	3,670,428	State Street Bank and Trust Co.	07/05/19		(44,009	)
USD	394,174	CHF	391,017	State Street Bank and Trust Co.	07/05/19		(6,493	)
USD	124,546	CAD	166,081	State Street Bank and Trust Co.	07/05/19		(2,286	)
USD	668,180	GBP	526,158	State Street Bank and Trust Co.	07/05/19		(120	)
USD	392,950	EUR	346,672	State Street Bank and Trust Co.	07/05/19		(1,352	)
USD	426,788	CHF	425,577	State Street Bank and Trust Co.	07/05/19		(9,292	)
USD	247,318	CHF	247,052	State Street Bank and Trust Co.	07/05/19		(5,831	)
USD	80,308	CAD	106,115	State Street Bank and Trust Co.	07/05/19		(730	)
USD	128,904	EUR	114,679	State Street Bank and Trust Co.	07/05/19		(1,531	)
USD	541,471	GBP	424,861	State Street Bank and Trust Co.	07/05/19		1,833
USD	7,240,519	CHF	7,208,284	The Bank of New York Mellon	07/05/19		(145,659	)
USD	16,011,736	GBP	12,641,340	The Bank of New York Mellon	07/05/19		(44,677	)
USD	6,972,670	EUR	6,209,299	The Bank of New York Mellon	07/05/19		(89,736	)
						$	(688,895	)

Currency Abbreviations

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	48,493
Total Asset Derivatives		$	48,493
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	737,388
Total Liability Derivatives		$	737,388

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	967,914
Total	$	967,914
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(568,383	)
Total	$	(568,383	)

See Accompanying Notes to Financial Statements
113

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2019:

	State Street Bank and Trust Co.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts	$	48,493		$	—		$	48,493
Total Assets	$	48,493		$	—		$	48,493
Liabilities:
Forward foreign currency contracts	$	457,316		$	280,072		$	737,388
Total Liabilities	$	457,316		$	280,072		$	737,388
Net OTC derivative instruments by counterparty, at fair value	$	(408,823	)	$	(280,072	)	$	(688,895	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—		$	—
Net Exposure(1)	$	(408,823	)	$	(280,072	)	$	(688,895	)

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $1,271,933,029.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	162,451,034
Gross Unrealized Depreciation		(50,033,054	)
Net Unrealized Appreciation	$	112,417,980

See Accompanying Notes to Financial Statements
114

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED)

Geographic Diversification
as of June 30, 2019
(as a percentage of net assets)

United States	49.9	%
Japan	12.5	%
Germany	7.9	%
France	7.3	%
United Kingdom	5.6	%
Netherlands	4.2	%
India	3.9	%
Sweden	2.2	%
Switzerland	2.0	%
Spain	1.5	%
Countries between 0.2% - 1.4%^	2.0	%
Assets in Excess of Other Liabilities*	1.0	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 3 countries, which each represents 0.2% - 1.4% of net assets.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.8%
				Brazil: 0.4%
	220,850	(1	)	Other Securities	$	6,532,743		0.4
				China: 1.4%
	690,268	(2	)	JD.com, Inc. ADR		20,908,218		1.4
				France: 7.3%
	61,950			Kering SA		36,564,321		2.5
	149,648			LVMH Moet Hennessy Louis Vuitton SE		63,619,196		4.2
	369,290			Other Securities		9,320,656		0.6
						109,504,173		7.3
				Germany: 6.7%
	123,030			Allianz SE		29,671,920		2.0
	153,584			Bayer AG		10,652,634		0.7
	327,572			SAP SE		44,907,453		3.0
	131,922			Siemens AG		15,706,021		1.0
						100,938,028		6.7
				India: 3.9%
	12,243,558			DLF Ltd.		33,450,270		2.2
	1,986,682			ICICI Bank Ltd. ADR		25,012,326		1.7
						58,462,596		3.9
				Italy: 0.2%
	104,433			Other Securities		3,526,139		0.2
				Japan: 12.5%
	80,900			Fanuc Ltd.		15,032,251		1.0
	44,302			Keyence Corp.		27,322,040		1.8
	585,000			Murata Manufacturing Co., Ltd.		26,337,128		1.7

Shares					Value		Percentage of Net Assets
	258,000			Nidec Corp.	$	35,432,428		2.4
	38,700			Nintendo Co., Ltd.		14,198,982		0.9
	303,400			Omron Corp.		15,912,141		1.1
	316,841			Takeda Pharmaceutical Co., Ltd.		11,270,933		0.8
	315,700			TDK Corp.		24,591,118		1.6
	988,900			Other Securities		18,041,964		1.2
						188,138,985		12.5
				Netherlands: 4.2%
	448,993			Airbus SE		63,542,197		4.2
				Spain: 1.5%
	750,211			Industria de Diseno Textil SA		22,571,822		1.5
				Sweden: 2.2%
	864,725			Assa Abloy AB		19,510,526		1.3
	420,598			Atlas Copco AB - A Shares		13,478,336		0.9
						32,988,862		2.2
				Switzerland: 2.0%
	1,157,908			Credit Suisse Group AG		13,859,201		0.9
	1,372,099			UBS Group AG		16,307,734		1.1
						30,166,935		2.0
				United Kingdom: 5.6%
	1,154,386			Prudential PLC		25,201,462		1.7
	445,834			TechnipFMC PLC		11,502,009		0.8
	548,407			Unilever PLC		34,042,637		2.2
	809,747	(1	)	Other Securities		13,243,467		0.9
						83,989,575		5.6

See Accompanying Notes to Financial Statements
115

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				United States: 49.9%
	106,540			3M Co.	$	18,467,644		1.2
	165,563	(2	)	Adobe, Inc.		48,783,138		3.2
	250,800			Agilent Technologies, Inc.		18,727,236		1.2
	83,080	(2	)	Alphabet, Inc. - Class A		89,959,024		6.0
	7,191	(2	)	Amazon.com, Inc.		13,617,093		0.9
	140,480			Anthem, Inc.		39,644,861		2.6
	124,400	(2	)	Blueprint Medicines Corp.		11,734,652		0.8
	233,220	(2	)	Centene Corp.		12,230,057		0.8
	504,660			Citigroup, Inc.		35,341,340		2.3
	415,250			Colgate-Palmolive Co.		29,760,967		2.0
	132,540			Equifax, Inc.		17,924,710		1.2
	258,520	(2	)	Facebook, Inc. - Class A		49,894,360		3.3
	88,120			Goldman Sachs Group, Inc.		18,029,352		1.2
	126,130	(2	)	Incyte Corp., Ltd.		10,716,005		0.7
	187,070			Intuit, Inc.		48,887,003		3.2
	570,100			Maxim Integrated Products		34,103,382		2.3
	319,252	(2	)	PayPal Holdings, Inc.		36,541,584		2.4
	205,270			S&P Global, Inc.		46,758,453		3.1
	104,880	(2	)	Sage Therapeutics, Inc.		19,202,479		1.3
	185,130			Tiffany & Co.		17,335,573		1.2
	170,630			United Parcel Service, Inc. - Class B		17,620,960		1.2
	195,520			Walt Disney Co.		27,302,413		1.8
	91,140			Zimmer Biomet Holdings, Inc.		10,730,824		0.7
	1,997,029	(1	)	Other Securities		79,615,182		5.3
						752,928,292		49.9
				Total Common Stock (Cost $787,243,099)		1,474,198,565		97.8
PREFERRED STOCK: 1.2%
				Germany: 1.2%
	289,094			Bayerische Motoren Werke AG		17,912,670		1.2
				India: 0.0%
	2,598,630	(1	)	Other Securities		195,761		0.0
				Total Preferred Stock (Cost $11,531,006)		18,108,431		1.2
				Total Long-Term Investments (Cost $798,774,105)		1,492,306,996		99.0

Shares					Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.4%
				Mutual Funds: 1.4%
	20,539,443	(3	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $20,539,443)	$	20,539,443			1.4
				Total Short-Term Investments (Cost $20,539,443)		20,539,443			1.4
				Total Investments in Securities (Cost $819,313,548)	$	1,512,846,439			100.4
				Liabilities in Excess of Other Assets		(5,351,143	)		(0.4	)
				Net Assets	$	1,507,495,296			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

ADR  American Depositary Receipt

(1)  The grouping contains non-income producing securities.

(2)  Non-income producing security.

(3)  Rate shown is the 7-day yield as of June 30, 2019.

Sector Diversification	Percentage of Net Assets
Information Technology		21.3	%
Industrials		15.1
Financials		14.6
Health Care		14.4
Consumer Discretionary		13.9
Communication Services		12.5
Consumer Staples		4.2
Real Estate		2.2
Energy		0.8
Short-Term Investments		1.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements
116

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Brazil	$	6,532,743	$	—	$	—	$	6,532,743
China		20,908,218		—		—		20,908,218
France		—		109,504,173		—		109,504,173
Germany		—		100,938,028		—		100,938,028
India		25,012,326		33,450,270		—		58,462,596
Italy		—		3,526,139		—		3,526,139
Japan		—		188,138,985		—		188,138,985
Netherlands		—		63,542,197		—		63,542,197
Spain		—		22,571,822		—		22,571,822
Sweden		—		32,988,862		—		32,988,862
Switzerland		—		30,166,935		—		30,166,935
United Kingdom		13,243,467		70,746,108		—		83,989,575
United States		752,928,292		—		—		752,928,292
Total Common Stock		818,625,046		655,573,519		—		1,474,198,565
Preferred Stock		195,761		17,912,670		—		18,108,431
Short-Term Investments		20,539,443		—		—		20,539,443
Total Investments, at fair value	$	839,360,250	$	673,486,189	$	—	$	1,512,846,439

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

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(58,601	)
Total	$	(58,601	)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $830,010,687.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	715,533,455
Gross Unrealized Depreciation		(32,708,570	)
Net Unrealized Appreciation	$	682,824,885

See Accompanying Notes to Financial Statements
117

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Financials	22.3	%
Real Estate	14.0	%
Consumer Discretionary	12.4	%
Utilities	10.6	%
Industrials	7.8	%
Health Care	6.8	%
Information Technology	6.7	%
Energy	6.1	%
Materials	4.8	%
Consumer Staples	4.0	%
Communication Services	2.5	%
Assets in Excess of Other Liabilities*	2.0	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.0%
				Communication Services: 2.5%
	243,822	(1	)	Other Securities	$	11,310,809		2.5
				Consumer Discretionary: 12.4%
	6,050	(2	)	Autozone, Inc.		6,651,794		1.5
	62,060			Best Buy Co., Inc.		4,327,444		1.0
	50,130			Expedia Group, Inc.		6,668,794		1.5
	41,080			Hilton Worldwide Holdings, Inc.		4,015,159		0.9
	37,060	(2	)	Mohawk Industries, Inc.		5,465,238		1.2
	44,370			Tiffany & Co.		4,154,807		0.9
	584,707	(3	)	Other Securities		23,884,289		5.4
						55,167,525		12.4
				Consumer Staples: 4.0%
	19,940			Constellation Brands, Inc.		3,926,984		0.9
	432,255	(1	),(3)	Other Securities		14,040,240		3.1
						17,967,224		4.0
				Energy: 6.1%
	68,014			Diamondback Energy, Inc.		7,411,485		1.7
	314,350			Williams Cos., Inc.		8,814,374		2.0
	492,994			Other Securities		10,851,502		2.4
						27,077,361		6.1
				Financials: 22.3%
	35,950			Ameriprise Financial, Inc.		5,218,502		1.2
	127,900			Citizens Financial Group, Inc.		4,522,544		1.0
	233,560			Fifth Third Bancorp		6,516,324		1.5
	43,580			First Republic Bank		4,255,587		0.9
	117,240			Hartford Financial Services Group, Inc.		6,532,613		1.5

Shares					Value		Percentage of Net Assets
	169,920			Loews Corp.	$	9,289,526		2.1
	51,813			M&T Bank Corp.		8,811,837		2.0
	39,990			Marsh & McLennan Cos., Inc.		3,989,002		0.9
	51,040			Northern Trust Corp.		4,593,600		1.0
	52,890			Progressive Corp.		4,227,498		0.9
	49,770			Raymond James Financial, Inc.		4,208,054		0.9
	114,700			SunTrust Banks, Inc.		7,208,895		1.6
	63,700			T. Rowe Price Group, Inc.		6,988,527		1.6
	627,198	(1	)	Other Securities		23,417,393		5.2
						99,779,902		22.3
				Health Care: 6.8%
	60,670			AmerisourceBergen Corp.		5,172,724		1.2
	26,130			Cigna Corp.		4,116,781		0.9
	30,460	(2	)	Laboratory Corp. of America Holdings		5,266,534		1.2
	35,610			Universal Health Services, Inc.		4,643,188		1.0
	47,240			Zimmer Biomet Holdings, Inc.		5,562,038		1.2
	69,852	(1	)	Other Securities		5,715,540		1.3
						30,476,805		6.8
				Industrials: 7.8%
	29,820			Acuity Brands, Inc.		4,112,476		0.9
	51,540			Ametek, Inc.		4,681,894		1.1
	27,490			IDEX Corp.		4,732,129		1.1
	30,120	(2	)	Middleby Corp.		4,087,284		0.9
	29,741			Snap-On, Inc.		4,926,299		1.1
	145,570			Other Securities		12,183,598		2.7
						34,723,680		7.8

See Accompanying Notes to Financial Statements
118

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 6.7%
	47,200			Amphenol Corp.	$	4,528,368		1.0
	69,740	(2	)	Arrow Electronics, Inc.		4,970,370		1.1
	56,550			CDW Corp.		6,277,050		1.4
	33,520	(2	)	Synopsys, Inc.		4,313,689		1.0
	162,477	(1	)	Other Securities		9,960,701		2.2
						30,050,178		6.7
				Materials: 4.8%
	77,640			Ball Corp.		5,434,024		1.2
	9,460			Sherwin-Williams Co.		4,335,423		1.0
	154,180			Silgan Holdings, Inc.		4,717,908		1.0
	104,740			Other Securities		7,098,193		1.6
						21,585,548		4.8
				Real Estate: 14.0%
	30,120			AvalonBay Communities, Inc.		6,119,781		1.4
	42,950			Boston Properties, Inc.		5,540,550		1.2
	107,600	(2	)	CBRE Group, Inc.		5,519,880		1.2
	36,790			Federal Realty Investment Trust		4,737,080		1.1
	72,966			Vornado Realty Trust		4,677,121		1.1
	1,122,105	(1	)	Other Securities		35,811,323		8.0
						62,405,735		14.0
				Utilities: 10.6%
	172,110			CMS Energy Corp.		9,966,890		2.2
	74,160			Evergy, Inc.		4,460,724		1.0
	83,990			National Fuel Gas Co.		4,430,473		1.0
	48,150			Sempra Energy		6,617,736		1.5
	118,420			WEC Energy Group, Inc.		9,872,675		2.2
	164,800			Xcel Energy, Inc.		9,803,952		2.2
	30,380			Other Securities		2,047,916		0.5
						47,200,366		10.6
				Total Common Stock (Cost $331,707,352)		437,745,133		98.0

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.3%
				Repurchase Agreements: 0.5%
	1,000,000	(4	)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,000,205, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,020,000, due 07/02/19-01/20/63)	$	1,000,000		0.2
	426,581	(4	)	HSBC Securities USA, Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $426,669, collateralized by various U.S. Government Securities, 0.000%-4.375%, Market Value plus accrued interest $435,113, due 08/15/20-11/15/46)		426,581		0.1
	1,000,000	(4	)	Morgan Stanley, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,000,207, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-7.500%, Market Value plus accrued interest $1,020,000, due 04/01/26-06/20/49)		1,000,000		0.2
						2,426,581		0.5

See Accompanying Notes to Financial Statements
119

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value			Percentage of Net Assets
				Mutual Funds: 1.8%
	7,797,712	(5	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $7,797,712)	$	7,797,712			1.8
				Total Short-Term Investments (Cost $10,224,293)		10,224,293			2.3
				Total Investments in Securities (Cost $341,931,645)	$	447,969,426			100.3
				Liabilities in Excess of Other Assets		(1,325,039	)		(0.3	)
				Net Assets	$	446,644,387			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

(1)  The grouping contains non-income producing securities.

(2)  Non-income producing security.

(3)  The grouping contains securities on loan.

(4)  Represents securities purchased with cash collateral received for securities on loan.

(5)  Rate shown is the 7-day yield as of June 30, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock*	$	437,745,133	$	—	$	—	$	437,745,133
Short-Term Investments		7,797,712		2,426,581		—		10,224,293
Total Investments, at fair value	$	445,542,845	$	2,426,581	$	—	$	447,969,426

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

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $343,132,747.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	124,841,092
Gross Unrealized Depreciation		(20,004,413	)
Net Unrealized Appreciation	$	104,836,679

See Accompanying Notes to Financial Statements
120

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED)

Investment Type Allocation
as of June 30, 2019
(as a percentage of net assets)

Corporate Bonds/Notes	89.5	%
Preferred Stock	1.6	%
Convertible Bonds/Notes	0.5	%
Bank Loans**	0.0	%
Common Stock**	0.0	%
Warrants**	0.0	%
Other**	0.0	%
Assets in Excess of Other Liabilities*	8.4	%
Net Assets	100.0	%

* Includes short-term investments.

** Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 89.5%
				Basic Materials: 8.3%
	400,000	(1	)	Century Aluminum Co., 7.500%, 06/01/2021	$	399,200		0.4
	638,000			Chemours Co/The, 7.000%, 05/15/2025		668,305		0.7
	430,000			Commercial Metals Co., 5.375%, 07/15/2027		428,925		0.4
	515,000			Commercial Metals Co., 5.750%, 04/15/2026		515,386		0.5
	209,000	(1	)	First Quantum Minerals Ltd., 6.875%, 03/01/2026		194,631		0.2
	416,000	(1	)	Hexion, Inc., 7.875%, 07/15/2027		419,120		0.4
	247,000	(1	)	Hudbay Minerals, Inc., 7.250%, 01/15/2023		255,336		0.3
	243,000	(1	)	Hudbay Minerals, Inc., 7.625%, 01/15/2025		252,113		0.2
	520,000	(1	)	Joseph T Ryerson & Son, Inc., 11.000%, 05/15/2022		550,063		0.6
	380,000	(1	)	Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.000%, 04/15/2025		386,650		0.4
	68,000	(1	)	NOVA Chemicals Corp., 4.875%, 06/01/2024		70,635		0.1
	519,000	(1	)	NOVA Chemicals Corp., 5.000%, 05/01/2025		544,301		0.5
	400,000	(1	)	Novelis Corp., 5.875%, 09/30/2026		406,000		0.4
	130,000	(1	)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.750%, 04/30/2026		124,150		0.1
	570,000	(1	)	OCI NV, 6.625%, 04/15/2023		595,650		0.6
	535,000	(1	)	Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026		548,375		0.6

Principal Amount†					Value		Percentage of Net Assets
	511,000	(1	)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 09/01/2025	$	494,393		0.5
	190,000	(1	)	Tronox, Inc., 6.500%, 04/15/2026		188,757		0.2
	1,229,000			Other Securities		1,177,961		1.2
						8,219,951		8.3
				Communications: 15.2%
	200,000	(1	)	Altice Financing SA, 6.625%, 02/15/2023		205,500		0.2
	200,000	(1	)	Altice France SA/France, 8.125%, 02/01/2027		210,500		0.2
	359,000	(1	)	Altice Luxembourg SA, 10.500%, 05/15/2027		369,770		0.4
	210,000	(1	)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028		214,977		0.2
	483,000	(1	)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 06/01/2029		499,905		0.5
	505,000	(1	)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026		529,770		0.6
	310,000	(1	)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/2026		325,888		0.3
	380,000	(1	)	Clear Channel Worldwide Holdings, Inc., 9.250%, 02/15/2024		413,250		0.4
	528,000	(1	)	CommScope Tech Finance LLC, 6.000%, 06/15/2025		497,487		0.5
	155,000	(1	)	CommScope Technologies LLC, 5.000%, 03/15/2027		135,625		0.2

See Accompanying Notes to Financial Statements
121

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Communications (continued)
	120,000	(1	)	CommScope, Inc., 5.000%, 06/15/2021	$	120,150		0.1
	479,000			CSC Holdings LLC, 5.250%, 06/01/2024		498,759		0.5
	200,000	(1	)	CSC Holdings LLC, 5.375%, 07/15/2023		206,000		0.2
	200,000	(1	)	CSC Holdings LLC, 5.375%, 02/01/2028		208,250		0.2
	400,000	(1	)	CSC Holdings LLC, 5.500%, 04/15/2027		421,000		0.4
	100,000	(1	)	Frontier Communications Corp., 8.500%, 04/01/2026		97,250		0.1
	885,000			Frontier Communications Corp., 8.750%-11.000%, 04/15/2022-09/15/2025		564,225		0.6
	250,000	(1	)	Gray Television, Inc., 5.125%, 10/15/2024		255,313		0.2
	249,000	(1	)	Gray Television, Inc., 5.875%, 07/15/2026		258,960		0.3
	365,000	(1	)	Gray Television, Inc., 7.000%, 05/15/2027		396,937		0.4
	230,000	(1	)	Intelsat Jackson Holdings SA, 9.750%, 07/15/2025		236,900		0.2
	690,000			Level 3 Financing, Inc., 5.250%, 03/15/2026		715,875		0.7
	820,000	(1	)	MDC Partners, Inc., 6.500%, 05/01/2024		757,647		0.8
	699,000	(1	)	Netflix, Inc., 5.375%, 11/15/2029		744,218		0.7
	320,000	(1	)	Sinclair Television Group, Inc., 5.875%, 03/15/2026		328,304		0.3
	167,000	(1	)	Sirius XM Radio, Inc., 4.625%, 07/15/2024		171,305		0.2
	623,000	(1	)	Sirius XM Radio, Inc., 5.000%, 08/01/2027		636,177		0.6
	237,000	(1	)	Sirius XM Radio, Inc., 5.375%, 07/15/2026		246,480		0.3
	200,000	(1	)	Sirius XM Radio, Inc., 5.500%, 07/01/2029		205,540		0.2
	1,660,000			Sprint Corp., 7.250%, 09/15/2021		1,767,900		1.8
	405,000			Sprint Corp., 7.125%-7.625%, 06/15/2024-02/15/2025		431,141		0.4
	995,000			T-Mobile USA, Inc., 5.125%-6.500%, 03/01/2023-01/15/2026		1,053,957		1.1
	231,000	(1	)	Videotron Ltd., 5.375%, 06/15/2024		248,036		0.3
	1,045,000			Other Securities		1,101,019		1.1
						15,074,015		15.2

Principal Amount†					Value		Percentage of Net Assets
				Consumer, Cyclical: 12.2%
	702,000			American Axle & Manufacturing, Inc., 6.250%, 03/15/2026	$	696,735		0.7
	570,000			Beazer Homes USA, Inc., 6.750%, 03/15/2025		547,912		0.5
	295,000			Beazer Homes USA, Inc., 5.875%-8.750%, 03/15/2022-10/15/2027		269,308		0.3
	490,000	(1	)	Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025		491,225		0.5
	400,000	(1	)	Cirsa Finance International Sarl, 7.875%, 12/20/2023		425,000		0.4
	441,000	(1	)	Enterprise Development Authority/The, 12.000%, 07/15/2024		480,690		0.5
	148,000	(1	)	Golden Nugget, Inc., 6.750%, 10/15/2024		152,810		0.1
	279,000	(1	)	Golden Nugget, Inc., 8.750%, 10/01/2025		293,647		0.3
	405,000	(1	),(2)	IHO Verwaltungs GmbH, 6.000% (PIK Rate 6.750%, Cash Rate 6.000%), 05/15/2027		408,037		0.4
	205,000	(1	)	International Game Technology PLC, 6.250%, 01/15/2027		224,987		0.2
	100,000	(1	)	JC Penney Corp., Inc., 5.875%, 07/01/2023		84,250		0.1
	675,000			KB Home, 6.875%-7.500%, 09/15/2022-06/15/2027		734,194		0.7
	652,000			Lennar Corp., 4.750%, 11/15/2022		684,600		0.7
	250,000			Lennar Corp., 4.750%, 11/29/2027		264,375		0.3
	564,000			MGM Resorts International, 5.500%, 04/15/2027		592,905		0.6
	675,000	(1	)	Michaels Stores, Inc., 8.000%, 07/15/2027		674,419		0.7
	75,000	(1	)	Penn National Gaming, Inc., 5.625%, 01/15/2027		74,250		0.1
	200,000	(1	)	Scientific Games International, Inc., 5.000%, 10/15/2025		202,500		0.2
	792,000	(1	)	Scientific Games International, Inc., 8.250%, 03/15/2026		833,572		0.9
	323,000			Scientific Games International, Inc., 10.000%, 12/01/2022		339,958		0.3

See Accompanying Notes to Financial Statements
122

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Consumer, Cyclical (continued)
	365,000	(1	)	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024	$	378,688		0.4
	150,000	(1	)	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.875%, 04/15/2023		158,250		0.1
	334,000	(1	)	Taylor Morrison Communities, Inc., 5.875%, 06/15/2027		341,515		0.4
	574,000			Tempur Sealy International, Inc., 5.500%, 06/15/2026		597,678		0.6
	579,000	(1	)	Viking Cruises Ltd., 5.875%, 09/15/2027		587,685		0.6
	150,000	(1	)	VOC Escrow Ltd., 5.000%, 02/15/2028		152,813		0.1
	1,498,000			Other Securities		1,479,849		1.5
						12,171,852		12.2
				Consumer, Non-cyclical: 16.7%
	475,000			Albertsons Cos LLC / Safeway, Inc. / New Albertsons L.P. / Albertson's LLC, 5.750%, 03/15/2025		480,937		0.5
	148,000	(1	)	Albertsons Cos LLC / Safeway, Inc. / New Albertsons L.P. / Albertson's LLC, 7.500%, 03/15/2026		158,730		0.2
	200,000	(1	)	Ashtead Capital, Inc., 4.125%, 08/15/2025		203,500		0.2
	440,000	(1	)	Bausch Health Americas, Inc., 8.500%, 01/31/2027		484,889		0.5
	200,000	(1	)	Bausch Health Cos, Inc., 5.500%, 11/01/2025		209,250		0.2
	370,000	(1	)	Bausch Health Cos, Inc., 5.875%, 05/15/2023		375,687		0.4
	95,000	(1	)	Bausch Health Cos, Inc., 6.500%, 03/15/2022		98,562		0.1
	125,000	(1	)	Bausch Health Cos, Inc., 7.000%, 03/15/2024		133,138		0.1
	383,000	(1	)	Bausch Health Cos, Inc., 7.000%, 01/15/2028		397,841		0.4
	120,000	(1	)	Bausch Health Cos, Inc., 7.250%, 05/30/2029		125,100		0.1
	595,000	(1	)	BCPE Cycle Merger Sub II, Inc., 10.625%, 07/15/2027		603,925		0.6
	738,000	(1	)	Brink's Co/The, 4.625%, 10/15/2027		738,922		0.8

Principal Amount†					Value		Percentage of Net Assets
	215,000	(1	)	C&S Group Enterprises LLC, 5.375%, 07/15/2022	$	216,075		0.2
	250,000	(1	)	Cardtronics, Inc. / Cardtronics USA, Inc., 5.500%, 05/01/2025		250,000		0.3
	293,000	(1	)	Carriage Services, Inc., 6.625%, 06/01/2026		301,790		0.3
	590,000	(1	)	Centene Corp., 5.375%, 06/01/2026		621,713		0.6
	220,000	(1	)	Darling Ingrediants, Inc., 5.250%, 04/15/2027		230,450		0.2
	190,000	(1	),(2)	Eagle Holding Co. II LLC, 7.750% (PIK Rate 7.750%, Cash Rate 0.000%), 05/15/2022		191,900		0.2
	200,000	(1	)	Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/2025		135,000		0.1
	643,000	(1	)	Garda World Security Corp., 8.750%, 05/15/2025		638,178		0.6
	738,000			HCA, Inc., 5.375%, 02/01/2025		798,424		0.8
	490,000			HCA, Inc., 5.625%-5.875%, 09/01/2028-02/01/2029		536,037		0.5
	519,000	(1	)	Herc Holdings, Inc., 5.500%, 07/15/2027		523,541		0.5
	365,000	(1	)	Horizon Pharma USA, Inc., 8.750%, 11/01/2024		393,397		0.4
	469,000	(1	)	JBS USA LUX SA / JBS USA Finance, Inc., 6.750%, 02/15/2028		511,210		0.5
	145,000	(1	)	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.500%, 04/15/2029		157,869		0.2
	308,000	(1	)	Par Pharmaceutical, Inc., 7.500%, 04/01/2027		303,380		0.3
	246,000	(1	)	Pilgrim's Pride Corp., 5.875%, 09/30/2027		255,840		0.3
	259,000	(1	)	Post Holdings, Inc., 5.625%, 01/15/2028		267,094		0.3
	160,000	(1	)	Prime Security Services Borrower LLC / Prime Finance, Inc., 5.250%, 04/15/2024		163,200		0.1
	170,000	(1	)	Prime Security Services Borrower LLC / Prime Finance, Inc., 5.750%, 04/15/2026		175,950		0.2
	539,000	(1	)	Prime Security Services Borrower LLC / Prime Finance, Inc., 9.250%, 05/15/2023		567,068		0.6

See Accompanying Notes to Financial Statements
123

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Consumer, Non-cyclical (continued)
	365,000	(1	)	RegionalCare Hospital Partners Holdings, Inc., 8.250%, 05/01/2023	$	388,725		0.4
	560,000	(1	)	Simmons Foods, Inc., 5.750%, 11/01/2024		512,400		0.5
	470,000	(1	)	Surgery Center Holdings, Inc., 10.000%, 04/15/2027		470,000		0.5
	235,000	(1	)	Team Health Holdings, Inc., 6.375%, 02/01/2025		180,950		0.2
	952,000			United Rentals North America, Inc., 4.875%- 6.500%, 12/15/2026- 01/15/2030		992,875		1.0
	388,000	(1	)	Verscend Escrow Corp., 9.750%, 08/15/2026		404,975		0.4
	496,000			WellCare Health Plans, Inc., 5.250%, 04/01/2025		518,940		0.5
	1,897,000			Other Securities		1,857,134		1.9
						16,574,596		16.7
				Diversified: 0.4%
	370,000	(1	)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 10.500%, 06/01/2024		370,000		0.4
				Energy: 15.0%
	547,000	(1	)	American Midstream Partners L.P. / American Midstream Finance Corp., 9.500%, 12/15/2021		537,427		0.5
	50,000			Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 10/01/2022		50,875		0.0
	640,000	(1	)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027		672,064		0.7
	355,000	(1	)	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/2022		361,656		0.4
	155,000	(1	)	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.625%, 07/15/2026		156,938		0.1
	203,000	(1	)	Centennial Resource Production LLC, 6.875%, 04/01/2027		206,045		0.2

Principal Amount†					Value		Percentage of Net Assets
	518,000			Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027	$	563,972		0.6
	100,000			Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/2025		111,625		0.1
	465,000	(1	)	Cheniere Energy Partners L.P., 5.625%, 10/01/2026		491,737		0.5
	413,000	(1	)	Ensign Drilling, Inc., 9.250%, 04/15/2024		407,837		0.4
	369,000	(1	)	Great Western Petroleum LLC / Great Western Finance Corp., 9.000%, 09/30/2021		301,658		0.3
	350,000	(1	)	Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp., 5.625%, 02/15/2026		361,813		0.4
	230,000	(1	)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 10/01/2025		231,725		0.2
	659,000	(1	)	Indigo Natural Resources LLC, 6.875%, 02/15/2026		594,748		0.6
	100,000	(1	)	MEG Energy Corp., 6.500%, 01/15/2025		100,875		0.1
	100,000	(1	)	MEG Energy Corp., 7.000%, 03/31/2024		95,500		0.1
	490,000	(1	)	Neptune Energy Bondco PLC, 6.625%, 05/15/2025		499,800		0.5
	700,000			Oasis Petroleum, Inc., 6.875%, 03/15/2022-01/15/2023		699,989		0.7
	234,000	(1	)	Parkland Fuel Corp., 5.875%, 07/15/2027		237,803		0.2
	230,000	(1	)	Parsley Energy LLC / Parsley Finance Corp., 5.375%, 01/15/2025		236,900		0.3
	200,000	(1	)	Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/2027		210,000		0.2
	210,000	(1	)	Parsley Energy LLC / Parsley Finance Corp., 6.250%, 06/01/2024		218,925		0.2
	517,000	(1	)	Shelf Drilling Holdings Ltd., 8.250%, 02/15/2025		479,776		0.5
	563,000	(1	)	SunCoke Energy Partners L.P. / SunCoke Energy Partners Finance Corp., 7.500%, 06/15/2025		551,740		0.6

See Accompanying Notes to Financial Statements
124

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Energy (continued)
	92,000	(1	)	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.500%, 07/15/2027	$	100,510		0.1
	241,000	(1	)	Transocean Sentry Ltd, 5.375%, 05/15/2023		241,904		0.2
	420,000	(1	)	Transocean, Inc., 7.250%, 11/01/2025		399,525		0.4
	163,000	(1	)	USA Compression Partners L.P. / USA Compression Finance Corp., 6.875%, 09/01/2027		171,983		0.2
	713,000			Whiting Petroleum Corp., 5.750%-6.625%, 03/15/2021-01/15/2026		697,539		0.7
	5,010,000			Other Securities		4,922,042		5.0
						14,914,931		15.0
				Financial: 7.5%
	500,000	(1	)	Alliance Data Systems Corp., 5.875%, 11/01/2021		515,012		0.5
	300,000	(1	)	Avation Capital SA, 6.500%, 05/15/2021		308,250		0.3
	500,000	(3	)	Barclays PLC, 7.750%, 12/31/2199		512,857		0.5
	602,000	(1	),(3)	BNP Paribas SA, 6.625%, 12/31/2199		627,263		0.6
	405,000	(1	)	Freedom Mortgage Corp., 8.125%, 11/15/2024		346,275		0.4
	515,000	(1	)	Freedom Mortgage Corp., 8.250%, 04/15/2025		445,475		0.4
	200,000	(1	),(3)	Intesa Sanpaolo SpA, 7.700%, 12/29/2049		196,671		0.2
	260,000	(1	)	Iron Mountain US Holdings, Inc., 5.375%, 06/01/2026		262,275		0.3
	250,000	(1	)	Kendall Re Ltd., 7.655%, (US0003M + 5.250%), 05/06/2024		241,462		0.2
	250,000	(1	)	Kilimanjaro Re Ltd. (Cat Bond), 11.337%, (T-BILL 3MO + 9.250%), 12/06/2019		245,188		0.2
	117,000	(1	)	Nationstar Mortgage Holdings, Inc., 8.125%, 07/15/2023		119,632		0.1
	395,000	(1	)	Nationstar Mortgage Holdings, Inc., 9.125%, 07/15/2026		401,913		0.4
	552,000			Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 07/01/2021-06/01/2022		552,701		0.6

Principal Amount†					Value		Percentage of Net Assets
	195,000	(1	)	Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/2022	$	200,850		0.2
	343,000	(1	)	Provident Funding Associates L.P. / PFG Finance Corp., 6.375%, 06/15/2025		324,135		0.3
	250,000	(1	)	Tailwind Re Ltd. 2017-1, 9.057%, (T-BILL 3MO + 7.250%), 01/08/2025		248,463		0.3
	335,000	(1	)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 6.000%, 04/15/2023		319,087		0.3
	250,000	(1	)	Ursa Re Ltd 2017-2 D (Cat Bond), 7.457%, (T-BILL 3MO + 5.250%), 12/10/2020		247,663		0.3
	1,310,000			Other Securities		1,375,424		1.4
						7,490,596		7.5
				Industrial: 10.6%
	469,000	(1	)	American Woodmark Corp., 4.875%, 03/15/2026		465,482		0.5
	250,000	(1	)	Amsted Industries, Inc., 5.375%, 09/15/2024		257,187		0.2
	254,000	(1	)	Amsted Industries, Inc., 5.625%, 07/01/2027		265,430		0.3
	80,000	(1	)	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.625%, 05/15/2023		81,500		0.1
	510,000	(1	)	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.000%, 02/15/2025		529,125		0.5
	90,000	(1	)	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 7.250%, 05/15/2024		95,175		0.1
	475,000	(1	)	Bombardier, Inc., 6.000%, 10/15/2022		479,413		0.5
	391,000	(1	)	Bombardier, Inc., 7.500%, 03/15/2025		393,561		0.4
	292,000	(1	)	Bombardier, Inc., 7.875%, 04/15/2027		293,095		0.3
	337,000	(1	)	Builders FirstSource, Inc., 5.625%, 09/01/2024		348,600		0.3
	261,000	(1	)	Builders FirstSource, Inc., 6.750%, 06/01/2027		276,660		0.3
	545,000	(1	)	Cloud Crane LLC, 10.125%, 08/01/2024		587,237		0.6
	603,000			Covanta Holding Corp., 6.000%, 01/01/2027		633,150		0.6

See Accompanying Notes to Financial Statements
125

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Industrial (continued)
	640,000			Crown Cork & Seal Co., Inc., 7.375%, 12/15/2026	$	739,200		0.7
	498,000			EnPro Industries, Inc., 5.750%, 10/15/2026		510,450		0.5
	589,000	(1	)	GFL Environmental, Inc., 5.375%, 03/01/2023		586,055		0.6
	275,000	(1	)	GFL Environmental, Inc., 8.500%, 05/01/2027		296,656		0.3
	653,000	(1	)	Greif, Inc., 6.500%, 03/01/2027		675,855		0.7
	125,000	(1	)	Plastipak Holdings, Inc., 6.250%, 10/15/2025		113,750		0.1
	175,000	(1	)	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.000%, 07/15/2024		181,282		0.2
	274,000	(1	)	Standard Industries, Inc./NJ, 5.375%, 11/15/2024		284,617		0.3
	355,000	(1	)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027		370,088		0.4
	200,000	(1	)	syncreon Group BV / syncreon Global Finance US, Inc., 8.625%, 11/01/2021		75,000		0.1
	418,000	(1	)	Tervita Corp., 7.625%, 12/01/2021		427,284		0.4
	1,505,911			Other Securities		1,607,141		1.6
						10,572,993		10.6
				Technology: 2.0%
	570,000	(1	)	First Data Corp., 5.750%, 01/15/2024		587,100		0.6
	200,000	(1	)	Open Text Corp., 5.875%, 06/01/2026		212,060		0.2
	97,000	(1	)	Rackspace Hosting, Inc., 8.625%, 11/15/2024		89,483		0.1
	270,000	(1	)	SS&C Technologies, Inc., 5.500%, 09/30/2027		280,631		0.3
	604,000			Western Digital Corp., 4.750%, 02/15/2026		594,064		0.6
	255,000			Other Securities		261,679		0.2
						2,025,017		2.0
				Utilities: 1.6%
	303,000	(1	)	Clearway Energy Operating LLC, 5.750%, 10/15/2025		308,681		0.3
	163,334	(1	)	NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/2025		175,992		0.2

Principal Amount†					Value		Percentage of Net Assets
	110,000	(1	)	Talen Energy Supply LLC, 6.625%, 01/15/2028	$	109,725		0.1
	148,000	(1	)	Talen Energy Supply LLC, 7.250%, 05/15/2027		152,070		0.2
	751,000	(1	)	Vistra Operations Co. LLC, 5.625%, 02/15/2027		797,938		0.8
						1,544,406		1.6
				Total Corporate Bonds/Notes (Cost $87,435,310)		88,958,357		89.5
BANK LOANS: 0.0%
				Energy: 0.0%
	45,119			Gavilan Resources LLC - TL 2L, 8.430%, (US0001M + 6.000%), 03/01/2024		24,139		0.0
				Total Bank Loans (Cost $43,176)		24,139		0.0
CONVERTIBLE BONDS/NOTES: 0.5%
				Consumer, Non-cyclical: 0.4%
	141,000	(1	)	Medicines Co/The, 3.500%, 01/15/2024		230,937		0.2
	320,000			Other Securities		168,517		0.2
						399,454		0.4
				Industrial: 0.1%
	130,000			Other Securities		128,768		0.1
				Total Convertible Bonds/Notes (Cost $587,400)		528,222		0.5
Shares					Value		Percentage of Net Assets
COMMON STOCK: 0.0%
				Consumer Discretionary: —%
	1,476	(1	),(4),(5)	Perseus Holding Corp.	$	—		—
				Energy: 0.0%
	424,441	(6	),(7)	Other Securities		5,093		0.0
				Total Common Stock (Cost $10,080)		5,093		0.0
PREFERRED STOCK: 1.6%
				Consumer Discretionary: —%
	775	(1	),(4),(5)	Perseus Holding Corp.		—		—

See Accompanying Notes to Financial Statements
126

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Financials: 1.6%
	446	(5	)	Bank of America Corp.	$	611,912		0.6
	602	(5	)	Wells Fargo & Co.		821,248		0.9
	3,542	(6	)	Other Securities		92,553		0.1
						1,525,713		1.6
				Health Care: 0.0%
	44	(6	),(7)	Other Securities		6,510		0.0
				Total Preferred Stock (Cost $1,393,307)		1,532,223		1.6
WARRANTS: —%
				Energy: —%
	659	(6	),(7)	Other Securities		—		—
				Health Care: —%
	252	(6	),(7)	Other Securities		—		—
				Industrials: —%
	28	(6	),(7)	Other Securities		—		—
				Total Warrants (Cost $—)		—		—
OTHER(8): —%
				Communications: —%
	365,000	(4	),(9)	Avaya, Inc. (Escrow)		—		—
	1,445,000	(4	),(9)	Millicom International Cellular S.A. (Escrow)		—		—
						—		—
				Technology: —%
	200,000	(4	),(9)	Midway Games, Inc.		—		—
				Total Other (Cost $—)		—		—
				Total Long-Term Investments (Cost $89,469,273)		91,048,034		91.6
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.6%
				U.S. Treasury Bills: 4.6%
	4,070,000			United States Treasury Bill, 0.980%, 07/02/2019	$	4,069,782		4.1

Principal Amount†					Value		Percentage of Net Assets
	500,000	(10	)	United States Treasury Bill, 2.010%, 07/23/2019	$	499,366		0.5
						4,569,148		4.6
				Total Short-Term Investments (Cost $4,569,127)		4,569,148		4.6
				Total Investments inSecurities (Cost $94,038,400)	$	95,617,182		96.2
				Assets in Excess of Other Liabilities		3,808,710		3.8
				Net Assets	$	99,425,892		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

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

(2)  All or a portion of this security is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates.

(3)  Variable rate security. Rate shown is the rate in effect as of June 30, 2019.

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

(5)  Non-income producing security.

(6)  The grouping contains non-income producing securities.

(7)  The grouping contains Level 3 securities.

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

(9)  Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(10)  Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2019.

EUR  EU Euro

Reference Rate Abbreviations:

T-BILL 3MO  3-month U.S. Treasury Bill

US0001M  1-month LIBOR

US0003M  3-month LIBOR

See Accompanying Notes to Financial Statements
127

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	—	$	—		$	—	$	—
Energy		—		—			5,093		5,093
Total Common Stock		—		—			5,093		5,093
Preferred Stock		1,525,713		—			6,510		1,532,223
Warrants		—		—			—		—
Corporate Bonds/Notes		—		88,958,357			—		88,958,357
Bank Loans		—		24,139			—		24,139
Convertible Bonds/Notes		—		528,222			—		528,222
Other		—		—			—		—
Short-Term Investments		—		4,569,148			—		4,569,148
Total Investments, at fair value	$	1,525,713	$	94,079,866		$	11,603	$	95,617,182
Other Financial Instruments+
Centrally Cleared Swaps		—		4,877			—		4,877
Total Assets	$	1,525,713	$	94,084,743		$	11,603	$	95,622,059
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—	$	(45,693	)	$	—	$	(45,693	)
Total Liabilities	$	—	$	(45,693	)	$	—	$	(45,693	)

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

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

At June 30, 2019, VY^® Pioneer High Yield Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost		Fair Value
Avaya, Inc. (Escrow)	12/20/2017	$	—	$	—
Midway Games, Inc.	11/14/2016		—		—
Millicom International Cellular S.A. (Escrow)	8/9/2017		—		—
		$	—	$	—

At June 30, 2019, the following centrally cleared credit default swaps were outstanding for VY^® Pioneer High Yield Portfolio:

Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection⁽¹⁾

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)		Termination Date	Notional Amount(3)		Fair Value(4)		Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 23, Version 6	Sell		5.000	12/20/19	USD	1,033,533	$	17,512	$	(28,695	)
CDX North American High Yield Index, Series 25, Version 4	Sell		5.000	12/20/20	USD	1,920,450		89,501		(16,998	)
CDX North American High Yield Index, Series 31, Version 3	Sell		5.000	12/20/23	USD	266,750		22,010		4,877
							$	129,023	$	(40,816	)

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

(2)  Payments received quarterly.

See Accompanying Notes to Financial Statements
128

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

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

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

Currency Abbreviations

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Credit contracts	Net Assets — Unrealized appreciation*	$	4,877
Total Asset Derivatives		$	4,877
Liability Derivatives
Credit contracts	Net Assets — Unrealized depreciation*	$	45,693
Total Liability Derivatives		$	45,693

*  Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current day's variation margin receivable/payable is shown on the Statement of Assets and Liabiliites.

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps		Total
Credit Contract	$	—		$	25,785	$	25,785
Equity contracts		(123,749	)		—		(123,749	)
Total	$	(123,749	)	$	25,785	$	(97,964	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps		Total
Credit contracts	$	—		$	25,263	$	25,263
Equity contracts		(40,038	)		—		(40,038	)
Total	$	(40,038	)	$	25,263	$	(14,775	)

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $94,187,840.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	3,091,981
Gross Unrealized Depreciation		(1,533,569	)
Net Unrealized Appreciation	$	1,558,412

See Accompanying Notes to Financial Statements
129

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Information Technology	31.2	%
Industrials	17.9	%
Consumer Discretionary	15.1	%
Health Care	14.5	%
Financials	7.3	%
Materials	3.7	%
Consumer Staples	3.1	%
Communication Services	2.4	%
Real Estate	2.3	%
Energy	1.7	%
Utilities	0.7	%
Assets in Excess of Other Liabilities*	0.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.6%
				Communication Services: 2.0%
	524,094	(1	)	Other Securities	$	22,440,542		2.0
				Consumer Discretionary: 15.1%
	92,700			Aptiv PLC		7,492,941		0.7
	57,000	(2	)	Burlington Stores, Inc.		9,698,550		0.9
	75,100			Dollar General Corp.		10,150,516		0.9
	59,200	(2	)	Dollar Tree, Inc.		6,357,488		0.6
	102,833			Hilton Worldwide Holdings, Inc.		10,050,897		0.9
	17,800	(2	)	O'Reilly Automotive, Inc.		6,573,896		0.6
	87,200			Ross Stores, Inc.		8,643,264		0.8
	20,800	(2	)	Ulta Beauty, Inc.		7,215,312		0.6
	1,413,514	(1	),(3)	Other Securities		101,177,559		9.1
						167,360,423		15.1
				Consumer Staples: 3.1%
	478,075	(1	)	Other Securities		34,979,843		3.1
				Energy: 1.7%
	44	(2	),(4),(5)	Venture Global LNG, Inc. - Series B		228,800		0.0
	560	(2	),(4),(5)	Venture Global LNG, Inc. - Series C		2,912,000		0.2
	749,589	(1	),(3)	Other Securities		16,324,129		1.5
						19,464,929		1.7
				Financials: 7.3%
	77,533			Cboe Global Markets, Inc.		8,034,745		0.7
	48,200			Moody's Corp.		9,413,942		0.9
	37,500			Willis Towers Watson PLC		7,182,750		0.6
	832,840	(1	)	Other Securities		56,703,633		5.1
						81,335,070		7.3

Shares					Value		Percentage of Net Assets
				Health Care: 14.5%
	82,800			Agilent Technologies, Inc.	$	6,182,676		0.6
	75,600	(2	)	BioMarin Pharmaceutical, Inc.		6,475,140		0.6
	157,000	(2	)	Centene Corp.		8,233,080		0.7
	25,600			Cooper Cos., Inc.		8,624,384		0.8
	26,500	(2	)	Idexx Laboratories, Inc.		7,296,245		0.7
	20,700			Teleflex, Inc.		6,854,805		0.6
	1,523,171	(1	),(3)	Other Securities		116,659,715		10.5
						160,326,045		14.5
				Industrials: 17.9%
	31,200			Cintas Corp.		7,403,448		0.7
	16,800	(2	)	CoStar Group, Inc.		9,308,208		0.8
	41,200			Harris Corp.		7,792,156		0.7
	15,200	(2	)	TransDigm Group, Inc.		7,353,760		0.6
	116,100			TransUnion		8,534,511		0.8
	50,900			Verisk Analytics, Inc.		7,454,814		0.7
	2,267,711	(1	),(3)	Other Securities		150,780,783		13.6
						198,627,680		17.9
				Information Technology: 30.8%
	103,700			Amphenol Corp.		9,948,978		0.9
	63,779	(2	)	Atlassian Corp. PLC		8,344,844		0.8
	41,200	(2	)	Autodesk, Inc.		6,711,480		0.6
	105,964			Booz Allen Hamilton Holding Corp.		7,015,877		0.6
	95,800	(2	)	Cadence Design Systems, Inc.		6,783,598		0.6
	59,100			CDW Corp.		6,560,100		0.6
	6,447	(2	),(4),(5)	Datadog, Inc.		307,844		0.0
	101,500	(2	)	Fiserv, Inc.		9,252,740		0.8
	30,900	(2	)	FleetCor Technologies, Inc.		8,678,265		0.8

See Accompanying Notes to Financial Statements
130

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: (continued)
	51,000	(2	)	Gartner, Inc.	$	8,207,940		0.7
	61,600			Global Payments, Inc.		9,864,008		0.9
	69,850	(2	)	Keysight Technologies, Inc.		6,273,229		0.6
	63,800			KLA-Tencor Corp.		7,541,160		0.7
	34,400			Lam Research Corp.		6,461,696		0.6
	142,600			Maxim Integrated Products		8,530,332		0.8
	101,300			Microchip Technology, Inc.		8,782,710		0.8
	36,700			Motorola Solutions, Inc.		6,118,991		0.6
	34,100	(2	)	Palo Alto Networks, Inc.		6,948,216		0.6
	41,200	(2	)	ServiceNow, Inc.		11,312,284		1.0
	85,000			Skyworks Solutions, Inc.		6,567,950		0.6
	74,700	(2	)	Splunk, Inc.		9,393,525		0.8
	56,200			Total System Services, Inc.		7,208,774		0.7
	45,447	(2	)	Workday, Inc.		9,342,994		0.8
	94,300	(2	)	Worldpay, Inc.		11,556,465		1.0
	72,400			Xilinx, Inc.		8,537,408		0.8
	2,326,909	(1	),(3)	Other Securities		144,989,561		13.1
						341,240,969		30.8
				Materials: 3.7%
	112,400			Ball Corp.		7,866,876		0.7
	48,700			Vulcan Materials Co.		6,686,997		0.6
	463,929	(1	)	Other Securities		26,351,151		2.4
						40,905,024		3.7
				Real Estate: 1.8%
	32,250	(2	)	SBA Communications Corp.		7,251,090		0.7
	6,575	(2	),(4),(5)	WeWork Companies, Inc. - Class A		355,050		0.0
	335,825			Other Securities		11,997,157		1.1
						19,603,297		1.8
				Utilities: 0.7%
	103,626			Other Securities		7,336,240		0.7
				Total Common Stock (Cost $743,827,940)		1,093,620,062		98.6
PREFERRED STOCK: 1.3%
				Communication Services: 0.4%
	32,391	(2	),(4),(5)	AirBNB, Inc. - Series D		3,817,927		0.4
	3,719	(2	),(4),(5)	AirBNB, Inc. - Series E		438,359		0.0
						4,256,286		0.4

Shares					Value		Percentage of Net Assets
				Information Technology: 0.4%
	353,970	(2	),(4),(5)	Tanium, Inc. - Series G	$	3,077,273		0.3
	23,311	(2	),(4),(5)	UiPath Inc., Series D-1		917,327		0.1
	3,914	(2	),(4),(5)	UiPath Inc., Series D-2		154,023		0.0
						4,148,623		0.4
				Real Estate: 0.5%
	44,396	(2	),(4),(5)	WeWork Companies, Inc. - Series D-1		2,397,384		0.2
	34,882	(2	),(4),(5)	WeWork Companies, Inc. - Series D-2		1,883,628		0.2
	24,709	(2	),(4),(5)	WeWork Companies, Inc. - Series E		1,334,286		0.1
						5,615,298		0.5
				Total Preferred Stock (Cost $6,626,256)		14,020,207		1.3
				Total Long-Term Investments (Cost $750,454,196)		1,107,640,269		99.9
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.7%
				Repurchase Agreements: 0.7%
	1,875,027	(6	)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,875,412, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $1,912,528,due 06/01/46-07/01/49)	$	1,875,027		0.2
	555,250	(6	)	Citadel Securities LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $555,365, collateralized by various U.S. Government Securities, 1.500%-3.125%, Market Value plus accrued interest $566,617, due 03/31/23-08/15/44)		555,250		0.0

See Accompanying Notes to Financial Statements
131

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements: (continued)
	1,875,027	(6	)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,875,412, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,912,528, due 07/02/19-01/20/63)	$	1,875,027		0.2
	1,875,027	(6	)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,875,415, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $1,912,537, due 07/05/19-08/16/23)		1,875,027		0.2
	1,875,027	(6	)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/28/19, 2.51%, due 07/01/19 (Repurchase Amount $1,875,414, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,912,528, due 07/18/19-09/09/49)		1,875,027		0.1
						8,055,358		0.7

Shares					Value			Percentage of Net Assets
				Mutual Funds: 0.0%
	782	(7	)	T. Rowe Price Government Reserve Fund, 2.460% (Cost $782)	$	782			0.0
				Total Short-Term Investments (Cost $8,056,140)		8,056,140			0.7
				Total Investments in Securities (Cost $758,510,336)	$	1,115,696,409			100.6
				Liabilities in Excess of Other Assets		(7,048,246	)		(0.6	)
				Net Assets	$	1,108,648,163			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

(1)  The grouping contains non-income producing securities.

(2)  Non-income producing security.

(3)  The grouping contains securities on loan.

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

(5)  Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $17,823,901 or 1.6% of net assets. Please refer to the table below for additional details.

(6)  Represents securities purchased with cash collateral received for securities on loan.

(7)  Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements
132

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	22,440,542	$	—	$	—	$	22,440,542
Consumer Discretionary		167,360,423		—		—		167,360,423
Consumer Staples		34,979,843		—		—		34,979,843
Energy		16,324,129		—		3,140,800		19,464,929
Financials		81,335,070		—		—		81,335,070
Health Care		160,326,045		—		—		160,326,045
Industrials		198,627,680		—		—		198,627,680
Information Technology		340,933,125		—		307,844		341,240,969
Materials		40,905,024		—		—		40,905,024
Real Estate		19,248,247		—		355,050		19,603,297
Utilities		7,336,240		—		—		7,336,240
Total Common Stock		1,089,816,368		—		3,803,694		1,093,620,062
Preferred Stock		—		—		14,020,207		14,020,207
Short-Term Investments		782		8,055,358		—		8,056,140
Total Investments, at fair value	$	1,089,817,150	$	8,055,358	$	17,823,901	$	1,115,696,409

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

At June 30, 2019, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost		Fair Value
AirBNB, Inc. - Series D	4/16/2014	$	1,318,736	$	3,817,927
AirBNB, Inc. - Series E	7/14/2015		346,218		438,359
Datadog, Inc.	5/7/2019		308,741		307,844
Tanium, Inc. - Series G	8/26/2015		1,757,213		3,077,273
UiPath Inc., Series D-1	4/26/2019		917,327		917,327
UiPath Inc., Series D-2	4/26/2019		154,023		154,023
Venture Global LNG, Inc. - Series B	3/8/2018		132,880		228,800
Venture Global LNG, Inc. - Series C	10/16/2017		2,083,973		2,912,000
WeWork Companies, Inc. - Class A	6/23/2015		144,501		355,050
WeWork Companies, Inc. - Series D-1	12/9/2014		739,245		2,397,384
WeWork Companies, Inc. - Series D-2	12/9/2014		580,826		1,883,628
WeWork Companies, Inc. - Series E	6/23/2015		812,668		1,334,286
		$	9,296,351	$	17,823,901

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at June 30, 2019:

Investments, at fair value	Fair Value at June 30, 2019		Valuation Technique(s)	Unobservable Inputs*	Range
Common Stock
Datadog, Inc.	$	307,844	Recent Comparable Transaction Price	Discount Factor**	—
Venture Global LNG, Inc. - Series B		228,800	Recent Comparable Transaction Price	Discount Factor**	—
Venture Global LNG, Inc. - Series C		2,912,000	Recent Comparable Transaction Price	Discount Factor**	—
WeWork Companies, Inc. - Class A		355,050	Recent Comparable Transaction Price	Discount Factor**	—
Total Common Stock	$	3,803,694

See Accompanying Notes to Financial Statements
133

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Investments, at fair value	Fair Value at June 30, 2019		Valuation Technique(s)	Unobservable Inputs*	Range
Preferred Stock
AirBNB, Inc. - Series D	$	3,817,927	Market Comparable	Discount for Lack of Marketability		10	%
				Enterprise Value to Gross Profit Multiple		4.4	x-5.5x
				Enterprise Value to Sales Multiple		3.9	x-4.9x
				Sales Growth Rate		20-22	%
				Gross Profit Growth Rate		21-24	%
AirBNB, Inc. - Series E		438,359	Market Comparable	Discount for Lack of Marketability		10	%
				Enterprise Value to Gross Profit Multiple		4.4	x-5.5x
				Enterprise Value to Sales Multiple		3.9	x-4.9x
				Sales Growth Rate		20-22	%
				Gross Profit Growth Rate		21-24	%
Tanium, Inc. - Series G		3,077,273	Recent Comparable Transaction Price	Discount Factor**		—
UiPath Inc., Series D-1		917,327	Recent Comparable Transaction Price	Discount Factor**		—
UiPath Inc., Series D-2		154,023	Recent Comparable Transaction Price	Discount Factor**		—
WeWork Companies, Inc. - Series D-1		2,397,384	Recent Comparable Transaction Price	Discount Factor**		—
WeWork Companies, Inc. - Series D-2		1,883,628	Recent Comparable Transaction Price	Discount Factor**		—
WeWork Companies, Inc. - Series E		1,334,286	Recent Comparable Transaction Price	Discount Factor**		—
Total Preferred Stock	$	14,020,207

*  Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value.

**  No quantitative unobservable inputs were significant to the fair valuation determination at June 30, 2019

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2019:

	Common Stock			Preferred Stock			Total
Assets:
Beginning balance at December 31, 2018	$	4,087,680		$	12,989,605		$	17,077,285
Purchases		308,741			1,071,350			1,380,091
Sales		(631,854	)		—			(631,854	)
Accrued discounts/(premiums)		—			—			—
Total realized gain (loss)		464,772			—			464,772
Net change in unrealized appreciation/(depreciation)		(425,645	)		651,664			226,019
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			(692,412	)		(692,412	)
Ending balance at June 30, 2019	$	3,803,694		$	14,020,207		$	17,823,901
Total change in unrealized gain (loss) on Level 3 securities still held as of June 30, 2019	$	(425,645	)	$	651,664		$	226,019

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $760,976,866.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	389,570,826
Gross Unrealized Depreciation		(34,851,282	)
Net Unrealized Appreciation	$	354,719,544

See Accompanying Notes to Financial Statements
134

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED)

Sector Diversification
as of June 30, 2019
(as a percentage of net assets)

Information Technology	28.3	%
Consumer Discretionary	21.3	%
Communication Services	18.9	%
Health Care	12.7	%
Industrials	10.0	%
Financials	3.6	%
Utilities	1.9	%
Materials	0.9	%
Consumer Staples	0.8	%
Real Estate	0.5	%
Energy	0.4	%
Assets in Excess of Other Liabilities*	0.7	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.0%
				Communication Services: 18.3%
	48,660	(1	)	Alphabet, Inc. - Class A	$	52,689,048		2.7
	47,486	(1	)	Alphabet, Inc. - Class C		51,328,092		2.7
	581,281	(1	)	Facebook, Inc. - Class A		112,187,233		5.8
	86,708	(1	)	NetFlix, Inc.		31,849,583		1.7
	892,100			Tencent Holdings Ltd.		40,358,086		2.1
	220,979			Walt Disney Co.		30,857,507		1.6
	745,213	(2	),(3)	Other Securities		33,441,810		1.7
						352,711,359		18.3
				Consumer Discretionary: 21.2%
	260,742	(1	)	Alibaba Group Holding Ltd. ADR		44,182,732		2.3
	91,669	(1	)	Amazon.com, Inc.		173,587,168		9.0
	257,418			Aptiv PLC		20,807,097		1.1
	10,405	(1	)	Booking Holdings, Inc.		19,506,358		1.0
	148,575	(1	)	Dollar Tree, Inc.		15,955,469		0.8
	523,362			Dollarama, Inc.		18,411,888		0.9
	115,634	(4	)	Ferrari NV		18,665,640		1.0
	232,853			Las Vegas Sands Corp.		13,759,284		0.7
	64,403			McDonald's Corp.		13,373,927		0.7
	242,498			Nike, Inc.		20,357,707		1.1
	145,881			Wynn Resorts Ltd.		18,087,785		0.9
	403,001	(2	),(3)	Other Securities		32,692,064		1.7
						409,387,119		21.2

Shares					Value		Percentage of Net Assets
				Consumer Staples: 0.8%
	180,985			Philip Morris International, Inc.	$	14,212,752		0.8
				Energy: 0.4%
	53,400			Other Securities		8,216,124		0.4
				Financials: 3.6%
	1,134,411	(1	),(5),(6)	Ant International Co., Limited- Class C		6,364,046		0.3
	354,764			Charles Schwab Corp.		14,257,965		0.8
	92,384			Chubb Ltd.		13,607,240		0.7
	352,873			TD Ameritrade Holding Corp.		17,615,420		0.9
	226,008			Other Securities		18,008,444		0.9
						69,853,115		3.6
				Health Care: 12.7%
	64,299			Anthem, Inc.		18,145,821		0.9
	123,056			Becton Dickinson & Co.		31,011,342		1.6
	292,526	(1	)	Centene Corp.		15,340,063		0.8
	88,856			Cigna Corp.		13,999,263		0.7
	53,414	(1	)	Intuitive Surgical, Inc.		28,018,314		1.5
	181,034			Stryker Corp.		37,216,970		1.9
	100,456			UnitedHealth Group, Inc.		24,512,268		1.3
	156,965	(1	)	Vertex Pharmaceuticals, Inc.		28,784,242		1.5
	432,582	(3	)	Other Securities		47,701,865		2.5
						244,730,148		12.7

See Accompanying Notes to Financial Statements
135

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials: 9.8%
	194,248			Boeing Co.	$	70,708,215		3.7
	221,875			Fortive Corp.		18,087,250		0.9
	55,275			Northrop Grumman Corp.		17,859,905		0.9
	68,046			Roper Technologies, Inc.		24,922,528		1.3
	248,156			TransUnion		18,241,948		0.9
	81,279	(1	),(6)	Uber Technologies, Inc. - Lockup Shares		3,769,720		0.2
	362,741	(2	)	Other Securities		35,838,666		1.9
						189,428,232		9.8
				Information Technology: 28.0%
	75,185			Apple, Inc.		14,880,615		0.8
	81,277	(4	)	ASML Holding NV-NY REG		16,899,927		0.9
	187,756	(1	)	Fiserv, Inc.		17,115,837		0.9
	114,500			Intuit, Inc.		29,922,285		1.5
	656,786			Marvell Technology Group Ltd.		15,677,482		0.8
	236,712			Mastercard, Inc. - Class A		62,617,425		3.2
	829,940			Microsoft Corp.		111,178,762		5.8
	193,959	(1	)	PayPal Holdings, Inc.		22,200,547		1.1
	160,189	(1	)	Salesforce.com, Inc.		24,305,477		1.3
	137,600	(1	),(4)	Splunk, Inc.		17,303,200		0.9
	1,022,677	(4	)	Symantec Corp.		22,253,452		1.2
	419,090			Visa, Inc. - Class A		72,733,070		3.8
	113,967			VMware, Inc.		19,056,422		1.0
	97,268	(1	)	Workday, Inc.		19,996,355		1.0
	272,476	(1	)	Worldpay, Inc.		33,391,934		1.7
	254,789	(2	),(3)	Other Securities		40,184,895		2.1
						539,717,685		28.0
				Materials: 0.9%
	187,028	(3	)	Other Securities		17,702,389		0.9
				Real Estate: 0.4%
	60,818			Other Securities		7,927,626		0.4
				Utilities: 1.9%
	75,596			NextEra Energy, Inc.		15,486,597		0.8

Shares					Value		Percentage of Net Assets
	149,978			Sempra Energy	$	20,612,976		1.1
						36,099,573		1.9
				Total Common Stock (Cost $1,342,736,808)		1,889,986,122		98.0
PREFERRED STOCK: 1.3%
				Communication Services: 0.6%
	59,241	(1	),(5),(6)	AirBNB, Inc. - Series D		6,982,737		0.3
	16,058	(1	),(5),(6)	AirBNB, Inc. - Series E		1,892,756		0.1
	68,026	(1	),(5),(6)	Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)		3,264,568		0.2
						12,140,061		0.6
				Consumer Discretionary: 0.1%
	163,010	(1	),(5),(6)	Aurora Innovation, Inc., - Series B		1,506,261		0.1
				Industrials: 0.2%
	1,597	(1	),(5),(6)	GM Cruise Holdings, LLC Class F		2,914,525		0.2
				Information Technology: 0.3%
	93,459	(1	),(5),(6)	Magic Leap, Inc. - Series C		2,523,392		0.1
	61,969	(1	),(5),(6)	Magic Leap, Inc. - Series D		1,673,163		0.1
	57,073	(1	),(5),(6)	UiPath Inc., Series D-1		2,245,920		0.1
	9,584	(1	),(5),(6)	UiPath Inc., Series D-2		377,147		0.0
						6,819,622		0.3
				Real Estate: 0.1%
	42,822	(1	),(5),(6)	WeWork Companies, Inc. - Series E		2,312,388		0.1
				Total Preferred Stock (Cost $18,050,539)		25,692,857		1.3
				Total Long-Term Investments (Cost $1,360,787,347)		1,915,678,979		99.3

See Accompanying Notes to Financial Statements
136

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.2%
				Floating Rate Notes: 0.5%
	525,000	(7	)	Bedford Row Funding, 2.490%, 12/16/2019	$	524,950		0.1
	253,000	(7	)	Bedford Row Funding, 2.500%, 11/25/2019		253,036		0.0
	300,000	(7	)	Coöperatieve Rabobank U.A., 2.450%, 10/23/2019		300,032		0.0
	600,000	(7	)	DNB ASA, 2.490%, 12/06/2019		600,020		0.0
	300,000	(7	)	HSBC Holdings PLC, 2.540%, 11/08/2019		300,074		0.0
	575,000	(7	)	HSBC Holdings PLC, 2.540%, 12/27/2019		575,000		0.1
	650,000	(7	)	Lloyds Bank PLC, 2.510%, 12/10/2019		650,076		0.0
	700,000	(7	)	Mizuho Financial Group Inc., 2.520%, 11/25/2019		700,099		0.1
	400,000	(7	)	Mizuho Financial Group Inc., 2.560%, 11/01/2019		400,054		0.0
	300,000	(7	)	Natixis S.A., 2.510%, 11/08/2019		300,041		0.0
	400,000	(7	)	Oversea-Chinese Banking Corp., Ltd., 2.540%, 11/01/2019		400,055		0.0
	550,000	(7	)	Societe Generale, 2.560%, 12/02/2019		550,138		0.0
	300,000	(7	)	State Street Bank & Trust Co., 2.480%, 11/15/2019		300,024		0.0
	775,000	(7	)	Sumitomo Mitsui Trust Holdings, Inc., 2.510%, 10/15/2019		774,999		0.1
	500,000	(7	)	The Sumitomo Mitsui Financial Group, 2.560%, 11/01/2019		499,964		0.0
	725,000	(7	)	Toronto-Dominion Bank, 2.500%, 12/10/2019		725,036		0.1

Principal Amount†					Value		Percentage of Net Assets
	375,000	(7	)	Toronto-Dominion Bank, 2.500%, 12/23/2019	$	375,020		0.0
	700,000	(7	)	U.S. Bancorp, 2.480%, 11/25/2019		700,099		0.0
						8,928,717		0.5
				Repurchase Agreements: 2.4%
	13,278,523	(7	)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $13,281,251, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $13,544,093, due 06/01/46- 07/01/49)		13,278,523		0.7
	3,576,891	(7	)	Citadel Securities LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $3,577,632, collateralized by various U.S. Government Securities, 1.500%-3.125%, Market Value plus accrued interest $3,650,120, due 03/31/23- 08/15/44)		3,576,891		0.2

See Accompanying Notes to Financial Statements
137

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	13,278,523	(7	)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $13,281,251, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $13,544,094, due 07/02/19- 01/20/63)	$	13,278,523		0.7
	13,278,523	(7	)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/28/19, 2.51%, due 07/01/19 (Repurchase Amount $13,281,262, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $13,544,094, due 07/18/19- 09/09/49)		13,278,523		0.7

Principal Amount†					Value		Percentage of Net Assets
	2,491,595	(7	)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/19, 2.70%, due 07/01/19 (Repurchase Amount $2,492,148, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,541,761, due 07/01/19- 09/09/49)	$	2,491,595		0.1
						45,904,055		2.4
				Certificates of Deposit: 0.1%
	400,000	(7	)	Landesbank Baden- Wurttemberg, 2.530%, 08/12/2019		400,081		0.0
	750,000	(7	)	Mitsubishi UFJ Financial Group, Inc., 2.400%, 09/12/2019		750,085		0.1
	550,000	(7	)	Sumitomo Mitsui Trust Holdings, Inc., 2.470%, 09/13/2019		550,148		0.0
	500,000	(7	)	The Norinchukin Bank, 2.540%, 08/01/2019		500,063		0.0
						2,200,377		0.1

See Accompanying Notes to Financial Statements
138

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

Shares					Value			Percentage of Net Assets
				Mutual Funds: 0.2%
	3,864,661	(8	)	T. Rowe Price Government Reserve Fund, 2.460% (Cost $3,864,661)	$	3,864,661			0.2
				Total Short-Term Investments (Cost $60,897,810)		60,897,810			3.2
				Total Investments in Securities (Cost $1,421,685,157)	$	1,976,576,789			102.5
				Liabilities in Excess of Other Assets		(48,037,296	)		(2.5	)
				Net Assets	$	1,928,539,493			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2019.

  The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

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

ADR  American Depositary Receipt

(1)  Non-income producing security.

(2)  The grouping contains securities on loan.

(3)  The grouping contains non-income producing securities.

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

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

(6)  Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $35,826,623 or 1.9% of net assets. Please refer to the table below for additional details.

(7)  Represents securities purchased with cash collateral received for securities on loan.

(8)  Rate shown is the 7-day yield as of June 30, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	312,353,273	$	40,358,086	$	—	$	352,711,359
Consumer Discretionary		409,387,119		—		—		409,387,119
Consumer Staples		14,212,752		—		—		14,212,752
Energy		8,216,124		—		—		8,216,124
Financials		63,489,069		—		6,364,046		69,853,115
Health Care		244,730,148		—		—		244,730,148
Industrials		189,428,232		—		—		189,428,232
Information Technology		533,356,076		6,361,609		—		539,717,685
Materials		17,702,389		—		—		17,702,389
Real Estate		7,927,626		—		—		7,927,626
Utilities		36,099,573		—		—		36,099,573
Total Common Stock		1,836,902,381		46,719,695		6,364,046		1,889,986,122
Preferred Stock		—		—		25,692,857		25,692,857
Short-Term Investments		3,864,661		57,033,149		—		60,897,810
Total Investments, at fair value	$	1,840,767,042	$	103,752,844	$	32,056,903	$	1,976,576,789

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

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

See Accompanying Notes to Financial Statements
139

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

At June 30, 2019, VY^® T. Rowe Price Growth Equity Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost		Fair Value
AirBNB, Inc. - Series D	4/16/2014	$	2,411,881	$	6,982,737
AirBNB, Inc. - Series E	7/14/2015		1,494,910		1,892,756
Ant International Co., Limited- Class C	6/7/2018		6,364,046		6,364,046
Aurora Innovation, Inc., - Series B	3/1/2019		1,506,261		1,506,261
GM Cruise Holdings, LLC Class F	5/7/2019		2,914,525		2,914,525
Magic Leap, Inc. - Series C	1/20/2016		2,152,641		2,523,392
Magic Leap, Inc. - Series D	10/12/2017		1,673,163		1,673,163
Uber Technologies, Inc. - Lockup Shares	12/3/2015		3,850,672		3,769,720
UiPath Inc., Series D-1	4/26/2019		2,245,920		2,245,920
UiPath Inc., Series D-2	4/26/2019		377,147		377,147
WeWork Companies, Inc. - Series E	6/23/2015		1,408,397		2,312,388
Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)	10/19/2015		1,865,694		3,264,568
		$	28,265,257	$	35,826,623

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at June 30, 2019:

Investments, at fair value	Fair Value at June 30, 2019		Valuation Technique(s)	Unobservable Inputs*	Range
Common Stock
Ant International Co., Limited - Class C	$	6,364,046	Recent Comparable Transaction Price	Discount Factor**		—
Total Common Stock	$	6,364,046
Preferred Stock
AirBNB, Inc. - Series D		6,982,737	Market Comparable	Discount for Lack of Marketability		10	%
				Enterprise Value to Gross Profit Multiple		4.4	x-5.5x
				Enterprise Value to Sales Multiple		3.9	x-4.9x
				Sales Growth Rate		20-22	%
				Gross Profit Growth Rate		21-24	%
AirBNB, Inc. - Series E		1,892,756	Market Comparable	Discount for Lack of Marketability		10	%
				Enterprise Value to Gross Profit Multiple		4.4	x-5.5x
				Enterprise Value to Sales Multiple		3.9	x-4.9x
				Sales Growth Rate		20-22	%
				Gross Profit Growth Rate		21-24	%
Aurora Innovation, Inc., - Series B		1,506,261	Recent Comparable Transaction Price	Discount Factor**		—
GM Cruise Holdings, LLC Class F		2,914,525	Recent Comparable Transaction Price	Discount Factor**		—
Magic Leap, Inc., Series C		2,523,392	Recent Comparable Transaction Price	Discount Factor**		—
Magic Leap, Inc., Series D		1,673,163	Recent Comparable Transaction Price	Discount Factor**		—
UiPath Inc., Series D-1		2,245,920	Recent Comparable Transaction Price	Discount Factor**		—
UiPath Inc., Series D-2		377,147	Recent Comparable Transaction Price	Discount Factor**		—
WeWork Companies, Inc. - Series E		2,312,388	Recent Comparable Transaction Price	Discount Factor**		—
Xiaoju Kuaizhi, Inc., Series A-17		3,264,568	Recent Comparable Transaction Price	Discount Factor**		—
Total Preferred Stock	$	25,692,857

*  Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value.

**  No quantitative unobservable inputs were significant to the fair valuation determination at June 30, 2019

See Accompanying Notes to Financial Statements
140

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2019 (UNAUDITED) (CONTINUED)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2019:

	Common Stock			Preferred Stock			Total
Assets:
Beginning balance at December 31, 2018	$	6,615,863		$	21,544,211		$	28,160,074
Purchases		—			7,043,852			7,043,852
Sales		(97,200	)		(147,528	)		(244,728	)
Accrued discounts/(premiums)		—			—			—
Total realized gain (loss)		37,999			57,674			95,673
Net change in unrealized appreciation/(depreciation)		(34,057	)		1,000,248			966,191
Transfers into Level 3		—			—			—
Transfers out of Level 3		(158,559	)		(3,805,600	)		(3,964,159	)
Ending balance at June 30, 2019	$	6,364,046		$	25,692,857		$	32,056,903
Total change in unrealized gain (loss) on Level 3 securities still held as of June 30, 2019	$	(34,057	)	$	1,000,248		$	966,191

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $1,425,278,604.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	584,396,098
Gross Unrealized Depreciation		(33,097,948	)
Net Unrealized Appreciation	$	551,298,150

See Accompanying Notes to Financial Statements
141

SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY CONTRACT

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), provides that an investment company, such as Voya Partners, Inc. ("Company"), on behalf of VY^® Templeton Foreign Equity Portfolio, now known as Voya International High Dividend Low Volatility Portfolio, (the "Portfolio"), a series of the Company, can enter into a new sub-advisory agreement only if the Board of Directors of the Company ("Board"), including a majority of the Board members who have no direct or indirect interest in the sub-advisory agreement, and who are not "interested persons" of the Company ("Independent Directors"), approve the new arrangement. At a meeting on January 25, 2019, the Board considered a proposal by management that the Board appoint Voya Investment Management Co. LLC ("Voya IM") as the sub-adviser to the Portfolio to replace Templeton Investment Counsel LLC ("Templeton") and approve a new sub-advisory agreement with Voya IM under which Voya IM would serve as the sub-adviser to the Portfolio.

In determining whether to approve the New Sub-Advisory Agreement with Voya IM with respect to the Portfolio, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the New Sub-Advisory Agreement should be approved for the Portfolio. The materials provided to the Board to inform its consideration of whether to approve the New Sub-Advisory Agreement included the following: (1) Voya IM's presentation before the Joint Investment Review Committee at its January 24, 2019 meeting; (2) memoranda and related materials provided to the Board in advance of its January 25, 2019 meeting discussing: (a) Voya Investments, LLC's, the Portfolio's investment adviser ("Adviser"), rationale for recommending that Voya IM be appointed as the sub-adviser to the Portfolio, including the Adviser's view that adding Voya IM was intended to provide the Portfolio and investors with an improved investment experience, with more predictability in the return stream and lower overall volatility relative to the overall market, and Voya IM's ability to provide shareholders with a strong, stable, and reliable sub-adviser; (b) the actual and hypothetical performance of Voya IM in managing its high dividend low volatility investment strategy, including Voya IM's explanations regarding how such performance was calculated, with such performance being compared against a relevant benchmark index; and (c) Voya IM's investment philosophy and the firm's overall investment process; (3) Fund Analysis and Comparison Tables for the Portfolio that provide information about the projected net expense ratio of the Portfolio reflecting the appointment of Voya IM as the sub-adviser and related

changes proposed by management to the Portfolio's net management fee structure, as compared with a representative group of mutual funds with similar investment programs to the investment program of Voya IM; (4) Voya IM's responses to inquiries from K&L Gates LLP, counsel to the Independent Directors; (5) supporting documentation, including a copy of the form of the New Sub-Advisory Agreement; and (6) other information relevant to the Board's evaluation.

In reviewing the proposed New Sub-Advisory Agreement, the Board considered a number of factors including, but not limited to, the following: (1) the Adviser's view with respect to the strength and reputation of Voya IM in managing its high dividend low volatility investment strategy; (2) the strength and reputation of Voya IM in the investment management industry; (3) the nature and quality of the services to be provided by Voya IM under the New Sub-Advisory Agreement; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies, and resources of Voya IM; (5) the fairness of the compensation under the New Sub-Advisory Agreement in light of the services to be provided by Voya IM; (6) the sub-advisory fee rate payable by the Adviser to Voya IM, including the rationale provided by Voya IM regarding the differences between the sub-advisory compensation payable under the New Sub-Advisory Agreement and the compensation received by Voya IM from a comparable account; (7) the potential "fall-out" benefits to Voya IM and its affiliates from Voya IM's relationship with the Portfolio, including Voya IM's ability to engage in soft-dollar transactions for the Portfolio; (8) the proposed reductions to the Portfolio's expense ratio; (9) Voya IM's operations and compliance programs, including the policies and procedures intended to assure compliance with the federal securities laws; (10) the appropriateness of the selection of Voya IM in light of the Portfolio's investment objective and investor base; and (11) Voya IM's Code of Ethics, and related procedures for complying with that Code.

The Board also considered the effect of approving the New Sub-Advisory Agreement and related changes to the Portfolio's expense structure on the profitability of the Adviser and Voya IM with respect to the services provided to the Portfolio. In considering whether economies of scale likely will be realized by Voya IM as the Portfolio grows larger and the extent to which any such economies are reflected in the contractual sub-advisory fee rate schedule, the Board considered that any breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee rate breakpoints or waivers, because the Adviser (and not the Portfolio) would pay the sub-advisory fees to be earned by Voya IM. After its deliberation, the

142

SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

Board reached the following conclusions: (1) Voya IM should be appointed to serve as the sub-adviser to the Portfolio under the New Sub-Advisory Agreement, replacing Templeton as the sub-adviser to the Portfolio; (2) the nature, extent and quality of services to be provided by Voya IM under the New Sub-Advisory Agreement, the sub-advisory fee rate payable by the Adviser to Voya IM, the anticipated impact of appointing Voya IM as the Portfolio's sub-adviser on its performance, the effect of approving the New Sub-Advisory Agreement and related changes to the Portfolio's expense structure on the Adviser's and Voya IM's profitability with respect to their services to the Portfolio, and the "fall-out" benefits and economies of scale that may inure to Voya IM in servicing the Portfolio are reasonable in the context of all factors considered by the Board; and (3) Voya IM maintains appropriate compliance programs, with this conclusion based upon, among other matters, a report from the Portfolio's Chief Compliance Officer concluding that Voya IM's compliance policies and procedures are reasonably designed to assure compliance with the federal securities laws. Based on these conclusions and other factors, the Board voted to approve the New Sub-Advisory Agreement for the Portfolio. During their deliberations, different Board members may have given different weight to different individual factors and related conclusions.

BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY CONTRACT

Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), provides that an investment company such as Voya Partners, Inc. (the "Company"), on behalf of VY^® Invesco Oppenheimer Global Portfolio (formerly, VY^® Oppenheimer Global Portfolio) (the "Portfolio"), a series of the Company, can enter into a new sub-advisory contract only if the Board of Directors of the Company (the "Board"), including a majority of the Board members who have no direct or indirect interest in the Portfolio's sub-advisory contracts, and who are not "interested persons" of the Portfolio, as such term is defined under the 1940 Act (the "Independent Directors"), approve the new arrangement. Thus, at a meeting on March 14, 2019, the Board considered a proposal by management that Voya Investments, LLC (the "Manager"), the Portfolio's investment manager, enter into a new sub-advisory contract (the "New Agreement") between the Manager and Invesco Advisers, Inc. (the "Sub-Adviser") for the Portfolio. Discussed below are certain factors that the Board considered at its meeting on March 14, 2019, in determining whether to approve the New Agreement.

The Portfolio is subject to the 1940 Act, which provides that any sub-advisory agreement must terminate automatically upon its "assignment." As used in the 1940 Act, the term assignment includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. Such a transfer is referred to herein as a "Change of Control."

At its March 14, 2019 meeting, the Board was informed that Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. ("Oppenheimer"), had entered into an agreement to sell its interests in Oppenheimer to Invesco Ltd. (the "Transaction"), which would result in a Change of Control of Oppenheimer and constitute an "assignment" (as defined in the 1940 Act) of the sub-advisory agreement under which Oppenheimer provided services to the Portfolio (the "Prior Agreement"). Oppenheimer and the Sub-Adviser requested that the Board approve the New Agreement, pursuant to which the Sub-Adviser would succeed Oppenheimer as the sub-adviser to the Portfolio following the Change of Control and was expected to use the same portfolio management team as Oppenheimer. In light of the foregoing, at its in-person meeting on March 14, 2019, the Board approved the New Agreement to replace the Prior Agreement upon the Change of Control.

The decision by the Board, including a majority of the Independent Directors, to approve the New Agreement was based on a determination by the Board that it would be in the best interests of the shareholders of the Portfolio for the same portfolio management team to continue managing the Portfolio, without interruption, after the Change of Control. Prior to its approval of the New Agreement, the Board reviewed, among other matters, the quality, extent and nature of the services provided by Oppenheimer under the Prior Agreement and to be provided by the Sub-Adviser under the New Agreement. In considering the New Agreement at its March 14, 2019 meeting, the Board placed emphasis on the information provided to it previously in connection with the Board's annual review of the Prior Agreement and the sub-advisory contracts with the Sub-Adviser for other of the Voya funds ("Existing Invesco Agreements"), which were most recently approved for continuation at the in-person meeting of the Board held on November 16, 2018. At that meeting, the Board concluded, in light of all factors it considered, to renew the Prior Agreement and Existing Invesco Agreements and that the fee rates set forth in the Prior Agreement were fair and reasonable. Among other factors, the Board considered: (1) the nature, extent and quality of services provided and to be provided under the Prior Agreement and Existing Invesco Agreements; (2) the extent to which economies of scale

143

SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

are reflected in fee rate schedules under the Prior Agreement; (3) a comparison of the Portfolio's fee rate, expense ratio, and investment performance to those of similar funds; and (4) the existence of any "fall-out" benefits to Oppenheimer and its affiliates from Oppenheimer's relationship with the Portfolio and to the Sub-Adviser and its affiliates from the Sub-Adviser's relationship with other Voya funds.

A further description of the process that the Board followed in approving the Prior Agreement and Existing Invesco Agreements on November 16, 2018, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in their respective Annual Reports, each dated December 31, 2018, under the section titled "ADVISORY CONTRACT APPROVAL DISCUSSION."

In connection with its approval of the New Agreement at its meeting on March 14, 2019, the Board also considered information provided by the Sub-Adviser regarding the Transaction and the New Agreement. In this regard, the Board took into account the considerations set out below.

1)  The Sub-Adviser's description of the Transaction and the impact thereof on the Sub-Adviser's business.

2)  The Sub-Adviser's representation that it expected to provide the same nature, extent and quality of services to the Portfolio as those provided by Oppenheimer.

3)  The Sub-Adviser's representations that, following the Transaction, the Sub-Adviser expects to manage the Portfolio using the same investment philosophy, process and portfolio management team. Accordingly, the Board considered that it had already reviewed the Portfolio's performance in connection with the November 2018 renewal of the Prior Agreement.

4)  The Board considered the Sub-Adviser's representation that the terms of the New Agreement, including the fees payable thereunder, are substantially similar to the terms of the Prior Agreement. The Board also considered the differences between the proposed fee schedule under the New Agreement and those charged by the Sub-Adviser to any accounts managed pursuant to a similar investment strategy and the reasons therefor.

5)  The "fall-out" benefits the Sub-Adviser expected to receive from the Portfolio, including the use of soft-dollar benefits and the potential use of an affiliated broker-dealer to execute trades.

6)  The fee schedule under the New Agreement, as with the Prior Agreement, includes breakpoints.

7)  The Sub-Adviser's representations that there were no other material changes or developments relating to the information provided by the Sub-Adviser in connection with the November 2018 renewal.

The Board did not consider the anticipated profitability of the Sub-Adviser under the New Agreement because it did not view this data as essential to its deliberations, given the arm's-length nature of the relationship between the Adviser and each of the Sub-Adviser and Oppenheimer, which are unaffiliated with the Adviser, with respect to the negotiation of sub-advisory fee rates.

Based on the foregoing and other relevant considerations, at an in-person meeting of the Board held on March 14, 2019, the Board, including a majority of the Independent Directors, voted to approve the New Agreement. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Agreement, including the fee rate schedule, were fair and reasonable, and the New Agreement should be approved so as to enable a continuation without interruption of the services being provided by the Portfolio's portfolio management team. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Agreement.

144

Investment Adviser

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

Distributor

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

Transfer Agent

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

Custodian

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

Legal Counsel

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VPI

(0619-082619)

Semi-Annual Report

June 30, 2019

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

Voya Partners, Inc.

■ Voya Solution Aggressive Portfolio	■ Voya Solution 2030 Portfolio
■ Voya Solution Balanced Portfolio	■ Voya Solution 2035 Portfolio
■ Voya Solution Conservative Portfolio	■ Voya Solution 2040 Portfolio
■ Voya Solution Income Portfolio	■ Voya Solution 2045 Portfolio
■ Voya Solution Moderately Aggressive Portfolio	■ Voya Solution 2050 Portfolio
■ Voya Solution Moderately Conservative Portfolio	■ Voya Solution 2055 Portfolio
■ Voya Solution 2020 Portfolio	■ Voya Solution 2060 Portfolio
■ Voya Solution 2025 Portfolio	​

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be 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 will not be affected by this change and 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 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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

TABLE OF CONTENTS

President’s Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	7
Statements of Operations	15
Statements of Changes in Net Assets	19
Financial Highlights	27
Notes to Financial Statements	43
Portfolios of Investments	59

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 N-Q or Form N-PORT, available for filings after March 31, 2019. The Portfolios’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Portfolios’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT’S LETTER

 

Staying the Course for the Long Term

Dear Shareholder,

The S&P 500® Index turned in an impressive year-to-date (“YTD”) return of 18.54%; despite the trade/tariff impasse and concerns about global economic slowdown, both U.S. and international markets notched positive YTD returns. Bonds also posted solid YTD returns as the U.S. Federal Reserve Board (“Fed”) called time out from its program of interest rate hikes and hinted at the prospect of rate cuts.

May’s sharp sell-off in stocks was swiftly countered by a rally in June that helped drive global equity markets to their best first half-year performance in over two decades — yet another example of the resilience the markets and economy have displayed throughout this expansion, now the longest on record. Our view continues to be that global economic expansion will persist through 2019 and into 2020. Though there has been some softness in recent U.S. economic data, the Fed seems to be cognizant of the risks facing the economy and we believe it will provide the support necessary to prolong the cycle.

The downturn in May, followed quickly by the June rally, reminds us that volatility is an ever-present factor in the financial markets, with a penchant for appearing unannounced. Predicting downturns, with the intention of avoiding losses, is thus a futile endeavor. Seeking to avoid a loss, for example, by pulling back from equities, might expose investors to the risk of missing the next potential period of gain.

Remember that investing is for the long haul, and it’s usually inadvisable to abandon one’s long-term strategy for a short-term opportunity. We believe investors should stay focused on their long-term goals and not try to time market downturns or upturns. Only if those long-term goals change should one consider making changes to the investment strategy, and then only after thorough discussion with an investment advisor.

Voya seeks to remain a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
July 29, 2019

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

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

1

Market Perspective: Six Months Ended June 30, 2019

Many investors must have greeted the new year with trepidation. Global equities, in the form of the MSCI World IndexSM (the “Index”), measured in local currencies, including net reinvested dividends, had fallen 7.38% in 2018, after a 13.14% slump in the fourth quarter. Markets were increasingly unnerved by an intensifying economic slowdown outside of the U.S., exacerbating existing concerns about a potential trade war between the U.S. and China. (The Index returned 16.98% for the six-months ended June 30, 2019, measured in U.S. dollars.)

Furthermore, the Federal Open Market Committee (“FOMC”) still seemed intent on raising interest rates, despite no apparent inflationary threat. In December, the FOMC raised rates for the fourth time in 2018, from 2.25% to 2.50%. Chairman Powell signaled two more increases in 2019, instead of a hoped-for pause. Markets now had a potential policy mistake to worry about, in addition to everything else.

Yet the equity investor who found this all too much and sold out near year-end would have missed a rebound as intense as it was unexpected. By the end of June, the Index was up 16.69% in 2019.

Two main factors drove the recovery. Firstly, Powell changed his tune and said repeatedly that the FOMC would be “patient” as the economic data evolved. Secondly, on trade, the view emerged that, as far apart as the U.S. and China were on key issues, both were motivated to find some face-saving “deal”.

On perceived slowing global growth, there was little relief from most of the incoming data.

In continental Europe, the euro zone’s annual growth in gross domestic product (“GDP”) in the first quarter of 2019 was just 1.2%. The European Central Bank (“ECB”) forecast slightly less for 2019 as a whole. In the UK, Prime Minister May’s proposed Brexit deal was repeatedly defeated in parliament and she finally resigned on June 7 with no deal in sight.

In Japan, the economy grew at 2.1% annualized in the first quarter. But it relied on a statistical quirk as imports fell sharply, indicating weakening demand.

China’s GDP grew at 6.6% in 2018 over 2017, the smallest advance in 28 years. The official target for 2019 was lowered to 6.0% from 6.5%. Manufacturing activity was contracting, while retail sales were growing at the slowest pace in 16 years.

In the U.S., after annualized GDP growth at 2.2% in the fourth quarter of 2018, first quarter growth surprised to the upside at 3.1%, although it was flattered by volatile inventory and trade elements. The employment situation remained strong, with the unemployment rate down to 3.6%. But more forward-looking indicators like purchasing managers’ indices were showing signs of weakness.

Notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed upwards. This all changed in early May when the President tweeted his intention to raise the existing 10% tariff on some $200 billion of imported Chinese goods to 25%. The remaining $325 billion were now in the crosshairs. Trade negotiations with China had evidently broken down. On May 20, he blacklisted Chinese technology giant Huawei from buying hardware and software from U.S. companies, and on the 31st, unexpectedly threatened tariffs on

Mexican goods for reasons related to illegal immigration. The Index fell 5.70% in May.

It was central banks to the rescue in June. On June 19, the FOMC left rates unchanged, but markets listened to Powell’s comments and heard him signal a cut in July. The previous day ECB President Draghi promised more stimulus if the economic outlook failed to improve, and on the 20th Bank of Japan governor Kuroda said much the same thing, sending the Index to a new all-time high. Plans for tariffs on Mexican imports had by now been “indefinitely suspended”. Investors were then left to cheer a truce in the U.S./China trade conflict, agreed between the two Presidents on June 29.

In U.S. fixed income markets, the Treasury yield curve mostly fell and flattened over the period. It partially inverted in March, with the yield on the three-month bill greater than the yield on the ten-year note for the first time since 2007. Some commentators believe this portends economic weakness, as it implies declining short-term rates. For the half-year, the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.11%.

U.S. equities, represented by the S&P 500® Index including dividends, rose 18.54%, ending fractionally below the record set on June 20. The forward price-earnings ratio of the S&P 500® Index stood at 16.6, just above the five-year average (16.5), but well above the 10-year average (14.8). Technology was the top performer, soaring 27.13%, led by Microsoft and Apple. Health care, a defensive sector subject to periodic scares over government interference, was the weakest, up 8.07%.

In currencies, the dollar edged up 0.93% against the euro and 0.45% against the pound, but slipped 1.70% against the yen. The dollar was on a rising trend against most currencies, but stalled at the increasingly likely prospect of falling interest rates.

In international markets, the MSCI Japan® Index rose just 5.81% in the half-year, reflecting Japan’s own vulnerability to a trade war and the resilient yen, despite a supportive central bank. The MSCI Europe ex UK® Index added 17.22%. However, this concealed wide differences, with auto companies vulnerable to trade frictions and banks to low interest rates, both lagging, while industrials led the way. The MSCI UK® Index rose 12.98%. As usual, a few heavily weighted constituents influenced the result. Thus, top weight HSBC returned just above 5%, while telecoms giant Vodafone and miner Glencore lost money.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Portfolio’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 262-3862 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

2

Benchmark Descriptions

Index	Description
Bloomberg Barclays U.S. Aggregate Bond Index	An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World IndexSM	An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
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.

3

shareholder expense examples (Unaudited)

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

The Examples are based on an investment of  $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 to June 30, 2019. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Voya Solution Aggressive Portfolio

Class ADV

​

$

1,000.00

​

$

1,158.70

​

0.74%

​

$

3.96

​

$

1,000.00

​

$

1,021.12

​

0.74%

​

$

3.71

Class I

​

​

1,000.00

​

​

1,161.00

​

0.24

​

​

1.29

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class R6

​

​

1,000.00

​

​

1,161.00

​

0.24

​

​

1.29

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class S

​

​

1,000.00

​

​

1,159.50

​

0.49

​

​

2.62

​

​

1,000.00

​

​

1,022.36

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

1,159.20

​

0.64

​

​

3.43

​

​

1,000.00

​

​

1,021.62

​

0.64

​

​

3.21

Voya Solution Balanced Portfolio

Class ADV

​

$

1,000.00

​

$

1,122.60

​

0.74%

​

$

3.89

​

$

1,000.00

​

$

1,021.12

​

0.74%

​

$

3.71

Class I

​

​

1,000.00

​

​

1,125.50

​

0.24

​

​

1.26

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class R6

​

​

1,000.00

​

​

1,125.50

​

0.24

​

​

1.26

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class S

​

​

1,000.00

​

​

1,124.30

​

0.49

​

​

2.58

​

​

1,000.00

​

​

1,022.36

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

1,123.30

​

0.64

​

​

3.37

​

​

1,000.00

​

​

1,021.62

​

0.64

​

​

3.21

Voya Solution Conservative Portfolio

Class ADV

​

$

1,000.00

​

$

1,075.00

​

0.68%

​

$

3.50

​

$

1,000.00

​

$

1,021.42

​

0.68%

​

$

3.41

Class I

​

​

1,000.00

​

​

1,077.80

​

0.18

​

​

0.93

​

​

1,000.00

​

​

1,023.90

​

0.18

​

​

0.90

Class R6

​

​

1,000.00

​

​

1,077.80

​

0.18

​

​

0.93

​

​

1,000.00

​

​

1,023.90

​

0.18

​

​

0.90

Class S

​

​

1,000.00

​

​

1,076.30

​

0.43

​

​

2.21

​

​

1,000.00

​

​

1,022.66

​

0.43

​

​

2.16

Class S2

​

​

1,000.00

​

​

1,076.00

​

0.58

​

​

2.99

​

​

1,000.00

​

​

1,021.92

​

0.58

​

​

2.91

4

shareholder expense examples (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Voya Solution Income Portfolio

Class ADV

​

$

1,000.00

​

$

1,087.90

​

0.68%

​

$

3.52

​

$

1,000.00

​

$

1,021.42

​

0.68%

​

$

3.41

Class I

​

​

1,000.00

​

​

1,090.30

​

0.18

​

​

0.93

​

​

1,000.00

​

​

1,023.90

​

0.18

​

​

0.90

Class S

​

​

1,000.00

​

​

1,090.20

​

0.43

​

​

2.23

​

​

1,000.00

​

​

1,022.66

​

0.43

​

​

2.16

Class S2

​

​

1,000.00

​

​

1,088.70

​

0.58

​

​

3.00

​

​

1,000.00

​

​

1,021.92

​

0.58

​

​

2.91

Class T

​

​

1,000.00

​

​

1,086.70

​

0.88

​

​

4.55

​

​

1,000.00

​

​

1,020.43

​

0.88

​

​

4.41

Voya Solution Moderately Aggressive Portfolio

Class ADV

​

$

1,000.00

​

$

1,143.10

​

0.74%

​

$

3.93

​

$

1,000.00

​

$

1,021.12

​

0.74%

​

$

3.71

Class I

​

​

1,000.00

​

​

1,146.40

​

0.24

​

​

1.28

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class R6

​

​

1,000.00

​

​

1,145.60

​

0.24

​

​

1.28

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class S

​

​

1,000.00

​

​

1,144.50

​

0.49

​

​

2.61

​

​

1,000.00

​

​

1,022.36

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

1,143.50

​

0.64

​

​

3.40

​

​

1,000.00

​

​

1,021.62

​

0.64

​

​

3.21

Voya Solution Moderately Conservative Portfolio

Class ADV

​

$

1,000.00

​

$

1,097.50

​

0.70%

​

$

3.64

​

$

1,000.00

​

$

1,021.32

​

0.70%

​

$

3.51

Class I

​

​

1,000.00

​

​

1,099.60

​

0.20

​

​

1.04

​

​

1,000.00

​

​

1,023.80

​

0.20

​

​

1.00

Class R6

​

​

1,000.00

​

​

1,099.70

​

0.20

​

​

1.04

​

​

1,000.00

​

​

1,023.80

​

0.20

​

​

1.00

Class S

​

​

1,000.00

​

​

1,098.70

​

0.45

​

​

2.34

​

​

1,000.00

​

​

1,022.56

​

0.45

​

​

2.26

Class S2

​

​

1,000.00

​

​

1,097.70

​

0.60

​

​

3.12

​

​

1,000.00

​

​

1,021.82

​

0.60

​

​

3.01

Voya Solution 2020 Portfolio

Class ADV

​

$

1,000.00

​

$

1,103.80

​

0.69%

​

$

3.60

​

$

1,000.00

​

$

1,021.37

​

0.69%

​

$

3.46

Class I

​

​

1,000.00

​

​

1,106.30

​

0.19

​

​

0.99

​

​

1,000.00

​

​

1,023.85

​

0.19

​

​

0.95

Class S

​

​

1,000.00

​

​

1,104.40

​

0.44

​

​

2.30

​

​

1,000.00

​

​

1,022.61

​

0.44

​

​

2.21

Class S2

​

​

1,000.00

​

​

1,103.90

​

0.59

​

​

3.08

​

​

1,000.00

​

​

1,021.87

​

0.59

​

​

2.96

Class T

​

​

1,000.00

​

​

1,103.00

​

0.89

​

​

4.64

​

​

1,000.00

​

​

1,020.38

​

0.89

​

​

4.46

Voya Solution 2025 Portfolio

Class ADV

​

$

1,000.00

​

$

1,116.40

​

0.70%

​

$

3.67

​

$

1,000.00

​

$

1,021.32

​

0.70%

​

$

3.51

Class I

​

​

1,000.00

​

​

1,118.70

​

0.20

​

​

1.05

​

​

1,000.00

​

​

1,023.80

​

0.20

​

​

1.00

Class S

​

​

1,000.00

​

​

1,117.40

​

0.45

​

​

2.36

​

​

1,000.00

​

​

1,022.56

​

0.45

​

​

2.26

Class S2

​

​

1,000.00

​

​

1,117.90

​

0.60

​

​

3.15

​

​

1,000.00

​

​

1,021.82

​

0.60

​

​

3.01

Class T

​

​

1,000.00

​

​

1,115.00

​

0.90

​

​

4.72

​

​

1,000.00

​

​

1,020.33

​

0.90

​

​

4.51

Voya Solution 2030 Portfolio

Class ADV

​

$

1,000.00

​

$

1,130.50

​

0.70%

​

$

3.70

​

$

1,000.00

​

$

1,021.32

​

0.70%

​

$

3.51

Class I

​

​

1,000.00

​

​

1,132.60

​

0.20

​

​

1.06

​

​

1,000.00

​

​

1,023.80

​

0.20

​

​

1.00

Class S

​

​

1,000.00

​

​

1,131.30

​

0.45

​

​

2.38

​

​

1,000.00

​

​

1,022.56

​

0.45

​

​

2.26

Class S2

​

​

1,000.00

​

​

1,130.90

​

0.60

​

​

3.17

​

​

1,000.00

​

​

1,021.82

​

0.60

​

​

3.01

Class T

​

​

1,000.00

​

​

1,128.80

​

0.90

​

​

4.75

​

​

1,000.00

​

​

1,020.33

​

0.90

​

​

4.51

Voya Solution 2035 Portfolio

Class ADV

​

$

1,000.00

​

$

1,137.70

​

0.72%

​

$

3.82

​

$

1,000.00

​

$

1,021.22

​

0.72%

​

$

3.61

Class I

​

​

1,000.00

​

​

1,141.40

​

0.22

​

​

1.17

​

​

1,000.00

​

​

1,023.70

​

0.22

​

​

1.10

Class S

​

​

1,000.00

​

​

1,140.30

​

0.47

​

​

2.49

​

​

1,000.00

​

​

1,022.46

​

0.47

​

​

2.36

Class S2

​

​

1,000.00

​

​

1,139.00

​

0.62

​

​

3.29

​

​

1,000.00

​

​

1,021.72

​

0.62

​

​

3.11

Class T

​

​

1,000.00

​

​

1,138.20

​

0.92

​

​

4.88

​

​

1,000.00

​

​

1,020.23

​

0.92

​

​

4.61

5

shareholder expense examples (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Voya Solution 2040 Portfolio

Class ADV

​

$

1,000.00

​

$

1,145.90

​

0.71%

​

$

3.78

​

$

1,000.00

​

$

1,021.27

​

0.71%

​

$

3.56

Class I

​

​

1,000.00

​

​

1,148.00

​

0.21

​

​

1.12

​

​

1,000.00

​

​

1,023.75

​

0.21

​

​

1.05

Class S

​

​

1,000.00

​

​

1,146.50

​

0.46

​

​

2.45

​

​

1,000.00

​

​

1,022.51

​

0.46

​

​

2.31

Class S2

​

​

1,000.00

​

​

1,146.10

​

0.61

​

​

3.25

​

​

1,000.00

​

​

1,021.77

​

0.61

​

​

3.06

Class T

​

​

1,000.00

​

​

1,144.20

​

0.91

​

​

4.84

​

​

1,000.00

​

​

1,020.28

​

0.91

​

​

4.56

Voya Solution 2045 Portfolio

Class ADV

​

$

1,000.00

​

$

1,149.70

​

0.72%

​

$

3.84

​

$

1,000.00

​

$

1,021.22

​

0.72%

​

$

3.61

Class I

​

​

1,000.00

​

​

1,152.80

​

0.22

​

​

1.17

​

​

1,000.00

​

​

1,023.70

​

0.22

​

​

1.10

Class S

​

​

1,000.00

​

​

1,151.20

​

0.47

​

​

2.51

​

​

1,000.00

​

​

1,022.46

​

0.47

​

​

2.36

Class S2

​

​

1,000.00

​

​

1,149.40

​

0.62

​

​

3.30

​

​

1,000.00

​

​

1,021.72

​

0.62

​

​

3.11

Class T

​

​

1,000.00

​

​

1,148.00

​

0.92

​

​

4.90

​

​

1,000.00

​

​

1,020.23

​

0.92

​

​

4.61

Voya Solution 2050 Portfolio

Class ADV

​

$

1,000.00

​

$

1,152.90

​

0.73%

​

$

3.90

​

$

1,000.00

​

$

1,021.17

​

0.73%

​

$

3.66

Class I

​

​

1,000.00

​

​

1,155.60

​

0.23

​

​

1.23

​

​

1,000.00

​

​

1,023.65

​

0.23

​

​

1.15

Class S

​

​

1,000.00

​

​

1,153.90

​

0.48

​

​

2.56

​

​

1,000.00

​

​

1,022.41

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

1,153.40

​

0.63

​

​

3.36

​

​

1,000.00

​

​

1,021.67

​

0.63

​

​

3.16

Class T

​

​

1,000.00

​

​

1,151.70

​

0.93

​

​

4.96

​

​

1,000.00

​

​

1,020.18

​

0.93

​

​

4.66

Voya Solution 2055 Portfolio

Class ADV

​

$

1,000.00

​

$

1,151.40

​

0.70%

​

$

3.73

​

$

1,000.00

​

$

1,021.32

​

0.70%

​

$

3.51

Class I

​

​

1,000.00

​

​

1,154.60

​

0.20

​

​

1.07

​

​

1,000.00

​

​

1,023.80

​

0.20

​

​

1.00

Class S

​

​

1,000.00

​

​

1,153.30

​

0.45

​

​

2.40

​

​

1,000.00

​

​

1,022.56

​

0.45

​

​

2.26

Class S2

​

​

1,000.00

​

​

1,152.50

​

0.60

​

​

3.20

​

​

1,000.00

​

​

1,021.82

​

0.60

​

​

3.01

Class T

​

​

1,000.00

​

​

1,151.00

​

0.90

​

​

4.80

​

​

1,000.00

​

​

1,020.33

​

0.90

​

​

4.51

Voya Solution 2060 Portfolio

Class ADV

​

$

1,000.00

​

$

1,151.20

​

0.74%

​

$

3.95

​

$

1,000.00

​

$

1,021.12

​

0.74%

​

$

3.71

Class I

​

​

1,000.00

​

​

1,154.70

​

0.24

​

​

1.28

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class S

​

​

1,000.00

​

​

1,152.80

​

0.49

​

​

2.62

​

​

1,000.00

​

​

1,022.36

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

1,152.00

​

0.64

​

​

3.41

​

​

1,000.00

​

​

1,021.62

​

0.64

​

​

3.21

Class T

​

​

1,000.00

​

​

1,151.00

​

0.94

​

​

5.01

​

​

1,000.00

​

​

1,020.13

​

0.94

​

​

4.71

*

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

**

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

6

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

17,722,463

​

$

48,423,195

​

$

18,135,430

​

$

315,865,221

Investments in unaffiliated underlying funds at fair value**

​

​

2,755,172

​

​

8,201,883

​

​

1,359,154

​

​

28,328,344

Cash

​

​

30,838

​

​

35,296

​

​

14,656

​

​

452,055

Cash collateral for futures

​

​

—

​

​

—

​

​

—

​

​

1,049,747

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

54,329

​

​

290,158

​

​

142,384

​

​

2,160,788

Investments in unaffiliated underlying funds sold

​

​

—

​

​

115,949

​

​

—

​

​

16,377

Fund shares sold

​

​

34,711

​

​

42,971

​

​

21,523

​

​

225,050

Dividends

​

​

8,244

​

​

29,010

​

​

75

​

​

40,477

Reimbursement due from manager

​

​

2,335

​

​

1,112

​

​

3,094

​

​

7,228

Other assets

​

​

259

​

​

1,654

​

​

511

​

​

28,446

Total assets

​

​

20,608,351

​

​

57,141,228

​

​

19,676,827

​

​

348,173,733

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

72,500

​

​

416,907

​

​

146,346

​

​

2,513,242

Payable for investments in unaffiliated underlying funds purchased

​

​

37,697

​

​

31,724

​

​

17,577

​

​

5,596

Payable for fund shares redeemed

​

​

—

​

​

—

​

​

—

​

​

163,113

Payable for investment management fees

​

​

3,740

​

​

10,628

​

​

3,431

​

​

61,135

Payable for distribution and shareholder service fees

​

​

2,882

​

​

9,574

​

​

4,432

​

​

86,178

Payable for directors fees

​

​

90

​

​

272

​

​

93

​

​

1,738

Payable to directors under the deferred compensation plan (Note 6)

​

​

259

​

​

1,654

​

​

511

​

​

28,446

Other accrued expenses and liabilities

​

​

10,889

​

​

20,683

​

​

12,189

​

​

134,335

Total liabilities

​

​

128,057

​

​

491,442

​

​

184,579

​

​

2,993,783

NET ASSETS

​

$

20,480,294

​

$

56,649,786

​

$

19,492,248

​

$

345,179,950

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

18,892,845

​

$

51,623,177

​

$

18,675,347

​

$

326,262,803

Total distributable earnings

​

​

1,587,449

​

​

5,026,609

​

​

816,901

​

​

18,917,147

NET ASSETS

​

$

20,480,294

​

$

56,649,786

​

$

19,492,248

​

$

345,179,950

* Cost of investments in affiliated underlying funds

​

$

17,661,074

​

$

47,645,530

​

$

17,667,656

​

$

307,474,091

** Cost of investments in unaffiliated underlying funds

​

$

2,730,584

​

$

8,112,549

​

$

1,303,038

​

$

26,916,603

See Accompanying Notes to Financial Statements

7

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited) (continued)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

3,878,049

​

$

11,367,873

​

$

8,859,094

​

$

149,519,728

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

​

​

291,866

​

​

1,138,703

​

​

792,416

​

​

12,582,991

Net asset value and redemption price per share

​

$

13.29

​

$

9.98

​

$

11.18

​

$

11.88

Class I

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

455,973

​

$

3,640,974

​

$

579,261

​

$

77,877,040

Shares authorized

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

Par value

​

$

0.001

​

$

0.001

​

$

0.001

​

$

0.001

Shares outstanding

​

​

33,453

​

​

350,166

​

​

50,983

​

​

6,381,351

Net asset value and redemption price per share

​

$

13.63

​

$

10.40

​

$

11.36

​

$

12.20

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

10,313,122

​

$

18,515,326

​

$

6,185,800

​

​

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

​

​

756,654

​

​

1,780,566

​

​

544,478

​

​

n/a

Net asset value and redemption price per share

​

$

13.63

​

$

10.40

​

$

11.36

​

​

n/a

Class S

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

4,422,067

​

$

20,723,965

​

$

3,426,247

​

$

111,327,405

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

​

​

328,704

​

​

2,045,758

​

​

303,742

​

​

9,212,005

Net asset value and redemption price per share

​

$

13.45

​

$

10.13

​

$

11.28

​

$

12.09

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

1,411,083

​

$

2,401,648

​

$

441,846

​

$

6,217,418

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

​

​

106,498

​

​

237,501

​

​

39,532

​

​

527,875

Net asset value and redemption price per share

​

$

13.25

​

$

10.11

​

$

11.18

​

$

11.78

Class T

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

​

n/a

​

​

n/a

​

​

n/a

​

$

238,359

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

​

​

18,830

Net asset value and redemption price per share

​

​

n/a

​

​

n/a

​

​

n/a

​

$

12.66

See Accompanying Notes to Financial Statements

8

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited)

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

524,995,102

​

$

36,513,926

​

$

30,563,148

​

$

765,489,274

Investments in unaffiliated underlying funds at fair value**

​

​

81,874,871

​

​

2,738,175

​

​

2,195,814

​

​

44,398,542

Cash

​

​

825,520

​

​

27,816

​

​

19,200

​

​

989,530

Cash collateral for futures

​

​

—

​

​

—

​

​

—

​

​

2,442,452

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

2,309,861

​

​

299,694

​

​

1,305,427

​

​

5,223,227

Investments in unaffiliated underlying funds sold

​

​

927,177

​

​

2,123

​

​

—

​

​

—

Fund shares sold

​

​

26,649

​

​

28,904

​

​

143,762

​

​

694,728

Dividends

​

​

345,859

​

​

3,815

​

​

3,917

​

​

112,484

Reimbursement due from manager

​

​

—

​

​

3,844

​

​

1,847

​

​

—

Other assets

​

​

32,035

​

​

1,202

​

​

558

​

​

42,865

Total assets

​

​

611,337,074

​

​

39,619,499

​

​

34,233,673

​

​

819,393,102

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

3,465,211

​

​

317,729

​

​

1,286,459

​

​

5,531,021

Payable for investments in unaffiliated underlying funds purchased

​

​

197,014

​

​

12,938

​

​

165,872

​

​

484,466

Payable for fund shares redeemed

​

​

121,001

​

​

—

​

​

—

​

​

488,179

Payable for investment management fees

​

​

149,510

​

​

6,940

​

​

5,748

​

​

142,616

Payable for distribution and shareholder service fees

​

​

123,387

​

​

9,343

​

​

8,134

​

​

169,592

Payable for directors fees

​

​

3,008

​

​

168

​

​

168

​

​

4,024

Payable to directors under the deferred compensation plan (Note 6)

​

​

32,035

​

​

1,202

​

​

558

​

​

42,865

Payable for cash collateral for futures

​

​

2,222

​

​

—

​

​

—

​

​

—

Other accrued expenses and liabilities

​

​

142,601

​

​

22,459

​

​

1,922

​

​

160,740

Total liabilities

​

​

4,235,989

​

​

370,779

​

​

1,468,861

​

​

7,023,503

NET ASSETS

​

$

607,101,085

​

$

39,248,720

​

$

32,764,812

​

$

812,369,599

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

538,297,345

​

$

37,281,813

​

$

29,869,685

​

$

732,262,778

Total distributable earnings

​

​

68,803,740

​

​

1,966,907

​

​

2,895,127

​

​

80,106,821

NET ASSETS

​

$

607,101,085

​

$

39,248,720

​

$

32,764,812

​

$

812,369,599

* Cost of investments in affiliated underlying funds

​

$

515,468,895

​

$

35,766,904

​

$

29,600,027

​

$

749,241,277

** Cost of investments in unaffiliated underlying funds

​

$

81,145,681

​

$

2,631,744

​

$

2,094,985

​

$

42,758,697

See Accompanying Notes to Financial Statements

9

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited) (continued)

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

23,787,201

​

$

9,555,872

​

$

14,121,318

​

$

256,603,583

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

​

​

1,827,335

​

​

953,675

​

​

1,079,580

​

​

21,924,451

Net asset value and redemption price per share

​

$

13.02

​

$

10.02

​

$

13.08

​

$

11.70

Class I

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

4,425,137

​

$

34,020

​

$

6,972,943

​

$

244,826,058

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

​

​

332,455

​

​

3,243

​

​

519,550

​

​

20,294,401

Net asset value and redemption price per share

​

$

13.31

​

$

10.49

​

$

13.42

​

$

12.06

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

17,221,347

​

$

5,912,831

​

​

n/a

​

​

n/a

Shares authorized

​

​

100,000,000

​

​

100,000,000

​

​

n/a

​

​

n/a

Par value

​

$

0.001

​

$

0.001

​

​

n/a

​

​

n/a

Shares outstanding

​

​

1,294,775

​

​

564,134

​

​

n/a

​

​

n/a

Net asset value and redemption price per share

​

$

13.30

​

$

10.48

​

​

n/a

​

​

n/a

Class S

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

560,750,667

​

$

18,664,447

​

$

11,300,300

​

$

299,592,433

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

​

​

42,646,827

​

​

1,821,920

​

​

847,451

​

​

25,165,354

Net asset value and redemption price per share

​

$

13.15

​

$

10.24

​

$

13.33

​

$

11.90

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

916,733

​

$

5,081,550

​

$

356,357

​

$

10,857,719

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

​

​

69,718

​

​

502,690

​

​

27,062

​

​

938,680

Net asset value and redemption price per share

​

$

13.15

​

$

10.11

​

$

13.17

​

$

11.57

Class T

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

​

n/a

​

​

n/a

​

$

13,894

​

$

489,806

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

​

​

1,063

​

​

40,074

Net asset value and redemption price per share

​

​

n/a

​

​

n/a

​

$

13.07

​

$

12.22

See Accompanying Notes to Financial Statements

10

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited)

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

34,893,487

​

$

763,021,791

​

$

29,107,675

​

$

574,453,914

Investments in unaffiliated underlying funds at fair value**

​

​

2,922,055

​

​

68,332,435

​

​

2,267,557

​

​

49,851,102

Cash

​

​

22,503

​

​

1,193,447

​

​

42,337

​

​

815,926

Cash collateral for futures

​

​

—

​

​

1,651,622

​

​

—

​

​

617,161

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

248,734

​

​

3,583,183

​

​

142,159

​

​

1,919,731

Investments in unaffiliated underlying funds sold

​

​

—

​

​

313,681

​

​

—

​

​

249,228

Fund shares sold

​

​

34,133

​

​

909,135

​

​

81,626

​

​

900,382

Dividends

​

​

6,100

​

​

76,275

​

​

8,421

​

​

179,927

Reimbursement due from manager

​

​

1,562

​

​

—

​

​

2,002

​

​

—

Other assets

​

​

471

​

​

38,722

​

​

382

​

​

26,405

Total assets

​

​

38,129,045

​

​

839,120,291

​

​

31,652,159

​

​

629,013,776

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

182,519

​

​

4,696,472

​

​

186,162

​

​

2,999,234

Payable for investments in unaffiliated underlying funds purchased

​

​

88,634

​

​

857,448

​

​

63,866

​

​

329,479

Payable for fund shares redeemed

​

​

11,861

​

​

31,341

​

​

—

​

​

245,662

Payable for investment management fees

​

​

6,552

​

​

158,879

​

​

5,418

​

​

117,616

Payable for distribution and shareholder service fees

​

​

8,700

​

​

159,827

​

​

6,893

​

​

108,353

Payable for directors fees

​

​

174

​

​

4,095

​

​

143

​

​

3,045

Payable to directors under the deferred compensation plan (Note 6)

​

​

471

​

​

38,722

​

​

382

​

​

26,405

Other accrued expenses and liabilities

​

​

1,742

​

​

152,475

​

​

11,760

​

​

122,622

Total liabilities

​

​

300,653

​

​

6,099,259

​

​

274,624

​

​

3,952,416

NET ASSETS

​

$

37,828,392

​

$

833,021,032

​

$

31,377,535

​

$

625,061,360

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

34,489,336

​

$

730,054,888

​

$

28,562,025

​

$

546,279,632

Total distributable earnings

​

​

3,339,056

​

​

102,966,144

​

​

2,815,510

​

​

78,781,728

NET ASSETS

​

$

37,828,392

​

$

833,021,032

​

$

31,377,535

​

$

625,061,360

* Cost of investments in affiliated underlying funds

​

$

34,448,182

​

$

745,942,169

​

$

28,932,542

​

$

560,534,343

** Cost of investments in unaffiliated underlying funds

​

$

2,861,547

​

$

66,976,027

​

$

2,232,946

​

$

49,189,177

See Accompanying Notes to Financial Statements

11

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited) (continued)

​	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	16,073,983	​	$	221,851,835	​	$	11,956,286	​	$	146,613,864
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	​	​	1,031,163	​	​	18,390,087	​	​	731,860	​	​	12,235,767
Net asset value and redemption price per share	​	$	15.59	​	$	12.06	​	$	16.34	​	$	11.98
Class I	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	10,304,196	​	$	277,258,292	​	$	9,244,832	​	$	239,938,459
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	​	​	641,497	​	​	22,303,465	​	​	549,215	​	​	19,396,642
Net asset value and redemption price per share	​	$	16.06	​	$	12.43	​	$	16.83	​	$	12.37
Class S	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	10,970,524	​	$	318,402,561	​	$	9,277,245	​	$	230,938,420
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	​	​	688,241	​	​	25,948,273	​	​	556,527	​	​	18,966,277
Net asset value and redemption price per share	​	$	15.94	​	$	12.27	​	$	16.67	​	$	12.18
Class S2	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	452,589	​	$	15,107,559	​	$	876,003	​	$	7,322,980
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	28,784	​	​	1,280,653	​	​	53,410	​	​	617,751
Net asset value and redemption price per share	​	$	15.72	​	$	11.80	​	$	16.40	​	$	11.85
Class T	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	27,100	​	$	400,785	​	$	23,169	​	$	247,637
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	​	​	1,737	​	​	31,821	​	​	1,424	​	​	20,079
Net asset value and redemption price per share	​	$	15.60	​	$	12.60	​	$	16.27	​	$	12.33

See Accompanying Notes to Financial Statements

12

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
ASSETS:	​	​	​	​	​	​	​	​	​
Investments in affiliated underlying funds at fair value*	​	$	23,310,876	​	$	186,203,266	​	$	12,718,684
Investments in unaffiliated underlying funds at fair value**	​	​	2,160,824	​	​	19,455,120	​	​	1,407,400
Cash	​	​	18,866	​	​	265,827	​	​	9,837
Cash collateral for futures	​	​	—	​	​	199,323	​	​	—
Receivables:	​	​	​	​	​	​	​	​	​
Investments in affiliated underlying funds sold	​	​	88,364	​	​	578,235	​	​	62,121
Investments in unaffiliated underlying funds sold	​	​	4,861	​	​	5,509	​	​	—
Fund shares sold	​	​	28,854	​	​	771,189	​	​	38,654
Dividends	​	​	8,153	​	​	71,618	​	​	5,190
Reimbursement due from manager	​	​	3,441	​	​	9,699	​	​	11,469
Other assets	​	​	280	​	​	4,403	​	​	137
Total assets	​	​	25,624,519	​	​	207,564,189	​	​	14,253,492
LIABILITIES:	​	​	​	​	​	​	​	​	​
Payable for investments in affiliated underlying funds purchased	​	​	99,488	​	​	1,285,309	​	​	60,740
Payable for investments in unaffiliated underlying funds purchased	​	​	22,708	​	​	153,940	​	​	40,130
Payable for fund shares redeemed	​	​	—	​	​	80,448	​	​	—
Payable for investment management fees	​	​	4,492	​	​	36,107	​	​	2,499
Payable for distribution and shareholder service fees	​	​	5,721	​	​	31,116	​	​	3,327
Payable for directors fees	​	​	118	​	​	965	​	​	63
Payable to directors under the deferred compensation plan (Note 6)	​	​	280	​	​	4,403	​	​	137
Other accrued expenses and liabilities	​	​	11,483	​	​	24,812	​	​	10,423
Total liabilities	​	​	144,290	​	​	1,617,100	​	​	117,319
NET ASSETS	​	$	25,480,229	​	$	205,947,089	​	$	14,136,173
NET ASSETS WERE COMPRISED OF:	​	​	​	​	​	​	​	​	​
Paid-in capital	​	$	23,511,136	​	$	184,116,928	​	$	13,168,833
Total distributable earnings	​	​	1,969,093	​	​	21,830,161	​	​	967,340
NET ASSETS	​	$	25,480,229	​	$	205,947,089	​	$	14,136,173
* Cost of investments in affiliated underlying funds	​	$	23,232,493	​	$	183,056,345	​	$	12,632,702
** Cost of investments in unaffiliated underlying funds	​	$	2,130,403	​	$	19,219,213	​	$	1,386,080

See Accompanying Notes to Financial Statements

13

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited) (continued)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
Class ADV	​	​	​	​	​	​	​	​	​
Net assets	​	$	10,830,602	​	$	46,223,096	​	$	6,061,413
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	644,478	​	​	3,250,012	​	​	503,708
Net asset value and redemption price per share	​	$	16.81	​	$	14.22	​	$	12.03
Class I	​	​	​	​	​	​	​	​	​
Net assets	​	$	8,063,836	​	$	99,885,678	​	$	3,618,847
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	464,043	​	​	6,860,607	​	​	295,728
Net asset value and redemption price per share	​	$	17.38	​	$	14.56	​	$	12.24
Class S	​	​	​	​	​	​	​	​	​
Net assets	​	$	6,230,678	​	$	56,891,418	​	$	4,221,756
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	362,846	​	​	3,958,537	​	​	349,672
Net asset value and redemption price per share	​	$	17.17	​	$	14.37	​	$	12.07
Class S2	​	​	​	​	​	​	​	​	​
Net assets	​	$	330,176	​	$	2,930,185	​	$	230,269
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	19,514	​	​	205,212	​	​	19,104
Net asset value and redemption price per share	​	$	16.92	​	$	14.28	​	$	12.05
Class T	​	​	​	​	​	​	​	​	​
Net assets	​	$	24,937	​	$	16,712	​	$	3,888
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	1,480	​	​	1,154	​	​	325
Net asset value and redemption price per share	​	$	16.85	​	$	14.48	​	$	11.97

See Accompanying Notes to Financial Statements

14

STATEMENTS OF OPERATIONS for the six months ended June 30, 2019 (Unaudited)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

INVESTMENT INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Interest

​

$

—

​

$

—

​

$

—

​

$

7,206

Dividends from affiliated underlying funds

​

​

27,492

​

​

252,265

​

​

167,158

​

​

2,552,150

Dividends from unaffiliated underlying funds

​

​

22,244

​

​

86,476

​

​

15,459

​

​

233,840

Total investment income

​

​

49,736

​

​

338,741

​

​

182,617

​

​

2,793,196

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

19,779

​

​

61,386

​

​

20,546

​

​

381,718

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

8,906

​

​

29,462

​

​

20,726

​

​

369,080

Class S

​

​

4,617

​

​

25,435

​

​

4,448

​

​

143,552

Class S2

​

​

2,174

​

​

2,912

​

​

892

​

​

12,220

Class T

​

​

—

​

​

—

​

​

—

​

​

797

Transfer agent fees

​

​

253

​

​

100

​

​

197

​

​

1,906

Shareholder reporting expense

​

​

1,981

​

​

3,620

​

​

1,981

​

​

11,016

Registration fees

​

​

168

​

​

—

​

​

84

​

​

—

Professional fees

​

​

4,931

​

​

7,059

​

​

4,887

​

​

25,340

Custody and accounting expense

​

​

7,602

​

​

4,525

​

​

7,783

​

​

18,100

Directors fees

​

​

361

​

​

1,088

​

​

372

​

​

6,954

Miscellaneous expense

​

​

4,779

​

​

6,736

​

​

4,787

​

​

9,268

Interest expense

​

​

—

​

​

—

​

​

89

​

​

1,150

Total expenses

​

​

55,551

​

​

142,323

​

​

66,792

​

​

981,101

Waived and reimbursed fees

​

​

(18,086)

​

​

(19,153)

​

​

(23,843)

​

​

(140,973)

Net expenses

​

​

37,465

​

​

123,170

​

​

42,949

​

​

840,128

Net investment income

​

​

12,271

​

​

215,571

​

​

139,668

​

​

1,953,068

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

(128,536)

​

​

(121,690)

​

​

(37,657)

​

​

(303,652)

Sale of unaffiliated underlying funds

​

​

43,980

​

​

204,468

​

​

(7,409)

​

​

(544,706)

Capital gain distributions from affiliated underlying funds

​

​

147,188

​

​

188,116

​

​

—

​

​

—

Futures

​

​

—

​

​

—

​

​

—

​

​

(606,489)

Net realized gain (loss)

​

​

62,632

​

​

270,894

​

​

(45,066)

​

​

(1,454,847)

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

2,324,410

​

​

5,443,726

​

​

1,166,080

​

​

26,726,588

Unaffiliated underlying funds

​

​

76,663

​

​

292,952

​

​

97,092

​

​

2,822,458

Futures

​

​

—

​

​

—

​

​

—

​

​

(334,095)

Net change in unrealized appreciation (depreciation)

​

​

2,401,073

​

​

5,736,678

​

​

1,263,172

​

​

29,214,951

Net realized and unrealized gain

​

​

2,463,705

​

​

6,007,572

​

​

1,218,106

​

​

27,760,104

Increase in net assets resulting from operations

​

$

2,475,976

​

$

6,223,143

​

$

1,357,774

​

$

29,713,172

See Accompanying Notes to Financial Statements

15

STATEMENTS OF OPERATIONS for the six months ended June 30, 2019 (Unaudited)

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

INVESTMENT INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Interest

​

$

17,004

​

$

—

​

$

—

​

$

16,335

Dividends from affiliated underlying funds

​

​

1,901,072

​

​

241,171

​

​

204,413

​

​

4,118,336

Dividends from unaffiliated underlying funds

​

​

821,341

​

​

33,952

​

​

26,531

​

​

569,637

Total investment income

​

​

2,739,417

​

​

275,123

​

​

230,944

​

​

4,704,308

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

665,867

​

​

37,190

​

​

36,817

​

​

858,971

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

57,280

​

​

22,705

​

​

34,170

​

​

632,811

Class S

​

​

691,554

​

​

20,425

​

​

14,917

​

​

374,874

Class S2

​

​

1,688

​

​

5,140

​

​

827

​

​

23,645

Class T

​

​

—

​

​

—

​

​

46

​

​

1,884

Transfer agent fees

​

​

2,909

​

​

68

​

​

29

​

​

487

Shareholder reporting expense

​

​

12,670

​

​

3,439

​

​

2,263

​

​

19,910

Registration fees

​

​

41

​

​

9

​

​

238

​

​

—

Professional fees

​

​

42,458

​

​

5,973

​

​

6,154

​

​

53,214

Custody and accounting expense

​

​

31,132

​

​

3,620

​

​

1,493

​

​

38,372

Directors fees

​

​

12,030

​

​

673

​

​

672

​

​

16,097

Miscellaneous expense

​

​

17,148

​

​

6,112

​

​

5,234

​

​

18,666

Interest expense

​

​

—

​

​

113

​

​

159

​

​

209

Total expenses

​

​

1,534,777

​

​

105,467

​

​

103,019

​

​

2,039,140

Waived and reimbursed fees

​

​

(60,092)

​

​

(23,570)

​

​

(20,996)

​

​

(197,859)

Net expenses

​

​

1,474,685

​

​

81,897

​

​

82,023

​

​

1,841,281

Net investment income

​

​

1,264,732

​

​

193,226

​

​

148,921

​

​

2,863,027

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

697,345

​

​

(1,273)

​

​

(250,258)

​

​

8,948,131

Sale of unaffiliated underlying funds

​

​

2,905,623

​

​

8,204

​

​

24,608

​

​

(51,267)

Capital gain distributions from affiliated underlying funds

​

​

3,464,219

​

​

104,204

​

​

—

​

​

2,155,825

Futures

​

​

(861,023)

​

​

—

​

​

—

​

​

(1,345,747)

Net realized gain (loss)

​

​

6,206,164

​

​

111,135

​

​

(225,650)

​

​

9,706,942

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

69,593,603

​

​

2,527,864

​

​

3,236,573

​

​

71,599,814

Unaffiliated underlying funds

​

​

2,923,370

​

​

185,539

​

​

170,335

​

​

5,516,503

Futures

​

​

43,098

​

​

—

​

​

—

​

​

(752,669)

Net change in unrealized appreciation (depreciation)

​

​

72,560,071

​

​

2,713,403

​

​

3,406,908

​

​

76,363,648

Net realized and unrealized gain

​

​

78,766,235

​

​

2,824,538

​

​

3,181,258

​

​

86,070,590

Increase in net assets resulting from operations

​

$

80,030,967

​

$

3,017,764

​

$

3,330,179

​

$

88,933,617

See Accompanying Notes to Financial Statements

16

STATEMENTS OF OPERATIONS for the six months ended June 30, 2019 (Unaudited)

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

INVESTMENT INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Interest

​

$

—

​

$

18,779

​

$

—

​

$

20,364

Dividends from affiliated underlying funds

​

​

114,322

​

​

2,576,900

​

​

65,330

​

​

1,025,939

Dividends from unaffiliated underlying funds

​

​

36,644

​

​

712,989

​

​

32,031

​

​

561,312

Total investment income

​

​

150,966

​

​

3,308,668

​

​

97,361

​

​

1,607,615

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

37,794

​

​

880,212

​

​

30,738

​

​

652,203

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

37,039

​

​

549,713

​

​

26,571

​

​

356,455

Class S

​

​

13,453

​

​

391,905

​

​

10,405

​

​

281,369

Class S2

​

​

841

​

​

29,794

​

​

1,855

​

​

15,163

Class T

​

​

84

​

​

1,335

​

​

72

​

​

834

Transfer agent fees

​

​

34

​

​

772

​

​

223

​

​

1,219

Shareholder reporting expense

​

​

2,081

​

​

20,815

​

​

1,991

​

​

17,014

Registration fees

​

​

274

​

​

—

​

​

367

​

​

—

Professional fees

​

​

5,973

​

​

53,757

​

​

5,611

​

​

40,906

Custody and accounting expense

​

​

1,312

​

​

38,915

​

​

5,611

​

​

30,408

Directors fees

​

​

695

​

​

16,378

​

​

569

​

​

12,179

Miscellaneous expense

​

​

4,950

​

​

20,434

​

​

4,360

​

​

16,661

Interest expense

​

​

—

​

​

154

​

​

—

​

​

—

Total expenses

​

​

104,530

​

​

2,004,184

​

​

88,373

​

​

1,424,411

Waived and reimbursed fees

​

​

(18,241)

​

​

(127,950)

​

​

(19,442)

​

​

(98,921)

Net expenses

​

​

86,289

​

​

1,876,234

​

​

68,931

​

​

1,325,490

Net investment income

​

​

64,677

​

​

1,432,434

​

​

28,430

​

​

282,125

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

(222,704)

​

​

13,355,088

​

​

(128,915)

​

​

3,721,647

Sale of unaffiliated underlying funds

​

​

102,364

​

​

1,023,082

​

​

87,861

​

​

1,946,610

Capital gain distributions from affiliated underlying funds

​

​

97,694

​

​

3,602,880

​

​

168,956

​

​

1,029,781

Futures

​

​

—

​

​

(1,238,828)

​

​

—

​

​

(841,656)

Net realized gain (loss)

​

​

(22,646)

​

​

16,742,222

​

​

127,902

​

​

5,856,382

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

3,930,819

​

​

82,246,197

​

​

3,452,220

​

​

74,985,827

Unaffiliated underlying funds

​

​

181,830

​

​

5,584,484

​

​

122,546

​

​

2,909,118

Futures

​

​

—

​

​

(380,770)

​

​

—

​

​

(10,507)

Net change in unrealized appreciation (depreciation)

​

​

4,112,649

​

​

87,449,911

​

​

3,574,766

​

​

77,884,438

Net realized and unrealized gain

​

​

4,090,003

​

​

104,192,133

​

​

3,702,668

​

​

83,740,820

Increase in net assets resulting from operations

​

$

4,154,680

​

$

105,624,567

​

$

3,731,098

​

$

84,022,945

See Accompanying Notes to Financial Statements

17

STATEMENTS OF OPERATIONS for the six months ended June 30, 2019 (Unaudited)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
INVESTMENT INCOME:	​	​	​	​	​	​	​	​	​
Interest	​	$	—	​	$	5,137	​	$	—
Dividends from affiliated underlying funds	​	​	42,897	​	​	338,474	​	​	21,168
Dividends from unaffiliated underlying funds	​	​	24,759	​	​	176,768	​	​	14,846
Total investment income	​	​	67,656	​	​	520,379	​	​	36,014
EXPENSES:	​	​	​	​	​	​	​	​	​
Investment management fees	​	​	25,439	​	​	206,312	​	​	13,777
Distribution and shareholder service fees:	​	​	​	​	​	​	​	​	​
Class ADV	​	​	23,975	​	​	109,760	​	​	13,469
Class S	​	​	7,654	​	​	67,988	​	​	4,861
Class S2	​	​	833	​	​	5,634	​	​	438
Class T	​	​	73	​	​	55	​	​	13
Transfer agent fees	​	​	257	​	​	760	​	​	21
Shareholder reporting expense	​	​	3,778	​	​	7,602	​	​	3,681
Registration fees	​	​	389	​	​	—	​	​	226
Professional fees	​	​	4,211	​	​	16,833	​	​	3,515
Custody and accounting expense	​	​	5,249	​	​	5,973	​	​	5,732
Directors fees	​	​	471	​	​	3,862	​	​	253
Miscellaneous expense	​	​	4,326	​	​	7,127	​	​	4,164
Total expenses	​	​	76,655	​	​	431,906	​	​	50,150
Waived and reimbursed fees	​	​	(16,940)	​	​	(55,120)	​	​	(16,213)
Net expenses	​	​	59,715	​	​	376,786	​	​	33,937
Net investment income	​	​	7,941	​	​	143,593	​	​	2,077
REALIZED AND UNREALIZED GAIN (LOSS):	​	​	​	​	​	​	​	​	​
Net realized gain (loss) on:	​	​	​	​	​	​	​	​	​
Sale of affiliated underlying funds	​	​	(301,134)	​	​	508,562	​	​	(155,217)
Sale of unaffiliated underlying funds	​	​	66,612	​	​	570,185	​	​	36,072
Capital gain distributions from affiliated underlying funds	​	​	83,273	​	​	674,490	​	​	45,000
Futures	​	​	—	​	​	(248,128)	​	​	—
Net realized gain (loss)	​	​	(151,249)	​	​	1,505,109	​	​	(74,145)
Net change in unrealized appreciation (depreciation) on:	​	​	​	​	​	​	​	​	​
Affiliated underlying funds	​	​	3,228,053	​	​	23,976,664	​	​	1,720,957
Unaffiliated underlying funds	​	​	121,175	​	​	921,844	​	​	68,496
Futures	​	​	—	​	​	(10,227)	​	​	—
Net change in unrealized appreciation (depreciation)	​	​	3,349,228	​	​	24,888,281	​	​	1,789,453
Net realized and unrealized gain	​	​	3,197,979	​	​	26,393,390	​	​	1,715,308
Increase in net assets resulting from operations	​	$	3,205,920	​	$	26,536,983	​	$	1,717,385

See Accompanying Notes to Financial Statements

18

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

12,271

​

$

169,752

​

$

215,571

​

$

959,931

Net realized gain

​

​

62,632

​

​

1,576,230

​

​

270,894

​

​

3,872,596

Net change in unrealized appreciation (depreciation)

​

​

2,401,073

​

​

(3,494,835)

​

​

5,736,678

​

​

(8,448,748)

Increase (decrease) in net assets resulting from operations

​

​

2,475,976

​

​

(1,748,853)

​

​

6,223,143

​

​

(3,616,221)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(167,121)

​

​

—

​

​

(812,200)

Class I

​

​

—

​

​

(24,011)

​

​

—

​

​

(226,396)

Class R6

​

​

—

​

​

(342,563)

​

​

—

​

​

(779,855)

Class S

​

​

—

​

​

(223,244)

​

​

—

​

​

(1,182,749)

Class S2

​

​

—

​

​

(41,710)

​

​

—

​

​

(46,374)

Total distributions

​

​

—

​

​

(798,649)

​

​

—

​

​

(3,047,574)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

5,377,895

​

​

6,723,890

​

​

9,899,262

​

​

9,220,060

Reinvestment of distributions

​

​

—

​

​

798,649

​

​

—

​

​

3,047,574

​

​

​

5,377,895

​

​

7,522,539

​

​

9,899,262

​

​

12,267,634

Cost of shares redeemed

​

​

(1,956,545)

​

​

(4,299,523)

​

​

(9,332,774)

​

​

(18,501,563)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

3,421,350

​

​

3,223,016

​

​

566,488

​

​

(6,233,929)

Net increase (decrease) in net assets

​

​

5,897,326

​

​

675,514

​

​

6,789,631

​

​

(12,897,724)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

14,582,968

​

​

13,907,454

​

​

49,860,155

​

​

62,757,879

End of year or period

​

$

20,480,294

​

$

14,582,968

​

$

56,649,786

​

$

49,860,155

See Accompanying Notes to Financial Statements

19

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

139,668

​

$

345,692

​

$

1,953,068

​

$

7,782,605

Net realized gain (loss)

​

​

(45,066)

​

​

265,842

​

​

(1,454,847)

​

​

11,594,330

Net change in unrealized appreciation (depreciation)

​

​

1,263,172

​

​

(982,628)

​

​

29,214,951

​

​

(31,014,421)

Increase (decrease) in net assets resulting from operations

​

​

1,357,774

​

​

(371,094)

​

​

29,713,172

​

​

(11,637,486)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(296,058)

​

​

—

​

​

(7,801,121)

Class I

​

​

—

​

​

(5,173)

​

​

—

​

​

(4,124,148)

Class R6

​

​

—

​

​

(156,288)

​

​

—

​

​

—

Class S

​

​

—

​

​

(133,797)

​

​

—

​

​

(6,606,738)

Class S2

​

​

—

​

​

(15,913)

​

​

—

​

​

(296,031)

Class T

​

​

—

​

​

—

​

​

—

​

​

(9,336)

Total distributions

​

​

—

​

​

(607,229)

​

​

—

​

​

(18,837,374)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

2,952,644

​

​

5,508,633

​

​

9,519,530

​

​

29,428,011

Reinvestment of distributions

​

​

—

​

​

607,229

​

​

—

​

​

18,837,374

​

​

​

2,952,644

​

​

6,115,862

​

​

9,519,530

​

​

48,265,385

Cost of shares redeemed

​

​

(2,006,841)

​

​

(4,618,096)

​

​

(43,145,163)

​

​

(102,355,652)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

945,803

​

​

1,497,766

​

​

(33,625,633)

​

​

(54,090,267)

Net increase (decrease) in net assets

​

​

2,303,577

​

​

519,443

​

​

(3,912,461)

​

​

(84,565,127)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

17,188,671

​

​

16,669,228

​

​

349,092,411

​

​

433,657,538

End of year or period

​

$

19,492,248

​

$

17,188,671

​

$

345,179,950

​

$

349,092,411

See Accompanying Notes to Financial Statements

20

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

1,264,732

​

$

8,867,115

​

$

193,226

​

$

607,465

Net realized gain

​

​

6,206,164

​

​

53,190,227

​

​

111,135

​

​

1,243,265

Net change in unrealized appreciation (depreciation)

​

​

72,560,071

​

​

(119,243,857)

​

​

2,713,403

​

​

(3,127,981)

Increase (decrease) in net assets resulting from operations

​

​

80,030,967

​

​

(57,186,515)

​

​

3,017,764

​

​

(1,277,251)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(1,511,112)

​

​

—

​

​

(470,405)

Class I

​

​

—

​

​

(276,815)

​

​

—

​

​

(1,336)

Class R6

​

​

—

​

​

(747,524)

​

​

—

​

​

(154,704)

Class S

​

​

—

​

​

(39,199,340)

​

​

—

​

​

(677,443)

Class S2

​

​

—

​

​

(49,430)

​

​

—

​

​

(42,435)

Total distributions

​

​

—

​

​

(41,784,221)

​

​

—

​

​

(1,346,323)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

6,894,403

​

​

15,378,740

​

​

11,128,536

​

​

5,628,956

Reinvestment of distributions

​

​

—

​

​

41,784,221

​

​

—

​

​

1,346,323

​

​

​

6,894,403

​

​

57,162,961

​

​

11,128,536

​

​

6,975,279

Cost of shares redeemed

​

​

(43,545,958)

​

​

(108,232,093)

​

​

(3,266,003)

​

​

(7,462,988)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(36,651,555)

​

​

(51,069,132)

​

​

7,862,533

​

​

(487,709)

Net increase (decrease) in net assets

​

​

43,379,412

​

​

(150,039,868)

​

​

10,880,297

​

​

(3,111,283)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

563,721,673

​

​

713,761,541

​

​

28,368,423

​

​

31,479,706

End of year or period

​

$

607,101,085

​

$

563,721,673

​

$

39,248,720

​

$

28,368,423

See Accompanying Notes to Financial Statements

21

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

148,921

​

$

658,737

​

$

2,863,027

​

$

14,258,669

Net realized gain (loss)

​

​

(225,650)

​

​

1,369,364

​

​

9,706,942

​

​

52,949,859

Net change in unrealized appreciation (depreciation)

​

​

3,406,908

​

​

(3,479,766)

​

​

76,363,648

​

​

(114,739,407)

Increase (decrease) in net assets resulting from operations

​

​

3,330,179

​

​

(1,451,665)

​

​

88,933,617

​

​

(47,530,879)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(931,748)

​

​

—

​

​

(13,857,311)

Class I

​

​

—

​

​

(428,868)

​

​

—

​

​

(12,546,303)

Class S

​

​

—

​

​

(770,382)

​

​

—

​

​

(16,776,054)

Class S2

​

​

—

​

​

(34,283)

​

​

—

​

​

(620,761)

Class T

​

​

—

​

​

(747)

​

​

—

​

​

(35,881)

Total distributions

​

​

—

​

​

(2,166,028)

​

​

—

​

​

(43,836,310)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

5,302,248

​

​

20,253,220

​

​

32,681,985

​

​

82,503,481

Reinvestment of distributions

​

​

—

​

​

2,165,784

​

​

—

​

​

43,836,310

​

​

​

5,302,248

​

​

22,419,004

​

​

32,681,985

​

​

126,339,791

Cost of shares redeemed

​

​

(9,749,329)

​

​

(18,234,874)

​

​

(80,332,285)

​

​

(184,888,030)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(4,447,081)

​

​

4,184,130

​

​

(47,650,300)

​

​

(58,548,239)

Net increase (decrease) in net assets

​

​

(1,116,902)

​

​

566,437

​

​

41,283,317

​

​

(149,915,428)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

33,881,714

​

​

33,315,277

​

​

771,086,282

​

​

921,001,710

End of year or period

​

$

32,764,812

​

$

33,881,714

​

$

812,369,599

​

$

771,086,282

See Accompanying Notes to Financial Statements

22

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

64,677

​

$

539,529

​

$

1,432,434

​

$

13,097,809

Net realized gain (loss)

​

​

(22,646)

​

​

2,331,498

​

​

16,742,222

​

​

67,458,656

Net change in unrealized appreciation (depreciation)

​

​

4,112,649

​

​

(5,298,472)

​

​

87,449,911

​

​

(150,601,799)

Increase (decrease) in net assets resulting from operations

​

​

4,154,680

​

​

(2,427,445)

​

​

105,624,567

​

​

(70,045,334)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(858,857)

​

​

—

​

​

(14,092,763)

Class I

​

​

—

​

​

(505,749)

​

​

—

​

​

(16,103,710)

Class S

​

​

—

​

​

(722,379)

​

​

—

​

​

(19,502,295)

Class S2

​

​

—

​

​

(38,574)

​

​

—

​

​

(1,008,708)

Class T

​

​

—

​

​

(1,309)

​

​

—

​

​

(36,315)

Total distributions

​

​

—

​

​

(2,126,868)

​

​

—

​

​

(50,743,791)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

9,127,524

​

​

18,010,189

​

​

32,567,083

​

​

86,959,754

Reinvestment of distributions

​

​

—

​

​

2,126,546

​

​

—

​

​

50,743,791

​

​

​

9,127,524

​

​

20,136,735

​

​

32,567,083

​

​

137,703,545

Cost of shares redeemed

​

​

(6,464,300)

​

​

(15,873,573)

​

​

(77,344,307)

​

​

(175,268,927)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

2,663,224

​

​

4,263,162

​

​

(44,777,224)

​

​

(37,565,382)

Net increase (decrease) in net assets

​

​

6,817,904

​

​

(291,151)

​

​

60,847,343

​

​

(158,354,507)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

31,010,488

​

​

31,301,639

​

​

772,173,689

​

​

930,528,196

End of year or period

​

$

37,828,392

​

$

31,010,488

​

$

833,021,032

​

$

772,173,689

See Accompanying Notes to Financial Statements

23

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

28,430

​

$

383,565

​

$

282,125

​

$

8,153,021

Net realized gain

​

​

127,902

​

​

2,134,979

​

​

5,856,382

​

​

60,004,263

Net change in unrealized appreciation (depreciation)

​

​

3,574,766

​

​

(4,952,940)

​

​

77,884,438

​

​

(132,755,529)

Increase (decrease) in net assets resulting from operations

​

​

3,731,098

​

​

(2,434,396)

​

​

84,022,945

​

​

(64,598,245)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(781,717)

​

​

—

​

​

(10,228,294)

Class I

​

​

—

​

​

(556,292)

​

​

—

​

​

(15,367,932)

Class S

​

​

—

​

​

(648,392)

​

​

—

​

​

(15,247,200)

Class S2

​

​

—

​

​

(78,518)

​

​

—

​

​

(561,006)

Class T

​

​

—

​

​

(1,780)

​

​

—

​

​

(30,897)

Total distributions

​

​

—

​

​

(2,066,699)

​

​

—

​

​

(41,435,329)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

6,653,291

​

​

13,911,630

​

​

32,695,212

​

​

76,101,343

Reinvestment of distributions

​

​

—

​

​

2,066,285

​

​

—

​

​

41,435,329

​

​

​

6,653,291

​

​

15,977,915

​

​

32,695,212

​

​

117,536,672

Cost of shares redeemed

​

​

(3,399,231)

​

​

(11,005,137)

​

​

(55,563,390)

​

​

(140,273,180)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

3,254,060

​

​

4,972,778

​

​

(22,868,178)

​

​

(22,736,508)

Net increase (decrease) in net assets

​

​

6,985,158

​

​

471,683

​

​

61,154,767

​

​

(128,770,082)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

24,392,377

​

​

23,920,694

​

​

563,906,593

​

​

692,676,675

End of year or period

​

$

31,377,535

​

$

24,392,377

​

$

625,061,360

​

$

563,906,593

See Accompanying Notes to Financial Statements

24

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

7,941

​

$

267,944

​

$

143,593

​

$

2,314,698

Net realized gain (loss)

​

​

(151,249)

​

​

1,795,219

​

​

1,505,109

​

​

18,991,873

Net change in unrealized appreciation (depreciation)

​

​

3,349,228

​

​

(4,528,021)

​

​

24,888,281

​

​

(41,107,723)

Increase (decrease) in net assets resulting from operations

​

​

3,205,920

​

​

(2,464,858)

​

​

26,536,983

​

​

(19,801,152)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(489,007)

​

​

—

​

​

(2,141,118)

Class I

​

​

—

​

​

(359,200)

​

​

—

​

​

(4,093,046)

Class S

​

​

—

​

​

(304,081)

​

​

—

​

​

(2,589,944)

Class S2

​

​

—

​

​

(22,915)

​

​

—

​

​

(152,185)

Class T

​

​

—

​

​

(1,004)

​

​

—

​

​

(983)

Total distributions

​

​

—

​

​

(1,176,207)

​

​

—

​

​

(8,977,276)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

5,107,996

​

​

14,485,321

​

​

24,436,390

​

​

48,936,952

Reinvestment of distributions

​

​

—

​

​

1,175,917

​

​

—

​

​

8,977,276

​

​

​

5,107,996

​

​

15,661,238

​

​

24,436,390

​

​

57,914,228

Cost of shares redeemed

​

​

(3,153,484)

​

​

(9,142,136)

​

​

(14,423,022)

​

​

(42,498,607)

Net increase in net assets resulting from capital share transactions

​

​

1,954,512

​

​

6,519,102

​

​

10,013,368

​

​

15,415,621

Net increase (decrease) in net assets

​

​

5,160,432

​

​

2,878,037

​

​

36,550,351

​

​

(13,362,807)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

20,319,797

​

​

17,441,760

​

​

169,396,738

​

​

182,759,545

End of year or period

​

$

25,480,229

​

$

20,319,797

​

$

205,947,089

​

$

169,396,738

See Accompanying Notes to Financial Statements

25

STATEMENTS OF CHANGES IN NET ASSETS

​	Voya Solution 2060 Portfolio
​	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:	​	​	​	​	​	​
Net investment income	​	$	2,077	​	$	135,054
Net realized gain (loss)	​	​	(74,145)	​	​	809,952
Net change in unrealized appreciation (depreciation)	​	​	1,789,453	​	​	(2,208,460)
Increase (decrease) in net assets resulting from operations	​	​	1,717,385	​	​	(1,263,454)
FROM DISTRIBUTIONS TO SHAREHOLDERS:	​	​	​	​	​	​
Total distributions (excluding return of capital):	​	​	​	​	​	​
Class ADV	​	​	—	​	​	(257,511)
Class I	​	​	—	​	​	(126,662)
Class S	​	​	—	​	​	(205,097)
Class S2	​	​	—	​	​	(13,337)
Class T	​	​	—	​	​	(197)
Total distributions	​	​	—	​	​	(602,804)
FROM CAPITAL SHARE TRANSACTIONS:	​	​	​	​	​	​
Net proceeds from sale of shares	​	​	3,405,294	​	​	8,221,311
Reinvestment of distributions	​	​	—	​	​	602,804
​	​	​	3,405,294	​	​	8,824,115
Cost of shares redeemed	​	​	(1,840,687)	​	​	(4,474,377)
Net increase in net assets resulting from capital share transactions	​	​	1,564,607	​	​	4,349,738
Net increase in net assets	​	​	3,281,992	​	​	2,483,480
NET ASSETS:	​	​	​	​	​	​
Beginning of year or period	​	​	10,854,181	​	​	8,370,701
End of year or period	​	$	14,136,173	​	$	10,854,181

See Accompanying Notes to Financial Statements

26

Financial Highlights

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

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Aggressive Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.47

​

(0.03)

​

1.85

​

1.82

​

—

​

—

​

—

​

—

​

—

​

13.29

​

15.87

​

0.95

​

0.74

​

0.74

​

(0.21)

​

3,878

​

56

12-31-18

​

13.56

​

0.10

​

(1.53)

​

(1.43)

​

0.11

​

0.55

​

—

​

0.66

​

—

​

11.47

​

(11.18)

​

0.90

​

0.69

​

0.69

​

0.79

​

3,159

​

79

12-31-17

​

11.33

​

0.11•

​

2.34

​

2.45

​

0.05

​

0.17

​

—

​

0.22

​

—

​

13.56

​

21.71

​

0.91

​

0.66

​

0.66

​

0.85

​

3,467

​

52

12-31-16

​

11.35

​

0.08

​

0.63

​

0.71

​

0.12

​

0.61

​

—

​

0.73

​

—

​

11.33

​

6.41

​

1.04

​

0.68

​

0.68

​

0.77

​

2,520

​

61

12-31-15

​

12.13

​

0.06•

​

(0.19)

​

(0.13)

​

0.21

​

0.44

​

—

​

0.65

​

—

​

11.35

​

(1.32)

​

0.94

​

0.68

​

0.68

​

0.53

​

2,383

​

78

12-31-14

​

11.55

​

0.13•

​

0.57

​

0.70

​

0.06

​

0.06

​

—

​

0.12

​

—

​

12.13

​

6.10

​

1.26

​

0.65

​

0.65

​

1.12

​

2,180

​

70

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.74

​

0.02•

​

1.87

​

1.89

​

—

​

—

​

—

​

—

​

—

​

13.63

​

16.10

​

0.45

​

0.24

​

0.24

​

0.32

​

456

​

56

12-31-18

​

13.85

​

0.16•

​

(1.55)

​

(1.39)

​

0.17

​

0.55

​

—

​

0.72

​

—

​

11.74

​

(10.72)

​

0.40

​

0.19

​

0.19

​

1.17

​

325

​

79

12-31-17

​

11.56

​

0.18•

​

2.38

​

2.56

​

0.10

​

0.17

​

—

​

0.27

​

—

​

13.85

​

22.28

​

0.41

​

0.16

​

0.16

​

1.41

​

444

​

52

12-31-16

​

11.57

​

0.17•

​

0.61

​

0.78

​

0.18

​

0.61

​

—

​

0.79

​

—

​

11.56

​

6.93

​

0.54

​

0.18

​

0.18

​

1.53

​

258

​

61

12-31-15

​

12.32

​

0.19•

​

(0.26)

​

(0.07)

​

0.24

​

0.44

​

—

​

0.68

​

—

​

11.57

​

(0.83)

​

0.44

​

0.18

​

0.18

​

1.56

​

138

​

78

12-31-14

​

11.65

​

0.24•

​

0.52

​

0.76

​

0.03

​

0.06

​

—

​

0.09

​

—

​

12.32

​

6.56

​

0.76

​

0.15

​

0.15

​

2.01

​

12

​

70

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.74

​

0.02•

​

1.87

​

1.89

​

—

​

—

​

—

​

—

​

—

​

13.63

​

16.10

​

0.45

​

0.24

​

0.24

​

0.31

​

10,313

​

56

12-31-18

​

13.85

​

0.19•

​

(1.58)

​

(1.39)

​

0.17

​

0.55

​

—

​

0.72

​

—

​

11.74

​

(10.72)

​

0.40

​

0.19

​

0.19

​

1.42

​

7,177

​

79

12-31-17

​

11.56

​

0.24•

​

2.32

​

2.56

​

0.10

​

0.17

​

—

​

0.27

​

—

​

13.85

​

22.28

​

0.41

​

0.16

​

0.16

​

1.82

​

5,015

​

52

05-02-16(5) - 12-31-16

​

11.66

​

0.44•

​

0.25

​

0.69

​

0.18

​

0.61

​

—

​

0.79

​

—

​

11.56

​

6.11

​

0.54

​

0.18

​

0.18

​

5.93

​

659

​

61

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.60

​

0.00*•

​

1.85

​

1.85

​

—

​

—

​

—

​

—

​

—

​

13.45

​

15.95

​

0.70

​

0.49

​

0.49

​

0.07

​

4,422

​

56

12-31-18

​

13.69

​

0.12•

​

(1.52)

​

(1.40)

​

0.14

​

0.55

​

—

​

0.69

​

—

​

11.60

​

(10.91)

​

0.65

​

0.44

​

0.44

​

0.93

​

3,123

​

79

12-31-17

​

11.44

​

0.12•

​

2.37

​

2.49

​

0.07

​

0.17

​

—

​

0.24

​

—

​

13.69

​

21.92

​

0.66

​

0.41

​

0.41

​

0.99

​

4,300

​

52

12-31-16

​

11.46

​

0.12•

​

0.63

​

0.75

​

0.16

​

0.61

​

—

​

0.77

​

—

​

11.44

​

6.75

​

0.79

​

0.43

​

0.43

​

1.08

​

3,954

​

61

12-31-15

​

12.23

​

0.13•

​

(0.23)

​

(0.10)

​

0.23

​

0.44

​

—

​

0.67

​

—

​

11.46

​

(1.12)

​

0.69

​

0.43

​

0.43

​

1.04

​

2,417

​

78

12-31-14

​

11.63

​

0.11•

​

0.61

​

0.72

​

0.06

​

0.06

​

—

​

0.12

​

—

​

12.23

​

6.25

​

1.01

​

0.40

​

0.40

​

0.92

​

1,395

​

70

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.43

​

(0.00)*•

​

1.82

​

1.82

​

—

​

—

​

—

​

—

​

—

​

13.25

​

15.92

​

0.85

​

0.64

​

0.64

​

(0.06)

​

1,411

​

56

12-31-18

​

13.52

​

0.13•

​

(1.54)

​

(1.41)

​

0.13

​

0.55

​

—

​

0.68

​

—

​

11.43

​

(11.08)

​

0.80

​

0.59

​

0.59

​

0.96

​

800

​

79

12-31-17

​

11.32

​

0.12•

​

2.32

​

2.44

​

0.07

​

0.17

​

—

​

0.24

​

—

​

13.52

​

21.71

​

0.81

​

0.56

​

0.56

​

0.99

​

681

​

52

12-31-16

​

11.36

​

0.13•

​

0.60

​

0.73

​

0.16

​

0.61

​

—

​

0.77

​

—

​

11.32

​

6.57

​

0.97

​

0.58

​

0.58

​

1.15

​

422

​

61

12-31-15

​

12.14

​

0.11•

​

(0.22)

​

(0.11)

​

0.23

​

0.44

​

—

​

0.67

​

—

​

11.36

​

(1.20)

​

0.94

​

0.58

​

0.58

​

0.93

​

169

​

78

12-31-14

​

11.56

​

0.18•

​

0.51

​

0.69

​

0.05

​

0.06

​

—

​

0.11

​

—

​

12.14

​

6.04

​

1.26

​

0.55

​

0.55

​

1.54

​

78

​

70

See Accompanying Notes to Financial Statements

27

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Balanced Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

8.89

​

0.02•

​

1.07

​

1.09

​

—

​

—

​

—

​

—

​

—

​

9.98

​

12.26

​

0.81

​

0.74

​

0.74

​

0.50

​

11,368

​

61

12-31-18

​

10.08

​

0.14•

​

(0.80)

​

(0.66)

​

0.16

​

0.37

​

—

​

0.53

​

—

​

8.89

​

(6.98)

​

0.80

​

0.69

​

0.69

​

1.39

​

11,984

​

60

12-31-17

​

9.06

​

0.13•

​

1.16

​

1.29

​

0.11

​

0.16

​

—

​

0.27

​

—

​

10.08

​

14.46

​

0.78

​

0.66

​

0.66

​

1.32

​

19,020

​

48

12-31-16

​

9.39

​

0.12•

​

0.44

​

0.56

​

0.20

​

0.69

​

—

​

0.89

​

—

​

9.06

​

6.08

​

0.78

​

0.64

​

0.64

​

1.25

​

18,215

​

78

12-31-15

​

10.57

​

0.10•

​

(0.14)

​

(0.04)

​

0.28

​

0.86

​

—

​

1.14

​

—

​

9.39

​

(0.72)

​

0.78

​

0.65

​

0.65

​

0.97

​

25,079

​

49

12-31-14

​

10.88

​

0.12

​

0.52

​

0.64

​

0.20

​

0.75

​

—

​

0.95

​

—

​

10.57

​

6.14

​

0.78

​

0.64

​

0.64

​

1.09

​

28,237

​

61

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.24

​

0.05•

​

1.11

​

1.16

​

—

​

—

​

—

​

—

​

—

​

10.40

​

12.55

​

0.31

​

0.24

​

0.24

​

1.00

​

3,641

​

61

12-31-18

​

10.45

​

0.20•

​

(0.82)

​

(0.62)

​

0.22

​

0.37

​

—

​

0.59

​

—

​

9.24

​

(6.38)

​

0.30

​

0.19

​

0.19

​

1.97

​

3,689

​

60

12-31-17

​

9.40

​

0.21•

​

1.17

​

1.38

​

0.17

​

0.16

​

—

​

0.33

​

—

​

10.45

​

14.89

​

0.28

​

0.16

​

0.16

​

2.06

​

4,683

​

48

12-31-16

​

9.72

​

0.28•

​

0.35

​

0.63

​

0.26

​

0.69

​

—

​

0.95

​

—

​

9.40

​

6.69

​

0.28

​

0.14

​

0.14

​

3.03

​

2,092

​

78

12-31-15

​

10.90

​

0.18•

​

(0.16)

​

0.02

​

0.34

​

0.86

​

—

​

1.20

​

—

​

9.72

​

(0.19)

​

0.28

​

0.15

​

0.15

​

1.72

​

59

​

49

12-31-14

​

11.19

​

0.27•

​

0.45

​

0.72

​

0.26

​

0.75

​

—

​

1.01

​

—

​

10.90

​

6.66

​

0.28

​

0.14

​

0.14

​

2.53

​

23

​

61

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.24

​

0.05•

​

1.11

​

1.16

​

—

​

—

​

—

​

—

​

—

​

10.40

​

12.55

​

0.31

​

0.24

​

0.24

​

1.03

​

18,515

​

61

12-31-18

​

10.45

​

0.18

​

(0.80)

​

(0.62)

​

0.22

​

0.37

​

—

​

0.59

​

—

​

9.24

​

(6.38)

​

0.30

​

0.19

​

0.19

​

2.00

​

13,738

​

60

12-31-17

​

9.39

​

0.22•

​

1.17

​

1.39

​

0.17

​

0.16

​

—

​

0.33

​

—

​

10.45

​

15.01

​

0.28

​

0.16

​

0.16

​

2.20

​

13,145

​

48

05-02-16(5) - 12-31-16

​

9.89

​

0.23•

​

0.22

​

0.45

​

0.26

​

0.69

​

—

​

0.95

​

—

​

9.39

​

4.75

​

0.28

​

0.14

​

0.14

​

3.74

​

2,412

​

78

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.01

​

0.04•

​

1.08

​

1.12

​

—

​

—

​

—

​

—

​

—

​

10.13

​

12.43

​

0.56

​

0.49

​

0.49

​

0.76

​

20,724

​

61

12-31-18

​

10.21

​

0.17•

​

(0.81)

​

(0.64)

​

0.19

​

0.37

​

—

​

0.56

​

—

​

9.01

​

(6.70)

​

0.55

​

0.44

​

0.44

​

1.69

​

19,594

​

60

12-31-17

​

9.18

​

0.15•

​

1.19

​

1.34

​

0.15

​

0.16

​

—

​

0.31

​

—

​

10.21

​

14.75

​

0.53

​

0.41

​

0.41

​

1.54

​

23,906

​

48

12-31-16

​

9.52

​

0.16

​

0.43

​

0.59

​

0.24

​

0.69

​

—

​

0.93

​

—

​

9.18

​

6.32

​

0.53

​

0.39

​

0.39

​

1.63

​

25,331

​

78

12-31-15

​

10.70

​

0.13

​

(0.14)

​

(0.01)

​

0.31

​

0.86

​

—

​

1.17

​

—

​

9.52

​

(0.46)

​

0.53

​

0.40

​

0.40

​

1.28

​

22,552

​

49

12-31-14

​

11.01

​

0.16

​

0.51

​

0.67

​

0.23

​

0.75

​

—

​

0.98

​

—

​

10.70

​

6.34

​

0.53

​

0.39

​

0.39

​

1.35

​

23,128

​

61

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.00

​

0.03•

​

1.08

​

1.11

​

—

​

—

​

—

​

—

​

—

​

10.11

​

12.33

​

0.71

​

0.64

​

0.64

​

0.67

​

2,402

​

61

12-31-18

​

10.17

​

0.13•

​

(0.79)

​

(0.66)

​

0.14

​

0.37

​

—

​

0.51

​

—

​

9.00

​

(6.89)

​

0.70

​

0.59

​

0.59

​

1.30

​

856

​

60

12-31-17

​

9.16

​

0.14•

​

1.18

​

1.32

​

0.15

​

0.16

​

—

​

0.31

​

—

​

10.17

​

14.63

​

0.68

​

0.56

​

0.56

​

1.43

​

2,004

​

48

12-31-16

​

9.50

​

0.18•

​

0.39

​

0.57

​

0.22

​

0.69

​

—

​

0.91

​

—

​

9.16

​

6.10

​

0.71

​

0.54

​

0.54

​

1.96

​

1,668

​

78

12-31-15

​

10.67

​

0.11•

​

(0.13)

​

(0.02)

​

0.29

​

0.86

​

—

​

1.15

​

—

​

9.50

​

(0.60)

​

0.78

​

0.55

​

0.55

​

1.06

​

578

​

49

12-31-14

​

10.95

​

0.12•

​

0.54

​

0.66

​

0.19

​

0.75

​

—

​

0.94

​

—

​

10.67

​

6.22

​

0.78

​

0.54

​

0.54

​

1.06

​

671

​

61

See Accompanying Notes to Financial Statements

28

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Conservative Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.40

​

0.07•

​

0.71

​

0.78

​

—

​

—

​

—

​

—

​

—

​

11.18

​

7.50

​

0.94

​

0.68

​

0.68

​

1.30

​

8,859

​

47

12-31-18

​

11.06

​

0.22

​

(0.47)

​

(0.25)

​

0.22

​

0.19

​

—

​

0.41

​

—

​

10.40

​

(2.39)

​

0.89

​

0.63

​

0.63

​

1.92

​

7,912

​

67

12-31-17

​

10.60

​

0.20•

​

0.55

​

0.75

​

0.22

​

0.07

​

—

​

0.29

​

—

​

11.06

​

7.06

​

0.86

​

0.62

​

0.62

​

1.84

​

8,486

​

63

12-31-16

​

10.45

​

0.20

​

0.40

​

0.60

​

0.19

​

0.26

​

—

​

0.45

​

—

​

10.60

​

5.76

​

0.85

​

0.62

​

0.62

​

1.79

​

8,524

​

58

12-31-15

​

11.15

​

0.14•

​

(0.22)

​

(0.08)

​

0.27

​

0.35

​

—

​

0.62

​

—

​

10.45

​

(0.76)

​

0.83

​

0.61

​

0.61

​

1.29

​

8,595

​

51

12-31-14

​

11.42

​

0.17

​

0.30

​

0.47

​

0.27

​

0.47

​

—

​

0.74

​

—

​

11.15

​

4.20

​

0.81

​

0.58

​

0.58

​

1.62

​

11,527

​

54

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.54

​

0.10•

​

0.72

​

0.82

​

—

​

—

​

—

​

—

​

—

​

11.36

​

7.78

​

0.44

​

0.18

​

0.18

​

1.85

​

579

​

47

12-31-18

​

11.21

​

0.28•

​

(0.49)

​

(0.21)

​

0.27

​

0.19

​

—

​

0.46

​

—

​

10.54

​

(1.94)

​

0.39

​

0.13

​

0.13

​

2.62

​

274

​

67

12-31-17

​

10.74

​

0.25•

​

0.56

​

0.81

​

0.27

​

0.07

​

—

​

0.34

​

—

​

11.21

​

7.60

​

0.36

​

0.12

​

0.12

​

2.31

​

90

​

63

12-31-16

​

10.60

​

0.29•

​

0.37

​

0.66

​

0.26

​

0.26

​

—

​

0.52

​

—

​

10.74

​

6.24

​

0.35

​

0.12

​

0.12

​

2.67

​

109

​

58

12-31-15

​

11.30

​

0.21•

​

(0.23)

​

(0.02)

​

0.33

​

0.35

​

—

​

0.68

​

—

​

10.60

​

(0.23)

​

0.33

​

0.11

​

0.11

​

1.86

​

13

​

51

12-31-14

​

11.57

​

0.25•

​

0.27

​

0.52

​

0.32

​

0.47

​

—

​

0.79

​

—

​

11.30

​

4.63

​

0.31

​

0.08

​

0.08

​

2.19

​

10

​

54

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.54

​

0.10•

​

0.72

​

0.82

​

—

​

—

​

—

​

—

​

—

​

11.36

​

7.78

​

0.44

​

0.18

​

0.18

​

1.80

​

6,186

​

47

12-31-18

​

11.21

​

0.28•

​

(0.49)

​

(0.21)

​

0.27

​

0.19

​

—

​

0.46

​

—

​

10.54

​

(1.94)

​

0.39

​

0.13

​

0.13

​

2.52

​

5,056

​

67

12-31-17

​

10.74

​

0.27•

​

0.54

​

0.81

​

0.27

​

0.07

​

—

​

0.34

​

—

​

11.21

​

7.60

​

0.36

​

0.12

​

0.12

​

2.42

​

3,439

​

63

05-02-16(5) - 12-31-16

​

10.98

​

0.20•

​

0.08

​

0.28

​

0.26

​

0.26

​

—

​

0.52

​

—

​

10.74

​

2.57

​

0.35

​

0.12

​

0.12

​

2.81

​

718

​

58

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.48

​

0.08•

​

0.72

​

0.80

​

—

​

—

​

—

​

—

​

—

​

11.28

​

7.63

​

0.69

​

0.43

​

0.43

​

1.54

​

3,426

​

47

12-31-18

​

11.13

​

0.24•

​

(0.47)

​

(0.23)

​

0.23

​

0.19

​

—

​

0.42

​

—

​

10.48

​

(2.14)

​

0.64

​

0.38

​

0.38

​

2.16

​

3,508

​

67

12-31-17

​

10.66

​

0.22•

​

0.56

​

0.78

​

0.24

​

0.07

​

—

​

0.31

​

—

​

11.13

​

7.31

​

0.61

​

0.37

​

0.37

​

2.04

​

4,020

​

63

12-31-16

​

10.52

​

0.22•

​

0.41

​

0.63

​

0.23

​

0.26

​

—

​

0.49

​

—

​

10.66

​

6.04

​

0.60

​

0.37

​

0.37

​

2.02

​

6,513

​

58

12-31-15

​

11.22

​

0.17

​

(0.21)

​

(0.04)

​

0.31

​

0.35

​

—

​

0.66

​

—

​

10.52

​

(0.48)

​

0.58

​

0.36

​

0.36

​

1.61

​

5,539

​

51

12-31-14

​

11.49

​

0.21•

​

0.29

​

0.50

​

0.30

​

0.47

​

—

​

0.77

​

—

​

11.22

​

4.40

​

0.56

​

0.33

​

0.33

​

1.86

​

5,867

​

54

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.39

​

0.07•

​

0.72

​

0.79

​

—

​

—

​

—

​

—

​

—

​

11.18

​

7.60

​

0.84

​

0.58

​

0.58

​

1.39

​

442

​

47

12-31-18

​

11.04

​

0.21•

​

(0.46)

​

(0.25)

​

0.21

​

0.19

​

—

​

0.40

​

—

​

10.39

​

(2.34)

​

0.79

​

0.53

​

0.53

​

1.97

​

438

​

67

12-31-17

​

10.59

​

0.21•

​

0.55

​

0.76

​

0.24

​

0.07

​

—

​

0.31

​

—

​

11.04

​

7.20

​

0.76

​

0.52

​

0.52

​

1.92

​

635

​

63

12-31-16

​

10.46

​

0.21•

​

0.40

​

0.61

​

0.22

​

0.26

​

—

​

0.48

​

—

​

10.59

​

5.90

​

0.78

​

0.52

​

0.52

​

1.94

​

506

​

58

12-31-15

​

11.17

​

0.16•

​

(0.22)

​

(0.06)

​

0.30

​

0.35

​

—

​

0.65

​

—

​

10.46

​

(0.67)

​

0.83

​

0.51

​

0.51

​

1.43

​

357

​

51

12-31-14

​

11.44

​

0.18

​

0.30

​

0.48

​

0.28

​

0.47

​

—

​

0.75

​

—

​

11.17

​

4.28

​

0.81

​

0.48

​

0.48

​

1.70

​

312

​

54

See Accompanying Notes to Financial Statements

29

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Income Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.92

​

0.05•

​

0.91

​

0.96

​

—

​

—

​

—

​

—

​

—

​

11.88

​

8.79

​

0.76

​

0.68

​

0.68

​

0.94

​

149,520

​

30

12-31-18

​

11.85

​

0.20•

​

(0.57)

​

(0.37)

​

0.26

​

0.30

​

—

​

0.56

​

—

​

10.92

​

(3.35)

​

0.75

​

0.62

​

0.62

​

1.77

​

148,720

​

38

12-31-17

​

11.11

​

0.18•

​

0.83

​

1.01

​

0.23

​

0.04

​

—

​

0.27

​

—

​

11.85

​

9.15

​

0.75

​

0.61

​

0.61

​

1.59

​

182,912

​

36

12-31-16

​

10.88

​

0.16•

​

0.31

​

0.47

​

0.11

​

0.13

​

—

​

0.24

​

—

​

11.11

​

4.26

​

0.75

​

0.62

​

0.62

​

1.41

​

205,103

​

46

12-31-15

​

11.61

​

0.13•

​

(0.15)

​

(0.02)

​

0.29

​

0.42

​

—

​

0.71

​

—

​

10.88

​

(0.30)

​

0.73

​

0.63

​

0.63

​

1.16

​

248,968

​

31

12-31-14

​

11.26

​

0.15•

​

0.47

​

0.62

​

0.27

​

—

​

—

​

0.27

​

—

​

11.61

​

5.53

​

0.75

​

0.62

​

0.62

​

1.33

​

84,286

​

47

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.19

​

0.08•

​

0.93

​

1.01

​

—

​

—

​

—

​

—

​

—

​

12.20

​

9.03

​

0.26

​

0.18

​

0.18

​

1.44

​

77,877

​

30

12-31-18

​

12.13

​

0.27•

​

(0.59)

​

(0.32)

​

0.32

​

0.30

​

—

​

0.62

​

—

​

11.19

​

(2.80)

​

0.25

​

0.12

​

0.12

​

2.29

​

75,592

​

38

12-31-17

​

11.38

​

0.25

​

0.84

​

1.09

​

0.30

​

0.04

​

—

​

0.34

​

—

​

12.13

​

9.66

​

0.25

​

0.11

​

0.11

​

2.09

​

85,891

​

36

12-31-16

​

11.12

​

0.22•

​

0.31

​

0.53

​

0.14

​

0.13

​

—

​

0.27

​

—

​

11.38

​

4.78

​

0.25

​

0.12

​

0.12

​

1.91

​

82,426

​

46

12-31-15

​

11.86

​

0.19•

​

(0.15)

​

0.04

​

0.36

​

0.42

​

—

​

0.78

​

—

​

11.12

​

0.20

​

0.23

​

0.13

​

0.13

​

1.72

​

98,321

​

31

12-31-14

​

11.51

​

0.22•

​

0.47

​

0.69

​

0.34

​

—

​

—

​

0.34

​

—

​

11.86

​

6.02

​

0.25

​

0.12

​

0.12

​

1.85

​

23,178

​

47

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.09

​

0.07•

​

0.93

​

1.00

​

—

​

—

​

—

​

—

​

—

​

12.09

​

9.02

​

0.51

​

0.43

​

0.43

​

1.18

​

111,327

​

30

12-31-18

​

12.03

​

0.24•

​

(0.59)

​

(0.35)

​

0.29

​

0.30

​

—

​

0.59

​

—

​

11.09

​

(3.14)

​

0.50

​

0.37

​

0.37

​

2.01

​

118,451

​

38

12-31-17

​

11.28

​

0.21•

​

0.85

​

1.06

​

0.27

​

0.04

​

—

​

0.31

​

—

​

12.03

​

9.41

​

0.50

​

0.36

​

0.36

​

1.83

​

155,100

​

36

12-31-16

​

11.04

​

0.19•

​

0.31

​

0.50

​

0.13

​

0.13

​

—

​

0.26

​

—

​

11.28

​

4.47

​

0.50

​

0.37

​

0.37

​

1.66

​

186,264

​

46

12-31-15

​

11.76

​

0.16•

​

(0.14)

​

0.02

​

0.32

​

0.42

​

—

​

0.74

​

—

​

11.04

​

0.10

​

0.48

​

0.38

​

0.38

​

1.43

​

225,274

​

31

12-31-14

​

11.41

​

0.19•

​

0.46

​

0.65

​

0.30

​

—

​

—

​

0.30

​

—

​

11.76

​

5.76

​

0.50

​

0.37

​

0.37

​

1.59

​

56,602

​

47

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.82

​

0.06•

​

0.90

​

0.96

​

—

​

—

​

—

​

—

​

—

​

11.78

​

8.87

​

0.66

​

0.58

​

0.58

​

1.04

​

6,217

​

30

12-31-18

​

11.72

​

0.21•

​

(0.56)

​

(0.35)

​

0.25

​

0.30

​

—

​

0.55

​

—

​

10.82

​

(3.21)

​

0.65

​

0.52

​

0.52

​

1.82

​

6,111

​

38

12-31-17

​

10.99

​

0.19•

​

0.82

​

1.01

​

0.24

​

0.04

​

—

​

0.28

​

—

​

11.72

​

9.23

​

0.65

​

0.51

​

0.51

​

1.67

​

9,533

​

36

12-31-16

​

10.77

​

0.16•

​

0.30

​

0.46

​

0.11

​

0.13

​

—

​

0.24

​

—

​

10.99

​

4.28

​

0.68

​

0.52

​

0.52

​

1.49

​

11,670

​

46

12-31-15

​

11.50

​

0.14•

​

(0.14)

​

0.00*

​

0.31

​

0.42

​

—

​

0.73

​

—

​

10.77

​

(0.13)

​

0.73

​

0.53

​

0.53

​

1.27

​

15,377

​

31

12-31-14

​

11.15

​

0.16•

​

0.46

​

0.62

​

0.27

​

—

​

—

​

0.27

​

—

​

11.50

​

5.61

​

0.75

​

0.52

​

0.52

​

1.42

​

4,281

​

47

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.65

​

0.05•

​

0.96

​

1.01

​

—

​

—

​

—

​

—

​

—

​

12.66

​

8.67

​

0.96

​

0.88

​

0.88

​

0.75

​

238

​

30

12-31-18

​

12.60

​

0.19

​

(0.60)

​

(0.41)

​

0.24

​

0.30

​

—

​

0.54

​

—

​

11.65

​

(3.45)

​

0.95

​

0.82

​

0.82

​

1.62

​

218

​

38

12-31-17

​

11.73

​

0.17

​

0.87

​

1.04

​

0.13

​

0.04

​

—

​

0.17

​

—

​

12.60

​

8.84

​

0.95

​

0.81

​

0.81

​

1.40

​

222

​

36

12-31-16

​

11.39

​

0.11•

​

0.36

​

0.47

​

—

​

0.13

​

—

​

0.13

​

—

​

11.73

​

4.11

​

0.97

​

0.82

​

0.82

​

0.92

​

205

​

46

12-31-15

​

12.07

​

0.13•

​

(0.17)

​

(0.04)

​

0.22

​

0.42

​

—

​

0.64

​

—

​

11.39

​

(0.40)

​

0.98

​

0.83

​

0.83

​

1.09

​

815

​

31

12-31-14

​

11.67

​

0.13•

​

0.48

​

0.61

​

0.21

​

—

​

—

​

0.21

​

—

​

12.07

​

5.22

​

1.00

​

0.82

​

0.82

​

1.05

​

91

​

47

See Accompanying Notes to Financial Statements

30

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Moderately Aggressive Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.39

​

0.02

​

1.61

​

1.63

​

—

​

—

​

—

​

—

​

—

​

13.02

​

14.31

​

0.76

​

0.74

​

0.74

​

0.18

​

23,787

​

44

12-31-18

​

13.39

​

0.14•

​

(1.32)

​

(1.18)

​

0.20

​

0.62

​

—

​

0.82

​

—

​

11.39

​

(9.44)

​

0.75

​

0.71

​

0.71

​

1.09

​

21,418

​

46

12-31-17

​

11.62

​

0.13•

​

1.93

​

2.06

​

0.15

​

0.14

​

—

​

0.29

​

—

​

13.39

​

17.89

​

0.75

​

0.71

​

0.71

​

1.04

​

27,468

​

31

12-31-16

​

11.23

​

0.11•

​

0.56

​

0.67

​

0.10

​

0.18

​

—

​

0.28

​

—

​

11.62

​

6.00

​

0.75

​

0.70

​

0.70

​

0.95

​

24,645

​

52

12-31-15

​

13.03

​

0.11•

​

(0.22)

​

(0.11)

​

0.37

​

1.32

​

—

​

1.69

​

—

​

11.23

​

(1.42)

​

0.74

​

0.69

​

0.69

​

0.94

​

31,416

​

26

12-31-14

​

13.38

​

0.12•

​

0.67

​

0.79

​

0.20

​

0.94

​

—

​

1.14

​

—

​

13.03

​

6.09

​

0.78

​

0.67

​

0.67

​

0.89

​

20,020

​

71

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.61

​

0.04•

​

1.66

​

1.70

​

—

​

—

​

—

​

—

​

—

​

13.31

​

14.64

​

0.26

​

0.24

​

0.24

​

0.68

​

4,425

​

44

12-31-18

​

13.64

​

0.21•

​

(1.35)

​

(1.14)

​

0.27

​

0.62

​

—

​

0.89

​

—

​

11.61

​

(9.02)

​

0.25

​

0.21

​

0.21

​

1.60

​

3,898

​

46

12-31-17

​

11.83

​

0.21•

​

1.95

​

2.16

​

0.21

​

0.14

​

—

​

0.35

​

—

​

13.64

​

18.50

​

0.25

​

0.21

​

0.21

​

1.62

​

6,062

​

31

12-31-16

​

11.44

​

0.17

​

0.55

​

0.72

​

0.15

​

0.18

​

—

​

0.33

​

—

​

11.83

​

6.40

​

0.25

​

0.20

​

0.20

​

1.55

​

4,334

​

52

12-31-15

​

13.23

​

0.23•

​

(0.27)

​

(0.04)

​

0.43

​

1.32

​

—

​

1.75

​

—

​

11.44

​

(0.85)

​

0.24

​

0.19

​

0.19

​

2.00

​

4,035

​

26

12-31-14

​

13.56

​

0.31•

​

0.56

​

0.87

​

0.26

​

0.94

​

—

​

1.20

​

—

​

13.23

​

6.60

​

0.28

​

0.17

​

0.17

​

2.39

​

56

​

71

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.61

​

0.04•

​

1.65

​

1.69

​

—

​

—

​

—

​

—

​

—

​

13.30

​

14.56

​

0.26

​

0.24

​

0.24

​

0.70

​

17,221

​

44

12-31-18

​

13.63

​

0.23•

​

(1.36)

​

(1.13)

​

0.27

​

0.62

​

—

​

0.89

​

—

​

11.61

​

(8.94)

​

0.25

​

0.21

​

0.21

​

1.76

​

12,083

​

46

12-31-17

​

11.82

​

0.25•

​

1.91

​

2.16

​

0.21

​

0.14

​

—

​

0.35

​

—

​

13.63

​

18.51

​

0.25

​

0.21

​

0.21

​

1.95

​

8,217

​

31

05-02-16(5) - 12-31-16

​

11.56

​

0.39•

​

0.20

​

0.59

​

0.15

​

0.18

​

—

​

0.33

​

—

​

11.82

​

5.21

​

0.25

​

0.20

​

0.20

​

5.04

​

1,287

​

52

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.49

​

0.03•

​

1.63

​

1.66

​

—

​

—

​

—

​

—

​

—

​

13.15

​

14.45

​

0.51

​

0.49

​

0.49

​

0.42

​

560,751

​

44

12-31-18

​

13.50

​

0.18•

​

(1.33)

​

(1.15)

​

0.24

​

0.62

​

—

​

0.86

​

—

​

11.49

​

(9.20)

​

0.50

​

0.46

​

0.46

​

1.34

​

525,590

​

46

12-31-17

​

11.71

​

0.16•

​

1.95

​

2.11

​

0.18

​

0.14

​

—

​

0.32

​

—

​

13.50

​

18.22

​

0.50

​

0.46

​

0.46

​

1.28

​

670,319

​

31

12-31-16

​

11.34

​

0.14•

​

0.55

​

0.69

​

0.14

​

0.18

​

—

​

0.32

​

—

​

11.71

​

6.17

​

0.50

​

0.45

​

0.45

​

1.25

​

661,798

​

52

12-31-15

​

13.13

​

0.21•

​

(0.29)

​

(0.08)

​

0.39

​

1.32

​

—

​

1.71

​

—

​

11.34

​

(1.15)

​

0.49

​

0.44

​

0.44

​

1.81

​

719,319

​

26

12-31-14

​

13.47

​

0.15

​

0.68

​

0.83

​

0.23

​

0.94

​

—

​

1.17

​

—

​

13.13

​

6.33

​

0.53

​

0.42

​

0.42

​

1.04

​

11,315

​

71

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.50

​

0.02•

​

1.63

​

1.65

​

—

​

—

​

—

​

—

​

—

​

13.15

​

14.35

​

0.66

​

0.64

​

0.64

​

0.29

​

917

​

44

12-31-18

​

13.47

​

0.15•

​

(1.32)

​

(1.17)

​

0.18

​

0.62

​

—

​

0.80

​

—

​

11.50

​

(9.31)

​

0.65

​

0.61

​

0.61

​

1.10

​

732

​

46

12-31-17

​

11.70

​

0.15•

​

1.94

​

2.09

​

0.18

​

0.14

​

—

​

0.32

​

—

​

13.47

​

18.05

​

0.65

​

0.61

​

0.61

​

1.20

​

1,695

​

31

12-31-16

​

11.32

​

0.13

​

0.54

​

0.67

​

0.11

​

0.18

​

—

​

0.29

​

—

​

11.70

​

5.97

​

0.68

​

0.60

​

0.60

​

1.14

​

1,132

​

52

12-31-15

​

13.12

​

0.12•

​

(0.21)

​

(0.09)

​

0.39

​

1.32

​

—

​

1.71

​

—

​

11.32

​

(1.21)

​

0.74

​

0.59

​

0.59

​

0.98

​

1,040

​

26

12-31-14

​

13.50

​

0.14•

​

0.67

​

0.81

​

0.25

​

0.94

​

—

​

1.19

​

—

​

13.12

​

6.17

​

0.78

​

0.57

​

0.57

​

1.08

​

806

​

71

See Accompanying Notes to Financial Statements

31

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Moderately Conservative Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.13

​

0.04•

​

0.85

​

0.89

​

—

​

—

​

—

​

—

​

—

​

10.02

​

9.75

​

0.84

​

0.70

​

0.70

​

0.92

​

9,556

​

56

12-31-18

​

9.99

​

0.17•

​

(0.60)

​

(0.43)

​

0.20

​

0.23

​

—

​

0.43

​

—

​

9.13

​

(4.52)

​

0.83

​

0.67

​

0.67

​

1.79

​

9,033

​

59

12-31-17

​

9.24

​

0.15•

​

0.78

​

0.93

​

0.18

​

—

​

—

​

0.18

​

—

​

9.99

​

10.09

​

0.83

​

0.65

​

0.65

​

1.57

​

11,134

​

47

12-31-16

​

9.51

​

0.13•

​

0.40

​

0.53

​

0.20

​

0.60

​

—

​

0.80

​

—

​

9.24

​

5.64

​

0.80

​

0.64

​

0.64

​

1.35

​

13,487

​

65

12-31-15

​

10.45

​

0.10

​

(0.14)

​

(0.04)

​

0.28

​

0.62

​

—

​

0.90

​

—

​

9.51

​

(0.60)

​

0.78

​

0.66

​

0.66

​

1.09

​

22,005

​

58

12-31-14

​

10.80

​

0.15

​

0.39

​

0.54

​

0.23

​

0.66

​

—

​

0.89

​

—

​

10.45

​

5.20

​

0.78

​

0.65

​

0.65

​

1.30

​

21,659

​

66

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.54

​

0.07•

​

0.88

​

0.95

​

—

​

—

​

—

​

—

​

—

​

10.49

​

9.96

​

0.34

​

0.20

​

0.20

​

1.43

​

34

​

56

12-31-18

​

10.42

​

0.24•

​

(0.64)

​

(0.40)

​

0.25

​

0.23

​

—

​

0.48

​

—

​

9.54

​

(4.04)

​

0.33

​

0.17

​

0.17

​

2.35

​

31

​

59

12-31-17

​

9.65

​

0.21•

​

0.82

​

1.03

​

0.26

​

—

​

—

​

0.26

​

—

​

10.42

​

10.73

​

0.33

​

0.15

​

0.15

​

2.06

​

27

​

47

12-31-16

​

9.93

​

0.19

​

0.41

​

0.60

​

0.28

​

0.60

​

—

​

0.88

​

—

​

9.65

​

6.12

​

0.30

​

0.14

​

0.14

​

1.93

​

33

​

65

12-31-15

​

10.87

​

0.16

​

(0.15)

​

0.01

​

0.33

​

0.62

​

—

​

0.95

​

—

​

9.93

​

(0.09)

​

0.28

​

0.16

​

0.16

​

1.58

​

36

​

58

12-31-14

​

11.20

​

0.23•

​

0.39

​

0.62

​

0.29

​

0.66

​

—

​

0.95

​

—

​

10.87

​

5.74

​

0.28

​

0.15

​

0.15

​

2.19

​

37

​

66

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.53

​

0.07•

​

0.88

​

0.95

​

—

​

—

​

—

​

—

​

—

​

10.48

​

9.97

​

0.34

​

0.20

​

0.20

​

1.44

​

5,913

​

56

12-31-18

​

10.41

​

0.25•

​

(0.65)

​

(0.40)

​

0.25

​

0.23

​

—

​

0.48

​

—

​

9.53

​

(4.05)

​

0.33

​

0.17

​

0.17

​

2.45

​

3,780

​

59

12-31-17

​

9.64

​

0.24•

​

0.78

​

1.02

​

0.25

​

—

​

—

​

0.25

​

—

​

10.41

​

10.68

​

0.33

​

0.15

​

0.15

​

2.37

​

2,164

​

47

05-02-16(5) - 12-31-16

​

10.17

​

0.36•

​

(0.01)

​

0.35

​

0.28

​

0.60

​

—

​

0.88

​

—

​

9.64

​

3.52

​

0.30

​

0.14

​

0.14

​

5.68

​

287

​

65

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.32

​

0.06•

​

0.86

​

0.92

​

—

​

—

​

—

​

—

​

—

​

10.24

​

9.87

​

0.59

​

0.45

​

0.45

​

1.19

​

18,664

​

56

12-31-18

​

10.19

​

0.20•

​

(0.63)

​

(0.43)

​

0.21

​

0.23

​

—

​

0.44

​

—

​

9.32

​

(4.35)

​

0.58

​

0.42

​

0.42

​

2.05

​

14,452

​

59

12-31-17

​

9.44

​

0.18•

​

0.79

​

0.97

​

0.22

​

—

​

—

​

0.22

​

—

​

10.19

​

10.40

​

0.58

​

0.40

​

0.40

​

1.80

​

17,134

​

47

12-31-16

​

9.73

​

0.17

​

0.39

​

0.56

​

0.25

​

0.60

​

—

​

0.85

​

—

​

9.44

​

5.87

​

0.55

​

0.39

​

0.39

​

1.74

​

20,883

​

65

12-31-15

​

10.67

​

0.14•

​

(0.16)

​

(0.02)

​

0.30

​

0.62

​

—

​

0.92

​

—

​

9.73

​

(0.38)

​

0.53

​

0.41

​

0.41

​

1.33

​

20,081

​

58

12-31-14

​

11.00

​

0.17•

​

0.42

​

0.59

​

0.26

​

0.66

​

—

​

0.92

​

—

​

10.67

​

5.58

​

0.53

​

0.40

​

0.40

​

1.53

​

22,346

​

66

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.21

​

0.06•

​

0.84

​

0.90

​

—

​

—

​

—

​

—

​

—

​

10.11

​

9.77

​

0.74

​

0.60

​

0.60

​

1.16

​

5,082

​

56

12-31-18

​

10.08

​

0.18

​

(0.61)

​

(0.43)

​

0.21

​

0.23

​

—

​

0.44

​

—

​

9.21

​

(4.46)

​

0.73

​

0.57

​

0.57

​

1.96

​

1,072

​

59

12-31-17

​

9.34

​

0.17•

​

0.79

​

0.96

​

0.22

​

—

​

—

​

0.22

​

—

​

10.08

​

10.33

​

0.73

​

0.55

​

0.55

​

1.71

​

1,021

​

47

12-31-16

​

9.64

​

0.14

​

0.39

​

0.53

​

0.23

​

0.60

​

—

​

0.83

​

—

​

9.34

​

5.62

​

0.73

​

0.54

​

0.54

​

1.61

​

845

​

65

12-31-15

​

10.59

​

0.10

​

(0.13)

​

(0.03)

​

0.30

​

0.62

​

—

​

0.92

​

—

​

9.64

​

(0.50)

​

0.78

​

0.56

​

0.56

​

1.14

​

751

​

58

12-31-14

​

10.93

​

0.16•

​

0.41

​

0.57

​

0.25

​

0.66

​

—

​

0.91

​

—

​

10.59

​

5.40

​

0.78

​

0.55

​

0.55

​

1.43

​

848

​

66

See Accompanying Notes to Financial Statements

32

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 2020 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	11.85	​	0.04•	​	1.19	​	1.23	​	—	​	—	​	—	​	—	​	—	​	13.08	​	10.38	​	0.82	​	0.69	​	0.69	​	0.70	​	14,121	​	56
12-31-18	​	13.23	​	0.21	​	(0.77)	​	(0.56)	​	0.20	​	0.62	​	—	​	0.82	​	—	​	11.85	​	(4.50)	​	0.79	​	0.64	​	0.64	​	1.67	​	13,352	​	83
12-31-17	​	12.15	​	0.20•	​	1.30	​	1.50	​	0.14	​	0.28	​	—	​	0.42	​	—	​	13.23	​	12.43	​	0.81	​	0.61	​	0.61	​	1.59	​	14,590	​	72
12-31-16	​	11.65	​	0.18•	​	0.43	​	0.61	​	0.05	​	0.06	​	—	​	0.11	​	—	​	12.15	​	5.21	​	0.86	​	0.64	​	0.64	​	1.53	​	9,167	​	84
12-31-15	​	12.87	​	0.19•	​	(0.05)	​	0.14	​	0.57	​	0.79	​	—	​	1.36	​	—	​	11.65	​	0.88	​	1.49	​	0.63	​	0.63	​	1.60	​	2,853	​	86
12-31-14	​	12.19	​	0.20•	​	0.53	​	0.73	​	0.01	​	0.04	​	—	​	0.05	​	—	​	12.87	​	5.97	​	4.32	​	0.63	​	0.63	​	1.55	​	631	​	32
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	12.13	​	0.08•	​	1.21	​	1.29	​	—	​	—	​	—	​	—	​	—	​	13.42	​	10.63	​	0.32	​	0.19	​	0.19	​	1.19	​	6,973	​	56
12-31-18	​	13.51	​	0.28•	​	(0.78)	​	(0.50)	​	0.26	​	0.62	​	—	​	0.88	​	—	​	12.13	​	(4.02)	​	0.29	​	0.14	​	0.14	​	2.16	​	7,160	​	83
12-31-17	​	12.37	​	0.26	​	1.33	​	1.59	​	0.17	​	0.28	​	—	​	0.45	​	—	​	13.51	​	13.01	​	0.31	​	0.11	​	0.11	​	2.00	​	7,487	​	72
12-31-16	​	11.81	​	0.26•	​	0.42	​	0.68	​	0.06	​	0.06	​	—	​	0.12	​	—	​	12.37	​	5.73	​	0.36	​	0.14	​	0.14	​	2.13	​	6,377	​	84
12-31-15	​	13.04	​	0.32•	​	(0.11)	​	0.21	​	0.65	​	0.79	​	—	​	1.44	​	—	​	11.81	​	1.38	​	0.99	​	0.13	​	0.13	​	2.76	​	2,157	​	86
12-31-14	​	12.29	​	0.19	​	0.60	​	0.79	​	—	​	0.04	​	—	​	0.04	​	—	​	13.04	​	6.41	​	3.82	​	0.13	​	0.13	​	1.52	​	4	​	32
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	12.07	​	0.06•	​	1.20	​	1.26	​	—	​	—	​	—	​	—	​	—	​	13.33	​	10.44	​	0.57	​	0.44	​	0.44	​	0.94	​	11,300	​	56
12-31-18	​	13.46	​	0.25•	​	(0.78)	​	(0.53)	​	0.24	​	0.62	​	—	​	0.86	​	—	​	12.07	​	(4.27)	​	0.54	​	0.39	​	0.39	​	1.94	​	12,873	​	83
12-31-17	​	12.33	​	0.25•	​	1.31	​	1.56	​	0.15	​	0.28	​	—	​	0.43	​	—	​	13.46	​	12.78	​	0.56	​	0.36	​	0.36	​	1.91	​	10,565	​	72
12-31-16	​	11.80	​	0.20•	​	0.44	​	0.64	​	0.05	​	0.06	​	—	​	0.11	​	—	​	12.33	​	5.46	​	0.61	​	0.39	​	0.39	​	1.65	​	6,477	​	84
12-31-15	​	13.01	​	0.53•	​	(0.34)	​	0.19	​	0.61	​	0.79	​	—	​	1.40	​	—	​	11.80	​	1.23	​	1.24	​	0.38	​	0.38	​	4.58	​	4,145	​	86
12-31-14	​	12.30	​	0.16	​	0.59	​	0.75	​	—	​	0.04	​	—	​	0.04	​	—	​	13.01	​	6.08	​	4.07	​	0.38	​	0.38	​	1.27	​	4	​	32
Class S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	11.93	​	0.05•	​	1.19	​	1.24	​	—	​	—	​	—	​	—	​	—	​	13.17	​	10.39	​	0.72	​	0.59	​	0.59	​	0.78	​	356	​	56
12-31-18	​	13.32	​	0.21•	​	(0.75)	​	(0.54)	​	0.23	​	0.62	​	—	​	0.85	​	—	​	11.93	​	(4.37)	​	0.69	​	0.54	​	0.54	​	1.63	​	485	​	83
12-31-17	​	12.22	​	0.26•	​	1.26	​	1.52	​	0.14	​	0.28	​	—	​	0.42	​	—	​	13.32	​	12.54	​	0.71	​	0.51	​	0.51	​	2.05	​	660	​	72
12-31-16	​	11.70	​	0.14•	​	0.48	​	0.62	​	0.04	​	0.06	​	—	​	0.10	​	—	​	12.22	​	5.33	​	0.79	​	0.54	​	0.54	​	1.18	​	148	​	84
12-31-15	​	12.91	​	0.36•	​	(0.20)	​	0.16	​	0.58	​	0.79	​	—	​	1.37	​	—	​	11.70	​	1.08	​	1.49	​	0.53	​	0.53	​	3.08	​	283	​	86
12-31-14	​	12.23	​	0.14	​	0.58	​	0.72	​	—	​	0.04	​	—	​	0.04	​	—	​	12.91	​	5.87	​	4.32	​	0.53	​	0.53	​	1.12	​	4	​	32
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	11.85	​	0.03•	​	1.19	​	1.22	​	—	​	—	​	—	​	—	​	—	​	13.07	​	10.30	​	1.02	​	0.89	​	0.89	​	0.50	​	14	​	56
12-31-18	​	13.24	​	0.19•	​	(0.77)	​	(0.58)	​	0.19	​	0.62	​	—	​	0.81	​	—	​	11.85	​	(4.71)	​	0.99	​	0.84	​	0.84	​	1.51	​	12	​	83
12-31-17	​	12.16	​	0.18•	​	1.29	​	1.47	​	0.11	​	0.28	​	—	​	0.39	​	—	​	13.24	​	12.22	​	1.01	​	0.81	​	0.81	​	1.42	​	12	​	72
12-31-16	​	11.64	​	0.15•	​	0.43	​	0.58	​	—	​	0.06	​	—	​	0.06	​	—	​	12.16	​	4.99	​	1.08	​	0.84	​	0.84	​	1.29	​	8	​	84
12-31-15	​	12.87	​	0.11•	​	0.01	​	0.12	​	0.56	​	0.79	​	—	​	1.35	​	—	​	11.64	​	0.72	​	1.74	​	0.83	​	0.83	​	0.91	​	4	​	86
12-31-14	​	12.21	​	0.10	​	0.60	​	0.70	​	—	​	0.04	​	—	​	0.04	​	—	​	12.87	​	5.72	​	4.57	​	0.83	​	0.83	​	0.81	​	4	​	32

See Accompanying Notes to Financial Statements

33

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2025 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.48

​

0.04

​

1.18

​

1.22

​

—

​

—

​

—

​

—

​

—

​

11.70

​

11.64

​

0.75

​

0.70

​

0.70

​

0.48

​

256,604

​

34

12-31-18

​

11.72

​

0.16•

​

(0.82)

​

(0.66)

​

0.21

​

0.37

​

—

​

0.58

​

—

​

10.48

​

(5.97)

​

0.74

​

0.67

​

0.67

​

1.38

​

244,883

​

47

12-31-17

​

10.66

​

0.15•

​

1.42

​

1.57

​

0.19

​

0.32

​

—

​

0.51

​

—

​

11.72

​

15.02

​

0.74

​

0.66

​

0.66

​

1.36

​

300,453

​

46

12-31-16

​

11.17

​

0.14•

​

0.47

​

0.61

​

0.21

​

0.91

​

—

​

1.12

​

—

​

10.66

​

5.53

​

0.74

​

0.64

​

0.64

​

1.31

​

302,670

​

43

12-31-15

​

12.83

​

0.11•

​

(0.09)

​

0.02

​

0.37

​

1.31

​

—

​

1.68

​

—

​

11.17

​

(0.26)

​

0.74

​

0.65

​

0.65

​

0.89

​

357,443

​

42

12-31-14

​

13.06

​

0.12•

​

0.54

​

0.66

​

0.23

​

0.66

​

—

​

0.89

​

—

​

12.83

​

5.26

​

0.74

​

0.63

​

0.63

​

0.94

​

435,280

​

46

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.78

​

0.06•

​

1.22

​

1.28

​

—

​

—

​

—

​

—

​

—

​

12.06

​

11.87

​

0.25

​

0.20

​

0.20

​

0.98

​

244,826

​

34

12-31-18

​

12.04

​

0.23•

​

(0.85)

​

(0.62)

​

0.27

​

0.37

​

—

​

0.64

​

—

​

10.78

​

(5.48)

​

0.24

​

0.17

​

0.17

​

1.93

​

219,811

​

47

12-31-17

​

10.94

​

0.22•

​

1.46

​

1.68

​

0.26

​

0.32

​

—

​

0.58

​

—

​

12.04

​

15.62

​

0.24

​

0.16

​

0.16

​

1.92

​

243,053

​

46

12-31-16

​

11.44

​

0.21

​

0.48

​

0.69

​

0.28

​

0.91

​

—

​

1.19

​

—

​

10.94

​

6.13

​

0.24

​

0.14

​

0.14

​

1.84

​

193,795

​

43

12-31-15

​

13.12

​

0.18•

​

(0.10)

​

0.08

​

0.45

​

1.31

​

—

​

1.76

​

—

​

11.44

​

0.19

​

0.24

​

0.15

​

0.15

​

1.44

​

204,693

​

42

12-31-14

​

13.34

​

0.20•

​

0.55

​

0.75

​

0.31

​

0.66

​

—

​

0.97

​

—

​

13.12

​

5.82

​

0.24

​

0.13

​

0.13

​

1.47

​

197,457

​

46

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.65

​

0.04•

​

1.21

​

1.25

​

—

​

—

​

—

​

—

​

—

​

11.90

​

11.74

​

0.50

​

0.45

​

0.45

​

0.73

​

299,592

​

34

12-31-18

​

11.90

​

0.19•

​

(0.83)

​

(0.64)

​

0.24

​

0.37

​

—

​

0.61

​

—

​

10.65

​

(5.73)

​

0.49

​

0.42

​

0.42

​

1.64

​

294,102

​

47

12-31-17

​

10.82

​

0.18•

​

1.45

​

1.63

​

0.23

​

0.32

​

—

​

0.55

​

—

​

11.90

​

15.29

​

0.49

​

0.41

​

0.41

​

1.60

​

359,764

​

46

12-31-16

​

11.32

​

0.17•

​

0.48

​

0.65

​

0.24

​

0.91

​

—

​

1.15

​

—

​

10.82

​

5.88

​

0.49

​

0.39

​

0.39

​

1.58

​

376,403

​

43

12-31-15

​

13.00

​

0.14•

​

(0.10)

​

0.04

​

0.41

​

1.31

​

—

​

1.72

​

—

​

11.32

​

(0.09)

​

0.49

​

0.40

​

0.40

​

1.14

​

418,555

​

42

12-31-14

​

13.22

​

0.16•

​

0.55

​

0.71

​

0.27

​

0.66

​

—

​

0.93

​

—

​

13.00

​

5.58

​

0.49

​

0.38

​

0.38

​

1.21

​

486,302

​

46

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.35

​

0.03•

​

1.19

​

1.22

​

—

​

—

​

—

​

—

​

—

​

11.57

​

11.79

​

0.65

​

0.60

​

0.60

​

0.57

​

10,858

​

34

12-31-18

​

11.56

​

0.15•

​

(0.79)

​

(0.64)

​

0.20

​

0.37

​

—

​

0.57

​

—

​

10.35

​

(5.88)

​

0.64

​

0.57

​

0.57

​

1.34

​

11,715

​

47

12-31-17

​

10.52

​

0.16•

​

1.40

​

1.56

​

0.20

​

0.32

​

—

​

0.52

​

—

​

11.56

​

15.07

​

0.64

​

0.56

​

0.56

​

1.40

​

16,911

​

46

12-31-16

​

11.03

​

0.15•

​

0.47

​

0.62

​

0.22

​

0.91

​

—

​

1.13

​

—

​

10.52

​

5.75

​

0.67

​

0.54

​

0.54

​

1.39

​

22,356

​

43

12-31-15

​

12.70

​

0.12•

​

(0.10)

​

0.02

​

0.38

​

1.31

​

—

​

1.69

​

—

​

11.03

​

(0.23)

​

0.74

​

0.55

​

0.55

​

0.98

​

27,673

​

42

12-31-14

​

12.93

​

0.13•

​

0.55

​

0.68

​

0.25

​

0.66

​

—

​

0.91

​

—

​

12.70

​

5.40

​

0.74

​

0.53

​

0.53

​

1.03

​

35,050

​

46

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.96

​

0.02•

​

1.24

​

1.26

​

—

​

—

​

—

​

—

​

—

​

12.22

​

11.50

​

0.95

​

0.90

​

0.90

​

0.29

​

490

​

34

12-31-18

​

12.23

​

0.13•

​

(0.84)

​

(0.71)

​

0.19

​

0.37

​

—

​

0.56

​

—

​

10.96

​

(6.14)

​

0.94

​

0.87

​

0.87

​

1.11

​

575

​

47

12-31-17

​

11.10

​

0.14•

​

1.48

​

1.62

​

0.17

​

0.32

​

—

​

0.49

​

—

​

12.23

​

14.78

​

0.94

​

0.86

​

0.86

​

1.18

​

821

​

46

12-31-16

​

11.58

​

0.14

​

0.48

​

0.62

​

0.19

​

0.91

​

—

​

1.10

​

—

​

11.10

​

5.43

​

0.96

​

0.84

​

0.84

​

1.14

​

806

​

43

12-31-15

​

13.07

​

0.09•

​

(0.12)

​

(0.03)

​

0.15

​

1.31

​

—

​

1.46

​

—

​

11.58

​

(0.56)

​

0.99

​

0.85

​

0.85

​

0.70

​

837

​

42

12-31-14

​

13.29

​

0.06•

​

0.60

​

0.66

​

0.22

​

0.66

​

—

​

0.88

​

—

​

13.07

​

5.14

​

0.99

​

0.83

​

0.83

​

0.45

​

869

​

46

See Accompanying Notes to Financial Statements

34

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2030 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	13.79	​	0.01•	​	1.79	​	1.80	​	—	​	—	​	—	​	—	​	—	​	15.59	​	13.05	​	0.81	​	0.70	​	0.70	​	0.18	​	16,074	​	54
12-31-18	​	15.96	​	0.21	​	(1.31)	​	(1.10)	​	0.23	​	0.84	​	—	​	1.07	​	—	​	13.79	​	(7.47)	​	0.81	​	0.66	​	0.66	​	1.38	​	12,630	​	87
12-31-17	​	13.94	​	0.23•	​	2.15	​	2.38	​	0.12	​	0.24	​	—	​	0.36	​	—	​	15.96	​	17.22	​	0.83	​	0.64	​	0.64	​	1.50	​	13,589	​	63
12-31-16	​	13.24	​	0.23•	​	0.57	​	0.80	​	0.04	​	0.06	​	—	​	0.10	​	—	​	13.94	​	6.09	​	0.95	​	0.66	​	0.66	​	1.71	​	6,623	​	67
12-31-15	​	13.94	​	0.36•	​	(0.31)	​	0.05	​	0.19	​	0.56	​	—	​	0.75	​	—	​	13.24	​	0.18	​	2.57	​	0.66	​	0.66	​	2.65	​	1,569	​	69
12-31-14	​	13.23	​	0.14•	​	0.69	​	0.83	​	0.02	​	0.10	​	—	​	0.12	​	—	​	13.94	​	6.30	​	8.42	​	0.66	​	0.66	​	0.98	​	157	​	136
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.18	​	0.05•	​	1.83	​	1.88	​	—	​	—	​	—	​	—	​	—	​	16.06	​	13.26	​	0.31	​	0.20	​	0.20	​	0.67	​	10,304	​	54
12-31-18	​	16.36	​	0.31•	​	(1.36)	​	(1.05)	​	0.29	​	0.84	​	—	​	1.13	​	—	​	14.18	​	(6.98)	​	0.31	​	0.16	​	0.16	​	1.95	​	7,333	​	87
12-31-17	​	14.23	​	0.32•	​	2.19	​	2.51	​	0.14	​	0.24	​	—	​	0.38	​	—	​	16.36	​	17.86	​	0.33	​	0.14	​	0.14	​	2.07	​	8,625	​	63
12-31-16	​	13.46	​	0.35•	​	0.53	​	0.88	​	0.05	​	0.06	​	—	​	0.11	​	—	​	14.23	​	6.55	​	0.45	​	0.16	​	0.16	​	2.54	​	3,247	​	67
12-31-15	​	14.14	​	0.39•	​	(0.27)	​	0.12	​	0.24	​	0.56	​	—	​	0.80	​	—	​	13.46	​	0.66	​	2.07	​	0.16	​	0.16	​	2.90	​	861	​	69
12-31-14	​	13.32	​	0.20	​	0.72	​	0.92	​	—	​	0.10	​	—	​	0.10	​	—	​	14.14	​	6.94	​	7.92	​	0.16	​	0.16	​	1.50	​	4	​	136
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.09	​	0.03•	​	1.82	​	1.85	​	—	​	—	​	—	​	—	​	—	​	15.94	​	13.13	​	0.56	​	0.45	​	0.45	​	0.42	​	10,971	​	54
12-31-18	​	16.28	​	0.28•	​	(1.36)	​	(1.08)	​	0.27	​	0.84	​	—	​	1.11	​	—	​	14.09	​	(7.23)	​	0.56	​	0.41	​	0.41	​	1.81	​	10,589	​	87
12-31-17	​	14.18	​	0.26•	​	2.21	​	2.47	​	0.13	​	0.24	​	—	​	0.37	​	—	​	16.28	​	17.59	​	0.58	​	0.39	​	0.39	​	1.72	​	8,484	​	63
12-31-16	​	13.44	​	0.27•	​	0.58	​	0.85	​	0.05	​	0.06	​	—	​	0.11	​	—	​	14.18	​	6.32	​	0.70	​	0.41	​	0.41	​	2.00	​	4,770	​	67
12-31-15	​	14.07	​	0.49•	​	(0.39)	​	0.10	​	0.17	​	0.56	​	—	​	0.73	​	—	​	13.44	​	0.52	​	2.32	​	0.41	​	0.41	​	3.69	​	1,454	​	69
12-31-14	​	13.32	​	0.17	​	0.68	​	0.85	​	—	​	0.10	​	—	​	0.10	​	—	​	14.07	​	6.41	​	8.17	​	0.41	​	0.41	​	1.25	​	4	​	136
Class S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	13.90	​	0.02•	​	1.80	​	1.82	​	—	​	—	​	—	​	—	​	—	​	15.72	​	13.09	​	0.71	​	0.60	​	0.60	​	0.27	​	453	​	54
12-31-18	​	16.08	​	0.25•	​	(1.35)	​	(1.10)	​	0.24	​	0.84	​	—	​	1.08	​	—	​	13.90	​	(7.40)	​	0.71	​	0.56	​	0.56	​	1.62	​	439	​	87
12-31-17	​	14.01	​	0.21•	​	2.20	​	2.41	​	0.10	​	0.24	​	—	​	0.34	​	—	​	16.08	​	17.38	​	0.73	​	0.54	​	0.54	​	1.42	​	588	​	63
12-31-16	​	13.30	​	0.18•	​	0.64	​	0.82	​	0.05	​	0.06	​	—	​	0.11	​	—	​	14.01	​	6.17	​	0.88	​	0.56	​	0.56	​	1.30	​	255	​	67
12-31-15	​	13.96	​	0.28•	​	(0.22)	​	0.06	​	0.16	​	0.56	​	—	​	0.72	​	—	​	13.30	​	0.23	​	2.57	​	0.56	​	0.56	​	2.01	​	41	​	69
12-31-14	​	13.22	​	0.15	​	0.69	​	0.84	​	—	​	0.10	​	—	​	0.10	​	—	​	13.96	​	6.38	​	8.42	​	0.56	​	0.56	​	1.10	​	4	​	136
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	13.82	​	(0.00)*•	​	1.78	​	1.78	​	—	​	—	​	—	​	—	​	—	​	15.60	​	12.88	​	1.01	​	0.90	​	0.90	​	(0.02)	​	27	​	54
12-31-18	​	16.02	​	0.22•	​	(1.36)	​	(1.14)	​	0.22	​	0.84	​	—	​	1.06	​	—	​	13.82	​	(7.67)	​	1.01	​	0.86	​	0.86	​	1.44	​	20	​	87
12-31-17	​	13.98	​	0.19•	​	2.17	​	2.36	​	0.08	​	0.24	​	—	​	0.32	​	—	​	16.02	​	17.05	​	1.03	​	0.84	​	0.84	​	1.23	​	15	​	63
12-31-16	​	13.27	​	0.19•	​	0.58	​	0.77	​	—	​	0.06	​	—	​	0.06	​	—	​	13.98	​	5.81	​	1.17	​	0.86	​	0.86	​	1.43	​	11	​	67
12-31-15	​	13.97	​	0.13	​	(0.14)	​	(0.01)	​	0.13	​	0.56	​	—	​	0.69	​	—	​	13.27	​	(0.26)	​	2.82	​	0.86	​	0.86	​	0.92	​	4	​	69
12-31-14	​	13.25	​	0.11	​	0.71	​	0.82	​	—	​	0.10	​	—	​	0.10	​	—	​	13.97	​	6.22	​	8.67	​	0.86	​	0.86	​	0.80	​	4	​	136

See Accompanying Notes to Financial Statements

35

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2035 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.60

​

0.01•

​

1.45

​

1.46

​

—

​

—

​

—

​

—

​

—

​

12.06

​

13.77

​

0.75

​

0.72

​

0.72

​

0.09

​

221,852

​

39

12-31-18

​

12.27

​

0.14•

​

(1.12)

​

(0.98)

​

0.19

​

0.50

​

—

​

0.69

​

—

​

10.60

​

(8.54)

​

0.75

​

0.68

​

0.68

​

1.21

​

212,084

​

50

12-31-17

​

10.71

​

0.13•

​

1.90

​

2.03

​

0.16

​

0.31

​

—

​

0.47

​

—

​

12.27

​

19.22

​

0.74

​

0.65

​

0.65

​

1.12

​

267,229

​

36

12-31-16

​

11.27

​

0.12•

​

0.53

​

0.65

​

0.21

​

1.00

​

—

​

1.21

​

—

​

10.71

​

6.00

​

0.74

​

0.66

​

0.66

​

1.11

​

262,148

​

44

12-31-15

​

13.22

​

0.11•

​

(0.13)

​

(0.02)

​

0.38

​

1.55

​

—

​

1.93

​

—

​

11.27

​

(0.77)

​

0.74

​

0.67

​

0.67

​

0.84

​

303,218

​

46

12-31-14

​

13.97

​

0.12•

​

0.61

​

0.73

​

0.26

​

1.22

​

—

​

1.48

​

—

​

13.22

​

5.38

​

0.75

​

0.66

​

0.66

​

0.84

​

361,683

​

59

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.89

​

0.04•

​

1.50

​

1.54

​

—

​

—

​

—

​

—

​

—

​

12.43

​

14.14

​

0.25

​

0.22

​

0.22

​

0.59

​

277,258

​

39

12-31-18

​

12.59

​

0.22

​

(1.17)

​

(0.95)

​

0.25

​

0.50

​

—

​

0.75

​

—

​

10.89

​

(8.09)

​

0.25

​

0.18

​

0.18

​

1.75

​

247,475

​

50

12-31-17

​

10.98

​

0.20•

​

1.94

​

2.14

​

0.22

​

0.31

​

—

​

0.53

​

—

​

12.59

​

19.82

​

0.24

​

0.15

​

0.15

​

1.69

​

274,900

​

36

12-31-16

​

11.54

​

0.19

​

0.53

​

0.72

​

0.28

​

1.00

​

—

​

1.28

​

—

​

10.98

​

6.49

​

0.24

​

0.16

​

0.16

​

1.67

​

210,863

​

44

12-31-15

​

13.51

​

0.18•

​

(0.14)

​

0.04

​

0.46

​

1.55

​

—

​

2.01

​

—

​

11.54

​

(0.30)

​

0.24

​

0.17

​

0.17

​

1.39

​

218,051

​

46

12-31-14

​

14.25

​

0.20

​

0.61

​

0.81

​

0.33

​

1.22

​

—

​

1.55

​

—

​

13.51

​

5.93

​

0.25

​

0.16

​

0.16

​

1.40

​

214,675

​

59

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.76

​

0.02•

​

1.49

​

1.51

​

—

​

—

​

—

​

—

​

—

​

12.27

​

14.03

​

0.50

​

0.47

​

0.47

​

0.34

​

318,403

​

39

12-31-18

​

12.45

​

0.18•

​

(1.15)

​

(0.97)

​

0.22

​

0.50

​

—

​

0.72

​

—

​

10.76

​

(8.34)

​

0.50

​

0.43

​

0.43

​

1.46

​

297,721

​

50

12-31-17

​

10.87

​

0.16•

​

1.92

​

2.08

​

0.19

​

0.31

​

—

​

0.50

​

—

​

12.45

​

19.44

​

0.49

​

0.40

​

0.40

​

1.38

​

368,554

​

36

12-31-16

​

11.43

​

0.16•

​

0.53

​

0.69

​

0.25

​

1.00

​

—

​

1.25

​

—

​

10.87

​

6.23

​

0.49

​

0.41

​

0.41

​

1.41

​

359,464

​

44

12-31-15

​

13.39

​

0.14•

​

(0.13)

​

0.01

​

0.42

​

1.55

​

—

​

1.97

​

—

​

11.43

​

(0.48)

​

0.49

​

0.42

​

0.42

​

1.10

​

383,233

​

46

12-31-14

​

14.13

​

0.16•

​

0.61

​

0.77

​

0.29

​

1.22

​

—

​

1.51

​

—

​

13.39

​

5.68

​

0.50

​

0.41

​

0.41

​

1.14

​

432,573

​

59

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.36

​

0.01•

​

1.43

​

1.44

​

—

​

—

​

—

​

—

​

—

​

11.80

​

13.90

​

0.65

​

0.62

​

0.62

​

0.19

​

15,108

​

39

12-31-18

​

12.00

​

0.15•

​

(1.09)

​

(0.94)

​

0.20

​

0.50

​

—

​

0.70

​

—

​

10.36

​

(8.42)

​

0.65

​

0.58

​

0.58

​

1.28

​

14,521

​

50

12-31-17

​

10.49

​

0.14•

​

1.85

​

1.99

​

0.17

​

0.31

​

—

​

0.48

​

—

​

12.00

​

19.28

​

0.64

​

0.55

​

0.55

​

1.22

​

19,146

​

36

12-31-16

​

11.07

​

0.14

​

0.51

​

0.65

​

0.23

​

1.00

​

—

​

1.23

​

—

​

10.49

​

6.09

​

0.67

​

0.56

​

0.56

​

1.24

​

20,809

​

44

12-31-15

​

13.01

​

0.11•

​

(0.11)

​

0.00*

​

0.39

​

1.55

​

—

​

1.94

​

—

​

11.07

​

(0.62)

​

0.74

​

0.57

​

0.57

​

0.90

​

22,289

​

46

12-31-14

​

13.77

​

0.13•

​

0.60

​

0.73

​

0.27

​

1.22

​

—

​

1.49

​

—

​

13.01

​

5.50

​

0.75

​

0.56

​

0.56

​

0.95

​

31,331

​

59

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.07

​

(0.01)•

​

1.54

​

1.53

​

—

​

—

​

—

​

—

​

—

​

12.60

​

13.82

​

0.95

​

0.92

​

0.92

​

(0.11)

​

401

​

39

12-31-18

​

12.79

​

0.10•

​

(1.16)

​

(1.06)

​

0.16

​

0.50

​

—

​

0.66

​

—

​

11.07

​

(8.76)

​

0.95

​

0.88

​

0.88

​

0.77

​

373

​

50

12-31-17

​

11.14

​

0.11•

​

1.98

​

2.09

​

0.13

​

0.31

​

—

​

0.44

​

—

​

12.79

​

19.03

​

0.94

​

0.85

​

0.85

​

0.95

​

700

​

36

12-31-16

​

11.65

​

0.09•

​

0.56

​

0.65

​

0.16

​

1.00

​

—

​

1.16

​

—

​

11.14

​

5.73

​

0.96

​

0.86

​

0.86

​

0.83

​

624

​

44

12-31-15

​

13.50

​

0.09•

​

(0.15)

​

(0.06)

​

0.24

​

1.55

​

—

​

1.79

​

—

​

11.65

​

(1.00)

​

0.99

​

0.87

​

0.87

​

0.69

​

887

​

46

12-31-14

​

14.22

​

0.05•

​

0.67

​

0.72

​

0.22

​

1.22

​

—

​

1.44

​

—

​

13.50

​

5.26

​

1.00

​

0.86

​

0.86

​

0.32

​

864

​

59

See Accompanying Notes to Financial Statements

36

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2040 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.26	​	(0.00)*•	​	2.08	​	2.08	​	—	​	—	​	—	​	—	​	—	​	16.34	​	14.59	​	0.85	​	0.71	​	0.71	​	(0.02)	​	11,956	​	52
12-31-18	​	17.11	​	0.20•	​	(1.66)	​	(1.46)	​	0.22	​	1.17	​	—	​	1.39	​	—	​	14.26	​	(9.41)	​	0.84	​	0.66	​	0.66	​	1.19	​	8,662	​	81
12-31-17	​	14.55	​	0.19•	​	2.73	​	2.92	​	0.08	​	0.28	​	—	​	0.36	​	—	​	17.11	​	20.23	​	0.86	​	0.63	​	0.63	​	1.17	​	8,696	​	68
12-31-16	​	13.84	​	0.19•	​	0.71	​	0.90	​	0.06	​	0.13	​	—	​	0.19	​	—	​	14.55	​	6.48	​	1.03	​	0.66	​	0.66	​	1.34	​	4,897	​	72
12-31-15	​	14.89	​	0.25•	​	(0.26)	​	(0.01)	​	0.35	​	0.69	​	—	​	1.04	​	—	​	13.84	​	(0.33)	​	2.07	​	0.67	​	0.67	​	1.72	​	2,229	​	108
12-31-14	​	14.04	​	0.18•	​	0.73	​	0.91	​	0.01	​	0.05	​	—	​	0.06	​	—	​	14.89	​	6.51	​	3.66	​	0.67	​	0.67	​	1.23	​	701	​	80
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.66	​	0.04•	​	2.13	​	2.17	​	—	​	—	​	—	​	—	​	—	​	16.83	​	14.80	​	0.35	​	0.21	​	0.21	​	0.48	​	9,245	​	52
12-31-18	​	17.53	​	0.30•	​	(1.72)	​	(1.42)	​	0.28	​	1.17	​	—	​	1.45	​	—	​	14.66	​	(8.95)	​	0.34	​	0.16	​	0.16	​	1.77	​	7,134	​	81
12-31-17	​	14.86	​	0.29•	​	2.78	​	3.07	​	0.12	​	0.28	​	—	​	0.40	​	—	​	17.53	​	20.85	​	0.36	​	0.13	​	0.13	​	1.76	​	7,753	​	68
12-31-16	​	14.07	​	0.31•	​	0.68	​	0.99	​	0.07	​	0.13	​	—	​	0.20	​	—	​	14.86	​	7.06	​	0.53	​	0.16	​	0.16	​	2.14	​	2,887	​	72
12-31-15	​	15.08	​	0.43•	​	(0.36)	​	0.07	​	0.39	​	0.69	​	—	​	1.08	​	—	​	14.07	​	0.22	​	1.57	​	0.17	​	0.17	​	3.06	​	487	​	108
12-31-14	​	14.14	​	0.17	​	0.82	​	0.99	​	—	​	0.05	​	—	​	0.05	​	—	​	15.08	​	7.04	​	3.16	​	0.17	​	0.17	​	1.14	​	5	​	80
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.54	​	0.02•	​	2.11	​	2.13	​	—	​	—	​	—	​	—	​	—	​	16.67	​	14.65	​	0.60	​	0.46	​	0.46	​	0.22	​	9,277	​	52
12-31-18	​	17.40	​	0.26•	​	(1.70)	​	(1.44)	​	0.25	​	1.17	​	—	​	1.42	​	—	​	14.54	​	(9.13)	​	0.59	​	0.41	​	0.41	​	1.54	​	7,641	​	81
12-31-17	​	14.78	​	0.23•	​	2.78	​	3.01	​	0.11	​	0.28	​	—	​	0.39	​	—	​	17.40	​	20.53	​	0.61	​	0.38	​	0.38	​	1.45	​	6,732	​	68
12-31-16	​	14.03	​	0.25•	​	0.70	​	0.95	​	0.07	​	0.13	​	—	​	0.20	​	—	​	14.78	​	6.79	​	0.78	​	0.41	​	0.41	​	1.75	​	3,217	​	72
12-31-15	​	15.02	​	0.49•	​	(0.45)	​	0.04	​	0.34	​	0.69	​	—	​	1.03	​	—	​	14.03	​	0.03	​	1.82	​	0.42	​	0.42	​	3.50	​	610	​	108
12-31-14	​	14.15	​	0.13	​	0.79	​	0.92	​	—	​	0.05	​	—	​	0.05	​	—	​	15.02	​	6.54	​	3.41	​	0.42	​	0.42	​	0.90	​	5	​	80
Class S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.31	​	0.01•	​	2.08	​	2.09	​	—	​	—	​	—	​	—	​	—	​	16.40	​	14.61	​	0.75	​	0.61	​	0.61	​	0.07	​	876	​	52
12-31-18	​	17.18	​	0.23•	​	(1.68)	​	(1.45)	​	0.25	​	1.17	​	—	​	1.42	​	—	​	14.31	​	(9.30)	​	0.74	​	0.56	​	0.56	​	1.42	​	939	​	81
12-31-17	​	14.62	​	0.26•	​	2.69	​	2.95	​	0.11	​	0.28	​	—	​	0.39	​	—	​	17.18	​	20.31	​	0.76	​	0.53	​	0.53	​	1.61	​	721	​	68
12-31-16	​	13.90	​	0.20•	​	0.72	​	0.92	​	0.07	​	0.13	​	—	​	0.20	​	—	​	14.62	​	6.64	​	0.96	​	0.56	​	0.56	​	1.41	​	183	​	72
12-31-15	​	14.93	​	0.22•	​	(0.23)	​	(0.01)	​	0.33	​	0.69	​	—	​	1.02	​	—	​	13.90	​	(0.33)	​	2.07	​	0.57	​	0.57	​	1.46	​	9	​	108
12-31-14	​	14.05	​	0.11	​	0.82	​	0.93	​	—	​	0.05	​	—	​	0.05	​	—	​	14.93	​	6.66	​	3.66	​	0.57	​	0.57	​	0.76	​	5	​	80
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.22	​	(0.02)•	​	2.07	​	2.05	​	—	​	—	​	—	​	—	​	—	​	16.27	​	14.42	​	1.05	​	0.91	​	0.91	​	(0.22)	​	23	​	52
12-31-18	​	17.08	​	0.15	​	(1.64)	​	(1.49)	​	0.20	​	1.17	​	—	​	1.37	​	—	​	14.22	​	(9.57)	​	1.04	​	0.86	​	0.86	​	1.00	​	17	​	81
12-31-17	​	14.53	​	0.17•	​	2.72	​	2.89	​	0.06	​	0.28	​	—	​	0.34	​	—	​	17.08	​	20.05	​	1.06	​	0.83	​	0.83	​	1.08	​	20	​	68
12-31-16	​	13.81	​	0.17•	​	0.70	​	0.87	​	0.02	​	0.13	​	—	​	0.15	​	—	​	14.53	​	6.27	​	1.25	​	0.86	​	0.86	​	1.19	​	12	​	72
12-31-15	​	14.85	​	0.10•	​	(0.16)	​	(0.06)	​	0.29	​	0.69	​	—	​	0.98	​	—	​	13.81	​	(0.66)	​	2.32	​	0.87	​	0.87	​	0.67	​	4	​	108
12-31-14	​	14.01	​	0.06	​	0.83	​	0.89	​	—	​	0.05	​	—	​	0.05	​	—	​	14.85	​	6.40	​	3.91	​	0.87	​	0.87	​	0.45	​	4	​	80

See Accompanying Notes to Financial Statements

37

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2045 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	10.42	​	(0.01)•	​	1.57	​	1.56	​	—	​	—	​	—	​	—	​	—	​	11.98	​	14.97	​	0.76	​	0.72	​	0.72	​	(0.19)	​	146,614	​	53
12-31-18	​	12.40	​	0.11•	​	(1.33)	​	(1.22)	​	0.15	​	0.61	​	—	​	0.76	​	—	​	10.42	​	(10.53)	​	0.75	​	0.69	​	0.69	​	0.93	​	134,754	​	53
12-31-17	​	10.63	​	0.10•	​	2.09	​	2.19	​	0.10	​	0.32	​	—	​	0.42	​	—	​	12.40	​	20.92	​	0.75	​	0.67	​	0.67	​	0.84	​	177,624	​	37
12-31-16	​	11.15	​	0.09•	​	0.56	​	0.65	​	0.15	​	1.02	​	—	​	1.17	​	—	​	10.63	​	6.16	​	0.75	​	0.68	​	0.68	​	0.86	​	176,397	​	45
12-31-15	​	13.60	​	0.07•	​	(0.11)	​	(0.04)	​	0.38	​	2.03	​	—	​	2.41	​	—	​	11.15	​	(1.15)	​	0.75	​	0.69	​	0.69	​	0.58	​	197,360	​	41
12-31-14	​	14.55	​	0.08•	​	0.73	​	0.81	​	0.22	​	1.54	​	—	​	1.76	​	—	​	13.60	​	5.84	​	0.74	​	0.68	​	0.68	​	0.55	​	237,641	​	58
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	10.73	​	0.02	​	1.62	​	1.64	​	—	​	—	​	—	​	—	​	—	​	12.37	​	15.28	​	0.26	​	0.22	​	0.22	​	0.31	​	239,938	​	53
12-31-18	​	12.75	​	0.18	​	(1.37)	​	(1.19)	​	0.22	​	0.61	​	—	​	0.83	​	—	​	10.73	​	(10.08)	​	0.25	​	0.19	​	0.19	​	1.49	​	211,781	​	53
12-31-17	​	10.92	​	0.17•	​	2.14	​	2.31	​	0.16	​	0.32	​	—	​	0.48	​	—	​	12.75	​	21.53	​	0.25	​	0.17	​	0.17	​	1.42	​	235,122	​	37
12-31-16	​	11.44	​	0.15	​	0.57	​	0.72	​	0.22	​	1.02	​	—	​	1.24	​	—	​	10.92	​	6.63	​	0.25	​	0.18	​	0.18	​	1.41	​	171,475	​	45
12-31-15	​	13.90	​	0.15•	​	(0.12)	​	0.03	​	0.46	​	2.03	​	—	​	2.49	​	—	​	11.44	​	(0.59)	​	0.25	​	0.19	​	0.19	​	1.15	​	169,325	​	41
12-31-14	​	14.84	​	0.15	​	0.75	​	0.90	​	0.30	​	1.54	​	—	​	1.84	​	—	​	13.90	​	6.34	​	0.24	​	0.18	​	0.18	​	1.04	​	161,654	​	58
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	10.58	​	0.01	​	1.59	​	1.60	​	—	​	—	​	—	​	—	​	—	​	12.18	​	15.12	​	0.51	​	0.47	​	0.47	​	0.06	​	230,938	​	53
12-31-18	​	12.57	​	0.15•	​	(1.35)	​	(1.20)	​	0.18	​	0.61	​	—	​	0.79	​	—	​	10.58	​	(10.23)	​	0.50	​	0.44	​	0.44	​	1.20	​	209,647	​	53
12-31-17	​	10.77	​	0.13•	​	2.12	​	2.25	​	0.13	​	0.32	​	—	​	0.45	​	—	​	12.57	​	21.25	​	0.50	​	0.42	​	0.42	​	1.11	​	269,521	​	37
12-31-16	​	11.29	​	0.14	​	0.55	​	0.69	​	0.19	​	1.02	​	—	​	1.21	​	—	​	10.77	​	6.40	​	0.50	​	0.43	​	0.43	​	1.14	​	256,935	​	45
12-31-15	​	13.76	​	0.12	​	(0.14)	​	(0.02)	​	0.42	​	2.03	​	—	​	2.45	​	—	​	11.29	​	(0.95)	​	0.50	​	0.44	​	0.44	​	0.85	​	270,222	​	41
12-31-14	​	14.70	​	0.12•	​	0.73	​	0.85	​	0.25	​	1.54	​	—	​	1.79	​	—	​	13.76	​	6.10	​	0.49	​	0.43	​	0.43	​	0.83	​	301,617	​	58
Class S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	10.31	​	(0.01)•	​	1.55	​	1.54	​	—	​	—	​	—	​	—	​	—	​	11.85	​	14.94	​	0.66	​	0.62	​	0.62	​	(0.10)	​	7,323	​	53
12-31-18	​	12.25	​	0.12•	​	(1.30)	​	(1.18)	​	0.15	​	0.61	​	—	​	0.76	​	—	​	10.31	​	(10.34)	​	0.65	​	0.59	​	0.59	​	1.03	​	7,504	​	53
12-31-17	​	10.51	​	0.09•	​	2.08	​	2.17	​	0.11	​	0.32	​	—	​	0.43	​	—	​	12.25	​	21.02	​	0.65	​	0.57	​	0.57	​	0.82	​	9,902	​	37
12-31-16	​	11.04	​	0.11	​	0.55	​	0.66	​	0.17	​	1.02	​	—	​	1.19	​	—	​	10.51	​	6.28	​	0.68	​	0.58	​	0.58	​	0.96	​	12,687	​	45
12-31-15	​	13.49	​	0.08•	​	(0.11)	​	(0.03)	​	0.39	​	2.03	​	—	​	2.42	​	—	​	11.04	​	(1.07)	​	0.75	​	0.59	​	0.59	​	0.65	​	13,402	​	41
12-31-14	​	14.45	​	0.09•	​	0.72	​	0.81	​	0.23	​	1.54	​	—	​	1.77	​	—	​	13.49	​	5.87	​	0.74	​	0.58	​	0.58	​	0.67	​	19,353	​	58
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	10.74	​	(0.02)•	​	1.61	​	1.59	​	—	​	—	​	—	​	—	​	—	​	12.33	​	14.80	​	0.96	​	0.92	​	0.92	​	(0.39)	​	248	​	53
12-31-18	​	12.77	​	0.06•	​	(1.34)	​	(1.28)	​	0.14	​	0.61	​	—	​	0.75	​	—	​	10.74	​	(10.72)	​	0.95	​	0.89	​	0.89	​	0.44	​	220	​	53
12-31-17	​	10.95	​	0.08	​	2.15	​	2.23	​	0.09	​	0.32	​	—	​	0.41	​	—	​	12.77	​	20.69	​	0.95	​	0.87	​	0.87	​	0.70	​	508	​	37
12-31-16	​	11.46	​	0.07	​	0.58	​	0.65	​	0.14	​	1.02	​	—	​	1.16	​	—	​	10.95	​	5.94	​	0.97	​	0.88	​	0.88	​	0.70	​	418	​	45
12-31-15	​	13.77	​	0.06•	​	(0.13)	​	(0.07)	​	0.21	​	2.03	​	—	​	2.24	​	—	​	11.46	​	(1.31)	​	1.00	​	0.89	​	0.89	​	0.44	​	393	​	41
12-31-14	​	14.73	​	(0.00)*•	​	0.78	​	0.78	​	0.20	​	1.54	​	—	​	1.74	​	—	​	13.77	​	5.53	​	0.99	​	0.88	​	0.88	​	(0.00)*	​	376	​	58

See Accompanying Notes to Financial Statements

38

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2050 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.58	​	(0.01)•	​	2.24	​	2.23	​	—	​	—	​	—	​	—	​	—	​	16.81	​	15.29	​	0.88	​	0.73	​	0.73	​	(0.15)	​	10,831	​	59
12-31-18	​	17.33	​	0.17•	​	(1.93)	​	(1.76)	​	0.16	​	0.83	​	—	​	0.99	​	—	​	14.58	​	(10.82)	​	0.86	​	0.68	​	0.68	​	1.03	​	8,144	​	86
12-31-17	​	14.57	​	0.18•	​	2.89	​	3.07	​	0.06	​	0.25	​	—	​	0.31	​	—	​	17.33	​	21.30	​	0.93	​	0.65	​	0.65	​	1.11	​	6,983	​	52
12-31-16	​	13.86	​	0.18•	​	0.68	​	0.86	​	0.04	​	0.11	​	—	​	0.15	​	—	​	14.57	​	6.27	​	1.22	​	0.68	​	0.68	​	1.26	​	3,184	​	70
12-31-15	​	14.95	​	0.18•	​	(0.19)	​	(0.01)	​	0.35	​	0.73	​	—	​	1.08	​	—	​	13.86	​	(0.33)	​	3.24	​	0.69	​	0.69	​	1.22	​	960	​	67
12-31-14	​	14.16	​	0.17•	​	0.74	​	0.91	​	0.01	​	0.11	​	—	​	0.12	​	—	​	14.95	​	6.49	​	6.49	​	0.68	​	0.68	​	1.15	​	355	​	51
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	15.04	​	0.03•	​	2.31	​	2.34	​	—	​	—	​	—	​	—	​	—	​	17.38	​	15.56	​	0.38	​	0.23	​	0.23	​	0.35	​	8,064	​	59
12-31-18	​	17.81	​	0.27•	​	(1.99)	​	(1.72)	​	0.22	​	0.83	​	—	​	1.05	​	—	​	15.04	​	(10.37)	​	0.36	​	0.18	​	0.18	​	1.55	​	6,320	​	86
12-31-17	​	14.91	​	0.28•	​	2.97	​	3.25	​	0.10	​	0.25	​	—	​	0.35	​	—	​	17.81	​	21.99	​	0.43	​	0.15	​	0.15	​	1.70	​	5,705	​	52
12-31-16	​	14.13	​	0.28•	​	0.67	​	0.95	​	0.06	​	0.11	​	—	​	0.17	​	—	​	14.91	​	6.75	​	0.72	​	0.18	​	0.18	​	1.92	​	1,452	​	70
12-31-15	​	15.15	​	0.53•	​	(0.43)	​	0.10	​	0.39	​	0.73	​	—	​	1.12	​	—	​	14.13	​	0.38	​	2.74	​	0.19	​	0.19	​	3.80	​	387	​	67
12-31-14	​	14.26	​	0.14	​	0.86	​	1.00	​	—	​	0.11	​	—	​	0.11	​	—	​	15.15	​	7.04	​	5.99	​	0.18	​	0.18	​	0.97	​	5	​	51
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.88	​	0.01	​	2.28	​	2.29	​	—	​	—	​	—	​	—	​	—	​	17.17	​	15.39	​	0.63	​	0.48	​	0.48	​	0.09	​	6,231	​	59
12-31-18	​	17.65	​	0.23•	​	(1.98)	​	(1.75)	​	0.19	​	0.83	​	—	​	1.02	​	—	​	14.88	​	(10.61)	​	0.61	​	0.43	​	0.43	​	1.34	​	5,413	​	86
12-31-17	​	14.81	​	0.22•	​	2.95	​	3.17	​	0.08	​	0.25	​	—	​	0.33	​	—	​	17.65	​	21.63	​	0.68	​	0.40	​	0.40	​	1.33	​	4,424	​	52
12-31-16	​	14.06	​	0.24•	​	0.68	​	0.92	​	0.06	​	0.11	​	—	​	0.17	​	—	​	14.81	​	6.56	​	0.97	​	0.43	​	0.43	​	1.71	​	1,996	​	70
12-31-15	​	15.09	​	0.38•	​	(0.34)	​	0.04	​	0.34	​	0.73	​	—	​	1.07	​	—	​	14.06	​	0.00	​	2.99	​	0.44	​	0.44	​	2.70	​	317	​	67
12-31-14	​	14.25	​	0.13	​	0.82	​	0.95	​	—	​	0.11	​	—	​	0.11	​	—	​	15.09	​	6.69	​	6.24	​	0.43	​	0.43	​	0.87	​	5	​	51
Class S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.67	​	(0.01)•	​	2.26	​	2.25	​	—	​	—	​	—	​	—	​	—	​	16.92	​	15.34	​	0.78	​	0.63	​	0.63	​	(0.06)	​	330	​	59
12-31-18	​	17.43	​	0.22•	​	(1.97)	​	(1.75)	​	0.18	​	0.83	​	—	​	1.01	​	—	​	14.67	​	(10.75)	​	0.76	​	0.58	​	0.58	​	1.32	​	423	​	86
12-31-17	​	14.64	​	0.20•	​	2.91	​	3.11	​	0.07	​	0.25	​	—	​	0.32	​	—	​	17.43	​	21.47	​	0.83	​	0.55	​	0.55	​	1.21	​	309	​	52
12-31-16	​	13.93	​	0.20•	​	0.67	​	0.87	​	0.05	​	0.11	​	—	​	0.16	​	—	​	14.64	​	6.32	​	1.15	​	0.58	​	0.58	​	1.44	​	142	​	70
12-31-15	​	14.97	​	0.13•	​	(0.11)	​	0.02	​	0.33	​	0.73	​	—	​	1.06	​	—	​	13.93	​	(0.17)	​	3.24	​	0.59	​	0.59	​	0.89	​	9	​	67
12-31-14	​	14.15	​	0.08	​	0.85	​	0.93	​	—	​	0.11	​	—	​	0.11	​	—	​	14.97	​	6.59	​	6.49	​	0.58	​	0.58	​	0.58	​	5	​	51
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	14.63	​	(0.04)	​	2.26	​	2.22	​	—	​	—	​	—	​	—	​	—	​	16.85	​	15.17	​	1.08	​	0.93	​	0.93	​	(0.35)	​	25	​	59
12-31-18	​	17.39	​	0.14	​	(1.94)	​	(1.80)	​	0.13	​	0.83	​	—	​	0.96	​	—	​	14.63	​	(11.01)	​	1.06	​	0.88	​	0.88	​	0.89	​	20	​	86
12-31-17	​	14.60	​	0.17•	​	2.89	​	3.06	​	0.02	​	0.25	​	—	​	0.27	​	—	​	17.39	​	21.15	​	1.13	​	0.85	​	0.85	​	1.05	​	20	​	52
12-31-16	​	13.88	​	0.13•	​	0.70	​	0.83	​	—	​	0.11	​	—	​	0.11	​	—	​	14.60	​	6.02	​	1.44	​	0.88	​	0.88	​	0.96	​	10	​	70
12-31-15	​	14.95	​	0.08	​	(0.13)	​	(0.05)	​	0.29	​	0.73	​	—	​	1.02	​	—	​	13.88	​	(0.60)	​	3.49	​	0.89	​	0.89	​	0.51	​	4	​	67
12-31-14	​	14.17	​	0.04	​	0.85	​	0.89	​	—	​	0.11	​	—	​	0.11	​	—	​	14.95	​	6.30	​	6.74	​	0.88	​	0.88	​	0.28	​	5	​	51

See Accompanying Notes to Financial Statements

39

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2055 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	12.35	​	(0.01)	​	1.88	​	1.87	​	—	​	—	​	—	​	—	​	—	​	14.22	​	15.14	​	0.76	​	0.70	​	0.70	​	(0.16)	​	46,223	​	50
12-31-18	​	14.49	​	0.13	​	(1.60)	​	(1.47)	​	0.15	​	0.52	​	—	​	0.67	​	—	​	12.35	​	(10.72)	​	0.76	​	0.68	​	0.68	​	0.90	​	39,621	​	62
12-31-17	​	12.27	​	0.11•	​	2.49	​	2.60	​	0.10	​	0.28	​	—	​	0.38	​	—	​	14.49	​	21.40	​	0.76	​	0.66	​	0.66	​	0.82	​	47,367	​	40
12-31-16	​	12.52	​	0.11	​	0.64	​	0.75	​	0.15	​	0.85	​	—	​	1.00	​	—	​	12.27	​	6.13	​	0.76	​	0.69	​	0.69	​	0.88	​	42,793	​	58
12-31-15	​	14.27	​	0.08•	​	(0.17)	​	(0.09)	​	0.32	​	1.34	​	—	​	1.66	​	—	​	12.52	​	(1.15)	​	0.76	​	0.70	​	0.70	​	0.61	​	41,770	​	41
12-31-14	​	14.46	​	0.09•	​	0.76	​	0.85	​	0.18	​	0.86	​	—	​	1.04	​	—	​	14.27	​	6.03	​	0.77	​	0.68	​	0.68	​	0.60	​	38,558	​	72
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	12.61	​	0.02•	​	1.93	​	1.95	​	—	​	—	​	—	​	—	​	—	​	14.56	​	15.46	​	0.26	​	0.20	​	0.20	​	0.34	​	99,886	​	50
12-31-18	​	14.78	​	0.21•	​	(1.64)	​	(1.43)	​	0.22	​	0.52	​	—	​	0.74	​	—	​	12.61	​	(10.29)	​	0.26	​	0.18	​	0.18	​	1.48	​	77,961	​	62
12-31-17	​	12.51	​	0.20•	​	2.51	​	2.71	​	0.16	​	0.28	​	—	​	0.44	​	—	​	14.78	​	21.94	​	0.26	​	0.16	​	0.16	​	1.42	​	73,894	​	40
12-31-16	​	12.74	​	0.18•	​	0.65	​	0.83	​	0.21	​	0.85	​	—	​	1.06	​	—	​	12.51	​	6.72	​	0.26	​	0.19	​	0.19	​	1.46	​	44,519	​	58
12-31-15	​	14.49	​	0.17•	​	(0.19)	​	(0.02)	​	0.39	​	1.34	​	—	​	1.73	​	—	​	12.74	​	(0.67)	​	0.26	​	0.20	​	0.20	​	1.22	​	36,692	​	41
12-31-14	​	14.65	​	0.17•	​	0.76	​	0.93	​	0.23	​	0.86	​	—	​	1.09	​	—	​	14.49	​	6.56	​	0.27	​	0.18	​	0.18	​	1.15	​	24,787	​	72
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	12.46	​	0.00*	​	1.91	​	1.91	​	—	​	—	​	—	​	—	​	—	​	14.37	​	15.33	​	0.51	​	0.45	​	0.45	​	0.09	​	56,891	​	50
12-31-18	​	14.62	​	0.17•	​	(1.63)	​	(1.46)	​	0.18	​	0.52	​	—	​	0.70	​	—	​	12.46	​	(10.56)	​	0.51	​	0.43	​	0.43	​	1.19	​	49,077	​	62
12-31-17	​	12.38	​	0.15•	​	2.50	​	2.65	​	0.13	​	0.28	​	—	​	0.41	​	—	​	14.62	​	21.66	​	0.51	​	0.41	​	0.41	​	1.08	​	58,217	​	40
12-31-16	​	12.62	​	0.13	​	0.66	​	0.79	​	0.18	​	0.85	​	—	​	1.03	​	—	​	12.38	​	6.44	​	0.51	​	0.44	​	0.44	​	1.16	​	51,294	​	58
12-31-15	​	14.37	​	0.12•	​	(0.17)	​	(0.05)	​	0.36	​	1.34	​	—	​	1.70	​	—	​	12.62	​	(0.87)	​	0.51	​	0.45	​	0.45	​	0.86	​	46,913	​	41
12-31-14	​	14.55	​	0.14•	​	0.74	​	0.88	​	0.20	​	0.86	​	—	​	1.06	​	—	​	14.37	​	6.25	​	0.52	​	0.43	​	0.43	​	0.93	​	43,206	​	72
Class S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	12.39	​	(0.00)*•	​	1.89	​	1.89	​	—	​	—	​	—	​	—	​	—	​	14.28	​	15.25	​	0.66	​	0.60	​	0.60	​	(0.07)	​	2,930	​	50
12-31-18	​	14.54	​	0.15	​	(1.62)	​	(1.47)	​	0.16	​	0.52	​	—	​	0.68	​	—	​	12.39	​	(10.68)	​	0.66	​	0.58	​	0.58	​	1.03	​	2,720	​	62
12-31-17	​	12.31	​	0.12•	​	2.50	​	2.62	​	0.11	​	0.28	​	—	​	0.39	​	—	​	14.54	​	21.52	​	0.66	​	0.56	​	0.56	​	0.89	​	3,250	​	40
12-31-16	​	12.56	​	0.11	​	0.65	​	0.76	​	0.16	​	0.85	​	—	​	1.01	​	—	​	12.31	​	6.24	​	0.69	​	0.59	​	0.59	​	0.93	​	2,996	​	58
12-31-15	​	14.31	​	0.10	​	(0.17)	​	(0.07)	​	0.34	​	1.34	​	—	​	1.68	​	—	​	12.56	​	(1.04)	​	0.76	​	0.60	​	0.60	​	0.71	​	3,014	​	41
12-31-14	​	14.50	​	0.11•	​	0.75	​	0.86	​	0.19	​	0.86	​	—	​	1.05	​	—	​	14.31	​	6.12	​	0.77	​	0.58	​	0.58	​	0.78	​	3,071	​	72
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-19+	​	12.58	​	(0.03)•	​	1.93	​	1.90	​	—	​	—	​	—	​	—	​	—	​	14.48	​	15.10	​	0.96	​	0.90	​	0.90	​	(0.37)	​	17	​	50
12-31-18	​	14.73	​	0.08•	​	(1.61)	​	(1.53)	​	0.10	​	0.52	​	—	​	0.62	​	—	​	12.58	​	(10.91)	​	0.96	​	0.88	​	0.88	​	0.58	​	18	​	62
12-31-17	​	12.50	​	0.09•	​	2.52	​	2.61	​	0.10	​	0.28	​	—	​	0.38	​	—	​	14.73	​	21.08	​	0.96	​	0.86	​	0.86	​	0.67	​	32	​	40
12-31-16	​	12.78	​	0.12•	​	0.62	​	0.74	​	0.17	​	0.85	​	—	​	1.02	​	—	​	12.50	​	5.96	​	0.98	​	0.89	​	0.89	​	0.96	​	25	​	58
12-31-15	​	14.25	​	0.08•	​	(0.21)	​	(0.13)	​	—	​	1.34	​	—	​	1.34	​	—	​	12.78	​	(1.36)	​	1.01	​	0.90	​	0.90	​	0.56	​	9	​	41
12-31-14	​	14.44	​	(0.06)•	​	0.90	​	0.84	​	0.17	​	0.86	​	—	​	1.03	​	—	​	14.25	​	6.00	​	1.02	​	0.88	​	0.88	​	(0.40)	​	5	​	72

See Accompanying Notes to Financial Statements

40

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2060 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.45

​

(0.01)•

​

1.59

​

1.58

​

—

​

—

​

—

​

—

​

—

​

12.03

​

15.12

​

1.00

​

0.74

​

0.74

​

(0.17)

​

6,061

​

60

12-31-18

​

12.39

​

0.13•

​

(1.38)

​

(1.25)

​

0.11

​

0.58

​

—

​

0.69

​

—

​

10.45

​

(10.76)

​

0.96

​

0.69

​

0.69

​

1.12

​

4,593

​

84

12-31-17

​

10.42

​

0.13•

​

2.08

​

2.21

​

0.04

​

0.20

​

—

​

0.24

​

—

​

12.39

​

21.42

​

1.10

​

0.67

​

0.67

​

1.11

​

3,202

​

65

12-31-16

​

9.89

​

0.15•

​

0.48

​

0.63

​

0.04

​

0.06

​

—

​

0.10

​

—

​

10.42

​

6.34

​

1.97

​

0.69

​

0.69

​

1.50

​

1,395

​

82

02-09-15(5) - 12-31-15

​

10.00

​

0.25•

​

(0.36)

​

(0.11)

​

—

​

—

​

—

​

—

​

—

​

9.89

​

(1.10)

​

19.06

​

0.70

​

0.70

​

2.85

​

191

​

78

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.60

​

0.02•

​

1.62

​

1.64

​

—

​

—

​

—

​

—

​

—

​

12.24

​

15.47

​

0.50

​

0.24

​

0.24

​

0.34

​

3,619

​

60

12-31-18

​

12.53

​

0.19•

​

(1.41)

​

(1.22)

​

0.13

​

0.58

​

—

​

0.71

​

—

​

10.60

​

(10.35)

​

0.46

​

0.19

​

0.19

​

1.57

​

2,570

​

84

12-31-17

​

10.49

​

0.20•

​

2.10

​

2.30

​

0.06

​

0.20

​

—

​

0.26

​

—

​

12.53

​

22.15

​

0.60

​

0.17

​

0.17

​

1.73

​

2,160

​

65

12-31-16

​

9.92

​

0.16•

​

0.51

​

0.67

​

0.04

​

0.06

​

—

​

0.10

​

—

​

10.49

​

6.73

​

1.47

​

0.19

​

0.19

​

1.56

​

606

​

82

02-09-15(5) - 12-31-15

​

10.00

​

0.27•

​

(0.35)

​

(0.08)

​

—

​

—

​

—

​

—

​

—

​

9.92

​

(0.80)

​

18.56

​

0.20

​

0.20

​

3.11

​

317

​

78

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.47

​

0.00*•

​

1.60

​

1.60

​

—

​

—

​

—

​

—

​

—

​

12.07

​

15.28

​

0.75

​

0.49

​

0.49

​

0.08

​

4,222

​

60

12-31-18

​

12.40

​

0.16•

​

(1.39)

​

(1.23)

​

0.12

​

0.58

​

—

​

0.70

​

—

​

10.47

​

(10.60)

​

0.71

​

0.44

​

0.44

​

1.30

​

3,440

​

84

12-31-17

​

10.41

​

0.15•

​

2.10

​

2.25

​

0.06

​

0.20

​

—

​

0.26

​

—

​

12.40

​

21.81

​

0.85

​

0.42

​

0.42

​

1.30

​

2,825

​

65

12-31-16

​

9.86

​

0.17•

​

0.48

​

0.65

​

0.04

​

0.06

​

—

​

0.10

​

—

​

10.41

​

6.56

​

1.72

​

0.44

​

0.44

​

1.68

​

836

​

82

02-09-15(5) - 12-31-15

​

10.00

​

0.27•

​

(0.41)

​

(0.14)

​

—

​

—

​

—

​

—

​

—

​

9.86

​

(1.40)

​

18.81

​

0.45

​

0.45

​

3.06

​

140

​

78

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.46

​

(0.00)*•

​

1.59

​

1.59

​

—

​

—

​

—

​

—

​

—

​

12.05

​

15.20

​

0.90

​

0.64

​

0.64

​

(0.08)

​

230

​

60

12-31-18

​

12.40

​

0.15•

​

(1.40)

​

(1.25)

​

0.11

​

0.58

​

—

​

0.69

​

—

​

10.46

​

(10.70)

​

0.86

​

0.59

​

0.59

​

1.23

​

247

​

84

12-31-17

​

10.42

​

0.17•

​

2.05

​

2.22

​

0.04

​

0.20

​

—

​

0.24

​

—

​

12.40

​

21.56

​

1.00

​

0.57

​

0.57

​

1.45

​

180

​

65

12-31-16

​

9.89

​

0.09•

​

0.54

​

0.63

​

0.04

​

0.06

​

—

​

0.10

​

—

​

10.42

​

6.34

​

1.90

​

0.59

​

0.59

​

0.92

​

32

​

82

02-09-15(5) - 12-31-15

​

10.00

​

0.24•

​

(0.35)

​

(0.11)

​

—

​

—

​

—

​

—

​

—

​

9.89

​

(1.10)

​

19.06

​

0.60

​

0.60

​

2.66

​

26

​

78

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.40

​

(0.02)•

​

1.59

​

1.57

​

—

​

—

​

—

​

—

​

—

​

11.97

​

15.10

​

1.20

​

0.94

​

0.94

​

(0.39)

​

4

​

60

12-31-18

​

12.33

​

0.08

​

(1.37)

​

(1.29)

​

0.06

​

0.58

​

—

​

0.64

​

—

​

10.40

​

(11.08)

​

1.16

​

0.89

​

0.89

​

0.73

​

3

​

84

12-31-17

​

10.35

​

0.08•

​

2.10

​

2.18

​

—

​

0.20

​

—

​

0.20

​

—

​

12.33

​

21.24

​

1.30

​

0.87

​

0.87

​

0.69

​

4

​

65

12-31-16

​

9.86

​

0.07

​

0.51

​

0.58

​

0.03

​

0.06

​

—

​

0.09

​

—

​

10.35

​

5.91

​

2.19

​

0.89

​

0.89

​

0.67

​

3

​

82

02-09-15(5) - 12-31-15

​

10.00

​

0.05

​

(0.19)

​

(0.14)

​

—

​

—

​

—

​

—

​

—

​

9.86

​

(1.40)

​

19.31

​

0.90

​

0.90

​

0.58

​

3

​

78

(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

See Accompanying Notes to Financial Statements

41

Financial Highlights (continued)

reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

(4)

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

(5)

Commencement of operations.

+

Unaudited.

•

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

*

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

See Accompanying Notes to Financial Statements

42

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-eight 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 2020 Portfolio (“Solution 2020”), 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”) and Voya Solution 2060 Portfolio (“Solution 2060”). Each Portfolio is a diversified series of the Company.

Solution 2020, Solution 2025, Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055 and Solution 2060 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. 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 applicable.

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for

43

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

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

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

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good

44

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

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

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3

category during the period. The beginning of period timing recognition is used for the transfers between levels of a Portfolio’s assets and liabilities. 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 income distributions 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 or expire.

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.

45

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

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

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

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as

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

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

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

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. 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

46

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2019, 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. Certain Portfolios also purchased and sold futures contracts on various U.S. Treasury Notes and Bonds. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2019, the below 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 2025, Solution 2035, Solution 2045 and Solution 2055. There were no open futures contracts purchased or sold for the remaining Portfolios at June 30, 2019.

​	Purchased			Sold
Solution Income	​	$	11,612,811	​	$	11,610,693
Solution Moderately Aggressive	​	​	32,097,433	​	​	31,687,569
Solution 2025	​	​	26,396,548	​	​	26,369,827
Solution 2035	​	​	29,389,743	​	​	29,111,427
Solution 2045	​	​	23,512,781	​	​	23,258,471
Solution 2055	​	​	7,194,568	​	​	7,121,508

H. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore,

cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the period ended June 30, 2019, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

​	Purchases			Sales
Solution Aggressive	​	$	13,551,080	​	$	10,113,702
Solution Balanced	​	​	33,711,009	​	​	32,950,324
Solution Conservative	​	​	9,779,118	​	​	8,686,462
Solution Income	​	​	105,297,499	​	​	137,854,608
Solution Moderately Aggressive	​	​	265,146,210	​	​	298,508,335
Solution Moderately Conservative	​	​	27,011,013	​	​	18,964,962
Solution 2020	​	​	18,763,118	​	​	23,054,077
Solution 2025	​	​	269,583,675	​	​	316,528,734
Solution 2030	​	​	21,527,826	​	​	18,795,676
Solution 2035	​	​	321,250,803	​	​	364,757,195
Solution 2040	​	​	18,209,018	​	​	14,922,831
Solution 2045	​	​	322,633,759	​	​	343,730,905
Solution 2050	​	​	15,737,625	​	​	13,778,458
Solution 2055	​	​	106,602,166	​	​	96,062,761
Solution 2060	​	​	9,079,010	​	​	7,515,707

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

47

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

 

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 (“Distribution Fees”). The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% and 0.45% of each Portfolio’s average daily net assets attributable to its Class S2 and Class T shares, respectively.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2019, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or other related/​affiliated party owned more than 5% of the following Portfolios:

Entity	Portfolio	Percentage
Voya Institutional Trust Company	Solution Balanced	​	8.50%
​	Solution Income	​	42.54
​	Solution 2020	​	18.76
​	Solution 2025	​	40.13
​	Solution 2030	​	15.99
​	Solution 2035	​	39.00
​	Solution 2040	​	8.33

Entity	Portfolio	Percentage
​	Solution 2045	​	39.61
​	Solution 2050	​	10.50
​	Solution 2055	​	44.66
​	Solution 2060	​	12.02
Voya Insurance and Annuity Company	Solution Moderately Aggressive	​	89.66
Voya Retirement Insurance and Annuity Company	Solution Aggressive	​	95.06
	Solution Balanced	​	91.50
​	Solution Conservative	​	95.32
​	Solution Income	​	51.87
​	Solution Moderately Aggressive	​	5.65
​	Solution Moderately Conservative	​	99.59
​	Solution 2020	​	81.23
​	Solution 2025	​	57.17
​	Solution 2030	​	83.81
​	Solution 2035	​	58.92
​	Solution 2040	​	91.65
​	Solution 2045	​	59.56
​	Solution 2050	​	89.48
​	Solution 2055	​	55.34
​	Solution 2060	​	87.95

Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.

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”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, resulting 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 Portfolio, 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.

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

48

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

 

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 2020

​

1.22%

​

0.72%

​

N/A

​

0.97%

​

1.12%

​

1.42%

Solution 2025

​

1.28%

​

0.78%

​

N/A

​

1.03%

​

1.18%

​

1.48%

Solution 2030

​

1.29%

​

0.79%

​

N/A

​

1.04%

​

1.19%

​

1.49%

Solution 2035

​

1.33%

​

0.83%

​

N/A

​

1.08%

​

1.23%

​

1.53%

Solution 2040

​

1.33%

​

0.83%

​

N/A

​

1.08%

​

1.23%

​

1.53%

Solution 2045

​

1.36%

​

0.86%

​

N/A

​

1.11%

​

1.26%

​

1.56%

Solution 2050

​

1.36%

​

0.86%

​

N/A

​

1.11%

​

1.26%

​

1.56%

Solution 2055

​

1.36%

​

0.86%

​

N/A

​

1.11%

​

1.26%

​

1.56%

Solution 2060

​

1.37%

​

0.87%

​

N/A

​

1.12%

​

1.27%

​

1.57%

(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.

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

As of June 30, 2019 the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

​

June 30,

​

​

2020

2021

2022

Total

Solution Aggressive

​

$

27,231

​

$

30,278

​

$

34,059

​

$

91,568

Solution Balanced

​

​

64,135

​

​

67,622

​

​

48,849

​

​

180,606

Solution Conservative

​

​

38,455

​

​

40,088

​

​

45,482

​

​

124,025

Solution Income

​

​

678,943

​

​

604,411

​

​

382,691

​

​

1,666,045

Solution Moderately Aggressive

​

​

305,266

​

​

302,860

​

​

199,149

​

​

807,275

Solution Moderately Conservative

​

​

63,019

​

​

52,961

​

​

47,347

​

​

163,327

Solution 2020

​

​

46,693

​

​

63,061

​

​

43,822

​

​

153,576

Solution 2025

​

​

884,246

​

​

641,378

​

​

508,400

​

​

2,034,024

Solution 2030

​

​

35,290

​

​

48,846

​

​

41,306

​

​

125,442

Solution 2035

​

​

770,232

​

​

715,717

​

​

387,214

​

​

1,873,163

Solution 2040

​

​

35,719

​

​

47,317

​

​

42,006

​

​

125,042

Solution 2045

​

​

510,904

​

​

499,249

​

​

212,894

​

​

1,223,047

Solution 2050

​

​

29,633

​

​

36,683

​

​

35,469

​

​

101,785

Solution 2055

​

​

120,365

​

​

174,209

​

​

118,999

​

​

413,573

Solution 2060

​

​

23,519

​

​

26,368

​

​

30,874

​

​

80,761

The Expense Limitation Agreement is contractual through May 1, 2020 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 May 17, 2019, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has 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 May 15, 2020. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 17, 2019, the predecessor line of credit was for an aggregate amount of  $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.

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.

49

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT (continued)

 

The following Portfolios utilized the line of credit during the period ended June 30, 2019:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Conservative	​	1	​	$	956,000	​	3.40%
Solution Income	​	2	​	​	6,100,000	​	3.44

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Solution Moderately Conservative	​	1	​	1,203,000	​	3.44
Solution 2020	​	1	​	1,685,000	​	3.44
Solution 2025	​	2	​	1,118,000	​	3.41
Solution 2035	​	1	​	1,668,000	​	3.38

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution Aggressive

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

35,380

​

—

​

—

​

(18,901)

​

16,479

​

449,540

​

—

​

—

​

(239,709)

​

209,831

12/31/2018

​

81,232

​

—

​

12,699

​

(74,248)

​

19,683

​

1,088,541

​

—

​

167,121

​

(992,290)

​

263,372

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

5,905

​

—

​

—

​

(161)

​

5,744

​

77,115

​

—

​

—

​

(2,051)

​

75,064

12/31/2018

​

10,715

​

—

​

1,787

​

(16,891)

​

(4,389)

​

147,238

​

—

​

24,011

​

(223,860)

​

(52,611)

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

181,707

​

—

​

—

​

(36,487)

​

145,220

​

2,335,998

​

—

​

—

​

(476,438)

​

1,859,560

12/31/2018

​

320,438

​

—

​

25,489

​

(96,689)

​

249,238

​

4,284,185

​

—

​

342,563

​

(1,301,315)

​

3,325,433

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

149,588

​

—

​

—

​

(90,144)

​

59,444

​

1,982,247

​

—

​

—

​

(1,180,703)

​

801,544

12/31/2018

​

69,210

​

—

​

16,798

​

(130,750)

​

(44,742)

​

911,864

​

—

​

223,244

​

(1,709,087)

​

(573,979)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

41,041

​

—

​

—

​

(4,484)

​

36,557

​

532,995

​

—

​

—

​

(57,644)

​

475,351

12/31/2018

​

22,031

​

—

​

3,181

​

(5,646)

​

19,566

​

292,062

​

—

​

41,710

​

(72,971)

​

260,801

Solution Balanced

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

75,363

​

—

​

—

​

(284,359)

​

(208,996)

​

716,390

​

—

​

—

​

(2,725,708)

​

(2,009,318)

12/31/2018

​

151,383

​

—

​

83,992

​

(775,450)

​

(540,075)

​

1,486,757

​

—

​

812,200

​

(7,535,126)

​

(5,236,169)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

8,820

​

—

​

—

​

(57,954)

​

(49,134)

​

87,990

​

—

​

—

​

(560,828)

​

(472,838)

12/31/2018

​

42,395

​

—

​

22,572

​

(113,571)

​

(48,604)

​

436,057

​

—

​

226,396

​

(1,179,430)

​

(516,977)

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

462,753

​

—

​

—

​

(169,186)

​

293,567

​

4,594,882

​

—

​

—

​

(1,702,630)

​

2,892,252

12/31/2018

​

478,476

​

—

​

77,752

​

(326,685)

​

229,543

​

4,906,793

​

—

​

779,855

​

(3,380,515)

​

2,306,133

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

295,154

​

—

​

—

​

(423,693)

​

(128,539)

​

2,928,368

​

—

​

—

​

(4,188,010)

​

(1,259,642)

12/31/2018

​

221,864

​

—

​

120,812

​

(509,828)

​

(167,152)

​

2,206,260

​

—

​

1,182,749

​

(5,135,648)

​

(1,746,639)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

158,499

​

—

​

—

​

(16,057)

​

142,442

​

1,571,632

​

—

​

—

​

(155,598)

​

1,416,034

12/31/2018

​

18,374

​

—

​

4,737

​

(125,138)

​

(102,027)

​

184,193

​

—

​

46,374

​

(1,270,844)

​

(1,040,277)

Solution Conservative

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

72,356

​

—

​

—

​

(40,825)

​

31,531

​

786,655

​

—

​

—

​

(441,489)

​

345,166

12/31/2018

​

124,782

​

—

​

27,747

​

(158,745)

​

(6,216)

​

1,362,764

​

—

​

296,058

​

(1,738,806)

​

(79,984)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

26,134

​

—

​

—

​

(1,129)

​

25,005

​

289,240

​

—

​

—

​

(12,507)

​

276,733

12/31/2018

​

24,978

​

—

​

479

​

(7,523)

​

17,934

​

272,245

​

—

​

5,173

​

(81,591)

​

195,827

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

118,058

​

—

​

—

​

(53,287)

​

64,771

​

1,289,976

​

—

​

—

​

(589,399)

​

700,577

12/31/2018

​

211,670

​

—

​

14,471

​

(53,275)

​

172,866

​

2,278,829

​

—

​

156,288

​

(589,436)

​

1,845,681

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

48,733

​

—

​

—

​

(79,794)

​

(31,061)

​

531,303

​

—

​

—

​

(878,772)

​

(347,469)

12/31/2018

​

139,393

​

—

​

12,446

​

(178,051)

​

(26,212)

​

1,509,961

​

—

​

133,797

​

(1,938,484)

​

(294,726)

50

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution Conservative (continued)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

5,209

​

—

​

—

​

(7,872)

​

(2,663)

​

55,470

​

—

​

—

​

(84,674)

​

(29,204)

12/31/2018

​

7,762

​

—

​

1,493

​

(24,575)

​

(15,320)

​

84,834

​

—

​

15,913

​

(269,779)

​

(169,032)

Solution Income

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

285,947

​

—

​

—

​

(1,320,572)

​

(1,034,625)

​

3,288,058

​

—

​

—

​

(15,046,436)

​

(11,758,378)

12/31/2018

​

620,219

​

—

​

689,145

​

(3,130,290)

​

(1,820,926)

​

7,156,568

​

—

​

7,801,121

​

(36,050,921)

​

(21,093,232)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

318,802

​

—

​

—

​

(693,744)

​

(374,942)

​

3,745,378

​

—

​

—

​

(8,096,328)

​

(4,350,950)

12/31/2018

​

1,156,766

​

—

​

356,452

​

(1,836,327)

​

(323,109)

​

13,708,533

​

—

​

4,124,148

​

(21,808,112)

​

(3,975,431)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

197,318

​

—

​

—

​

(1,662,859)

​

(1,465,541)

​

2,314,972

​

—

​

—

​

(19,417,430)

​

(17,102,458)

12/31/2018

​

657,095

​

—

​

575,500

​

(3,450,672)

​

(2,218,077)

​

7,693,447

​

—

​

6,606,738

​

(40,425,640)

​

(26,125,455)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

14,982

​

—

​

—

​

(51,857)

​

(36,875)

​

169,279

​

—

​

—

​

(584,757)

​

(415,478)

12/31/2018

​

76,258

​

—

​

26,408

​

(351,204)

​

(248,538)

​

861,202

​

—

​

296,031

​

(4,066,367)

​

(2,909,134)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

151

​

—

​

—

​

(17)

​

134

​

1,843

​

—

​

—

​

(212)

​

1,631

12/31/2018

​

684

​

—

​

773

​

(371)

​

1,086

​

8,261

​

—

​

9,336

​

(4,612)

​

12,985

Solution Moderately Aggressive

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

89,881

​

—

​

—

​

(143,442)

​

(53,561)

​

1,121,071

​

—

​

—

​

(1,796,143)

​

(675,072)

12/31/2018

​

280,298

​

—

​

118,240

​

(569,466)

​

(170,928)

​

3,653,749

​

—

​

1,511,112

​

(7,409,666)

​

(2,244,805)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

26,893

​

—

​

—

​

(30,045)

​

(3,152)

​

344,056

​

—

​

—

​

(381,436)

​

(37,380)

12/31/2018

​

49,024

​

—

​

21,277

​

(179,052)

​

(108,751)

​

649,017

​

—

​

276,815

​

(2,447,432)

​

(1,521,600)

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

374,629

​

—

​

—

​

(120,960)

​

253,669

​

4,736,915

​

—

​

—

​

(1,542,896)

​

3,194,019

12/31/2018

​

545,723

​

—

​

57,502

​

(165,004)

​

438,221

​

7,157,515

​

—

​

747,524

​

(2,167,246)

​

5,737,793

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

44,316

​

—

​

—

​

(3,149,680)

​

(3,105,364)

​

562,019

​

—

​

—

​

(39,769,911)

​

(39,207,892)

12/31/2018

​

299,970

​

—

​

3,043,427

​

(7,246,894)

​

(3,903,497)

​

3,720,952

​

—

​

39,199,340

​

(95,120,221)

​

(52,199,929)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

10,332

​

—

​

—

​

(4,313)

​

6,019

​

130,342

​

—

​

—

​

(55,572)

​

74,770

12/31/2018

​

15,047

​

—

​

3,832

​

(81,024)

​

(62,145)

​

197,507

​

—

​

49,430

​

(1,087,528)

​

(840,591)

Solution Moderately Conservative

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

43,080

​

—

​

—

​

(78,801)

​

(35,721)

​

417,606

​

—

​

—

​

(744,634)

​

(327,028)

12/31/2018

​

148,406

​

—

​

48,899

​

(322,063)

​

(124,758)

​

1,453,700

​

—

​

470,405

​

(3,116,236)

​

(1,192,131)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

370

​

—

​

—

​

(417)

​

(47)

​

3,746

​

—

​

—

​

(4,104)

​

(358)

12/31/2018

​

860

​

—

​

133

​

(259)

​

734

​

8,667

​

—

​

1,336

​

(2,521)

​

7,482

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

219,267

​

—

​

—

​

(51,903)

​

167,364

​

2,164,597

​

—

​

—

​

(521,950)

​

1,642,647

12/31/2018

​

241,250

​

—

​

15,439

​

(67,888)

​

188,801

​

2,464,868

​

—

​

154,704

​

(694,095)

​

1,925,477

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

467,291

​

—

​

—

​

(195,561)

​

271,730

​

4,668,822

​

—

​

—

​

(1,941,769)

​

2,727,053

12/31/2018

​

148,788

​

—

​

69,056

​

(349,127)

​

(131,283)

​

1,473,197

​

—

​

677,443

​

(3,524,044)

​

(1,373,404)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

391,762

​

—

​

—

​

(5,509)

​

386,253

​

3,873,765

​

—

​

—

​

(53,546)

​

3,820,219

12/31/2018

​

23,390

​

—

​

4,375

​

(12,631)

​

15,134

​

228,524

​

—

​

42,435

​

(126,092)

​

144,867

Solution 2020

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

251,780

​

—

​

—

​

(298,549)

​

(46,769)

​

3,170,132

​

—

​

—

​

(3,723,543)

​

(553,411)

12/31/2018

​

491,463

​

—

​

74,480

​

(542,041)

​

23,902

​

6,356,288

​

—

​

931,748

​

(7,006,362)

​

281,674

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

75,185

​

—

​

—

​

(145,802)

​

(70,617)

​

966,483

​

—

​

—

​

(1,893,684)

​

(927,201)

12/31/2018

​

512,684

​

—

​

33,558

​

(510,217)

​

36,025

​

6,635,113

​

—

​

428,868

​

(6,734,970)

​

329,011

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

85,096

​

—

​

—

​

(304,252)

​

(219,156)

​

1,091,682

​

—

​

—

​

(3,886,891)

​

(2,795,209)

12/31/2018

​

529,256

​

—

​

60,565

​

(308,303)

​

281,518

​

6,891,239

​

—

​

770,382

​

(3,973,399)

​

3,688,222

51

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution 2020 (continued)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

5,825

​

—

​

—

​

(19,400)

​

(13,575)

​

73,480

​

—

​

—

​

(245,191)

​

(171,711)

12/31/2018

​

27,772

​

—

​

2,725

​

(39,438)

​

(8,941)

​

367,833

​

—

​

34,283

​

(518,618)

​

(116,502)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

38

​

—

​

—

​

(2)

​

36

​

471

​

—

​

—

​

(20)

​

451

12/31/2018

​

220

​

—

​

40

​

(122)

​

138

​

2,747

​

—

​

503

​

(1,525)

​

1,725

Solution 2025

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

628,380

​

—

​

—

​

(2,068,049)

​

(1,439,669)

​

7,024,143

​

—

​

—

​

(23,229,372)

​

(16,205,229)

12/31/2018

​

1,817,104

​

—

​

1,229,575

​

(5,314,588)

​

(2,267,909)

​

21,021,392

​

—

​

13,857,311

​

(60,689,080)

​

(25,810,377)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

1,489,376

​

—

​

—

​

(1,592,104)

​

(102,728)

​

17,219,620

​

—

​

—

​

(18,224,548)

​

(1,004,928)

12/31/2018

​

3,202,132

​

—

​

1,085,320

​

(4,077,675)

​

209,777

​

38,146,295

​

—

​

12,546,303

​

(48,703,040)

​

1,989,558

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

681,266

​

—

​

—

​

(3,136,658)

​

(2,455,392)

​

7,816,499

​

—

​

—

​

(35,926,139)

​

(28,109,640)

12/31/2018

​

1,799,836

​

—

​

1,466,438

​

(5,880,003)

​

(2,613,729)

​

20,993,901

​

—

​

16,776,054

​

(68,488,208)

​

(30,718,253)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

55,907

​

—

​

—

​

(248,700)

​

(192,793)

​

618,937

​

—

​

—

​

(2,802,787)

​

(2,183,850)

12/31/2018

​

208,400

​

—

​

55,774

​

(595,263)

​

(331,089)

​

2,322,159

​

—

​

620,761

​

(6,783,982)

​

(3,841,062)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

237

​

—

​

—

​

(12,680)

​

(12,443)

​

2,786

​

—

​

—

​

(149,439)

​

(146,653)

12/31/2018

​

1,670

​

—

​

3,044

​

(19,353)

​

(14,639)

​

19,734

​

—

​

35,881

​

(223,720)

​

(168,105)

Solution 2030

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

270,117

​

—

​

—

​

(154,680)

​

115,437

​

4,012,281

​

—

​

—

​

(2,313,691)

​

1,698,590

12/31/2018

​

458,897

​

—

​

56,878

​

(451,378)

​

64,397

​

7,156,351

​

—

​

858,857

​

(7,112,168)

​

903,040

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

238,328

​

—

​

—

​

(114,076)

​

124,252

​

3,720,362

​

—

​

—

​

(1,743,668)

​

1,976,694

12/31/2018

​

320,247

​

—

​

32,650

​

(362,870)

​

(9,973)

​

5,117,378

​

—

​

505,749

​

(5,868,717)

​

(245,590)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

85,089

​

—

​

—

​

(148,600)

​

(63,511)

​

1,296,451

​

—

​

—

​

(2,273,652)

​

(977,201)

12/31/2018

​

350,352

​

—

​

46,877

​

(166,741)

​

230,488

​

5,565,957

​

—

​

722,379

​

(2,608,485)

​

3,679,851

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

6,245

​

—

​

—

​

(9,063)

​

(2,818)

​

94,314

​

—

​

—

​

(133,125)

​

(38,811)

12/31/2018

​

10,506

​

—

​

2,534

​

(17,985)

​

(4,945)

​

162,865

​

—

​

38,574

​

(283,967)

​

(82,528)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

277

​

—

​

—

​

(11)

​

266

​

4,116

​

—

​

—

​

(164)

​

3,952

12/31/2018

​

490

​

—

​

65

​

(15)

​

540

​

7,638

​

—

​

987

​

(236)

​

8,389

Solution 2035

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

504,325

​

—

​

—

​

(2,129,982)

​

(1,625,657)

​

5,837,908

​

—

​

—

​

(24,510,329)

​

(18,672,421)

12/31/2018

​

1,379,031

​

—

​

1,197,346

​

(4,345,400)

​

(1,769,023)

​

16,709,844

​

—

​

14,092,763

​

(51,797,452)

​

(20,994,845)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

1,430,348

​

—

​

—

​

(1,848,084)

​

(417,736)

​

17,029,795

​

—

​

—

​

(21,676,527)

​

(4,646,732)

12/31/2018

​

3,610,963

​

—

​

1,334,193

​

(4,054,133)

​

891,023

​

44,520,078

​

—

​

16,103,710

​

(50,601,623)

​

10,022,165

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

756,698

​

—

​

—

​

(2,466,568)

​

(1,709,870)

​

8,942,450

​

—

​

—

​

(29,026,632)

​

(20,084,182)

12/31/2018

​

1,869,794

​

—

​

1,633,358

​

(5,443,467)

​

(1,940,315)

​

22,710,849

​

—

​

19,502,295

​

(66,273,628)

​

(24,060,484)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

66,191

​

—

​

—

​

(187,663)

​

(121,472)

​

748,159

​

—

​

—

​

(2,100,900)

​

(1,352,741)

12/31/2018

​

254,556

​

—

​

87,714

​

(535,473)

​

(193,203)

​

2,981,117

​

—

​

1,008,708

​

(6,278,912)

​

(2,289,087)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

729

​

—

​

—

​

(2,595)

​

(1,866)

​

8,771

​

—

​

—

​

(29,919)

​

(21,148)

12/31/2018

​

3,048

​

—

​

2,950

​

(27,028)

​

(21,030)

​

37,866

​

—

​

36,315

​

(317,312)

​

(243,131)

Solution 2040

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

181,694

​

—

​

—

​

(57,093)

​

124,601

​

2,826,589

​

—

​

—

​

(900,487)

​

1,926,102

12/31/2018

​

304,877

​

—

​

48,857

​

(254,667)

​

99,067

​

5,010,093

​

—

​

781,717

​

(4,144,987)

​

1,646,823

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

141,552

​

—

​

—

​

(78,914)

​

62,638

​

2,280,997

​

—

​

—

​

(1,274,074)

​

1,006,923

12/31/2018

​

271,973

​

—

​

33,899

​

(261,598)

​

44,274

​

4,606,311

​

—

​

556,292

​

(4,571,742)

​

590,861

52

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution 2040 (continued)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

85,850

​

—

​

—

​

(54,903)

​

30,947

​

1,383,140

​

—

​

—

​

(876,534)

​

506,606

12/31/2018

​

222,660

​

—

​

39,803

​

(123,720)

​

138,743

​

3,757,941

​

—

​

648,392

​

(2,057,828)

​

2,348,505

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

10,163

​

—

​

—

​

(22,353)

​

(12,190)

​

159,137

​

—

​

—

​

(348,094)

​

(188,957)

12/31/2018

​

31,436

​

—

​

4,892

​

(12,690)

​

23,638

​

527,989

​

—

​

78,518

​

(220,984)

​

385,523

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

221

​

—

​

—

​

(3)

​

218

​

3,428

​

—

​

—

​

(42)

​

3,386

12/31/2018

​

581

​

—

​

85

​

(614)

​

52

​

9,296

​

—

​

1,366

​

(9,596)

​

1,066

Solution 2045

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

479,314

​

—

​

—

​

(1,173,808)

​

(694,494)

​

5,483,733

​

—

​

—

​

(13,354,927)

​

(7,871,194)

12/31/2018

​

1,092,978

​

—

​

865,338

​

(3,355,704)

​

(1,397,388)

​

13,079,599

​

—

​

10,228,294

​

(39,780,511)

​

(16,472,618)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

1,578,854

​

—

​

—

​

(1,915,436)

​

(336,582)

​

18,690,428

​

—

​

—

​

(22,457,955)

​

(3,767,527)

12/31/2018

​

3,395,741

​

—

​

1,265,892

​

(3,372,017)

​

1,289,616

​

42,392,725

​

—

​

15,367,932

​

(42,285,089)

​

15,475,568

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

687,009

​

—

​

—

​

(1,541,575)

​

(854,566)

​

8,029,392

​

—

​

—

​

(18,002,299)

​

(9,972,907)

12/31/2018

​

1,558,711

​

—

​

1,272,721

​

(4,448,167)

​

(1,616,735)

​

19,002,680

​

—

​

15,247,200

​

(54,821,878)

​

(20,571,998)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

42,309

​

—

​

—

​

(152,748)

​

(110,439)

​

477,073

​

—

​

—

​

(1,728,267)

​

(1,251,194)

12/31/2018

​

134,268

​

—

​

48,031

​

(262,214)

​

(79,915)

​

1,586,988

​

—

​

561,006

​

(3,100,369)

​

(952,375)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

1,236

​

—

​

—

​

(1,677)

​

(441)

​

14,586

​

—

​

—

​

(19,942)

​

(5,356)

12/31/2018

​

3,217

​

—

​

2,534

​

(25,041)

​

(19,290)

​

39,351

​

—

​

30,897

​

(285,333)

​

(215,085)

Solution 2050

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

121,231

​

—

​

—

​

(35,321)

​

85,910

​

1,957,115

​

—

​

—

​

(567,210)

​

1,389,905

12/31/2018

​

304,671

​

—

​

29,494

​

(178,570)

​

155,595

​

5,185,040

​

—

​

489,007

​

(2,999,258)

​

2,674,789

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

111,601

​

—

​

—

​

(67,816)

​

43,785

​

1,852,522

​

—

​

—

​

(1,110,780)

​

741,742

12/31/2018

​

306,052

​

—

​

21,043

​

(227,231)

​

99,864

​

5,338,713

​

—

​

359,200

​

(3,998,614)

​

1,699,299

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

73,366

​

—

​

—

​

(74,287)

​

(921)

​

1,205,565

​

—

​

—

​

(1,233,425)

​

(27,860)

12/31/2018

​

209,421

​

—

​

17,993

​

(114,350)

​

113,064

​

3,607,249

​

—

​

304,081

​

(1,955,852)

​

1,955,478

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

5,378

​

—

​

—

​

(14,691)

​

(9,313)

​

86,547

​

—

​

—

​

(237,537)

​

(150,990)

12/31/2018

​

19,959

​

—

​

1,374

​

(10,248)

​

11,085

​

341,505

​

—

​

22,915

​

(178,100)

​

186,320

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

383

​

—

​

—

​

(293)

​

90

​

6,247

​

—

​

—

​

(4,532)

​

1,715

12/31/2018

​

764

​

—

​

43

​

(592)

​

215

​

12,814

​

—

​

714

​

(10,312)

​

3,216

Solution 2055

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

277,901

​

—

​

—

​

(237,277)

​

40,624

​

3,783,805

​

—

​

—

​

(3,241,214)

​

542,591

12/31/2018

​

573,495

​

—

​

152,610

​

(785,590)

​

(59,485)

​

8,107,105

​

—

​

2,141,118

​

(11,025,011)

​

(776,788)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

1,107,192

​

—

​

—

​

(430,921)

​

676,271

​

15,386,415

​

—

​

—

​

(5,948,603)

​

9,437,812

12/31/2018

​

1,988,921

​

—

​

286,227

​

(1,090,603)

​

1,184,545

​

28,836,328

​

—

​

4,093,046

​

(15,958,578)

​

16,970,796

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

348,347

​

—

​

—

​

(328,767)

​

19,580

​

4,791,568

​

—

​

—

​

(4,567,021)

​

224,547

12/31/2018

​

773,431

​

—

​

183,164

​

(1,000,675)

​

(44,080)

​

11,027,413

​

—

​

2,589,944

​

(14,332,928)

​

(715,571)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

34,844

​

—

​

—

​

(49,178)

​

(14,334)

​

474,040

​

—

​

—

​

(662,063)

​

(188,023)

12/31/2018

​

68,323

​

—

​

10,816

​

(83,181)

​

(4,042)

​

962,735

​

—

​

152,185

​

(1,167,461)

​

(52,541)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

41

​

—

​

—

​

(316)

​

(275)

​

562

​

—

​

—

​

(4,121)

​

(3,559)

12/31/2018

​

238

​

—

​

69

​

(1,024)

​

(717)

​

3,371

​

—

​

983

​

(14,629)

​

(10,275)

Solution 2060

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

107,569

​

—

​

—

​

(43,521)

​

64,048

​

1,239,077

​

—

​

—

​

(505,991)

​

733,086

12/31/2018

​

265,744

​

—

​

21,676

​

(106,138)

​

181,282

​

3,209,446

​

—

​

257,511

​

(1,288,854)

​

2,178,103

53

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution 2060 (continued)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

102,984

​

—

​

—

​

(49,813)

​

53,171

​

1,207,281

​

—

​

—

​

(572,362)

​

634,919

12/31/2018

​

210,814

​

—

​

10,538

​

(151,215)

​

70,137

​

2,548,696

​

—

​

126,662

​

(1,857,583)

​

817,775

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

76,412

​

—

​

—

​

(55,356)

​

21,056

​

883,642

​

—

​

—

​

(638,810)

​

244,832

12/31/2018

​

190,206

​

—

​

17,250

​

(106,657)

​

100,799

​

2,296,529

​

—

​

205,097

​

(1,256,273)

​

1,245,353

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

6,550

​

—

​

—

​

(11,063)

​

(4,513)

​

75,294

​

—

​

—

​

(123,524)

​

(48,230)

12/31/2018

​

13,934

​

—

​

1,122

​

(5,977)

​

9,079

​

166,640

​

—

​

13,337

​

(71,667)

​

108,310

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

12/31/2018

​

—

​

—

​

17

​

—

​

17

​

—

​

—

​

197

​

—

​

197

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, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

No dividends or distributions were made during the six months ended June 30, 2019. The tax composition of dividends and distributions to shareholders during the year ended December 31, 2018 was as follows:

​	Ordinary Income			Long-term Capital Gains
Solution Aggressive	​	$	234,832	​	$	563,817
Solution Balanced	​	​	1,352,172	​	​	1,695,402
Solution Conservative	​	​	478,277	​	​	128,952
Solution Income	​	​	13,581,676	​	​	5,255,698
Solution Moderately Aggressive	​	​	15,280,521	​	​	26,503,700
Solution Moderately Conservative	​	​	832,215	​	​	514,108
Solution 2020	​	​	1,035,295	​	​	1,130,733
Solution 2025	​	​	21,872,437	​	​	21,963,873
Solution 2030	​	​	1,020,513	​	​	1,106,355
Solution 2035	​	​	18,163,767	​	​	32,580,024
Solution 2040	​	​	831,150	​	​	1,235,549
Solution 2045	​	​	13,096,105	​	​	28,339,224
Solution 2050	​	​	457,960	​	​	718,247
Solution 2055	​	​	2,967,858	​	​	6,009,418
Solution 2060	​	​	286,753	​	​	316,051

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of June 30, 2019 were:

​

Undistributed Ordinary Income

Undistributed Long-term Capital Gains

Unrealized Appreciation/​ (Depreciation)

Capital Loss Carryforwards

​

Amount

Character

Expiration

Solution Aggressive

​

$

351,842

​

$

1,535,132

​

$

(299,378)

​

$

—

—

​

—

Solution Balanced

​

​

1,822,711

​

​

3,489,524

​

​

(284,523)

​

​

—

—

​

—

Solution Conservative

​

​

526,695

​

​

144,936

​

​

201,701

​

​

(56,081)

Long-term

​

None

Solution Income

​

​

12,167,527

​

​

5,951,466

​

​

4,229,097

​

​

(58,216)

Short-term

​

None

​

​

​

​

​

​

​

​

​

​

​

​

(3,350,397)

Long-term

​

None

​

​

​

​

​

​

​

​

​

​

​

$

(3,408,613)

​

​

​

54

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

 

​	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/​ (Depreciation)		Capital Loss Carryforwards
​							Amount		Character	Expiration
Solution Moderately Aggressive	​	15,389,816	​	52,077,290	​	1,359,808	​	—	—	​	—
Solution Moderately Conservative	​	1,054,488	​	738,052	​	175,198	​	—	—	​	—
Solution 2020	​	962,922	​	1,493,656	​	533,304	​	(94,432)	Long-term	​	None
Solution 2025	​	23,251,980	​	52,777,990	​	4,109,038	​	—	—	​	—
Solution 2030	​	932,157	​	2,414,172	​	(7,010)	​	—	—	​	—
Solution 2035	​	20,407,523	​	76,161,888	​	6,425,362	​	—	—	​	—
Solution 2040	​	639,328	​	2,203,654	​	(27,259)	​	—	—	​	—
Solution 2045	​	12,925,016	​	57,799,588	​	8,076,321	​	—	—	​	—
Solution 2050	​	407,874	​	1,821,542	​	(172,742)	​	(87,429)	Long-term	​	None
Solution 2055	​	3,710,783	​	16,789,062	​	1,333,078	​	—	—	​	—
Solution 2060	​	224,155	​	851,809	​	(73,176)	​	(35,374)	Long-term	​	None

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

As of June 30, 2019, 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 earliest tax year that remains subject to examination by these jurisdictions is 2014.

NOTE 11 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principle and adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the

discount continues to be amortized to maturity date. Upon evaluation, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts.

Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. As of June 30, 2019, management of the Portfolios is currently assessing the potential impact to financial statement disclosure that may result from adopting this ASU.

NOTE 12 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2019, the Portfolios declared dividends and distributions of:

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution Aggressive
Class ADV	​	$	0.1590	​	$	—	​	$	0.9867	August 5, 2019	August 1, 2019
Class I	​	$	0.2181	​	$	—	​	$	0.9867	August 5, 2019	August 1, 2019
Class R6	​	$	0.2183	​	$	—	​	$	0.9867	August 5, 2019	August 1, 2019
Class S	​	$	0.1793	​	$	—	​	$	0.9867	August 5, 2019	August 1, 2019
Class S2	​	$	0.1879	​	$	—	​	$	0.9867	August 5, 2019	August 1, 2019

55

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 12 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution Balanced
Class ADV	​	$	0.1881	​	$	—	​	$	0.6103	August 5, 2019	August 1, 2019
Class I	​	$	0.2557	​	$	—	​	$	0.6103	August 5, 2019	August 1, 2019
Class R6	​	$	0.2558	​	$	—	​	$	0.6103	August 5, 2019	August 1, 2019
Class S	​	$	0.2277	​	$	—	​	$	0.6103	August 5, 2019	August 1, 2019
Class S2	​	$	0.2344	​	$	—	​	$	0.6103	August 5, 2019	August 1, 2019
Solution Conservative
Class ADV	​	$	0.2074	​	$	—	​	$	0.0862	August 5, 2019	August 1, 2019
Class I	​	$	0.2608	​	$	—	​	$	0.0862	August 5, 2019	August 1, 2019
Class R6	​	$	0.2608	​	$	—	​	$	0.0862	August 5, 2019	August 1, 2019
Class S	​	$	0.2289	​	$	—	​	$	0.0862	August 5, 2019	August 1, 2019
Class S2	​	$	0.2096	​	$	—	​	$	0.0862	August 5, 2019	August 1, 2019
Solution Income
Class ADV	​	$	0.3052	​	$	0.0317	​	$	0.2103	August 5, 2019	August 1, 2019
Class I	​	$	0.3728	​	$	0.0317	​	$	0.2103	August 5, 2019	August 1, 2019
Class S	​	$	0.3341	​	$	0.0317	​	$	0.2103	August 5, 2019	August 1, 2019
Class S2	​	$	0.3114	​	$	0.0317	​	$	0.2103	August 5, 2019	August 1, 2019
Class T	​	$	0.2910	​	$	0.0317	​	$	0.2103	August 5, 2019	August 1, 2019
Solution Moderately Aggressive
Class ADV	​	$	0.2625	​	$	0.0039	​	$	1.0225	August 5, 2019	August 1, 2019
Class I	​	$	0.3315	​	$	0.0039	​	$	1.0225	August 5, 2019	August 1, 2019
Class R6	​	$	0.3316	​	$	0.0039	​	$	1.0225	August 5, 2019	August 1, 2019
Class S	​	$	0.2946	​	$	0.0039	​	$	1.0225	August 5, 2019	August 1, 2019
Class S2	​	$	0.2651	​	$	0.0039	​	$	1.0225	August 5, 2019	August 1, 2019
Solution Moderately Conservative
Class ADV	​	$	0.1616	​	$	—	​	$	0.1962	August 5, 2019	August 1, 2019
Class I	​	$	0.2212	​	$	—	​	$	0.1962	August 5, 2019	August 1, 2019
Class R6	​	$	0.2212	​	$	—	​	$	0.1962	August 5, 2019	August 1, 2019
Class S	​	$	0.1996	​	$	—	​	$	0.1962	August 5, 2019	August 1, 2019
Class S2	​	$	0.2132	​	$	—	​	$	0.1962	August 5, 2019	August 1, 2019
Solution 2020
Class ADV	​	$	0.3074	​	$	—	​	$	0.6096	August 5, 2019	August 1, 2019
Class I	​	$	0.3764	​	$	—	​	$	0.6096	August 5, 2019	August 1, 2019
Class S	​	$	0.3406	​	$	—	​	$	0.6096	August 5, 2019	August 1, 2019
Class S2	​	$	0.2796	​	$	—	​	$	0.6096	August 5, 2019	August 1, 2019
Class T	​	$	0.2985	​	$	—	​	$	0.6096	August 5, 2019	August 1, 2019
Solution 2025
Class ADV	​	$	0.2459	​	$	0.0089	​	$	0.6664	August 5, 2019	August 1, 2019
Class I	​	$	0.3112	​	$	0.0089	​	$	0.6664	August 5, 2019	August 1, 2019
Class S	​	$	0.2773	​	$	0.0089	​	$	0.6664	August 5, 2019	August 1, 2019
Class S2	​	$	0.2454	​	$	0.0089	​	$	0.6664	August 5, 2019	August 1, 2019
Class T	​	$	0.1752	​	$	0.0089	​	$	0.6664	August 5, 2019	August 1, 2019

56

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 12 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution 2030
Class ADV	​	$	0.2533	​	$	0.0185	​	$	0.9125	August 5, 2019	August 1, 2019
Class I	​	$	0.3174	​	$	0.0185	​	$	0.9125	August 5, 2019	August 1, 2019
Class S	​	$	0.2821	​	$	0.0185	​	$	0.9125	August 5, 2019	August 1, 2019
Class S2	​	$	0.2408	​	$	0.0185	​	$	0.9125	August 5, 2019	August 1, 2019
Class T	​	$	0.2437	​	$	0.0185	​	$	0.9125	August 5, 2019	August 1, 2019
Solution 2035
Class ADV	​	$	0.2360	​	$	0.0030	​	$	0.9227	August 5, 2019	August 1, 2019
Class I	​	$	0.3049	​	$	0.0030	​	$	0.9227	August 5, 2019	August 1, 2019
Class S	​	$	0.2710	​	$	0.0030	​	$	0.9227	August 5, 2019	August 1, 2019
Class S2	​	$	0.2442	​	$	0.0030	​	$	0.9227	August 5, 2019	August 1, 2019
Class T	​	$	0.1566	​	$	0.0030	​	$	0.9227	August 5, 2019	August 1, 2019
Solution 2040
Class ADV	​	$	0.2586	​	$	—	​	$	1.0552	August 5, 2019	August 1, 2019
Class I	​	$	0.3215	​	$	—	​	$	1.0552	August 5, 2019	August 1, 2019
Class S	​	$	0.2858	​	$	—	​	$	1.0552	August 5, 2019	August 1, 2019
Class S2	​	$	0.2558	​	$	—	​	$	1.0552	August 5, 2019	August 1, 2019
Class T	​	$	0.1999	​	$	—	​	$	1.0552	August 5, 2019	August 1, 2019
Solution 2045
Class ADV	​	$	0.1989	​	$	0.0091	​	$	1.0860	August 5, 2019	August 1, 2019
Class I	​	$	0.2671	​	$	0.0091	​	$	1.0860	August 5, 2019	August 1, 2019
Class S	​	$	0.2341	​	$	0.0091	​	$	1.0860	August 5, 2019	August 1, 2019
Class S2	​	$	0.2005	​	$	0.0091	​	$	1.0860	August 5, 2019	August 1, 2019
Class T	​	$	0.0944	​	$	0.0091	​	$	1.0860	August 5, 2019	August 1, 2019
Solution 2050
Class ADV	​	$	0.2195	​	$	—	​	$	1.1255	August 5, 2019	August 1, 2019
Class I	​	$	0.2838	​	$	—	​	$	1.1255	August 5, 2019	August 1, 2019
Class S	​	$	0.2502	​	$	—	​	$	1.1255	August 5, 2019	August 1, 2019
Class S2	​	$	0.2015	​	$	—	​	$	1.1255	August 5, 2019	August 1, 2019
Class T	​	$	0.1803	​	$	—	​	$	1.1255	August 5, 2019	August 1, 2019
Solution 2055
Class ADV	​	$	0.1966	​	$	0.0063	​	$	1.1522	August 5, 2019	August 1, 2019
Class I	​	$	0.2692	​	$	0.0063	​	$	1.1522	August 5, 2019	August 1, 2019
Class S	​	$	0.2333	​	$	0.0063	​	$	1.1522	August 5, 2019	August 1, 2019
Class S2	​	$	0.1949	​	$	0.0063	​	$	1.1522	August 5, 2019	August 1, 2019
Class T	​	$	0.0973	​	$	0.0063	​	$	1.1522	August 5, 2019	August 1, 2019
Solution 2060
Class ADV	​	$	0.1473	​	$	0.0170	​	$	0.6870	August 5, 2019	August 1, 2019
Class I	​	$	0.1890	​	$	0.0170	​	$	0.6870	August 5, 2019	August 1, 2019
Class S	​	$	0.1653	​	$	0.0170	​	$	0.6870	August 5, 2019	August 1, 2019
Class S2	​	$	0.1450	​	$	0.0170	​	$	0.6870	August 5, 2019	August 1, 2019
Class T	​	$	0.1036	​	$	0.0170	​	$	0.6870	August 5, 2019	August 1, 2019

57

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 12 — SUBSEQUENT EVENTS (continued)

 

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

58

PORTFOLIO OF INVESTMENTS​

Voya Solution Aggressive Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.5%
​	3,456	Vanguard Global ex-U.S. Real Estate ETF	​	$	203,904	​	1.0
​	2,332	Vanguard Real Estate ETF	​	​	203,817	​	1.0
​	8,172	Vanguard Russell 1000 Growth ETF	​	​	1,325,989	​	6.5
​	9,209	Vanguard Value ETF	​	​	1,021,462	​	5.0
​	​	Total Exchange-Traded Funds (Cost $2,730,584)	​		2,755,172	​	13.5
MUTUAL FUNDS: 86.5%
​	​	Affiliated Investment Companies: 86.5%
​	31,240	Voya Index Plus LargeCap Portfolio - Class I	​	​	819,118	​	4.0
​	11,353	Voya Large-Cap Growth Fund - Class R6	​	​	512,937	​	2.5
​	34,787	Voya MidCap Opportunities Portfolio - Class I	​	​	512,755	​	2.5
​	100,391	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,222,760	​	6.0
​	180,220	Voya Multi-Manager International Equity Fund - Class I	​	​	2,047,303	​	10.0
​	107,776	Voya Multi-Manager International Factors Fund - Class I	​	​	1,021,718	​	5.0
​	134,260	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	1,339,911	​	6.5
​	41,342	Voya Short Term Bond Fund - Class R6	​	​	407,222	​	2.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	38,974	Voya Small Company Portfolio - Class I	​	$	617,347	​	3.0
​	84,659	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	1,022,681	​	5.0
​	136,796	Voya U.S. Stock Index Portfolio - Class I	​	​	2,250,291	​	11.0
​	76,417	VY® Invesco Comstock Portfolio - Class I	​	​	1,541,339	​	7.5
​	51,663	VY® JPMorgan Small Cap Core Equity Portfolio Class I	​	​	1,031,718	​	5.0
​	34,459	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,021,009	​	5.0
​	63,385	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	820,834	​	4.0
​	16,331	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,533,520	​	7.5
​	​	Total Mutual Funds (Cost $17,661,074)	​		17,722,463	​	86.5
​	​	Total Investments in Securities (Cost $20,391,658)	​	$	20,477,635	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	2,659	​	0.0
​	​	Net Assets	​	$	20,480,294	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

2,755,172

​

$

—

​

$

—

​

$

2,755,172

Mutual Funds

​

​

17,722,463

​

​

—

​

​

—

​

​

17,722,463

Total Investments, at fair value

​

$

20,477,635

​

$

—

​

$

—

​

$

20,477,635

^

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

See Accompanying Notes to Financial Statements

59

PORTFOLIO OF INVESTMENTS​

Voya Solution Aggressive Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

144,370

​

$

39,530

​

$

(185,858)

​

$

1,958

​

$

—

​

$

—

​

$

15,743

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

1,092,846

​

​

407,734

​

​

(804,928)

​

​

123,466

​

​

819,118

​

​

12,089

​

​

6,864

​

​

66,549

Voya Intermediate Bond Fund - Class R6

​

​

146,293

​

​

492,194

​

​

(638,773)

​

​

286

​

​

—

​

​

4,478

​

​

7,849

​

​

—

Voya International Index Portfolio - Class I

​

​

797,012

​

​

218,303

​

​

(1,141,320)

​

​

126,005

​

​

—

​

​

—

​

​

(35,959)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

365,899

​

​

219,474

​

​

(646,981)

​

​

61,608

​

​

—

​

​

2,288

​

​

(8,849)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

801,846

​

​

282,261

​

​

(774,772)

​

​

203,602

​

​

512,937

​

​

—

​

​

(41,909)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

657,178

​

​

201,423

​

​

(466,994)

​

​

121,148

​

​

512,755

​

​

749

​

​

19,684

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

871,152

​

​

333,170

​

​

(133,626)

​

​

152,064

​

​

1,222,760

​

​

—

​

​

(15,774)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

1,306,114

​

​

643,964

​

​

(120,994)

​

​

218,219

​

​

2,047,303

​

​

—

​

​

(511)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

796,941

​

​

267,511

​

​

(133,339)

​

​

90,605

​

​

1,021,718

​

​

—

​

​

2,310

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

1,018,729

​

​

353,224

​

​

(254,062)

​

​

222,020

​

​

1,339,911

​

​

—

​

​

(33,589)

​

​

—

Voya Russell™ Mid Cap Growth Index Portfolio - Class I

​

​

364,843

​

​

98,721

​

​

(494,268)

​

​

30,704

​

​

—

​

​

—

​

​

62,499

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

—

​

​

717,023

​

​

(310,970)

​

​

1,169

​

​

407,222

​

​

1,259

​

​

1,004

​

​

—

Voya Small Company Portfolio - Class I

​

​

1,019,831

​

​

388,401

​

​

(1,013,934)

​

​

223,049

​

​

617,347

​

​

2,382

​

​

(114,825)

​

​

80,639

Voya U.S. Bond Index Portfolio - Class I

​

​

289,975

​

​

136,003

​

​

(421,082)

​

​

(4,896)

​

​

—

​

​

2,455

​

​

11,514

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

364,035

​

​

643,697

​

​

(56,076)

​

​

71,025

​

​

1,022,681

​

​

1,792

​

​

834

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,110,696

​

​

1,245,182

​

​

(333,580)

​

​

227,993

​

​

2,250,291

​

​

—

​

​

(10,981)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,109,150

​

​

393,332

​

​

(120,806)

​

​

159,663

​

​

1,541,339

​

​

—

​

​

11,396

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

—

​

​

1,042,243

​

​

(8,508)

​

​

(2,017)

​

​

1,031,718

​

​

—

​

​

(451)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

—

​

​

1,035,897

​

​

(48,381)

​

​

33,493

​

​

1,021,009

​

​

—

​

​

(548)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

—

​

​

821,267

​

​

(25,198)

​

​

24,765

​

​

820,834

​

​

—

​

​

(469)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

1,093,166

​

​

356,235

​

​

(154,362)

​

​

238,481

​

​

1,533,520

​

​

—

​

​

(4,368)

​

​

—

​

​

$

13,350,076

​

$

10,336,789

​

$

(8,288,812)

​

$

2,324,410

​

$

17,722,463

​

$

27,492

​

$

(128,536)

​

$

147,188

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $20,777,013.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	326,335
Gross Unrealized Depreciation	​	(625,713)
Net Unrealized Depreciation	$	(299,378)

See Accompanying Notes to Financial Statements

60

PORTFOLIO OF INVESTMENTS​

Voya Solution Balanced Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.5%
​	20,010	Schwab U.S. TIPS ETF	​	$	1,126,763	​	2.0
​	9,583	Vanguard Global ex-U.S. Real Estate ETF	​	​	565,397	​	1.0
​	6,466	Vanguard Real Estate ETF	​	​	565,128	​	1.0
​	13,945	Vanguard Russell 1000 Growth ETF	​	​	2,262,716	​	4.0
​	33,194	Vanguard Value ETF	​	​	3,681,879	​	6.5
​	​	Total Exchange-Traded Funds (Cost $8,112,549)	​		8,201,883	​	14.5
MUTUAL FUNDS: 85.5%
​	​	Affiliated Investment Companies: 85.5%
​	177,452	Voya Floating Rate Fund - Class I	​	​	1,698,220	​	3.0
​	284,136	Voya High Yield Bond Fund - Class R6	​	​	2,267,409	​	4.0
​	385,452	Voya Intermediate Bond Fund - Class R6	​	​	3,954,736	​	7.0
​	133,658	Voya Large Cap Value Fund - Class R6	​	​	1,705,479	​	3.0
​	59,529	Voya Large-Cap Growth Fund - Class R6	​	​	2,689,535	​	4.7
​	77,102	Voya MidCap Opportunities Portfolio - Class I	​	​	1,136,489	​	2.0
​	185,407	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	2,258,252	​	4.0
​	187,233	Voya Multi-Manager International Equity Fund - Class I	​	​	2,126,971	​	3.8
​	223,916	Voya Multi-Manager International Factors Fund - Class I	​	​	2,122,726	​	3.7

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	114,458	Voya Multi-Manager Mid Cap Value Fund - Class I	​	$	1,142,287	​	2.0
​	286,621	Voya Short Term Bond Fund - Class R6	​	​	2,823,219	​	5.0
​	89,984	Voya Small Company Portfolio - Class I	​	​	1,425,348	​	2.5
​	219,304	Voya Strategic Income Opportunities Fund - Class R6	​	​	2,263,214	​	4.0
​	257,936	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	3,115,864	​	5.5
​	258,398	Voya U.S. Stock Index Portfolio - Class I	​	​	4,250,651	​	7.5
​	270,180	VY® Goldman Sachs Bond Portfolio - Class I	​	​	2,820,683	​	5.0
​	105,734	VY® Invesco Comstock Portfolio - Class I	​	​	2,132,651	​	3.8
​	190,924	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	5,657,091	​	10.0
​	30,164	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	2,832,370	​	5.0
​	​	Total Mutual Funds (Cost $47,645,530)	​		48,423,195	​	85.5
​	​	Total Investments in Securities (Cost $55,758,079)	​	$	56,625,078	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	24,708	​	0.0
​	​	Net Assets	​	$	56,649,786	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

8,201,883

​

$

—

​

$

—

​

$

8,201,883

Mutual Funds

​

​

48,423,195

​

​

—

​

​

—

​

​

48,423,195

Total Investments, at fair value

​

$

56,625,078

​

$

—

​

$

—

​

$

56,625,078

^

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

See Accompanying Notes to Financial Statements

61

PORTFOLIO OF INVESTMENTS​

Voya Solution Balanced Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

501,500

​

$

59,383

​

$

(567,621)

​

$

6,738

​

$

—

​

$

—

​

$

53,949

​

$

—

Voya Floating Rate Fund - Class I

​

​

2,479,223

​

​

425,366

​

​

(1,287,938)

​

​

81,569

​

​

1,698,220

​

​

49,299

​

​

(37,091)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

2,425,215

​

​

(169,166)

​

​

11,360

​

​

2,267,409

​

​

23,258

​

​

(798)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

4,943,107

​

​

3,526,023

​

​

(4,724,965)

​

​

210,571

​

​

3,954,736

​

​

88,789

​

​

12,735

​

​

—

Voya International Index Portfolio - Class I

​

​

987,233

​

​

112,730

​

​

(1,212,599)

​

​

112,636

​

​

—

​

​

—

​

​

(32,614)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

1,468,991

​

​

766,887

​

​

(848,249)

​

​

317,850

​

​

1,705,479

​

​

8,411

​

​

(86,151)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

1,744,257

​

​

1,083,794

​

​

(522,253)

​

​

383,737

​

​

2,689,535

​

​

—

​

​

(41,171)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

998,375

​

​

167,289

​

​

(233,452)

​

​

204,277

​

​

1,136,489

​

​

1,024

​

​

3,129

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

1,481,767

​

​

947,035

​

​

(434,584)

​

​

264,034

​

​

2,258,252

​

​

—

​

​

(44,568)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

2,232,440

​

​

433,911

​

​

(826,847)

​

​

287,467

​

​

2,126,971

​

​

—

​

​

59,044

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,981,328

​

​

377,327

​

​

(476,767)

​

​

240,838

​

​

2,122,726

​

​

—

​

​

(20,129)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

994,894

​

​

212,127

​

​

(286,328)

​

​

221,594

​

​

1,142,287

​

​

—

​

​

(45,302)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

972,495

​

​

2,391,305

​

​

(583,783)

​

​

43,202

​

​

2,823,219

​

​

19,400

​

​

(5,390)

​

​

—

Voya Small Company Portfolio - Class I

​

​

1,992,070

​

​

543,885

​

​

(1,500,474)

​

​

389,867

​

​

1,425,348

​

​

5,556

​

​

(230,842)

​

​

188,116

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

2,439,667

​

​

(199,523)

​

​

23,070

​

​

2,263,214

​

​

20,041

​

​

710

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

3,717,329

​

​

731,442

​

​

(4,473,242)

​

​

24,471

​

​

—

​

​

28,769

​

​

51,749

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

1,742,179

​

​

1,483,555

​

​

(402,455)

​

​

292,585

​

​

3,115,864

​

​

7,718

​

​

10,689

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

3,021,068

​

​

1,961,867

​

​

(1,303,677)

​

​

571,393

​

​

4,250,651

​

​

—

​

​

(31,827)

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

2,223,660

​

​

897,336

​

​

(487,857)

​

​

187,544

​

​

2,820,683

​

​

—

​

​

(7,344)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

3,033,155

​

​

538,400

​

​

(1,739,372)

​

​

300,468

​

​

2,132,651

​

​

—

​

​

167,158

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

5,086,070

​

​

808,591

​

​

(1,029,171)

​

​

791,601

​

​

5,657,091

​

​

—

​

​

75,767

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

2,491,206

​

​

467,381

​

​

(603,071)

​

​

476,854

​

​

2,832,370

​

​

—

​

​

26,607

​

​

—

​

​

$

44,092,347

​

$

22,800,516

​

$

(23,913,394)

​

$

5,443,726

​

$

48,423,195

​

$

252,265

​

$

(121,690)

​

$

188,116

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $56,909,601.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	1,360,326
Gross Unrealized Depreciation	​	(1,644,849)
Net Unrealized Depreciation	$	(284,523)

See Accompanying Notes to Financial Statements

62

PORTFOLIO OF INVESTMENTS​

Voya Solution Conservative Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.0%
​	24,137	Schwab U.S. TIPS ETF	​	$	1,359,154	​	7.0
​	​	Total Exchange-Traded Funds (Cost $1,303,038)	​		1,359,154	​	7.0
MUTUAL FUNDS: 93.0%
​	​	Affiliated Investment Companies: 93.0%
​	101,971	Voya Floating Rate Fund - Class I	​	​	975,858	​	5.0
​	99,924	Voya Global Bond Fund - Class R6	​	​	975,257	​	5.0
​	146,949	Voya High Yield Bond Fund - Class R6	​	​	1,172,650	​	6.0
​	237,471	Voya Intermediate Bond Fund - Class R6	​	​	2,436,455	​	12.5
​	42,180	Voya Large Cap Value Fund - Class R6	​	​	538,223	​	2.8
​	14,035	Voya Large-Cap Growth Fund - Class R6	​	​	634,103	​	3.2
​	13,292	Voya MidCap Opportunities Portfolio - Class I	​	​	195,925	​	1.0
​	31,961	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	389,289	​	2.0
​	41,170	Voya Multi-Manager International Factors Fund - Class I	​	​	390,296	​	2.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	19,734	Voya Multi-Manager Mid Cap Value Fund - Class I	​	$	196,941	​	1.0
​	385,392	Voya Short Term Bond Fund - Class R6	​	​	3,796,108	​	19.5
​	141,770	Voya Strategic Income Opportunities Fund - Class R6	​	​	1,463,070	​	7.5
​	48,502	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	585,906	​	3.0
​	47,517	Voya U.S. Stock Index Portfolio - Class I	​	​	781,661	​	4.0
​	158,354	VY® Goldman Sachs Bond Portfolio - Class I	​	​	1,653,215	​	8.5
​	65,828	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,950,473	​	10.0
​	​	Total Mutual Funds (Cost $17,667,656)	​		18,135,430	​	93.0
​	​	Total Investments in Securities (Cost $18,970,694)	​	$	19,494,584	​	100.0
​	​	Liabilities in Excess of Other Assets	​	​	(2,336)	​	—
​	​	Net Assets	​	$	19,492,248	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

1,359,154

​

$

—

​

$

—

​

$

1,359,154

Mutual Funds

​

​

18,135,430

​

​

—

​

​

—

​

​

18,135,430

Total Investments, at fair value

​

$

19,494,584

​

$

—

​

$

—

​

$

19,494,584

^

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

Transactions with Affiliates

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

See Accompanying Notes to Financial Statements

63

PORTFOLIO OF INVESTMENTS​

Voya Solution Conservative Portfolio as of June 30, 2019 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

1,200,592

​

$

193,462

​

$

(449,033)

​

$

30,837

​

$

975,858

​

$

27,326

​

$

(9,415)

​

$

—

Voya Global Bond Fund - Class R6

​

​

515,446

​

​

495,128

​

​

(74,166)

​

​

38,849

​

​

975,257

​

​

11,791

​

​

1,116

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

1,183,512

​

​

(17,020)

​

​

6,158

​

​

1,172,650

​

​

11,838

​

​

(154)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

2,143,245

​

​

1,235,741

​

​

(1,061,854)

​

​

119,323

​

​

2,436,455

​

​

42,468

​

​

(3,029)

​

​

—

Voya International Index Portfolio - Class I

​

​

171,329

​

​

3,587

​

​

(196,413)

​

​

21,497

​

​

—

​

​

—

​

​

(14,432)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

603,247

​

​

103,344

​

​

(281,758)

​

​

113,390

​

​

538,223

​

​

3,423

​

​

(23,767)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

430,970

​

​

203,729

​

​

(94,066)

​

​

93,470

​

​

634,103

​

​

—

​

​

(8,153)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

172,651

​

​

30,544

​

​

(41,042)

​

​

33,772

​

​

195,925

​

​

179

​

​

2,290

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

257,428

​

​

152,961

​

​

(64,128)

​

​

43,028

​

​

389,289

​

​

—

​

​

(3,305)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

342,753

​

​

67,471

​

​

(68,029)

​

​

48,101

​

​

390,296

​

​

—

​

​

(8,743)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

172,067

​

​

38,484

​

​

(54,987)

​

​

41,377

​

​

196,941

​

​

—

​

​

(10,241)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

3,431,310

​

​

776,606

​

​

(492,317)

​

​

80,509

​

​

3,796,108

​

​

42,001

​

​

(5,007)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

1,477,847

​

​

(29,928)

​

​

15,151

​

​

1,463,070

​

​

12,750

​

​

141

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

1,972,431

​

​

326,562

​

​

(2,324,084)

​

​

25,091

​

​

—

​

​

15,382

​

​

16,003

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

—

​

​

596,616

​

​

(21,768)

​

​

11,058

​

​

585,906

​

​

—

​

​

91

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

525,021

​

​

538,242

​

​

(391,354)

​

​

109,752

​

​

781,661

​

​

—

​

​

2,726

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

1,624,256

​

​

267,247

​

​

(351,665)

​

​

113,377

​

​

1,653,215

​

​

—

​

​

4,878

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

1,318,352

​

​

652,265

​

​

(241,484)

​

​

221,340

​

​

1,950,473

​

​

—

​

​

21,344

​

​

—

​

​

$

14,881,098

​

$

8,343,348

​

$

(6,255,096)

​

$

1,166,080

​

$

18,135,430

​

$

167,158

​

$

(37,657)

​

$

—

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $19,292,883.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	565,438
Gross Unrealized Depreciation	​	(363,737)
Net Unrealized Appreciation	$	201,701

See Accompanying Notes to Financial Statements

64

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.2%
​	426,655	Schwab U.S. TIPS ETF	​	$	24,024,943	​	7.0
​	49,238	Vanguard Real Estate ETF	​	​	4,303,401	​	1.2
​	​	Total Exchange-Traded Funds (Cost $26,916,603)	​		28,328,344	​	8.2
MUTUAL FUNDS: 91.5%
​	​	Affiliated Investment Companies: 91.5%
​	1,080,519	Voya Floating Rate Fund - Class I	​	​	10,340,567	​	3.0
​	1,058,827	Voya Global Bond Fund - Class R6	​	​	10,334,156	​	3.0
​	5,870,159	Voya Intermediate Bond Fund - Class R6	​	​	60,227,828	​	17.4
​	812,633	Voya Large Cap Value Fund - Class R6	​	​	10,369,202	​	3.0
​	438,498	Voya Large-Cap Growth Fund - Class R6	​	​	19,811,350	​	5.7
​	564,439	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	6,874,873	​	2.0
​	2,544,630	Voya Multi-Manager International Factors Fund - Class I	​	​	24,123,094	​	7.0
​	4,886,456	Voya Short Term Bond Fund - Class R6	​	​	48,131,590	​	13.9

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	2,503,750	Voya Strategic Income Opportunities Fund - Class R6	​	$	25,838,702	​	7.5
​	797,318	Voya U.S. Bond Index Portfolio - Class I	​	​	8,603,060	​	2.5
​	999,349	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	12,072,139	​	3.5
​	524,515	Voya U.S. Stock Index Portfolio - Class I	​	​	8,628,269	​	2.5
​	3,454,546	VY® Goldman Sachs Bond Portfolio - Class I	​	​	36,065,459	​	10.5
​	1,162,502	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	34,444,932	​	10.0
​	​	Total Mutual Funds (Cost $307,474,091)	​		315,865,221	​	91.5
​	​	Total Investments in Securities (Cost $334,390,694)	​	$	344,193,565	​	99.7
​	​	Assets in Excess of Other Liabilities	​	​	986,385	​	0.3
​	​	Net Assets	​	$	345,179,950	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

28,328,344

​

$

—

​

$

—

​

$

28,328,344

Mutual Funds

​

​

315,865,221

​

​

—

​

​

—

​

​

315,865,221

Total Investments, at fair value

​

$

344,193,565

​

$

—

​

$

—

​

$

344,193,565

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

63,042

​

​

—

​

​

—

​

​

63,042

Total Assets

​

$

344,256,607

​

$

—

​

$

—

​

$

344,256,607

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(137,905)

​

$

—

​

$

—

​

$

(137,905)

Total Liabilities

​

$

(137,905)

​

$

—

​

$

—

​

$

(137,905)

^

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

+

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

See Accompanying Notes to Financial Statements

65

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2019 (Unaudited) (continued)

At June 30, 2019, the following futures contracts were outstanding for Voya Solution Income Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​	​	​	​	​	​	​	​
S&P 500® E-Mini	​	70	​	09/20/19	​	$	10,304,700	​	$	63,042
​	​	​	​	​	​	$	10,304,700	​	$	63,042
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(108)	​	09/20/19	​	​	(10,385,820)	​	​	(137,905)
​	​	​	​	​	​	$	(10,385,820)	​	$	(137,905)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

17,364,349

​

$

744,472

​

$

(8,551,185)

​

$

782,931

​

$

10,340,567

​

$

318,048

​

$

(464,498)

​

$

—

Voya Global Bond Fund - Class R6

​

​

10,436,997

​

​

755,788

​

​

(1,295,052)

​

​

436,423

​

​

10,334,156

​

​

159,965

​

​

44,373

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

41,653,488

​

​

22,895,072

​

​

(6,968,146)

​

​

2,647,414

​

​

60,227,828

​

​

871,277

​

​

(45,297)

​

​

—

Voya International Index Portfolio - Class I

​

​

6,934,165

​

​

15,487

​

​

(7,131,718)

​

​

182,066

​

​

—

​

​

—

​

​

626,581

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

13,956,462

​

​

478,512

​

​

(6,328,229)

​

​

2,262,457

​

​

10,369,202

​

​

71,697

​

​

(321,506)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

13,958,905

​

​

5,922,881

​

​

(2,972,924)

​

​

2,902,488

​

​

19,811,350

​

​

—

​

​

(303,647)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

3,495,513

​

​

5,597

​

​

(3,617,546)

​

​

116,436

​

​

—

​

​

1,612

​

​

406,745

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

10,422,802

​

​

641,826

​

​

(5,396,373)

​

​

1,206,618

​

​

6,874,873

​

​

—

​

​

319,804

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

17,346,411

​

​

7,973,068

​

​

(3,014,253)

​

​

1,817,868

​

​

24,123,094

​

​

—

​

​

147,177

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

3,483,914

​

​

3,985

​

​

(4,116,025)

​

​

628,126

​

​

—

​

​

—

​

​

(95,452)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

34,725,373

​

​

17,791,575

​

​

(5,348,629)

​

​

963,271

​

​

48,131,590

​

​

450,415

​

​

(138,525)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

26,458,103

​

​

(889,364)

​

​

269,963

​

​

25,838,702

​

​

229,901

​

​

4,428

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

50,293,766

​

​

2,681,635

​

​

(45,864,547)

​

​

1,492,206

​

​

8,603,060

​

​

399,715

​

​

(320,610)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

12,200,015

​

​

552,620

​

​

(2,529,573)

​

​

1,849,077

​

​

12,072,139

​

​

49,520

​

​

37,141

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

3,519,805

​

​

6,750,938

​

​

(2,479,745)

​

​

837,271

​

​

8,628,269

​

​

—

​

​

(99,502)

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

36,341,907

​

​

1,810,527

​

​

(4,681,117)

​

​

2,594,142

​

​

36,065,459

​

​

—

​

​

(49,441)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

35,589,968

​

​

420,379

​

​

(7,303,246)

​

​

5,737,831

​

​

34,444,932

​

​

—

​

​

(51,423)

​

​

—

​

​

$

311,723,840

​

$

95,902,465

​

$

(118,487,672)

​

$

26,726,588

​

$

315,865,221

​

$

2,552,150

​

$

(303,652)

​

$

—

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

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	63,042
Total Asset Derivatives	​	​	$	63,042
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	137,905
Total Liability Derivatives	​	​	$	137,905

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.

See Accompanying Notes to Financial Statements

66

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(819,699)
Interest rate contracts	​	​	213,210
Total	​	$	(606,489)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(143,107)
Interest rate contracts	​	​	(190,988)
Total	​	$	(334,095)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $339,889,605.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	10,663,175
Gross Unrealized Depreciation	​	(6,434,078)
Net Unrealized Appreciation	$	4,229,097

See Accompanying Notes to Financial Statements

67

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.5%
​	102,673	Vanguard Global ex-U.S. Real Estate ETF	​	$	6,057,707	​	1.0
​	69,278	Vanguard Real Estate ETF	​	​	6,054,897	​	1.0
​	149,414	Vanguard Russell 1000 Growth ETF	​	​	24,243,916	​	4.0
​	410,371	Vanguard Value ETF	​	​	45,518,351	​	7.5
​	​	Total Exchange-Traded Funds (Cost $81,145,681)	​		81,874,871	​	13.5
MUTUAL FUNDS: 86.5%
​	​	Affiliated Investment Companies: 86.5%
​	1,899,561	Voya Floating Rate Fund - Class I	​	​	18,178,802	​	3.0
​	1,520,787	Voya High Yield Bond Fund - Class R6	​	​	12,135,879	​	2.0
​	463,219	Voya Index Plus LargeCap Portfolio - Class I	​	​	12,145,599	​	2.0
​	2,358,751	Voya Intermediate Bond Fund - Class R6	​	​	24,200,788	​	4.0
​	402,098	Voya Large-Cap Growth Fund - Class R6	​	​	18,166,810	​	3.0
​	825,295	Voya MidCap Opportunities Portfolio - Class I	​	​	12,164,848	​	2.0
​	2,480,847	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	30,216,714	​	5.0
​	4,275,143	Voya Multi-Manager International Equity Fund - Class I	​	​	48,565,628	​	8.0
​	2,556,355	Voya Multi-Manager International Factors Fund - Class I	​	​	24,234,246	​	4.0
​	2,450,274	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	24,453,736	​	4.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	1,227,266	Voya Short Term Bond Fund - Class R6	​	$	12,088,571	​	2.0
​	1,155,823	Voya Small Company Portfolio - Class I	​	​	18,308,235	​	3.0
​	1,173,786	Voya Strategic Income Opportunities Fund - Class R6	​	​	12,113,474	​	2.0
​	2,760,555	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	33,347,505	​	5.5
​	2,765,928	Voya U.S. Stock Index Portfolio - Class I	​	​	45,499,512	​	7.5
​	2,263,008	VY® Invesco Comstock Portfolio - Class I	​	​	45,644,880	​	7.5
​	919,306	VY® JPMorgan Small Cap Core Equity Portfolio Class I	​	​	18,358,542	​	3.0
​	2,043,719	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	60,555,395	​	10.0
​	939,864	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	12,171,235	​	2.0
​	452,020	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	42,444,703	​	7.0
​	​	Total Mutual Funds (Cost $515,468,895)	​		524,995,102	​	86.5
​	​	Total Investments in Securities (Cost $596,614,576)	​	$	606,869,973	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	231,112	​	0.0
​	​	Net Assets	​	$	607,101,085	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

81,874,871

​

$

—

​

$

—

​

$

81,874,871

Mutual Funds

​

​

524,995,102

​

​

—

​

​

—

​

​

524,995,102

Total Investments, at fair value

​

$

606,869,973

​

$

—

​

$

—

​

$

606,869,973

^

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

See Accompanying Notes to Financial Statements

68

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

16,701,089

​

$

40,216

​

$

(17,397,045)

​

$

655,740

​

$

—

​

$

—

​

$

1,355,951

​

$

—

Voya Floating Rate Fund - Class I

​

​

27,880,641

​

​

2,230,251

​

​

(12,790,254)

​

​

858,164

​

​

18,178,802

​

​

542,366

​

​

(348,556)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

12,732,269

​

​

(656,480)

​

​

60,090

​

​

12,135,879

​

​

125,411

​

​

(7,116)

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

23,805,927

​

​

1,440,355

​

​

(12,911,854)

​

​

(188,829)

​

​

12,145,599

​

​

184,313

​

​

3,184,239

​

​

1,014,709

Voya Intermediate Bond Fund - Class R6

​

​

32,059,541

​

​

9,821,286

​

​

(19,306,180)

​

​

1,626,141

​

​

24,200,788

​

​

573,039

​

​

(142,731)

​

​

—

Voya International Index Portfolio - Class I

​

​

27,852,771

​

​

398,730

​

​

(31,674,392)

​

​

3,422,891

​

​

—

​

​

—

​

​

(27,738)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

16,877,417

​

​

677,779

​

​

(20,716,060)

​

​

3,160,864

​

​

—

​

​

89,170

​

​

(1,005,829)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

19,615,183

​

​

704,287

​

​

(6,253,070)

​

​

4,100,410

​

​

18,166,810

​

​

—

​

​

(394,178)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

25,262,930

​

​

137,889

​

​

(16,018,277)

​

​

2,782,306

​

​

12,164,848

​

​

22,312

​

​

1,955,910

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

33,468,184

​

​

1,621,464

​

​

(8,936,582)

​

​

4,063,648

​

​

30,216,714

​

​

—

​

​

872,902

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

39,052,256

​

​

7,053,226

​

​

(3,753,976)

​

​

6,214,122

​

​

48,565,628

​

​

—

​

​

(157,289)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

27,851,401

​

​

811,909

​

​

(8,008,599)

​

​

3,579,535

​

​

24,234,246

​

​

—

​

​

(536,093)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

25,175,944

​

​

956,315

​

​

(6,997,742)

​

​

5,319,219

​

​

24,453,736

​

​

—

​

​

(1,057,071)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

—

​

​

12,797,872

​

​

(815,751)

​

​

106,450

​

​

12,088,571

​

​

51,061

​

​

3,868

​

​

—

Voya Small Company Portfolio - Class I

​

​

33,602,865

​

​

3,050,625

​

​

(26,103,928)

​

​

7,758,673

​

​

18,308,235

​

​

72,349

​

​

(4,338,667)

​

​

2,449,510

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

12,797,448

​

​

(808,496)

​

​

124,522

​

​

12,113,474

​

​

108,025

​

​

3,821

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

11,147,844

​

​

934,303

​

​

(11,888,466)

​

​

(193,681)

​

​

—

​

​

84,443

​

​

412,368

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

11,195,298

​

​

21,666,647

​

​

(1,618,063)

​

​

2,103,623

​

​

33,347,505

​

​

48,583

​

​

38,145

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

17,079,999

​

​

34,190,715

​

​

(9,312,370)

​

​

3,541,168

​

​

45,499,512

​

​

—

​

​

(522,879)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

42,637,710

​

​

2,448,793

​

​

(4,903,791)

​

​

5,462,168

​

​

45,644,880

​

​

—

​

​

862,759

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio Class I

​

​

—

​

​

18,935,386

​

​

(545,322)

​

​

(31,522)

​

​

18,358,542

​

​

—

​

​

(14,101)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

45,745,861

​

​

12,640,052

​

​

(5,679,129)

​

​

7,848,611

​

​

60,555,395

​

​

—

​

​

179,061

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

—

​

​

12,309,267

​

​

(504,349)

​

​

366,317

​

​

12,171,235

​

​

—

​

​

644

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

36,419,761

​

​

2,327,074

​

​

(3,155,105)

​

​

6,852,973

​

​

42,444,703

​

​

—

​

​

379,925

​

​

—

​

​

$

513,432,622

​

$

172,724,158

​

$

(230,755,281)

​

$

69,593,603

​

$

524,995,102

​

$

1,901,072

​

$

697,345

​

$

3,464,219

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,203,173)
Interest rate contracts	​	​	342,150
Total	​	$	(861,023)

See Accompanying Notes to Financial Statements

69

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of June 30, 2019 (Unaudited) (continued)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	346,574
Interest rate contracts	​	​	(303,476)
Total	​	$	43,098

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $605,510,164.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	16,393,407
Gross Unrealized Depreciation	​	(15,033,599)
Net Unrealized Appreciation	$	1,359,808

See Accompanying Notes to Financial Statements

70

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.0%
​	34,701	Schwab U.S. TIPS ETF	​	$	1,954,013	​	5.0
​	6,647	Vanguard Global ex-U.S. Real Estate ETF	​	​	392,173	​	1.0
​	4,485	Vanguard Real Estate ETF	​	​	391,989	​	1.0
​	​	Total Exchange-Traded Funds (Cost $2,631,744)	​		2,738,175	​	7.0
MUTUAL FUNDS: 93.0%
​	​	Affiliated Investment Companies: 93.0%
​	205,167	Voya Floating Rate Fund - Class I	​	​	1,963,444	​	5.0
​	160,839	Voya Global Bond Fund - Class R6	​	​	1,569,786	​	4.0
​	295,663	Voya High Yield Bond Fund - Class R6	​	​	2,359,387	​	6.0
​	420,316	Voya Intermediate Bond Fund - Class R6	​	​	4,312,447	​	11.0
​	192,875	Voya Large Cap Value Fund - Class R6	​	​	2,461,083	​	6.3
​	28,237	Voya Large-Cap Growth Fund - Class R6	​	​	1,275,760	​	3.2
​	26,743	Voya MidCap Opportunities Portfolio - Class I	​	​	394,186	​	1.0
​	96,459	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,174,875	​	3.0
​	51,960	Voya Multi-Manager International Equity Fund - Class I	​	​	590,264	​	1.5
​	124,265	Voya Multi-Manager International Factors Fund - Class I	​	​	1,178,031	​	3.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	39,701	Voya Multi-Manager Mid Cap Value Fund - Class I	​	$	396,220	​	1.0
​	278,355	Voya Short Term Bond Fund - Class R6	​	​	2,741,792	​	7.0
​	49,939	Voya Small Company Portfolio - Class I	​	​	791,038	​	2.0
​	228,196	Voya Strategic Income Opportunities Fund - Class R6	​	​	2,354,986	​	6.0
​	203,324	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	2,456,158	​	6.3
​	143,401	Voya U.S. Stock Index Portfolio - Class I	​	​	2,358,941	​	6.0
​	299,868	VY® Goldman Sachs Bond Portfolio - Class I	​	​	3,130,617	​	8.0
​	132,442	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	3,924,266	​	10.0
​	11,508	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,080,645	​	2.7
​	​	Total Mutual Funds (Cost $35,766,904)	​		36,513,926	​	93.0
​	​	Total Investments in Securities (Cost $38,398,648)	​	$	39,252,101	​	100.0
​	​	Liabilities in Excess of Other Assets	​	​	(3,381)	​	—
​	​	Net Assets	​	$	39,248,720	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

2,738,175

​

$

—

​

$

—

​

$

2,738,175

Mutual Funds

​

​

36,513,926

​

​

—

​

​

—

​

​

36,513,926

Total Investments, at fair value

​

$

39,252,101

​

$

—

​

$

—

​

$

39,252,101

^

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

See Accompanying Notes to Financial Statements

71

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

284,681

​

$

85,942

​

$

(374,328)

​

$

3,705

​

$

—

​

$

—

​

$

29,835

​

$

—

Voya Floating Rate Fund - Class I

​

​

1,979,535

​

​

689,471

​

​

(754,319)

​

​

48,757

​

​

1,963,444

​

​

49,357

​

​

(17,080)

​

​

—

Voya Global Bond Fund - Class R6

​

​

566,591

​

​

1,057,509

​

​

(116,272)

​

​

61,958

​

​

1,569,786

​

​

17,182

​

​

(465)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

2,419,044

​

​

(71,644)

​

​

11,987

​

​

2,359,387

​

​

24,235

​

​

(484)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

3,104,506

​

​

3,011,879

​

​

(1,994,726)

​

​

190,788

​

​

4,312,447

​

​

67,403

​

​

(828)

​

​

—

Voya International Index Portfolio - Class I

​

​

281,265

​

​

17,034

​

​

(326,345)

​

​

28,046

​

​

—

​

​

—

​

​

(16,335)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

852,421

​

​

1,620,318

​

​

(188,191)

​

​

176,535

​

​

2,461,083

​

​

4,783

​

​

(16,757)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

923,620

​

​

381,698

​

​

(234,643)

​

​

205,085

​

​

1,275,760

​

​

—

​

​

(20,480)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

284,632

​

​

112,151

​

​

(62,149)

​

​

59,552

​

​

394,186

​

​

292

​

​

2,133

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

704,952

​

​

534,364

​

​

(190,266)

​

​

125,825

​

​

1,174,875

​

​

—

​

​

(20,637)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

565,856

​

​

283,278

​

​

(319,717)

​

​

60,847

​

​

590,264

​

​

—

​

​

27,551

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,130,003

​

​

473,607

​

​

(559,600)

​

​

134,021

​

​

1,178,031

​

​

—

​

​

(8,170)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

283,648

​

​

128,661

​

​

(81,384)

​

​

65,295

​

​

396,220

​

​

—

​

​

(14,191)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

2,253,223

​

​

1,649,815

​

​

(1,230,433)

​

​

69,187

​

​

2,741,792

​

​

29,156

​

​

(14,817)

​

​

—

Voya Small Company Portfolio - Class I

​

​

568,001

​

​

357,720

​

​

(170,953)

​

​

36,270

​

​

791,038

​

​

3,078

​

​

(43,216)

​

​

104,204

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

2,434,361

​

​

(103,747)

​

​

24,372

​

​

2,354,986

​

​

20,882

​

​

497

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

2,817,471

​

​

1,500,898

​

​

(4,365,961)

​

​

47,592

​

​

—

​

​

22,286

​

​

13,204

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

567,719

​

​

1,932,236

​

​

(167,044)

​

​

123,247

​

​

2,456,158

​

​

2,517

​

​

4,650

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,147,188

​

​

1,592,481

​

​

(634,221)

​

​

253,493

​

​

2,358,941

​

​

—

​

​

(32,327)

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

2,254,666

​

​

997,046

​

​

(309,129)

​

​

188,034

​

​

3,130,617

​

​

—

​

​

4,751

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,224,810

​

​

424,046

​

​

(1,756,620)

​

​

107,764

​

​

—

​

​

—

​

​

91,582

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

2,899,138

​

​

1,061,447

​

​

(532,939)

​

​

496,620

​

​

3,924,266

​

​

—

​

​

31,107

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

—

​

​

1,125,148

​

​

(53,387)

​

​

8,884

​

​

1,080,645

​

​

—

​

​

(796)

​

​

—

​

​

$

24,693,926

​

$

23,890,154

​

$

(14,598,018)

​

$

2,527,864

​

$

36,513,926

​

$

241,171

​

$

(1,273)

​

$

104,204

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $39,076,903.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	1,081,345
Gross Unrealized Depreciation	​	(906,147)
Net Unrealized Appreciation	$	175,198

See Accompanying Notes to Financial Statements

72

PORTFOLIO OF INVESTMENTS​

Voya Solution 2020 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.7%
​	31,756	Schwab U.S. TIPS ETF	​	$	1,788,180	​	5.5
​	4,664	Vanguard Real Estate ETF	​	​	407,634	​	1.2
​	​	Total Exchange-Traded Funds (Cost $2,094,985)	​		2,195,814	​	6.7
MUTUAL FUNDS: 93.3%
​	​	Affiliated Investment Companies: 93.3%
​	102,785	Voya Floating Rate Fund - Class I	​	​	983,652	​	3.0
​	100,723	Voya Global Bond Fund - Class R6	​	​	983,055	​	3.0
​	527,051	Voya Intermediate Bond Fund - Class R6	​	​	5,407,546	​	16.5
​	103,113	Voya Large Cap Value Fund - Class R6	​	​	1,315,727	​	4.0
​	39,900	Voya Large-Cap Growth Fund - Class R6	​	​	1,802,683	​	5.5
​	16,792	Voya MidCap Opportunities Portfolio - Class I	​	​	247,519	​	0.7
​	73,841	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	899,384	​	2.7
​	242,220	Voya Multi-Manager International Factors Fund - Class I	​	​	2,296,248	​	7.0
​	24,971	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	249,211	​	0.8
​	365,171	Voya Short Term Bond Fund - Class R6	​	​	3,596,930	​	11.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	198,447	Voya Strategic Income Opportunities Fund - Class R6	​	$	2,047,971	​	6.2
​	60,678	Voya U.S. Bond Index Portfolio - Class I	​	​	654,711	​	2.0
​	115,611	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	1,396,584	​	4.3
​	114,774	Voya U.S. Stock Index Portfolio - Class I	​	​	1,888,025	​	5.8
​	250,354	VY® Goldman Sachs Bond Portfolio - Class I	​	​	2,613,695	​	8.0
​	110,586	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	3,276,652	​	10.0
​	9,623	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	903,555	​	2.8
​	​	Total Mutual Funds (Cost $29,600,027)	​		30,563,148	​	93.3
​	​	Total Investments in Securities (Cost $31,695,012)	​	$	32,758,962	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	5,850	​	0.0
​	​	Net Assets	​	$	32,764,812	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

2,195,814

​

$

—

​

$

—

​

$

2,195,814

Mutual Funds

​

​

30,563,148

​

​

—

​

​

—

​

​

30,563,148

Total Investments, at fair value

​

$

32,758,962

​

$

—

​

$

—

​

$

32,758,962

^

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

See Accompanying Notes to Financial Statements

73

PORTFOLIO OF INVESTMENTS​

Voya Solution 2020 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

1,687,515

​

$

218,791

​

$

(981,489)

​

$

58,835

​

$

983,652

​

$

30,722

​

$

(27,642)

​

$

—

Voya Global Bond Fund - Class R6

​

​

1,014,325

​

​

209,400

​

​

(285,533)

​

​

44,863

​

​

983,055

​

​

15,394

​

​

1,098

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

3,032,956

​

​

4,177,402

​

​

(2,005,553)

​

​

202,741

​

​

5,407,546

​

​

70,613

​

​

3,999

​

​

—

Voya International Index Portfolio - Class I

​

​

673,424

​

​

43,261

​

​

(807,820)

​

​

91,135

​

​

—

​

​

—

​

​

(38,547)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

1,356,555

​

​

248,832

​

​

(533,958)

​

​

244,298

​

​

1,315,727

​

​

6,943

​

​

(51,018)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

1,356,799

​

​

678,784

​

​

(534,202)

​

​

301,302

​

​

1,802,683

​

​

—

​

​

(52,960)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

169,844

​

​

196,959

​

​

(152,345)

​

​

33,061

​

​

247,519

​

​

159

​

​

2,334

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

844,188

​

​

331,819

​

​

(426,569)

​

​

149,946

​

​

899,384

​

​

—

​

​

(31,054)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

1,013,081

​

​

86,482

​

​

(1,279,454)

​

​

179,891

​

​

—

​

​

—

​

​

(34,854)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,685,924

​

​

1,387,306

​

​

(1,065,008)

​

​

288,026

​

​

2,296,248

​

​

—

​

​

(99,870)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

169,241

​

​

214,099

​

​

(176,745)

​

​

42,616

​

​

249,211

​

​

—

​

​

(15,353)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

2,444,023

​

​

2,097,628

​

​

(1,012,040)

​

​

67,319

​

​

3,596,930

​

​

31,198

​

​

(10,484)

​

​

—

Voya Small Company Portfolio - Class I

​

​

338,976

​

​

28,827

​

​

(459,692)

​

​

91,889

​

​

—

​

​

—

​

​

(32,091)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

2,261,972

​

​

(234,061)

​

​

20,060

​

​

2,047,971

​

​

17,594

​

​

802

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

3,703,160

​

​

691,645

​

​

(3,747,366)

​

​

7,272

​

​

654,711

​

​

26,310

​

​

71,512

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

1,355,218

​

​

383,844

​

​

(542,240)

​

​

199,762

​

​

1,396,584

​

​

5,480

​

​

9,607

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,372,708

​

​

1,550,092

​

​

(1,336,172)

​

​

301,397

​

​

1,888,025

​

​

—

​

​

(4,755)

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

2,943,397

​

​

788,556

​

​

(1,307,978)

​

​

189,720

​

​

2,613,695

​

​

—

​

​

(4,685)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

687,958

​

​

57,654

​

​

(817,414)

​

​

71,802

​

​

—

​

​

—

​

​

34,445

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

3,460,205

​

​

426,685

​

​

(1,110,336)

​

​

500,098

​

​

3,276,652

​

​

—

​

​

46,923

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

678,243

​

​

624,793

​

​

(550,021)

​

​

150,540

​

​

903,555

​

​

—

​

​

(17,665)

​

​

—

​

​

$

29,987,740

​

$

16,704,831

​

$

(19,365,996)

​

$

3,236,573

​

$

30,563,148

​

$

204,413

​

$

(250,258)

​

$

—

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $32,225,658.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	1,098,159
Gross Unrealized Depreciation	​	(564,855)
Net Unrealized Appreciation	$	533,304

See Accompanying Notes to Financial Statements

74

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.5%
​	572,948	Schwab U.S. TIPS ETF	​	$	32,262,702	​	4.0
​	138,854	Vanguard Real Estate ETF	​	​	12,135,840	​	1.5
​	​	Total Exchange-Traded Funds (Cost $42,758,697)	​		44,398,542	​	5.5
MUTUAL FUNDS: 94.2%
​	​	Affiliated Investment Companies: 94.2%
​	2,539,344	Voya Floating Rate Fund - Class I	​	​	24,301,524	​	3.0
​	2,488,396	Voya Global Bond Fund - Class R6	​	​	24,286,741	​	3.0
​	7,686,505	Voya Intermediate Bond Fund - Class R6	​	​	78,863,539	​	9.7
​	3,023,742	Voya Large Cap Value Fund - Class R6	​	​	38,582,952	​	4.7
​	940,916	Voya Large-Cap Growth Fund - Class R6	​	​	42,510,579	​	5.2
​	689,554	Voya MidCap Opportunities Portfolio - Class I	​	​	10,164,030	​	1.2
​	2,321,438	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	28,275,121	​	3.5
​	2,857,407	Voya Multi-Manager International Equity Fund - Class I	​	​	32,460,139	​	4.0
​	8,543,309	Voya Multi-Manager International Factors Fund - Class I	​	​	80,990,570	​	10.0
​	1,023,672	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	10,216,242	​	1.2

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	2,665,945	Voya Short Term Bond Fund - Class R6	​	$	26,259,553	​	3.2
​	1,030,125	Voya Small Company Portfolio - Class I	​	​	16,317,185	​	2.0
​	3,922,775	Voya Strategic Income Opportunities Fund - Class R6	​	​	40,483,035	​	5.0
​	1,499,060	Voya U.S. Bond Index Portfolio - Class I	​	​	16,174,852	​	2.0
​	3,355,168	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	40,530,435	​	5.0
​	5,176,818	Voya U.S. Stock Index Portfolio - Class I	​	​	85,158,653	​	10.5
​	4,639,359	VY® Goldman Sachs Bond Portfolio - Class I	​	​	48,434,910	​	6.0
​	2,732,037	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	80,950,263	​	10.0
​	431,618	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	40,528,951	​	5.0
​	​	Total Mutual Funds (Cost $749,241,277)	​		765,489,274	​	94.2
​	​	Total Investments in Securities (Cost $791,999,974)	​	$	809,887,816	​	99.7
​	​	Assets in Excess of Other Liabilities	​	​	2,481,783	​	0.3
​	​	Net Assets	​	$	812,369,599	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

44,398,542

​

$

—

​

$

—

​

$

44,398,542

Mutual Funds

​

​

765,489,274

​

​

—

​

​

—

​

​

765,489,274

Total Investments, at fair value

​

$

809,887,816

​

$

—

​

$

—

​

$

809,887,816

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

148,599

​

​

—

​

​

—

​

​

148,599

Total Assets

​

$

810,036,415

​

$

—

​

$

—

​

$

810,036,415

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(323,055)

​

$

—

​

$

—

​

$

(323,055)

Total Liabilities

​

$

(323,055)

​

$

—

​

$

—

​

$

(323,055)

^

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

See Accompanying Notes to Financial Statements

75

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2019 (Unaudited) (continued)

+

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

At June 30, 2019, the following futures contracts were outstanding for Voya Solution 2025 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​	​	​	​	​	​	​	​
S&P 500® E-Mini	​	165	​	09/20/19	​	$	24,289,650	​	$	148,599
​	​	​	​	​	​	$	24,289,650	​	$	148,599
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(253)	​	09/20/19	​	​	(24,329,745)	​	​	(323,055)
​	​	​	​	​	​	$	(24,329,745)	​	$	(323,055)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

7,643,329

​

$

90,314

​

$

(8,257,969)

​

$

524,326

​

$

—

​

$

—

​

$

388,480

​

$

—

Voya Floating Rate Fund - Class I

​

​

38,275,752

​

​

2,670,517

​

​

(18,204,872)

​

​

1,560,127

​

​

24,301,524

​

​

730,153

​

​

(862,013)

​

​

—

Voya Global Bond Fund - Class R6

​

​

23,006,749

​

​

2,863,174

​

​

(2,534,157)

​

​

950,975

​

​

24,286,741

​

​

370,492

​

​

156,097

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

76,512,538

​

​

16,399,204

​

​

(18,151,767)

​

​

4,103,564

​

​

78,863,539

​

​

1,438,015

​

​

(103,354)

​

​

—

Voya International Index Portfolio - Class I

​

​

30,578,452

​

​

640,915

​

​

(31,924,988)

​

​

705,621

​

​

—

​

​

—

​

​

2,968,242

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

30,747,560

​

​

7,108,146

​

​

(3,780,846)

​

​

4,508,092

​

​

38,582,952

​

​

164,132

​

​

103,591

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

38,465,854

​

​

1,514,864

​

​

(5,241,558)

​

​

7,771,419

​

​

42,510,579

​

​

—

​

​

(535,243)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

13,485,804

​

​

265,681

​

​

(5,478,064)

​

​

1,890,609

​

​

10,164,030

​

​

9,327

​

​

498,575

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

30,632,981

​

​

2,294,913

​

​

(8,479,143)

​

​

3,826,370

​

​

28,275,121

​

​

—

​

​

700,412

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

34,464,882

​

​

1,815,192

​

​

(9,032,465)

​

​

5,212,530

​

​

32,460,139

​

​

—

​

​

63,549

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

42,059,891

​

​

40,134,640

​

​

(6,718,582)

​

​

5,514,621

​

​

80,990,570

​

​

—

​

​

(527,706)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

13,440,213

​

​

691,788

​

​

(6,182,021)

​

​

2,266,262

​

​

10,216,242

​

​

—

​

​

(107,822)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

24,872,619

​

​

4,589,591

​

​

(3,776,036)

​

​

573,379

​

​

26,259,553

​

​

293,496

​

​

(50,918)

​

​

—

Voya Small Company Portfolio - Class I

​

​

15,375,955

​

​

3,186,287

​

​

(2,840,934)

​

​

595,877

​

​

16,317,185

​

​

63,675

​

​

(187,409)

​

​

2,155,825

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

42,119,814

​

​

(2,055,821)

​

​

419,042

​

​

40,483,035

​

​

359,842

​

​

9,751

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

65,024,165

​

​

5,214,190

​

​

(54,828,175)

​

​

764,672

​

​

16,174,852

​

​

558,551

​

​

934,637

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

30,736,651

​

​

8,704,378

​

​

(3,860,236)

​

​

4,949,642

​

​

40,530,435

​

​

130,653

​

​

51,915

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

23,383,469

​

​

67,505,629

​

​

(10,688,042)

​

​

4,957,597

​

​

85,158,653

​

​

—

​

​

95,757

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

40,052,626

​

​

10,525,640

​

​

(5,353,227)

​

​

3,209,871

​

​

48,434,910

​

​

—

​

​

(79,250)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

23,405,599

​

​

270,941

​

​

(22,256,711)

​

​

(1,419,829)

​

​

—

​

​

—

​

​

5,114,271

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

78,486,591

​

​

1,314,895

​

​

(12,113,231)

​

​

13,262,008

​

​

80,950,263

​

​

—

​

​

(343,721)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

30,765,610

​

​

8,368,373

​

​

(4,058,071)

​

​

5,453,039

​

​

40,528,951

​

​

—

​

​

660,290

​

​

—

​

​

$

711,417,290

​

$

228,289,086

​

$

(245,816,916)

​

$

71,599,814

​

$

765,489,274

​

$

4,118,336

​

$

8,948,131

​

$

2,155,825

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

See Accompanying Notes to Financial Statements

76

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2019 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	148,599
Total Asset Derivatives	​	​	$	148,599
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	323,055
Total Liability Derivatives	​	​	$	323,055

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,822,623)
Interest rate contracts	​	​	476,876
Total	​	$	(1,345,747)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(329,061)
Interest rate contracts	​	​	(423,608)
Total	​	$	(752,669)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $805,604,321.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	23,621,187
Gross Unrealized Depreciation	​	(19,512,149)
Net Unrealized Appreciation	$	4,109,038

See Accompanying Notes to Financial Statements

77

PORTFOLIO OF INVESTMENTS​

Voya Solution 2030 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.7%
​	26,736	Schwab U.S. TIPS ETF	​	$	1,505,504	​	4.0
​	7,560	Vanguard Real Estate ETF	​	​	660,744	​	1.7
​	4,658	Vanguard Russell 1000 Growth ETF	​	​	755,807	​	2.0
​	​	Total Exchange-Traded Funds (Cost $2,861,547)	​		2,922,055	​	7.7
MUTUAL FUNDS: 92.3%
​	​	Affiliated Investment Companies: 92.3%
​	79,016	Voya Floating Rate Fund - Class I	​	​	756,178	​	2.0
​	257,493	Voya Intermediate Bond Fund - Class R6	​	​	2,641,873	​	7.0
​	104,001	Voya Large Cap Value Fund - Class R6	​	​	1,327,053	​	3.5
​	39,750	Voya Large-Cap Growth Fund - Class R6	​	​	1,795,900	​	4.8
​	38,625	Voya MidCap Opportunities Portfolio - Class I	​	​	569,329	​	1.5
​	154,806	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,885,539	​	5.0
​	233,431	Voya Multi-Manager International Equity Fund - Class I	​	​	2,651,776	​	7.0
​	358,927	Voya Multi-Manager International Factors Fund - Class I	​	​	3,402,628	​	9.0
​	57,339	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	572,240	​	1.5

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	76,579	Voya Short Term Bond Fund - Class R6	​	$	754,302	​	2.0
​	48,084	Voya Small Company Portfolio - Class I	​	​	761,649	​	2.0
​	146,477	Voya Strategic Income Opportunities Fund - Class R6	​	​	1,511,648	​	4.0
​	156,643	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	1,892,245	​	5.0
​	322,185	Voya U.S. Stock Index Portfolio - Class I	​	​	5,299,948	​	14.0
​	216,565	VY® Goldman Sachs Bond Portfolio - Class I	​	​	2,260,943	​	6.0
​	56,500	VY® Invesco Comstock Portfolio - Class I	​	​	1,139,611	​	3.0
​	127,530	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	3,778,712	​	10.0
​	20,148	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,891,913	​	5.0
​	​	Total Mutual Funds (Cost $34,448,182)	​		34,893,487	​	92.3
​	​	Total Investments in Securities (Cost $37,309,729)	​	$	37,815,542	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	12,850	​	0.0
​	​	Net Assets	​	$	37,828,392	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

2,922,055

​

$

—

​

$

—

​

$

2,922,055

Mutual Funds

​

​

34,893,487

​

​

—

​

​

—

​

​

34,893,487

Total Investments, at fair value

​

$

37,815,542

​

$

—

​

$

—

​

$

37,815,542

^

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

See Accompanying Notes to Financial Statements

78

PORTFOLIO OF INVESTMENTS​

Voya Solution 2030 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

307,827

​

$

40,581

​

$

(352,340)

​

$

3,932

​

$

—

​

$

—

​

$

33,915

​

$

—

Voya Floating Rate Fund - Class I

​

​

1,233,190

​

​

258,470

​

​

(779,493)

​

​

44,011

​

​

756,178

​

​

21,844

​

​

(21,906)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

2,308,532

​

​

2,399,622

​

​

(2,162,838)

​

​

96,557

​

​

2,641,873

​

​

47,624

​

​

27,726

​

​

—

Voya International Index Portfolio - Class I

​

​

1,231,054

​

​

168,084

​

​

(1,595,861)

​

​

196,723

​

​

—

​

​

—

​

​

(68,975)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

926,894

​

​

571,121

​

​

(355,952)

​

​

184,990

​

​

1,327,053

​

​

4,984

​

​

(37,250)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

1,549,275

​

​

453,992

​

​

(553,489)

​

​

346,122

​

​

1,795,900

​

​

—

​

​

(46,264)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

465,537

​

​

116,006

​

​

(108,760)

​

​

96,546

​

​

569,329

​

​

474

​

​

1,610

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

1,233,760

​

​

767,598

​

​

(328,882)

​

​

213,063

​

​

1,885,539

​

​

—

​

​

(26,657)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

2,004,983

​

​

721,663

​

​

(404,549)

​

​

329,679

​

​

2,651,776

​

​

—

​

​

(8,411)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

2,309,903

​

​

1,272,846

​

​

(487,806)

​

​

307,685

​

​

3,402,628

​

​

—

​

​

(37,948)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

463,919

​

​

138,226

​

​

(142,557)

​

​

112,652

​

​

572,240

​

​

—

​

​

(28,893)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

—

​

​

791,386

​

​

(43,543)

​

​

6,459

​

​

754,302

​

​

3,084

​

​

227

​

​

—

Voya Small Company Portfolio - Class I

​

​

619,288

​

​

278,514

​

​

(174,995)

​

​

38,842

​

​

761,649

​

​

2,886

​

​

(30,221)

​

​

97,694

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

1,584,042

​

​

(87,510)

​

​

15,116

​

​

1,511,648

​

​

13,055

​

​

450

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

2,002,301

​

​

489,983

​

​

(2,473,343)

​

​

(18,941)

​

​

—

​

​

15,609

​

​

59,189

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

1,083,206

​

​

861,543

​

​

(237,320)

​

​

184,816

​

​

1,892,245

​

​

4,762

​

​

3,765

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

2,041,619

​

​

3,577,022

​

​

(765,633)

​

​

446,940

​

​

5,299,948

​

​

—

​

​

(24,108)

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

1,536,270

​

​

952,222

​

​

(364,175)

​

​

136,626

​

​

2,260,943

​

​

—

​

​

(3,161)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,571,334

​

​

352,186

​

​

(1,010,763)

​

​

226,854

​

​

1,139,611

​

​

—

​

​

19,043

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

3,161,616

​

​

764,300

​

​

(687,079)

​

​

539,875

​

​

3,778,712

​

​

—

​

​

10,175

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

1,858,693

​

​

462,807

​

​

(851,859)

​

​

422,272

​

​

1,891,913

​

​

—

​

​

(45,010)

​

​

—

​

​

$

27,909,201

​

$

17,022,214

​

$

(13,968,747)

​

$

3,930,819

​

$

34,893,487

​

$

114,322

​

$

(222,704)

​

$

97,694

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $37,822,552.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	908,991
Gross Unrealized Depreciation	​	(916,001)
Net Unrealized Depreciation	$	(7,010)

See Accompanying Notes to Financial Statements

79

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.2%
​	587,236	Schwab U.S. TIPS ETF	​	$	33,067,259	​	4.0
​	140,614	Vanguard Global ex-U.S. Real Estate ETF	​	​	8,296,226	​	1.0
​	94,878	Vanguard Real Estate ETF	​	​	8,292,337	​	1.0
​	115,103	Vanguard Russell 1000 Growth ETF	​	​	18,676,613	​	2.2
​	​	Total Exchange-Traded Funds (Cost $66,976,027)	​		68,332,435	​	8.2
MUTUAL FUNDS: 91.6%
​	​	Affiliated Investment Companies: 91.6%
​	1,736,454	Voya Floating Rate Fund - Class I	​	​	16,617,865	​	2.0
​	635,165	Voya Index Plus LargeCap Portfolio - Class I	​	​	16,654,037	​	2.0
​	4,854,832	Voya Intermediate Bond Fund - Class R6	​	​	49,810,580	​	6.0
​	1,958,830	Voya Large Cap Value Fund - Class R6	​	​	24,994,667	​	3.0
​	781,713	Voya Large-Cap Growth Fund - Class R6	​	​	35,317,781	​	4.2
​	1,131,643	Voya MidCap Opportunities Portfolio - Class I	​	​	16,680,423	​	2.0
​	4,082,084	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	49,719,783	​	6.0
​	7,327,329	Voya Multi-Manager International Equity Fund - Class I	​	​	83,238,458	​	10.0
​	8,762,956	Voya Multi-Manager International Factors Fund - Class I	​	​	83,072,825	​	10.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	1,679,907	Voya Multi-Manager Mid Cap Value Fund - Class I	​	$	16,765,475	​	2.0
​	1,682,826	Voya Short Term Bond Fund - Class R6	​	​	16,575,839	​	2.0
​	1,056,575	Voya Small Company Portfolio - Class I	​	​	16,736,141	​	2.0
​	1,609,494	Voya Strategic Income Opportunities Fund - Class R6	​	​	16,609,975	​	2.0
​	3,441,974	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	41,579,042	​	5.0
​	5,816,384	Voya U.S. Stock Index Portfolio - Class I	​	​	95,679,515	​	11.5
​	2,069,199	VY® Invesco Comstock Portfolio - Class I	​	​	41,735,742	​	5.0
​	2,802,346	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	83,033,507	​	9.9
​	619,810	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	58,200,136	​	7.0
​	​	Total Mutual Funds (Cost $745,942,169)	​		763,021,791	​	91.6
​	​	Total Investments in Securities (Cost $812,918,196)	​	$	831,354,226	​	99.8
​	​	Assets in Excess of Other Liabilities	​	​	1,666,806	​	0.2
​	​	Net Assets	​	$	833,021,032	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

68,332,435

​

$

—

​

$

—

​

$

68,332,435

Mutual Funds

​

​

763,021,791

​

​

—

​

​

—

​

​

763,021,791

Total Investments, at fair value

​

$

831,354,226

​

$

—

​

$

—

​

$

831,354,226

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

101,768

​

​

—

​

​

—

​

​

101,768

Total Assets

​

$

831,455,994

​

$

—

​

$

—

​

$

831,455,994

See Accompanying Notes to Financial Statements

80

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2019 (Unaudited) (continued)

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(220,904)

​

$

—

​

$

—

​

$

(220,904)

Total Liabilities

​

$

(220,904)

​

$

—

​

$

—

​

$

(220,904)

^

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

+

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

At June 30, 2019, the following futures contracts were outstanding for Voya Solution 2035 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​	​	​	​	​	​	​	​
S&P 500® E-Mini	​	113	​	09/20/19	​	$	16,634,730	​	$	101,768
​	​	​	​	​	​	$	16,634,730	​	$	101,768
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(173)	​	09/20/19	​	​	(16,636,545)	​	​	(220,904)
​	​	​	​	​	​	$	(16,636,545)	​	$	(220,904)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

22,916,283

​

$

515,754

​

$

(24,003,230)

​

$

571,193

​

$

—

​

$

—

​

$

2,184,415

​

$

—

Voya Floating Rate Fund - Class I

​

​

30,603,880

​

​

2,281,260

​

​

(17,311,301)

​

​

1,044,026

​

​

16,617,865

​

​

514,119

​

​

(487,049)

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

36,506,441

​

​

2,566,882

​

​

(23,429,386)

​

​

1,010,100

​

​

16,654,037

​

​

250,591

​

​

3,727,568

​

​

1,379,595

Voya Intermediate Bond Fund - Class R6

​

​

66,910,557

​

​

16,837,104

​

​

(37,035,090)

​

​

3,098,009

​

​

49,810,580

​

​

1,150,482

​

​

(88,285)

​

​

—

Voya International Index Portfolio - Class I

​

​

45,850,143

​

​

1,164,905

​

​

(49,456,969)

​

​

2,441,921

​

​

—

​

​

—

​

​

3,081,131

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

23,067,015

​

​

1,892,567

​

​

(3,385,875)

​

​

3,420,960

​

​

24,994,667

​

​

124,520

​

​

(54,842)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

42,292,751

​

​

1,562,652

​

​

(17,586,983)

​

​

9,049,361

​

​

35,317,781

​

​

—

​

​

(1,148,161)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

19,256,918

​

​

440,116

​

​

(6,323,218)

​

​

3,306,607

​

​

16,680,423

​

​

15,182

​

​

250,718

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

38,269,430

​

​

11,357,694

​

​

(4,514,355)

​

​

4,607,014

​

​

49,719,783

​

​

—

​

​

971,201

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

57,411,116

​

​

23,277,346

​

​

(6,204,657)

​

​

8,754,653

​

​

83,238,458

​

​

—

​

​

150,139

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

57,322,867

​

​

25,218,372

​

​

(5,979,256)

​

​

6,510,842

​

​

83,072,825

​

​

—

​

​

(9,579)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

19,190,898

​

​

970,014

​

​

(7,052,832)

​

​

3,657,395

​

​

16,765,475

​

​

—

​

​

(506,314)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

—

​

​

17,460,253

​

​

(1,030,274)

​

​

145,860

​

​

16,575,839

​

​

69,695

​

​

4,826

​

​

—

Voya Small Company Portfolio - Class I

​

​

15,368,634

​

​

3,089,708

​

​

(2,739,039)

​

​

1,016,838

​

​

16,736,141

​

​

65,667

​

​

(690,668)

​

​

2,223,285

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

17,474,372

​

​

(1,035,082)

​

​

170,685

​

​

16,609,975

​

​

147,510

​

​

4,922

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

22,945,452

​

​

2,417,184

​

​

(25,041,647)

​

​

(320,989)

​

​

—

​

​

172,791

​

​

768,928

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

15,360,895

​

​

25,588,289

​

​

(2,192,395)

​

​

2,822,253

​

​

41,579,042

​

​

66,343

​

​

43,193

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

35,103,721

​

​

64,476,036

​

​

(10,428,088)

​

​

6,527,846

​

​

95,679,515

​

​

—

​

​

427,103

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

50,697,935

​

​

2,299,637

​

​

(15,026,617)

​

​

3,764,787

​

​

41,735,742

​

​

—

​

​

3,828,677

​

​

—

See Accompanying Notes to Financial Statements

81

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2019 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

62,766,825

​

​

18,319,112

​

​

(9,218,833)

​

​

11,166,403

​

​

83,033,507

​

​

—

​

​

(204,134)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

53,814,670

​

​

1,772,138

​

​

(6,867,105)

​

​

9,480,433

​

​

58,200,136

​

​

—

​

​

1,101,299

​

​

—

​

​

$

715,656,431

​

$

240,981,395

​

$

(275,862,232)

​

$

82,246,197

​

$

763,021,791

​

$

2,576,900

​

$

13,355,088

​

$

3,602,880

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

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	101,768
Total Asset Derivatives	​	​	$	101,768
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	220,904
Total Liability Derivatives	​	​	$	220,904

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,713,561)
Interest rate contracts	​	​	474,733
Total	​	$	(1,238,828)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	37,822
Interest rate contracts	​	​	(418,592)
Total	​	$	(380,770)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $824,809,728.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	25,548,189
Gross Unrealized Depreciation	​	(19,122,827)
Net Unrealized Appreciation	$	6,425,362

See Accompanying Notes to Financial Statements

82

PORTFOLIO OF INVESTMENTS​

Voya Solution 2040 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.2%
​	5,297	Vanguard Global ex-U.S. Real Estate ETF	​	$	312,523	​	1.0
​	4,468	Vanguard Real Estate ETF	​	​	390,503	​	1.2
​	4,818	Vanguard Russell 1000 Growth ETF	​	​	781,769	​	2.5
​	7,057	Vanguard Value ETF	​	​	782,762	​	2.5
​	​	Total Exchange-Traded Funds (Cost $2,232,946)	​		2,267,557	​	7.2
MUTUAL FUNDS: 92.8%
​	​	Affiliated Investment Companies: 92.8%
​	23,965	Voya Index Plus LargeCap Portfolio - Class I	​	​	628,350	​	2.0
​	182,913	Voya Intermediate Bond Fund - Class R6	​	​	1,876,685	​	6.0
​	27,791	Voya Large-Cap Growth Fund - Class R6	​	​	1,255,589	​	4.0
​	42,696	Voya MidCap Opportunities Portfolio - Class I	​	​	629,342	​	2.0
​	166,854	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	2,032,277	​	6.5
​	324,892	Voya Multi-Manager International Equity Fund - Class I	​	​	3,690,772	​	11.8
​	272,825	Voya Multi-Manager International Factors Fund - Class I	​	​	2,586,383	​	8.2
​	63,380	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	632,536	​	2.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	63,492	Voya Short Term Bond Fund - Class R6	​	$	625,396	​	2.0
​	59,795	Voya Small Company Portfolio - Class I	​	​	947,152	​	3.0
​	60,723	Voya Strategic Income Opportunities Fund - Class R6	​	​	626,659	​	2.0
​	129,927	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	1,569,517	​	5.0
​	276,651	Voya U.S. Stock Index Portfolio - Class I	​	​	4,550,909	​	14.5
​	97,695	VY® Invesco Comstock Portfolio - Class I	​	​	1,970,509	​	6.3
​	105,733	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	3,132,864	​	10.0
​	25,056	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	2,352,735	​	7.5
​	​	Total Mutual Funds (Cost $28,932,542)	​		29,107,675	​	92.8
​	​	Total Investments in Securities (Cost $31,165,488)	​	$	31,375,232	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	2,303	​	0.0
​	​	Net Assets	​	$	31,377,535	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

2,267,557

​

$

—

​

$

—

​

$

2,267,557

Mutual Funds

​

​

29,107,675

​

​

—

​

​

—

​

​

29,107,675

Total Investments, at fair value

​

$

31,375,232

​

$

—

​

$

—

​

$

31,375,232

^

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

See Accompanying Notes to Financial Statements

83

PORTFOLIO OF INVESTMENTS​

Voya Solution 2040 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

239,972

​

$

34,187

​

$

(277,350)

​

$

3,191

​

$

—

​

$

—

​

$

26,587

​

$

—

Voya Floating Rate Fund - Class I

​

​

727,431

​

​

63,429

​

​

(825,441)

​

​

34,581

​

​

—

​

​

6,865

​

​

(17,695)

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

1,278,805

​

​

300,213

​

​

(1,102,665)

​

​

151,997

​

​

628,350

​

​

8,977

​

​

25,977

​

​

49,421

Voya Intermediate Bond Fund - Class R6

​

​

917,430

​

​

1,756,393

​

​

(843,601)

​

​

46,463

​

​

1,876,685

​

​

25,816

​

​

23,663

​

​

—

Voya International Index Portfolio - Class I

​

​

1,696,945

​

​

267,314

​

​

(2,246,096)

​

​

281,837

​

​

—

​

​

—

​

​

(86,770)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

859,227

​

​

248,590

​

​

(1,264,596)

​

​

156,779

​

​

—

​

​

5,224

​

​

(38,581)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

1,340,399

​

​

328,976

​

​

(723,736)

​

​

309,950

​

​

1,255,589

​

​

—

​

​

(44,264)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

610,287

​

​

136,325

​

​

(234,294)

​

​

117,024

​

​

629,342

​

​

671

​

​

12,676

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

1,336,421

​

​

715,450

​

​

(217,459)

​

​

197,865

​

​

2,032,277

​

​

—

​

​

11,338

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

1,940,888

​

​

1,680,043

​

​

(242,538)

​

​

312,379

​

​

3,690,772

​

​

—

​

​

13,296

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,695,681

​

​

888,298

​

​

(208,414)

​

​

210,818

​

​

2,586,383

​

​

—

​

​

(8,723)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

608,181

​

​

150,904

​

​

(287,722)

​

​

161,173

​

​

632,536

​

​

—

​

​

(48,307)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

—

​

​

656,729

​

​

(36,681)

​

​

5,348

​

​

625,396

​

​

2,540

​

​

157

​

​

—

Voya Small Company Portfolio - Class I

​

​

730,631

​

​

313,656

​

​

(118,791)

​

​

21,656

​

​

947,152

​

​

3,531

​

​

(14,541)

​

​

119,535

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

657,249

​

​

(36,844)

​

​

6,254

​

​

626,659

​

​

5,376

​

​

156

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

484,779

​

​

179,259

​

​

(655,779)

​

​

(8,259)

​

​

—

​

​

4,020

​

​

18,794

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

486,840

​

​

1,085,911

​

​

(99,543)

​

​

96,309

​

​

1,569,517

​

​

2,310

​

​

2,456

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,611,832

​

​

3,145,071

​

​

(562,821)

​

​

356,827

​

​

4,550,909

​

​

—

​

​

(22,735)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,606,586

​

​

442,007

​

​

(297,139)

​

​

219,055

​

​

1,970,509

​

​

—

​

​

30,471

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

1,989,201

​

​

1,101,471

​

​

(324,044)

​

​

366,236

​

​

3,132,864

​

​

—

​

​

9,763

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

1,827,390

​

​

435,019

​

​

(314,411)

​

​

404,737

​

​

2,352,735

​

​

—

​

​

(22,633)

​

​

—

​

​

$

21,988,926

​

$

14,586,494

​

$

(10,919,965)

​

$

3,452,220

​

$

29,107,675

​

$

65,330

​

$

(128,915)

​

$

168,956

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $31,402,491.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	568,365
Gross Unrealized Depreciation	​	(595,624)
Net Unrealized Depreciation	$	(27,259)

See Accompanying Notes to Financial Statements

84

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.0%
​	105,535	Vanguard Global ex-U.S. Real Estate ETF	​	$	6,226,565	​	1.0
​	89,011	Vanguard Real Estate ETF	​	​	7,779,561	​	1.3
​	115,184	Vanguard Russell 1000 Growth ETF	​	​	18,689,756	​	3.0
​	154,663	Vanguard Value ETF	​	​	17,155,220	​	2.7
​	​	Total Exchange-Traded Funds (Cost $49,189,177)	​		49,851,102	​	8.0
MUTUAL FUNDS: 91.9%
​	​	Affiliated Investment Companies: 91.9%
​	476,695	Voya Index Plus LargeCap Portfolio - Class I	​	​	12,498,933	​	2.0
​	758,564	Voya Intermediate Bond Fund - Class R6	​	​	7,782,863	​	1.2
​	483,318	Voya Large-Cap Growth Fund - Class R6	​	​	21,836,285	​	3.5
​	955,461	Voya MidCap Opportunities Portfolio - Class I	​	​	14,083,489	​	2.2
​	3,574,297	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	43,534,939	​	7.0
​	7,699,261	Voya Multi-Manager International Equity Fund - Class I	​	​	87,463,608	​	14.0
​	5,919,330	Voya Multi-Manager International Factors Fund - Class I	​	​	56,115,247	​	9.0
​	1,418,337	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	14,155,000	​	2.3

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	1,105,116	Voya Short Term Bond Fund - Class R6	​	$	10,885,388	​	1.7
​	1,207,938	Voya Strategic Income Opportunities Fund - Class R6	​	​	12,465,919	​	2.0
​	1,808,558	Voya U.S. High Dividend Low Volatility Fund - Class I	​	​	21,847,379	​	3.5
​	5,882,951	Voya U.S. Stock Index Portfolio - Class I	​	​	96,774,548	​	15.5
​	2,330,234	VY® Invesco Comstock Portfolio - Class I	​	​	47,000,830	​	7.5
​	946,019	VY® JPMorgan Small Cap Core Equity Portfolio Class I	​	​	18,892,008	​	3.0
​	2,103,198	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	62,317,760	​	10.0
​	498,400	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	46,799,718	​	7.5
​	​	Total Mutual Funds (Cost $560,534,343)	​	​	​ 574,453,914	​	91.9
​	​	Total Investments in Securities (Cost $609,723,520)	​	$	624,305,016	​	99.9
​	​	Assets in Excess of Other Liabilities	​	​	756,344	​	0.1
​	​	Net Assets	​	$	625,061,360	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

49,851,102

​

$

—

​

$

—

​

$

49,851,102

Mutual Funds

​

​

574,453,914

​

​

—

​

​

—

​

​

574,453,914

Total Investments, at fair value

​

$

624,305,016

​

$

—

​

$

—

​

$

624,305,016

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

37,825

​

​

—

​

​

—

​

​

37,825

Total Assets

​

$

624,342,841

​

$

—

​

$

—

​

$

624,342,841

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(82,998)

​

$

—

​

$

—

​

$

(82,998)

Total Liabilities

​

$

(82,998)

​

$

—

​

$

—

​

$

(82,998)

^

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

See Accompanying Notes to Financial Statements

85

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2019 (Unaudited) (continued)

+

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

At June 30, 2019, the following futures contracts were outstanding for Voya Solution 2045 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​	​	​	​	​	​	​	​
S&P 500® E-Mini	​	42	​	09/20/19	​	$	6,182,820	​	$	37,825
​	​	​	​	​	​	$	6,182,820	​	$	37,825
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(65)	​	09/20/19	​	​	(6,250,725)	​	​	(82,998)
​	​	​	​	​	​	$	(6,250,725)	​	$	(82,998)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

16,728,572

​

$

393,876

​

$

(17,653,656)

​

$

531,208

​

$

—

​

$

—

​

$

1,481,462

​

$

—

Voya Floating Rate Fund - Class I

​

​

9,774,415

​

​

95,216

​

​

(10,359,550)

​

​

489,919

​

​

—

​

​

38,387

​

​

(309,697)

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

42,080,982

​

​

2,520,655

​

​

(36,388,549)

​

​

4,285,845

​

​

12,498,933

​

​

187,052

​

​

1,833,331

​

​

1,029,791

Voya Intermediate Bond Fund - Class R6

​

​

23,724,672

​

​

9,195,521

​

​

(26,091,936)

​

​

954,606

​

​

7,782,863

​

​

372,476

​

​

(104,759)

​

​

—

Voya International Index Portfolio - Class I

​

​

44,623,675

​

​

1,740,921

​

​

(49,711,179)

​

​

3,346,583

​

​

—

​

​

—

​

​

2,077,628

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

22,434,204

​

​

1,756,766

​

​

(27,392,858)

​

​

3,201,888

​

​

—

​

​

122,239

​

​

(302,648)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

42,103,213

​

​

1,766,064

​

​

(31,690,808)

​

​

9,657,816

​

​

21,836,285

​

​

—

​

​

(1,783,550)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

19,682,117

​

​

723,448

​

​

(9,009,861)

​

​

2,687,785

​

​

14,083,489

​

​

16,854

​

​

1,017,479

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

39,110,566

​

​

3,351,237

​

​

(3,685,519)

​

​

4,758,655

​

​

43,534,939

​

​

—

​

​

979,802

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

50,293,499

​

​

34,246,010

​

​

(5,313,746)

​

​

8,237,845

​

​

87,463,608

​

​

—

​

​

(367,751)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

39,056,534

​

​

16,395,483

​

​

(3,719,425)

​

​

4,382,655

​

​

56,115,247

​

​

—

​

​

25,241

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

19,614,055

​

​

1,014,701

​

​

(10,006,117)

​

​

3,532,361

​

​

14,155,000

​

​

—

​

​

(188,514)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

—

​

​

11,482,888

​

​

(692,784)

​

​

95,284

​

​

10,885,388

​

​

45,584

​

​

3,299

​

​

—

Voya Small Company Portfolio - Class I

​

​

16,829,602

​

​

393,876

​

​

(22,506,948)

​

​

5,283,470

​

​

—

​

​

—

​

​

(2,211,160)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

13,133,868

​

​

(795,389)

​

​

127,440

​

​

12,465,919

​

​

110,261

​

​

3,727

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

11,166,307

​

​

1,293,367

​

​

(12,265,735)

​

​

(193,939)

​

​

—

​

​

84,178

​

​

417,682

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

11,214,062

​

​

10,063,530

​

​

(1,364,209)

​

​

1,933,996

​

​

21,847,379

​

​

48,908

​

​

16,667

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

31,315,115

​

​

69,116,040

​

​

(9,606,024)

​

​

5,949,417

​

​

96,774,548

​

​

—

​

​

193,776

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

42,710,314

​

​

3,126,888

​

​

(4,554,080)

​

​

5,717,708

​

​

47,000,830

​

​

—

​

​

608,945

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

—

​

​

19,363,814

​

​

(433,790)

​

​

(38,016)

​

​

18,892,008

​

​

—

​

​

(9,911)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

—

​

​

63,598,709

​

​

(3,344,385)

​

​

2,063,436

​

​

62,317,760

​

​

—

​

​

(18,926)

​

​

(10)

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

42,093,423

​

​

1,787,579

​

​

(5,061,149)

​

​

7,979,865

​

​

46,799,718

​

​

—

​

​

359,524

​

​

—

​

​

$

524,555,327

​

$

266,560,457

​

$

(291,647,697)

​

$

74,985,827

​

$

574,453,914

​

$

1,025,939

​

$

3,721,647

​

$

1,029,781

See Accompanying Notes to Financial Statements

86

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2019 (Unaudited) (continued)

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

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	37,825
Total Asset Derivatives	​	​	$	37,825
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	82,998
Total Liability Derivatives	​	​	$	82,998

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,195,130)
Interest rate contracts	​	​	353,474
Total	​	$	(841,656)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	301,481
Interest rate contracts	​	​	(311,988)
Total	​	$	(10,507)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $616,183,522.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	16,729,965
Gross Unrealized Depreciation	​	(8,653,644)
Net Unrealized Appreciation	$	8,076,321

See Accompanying Notes to Financial Statements

87

PORTFOLIO OF INVESTMENTS​

Voya Solution 2050 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.5%
​	4,305	Vanguard Global ex-U.S. Real Estate ETF	​	$	253,995	​	1.0
​	3,631	Vanguard Real Estate ETF	​	​	317,349	​	1.2
​	4,699	Vanguard Russell 1000 Growth ETF	​	​	762,460	​	3.0
​	7,456	Vanguard Value ETF	​	​	827,020	​	3.3
​	​	Total Exchange-Traded Funds (Cost $2,130,403)	​		2,160,824	​	8.5
MUTUAL FUNDS: 91.5%
​	​	Affiliated Investment Companies: 91.5%
​	38,895	Voya Index Plus LargeCap Portfolio - Class I	​	​	1,019,814	​	4.0
​	43,231	Voya Intermediate Bond Fund - Class R6	​	​	443,554	​	1.7
​	16,905	Voya Large-Cap Growth Fund - Class R6	​	​	763,778	​	3.0
​	145,815	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,776,033	​	7.0
​	325,322	Voya Multi-Manager International Equity Fund - Class I	​	​	3,695,662	​	14.5
​	228,081	Voya Multi-Manager International Factors Fund - Class I	​	​	2,162,204	​	8.5
​	57,860	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	577,444	​	2.3
​	49,278	Voya Strategic Income Opportunities Fund - Class R6	​	​	508,545	​	2.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	52,711	Voya U.S. High Dividend Low Volatility Fund - Class I	​	$	636,751	​	2.5
​	274,821	Voya U.S. Stock Index Portfolio - Class I	​	​	4,520,811	​	17.7
​	95,074	VY® Invesco Comstock Portfolio - Class I	​	​	1,917,638	​	7.5
​	38,592	VY® JPMorgan Small Cap Core Equity Portfolio Class I	​	​	770,685	​	3.0
​	68,641	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	2,033,821	​	8.0
​	44,389	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	574,833	​	2.3
​	20,333	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,909,303	​	7.5
​	​	Total Mutual Funds (Cost $23,232,493)	​		23,310,876	​	91.5
​	​	Total Investments in Securities (Cost $25,362,896)	​	$	25,471,700	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	8,529	​	0.0
​	​	Net Assets	​	$	25,480,229	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

2,160,824

​

$

—

​

$

—

​

$

2,160,824

Mutual Funds

​

​

23,310,876

​

​

—

​

​

—

​

​

23,310,876

Total Investments, at fair value

​

$

25,471,700

​

$

—

​

$

—

​

$

25,471,700

^

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

See Accompanying Notes to Financial Statements

88

PORTFOLIO OF INVESTMENTS​

Voya Solution 2050 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Issuer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Voya Emerging Markets Index Portfolio - Class I

​

$

201,852

​

$

25,640

​

$

(230,063)

​

$

2,571

​

$

—

​

$

—

​

$

22,392

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

1,523,289

​

​

351,091

​

​

(1,041,859)

​

​

187,293

​

​

1,019,814

​

​

15,126

​

​

(5,272)

​

​

83,273

Voya Intermediate Bond Fund - Class R6

​

​

599,535

​

​

1,102,010

​

​

(1,265,005)

​

​

7,014

​

​

443,554

​

​

12,727

​

​

18,908

​

​

—

Voya International Index Portfolio - Class I

​

​

1,411,776

​

​

194,094

​

​

(1,840,335)

​

​

234,465

​

​

—

​

​

—

​

​

(74,256)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

805,045

​

​

215,611

​

​

(1,167,131)

​

​

146,475

​

​

—

​

​

4,918

​

​

(35,691)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

1,524,098

​

​

278,734

​

​

(1,412,763)

​

​

373,709

​

​

763,778

​

​

—

​

​

(78,023)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

610,684

​

​

77,587

​

​

(794,410)

​

​

106,139

​

​

—

​

​

667

​

​

13,527

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

1,314,710

​

​

448,392

​

​

(218,553)

​

​

231,484

​

​

1,776,033

​

​

—

​

​

(31,341)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

2,022,770

​

​

1,588,159

​

​

(245,180)

​

​

329,913

​

​

3,695,662

​

​

—

​

​

848

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,413,721

​

​

747,979

​

​

(176,639)

​

​

177,143

​

​

2,162,204

​

​

—

​

​

(13,060)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

608,534

​

​

121,207

​

​

(319,440)

​

​

167,143

​

​

577,444

​

​

—

​

​

(56,207)

​

​

—

Voya Small Company Portfolio - Class I

​

​

609,220

​

​

76,919

​

​

(860,218)

​

​

174,079

​

​

—

​

​

—

​

​

(60,255)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

—

​

​

553,952

​

​

(50,430)

​

​

5,023

​

​

508,545

​

​

4,450

​

​

277

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

404,169

​

​

101,777

​

​

(499,072)

​

​

(6,874)

​

​

—

​

​

3,094

​

​

15,438

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

405,933

​

​

228,404

​

​

(66,165)

​

​

68,579

​

​

636,751

​

​

1,915

​

​

1,249

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,851,341

​

​

2,792,293

​

​

(508,751)

​

​

385,928

​

​

4,520,811

​

​

—

​

​

(12,378)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,546,237

​

​

365,553

​

​

(212,726)

​

​

218,574

​

​

1,917,638

​

​

—

​

​

15,765

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio Class I

​

​

—

​

​

797,668

​

​

(25,988)

​

​

(995)

​

​

770,685

​

​

—

​

​

(631)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

—

​

​

2,111,174

​

​

(143,953)

​

​

66,600

​

​

2,033,821

​

​

—

​

​

(155)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class I

​

​

—

​

​

588,285

​

​

(30,876)

​

​

17,424

​

​

574,833

​

​

—

​

​

(98)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

1,523,729

​

​

310,792

​

​

(261,584)

​

​

336,366

​

​

1,909,303

​

​

—

​

​

(22,171)

​

​

—

​

​

$

18,376,643

​

$

13,077,321

​

$

(11,371,141)

​

$

3,228,053

​

$

23,310,876

​

$

42,897

​

$

(301,134)

​

$

83,273

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $25,644,442.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	355,634
Gross Unrealized Depreciation	​	(528,376)
Net Unrealized Depreciation	$	(172,742)

See Accompanying Notes to Financial Statements

89

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.5%
​	34,680	Vanguard Global ex-U.S. Real Estate ETF	​	$	2,046,120	​	1.0
​	29,250	Vanguard Real Estate ETF	​	​	2,556,450	​	1.3
​	44,159	Vanguard Russell 1000 Growth ETF	​	​	7,165,239	​	3.5
​	69,305	Vanguard Value ETF	​	​	7,687,311	​	3.7
​	​	Total Exchange-Traded Funds (Cost $19,219,213)	​		19,455,120	​	9.5
MUTUAL FUNDS: 90.4%
​	​	Affiliated Investment Companies: 90.4%
​	314,015	Voya Index Plus LargeCap Portfolio - Class I	​	​	8,233,475	​	4.0
​	549,667	Voya Intermediate Bond Fund - Class R6	​	​	5,639,581	​	2.7
​	136,864	Voya Large-Cap Growth Fund - Class R6	​	​	6,183,508	​	3.0
​	1,261,371	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	15,363,500	​	7.5
​	2,717,024	Voya Multi-Manager International Equity Fund - Class I	​	​	30,865,390	​	15.0
​	1,949,652	Voya Multi-Manager International Factors Fund - Class I	​	​	18,482,703	​	9.0
​	519,046	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	5,180,076	​	2.5

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	340,981	Voya U.S. High Dividend Low Volatility Fund - Class I	​	$	4,119,047	​	2.0
​	2,031,704	Voya U.S. Stock Index Portfolio - Class I	​	​	33,421,530	​	16.2
​	768,499	VY® Invesco Comstock Portfolio - Class I	​	​	15,500,615	​	7.5
​	311,578	VY® JPMorgan Small Cap Core Equity Portfolio Class I	​	​	6,222,217	​	3.0
​	554,186	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	16,420,535	​	8.0
​	398,200	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	5,156,693	​	2.5
​	164,158	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	15,414,396	​	7.5
​	​	Total Mutual Funds (Cost $183,056,345)	​		186,203,266	​	90.4
​	​	Total Investments in Securities (Cost $202,275,558)	​	$	205,658,386	​	99.9
​	​	Assets in Excess of Other Liabilities	​	​	288,703	​	0.1
​	​	Net Assets	​	$	205,947,089	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

19,455,120

​

$

—

​

$

—

​

$

19,455,120

Mutual Funds

​

​

186,203,266

​

​

—

​

​

—

​

​

186,203,266

Total Investments, at fair value

​

$

205,658,386

​

$

—

​

$

—

​

$

205,658,386

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

12,608

​

​

—

​

​

—

​

​

12,608

Total Assets

​

$

205,670,994

​

$

—

​

$

—

​

$

205,670,994

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(26,815)

​

$

—

​

$

—

​

$

(26,815)

Total Liabilities

​

$

(26,815)

​

$

—

​

$

—

​

$

(26,815)

^

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

See Accompanying Notes to Financial Statements

90

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2019 (Unaudited) (continued)

+

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

At June 30, 2019, the following futures contracts were outstanding for Voya Solution 2055 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​	​	​	​	​	​	​	​
S&P 500® E-Mini	​	14	​	09/20/19	​	$	2,060,940	​	$	12,608
​	​	​	​	​	​	$	2,060,940	​	$	12,608
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(21)	​	09/20/19	​	​	(2,019,465)	​	​	(26,815)
​	​	​	​	​	​	$	(2,019,465)	​	$	(26,815)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

5,024,582

​

$

356,505

​

$

(5,665,057)

​

$

283,970

​

$

—

​

$

—

​

$

335,810

​

$

—

Voya Floating Rate Fund - Class I

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(7)

​

​

—

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

12,639,490

​

​

2,018,998

​

​

(7,617,155)

​

​

1,192,142

​

​

8,233,475

​

​

122,515

​

​

324,734

​

​

674,492

Voya Intermediate Bond Fund - Class R6

​

​

6,706,562

​

​

3,434,847

​

​

(4,872,958)

​

​

371,130

​

​

5,639,581

​

​

131,385

​

​

(33,683)

​

​

—

Voya International Index Portfolio - Class I

​

​

13,400,794

​

​

1,190,413

​

​

(15,711,901)

​

​

1,120,694

​

​

—

​

​

—

​

​

555,848

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

6,728,894

​

​

988,841

​

​

(8,923,485)

​

​

1,205,750

​

​

—

​

​

40,071

​

​

(295,507)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

12,646,171

​

​

1,419,378

​

​

(10,900,042)

​

​

3,018,001

​

​

6,183,508

​

​

—

​

​

(583,153)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

5,911,749

​

​

385,991

​

​

(6,836,288)

​

​

538,548

​

​

—

​

​

5,371

​

​

550,615

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

12,586,417

​

​

2,058,351

​

​

(958,030)

​

​

1,676,762

​

​

15,363,500

​

​

—

​

​

230,787

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

16,784,520

​

​

12,604,511

​

​

(1,226,695)

​

​

2,703,054

​

​

30,865,390

​

​

—

​

​

24,916

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

11,730,913

​

​

6,281,212

​

​

(914,025)

​

​

1,384,603

​

​

18,482,703

​

​

—

​

​

(13,520)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

5,891,291

​

​

699,716

​

​

(2,746,985)

​

​

1,336,054

​

​

5,180,076

​

​

—

​

​

(313,083)

​

​

—

Voya Small Company Portfolio - Class I

​

​

5,054,979

​

​

356,505

​

​

(6,895,199)

​

​

1,483,715

​

​

—

​

​

—

​

​

(538,203)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

3,353,811

​

​

483,305

​

​

(3,779,199)

​

​

(57,917)

​

​

—

​

​

23,566

​

​

127,587

​

​

(2)

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

3,368,256

​

​

488,518

​

​

(291,299)

​

​

553,572

​

​

4,119,047

​

​

15,579

​

​

4,725

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

10,256,862

​

​

23,878,570

​

​

(2,895,720)

​

​

2,181,818

​

​

33,421,530

​

​

(6)

​

​

(81,980)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

12,828,423

​

​

1,997,780

​

​

(1,041,775)

​

​

1,716,187

​

​

15,500,615

​

​

—

​

​

216,784

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio Class I

​

​

—

​

​

6,368,957

​

​

(136,224)

​

​

(10,516)

​

​

6,222,217

​

​

—

​

​

(3,038)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

—

​

​

16,808,453

​

​

(929,025)

​

​

541,107

​

​

16,420,535

​

​

—

​

​

(4,539)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class I

​

​

—

​

​

5,207,697

​

​

(206,981)

​

​

155,977

​

​

5,156,693

​

​

—

​

​

(921)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

12,643,172

​

​

1,489,191

​

​

(1,299,980)

​

​

2,582,013

​

​

15,414,396

​

​

—

​

​

4,383

​

​

—

​

​

$

157,556,886

​

$

88,517,739

​

$

(83,848,023)

​

$

23,976,664

​

$

186,203,266

​

$

338,474

​

$

508,562

​

$

674,490

See Accompanying Notes to Financial Statements

91

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2019 (Unaudited) (continued)

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

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	12,608
Total Asset Derivatives	​	​	$	12,608
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	26,815
Total Liability Derivatives	​	​	$	26,815

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(355,453)
Interest rate contracts	​	​	107,325
Total	​	$	(248,128)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	83,520
Interest rate contracts	​	​	(93,747)
Total	​	$	(10,227)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $204,311,102.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	4,485,045
Gross Unrealized Depreciation	​	(3,151,967)
Net Unrealized Appreciation	$	1,333,078

See Accompanying Notes to Financial Statements

92

PORTFOLIO OF INVESTMENTS​

Voya Solution 2060 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.9%
​	2,980	Vanguard Global ex-U.S. Real Estate ETF	​	$	175,820	​	1.2
​	2,412	Vanguard Real Estate ETF	​	​	210,809	​	1.5
​	3,035	Vanguard Russell 1000 Growth ETF	​	​	492,459	​	3.5
​	4,763	Vanguard Value ETF	​	​	528,312	​	3.7
​	​	Total Exchange-Traded Funds (Cost $1,386,080)	​		1,407,400	​	9.9
MUTUAL FUNDS: 90.0%
​	​	Affiliated Investment Companies: 90.0%
​	21,569	Voya Index Plus LargeCap Portfolio - Class I	​	​	565,550	​	4.0
​	30,833	Voya Intermediate Bond Fund - Class R6	​	​	316,350	​	2.3
​	9,395	Voya Large-Cap Growth Fund - Class R6	​	​	424,471	​	3.0
​	86,642	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,055,299	​	7.5
​	180,436	Voya Multi-Manager International Equity Fund - Class I	​	​	2,049,749	​	14.5
​	126,501	Voya Multi-Manager International Factors Fund - Class I	​	​	1,199,226	​	8.5
​	35,653	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	355,817	​	2.5

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	23,422	Voya U.S. High Dividend Low Volatility Fund - Class I	​	$	282,941	​	2.0
​	148,113	Voya U.S. Stock Index Portfolio - Class I	​	​	2,436,463	​	17.2
​	52,776	VY® Invesco Comstock Portfolio - Class I	​	​	1,064,495	​	7.5
​	21,402	VY® JPMorgan Small Cap Core Equity Portfolio Class I	​	​	427,403	​	3.0
​	38,066	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,127,910	​	8.0
​	27,352	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	354,209	​	2.5
​	11,276	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,058,801	​	7.5
​	​	Total Mutual Funds (Cost $12,632,702)	​		12,718,684	​	90.0
​	​	Total Investments in Securities (Cost $14,018,782)	​	$	14,126,084	​	99.9
​	​	Assets in Excess of Other Liabilities	​	​	10,089	​	0.1
​	​	Net Assets	​	$	14,136,173	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

1,407,400

​

$

—

​

$

—

​

$

1,407,400

Mutual Funds

​

​

12,718,684

​

​

—

​

​

—

​

​

12,718,684

Total Investments, at fair value

​

$

14,126,084

​

$

—

​

$

—

​

$

14,126,084

^

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

See Accompanying Notes to Financial Statements

93

PORTFOLIO OF INVESTMENTS​

Voya Solution 2060 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/18

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

108,397

​

$

12,096

​

$

(121,951)

​

$

1,458

​

$

—

​

$

—

​

$

12,002

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

813,355

​

​

221,254

​

​

(568,534)

​

​

99,475

​

​

565,550

​

​

8,173

​

​

(2,142)

​

​

45,000

Voya Intermediate Bond Fund - Class R6

​

​

321,781

​

​

658,325

​

​

(667,666)

​

​

3,910

​

​

316,350

​

​

7,183

​

​

11,519

​

​

—

Voya International Index Portfolio - Class I

​

​

754,253

​

​

124,928

​

​

(997,274)

​

​

118,093

​

​

—

​

​

—

​

​

(31,971)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

431,940

​

​

131,529

​

​

(636,442)

​

​

72,973

​

​

—

​

​

2,676

​

​

(13,578)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

813,785

​

​

193,209

​

​

(785,766)

​

​

203,243

​

​

424,471

​

​

—

​

​

(45,456)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

326,068

​

​

49,399

​

​

(430,896)

​

​

55,429

​

​

—

​

​

356

​

​

8,789

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

701,384

​

​

361,999

​

​

(135,376)

​

​

127,292

​

​

1,055,299

​

​

—

​

​

(18,663)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

1,080,065

​

​

936,120

​

​

(148,459)

​

​

182,023

​

​

2,049,749

​

​

—

​

​

(3,122)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

754,866

​

​

451,478

​

​

(107,218)

​

​

100,100

​

​

1,199,226

​

​

—

​

​

(10,917)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

324,927

​

​

84,952

​

​

(137,592)

​

​

83,530

​

​

355,817

​

​

—

​

​

(24,096)

​

​

—

Voya Small Company Portfolio - Class I

​

​

325,292

​

​

49,044

​

​

(464,625)

​

​

90,289

​

​

—

​

​

—

​

​

(29,211)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

215,804

​

​

62,275

​

​

(274,468)

​

​

(3,611)

​

​

—

​

​

1,758

​

​

8,167

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class I

​

​

216,747

​

​

72,045

​

​

(41,577)

​

​

35,726

​

​

282,941

​

​

1,022

​

​

617

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

989,978

​

​

1,577,856

​

​

(335,500)

​

​

204,129

​

​

2,436,463

​

​

—

​

​

(10,854)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

825,563

​

​

247,864

​

​

(127,458)

​

​

118,526

​

​

1,064,495

​

​

—

​

​

7,181

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio Class I

​

​

—

​

​

438,895

​

​

(11,205)

​

​

(287)

​

​

427,403

​

​

—

​

​

(241)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

—

​

​

1,159,834

​

​

(68,669)

​

​

36,745

​

​

1,127,910

​

​

—

​

​

(370)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class I

​

​

—

​

​

359,615

​

​

(16,147)

​

​

10,741

​

​

354,209

​

​

—

​

​

(108)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

813,583

​

​

207,367

​

​

(143,322)

​

​

181,173

​

​

1,058,801

​

​

—

​

​

(12,763)

​

​

—

​

​

$

9,817,788

​

$

7,400,084

​

$

(6,220,145)

​

$

1,720,957

​

$

12,718,684

​

$

21,168

​

$

(155,217)

​

$

45,000

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $14,199,260.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	215,960
Gross Unrealized Depreciation	​	(289,136)
Net Unrealized Depreciation	$	(73,176)

See Accompanying Notes to Financial Statements

94

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

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VSOL (0619-082319)​

Semi-Annual Report

June 30, 2019

Classes ADV, I, S, S2 and Z

Voya Partners, Inc.

■ Voya Index Solution Income Portfolio	■ Voya Index Solution 2040 Portfolio
■ Voya Index Solution 2020 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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be 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 will not be affected by this change and 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 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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

TABLE OF CONTENTS

President’s Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	7
Statements of Operations	13
Statements of Changes in Net Assets	16
Financial Highlights	21
Notes to Financial Statements	30
Portfolios of Investments	42

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, available for filings after March 31, 2019. The Portfolios’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Portfolios’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT’S LETTER

 

Staying the Course for the Long Term

Dear Shareholder,

The S&P 500® Index turned in an impressive year-to-date (“YTD”) return of 18.54%; despite the trade/tariff impasse and concerns about global economic slowdown, both U.S. and international markets notched positive YTD returns. Bonds also posted solid YTD returns as the U.S. Federal Reserve Board (“Fed”) called time out from its program of interest rate hikes and hinted at the prospect of rate cuts.

May’s sharp sell-off in stocks was swiftly countered by a rally in June that helped drive global equity markets to their best first half-year performance in over two decades — yet another example of the resilience the markets and economy have displayed throughout this expansion, now the longest on record. Our view continues to be that global economic expansion will persist through 2019 and into 2020. Though there has been some softness in recent U.S. economic data, the Fed seems to be cognizant of the risks facing the economy and we believe it will provide the support necessary to prolong the cycle.

The downturn in May, followed quickly by the June rally, reminds us that volatility is an ever-present factor in the financial markets, with a penchant for appearing unannounced. Predicting downturns, with the intention of avoiding losses, is thus a futile endeavor. Seeking to avoid a loss, for example, by pulling back from equities, might expose investors to the risk of missing the next potential period of gain.

Remember that investing is for the long haul, and it’s usually inadvisable to abandon one’s long-term strategy for a short-term opportunity. We believe investors should stay focused on their long-term goals and not try to time market downturns or upturns. Only if those long-term goals change should one consider making changes to the investment strategy, and then only after thorough discussion with an investment advisor.

Voya seeks to remain a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
July 29, 2019

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

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

1

Market Perspective: Six Months Ended June 30, 2019

Many investors must have greeted the new year with trepidation. Global equities, in the form of the MSCI World IndexSM (the “Index”), measured in local currencies, including net reinvested dividends, had fallen 7.38% in 2018, after a 13.14% slump in the fourth quarter. Markets were increasingly unnerved by an intensifying economic slowdown outside of the U.S., exacerbating existing concerns about a potential trade war between the U.S. and China. (The Index returned 16.98% for the six-months ended June 30, 2019, measured in U.S. dollars.)

Furthermore, the Federal Open Market Committee (“FOMC”) still seemed intent on raising interest rates, despite no apparent inflationary threat. In December, the FOMC raised rates for the fourth time in 2018, from 2.25% to 2.50%. Chairman Powell signaled two more increases in 2019, instead of a hoped-for pause. Markets now had a potential policy mistake to worry about, in addition to everything else.

Yet the equity investor who found this all too much and sold out near year-end would have missed a rebound as intense as it was unexpected. By the end of June, the Index was up 16.69% in 2019.

Two main factors drove the recovery. Firstly, Powell changed his tune and said repeatedly that the FOMC would be “patient” as the economic data evolved. Secondly, on trade, the view emerged that, as far apart as the U.S. and China were on key issues, both were motivated to find some face-saving “deal”.

On perceived slowing global growth, there was little relief from most of the incoming data.

In continental Europe, the euro zone’s annual growth in gross domestic product (“GDP”) in the first quarter of 2019 was just 1.2%. The European Central Bank (“ECB”) forecast slightly less for 2019 as a whole. In the UK, Prime Minister May’s proposed Brexit deal was repeatedly defeated in parliament and she finally resigned on June 7 with no deal in sight.

In Japan, the economy grew at 2.1% annualized in the first quarter. But it relied on a statistical quirk as imports fell sharply, indicating weakening demand.

China’s GDP grew at 6.6% in 2018 over 2017, the smallest advance in 28 years. The official target for 2019 was lowered to 6.0% from 6.5%. Manufacturing activity was contracting, while retail sales were growing at the slowest pace in 16 years.

In the U.S., after annualized GDP growth at 2.2% in the fourth quarter of 2018, first quarter growth surprised to the upside at 3.1%, although it was flattered by volatile inventory and trade elements. The employment situation remained strong, with the unemployment rate down to 3.6%. But more forward-looking indicators like purchasing managers’ indices were showing signs of weakness.

Notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed upwards. This all changed in early May when the President tweeted his intention to raise the existing 10% tariff on some $200 billion of imported Chinese goods to 25%. The remaining $325 billion were now in the crosshairs. Trade negotiations with China had evidently broken down. On May 20, he blacklisted Chinese technology giant Huawei from buying hardware and software from U.S. companies, and on

the 31st, unexpectedly threatened tariffs on Mexican goods for reasons related to illegal immigration. The Index fell 5.70% in May.

It was central banks to the rescue in June. On June 19, the FOMC left rates unchanged, but markets listened to Powell’s comments and heard him signal a cut in July. The previous day ECB President Draghi promised more stimulus if the economic outlook failed to improve, and on the 20th Bank of Japan governor Kuroda said much the same thing, sending the Index to a new all-time high. Plans for tariffs on Mexican imports had by now been “indefinitely suspended”. Investors were then left to cheer a truce in the U.S./China trade conflict, agreed between the two Presidents on June 29.

In U.S. fixed income markets, the Treasury yield curve mostly fell and flattened over the period. It partially inverted in March, with the yield on the three-month bill greater than the yield on the ten-year note for the first time since 2007. Some commentators believe this portends economic weakness, as it implies declining short-term rates. For the half-year, the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.11%.

U.S. equities, represented by the S&P 500® Index including dividends, rose 18.54%, ending fractionally below the record set on June 20. The forward price-earnings ratio of the S&P 500® Index stood at 16.6, just above the five-year average (16.5), but well above the 10-year average (14.8). Technology was the top performer, soaring 27.13%, led by Microsoft and Apple. Health care, a defensive sector subject to periodic scares over government interference, was the weakest, up 8.07%.

In currencies, the dollar edged up 0.93% against the euro and 0.45% against the pound, but slipped 1.70% against the yen. The dollar was on a rising trend against most currencies, but stalled at the increasingly likely prospect of falling interest rates.

In international markets, the MSCI Japan® Index rose just 5.81% in the half-year, reflecting Japan’s own vulnerability to a trade war and the resilient yen, despite a supportive central bank. The MSCI Europe ex UK® Index added 17.22%. However, this concealed wide differences, with auto companies vulnerable to trade frictions and banks to low interest rates, both lagging, while industrials led the way. The MSCI UK® Index rose 12.98%. As usual, a few heavily weighted constituents influenced the result. Thus, top weight HSBC returned just above 5%, while telecoms giant Vodafone and miner Glencore lost money.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 262-3862 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

2

Benchmark Descriptions

Index	Description
Bloomberg Barclays U.S. Aggregate Bond Index	An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World IndexSM	An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
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.

3

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of  $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 to June 30, 2019. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Voya Index Solution Income Portfolio

Class ADV

​

$

1,000.00

​

$

1,083.90

​

0.74%

​

$

3.82

​

$

1,000.00

​

$

1,021.12

​

0.74%

​

$

3.71

Class I

​

​

1,000.00

​

​

1,085.70

​

0.24

​

​

1.24

​

​

1,000.00

​

​

1,023.60

​

0.24

​

​

1.20

Class S

​

​

1,000.00

​

​

1,084.50

​

0.49

​

​

2.53

​

​

1,000.00

​

​

1,022.36

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

1,083.20

​

0.64

​

​

3.31

​

​

1,000.00

​

​

1,021.82

​

0.64

​

​

3.21

Class Z

​

​

1,000.00

​

​

1,087.10

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

Voya Index Solution 2020 Portfolio

Class ADV

​

$

1,000.00

​

$

1,099.00

​

0.73%

​

$

3.80

​

$

1,000.00

​

$

1,021.17

​

0.73%

​

$

3.66

Class I

​

​

1,000.00

​

​

1,102.10

​

0.23

​

​

1.20

​

​

1,000.00

​

​

1,023.65

​

0.23

​

​

1.15

Class S

​

​

1,000.00

​

​

1,100.00

​

0.48

​

​

2.50

​

​

1,000.00

​

​

1,022.41

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

1,099.80

​

0.63

​

​

3.28

​

​

1,000.00

​

​

1,021.67

​

0.63

​

​

3.16

Class Z

​

​

1,000.00

​

​

1,102.90

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

4

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Voya Index Solution 2025 Portfolio

Class ADV

​

$

1,000.00

​

$

1,113.10

​

0.72%

​

$

3.77

​

$

1,000.00

​

$

1,021.22

​

0.72%

​

$

3.61

Class I

​

​

1,000.00

​

​

1,116.20

​

0.22

​

​

1.15

​

​

1,000.00

​

​

1,023.70

​

0.22

​

​

1.10

Class S

​

​

1,000.00

​

​

1,115.50

​

0.47

​

​

2.47

​

​

1,000.00

​

​

1,022.46

​

0.47

​

​

2.36

Class S2

​

​

1,000.00

​

​

1,113.50

​

0.62

​

​

3.25

​

​

1,000.00

​

​

1,021.72

​

0.62

​

​

3.11

Class Z

​

​

1,000.00

​

​

1,118.30

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

Voya Index Solution 2030 Portfolio

Class ADV

​

$

1,000.00

​

$

1,127.40

​

0.72%

​

$

3.80

​

$

1,000.00

​

$

1,021.22

​

0.72%

​

$

3.61

Class I

​

​

1,000.00

​

​

1,130.40

​

0.22

​

​

1.16

​

​

1,000.00

​

​

1,023.70

​

0.22

​

​

1.10

Class S

​

​

1,000.00

​

​

1,129.20

​

0.47

​

​

2.48

​

​

1,000.00

​

​

1,022.46

​

0.47

​

​

2.36

Class S2

​

​

1,000.00

​

​

1,128.40

​

0.62

​

​

3.27

​

​

1,000.00

​

​

1,021.72

​

0.62

​

​

3.11

Class Z

​

​

1,000.00

​

​

1,131.10

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

Voya Index Solution 2035 Portfolio

Class ADV

​

$

1,000.00

​

$

1,136.10

​

0.72%

​

$

3.81

​

$

1,000.00

​

$

1,021.22

​

0.72%

​

$

3.61

Class I

​

​

1,000.00

​

​

1,140.10

​

0.22

​

​

1.17

​

​

1,000.00

​

​

1,023.70

​

0.22

​

​

1.10

Class S

​

​

1,000.00

​

​

1,139.00

​

0.47

​

​

2.49

​

​

1,000.00

​

​

1,022.46

​

0.47

​

​

2.36

Class S2

​

​

1,000.00

​

​

1,137.20

​

0.62

​

​

3.29

​

​

1,000.00

​

​

1,021.72

​

0.62

​

​

3.11

Class Z

​

​

1,000.00

​

​

1,140.80

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

Voya Index Solution 2040 Portfolio

Class ADV

​

$

1,000.00

​

$

1,143.50

​

0.73%

​

$

3.88

​

$

1,000.00

​

$

1,021.17

​

0.73%

​

$

3.66

Class I

​

​

1,000.00

​

​

1,146.10

​

0.23

​

​

1.22

​

​

1,000.00

​

​

1,023.65

​

0.23

​

​

1.15

Class S

​

​

1,000.00

​

​

1,145.00

​

0.48

​

​

2.55

​

​

1,000.00

​

​

1,022.41

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

1,144.20

​

0.63

​

​

3.35

​

​

1,000.00

​

​

1,021.67

​

0.63

​

​

3.16

Class Z

​

​

1,000.00

​

​

1,147.90

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

Voya Index Solution 2045 Portfolio

Class ADV

​

$

1,000.00

​

$

1,150.30

​

0.73%

​

$

3.89

​

$

1,000.00

​

$

1,021.17

​

0.73%

​

$

3.66

Class I

​

​

1,000.00

​

​

1,152.70

​

0.23

​

​

1.23

​

​

1,000.00

​

​

1,023.65

​

0.23

​

​

1.15

Class S

​

​

1,000.00

​

​

1,151.20

​

0.48

​

​

2.56

​

​

1,000.00

​

​

1,022.41

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

1,149.90

​

0.63

​

​

3.36

​

​

1,000.00

​

​

1,021.67

​

0.63

​

​

3.16

Class Z

​

​

1,000.00

​

​

1,154.30

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

Voya Index Solution 2050 Portfolio

Class ADV

​

$

1,000.00

​

$

1,152.20

​

0.73%

​

$

3.90

​

$

1,000.00

​

$

1,021.17

​

0.73%

​

$

3.66

Class I

​

​

1,000.00

​

​

1,155.20

​

0.23

​

​

1.23

​

​

1,000.00

​

​

1,023.65

​

0.23

​

​

1.15

Class S

​

​

1,000.00

​

​

1,153.60

​

0.48

​

​

2.56

​

​

1,000.00

​

​

1,022.41

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

1,152.90

​

0.63

​

​

3.36

​

​

1,000.00

​

​

1,021.67

​

0.63

​

​

3.16

Class Z

​

​

1,000.00

​

​

1,156.40

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

5

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Beginning Account Value January 1, 2019

Ending Account Value June 30, 2019

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2019**

Voya Index Solution 2055 Portfolio

Class ADV

​

$

1,000.00

​

$

1,151.30

​

0.73%

​

$

3.89

​

$

1,000.00

​

$

1,021.17

​

0.73%

​

$

3.66

Class I

​

​

1,000.00

​

​

1,154.90

​

0.23

​

​

1.23

​

​

1,000.00

​

​

1,023.85

​

0.23

​

​

1.15

Class S

​

​

1,000.00

​

​

1,153.10

​

0.48

​

​

2.56

​

​

1,000.00

​

​

1,022.41

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

1,152.00

​

0.63

​

​

3.36

​

​

1,000.00

​

​

1,021.67

​

0.63

​

​

3.16

Class Z

​

​

1,000.00

​

​

1,155.80

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

Voya Index Solution 2060 Portfolio

Class ADV

​

$

1,000.00

​

$

1,151.50

​

0.73%

​

$

3.89

​

$

1,000.00

​

$

1,021.17

​

0.73%

​

$

3.66

Class I

​

​

1,000.00

​

​

1,155.50

​

0.23

​

​

1.23

​

​

1,000.00

​

​

1,023.65

​

0.23

​

​

1.15

Class S

​

​

1,000.00

​

​

1,153.20

​

0.48

​

​

2.56

​

​

1,000.00

​

​

1,022.41

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

1,151.80

​

0.63

​

​

3.36

​

​

1,000.00

​

​

1,021.67

​

0.63

​

​

3.16

Class Z

​

​

1,000.00

​

​

1,156.30

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

0.00

*

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

**

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

6

Statements of Assets and Liabilities as of June 30, 2019 (Unaudited)

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

ASSETS:

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

351,354,992

​

$

291,806,448

​

$

884,175,419

​

$

472,313,321

Investments in unaffiliated underlying funds at fair value**

​

​

80,632,177

​

​

64,927,733

​

​

117,314,199

​

​

50,727,417

Cash

​

​

35,668,487

​

​

813,955

​

​

1,680,449

​

​

857,756

Cash collateral for futures

​

​

1,406,165

​

​

814

​

​

2,953,097

​

​

1,010,245

Receivables:

​

​

​

​

Investments in affiliated underlying funds sold

​

​

4,026,545

​

​

14,871,429

​

​

8,271,541

​

​

3,664,165

Investments in unaffiliated underlying funds sold

​

​

—

​

​

6,068,567

​

​

—

​

​

—

Fund shares sold

​

​

1,068,717

​

​

913,585

​

​

166,690

​

​

981,030

Dividends

​

​

54,351

​

​

41,693

​

​

135,947

​

​

81,622

Reimbursement due from manager

​

​

43,813

​

​

67,212

​

​

115,068

​

​

89,230

Other assets

​

​

14,944

​

​

3,829

​

​

20,718

​

​

4,766

Total assets

​

​

474,270,191

​

​

379,515,265

​

​

1,014,833,128

​

​

529,729,552

LIABILITIES:

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

1,853,807

​

​

8,724,051

​

​

4,833,049

​

​

2,677,792

Payable for investments in unaffiliated underlying funds purchased

​

​

1,385,032

​

​

2,936,932

​

​

4,391,966

​

​

2,564,403

Payable for fund shares redeemed

​

​

132,569

​

​

15,094

​

​

399,352

​

​

3,577

Payable for investment management fees

​

​

93,972

​

​

70,795

​

​

189,809

​

​

93,059

Payable for distribution and shareholder service fees

​

​

68,286

​

​

15,030

​

​

116,390

​

​

16,640

Payable for directors fees

​

​

2,293

​

​

1,706

​

​

4,732

​

​

2,355

Payable to directors under the deferred compensation plan (Note 6)

​

​

14,944

​

​

3,829

​

​

20,718

​

​

4,766

Other accrued expenses and liabilities

​

​

76,760

​

​

23,356

​

​

96,621

​

​

20,091

Total liabilities

​

​

3,627,663

​

​

11,790,793

​

​

10,052,637

​

​

5,382,683

NET ASSETS

​

$

470,642,528

​

$

367,724,472

​

$

1,004,780,491

​

$

524,346,869

NET ASSETS WERE COMPRISED OF:

​

​

​

​

Paid-in capital

​

$

442,496,060

​

$

338,133,656

​

$

904,490,765

​

$

475,983,283

Total distributable earnings

​

​

28,146,468

​

​

29,590,816

​

​

100,289,726

​

​

48,363,586

NET ASSETS

​

$

470,642,528

​

$

367,724,472

​

$

1,004,780,491

​

$

524,346,869

* Cost of investments in affiliated underlying funds

​

$

337,066,929

​

$

282,108,105

​

$

845,148,886

​

$

458,199,267

** Cost of investments in unaffiliated underlying funds

​

$

79,415,942

​

$

64,039,462

​

$

115,831,731

​

$

49,932,888

See Accompanying Notes to Financial Statements

7

Statements of Assets and Liabilities as of June 30, 2019 (Unaudited) (continued)

​	Voya Index Solution Income Portfolio			Voya Index Solution 2020 Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio
Class ADV	​			​			​			​
Net assets	​	$	85,067,516	​	$	27,191,496	​	$	196,212,898	​	$	30,936,614
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	8,128,576	​	​	2,023,964	​	​	17,639,437	​	​	1,986,483
Net asset value and redemption price per share	​	$	10.47	​	$	13.43	​	$	11.12	​	$	15.57
Class I	​			​			​			​
Net assets	​	$	19,807,318	​	$	6,865,819	​	$	58,257,781	​	$	7,316,892
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	​	​	1,839,014	​	​	496,801	​	​	5,095,534	​	​	456,086
Net asset value and redemption price per share	​	$	10.77	​	$	13.82	​	$	11.43	​	$	16.04
Class S	​			​			​			​
Net assets	​	$	144,379,666	​	$	9,459,827	​	$	130,530,628	​	$	13,723,917
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	​	​	13,557,121	​	​	687,987	​	​	11,555,614	​	​	862,500
Net asset value and redemption price per share	​	$	10.65	​	$	13.75	​	$	11.30	​	$	15.91
Class S2	​			​			​			​
Net assets	​	$	11,616,760	​	$	6,068,546	​	$	30,470,997	​	$	4,574,423
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	​	​	1,116,051	​	​	444,084	​	​	2,746,373	​	​	290,878
Net asset value and redemption price per share	​	$	10.41	​	$	13.67	​	$	11.09	​	$	15.73
Class Z	​			​			​			​
Net assets	​	$	209,771,268	​	$	318,138,784	​	$	589,308,187	​	$	467,795,023
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	​	​	19,314,442	​	​	22,838,558	​	​	51,128,321	​	​	28,993,907
Net asset value and redemption price per share	​	$	10.86	​	$	13.93	​	$	11.53	​	$	16.13

See Accompanying Notes to Financial Statements

8

Statements of Assets and Liabilities as of June 30, 2019 (Unaudited)

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

ASSETS:

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

852,723,909

​

$

367,876,903

​

$

627,929,332

​

$

252,659,135

Investments in unaffiliated underlying funds at fair value**

​

​

94,268,881

​

​

16,230,766

​

​

26,037,005

​

​

5,787,444

Cash

​

​

1,572,409

​

​

538,787

​

​

888,213

​

​

312,429

Cash collateral for futures

​

​

1,841,974

​

​

735,218

​

​

633,028

​

​

251,710

Receivables:

​

​

​

​

Investments in affiliated underlying funds sold

​

​

5,158,304

​

​

1,616,716

​

​

1,975,145

​

​

726,802

Fund shares sold

​

​

931,433

​

​

1,100,197

​

​

1,124,054

​

​

847,352

Dividends

​

​

84,916

​

​

42,640

​

​

73,052

​

​

28,500

Reimbursement due from manager

​

​

108,722

​

​

63,881

​

​

69,148

​

​

41,651

Other assets

​

​

17,937

​

​

3,187

​

​

11,694

​

​

1,994

Total assets

​

​

956,708,485

​

​

388,208,295

​

​

658,740,671

​

​

260,657,017

LIABILITIES:

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

3,139,987

​

​

2,246,570

​

​

2,428,119

​

​

1,453,546

Payable for investments in unaffiliated underlying funds purchased

​

​

4,048,493

​

​

805,908

​

​

1,220,967

​

​

313,100

Payable for fund shares redeemed

​

​

8,077

​

​

14,255

​

​

16,656

​

​

—

Payable for investment management fees

​

​

177,024

​

​

65,269

​

​

120,276

​

​

41,945

Payable for distribution and shareholder service fees

​

​

108,935

​

​

11,660

​

​

75,245

​

​

8,945

Payable for directors fees

​

​

4,406

​

​

1,704

​

​

3,022

​

​

1,125

Payable to directors under the deferred compensation plan (Note 6)

​

​

17,937

​

​

3,187

​

​

11,694

​

​

1,994

Other accrued expenses and liabilities

​

​

73,213

​

​

21,316

​

​

47,146

​

​

29,786

Total liabilities

​

​

7,578,072

​

​

3,169,869

​

​

3,923,125

​

​

1,850,441

NET ASSETS

​

$

949,130,413

​

$

385,038,426

​

$

654,817,546

​

$

258,806,576

NET ASSETS WERE COMPRISED OF:

​

​

​

​

Paid-in capital

​

$

838,373,989

​

$

349,230,043

​

$

576,087,041

​

$

236,114,429

Total distributable earnings

​

​

110,756,424

​

​

35,808,383

​

​

78,730,505

​

​

22,692,147

NET ASSETS

​

$

949,130,413

​

$

385,038,426

​

$

654,817,546

​

$

258,806,576

* Cost of investments in affiliated underlying funds

​

$

809,465,306

​

$

357,961,194

​

$

599,218,644

​

$

246,535,885

** Cost of investments in unaffiliated underlying funds

​

$

92,928,038

​

$

15,815,588

​

$

25,410,928

​

$

5,557,213

See Accompanying Notes to Financial Statements

9

Statements of Assets and Liabilities as of June 30, 2019 (Unaudited) (continued)

​	Voya Index Solution 2035 Portfolio			Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio
Class ADV	​			​			​			​
Net assets	​	$	189,326,778	​	$	21,669,307	​	$	134,658,917	​	$	15,301,202
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	16,429,521	​	​	1,326,331	​	​	11,275,621	​	​	922,856
Net asset value and redemption price per share	​	$	11.52	​	$	16.34	​	$	11.94	​	$	16.58
Class I	​			​			​			​
Net assets	​	$	57,693,748	​	$	4,320,611	​	$	46,121,217	​	$	4,509,962
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	4,857,935	​	​	257,270	​	​	3,724,606	​	​	265,785
Net asset value and redemption price per share	​	$	11.88	​	$	16.79	​	$	12.38	​	$	16.97
Class S	​			​			​			​
Net assets	​	$	110,032,687	​	$	10,635,858	​	$	73,691,465	​	$	10,076,091
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	9,390,469	​	​	635,322	​	​	6,048,378	​	​	596,157
Net asset value and redemption price per share	​	$	11.72	​	$	16.74	​	$	12.18	​	$	16.90
Class S2	​			​			​			​
Net assets	​	$	30,659,460	​	$	2,518,065	​	$	18,762,684	​	$	2,597,048
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	​	​	2,662,191	​	​	152,583	​	​	1,566,962	​	​	155,931
Net asset value and redemption price per share	​	$	11.52	​	$	16.50	​	$	11.97	​	$	16.66
Class Z	​			​			​			​
Net assets	​	$	561,417,740	​	$	345,894,585	​	$	381,583,263	​	$	226,322,273
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	​	​	46,841,224	​	​	20,444,217	​	​	30,544,880	​	​	13,251,099
Net asset value and redemption price per share	​	$	11.99	​	$	16.92	​	$	12.49	​	$	17.08

See Accompanying Notes to Financial Statements

10

Statements of Assets and Liabilities as of June 30, 2019 (Unaudited)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
ASSETS:	​			​
Investments in affiliated underlying funds at fair value*	​	$	283,457,007	​	$	75,628,790
Investments in unaffiliated underlying funds at fair value**	​	​	6,496,359	​	​	2,132,198
Cash	​	​	309,768	​	​	77,595
Cash collateral for futures	​	​	273,740	​	​	—
Receivables:	​			​
Investments in affiliated underlying funds sold	​	​	772,515	​	​	234,828
Fund shares sold	​	​	807,194	​	​	109,275
Dividends	​	​	32,192	​	​	10,347
Reimbursement due from manager	​	​	31,599	​	​	17,690
Other assets	​	​	3,794	​	​	480
Total assets	​	​	292,184,168	​	​	78,211,203
LIABILITIES:	​			​
Payable for investments in affiliated underlying funds purchased	​	​	1,416,967	​	​	232,344
Payable for investments in unaffiliated underlying funds purchased	​	​	317,000	​	​	151,218
Payable for fund shares redeemed	​	​	12,296	​	​	—
Payable for investment management fees	​	​	47,261	​	​	12,780
Payable for distribution and shareholder service fees	​	​	31,416	​	​	4,307
Payable for directors fees	​	​	1,292	​	​	317
Payable to directors under the deferred compensation plan (Note 6)	​	​	3,794	​	​	480
Other accrued expenses and liabilities	​	​	35,208	​	​	16,434
Total liabilities	​	​	1,865,234	​	​	417,880
NET ASSETS	​	$	290,318,934	​	$	77,793,323
NET ASSETS WERE COMPRISED OF:	​			​
Paid-in capital	​	$	260,103,719	​	$	72,325,758
Total distributable earnings	​	​	30,215,215	​	​	5,467,565
NET ASSETS	​	$	290,318,934	​	$	77,793,323
* Cost of investments in affiliated underlying funds	​	$	272,645,421	​	$	74,332,329
** Cost of investments in unaffiliated underlying funds	​	$	6,253,029	​	$	2,049,393

See Accompanying Notes to Financial Statements

11

Statements of Assets and Liabilities as of June 30, 2019 (Unaudited) (continued)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
Class ADV	​			​
Net assets	​	$	53,198,692	​	$	7,674,228
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	3,443,434	​	​	604,718
Net asset value and redemption price per share	​	$	15.45	​	$	12.69
Class I	​			​
Net assets	​	$	24,159,471	​	$	4,559,183
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	1,521,544	​	​	352,723
Net asset value and redemption price per share	​	$	15.88	​	$	12.93
Class S	​			​
Net assets	​	$	33,310,786	​	$	4,375,851
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	2,125,345	​	​	341,967
Net asset value and redemption price per share	​	$	15.67	​	$	12.80
Class S2	​			​
Net assets	​	$	10,139,335	​	$	1,246,540
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	652,587	​	​	97,751
Net asset value and redemption price per share	​	$	15.54	​	$	12.75
Class Z	​			​
Net assets	​	$	169,510,650	​	$	59,937,521
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	10,581,317	​	​	4,603,671
Net asset value and redemption price per share	​	$	16.02	​	$	13.02

See Accompanying Notes to Financial Statements

12

Statements of Operations for the six months ended June 30, 2019 (Unaudited)

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

INVESTMENT INCOME:

​

​

​

​

Interest

​

$

10,066

​

$

4,247

​

$

15,841

​

$

10,084

Dividends from affiliated underlying funds

​

​

3,793,954

​

​

2,816,584

​

​

9,160,321

​

​

4,993,302

Dividends from unaffiliated underlying funds

​

​

764,690

​

​

587,830

​

​

1,548,727

​

​

557,868

Total investment income

​

​

4,568,710

​

​

3,408,661

​

​

10,724,889

​

​

5,561,254

EXPENSES:

​

​

​

​

Investment management fees

​

​

534,634

​

​

393,297

​

​

1,056,404

​

​

505,028

Distribution and shareholder service fees:

​

​

​

​

Class ADV

​

​

215,665

​

​

65,157

​

​

493,650

​

​

71,909

Class S

​

​

178,613

​

​

13,863

​

​

159,361

​

​

16,165

Class S2

​

​

20,623

​

​

11,013

​

​

55,891

​

​

6,626

Transfer agent fees

​

​

535

​

​

342

​

​

621

​

​

454

Shareholder reporting expense

​

​

8,326

​

​

4,734

​

​

8,620

​

​

6,475

Registration fees

​

​

—

​

​

3,319

​

​

4,105

​

​

5,900

Professional fees

​

​

19,272

​

​

16,233

​

​

42,738

​

​

20,338

Custody and accounting expense

​

​

18,960

​

​

12,804

​

​

32,580

​

​

11,361

Directors fees

​

​

9,174

​

​

6,823

​

​

18,927

​

​

9,420

Miscellaneous expense

​

​

12,637

​

​

8,275

​

​

17,067

​

​

7,911

Interest expense

​

​

—

​

​

69

​

​

227

​

​

53

Total expenses

​

​

1,018,439

​

​

535,929

​

​

1,890,191

​

​

661,640

Waived and reimbursed fees

​

​

(286,825)

​

​

(385,310)

​

​

(721,373)

​

​

(504,721)

Net expenses

​

​

731,614

​

​

150,619

​

​

1,168,818

​

​

156,919

Net investment income

​

​

3,837,096

​

​

3,258,042

​

​

9,556,071

​

​

5,404,335

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

Sale of affiliated underlying funds

​

​

2,666,232

​

​

2,257,693

​

​

5,658,881

​

​

2,711,201

Sale of unaffiliated underlying funds

​

​

(1,475,915)

​

​

(323,950)

​

​

(1,921,781)

​

​

(517,094)

Capital gain distributions from affiliated underlying funds

​

​

—

​

​

1,173,477

​

​

6,075,719

​

​

3,529,808

Futures

​

​

(453,998)

​

​

(481,968)

​

​

(1,732,249)

​

​

(843,644)

Net realized gain

​

​

736,319

​

​

2,625,252

​

​

8,080,570

​

​

4,880,271

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

Affiliated underlying funds

​

​

27,972,007

​

​

24,052,983

​

​

77,168,470

​

​

42,593,982

Unaffiliated underlying funds

​

​

5,524,290

​

​

2,957,592

​

​

7,689,910

​

​

2,936,532

Futures

​

​

(509,430)

​

​

(363,218)

​

​

(860,208)

​

​

(231,713)

Net change in unrealized appreciation (depreciation)

​

​

32,986,867

​

​

26,647,357

​

​

83,998,172

​

​

45,298,801

Net realized and unrealized gain

​

​

33,723,186

​

​

29,272,609

​

​

92,078,742

​

​

50,179,072

Increase in net assets resulting from operations

​

$

37,560,282

​

$

32,530,651

​

$

101,634,813

​

$

55,583,407

See Accompanying Notes to Financial Statements

13

Statements of Operations for the six months ended June 30, 2019 (Unaudited)

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

INVESTMENT INCOME:

​

​

​

​

Interest

​

$

17,483

​

$

6,170

​

$

14,431

​

$

4,399

Dividends from affiliated underlying funds

​

​

9,139,834

​

​

3,795,791

​

​

6,601,581

​

​

2,597,978

Dividends from unaffiliated underlying funds

​

​

1,064,540

​

​

257,172

​

​

323,962

​

​

82,638

Total investment income

​

​

10,221,857

​

​

4,059,133

​

​

6,939,974

​

​

2,685,015

EXPENSES:

​

​

​

​

Investment management fees

​

​

947,841

​

​

357,028

​

​

625,595

​

​

229,281

Distribution and shareholder service fees:

​

​

​

​

Class ADV

​

​

462,935

​

​

45,601

​

​

325,214

​

​

33,462

Class S

​

​

131,219

​

​

12,021

​

​

88,799

​

​

11,250

Class S2

​

​

61,390

​

​

4,405

​

​

35,105

​

​

4,654

Transfer agent fees

​

​

704

​

​

434

​

​

590

​

​

307

Shareholder reporting expense

​

​

8,243

​

​

6,335

​

​

6,878

​

​

7,430

Registration fees

​

​

4,428

​

​

5,057

​

​

3,596

​

​

3,897

Professional fees

​

​

37,980

​

​

17,738

​

​

27,150

​

​

11,360

Custody and accounting expense

​

​

28,610

​

​

10,498

​

​

20,815

​

​

10,679

Directors fees

​

​

17,623

​

​

6,816

​

​

12,087

​

​

4,501

Miscellaneous expense

​

​

15,838

​

​

5,702

​

​

10,474

​

​

5,380

Interest expense

​

​

169

​

​

—

​

​

348

​

​

—

Total expenses

​

​

1,716,980

​

​

471,635

​

​

1,156,651

​

​

322,201

Waived and reimbursed fees

​

​

(634,338)

​

​

(365,843)

​

​

(395,981)

​

​

(234,359)

Net expenses

​

​

1,082,642

​

​

105,792

​

​

760,670

​

​

87,842

Net investment income

​

​

9,139,215

​

​

3,953,341

​

​

6,179,304

​

​

2,597,173

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

Sale of affiliated underlying funds

​

​

7,139,200

​

​

1,206,442

​

​

4,336,129

​

​

378,503

Sale of unaffiliated underlying funds

​

​

(1,454,054)

​

​

(324,353)

​

​

(1,026,224)

​

​

(121,456)

Capital gain distributions from affiliated underlying funds

​

​

8,050,822

​

​

3,588,451

​

​

6,770,400

​

​

2,610,558

Futures

​

​

(1,635,133)

​

​

(577,175)

​

​

(1,162,148)

​

​

(377,666)

Net realized gain

​

​

12,100,835

​

​

3,893,365

​

​

8,918,157

​

​

2,489,939

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

Affiliated underlying funds

​

​

84,112,369

​

​

34,604,794

​

​

64,068,816

​

​

24,625,796

Unaffiliated underlying funds

​

​

6,192,606

​

​

1,709,815

​

​

3,270,917

​

​

759,910

Futures

​

​

(422,533)

​

​

(161,143)

​

​

(36,433)

​

​

(28,312)

Net change in unrealized appreciation (depreciation)

​

​

89,882,442

​

​

36,153,466

​

​

67,303,300

​

​

25,357,394

Net realized and unrealized gain

​

​

101,983,277

​

​

40,046,831

​

​

76,221,457

​

​

27,847,333

Increase in net assets resulting from operations

​

$

111,122,492

​

$

44,000,172

​

$

82,400,761

​

$

30,444,506

See Accompanying Notes to Financial Statements

14

Statements of Operations for the six months ended June 30, 2019 (Unaudited)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
INVESTMENT INCOME:	​			​
Interest	​	$	5,184	​	$	—
Dividends from affiliated underlying funds	​	​	2,980,163	​	​	747,366
Dividends from unaffiliated underlying funds	​	​	94,937	​	​	40,131
Total investment income	​	​	3,080,284	​	​	787,497
EXPENSES:	​			​
Investment management fees	​	​	263,353	​	​	65,793
Distribution and shareholder service fees:	​			​
Class ADV	​	​	127,222	​	​	17,196
Class S	​	​	37,728	​	​	4,645
Class S2	​	​	18,132	​	​	2,072
Transfer agent fees	​	​	433	​	​	283
Shareholder reporting expense	​	​	6,335	​	​	8,237
Registration fees	​	​	2,868	​	​	1,262
Professional fees	​	​	12,670	​	​	5,107
Custody and accounting expense	​	​	12,715	​	​	5,792
Directors fees	​	​	5,168	​	​	1,269
Miscellaneous expense	​	​	6,096	​	​	4,707
Total expenses	​	​	492,720	​	​	116,363
Waived and reimbursed fees	​	​	(177,325)	​	​	(73,936)
Net expenses	​	​	315,395	​	​	42,427
Net investment income	​	​	2,764,889	​	​	745,070
REALIZED AND UNREALIZED GAIN (LOSS):	​			​
Net realized gain (loss) on:	​			​
Sale of affiliated underlying funds	​	​	1,112,455	​	​	9,850
Sale of unaffiliated underlying funds	​	​	(241,335)	​	​	30,981
Capital gain distributions from affiliated underlying funds	​	​	3,180,726	​	​	826,583
Futures	​	​	(486,584)	​	​	—
Net realized gain	​	​	3,565,262	​	​	867,414
Net change in unrealized appreciation (depreciation) on:	​			​
Affiliated underlying funds	​	​	27,785,794	​	​	6,460,539
Unaffiliated underlying funds	​	​	1,002,584	​	​	175,650
Futures	​	​	(14,519)	​	​	—
Net change in unrealized appreciation (depreciation)	​	​	28,773,859	​	​	6,636,189
Net realized and unrealized gain	​	​	32,339,121	​	​	7,503,603
Increase in net assets resulting from operations	​	$	35,104,010	​	$	8,248,673

See Accompanying Notes to Financial Statements

15

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

3,837,096

​

$

9,319,936

​

$

3,258,042

​

$

6,285,465

Net realized gain

​

​

736,319

​

​

6,528,525

​

​

2,625,252

​

​

7,209,202

Net change in unrealized appreciation (depreciation)

​

​

32,986,867

​

​

(30,357,701)

​

​

26,647,357

​

​

(25,265,774)

Increase (decrease) in net assets resulting from operations

​

​

37,560,282

​

​

(14,509,240)

​

​

32,530,651

​

​

(11,771,107)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

Class ADV

​

​

—

​

​

(3,141,436)

​

​

—

​

​

(956,903)

Class I

​

​

—

​

​

(800,450)

​

​

—

​

​

(286,342)

Class S

​

​

—

​

​

(5,392,426)

​

​

—

​

​

(423,433)

Class S2

​

​

—

​

​

(383,617)

​

​

—

​

​

(122,211)

Class Z

​

​

—

​

​

(6,821,212)

​

​

—

​

​

(9,630,042)

Total distributions

​

​

—

​

​

(16,539,141)

​

​

—

​

​

(11,418,931)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

36,891,455

​

​

75,068,904

​

​

63,411,713

​

​

110,461,933

Reinvestment of distributions

​

​

—

​

​

16,539,141

​

​

—

​

​

11,418,931

​

​

​

36,891,455

​

​

91,608,045

​

​

63,411,713

​

​

121,880,864

Cost of shares redeemed

​

​

(48,295,680)

​

​

(100,347,966)

​

​

(28,664,013)

​

​

(44,434,515)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(11,404,225)

​

​

(8,739,921)

​

​

34,747,700

​

​

77,446,349

Net increase (decrease) in net assets

​

​

26,156,057

​

​

(39,788,302)

​

​

67,278,351

​

​

54,256,311

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

444,486,471

​

​

484,274,773

​

​

300,446,121

​

​

246,189,810

End of year or period

​

$

470,642,528

​

$

444,486,471

​

$

367,724,472

​

$

300,446,121

See Accompanying Notes to Financial Statements

16

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

9,556,071

​

$

17,418,491

​

$

5,404,335

​

$

8,276,283

Net realized gain

​

​

8,080,570

​

​

32,119,663

​

​

4,880,271

​

​

15,118,642

Net change in unrealized appreciation (depreciation)

​

​

83,998,172

​

​

(94,219,458)

​

​

45,298,801

​

​

(48,739,583)

Increase (decrease) in net assets resulting from operations

​

​

101,634,813

​

​

(44,681,304)

​

​

55,583,407

​

​

(25,344,658)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

Class ADV

​

​

—

​

​

(7,866,273)

​

​

—

​

​

(919,660)

Class I

​

​

—

​

​

(2,326,597)

​

​

—

​

​

(221,300)

Class S

​

​

—

​

​

(5,065,217)

​

​

—

​

​

(396,823)

Class S2

​

​

—

​

​

(971,219)

​

​

—

​

​

(48,650)

Class Z

​

​

—

​

​

(17,452,190)

​

​

—

​

​

(11,687,273)

Total distributions

​

​

—

​

​

(33,681,496)

​

​

—

​

​

(13,273,706)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

118,727,592

​

​

185,108,981

​

​

93,297,955

​

​

147,534,189

Reinvestment of distributions

​

​

—

​

​

33,681,496

​

​

—

​

​

13,273,706

​

​

​

118,727,592

​

​

218,790,477

​

​

93,297,955

​

​

160,807,895

Cost of shares redeemed

​

​

(67,526,378)

​

​

(137,799,543)

​

​

(19,716,996)

​

​

(34,347,759)

Net increase in net assets resulting from capital share transactions

​

​

51,201,214

​

​

80,990,934

​

​

73,580,959

​

​

126,460,136

Net increase in net assets

​

​

152,836,027

​

​

2,628,134

​

​

129,164,366

​

​

87,841,772

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

851,944,464

​

​

849,316,330

​

​

395,182,503

​

​

307,340,731

End of year or period

​

$

1,004,780,491

​

$

851,944,464

​

$

524,346,869

​

$

395,182,503

See Accompanying Notes to Financial Statements

17

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

9,139,215

​

$

15,332,188

​

$

3,953,341

​

$

5,349,528

Net realized gain

​

​

12,100,835

​

​

34,990,839

​

​

3,893,365

​

​

12,298,412

Net change in unrealized appreciation (depreciation)

​

​

89,882,442

​

​

(107,446,205)

​

​

36,153,466

​

​

(39,751,923)

Increase (decrease) in net assets resulting from operations

​

​

111,122,492

​

​

(57,123,178)

​

​

44,000,172

​

​

(22,103,983)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

Class ADV

​

​

—

​

​

(7,461,570)

​

​

—

​

​

(505,650)

Class I

​

​

—

​

​

(2,310,284)

​

​

—

​

​

(116,176)

Class S

​

​

—

​

​

(4,099,685)

​

​

—

​

​

(271,036)

Class S2

​

​

—

​

​

(1,112,359)

​

​

—

​

​

(56,322)

Class Z

​

​

—

​

​

(16,743,315)

​

​

—

​

​

(7,459,687)

Total distributions

​

​

—

​

​

(31,727,213)

​

​

—

​

​

(8,408,871)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

121,909,115

​

​

190,382,506

​

​

78,275,529

​

​

122,526,046

Reinvestment of distributions

​

​

—

​

​

31,727,213

​

​

—

​

​

8,408,871

​

​

​

121,909,115

​

​

222,109,719

​

​

78,275,529

​

​

130,934,917

Cost of shares redeemed

​

​

(54,061,795)

​

​

(122,752,480)

​

​

(9,744,437)

​

​

(21,228,147)

Net increase in net assets resulting from capital share transactions

​

​

67,847,320

​

​

99,357,239

​

​

68,531,092

​

​

109,706,770

Net increase in net assets

​

​

178,969,812

​

​

10,506,848

​

​

112,531,264

​

​

79,193,916

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

770,160,601

​

​

759,653,753

​

​

272,507,162

​

​

193,313,246

End of year or period

​

$

949,130,413

​

$

770,160,601

​

$

385,038,426

​

$

272,507,162

See Accompanying Notes to Financial Statements

18

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

6,179,304

​

$

9,652,843

​

$

2,597,173

​

$

3,232,124

Net realized gain

​

​

8,918,157

​

​

28,215,966

​

​

2,489,939

​

​

8,017,108

Net change in unrealized appreciation (depreciation)

​

​

67,303,300

​

​

(84,469,881)

​

​

25,357,394

​

​

(27,506,955)

Increase (decrease) in net assets resulting from operations

​

​

82,400,761

​

​

(46,601,072)

​

​

30,444,506

​

​

(16,257,723)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

Class ADV

​

​

—

​

​

(5,250,526)

​

​

—

​

​

(337,544)

Class I

​

​

—

​

​

(1,842,140)

​

​

—

​

​

(115,790)

Class S

​

​

—

​

​

(2,853,544)

​

​

—

​

​

(243,786)

Class S2

​

​

—

​

​

(582,513)

​

​

—

​

​

(56,506)

Class Z

​

​

—

​

​

(10,755,975)

​

​

—

​

​

(4,286,340)

Total distributions

​

​

—

​

​

(21,284,698)

​

​

—

​

​

(5,039,966)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

86,541,579

​

​

140,674,726

​

​

57,315,095

​

​

87,393,326

Reinvestment of distributions

​

​

—

​

​

21,284,698

​

​

—

​

​

5,039,966

​

​

​

86,541,579

​

​

161,959,424

​

​

57,315,095

​

​

92,433,292

Cost of shares redeemed

​

​

(35,158,956)

​

​

(84,342,501)

​

​

(6,998,391)

​

​

(11,291,117)

Net increase in net assets resulting from capital share transactions

​

​

51,382,623

​

​

77,616,923

​

​

50,316,704

​

​

81,142,175

Net increase in net assets

​

​

133,783,384

​

​

9,731,153

​

​

80,761,210

​

​

59,844,486

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

521,034,162

​

​

511,303,009

​

​

178,045,366

​

​

118,200,880

End of year or period

​

$

654,817,546

​

$

521,034,162

​

$

258,806,576

​

$

178,045,366

See Accompanying Notes to Financial Statements

19

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2055 Portfolio

Voya Index Solution 2060 Portfolio

​

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

Six Months Ended June 30, 2019 (Unaudited)

Year Ended December 31, 2018

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

2,764,889

​

$

3,680,264

​

$

745,070

​

$

759,636

Net realized gain

​

​

3,565,262

​

​

11,566,623

​

​

867,414

​

​

1,719,184

Net change in unrealized appreciation (depreciation)

​

​

28,773,859

​

​

(35,206,061)

​

​

6,636,189

​

​

(6,713,250)

Increase (decrease) in net assets resulting from operations

​

​

35,104,010

​

​

(19,959,174)

​

​

8,248,673

​

​

(4,234,430)

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

Class ADV

​

​

—

​

​

(1,669,989)

​

​

—

​

​

(193,157)

Class I

​

​

—

​

​

(712,946)

​

​

—

​

​

(80,758)

Class S

​

​

—

​

​

(943,356)

​

​

—

​

​

(96,290)

Class S2

​

​

—

​

​

(237,947)

​

​

—

​

​

(19,991)

Class Z

​

​

—

​

​

(3,421,598)

​

​

—

​

​

(916,901)

Total distributions

​

​

—

​

​

(6,985,836)

​

​

—

​

​

(1,307,097)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

55,643,198

​

​

84,132,987

​

​

26,924,510

​

​

31,183,132

Reinvestment of distributions

​

​

—

​

​

6,985,836

​

​

—

​

​

1,307,097

​

​

​

55,643,198

​

​

91,118,823

​

​

26,924,510

​

​

32,490,229

Cost of shares redeemed

​

​

(15,046,881)

​

​

(30,010,200)

​

​

(3,208,138)

​

​

(5,603,938)

Net increase in net assets resulting from capital share transactions

​

​

40,596,317

​

​

61,108,623

​

​

23,716,372

​

​

26,886,291

Net increase in net assets

​

​

75,700,327

​

​

34,163,613

​

​

31,965,045

​

​

21,344,764

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

214,618,607

​

​

180,454,994

​

​

45,828,278

​

​

24,483,514

End of year or period

​

$

290,318,934

​

$

214,618,607

​

$

77,793,323

​

$

45,828,278

See Accompanying Notes to Financial Statements

20

Financial Highlights

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

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution Income Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.66

​

0.06•

​

0.75

​

0.81

​

—

​

—

​

—

​

—

​

—

​

10.47

​

8.39

​

0.76

​

0.74

​

0.74

​

1.25

​

85,068

​

21

12-31-18

​

10.34

​

0.16•

​

(0.51)

​

(0.35)

​

0.17

​

0.16

​

—

​

0.33

​

—

​

9.66

​

(3.50)

​

0.77

​

0.71

​

0.71

​

1.59

​

87,697

​

38

12-31-17

​

9.71

​

0.16•

​

0.68

​

0.84

​

0.16

​

0.05

​

—

​

0.21

​

—

​

10.34

​

8.69

​

0.76

​

0.68

​

0.68

​

1.64

​

110,507

​

32

12-31-16

​

9.55

​

0.18•

​

0.27

​

0.45

​

0.15

​

0.14

​

—

​

0.29

​

—

​

9.71

​

4.71

​

0.77

​

0.62

​

0.62

​

1.82

​

119,455

​

45

12-31-15

​

10.53

​

0.21•

​

(0.33)

​

(0.12)

​

0.19

​

0.67

​

—

​

0.86

​

—

​

9.55

​

(1.37)

​

0.77

​

0.62

​

0.62

​

2.17

​

134,515

​

34

12-31-14

​

10.73

​

0.17

​

0.43

​

0.60

​

0.23

​

0.57

​

—

​

0.80

​

—

​

10.53

​

5.68

​

0.78

​

0.62

​

0.62

​

1.50

​

37,651

​

23

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.92

​

0.09•

​

0.76

​

0.85

​

—

​

—

​

—

​

—

​

—

​

10.77

​

8.57

​

0.26

​

0.24

​

0.24

​

1.75

​

19,807

​

21

12-31-18

​

10.62

​

0.23

​

(0.54)

​

(0.31)

​

0.23

​

0.16

​

—

​

0.39

​

—

​

9.92

​

(3.04)

​

0.27

​

0.21

​

0.21

​

2.11

​

21,140

​

38

12-31-17

​

9.96

​

0.22•

​

0.71

​

0.93

​

0.22

​

0.05

​

—

​

0.27

​

—

​

10.62

​

9.36

​

0.26

​

0.18

​

0.18

​

2.11

​

22,916

​

32

12-31-16

​

9.77

​

0.23•

​

0.28

​

0.51

​

0.18

​

0.14

​

—

​

0.32

​

—

​

9.96

​

5.23

​

0.27

​

0.12

​

0.12

​

2.33

​

29,545

​

45

12-31-15

​

10.76

​

0.28•

​

(0.36)

​

(0.08)

​

0.24

​

0.67

​

—

​

0.91

​

—

​

9.77

​

(0.91)

​

0.27

​

0.12

​

0.12

​

2.84

​

30,873

​

34

12-31-14

​

10.94

​

0.22•

​

0.45

​

0.67

​

0.28

​

0.57

​

—

​

0.85

​

—

​

10.76

​

6.23

​

0.28

​

0.12

​

0.12

​

2.00

​

5,042

​

23

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.82

​

0.08•

​

0.75

​

0.83

​

—

​

—

​

—

​

—

​

—

​

10.65

​

8.45

​

0.51

​

0.49

​

0.49

​

1.51

​

144,380

​

21

12-31-18

​

10.51

​

0.19•

​

(0.52)

​

(0.33)

​

0.20

​

0.16

​

—

​

0.36

​

—

​

9.82

​

(3.25)

​

0.52

​

0.46

​

0.46

​

1.84

​

140,647

​

38

12-31-17

​

9.86

​

0.19•

​

0.70

​

0.89

​

0.19

​

0.05

​

—

​

0.24

​

—

​

10.51

​

9.06

​

0.51

​

0.43

​

0.43

​

1.89

​

168,730

​

32

12-31-16

​

9.68

​

0.20•

​

0.28

​

0.48

​

0.16

​

0.14

​

—

​

0.30

​

—

​

9.86

​

4.95

​

0.52

​

0.37

​

0.37

​

2.05

​

174,891

​

45

12-31-15

​

10.66

​

0.23•

​

(0.33)

​

(0.10)

​

0.21

​

0.67

​

—

​

0.88

​

—

​

9.68

​

(1.11)

​

0.52

​

0.37

​

0.37

​

2.24

​

199,999

​

34

12-31-14

​

10.85

​

0.19•

​

0.44

​

0.63

​

0.25

​

0.57

​

—

​

0.82

​

—

​

10.66

​

5.90

​

0.53

​

0.37

​

0.37

​

1.73

​

124,505

​

23

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.61

​

0.06•

​

0.74

​

0.80

​

—

​

—

​

—

​

—

​

—

​

10.41

​

8.32

​

0.66

​

0.64

​

0.64

​

1.19

​

11,617

​

21

12-31-18

​

10.29

​

0.19•

​

(0.52)

​

(0.33)

​

0.19

​

0.16

​

—

​

0.35

​

—

​

9.61

​

(3.39)

​

0.67

​

0.61

​

0.61

​

1.85

​

16,240

​

38

12-31-17

​

9.66

​

0.18•

​

0.68

​

0.86

​

0.18

​

0.05

​

—

​

0.23

​

—

​

10.29

​

8.89

​

0.66

​

0.58

​

0.58

​

1.75

​

12,928

​

32

12-31-16

​

9.50

​

0.19•

​

0.27

​

0.46

​

0.16

​

0.14

​

—

​

0.30

​

—

​

9.66

​

4.79

​

0.70

​

0.52

​

0.52

​

1.98

​

13,809

​

45

12-31-15

​

10.46

​

0.22•

​

(0.33)

​

(0.11)

​

0.18

​

0.67

​

—

​

0.85

​

—

​

9.50

​

(1.25)

​

0.77

​

0.52

​

0.52

​

2.28

​

14,859

​

34

12-31-14

​

10.66

​

0.17•

​

0.43

​

0.60

​

0.23

​

0.57

​

—

​

0.80

​

—

​

10.46

​

5.78

​

0.78

​

0.52

​

0.52

​

1.56

​

4,595

​

23

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.99

​

0.11•

​

0.76

​

0.87

​

—

​

—

​

—

​

—

​

—

​

10.86

​

8.71

​

0.26

​

0.00*

​

0.00*

​

2.04

​

209,771

​

21

12-31-18

​

10.67

​

0.24•

​

(0.53)

​

(0.29)

​

0.23

​

0.16

​

—

​

0.39

​

—

​

9.99

​

(2.83)

​

0.27

​

0.00*

​

0.00*

​

2.33

​

178,763

​

38

12-31-17

​

9.99

​

0.25•

​

0.70

​

0.95

​

0.22

​

0.05

​

—

​

0.27

​

—

​

10.67

​

9.54

​

0.26

​

0.00*

​

0.00*

​

2.45

​

169,194

​

32

12-31-16

​

9.79

​

0.32•

​

0.20

​

0.52

​

0.18

​

0.14

​

—

​

0.32

​

—

​

9.99

​

5.32

​

0.27

​

0.00

​

0.00

​

3.20

​

70,857

​

45

05-01-15(5) - 12-31-15

​

11.02

​

0.58•

​

(0.90)

​

(0.32)

​

0.24

​

0.67

​

—

​

0.91

​

—

​

9.79

​

(3.06)

​

0.28

​

0.00

​

0.00

​

9.14

​

1,635

​

34

Voya Index Solution 2020 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

12.22

​

0.08•

​

1.13

​

1.21

​

—

​

—

​

—

​

—

​

—

​

13.43

​

9.90

​

0.76

​

0.73

​

0.73

​

1.28

​

27,191

​

28

12-31-18

​

13.27

​

0.21•

​

(0.77)

​

(0.56)

​

0.15

​

0.34

​

—

​

0.49

​

—

​

12.22

​

(4.42)

​

0.77

​

0.71

​

0.71

​

1.59

​

24,850

​

44

12-31-17

​

12.02

​

0.20•

​

1.21

​

1.41

​

0.06

​

0.10

​

—

​

0.16

​

—

​

13.27

​

11.78

​

0.77

​

0.68

​

0.68

​

1.58

​

21,918

​

42

12-31-16

​

11.37

​

0.24•

​

0.43

​

0.67

​

0.01

​

0.01

​

—

​

0.02

​

—

​

12.02

​

5.90

​

0.82

​

0.63

​

0.63

​

2.07

​

13,619

​

75

12-31-15

​

11.82

​

0.46•

​

(0.46)

​

0.00*

​

0.15

​

0.30

​

—

​

0.45

​

—

​

11.37

​

0.00

​

2.22

​

0.63

​

0.63

​

4.05

​

4,703

​

108

12-31-14

​

12.11

​

0.15

​

0.47

​

0.62

​

0.23

​

0.68

​

—

​

0.91

​

—

​

11.82

​

5.27

​

71.22

​

0.63

​

0.63

​

1.31

​

4

​

23

See Accompanying Notes to Financial Statements

21

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2020 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

12.54

​

0.12•

​

1.16

​

1.28

​

—

​

—

​

—

​

—

​

—

​

13.82

​

10.21

​

0.26

​

0.23

​

0.23

​

1.76

​

6,866

​

28

12-31-18

​

13.59

​

0.28•

​

(0.79)

​

(0.51)

​

0.20

​

0.34

​

—

​

0.54

​

—

​

12.54

​

(3.98)

​

0.27

​

0.21

​

0.21

​

2.10

​

7,471

​

44

12-31-17

​

12.27

​

0.28•

​

1.23

​

1.51

​

0.09

​

0.10

​

—

​

0.19

​

—

​

13.59

​

12.42

​

0.27

​

0.18

​

0.18

​

2.12

​

5,360

​

42

12-31-16

​

11.55

​

0.37•

​

0.38

​

0.75

​

0.02

​

0.01

​

—

​

0.03

​

—

​

12.27

​

6.45

​

0.32

​

0.13

​

0.13

​

3.05

​

3,539

​

75

12-31-15

​

11.91

​

0.34•

​

(0.33)

​

0.01

​

0.07

​

0.30

​

—

​

0.37

​

—

​

11.55

​

0.04

​

1.72

​

0.13

​

0.13

​

2.98

​

311

​

108

12-31-14

​

12.18

​

0.21

​

0.49

​

0.70

​

0.29

​

0.68

​

—

​

0.97

​

—

​

11.91

​

5.86

​

70.72

​

0.13

​

0.13

​

1.82

​

4

​

23

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

12.50

​

0.09•

​

1.16

​

1.25

​

—

​

—

​

—

​

—

​

—

​

13.75

​

10.00

​

0.51

​

0.48

​

0.48

​

1.39

​

9,460

​

28

12-31-18

​

13.54

​

0.24

​

(0.77)

​

(0.53)

​

0.17

​

0.34

​

—

​

0.51

​

—

​

12.50

​

(4.13)

​

0.52

​

0.46

​

0.46

​

1.83

​

11,578

​

44

12-31-17

​

12.25

​

0.23•

​

1.24

​

1.47

​

0.08

​

0.10

​

—

​

0.18

​

—

​

13.54

​

12.06

​

0.52

​

0.43

​

0.43

​

1.80

​

12,049

​

42

12-31-16

​

11.55

​

0.30•

​

0.43

​

0.73

​

0.02

​

0.01

​

—

​

0.03

​

—

​

12.25

​

6.26

​

0.57

​

0.38

​

0.38

​

2.53

​

8,811

​

75

12-31-15

​

11.91

​

0.58•

​

(0.59)

​

(0.01)

​

0.05

​

0.30

​

—

​

0.35

​

—

​

11.55

​

(0.08)

​

1.97

​

0.38

​

0.38

​

5.10

​

1,084

​

108

12-31-14

​

12.19

​

0.18

​

0.48

​

0.66

​

0.26

​

0.68

​

—

​

0.94

​

—

​

11.91

​

5.54

​

70.97

​

0.38

​

0.38

​

1.57

​

4

​

23

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

12.43

​

0.09•

​

1.15

​

1.24

​

—

​

—

​

—

​

—

​

—

​

13.67

​

9.98

​

0.66

​

0.63

​

0.63

​

1.38

​

6,069

​

28

12-31-18

​

13.46

​

0.25•

​

(0.80)

​

(0.55)

​

0.14

​

0.34

​

—

​

0.48

​

—

​

12.43

​

(4.29)

​

0.67

​

0.61

​

0.61

​

1.88

​

5,488

​

44

12-31-17

​

12.19

​

0.20

​

1.24

​

1.44

​

0.07

​

0.10

​

—

​

0.17

​

—

​

13.46

​

11.92

​

0.67

​

0.58

​

0.58

​

1.59

​

3,783

​

42

12-31-16

​

11.52

​

0.30•

​

0.39

​

0.69

​

0.01

​

0.01

​

—

​

0.02

​

—

​

12.19

​

6.00

​

0.75

​

0.53

​

0.53

​

2.54

​

3,328

​

75

12-31-15

​

11.84

​

0.46•

​

(0.48)

​

(0.02)

​

0.00*

​

0.30

​

—

​

0.30

​

—

​

11.52

​

(0.16)

​

2.22

​

0.53

​

0.53

​

3.99

​

367

​

108

12-31-14

​

12.13

​

0.16

​

0.48

​

0.64

​

0.25

​

0.68

​

—

​

0.93

​

—

​

11.84

​

5.36

​

71.22

​

0.53

​

0.53

​

1.41

​

4

​

23

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

12.63

​

0.13•

​

1.17

​

1.30

​

—

​

—

​

—

​

—

​

—

​

13.93

​

10.29

​

0.26

​

0.00*

​

0.00*

​

2.02

​

318,139

​

28

12-31-18

​

13.65

​

0.31•

​

(0.79)

​

(0.48)

​

0.20

​

0.34

​

—

​

0.54

​

—

​

12.63

​

(3.74)

​

0.27

​

0.00*

​

0.00*

​

2.31

​

251,060

​

44

12-31-17

​

12.30

​

0.31•

​

1.23

​

1.54

​

0.09

​

0.10

​

—

​

0.19

​

—

​

13.65

​

12.63

​

0.27

​

0.00*

​

0.00*

​

2.35

​

203,080

​

42

12-31-16

​

11.57

​

0.41•

​

0.35

​

0.76

​

0.02

​

0.01

​

—

​

0.03

​

—

​

12.30

​

6.52

​

0.32

​

0.00

​

0.00

​

3.44

​

73,350

​

75

05-01-15(5) - 12-31-15

​

12.30

​

0.38•

​

(0.74)

​

(0.36)

​

0.07

​

0.30

​

—

​

0.37

​

—

​

11.57

​

(2.97)

​

1.70

​

0.00

​

0.00

​

4.91

​

2,030

​

108

Voya Index Solution 2025 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.99

​

0.08•

​

1.05

​

1.13

​

—

​

—

​

—

​

—

​

—

​

11.12

​

11.31

​

0.75

​

0.72

​

0.72

​

1.52

​

196,213

​

21

12-31-18

​

10.94

​

0.17•

​

(0.73)

​

(0.56)

​

0.14

​

0.25

​

—

​

0.39

​

—

​

9.99

​

(5.37)

​

0.76

​

0.70

​

0.70

​

1.53

​

196,102

​

35

12-31-17

​

9.89

​

0.15•

​

1.25

​

1.40

​

0.14

​

0.21

​

—

​

0.35

​

—

​

10.94

​

14.32

​

0.76

​

0.68

​

0.68

​

1.44

​

232,790

​

32

12-31-16

​

10.19

​

0.19

​

0.47

​

0.66

​

0.21

​

0.75

​

—

​

0.96

​

—

​

9.89

​

6.61

​

0.77

​

0.63

​

0.63

​

1.86

​

228,234

​

44

12-31-15

​

11.49

​

0.19

​

(0.36)

​

(0.17)

​

0.16

​

0.97

​

—

​

1.13

​

—

​

10.19

​

(1.80)

​

0.77

​

0.63

​

0.63

​

1.75

​

228,081

​

40

12-31-14

​

11.63

​

0.15

​

0.46

​

0.61

​

0.19

​

0.56

​

—

​

0.75

​

—

​

11.49

​

5.41

​

0.77

​

0.62

​

0.62

​

1.29

​

242,980

​

33

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.24

​

0.11•

​

1.08

​

1.19

​

—

​

—

​

—

​

—

​

—

​

11.43

​

11.62

​

0.25

​

0.22

​

0.22

​

2.02

​

58,258

​

21

12-31-18

​

11.21

​

0.23

​

(0.76)

​

(0.53)

​

0.19

​

0.25

​

—

​

0.44

​

—

​

10.24

​

(4.94)

​

0.26

​

0.20

​

0.20

​

2.06

​

56,645

​

35

12-31-17

​

10.13

​

0.21•

​

1.27

​

1.48

​

0.19

​

0.21

​

—

​

0.40

​

—

​

11.21

​

14.84

​

0.26

​

0.18

​

0.18

​

1.94

​

60,664

​

32

12-31-16

​

10.42

​

0.25•

​

0.48

​

0.73

​

0.27

​

0.75

​

—

​

1.02

​

—

​

10.13

​

7.14

​

0.27

​

0.13

​

0.13

​

2.39

​

56,555

​

44

12-31-15

​

11.72

​

0.26•

​

(0.37)

​

(0.11)

​

0.22

​

0.97

​

—

​

1.19

​

—

​

10.42

​

(1.25)

​

0.27

​

0.13

​

0.13

​

2.29

​

49,275

​

40

12-31-14

​

11.84

​

0.22•

​

0.46

​

0.68

​

0.24

​

0.56

​

—

​

0.80

​

—

​

11.72

​

5.95

​

0.27

​

0.12

​

0.12

​

1.89

​

46,808

​

33

See Accompanying Notes to Financial Statements

22

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2025 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.13

​

0.10•

​

1.07

​

1.17

​

—

​

—

​

—

​

—

​

—

​

11.30

​

11.55

​

0.50

​

0.47

​

0.47

​

1.79

​

130,531

​

21

12-31-18

​

11.09

​

0.19•

​

(0.74)

​

(0.55)

​

0.16

​

0.25

​

—

​

0.41

​

—

​

10.13

​

(5.17)

​

0.51

​

0.45

​

0.45

​

1.78

​

120,905

​

35

12-31-17

​

10.02

​

0.18•

​

1.26

​

1.44

​

0.16

​

0.21

​

—

​

0.37

​

—

​

11.09

​

14.62

​

0.51

​

0.43

​

0.43

​

1.69

​

149,827

​

32

12-31-16

​

10.31

​

0.21•

​

0.48

​

0.69

​

0.23

​

0.75

​

—

​

0.98

​

—

​

10.02

​

6.85

​

0.52

​

0.38

​

0.38

​

2.07

​

150,126

​

44

12-31-15

​

11.61

​

0.23

​

(0.36)

​

(0.13)

​

0.20

​

0.97

​

—

​

1.17

​

—

​

10.31

​

(1.50)

​

0.52

​

0.38

​

0.38

​

1.99

​

166,420

​

40

12-31-14

​

11.74

​

0.18

​

0.47

​

0.65

​

0.22

​

0.56

​

—

​

0.78

​

—

​

11.61

​

5.67

​

0.52

​

0.37

​

0.37

​

1.55

​

186,666

​

33

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

9.96

​

0.09•

​

1.04

​

1.13

​

—

​

—

​

—

​

—

​

—

​

11.09

​

11.35

​

0.65

​

0.62

​

0.62

​

1.67

​

30,471

​

21

12-31-18

​

10.90

​

0.17•

​

(0.72)

​

(0.55)

​

0.14

​

0.25

​

—

​

0.39

​

—

​

9.96

​

(5.29)

​

0.66

​

0.60

​

0.60

​

1.61

​

26,038

​

35

12-31-17

​

9.86

​

0.16•

​

1.24

​

1.40

​

0.15

​

0.21

​

—

​

0.36

​

—

​

10.90

​

14.41

​

0.66

​

0.58

​

0.58

​

1.55

​

34,197

​

32

12-31-16

​

10.16

​

0.20•

​

0.47

​

0.67

​

0.22

​

0.75

​

—

​

0.97

​

—

​

9.86

​

6.72

​

0.70

​

0.53

​

0.53

​

2.04

​

34,034

​

44

12-31-15

​

11.44

​

0.20•

​

(0.35)

​

(0.15)

​

0.16

​

0.97

​

—

​

1.13

​

—

​

10.16

​

(1.63)

​

0.77

​

0.53

​

0.53

​

1.83

​

34,934

​

40

12-31-14

​

11.58

​

0.16•

​

0.46

​

0.62

​

0.20

​

0.56

​

—

​

0.76

​

—

​

11.44

​

5.52

​

0.77

​

0.52

​

0.52

​

1.36

​

42,853

​

33

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.31

​

0.13•

​

1.09

​

1.22

​

—

​

—

​

—

​

—

​

—

​

11.53

​

11.83

​

0.25

​

0.00*

​

0.00*

​

2.31

​

589,308

​

21

12-31-18

​

11.26

​

0.26•

​

(0.77)

​

(0.51)

​

0.19

​

0.25

​

—

​

0.44

​

—

​

10.31

​

(4.74)

​

0.26

​

0.00*

​

0.00*

​

2.31

​

452,255

​

35

12-31-17

​

10.16

​

0.25•

​

1.25

​

1.50

​

0.19

​

0.21

​

—

​

0.40

​

—

​

11.26

​

15.00

​

0.26

​

0.00*

​

0.00*

​

2.31

​

371,838

​

32

12-31-16

​

10.43

​

0.32•

​

0.43

​

0.75

​

0.27

​

0.75

​

—

​

1.02

​

—

​

10.16

​

7.33

​

0.27

​

0.00

​

0.00

​

3.13

​

118,855

​

44

05-01-15(5) - 12-31-15

​

12.17

​

0.41•

​

(0.96)

​

(0.55)

​

0.22

​

0.97

​

—

​

1.19

​

—

​

10.43

​

(4.81)

​

0.28

​

0.00

​

0.00

​

5.95

​

2,310

​

40

Voya Index Solution 2030 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

13.81

​

0.12•

​

1.64

​

1.76

​

—

​

—

​

—

​

—

​

—

​

15.57

​

12.74

​

0.74

​

0.72

​

0.72

​

1.62

​

30,937

​

24

12-31-18

​

15.28

​

0.24•

​

(1.21)

​

(0.97)

​

0.15

​

0.35

​

—

​

0.50

​

—

​

13.81

​

(6.60)

​

0.75

​

0.70

​

0.70

​

1.61

​

27,143

​

33

12-31-17

​

13.22

​

0.21•

​

1.98

​

2.19

​

0.05

​

0.08

​

—

​

0.13

​

—

​

15.28

​

16.62

​

0.76

​

0.69

​

0.69

​

1.48

​

20,939

​

32

12-31-16

​

12.39

​

0.27•

​

0.58

​

0.85

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.22

​

6.84

​

0.83

​

0.63

​

0.63

​

2.13

​

10,732

​

64

12-31-15

​

12.70

​

0.48•

​

(0.53)

​

(0.05)

​

0.07

​

0.19

​

—

​

0.26

​

—

​

12.39

​

(0.48)

​

3.36

​

0.63

​

0.63

​

3.93

​

2,598

​

136

12-31-14

​

13.19

​

0.14

​

0.50

​

0.64

​

0.22

​

0.91

​

—

​

1.13

​

—

​

12.70

​

5.00

​

65.69

​

0.63

​

0.63

​

1.10

​

4

​

32

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.19

​

0.16•

​

1.69

​

1.85

​

—

​

—

​

—

​

—

​

—

​

16.04

​

13.04

​

0.24

​

0.22

​

0.22

​

2.04

​

7,317

​

24

12-31-18

​

15.65

​

0.31•

​

(1.23)

​

(0.92)

​

0.19

​

0.35

​

—

​

0.54

​

—

​

14.19

​

(6.11)

​

0.25

​

0.20

​

0.20

​

2.03

​

6,304

​

33

12-31-17

​

13.50

​

0.31•

​

1.99

​

2.30

​

0.07

​

0.08

​

—

​

0.15

​

—

​

15.65

​

17.14

​

0.26

​

0.19

​

0.19

​

2.10

​

4,953

​

32

12-31-16

​

12.60

​

0.31•

​

0.61

​

0.92

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.50

​

7.31

​

0.33

​

0.13

​

0.13

​

2.36

​

2,173

​

64

12-31-15

​

12.79

​

0.99•

​

(0.99)

​

0.00*

​

—

​

0.19

​

—

​

0.19

​

—

​

12.60

​

(0.03)

​

2.86

​

0.13

​

0.13

​

8.08

​

779

​

136

12-31-14

​

13.28

​

0.20

​

0.51

​

0.71

​

0.29

​

0.91

​

—

​

1.20

​

—

​

12.79

​

5.52

​

65.19

​

0.13

​

0.13

​

1.61

​

4

​

32

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.09

​

0.14•

​

1.68

​

1.82

​

—

​

—

​

—

​

—

​

—

​

15.91

​

12.92

​

0.49

​

0.47

​

0.47

​

1.89

​

13,724

​

24

12-31-18

​

15.56

​

0.28

​

(1.24)

​

(0.96)

​

0.16

​

0.35

​

—

​

0.51

​

—

​

14.09

​

(6.40)

​

0.50

​

0.45

​

0.45

​

1.77

​

11,224

​

33

12-31-17

​

13.44

​

0.27•

​

1.99

​

2.26

​

0.06

​

0.08

​

—

​

0.14

​

—

​

15.56

​

16.91

​

0.51

​

0.44

​

0.44

​

1.82

​

12,320

​

32

12-31-16

​

12.57

​

0.37•

​

0.52

​

0.89

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.44

​

7.08

​

0.58

​

0.38

​

0.38

​

2.83

​

6,607

​

64

12-31-15

​

12.79

​

0.43•

​

(0.46)

​

(0.03)

​

—

​

0.19

​

—

​

0.19

​

—

​

12.57

​

(0.27)

​

3.11

​

0.38

​

0.38

​

3.45

​

521

​

136

12-31-14

​

13.27

​

0.17

​

0.52

​

0.69

​

0.26

​

0.91

​

—

​

1.17

​

—

​

12.79

​

5.32

​

65.44

​

0.38

​

0.38

​

1.35

​

4

​

32

See Accompanying Notes to Financial Statements

23

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2030 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

13.94

​

0.15•

​

1.64

​

1.79

​

—

​

—

​

—

​

—

​

—

​

15.73

​

12.84

​

0.64

​

0.62

​

0.62

​

2.05

​

4,574

​

24

12-31-18

​

15.37

​

0.26•

​

(1.22)

​

(0.96)

​

0.12

​

0.35

​

—

​

0.47

​

—

​

13.94

​

(6.47)

​

0.65

​

0.60

​

0.60

​

1.74

​

2,239

​

33

12-31-17

​

13.29

​

0.22•

​

1.99

​

2.21

​

0.05

​

0.08

​

—

​

0.13

​

—

​

15.37

​

16.69

​

0.66

​

0.59

​

0.59

​

1.54

​

1,800

​

32

12-31-16

​

12.45

​

0.33•

​

0.53

​

0.86

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.29

​

6.92

​

0.76

​

0.53

​

0.53

​

2.54

​

1,735

​

64

12-31-15

​

12.71

​

0.48•

​

(0.55)

​

(0.07)

​

—

​

0.19

​

—

​

0.19

​

—

​

12.45

​

(0.58)

​

3.36

​

0.53

​

0.53

​

3.87

​

47

​

136

12-31-14

​

13.21

​

0.15

​

0.49

​

0.64

​

0.23

​

0.91

​

—

​

1.14

​

—

​

12.71

​

5.00

​

65.69

​

0.53

​

0.53

​

1.20

​

4

​

32

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.26

​

0.18•

​

1.69

​

1.87

​

—

​

—

​

—

​

—

​

—

​

16.13

​

13.11

​

0.24

​

0.00*

​

0.00*

​

2.38

​

467,795

​

24

12-31-18

​

15.69

​

0.36•

​

(1.25)

​

(0.89)

​

0.19

​

0.35

​

—

​

0.54

​

—

​

14.26

​

(5.90)

​

0.25

​

0.00*

​

0.00*

​

2.29

​

348,273

​

33

12-31-17

​

13.51

​

0.35•

​

1.98

​

2.33

​

0.07

​

0.08

​

—

​

0.15

​

—

​

15.69

​

17.35

​

0.26

​

0.00*

​

0.00*

​

2.36

​

267,328

​

32

12-31-16

​

12.59

​

0.46•

​

0.48

​

0.94

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.51

​

7.48

​

0.33

​

0.00

​

0.00

​

3.53

​

72,347

​

64

05-01-15(5) - 12-31-15

​

13.34

​

0.36•

​

(0.92)

​

(0.56)

​

—

​

0.19

​

—

​

0.19

​

—

​

12.59

​

(4.23)

​

2.82

​

0.00

​

0.00

​

4.30

​

1,196

​

136

Voya Index Solution 2035 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.14

​

0.09•

​

1.29

​

1.38

​

—

​

—

​

—

​

—

​

—

​

11.52

​

13.61

​

0.74

​

0.72

​

0.72

​

1.58

​

189,327

​

22

12-31-18

​

11.34

​

0.16•

​

(0.94)

​

(0.78)

​

0.13

​

0.29

​

—

​

0.42

​

—

​

10.14

​

(7.26)

​

0.75

​

0.70

​

0.70

​

1.45

​

176,145

​

33

12-31-17

​

9.98

​

0.15•

​

1.61

​

1.76

​

0.13

​

0.27

​

—

​

0.40

​

—

​

11.34

​

17.95

​

0.76

​

0.68

​

0.68

​

1.37

​

215,074

​

25

12-31-16

​

10.34

​

0.19

​

0.57

​

0.76

​

0.19

​

0.93

​

—

​

1.12

​

—

​

9.98

​

7.63

​

0.76

​

0.63

​

0.63

​

1.86

​

203,566

​

41

12-31-15

​

11.86

​

0.18

​

(0.35)

​

(0.17)

​

0.15

​

1.20

​

—

​

1.35

​

—

​

10.34

​

(1.91)

​

0.77

​

0.64

​

0.64

​

1.62

​

199,097

​

38

12-31-14

​

12.01

​

0.13

​

0.53

​

0.66

​

0.17

​

0.64

​

—

​

0.81

​

—

​

11.86

​

5.65

​

0.76

​

0.63

​

0.63

​

1.12

​

213,542

​

44

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.42

​

0.12•

​

1.34

​

1.46

​

—

​

—

​

—

​

—

​

—

​

11.88

​

14.01

​

0.24

​

0.22

​

0.22

​

2.05

​

57,694

​

22

12-31-18

​

11.65

​

0.22

​

(0.98)

​

(0.76)

​

0.18

​

0.29

​

—

​

0.47

​

—

​

10.42

​

(6.86)

​

0.25

​

0.20

​

0.20

​

1.99

​

55,982

​

33

12-31-17

​

10.23

​

0.20

​

1.68

​

1.88

​

0.19

​

0.27

​

—

​

0.46

​

—

​

11.65

​

18.65

​

0.26

​

0.18

​

0.18

​

1.89

​

58,021

​

25

12-31-16

​

10.58

​

0.25•

​

0.58

​

0.83

​

0.25

​

0.93

​

—

​

1.18

​

—

​

10.23

​

8.12

​

0.26

​

0.13

​

0.13

​

2.40

​

47,484

​

41

12-31-15

​

12.11

​

0.25•

​

(0.37)

​

(0.12)

​

0.21

​

1.20

​

—

​

1.41

​

—

​

10.58

​

(1.47)

​

0.27

​

0.14

​

0.14

​

2.18

​

37,272

​

38

12-31-14

​

12.24

​

0.21•

​

0.53

​

0.74

​

0.23

​

0.64

​

—

​

0.87

​

—

​

12.11

​

6.16

​

0.26

​

0.13

​

0.13

​

1.73

​

34,038

​

44

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.29

​

0.10•

​

1.33

​

1.43

​

—

​

—

​

—

​

—

​

—

​

11.72

​

13.90

​

0.49

​

0.47

​

0.47

​

1.83

​

110,033

​

22

12-31-18

​

11.51

​

0.19•

​

(0.97)

​

(0.78)

​

0.15

​

0.29

​

—

​

0.44

​

—

​

10.29

​

(7.12)

​

0.50

​

0.45

​

0.45

​

1.70

​

96,259

​

33

12-31-17

​

10.11

​

0.17•

​

1.66

​

1.83

​

0.16

​

0.27

​

—

​

0.43

​

—

​

11.51

​

18.39

​

0.51

​

0.43

​

0.43

​

1.61

​

121,702

​

25

12-31-16

​

10.47

​

0.21•

​

0.58

​

0.79

​

0.22

​

0.93

​

—

​

1.15

​

—

​

10.11

​

7.77

​

0.51

​

0.38

​

0.38

​

2.06

​

118,463

​

41

12-31-15

​

11.99

​

0.22

​

(0.36)

​

(0.14)

​

0.18

​

1.20

​

—

​

1.38

​

—

​

10.47

​

(1.63)

​

0.52

​

0.39

​

0.39

​

1.87

​

129,764

​

38

12-31-14

​

12.13

​

0.16

​

0.54

​

0.70

​

0.20

​

0.64

​

—

​

0.84

​

—

​

11.99

​

5.90

​

0.51

​

0.38

​

0.38

​

1.38

​

145,942

​

44

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.13

​

0.09•

​

1.30

​

1.39

​

—

​

—

​

—

​

—

​

—

​

11.52

​

13.72

​

0.64

​

0.62

​

0.62

​

1.66

​

30,659

​

22

12-31-18

​

11.32

​

0.17•

​

(0.94)

​

(0.77)

​

0.13

​

0.29

​

—

​

0.42

​

—

​

10.13

​

(7.14)

​

0.65

​

0.60

​

0.60

​

1.52

​

29,751

​

33

12-31-17

​

9.96

​

0.16

​

1.62

​

1.78

​

0.15

​

0.27

​

—

​

0.42

​

—

​

11.32

​

18.14

​

0.66

​

0.58

​

0.58

​

1.50

​

37,316

​

25

12-31-16

​

10.33

​

0.20

​

0.56

​

0.76

​

0.20

​

0.93

​

—

​

1.13

​

—

​

9.96

​

7.65

​

0.69

​

0.53

​

0.53

​

2.01

​

32,558

​

41

12-31-15

​

11.83

​

0.19•

​

(0.34)

​

(0.15)

​

0.15

​

1.20

​

—

​

1.35

​

—

​

10.33

​

(1.78)

​

0.77

​

0.54

​

0.54

​

1.71

​

31,067

​

38

12-31-14

​

11.98

​

0.14•

​

0.54

​

0.68

​

0.19

​

0.64

​

—

​

0.83

​

—

​

11.83

​

5.77

​

0.76

​

0.53

​

0.53

​

1.17

​

40,100

​

44

See Accompanying Notes to Financial Statements

24

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2035 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.51

​

0.13•

​

1.35

​

1.48

​

—

​

—

​

—

​

—

​

—

​

11.99

​

14.08

​

0.24

​

0.00*

​

0.00*

​

2.37

​

561,418

​

22

12-31-18

​

11.72

​

0.26•

​

(1.00)

​

(0.74)

​

0.18

​

0.29

​

—

​

0.47

​

—

​

10.51

​

(6.64)

​

0.25

​

0.00*

​

0.00*

​

2.24

​

412,024

​

33

12-31-17

​

10.27

​

0.25•

​

1.66

​

1.91

​

0.19

​

0.27

​

—

​

0.46

​

—

​

11.72

​

18.88

​

0.26

​

0.00*

​

0.00*

​

2.26

​

327,540

​

25

12-31-16

​

10.61

​

0.34•

​

0.50

​

0.84

​

0.25

​

0.93

​

—

​

1.18

​

—

​

10.27

​

8.21

​

0.26

​

0.00

​

0.00

​

3.31

​

101,022

​

41

05-01-15(5) - 12-31-15

​

12.66

​

0.43•

​

(1.07)

​

(0.64)

​

0.21

​

1.20

​

—

​

1.41

​

—

​

10.61

​

(5.49)

​

0.28

​

0.00

​

0.00

​

6.12

​

2,456

​

38

Voya Index Solution 2040 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.29

​

0.12•

​

1.93

​

2.05

​

—

​

—

​

—

​

—

​

—

​

16.34

​

14.35

​

0.74

​

0.73

​

0.73

​

1.60

​

21,669

​

17

12-31-18

​

16.00

​

0.23•

​

(1.45)

​

(1.22)

​

0.13

​

0.36

​

—

​

0.49

​

—

​

14.29

​

(7.94)

​

0.75

​

0.71

​

0.71

​

1.48

​

15,441

​

30

12-31-17

​

13.57

​

0.21•

​

2.36

​

2.57

​

0.05

​

0.09

​

—

​

0.14

​

—

​

16.00

​

19.05

​

0.77

​

0.68

​

0.68

​

1.44

​

11,117

​

29

12-31-16

​

12.62

​

0.29•

​

0.68

​

0.97

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.57

​

7.67

​

0.90

​

0.62

​

0.62

​

2.27

​

5,222

​

52

12-31-15

​

13.60

​

0.52•

​

(0.73)

​

(0.21)

​

0.13

​

0.64

​

—

​

0.77

​

—

​

12.62

​

(1.78)

​

5.76

​

0.63

​

0.63

​

4.17

​

1,252

​

106

12-31-14

​

13.98

​

0.14•

​

0.64

​

0.78

​

0.20

​

0.96

​

—

​

1.16

​

—

​

13.60

​

5.73

​

61.99

​

0.63

​

0.63

​

0.98

​

5

​

32

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.65

​

0.16•

​

1.98

​

2.14

​

—

​

—

​

—

​

—

​

—

​

16.79

​

14.61

​

0.24

​

0.23

​

0.23

​

1.99

​

4,321

​

17

12-31-18

​

16.36

​

0.32•

​

(1.50)

​

(1.18)

​

0.17

​

0.36

​

—

​

0.53

​

—

​

14.65

​

(7.53)

​

0.25

​

0.21

​

0.21

​

1.97

​

3,952

​

30

12-31-17

​

13.82

​

0.32•

​

2.38

​

2.70

​

0.07

​

0.09

​

—

​

0.16

​

—

​

16.36

​

19.68

​

0.27

​

0.18

​

0.18

​

2.12

​

2,612

​

29

12-31-16

​

12.79

​

0.32•

​

0.73

​

1.05

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.82

​

8.24

​

0.40

​

0.12

​

0.12

​

2.43

​

659

​

52

12-31-15

​

13.71

​

1.29•

​

(1.47)

​

(0.18)

​

0.10

​

0.64

​

—

​

0.74

​

—

​

12.79

​

(1.50)

​

5.26

​

0.13

​

0.13

​

10.20

​

165

​

106

12-31-14

​

14.09

​

0.19

​

0.66

​

0.85

​

0.27

​

0.96

​

—

​

1.23

​

—

​

13.71

​

6.21

​

61.49

​

0.13

​

0.13

​

1.42

​

5

​

32

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.62

​

0.15•

​

1.97

​

2.12

​

—

​

—

​

—

​

—

​

—

​

16.74

​

14.50

​

0.49

​

0.48

​

0.48

​

1.83

​

10,636

​

17

12-31-18

​

16.33

​

0.26

​

(1.47)

​

(1.21)

​

0.14

​

0.36

​

—

​

0.50

​

—

​

14.62

​

(7.73)

​

0.50

​

0.46

​

0.46

​

1.64

​

7,981

​

30

12-31-17

​

13.82

​

0.25•

​

2.41

​

2.66

​

0.06

​

0.09

​

—

​

0.15

​

—

​

16.33

​

19.39

​

0.52

​

0.43

​

0.43

​

1.64

​

8,832

​

29

12-31-16

​

12.83

​

0.38•

​

0.63

​

1.01

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.82

​

7.89

​

0.65

​

0.37

​

0.37

​

2.85

​

5,044

​

52

12-31-15

​

13.72

​

0.51•

​

(0.71)

​

(0.20)

​

0.05

​

0.64

​

—

​

0.69

​

—

​

12.83

​

(1.65)

​

5.51

​

0.38

​

0.38

​

3.95

​

401

​

106

12-31-14

​

14.09

​

0.16

​

0.66

​

0.82

​

0.23

​

0.96

​

—

​

1.19

​

—

​

13.72

​

6.03

​

61.74

​

0.38

​

0.38

​

1.16

​

4

​

32

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.42

​

0.13•

​

1.95

​

2.08

​

—

​

—

​

—

​

—

​

—

​

16.50

​

14.42

​

0.64

​

0.63

​

0.63

​

1.61

​

2,518

​

17

12-31-18

​

16.13

​

0.23•

​

(1.46)

​

(1.23)

​

0.12

​

0.36

​

—

​

0.48

​

—

​

14.42

​

(7.90)

​

0.65

​

0.61

​

0.61

​

1.47

​

1,905

​

30

12-31-17

​

13.67

​

0.23•

​

2.38

​

2.61

​

0.06

​

0.09

​

—

​

0.15

​

—

​

16.13

​

19.21

​

0.67

​

0.58

​

0.58

​

1.50

​

1,688

​

29

12-31-16

​

12.70

​

0.34•

​

0.65

​

0.99

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.67

​

7.82

​

0.83

​

0.52

​

0.52

​

2.60

​

651

​

52

12-31-15

​

13.62

​

0.38•

​

(0.61)

​

(0.23)

​

0.05

​

0.64

​

—

​

0.69

​

—

​

12.70

​

(1.88)

​

5.76

​

0.53

​

0.53

​

2.84

​

14

​

106

12-31-14

​

14.00

​

0.13

​

0.66

​

0.79

​

0.21

​

0.96

​

—

​

1.17

​

—

​

13.62

​

5.80

​

61.99

​

0.53

​

0.53

​

1.01

​

4

​

32

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.74

​

0.19•

​

1.99

​

2.18

​

—

​

—

​

—

​

—

​

—

​

16.92

​

14.79

​

0.24

​

0.00*

​

0.00*

​

2.41

​

345,895

​

17

12-31-18

​

16.42

​

0.36•

​

(1.51)

​

(1.15)

​

0.17

​

0.36

​

—

​

0.53

​

—

​

14.74

​

(7.32)

​

0.25

​

0.00*

​

0.00*

​

2.22

​

243,229

​

30

12-31-17

​

13.85

​

0.34•

​

2.39

​

2.73

​

0.07

​

0.09

​

—

​

0.16

​

—

​

16.42

​

19.86

​

0.27

​

0.00*

​

0.00*

​

2.21

​

169,065

​

29

12-31-16

​

12.80

​

0.47•

​

0.61

​

1.08

​

0.02

​

0.01

​

—

​

0.03

​

—

​

13.85

​

8.40

​

0.40

​

0.00

​

0.00

​

3.51

​

48,146

​

52

05-01-15(5) - 12-31-15

​

14.34

​

0.57•

​

(1.37)

​

(0.80)

​

0.10

​

0.64

​

—

​

0.74

​

—

​

12.80

​

(5.75)

​

5.12

​

0.00

​

0.00

​

6.74

​

1,086

​

106

See Accompanying Notes to Financial Statements

25

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2045 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.38

​

0.09•

​

1.47

​

1.56

​

—

​

—

​

—

​

—

​

—

​

11.94

​

15.03

​

0.74

​

0.73

​

0.73

​

1.54

​

134,659

​

18

12-31-18

​

11.79

​

0.15•

​

(1.13)

​

(0.98)

​

0.11

​

0.32

​

—

​

0.43

​

—

​

10.38

​

(8.70)

​

0.74

​

0.72

​

0.72

​

1.31

​

122,905

​

31

12-31-17

​

10.22

​

0.13•

​

1.88

​

2.01

​

0.12

​

0.32

​

—

​

0.44

​

—

​

11.79

​

19.96

​

0.75

​

0.69

​

0.69

​

1.20

​

148,205

​

25

12-31-16

​

10.55

​

0.17

​

0.61

​

0.78

​

0.17

​

0.94

​

—

​

1.11

​

—

​

10.22

​

7.67

​

0.76

​

0.64

​

0.64

​

1.70

​

139,777

​

41

12-31-15

​

12.16

​

0.16

​

(0.34)

​

(0.18)

​

0.12

​

1.31

​

—

​

1.43

​

—

​

10.55

​

(2.05)

​

0.76

​

0.64

​

0.64

​

1.44

​

133,884

​

36

12-31-14

​

12.25

​

0.10•

​

0.59

​

0.69

​

0.14

​

0.64

​

—

​

0.78

​

—

​

12.16

​

5.80

​

0.75

​

0.63

​

0.63

​

0.83

​

138,235

​

44

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.74

​

0.12•

​

1.52

​

1.64

​

—

​

—

​

—

​

—

​

—

​

12.38

​

15.27

​

0.24

​

0.23

​

0.23

​

1.98

​

46,121

​

18

12-31-18

​

12.17

​

0.22

​

(1.16)

​

(0.94)

​

0.17

​

0.32

​

—

​

0.49

​

—

​

10.74

​

(8.16)

​

0.24

​

0.22

​

0.22

​

1.84

​

43,658

​

31

12-31-17

​

10.54

​

0.20•

​

1.93

​

2.13

​

0.18

​

0.32

​

—

​

0.50

​

—

​

12.17

​

20.48

​

0.25

​

0.19

​

0.19

​

1.76

​

48,317

​

25

12-31-16

​

10.84

​

0.24•

​

0.63

​

0.87

​

0.23

​

0.94

​

—

​

1.17

​

—

​

10.54

​

8.29

​

0.26

​

0.14

​

0.14

​

2.24

​

35,877

​

41

12-31-15

​

12.46

​

0.25•

​

(0.38)

​

(0.13)

​

0.18

​

1.31

​

—

​

1.49

​

—

​

10.84

​

(1.61)

​

0.26

​

0.14

​

0.14

​

2.09

​

27,900

​

36

12-31-14

​

12.52

​

0.18•

​

0.59

​

0.77

​

0.19

​

0.64

​

—

​

0.83

​

—

​

12.46

​

6.32

​

0.25

​

0.13

​

0.13

​

1.42

​

19,837

​

44

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.58

​

0.10•

​

1.50

​

1.60

​

—

​

—

​

—

​

—

​

—

​

12.18

​

15.12

​

0.49

​

0.48

​

0.48

​

1.78

​

73,691

​

18

12-31-18

​

12.00

​

0.18•

​

(1.14)

​

(0.96)

​

0.14

​

0.32

​

—

​

0.46

​

—

​

10.58

​

(8.44)

​

0.49

​

0.47

​

0.47

​

1.53

​

65,002

​

31

12-31-17

​

10.40

​

0.17

​

1.90

​

2.07

​

0.15

​

0.32

​

—

​

0.47

​

—

​

12.00

​

20.21

​

0.50

​

0.44

​

0.44

​

1.46

​

87,386

​

25

12-31-16

​

10.70

​

0.21

​

0.62

​

0.83

​

0.19

​

0.94

​

—

​

1.13

​

—

​

10.40

​

8.05

​

0.51

​

0.39

​

0.39

​

1.91

​

76,656

​

41

12-31-15

​

12.32

​

0.20

​

(0.36)

​

(0.16)

​

0.15

​

1.31

​

—

​

1.46

​

—

​

10.70

​

(1.86)

​

0.51

​

0.39

​

0.39

​

1.66

​

80,586

​

36

12-31-14

​

12.40

​

0.13

​

0.60

​

0.73

​

0.17

​

0.64

​

—

​

0.81

​

—

​

12.32

​

6.01

​

0.50

​

0.38

​

0.38

​

1.07

​

90,710

​

44

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.41

​

0.09•

​

1.47

​

1.56

​

—

​

—

​

—

​

—

​

—

​

11.97

​

14.99

​

0.64

​

0.63

​

0.63

​

1.65

​

18,763

​

18

12-31-18

​

11.80

​

0.16•

​

(1.12)

​

(0.96)

​

0.11

​

0.32

​

—

​

0.43

​

—

​

10.41

​

(8.52)

​

0.64

​

0.62

​

0.62

​

1.40

​

16,121

​

31

12-31-17

​

10.24

​

0.14•

​

1.88

​

2.02

​

0.14

​

0.32

​

—

​

0.46

​

—

​

11.80

​

19.97

​

0.65

​

0.59

​

0.59

​

1.26

​

19,206

​

25

12-31-16

​

10.56

​

0.20•

​

0.60

​

0.80

​

0.18

​

0.94

​

—

​

1.12

​

—

​

10.24

​

7.88

​

0.69

​

0.54

​

0.54

​

1.93

​

18,507

​

41

12-31-15

​

12.16

​

0.18•

​

(0.35)

​

(0.17)

​

0.12

​

1.31

​

—

​

1.43

​

—

​

10.56

​

(1.99)

​

0.76

​

0.54

​

0.54

​

1.54

​

16,368

​

36

12-31-14

​

12.24

​

0.11

​

0.60

​

0.71

​

0.15

​

0.64

​

—

​

0.79

​

—

​

12.16

​

5.95

​

0.75

​

0.53

​

0.53

​

0.90

​

20,479

​

44

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

10.82

​

0.14•

​

1.53

​

1.67

​

—

​

—

​

—

​

—

​

—

​

12.49

​

15.43

​

0.24

​

0.00*

​

0.00*

​

2.36

​

381,583

​

18

12-31-18

​

12.24

​

0.26•

​

(1.19)

​

(0.93)

​

0.17

​

0.32

​

—

​

0.49

​

—

​

10.82

​

(8.03)

​

0.24

​

0.00*

​

0.00*

​

2.14

​

273,348

​

31

12-31-17

​

10.57

​

0.24•

​

1.93

​

2.17

​

0.18

​

0.32

​

—

​

0.50

​

—

​

12.24

​

20.81

​

0.25

​

0.00*

​

0.00*

​

2.12

​

208,189

​

25

12-31-16

​

10.85

​

0.34•

​

0.55

​

0.89

​

0.23

​

0.94

​

—

​

1.17

​

—

​

10.57

​

8.47

​

0.26

​

0.00

​

0.00

​

3.21

​

58,923

​

41

05-01-15(5) - 12-31-15

​

13.09

​

0.59•

​

(1.34)

​

(0.75)

​

0.18

​

1.31

​

—

​

1.49

​

—

​

10.85

​

(6.26)

​

0.32

​

0.00

​

0.00

​

8.27

​

544

​

36

Voya Index Solution 2050 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.39

​

0.13•

​

2.06

​

2.19

​

—

​

—

​

—

​

—

​

—

​

16.58

​

15.22

​

0.74

​

0.73

​

0.73

​

1.68

​

15,301

​

18

12-31-18

​

16.26

​

0.22•

​

(1.62)

​

(1.40)

​

0.11

​

0.36

​

—

​

0.47

​

—

​

14.39

​

(8.92)

​

0.75

​

0.73

​

0.73

​

1.39

​

11,155

​

28

12-31-17

​

13.65

​

0.20•

​

2.53

​

2.73

​

0.04

​

0.08

​

—

​

0.12

​

—

​

16.26

​

20.12

​

0.78

​

0.70

​

0.70

​

1.31

​

7,817

​

26

12-31-16

​

12.69

​

0.27•

​

0.73

​

1.00

​

0.01

​

0.03

​

—

​

0.04

​

—

​

13.65

​

7.94

​

1.03

​

0.64

​

0.64

​

2.05

​

3,296

​

49

12-31-15

​

13.68

​

0.44•

​

(0.68)

​

(0.24)

​

0.04

​

0.71

​

—

​

0.75

​

—

​

12.69

​

(1.97)

​

7.70

​

0.64

​

0.64

​

3.52

​

666

​

195

12-31-14

​

14.03

​

0.10

​

0.68

​

0.78

​

0.19

​

0.94

​

—

​

1.13

​

—

​

13.68

​

5.64

​

62.26

​

0.64

​

0.64

​

0.77

​

4

​

32

See Accompanying Notes to Financial Statements

26

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2050 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.69

​

0.16•

​

2.12

​

2.28

​

—

​

—

​

—

​

—

​

—

​

16.97

​

15.52

​

0.24

​

0.23

​

0.23

​

2.04

​

4,510

​

18

12-31-18

​

16.55

​

0.30•

​

(1.65)

​

(1.35)

​

0.15

​

0.36

​

—

​

0.51

​

—

​

14.69

​

(8.49)

​

0.25

​

0.23

​

0.23

​

1.82

​

3,851

​

28

12-31-17

​

13.84

​

0.31•

​

2.55

​

2.86

​

0.07

​

0.08

​

—

​

0.15

​

—

​

16.55

​

20.75

​

0.28

​

0.20

​

0.20

​

2.00

​

3,195

​

26

12-31-16

​

12.80

​

0.33•

​

0.76

​

1.09

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.84

​

8.52

​

0.53

​

0.14

​

0.14

​

2.52

​

950

​

49

12-31-15

​

13.79

​

0.44•

​

(0.61)

​

(0.17)

​

0.11

​

0.71

​

—

​

0.82

​

—

​

12.80

​

(1.45)

​

7.20

​

0.14

​

0.14

​

3.47

​

295

​

195

12-31-14

​

14.14

​

0.18

​

0.67

​

0.85

​

0.26

​

0.94

​

—

​

1.20

​

—

​

13.79

​

6.12

​

61.76

​

0.14

​

0.14

​

1.29

​

5

​

32

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.65

​

0.15•

​

2.10

​

2.25

​

—

​

—

​

—

​

—

​

—

​

16.90

​

15.36

​

0.49

​

0.48

​

0.48

​

1.92

​

10,076

​

18

12-31-18

​

16.51

​

0.25

​

(1.63)

​

(1.38)

​

0.12

​

0.36

​

—

​

0.48

​

—

​

14.65

​

(8.68)

​

0.50

​

0.48

​

0.48

​

1.53

​

7,477

​

28

12-31-17

​

13.83

​

0.24•

​

2.58

​

2.82

​

0.06

​

0.08

​

—

​

0.14

​

—

​

16.51

​

20.47

​

0.53

​

0.45

​

0.45

​

1.56

​

8,090

​

26

12-31-16

​

12.83

​

0.37•

​

0.68

​

1.05

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.83

​

8.20

​

0.78

​

0.39

​

0.39

​

2.76

​

3,987

​

49

12-31-15

​

13.80

​

0.55•

​

(0.74)

​

(0.19)

​

0.07

​

0.71

​

—

​

0.78

​

—

​

12.83

​

(1.60)

​

7.45

​

0.39

​

0.39

​

4.31

​

254

​

195

12-31-14

​

14.14

​

0.14

​

0.68

​

0.82

​

0.22

​

0.94

​

—

​

1.16

​

—

​

13.80

​

5.93

​

62.01

​

0.39

​

0.39

​

1.04

​

5

​

32

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.45

​

0.13•

​

2.08

​

2.21

​

—

​

—

​

—

​

—

​

—

​

16.66

​

15.29

​

0.64

​

0.63

​

0.63

​

1.70

​

2,597

​

18

12-31-18

​

16.30

​

0.22•

​

(1.60)

​

(1.38)

​

0.11

​

0.36

​

—

​

0.47

​

—

​

14.45

​

(8.80)

​

0.65

​

0.63

​

0.63

​

1.36

​

2,023

​

28

12-31-17

​

13.68

​

0.23•

​

2.52

​

2.75

​

0.05

​

0.08

​

—

​

0.13

​

—

​

16.30

​

20.21

​

0.68

​

0.60

​

0.60

​

1.50

​

1,973

​

26

12-31-16

​

12.71

​

0.35•

​

0.67

​

1.02

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.68

​

8.04

​

0.96

​

0.54

​

0.54

​

2.66

​

766

​

49

12-31-15

​

13.70

​

0.32•

​

(0.54)

​

(0.22)

​

0.06

​

0.71

​

—

​

0.77

​

—

​

12.71

​

(1.83)

​

7.70

​

0.54

​

0.54

​

2.43

​

14

​

195

12-31-14

​

14.05

​

0.12

​

0.67

​

0.79

​

0.20

​

0.94

​

—

​

1.14

​

—

​

13.70

​

5.71

​

62.26

​

0.54

​

0.54

​

0.88

​

4

​

32

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

14.77

​

0.19•

​

2.12

​

2.31

​

—

​

—

​

—

​

—

​

—

​

17.08

​

15.64

​

0.24

​

0.00*

​

0.00*

​

2.41

​

226,322

​

18

12-31-18

​

16.60

​

0.35•

​

(1.67)

​

(1.32)

​

0.15

​

0.36

​

—

​

0.51

​

—

​

14.77

​

(8.28)

​

0.25

​

0.00*

​

0.00*

​

2.15

​

153,539

​

28

12-31-17

​

13.85

​

0.33•

​

2.57

​

2.90

​

0.07

​

0.08

​

—

​

0.15

​

—

​

16.60

​

21.03

​

0.28

​

0.00*

​

0.00*

​

2.13

​

97,126

​

26

12-31-16

​

12.80

​

0.49•

​

0.61

​

1.10

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.85

​

8.62

​

0.53

​

0.00

​

0.00

​

3.63

​

21,080

​

49

05-01-15(5) - 12-31-15

​

14.46

​

0.61•

​

(1.45)

​

(0.84)

​

0.11

​

0.71

​

—

​

0.82

​

—

​

12.80

​

(6.02)

​

7.05

​

0.00

​

0.00

​

7.16

​

576

​

195

Voya Index Solution 2055 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

13.42

​

0.12•

​

1.91

​

2.03

​

—

​

—

​

—

​

—

​

—

​

15.45

​

15.13

​

0.74

​

0.73

​

0.73

​

1.59

​

53,199

​

15

12-31-18

​

15.18

​

0.19

​

(1.49)

​

(1.30)

​

0.12

​

0.34

​

—

​

0.46

​

—

​

13.42

​

(8.87)

​

0.75

​

0.73

​

0.73

​

1.27

​

46,688

​

29

12-31-17

​

13.01

​

0.16

​

2.46

​

2.62

​

0.14

​

0.31

​

—

​

0.45

​

—

​

15.18

​

20.37

​

0.76

​

0.70

​

0.70

​

1.19

​

52,886

​

25

12-31-16

​

13.12

​

0.22•

​

0.75

​

0.97

​

0.18

​

0.90

​

—

​

1.08

​

—

​

13.01

​

7.61

​

0.78

​

0.64

​

0.64

​

1.68

​

43,002

​

42

12-31-15

​

14.69

​

0.20•

​

(0.45)

​

(0.25)

​

0.12

​

1.20

​

—

​

1.32

​

—

​

13.12

​

(2.15)

​

0.78

​

0.65

​

0.65

​

1.42

​

37,162

​

39

12-31-14

​

14.57

​

0.13•

​

0.74

​

0.87

​

0.14

​

0.61

​

—

​

0.75

​

—

​

14.69

​

6.08

​

0.78

​

0.63

​

0.63

​

0.88

​

31,811

​

44

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

13.75

​

0.16•

​

1.97

​

2.13

​

—

​

—

​

—

​

—

​

—

​

15.88

​

15.49

​

0.24

​

0.23

​

0.23

​

2.10

​

24,159

​

15

12-31-18

​

15.54

​

0.28•

​

(1.54)

​

(1.26)

​

0.19

​

0.34

​

—

​

0.53

​

—

​

13.75

​

(8.48)

​

0.25

​

0.23

​

0.23

​

1.82

​

21,247

​

29

12-31-17

​

13.29

​

0.27•

​

2.49

​

2.76

​

0.20

​

0.31

​

—

​

0.51

​

—

​

15.54

​

21.03

​

0.26

​

0.20

​

0.20

​

1.87

​

19,100

​

25

12-31-16

​

13.38

​

0.30•

​

0.75

​

1.05

​

0.24

​

0.90

​

—

​

1.14

​

—

​

13.29

​

8.10

​

0.28

​

0.14

​

0.14

​

2.24

​

10,595

​

42

12-31-15

​

14.94

​

0.32•

​

(0.50)

​

(0.18)

​

0.18

​

1.20

​

—

​

1.38

​

—

​

13.38

​

(1.66)

​

0.28

​

0.15

​

0.15

​

2.23

​

8,113

​

39

12-31-14

​

14.78

​

0.22•

​

0.74

​

0.96

​

0.19

​

0.61

​

—

​

0.80

​

—

​

14.94

​

6.61

​

0.28

​

0.13

​

0.13

​

1.44

​

3,974

​

44

See Accompanying Notes to Financial Statements

27

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2055 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

13.59

​

0.14•

​

1.94

​

2.08

​

—

​

—

​

—

​

—

​

—

​

15.67

​

15.31

​

0.49

​

0.48

​

0.48

​

1.85

​

33,311

​

15

12-31-18

​

15.36

​

0.23

​

(1.51)

​

(1.28)

​

0.15

​

0.34

​

—

​

0.49

​

—

​

13.59

​

(8.66)

​

0.50

​

0.48

​

0.48

​

1.55

​

26,744

​

29

12-31-17

​

13.16

​

0.20•

​

2.48

​

2.68

​

0.17

​

0.31

​

—

​

0.48

​

—

​

15.36

​

20.63

​

0.51

​

0.45

​

0.45

​

1.40

​

29,602

​

25

12-31-16

​

13.25

​

0.25•

​

0.76

​

1.01

​

0.20

​

0.90

​

—

​

1.10

​

—

​

13.16

​

7.89

​

0.53

​

0.39

​

0.39

​

1.92

​

23,832

​

42

12-31-15

​

14.82

​

0.21

​

(0.43)

​

(0.22)

​

0.15

​

1.20

​

—

​

1.35

​

—

​

13.25

​

(1.93)

​

0.53

​

0.40

​

0.40

​

1.55

​

20,530

​

39

12-31-14

​

14.68

​

0.16•

​

0.76

​

0.92

​

0.17

​

0.61

​

—

​

0.78

​

—

​

14.82

​

6.35

​

0.53

​

0.38

​

0.38

​

1.09

​

20,758

​

44

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

13.49

​

0.13•

​

1.92

​

2.05

​

—

​

—

​

—

​

—

​

—

​

15.54

​

15.20

​

0.64

​

0.63

​

0.63

​

1.74

​

10,139

​

15

12-31-18

​

15.24

​

0.20•

​

(1.49)

​

(1.29)

​

0.12

​

0.34

​

—

​

0.46

​

—

​

13.49

​

(8.77)

​

0.65

​

0.63

​

0.63

​

1.30

​

7,943

​

29

12-31-17

​

13.06

​

0.19•

​

2.45

​

2.64

​

0.15

​

0.31

​

—

​

0.46

​

—

​

15.24

​

20.50

​

0.66

​

0.60

​

0.60

​

1.35

​

10,327

​

25

12-31-16

​

13.17

​

0.24•

​

0.74

​

0.98

​

0.19

​

0.90

​

—

​

1.09

​

—

​

13.06

​

7.71

​

0.71

​

0.54

​

0.54

​

1.87

​

6,752

​

42

12-31-15

​

14.72

​

0.21•

​

(0.45)

​

(0.24)

​

0.11

​

1.20

​

—

​

1.31

​

—

​

13.17

​

(2.04)

​

0.78

​

0.55

​

0.55

​

1.50

​

5,816

​

39

12-31-14

​

14.59

​

0.13•

​

0.75

​

0.88

​

0.14

​

0.61

​

—

​

0.75

​

—

​

14.72

​

6.15

​

0.78

​

0.53

​

0.53

​

0.89

​

5,363

​

44

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

13.86

​

0.19•

​

1.97

​

2.16

​

—

​

—

​

—

​

—

​

—

​

16.02

​

15.58

​

0.24

​

0.00*

​

0.00*

​

2.46

​

169,511

​

15

12-31-18

​

15.62

​

0.33•

​

(1.56)

​

(1.23)

​

0.19

​

0.34

​

—

​

0.53

​

—

​

13.86

​

(8.24)

​

0.25

​

0.00*

​

0.00*

​

2.15

​

111,996

​

29

12-31-17

​

13.33

​

0.30•

​

2.50

​

2.80

​

0.20

​

0.31

​

—

​

0.51

​

—

​

15.62

​

21.27

​

0.26

​

0.00*

​

0.00*

​

2.07

​

68,540

​

25

12-31-16

​

13.40

​

0.40•

​

0.67

​

1.07

​

0.24

​

0.90

​

—

​

1.14

​

—

​

13.33

​

8.24

​

0.28

​

0.00

​

0.00

​

3.06

​

17,543

​

42

05-01-15(5) - 12-31-15

​

15.69

​

0.28•

​

(1.19)

​

(0.91)

​

0.18

​

1.20

​

—

​

1.38

​

—

​

13.40

​

(6.22)

​

0.30

​

0.00

​

0.00

​

3.14

​

446

​

39

Voya Index Solution 2060 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.02

​

0.10•

​

1.57

​

1.67

​

—

​

—

​

—

​

—

​

—

​

12.69

​

15.15

​

0.79

​

0.73

​

0.73

​

1.60

​

7,674

​

19

12-31-18

​

12.49

​

0.17•

​

(1.23)

​

(1.06)

​

0.07

​

0.34

​

—

​

0.41

​

—

​

11.02

​

(8.88)

​

0.81

​

0.72

​

0.72

​

1.42

​

6,029

​

40

12-31-17

​

10.48

​

0.16•

​

1.97

​

2.13

​

0.03

​

0.09

​

—

​

0.12

​

—

​

12.49

​

20.44

​

0.90

​

0.70

​

0.70

​

1.40

​

4,579

​

51

12-31-16

​

9.77

​

0.21•

​

0.56

​

0.77

​

0.02

​

0.04

​

—

​

0.06

​

—

​

10.48

​

7.87

​

1.91

​

0.64

​

0.64

​

2.06

​

1,690

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.20•

​

(0.43)

​

(0.23)

​

—

​

—

​

—

​

—

​

—

​

9.77

​

(2.30)

​

36.51

​

0.65

​

0.65

​

2.29

​

87

​

208

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.19

​

0.15•

​

1.59

​

1.74

​

—

​

—

​

—

​

—

​

—

​

12.93

​

15.55

​

0.29

​

0.23

​

0.23

​

2.37

​

4,559

​

19

12-31-18

​

12.65

​

0.25•

​

(1.27)

​

(1.02)

​

0.10

​

0.34

​

—

​

0.44

​

—

​

11.19

​

(8.46)

​

0.31

​

0.22

​

0.22

​

2.05

​

3,020

​

40

12-31-17

​

10.57

​

0.31•

​

1.91

​

2.22

​

0.05

​

0.09

​

—

​

0.14

​

—

​

12.65

​

21.11

​

0.40

​

0.20

​

0.20

​

2.60

​

1,563

​

51

12-31-16

​

9.82

​

0.26•

​

0.54

​

0.80

​

0.01

​

0.04

​

—

​

0.05

​

—

​

10.57

​

8.24

​

1.41

​

0.14

​

0.14

​

2.52

​

146

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.51•

​

(0.69)

​

(0.18)

​

—

​

—

​

—

​

—

​

—

​

9.82

​

(1.80)

​

36.01

​

0.15

​

0.15

​

5.86

​

32

​

208

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.10

​

0.12•

​

1.58

​

1.70

​

—

​

—

​

—

​

—

​

—

​

12.80

​

15.32

​

0.54

​

0.48

​

0.48

​

1.94

​

4,376

​

19

12-31-18

​

12.56

​

0.21•

​

(1.25)

​

(1.04)

​

0.08

​

0.34

​

—

​

0.42

​

—

​

11.10

​

(8.66)

​

0.56

​

0.47

​

0.47

​

1.70

​

3,057

​

40

12-31-17

​

10.52

​

0.18•

​

1.99

​

2.17

​

0.04

​

0.09

​

—

​

0.13

​

—

​

12.56

​

20.76

​

0.65

​

0.45

​

0.45

​

1.51

​

2,294

​

51

12-31-16

​

9.79

​

0.25•

​

0.54

​

0.79

​

0.02

​

0.04

​

—

​

0.06

​

—

​

10.52

​

8.06

​

1.66

​

0.39

​

0.39

​

2.46

​

863

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.58•

​

(0.79)

​

(0.21)

​

—

​

—

​

—

​

—

​

—

​

9.79

​

(2.10)

​

36.26

​

0.40

​

0.40

​

6.61

​

131

​

208

See Accompanying Notes to Financial Statements

28

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2060 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.07

​

0.11•

​

1.57

​

1.68

​

—

​

—

​

—

​

—

​

—

​

12.75

​

15.18

​

0.69

​

0.63

​

0.63

​

1.80

​

1,247

​

19

12-31-18

​

12.51

​

0.15•

​

(1.20)

​

(1.05)

​

0.05

​

0.34

​

—

​

0.39

​

—

​

11.07

​

(8.75)

​

0.71

​

0.62

​

0.62

​

1.18

​

751

​

40

12-31-17

​

10.50

​

0.20•

​

1.95

​

2.15

​

0.05

​

0.09

​

—

​

0.14

​

—

​

12.51

​

20.54

​

0.80

​

0.60

​

0.60

​

1.68

​

993

​

51

12-31-16

​

9.77

​

0.26•

​

0.51

​

0.77

​

—

​

0.04

​

—

​

0.04

​

—

​

10.50

​

7.92

​

1.84

​

0.54

​

0.54

​

2.61

​

139

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.06•

​

(0.29)

​

(0.23)

​

—

​

—

​

—

​

—

​

—

​

9.77

​

(2.30)

​

36.51

​

0.55

​

0.55

​

0.73

​

4

​

208

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-19+

​

11.26

​

0.16•

​

1.60

​

1.76

​

—

​

—

​

—

​

—

​

—

​

13.02

​

15.63

​

0.29

​

0.00*

​

0.00*

​

2.52

​

59,938

​

19

12-31-18

​

12.70

​

0.29•

​

(1.29)

​

(1.00)

​

0.10

​

0.34

​

—

​

0.44

​

—

​

11.26

​

(8.27)

​

0.31

​

0.00*

​

0.00*

​

2.29

​

32,971

​

40

12-31-17

​

10.60

​

0.26•

​

1.98

​

2.24

​

0.05

​

0.09

​

—

​

0.14

​

—

​

12.70

​

21.24

​

0.40

​

0.00*

​

0.00*

​

2.16

​

15,056

​

51

12-31-16

​

9.82

​

0.50•

​

0.34

​

0.84

​

0.02

​

0.04

​

—

​

0.06

​

—

​

10.60

​

8.58

​

1.41

​

0.00

​

0.00

​

4.95

​

3,068

​

63

05-01-15(5) - 12-31-15

​

10.46

​

0.03•

​

(0.67)

​

(0.64)

​

—

​

—

​

—

​

—

​

—

​

9.82

​

(6.12)

​

35.54

​

0.00

​

0.00

​

0.52

​

143

​

208

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

+

Unaudited.

•

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

*

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

See Accompanying Notes to Financial Statements

29

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-eight 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 2020 Portfolio (“Index Solution 2020”), 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”) and Voya Index Solution 2060 Portfolio (“Index Solution 2060”), each a diversified series of the Company.

Index Solution 2020, Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055 and Index Solution 2060 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. 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 applicable.

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s

30

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be

31

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.

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

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

B. Securities Transactions and Revenue Recognition. Security transactions are accounted for on the trade date.

Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

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

D. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

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

32

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

sales of securities capable of affecting a similar response to market or credit factors.

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

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

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

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

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part,

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

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2019, each Portfolio, with the exception of

33

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Index Solution 2060, used futures to enact tactical positions and to provide the Portfolios with greater liquidity. With the exception of Index Solution 2060, each Portfolio had purchased and sold futures contracts on various equity indices and various U.S. Treasury Notes and Bonds. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2019, 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 Index Solution Income, Index Solution 2020, Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, index Solution 2050 and Index Solution 2055. There were no open futures contracts purchased or sold for Index Solution 2060 during the period ended June 30, 2019.

​	Purchased			Sold
Index Solution Income	​	$	56,172,210	​	$	13,675,778
Index Solution 2020	​	​	25,585,621	​	​	7,073,985
Index Solution 2025	​	​	27,340,965	​	​	27,414,841
Index Solution 2030	​	​	12,829,333	​	​	12,914,415
Index Solution 2035	​	​	24,670,603	​	​	24,590,771
Index Solution 2040	​	​	9,094,179	​	​	9,120,008
Index Solution 2045	​	​	16,256,261	​	​	16,270,605
Index Solution 2050	​	​	5,681,736	​	​	5,709,185
Index Solution 2055	​	​	6,773,570	​	​	6,800,639

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 six months ended June 30, 2019, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

​	Purchases			Sales
Index Solution Income	​	$	87,305,335	​	$	90,324,996
Index Solution 2020	​	​	139,466,926	​	​	91,716,439
Index Solution 2025	​	​	252,429,373	​	​	194,256,809
Index Solution 2030	​	​	189,875,026	​	​	111,394,232
Index Solution 2035	​	​	270,138,547	​	​	193,755,944
Index Solution 2040	​	​	130,745,216	​	​	58,642,936
Index Solution 2045	​	​	167,501,554	​	​	109,075,586
Index Solution 2050	​	​	92,717,324	​	​	39,592,675
Index Solution 2055	​	​	82,614,800	​	​	38,931,174
Index Solution 2060	​	​	36,683,849	​	​	12,236,149

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 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

34

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

 

shares (“Distribution Fees”). The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio’s average daily net assets attributable to its Class S2 shares.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2019, 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	​	37.84%
​	Index Solution 2020	​	9.75
​	Index Solution 2025	​	14.84
​	Index Solution 2030	​	7.59
​	Index Solution 2035	​	12.47
​	Index Solution 2040	​	7.03
​	Index Solution 2045	​	11.40
​	Index Solution 2050	​	6.53
​	Index Solution 2055	​	8.77
​	Index Solution 2060	​	8.85
Voya Retirement Insurance and Annuity Company	Index Solution Income	​	62.13
​	Index Solution 2020	​	90.25
​	Index Solution 2025	​	85.16
​	Index Solution 2030	​	92.41
​	Index Solution 2035	​	87.48
​	Index Solution 2040	​	92.97
​	Index Solution 2045	​	88.60
​	Index Solution 2050	​	93.47
​	Index Solution 2055	​	91.23
​	Index Solution 2060	​	91.15

Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.

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”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, resulting 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 Portfolio, 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.

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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, except for Class Z, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses to the levels listed in the table below.

Portfolio	Class ADV(1)(2)		Class I(1)(2)		Class S(1)(2)		Class S2(1)(2)		Class Z(3)(4)
Index Solution Income	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2020	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2025	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2030	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2035	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2040	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2045	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2050	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2055	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2060	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%

(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 Expense Limitation Agreement shall not be eligible for recoupment.

(3)

Pursuant to a side letter agreement, through May 1, 2020, the Investment Adviser has agreed to waive all or a portion of the

35

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

 

management fee so that the direct expense limits are 0.00% for all Portfolios. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(4)

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

The Expense Limitation Agreement is contractual through May 1, 2020 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 May 17, 2019, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has 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 May 15, 2020. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds

managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 17, 2019, the predecessor line of credit was for an aggregate amount of  $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.

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

The following Portfolios utilized the line of credit during the six months ended June 30, 2019.

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Solution 2020	​	1	​	$	748,000	​	3.38%
Index Solution 2025	​	1	​	​	2,447,000	​	3.38
Index Solution 2030	​	1	​	​	577,000	​	3.38
Index Solution 2035	​	1	​	​	1,826,000	​	3.38

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

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution Income

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

178,133

​

—

​

—

​

(1,127,191)

​

(949,058)

​

1,798,732

​

—

​

—

​

(11,392,348)

​

(9,593,616)

12/31/2018

​

646,418

​

—

​

313,830

​

(2,564,995)

​

(1,604,747)

​

6,566,562

​

—

​

3,141,436

​

(25,972,388)

​

(16,264,390)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

107,888

​

—

​

—

​

(400,382)

​

(292,494)

​

1,125,526

​

—

​

—

​

(4,150,413)

​

(3,024,887)

12/31/2018

​

249,741

​

—

​

78,017

​

(354,127)

​

(26,369)

​

2,599,791

​

—

​

800,450

​

(3,706,148)

​

(305,907)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

198,469

​

—

​

—

​

(965,447)

​

(766,978)

​

2,039,606

​

—

​

—

​

(9,973,431)

​

(7,933,825)

12/31/2018

​

413,680

​

—

​

530,229

​

(2,667,750)

​

(1,723,841)

​

4,279,638

​

—

​

5,392,426

​

(27,335,509)

​

(17,663,445)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

484,216

​

—

​

—

​

(1,058,854)

​

(574,638)

​

4,907,121

​

—

​

—

​

(10,517,009)

​

(5,609,888)

12/31/2018

​

970,860

​

—

​

38,554

​

(575,130)

​

434,284

​

9,407,825

​

—

​

383,617

​

(5,801,646)

​

3,989,796

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

2,585,932

​

—

​

—

​

(1,166,879)

​

1,419,053

​

27,020,470

​

—

​

—

​

(12,262,479)

​

14,757,991

12/31/2018

​

4,984,923

​

—

​

660,970

​

(3,605,443)

​

2,040,450

​

52,215,088

​

—

​

6,821,212

​

(37,532,275)

​

21,504,025

Index Solution 2020

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

265,280

​

—

​

—

​

(274,031)

​

(8,751)

​

3,431,041

​

—

​

—

​

(3,530,385)

​

(99,344)

12/31/2018

​

917,597

​

—

​

74,293

​

(610,242)

​

381,648

​

11,974,728

​

—

​

956,903

​

(7,888,365)

​

5,043,266

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

145,968

​

—

​

—

​

(244,704)

​

(98,736)

​

1,928,284

​

—

​

—

​

(3,232,367)

​

(1,304,083)

12/31/2018

​

219,724

​

—

​

21,709

​

(40,316)

​

201,117

​

2,954,136

​

—

​

286,342

​

(535,987)

​

2,704,491

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

139,558

​

—

​

—

​

(378,089)

​

(238,531)

​

1,839,367

​

—

​

—

​

(5,044,706)

​

(3,205,339)

12/31/2018

​

364,926

​

—

​

32,200

​

(360,293)

​

36,833

​

4,854,248

​

—

​

423,433

​

(4,831,340)

​

446,341

36

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution 2020 (continued)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

255,925

​

—

​

—

​

(253,455)

​

2,470

​

3,343,968

​

—

​

—

​

(3,287,146)

​

56,822

12/31/2018

​

244,016

​

—

​

9,336

​

(92,766)

​

160,586

​

3,080,944

​

—

​

122,211

​

(1,233,752)

​

1,969,403

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

3,969,329

​

—

​

—

​

(1,009,377)

​

2,959,952

​

52,869,053

​

—

​

—

​

(13,569,409)

​

39,299,644

12/31/2018

​

6,508,892

​

—

​

725,700

​

(2,234,378)

​

5,000,214

​

87,597,877

​

—

​

9,630,042

​

(29,945,071)

​

67,282,848

Index Solution 2025

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

665,418

​

—

​

—

​

(2,656,036)

​

(1,990,618)

​

7,155,759

​

—

​

—

​

(28,419,787)

​

(21,264,028)

12/31/2018

​

1,574,538

​

—

​

734,479

​

(3,954,518)

​

(1,645,501)

​

17,068,237

​

—

​

7,866,273

​

(42,487,852)

​

(17,553,342)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

338,996

​

—

​

—

​

(773,741)

​

(434,745)

​

3,715,376

​

—

​

—

​

(8,415,290)

​

(4,699,914)

12/31/2018

​

790,888

​

—

​

212,475

​

(884,820)

​

118,543

​

8,739,612

​

—

​

2,326,597

​

(9,829,167)

​

1,237,042

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

577,337

​

—

​

—

​

(954,578)

​

(377,241)

​

6,295,226

​

—

​

—

​

(10,470,591)

​

(4,175,365)

12/31/2018

​

1,087,070

​

—

​

466,840

​

(3,130,442)

​

(1,576,532)

​

11,943,091

​

—

​

5,065,217

​

(34,400,022)

​

(17,391,714)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

682,259

​

—

​

—

​

(550,403)

​

131,856

​

7,262,823

​

—

​

—

​

(5,838,248)

​

1,424,575

12/31/2018

​

905,536

​

—

​

91,023

​

(1,519,829)

​

(523,270)

​

9,791,867

​

—

​

971,219

​

(16,460,233)

​

(5,697,147)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

8,573,173

​

—

​

—

​

(1,291,518)

​

7,281,655

​

94,298,408

​

—

​

—

​

(14,382,462)

​

79,915,946

12/31/2018

​

12,372,507

​

—

​

1,583,684

​

(3,123,954)

​

10,832,237

​

137,566,174

​

—

​

17,452,190

​

(34,622,269)

​

120,396,095

Index Solution 2030

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

328,643

​

—

​

—

​

(307,382)

​

21,261

​

4,928,469

​

—

​

—

​

(4,564,233)

​

364,236

12/31/2018

​

898,458

​

—

​

61,107

​

(364,897)

​

594,668

​

13,594,463

​

—

​

919,660

​

(5,502,144)

​

9,011,979

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

105,718

​

—

​

—

​

(93,829)

​

11,889

​

1,606,457

​

—

​

—

​

(1,460,800)

​

145,657

12/31/2018

​

242,079

​

—

​

14,342

​

(128,679)

​

127,742

​

3,769,376

​

—

​

221,300

​

(1,949,972)

​

2,040,704

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

204,872

​

—

​

—

​

(138,734)

​

66,138

​

3,091,183

​

—

​

—

​

(2,112,616)

​

978,567

12/31/2018

​

334,909

​

—

​

25,868

​

(356,431)

​

4,346

​

5,199,413

​

—

​

396,823

​

(5,531,063)

​

65,173

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

197,160

​

—

​

—

​

(66,892)

​

130,268

​

2,985,515

​

—

​

—

​

(996,513)

​

1,989,002

12/31/2018

​

163,235

​

—

​

3,205

​

(122,928)

​

43,512

​

2,462,246

​

—

​

48,650

​

(1,869,413)

​

641,483

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

5,252,250

​

—

​

—

​

(684,973)

​

4,567,277

​

80,686,331

​

—

​

—

​

(10,582,834)

​

70,103,497

12/31/2018

​

7,888,028

​

—

​

754,504

​

(1,252,311)

​

7,390,221

​

122,508,691

​

—

​

11,687,273

​

(19,495,167)

​

114,700,797

Index Solution 2035

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

790,741

​

—

​

—

​

(1,737,964)

​

(947,223)

​

8,789,290

​

—

​

—

​

(19,150,737)

​

(10,361,447)

12/31/2018

​

1,633,874

​

—

​

667,403

​

(3,884,915)

​

(1,583,638)

​

18,404,417

​

—

​

7,461,570

​

(43,541,953)

​

(17,675,966)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

354,223

​

—

​

—

​

(868,331)

​

(514,108)

​

3,999,300

​

—

​

—

​

(9,918,211)

​

(5,918,911)

12/31/2018

​

836,090

​

—

​

201,420

​

(645,974)

​

391,536

​

9,597,012

​

—

​

2,310,284

​

(7,496,219)

​

4,411,077

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

723,044

​

—

​

—

​

(683,212)

​

39,832

​

8,121,718

​

—

​

—

​

(7,767,254)

​

354,464

12/31/2018

​

1,134,978

​

—

​

361,206

​

(2,719,219)

​

(1,223,035)

​

13,011,612

​

—

​

4,099,685

​

(31,371,572)

​

(14,260,275)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

476,125

​

—

​

—

​

(752,187)

​

(276,062)

​

5,237,337

​

—

​

—

​

(8,290,022)

​

(3,052,685)

12/31/2018

​

803,649

​

—

​

99,584

​

(1,260,153)

​

(356,920)

​

8,960,826

​

—

​

1,112,359

​

(14,237,920)

​

(4,164,735)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

8,410,579

​

—

​

—

​

(789,203)

​

7,621,376

​

95,761,470

​

—

​

—

​

(8,935,571)

​

86,825,899

12/31/2018

​

12,072,843

​

—

​

1,448,384

​

(2,255,782)

​

11,265,445

​

140,408,639

​

—

​

16,743,315

​

(26,104,816)

​

131,047,138

Index Solution 2040

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

364,320

​

—

​

—

​

(118,821)

​

245,499

​

5,712,972

​

—

​

—

​

(1,858,227)

​

3,854,745

12/31/2018

​

573,094

​

—

​

31,802

​

(218,826)

​

386,070

​

9,108,294

​

—

​

505,650

​

(3,412,458)

​

6,201,486

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

53,483

​

—

​

—

​

(65,982)

​

(12,499)

​

850,029

​

—

​

—

​

(1,078,928)

​

(228,899)

12/31/2018

​

140,969

​

—

​

7,141

​

(38,031)

​

110,079

​

2,307,181

​

—

​

116,176

​

(618,585)

​

1,804,772

37

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution 2040 (continued)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

144,133

​

—

​

—

​

(54,662)

​

89,471

​

2,289,154

​

—

​

—

​

(892,304)

​

1,396,850

12/31/2018

​

270,370

​

—

​

16,669

​

(281,941)

​

5,098

​

4,374,460

​

—

​

271,036

​

(4,584,355)

​

61,141

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

44,193

​

—

​

—

​

(23,660)

​

20,533

​

694,697

​

—

​

—

​

(372,286)

​

322,411

12/31/2018

​

88,961

​

—

​

3,509

​

(65,060)

​

27,410

​

1,419,428

​

—

​

56,322

​

(1,035,113)

​

440,637

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

4,284,659

​

—

​

—

​

(340,012)

​

3,944,647

​

68,728,677

​

—

​

—

​

(5,542,692)

​

63,185,985

12/31/2018

​

6,451,257

​

—

​

455,971

​

(703,682)

​

6,203,546

​

105,316,683

​

—

​

7,459,687

​

(11,577,636)

​

101,198,734

Index Solution 2045

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

545,082

​

—

​

—

​

(1,106,376)

​

(561,294)

​

6,261,916

​

—

​

—

​

(12,510,991)

​

(6,249,075)

12/31/2018

​

1,366,385

​

—

​

450,302

​

(2,552,318)

​

(735,631)

​

15,933,626

​

—

​

5,250,526

​

(29,675,869)

​

(8,491,717)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

330,779

​

—

​

—

​

(671,354)

​

(340,575)

​

3,902,449

​

—

​

—

​

(7,949,839)

​

(4,047,390)

12/31/2018

​

607,911

​

—

​

153,129

​

(664,458)

​

96,582

​

7,278,406

​

—

​

1,842,140

​

(8,102,621)

​

1,017,925

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

485,017

​

—

​

—

​

(580,576)

​

(95,559)

​

5,645,657

​

—

​

—

​

(6,797,452)

​

(1,151,795)

12/31/2018

​

938,875

​

—

​

240,602

​

(2,319,027)

​

(1,139,550)

​

11,167,516

​

—

​

2,853,544

​

(27,873,850)

​

(13,852,790)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

246,019

​

—

​

—

​

(228,347)

​

17,672

​

2,826,157

​

—

​

—

​

(2,613,313)

​

212,844

12/31/2018

​

513,445

​

—

​

49,873

​

(641,433)

​

(78,115)

​

5,955,261

​

—

​

582,513

​

(7,514,758)

​

(976,984)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

5,728,250

​

—

​

—

​

(441,549)

​

5,286,701

​

67,905,400

​

—

​

—

​

(5,287,361)

​

62,618,039

12/31/2018

​

8,277,089

​

—

​

888,190

​

(918,262)

​

8,247,017

​

100,339,917

​

—

​

10,755,975

​

(11,175,403)

​

99,920,489

Index Solution 2050

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

201,101

​

—

​

—

​

(53,446)

​

147,655

​

3,184,613

​

—

​

—

​

(836,698)

​

2,347,915

12/31/2018

​

396,050

​

—

​

20,849

​

(122,425)

​

294,474

​

6,356,813

​

—

​

337,544

​

(1,966,948)

​

4,727,409

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

58,277

​

—

​

—

​

(54,610)

​

3,667

​

940,628

​

—

​

—

​

(896,623)

​

44,005

12/31/2018

​

113,349

​

—

​

7,022

​

(51,364)

​

69,007

​

1,872,004

​

—

​

115,790

​

(840,145)

​

1,147,649

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

124,428

​

—

​

—

​

(38,629)

​

85,799

​

2,006,546

​

—

​

—

​

(630,547)

​

1,375,999

12/31/2018

​

257,385

​

—

​

14,811

​

(251,708)

​

20,488

​

4,224,161

​

—

​

243,786

​

(4,099,274)

​

368,673

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

37,178

​

—

​

—

​

(21,288)

​

15,890

​

587,210

​

—

​

—

​

(339,422)

​

247,788

12/31/2018

​

84,930

​

—

​

3,479

​

(69,384)

​

19,025

​

1,376,109

​

—

​

56,506

​

(1,129,775)

​

302,840

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

3,127,889

​

—

​

—

​

(271,947)

​

2,855,942

​

50,596,098

​

—

​

—

​

(4,295,101)

​

46,300,997

12/31/2018

​

4,483,173

​

—

​

258,837

​

(199,481)

​

4,542,529

​

73,564,239

​

—

​

4,286,340

​

(3,254,975)

​

74,595,604

Index Solution 2055

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

374,417

​

—

​

—

​

(410,892)

​

(36,475)

​

5,530,195

​

—

​

—

​

(6,085,543)

​

(555,348)

12/31/2018

​

610,126

​

—

​

110,669

​

(725,320)

​

(4,525)

​

9,211,224

​

—

​

1,669,989

​

(10,760,076)

​

121,137

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

250,977

​

—

​

—

​

(274,135)

​

(23,158)

​

3,801,553

​

—

​

—

​

(4,134,762)

​

(333,209)

12/31/2018

​

481,167

​

—

​

46,175

​

(211,966)

​

315,376

​

7,406,714

​

—

​

712,946

​

(3,270,972)

​

4,848,688

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

288,175

​

—

​

—

​

(130,161)

​

158,014

​

4,337,195

​

—

​

—

​

(1,969,823)

​

2,367,372

12/31/2018

​

581,849

​

—

​

61,738

​

(603,022)

​

40,565

​

8,912,178

​

—

​

943,356

​

(9,303,908)

​

551,626

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

114,832

​

—

​

—

​

(51,233)

​

63,599

​

1,706,967

​

—

​

—

​

(758,086)

​

948,881

12/31/2018

​

228,669

​

—

​

15,696

​

(333,062)

​

(88,697)

​

3,434,189

​

—

​

237,947

​

(5,102,069)

​

(1,429,933)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

2,643,877

​

—

​

—

​

(141,946)

​

2,501,931

​

40,267,288

​

—

​

—

​

(2,098,667)

​

38,168,621

12/31/2018

​

3,572,627

​

—

​

220,039

​

(101,772)

​

3,690,894

​

55,168,682

​

—

​

3,421,598

​

(1,573,175)

​

57,017,105

Index Solution 2060

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

149,849

​

—

​

—

​

(92,335)

​

57,514

​

1,813,099

​

—

​

—

​

(1,107,290)

​

705,809

12/31/2018

​

273,165

​

—

​

15,577

​

(108,121)

​

180,621

​

3,376,349

​

—

​

193,157

​

(1,334,225)

​

2,235,281

38

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution 2060 (continued)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

123,948

​

—

​

—

​

(40,977)

​

82,971

​

1,520,710

​

—

​

—

​

(511,297)

​

1,009,413

12/31/2018

​

185,704

​

—

​

6,425

​

(45,913)

​

146,216

​

2,309,386

​

—

​

80,758

​

(567,904)

​

1,822,240

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

100,951

​

—

​

—

​

(34,458)

​

66,493

​

1,236,907

​

—

​

—

​

(420,659)

​

816,248

12/31/2018

​

203,589

​

—

​

7,722

​

(118,501)

​

92,810

​

2,520,120

​

—

​

96,290

​

(1,466,279)

​

1,150,131

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

40,259

​

—

​

—

​

(10,409)

​

29,850

​

488,027

​

—

​

—

​

(129,307)

​

358,720

12/31/2018

​

52,646

​

—

​

1,607

​

(65,675)

​

(11,422)

​

648,889

​

—

​

19,991

​

(829,725)

​

(160,845)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2019

​

1,759,953

​

—

​

—

​

(83,690)

​

1,676,263

​

21,865,767

​

—

​

—

​

(1,039,585)

​

20,826,182

12/31/2018

​

1,778,803

​

—

​

72,597

​

(109,524)

​

1,741,876

​

22,328,388

​

—

​

916,901

​

(1,405,805)

​

21,839,484

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, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

No dividends or distributions were made during the six months ended June 30, 2019. The tax composition of dividends and distributions to shareholders during the year ended December 31, 2018 was as follows:

​	Ordinary Income			Long-term Capital Gains
Index Solution Income	​	$	11,267,338	​	$	5,271,803
Index Solution 2020	​	​	7,762,271	​	​	3,656,660
Index Solution 2025	​	​	16,420,643	​	​	17,260,853
Index Solution 2030	​	​	7,286,508	​	​	5,987,198
Index Solution 2035	​	​	13,230,213	​	​	18,497,000
Index Solution 2040	​	​	4,272,668	​	​	4,136,203
Index Solution 2045	​	​	7,788,467	​	​	13,496,231
Index Solution 2050	​	​	2,378,676	​	​	2,661,290
Index Solution 2055	​	​	2,528,304	​	​	4,457,532
Index Solution 2060	​	​	842,040	​	​	465,057

The tax-basis components of distributable earnings as of June 30, 2019 were:

​	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/​ (Depreciation)
Index Solution Income	​	$	14,417,485	​	$	5,868,512	​	$	7,870,732
Index Solution 2020	​	​	10,554,512	​	​	10,761,228	​	​	8,277,119
Index Solution 2025	​	​	28,078,602	​	​	41,257,417	​	​	30,966,946
Index Solution 2030	​	​	14,073,733	​	​	21,136,999	​	​	13,155,328
Index Solution 2035	​	​	26,331,703	​	​	45,404,414	​	​	39,031,589
Index Solution 2040	​	​	9,783,238	​	​	16,391,239	​	​	9,635,514
Index Solution 2045	​	​	17,578,122	​	​	34,641,503	​	​	26,518,149
Index Solution 2050	​	​	6,200,864	​	​	10,731,963	​	​	5,760,309
Index Solution 2055	​	​	7,057,081	​	​	13,743,739	​	​	9,416,591
Index Solution 2060	​	​	1,795,973	​	​	2,588,572	​	​	1,083,242

At June 30, 2019, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

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

As of June 30, 2019, 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 earliest tax year that remains subject to examination by these jurisdictions is 2014.

NOTE 11 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principle and adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08

39

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 11 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

 

shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts.

Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. As of June 30, 2019, management of the Portfolios is currently assessing the potential impact to financial statement disclosure that may result from adopting this ASU.

NOTE 12 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2019, the Portfolios declared dividends and distributions of:

​	PER SHARE AMOUNTS									Payable Date	Record Date
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains
Index Solution Income	​			​			​			​	​
Class ADV	​	$	0.1762	​	$	0.0196	​	$	0.1311	August 5, 2019	August 1, 2019
Class I	​	$	0.2394	​	$	0.0196	​	$	0.1311	August 5, 2019	August 1, 2019
Class S	​	$	0.2101	​	$	0.0196	​	$	0.1311	August 5, 2019	August 1, 2019
Class S2	​	$	0.1868	​	$	0.0196	​	$	0.1311	August 5, 2019	August 1, 2019
Class Z	​	$	0.2394	​	$	0.0196	​	$	0.1311	August 5, 2019	August 1, 2019
Index Solution 2020	​			​			​			​	​
Class ADV	​	$	0.1820	​	$	0.0115	​	$	0.3202	August 5, 2019	August 1, 2019
Class I	​	$	0.2451	​	$	0.0115	​	$	0.3202	August 5, 2019	August 1, 2019
Class S	​	$	0.1917	​	$	0.0115	​	$	0.3202	August 5, 2019	August 1, 2019
Class S2	​	$	0.2115	​	$	0.0115	​	$	0.3202	August 5, 2019	August 1, 2019
Class Z	​	$	0.2451	​	$	0.0115	​	$	0.3202	August 5, 2019	August 1, 2019
Index Solution 2025	​			​			​			​	​
Class ADV	​	$	0.1555	​	$	0.0035	​	$	0.3890	August 5, 2019	August 1, 2019
Class I	​	$	0.2195	​	$	0.0035	​	$	0.3890	August 5, 2019	August 1, 2019
Class S	​	$	0.1897	​	$	0.0035	​	$	0.3890	August 5, 2019	August 1, 2019
Class S2	​	$	0.1763	​	$	0.0035	​	$	0.3890	August 5, 2019	August 1, 2019
Class Z	​	$	0.2195	​	$	0.0035	​	$	0.3890	August 5, 2019	August 1, 2019
Index Solution 2030	​			​			​			​	​
Class ADV	​	$	0.1964	​	$	—	​	$	0.4836	August 5, 2019	August 1, 2019
Class I	​	$	0.2623	​	$	—	​	$	0.4836	August 5, 2019	August 1, 2019
Class S	​	$	0.2260	​	$	—	​	$	0.4836	August 5, 2019	August 1, 2019
Class S2	​	$	0.2400	​	$	—	​	$	0.4836	August 5, 2019	August 1, 2019
Class Z	​	$	0.2623	​	$	—	​	$	0.4836	August 5, 2019	August 1, 2019
Index Solution 2035	​			​			​			​	​
Class ADV	​	$	0.1485	​	$	0.0117	​	$	0.4326	August 5, 2019	August 1, 2019
Class I	​	$	0.2132	​	$	0.0117	​	$	0.4326	August 5, 2019	August 1, 2019
Class S	​	$	0.1839	​	$	0.0117	​	$	0.4326	August 5, 2019	August 1, 2019
Class S2	​	$	0.1630	​	$	0.0117	​	$	0.4326	August 5, 2019	August 1, 2019
Class Z	​	$	0.2132	​	$	0.0117	​	$	0.4326	August 5, 2019	August 1, 2019

40

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 12 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS									Payable Date	Record Date
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains
Index Solution 2040	​			​			​			​	​
Class ADV	​	$	0.1859	​	$	0.0040	​	$	0.5395	August 5, 2019	August 1, 2019
Class I	​	$	0.2441	​	$	0.0040	​	$	0.5395	August 5, 2019	August 1, 2019
Class S	​	$	0.2084	​	$	0.0040	​	$	0.5395	August 5, 2019	August 1, 2019
Class S2	​	$	0.1987	​	$	0.0040	​	$	0.5395	August 5, 2019	August 1, 2019
Class Z	​	$	0.2442	​	$	0.0040	​	$	0.5395	August 5, 2019	August 1, 2019
Index Solution 2045	​			​			​			​	​
Class ADV	​	$	0.1437	​	$	0.0173	​	$	0.5073	August 5, 2019	August 1, 2019
Class I	​	$	0.2084	​	$	0.0173	​	$	0.5073	August 5, 2019	August 1, 2019
Class S	​	$	0.1767	​	$	0.0173	​	$	0.5073	August 5, 2019	August 1, 2019
Class S2	​	$	0.1647	​	$	0.0173	​	$	0.5073	August 5, 2019	August 1, 2019
Class Z	​	$	0.2084	​	$	0.0173	​	$	0.5073	August 5, 2019	August 1, 2019
Index Solution 2050	​			​			​			​	​
Class ADV	​	$	0.1664	​	$	0.0066	​	$	0.5118	August 5, 2019	August 1, 2019
Class I	​	$	0.2237	​	$	0.0066	​	$	0.5118	August 5, 2019	August 1, 2019
Class S	​	$	0.1874	​	$	0.0066	​	$	0.5118	August 5, 2019	August 1, 2019
Class S2	​	$	0.1741	​	$	0.0066	​	$	0.5118	August 5, 2019	August 1, 2019
Class Z	​	$	0.2237	​	$	0.0066	​	$	0.5118	August 5, 2019	August 1, 2019
Index Solution 2055	​			​			​			​	​
Class ADV	​	$	0.1493	​	$	0.0146	​	$	0.5667	August 5, 2019	August 1, 2019
Class I	​	$	0.2281	​	$	0.0146	​	$	0.5667	August 5, 2019	August 1, 2019
Class S	​	$	0.1938	​	$	0.0146	​	$	0.5667	August 5, 2019	August 1, 2019
Class S2	​	$	0.1760	​	$	0.0146	​	$	0.5667	August 5, 2019	August 1, 2019
Class Z	​	$	0.2281	​	$	0.0146	​	$	0.5667	August 5, 2019	August 1, 2019
Index Solution 2060	​			​			​			​	​
Class ADV	​	$	0.0871	​	$	0.0081	​	$	0.2902	August 5, 2019	August 1, 2019
Class I	​	$	0.1323	​	$	0.0081	​	$	0.2902	August 5, 2019	August 1, 2019
Class S	​	$	0.1128	​	$	0.0081	​	$	0.2902	August 5, 2019	August 1, 2019
Class S2	​	$	0.1036	​	$	0.0081	​	$	0.2902	August 5, 2019	August 1, 2019
Class Z	​	$	0.1323	​	$	0.0081	​	$	0.2902	August 5, 2019	August 1, 2019

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

41

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.1%
​	618,826	Invesco Senior Loan ETF	​	$	14,022,597	​	3.0
​	330,653	iShares 1-3 Year Treasury Bond ETF	​	​	28,032,761	​	6.0
​	581,008	Schwab U.S. TIPS ETF	​	​	32,716,561	​	6.9
​	67,051	Vanguard Real Estate ETF	​	​	5,860,258	​	1.2
​	​	Total Exchange-Traded Funds (Cost $79,415,942)	​		80,632,177	​	17.1
MUTUAL FUNDS: 74.7%
​	​	Affiliated Investment Companies: 74.7%
​	807,821	Voya Emerging Markets Index Portfolio - Class P2	​	​	9,354,562	​	2.0
​	3,281,103	Voya International Index Portfolio - Class P2	​	​	32,876,656	​	7.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	19,586,166	Voya U.S. Bond Index Portfolio - Class P2	​	$	211,334,736	​	44.9
​	5,926,608	Voya U.S. Stock Index Portfolio - Class P2	​	​	97,789,038	​	20.8
​	​	Total Mutual Funds (Cost $337,066,929)	​		351,354,992	​	74.7
​	​	Total Investments in Securities (Cost $416,482,871)	​	$	431,987,169	​	91.8
​	​	Assets in Excess of Other Liabilities	​	​	38,655,359	​	8.2
​	​	Net Assets	​	$	470,642,528	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

80,632,177

​

$

—

​

$

—

​

$

80,632,177

Mutual Funds

​

​

351,354,992

​

​

—

​

​

—

​

​

351,354,992

Total Investments, at fair value

​

$

431,987,169

​

$

—

​

$

—

​

$

431,987,169

Other Financial Instruments+

​

​

​

​

Futures

​

​

294,529

​

​

—

​

​

—

​

​

294,529

Total Assets

​

$

432,281,698

​

$

—

​

$

—

​

$

432,281,698

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(186,426)

​

$

—

​

$

—

​

$

(186,426)

Total Liabilities

​

$

(186,426)

​

$

—

​

$

—

​

$

(186,426)

^

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

+

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

See Accompanying Notes to Financial Statements

42

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2018			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/​ (Depreciation)			Ending Fair Value at 6/30/2019			Investment Income			Realized Gains/​ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio – Class P2	​	$	13,284,845	​	$	1,463,673	​	$	(6,189,056)	​	$	795,100	​	$	9,354,562	​	$	209,147	​	$	348,291	​	$	—
Voya International Index Portfolio – Class P2	​	​	31,040,572	​	​	3,414,321	​	​	(4,362,474)	​	​	2,784,237	​	​	32,876,656	​	​	965,998	​	​	551,809	​	​	—
Voya Russell Mid Cap Index Portfolio – Class P2	​	​	8,907,703	​	​	159,870	​	​	(10,253,051)	​	​	1,185,478	​	​	—	​	​	—	​	​	226,171	​	​	—
Voya U.S. Bond Index Portfolio – Class P2	​	​	195,093,126	​	​	33,059,031	​	​	(26,996,613)	​	​	10,179,192	​	​	211,334,736	​	​	2,618,809	​	​	(884,511)	​	​	—
Voya U.S. Stock Index Portfolio – Class P2	​	​	83,621,893	​	​	20,436,448	​	​	(19,297,303)	​	​	13,028,000	​	​	97,789,038	​	​	—	​	​	2,424,472	​	​	—
​	​	$	331,948,139	​	$	58,533,343	​	$	(67,098,497)	​	$	27,972,007	​	$	351,354,992	​	$	3,793,954	​	$	2,666,232	​	$	—

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution Income Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	96	09/20/19	​	$	14,132,160	​	$	86,457
U.S. Treasury 2-Year Note	174	09/30/19	​	​	37,441,266	​	​	208,072
​	​	​	​	$	51,573,426	​	$	294,529
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(146)	09/20/19	​	​	(14,040,090)	​	​	(186,426)
​	​	​	​	$	(14,040,090)	​	$	(186,426)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	86,457
Interest rate contracts	Net Assets — Unrealized appreciation*	​	​	208,072
Total Asset Derivatives	​	​	$	294,529
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	186,426
Total Liability Derivatives	​	​	$	186,426

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

43

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,172,547)
Interest rate contracts	​	​	718,549
Total	​	$	(453,998)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(190,182)
Interest rate contracts	​	​	(319,248)
Total	​	$	(509,430)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $424,224,539.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	16,116,985
Gross Unrealized Depreciation	​	(8,246,253)
Net Unrealized Appreciation	$	7,870,732

See Accompanying Notes to Financial Statements

44

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.7%
​	484,283	Invesco Senior Loan ETF	​	$	10,973,853	​	3.0
​	345,019	iShares 1-3 Year Treasury Bond ETF	​	​	29,250,711	​	8.0
​	357,255	Schwab U.S. TIPS ETF	​	​	20,117,029	​	5.5
​	52,473	Vanguard Real Estate ETF	​	​	4,586,140	​	1.2
​	​	Total Exchange-Traded Funds (Cost $64,039,462)	​		64,927,733	​	17.7
MUTUAL FUNDS: 79.3%
​	​	Affiliated Investment Companies: 79.3%
​	869,589	Voya Emerging Markets Index Portfolio - Class P2	​	​	10,069,846	​	2.7
​	2,846,165	Voya International Index Portfolio - Class P2	​	​	28,518,577	​	7.8
​	435,033	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	5,568,428	​	1.5

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	13,545,839	Voya U.S. Bond Index Portfolio - Class P2	​	$	146,159,605	​	39.7
​	6,150,909	Voya U.S. Stock Index Portfolio - Class P2	​	​	101,489,992	​	27.6
​	​	Total Mutual Funds (Cost $282,108,105)	​		291,806,448	​	79.3
​	​	Total Investments in Securities (Cost $346,147,567)	​	$	356,734,181	​	97.0
​	​	Assets in Excess of Other Liabilities	​	​	10,990,291	​	3.0
​	​	Net Assets	​	$	367,724,472	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

64,927,733

​

$

—

​

$

—

​

$

64,927,733

Mutual Funds

​

​

291,806,448

​

​

—

​

​

—

​

​

291,806,448

Total Investments, at fair value

​

$

356,734,181

​

$

—

​

$

—

​

$

356,734,181

Other Financial Instruments+

​

​

​

​

Futures

​

​

980

​

​

—

​

​

—

​

​

980

Total Assets

​

$

356,735,161

​

$

—

​

$

—

​

$

356,735,161

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(163)

​

$

—

​

$

—

​

$

(163)

Total Liabilities

​

$

(163)

​

$

—

​

$

—

​

$

(163)

^

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

+

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

See Accompanying Notes to Financial Statements

45

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

10,460,987

​

$

4,405,342

​

$

(5,537,643)

​

$

741,160

​

$

10,069,846

​

$

243,138

​

$

106,235

​

$

—

Voya International Index Portfolio – Class P2

​

​

32,923,512

​

​

7,280,716

​

​

(14,397,596)

​

​

2,711,945

​

​

28,518,577

​

​

845,642

​

​

1,122,835

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

6,012,581

​

​

5,737,840

​

​

(6,533,945)

​

​

351,952

​

​

5,568,428

​

​

104,121

​

​

(572,120)

​

​

1,173,477

Voya Russell Small Cap Index Portfolio – Class P2

​

​

3,001,069

​

​

367,736

​

​

(3,886,393)

​

​

517,588

​

​

—

​

​

—

​

​

35,453

​

​

—

Voya U.S. Bond Index Portfolio – Class P2

​

​

109,989,214

​

​

46,597,850

​

​

(16,475,762)

​

​

6,048,303

​

​

146,159,605

​

​

1,623,683

​

​

(160,068)

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

76,292,563

​

​

32,966,881

​

​

(21,451,487)

​

​

13,682,035

​

​

101,489,992

​

​

-—

​

​

1,725,358

​

​

—

​

​

$

238,679,926

​

$

97,356,365

​

$

(68,282,826)

​

$

24,052,983

​

$

291,806,448

​

$

2,816,584

​

$

2,257,693

​

$

1,173,477

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2020 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	19	09/20/19	​	$	2,796,990	​	$	629
U.S. Treasury 2-Year Note	51	09/30/19	​	​	10,974,164	​	​	(163)
​	​	​	​	$	13,771,154	​	$	466
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(29)	09/20/19	​	​	(2,788,785)	​	​	351
​	​	​	​	$	(2,788,785)	​	$	351

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	980
Total Asset Derivatives	​	​	$	980
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	​	​
Interest rate contracts	Net Assets — Unrealized depreciation*	​	$	163
Total Liability Derivatives	​	​	$	163

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

46

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(798,505)
Interest rate contracts	​	​	316,537
Total	​	$	(481,968)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(61,614)
Interest rate contracts	​	​	(301,604)
Total	​	$	(363,218)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $348,457,880.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	11,884,779
Gross Unrealized Depreciation	​	(3,607,660)
Net Unrealized Appreciation	$	8,277,119

See Accompanying Notes to Financial Statements

47

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.7%
​	1,321,519	Invesco Senior Loan ETF	​	$	29,945,621	​	3.0
​	382,481	iShares 1-3 Year Treasury Bond ETF	​	​	32,426,739	​	3.2
​	709,005	Schwab U.S. TIPS ETF	​	​	39,924,072	​	4.0
​	171,828	Vanguard Real Estate ETF	​	​	15,017,767	​	1.5
​	​	Total Exchange-Traded Funds (Cost $115,831,731)	​		117,314,199	​	11.7
MUTUAL FUNDS: 88.0%
​	​	Affiliated Investment Companies: 88.0%
​	3,012,259	Voya Emerging Markets Index Portfolio - Class P2	​	​	34,881,955	​	3.5
​	13,994,399	Voya International Index Portfolio - Class P2	​	​	140,223,874	​	13.9
​	1,966,953	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	25,177,000	​	2.5

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	1,501,292	Voya Russell Small Cap Index Portfolio - Class P2	​	$	20,207,386	​	2.0
​	27,557,952	Voya U.S. Bond Index Portfolio - Class P2	​	​	297,350,301	​	29.6
​	22,202,115	Voya U.S. Stock Index Portfolio - Class P2	​	​	366,334,903	​	36.5
​	​	Total Mutual Funds (Cost $845,148,886)	​		884,175,419	​	88.0
​	​	Total Investments in Securities (Cost $960,980,617)	​	$	1,001,489,618	​	99.7
​	​	Assets in Excess of Other Liabilities	​	​	3,290,873	​	0.3
​	​	Net Assets	​	$	1,004,780,491	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

117,314,199

​

$

—

​

$

—

​

$

117,314,199

Mutual Funds

​

​

884,175,419

​

​

—

​

​

—

​

​

884,175,419

Total Investments, at fair value

​

$

1,001,489,618

​

$

—

​

$

—

​

$

1,001,489,618

Other Financial Instruments+

​

​

​

​

Futures

​

​

183,723

​

​

—

​

​

—

​

​

183,723

Total Assets

​

$

1,001,673,341

​

$

—

​

$

—

​

$

1,001,673,341

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(399,670)

​

$

—

​

$

—

​

$

(399,670)

Total Liabilities

​

$

(399,670)

​

$

—

​

$

—

​

$

(399,670)

^

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

+

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

See Accompanying Notes to Financial Statements

48

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

42,142,033

​

$

6,395,253

​

$

(15,490,963)

​

$

1,835,632

​

$

34,881,955

​

$

778,684

​

$

1,915,421

​

$

—

Voya International Index Portfolio – Class P2

​

​

118,158,788

​

​

18,289,484

​

​

(9,451,477)

​

​

13,227,079

​

​

140,223,874

​

​

4,099,023

​

​

(247,703)

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

29,673,653

​

​

7,272,798

​

​

(13,284,713)

​

​

1,515,262

​

​

25,177,000

​

​

360,319

​

​

(394,636)

​

​

4,060,959

Voya Russell Small Cap Index Portfolio – Class P2

​

​

16,926,455

​

​

4,919,385

​

​

(2,124,364)

​

​

485,910

​

​

20,207,386

​

​

208,976

​

​

201,616

​

​

2,014,760

Voya U.S. Bond Index Portfolio – Class P2

​

​

259,396,057

​

​

61,609,709

​

​

(37,924,389)

​

​

14,268,924

​

​

297,350,301

​

​

3,713,319

​

​

(1,095,145)

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

266,800,205

​

​

89,561,702

​

​

(35,862,667)

​

​

45,835,663

​

​

366,334,903

​

​

—

​

​

5,279,328

​

​

—

​

​

$

733,097,191

​

$

188,048,331

​

$

(114,138,573)

​

$

77,168,470

​

$

884,175,419

​

$

9,160,321

​

$

5,658,881

​

$

6,075,719

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2025 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	204	09/20/19	​	$	30,030,840	​	$	183,723
​	​	​	​	$	30,030,840	​	$	183,723
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(313)	09/20/19	​	​	(30,099,645)	​	​	(399,670)
​	​	​	​	$	(30,099,645)	​	$	(399,670)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	183,723
Total Asset Derivatives	​	​	$	183,723
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	399,670
Total Liability Derivatives	​	​	$	399,670

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

49

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(2,265,828)
Interest rate contracts	​	​	533,579
Total	​	$	(1,732,249)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(388,846)
Interest rate contracts	​	​	(471,362)
Total	​	$	(860,208)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $970,306,724.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	45,607,819
Gross Unrealized Depreciation	​	(14,640,873)
Net Unrealized Appreciation	$	30,966,946

See Accompanying Notes to Financial Statements

50

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.7%
​	459,017	Invesco Senior Loan ETF	​	$	10,401,325	​	2.0
​	122,632	iShares 1-3 Year Treasury Bond ETF	​	​	10,396,741	​	2.0
​	369,399	Schwab U.S. TIPS ETF	​	​	20,800,858	​	4.0
​	104,445	Vanguard Real Estate ETF	​	​	9,128,493	​	1.7
​	​	Total Exchange-Traded Funds (Cost $49,932,888)	​		50,727,417	​	9.7
MUTUAL FUNDS: 90.1%
​	​	Affiliated Investment Companies: 90.1%
​	2,246,780	Voya Emerging Markets Index Portfolio - Class P2	​	​	26,017,715	​	5.0
​	9,391,606	Voya International Index Portfolio - Class P2	​	​	94,103,888	​	18.0
​	1,232,293	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	15,773,350	​	3.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	783,782	Voya Russell Small Cap Index Portfolio - Class P2	​	$	10,549,712	​	2.0
​	10,164,411	Voya U.S. Bond Index Portfolio - Class P2	​	​	109,673,994	​	20.9
​	13,102,707	Voya U.S. Stock Index Portfolio - Class P2	​	​	216,194,662	​	41.2
​	​	Total Mutual Funds (Cost $458,199,267)	​		472,313,321	​	90.1
​	​	Total Investments in Securities (Cost $508,132,155)	​	$	523,040,738	​	99.8
​	​	Assets in Excess of Other Liabilities	​	​	1,306,131	​	0.2
​	​	Net Assets	​	$	524,346,869	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

50,727,417

​

$

—

​

$

—

​

$

50,727,417

Mutual Funds

​

​

472,313,321

​

​

—

​

​

—

​

​

472,313,321

Total Investments, at fair value

​

$

523,040,738

​

$

—

​

$

—

​

$

523,040,738

Other Financial Instruments+

​

​

​

​

Futures

​

​

63,075

​

​

—

​

​

—

​

​

63,075

Total Assets

​

$

523,103,813

​

$

—

​

$

—

​

$

523,103,813

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(136,603)

​

$

—

​

$

—

​

$

(136,603)

Total Liabilities

​

$

(136,603)

​

$

—

​

$

—

​

$

(136,603)

^

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

+

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

See Accompanying Notes to Financial Statements

51

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

27,306,369

​

$

7,602,049

​

$

(10,906,593)

​

$

2,015,890

​

$

26,017,715

​

$

571,061

​

$

343,044

​

$

—

Voya International Index Portfolio – Class P2

​

​

74,232,389

​

​

19,954,504

​

​

(7,438,570)

​

​

7,355,565

​

​

94,103,888

​

​

2,697,038

​

​

1,096,586

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

15,696,720

​

​

5,706,273

​

​

(6,239,687)

​

​

610,044

​

​

15,773,350

​

​

221,569

​

​

(244,864)

​

​

2,497,182

Voya Russell Small Cap Index Portfolio – Class P2

​

​

7,834,469

​

​

3,145,920

​

​

(660,795)

​

​

230,118

​

​

10,549,712

​

​

107,107

​

​

16,417

​

​

1,032,626

Voya U.S. Bond Index Portfolio – Class P2

​

​

93,800,772

​

​

36,910,779

​

​

(26,120,117)

​

​

5,082,560

​

​

109,673,994

​

​

1,396,527

​

​

(179,567)

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

143,466,463

​

​

66,816,189

​

​

(21,387,795)

​

​

27,299,805

​

​

216,194,662

​

​

—

​

​

1,679,585

​

​

—

​

​

$

362,337,182

​

$

140,135,714

​

$

(72,753,557)

​

$

42,593,982

​

$

472,313,321

​

$

4,993,302

​

$

2,711,201

​

$

3,529,808

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2030 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	71	09/20/19	​	$	10,451,910	​	$	63,075
​	​	​	​	$	10,451,910	​	$	63,075
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(109)	09/20/19	​	​	(10,481,985)	​	​	(136,603)
​	​	​	​	$	(10,481,985)	​	$	(136,603)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	63,075
Total Asset Derivatives	​	​	$	63,075
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	136,603
Total Liability Derivatives	​	​	$	136,603

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

52

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,090,010)
Interest rate contracts	​	​	246,366
Total	​	$	(843,644)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(16,966)
Interest rate contracts	​	​	(214,747)
Total	​	$	(231,713)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $509,811,881.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	19,203,921
Gross Unrealized Depreciation	​	(6,048,593)
Net Unrealized Appreciation	$	13,155,328

See Accompanying Notes to Financial Statements

53

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2019 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.9%
​	831,593	Invesco Senior Loan ETF	​	$	18,843,897	​	2.0
​	222,170	iShares 1-3 Year Treasury Bond ETF	​	​	18,835,573	​	2.0
​	669,234	Schwab U.S. TIPS ETF	​	​	37,684,567	​	3.9
​	160,248	Vanguard Global ex-U.S. Real Estate ETF	​	​	9,454,632	​	1.0
​	108,126	Vanguard Real Estate ETF	​	​	9,450,212	​	1.0
​	​	Total Exchange-Traded Funds (Cost $92,928,038)	​		94,268,881	​	9.9
MUTUAL FUNDS: 89.9%
​	​	Affiliated Investment Companies: 89.9%
​	4,880,158	Voya Emerging Markets Index Portfolio - Class P2	​	​	56,512,234	​	6.0
​	18,891,076	Voya International Index Portfolio - Class P2	​	​	189,288,584	​	19.9
​	2,973,964	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	38,066,735	​	4.0

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	1,418,649	Voya Russell Small Cap Index Portfolio - Class P2	​	$	19,095,019	​	2.0
​	10,512,584	Voya U.S. Bond Index Portfolio - Class P2	​	​	113,430,782	​	12.0
​	26,444,276	Voya U.S. Stock Index Portfolio - Class P2	​	​	436,330,555	​	46.0
​	​	Total Mutual Funds (Cost $809,465,306)	​		852,723,909	​	89.9
​	​	Total Investments in Securities (Cost $902,393,344)	​	$	946,992,790	​	99.8
​	​	Assets in Excess of Other Liabilities	​	​	2,137,623	​	0.2
​	​	Net Assets	​	$	949,130,413	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

94,268,881

​

$

—

​

$

—

​

$

94,268,881

Mutual Funds

​

​

852,723,909

​

​

—

​

​

—

​

​

852,723,909

Total Investments, at fair value

​

$

946,992,790

​

$

—

​

$

—

​

$

946,992,790

Other Financial Instruments+

​

​

​

​

Futures

​

​

115,310

​

​

—

​

​

—

​

​

115,310

Total Assets

​

$

947,108,100

​

$

—

​

$

—

​

$

947,108,100

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(248,971)

​

$

—

​

$

—

​

$

(248,971)

Total Liabilities

​

$

(248,971)

​

$

—

​

$

—

​

$

(248,971)

^

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

+

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

See Accompanying Notes to Financial Statements

54

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

60,756,882

​

$

12,244,998

​

$

(19,690,373)

​

$

3,200,727

​

$

56,512,234

​

$

1,264,854

​

$

1,961,559

​

$

—

Voya International Index Portfolio – Class P2

​

​

159,717,275

​

​

26,543,177

​

​

(14,798,044)

​

​

17,826,176

​

​

189,288,584

​

​

5,531,821

​

​

(94,756)

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

38,202,531

​

​

10,974,156

​

​

(12,121,178)

​

​

1,011,226

​

​

38,066,735

​

​

545,247

​

​

(201,070)

​

​

6,145,179

Voya Russell Small Cap Index Portfolio – Class P2

​

​

15,253,590

​

​

4,401,716

​

​

(1,156,560)

​

​

596,273

​

​

19,095,019

​

​

197,658

​

​

(54,499)

​

​

1,905,643

Voya U.S. Bond Index Portfolio – Class P2

​

​

114,047,195

​

​

37,983,542

​

​

(44,123,968)

​

​

5,524,013

​

​

113,430,782

​

​

1,600,254

​

​

(56,895)

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

318,106,836

​

​

93,526,043

​

​

(31,256,278)

​

​

55,953,954

​

​

436,330,555

​

​

—

​

​

5,584,861

​

​

—

​

​

$

706,084,309

​

$

185,673,632

​

$

(123,146,401)

​

$

84,112,369

​

$

852,723,909

​

$

9,139,834

​

$

7,139,200

​

$

8,050,822

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2035 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	129	09/20/19	​	$	18,990,090	​	$	115,310
​	​	​	​	$	18,990,090	​	$	115,310
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(197)	09/20/19	​	​	(18,944,505)	​	​	(248,971)
​	​	​	​	$	(18,944,505)	​	$	(248,971)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	115,310
Total Asset Derivatives	​	​	$	115,310
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	248,971
Total Liability Derivatives	​	​	$	248,971

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

55

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(2,120,340)
Interest rate contracts	​	​	485,207
Total	​	$	(1,635,133)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	3,704
Interest rate contracts	​	​	(426,237)
Total	​	$	(422,533)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $907,827,539.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	52,245,616
Gross Unrealized Depreciation	​	(13,214,027)
Net Unrealized Appreciation	$	39,031,589

See Accompanying Notes to Financial Statements

56

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2019 (Unaudited)

Shares		​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.2%
​	89,918	iShares 1-3 Year Treasury Bond ETF	​	$	7,623,248	​	2.0
​	64,857	Vanguard Global ex-U.S. Real Estate ETF	​	​	3,826,563	​	1.0
​	54,702	Vanguard Real Estate ETF	​	​	4,780,955	​	1.2
​	​	Total Exchange-Traded Funds (Cost $15,815,588)	​		16,230,766	​	4.2
MUTUAL FUNDS: 95.6%
​	​	Affiliated Investment Companies: 95.6%
​	2,143,733	Voya Emerging Markets Index Portfolio - Class P2	​	​	24,824,426	​	6.5
​	8,425,205	Voya International Index Portfolio - Class P2	​	​	84,420,551	​	21.9
​	1,205,848	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	15,434,849	​	4.0
​	862,815	Voya Russell Small Cap Index Portfolio - Class P2	​	​	11,613,494	​	3.0

Shares		​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	4,261,847	Voya U.S. Bond Index Portfolio - Class P2	​	$	45,985,332	​	12.0
​	11,248,379	Voya U.S. Stock Index Portfolio - Class P2	​	​	185,598,251	​	48.2
​	​	Total Mutual Funds (Cost $357,961,194)	​		367,876,903	​	95.6
​	​	Total Investments in Securities (Cost $373,776,782)	​	$	384,107,669	​	99.8
​	​	Assets in Excess of Other Liabilities	​	​	930,757	​	0.2
​	​	Net Assets	​	$	385,038,426	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

16,230,766

​

$

—

​

$

—

​

$

16,230,766

Mutual Funds

​

​

367,876,903

​

​

—

​

​

—

​

​

367,876,903

Total Investments, at fair value

​

$

384,107,669

​

$

—

​

$

—

​

$

384,107,669

Other Financial Instruments+

​

​

​

​

Futures

​

​

45,964

​

​

—

​

​

—

​

​

45,964

Total Assets

​

$

384,153,633

​

$

—

​

$

—

​

$

384,153,633

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(99,574)

​

$

—

​

$

—

​

$

(99,574)

Total Liabilities

​

$

(99,574)

​

$

—

​

$

—

​

$

(99,574)

^

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

+

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

See Accompanying Notes to Financial Statements

57

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

22,829,012

​

$

7,970,693

​

$

(7,672,225)

​

$

1,696,946

​

$

24,824,426

​

$

546,146

​

$

281,315

​

$

—

Voya International Index Portfolio – Class P2

​

​

61,869,390

​

​

19,422,992

​

​

(3,444,255)

​

​

6,572,424

​

​

84,420,551

​

​

2,424,399

​

​

564,650

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

16,212,166

​

​

6,399,312

​

​

(7,946,903)

​

​

770,274

​

​

15,434,849

​

​

217,326

​

​

(69,375)

​

​

2,449,358

Voya Russell Small Cap Index Portfolio – Class P2

​

​

8,091,573

​

​

3,731,260

​

​

(394,996)

​

​

185,657

​

​

11,613,494

​

​

118,150

​

​

5,149

​

​

1,139,093

Voya U.S. Bond Index Portfolio – Class P2

​

​

26,922,761

​

​

20,870,913

​

​

(3,623,918)

​

​

1,815,576

​

​

45,985,332

​

​

489,770

​

​

29,121

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

116,640,661

​

​

53,542,040

​

​

(8,148,367)

​

​

23,563,917

​

​

185,598,251

​

​

—

​

​

395,582

​

​

—

​

​

$

252,565,563

​

$

111,937,210

​

$

(31,230,664)

​

$

34,604,794

​

$

367,876,903

​

$

3,795,791

​

$

1,206,442

​

$

3,588,451

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2040 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	52	09/20/19	​	$	7,654,920	​	$	45,964
​	​	​	​	$	7,654,920	​	$	45,964
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(80)	09/20/19	​	​	(7,693,200)	​	​	(99,574)
​	​	​	​	$	(7,693,200)	​	$	(99,574)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	45,964
Total Asset Derivatives	​	​	$	45,964
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	99,574
Total Liability Derivatives	​	​	$	99,574

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

58

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(744,607)
Interest rate contracts	​	​	167,432
Total	​	$	(577,175)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(17,036)
Interest rate contracts	​	​	(144,107)
Total	​	$	(161,143)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $374,418,545.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	14,270,890
Gross Unrealized Depreciation	​	(4,635,376)
Net Unrealized Appreciation	$	9,635,514

See Accompanying Notes to Financial Statements

59

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2019 (Unaudited)

Shares		​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.0%
​	134,086	iShares 1-3 Year Treasury Bond ETF	​	$	11,367,811	​	1.7
​	110,531	Vanguard Global ex-U.S. Real Estate ETF	​	​	6,521,329	​	1.0
​	93,225	Vanguard Real Estate ETF	​	​	8,147,865	​	1.3
​	​	Total Exchange-Traded Funds (Cost $25,410,928)	​		26,037,005	​	4.0
MUTUAL FUNDS: 95.9%
​	​	Affiliated Investment Companies: 95.9%
​	3,929,940	Voya Emerging Markets Index Portfolio - Class P2	​	​	45,508,709	​	7.0
​	14,995,892	Voya International Index Portfolio - Class P2	​	​	150,258,841	​	23.0
​	2,309,263	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	29,558,570	​	4.5
​	1,468,741	Voya Russell Small Cap Index Portfolio - Class P2	​	​	19,769,253	​	3.0

Shares		​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	4,382,876	Voya U.S. Bond Index Portfolio - Class P2	​	$	47,291,231	​	7.2
​	20,335,923	Voya U.S. Stock Index Portfolio - Class P2	​	​	335,542,728	​	51.2
​	​	Total Mutual Funds (Cost $599,218,644)	​		627,929,332	​	95.9
​	​	Total Investments in Securities (Cost $624,629,572)	​	$	653,966,337	​	99.9
​	​	Assets in Excess of Other Liabilities	​	​	851,209	​	0.1
​	​	Net Assets	​	$	654,817,546	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

26,037,005

​

$

—

​

$

—

​

$

26,037,005

Mutual Funds

​

​

627,929,332

​

​

—

​

​

—

​

​

627,929,332

Total Investments, at fair value

​

$

653,966,337

​

$

—

​

$

—

​

$

653,966,337

Other Financial Instruments+

​

​

​

​

Futures

​

​

39,626

​

​

—

​

​

—

​

​

39,626

Total Assets

​

$

654,005,963

​

$

—

​

$

—

​

$

654,005,963

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(85,540)

​

$

—

​

$

—

​

$

(85,540)

Total Liabilities

​

$

(85,540)

​

$

—

​

$

—

​

$

(85,540)

^

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

+

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

See Accompanying Notes to Financial Statements

60

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

51,272,059

​

$

10,248,179

​

$

(18,335,180)

​

$

2,323,651

​

$

45,508,709

​

$

1,021,779

​

$

1,995,400

​

$

—

Voya International Index Portfolio – Class P2

​

​

123,237,857

​

​

20,916,464

​

​

(7,636,929)

​

​

13,741,449

​

​

150,258,841

​

​

4,407,106

​

​

(139,940)

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

36,109,754

​

​

9,256,350

​

​

(17,752,038)

​

​

1,944,504

​

​

29,558,570

​

​

424,886

​

​

105,418

​

​

4,788,654

Voya Russell Small Cap Index Portfolio – Class P2

​

​

15,447,643

​

​

4,701,332

​

​

(923,192)

​

​

543,470

​

​

19,769,253

​

​

205,552

​

​

(59,084)

​

​

1,981,746

Voya U.S. Bond Index Portfolio – Class P2

​

​

32,090,802

​

​

19,283,721

​

​

(6,079,577)

​

​

1,996,285

​

​

47,291,231

​

​

542,258

​

​

(8,550)

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

235,762,965

​

​

71,090,842

​

​

(14,830,536)

​

​

43,519,457

​

​

335,542,728

​

​

—

​

​

2,442,885

​

​

—

​

​

$

493,921,080

​

$

135,496,888

​

$

(65,557,452)

​

$

64,068,816

​

$

627,929,332

​

$

6,601,581

​

$

4,336,129

​

$

6,770,400

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2045 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	44	09/20/19	​	$	6,477,240	​	$	39,626
​	​	​	​	$	6,477,240	​	$	39,626
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(68)	09/20/19	​	​	(6,539,220)	​	​	(85,540)
​	​	​	​	$	(6,539,220)	​	$	(85,540)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	39,626
Total Asset Derivatives	​	​	$	39,626
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	85,540
Total Liability Derivatives	​	​	$	85,540

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

61

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,488,762)
Interest rate contracts	​	​	326,614
Total	​	$	(1,162,148)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	248,303
Interest rate contracts	​	​	(284,736)
Total	​	$	(36,433)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $627,402,274.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	36,269,734
Gross Unrealized Depreciation	​	(9,751,585)
Net Unrealized Appreciation	$	26,518,149

See Accompanying Notes to Financial Statements

62

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2019 (Unaudited)

Shares		​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.3%
​	43,608	Vanguard Global ex-U.S. Real Estate ETF	​	$	2,572,872	​	1.0
​	36,780	Vanguard Real Estate ETF	​	​	3,214,572	​	1.3
​	​	Total Exchange-Traded Funds (Cost $5,557,213)	​		5,787,444	​	2.3
MUTUAL FUNDS: 97.6%
​	​	Affiliated Investment Companies: 97.6%
​	1,552,980	Voya Emerging Markets Index Portfolio - Class P2	​	​	17,983,506	​	7.0
​	6,183,449	Voya International Index Portfolio - Class P2	​	​	61,958,164	​	23.9
​	912,521	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	11,680,270	​	4.5
​	580,379	Voya Russell Small Cap Index Portfolio - Class P2	​	​	7,811,904	​	3.0

Shares		​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	1,671,520	Voya U.S. Bond Index Portfolio - Class P2	​	$	18,035,699	​	7.0
​	8,193,309	Voya U.S. Stock Index Portfolio - Class P2	​	​	135,189,592	​	52.2
​	​	Total Mutual Funds (Cost $246,535,885)	​		252,659,135	​	97.6
​	​	Total Investments in Securities (Cost $252,093,098)	​	$	258,446,579	​	99.9
​	​	Assets in Excess of Other Liabilities	​	​	359,997	​	0.1
​	​	Net Assets	​	$	258,806,576	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

5,787,444

​

$

—

​

$

—

​

$

5,787,444

Mutual Funds

​

​

252,659,135

​

​

—

​

​

—

​

​

252,659,135

Total Investments, at fair value

​

$

258,446,579

​

$

—

​

$

—

​

$

258,446,579

Other Financial Instruments+

​

​

​

​

Futures

​

​

15,310

​

​

—

​

​

—

​

​

15,310

Total Assets

​

$

258,461,889

​

$

—

​

$

—

​

$

258,461,889

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(33,187)

​

$

—

​

$

—

​

$

(33,187)

Total Liabilities

​

$

(33,187)

​

$

—

​

$

—

​

$

(33,187)

^

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

+

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

See Accompanying Notes to Financial Statements

63

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

18,395,359

​

$

6,272,579

​

$

(8,513,026)

​

$

1,828,594

​

$

17,983,506

​

$

393,574

​

$

(211,200)

​

$

—

Voya International Index Portfolio – Class P2

​

​

43,870,476

​

​

15,638,531

​

​

(2,259,942)

​

​

4,709,099

​

​

61,958,164

​

​

1,772,315

​

​

326,821

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

12,338,150

​

​

5,195,812

​

​

(6,619,703)

​

​

766,011

​

​

11,680,270

​

​

163,738

​

​

(179,329)

​

​

1,845,400

Voya Russell Small Cap Index Portfolio – Class P2

​

​

5,278,303

​

​

2,676,998

​

​

(246,912)

​

​

103,515

​

​

7,811,904

​

​

79,364

​

​

(2,972)

​

​

765,158

Voya U.S. Bond Index Portfolio – Class P2

​

​

10,526,026

​

​

15,066,567

​

​

(8,157,471)

​

​

600,577

​

​

18,035,699

​

​

188,987

​

​

123,835

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

81,467,984

​

​

43,744,507

​

​

(6,640,899)

​

​

16,618,000

​

​

135,189,592

​

​

—

​

​

321,348

​

​

—

​

​

$

171,876,298

​

$

88,594,994

​

$

(32,437,953)

​

$

24,625,796

​

$

252,659,135

​

$

2,597,978

​

$

378,503

​

$

2,610,558

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2050 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	17	09/20/19	​	$	2,502,570	​	$	15,310
​	​	​	​	$	2,502,570	​	$	15,310
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(27)	09/20/19	​	​	(2,596,455)	​	​	(33,187)
​	​	​	​	$	(2,596,455)	​	$	(33,187)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	15,310
Total Asset Derivatives	​	​	$	15,310
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	33,187
Total Liability Derivatives	​	​	$	33,187

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

64

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(496,523)
Interest rate contracts	​	​	118,857
Total	​	$	(377,666)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	73,947
Interest rate contracts	​	​	(102,259)
Total	​	$	(28,312)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $252,668,393.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	8,959,529
Gross Unrealized Depreciation	​	(3,199,220)
Net Unrealized Appreciation	$	5,760,309

See Accompanying Notes to Financial Statements

65

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2019 (Unaudited)

Shares		​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.3%
​	48,950	Vanguard Global ex-U.S. Real Estate ETF	​	$	2,888,050	​	1.0
​	41,285	Vanguard Real Estate ETF	​	​	3,608,309	​	1.3
​	​	Total Exchange-Traded Funds (Cost $6,253,029)	​		6,496,359	​	2.3
MUTUAL FUNDS: 97.6%
​	​	Affiliated Investment Companies: 97.6%
​	1,866,706	Voya Emerging Markets Index Portfolio - Class P2	​	​	21,616,452	​	7.5
​	6,937,105	Voya International Index Portfolio - Class P2	​	​	69,509,789	​	23.9
​	1,137,493	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	14,559,913	​	5.0
​	651,119	Voya Russell Small Cap Index Portfolio - Class P2	​	​	8,764,065	​	3.0

Shares		​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	1,607,368	Voya U.S. Bond Index Portfolio - Class P2	​	$	17,343,505	​	6.0
​	9,191,714	Voya U.S. Stock Index Portfolio - Class P2	​	​	151,663,283	​	52.2
​	​	Total Mutual Funds (Cost $272,645,421)	​		283,457,007	​	97.6
​	​	Total Investments in Securities (Cost $278,898,450)	​	$	289,953,366	​	99.9
​	​	Assets in Excess of Other Liabilities	​	​	365,568	​	0.1
​	​	Net Assets	​	$	290,318,934	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

6,496,359

​

$

—

​

$

—

​

$

6,496,359

Mutual Funds

​

​

283,457,007

​

​

—

​

​

—

​

​

283,457,007

Total Investments, at fair value

​

$

289,953,366

​

$

—

​

$

—

​

$

289,953,366

Other Financial Instruments+

​

​

​

​

Futures

​

​

17,145

​

​

—

​

​

—

​

​

17,145

Total Assets

​

$

289,970,511

​

$

—

​

$

—

​

$

289,970,511

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(37,018)

​

$

—

​

$

—

​

$

(37,018)

Total Liabilities

​

$

(37,018)

​

$

—

​

$

—

​

$

(37,018)

^

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

+

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

See Accompanying Notes to Financial Statements

66

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

22,172,027

​

$

6,162,452

​

$

(7,908,584)

​

$

1,190,557

​

$

21,616,452

​

$

476,692

​

$

688,424

​

$

—

Voya International Index Portfolio – Class P2

​

​

52,872,713

​

​

13,871,780

​

​

(3,145,688)

​

​

5,910,984

​

​

69,509,789

​

​

2,002,185

​

​

13,954

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

14,871,873

​

​

5,239,356

​

​

(6,137,773)

​

​

586,457

​

​

14,559,913

​

​

205,517

​

​

(57,614)

​

​

2,316,262

Voya Russell Small Cap Index Portfolio – Class P2

​

​

6,362,160

​

​

2,553,960

​

​

(332,549)

​

​

180,494

​

​

8,764,065

​

​

89,664

​

​

(18,580)

​

​

864,464

Voya U.S. Bond Index Portfolio – Class P2

​

​

12,687,324

​

​

10,602,559

​

​

(6,700,021)

​

​

753,643

​

​

17,343,505

​

​

206,105

​

​

(1,616)

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

98,184,009

​

​

39,644,713

​

​

(5,329,098)

​

​

19,163,659

​

​

151,663,283

​

​

—

​

​

487,887

​

​

—

​

​

$

207,150,106

​

$

78,074,820

​

$

(29,553,713)

​

$

27,785,794

​

$

283,457,007

​

$

2,980,163

​

$

1,112,455

​

$

3,180,726

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

At June 30, 2019, the following futures contracts were outstanding for Voya Index Solution 2055 Portfolio:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​			​
S&P 500® E-Mini	20	09/20/19	​	$	2,944,200	​	$	17,145
​	​	​	​	$	2,944,200	​	$	17,145
Short Contracts:	​	​	​			​
Mini MSCI EAFE Index	(30)	09/20/19	​	​	(2,884,950)	​	​	(37,018)
​	​	​	​	$	(2,884,950)	​	$	(37,018)

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	17,145
Total Asset Derivatives	​	​	$	17,145
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	37,018
Total Liability Derivatives	​	​	$	37,018

*

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

67

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(617,386)
Interest rate contracts	​	​	130,802
Total	​	$	(486,584)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	100,597
Interest rate contracts	​	​	(115,116)
Total	​	$	(14,519)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $280,516,902.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	14,403,239
Gross Unrealized Depreciation	​	(4,986,648)
Net Unrealized Appreciation	$	9,416,591

See Accompanying Notes to Financial Statements

68

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2060 Portfolio as of June 30, 2019 (Unaudited)

Shares		​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.8%
​	16,431	Vanguard Global ex-U.S. Real Estate ETF	​	$	969,429	​	1.3
​	13,304	Vanguard Real Estate ETF	​	​	1,162,769	​	1.5
​	​	Total Exchange-Traded Funds (Cost $2,049,393)	​		2,132,198	​	2.8
MUTUAL FUNDS: 97.2%
​	​	Affiliated Investment Companies: 97.2%
​	500,618	Voya Emerging Markets Index Portfolio - Class P2	​	​	5,797,151	​	7.4
​	1,783,054	Voya International Index Portfolio - Class P2	​	​	17,866,206	​	23.0
​	305,059	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	3,904,756	​	5.0
​	174,622	Voya Russell Small Cap Index Portfolio - Class P2	​	​	2,350,409	​	3.0

Shares		​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	Affiliated Investment Companies (continued)
​	394,924	Voya U.S. Bond Index Portfolio - Class P2	​	$	4,261,229	​	5.5
​	2,512,063	Voya U.S. Stock Index Portfolio - Class P2	​	​	41,449,039	​	53.3
​	​	Total Mutual Funds (Cost $74,332,329)	​		75,628,790	​	97.2
​	​	Total Investments in Securities (Cost $76,381,722)	​	$	77,760,988	​	100.0
​	​	Assets in Excess of Other Liabilities	​	​	32,335	​	0.0
​	​	Net Assets	​	$	77,793,323	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2019

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

2,132,198

​

$

—

​

$

—

​

$

2,132,198

Mutual Funds

​

​

75,628,790

​

​

—

​

​

—

​

​

75,628,790

Total Investments, at fair value

​

$

77,760,988

​

$

—

​

$

—

​

$

77,760,988

^

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

See Accompanying Notes to Financial Statements

69

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2060 Portfolio as of June 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2019, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2018

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2019

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio – Class P2

​

$

3,397,583

​

$

2,320,036

​

$

(239,382)

​

$

318,914

​

$

5,797,151

​

$

123,906

​

$

(33,749)

​

$

—

Voya International Index Portfolio – Class P2

​

​

10,889,850

​

​

6,500,658

​

​

(803,015)

​

​

1,278,713

​

​

17,866,206

​

​

499,457

​

​

(27,087)

​

​

—

Voya Russell Mid Cap Index Portfolio – Class P2

​

​

2,734,377

​

​

2,064,189

​

​

(934,071)

​

​

40,261

​

​

3,904,756

​

​

53,410

​

​

(50,540)

​

​

601,954

Voya Russell Small Cap Index Portfolio – Class P2

​

​

1,364,796

​

​

1,090,875

​

​

(108,306)

​

​

3,044

​

​

2,350,409

​

​

23,299

​

​

1,248

​

​

224,629

Voya U.S. Bond Index Portfolio – Class P2

​

​

2,274,908

​

​

4,578,144

​

​

(2,661,179)

​

​

69,356

​

​

4,261,229

​

​

47,294

​

​

89,550

​

​

—

Voya U.S. Stock Index Portfolio – Class P2

​

​

22,453,240

​

​

16,141,470

​

​

(1,895,922)

​

​

4,750,251

​

​

41,449,039

​

​

—

​

​

30,428

​

​

—

​

​

$

43,114,754

​

$

32,695,372

​

$

(6,641,875)

​

$

6,460,539

​

$

75,628,790

​

$

747,366

​

$

9,850

​

$

826,583

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $76,677,747.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	2,349,079
Gross Unrealized Depreciation	​	(1,265,837)
Net Unrealized Appreciation	$	1,083,242

See Accompanying Notes to Financial Statements

70

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

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VINDSOL          (0619-082319)​

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

Complete schedule of investments, as applicable, is included as part of the report to shareholders filed under Item 1 of this Form and filed herein, as applicable.

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 19.0%
			Canada: 0.2%
	191,000		Cenovus Energy, Inc., 4.250%, 04/15/2027	$	197,687		0.1
	186,000		Fortis, Inc./Canada, 3.055%, 10/04/2026		184,715		0.1
					382,402		0.2
			China: 0.3%
	601,000		Alibaba Group Holding Ltd., 3.600%, 11/28/2024		627,030		0.3
			France: 0.6%
	572,000	(1)	BNP Paribas SA, 3.500%, 03/01/2023		588,584		0.3
	287,000	(1)	BPCE SA, 5.150%, 07/21/2024		310,530		0.2
	226,000	(1)	Electricite de France SA, 2.350%, 10/13/2020		226,131		0.1
					1,125,245		0.6
			Guernsey: 0.4%
	716,000		Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/2020		717,250		0.4
			Ireland: 0.3%
	282,000		GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		278,562		0.1
	370,000		Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026		373,948		0.2
					652,510		0.3
			Japan: 0.8%
	200,000	(1)	Mizuho Bank Ltd., 3.200%, 03/26/2025		206,603		0.1
	790,000	(1)	MUFG Bank Ltd, 2.300%, 03/05/2020		789,484		0.4
	639,000		Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026		680,366		0.3
					1,676,453		0.8
			Mexico: 0.0%
	MXN  1,007,437	(2),(3)	Banco Invex SA / Hipotecaria Credito y Casa SA de CV, 6.450%, 03/13/2034		–		–
	MXN  66,023	(2)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035		3,433		0.0
					3,433		0.0
			Netherlands: 0.9%
	170,000		ArcelorMittal, 7.000%, 10/15/2039		201,878		0.1
	270,000		Cooperatieve Rabobank UA/NY, 2.500%, 01/19/2021		270,966		0.1
	690,000		Shell International Finance BV, 3.250%, 05/11/2025		722,205		0.4
	361,000		Shell International Finance BV, 4.000%, 05/10/2046		396,407		0.2
	300,000	(1)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026		293,120		0.1
					1,884,576		0.9
			Norway: 0.2%
	380,000		Equinor ASA, 2.450%, 01/17/2023		382,411		0.2
			South Africa: 0.0%
	ZAR  1,000,000		Transnet SOC Ltd., 10.800%, 11/06/2023		76,337		0.0
			Sweden: 0.1%
	298,000	(1),(4)	Nordea Bank ABP, 5.500%, 12/31/2199		298,894		0.1
			Switzerland: 0.4%
	400,000	(1)	Credit Suisse AG, 6.500%, 08/08/2023		441,250		0.2
	250,000		UBS AG/Stamford CT, 7.625%, 08/17/2022		280,486		0.2
					721,736		0.4
			United Kingdom: 0.8%
	283,000		Aon PLC, 2.800%, 03/15/2021		285,000		0.1
	200,000	(1)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027		201,742		0.1
	1,002,000		Santander UK PLC, 2.375%, 03/16/2020		1,002,059		0.5
	230,000	(1)	Standard Chartered PLC, 5.300%, 01/09/2043		252,525		0.1
					1,741,326		0.8
			United States: 14.0%
	150,000		AbbVie, Inc., 3.600%, 05/14/2025		155,280		0.1
	321,000		AbbVie, Inc., 4.300%, 05/14/2036		322,634		0.2
	53,000		Aetna, Inc., 2.800%, 06/15/2023		53,334		0.0
	459,000		American International Group, Inc., 4.500%, 07/16/2044		485,376		0.2
	180,000		Altria Group, Inc., 4.800%, 02/14/2029		194,309		0.1
	67,358		American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/2025		71,160		0.0
	300,000		Amgen, Inc., 3.200%, 11/02/2027		306,613		0.2
	70,000		Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.250%, 01/15/2025		74,085		0.0
	170,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		189,238		0.1
	130,000		Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028		140,113		0.1
	301,000		AT&T, Inc., 4.300%, 02/15/2030		321,707		0.2
	299,000		AT&T, Inc., 5.150%, 03/15/2042		327,107		0.2
	422,000		AT&T, Inc., 5.650%, 02/15/2047		495,317		0.2

See Accompanying Notes to Financial Statements

1

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	368,000		Bank of America Corp., 3.300%, 01/11/2023		379,615		0.2
	616,000	(4)	Bank of America Corp., 3.419%, 12/20/2028		634,875		0.3
	458,000		Bank of America Corp., 4.100%, 07/24/2023		488,893		0.2
	258,000	(4)	Bank of America Corp., 4.330%, 03/15/2050		288,416		0.1
	412,000		Bank of New York Mellon Corp., 2.050%, 05/03/2021		411,173		0.2
	530,000		BP Capital Markets America, Inc., 3.216%, 11/28/2023		546,838		0.3
	395,000		CBRE Services, Inc., 5.250%, 03/15/2025		436,079		0.2
	216,000		CBS Corp., 3.700%, 08/15/2024		223,647		0.1
	266,000		Celgene Corp., 3.875%, 08/15/2025		285,164		0.1
	474,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022		498,094		0.2
	265,000		Citigroup, Inc., 4.125%, 07/25/2028		280,211		0.1
	579,000		Citigroup, Inc., 4.000%, 08/05/2024		610,480		0.3
	469,000		Citigroup, Inc., 5.500%, 09/13/2025		531,338		0.3
	758,000		Citizens Bank NA/Providence RI, 2.450%, 12/04/2019		758,029		0.4
	278,000	(1)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		282,361		0.1
	165,000		Comcast Corp., 2.350%, 01/15/2027		161,035		0.1
	310,000		Comcast Corp., 4.150%, 10/15/2028		341,971		0.2
	110,000		Comcast Corp., 4.250%, 01/15/2033		123,269		0.1
	80,000		Comcast Corp., 5.650%, 06/15/2035		99,863		0.1
	1,184,000		CVS Health Corp., 2.800%, 07/20/2020		1,187,190		0.6
	510,000		CVS Health Corp., 4.300%, 03/25/2028		537,963		0.3
	480,000	(1)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023		517,674		0.3
	313,000	(1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		345,441		0.2
	442,000		Discover Bank, 7.000%, 04/15/2020		457,137		0.2
	45,000		Eastman Chemical Co., 2.700%, 01/15/2020		44,980		0.0
	1,026,000		Energy Transfer Operating L.P., 4.900%, 02/01/2024		1,101,936		0.5
	280,000		Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		295,848		0.1
	558,000		Entergy Corp., 5.125%, 09/15/2020		571,380		0.3
	200,000		Entergy Louisiana LLC, 4.200%, 04/01/2050		222,723		0.1
	202,000		FedEx Corp., 4.050%, 02/15/2048		193,984		0.1
	318,000		Fifth Third Bancorp, 8.250%, 03/01/2038		470,457		0.2
	532,000		FirstEnergy Corp., 4.250%, 03/15/2023		559,053		0.3
	569,000		Ford Motor Credit Co. LLC, 3.200%, 01/15/2021		570,823		0.3
	205,000		General Electric Co., 6.750%, 03/15/2032		253,157		0.1
	224,000		General Motors Financial Co., Inc., 4.300%, 07/13/2025		231,076		0.1
	240,000		Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021		240,881		0.1
	942,000	(4)	Goldman Sachs Group, Inc./The, 2.876%, 10/31/2022		949,740		0.5
	90,000		Johnson & Johnson, 2.900%, 01/15/2028		92,879		0.0
	150,000		Johnson & Johnson, 3.400%, 01/15/2038		156,417		0.1
	50,000		Johnson & Johnson, 4.375%, 12/05/2033		58,780		0.0
	117,000		JPMorgan Chase & Co., 2.550%, 03/01/2021		117,264		0.1
	478,000	(4)	JPMorgan Chase & Co., 6.000%, 12/31/2199		502,839		0.2
	250,000	(4)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021		250,285		0.1
	222,000		Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024		236,391		0.1
	194,000		Kinder Morgan, Inc./DE, 5.550%, 06/01/2045		224,651		0.1
	165,000		Kraft Heinz Foods Co., 3.000%, 06/01/2026		160,639		0.1
	103,000		Kroger Co/The, 4.650%, 01/15/2048		103,632		0.1
	375,000		Medtronic, Inc., 3.150%, 03/15/2022		385,883		0.2
	380,000	(1)	Metropolitan Edison Co., 4.000%, 04/15/2025		398,196		0.2
	292,000		Molson Coors Brewing Co., 3.000%, 07/15/2026		288,631		0.1
	372,000		Morgan Stanley, 3.750%, 02/25/2023		388,586		0.2
	618,000		Morgan Stanley, 4.100%, 05/22/2023		650,739		0.3
	280,000		National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028		304,900		0.2
	324,000	(1)	Newmont Goldcorp Corp., 3.700%, 03/15/2023		336,171		0.2
	123,000		Occidental Petroleum Corp., 4.625%, 06/15/2045		131,476		0.1
	349,000		Oracle Corp., 2.950%, 05/15/2025		359,224		0.2
	48,000		O'Reilly Automotive, Inc., 3.600%, 09/01/2027		49,374		0.0
	95,000		O'Reilly Automotive, Inc., 4.350%, 06/01/2028		102,754		0.1
	235,000		Pfizer, Inc., 2.750%, 06/03/2026		238,404		0.1
	460,000		Philip Morris International, Inc., 3.875%, 08/21/2042		456,237		0.2

See Accompanying Notes to Financial Statements

2

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	249,000		Qualcomm, Inc., 3.250%, 05/20/2027		254,113		0.1
	272,000		Reynolds American, Inc., 6.150%, 09/15/2043		296,705		0.1
	225,000		Southern Co., 2.750%, 06/15/2020		225,724		0.1
	185,000		Southwest Airlines Co., 3.450%, 11/16/2027		190,270		0.1
	104,000		Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/2024		109,095		0.1
	272,000		Time Warner Cable LLC, 5.875%, 11/15/2040		294,512		0.1
	77,342		United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/2024		79,685		0.0
	54,861		United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027		54,935		0.0
	78,438		United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027		78,555		0.0
	230,000		Verizon Communications, Inc., 4.125%, 03/16/2027		250,586		0.1
	331,000		Verizon Communications, Inc., 4.522%, 09/15/2048		370,254		0.2
	252,000		Viacom, Inc., 4.375%, 03/15/2043		246,774		0.1
	245,000		Walmart, Inc., 3.700%, 06/26/2028		267,641		0.1
	300,000	(1)	Walt Disney Co/The, 5.400%, 10/01/2043		391,311		0.2
	430,000		Wells Fargo & Co., 4.100%, 06/03/2026		455,932		0.2
					28,829,511		14.0
		Total Corporate Bonds/Notes
		(Cost $37,707,033)			39,119,114		19.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 13.3%
			United States: 13.3%
	278,577	(4)	Adjustable Rate Mortgage Trust 2006-2 1A1, 4.641%, 05/25/2036		275,643		0.1
	244,966		Alternative Loan Trust 2005-51 3A2A, 3.794%, (12MTA + 1.290%), 11/20/2035		237,927		0.1
	82,499		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		63,109		0.0
	515,866		Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035		529,328		0.3
	65,861		CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/2035		66,408		0.0
	58,662		CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/2035		59,416		0.0
	308,189		CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037		262,319		0.1
	79,960	(4)	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 4.991%, 05/25/2035		81,616		0.0
	326,333		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		323,283		0.2
	53,274		Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.904%, (US0001M + 0.500%), 11/25/2035		34,458		0.0
	266,445		Countrywide Asset-Backed Certificates 2005-IM1 M1, 3.124%, (US0001M + 0.720%), 11/25/2035		267,364		0.1
	270,599	(1),(4)	CSMC Trust 2015-3 B1, 3.935%, 03/25/2045		279,526		0.1
	7,554	(1)	Deutsche ALT-A Securities, Inc. ALT2007-RS1 A2, 2.930%, (US0001M + 0.500%), 01/27/2037		9,951		0.0
	400,000		Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 6.054%, (US0001M + 3.650%), 09/25/2029		426,033		0.2
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.404%, (US0001M + 3.000%), 10/25/2029		522,383		0.3
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.604%, (US0001M + 2.200%), 01/25/2030		505,209		0.3
	300,000		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.804%, (US0001M + 2.400%), 05/25/2030		305,231		0.2
	600,000		Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.904%, (US0001M + 2.500%), 05/25/2030		610,871		0.3
	61,123	(5)	Fannie Mae Interest Strip Sereis 328 2, 6.000%, 12/25/2032		13,868		0.0
	32,952	(5)	Fannie Mae Interest Strip Sereis 332 2, 6.000%, 03/25/2033		7,633		0.0
	104,925	(5)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024		12,775		0.0
	19,307	(5)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028		3,963		0.0
	165,711	(5)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032		35,202		0.0
	26,683	(5)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033		5,417		0.0
	26,229	(5)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033		5,832		0.0
	32,240	(5)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033		6,366		0.0
	13,822	(5)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035		2,757		0.0
	14,718	(5)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035		2,983		0.0

See Accompanying Notes to Financial Statements

3

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	478,474	(5)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043		75,997		0.0
	697,598	(4),(5)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033		91,498		0.1
	9,897		Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029		10,796		0.0
	14,968		Fannie Mae REMIC Trust 1999-54 LH, 6.500%, 11/25/2029		16,605		0.0
	13,326		Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032		14,721		0.0
	65,366	(5)	Fannie Mae REMIC Trust 2002-12 SB, 5.346%, (-1.000*US0001M + 7.750%), 07/25/2031		13,670		0.0
	36,956	(5)	Fannie Mae REMIC Trust 2002-2 SW, 5.346%, (-1.000*US0001M + 7.750%), 02/25/2032		8,039		0.0
	16,086		Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032		18,278		0.0
	6,666		Fannie Mae REMIC Trust 2002-29 F, 3.404%, (US0001M + 1.000%), 04/25/2032		6,850		0.0
	21,266	(5)	Fannie Mae REMIC Trust 2002-41 S, 5.546%, (-1.000*US0001M + 7.950%), 07/25/2032		3,993		0.0
	2,051		Fannie Mae REMIC Trust 2002-64 FJ, 3.404%, (US0001M + 1.000%), 04/25/2032		2,108		0.0
	4,278		Fannie Mae REMIC Trust 2002-68 FH, 2.882%, (US0001M + 0.500%), 10/18/2032		4,309		0.0
	737,430	(5)	Fannie Mae REMIC Trust 2002-77 JS, 5.618%, (-1.000*US0001M + 8.000%), 12/18/2032		153,878		0.1
	18,809		Fannie Mae REMIC Trust 2002-84 FB, 3.404%, (US0001M + 1.000%), 12/25/2032		19,323		0.0
	18,807		Fannie Mae REMIC Trust 2003-11 FA, 3.404%, (US0001M + 1.000%), 09/25/2032		19,320		0.0
	4,007		Fannie Mae REMIC Trust 2003-116 FA, 2.804%, (US0001M + 0.400%), 11/25/2033		3,964		0.0
	25,669	(5)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033		6,681		0.0
	18,042	(5)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033		4,207		0.0
	10,323	(5)	Fannie Mae REMIC Trust 2003-52 NS, 4.696%, (-1.000*US0001M + 7.100%), 06/25/2023		547		0.0
	460,253	(5)	Fannie Mae REMIC Trust 2004-56 SE, 5.146%, (-1.000*US0001M + 7.550%), 10/25/2033		87,881		0.0
	27,449		Fannie Mae REMIC Trust 2005-25 PS, 17.581%, (-4.400*US0001M + 28.160%), 04/25/2035		46,211		0.0
	13,237	(5)	Fannie Mae REMIC Trust 2005-40 SB, 4.346%, (-1.000*US0001M + 6.750%), 05/25/2035		1,936		0.0
	47,613		Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025		48,646		0.0
	112,127		Fannie Mae REMIC Trust 2005-74 DK, 14.383%, (-4.000*US0001M + 24.000%), 07/25/2035		178,671		0.1
	319,976		Fannie Mae REMIC Trust 2005-87 SB, 15.017%, (-3.667*US0001M + 23.833%), 10/25/2035		500,221		0.2
	203,784		Fannie Mae REMIC Trust 2006-104 ES, 21.428%, (-5.000*US0001M + 33.450%), 11/25/2036		359,796		0.2
	14,368		Fannie Mae REMIC Trust 2006-11 PS, 15.751%, (-3.667*US0001M + 24.567%), 03/25/2036		23,387		0.0
	37,250		Fannie Mae REMIC Trust 2006-46 SW, 15.384%, (-3.667*US0001M + 24.199%), 06/25/2036		55,833		0.0
	8,193,577	(5)	Fannie Mae REMIC Trust 2006-51 SA, 4.166%, (-1.000*US0001M + 6.570%), 06/25/2036		1,551,827		0.8
	71,001	(5)	Fannie Mae REMIC Trust 2006-90 SX, 4.826%, (-1.000*US0001M + 7.230%), 09/25/2036		13,197		0.0
	8,105,408	(5)	Fannie Mae REMIC Trust 2007-116 DI, 3.536%, (-1.000*US0001M + 5.940%), 01/25/2038		1,475,990		0.7
	59,882	(5)	Fannie Mae REMIC Trust 2007-88 XI, 4.136%, (-1.000*US0001M + 6.540%), 06/25/2037		12,225		0.0
	695,672	(5)	Fannie Mae REMIC Trust 2007-89 SB, 4.146%, (-1.000*US0001M + 6.550%), 09/25/2037		109,283		0.1
	1,662,884	(5)	Fannie Mae REMIC Trust 2007-94 SG, 4.046%, (-1.000*US0001M + 6.450%), 10/25/2037		324,586		0.2
	248,774		Fannie Mae REMIC Trust 2010-109 SN, 12.800%, (-5.000*US0001M + 25.000%), 10/25/2040		621,314		0.3
	112,076		Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040		119,003		0.1
	3,089,373	(5)	Fannie Mae REMIC Trust 2011-55 SK, 4.156%, (-1.000*US0001M + 6.560%), 06/25/2041		615,154		0.3

See Accompanying Notes to Financial Statements

4

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	2,436,974	(5)	Fannie Mae REMIC Trust 2011-86 NS, 3.546%, (-1.000*US0001M + 5.950%), 09/25/2041		381,507		0.2
	1,727,770	(5)	Fannie Mae REMIC Trust 2012-10 US, 4.046%, (-1.000*US0001M + 6.450%), 02/25/2042		234,441		0.1
	1,297,599	(5)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042		174,503		0.1
	4,391,840	(5)	Fannie Mae REMIC Trust 2012-133 PS, 3.796%, (-1.000*US0001M + 6.200%), 03/25/2042		482,952		0.2
	2,069,157	(5)	Fannie Mae REMIC Trust 2012-144 SB, 3.696%, (-1.000*US0001M + 6.100%), 01/25/2043		458,571		0.2
	2,312,317	(5)	Fannie Mae REMIC Trust 2012-27 SB, 3.576%, (-1.000*US0001M + 5.980%), 11/25/2041		306,391		0.2
	23,601		Fannie Mae REMIC Trust 2013-130 ST, 8.000%, (-16.000*US0001M + 64.000%), 05/25/2043		29,163		0.0
	1,377,858	(5)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033		156,706		0.1
	8,535,581	(5)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027		606,145		0.3
	7,582,858	(5)	Freddie Mac 3502 DL, 3.606%, (-1.000*US0001M + 6.000%), 01/15/2039		1,360,886		0.7
	31,627		Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022		33,381		0.0
	19,096		Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024		20,334		0.0
	38,596		Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026		42,452		0.0
	8,166	(5)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028		1,660		0.0
	42,437	(5)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028		8,267		0.0
	21,553		Freddie Mac REMIC Trust 2122 F, 2.844%, (US0001M + 0.450%), 02/15/2029		21,029		0.0
	67,196	(5)	Freddie Mac REMIC Trust 2134 SB, 5.306%, (-1.000*US0001M + 7.700%), 03/15/2029		10,255		0.0
	72,901	(5)	Freddie Mac REMIC Trust 2136 SG, 5.256%, (-1.000*US0001M + 7.650%), 03/15/2029		12,446		0.0
	95,722	(5)	Freddie Mac REMIC Trust 2177 SB, 6.556%, (-1.000*US0001M + 8.950%), 08/15/2029		18,901		0.0
	10,954		Freddie Mac REMIC Trust 2344 FP, 3.344%, (US0001M + 0.950%), 08/15/2031		11,225		0.0
	4,629		Freddie Mac REMIC Trust 2412 GF, 3.344%, (US0001M + 0.950%), 02/15/2032		4,746		0.0
	39,102		Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032		45,324		0.0
	30,469		Freddie Mac REMIC Trust 2461 PZ, 6.500%, 06/15/2032		34,116		0.0
	6,048		Freddie Mac REMIC Trust 2464 FI, 3.394%, (US0001M + 1.000%), 02/15/2032		6,213		0.0
	6,203		Freddie Mac REMIC Trust 2470 LF, 3.394%, (US0001M + 1.000%), 02/15/2032		6,373		0.0
	8,762		Freddie Mac REMIC Trust 2471 FD, 3.394%, (US0001M + 1.000%), 03/15/2032		9,001		0.0
	7,124		Freddie Mac REMIC Trust 2504 FP, 2.894%, (US0001M + 0.500%), 03/15/2032		7,177		0.0
	26,350		Freddie Mac REMIC Trust 2551 LF, 2.894%, (US0001M + 0.500%), 01/15/2033		26,545		0.0
	57,316		Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023		59,576		0.0
	340,836		Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034		378,606		0.2
	291,397		Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034		318,152		0.2
	55,992		Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667*US0001M + 44.667%), 05/15/2035		63,297		0.0
	59,786	(5)	Freddie Mac REMIC Trust 3004 SB, 3.756%, (-1.000*US0001M + 6.150%), 07/15/2035		7,409		0.0
	13,128		Freddie Mac REMIC Trust 3025 SJ, 15.971%, (-3.667*US0001M + 24.750%), 08/15/2035		21,092		0.0
	743,873	(5)	Freddie Mac REMIC Trust 3223 S, 3.556%, (-1.000*US0001M + 5.950%), 10/15/2036		106,159		0.1
	2,102,601	(5)	Freddie Mac REMIC Trust 3505 SA, 3.606%, (-1.000*US0001M + 6.000%), 01/15/2039		400,687		0.2
	2,432,671	(5)	Freddie Mac REMIC Trust 3702 S, 2.056%, (-1.000*US0001M + 4.450%), 05/15/2036		256,241		0.1
	1,123,653	(5)	Freddie Mac REMIC Trust 3710 SL, 3.606%, (-1.000*US0001M + 6.000%), 05/15/2036		25,858		0.0
	2,558,019	(5)	Freddie Mac REMIC Trust 3925 SD, 3.656%, (-1.000*US0001M + 6.050%), 07/15/2040		277,358		0.1
	1,269,651	(5)	Freddie Mac REMIC Trust 4136 SW, 3.856%, (-1.000*US0001M + 6.250%), 11/15/2032		194,850		0.1

See Accompanying Notes to Financial Statements

5

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	589,851	(5)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043		101,840		0.1
	8,845,082	(5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043		1,339,590		0.7
	1,087,634	(5)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032		121,963		0.1
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 7.104%, (US0001M + 4.700%), 04/25/2028		111,277		0.1
	400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.904%, (US0001M + 2.500%), 03/25/2030		409,444		0.2
	600,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 5.054%, (US0001M + 2.650%), 12/25/2029		614,893		0.3
	66,807	(4)	Freddie Mac Whole Loan Securities Trust 2016-SC02 M1, 3.607%, 10/25/2046		67,361		0.0
	374,117		Ginnie Mae Series 2007-8 SP, 14.322%, (-3.242*US0001M + 22.049%), 03/20/2037		558,398		0.3
	899,617	(5)	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/2038		13,799		0.0
	1,990,593	(5)	Ginnie Mae Series 2010-68 MS, 3.467%, (-1.000*US0001M + 5.850%), 06/20/2040		331,831		0.2
	1,428,407	(5)	Ginnie Mae Series 2012-97 SC, 4.306%, (-1.000*US0001M + 6.700%), 07/16/2041		251,289		0.1
	232,644		GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 2.614%, (US0001M + 0.210%), 04/25/2036		222,522		0.1
	36,479	(4)	GSR Mortgage Loan Trust 2005-AR6 1A4, 4.898%, 09/25/2035		37,025		0.0
	600,935		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.614%, (US0001M + 0.210%), 04/25/2046		566,933		0.3
	637,242	(4)	JP Morgan Mortgage Trust 2005-A4 B1, 4.542%, 07/25/2035		646,993		0.3
	72,276	(4)	JP Morgan Mortgage Trust 2007-A1 7A1, 4.686%, 07/25/2035		73,411		0.0
	286,714	(1),(4)	JP Morgan Mortgage Trust 2017-3 B1, 3.859%, 08/25/2047		299,172		0.2
	138,105		Lehman XS Trust Series 2005-5N 1A2, 2.764%, (US0001M + 0.360%), 11/25/2035		133,049		0.1
	76,075	(4)	MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 4.796%, 04/25/2036		77,479		0.0
	2,256,028	(4)	RALI Series Trust 2006-QO1 X2, 2.403%, 02/25/2046		247,631		0.1
	74,660	(1),(4)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048		76,786		0.0
	684,532	(4)	TBW Mortgage-Backed Trust 2007-2 A1A, 5.965%, 07/25/2037		369,282		0.2
	6,634,819	(4),(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.565%, 08/25/2045		239,110		0.1
	43,226	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.915%, 10/25/2036		42,436		0.0
	751,427	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.701%, 12/25/2036		723,778		0.4
	148,783	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.910%, 08/25/2046		143,921		0.1
	320,614	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.824%, 12/25/2036		320,590		0.2
	89,509	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.566%, 04/25/2037		82,332		0.0
	108,411		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.834%, (US0001M + 0.430%), 06/25/2037		89,346		0.0
	34,199	(4)	Wells Fargo Mortgage Backed Securities 2005-AR16 2A1, 5.019%, 02/25/2034		35,450		0.0
	118,750		Wells Fargo Mortgage Backed Securities 2006-8 A15, 6.000%, 07/25/2036		120,671		0.1
	122,643	(4)	Wells Fargo Mortgage Backed Securities 2006-AR17 A1, 4.760%, 10/25/2036		123,672		0.1
	26,453	(4)	Wells Fargo Mortgage Backed Securities 2006-AR17 A2, 4.760%, 10/25/2036		26,623		0.0
	158,368	(4)	Wells Fargo Mortgage Backed Securities 2006-AR7 2A1, 5.088%, 05/25/2036		165,070		0.1
	167,592	(4)	Wells Fargo Mortgage Backed Securities 2006-AR8 3A2, 5.003%, 04/25/2036		170,884		0.1
	184,033	(1),(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.788%, 08/20/2045		186,436		0.1
		Total Collateralized Mortgage Obligations
		(Cost $24,948,990)			27,339,098		13.3

See Accompanying Notes to Financial Statements

6

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
STRUCTURED NOTES: 0.0%
			Russia: 0.0%
	RUB  4,181,910	(2)	Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.000%, 08/22/2034		12,243		0.0
		Total Structured Notes
		(Cost $149,752)			12,243		0.0
ASSET-BACKED SECURITIES: 3.8%
			United States: 3.8%
	500,000	(1)	AMMC CLO 16 Ltd. 2015-16A CR, 4.947%, (US0003M + 2.350%), 04/14/2029		498,363		0.3
	500,000	(1)	Apidos CLO XXIX 2018-29A B, 4.480%, (US0003M + 1.900%), 07/25/2030		485,210		0.2
	250,000	(1)	Babson CLO Ltd. 2014-IA BR, 4.792%, (US0003M + 2.200%), 07/20/2025		249,998		0.1
	412,500	(1)	BlueMountain CLO 2013-2A CR, 4.542%, (US0003M + 1.950%), 10/22/2030		400,151		0.2
	400,000	(1)	CIFC Funding 2013-IA BR Ltd., 5.001%, (US0003M + 2.400%), 07/16/2030		399,243		0.2
	295,119	(4)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.886%, 03/25/2036		199,279		0.1
	1,040,000	(1)	Invitation Homes 2018-SFR1 D Trust, 3.844%, (US0001M + 1.450%), 03/17/2037		1,036,222		0.5
	500,000	(1)	LCM XXIV Ltd. 24A C, 4.842%, (US0003M + 2.250%), 03/20/2030		495,029		0.2
	250,000	(1)	Madison Park Funding XXVII Ltd. 2018-27A B, 4.392%, (US0003M + 1.800%), 04/20/2030		240,753		0.1
	400,000	(1)	Madison Park Funding XXXI Ltd. 2018-31A C, 4.742%, (US0003M + 2.150%), 01/23/2031		394,720		0.2
	200,000	(1),(4)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		198,765		0.1
	250,000	(1)	Octagon Investment Partners XIX Ltd. 2014-1A CR, 4.697%, (US0003M + 2.100%), 04/15/2026		249,980		0.1
	575,000	(1)	Palmer Square Loan Funding 2017-1A D Ltd., 7.447%, (US0003M + 4.850%), 10/15/2025		573,761		0.3
	250,000	(1)	Palmer Square Loan Funding 2018-1A C Ltd., 4.447%, (US0003M + 1.850%), 04/15/2026		239,937		0.1
	1,060,000	(1)	Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035		1,099,602		0.5
	250,000	(1)	THL Credit Wind River 2013-2A CR CLO Ltd., 4.601%, (US0003M + 2.000%), 10/18/2030		241,960		0.1
	560,000	(1)	THL Credit Wind River 2017-3A C CLO Ltd., 4.797%, (US0003M + 2.200%), 10/15/2030		554,733		0.3
	300,000	(1),(4)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057		289,609		0.2
		Total Asset-Backed Securities
		(Cost $7,882,068)			7,847,315		3.8
SOVEREIGN BONDS: 9.0%
			Chile: 0.1%
	CLP  155,000,000		Bonos de la Tesoreria de la Republica en pesos, 5.100%, 07/15/2050		289,100		0.1
			Colombia: 0.7%
	COP  4,409,400,000		Colombian TES, 7.000%, 06/30/2032		1,457,819		0.7
			Germany: 4.8%
	EUR  1,010,000		Bundesobligation, 0.000%, 10/08/2021		1,168,566		0.6
	EUR  30,000		Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028		36,878		0.0
	EUR  200,000		Bundesrepublik Deutschland Bundesanleihe, 1.250%, 08/15/2048		290,338		0.1
	EUR  10,000		Bundesrepublik Deutschland Bundesanleihe, 2.000%, 08/15/2023		12,668		0.0
	EUR  660,000		Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046		1,198,486		0.6
	EUR  120,000		Bundesrepublik Deutschland Bundesanleihe, 0.000%, 08/15/2026		141,780		0.1
	EUR  5,770,000		Bundesrepublik Deutschland, 0.500%, 02/15/2025		6,987,091		3.4
	EUR  10,000		Bundesschatzanweisungen, 0.000%, 03/13/2020		11,427		0.0
					9,847,234		4.8
			Indonesia: 0.7%
	IDR  17,656,000,000		Indonesia Treasury Bond, 8.750%, 05/15/2031		1,360,875		0.7
			Peru: 1.0%
	PEN  750,000	(1)	Peru Government Bond, 5.400%, 08/12/2034		232,919		0.1
	PEN  5,649,000		Peru Government Bond, 6.150%, 08/12/2032		1,884,217		0.9
					2,117,136		1.0
			Poland: 0.5%
	PLN  3,655,000		Republic of Poland Government Bond, 2.750%, 04/25/2028		1,010,016		0.5

See Accompanying Notes to Financial Statements

7

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
			Spain: 1.2%
	EUR  870,000	(1)	Spain Government Bond, 1.450%, 04/30/2029		1,090,220		0.5
	EUR  908,000	(1)	Spain Government Bond, 2.700%, 10/31/2048		1,359,254		0.7
					2,449,474		1.2
		Total Sovereign Bonds
		(Cost $17,810,976)			18,531,654		9.0
U.S. TREASURY OBLIGATIONS: 16.4%
			U.S. Treasury Bonds: 5.5%
	8,891,000		2.375%, 05/15/2029		9,183,951		4.4
	2,027,700		3.000%, 02/15/2049		2,224,213		1.1
	30,000		3.500%, 02/15/2039		35,613		0.0
					11,443,777		5.5
			U.S. Treasury Notes: 10.9%
	679,000		1.500%, 10/31/2019		677,700		0.3
	1,488,000		1.500%, 07/15/2020		1,481,286		0.7
	5,768,000		1.625%, 06/30/2021		5,753,467		2.8
	3,001,000		1.750%, 06/15/2022		3,004,458		1.5
	4,798,000		1.750%, 06/30/2024		4,794,252		2.3
	1,553,000		2.000%, 05/31/2024		1,570,623		0.8
	2,122,000		2.125%, 05/31/2021		2,136,050		1.1
	2,907,000		2.125%, 05/31/2026		2,954,012		1.4
					22,371,848		10.9
		Total U.S. Treasury Obligations
		(Cost $33,306,201)			33,815,625		16.4
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%
			United States: 9.1%
	6,937,888	(4),(5)	BANK 2017-BNK5 XA, 1.229%, 06/15/2060		418,410		0.2
	900,000	(1),(4)	BANK 2017-BNK6 E, 2.792%, 07/15/2060		615,819		0.3
	1,948,000	(1),(4),(5)	BANK 2017-BNK6 XE, 1.500%, 07/15/2060		194,307		0.1
	998,205	(4),(5)	BANK 2019-BNK16 XA, 1.130%, 02/15/2052		73,509		0.0
	2,048,211	(4),(5)	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.674%, 02/15/2050		181,053		0.1
	8,020,000	(1),(4),(5)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033		288,886		0.1
	210,000	(1)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		188,526		0.1
	1,198,947	(4),(5)	Benchmark 2019-B9 XA Mortgage Trust, 1.215%, 03/15/2052		99,742		0.1
	1,846,570	(4),(5)	CD 2016-CD1 Mortgage Trust XA, 1.552%, 08/10/2049		140,620		0.1
	7,900,000	(4),(5)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.995%, 08/10/2049		434,771		0.2
	3,219,420	(4),(5)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.262%, 10/12/2050		217,219		0.1
	210,000	(4)	Citigroup Commercial Mortgage Trust 2017-P8 C, 4.412%, 09/15/2050		216,700		0.1
	3,291,096	(4),(5)	COMM 2012-CR1 XA, 2.039%, 05/15/2045		142,525		0.1
	9,673,167	(1),(4),(5)	COMM 2012-LTRT XA, 1.089%, 10/05/2030		230,428		0.1
	1,819,012	(4),(5)	COMM 2013-CCRE10 XA Mortgage Trust, 0.840%, 08/10/2046		44,838		0.0
	11,308,984	(4),(5)	COMM 2014-CR16 XA, 1.146%, 04/10/2047		443,293		0.2
	570,000	(4)	COMM 2016-COR1 C, 4.531%, 10/10/2049		593,751		0.3
	4,419,478	(4),(5)	COMM 2016-CR28 XA, 0.742%, 02/10/2049		150,596		0.1
	1,000,000	(4)	COMM 2017-COR2 C, 4.714%, 09/10/2050		1,059,614		0.5
	440,000	(1)	Credit Suisse Mortgage Capital Certificates 2019-ICE4 F, 5.044%, (US0001M + 2.650%), 05/15/2036		442,602		0.2
	200,000	(4)	CSAIL 2015-C2 C Commercial Mortgage Trust, 4.343%, 06/15/2057		193,138		0.1
	4,886,510	(4),(5)	CSAIL 2017-CX9 XA Commercial Mortgage Trust, 1.028%, 09/15/2050		199,627		0.1
	300,000	(1),(6)	DBRR Re-REMIC Trust 2015-FRR1 B711, 0.000%, 08/28/2045		297,806		0.1
	1,912,379	(1),(4),(5)	DBUBS 2011-LC1A XA, 0.885%, 11/10/2046		11,315		0.0
	290,000	(1),(4)	DBJPM 16-C3 Mortgage Trust, 3.633%, 08/10/2049		270,917		0.1
	3,840,000	(4),(5)	Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.910%, 01/25/2043		162,410		0.1
	7,000,000	(4),(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.852%, 12/25/2041		490,790		0.2
	2,636,538	(4),(5)	Freddie Mac Multifamily Structured Pass Through Certificates K055 X1, 1.499%, 03/25/2026		203,152		0.1
	4,423,190	(4),(5)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.626%, 08/25/2040		34,157		0.0
	38,271,849	(1),(5)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044		72,284		0.0
	228,375	(1),(4)	GCCFC Commercial Mortgage Trust 2004-GG1 F, 6.608%, 06/10/2036		228,147		0.1
	255,000	(1)	GPT 2018-GPP D Mortgage Trust, 4.244%, (US0001M + 1.850%), 06/15/2035		253,264		0.1
	450,000	(1),(4)	Grace 2014-GRCE F Mortgage Trust, 3.710%, 06/10/2028		450,588		0.2
	100,000	(1),(4)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043		97,868		0.1
	1,964,780	(4),(5)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.360%, 05/10/2045		75,726		0.0
	180,000	(1)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046		149,567		0.1
	3,998,765	(4),(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.217%, 11/10/2046		154,573		0.1

See Accompanying Notes to Financial Statements

8

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States: (continued)
	4,479,015	(4),(5)	GS Mortgage Securities Trust 2013-GCJ14 XA, 0.763%, 08/10/2046		98,655		0.1
	1,350,000	(1),(4)	GS Mortgage Securities Trust 2016-GS4 E, 3.922%, 11/10/2049		1,040,336		0.5
	2,317,230	(4),(5)	GS Mortgage Securities Trust 2017-GS6 XA, 1.191%, 05/10/2050		160,409		0.1
	410,000	(1),(4)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.668%, 07/10/2052		411,209		0.2
	310,000	(1),(4)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.668%, 07/10/2052		303,433		0.1
	2,940,000	(1),(4),(5)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.420%, 12/15/2047		32,689		0.0
	34,535	(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.536%, 06/12/2041		34,780		0.0
	1,740,000	(1),(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 E, 4.000%, 08/15/2046		1,693,005		0.8
	5,942,136	(4),(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.659%, 06/15/2045		173,383		0.1
	660,000	(4)	JPMBB Commercial Mortgage Securities Trust 2014-C18 AS, 4.439%, 02/15/2047		708,468		0.3
	344,910	(4)	LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/2040		345,328		0.2
	3,107,208	(1),(4),(5)	LSTAR Commercial Mortgage Trust 2017-5 X, 1.265%, 03/10/2050		129,832		0.1
	1,090,000	(1),(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 E, 4.762%, 11/15/2045		1,096,428		0.5
	18,750,000	(1),(4),(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.584%, 12/15/2047		453,212		0.2
	570,000	(1),(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.554%, 09/15/2047		593,245		0.3
	4,773,681	(1),(4),(5)	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 1.996%, 08/10/2049		236,829		0.1
	7,011,766	(4),(5)	Wells Fargo Commercial Mortgage Trust 2016-C37, 1.149%, 12/15/2049		315,507		0.2
	3,196,673	(1),(4),(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.988%, 08/15/2045		141,892		0.1
	550,000	(1),(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.407%, 03/15/2045		472,173		0.2
	530,000	(1),(4)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.111%, 06/15/2046		504,262		0.3
	9,397,114	(4),(5)	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.211%, 03/15/2047		340,604		0.2
		Total Commercial Mortgage-Backed Securities
		(Cost $18,376,870)			18,808,217		9.1
U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.3%
			Federal Home Loan Mortgage Corporation: 0.5%(7)
	167,865		4.000%, 09/01/2045		175,728		0.1
	257,326		4.000%, 09/01/2045		269,380		0.1
	133,092		4.000%, 09/01/2045		139,327		0.1
	106,088		4.000%, 09/01/2045		111,058		0.1
	199,588		4.000%, 05/01/2046		208,936		0.1
	296		5.000%, 01/01/2020		303		0.0
	1,360		5.000%, 02/01/2020		1,394		0.0
	9,707		5.000%, 12/01/2034		10,502		0.0
	36,734		6.000%, 02/01/2034		41,679		0.0
	3,442		6.500%, 02/01/2022		3,616		0.0
	3,999		6.500%, 09/01/2022		4,150		0.0
	2,475		6.500%, 08/01/2032		2,841		0.0
	4,636		6.500%, 07/01/2034		5,147		0.0
	6,151		6.500%, 07/01/2034		6,830		0.0
					980,891		0.5
			Federal National Mortgage Association: 0.0%(7)
	101,887		4.764%, 10/01/2036		107,465		0.0
			Government National Mortgage Association: 2.1%
	4,100,000	(8)	3.000%, 08/01/2044		4,181,679		2.1
	35,209		5.000%, 04/15/2034		38,226		0.0
	16,175		6.500%, 02/20/2035		18,864		0.0
					4,238,769		2.1
			Uniform Mortgage-Backed Security: 6.7%
	80,946		2.500%, 06/01/2030		81,579		0.0
	56,414		2.500%, 06/01/2030		56,856		0.0
	32,331		2.500%, 07/01/2030		32,584		0.0
	2,942,110		3.500%, 05/01/2049		3,011,179		1.5
	1,593,365		3.500%, 06/01/2049		1,631,194		0.8
	2,400,000	(8)	3.500%, 07/25/2049		2,453,062		1.2
	157,016		4.000%, 05/01/2045		164,460		0.1
	2,902,945		4.000%, 06/01/2049		3,006,395		1.5
	1,000,000	(8)	4.000%, 07/25/2049		1,033,379		0.5
	1,900,000	(8)	4.500%, 07/25/2049		1,985,537		1.0
	63,974		5.000%, 06/01/2041		69,542		0.0
	215		5.500%, 09/01/2019		215		0.0
	481		5.500%, 09/01/2019		480		0.0
	16,616		5.500%, 09/01/2024		17,722		0.0
	1,196		6.000%, 05/01/2021		1,213		0.0
	72,051		6.000%, 11/01/2034		81,728		0.0
	116,272		6.000%, 04/01/2035		131,920		0.1
	51,925		6.500%, 12/01/2029		58,713		0.0
	22,348		6.500%, 01/01/2034		25,432		0.0
	268		7.000%, 04/01/2033		299		0.0
	19,396		7.500%, 09/01/2032		23,313		0.0
	40,636		7.500%, 01/01/2033		47,995		0.0
					13,914,797		6.7
		Total U.S. Government Agency Obligations
		(Cost $19,131,900)			19,241,922		9.3

See Accompanying Notes to Financial Statements

9

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 0.0%
			United States: 0.0%
	43,083	(2),(9)	American Media, Inc.		–		–
	18	(9)	Ingevity Corp.		1,893		0.0
	4,988		Resolute Forest Products, Inc.		35,914		0.0
	120		WestRock Co.		4,376		0.0
		Total Common Stock
		(Cost $1,305,734)			42,183		0.0
MUTUAL FUNDS: 18.0%
			United States: 18.0%
	626,727		Voya Emerging Markets Corporate Debt Fund - Class P		6,267,271		3.0
	1,098,658		Voya Emerging Markets Hard Currency Debt Fund - Class P		10,744,872		5.2
	1,810,542		Voya Emerging Markets Local Currency Debt Fund - Class P		13,198,849		6.4
	876,819		Voya High Yield Bond Fund - Class P		6,988,247		3.4
		Total Mutual Funds
		(Cost $39,371,730)			37,199,239		18.0

		Value		Percentage of Net Assets
PURCHASED OPTIONS (10): 0.0%
	Total Purchased Options
	(Cost $68,571)		15,495		0.0
	Total Long-Term Investments
	(Cost $200,059,825)		201,972,105		97.9

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 10.7%
		Commercial Paper: 7.6%
	2,000,000	American Electric Power Co., Inc., 2.730%, 08/13/2019		1,993,440		1.0
	1,000,000	Consolidated Edison Co. of New York, Inc., 2.950%, 07/19/2019		998,468		0.5
	1,000,000	Consolidated Edison Co. of New York, Inc., 3.020%, 07/15/2019		998,760		0.5
	2,000,000	Dominion Resources, Inc., 2.730%, 08/08/2019		1,994,174		1.0
	4,000,000	Kroger Co., 7.360%, 07/01/2019		3,999,194		1.9
	1,600,000	National Grid, 2.730%, 08/28/2019		1,592,978		0.8
	4,000,000	United Health, 7.550%, 07/01/2019		3,999,173		1.9
				15,576,187		7.6

Shares				Value			Percentage of Net Assets
			Mutual Funds: 3.1%
	6,408,000	(11)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.260%
			(Cost $6,408,000)		6,408,000			3.1
		Total Short-Term Investments
		(Cost $21,987,566)			21,984,186			10.6
		Total Investments in Securities (Cost $222,047,391)		$	223,956,292			108.6
		Liabilities in Excess of Other Assets			(17,809,559	)		(8.6	)
		Net Assets		$	206,146,733			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(3)	Defaulted security
(4)	Variable rate security. Rate shown is the rate in effect as of June 30, 2019.
(5)	Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.
(6)	Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2019.
(7)	The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(8)	Settlement is on a when-issued or delayed-delivery basis.
(9)	Non-income producing security.
(10)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(11)	Rate shown is the 7-day yield as of June 30, 2019.

CLP	Chilean Peso
COP	Colombian Peso
EUR	EU Euro
IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RUB	Russian Ruble
ZAR	South African Rand

Reference Rate Abbreviations:
12MTA	12-month Treasury Average
US0001M	1-month LIBOR
US0003M	3-month LIBOR
US0012M	12-month LIBOR

See Accompanying Notes to Financial Statements

10

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019  (Unaudited)

Shares			Value		Percentage of Net Assets
COMMON STOCK: 99.5%
		Australia: 8.0%
	209,897	AGL Energy Ltd.	$	2,951,880		0.6
	1,454,308	Alumina Ltd.		2,387,166		0.5
	887,702	Aurizon Holdings Ltd.		3,369,868		0.7
	719,145	AusNet Services		947,737		0.2
	61,731	BHP Group Ltd.		1,794,432		0.4
	627,682	Boral Ltd.		2,263,681		0.5
	341,365	Coca-Cola Amatil Ltd.		2,450,667		0.5
	209,886	Crown Resorts Ltd.		1,834,496		0.4
	366,665	Harvey Norman Holdings Ltd.		1,049,240		0.2
	22,343	Macquarie Group Ltd.		1,970,789		0.4
	1,075,553	Scentre Group		2,902,680		0.6
	127,790	Sonic Healthcare Ltd.		2,434,907		0.5
	1,299,454	South32 Ltd. - AUD		2,912,909		0.6
	418,247	Stockland		1,226,319		0.2
	549,124	Sydney Airport		3,102,269		0.6
	68,655	Transurban Group - Stapled Security		710,882		0.1
	1,316,231	Vicinity Centres		2,266,174		0.5
	48,200	Washington H Soul Pattinson & Co. Ltd.		745,328		0.2
	66,557	Woolworths Group Ltd		1,554,186		0.3
				38,875,610		8.0
		Belgium: 0.4%
	31,081	Colruyt S.A.		1,804,374		0.4
		China: 0.3%
	371,000	BOC Hong Kong Holdings Ltd.		1,460,682		0.3
		Denmark: 2.6%
	25,189	Carlsberg A/S		3,342,512		0.7
	30,472	Coloplast A/S		3,444,519		0.7
	111,610	Novo Nordisk A/S		5,700,727		1.2
				12,487,758		2.6
		Finland: 2.3%
	75,460	Nokian Renkaat OYJ		2,356,643		0.5
	299,599	Nordea Bank Abp		2,175,445		0.4
	19,983	Orion Oyj		732,795		0.1
	77,684	Sampo OYJ		3,667,031		0.8
	89,109	UPM-Kymmene OYJ		2,370,927		0.5
				11,302,841		2.3
		France: 8.6%
	60,420	Alstom SA		2,800,501		0.6
	71,343	Bouygues SA		2,642,046		0.5
	99,323	Credit Agricole SA		1,185,194		0.2
	42,633	Danone		3,609,831		0.8
	14,109	Edenred		719,058		0.2
	30,619	Eiffage SA		3,026,061		0.6
	242,851	Engie SA		3,682,471		0.8
	4,615	Covivio		483,052		0.1
	117,805	Getlink SE		1,887,059		0.4
	77,202	Klepierre SA		2,586,491		0.5
	91,260	Orange SA		1,439,453		0.3
	19,825	Peugeot S.A.		487,942		0.1
	70,762	Sanofi		6,115,416		1.3
	12,077	Societe BIC S.A.		919,967		0.2
	103,643	Societe Generale		2,615,887		0.5
	27,483	Sodexo SA		3,212,595		0.7
	118,940	SUEZ		1,716,281		0.3
	31,109	Total SA		1,745,022		0.4
	6,948	Vinci SA		709,570		0.1
				41,583,897		8.6
		Germany: 5.7%
	3,252	Adidas AG		1,006,072		0.2
	68,655	Aroundtown SA		566,417		0.1
	54,374	BASF SE		3,955,667		0.8
	26,014	Deutsche Boerse AG		3,672,396		0.8
	73,899	Deutsche Lufthansa AG		1,267,059		0.3
	114,798	Deutsche Post AG		3,776,490		0.8
	194,083	Deutsche Telekom AG		3,362,421		0.7
	12,850	Deutsche Wohnen SE		470,864		0.1
	18,514	Hannover Rueck SE		2,993,592		0.6
	12,797	SAP SE		1,754,365		0.4
	18,030	Siemens AG		2,146,568		0.4
	574,482	Telefonica Deutschland Holding AG		1,605,020		0.4
	76,281	TUI AG		748,975		0.1
				27,325,906		5.7
		Hong Kong: 3.6%
	265,500	CK Hutchison Holdings Ltd.		2,618,825		0.5
	292,000	CLP Holdings Ltd.		3,217,781		0.7
	146,900	Hang Seng Bank Ltd.		3,656,413		0.7
	1,115,000	HKT Trust / HKT Ltd.		1,769,909		0.4
	21,000	Jardine Matheson Holdings Ltd.		1,324,533		0.3
	262,000	NWS Holdings Ltd.		538,874		0.1
	1,491,000	PCCW Ltd.		860,421		0.2
	448,000	Power Assets Holdings Ltd.		3,222,934		0.7
				17,209,690		3.6
		Ireland: 0.2%
	221,593	AIB Group PLC		906,096		0.2
		Israel: 1.7%
	305,339	Bank Hapoalim BM		2,267,516		0.5
	323,919	Bank Leumi Le-Israel BM		2,341,301		0.5
	4,512	Elbit Systems Ltd.		673,199		0.1
	162,379	Israel Chemicals Ltd.		854,270		0.2
	251,646	Israel Discount Bank Ltd.		1,026,061		0.2
	38,969	Mizrahi Tefahot Bank Ltd.		900,191		0.2
				8,062,538		1.7
		Italy: 4.2%
	194,540	Assicurazioni Generali S.p.A.		3,662,718		0.8
	68,078	Enel S.p.A.		474,895		0.1
	218,709	ENI S.p.A.		3,636,547		0.8
	1,594,915	Intesa Sanpaolo SpA		3,414,396		0.7
	292,831	Mediobanca Banca di Credito Finanziario SpA		3,019,616		0.6
	58,557	Recordati S.p.A.		2,440,673		0.5
	601,357	Snam SpA		2,991,645		0.6

See Accompanying Notes to Financial Statements

11

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Italy: (continued)
	72,326		Terna Rete Elettrica Nazionale SpA		460,834		0.1
					20,101,324		4.2
			Japan: 24.6%
	20,600		ABC-Mart, Inc.		1,343,466		0.3
	52,400		Alfresa Holdings Corp.		1,295,910		0.3
	83,900		ANA Holdings, Inc.		2,780,971		0.6
	52,400		Aozora Bank Ltd.		1,259,941		0.3
	123,600	(1)	Canon, Inc.		3,619,388		0.7
	944		Daiwa House REIT Investment Corp.		2,278,664		0.5
	497,900		Daiwa Securities Group, Inc.		2,186,002		0.5
	73,500		Fuji Film Holdings Corp.		3,731,581		0.8
	36,700		Hamamatsu Photonics KK		1,433,757		0.3
	79,000		Japan Airlines Co. Ltd.		2,521,343		0.5
	209,800		Japan Post Holdings Co. Ltd.		2,375,988		0.5
	263		Japan Prime Realty Investment Corp.		1,139,843		0.2
	991		Japan Retail Fund Investment Corp.		2,004,401		0.4
	166,400		JFE Holdings, Inc.		2,450,209		0.5
	36,700		Kajima Corp.		504,789		0.1
	52,400		Konami Holdings Corp.		2,464,832		0.5
	262,400		Konica Minolta, Inc.		2,556,716		0.5
	10,500		Kyocera Corp.		687,999		0.1
	84,100		Kyushu Railway Co.		2,453,427		0.5
	41,900		Lawson, Inc.		2,012,953		0.4
	20,900		Maruichi Steel Tube Ltd.		581,633		0.1
	21,100		McDonald's Holdings Co. Japan Ltd.		930,923		0.2
	85,100		Medipal Holdings Corp.		1,882,287		0.4
	26,200		MEIJI Holdings Co., Ltd.		1,873,327		0.4
	137,600		Mitsubishi Corp.		3,636,132		0.8
	78,900		Mitsubishi Heavy Industries Ltd.		3,440,992		0.7
	222,700		Mitsui & Co., Ltd.		3,635,109		0.8
	73,400		MS&AD Insurance Group Holdings, Inc.		2,333,123		0.5
	2,524,500		Mizuho Financial Group, Inc.		3,670,943		0.8
	78,700		NEC Corp.		3,105,584		0.6
	735		Nippon Prologis REIT, Inc.		1,697,749		0.4
	422		Nippon Building Fund, Inc.		2,890,524		0.6
	42,000		Nippon Electric Glass Co., Ltd.		1,067,480		0.2
	114,400		Nippon Steel Corp.		1,968,829		0.4
	387,100		Nissan Motor Co., Ltd.		2,772,592		0.6
	167,800		NTT DoCoMo, Inc.		3,915,098		0.8
	20,900		Oracle Corp. Japan		1,530,221		0.3
	42,000		ORIX Corp.		627,685		0.1
	246,100		Ricoh Co., Ltd.		2,462,031		0.5
	31,400		Sankyo Co., Ltd.		1,138,503		0.2
	185,400		Seiko Epson Corp.		2,937,518		0.6
	201,700		Sekisui House Ltd.		3,323,332		0.7
	84,300		Seven & I Holdings Co., Ltd.		2,856,201		0.6
	124,900		Subaru Corp.		3,040,960		0.6
	224,600		Sumitomo Corp.		3,411,242		0.7
	72,500		Sumitomo Mitsui Financial Group, Inc.		2,569,813		0.5
	57,700		Sundrug Co., Ltd.		1,564,862		0.3
	21,000		Suzuken Co., Ltd.		1,234,033		0.3
	15,700		Taisei Corp.		571,897		0.1
	109,700		Teijin Ltd.		1,874,179		0.4
	42,000		Toyo Suisan Kaisha Ltd.		1,731,196		0.4
	956		United Urban Investment Corp.		1,602,394		0.3
	42,200		West Japan Railway Co.		3,415,477		0.7
	546,200		Yamada Denki Co., Ltd.		2,417,307		0.5
					118,813,356		24.6
			Luxembourg: 0.4%
	20,872		RTL Group SA		1,068,276		0.2
	51,819		SES S.A. - Luxembourg		810,197		0.2
					1,878,473		0.4
			Netherlands: 7.7%
	136,459	(2)	ABN AMRO Bank NV		2,919,882		0.6
	201,794		ING Groep NV		2,337,530		0.5
	155,561		Koninklijke Ahold Delhaize NV		3,492,298		0.7
	478,589		Koninklijke KPN NV		1,469,651		0.3
	69,877		NN Group NV		2,808,979		0.6
	363,832		Royal Dutch Shell PLC - Class A		11,874,641		2.5
	138,910		Unilever NV		8,439,920		1.7
	50,915		Wolters Kluwer NV		3,704,133		0.8
					37,047,034		7.7
			New Zealand: 0.2%
	391,263		Spark New Zealand Ltd.		1,052,645		0.2
			Norway: 1.0%
	125,931		Mowi ASA		2,946,649		0.6
	217,712		Orkla ASA		1,932,178		0.4
					4,878,827		1.0
			Singapore: 2.4%
	944,100		ComfortDelgro Corp., Ltd.		1,856,660		0.4
	26,200		Jardine Cycle & Carriage Ltd.		702,091		0.1
	136,400		SATS Ltd		526,277		0.1
	153,200		Singapore Airlines Ltd.		1,049,780		0.2
	267,500		Singapore Exchange Ltd.		1,567,156		0.3
	1,490,400		Singapore Telecommunications Ltd.		3,857,627		0.8
	460,200		Singapore Technologies Engineering Ltd.		1,409,493		0.3
	750,000		Yangzijiang Shipbuilding Holdings Ltd.		849,727		0.2
					11,818,811		2.4
			Spain: 2.7%
	17,175	(2)	Aena SME SA		3,404,135		0.7
	14,515		Amadeus IT Group SA		1,150,249		0.2
	97,357		Enagas		2,598,124		0.5
	119,322	(1)	Endesa S.A.		3,069,030		0.6
	120,473		Ferrovial SA - FERE		3,083,943		0.7
					13,305,481		2.7
			Sweden: 0.7%
	169,479		Swedbank AB		2,551,396		0.5
	22,448		Swedish Match AB		949,062		0.2
					3,500,458		0.7
			Switzerland: 8.3%
	1,259		Givaudan		3,556,085		0.8

See Accompanying Notes to Financial Statements

12

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Switzerland: (continued)
	6,912		Kuehne & Nagel International AG		1,026,688		0.2
	124,826		Nestle SA		12,922,267		2.7
	85,753		Novartis AG		7,828,544		1.6
	34,503		Roche Holding AG		9,701,825		2.0
	14,004		Zurich Insurance Group AG		4,872,684		1.0
					39,908,093		8.3
			United Kingdom: 13.9%
	85,689		Admiral Group PLC		2,402,822		0.5
	398,710	(2)	Auto Trader Group PLC		2,776,934		0.6
	653,492		Aviva PLC		3,461,271		0.7
	561,403		BAE Systems PLC		3,528,365		0.7
	487,400		Barclays PLC		927,063		0.2
	1,362,392		BT Group PLC		3,406,445		0.7
	94,141		Bunzl PLC		2,484,014		0.5
	2,299,062		Centrica PLC		2,562,924		0.5
	61,591		Coca-Cola European Partners PLC		3,479,891		0.7
	160,229		Compass Group PLC		3,840,987		0.8
	17,924		Diageo PLC		771,457		0.2
	609,372		Direct Line Insurance Group PLC		2,568,682		0.5
	322,398		Evraz PLC		2,729,865		0.6
	307,047		GlaxoSmithKline PLC		6,154,731		1.3
	102,431		Investec PLC - INVP - GBP		665,869		0.1
	943,132		J Sainsbury PLC		2,343,688		0.5
	1,071,656		Legal & General Group PLC		3,671,522		0.8
	928,632		Marks & Spencer Group PLC		2,482,910		0.5
	37,685		Next PLC		2,638,973		0.6
	114,405		Persimmon PLC		2,906,464		0.6
	95,663		Relx PLC (GBP Exchange)		2,320,263		0.5
	1,441,221		Taylor Wimpey PLC		2,892,040		0.6
	2,180,343		Vodafone Group PLC		3,573,732		0.7
	983,573		WM Morrison Supermarkets PLC		2,517,626		0.5
					67,108,538		13.9
		Total Common Stock
		(Cost $475,661,429)			480,432,432		99.5
EXCHANGE-TRADED FUNDS: 0.1%
	11,081		iShares MSCI EAFE ETF		728,354		0.1
		Total Exchange-Traded Funds
		(Cost $737,177)			728,354		0.1
		Total Long-Term Investments
		(Cost $476,398,606)			481,160,786		99.6

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
			Repurchase Agreements(3): 1.5%
	1,643,820	(3)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,644,158, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $1,676,696, due 06/01/46-07/01/49)		1,643,820		0.4
	1,643,820	(3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $1,644,162, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,676,696, due 06/30/19-05/20/69)		1,643,820		0.4
	1,643,820	(3)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,644,158, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,676,697, due 07/02/19-01/20/63)		1,643,820		0.3
	1,643,820	(3)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,644,160, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $1,676,704, due 07/05/19-08/16/23)		1,643,820		0.3

See Accompanying Notes to Financial Statements

13

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements(3): (continued)
	486,689	(3)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $486,790, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $496,423, due 07/31/19-06/30/22)		486,689			0.1
					7,061,969			1.5
		Total Short-Term Investments
		(Cost $7,061,969)			7,061,969			1.5
		Total Investments in Securities (Cost $483,460,575)		$	488,222,755			101.1
		Liabilities in Excess of Other Assets			(5,290,402	)		(1.1	)
		Net Assets		$	482,932,353			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Security, or a portion of the security, is on loan.
(2)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(3)	Represents securities purchased with cash collateral received for securities on loan.

See Accompanying Notes to Financial Statements

14

VY^® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.9%
			Communication Services: 0.4%
	350,344		Entravision Communications Corp.	$	1,093,073		0.3
	29,965		Townsquare Media, Inc.		161,212		0.1
					1,254,285		0.4
			Consumer Discretionary: 7.3%
	20,459		Advance Auto Parts, Inc.		3,153,550		0.9
	7,691		Aptiv PLC		621,664		0.2
	58,689		BorgWarner, Inc.		2,463,764		0.7
	127,629	(1)	Camping World Holdings, Inc.		1,585,152		0.4
	50,731		Carnival Corp.		2,361,528		0.6
	19,191		Genuine Parts Co.		1,987,804		0.5
	98,374		Honda Motor Co., Ltd. ADR		2,541,984		0.7
	35,722	(2)	MarineMax, Inc.		587,270		0.2
	34,026		Penske Auto Group, Inc.		1,609,430		0.4
	87,978		Pulte Group, Inc.		2,781,864		0.8
	37,068	(2)	Red Robin Gourmet Burgers, Inc.		1,133,169		0.3
	20,214		Sodexo SA		2,362,893		0.6
	19,627		Target Corp.		1,699,895		0.5
	30,001	(1)	Thor Industries, Inc.		1,753,558		0.5
					26,643,525		7.3
			Consumer Staples: 6.3%
	85,779		Conagra Brands, Inc.		2,274,859		0.6
	86,254	(2)	Hain Celestial Group, Inc.		1,888,963		0.5
	11,844		JM Smucker Co.		1,364,310		0.4
	23,014		Kellogg Co.		1,232,860		0.3
	18,390		Kimberly-Clark Corp.		2,451,019		0.7
	111,293		Koninklijke Ahold Delhaize NV		2,498,494		0.7
	19,907		Molson Coors Brewing Co.		1,114,792		0.3
	30,720		Mondelez International, Inc.		1,655,808		0.4
	402,432		Orkla ASA		3,571,555		1.0
	34,143	(1)	Spectrum Brands Holdings, Inc.		1,835,869		0.5
	33,972		Sysco Corp.		2,402,500		0.7
	16,643	(1)	Weis Markets, Inc.		605,972		0.2
					22,897,001		6.3
			Energy: 3.9%
	99,840		Baker Hughes a GE Co.		2,459,059		0.7
	10,468	(2)	C&J Energy Services, Inc.		123,313		0.0
	15,159		Cimarex Energy Co.		899,384		0.2
	58,874		Devon Energy Corp.		1,679,087		0.5
	13,274	(2)	Dril-Quip, Inc.		637,152		0.2
	59,877	(2)	Earthstone Energy, Inc.		366,447		0.1
	88,468		EQT Corp.		1,398,679		0.4
	67,375		Equitrans Midstream Corp.		1,327,961		0.4
	101,270	(1),(2)	Extraction Oil & Gas, Inc.		438,499		0.1
	16,534		Halliburton Co.		375,983		0.1
	45,228		Imperial Oil Ltd.		1,252,314		0.3
	13,928	(1)	Liberty Oilfield Services, Inc.		225,355		0.1
	20,061		National Oilwell Varco, Inc.		445,956		0.1
	112,606	(1),(2)	NCS Multistage Holdings, Inc.		399,751		0.1
	96,829		Noble Energy, Inc.		2,168,970		0.6
					14,197,910		3.9
			Financials: 27.0%
	30,951		Aflac, Inc.		1,696,424		0.5
	25,635		Ameriprise Financial, Inc.		3,721,177		1.0
	11,736		Ameris Bancorp.		459,934		0.1
	26,697		Amerisafe, Inc.		1,702,468		0.5
	49,748		Ares Management Corp.		1,301,905		0.4
	7,735		Arthur J. Gallagher & Co.		677,509		0.2
	39,044		Axis Capital Holdings Ltd.		2,328,975		0.6
	23,892		Bank OZK		718,910		0.2
	79,344		BankUnited, Inc.		2,677,067		0.7
	112,619		BB&T Corp.		5,532,971		1.5
	38,626		Brown & Brown, Inc.		1,293,971		0.4
	182,835		Capitol Federal Financial, Inc.		2,517,638		0.7
	25,925		Chubb Ltd.		3,818,493		1.1
	43,718		Comerica, Inc.		3,175,675		0.9
	41,669		Commerce Bancshares, Inc.		2,485,972		0.7
	152,227	(1),(3)	Compass Diversified Holdings		2,909,058		0.8
	135,274	(2)	Donnelley Financial Solutions, Inc.		1,804,555		0.5
	197,716		First Hawaiian, Inc.		5,114,913		1.4
	7,862		Hanover Insurance Group, Inc.		1,008,695		0.3
	46,057		Hilltop Holdings, Inc.		979,632		0.3
	155,891		Home Bancshares, Inc./Conway AR		3,002,461		0.8
	87,397		Invesco Ltd.		1,788,143		0.5
	21,682		James River Group Holdings Ltd.		1,016,886		0.3
	46,444		LegacyTexas Financial Group, Inc.		1,890,735		0.5
	18,229		M&T Bank Corp.		3,100,206		0.9
	82,487		Northern Trust Corp.		7,423,830		2.0
	42,448		Origin Bancorp, Inc.		1,400,784		0.4
	28,016		Pacific Premier Bancorp, Inc.		865,134		0.2
	102,096		ProAssurance Corp.		3,686,687		1.0
	19,980		Prosperity Bancshares, Inc.		1,319,679		0.4
	17,014		Reinsurance Group of America, Inc.		2,654,694		0.7
	8,608		RenaissanceRe Holdings Ltd.		1,532,310		0.4
	15,966		Signature Bank		1,929,331		0.5
	21,943		South State Corp.		1,616,541		0.4
	38,228		State Street Corp.		2,143,062		0.6
	18,250		SunTrust Banks, Inc.		1,147,012		0.3
	36,745	(2)	Texas Capital Bancshares, Inc.		2,255,041		0.6
	10,113		Torchmark Corp.		904,709		0.3
	20,683		TowneBank/Portsmouth VA		564,232		0.2
	6,456		Travelers Cos, Inc.		965,301		0.3
	72,750		UMB Financial Corp.		4,788,405		1.3
	301,643		Valley National Bancorp		3,251,712		0.9

See Accompanying Notes to Financial Statements

15

VY^® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	31,652		Westamerica Bancorp.		1,950,080		0.5
	812		White Mountains Insurance Group Ltd.		829,425		0.2
					97,952,342		27.0
			Health Care: 8.3%
	68,996		Cardinal Health, Inc.		3,249,712		0.9
	30,991		Cerner Corp.		2,271,640		0.6
	26,099	(2)	Henry Schein, Inc.		1,824,320		0.5
	37,312	(2)	Hologic, Inc.		1,791,722		0.5
	19,635		McKesson Corp.		2,638,748		0.7
	45,792	(2)	Premier, Inc.		1,790,925		0.5
	29,399	(2)	Providence Service Corp.		1,685,739		0.5
	34,139		Quest Diagnostics, Inc.		3,475,692		1.0
	44,354	(4)	Siemens Healthineers AG		1,868,987		0.5
	18,116		Universal Health Services, Inc.		2,362,145		0.6
	62,391		Zimmer Biomet Holdings, Inc.		7,345,916		2.0
					30,305,546		8.3
			Industrials: 17.3%
	66,840		Atlas Copco AB - B Shares		1,921,678		0.5
	371,660		BAE Systems PLC		2,335,849		0.7
	22,895		Brink's Co.		1,858,616		0.5
	67,671	(2)	Ceco Environmental Corp.		648,965		0.2
	153,595	(2)	Charah Solutions, Inc.		844,773		0.2
	3,294		CSW Industrials, Inc.		224,486		0.1
	20,262		Cummins, Inc.		3,471,691		1.0
	33,483		Deluxe Corp.		1,361,419		0.4
	21,369	(2)	Dycom Industries, Inc.		1,257,993		0.3
	31,893		Eaton Corp. PLC		2,656,049		0.7
	64,131		Emerson Electric Co.		4,278,820		1.2
	25,020		EnPro Industries, Inc.		1,597,277		0.4
	35,421	(2)	Foundation Building Materials, Inc.		629,785		0.2
	21,707	(2)	Gibraltar Industries, Inc.		876,095		0.2
	33,838	(2)	GMS, Inc.		744,436		0.2
	9,934		Graham Corp.		200,766		0.0
	133,032	(1)	Heartland Express, Inc.		2,403,888		0.7
	45,139		Hubbell, Inc.		5,886,126		1.6
	12,968		Hurco Cos, Inc.		461,142		0.1
	197,270		IMI PLC		2,602,695		0.7
	196,376	(2)	Innerworkings, Inc.		750,156		0.2
	81,142		Johnson Controls International plc		3,351,976		0.9
	22,763		Korn Ferry		912,113		0.2
	41,696	(2)	Milacron Holdings Corp.		575,405		0.2
	50,347		MSC Industrial Direct Co.		3,738,768		1.0
	105,002		Mueller Water Products, Inc.		1,031,120		0.3
	87,876		nVent Electric PLC		2,178,446		0.6
	24,445		Paccar, Inc.		1,751,729		0.5
	15,227		Republic Services, Inc.		1,319,267		0.4
	24,301		Schneider Electric SE		2,198,825		0.6
	75,726		Southwest Airlines Co.		3,845,366		1.1
	17,775		Textron, Inc.		942,786		0.3
	42,044		Timken Co.		2,158,539		0.6
	8,058		Unifirst Corp.		1,519,497		0.4
	3,163		Valmont Industries, Inc.		401,100		0.1
					62,937,642		17.3
			Information Technology: 8.7%
	10,852	(2)	Advanced Energy Industries, Inc.		610,642		0.2
	94,836		Applied Materials, Inc.		4,259,085		1.2
	20,752		Avnet, Inc.		939,443		0.3
	29,058		Belden, Inc.		1,730,985		0.5
	136,298	(2)	Casa Systems, Inc.		876,396		0.2
	12,178	(2)	Coherent, Inc.		1,660,714		0.5
	41,503	(2)	Cray, Inc.		1,445,134		0.4
	42,966		Cypress Semiconductor Corp.		955,564		0.3
	23,915		EVERTEC, Inc.		782,020		0.2
	90,228		HP, Inc.		1,875,840		0.5
	64,115		Kulicke & Soffa Industries, Inc.		1,445,793		0.4
	19,251		LogMeIn, Inc.		1,418,414		0.4
	57,611		Maxim Integrated Products		3,446,290		0.9
	22,283		Microchip Technology, Inc.		1,931,936		0.5
	92,206		Presidio, Inc.		1,260,456		0.3
	17,247		Sapiens International Corp. NV		286,645		0.1
	27,014		TE Connectivity Ltd.		2,587,401		0.7
	7,611	(2)	Tech Data Corp.		796,111		0.2
	64,895	(2)	Teradata Corp.		2,326,486		0.6
	19,180		Teradyne, Inc.		918,914		0.3
					31,554,269		8.7
			Materials: 4.8%
	455,889		Graphic Packaging Holding Co.		6,373,328		1.8
	50,691		Innophos Holdings, Inc.		1,475,615		0.4
	36,808		Minerals Technologies, Inc.		1,969,596		0.5
	5,313		Neenah, Inc.		358,893		0.1
	23,716		Packaging Corp. of America		2,260,609		0.6
	14,920		PolyOne Corp.		468,339		0.1
	67,376		Silgan Holdings, Inc.		2,061,705		0.6
	18,973		Sonoco Products Co.		1,239,696		0.3
	90,716	(1)	Tecnoglass, Inc.		588,747		0.2
	20,659		WestRock Co.		753,434		0.2
					17,549,962		4.8
			Real Estate: 6.2%
	5,655		American Tower Corp.		1,156,165		0.3
	98,834		Brandywine Realty Trust		1,415,303		0.4
	13,542		CareTrust REIT, Inc.		322,029		0.1
	9,873		Community Healthcare Trust, Inc.		389,095		0.1
	20,723		Cousins Properties, Inc.		749,551		0.2
	126,417		Empire State Realty Trust, Inc.		1,872,236		0.5
	10,910		Highwoods Properties, Inc.		450,583		0.1
	107,807		Kite Realty Group Trust		1,631,120		0.4
	59,086		Lexington Realty Trust		555,999		0.1
	83,738		MGM Growth Properties LLC		2,566,570		0.7
	10,255		National Health Investors, Inc.		800,198		0.2
	107,926		Piedmont Office Realty Trust, Inc.		2,150,965		0.6
	31,949		RLJ Lodging Trust		566,775		0.2
	51,224		Sabra Healthcare REIT, Inc.		1,008,600		0.3

See Accompanying Notes to Financial Statements

16

VY^® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Real Estate: (continued)
	58,444		Summit Hotel Properties, Inc.		670,353		0.2
	15,027		Urstadt Biddle Properties, Inc.		315,567		0.1
	35,575		Weingarten Realty Investors		975,466		0.3
	187,346		Weyerhaeuser Co.		4,934,693		1.4
					22,531,268		6.2
			Utilities: 6.7%
	37,394		Ameren Corp.		2,808,663		0.8
	18,428		Atmos Energy Corp.		1,945,260		0.5
	25,555		Edison International		1,722,663		0.5
	24,174		Eversource Energy		1,831,422		0.5
	45,809		NorthWestern Corp.		3,305,119		0.9
	33,839		Pinnacle West Capital Corp.		3,183,912		0.9
	24,422		Spire, Inc.		2,049,494		0.6
	25,358		WEC Energy Group, Inc.		2,114,097		0.6
	86,925		Xcel Energy, Inc.		5,171,168		1.4
					24,131,798		6.7
		Total Common Stock (Cost $346,394,159)			351,955,548		96.9
EXCHANGE-TRADED FUNDS: 2.2%
	88,994		iShares Russell Mid-Cap Value ETF		7,932,035		2.2
		Total Exchange-Traded Funds (Cost $7,602,642)			7,932,035		2.2
		Total Long-Term Investments (Cost $353,996,801)			359,887,583		99.1

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.3%
			Repurchase Agreements(5): 1.3%
	1,063,149	(5)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,063,367, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $1,084,412, due 06/01/46-07/01/49)		1,063,149		0.3
	1,063,149	(5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $1,063,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,084,412, due 06/30/19-05/20/69)		1,063,149		0.3
	1,063,149	(5)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,063,367, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,084,412, due 07/02/19-01/20/63)		1,063,149		0.3
	1,063,149	(5)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,063,369, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $1,084,417, due 07/05/19-08/16/23)		1,063,149		0.3
	314,887	(5)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $314,952, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $321,185, due 07/31/19-06/30/22)		314,887		0.1
					4,567,483		1.3

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.0%
	3,811,362	(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $3,811,362)		3,811,362			1 .0
		Total Short-Term Investments (Cost $8,378,845)			8,378,845			2.3
		Total Investments in Securities (Cost $362,375,646)		$	368,266,428			101.4
		Liabilities in Excess of Other Assets			(4,924,696	)		(1.4	)
		Net Assets		$	363,341,732			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Security, or a portion of the security, is on loan.
(2)	Non-income producing security.
(3)	Security is a Master Limited Partnership.
(4)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(5)	Represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

17

VY^® Baron Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.0%
			Communication Services: 3.9%
	902,500	(1)	Iridium Communications, Inc.	$	20,992,150			2.6
	613,000		Manchester United PLC - Class A		11,083,040			1.3
					32,075,190			3.9
			Consumer Discretionary: 25.4%
	218,000	(1)	Bright Horizons Family Solutions, Inc.		32,889,660			4.0
	544,900		Choice Hotels International, Inc.		47,411,749			5.8
	22,260		Dick's Sporting Goods, Inc.		770,864			0.1
	182,900		Marriott Vacations Worldwide Corp.		17,631,560			2.2
	40,000	(1)	Ollie's Bargain Outlet Holdings, Inc.		3,484,400			0.4
	698,741	(1)	Penn National Gaming, Inc.		13,457,751			1.6
	255,000		Red Rock Resorts, Inc.		5,477,400			0.7
	36,000	(1)	Under Armour, Inc. - Class A		912,600			0.1
	382,700		Vail Resorts, Inc.		85,410,986			10.5
					207,446,970			25.4
			Consumer Staples: 1.0%
	45,000		Church & Dwight Co., Inc.		3,287,700			0.4
	116,900	(1)	Performance Food Group Co.		4,679,507			0.6
					7,967,207			1.0
			Financials: 22.8%
	542,600	(1)	Arch Capital Group Ltd.		20,119,608			2.5
	270,000	(2)	Carlyle Group L.P.		6,104,700			0.7
	317,200		Cohen & Steers, Inc.		16,316,768			2.0
	65,500	(1)	Essent Group Ltd.		3,077,845			0.4
	82,000		Factset Research Systems, Inc.		23,497,920			2.9
	53,950		Houlihan Lokey, Inc.		2,402,393			0.3
	123,241		Kinsale Capital Group, Inc.		11,274,087			1.4
	12,175	(1)	LendingTree, Inc.		5,113,865			0.6
	80,000		Moelis & Co.		2,796,000			0.3
	136,500		Morningstar, Inc.		19,743,360			2.4
	181,000		MSCI, Inc. - Class A		43,220,990			5.3
	109,100	(2)	Oaktree Capital Group LLC		5,404,814			0.7
	223,300		Primerica, Inc.		26,784,835			3.3
					185,857,185			22.8
			Health Care: 11.5%
	48,909	(1)	Adaptive Biotechnologies Corp.		2,362,305			0.3
	22,000	(1)	Alector, Inc.		418,000			0.1
	94,500		Bio-Techne Corp.		19,702,305			2.4
	44,000	(1)	Covetrus, Inc.		1,076,240			0.1
	207,500		Dechra Pharmaceuticals PLC		7,242,268			0.9
	81,000	(1)	Denali Therapeutics, Inc.		1,681,560			0.2
	131,000	(1)	Idexx Laboratories, Inc.		36,068,230			4.4
	14,700	(1)	Mettler Toledo International, Inc.		12,348,000			1.5
	65,077	(1)	Neogen Corp.		4,041,932			0.5
	73,000		West Pharmaceutical Services, Inc.		9,135,950			1.1
					94,076,790			11.5
			Industrials: 9.0%
	48,550		Air Lease Corp.		2,007,057			0.3
	11,091		Albany International Corp.		919,555			0.1
	54,771	(1)	BrightView Holdings, Inc.		1,024,766			0.1
	108,153	(1)	CoStar Group, Inc.		59,923,251			7.3
	492,136	(1),(3)	Marel HF		2,160,366			0.3
	104,200	(1)	Trex Co., Inc.		7,471,140			0.9
					73,506,135			9.0
			Information Technology: 17.5%
	91,000	(1)	Altair Engineering, Inc.		3,675,490			0.5
	176,700	(1)	ANSYS, Inc.		36,191,694			4.4
	283,700	(1)	Benefitfocus, Inc.		7,702,455			0.9
	262,200	(1)	Gartner, Inc.		42,198,468			5.2
	164,000	(1)	Guidewire Software, Inc.		16,626,320			2.0
	15,000		Littelfuse, Inc.		2,653,650			0.3
	460,500		SS&C Technologies Holdings, Inc.		26,529,405			3.3
	52,753	(1)	Wix.com Ltd.		7,496,201			0.9
					143,073,683			17.5
			Real Estate: 7.9%
	10,700		Alexander's, Inc.		3,962,210			0.5
	82,000		Alexandria Real Estate Equities, Inc.		11,569,380			1.4
	68,838		American Assets Trust, Inc.		3,243,647			0.4
	470,000		Douglas Emmett, Inc.		18,724,800			2.3
	699,650		Gaming and Leisure Properties, Inc.		27,272,357			3.3
					64,772,394			7.9
		Total Common Stock (Cost $235,267,570)			808,775,554			99.0
SHORT-TERM INVESTMENTS: 1.2%
			Mutual Funds: 1.2%
	9,748,487	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $9,748,487)		9,748,487			1.2
		Total Short-Term Investments (Cost $9,748,487)			9,748,487			1.2
		Total Investments in Securities (Cost $245,016,057)		$	818,524,041			100.2
		Liabilities in Excess of Other Assets			(1,793,892	)		(0.2	)
		Net Assets		$	816,730,149			100.0

(1)	Non-income producing security.
(2)	Security is a Master Limited Partnership.
(3)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(4)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

18

VY^® Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.6%
			Communication Services: 12.2%
	20,810		Activision Blizzard, Inc.	$	982,232		0.4
	3,933	(1)	Alphabet, Inc. - Class A		4,258,652		1.5
	5,159	(1)	Alphabet, Inc. - Class C		5,576,415		2.0
	144,850		AT&T, Inc.		4,853,923		1.7
	174,659		Comcast Corp. – Class A		7,384,583		2.6
	12,320	(1)	Electronic Arts, Inc.		1,247,523		0.5
	30,640	(1)	Facebook, Inc. - Class A		5,913,520		2.1
	25,155	(1)	T-Mobile US, Inc.		1,864,992		0.7
	34,627		Verizon Communications, Inc.		1,978,240		0.7
					34,060,080		12.2
			Consumer Discretionary: 10.6%
	5,365	(1)	Amazon.com, Inc.		10,159,325		3.6
	51,770		Aramark		1,866,826		0.7
	7,556		Dollar General Corp.		1,021,269		0.4
	33,380		D.R. Horton, Inc.		1,439,680		0.5
	100,250		eBay, Inc.		3,959,875		1.4
	17,790		Las Vegas Sands Corp.		1,051,211		0.4
	46,209		Lowe's Cos, Inc.		4,662,950		1.7
	17,171		McDonald's Corp.		3,565,730		1.3
	16,342		Restaurant Brands International, Inc.		1,136,423		0.4
	18,440		Tapestry, Inc.		585,101		0.2
					29,448,390		10.6
			Consumer Staples: 6.6%
	30,940		Colgate-Palmolive Co.		2,217,470		0.8
	71,681		Conagra Brands, Inc.		1,900,980		0.7
	44,795		Kroger Co.		972,499		0.3
	87,505		Mondelez International, Inc.		4,716,520		1.7
	80,350		Philip Morris International, Inc.		6,309,886		2.3
	32,559		Sysco Corp.		2,302,572		0.8
					18,419,927		6.6
			Energy: 5.0%
	70,728		Canadian Natural Resources Ltd.		1,907,534		0.7
	54,931		Chevron Corp.		6,835,614		2.4
	33,294		EOG Resources, Inc.		3,101,669		1.1
	56,390		Schlumberger Ltd.		2,240,938		0.8
					14,085,755		5.0
			Financials: 13.3%
	17,695		Aon PLC		3,414,781		1.2
	43,597	(1)	Berkshire Hathaway, Inc. – Class B		9,293,572		3.3
	6,426		BlackRock, Inc.		3,015,722		1.1
	105,587		Citigroup, Inc.		7,394,258		2.7
	70,493		JPMorgan Chase & Co.		7,881,117		2.8
	77,170		Morgan Stanley		3,380,818		1.2
	60,190		Wells Fargo & Co.		2,848,191		1.0
					37,228,459		13.3
			Health Care: 14.4%
	27,328		Abbott Laboratories		2,298,285		0.8
	11,675	(1)	Alexion Pharmaceuticals, Inc.		1,529,191		0.5
	26,335		Allergan plc		4,409,269		1.6
	13,827		Anthem, Inc.		3,902,118		1.4
	22,730		Baxter International, Inc.		1,861,587		0.7
	11,090		Becton Dickinson & Co.		2,794,791		1.0
	16,803		Cigna Corp.		2,647,313		0.9
	43,965		Dentsply Sirona, Inc.		2,565,797		0.9
	2,635		Humana, Inc.		699,065		0.3
	41,982		Johnson & Johnson		5,847,253		2.1
	74,843		Medtronic PLC		7,288,960		2.6
	100,311		Pfizer, Inc.		4,345,473		1.6
					40,189,102		14.4
			Industrials: 6.1%
	13,315		Caterpillar, Inc.		1,814,701		0.6
	32,790		Emerson Electric Co.		2,187,749		0.8
	11,375		Harris Corp.		2,151,354		0.8
	34,032		Honeywell International, Inc.		5,941,647		2.1
	15,475		Northrop Grumman Corp.		5,000,127		1.8
					17,095,578		6.1
			Information Technology: 23.7%
	10,205	(1)	Adobe, Inc.		3,006,903		1.1
	51,001		Apple, Inc.		10,094,118		3.6
	4,291		Broadcom, Inc.		1,235,207		0.4
	8,520		CDK Global, Inc.		421,229		0.2
	74,140		Cisco Systems, Inc.		4,057,682		1.5
	50,560		Corning, Inc.		1,680,109		0.6
	40,790		Fidelity National Information Services, Inc.		5,004,117		1.8
	113,555	(1)	First Data Corp.		3,073,934		1.1
	41,075		Intel Corp.		1,966,260		0.7
	15,260		International Business Machines Corp.		2,104,354		0.8
	9,625		Lam Research Corp.		1,807,960		0.6
	49,155		Marvell Technology Group Ltd.		1,173,330		0.4
	35,391		Mastercard, Inc. - Class A		9,361,981		3.4
	120,435		Microsoft Corp.		16,133,473		5.8
	9,330		Nvidia Corp.		1,532,266		0.5
	15,300		NXP Semiconductor NV - NXPI - US		1,493,433		0.5
	2,770	(1)	Palo Alto Networks, Inc.		564,415		0.2
	11,325		Total System Services, Inc.		1,452,658		0.5
					66,163,429		23.7
			Materials: 4.3%
	14,580		Air Products & Chemicals, Inc.		3,300,475		1.2
	46,143	(1)	Corteva, Inc.		1,364,448		0.5
	37,128		DowDuPont, Inc.		2,787,199		1.0
	12,654	(1)	Mosaic Co.		313,864		0.1
	68,830		Newmont Goldcorp Corp.		2,647,890		1.0
	3,158		Sherwin-Williams Co.		1,447,280		0.5
					11,861,156		4.3
			Real Estate: 1.4%
	19,425		American Tower Corp.		3,971,441		1.4

See Accompanying Notes to Financial Statements

19

VY^® Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: 1.0%
	30,980		American Electric Power Co., Inc.		2,726,550			1.0
		Total Common Stock (Cost $217,872,065)			275,249,867			98.6
OTHER: –%
			Materials: –%
	649,000	(2),(3)	SINO Forest Corp. (Escrow)		–			–
		Total Other (Cost $–)			–			–
		Total Long-Term Investments (Cost $217,872,065)			275,249,867			98.6
SHORT-TERM INVESTMENTS: 1.9%
			Mutual Funds: 1.9%
	5,175,744	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $5,175,744)		5,175,744			1.9
		Total Short-Term Investments (Cost $5,175,744)			5,175,744			1.9
		Total Investments in Securities (Cost $223,047,809)		$	280,425,611			100.5
		Liabilities in Excess of Other Assets			(1,339,756	)		(0.5	)
		Net Assets		$	279,085,855			100.0

(1)	Non-income producing security.
(2)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(3)	Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $– or 0.0% of net assets. Please refer to the table below for additional details.
(4)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

20

VY^® Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.4%
			Communication Services: 2.2%
	20,000		Nexstar Media Group, Inc.	$	2,020,000		1.2
	150,000	(1)	Vonage Holdings Corp.		1,699,500		1.0
					3,719,500		2.2
			Consumer Discretionary: 9.8%
	39,000		Aarons, Inc.		2,394,990		1.4
	42,000	(1)	Adtalem Global Education, Inc.		1,892,100		1.1
	65,000		American Eagle Outfitters, Inc.		1,098,500		0.6
	37,000		Brinker International, Inc.		1,455,950		0.9
	18,500		Childrens Place, Inc./The		1,764,530		1.0
	24,000		Dine Brands Global, Inc.		2,291,280		1.4
	27,000	(1)	Genesco, Inc.		1,141,830		0.7
	69,800		KB Home		1,795,954		1.1
	41,500	(1)	Sally Beauty Holdings, Inc.		553,610		0.3
	15,600	(1)	TopBuild Corp.		1,291,056		0.8
	45,651		Tower International, Inc.		890,195		0.5
					16,569,995		9.8
			Consumer Staples: 2.5%
	82,000	(1)	BJ's Wholesale Club Holdings, Inc.		2,164,800		1.3
	36,500	(1)	TreeHouse Foods, Inc.		1,974,650		1.2
					4,139,450		2.5
			Energy: 4.5%
	21,500		Arch Coal, Inc.		2,025,515		1.2
	155,000	(1)	Callon Petroleum Co.		1,021,450		0.6
	42,500		Delek US Holdings, Inc.		1,722,100		1.0
	130,000	(1)	Oasis Petroleum, Inc.		738,400		0.4
	79,500		Patterson-UTI Energy, Inc.		915,045		0.6
	44,000		SM Energy Co.		550,880		0.3
	205,000	(1)	Southwestern Energy Co.		647,800		0.4
					7,621,190		4.5
			Financials: 28.7%
	46,000		American Equity Investment Life Holding Co.		1,249,360		0.7
	47,000		Ameris Bancorp.		1,841,930		1.1
	30,000		Amerisafe, Inc.		1,913,100		1.1
	34,000		Argo Group International Holdings Ltd.		2,517,700		1.5
	75,500		Atlantic Union Bankshares Corp.		2,667,415		1.6
	53,000	(1)	Axos Financial, Inc.		1,444,250		0.9
	45,900		Blackstone Mortgage Trust, Inc.		1,633,122		1.0
	49,400		OceanFirst Financial Corp.		1,227,590		0.7
	58,000		Cathay General Bancorp.		2,082,780		1.2
	30,000		Chemical Financial Corp.		1,233,300		0.7
	44,000		Community Bank System, Inc.		2,896,960		1.7
	47,500		Hancock Whitney Corp.		1,902,850		1.1
	69,100		Heritage Commerce Corp.		846,475		0.5
	52,000		Heritage Financial Corp.		1,536,080		0.9
	43,500		Houlihan Lokey, Inc.		1,937,055		1.1
	30,800		Independent Bank Corp.		2,345,420		1.4
	39,000		Invesco Mortgage Capital, Inc.		628,680		0.4
	157,724	(1)	MBIA, Inc.		1,468,410		0.9
	165,000	(1)	MGIC Investment Corp.		2,168,100		1.3
	23,000		Moelis & Co.		803,850		0.5
	58,000		Pacific Premier Bancorp, Inc.		1,791,040		1.1
	63,500		Renasant Corp.		2,282,190		1.4
	62,000		Sandy Spring Bancorp, Inc.		2,162,560		1.3
	140,500		SLM Corp.		1,365,660		0.8
	72,000		TCF Financial Corp.		1,496,880		0.9
	31,500		UMB Financial Corp.		2,073,330		1.2
	38,000		Virtu Financial, Inc.		827,640		0.5
	51,000		WSFS Financial Corp.		2,106,300		1.2
					48,450,027		28.7
			Health Care: 4.0%
	47,200	(1)	Alder Biopharmaceuticals, Inc.		555,544		0.3
	59,000	(1)	Horizon Therapeutics Plc		1,419,540		0.9
	38,500	(1)	Immunomedics, Inc.		533,995		0.3
	15,700	(1)	LHC Group, Inc.		1,877,406		1.1
	28,500	(1)	Merit Medical Systems, Inc.		1,697,460		1.0
	55,300	(1)	R1 RCM, Inc.		695,674		0.4
					6,779,619		4.0
			Industrials: 14.1%
	22,500		Armstrong World Industries, Inc.		2,187,000		1.3
	59,000	(1)	Covenant Transportation Group, Inc.		867,890		0.5
	83,500	(1)	Evoqua Water Technologies Corp.		1,189,040		0.7
	39,000		Granite Construction, Inc.		1,879,020		1.1
	59,543	(1)	Hertz Global Holdings, Inc.		950,306		0.6
	26,000		ICF International, Inc.		1,892,800		1.1
	32,000		Kennametal, Inc.		1,183,680		0.7
	44,000		Kforce, Inc.		1,543,960		0.9
	32,400		Korn Ferry		1,298,268		0.8
	39,700	(1)	Mastec, Inc.		2,045,741		1.2
	46,000	(1)	Navistar International Corp.		1,584,700		0.9
	85,000	(1)	NOW, Inc.		1,254,600		0.7
	35,500		Skywest, Inc.		2,153,785		1.3
	13,200	(1)	Spirit Airlines, Inc.		630,036		0.4
	106,000	(1)	Sunrun, Inc.		1,988,560		1.2
	36,200		Triton International Ltd./Bermuda		1,185,912		0.7
					23,835,298		14.1
			Information Technology: 10.4%
	68,000	(1)	Avaya Holdings Corp.		809,880		0.5
	36,000	(1)	Ciena Corp.		1,480,680		0.9
	59,000		Cohu, Inc.		910,370		0.5
	21,000	(1)	Cree, Inc.		1,179,780		0.7
	45,000		Entegris, Inc.		1,679,400		1.0
	65,000		KBR, Inc.		1,621,100		0.9

See Accompanying Notes to Financial Statements

21

VY^® Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	59,000		Kulicke & Soffa Industries, Inc.		1,330,450		0.8
	32,500	(1)	Lumentum Holdings, Inc.		1,735,825		1.0
	20,000		Science Applications International Corp.		1,731,200		1.0
	22,000		SYNNEX Corp.		2,164,800		1.3
	25,000	(1)	Verint Systems, Inc.		1,344,500		0.8
	122,700	(1)	Viavi Solutions, Inc.		1,630,683		1.0
					17,618,668		10.4
			Materials: 5.0%
	49,500	(1)	Allegheny Technologies, Inc.		1,247,400		0.7
	34,000		Carpenter Technology Corp.		1,631,320		1.0
	150,500		Cleveland-Cliffs, Inc.		1,605,835		1.0
	58,201	(1)	Livent Corp.		402,751		0.2
	30,300		Materion Corp.		2,054,643		1.2
	67,000		Orion Engineered Carbons SA		1,434,470		0.9
					8,376,419		5.0
			Real Estate: 9.9%
	43,000		American Assets Trust, Inc.		2,026,160		1.2
	90,600		Brandywine Realty Trust		1,297,392		0.8
	72,000		Chesapeake Lodging Trust		2,046,240		1.2
	48,000		CoreCivic, Inc.		996,480		0.6
	74,000		First Industrial Realty Trust, Inc.		2,718,760		1.6
	46,000		Hudson Pacific Properties, Inc.		1,530,420		0.9
	75,000		Mack-Cali Realty Corp.		1,746,750		1.0
	15,500		PS Business Parks, Inc.		2,612,215		1.5
	129,000		Sunstone Hotel Investors, Inc.		1,768,590		1.1
					16,743,007		9.9
			Utilities: 7.3%
	53,500		New Jersey Resources Corp.		2,662,695		1.6
	25,000		ONE Gas, Inc.		2,257,500		1.3
	32,700		PNM Resources, Inc.		1,664,757		1.0
	40,000		Portland General Electric Co.		2,166,800		1.3
	55,000		South Jersey Industries, Inc.		1,855,150		1.1
	18,500		Southwest Gas Holdings, Inc.		1,657,970		1.0
					12,264,872		7.3
		Total Common Stock
		(Cost $141,980,555)			166,118,045		98.4
RIGHTS: 0.1%
			Consumer, Non-cyclical: 0.1%
	59,543	(1)	Hertz Global Holdings, Inc.		116,109		0.1
		Total Rights
		(Cost $–)			116,109		0.1
		Total Long-Term Investments
		(Cost $141,980,555)			166,234,154		98.5
SHORT-TERM INVESTMENTS: 1.2%
			Mutual Funds: 1.2%
	1,993,165	(2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290%
			(Cost $1,993,165)		1,993,165		1.2
		Total Short-Term Investments
		(Cost $1,993,165)			1,993,165		1.2
		Total Investments in Securities (Cost $143,973,720)		$	168,227,319		99.7
		Assets in Excess of Other Liabilities			527,005		0.3
		Net Assets		$	168,754,324		100.0

(1)	Non-income producing security.
(2)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

22

VY^® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 93.4%
			Communication Services: 4.7%
	155,228		AT&T, Inc.	$	5,201,690		1.1
	69,465		CBS Corp. - Class B		3,466,304		0.8
	14,240	(1)	Charter Communications, Inc.		5,627,363		1.2
	120,369		Comcast Corp. – Class A		5,089,201		1.1
	1,373,726		Vodafone Group PLC		2,251,632		0.5
					21,636,190		4.7
			Consumer Discretionary: 6.1%
	8,689		Advance Auto Parts, Inc.		1,339,322		0.3
	172,964		Carnival Corp.		8,051,474		1.8
	172,144		eBay, Inc.		6,799,688		1.5
	112,465		Gap, Inc.		2,020,996		0.4
	249,458		General Motors Co.		9,611,617		2.1
					27,823,097		6.1
			Consumer Staples: 7.3%
	117,163		Altria Group, Inc.		5,547,668		1.2
	110,749		Archer-Daniels-Midland Co.		4,518,559		1.0
	15,765		Bunge Ltd.		878,268		0.2
	43,693		Danone		3,699,584		0.8
	43,494		Kimberly-Clark Corp.		5,796,881		1.2
	103,770		Philip Morris International, Inc.		8,149,058		1.8
	60,820		Reckitt Benckiser Group PLC		4,802,042		1.1
					33,392,060		7.3
			Energy: 16.8%
	215,680		BP PLC ADR		8,993,856		2.0
	159,863		Canadian Natural Resources Ltd.		4,310,460		0.9
	78,575		Chevron Corp.		9,777,873		2.1
	224,956		Devon Energy Corp.		6,415,745		1.4
	690,155		EnCana Corp.		3,540,495		0.8
	15,421		Exxon Mobil Corp.		1,181,711		0.3
	94,224		Halliburton Co.		2,142,654		0.5
	114,418		Hess Corp.		7,273,552		1.6
	508,767		Marathon Oil Corp.		7,229,579		1.6
	176,400		Noble Energy, Inc.		3,951,360		0.9
	41,565		Occidental Petroleum Corp.		2,089,888		0.4
	164,137		Royal Dutch Shell PLC - Class A ADR		10,680,395		2.3
	299,236		Suncor Energy, Inc.		9,324,194		2.0
					76,911,762		16.8
			Financials: 28.7%
	197,198		American International Group, Inc.		10,506,709		2.3
	47,060		Allstate Corp.		4,785,531		1.0
	113,408		Ally Financial, Inc.		3,514,514		0.8
	724,242		Bank of America Corp.		21,003,018		4.6
	125,816		Bank of New York Mellon Corp.		5,554,776		1.2
	333,496		Citigroup, Inc.		23,354,725		5.1
	152,460		Citizens Financial Group, Inc.		5,390,986		1.2
	210,141		Fifth Third Bancorp		5,862,934		1.3
	24,558		Goldman Sachs Group, Inc.		5,024,567		1.1
	139,707		JPMorgan Chase & Co.		15,619,243		3.4
	119,269		Metlife, Inc.		5,924,091		1.3
	184,194		Morgan Stanley		8,069,539		1.8
	33,982		PNC Financial Services Group, Inc.		4,665,049		1.0
	98,986		State Street Corp.		5,549,155		1.2
	137,318		Wells Fargo & Co.		6,497,888		1.4
					131,322,725		28.7
			Health Care: 11.2%
	29,934		Allergan plc		5,011,850		1.1
	31,509		Anthem, Inc.		8,892,155		1.9
	104,734		Bristol-Myers Squibb Co.		4,749,687		1.0
	71,745		Cardinal Health, Inc.		3,379,189		0.7
	60,921		CVS Health Corp.		3,319,585		0.7
	79,398		Gilead Sciences, Inc.		5,364,129		1.2
	27,366		McKesson Corp.		3,677,717		0.8
	35,115		Medtronic PLC		3,419,850		0.8
	137,317	(1)	Mylan NV		2,614,516		0.6
	42,202		Novartis AG		3,852,696		0.9
	10,492		Pfizer, Inc.		454,513		0.1
	148,953		Sanofi ADR		6,445,196		1.4
					51,181,083		11.2
			Industrials: 7.8%
	82,932		Arconic, Inc.		2,141,304		0.5
	18,437		Caterpillar, Inc.		2,512,779		0.5
	74,977		Eaton Corp. PLC		6,244,084		1.4
	72,145		Emerson Electric Co.		4,813,514		1.1
	213,256		General Electric Co.		2,239,188		0.5
	30,676		Ingersoll-Rand PLC - Class A		3,885,729		0.8
	224,186		Johnson Controls International plc		9,261,124		2.0
	87,715		Textron, Inc.		4,652,404		1.0
					35,750,126		7.8
			Information Technology: 7.8%
	176,973		Cisco Systems, Inc.		9,685,732		2.1
	70,397		Cognizant Technology Solutions Corp.		4,462,466		0.9
	141,812		Intel Corp.		6,788,540		1.5
	62,180		Microsoft Corp.		8,329,633		1.8
	88,786		Qualcomm, Inc.		6,753,951		1.5
					36,020,322		7.8
			Materials: 2.1%
	73,958		CF Industries Holdings, Inc.		3,454,578		0.7
	147,630		International Paper Co.		6,395,332		1.4
					9,849,910		2.1
			Utilities: 0.9%
	84,824	(1)	PG&E Corp.		1,944,166		0.4
	94,059		Vistra Energy Corp.		2,129,496		0.5
					4,073,662		0.9
		Total Common Stock
		(Cost $385,271,451)			427,960,937		93.4

See Accompanying Notes to Financial Statements

23

VY^® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
CLOSED-END FUNDS: 0.4%
			Consumer Discretionary: 0.4%
	25,821	(1)	Altaba, Inc.		1,791,203		0.4
		Total Closed-End Funds
		(Cost $1,010,497)			1,791,203		0.4
		Total Long-Term Investments
		(Cost $386,281,948)			429,752,140		93.8
SHORT-TERM INVESTMENTS: 5.5%
			Mutual Funds: 5.5%
	25,026,539	(2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290%
			(Cost $25,026,539)		25,026,539		5.5
		Total Short-Term Investments
		(Cost $25,026,539)			25,026,539		5.5
		Total Investments in Securities (Cost $411,308,487)		$	454,778,679		99.3
		Assets in Excess of Other Liabilities			3,246,787		0.7
		Net Assets		$	458,025,466		100.0

ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

24

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 59.6%
			Communication Services: 2.6%
	142,854		CBS Corp. - Class B	$	7,128,415		0.5
	47,910	(1)	Charter Communications, Inc.		18,933,074		1.4
	217,840		Comcast Corp. – Class A		9,210,275		0.7
					35,271,764		2.6
			Consumer Discretionary: 5.1%
	321,695	(1)	Capri Holdings Ltd.		11,156,383		0.8
	336,594		Carnival Corp.		15,668,451		1.2
	294,584		eBay, Inc.		11,636,068		0.9
	579,669		General Motors Co.		22,334,646		1.6
	3,031,246		Kingfisher PLC		8,262,236		0.6
					69,057,784		5.1
			Consumer Staples: 3.9%
	370,797		Mondelez International, Inc.		19,985,958		1.5
	269,083		Philip Morris International, Inc.		21,131,088		1.6
	325,606	(1)	US Foods Holding Corp.		11,643,671		0.8
					52,760,717		3.9
			Energy: 7.8%
	2,132,672		BP PLC		14,857,880		1.1
	288,748		Canadian Natural Resources Ltd.		7,785,645		0.6
	96,235		Chevron Corp.		11,975,483		0.9
	532,331		Devon Energy Corp.		15,182,080		1.1
	801,609		Marathon Oil Corp.		11,390,864		0.9
	114,134		Occidental Petroleum Corp.		5,738,658		0.4
	602,462		Royal Dutch Shell PLC - Class A		19,662,977		1.5
	147,790		Schlumberger Ltd.		5,873,175		0.4
	478,947		TechnipFMC PLC		12,423,885		0.9
					104,890,647		7.8
			Financials: 17.1%
	511,532		American International Group, Inc.		27,254,425		2.0
	300,786		AXA Equitable Holdings, Inc.		6,286,427		0.5
	1,213,977		Bank of America Corp.		35,205,333		2.6
	614,954		Citigroup, Inc.		43,065,229		3.2
	496,917		Citizens Financial Group, Inc.		17,570,985		1.3
	14,643		First Horizon National Corp.		218,620		0.0
	65,200		Goldman Sachs Group, Inc.		13,339,920		1.0
	233,736		JPMorgan Chase & Co.		26,131,685		1.9
	474,174		Morgan Stanley		20,773,563		1.5
	71,640		PNC Financial Services Group, Inc.		9,834,739		0.7
	62,059		State Street Corp.		3,479,028		0.3
	286,245		Wells Fargo & Co.		13,545,113		1.0
	76,044		Willis Towers Watson PLC		14,565,468		1.1
					231,270,535		17.1
			Health Care: 9.9%
	101,637	(1)	Alcon, Inc.		6,276,048		0.5
	31,692		Anthem, Inc.		8,943,799		0.7
	248,203		Bristol-Myers Squibb Co.		11,256,006		0.8
	81,517	(1)	Celgene Corp.		7,535,432		0.5
	221,162		CVS Health Corp.		12,051,118		0.9
	196,876		Johnson & Johnson		27,420,889		2.0
	97,834		McKesson Corp.		13,147,911		1.0
	95,722		Medtronic PLC		9,322,366		0.7
	173,187		Novartis AG		15,810,549		1.2
	111,610		Sanofi		9,645,595		0.7
	105,704		Zimmer Biomet Holdings, Inc.		12,445,589		0.9
					133,855,302		9.9
			Industrials: 4.3%
	150,430		CSX Corp.		11,638,769		0.9
	101,109		General Dynamics Corp.		18,383,638		1.4
	94,065		Ingersoll-Rand PLC - Class A		11,915,214		0.9
	377,549		Johnson Controls International plc		15,596,549		1.1
					57,534,170		4.3
			Information Technology: 6.2%
	55,747		Apple, Inc.		11,033,446		0.8
	293,070		Cisco Systems, Inc.		16,039,721		1.2
	144,375		Cognizant Technology Solutions Corp.		9,151,931		0.7
	335,595		Intel Corp.		16,064,933		1.2
	369,196		Oracle Corp.		21,033,096		1.5
	143,050		Qualcomm, Inc.		10,881,814		0.8
					84,204,941		6.2
			Materials: 2.0%
	250,384	(1)	Corteva, Inc.		7,403,855		0.5
	122,344		Dow, Inc.		6,032,783		0.4
	100,997		DowDuPont, Inc.		7,581,845		0.6
	125,510	(2)	Nutrien Ltd.		6,709,764		0.5
					27,728,247		2.0
			Utilities: 0.7%
	50,681		Duke Energy Corp.		4,472,091		0.3
	116,306		FirstEnergy Corp.		4,979,060		0.4
					9,451,151		0.7
		Total Common Stock
		(Cost $707,666,022)			806,025,258		59.6
PREFERRED STOCK: 0.8%
			Energy: 0.5%
	140,612	(1),(3)	El Paso Energy Capital Trust I		7,452,436		0.5
			Financials: 0.3%
	75,900	(1)	AMG Capital Trust II		3,683,387		0.3

See Accompanying Notes to Financial Statements

25

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
PREFERRED STOCK: (continued)
			Financials: (continued)
	4,000	(1),(3),(4)	Wells Fargo & Co.		105,040		0.0
					3,788,427		0.3
		Total Preferred Stock
		(Cost $10,847,296)			11,240,863		0.8

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 14.0%
			Basic Materials: 0.1%
	770,000	(5)	LYB Finance Co. BV, 8.100%, 03/15/2027		977,745		0.1
	412,000		Eastman Chemical Co., 2.700%, 01/15/2020		411,818		0.0
	195,000		International Paper Co., 6.000%, 11/15/2041		228,748		0.0
	150,000		Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028		200,578		0.0
	211,000		Sherwin-Williams Co/The, 4.500%, 06/01/2047		225,157		0.0
					2,044,046		0.1
			Communications: 1.8%
	1,830,000		Amazon.com, Inc., 2.600%, 12/05/2019		1,832,327		0.1
	455,000		America Movil S.A.B de CV, 4.375%, 07/16/2042		489,778		0.0
	837,000		AT&T, Inc., 3.000%, 06/30/2022		851,629		0.1
	466,000		AT&T, Inc., 3.400%, 05/15/2025		479,181		0.0
	533,000		AT&T, Inc., 4.300%, 02/15/2030		569,667		0.1
	747,000		AT&T, Inc., 4.500%, 05/15/2035		783,387		0.1
	1,300,000		AT&T, Inc., 4.800%, 06/15/2044		1,373,668		0.1
	2,960,000		AT&T, Inc., 5.150%, 03/15/2042		3,238,252		0.2
	271,000		AT&T, Inc., 5.150%, 11/15/2046		299,789		0.0
	101,000		AT&T, Inc., 5.350%, 09/01/2040		114,099		0.0
	1,635,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022		1,718,110		0.1
	910,000		Comcast Corp., 3.900%, 03/01/2038		960,324		0.1
	1,055,000		Comcast Corp., 4.150%, 10/15/2028		1,163,804		0.1
	430,000		Comcast Corp., 4.600%, 10/15/2038		492,748		0.0
	135,000		Comcast Corp., 6.450%, 03/15/2037		183,036		0.0
	909,000	(5)	Liberty Latin America Ltd., 2.000%, 07/15/2024		919,720		0.1
	125,000		NBCUniversal Media LLC, 5.150%, 04/30/2020		127,831		0.0
	210,000		NBCUniversal Media LLC, 5.950%, 04/01/2041		275,945		0.0
	1,595,000		Orange SA, 1.625%, 11/03/2019		1,590,100		0.1
	910,000		Rogers Communications, Inc., 4.300%, 02/15/2048		974,420		0.1
	415,000		Rogers Communications, Inc., 4.500%, 03/15/2043		448,012		0.0
	390,000		Telefonica Emisiones SAU, 4.665%, 03/06/2038		405,636		0.0
	860,000		Telefonica Emisiones SAU, 5.213%, 03/08/2047		948,544		0.1
	370,000		Telefonica Emisiones SAU, 7.045%, 06/20/2036		485,545		0.0
	136,000		Verizon Communications, Inc., 4.125%, 08/15/2046		142,025		0.0
	535,000		Verizon Communications, Inc., 4.400%, 11/01/2034		593,576		0.1
	833,000		Verizon Communications, Inc., 4.812%, 03/15/2039		960,126		0.1
	1,903,000	(5)	YY, Inc., 1.375%, 06/15/2026		1,936,318		0.2
					24,357,597		1.8
			Consumer, Cyclical: 1.2%
	2,650,000		Advance Auto Parts, Inc., 4.500%, 12/01/2023		2,844,079		0.2
	137,000	(5)	Alimentation Couche-Tard, Inc., 4.500%, 07/26/2047		137,996		0.0
	567,700		American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 10/01/2026		587,768		0.0
	129,775		Continental Airlines 2010-1 Class A Pass Through Trust, 4.750%, 07/12/2022		133,302		0.0
	281,875		Continental Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025		295,701		0.0
	595,000		Dollar General Corp., 3.250%, 04/15/2023		611,364		0.0
	368,000		Ford Motor Credit Co. LLC, 3.096%, 05/04/2023		362,742		0.0
	569,000		Ford Motor Credit Co. LLC, 3.810%, 01/09/2024		571,979		0.0
	1,056,000		Ford Motor Credit Co. LLC, 4.134%, 08/04/2025		1,058,267		0.1
	563,000		General Motors Co., 6.600%, 04/01/2036		624,170		0.1
	713,000		General Motors Financial Co., Inc., 5.250%, 03/01/2026		765,420		0.1

See Accompanying Notes to Financial Statements

26

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical: (continued)
	896,000		Home Depot, Inc., 2.000%, 04/01/2021		895,623		0.1
	310,000		Lowe's Cos, Inc., 4.550%, 04/05/2049		334,586		0.0
	725,000		MDC Holdings, Inc., 6.000%, 01/15/2043		681,500		0.1
	1,460,000		QVC, Inc., 5.450%, 08/15/2034		1,439,092		0.1
	740,000		Starbucks Corp., 3.550%, 08/15/2029		774,672		0.1
	709,276		United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/2028		738,215		0.1
	589,555		United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031		603,205		0.0
	398,962	(5)	Virgin Australia 2013-1A Pass Through Trust, 5.000%, 04/23/2025		411,071		0.0
	1,000,000		Walgreens Boots Alliance, Inc., 3.300%, 11/18/2021		1,020,177		0.1
	737,000		Walgreens Boots Alliance, Inc., 4.500%, 11/18/2034		758,696		0.1
					15,649,625		1.2
			Consumer, Non-cyclical: 2.3%
	1,137,000		AbbVie, Inc., 4.500%, 05/14/2035		1,170,026		0.1
	985,000		Allergan Funding SCS, 4.850%, 06/15/2044		1,023,421		0.1
	1,273,000		Altria Group, Inc., 5.800%, 02/14/2039		1,431,657		0.1
	1,475,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036		1,624,525		0.1
	1,646,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		1,832,269		0.1
	315,000	(5)	Bayer US Finance II LLC, 2.125%, 07/15/2019		314,930		0.0
	498,000	(5)	Bayer US Finance II LLC, 4.375%, 12/15/2028		525,143		0.0
	1,200,000	(5)	Bayer US Finance LLC, 2.375%, 10/08/2019		1,198,496		0.1
	981,000	(5)	Bayer US Finance LLC, 3.000%, 10/08/2021		988,295		0.1
	442,000		Becton Dickinson & Co., 2.675%, 12/15/2019		442,183		0.0
	218,000		Becton Dickinson & Co., 4.875%, 05/15/2044		234,610		0.0
	654,000	(5)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		709,717		0.1
	325,000		Celgene Corp., 4.000%, 08/15/2023		343,530		0.0
	1,445,000		Celgene Corp., 4.625%, 05/15/2044		1,648,031		0.1
	107,000	(5)	Cigna Corp., 4.800%, 08/15/2038		115,426		0.0
	620,000		CVS Health Corp., 3.375%, 08/12/2024		635,200		0.1
	495,000		CVS Health Corp., 4.100%, 03/25/2025		522,143		0.0
	501,120		CVS Pass-Through Trust, 6.036%, 12/10/2028		561,157		0.0
	965,000	(5)	ERAC USA Finance LLC, 2.350%, 10/15/2019		963,888		0.1
	1,400,000		General Mills, Inc., 2.200%, 10/21/2019		1,398,256		0.1
	1,910,000		Gilead Sciences, Inc., 2.550%, 09/01/2020		1,915,180		0.2
	755,000		Gilead Sciences, Inc., 4.400%, 12/01/2021		789,483		0.1
	80,000		GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038		111,792		0.0
	1,232,000	(5)	Heineken NV, 3.500%, 01/29/2028		1,280,589		0.1
	240,000		Ingredion, Inc., 6.625%, 04/15/2037		301,250		0.0
	2,795,000		JM Smucker Co/The, 2.500%, 03/15/2020		2,794,867		0.2
	963,000		Laboratory Corp. of America Holdings, 3.200%, 02/01/2022		979,168		0.1
	423,000		Laboratory Corp. of America Holdings, 4.700%, 02/01/2045		437,943		0.0
	92,000		Mead Johnson Nutrition Co., 4.125%, 11/15/2025		99,568		0.0
	1,733,000		Medtronic, Inc., 3.150%, 03/15/2022		1,783,294		0.1
	576,000		Medtronic, Inc., 4.375%, 03/15/2035		663,728		0.1
	502,000		Molson Coors Brewing Co., 1.450%, 07/15/2019		501,809		0.0
	513,000		Molson Coors Brewing Co., 4.200%, 07/15/2046		495,914		0.0
	574,000		Mylan NV, 3.150%, 06/15/2021		574,154		0.1
	275,000		Philip Morris International, Inc., 3.600%, 11/15/2023		286,970		0.0
	820,000		Philip Morris International, Inc., 4.875%, 11/15/2043		928,538		0.1
	79,000		Zoetis, Inc., 4.700%, 02/01/2043		89,320		0.0
					31,716,470		2.3
			Energy: 1.1%
	392,000		ConocoPhillips Co., 4.150%, 11/15/2034		422,069		0.0
	182,000		Energy Transfer Operating L.P., 4.200%, 09/15/2023		190,857		0.0
	570,000		Energy Transfer Operating L.P., 4.900%, 03/15/2035		574,296		0.0
	2,695,000		Energy Transfer Operating L.P., 7.500%, 10/15/2020		2,859,173		0.2

See Accompanying Notes to Financial Statements

27

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	615,000		Enterprise Products Operating LLC, 2.550%, 10/15/2019		614,848		0.1
	833,000		Enterprise Products Operating LLC, 4.250%, 02/15/2048		863,145		0.1
	175,000		Enterprise Products Operating LLC, 5.250%, 01/31/2020		177,731		0.0
	250,000		Husky Energy, Inc., 3.950%, 04/15/2022		258,797		0.0
	700,000		Kinder Morgan, Inc./DE, 5.300%, 12/01/2034		792,255		0.1
	2,340,000		MPLX L.P., 4.500%, 07/15/2023		2,482,756		0.2
	973,000		MPLX L.P., 4.500%, 04/15/2038		983,130		0.1
	570,000		Noble Energy, Inc., 5.250%, 11/15/2043		614,479		0.1
	505,000		Occidental Petroleum Corp., 3.400%, 04/15/2026		514,769		0.0
	295,000		Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/2022		302,167		0.0
	858,000		Spectra Energy Partners L.P., 4.500%, 03/15/2045		906,880		0.1
	544,000		Suncor Energy, Inc., 3.600%, 12/01/2024		567,756		0.0
	835,000		Sunoco Logistics Partners Operations L.P., 5.300%, 04/01/2044		864,123		0.1
	550,000		Sunoco Logistics Partners Operations L.P., 5.500%, 02/15/2020		559,232		0.0
	215,000		Texas Eastern Transmission L.P., 7.000%, 07/15/2032		281,429		0.0
					14,829,892		1.1
			Financial: 5.6%
	530,000		AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.950%, 02/01/2022		545,332		0.0
	395,000		American International Group, Inc., 2.300%, 07/16/2019		394,970		0.0
	1,140,000		American International Group, Inc., 4.375%, 01/15/2055		1,147,913		0.1
	231,000		Air Lease Corp., 3.000%, 09/15/2023		231,593		0.0
	1,870,000		Air Lease Corp., 4.250%, 09/15/2024		1,977,781		0.1
	885,000		Aircastle Ltd., 4.400%, 09/25/2023		919,390		0.1
	410,000		Allstate Corp., 3.280%, 12/15/2026		428,655		0.0
	543,000		American Express Co., 3.625%, 12/05/2024		570,246		0.0
	615,000		American Financial Group, Inc./OH, 4.500%, 06/15/2047		624,364		0.0
	455,000	(5)	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/2022		460,299		0.0
	440,000	(5)	Apollo Management Holdings L.P., 4.000%, 05/30/2024		457,254		0.0
	285,000	(5)	Athene Global Funding, 2.750%, 06/25/2024		284,310		0.0
	1,555,000	(5)	Athene Global Funding, 4.000%, 01/25/2022		1,608,828		0.1
	948,000		Australia & New Zealand Banking Group Ltd./New York NY, 2.300%, 06/01/2021		948,300		0.1
	3,120,000		Australia & New Zealand Banking Group Ltd./New York NY, 2.700%, 11/16/2020		3,138,516		0.2
	720,000		Bank of America Corp., 3.248%, 10/21/2027		737,996		0.1
	2,730,000		Bank of Montreal, 2.100%, 12/12/2019		2,727,095		0.2
	725,000	(5)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024		757,987		0.1
	765,000	(2)	Brookfield Asset Management, Inc., 4.000%, 01/15/2025		797,365		0.1
	1,140,000		Capital One Financial Corp., 3.200%, 01/30/2023		1,169,151		0.1
	130,000	(5)	Carlyle Holdings Finance LLC, 3.875%, 02/01/2023		134,129		0.0
	630,000	(4)	Citigroup, Inc., 3.668%, 07/24/2028		657,707		0.1
	1,930,000		Citigroup, Inc., 4.000%, 08/05/2024		2,034,933		0.2
	520,000		Citigroup, Inc., 4.750%, 05/18/2046		590,080		0.0
	260,000		Citigroup, Inc., 5.300%, 05/06/2044		309,467		0.0
	560,000		Citigroup, Inc., 6.675%, 09/13/2043		777,217		0.1
	595,000		Citizens Financial Group, Inc., 2.375%, 07/28/2021		594,580		0.0
	1,335,000	(5)	Commonwealth Bank of Australia, 2.250%, 03/10/2020		1,334,741		0.1
	895,000	(4),(5)	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/31/2199		895,000		0.1
	472,000	(5)	Credit Suisse AG, 6.500%, 08/08/2023		520,675		0.0
	1,190,000		Crown Castle International Corp., 3.800%, 02/15/2028		1,236,357		0.1
	60,000		Crown Castle International Corp., 4.750%, 05/15/2047		64,694		0.0
	620,000		Discover Bank, 3.350%, 02/06/2023		634,702		0.1
	2,275,000		EPR Properties, 4.750%, 12/15/2026		2,411,620		0.2

See Accompanying Notes to Financial Statements

28

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	820,000		Goldman Sachs Group, Inc., 4.250%, 10/21/2025		870,265		0.1
	355,000		Goldman Sachs Group, Inc., 5.250%, 07/27/2021		375,050		0.0
	835,000		Office Properties Income Trust, 4.000%, 07/15/2022		844,167		0.1
	755,000	(5)	Guardian Life Global Funding, 2.900%, 05/06/2024		774,965		0.1
	500,000		HCP, Inc., 2.625%, 02/01/2020		500,322		0.0
	840,000		HCP, Inc., 3.875%, 08/15/2024		880,808		0.1
	320,000		HCP, Inc., 4.200%, 03/01/2024		338,737		0.0
	350,000		Hospitality Properties Trust, 4.500%, 06/15/2023		362,550		0.0
	240,000		Hospitality Properties Trust, 5.000%, 08/15/2022		251,693		0.0
	670,000	(5)	Jackson National Life Global Funding, 2.100%, 10/25/2021		665,338		0.1
	620,000	(5)	Jackson National Life Global Funding, 3.250%, 01/30/2024		638,750		0.1
	550,000		JPMorgan Chase & Co., 3.200%, 06/15/2026		566,264		0.0
	1,270,000	(4)	JPMorgan Chase & Co., 3.509%, 01/23/2029		1,323,094		0.1
	1,270,000	(4)	JPMorgan Chase & Co., 3.897%, 01/23/2049		1,333,160		0.1
	675,000	(4)	JPMorgan Chase & Co., 4.260%, 02/22/2048		745,793		0.1
	665,000	(4)	JPMorgan Chase & Co., 5.639%, 12/31/2199		663,703		0.1
	443,000	(5)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044		492,733		0.0
	2,335,000	(5)	Liberty Mutual Group, Inc., 4.850%, 08/01/2044		2,564,295		0.2
	587,000		Lifestorage L.P./CA, 3.500%, 07/01/2026		587,259		0.0
	285,000		Markel Corp., 5.000%, 03/30/2043		300,440		0.0
	525,000		Markel Corp., 5.000%, 05/20/2049		572,265		0.0
	395,000		Marsh & McLennan Cos, Inc., 4.750%, 03/15/2039		453,469		0.0
	1,300,000	(5)	MassMutual Global Funding II, 2.000%, 04/15/2021		1,295,688		0.1
	670,000	(5)	Metropolitan Life Global Funding I, 2.050%, 06/12/2020		669,314		0.1
	740,000	(5)	Mizuho Bank Ltd., 2.650%, 09/25/2019		740,461		0.1
	2,360,000	(5)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024		2,509,799		0.2
	2,975,000		Morgan Stanley, 2.375%, 07/23/2019		2,974,899		0.2
	1,040,000		Morgan Stanley, 4.000%, 07/23/2025		1,114,204		0.1
	1,230,000		National Australia Bank Ltd./New York, 1.875%, 07/12/2021		1,219,584		0.1
	1,000,000	(5)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044		1,141,088		0.1
	1,105,000		PartnerRe Finance B LLC, 3.700%, 07/02/2029		1,125,481		0.1
	755,000		PNC Financial Services Group, Inc./The, 3.450%, 04/23/2029		795,164		0.1
	333,000		Prudential Financial, Inc., 3.935%, 12/07/2049		349,658		0.0
	300,000		Regency Centers L.P., 4.650%, 03/15/2049		335,328		0.0
	259,000		Reinsurance Group of America, Inc., 4.700%, 09/15/2023		280,388		0.0
	690,000	(5)	Reliance Standard Life Global Funding II, 3.050%, 01/20/2021		695,889		0.1
	1,360,000	(5)	Societe Generale SA, 2.625%, 09/16/2020		1,364,328		0.1
	805,000	(5)	Societe Generale SA, 5.000%, 01/17/2024		854,510		0.1
	985,000	(5)	Standard Chartered PLC, 3.050%, 01/15/2021		993,434		0.1
	1,100,000		Sumitomo Mitsui Banking Corp., 2.650%, 07/23/2020		1,104,187		0.1
	670,000		Synchrony Financial, 3.950%, 12/01/2027		669,539		0.1
	610,000		Toronto-Dominion Bank/The, 2.650%, 06/12/2024		615,596		0.0
	445,000		Travelers Cos, Inc., 4.600%, 08/01/2043		527,452		0.0
	585,000	(5)	UBS Group Funding Switzerland AG, 4.125%, 04/15/2026		625,244		0.0
	410,000		US Bancorp, 3.100%, 04/27/2026		419,053		0.0
	145,000		Ventas Realty L.P., 5.700%, 09/30/2043		173,931		0.0
	965,000		Wells Fargo & Co., 3.550%, 09/29/2025		1,007,686		0.1
	470,000		Wells Fargo & Co., 4.100%, 06/03/2026		498,344		0.0
	2,000,000		Wells Fargo & Co., 4.650%, 11/04/2044		2,227,695		0.2
	315,000		Willis North America, Inc., 3.600%, 05/15/2024		325,748		0.0
	350,000		WR Berkley Corp., 4.625%, 03/15/2022		370,222		0.0
					75,252,281		5.6

See Accompanying Notes to Financial Statements

29

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial: 0.7%
	305,000	(5)	Aviation Capital Group LLC, 2.875%, 01/20/2022		307,190		0.0
	1,095,000	(5)	Aviation Capital Group LLC, 4.875%, 10/01/2025		1,182,263		0.1
	970,000		Avnet, Inc., 4.625%, 04/15/2026		1,014,966		0.1
	435,000	(5)	BAE Systems Holdings, Inc., 2.850%, 12/15/2020		436,749		0.0
	224,000		Burlington Northern Santa Fe LLC, 5.150%, 09/01/2043		278,436		0.0
	330,000		CSX Corp., 5.500%, 04/15/2041		399,196		0.0
	1,015,000		Deere & Co., 2.600%, 06/08/2022		1,027,432		0.1
	295,000		FedEx Corp., 4.900%, 01/15/2034		343,511		0.0
	605,000		FedEx Corp., 5.100%, 01/15/2044		665,896		0.1
	100,000		General Dynamics Corp., 2.875%, 05/11/2020		100,518		0.0
	703,000		Packaging Corp. of America, 4.500%, 11/01/2023		752,908		0.1
	285,000		Precision Castparts Corp., 2.500%, 01/15/2023		286,960		0.0
	410,000	(5)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021		409,876		0.0
	157,000		Union Pacific Corp., 3.646%, 02/15/2024		164,880		0.0
	730,000		Union Pacific Corp., 4.150%, 01/15/2045		770,395		0.1
	375,000		Union Pacific Corp., 4.850%, 06/15/2044		431,286		0.0
	330,000		United Parcel Service, Inc., 3.400%, 11/15/2046		315,433		0.0
	345,000		United Technologies Corp., 4.450%, 11/16/2038		387,443		0.0
	752,000		Waste Management, Inc., 3.900%, 03/01/2035		804,337		0.1
					10,079,675		0.7
			Technology: 0.7%
	1,146,000		Apple, Inc., 2.150%, 02/09/2022		1,150,596		0.1
	435,000		Apple, Inc., 3.350%, 02/09/2027		457,250		0.0
	2,315,000		Applied Materials, Inc., 2.625%, 10/01/2020		2,327,754		0.2
	1,030,000		Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.625%, 01/15/2024		1,041,161		0.1
	910,000	(5)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023		981,424		0.1
	35,000	(5)	Dell International LLC / EMC Corp., 8.350%, 07/15/2046		44,286		0.0
	340,000		DXC Technology Co., 4.450%, 09/18/2022		358,728		0.0
	1,630,000		Fiserv, Inc., 3.800%, 10/01/2023		1,717,162		0.1
	649,000		Microsoft Corp., 3.500%, 02/12/2035		691,831		0.0
	795,000	(5)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		881,385		0.1
	285,000		Texas Instruments, Inc., 2.625%, 05/15/2024		290,297		0.0
					9,941,874		0.7
			Utilities: 0.5%
	150,000	(5)	Electricite de France SA, 4.600%, 01/27/2020		151,865		0.0
	620,000	(5)	Electricite de France SA, 4.875%, 01/22/2044		686,378		0.1
	350,000	(4),(5)	Electricite de France SA, 5.625%, 12/31/2199		359,875		0.0
	2,135,000		Georgia Power Co., 2.000%, 03/30/2020		2,127,057		0.2
	703,000		NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027		734,228		0.1
	760,000		NiSource, Inc., 4.375%, 05/15/2047		813,099		0.1
	605,000		Oglethorpe Power Corp., 4.550%, 06/01/2044		628,724		0.0
	667,000		Sempra Energy, 3.800%, 02/01/2038		647,593		0.0
					6,148,819		0.5
		Total Corporate Bonds/Notes
		(Cost $181,486,753)			190,020,279		14.0
MUNICIPAL BONDS: 0.0%
			Georgia: 0.0%
	323,000		Municipal Electric Authority of Georgia, 6.655%, 04/01/2057		422,655		0.0
		Total Municipal Bonds
		(Cost $323,000)			422,655		0.0
U.S. TREASURY OBLIGATIONS: 10.2%
			U.S. Treasury Bonds: 0.9%
	446,900	(2)	2.375%, 05/15/2029		461,625		0.0
	10,718,200	(2)	3.000%, 02/15/2049		11,756,944		0.9
	425,000	(2)	4.500%, 02/15/2036		560,403		0.0
					12,778,972		0.9
			U.S. Treasury Notes: 9.3%
	50,346,000		1.750%, 06/15/2022		50,404,015		3.7
	30,611,700	(2)	2.000%, 05/31/2024		30,959,071		2.3
	43,470,000		2.125%, 05/31/2021		43,757,819		3.3
	180,000		2.625%, 11/15/2020		181,853		0.0
					125,302,758		9.3
		Total U.S. Treasury Obligations
		(Cost $136,874,589)			138,081,730		10.2

See Accompanying Notes to Financial Statements

30

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%
			Federal National Mortgage Association: 0.1%(6)
	915,000		6.625%, 11/15/2030		1,308,742		0.1
		Total U.S. Government Agency Obligations
		(Cost $1,019,273)			1,308,742		0.1
CONVERTIBLE BONDS/NOTES: 8.0%
			Communications: 3.1%
	3,989,000		Ctrip.com International Ltd., 1.250%, 09/15/2022		3,972,710		0.3
	5,342,000		DISH Network Corp., 3.375%, 08/15/2026		5,206,763		0.4
	1,319,000		Finisar Corp., 0.500%, 12/15/2036		1,289,224		0.1
	2,501,000		FireEye, Inc., 1.000%, 06/01/2035		2,438,475		0.2
	2,535,000		FireEye, Inc., 1.625%, 06/01/2035		2,395,575		0.2
	2,954,000	(5)	GCI Liberty, Inc., 1.750%, 09/30/2046		3,467,799		0.2
	3,355,000	(5)	IAC Financeco 3, Inc., 2.000%, 01/15/2030		3,460,555		0.2
	1,807,000	(2),(5)	Liberty Expedia Holdings, Inc., 1.000%, 06/30/2047		1,808,410		0.1
	9,559,000		Liberty Media Corp., 1.375%, 10/15/2023		10,753,354		0.8
	1,933,000	(2)	Liberty Media Corp., 2.250%, 09/30/2046		1,042,723		0.1
	673,000		Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/2023		793,979		0.1
	2,327,000		Viavi Solutions, Inc., 1.000%, 03/01/2024		2,740,043		0.2
	2,258,000		Viavi Solutions, Inc., 1.750%, 06/01/2023		2,621,099		0.2
					41,990,709		3.1
			Consumer, Cyclical: 0.2%
	2,264,000	(2)	Live Nation Entertainment, Inc., 2.500%, 03/15/2023		2,685,463		0.2
			Consumer, Non-cyclical: 2.4%
	3,952,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		4,441,060		0.3
	2,934,000		DexCom, Inc., 0.750%, 05/15/2022		4,689,249		0.3
	3,140,000	(5)	DexCom, Inc., 0.750%, 12/01/2023		3,690,763		0.3
	617,000	(2),(5)	Euronet Worldwide, Inc., 0.750%, 03/15/2049		750,377		0.1
	514,000		Insulet Corp., 1.375%, 11/15/2024		732,145		0.1
	2,410,000		Jazz Investments I Ltd., 1.875%, 08/15/2021		2,461,644		0.2
	1,251,000		Medicines Co/The, 2.750%, 07/15/2023		1,257,479		0.1
	2,104,000		Neurocrine Biosciences, Inc., 2.250%, 05/15/2024		2,770,961		0.2
	2,762,000		NuVasive, Inc., 2.250%, 03/15/2021		3,143,501		0.2
	924,000		Pacira BioSciences, Inc., 2.375%, 04/01/2022		948,358		0.1
	798,000	(2)	Supernus Pharmaceuticals, Inc., 0.625%, 04/01/2023		782,719		0.1
	1,309,000		Wright Medical Group NV, 2.250%, 11/15/2021		1,942,229		0.1
	3,694,000	(5)	Wright Medical Group, Inc., 1.625%, 06/15/2023		4,070,326		0.3
					31,680,811		2.4
			Energy: 0.3%
	1,298,000		Chesapeake Energy Corp., 5.500%, 09/15/2026		1,039,281		0.1
	1,359,000		Helix Energy Solutions Group, Inc., 4.250%, 05/01/2022		1,370,626		0.1
	1,677,000	(2)	Oil States International, Inc., 1.500%, 02/15/2023		1,499,922		0.1
					3,909,829		0.3
			Technology: 2.0%
	3,560,000	(5)	Cree, Inc., 0.875%, 09/01/2023		4,129,361		0.3
	2,544,000		Microchip Technology, Inc., 1.625%, 02/15/2027		3,003,446		0.2
	4,003,000		Nuance Communications, Inc., 1.000%, 12/15/2035		3,777,125		0.3
	1,819,000		Nuance Communications, Inc., 1.250%, 04/01/2025		1,791,541		0.1
	2,479,000		ON Semiconductor Corp., 1.000%, 12/01/2020		3,051,632		0.2
	790,000		RealPage, Inc., 1.500%, 11/15/2022		1,186,426		0.1
	3,899,000		SanDisk LLC, 0.500%, 10/15/2020		3,390,220		0.3
	726,000		Silicon Laboratories, Inc., 1.375%, 03/01/2022		904,967		0.1
	2,238,000	(5)	Western Digital Corp., 1.500%, 02/01/2024		2,015,388		0.1
	2,643,000		Workday, Inc., 0.250%, 10/01/2022		3,971,243		0.3
					27,221,349		2.0
		Total Convertible Bonds/Notes
		(Cost $98,139,466)			107,488,161		8.0
EQUITY-LINKED NOTES: 1.1%
			Financial: 1.1%
	9,000,000	(5)	Credit Suisse AG, Convertible Basket (Basket of 5 Common Stocks), 0.500%, 06/24/2024		8,475,300		0.6

See Accompanying Notes to Financial Statements

31

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
EQUITY-LINKED NOTES: (continued)
			Financial: (continued)
	6,746,000		GS Finance Corp (Guarantor: The Goldman Sachs Group, Inc.), Exchangeable Basket (Basket of 5 Common Stocks), 0.250%, 07/08/2024		6,423,204		0.5
		Total Equity-Linked Notes
		(Cost $15,746,000)			14,898,504		1.1
STRUCTURED NOTES: 0.9%
			Financial: 0.9%
	5,915,000		Wells Fargo Securities, LLC, Convertible Trust - Consumer Series 2018-1 (Linked to a basket of 5 Bonds), 0.250%, 01/17/2024		6,058,734		0.4
	6,139,000		Wells Fargo Securities, LLC, Convertible Trust - Healthcare Series 2018-1 (Linked to a basket of 4 Bonds), 0.250%, 02/05/2024		6,172,151		0.5
		Total Structured Notes
		(Cost $12,053,628)			12,230,885		0.9
		Total Long-Term Investments
		(Cost $1,164,156,027)			1,281,717,077		94.7
SHORT-TERM INVESTMENTS: 7.6%
			Repurchase Agreements(7): 2.4%
	7,698,210	(7)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $7,699,792, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $7,852,174, due 06/01/46-07/01/49)		7,698,210		0.6
	7,698,210	(7)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $7,699,811, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $7,852,174, due 06/30/19-05/20/69)		7,698,210		0.6
	7,698,210	(7)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $7,699,792, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $7,852,174, due 07/02/19-01/20/63)		7,698,210		0.6
	7,698,210	(7)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $7,699,804, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $7,852,211, due 07/05/19-08/16/23)		7,698,210		0.5
	2,243,754	(7)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $2,244,221, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $2,288,629, due 07/31/19-06/30/22)		2,243,754		0.1
					33,036,594		2.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 5.2%
	69,805,564	(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290%
			(Cost $69,805,564)		69,805,564			5.2
		Total Short-Term Investments
		(Cost $102,842,158)			102,842,158			7.6
		Total Investments in Securities (Cost $1,266,998,185)		$	1,384,559,235			102.3
		Liabilities in Excess of Other Assets			(31,202,205	)		(2.3	)
		Net Assets		$	1,353,357,030			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	Preferred Stock may be called prior to convertible date.
(4)	Variable rate security. Rate shown is the rate in effect as of June 30, 2019.
(5)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(6)	The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(7)	Represents securities purchased with cash collateral received for securities on loan.
(8)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

32

VY^® Invesco Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.8%
			Brazil: 0.4%
	220,850	(1)	StoneCo Ltd.	$	6,532,743		0.4
			China: 1.4%
	690,268	(1)	JD.com, Inc. ADR		20,908,218		1.4
			France: 7.3%
	61,950		Kering SA		36,564,321		2.5
	149,648		LVMH Moet Hennessy Louis Vuitton SE		63,619,196		4.2
	369,290		Societe Generale		9,320,656		0.6
					109,504,173		7.3
			Germany: 6.7%
	123,030		Allianz SE		29,671,920		2.0
	153,584		Bayer AG		10,652,634		0.7
	327,572		SAP SE		44,907,453		3.0
	131,922		Siemens AG		15,706,021		1.0
					100,938,028		6.7
			India: 3.9%
	12,243,558		DLF Ltd.		33,450,270		2.2
	1,986,682		ICICI Bank Ltd. ADR		25,012,326		1.7
					58,462,596		3.9
			Italy: 0.2%
	104,433		Brunello Cucinelli SpA		3,526,139		0.2
			Japan: 12.5%
	385,900		Capcom Co., Ltd.		7,768,311		0.5
	80,900		Fanuc Ltd.		15,032,251		1.0
	44,302		Keyence Corp.		27,322,040		1.8
	603,000		Minebea Mitsumi, Inc.		10,273,653		0.7
	585,000		Murata Manufacturing Co., Ltd.		26,337,128		1.7
	258,000		Nidec Corp.		35,432,428		2.4
	38,700		Nintendo Co., Ltd.		14,198,982		0.9
	303,400		Omron Corp.		15,912,141		1.1
	316,841		Takeda Pharmaceutical Co., Ltd.		11,270,933		0.8
	315,700		TDK Corp.		24,591,118		1.6
					188,138,985		12.5
			Netherlands: 4.2%
	448,993		Airbus SE		63,542,197		4.2
			Spain: 1.5%
	750,211		Industria de Diseno Textil SA		22,571,822		1.5
			Sweden: 2.2%
	864,725		Assa Abloy AB		19,510,526		1.3
	420,598		Atlas Copco AB - A Shares		13,478,336		0.9
					32,988,862		2.2
			Switzerland: 2.0%
	1,157,908		Credit Suisse Group AG		13,859,201		0.9
	1,372,099		UBS Group AG		16,307,734		1.1
					30,166,935		2.0
			United Kingdom: 5.6%
	350,070	(1)	Farfetch Ltd.		7,281,456		0.5
	459,677		International Game Technology PLC		5,962,011		0.4
	1,154,386		Prudential PLC		25,201,462		1.7
	445,834		TechnipFMC PLC		11,502,009		0.8
	548,407		Unilever PLC		34,042,637		2.2
					83,989,575		5.6
			United States: 49.9%
	106,540		3M Co.		18,467,644		1.2
	264,910	(1)	Acadia Pharmaceuticals, Inc.		7,081,044		0.5
	165,563	(1)	Adobe, Inc.		48,783,138		3.2
	250,800		Agilent Technologies, Inc.		18,727,236		1.2
	83,080	(1)	Alphabet, Inc. - Class A		89,959,024		6.0
	7,191	(1)	Amazon.com, Inc.		13,617,093		0.9
	78,200	(1)	AnaptysBio, Inc.		4,412,044		0.3
	140,480		Anthem, Inc.		39,644,861		2.6
	64,850	(1)	Bluebird Bio, Inc.		8,248,920		0.5
	124,400	(1)	Blueprint Medicines Corp.		11,734,652		0.8
	233,220	(1)	Centene Corp.		12,230,057		0.8
	504,660		Citigroup, Inc.		35,341,340		2.3
	415,250		Colgate-Palmolive Co.		29,760,967		2.0
	132,540		Equifax, Inc.		17,924,710		1.2
	258,520	(1)	Facebook, Inc. - Class A		49,894,360		3.3
	345,610	(1)	GlycoMimetics, Inc.		4,119,671		0.3
	88,120		Goldman Sachs Group, Inc.		18,029,352		1.2
	126,130	(1)	Incyte Corp., Ltd.		10,716,005		0.7
	187,070		Intuit, Inc.		48,887,003		3.2
	147,360	(1)	Ionis Pharmaceuticals, Inc.		9,470,827		0.6
	324,440	(1)	MacroGenics, Inc.		5,505,747		0.4
	570,100		Maxim Integrated Products		34,103,382		2.3
	57,440		Microsoft Corp.		7,694,662		0.5
	59,519	(1)	Mirati Therapeutics, Inc.		6,130,457		0.4
	319,252	(1)	PayPal Holdings, Inc.		36,541,584		2.4
	313,660	(1)	resTORbio, Inc.		3,199,332		0.2
	205,270		S&P Global, Inc.		46,758,453		3.1
	104,880	(1)	Sage Therapeutics, Inc.		19,202,479		1.3
	62,920	(1)	Sarepta Therapeutics, Inc.		9,560,694		0.6
	185,130		Tiffany & Co.		17,335,573		1.2
	126,160	(1)	Uniqure B.V.		9,859,404		0.7
	170,630		United Parcel Service, Inc. - Class B		17,620,960		1.2
	151,960	(1)	Veracyte, Inc.		4,332,380		0.3
	195,520		Walt Disney Co.		27,302,413		1.8
	91,140		Zimmer Biomet Holdings, Inc.		10,730,824		0.7
					752,928,292		49.9
		Total Common Stock
		(Cost $787,243,099)			1,474,198,565		97.8
PREFERRED STOCK: 1.2%
			Germany: 1.2%
	289,094		Bayerische Motoren Werke AG		17,912,670		1.2

See Accompanying Notes to Financial Statements

33

VY^® Invesco Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (Continued)

Shares				Value			Percentage of Net Assets
PREFERRED STOCK: (continued)
			India: 0.0%
	2,598,630	(1)	Zee Entertainment Enterprises Ltd.		195,761			0.0
		Total Preferred Stock
		(Cost $11,531,006)			18,108,431			1.2
		Total Long-Term Investments
		(Cost $798,774,105)			1,492,306,996			99.0
SHORT-TERM INVESTMENTS: 1.4%
			Mutual Funds: 1.4%
	20,539,443	(2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290%
			(Cost $20,539,443)		20,539,443			1.4
		Total Short-Term Investments
		(Cost $20,539,443)			20,539,443			1.4
		Total Investments in Securities (Cost $819,313,548)		$	1,512,846,439			100.4
		Liabilities in Excess of Other Assets			(5,351,143	)		(0.4	)
		Net Assets		$	1,507,495,296			100.0

ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

34

VY® JPMorgan Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.0%
			Communication Services: 2.5%
	54,112		CBS Corp. - Class B	$	2,700,189		0.6
	84,310	(1)	Dish Network Corp. - Class A		3,238,347		0.7
	84,730	(1)	Liberty Media Corp. - SiriusXM C		3,218,045		0.7
	20,670	(1)	Liberty Broadband Corp. - Series C		2,154,228		0.5
					11,310,809		2.5
			Consumer Discretionary: 12.4%
	6,050	(1)	Autozone, Inc.		6,651,794		1.5
	62,060		Best Buy Co., Inc.		4,327,444		1.0
	84,660		BorgWarner, Inc.		3,554,027		0.8
	50,130		Expedia Group, Inc.		6,668,794		1.5
	158,090		Gap, Inc.		2,840,877		0.6
	28,980		Genuine Parts Co.		3,001,748		0.7
	41,080		Hilton Worldwide Holdings, Inc.		4,015,159		0.9
	72,371		Kohl's Corp.		3,441,241		0.8
	37,060	(1)	Mohawk Industries, Inc.		5,465,238		1.2
	94,786		Newell Brands, Inc.		1,461,600		0.3
	76,310	(2)	Nordstrom, Inc.		2,431,237		0.6
	39,160		PVH Corp.		3,706,102		0.8
	30,350		Ralph Lauren Corp.		3,447,457		0.8
	44,370		Tiffany & Co.		4,154,807		0.9
					55,167,525		12.4
			Consumer Staples: 4.0%
	19,940		Constellation Brands, Inc.		3,926,984		0.9
	124,482		Coty, Inc - Class A		1,668,059		0.4
	60,643	(2)	Energizer Holdings, Inc.		2,343,245		0.5
	66,720		Keurig Dr Pepper, Inc.		1,928,208		0.4
	110,530		Kroger Co.		2,399,606		0.5
	32,610		Molson Coors Brewing Co.		1,826,160		0.4
	37,270	(1)	Post Holdings, Inc.		3,874,962		0.9
					17,967,224		4.0
			Energy: 6.1%
	150,890		Cabot Oil & Gas Corp.		3,464,434		0.8
	68,014		Diamondback Energy, Inc.		7,411,486		1.7
	126,800		EQT Corp.		2,004,708		0.4
	117,054		Equitrans Midstream Corp.		2,307,134		0.5
	98,250		PBF Energy, Inc.		3,075,225		0.7
	314,350		Williams Cos., Inc.		8,814,374		2.0
					27,077,361		6.1
			Financials: 22.3%
	4,493	(1)	Alleghany Corp.		3,060,227		0.7
	52,480		Ally Financial, Inc.		1,626,355		0.4
	35,950		Ameriprise Financial, Inc.		5,218,502		1.2
	127,900		Citizens Financial Group, Inc.		4,522,544		1.0
	41,500		Comerica, Inc.		3,014,560		0.7
	233,560		Fifth Third Bancorp		6,516,324		1.5
	43,580		First Republic Bank		4,255,587		0.9
	117,240		Hartford Financial Services Group, Inc.		6,532,613		1.5
	254,180		Huntington Bancshares, Inc.		3,512,768		0.8
	84,740		Invesco Ltd.		1,733,780		0.4
	51,850		Lincoln National Corp.		3,341,732		0.7
	169,920		Loews Corp.		9,289,526		2.1
	51,813		M&T Bank Corp.		8,811,837		2.0
	39,990		Marsh & McLennan Cos., Inc.		3,989,002		0.9
	51,040		Northern Trust Corp.		4,593,600		1.0
	19,290		Principal Financial Group, Inc.		1,117,277		0.2
	52,890		Progressive Corp.		4,227,498		0.9
	49,770		Raymond James Financial, Inc.		4,208,054		0.9
	114,700		SunTrust Banks, Inc.		7,208,895		1.6
	63,700		T. Rowe Price Group, Inc.		6,988,527		1.6
	32,600		Unum Group		1,093,730		0.2
	48,105		WR Berkley Corp.		3,171,563		0.7
	37,960		Zions Bancorp NA		1,745,401		0.4
					99,779,902		22.3
			Health Care: 6.8%
	60,670		AmerisourceBergen Corp.		5,172,724		1.2
	26,130		Cigna Corp.		4,116,781		0.9
	14,352	(1)	Covetrus, Inc.		351,050		0.1
	47,900	(1)	Henry Schein, Inc.		3,348,210		0.7
	7,600		Humana, Inc.		2,016,280		0.5
	30,460	(1)	Laboratory Corp. of America Holdings		5,266,534		1.2
	35,610		Universal Health Services, Inc.		4,643,188		1.0
	47,240		Zimmer Biomet Holdings, Inc.		5,562,038		1.2
					30,476,805		6.8
			Industrials: 7.8%
	29,820		Acuity Brands, Inc.		4,112,476		0.9
	51,540		Ametek, Inc.		4,681,893		1.1
	19,800		Carlisle Cos., Inc.		2,780,118		0.6
	63,460		Fortune Brands Home & Security, Inc.		3,625,470		0.8
	20,500		Hubbell, Inc.		2,673,200		0.6
	27,490		IDEX Corp.		4,732,129		1.1
	30,120	(1)	Middleby Corp.		4,087,284		0.9
	41,810		MSC Industrial Direct Co.		3,104,811		0.7
	29,741		Snap-On, Inc.		4,926,299		1.1
					34,723,680		7.8
			Information Technology: 6.7%
	47,200		Amphenol Corp.		4,528,368		1.0
	17,790		Analog Devices, Inc.		2,007,957		0.4
	69,740	(1)	Arrow Electronics, Inc.		4,970,370		1.1
	56,550		CDW Corp.		6,277,050		1.4
	84,982	(1)	CommScope Holding Co., Inc.		1,336,767		0.3
	28,426		Jack Henry & Associates, Inc.		3,806,810		0.9
	31,279	(1)	Keysight Technologies, Inc.		2,809,167		0.6

See Accompanying Notes to Financial Statements

35

VY® JPMorgan Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	33,520	(1)	Synopsys, Inc.		4,313,689		1.0
					30,050,178		6.7
			Materials: 4.8%
	77,640		Ball Corp.		5,434,024		1.2
	16,930		Martin Marietta Materials, Inc.		3,895,762		0.9
	9,460		Sherwin-Williams Co.		4,335,423		1.0
	154,180		Silgan Holdings, Inc.		4,717,908		1.0
	87,810		WestRock Co.		3,202,431		0.7
					21,585,548		4.8
			Real Estate: 14.0%
	55,210		American Campus Communities, Inc.		2,548,494		0.6
	112,850		American Homes 4 Rent		2,743,383		0.6
	30,120		AvalonBay Communities, Inc.		6,119,782		1.4
	42,950		Boston Properties, Inc.		5,540,550		1.2
	203,100		Brixmor Property Group, Inc.		3,631,428		0.8
	107,600	(1)	CBRE Group, Inc.		5,519,880		1.2
	76,520	(1)	Cushman & Wakefield PLC		1,368,178		0.3
	12,510		Essex Property Trust, Inc.		3,652,044		0.8
	36,790		Federal Realty Investment Trust		4,737,080		1.1
	48,373		JBG SMITH Properties		1,902,994		0.4
	163,470		Kimco Realty Corp.		3,020,926		0.7
	132,242		Outfront Media, Inc.		3,410,521		0.8
	113,830		Rayonier, Inc.		3,449,049		0.8
	41,880		Regency Centers Corp.		2,795,071		0.6
	34,490		Ventas, Inc.		2,357,391		0.5
	72,966		Vornado Realty Trust		4,677,121		1.1
	99,000		Weyerhaeuser Co.		2,607,660		0.6
	28,630		WP Carey, Inc.		2,324,183		0.5
					62,405,735		14.0
			Utilities: 10.6%
	172,110		CMS Energy Corp.		9,966,890		2.2
	30,380		Edison International		2,047,916		0.5
	74,160		Evergy, Inc.		4,460,724		1.0
	83,990		National Fuel Gas Co.		4,430,473		1.0
	48,150		Sempra Energy		6,617,736		1.5
	118,420		WEC Energy Group, Inc.		9,872,675		2.2
	164,800		Xcel Energy, Inc.		9,803,952		2.2
					47,200,366		10.6
		Total Common Stock
		(Cost $331,707,352)			437,745,133		98.0

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.3%
			Repurchase Agreements(3): 0.5%
	1,000,000	(3)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,000,205, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,020,000, due 07/02/19-01/20/63)		1,000,000		0.2
	426,581	(3)	HSBC Securities USA, Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $426,669, collateralized by various U.S. Government Securities, 0.000%-4.375%, Market Value plus accrued interest $435,113, due 08/15/20-11/15/46)		426,581		0.1
	1,000,000	(3)	Morgan Stanley, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,000,207, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-7.500%, Market Value plus accrued interest $1,020,000, due 04/01/26-06/20/49)		1,000,000		0.2
					2,426,581		0.5

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.8%
	7,797,712	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290%
			(Cost $7,797,712)		7,797,712			1.8
		Total Short-Term Investments
		(Cost $10,224,293)			10,224,293			2.3
		Total Investments in Securities (Cost $341,931,645)		$	447,969,426			100.3
		Liabilities in Excess of Other Assets			(1,325,039	)		(0.3	)
		Net Assets		$	446,644,387			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	Represents securities purchased with cash collateral received for securities on loan.
(4)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

36

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 89.5%
			Basic Materials: 8.3%
	400,000	(1)	Century Aluminum Co., 7.500%, 06/01/2021	$	399,200		0.4
	305,000		CF Industries, Inc., 4.950%, 06/01/2043		274,119		0.3
	179,000		CF Industries, Inc., 5.375%, 03/15/2044		168,761		0.2
	638,000		Chemours Co/The, 7.000%, 05/15/2025		668,305		0.7
	315,000		Coeur Mining, Inc., 5.875%, 06/01/2024		308,306		0.3
	430,000		Commercial Metals Co., 5.375%, 07/15/2027		428,925		0.4
	515,000		Commercial Metals Co., 5.750%, 04/15/2026		515,386		0.5
	209,000	(1)	First Quantum Minerals Ltd., 6.875%, 03/01/2026		194,631		0.2
	416,000	(1)	Hexion, Inc., 7.875%, 07/15/2027		419,120		0.4
	247,000	(1)	Hudbay Minerals, Inc., 7.250%, 01/15/2023		255,336		0.3
	243,000	(1)	Hudbay Minerals, Inc., 7.625%, 01/15/2025		252,113		0.3
	520,000	(1)	Joseph T Ryerson & Son, Inc., 11.000%, 05/15/2022		550,063		0.6
	380,000	(1)	Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.000%, 04/15/2025		386,650		0.4
	68,000	(1)	NOVA Chemicals Corp., 4.875%, 06/01/2024		70,635		0.1
	519,000	(1)	NOVA Chemicals Corp., 5.000%, 05/01/2025		544,301		0.5
	400,000	(1)	Novelis Corp., 5.875%, 09/30/2026		406,000		0.4
	130,000	(1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.750%, 04/30/2026		124,150		0.1
	570,000	(1)	OCI NV, 6.625%, 04/15/2023		595,650		0.6
	430,000		Olin Corp., 5.000%, 02/01/2030		426,775		0.4
	535,000	(1)	Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026		548,375		0.5
	511,000	(1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 09/01/2025		494,393		0.5
	190,000	(1)	Tronox, Inc., 6.500%, 04/15/2026		188,757		0.2
					8,219,951		8.3
			Communications: 15.2%
	200,000	(1)	Altice Financing SA, 6.625%, 02/15/2023		205,500		0.2
	200,000	(1)	Altice France SA/France, 8.125%, 02/01/2027		210,500		0.2
	359,000	(1)	Altice Luxembourg SA, 10.500%, 05/15/2027		369,770		0.4
	210,000	(1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028		214,977		0.2
	483,000	(1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 06/01/2029		499,905		0.5
	505,000	(1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026		529,770		0.5
	310,000	(1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/2026		325,888		0.3
	280,000		CenturyLink, Inc., 6.450%, 06/15/2021		296,800		0.3
	380,000	(1)	Clear Channel Worldwide Holdings, Inc., 9.250%, 02/15/2024		413,250		0.4
	528,000	(1)	CommScope Tech Finance LLC, 6.000%, 06/15/2025		497,487		0.5
	155,000	(1)	CommScope Technologies LLC, 5.000%, 03/15/2027		135,625		0.1
	120,000	(1)	CommScope, Inc., 5.000%, 06/15/2021		120,150		0.1
	479,000		CSC Holdings LLC, 5.250%, 06/01/2024		498,759		0.5
	200,000	(1)	CSC Holdings LLC, 5.375%, 07/15/2023		206,000		0.2
	200,000	(1)	CSC Holdings LLC, 5.375%, 02/01/2028		208,250		0.2
	400,000	(1)	CSC Holdings LLC, 5.500%, 04/15/2027		421,000		0.4
	100,000	(1)	Frontier Communications Corp., 8.500%, 04/01/2026		97,250		0.1
	555,000		Frontier Communications Corp., 8.750%, 04/15/2022		357,975		0.4
	330,000		Frontier Communications Corp., 11.000%, 09/15/2025		206,250		0.2
	250,000	(1)	Gray Television, Inc., 5.125%, 10/15/2024		255,313		0.3
	249,000	(1)	Gray Television, Inc., 5.875%, 07/15/2026		258,960		0.3
	365,000	(1)	Gray Television, Inc., 7.000%, 05/15/2027		396,938		0.4
	415,000		Hughes Satellite Systems Corp., 5.250%, 08/01/2026		427,969		0.4
	230,000	(1)	Intelsat Jackson Holdings SA, 9.750%, 07/15/2025		236,900		0.2
	690,000		Level 3 Financing, Inc., 5.250%, 03/15/2026		715,875		0.7
	820,000	(1)	MDC Partners, Inc., 6.500%, 05/01/2024		757,647		0.8
	699,000	(1)	Netflix, Inc., 5.375%, 11/15/2029		744,218		0.8

See Accompanying Notes to Financial Statements

37

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	350,000		Quebecor Media, Inc., 5.750%, 01/15/2023		376,250		0.4
	320,000	(1)	Sinclair Television Group, Inc., 5.875%, 03/15/2026		328,304		0.3
	167,000	(1)	Sirius XM Radio, Inc., 4.625%, 07/15/2024		171,305		0.2
	623,000	(1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027		636,176		0.6
	237,000	(1)	Sirius XM Radio, Inc., 5.375%, 07/15/2026		246,480		0.3
	200,000	(1)	Sirius XM Radio, Inc., 5.500%, 07/01/2029		205,540		0.2
	200,000		Sprint Corp., 7.125%, 06/15/2024		212,560		0.2
	1,660,000		Sprint Corp., 7.250%, 09/15/2021		1,767,900		1.8
	205,000		Sprint Corp., 7.625%, 02/15/2025		218,581		0.2
	95,000		T-Mobile USA, Inc., 5.125%, 04/15/2025		99,230		0.1
	130,000		T-Mobile USA, Inc., 6.000%, 03/01/2023		133,250		0.1
	250,000		T-Mobile USA, Inc., 6.000%, 04/15/2024		261,250		0.3
	70,000		T-Mobile USA, Inc., 6.500%, 01/15/2024		72,625		0.1
	450,000		T-Mobile USA, Inc., 6.500%, 01/15/2026		487,602		0.5
	231,000	(1)	Videotron Ltd., 5.375%, 06/15/2024		248,036		0.3
					15,074,015		15.2
			Consumer, Cyclical: 12.2%
	702,000		American Axle & Manufacturing, Inc., 6.250%, 03/15/2026		696,735		0.7
	225,000		Beazer Homes USA, Inc., 5.875%, 10/15/2027		196,245		0.2
	570,000		Beazer Homes USA, Inc., 6.750%, 03/15/2025		547,912		0.5
	70,000		Beazer Homes USA, Inc., 8.750%, 03/15/2022		73,062		0.1
	490,000	(1)	Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025		491,225		0.5
	400,000	(1)	Cirsa Finance International Sarl, 7.875%, 12/20/2023		425,000		0.4
	441,000	(1)	Enterprise Development Authority/The, 12.000%, 07/15/2024		480,690		0.5
	498,000		Global Partners L.P. / GLP Finance Corp., 7.000%, 06/15/2023		506,092		0.5
	148,000	(1)	Golden Nugget, Inc., 6.750%, 10/15/2024		152,810		0.1
	279,000	(1)	Golden Nugget, Inc., 8.750%, 10/01/2025		293,647		0.3
	405,000	(1),(2)	IHO Verwaltungs GmbH, 6.000% (PIK Rate 6.750%, Cash Rate 6.000%), 05/15/2027		408,037		0.4
	205,000	(1)	International Game Technology PLC, 6.250%, 01/15/2027		224,987		0.2
	100,000	(1)	JC Penney Corp., Inc., 5.875%, 07/01/2023		84,250		0.1
	430,000		KB Home, 6.875%, 06/15/2027		460,100		0.5
	245,000		KB Home, 7.500%, 09/15/2022		274,094		0.3
	652,000		Lennar Corp., 4.750%, 11/15/2022		684,600		0.7
	250,000		Lennar Corp., 4.750%, 11/29/2027		264,375		0.3
	200,000		Meritage Homes Corp., 6.000%, 06/01/2025		216,000		0.2
	95,000		Meritage Homes Corp., 7.000%, 04/01/2022		102,956		0.1
	564,000		MGM Resorts International, 5.500%, 04/15/2027		592,905		0.6
	675,000	(1)	Michaels Stores, Inc., 8.000%, 07/15/2027		674,420		0.7
	250,000		Murphy Oil USA, Inc., 6.000%, 08/15/2023		257,813		0.3
	75,000	(1)	Penn National Gaming, Inc., 5.625%, 01/15/2027		74,250		0.1
	200,000	(1)	Scientific Games International, Inc., 5.000%, 10/15/2025		202,500		0.2
	792,000	(1)	Scientific Games International, Inc., 8.250%, 03/15/2026		833,572		0.8
	323,000		Scientific Games International, Inc., 10.000%, 12/01/2022		339,958		0.3
	365,000	(1)	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024		378,688		0.4
	150,000	(1)	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.875%, 04/15/2023		158,250		0.2
	334,000	(1)	Taylor Morrison Communities, Inc., 5.875%, 06/15/2027		341,515		0.3
	574,000		Tempur Sealy International, Inc., 5.500%, 06/15/2026		597,678		0.6
	455,000		Titan International, Inc., 6.500%, 11/30/2023		396,988		0.4
	579,000	(1)	Viking Cruises Ltd., 5.875%, 09/15/2027		587,685		0.6
	150,000	(1)	VOC Escrow Ltd., 5.000%, 02/15/2028		152,813		0.1
					12,171,852		12.2
			Consumer, Non-cyclical: 16.7%
	475,000		Albertsons Cos LLC / Safeway, Inc. / New Albertsons L.P. / Albertson's LLC, 5.750%, 03/15/2025		480,937		0.5

See Accompanying Notes to Financial Statements

38

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	148,000	(1)	Albertsons Cos LLC / Safeway, Inc. / New Albertsons L.P. / Albertson's LLC, 7.500%, 03/15/2026		158,730		0.2
	200,000	(1)	Ashtead Capital, Inc., 4.125%, 08/15/2025		203,500		0.2
	440,000	(1)	Bausch Health Americas, Inc., 8.500%, 01/31/2027		484,889		0.5
	200,000	(1)	Bausch Health Cos, Inc., 5.500%, 11/01/2025		209,250		0.2
	370,000	(1)	Bausch Health Cos, Inc., 5.875%, 05/15/2023		375,687		0.4
	95,000	(1)	Bausch Health Cos, Inc., 6.500%, 03/15/2022		98,563		0.1
	125,000	(1)	Bausch Health Cos, Inc., 7.000%, 03/15/2024		133,138		0.1
	383,000	(1)	Bausch Health Cos, Inc., 7.000%, 01/15/2028		397,841		0.4
	120,000	(1)	Bausch Health Cos, Inc., 7.250%, 05/30/2029		125,100		0.1
	595,000	(1)	BCPE Cycle Merger Sub II, Inc., 10.625%, 07/15/2027		603,925		0.6
	472,000		BioScrip, Inc., 8.875%, 02/15/2021		480,260		0.5
	738,000	(1)	Brink's Co/The, 4.625%, 10/15/2027		738,922		0.7
	215,000	(1)	C&S Group Enterprises LLC, 5.375%, 07/15/2022		216,075		0.2
	250,000	(1)	Cardtronics, Inc. / Cardtronics USA, Inc., 5.500%, 05/01/2025		250,000		0.2
	293,000	(1)	Carriage Services, Inc., 6.625%, 06/01/2026		301,790		0.3
	590,000	(1)	Centene Corp., 5.375%, 06/01/2026		621,712		0.6
	85,000		CHS/Community Health Systems, Inc., 6.250%, 03/31/2023		82,131		0.1
	220,000	(1)	Darling Ingrediants, Inc., 5.250%, 04/15/2027		230,450		0.2
	190,000	(1),(2)	Eagle Holding Co. II LLC, 7.750% (PIK Rate 7.750%, Cash Rate 0.000%), 05/15/2022		191,900		0.2
	200,000	(1)	Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/2025		135,000		0.1
	643,000	(1)	Garda World Security Corp., 8.750%, 05/15/2025		638,177		0.6
	738,000		HCA, Inc., 5.375%, 02/01/2025		798,424		0.8
	139,000		HCA, Inc., 5.625%, 09/01/2028		150,815		0.2
	351,000		HCA, Inc., 5.875%, 02/01/2029		385,223		0.4
	519,000	(1)	Herc Holdings, Inc., 5.500%, 07/15/2027		523,541		0.5
	198,000		Horizon Pharma USA, Inc., 6.625%, 05/01/2023		204,064		0.2
	365,000	(1)	Horizon Pharma USA, Inc., 8.750%, 11/01/2024		393,397		0.4
	400,000		Ingles Markets, Inc., 5.750%, 06/15/2023		411,000		0.4
	469,000	(1)	JBS USA LUX SA / JBS USA Finance, Inc., 6.750%, 02/15/2028		511,210		0.5
	145,000	(1)	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.500%, 04/15/2029		157,869		0.2
	345,000		Molina Healthcare, Inc., 5.375%, 11/15/2022		360,094		0.4
	308,000	(1)	Par Pharmaceutical, Inc., 7.500%, 04/01/2027		303,380		0.3
	246,000	(1)	Pilgrim's Pride Corp., 5.875%, 09/30/2027		255,840		0.3
	259,000	(1)	Post Holdings, Inc., 5.625%, 01/15/2028		267,094		0.3
	160,000	(1)	Prime Security Services Borrower LLC / Prime Finance, Inc., 5.250%, 04/15/2024		163,200		0.2
	170,000	(1)	Prime Security Services Borrower LLC / Prime Finance, Inc., 5.750%, 04/15/2026		175,950		0.2
	539,000	(1)	Prime Security Services Borrower LLC / Prime Finance, Inc., 9.250%, 05/15/2023		567,068		0.6
	365,000	(1)	RegionalCare Hospital Partners Holdings, Inc., 8.250%, 05/01/2023		388,725		0.4
	560,000	(1)	Simmons Foods, Inc., 5.750%, 11/01/2024		512,400		0.5
	397,000		StoneMor Partners L.P. / Cornerstone Family Services of West Virginia Subsidiary, 7.875%, 06/01/2021		319,585		0.3
	470,000	(1)	Surgery Center Holdings, Inc., 10.000%, 04/15/2027		470,000		0.5
	235,000	(1)	Team Health Holdings, Inc., 6.375%, 02/01/2025		180,950		0.2
	382,000		United Rentals North America, Inc., 4.875%, 01/15/2028		390,595		0.4
	294,000		United Rentals North America, Inc., 5.250%, 01/15/2030		302,820		0.3
	276,000		United Rentals North America, Inc., 6.500%, 12/15/2026		299,460		0.3
	388,000	(1)	Verscend Escrow Corp., 9.750%, 08/15/2026		404,975		0.4

See Accompanying Notes to Financial Statements

39

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	496,000		WellCare Health Plans, Inc., 5.250%, 04/01/2025		518,940		0.5
					16,574,596		16.7
			Diversified: 0.4%
	370,000	(1)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 10.500%, 06/01/2024		370,000		0.4
			Energy: 15.0%
	547,000	(1)	American Midstream Partners L.P. / American Midstream Finance Corp., 9.500%, 12/15/2021		537,427		0.5
	50,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 10/01/2022		50,875		0.1
	640,000	(1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027		672,064		0.7
	355,000	(1)	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/2022		361,656		0.4
	155,000	(1)	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.625%, 07/15/2026		156,937		0.2
	203,000	(1)	Centennial Resource Production LLC, 6.875%, 04/01/2027		206,045		0.2
	518,000		Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027		563,972		0.6
	100,000		Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/2025		111,625		0.1
	465,000	(1)	Cheniere Energy Partners L.P., 5.625%, 10/01/2026		491,737		0.5
	102,000		DCP Midstream Operating L.P., 3.875%, 03/15/2023		103,020		0.1
	120,000		DCP Midstream Operating L.P., 5.375%, 07/15/2025		126,750		0.1
	325,000		DCP Midstream Operating L.P., 5.600%, 04/01/2044		307,125		0.3
	285,000		Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025		283,575		0.3
	295,000		Energy Transfer Operating L.P., 5.875%, 01/15/2024		328,107		0.3
	20,000		EnLink Midstream LLC, 5.375%, 06/01/2029		20,550		0.0
	60,000		EnLink Midstream Partners L.P., 5.050%, 04/01/2045		50,400		0.1
	174,000		EnLink Midstream Partners L.P., 5.600%, 04/01/2044		160,515		0.2
	413,000	(1)	Ensign Drilling, Inc., 9.250%, 04/15/2024		407,837		0.4
	150,000		Exterran Energy Solutions L.P. / EES Finance Corp., 8.125%, 05/01/2025		153,187		0.2
	392,000		FTS International, Inc., 6.250%, 05/01/2022		365,540		0.4
	210,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 6.250%, 05/15/2026		203,700		0.2
	233,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 6.500%, 10/01/2025		228,631		0.2
	100,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 6.750%, 08/01/2022		101,250		0.1
	369,000	(1)	Great Western Petroleum LLC / Great Western Finance Corp., 9.000%, 09/30/2021		301,657		0.3
	300,000		Gulfport Energy Corp., 6.000%, 10/15/2024		233,250		0.2
	10,000		Gulfport Energy Corp., 6.625%, 05/01/2023		8,650		0.0
	350,000	(1)	Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp., 5.625%, 02/15/2026		361,813		0.4
	230,000	(1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 10/01/2025		231,725		0.2
	659,000	(1)	Indigo Natural Resources LLC, 6.875%, 02/15/2026		594,748		0.6
	173,000		Jagged Peak Energy LLC, 5.875%, 05/01/2026		171,270		0.2
	100,000	(1)	MEG Energy Corp., 6.500%, 01/15/2025		100,875		0.1
	100,000	(1)	MEG Energy Corp., 7.000%, 03/31/2024		95,500		0.1
	490,000	(1)	Neptune Energy Bondco PLC, 6.625%, 05/15/2025		499,800		0.5
	313,000		Oasis Petroleum, Inc., 6.875%, 03/15/2022		312,022		0.3
	387,000		Oasis Petroleum, Inc., 6.875%, 01/15/2023		387,968		0.4
	234,000	(1)	Parkland Fuel Corp., 5.875%, 07/15/2027		237,803		0.2
	230,000	(1)	Parsley Energy LLC / Parsley Finance Corp., 5.375%, 01/15/2025		236,900		0.2
	200,000	(1)	Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/2027		210,000		0.2
	210,000	(1)	Parsley Energy LLC / Parsley Finance Corp., 6.250%, 06/01/2024		218,925		0.2
	400,000		PBF Holding Co. LLC / PBF Finance Corp., 7.000%, 11/15/2023		417,004		0.4

See Accompanying Notes to Financial Statements

40

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	400,000		PBF Logistics L.P. / PBF Logistics Finance Corp., 6.875%, 05/15/2023		414,500		0.4
	85,000		SESI LLC, 7.750%, 09/15/2024		55,463		0.1
	517,000	(1)	Shelf Drilling Holdings Ltd., 8.250%, 02/15/2025		479,776		0.5
	27,000		SM Energy Co., 6.125%, 11/15/2022		26,933		0.0
	357,000		SM Energy Co., 6.750%, 09/15/2026		336,473		0.3
	563,000	(1)	SunCoke Energy Partners L.P. / SunCoke Energy Partners Finance Corp., 7.500%, 06/15/2025		551,740		0.6
	335,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		336,047		0.3
	84,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.000%, 01/15/2028		84,420		0.1
	92,000	(1)	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.500%, 07/15/2027		100,510		0.1
	241,000	(1)	Transocean Sentry Ltd, 5.375%, 05/15/2023		241,904		0.2
	420,000	(1)	Transocean, Inc., 7.250%, 11/01/2025		399,525		0.4
	163,000	(1)	USA Compression Partners L.P. / USA Compression Finance Corp., 6.875%, 09/01/2027		171,983		0.2
	200,000		Whiting Petroleum Corp., 5.750%, 03/15/2021		200,250		0.2
	513,000		Whiting Petroleum Corp., 6.625%, 01/15/2026		497,289		0.5
	93,000		Williams Cos, Inc./The, 5.750%, 06/24/2044		108,583		0.1
	200,000		WPX Energy, Inc., 5.250%, 09/15/2024		205,500		0.2
	80,000		WPX Energy, Inc., 8.250%, 08/01/2023		91,600		0.1
					14,914,931		15.0
			Financial: 7.5%
	500,000	(1)	Alliance Data Systems Corp., 5.875%, 11/01/2021		515,012		0.5
	300,000	(1)	Avation Capital SA, 6.500%, 05/15/2021		308,250		0.3
	500,000	(3)	Barclays PLC, 7.750%, 12/31/2199		512,857		0.5
	602,000	(1),(3)	BNP Paribas SA, 6.625%, 12/31/2199		627,263		0.6
	300,000		CNO Financial Group, Inc., 5.250%, 05/30/2029		325,500		0.3
	235,000	(3)	Credit Suisse Group AG, 7.125%, 12/31/2199		248,795		0.3
	405,000	(1)	Freedom Mortgage Corp., 8.125%, 11/15/2024		346,275		0.4
	515,000	(1)	Freedom Mortgage Corp., 8.250%, 04/15/2025		445,475		0.5
	200,000	(1),(3)	Intesa Sanpaolo SpA, 7.700%, 12/29/2049		196,671		0.2
	260,000	(1)	Iron Mountain US Holdings, Inc., 5.375%, 06/01/2026		262,275		0.3
	300,000		Iron Mountain, Inc., 5.750%, 08/15/2024		303,792		0.3
	250,000	(1)	Kendall Re Ltd., 7.655%, (US0003M + 5.250%), 05/06/2024		241,462		0.2
	250,000	(1)	Kilimanjaro Re Ltd. (Cat Bond), 11.337%, (T-BILL 3MO + 9.250%), 12/06/2019		245,187		0.2
	130,000		MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027		134,225		0.1
	117,000	(1)	Nationstar Mortgage Holdings, Inc., 8.125%, 07/15/2023		119,633		0.1
	395,000	(1)	Nationstar Mortgage Holdings, Inc., 9.125%, 07/15/2026		401,913		0.4
	427,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 07/01/2021		428,717		0.4
	125,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 06/01/2022		123,984		0.1
	195,000	(1)	Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/2022		200,850		0.2
	343,000	(1)	Provident Funding Associates L.P. / PFG Finance Corp., 6.375%, 06/15/2025		324,135		0.3
	110,000		Springleaf Finance Corp., 6.625%, 01/15/2028		115,775		0.1
	250,000	(1)	Tailwind Re Ltd. 2017-1, 9.057%, (T-BILL 3MO + 7.250%), 01/08/2025		248,462		0.3
	235,000	(3)	UBS Group Funding Switzerland AG, 7.125%, 12/31/2199		247,338		0.3
	335,000	(1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 6.000%, 04/15/2023		319,087		0.3
	250,000	(1)	Ursa Re Ltd 2017-2 D (Cat Bond), 7.457%, (T-BILL 3MO + 5.250%), 12/10/2020		247,663		0.3
					7,490,596		7.5

See Accompanying Notes to Financial Statements

41

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial: 10.6%
	469,000	(1)	American Woodmark Corp., 4.875%, 03/15/2026		465,482		0.5
	250,000	(1)	Amsted Industries, Inc., 5.375%, 09/15/2024		257,187		0.2
	254,000	(1)	Amsted Industries, Inc., 5.625%, 07/01/2027		265,430		0.3
	EUR  100,000	(2)	ARD Finance SA, 6.625% (PIK Rate 7.375%, Cash Rate 0.000%), 09/15/2023		118,102		0.1
	100,000	(2)	ARD Finance SA, 7.125% (PIK Rate 7.875%, Cash Rate 0.000%), 09/15/2023		102,750		0.1
	80,000	(1)	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.625%, 05/15/2023		81,500		0.1
	510,000	(1)	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.000%, 02/15/2025		529,125		0.5
	90,000	(1)	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 7.250%, 05/15/2024		95,175		0.1
	384,000		Ball Corp., 5.250%, 07/01/2025		416,640		0.4
	EUR  160,000		Belden, Inc., 3.875%, 03/15/2028		192,237		0.2
	475,000	(1)	Bombardier, Inc., 6.000%, 10/15/2022		479,413		0.5
	391,000	(1)	Bombardier, Inc., 7.500%, 03/15/2025		393,561		0.4
	292,000	(1)	Bombardier, Inc., 7.875%, 04/15/2027		293,095		0.3
	337,000	(1)	Builders FirstSource, Inc., 5.625%, 09/01/2024		348,600		0.3
	261,000	(1)	Builders FirstSource, Inc., 6.750%, 06/01/2027		276,660		0.3
	545,000	(1)	Cloud Crane LLC, 10.125%, 08/01/2024		587,237		0.6
	603,000		Covanta Holding Corp., 6.000%, 01/01/2027		633,150		0.6
	640,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/2026		739,200		0.7
	498,000		EnPro Industries, Inc., 5.750%, 10/15/2026		510,450		0.5
	400,000		Fly Leasing Ltd., 6.375%, 10/15/2021		410,500		0.4
	589,000	(1)	GFL Environmental, Inc., 5.375%, 03/01/2023		586,055		0.6
	275,000	(1)	GFL Environmental, Inc., 8.500%, 05/01/2027		296,656		0.3
	653,000	(1)	Greif, Inc., 6.500%, 03/01/2027		675,855		0.7
	265,000		MasTec, Inc., 4.875%, 03/15/2023		269,638		0.3
	125,000	(1)	Plastipak Holdings, Inc., 6.250%, 10/15/2025		113,750		0.1
	175,000	(1)	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.000%, 07/15/2024		181,282		0.2
	96,911		Reynolds Group Issuer, Inc., 5.750%, 10/15/2020		97,274		0.1
	274,000	(1)	Standard Industries, Inc./NJ, 5.375%, 11/15/2024		284,617		0.3
	355,000	(1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027		370,088		0.4
	200,000	(1)	syncreon Group BV / syncreon Global Finance US, Inc., 8.625%, 11/01/2021		75,000		0.1
	418,000	(1)	Tervita Corp., 7.625%, 12/01/2021		427,284		0.4
					10,572,993		10.6
			Technology: 2.0%
	570,000	(1)	First Data Corp., 5.750%, 01/15/2024		587,100		0.6
	95,000		NCR Corp., 5.000%, 07/15/2022		96,279		0.1
	160,000		NCR Corp., 6.375%, 12/15/2023		165,400		0.1
	200,000	(1)	Open Text Corp., 5.875%, 06/01/2026		212,060		0.2
	97,000	(1)	Rackspace Hosting, Inc., 8.625%, 11/15/2024		89,483		0.1
	270,000	(1)	SS&C Technologies, Inc., 5.500%, 09/30/2027		280,631		0.3
	604,000		Western Digital Corp., 4.750%, 02/15/2026		594,064		0.6
					2,025,017		2.0
			Utilities: 1.6%
	303,000	(1)	Clearway Energy Operating LLC, 5.750%, 10/15/2025		308,681		0.3
	163,334	(1)	NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/2025		175,992		0.2
	110,000	(1)	Talen Energy Supply LLC, 6.625%, 01/15/2028		109,725		0.1
	148,000	(1)	Talen Energy Supply LLC, 7.250%, 05/15/2027		152,070		0.2
	751,000	(1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027		797,938		0.8
					1,544,406		1.6
		Total Corporate Bonds/Notes
		(Cost $87,435,310)			88,958,357		89.5

See Accompanying Notes to Financial Statements

42

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
BANK LOANS: 0.0%
			Energy: 0.0%
	45,119		Gavilan Resources LLC - TL 2L, 8.430%, (US0001M + 6.000%), 03/01/2024		24,139		0.0
		Total Bank Loans
		(Cost $43,176)			24,139		0.0
CONVERTIBLE BONDS/NOTES: 0.5%
			Consumer, Non-cyclical: 0.4%
	205,000		Endologix, Inc., 3.250%, 11/01/2020		66,884		0.1
	115,000		Macquarie Infrastructure Corp., 2.000%, 10/01/2023		101,633		0.1
	141,000	(1)	Medicines Co/The, 3.500%, 01/15/2024		230,937		0.2
					399,454		0.4
			Industrial: 0.1%
	130,000		SEACOR Holdings, Inc., 3.000%, 11/15/2028		128,768		0.1
		Total Convertible Bonds/Notes
		(Cost $587,400)			528,222		0.5

Shares				Value		Percentage of Net Assets
COMMON STOCK: 0.0%
			Consumer Discretionary: –%
	1,476	(1),(4),(5)	Perseus Holding Corp.		–		–
			Energy: 0.0%
	424,441	(4),(5)	Ascent Resources - Utica LLC		5,093		0.0
		Total Common Stock
		(Cost $10,080)			5,093		0.0
PREFERRED STOCK: 1.6%
			Consumer Discretionary: –%
	775	(1),(4),(5)	Perseus Holding Corp.		–		–
			Financials: 1.6%
	446	(5)	Bank of America Corp.		611,912		0.6
	3,542	(3),(5),(6)	GMAC Capital Trust I		92,553		0.1
	602	(5)	Wells Fargo & Co.		821,248		0.9
					1,525,713		1.6
			Health Care: 0.0%
	44	(4),(5)	BioScrip, Inc.		6,510		0.0
		Total Preferred Stock
		(Cost $1,393,307)			1,532,223		1.6
WARRANTS: –%
			Energy: –%
	659	(4),(5)	Midstates Petroleum Co., Inc.		–		–
			Health Care: –%
	126	(4),(5)	BioScrip, Inc. - Class A		–		–
	126	(4),(5)	BioScrip, Inc. - Class B		–		–
					–		–
			Industrials: –%
	28	(4),(5)	Liberty Tire Recycling		–		–
		Total Warrants
		(Cost $–)			–		–
OTHER: –%
			Communications: –%
	365,000	(4),(7)	Avaya, Inc. (Escrow)		–		–
	1,445,000	(4),(7)	Millicom International Cellular S.A. (Escrow)		–		–
					–		–
			Technology: –%
	200,000	(4),(7)	Midway Games, Inc.		–		–
		Total Other
		(Cost $–)			–		–
		Total Long-Term Investments
		(Cost $89,469,273)			91,048,034		91.6

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.6%
			U.S. Treasury Bills: 4.6%
	4,070,000		United States Treasury Bill, 0.980%, 07/02/2019		4,069,782		4.1
	500,000	(8)	United States Treasury Bill, 2.010%, 07/23/2019		499,366		0.5
					4,569,148		4.6
		Total Short-Term Investments
		(Cost $4,569,127)			4,569,148		4.6
		Total Investments in Securities (Cost $94,038,400)		$	95,617,182		96.2
		Assets in Excess of Other Liabilities			3,808,710		3.8
		Net Assets		$	99,425,892		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)	All or a portion of this security is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates.
(3)	Variable rate security. Rate shown is the rate in effect as of June 30, 2019.
(4)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(5)	Non-income producing security.
(6)	Preferred Stock may be called prior to convertible date.
(7)	Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $– or 0.0% of net assets. Please refer to the table below for additional details.
(8)	Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2019.

EUR EU Euro

Reference Rate Abbreviations:
T-BILL 3MO	3-month U.S. Treasury Bill
US0001M	1-month LIBOR
US0003M	3-month LIBOR

See Accompanying Notes to Financial Statements

43

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.6%
			Communication Services: 2.0%
	39,494	(1)	Altice USA, Inc.	$	961,679		0.1
	29,500	(1)	Electronic Arts, Inc.		2,987,170		0.3
	21,100	(1)	IAC/InterActiveCorp		4,589,883		0.4
	38,400		Interpublic Group of Cos., Inc.		867,456		0.1
	41,900	(1)	Live Nation Entertainment, Inc.		2,775,875		0.2
	47,300		Match Group, Inc.		3,181,871		0.3
	15,600		Omnicom Group		1,278,420		0.1
	27,500	(1)	Take-Two Interactive Software, Inc.		3,122,075		0.3
	26,800	(1)	Zillow Group, Inc. - Class A		1,226,368		0.1
	236,500	(1)	Zynga, Inc. - Class A		1,449,745		0.1
					22,440,542		2.0
			Consumer Discretionary: 15.1%
	92,700		Aptiv PLC		7,492,941		0.7
	43,700		Aramark		1,575,822		0.1
	2,100	(1)	Autozone, Inc.		2,308,887		0.2
	17,700	(1)	Bright Horizons Family Solutions, Inc.		2,670,399		0.2
	57,000	(1)	Burlington Stores, Inc.		9,698,550		0.9
	54,700	(1)	Carmax, Inc.		4,749,601		0.4
	37,619	(1),(2)	Chewy, Inc.		1,316,665		0.1
	27,400		Choice Hotels International, Inc.		2,384,074		0.2
	39,800	(1)	Ctrip.com International Ltd. ADR		1,469,018		0.1
	75,100		Dollar General Corp.		10,150,516		0.9
	59,200	(1)	Dollar Tree, Inc.		6,357,488		0.6
	16,300		Domino's Pizza, Inc.		4,535,964		0.4
	70,800		Dunkin Brands Group, Inc.		5,639,928		0.5
	98,900		Extended Stay America, Inc.		1,670,421		0.2
	41,915	(1)	Farfetch Ltd.		871,832		0.1
	15,200		Ferrari NV		2,453,584		0.2
	13,400	(1)	Five Below, Inc.		1,608,268		0.2
	17,200	(1)	Grand Canyon Education, Inc.		2,012,744		0.2
	8,400	(1)	GrubHub, Inc.		655,116		0.1
	102,833		Hilton Worldwide Holdings, Inc.		10,050,897		0.9
	21,400	(1)	Lululemon Athletica, Inc.		3,856,494		0.4
	3,900	(1)	MercadoLibre, Inc.		2,385,903		0.2
	109,700		MGM Resorts International		3,134,129		0.3
	48,500	(1)	Michaels Cos, Inc.		421,950		0.0
	17,100	(1)	Mohawk Industries, Inc.		2,521,737		0.2
	49,800	(1)	Norwegian Cruise Line Holdings Ltd.		2,670,774		0.2
	1,360	(1)	NVR, Inc.		4,583,540		0.4
	19,000	(1)	Ollie's Bargain Outlet Holdings, Inc.		1,655,090		0.2
	17,800	(1)	O'Reilly Automotive, Inc.		6,573,896		0.6
	25,900	(2)	Papa Johns International, Inc.		1,158,248		0.1
	19,300		Pool Corp.		3,686,300		0.3
	14,100		PVH Corp.		1,334,424		0.1
	51,100		Restaurant Brands International, Inc.		3,553,494		0.3
	87,200		Ross Stores, Inc.		8,643,264		0.8
	25,300		Royal Caribbean Cruises Ltd.		3,066,613		0.3
	99,700		Service Corp. International		4,663,966		0.4
	125,200		Tapestry, Inc.		3,972,596		0.4
	32,500		Tiffany & Co.		3,043,300		0.3
	38,000		Toll Brothers, Inc.		1,391,560		0.1
	39,100		Tractor Supply Co.		4,254,080		0.4
	20,800	(1)	Ulta Beauty, Inc.		7,215,312		0.7
	9,720	(1)	Wayfair, Inc.		1,419,120		0.1
	23,600	(2)	Williams-Sonoma, Inc.		1,534,000		0.1
	26,700		Wynn Resorts Ltd.		3,310,533		0.3
	65,900		Yum China Holdings, Inc.		3,044,580		0.3
	41,500		Yum! Brands, Inc.		4,592,805		0.4
					167,360,423		15.1
			Consumer Staples: 3.1%
	69,975		Brown-Forman Corp. - Class B		3,878,714		0.3
	15,000		Casey's General Stores, Inc.		2,339,850		0.2
	70,800		Church & Dwight Co., Inc.		5,172,648		0.5
	36,000		Clorox Co.		5,511,960		0.5
	57,600		Conagra Brands, Inc.		1,527,552		0.1
	34,600		Hershey Co.		4,637,438		0.4
	26,500		Hormel Foods Corp.		1,074,310		0.1
	58,000		Keurig Dr Pepper, Inc.		1,676,200		0.2
	31,600		McCormick & Co., Inc.		4,898,316		0.4
	32,900	(1)	Sprouts Farmers Market, Inc.		621,481		0.1
	45,100		Tyson Foods, Inc.		3,641,374		0.3
					34,979,843		3.1
			Energy: 1.7%
	132,300		Cabot Oil & Gas Corp.		3,037,608		0.3
	197,037	(1),(2)	Centennial Resource Development, Inc./DE		1,495,511		0.1
	7,500		Cimarex Energy Co.		444,975		0.0
	26,752		Concho Resources, Inc./Midland TX		2,760,271		0.2
	28,000	(1)	Continental Resources, Inc.		1,178,520		0.1
	20,800		Diamondback Energy, Inc.		2,266,576		0.2
	50,400		HollyFrontier Corp.		2,332,512		0.2
	250,800	(1),(2)	Jagged Peak Energy, Inc.		2,074,116		0.2
	36,000	(1)	Oceaneering International, Inc.		734,040		0.1
	44	(1),(3),(4)	Venture Global LNG, Inc. - Series B		228,800		0.0
	560	(1),(3),(4)	Venture Global LNG, Inc. - Series C		2,912,000		0.3
					19,464,929		1.7
			Financials: 7.3%
	39,600		Assurant, Inc.		4,212,648		0.4
	34,400		Axis Capital Holdings Ltd.		2,051,960		0.2
	44,600		BankUnited, Inc.		1,504,804		0.1

See Accompanying Notes to Financial Statements

44

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	77,533		Cboe Global Markets, Inc.		8,034,745		0.7
	41,900		Discover Financial Services		3,251,021		0.3
	48,400		E*Trade Financial Corp.		2,158,640		0.2
	7,100		Factset Research Systems, Inc.		2,034,576		0.2
	57,200		Fifth Third Bancorp		1,595,880		0.1
	60,900		First Republic Bank		5,946,885		0.5
	112,400		Fidelity National Financial, Inc.		4,529,720		0.4
	18,900	(1)	Green Dot Corp.		924,210		0.1
	72,700		Lazard Ltd.		2,500,153		0.2
	10,500		MarketAxess Holdings, Inc.		3,374,910		0.3
	48,200		Moody's Corp.		9,413,942		0.9
	16,700		MSCI, Inc. - Class A		3,987,793		0.4
	26,400		Nasdaq, Inc.		2,538,888		0.2
	23,700		Northern Trust Corp.		2,133,000		0.2
	21,800		Pinnacle Financial Partners, Inc.		1,253,064		0.1
	15,600		Signature Bank		1,885,104		0.2
	11,900	(1)	SVB Financial Group		2,672,621		0.2
	89,200		TD Ameritrade Holding Corp.		4,452,864		0.4
	19,210		Tradeweb Markets, Inc.		841,590		0.1
	59,730		Webster Financial Corp.		2,853,302		0.3
	37,500		Willis Towers Watson PLC		7,182,750		0.6
					81,335,070		7.3
			Health Care: 14.5%
	13,700	(1)	Abiomed, Inc.		3,568,713		0.3
	57,199	(1)	Acadia Healthcare Co., Inc.		1,999,105		0.2
	82,800		Agilent Technologies, Inc.		6,182,676		0.6
	12,800	(1),(2)	Agios Pharmaceuticals, Inc.		638,464		0.1
	20,400	(1)	Alexion Pharmaceuticals, Inc.		2,671,992		0.2
	19,900	(1)	Align Technology, Inc.		5,446,630		0.5
	58,500	(1)	Alkermes PLC		1,318,590		0.1
	33,900	(1)	Alnylam Pharmaceuticals, Inc.		2,459,784		0.2
	12,500	(1)	Amedisys, Inc.		1,517,625		0.1
	6,992	(1)	Argenx SE ADR		989,927		0.1
	8,000	(1)	Ascendis Pharma A/S ADR		921,200		0.1
	190,543	(1)	Avantor, Inc.		3,637,466		0.3
	75,600	(1)	BioMarin Pharmaceutical, Inc.		6,475,140		0.6
	5,600	(1)	Bluebird Bio, Inc.		712,320		0.1
	11,100	(1)	Blueprint Medicines Corp.		1,047,063		0.1
	38,400		Bruker Corp.		1,918,080		0.2
	51,584	(1)	Catalent, Inc.		2,796,369		0.3
	157,000	(1)	Centene Corp.		8,233,080		0.7
	33,912		Cerner Corp.		2,485,750		0.2
	25,600		Cooper Cos., Inc.		8,624,384		0.8
	27,800	(1)	DaVita, Inc.		1,564,028		0.1
	17,000	(1)	DexCom, Inc.		2,547,280		0.2
	57,710	(1)	Elanco Animal Health, Inc.		1,950,598		0.2
	38,400	(1)	Exact Sciences Corp.		4,532,736		0.4
	79,000	(1)	Exelixis, Inc.		1,688,230		0.2
	20,200	(1)	FibroGen, Inc.		912,636		0.1
	5,700	(1),(2)	GW Pharmaceuticals PLC ADR		982,623		0.1
	22,000	(1)	Henry Schein, Inc.		1,537,800		0.1
	113,700	(1)	Hologic, Inc.		5,459,874		0.5
	7,875	(1)	ICU Medical, Inc.		1,983,791		0.2
	26,500	(1)	Idexx Laboratories, Inc.		7,296,245		0.7
	45,800	(1)	Immunomedics, Inc.		635,246		0.1
	50,300	(1)	Incyte Corp., Ltd.		4,273,488		0.4
	20,200	(1)	IQVIA Holdings, Inc.		3,250,180		0.3
	17,800	(1)	Jazz Pharmaceuticals PLC		2,537,568		0.2
	3,252	(1),(2)	Madrigal Pharmaceuticals, Inc.		340,842		0.0
	6,700	(1)	Mettler Toledo International, Inc.		5,628,000		0.5
	34,200	(1)	Molina Healthcare, Inc.		4,895,388		0.4
	25,700	(1)	Nektar Therapeutics		914,406		0.1
	31,279	(1)	Neurocrine Biosciences, Inc.		2,640,886		0.2
	20,300	(1)	Novocure Ltd.		1,283,569		0.1
	8,900	(1)	Penumbra, Inc.		1,424,000		0.1
	29,700		Perrigo Co. PLC		1,414,314		0.1
	22,400	(1)	PRA Health Sciences, Inc.		2,220,960		0.2
	68,300	(1)	QIAGEN NV		2,769,565		0.3
	16,942	(1)	Sage Therapeutics, Inc.		3,101,911		0.3
	15,900	(1)	Sarepta Therapeutics, Inc.		2,416,005		0.2
	27,927	(1)	Seattle Genetics, Inc.		1,932,828		0.2
	14,500	(1)	STERIS Public Ltd. Co.		2,158,760		0.2
	20,700		Teleflex, Inc.		6,854,805		0.6
	14,092	(1)	Ultragenyx Pharmaceutical, Inc.		894,842		0.1
	18,000		Universal Health Services, Inc.		2,347,020		0.2
	31,600	(1)	Veeva Systems, Inc.		5,122,676		0.5
	17,464	(1)	WellCare Health Plans, Inc.		4,978,462		0.4
	17,500		West Pharmaceutical Services, Inc.		2,190,125		0.2
					160,326,045		14.5
			Industrials: 17.9%
	140,700	(2)	ADT, Inc.		861,084		0.1
	64,900		Alaska Air Group, Inc.		4,147,759		0.4
	43,800		Allegion Public Ltd.		4,842,090		0.4
	67,900	(2)	American Airlines Group, Inc.		2,214,219		0.2
	28,762		Ametek, Inc.		2,612,740		0.2
	58,200		AO Smith Corp.		2,744,712		0.3
	51,200		BWX Technologies, Inc.		2,667,520		0.2
	22,600		CH Robinson Worldwide, Inc.		1,906,310		0.2
	31,200		Cintas Corp.		7,403,448		0.7
	13,800		Copa Holdings S.A.- Class A		1,346,466		0.1
	62,000	(1)	Copart, Inc.		4,633,880		0.4
	16,800	(1)	CoStar Group, Inc.		9,308,208		0.8
	29,100		Donaldson Co., Inc.		1,480,026		0.1
	39,487		Equifax, Inc.		5,340,222		0.5
	25,200		Expeditors International Washington, Inc.		1,911,672		0.2
	31,600		Fastenal Co.		1,029,844		0.1
	29,300		Flowserve Corp.		1,543,817		0.1
	56,038		Fortive Corp.		4,568,218		0.4
	70,875		Fortune Brands Home & Security, Inc.		4,049,089		0.4

See Accompanying Notes to Financial Statements

45

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	21,400	(1)	Generac Holdings, Inc.		1,485,374		0.1
	21,100	(1)	Genesee & Wyoming, Inc.		2,110,000		0.2
	51,600		Graco, Inc.		2,589,288		0.2
	41,200		Harris Corp.		7,792,156		0.7
	112,000	(1)	HD Supply Holdings, Inc.		4,511,360		0.4
	31,000		Hubbell, Inc.		4,042,400		0.4
	18,500		Huntington Ingalls Industries, Inc.		4,157,690		0.4
	69,200	(1)	IAA, Inc.		2,683,576		0.2
	17,500		IDEX Corp.		3,012,450		0.3
	72,153	(1)	IHS Markit Ltd.		4,597,589		0.4
	36,400		JB Hunt Transport Services, Inc.		3,327,324		0.3
	31,600		Kansas City Southern		3,849,512		0.3
	69,200		KAR Auction Services, Inc.		1,730,000		0.2
	12,700	(1)	Kirby Corp.		1,003,300		0.1
	21,700		L3 Technologies, Inc.		5,320,189		0.5
	11,300		Landstar System, Inc.		1,220,287		0.1
	10,400		Manpowergroup, Inc.		1,004,640		0.1
	15,500	(1)	Middleby Corp.		2,103,350		0.2
	126,400		Nielsen Holdings PLC		2,856,640		0.3
	18,900		Nordson Corp.		2,670,759		0.2
	18,000		Old Dominion Freight Line		2,686,680		0.2
	28,300		Paccar, Inc.		2,027,978		0.2
	44,100		Ritchie Bros Auctioneers, Inc.		1,465,002		0.1
	30,700		Robert Half International, Inc.		1,750,207		0.2
	22,400		Rockwell Automation, Inc.		3,669,792		0.3
	73,761		Rollins, Inc.		2,645,807		0.2
	8,700		Roper Technologies, Inc.		3,186,462		0.3
	60,024		Schneider National, Inc.		1,094,838		0.1
	71,100	(1)	Sensata Technologies Holding PLC		3,483,900		0.3
	16,400		Snap-On, Inc.		2,716,496		0.2
	16,600	(1)	Stericycle, Inc.		792,650		0.1
	37,600		Textron, Inc.		1,994,304		0.2
	40,700		Toro Co.		2,722,830		0.2
	15,200	(1)	TransDigm Group, Inc.		7,353,760		0.7
	116,100		TransUnion		8,534,511		0.8
	41,741	(1)	United Continental Holdings, Inc.		3,654,424		0.3
	16,000		Valmont Industries, Inc.		2,028,960		0.2
	50,900		Verisk Analytics, Inc.		7,454,814		0.7
	42,520	(2)	Wabtec Corp.		3,051,235		0.3
	56,050		Waste Connections, Inc.		5,357,259		0.5
	12,700		Watsco, Inc.		2,076,831		0.2
	26,300		Xylem, Inc.		2,199,732		0.2
					198,627,680		17.9
			Information Technology: 30.8%
	13,100	(1),(2)	2U, Inc.		493,084		0.0
	103,700		Amphenol Corp.		9,948,978		0.9
	11,100	(1)	ANSYS, Inc.		2,273,502		0.2
	63,779	(1)	Atlassian Corp. PLC		8,344,844		0.8
	41,200	(1)	Autodesk, Inc.		6,711,480		0.6
	99,470	(1)	Black Knight, Inc.		5,983,121		0.5
	105,964		Booz Allen Hamilton Holding Corp.		7,015,877		0.6
	95,800	(1)	Cadence Design Systems, Inc.		6,783,598		0.6
	61,000		CDK Global, Inc.		3,015,840		0.3
	59,100		CDW Corp.		6,560,100		0.6
	45,903	(1)	Ceridian HCM Holding, Inc.		2,304,331		0.2
	40,000		Cognex Corp.		1,919,200		0.2
	15,720	(1)	Coherent, Inc.		2,143,736		0.2
	79,700	(1)	CoreLogic, Inc.		3,333,851		0.3
	116,500		Corning, Inc.		3,871,295		0.4
	15,000	(1)	Coupa Software, Inc.		1,899,150		0.2
	11,597	(1)	Crowdstrike Holdings, Inc.		791,959		0.1
	6,447	(1),(3),(4)	Datadog, Inc.		307,844		0.0
	31,853	(1)	DocuSign, Inc.		1,583,413		0.1
	51,726	(1)	Dropbox, Inc.		1,295,736		0.1
	119,600		Entegris, Inc.		4,463,472		0.4
	13,200	(1)	EPAM Systems, Inc.		2,284,920		0.2
	21,900	(1)	Euronet Worldwide, Inc.		3,684,456		0.3
	26,600		Fidelity National Information Services, Inc.		3,263,288		0.3
	101,500	(1)	Fiserv, Inc.		9,252,740		0.8
	30,900	(1)	FleetCor Technologies, Inc.		8,678,265		0.8
	17,200		Flir Systems, Inc.		930,520		0.1
	33,300	(1)	Fortinet, Inc.		2,558,439		0.2
	51,000	(1)	Gartner, Inc.		8,207,940		0.7
	37,900		Genpact Ltd.		1,443,611		0.1
	61,600		Global Payments, Inc.		9,864,008		0.9
	53,100	(1)	GoDaddy, Inc.		3,724,965		0.3
	40,900	(1)	Guidewire Software, Inc.		4,146,442		0.4
	11,000	(1)	IPG Photonics Corp.		1,696,750		0.2
	69,850	(1)	Keysight Technologies, Inc.		6,273,229		0.6
	63,800		KLA-Tencor Corp.		7,541,160		0.7
	34,400		Lam Research Corp.		6,461,696		0.6
	55,700		Leidos Holdings, Inc.		4,447,645		0.4
	9,200		Littelfuse, Inc.		1,627,572		0.1
	255,948		Marvell Technology Group Ltd.		6,109,479		0.6
	142,600		Maxim Integrated Products		8,530,332		0.8
	101,300		Microchip Technology, Inc.		8,782,710		0.8
	24,000		Monolithic Power Systems, Inc.		3,258,720		0.3
	36,700		Motorola Solutions, Inc.		6,118,991		0.6
	18,300	(1)	New Relic, Inc.		1,583,133		0.1
	27,900	(1)	Okta, Inc.		3,445,929		0.3
	34,100	(1)	Palo Alto Networks, Inc.		6,948,216		0.6
	32,100		Paychex, Inc.		2,641,509		0.2
	9,800	(1)	Paycom Software, Inc.		2,221,856		0.2
	34,186	(1)	Pluralsight, Inc.		1,036,520		0.1
	25,900	(1)	Proofpoint, Inc.		3,114,475		0.3
	131,269	(1)	Pure Storage, Inc.		2,004,478		0.2
	55,667	(1)	RealPage, Inc.		3,276,003		0.3
	127,900		Sabre Corp.		2,839,380		0.3
	41,200	(1)	ServiceNow, Inc.		11,312,284		1.0
	12,400	(1)	Shopify, Inc.		3,721,860		0.3
	85,000		Skyworks Solutions, Inc.		6,567,950		0.6
	58,160	(1)	Slack Technologies, Inc.		2,181,000		0.2
	74,700	(1)	Splunk, Inc.		9,393,525		0.8
	100,835		SS&C Technologies Holdings, Inc.		5,809,104		0.5
	34,597	(1)	StoneCo Ltd.		1,023,379		0.1
	129,200		Symantec Corp.		2,811,392		0.3
	39,200	(1)	Synopsys, Inc.		5,044,648		0.5
	32,619	(1)	Tableau Software, Inc.		5,415,406		0.5

See Accompanying Notes to Financial Statements

46

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	56,200		Total System Services, Inc.		7,208,774		0.7
	32,800	(1)	Twilio, Inc.		4,472,280		0.4
	16,700	(1)	Tyler Technologies, Inc.		3,607,534		0.3
	26,800	(1)	VeriSign, Inc.		5,605,488		0.5
	20,999	(1)	WEX, Inc.		4,369,892		0.4
	45,447	(1)	Workday, Inc.		9,342,994		0.8
	94,300	(1)	Worldpay, Inc.		11,556,465		1.0
	72,400		Xilinx, Inc.		8,537,408		0.8
	44,600	(1)	Zendesk, Inc.		3,970,738		0.4
	2,760	(1),(2)	Zoom Video Communications, Inc.		245,060		0.0
					341,240,969		30.8
			Materials: 3.7%
	36,500		Avery Dennison Corp.		4,222,320		0.4
	55,500	(1)	Axalta Coating Systems Ltd.		1,652,235		0.2
	112,400		Ball Corp.		7,866,876		0.7
	25,100		Celanese Corp.		2,705,780		0.2
	42,800		CF Industries Holdings, Inc.		1,999,188		0.2
	24,100		Eagle Materials, Inc.		2,234,070		0.2
	36,500		International Paper Co.		1,581,180		0.1
	43,900		Kirkland Lake Gold Ltd.		1,884,188		0.2
	22,500		PPG Industries, Inc.		2,625,975		0.2
	58,300		RPM International, Inc.		3,562,713		0.3
	67,300		Sealed Air Corp.		2,879,094		0.3
	51,429		Valvoline, Inc.		1,004,408		0.1
	48,700		Vulcan Materials Co.		6,686,997		0.6
					40,905,024		3.7
			Real Estate: 1.8%
	26,995		American Campus Communities, Inc.		1,246,089		0.1
	38,900		CubeSmart		1,300,816		0.1
	1,915		Equinix, Inc.		965,716		0.1
	6,300		Federal Realty Investment Trust		811,188		0.1
	48,400		Iron Mountain, Inc.		1,514,920		0.1
	14,000		Jones Lang LaSalle, Inc.		1,969,660		0.2
	68,700		MGM Growth Properties LLC		2,105,655		0.2
	32,250	(1)	SBA Communications Corp.		7,251,090		0.7
	12,700		SL Green Realty Corp.		1,020,699		0.1
	117,915		Vereit, Inc.		1,062,414		0.1
	6,575	(1),(3),(4)	WeWork Companies, Inc. - Class A		355,050		0.0
					19,603,297		1.8
			Utilities: 0.7%
	24,026		American Water Works Co., Inc.		2,787,016		0.3
	29,400		Atmos Energy Corp.		3,103,464		0.3
	50,200		NiSource, Inc.		1,445,760		0.1
					7,336,240		0.7
		Total Common Stock
		(Cost $743,827,940)			1,093,620,062		98.6
PREFERRED STOCK: 1.3%
			Communication Services: 0.4%
	32,391	(1),(3),(4)	AirBNB, Inc. - Series D		3,817,927		0.4
	3,719	(1),(3),(4)	AirBNB, Inc. - Series E		438,359		0.0
					4,256,286		0.4
			Information Technology: 0.4%
	353,970	(1),(3),(4)	Tanium, Inc. - Series G		3,077,273		0.3
	23,311	(1),(3),(4)	UiPath Inc., Series D-1		917,327		0.1
	3,914	(1),(3),(4)	UiPath Inc., Series D-2		154,023		0.0
					4,148,623		0.4
			Real Estate: 0.5%
	44,396	(1),(3),(4)	WeWork Companies, Inc. - Series D-1		2,397,384		0.2
	34,882	(1),(3),(4)	WeWork Companies, Inc. - Series D-2		1,883,628		0.2
	24,709	(1),(3),(4)	WeWork Companies, Inc. - Series E		1,334,286		0.1
					5,615,298		0.5
		Total Preferred Stock
		(Cost $6,626,256)			14,020,207		1.3
		Total Long-Term Investments
		(Cost $750,454,196)			1,107,640,269		99.9

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.7%
			Repurchase Agreements(5): 0.7%
	1,875,027	(5)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,875,412, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $1,912,528, due 06/01/46-07/01/49)		1,875,027		0.2
	555,250	(5)	Citadel Securities LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $555,365, collateralized by various U.S. Government Securities, 1.500%-3.125%, Market Value plus accrued interest $566,617, due 03/31/23-08/15/44)		555,250		0.0
	1,875,027	(5)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $1,875,412, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,912,528, due 07/02/19-01/20/63)		1,875,027		0.2

See Accompanying Notes to Financial Statements

47

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements(5): (continued)
	1,875,027	(5)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $1,875,415, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $1,912,537, due 07/05/19-08/16/23)		1,875,027		0.2
	1,875,027	(5)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/28/19, 2.51%, due 07/01/19 (Repurchase Amount $1,875,414, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,912,528, due 07/18/19-09/09/49)		1,875,027		0.1
					8,055,358		0.7

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.0%
	782	(6)	T. Rowe Price Government Reserve Fund, 2.460%
			(Cost $782)		782			0.0
		Total Short-Term Investments
		(Cost $8,056,140)			8,056,140			0.7
		Total Investments in Securities (Cost $758,510,336)		$	1,115,696,409			100.6
		Liabilities in Excess of Other Assets			(7,048,246	)		(0.6	)
		Net Assets		$	1,108,648,163			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(4)	Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $17,823,901 or 1.6% of net assets. Please refer to the table below for additional details.
(5)	Represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

48

VY^® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2019(Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.0%
			Communication Services: 18.3%
	48,660	(1)	Alphabet, Inc. - Class A	$	52,689,048		2.7
	47,486	(1)	Alphabet, Inc. - Class C		51,328,092		2.7
	114,356	(1)	Electronic Arts, Inc.		11,579,689		0.6
	581,281	(1)	Facebook, Inc. - Class A		112,187,233		5.8
	61,250	(1)	IAC/InterActiveCorp		13,323,712		0.7
	86,708	(1)	NetFlix, Inc.		31,849,583		1.7
	892,100		Tencent Holdings Ltd.		40,358,086		2.1
	569,607	(1),(2)	Tencent Music Entertainment Group ADR		8,538,409		0.4
	220,979		Walt Disney Co.		30,857,507		1.6
					352,711,359		18.3
			Consumer Discretionary: 21.2%
	260,742	(1)	Alibaba Group Holding Ltd. ADR		44,182,732		2.3
	91,669	(1)	Amazon.com, Inc.		173,587,168		9.0
	257,418		Aptiv PLC		20,807,097		1.1
	10,405	(1)	Booking Holdings, Inc.		19,506,358		1.0
	53,400		Dollar General Corp.		7,217,544		0.4
	148,575	(1)	Dollar Tree, Inc.		15,955,469		0.8
	523,362		Dollarama, Inc.		18,411,888		0.9
	115,634	(2)	Ferrari NV		18,665,640		1.0
	232,853		Las Vegas Sands Corp.		13,759,284		0.7
	64,403		McDonald's Corp.		13,373,927		0.7
	9,651	(1)	MercadoLibre, Inc.		5,904,192		0.3
	337,000	(2)	MGM Resorts International		9,628,090		0.5
	242,498		Nike, Inc.		20,357,707		1.1
	2,950	(1)	NVR, Inc.		9,942,238		0.5
	145,881		Wynn Resorts Ltd.		18,087,785		0.9
					409,387,119		21.2
			Consumer Staples: 0.8%
	180,985		Philip Morris International, Inc.		14,212,752		0.8
			Energy: 0.4%
	53,400		Pioneer Natural Resources Co.		8,216,124		0.4
			Financials: 3.6%
	1,134,411	(1),(3),(4)	Ant International Co., Limited- Class C		6,364,046		0.3
	354,764		Charles Schwab Corp.		14,257,965		0.7
	92,384		Chubb Ltd.		13,607,240		0.7
	127,798		Intercontinental Exchange, Inc.		10,982,960		0.6
	83,410		Morgan Stanley		3,654,192		0.2
	14,800		S&P Global, Inc.		3,371,292		0.2
	352,873		TD Ameritrade Holding Corp.		17,615,420		0.9
					69,853,115		3.6
			Health Care: 12.7%
	172,012	(1)	Alcon, Inc.		10,621,679		0.6
	75,478	(1)	Alexion Pharmaceuticals, Inc.		9,886,108		0.5
	64,299		Anthem, Inc.		18,145,821		0.9
	123,056		Becton Dickinson & Co.		31,011,342		1.6
	292,526	(1)	Centene Corp.		15,340,063		0.8
	88,856		Cigna Corp.		13,999,263		0.7
	25,213	(1)	Elanco Animal Health, Inc.		852,199		0.0
	35,512		Eli Lilly & Co.		3,934,374		0.2
	87,030		HCA Healthcare, Inc.		11,763,845		0.6
	53,414	(1)	Intuitive Surgical, Inc.		28,018,314		1.5
	181,034		Stryker Corp.		37,216,970		1.9
	100,456		UnitedHealth Group, Inc.		24,512,269		1.3
	156,965	(1)	Vertex Pharmaceuticals, Inc.		28,784,242		1.5
	37,337	(1)	WellCare Health Plans, Inc.		10,643,659		0.6
					244,730,148		12.7
			Industrials: 9.8%
	194,248		Boeing Co.		70,708,214		3.7
	59,725	(2)	Equifax, Inc.		8,077,209		0.4
	221,875		Fortive Corp.		18,087,250		0.9
	43,325		Honeywell International, Inc.		7,564,112		0.4
	79,487		JB Hunt Transport Services, Inc.		7,265,907		0.4
	55,275		Northrop Grumman Corp.		17,859,905		0.9
	68,046		Roper Technologies, Inc.		24,922,528		1.3
	248,156		TransUnion		18,241,948		0.9
	81,279	(1),(4)	Uber Technologies, Inc. - Lockup Shares		3,769,720		0.2
	180,204	(2)	Wabtec Corp.		12,931,439		0.7
					189,428,232		9.8
			Information Technology: 28.0%
	75,185		Apple, Inc.		14,880,615		0.8
	81,277	(2)	ASML Holding NV-NY REG		16,899,927		0.9
	13,884	(1),(2)	Atlassian Corp. PLC		1,816,583		0.1
	78,308		Fidelity National Information Services, Inc.		9,606,825		0.5
	187,756	(1)	Fiserv, Inc.		17,115,837		0.9
	114,500		Intuit, Inc.		29,922,285		1.5
	656,786		Marvell Technology Group Ltd.		15,677,482		0.8
	236,712		Mastercard, Inc. - Class A		62,617,425		3.2
	829,940		Microsoft Corp.		111,178,762		5.8
	193,959	(1)	PayPal Holdings, Inc.		22,200,547		1.1
	160,189	(1)	Salesforce.com, Inc.		24,305,477		1.3
	46,813	(1)	ServiceNow, Inc.		12,853,445		0.7
	5,610	(1),(2)	Slack Technologies, Inc.		210,375		0.0
	137,600	(1),(2)	Splunk, Inc.		17,303,200		0.9
	1,022,677	(2)	Symantec Corp.		22,253,452		1.2
	35,529		Temenos AG		6,361,609		0.3
	68,600		Total System Services, Inc.		8,799,322		0.5
	419,090		Visa, Inc. - Class A		72,733,070		3.8
	113,967		VMware, Inc.		19,056,422		1.0
	97,268	(1)	Workday, Inc.		19,996,355		1.0
	272,476	(1)	Worldpay, Inc.		33,391,934		1.7

See Accompanying Notes to Financial Statements

49

VY^® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	6,045	(1),(2)	Zoom Video Communications, Inc.		536,736		0.0
					539,717,685		28.0
			Materials: 0.9%
	71,614		Dow, Inc.		3,531,286		0.2
	71,614		DowDuPont, Inc.		5,376,063		0.3
	43,800	(1)	Linde Public Ltd.		8,795,040		0.4
					17,702,389		0.9
			Real Estate: 0.4%
	60,818		Crown Castle International Corp.		7,927,626		0.4
			Utilities: 1.9%
	75,596		NextEra Energy, Inc.		15,486,597		0.8
	149,978		Sempra Energy		20,612,976		1.1
					36,099,573		1.9
		Total Common Stock
		(Cost $1,342,736,808)			1,889,986,122		98.0
PREFERRED STOCK: 1.3%
			Communication Services: 0.6%
	59,241	(1),(3),(4)	AirBNB, Inc. - Series D		6,982,737		0.3
	16,058	(1),(3),(4)	AirBNB, Inc. - Series E		1,892,756		0.1
	68,026	(1),(3),(4)	Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)		3,264,568		0.2
					12,140,061		0.6
			Consumer Discretionary: 0.1%
	163,010	(1),(3),(4)	Aurora Innovation, Inc., - Series B		1,506,261		0.1
			Industrials: 0.2%
	1,597	(1),(3),(4)	GM Cruise Holdings, LLC Class F		2,914,525		0.2
			Information Technology: 0.3%
	93,459	(1),(3),(4)	Magic Leap, Inc. - Series C		2,523,392		0.1
	61,969	(1),(3),(4)	Magic Leap, Inc. - Series D		1,673,163		0.1
	57,073	(1),(3),(4)	UiPath Inc., Series D-1		2,245,920		0.1
	9,584	(1),(3),(4)	UiPath Inc., Series D-2		377,147		0.0
					6,819,622		0.3
			Real Estate: 0.1%
	42,822	(1),(3),(4)	WeWork Companies, Inc. - Series E		2,312,388		0.1
		Total Preferred Stock
		(Cost $18,050,539)			25,692,857		1.3
		Total Long-Term Investments
		(Cost $1,360,787,347)			1,915,678,979		99.3

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.2%
			Floating Rate Notes(5): 0.5%
	525,000	(5)	Bedford Row Funding, 2.490%, 12/16/2019		524,950		0.0
	253,000	(5)	Bedford Row Funding, 2.500%, 11/25/2019		253,036		0.0
	300,000	(5)	Coöperatieve Rabobank U.A., 2.450%, 10/23/2019		300,032		0.0
	600,000	(5)	DNB ASA, 2.490%, 12/06/2019		600,020		0.0
	300,000	(5)	HSBC Holdings PLC, 2.540%, 11/08/2019		300,074		0.0
	575,000	(5)	HSBC Holdings PLC, 2.540%, 12/27/2019		575,000		0.0
	650,000	(5)	Lloyds Bank PLC, 2.510%, 12/10/2019		650,076		0.1
	700,000	(5)	Mizuho Financial Group Inc., 2.520%, 11/25/2019		700,099		0.1
	400,000	(5)	Mizuho Financial Group Inc., 2.560%, 11/01/2019		400,054		0.0
	300,000	(5)	Natixis S.A., 2.510%, 11/08/2019		300,041		0.0
	400,000	(5)	Oversea-Chinese Banking Corp., Ltd., 2.540%, 11/01/2019		400,055		0.0
	550,000	(5)	Societe Generale, 2.560%, 12/02/2019		550,138		0.0
	300,000	(5)	State Street Bank & Trust Co., 2.480%, 11/15/2019		300,024		0.0
	775,000	(5)	Sumitomo Mitsui Trust Holdings, Inc., 2.510%, 10/15/2019		774,999		0.1
	500,000	(5)	The Sumitomo Mitsui Financial Group, 2.560%, 11/01/2019		499,964		0.0
	725,000	(5)	Toronto-Dominion Bank, 2.500%, 12/10/2019		725,036		0.1
	375,000	(5)	Toronto-Dominion Bank, 2.500%, 12/23/2019		375,020		0.0
	700,000	(5)	U.S. Bancorp, 2.480%, 11/25/2019		700,099		0.1
					8,928,717		0.5
			Repurchase Agreements(5): 2.4%
	13,278,523	(5)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $13,281,251, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $13,544,093, due 06/01/46-07/01/49)		13,278,523		0.7

See Accompanying Notes to Financial Statements

50

VY^® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements(5) (continued)
	3,576,891	(5)	Citadel Securities LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $3,577,632, collateralized by various U.S. Government Securities, 1.500%-3.125%, Market Value plus accrued interest $3,650,120, due 03/31/23-08/15/44)		3,576,891		0.2
	13,278,523	(5)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $13,281,251, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $13,544,094, due 07/02/19-01/20/63)		13,278,523		0.7
	13,278,523	(5)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/28/19, 2.51%, due 07/01/19 (Repurchase Amount $13,281,262, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $13,544,094, due 07/18/19-09/09/49)		13,278,523		0.7
	2,491,595	(5)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/19, 2.70%, due 07/01/19 (Repurchase Amount $2,492,148, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,541,761, due 07/01/19-09/09/49)		2,491,595		0.1
					45,904,055		2.4
			Certificates of Deposit(5): 0.1%
	400,000	(5)	Landesbank Baden-Wurttemberg, 2.530%, 08/12/2019		400,081		0.0
	750,000	(5)	Mitsubishi UFJ Financial Group, Inc., 2.400%, 09/12/2019		750,085		0.1
	550,000	(5)	Sumitomo Mitsui Trust Holdings, Inc., 2.470%, 09/13/2019		550,148		0.0
	500,000	(5)	The Norinchukin Bank, 2.540%, 08/01/2019		500,063		0.0
					2,200,377		0.1

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.2%
	3,864,661	(6)	T. Rowe Price Government Reserve Fund, 2.460%
			(Cost $3,864,661)		3,864,661			0.2
		Total Short-Term Investments
		(Cost $60,897,810)			60,897,810			3.2
		Total Investments in Securities (Cost $1,421,685,157)		$	1,976,576,789			102.5
		Liabilities in Excess of Other Assets			(48,037,296	)		(2.5	)
		Net Assets		$	1,928,539,493			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(4)	Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $35,826,623 or 1.9% of net assets. Please refer to the table below for additional details.
(5)	Represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

51

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
(a)(3)	Not required for semi-annual filing.
(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Partners, Inc.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: September 9, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: September 9, 2019

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: September 9, 2019