Voya PARTNERS NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-08319

Voya Partners, Inc.

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end:December 31

Date of reporting period:December 31, 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

Annual Report

December 31, 2019

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

n Voya Global Bond Portfolio

n Voya International High Dividend Low Volatility 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

n VY^® JPMorgan Mid Cap Value 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 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

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form 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.

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PRESIDENT'S LETTER

New season, last year's plot

Dear Shareholder,

The financial markets delivered strong performance in 2019, and at this juncture, in our view, the outlook for 2020 seems upbeat. Thanks to supportive central bank policies around the world, global economic growth is reaccelerating; manufacturing activity, a key metric for setting market expectations, appears to be strengthening. Recent progress in the trade negotiations between China and the U.S. also helps brighten the outlook as 2020 gets underway.

So expect smooth sailing, right? Maybe. Barely into the first week of the new year, the world faced the prospect of escalating conflict in the Middle East, though tensions appear to have eased since then. Markets initially pulled back in response to heightened uncertainty but regrouped quickly. Follow-on events, if they occur, may not impact markets that much: during 2019, investors generally did well by downplaying geopolitical concerns, and we could see the same behavior in 2020.

Still, we believe that turbulence seems to be the world's modus operandi: economic and market uncertainty are still with us, trade issues remain unresolved and the upcoming U.S. presidential election adds another dimension of political uncertainty. Even though market participants have become more comfortable accepting risk, we have observed persistent preferences for higher-quality, lower-volatility assets. This tells us that investors perceive significant risks they wish to avoid, and points to the potential for volatile reactions to adverse news.

With potential surprises from anywhere, we believe investors should continue to diversify their portfolios as broadly as practicable, and not attempt to time the markets. At the start of 2019, in our opinion, many investors did not believe U.S. equities offered attractive return potential — acting on that belief would have resulted in missed opportunities. Remember that your portfolio is structured to meet your long-term objectives; changing it in response to short-term market conditions may put your long-term goals at risk. If your goals have changed, please discuss them thoroughly with your investment advisor before making any changes to your portfolio.

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 actualneeds in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2020

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

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

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MARKET PERSPECTIVE: YEAR ENDED DECEMBER 31, 2019

In our semi-annual report, we described how global equities, in the form of the MSCI World Index^SM (the "Index") measured in local currencies, including net reinvested dividends, rose 16.69% for the half-year after a nervous start.

A trade war between the U.S. and China had been ongoing for more than a year, with U.S. tariffs on some $250 billion of Chinese goods in place together with Chinese tariffs on $110 billion of U.S. goods. The war was being waged against a backdrop of slowing global growth, in part the result of uncertainties caused by the trade war itself.

Fears on both fronts: the trade war and slowing global growth, would ebb and flow in the second half; yet the Index rose five months out of six, ending the year up 27.34%, just below the record set a few days earlier. (The Index returned 27.67% for the year ended December 31, 2019, measured in U.S. dollars.)

Entering May, trade talks had appeared to be going reasonably well and the path of least resistance for the Index still seemed upwards. This all changed when the President tweeted his intention to raise the existing 10% tariff on $200 billion of the $250 billion to 25% of Chinese goods. Trade negotiations had evidently broken down. Later he unexpectedly threatened tariffs on Mexican goods for reasons unrelated to trade.

On perceived slowing global growth, there was still plenty to worry about.

In Europe, manufacturing was in contraction. The euro zone's annual growth in gross domestic product ("GDP") in the second and third quarters of 2019 was just 1.2%. In the U.K., chronic disagreement about whether and how to leave the European Union ("Brexit") culminated in a general election called for December.

Japan, with manufacturing also in contraction, managed GDP growth of 2.0% annualized in the second quarter, slipping to 1.8% in the third. Exports and imports were both falling and core inflation languished at 0.8%, with a demand-dampening sales tax increase effective on October 1.

China's GDP grew at 6.0% in the third quarter, the smallest advance in 27 years. Industrial production was expanding near the slowest pace in 17 years, retail sales in 16 years.

In the U.S., manufacturing fell into contraction in September. Corporate profits were flat to falling year-over-year. While annualized first quarter growth had surprised to the upside at 3.1%, it fell to 2.0% and 2.1% in the second and third quarters, respectively. Growth was heavily dependent on consumer spending, supported by the lowest unemployment rate since 1969.

Back in the markets, after May's slump, central banks came to the rescue in June. On June 19 the Federal Open Market Committee ("FOMC") left rates unchanged, but markets heard Chairman Powell signal a cut in July. The European Central Bank announced its willingness to cut its already negative deposit rate and resume bond purchases. The Japanese government also promised increased stimulus. Plans for tariffs on Mexican imports were "indefinitely suspended", and investors were finally left to cheer a truce in the U.S.-China trade conflict, agreed on June 29.

July was a comparatively quiet month. The FOMC duly cut the federal funds rate by 25 basis points (0.25%), but disappointed some, including the President, by referring to it as only a "mid-cycle adjustment". And it was back to trade-war angst in August, as first the President announced 10% tariffs on the approximately $300 billion of Chinese imports as yet

unaffected, and then increased existing and planned tariffs by 5% when China retaliated.

The market rollercoaster lurched back up in September and October, when high-level trade talks between the U.S. and China resumed. Both sides expressed confidence that "Phase 1" of a deal was possible by year-end. The FOMC cut rates again in both months.

And as year-end approached, a more positive narrative was increasingly heard. Markets were rising despite trade tensions, sluggish global growth, declining profits and political uncertainties in the U.S. and elsewhere. Perhaps, some commentators ventured, this was a signal that the worst was over. The Phase 1 trade deal was announced, amid some skepticism on the details, as was agreement on USMCA, the replacement for NAFTA. The U.K. government's emphatic election victory might offer more clarity on Brexit. Central banks were all supportive and some of the economic data were starting to improve.

In U.S. fixed income markets, the Treasury yield curve fell. For the year, the Bloomberg Barclays U.S. Aggregate Bond Index rose 8.72%. The Bloomberg Barclays Long-Term U.S. Treasury sub-index returned 14.83%, the 30-year yield briefly dipping below 2% in August. The 10-year yield on Japanese and some euro zone government bonds ended below zero.

U.S. equities, represented by the S&P 500^® Index, including dividends, surged 31.49%. Technology was by far the top performer, up 50.29%, led by Apple and Microsoft. Energy, exposed to slowing global economic activity, was the weakest, but still rose 11.81%.

In currencies, the dollar rose 2.04% against the euro, but lost 3.80% against the pound and 0.97% against the yen. On a trade-weighted basis, according to Reuters, the dollar had the smallest annual move ever in 2019.

In international markets, the MSCI Japan^® Index ended up 18.48% for the year, supported by the Bank of Japan's purchases of exchange-traded funds, but pressured by Japan's own vulnerability to a trade war. The MSCI Europe ex U.K.^® Index advanced 26.43%, powered by capital goods and pharmaceuticals companies. The MSCI U.K.^® Index rose 16.37%, dampened by Brexit concerns, but also affected by the company-specific fortunes of MSCI U.K.'s market heavyweights. Among the largest contributors were pharmaceuticals, AstraZeneca and GlaxoSmithKline; the biggest detractors were miner Glencore and HSBC.

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.

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BENCHMARK DESCRIPTIONS

Index				Description
Bloomberg Barclays Global Aggregate Index				Provides a broad-based measure of the global investment-grade fixed-rate debt markets.
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.
Bloomberg Barclays U.S. Government/Credit Index				An index made up of the Barclays Government and Credit indices, including securities issued by the U.S. government and its agencies and publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.
Bloomberg Barclays Long-Term U.S. Treasury Index				This index measures the performance of U.S. Treasury bills with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly.
MSCI All Country World Index^SM				A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets.
MSCI All Country World ex-U.S. Index^SM				A free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI Europe, Australasia and Far East^® ("MSCI EAFE") Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI Europe ex U.K.^® 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 U.K.^® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World Index^SM				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.
Russell 1000^® Index				A comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies.
Russell 1000^® Growth Index				Measures the performance of the 1,000 largest companies in the Russell 3000^® Index with higher price-to-book ratios and higher forecasted growth.
Russell 1000^® Value Index				An index that measures the performance of those Russell 1000^® securities with lower price-to-book ratios and lower forecasted growth values.
Russell 2000^® Growth Index				An index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation.
Russell 2000^® Value Index				An index that measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower than forecasted growth values.
Russell 2500^TM Growth Index				Measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^TM Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 2500^TM Value Index				Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
Russell Midcap^® Growth Index				An index that measures the performance of those companies included in the Russell Midcap^® Index with relatively higher price-to-book ratios and higher forecasted growth values.
Russell Midcap^® Value Index				Measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

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BENCHMARK DESCRIPTIONS (CONTINUED)

Index				Description
S&P 500^® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
S&P MidCap 400^® Index				An index that measures the performance of the mid-size company segment of the U.S. market.
S&P SmallCap 600^® Value Index				Measures the performance of those S&P SmallCap 600^® Index companies with lower price-to-book ratios.

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VOYA GLOBAL BOND PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 7.64% compared to the Bloomberg Barclays Global Aggregate Index, which returned 6.84% for the same period.

Portfolio Specifics: The Portfolio's outperformance versus the Bloomberg Barclays Global Aggregate Index was due primarily to sector allocation, whereas currency positioning did not meaningfully impact results over the period. On the downside, duration/yield curve positioning that was defensive earlier in the year, detracted from performance.

Fixed income markets witnessed an about face, as the U.S. Federal Reserve Board ("Fed") pivoted from raising rates four times in 2018 to instituting the first of three 2019 rate cuts in July. Elevated tensions between the U.S. and China drove concerns on the risk of recession in the U.S., which saw the 10-year Treasury yield go below 1.5% in the summer months. The European Central Bank ("ECB") continued its dovish tone, as leadership transitioned to Christine LaGarde and the ECB cut rates, pushing official rates into further negative territory. Economic data in the fourth quarter alleviated many of those fears and global Treasury yields rose. Non-government sectors outperformed over the reporting period, supported by accommodative central banks and steady demand for higher yielding sectors as the global economy posted positive growth.

Sector allocation, which included overweights to spread sectors and underweights to global Treasury securities, was the dominant driver of outperformance for the year. Favorable security selection within corporate bonds was the largest contributor, as the Fund capitalized on weakness in corporate markets early in the year and benefited throughout 2019. The Portfolio also benefited from an overweight to and favorable security selection within commercial mortgage-backed securities. Securitized sector allocations were less pronounced. Positive contributions from security selection within agency mortgages were offset by detractions from positioning in agency residential mortgage-backed securities.

Duration/yield curve positioning in emerging markets contributed to performance, while the Portfolio's positioning in developed markets detracted from results. In particular, defensive strategies implemented in the first quarter of 2019 were a headwind for returns as rates declined. Finally, currency positioning did not meaningfully impact performance during the reporting period.

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

Current Strategy and Outlook: Entering 2020, we believe that there are signs of steadying economic growth, especially outside the U.S. However, while we believe this positive outlook for growth will prove supportive to spread sectors, we also believe geopolitical and monetary policy uncertainty, coupled with somewhat rich valuations across many sectors, will limit potential upside. Meanwhile, the lack of inflationary pressures will permit global developed central banks to remain accommodative, in our view.

Emerging markets, while supported by the macroeconomic environment, are no stranger to political upheaval that can cause disruption and create opportunities. Heading into 2020, we believe fiscal responsiveness to social unrest needs to be closely monitored. From our perspective, separating winners from losers in emerging markets requires identifying countries that will use fiscal stimulus that is investment-oriented rather than implementing consumption-based government programs. In addition, in our opinion, the degree of stimulus must be monitored and cannot threaten a country's debt sustainability, as well as the sovereign's credit profile.

We continue to believe corporate credit risk is idiosyncratic, not systemic. We believe the path to future investment success will be paved by security selection, as this backdrop favors idiosyncratic opportunities over broad market risk taking. We expect that, when volatility does strike, perceived "losers" will be excessively punished and avoiding these investments will be critical. As we have over the past year, we will continue to view episodes of volatility in credit markets as fertile ground for identifying oversold individual credits with strong fundamentals.

Based on current valuations, we continue to favor securitized credit over corporate credit on a relative basis. Fundamentally, we believe agency mortgage-backed securities ("MBS") are attractive relative to Treasuries and other high-grade assets. In addition, we see opportunities in non-agency residential MBS, commercial mortgage-backed securities and asset-backed securities as an attractive source of durable yield to capture while we diligently surveil markets for new opportunities.

With regard to currencies, we believe the U.S. dollar is likely to decline versus major developed currencies, as the Fed has indicated it is on hold for the foreseeable future. In addition, we will look to capitalize on emerging market currency opportunities, while being mindful of volatility connected to geopolitical risks.

Geographic Diversification
as of December 31, 2019
(as a percentage of net assets)

United States	81.8	%
Germany	4.8	%
Spain	1.2	%
United Kingdom	1.1	%
Cayman Islands	1.1	%
Brazil	1.0	%
Peru	1.0	%
Japan	0.9	%
Netherlands	0.8	%
Portugal	0.7	%
Countries between 0.0%-0.7%^	4.6	%
Assets in Excess of Other Liabilities,*	1.0	%
Net Assets	100.0	%

* Includes short-term investments.

** Includes purchased options.

^ Includes 13 countries, which each represents 0.0%-0.7% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets)

Voya Emerging Markets Local Currency Debt Fund — Class P	6.9	%
Voya Emerging Markets Hard Currency Debt Fund — Class P	5.5	%
Voya High Yield Bond Fund — Class P	3.6	%
Bundesrepublik Deutschland, 0.500%, 02/15/25	3.4	%
Voya Emerging Markets Corporate Debt Fund — Class P	3.3	%
United States Treasury Inflation Indexed Bonds, 0.250%, 07/15/29	3.1	%
Uniform Mortgage-Backed Securities, 3.500%, 08/01/49	2.1	%
Ginnie Mae, 3.000%, 01/20/50	2.1	%
United States Treasury Note, 1.750%, 11/15/29	2.0	%
United States Treasury Bond, 2.250%, 08/15/49	1.7	%

Portfolio holdings are subject to change daily.

* Effective March 1, 2019, Sean Banai was added as a portfolio manager for the Portfolio. Effective August 31, 2019, Mustafa Chowdhury was removed as a portfolio manager for the Portfolio.

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

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

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PORTFOLIO MANAGERS' REPORT

VOYA GLOBAL BOND PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		7.36	%		2.84	%		3.44	%
Class I		7.90	%		3.36	%		3.96	%
Class S		7.64	%		3.11	%		3.70	%
Blooomberg Barclays Global Aggregate Index		6.84	%		2.31	%		2.48	%

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

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the

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

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

Portfolio holdings are subject to change daily.

Prior to January 21, 2011, the Portfolio was managed by a different sub-adviser.

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VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class I shares provided a total return of 16.75% compared to the MSCI EAFE^® Index** and the MSCI All Country World ex-U.S. Index^SM ("MSCI ACWI ex-U.S."), which returned 22.01% and 21.51%, respectively, for the same period.

Portfolio Specifics — Templeton Investment Counsel LLC ("Templeton") January 1, 2019 — April 16, 2019: During the period in which Templeton managed the Portfolio, the Portfolio underperformed the MSCI ACWI ex-U.S.) by approximately 329 basis points (-3.29%). Stock selection and an unfavorable overweight allocation in the communication services sector detracted from relative performance. Shares of SES, a Luxembourg-based satellite operator, declined due to regulatory challenges facing the company's efforts to monetize its potentially valuable spectrum. While the best procedure for reallocating spectrum has yet to be decided, we believe the firm will ultimately recognize significant value from these important assets.

Stock selection and an unfavorable overweight allocation in the health care sector detracted from relative results. Israeli generic pharmaceuticals firm Teva was a significant detractor in the sector.

Stock selection among underweight consumer staples holdings also detracted from relative results. Shares of Japanese convenience store owner Seven & I declined after analysts downgraded the stock following a disappointing profit forecast.

In contrast, stock selection in the materials sector contributed to relative returns. Irish building materials firm CRH was a significant contributor to relative returns in the sector.

Stock selection in overweight utilities and underweight information technology and industrials holdings also contributed to relative performance.

From a regional standpoint, stock selection in underweight Asian holdings detracted from relative performance, pressured by Japanese and Chinese holdings. In Europe, stock selection detracted from relative results, offsetting a favorable overweight allocation.

Portfolio Specifics*** — VIM — May 1, 2019 — December 31, 2019: During the period in which VIM managed the Portfolio, the Portfolio underperformed the MSCI EAFE^® Index by approximately 203 basis points (-2.03%). In terms of the Portfolio's performance, both low beta and dividend yield outperformed for the period while the stock ranking model underperformed. The Portfolio's stock specific exposures and smaller size further drove relative underperformance. On the regional level, stock selection within Japan, and to a lesser extent Asia/Pacific ex Japan, had the largest negative impact on relative performance. On the sector level, Portfolio holdings within the real estate and financial sectors had the largest positive impact on performance. On an individual stock level basis, an overweight position in Sekisui House, Ltd., an underweight position in BP plc and not owning HSBC Holdings Plc were among the key contributors. By contrast, stock selection within the health care and materials sectors had the largest negative impact on returns. Key detractors for the period include overweight positions in Evraz plc and Konica Minolta, Inc. as well as not owning benchmark holding ASML Holding NV.

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

Geographic Diversification
as of December 31, 2019
(as a percentage of net assets)

Japan	25.2	%
United Kingdom	13.5	%
Switzerland	9.3	%
France	8.3	%
Australia	7.8	%
Netherlands	6.1	%
Germany	5.6	%
Italy	4.1	%
Denmark	3.5	%
Finland	3.1	%
Countries between 0.2%-3.1%^	12.2	%
Assets in Excess of Other Liabilities*	1.3	%
Net Assets	100.0	%

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

^ Includes 9 countries, which each represents 0.2%-3.1% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets)

Nestle SA	2.7	%
Royal Dutch Shell PLC — Class A	2.1	%
Roche Holding AG	2.1	%
Novartis AG	1.6	%
GlaxoSmithKline PLC	1.4	%
BP PLC	1.4	%
Sanofi	1.4	%
Novo Nordisk A/S	1.3	%
Rio Tinto Ltd.	1.2	%
Unilever NV	1.1	%

Portfolio holdings are subject to change daily.

* The Board of Trustees of the Portfolio approved an investment objective change, strategy change and sub-adviser replacement of Templeton, with VIM effective May 1, 2019.

In conjunction with the investment objective change, strategy change and sub-adviser replacement, effective May 1, 2019, Vincent Costa, Kai Yee Wong, Peg DiOrio, and Steve Wetter were added as portfolio managers to the Portfolio and Antonio T. Docal, Peter A. Nori, and Matthew R. Nagle were removed as portfolio managers to the Portfolio.

In conjunction with the sub-adviser change, the Portfolio's name changed to "Voya International High Dividend Low Volatility Portfolio".

** Effective May 1, 2019, the sub-adviser changed the primary benchmark from the MSCI ACWI Ex-U.S. to the MSCI EAFE^® Index because the MSCI EAFE^® Index is considered by the sub-adviser to be a more appropriate benchmark reflecting the type of securities in which the Portfolio invests.

*** Beginning April 16, 2019, through the close of business on April 30, 2019, the Portfolio was in a transition period and may have held a large portion of the Portfolio's assets in temporary investments.

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PORTFOLIO MANAGERS' REPORT

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		16.13	%		3.11	%		3.82	%
Class I		16.75	%		3.64	%		4.35	%
Class S		16.40	%		3.38	%		4.08	%
Class S2		16.28	%		3.23	%		3.95	%
MSCI EAFE^® Index		22.01	%		5.67	%		5.50	%
MSCI ACWI ex-U.S.		21.51	%		5.51	%		4.97	%

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

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

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

Portfolio holdings are subject to change daily.

Effective May 1, 2019, the Adviser changed the primary benchmark from the MSCI ACWI Ex-U.S. to the MSCI EAFE^® Index because the MSCI EAFE^® Index is considered by the Sub-Adviser to be a more appropriate benchmark reflecting the type of securities in which the Portfolio invests.

Prior to May 1, 2019, the Portfolio was managed by a different sub-adviser.

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VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 30.67% compared to the Russell 2500^TM Value Index and the S&P SmallCap 600^® Value Index, which returned 23.56% and 24.54%, respectively, for the same period.

Portfolio Specifics: Resilient U.S. economic growth and positive earnings fueled strong stock market performance for 2019, despite periods of volatility sparked by trade tensions and global economic uncertainty. The U.S. Federal Reserve Board cut interest rates three times in response to global economic risks, but central bank policymakers signaled a pause in the fourth quarter as economic data improved. Stocks ended the year on a strong note as news of a potential U.S.-China trade deal helped ease trade-related uncertainty. According to the FTSE Russell indices, large-cap stocks outperformed both mid and small caps for the year. Generally, value stocks underperformed growth.

The Portfolio outperformed the Russell 2500^TM Value Index. Although the Russell 2500^TM Value Index is the overall portfolio benchmark, the Small Cap Value and Mid Cap Value sleeves are managed against the Russell 2000^® Value and Russell Midcap Value^® indices, respectively.

The Mid Cap Value sleeve outperformed its benchmark, the Russell Midcap^® Value Index, for the year. Stock selection in health care lifted relative performance. Stock selection in consumer staples also contributed positively to relative performance. Stock selection in financials detracted.

The Small Cap Value sleeve also outperformed its benchmark, the Russell 2000^® Value Index. Stock selection in financials was a strong contributor to relative performance. Stock selection and an overweight in the materials sector also aided relative results. Stock selection in information technology detracted from relative performance.

The overall Portfolio's performance for the year exceeded that of its benchmark, the Russell 2500^TM Value Index. Stock selection drove relative outperformance, especially in the financials sector where Compass Diversified Holdings was a top relative contributor. This publicly traded private equity firm reported solid revenue and profitability from its branded consumer businesses. In addition, Compass sold some businesses from its Portfolio, resulting in a strong balance sheet with significantly less leverage. Elsewhere in the Portfolio, Applied Materials was a top contributor. This semiconductor company was a strong performer, as it delivered solid financial results despite an uncertain global economic environment. We believe this semiconductor company remains well positioned, supported by greenfield investments and share gain from its new tool offering.

Despite the strength in Applied Materials, stock selection in the overall information technology sector detracted from relative performance. Sector detractors included data warehousing company Teradata, which suffered earnings volatility. The stock fell further in the fourth quarter after the company lowered earnings guidance due to the trade war, and its CEO was fired. Despite these events, we believe Teradata continues to make progress in transitioning to a subscription business. Communications equipment company Casa Systems, another sector detractor, lagged after some of its customers reduced spending early in the year. It also made a large acquisition that we believe may not have been beneficial to the business. The stock declined further in the fourth quarter after the company reported poor quarterly results.

Current Strategy and Outlook: We follow a stock-specific, valuation-driven strategy. The Portfolio's sector allocation is a result of our bottom-up investment process.

We continue to hold a considerable overweight in financials. According to our metrics, our bank holdings remain, in our view, attractive as valuations have been pressured by low interest rates and a relatively flat interest rate curve. Our Portfolio also has a notable overweight to health care. We have found what we believe to be attractive opportunities in the sector due to increased political rhetoric as well as company-specific issues. The vast majority of our holdings are in two industries: 1) health care equipment and supplies and 2) health care providers and services.

Real estate is a prominent underweight. According to our metrics, we believe that real estate stocks remain expensive relative to their historical valuation and to other areas of the equity market. Therefore, we hold a limited number of higher-quality real estate stocks that offer compelling valuations. Consumer discretionary is also a sector underweight. Most companies in the consumer discretionary sector do not meet our quality criteria. Our metrics also show that valuations throughout the communication services sector are unattractive, and the sector is also a portfolio underweight. Additionally, many stocks in the sector have volatile business models, leading to a wider range of potential outcomes.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Financials	26.4	%
Industrials	15.7	%
Health Care	9.0	%
Information Technology	8.0	%
Consumer Discretionary	7.5	%
Real Estate	7.1	%
Utilities	6.9	%
Consumer Staples	5.8	%
Materials	4.9	%
Energy	4.5	%
Exchange-Traded Funds	2.1	%
Communication Services	0.8	%
Assets in Excess of Other Liabilities*	1.3	%
Net Assets	100.0	%

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

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019*
(as a percentage of net assets)

iShares Russell Mid-Cap Value ETF	2.1	%
Zimmer Biomet Holdings, Inc.	2.0	%
Truist Financial Corp.	1.7	%
Northern Trust Corp.	1.7	%
First Hawaiian, Inc.	1.5	%
ProAssurance Corp.	1.4	%
Xcel Energy, Inc.	1.4	%
Weyerhaeuser Co.	1.3	%
Emerson Electric Co.	1.3	%
Hubbell, Inc.	1.1	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

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VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		30.17	%		8.40	%		11.63	%
Class I		30.96	%		8.94	%		12.18	%
Class S		30.67	%		8.68	%		11.91	%
Class S2		30.42	%		8.51	%		11.74	%
Russell 2500^TM Value Index		23.56	%		7.18	%		11.25	%
S&P SmallCap 600^® Value Index		24.54	%		8.26	%		12.52	%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment

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

Portfolio holdings are subject to change daily.

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VY^® BARON GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 38.52% compared to the Russell 2000^® Growth Index and the Russell 2500^TM Growth Index, which returned 28.48% and 32.65%, respectively, for the same period.

Portfolio Specifics: After a steep sell-off in December 2018, the U.S. stock market rebounded in 2019. The rally was fueled in large part by a policy shift at the U.S. Federal Reserve Board, which lowered rates three times in 2019. Better-than-expected corporate earnings also helped buoy investor sentiment. We believe that these headwinds outweighed uncertainty surrounding ongoing trade wars, turmoil in Washington, and fears of a global economic slowdown.

Absolute Performance: Top contributors within the Portfolio included real estate information and marketing services company CoStar Group, Inc., driven by excellent business results. Additionally, shares of MSCI Inc., a leading provider of investment decision support tools, rose in response to positive earnings momentum, an upbeat investor day presentation, and the announcement of a new ten-year contract extension with BlackRock. Shares of simulation software company ANSYS, Inc. rose steadily throughout the year on healthy sales growth. An analyst event held mid-year also boosted investor confidence in the company's growth prospects.

Top detractors within the Portfolio included shares of benefits enrollment platform Benefitfocus, Inc. which were down sharply after revenue growth fell short of Street expectations. We retain conviction, as we believe this is a short-term issue. Additionally, shares of Covetrus, Inc., a newly formed global animal health technology and services company, fell sharply as investors reacted to a first quarter revenue and EBITDA miss and guidance reset. We exited our position.

Relative Performance: The Portfolio was up sharply for the year and outperformed the Russell 2000^® Growth Index primarily due to stock selection. Style biases also added value, driven by overexposure to strong performing mid-cap stocks and underexposure to the weak performing earnings variation factor.

Outperformance of investments in financials, industrials, and real estate added the most value. Stock selection in financials contributed almost 675 basis points (6.75%) to relative results, driven by the outperformance of financial exchanges & data companies MSCI, Inc. and Morningstar, Inc. Asset managers Cohen & Steers, Inc. and The Carlyle Group as well as insurers Arch Capital Group Ltd., Kinsale Capital Group, Inc. and Primerica, Inc. also boosted relative results. Strength in industrials came from CoStar Group, Inc. Real Estate holdings outperformed after appreciating more than 36% as group, led by specialized REITs Gaming and Leisure Properties, Inc. and Alexandria Real Estate Equities, Inc.

Information technology investments were the only detractors from relative performance with most of the weakness coming from Benefitfocus, Inc. and syndicated research provider Gartner, Inc.

Current Strategy and Outlook: As long-term investors in what we view as high quality growth stocks, we are always actively looking for what we believe to be good investment ideas. We continue to position the Portfolio to benefit from what we believe to be strong, long-term growth opportunities.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Financials	26.1	%
Consumer Discretionary	23.6	%
Information Technology	17.1	%
Health Care	10.2	%
Industrials	9.4	%
Real Estate	8.6	%
Communication Services	3.9	%
Consumer Staples	0.7	%
Assets in Excess of Other Liabilities*	0.4	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets)

Vail Resorts, Inc.	7.8	%
CoStar Group, Inc.	6.6	%
Choice Hotels International, Inc.	6.6	%
MSCI, Inc. — Class A	6.4	%
ANSYS, Inc.	5.0	%
Gartner, Inc.	4.7	%
Factset Research Systems, Inc.	4.3	%
Idexx Laboratories, Inc.	3.8	%
Bright Horizons Family Solutions, Inc.	3.6	%
Arch Capital Group Ltd.	3.5	%

Portfolio holdings are subject to change daily.

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PORTFOLIO MANAGERS' REPORT

VY^® BARON GROWTH PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		38.24	%		11.47	%		14.31	%
Class I		38.97	%		12.04	%		14.89	%
Class R6⁽¹⁾		38.94	%		12.04	%		14.89	%
Class S		38.52	%		11.75	%		14.60	%
Class S2		38.37	%		11.59	%		14.43	%
Russell 2000^® Growth Index		28.48	%		9.34	%		13.01	%
Russell 2500^TM Growth Index		32.65	%		10.84	%		14.01	%

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

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

Portfolio holdings are subject to change daily.

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

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VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 33.06% compared to the Russell 1000^® Index, which returned 31.43% for the same period.

Portfolio Specifics: The Portfolio's relative outperformance for the year was largely attributable to strong stock selection in all but a few sectors and positive sector allocation in eight out of 11 sectors as well. Stock selection was most notably positive in information technology, communication services and consumer staples, followed by real estate, energy and financials. The Portfolio's stock selection detracted most in health care and detracted to a much lesser degree in materials and consumer discretionary. While sector allocation is, for the most part, a result of the Portfolio's bottom-up stock selection process, it was nonetheless positive in 2019, with longstanding underweights to utilities and industrials having a positive impact. Underweights to consumer staples and real estate and the overweight to information technology also helped relative performance.

Several of the Portfolio's holdings in information technology performed well in 2019, including our stocks in the payments and financial software industry where consolidation paid off handsomely for First Data Corporation, Fidelity National Information Services, Fiserv and Total System Services. A wide range of other technology holdings performed well throughout the year. Microsoft continues to benefit from all facets of its businesses, but primarily from businesses moving to the cloud. A number of the Portfolio's companies in the very eclectic communications services sector also did well in 2019. Facebook did very well, AT&T was up approximately 45% for the year and Comcast was up approximately 34%.

Energy was the worst performing sector in 2019, up only approximately 11%, and EOG Resources simply lagged with the sector and the general exploration and production area for much of the year. Health care was the most difficult sector for the Portfolio in 2019 — a tough sector from the standpoint of stock selection throughout the year, and Pfizer was down 6.%. Materials was the only other negative sector for the Portfolio overall, and DuPont was the Portfolio's worst-performing stock in the sector, down approximately 14%.

Current Strategy and Outlook: Throughout 2019 we saw slowing economic and earnings growth, increased geopolitical uncertainty, and increased domestic political uncertainty. Factors offsetting slowing growth and political uncertainty included lower interest rates and a strong U.S. consumer. Going into 2020, it would not surprise us to see more volatility in the months ahead as investors grapple with these issues as well as a presidential election now only months away with key primaries coming early in the year. As always, we will look to take advantage of this potential volatility as we deploy our contrarian process that has served us well over the long term.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Information Technology	25.8	%
Financials	14.9	%
Communication Services	14.2	%
Health Care	12.3	%
Consumer Discretionary	7.7	%
Industrials	7.5	%
Energy	5.5	%
Consumer Staples	4.5	%
Materials	3.2	%
Real Estate	1.1	%
Utilities	0.8	%
Assets in Excess of Other Liabilities*	2.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019*
(as a percentage of net assets)

Microsoft Corp.	5.7	%
Apple, Inc.	4.9	%
Berkshire Hathaway, Inc. — Class B	4.0	%
JPMorgan Chase & Co.	3.3	%
Citigroup, Inc.	3.0	%
Amazon.com, Inc.	2.9	%
Medtronic PLC	2.9	%
Comcast Corp. — Class A	2.5	%
Facebook, Inc. — Class A	2.5	%
Mastercard, Inc. — Class A	2.3	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

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VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		32.41	%		10.13	%		11.29	%
Class I		33.05	%		10.68	%		11.85	%
Class S		33.06	%		10.45	%		11.60	%
Russell 1000^® Index		31.43	%		11.48	%		13.54	%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the

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

Portfolio holdings are subject to change daily.

Prior to April 30, 2013, the Portfolio was managed by a different sub-adviser.

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VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class I shares provided a total return of 20.42% compared to the Russell 2000^® Value Index, which returned 22.39% for the same period.

Portfolio Specifics: For the year, the Portfolio underperformed the Russell 2000^® Value Index. Underperformance was primarily driven by stock selection. Stock selection was strong within healthcare, communication services, and information technology, however selection within materials, financials, real estate, and industrials offset these relative results. Sector allocation modestly added to relative results, helped along by our overweight to information technology (which was the best performing sector in the benchmark by a significant margin), and our underweight to energy.

In general, much of the relative underperformance came during the month of September. During the beginning of September yields rose and there was a sharp spike in the small cap value market. During this time, smaller and more volatile names outperformed. Through our process, we have historically benefited over the long term from avoiding these types of names — even if it meant giving up some upside in the short term.

In terms of specific securities, one of the top contributors to relative performance was our position in industrials company Armstrong World Industries. The company, which designs and manufacturers ceilings and walls, saw its shares rise steadily over the first half of the year as investors rewarded their continued growth and healthy margins.

The biggest detractor from relative performance was our position in Merit Medical Systems. The company, which manufacturers and markets disposable medical devices, reported earnings over the summer that underwhelmed. Results were driven by lower than expected sales from two recent acquisitions by the company. The company had been a steady performer over the past few years and we expect the current earnings dislocation to be rectified by the company.

Current Strategy and Outlook: Our outlook continues to remain cautiously positive. Chief among our concerns continue to be the potential for a prolonged trade conflict, levels of debt, and political dysfunction that could derail pro-growth policy.

Regardless of what transpires, we will continue our longstanding philosophy of bottom-up, fundamental analysis. We continue to look for what we believe to be undervalued companies with strong underlying earnings prospects that are exhibiting evidence of upward inflection. In doing so, we believe we will be able to avoid value traps and deliver strong returns for our clients. As of the end of the quarter, we continue to be overweight technology, materials, and industrials while remaining underweight real estate and financials.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Financials	28.1	%
Information Technology	14.0	%
Industrials	13.5	%
Consumer Discretionary	8.6	%
Real Estate	8.2	%
Materials	5.6	%
Utilities	5.2	%
Health Care	5.1	%
Energy	4.8	%
Consumer Staples	2.9	%
Communication Services	2.2	%
Assets in Excess of Other Liabilities*	1.8	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019*
(as a percentage of net assets)

TCF Financial Corp.	1.7	%
Community Bank System, Inc.	1.7	%
First Industrial Realty Trust, Inc.	1.6	%
Atlantic Union Bankshares Corp.	1.6	%
Independent Bank Corp.	1.5	%
Nexstar Media Group, Inc.	1.5	%
SYNNEX Corp.	1.4	%
MGIC Investment Corp.	1.4	%
Sandy Spring Bancorp, Inc.	1.3	%
LHC Group, Inc.	1.3	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

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PORTFOLIO MANAGERS' REPORT

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		19.88	%		5.39	%		10.08	%
Class I		20.42	%		5.90	%		10.61	%
Class R6⁽¹⁾		20.48	%		5.90	%		10.61	%
Class S		20.21	%		5.65	%		10.35	%
Class S2		19.95	%		5.48	%		10.17	%
Russell 2000^® Value Index		22.39	%		6.99	%		10.56	%

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

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

Portfolio holdings are subject to change daily.

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VY^® INVESCO COMSTOCK PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 25.24% compared to the Russell 1000^® Value Index and the S&P 500^® Index, which returned 26.54% and 31.49%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2019, the Portfolio underperformed the Russell 1000^® Value Index, the Portfolio's style-specific benchmark. All sectors posted positive returns within the Russell 1000^® Value Index. Information technology, industrials and financials were the strongest performing sectors, with energy being the worst performing sector.

Strong stock selection within financials was a large contributor to relative performance within the Portfolio. Citigroup, Bank of America and not owning Berkshire Hathaway were the top relative contributors in the sector. Large banks performed well during the period, as interest rates have stabilized, and investors have benefited from return of capital back to shareholders. Stock selection within industrials also boosted relative performance for the year. Johnson Controls International was a notable contributor as the company beat earnings estimates in the first half of the period. Stock selection within communication services also enhanced relative performance.

The allocation to cash was a large detractor to performance within the Portfolio. This would be expected in a strong equity market. Stock selection within consumer discretionary also detracted from relative performance. Carnival Corp. and Gap Inc. were two of the largest detractors in the sector. An overweight to energy stocks was the largest relative detractor. Energy stocks underperformed during most of the period and was the worst performing sector within the Russell 1000^® Value Index. Our long-term view on energy is these companies continue to offer what we believe to be attractive valuations and improving prospects, as management continues to move towards a focus on profitability versus production growth.

We used currency forward contracts during the reporting period for the purpose of hedging currency exposure of non-U.S.-based companies held in the Portfolio. Derivatives were not used for speculative purposes or leverage. The use of currency forward contracts had a slightly negative impact on the Portfolio's performance relative to the Russell 1000^® Value Index for the reporting period.

Current Strategy and Outlook: At the close of the reporting period, the Portfolio's financials sector weighting was overweight relative to the Russell 1000^® Value Index, as we have a favorable view of large banks. We also maintain a constructive view on the long — term prospects for our energy holdings as believe supply and demand for oil should balance over time. The Portfolio's exposure to each sector has a higher beta than the benchmark. Therefore, we believe that the Portfolio should be more sensitive to broad moves within these sectors for the foreseeable future.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Financials	30.2	%
Energy	15.8	%
Health Care	11.2	%
Industrials	8.5	%
Information Technology	8.1	%
Consumer Staples	6.8	%
Consumer Discretionary	5.9	%
Communication Services	5.5	%
Materials	3.2	%
Utilities	0.5	%
Assets in Excess of Other Liabilities*	4.3	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019*
(as a percentage of net assets)

Citigroup, Inc.	5.3	%
Bank of America Corp.	5.1	%
JPMorgan Chase & Co.	3.5	%
Philip Morris International, Inc.	2.7	%
Chevron Corp.	2.2	%
Suncor Energy, Inc.	2.1	%
Anthem, Inc.	2.1	%
Morgan Stanley	2.0	%
BP PLC ADR	2.0	%
General Motors Co.	2.0	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

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PORTFOLIO MANAGERS' REPORT

VY^® INVESCO COMSTOCK PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		24.86	%		7.14	%		10.64	%
Class I		25.51	%		7.68	%		11.19	%
Class S		25.24	%		7.41	%		10.92	%
Russell 1000^® Value Index		26.54	%		8.29	%		11.80	%
S&P 500^® Index		31.49	%		11.70	%		13.56	%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment

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

Portfolio holdings are subject to change daily.

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VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 19.80% compared to the Russell 1000^® Value Index, Bloomberg Barclays U.S. Government/Credit Index and the 60% Russell 1000^® Value Index/40% Bloomberg Barclays U.S. Government/Credit Index, which returned 26.54%, 9.71% and 19.87%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2019, before fees and expenses, the Portfolio outperformed the 60% Russell 1000^® Value Index/40% Bloomberg Barclays U.S. Government/Credit Index. Net of fees and expenses, the Portfolio underperformed the 60% Russell 1000^® Value Index/40% Bloomberg Barclays U.S. Government/Credit Index for the year.

The equities sleeve outperformed the Russell 1000^® Value Index for the year.

Stock selection in consumer discretionary was a negative contributor of underperformance, due largely to Capri Holdings and Carnival Corporation. Capri's Michael Kors brand has suffered from declining sales, and the company reduced its outlook for the brand in 2020. Shares of cruise operator Carnival sold off after the company reported profit declines and a weaker outlook for the full year.

Security selection in information technology, materials and industrials also detracted from performance. Within materials, The Mosaic Company was a key detractor. The company announced plans to reduce phosphate production, which is intended to benefit the company long term, but has the potential to negatively affect short-term earnings.

Stock selection in financials, particularly banks, was the largest positive contributor to the Portfolio's relative return. Following a sharp selloff in the fourth quarter of 2018, banks rebounded in the first quarter of 2019, and performed well throughout the year as revenues have generally improved and companies continue to return capital to shareholders through stock buybacks and increased dividends.

Health care was another contributor, and Celgene performed well. The company was acquired by Bristol Meyers Squibb at a significant premium, and shares of the acquisition target rose sharply following the announcement.

The Portfolio's non-equity sleeve consisting of high-grade bonds, convertibles and cash outperformed the Bloomberg Barclays U.S. Government/Credit Index. Although the bonds suffered from relatively low duration in a falling interest rate environment and the cash allocation was a drag on returns in strong markets, this was more than offset by the sleeve's allocation to convertibles, which provided returns similar to equities.

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

Current Strategy and Outlook: During the fiscal year, within the equity portion of the Portfolio, the team reduced relative overweights in financials and energy, and increased exposure to consumer staples, communication services and materials. At the end of the year, the Portfolio's largest equity overweight exposures relative to the Russell 1000^® Value Index were in the information technology, health care and financials sectors, while the largest underweight exposures were in the real estate, utilities and communication services sectors.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Financials	24.6	%
Health Care	10.3	%
U.S. Treasury Notes	9.6	%
Energy	8.2	%
Information Technology	6.6	%
Communications	5.5	%
Consumer Discretionary	5.4	%
Industrials	5.3	%
Consumer Staples	4.9	%
Consumer, Non-cyclical	4.7	%
Technology	2.9	%
Materials	2.6	%
Communication Services	2.5	%
Utilities	1.8	%
Consumer, Cyclical	1.4	%
U.S. Treasury Bonds	0.7	%
Basic Materials	0.1	%
Federal National Mortgage Association	0.1	%
Municipal Bonds	0.0	%
Assets in Excess of Other Liabilities*	2.8	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019*
(as a percentage of net assets)

United States Treasury Note, 1.625%, 12/15/22	3.8	%
United States Treasury Note, 1.625%, 12/31/21	3.1	%
United States Treasury Note, 1.750%, 12/31/24	2.4	%
Johnson & Johnson	2.3	%
Bank of America Corp.	2.1	%
Philip Morris International, Inc.	2.0	%
Citigroup, Inc.	1.9	%
American International Group, Inc.	1.8	%
Morgan Stanley	1.7	%
General Motors Co.	1.6	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

* Effective December 31, 2019, Thomas B. Bastian was removed as a portfolio manager to the Portfolio.

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VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		19.50	%		5.83	%		8.25	%
Class I		20.10	%		6.37	%		8.79	%
Class S		19.80	%		6.10	%		8.52	%
Class S2		19.63	%		5.96	%		8.37	%
Russell 1000^® Value Index		26.54	%		8.29	%		11.80	%
Bloomberg Barclays U.S. Government/Credit Index		9.71	%		3.23	%		3.96	%
60% Russell 1000^® Value Index/40% Bloomberg Barclays U.S. Government/Credit Index		19.87	%		6.46	%		8.85	%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment

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

Portfolio holdings are subject to change daily.

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VY^® INVESCO OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 31.44% compared to the MSCI All Country World Index^SM (the "Index"), which returned 26.60% for the same period.

Portfolio Specifics: For the reporting period, the Portfolio outperformed the Index. Our positions outperformed 9 of the 11 economic sectors within the Index. The exceptions were our holdings in information technology and consumer staples. Within each, our stock selection was largely the determining factor, though neither was significant.

The top individual positions that contributed to our results were: LVMH Moet Hennessy Louis Vuitton SE, the French luxury company which continues to thrive, Airbus SE, which competes with Boeing and has benefited from Boeing's recent 737 max woes, and Facebook, Inc..

Even in a good year, things don't always go as well as hoped for and this year was no exception. Our top three detractors from performance this year were Baidu Inc, the Chinese version of Google, which we sold during the year after a series of problems led us to conclude, in our view, that the management team was not as capable as necessary. Elsewhere our holding of Farfetch Ltd, an online luxury goods business, disappointed. It has been challenged by heavy discounting in the brick and mortar retail business, however, we continue to hold it. The third meaningful detractor was Bayerische Motoren Werke Akitiengesellschaft, otherwise known as BMW, the car maker. BMW like many other car makers around the world has been challenged by weakness in new car demand. We reduced our position in the company during the year, though it remains a minor holding.

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

Geographic Diversification
as of December 31, 2019
(as a percentage of net assets)

United States	49.2	%
Japan	14.2	%
France	7.8	%
Germany	6.0	%
India	4.5	%
Netherlands	4.1	%
United Kingdom	3.8	%
Sweden	2.4	%
China	1.9	%
Spain	1.7	%
Countries between 0.2%-1.4%^	2.2	%
Assets in Excess of Other Liabilities*	2.2	%
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.

Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets)

Alphabet, Inc. — Class A	7.2	%
LVMH Moet Hennessy Louis Vuitton SE	4.3	%
Airbus SE	4.1	%
S&P Global, Inc.	3.6	%
Adobe, Inc.	3.6	%
Facebook, Inc. — Class A	3.5	%
Intuit, Inc.	3.2	%
SAP SE	2.9	%
Anthem, Inc.	2.8	%
Kering SA	2.7	%

Portfolio holdings are subject to change daily.

* Effective May 24, 2019, Invesco finalized an acquisition (the "Transaction") of OppenheimerFunds, Inc. ("Oppenheimer"). Prior to May 24, 2019, Oppenheimer was owned by Massachusetts Mutual Life Insurance Company. The Transaction resulted in a change of control of Oppenheimer and therefore an assignment, as such term is defined for purposes of the Investment Company Act of 1940, as amended, which triggered the automatic termination of the Portfolio's sub-advisory agreement previously in place with Oppenheimer. Effective May 24, 2019, Voya Investments, LLC, the Portfolio's investment adviser, entered into a new sub-advisory agreement with Invesco Advisers, Inc., a direct subsidiary of Invesco Ltd., on the same terms, compensation structure and with the same portfolio management teams as were in place under the Portfolio's agreement with Oppenheimer. Effective June 27, 2019, the name of the Portfolio was changed to "VY^® Invesco Oppenheimer Global Portfolio."

** Effective March 31, 2019, Rajeev Bhaman was removed as a portfolio manager of the Portfolio.

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PORTFOLIO MANAGERS' REPORT

VY^® INVESCO OPPENHEIMER GLOBAL PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		31.10	%		9.69	%		10.09	%
Class I		31.80	%		10.26	%		10.65	%
Class S		31.44	%		9.97	%		10.37	%
Class S2		31.26	%		9.81	%		10.20	%
MSCI All Country World Index^SM		26.60	%		8.41	%		8.79	%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the

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

Portfolio holdings are subject to change daily.

Prior to June 27, 2019, the Portfolio was managed by a different sub-adviser.

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VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 26.21% compared to the Russell Midcap^® Value Index (the "Index" or "Russell Midcap^® Value"), which returned 27.06% for the same period.

Portfolio Specifics: Net of fees and expenses, the Portfolio underperformed the Russell Midcap^® Value Index during the year. Gross of those fees and expenses, the Portfolio outperformed the Russell Midcap^® Value Index for the year. The Portfolio benefited from positive stock selection in materials, as our more conservative approach in combination with an underweight exposure proved beneficial in navigating this turbulent area of the marketplace. Stock selection in utilities was also a contributor while stock selection in consumer discretionary and energy detracted from Portfolio results.

Strong stock selection in utilities, especially from the Portfolio's positioning in WEC Energy, contributed the most to performance. As the interest rate outlook is exceedingly murky, we believe high quality regulated utilities with strong management teams and stable, predictable earnings growth patterns merit a spot in the Portfolio. Importantly, WEC operates in favorable regulatory jurisdictions and is poised to benefit from renewable energy trends moving forward.

The top stock-specific detractor for the year was EQT Corp. The macroeconomic environment was particularly difficult for natural gas producers as supply is elevated while demand remains low against the backdrop of mild weather, which has depressed share prices for EQT Corp. As such, we believe the consolidated positioning reflects quality companies with the right assets and disciplined management teams that are more inclined towards shareholder returns. The new management team led by Toby Rice has rebased expectations and appears to be making the right moves in executing a turnaround, in our view. At this point, in our opinion, the valuation remains sufficiently attractive and we're comfortable enough with the new management team to warrant a continued position in the Portfolio.

Current Strategy and Outlook: Financials still represent what we believe to be an attractive opportunity as the combination of undemanding valuations, solid earnings growth and underappreciated capital return potential remains compelling. We continue to take profits within information technology as solid outperformance has left valuations a bit stretched, in our view. We've trimmed REITs and utilities for the same reason. While the consumer has been challenging to navigate, we're on the lookout for brands that can be competitively positioned in the omni-channel world. The inherent volatility and cyclicality of industrials, materials, and energy make it difficult for us to find companies meeting our investment criteria; we'd note that these sectors represent an increasingly large allocation in the Russell Midcap^® Value Index (~25%), which explains the relative underweight position.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Financials	21.8	%
Real Estate	14.1	%
Consumer Discretionary	12.0	%
Utilities	10.9	%
Industrials	8.8	%
Information Technology	6.7	%
Health Care	6.6	%
Energy	5.4	%
Materials	4.8	%
Consumer Staples	3.9	%
Communication Services	2.9	%
Assets in Excess of Other Liabilities*	2.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019*
(as a percentage of net assets)

Xcel Energy, Inc.		2.2	%
WEC Energy Group, Inc.		2.1	%
CMS Energy Corp.		2.0	%
Loews Corp.		1.9	%
M&T Bank Corp.		1.9	%
Diamondback Energy, Inc.	��	1.7	%
Williams Cos., Inc.		1.6	%
T. Rowe Price Group, Inc.		1.6	%
Sempra Energy		1.6	%
Autozone, Inc.		1.5	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

* Effective February 12, 2019, Gloria Fu was removed as a portfolio manager for the Portfolio.

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VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		25.81	%		6.71	%		12.00	%
Class I		26.46	%		7.25	%		12.57	%
Class S		26.21	%		6.98	%		12.28	%
Class S2		25.96	%		6.82	%		12.11	%
Russell Midcap^® Value		27.06	%		7.62	%		12.41	%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment

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

Portfolio holdings are subject to change daily.

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

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class S shares provided a total return of 36.88% compared to the S&P MidCap 400^® Index and the Russell Midcap^® Growth Index, which returned 26.20% and 35.47%, respectively, for the same period.

Portfolio Specifics: The Portfolio outperformed the Russell Midcap Growth^® Index for the reporting period. Broadly speaking, stock selection drove relative outperformance.

Information technology benefited relative results, due to stock selection. Shares of e-commerce platform Shopify continued to drive higher over the period as investors rewarded stable revenue trends, a large and growing total addressable market, and a long growth runway. The company is in the early stages of expanding internationally and accumulating traction with its Shopify Plus offering for high-volume merchants. The introduction of the Shopify Fulfillment Network at the company's Unite conference analyst day highlights Shopify's dedication to improving and streamlining the warehousing and shipping process for merchants while enabling the company to capture additional economies around the fulfillment process.

Security selection and an underweight allocation in communication services supported relative performance.

Stock choices, such as Aptiv and Grubhub, in the consumer discretionary sector also boosted relative results.

Conversely, energy hindered relative results, due to security selection. Our small allocation to Permian producer Centennial Resources weighed on relative performance as shares trended persistently downward over the period. Our thesis, which included a bet on former EOG Resources CEO Mark Papa, came into question as the management team remains, in our view, overly optimistic on the outlook for oil prices and continues to add debt that would weigh on the stock in a lower oil price environment or economic downturn.

Stock choices, such as Iron Mountain and CubeSmart, within real estate also detracted from relative returns.

Current Strategy and Outlook: At a recent press briefing in New York, T. Rowe Price managers observed that the long duration of the current bull market is not a particular concern, in their opinion. Rather than dying of old age, in our view, bull markets often succumb to one of four ills: an economic downturn, regulatory or policy uncertainty, U.S. Federal Reserve Board ("Fed") policy errors, or valuation excess. On balance, we believe that current signals suggest slightly positive returns for the market in 2020, with a highly accommodative Fed likely to offset significant volatility caused by the regulatory and political environment. Nevertheless, in our opinion, the possibility of extreme outcomes in either a negative or positive direction appears higher than in recent years.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Information Technology	32.4	%
Industrials	17.8	%
Consumer Discretionary	14.8	%
Health Care	14.5	%
Financials	7.3	%
Materials	3.6	%
Consumer Staples	3.1	%
Communication Services	2.6	%
Real Estate	1.8	%
Energy	1.4	%
Utilities	0.6	%
Assets in Excess of Other Liabilities*	0.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019*
(as a percentage of net assets)

Global Payments, Inc.	1.7	%
Fiserv, Inc.	1.1	%
Burlington Stores, Inc.	1.1	%
Dollar General Corp.	1.0	%
Microchip Technology, Inc.	1.0	%
Hilton Worldwide Holdings, Inc.	0.9	%
Amphenol Corp.	0.9	%
KLA Corp.	0.9	%
L3Harris Technologies, Inc.	0.9	%
Lam Research Corp.	0.9	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

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PORTFOLIO MANAGERS' REPORT

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

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		36.56	%		12.10	%		14.14	%
Class I		37.20	%		12.67	%		14.71	%
Class R6⁽¹⁾		37.31	%		12.71	%		14.73	%
Class S		36.88	%		12.39	%		14.43	%
Class S2		36.69	%		12.21	%		14.26	%
S&P MidCap 400^® Index		26.20	%		9.03	%		12.72	%
Russell Midcap^® Growth Index		35.47	%		11.60	%		14.24	%

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

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

Portfolio holdings are subject to change daily.

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VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2019, the Portfolio's Class I shares, provided a total return of 30.83% compared to the S&P 500^® Index and the Russell 1000^® Growth Index, which returned 31.49% and 36.39%, respectively, for the same period.

Portfolio Specifics: Gross of fees and expenses, the Portfolio performed in line with the S&P 500^® Index for the reporting period. Sector allocation was positive, while stock selection was negative. Energy was the leading relative contributor, due to an underweight position against the S&P 500^® Index. Information technology also bolstered relative results, owing to a beneficial overweight, although weak security selection partially offset the impact. Conversely, financials was the most significant detractor from relative returns primarily on stock selection. Industrials and business services also weighed on relative performance, due to stock choices.

The energy sector was the strongest relative performer during the period. We continue to maintain a minimal exposure to the energy sector on the view that global oversupply persists.

Financials was the largest relative detractor. Shares of TD Ameritrade underperformed over the past year due to unfavorable interest rate cuts by the U.S. Federal Reserve Board ("Fed") and fee pressure among online brokers that eventually pressured the company to drop its trading commissions to zero. TD Ameritrade boasts a defensible, capital-light, and scalable model with what we believe to be attractive operating margins that we feel should drive organic growth and return value to shareholders without taking on credit or balance sheet risk.

Current Strategy and Outlook: At a recent press briefing in New York, T. Rowe Price managers observed that the long duration of the current bull market is not a particular concern. Rather than dying of old age, in our view, bull markets often succumb to one of four ills: an economic downturn, regulatory or policy uncertainty, Fed policy errors, or valuation excess. On balance, we believe current signals suggest slightly positive returns for the market in 2020, with a highly accommodative Fed likely to offset significant volatility caused by the regulatory and political environment. Nevertheless, in our opinion, the possibility of extreme outcomes in either a negative or positive direction appears higher than in recent years.

Sector Diversification
as of December 31, 2019
(as a percentage of net assets)

Information Technology	34.6	%
Consumer Discretionary	19.4	%
Communication Services	19.5	%
Health Care	12.2	%
Industrials	8.7	%
Financials	2.2	%
Utilities	1.4	%
Energy	0.7	%
Materials	0.6	%
Consumer Staples	0.5	%
Real Estate	0.0	%
Assets in Excess of Other Liabilities*	0.2	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets)

Amazon.com, Inc.	6.4	%
Microsoft Corp.	6.1	%
Facebook, Inc. — Class A	5.7	%
Apple, Inc.	4.6	%
Visa, Inc. — Class A	3.8	%
Mastercard, Inc. — Class A	3.4	%
Alphabet, Inc. — Class A	3.2	%
Alphabet, Inc. — Class C	3.1	%
Alibaba Group Holding Ltd. ADR	3.0	%
Boeing Co.	2.7	%

Portfolio holdings are subject to change daily.

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PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year			5 Year			10 Year
Class ADV		30.15	%		13.65	%		14.42	%
Class I		30.83	%		14.22	%		15.00	%
Class S		30.47	%		13.94	%		14.71	%
Class S2		30.27	%		13.77	%		14.54	%
S&P 500^® Index		31.49	%		11.70	%		13.56	%
Russell 1000^® Growth Index		36.39	%		14.63	%		15.22	%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment

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

Portfolio holdings are subject to change daily.

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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2019 to December 31, 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 July 1, 2019		Ending Account Value December 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2019*		Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2019*
Class ADV	$	1,000.00	$	1,008.30		1.16	%	$	5.87	$	1,000.00	$	1,019.36		1.16	%	$	5.90
Class I		1,000.00		1,010.90		0.66			3.35		1,000.00		1,021.88		0.66			3.36
Class S		1,000.00		1,009.60		0.91			4.61		1,000.00		1,020.62		0.91			4.63
Voya International High Dividend Low Volatility Portfolio
Class ADV	$	1,000.00	$	1,054.60		1.26	%	$	6.53	$	1,000.00	$	1,018.85		1.26	%	$	6.41
Class I		1,000.00		1,057.90		0.76			3.94		1,000.00		1,021.37		0.76			3.87
Class S		1,000.00		1,055.80		1.01			5.23		1,000.00		1,020.11		1.01			5.14
Class S2		1,000.00		1,055.20		1.16			6.01		1,000.00		1,019.36		1.16			5.90
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,096.90		1.34	%	$	7.08	$	1,000.00	$	1,018.45		1.34	%	$	6.82
Class I		1,000.00		1,099.30		0.84			4.44		1,000.00		1,020.97		0.84			4.28
Class S		1,000.00		1,098.70		1.09			5.77		1,000.00		1,019.71		1.09			5.55
Class S2		1,000.00		1,097.70		1.24			6.56		1,000.00		1,018.95		1.24			6.31

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® Baron Growth Portfolio	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2019*		Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2019*
Class ADV	$	1,000.00	$	1,077.80		1.49	%	$	7.80	$	1,000.00	$	1,017.69		1.49	%	$	7.58
Class I		1,000.00		1,080.60		0.99			5.19		1,000.00		1,020.21		0.99			5.04
Class R6		1,000.00		1,080.60		0.99			5.19		1,000.00		1,020.21		0.99			5.04
Class S		1,000.00		1,078.90		1.24			6.50		1,000.00		1,018.95		1.24			6.31
Class S2		1,000.00		1,078.40		1.39			7.28		1,000.00		1,018.20		1.39			7.07
VY^® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	1,110.70		1.23	%	$	6.54	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,113.50		0.73			3.89		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,114.60		0.96			5.12		1,000.00		1,020.37		0.96			4.89
VY^® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	1,039.50		1.38	%	$	7.09	$	1,000.00	$	1,018.25		1.38	%	$	7.02
Class I		1,000.00		1,041.10		0.88			4.53		1,000.00		1,020.77		0.88			4.48
Class R6		1,000.00		1,041.10		0.88			4.53		1,000.00		1,020.77		0.88			4.48
Class S		1,000.00		1,040.40		1.13			5.81		1,000.00		1,019.51		1.13			5.75
Class S2		1,000.00		1,039.20		1.28			6.58		1,000.00		1,018.75		1.28			6.51
VY^® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	1,087.30		1.23	%	$	6.47	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,090.20		0.73			3.85		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,088.90		0.98			5.16		1,000.00		1,020.27		0.98			4.99
VY^® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	1,060.00		1.14	%	$	5.92	$	1,000.00	$	1,019.46		1.14	%	$	5.80
Class I		1,000.00		1,062.60		0.64			3.33		1,000.00		1,021.98		0.64			3.26
Class S		1,000.00		1,061.40		0.89			4.62		1,000.00		1,020.72		0.89			4.53
Class S2		1,000.00		1,060.50		1.02			5.30		1,000.00		1,020.06		1.02			5.19
VY^® Invesco Oppenheimer Global Portfolio
Class ADV	$	1,000.00	$	1,081.50		1.25	%	$	6.56	$	1,000.00	$	1,018.90		1.25	%	$	6.36
Class I		1,000.00		1,084.80		0.75			3.94		1,000.00		1,021.42		0.75			3.82
Class S		1,000.00		1,083.00		1.00			5.25		1,000.00		1,020.16		1.00			5.09
Class S2		1,000.00		1,082.10		1.15			6.04		1,000.00		1,019.41		1.15			5.85
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,066.90		1.39	%	$	7.24	$	1,000.00	$	1,018.20		1.39	%	$	7.07
Class I		1,000.00		1,069.60		0.89			4.64		1,000.00		1,020.72		0.89			4.53
Class S		1,000.00		1,068.50		1.14			5.94		1,000.00		1,019.46		1.14			5.80
Class S2		1,000.00		1,067.20		1.29			6.72		1,000.00		1,018.70		1.29			6.56

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2019*		Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2019*
Class ADV	$	1,000.00	$	1,071.70		1.27	%	$	6.63	$	1,000.00	$	1,018.80		1.27	%	$	6.46
Class I		1,000.00		1,074.30		0.77			4.03		1,000.00		1,021.32		0.77			3.92
Class R6		1,000.00		1,075.10		0.77			4.03		1,000.00		1,021.32		0.77			3.92
Class S		1,000.00		1,073.50		1.02			5.33		1,000.00		1,020.06		1.02			5.19
Class S2		1,000.00		1,072.20		1.17			6.11		1,000.00		1,019.31		1.17			5.96
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	1,084.40		1.21	%	$	6.36	$	1,000.00	$	1,019.11		1.21	%	$	6.16
Class I		1,000.00		1,087.30		0.71			3.74		1,000.00		1,021.63		0.71			3.62
Class S		1,000.00		1,085.80		0.96			5.05		1,000.00		1,020.37		0.96			4.89
Class S2		1,000.00		1,085.00		1.11			5.83		1,000.00		1,019.61		1.11			5.65

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

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Directors
Voya Partners, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio (formerly VY^® Templeton Foreign Equity Portfolio), VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® Invesco Oppenheimer Global Portfolio (formerly VY^® Oppenheimer Global Portfolio), VY^® JPMorgan Mid Cap Value Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, and VY^® T. Rowe Price Growth Equity Portfolio (the Funds), each a series of Voya Partners, Inc., including the summary portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements), and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Voya investment companies since 1975.

Boston, Massachusetts
February 26, 2020

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2019

	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+*	$	160,615,434		$	472,703,547	$	376,111,911	$	515,230,709
Investments in affiliated underlying funds at fair value**		38,709,816			—		—		—
Short-term investments at fair value***		6,116,320			3,512,449		12,003,280		1,869,679
Cash		18,109			180,121		—		—
Cash collateral for futures		894,336			—		—		—
Cash pledged for centrally cleared swaps (Note 2)		1,631,000			—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		20,000			—		—		—
Foreign currencies at value****		114,221			—		126,913		2
Receivables:
Investment securities sold		—			1,219,235		—		852,500
Investment securities and currencies sold		—			—		1,224,803		—
Fund shares sold		323,081			3,034,640		97,051		177,635
Dividends		860			820,681		809,766		246,546
Interest		1,160,819			380		—		—
Foreign tax reclaims		5,299			1,136,447		4,340		—
Unrealized appreciation on forward foreign currency contracts		1,589,016			—		2,326		—
Variation margin receivable on centrally cleared swaps		147,853			—		—		—
Prepaid expenses		1,474			3,565		2,495		5,254
Reimbursement due from manager		—			—		42,134		—
Receivable due from manager		—			—		—		81,963
Other assets		13,160			49,610		11,535		31,792
Total assets		211,360,798			482,660,675		390,436,554		518,496,080
LIABILITIES:
Payable for investment securities purchased		—			117,206		—		—
Payable for investment securities and currencies purchased		—			—		1,183,270		—
Payable for investment securities purchased on a delayed-delivery or when-issued basis		4,207,465			—		—		—
Payable for fund shares redeemed		158,638			117,048		900,061		748,836
Payable for foreign cash collateral for futures*****		136,949			—		—		—
Payable upon receipt of securities loaned		4,199,320			3,512,449		6,809,732		—
Unrealized depreciation on forward foreign currency contracts		790,727			—		193,818		—
Unrealized depreciation on forward premium swaptions		1,061			—		—		—
Unrealized depreciation on OTC swap agreements		37,156			—		—		—
Cash received as collateral for OTC derivatives (Note 2)		300,000			—		—		—
Payable for investment management fees		101,489			241,546		294,260		545,974
Payable for distribution and shareholder service fees		16,130			77,531		66,555		127,974
Payable to custodian due to foreign currency overdraft******		—			211		—		—
Payable to directors under the deferred compensation plan (Note 6)		13,160			49,610		11,535		31,792
Payable for directors fees		1,015			2,406		1,800		3,877
Other accrued expenses and liabilities		56,870			260,194		97,907		119,555
Written options, at fair value^		2,276			—		—		—
Total liabilities		10,022,256			4,378,201		9,558,938		1,578,008
NET ASSETS	$	201,338,542		$	478,282,474	$	380,877,616	$	516,918,072
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	202,278,066		$	387,563,418	$	341,674,405	$	148,553,951
Total distributable earnings (loss)		(939,524	)		90,719,056		39,203,211		368,364,121
NET ASSETS	$	201,338,542		$	478,282,474	$	380,877,616	$	516,918,072
+ Including securities loaned at value	$	4,108,691		$	3,339,558	$	6,654,164	$	—
* Cost of investments in securities	$	157,090,389		$	444,212,633	$	336,781,707	$	143,789,138
** Cost of investments in affiliated underlying funds	$	40,499,130		$	—	$	—	$	—
*** Cost of short-term investments	$	6,116,320		$	3,512,449	$	12,003,280	$	1,869,679
**** Cost of foreign currencies	$	113,409		$	—	$	126,913	$	2
***** Cost of foreign currency overdraft	$	—		$	209	$	—	$	—
****** Cost of payable for foreign cash collateral for futures	$	136,949		$	—	$	—	$	—
^ Premiums received on written options	$	64,400		$	—	$	—	$	—

See Accompanying Notes to Financial Statements
34

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2019 (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	$	21,660,653	$	29,899,831	$	108,459,697	$	105,270,881
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		2,035,623		2,631,704		9,751,882		5,385,845
Net asset value and redemption price per share	$	10.64	$	11.36	$	11.12	$	19.55
Class I:
Net assets	$	146,354,454	$	139,862,369	$	175,916,865	$	147,370,005
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		13,509,381		12,174,303		14,671,861		6,250,930
Net asset value and redemption price per share	$	10.83	$	11.49	$	11.99	$	23.58
Class R6:
Net assets		n/a		n/a		n/a	$	33,763,506
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		1,430,829
Net asset value and redemption price per share		n/a		n/a		n/a	$	23.60
Class S:
Net assets	$	33,323,435	$	308,131,540	$	93,230,458	$	228,140,575
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		3,079,806		26,997,203		7,909,635		10,536,716
Net asset value and redemption price per share	$	10.82	$	11.41	$	11.79	$	21.65
Class S2:
Net assets		n/a	$	388,734	$	3,270,596	$	2,373,105
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		33,755		294,117		119,221
Net asset value and redemption price per share		n/a	$	11.52	$	11.12	$	19.91

See Accompanying Notes to Financial Statements
35

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2019

	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+*	$	49,540,799	$	157,032,300	$	295,176,758	$	1,294,334,588
Short-term investments at fair value**		1,198,041		3,086,638		16,137,897		66,587,066
Cash		—		—		3,304,824		2,284,419
Foreign currencies at value***		—		—		609		447,665
Receivables:
Investment securities sold		273,355		—		—		—
Fund shares sold		9,953		374,068		70,236		232,666
Dividends		100,379		266,644		508,984		1,180,265
Interest		136		—		77		2,512,308
Foreign tax reclaims		—		—		85,438		283,492
Other		—		154,006		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		70,049		15,088
Prepaid expenses		1,927		1,241		3,553		9,825
Reimbursement due from manager		72,945		—		—		13,232
Receivable due from manager		27,523		—		66,631		—
Other assets		13,436		8,831		23,235		80,610
Total assets		51,238,494		160,923,728		315,448,291		1,367,981,224
LIABILITIES:
Payable for investment securities purchased		—		277,735		—		69,524
Payable for fund shares redeemed		220,725		562,726		495,237		290,107
Payable upon receipt of securities loaned		—		—		5,606,719		33,057,900
Unrealized depreciation on forward foreign currency contracts		—		—		539,282		1,272,367
Payable for investment management fees		124,934		110,757		221,990		704,339
Payable for distribution and shareholder service fees		38,878		30,273		45,470		224,751
Payable to directors under the deferred compensation plan (Note 6)		13,436		8,831		23,235		80,610
Payable for directors fees		1,323		830		2,293		6,712
Other accrued expenses and liabilities		56,363		42,382		127,072		330,384
Total liabilities		455,659		1,033,534		7,061,298		36,036,694
NET ASSETS	$	50,782,835	$	159,890,194	$	308,386,993	$	1,331,944,530
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	35,488,866	$	129,679,904	$	261,678,172	$	1,124,384,872
Total distributable earnings		15,293,969		30,210,290		46,708,821		207,559,658
NET ASSETS	$	50,782,835	$	159,890,194	$	308,386,993	$	1,331,944,530
+ Including securities loaned at value	$	—	$	—	$	5,481,878	$	32,254,718
* Cost of investments in securities	$	39,859,994	$	132,960,402	$	251,735,557	$	1,138,981,147
** Cost of short-term investments	$	1,198,041	$	3,086,638	$	16,137,897	$	66,587,066
*** Cost of foreign currencies	$	—	$	—	$	608	$	441,632

See Accompanying Notes to Financial Statements
36

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2019 (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	$	23,960,989	$	25,615,473	$	31,201,957	$	44,825,442
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		1,462,610		1,701,357		1,834,069		1,033,756
Net asset value and redemption price per share	$	16.38	$	15.06	$	17.01	$	43.36
Class I:
Net assets	$	8,547,637	$	36,201,034	$	203,509,825	$	484,839,363
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		483,629		2,312,706		11,837,903		10,997,898
Net asset value and redemption price per share	$	17.67	$	15.65	$	17.19	$	44.08
Class R6:
Net assets		n/a	$	6,701,284		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		427,837		n/a		n/a
Net asset value and redemption price per share		n/a	$	15.66		n/a		n/a
Class S:
Net assets	$	18,274,209	$	89,701,867	$	73,675,211	$	473,464,769
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		1,063,681		5,758,566		4,288,245		10,813,239
Net asset value and redemption price per share	$	17.18	$	15.58	$	17.18	$	43.79
Class S2:
Net assets		n/a	$	1,670,536		n/a	$	328,814,956
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		111,211		n/a		7,623,201
Net asset value and redemption price per share		n/a	$	15.02		n/a	$	43.13

See Accompanying Notes to Financial Statements
37

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2019

	VY^®Invesco Oppenheimer Global Portfolio		VY^® JPMorgan Mid Cap Value Portfolio		VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio		VY^® T. Rowe Price Growth Equity Portfolio
ASSETS:
Investments in securities at fair value+*	$	1,500,614,237	$	433,130,905	$	1,158,599,495	$	1,664,574,817
Short-term investments at fair value**		83,043,049		10,773,663		97,330,978		69,628,839
Cash		—		—		502,756		2,904,602
Foreign currencies at value***		—		—		—		14,221
Receivables:
Investment securities sold		—		723,660		—		567,409
Investment securities and currencies sold		3,370,330		—		—		—
Fund shares sold		11,230		48,434		26,453		277,406
Dividends		285,405		910,787		1,039,923		599,212
Interest		27		—		309		1,825
Foreign tax reclaims		1,723,425		—		—		—
Other		—		120,447		—		—
Prepaid expenses		10,463		3,204		7,036		13,091
Receivable due from manager		—		—		—		27,110
Other assets		72,327		20,214		39,615		64,781
Total assets		1,589,130,493		445,731,314		1,257,546,565		1,738,673,313
LIABILITIES:
Payable for investment securities purchased		—		—		312		2,545,752
Payable for investment securities and currencies purchased		834,899		—		—		—
Payable for fund shares redeemed		2,589,741		369,689		601,281		2,936,000
Payable upon receipt of securities loaned		49,668,469		2,266,832		96,821,637		64,308,606
Payable for investment management fees		907,549		316,281		721,827		1,046,251
Payable for distribution and shareholder service fees		92,829		80,532		49,880		175,307
Payable to directors under the deferred compensation plan (Note 6)		72,327		20,214		39,615		64,781
Payable for directors fees		7,357		2,206		5,354		9,390
Payable for Indian capital gains tax		280,257		—		—		—
Other accrued expenses and liabilities		357,283		87,347		119,975		238,250
Total liabilities		54,810,711		3,143,101		98,359,881		71,324,337
NET ASSETS	$	1,534,319,782	$	442,588,213	$	1,159,186,684	$	1,667,348,976
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	719,901,929	$	296,483,194	$	674,257,461	$	1,137,941,752
Total distributable earnings		814,417,853		146,105,019		484,929,223		529,407,224
NET ASSETS	$	1,534,319,782	$	442,588,213	$	1,159,186,684	$	1,667,348,976
+ Including securities loaned at value	$	48,407,183	$	2,216,769	$	94,606,399	$	62,884,969
* Cost of investments in securities	$	737,812,311	$	315,650,941	$	768,979,235	$	1,198,114,746
** Cost of short-term investments	$	83,043,049	$	10,773,663	$	97,330,978	$	69,628,839
*** Cost of foreign currencies	$	—	$	—	$	—	$	14,140

See Accompanying Notes to Financial Statements
38

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2019 (CONTINUED)

	VY^®Invesco Oppenheimer Global Portfolio		VY^® JPMorgan Mid Cap Value Portfolio		VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio		VY^® T. Rowe Price Growth Equity Portfolio
Class ADV:
Net assets	$	123,466,783	$	89,967,146	$	90,526,280	$	302,258,374
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		6,705,626		5,245,998		8,226,413		4,204,102
Net asset value and redemption price per share	$	18.41	$	17.15	$	11.00	$	71.90
Class I:
Net assets	$	1,225,196,536	$	150,534,879	$	985,212,844	$	1,290,657,097
Shares authorized		250,000,000		100,000,000		250,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		62,973,408		8,495,376		78,791,983		15,850,613
Net asset value and redemption price per share	$	19.46	$	17.72	$	12.50	$	81.43
Class R6:
Net assets		n/a		n/a	$	30,761,136		n/a
Shares authorized		n/a		n/a		100,000,000		n/a
Par value		n/a		n/a	$	0.001		n/a
Shares outstanding		n/a		n/a		2,458,913		n/a
Net asset value and redemption price per share		n/a		n/a	$	12.51		n/a
Class S:
Net assets	$	181,045,322	$	200,303,894	$	47,100,785	$	65,359,239
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		9,755,812		11,442,584		3,949,086		851,090
Net asset value and redemption price per share	$	18.56	$	17.51	$	11.93	$	76.79
Class S2:
Net assets	$	4,611,141	$	1,782,294	$	5,585,639	$	9,074,266
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		257,685		104,211		503,927		123,504
Net asset value and redemption price per share	$	17.89	$	17.10	$	11.08	$	73.47

See Accompanying Notes to Financial Statements
39

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2019

	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*	$	58,219		$	17,236,877		$	8,271,440		$	8,605,428
Dividends from affiliated underlying funds		1,883,778			—			—			—
Interest, net of foreign taxes withheld*		5,625,726			52,188			50			—
Securities lending income, net		34,067			102,557			132,302			—
Total investment income		7,601,790			17,391,622			8,403,792			8,605,428
EXPENSES:
Investment management fees		1,218,378			3,376,318			3,906,097			7,366,647
Distribution and shareholder service fees:
Class ADV		109,013			152,570			516,797			493,356
Class S		87,657			779,699			221,353			1,271,013
Class S2		—			1,505			12,999			8,697
Transfer agent fees		321			1,026			1,249			1,377
Shareholder reporting expense		24,999			61,550			37,595			64,428
Professional fees		21,913			50,705			32,485			52,855
Custody and accounting expense		59,690			195,895			142,192			79,480
Directors fees		8,122			19,250			14,404			31,017
Shareholder Notification cost (Note 6)		—			92,750			—			—
Miscellaneous expense		11,898			29,882			26,593			23,499
Interest expense		1,364			1,581			—			17,975
Total expenses		1,543,355			4,762,731			4,911,764			9,410,344
Waived and reimbursed fees		(6,193	)		(192,434	)		(1,118,006	)		—
Brokerage commission recapture		—			(9,033	)		—			—
Net expenses		1,537,162			4,561,264			3,793,758			9,410,344
Net investment income (loss)		6,064,628			12,830,358			4,610,034			(804,916	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of Indonesian and Colombian capital gains tax withheld^)		2,431,903			52,049,265			(13,750	)		282,762,810
Sale of affiliated underlying funds		(936,339	)		—			—			—
Forward foreign currency contracts		(2,321,527	)		(516,949	)		363,607			—
Foreign currency related transactions		218,156			148,674			(10,032	)		7,087
Futures		1,405,763			—			—			—
Swaps		(285,358	)		—			—			—
Written options		450,158			—			—			—
Net realized gain		962,756			51,680,990			339,825			282,769,897
Net change in unrealized appreciation (depreciation) on:
Investments		6,287,147			9,074,619			88,788,525			(40,754,154	)
Affiliated underlying funds		4,676,668			—			—			—
Forward foreign currency contracts		176,540			—			(75,365	)		—
Foreign currency related transactions		(118,781	)		14,601			1,153			—
Futures		(339,323	)		—			—			—
Swaps		(3,929,267	)		—			—			—
Written options		1,586,596			—			—			—
Net change in unrealized appreciation (depreciation)		8,339,580			9,089,220			88,714,313			(40,754,154	)
Net realized and unrealized gain		9,302,336			60,770,210			89,054,138			242,015,743
Increase in net assets resulting from operations	$	15,366,964		$	73,600,568		$	93,664,172		$	241,210,827
* Foreign taxes withheld	$	4,621		$	1,671,173		$	70,163		$	—
^ Foreign taxes on sale of Indonesian and Colombian investments	$	16,305		$	25,558		$	—		$	—

See Accompanying Notes to Financial Statements
40

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2019

	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*	$	4,964,178		$	2,743,121		$	13,000,206		$	23,441,741
Interest		192			—			301			11,438,901
Securities lending income, net		—			—			18,706			132,838
Total investment income		4,964,370			2,743,121			13,019,213			35,013,480
EXPENSES:
Investment management fees		2,382,304			1,410,684			3,209,654			8,538,822
Distribution and shareholder service fees:
Class ADV		114,462			140,275			150,353			221,716
Class S		585,359			233,989			559,643			1,202,807
Class S2		—			9,685			—			1,334,024
Transfer agent fees		627			640			1,170			2,023
Shareholder reporting expense		27,542			22,850			39,160			124,634
Professional fees		23,177			18,038			42,705			93,996
Custody and accounting expense		38,807			27,594			94,860			165,390
Directors fees		10,588			6,639			18,341			53,697
Miscellaneous expense		14,940			15,333			27,347			62,622
Interest expense		410			—			458			215
Total expenses		3,198,216			1,885,727			4,143,691			11,799,946
Waived and reimbursed fees		(612,215	)		(47,144	)		(88,423	)		(485,274	)
Brokerage commission recapture		(14,239	)		(5,181	)		(2,452	)		(2,828	)
Net expenses		2,571,762			1,833,402			4,052,816			11,311,844
Net investment income		2,392,608			909,719			8,966,397			23,701,636
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		73,142,134			5,242,199			58,420,506			55,180,583
Forward foreign currency contracts		—			—			451,647			584,543
Foreign currency related transactions		—			—			100,477			3,222
Net realized gain		73,142,134			5,242,199			58,972,630			55,768,348
Net change in unrealized appreciation (depreciation) on:
Investments		(4,370,814	)		24,150,957			36,532,316			164,211,167
Forward foreign currency contracts		—			—			(395,948	)		(1,136,767	)
Foreign currency related transactions		—			—			4,890			19,543
Net change in unrealized appreciation (depreciation)		(4,370,814	)		24,150,957			36,141,258			163,093,943
Net realized and unrealized gain		68,771,320			29,393,156			95,113,888			218,862,291
Increase in net assets resulting from operations	$	71,163,928		$	30,302,875		$	104,080,285		$	242,563,927
* Foreign taxes withheld	$	19,952		$	8,040		$	220,077		$	349,194

See Accompanying Notes to Financial Statements
41

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2019

	VY^® Invesco Oppenheimer Global Portfolio			VY^® JPMorgan Mid Cap Value Portfolio			VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio			VY^®T. Rowe Price Growth Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	21,942,113		$	9,227,464		$	10,428,688		$	14,520,393
Interest		174			—			1,002			14,225
Securities lending income, net		328,784			13,323			160,329			140,422
Total investment income		22,271,071			9,240,787			10,590,019			14,675,040
EXPENSES:
Investment management fees		10,298,792			3,750,481			7,923,769			13,145,605
Distribution and shareholder service fees:
Class ADV		572,431			439,239			394,831			1,399,186
Class S		452,330			499,833			114,841			861,745
Class S2		18,153			7,581			20,654			38,321
Transfer agent fees		2,515			896			1,617			2,926
Shareholder reporting expense		145,600			41,975			89,450			153,266
Professional fees		123,977			34,584			74,883			120,889
Custody and accounting expense		307,787			53,239			118,121			187,439
Directors fees		58,850			17,649			42,831			75,118
Miscellaneous expense		77,283			18,622			39,603			73,458
Interest expense		1,238			240			1,148			1,940
Total expenses		12,058,956			4,864,339			8,821,748			16,059,893
Waived and reimbursed fees		—			—			—			(356,498	)
Brokerage commission recapture		—			(3,750	)		(55	)		—
Net expenses		12,058,956			4,860,589			8,821,693			15,703,395
Net investment income (loss)		10,212,115			4,380,198			1,768,326			(1,028,355	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		53,178,684			29,243,363			96,946,314			276,185,559
Forward foreign currency contracts		(50,738	)		—			—			—
Foreign currency related transactions		(53,238	)		—			—			9,509
Net realized gain		53,074,708			29,243,363			96,946,314			276,195,068
Net change in unrealized appreciation (depreciation) on:
Investments (net of Indian capital gains tax accrued#)		335,757,568			68,257,947			223,091,270			209,834,711
Foreign currency related transactions		(24,137	)		—			—			157
Net change in unrealized appreciation (depreciation)		335,733,431			68,257,947			223,091,270			209,834,868
Net realized and unrealized gain		388,808,139			97,501,310			320,037,584			486,029,936
Increase in net assets resulting from operations	$	399,020,254		$	101,881,508		$	321,805,910		$	485,001,581
* Foreign taxes withheld	$	1,643,961		$	—		$	—		$	80,074
# Foreign taxes accrued on Indian investments	$	280,257		$	—		$	—		$	—

See Accompanying Notes to Financial Statements
42

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Portfolio						Voya International High Dividend Low Volatility Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	6,064,628		$	6,813,827		$	12,830,358		$	8,990,733
Net realized gain (loss)		962,756			(5,154,958	)		51,680,990			39,105,623
Net change in unrealized appreciation (depreciation)		8,339,580			(6,303,437	)		9,089,220			(134,006,113	)
Increase (decrease) in net assets resulting from operations		15,366,964			(4,644,568	)		73,600,568			(85,909,757	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(898,537	)		(769,925	)		(2,960,724	)		(573,585	)
Class I		(6,738,560	)		(5,803,370	)		(13,951,881	)		(3,467,151	)
Class S		(1,515,590	)		(1,366,597	)		(31,143,088	)		(6,719,064	)
Class S2		—			—			(34,369	)		(2,851	)
Total distributions		(9,152,687	)		(7,939,892	)		(48,090,062	)		(10,762,651	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		10,863,585			15,122,844			11,733,829			18,768,528
Reinvestment of distributions		9,152,687			7,939,892			48,090,062			10,762,651
		20,016,272			23,062,736			59,823,891			29,531,179
Cost of shares redeemed		(29,375,489	)		(34,417,143	)		(81,887,305	)		(85,626,571	)
Net decrease in net assets resulting from capital share transactions		(9,359,217	)		(11,354,407	)		(22,063,414	)		(56,095,392	)
Net increase (decrease) in net assets		(3,144,940	)		(23,938,867	)		3,447,092			(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	$	201,338,542		$	204,483,482		$	478,282,474		$	474,835,382

See Accompanying Notes to Financial Statements
43

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® American Century Small-Mid Cap Value Portfolio						VY^® Baron Growth Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income (loss)	$	4,610,034		$	3,927,997		$	(804,916	)	$	(452,012	)
Net realized gain		339,825			34,841,089			282,769,897			68,149,880
Net change in unrealized appreciation (depreciation)		88,714,313			(92,265,050	)		(40,754,154	)		(79,072,995	)
Increase (decrease) in net assets resulting from operations		93,664,172			(53,495,964	)		241,210,827			(11,375,127	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(11,753,088	)		(12,531,586	)		(46,984,247	)		(9,617,517	)
Class I		(18,296,197	)		(18,924,313	)		(58,663,771	)		(12,799,676	)
Class R6		—			—			(13,079,032	)		(1,297,132	)
Class S		(9,783,372	)		(11,088,373	)		(228,177,414	)		(51,924,632	)
Class S2		(345,747	)		(448,005	)		(1,039,818	)		(234,454	)
Return of capital:
Class ADV		—			—			(509,515	)		—
Class I		—			—			(634,679	)		—
Class R6		—			—			(143,215	)		—
Class S		—			—			(2,467,257	)		—
Class S2		—			—			(11,255	)		—
Total distributions		(40,178,404	)		(42,992,277	)		(351,710,203	)		(75,873,411	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		38,939,041			59,400,575			58,899,565			86,703,502
Reinvestment of distributions		40,178,404			42,992,277			351,710,203			75,873,411
		79,117,445			102,392,852			410,609,768			162,576,913
Cost of shares redeemed		(68,264,768	)		(66,783,280	)		(452,379,993	)		(165,703,704	)
Net increase (decrease) in net assets resulting from capital share transactions		10,852,677			35,609,572			(41,770,225	)		(3,126,791	)
Net increase (decrease) in net assets		64,338,445			(60,878,669	)		(152,269,601	)		(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	$	380,877,616		$	316,539,171		$	516,918,072		$	669,187,673

See Accompanying Notes to Financial Statements
44

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Columbia Contrarian Core Portfolio						VY^® Columbia Small Cap Value II Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	2,392,608		$	2,538,545		$	909,719		$	565,067
Net realized gain		73,142,134			31,116,313			5,242,199			20,249,835
Net change in unrealized appreciation (depreciation)		(4,370,814	)		(57,899,017	)		24,150,957			(54,637,824	)
Increase (decrease) in net assets resulting from operations		71,163,928			(24,244,159	)		30,302,875			(33,822,922	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(8,811,227	)		(2,909,173	)		(3,495,796	)		(3,708,442	)
Class I		(2,960,790	)		(1,071,961	)		(4,571,559	)		(4,664,883	)
Class R6		—			—			(773,170	)		(669,195	)
Class S		(90,737,866	)		(28,941,556	)		(11,647,424	)		(12,004,777	)
Class S2		—			—			(344,194	)		(368,284	)
Total distributions		(102,509,883	)		(32,922,690	)		(20,832,143	)		(21,415,581	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		3,469,896			5,769,940			11,984,852			24,634,720
Reinvestment of distributions		102,509,883			32,922,690			20,832,143			21,415,581
		105,979,779			38,692,630			32,816,995			46,050,301
Cost of shares redeemed		(275,123,114	)		(54,892,340	)		(41,062,450	)		(45,851,085	)
Net increase (decrease) in net assets resulting from capital share transactions		(169,143,335	)		(16,199,710	)		(8,245,455	)		199,216
Net increase (decrease) in net assets		(200,489,290	)		(73,366,559	)		1,225,277			(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	$	50,782,835		$	251,272,125		$	159,890,194		$	158,664,917

See Accompanying Notes to Financial Statements
45

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Comstock Portfolio						VY^® Invesco Equity and Income Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	8,966,397		$	8,030,430		$	23,701,636		$	26,345,545
Net realized gain		58,972,630			42,920,467			55,768,348			75,191,935
Net change in unrealized appreciation (depreciation)		36,141,258			(113,328,174	)		163,093,943			(241,086,245	)
Increase (decrease) in net assets resulting from operations		104,080,285			(62,377,277	)		242,563,927			(139,548,765	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(6,879,165	)		(343,478	)		(3,049,060	)		(3,961,563	)
Class I		(44,729,596	)		(3,805,062	)		(34,708,723	)		(44,057,761	)
Class S		(52,190,119	)		(3,279,768	)		(33,844,478	)		(42,757,248	)
Class S2		—			—			(23,339,231	)		(29,253,116	)
Total distributions		(103,798,880	)		(7,428,308	)		(94,941,492	)		(120,029,688	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		29,938,266			129,215,150			13,778,245			17,173,506
Reinvestment of distributions		103,798,880			7,428,308			94,941,492			120,029,688
		133,737,146			136,643,458			108,719,737			137,203,194
Cost of shares redeemed		(288,332,436	)		(102,854,056	)		(221,494,026	)		(256,974,933	)
Net increase (decrease) in net assets resulting from capital share transactions		(154,595,290	)		33,789,402			(112,774,289	)		(119,771,739	)
Net increase (decrease) in net assets		(154,313,885	)		(36,016,183	)		34,848,146			(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	$	308,386,993		$	462,700,878		$	1,331,944,530		$	1,297,096,384

See Accompanying Notes to Financial Statements
46

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Oppenheimer Global Portfolio						VY^® JPMorgan Mid Cap Value Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	10,212,115		$	10,921,163		$	4,380,198		$	5,523,023
Net realized gain		53,074,708			253,555,506			29,243,363			54,383,439
Net change in unrealized appreciation (depreciation)		335,733,431			(467,680,242	)		68,257,947			(116,778,313	)
Increase (decrease) in net assets resulting from operations		399,020,254			(203,203,573	)		101,881,508			(56,871,851	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(20,072,596	)		(9,769,648	)		(11,709,923	)		(8,727,492	)
Class I		(201,831,773	)		(106,189,185	)		(20,246,539	)		(16,991,070	)
Class S		(32,134,460	)		(17,292,594	)		(26,438,369	)		(21,524,896	)
Class S2		(850,475	)		(380,527	)		(249,114	)		(247,852	)
Total distributions		(254,889,304	)		(133,631,954	)		(58,643,945	)		(47,491,310	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		24,243,212			53,037,519			10,238,127			20,875,714
Reinvestment of distributions		254,889,304			133,631,954			58,643,945			47,491,310
		279,132,516			186,669,473			68,882,072			68,367,024
Cost of shares redeemed		(223,633,534	)		(262,406,375	)		(83,935,610	)		(120,615,767	)
Net increase (decrease) in net assets resulting from capital share transactions		55,498,982			(75,736,902	)		(15,053,538	)		(52,248,743	)
Net increase (decrease) in net assets		199,629,932			(412,572,429	)		28,184,025			(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	$	1,534,319,782		$	1,334,689,850		$	442,588,213		$	414,404,188

See Accompanying Notes to Financial Statements
47

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio						VY^® T. Rowe Price Growth Equity Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income (loss)	$	1,768,326		$	3,184,925		$	(1,028,355	)	$	2,631,363
Net realized gain		96,946,314			110,954,170			276,195,068			209,220,291
Net change in unrealized appreciation (depreciation)		223,091,270			(139,167,658	)		209,834,868			(227,279,367	)
Increase (decrease) in net assets resulting from operations		321,805,910			(25,028,563	)		485,001,581			(15,427,713	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(9,332,153	)		(7,077,906	)		(68,035,018	)		(45,353,718	)
Class I		(95,912,625	)		(84,724,065	)		(271,933,502	)		(195,495,575	)
Class R6		(2,445,270	)		(1,316,053	)		—			—
Class S		(4,957,916	)		(5,077,125	)		(79,114,269	)		(65,810,841	)
Class S2		(597,820	)		(452,699	)		(2,161,210	)		(1,626,233	)
Total distributions		(113,245,784	)		(98,647,848	)		(421,243,999	)		(308,286,367	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		64,775,614			37,754,869			107,592,876			284,145,955
Reinvestment of distributions		113,245,784			98,647,848			421,243,999			308,286,367
		178,021,398			136,402,717			528,836,875			592,432,322
Cost of shares redeemed		(114,398,729	)		(136,060,334	)		(595,638,461	)		(337,400,591	)
Net increase (decrease) in net assets resulting from capital share transactions		63,622,669			342,383			(66,801,586	)		255,031,731
Net increase (decrease) in net assets		272,182,795			(123,334,028	)		(3,044,004	)		(68,682,349	)
NET ASSETS:
Beginning of year or period		887,003,889			1,010,337,917			1,670,392,980			1,739,075,329
End of year or period	$	1,159,186,684		$	887,003,889		$	1,667,348,976		$	1,670,392,980

See Accompanying Notes to Financial Statements
48

TABLE OF CONTENTS

FINANCIAL HIGHLIGHTS

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

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

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
Voya Global Bond Portfolio
Class ADV
12-31-19		0.44		—		10.64		7.36			1.16		1.16		1.16		2.58		21,661		228
12-31-18		0.35		—		10.33		(2.40	)		1.17		1.15		1.15		2.71		22,161		119
12-31-17		0.22		—		10.94		9.05			1.17		1.10		1.10		2.48		24,922		127
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
Class I
12-31-19		0.50		—		10.83		7.90			0.66		0.66		0.66		3.08		146,354		228
12-31-18		0.41		—		10.51		(2.01	)		0.67		0.65		0.65		3.21		146,473		119
12-31-17		0.28		—		11.14		9.67			0.67		0.60		0.60		2.98		161,715		127
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
Class S
12-31-19		0.47		—		10.82		7.64			0.91		0.91		0.91		2.83		33,323		228
12-31-18		0.38		—		10.50		(2.17	)		0.92		0.90		0.90		2.97		35,849		119
12-31-17		0.25		—		11.12		9.31			0.92		0.85		0.85		2.73		41,785		127
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
Voya International High Dividend Low Volatility Portfolio
Class ADV
12-31-19		1.17		—		11.36		16.13			1.30		1.26		1.25		2.36		29,900		143
12-31-18		0.21		—		10.88		(15.32	)		1.47		1.40		1.40		1.26		30,149		16
12-31-17		0.19		—		13.06		21.66	^(a)		1.46		1.40		1.40		1.50		37,898		14
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
Class I
12-31-19		1.24		—		11.49		16.75			0.80		0.76		0.75		2.86		139,862		143
12-31-18		0.27		—		11.00		(14.95	)		0.97		0.90		0.90		1.77		135,229		16
12-31-17		0.25		—		13.21		22.35	^(a)		0.96		0.90		0.90		2.00		183,905		14
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
Class S
12-31-19		1.20		—		11.41		16.40			1.05		1.01		1.00		2.61		308,132		143
12-31-18		0.23		—		10.93		(15.15	)		1.22		1.15		1.15		1.52		309,059		16
12-31-17		0.22		—		13.12		22.00	^(a)		1.21		1.15		1.15		1.76		404,801		14
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
Class S2
12-31-19		1.15		—		11.52		16.28			1.20		1.16		1.15		2.39		389		143
12-31-18		0.08		—		10.99		(15.26	)		1.37		1.30		1.30		1.41		397		16
12-31-17		0.18		—		13.05		21.90	^(a)		1.36		1.30		1.30		1.57		999		14
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
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV
12-31-19		1.29		—		11.12		30.17			1.66		1.34		1.34		0.99		108,460		52
12-31-18		1.44		—		9.64		(14.49	)		1.65		1.36		1.36		0.77		91,283		76
12-31-17		0.64		—		12.66		10.90			1.65		1.36		1.36		0.95		115,235		57
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

See Accompanying Notes to Financial Statements
49

TABLE OF CONTENTS

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® American Century Small-Mid Cap Value Portfolio (continued)
Class I
12-31-19		10.30		0.17			2.87			3.04			0.18		1.17		—
12-31-18		13.44		0.17	^•		(1.81	)		(1.64	)		0.16		1.34		—
12-31-17		12.72		0.19	^•		1.22			1.41			0.17		0.52		—
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		—
Class S
12-31-19		10.14		0.15			2.81			2.96			0.14		1.17		—
12-31-18		13.25		0.13	^•		(1.77	)		(1.64	)		0.13		1.34		—
12-31-17		12.56		0.16			1.19			1.35			0.14		0.52		—
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		—
Class S2
12-31-19		9.62		0.12	^•		2.67			2.79			0.12		1.17		—
12-31-18		12.64		0.10	^•		(1.67	)		(1.57	)		0.11		1.34		—
12-31-17		12.01		0.12	^•		1.15			1.27			0.12		0.52		—
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		—
VY^® Baron Growth Portfolio
Class ADV
12-31-19		24.63		(0.07	)		9.03			8.96			—		13.89		0.15
12-31-18		27.88		(0.09	)		0.00	^*		(0.09	)		—		3.16		—
12-31-17		24.82		(0.10	)^•		6.72			6.62			0.16		3.40		—
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		—
Class I
12-31-19		27.41		0.01			10.20			10.21			—		13.89		0.15
12-31-18		30.58		0.05			(0.06	)		(0.01	)		—		3.16		—
12-31-17		26.92		0.03	^•		7.34			7.37			0.31		3.40		—
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		—
Class R6
12-31-19		27.43		0.04			10.17			10.21			—		13.89		0.15
12-31-18		30.59		0.06			(0.06	)		0.00	^*		—		3.16		—
12-31-17		26.93		0.13	^•		7.24			7.37			0.31		3.40		—
05-03-16⁽⁵⁾-12-31-16		28.86		0.23	^•		0.99			1.22			—		3.15		—
Class S
12-31-19		26.10		(0.03	)^•		9.62			9.59			—		13.89		0.15
12-31-18		29.31		(0.02	)		(0.03	)		(0.05	)		—		3.16		—
12-31-17		25.93		(0.04	)^•		7.05			7.01			0.23		3.40		—
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		—
Class S2
12-31-19		24.87		(0.45	)^•		9.53			9.08			—		13.89		0.15
12-31-18		28.10		(0.08	)		0.01			(0.07	)		—		3.16		—
12-31-17		24.92		(0.09	)^•		6.78			6.69			0.11		3.40		—
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		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® American Century Small-Mid Cap Value Portfolio (continued)
Class I
12-31-19		1.35		—		11.99		30.96			1.16		0.84		0.84		1.49			175,917		52
12-31-18		1.50		—		10.30		(14.15	)		1.15		0.86		0.86		1.30			142,379		76
12-31-17		0.69		—		13.44		11.44			1.15		0.86		0.86		1.44			151,054		57
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
Class S
12-31-19		1.31		—		11.79		30.67			1.41		1.09		1.09		1.24			93,230		52
12-31-18		1.47		—		10.14		(14.34	)		1.40		1.11		1.11		1.02			79,986		76
12-31-17		0.66		—		13.25		11.12			1.40		1.11		1.11		1.20			106,501		57
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
Class S2
12-31-19		1.29		—		11.12		30.42			1.56		1.24		1.24		1.07			3,271		52
12-31-18		1.45		—		9.62		(14.48	)		1.55		1.26		1.26		0.84			2,891		76
12-31-17		0.64		—		12.64		10.96			1.55		1.26		1.26		1.01			4,627		57
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
VY^® Baron Growth Portfolio
Class ADV
12-31-19		14.04		—		19.55		38.24			1.49		1.49		1.49		(0.40	)		105,271		23
12-31-18		3.16		—		24.63		(2.15	)		1.49		1.49		1.49		(0.32	)		82,126		4
12-31-17		3.56		—		27.88		27.86			1.49		1.49		1.49		(0.38	)		88,499		3
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
Class I
12-31-19		14.04		—		23.58		38.97			0.99		0.99		0.99		0.04			147,370		23
12-31-18		3.16		—		27.41		(1.68	)		0.99		0.99		0.99		0.17			118,743		4
12-31-17		3.71		—		30.58		28.52			0.99		0.99		0.99		0.11			145,389		3
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
Class R6
12-31-19		14.04		—		23.60		38.94			0.99		0.99		0.99		0.20			33,764		23
12-31-18		3.16		—		27.43		(1.64	)		0.99		0.99		0.99		0.23			15,007		4
12-31-17		3.71		—		30.59		28.51			0.99		0.99		0.99		0.43			11,442		3
05-03-16⁽⁵⁾-12-31-16		3.15		—		26.93		4.10			0.98		0.98		0.98		1.39			879		4
Class S
12-31-19		14.04		—		21.65		38.52			1.24		1.24		1.24		(0.10	)		228,141		23
12-31-18		3.16		—		26.10		(1.89	)		1.24		1.24		1.24		(0.08	)		451,687		4
12-31-17		3.63		—		29.31		28.20			1.24		1.24		1.24		(0.13	)		512,397		3
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
Class S2
12-31-19		14.04		—		19.91		38.37			1.39		1.39		1.39		(1.58	)		2,373		23
12-31-18		3.16		—		24.87		(2.05	)		1.39		1.39		1.39		(0.25	)		1,625		4
12-31-17		3.51		—		28.10		28.02			1.39		1.39		1.39		(0.32	)		1,835		3
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

See Accompanying Notes to Financial Statements
50

TABLE OF CONTENTS

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY^® Columbia Contrarian Core Portfolio
Class ADV
12-31-19		18.94		0.13	^•		5.51			5.64			0.29			7.91		—
12-31-18		23.40		0.14	^•		(1.97	)		(1.83	)		0.15			2.48		—
12-31-17		20.66		0.13			4.17			4.30			0.20			1.36		—
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		—
Class I
12-31-19		20.01		0.25	^•		5.84			6.09			0.52			7.91		—
12-31-18		24.58		0.26	^•		(2.07	)		(1.81	)		0.28			2.48		—
12-31-17		21.61		0.25	^•		4.37			4.62			0.29			1.36		—
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		—
Class S
12-31-19		19.56		0.20	^•		5.73			5.93			0.40			7.91		—
12-31-18		24.08		0.20	^•		(2.03	)		(1.83	)		0.21			2.48		—
12-31-17		21.21		0.19	^•		4.27			4.46			0.23			1.36		—
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		—
VY^® Columbia Small Cap Value II Portfolio
Class ADV
12-31-19		14.42		0.05			2.67			2.72			0.01			2.07		—
12-31-18		19.57		0.00	^*		(3.06	)		(3.06	)		0.00	^*		2.09		—
12-31-17		18.50		0.00	^*•		1.89			1.89			0.03			0.79		—
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			—		—
Class I
12-31-19		14.94		0.13			2.76			2.89			0.11			2.07		—
12-31-18		20.20		0.10	^•		(3.16	)		(3.06	)		0.11			2.09		—
12-31-17		19.05		0.10	^•		1.95			2.05			0.11			0.79		—
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			—		—
Class R6
12-31-19		14.94		0.12			2.78			2.90			0.11			2.07		—
12-31-18		20.21		0.09			(3.16	)		(3.07	)		0.11			2.09		—
12-31-17		19.06		0.13	^•		1.92			2.05			0.11			0.79		—
05-03-16⁽⁵⁾-12-31-16		16.28		0.19	^•		3.40			3.59			0.09			0.72		—
Class S
12-31-19		14.86		0.09			2.76			2.85			0.06			2.07		—
12-31-18		20.10		0.05			(3.15	)		(3.10	)		0.05			2.09		—
12-31-17		18.96		0.05	^•		1.94			1.99			0.06			0.79		—
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			—		—
Class S2
12-31-19		14.40		0.05	^•		2.67			2.72			0.03			2.07		—
12-31-18		19.52		0.02			(3.05	)		(3.03	)		—			2.09		—
12-31-17		18.44		0.01	^•		1.90			1.91			0.04			0.79		—
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			—		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY^® Columbia Contrarian Core Portfolio
Class ADV
12-31-19		8.20		—		16.38		32.41			1.46		1.23		1.23		0.64			23,961		45
12-31-18		2.63		—		18.94		(9.23	)		1.44		1.22		1.21		0.61			21,088		64
12-31-17		1.56		—		23.40		21.32			1.44		1.21		1.20		0.58			29,515		45
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
Class I
12-31-19		8.43		—		17.67		33.05			0.96		0.73		0.73		1.14			8,548		45
12-31-18		2.76		—		20.01		(8.77	)		0.94		0.72		0.71		1.11			7,982		64
12-31-17		1.65		—		24.58		21.96			0.94		0.71		0.70		1.08			10,099		45
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
Class S
12-31-19		8.31		—		17.18		33.06			1.19		0.96		0.96		0.92			18,274		45
12-31-18		2.69		—		19.56		(8.99	)		1.19		0.97		0.96		0.86			222,203		64
12-31-17		1.59		—		24.08		21.58			1.19		0.96		0.95		0.83			285,025		45
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
VY^® Columbia Small Cap Value II Portfolio
Class ADV
12-31-19		2.08		—		15.06		19.88			1.41		1.38		1.37		0.27			25,615		25
12-31-18		2.09		—		14.42		(17.96	)		1.40		1.37		1.36		0.02			27,725		41
12-31-17		0.82		—		19.57		10.65			1.40		1.37		1.36		0.01			37,004		44
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
Class I
12-31-19		2.18		—		15.65		20.42			0.91		0.88		0.87		0.79			36,201		25
12-31-18		2.20		—		14.94		(17.53	)		0.90		0.87		0.86		0.53			33,887		41
12-31-17		0.90		—		20.20		11.21			0.90		0.87		0.86		0.50			43,897		44
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
Class R6
12-31-19		2.18		—		15.66		20.48			0.91		0.88		0.87		0.81			6,701		25
12-31-18		2.20		—		14.94		(17.57	)		0.90		0.87		0.86		0.56			5,349		41
12-31-17		0.90		—		20.21		11.20			0.90		0.87		0.86		0.69			4,389		44
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
12-31-19		2.13		—		15.58		20.21			1.16		1.13		1.12		0.53			89,702		25
12-31-18		2.14		—		14.86		(17.76	)		1.15		1.12		1.11		0.26			89,274		41
12-31-17		0.85		—		20.10		10.92			1.15		1.12		1.11		0.25			124,984		44
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
Class S2
12-31-19		2.10		—		15.02		19.95			1.31		1.28		1.27		0.34			1,671		25
12-31-18		2.09		—		14.40		(17.87	)		1.30		1.27		1.26		0.11			2,431		41
12-31-17		0.83		—		19.52		10.77			1.30		1.27		1.26		0.06			3,431		44
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

See Accompanying Notes to Financial Statements
51

TABLE OF CONTENTS

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® Invesco Comstock Portfolio
Class ADV
12-31-19		17.39		0.30	^•		3.74			4.04			0.41		4.01		—
12-31-18		20.14		0.24	^•		(2.77	)		(2.53	)		0.22		—		—
12-31-17		17.33		0.19			2.80			2.99			0.18		—		—
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		—		—
Class I
12-31-19		17.52		0.40	^•		3.78			4.18			0.50		4.01		—
12-31-18		20.32		0.33			(2.80	)		(2.47	)		0.33		—		—
12-31-17		17.47		0.28	^•		2.85			3.13			0.28		—		—
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		—		—
Class S
12-31-19		17.51		0.36	^•		3.77			4.13			0.45		4.01		—
12-31-18		20.30		0.29	^•		(2.81	)		(2.52	)		0.27		—		—
12-31-17		17.45		0.23	^•		2.85			3.08			0.23		—		—
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		—		—
VY^® Invesco Equity and Income Portfolio
Class ADV
12-31-19		38.95		0.62	^•		6.82			7.44			0.68		2.35		—
12-31-18		46.81		0.64	^•		(4.95	)		(4.31	)		0.66		2.89		—
12-31-17		44.06		0.65			3.84			4.49			0.61		1.13		—
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		—
Class I
12-31-19		39.54		0.85	^•		6.94			7.79			0.90		2.35		—
12-31-18		47.51		0.88	^•		(5.06	)		(4.18	)		0.90		2.89		—
12-31-17		44.86		0.89	^•		3.93			4.82			1.04		1.13		—
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		—
Class S
12-31-19		39.30		0.74	^•		6.88			7.62			0.78		2.35		—
12-31-18		47.22		0.76	^•		(5.01	)		(4.25	)		0.78		2.89		—
12-31-17		44.48		0.77	^•		3.89			4.66			0.79		1.13		—
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		—
Class S2
12-31-19		38.75		0.67	^•		6.78			7.45			0.72		2.35		—
12-31-18		46.59		0.69	^•		(4.93	)		(4.24	)		0.71		2.89		—
12-31-17		43.85		0.70	^•		3.83			4.53			0.66		1.13		—
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		—
VY^® Invesco Oppenheimer Global Portfolio
Class ADV
12-31-19		17.06		0.04			4.89			4.93			—		3.58		—
12-31-18		21.42		0.04			(2.66	)		(2.62	)		0.25		1.49		—
12-31-17		15.90		0.04			5.64			5.68			0.13		0.03		—
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		—

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expenses net of all reductions/additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
VY^® Invesco Comstock Portfolio
Class ADV
12-31-19		4.42		—		17.01		24.86			1.25		1.23		1.23		1.60		31,202		25
12-31-18		0.22		—		17.39		(12.56	)		1.25		1.23		1.23		1.16		28,006		29
12-31-17		0.18		—		20.14		17.31			1.25		1.23		1.23		1.00		36,178		14
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
Class I
12-31-19		4.51		—		17.19		25.51			0.75		0.73		0.73		2.09		203,510		25
12-31-18		0.33		—		17.52		(12.16	)		0.75		0.73		0.73		1.72		219,086		29
12-31-17		0.28		—		20.32		17.95			0.75		0.73		0.73		1.50		188,040		14
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
Class S
12-31-19		4.46		—		17.18		25.24			1.00		0.98		0.98		1.88		73,675		25
12-31-18		0.27		—		17.51		(12.39	)		1.00		0.98		0.98		1.41		215,609		29
12-31-17		0.23		—		20.30		17.68			1.00		0.98		0.98		1.25		274,498		14
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
VY^® Invesco Equity and Income Portfolio
Class ADV
12-31-19		3.03		—		43.36		19.50			1.17		1.14		1.14		1.47		44,825		143
12-31-18		3.55		—		38.95		(9.90	)		1.17		1.14		1.14		1.40		43,200		161
12-31-17		1.74		—		46.81		10.32			1.17		1.14		1.14		1.43		54,583		134
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
Class I
12-31-19		3.25		—		44.08		20.10			0.67		0.64		0.64		1.97		484,839		143
12-31-18		3.79		—		39.54		(9.46	)		0.67		0.64		0.64		1.90		468,289		161
12-31-17		2.17		—		47.51		10.90			0.67		0.64		0.64		1.92		594,834		134
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
Class S
12-31-19		3.13		—		43.79		19.80			0.92		0.89		0.89		1.72		473,465		143
12-31-18		3.67		—		39.30		(9.67	)		0.92		0.89		0.89		1.65		463,989		161
12-31-17		1.92		—		47.22		10.62			0.92		0.89		0.89		1.67		606,503		134
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
Class S2
12-31-19		3.07		—		43.13		19.63			1.07		1.02		1.02		1.59		328,815		143
12-31-18		3.60		—		38.75		(9.79	)		1.07		1.02		1.02		1.52		321,618		161
12-31-17		1.79		—		46.59		10.48			1.07		1.02		1.02		1.54		420,527		134
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
VY^® Invesco Oppenheimer Global Portfolio
Class ADV
12-31-19		3.58		—		18.41		31.10			1.25		1.25		1.25		0.26		123,467		8
12-31-18		1.74		—		17.06		(13.62	)		1.25		1.25		1.25		0.22		101,759		17
12-31-17		0.16		—		21.42		35.82			1.25		1.25		1.25		0.17		120,344		9
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

See Accompanying Notes to Financial Statements
52

TABLE OF CONTENTS

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 Oppenheimer Global Portfolio (continued)
Class I
12-31-19		17.86		0.15			5.13			5.28			0.10		3.58		—
12-31-18		22.33		0.16	^•		(2.80	)		(2.64	)		0.34		1.49		—
12-31-17		16.56		0.15			5.87			6.02			0.22		0.03		—
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		—
Class S
12-31-19		17.17		0.10			4.91			5.01			0.04		3.58		—
12-31-18		21.53		0.10	^•		(2.68	)		(2.58	)		0.29		1.49		—
12-31-17		15.98		0.08			5.67			5.75			0.17		0.03		—
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		—
Class S2
12-31-19		16.67		0.06			4.77			4.83			0.03		3.58		—
12-31-18		20.97		0.06	^•		(2.60	)		(2.54	)		0.27		1.49		—
12-31-17		15.58		0.05			5.53			5.58			0.16		0.03		—
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		—
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
12-31-19		15.74		0.12			3.74			3.86			0.12		2.33		—
12-31-18		19.78		0.15			(2.35	)		(2.20	)		0.16		1.68		—
12-31-17		19.31		0.07			2.41			2.48			0.07		1.94		—
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		—
Class I
12-31-19		16.18		0.22			3.86			4.08			0.21		2.33		—
12-31-18		20.30		0.25	^•		(2.43	)		(2.18	)		0.26		1.68		—
12-31-17		19.75		0.18	^•		2.48			2.66			0.17		1.94		—
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		—
Class S
12-31-19		16.01		0.17			3.82			3.99			0.16		2.33		—
12-31-18		20.10		0.20	^•		(2.40	)		(2.20	)		0.21		1.68		—
12-31-17		19.58		0.12	^•		2.46			2.58			0.12		1.94		—
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		—
Class S2
12-31-19		15.69		0.14	^•		3.73			3.87			0.13		2.33		—
12-31-18		19.72		0.16	^•		(2.33	)		(2.17	)		0.18		1.68		—
12-31-17		19.25		0.09	^•		2.41			2.50			0.09		1.94		—
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		—

										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 Oppenheimer Global Portfolio (continued)
Class I
12-31-19		3.68		—		19.46		31.80			0.75		0.75		0.75		0.76		1,225,197		8
12-31-18		1.83		—		17.86		(13.19	)		0.75		0.75		0.75		0.72		1,061,448		17
12-31-17		0.25		—		22.33		36.49			0.75		0.75		0.75		0.68		1,384,452		9
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
Class S
12-31-19		3.62		—		18.56		31.44			1.00		1.00		1.00		0.52		181,045		8
12-31-18		1.78		—		17.17		(13.39	)		1.00		1.00		1.00		0.49		167,520		17
12-31-17		0.20		—		21.53		36.13			1.00		1.00		1.00		0.41		238,436		9
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
Class S2
12-31-19		3.61		—		17.89		31.26			1.15		1.15		1.15		0.37		4,611		8
12-31-18		1.76		—		16.67		(13.56	)		1.15		1.15		1.15		0.30		3,963		17
12-31-17		0.19		—		20.97		35.92			1.15		1.15		1.15		0.27		4,030		9
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
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
12-31-19		2.45		—		17.15		25.81			1.39		1.39		1.39		0.71		89,967		9
12-31-18		1.84		—		15.74		(12.37	)		1.38		1.38		1.38		0.79		80,243		12
12-31-17		2.01		—		19.78		13.41			1.37		1.37		1.37		0.37		99,801		10
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
Class I
12-31-19		2.54		—		17.72		26.46			0.89		0.89		0.89		1.21		150,535		9
12-31-18		1.94		—		16.18		(11.96	)		0.88		0.88		0.88		1.28		144,880		12
12-31-17		2.11		—		20.30		14.04			0.87		0.87		0.87		0.87		210,989		10
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
Class S
12-31-19		2.49		—		17.51		26.21			1.14		1.14		1.14		0.96		200,304		9
12-31-18		1.89		—		16.01		(12.19	)		1.13		1.13		1.13		1.03		187,165		12
12-31-17		2.06		—		20.10		13.72			1.12		1.12		1.12		0.61		256,845		10
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
Class S2
12-31-19		2.46		—		17.10		25.96			1.29		1.29		1.29		0.81		1,782		9
12-31-18		1.86		—		15.69		(12.30	)		1.28		1.28		1.28		0.86		2,116		12
12-31-17		2.03		—		19.72		13.52			1.27		1.27		1.27		0.45		3,382		10
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

See Accompanying Notes to Financial Statements
53

TABLE OF CONTENTS

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
Class ADV
12-31-19		9.08		(0.03	)		3.26			3.23			0.03			1.28		—
12-31-18		10.50		(0.02	)		(0.24	)		(0.26	)		—			1.16		—
12-31-17		9.19		(0.03	)		2.17			2.14			0.03			0.80		—
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		—
Class I
12-31-19		10.14		0.03			3.65			3.68			0.04			1.28		—
12-31-18		11.56		0.04			(0.28	)		(0.24	)		0.02			1.16		—
12-31-17		10.03		0.02			2.38			2.40			0.07			0.80		—
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		—
Class R6
12-31-19		10.14		0.02			3.67			3.69			0.04			1.28		—
12-31-18		11.56		0.03			(0.27	)		(0.24	)		0.02			1.16		—
12-31-17		10.03		0.02	^•		2.38			2.40			0.07			0.80		—
05-03-16⁽⁵⁾-12-31-16		10.58		0.03	^•		0.76			0.79			0.03			1.31		—
Class S
12-31-19		9.74		(0.00	)^*		3.50			3.50			0.03			1.28		—
12-31-18		11.15		0.02			(0.27	)		(0.25	)		—			1.16		—
12-31-17		9.71		(0.01	)^•		2.30			2.29			0.05			0.80		—
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		—
Class S2
12-31-19		9.13		(0.02	)		3.28			3.26			0.03			1.28		—
12-31-18		10.54		(0.01	)		(0.24	)		(0.25	)		—			1.16		—
12-31-17		9.22		(0.02	)		2.18			2.16			0.04			0.80		—
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		—
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
12-31-19		70.96		(0.31	)		20.51			20.20			—			19.26		—
12-31-18		86.22		(0.20	)^•		0.81			0.61			—			15.87		—
12-31-17		72.53		(0.23	)		23.41			23.18			—			9.49		—
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		—
Class I
12-31-19		78.04		0.07			22.75			22.82			0.17			19.26		—
12-31-18		93.19		0.24			0.71			0.95			0.23			15.87		—
12-31-17		77.44		0.19			25.10			25.29			0.05			9.49		—
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		—
Class S
12-31-19		74.54		(0.15	)^•		21.66			21.51			—			19.26		—
12-31-18		89.69		0.00	^*		0.76			0.76			0.04			15.87		—
12-31-17		74.96		(0.03	)		24.25			24.22			—			9.49		—
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		—

										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
Class ADV
12-31-19		1.31		—		11.00		36.56			1.27		1.27		1.27		(0.28	)		90,526		16
12-31-18		1.16		—		9.08		(3.77	)		1.27		1.27		1.27		(0.14	)		61,179		19
12-31-17		0.83		—		10.50		24.12			1.27		1.27		1.27		(0.32	)		62,022		28
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
Class I
12-31-19		1.32		—		12.50		37.20			0.77		0.77		0.77		0.21			985,213		16
12-31-18		1.18		—		10.14		(3.23	)		0.77		0.77		0.77		0.36			763,686		19
12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			879,678		28
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
Class R6
12-31-19		1.32		—		12.51		37.31			0.77		0.77		0.77		0.24			30,761		16
12-31-18		1.18		—		10.14		(3.24	)		0.77		0.77		0.77		0.38			15,642		19
12-31-17		0.87		—		11.56		24.81			0.77		0.77		0.77		0.18			9,313		28
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
12-31-19		1.31		—		11.93		36.88			1.02		1.02		1.02		(0.04	)		47,101		16
12-31-18		1.16		—		9.74		(3.44	)		1.02		1.02		1.02		0.11			42,403		19
12-31-17		0.85		—		11.15		24.46			1.02		1.02		1.02		(0.07	)		55,222		28
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
Class S2
12-31-19		1.31		—		11.08		36.69			1.17		1.17		1.17		(0.18	)		5,586		16
12-31-18		1.16		—		9.13		(3.65	)		1.17		1.17		1.17		(0.03	)		4,094		19
12-31-17		0.84		—		10.54		24.28			1.17		1.17		1.17		(0.21	)		4,103		28
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
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
12-31-19		19.26		—		71.90		30.15			1.23		1.21		1.21		(0.43	)		302,258		26
12-31-18		15.87		—		70.96		(1.57	)		1.23		1.21		1.21		(0.24	)		239,404		47
12-31-17		9.49		—		86.22		32.91			1.24		1.23		1.23		(0.29	)		248,624		51
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
Class I
12-31-19		19.43		—		81.43		30.83			0.73		0.71		0.71		0.07			1,290,657		26
12-31-18		16.10		—		78.04		(1.09	)		0.73		0.71		0.71		0.27			1,092,998		47
12-31-17		9.54		—		93.19		33.58			0.74		0.73		0.73		0.21			1,101,965		51
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
Class S
12-31-19		19.26		—		76.79		30.47			0.98		0.96		0.96		(0.18	)		65,359		26
12-31-18		15.91		—		74.54		(1.33	)		0.98		0.96		0.96		0.01			329,427		47
12-31-17		9.49		—		89.69		33.25			0.99		0.98		0.98		(0.04	)		379,473		51
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

See Accompanying Notes to Financial Statements
54

TABLE OF CONTENTS

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
12-31-19		72.10		(0.27	)^•		20.90		20.63		—		19.26		—
12-31-18		87.30		(0.12	)^•		0.79		0.67		—		15.87		—
12-31-17		73.27		(0.16	)^•		23.68		23.52		—		9.49		—
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		—

										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
12-31-19		19.26		—		73.47		30.27			1.13		1.11		1.11		(0.33	)		9,074		26
12-31-18		15.87		—		72.10		(1.47	)		1.13		1.11		1.11		(0.14	)		8,564		47
12-31-17		9.49		—		87.30		33.06			1.14		1.13		1.13		(0.19	)		9,014		51
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

⁽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.

^• 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
55

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-seven active separate investment series. The twelve series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Global Bond Portfolio ("Global Bond"), Voya International High Dividend Low Volatility Portfolio ("International High Dividend Low Volatility"), VY^® American Century Small-Mid Cap Value Portfolio ("American Century Small-Mid Cap Value"), VY^® Baron Growth Portfolio ("Baron Growth"), VY^® Columbia Contrarian Core Portfolio ("Columbia Contrarian Core"), VY^® Columbia Small Cap Value II Portfolio ("Columbia Small Cap Value II"), VY^® Invesco Comstock Portfolio ("Invesco Comstock"), VY^® Invesco Equity and Income Portfolio ("Invesco Equity and Income"), VY^® Invesco Oppenheimer Global Portfolio ("Invesco Oppenheimer Global"), VY^® JPMorgan Mid Cap Value Portfolio ("JPMorgan Mid Cap Value"), VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio ("T. Rowe Price Diversified Mid Cap Growth") and VY^® T. Rowe Price Growth Equity Portfolio ("T. Rowe Price Growth Equity"), each 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 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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

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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. 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 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.

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

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

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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 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

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agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of December 31, 2019, the maximum amount of loss that Global Bond, Invesco Comstock, and Invesco Equity and Income would incur if the counterparties to its derivative transactions failed to perform would be $1,631,525, $70,049 and $15,088, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts and purchased options were they to be unwound as of December 31, 2019. To reduce the amount of potential loss to Global Bond, the Portfolio had received $300,000 in cash collateral for open OTC transactions at December 31, 2019. There was no cash collateral received by any other Portfolio at December 31, 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 December 31, 2019, Global Bond, Invesco Comstock and Invesco Equity and Income had a liability position of $831,220, $539,282 and $1,272,367, respectively, on open forward foreign currency contracts, OTC written options, OTC swaps and forward premium swaptions with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2019, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2019, Global Bond had pledged $20,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at December 31, 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 year ended December 31, 2019, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased		Sold
Global Bond*	$	135,673,411	$	55,549,445
International High Dividend Low Volatility**		560,028		1,074,213
American Century Small-Mid Cap Value**		274,851		17,441,130
Invesco Comstock**		9,211,992		32,619,081
Invesco Equity and Income**		1,958,528		61,835,913
Invesco Oppenheimer Global**		2,195,892		—

* For the year ended December 31, 2019, the Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at December 31, 2019.

** For the year ended December 31, 2019, the Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at December 31, 2019. There were no open forward foreign currency contracts for International High Dividend Low Volatility and Invesco Oppenheimer Global at December 31, 2019.

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.

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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 year ended December 31, 2019, Global Bond had purchased and sold futures contracts on various notes and bonds as part of their respective duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2019, Global Bond had an average notional value of $55,862,383 and $31,099,713, respectively, on futures contracts purchased and sold. Please refer to the table within the Portfolio of Investments for open futures contracts at December 31, 2019

J. Securities Lending. Each Portfolio may temporarily loan up to 33¹/₃% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the

borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

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

Securities that are not registered for sale to the public under the 1933 Act are referred to as "restricted securities." These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

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

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Portfolios' custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 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 year ended December 31, 2019, Global Bond had purchased and written interest rate swaptions with an average notional value of $92,793,908 and $190,571,701, respectively, to gain exposure to interest rates and to generate income. There were no open purchased or written interest rate swaptions at December 31, 2019.

During the year ended December 31, 2019, Global Bond had purchased forward premium swaptions with an average notional value of $38,235,000 to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at December 31, 2019.

During the year ended December 31, 2019, Global Bond had purchased and written foreign currency options with an average notional value of $13,125,000 and $7,875,000, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written foreign currency options at December 31, 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

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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 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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 year ended December 31, 2019, Global Bond had purchased and sold credit protection with an average notional value of $10,196,064 and $9,867,805, respectively, on various credit default swap indices to hedge or to gain additional exposure to the credit risk associated with certain sectors of the markets. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy and sell protection at December 31, 2019.

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

For the year ended December 31, 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 $174,258,166.

For the year ended December 31, 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 $95,287,450.

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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

for open centrally cleared interest rate swaps at December 31, 2019.

At December 31, 2019, Global Bond had pledged $1,631,000 in cash collateral for open centrally cleared swaps.

Total Return Swap Contracts. A total return swap is an agreement that gives a Portfolio the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Portfolio may also be required to pay the dollar value of that decline to the counterparty. Risks of total return swaps include credit, liquidity and market risks.

For the year ended December 31, 2019, Global Bond entered into total return swaps on sovereign bonds with an average notional amount of $14,265,335. Please refer to the tables within the Portfolio of Investments for open total return swaps at December 31, 2019.

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

During the year ended December 31, 2019, Global Bond had an average notional amount of $60,000 on foreign currency volatility swaps (receiver). Please refer to the tables within the Portfolio of Investments for open volatility swaps at December 31, 2019.

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 December 31, 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 December 31, 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.

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended December 31, 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	$	49,224,143	$	70,068,794
International High Dividend Low Volatility		678,895,631		721,117,394
American Century Small-Mid Cap Value		181,263,641		200,276,444
Baron Growth		177,144,284		567,531,756
Columbia Contrarian Core		113,704,140		378,364,413
Columbia Small Cap Value II		40,868,675		65,346,714
Invesco Comstock		105,864,717		333,663,022
Invesco Equity and Income		243,270,263		393,848,614
Invesco Oppenheimer Global		110,144,092		315,327,896
JPMorgan Mid Cap Value		39,397,510		111,433,520
T. Rowe Price Diversified Mid Cap Growth		174,831,301		221,338,241
T. Rowe Price Growth Equity		488,576,727		972,725,992

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

	Purchases		Sales
Global Bond	$	399,409,989	$	382,277,737
Invesco Equity and Income		1,589,751,823		1,619,036,858

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% on all assets
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

Portfolio				Fee
Columbia Contrarian Core				0.90% on the first $500 million;
				0.85% on the next $500 million;
				0.80% on assets over $1 billion
Columbia Small Cap Value II				0.85% on all assets
Invesco Comstock				0.70% on all assets
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
T. Rowe Price Diversified Mid Cap Growth				0.74% on all assets
T. Rowe Price Growth Equity				0.70% on all assets

⁽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,

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

$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 was 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 Companies Series resulting from the Portfolio's investment into the Foreign Smaller Companies Series. There were no such waivers for the year ended December 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

Portfolio				Sub-Adviser
Invesco Comstock, Invesco Equity and Income & Invesco Oppenheimer Global⁽²⁾				Invesco Advisers, Inc.⁽²⁾
JPMorgan Mid Cap Value				J.P. Morgan Investment Management Inc.
T. Rowe Price Diversified Mid Cap Growth & T. Rowe Price Growth Equity				T. Rowe Price Associates, Inc.

⁽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 year ended December 31, 2019, International High Dividend Low Volatility incurred $92,750 of shareholder notification costs associated with changes to the Portfolio's name, sub-adviser and expense structure. The Investment Adviser reimbursed the Portfolio $49,655 of these costs.

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

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

At December 31, 2019, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	Invesco Oppenheimer Global		6.35	%
	T. Rowe Price Diversified Mid Cap Growth		11.52
Security Life of Denver Insurance Company	Global Bond		7.03
	Columbia Small Cap Value II		5.38
Voya Institutional Trust Company	Global Bond		23.56
	International High Dividend Low Volatility		5.96
	American Century Small-Mid Cap Value		51.97
	Baron Growth		31.25
	Columbia Contrarian Core		47.33
	Columbia Small Cap Value II		17.86
	Invesco Comstock		10.24
	Invesco Oppenheimer Global		14.29
	JPMorgan Mid Cap Value		27.81
	T. Rowe Price Diversified Mid Cap Growth		13.81
	T. Rowe Price Growth Equity		28.37
Voya Retirement Insurance and Annuity Company	Global Bond		63.29
	International High Dividend Low Volatility		25.19
	American Century Small-Mid Cap Value		45.92
	Baron Growth		62.57
	Columbia Contrarian Core		46.12
	Columbia Small Cap Value II		28.79
	Invesco Comstock		27.20
	Invesco Equity and Income		35.54
	Invesco Oppenheimer Global		68.19
	JPMorgan Mid Cap Value		42.47
	T. Rowe Price Diversified Mid Cap Growth		67.09
	T. Rowe Price Growth Equity		57.22
Voya Solution 2035 Portfolio	Invesco Comstock		14.17
Voya Solution 2045 Portfolio	Invesco Comstock		16.15
Voya Solution 2055 Portfolio	Invesco Comstock		5.68
Voya Solution Moderately Aggressive Portfolio	Invesco Comstock		14.59

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.

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At December 31, 2019, the following Portfolio has the below payable included in Other Accrued Expenses and Liabilities on the Statement of Assets and Liabilities that exceeded 5% of total liabilities:

Portfolio				Accrued Expenses				Amount
Columbia Contrarian Core				Custody				$	24,751

NOTE 8 — 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	%

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

Portfolio	Class ADV			Class I			Class R6			Class S			Class S2
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	%
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 of the side letter agreement was approved by the Board. Any fees waived pursuant to the side letter agreement were not eligible for recoupment.

⁽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 December 31, 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:

	December 31,
Portfolio	2020		2021		2022		Total
Global Bond	$	148,091	$	48,917	$	—	$	197,008
American Century Small-Mid Cap Value		448,785		471,897		478,862		1,399,544
Invesco Equity and Income		320,129		338,591		284,321		943,041

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 9 — 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 year ended December 31, 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		11	$	1,731,909		3.25	%
Baron Growth		83		2,746,277		2.87
Columbia Contrarian Core		2		2,917,500		2.55
Invesco Comstock		2		3,277,000		2.55
Invesco Equity and Income		2		1,538,500		2.55
Invesco Oppenheimer Global		11		1,604,727		2.56
JPMorgan Mid Cap Value		3		859,333		3.40
T. Rowe Price Diversified Mid Cap Growth		2		1,974,000		3.40
T. Rowe Price Growth Equity		1		27,659,000		2.56

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Global Bond
Class ADV
12/31/2019		72,009		—		84,325		(266,977	)		(110,643	)		764,849		—		898,538		(2,833,241	)		(1,169,854	)
12/31/2018		107,461		—		72,678		(311,313	)		(131,174	)		1,157,396		—		769,925		(3,327,931	)		(1,400,610	)
Class I
12/31/2019		597,864		—		621,286		(1,647,146	)		(427,996	)		6,481,829		—		6,738,559		(17,777,051	)		(4,556,663	)
12/31/2018		911,412		—		537,701		(2,033,504	)		(584,391	)		10,018,950		—		5,803,370		(22,121,742	)		(6,299,422	)
Class S
12/31/2019		336,265		—		139,872		(811,640	)		(335,503	)		3,616,907		—		1,515,590		(8,765,197	)		(3,632,700	)
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
12/31/2019		101,081		—		283,594		(524,719	)		(140,044	)		1,152,683		—		2,960,724		(5,968,607	)		(1,855,200	)
12/31/2018		204,397		—		45,777		(379,502	)		(129,328	)		2,498,165		—		573,585		(4,728,970	)		(1,657,220	)
Class I
12/31/2019		409,616		—		1,323,708		(1,853,901	)		(120,577	)		4,630,867		—		13,951,881		(21,407,289	)		(2,824,541	)
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
12/31/2019		512,206		—		2,971,669		(4,768,795	)		(1,284,920	)		5,913,334		—		31,143,088		(54,407,215	)		(17,350,793	)
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
12/31/2019		3,211		—		3,248		(8,854	)		(2,395	)		36,945		—		34,369		(104,194	)		(32,880	)
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
12/31/2019		432,667		—		1,170,626		(1,325,279	)		278,014			4,678,820		—		11,753,088		(14,194,508	)		2,237,400
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
12/31/2019		2,573,252		—		1,694,092		(3,413,910	)		853,434			30,245,938		—		18,296,197		(39,805,518	)		8,736,617
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
12/31/2019		305,317		—		920,355		(1,201,312	)		24,360			3,489,126		—		9,783,372		(13,278,796	)		(6,298	)
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
12/31/2019		49,213		—		34,471		(90,026	)		(6,342	)		525,157		—		345,747		(985,946	)		(115,042	)
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
12/31/2019		249,033		—		2,319,700		(516,800	)		2,051,933			7,216,796		—		47,493,762		(14,581,393	)		40,129,165
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
12/31/2019		815,944		—		2,422,716		(1,319,145	)		1,919,515			26,738,235		—		59,298,450		(42,168,001	)		43,868,684
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
12/31/2019		392,920		—		541,324		(50,500	)		883,744			13,304,155		—		13,222,247		(1,630,115	)		24,896,287
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
12/31/2019		353,135		—		10,213,853		(17,339,400	)		(6,772,412	)		11,037,891		—		230,644,671		(393,504,343	)		(151,821,781	)
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
12/31/2019		20,386		—		50,409		(16,905	)		53,890			602,488		—		1,051,073		(496,141	)		1,157,420
12/31/2018		23,784		—		7,926		(31,698	)		12			738,495		—		234,454		(915,458	)		57,491
Columbia Contrarian Core
Class ADV
12/31/2019		42,856		—		521,026		(214,647	)		349,235			881,742		—		8,811,227		(4,374,539	)		5,318,430
12/31/2018		49,081		—		134,249		(331,366	)		(148,036	)		1,069,831		—		2,909,173		(7,381,566	)		(3,402,562	)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Columbia Contrarian Core (continued)
Class I
12/31/2019		24,564		—		163,159		(103,029	)		84,694			549,715		—		2,960,790		(2,130,862	)		1,379,643
12/31/2018		29,872		—		46,913		(88,763	)		(11,978	)		715,909		—		1,071,961		(2,093,065	)		(305,195	)
Class S
12/31/2019		91,456		—		5,137,224		(15,523,769	)		(10,295,089	)		2,038,439		—		90,737,866		(268,617,713	)		(175,841,408	)
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	)
Columbia Small Cap Value II
Class ADV
12/31/2019		128,403		—		249,343		(599,378	)		(221,632	)		2,008,512		—		3,495,796		(9,224,620	)		(3,720,312	)
12/31/2018		227,250		—		201,218		(396,799	)		31,669			4,035,866		—		3,708,442		(7,407,431	)		336,877
Class I
12/31/2019		355,814		—		314,196		(625,983	)		44,027			5,690,798		—		4,571,559		(9,975,856	)		286,501
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
12/31/2019		147,485		—		53,102		(130,644	)		69,943			2,329,093		—		773,170		(2,138,313	)		963,950
12/31/2018		167,370		—		35,110		(61,775	)		140,705			3,303,461		—		669,195		(1,190,120	)		2,782,536
Class S
12/31/2019		108,596		—		803,825		(1,160,500	)		(248,079	)		1,738,590		—		11,647,424		(18,354,263	)		(4,968,249	)
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
12/31/2019		14,012		—		24,603		(96,255	)		(57,640	)		217,859		—		344,194		(1,369,398	)		(807,345	)
12/31/2018		32,079		—		20,026		(59,021	)		(6,916	)		626,038		—		368,284		(1,094,565	)		(100,243	)
Invesco Comstock
Class ADV
12/31/2019		23,490		—		405,684		(205,888	)		223,286			434,542		—		6,879,165		(3,877,190	)		3,436,517
12/31/2018		51,425		—		19,900		(256,551	)		(185,226	)		1,004,115		—		343,478		(5,197,952	)		(3,850,359	)
Class I
12/31/2019		1,465,835		—		2,611,188		(4,745,228	)		(668,205	)		27,393,184		—		44,729,596		(93,025,245	)		(20,902,465	)
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
12/31/2019		110,332		—		3,046,424		(11,179,019	)		(8,022,263	)		2,110,540		—		52,190,119		(191,430,001	)		(137,129,342	)
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
12/31/2019		65,527		—		73,147		(214,017	)		(75,343	)		2,800,010		—		3,049,060		(9,083,013	)		(3,233,943	)
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
12/31/2019		126,163		—		815,289		(1,785,659	)		(844,207	)		5,492,160		—		34,708,723		(77,532,643	)		(37,331,760	)
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
12/31/2019		114,538		—		802,541		(1,910,974	)		(993,895	)		4,882,090		—		33,844,478		(81,926,723	)		(43,200,155	)
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
12/31/2019		14,180		—		562,504		(1,253,710	)		(677,026	)		603,985		—		23,339,231		(52,951,647	)		(29,008,431	)
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
12/31/2019		550,524		—		1,203,393		(1,013,913	)		740,004			9,958,994		—		20,072,596		(18,725,628	)		11,305,962
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
12/31/2019		399,408		—		11,474,234		(8,341,131	)		3,532,511			7,869,571		—		201,831,773		(162,556,794	)		47,144,550
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
12/31/2019		306,206		—		1,913,905		(2,223,422	)		(3,311	)		5,893,628		—		32,134,460		(41,310,928	)		(3,282,840	)
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
12/31/2019		28,583		—		52,498		(61,091	)		19,990			521,019		—		850,475		(1,040,184	)		331,310
12/31/2018		56,448		—		18,913		(29,829	)		45,532			1,167,011		—		380,527		(597,991	)		949,547

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
JPMorgan Mid Cap Value
Class ADV
12/31/2019		147,351		—		735,530		(736,415	)		146,466			2,532,611		—		11,709,923		(12,683,921	)		1,558,613
12/31/2018		284,401		—		475,470		(705,865	)		54,006			5,101,884		—		8,727,492		(13,480,108	)		349,268
Class I
12/31/2019		278,141		—		1,225,099		(1,963,104	)		(459,864	)		5,008,145		—		20,246,539		(34,862,252	)		(9,607,568	)
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
12/31/2019		145,484		—		1,623,123		(2,015,526	)		(246,919	)		2,531,494		—		26,438,368		(35,426,352	)		(6,456,490	)
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
12/31/2019		9,591		—		15,685		(55,939	)		(30,663	)		165,877		—		249,115		(963,085	)		(548,093	)
12/31/2018		14,255		—		13,541		(64,364	)		(36,568	)		274,204		—		247,852		(1,240,162	)		(718,106	)
T. Rowe Price Diversified Mid Cap Growth
Class ADV
12/31/2019		1,089,397		—		911,358		(508,896	)		1,491,859			11,810,400		—		9,332,153		(5,384,313	)		15,758,240
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
12/31/2019		2,944,906		—		8,249,833		(7,718,800	)		3,475,939			36,294,075		—		95,912,625		(91,646,082	)		40,560,618
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
12/31/2019		963,467		—		210,303		(256,754	)		917,016			11,462,681		—		2,445,270		(3,021,502	)		10,886,449
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
12/31/2019		404,626		—		447,472		(1,258,034	)		(405,936	)		4,725,994		—		4,957,916		(13,837,027	)		(4,153,117	)
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
12/31/2019		44,777		—		57,985		(47,014	)		55,748			482,464		—		597,820		(509,805	)		570,479
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
12/31/2019		237,759		—		944,122		(351,642	)		830,239			18,796,348		—		68,035,018		(27,139,359	)		59,692,007
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
12/31/2019		852,152		—		3,355,554		(2,362,090	)		1,845,616			76,097,980		—		271,933,502		(203,221,863	)		144,809,619
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
12/31/2019		140,509		—		1,031,198		(4,740,057	)		(3,568,350	)		11,705,589		—		79,114,269		(362,347,011	)		(271,527,153	)
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
12/31/2019		12,524		—		29,320		(37,118	)		4,726			992,959		—		2,161,210		(2,930,228	)		223,941
12/31/2018		19,695		—		19,769		(23,934	)		15,530			1,762,920		—		1,626,233		(2,117,285	)		1,271,868

NOTE 11 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any

additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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

The following is a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2019:

Global Bond

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Goldman Sachs & Co. LLC	$	2,149	$	(2,149	)	$	—
Societe Generale		4,106,542		(4,106,542	)		—
Total	$	4,108,691	$	(4,108,691	)	$	—

⁽¹⁾ Collateral with a fair value of $4,199,320 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.

International High Dividend Low Volatility

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Citigroup Global Markets Inc	$	3,339,558	$	(3,339,558	)	$	—
Total	$	3,339,558	$	(3,339,558	)	$	—

⁽¹⁾ Collateral with a fair value of $3,512,449 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 Bank PLC	$	25,079	$	(25,079	)	$	—
Barclays Capital Inc		67,014		(67,014	)		—
Cantor Fitzgerald & Co		68,530		(68,530	)		—
Citadel Clearing LLC		1,750,956		(1,750,956	)		—
Citigroup Global Markets Inc		42,194		(42,194	)		—
Goldman Sachs & Co. LLC		28,385		(28,385	)		—
J.P. Morgan Securities LLC		2,086,768		(2,086,768	)		—
Morgan Stanley & Co. LLC		214,312		(214,312	)		—
Nomura Securities International, Inc		8,722		(8,722	)		—
RBC Capital Markets, LLC		815		(815	)		—
Scotia Capital (USA) Inc		2,177		(2,177	)		—
Wells Fargo Bank NA		53,002		(53,002	)		—
Wells Fargo Securities LLC		2,306,210		(2,306,210	)		—
Total	$	6,654,164	$	(6,654,164	)	$	—

⁽¹⁾ Collateral with a fair value of $6,809,732 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 Comstock

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BMO Capital Markets Corp	$	12,474	$	(12,474	)	$	—
Credit Suisse Securities (USA) LLC		1,675,040		(1,675,040	)		—
National Bank of Canada Financial Inc		3,794,364		(3,794,364	)		—
Total	$	5,481,878	$	(5,481,878	)	$	—

⁽¹⁾ Collateral with a fair value of $5,606,719 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
BMO Capital Markets Corp	$	270,400	$	(270,400	)	$	—
BofA Securities Inc		757,226		(757,226	)		—
Citadel Clearing LLC		1,197,669		(1,197,669	)		—
Citadel Securities LLC		38,066		(38,066	)		—
Citigroup Global Markets Inc		2,216,666		(2,216,666	)		—
Deutsche Bank Securities Inc		21,438		(21,438	)		—
Goldman Sachs & Co. LLC		6,196,412		(6,196,412	)		—
HSBC Securities (USA) Inc		808,515		(808,515	)		—
J.P. Morgan Securities LLC		1,790,486		(1,790,486	)		—
Mizuho Securities USA LLC		2,982,767		(2,982,767	)		—
Nomura Securities International, Inc		4,897,279		(4,897,279	)		—
Scotia Capital (USA) Inc		256,007		(256,007	)		—
Societe Generale		3,800,826		(3,800,826	)		—
State Street Bank and Trust Company		2,488,847		(2,488,847	)		—
SunTrust Robinson Humphrey, Inc		750,984		(750,984	)		—

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

Invesco Equity and Income (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Wells Fargo Bank NA	$	1,096,460	$	(1,096,460	)	$	—
Wells Fargo Securities LLC		2,684,670		(2,684,670	)		—
Total	$	32,254,718	$	(32,254,718	)	$	—

⁽¹⁾ Collateral with a fair value of $33,057,900 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 Oppenheimer Global

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Bank PLC	$	3,996,668	$	(3,996,668	)	$	—
Barclays Capital Inc		65,152		(65,152	)		—
BNP Paribas Prime Brokerage Intl Ltd		875,514		(875,514	)		—
BofA Securities Inc		1,659,820		(1,659,820	)		—
Citadel Securities LLC		6,238,491		(6,238,491	)		—
Citigroup Global Markets Inc		5,610,355		(5,610,355	)		—
Credit Suisse Securities (USA) LLC		5,767,876		(5,767,876	)		—
J.P. Morgan Securities LLC		4,810,757		(4,810,757	)		—
Morgan Stanley & Co. LLC		4,046,912		(4,046,912	)		—
National Bank of Canada Financial Inc		66,221		(66,221	)		—
State Street Bank and Trust Company		11,348,248		(11,348,248	)		—
Wells Fargo Bank NA		2,387,748		(2,387,748	)		—
Wells Fargo Securities LLC		1,533,421		(1,533,421	)		—
Total	$	48,407,183	$	(48,407,183	)	$	—

⁽¹⁾ Collateral with a fair value of $49,668,469 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
BofA Securities Inc	$	1,863,732	$	(1,863,732	)	$	—
Scotia Capital (USA) Inc		353,037		(353,037	)		—
Total	$	2,216,769	$	(2,216,769	)	$	—

⁽¹⁾ Collateral with a fair value of $2,266,832 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 Diversified Mid Cap Growth

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Capital Inc	$	2,872,997	$	(2,872,997	)	$	—
BMO Capital Markets Corp		636,792		(636,792	)		—
BNP Paribas Prime Brokerage Intl Ltd		2,178,541		(2,178,541	)		—
BofA Securities Inc		2,038,315		(2,038,315	)		—
Citadel Clearing LLC		10,879,999		(10,879,999	)		—

T. Rowe Price Diversified Mid Cap Growth (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Citadel Securities LLC	$	2,049,802	$	(2,049,802	)	$	—
Citigroup Global Markets Inc		3,953,767		(3,953,767	)		—
Credit Suisse AG		5,666,423		(5,666,423	)		—
Credit Suisse Securities (USA) LLC		1,325,230		(1,325,230	)		—
Goldman Sachs & Co. LLC		3,975,875		(3,975,875	)		—
J.P. Morgan Securities LLC		12,652,285		(12,652,285	)		—
Jefferies LLC		776,640		(776,640	)		—
Morgan Stanley & Co. LLC		12,870,906		(12,870,906	)		—
National Bank of Canada Financial Inc		469,171		(469,171	)		—
National Financial Services LLC		1,281,385		(1,281,385	)		—
Natixis Securities America LLC		692,921		(692,921	)		—
RBC Capital Markets, LLC		205,788		(205,788	)		—
State Street Bank and Trust Company		13,181,674		(13,181,674	)		—
UBS Securities LLC		2,815,788		(2,815,788	)		—
Wells Fargo Bank NA		4,422,832		(4,422,832	)		—
Wells Fargo Securities LLC		9,659,268		(9,659,268	)		—
Total	$	94,606,399	$	(94,606,399	)	$	—

⁽¹⁾ Collateral with a fair value of $96,821,637 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 Capital Inc	$	693,440	$	(693,440	)	$	—
BofA Securities Inc		195,750		(195,750	)		—
Citigroup Global Markets Inc		7,230,270		(7,230,270	)		—
Credit Suisse AG		12,594,958		(12,594,958	)		—
Goldman Sachs & Co. LLC		2,324,498		(2,324,498	)		—
J.P. Morgan Securities LLC		1,276,031		(1,276,031	)		—
Jefferies LLC		101,601		(101,601	)		—
Morgan Stanley & Co. LLC		5,809,486		(5,809,486	)		—
Natixis Securities America LLC		4,747,729		(4,747,729	)		—
State Street Bank and Trust Company		6,594,544		(6,594,544	)		—
Wells Fargo Securities LLC		21,316,662		(21,316,662	)		—
Total	$	62,884,969	$	(62,884,969	)	$	—

⁽¹⁾ Collateral with a fair value of $64,308,606 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 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 12 — FEDERAL INCOME TAXES (continued)

wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of December 31, 2019:

	Paid-in Capital			Distributable Earnings
Baron Growth	$	(800,543	)	$	800,543
T. Rowe Price Growth Equity		(145,066	)		145,066

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

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

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Ordinary Income		Long-term Capital Gains		Return of Capital		Ordinary Income		Long-term Capital Gains
Global Bond	$	9,152,687	$	—	$	—	$	7,939,892	$	—
International High Dividend Low Volatility		9,130,872		38,959,190		—		10,762,651		—
American Century Small-Mid Cap Value		13,787,968		26,390,436		—		15,059,560		27,932,717
Baron Growth		—		347,944,282		3,765,921		3,009,782		72,863,629
Columbia Contrarian Core		8,509,463		94,000,420		—		4,280,361		28,642,329
Columbia Small Cap Value II		587,957		20,244,186		—		3,298,285		18,117,296
Invesco Comstock		12,865,602		90,933,278		—		7,428,308		—
Invesco Equity and Income		24,218,223		70,723,269		—		26,090,360		93,939,328
Invesco Oppenheimer Global		7,804,476		247,084,828		—		28,967,304		104,664,650
JPMorgan Mid Cap Value		6,411,421		52,232,524		—		7,147,783		40,343,527
T. Rowe Price Diversified Mid Cap Growth		6,834,529		106,411,255		—		7,473,924		91,173,924
T. Rowe Price Growth Equity		2,350,307		418,893,692		—		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 December 31, 2019 were:

	Undistributed		Undistributed Long-term		Unrealized Appreciation/		Capital Loss Carryforwards
	Ordinary Income		Capital Gains		(Depreciation)		Amount			Character		Expiration
Global Bond	$	4,115,946	$	—	$	1,968,768	$	(1,205,330	)	Short-term			None
								(5,808,433	)	Long-term			None
							$	(7,013,763	)
International High Dividend Low Volatility		13,912,805		50,295,767		26,551,112		—			—		—
American Century Small-Mid Cap Value		6,041,866		—		33,169,294		—			—		—
Baron Growth		—		—		368,305,014		—			—		—
Columbia Contrarian Core		5,738,711		—		9,537,488		—			—		—
Columbia Small Cap Value II		908,378		5,237,516		24,070,667		—			—		—
Invesco Comstock		1,831,301		4,671,973		40,156,837		—			—		—
Invesco Equity and Income		8,154,377		47,794,633		151,671,599		—			—		—
Invesco Oppenheimer Global		15,525,835		51,240,232		747,707,154		—			—		—
JPMorgan Mid Cap Value		678,025		29,286,392		116,154,624		—			—		—
T. Rowe Price Diversified Mid Cap Growth		3,781,909		94,213,163		386,963,632		—			—		—
T. Rowe Price Growth Equity		—		67,430,272		461,996,572		—			—		—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 12 — FEDERAL INCOME TAXES (continued)

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

As of December 31, 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 2015.

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, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts.

on the Portfolios' financial statements. The Portfolios plan to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Portfolios are currently evaluating the impact of these changes on the financial statements.

NOTE 14 — AUDITOR CHANGE (UNAUDITED)

On September 12, 2019, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm to the Company, on behalf of the Portfolios, upon completion of the audit for the fiscal year ended December 31, 2019. The decision to change independent registered public accounting firms was recommended by the Audit Committee of the Board and was approved by the Board.

KPMG's reports on the Portfolios' financial statements for the fiscal years ended December 31, 2019 and December 31, 2018 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle.

During the fiscal years ended December 31, 2019 and December 31, 2018: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports on the Portfolios' financial statements for such periods; and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On September 12, 2019, based on the recommendation of the Audit Committee of the Board, the Board approved the selection of Ernst & Young LLP ("EY") as the Portfolios' independent registered public accounting firm for the fiscal year ending December 31, 2020. During the Portfolios' fiscal years ended December 31, 2019 and December 31, 2018, neither the Portfolios, nor anyone on their behalf, consulted with EY on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Portfolios' financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (CONTINUED)

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to December 31, 2019, the following Portfolio paid dividends from net investment income of:

Per Share
Amount

Payable Date

Record Date

Global Bond

Class ADV

0.0217

February 3, 2020

Daily

Class I

0.0267

February 3, 2020

Daily

Class S

0.0244

February 3, 2020

Daily

Expense Limitation Agreement: The Board approved revised expense limits for each class of Baron Growth. Effective January 1, 2020, through May 1, 2021, the Investment Adviser has further lowered the expense limits to 1.49%, 0.99%, 0.99%, 1.24%, and 1.39% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively.

The Board approved revised expense limits for each class of Columbia Small Cap Value II. Effective January 1, 2020, through May 1, 2021, the Investment Adviser has further lowered the expense limits to 1.45%,

0.95%, 0.95%, 1.20%, and 1.35% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively.

The Board approved revised expense limits for each class of JPMorgan Mid Cap Value. Effective January 1, 2020, through May 1, 2021, the Investment Adviser has further lowered the expense limits to 1.38%, 0.88%, 1.13%, and 1.28% for Class ADV, Class I, Class S, and Class S2, respectively.

The Board approved a new side letter expense limitation agreement with respect to Invesco Comstock. Effective January 1, 2020, the new non-recoupable side letter agreement, through May 1, 2021, is 1.29% 0.79%, 0.79%, 1.04%, and 1.19% for Class ADV, Class I, Class R6, Class S and Class S2, respectively.

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

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 21.1%
				Canada: 0.2%
	377,000			Other Securities	$	392,242		0.2
				China: 0.3%
	601,000			Alibaba Group Holding Ltd., 3.600%, 11/28/2024		632,889		0.3
				France: 0.7%
	572,000	(1	)	BNP Paribas SA, 3.500%, 03/01/2023		591,935		0.3
	265,000	(1	)	BPCE SA, 2.700%, 10/01/2029		262,807		0.1
	287,000	(1	)	BPCE SA, 5.150%, 07/21/2024		314,958		0.2
	226,000	(1	)	Electricite de France SA, 2.350%, 10/13/2020		226,457		0.1
						1,396,157		0.7
				Guernsey: 0.4%
	716,000			Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/2020		716,937		0.4
				Ireland: 0.2%
	370,000			Other Securities		381,224		0.2
				Japan: 0.9%
	200,000	(1	)	Mizuho Bank Ltd., 3.200%, 03/26/2025		207,681		0.1
	790,000	(1	)	MUFG Bank Ltd., 2.300%, 03/05/2020		790,474		0.4
	200,000			Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024		200,463		0.1
	639,000			Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026		683,080		0.3
						1,881,698		0.9

Principal Amount†					Value		Percentage of Net Assets
				Mexico: 0.0%
MXN	59,796	(2	)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035	$	3,108		0.0
MXN	1,007,437	(3	),(4)	Other Securities		—		—
						3,108		0.0
				Netherlands: 0.8%
	690,000			Shell International Finance BV, 3.250%, 05/11/2025		730,184		0.4
	361,000			Shell International Finance BV, 4.000%, 05/10/2046		411,366		0.2
	300,000	(1	)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026		298,341		0.1
	270,000			Other Securities		271,629		0.1
						1,711,520		0.8
				Norway: 0.2%
	380,000			Other Securities		385,977		0.2
				South Africa: 0.0%
ZAR	1,000,000			Other Securities		76,502		0.0
				Switzerland: 0.4%
	400,000	(1	)	Credit Suisse AG, 6.500%, 08/08/2023		446,970		0.2
	250,000			Other Securities		281,926		0.2
						728,896		0.4
				United Kingdom: 1.1%
	200,000	(1	)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027		204,907		0.1
	1,002,000			Santander UK PLC, 2.375%, 03/16/2020		1,002,593		0.5
	230,000	(1	)	Standard Chartered PLC, 5.300%, 01/09/2043		277,349		0.1
	688,000			Other Securities		722,386		0.4
						2,207,235		1.1

See Accompanying Notes to Financial Statements
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SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States: 15.9%
	185,000	(1	)	AbbVie, Inc., 3.200%, 11/21/2029	$	188,318		0.1
	471,000			AbbVie, Inc., 3.600%- 4.300%, 05/14/2025- 05/14/2036		513,618		0.3
	1,033,000			AT&T, Inc., 4.300%- 5.450%, 02/15/2030- 03/01/2047		1,220,945		0.6
	1,700,000	(5	)	Bank of America Corp., 3.300%- 4.330%, 01/11/2023- 03/15/2050		1,825,203		0.9
	266,000	(1	)	Bristol-Myers Squibb Co., 3.875%, 08/15/2025		287,760		0.1
	1,313,000			Citigroup, Inc., 4.000%- 5.500%, 08/05/2024- 07/25/2028		1,445,242		0.7
	278,000	(1	)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		289,436		0.1
	665,000			Comcast Corp., 2.350%- 5.650%, 01/15/2027- 06/15/2035		746,301		0.4
	1,184,000			CVS Health Corp., 2.800%, 07/20/2020		1,187,466		0.6
	510,000			CVS Health Corp., 4.300%, 03/25/2028		556,984		0.3
	313,000	(1	)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		360,253		0.2
	1,026,000			Energy Transfer Operating L.P., 4.900%, 02/01/2024		1,100,883		0.5

Principal Amount†					Value		Percentage of Net Assets
	280,000			Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023	$	296,625		0.2
	558,000			Entergy Corp., 5.125%, 09/15/2020		565,663		0.3
	200,000			Entergy Louisiana LLC, 4.200%, 04/01/2050		235,977		0.1
	281,000	(1	)	Fairfax US, Inc., 4.875%, 08/13/2024		300,346		0.2
	569,000			Ford Motor Credit Co. LLC, 3.200%, 01/15/2021		572,216		0.3
	240,000			Goldman Sachs Group, Inc./ The, 2.625%, 04/25/2021		242,102		0.1
	945,000			Goldman Sachs Group, Inc./ The, 3.000%, 04/26/2022		956,802		0.5
	250,000	(5	)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021		250,133		0.1
	595,000	(5	)	JPMorgan Chase & Co., 2.550%- 6.000%, 03/01/2021- 12/31/2199		631,503		0.3
	135,000	(1	)	Kraft Heinz Foods Co., 4.875%, 10/01/2049		142,293		0.1
	380,000	(1	)	Metropolitan Edison Co., 4.000%, 04/15/2025		404,610		0.2
	990,000			Morgan Stanley, 3.750%- 4.100%, 02/25/2023- 05/22/2023		1,042,491		0.5
	70,000	(1	)	MPLX L.P., 5.250%, 01/15/2025		73,479		0.0

See Accompanying Notes to Financial Statements
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SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	561,000			Verizon Communications, Inc., 4.125%- 4.522%, 03/16/2027- 09/15/2048	$	651,791		0.3
	670,000	(5	)	Wells Fargo & Co., 2.406%- 4.100%, 10/30/2025- 06/03/2026		703,841		0.4
	14,068,824			Other Securities		15,124,867		7.5
						31,917,148		15.9
				Total Corporate Bonds/Notes (Cost $40,439,972)		42,431,533		21.1
COLLATERALIZED MORTGAGE OBLIGATIONS: 15.4%
				United States: 15.4%
	230,576			Alternative Loan Trust 2005-51 3A2A, 3.530%, (12MTA + 1.290%), 11/20/2035		225,603		0.1
	470,839			Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035		480,578		0.2
	69,096	(5	)	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 4.759%, 05/25/2035		70,571		0.0
	297,106			CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		292,876		0.2
	49,090			Countrywide Alternative Loan Trust 2005- 53T2 2A6, 2.292%, (US0001M + 0.500%), 11/25/2035		27,626		0.0

Principal Amount†					Value		Percentage of Net Assets
	246,233			Countrywide Asset-Backed Certificates 2005-IM1 M1, 2.512%, (US0001M + 0.720%), 11/25/2035	$	245,204		0.1
	266,654	(1	),(5)	CSMC Trust 2015-3 B1, 3.934%, 03/25/2045		277,726		0.1
	4,228	(1	)	Deutsche ALT- A Securities, Inc. ALT2007- RS1 A2, 2.200%, (US0001M + 0.500%), 01/27/2037		7,213		0.0
	666,673			Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.242%, (US0001M + 4.450%), 01/25/2029		704,866		0.4
	754,862			Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 6.142%, (US0001M + 4.350%), 05/25/2029		796,643		0.4
	400,000			Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 5.442%, (US0001M + 3.650%), 09/25/2029		421,709		0.2
	500,000			Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.792%, (US0001M + 3.000%), 10/25/2029		522,793		0.3

See Accompanying Notes to Financial Statements
81

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	500,000			Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 3.992%, (US0001M + 2.200%), 01/25/2030	$	509,006		0.3
	300,000			Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.192%, (US0001M + 2.400%), 05/28/2030		305,833		0.2
	596,142			Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.292%, (US0001M + 2.500%), 05/25/2030		605,760		0.3
	600,000			Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 4.342%, (US0001M + 2.550%), 12/25/2030		611,193		0.3
	379,617			Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.792%, (US0001M + 2.000%), 03/25/2031		381,513		0.2
	400,000	(1	)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 4.092%, (US0001M + 2.300%), 08/25/2031		404,043		0.2

Principal Amount†					Value		Percentage of Net Assets
	659,170	(1	)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 4.192%, (US0001M + 2.400%), 04/25/2031	$	667,360		0.3
	87,872	(6	)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024		9,445		0.0
	17,663	(6	)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028		3,474		0.0
	153,515	(6	)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032		31,991		0.0
	55,562	(6	)	Fannie Mae Interest Strip Series 328 2, 6.000%, 12/25/2032		12,369		0.0
	24,337	(6	)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033		4,840		0.0
	29,789	(6	)	Fannie Mae Interest Strip Series 332 2, 6.000%, 03/25/2033		6,810		0.0
	23,911	(6	)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033		5,181		0.0
	29,617	(6	)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033		6,016		0.0
	12,567	(6	)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035		2,441		0.0
	13,526	(6	)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035		2,684		0.0

See Accompanying Notes to Financial Statements
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SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	438,967	(6	)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043	$	69,805		0.0
	641,856	(5	),(6)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033		82,704		0.0
	8,294			Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029		9,060		0.0
	11,906			Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032		13,259		0.0
	57,177	(6	)	Fannie Mae REMIC Trust 2002-12 SB, 5.958%, (-1.000* US0001M + 7.750%), 07/25/2031		12,024		0.0
	34,236	(6	)	Fannie Mae REMIC Trust 2002-2 SW, 5.958%, (-1.000* US0001M + 7.750%), 02/25/2032		7,438		0.0
	14,619			Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032		16,595		0.0
	6,036			Fannie Mae REMIC Trust 2002-29 F, 2.792%, (US0001M + 1.000%), 04/25/2032		6,164		0.0
	18,671	(6	)	Fannie Mae REMIC Trust 2002-41 S, 6.158%, (-1.000* US0001M + 7.950%), 07/25/2032		3,442		0.0

Principal Amount†					Value		Percentage of Net Assets
	1,858			Fannie Mae REMIC Trust 2002-64 FJ, 2.792%, (US0001M + 1.000%), 04/25/2032	$	1,897		0.0
	3,924			Fannie Mae REMIC Trust 2002-68 FH, 2.245%, (US0001M + 0.500%), 10/18/2032		3,930		0.0
	672,454	(6	)	Fannie Mae REMIC Trust 2002-77 JS, 6.255%, (-1.000* US0001M + 8.000%), 12/18/2032		141,055		0.1
	16,951			Fannie Mae REMIC Trust 2002-84 FB, 2.792%, (US0001M + 1.000%), 12/25/2032		17,312		0.0
	16,948			Fannie Mae REMIC Trust 2003-11 FA, 2.792%, (US0001M + 1.000%), 09/25/2032		17,310		0.0
	3,631			Fannie Mae REMIC Trust 2003-116 FA, 2.192%, (US0001M + 0.400%), 11/25/2033		3,626		0.0
	23,374	(6	)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033		5,996		0.0
	17,089	(6	)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033		3,926		0.0
	7,831	(6	)	Fannie Mae REMIC Trust 2003-52 NS, 5.308%, (-1.000* US0001M + 7.100%), 06/25/2023		360		0.0

See Accompanying Notes to Financial Statements
83

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	414,072	(6	)	Fannie Mae REMIC Trust 2004-56 SE, 5.758%, (-1.000* US0001M + 7.550%), 10/25/2033	$	79,646		0.0
	24,925			Fannie Mae REMIC Trust 2005-25 PS, 20.275%, (-4.400* US0001M + 28.160%), 04/25/2035		42,015		0.0
	11,926	(6	)	Fannie Mae REMIC Trust 2005-40 SB, 4.958%, (-1.000* US0001M + 6.750%), 05/25/2035		1,713		0.0
	38,286			Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025		39,131		0.0
	112,127			Fannie Mae REMIC Trust 2005-74 DK, 16.832%, (-4.000* US0001M + 24.000%), 07/25/2035		175,273		0.1
	301,887			Fannie Mae REMIC Trust 2005-87 SB, 17.263%, (-3.667* US0001M + 23.833%), 10/25/2035		471,514		0.2
	185,880			Fannie Mae REMIC Trust 2006-104 ES, 24.490%, (-5.000* US0001M + 33.450%), 11/25/2036		335,063		0.2
	13,536			Fannie Mae REMIC Trust 2006-11 PS, 17.996%, (-3.667* US0001M + 24.567%), 03/25/2036		22,028		0.0

Principal Amount†					Value		Percentage of Net Assets
	34,665			Fannie Mae REMIC Trust 2006-46 SW, 17.629%, (-3.667* US0001M + 24.199%), 06/25/2036	$	52,111		0.0
	7,455,744	(6	)	Fannie Mae REMIC Trust 2006-51 SA, 4.778%, (-1.000* US0001M + 6.570%), 06/25/2036		1,397,595		0.7
	62,422	(6	)	Fannie Mae REMIC Trust 2006-90 SX, 5.438%, (-1.000* US0001M + 7.230%), 09/25/2036		11,581		0.0
	7,426,407	(6	)	Fannie Mae REMIC Trust 2007-116 DI, 4.148%, (-1.000* US0001M + 5.940%), 01/25/2038		1,396,826		0.7
	53,125	(6	)	Fannie Mae REMIC Trust 2007-88 XI, 4.748%, (-1.000* US0001M + 6.540%), 06/25/2037		11,046		0.0
	683,108	(6	)	Fannie Mae REMIC Trust 2007-89 SB, 4.758%, (-1.000* US0001M + 6.550%), 09/25/2037		109,218		0.1
	1,449,472	(6	)	Fannie Mae REMIC Trust 2007-94 SG, 4.658%, (-1.000* US0001M + 6.450%), 10/25/2037		290,474		0.2
	248,774			Fannie Mae REMIC Trust 2010-109 SN, 16.544%, (-5.000* US0001M + 25.000%), 10/25/2040		634,878		0.3

See Accompanying Notes to Financial Statements
84

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	93,347			Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040	$	99,746		0.1
	2,808,115	(6	)	Fannie Mae REMIC Trust 2011-55 SK, 4.768%, (-1.000* US0001M + 6.560%), 06/25/2041		572,205		0.3
	2,235,555	(6	)	Fannie Mae REMIC Trust 2011-86 NS, 4.158%, (-1.000* US0001M + 5.950%), 09/25/2041		356,487		0.2
	1,441,018	(6	)	Fannie Mae REMIC Trust 2012-10 US, 4.658%, (-1.000* US0001M + 6.450%), 02/25/2042		186,471		0.1
	1,168,695	(6	)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042		156,123		0.1
	3,843,466	(6	)	Fannie Mae REMIC Trust 2012-133 PS, 4.408%, (-1.000* US0001M + 6.200%), 03/25/2042		373,538		0.2
	1,919,059	(6	)	Fannie Mae REMIC Trust 2012-144 SB, 4.308%, (-1.000* US0001M + 6.100%), 01/25/2043		427,387		0.2
	1,988,279	(6	)	Fannie Mae REMIC Trust 2012-27 SB, 4.188%, (-1.000* US0001M + 5.980%), 11/25/2041		272,676		0.1

Principal Amount†					Value		Percentage of Net Assets
	23,601			Fannie Mae REMIC Trust 2013-130 ST, 8.000%, (-16.000* US0001M + 64.000%), 05/25/2043	$	26,437		0.0
	1,267,031	(6	)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033		145,748		0.1
	7,393,218	(6	)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027		482,820		0.2
	6,700,497	(6	)	Freddie Mac 3502 DL, 4.260%, (-1.000* US0001M + 6.000%), 01/15/2039		1,234,061		0.6
	24,568			Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022		25,782		0.0
	16,301			Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024		17,279		0.0
	32,553			Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026		35,695		0.0
	7,245	(6	)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028		1,408		0.0
	37,761	(6	)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028		7,077		0.0
	19,762			Freddie Mac REMIC Trust 2122 F, 2.190%, (US0001M + 0.450%), 02/15/2029		19,435		0.0

See Accompanying Notes to Financial Statements
85

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	59,403	(6	)	Freddie Mac REMIC Trust 2134 SB, 5.960%, (-1.000* US0001M + 7.700%), 03/15/2029	$	8,681		0.0
	63,313	(6	)	Freddie Mac REMIC Trust 2136 SG, 5.910%, (-1.000* US0001M + 7.650%), 03/15/2029		10,515		0.0
	85,181	(6	)	Freddie Mac REMIC Trust 2177 SB, 7.210%, (-1.000* US0001M + 8.950%), 08/15/2029		16,202		0.0
	10,107			Freddie Mac REMIC Trust 2344 FP, 2.690%, (US0001M + 0.950%), 08/15/2031		10,299		0.0
	4,357			Freddie Mac REMIC Trust 2412 GF, 2.690%, (US0001M + 0.950%), 02/15/2032		4,441		0.0
	35,904			Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032		41,583		0.0
	5,554			Freddie Mac REMIC Trust 2464 FI, 2.740%, (US0001M + 1.000%), 02/15/2032		5,671		0.0
	5,697			Freddie Mac REMIC Trust 2470 LF, 2.740%, (US0001M + 1.000%), 02/15/2032		5,817		0.0

Principal Amount†					Value		Percentage of Net Assets
	8,091			Freddie Mac REMIC Trust 2471 FD, 2.740%, (US0001M + 1.000%), 03/15/2032	$	8,261		0.0
	6,578			Freddie Mac REMIC Trust 2504 FP, 2.240%, (US0001M + 0.500%), 03/15/2032		6,588		0.0
	23,605			Freddie Mac REMIC Trust 2551 LF, 2.240%, (US0001M + 0.500%), 01/15/2033		23,663		0.0
	46,649			Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023		48,434		0.0
	315,473			Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034		350,388		0.2
	260,755			Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034		286,676		0.1
	51,461			Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667* US0001M + 44.667%), 05/15/2035		58,169		0.0
	52,483	(6	)	Freddie Mac REMIC Trust 3004 SB, 4.410%, (-1.000* US0001M + 6.150%), 07/15/2035		6,428		0.0
	11,984			Freddie Mac REMIC Trust 3025 SJ, 18.371%, (-3.667* US0001M + 24.750%), 08/15/2035		19,365		0.0

See Accompanying Notes to Financial Statements
86

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	660,387	(6	)	Freddie Mac REMIC Trust 3223 S, 4.210%, (-1.000* US0001M + 5.950%), 10/15/2036	$	97,387		0.1
	1,961,439	(6	)	Freddie Mac REMIC Trust 3505 SA, 4.260%, (-1.000* US0001M + 6.000%), 01/15/2039		384,188		0.2
	2,231,095	(6	)	Freddie Mac REMIC Trust 3702 S, 2.710%, (-1.000* US0001M + 4.450%), 05/15/2036		242,467		0.1
	489,567	(6	)	Freddie Mac REMIC Trust 3710 SL, 4.260%, (-1.000* US0001M + 6.000%), 05/15/2036		5,859		0.0
	2,205,813	(6	)	Freddie Mac REMIC Trust 3925 SD, 4.310%, (-1.000* US0001M + 6.050%), 07/15/2040		220,366		0.1
	1,098,907	(6	)	Freddie Mac REMIC Trust 4136 SW, 4.510%, (-1.000* US0001M + 6.250%), 11/15/2032		150,606		0.1
	543,096	(6	)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043		92,378		0.1
	8,197,353	(6	)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043		1,186,749		0.6
	991,102	(6	)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032		107,039		0.1

Principal Amount†			Value		Percentage of Net Assets
	250,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 5.692%, (US0001M + 3.900%), 12/25/2027	$	258,724		0.1
	100,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 6.492%, (US0001M + 4.700%), 04/25/2028		110,882		0.1
	168,807	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 5.592%, (US0001M + 3.800%), 03/25/2025		173,232		0.1
	500,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 5.242%, (US0001M + 3.450%), 10/25/2029		533,114		0.3
	400,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.292%, (US0001M + 2.500%), 03/25/2030		409,771		0.2
	600,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 4.442%, (US0001M + 2.650%), 12/25/2029		617,068		0.3

See Accompanying Notes to Financial Statements
87

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	55,496	(5	)	Freddie Mac Whole Loan Securities Trust 2016-SC02 M1, 3.601%, 10/25/2046	$	55,848		0.0
	346,044			Ginnie Mae Series 2007-8 SP, 16.327%, (-3.242* US0001M + 22.049%), 03/20/2037		541,406		0.3
	214,589	(6	)	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/2038		708		0.0
	1,791,448	(6	)	Ginnie Mae Series 2010-68 MS, 4.085%, (-1.000* US0001M + 5.850%), 06/20/2040		305,039		0.1
	1,260,408	(6	)	Ginnie Mae Series 2012-97 SC, 4.960%, (-1.000* US0001M + 6.700%), 07/16/2041		219,507		0.1
	215,339			GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 2.002%, (US0001M + 0.210%), 04/25/2036		207,738		0.1
	220,041	(1	),(5)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		223,449		0.1
	191,044	(1	),(5)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050		193,947		0.1

Principal Amount†					Value		Percentage of Net Assets
	559,317			IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.002%, (US0001M + 0.210%), 04/25/2046	$	531,263		0.3
	200,000	(1	),(5)	JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050		203,094		0.1
	400,000	(1	),(5)	JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050		407,687		0.2
	288,631	(1	),(5)	JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 12/31/2049		292,336		0.2
	615,843	(5	)	JP Morgan Mortgage Trust 2005-A4 B1, 4.329%, 07/25/2035		625,906		0.3
	63,388	(5	)	JP Morgan Mortgage Trust 2007-A1 7A1, 4.459%, 07/25/2035		64,316		0.1
	253,002	(1	),(5)	JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047		254,431		0.1
	282,766	(1	),(5)	JP Morgan Mortgage Trust 2017-3 B1, 3.845%, 08/25/2047		295,115		0.2
	257,765	(1	),(5)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049		264,572		0.1
	138,105			Lehman XS Trust Series 2005-5N 1A2, 2.152%, (US0001M + 0.360%), 11/25/2035		127,853		0.1

See Accompanying Notes to Financial Statements
88

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	59,020	(1	),(5)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048	$	59,894		0.0
	5,993,590	(5	),(6)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.276%, 08/25/2045		216,834		0.1
	37,808	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.693%, 10/25/2036		37,237		0.0
	709,490	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.522%, 12/25/2036		684,874		0.3
	130,284	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.875%, 08/25/2046		126,517		0.1
	290,352	(5	)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.804%, 12/25/2036		290,949		0.2
	79,955	(5	)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.501%, 04/25/2037		73,758		0.0

Principal Amount†					Value		Percentage of Net Assets
	96,763			Wells Fargo Alternative Loan 2007-PA2 2A1, 2.222%, (US0001M + 0.430%), 06/25/2037	$	80,386		0.0
	181,417	(1	),(5)	WinWater Mortgage Loan Trust 2015-5 B4, 3.777%, 08/20/2045		181,041		0.1
	3,644,141			Other Securities		1,318,228		0.7
				Total Collateralized Mortgage Obligations (Cost $28,696,758)		30,954,701		15.4
SOVEREIGN BONDS: 10.9%
				Brazil: 1.0%
BRL	7,000,000			Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		1,956,881		1.0
				Chile: 0.1%
CLP	155,000,000			Other Securities		249,832		0.1
				Germany: 4.8%
EUR	1,010,000	(7)		Bundesobligation, -0.620%, 10/08/2021		1,145,550		0.6
EUR	660,000			Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046		1,160,885		0.6
EUR	5,770,000			Bundesrepublik Deutschland, 0.500%, 02/15/2025		6,798,348		3.4
EUR	360,000			Bundesrepublik Deutschland Bundesanleihe, 0.000%- 2.000%, 08/15/2023- 08/15/2048		468,048		0.2
EUR	10,000			Other Securities		11,231		0.0
						9,584,062		4.8
				Indonesia: 0.2%
IDR	6,452,000,000			Other Securities		498,453		0.2

See Accompanying Notes to Financial Statements
89

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Italy: 0.7%
EUR	438,000	(1	)	Italy Buoni Poliennali Del Tesoro, 3.850%, 09/01/2049	$	636,608		0.3
EUR	438,000	(1	)	Italy Buoni Poliennali Del Tesoro, 5.000%, 08/01/2034		690,841		0.4
						1,327,449		0.7
				Mexico: 0.5%
MXN	18,580,000			Mexican Bonos, 7.750%, 11/13/2042		1,043,104		0.5
				Peru: 1.0%
PEN	5,649,000	(1	)	Peru Government Bond, 6.150%, 08/12/2032		1,933,840		1.0
				Portugal: 0.7%
EUR	1,135,000	(1	)	Portugal Obrigacoes do Tesouro OT, 2.250%, 04/18/2034		1,523,141		0.7
				Russia: 0.7%
RUB	76,937,000			Russian Federal Bond - OFZ, 7.250%, 05/10/2034		1,336,903		0.7
				Spain: 1.2%
EUR	870,000	(1	)	Spain Government Bond, 1.450%, 04/30/2029		1,067,001		0.5
EUR	908,000	(1	)	Spain Government Bond, 2.700%, 10/31/2048		1,354,718		0.7
						2,421,719		1.2
				Total Sovereign Bonds (Cost $21,625,098)		21,875,384		10.9

Principal Amount†					Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 11.4%
				Treasury Inflation Indexed Protected Securities: 3.1%
	6,199,403			0.250%, 07/15/2029	$	6,261,830		3.1
				U.S. Treasury Bonds: 1.8%
	3,505,000			2.250%, 08/15/2049		3,397,174		1.7
	250,000			3.500%, 02/15/2039		299,401		0.1
						3,696,575		1.8
				U.S. Treasury Notes: 6.5%
	2,399,600			1.625%, 12/31/2021		2,402,021		1.2
	1,691,000			1.625%, 12/15/2022		1,691,803		0.8
	1,927,500			1.750%, 12/31/2024		1,931,873		1.0
	2,730,000			1.750%, 12/31/2026		2,714,213		1.4
	4,152,000	(8	)	1.750%, 11/15/2029		4,086,637		2.0
	278,000			1.500%- 2.125%, 01/31/2021- 10/31/2024		279,313		0.1
						13,105,860		6.5
				Total U.S. Treasury Obligations (Cost $23,086,125)		23,064,265		11.4
U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.5%
				Federal Home Loan Mortgage Corporation: 0.4%⁽⁹⁾
	806,761			4.000%-6.500%, 01/01/2020- 05/01/2046		857,305		0.4
				Federal National Mortgage Association: 0.0%
	88,597			4.521%, (US0012M + 1.777%), 10/01/2036		93,426		0.0
				Government National Mortgage Association: 2.1%
	4,100,000	(10	)	3.000%, 01/20/2050		4,209,046		2.1
	46,625			5.000%- 6.500%, 04/15/2034- 02/20/2035		52,242		0.0
						4,261,288		2.1

See Accompanying Notes to Financial Statements
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TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Uniform Mortgage-Backed Securities: 5.0%
	4,173,683			3.500%, 08/01/2049	$	4,290,799		2.1
	2,312,985			3.500%, 09/01/2049		2,378,652		1.2
	2,531,980			4.000%, 06/01/2049		2,632,414		1.3
	650,772			2.500%- 7.500%, 05/01/2021- 05/01/2045		709,468		0.4
						10,011,333		5.0
				Total U.S. Government Agency Obligations (Cost $15,142,874)		15,223,352		7.5
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%
				United States: 9.1%
	6,909,108	(5	),(6)	BANK 2017- BNK5 XA, 1.082%, 06/15/2060		391,581		0.2
	900,000	(1	),(5)	BANK 2017- BNK6 E, 2.653%, 07/15/2060		654,448		0.3
	1,948,000	(1	),(5),(6)	BANK 2017- BNK6 XE, 1.500%, 07/15/2060		184,765		0.1
	995,608	(5	),(6)	BANK 2019- BNK16 XA, 0.967%, 02/15/2052		69,766		0.1
	8,020,000	(1	),(5),(6)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033		265,846		0.1
	210,000	(1	)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		187,755		0.1
	1,197,424	(5	),(6)	Benchmark 2019-B9 XA Mortgage Trust, 1.047%, 03/15/2052		94,565		0.0

Principal Amount†					Value		Percentage of Net Assets
	690,000	(1	)	BX Commercial Mortgage Trust 2019-XL J, 4.390%, (US0001M + 2.650%), 10/15/2036	$	692,611		0.3
	270,000	(1	)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041		262,206		0.1
	1,834,338	(5	),(6)	CD 2016-CD1 Mortgage Trust XA, 1.409%, 08/10/2049		130,551		0.1
	7,900,000	(5	),(6)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.846%, 08/10/2049		406,043		0.2
	3,208,075	(5	),(6)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.109%, 10/12/2050		203,994		0.1
	3,244,376	(5	),(6)	COMM 2012- CR1 XA, 1.856%, 05/15/2045		119,811		0.0
	9,501,587	(1	),(5),(6)	COMM 2012- LTRT XA, 0.930%, 10/05/2030		184,180		0.1
	11,181,226	(5	),(6)	COMM 2014- CR16 XA, 0.978%, 04/10/2047		398,668		0.2
	570,000	(1	),(5)	COMM 2014- LC15 D Mortgage Trust, 4.984%, 04/10/2047		579,591		0.3
	570,000	(5	)	COMM 2016- COR1 C, 4.383%, 10/10/2049		591,346		0.3
	4,398,398	(5	),(6)	COMM 2016- CR28 XA, 0.687%, 02/10/2049		137,854		0.1
	1,000,000	(5	)	COMM 2017- COR2 C, 4.562%, 09/10/2050		1,061,870		0.5

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SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	290,000	(1	),(5)	DBJPM 16-C3 Mortgage Trust, 3.491%, 08/10/2049	$	279,017		0.1
	1,269,940	(1	),(5),(6)	DBUBS 2011- LC1A XA, 0.700%, 11/10/2046		4,891		0.0
	270,000	(1	)	Fontainebleau Miami Beach Trust 2019- FBLU F, 4.095%, 12/10/2036		265,241		0.1
	3,840,000	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.815%, 01/25/2043		109,266		0.1
	7,000,000	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.791%, 12/25/2041		426,569		0.2
	36,859,883	(1	),(6)	FREMF Mortgage Trust 2012- K17 X2A, 0.100%, 12/25/2044		54,844		0.0
	255,000	(1	)	GPT 2018- GPP D Mortgage Trust, 3.590%, (US0001M + 1.850%), 06/15/2035		252,932		0.1
	450,000	(1	),(5)	GRACE 2014- GRCE F Mortgage Trust, 3.590%, 06/10/2028		451,670		0.2
	100,000	(1	),(5)	GS Mortgage Securities Trust 2010- C2 F, 4.548%, 12/10/2043		98,860		0.0

Principal Amount†					Value		Percentage of Net Assets
	1,934,226	(5	),(6)	GS Mortgage Securities Trust 2012- GCJ7 XA, 2.161%, 05/10/2045	$	54,077		0.0
	180,000	(1	)	GS Mortgage Securities Trust 2013- GC16 G, 3.500%, 11/10/2046		156,717		0.1
	3,952,071	(5	),(6)	GS Mortgage Securities Trust 2013- GC16 XA, 1.035%, 11/10/2046		135,135		0.1
	690,000	(1	),(5)	GS Mortgage Securities Trust 2016- GS4 E, 3.800%, 11/10/2049		553,680		0.3
	2,313,067	(5	),(6)	GS Mortgage Securities Trust 2017- GS6 XA, 1.042%, 05/10/2050		150,576		0.1
	410,000	(1	),(5)	GS Mortgage Securities Trust 2019- GC40 DBD, 3.550%, 07/10/2052		408,858		0.2
	310,000	(1	),(5)	GS Mortgage Securities Trust 2019- GC40 DBE, 3.550%, 07/10/2052		302,346		0.1
	360,000	(1	),(5)	Jackson Park Trust 2019- LIC F, 3.242%, 10/14/2039		310,809		0.2
	1,740,000	(1	),(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2011- C5 E, 4.000%, 08/15/2046		1,707,112		0.8

See Accompanying Notes to Financial Statements
92

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	5,715,174	(5	),(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2012- CIBX XA, 1.478%, 06/15/2045	$	126,374		0.1
	660,000	(5	)	JPMBB Commercial Mortgage Securities Trust 2014- C18 AS, 4.439%, 02/15/2047		703,060		0.4
	3,024,022	(1	),(5),(6)	LSTAR Commercial Mortgage Trust 2017- 5 X, 1.084%, 03/10/2050		119,413		0.1
	1,090,000	(1	),(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2012- C6 E, 4.608%, 11/15/2045		1,100,551		0.6
	18,750,000	(1	),(5),(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.455%, 12/15/2047		410,893		0.2
	440,000	(1	),(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2014- C15 D, 4.910%, 04/15/2047		461,706		0.2
	570,000	(1	),(5)	Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047		584,265		0.3

Principal Amount†					Value		Percentage of Net Assets
	170,000	(1	)	MRCD 2019- PARK E Mortgage Trust, 2.718%, 12/15/2036	$	160,911		0.1
	320,000	(1	)	MRCD 2019- PARK F Mortgage Trust, 2.718%, 12/15/2036		297,747		0.2
	220,000	(1	)	Wells Fargo Commercial Mortgage Trust 2010- C1 F, 4.000%, 11/15/2043		217,836		0.1
	3,123,618	(1	),(5),(6)	WFRBS Commercial Mortgage Trust 2012- C8 XA, 1.811%, 08/15/2045		112,769		0.0
	550,000	(1	),(5)	WFRBS Commercial Mortgage Trust 2013- C11 F, 4.261%, 03/15/2045		531,150		0.3
	330,000	(1	),(5)	WFRBS Commercial Mortgage Trust 2013- C14 D, 3.977%, 06/15/2046		314,981		0.2
	9,269,806	(5	),(6)	WFRBS Commercial Mortgage Trust 2014- C19 XA, 1.032%, 03/15/2047		293,335		0.1
	534,698			Other Securities		529,084		0.3
				Total Commercial Mortgage- Backed Securities (Cost $17,838,337)		18,304,126		9.1

See Accompanying Notes to Financial Statements
93

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: 4.3%
				Cayman Islands: 1.1%
	500,000	(1	)	Barings Clo Ltd. 2019- 4A C, 4.703%, (US0003M + 2.800%), 01/15/2033	$	499,980		0.3
	400,000	(1	)	Clear Creek CLO 2015- 1A CR, 3.916%, (US0003M + 1.950%), 10/20/2030		386,419		0.2
	400,000	(1	)	Galaxy XXI CLO Ltd. 2015-21A CR, 3.716%, (US0003M + 1.750%), 04/20/2031		380,219		0.2
	500,000	(1	)	Jay Park CLO Ltd. 2016- 1A BR, 3.966%, (US0003M + 2.000%), 10/20/2027		487,852		0.2
	400,000	(1	)	Shackleton CLO Ltd. 2019-15A C, 4.703%, (US0003M + 2.800%), 01/15/2030		399,984		0.2
						2,154,454		1.1
				United States: 3.2%
	500,000	(1	)	AMMC CLO 16 Ltd. 2015- 16A CR, 4.351%, (US0003M + 2.350%), 04/14/2029		497,478		0.3
	412,500	(1	)	BlueMountain CLO 2013- 2A CR, 3.903%, (US0003M + 1.950%), 10/22/2030		395,011		0.2
	400,000	(1	)	CIFC Funding 2013-IA BR Ltd., 4.401%, (US0003M + 2.400%), 07/16/2030		390,420		0.2

Principal Amount†					Value		Percentage of Net Assets
	281,072	(5	)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.866%, 03/25/2036	$	194,696		0.1
	1,040,000	(1	)	Invitation Homes 2018- SFR1 D Trust, 3.187%, (US0001M + 1.450%), 03/17/2037		1,039,471		0.5
	500,000	(1	)	LCM XXIV Ltd. 24A C, 4.216%, (US0003M + 2.250%), 03/20/2030		482,812		0.2
	250,000	(1	)	Madison Park Funding XXVII Ltd. 2018-27A B, 3.766%, (US0003M + 1.800%), 04/20/2030		240,910		0.1
	400,000	(1	)	Madison Park Funding XXXI Ltd. 2018-31A C, 4.084%, (US0003M + 2.150%), 01/23/2031		397,132		0.2
	200,000	(1	),(5)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		204,365		0.1
	575,000	(1	)	Palmer Square Loan Funding 2017-1A D Ltd., 6.851%, (US0003M + 4.850%), 10/15/2025		571,651		0.3
	250,000	(1	)	Palmer Square Loan Funding 2018-1A C Ltd., 3.851%, (US0003M + 1.850%), 04/15/2026		242,378		0.1
	1,060,000	(1	)	Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035		1,084,110		0.5

See Accompanying Notes to Financial Statements
94

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

United States (continued)

250,000

)

THL Credit
Wind River
2013-2A CR
CLO Ltd.,
4.003%,
(US0003M +
2.000%),
10/18/2030

234,943

0.1

560,000

)

THL Credit
Wind River
2017-3A C
CLO Ltd.,
4.201%,
(US0003M +
2.200%),
10/15/2030

551,369

0.3

6,526,746

3.2

Total Asset-
Backed
Securities
(Cost
$8,741,366)

8,681,200

4.3

STRUCTURED NOTES: 0.0%

Russia: 0.0%

RUB

3,958,045

)

Morgan
Stanley & Co.
International
PLC - EM
Whole Loan
SA /Russian
Federation
Total Return
Linked Bonds,
Series 007,
Cl. VR,
5.000%,
08/22/2034

10,692

0.0

Total Structured
Notes
(Cost
$141,849)

10,692

0.0

Value

Percentage
of Net
Assets

COMMON STOCK: 0.0%

United States: 0.0%

48,209

),(11),(12)

Other
Securities

27,672

0.0

Total Common
Stock
(Cost
$1,305,735)

27,672

0.0

Shares			Value		Percentage of Net Assets
MUTUAL FUNDS: 19.3%
		United States: 19.3%
	643,128	Voya Emerging Markets Corporate Debt Fund - Class P	$	6,534,186		3.3
	1,127,507	Voya Emerging Markets Hard Currency Debt Fund - Class P		11,083,391		5.5
	1,853,229	Voya Emerging Markets Local Currency Debt Fund - Class P		13,806,553		6.9
	905,054	Voya High Yield Bond Fund - Class P		7,285,686		3.6
		Total Mutual Funds (Cost $40,499,130)		38,709,816		19.3
			Value		Percentage of Net Assets
PURCHASED OPTIONS⁽¹³⁾: 0.0%
		Total Purchased Options (Cost $72,275)	$	42,509		0.0
		Total Long- Term Investments (Cost $197,589,519)		199,325,250		99.0

See Accompanying Notes to Financial Statements
95

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.0%
				Repurchase Agreements: 2.1%
	1,000,000	(14	)	Bank of Montreal, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.500%- 5.000%, Market Value plus accrued interest $1,020,000, due 04/20/49- 12/01/49)	$	1,000,000		0.5
	1,000,000	(14	)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.500%- 6.500%, Market Value plus accrued interest $1,020,089, due 09/01/24- 11/01/49)		1,000,000		0.5

Principal Amount†					Value		Percentage of Net Assets
	199,320	(14	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $199,337, collateralized by various U.S. Government Securities, 0.000%- 8.500%, Market Value plus accrued interest $203,324, due 01/15/20- 11/15/48)	$	199,320		0.1
	1,000,000	(14	)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%- 9.000%, Market Value plus accrued interest $1,020,000, due 02/13/20- 09/20/69)		1,000,000		0.5

See Accompanying Notes to Financial Statements
96

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Repurchase Agreements (continued)

1,000,000

(14

)

Morgan
Stanley,
Repurchase
Agreement
dated
12/31/19,
1.57%, due
01/02/20
(Repurchase
Amount
$1,000,086,
collateralized
by various
U.S.
Government
Agency
Obligations,
2.000%-
6.500%,
Market Value
plus accrued
interest
$1,020,000,
due 07/01/27-
01/01/50)

1,000,000

0.5

Total
Repurchase
Agreements
(Cost
$4,199,320)

4,199,320

2.1

Value

Percentage
of Net
Assets

Mutual Funds: 0.9%

1,917,000

(15

)

Goldman
Sachs
Financial
Square
Government
Fund -
Institutional
Shares,
1.500%
(Cost
$1,917,000)

1,917,000

0.9

Total Short-
Term
Investments
(Cost
$6,116,320)

6,116,320

3.0

Total
Investments
in Securities
(Cost
$203,705,839)

205,441,570

102.0

Liabilities in
Excess of
Other Assets

(4,103,028

)

(2.0

)

Net Assets

201,338,542

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 December 31, 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 December 31, 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 December 31, 2019.

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

(9) 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.

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

(11) The grouping contains securities on loan.

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

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

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

(15) Rate shown is the 7-day yield as of December 31, 2019.

Currency Abbreviations:

BRL Brazilian Real

CLP Chilean Peso

EUR EU Euro

IDR Indonesian Rupiah

MXN Mexican Peso

PEN Peruvian Nuevo Sol

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
97

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		19.2	%
Collateralized Mortgage Obligations		15.4
Sovereign Bonds		10.9
Commercial Mortgage-Backed Securities		9.1
Financial		8.5
U.S. Treasury Obligations		8.3
Uniform Mortgage-Backed Securities		5.0
Other Asset-Backed Securities		4.3
Consumer, Non-cyclical		3.4
Treasury Inflation Indexed Protected Securities		3.1
U.S. Government Agency Obligations		2.6
Communications		2.5
Energy		2.3
Utilities		2.0
Consumer, Cyclical		1.1
Technology		0.6
Industrial		0.5
Basic Materials		0.2
Materials		0.0
Communication Services		0.0
Purchased Options		0.0
Structured Notes		0.0
Short-Term Investments		3.0
Liabilities in Excess of Other Assets		(2.0	)
Net Assets		100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
United States	$	27,672	$	—	$	—	$	27,672
Total Common Stock		27,672		—		—		27,672
Mutual Funds		38,709,816		—		—		38,709,816
Purchased Options		—		42,509		—		42,509
Corporate Bonds/Notes		—		42,428,425		3,108		42,431,533
Collateralized Mortgage Obligations		—		30,954,701		—		30,954,701
Asset-Backed Securities		—		8,681,200		—		8,681,200
Commercial Mortgage-Backed Securities		—		18,304,126		—		18,304,126
U.S. Government Agency Obligations		—		15,223,352		—		15,223,352
Sovereign Bonds		—		21,875,384		—		21,875,384
U.S. Treasury Obligations		—		23,064,265		—		23,064,265
Structured Notes		—		—		10,692		10,692
Short-Term Investments		1,917,000		4,199,320		—		6,116,320
Total Investments, at fair value	$	40,654,488	$	164,773,282	$	13,800	$	205,441,570
Other Financial Instruments+
Centrally Cleared Swaps		—		2,234,359		—		2,234,359
Forward Foreign Currency Contracts		—		1,589,016		—		1,589,016
Futures		225,219		—		—		225,219
Total Assets	$	40,879,707	$	168,596,657	$	13,800	$	209,490,164

See Accompanying Notes to Financial Statements
98

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2019
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(1,392,652	)	$	—	$	(1,392,652	)
Forward Foreign Currency Contracts		—			(790,727	)		—		(790,727	)
Forward Premium Swaptions		—			(1,061	)		—		(1,061	)
Futures		(405,741	)		—			—		(405,741	)
OTC Swaps		—			(5,341	)		—		(5,341	)
Volatility Swaps		—			(31,815	)		—		(31,815	)
Written Options		—			(2,276	)		—		(2,276	)
Total Liabilities	$	(405,741	)	$	(2,223,872	)	$	—	$	(2,629,613	)

^ 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 year ended December 31, 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 12/31/19		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund — Class P	$	10,570,022	$	356,963	$	(5,232,154	)	$	839,355	$	6,534,186	$	356,954	$	(228,650	)	$	—
Voya Emerging Markets Hard Currency Debt Fund — Class P		15,377,081		583,024		(6,639,600	)		1,762,886		11,083,391		583,015		(639,603	)		—
Voya Emerging Markets Local Currency Debt Fund — Class P		12,193,671		455,122		—			1,157,760		13,806,553		455,117		—			—
Voya High Yield Bond Fund — Class P		11,948,411		488,693		(6,068,085	)		916,667		7,285,686		488,692		(68,086	)		—
	$	50,089,185	$	1,883,802	$	(17,939,839	)	$	4,676,668	$	38,709,816	$	1,883,778	$	(936,339	)	$	—

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

At December 31, 2019, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
UAH	8,564,560	USD	360,917	Bank of America N.A.	02/07/20	$	43,801
USD	1,065,000	GBP	817,773	Barclays Bank PLC	01/17/20		(18,678	)
NZD	2,092,724	USD	1,396,000	Barclays Bank PLC	01/17/20		13,125
EUR	1,276,620	USD	1,420,000	Barclays Bank PLC	01/17/20		13,276
AUD	2,262,175	USD	1,571,000	Barclays Bank PLC	01/17/20		17,063
USD	827,000	SEK	7,720,912	Barclays Bank PLC	01/17/20		2,097
USD	76,000	KRW	88,274,760	Barclays Bank PLC	02/07/20		(435	)
USD	1,212,750	ZAR	18,110,110	Barclays Bank PLC	02/07/20		(74,154	)
USD	496,628	MXN	9,652,636	Barclays Bank PLC	02/07/20		(11,119	)
USD	1,663,571	RUB	106,686,321	Barclays Bank PLC	02/07/20		(47,748	)
USD	992,792	COP	3,308,469,590	Barclays Bank PLC	02/07/20		(12,338	)
USD	442,587	HUF	130,737,444	Barclays Bank PLC	02/07/20		(1,288	)
ZAR	7,578,053	USD	511,000	Barclays Bank PLC	02/07/20		27,496
IDR	245,079,044	USD	17,408	Barclays Bank PLC	02/07/20		257
USD	40,000	RUB	2,566,456	Barclays Bank PLC	02/07/20		(1,168	)
USD	2,607,210	PEN	8,725,659	Barclays Bank PLC	02/07/20		(23,325	)
USD	33,583	MYR	138,881	Barclays Bank PLC	02/07/20		(444	)
NOK	30,702,931	USD	3,358,335	BNP Paribas	01/17/20		139,090
SEK	69,646,518	USD	7,331,091	BNP Paribas	01/17/20		109,945
USD	612,973	IDR	8,637,397,808	BNP Paribas	02/07/20		(9,602	)
USD	54,711	PHP	2,765,071	BNP Paribas	02/07/20		217
HKD	379,429	USD	48,416	BNP Paribas	02/07/20		259
USD	3,772,257	BRL	15,199,946	BNP Paribas	02/07/20		(2,136	)

See Accompanying Notes to Financial Statements
99

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
RUB	21,752,413	USD	338,000	BNP Paribas	02/07/20	$	10,923
USD	340,000	CLP	261,926,137	BNP Paribas	02/07/20		(8,485	)
MXN	3,111	USD	163	BNP Paribas	02/07/20		1
KRW	2,838,992,607	USD	2,462,420	BNP Paribas	02/07/20		(4,190	)
USD	605,933	CLP	451,644,585	BNP Paribas	02/07/20		5,033
USD	209,259	THB	6,315,606	BNP Paribas	02/07/20		(1,769	)
USD	487,302	TRY	2,872,504	BNP Paribas	02/07/20		8,843
USD	527,898	PLN	2,025,044	BNP Paribas	02/07/20		(5,928	)
USD	322,178	RON	1,382,861	BNP Paribas	02/07/20		(1,269	)
EGP	10,050,949	USD	621,580	BNP Paribas	02/10/20		1,335
USD	2,100,000	GBP	1,602,697	Brown Brothers Harriman & Co.	01/17/20		(23,827	)
USD	2,357,000	NOK	20,776,085	Brown Brothers Harriman & Co.	01/17/20		(9,640	)
USD	1,051,000	CHF	1,030,100	Brown Brothers Harriman & Co.	01/17/20		(14,473	)
EUR	651,074	USD	723,000	Brown Brothers Harriman & Co.	01/17/20		7,968
USD	2,695,000	CAD	3,517,398	Brown Brothers Harriman & Co.	01/17/20		(13,917	)
CHF	1,001,121	USD	1,021,000	Brown Brothers Harriman & Co.	01/17/20		14,499
CHF	1,061,198	USD	1,081,000	Brown Brothers Harriman & Co.	01/17/20		16,640
USD	848,000	CAD	1,115,821	Brown Brothers Harriman & Co.	01/17/20		(11,347	)
USD	1,045,000	CHF	1,023,784	Brown Brothers Harriman & Co.	01/17/20		(13,941	)
USD	1,068,000	CHF	1,044,470	Brown Brothers Harriman & Co.	01/17/20		(12,337	)
SEK	9,994,278	USD	1,064,000	Brown Brothers Harriman & Co.	01/17/20		3,789
USD	1,022,000	SEK	9,610,535	Brown Brothers Harriman & Co.	01/17/20		(4,790	)
USD	458,000	NZD	680,350	Brown Brothers Harriman & Co.	01/17/20		(110	)
SEK	9,963,172	USD	1,067,000	Brown Brothers Harriman & Co.	01/17/20		(2,534	)
USD	1,981,000	CAD	2,611,097	Brown Brothers Harriman & Co.	01/17/20		(29,930	)
NZD	1,305,883	USD	860,000	Brown Brothers Harriman & Co.	01/17/20		19,310
AUD	1,171,479	USD	799,000	Brown Brothers Harriman & Co.	01/17/20		23,386
CAD	9,979,864	USD	7,530,694	Brown Brothers Harriman & Co.	01/17/20		155,277
USD	835,000	JPY	90,512,998	Brown Brothers Harriman & Co.	01/17/20		1,309
JPY	1,247,599	USD	11,527	Brown Brothers Harriman & Co.	01/17/20		(36	)
GBP	2,160,462	USD	2,845,000	Brown Brothers Harriman & Co.	01/17/20		17,953
CHF	4,540,021	USD	4,600,303	Brown Brothers Harriman & Co.	01/17/20		95,622
AUD	1,877,619	USD	1,291,000	Brown Brothers Harriman & Co.	01/17/20		27,102
EUR	684,726	USD	761,000	Brown Brothers Harriman & Co.	01/17/20		7,750
GBP	398,613	USD	527,000	Citibank N.A.	01/17/20		1,225
CLP	78,017,450	USD	101,000	Citibank N.A.	02/07/20		2,800
USD	513,298	MXN	9,910,957	Citibank N.A.	02/07/20		(8,037	)
UYU	13,714,846	USD	360,917	Citibank N.A.	02/07/20		5,545
PLN	665,377	USD	172,000	Citibank N.A.	02/07/20		3,401
USD	520,058	MXN	9,962,023	Citibank N.A.	02/07/20		(3,963	)
ILS	869,335	USD	249,512	Citibank N.A.	02/07/20		2,682
MXN	15,729	USD	802	Citibank N.A.	02/07/20		25
USD	626,362	CZK	14,372,154	Credit Suisse International	02/07/20		(7,624	)
CNY	5,073,786	USD	719,339	Credit Suisse International	02/07/20		8,911
RUB	1,943,135	USD	30,305	HSBC Bank USA N.A.	02/07/20		864
USD	387,546	RUB	24,797,285	HSBC Bank USA N.A.	02/07/20		(10,219	)
PEN	802,112	USD	236,842	HSBC Bank USA N.A.	02/07/20		4,972
COP	1,257,056,280	USD	366,000	JPMorgan Chase Bank N.A.	02/07/20		15,900
CNY	30,372,792	USD	4,329,559	JPMorgan Chase Bank N.A.	02/07/20		29,902
USD	611,800	IDR	8,637,397,808	JPMorgan Chase Bank N.A.	02/07/20		(10,775	)
PHP	21,251,680	USD	419,000	JPMorgan Chase Bank N.A.	02/07/20		(170	)
PKR	37,475,319	USD	240,612	JPMorgan Chase Bank N.A.	02/07/20		(964	)
USD	77,000	PEN	260,491	JPMorgan Chase Bank N.A.	02/07/20		(1,531	)
USD	7,015	JPY	768,000	Morgan Stanley Capital Services LLC	01/06/20		(53	)
SEK	9,524,465	USD	1,011,000	Morgan Stanley Capital Services LLC	01/17/20		6,594
USD	3,064,000	CHF	3,000,215	Morgan Stanley Capital Services LLC	01/17/20		(39,242	)
EUR	528,416	USD	586,000	Morgan Stanley Capital Services LLC	01/17/20		7,258
AUD	678,673	USD	468,000	Morgan Stanley Capital Services LLC	01/17/20		8,433
SEK	3,596,644	USD	383,000	Morgan Stanley Capital Services LLC	01/17/20		1,265
USD	11,527	JPY	1,247,598	Morgan Stanley Capital Services LLC	02/07/20		22
BRL	833,140	USD	200,000	Morgan Stanley Capital Services LLC	02/07/20		6,882
KZT	163,585,695	USD	421,070	Morgan Stanley Capital Services LLC	02/07/20		3,371
USD	240,000	COP	824,366,400	Morgan Stanley Capital Services LLC	02/07/20		(10,447	)
ZAR	54,000	USD	3,659	Standard Chartered Bank	02/07/20		178
USD	1,683,000	AUD	2,403,394	State Street Bank and Trust Co.	01/17/20		(4,199	)
USD	479,000	CAD	633,374	State Street Bank and Trust Co.	01/17/20		(8,791	)
AUD	627,700	USD	428,663	State Street Bank and Trust Co.	01/17/20		11,987
DKK	3,145,127	USD	467,420	State Street Bank and Trust Co.	01/17/20		5,154
EUR	23,443,043	USD	26,028,806	State Street Bank and Trust Co.	01/17/20		290,956

See Accompanying Notes to Financial Statements
100

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	7,643,934	USD	8,483,000	State Street Bank and Trust Co.	01/17/20	$	98,928
JPY	3,402,203,664	USD	31,444,529	State Street Bank and Trust Co.	01/17/20		(107,736	)
NZD	2,044,484	USD	1,340,057	State Street Bank and Trust Co.	01/17/20		36,586
USD	1,154,000	AUD	1,687,816	State Street Bank and Trust Co.	01/17/20		(30,859	)
USD	481,000	CAD	636,127	State Street Bank and Trust Co.	01/17/20		(8,912	)
USD	1,465,000	SEK	13,736,735	State Street Bank and Trust Co.	01/17/20		(2,633	)
USD	1,234,000	JPY	134,545,180	State Street Bank and Trust Co.	01/17/20		(5,260	)
USD	1,338,000	CAD	1,758,054	State Street Bank and Trust Co.	01/17/20		(15,962	)
AUD	1,483,207	USD	1,019,000	State Street Bank and Trust Co.	01/17/20		22,222
CHF	789,116	USD	816,000	State Street Bank and Trust Co.	01/17/20		214
CHF	2,105,526	USD	2,176,000	State Street Bank and Trust Co.	01/17/20		1,830
EUR	1,300,417	USD	1,458,000	State Street Bank and Trust Co.	01/17/20		1,993
GBP	1,433,463	USD	1,882,000	State Street Bank and Trust Co.	01/17/20		17,564
NOK	23,732,348	USD	2,609,000	State Street Bank and Trust Co.	01/17/20		94,393
USD	546,000	CHF	536,922	State Street Bank and Trust Co.	01/17/20		(9,360	)
GBP	4,521,615	USD	5,956,742	State Street Bank and Trust Co.	01/17/20		35,110
USD	449,000	JPY	48,929,551	State Street Bank and Trust Co.	01/17/20		(1,677	)
USD	1,087,000	SEK	10,162,141	State Street Bank and Trust Co.	01/17/20		1,277
EUR	6,895,657	USD	7,709,000	State Street Bank and Trust Co.	01/17/20		32,830
USD	994,000	JPY	107,722,106	State Street Bank and Trust Co.	01/17/20		1,800
CHF	1,039,442	USD	1,063,000	State Street Bank and Trust Co.	01/17/20		12,136
USD	730,000	GBP	560,408	State Street Bank and Trust Co.	01/17/20		(12,630	)
USD	744,000	GBP	574,634	State Street Bank and Trust Co.	01/17/20		(17,481	)
USD	7,671,000	EUR	6,867,096	State Street Bank and Trust Co.	01/17/20		(38,764	)
USD	735,000	GBP	566,784	State Street Bank and Trust Co.	01/17/20		(16,078	)
USD	3,021,000	SEK	28,216,941	State Street Bank and Trust Co.	01/17/20		6,301
JPY	172,846,256	USD	1,589,000	State Street Bank and Trust Co.	01/17/20		3,041
USD	882,000	CAD	1,155,728	State Street Bank and Trust Co.	01/17/20		(8,081	)
USD	1,848,000	CAD	2,436,090	State Street Bank and Trust Co.	01/17/20		(28,149	)
CZK	6,406,157	USD	277,000	State Street Bank and Trust Co.	02/07/20		5,589
USD	439,000	PLN	1,697,703	State Street Bank and Trust Co.	02/07/20		(8,534	)
SGD	537,066	USD	396,129	State Street Bank and Trust Co.	02/07/20		3,302
MXN	5,347,755	USD	275,000	State Street Bank and Trust Co.	02/07/20		6,302
USD	539,000	MXN	10,468,043	State Street Bank and Trust Co.	02/07/20		(11,638	)
CNY	3,573,461	USD	507,000	State Street Bank and Trust Co.	02/07/20		5,905
						$	798,289

At December 31, 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		03/16/20	$	1,103,529		$	(21,488	)
Australia 3-Year Bond		36		03/16/20		2,905,588			(19,357	)
Canada 10-Year Bond		25		03/20/20		2,646,798			(58,883	)
Euro-Bobl 5-Year		48		03/06/20		7,194,885			(36,493	)
Euro-Buxl^® 30-year German Government Bond		12		03/06/20		2,670,286			(81,947	)
Euro-OAT		56		03/06/20		10,224,476			(122,539	)
Euro-Schatz		74		03/06/20		9,288,805			(7,545	)
Japanese Government Bonds 10-Year Mini		32		03/12/20		4,474,493			(13,033	)
Long Gilt		19		03/27/20		3,306,514			(14,942	)
Long-Term Euro-BTP		19		03/06/20		3,036,164			(6,857	)
Short Gilt		20		03/27/20		2,741,940			(6,711	)
U.S. Treasury 2-Year Note		17		03/31/20		3,663,500			1,315
U.S. Treasury Long Bond		5		03/20/20		779,531			(15,946	)
					$	54,036,509		$	(404,426	)
Short Contracts:
Euro-Bund		(14	)	03/06/20		(2,677,353	)		36,220
U.S. Treasury 10-Year Note		(26	)	03/20/20		(3,338,969	)		28,215
U.S. Treasury 5-Year Note		(40	)	03/31/20		(4,744,375	)		15,267
U.S. Treasury Ultra 10-Year Note		(71	)	03/20/20		(9,989,922	)		116,867
U.S. Treasury Ultra Long Bond		(5	)	03/20/20		(908,281	)		27,335
					$	(21,658,900	)	$	223,904

See Accompanying Notes to Financial Statements
101

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

At December 31, 2019, the following centrally cleared credit default swaps were outstanding for Voya Global Bond Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)⁽²⁾			Termination Date	Notional Amount⁽³⁾		Fair Value⁽⁴⁾			Unrealized Appreciation/ (Depreciation)
iTraxx Cross-over Index, Series 32, Version 1	Buy		(5.000	)	12/20/24	EUR	8,268,000	$	(1,263,720	)	$	(26,673	)
								$	(1,263,720	)	$	(26,673	)

Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection⁽⁵⁾

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)⁽⁶⁾		Termination Date	Notional Amount⁽³⁾		Fair Value⁽⁴⁾		Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 33, Version 2	Sell		5.000	12/20/24	USD	3,305,610	$	318,446	$	98,776
							$	318,446	$	98,776

(1) 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.

(2) Payments made quarterly.

(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.

(5) 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.

(6) Payments received quarterly.

At December 31, 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	$	99,391		$	85,168
Pay	6-month EUR-EURIBOR	Semi-Annual		0.294		Annual	02/10/23	EUR	2,400,000		44,656			45,805
Pay	6-month EUR-EURIBOR	Semi-Annual		0.325		Annual	02/16/23	EUR	100,000		1,982			2,026
Pay	6-month GBP-LIBOR	Semi-Annual		2.899		Semi-Annual	08/22/44	GBP	2,000,000		1,052,086			1,130,431
Pay	6-month JPY-LIBOR	Semi-Annual		0.328		Semi-Annual	02/13/34	JPY	403,500,000		49,837			52,454
Pay	6-month JPY-LIBOR	Semi-Annual		0.519		Semi-Annual	02/15/39	JPY	65,000,000		20,621			21,228
Pay	6-month JPY-LIBOR	Semi-Annual		0.583		Semi-Annual	02/13/44	JPY	349,200,000		137,823			142,757
Pay	6-month JPY-LIBOR	Semi-Annual		0.670		Semi-Annual	02/07/49	JPY	180,000,000		105,218			108,181
Pay	1-month USD-LIBOR	Monthly		2.726		Monthly	12/27/28	USD	1,250,000		102,513			102,513
Pay	1-month USD-LIBOR	Monthly		2.466		Monthly	01/07/29	USD	584,000		35,177			35,177
Pay	3-month USD-LIBOR	Quarterly		1.997		Semi-Annual	06/25/29	USD	3,950,000		42,472			42,472
Pay	1-month USD-LIBOR	Monthly		2.400		Monthly	10/27/32	USD	690,000		43,653			43,742
Pay	1-month USD-LIBOR	Monthly		2.488		Monthly	10/27/47	USD	800,000		89,786			89,897
Receive	6-month EUR-EURIBOR	Semi-Annual		0.056		Annual	02/10/21	EUR	100,000		(483	)		(512	)
Receive	6-month EUR-EURIBOR	Semi-Annual		1.143		Annual	02/04/46	EUR	500,000		(71,679	)		(74,738	)
Receive	1-month USD-LIBOR	Monthly		2.656		Monthly	06/19/20	USD	8,150,000		(36,184	)		(36,184	)
Receive	1-month USD-LIBOR	Monthly		2.798		Monthly	09/14/20	USD	4,000,000		(31,306	)		(31,306	)
Receive	1-month USD-LIBOR	Monthly		1.079		Monthly	04/04/21	USD	7,500,000		48,282			48,282
Receive	1-month USD-LIBOR	Monthly		1.493		Monthly	09/12/21	USD	11,000,000		15,030			15,030
Receive	1-month USD-LIBOR	Monthly		1.983		Monthly	10/27/22	USD	23,590,000		(275,186	)		(277,132	)
Receive	1-month USD-LIBOR	Monthly		2.816		Monthly	06/19/23	USD	1,716,000		(72,547	)		(72,547	)
Receive	1-month USD-LIBOR	Monthly		2.514		Monthly	01/24/25	USD	1,210,000		(52,363	)		(52,363	)
Receive	1-month USD-LIBOR	Monthly		2.728		Monthly	03/01/25	USD	4,110,000		(224,959	)		(224,959	)
Receive	1-month USD-LIBOR	Monthly		2.210		Monthly	10/27/26	USD	3,590,000		(124,377	)		(124,764	)
Receive	1-month USD-LIBOR	Monthly		2.681		Monthly	02/02/28	USD	1,690,000		(123,491	)		(123,491	)
Receive	1-month USD-LIBOR	Monthly		2.884		Monthly	06/19/28	USD	910,000		(83,309	)		(83,309	)

See Accompanying Notes to Financial Statements
102

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate			Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive	1-month USD-LIBOR	Monthly		3.099	%	Monthly	10/18/28	USD	780,000	$	(87,097	)	$	(87,097	)
Receive	3-month USD-LIBOR	Quarterly		1.816		Semi-Annual	08/05/29	USD	3,294,000		19,479			19,479
Receive	3-month USD-LIBOR	Quarterly		1.533		Semi-Annual	08/09/29	USD	3,081,000		95,766			95,766
Receive	1-month USD-LIBOR	Monthly		1.646		Monthly	10/30/29	USD	3,000,000		37,157			37,395
Receive	3-month USD-LIBOR	Quarterly		1.807		Semi-Annual	12/18/29	USD	2,250,000		17,780			17,780
Receive	1-month USD-LIBOR	Monthly		2.390		Monthly	12/11/32	USD	400,000		(24,953	)		(24,953	)
Receive	1-month USD-LIBOR	Monthly		2.962		Monthly	04/30/33	USD	530,000		(70,764	)		(70,764	)
Receive	1-month USD-LIBOR	Monthly		3.148		Monthly	10/18/33	USD	520,000		(81,860	)		(81,860	)
										$	698,151		$	769,604

At December 31, 2019, the following over-the-counter-total return swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Total Return⁽¹⁾	Reference Entity	Reference Entity Payment Frequency	Fixed/ Floating Rate			Floating Rate Payment Frequency	Counterparty	Termination Date	Notional Amount		Fair Value			Upfront Payments Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Receive	Japanese Government 5-Year Treasury Bond	At Termination		-0.1	%	At Termination	BNP Paribas	03/05/20	JPY	1,550,000,000	$	(5,341	)	$	—	$	(5,341	)
											$	(5,341	)	$	—	$	(5,341	)

At December 31, 2019, the following over-the-counter volatility swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Volatility⁽²⁾	Reference Entity	Volatility Strike Rate			Counterparty	Maturity Date	Currency	Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)
Receive	USD vs. JPY Spot Exchange Rate		5.800	%	Citibank N.A.	01/27/20	USD		20,000	$	(22,909	)	$	(22,909	)
Receive	USD vs. CAD Spot Exchange Rate		4.050	%	Citibank N.A.	01/09/20	USD		20,000		(3,046	)		(3,046	)
Receive	USD vs. CAD Spot Exchange Rate		4.100	%	Morgan Stanley Capital Services LLC	01/08/20	USD		20,000		(5,860	)		(5,860	)
										$	(31,815	)	$	(31,815	)

At December 31, 2019, the following over-the-counter purchased foreign currency options were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Expiration Date	Exercise Price			Notional Amount		Cost		Fair Value
Call USD vs. Put JPY	BNP Paribas	02/26/20		108.500	USD		5,250,000	$	35,262	$	41,619
Put USD vs. Call JPY	BNP Paribas	02/26/20		97.000	USD		7,875,000		37,013		890
								$	72,275	$	42,509

At December 31, 2019, the following OTC written foreign currency options were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Expiration Date	Exercise Price			Notional Amount		Premiums Received		Fair Value
Put USD vs. Call JPY	BNP Paribas	02/26/20		100.000	USD		7,875,000	$	64,400	$	(2,276	)
								$	64,400	$	(2,276	)

At December 31, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Exercise Rate⁽³⁾			Pay/ Receive Exercise Rate	Floating Rate Index		Expiration Date	Notional Amount		Premium receivable/ (payable) at expiration⁽⁴⁾			Unrealized Appreciation/ (Depreciation)
Call on 5-Year Interest Rate Swap (Purchased)	Morgan Stanley Capital Services LLC		4.960	%	Receive		3-month USD-LIBOR	04/29/20	USD	11,869,000	$	(610,902	)	$	(1,061	)
											$	(610,902	)	$	(1,061	)

See Accompanying Notes to Financial Statements
103

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

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

(2) Payments made at maturity date.

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

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

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

COP — Colombian Peso

CNY — Chinese Yuan

CZK — Czech Koruna

DKK — Danish Krone

EGP — Egyptian Pound

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

KZT — Kazakhstani Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PKR — Pakistan Rupee

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

UAH — Ukrainian Hryvnia

USD — United States Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

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

The fair value of derivative instruments as of December 31, 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	Investments in securities at value*	$	42,509
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,589,016
Interest rate contracts	Net Assets — Unrealized appreciation***		225,219
Credit contracts	Net Assets — Unrealized appreciation****		98,776
Interest rate contracts	Net Assets — Unrealized appreciation****		2,135,583
Total Asset Derivatives		$	4,091,103
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	790,727
Interest rate contracts	Unrealized depreciation on forward premium swaptions**		1,061
Interest rate contracts	Net Assets — Unrealized depreciation***		405,741
Credit contracts	Net Assets — Unrealized depreciation****		26,673
Interest rate contracts	Net Assets — Unrealized depreciation****		1,365,979
Interest rate contracts	Unrealized depreciation on OTC swap agreements		5,341
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements		31,815
Foreign exchange contracts	Written options, at fair value		2,276
Total Liability Derivatives		$	2,629,613

See Accompanying Notes to Financial Statements
104

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

* 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 Liabilities.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 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		—			—			—			208,683			—		208,683
Foreign exchange contracts		—			(2,321,527	)		—			(12,701	)		—		(2,334,228	)
Interest rate contracts		(139,449	)		—			1,520,497			(481,340	)		450,158		1,349,866
Total	$	(139,449	)	$	(2,321,527	)	$	1,405,763		$	(285,358	)	$	450,158	$	(890,413	)
	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	$	—		$	—		$	—		$	81,587		$	—	$	81,587
Foreign exchange contracts		(29,766	)		176,540			—			(31,815	)		62,124		177,083
Interest rate contracts		(39,329	)		—			(339,323	)		(3,979,039	)		1,524,472		(2,833,219	)
Total	$	(69,095	)	$	176,540		$	(339,323	)	$	(3,929,267	)	$	1,586,596	$	(2,574,549	)

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2019:

	Bank of America N.A.		Barclays Bank PLC			BNP Paribas			Brown Brothers Harrmian & Co.		Citibank N.A.			Credit Suisse International		HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.		Morgan Stanley Capital Services LLC			Standard Chartered Bank		State Street Bank & Trust Co.		Totals
Assets:
Purchased options	$	—	$	—		$	42,509		$	—	$	—		$	—	$	—		$	—	$	—		$	—	$	—	$	42,509
Forward foreign currency contracts		43,801		73,314			275,646			390,605		15,678			8,911		5,836			45,802		33,825			178		695,420		1,589,016
Total Assets	$	43,801	$	73,314		$	318,155		$	390,605	$	15,678		$	8,911	$	5,836		$	45,802	$	33,825		$	178	$	695,420	$	1,631,525
Liabilities:
Forward foreign currency contracts	$	—	$	190,697		$	33,379		$	136,882	$	12,000		$	7,624	$	10,219		$	13,440	$	49,742		$	—	$	336,744	$	790,727
Forward premium swaptions		—		—			—			—		—			—		—			—		1,061			—		—		1,061
Total return swaps		—		—			5,341			—		—			—		—			—		—			—		—		5,341
Volatility swaps		—		—			—			—		25,955			—		—			—		5,860			—		—		31,815
Written options		—		—			2,276			—		—			—		—			—		—			—		—		2,276
Total Liabilities	$	—	$	190,697		$	40,996		$	136,882	$	37,955		$	7,624	$	10,219		$	13,440	$	56,663		$	—	$	336,744	$	831,220
Net OTC derivative instruments by counterparty, at fair value	$	43,801	$	(117,383	)	$	277,159		$	253,723	$	(22,277	)	$	1,287	$	(4,383	)	$	32,362	$	(22,838	)	$	178	$	358,676	$	800,305
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	—	$	20,000		$	(277,159	)	$	—	$	—		$	—	$	—		$	—	$	—		$	—	$	—	$	(257,159	)
Net Exposure⁽¹⁾⁽²⁾	$	43,801	$	(97,383	)	$	—		$	253,723	$	(22,277	)	$	1,287	$	(4,383	)	$	32,362	$	(22,838	)	$	178	$	358,676	$	543,146

See Accompanying Notes to Financial Statements
105

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

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

(2) At December 31, 2019, the Portfolio received $300,000 in cash collateral from BNP Paribas. Excess cash collateral is not shown for financial reporting purposes.

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $204,015,319.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	10,304,376
Gross Unrealized Depreciation		(8,335,608	)
Net Unrealized Appreciation	$	1,968,768

See Accompanying Notes to Financial Statements
106

TABLE OF CONTENTS

VOYA INTERNATIONAL HIGH SUMMARY PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.7%
				Australia: 7.8%
	82,357			Rio Tinto Ltd.	$	5,826,757		1.2
	515,758			Sydney Airport		3,133,600		0.6
	6,564,828			Other Securities		28,533,000		6.0
						37,493,357		7.8
				Belgium: 0.3%
	29,195			Other Securities		1,522,135		0.3
				China: 0.4%
	516,500			Other Securities		1,792,992		0.4
				Denmark: 3.5%
	20,380			Carlsberg A/S		3,041,429		0.7
	24,466			Coloplast A/S		3,035,278		0.6
	104,830			Novo Nordisk A/S		6,074,776		1.3
	106,426			Other Securities		4,389,941		0.9
						16,541,424		3.5
				Finland: 3.1%
	87,180			Neste OYJ		3,033,453		0.6
	72,966			Sampo OYJ		3,185,938		0.7
	227,382			Other Securities		8,631,289		1.8
						14,850,680		3.1
				France: 8.3%
	40,044			Danone		3,325,507		0.7
	28,761			Eiffage SA		3,299,674		0.7
	196,047			Engie SA		3,175,649		0.7
	66,466			Sanofi		6,675,042		1.4
	25,815			Sodexo SA		3,059,287		0.6
	1,030,689	(1	)	Other Securities		20,151,075		4.2
						39,686,234		8.3
				Germany: 5.6%
	51,073			BASF SE		3,847,685		0.8
	24,435			Deutsche Boerse AG		3,831,734		0.8
	107,825			Deutsche Post AG		4,099,976		0.9
	839,755	(1	)	Other Securities		14,940,080		3.1
						26,719,475		5.6
				Hong Kong: 2.7%
	3,247,700			Other Securities		13,090,872		2.7
				Israel: 1.2%
	832,303			Other Securities		5,682,159		1.2

Shares					Value		Percentage of Net Assets
				Italy: 4.1%
	250,895			ENI S.p.A.	$	3,896,725		0.8
	1,498,008			Intesa Sanpaolo SpA		3,946,056		0.8
	275,041			Mediobanca Banca di Credito Finanziario SpA		3,028,364		0.6
	902,377			Other Securities		8,856,912		1.9
						19,728,057		4.1
				Japan: 25.2%
	123,100	(2	)	Canon, Inc.		3,369,060		0.7
	69,100			Fuji Film Holdings Corp.		3,299,933		0.7
	153,900			Itochu Corp.		3,566,892		0.7
	233,600			Mitsubishi Chemical Holdings Corp.		1,740,596		0.4
	129,300			Mitsubishi Corp.		3,425,334		0.7
	74,200			Mitsubishi Heavy Industries Ltd.		2,877,243		0.6
	209,200			Mitsui & Co., Ltd.		3,718,640		0.8
	93,600			MS&AD Insurance Group Holdings, Inc.		3,089,614		0.6
	74,000			NEC Corp.		3,062,450		0.6
	137,800			NTT DoCoMo, Inc.		3,838,576		0.8
	147,600			Sekisui House Ltd.		3,151,977		0.7
	210,900			Sumitomo Corp.		3,132,570		0.7
	111,700			Sumitomo Mitsui Financial Group, Inc.		4,125,681		0.9
	2,543,077	(1	)	Other Securities		77,938,278		16.3
						120,336,844		25.2
				Netherlands: 6.1%
	156,930	(3	)	ABN AMRO Bank NV		2,860,272		0.6
	341,728			Royal Dutch Shell PLC - Class A		10,120,077		2.1
	88,706			Unilever NV		5,090,924		1.1
	47,823			Wolters Kluwer NV		3,491,837		0.7
	738,093			Other Securities		7,862,583		1.6
						29,425,693		6.1
				New Zealand: 0.1%
	241,256			Other Securities		703,507		0.1
				Norway: 0.4%
	204,489			Other Securities		2,073,686		0.4
				Singapore: 2.6%
	5,765,100			Other Securities		12,239,792		2.6
				Spain: 3.1%
	16,132	(3	)	Aena SME SA		3,092,808		0.7
	113,155			Ferrovial SA - FERE		3,428,289		0.7
	321,020			Other Securities		8,200,115		1.7
						14,721,212		3.1

See Accompanying Notes to Financial Statements
107

TABLE OF CONTENTS

VOYA INTERNATIONAL HIGH SUMMARY PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Sweden: 1.4%
	216,196			Swedbank AB	$	3,213,966		0.7
	275,289			Other Securities		3,476,775		0.7
						6,690,741		1.4
				Switzerland: 9.3%
	59,403			LafargeHolcim Ltd.-CHF		3,295,529		0.7
	117,244			Nestle SA		12,693,453		2.7
	81,982			Novartis AG		7,762,843		1.6
	30,774			Roche Holding AG		10,001,637		2.1
	11,322			Zurich Insurance Group AG		4,644,280		1.0
	172,895			Other Securities		5,880,974		1.2
						44,278,716		9.3
				United Kingdom: 13.5%
	374,486	(3	)	Auto Trader Group PLC		2,957,392		0.6
	613,784			Aviva PLC		3,406,860		0.7
	449,332			BAE Systems PLC		3,364,314		0.7
	1,065,415			BP PLC		6,702,364		1.4
	1,279,613			BT Group PLC		3,260,720		0.7
	150,497			Compass Group PLC		3,771,747		0.8
	288,393			GlaxoSmithKline PLC		6,776,427		1.4
	821,775			Legal & General Group PLC		3,301,139		0.7
	35,397			Next PLC		3,298,411		0.7
	1,049,984			Royal Bank of Scotland Group PLC		3,368,312		0.7
	76,304			Unilever PLC		4,367,873		0.9
	2,431,181			Other Securities		19,813,277		4.2
						64,388,836		13.5
				Total Common Stock (Cost $443,488,322)		471,966,412		98.7
EXCHANGE-TRADED FUNDS: 0.2%
	10,419			Other Securities		723,495		0.2
				Total Exchange-Traded Funds (Cost $710,725)		723,495		0.2
RIGHTS: 0.0%
				Spain: 0.0%
	28,748	(1	)	Other Securities		13,640		0.0
				Total Rights (Cost $13,586)		13,640		0.0
				Total Long-Term Investments (Cost $444,212,633)		472,703,547		98.9

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.7%
				Repurchase Agreements: 0.7%
	1,000,000	(4	)	Bethesda Securities LLC, Repurchase Agreement dated 12/31/19, 1.65%, due 01/02/20 (Repurchase Amount $1,000,090, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $1,020,000, due 11/01/32-01/01/49)	$	1,000,000		0.2
	1,000,000	(4	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,000,087, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 01/25/20-10/15/60)		1,000,000		0.2
	1,000,000	(4	)	Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $1,000,096, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $1,020,000, due 04/15/20-03/31/21)		1,000,000		0.2
	512,449	(4	)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $512,493, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $522,698, due 06/30/21-12/01/49)		512,449		0.1
				Total Short-Term Investments (Cost $3,512,449)		3,512,449		0.7
				Total Investments in Securities (Cost $447,725,082)	$	476,215,996		99.6
				Assets in Excess of Other Liabilities		2,066,478		0.4
				Net Assets	$	478,282,474		100.0

See Accompanying Notes to Financial Statements
108

TABLE OF CONTENTS

VOYA INTERNATIONAL HIGH SUMMARY PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

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

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

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

Sector Diversification	Percentage of Net Assets
Financials		17.4	%
Industrials		17.3
Consumer Staples		12.0
Health Care		10.8
Consumer Discretionary		7.7
Communication Services		7.1
Materials		6.6
Energy		5.4
Information Technology		5.3
Utilities		4.7
Real Estate		4.4
Exchange-Traded Funds		0.2
Short-Term Investments		0.7
Assets in Excess of Other Liabilities		0.4
Net Assets		100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	37,493,357	$	—	$	37,493,357
Belgium		1,522,135		—		—		1,522,135
China		—		1,792,992		—		1,792,992
Denmark		2,651,064		13,890,360		—		16,541,424
Finland		4,994,227		9,856,453		—		14,850,680
France		4,637,047		35,049,187		—		39,686,234
Germany		4,599,374		22,120,101		—		26,719,475
Hong Kong		—		13,090,872		—		13,090,872
Israel		—		5,682,159		—		5,682,159
Italy		—		19,728,057		—		19,728,057
Japan		—		120,336,844		—		120,336,844
Netherlands		—		29,425,693		—		29,425,693
New Zealand		—		703,507		—		703,507
Norway		—		2,073,686		—		2,073,686
Singapore		—		12,239,792		—		12,239,792
Spain		2,332,540		12,388,672		—		14,721,212
Sweden		2,390,494		4,300,247		—		6,690,741
Switzerland		1,195,815		43,082,901		—		44,278,716
United Kingdom		5,388,334		59,000,502		—		64,388,836
Total Common Stock		29,711,030		442,255,382		—		471,966,412
Exchange-Traded Funds		723,495		—		—		723,495
Rights		13,640		—		—		13,640
Short-Term Investments		—		3,512,449		—		3,512,449
Total Investments, at fair value	$	30,448,165	$	445,767,831	$	—	$	476,215,996

^ 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
109

TABLE OF CONTENTS

VOYA INTERNATIONAL HIGH SUMMARY PORTFOLIO OF INVESTMENTS
DIVIDEND LOW VOLATILITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 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	$	(516,949	)
Total	$	(516,949	)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $449,670,768.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	41,550,301
Gross Unrealized Depreciation		(14,999,189	)
Net Unrealized Appreciation	$	26,551,112

See Accompanying Notes to Financial Statements
110

TABLE OF CONTENTS

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 96.6%
				Communication Services: 0.8%
	476,377			Other Securities	$	3,160,382		0.8
				Consumer Discretionary: 7.5%
	22,542			Advance Auto Parts, Inc.		3,610,327		1.0
	29,574			Genuine Parts Co.		3,141,646		0.8
	538,903	(1	),(2)	Other Securities		21,815,476		5.7
						28,567,449		7.5
				Consumer Staples: 5.8%
	87,189			Conagra Brands, Inc.		2,985,351		0.8
	111,638			Koninklijke Ahold Delhaize NV		2,799,045		0.7
	273,799			Orkla ASA		2,776,545		0.7
	207,602	(1	),(2)	Other Securities		13,718,009		3.6
						22,278,950		5.8
				Energy: 4.5%
	104,087			Baker Hughes Co.		2,667,750		0.7
	56,706			ConocoPhillips		3,687,591		1.0
	65,956			Schlumberger Ltd.		2,651,431		0.7
	665,602	(1	),(2)	Other Securities		7,964,555		2.1
						16,971,327		4.5
				Financials: 26.4%
	24,472			Ameriprise Financial, Inc.		4,076,546		1.1
	46,671			Axis Capital Holdings Ltd.		2,774,124		0.7
	85,310			BankUnited, Inc.		3,118,934		0.8
	25,848			Chubb Ltd.		4,023,500		1.1
	57,588			Comerica, Inc.		4,131,939		1.1
	46,384	(3	)	Commerce Bancshares, Inc.		3,151,329		0.8
	132,895	(3	),(4)	Compass Diversified Holdings		3,303,770		0.9
	201,577			First Hawaiian, Inc.		5,815,496		1.5
	157,696			Home Bancshares, Inc./ Conway AR		3,100,303		0.8
	19,356			M&T Bank Corp.		3,285,681		0.9
	60,610			Northern Trust Corp.		6,439,206		1.7
	145,211			ProAssurance Corp.		5,247,925		1.4
	19,667			Reinsurance Group of America, Inc.		3,206,901		0.8
	34,000			State Street Corp.		2,689,400		0.7
	115,635			Truist Financial Corp.		6,512,563		1.7
	55,904			UMB Financial Corp.		3,837,251		1.0
	266,702			Valley National Bancorp		3,053,738		0.8
	901,750	(1	),(2)	Other Securities		32,900,642		8.6
						100,669,248		26.4

Shares					Value		Percentage of Net Assets
				Health Care: 9.0%
	63,394			Cardinal Health, Inc.	$	3,206,469		0.8
	39,629			Cerner Corp.		2,908,372		0.7
	21,079			McKesson Corp.		2,915,647		0.8
	38,172			Quest Diagnostics, Inc.		4,076,388		1.1
	37,263	(5	)	Siemens Healthineers AG		1,786,286		0.5
	18,975			Universal Health Services, Inc.		2,722,154		0.7
	50,911			Zimmer Biomet Holdings, Inc.		7,620,358		2.0
	201,462	(2	)	Other Securities		9,041,206		2.4
						34,276,880		9.0
				Industrials: 15.7%
	15,698			Cummins, Inc.		2,809,314		0.7
	63,929			Emerson Electric Co.		4,875,226		1.3
	29,148			Hubbell, Inc.		4,308,657		1.1
	93,182			Johnson Controls International plc		3,793,439		1.0
	36,108			MSC Industrial Direct Co.		2,833,395		0.8
	152,527			nVent Electric PLC		3,901,641		1.0
	73,563			Southwest Airlines Co.		3,970,931		1.1
	1,411,696	(1	),(2)	Other Securities		33,293,788		8.7
						59,786,391		15.7
				Information Technology: 8.0%
	58,076			Applied Materials, Inc.		3,544,959		0.9
	55,356			Maxim Integrated Products		3,404,948		0.9
	571,321	(1	),(2)	Other Securities		23,614,245		6.2
						30,564,152		8.0
				Materials: 4.9%
	252,311			Graphic Packaging Holding Co.		4,200,978		1.1
	433,328	(1	)	Other Securities		14,343,519		3.8
						18,544,497		4.9
				Real Estate: 7.1%
	93,009			MGM Growth Properties LLC		2,880,489		0.8
	40,859			Welltower, Inc.		3,341,449		0.9
	162,419			Weyerhaeuser Co.		4,905,054		1.3
	789,601			Other Securities		15,752,496		4.1
						26,879,488		7.1
				Utilities: 6.9%
	49,173			Edison International		3,708,136		1.0
	39,373			NorthWestern Corp.		2,821,863		0.7
	37,725			Pinnacle West Capital Corp.		3,392,609		0.9
	32,224			Spire, Inc.		2,684,581		0.7

See Accompanying Notes to Financial Statements
111

TABLE OF CONTENTS

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Utilities (continued)
	80,844			Xcel Energy, Inc.	$	5,132,786		1.4
	95,524			Other Securities		8,533,566		2.2
						26,273,541		6.9
				Total Common Stock (Cost $329,270,067)		367,972,305		96.6
EXCHANGE-TRADED FUNDS: 2.1%
	85,888			iShares Russell Mid-Cap Value ETF		8,139,606		2.1
				Total Exchange-Traded Funds (Cost $7,511,640)		8,139,606		2.1
				Total Long-Term Investments (Cost $336,781,707)		376,111,911		98.7
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.2%
				Repurchase Agreements: 1.8%
	1,585,058	(6	)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,585,194, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,616,900, due 09/01/24-11/01/49)	$	1,585,058		0.4
	469,500	(6	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $469,541, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $478,933, due 01/15/20-11/15/48)		469,500		0.2

Principal Amount†					Value		Percentage of Net Assets
	1,585,058	(6	)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,585,194, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,616,759, due 02/13/20-09/20/69)	$	1,585,058		0.4
	1,585,058	(6	)	Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,585,195, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $1,616,759, due 01/28/20-05/15/27)		1,585,058		0.4
	1,585,058	(6	)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,585,194, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,616,759, due 06/30/21-12/01/49)		1,585,058		0.4
				Total Repurchase Agreements (Cost $6,809,732)		6,809,732		1.8

See Accompanying Notes to Financial Statements
112

TABLE OF CONTENTS

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds: 1.4%

5,193,548

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.520%
(Cost $5,193,548)

5,193,548

1.4

Total Short-Term
Investments
(Cost $12,003,280)

12,003,280

3.2

Total Investments in
Securities
(Cost $348,784,987)

388,115,191

101.9

Liabilities in Excess of
Other Assets

(7,237,575

)

(1.9

)

Net Assets

380,877,616

100.0

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

(7) Rate shown is the 7-day yield as of December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	3,160,382	$	—		$	—	$	3,160,382
Consumer Discretionary		28,567,449		—			—		28,567,449
Consumer Staples		16,703,360		5,575,590			—		22,278,950
Energy		16,971,327		—			—		16,971,327
Financials		100,669,248		—			—		100,669,248
Health Care		32,490,594		1,786,286			—		34,276,880
Industrials		53,811,045		5,975,346			—		59,786,391
Information Technology		30,564,152		—			—		30,564,152
Materials		15,895,822		2,648,675			—		18,544,497
Real Estate		26,879,488		—			—		26,879,488
Utilities		26,273,541		—			—		26,273,541
Total Common Stock		351,986,408		15,985,897			—		367,972,305
Exchange-Traded Funds		8,139,606		—			—		8,139,606
Short-Term Investments		5,193,548		6,809,732			—		12,003,280
Total Investments, at fair value	$	365,319,562	$	22,795,629		$	—	$	388,115,191
Other Financial Instruments+
Forward Foreign Currency Contracts		—		2,326			—		2,326
Total Assets	$	365,319,562	$	22,797,955		$	—	$	388,117,517
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(193,818	)	$	—	$	(193,818	)
Total Liabilities	$	—	$	(193,818	)	$	—	$	(193,818	)

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

See Accompanying Notes to Financial Statements
113

TABLE OF CONTENTS

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

At December 31, 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)
JPY	6,199,189	USD	57,314	Bank of America N.A.	03/31/20	$	29
USD	1,539,086	JPY	167,433,983	Bank of America N.A.	03/31/20		(9,683	)
EUR	191,304	USD	213,641	Credit Suisse AG	03/31/20		2,143
USD	7,472,918	EUR	6,656,558	Credit Suisse AG	03/31/20		(35,417	)
USD	17,755	NOK	156,249	Goldman Sachs & Co.	01/03/20		(43	)
NOK	565,710	USD	64,298	Goldman Sachs & Co.	03/31/20		154
USD	57,758	NOK	515,857	Goldman Sachs & Co.	03/31/20		(1,015	)
USD	2,333,364	NOK	21,035,512	Goldman Sachs & Co.	03/31/20		(63,241	)
USD	6,039,696	GBP	4,585,013	JPMorgan Chase Bank N.A.	03/31/20		(48,399	)
USD	54,972	NOK	484,953	Morgan Stanley	01/02/20		(266	)
USD	68,566	CAD	90,171	Morgan Stanley	03/31/20		(895	)
USD	2,655,855	CAD	3,492,969	Morgan Stanley	03/31/20		(34,859	)
						$	(191,492	)

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

GBP — British Pound

JPY — Japanese Yen

NOK — Norwegian Krone

USD — United States Dollar

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

The fair value of derivative instruments as of December 31, 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	$	2,326
Total Asset Derivatives		$	2,326
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	193,818
Total Liability Derivatives		$	193,818

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 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	$	363,607
Total	$	363,607
	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	$	(75,365	)
Total	$	(75,365	)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $354,882,057.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	48,073,020
Gross Unrealized Depreciation		(14,903,726	)
Net Unrealized Appreciation	$	33,169,294

See Accompanying Notes to Financial Statements
114

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.6%
				Communication Services: 3.9%
	640,834	(1	)	Iridium Communications, Inc.	$	15,790,150		3.1
	215,250			Manchester United PLC - Class A		4,289,932		0.8
						20,080,082		3.9
				Consumer Discretionary: 23.6%
	125,000	(1	)	Bright Horizons Family Solutions, Inc.		18,786,250		3.6
	327,290			Choice Hotels International, Inc.		33,851,605		6.6
	105,300			Marriott Vacations Worldwide Corp.		13,558,428		2.6
	21,650	(1	)	Ollie's Bargain Outlet Holdings, Inc.		1,413,961		0.3
	408,482	(1	)	Penn National Gaming, Inc.		10,440,800		2.0
	155,450			Red Rock Resorts, Inc.		3,723,028		0.7
	167,500			Vail Resorts, Inc.		40,171,525		7.8
						121,945,597		23.6
				Consumer Staples: 0.7%
	70,150	(1	)	Performance Food Group Co.		3,611,322		0.7
				Financials: 26.1%
	427,881	(1	)	Arch Capital Group Ltd.		18,351,816		3.5
	90,635	(1	)	BRP Group, Inc.		1,454,692		0.3
	162,500	(2	)	Carlyle Group L.P.		5,213,000		1.0
	179,000			Cohen & Steers, Inc.		11,234,040		2.2
	40,050			Essent Group Ltd.		2,082,199		0.4
	82,000			Factset Research Systems, Inc.		22,000,600		4.3
	33,125			Houlihan Lokey, Inc.		1,618,819		0.3
	76,618			Kinsale Capital Group, Inc.		7,788,986		1.5
	7,950	(1	)	LendingTree, Inc.		2,412,348		0.5
	52,025			Moelis & Co.		1,660,638		0.3
	74,407			Morningstar, Inc.		11,258,523		2.2
	128,875			MSCI, Inc. - Class A		33,272,947		6.4
	127,969			Primerica, Inc.		16,707,633		3.2
						135,056,241		26.1
				Health Care: 10.2%
	28,043	(1	)	Adaptive Biotechnologies Corp.		839,047		0.1
	51,523			Bio-Techne Corp.		11,309,814		2.2

Shares					Value		Percentage of Net Assets
	117,300			Dechra Pharmaceuticals PLC	$	4,510,217		0.9
	49,295	(1	)	Denali Therapeutics, Inc.		858,719		0.2
	75,500	(1	)	Idexx Laboratories, Inc.		19,715,315		3.8
	7,800	(1	)	Mettler Toledo International, Inc.		6,187,584		1.2
	41,550	(1	)	Neogen Corp.		2,711,553		0.5
	40,000			West Pharmaceutical Services, Inc.		6,013,200		1.2
	31,454	(3	)	Other Securities		541,952		0.1
						52,687,401		10.2
				Industrials: 9.4%
	29,727			Air Lease Corp.		1,412,627		0.3
	35,427	(1	)	BrightView Holdings, Inc.		597,653		0.1
	57,547	(1	)	CoStar Group, Inc.		34,430,370		6.6
	501,725	(1	),(4)	Marel HF		2,560,683		0.5
	103,150	(1	)	Trex Co., Inc.		9,271,122		1.8
	7,000			Other Securities		531,440		0.1
						48,803,895		9.4
				Information Technology: 17.1%
	53,870	(1	)	Altair Engineering, Inc.		1,934,472		0.4
	100,305	(1	)	ANSYS, Inc.		25,819,510		5.0
	155,550	(1	)	Benefitfocus, Inc.		3,412,767		0.7
	157,400	(1	)	Gartner, Inc.		24,255,340		4.7
	122,318	(1	)	Guidewire Software, Inc.		13,426,847		2.6
	8,950			Littelfuse, Inc.		1,712,135		0.3
	236,422			SS&C Technologies Holdings, Inc.		14,516,311		2.8
	25,936	(1	)	Wix.com Ltd.		3,174,047		0.6
						88,251,429		17.1
				Real Estate: 8.6%
	3,878			Alexander's, Inc.		1,281,097		0.2
	65,954			Alexandria Real Estate Equities, Inc.		10,656,848		2.0
	45,750			American Assets Trust, Inc.		2,099,925		0.4
	313,837			Douglas Emmett, Inc.		13,777,444		2.7
	49,855	(1	)	Forestar Group, Inc.		1,039,477		0.2
	370,266			Gaming and Leisure Properties, Inc.		15,939,951		3.1
						44,794,742		8.6
				Total Common Stock (Cost $143,789,138)		515,230,709		99.6

See Accompanying Notes to Financial Statements
115

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.4%

Mutual Funds: 0.4%

1,869,679

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.520%
(Cost $1,869,679)

1,869,679

0.4

Total Short-Term
Investments
(Cost $1,869,679)

1,869,679

0.4

Total Investments in
Securities
(Cost $145,658,817)

517,100,388

100.0

Liabilities in Excess of
Other Assets

(182,316

)

—

Net Assets

516,918,072

100.0

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) Security is a Master Limited Partnership.

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

(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 December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	20,080,082	$	—	$	—	$	20,080,082
Consumer Discretionary		121,945,597		—		—		121,945,597
Consumer Staples		3,611,322		—		—		3,611,322
Financials		135,056,241		—		—		135,056,241
Health Care		48,177,184		4,510,217		—		52,687,401
Industrials		48,803,895		—		—		48,803,895
Information Technology		88,251,429		—		—		88,251,429
Real Estate		44,794,742		—		—		44,794,742
Total Common Stock		510,720,492		4,510,217		—		515,230,709
Short-Term Investments		1,869,679		—		—		1,869,679
Total Investments, at fair value	$	512,590,171	$	4,510,217	$	—	$	517,100,388

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $148,795,376.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	371,674,865
Gross Unrealized Depreciation		(3,369,851	)
Net Unrealized Appreciation	$	368,305,014

See Accompanying Notes to Financial Statements
116

TABLE OF CONTENTS

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.5%
				Communication Services: 14.2%
	11,260			Activision Blizzard, Inc.	$	669,069		1.3
	663	(1	)	Alphabet, Inc. - Class A		888,016		1.7
	829	(1	)	Alphabet, Inc. - Class C		1,108,390		2.2
	17,140			AT&T, Inc.		669,831		1.3
	27,999			Comcast Corp. - Class A		1,259,115		2.5
	4,240	(1	)	Electronic Arts, Inc.		455,842		0.9
	6,065	(1	)	Facebook, Inc. - Class A		1,244,841		2.5
	6,582			Verizon Communications, Inc.		404,135		0.8
	9,325	(2	)	Other Securities		510,744		1.0
						7,209,983		14.2
				Consumer Discretionary: 7.7%
	805	(1	)	Amazon.com, Inc.		1,487,511		2.9
	17,395			eBay, Inc.		628,134		1.2
	7,779			Lowe's Cos, Inc.		931,613		1.8
	15,712	(2	)	Other Securities		892,866		1.8
						3,940,124		7.7
				Consumer Staples: 4.5%
	9,140			Mondelez International, Inc.		503,431		1.0
	12,245			Philip Morris International, Inc.		1,041,927		2.1
	14,065			Other Securities		724,693		1.4
						2,270,051		4.5
				Energy: 5.5%
	13,493			Canadian Natural Resources Ltd.		436,499		0.9
	9,281			Chevron Corp.		1,118,453		2.2
	7,354			EOG Resources, Inc.		615,971		1.2
	12,335			Other Securities		627,574		1.2
						2,798,497		5.5
				Financials: 14.9%
	1,960			Aon PLC		408,249		0.8
	8,978	(1	)	Berkshire Hathaway, Inc. - Class B		2,033,517		4.0
	1,461			BlackRock, Inc.		734,445		1.4
	18,807			Citigroup, Inc.		1,502,491		3.0
	11,913			JPMorgan Chase & Co.		1,660,672		3.3
	17,210			Morgan Stanley		879,775		1.7
	7,080			Wells Fargo & Co.		380,904		0.7
						7,600,053		14.9
				Health Care: 12.3%
	4,628			Abbott Laboratories		401,988		0.8
	2,250			Allergan plc		430,133		0.8
	1,462			Anthem, Inc.		441,568		0.9
	2,290			Becton Dickinson & Co.		622,811		1.2

Shares					Value		Percentage of Net Assets
	2,658			Cigna Corp.	$	543,534		1.1
	8,630			Dentsply Sirona, Inc.		488,372		1.0
	6,862			Johnson & Johnson		1,000,960		2.0
	12,843			Medtronic PLC		1,457,038		2.9
	13,676			Pfizer, Inc.		535,826		1.0
	2,885	(2	)	Other Securities		312,013		0.6
						6,234,243		12.3
				Industrials: 7.5%
	3,360			Caterpillar, Inc.		496,205		1.0
	9,000			Emerson Electric Co.		686,340		1.3
	5,722			Honeywell International, Inc.		1,012,794		2.0
	2,200			Northrop Grumman Corp.		756,734		1.5
	12,458	(2	)	Other Securities		858,177		1.7
						3,810,250		7.5
				Information Technology: 25.8%
	1,930	(1	)	Adobe, Inc.		636,533		1.3
	8,536			Apple, Inc.		2,506,597		4.9
	8,990			Cisco Systems, Inc.	��	431,160		0.8
	15,315			Corning, Inc.		445,820		0.9
	6,890			Fidelity National Information Services, Inc.		958,330		1.9
	5,837	(1	)	Fiserv, Inc.		674,932		1.3
	2,765			International Business Machines Corp.		370,621		0.7
	1,845			Lam Research Corp.		539,478		1.1
	3,956			Mastercard, Inc. - Class A		1,181,222		2.3
	18,350			Microsoft Corp.		2,893,795		5.7
	4,400			NXP Semiconductor NV - NXPI - US		559,944		1.1
	1,495	(1	)	Palo Alto Networks, Inc.		345,719		0.7
	26,667	(2	)	Other Securities		1,548,665		3.1
						13,092,816		25.8
				Materials: 3.2%
	12,195			Newmont Goldcorp Corp.		529,873		1.1
	16,279			Other Securities		1,080,185		2.1
						1,610,058		3.2
				Real Estate: 1.1%
	2,475			American Tower Corp.		568,804		1.1
				Utilities: 0.8%
	4,295			American Electric Power Co., Inc.		405,920		0.8
				Total Common Stock (Cost $39,859,994)		49,540,799		97.5

See Accompanying Notes to Financial Statements
117

TABLE OF CONTENTS

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Value

Percentage
of Net
Assets

OTHER⁽³⁾: —%

Materials: —%

649,000

),(5)

SINO Forest Corp.
(Escrow)

—

Total Other
(Cost $—)

—

Total Long-Term
Investments
(Cost $39,859,994)

49,540,799

97.5

SHORT-TERM INVESTMENTS: 2.4%

Mutual Funds: 2.4%

1,198,041

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.520%
(Cost $1,198,041)

1,198,041

2.4

Total Short-Term
Investments
(Cost $1,198,041)

1,198,041

2.4

Total Investments in
Securities
(Cost $41,058,035)

50,738,840

99.9

Assets in Excess of
Other Liabilities

43,995

0.1

Net Assets

50,782,835

100.0

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 December 31, 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 December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock*	$	49,540,799	$	—	$	—	$	49,540,799
Other		—		—		—		—
Short-Term Investments		1,198,041		—		—		1,198,041
Total Investments, at fair value	$	50,738,840	$	—	$	—	$	50,738,840

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

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

At December 31, 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 December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $41,201,352.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	9,879,586
Gross Unrealized Depreciation		(342,098	)
Net Unrealized Appreciation	$	9,537,488

See Accompanying Notes to Financial Statements
118

TABLE OF CONTENTS

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.2%
				Communication Services: 2.2%
	20,200			Nexstar Media Group, Inc.	$	2,368,450		1.5
	145,000	(1	)	Other Securities		1,074,450		0.7
						3,442,900		2.2
				Consumer Discretionary: 8.6%
	15,600	(2	)	TopBuild Corp.		1,608,048		1.0
	17,000	(2	)	Visteon Corp.		1,472,030		0.9
	356,700	(1	)	Other Securities		10,749,655		6.7
						13,829,733		8.6
				Consumer Staples: 2.9%
	73,500	(2	)	BellRing Brands, Inc.		1,564,815		1.0
	65,000	(2	)	BJ's Wholesale Club Holdings, Inc.		1,478,100		0.9
	34,000	(2	)	TreeHouse Foods, Inc.		1,649,000		1.0
						4,691,915		2.9
				Energy: 4.8%
	40,500			Scorpio Tankers, Inc.		1,593,270		1.0
	660,600	(1	)	Other Securities		6,082,059		3.8
						7,675,329		4.8
				Financials: 28.1%
	44,500			Ameris Bancorp.		1,893,030		1.2
	26,500			Amerisafe, Inc.		1,749,795		1.1
	28,500			Argo Group International Holdings Ltd.		1,873,875		1.2
	68,500			Atlantic Union Bankshares Corp.		2,572,175		1.6
	43,500			Blackstone Mortgage Trust, Inc.		1,619,070		1.0
	53,000			Cathay General Bancorp.		2,016,650		1.3
	38,500			Community Bank System, Inc.		2,731,190		1.7
	47,000			Hancock Whitney Corp.		2,062,360		1.3
	39,000			Houlihan Lokey, Inc.		1,905,930		1.2
	29,000			Independent Bank Corp.		2,414,250		1.5
	157,000			MGIC Investment Corp.		2,224,690		1.4
	54,500			Pacific Premier Bancorp, Inc.		1,776,972		1.1
	58,000			Renasant Corp.		2,054,360		1.3
	57,000			Sandy Spring Bancorp, Inc.		2,159,160		1.3
	58,500			TCF Financial Corp.		2,737,800		1.7
	29,500			UMB Financial Corp.		2,024,880		1.3
	45,500			WSFS Financial Corp.		2,001,545		1.2
	539,100	(1	)	Other Securities		9,155,283		5.7
						44,973,015		28.1
				Health Care: 5.1%
	48,000	(2	)	Horizon Therapeutics Plc		1,737,600		1.1
	15,500	(2	)	LHC Group, Inc.		2,135,280		1.3

Shares					Value		Percentage of Net Assets
	118,000	(2	)	R1 RCM, Inc.	$	1,531,640		1.0
	83,000	(1	)	Other Securities		2,715,645		1.7
						8,120,165		5.1
				Industrials: 13.5%
	92,000	(2	)	Evoqua Water Technologies Corp.		1,743,400		1.1
	23,000			ICF International, Inc.		2,107,260		1.3
	40,500			Kforce, Inc.		1,607,850		1.0
	27,500	(2	)	Mastec, Inc.		1,764,400		1.1
	32,000			Skywest, Inc.		2,068,160		1.3
	108,000	(2	)	Sunrun, Inc.		1,491,480		1.0
	502,200	(1	)	Other Securities		10,760,813		6.7
						21,543,363		13.5
				Information Technology: 14.0%
	78,000			Cohu, Inc.		1,782,300		1.1
	59,000			KBR, Inc.		1,799,500		1.1
	21,300	(2	)	Lumentum Holdings, Inc.		1,689,090		1.1
	19,000			Science Applications International Corp.		1,653,380		1.0
	17,800			SYNNEX Corp.		2,292,640		1.4
	111,000	(2	)	Viavi Solutions, Inc.		1,665,000		1.1
	425,400	(1	)	Other Securities		11,442,764		7.2
						22,324,674		14.0
				Materials: 5.6%
	33,522			Carpenter Technology Corp.		1,668,725		1.0
	25,500			Materion Corp.		1,515,975		1.0
	66,000	(2	)	Summit Materials, Inc.		1,577,400		1.0
	311,200	(1	)	Other Securities		4,226,950		2.6
						8,989,050		5.6
				Real Estate: 8.2%
	33,500			American Assets Trust, Inc.		1,537,650		1.0
	63,000			First Industrial Realty Trust, Inc.		2,615,130		1.6
	77,000			Mack-Cali Realty Corp.		1,781,010		1.1
	12,000			PS Business Parks, Inc.		1,978,440		1.2
	120,000			Sunstone Hotel Investors, Inc.		1,670,400		1.1
	101,900			Other Securities		3,517,431		2.2
						13,100,061		8.2
				Utilities: 5.2%
	17,500			ONE Gas, Inc.		1,637,475		1.0
	30,000			PNM Resources, Inc.		1,521,300		1.0
	29,000			Portland General Electric Co.		1,617,910		1.0
	83,000			Other Securities		3,565,410		2.2
						8,342,095		5.2
				Total Common Stock (Cost $132,960,402)		157,032,300		98.2

See Accompanying Notes to Financial Statements
119

TABLE OF CONTENTS

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.9%

Mutual Funds: 1.9%

3,086,638

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.520%
(Cost $3,086,638)

3,086,638

1.9

Total Short-Term
Investments
(Cost $3,086,638)

3,086,638

1.9

Total Investments in
Securities
(Cost $136,047,040)

160,118,938

100.1

Liabilities in Excess of
Other Assets

(228,744

)

(0.1

)

Net Assets

159,890,194

100.0

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) The grouping contains non-income producing securities.

(2) Non-income producing security.

(3) Rate shown is the 7-day yield as of December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock*	$	157,032,300	$	—	$	—	$	157,032,300
Short-Term Investments		3,086,638		—		—		3,086,638
Total Investments, at fair value	$	160,118,938	$	—	$	—	$	160,118,938

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

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $136,048,271.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	33,591,878
Gross Unrealized Depreciation		(9,521,211	)
Net Unrealized Appreciation	$	24,070,667

See Accompanying Notes to Financial Statements
120

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 95.7%
				Communication Services: 5.5%
	130,680			AT&T, Inc.	$	5,106,974		1.6
	9,538	(1	)	Charter Communications, Inc.		4,626,693		1.5
	80,622			Comcast Corp. - Class A		3,625,571		1.2
	966,632			Other Securities		3,739,059		1.2
						17,098,297		5.5
				Consumer Discretionary: 5.9%
	115,848			Carnival Corp.		5,888,554		1.9
	104,453			eBay, Inc.		3,771,798		1.2
	167,083			General Motors Co.		6,115,238		2.0
	81,148	(2	)	Other Securities		2,264,072		0.8
						18,039,662		5.9
				Consumer Staples: 6.8%
	91,819			Archer-Daniels- Midland Co.		4,255,811		1.4
	22,797			Kimberly-Clark Corp.		3,135,727		1.0
	97,436			Philip Morris International, Inc.		8,290,829		2.7
	82,685			Other Securities		5,180,318		1.7
						20,862,685		6.8
				Energy: 15.8%
	166,185			BP PLC ADR		6,271,822		2.0
	103,488			Canadian Natural Resources Ltd.		3,347,192		1.1
	55,184			Chevron Corp.		6,650,224		2.2
	150,672			Devon Energy Corp.		3,912,952		1.3
	66,646			Hess Corp.		4,452,619		1.4
	360,914			Marathon Oil Corp.		4,901,212		1.6
	131,632			Noble Energy, Inc.		3,269,739		1.1
	91,749			Royal Dutch Shell PLC - Class A ADR		5,411,356		1.7
	200,425			Suncor Energy, Inc.		6,573,940		2.1
	479,501	(2	)	Other Securities		3,935,531		1.3
						48,726,587		15.8
				Financials: 30.2%
	31,521			Allstate Corp.		3,544,537		1.2
	115,850			American International Group, Inc.		5,946,581		1.9
	442,348			Bank of America Corp.		15,579,497		5.1
	84,271			Bank of New York Mellon Corp.		4,241,359		1.4
	204,077			Citigroup, Inc.		16,303,712		5.3
	102,116			Citizens Financial Group, Inc.		4,146,931		1.3
	140,750			Fifth Third Bancorp		4,326,655		1.4
	18,340			Goldman Sachs Group, Inc.		4,216,916		1.4

Shares					Value		Percentage of Net Assets
	78,148			JPMorgan Chase & Co.	$	10,893,831		3.5
	61,252			Metlife, Inc.		3,122,014		1.0
	123,370			Morgan Stanley		6,306,674		2.0
	19,304			PNC Financial Services Group, Inc.		3,081,498		1.0
	57,542			State Street Corp.		4,551,572		1.5
	91,973			Wells Fargo & Co.		4,948,147		1.6
	63,820			Other Securities		1,950,339		0.6
						93,160,263		30.2
				Health Care: 11.2%
	19,507			Allergan plc		3,729,153		1.2
	21,104			Anthem, Inc.		6,374,041		2.1
	70,149			Bristol-Myers Squibb Co.		4,502,864		1.4
	40,805			CVS Health Corp.		3,031,404		1.0
	53,179			Gilead Sciences, Inc.		3,455,572		1.1
	106,497	(3	)	Sanofi ADR		5,346,149		1.7
	173,127	(4	)	Other Securities		8,213,125		2.7
						34,652,308		11.2
				Industrials: 8.5%
	53,288			Eaton Corp. PLC		5,047,439		1.6
	57,794			Emerson Electric Co.		4,407,370		1.4
	289,453			General Electric Co.		3,230,296		1.1
	111,060			Johnson Controls International plc		4,521,253		1.5
	77,130			Textron, Inc.		3,439,998		1.1
	40,241			Other Securities		5,639,532		1.8
						26,285,888		8.5
				Information Technology: 8.1%
	101,896			Cisco Systems, Inc.		4,886,932		1.6
	47,151			Cognizant Technology Solutions Corp.		2,924,305		1.0
	94,983			Intel Corp.		5,684,733		1.8
	31,978			Microsoft Corp.		5,042,931		1.6
	56,645			Qualcomm, Inc.		4,997,788		1.6
	11,718			Other Securities		1,491,233		0.5
						25,027,922		8.1
				Materials: 3.2%
	129,772			Corteva, Inc.		3,836,060		1.2
	79,781			International Paper Co.		3,673,915		1.2
	49,535			Other Securities		2,364,801		0.8
						9,874,776		3.2
				Utilities: 0.5%
	63,000			Other Securities		1,448,370		0.5
				Total Common Stock (Cost $251,735,557)		295,176,758		95.7

121

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.2%
				Repurchase Agreements: 1.8%
	1,305,021	(5	)	Bank of Montreal, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,305,133, collateralized by various U.S. Government Agency Obligations, 2.500%-5.000%, Market Value plus accrued interest $1,331,121, due 04/20/49-12/01/49)	$	1,305,021		0.4
	386,635	(5	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $386,669, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $394,403, due 01/15/20-11/15/48)		386,635		0.2
	1,305,021	(5	)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,305,133, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,331,121, due 02/13/20-09/20/69)		1,305,021		0.4

Principal Amount†					Value			Percentage of Net Assets
	1,305,021	(5	)	HSBC Securities USA, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,305,133, collateralized by various U.S. Government Agency Obligations, 3.000%-4.000%, Market Value plus accrued interest $1,331,121, due 07/20/47-06/20/48)	$	1,305,021			0.4
	1,305,021	(5	)	Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,305,134, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $1,331,122, due 01/28/20-05/15/27)		1,305,021			0.4
				Total Repurchase Agreements (Cost $5,606,719)		5,606,719			1.8
Shares					Value			Percentage of Net Assets
				Mutual Funds: 3.4%
	10,531,178	(6	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520% (Cost $10,531,178)	$	10,531,178			3.4
				Total Short-Term Investments (Cost $16,137,897)		16,137,897			5.2
				Total Investments in Securities (Cost $267,873,454)	$	311,314,655			100.9
				Liabilities in Excess of Other Assets		(2,927,662	)		(0.9	)
				Net Assets	$	308,386,993			100.0

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

See Accompanying Notes to Financial Statements
122

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

(1) Non-income producing security.

(2) The grouping contains securities on loan.

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

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

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

(6) Rate shown is the 7-day yield as of December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	15,312,018	$	1,786,279		$	—		$	17,098,297
Consumer Discretionary		18,039,662		—			—			18,039,662
Consumer Staples		18,130,303		2,732,382			—			20,862,685
Energy		48,726,587		—			—			48,726,587
Financials		93,160,263		—			—			93,160,263
Health Care		33,253,837		1,398,471			—			34,652,308
Industrials		26,285,888		—			—	��		26,285,888
Information Technology		25,027,922		—			—			25,027,922
Materials		9,874,776		—			—			9,874,776
Utilities		1,448,370		—			—			1,448,370
Total Common Stock		289,259,626		5,917,132			—			295,176,758
Short-Term Investments		10,531,178		5,606,719			—			16,137,897
Total Investments, at fair value	$	299,790,804	$	11,523,851		$	—		$	311,314,655
Other Financial Instruments+
Forward Foreign Currency Contracts		—		70,049			—			70,049
Total Assets	$	299,790,804	$	11,593,900		$	—		$	311,384,704
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(539,282	)	$	—		$	(539,282	)
Total Liabilities	$	—	$	(539,282	)	$	—		$	(539,282	)

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

At December 31, 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	15,142	CHF	14,813	CIBC World Markets Corp.	01/16/20	$	(179	)
USD	7,833,094	EUR	7,084,522	CIBC World Markets Corp.	01/16/20		(120,268	)
GBP	135,650	USD	179,667	Deutsche Bank AG	01/16/20		(1,391	)
USD	125,810	EUR	113,386	Deutsche Bank AG	01/16/20		(1,481	)
CHF	15,099	USD	15,614	Deutsche Bank AG	01/16/20		(61	)
EUR	199,089	USD	221,211	Deutsche Bank AG	01/16/20		2,294
USD	135,350	GBP	102,999	Goldman Sachs International	01/16/20		(1,136	)
GBP	854,395	USD	1,141,383	Goldman Sachs International	01/16/20		(9,208	)
USD	7,071,510	CAD	9,398,568	Goldman Sachs International	01/16/20		(166,737	)
GBP	201,025	USD	263,791	Goldman Sachs International	01/16/20		2,591
USD	2,655	CHF	2,637	RBC Capital Markets Corp.	01/16/20		(73	)
USD	8,160,492	GBP	6,297,784	RBC Capital Markets Corp.	01/16/20		(184,818	)
USD	1,039,989	CHF	1,033,406	RBC Capital Markets Corp.	01/16/20		(28,825	)
CHF	29,373	USD	29,801	RBC Capital Markets Corp.	01/16/20		578
USD	201,809	CAD	267,015	RBC Capital Markets Corp.	01/16/20		(3,831	)
USD	161,862	CAD	213,273	RBC Capital Markets Corp.	01/16/20		(2,389	)

See Accompanying Notes to Financial Statements
123

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	124,567	USD	139,825	RBC Capital Markets Corp.	01/16/20	$	(602	)
USD	20,910	CHF	20,595	RBC Capital Markets Corp.	01/16/20		(391	)
USD	278,393	EUR	249,350	RBC Capital Markets Corp.	01/16/20		(1,537	)
GBP	1,219,424	USD	1,628,271	RBC Capital Markets Corp.	01/16/20		(12,390	)
EUR	2,344,575	USD	2,613,282	RBC Capital Markets Corp.	01/16/20		18,830
CAD	3,269,413	USD	2,480,383	RBC Capital Markets Corp.	01/16/20		37,535
CHF	348,344	USD	355,222	RBC Capital Markets Corp.	01/16/20		5,057
USD	117,771	CAD	154,845	RBC Capital Markets Corp.	01/16/20		(1,482	)
CAD	258,219	USD	195,702	RBC Capital Markets Corp.	01/16/20		3,164
USD	113,480	GBP	87,512	RBC Capital Markets Corp.	01/16/20		(2,483	)
						$	(469,233	)

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 December 31, 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	$	70,049
Total Asset Derivatives		$	70,049
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	539,282
Total Liability Derivatives		$	539,282

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 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	$	451,647
Total	$	451,647
	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	$	(395,948	)
Total	$	(395,948	)

See Accompanying Notes to Financial Statements
124

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2019:

	CIBC World Markets Corp.			Deutsche Bank AG			Goldman Sachs International			RBC Capital Markets Corp.			Totals
Assets:
Forward foreign currency contracts	$	—		$	2,294		$	2,591		$	65,164		$	70,049
Total Assets	$	—		$	2,294		$	2,591		$	65,164		$	70,049
Liabilities:
Forward foreign currency contracts	$	120,447		$	2,933		$	177,081		$	238,821		$	539,282
Total Liabilities	$	120,447		$	2,933		$	177,081		$	238,821		$	539,282
Net OTC derivative instruments by counterparty, at fair value	$	(120,447	)	$	(639	)	$	(174,490	)	$	(173,657	)	$	(469,233	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—		$	—		$	—		$	—
Net Exposure⁽¹⁾	$	(120,447	)	$	(639	)	$	(174,490	)	$	(173,657	)	$	(469,233	)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $270,691,591.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	53,035,071
Gross Unrealized Depreciation		(12,878,234	)
Net Unrealized Appreciation	$	40,156,837

See Accompanying Notes to Financial Statements
125

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 60.3%
				Communication Services: 2.5%
	26,174	(1	)	Charter Communications, Inc.	$	12,696,484		1.0
	223,027			Comcast Corp. - Class A		10,029,524		0.7
	5,400,655			Vodafone Group PLC		10,484,764		0.8
						33,210,772		2.5
				Consumer Discretionary: 5.4%
	408,853	(1	),(2)	Capri Holdings Ltd.		15,597,742		1.2
	336,594	(2	)	Carnival Corp.		17,109,073		1.3
	294,584			eBay, Inc.		10,637,428		0.8
	590,944			General Motors Co.		21,628,551		1.6
	2,352,216			Other Securities		6,771,437		0.5
						71,744,231		5.4
				Consumer Staples: 4.9%
	286,638			Mondelez International, Inc.		15,788,021		1.2
	312,052			Philip Morris International, Inc.		26,552,505		2.0
	335,509	(1	)	US Foods Holding Corp.		14,054,472		1.0
	126,968	(3	)	Other Securities		8,781,107		0.7
						65,176,105		4.9
				Energy: 6.4%
	2,132,672			BP PLC		13,416,316		1.0
	288,748			Canadian Natural Resources Ltd.		9,339,198		0.7
	104,964			Chevron Corp.		12,649,212		1.0
	463,047			Devon Energy Corp.		12,025,330		0.9
	801,609			Marathon Oil Corp.		10,885,850		0.8
	559,562			Royal Dutch Shell PLC - Class A		16,571,104		1.2
	478,947			TechnipFMC PLC		10,268,624		0.8
						85,155,634		6.4
				Financials: 16.1%
	474,667			American International Group, Inc.		24,364,657		1.8
	810,644			Bank of America Corp.		28,550,882		2.1
	318,455			Citigroup, Inc.		25,441,370		1.9
	409,444			Citizens Financial Group, Inc.		16,627,521		1.3
	73,943			Goldman Sachs Group, Inc.		17,001,714		1.3

Shares					Value		Percentage of Net Assets
	101,424			JPMorgan Chase & Co.	$	14,138,505		1.1
	432,104			Morgan Stanley		22,089,156		1.7
	131,808			PNC Financial Services Group, Inc.		21,040,511		1.6
	265,549			Truist Financial Corp.		14,955,720		1.1
	178,894			Wells Fargo & Co.		9,624,497		0.7
	61,404			Willis Towers Watson PLC		12,399,924		0.9
	300,786			Other Securities		7,453,477		0.6
						213,687,934		16.1
				Health Care: 10.3%
	34,883			Anthem, Inc.		10,535,713		0.8
	272,476			Bristol-Myers Squibb Co.		17,490,234		1.3
	179,337			CVS Health Corp.		13,322,946		1.0
	209,151			Johnson & Johnson		30,508,856		2.3
	83,890			McKesson Corp.		11,603,665		0.9
	95,722			Medtronic PLC		10,859,661		0.8
	119,948			Sanofi		12,046,127		0.9
	77,988			Zimmer Biomet Holdings, Inc.		11,673,244		0.9
	557,964	(4	)	Other Securities		19,517,221		1.4
						137,557,667		10.3
				Industrials: 4.2%
	176,617			CSX Corp.		12,780,006		1.0
	103,249			General Dynamics Corp.		18,207,961		1.4
	96,990			Ingersoll-Rand PLC - Class A		12,891,911		1.0
	280,143			Johnson Controls International plc		11,404,621		0.8
						55,284,499		4.2
				Information Technology: 6.6%
	48,130			Apple, Inc.		14,133,374		1.1
	210,927			Cognizant Technology Solutions Corp.		13,081,693		1.0
	256,022			Intel Corp.		15,322,917		1.1
	290,749			Oracle Corp.		15,403,882		1.2
	143,050			Qualcomm, Inc.		12,621,301		0.9
	251,173			Other Securities		17,600,984		1.3
						88,164,151		6.6
				Materials: 2.6%
	460,146			Corteva, Inc.		13,601,916		1.0
	383,749	(3	)	Other Securities		21,146,201		1.6
						34,748,117		2.6

See Accompanying Notes to Financial Statements
126

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Utilities: 1.3%
	330,047			Other Securities	$	17,776,674		1.3
				Total Common Stock (Cost $676,192,717)		802,505,784		60.3
PREFERRED STOCK: 0.8%
				Energy: 0.5%
	140,612	(4	)	Other Securities		7,235,893		0.5
				Financials: 0.3%
	4,000	(1	),(2),(5),(6)	Wells Fargo & Co.		109,560		0.0
	75,900	(4	)	Other Securities		3,681,150		0.3
						3,790,710		0.3
				Total Preferred Stock (Cost $10,847,295)		11,026,603		0.8
Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 13.9%
				Basic Materials: 0.1%
	770,000	(7	)	LYB Finance Co. BV, 8.100%, 03/15/2027	$	984,813		0.1
	556,000			Other Securities		683,648		0.0
						1,668,461		0.1
				Communications: 1.6%
	19,583,000	(3	)	Other Securities		21,874,560		1.6
				Consumer, Cyclical: 1.2%
	1,290,000	(7	)	Daimler Finance North America LLC, 2.250%, 03/02/2020		1,290,351		0.1
	14,586,882	(3	)	Other Securities		15,244,130		1.1
						16,534,481		1.2
				Consumer, Non-cyclical: 2.4%
	1,299,000	(7	)	AbbVie, Inc., 4.050%, 11/21/2039		1,377,454		0.1
	498,000	(7	)	Bayer US Finance II LLC, 4.375%, 12/15/2028		543,360		0.0
	981,000	(7	)	Bayer US Finance LLC, 3.000%, 10/08/2021		993,587		0.1

Principal Amount†					Value		Percentage of Net Assets
	654,000	(7	)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039	$	754,333		0.1
	325,000	(7	)	Bristol-Myers Squibb Co., 4.000%, 08/15/2023		346,252		0.0
	1,445,000	(7	)	Bristol-Myers Squibb Co., 4.625%, 05/15/2044		1,750,888		0.1
	1,232,000	(7	)	Heineken NV, 3.500%, 01/29/2028		1,305,281		0.1
	150,000	(7	)	Kraft Heinz Foods Co., 4.625%, 10/01/2039		156,214		0.0
	3,220,000	(2	),(7)	Nestle Holdings, Inc., 3.100%, 09/24/2021		3,292,176		0.3
	1,095,000			Philip Morris International, Inc., 3.600%-4.875%, 11/15/2023- 11/15/2043		1,269,556		0.1
	18,109,932	(3	)	Other Securities		19,625,846		1.5
						31,414,947		2.4
				Energy: 1.1%
	612,000	(2	),(7)	Cameron LNG LLC, 3.701%, 01/15/2039		625,048		0.0
	13,718,000	(3	)	Other Securities		14,611,247		1.1
						15,236,295		1.1
				Financial: 5.1%
	455,000	(7	)	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/2022		462,430		0.0
	440,000	(7	)	Apollo Management Holdings L.P., 4.000%, 05/30/2024		465,990		0.0
	285,000	(7	)	Athene Global Funding, 2.750%, 06/25/2024		287,831		0.0
	1,555,000	(7	)	Athene Global Funding, 4.000%, 01/25/2022		1,606,245		0.1
	725,000	(7	)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024		773,339		0.1

See Accompanying Notes to Financial Statements
127

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Financial (continued)
	130,000	(7	)	Carlyle Holdings Finance LLC, 3.875%, 02/01/2023	$	134,348		0.0
	595,000			Citizens Financial Group, Inc., 2.375%, 07/28/2021		597,923		0.0
	1,335,000	(7	)	Commonwealth Bank of Australia, 2.250%, 03/10/2020		1,335,788		0.1
	472,000	(7	)	Credit Suisse AG, 6.500%, 08/08/2023		527,424		0.0
	1,175,000			Goldman Sachs Group, Inc., 4.250%-5.250%, 07/27/2021- 10/21/2025		1,262,962		0.1
	755,000	(7	)	Guardian Life Global Funding, 2.900%, 05/06/2024		775,905		0.1
	670,000	(7	)	Jackson National Life Global Funding, 2.100%, 10/25/2021		671,645		0.1
	620,000	(7	)	Jackson National Life Global Funding, 3.250%, 01/30/2024		643,195		0.0
	4,430,000	(2	),(6)	JPMorgan Chase & Co., 3.200%- 5.229%, 06/15/2026- 12/31/2199		4,821,560		0.4
	443,000	(7	)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044		524,023		0.0
	2,335,000	(7	)	Liberty Mutual Group, Inc., 4.850%, 08/01/2044		2,677,648		0.2
	1,300,000	(7	)	MassMutual Global Funding II, 2.000%, 04/15/2021		1,302,130		0.1
	670,000	(7	)	Metropolitan Life Global Funding I, 2.050%, 06/12/2020		670,446		0.1
	2,360,000	(7	)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024		2,521,516		0.2

Principal Amount†					Value		Percentage of Net Assets
	1,040,000			Morgan Stanley, 4.000%, 07/23/2025	$	1,125,366		0.1
	1,000,000	(7	)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044		1,139,612		0.1
	690,000	(7	)	Reliance Standard Life Global Funding II, 3.050%, 01/20/2021		697,456		0.1
	1,360,000	(7	)	Societe Generale SA, 2.625%, 09/16/2020		1,366,010		0.1
	805,000	(7	)	Societe Generale SA, 5.000%, 01/17/2024		868,083		0.1
	985,000	(7	)	Standard Chartered PLC, 3.050%, 01/15/2021		993,255		0.1
	585,000	(7	)	UBS Group AG, 4.125%, 04/15/2026		636,109		0.0
	36,326,000	(3	)	Other Securities		38,850,649		2.9
						67,738,888		5.1
				Industrial: 1.1%
	305,000	(7	)	Aviation Capital Group LLC, 2.875%, 01/20/2022		307,170		0.0
	1,095,000	(7	)	Aviation Capital Group LLC, 4.875%, 10/01/2025		1,179,485		0.1
	435,000	(7	)	BAE Systems Holdings, Inc., 2.850%, 12/15/2020		437,997		0.1
	410,000	(7	)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021		412,886		0.0
	375,000	(7	)	Union Pacific Corp., 3.839%, 03/20/2060		380,968		0.0
	10,989,000			Other Securities		11,611,943		0.9
						14,330,449		1.1
				Technology: 0.8%
	1,581,000			Apple, Inc., 2.150%-3.350%, 02/09/2022- 02/09/2027		1,618,836		0.1

See Accompanying Notes to Financial Statements
128

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Technology (continued)
	910,000	(7	)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023	$	987,045		0.1
	35,000	(7	)	Dell International LLC / EMC Corp., 8.350%, 07/15/2046		48,177		0.0
	795,000	(7	)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		896,470		0.1
	6,324,000			Other Securities		6,561,241		0.5
						10,111,769		0.8
				Utilities: 0.5%
	150,000	(7	)	Electricite de France SA, 4.600%, 01/27/2020		150,254		0.0
	620,000	(7	)	Electricite de France SA, 4.875%, 01/22/2044		710,881		0.1
	350,000	(6	),(7)	Electricite de France SA, 5.625%, 12/31/2199		371,250		0.0
	5,144,000	(3	)	Other Securities		5,333,100		0.4
						6,565,485		0.5
				Total Corporate Bonds/Notes (Cost $173,661,895)		185,475,335		13.9
MUNICIPAL BONDS: 0.0%
				Georgia: 0.0%
	323,000			Other Securities		445,517		0.0
				Total Municipal Bonds (Cost $323,000)		445,517		0.0
U.S. TREASURY OBLIGATIONS: 10.3%
				U.S. Treasury Bonds: 0.7%
	9,980,800			2.250%-4.500%, 02/15/2036- 08/15/2049		9,824,976		0.7
				U.S. Treasury Notes: 9.6%
	180,000			2.625%,11/15/2020		181,517		0.0
	41,470,000			1.625%,12/31/2021		41,511,844		3.1
	50,770,000			1.625%,12/15/2022		50,794,109		3.8
	30,846,700			1.750%,12/31/2024		30,916,678		2.4

Principal Amount†					Value		Percentage of Net Assets
	3,842,900	(2	)	1.750%,11/15/2029	$	3,782,403		0.3
						127,186,551		9.6
				Total U.S. Treasury Obligations (Cost $136,771,606)		137,011,527		10.3
CONVERTIBLE BONDS/NOTES: 8.7%
				Communications: 3.9%
	2,954,000	(7	)	GCI Liberty, Inc., 1.750%, 09/30/2046		4,080,951		0.3
	3,355,000	(7	)	IAC Financeco 3, Inc., 2.000%, 01/15/2030		3,927,363		0.3
	2,512,000	(7	)	JOYY, Inc., 1.375%, 06/15/2026		2,272,561		0.2
	2,665,000	(7	)	Liberty Latin America Ltd., 2.000%, 07/15/2024		2,861,544		0.2
	9,559,000			Liberty Media Corp., 1.375%, 10/15/2023		12,886,488		1.0
	1,933,000			Liberty Media Corp., 2.250%, 09/30/2046		1,122,090		0.1
	673,000	(2	)	Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/2023		896,909		0.0
	22,769,000	(3	)	Other Securities		23,667,801		1.8
						51,715,707		3.9
				Consumer, Cyclical: 0.2%
	2,264,000			Other Securities		2,766,382		0.2
				Consumer, Non-cyclical: 2.3%
	617,000	(2	),(7)	Euronet Worldwide, Inc., 0.750%, 03/15/2049		737,491		0.1
	23,037,000	(3	)	Other Securities		29,106,241		2.2
						29,843,732		2.3
				Energy: 0.2%
	3,036,000			Other Securities		2,969,557		0.2
				Technology: 2.1%
	24,701,000	(3	)	Other Securities		28,073,770		2.1
				Total Convertible Bonds/Notes (Cost $99,771,141)		115,369,148		8.7

See Accompanying Notes to Financial Statements
129

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

EQUITY-LINKED NOTES: 1.2%

Financial: 1.2%

9,000,000

)

Credit Suisse AG,
Convertible
Basket (Basket of
5 Common
Stocks), 0.500%,
06/24/2024

8,631,000

0.7

6,746,000

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

6,934,888

0.5

Total Equity-Linked
Notes
(Cost
$15,746,000)

15,565,888

1.2

STRUCTURED NOTES: 1.9%

Diversified Finan Serv: 1.0%

11,984,000

Other Securities

12,849,880

1.0

Financial: 0.9%

12,054,000

Other Securities

12,781,370

0.9

Total Structured
Notes
(Cost
$24,651,651)

25,631,250

1.9

U.S. GOVERNMENT AGENCY OBLIGATIONS⁽⁸⁾: 0.1%

Federal National Mortgage Association: 0.1%

915,000

Other Securities

1,303,536

0.1

Total U.S.
Government
Agency
Obligations
(Cost
$1,015,842)

1,303,536

0.1

Total Long-Term
Investments
(Cost
$1,138,981,147)

1,294,334,588

97.2

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.0%
				Commercial Paper: 0.3%
	990,000	(9	)	DBS Bank Ltd., 1.710%, 01/07/2020	$	989,688		0.1
	990,000	(9	)	Le Mouvement Des Caisses Desjardins, 1.750%, 01/09/2020		989,609		0.1
	990,000	(9	)	LMA Americas LLC, 1.800%, 01/27/2020		988,548		0.1
	450,000	(9	)	Matchpoint Finance PLC, 1.850%, 02/03/2020		449,237		0.0
	325,000	(9	)	Sheffield Receivables Company LLC, 1.950%, 02/27/2020		324,033		0.0
	400,000	(9	)	Sheffield Receivables Company LLC, 2.000%, 03/16/2020		398,434		0.0
				Total Commercial Paper (Cost $4,139,549)		4,139,549		0.3
				Floating Rate Notes: 0.3%
	900,000	(9	)	Bank of Nova Scotia, 1.940%, 05/08/2020		899,933		0.0
	900,000	(9	)	Bedford Row Funding, 1.920%, 03/13/2020		900,079		0.1
	990,000	(9	)	Commonwealth Bank of Australia, 1.940%, 06/10/2020		989,998		0.1
	625,000	(9	)	Crédit Industriel et Commercial, 1.990%, 04/24/2020		625,048		0.0
	990,000	(9	)	Mitsubishi UFJ Financial Group, Inc., 1.960%, 05/22/2020		990,074		0.1
				Total Floating Rate Notes (Cost $4,405,132)		4,405,132		0.3

See Accompanying Notes to Financial Statements
130

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements: 1.5%
	2,324,956	(9	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $2,325,160, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $2,371,666, due 01/15/20- 11/15/48)	$	2,324,956		0.1
	7,703,092	(9	)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $7,703,755, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $7,857,154, due 02/13/20- 09/20/69)		7,703,092		0.6
	7,703,092	(9	)	Daiwa Capital Markets, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $7,703,759, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.030%, Market Value plus accrued interest $7,857,154, due 01/14/20- 12/20/49)		7,703,092		0.6

Principal Amount†					Value		Percentage of Net Assets
	2,612,029	(9	)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $2,612,279, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,664,341, due 04/15/21- 02/15/47)	$	2,612,029		0.2
				Total Repurchase Agreements (Cost $20,343,169)		20,343,169		1.5
				Certificates of Deposit: 0.2%
	990,000	(9	)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.870%, 03/12/2020		989,914		0.1
	900,000	(9	)	Toronto-Dominion Bank, 1.850%, 03/18/2020		900,136		0.1
				Total Certificates of Deposit (Cost $1,890,050)		1,890,050		0.2
Shares					Value		Percentage of Net Assets
				Mutual Funds: 2.7%
	33,529,166	(10	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%	$	33,529,166		2.5
	1,250,000	(9	),(10)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		1,250,000		0.1

See Accompanying Notes to Financial Statements
131

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds (continued)

1,030,000

),(10)

Morgan Stanley
Institutional
Liquidity Funds -
Government
Portfolio
(Institutional
Share Class),
1.510%

1,030,000

0.1

Total Mutual Funds
(Cost
$35,809,166)

35,809,166

2.7

Total Short-Term
Investments
(Cost
$66,587,066)

66,587,066

5.0

Total Investments
in Securities
(Cost
$1,205,568,213)

1,360,921,654

102.2

Liabilities in
Excess of Other
Assets

(28,977,124

)

(2.2

)

Net Assets

1,331,944,530

100.0

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

(3) The grouping contains securities on loan.

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

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

(6) Variable rate security. Rate shown is the rate in effect as of December 31, 2019.

(7) 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.

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

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

(10) Rate shown is the 7-day yield as of December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	22,726,008	$	10,484,764	$	—	$	33,210,772
Consumer Discretionary		64,972,794		6,771,437		—		71,744,231
Consumer Staples		65,176,105		—		—		65,176,105
Energy		55,168,214		29,987,420		—		85,155,634
Financials		213,687,934		—		—		213,687,934
Health Care		113,583,916		23,973,751		—		137,557,667
Industrials		55,284,499		—		—		55,284,499
Information Technology		88,164,151		—		—		88,164,151
Materials		34,748,117		—		—		34,748,117
Utilities		17,776,674		—		—		17,776,674
Total Common Stock		731,288,412		71,217,372		—		802,505,784
Preferred Stock		7,345,453		3,681,150		—		11,026,603
Corporate Bonds/Notes		—		185,475,335		—		185,475,335
Municipal Bonds		—		445,517		—		445,517
Convertible Bonds/Notes		—		115,369,148		—		115,369,148
Structured Notes		—		25,631,250		—		25,631,250
Equity-Linked Notes		—		15,565,888		—		15,565,888
U.S. Government Agency Obligations		—		1,303,536		—		1,303,536
U.S. Treasury Obligations		—		137,011,527		—		137,011,527
Short-Term Investments		35,809,166		30,777,900		—		66,587,066
Total Investments, at fair value	$	774,443,031	$	586,478,623	$	—	$	1,360,921,654

See Accompanying Notes to Financial Statements
132

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2019
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	15,088		$	—	$	15,088
Total Assets	$	774,443,031	$	586,493,711		$	—	$	1,360,936,742
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(1,272,367	)	$	—	$	(1,272,367	)
Total Liabilities	$	—	$	(1,272,367	)	$	—	$	(1,272,367	)

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

At December 31, 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)
USD	616,131	GBP	471,018	State Street Bank and Trust Co.	01/17/20	$	(8,042	)
USD	80,123	CHF	78,514	State Street Bank and Trust Co.	01/17/20		(1,087	)
USD	237,181	CAD	311,848	State Street Bank and Trust Co.	01/17/20		(2,989	)
USD	1,261,094	GBP	962,808	State Street Bank and Trust Co.	01/17/20		(14,779	)
USD	145,770	EUR	130,444	State Street Bank and Trust Co.	01/17/20		(680	)
USD	120,569	EUR	107,953	State Street Bank and Trust Co.	01/17/20		(631	)
USD	198,870	CAD	262,038	State Street Bank and Trust Co.	01/17/20		(2,938	)
USD	66,025	CHF	64,794	State Street Bank and Trust Co.	01/17/20		(994	)
USD	129,458	EUR	116,050	State Street Bank and Trust Co.	01/17/20		(833	)
CHF	74,703	USD	76,279	State Street Bank and Trust Co.	01/17/20		989
USD	482,152	EUR	431,813	State Street Bank and Trust Co.	01/17/20		(2,649	)
EUR	182,621	USD	203,228	State Street Bank and Trust Co.	01/17/20		1,802
USD	1,274,663	GBP	967,835	State Street Bank and Trust Co.	01/17/20		(7,871	)
USD	247,173	CAD	327,008	State Street Bank and Trust Co.	01/17/20		(4,672	)
USD	195,616	CAD	257,707	State Street Bank and Trust Co.	01/17/20		(2,856	)
USD	137,245	EUR	123,246	State Street Bank and Trust Co.	01/17/20		(1,124	)
CAD	194,904	USD	147,711	State Street Bank and Trust Co.	01/17/20		2,394
GBP	569,913	USD	747,301	State Street Bank and Trust Co.	01/17/20		7,924
EUR	179,022	USD	199,011	State Street Bank and Trust Co.	01/17/20		1,979
USD	4,251,302	CHF	4,208,534	State Street Bank and Trust Co.	01/17/20		(101,753	)
USD	6,046,413	CAD	8,036,578	State Street Bank and Trust Co.	01/17/20		(142,940	)
USD	8,442,008	EUR	7,602,604	State Street Bank and Trust Co.	01/17/20		(93,520	)
USD	18,803,456	GBP	14,517,757	State Street Bank and Trust Co.	01/17/20		(434,860	)
CHF	99,858	USD	103,281	State Street Bank and Trust Co.	01/17/20		(412	)
GBP	417,519	USD	553,020	State Street Bank and Trust Co.	01/17/20		(4,287	)
USD	18,864,782	GBP	14,569,762	The Bank of New York Mellon	01/17/20		(442,450	)
						$	(1,257,279	)

Currency Abbreviations

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

See Accompanying Notes to Financial Statements
133

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

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

The fair value of derivative instruments as of December 31, 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	$	15,088
Total Asset Derivatives		$	15,088
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,272,367
Total Liability Derivatives		$	1,272,367

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 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	$	584,543
Total	$	584,543
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(1,136,767	)
Total	$	(1,136,767	)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2019:

	State Street Bank and Trust Co.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts	$	15,088		$	—		$	15,088
Total Assets	$	15,088		$	—		$	15,088
Liabilities:
Forward foreign currency contracts	$	829,917		$	442,450		$	1,272,367
Total Liabilities	$	829,917		$	442,450		$	1,272,367
Net OTC derivative instruments by counterparty, at fair value	$	(814,829	)	$	(442,450	)	$	(1,257,279	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—		$	—
Net Exposure⁽¹⁾	$	(814,829	)	$	(442,450	)	$	(1,257,279	)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $1,208,453,591.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	184,684,495
Gross Unrealized Depreciation		(33,012,896	)
Net Unrealized Appreciation	$	151,671,599

See Accompanying Notes to Financial Statements
134

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.5%
				Brazil: 0.6%
	220,850	(1	),(2)	Other Securities	$	8,809,706		0.6
				China: 1.9%
	830,559	(3	)	JD.com, Inc. ADR		29,260,594		1.9
				France: 7.8%
	61,950			Kering SA		40,819,975		2.7
	141,738			LVMH Moet Hennessy Louis Vuitton SE		66,043,671		4.3
	369,290			Societe Generale		12,887,534		0.8
						119,751,180		7.8
				Germany: 5.7%
	123,030			Allianz SE		30,145,903		2.0
	153,584			Bayer AG		12,485,920		0.8
	327,572			SAP SE		44,090,817		2.9
						86,722,640		5.7
				India: 4.5%
	12,243,558			DLF Ltd.		39,613,906		2.6
	1,986,682	(4	)	ICICI Bank Ltd. ADR		29,979,031		1.9
						69,592,937		4.5
				Italy: 0.2%
	104,433			Other Securities		3,699,753		0.2
				Japan: 14.2%
	385,900			Capcom Co., Ltd.		10,681,720		0.7
	80,900			Fanuc Ltd.		14,939,392		1.0
	88,604			Keyence Corp.		31,112,283		2.0
	585,000			Murata Manufacturing Co., Ltd.		36,005,933		2.4
	258,000			Nidec Corp.		35,238,622		2.3
	38,700			Nintendo Co., Ltd.		15,478,458		1.0
	303,400			Omron Corp.		17,684,636		1.2
	353,841			Takeda Pharmaceutical Co., Ltd.		13,995,198		0.9
	315,700			TDK Corp.		35,478,095		2.3
	324,100			Other Securities		6,694,658		0.4
						217,308,995		14.2
				Netherlands: 4.1%
	426,403			Airbus SE		62,581,424		4.1
				Spain: 1.7%
	750,211			Industria de Diseno Textil SA		26,512,954		1.7

Shares					Value		Percentage of Net Assets
				Sweden: 2.4%
	864,725			Assa Abloy AB	$	20,213,344		1.3
	420,598			Atlas Copco AB - A Shares		16,788,451		1.1
						37,001,795		2.4
				Switzerland: 1.4%
	1,391,246			Credit Suisse Group AG		18,806,414		1.2
	224,374			Other Securities		2,831,463		0.2
						21,637,877		1.4
				United Kingdom: 3.8%
	1,154,386			Prudential PLC		22,118,914		1.5
	428,068			Unilever PLC		24,503,912		1.6
	882,897	(1	),(2)	Other Securities		11,261,692		0.7
						57,884,518		3.8
				United States: 49.2%
	165,563	(3	)	Adobe, Inc.		54,604,333		3.6
	250,800			Agilent Technologies, Inc.		21,395,748		1.4
	83,080	(3	)	Alphabet, Inc. - Class A		111,276,521		7.2
	7,191	(3	)	Amazon.com, Inc.		13,287,818		0.9
	140,480			Anthem, Inc.		42,429,174		2.8
	514,362	(3	)	Avantor, Inc.		9,335,670		0.6
	233,220	(3	)	Centene Corp.		14,662,541		1.0
	504,660			Citigroup, Inc.		40,317,287		2.6
	330,999			Colgate-Palmolive Co.		22,785,971		1.5
	106,844	(3	)	Electronic Arts, Inc.		11,486,798		0.7
	143,475			Equifax, Inc.		20,103,717		1.3
	258,520	(3	)	Facebook, Inc. - Class A		53,061,230		3.5
	64,029			Fidelity National Information Services, Inc.		8,905,794		0.6
	126,130	(3	)	Incyte Corp., Ltd.		11,013,672		0.7
	187,070			Intuit, Inc.		48,999,245		3.2
	168,050	(3	)	Ionis Pharmaceuticals, Inc.		10,151,901		0.7
	570,100			Maxim Integrated Products		35,066,851		2.3
	77,409			Microsoft Corp.		12,207,399		0.8
	274,643	(3	)	PayPal Holdings, Inc.		29,708,133		1.9
	205,270			S&P Global, Inc.		56,048,974		3.6
	70,797	(3	),(4)	Sarepta Therapeutics, Inc.		9,135,645		0.6
	140,302	(3	)	Uniqure B.V.		10,054,041		0.7
	170,630			United Parcel Service, Inc. - Class B		19,973,948		1.3
	195,520			Walt Disney Co.		28,278,058		1.8

See Accompanying Notes to Financial Statements
135

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Shares					Value		Percentage of Net Assets
				United States (continued)
	116,777			Zimmer Biomet Holdings, Inc.	$	17,479,181		1.1
	1,328,723	(1	),(2)	Other Securities		42,869,914		2.8
						754,639,564		49.2
				Total Common Stock (Cost $732,588,694)		1,495,403,937		97.5
PREFERRED STOCK: 0.3%
				Germany: 0.3%
	81,382			Other Securities		5,010,064		0.3
				India: 0.0%
	2,598,630	(2	)	Other Securities		200,236		0.0
				Total Preferred Stock (Cost $5,223,617)		5,210,300		0.3
				Total Long-Term Investments (Cost $737,812,311)		1,500,614,237		97.8
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.4%
				Commercial Paper: 0.4%
	900,000	(5	)	Banco Santander S.A., 1.950%, 02/05/2020	$	898,382		0.1
	600,000	(5	)	Flex Co. LLC, 1.910%, 01/31/2020		599,070		0.0
	850,000	(5	)	Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020		848,162		0.1
	900,000	(5	)	LMA Americas LLC, 2.000%, 01/31/2020		898,529		0.1
	150,000	(5	)	Mitsubishi UFJ Trust and Banking Corp., 1.910%, 02/04/2020		149,723		0.0
	850,000	(5	)	Nederlandse Waterschapsbank, 1.870%, 02/12/2020		848,247		0.1
	500,000	(5	)	Oversea-Chinese Banking Corp., Ltd., 1.900%, 02/11/2020		498,922		0.0
	823,000	(5	)	Societe Generale, 1.970%, 01/09/2020		822,630		0.0
	725,000	(5	)	United Overseas Bnk Group, 1.900%, 01/24/2020		724,219		0.0
				Total Commercial Paper (Cost $6,287,884)		6,287,884		0.4

Principal Amount†					Value		Percentage of Net Assets
				Floating Rate Notes: 0.5%
	825,000	(5	)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020	$	825,239		0.1
	575,000	(5	)	Commonwealth Bank of Australia, 1.920%, 03/16/2020		575,008		0.0
	800,000	(5	)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020		800,224		0.1
	725,000	(5	)	Crédit Industriel et Commercial, 1.950%, 04/09/2020		725,122		0.0
	700,000	(5	)	Credit Suisse Group AG, 1.890%, 04/17/2020		700,313		0.0
	800,000	(5	)	Mitsubishi UFJ Financial Group, Inc., 1.930%, 01/16/2020		800,094		0.1
	825,000	(5	)	Mizuho Financial Group Inc., 1.960%, 05/05/2020		825,035		0.1
	700,000	(5	)	The Norinchukin Bank, 2.050%, 04/24/2020		700,252		0.0
	825,000	(5	)	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020		824,936		0.1
	450,000	(5	)	Toronto-Dominion Bank, 1.980%, 04/16/2020		450,136		0.0
				Total Floating Rate Notes (Cost $7,226,359)		7,226,359		0.5
				Repurchase Agreements: 2.1%
	4,549,628	(5	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $4,550,027, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $4,641,033, due 01/15/20- 11/15/48)		4,549,628		0.3

See Accompanying Notes to Financial Statements
136

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	11,562,348	(5	)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $11,563,343, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $11,793,595, due 02/13/20- 09/20/69)	$	11,562,348		0.7
	11,562,348	(5	)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $11,563,343, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $11,793,595, due 06/30/21-12/01/49)		11,562,348		0.8
	4,079,834	(5	)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $4,080,225, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,161,543, due 04/15/21-02/15/47)		4,079,834		0.3
				Total Repurchase Agreements (Cost $31,754,158)		31,754,158		2.1

Principal Amount†					Value			Percentage of Net Assets
				Certificates of Deposit: 0.0%
	450,000	(5	)	Toronto-Dominion Bank, 1.850%, 03/18/2020 (Cost $450,068)	$	450,068			0.0
Shares					Value			Percentage of Net Assets
				Mutual Funds: 2.4%
	33,374,580	(6	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%	$	33,374,580			2.2
	2,040,000	(5	),(6)	Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		2,040,000			0.1
	1,910,000	(5	),(6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%		1,910,000			0.1
				Total Mutual Funds (Cost $37,324,580)		37,324,580			2.4
				Total Short-Term Investments (Cost $83,043,049)		83,043,049			5.4
				Total Investments in Securities (Cost $820,855,360)	$	1,583,657,286			103.2
				Liabilities in Excess of Other Assets		(49,337,504	)		(3.2	)
				Net Assets	$	1,534,319,782			100.0

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) Non-income producing security.

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

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

(6) Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements
137

TABLE OF CONTENTS

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Sector Diversification	Percentage of Net Assets
Information Technology		23.6	%
Communication Services		15.0
Financials		14.2
Health Care		13.5
Industrials		13.1
Consumer Discretionary		12.7
Consumer Staples		3.1
Real Estate		2.6
Short-Term Investments		5.4
Liabilities in Excess of Other Assets		(3.2	)
Net Assets		100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Brazil	$	8,809,706	$	—	$	—	$	8,809,706
China		29,260,594		—		—		29,260,594
France		—		119,751,180		—		119,751,180
Germany		—		86,722,640		—		86,722,640
India		29,979,031		39,613,906		—		69,592,937
Italy		—		3,699,753		—		3,699,753
Japan		—		217,308,995		—		217,308,995
Netherlands		—		62,581,424		—		62,581,424
Spain		—		26,512,954		—		26,512,954
Sweden		—		37,001,795		—		37,001,795
Switzerland		—		21,637,877		—		21,637,877
United Kingdom		11,261,692		46,622,826		—		57,884,518
United States		754,639,564		—		—		754,639,564
Total Common Stock		833,950,587		661,453,350		—		1,495,403,937
Preferred Stock		200,236		5,010,064		—		5,210,300
Short-Term Investments		37,324,580		45,718,469		—		83,043,049
Total Investments, at fair value	$	871,475,403	$	712,181,883	$	—	$	1,583,657,286

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 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	$	(50,738	)
Total	$	(50,738	)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $835,910,716.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	770,091,938
Gross Unrealized Depreciation		(22,384,784	)
Net Unrealized Appreciation	$	747,707,154

See Accompanying Notes to Financial Statements
138

TABLE OF CONTENTS

VY^® JPMORGAN SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.9%
				Communication Services: 2.9%
	98,050	(1	)	Liberty Media Corp. - SiriusXM C	$	4,720,127		1.1
	154,322	(2	)	Other Securities		7,933,669		1.8
						12,653,796		2.9
				Consumer Discretionary: 12.0%
	5,670	(1	)	Autozone, Inc.		6,754,728		1.5
	56,420			Best Buy Co., Inc.		4,953,676		1.1
	42,960			Expedia Group, Inc.		4,645,694		1.1
	31,750	(1	)	Mohawk Industries, Inc.		4,330,065		1.0
	35,590			Ralph Lauren Corp.		4,171,860		0.9
	33,510			Tiffany & Co.		4,478,612		1.0
	560,977	(3	)	Other Securities		23,703,892		5.4
						53,038,527		12.0
				Consumer Staples: 3.9%
	36,030	(1	)	Post Holdings, Inc.		3,930,873		0.9
	372,485	(3	)	Other Securities		13,229,316		3.0
						17,160,189		3.9
				Energy: 5.4%
	82,034			Diamondback Energy, Inc.		7,617,677		1.7
	301,760			Williams Cos., Inc.		7,157,747		1.6
	522,514			Other Securities		9,169,869		2.1
						23,945,293		5.4
				Financials: 21.8%
	32,990			Ameriprise Financial, Inc.		5,495,474		1.2
	122,470			Citizens Financial Group, Inc.		4,973,507		1.1
	214,520			Fifth Third Bancorp		6,594,345		1.5
	41,230			First Republic Bank		4,842,463		1.1
	96,570			Hartford Financial Services Group, Inc.		5,868,559		1.3
	160,840			Loews Corp.		8,442,491		1.9
	49,433			M&T Bank Corp.		8,391,252		1.9
	39,030			Marsh & McLennan Cos., Inc.		4,348,332		1.0
	48,290			Northern Trust Corp.		5,130,330		1.2
	54,050			Raymond James Financial, Inc.		4,835,313		1.1
	57,620			T. Rowe Price Group, Inc.		7,020,421		1.6
	117,027			Truist Financial Corp.		6,590,961		1.5
	544,728	(2	)	Other Securities		24,094,467		5.4
						96,627,915		21.8
				Health Care: 6.6%
	51,100			AmerisourceBergen Corp.		4,344,522		1.0
	18,550			Cigna Corp.		3,793,290		0.8
	28,810	(1	)	Laboratory Corp. of America Holdings		4,873,788		1.1
	30,640			Universal Health Services, Inc.		4,395,614		1.0

Shares					Value		Percentage of Net Assets
	41,480			Zimmer Biomet Holdings, Inc.	$	6,208,726		1.4
	54,750	(2	)	Other Securities		5,589,628		1.3
						29,205,568		6.6
				Industrials: 8.8%
	30,230			Acuity Brands, Inc.		4,171,740		0.9
	50,320			Ametek, Inc.		5,018,917		1.1
	60,030			Fortune Brands Home & Security, Inc.		3,922,360		0.9
	24,160			IDEX Corp.		4,155,520		0.9
	28,031			Snap-On, Inc.		4,748,451		1.1
	161,820	(2	)	Other Securities		17,031,128		3.9
						39,048,116		8.8
				Information Technology: 6.7%
	40,680			Amphenol Corp.		4,402,796		1.0
	33,540			CDW Corp.		4,790,854		1.1
	27,306			Jack Henry & Associates, Inc.		3,977,665		0.9
	27,690	(1	)	Synopsys, Inc.		3,854,448		0.9
	190,511	(2	)	Other Securities		12,644,634		2.8
						29,670,397		6.7
				Materials: 4.8%
	16,080			Martin Marietta Materials, Inc.		4,496,611		1.0
	8,950			Sherwin-Williams Co.		5,222,683		1.2
	145,850			Silgan Holdings, Inc.		4,533,018		1.0
	134,760			Other Securities		6,908,632		1.6
						21,160,944		4.8
				Real Estate: 14.1%
	28,500			AvalonBay Communities, Inc.		5,976,450		1.4
	42,250			Boston Properties, Inc.		5,824,585		1.3
	97,490	(1	)	CBRE Group, Inc.		5,975,162		1.4
	34,880			Federal Realty Investment Trust		4,490,103		1.0
	65,646			Vornado Realty Trust		4,365,459		1.0
	1,049,425	(2	)	Other Securities		35,553,731		8.0
						62,185,490		14.1
				Utilities: 10.9%
	145,010			CMS Energy Corp.		9,112,428		2.0
	69,000			Edison International		5,203,290		1.2
	37,470			Entergy Corp.		4,488,906		1.0
	46,180			Sempra Energy		6,995,346		1.6
	101,240			WEC Energy Group, Inc.		9,337,365		2.1
	151,230			Xcel Energy, Inc.		9,601,593		2.2
	79,410			Other Securities		3,695,742		0.8
						48,434,670		10.9
				Total Common Stock (Cost $315,650,941)		433,130,905		97.9

See Accompanying Notes to Financial Statements
139

TABLE OF CONTENTS

VY^® JPMORGAN SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.4%
				Repurchase Agreements: 0.5%
	1,000,000	(4	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,000,087, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 01/25/20-10/15/60)	$	1,000,000		0.2
	266,832	(4	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $266,855, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $272,193, due 01/15/20-11/15/48)		266,832		0.1
	1,000,000	(4	)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 06/30/21-12/01/49)		1,000,000		0.2
				Total Repurchase Agreements (Cost $2,266,832)		2,266,832		0.5

Value

Percentage
of Net
Assets

Mutual Funds: 1.9%

8,506,831

)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.520%
(Cost $8,506,831)

8,506,831

1.9

Total Short-Term
Investments
(Cost $10,773,663)

10,773,663

2.4

Total Investments in
Securities
(Cost $326,424,604)

443,904,568

100.3

Liabilities in Excess of
Other Assets

(1,316,355

)

(0.3

)

Net Assets

442,588,213

100.0

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

(5) Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements
140

TABLE OF CONTENTS

VY^® JPMORGAN SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock*	$	433,130,905	$	—	$	—	$	433,130,905
Short-Term Investments		8,506,831		2,266,832		—		10,773,663
Total Investments, at fair value	$	441,637,736	$	2,266,832	$	—	$	443,904,568

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

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $327,749,944.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	135,388,992
Gross Unrealized Depreciation		(19,234,368	)
Net Unrealized Appreciation	$	116,154,624

See Accompanying Notes to Financial Statements
141

TABLE OF CONTENTS

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.0%
				Communication Services: 2.2%
	554,294	(1	),(2)	Other Securities	$	25,402,585		2.2
				Consumer Discretionary: 14.8%
	90,200			Aptiv PLC		8,566,294		0.7
	54,800	(3	)	Burlington Stores, Inc.		12,496,044		1.1
	75,100			Dollar General Corp.		11,714,098		1.0
	73,200	(3	)	Dollar Tree, Inc.		6,884,460		0.6
	21,400			Domino's Pizza, Inc.		6,286,892		0.6
	98,333			Hilton Worldwide Holdings, Inc.		10,906,113		0.9
	29,900	(3	)	Lululemon Athletica, Inc.		6,926,933		0.6
	21,600	(3	)	O'Reilly Automotive, Inc.		9,466,416		0.8
	26,021	(3	)	Ulta Beauty, Inc.		6,586,956		0.6
	1,331,592	(1	),(2)	Other Securities		91,537,813		7.9
						171,372,019		14.8
				Consumer Staples: 3.1%
	389,864	(1	)	Other Securities		35,486,498		3.1
				Energy: 1.4%
	44	(3	),(4),(5)	Venture Global LNG, Inc. - Series B		228,800		0.0
	560	(3	),(4),(5)	Venture Global LNG, Inc. - Series C		2,912,000		0.3
	534,052	(1	),(2)	Other Securities		12,658,230		1.1
						15,799,030		1.4
				Financials: 7.3%
	83,433			Cboe Global Markets, Inc.		10,011,960		0.9
	54,500			First Republic Bank		6,401,025		0.5
	37,500			Willis Towers Watson PLC		7,572,750		0.6
	841,346	(1	),(2)	Other Securities		61,316,041		5.3
						85,301,776		7.3
				Health Care: 14.5%
	74,000			Agilent Technologies, Inc.		6,312,940		0.5
	22,100	(3	)	Align Technology, Inc.		6,166,784		0.5
	157,000	(3	)	Centene Corp.		9,870,590		0.9
	25,600			Cooper Cos., Inc.		8,225,024		0.7
	26,500	(3	)	Idexx Laboratories, Inc.		6,919,945		0.6
	20,000			Teleflex, Inc.		7,528,800		0.7
	45,000	(3	)	Veeva Systems, Inc.		6,329,700		0.5
	1,705,672	(1	),(2)	Other Securities		117,265,572		10.1
						168,619,355		14.5

Shares					Value		Percentage of Net Assets
				Industrials: 17.8%
	31,200			Cintas Corp.	$	8,395,296		0.7
	16,800	(3	)	CoStar Group, Inc.		10,051,440		0.9
	51,610			L3Harris Technologies, Inc.		10,212,071		0.9
	15,200			TransDigm Group, Inc.		8,512,000		0.7
	116,100			TransUnion		9,939,321		0.9
	49,556			Verisk Analytics, Inc.		7,400,693		0.6
	2,182,711	(1	),(2)	Other Securities		151,743,645		13.1
						206,254,466		17.8
				Information Technology: 32.0%
	97,500			Amphenol Corp.		10,552,425		0.9
	69,379	(3	)	Atlassian Corp. PLC		8,349,069		0.7
	99,470	(3	)	Black Knight, Inc.		6,413,826		0.5
	94,664			Booz Allen Hamilton Holding Corp.		6,733,450		0.6
	95,800	(3	)	Cadence Design Systems, Inc.		6,644,688		0.6
	59,100			CDW Corp.		8,441,844		0.7
	15,473	(3	),(5)	Datadog, Inc. - Lockup Shares		578,724		0.0
	109,500	(3	)	Fiserv, Inc.		12,661,485		1.1
	33,400	(3	)	FleetCor Technologies, Inc.		9,609,848		0.8
	45,100	(3	)	Gartner, Inc.		6,949,910		0.6
	107,127			Global Payments, Inc.		19,557,105		1.7
	69,850	(3	)	Keysight Technologies, Inc.		7,168,706		0.6
	58,500			KLA Corp.		10,422,945		0.9
	34,755			Lam Research Corp.		10,162,362		0.9
	255,948			Marvell Technology Group Ltd.		6,797,979		0.6
	153,600			Maxim Integrated Products		9,447,936		0.8
	107,700	(6	)	Microchip Technology, Inc.		11,278,344		1.0
	47,700			Motorola Solutions, Inc.		7,686,378		0.7
	34,100	(3	)	Palo Alto Networks, Inc.		7,885,625		0.7
	79,200			Skyworks Solutions, Inc.		9,573,696		0.8
	66,500	(3	)	Splunk, Inc.		9,959,705		0.9
	107,635			SS&C Technologies Holdings, Inc.		6,608,789		0.6
	79,700			Xilinx, Inc.		7,792,269		0.7
	2,230,724	(1	),(2)	Other Securities		169,301,588		14.6
						370,578,696		32.0

See Accompanying Notes to Financial Statements
142

TABLE OF CONTENTS

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Materials: 3.6%
	98,380			Ball Corp.	$	6,362,234		0.6
	48,700			Vulcan Materials Co.		7,012,313		0.6
	458,329	(1	),(2)	Other Securities		28,148,709		2.4
						41,523,256		3.6
				Real Estate: 1.7%
	32,250			SBA Communications Corp.		7,771,928		0.7
	6,575	(3	),(4),(5)	WeWork Companies, Inc. - Class A		92,576		0.0
	340,310	(1	)	Other Securities		11,867,171		1.0
						19,731,675		1.7
				Utilities: 0.6%
	103,626			Other Securities		7,637,846		0.6
				Total Common Stock (Cost $761,302,503)		1,147,707,202		99.0
PREFERRED STOCK: 0.9%
				Communication Services: 0.4%
	32,391	(3	),(4),(5)	AirBNB, Inc. - Series D		3,854,529		0.3
	3,719	(3	),(4),(5)	AirBNB, Inc. - Series E		442,561		0.1
						4,297,090		0.4
				Information Technology: 0.4%
	24,459	(3	),(4),(5)	Databricks, Inc., Series F		1,050,475		0.1
	353,970	(3	),(4),(5)	Tanium, Inc. - Series G		3,009,241		0.2
	23,311	(3	),(4),(5)	UiPath Inc., Series D-1		917,327		0.1
	3,914	(3	),(4),(5)	UiPath Inc., Series D-2		154,023		0.0
						5,131,066		0.4
				Real Estate: 0.1%
	44,396	(3	),(4),(5)	WeWork Companies, Inc. - Series D-1		625,096		0.1
	34,882	(3	),(4),(5)	WeWork Companies, Inc. - Series D-2		491,138		0.0
	24,709	(3	),(4),(5)	WeWork Companies, Inc. - Series E		347,903		0.0
						1,464,137		0.1
				Total Preferred Stock (Cost $7,676,732)		10,892,293		0.9
				Total Long-Term Investments (Cost $768,979,235)		1,158,599,495		99.9

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.4%
				Commercial Paper: 0.8%
	975,000	(7	)	Banco Santander S.A., 1.950%, 02/05/2020	$	973,247		0.1
	950,000	(7	)	DBS Bank Ltd., 1.820%, 02/18/2020		947,688		0.1
	700,000	(7	)	Flex Co. LLC, 1.910%, 01/31/2020		698,915		0.0
	975,000	(7	)	Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020		972,892		0.1
	900,000	(7	)	LMA Americas LLC, 2.000%, 01/31/2020		898,529		0.1
	725,000	(7	)	Mitsubishi UFJ Trust and Banking Corp., 1.920%, 01/31/2020		723,814		0.0
	950,000	(7	)	Nederlandse Waterschapsbank, 1.870%, 02/12/2020		948,041		0.1
	850,000	(7	)	Sheffield Receivables Company LLC, 2.000%, 03/16/2020		846,671		0.1
	987,000	(7	)	Societe Generale, 1.970%, 01/09/2020		986,556		0.1
	975,000	(7	)	Starbird Funding Corp., 1.910%, 02/20/2020		972,445		0.1
	775,000	(7	)	United Overseas Bnk Group, 1.900%, 01/24/2020		774,165		0.0
				Total Commercial Paper (Cost $9,742,963)		9,742,963		0.8
				Floating Rate Notes: 1.4%
	950,000	(7	)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020		950,275		0.1
	950,000	(7	)	Bank of America Corp., 1.910%, 05/07/2020		950,000		0.1
	900,000	(7	)	Bank of Nova Scotia, 1.940%, 05/08/2020		899,933		0.1
	650,000	(7	)	Bedford Row Funding, 1.960%, 05/18/2020		650,110		0.0
	990,000	(7	)	Commonwealth Bank of Australia, 1.940%, 06/10/2020		989,998		0.1
	800,000	(7	)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020		800,224		0.1
	625,000	(7	)	Crédit Industriel et Commercial, 1.990%, 04/24/2020		625,048		0.0
	925,000	(7	)	Credit Suisse Group AG, 1.890%, 04/17/2020		925,414		0.1

See Accompanying Notes to Financial Statements
143

TABLE OF CONTENTS

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Floating Rate Notes (continued)
	1,000,000	(7	)	DNB ASA, 1.930%, 02/14/2020	$	1,000,143		0.1
	975,000	(7	)	HSBC Bank PLC, 1.970%, 06/03/2020		974,997		0.1
	250,000	(7	)	Mitsubishi UFJ Financial Group, Inc., 2.050%, 02/25/2020		250,086		0.0
	925,000	(7	)	Mizuho Financial Group Inc., 1.960%, 05/05/2020		925,039		0.1
	350,000	(7	)	National Australia Bank Ltd., 1.890%, 02/10/2020		350,008		0.0
	875,000	(7	)	National Bank Of Canada, 1.990%, 05/01/2020		875,113		0.1
	325,000	(7	)	Royal Bank Of Canada, 1.860%, 04/29/2020		325,020		0.0
	975,000	(7	)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020		975,031		0.1
	975,000	(7	)	The Norinchukin Bank, 2.050%, 04/24/2020		975,351		0.1
	275,000	(7	)	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020		274,979		0.0
	675,000	(7	)	The Sumitomo Mitsui Financial Group, 2.010%, 05/01/2020		675,819		0.1
	800,000	(7	)	Toronto-Dominion Bank, 2.000%, 04/30/2020		800,051		0.0
	625,000	(7	)	Westpac Banking Corp, 1.830%, 02/10/2020		625,050		0.1
	300,000	(7	)	Westpac Banking Corp, 1.970%, 06/03/2020		300,012		0.0
				Total Floating Rate Notes (Cost $16,117,701)		16,117,701		1.4

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements: 5.0%
	22,543,635	(7	)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $22,545,574, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $22,996,513, due 09/01/24-11/01/49)	$	22,543,635		2.0
	5,133,490	(7	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $5,133,940, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $5,236,625, due 01/15/20-11/15/48)		5,133,490		0.4
	22,543,635	(7	)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $22,545,574, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $22,994,508, due 02/13/20-09/20/69)		22,543,635		2.0

See Accompanying Notes to Financial Statements
144

TABLE OF CONTENTS

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	7,393,850	(7	)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $7,394,559, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $7,541,930, due 04/15/21-02/15/47)	$	7,393,850		0.6
				Total Repurchase Agreements (Cost $57,614,610)		57,614,610		5.0
				Certificates of Deposit: 0.3%
	950,000	(7	)	Deutscher Sparkassen- und Giroverband, 1.860%, 02/13/2020		950,269		0.1
	950,000	(7	)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.830%, 02/13/2020		949,923		0.0
	950,000	(7	)	Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020		950,033		0.1
	950,000	(7	)	Sumitomo Mitsui Trust Holdings, Inc., 1.950%, 01/27/2020		950,138		0.1
				Total Certificates of Deposit (Cost $3,800,363)		3,800,363		0.3
Shares					Value		Percentage of Net Assets
				Mutual Funds: 0.9%
	2,140,000	(7	),(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%	$	2,140,000		0.2
	890,000	(7	)	Fidelity Investments Money Market Government Portfolio - Institutional Class, 1.520%		890,000		0.1
	2,722,000	(7	),(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		2,722,000		0.2

Shares					Value			Percentage of Net Assets
	3,794,000	(7	),(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%	$	3,794,000			0.3
	509,341	(8	)	T. Rowe Price Government Reserve Fund, 1.590%		509,341			0.1
				Total Mutual Funds (Cost $10,055,341)		10,055,341			0.9
				Total Short-Term Investments (Cost $97,330,978)		97,330,978			8.4
				Total Investments in Securities (Cost $866,310,213)	$	1,255,930,473			108.3
				Liabilities in Excess of Other Assets		(96,743,789	)		(8.3	)
				Net Assets	$	1,159,186,684			100.0

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 securities on loan.

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

(3) Non-income producing security.

(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 December 31, 2019, the Portfolio held restricted securities with a fair value of $14,704,393 or 1.3% of net assets. Please refer to the table below for additional details.

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

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

(8) Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements
145

TABLE OF CONTENTS

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	25,402,585	$	—	$	—	$	25,402,585
Consumer Discretionary		171,372,019		—		—		171,372,019
Consumer Staples		35,486,498		—		—		35,486,498
Energy		12,658,230		—		3,140,800		15,799,030
Financials		85,301,776		—		—		85,301,776
Health Care		168,619,355		—		—		168,619,355
Industrials		206,254,466		—		—		206,254,466
Information Technology		369,999,972		578,724		—		370,578,696
Materials		41,523,256		—		—		41,523,256
Real Estate		19,639,099		—		92,576		19,731,675
Utilities		7,637,846		—		—		7,637,846
Total Common Stock		1,143,895,102		578,724		3,233,376		1,147,707,202
Preferred Stock		—		—		10,892,293		10,892,293
Short-Term Investments		10,055,341		87,275,637		—		97,330,978
Total Investments, at fair value	$	1,153,950,443	$	87,854,361	$	14,125,669	$	1,255,930,473

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

At December 31, 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	$	3,854,529
AirBNB, Inc. - Series E	7/14/2015		346,218		442,561
Databricks, Inc., Series F	10/22/2019		1,050,475		1,050,475
Datadog, Inc. - Lockup Shares	5/7/2019		246,996		578,724
Tanium, Inc. - Series G	8/26/2015		1,757,214		3,009,241
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		92,576
WeWork Companies, Inc. - Series D-1	12/9/2014		739,245		625,096
WeWork Companies, Inc. - Series D-2	12/9/2014		580,826		491,138
WeWork Companies, Inc. - Series E	6/23/2015		812,668		347,903
		$	10,285,082	$	14,704,393

See Accompanying Notes to Financial Statements
146

TABLE OF CONTENTS

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2019:

Investments, at fair value

Fair Value at
December 31,
2019

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Impact to Valuation
from an Increase
in Input***

Common Stocks

3,233,376

Recent Comparable
Transaction Price

Discount factor

—

Recent Comparable
Transaction Price

Discount For
Uncertainty

Decrease

Preferred Stocks

10,892,293

Recent Comparable
Transaction Price

Discount factor

—

Recent Comparable
Transaction Price

Discount For
Uncertainty

Decrease

Market Comparable

Discount for
Lack of Marketability

Decrease

Market Comparable

Enterprise Value to
Gross Profit Multiple

4.7

x-5.6x

Increase

Market Comparable

Enterprise Value to
Sales Multiple

4.2

x-5.0x

Increase

Market Comparable

Sales Growth Rate

%-21%

Increase

Market Comparable

Gross Profit
Growth Rate

%-23%

Increase

Total Investments, at fair value

14,125,669

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

** No quantitative unobservable inputs were significant to the fair valuation determination at December 31, 2019

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the year ended December 31, 2019:

	Common Stock			Preferred Stock			Total
Assets:
Beginning balance at December 31, 2018	$	4,087,680		$	12,989,606		$	17,077,286
Purchases		308,740			2,121,824			2,430,564
Sales		(631,854	)		—			(631,854	)
Accrued discounts/(premiums)		—			—			—
Total realized gain (loss)		464,772			—			464,772
Net change in unrealized appreciation (depreciation)****		(687,222	)		(3,526,725	)		(4,213,947	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		(308,740	)		(692,412	)		(1,001,152	)
Ending balance at December 31, 2019	$	3,233,376		$	10,892,293		$	14,125,669
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2019****	$	(280,480	)	$	(3,526,727	)	$	(3,807,207	)

**** Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2019 may be due to securities no longer held or categorized as Level 3 at year end.

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $868,966,841.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	419,656,204
Gross Unrealized Depreciation		(32,692,572	)
Net Unrealized Appreciation	$	386,963,632

See Accompanying Notes to Financial Statements
147

TABLE OF CONTENTS

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2019

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.9%
				Communication Services: 18.7%
	39,440	(1	)	Alphabet, Inc. - Class A	$	52,825,542		3.2
	38,466	(1	)	Alphabet, Inc. - Class C	��	51,429,811		3.1
	465,916	(1	)	Facebook, Inc. - Class A		95,629,259		5.7
	45,447	(1	)	IAC/InterActiveCorp		11,321,302		0.7
	110,344	(1	)	Netflix, Inc.		35,704,008		2.1
	567,600			Tencent Holdings Ltd.		27,344,787		1.6
	126,593			Walt Disney Co.		18,309,146		1.1
	681,704	(2	),(3)	Other Securities		19,549,815		1.2
						312,113,670		18.7
				Consumer Discretionary: 18.9%
	231,876	(1	)	Alibaba Group Holding Ltd. ADR		49,180,900		3.0
	58,038	(1	)	Amazon.com, Inc.		107,244,938		6.4
	164,099			Aptiv PLC		15,584,482		0.9
	7,537	(1	)	Booking Holdings, Inc.		15,478,963		0.9
	118,372	(1	)	Dollar Tree, Inc.		11,132,887		0.7
	365,044			Dollarama, Inc.		12,546,235		0.8
	89,212	(4	)	Ferrari NV		14,768,155		0.9
	155,974			Las Vegas Sands Corp.		10,768,445		0.6
	42,881	(1	)	Lululemon Athletica, Inc.		9,934,241		0.6
	138,253			Nike, Inc.		14,006,411		0.8
	23,200	(1	),(4)	Tesla, Inc.		9,705,256		0.6
	117,517			Wynn Resorts Ltd.		16,319,586		1.0
	349,779	(3	)	Other Securities		28,978,256		1.7
						315,648,755		18.9
				Consumer Staples: 0.5%
��	105,914			Other Securities		9,012,222		0.5
				Energy: 0.7%
	95,763			Other Securities		11,221,110		0.7
				Financials: 2.2%
	1,134,411	(1	),(5),(6)	Ant International Co., Limited - Class C		7,294,263		0.4
	69,022			Chubb Ltd.		10,743,964		0.7
	317,156	(3	)	Other Securities		18,430,792		1.1
						36,469,019		2.2
				Health Care: 12.2%
	51,813			Anthem, Inc.		15,649,080		0.9
	74,635			Becton Dickinson & Co.		20,298,481		1.2
	252,424	(1	)	Centene Corp.		15,869,897		1.0
	69,991			Cigna Corp.		14,312,460		0.9

Shares					Value		Percentage of Net Assets
	97,316			HCA Healthcare, Inc.	$	14,384,278		0.9
	41,789	(1	)	Intuitive Surgical, Inc.		24,703,567		1.5
	120,221			Stryker Corp.		25,239,197		1.5
	103,378			UnitedHealth Group, Inc.		30,391,064		1.8
	109,491	(1	)	Vertex Pharmaceuticals, Inc.		23,973,054		1.4
	202,120	(3	)	Other Securities		18,227,415		1.1
						203,048,493		12.2
				Industrials: 8.5%
	137,524			Boeing Co.		44,799,818		2.7
	180,592			Fortive Corp.		13,795,423		0.8
	55,009			Roper Technologies, Inc.		19,485,838		1.2
	191,747			TransUnion		16,415,461		1.0
	182,419	(4	)	Westinghouse Air Brake Technologies Corp.		14,192,198		0.8
	623,891	(3	)	Other Securities		33,246,995		2.0
						141,935,733		8.5
				Information Technology: 34.2%
	264,099			Apple, Inc.		77,552,671		4.6
	60,440	(4	)	ASML Holding NV-NY REG		17,886,614		1.1
	244,315			Fidelity National Information Services, Inc.		33,981,773		2.0
	185,204	(1	)	Fiserv, Inc.		21,415,139		1.3
	80,532			Global Payments, Inc.		14,701,922		0.9
	85,658			Intuit, Inc.		22,436,400		1.3
	528,551			Marvell Technology Group Ltd.		14,038,315		0.8
	190,687			Mastercard, Inc. - Class A		56,937,231		3.4
	641,783			Microsoft Corp.		101,209,179		6.1
	139,463	(1	)	PayPal Holdings, Inc.		15,085,713		0.9
	179,743	(1	)	Salesforce.com, Inc.		29,233,402		1.8
	68,839	(1	)	ServiceNow, Inc.		19,434,626		1.2
	120,638	(1	)	Splunk, Inc.		18,067,953		1.1
	51,440	(1	),(5),(6)	Stripe, Inc. - Class B		807,094		0.0
	338,067			Visa, Inc. - Class A		63,522,789		3.8
	85,873	(1	),(4)	VMware, Inc.		13,034,663		0.8
	776,102	(2	),(3)	Other Securities		51,391,773		3.1
						570,737,257		34.2
				Materials: 0.6%
	43,952			Other Securities		9,357,381		0.6

See Accompanying Notes to Financial Statements
148

TABLE OF CONTENTS

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Shares					Value		Percentage of Net Assets
				Utilities: 1.4%
	42,121			NextEra Energy, Inc.	$	10,200,022		0.6
	89,338			Sempra Energy		13,532,920		0.8
						23,732,942		1.4
				Total Common Stock (Cost $1,172,614,947)		1,633,276,582		97.9
PREFERRED STOCK: 1.9%
				Communication Services: 0.8%
	59,241	(1	),(5),(6)	AirBNB, Inc. - Series D		7,049,679		0.5
	16,058	(1	),(5),(6)	AirBNB, Inc. - Series E		1,910,902		0.1
	68,026	(1	),(5),(6)	Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)		3,464,707		0.2
						12,425,288		0.8
				Consumer Discretionary: 0.5%
	163,010	(1	),(5),(6)	Aurora Innovation, Inc., - Series B		1,506,261		0.1
	8,132	(1	),(5),(6)	DoorDash, Inc. - Series G		1,542,617		0.1
	549,762	(1	),(5),(6)	Rivian Automotive, Inc. - Series D		5,906,643		0.3
						8,955,521		0.5
				Industrials: 0.2%
	159,700	(1	),(5),(6)	GM Cruise Holdings, LLC - Class F		2,914,525		0.2
				Information Technology: 0.4%
	93,459	(1	),(5),(6)	Magic Leap, Inc. - Series C		2,271,053		0.2
	61,969	(1	),(5),(6)	Magic Leap, Inc. - Series D		1,505,847		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
						6,399,967		0.4
				Real Estate: 0.0%
	42,822	(1	),(5),(6)	WeWork Companies, Inc. - Series E		602,934		0.0
				Total Preferred Stock (Cost $25,499,799)		31,298,235		1.9
				Total Long-Term Investments (Cost $1,198,114,746)		1,664,574,817		99.8

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.2%
				Commercial Paper: 0.4%
	425,000	(7	)	Banco Santander S.A., 1.950%, 02/05/2020	$	424,236		0.0
	300,000	(7	)	Banco Santander S.A., 1.950%, 02/06/2020		299,445		0.0
	975,000	(7	)	DBS Bank Ltd., 1.820%, 02/18/2020		972,627		0.1
	350,000	(7	)	Le Mouvement Des Caisses Desjardins, 1.850%, 02/10/2020		349,314		0.0
	450,000	(7	)	Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020		449,027		0.1
	900,000	(7	)	LMA Americas LLC, 1.810%, 01/23/2020		898,832		0.1
	625,000	(7	)	Matchpoint Finance PLC, 1.850%, 02/03/2020		623,941		0.0
	650,000	(7	)	Mitsubishi UFJ Trust and Banking Corp., 1.910%, 02/04/2020		648,799		0.0
	400,000	(7	)	Nederlandse Waterschapsbank, 1.870%, 02/12/2020		399,175		0.0
	250,000	(7	)	Sheffield Receivables Company LLC, 1.950%, 02/27/2020		249,257		0.0
	500,000	(7	)	Sheffield Receivables Company LLC, 2.000%, 03/16/2020		498,042		0.1
				Total Commercial Paper (Cost $5,812,695)		5,812,695		0.4
				Floating Rate Notes: 0.7%
	775,000	(7	)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020		775,224		0.1
	750,000	(7	)	Bank of America Corp., 1.910%, 05/07/2020		750,000		0.0
	900,000	(7	)	Bank of Nova Scotia, 1.940%, 05/08/2020		899,933		0.1
	425,000	(7	)	Commonwealth Bank of Australia, 1.920%, 01/24/2020		425,054		0.0
	550,000	(7	)	Commonwealth Bank of Australia, 1.940%, 06/10/2020		549,999		0.1
	300,000	(7	)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020		300,084		0.0
	625,000	(7	)	Crédit Industriel et Commercial, 1.990%, 04/24/2020		625,048		0.0

See Accompanying Notes to Financial Statements
149

TABLE OF CONTENTS

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Floating Rate Notes (continued)
	600,000	(7	)	Credit Suisse Group AG, 1.720%, 01/16/2020	$	600,044		0.1
	375,000	(7	)	Credit Suisse Group AG, 1.750%, 01/30/2020		375,040		0.0
	300,000	(7	)	Lloyds Bank PLC, 1.880%, 01/15/2020		300,029		0.0
	300,000	(7	)	Mitsubishi UFJ Financial Group, Inc., 2.070%, 02/28/2020		300,120		0.0
	250,000	(7	)	Mizuho Financial Group Inc., 1.960%, 05/05/2020		250,010		0.0
	600,000	(7	)	Mizuho Financial Group Inc., 2.020%, 05/26/2020		600,052		0.1
	350,000	(7	)	National Australia Bank Ltd., 1.890%, 02/10/2020		350,008		0.0
	575,000	(7	)	National Bank Of Canada, 1.990%, 05/01/2020		575,074		0.0
	550,000	(7	)	Natixis S.A., 2.030%, 01/24/2020		550,033		0.0
	875,000	(7	)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020		875,028		0.1
	650,000	(7	)	Sumitomo Mitsui Trust Holdings, Inc., 1.980%, 05/07/2020		649,992		0.0
	575,000	(7	)	The Norinchukin Bank, 2.050%, 04/24/2020		575,207		0.0
	450,000	(7	)	The Sumitomo Mitsui Financial Group, 1.840%, 01/10/2020		450,033		0.0
	500,000	(7	)	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020		499,961		0.1
	575,000	(7	)	Westpac Banking Corp, 1.830%, 02/10/2020		575,046		0.0
				Total Floating Rate Notes (Cost $11,851,019)		11,851,019		0.7

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements: 2.2%
	14,973,682	(7	)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $14,974,970, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $15,274,488, due 09/01/24-11/01/49)	$	14,973,682		0.9
	2,645,054	(7	)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $2,645,286, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $2,698,195, due 01/15/20-11/15/48)		2,645,054		0.1
	14,973,682	(7	)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $14,974,970, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $15,273,156, due 02/13/20-09/20/69)		14,973,682		0.9

See Accompanying Notes to Financial Statements
150

TABLE OF CONTENTS

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	4,796,180	(7	)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $4,796,640, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,892,235, due 04/15/21-02/15/47)	$	4,796,180		0.3
				Total Repurchase Agreements (Cost $37,388,598)		37,388,598		2.2
				Certificates of Deposit: 0.2%
	650,000	(7	)	Deutscher Sparkassen-und Giroverband, 1.860%, 02/13/2020		650,184		0.0
	825,000	(7	)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.830%, 02/13/2020		824,933		0.0
	850,000	(7	)	Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020		850,030		0.1
	325,000	(7	)	The Norinchukin Bank, 1.870%, 03/05/2020		325,011		0.0
	900,000	(7	)	Toronto-Dominion Bank, 1.850%, 03/18/2020		900,136		0.1
				Total Certificates of Deposit (Cost $3,550,294)		3,550,294		0.2
Shares					Value		Percentage of Net Assets
				Mutual Funds: 0.7%
	530,000	(7	)	Fidelity Investments Money Market Government Portfolio - Institutional Class, 1.520%	$	530,000		0.1
	1,773,000	(7	),(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		1,773,000		0.1

Shares					Value			Percentage of Net Assets
	1,630,000	(7	),(8)	Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%	$	1,630,000			0.1
	1,773,000	(7	),(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%		1,773,000			0.1
	5,320,233	(8	)	T. Rowe Price Government Reserve Fund, 1.590%		5,320,233			0.3
				Total Mutual Funds (Cost $11,026,233)		11,026,233			0.7
				Total Short-Term Investments (Cost $69,628,839)		69,628,839			4.2
				Total Investments in Securities (Cost $1,267,743,585)	$	1,734,203,656			104.0
				Liabilities in Excess of Other Assets		(66,854,680	)		(4.0	)
				Net Assets	$	1,667,348,976			100.0

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 December 31, 2019, the Portfolio held restricted securities with a fair value of $39,399,592 or 2.4% of net assets. Please refer to the table below for additional details.

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

(8) Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements
151

TABLE OF CONTENTS

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	284,768,883	$	27,344,787	$	—	$	312,113,670
Consumer Discretionary		315,648,755		—		—		315,648,755
Consumer Staples		9,012,222		—		—		9,012,222
Energy		11,221,110		—		—		11,221,110
Financials		29,174,756		—		7,294,263		36,469,019
Health Care		195,150,330		7,898,163		—		203,048,493
Industrials		141,935,733		—		—		141,935,733
Information Technology		553,073,018		16,857,145		807,094		570,737,257
Materials		9,357,381		—		—		9,357,381
Utilities		23,732,942		—		—		23,732,942
Total Common Stock		1,573,075,130		52,100,095		8,101,357		1,633,276,582
Preferred Stock		—		—		31,298,235		31,298,235
Short-Term Investments		11,026,233		58,602,606		—		69,628,839
Total Investments, at fair value	$	1,584,101,363	$	110,702,701	$	39,399,592	$	1,734,203,656

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

At December 31, 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	$	7,049,679
AirBNB, Inc. - Series E	7/14/2015		1,494,910		1,910,902
Ant International Co., Limited - Class C	6/7/2018		6,364,046		7,294,263
Aurora Innovation, Inc., - Series B	3/1/2019		1,506,261		1,506,261
DoorDash, Inc. - Series G	11/12/2019		1,542,617		1,542,617
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		2,271,053
Magic Leap, Inc. - Series D	10/12/2017		1,673,163		1,505,847
Rivian Automotive, Inc. - Series D	12/23/2019		5,906,643		5,906,643
Stripe, Inc. - Class B	12/17/2019		807,094		807,094
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		602,934
Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)	10/19/2015		1,865,694		3,464,707
		$	32,670,939	$	39,399,592

See Accompanying Notes to Financial Statements
152

TABLE OF CONTENTS

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2019 (CONTINUED)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2019:

Investments, at fair value

Fair Value at
December 31,
2019

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range of
Input(s)

Impact to Valuation
from an Increase
in Input***

Common Stocks

8,101,357

Recent Comparable
Transaction Prices(s)
Market Comparable

Discount Factor

—**

Preferred Stocks

31,298,235

Recent Comparable
Transaction Price

—**

Recent Comparable
Transaction Price

Discount For
Uncertainty

10%

Decrease

Recent Comparable
Transaction Price

Discount For
Uncertainty

15%

Decrease

Market Comparable

Discount for
Lack of Marketability

10%

Decrease

Market Comparable

Enterprise Value to
Gross Profit Multiple

4.7x-5.6x

Increase

Market Comparable

Enterprise Value to
Sales Multiple

4.2x-5.0x

Increase

Market Comparable

Sales Growth Rate

19%-21%

Increase

Market Comparable

Gross Profit
Growth Rate

20%-23%

Increase

Total Investments, at fair value

39,399,592

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

** No quantitative unobservable inputs were significant to the fair valuation determination at December 31, 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 year ended December 31, 2019:

	Common Stock			Preferred Stock			Total
Assets:
Beginning balance at December 31, 2018	$	6,615,863		$	21,544,210		$	28,160,073
Purchases		807,094			14,493,113			15,300,207
Sales		(97,200	)		(147,528	)		(244,728	)
Accrued discounts/(premiums)		—			—			—
Total realized gain (loss)		37,999			57,675			95,674
Net change in unrealized appreciation (depreciation)****		896,160			(843,635	)		52,525
Transfers into Level 3		—			—			—
Transfers out of Level 3		(158,559	)		(3,805,600	)		(3,964,159	)
Ending balance at December 31, 2019	$	8,101,357		$	31,298,235		$	39,399,592
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2019****	$	930,217		$	(791,944	)	$	138,273

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $1,272,221,380.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	475,550,598
Gross Unrealized Depreciation		(13,554,026	)
Net Unrealized Appreciation	$	461,996,572

See Accompanying Notes to Financial Statements
153

TABLE OF CONTENTS

TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended December 31, 2019 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Global Bond Portfolio
Class ADV	NII	$	0.4433
Class I	NII	$	0.5019
Class S	NII	$	0.4745
Voya International High Dividend Low Volatility Portfolio
Class ADV	NII	$	0.1884
Class I	NII	$	0.2581
Class S	NII	$	0.2225
Class S2	NII	$	0.1730
All Classes	LTCG	$	0.9830
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	NII	$	0.1183
Class I	NII	$	0.1784
Class S	NII	$	0.1448
Class S2	NII	$	0.1153
All Classes	STCG	$	0.3024
All Classes	LTCG	$	0.8690
VY^® Baron Growth Portfolio
All Classes	LTCG	$	13.8924
All Classes	ROC	$	0.1490
VY^® Columbia Contrarian Core Portfolio
Class ADV	NII	$	0.2879
Class I	NII	$	0.5163
Class S	NII	$	0.4016
All Classes	STCG	$	0.2926
All Classes	LTCG	$	7.6144
VY^® Columbia Small Cap Value II Portfolio
Class ADV	NII	$	0.0055
Class I	NII	$	0.1083
Class R6	NII	$	0.1083
Class S	NII	$	0.0561
Class S2	NII	$	0.0302
All Classes	LTCG	$	2.0675
VY^® Invesco Comstock Portfolio
Class ADV	NII	$	0.4082
Class I	NII	$	0.4959
Class S	NII	$	0.4504
All Classes	STCG	$	0.0838
All Classes	LTCG	$	3.9228

Portfolio Name	Type	Per Share Amount
VY^® Invesco Equity and Income Portfolio
Class ADV	NII	$	0.6805
Class I	NII	$	0.8975
Class S	NII	$	0.7848
Class S2	NII	$	0.7205
All Classes	LTCG	$	2.3509
VY^® Invesco Oppenheimer Global Portfolio
Class ADV	NII	$	—
Class I	NII	$	0.1045
Class S	NII	$	0.0427
Class S2	NII	$	0.0295
All Classes	STCG	$	0.0245
All Classes	LTCG	$	3.5592
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	NII	$	0.1214
Class I	NII	$	0.2055
Class S	NII	$	0.1615
Class S2	NII	$	0.1320
All Classes	STCG	$	0.0954
All Classes	LTCG	$	2.2308
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV	NII	$	0.0266
Class I	NII	$	0.0360
Class R6	NII	$	0.0360
Class S	NII	$	0.0266
Class S2	NII	$	0.0266
All Classes	STCG	$	0.0437
All Classes	LTCG	$	1.2321
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV	NII	$	—
Class I	NII	$	0.1745
Class S	NII	$	—
Class S2	NII	$	—
All Classes	LTCG	$	19.2580

NII — Net investment income
STCG — Short-term capital gain
LTCG — Long-term capital gain
ROC — Return of capital

Of the ordinary distributions made during the year ended December 31, 2019, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

VY^® American Century Small-Mid Cap Value Portfolio	38.09	%
VY^® Columbia Contrarian Core Portfolio	55.90	%
VY^® Columbia Small Cap Value II Portfolio	100.00	%
VY^® Invesco Comstock Portfolio	83.43	%
VY^® Invesco Equity and Income Portfolio	60.14	%
VY^® Invesco Oppenheimer Global Portfolio	99.97	%
VY^® JPMorgan Mid Cap Value Portfolio	100.00	%
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	100.00	%
VY^® T. Rowe Price Growth Equity Portfolio	100.00	%

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya International High Dividend Low Volatility Portfolio	$	38,959,190
VY^® American Century Small-Mid Cap Value Portfolio	$	26,390,436
VY^® Baron Growth Portfolio	$	347,944,282
VY^® Columbia Contrarian Core Portfolio	$	94,000,420
VY^® Columbia Small Cap Value II Portfolio	$	20,244,186
VY^® Invesco Comstock Portfolio	$	90,933,278
VY^® Invesco Equity and Income Portfolio	$	70,723,269
VY^® Invesco Oppenheimer Global Portfolio	$	247,084,828
VY^® JPMorgan Mid Cap Value Portfolio	$	52,232,524
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	$	106,411,255
VY^® T. Rowe Price Growth Equity Portfolio	$	418,893,692

154

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TAX INFORMATION (UNAUDITED) (CONTINUED)

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2019. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

				Creditable Foreign Taxes Paid				Per Share Amount				Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya International High Dividend Low Volatility Portfolio				$	1,101,503			$	0.0265				93.06	%

* None of the Portfolio's income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

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

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

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

155

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DIRECTOR AND OFFICER INFORMATION (UNAUDITED)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director ("Independent Director"). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 262-3862.

Name, Address
and Age

Position(s)
held with the
Company

Term of
Office and
Length of
Time
Served⁽¹⁾

Principal
Occupation(s) -
during the
Past 5 Years

Number of
Funds in
Fund Complex
Overseen
by Director⁽²⁾

Other Board
Positions
held by
Director

Independent Directors*:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 59

Director

Chairperson

November 2007 - Present
January 2020 - Present

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

146

Dentaquest (February 2014 - Present); RSR Partners, Inc. (2016 - Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

November 1997 - Present

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

146

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director

January 2006 - Present

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

146

Wisconsin Energy Corporation (June 2006 - Present); The Royce Fund (22 funds) (December 2009 - Present); and AMICA Mutual Insurance Company (1992 - Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 69

Director

August 2015 - Present

Retired. Formerly, President and Chief Executive Officer, Connecticut Children's Medical Center (May 2006 - November 2015).

146

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

May 2013 - Present

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

146

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

January 2006 - Present

Consultant (May 2001 - Present).

146

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

October 2015 - Present

Retired.

146

None.

156

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DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

Name, Address
and Age

Position(s)
held with the
Company

Term of
Office and
Length of
Time
Served⁽¹⁾

Principal
Occupation(s) -
during the
Past 5 Years

Number of
Funds in
Fund Complex
Overseen
by Director⁽²⁾

Other Board
Positions
held by
Director

Director who is an "interested person":

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 46

Director

July 2018 - Present

President, Voya Investments, LLC and Voya Capital, LLC (March 2018 - Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 - Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 - August 2017).

146

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 - Present); Voya Investments Distributor, LLC (April 2018 - Present).

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

(2) For the purposes of this table, "Fund Complex" means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2020.

* Effective December 31, 2019, Russell H. Jones and Roger B. Vincent each retired as a Director of the Board.

157

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DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

Name, Address
and Age

Position(s)
Held with the Company

Term of Office and
Length of Time Served⁽¹⁾

Principal Occupation(s) - during the
Past 5 Years

Michael Bell
One Orange Way
Windsor, Connecticut 06095
Age: 51

Chief Executive Officer

March 2018 - Present

Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 - Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 - Present); Chief Financial Officer, Voya Investment Management (September 2014 - Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 - March 2018).

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 46

President

March 2018 - Present

President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018-Present); Director, Voya Funds Services, LLC (March 2018 - Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 - Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 - August 2017).

Stanley D. Vyner
230 Park Avenue
New York, New York 10169
Age: 69

Executive Vice President

Chief Investment Risk Officer

January 2005 - Present
September 2009 - Present

Executive Vice President, Voya Investments, LLC (July 2000 - Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 - Present).

James M. Fink
5780 Powers Ferry Road NW
Atlanta, Georgia 30327
Age: 61

Executive Vice President

March 2018 - Present

Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 - Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Chief Administrative Officer, Voya Investment Management (September 2017 - Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 - September 2017).

Kevin M. Gleason
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 53

Chief Compliance Officer

February 2012 - Present

Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 - Present).

Todd Modic
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age:52

Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary

March 2005 - Present

President, Voya Funds Services, LLC (March 2018 - Present) and Senior Vice President, Voya Investments, LLC (April 2005 - Present).

Kimberly A. Anderson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 55

Senior Vice President

January 2005 - Present

Senior Vice President, Voya Investments, LLC (September 2003 - Present).

Robert Terris
5780 Powers Ferry Road NW
Atlanta, Georgia 30327
Age: 49

Senior Vice President

May 2006 - Present

Senior Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (March 2006 - Present).

Fred Bedoya
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 47

Vice President and Treasurer

September 2012 - Present

Vice President, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (July 2012 - Present).

158

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DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

Name, Address
and Age

Position(s)
Held with the Company

Term of Office and
Length of Time Served⁽¹⁾

Principal Occupation(s) - during the
Past 5 Years

Maria M. Anderson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 61

Vice President

January 2005 - Present

Vice President, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (September 2004 - Present).

Sara M. Donaldson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 60

Vice President

September 2014 - Present

Vice President, Voya Investments, LLC (October 2015 - Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 - October 2015).

Micheline S. Faver
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 42

Vice President

September 2016 - Present

Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 - Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 - June 2016).

Robyn L. Ichilov
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 52

Vice President

January 2005 - Present

Vice President, Voya Funds Services, LLC (November 1995 - Present) and Voya Investments, LLC (August 1997 - Present).

Jason Kadavy
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 43

Vice President

September 2012 - Present

Vice President, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (July 2007 - Present).

Andrew K. Schlueter
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 43

Vice President

March 2018 - Present

Vice President, Voya Investments Distributor, LLC (April 2018 - Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 - Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 - Present). Formerly, Vice President, Voya Investment Management (March 2014 - February 2018).

Craig Wheeler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 50

Vice President

May 2013 - Present

Vice President - Director of Tax, Voya Investments, LLC (October 2015 - Present). Formerly, Vice President - Director of Tax, Voya Funds Services, LLC (March 2013 - October 2015).

Monia Piacenti
One Orange Way
Windsor, Connecticut 06095
Age: 43

Anti-Money Laundering Officer

June 2018 - Present

Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 - Present); Compliance Consultant, Voya Financial, Inc. (January 2019 - Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 - December 2018).

Theresa K. Kelety
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 57

Secretary

January 2020 - Present

Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present).

Paul A. Caldarelli
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 68

Assistant Secretary

June 2010 - Present

Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present).

Joanne F. Osberg
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 38

Assistant Secretary

January 2020 - Present

Vice President and Counsel, Voya Investment Management - Mutual Fund Legal Department (January 2013 - Present).

(1) The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS

At a meeting held on November 21, 2019, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Independent Directors, considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company, on behalf of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® Invesco Oppenheimer Global Portfolio, VY^® JPMorgan Mid Cap Value Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, and VY^® T. Rowe Price Growth Equity Portfolio, each a series of the Company (the "Portfolios"), and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with the sub-advisers to each Portfolio (the "Sub-Advisers") for an additional one year period ending November 30, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

In addition to the Board meeting on November 21, 2019, the Independent Directors also held meetings outside the presence of personnel representing the Manager or Sub-Advisers (collectively, such persons are referred to herein as "management") on October 9, 2019, and November 19, 2019, specifically to review and consider materials related to the proposed continuance of the Contracts that they believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. Subsequent references herein to factors considered and determinations made by the Independent Directors and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Directors. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide") related to the investment management and sub-advisory contract renewal process. The Methodology Guide sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Directors periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was overarching, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions

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with respect to each Portfolio's investment management and sub-advisory arrangements.

Nature, Extent and Quality of Services

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

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

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

The Board considered the portfolio management team assigned by the Sub-Advisers to the Portfolios and the

level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar category and primary benchmark, a broad-based securities market index that appears in the Portfolio's prospectus. In addition, the Board considered the investment performance of Voya Global Bond Portfolio compared to an additional performance peer group that is approved by the Portfolio's IRC due to the unique investment structure or strategy of the Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Company's Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Independent Directors also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager and the relevant Sub-Adviser, respectively.

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

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and the Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or the Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules and that the Manager is responsible for paying the fees of the Sub-Adviser.

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. In addition, the Board considered the contractual management fee schedule for VY^® Baron Growth Portfolio compared to other funds its Sub-Adviser manages, as identified by the Manager. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager and both before and after giving effect to any expenses incurred by the Manager or the affiliated Sub-Adviser in making payments to affiliated insurance companies. The Board did not request profitability data from the Sub-Advisers that are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do typically employ different methodologies in connection with these calculations.

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

The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it provides to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager and Sub-Advisers' potential fall-out benefits were not unreasonable.

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Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2019, November 19, 2019, and/or November 21, 2019 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Global Bond Portfolio

In considering whether to approve the renewal of the Contracts for Voya Global Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the three-year and five-year periods, the third quintile for the year-to-date period and the fourth quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer

Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio's management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio's net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio's performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya International High Dividend Low Volatility Portfolio

In considering whether to approve the renewal of the Management Contract for Voya International High Dividend Low Volatility Portfolio (formerly, VY^® Templeton Foreign Equity Portfolio), the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year and ten-year periods, the fourth quintile for the three-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management's representations that there was a change in the Portfolio's Sub-Adviser and its investment strategies effective May 1, 2019, which means that performance prior to May 1, 2019 reflects the performance of a different Sub-Adviser.

In considering the fees payable under the Management Contract for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is

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ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio's management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio's net expense ratio is reasonable in the context of all factors considered by the Board; and (3) the Portfolio's performance is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management Contract for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® American Century Small-Mid Cap Value Portfolio

In considering whether to approve the renewal of the Contracts for VY^® American Century Small-Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the year-to-date, three-year and ten-year periods, and the third quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.

context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® Baron Growth Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Baron Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods, and the second quintile for the five-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fifth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

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may have given different weight to different individual factors and related conclusions.

VY^® Columbia Contrarian Core Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Columbia Contrarian Core Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date period, the third quintile for the one-year, five-year and ten-year periods, and the fourth quintile for the three-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the impact of security selection on the Portfolio's performance; (2) its confidence in the Sub-Adviser's ability to deliver favorable long-term performance; and (3) the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® Columbia Small Cap Value II Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Columbia Small Cap Value II Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and five-year periods, the third quintile for the three-year and ten-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and ten-year periods, during which it outperformed.

VY^® Invesco Comstock Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Invesco Comstock Portfolio, the Board

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considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date and ten-year periods, the fourth quintile for the five-year period, and the fifth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed, and the year-to-date period, during which its performance was equal to the performance of its primary benchmark.

VY^® Invesco Equity and Income Portfolio

In considering whether to approve the renewal of the Contracts for VY^® Invesco Equity and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, three-year, five-year and ten-year

periods, and the fifth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

VY^® Invesco Oppenheimer Global Portfolio

In considering whether to approve the renewal of the Management Contract for VY^® Invesco Oppenheimer Global Portfolio (formerly, VY^® Oppenheimer Global Portfolio), the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date, three-year, five-year and ten-year periods, and the third quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

In considering the fees payable under the Management Contract for the Portfolio, the Board took into account the

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factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio's management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio's net expense ratio is reasonable in the context of all factors considered by the Board; and (3) the Portfolio's performance is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management Contract for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® JPMorgan Mid Cap Value Portfolio

In considering whether to approve the renewal of the Contracts for VY^® JPMorgan Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, five-year, and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the three-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and five-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the competitiveness of the Portfolio's performance during certain periods; and (2) the effect that a change in the Portfolio's Morningstar category in 2015 had on the Portfolio's performance relative to its Morningstar category.

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

described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

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

In considering whether to approve the renewal of the Contracts for VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year and ten-year periods, and the second quintile for the year-to-date, one-year and three-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

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to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.

VY^® T. Rowe Price Growth Equity Portfolio

In considering whether to approve the renewal of the Contracts for VY^® T. Rowe Price Growth Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year and ten-year periods, the second quintile for the three-year period, and the third quintile for the year-to-date and one-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

(c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

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Investment Adviser

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

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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

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(1219-022120)

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Annual Report

December 31, 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 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.

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form 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.

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PRESIDENT’S LETTER

New season, last year’s plot

Dear Shareholder,

Still, we believe that turbulence seems to be the world’s modus operandi: economic and market uncertainty are still with us, trade issues remain unresolved and the upcoming U.S. presidential election adds another dimension of political uncertainty. Even though market participants have become more comfortable accepting risk, we have observed persistent preferences for higher-quality, lower-volatility assets. This tells us that investors perceive significant risks they wish to avoid, and points to the potential for volatile reactions to adverse news.

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2020

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

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

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Market Perspective: Year Ended December 31, 2019

In our semi-annual report, we described how global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, rose 16.69% for the half-year after a nervous start.

On perceived slowing global growth, there was still plenty to worry about.

In Europe, manufacturing was in contraction. The euro zone’s annual growth in gross domestic product (“GDP”) in the second and third quarters of 2019 was just 1.2%. In the U.K., chronic disagreement about whether and how to leave the European Union (“Brexit”) culminated in a general election called for December.

China’s GDP grew at 6.0% in the third quarter, the smallest advance in 27 years. Industrial production was expanding near the slowest pace in 17 years, retail sales in 16 years.

Back in the markets, after May’s slump, central banks came to the rescue in June. On June 19 the Federal Open Market Committee (“FOMC”) left rates unchanged, but markets heard Chairman Powell signal a cut in July. The European Central Bank announced its willingness to cut its already negative deposit rate and resume bond purchases. The Japanese government also promised increased stimulus. Plans for tariffs on Mexican imports were “indefinitely suspended”, and investors were finally left to cheer a truce in the U.S.-China trade conflict, agreed on June 29.

August, as first the President announced 10% tariffs on the approximately $300 billion of Chinese imports as yet unaffected, and then increased existing and planned tariffs by 5% when China retaliated.

The market rollercoaster lurched back up in September and October, when high-level trade talks between the U.S. and China resumed. Both sides expressed confidence that “Phase 1” of a deal was possible by year-end. The FOMC cut rates again in both months.

And as year-end approached, a more positive narrative was increasingly heard. Markets were rising despite trade tensions, sluggish global growth, declining profits and political uncertainties in the U.S. and elsewhere. Perhaps, some commentators ventured, this was a signal that the worst was over. The Phase 1 trade deal was announced, amid some skepticism on the details, as was agreement on USMCA, the replacement for NAFTA. The U.K. government’s emphatic election victory might offer more clarity on Brexit. Central banks were all supportive and some of the economic data were starting to improve.

U.S. equities, represented by the S&P 500® Index, including dividends, surged 31.49%. Technology was by far the top performer, up 50.29%, led by Apple and Microsoft. Energy, exposed to slowing global economic activity, was the weakest, but still rose 11.81%.

In international markets, the MSCI Japan® Index ended up 18.48% for the year, supported by the Bank of Japan’s purchases of exchange-traded funds, but pressured by Japan’s own vulnerability to a trade war. The MSCI Europe ex U.K.® Index advanced 26.43%, powered by capital goods and pharmaceuticals companies. The MSCI U.K.® Index rose 16.37%, dampened by Brexit concerns, but also affected by the company-specific fortunes of MSCI U.K.’s market heavyweights. Among the largest contributors were pharmaceuticals, AstraZeneca and GlaxoSmithKline; the biggest detractors were miner Glencore and HSBC.

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.

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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.
		Bloomberg Barclays Long-Term U.S. Treasury Index				This index measures the performance of U.S. Treasury bills with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI 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 U.K.® 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.
		Russell 3000® Index				An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P Target Date Retirement Income Index				Seeks to represent asset allocations which target an immediate retirement horizon.
		S&P Target Risk Aggressive® Index*				Seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed-income securities to enhance portfolio efficiency.
		S&P Target Risk® Conservative Index*				Seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
		S&P Target Risk® Growth Index*				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.
		S&P Target Risk® Moderate Index*				Seeks to measure the performance of an asset allocation strategy targeted to a moderate risk profile.
		S&P Target Date 2020 Index, S&P Target Date 2025 Index, S&P Target Date 2030 Index, S&P Target Date 2035 Index, S&P Target Date 2040 Index, S&P Target Date 2045 Index, S&P Target Date 2050 Index, S&P Target Date 2055 Index and S&P Target Date 2060+ Index				Each index seeks to represent the market consensus for asset allocations which target an approximate 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and beyond the 2060 retirement horizon, respectively.

Total return and gross index returns are presented. Index returns include the reinvestment of dividends and distributions. Gross index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.

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Voya Solution Portfolios

Portfolio Managers’ Report

The Voya Solution Portfolios consist of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2020 Portfolio*, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, and Voya Solution 2060 Portfolio (each a “Portfolio” or collectively, the “Portfolios” or the “Solution Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are actively managed funds or passively managed funds (index funds)(1). Each Portfolio uses an asset allocation strategy (“Strategic Asset Allocation”) designed for investors expecting to retire around the year or have the risk profile applicable to that Portfolio. These Target Asset Allocations as of December 31, 2019 are set out in the table below. The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers** of Voya Investment Management Co. LLC (“Voya IM”) the Sub-Adviser (“Sub-Adviser”).

Performance: Each Portfolio’s performance against its respective benchmarks can be found on page 6.

Portfolio Specifics: The Portfolio managers attempt to enhance investment returns by tactically deviating from Target Asset Allocations to take advantage of opportunities or reduce risk. The following tactics were among those employed in 2019.

The Portfolios started 2019 with overweight positions in domestic large blended equities, long-maturity government bonds and short-duration bonds. These were funded by underweight exposures to domestic mid-cap equities, international equities, real estate investment trusts (“REITs”), core U.S. fixed income and high yield bonds.

Three trades were placed in January across the Portfolios. In early January, the Portfolios initiated an underweight to senior loans, lowering overall credit exposure and realizing gains earned from the solid recovery in the loan market after the December 2018 sell-off. In addition to those considerations, in our opinion, there was less need for a floating-rate component to mitigate interest-rate risk, since the U.S. Federal Open Market Committee (“FOMC”) had moved closer to concluding its rate tightening cycle. Proceeds from the sale were moved into short-term bonds. In mid-January, the Portfolios reduced equity exposure by selling international developed equities for short-term bonds following a meaningful bounce off the December lows. At the end of January, the Portfolios unwound a portion of their underweights to REITs, funded by selling domestic large-cap equities.

In early February, we shortened duration across the Portfolios by swapping long-term U.S. Treasuries for core fixed income. The trade was primarily the result of our ten-year bond fair value model signaling overvaluation and a slightly more optimistic economic growth outlook. At the end of March, we eliminated the Portfolios’ allocation to commodities, as that asset class’ risk profile had become increasingly leveraged to emerging markets, giving it less of a diversifying property than in the past. Proceeds from the sale were used to purchase domestic large-cap equities.

As part of their annual review process, the Portfolios glided down at the end of April and also made adjustments to their strategic asset allocation targets to reflect revised long-term capital market expectations for a range of asset classes. This resulted in an overall decrease in equities across the 2045 – 2020 Portfolios and changes in the strategic sub-asset allocations. The most notable changes included increased allocations to U.S. large-cap equities, core fixed income and Treasury inflation protected securities, funded by decreased allocations to U.S. mid-cap equities, developed international equities, emerging market equities and senior loans. During the review, we also removed commodities as a strategic asset class from the Portfolios.

At the end of May, the Portfolios purchased long-maturity Treasury bonds, funded by selling intermediate bonds. At the time of the trade, the potential impacts of trade war actions, combined with recent weakness in U.S. capital investment and retail sales, were suggesting a lower trajectory for economic growth. We reversed this position in June as fears of a slowdown abated.

In June, we lowered equity exposure within the 2020 vintage as the first of a four-part equity glide-down to eventually merge the 2020 vintage into the Income vintage on or about August 7, 2020.

In early August, the Portfolios reduced allocations to emerging markets equity in favor of domestic large cap equity. At the time of the trade, FOMC policy indicated a less supportive stance than expected, supporting a stronger U.S. dollar — a historical headwind to equities in emerging markets. In the middle of August, the Portfolios reduced overall equity exposure by selling domestic large-cap equities in favor of core U.S. fixed income, reflective of expectations for soft industrial data and lack of support from sentiment measures. This trade was unwound at the beginning of September after reaching its stop-loss range.

In September, the Portfolios increased their exposure to domestic small-cap equity, after being underweight to the asset class over the course of two years. At the time of the trade, underperformance of small-cap equities had reached historical extremes and valuations had become what we believed to be attractive, indicating potential performance reversal. In addition, we expected lower interest rates driven by FOMC policy would be supportive of economic growth, which small-cap stock performance generally tracks closely. The final trade in the third quarter extended duration, or exposure to interest-rate risk, across the suite as a defensive measure in a volatile market punctuated by oil shocks.

Three trades were enacted across the Portfolios in October. The first trade reduced the existing duration underweight of the Portfolios through the purchase of long-maturity government bonds funded by selling intermediate bonds. This positioning reflected our belief that U.S. employment would likely weaken from its then current pace, leading to continued easing by the FOMC. The second and third trades

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Portfolio Managers’ Report

Voya Solution Portfolios

of the month sought to diversify the Portfolios’ existing equity overweight, rotating a portion from domestic into both developed international and emerging market equities. At the time of the trades, recent foreign manufacturing data, such as global purchasing managers’ indexes (PMIs), supported the idea that the global economy had stopped slumping and was stabilizing.

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

From a holdings standpoint, overall performance from underlying strategies contributed to results before fees and expenses. Managers with top benchmark-relative performance included Voya Multi-Manager Emerging Market Equity Fund, VY® T. Rowe Price Capital Appreciation Portfolio and Voya Multi-Manager International Equity Fund. Bottom benchmark-relative performers included Voya Multi-Manager International Factors Fund, VY® T. Rowe Price Growth Equity Portfolio and Voya U.S. High Dividend Low Volatility Fund.

During the year, the Portfolios utilized various futures to enact tactical positions. Futures were utilized to avoid significant manager disruption and provide the Portfolios with greater liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions.

Current Strategy and Outlook: After several months of easing in monetary policy from global central banks, the effects are beginning to trickle through to the real economy: in our view, the manufacturing sector is showing signs of life, while consumer demand remains strong. We believe relaxed financial conditions and a robust labor market are likely to keep the marginal improvement trend in place. We view the likelihood of a U.S. recession over the next 12 months as low. We believe that central banks appear willing to provide sufficient liquidity to prolong the cycle, inflation is tame and there are no materially worrisome signs of financial excess.

What’s more, in our opinion, the probability of an exogenous shock has declined as U.S. and Chinese officials appear to be making progress on trade. Assuring us of this opinion are strong non-farm payrolls, contained high yield spreads and decent consumer confidence, which is corroborated by strong auto sales. Furthermore, although we have discounted the yield curve as a leading indicator of recession given the distortions arising from unconventional central bank asset buying and negative term premiums, the areas of the curve most closely correlated with future recessions have reverted to a more normal shape.

As a result, we retain our modest overweight to stocks. Third quarter U.S. corporate earnings reports are coming in better than expected, as 75% of S&P 500® Index companies have reported positive earnings per share surprises and 60% have beaten revenue estimates. With profit margins for U.S. large cap companies well above their long-term average, further gains in S&P 500® Index stocks will, we believe, most likely need to come from revenue growth or earnings multiple expansion. We are reticent to rely much on top-line growth, given what we see as the lackluster, albeit improving, economic backdrop; yet we see scope for further tightening of the equity risk premium and higher valuations.

That said, the relative advantage U.S. large caps have held over smaller cap and foreign stocks is lessening. In our view, multiple financial indicators suggest economic activity is gaining momentum, such as a move-up in global PMIs, strong performance from global semiconductor stocks and high copper prices. Following a long bout of underperformance, non-U.S. stocks are under-owned and relatively cheap, in our opinion. Therefore, we have increased non-U.S. equity exposure by rotating our EAFE positioning back to neutral, funded by reducing our U.S. equity overweight. Additionally, supportive Chinese money and credit growth, easy global monetary policy and a range-bound U.S. dollar make us comfortable continuing our emerging market equity exposure.

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2019.

On November 21, 2019, the Board of Directors of Voya Partners, Inc. (the “Board”) approved a proposal to reorganize Voya Solution 2020 Portfolio with and into Voya Solution Income Portfolio on or about August 7, 2020.

Effective September 30, 2019, Barbara Reinhard was added as a portfolio manager to the Portfolios.

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

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

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Voya Solution Portfolios

Portfolio Managers’ Report

		Total Returns for the Period Ended December 31, 2019
					1 Year
		Voya Solution Aggressive Portfolio, Class S			25.21%
		S&P Target Risk Aggressive® Index Total Return			22.79%
		Voya Solution Balanced Portfolio, Class S			19.47%
		S&P Target Risk® Growth Index Total Return			19.20%
		Voya Solution Conservative Portfolio, Class S			11.31%
		S&P Target Risk® Conservative Index Total Return			13.99 %
		Voya Solution Income Portfolio, Class S			13.13%
		S&P Target Date Retirement Income Index			13.33%
		Russell 3000® Index			31.02%
		MSCI EAFE® Index			22.01%
		Bloomberg Barclays U.S. Aggregate Bond (“BCAB”) Index			8.72%
		Voya Solution Moderately Aggressive Portfolio, Class S			22.61%
		S&P Target Risk Aggressive® Index Total Return			22.79%
		Voya Solution Moderately Conservative Portfolio, Class S			14.96%
		S&P Target Risk® Moderate Index Total Return			15.71%
		Voya Solution 2020 Portfolio, Class S			14.89%
		S&P Target Date 2020 Index			16.52%
		Voya Solution 2025 Portfolio, Class S			18.12%
		S&P Target Date 2025 Index			18.38%
		Russell 3000® Index			31.02%
		MSCI EAFE® Index			22.01%
		BCAB Index			8.72%
		Voya Solution 2030 Portfolio, Class S			20.36%
		S&P Target Date 2030 Index			20.38%
		Voya Solution 2035 Portfolio, Class S			21.94%
		S&P Target Date 2035 Index			22.18%
		Russell 3000® Index			31.02%
		MSCI EAFE® Index			22.01%
		BCAB Index			8.72%
		Voya Solution 2040 Portfolio, Class S			23.07%
		S&P Target Date 2040 Index			23.37%
		Voya Solution 2045 Portfolio, Class S			23.90%
		S&P Target Date 2045 Index			24.02%
		Russell 3000® Index			31.02%
		MSCI EAFE® Index			22.01%
		BCAB Index			8.72%
		Voya Solution 2050 Portfolio, Class S			24.41%
		S&P Target Date 2050 Index			24.35%
		Voya Solution 2055 Portfolio, Class S			24.50%
		S&P Target Date 2055 Index			24.48%
		Voya Solution 2060 Portfolio, Class S			24.45%
		S&P Target Date 2060+ Index			24.73%

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Portfolio Managers’ Report

Voya Solution Portfolios

Annual Target Asset Allocation as of December 31, 2019(1)

Sub Asset Class	2060		2055		2050		2045		2040		2035		2030		2025		2020		Income
U.S. Large Blend		23.55%		23.55%		24.05%		22.00%		20.00%		18.00%		17.00%		16.50%		8.75%		8.50%
U.S. Large Growth		14.00%		14.00%		13.50%		14.00%		14.00%		13.50%		11.75%		10.25%		7.25%		5.75%
U.S. Large Value		13.25%		13.25%		13.25%		13.75%		13.75%		13.00%		11.50%		9.75%		7.75%		6.50%
U.S. Mid Cap Blend		5.00%		5.00%		4.50%		4.50%		4.00%		4.00%		3.00%		2.50%		1.00%		0.00%
U.S. Small Cap		4.50%		4.50%		4.50%		4.50%		4.50%		3.50%		3.00%		3.00%		1.00%		1.00%
International		25.00%		25.00%		25.00%		24.00%		22.00%		20.00%		18.00%		13.00%		8.00%		6.00%
Emerging Markets		7.50%		7.50%		7.00%		7.00%		6.50%		6.00%		5.00%		3.50%		2.50%		2.00%
Global Real Estate		2.75%		2.25%		2.25%		2.25%		2.25%		2.00%		1.75%		1.50%		1.25%		1.25%
Core Fixed Income		3.20%		2.95%		4.20%		4.25%		9.00%		10.00%		19.00%		24.75%		36.50%		40.00%
High Yield		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%
Senior Debt		0.00%		0.00%		0.00%		0.00%		0.00%		2.00%		2.00%		3.00%		3.00%		3.00%
International Bonds		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		3.00%		3.00%		3.00%
TIPS		0.00%		0.00%		0.00%		0.00%		0.00%		4.00%		4.00%		4.00%		6.00%		7.00%
Short Duration		0.00%		0.00%		0.00%		1.75%		2.00%		2.00%		2.00%		3.25%		12.00%		14.00%
Long Government Bonds		1.25%		2.00%		1.75%		2.00%		2.00%		2.00%		2.00%		2.00%		2.00%		2.00%
Total Equity		95.55%		95.05%		94.05%		92.00%		87.00%		80.00%		71.00%		60.00%		37.50%		31.00%
Total Fixed Income		4.45%		4.95%		5.95%		8.00%		13.00%		20.00%		29.00%		40.00%		62.50%		69.00%

Annual Target Asset Allocation as of December 31, 2019(1)

Sub Asset Class	Aggressive		Moderately Aggressive		Balanced		Moderately Conservative		Conservative
U.S. Large Blend		15.00%		12.50%		10.50%		9.00%		7.00%
U.S. Large Growth		16.50%		14.00%		13.75%		6.00%		3.25%
U.S. Large Value		17.50%		20.50%		18.75%		12.50%		5.75%
U.S. Mid Cap Blend		13.00%		8.00%		4.00%		2.00%		2.00%
U.S. Small Cap		9.00%		7.00%		3.50%		3.00%		1.00%
International		17.00%		14.00%		9.50%		6.50%		4.00%
Emerging Markets		6.00%		5.00%		4.00%		3.00%		2.00%
Global Real Estate		2.00%		2.00%		2.00%		2.00%		0.00%
Core Fixed Income		2.00%		8.00%		18.00%		27.00%		30.50%
High Yield		0.00%		2.00%		4.00%		6.00%		6.00%
Senior Debt		0.00%		3.00%		3.00%		5.00%		5.00%
International Bonds		0.00%		0.00%		0.00%		4.00%		5.00%
TIPS		0.00%		0.00%		2.00%		5.00%		7.00%
Short Duration		0.50%		2.00%		5.00%		7.00%		19.50%
Long Government Bonds		1.50%		2.00%		2.00%		2.00%		2.00%
Total Equity		96.00%		83.00%		66.00%		44.00%		25.00%
Total Fixed Income		4.00%		17.00%		34.00%		56.00%		75.00%

(1)

As these are target allocations, the actual allocations of each Portfolio's assets may deviate from the percentages shown. Although the Portfolios expect to be fully invested at all times, they may maintain liquidity reserves to meet redemption requests.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution Aggressive Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 May 1, 2013
Class ADV		24.94%		7.24%		8.65%
Class I		25.54%		7.76%		9.26%
Class R6(1)		25.45%		7.75%		9.25%
Class S		25.21%		7.50%		8.98%
Class S2		25.05%		7.34%		8.73%
S&P Target Risk Aggressive® Index Total Return		22.79%		7.79%		8.70%
S&P Target Risk Aggressive® Index Gross		23.09%		8.06%		8.97%

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

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

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

The performance update illustrates performance for a variable investment option available through a variable

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

Portfolio holdings are subject to change daily.

(1)

Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

Effective May 1, 2019, the Adviser changed the primary benchmark from the S&P Target Risk Aggressive® Index Gross (“Gross Index”) to the S&P Target Risk Aggressive® Index Total Return as the Adviser believes it more accurately reflects the investment experience of an investor in the benchmark’s components. Index returns include the reinvestment of dividends and distributions. Gross index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Balanced Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year		Since Inception of Class S2 April 30, 2010
Class ADV		19.13%		5.96%		7.30%		—
Class I		19.75%		6.52%		7.89%		—
Class R6(1)		19.76%		6.52%		7.89%		—
Class S		19.47%		6.24%		7.61%		—
Class S2		19.22%		6.06%		—		7.16%
S&P Target Risk® Growth Index Total Return		19.20%		6.63%		7.87%		7.69%
S&P Target Risk® Growth Index Gross		19.50%		6.90%		8.14%		7.96%

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

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

The performance update illustrates performance for a variable investment option available through a variable

Portfolio holdings are subject to change daily.

(1)

Effective May 1, 2019, the Adviser changed the primary benchmark from the S&P Target Risk® Growth Index Gross (“Gross Index”) to the S&P Target Risk® Growth Index Total Return as the Adviser believes it more accurately reflects the investment experience of an investor in the benchmark’s components. Index returns include the reinvestment of dividends and distributions. Gross index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.

TABLE OF CONTENTS

Voya Solution Conservative Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 April 30, 2010
Class ADV		10.99%		4.01%		4.63%
Class I		11.65%		4.54%		5.16%
Class R6(1)		11.65%		4.54%		5.16%
Class S		11.31%		4.29%		4.89%
Class S2		11.21%		4.14%		4.74%
S&P Target Risk® Conservative Index Total Return		13.99%		4.84%		5.15%
S&P Target Risk® Conservative Index Gross		14.27%		5.10%		5.42%

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

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

The performance update illustrates performance for a variable investment option available through a variable

Portfolio holdings are subject to change daily.

(1)

Effective May 1, 2019, the Adviser changed the primary benchmark from the S&P Target Risk® Conservative Index Gross (“Gross Index”) to the S&P Target Risk® Conservative Index Total Return as the Adviser believes it more accurately reflects the investment experience of an investor in the benchmark’s components. Index returns include the reinvestment of dividends and distributions. Gross index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Income Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		12.87%		4.36%		5.27%
Class I		13.38%		4.87%		5.79%
Class S		13.13%		4.62%		5.53%
Class S2		12.96%		4.46%		5.37%
Class T		12.54%		4.16%		5.06%
S&P Target Date Retirement Income Index		13.33%		4.67%		5.50%
Russell 3000® Index		31.02%		11.24%		13.42%
MSCI EAFE® Index		22.01%		5.67%		5.50%
BCAB Index		8.72%		3.05%		3.75%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or

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

Portfolio holdings are subject to change daily.

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Voya Solution Moderately Aggressive Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 April 30, 2010
Class ADV		22.32%		6.41%		7.81%
Class I		22.99%		6.95%		8.36%
Class R6(1)		22.91%		6.93%		8.36%
Class S		22.61%		6.67%		8.09%
Class S2		22.49%		6.54%		7.94%
S&P Target Risk Aggressive® Index Total Return		22.79%		7.79%		9.24%
S&P Target Risk Aggressive® Index Gross		23.09%		8.06%		9.51%

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

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

The performance update illustrates performance for a variable investment option available through a variable

Portfolio holdings are subject to change daily.

(1)

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Moderately Conservative Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year		Since Inception of Class S2 April 30, 2010
Class ADV		14.61%		4.81%		5.92%		—
Class I		15.17%		5.35%		6.52%		—
Class R6(1)		15.18%		5.32%		6.50%		—
Class S		14.96%		5.07%		6.24%		—
Class S2		14.74%		4.91%		—		5.82%
S&P Target Risk® Moderate Index Total Return		15.71%		5.44%		6.10%		6.00%
S&P Target Risk® Moderate Index Gross		16.00%		5.70%		6.36%		6.26%

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

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

The performance update illustrates performance for a variable investment option available through a variable

Portfolio holdings are subject to change daily.

(1)

Effective May 1, 2019, the Adviser changed the primary benchmark from the S&P Target Risk® Moderate Index Gross (“Gross Index”) to the S&P Target Risk® Moderate Index Total Return as the Adviser believes it more accurately reflects the investment experience of an investor in the benchmark’s components. Index returns include the reinvestment of dividends and distributions. Gross index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.

TABLE OF CONTENTS

Voya Solution 2020 Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		14.70%		5.50%		8.09%
Class I		15.22%		6.02%		8.63%
Class S		14.89%		5.78%		8.34%
Class S2		14.79%		5.63%		8.21%
Class T		14.44%		5.29%		7.92%
S&P Target Date 2020 Index		16.52%		6.16%		8.71%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2020 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2025 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		17.79%		6.04%		7.36%
Class I		18.33%		6.58%		7.90%
Class S		18.12%		6.31%		7.63%
Class S2		17.92%		6.15%		7.46%
Class T		17.51%		5.82%		7.15%
S&P Target Date 2025 Index		18.38%		6.73%		8.13%
Russell 3000® Index		31.02%		11.24%		13.42%
MSCI EAFE® Index		22.01%		5.67%		5.50%
BCAB Index		8.72%		3.05%		3.75%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2030 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536348_lc-index2030.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		20.13%		6.73%		9.99%
Class I		20.65%		7.24%		10.54%
Class S		20.36%		7.01%		10.23%
Class S2		20.24%		6.82%		10.06%
Class T		19.86%		6.45%		9.80%
S&P Target Date 2030 Index		20.38%		7.27%		10.36%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2035 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		21.53%		6.87%		8.22%
Class I		22.22%		7.40%		8.75%
Class S		21.94%		7.13%		8.48%
Class S2		21.63%		6.98%		8.33%
Class T		21.36%		6.65%		8.00%
S&P Target Date 2035 Index		22.18%		7.77%		9.13%
Russell 3000® Index		31.02%		11.24%		13.42%
MSCI EAFE® Index		22.01%		5.67%		5.50%
BCAB Index		8.72%		3.05%		3.75%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2040 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536348_lc-index2040.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		22.82%		7.26%		11.11%
Class I		23.44%		7.82%		11.69%
Class S		23.07%		7.56%		11.37%
Class S2		22.93%		7.35%		11.21%
Class T		22.50%		7.02%		10.89%
S&P Target Date 2040 Index		23.37%		8.11%		11.51%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2045 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		23.59%		7.01%		8.64%
Class I		24.29%		7.56%		9.18%
Class S		23.90%		7.28%		8.91%
Class S2		23.68%		7.13%		8.74%
Class T		23.31%		6.80%		8.41%
S&P Target Date 2045 Index		24.02%		8.32%		9.67%
Russell 3000® Index		31.02%		11.24%		13.42%
MSCI EAFE® Index		22.01%		5.67%		5.50%
BCAB Index		8.72%		3.05%		3.75%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2050 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536348_lc-index2050.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		24.13%		7.30%		11.23%
Class I		24.74%		7.89%		11.83%
Class S		24.41%		7.59%		11.49%
Class S2		24.25%		7.41%		11.32%
Class T		23.80%		7.06%		11.04%
S&P Target Date 2050 Index		24.35%		8.49%		12.11%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2055 Portfolio

[MISSING IMAGE: tv536348_lc-index2055.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T March 8, 2010
Class ADV		24.13%		7.14%		8.73%
Class I		24.76%		7.67%		9.27%
Class S		24.50%		7.41%		9.00%
Class S2		24.28%		7.24%		8.84%
Class T		23.93%		6.92%		8.53%
S&P Target Date 2055 Index		24.48%		8.58%		9.91%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution 2060 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536348_lc-index2060.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		Since Inception of Classes ADV, I, S, S2 and T February 9, 2015
Class ADV		24.12%		7.35%
Class I		24.79%		7.85%
Class S		24.45%		7.50%
Class S2		24.26%		7.41%
Class T		23.96%		7.05%
S&P Target Date 2060+ Index		24.73%		8.72%

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

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

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

shareholder expense examples (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2019 to December 31, 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.

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**
Voya Solution Aggressive Portfolio
Class ADV		$	1,000.00		$	1,078.30		0.75%		$	3.93		$	1,000.00		$	1,021.42		0.75%		$	3.82
Class I			1,000.00			1,081.40		0.25			1.31			1,000.00			1,023.95		0.25			1.28
Class R6			1,000.00			1,080.60		0.25			1.31			1,000.00			1,023.95		0.25			1.28
Class S			1,000.00			1,079.90		0.50			2.62			1,000.00			1,022.68		0.50			2.55
Class S2			1,000.00			1,078.70		0.65			3.41			1,000.00			1,021.93		0.65			3.31
Voya Solution Balanced Portfolio
Class ADV		$	1,000.00		$	1,061.20		0.75%		$	3.90		$	1,000.00		$	1,021.42		0.75%		$	3.82
Class I			1,000.00			1,064.00		0.25			1.30			1,000.00			1,023.95		0.25			1.28
Class R6			1,000.00			1,064.00		0.25			1.30			1,000.00			1,023.95		0.25			1.28
Class S			1,000.00			1,062.60		0.50			2.60			1,000.00			1,022.68		0.50			2.55
Class S2			1,000.00			1,061.30		0.65			3.38			1,000.00			1,021.93		0.65			3.31
Voya Solution Conservative Portfolio
Class ADV		$	1,000.00		$	1,032.40		0.67%		$	3.43		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class I			1,000.00			1,036.00		0.17			0.87			1,000.00			1,024.35		0.17			0.87
Class R6			1,000.00			1,036.00		0.17			0.87			1,000.00			1,024.35		0.17			0.87
Class S			1,000.00			1,034.10		0.42			2.15			1,000.00			1,023.09		0.42			2.14
Class S2			1,000.00			1,033.50		0.57			2.92			1,000.00			1,022.33		0.57			2.91

TABLE OF CONTENTS

shareholder expense examples (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**
Voya Solution Income Portfolio
Class ADV		$	1,000.00		$	1,037.50		0.69%		$	3.54		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class I			1,000.00			1,039.90		0.19			0.98			1,000.00			1,024.25		0.19			0.97
Class S			1,000.00			1,037.70		0.44			2.26			1,000.00			1,022.99		0.44			2.24
Class S2			1,000.00			1,037.60		0.59			3.03			1,000.00			1,022.23		0.59			3.01
Class T			1,000.00			1,035.60		0.89			4.57			1,000.00			1,020.72		0.89			4.53
Voya Solution Moderately Aggressive Portfolio
Class ADV		$	1,000.00		$	1,070.10		0.76%		$	3.97		$	1,000.00		$	1,021.37		0.76%		$	3.87
Class I			1,000.00			1,072.80		0.26			1.36			1,000.00			1,023.89		0.26			1.33
Class R6			1,000.00			1,072.90		0.26			1.36			1,000.00			1,023.89		0.26			1.33
Class S			1,000.00			1,071.30		0.51			2.66			1,000.00			1,022.63		0.51			2.60
Class S2			1,000.00			1,071.20		0.66			3.45			1,000.00			1,021.88		0.66			3.36
Voya Solution Moderately Conservative Portfolio
Class ADV		$	1,000.00		$	1,044.30		0.70%		$	3.61		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			1,047.40		0.20			1.03			1,000.00			1,024.20		0.20			1.02
Class R6			1,000.00			1,047.40		0.20			1.03			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			1,046.30		0.45			2.32			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			1,045.30		0.60			3.09			1,000.00			1,022.18		0.60			3.06
Voya Solution 2020 Portfolio
Class ADV		$	1,000.00		$	1,039.10		0.71%		$	3.65		$	1,000.00		$	1,021.63		0.71%		$	3.62
Class I			1,000.00			1,041.40		0.21			1.08			1,000.00			1,024.15		0.21			1.07
Class S			1,000.00			1,040.30		0.46			2.37			1,000.00			1,022.89		0.46			2.35
Class S2			1,000.00			1,039.80		0.61			3.14			1,000.00			1,022.13		0.61			3.11
Class T			1,000.00			1,037.60		0.91			4.67			1,000.00			1,020.62		0.91			4.63
Voya Solution 2025 Portfolio
Class ADV		$	1,000.00		$	1,055.10		0.71%		$	3.68		$	1,000.00		$	1,021.63		0.71%		$	3.62
Class I			1,000.00			1,057.70		0.21			1.09			1,000.00			1,024.15		0.21			1.07
Class S			1,000.00			1,057.10		0.46			2.39			1,000.00			1,022.89		0.46			2.35
Class S2			1,000.00			1,054.80		0.61			3.16			1,000.00			1,022.13		0.61			3.11
Class T			1,000.00			1,053.90		0.91			4.71			1,000.00			1,020.62		0.91			4.63
Voya Solution 2030 Portfolio
Class ADV		$	1,000.00		$	1,062.60		0.71%		$	3.69		$	1,000.00		$	1,021.63		0.71%		$	3.62
Class I			1,000.00			1,065.20		0.21			1.09			1,000.00			1,024.15		0.21			1.07
Class S			1,000.00			1,063.90		0.46			2.39			1,000.00			1,022.89		0.46			2.35
Class S2			1,000.00			1,063.10		0.61			3.17			1,000.00			1,022.13		0.61			3.11
Class T			1,000.00			1,061.90		0.91			4.73			1,000.00			1,020.62		0.91			4.63
Voya Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,068.20		0.71%		$	3.70		$	1,000.00		$	1,021.63		0.71%		$	3.62
Class I			1,000.00			1,070.80		0.21			1.10			1,000.00			1,024.15		0.21			1.07
Class S			1,000.00			1,069.30		0.46			2.40			1,000.00			1,022.89		0.46			2.35
Class S2			1,000.00			1,067.90		0.61			3.18			1,000.00			1,022.13		0.61			3.11
Class T			1,000.00			1,066.30		0.91			4.74			1,000.00			1,020.62		0.91			4.63

TABLE OF CONTENTS

shareholder expense examples (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**
Voya Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,071.80		0.72%		$	3.76		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,075.20		0.22			1.15			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,073.50		0.47			2.46			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,072.70		0.62			3.24			1,000.00			1,022.08		0.62			3.16
Class T			1,000.00			1,070.60		0.92			4.80			1,000.00			1,020.57		0.92			4.69
Voya Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,075.00		0.72%		$	3.77		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,078.10		0.22			1.15			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,076.20		0.47			2.46			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,076.10		0.62			3.24			1,000.00			1,022.08		0.62			3.16
Class T			1,000.00			1,074.10		0.92			4.81			1,000.00			1,020.57		0.92			4.69
Voya Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,076.60		0.73%		$	3.82		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,079.50		0.23			1.21			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,078.10		0.48			2.51			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,077.30		0.63			3.30			1,000.00			1,022.03		0.63			3.21
Class T			1,000.00			1,074.90		0.93			4.86			1,000.00			1,020.52		0.93			4.74
Voya Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,078.10		0.72%		$	3.77		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,080.50		0.22			1.15			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,079.50		0.47			2.46			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,078.30		0.62			3.25			1,000.00			1,022.08		0.62			3.16
Class T			1,000.00			1,076.70		0.92			4.82			1,000.00			1,020.57		0.92			4.69
Voya Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,078.10		0.74%		$	3.88		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,080.70		0.24			1.26			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,079.60		0.49			2.57			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,078.60		0.64			3.35			1,000.00			1,021.98		0.64			3.26
Class T			1,000.00			1,077.00		0.94			4.92			1,000.00			1,020.47		0.94			4.79

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

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

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Directors
Voya Partners, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2020 Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, and Voya Solution 2060 Portfolio (the Funds), each a series of Voya Partners, Inc., including the portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We have served as the auditor of one or more Voya investment companies since 1975.

Boston, Massachusetts
February 26, 2020

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	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*		$	17,386,168		$	45,373,200		$	15,331,451		$	302,463,318
Investments in unaffiliated underlying funds at fair value**			4,031,548			11,098,829			2,239,953			27,280,146
Cash			58,427			82,507			36,512			513,213
Cash collateral for futures			—			—			—			373,119
Receivables:
Investments in affiliated underlying funds sold			108,903			67,051			821,298			447,347
Fund shares sold			25,958			16,543			193			106,139
Interest			30			48			17			325
Prepaid expenses			121			384			132			2,534
Reimbursement due from manager			2,641			3,978			3,831			19,085
Other assets			286			1,622			501			24,460
Total assets			21,614,082			56,644,162			18,433,888			331,229,686
LIABILITIES:
Payable for fund shares redeemed			134,864			83,583			821,475			553,450
Payable for investment management fees			4,307			11,688			3,548			61,251
Payable for distribution and shareholder service fees			2,925			9,768			4,331			84,808
Payable for directors fees			95			277			94			1,713
Payable to directors under the deferred compensation plan (Note 6)			286			1,622			501			24,460
Other accrued expenses and liabilities			11,648			20,986			12,637			134,681
Total liabilities			154,125			127,924			842,586			860,363
NET ASSETS		$	21,459,957		$	56,516,238		$	17,591,302		$	330,369,323
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	20,034,224		$	52,654,355		$	16,671,241		$	315,133,405
Total distributable earnings			1,425,733			3,861,883			920,061			15,235,918
NET ASSETS		$	21,459,957		$	56,516,238		$	17,591,302		$	330,369,323
* Cost of investments in affiliated underlying funds		$	17,484,027		$	44,504,760		$	14,914,067		$	291,659,501
** Cost of investments in unaffiliated underlying funds		$	3,757,683		$	10,444,404		$	2,171,547		$	25,567,556

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
Class ADV
Net assets		$	3,759,616		$	10,912,699		$	8,335,932		$	143,202,030
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			287,519			1,120,269			741,363			12,181,661
Net asset value and redemption price per share		$	13.08		$	9.74		$	11.24		$	11.76
Class I
Net assets		$	599,948		$	2,482,122		$	657,752		$	78,441,005
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			44,720			244,840			57,664			6,510,045
Net asset value and redemption price per share		$	13.42		$	10.14		$	11.41		$	12.05
Class R6
Net assets		$	11,636,426		$	20,185,366		$	5,365,155			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			867,449			1,991,540			470,421			n/a
Net asset value and redemption price per share		$	13.41		$	10.14		$	11.41			n/a
Class S
Net assets		$	3,925,465		$	20,388,413		$	2,839,308		$	103,157,281
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			296,293			2,066,131			250,400			8,631,780
Net asset value and redemption price per share		$	13.25		$	9.87		$	11.34		$	11.95
Class S2
Net assets		$	1,538,502		$	2,547,638		$	393,155		$	5,309,801
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			118,250			259,058			34,962			455,901
Net asset value and redemption price per share		$	13.01		$	9.83		$	11.25		$	11.65
Class T
Net assets			n/a			n/a			n/a		$	259,206
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			20,633
Net asset value and redemption price per share			n/a			n/a			n/a		$	12.56

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	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*		$	514,788,983		$	33,775,818		$	31,799,852		$	785,962,053
Investments in unaffiliated underlying funds at fair value**			88,472,425			4,577,803			4,371,937			45,002,772
Cash			742,420			88,827			66,152			1,009,455
Cash collateral for futures			1,424,832			—			—			924,803
Receivables:
Investments in affiliated underlying funds sold			1,842,281			53,299			124,207			788,414
Fund shares sold			7,280			2,493			24,205			365,198
Interest			277			36			35			700
Prepaid expenses			4,307			219			247			5,781
Reimbursement due from manager			—			4,504			4,605			—
Other assets			28,650			1,161			601			38,453
Total assets			607,311,455			38,504,160			36,391,841			834,097,629
LIABILITIES:
Payable for fund shares redeemed			1,849,565			55,781			148,403			1,153,511
Payable for investment management fees			118,219			7,369			6,942			199,337
Payable for distribution and shareholder service fees			128,104			9,089			9,516			177,011
Payable for directors fees			2,992			180			170			4,041
Payable to directors under the deferred compensation plan (Note 6)			28,650			1,161			601			38,453
Other accrued expenses and liabilities			136,695			21,568			7,916			147,158
Total liabilities			2,264,225			95,148			173,548			1,719,511
NET ASSETS		$	605,047,230		$	38,409,012		$	36,218,293		$	832,378,118
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	555,417,869		$	36,198,271		$	34,238,015		$	772,067,543
Total distributable earnings			49,629,361			2,210,741			1,980,278			60,310,575
NET ASSETS		$	605,047,230		$	38,409,012		$	36,218,293		$	832,378,118
* Cost of investments in affiliated underlying funds		$	512,110,424		$	32,846,953		$	30,857,002		$	761,871,248
** Cost of investments in unaffiliated underlying funds		$	81,236,687		$	4,429,628		$	4,222,526		$	42,583,784

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2020 Portfolio			Voya Solution 2025 Portfolio
Class ADV
Net assets		$	24,168,147		$	7,507,037		$	15,204,502		$	260,689,821
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			1,927,167			743,675			1,202,998			22,920,857
Net asset value and redemption price per share		$	12.54		$	10.09		$	12.64		$	11.37
Class I
Net assets		$	4,862,241		$	68,563		$	7,239,214		$	260,766,921
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			379,479			6,500			558,838			22,261,260
Net asset value and redemption price per share		$	12.81		$	10.55		$	12.95		$	11.71
Class R6
Net assets		$	17,843,249		$	6,044,716			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			1,393,750			573,448			n/a			n/a
Net asset value and redemption price per share		$	12.80		$	10.54			n/a			n/a
Class S
Net assets		$	557,294,231		$	19,349,207		$	13,198,873		$	299,654,942
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			44,010,867			1,878,114			1,024,378			25,906,359
Net asset value and redemption price per share		$	12.66		$	10.30		$	12.88		$	11.57
Class S2
Net assets		$	879,362		$	5,439,489		$	559,182		$	10,745,148
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			69,318			536,510			43,805			956,431
Net asset value and redemption price per share		$	12.69		$	10.14		$	12.77		$	11.23
Class T
Net assets			n/a			n/a		$	16,522		$	521,286
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			1,309			43,502
Net asset value and redemption price per share			n/a			n/a		$	12.62		$	11.98

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	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*		$	40,146,288		$	781,063,565		$	30,655,003		$	603,509,213
Investments in unaffiliated underlying funds at fair value**			6,407,825			87,525,647			4,944,870			58,870,918
Cash			77,863			1,431,841			78,806			1,978,248
Cash collateral for futures			—			439,111			—			657,168
Receivables:
Investments in affiliated underlying funds sold			—			265,524			—			—
Fund shares sold			157,611			585,264			63,870			304,023
Interest			60			1,066			41			1,170
Prepaid expenses			240			5,843			196			4,332
Reimbursement due from manager			9,015			27,750			503			14,354
Other assets			538			35,209			433			24,301
Total assets			46,799,440			871,380,820			35,743,722			665,363,727
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			157,510			—			53,972			181,987
Payable for fund shares redeemed			71			850,735			9,876			122,010
Payable for investment management fees			8,782			161,981			6,770			121,900
Payable for distribution and shareholder service fees			10,541			168,283			7,894			114,930
Payable for directors fees			192			4,129			153			3,096
Payable to directors under the deferred compensation plan (Note 6)			538			35,209			433			24,301
Other accrued expenses and liabilities			8,556			125,382			10,876			100,235
Total liabilities			186,190			1,345,719			89,974			668,459
NET ASSETS		$	46,613,250		$	870,035,101		$	35,653,748		$	664,695,268
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	43,700,803		$	791,292,073		$	33,062,036		$	607,095,886
Total distributable earnings			2,912,447			78,743,028			2,591,712			57,599,382
NET ASSETS		$	46,613,250		$	870,035,101		$	35,653,748		$	664,695,268
* Cost of investments in affiliated underlying funds		$	39,389,109		$	762,302,959		$	30,294,078		$	593,760,944
** Cost of investments in unaffiliated underlying funds		$	6,173,336		$	83,227,110		$	4,697,617		$	54,228,120

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
Class ADV
Net assets		$	18,792,191		$	226,095,866		$	14,323,660		$	150,004,634
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			1,228,535			19,441,323			890,184			13,073,227
Net asset value and redemption price per share		$	15.30		$	11.63		$	16.09		$	11.47
Class I
Net assets		$	13,780,653		$	304,111,014		$	11,824,862		$	269,670,471
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			873,775			25,388,488			712,494			22,762,329
Net asset value and redemption price per share		$	15.77		$	11.98		$	16.60		$	11.85
Class S
Net assets		$	13,558,438		$	324,783,138		$	8,500,345		$	237,495,554
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			865,869			27,456,812			517,087			20,369,351
Net asset value and redemption price per share		$	15.66		$	11.83		$	16.44		$	11.66
Class S2
Net assets		$	449,523		$	14,598,549		$	972,923		$	7,234,454
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			29,072			1,287,140			60,167			637,970
Net asset value and redemption price per share		$	15.46		$	11.34		$	16.17		$	11.34
Class T
Net assets		$	32,445		$	446,534		$	31,958		$	290,155
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			2,120			36,388			1,989			24,273
Net asset value and redemption price per share		$	15.31		$	12.27		$	16.06		$	11.95

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	27,322,882		$	210,082,521		$	14,888,753
Investments in unaffiliated underlying funds at fair value**			4,315,633			21,415,748			2,413,755
Cash			70,060			421,241			39,222
Cash collateral for futures			—			222,961			—
Receivables:
Investments in affiliated underlying funds sold			—			3,608			—
Fund shares sold			101,482			153,202			53,939
Dividends			625			—			—
Interest			31			182			13
Prepaid expenses			163			1,338			87
Reimbursement due from manager			2,841			10,588			8,733
Other assets			328			4,524			165
Total assets			31,814,045			232,315,913			17,404,667
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			87,655			—			42,159
Payable for fund shares redeemed			13,827			156,801			11,744
Payable for investment management fees			6,014			42,389			3,278
Payable for distribution and shareholder service fees			7,021			33,919			3,942
Payable for directors fees			131			1,014			71
Payable to directors under the deferred compensation plan (Note 6)			328			4,524			165
Other accrued expenses and liabilities			9,833			27,263			8,703
Total liabilities			124,809			265,910			70,062
NET ASSETS		$	31,689,236		$	232,050,003		$	17,334,605
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	29,689,164		$	213,565,491		$	16,201,997
Total distributable earnings			2,000,072			18,484,512			1,132,608
NET ASSETS		$	31,689,236		$	232,050,003		$	17,334,605
* Cost of investments in affiliated underlying funds		$	27,133,528		$	207,471,807		$	14,708,912
** Cost of investments in unaffiliated underlying funds		$	4,064,665		$	19,591,717		$	2,257,831

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
Class ADV
Net assets		$	12,950,871		$	49,314,621		$	6,975,803
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			778,779			3,560,812			579,374
Net asset value and redemption price per share		$	16.63		$	13.85		$	12.04
Class I
Net assets		$	10,912,018		$	119,915,088		$	5,184,499
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			633,699			8,462,737			423,357
Net asset value and redemption price per share		$	17.22		$	14.17		$	12.25
Class S
Net assets		$	7,396,911		$	59,922,564		$	4,900,632
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			434,786			4,284,004			405,703
Net asset value and redemption price per share		$	17.01		$	13.99		$	12.08
Class S2
Net assets		$	418,615		$	2,875,809		$	269,485
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			24,945			206,616			22,325
Net asset value and redemption price per share		$	16.78		$	13.92		$	12.07
Class T
Net assets		$	10,821		$	21,921		$	4,186
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			648			1,542			349
Net asset value and redemption price per share		$	16.69		$	14.22		$	12.01

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	272,118		$	1,012,399		$	473,537		$	8,084,724
Dividends from unaffiliated underlying funds			72,461			244,427			46,187			696,351
Interest			75			113			33			18,393
Total investment income			344,654			1,256,939			519,757			8,799,468
EXPENSES:
Investment management fees			43,424			128,171			41,535			750,795
Distribution and shareholder service fees:
Class ADV			18,386			57,594			42,144			738,231
Class S			9,438			50,703			8,472			278,311
Class S2			5,064			7,815			1,870			23,647
Class T			—			—			—			1,673
Transfer agent fees			538			204			402			3,793
Shareholder reporting expense			3,821			8,569			3,821			22,050
Registration fees			168			—			84			—
Professional fees			9,025			13,143			8,975			51,082
Custody and accounting expense			13,289			11,848			13,273			33,940
Directors fees			765			2,217			751			13,703
Miscellaneous expense			9,612			12,589			9,577			17,616
Interest expense			—			—			89			1,232
Total expenses			113,530			292,853			130,993			1,936,073
Waived and reimbursed fees			(32,432)			(37,237)			(46,641)			(235,911)
Net expenses			81,098			255,616			84,352			1,700,162
Net investment income			263,556			1,001,323			435,405			7,099,306
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(233,296)			(181,312)			91,425			741,145
Sale of unaffiliated underlying funds			47,525			249,537			(2,113)			(432,529)
Capital gain distributions from affiliated underlying funds			1,491,176			2,205,703			243,212			3,787,487
Futures			—			—			—			(902,584)
Net realized gain			1,305,405			2,273,928			332,524			3,193,519
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			2,165,162			5,534,500			1,115,690			29,139,274
Unaffiliated underlying funds			325,940			858,043			109,382			3,123,307
Futures			—			—			—			(343,425)
Net change in unrealized appreciation (depreciation)			2,491,102			6,392,543			1,225,072			31,919,156
Net realized and unrealized gain			3,796,507			8,666,471			1,557,596			35,112,675
Increase in net assets resulting from operations		$	4,060,063		$	9,667,794		$	1,993,001		$	42,211,981

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2020 Portfolio			Voya Solution 2025 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	9,974,209		$	851,117		$	740,154		$	17,318,627
Dividends from unaffiliated underlying funds			2,132,263			116,507			83,838			1,322,107
Interest			25,654			70			77			42,491
Total investment income			12,132,126			967,694			824,069			18,683,225
EXPENSES:
Investment management fees			1,350,760			79,649			75,127			1,722,995
Distribution and shareholder service fees:
Class ADV			116,781			43,985			71,845			1,276,531
Class S			1,383,078			43,903			30,331			746,975
Class S2			3,527			15,700			1,666			44,719
Class T			—			—			99			3,646
Transfer agent fees			5,841			141			60			983
Shareholder reporting expense			25,550			8,027			7,063			40,150
Registration fees			41			9			238			—
Professional fees			82,270			11,135			12,410			107,310
Custody and accounting expense			43,257			9,662			11,361			68,871
Directors fees			23,936			1,443			1,366			32,330
Miscellaneous expense			30,776			11,206			10,398			35,248
Interest expense			178			113			159			381
Total expenses			3,065,995			224,973			222,123			4,080,139
Waived and reimbursed fees			—			(48,667)			(45,854)			(293,763)
Net expenses			3,065,995			176,306			176,269			3,786,376
Net investment income			9,066,131			791,388			647,800			14,896,849
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			1,672,017			12,774			(50,353)			9,399,931
Sale of unaffiliated underlying funds			3,054,093			21,316			25,080			103,730
Capital gain distributions from affiliated underlying funds			37,009,503			973,682			668,204			26,344,725
Futures			(1,379,547)			—			—			(2,046,293)
Net realized gain			40,356,066			1,007,772			642,931			33,802,093
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			62,745,956			2,709,707			3,216,301			79,442,623
Unaffiliated underlying funds			9,429,918			227,283			218,918			6,295,646
Futures			(475,374)			—			—			(792,874)
Net change in unrealized appreciation (depreciation)			71,700,500			2,936,990			3,435,219			84,945,395
Net realized and unrealized gain			112,056,566			3,944,762			4,078,150			118,747,488
Increase in net assets resulting from operations		$	121,122,697		$	4,736,150		$	4,725,950		$	133,644,337

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	767,976		$	15,275,953		$	549,793		$	10,956,723
Dividends from unaffiliated underlying funds			108,646			2,218,761			100,492			1,538,087
Interest			174			41,750			109			32,568
Total investment income			876,796			17,536,464			650,394			12,527,378
EXPENSES:
Investment management fees			84,358			1,793,416			67,482			1,340,357
Distribution and shareholder service fees:
Class ADV			78,710			1,105,388			58,243			721,636
Class S			28,996			785,623			21,394			569,429
Class S2			1,712			58,524			3,710			29,046
Class T			189			2,803			162			1,754
Transfer agent fees			72			1,561			429			2,490
Shareholder reporting expense			7,298			43,309			6,567			34,310
Registration fees			274			—			367			—
Professional fees			12,045			108,405			8,927			82,490
Custody and accounting expense			11,631			52,948			10,382			41,254
Directors fees			1,532			33,029			1,230			24,773
Miscellaneous expense			9,735			37,443			9,212			31,063
Interest expense			—			355			—			61
Total expenses			236,552			4,022,804			188,105			2,878,663
Waived and reimbursed fees			(46,580)			(317,164)			(36,444)			(181,110)
Net expenses			189,972			3,705,640			151,661			2,697,553
Net investment income			686,824			13,830,824			498,733			9,829,825
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(224,277)			16,407,577			(190,454)			5,224,868
Sale of unaffiliated underlying funds			102,522			1,185,396			92,366			2,028,306
Capital gain distributions from affiliated underlying funds			1,647,095			40,845,590			1,750,405			38,037,524
Futures			—			(1,998,997)			—			(1,331,347)
Net realized gain			1,525,340			56,439,566			1,652,317			43,959,351
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			4,242,693			83,927,182			3,638,013			70,814,526
Unaffiliated underlying funds			355,811			8,526,613			335,187			6,889,990
Futures			—			(662,640)			—			(258,968)
Net change in unrealized appreciation (depreciation)			4,598,504			91,791,155			3,973,200			77,445,548
Net realized and unrealized gain			6,123,844			148,230,721			5,625,517			121,404,899
Increase in net assets resulting from operations		$	6,810,668		$	162,061,545		$	6,124,250		$	131,234,724

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	483,772		$	3,663,722		$	255,231
Dividends from unaffiliated underlying funds			86,104			528,678			52,437
Interest			70			9,901			26
Total investment income			569,946			4,202,301			307,694
EXPENSES:
Investment management fees			57,664			440,861			31,582
Distribution and shareholder service fees:
Class ADV			53,461			226,217			29,543
Class S			16,409			138,828			10,671
Class S2			1,566			10,953			942
Class T			133			122			28
Transfer agent fees			486			1,601			228
Shareholder reporting expense			6,354			21,618			6,073
Registration fees			389			—			226
Professional fees			8,443			31,194			7,011
Custody and accounting expense			10,077			22,627			9,995
Directors fees			1,047			8,109			567
Miscellaneous expense			8,683			12,315			8,574
Interest expense			153			1,240			—
Total expenses			164,865			915,685			105,440
Waived and reimbursed fees			(32,675)			(90,950)			(30,284)
Net expenses			132,190			824,735			75,156
Net investment income			437,756			3,377,566			232,538
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(479,029)			915,409			(280,864)
Sale of unaffiliated underlying funds			66,904			587,065			37,314
Capital gain distributions from affiliated underlying funds			1,753,970			13,030,685			953,157
Futures			—			(431,790)			—
Net realized gain			1,341,845			14,101,369			709,607
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			3,339,025			23,440,456			1,814,817
Unaffiliated underlying funds			341,721			2,509,968			203,099
Futures			—			(99,583)			—
Net change in unrealized appreciation (depreciation)			3,680,746			25,850,841			2,017,916
Net realized and unrealized gain			5,022,591			39,952,210			2,727,523
Increase in net assets resulting from operations		$	5,460,347		$	43,329,776		$	2,960,061

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Aggressive Portfolio						Voya Solution Balanced Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	263,556		$	169,752		$	1,001,323		$	959,931
Net realized gain			1,305,405			1,576,230			2,273,928			3,872,596
Net change in unrealized appreciation (depreciation)			2,491,102			(3,494,835)			6,392,543			(8,448,748)
Increase (decrease) in net assets resulting from operations			4,060,063			(1,748,853)			9,667,794			(3,616,221)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(334,099)			(167,121)			(907,520)			(812,200)
Class I			(40,057)			(24,011)			(300,214)			(226,396)
Class R6			(926,037)			(342,563)			(1,564,757)			(779,855)
Class S			(320,787)			(223,244)			(1,637,486)			(1,182,749)
Class S2			(124,823)			(41,710)			(199,400)			(46,374)
Total distributions			(1,745,803)			(798,649)			(4,609,377)			(3,047,574)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			7,563,814			6,723,890			14,845,779			9,220,060
Reinvestment of distributions			1,745,803			798,649			4,609,377			3,047,574
			9,309,617			7,522,539			19,455,156			12,267,634
Cost of shares redeemed			(4,746,888)			(4,299,523)			(17,857,490)			(18,501,563)
Net increase (decrease) in net assets resulting from capital share transactions			4,562,729			3,223,016			1,597,666			(6,233,929)
Net increase (decrease) in net assets			6,876,989			675,514			6,656,083			(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		$	21,459,957		$	14,582,968		$	56,516,238		$	49,860,155

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Conservative Portfolio						Voya Solution Income Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	435,405		$	345,692		$	7,099,306		$	7,782,605
Net realized gain			332,524			265,842			3,193,519			11,594,330
Net change in unrealized appreciation (depreciation)			1,225,072			(982,628)			31,919,156			(31,014,421)
Increase (decrease) in net assets resulting from operations			1,993,001			(371,094)			42,211,981			(11,637,486)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(222,397)			(296,058)			(6,817,626)			(7,801,121)
Class I			(17,768)			(5,173)			(3,937,553)			(4,124,148)
Class R6			(189,519)			(156,288)			—			—
Class S			(90,852)			(133,797)			(5,140,721)			(6,606,738)
Class S2			(11,531)			(15,913)			(274,095)			(296,031)
Class T			—			—			(10,043)			(9,336)
Total distributions			(532,067)			(607,229)			(16,180,038)			(18,837,374)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,775,038			5,508,633			18,290,670			29,428,011
Reinvestment of distributions			532,067			607,229			16,180,038			18,837,374
			5,307,105			6,115,862			34,470,708			48,265,385
Cost of shares redeemed			(6,365,408)			(4,618,096)			(79,225,739)			(102,355,652)
Net increase (decrease) in net assets resulting from capital share transactions			(1,058,303)			1,497,766			(44,755,031)			(54,090,267)
Net increase (decrease) in net assets			402,631			519,443			(18,723,088)			(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		$	17,591,302		$	17,188,671		$	330,369,323		$	349,092,411

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Moderately Aggressive Portfolio						Voya Solution Moderately Conservative Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	9,066,131		$	8,867,115		$	791,388		$	607,465
Net realized gain			40,356,066			53,190,227			1,007,772			1,243,265
Net change in unrealized appreciation (depreciation)			71,700,500			(119,243,857)			2,936,990			(3,127,981)
Increase (decrease) in net assets resulting from operations			121,122,697			(57,186,515)			4,736,150			(1,277,251)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(2,334,348)			(1,511,112)			(317,739)			(470,405)
Class I			(450,780)			(276,815)			(1,391)			(1,336)
Class R6			(1,790,820)			(747,524)			(239,164)			(154,704)
Class S			(55,597,857)			(39,199,340)			(708,276)			(677,443)
Class S2			(92,304)			(49,430)			(207,982)			(42,435)
Total distributions			(60,266,109)			(41,784,221)			(1,474,552)			(1,346,323)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,707,918			15,378,740			13,598,489			5,628,956
Reinvestment of distributions			60,266,109			41,784,221			1,474,552			1,346,323
			70,974,027			57,162,961			15,073,041			6,975,279
Cost of shares redeemed			(90,505,058)			(108,232,093)			(8,294,050)			(7,462,988)
Net increase (decrease) in net assets resulting from capital share transactions			(19,531,031)			(51,069,132)			6,778,991			(487,709)
Net increase (decrease) in net assets			41,325,557			(150,039,868)			10,040,589			(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		$	605,047,230		$	563,721,673		$	38,409,012		$	28,368,423

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2020 Portfolio						Voya Solution 2025 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	647,800		$	658,737		$	14,896,849		$	14,258,669
Net realized gain			642,931			1,369,364			33,802,093			52,949,859
Net change in unrealized appreciation (depreciation)			3,435,219			(3,479,766)			84,945,395			(114,739,407)
Increase (decrease) in net assets resulting from operations			4,725,950			(1,451,665)			133,644,337			(47,530,879)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(973,056)			(931,748)			(20,017,470)			(13,857,311)
Class I			(494,795)			(428,868)			(20,123,050)			(12,546,303)
Class S			(817,201)			(770,382)			(23,516,734)			(16,776,054)
Class S2			(24,597)			(34,283)			(815,755)			(620,761)
Class T			(971)			(747)			(33,957)			(35,881)
Total distributions			(2,310,620)			(2,166,028)			(64,506,966)			(43,836,310)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			12,243,253			20,253,220			70,156,056			82,503,481
Reinvestment of distributions			2,310,345			2,165,784			64,506,966			43,836,310
			14,553,598			22,419,004			134,663,022			126,339,791
Cost of shares redeemed			(14,632,349)			(18,234,874)			(142,508,557)			(184,888,030)
Net increase (decrease) in net assets resulting from capital share transactions			(78,751)			4,184,130			(7,845,535)			(58,548,239)
Net increase (decrease) in net assets			2,336,579			566,437			61,291,836			(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		$	36,218,293		$	33,881,714		$	832,378,118		$	771,086,282

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2030 Portfolio						Voya Solution 2035 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	686,824		$	539,529		$	13,830,824		$	13,097,809
Net realized gain			1,525,340			2,331,498			56,439,566			67,458,656
Net change in unrealized appreciation (depreciation)			4,598,504			(5,298,472)			91,791,155			(150,601,799)
Increase (decrease) in net assets resulting from operations			6,810,668			(2,427,445)			162,061,545			(70,045,334)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(1,222,789)			(858,857)			(21,225,678)			(14,092,763)
Class I			(934,211)			(505,749)			(27,696,711)			(16,103,710)
Class S			(892,833)			(722,379)			(30,312,804)			(19,502,295)
Class S2			(30,665)			(38,574)			(1,390,350)			(1,008,708)
Class T			(2,099)			(1,309)			(34,551)			(36,315)
Total distributions			(3,082,597)			(2,126,868)			(80,660,094)			(50,743,791)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			20,284,933			18,010,189			66,049,031			86,959,754
Reinvestment of distributions			3,082,243			2,126,546			80,660,094			50,743,791
			23,367,176			20,136,735			146,709,125			137,703,545
Cost of shares redeemed			(11,492,485)			(15,873,573)			(130,249,164)			(175,268,927)
Net increase (decrease) in net assets resulting from capital share transactions			11,874,691			4,263,162			16,459,961			(37,565,382)
Net increase (decrease) in net assets			15,602,762			(291,151)			97,861,412			(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		$	46,613,250		$	31,010,488		$	870,035,101		$	772,173,689

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2040 Portfolio						Voya Solution 2045 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	498,733		$	383,565		$	9,829,825		$	8,153,021
Net realized gain			1,652,317			2,134,979			43,959,351			60,004,263
Net change in unrealized appreciation (depreciation)			3,973,200			(4,952,940)			77,445,548			(132,755,529)
Increase (decrease) in net assets resulting from operations			6,124,250			(2,434,396)			131,234,724			(64,598,245)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(974,788)			(781,717)			(15,768,200)			(10,228,294)
Class I			(847,678)			(556,292)			(26,882,084)			(15,367,932)
Class S			(721,532)			(648,392)			(24,987,205)			(15,247,200)
Class S2			(71,446)			(78,518)			(732,541)			(561,006)
Class T			(1,506)			(1,780)			(24,095)			(30,897)
Total distributions			(2,616,950)			(2,066,699)			(68,394,125)			(41,435,329)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			13,658,442			13,911,630			64,919,282	��		76,101,343
Reinvestment of distributions			2,616,572			2,066,285			68,394,125			41,435,329
			16,275,014			15,977,915			133,313,407			117,536,672
Cost of shares redeemed			(8,520,943)			(11,005,137)			(95,365,331)			(140,273,180)
Net increase (decrease) in net assets resulting from capital share transactions			7,754,071			4,972,778			37,948,076			(22,736,508)
Net increase (decrease) in net assets			11,261,371			471,683			100,788,675			(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		$	35,653,748		$	24,392,377		$	664,695,268		$	563,906,593

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2050 Portfolio						Voya Solution 2055 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	437,756		$	267,944		$	3,377,566		$	2,314,698
Net realized gain			1,341,845			1,795,219			14,101,369			18,991,873
Net change in unrealized appreciation (depreciation)			3,680,746			(4,528,021)			25,850,841			(41,107,723)
Increase (decrease) in net assets resulting from operations			5,460,347			(2,464,858)			43,329,776			(19,801,152)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(891,921)			(489,007)			(4,328,696)			(2,141,118)
Class I			(770,026)			(359,200)			(10,186,778)			(4,093,046)
Class S			(532,912)			(304,081)			(5,387,644)			(2,589,944)
Class S2			(26,656)			(22,915)			(233,868)			(152,185)
Class T			(1,933)			(1,004)			(1,456)			(983)
Total distributions			(2,223,448)			(1,176,207)			(20,138,442)			(8,977,276)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			12,340,798			14,485,321			49,679,440			48,936,952
Reinvestment of distributions			2,223,053			1,175,917			20,138,442			8,977,276
			14,563,851			15,661,238			69,817,882			57,914,228
Cost of shares redeemed			(6,431,311)			(9,142,136)			(30,355,951)			(42,498,607)
Net increase in net assets resulting from capital share transactions			8,132,540			6,519,102			39,461,931			15,415,621
Net increase (decrease) in net assets			11,369,439			2,878,037			62,653,265			(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		$	31,689,236		$	20,319,797		$	232,050,003		$	169,396,738

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2060 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	232,538		$	135,054
Net realized gain			709,607			809,952
Net change in unrealized appreciation (depreciation)			2,017,916			(2,208,460)
Increase (decrease) in net assets resulting from operations			2,960,061			(1,263,454)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(440,825)			(257,511)
Class I			(304,947)			(126,662)
Class S			(314,172)			(205,097)
Class S2			(17,202)			(13,337)
Class T			(262)			(197)
Total distributions			(1,077,408)			(602,804)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			7,930,387			8,221,311
Reinvestment of distributions			1,077,408			602,804
			9,007,795			8,824,115
Cost of shares redeemed			(4,410,024)			(4,474,377)
Net increase in net assets resulting from capital share transactions			4,597,771			4,349,738
Net increase in net assets			6,480,424			2,483,480
NET ASSETS:
Beginning of year or period			10,854,181			8,370,701
End of year or period		$	17,334,605		$	10,854,181

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Aggressive Portfolio
Class ADV
12-31-19		11.47		0.11		2.65		2.76		0.16		0.99		—		1.15		—		13.08		24.94		0.92		0.75		0.75		0.96		3,760		85
12-31-18		13.56		0.10		(1.53)		(1.43)		0.11		0.55		—		0.66		—		11.47		(11.18)		0.90		0.69		0.69		0.79		3,159		79
12-31-17		11.33		0.11•		2.34		2.45		0.05		0.17		—		0.22		—		13.56		21.71		0.91		0.66		0.66		0.85		3,467		52
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
Class I
12-31-19		11.74		0.22•		2.67		2.89		0.22		0.99		—		1.21		—		13.42		25.54		0.42		0.25		0.25		1.73		600		85
12-31-18		13.85		0.16•		(1.55)		(1.39)		0.17		0.55		—		0.72		—		11.74		(10.72)		0.40		0.19		0.19		1.17		325		79
12-31-17		11.56		0.18•		2.38		2.56		0.10		0.17		—		0.27		—		13.85		22.28		0.41		0.16		0.16		1.41		444		52
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
Class R6
12-31-19		11.74		0.20•		2.68		2.88		0.22		0.99		—		1.21		—		13.41		25.45		0.42		0.25		0.25		1.57		11,636		85
12-31-18		13.85		0.19•		(1.58)		(1.39)		0.17		0.55		—		0.72		—		11.74		(10.72)		0.40		0.19		0.19		1.42		7,177		79
12-31-17		11.56		0.24•		2.32		2.56		0.10		0.17		—		0.27		—		13.85		22.28		0.41		0.16		0.16		1.82		5,015		52
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
12-31-19		11.60		0.15		2.67		2.82		0.18		0.99		—		1.17		—		13.25		25.21		0.67		0.50		0.50		1.27		3,925		85
12-31-18		13.69		0.12•		(1.52)		(1.40)		0.14		0.55		—		0.69		—		11.60		(10.91)		0.65		0.44		0.44		0.93		3,123		79
12-31-17		11.44		0.12•		2.37		2.49		0.07		0.17		—		0.24		—		13.69		21.92		0.66		0.41		0.41		0.99		4,300		52
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
Class S2
12-31-19		11.43		0.16•		2.60		2.76		0.19		0.99		—		1.18		—		13.01		25.05		0.82		0.65		0.65		1.28		1,539		85
12-31-18		13.52		0.13•		(1.54)		(1.41)		0.13		0.55		—		0.68		—		11.43		(11.08)		0.80		0.59		0.59		0.96		800		79
12-31-17		11.32		0.12•		2.32		2.44		0.07		0.17		—		0.24		—		13.52		21.71		0.81		0.56		0.56		0.99		681		52
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
Voya Solution Balanced Portfolio
Class ADV
12-31-19		8.89		0.14•		1.51		1.65		0.19		0.61		—		0.80		—		9.74		19.13		0.82		0.75		0.75		1.45		10,913		85
12-31-18		10.08		0.14•		(0.80)		(0.66)		0.16		0.37		—		0.53		—		8.89		(6.98)		0.80		0.69		0.69		1.39		11,984		60
12-31-17		9.06		0.13•		1.16		1.29		0.11		0.16		—		0.27		—		10.08		14.46		0.78		0.66		0.66		1.32		19,020		48
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations								Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)		Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)		($)			($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Balanced Portfolio (continued)					��
Class I
12-31-19		9.24		0.18•			1.59		1.77			0.26		0.61		—		0.87		—		10.14		19.75		0.32		0.25		0.25		1.78		2,482		85
12-31-18		10.45		0.20•			(0.82)		(0.62)			0.22		0.37		—		0.59		—		9.24		(6.38)		0.30		0.19		0.19		1.97		3,689		60
12-31-17		9.40		0.21•			1.17		1.38			0.17		0.16		—		0.33		—		10.45		14.89		0.28		0.16		0.16		2.06		4,683		48
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
Class R6
12-31-19		9.24		0.21•			1.56		1.77			0.26		0.61		—		0.87		—		10.14		19.76		0.32		0.25		0.25		2.09		20,185		85
12-31-18		10.45		0.18			(0.80)		(0.62)			0.22		0.37		—		0.59		—		9.24		(6.38)		0.30		0.19		0.19		2.00		13,738		60
12-31-17		9.39		0.22•			1.17		1.39			0.17		0.16		—		0.33		—		10.45		15.01		0.28		0.16		0.16		2.20		13,145		48
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
12-31-19		9.01		0.17•			1.53		1.70			0.23		0.61		—		0.84		—		9.87		19.47		0.57		0.50		0.50		1.76		20,388		85
12-31-18		10.21		0.17•			(0.81)		(0.64)			0.19		0.37		—		0.56		—		9.01		(6.70)		0.55		0.44		0.44		1.69		19,594		60
12-31-17		9.18		0.15•			1.19		1.34			0.15		0.16		—		0.31		—		10.21		14.75		0.53		0.41		0.41		1.54		23,906		48
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
Class S2
12-31-19		9.00		0.18•			1.49		1.67			0.23		0.61		—		0.84		—		9.83		19.22		0.72		0.65		0.65		1.90		2,548		85
12-31-18		10.17		0.13•			(0.79)		(0.66)			0.14		0.37		—		0.51		—		9.00		(6.89)		0.70		0.59		0.59		1.30		856		60
12-31-17		9.16		0.14•			1.18		1.32			0.15		0.16		—		0.31		—		10.17		14.63		0.68		0.56		0.56		1.43		2,004		48
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
Voya Solution Conservative Portfolio
Class ADV
12-31-19		10.40		0.24			0.90		1.14			0.21		0.09		—		0.30		—		11.24		10.99		0.92		0.67		0.67		2.10		8,336		75
12-31-18		11.06		0.22			(0.47)		(0.25)			0.22		0.19		—		0.41		—		10.40		(2.39)		0.89		0.63		0.63		1.92		7,912		67
12-31-17		10.60		0.20•			0.55		0.75			0.22		0.07		—		0.29		—		11.06		7.06		0.86		0.62		0.62		1.84		8,486		63
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
Class I
12-31-19		10.54		0.31•			0.91		1.22			0.26		0.09		—		0.35		—		11.41		11.65		0.42		0.17		0.17		2.82		658		75
12-31-18		11.21		0.28•			(0.49)		(0.21)			0.27		0.19		—		0.46		—		10.54		(1.94)		0.39		0.13		0.13		2.62		274		67
12-31-17		10.74		0.25•			0.56		0.81			0.27		0.07		—		0.34		—		11.21		7.60		0.36		0.12		0.12		2.31		90		63
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Conservative Portfolio (continued)
Class R6
12-31-19		10.54		0.30		0.92		1.22		0.26		0.09		—		0.35		—		11.41		11.65		0.42		0.17		0.17		2.61		5,365		75
12-31-18		11.21		0.28•		(0.49)		(0.21)		0.27		0.19		—		0.46		—		10.54		(1.94)		0.39		0.13		0.13		2.52		5,056		67
12-31-17		10.74		0.27•		0.54		0.81		0.27		0.07		—		0.34		—		11.21		7.60		0.36		0.12		0.12		2.42		3,439		63
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
12-31-19		10.48		0.25•		0.93		1.18		0.23		0.09		—		0.32		—		11.34		11.31		0.67		0.42		0.42		2.30		2,839		75
12-31-18		11.13		0.24•		(0.47)		(0.23)		0.23		0.19		—		0.42		—		10.48		(2.14)		0.64		0.38		0.38		2.16		3,508		67
12-31-17		10.66		0.22•		0.56		0.78		0.24		0.07		—		0.31		—		11.13		7.31		0.61		0.37		0.37		2.04		4,020		63
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
Class S2
12-31-19		10.39		0.23•		0.93		1.16		0.21		0.09		—		0.30		—		11.25		11.21		0.82		0.57		0.57		2.14		393		75
12-31-18		11.04		0.21•		(0.46)		(0.25)		0.21		0.19		—		0.40		—		10.39		(2.34)		0.79		0.53		0.53		1.97		438		67
12-31-17		10.59		0.21•		0.55		0.76		0.24		0.07		—		0.31		—		11.04		7.20		0.76		0.52		0.52		1.92		635		63
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
Voya Solution Income Portfolio
Class ADV
12-31-19		10.92		0.22•		1.17		1.39		0.31		0.24		—		0.55		—		11.76		12.87		0.76		0.69		0.69		1.88		143,202		39
12-31-18		11.85		0.20•		(0.57)		(0.37)		0.26		0.30		—		0.56		—		10.92		(3.35)		0.75		0.62		0.62		1.77		148,720		38
12-31-17		11.11		0.18•		0.83		1.01		0.23		0.04		—		0.27		—		11.85		9.15		0.75		0.61		0.61		1.59		182,912		36
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
Class I
12-31-19		11.19		0.28•		1.19		1.47		0.37		0.24		—		0.61		—		12.05		13.38		0.26		0.19		0.19		2.41		78,441		39
12-31-18		12.13		0.27•		(0.59)		(0.32)		0.32		0.30		—		0.62		—		11.19		(2.80)		0.25		0.12		0.12		2.29		75,592		38
12-31-17		11.38		0.25		0.84		1.09		0.30		0.04		—		0.34		—		12.13		9.66		0.25		0.11		0.11		2.09		85,891		36
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
Class S
12-31-19		11.09		0.25•		1.18		1.43		0.33		0.24		—		0.57		—		11.95		13.13		0.51		0.44		0.44		2.10		103,157		39
12-31-18		12.03		0.24•		(0.59)		(0.35)		0.29		0.30		—		0.59		—		11.09		(3.14)		0.50		0.37		0.37		2.01		118,451		38
12-31-17		11.28		0.21•		0.85		1.06		0.27		0.04		—		0.31		—		12.03		9.41		0.50		0.36		0.36		1.83		155,100		36
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations							Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)			($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Income Portfolio (continued)
Class S2
12-31-19		10.82		0.22•		1.16		1.38			0.31		0.24		—		0.55		—		11.65		12.96		0.66		0.59		0.59		1.95		5,310		39
12-31-18		11.72		0.21•		(0.56)		(0.35)			0.25		0.30		—		0.55		—		10.82		(3.21)		0.65		0.52		0.52		1.82		6,111		38
12-31-17		10.99		0.19•		0.82		1.01			0.24		0.04		—		0.28		—		11.72		9.23		0.65		0.51		0.51		1.67		9,533		36
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
Class T
12-31-19		11.65		0.20		1.24		1.44			0.29		0.24		—		0.53		—		12.56		12.54		0.96		0.89		0.89		1.74		259		39
12-31-18		12.60		0.19		(0.60)		(0.41)			0.24		0.30		—		0.54		—		11.65		(3.45)		0.95		0.82		0.82		1.62		218		38
12-31-17		11.73		0.17		0.87		1.04			0.13		0.04		—		0.17		—		12.60		8.84		0.95		0.81		0.81		1.40		222		36
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
Voya Solution Moderately Aggressive Portfolio
Class ADV
12-31-19		11.39		0.16		2.28		2.44			0.26		1.03		—		1.29		—		12.54		22.32		0.76		0.76		0.76		1.28		24,168		55
12-31-18		13.39		0.14•		(1.32)		(1.18)			0.20		0.62		—		0.82		—		11.39		(9.44)		0.75		0.71		0.71		1.09		21,418		46
12-31-17		11.62		0.13•		1.93		2.06			0.15		0.14		—		0.29		—		13.39		17.89		0.75		0.71		0.71		1.04		27,468		31
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
Class I
12-31-19		11.61		0.22		2.34		2.56			0.33		1.03		—		1.36		—		12.81		22.99		0.26		0.26		0.26		1.84		4,862		55
12-31-18		13.64		0.21•		(1.35)		(1.14)			0.27		0.62		—		0.89		—		11.61		(9.02)		0.25		0.21		0.21		1.60		3,898		46
12-31-17		11.83		0.21•		1.95		2.16			0.21		0.14		—		0.35		—		13.64		18.50		0.25		0.21		0.21		1.62		6,062		31
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
Class R6
12-31-19		11.61		0.23•		2.32		2.55			0.33		1.03		—		1.36		—		12.80		22.91		0.26		0.26		0.26		1.87		17,843		55
12-31-18		13.63		0.23•		(1.36)		(1.13)			0.27		0.62		—		0.89		—		11.61		(8.94)		0.25		0.21		0.21		1.76		12,083		46
12-31-17		11.82		0.25•		1.91		2.16			0.21		0.14		—		0.35		—		13.63		18.51		0.25		0.21		0.21		1.95		8,217		31
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									��
12-31-19		11.49		0.19•		2.30		2.49			0.29		1.03		—		1.32		—		12.66		22.61		0.51		0.51		0.51		1.51		557,294		55
12-31-18		13.50		0.18•		(1.33)		(1.15)			0.24		0.62		—		0.86		—		11.49		(9.20)		0.50		0.46		0.46		1.34		525,590		46
12-31-17		11.71		0.16•		1.95		2.11			0.18		0.14		—		0.32		—		13.50		18.22		0.50		0.46		0.46		1.28		670,319		31
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income			From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)			($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Aggressive Portfolio (continued)
Class S2
12-31-19		11.50		0.17•		2.32		2.49			0.27		1.03		—		1.30		—		12.69		22.49		0.66		0.66		0.66		1.35		879		55
12-31-18		13.47		0.15•		(1.32)		(1.17)			0.18		0.62		—		0.80		—		11.50		(9.31)		0.65		0.61		0.61		1.10		732		46
12-31-17		11.70		0.15•		1.94		2.09			0.18		0.14		—		0.32		—		13.47		18.05		0.65		0.61		0.61		1.20		1,695		31
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
Voya Solution Moderately Conservative Portfolio
Class ADV
12-31-19		9.13		0.18•		1.14		1.32			0.16		0.20		—		0.36		—		10.09		14.61		0.84		0.70		0.70		1.83		7,507		81
12-31-18		9.99		0.17•		(0.60)		(0.43)		��	0.20		0.23		—		0.43		—		9.13		(4.52)		0.83		0.67		0.67		1.79		9,033		59
12-31-17		9.24		0.15•		0.78		0.93			0.18		—		—		0.18		—		9.99		10.09		0.83		0.65		0.65		1.57		11,134		47
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
Class I
12-31-19		9.54		0.29•		1.14		1.43			0.22		0.20		—		0.42		—		10.55		15.17		0.34		0.20		0.20		2.83		69		81
12-31-18		10.42		0.24•		(0.64)		(0.40)			0.25		0.23		—		0.48		—		9.54		(4.04)		0.33		0.17		0.17		2.35		31		59
12-31-17		9.65		0.21•		0.82		1.03			0.26		—		—		0.26		—		10.42		10.73		0.33		0.15		0.15		2.06		27		47
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
Class R6
12-31-19		9.53		0.25•		1.18		1.43			0.22		0.20		—		0.42		—		10.54		15.18		0.34		0.20		0.20		2.47		6,045		81
12-31-18		10.41		0.25•		(0.65)		(0.40)			0.25		0.23		—		0.48		—		9.53		(4.05)		0.33		0.17		0.17		2.45		3,780		59
12-31-17		9.64		0.24•		0.78		1.02			0.25		—		—		0.25		—		10.41		10.68		0.33		0.15		0.15		2.37		2,164		47
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
12-31-19		9.32		0.22•		1.16		1.38			0.20		0.20		—		0.40		—		10.30		14.96		0.59		0.45		0.45		2.24		19,349		81
12-31-18		10.19		0.20•		(0.63)		(0.43)			0.21		0.23		—		0.44		—		9.32		(4.35)		0.58		0.42		0.42		2.05		14,452		59
12-31-17		9.44		0.18•		0.79		0.97			0.22		—		—		0.22		—		10.19		10.40		0.58		0.40		0.40		1.80		17,134		47
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
Class S2
12-31-19		9.21		0.24•		1.10		1.34			0.21		0.20		—		0.41		—		10.14		14.74		0.74		0.60		0.60		2.39		5,439		81
12-31-18		10.08		0.18		(0.61)		(0.43)			0.21		0.23		—		0.44		—		9.21		(4.46)		0.73		0.57		0.57		1.96		1,072		59
12-31-17		9.34		0.17•		0.79		0.96			0.22		—		—		0.22		—		10.08		10.33		0.73		0.55		0.55		1.71		1,021		47
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2020 Portfolio
Class ADV
12-31-19		11.85		0.22		1.49		1.71		0.31		0.61		—		0.92		—		12.64		14.70		0.85		0.71		0.71		1.72		15,205		92
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
Class I
12-31-19		12.13		0.28•		1.53		1.81		0.38		0.61		—		0.99		—		12.95		15.22		0.35		0.21		0.21		2.18		7,239		92
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
Class S
12-31-19		12.07		0.25•		1.51		1.76		0.34		0.61		—		0.95		—		12.88		14.89		0.60		0.46		0.46		1.94		13,199		92
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
Class S2
12-31-19		11.93		0.24•		1.49		1.73		0.28		0.61		—		0.89		—		12.77		14.79		0.75		0.61		0.61		1.90		559		92
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
Class T
12-31-19		11.85		0.20•		1.48		1.68		0.30		0.61		—		0.91		—		12.62		14.44		1.05		0.91		0.91		1.58		17		92
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
Voya Solution 2025 Portfolio
Class ADV
12-31-19		10.48		0.18•		1.64		1.82		0.25		0.68		—		0.93		—		11.37		17.79		0.75		0.71		0.71		1.59		260,690		44
12-31-18		11.72		0.16•		(0.82)		(0.66)		0.21		0.37		—		0.58		—		10.48		(5.97)		0.74		0.67		0.67		1.38		244,883		47
12-31-17		10.66		0.15•		1.42		1.57		0.19		0.32		—		0.51		—		11.72		15.02		0.74		0.66		0.66		1.36		300,453		46
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2025 Portfolio (continued)
Class I
12-31-19		10.78		0.24		1.68		1.92		0.31		0.68		—		0.99		—		11.71		18.33		0.25		0.21		0.21		2.14		260,767		44
12-31-18		12.04		0.23•		(0.85)		(0.62)		0.27		0.37		—		0.64		—		10.78		(5.48)		0.24		0.17		0.17		1.93		219,811		47
12-31-17		10.94		0.22•		1.46		1.68		0.26		0.32		—		0.58		—		12.04		15.62		0.24		0.16		0.16		1.92		243,053		46
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
Class S
12-31-19		10.65		0.21•		1.67		1.88		0.28		0.68		—		0.96		—		11.57		18.12		0.50		0.46		0.46		1.82		299,655		44
12-31-18		11.90		0.19•		(0.83)		(0.64)		0.24		0.37		—		0.61		—		10.65		(5.73)		0.49		0.42		0.42		1.64		294,102		47
12-31-17		10.82		0.18•		1.45		1.63		0.23		0.32		—		0.55		—		11.90		15.29		0.49		0.41		0.41		1.60		359,764		46
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
Class S2
12-31-19		10.35		0.18•		1.63		1.81		0.25		0.68		—		0.93		—		11.23		17.92		0.65		0.61		0.61		1.63		10,745		44
12-31-18		11.56		0.15•		(0.79)		(0.64)		0.20		0.37		—		0.57		—		10.35		(5.88)		0.64		0.57		0.57		1.34		11,715		47
12-31-17		10.52		0.16•		1.40		1.56		0.20		0.32		—		0.52		—		11.56		15.07		0.64		0.56		0.56		1.40		16,911		46
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
Class T
12-31-19		10.96		0.16•		1.72		1.88		0.18		0.68		—		0.86		—		11.98		17.51		0.95		0.91		0.91		1.36		521		44
12-31-18		12.23		0.13•		(0.84)		(0.71)		0.19		0.37		—		0.56		—		10.96		(6.14)		0.94		0.87		0.87		1.11		575		47
12-31-17		11.10		0.14•		1.48		1.62		0.17		0.32		—		0.49		—		12.23		14.78		0.94		0.86		0.86		1.18		821		46
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
Voya Solution 2030 Portfolio
Class ADV
12-31-19		13.79		0.23•		2.46		2.69		0.25		0.93		—		1.18		—		15.30		20.13		0.83		0.71		0.71		1.55		18,792		79
12-31-18		15.96		0.21		(1.31)		(1.10)		0.23		0.84		—		1.07		—		13.79		(7.47)		0.81		0.66		0.66		1.38		12,630		87
12-31-17		13.94		0.23•		2.15		2.38		0.12		0.24		—		0.36		—		15.96		17.22		0.83		0.64		0.64		1.50		13,589		63
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
Class I
12-31-19		14.18		0.33•		2.51		2.84		0.32		0.93		—		1.25		—		15.77		20.65		0.33		0.21		0.21		2.18		13,781		79
12-31-18		16.36		0.31•		(1.36)		(1.05)		0.29		0.84		—		1.13		—		14.18		(6.98)		0.31		0.16		0.16		1.95		7,333		87
12-31-17		14.23		0.32•		2.19		2.51		0.14		0.24		—		0.38		—		16.36		17.86		0.33		0.14		0.14		2.07		8,625		63
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2030 Portfolio (continued)
Class S
12-31-19		14.09		0.27•		2.51		2.78		0.28		0.93		—		1.21		—		15.66		20.36		0.58		0.46		0.46		1.78		13,558		79
12-31-18		16.28		0.28•		(1.36)		(1.08)		0.27		0.84		—		1.11		—		14.09		(7.23)		0.56		0.41		0.41		1.81		10,589		87
12-31-17		14.18		0.26•		2.21		2.47		0.13		0.24		—		0.37		—		16.28		17.59		0.58		0.39		0.39		1.72		8,484		63
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
Class S2
12-31-19		13.90		0.25•		2.48		2.73		0.24		0.93		—		1.17		—		15.46		20.24		0.73		0.61		0.61		1.66		450		79
12-31-18		16.08		0.25•		(1.35)		(1.10)		0.24		0.84		—		1.08		—		13.90		(7.40)		0.71		0.56		0.56		1.62		439		87
12-31-17		14.01		0.21•		2.20		2.41		0.10		0.24		—		0.34		—		16.08		17.38		0.73		0.54		0.54		1.42		588		63
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
Class T
12-31-19		13.82		0.21•		2.45		2.66		0.24		0.93		—		1.17		—		15.31		19.86		1.03		0.91		0.91		1.41		32		79
12-31-18		16.02		0.22•		(1.36)		(1.14)		0.22		0.84		—		1.06		—		13.82		(7.67)		1.01		0.86		0.86		1.44		20		87
12-31-17		13.98		0.19•		2.17		2.36		0.08		0.24		—		0.32		—		16.02		17.05		1.03		0.84		0.84		1.23		15		63
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
Voya Solution 2035 Portfolio
Class ADV
12-31-19		10.60		0.16•		2.04		2.20		0.24		0.93		—		1.17		—		11.63		21.53		0.75		0.71		0.71		1.38		226,096		52
12-31-18		12.27		0.14•		(1.12)		(0.98)		0.19		0.50		—		0.69		—		10.60		(8.54)		0.75		0.68		0.68		1.21		212,084		50
12-31-17		10.71		0.13•		1.90		2.03		0.16		0.31		—		0.47		—		12.27		19.22		0.74		0.65		0.65		1.12		267,229		36
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
Class I
12-31-19		10.89		0.22		2.10		2.32		0.30		0.93		—		1.23		—		11.98		22.22		0.25		0.21		0.21		1.97		304,111		52
12-31-18		12.59		0.22		(1.17)		(0.95)		0.25		0.50		—		0.75		—		10.89		(8.09)		0.25		0.18		0.18		1.75		247,475		50
12-31-17		10.98		0.20•		1.94		2.14		0.22		0.31		—		0.53		—		12.59		19.82		0.24		0.15		0.15		1.69		274,900		36
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
Class S
12-31-19		10.76		0.19•		2.08		2.27		0.27		0.93		—		1.20		—		11.83		21.94		0.50		0.46		0.46		1.64		324,783		52
12-31-18		12.45		0.18•		(1.15)		(0.97)		0.22		0.50		—		0.72		—		10.76		(8.34)		0.50		0.43		0.43		1.46		297,721		50
12-31-17		10.87		0.16•		1.92		2.08		0.19		0.31		—		0.50		—		12.45		19.44		0.49		0.40		0.40		1.38		368,554		36
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2035 Portfolio (continued)
Class S2
12-31-19		10.36		0.16•		1.99		2.15		0.24		0.93		—		1.17		—		11.34		21.63		0.65		0.61		0.61		1.46		14,599		52
12-31-18		12.00		0.15•		(1.09)		(0.94)		0.20		0.50		—		0.70		—		10.36		(8.42)		0.65		0.58		0.58		1.28		14,521		50
12-31-17		10.49		0.14•		1.85		1.99		0.17		0.31		—		0.48		—		12.00		19.28		0.64		0.55		0.55		1.22		19,146		36
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
Class T
12-31-19		11.07		0.14		2.15		2.29		0.16		0.93		—		1.09		—		12.27		21.36		0.95		0.91		0.91		1.27		447		52
12-31-18		12.79		0.10•		(1.16)		(1.06)		0.16		0.50		—		0.66		—		11.07		(8.76)		0.95		0.88		0.88		0.77		373		50
12-31-17		11.14		0.11•		1.98		2.09		0.13		0.31		—		0.44		—		12.79		19.03		0.94		0.85		0.85		0.95		700		36
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
Voya Solution 2040 Portfolio
Class ADV
12-31-19		14.26		0.23•		2.92		3.15		0.26		1.06		—		1.32		—		16.09		22.82		0.84		0.72		0.72		1.47		14,324		82
12-31-18		17.11		0.20•		(1.66)		(1.46)		0.22		1.17		—		1.39		—		14.26		(9.41)		0.84		0.66		0.66		1.19		8,662		81
12-31-17		14.55		0.19•		2.73		2.92		0.08		0.28		—		0.36		—		17.11		20.23		0.86		0.63		0.63		1.17		8,696		68
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
Class I
12-31-19		14.66		0.32•		3.00		3.32		0.32		1.06		—		1.38		—		16.60		23.44		0.34		0.22		0.22		1.97		11,825		82
12-31-18		17.53		0.30•		(1.72)		(1.42)		0.28		1.17		—		1.45		—		14.66		(8.95)		0.34		0.16		0.16		1.77		7,134		81
12-31-17		14.86		0.29•		2.78		3.07		0.12		0.28		—		0.40		—		17.53		20.85		0.36		0.13		0.13		1.76		7,753		68
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
Class S
12-31-19		14.54		0.23		3.02		3.25		0.29		1.06		—		1.35		—		16.44		23.07		0.59		0.47		0.47		1.44		8,500		82
12-31-18		17.40		0.26•		(1.70)		(1.44)		0.25		1.17		—		1.42		—		14.54		(9.13)		0.59		0.41		0.41		1.54		7,641		81
12-31-17		14.78		0.23•		2.78		3.01		0.11		0.28		—		0.39		—		17.40		20.53		0.61		0.38		0.38		1.45		6,732		68
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
Class S2
12-31-19		14.31		0.25•		2.93		3.18		0.26		1.06		—		1.32		—		16.17		22.93		0.74		0.62		0.62		1.57		973		82
12-31-18		17.18		0.23•		(1.68)		(1.45)		0.25		1.17		—		1.42		—		14.31		(9.30)		0.74		0.56		0.56		1.42		939		81
12-31-17		14.62		0.26•		2.69		2.95		0.11		0.28		—		0.39		—		17.18		20.31		0.76		0.53		0.53		1.61		721		68
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2040 Portfolio (continued)
Class T
12-31-19		14.22		0.20•		2.90		3.10		0.20		1.06		—		1.26		—		16.06		22.50		1.04		0.92		0.92		1.28		32		82
12-31-18		17.08		0.15		(1.64)		(1.49)		0.20		1.17		—		1.37		—		14.22		(9.57)		1.04		0.86		0.86		1.00		17		81
12-31-17		14.53		0.17•		2.72		2.89		0.06		0.28		—		0.34		—		17.08		20.05		1.06		0.83		0.83		1.08		20		68
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
Voya Solution 2045 Portfolio
Class ADV
12-31-19		10.42		0.15		2.20		2.35		0.20		1.10		—		1.30		—		11.47		23.59		0.75		0.72		0.72		1.26		150,005		67
12-31-18		12.40		0.11•		(1.33)		(1.22)		0.15		0.61		—		0.76		—		10.42		(10.53)		0.75		0.69		0.69		0.93		134,754		53
12-31-17		10.63		0.10•		2.09		2.19		0.10		0.32		—		0.42		—		12.40		20.92		0.75		0.67		0.67		0.84		177,624		37
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
Class I
12-31-19		10.73		0.20		2.29		2.49		0.27		1.10		—		1.37		—		11.85		24.29		0.25		0.22		0.22		1.86		269,670		67
12-31-18		12.75		0.18		(1.37)		(1.19)		0.22		0.61		—		0.83		—		10.73		(10.08)		0.25		0.19		0.19		1.49		211,781		53
12-31-17		10.92		0.17•		2.14		2.31		0.16		0.32		—		0.48		—		12.75		21.53		0.25		0.17		0.17		1.42		235,122		37
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
Class S
12-31-19		10.58		0.18		2.23		2.41		0.23		1.10		—		1.33		—		11.66		23.90		0.50		0.47		0.47		1.51		237,496		67
12-31-18		12.57		0.15•		(1.35)		(1.20)		0.18		0.61		—		0.79		—		10.58		(10.23)		0.50		0.44		0.44		1.20		209,647		53
12-31-17		10.77		0.13•		2.12		2.25		0.13		0.32		—		0.45		—		12.57		21.25		0.50		0.42		0.42		1.11		269,521		37
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
Class S2
12-31-19		10.31		0.15•		2.18		2.33		0.20		1.10		—		1.30		—		11.34		23.68		0.65		0.62		0.62		1.31		7,234		67
12-31-18		12.25		0.12•		(1.30)		(1.18)		0.15		0.61		—		0.76		—		10.31		(10.34)		0.65		0.59		0.59		1.03		7,504		53
12-31-17		10.51		0.09•		2.08		2.17		0.11		0.32		—		0.43		—		12.25		21.02		0.65		0.57		0.57		0.82		9,902		37
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
Class T
12-31-19		10.74		0.14•		2.26		2.40		0.09		1.10		—		1.19		—		11.95		23.31		0.95		0.92		0.92		1.19		290		67
12-31-18		12.77		0.06•		(1.34)		(1.28)		0.14		0.61		—		0.75		—		10.74		(10.72)		0.95		0.89		0.89		0.44		220		53
12-31-17		10.95		0.08		2.15		2.23		0.09		0.32		—		0.41		—		12.77		20.69		0.95		0.87		0.87		0.70		508		37
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets									Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)			Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)			(%)		($000’s)		(%)
Voya Solution 2050 Portfolio
Class ADV
12-31-19		14.58		0.23•		3.17		3.40		0.22		1.13		—		1.35		—		16.63		24.13		0.86		0.73		0.73			1.45		12,951		84
12-31-18		17.33		0.17•		(1.93)		(1.76)		0.16		0.83		—		0.99		—		14.58		(10.82)		0.86		0.68		0.68			1.03		8,144		86
12-31-17		14.57		0.18•		2.89		3.07		0.06		0.25		—		0.31		—		17.33		21.30		0.93		0.65		0.65			1.11		6,983		52
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
Class I
12-31-19		15.04		0.34•		3.25		3.59		0.28		1.13		—		1.41		—		17.22		24.74		0.36		0.23		0.23			2.04		10,912		84
12-31-18		17.81		0.27•		(1.99)		(1.72)		0.22		0.83		—		1.05		—		15.04		(10.37)		0.36		0.18		0.18			1.55		6,320		86
12-31-17		14.91		0.28•		2.97		3.25		0.10		0.25		—		0.35		—		17.81		21.99		0.43		0.15		0.15			1.70		5,705		52
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
Class S
12-31-19		14.88		0.26•		3.25		3.51		0.25		1.13		—		1.38		—		17.01		24.41		0.61		0.48		0.48			1.58		7,397		84
12-31-18		17.65		0.23•		(1.98)		(1.75)		0.19		0.83		—		1.02		—		14.88		(10.61)		0.61		0.43		0.43			1.34		5,413		86
12-31-17		14.81		0.22•		2.95		3.17		0.08		0.25		—		0.33		—		17.65		21.63		0.68		0.40		0.40			1.33		4,424		52
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
Class S2																													��
12-31-19		14.67		0.23•		3.21		3.44		0.20		1.13		—		1.33		—		16.78		24.25		0.76		0.63		0.63			1.40		419		84
12-31-18		17.43		0.22•		(1.97)		(1.75)		0.18		0.83		—		1.01		—		14.67		(10.75)		0.76		0.58		0.58			1.32		423		86
12-31-17		14.64		0.20•		2.91		3.11		0.07		0.25		—		0.32		—		17.43		21.47		0.83		0.55		0.55			1.21		309		52
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
Class T
12-31-19		14.63		0.09•		3.28		3.37		0.18		1.13		—		1.31		—		16.69		23.80		1.06		0.93		0.93			0.54		11		84
12-31-18		17.39		0.14		(1.94)		(1.80)		0.13		0.83		—		0.96		—		14.63		(11.01)		1.06		0.88		0.88			0.89		20		86
12-31-17		14.60		0.17•		2.89		3.06		0.02		0.25		—		0.27		—		17.39		21.15		1.13		0.85		0.85			1.05		20		52
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
Voya Solution 2055 Portfolio
Class ADV
12-31-19		12.35		0.16		2.70		2.86		0.20		1.16		—		1.36		—		13.85		24.13		0.77		0.72		0.72			1.29		49,315		61
12-31-18		14.49		0.13		(1.60)		(1.47)		0.15		0.52		—		0.67		—		12.35		(10.72)		0.76		0.68		0.68			0.90		39,621		62
12-31-17		12.27		0.11•		2.49		2.60		0.10		0.28		—		0.38		—		14.49		21.40		0.76		0.66		0.66			0.82		47,367		40
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2055 Portfolio (continued)
Class I
12-31-19		12.61		0.27•		2.72		2.99		0.27		1.16		—		1.43		—		14.17		24.76		0.27		0.22		0.22		1.93		119,915		61
12-31-18		14.78		0.21•		(1.64)		(1.43)		0.22		0.52		—		0.74		—		12.61		(10.29)		0.26		0.18		0.18		1.48		77,961		62
12-31-17		12.51		0.20•		2.51		2.71		0.16		0.28		—		0.44		—		14.78		21.94		0.26		0.16		0.16		1.42		73,894		40
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
Class S
12-31-19		12.46		0.20		2.72		2.92		0.23		1.16		—		1.39		—		13.99		24.50		0.52		0.47		0.47		1.52		59,923		61
12-31-18		14.62		0.17•		(1.63)		(1.46)		0.18		0.52		—		0.70		—		12.46		(10.56)		0.51		0.43		0.43		1.19		49,077		62
12-31-17		12.38		0.15•		2.50		2.65		0.13		0.28		—		0.41		—		14.62		21.66		0.51		0.41		0.41		1.08		58,217		40
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
Class S2
12-31-19		12.39		0.18•		2.70		2.88		0.19		1.16		—		1.35		—		13.92		24.28		0.67		0.62		0.62		1.33		2,876		61
12-31-18		14.54		0.15		(1.62)		(1.47)		0.16		0.52		—		0.68		—		12.39		(10.68)		0.66		0.58		0.58		1.03		2,720		62
12-31-17		12.31		0.12•		2.50		2.62		0.11		0.28		—		0.39		—		14.54		21.52		0.66		0.56		0.56		0.89		3,250		40
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
Class T
12-31-19		12.58		0.17•		2.73		2.90		0.10		1.16		—		1.26		—		14.22		23.93		0.97		0.92		0.92		1.27		22		61
12-31-18		14.73		0.08•		(1.61)		(1.53)		0.10		0.52		—		0.62		—		12.58		(10.91)		0.96		0.88		0.88		0.58		18		62
12-31-17		12.50		0.09•		2.52		2.61		0.10		0.28		—		0.38		—		14.73		21.08		0.96		0.86		0.86		0.67		32		40
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
Voya Solution 2060 Portfolio
Class ADV
12-31-19		10.45		0.16•		2.28		2.44		0.15		0.70		—		0.85		—		12.04		24.12		0.95		0.74		0.74		1.39		6,976		89
12-31-18		12.39		0.13•		(1.38)		(1.25)		0.11		0.58		—		0.69		—		10.45		(10.76)		0.96		0.69		0.69		1.12		4,593		84
12-31-17		10.42		0.13•		2.08		2.21		0.04		0.20		—		0.24		—		12.39		21.42		1.10		0.67		0.67		1.11		3,202		65
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
12-31-19		10.60		0.25•		2.29		2.54		0.19		0.70		—		0.89		—		12.25		24.79		0.45		0.24		0.24		2.14		5,184		89
12-31-18		12.53		0.19•		(1.41)		(1.22)		0.13		0.58		—		0.71		—		10.60		(10.35)		0.46		0.19		0.19		1.57		2,570		84
12-31-17		10.49		0.20•		2.10		2.30		0.06		0.20		—		0.26		—		12.53		22.15		0.60		0.17		0.17		1.73		2,160		65
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2060 Portfolio (continued)
Class S
12-31-19		10.47		0.18•		2.30		2.48		0.17		0.70		—		0.87		—		12.08		24.45		0.70		0.49		0.49		1.56		4,901		89
12-31-18		12.40		0.16•		(1.39)		(1.23)		0.12		0.58		—		0.70		—		10.47		(10.60)		0.71		0.44		0.44		1.30		3,440		84
12-31-17		10.41		0.15•		2.10		2.25		0.06		0.20		—		0.26		—		12.40		21.81		0.85		0.42		0.42		1.30		2,825		65
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
12-31-19		10.46		0.18		2.28		2.46		0.15		0.70		—		0.85		—		12.07		24.26		0.85		0.64		0.64		1.44		269		89
12-31-18		12.40		0.15•		(1.40)		(1.25)		0.11		0.58		—		0.69		—		10.46		(10.70)		0.86		0.59		0.59		1.23		247		84
12-31-17		10.42		0.17•		2.05		2.22		0.04		0.20		—		0.24		—		12.40		21.56		1.00		0.57		0.57		1.45		180		65
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
12-31-19		10.40		0.11		2.30		2.41		0.10		0.70		—		0.80		—		12.01		23.96		1.15		0.94		0.94		1.07		4		89
12-31-18		12.33		0.08		(1.37)		(1.29)		0.06		0.58		—		0.64		—		10.40		(11.08)		1.16		0.89		0.89		0.73		3		84
12-31-17		10.35		0.08•		2.10		2.18		—		0.20		—		0.20		—		12.33		21.24		1.30		0.87		0.87		0.69		4		65
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 reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

(4)

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

(5)

Commencement of operations.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019

NOTE 1 — ORGANIZATION

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by 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.

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (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-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.

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.

F. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts,

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 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 year ended December 31, 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 Moderately Aggressive, Solution 2025, Solution 2035, Solution 2045 and Solution 2055. There were no open futures contracts purchased or sold for the remaining Portfolios at December 31, 2019.

	Purchased			Sold
Solution Income		$	12,371,039		$	12,434,543
Solution Moderately Aggressive			27,309,353			27,182,539
Solution 2025			28,836,973			28,960,856
Solution 2035			30,112,180			30,140,022
Solution 2045			24,341,981			24,217,899
Solution 2055			7,979,346			7,937,583

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

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the year ended December 31, 2019, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Solution Aggressive		$	19,254,996		$	16,210,338
Solution Balanced			47,257,898			49,309,162
Solution Conservative			13,946,856			15,116,869
Solution Income			131,738,965			186,404,171
Solution Moderately Aggressive			324,327,815			395,625,831
Solution Moderately Conservative			35,177,281			29,149,935
Solution 2020			31,459,632			33,234,656
Solution 2025			356,456,836			415,742,536
Solution 2030			39,686,565			30,249,685
Solution 2035			428,148,518			479,500,550
Solution 2040			30,886,294			25,298,315
Solution 2045			414,539,161			435,963,423
Solution 2050			28,362,456			22,061,086
Solution 2055			146,116,696			123,569,247
Solution 2060			16,367,326			12,639,813

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV, S2 and T of the respective Portfolios have a plan of distribution (each a “Plan” and collectively, the “Plans”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio’s shares (“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 December 31, 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	Solution Aggressive		5.33%
	Solution Balanced		6.16
	Solution Conservative		5.39
	Solution Income		43.72
	Solution 2020		19.46
	Solution 2025		40.86
	Solution 2030		18.98
	Solution 2035		40.09
	Solution 2040		11.29
	Solution 2045		41.28
	Solution 2050		13.15
	Solution 2055		47.42
	Solution 2060		14.09

Subsidiary	Portfolio	Percentage
Voya Retierment Insurance and Annuity Company	Solution Aggressive		94.67
	Solution Balanced		93.84
	Solution Conservative		94.61
	Solution Income		50.70
	Solution Moderatory Aggressive		6.04
	Solution Moderatory Conservative		99.26
	Solution 2020		80.53
	Solution 2025		58.46
	Solution 2030		80.85
	Solution 2035		57.81
	Solution 2040		88.70
	Solution 2045		57.92
	Solution 2050		86.84
	Solution 2055		52.58
	Solution 2060		85.88

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 agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses to the levels listed below:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

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 December 31, 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:

	December 31,
	2020			2021			2022			Total
Solution Aggressive		$	25,978		$	31,805		$	32,432		$	90,215
Solution Balanced			66,438			61,303			37,237			164,978
Solution Conservative			38,432			41,777			46,641			126,850
Solution Income			633,760			521,785			235,911			1,391,456
Solution Moderately Aggressive			288,587			271,676			—			560,263
Solution Moderately Conservative			58,784			48,769			48,667			156,220
Solution 2020			55,984			53,907			45,854			155,745
Solution 2025			742,094			623,038			293,763			1,658,895

	December 31,
	2020		2021		2022		Total
Solution 2030		43,272		47,147		46,580		136,999
Solution 2035		806,282		569,497		317,164		1,692,943
Solution 2040		44,017		45,460		36,444		125,921
Solution 2045		513,695		363,010		181,110		1,057,815
Solution 2050		34,275		36,857		32,675		103,807
Solution 2055		160,115		143,560		90,950		394,625
Solution 2060		24,261		28,347		30,284		82,892

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.

The following Portfolios utilized the line of credit during the year ended December 31, 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		3			4,382,333		3.42
Solution Moderately Aggressive		1			2,078,000		3.13
Solution Moderately Conservative		1			1,203,000		3.44
Solution 2020		1			1,685,000		3.44
Solution 2025		4			1,064,500		3.27
Solution 2035		2			2,008,500		3.23
Solution 2045		1			716,000		3.13

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Aggressive
Class ADV
12/31/2019		69,148		—		27,888		(84,904)		12,132		871,395		—		334,099		(1,059,631)		145,863
12/31/2018		81,232		—		12,699		(74,248)		19,683		1,088,541		—		167,121		(992,290)		263,372
Class I
12/31/2019		15,551		—		3,267		(1,808)		17,010		198,986		—		40,057		(23,819)		215,224
12/31/2018		10,715		—		1,787		(16,891)		(4,389)		147,238		—		24,011		(223,860)		(52,611)
Class R6
12/31/2019		282,889		—		75,533		(102,407)		256,015		3,647,980		—		926,037		(1,306,887)		3,267,130
12/31/2018		320,438		—		25,489		(96,689)		249,238		4,284,185		—		342,563		(1,301,315)		3,325,433
Class S
12/31/2019		167,485		—		26,467		(166,919)		27,033		2,205,913		—		320,787		(2,208,033)		318,667
12/31/2018		69,210		—		16,798		(130,750)		(44,742)		911,864		—		223,244		(1,709,087)		(573,979)
Class S2
12/31/2019		49,577		—		10,481		(11,748)		48,310		639,540		—		124,823		(148,518)		615,845
12/31/2018		22,031		—		3,181		(5,646)		19,566		292,062		—		41,710		(72,971)		260,801
Solution Balanced
Class ADV
12/31/2019		142,295		—		99,291		(469,017)		(227,431)		1,349,166		—		907,520		(4,465,434)		(2,208,748)
12/31/2018		151,383		—		83,992		(775,450)		(540,075)		1,486,757		—		812,200		(7,535,126)		(5,236,169)
Class I
12/31/2019		80,986		—		31,635		(267,081)		(154,460)		788,198		—		300,214		(2,645,160)		(1,556,748)
12/31/2018		42,395		—		22,572		(113,571)		(48,604)		436,057		—		226,396		(1,179,430)		(516,977)
Class R6
12/31/2019		683,702		—		164,885		(344,046)		504,541		6,761,895		—		1,564,757		(3,399,678)		4,926,974
12/31/2018		478,476		—		77,752		(326,685)		229,543		4,906,793		—		779,855		(3,380,515)		2,306,133
Class S
12/31/2019		429,927		—		177,026		(715,118)		(108,165)		4,259,980		—		1,637,486		(7,075,660)		(1,178,194)
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
12/31/2019		170,667		—		21,603		(28,271)		163,999		1,686,540		—		199,400		(271,558)		1,614,382
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
12/31/2019		95,510		—		20,385		(135,417)		(19,522)		1,042,654		—		222,397		(1,495,108)		(230,057)
12/31/2018		124,782		—		27,747		(158,745)		(6,216)		1,362,764		—		296,058		(1,738,806)		(79,984)
Class I
12/31/2019		31,539		—		1,608		(1,460)		31,687		349,613		—		17,768		(16,230)		351,151
12/31/2018		24,978		—		479		(7,523)		17,934		272,245		—		5,173		(81,591)		195,827
Class R6
12/31/2019		198,253		—		17,151		(224,691)		(9,287)		2,184,939		—		189,519		(2,522,786)		(148,328)
12/31/2018		211,670		—		14,471		(53,275)		172,866		2,278,829		—		156,288		(589,436)		1,845,681
Class S
12/31/2019		82,870		—		8,267		(175,540)		(84,403)		912,126		—		90,852		(1,952,313)		(949,335)
12/31/2018		139,393		—		12,446		(178,051)		(26,212)		1,509,961		—		133,797		(1,938,484)		(294,726)
Class S2
12/31/2019		26,193		—		1,057		(34,482)		(7,232)		285,706		—		11,531		(378,971)		(81,734)
12/31/2018		7,762		—		1,493		(24,575)		(15,320)		84,834		—		15,913		(269,779)		(169,032)
Solution Income
Class ADV
12/31/2019		535,546		—		599,615		(2,571,116)		(1,435,955)		6,175,990		—		6,817,626		(29,520,625)		(16,527,009)
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
12/31/2019		591,471		—		338,569		(1,176,288)		(246,248)		6,999,059		—		3,937,553		(13,817,473)		(2,880,861)
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
12/31/2019		408,456		—		445,084		(2,899,306)		(2,045,766)		4,786,652		—		5,140,721		(34,048,138)		(24,120,765)
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
12/31/2019		27,485		—		24,342		(160,676)		(108,849)		313,987		—		274,095		(1,838,151)		(1,250,069)
12/31/2018		76,258		—		26,408		(351,204)		(248,538)		861,202		—		296,031		(4,066,367)		(2,909,134)
Class T
12/31/2019		1,222		—		826		(110)		1,938		14,982		—		10,043		(1,352)		23,673
12/31/2018		684		—		773		(371)		1,086		8,261		—		9,336		(4,612)		12,985
Solution Moderately Aggressive
Class ADV
12/31/2019		170,708		—		201,063		(325,500)		46,271		2,097,432		—		2,334,348		(3,994,541)		437,239
12/31/2018		280,298		—		118,240		(569,466)		(170,928)		3,653,749		—		1,511,112		(7,409,666)		(2,244,805)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold			Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#			#		#		#		#		($)		($)		($)		($)		($)
Solution Moderately Aggressive (continued)
Class I
12/31/2019		53,673			—		38,073		(47,875)		43,871		671,896		—		450,780		(601,565)		521,111
12/31/2018		49,024			—		21,277		(179,052)		(108,751)		649,017		—		276,815		(2,447,432)		(1,521,600)
Class R6
12/31/2019		509,653			—		151,379		(308,389)		352,643		6,416,863		—		1,790,820		(3,846,921)		4,360,762
12/31/2018		545,723			—		57,502		(165,004)		438,221		7,157,515		—		747,524		(2,167,246)		5,737,793
Class S
12/31/2019		104,176			—		4,747,896		(6,593,396)		(1,741,324)		1,286,268		—		55,597,857		(81,802,488)		(24,918,363)
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
12/31/2019		18,900			—		7,862		(21,143)		5,619		235,459		—		92,304		(259,543)		68,220
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
12/31/2019		80,771			—		32,892		(359,384)		(245,721)		788,643		—		317,739		(3,511,446)		(2,405,064)
12/31/2018		148,406			—		48,899		(322,063)		(124,758)		1,453,700		—		470,405		(3,116,236)		(1,192,131)
Class I
12/31/2019		3,671			—		138		(599)		3,210		37,776		—		1,391		(5,952)		33,215
12/31/2018		860			—		133		(259)		734		8,667		—		1,336		(2,521)		7,482
Class R6
12/31/2019		301,683			—		23,750		(148,755)		176,678		3,015,536		—		239,164		(1,524,784)		1,729,916
12/31/2018		241,250			—		15,439		(67,888)		188,801		2,464,868		—		154,704		(694,095)		1,925,477
Class S
12/31/2019		573,667			—		71,906		(317,649)		327,924		5,734,180		—		708,276		(3,172,991)		3,269,465
12/31/2018		148,788			—		69,056		(349,127)		(131,283)		1,473,197		—		677,443		(3,524,044)		(1,373,404)
Class S2
12/31/2019		406,677			—		21,441		(8,046)		420,072		4,022,354		—		207,982		(78,877)		4,151,459
12/31/2018		23,390			—		4,375		(12,631)		15,134		228,524		—		42,435		(126,092)		144,867
Solution 2020
Class ADV
12/31/2019		480,109			—		79,890		(483,350)		76,649		6,012,974		—		973,056		(6,075,318)		910,712
12/31/2018		491,463	��		—		74,480		(542,041)		23,902		6,356,288		—		931,748		(7,006,362)		281,674
Class I
12/31/2019		204,624			—		39,742		(275,695)		(31,329)		2,623,074		—		494,795		(3,573,311)		(455,442)
12/31/2018		512,684			—		33,558		(510,217)		36,025		6,635,113		—		428,868		(6,734,970)		329,011
Class S
12/31/2019		260,945			—		65,903		(369,076)		(42,228)		3,329,128		—		817,201		(4,722,258)		(575,929)
12/31/2018		529,256			—		60,565		(308,303)		281,518		6,891,239		—		770,382		(3,973,399)		3,688,222
Class S2
12/31/2019		21,766			—		2,002		(20,599)		3,169		274,078		—		24,597		(260,246)		38,429
12/31/2018		27,772			—		2,725		(39,438)		(8,941)		367,833		—		34,283		(518,618)		(116,502)
Class T
12/31/2019		325			—		57		(100)		282		3,999		—		696		(1,216)		3,479
12/31/2018		220			—		40		(122)		138		2,747		—		503		(1,525)		1,725
Solution 2025
Class ADV
12/31/2019		1,468,738			—		1,862,090		(3,774,091)		(443,263)		16,318,051		—		20,017,470		(42,137,612)		(5,802,091)
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
12/31/2019		3,011,404			—		1,821,091		(2,968,363)		1,864,132		34,626,479		—		20,123,050		(33,907,806)		20,841,723
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
12/31/2019		1,585,098			—		2,153,547		(5,453,032)		(1,714,387)		18,024,804		—		23,516,734		(62,267,087)		(20,725,549)
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
12/31/2019		106,424			—		76,886		(358,352)		(175,042)		1,174,211		—		815,755		(4,041,686)		(2,051,720)
12/31/2018		208,400			—		55,774		(595,263)		(331,089)		2,322,159		—		620,761		(6,783,982)		(3,841,062)
Class T
12/31/2019		1,081			—		2,997		(13,093)		(9,015)		12,511		—		33,957		(154,366)		(107,898)
12/31/2018		1,670			—		3,044		(19,353)		(14,639)		19,734		—		35,881		(223,720)		(168,105)
Solution 2030
Class ADV
12/31/2019		510,062			—		85,450		(282,703)		312,809		7,573,963		—		1,222,789		(4,188,478)		4,608,274
12/31/2018		458,897			—		56,878		(451,378)		64,397		7,156,351		—		858,857		(7,112,168)		903,040
Class I
12/31/2019		477,575			—		63,466		(184,511)		356,530		7,456,635		—		934,211		(2,808,486)		5,582,360
12/31/2018		320,247			—		32,650		(362,870)		(9,973)		5,117,378		—		505,749		(5,868,717)		(245,590)
Class S
12/31/2019		325,502			—		61,027		(272,412)		114,117		5,019,252		—		892,833		(4,199,019)		1,713,066
12/31/2018		350,352			—		46,877		(166,741)		230,488		5,565,957		—		722,379		(2,608,485)		3,679,851

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2030 (continued)
Class S2
12/31/2019		15,055		—		2,120		(19,705)		(2,530)		226,909		—		30,665		(296,127)		(38,553)
12/31/2018		10,506		—		2,534		(17,985)		(4,945)		162,865		—		38,574		(283,967)		(82,528)
Class T
12/31/2019		552		—		122		(25)		649		8,174		—		1,745		(375)		9,544
12/31/2018		490		—		65		(15)		540		7,638		—		987		(236)		8,389
Solution 2035
Class ADV
12/31/2019		968,128		—		1,967,162		(3,509,711)		(574,421)		11,073,368		—		21,225,678		(40,011,867)		(7,712,821)
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
12/31/2019		2,958,892		—		2,497,449		(2,789,054)		2,667,287		34,859,624		—		27,696,711		(32,492,389)		30,063,946
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
12/31/2019		1,623,321		—		2,763,246		(4,587,897)		(201,330)		18,774,658		—		30,312,804		(53,589,463)		(4,502,001)
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
12/31/2019		117,607		—		132,163		(364,755)		(114,985)		1,314,156		—		1,390,350		(4,124,936)		(1,420,430)
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
12/31/2019		2,316		—		3,031		(2,646)		2,701		27,225		—		34,551		(30,509)		31,267
12/31/2018		3,048		—		2,950		(27,028)		(21,030)		37,866		—		36,315		(317,312)		(243,131)
Solution 2040
Class ADV
12/31/2019		353,002		—		65,642		(135,719)		282,925		5,481,888		—		974,788		(2,106,393)		4,350,283
12/31/2018		304,877		—		48,857		(254,667)		99,067		5,010,093		—		781,717		(4,144,987)		1,646,823
Class I
12/31/2019		297,287		—		55,476		(126,847)		225,916		4,820,584		—		847,678		(2,034,437)		3,633,825
12/31/2018		271,973		—		33,899		(261,598)		44,274		4,606,311		—		556,292		(4,571,742)		590,861
Class S
12/31/2019		191,537		—		47,626		(247,656)		(8,493)		3,072,754		—		721,532		(3,949,460)		(155,174)
12/31/2018		222,660		—		39,803		(123,720)		138,743		3,757,941		—		648,392		(2,057,828)		2,348,505
Class S2
12/31/2019		17,193		—		4,792		(27,417)		(5,432)		268,338		—		71,446		(426,178)		(86,394)
12/31/2018		31,436		—		4,892		(12,690)		23,638		527,989		—		78,518		(220,984)		385,523
Class T
12/31/2019		979		—		76		(272)		783		14,878		—		1,128		(4,475)		11,531
12/31/2018		581		—		85		(614)		52		9,296		—		1,366		(9,596)		1,066
Solution 2045
Class ADV
12/31/2019		938,695		—		1,496,034		(2,291,762)		142,967		10,564,731		—		15,768,200		(25,544,144)		788,787
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
12/31/2019		3,265,408		—		2,475,330		(2,711,632)		3,029,106		38,118,589		—		26,882,084		(31,348,739)		33,651,934
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
12/31/2019		1,329,165		—		2,335,253		(3,115,909)		548,509		15,225,822		—		24,987,205		(35,629,265)		4,583,762
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
12/31/2019		87,072		—		70,369		(247,661)		(90,220)		970,310		—		732,541		(2,820,918)		(1,118,067)
12/31/2018		134,268		—		48,031		(262,214)		(79,915)		1,586,988		—		561,006		(3,100,369)		(952,375)
Class T
12/31/2019		3,447		—		2,193		(1,887)		3,753		39,830		—		24,095		(22,265)		41,660
12/31/2018		3,217		—		2,534		(25,041)		(19,290)		39,351		—		30,897		(285,333)		(215,085)
Solution 2050
Class ADV
12/31/2019		262,849		—		58,525		(101,163)		220,211		4,189,256		—		891,921		(1,592,246)		3,488,931
12/31/2018		304,671		—		29,494		(178,570)		155,595		5,185,040		—		489,007		(2,999,258)		2,674,789
Class I
12/31/2019		294,493		—		48,890		(129,943)		213,440		4,946,241		—		770,026		(2,120,508)		3,595,759
12/31/2018		306,052		—		21,043		(227,231)		99,864		5,338,713		—		359,200		(3,998,614)		1,699,299
Class S
12/31/2019		185,890		—		34,205		(149,076)		71,019		3,035,273		—		532,912		(2,444,125)		1,124,060
12/31/2018		209,421		—		17,993		(114,350)		113,064		3,607,249		—		304,081		(1,955,852)		1,955,478
Class S2
12/31/2019		10,178		—		1,733		(15,793)		(3,882)		163,774		—		26,656		(255,465)		(65,035)
12/31/2018		19,959		—		1,374		(10,248)		11,085		341,505		—		22,915		(178,100)		186,320
Class T
12/31/2019		383		—		100		(1,225)		(742)		6,254		—		1,538		(18,967)		(11,175)
12/31/2018		764		—		43		(592)		215		12,814		—		714		(10,312)		3,216

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (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 2055
Class ADV
12/31/2019		550,223		—		341,380		(540,179)		351,424		7,383,141		—		4,328,696			(7,304,002)		4,407,835
12/31/2018		573,495		—		152,610		(785,590)		(59,485)		8,107,105		—		2,141,118			(11,025,011)		(776,788)
Class I
12/31/2019		2,307,889		—		786,624		(816,111)		2,278,402		31,841,400		—		10,186,778			(11,038,263)		30,989,915
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
12/31/2019		703,925		—		421,239		(780,117)		345,047		9,542,879		—		5,387,644			(10,649,419)		4,281,104
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
12/31/2019		67,327		—		18,357		(98,614)		(12,930)		907,564		—		233,868			(1,359,900)		(218,468)
12/31/2018		68,323		—		10,816		(83,181)		(4,042)		962,735		—		152,185			(1,167,461)		(52,541)
Class T
12/31/2019		335		—		112		(335)		112		4,456		—		1,456			(4,367)		1,545
12/31/2018		238		—		69		(1,024)		(717)		3,371		—		983			(14,629)		(10,275)
Solution 2060
Class ADV
12/31/2019		226,789		—		40,002		(127,076)		139,715		2,608,449		—		440,825			(1,450,917)		1,598,357
12/31/2018		265,744		—		21,676		(106,138)		181,282		3,209,446		—		257,511	��		(1,288,854)		2,178,103
Class I
12/31/2019		250,746		—		27,252		(97,199)		180,799		2,951,604		—		304,947			(1,119,641)		2,136,910
12/31/2018		210,814		—		10,538		(151,215)		70,137		2,548,696		—		126,662			(1,857,583)		817,775
Class S
12/31/2019		186,195		—		28,432		(137,540)		77,087		2,146,309		—		314,172			(1,590,280)		870,201
12/31/2018		190,206		—		17,250		(106,657)		100,799		2,296,529		—		205,097			(1,256,273)		1,245,353
Class S2
12/31/2019		19,738		—		1,557		(22,587)		(1,292)		224,025		—		17,202			(249,186)		(7,959)
12/31/2018		13,934		—		1,122		(5,977)		9,079		166,640		—		13,337			(71,667)		108,310
Class T
12/31/2019		—		—		24		—		24		—		—		262			—		262
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.

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

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Solution Aggressive		$	290,677		$	1,455,126		$	234,832		$	563,817
Solution Balanced			1,264,865			3,344,512			1,352,172			1,695,402
Solution Conservative			387,065			145,002			478,277			128,952
Solution Income			10,228,302			5,951,736			13,581,676			5,255,698
Solution Moderately Aggressive			13,618,660			46,647,449			15,280,521			26,503,700
Solution Moderately Conservative			736,476			738,076			832,215			514,108
Solution 2020			816,056			1,494,564			1,035,295			1,130,733
Solution 2025			19,364,337			45,142,629			21,872,437			21,963,873
Solution 2030			760,490			2,322,107			1,020,513			1,106,355
Solution 2035			18,536,013			62,124,081			18,163,767			32,580,024
Solution 2040			557,785			2,059,165			831,150			1,235,549
Solution 2045			12,677,673			55,716,452			13,096,105			28,339,224
Solution 2050			401,860			1,821,588			457,960			718,247
Solution 2055			3,576,235			16,562,207			2,967,858			6,009,418
Solution 2060			224,632			852,776			286,753			316,051

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings as of December 31, 2019 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)
Solution Aggressive		$	394,026		$	1,365,142		$	(333,250)
Solution Balanced			1,563,643			2,131,869			167,437
Solution Conservative			534,955			187,821			197,625
Solution Income			7,417,917			558,514			7,277,408
Solution Moderately Aggressive			10,675,677			39,481,314			(507,706)
Solution Moderately Conservative			1,030,963			854,887			325,665
Solution 2020			802,106			554,637			623,916
Solution 2025			17,406,172			30,987,740			12,034,307

Solution 2030			926,086			1,718,901			267,807
Solution 2035			15,618,898			53,484,702			9,664,466
Solution 2040			691,044			1,723,585			177,363
Solution 2045			10,940,738			40,041,137			6,634,562
Solution 2050			528,601			1,510,836			(39,151)
Solution 2055			3,515,884			13,132,624			1,838,919
Solution 2060			302,594			817,211			12,912

At December 31, 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 December 31, 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 2015.

NOTE 11 — OTHER ACCOUNTING PRONOUNCEMENTS

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 and interim periods within those annual periods. At this time, the Portfolios have elected to early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the Portfolios’ financial statements. The Portfolios plan to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Portfolios are currently evaluating the impact of these changes on the financial statements.

NOTE 12 — AUDITOR CHANGE (Unaudited)

On September 12, 2019, KPMG LLP (“KPMG”) was dismissed as the independent registered public accounting firm to the Company, on behalf of the Portfolios, upon completion of the audit for the fiscal year ended December 31, 2019. The decision to change independent registered public accounting firms was recommended by the Audit Committee of the Board and was approved by the Board.

KPMG’s reports on the Portfolios’ financial statements for the fiscal years ended December 31, 2019 and December 31, 2018 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 12 — AUDITOR CHANGE (Unaudited) (continued)

statements for such periods; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On September 12, 2019, based on the recommendation of the Audit Committee of the Board, the Board approved the selection of Ernst & Young LLP (“EY”) as the Portfolios’ independent registered public accounting firm for the fiscal year ending December 31, 2020. During the Portfolios’ fiscal years ended December 31, 2019 and December 31, 2018, neither the Portfolios, nor anyone on their behalf, consulted with EY on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of

audit opinion that might be rendered on the Portfolios’ financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

NOTE 13 — SUBSEQUENT EVENTS

Reorganization: The Board approved a proposal to reorganize Solution 2020 with and into Solution Income on or about August 7, 2020.

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 18.8%
2,232	iShares 20+ Year Treasury Bond ETF		$	302,391		1.4
6,489	iShares Core MSCI EAFE ETF			423,342		2.0
2,545	iShares Core S&P Small-Cap ETF			213,398		1.0
3,450	Vanguard Global ex-U.S. Real Estate ETF			203,861		0.9
2,273	Vanguard Real Estate ETF			210,912		1.0
7,744	Vanguard Russell 1000 Growth ETF			1,401,122		6.6
10,651	Vanguard Value ETF			1,276,522		5.9
	Total Exchange-Traded Funds (Cost $3,757,683)			4,031,548		18.8
MUTUAL FUNDS: 81.0%
	Affiliated Investment Companies: 81.0%
29,821	Voya Index Plus LargeCap Portfolio - Class I			857,942		4.0
11,148	Voya Large-Cap Growth Fund - Class R6			536,577		2.5
38,008	Voya MidCap Opportunities Portfolio - Class I			529,068		2.5
101,683	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,315,782		6.1
181,727	Voya Multi-Manager International Equity Fund - Class I			2,166,187		10.0
110,351	Voya Multi-Manager International Factors Fund - Class I			1,071,508		5.0
140,973	Voya Multi-Manager Mid Cap Value Fund - Class I			1,382,944		6.4

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
10,592	Voya Short Term Bond Fund - Class R6		$	104,438		0.5
37,669	Voya Small Company Portfolio - Class I			641,880		3.0
67,681	Voya U.S. High Dividend Low Volatility Fund - Class R6			853,459		4.0
101,414	Voya U.S. Stock Index Portfolio - Class I			1,723,027		8.0
94,001	VY® Invesco Comstock Portfolio - Class I			1,615,870		7.5
65,846	VY® JPMorgan Small Cap Core Equity Portfolio Class I			1,067,363		5.0
36,205	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,064,801		5.0
68,053	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I			850,660		4.0
19,706	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,604,662		7.5
	Total Mutual Funds (Cost $17,484,027)			17,386,168		81.0
	Total Investments in Securities (Cost $21,241,710)		$	21,417,716		99.8
	Assets in Excess of Other Liabilities			42,241		0.2
	Net Assets		$	21,459,957		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,031,548		$	—		$	—		$	4,031,548
Mutual Funds			17,386,168			—			—			17,386,168
Total Investments, at fair value		$	21,417,716		$	—		$	—		$	21,417,716

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			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			471,431			(908,318)			201,983			857,942			12,088			4,900			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			479,668			(960,691)			215,754			536,577			3,245			(21,820)			19,292
Voya MidCap Opportunities Portfolio - Class I			657,178			314,513			(542,680)			100,057			529,068			1,602			13,998			58,485
Voya Multi-Manager Emerging Markets Equity Fund - Class I			871,152			787,468			(605,506)			262,668			1,315,782			21,369			(62,931)			6,605
Voya Multi-Manager International Equity Fund - Class I			1,306,114			926,035			(386,607)			320,645			2,166,187			41,385			(1,521)			—
Voya Multi-Manager International Factors Fund - Class I			796,941			428,176			(275,732)			122,123			1,071,508			32,935			(3,621)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,018,729			602,502			(470,555)			232,268			1,382,944			15,392			(62,305)			112,482
Voya RussellTM Mid Cap Growth Index Portfolio - Class I			364,843			98,721			(494,268)			30,704			—			—			62,499			—
Voya Short Term Bond Fund - Class R6			—			758,925			(654,578)			91			104,438			4,147			3,071			—
Voya Small Company Portfolio - Class I			1,019,831			451,245			(1,112,129)			282,933			641,880			2,397			(129,062)			80,639
Voya U.S. Bond Index Portfolio - Class I			289,975			330,865			(615,944)			(4,896)			—			2,762			12,042			—
Voya U.S. High Dividend Low Volatility Fund - Class I			364,035			694,525			(1,092,838)			34,278			—			8,320			6,321			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			1,026,119			(226,088)			53,428			853,459			10,791			20,655			9,262
Voya U.S. Stock Index Portfolio - Class I			1,110,696			2,043,746			(1,677,463)			246,048			1,723,027			27,430			1,556			123,797
VY® Invesco Comstock Portfolio - Class I			1,109,150			1,010,875			(455,131)			(49,024)			1,615,870			38,997			11,618			307,261
VY® JPMorgan Small Cap Core Equity Portfolio - Class I			—			1,413,829			(175,973)			(170,493)			1,067,363			20,101			(36,626)			256,474
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			—			1,217,969			(179,463)			26,295			1,064,801			17,338			(1,526)			51,407
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I			—			980,505			(134,851)			5,006			850,660			2,280			(3,505)			78,620
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,093,166			812,512			(366,453)			65,437			1,604,662			2,773			(25,823)			320,303
		$	13,350,076		$	15,819,130		$	(13,948,200)		$	2,165,162		$	17,386,168		$	272,118		$	(233,296)		$	1,491,176

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $21,750,966.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	770,080
Gross Unrealized Depreciation		(1,103,330)
Net Unrealized Depreciation	$	(333,250)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 19.6%
8,238	iShares 20+ Year Treasury Bond ETF		$	1,116,084		2.0
17,578	iShares Core MSCI EAFE ETF			1,146,789		2.0
7,045	iShares Core S&P Small-Cap ETF			590,723		1.1
20,336	Schwab U.S. TIPS ETF			1,151,628		2.0
9,550	Vanguard Global ex-U.S. Real Estate ETF			564,310		1.0
6,293	Vanguard Real Estate ETF			583,927		1.0
12,581	Vanguard Russell 1000 Growth ETF			2,276,280		4.0
30,614	Vanguard Value ETF			3,669,088		6.5
	Total Exchange-Traded Funds (Cost $10,444,404)			11,098,829		19.6
MUTUAL FUNDS: 80.3%
	Affiliated Investment Companies: 80.3%
178,316	Voya Floating Rate Fund - Class I			1,693,999		3.0
281,252	Voya High Yield Bond Fund - Class R6			2,264,077		4.0
261,182	Voya Intermediate Bond Fund - Class R6			2,705,850		4.8
134,351	Voya Large Cap Value Fund - Class R6			1,699,537		3.0
56,423	Voya Large-Cap Growth Fund - Class R6			2,715,638		4.8
80,577	Voya MidCap Opportunities Portfolio - Class I			1,121,635		2.0
179,755	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,326,030		4.1
178,516	Voya Multi-Manager International Equity Fund - Class I			2,127,916		3.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
216,811	Voya Multi-Manager International Factors Fund - Class I		$	2,105,232		3.7
114,996	Voya Multi-Manager Mid Cap Value Fund - Class I			1,128,106		2.0
283,509	Voya Short Term Bond Fund - Class R6			2,795,398		4.9
81,712	Voya Small Company Portfolio - Class I			1,392,381		2.5
216,605	Voya Strategic Income Opportunities Fund - Class R6			2,233,199		4.0
244,609	Voya U.S. High Dividend Low Volatility Fund - Class R6			3,084,518		5.5
151,247	Voya U.S. Stock Index Portfolio - Class I			2,569,693		4.5
265,109	VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,786,294		4.9
124,688	VY® Invesco Comstock Portfolio - Class I			2,143,393		3.8
191,968	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			5,645,771		10.0
34,809	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,834,533		5.0
	Total Mutual Funds (Cost $44,504,760)			45,373,200		80.3
	Total Investments in Securities (Cost $54,949,164)		$	56,472,029		99.9
	Assets in Excess of Other Liabilities			44,209		0.1
	Net Assets		$	56,516,238		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	11,098,829		$	—		$	—		$	11,098,829
Mutual Funds			45,373,200			—			—			45,373,200
Total Investments, at fair value		$	56,472,029		$	—		$	—		$	56,472,029

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			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			646,035			(1,509,454)			78,195			1,693,999			93,030			(45,468)			—
Voya High Yield Bond Fund - Class R6			—			2,708,453			(474,053)			29,677			2,264,077			87,998			602			—
Voya Intermediate Bond Fund - Class R6			4,943,107			4,065,143			(6,459,404)			157,004			2,705,850			148,332			112,901			2,172
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			1,479,818			(1,574,006)			324,734			1,699,537			33,585			(92,357)			106,066
Voya Large-Cap Growth Fund - Class R6			1,744,257			1,599,540			(1,185,326)			557,167			2,715,638			16,074			(38,269)			95,575
Voya MidCap Opportunities Portfolio - Class I			998,375			369,415			(388,372)			142,217			1,121,635			2,976			6,489			129,650
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,481,767			2,054,476			(1,654,589)			444,376			2,326,030			38,048			(119,979)			11,766
Voya Multi-Manager International Equity Fund - Class I			2,232,440			740,056			(1,251,657)			407,077			2,127,916			40,826			47,758			—
Voya Multi-Manager International Factors Fund - Class I			1,981,328			703,038			(890,269)			311,135			2,105,232			65,014			(32,666)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			994,894			414,191			(527,388)			246,409			1,128,106			12,654			(79,372)			92,474
Voya Short Term Bond Fund - Class R6			972,495			2,729,861			(948,011)			41,053			2,795,398			55,717			(348)			—
Voya Small Company Portfolio - Class I			1,992,070			683,472			(1,866,147)			582,986			1,392,381			5,593			(317,056)			188,116
Voya Strategic Income Opportunities Fund - Class R6			—			2,707,798			(492,844)			18,245			2,233,199			69,811			3,463			—
Voya U.S. Bond Index Portfolio - Class I			3,717,329			1,288,476			(5,030,276)			24,471			—			29,644			53,246			—
Voya U.S. High Dividend Low Volatility Fund - Class I			1,742,179			1,659,790			(3,557,718)			155,749			—			27,605			22,069			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			3,136,734			(283,976)			231,760			3,084,518			36,161			29,781			33,820
Voya U.S. Stock Index Portfolio - Class I			3,021,068			3,866,564			(4,904,311)			586,372			2,569,693			43,275			(19,145)			234,000
VY® Goldman Sachs Bond Portfolio - Class I			2,223,660			1,287,882			(917,606)			192,358			2,786,294			53,796			7,499			—
VY® Invesco Comstock Portfolio - Class I			3,033,155			1,226,792			(2,157,004)			40,450			2,143,393			54,456			131,577			432,597
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			5,086,070			1,571,707			(1,687,962)			675,956			5,645,771			92,606			152,711			285,026
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,491,206			1,235,076			(1,059,484)			167,735			2,834,533			5,198			(26,083)			594,441
		$	44,092,347		$	36,346,430		$	(40,600,077)		$	5,534,500		$	45,373,200		$	1,012,399		$	(181,312)		$	2,205,703

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $56,304,591.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,210,086
Gross Unrealized Depreciation		(2,042,649)
Net Unrealized Appreciation	$	167,437

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.7%
2,671	iShares 20+ Year Treasury Bond ETF		$	361,867		2.0
5,823	iShares Core MSCI EAFE ETF			379,892		2.2
2,284	iShares Core S&P Small-Cap ETF			191,513		1.1
23,074	Schwab U.S. TIPS ETF			1,306,681		7.4
	Total Exchange-Traded Funds (Cost $2,171,547)			2,239,953		12.7
MUTUAL FUNDS: 87.2%
	Affiliated Investment Companies: 87.2%
93,455	Voya Floating Rate Fund - Class I			887,819		5.1
91,244	Voya Global Bond Fund - Class R6			878,684		5.0
132,685	Voya High Yield Bond Fund - Class R6			1,068,112		6.1
164,328	Voya Intermediate Bond Fund - Class R6			1,702,438		9.7
38,878	Voya Large Cap Value Fund - Class R6			491,805		2.8
12,116	Voya Large-Cap Growth Fund - Class R6			583,158		3.3
12,669	Voya MidCap Opportunities Portfolio - Class I			176,358		1.0
28,290	Voya Multi-Manager Emerging Markets Equity Fund - Class I			366,069		2.1
33,969	Voya Multi-Manager International Factors Fund - Class I			329,836		1.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
18,077	Voya Multi-Manager Mid Cap Value Fund - Class I		$	177,335		1.0
344,974	Voya Short Term Bond Fund - Class R6			3,401,447		19.3
127,665	Voya Strategic Income Opportunities Fund - Class R6			1,316,230		7.5
42,304	Voya U.S. High Dividend Low Volatility Fund - Class R6			533,457		3.0
9,759	Voya U.S. Stock Index Portfolio - Class I			165,813		0.9
140,590	VY® BrandywineGLOBAL - Bond Portfolio - Class I			1,477,599		8.4
60,364	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,775,291		10.1
	Total Mutual Funds (Cost $14,914,067)			15,331,451		87.2
	Total Investments in Securities (Cost $17,085,614)		$	17,571,404		99.9
	Assets in Excess of Other Liabilities			19,898		0.1
	Net Assets		$	17,591,302		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,239,953		$	—		$	—		$	2,239,953
Mutual Funds			15,331,451			—			—			15,331,451
Total Investments, at fair value		$	17,571,404		$	—		$	—		$	17,571,404

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I		$	1,200,592		$	310,776			(656,020)		$	32,471		$	887,819		$	51,999		$	(18,513)		$	—
Voya Global Bond Fund - Class R6			515,446			609,014			(267,431)			21,655			878,684			34,252			5,738			—
Voya High Yield Bond Fund - Class R6			—			1,306,837			(252,894)			14,169			1,068,112			44,686			1,438			—
Voya Intermediate Bond Fund - Class R6			2,143,245			1,633,707			(2,151,979)			77,465			1,702,438			81,107			66,205			1,541
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			191,376			(416,978)			114,160			491,805			11,206			(26,846)			35,296
Voya Large-Cap Growth Fund - Class R6			430,970			274,125			(255,915)			133,978			583,158			3,775			(7,588)			22,444
Voya MidCap Opportunities Portfolio - Class I			172,651			66,827			(90,426)			27,306			176,358			517			(1,480)			22,351
Voya Multi-Manager Emerging Markets Equity Fund - Class I			257,428			386,377			(315,371)			37,635			366,069			6,301			17,194			1,949
Voya Multi-Manager International Factors Fund - Class I			342,753			131,110			(217,653)			73,626			329,836			11,478			(23,928)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			172,067			76,451			(121,134)			49,951			177,335			2,097			(20,074)			15,327
Voya Short Term Bond Fund - Class R6			3,431,310			1,149,422			(1,262,678)			83,393			3,401,447			89,766			(3,606)			—
Voya Strategic Income Opportunities Fund - Class R6			—			1,629,178			(324,002)			11,054			1,316,230			44,317			2,898			—
Voya U.S. Bond Index Portfolio - Class I			1,972,431			612,869			(2,610,391)			25,091			—			15,834			16,815			—
Voya U.S. High Dividend Low Volatility Fund - Class I			—			636,374			(636,374)			—			—			3,740			905			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			599,437			(96,233)			30,253			533,457			6,673			5,113			6,160
Voya U.S. Stock Index Portfolio - Class I			525,021			1,127,320			(1,559,233)			72,705			165,813			4,337			19,917			42,074
VY® Goldman Sachs Bond Portfolio - Class I			1,624,256			450,609			(710,258)			112,992			1,477,599			30,815			17,514			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,318,352			925,364			(644,714)			176,289			1,775,291			30,637			54,155			96,070
		$	14,881,098		$	12,120,760		$	(12,786,097)		$	1,115,690		$	15,331,451		$	473,537		$	91,425		$	243,212

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $17,373,779.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	519,789
Gross Unrealized Depreciation		(322,164)
Net Unrealized Appreciation	$	197,625

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.3%
407,866	Schwab U.S. TIPS ETF		$	23,097,451		7.0
45,077	Vanguard Real Estate ETF			4,182,695		1.3
	Total Exchange-Traded Funds (Cost $25,567,556)			27,280,146		8.3
MUTUAL FUNDS: 91.5%
	Affiliated Investment Companies: 91.5%
1,051,104	Voya Floating Rate Fund - Class I			9,985,490		3.0
1,026,707	Voya Global Bond Fund - Class R6			9,887,192		3.0
6,107,195	Voya Intermediate Bond Fund - Class R6			63,270,541		19.1
794,901	Voya Large Cap Value Fund - Class R6			10,055,500		3.0
401,707	Voya Large-Cap Growth Fund - Class R6			19,334,143		5.8
529,651	Voya Multi-Manager Emerging Markets Equity Fund - Class I			6,853,688		2.1
2,420,745	Voya Multi-Manager International Factors Fund - Class I			23,505,434		7.1
4,646,700	Voya Short Term Bond Fund - Class R6			45,816,462		13.9
1,756,201	Voya Strategic Income Opportunities Fund - Class R6			18,106,437		5.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
748,026	Voya U.S. Bond Index Portfolio - Class I		$	8,153,488		2.5
919,881	Voya U.S. High Dividend Low Volatility Fund - Class R6			11,599,694		3.5
492,100	Voya U.S. Stock Index Portfolio - Class I			8,360,787		2.5
3,259,003	VY® BrandywineGLOBAL - Bond Portfolio - Class I			34,252,124		10.4
1,131,667	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			33,282,338		10.1
	Total Mutual Funds (Cost $291,659,501)			302,463,318		91.5
	Total Investments in Securities (Cost $317,227,057)		$	329,743,464		99.8
	Assets in Excess of Other Liabilities			625,859		0.2
	Net Assets		$	330,369,323		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	27,280,146		$	—		$	—		$	27,280,146
Mutual Funds			302,463,318			—			—			302,463,318
Total Investments, at fair value		$	329,743,464		$	—		$	—		$	329,743,464
Other Financial Instruments+
Futures			118,217			—			—			118,217
Total Assets		$	329,861,681		$	—		$	—		$	329,861,681
Liabilities Table
Other Financial Instruments+
Futures		$	(202,410)		$	—		$	—		$	(202,410)
Total Liabilities		$	(202,410)		$	—		$	—		$	(202,410)

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2019 (continued)

At December 31, 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:
E-mini Russell 2000® Index		41		03/20/20		$	3,424,730		$	53,427
U.S. Treasury Ultra Long Bond		35		03/20/20			6,357,969			(202,410)
						$	9,782,699		$	(148,983)
Short Contracts:
Mini MSCI EAFE Index		(33)		03/20/20			(3,360,225)			7,910
U.S. Treasury 10-Year Note		(51)		03/20/20			(6,549,516)			56,880
						$	(9,909,741)		$	64,790

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I		$	17,364,349		$	1,393,117		$	(9,540,099)		$	768,123		$	9,985,490		$	580,436		$	(525,568)		$	—
Voya Global Bond Fund - Class R6			10,436,997			1,398,846			(2,179,053)			230,402			9,887,192			423,845			88,216			1
Voya Intermediate Bond Fund - Class R6			41,653,488			33,457,264			(14,802,951)			2,962,740			63,270,541			1,940,967			208,860			51,651
Voya International Index Portfolio - Class I			6,934,165			15,487			(7,131,716)			182,064			—			—			626,580			—
Voya Large Cap Value Fund - Class R6			13,956,462			1,562,691			(7,724,190)			2,260,537			10,055,500			221,610			(372,370)			686,733
Voya Large-Cap Growth Fund - Class R6			13,958,905			6,904,054			(5,693,976)			4,165,160			19,334,143			119,100			(301,715)			708,171
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			1,204,387			(6,469,679)			1,696,178			6,853,688			112,412			255,851			34,768
Voya Multi-Manager International Factors Fund - Class I			17,346,411			9,891,339			(6,107,524)			2,375,208			23,505,434			730,091			210,055			—
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			19,793,610			(9,748,120)			1,045,599			45,816,462			1,058,700			(171,682)			—
Voya Strategic Income Opportunities Fund - Class R6			—			27,652,908			(9,705,976)			159,505			18,106,437			773,309			75,845			—
Voya U.S. Bond Index Portfolio - Class I			50,293,766			3,044,836			(46,700,108)			1,514,994			8,153,488			505,026			(254,018)			—
Voya U.S. High Dividend Low Volatility Fund - Class I			12,200,015			961,586			(14,205,616)			1,044,015			—			126,569			80,779			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			11,346,867			(929,375)			1,182,202			11,599,694			136,535			88,122			127,789
Voya U.S. Stock Index Portfolio - Class I			3,519,805			7,815,548			(3,931,978)			957,412			8,360,787			126,297			41,796			464,250
VY® Goldman Sachs Bond Portfolio - Class I			36,341,907			3,711,009			(8,458,429)			2,657,637			34,252,124			679,270			141,022			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			35,589,968			3,199,936			(10,700,502)			5,192,936			33,282,338			548,945			238,079			1,714,124
		$	311,723,840		$	133,363,067		$	(171,762,863)		$	29,139,274		$	302,463,318		$	8,084,724		$	741,145		$	3,787,487

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2019 (continued)

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

The fair value of derivative instruments as of December 31, 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*		$	61,337
Interest rate contracts	Net Assets — Unrealized appreciation*			56,880
Total Asset Derivatives			$	118,217
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*
Interest rate contracts	Net Assets — Unrealized depreciation*			202,410
Total Liability Derivatives			$	202,410

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 year ended December 31, 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		$	(1,076,370)
Interest rate contracts			173,786
Total		$	(902,584)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(6,907)
Interest rate contracts			(336,518)
Total		$	(343,425)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $322,381,862.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	12,934,239
Gross Unrealized Depreciation		(5,656,831)
Net Unrealized Appreciation	$	7,277,408

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.6%
98,924	Vanguard Global ex-U.S. Real Estate ETF		$	5,845,419		0.9
65,188	Vanguard Real Estate ETF			6,048,795		1.0
136,655	Vanguard Russell 1000 Growth ETF			24,724,989		4.1
432,651	Vanguard Value ETF			51,853,222		8.6
	Total Exchange-Traded Funds (Cost $81,236,687)			88,472,425		14.6
MUTUAL FUNDS: 85.1%
	Affiliated Investment Companies: 85.1%
1,896,951	Voya Floating Rate Fund - Class I			18,021,036		3.0
1,495,986	Voya High Yield Bond Fund - Class R6			12,042,691		2.0
420,588	Voya Index Plus LargeCap Portfolio - Class I			12,100,319		2.0
2,273,508	Voya Intermediate Bond Fund - Class R6			23,553,547		3.9
369,318	Voya Large-Cap Growth Fund - Class R6			17,775,297		2.9
857,502	Voya MidCap Opportunities Portfolio - Class I			11,936,430		2.0
2,390,564	Voya Multi-Manager Emerging Markets Equity Fund - Class I			30,933,893		5.1
4,088,649	Voya Multi-Manager International Equity Fund - Class I			48,736,696		8.0
2,474,607	Voya Multi-Manager International Factors Fund - Class I			24,028,432		4.0
2,446,895	Voya Multi-Manager Mid Cap Value Fund - Class I			24,004,043		4.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,198,138	Voya Short Term Bond Fund - Class R6		$	11,813,640		1.9
1,059,592	Voya Small Company Portfolio - Class I			18,055,454		3.0
1,152,362	Voya Strategic Income Opportunities Fund - Class R6			11,880,857		2.0
2,131,762	Voya U.S. High Dividend Low Volatility Fund - Class R6			26,881,515		4.4
2,700,814	Voya U.S. Stock Index Portfolio - Class I			45,886,836		7.6
2,607,321	VY® Invesco Comstock Portfolio - Class I			44,819,852		7.4
1,111,241	VY® JPMorgan Small Cap Core Equity Portfolio Class I			18,013,220		3.0
2,042,511	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			60,070,238		9.9
959,660	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I			11,995,755		2.0
518,718	VY® T. Rowe Price Growth Equity Portfolio - Class I			42,239,232		7.0
	Total Mutual Funds (Cost $512,110,424)			514,788,983		85.1
	Total Investments in Securities (Cost $593,347,111)		$	603,261,408		99.7
	Assets in Excess of Other Liabilities			1,785,822		0.3
	Net Assets		$	605,047,230		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	88,472,425		$	—		$	—		$	88,472,425
Mutual Funds			514,788,983			—			—			514,788,983
Total Investments, at fair value		$	603,261,408		$	—		$	—		$	603,261,408
Other Financial Instruments+
Futures			199,458			—			—			199,458
Total Assets		$	603,460,866		$	—		$	—		$	603,460,866

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Liabilities Table
Other Financial Instruments+
Futures		$	(717,930)		$	—		$	—		$	(717,930)
Total Liabilities		$	(717,930)		$	—		$	—		$	(717,930)

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

At December 31, 2019, the following futures contracts were outstanding for Voya Solution Moderately Aggressive Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		74		03/20/20		$	6,181,220		$	96,430
Mini MSCI EAFE Index		121		03/20/20			12,320,825			(24,826)
U.S. Treasury Ultra Long Bond		64		03/20/20			11,626,000			(372,898)
						$	30,128,045		$	(301,294)
Short Contracts:
S&P 500® E-Mini		(115)		03/20/20			(18,578,825)			(320,206)
U.S. Treasury 10-Year Note		(92)		03/20/20			(11,814,813)			103,028
						$	(30,393,638)		$	(217,178)

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 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 12/31/2019			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		$	—		$	—		$	1,355,952		$	—
Voya Floating Rate Fund - Class I			27,880,641				3,733,040			(14,395,165)			802,520			18,021,036			1,001,561			(415,830)			—
Voya High Yield Bond Fund - Class R6			—				13,676,563			(1,794,691)			160,819			12,042,691			465,355			(1,228)			—
Voya Index Plus LargeCap Portfolio - Class I			23,805,927				1,442,950			(14,136,786)			988,228			12,100,319			184,313			3,117,519			1,014,710
Voya Intermediate Bond Fund - Class R6			32,059,541	��			11,658,124			(21,931,680)			1,767,562			23,553,547			997,776			(40,800)			19,184
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				2,471,124			(9,533,912)			5,222,902			17,775,297			110,811			(429,405)			658,885
Voya MidCap Opportunities Portfolio - Class I			25,262,930				1,759,763			(17,124,260)			2,037,997			11,936,430			42,538			2,044,176			1,387,538
Voya Multi-Manager Emerging Markets Equity Fund - Class I			33,468,184				3,247,597			(11,890,415)			6,108,527			30,933,893			507,698			679,802			157,019
Voya Multi-Manager International Equity Fund - Class I			39,052,256				9,677,901			(8,529,446)			8,535,985			48,736,696			943,457			(157,822)			—
Voya Multi-Manager International Factors Fund - Class I			27,851,401				2,383,756			(10,507,834)			4,301,109			24,028,432			749,967			(670,826)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			25,175,944				3,594,247			(9,719,517)			4,953,369			24,004,043			270,204			(972,564)			1,974,633
Voya Short Term Bond Fund - Class R6			—				13,595,075			(1,888,427)			106,992			11,813,640			203,728			16,047			—
Voya Small Company Portfolio - Class I			33,602,865				3,383,585			(28,532,679)			9,601,683			18,055,454			72,803			(4,867,265)			2,449,510
Voya Strategic Income Opportunities Fund - Class R6			—				13,664,215			(1,886,898)			103,540			11,880,857			369,637			13,950			—
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				21,883,802			(34,066,490)			987,390			—			261,422			125,154			—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2019 (continued)

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			31,683,762			(6,512,921)			1,710,674			26,881,515			345,260			688,632			296,608
Voya U.S. Stock Index Portfolio - Class I			17,079,999			37,374,041			(13,419,186)			4,851,982			45,886,836			689,482			(419,073)			2,485,482
VY® Invesco Comstock Portfolio - Class I			42,637,710			14,851,453			(11,025,600)			(1,643,711)			44,819,852			1,136,172			1,648,586			9,067,213
VY® JPMorgan Small Cap Core Equity Portfolio Class I			—			23,982,913			(2,941,229)			(3,028,464)			18,013,220			349,640			(598,521)			4,474,257
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			45,745,861			18,041,602			(10,776,250)			7,059,025			60,070,238			987,065			470,717			3,027,368
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I			—			13,627,312			(1,673,728)			42,171			11,995,755			33,741			(56,014)			1,184,559
VY® T. Rowe Price Growth Equity Portfolio - Class I			36,419,761			11,226,659			(6,437,030)			1,029,842			42,239,232			77,966			762,029			8,812,537
		$	513,432,622		$	259,010,512		$	(320,400,107)		$	62,745,956		$	514,788,983		$	9,974,209		$	1,672,017		$	37,009,503

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

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

The fair value of derivative instruments as of December 31, 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*		$	96,430
Interest rate contracts	Net Assets — Unrealized appreciation*			103,028
Total Asset Derivatives			$	199,458
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	345,032
Interest rate contracts	Net Assets — Unrealized depreciation*			372,898
Total Liability Derivatives			$	717,930

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 year ended December 31, 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		$	(1,647,707)
Interest rate contracts			268,160
Total		$	(1,379,547)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	97,972
Interest rate contracts			(573,346)
Total		$	(475,374)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2019 (continued)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $603,250,642.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	22,729,732
Gross Unrealized Depreciation		(23,237,438)
Net Unrealized Appreciation	$	(507,706)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.9%
5,461	iShares 20+ Year Treasury Bond ETF		$	739,856		1.9
11,907	iShares Core MSCI EAFE ETF			776,813		2.0
4,670	iShares Core S&P Small-Cap ETF			391,579		1.0
33,701	Schwab U.S. TIPS ETF			1,908,488		5.0
6,330	Vanguard Global ex-U.S. Real Estate ETF			374,040		1.0
4,171	Vanguard Real Estate ETF			387,027		1.0
	Total Exchange-Traded Funds (Cost $4,429,628)			4,577,803		11.9
MUTUAL FUNDS: 88.0%
	Affiliated Investment Companies: 88.0%
203,038	Voya Floating Rate Fund - Class I			1,928,865		5.0
158,657	Voya Global Bond Fund - Class R6			1,527,865		4.0
288,220	Voya High Yield Bond Fund - Class R6			2,320,172		6.0
324,869	Voya Intermediate Bond Fund - Class R6			3,365,647		8.8
191,934	Voya Large Cap Value Fund - Class R6			2,427,965		6.3
26,316	Voya Large-Cap Growth Fund - Class R6			1,266,572		3.3
27,536	Voya MidCap Opportunities Portfolio - Class I			383,303		1.0
92,088	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,191,619		3.1
48,692	Voya Multi-Manager International Equity Fund - Class I			580,404		1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
119,121	Voya Multi-Manager International Factors Fund - Class I		$	1,156,668		3.0
39,281	Voya Multi-Manager Mid Cap Value Fund - Class I			385,348		1.0
269,286	Voya Short Term Bond Fund - Class R6			2,655,158		6.9
45,173	Voya Small Company Portfolio - Class I			769,739		2.0
222,013	Voya Strategic Income Opportunities Fund - Class R6			2,288,951		6.0
191,059	Voya U.S. High Dividend Low Volatility Fund - Class R6			2,409,256		6.3
68,893	Voya U.S. Stock Index Portfolio - Class I			1,170,489		3.1
287,795	VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,024,727		7.9
131,163	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			3,857,498		10.0
13,086	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,065,572		2.8
	Total Mutual Funds (Cost $32,846,953)			33,775,818		88.0
	Total Investments in Securities (Cost $37,276,581)		$	38,353,621		99.9
	Assets in Excess of Other Liabilities			55,391		0.1
	Net Assets		$	38,409,012		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,577,803		$	—		$	—		$	4,577,803
Mutual Funds			33,775,818			—			—			33,775,818
Total Investments, at fair value		$	38,353,621		$	—		$	—		$	38,353,621

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			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			901,684			(997,740)			45,386			1,928,865			99,158			(27,522)			—
Voya Global Bond Fund - Class R6			566,591			1,223,228			(297,899)			35,945			1,527,865			51,969			6,528			—
Voya High Yield Bond Fund - Class R6			—			2,647,741			(358,411)			30,842			2,320,172			90,553			854			—
Voya Intermediate Bond Fund - Class R6			3,104,506			3,545,175			(3,431,613)			147,579			3,365,647			135,498			89,245			2,757
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			1,971,654			(581,015)			184,905			2,427,965			40,499			(39,900)			165,842
Voya Large-Cap Growth Fund - Class R6			923,620			500,364			(444,870)			287,458			1,266,572			7,803			(21,989)			46,396
Voya MidCap Opportunities Portfolio - Class I			284,632			177,620			(117,224)			38,275			383,303			960			2,519			44,966
Voya Multi-Manager Emerging Markets Equity Fund - Class I			704,952			1,044,947			(779,963)			221,683			1,191,619			19,548			(61,548)			6,045
Voya Multi-Manager International Equity Fund - Class I			565,856			377,733			(461,139)			97,954			580,404			11,302			19,379			—
Voya Multi-Manager International Factors Fund -Class I			1,130,003			649,149			(815,275)			192,791			1,156,668			36,116			(36,526)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			283,648			197,201			(170,448)			74,947			385,348			4,336			(27,360)			31,686
Voya Short Term Bond Fund - Class R6			2,253,223			1,886,585			(1,556,219)			71,569			2,655,158			63,874			(14,433)			—
Voya Small Company Portfolio - Class I			568,001			435,752			(369,120)			135,106			769,739			3,098			(84,300)			104,204
Voya Strategic Income Opportunities Fund - Class R6			—			2,650,039			(380,647)			19,559			2,288,951			71,889			3,173			—
Voya U.S. Bond Index Portfolio - Class I			2,817,471			2,079,263			(4,944,326)			47,592			—			23,193			14,770			—
Voya U.S. High Dividend Low Volatility Fund - Class I			567,719			2,057,741			(2,675,893)			50,433			—			18,193			14,732			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			2,473,955			(213,721)			149,022			2,409,256			28,166			18,009			26,506
Voya U.S. Stock Index Portfolio - Class I			1,147,188			2,821,015			(3,040,062)			242,348			1,170,489			20,778			(37,810)			128,225
VY® Goldman Sachs Bond Portfolio - Class I			2,254,666			1,320,851			(739,196)			188,406			3,024,727			58,939			26,014			—
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			1,525,037			(988,933)			422,256			3,857,498			63,279			76,804			195,207
VY® T. Rowe Price Growth Equity Portfolio - Class I			—			1,408,806			(229,370)			(113,864)			1,065,572			1,966			(12,947)			221,848
		$	24,693,926		$	32,422,562		$	(26,050,377)		$	2,709,707		$	33,775,818		$	851,117		$	12,774		$	973,682

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $38,027,956.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,292,535
Gross Unrealized Depreciation		(966,870)
Net Unrealized Appreciation	$	325,665

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2020 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.1%
5,099	iShares 20+ Year Treasury Bond ETF		$	690,813		1.9
11,118	iShares Core MSCI EAFE ETF			725,338		2.0
4,360	iShares Core S&P Small-Cap ETF			365,586		1.0
37,761	Schwab U.S. TIPS ETF			2,138,405		5.9
4,869	Vanguard Real Estate ETF			451,795		1.3
	Total Exchange-Traded Funds (Cost $4,222,526)			4,371,937		12.1
MUTUAL FUNDS: 87.8%
	Affiliated Investment Companies: 87.8%
115,223	Voya Floating Rate Fund - Class I			1,094,618		3.0
112,555	Voya Global Bond Fund - Class R6			1,083,908		3.0
560,637	Voya Intermediate Bond Fund - Class R6			5,808,197		16.0
108,935	Voya Large Cap Value Fund - Class R6			1,378,022		3.8
42,126	Voya Large-Cap Growth Fund - Class R6			2,027,525		5.6
13,023	Voya MidCap Opportunities Portfolio - Class I			181,286		0.5
72,594	Voya Multi-Manager Emerging Markets Equity Fund - Class I			939,361		2.6
226,890	Voya Multi-Manager International Factors Fund - Class I			2,203,106		6.1

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
18,581	Voya Multi-Manager Mid Cap Value Fund - Class I		$	182,277		0.5
436,666	Voya Short Term Bond Fund - Class R6			4,305,531		11.9
183,862	Voya Strategic Income Opportunities Fund - Class R6			1,895,616		5.2
73,808	Voya U.S. Bond Index Portfolio - Class I			804,508		2.2
115,895	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,461,438		4.0
59,718	Voya U.S. Stock Index Portfolio - Class I			1,014,607		2.8
297,764	VY® BrandywineGLOBAL - Bond Portfolio - Class I			3,129,497		8.7
124,069	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			3,648,884		10.1
7,878	VY® T. Rowe Price Growth Equity Portfolio - Class I			641,471		1.8
	Total Mutual Funds (Cost $30,857,002)			31,799,852		87.8
	Total Investments in Securities (Cost $35,079,528)		$	36,171,789		99.9
	Assets in Excess of Other Liabilities			46,504		0.1
	Net Assets		$	36,218,293		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,371,937		$	—		$	—		$	4,371,937
Mutual Funds			31,799,852			—			—			31,799,852
Total Investments, at fair value		$	36,171,789		$	—		$	—		$	36,171,789

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2020 Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)				Net Capital Gain Distributions
Voya Floating Rate Fund - Class I		$	1,687,515		$	444,143		$	(1,093,012)		$	55,972		$	1,094,618		$	57,704		$	(31,551)			$	—
Voya Global Bond Fund - Class R6			1,014,325			434,608			(394,381)			29,356			1,083,908			42,399			(137)	��			—
Voya Intermediate Bond Fund - Class R6			3,032,956			6,220,543			(3,599,826)			154,524			5,808,197			169,045			101,778				4,727
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			598,349			(817,521)			240,639			1,378,022			26,952			(55,517)				93,852
Voya Large-Cap Growth Fund - Class R6			1,356,799			1,069,844			(827,944)			428,826			2,027,525			12,455			(54,808)				74,059
Voya MidCap Opportunities Portfolio - Class I			169,844			265,086			(275,918)			22,274			181,286			616			(5,654)				28,247
Voya Multi-Manager Emerging Markets Equity Fund - Class I			844,188			862,837			(915,640)			147,976			939,361			15,369			12,622				4,752
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			1,961,878			(1,845,950)			401,254			2,203,106			68,428			(156,834)				—
Voya Multi-Manager Mid Cap Value Fund - Class I			169,241			277,951			(301,279)			36,364			182,277			2,045			(12,092)				14,944
Voya Short Term Bond Fund - Class R6			2,444,023			3,209,177			(1,412,623)			64,954			4,305,531			83,080			(6,748)				—
Voya Small Company Portfolio - Class I			338,976			28,827			(459,692)			91,889			—			—			(32,091)				—
Voya Strategic Income Opportunities Fund - Class R6			—			2,877,189			(992,476)			10,903			1,895,616			65,826			7,186				—
Voya U.S. Bond Index Portfolio - Class I			3,703,160			1,444,435			(4,322,588)			(20,499)			804,508			36,335			105,879				—
Voya U.S. High Dividend Low Volatility Fund - Class I			1,355,218			626,908			(2,111,447)			129,321			—			14,393			18,967				—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			1,537,082			(186,520)			110,876			1,461,438			17,316			14,599				16,036
Voya U.S. Stock Index Portfolio - Class I			1,372,708			2,855,301			(3,457,486)			244,084			1,014,607			17,734			48,769				104,455
VY® Goldman Sachs Bond Portfolio - Class I			2,943,397			1,639,197			(1,644,911)			191,814			3,129,497			50,094			12,259				—
VY® Invesco Comstock Portfolio - Class I			687,958			57,654			(817,414)			71,802			—			—			34,444				—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			3,460,205			1,217,203			(1,501,168)			472,644			3,648,884			58,698			67,376				165,911
VY® T. Rowe Price Growth Equity Portfolio - Class I			678,243			936,409			(1,033,483)			60,302			641,471			1,665			(45,399)				161,221
		$	29,987,740		$	28,694,364		$	(30,098,553)		$	3,216,301		$	31,799,852		$	740,154		$	(50,353)			$	668,204

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $35,547,873.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,207,699
Gross Unrealized Depreciation		(583,783)
Net Unrealized Appreciation	$	623,916

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.4%
575,737	Schwab U.S. TIPS ETF		$	32,603,986		3.9
133,622	Vanguard Real Estate ETF			12,398,786		1.5
	Total Exchange-Traded Funds (Cost $42,583,784)			45,002,772		5.4
MUTUAL FUNDS: 94.4%
	Affiliated Investment Companies: 94.4%
2,627,523	Voya Floating Rate Fund - Class I			24,961,467		3.0
2,566,708	Voya Global Bond Fund - Class R6			24,717,402		3.0
8,454,427	Voya Intermediate Bond Fund - Class R6			87,587,859		10.5
3,146,259	Voya Large Cap Value Fund - Class R6			39,800,180		4.8
916,834	Voya Large-Cap Growth Fund - Class R6			44,127,237		5.3
742,438	Voya MidCap Opportunities Portfolio - Class I			10,334,739		1.2
2,317,336	Voya Multi-Manager Emerging Markets Equity Fund - Class I			29,986,325		3.6
2,841,864	Voya Multi-Manager International Equity Fund - Class I			33,875,015		4.1
8,627,048	Voya Multi-Manager International Factors Fund - Class I			83,768,632		10.1
1,059,170	Voya Multi-Manager Mid Cap Value Fund - Class I			10,390,458		1.2
2,697,002	Voya Short Term Bond Fund - Class R6			26,592,442		3.2

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
979,337	Voya Small Company Portfolio - Class I		$	16,687,907		2.0
3,192,679	Voya Strategic Income Opportunities Fund - Class R6			32,916,523		3.9
1,496,150	Voya U.S. Bond Index Portfolio - Class I			16,308,033		2.0
3,300,366	Voya U.S. High Dividend Low Volatility Fund - Class R6			41,617,611		5.0
5,200,507	Voya U.S. Stock Index Portfolio - Class I			88,356,621		10.6
4,656,359	VY® BrandywineGLOBAL - Bond Portfolio - Class I			48,938,331		5.9
2,829,131	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			83,204,754		10.0
513,208	VY® T. Rowe Price Growth Equity Portfolio - Class I			41,790,517		5.0
	Total Mutual Funds (Cost $761,871,248)			785,962,053		94.4
	Total Investments in Securities (Cost $804,455,032)		$	830,964,825		99.8
	Assets in Excess of Other Liabilities			1,413,293		0.2
	Net Assets		$	832,378,118		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	45,002,772		$	—		$	—		$	45,002,772
Mutual Funds			785,962,053			—			—			785,962,053
Total Investments, at fair value		$	830,964,825		$	—		$	—		$	830,964,825
Other Financial Instruments+
Futures			292,637			—			—			292,637
Total Assets		$	831,257,462		$	—		$	—		$	831,257,462

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Liabilities Table
Other Financial Instruments+
Futures		$	(507,298)		$	—		$	—		$	(507,298)
Total Liabilities		$	(507,298)		$	—		$	—		$	(507,298)

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

At December 31, 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:
E-mini Russell 2000® Index		101		03/20/20		$	8,436,530		$	131,613
U.S. Treasury Ultra Long Bond		87		03/20/20			15,804,094			(507,298)
						$	24,240,624		$	(375,685)
Short Contracts:
Mini MSCI EAFE Index		(82)		03/20/20			(8,349,650)			19,654
U.S. Treasury 10-Year Note		(126)		03/20/20			(16,181,157)			141,370
						$	(24,530,807)		$	161,024

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 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 12/31/2019			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			4,916,609			(19,654,755)			1,423,861			24,961,467			1,358,533			(892,454)			—
Voya Global Bond Fund - Class R6			23,006,749			5,232,541			(4,017,469)			495,581			24,717,402			997,587			232,775			—
Voya Intermediate Bond Fund - Class R6			76,512,538			32,623,559			(26,121,261)			4,573,023			87,587,859			2,869,905			164,131			70,925
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			11,612,055			(6,926,187)			4,366,752			39,800,180			733,207			(23,621)			2,702,363
Voya Large-Cap Growth Fund - Class R6			38,465,854			4,473,939			(9,351,122)			10,538,566			44,127,237			270,254			(574,860)			1,606,933
Voya MidCap Opportunities Portfolio - Class I			13,485,804			1,700,200			(6,146,155)			1,294,890			10,334,739			26,757			571,399			1,159,497
Voya Multi-Manager Emerging Markets Equity Fund - Class I			30,632,981			4,893,743			(11,380,887)			5,840,488			29,986,325			489,140			494,285			151,253
Voya Multi-Manager International Equity Fund - Class I			34,464,882			4,398,136			(11,731,027)			6,743,024			33,875,015			650,450			181,114			—
Voya Multi-Manager International Factors Fund - Class I			42,059,891			47,936,395			(14,034,678)			7,807,024			83,768,632			2,589,422			(699,665)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			13,440,213			2,204,680			(7,461,614)			2,207,179			10,390,458			116,206			(155,155)			849,228
Voya Short Term Bond Fund - Class R6			24,872,619			6,530,177			(5,416,524)			606,170			26,592,442			633,201			(57,857)			—
Voya Small Company Portfolio - Class I			15,375,955			4,198,300			(4,932,345)			2,045,997			16,687,907			64,092			(406,876)			2,155,825
Voya Strategic Income Opportunities Fund - Class R6			—			45,314,916			(12,677,544)			279,151			32,916,523			1,233,045			96,163			—
Voya U.S. Bond Index Portfolio - Class I			65,024,165			6,529,736			(56,075,690)			829,822			16,308,033			760,490			1,035,850			—
Voya U.S. High Dividend Low Volatility Fund - Class I			30,736,651			10,071,413			(43,495,319)			2,687,255			—			389,336			157,758			—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2019 (continued)

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			39,484,159			(1,627,514)			3,760,966			41,617,611			477,568			151,452			454,793
Voya U.S. Stock Index Portfolio - Class I			23,383,469			76,471,034			(19,329,873)			7,831,991			88,356,621			1,318,511			134,828			4,623,326
VY® Goldman Sachs Bond Portfolio - Class I			40,052,626			14,962,637			(9,505,596)			3,428,664			48,938,331			912,887			57,845			—
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			9,012,723			(16,926,187)			12,631,627			83,204,754			1,353,377			(222,849)			4,031,228
VY® T. Rowe Price Growth Equity Portfolio - Class I			30,765,610			18,055,708			(7,271,275)			240,474			41,790,517			74,659			684,675			8,539,354
		$	711,417,290		$	351,624,830		$	(356,522,690)		$	79,442,623		$	785,962,053		$	17,318,627		$	9,399,931		$	26,344,725

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

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

The fair value of derivative instruments as of December 31, 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*		$	151,267
Interest rate contracts	Net Assets — Unrealized appreciation*			141,370
Total Asset Derivatives			$	292,637
Liability Derivatives
Interest rate contracts	Net Assets — Unrealized depreciation*		$	507,298
Total Liability Derivatives			$	507,298

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 year ended December 31, 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		$	(2,427,072)
Interest rate contracts			380,779
Total		$	(2,046,293)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(3,338)
Interest rate contracts			(789,536)
Total		$	(792,874)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $818,715,856.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	34,424,264
Gross Unrealized Depreciation		(22,389,957)
Net Unrealized Appreciation	$	12,034,307

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.8%
6,156	iShares 20+ Year Treasury Bond ETF		$	834,015		1.8
13,423	iShares Core MSCI EAFE ETF			875,717		1.9
5,264	iShares Core S&P Small-Cap ETF			441,386		1.0
30,393	Schwab U.S. TIPS ETF			1,721,156		3.7
8,229	Vanguard Real Estate ETF			763,569		1.6
4,929	Vanguard Russell 1000 Growth ETF			891,804		1.9
7,344	Vanguard Value ETF			880,178		1.9
	Total Exchange-Traded Funds (Cost $6,173,336)			6,407,825		13.8
MUTUAL FUNDS: 86.1%
	Affiliated Investment Companies: 86.1%
97,894	Voya Floating Rate Fund - Class I			929,995		2.0
278,168	Voya Intermediate Bond Fund - Class R6			2,881,817		6.2
129,567	Voya Large Cap Value Fund - Class R6			1,639,022		3.5
47,374	Voya Large-Cap Growth Fund - Class R6			2,280,088		4.9
49,817	Voya MidCap Opportunities Portfolio - Class I			693,451		1.5
184,959	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,393,375		5.1
279,820	Voya Multi-Manager International Equity Fund - Class I			3,335,450		7.1
436,386	Voya Multi-Manager International Factors Fund - Class I			4,237,304		9.1

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
71,057	Voya Multi-Manager Mid Cap Value Fund - Class I		$	697,070		1.5
92,820	Voya Short Term Bond Fund - Class R6			915,207		2.0
56,268	Voya Small Company Portfolio - Class I			958,812		2.0
133,954	Voya Strategic Income Opportunities Fund - Class R6			1,381,068		3.0
118,246	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,491,082		3.2
304,483	Voya U.S. Stock Index Portfolio - Class I			5,173,167		11.1
260,451	VY® BrandywineGLOBAL - Bond Portfolio - Class I			2,737,344		5.9
82,162	VY® Invesco Comstock Portfolio - Class I			1,412,357		3.0
158,147	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			4,651,089		10.0
28,719	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,338,590		5.0
	Total Mutual Funds (Cost $39,389,109)			40,146,288		86.1
	Total Investments in Securities (Cost $45,562,445)		$	46,554,113		99.9
	Assets in Excess of Other Liabilities			59,137		0.1
	Net Assets		$	46,613,250		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	6,407,825		$	—		$	—		$	6,407,825
Mutual Funds			40,146,288			—			—			40,146,288
Total Investments, at fair value		$	46,554,113		$	—		$	—		$	46,554,113

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			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			506,740			(851,455)			41,520			929,995			43,412			(24,631)			—
Voya Intermediate Bond Fund - Class R6			2,308,532			4,007,562			(3,486,719)			52,442			2,881,817			93,720			105,337			2,210
Voya International Index Portfolio - Class I			1,231,054			168,084			(1,595,861)			196,723			—			—			(68,972)			—
Voya Large Cap Value Fund - Class R6			926,894			1,031,311			(492,478)			173,295			1,639,022			26,306			(39,156)			108,183
Voya Large-Cap Growth Fund - Class R6			1,549,275			1,178,551			(923,621)			475,883			2,280,088			13,434			(50,684)			79,878
Voya MidCap Opportunities Portfolio - Class I			465,537			325,192			(176,164)			78,886			693,451			1,555			(5,829)			64,983
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,233,760			1,765,643			(1,008,261)			402,233			2,393,375			38,010			(96,076)			11,742
Voya Multi-Manager International Equity Fund - Class I			2,004,983			1,587,550			(755,781)			498,698			3,335,450			62,068			(19,475)			—
Voya Multi-Manager International Factors Fund - Class I			2,309,903			2,416,252			(946,301)			457,450			4,237,304			126,977			(84,692)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			463,919			356,332			(241,406)			118,225			697,070			7,577			(42,995)			55,373
Voya Short Term Bond Fund - Class R6			—			1,025,128			(116,483)			6,562			915,207			13,934			1,000			—
Voya Small Company Portfolio - Class I			619,288			529,787			(341,080)			150,817			958,812			2,907			(75,920)			97,694
Voya Strategic Income Opportunities Fund - Class R6			—			2,041,966			(669,130)			8,232			1,381,068			48,710			5,258			—
Voya U.S. Bond Index Portfolio - Class I			2,002,301			1,099,353			(3,082,713)			(18,941)			—			16,567			60,829			—
Voya U.S. High Dividend Low Volatility Fund - Class I			1,083,206			1,250,956			(2,438,233)			104,071			—			16,839			14,411			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			2,312,907			(886,840)			65,015			1,491,082			20,933			93,399			15,356
Voya U.S. Stock Index Portfolio - Class I			2,041,619			6,180,889			(3,594,837)			545,496			5,173,167			78,791			(10,725)			307,549
VY® Goldman Sachs Bond Portfolio - Class I			1,536,270			1,696,371			(639,900)			144,603			2,737,344			45,498			7,763			—
VY® Invesco Comstock Portfolio - Class I			1,571,334			966,559			(1,188,982)			63,446			1,412,357			33,287			6,767			259,542
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			3,161,616			2,019,404			(1,025,820)			495,889			4,651,089			73,709			34,894			200,768
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,858,693			1,379,956			(1,078,275)			178,216			2,338,590			3,742			(68,695)			443,817
		$	27,909,201		$	33,887,074		$	(25,892,680)		$	4,242,693		$	40,146,288		$	767,976		$	(224,277)		$	1,647,095

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $46,286,306.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,437,024
Gross Unrealized Depreciation		(1,169,217)
Net Unrealized Appreciation	$	267,807

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.0%
596,099	Schwab U.S. TIPS ETF		$	33,757,086		3.9
139,963	Vanguard Global ex-U.S. Real Estate ETF			8,270,414		0.9
92,232	Vanguard Real Estate ETF			8,558,207		1.0
108,758	Vanguard Russell 1000 Growth ETF			19,677,585		2.2
144,033	Vanguard Value ETF			17,262,355		2.0
	Total Exchange-Traded Funds (Cost $83,227,110)			87,525,647		10.0
MUTUAL FUNDS: 89.8%
	Affiliated Investment Companies: 89.8%
1,820,813	Voya Floating Rate Fund - Class I			17,297,721		2.0
605,562	Voya Index Plus LargeCap Portfolio - Class I			17,422,011		2.0
4,911,277	Voya Intermediate Bond Fund - Class R6			50,880,831		5.8
2,065,582	Voya Large Cap Value Fund - Class R6			26,129,609		3.0
771,505	Voya Large-Cap Growth Fund - Class R6			37,132,522		4.3
1,234,834	Voya MidCap Opportunities Portfolio - Class I			17,188,895		2.0
4,129,766	Voya Multi-Manager Emerging Markets Equity Fund - Class I			53,439,166		6.1
7,382,013	Voya Multi-Manager International Equity Fund - Class I			87,993,594		10.1
8,966,116	Voya Multi-Manager International Factors Fund - Class I			87,060,990		10.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,761,638	Voya Multi-Manager Mid Cap Value Fund - Class I		$	17,281,667		2.0
1,725,338	Voya Short Term Bond Fund - Class R6			17,011,832		2.0
1,020,158	Voya Small Company Portfolio - Class I			17,383,499		2.0
1,659,293	Voya Strategic Income Opportunities Fund - Class R6			17,107,313		2.0
2,065,447	Voya U.S. High Dividend Low Volatility Fund - Class R6			26,045,286		3.0
5,920,776	Voya U.S. Stock Index Portfolio - Class I			100,593,983		11.6
2,546,929	VY® Invesco Comstock Portfolio - Class I			43,781,711		5.0
2,940,899	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			86,491,854		9.9
746,912	VY® T. Rowe Price Growth Equity Portfolio - Class I			60,821,081		7.0
	Total Mutual Funds (Cost $762,302,959)			781,063,565		89.8
	Total Investments in Securities (Cost $845,530,069)		$	868,589,212		99.8
	Assets in Excess of Other Liabilities			1,445,889		0.2
	Net Assets		$	870,035,101		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	87,525,647		$	—		$	—		$	87,525,647
Mutual Funds			781,063,565			—			—			781,063,565
Total Investments, at fair value		$	868,589,212		$	—		$	—		$	868,589,212
Other Financial Instruments+
Futures			351,954			—			—			351,954
Total Assets		$	868,941,166		$	—		$	—		$	868,941,166

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Liabilities Table
Other Financial Instruments+
Futures		$	(752,960)		$	—		$	—		$	(752,960)
Total Liabilities		$	(752,960)		$	—		$	—		$	(752,960)

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

At December 31, 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:
E-mini Russell 2000® Index		157		03/20/20		$	13,114,210		$	204,586
U.S. Treasury Ultra Long Bond		90		03/20/20			16,349,063			(527,424)
						$	29,463,273		$	(322,838)
Short Contracts:
S&P 500® E-Mini		(81)		03/20/20			(13,085,955)			(225,536)
U.S. Treasury 10-Year Note		(131)		03/20/20			(16,823,266)			147,368
						$	(29,909,221)		$	(78,168)

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 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 12/31/2019			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			4,039,709			(18,327,527)			981,659			17,297,721			942,951			(534,134)			—
Voya Index Plus LargeCap Portfolio - Class I			36,506,441			2,991,646			(24,732,682)			2,656,606			17,422,011			250,591			3,656,031			1,379,595
Voya Intermediate Bond Fund - Class R6			66,910,557			23,039,562			(42,320,798)			3,251,510			50,880,831			2,039,978			241,544			41,054
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			4,631,457			(4,683,511)			3,114,648			26,129,609			493,120			53,586			1,769,945
Voya Large-Cap Growth Fund - Class R6			42,292,751			4,890,548			(21,399,887)			11,349,110			37,132,522			226,806			(1,210,235)			1,348,594
Voya MidCap Opportunities Portfolio - Class I			19,256,918			3,009,531			(7,492,278)			2,414,724			17,188,895			43,460			286,028			1,902,769
Voya Multi-Manager Emerging Markets Equity Fund - Class I			38,269,430			15,446,853			(7,178,498)			6,901,381			53,439,166			869,729			1,849,196			268,920
Voya Multi-Manager International Equity Fund - Class I			57,411,116			29,845,640			(12,317,102)			13,053,940			87,993,594			1,685,983			45,117			—
Voya Multi-Manager International Factors Fund - Class I			57,322,867			32,600,582			(11,802,126)			8,939,667			87,060,990			2,684,995			(314,742)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			19,190,898			3,275,380			(8,494,580)			3,309,969			17,281,667			192,815			(362,867)			1,409,079
Voya Short Term Bond Fund - Class R6			—			18,938,025			(2,076,837)			150,644			17,011,832			284,014			16,296			—
Voya Small Company Portfolio - Class I			15,368,634			4,012,809			(4,931,059)			2,933,115			17,383,499			66,090			(1,354,232)			2,223,284
Voya Strategic Income Opportunities Fund - Class R6			—			19,050,081			(2,088,982)			146,214			17,107,313			513,308			14,635			—
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			26,432,531			(43,153,184)			1,359,758			—			331,719			144,097			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			40,729,557			(16,144,418)			1,460,147			26,045,286			392,213			1,649,807			283,623
Voya U.S. Stock Index Portfolio - Class I			35,103,721			73,592,303			(17,634,685)			9,532,644			100,593,983			1,496,808			662,094			5,203,551

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2019 (continued)

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
VY® Invesco Comstock Portfolio - Class I			50,697,935			14,074,839			(18,205,769)			(2,785,294)			43,781,711			1,079,428			4,497,633			8,550,445
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			62,766,825			27,537,012			(14,388,546)			10,576,563			86,491,854			1,401,947			(154,215)			4,137,916
VY® T. Rowe Price Growth Equity Portfolio - Class I			53,814,670			15,850,239			(10,731,880)			1,888,052			60,821,081			107,207			1,187,464			12,326,815
		$	715,656,431		$	368,086,147		$	(386,606,195)		$	83,927,182		$	781,063,565		$	15,275,953		$	16,407,577		$	40,845,590

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

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

The fair value of derivative instruments as of December 31, 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*		$	204,586
Interest rate contracts	Net Assets — Unrealized appreciation*			147,368
Total Asset Derivatives			$	351,954
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	225,536
Interest rate contracts	Net Assets — Unrealized depreciation*			527,424
Total Liability Derivatives			$	752,960

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 year ended December 31, 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		$	(2,381,110)
Interest rate contracts			382,113
Total		$	(1,998,997)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	136,008
Interest rate contracts			(798,648)
Total		$	(662,640)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $858,523,741.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	37,978,900
Gross Unrealized Depreciation		(28,314,434)
Net Unrealized Appreciation	$	9,664,466

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.8%
4,731	iShares 20+ Year Treasury Bond ETF		$	640,956		1.8
10,316	iShares Core MSCI EAFE ETF			673,016		1.9
6,069	iShares Core S&P Small-Cap ETF			508,886		1.4
5,485	Vanguard Global ex-U.S. Real Estate ETF			324,109		0.9
4,518	Vanguard Real Estate ETF			419,225		1.2
4,735	Vanguard Russell 1000 Growth ETF			856,703		2.4
12,699	Vanguard Value ETF			1,521,975		4.2
	Total Exchange-Traded Funds (Cost $4,697,617)			4,944,870		13.8
MUTUAL FUNDS: 86.0%
	Affiliated Investment Companies: 86.0%
24,801	Voya Index Plus LargeCap Portfolio - Class I			713,512		2.0
137,065	Voya Intermediate Bond Fund - Class R6			1,419,991		4.0
30,536	Voya Large-Cap Growth Fund - Class R6			1,469,708		4.1
50,582	Voya MidCap Opportunities Portfolio - Class I			704,108		2.0
183,201	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,370,621		6.6
357,170	Voya Multi-Manager International Equity Fund - Class I			4,257,461		11.9
305,321	Voya Multi-Manager International Factors Fund - Class I			2,964,668		8.3

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
72,159	Voya Multi-Manager Mid Cap Value Fund - Class I		$	707,881		2.0
70,688	Voya Short Term Bond Fund - Class R6			696,985		2.0
64,015	Voya Small Company Portfolio - Class I			1,090,823		3.1
34,055	Voya Strategic Income Opportunities Fund - Class R6			351,109		1.0
88,538	Voya U.S. High Dividend Low Volatility Fund - Class R6			1,116,466		3.1
253,045	Voya U.S. Stock Index Portfolio - Class I			4,299,237		12.1
132,664	VY® Invesco Comstock Portfolio - Class I			2,280,494		6.4
120,451	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			3,542,478		9.9
32,782	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,669,461		7.5
	Total Mutual Funds (Cost $30,294,078)			30,655,003		86.0
	Total Investments in Securities (Cost $34,991,695)		$	35,599,873		99.8
	Assets in Excess of Other Liabilities			53,875		0.2
	Net Assets		$	35,653,748		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,944,870		$	—		$	—		$	4,944,870
Mutual Funds			30,655,003			—			—			30,655,003
Total Investments, at fair value		$	35,599,873		$	—		$	—		$	35,599,873

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			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			416,130			(1,196,075)			214,652			713,512			8,977			26,146			49,421
Voya Intermediate Bond Fund - Class R6			917,430			2,249,645			(1,764,996)			17,912			1,419,991			54,677			75,826			1,120
Voya International Index Portfolio - Class I			1,696,945			267,314			(2,246,096)			281,837			—			—			(86,769)			—
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			805,608			(1,072,026)			395,727			1,469,708			8,764			(47,836)			52,114
Voya MidCap Opportunities Portfolio - Class I			610,287			338,220			(343,682)			99,283			704,108			1,811			(307)			71,814
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,336,421			1,531,339			(880,503)			383,364			2,370,621			38,034			(49,085)			11,754
Voya Multi-Manager International Equity Fund - Class I			1,940,888			2,611,460			(795,079)			500,192			4,257,461			80,207			28,662			—
Voya Multi-Manager International Factors Fund - Class I			1,695,681			1,583,845			(618,185)			303,327			2,964,668			89,813			(28,394)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			608,181			341,805			(412,038)			169,933			707,881			7,778			(65,450)			56,845
Voya Short Term Bond Fund - Class R6			—			818,363			(126,429)			5,051			696,985			11,053			1,153			—
Voya Small Company Portfolio - Class I			730,631			551,273			(345,522)			154,441			1,090,823			3,556			(71,635)			119,535
Voya Strategic Income Opportunities Fund - Class R6			—			812,376			(462,858)			1,591			351,109			19,014			3,628			—
Voya U.S. Bond Index Portfolio - Class I			484,779			502,702			(979,222)			(8,259)			—			4,530			19,670			—
Voya U.S. High Dividend Low Volatility Fund - Class I			486,840			1,295,431			(1,829,581)			47,310			—			12,328			10,701			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			1,798,241			(733,945)			52,170			1,116,466			16,199			57,497			11,794
Voya U.S. Stock Index Portfolio - Class I			1,611,832			5,223,268			(2,966,136)			430,273			4,299,237			65,369			(8,977)			259,103
VY® Invesco Comstock Portfolio - Class I			1,606,586			1,451,381			(720,549)			(56,924)			2,280,494			54,466			9,920			429,412
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,989,201			1,984,251			(754,644)			323,670			3,542,478			56,618			30,423			163,294
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,827,390			1,401,101			(686,942)			127,912			2,669,461			4,510			(65,938)			524,199
		$	21,988,926		$	26,329,959		$	(21,301,895)		$	3,638,013		$	30,655,003		$	549,793		$	(190,454)		$	1,750,405

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $35,422,510.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,219,556
Gross Unrealized Depreciation		(1,042,193)
Net Unrealized Appreciation	$	177,363

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.9%
106,221	Vanguard Global ex-U.S. Real Estate ETF		$	6,276,599		1.0
87,496	Vanguard Real Estate ETF			8,118,754		1.2
110,052	Vanguard Russell 1000 Growth ETF			19,911,708		3.0
204,955	Vanguard Value ETF			24,563,857		3.7
	Total Exchange-Traded Funds (Cost $54,228,120)			58,870,918		8.9
MUTUAL FUNDS: 90.8%
	Affiliated Investment Companies: 90.8%
460,297	Voya Index Plus LargeCap Portfolio - Class I			13,242,750		2.0
1,401,245	Voya Intermediate Bond Fund - Class R6			14,516,900		2.2
483,578	Voya Large-Cap Growth Fund - Class R6			23,274,619		3.5
1,055,902	Voya MidCap Opportunities Portfolio - Class I			14,698,160		2.2
3,662,337	Voya Multi-Manager Emerging Markets Equity Fund - Class I			47,390,641		7.1
7,856,803	Voya Multi-Manager International Equity Fund - Class I			93,653,097		14.1
6,134,937	Voya Multi-Manager International Factors Fund - Class I			59,570,238		9.0
1,506,442	Voya Multi-Manager Mid Cap Value Fund - Class I			14,778,193		2.2

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,147,584	Voya Short Term Bond Fund - Class R6		$	11,315,179		1.7
630,433	Voya Strategic Income Opportunities Fund - Class R6			6,499,767		1.0
1,309,055	Voya U.S. High Dividend Low Volatility Fund - Class R6			16,507,189		2.5
6,064,891	Voya U.S. Stock Index Portfolio - Class I			103,042,503		15.5
2,905,929	VY® Invesco Comstock Portfolio - Class I			49,952,927		7.5
1,220,802	VY® JPMorgan Small Cap Core Equity Portfolio Class I			19,789,207		3.0
2,235,438	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			65,744,231		9.9
608,297	VY® T. Rowe Price Growth Equity Portfolio - Class I			49,533,612		7.4
	Total Mutual Funds (Cost $593,760,944)			603,509,213		90.8
	Total Investments in Securities (Cost $647,989,064)		$	662,380,131		99.7
	Assets in Excess of Other Liabilities			2,315,137		0.3
	Net Assets		$	664,695,268		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	58,870,918		$	—		$	—		$	58,870,918
Mutual Funds			603,509,213			—			—			603,509,213
Total Investments, at fair value		$	662,380,131		$	—		$	—		$	662,380,131
Other Financial Instruments+
Futures			296,925			—			—			296,925
Total Assets		$	662,677,056		$	—		$	—		$	662,677,056
Liabilities Table
Other Financial Instruments+
Futures		$	(590,559)		$	—		$	—		$	(590,559)
Total Liabilities		$	(590,559)		$	—		$	—		$	(590,559)

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

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2019 (continued)

At December 31, 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:
E-mini Russell 2000® Index	119	03/20/20		$	9,940,070		$	155,069
Mini MSCI EAFE Index	65	03/20/20			6,618,625			(13,336)
U.S. Treasury Ultra Long Bond	69	03/20/20			12,534,281			(404,590)
				$	29,092,976		$	(262,857)
Short Contracts:
S&P 500® E-Mini	(62)	03/20/20			(10,016,410)			(172,633)
U.S. Treasury 10-Year Note	(149)	03/20/20			(19,134,859)			141,856
				$	(29,151,269)		$	(30,777)

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 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 12/31/2019			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			2,933,260			(37,297,549)			5,526,057			13,242,750			187,052			1,776,926			1,029,791
Voya Intermediate Bond Fund - Class R6			23,724,672			16,585,850			(26,762,509)			968,887			14,516,900			526,912			(66,008)			11,717
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			4,693,983			(34,595,214)			11,072,637			23,274,619			141,822			(1,832,811)			843,274
Voya MidCap Opportunities Portfolio - Class I			19,682,117			3,140,413			(10,009,249)			1,884,879			14,698,160			40,812			1,093,341			1,606,559
Voya Multi-Manager Emerging Markets Equity Fund - Class I			39,110,566			7,033,784			(5,436,469)			6,682,760			47,390,641			770,400			1,844,622			238,202
Voya Multi-Manager International Equity Fund - Class I			50,293,499			41,557,405			(10,535,050)			12,337,243			93,653,097			1,792,102			(62,689)			—
Voya Multi-Manager International Factors Fund - Class I			39,056,534			21,685,422			(6,864,419)			5,692,701			59,570,238			1,834,643			135,034			—
Voya Multi-Manager Mid Cap Value Fund - Class I			19,614,055			3,016,146			(11,317,944)			3,465,936			14,778,193			164,683			(308,588)			1,203,498
Voya Short Term Bond Fund - Class R6			—			12,639,880			(1,422,702)			98,001			11,315,179			187,062			11,886			—
Voya Small Company Portfolio - Class I			16,829,602			393,876			(22,506,948)			5,283,470			—			—			(2,211,158)			—
Voya Strategic Income Opportunities Fund - Class R6			—			14,489,184			(8,035,625)			46,208			6,499,767			370,125			61,711			—
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			10,706,996			(22,928,390)			1,007,332			—			188,348			75,334			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			21,506,478			(6,133,102)			1,133,813			16,507,189			222,296			653,715			179,357
Voya U.S. Stock Index Portfolio - Class I			31,315,115			79,106,088			(16,747,541)			9,368,841			103,042,503			1,531,633			34,188			5,296,231
VY® Invesco Comstock Portfolio - Class I			42,710,314			17,204,740			(8,541,035)			(1,421,092)			49,952,927			1,229,224			986,425			9,736,539
VY® JPMorgan Small Cap Core Equity Portfolio - Class I			—			25,448,196			(2,385,518)			(3,273,471)			19,789,207			373,635			(565,860)			4,749,494
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			—			71,633,131			(7,566,542)			1,677,642			65,744,231			1,064,057			(61,860)			3,121,709
VY® T. Rowe Price Growth Equity Portfolio - Class I			42,093,423			13,636,089			(8,082,923)			1,887,023			49,533,612			87,113			296,233			10,021,153
		$	524,555,327		$	372,691,067		$	(364,551,707)		$	70,814,526		$	603,509,213		$	10,956,723		$	5,224,868		$	38,037,524

See Accompanying Notes to Financial Statements

101

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PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2019 (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 December 31, 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*		$	155,069
Interest rate contracts	Net Assets — Unrealized appreciation*			141,856
Total Asset Derivatives			$	296,925
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	185,969
Interest rate contracts	Net Assets — Unrealized depreciation*			404,590
Total Liability Derivatives			$	590,559

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 year ended December 31, 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		$	(1,610,052)
Interest rate contracts			278,705
Total		$	(1,331,347)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	315,754
Interest rate contracts			(574,722)
Total		$	(258,968)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $655,451,935.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	27,207,791
Gross Unrealized Depreciation		(20,573,229)
Net Unrealized Appreciation	$	6,634,562

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.6%
3,736	iShares 20+ Year Treasury Bond ETF		$	506,153		1.6
9,309	iShares Core MSCI EAFE ETF			607,319		1.9
5,476	iShares Core S&P Small-Cap ETF			459,163		1.5
4,949	Vanguard Global ex-U.S. Real Estate ETF			292,436		0.9
4,077	Vanguard Real Estate ETF			378,305		1.2
5,128	Vanguard Russell 1000 Growth ETF			927,809		2.9
9,549	Vanguard Value ETF			1,144,448		3.6
	Total Exchange-Traded Funds (Cost $4,064,665)			4,315,633		13.6
MUTUAL FUNDS: 86.2%
	Affiliated Investment Companies: 86.2%
43,979	Voya Index Plus LargeCap Portfolio - Class I			1,265,271		4.0
30,672	Voya Intermediate Bond Fund - Class R6			317,763		1.0
20,293	Voya Large-Cap Growth Fund - Class R6			976,685		3.1
174,932	Voya Multi-Manager Emerging Markets Equity Fund - Class I			2,263,617		7.2
389,703	Voya Multi-Manager International Equity Fund - Class I			4,645,264		14.7
278,024	Voya Multi-Manager International Factors Fund - Class I			2,699,613		8.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
71,972	Voya Multi-Manager Mid Cap Value Fund - Class I		$	706,042		2.2
51,083	Voya U.S. High Dividend Low Volatility Fund - Class R6			644,152		2.0
285,129	Voya U.S. Stock Index Portfolio - Class I			4,844,342		15.3
140,326	VY® Invesco Comstock Portfolio - Class I			2,412,212		7.6
59,043	VY® JPMorgan Small Cap Core Equity Portfolio Class I			957,081		3.0
85,436	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			2,512,678		7.9
56,593	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I			707,417		2.2
29,114	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,370,745		7.5
	Total Mutual Funds (Cost $27,133,528)			27,322,882		86.2
	Total Investments in Securities (Cost $31,198,193)		$	31,638,515		99.8
	Assets in Excess of Other Liabilities			50,721		0.2
	Net Assets		$	31,689,236		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	4,315,633		$	—		$	—		$	4,315,633
Mutual Funds			27,322,882			—			—			27,322,882
Total Investments, at fair value		$	31,638,515		$	—		$	—		$	31,638,515

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

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
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			598,628			(1,159,937)			303,291			1,265,271			15,126			(11,234)			83,273
Voya Intermediate Bond Fund - Class R6			599,535			1,503,738			(1,790,067)			4,557			317,763			17,339			28,116			248
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			713,030			(1,685,264)			424,821			976,685			5,826			(75,788)			34,644
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			1,386,885			(851,901)			413,923			2,263,617			36,425			(100,221)			11,258
Voya Multi-Manager International Equity Fund - Class I			2,022,770			2,716,080			(655,369)			561,783			4,645,264			87,850			(6,154)			—
Voya Multi-Manager International Factors Fund - Class I			1,413,721			1,447,439			(436,079)			274,532			2,699,613			82,093			(44,206)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			608,534			332,789			(405,355)			170,074			706,042			7,783			(67,747)			56,878
Voya Small Company Portfolio - Class I			609,220			76,919			(860,218)			174,079			—			—			(60,255)			—
Voya Strategic Income Opportunities Fund - Class R6			—			735,324			(735,324)			—			—			15,519			3,660			—
Voya U.S. Bond Index Portfolio - Class I			404,169			385,839			(783,134)			(6,874)			—			3,539			16,218			—
Voya U.S. High Dividend Low Volatility Fund - Class I			405,933			397,988			(844,357)			40,436			—			5,979			6,774			—
Voya U.S. High Dividend Low Volatility Fund - Class I			—			768,118			(160,511)			36,545			644,152			7,889			16,214			6,862
Voya U.S. Stock Index Portfolio - Class I			1,851,341			5,187,990			(2,695,882)			500,893			4,844,342			72,417			(1,085)			263,470
VY® Invesco Comstock Portfolio - Class I			1,546,237			1,541,658			(613,533)			(62,150)			2,412,212			57,704			(18,360)			453,147
VY® JPMorgan Small Cap Core Equity Portfolio Class I			—			1,261,523			(163,475)			(140,967)			957,081			17,296			(31,110)			217,362
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			—			2,827,450			(374,834)			60,062			2,512,678			39,745			(2,513)			108,539
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class I			—			802,760			(100,418)			5,075			707,417			1,809			(4,262)			61,398
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,523,729			1,254,221			(496,500)			89,295			2,370,745			3,848			(53,048)			456,891
		$	18,376,643		$	24,451,311		$	(18,844,097)		$	3,339,025		$	27,322,882		$	483,772		$	(479,029)		$	1,753,970

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $31,677,666.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,140,967
Gross Unrealized Depreciation		(1,180,118)
Net Unrealized Depreciation	$	(39,151)

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.2%
36,579	Vanguard Global ex-U.S. Real Estate ETF		$	2,161,453		0.9
30,130	Vanguard Real Estate ETF			2,795,763		1.2
44,214	Vanguard Russell 1000 Growth ETF			7,999,639		3.5
70,579	Vanguard Value ETF			8,458,893		3.6
	Total Exchange-Traded Funds (Cost $19,591,717)			21,415,748		9.2
MUTUAL FUNDS: 90.6%
	Affiliated Investment Companies: 90.6%
321,452	Voya Index Plus LargeCap Portfolio - Class I			9,248,174		4.0
595,290	Voya Intermediate Bond Fund - Class R6			6,167,200		2.7
147,143	Voya Large-Cap Growth Fund - Class R6			7,081,974		3.0
1,370,126	Voya Multi-Manager Emerging Markets Equity Fund - Class I			17,729,431		7.6
2,941,914	Voya Multi-Manager International Equity Fund - Class I			35,067,618		15.1
2,145,437	Voya Multi-Manager International Factors Fund - Class I			20,832,195		9.0
584,486	Voya Multi-Manager Mid Cap Value Fund - Class I			5,733,808		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
368,211	Voya U.S. High Dividend Low Volatility Fund - Class R6		$	4,643,146		2.0
2,216,600	Voya U.S. Stock Index Portfolio - Class I			37,660,040		16.2
1,021,924	VY® Invesco Comstock Portfolio - Class I			17,566,874		7.6
429,242	VY® JPMorgan Small Cap Core Equity Portfolio Class I			6,958,005		3.0
624,473	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			18,365,752		7.9
458,483	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I			5,731,038		2.5
212,419	VY® T. Rowe Price Growth Equity Portfolio - Class I			17,297,266		7.5
	Total Mutual Funds (Cost $207,471,807)			210,082,521		90.6
	Total Investments in Securities (Cost $227,063,524)		$	231,498,269		99.8
	Assets in Excess of Other Liabilities			551,734		0.2
	Net Assets		$	232,050,003		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	21,415,748		$	—		$	—		$	21,415,748
Mutual Funds			210,082,521			—			—			210,082,521
Total Investments, at fair value		$	231,498,269		$	—		$	—		$	231,498,269
Other Financial Instruments+
Futures			102,383			—			—			102,383
Total Assets		$	231,600,652		$	—		$	—		$	231,600,652

105

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PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Liabilities Table
Other Financial Instruments+
Futures		$	(205,946)		$	—		$	—		$	(205,946)
Total Liabilities		$	(205,946)		$	—		$	—		$	(205,946)

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

At December 31, 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:
E-mini Russell 2000® Index	41	03/20/20		$	3,424,730		$	53,427
Mini MSCI EAFE Index	22	03/20/20			2,240,150			(4,514)
U.S. Treasury Ultra Long Bond	24	03/20/20			4,359,750			(142,960)
				$	10,024,630		$	(94,047)
Short Contracts:
S&P 500® E-Mini	(21)	03/20/20			(3,392,655)			(58,472)
U.S. Treasury 10-Year Note	(51)	03/20/20			(6,549,516)			48,956
				$	(9,942,171)		$	(9,516)

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 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 12/31/2019			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 Index Plus LargeCap Portfolio - Class I			12,639,490			2,812,388			(8,248,510)			2,044,806			9,248,174			122,515			280,481			674,492
Voya Intermediate Bond Fund - Class R6			6,706,562			4,463,460			(5,403,122)			400,300			6,167,200			235,252			(7,964)			4,962
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			3,013,668			(12,017,289)			3,439,424			7,081,974			42,757			(605,350)			254,231
Voya MidCap Opportunities Portfolio - Class I			5,911,749			385,991			(6,836,288)			538,548			—			5,371			550,613			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			12,586,417			4,255,493			(1,658,293)			2,545,814			17,729,431			287,108			389,314			88,756
Voya Multi-Manager International Equity Fund - Class I			16,784,520			17,191,226			(3,039,117)			4,130,989			35,067,618			668,143			231,781			—
Voya Multi-Manager International Factors Fund - Class I			11,730,913			9,266,311			(1,947,093)			1,782,064			20,832,195			638,674			73,493			—
Voya Multi-Manager Mid Cap Value Fund - Class I			5,891,291			1,778,956			(3,255,934)			1,319,495			5,733,808			63,631			(376,998)			465,014
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			127,586			—
Voya U.S. High Dividend Low Volatility Fund - Class I			3,368,256			823,783			(4,501,998)			309,959			—			41,869			25,079			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			4,339,694			(94,381)			397,833			4,643,146			50,969			7,757			50,140
Voya U.S. Stock Index Portfolio - Class I			10,256,862			29,485,415			(5,541,895)			3,459,658			37,660,040			554,566			(144,243)			1,830,581

106

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PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2019 (continued)

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
VY® Invesco Comstock Portfolio - Class I			12,828,423			8,167,598			(2,474,473)			(954,674)			17,566,874			423,504			596,896			3,317,297
VY® JPMorgan Small Cap Core Equity Portfolio Class I			—			8,932,091			(880,189)			(1,093,897)			6,958,005			128,065			(199,954)			1,616,414
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			—			20,066,199			(2,171,257)			470,810			18,365,752			293,836			(19,424)			823,197
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class I			—			6,321,736			(624,937)			34,239			5,731,038			14,970			(22,203)			511,462
VY® T. Rowe Price Growth Equity Portfolio - Class I			12,643,172			6,569,797			(2,494,579)			578,876			17,297,266			28,855			(49,403)			3,394,139
		$	157,556,886		$	131,249,375		$	(102,164,196)		$	23,440,456		$	210,082,521		$	3,663,722		$	915,409		$	13,030,685

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

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

The fair value of derivative instruments as of December 31, 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*		$	53,427
Interest rate contracts	Net Assets — Unrealized appreciation*			48,956
Total Asset Derivatives			$	102,383
Liability Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	62,986
Interest rate contracts	Net Assets — Unrealized appreciation*			142,960
Total Liability Derivatives			$	205,946

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 year ended December 31, 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		$	(515,951)
Interest rate contracts			84,161
Total		$	(431,790)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	88,168
Interest rate contracts			(187,751)
Total		$	(99,583)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $229,555,787.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	9,282,650
Gross Unrealized Depreciation		(7,443,731)
Net Unrealized Appreciation	$	1,838,919

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.9%
1,416	iShares 20+ Year Treasury Bond ETF		$	191,840		1.1
5,029	iShares Core MSCI EAFE ETF			328,092		1.9
2,958	iShares Core S&P Small-Cap ETF			248,028		1.4
3,342	Vanguard Global ex-U.S. Real Estate ETF			197,479		1.1
2,643	Vanguard Real Estate ETF			245,244		1.4
3,232	Vanguard Russell 1000 Growth ETF			584,766		3.4
5,159	Vanguard Value ETF			618,306		3.6
	Total Exchange-Traded Funds (Cost $2,257,831)			2,413,755		13.9
MUTUAL FUNDS: 85.9%
	Affiliated Investment Companies: 85.9%
24,044	Voya Index Plus LargeCap Portfolio - Class I			691,750		4.0
11,287	Voya Large-Cap Growth Fund - Class R6			543,221		3.1
102,451	Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,325,711		7.6
213,439	Voya Multi-Manager International Equity Fund - Class I			2,544,191		14.7
152,311	Voya Multi-Manager International Factors Fund - Class I			1,478,939		8.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
43,723	Voya Multi-Manager Mid Cap Value Fund - Class I		$	428,922		2.5
28,054	Voya U.S. High Dividend Low Volatility Fund - Class R6			353,766		2.0
150,768	Voya U.S. Stock Index Portfolio - Class I			2,561,546		14.8
77,290	VY® Invesco Comstock Portfolio - Class I			1,328,618		7.7
32,463	VY® JPMorgan Small Cap Core Equity Portfolio Class I			526,225		3.0
46,906	VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,379,506		8.0
34,298	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I			428,727		2.5
15,936	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,297,631		7.5
	Total Mutual Funds (Cost $14,708,912)			14,888,753		85.9
	Total Investments in Securities (Cost $16,966,743)		$	17,302,508		99.8
	Assets in Excess of Other Liabilities			32,097		0.2
	Net Assets		$	17,334,605		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,413,755		$	—		$	—		$	2,413,755
Mutual Funds			14,888,753			—			—			14,888,753
Total Investments, at fair value		$	17,302,508		$	—		$	—		$	17,302,508

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

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2019 (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 year ended December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	108,397		$	12,096		$	(121,951)		$	1,458		$	—		$	—		$	12,001		$	—
Voya Index Plus LargeCap Portfolio - Class I			813,355			374,274			(654,793)			158,914			691,750			8,174			(1,635)			45,000
Voya Intermediate Bond Fund - Class R6			321,781			751,453			(1,075,527)			2,293			—			10,235			18,791			—
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			(636,443)			72,974			—			2,676			(13,578)			—
Voya Large-Cap Growth Fund - Class R6			813,785			479,957			(963,757)			213,236			543,221			3,193			(26,460)			18,985
Voya MidCap Opportunities Portfolio - Class I			326,068			49,399			(430,897)			55,430			—			356			8,789			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			701,384			994,371			(598,005)			227,961			1,325,711			21,208			(55,544)			6,553
Voya Multi-Manager International Equity Fund - Class I			1,080,065			1,631,676			(489,852)			322,302			2,544,191			47,770			(20,815)			—
Voya Multi-Manager International Factors Fund - Class I			754,866			880,262			(318,399)			162,210			1,478,939			44,643			(36,250)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			324,927			224,197			(207,962)			87,760			428,922			4,698			(33,484)			34,335
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			216,647			(428,840)			(3,611)			—			2,000			8,582			—
Voya U.S. High Dividend Low Volatility Fund - Class I			216,747			151,159			(389,322)			21,416			—			2,827			2,841			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			—			380,576			(48,068)			21,258			353,766			3,922			3,984			3,734
Voya U.S. Stock Index Portfolio - Class I			989,978			3,003,975			(1,696,863)			264,456			2,561,546			38,076			(1,427)			138,160
VY® Invesco Comstock Portfolio - Class I			825,563			954,981			(429,329)			(22,597)			1,328,618			31,279			(21,759)			245,472
VY® JPMorgan Small Cap Core Equity Portfolio Class I			—			714,208			(115,346)			(72,637)			526,225			9,363			(20,288)			117,596
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			—			1,593,687			(247,559)			33,378			1,379,506			21,630			(1,618)			58,550
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Class I			—			500,121			(75,699)			4,305			428,727			1,091			(3,740)			37,047
VY® T. Rowe Price Growth Equity Portfolio - Class I			813,583			757,040			(328,921)			55,929			1,297,631			2,090			(38,072)			247,725
		$	9,817,788		$	13,975,580		$	(10,719,432)		$	1,814,817		$	14,888,753		$	255,231		$	(280,864)		$	953,157

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $17,289,596.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	670,588
Gross Unrealized Depreciation		(657,676)
Net Unrealized Appreciation	$	12,912

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2019 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Solution Aggressive Portfolio
Class ADV	NII		$	0.1590
Class I	NII		$	0.2181
Class R6	NII		$	0.2183
Class S	NII		$	0.1793
Class S2	NII		$	0.1879
All Classes	LTCG		$	0.9867
Voya Solution Balanced Portfolio
Class ADV	NII		$	0.1881
Class I	NII		$	0.2557
Class R6	NII		$	0.2558
Class S	NII		$	0.2277
Class S2	NII		$	0.2344
All Classes	LTCG		$	0.6103
Voya Solution Conservative Portfolio
Class ADV	NII		$	0.2074
Class I	NII		$	0.2608
Class R6	NII		$	0.2608
Class S	NII		$	0.2289
Class S2	NII		$	0.2096
All Classes	LTCG		$	0.0862
Voya Solution Income Portfolio
Class ADV	NII		$	0.3052
Class I	NII		$	0.3728
Class S	NII		$	0.3341
Class S2	NII		$	0.3114
Class T	NII		$	0.2910
All Classes	STCG		$	0.0317
All Classes	LTCG		$	0.2103
Voya Solution Moderately Aggressive Portfolio
Class ADV	NII		$	0.2625
Class I	NII		$	0.3315
Class R6	NII		$	0.3316
Class S	NII		$	0.2946
Class S2	NII		$	0.2651
All Classes	STCG		$	0.0039
All Classes	LTCG		$	1.0225
Voya Solution Moderately Conservative Portfolio
Class ADV	NII		$	0.1616
Class I	NII		$	0.2212
Class R6	NII		$	0.2212
Class S	NII		$	0.1996
Class S2	NII		$	0.2132
All Classes	LTCG		$	0.1962
Voya Solution 2020 Portfolio
Class ADV	NII		$	0.3074
Class I	NII		$	0.3764
Class S	NII		$	0.3406
Class S2	NII		$	0.2796
Class T	NII		$	0.2985
All Classes	LTCG		$	0.6096
Voya Solution 2025 Portfolio
Class ADV	NII		$	0.2459
Class I	NII		$	0.3112
Class S	NII		$	0.2773
Class S2	NII		$	0.2454
Class T	NII		$	0.1752

Portfolio Name	Type	Per Share Amount
Voya Solution 2025 Portfolio (continued)
All Classes	STCG		$	0.0089
All Classes	LTCG		$	0.6664
Voya Solution 2030 Portfolio
Class ADV	NII		$	0.2533
Class I	NII		$	0.3174
Class S	NII		$	0.2821
Class S2	NII		$	0.2408
Class T	NII		$	0.2437
All Classes	STCG		$	0.0185
All Classes	LTCG		$	0.9125
Voya Solution 2035 Portfolio
Class ADV	NII		$	0.2360
Class I	NII		$	0.3049
Class S	NII		$	0.2710
Class S2	NII		$	0.2442
Class T	NII		$	0.1566
All Classes	STCG		$	0.0030
All Classes	LTCG		$	0.9227
Voya Solution 2040 Portfolio
Class ADV	NII		$	0.2586
Class I	NII		$	0.3215
Class S	NII		$	0.2858
Class S2	NII		$	0.2558
Class T	NII		$	0.1999
All Classes	LTCG		$	1.0552
Voya Solution 2045 Portfolio
Class ADV	NII		$	0.1989
Class I	NII		$	0.2671
Class S	NII		$	0.2341
Class S2	NII		$	0.2005
Class T	NII		$	0.0944
All Classes	STCG		$	0.0091
All Classes	LTCG		$	1.0860
Voya Solution 2050 Portfolio
Class ADV	NII		$	0.2195
Class I	NII		$	0.2838
Class S	NII		$	0.2502
Class S2	NII		$	0.2015
Class T	NII		$	0.1803
All Classes	LTCG		$	1.1255
Voya Solution 2055 Portfolio
Class ADV	NII		$	0.1966
Class I	NII		$	0.2692
Class S	NII		$	0.2333
Class S2	NII		$	0.1949
Class T	NII		$	0.0973
All Classes	STCG		$	0.0063
All Classes	LTCG		$	1.1522
Voya Solution 2060 Portfolio
Class ADV	NII		$	0.1473
Class I	NII		$	0.1890
Class S	NII		$	0.1653
Class S2	NII		$	0.1450
Class T	NII		$	0.1036
All Classes	STCG		$	0.0170
All Classes	LTCG		$	0.6870

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2019, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Solution Aggressive Portfolio					44.54%
	Voya Solution Balanced Portfolio					35.09%
	Voya Solution Conservative Portfolio					15.61%
	Voya Solution Income Portfolio					18.61%
	Voya Solution Moderately Aggressive Portfolio					40.32%
	Voya Solution Moderately Conservative Portfolio					23.78%
	Voya Solution 2020 Portfolio					25.87%
	Voya Solution 2025 Portfolio					29.84%
	Voya Solution 2030 Portfolio					32.76%
	Voya Solution 2035 Portfolio					36.31%
	Voya Solution 2040 Portfolio					39.70%
	Voya Solution 2045 Portfolio					39.49%
	Voya Solution 2050 Portfolio					43.45%
	Voya Solution 2055 Portfolio					40.44%
	Voya Solution 2060 Portfolio					39.68%

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya Solution Aggressive Portfolio	$	1,455,126
Voya Solution Balanced Portfolio		3,344,512
Voya Solution Conservative Portfolio		145,002
Voya Solution Income Portfolio		5,951,736
Voya Solution Moderately Aggressive Portfolio		46,647,449
Voya Solution Moderately Conservative Portfolio		738,076
Voya Solution 2020 Portfolio		1,494,564
Voya Solution 2025 Portfolio		45,142,629
Voya Solution 2030 Portfolio		2,322,107
Voya Solution 2035 Portfolio		62,124,081
Voya Solution 2040 Portfolio		2,059,165
Voya Solution 2045 Portfolio		55,716,452
Voya Solution 2050 Portfolio		1,821,588
Voya Solution 2055 Portfolio		16,562,207
Voya Solution 2060 Portfolio		852,776

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2019:

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TAX INFORMATION (Unaudited) (continued)

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Solution Aggressive Portfolio		$	8,179		$	0.0050		19.73%
Voya Solution Balanced Portfolio			12,190			0.0021		7.76%
Voya Solution Conservative Portfolio			1,491			0.0009		2.79%
Voya Solution Income Portfolio			61,088			0.0022		8.50%
Voya Solution Moderately Aggressive Portfolio			188,824			0.0039		15.75%
Voya Solution Moderately Conservative Portfolio			5,619			0.0015		5.41%
Voya Solution 2020 Portfolio			6,291			0.0022		7.97%
Voya Solution 2025 Portfolio			282,509			0.0039		16.42%
Voya Solution 2030 Portfolio			18,054			0.0060		19.31%
Voya Solution 2035 Portfolio			421,305			0.0057		25.76%
Voya Solution 2040 Portfolio			17,160			0.0079		23.73%
Voya Solution 2045 Portfolio			362,871			0.0064		30.85%
Voya Solution 2050 Portfolio			17,115			0.0092		29.96%
Voya Solution 2055 Portfolio			132,292			0.0080		35.11%
Voya Solution 2060 Portfolio			9,470			0.0066		28.81%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 262-3862.

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds
in Fund
Complex
Overseen by
Director(2)

Other Board Positions
Held by Director

Independent Directors*:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 59

Director

Chairperson

November 2007 –
Present
January 2020 –
Present

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

146

Dentaquest (February 2014 – Present); RSR Partners, Inc. (2016 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

November 1997 –
Present

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

146

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director

January 2006 –
Present

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

146

Wisconsin Energy Corporation (June 2006 – Present); The Royce Fund (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 69

Director

August 2015 –
Present

Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006 – November 2015).

146

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

May 2013 – Present

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

146

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

January 2006 –
Present

Consultant (May 2001 – Present).

146

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

October 2015 –
Present

Retired.

146

None.

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds
in Fund
Complex
Overseen by
Director(2)

Other Board Positions
Held by Director

Director who is an “interested person”:

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 46

Director

July 2018 – Present

President, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).

146

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 – Present).

(1)

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

(2)

For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2020.

Effective December 31, 2019, Russell H. Jones and Roger B. Vincent each retired as a Director of the Board.

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 46	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018-Present); Director, Voya Funds Services, LLC (March 2018-Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 69	Executive Vice President Chief Investment Risk Officer	January 2005 – Present September 2009 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 61	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:52	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Secretary	January 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68	Assistant Secretary	June 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38	Assistant Secretary	January 2020 – Present	Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – Present).

(1)

The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS

At a meeting held on November 21, 2019, the Board of Directors (“Board”) of Voya Partners, Inc. (the “Company”), including a majority of the Independent Directors, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2020 Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, and Voya Solution 2060 Portfolio, each a series of the Company (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

In addition to the Board meeting on November 21, 2019, the Independent Directors also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2019, and November 19, 2019, specifically to review and consider materials related to the proposed continuance of the Contracts that they believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. Subsequent references herein to factors considered and determinations made by the Independent Directors and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Directors. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and

sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and Investment Review Committees (the “IRCs”), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and sub-advisory contract renewal process. The Methodology Guide sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Directors periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of all investment

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

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

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

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

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and the Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

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

Economies of Scale

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

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

Fee Schedules, Profitability, and Fall-out Benefits

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

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

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

entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.

The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it provides to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager’s and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2019, November 19, 2019, and/or November 21, 2019 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Solution Aggressive Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the year-to-date, three-year and five-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods

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presented, with the exception of the one-year period, during which it underperformed.

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

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Solution Balanced Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year and ten-year periods, the third quintile for the year-to-date and three-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for the year-to-date, three-year and ten-year periods, and underperformed for the one-year and five-year periods.

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

Voya Solution Conservative Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year and three-year periods, and the third quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the

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

Voya Solution Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year, three-year and ten-year periods, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

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

Voya Solution Moderately Aggressive Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the year-to-date, three-year and five-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board

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

Voya Solution Moderately Conservative Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the three-year and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for the five-year and ten-year periods, underperformed for the one-year and three-year periods, and its performance was equal to the performance of its primary benchmark for the year-to-date period.

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

Voya Solution 2020 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2020 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year period, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it outperformed. In analyzing this performance data, the Board took into account

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Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

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

Voya Solution 2025 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the

five-year period, and the third quintile for the year-to-date, one-year, three-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it outperformed.

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

Voya Solution 2030 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2030 Portfolio, the Board considered that, based on performance data for the

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periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the year-to-date period, the third quintile for the three-year period, and the fourth quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

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

Voya Solution 2035 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and five-year periods, the third quintile for the three-year and ten-year periods, and the fifth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for the one-year, five-year and ten-year periods and outperformed for the year-to-date and three-year periods.

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

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

process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Solution 2040 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the year-to-date and three-year periods, and the fifth quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for the year-to-date and five-year periods, and underperformed for the one-year and three-year periods.

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

Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Solution 2045 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the year-to-date, five-year and ten-year periods, and the fifth quintile for the one-year and three-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; (2) the impact of asset allocation positioning on the Portfolio’s performance; (3) its belief that the Sub-Adviser can improve the Portfolio’s long-term performance; and (4) ongoing periodic monitoring of the Portfolio’s performance by management and the Board or its Investment Review Committee.

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

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

Voya Solution 2050 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the year-to-date period, the fourth quintile for the three-year period, and the fifth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; (2) the impact of asset allocation positioning on the Portfolio’s performance; (3) its belief that the Sub-Adviser can improve the Portfolio’s long-term performance; and (4) ongoing periodic monitoring of the Portfolio’s performance by management and the Board or its Investment Review Committee.

net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of the AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive and the competitiveness of the Solution Portfolios’ expense ratios when compared to peers identified by management.

Voya Solution 2055 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the year-to-date and five-year periods, and the fifth quintile for the one-year and three-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; (2) the impact of asset allocation positioning on the Portfolio’s performance; (3) its belief that the Sub-Adviser can improve the Portfolio’s long-term performance; and (4) ongoing periodic monitoring of the Portfolio’s performance by management and the Board or its Investment Review Committee.

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

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

Voya Solution 2060 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the year-to-date period, and the fifth quintile for the one-year and three-year periods; and (2) the Portfolio outperformed its primary benchmark for the year-to-date period and underperformed for the one-year and three-year periods. In analyzing this performance data, the Board took into

account management’s representations regarding: (1) the impact of asset allocation positioning on the Portfolio’s performance; (2) its belief that the Sub-Adviser can improve the Portfolio’s long-term performance; and (3) ongoing periodic monitoring of the Portfolio’s performance by management and the Board or its Investment Review Committee.

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

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

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

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

Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VSOL (1219-021420)

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Annual Report

December 31, 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 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.

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form 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.

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PRESIDENT’S LETTER

New season, last year’s plot

Dear Shareholder,

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2020

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

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Market Perspective: Year Ended December 31, 2019

On perceived slowing global growth, there was still plenty to worry about.

China’s GDP grew at 6.0% in the third quarter, the smallest advance in 27 years. Industrial production was expanding near the slowest pace in 17 years, retail sales in 16 years.

And as year-end approached, a more positive narrative was increasingly heard. Markets were rising despite trade tensions, sluggish global growth, declining profits and political uncertainties in the U.S. and elsewhere. Perhaps, some commentators ventured, this was a signal that the worst was over. The Phase 1 trade deal was announced, amid some skepticism on the details, as was agreement on USMCA, the replacement for NAFTA. The U.K. government’s emphatic election victory might offer more clarity on Brexit. Central banks were all supportive and some of the economic data were starting to improve.

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.

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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.
		Bloomberg Barclays Long-Term U.S. Treasury Index				This index measures the performance of U.S. Treasury bills with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly.
		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 U.K.® 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.
		S&P Target Date Retirement Income Index				Seeks to represent asset allocations which target an immediate retirement horizon.
		S&P Target Date 2020 Index, S&P Target Date 2025 Index, S&P Target Date 2030 Index, S&P Target Date 2035 Index, S&P Target Date 2040 Index, S&P Target Date 2045 Index, S&P Target Date 2050 Index, S&P Target Date 2055 Index and S&P Target Date 2060+ Index				Each index seeks to represent the market consensus for asset allocations which target an approximate 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and beyond the 2060 retirement horizon, respectively.

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Voya Index Solution Portfolios

Portfolio Managers’ Report

The Voya Index Solution Portfolios consist of Voya Index Solution Income Portfolio, Voya Index Solution 2020 Portfolio*, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, and Voya Index Solution 2060 Portfolio (each a “Portfolio” or collectively, the “Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are passively managed funds (index funds)(1). Each Portfolio uses an asset allocation strategy (“Target Asset Allocation”) designed for investors expecting to retire around the year applicable to that Portfolio. These Target Asset Allocations as of December 31, 2019 are set out in the table below. The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Barbara Reinhard, CFA, Portfolio Managers** of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.

Performance: Each Portfolio’s performance against its respective benchmark can be found on page 6.

All of the Portfolios started the 12-month reporting period with overweight positions in domestic large blend, short duration bonds and long government bonds. These positions were funded by underweight positions in domestic mid-cap, international equities, real estate investment trusts (“REITs”), core U.S. fixed income and high-yield bonds. Three trades were placed in January across the Portfolios. In early January 2019, the Portfolios initiated an underweight to senior loans, lowering their overall credit exposure and realizing gains earned from the solid recovery in the loan market post-December 2018 selloff. In addition, with the U.S. Federal Open Market Committee (“FOMC”) having moved closer to concluding its tightening cycle, in our opinion, the need for a floating rate component was minimized. Proceeds from the sale were moved into short-term bonds. In mid-January, the Portfolios reduced their equity exposure by selling international developed equities for short-term bonds following a meaningful bounce off the December 2018 lows. At the end of January 2019, the Portfolios unwound a portion of their underweight to REITs, funded by selling domestic large cap equities.

In early February, we shortened duration across the Portfolios by swapping long-term Treasuries for core fixed income. The trade was primarily the result of our 10-year bond fair value model signaling over-valuation and a slightly more optimistic economic growth outlook. At the end of March, the Portfolios’ allocation to commodities was eliminated, as their betas became increasingly leveraged to emerging markets, giving them less of a diversifying property than in the past. Proceeds from the sale were used to purchase domestic large-cap equities.

As part of their annual review process, the Portfolios glided down at the end of April and also made adjustments to their strategic asset allocation targets. This was done to reflect revised long-term capital market expectations for a range of asset classes. This resulted in an overall decrease in equities across the 2045 – 2020 Portfolios and changes in the strategic sub-asset allocations. The most notable changes included increased allocations to U.S. large-cap, core fixed income and Treasury Inflation-Protected Securities. These adjustments were funded by decreased allocations to U.S. mid-cap, developed international and emerging market equities and senior loans. During the review, we also removed commodities as a strategic asset class from the Portfolios.

In June, we lowered equity exposure within the 2020 vintage, as the first of a four-part equity glide down to eventually merge the 2020 vintage into the Income vintage on August 7, 2020.

In early August, the Portfolios reduced their allocation to emerging markets equity in favor of domestic large-cap equity. At the time of the trade, FOMC policy indicated less supportive policy action than expected, supporting a stronger U.S. dollar — a historical headwind to emerging markets equities. In the middle of August, the Portfolios reduced their overall equity exposure by selling domestic large-cap in favor of core U.S. fixed income, reflective of expectations for soft industrial data and a lack of support from sentiment measures. This trade was unwound at the beginning of September after having reached its stop-loss range.

In September, the Portfolios increased their exposure to domestic small-cap equity, after being underweight to the asset class over the course of two years. At the time of the trade, underperformance of small-cap equities had reached historical extremes and valuations had become what we believed to be attractive, indicating potential performance reversal. In addition, we felt lower interest rates driven by FOMC policy should be supportive of growth, which is tracked closely by small-cap stocks. The final trade in the third quarter extended duration across the suite as a defensive measure in a volatile market punctuated by oil shocks.

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Portfolio Managers’ Report

Voya Index Solution Portfolios

Three trades were enacted across the Portfolios in October. The first trade reduced the existing duration underweight of the Portfolios through the purchase of long government bonds, funded by intermediate bonds. This positioning reflected our belief that U.S. employment will likely weaken from its current pace, leading to continued easing by the FOMC. The second and third trades of the month sought to diversify the Portfolios’ existing equity overweight, rotating a portion from domestic into both developed international and emerging market equities. At the time of the trades, recent foreign data, such as global Purchasing Manager Indices (“PMIs”), supported the idea that the global economy had stopped slumping and was stabilizing.

During the year, tactical moves relative to our strategic benchmarks had a negative impact across the suite.

Current Strategy and Outlook: After several months of easing in monetary policy from global central banks, the effects are beginning to trickle through to the real economy. For example, in our view, the manufacturing sector is showing signs of life, while consumer demand remains strong. We believe relaxed financial conditions and a robust labor market are likely to keep the marginal improvement trend in place. We view the likelihood of a U.S. recession over the next 12 months as low. We believe that central banks appear willing to provide sufficient liquidity to prolong the cycle, inflation is tame and there are no materially worrisome signs of financial excess.

As a result, we retain our modest overweight to stocks. Third quarter U.S. corporate earnings reports are coming in better than expected, as 75% of S&P 500® Index companies have reported positive earnings per share surprises and 60% have beaten revenue estimates. With profit margins for U.S. large-cap companies well above their long-term average, further gains in S&P 500® Index stocks, we believe, will most likely need to come from revenue growth, or earnings multiple expansion. We are reticent to rely much on top-line growth, given what we see as the lackluster, albeit improving, economic backdrop; yet we see scope for further tightening of the equity risk premium and higher valuations.

That said, the relative advantage U.S. large-caps have held over smaller-cap and foreign stocks is lessening. In our view, multiple financial indicators suggest economic activity is gaining momentum, such as a move-up in global PMIs, strong performance from global semiconductor stocks and high copper prices. Following a long bout of underperformance, non-U.S. stocks are under-owned and relatively cheap, in our opinion. Therefore, we have increased non-U.S. equity beta by rotating our Europe Australasia Far East positioning back to neutral, funded by reducing our U.S. equity overweight. Additionally, supportive Chinese money and credit growth, easy global monetary policy and a range-bound U.S. dollar make us comfortable continuing our emerging market equity exposure.

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2019.

On November 21, 2019, the Board of Directors of Voya Partners, Inc. (the “Board”) approved a proposal to reorganize Voya Index Solution 2020 Portfolio and into Voya Index Solution Income Portfolio on or about August 7, 2020.

Effective September 30, 2019, Barbara Reinhard was added as a portfolio manager to the Portfolios.

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

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

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Voya Index Solution Portfolios

Portfolio Managers’ Report

		Total Returns for the Period Ended December 31, 2019
					1 Year
		Voya Index Solution Income Portfolio, Class S			12.88%
		S&P Target Date Retirement Income Index			13.33%
		Voya Index Solution 2020 Portfolio, Class S			14.93%
		S&P Target Date 2020 Index			16.52%
		Voya Index Solution 2025 Portfolio, Class S			18.46%
		S&P Target Date 2025 Index			18.38%
		Voya Index Solution 2030 Portfolio, Class S			20.67%
		S&P Target Date 2030 Index			20.38%
		Voya Index Solution 2035 Portfolio, Class S			22.36%
		S&P Target Date 2035 Index			22.18%
		Voya Index Solution 2040 Portfolio, Class S			23.53%
		S&P Target Date 2040 Index			23.37%
		Voya Index Solution 2045 Portfolio, Class S			24.55%
		S&P Target Date 2045 Index			24.02%
		Voya Index Solution 2050 Portfolio, Class S			24.94%
		S&P Target Date 2050 Index			24.35%
		Voya Index Solution 2055 Portfolio, Class S			24.94%
		S&P Target Date 2055 Index			24.48%
		Voya Index Solution 2060 Portfolio, Class S			24.87%
		S&P Target Date 2060+ Index			24.73%

Annual Target Asset Allocation as of December 31, 2019(1)
Sub Asset Class	2060		2055		2050		2045		2040		2035		2030		2025		2020		Income
U.S. Large Blend		50.75%		50.75%		50.75%		49.75%		47.75%		44.50%		40.25%		36.50%		23.75%		20.75%
U.S. Mid Cap Blend		5.00%		5.00%		4.50%		4.50%		4.00%		4.00%		3.00%		2.50%		1.00%		0.00%
U.S. Small Cap		4.50%		4.50%		4.50%		4.50%		4.50%		3.50%		3.00%		3.00%		1.00%		1.00%
International		25.00%		25.00%		25.00%		24.00%		22.00%		20.00%		18.00%		13.00%		8.00%		6.00%
Emerging Markets		7.50%		7.50%		7.00%		7.00%		6.50%		6.00%		5.00%		3.50%		2.50%		2.00%
Global Real Estate		2.75%		2.25%		2.25%		2.25%		2.25%		2.00%		1.75%		1.50%		1.25%		1.25%
Core Fixed Income		2.50%		3.00%		4.00%		4.25%		9.00%		10.00%		19.00%		27.75%		39.50%		43.00%
Senior Debt		0.00%		0.00%		0.00%		0.00%		0.00%		2.00%		2.00%		3.00%		3.00%		3.00%
TIPS		0.00%		0.00%		0.00%		0.00%		0.00%		4.00%		4.00%		4.00%		6.00%		7.00%
Short Duration		0.00%		0.00%		0.00%		1.75%		2.00%		2.00%		2.00%		3.25%		12.00%		14.00%
Long Government Bonds		2.00%		2.00%		2.00%		2.00%		2.00%		2.00%		2.00%		2.00%		2.00%		2.00%
Total Equity		95.50%		95.00%		94.00%		92.00%		87.00%		80.00%		71.00%		60.00%		37.50%		31.00%
Total Fixed Income		4.50%		5.00%		6.00%		8.00%		13.00%		20.00%		29.00%		40.00%		62.50%		69.00%
		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%

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As these are target allocations, the actual allocations of each Portfolio’s assets may be deviate from the percentages shown. Although the Portfolios expect to be fully invested at all times, they may maintain liquidity reserves to meet redemption requests.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution Income Portfolio

[MISSING IMAGE: tv536349_lc-solutionincome.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		12.62%		4.06%		5.14%
Class I		13.16%		4.58%		5.68%
Class S		12.88%		4.33%		5.40%
Class S2		12.70%		4.17%		5.26%
Class Z(1)		13.47%		4.78%		5.78%
S&P Target Date Retirement Income Index		13.33%		4.67%		5.50%

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

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

Portfolio holdings are subject to change daily.

(1)

Class Z incepted on May 1, 2015. The Class Z shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

TABLE OF CONTENTS

Voya Index Solution 2020 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536349_lc-index2020.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 October 3, 2011
Class ADV		14.69%		5.35%		7.78%
Class I		15.25%		5.79%		8.26%
Class S		14.93%		5.56%		7.99%
Class S2		14.78%		5.41%		7.87%
Class Z(1)		15.46%		5.97%		8.37%
S&P Target Date 2020 Index		16.52%		6.16%		8.71%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2020 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2025 Portfolio

[MISSING IMAGE: tv536349_lc-index2025.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		18.15%		6.00%		7.35%
Class I		18.78%		6.53%		7.89%
Class S		18.46%		6.27%		7.62%
Class S2		18.23%		6.10%		7.47%
Class Z(1)		19.04%		6.71%		7.98%
S&P Target Date 2025 Index		18.38%		6.73%		8.13%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2030 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536349_lc-index2030.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 October 3, 2011
Class ADV		20.35%		6.87%		9.91%
Class I		21.02%		7.38%		10.44%
Class S		20.67%		7.12%		10.14%
Class S2		20.50%		6.93%		9.98%
Class Z(1)		21.20%		7.52%		10.53%
S&P Target Date 2030 Index		20.38%		7.27%		10.36%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2035 Portfolio

[MISSING IMAGE: tv536349_lc-index2035.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		21.91%		7.08%		8.49%
Class I		22.58%		7.61%		9.02%
Class S		22.36%		7.36%		8.77%
Class S2		22.09%		7.21%		8.61%
Class Z(1)		22.88%		7.83%		9.13%
S&P Target Date 2035 Index		22.18%		7.77%		9.13%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2040 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536349_lc-index2040.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 October 3, 2011
Class ADV		23.19%		7.38%		11.16%
Class I		23.82%		7.88%		11.69%
Class S		23.53%		7.62%		11.41%
Class S2		23.36%		7.46%		11.25%
Class Z(1)		24.08%		8.05%		11.80%
S&P Target Date 2040 Index		23.37%		8.11%		11.51%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2045 Portfolio

[MISSING IMAGE: tv536349_lc-index2045.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		24.29%		7.50%		8.97%
Class I		24.89%		8.04%		9.52%
Class S		24.55%		7.77%		9.24%
Class S2		24.34%		7.61%		9.08%
Class Z(1)		25.17%		8.24%		9.62%
S&P Target Date 2045 Index		24.02%		8.32%		9.67%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2050 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536349_lc-index2050.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 October 3, 2011
Class ADV		24.60%		7.60%		11.36%
Class I		25.21%		8.15%		11.93%
Class S		24.94%		7.91%		11.66%
Class S2		24.69%		7.71%		11.48%
Class Z(1)		25.56%		8.33%		12.04%
S&P Target Date 2050 Index		24.35%		8.49%		12.11%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Index Solution 2055 Portfolio

[MISSING IMAGE: tv536349_lc-index2055.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 March 8, 2010
Class ADV		24.52%		7.54%		9.02%
Class I		25.22%		8.08%		9.57%
Class S		24.94%		7.81%		9.31%
Class S2		24.68%		7.66%		9.14%
Class Z(1)		25.54%		8.29%		9.68%
S&P Target Date 2055 Index		24.48%		8.58%		9.91%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya Index Solution 2060 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv536349_lc-index2060.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		Since Inception of Classes ADV, I, and S February 9, 2015
Class ADV		24.62%		7.76%
Class I		25.32%		8.30%
Class S		24.87%		8.00%
Class S2		24.76%		7.85%
Class Z(1)		25.61%		8.49%
S&P Target Date 2060+ Index		24.73%		8.72%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**
Voya Index Solution Income Portfolio
Class ADV		$	1,000.00		$	1,039.00		0.74%		$	3.80		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,042.30		0.24			1.24			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,040.80		0.49			2.52			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,040.40		0.64			3.29			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,043.80		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2020 Portfolio
Class ADV		$	1,000.00		$	1,043.60		0.73%		$	3.76		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,045.80		0.23			1.19			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,044.80		0.48			2.47			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,043.70		0.63			3.25			1,000.00			1,022.03		0.63			3.21
Class Z			1,000.00			1,046.90		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2025 Portfolio
Class ADV		$	1,000.00		$	1,061.50		0.72%		$	3.74		$	1,000.00		$	1,021.58		0.72%		$	3.67
Class I			1,000.00			1,064.10		0.22			1.14			1,000.00			1,024.10		0.22			1.12
Class S			1,000.00			1,062.00		0.47			2.44			1,000.00			1,022.84		0.47			2.40
Class S2			1,000.00			1,061.80		0.62			3.22			1,000.00			1,022.08		0.62			3.16
Class Z			1,000.00			1,064.40		0.00			0.00			1,000.00			1,025.21		0.00			0.00

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2019**
Voya Index Solution 2030 Portfolio
Class ADV		$	1,000.00		$	1,067.40		0.73%		$	3.80		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,070.70		0.23			1.20			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,068.70		0.48			2.50			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,067.90		0.63			3.28			1,000.00			1,022.03		0.63			3.21
Class Z			1,000.00			1,071.50		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,073.00		0.73%		$	3.81		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,075.20		0.23			1.20			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,074.30		0.48			2.51			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,073.60		0.63			3.29			1,000.00			1,022.03		0.63			3.21
Class Z			1,000.00			1,077.10		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,077.40		0.73%		$	3.82		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,080.40		0.23			1.21			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,078.80		0.48			2.52			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,078.10		0.63			3.30			1,000.00			1,022.03		0.63			3.21
Class Z			1,000.00			1,081.00		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,080.50		0.73%		$	3.83		$	1,000.00		$	1,021.53		0.73%		$	3.72
Class I			1,000.00			1,083.40		0.23			1.21			1,000.00			1,024.05		0.23			1.17
Class S			1,000.00			1,081.90		0.48			2.52			1,000.00			1,022.79		0.48			2.45
Class S2			1,000.00			1,081.40		0.63			3.31			1,000.00			1,022.03		0.63			3.21
Class Z			1,000.00			1,084.40		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,081.40		0.74%		$	3.88		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,083.90		0.24			1.26			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,083.00		0.49			2.57			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,081.50		0.64			3.36			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,085.80		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,081.50		0.74%		$	3.88		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,084.30		0.24			1.26			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,083.60		0.49			2.57			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,082.30		0.64			3.36			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,086.10		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,082.20		0.74%		$	3.88		$	1,000.00		$	1,021.48		0.74%		$	3.77
Class I			1,000.00			1,084.50		0.24			1.26			1,000.00			1,024.00		0.24			1.22
Class S			1,000.00			1,082.90		0.49			2.57			1,000.00			1,022.74		0.49			2.50
Class S2			1,000.00			1,083.20		0.64			3.36			1,000.00			1,021.98		0.64			3.26
Class Z			1,000.00			1,086.30		0.00			0.00			1,000.00			1,025.21		0.00			0.00

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Directors
Voya Partners, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Index Solution Income Portfolio, Voya Index Solution 2020 Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, and Voya Index Solution 2060 Portfolio (the Funds), each a series of Voya Partners, Inc., including the portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We have served as the auditor of one or more Voya investment companies since 1975.

Boston, Massachusetts
February 26, 2020

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	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*		$	388,491,423		$	339,525,438		$	975,785,965		$	564,339,376
Investments in unaffiliated underlying funds at fair value**			53,313,156			57,078,206			126,850,759			58,572,677
Short-term investments at fair value***			32,715,384			16,840,314			—			—
Cash			—			—			1,866,151			798,898
Cash collateral for futures			637,879			420,169			1,219,395			260,206
Receivables:
Investments in affiliated underlying funds sold			—			—			4,534			—
Fund shares sold			887,685			1,567,140			833,485			1,167,173
Dividends			41,186			21,405			183			62
Interest			—			—			143			599
Prepaid expenses			3,288			2,364			6,603			3,192
Reimbursement due from manager			59,137			91,702			147,362			120,807
Other assets			14,261			4,490			21,184			5,799
Total assets			476,163,399			415,551,228			1,106,735,764			625,268,789
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			280,282			994,105			—			1,166,989
Payable for fund shares redeemed			607,402			573,035			838,019			184
Payable for investment management fees			95,833			82,061			208,188			114,327
Payable for distribution and shareholder service fees			66,994			16,441			121,124			20,104
Payable for directors fees			2,320			1,820			4,975			2,586
Payable to directors under the deferred compensation plan (Note 6)			14,261			4,490			21,184			5,799
Other accrued expenses and liabilities			71,066			28,369			89,963			24,684
Total liabilities			1,138,158			1,700,321			1,283,453			1,334,673
NET ASSETS		$	475,025,241		$	413,850,907		$	1,105,452,311		$	623,934,116
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	443,532,009		$	381,636,105		$	992,523,797		$	560,039,231
Total distributable earnings			31,493,232			32,214,802			112,928,514			63,894,885
NET ASSETS		$	475,025,241		$	413,850,907		$	1,105,452,311		$	623,934,116
* Cost of investments in affiliated underlying funds		$	368,015,429		$	321,932,825		$	907,734,201		$	529,948,802
** Cost of investments in unaffiliated underlying funds		$	51,826,468		$	55,933,343		$	124,161,729		$	57,071,293
*** Cost of short-term investments		$	32,715,384		$	16,840,314		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (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		$	81,026,574		$	29,015,437		$	193,477,115		$	36,621,375
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			7,685,997			2,152,175			17,246,294			2,303,997
Net asset value and redemption price per share		$	10.54		$	13.48		$	11.22		$	15.89
Class I
Net assets		$	18,652,928		$	7,052,398		$	60,503,628		$	8,674,129
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			1,723,763			509,092			5,257,744			530,008
Net asset value and redemption price per share		$	10.82		$	13.85		$	11.51		$	16.37
Class S
Net assets		$	136,384,555		$	8,103,073		$	133,118,194		$	14,569,510
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			12,731,519			586,395			11,698,107			896,903
Net asset value and redemption price per share		$	10.71		$	13.82		$	11.38		$	16.24
Class S2
Net assets		$	8,386,901		$	8,696,091		$	32,858,694		$	5,688,220
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			800,482			634,802			2,941,212			355,093
Net asset value and redemption price per share		$	10.48		$	13.70		$	11.17		$	16.02
Class Z
Net assets		$	230,574,283		$	360,983,908		$	685,494,680		$	558,380,882
Shares authorized			100,000,000			100,000,000			300,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			21,097,742			25,813,379			58,992,306			33,874,235
Net asset value and redemption price per share		$	10.93		$	13.98		$	11.62		$	16.48

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	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*		$	977,381,756		$	450,562,888		$	716,061,807		$	316,837,295
Investments in unaffiliated underlying funds at fair value**			104,060,100			19,009,629			28,715,253			6,860,200
Cash			1,865,599			702,954			1,857,570			749,299
Cash collateral for futures			545,919			316,578			733,710			309,576
Receivables:
Investments in affiliated underlying funds sold			274,035			—			1,550,937			—
Fund shares sold			1,326,070			607,015			282,998			329,314
Dividends			139			46			53			23
Interest			1,078			385			1,068			420
Prepaid expenses			6,097			2,280			4,158			1,492
Reimbursement due from manager			140,576			91,228			88,583			53,632
Other assets			18,645			3,985			12,281			2,554
Total assets			1,085,620,014			471,296,988			749,308,418			325,143,805
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			607,015			—			139,911
Payable for fund shares redeemed			1,600,105			—			1,833,935			189,402
Payable for investment management fees			199,319			81,058			129,967			54,794
Payable for distribution and shareholder service fees			114,269			13,498			79,852			10,691
Payable for directors fees			4,697			1,896			3,229			1,272
Payable to directors under the deferred compensation plan (Note 6)			18,645			3,985			12,281			2,554
Other accrued expenses and liabilities			71,221			31,257			45,415			26,276
Total liabilities			2,008,256			738,709			2,104,679			424,900
NET ASSETS		$	1,083,611,758		$	470,558,279		$	747,203,739		$	324,718,905
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	949,774,992		$	418,822,207		$	649,923,675		$	288,776,555
Total distributable earnings			133,836,766			51,736,072			97,280,064			35,942,350
NET ASSETS		$	1,083,611,758		$	470,558,279		$	747,203,739		$	324,718,905
* Cost of investments in affiliated underlying funds		$	896,310,934		$	422,441,013		$	657,308,295		$	296,724,044
** Cost of investments in unaffiliated underlying funds		$	101,874,492		$	18,332,105		$	27,651,007		$	6,440,853

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (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		$	186,454,629		$	24,422,080		$	134,330,774		$	17,450,271
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			15,902,786			1,453,226			11,039,369			1,015,588
Net asset value and redemption price per share		$	11.72		$	16.81		$	12.17		$	17.18
Class I
Net assets		$	64,433,464		$	5,831,769		$	53,784,265		$	6,366,948
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			5,341,081			337,543			4,266,637			362,089
Net asset value and redemption price per share		$	12.06		$	17.28		$	12.61		$	17.58
Class S
Net assets		$	110,305,032		$	11,372,327		$	74,022,317		$	10,884,533
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			9,261,878			659,773			5,965,420			620,940
Net asset value and redemption price per share		$	11.91		$	17.24		$	12.41		$	17.53
Class S2
Net assets		$	33,876,689		$	2,895,514		$	20,383,859		$	3,072,098
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			2,893,580			170,548			1,672,800			177,954
Net asset value and redemption price per share		$	11.71		$	16.98		$	12.19		$	17.26
Class Z			��
Net assets		$	688,541,944		$	426,036,589		$	464,682,524		$	286,945,055
Shares authorized			300,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			56,456,147			24,439,391			36,476,701			16,187,924
Net asset value and redemption price per share		$	12.20		$	17.43		$	12.74		$	17.73

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	341,340,559		$	102,804,400
Investments in unaffiliated underlying funds at fair value**			7,491,688			6,288,154
Cash			935,072			177,968
Cash collateral for futures			341,046			—
Receivables:
Investments in affiliated underlying funds sold			220,878			—
Fund shares sold			579,542			343,958
Dividends			17			10
Interest			550			91
Prepaid expenses			1,742			399
Reimbursement due from manager			40,679			14,047
Other assets			4,257			673
Total assets			350,956,030			109,629,700
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			—			75,163
Payable for fund shares redeemed			800,420			268,795
Payable for investment management fees			59,613			23,487
Payable for distribution and shareholder service fees			34,704			5,723
Payable for directors fees			1,431			386
Payable to directors under the deferred compensation plan (Note 6)			4,257			673
Other accrued expenses and liabilities			28,028			12,707
Total liabilities			928,453			386,934
NET ASSETS		$	350,027,577		$	109,242,766
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	307,653,020		$	98,295,078
Total distributable earnings			42,374,557			10,947,688
NET ASSETS		$	350,027,577		$	109,242,766
* Cost of investments in affiliated underlying funds		$	315,698,451		$	96,653,594
** Cost of investments in unaffiliated underlying funds		$	7,037,686		$	6,165,431

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
Class ADV
Net assets		$	54,377,994		$	9,575,908
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			3,416,871			719,458
Net asset value and redemption price per share		$	15.91		$	13.31
Class I
Net assets		$	31,202,351		$	7,603,318
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,910,360			561,150
Net asset value and redemption price per share		$	16.33		$	13.55
Class S
Net assets		$	35,423,117		$	5,692,639
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			2,196,339			424,414
Net asset value and redemption price per share		$	16.13		$	13.41
Class S2
Net assets		$	11,439,471		$	1,545,013
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			715,486			115,601
Net asset value and redemption price per share		$	15.99	��	$	13.37
Class Z
Net assets		$	217,584,644		$	84,825,888
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			13,181,729			6,206,418
Net asset value and redemption price per share		$	16.51		$	13.67

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Index Solution Income Portfolio			Voya Index Solution 2020 Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	8,531,100		$	6,700,784		$	19,414,064		$	10,389,490
Dividends from unaffiliated underlying funds			2,065,096			1,661,144			3,652,492			1,497,496
Interest			23,553			8,059			47,514			21,476
Total investment income			10,619,749			8,369,987			23,114,070			11,908,462
EXPENSES:
Investment management fees			1,098,385			854,258			2,230,943			1,126,757
Distribution and shareholder service fees:
Class ADV			425,352			135,353			981,709			155,744
Class S			356,760			23,903			324,518			33,773
Class S2			39,206			25,393			118,117			17,134
Transfer agent fees			1,084			777			1,278			1,070
Shareholder reporting expense			16,790			17,358			21,500			17,755
Registration fees			—			3,319			4,105			5,899
Professional fees			38,040			42,241			80,458			43,394
Custody and accounting expense			26,190			21,874			58,080			28,296
Directors fees			18,557			14,557			39,798			20,686
Miscellaneous expense			24,091			16,581			31,476			18,107
Interest expense			279			204			468			53
Total expenses			2,044,734			1,155,818			3,892,450			1,468,668
Waived and reimbursed fees			(596,210)			(849,232)			(1,540,459)			(1,120,962)
Net expenses			1,448,524			306,586			2,351,991			347,706
Net investment income			9,171,225			8,063,401			20,762,079			11,560,756
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			5,009,536			2,127,550			10,389,197			4,387,670
Sale of unaffiliated underlying funds			(1,057,058)			(124,016)			(1,815,472)			(493,422)
Capital gain distributions from affiliated underlying funds			5,309,506			6,726,668			26,210,571			15,477,515
Futures			(741,486)			(915,699)			(2,634,693)			(1,341,349)
Net realized gain			8,520,498			7,814,503			32,149,603			18,030,414
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			34,159,938			31,947,253			106,193,701			62,870,501
Unaffiliated underlying funds			5,794,743			3,214,184			8,896,473			3,643,388
Futures			(759,711)			(602,545)			(931,417)			(441,929)
Net change in unrealized appreciation (depreciation)			39,194,970			34,558,892			114,158,757			66,071,960
Net realized and unrealized gain			47,715,468			42,373,395			146,308,360			84,102,374
Increase in net assets resulting from operations		$	56,886,693		$	50,436,796		$	167,070,439		$	95,663,130

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Index Solution 2035 Portfolio			Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	18,120,333		$	7,766,947		$	12,904,298		$	5,314,200
Dividends from unaffiliated underlying funds			3,290,115			750,061			1,104,091			353,448
Interest			40,236			15,422			27,395			9,685
Total investment income			21,450,684			8,532,430			14,035,784			5,677,333
EXPENSES:
Investment management fees			2,052,430			794,959			1,345,672			521,598
Distribution and shareholder service fees:
Class ADV			925,117			101,633			656,836			73,899
Class S			270,321			25,622			181,856			24,311
Class S2			124,730			9,869			74,175			10,340
Transfer agent fees			1,437			933			1,227			664
Shareholder reporting expense			17,811			14,775			13,870			15,318
Registration fees			4,429			5,057			3,596			3,897
Professional fees			73,124			38,270			54,750			22,808
Custody and accounting expense			59,955			29,044			45,785			20,387
Directors fees			37,577			15,164			25,832			10,181
Miscellaneous expense			29,060			15,434			19,054			10,691
Interest expense			387			—			—			—
Total expenses			3,596,378			1,050,760			2,422,653			714,094
Waived and reimbursed fees			(1,376,072)			(818,307)			(872,448)			(526,114)
Net expenses			2,220,306			232,453			1,550,205			187,980
Net investment income			19,230,378			8,299,977			12,485,579			5,489,353
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			10,812,612			2,624,076			6,698,556			886,132
Sale of unaffiliated underlying funds			(1,392,172)			(312,351)			(986,556)			(114,925)
Capital gain distributions from affiliated underlying funds			32,060,786			13,831,114			25,199,282			10,052,015
Futures			(2,590,995)			(870,287)			(1,709,002)			(615,291)
Net realized gain			38,890,231			15,272,552			29,202,280			10,207,931
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			121,924,589			52,810,958			94,111,640			38,615,796
Unaffiliated underlying funds			7,037,371			1,972,161			3,709,085			949,027
Futures			(788,059)			(223,249)			(318,184)			(151,713)
Net change in unrealized appreciation (depreciation)			128,173,901			54,559,870			97,502,541			39,413,110
Net realized and unrealized gain			167,064,132			69,832,422			126,704,821			49,621,041
Increase in net assets resulting from operations		$	186,294,510		$	78,132,399		$	139,190,400		$	55,110,394

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	5,893,326		$	1,597,827
Dividends from unaffiliated underlying funds			391,717			173,597
Interest			11,424			223
Total investment income			6,296,467			1,771,647
EXPENSES:
Investment management fees			586,560			161,410
Distribution and shareholder service fees:
Class ADV			260,697			38,554
Class S			80,930			11,071
Class S2			39,538			4,919
Transfer agent fees			929			592
Shareholder reporting expense			12,775			12,837
Registration fees			2,868			1,262
Professional fees			25,553			10,075
Custody and accounting expense			22,889			11,553
Directors fees			11,445			3,085
Miscellaneous expense			11,042			8,850
Total expenses			1,055,226			264,208
Waived and reimbursed fees			(390,422)			(164,735)
Net expenses			664,804			99,473
Net investment income			5,631,663			1,672,174
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			2,143,354			35,544
Sale of unaffiliated underlying funds			(230,880)			30,982
Capital gain distributions from affiliated underlying funds			11,531,437			3,134,262
Futures			(765,487)			—
Net realized gain			12,678,424			3,200,788
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			42,616,316			11,314,884
Unaffiliated underlying funds			1,213,256			215,567
Futures			(147,327)			—
Net change in unrealized appreciation (depreciation)			43,682,245			11,530,451
Net realized and unrealized gain			56,360,669			14,731,239
Increase in net assets resulting from operations		$	61,992,332		$	16,403,413

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution Income Portfolio						Voya Index Solution 2020 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	9,171,225		$	9,319,936		$	8,063,401		$	6,285,465
Net realized gain			8,520,498			6,528,525			7,814,503			7,209,202
Net change in unrealized appreciation (depreciation)			39,194,970			(30,357,701)			34,558,892			(25,265,774)
Increase (decrease) in net assets resulting from operations			56,886,693			(14,509,240)			50,436,796			(11,771,107)
FROM DISTRIBUTIONS TO SHAREHOLDERS:													��
Total distributions (excluding return of capital):
Class ADV			(2,575,512)			(3,141,436)			(1,033,955)			(956,903)
Class I			(711,876)			(800,450)			(285,814)			(286,342)
Class S			(4,823,540)			(5,392,426)			(287,380)			(423,433)
Class S2			(293,428)			(383,617)			(244,252)			(122,211)
Class Z			(7,575,291)			(6,821,212)			(13,430,758)			(9,630,042)
Total distributions			(15,979,647)			(16,539,141)			(15,282,159)			(11,418,931)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			71,484,449			75,068,904			119,152,070			110,461,933
Reinvestment of distributions			15,979,647			16,539,141			15,282,159			11,418,931
			87,464,096			91,608,045			134,434,229			121,880,864
Cost of shares redeemed			(97,832,372)			(100,347,966)			(56,184,080)			(44,434,515)
Net increase (decrease) in net assets resulting from capital share transactions			(10,368,276)			(8,739,921)			78,250,149			77,446,349
Net increase (decrease) in net assets			30,538,770			(39,788,302)			113,404,786			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		$	475,025,241		$	444,486,471		$	413,850,907		$	300,446,121

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2025 Portfolio						Voya Index Solution 2030 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	20,762,079		$	17,418,491		$	11,560,756		$	8,276,283
Net realized gain			32,149,603			32,119,663			18,030,414			15,118,642
Net change in unrealized appreciation (depreciation)			114,158,757			(94,219,458)			66,071,960			(48,739,583)
Increase (decrease) in net assets resulting from operations			167,070,439			(44,681,304)			95,663,130			(25,344,658)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(9,444,733)			(7,866,273)			(1,389,077)			(919,660)
Class I			(3,130,351)			(2,326,597)			(357,097)			(221,300)
Class S			(6,676,575)			(5,065,217)			(596,130)			(396,823)
Class S2			(1,517,211)			(971,219)			(238,292)			(48,650)
Class Z			(32,027,968)			(17,452,190)			(21,967,828)			(11,687,273)
Total distributions			(52,796,838)			(33,681,496)			(24,548,424)			(13,273,706)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			215,596,514			185,108,981			172,683,194			147,534,189
Reinvestment of distributions			52,796,838			33,681,496			24,548,424			13,273,706
			268,393,352			218,790,477			197,231,618			160,807,895
Cost of shares redeemed			(129,159,106)			(137,799,543)			(39,594,711)			(34,347,759)
Net increase in net assets resulting from capital share transactions			139,234,246			80,990,934			157,636,907			126,460,136
Net increase in net assets			253,507,847			2,628,134			228,751,613			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		$	1,105,452,311		$	851,944,464		$	623,934,116		$	395,182,503

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

��

	Voya Index Solution 2035 Portfolio							Voya Index Solution 2040 Portfolio
	Year Ended December 31, 2019				Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	19,230,378			$	15,332,188		$	8,299,977		$	5,349,528
Net realized gain			38,890,231				34,990,839			15,272,552			12,298,412
Net change in unrealized appreciation (depreciation)			128,173,901				(107,446,205)			54,559,870			(39,751,923)
Increase (decrease) in net assets resulting from operations			186,294,510				(57,123,178)			78,132,399			(22,103,983)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(9,351,556)				(7,461,570)			(944,613)			(505,650)
Class I			(3,201,072)				(2,310,284)			(214,734)			(116,176)
Class S			(5,875,369)				(4,099,685)			(462,330)			(271,036)
Class S2			(1,545,029)				(1,112,359)			(118,389)			(56,322)
Class Z			(32,118,650)				(16,743,315)			(16,464,473)			(7,459,687)
Total distributions			(52,091,676)				(31,727,213)			(18,204,539)			(8,408,871)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			237,452,242				190,382,506			144,976,166			122,526,046
Reinvestment of distributions			52,091,676				31,727,213			18,204,539			8,408,871
			289,543,918				222,109,719			163,180,705			130,934,917
Cost of shares redeemed			(110,295,595)				(122,752,480)			(25,057,448)			(21,228,147)
Net increase in net assets resulting from capital share transactions			179,248,323	��			99,357,239			138,123,257			109,706,770
Net increase in net assets			313,451,157				10,506,848			198,051,117			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		$	1,083,611,758			$	770,160,601		$	470,558,279		$	272,507,162

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2045 Portfolio						Voya Index Solution 2050 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	12,485,579		$	9,652,843		$	5,489,353		$	3,232,124
Net realized gain			29,202,280			28,215,966			10,207,931			8,017,108
Net change in unrealized appreciation (depreciation)			97,502,541			(84,469,881)			39,413,110			(27,506,955)
Increase (decrease) in net assets resulting from operations			139,190,400			(46,601,072)			55,110,394			(16,257,723)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(7,369,585)			(5,250,526)			(639,345)			(337,544)
Class I			(2,733,025)			(1,842,140)			(206,350)			(115,790)
Class S			(4,239,765)			(2,853,544)			(410,826)			(243,786)
Class S2			(1,070,837)			(582,513)			(113,385)			(56,506)
Class Z			(22,826,868)			(10,755,975)			(10,045,779)			(4,286,340)
Total distributions			(38,240,080)			(21,284,698)			(11,415,685)			(5,039,966)
FROM CAPITAL SHARE TRANSACTIONS:					��
Net proceeds from sale of shares			161,741,859			140,674,726			106,664,469			87,393,326
Reinvestment of distributions			38,240,080			21,284,698			11,415,685			5,039,966
			199,981,939			161,959,424			118,080,154			92,433,292
Cost of shares redeemed			(74,762,682)			(84,342,501)			(15,101,324)			(11,291,117)
Net increase in net assets resulting from capital share transactions			125,219,257			77,616,923			102,978,830			81,142,175
Net increase in net assets			226,169,577			9,731,153			146,673,539			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		$	747,203,739		$	521,034,162		$	324,718,905		$	178,045,366

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2055 Portfolio						Voya Index Solution 2060 Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	5,631,663		$	3,680,264		$	1,672,174		$	759,636
Net realized gain			12,678,424			11,566,623			3,200,788			1,719,184
Net change in unrealized appreciation (depreciation)			43,682,245			(35,206,061)			11,530,451			(6,713,250)
Increase (decrease) in net assets resulting from operations			61,992,332			(19,959,174)			16,403,413			(4,234,430)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(2,502,162)			(1,669,989)			(242,830)			(193,157)
Class I			(1,263,096)			(712,946)			(159,806)			(80,758)
Class S			(1,646,898)			(943,356)			(147,396)			(96,290)
Class S2			(499,112)			(237,947)			(41,350)			(19,991)
Class Z			(8,817,712)			(3,421,598)			(2,083,235)			(916,901)
Total distributions			(14,728,980)			(6,985,836)			(2,674,617)			(1,307,097)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			104,869,051			84,132,987			53,468,952			31,183,132
Reinvestment of distributions			14,728,980			6,985,836			2,674,617			1,307,097
			119,598,031			91,118,823			56,143,569			32,490,229
Cost of shares redeemed			(31,452,413)			(30,010,200)			(6,457,877)			(5,603,938)
Net increase in net assets resulting from capital share transactions			88,145,618			61,108,623			49,685,692			26,886,291
Net increase in net assets			135,408,970			34,163,613			63,414,488			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		$	350,027,577		$	214,618,607		$	109,242,766		$	45,828,278

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution Income Portfolio
Class ADV
12-31-19		9.66		0.16•		1.05		1.21		0.18		0.15		—		0.33		—		10.54		12.62		0.76		0.74		0.74		1.52		81,027		38
12-31-18		10.34		0.16•		(0.51)		(0.35)		0.17		0.16		—		0.33		—		9.66		(3.50)		0.77		0.71		0.71		1.59		87,697		38
12-31-17		9.71		0.16•		0.68		0.84		0.16		0.05		—		0.21		—		10.34		8.69		0.76		0.68		0.68		1.64		110,507		32
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
Class I
12-31-19		9.92		0.21•		1.08		1.29		0.24		0.15		—		0.39		—		10.82		13.16		0.26		0.24		0.24		2.02		18,653		38
12-31-18		10.62		0.23		(0.54)		(0.31)		0.23		0.16		—		0.39		—		9.92		(3.04)		0.27		0.21		0.21		2.11		21,140		38
12-31-17		9.96		0.22•		0.71		0.93		0.22		0.05		—		0.27		—		10.62		9.36		0.26		0.18		0.18		2.11		22,916		32
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
Class S
12-31-19		9.82		0.19•		1.06		1.25		0.21		0.15		—		0.36		—		10.71		12.88		0.51		0.49		0.49		1.78		136,385		38
12-31-18		10.51		0.19•		(0.52)		(0.33)		0.20		0.16		—		0.36		—		9.82		(3.25)		0.52		0.46		0.46		1.84		140,647		38
12-31-17		9.86		0.19•		0.70		0.89		0.19		0.05		—		0.24		—		10.51		9.06		0.51		0.43		0.43		1.89		168,730		32
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
Class S2
12-31-19		9.61		0.16•		1.05		1.21		0.19		0.15		—		0.34		—		10.48		12.70		0.66		0.64		0.64		1.55		8,387		38
12-31-18		10.29		0.19•		(0.52)		(0.33)		0.19		0.16		—		0.35		—		9.61		(3.39)		0.67		0.61		0.61		1.85		16,240		38
12-31-17		9.66		0.18•		0.68		0.86		0.18		0.05		—		0.23		—		10.29		8.89		0.66		0.58		0.58		1.75		12,928		32
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
Class Z
12-31-19		9.99		0.25•		1.08		1.33		0.24		0.15		—		0.39		—		10.93		13.47		0.26		0.00*		0.00*		2.32		230,574		38
12-31-18		10.67		0.24•		(0.53)		(0.29)		0.23		0.16		—		0.39		—		9.99		(2.83)		0.27		0.00*		0.00*		2.33		178,763		38
12-31-17		9.99		0.25•		0.70		0.95		0.22		0.05		—		0.27		—		10.67		9.54		0.26		0.00*		0.00*		2.45		169,194		32
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
12-31-19		12.22		0.19		1.58		1.77		0.18		0.33		—		0.51		—		13.48		14.69		0.77		0.73		0.73		1.55		29,015		44
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

				Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
		Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended		($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2020 Portfolio (continued)
Class I
12-31-19			12.54		0.27•		1.62		1.89		0.25		0.33		—		0.58		—		13.85		15.25		0.27		0.23		0.23		2.02		7,052		44
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
Class S
12-31-19			12.50		0.22•		1.62		1.84		0.19		0.33		—		0.52		—		13.82		14.93		0.52		0.48		0.48		1.68		8,103		44
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
Class S2
12-31-19			12.43		0.23•		1.58		1.81		0.21		0.33		—		0.54		—		13.70		14.78		0.67		0.63		0.63		1.73		8,696		44
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
Class Z
12-31-19			12.63		0.31•		1.62		1.93		0.25		0.33		—		0.58		—		13.98		15.46		0.27		0.00*		0.00*		2.30		360,984		44
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
12-31-19			9.99		0.17•		1.61		1.78		0.16		0.39		—		0.55		—		11.22		18.15		0.75		0.72		0.72		1.55		193,477		28
12-31-18	��		10.94		0.17•		(0.73)		(0.56)		0.14		0.25		—		0.39		—		9.99		(5.37)		0.76		0.70		0.70		1.53		196,102		35
12-31-17			9.89		0.15•		1.25		1.40		0.14		0.21		—		0.35		—		10.94		14.32		0.76		0.68		0.68		1.44		232,790		32
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
Class I
12-31-19			10.24		0.23•		1.65		1.88		0.22		0.39		—		0.61		—		11.51		18.78		0.25		0.22		0.22		2.07		60,504		28
12-31-18			11.21		0.23		(0.76)		(0.53)		0.19		0.25		—		0.44		—		10.24		(4.94)		0.26		0.20		0.20		2.06		56,645		35
12-31-17			10.13		0.21•		1.27		1.48		0.19		0.21		—		0.40		—		11.21		14.84		0.26		0.18		0.18		1.94		60,664		32
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions																Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains			From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period			Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)			($)		($)		($)		($)			(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2025 Portfolio (continued)
Class S
12-31-19		10.13		0.21		1.62		1.83		0.19		0.39			—		0.58		—			11.38		18.46		0.50		0.47		0.47		1.82		133,118		28
12-31-18		11.09		0.19•		(0.74)		(0.55)		0.16		0.25			—		0.41		—			10.13		(5.17)		0.51		0.45		0.45		1.78		120,905		35
12-31-17		10.02		0.18•		1.26		1.44		0.16		0.21			—		0.37		—			11.09		14.62		0.51		0.43		0.43		1.69		149,827		32
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
Class S2
12-31-19		9.96		0.18•		1.60		1.78		0.18		0.39			—		0.57		—			11.17		18.23		0.65		0.62		0.62		1.70		32,859		28
12-31-18		10.90		0.17•		(0.72)		(0.55)		0.14		0.25			—		0.39		—			9.96		(5.29)		0.66		0.60		0.60		1.61		26,038		35
12-31-17		9.86		0.16•		1.24		1.40		0.15		0.21			—		0.36		—			10.90		14.41		0.66		0.58		0.58		1.55		34,197		32
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
Class Z
12-31-19		10.31		0.26•		1.66		1.92		0.22		0.39			—		0.61		—			11.62		19.04		0.25		0.00*		0.00*		2.35		685,495		28
12-31-18		11.26		0.26•		(0.77)		(0.51)		0.19		0.25			—		0.44		—			10.31		(4.74)		0.26		0.00*		0.00*		2.31		452,255		35
12-31-17		10.16		0.25•		1.25		1.50		0.19		0.21			—		0.40		—			11.26		15.00		0.26		0.00*		0.00*		2.31		371,838		32
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
12-31-19		13.81		0.23•		2.53		2.76		0.20		0.48			—		0.68		—			15.89		20.35		0.74		0.73		0.73		1.55		36,621		29
12-31-18		15.28		0.24•		(1.21)		(0.97)		0.15		0.35			—		0.50		—			13.81		(6.60)		0.75		0.70		0.70		1.61		27,143		33
12-31-17		13.22		0.21•		1.98		2.19		0.05		0.08			—		0.13		—			15.28		16.62		0.76		0.69		0.69		1.48		20,939		32
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
Class I
12-31-19		14.19		0.31•		2.61		2.92		0.26		0.48			—		0.74		—			16.37		21.02		0.24		0.23		0.23		2.01		8,674		29
12-31-18		15.65		0.31•		(1.23)		(0.92)		0.19		0.35			—		0.54		—			14.19		(6.11)		0.25		0.20		0.20		2.03		6,304		33
12-31-17		13.50		0.31•		1.99		2.30		0.07		0.08			—		0.15		—			15.65		17.14		0.26		0.19		0.19		2.10		4,953		32
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
Class S
12-31-19		14.09		0.28•		2.58		2.86		0.23		0.48			—		0.71		—			16.24		20.67		0.49		0.48		0.48		1.79		14,570		29
12-31-18		15.56		0.28		(1.24)		(0.96)		0.16		0.35			—		0.51		—			14.09		(6.40)		0.50		0.45		0.45		1.77		11,224		33
12-31-17		13.44		0.27•		1.99		2.26		0.06		0.08			—		0.14		—			15.56		16.91		0.51		0.44		0.44		1.82		12,320		32
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2030 Portfolio (continued)
Class S2
12-31-19		13.94		0.27•		2.53		2.80		0.24		0.48		—		0.72		—		16.02		20.50		0.64		0.63		0.63		1.77		5,688		29
12-31-18		15.37		0.26•		(1.22)		(0.96)		0.12		0.35		—		0.47		—		13.94		(6.47)		0.65		0.60		0.60		1.74		2,239		33
12-31-17		13.29		0.22•		1.99		2.21		0.05		0.08		—		0.13		—		15.37		16.69		0.66		0.59		0.59		1.54		1,800		32
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
Class Z
12-31-19		14.26		0.36•		2.60		2.96		0.26		0.48		—		0.74		—		16.48		21.20		0.24		0.00*		0.00*		2.30		558,381		29
12-31-18		15.69		0.36•		(1.25)		(0.89)		0.19		0.35		—		0.54		—		14.26		(5.90)		0.25		0.00*		0.00*		2.29		348,273		33
12-31-17		13.51		0.35•		1.98		2.33		0.07		0.08		—		0.15		—		15.69		17.35		0.26		0.00*		0.00*		2.36		267,328		32
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
12-31-19		10.14		0.17•		2.00		2.17		0.15		0.44		—		0.59		—		11.72		21.91		0.74		0.73		0.73		1.51		186,455		28
12-31-18		11.34		0.16•		(0.94)		(0.78)		0.13		0.29		—		0.42		—		10.14		(7.26)		0.75		0.70		0.70		1.45		176,145		33
12-31-17		9.98		0.15•		1.61		1.76		0.13		0.27		—		0.40		—		11.34		17.95		0.76		0.68		0.68		1.37		215,074		25
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
Class I
12-31-19		10.42		0.24		2.05		2.29		0.21		0.44		—		0.65		—		12.06		22.58		0.24		0.23		0.23		2.00		64,433		28
12-31-18		11.65		0.22		(0.98)		(0.76)		0.18		0.29		—		0.47		—		10.42		(6.86)		0.25		0.20		0.20		1.99		55,982		33
12-31-17		10.23		0.20		1.68		1.88		0.19		0.27		—		0.46		—		11.65		18.65		0.26		0.18		0.18		1.89		58,021		25
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
Class S
12-31-19		10.29		0.21		2.03		2.24		0.18		0.44		—		0.62		—		11.91		22.36		0.49		0.48		0.48		1.76		110,305		28
12-31-18		11.51		0.19•		(0.97)		(0.78)		0.15		0.29		—		0.44		—		10.29		(7.12)		0.50		0.45		0.45		1.70		96,259		33
12-31-17		10.11		0.17•		1.66		1.83		0.16		0.27		—		0.43		—		11.51		18.39		0.51		0.43		0.43		1.61		121,702		25
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
Class S2
12-31-19		10.13		0.18•		2.00		2.18		0.16		0.44		—		0.60		—		11.71		22.09		0.64		0.63		0.63		1.62		33,877		28
12-31-18		11.32		0.17•		(0.94)		(0.77)		0.13		0.29		—		0.42		—		10.13		(7.14)		0.65		0.60		0.60		1.52		29,751		33
12-31-17		9.96		0.16		1.62		1.78		0.15		0.27		—		0.42		—		11.32		18.14		0.66		0.58		0.58		1.50		37,316		25
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2035 Portfolio (continued)
Class Z
12-31-19		10.51		0.27•		2.07		2.34		0.21		0.44		—		0.65		—		12.20		22.88		0.24		0.00*		0.00*		2.31		688,542		28
12-31-18		11.72		0.26•		(1.00)		(0.74)		0.18		0.29		—		0.47		—		10.51		(6.64)		0.25		0.00*		0.00*		2.24		412,024		33
12-31-17		10.27		0.25•		1.66		1.91		0.19		0.27		—		0.46		—		11.72		18.88		0.26		0.00*		0.00*		2.26		327,540		25
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
12-31-19		14.29		0.24•		3.01		3.25		0.19		0.54		—		0.73		—		16.81		23.19		0.74		0.73		0.73		1.48		24,422		23
12-31-18		16.00		0.23•		(1.45)		(1.22)		0.13		0.36		—		0.49		—		14.29		(7.94)		0.75		0.71		0.71		1.48		15,441		30
12-31-17		13.57		0.21•		2.36		2.57		0.05		0.09		—		0.14		—		16.00		19.05		0.77		0.68		0.68		1.44		11,117		29
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
Class I
12-31-19		14.65		0.32•		3.09		3.41		0.24		0.54		—		0.78		—		17.28		23.82		0.24		0.23		0.23		1.95		5,832		23
12-31-18		16.36		0.32•		(1.50)		(1.18)		0.17		0.36		—		0.53		—		14.65		(7.53)		0.25		0.21		0.21		1.97		3,952		30
12-31-17		13.82		0.32•		2.38		2.70		0.07		0.09		—		0.16		—		16.36		19.68		0.27		0.18		0.18		2.12		2,612		29
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
Class S
12-31-19		14.62		0.28•		3.09		3.37		0.21		0.54		—		0.75		—		17.24		23.53		0.49		0.48		0.48		1.71		11,372		23
12-31-18		16.33		0.26		(1.47)		(1.21)		0.14		0.36		—		0.50		—		14.62		(7.73)		0.50		0.46		0.46		1.64		7,981		30
12-31-17		13.82		0.25•		2.41		2.66		0.06		0.09		—		0.15		—		16.33		19.39		0.52		0.43		0.43		1.64		8,832		29
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
Class S2
12-31-19		14.42		0.24•		3.06		3.30		0.20		0.54		—		0.74		—		16.98		23.36		0.64		0.63		0.63		1.51		2,896		23
12-31-18		16.13		0.23•		(1.46)		(1.23)		0.12		0.36		—		0.48		—		14.42		(7.90)		0.65		0.61		0.61		1.47		1,905		30
12-31-17		13.67		0.23•		2.38		2.61		0.06		0.09		—		0.15		—		16.13		19.21		0.67		0.58		0.58		1.50		1,688		29
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
Class Z
12-31-19		14.74		0.37•		3.10		3.47		0.24		0.54		—		0.78		—		17.43		24.08		0.24		0.00*		0.00*		2.25		426,037		23
12-31-18		16.42		0.36•		(1.51)		(1.15)		0.17		0.36		—		0.53		—		14.74		(7.32)		0.25		0.00*		0.00*		2.22		243,229		30
12-31-17		13.85		0.34•		2.39		2.73		0.07		0.09		—		0.16		—		16.42		19.86		0.27		0.00*		0.00*		2.21		169,065		29
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

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations							Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)			($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2045 Portfolio
Class ADV
12-31-19		10.38		0.16•		2.29		2.45			0.14		0.52		—		0.66		—		12.17		24.29		0.73		0.73		0.73		1.39		134,331		24
12-31-18		11.79		0.15•		(1.13)		(0.98)			0.11		0.32		—		0.43		—		10.38		(8.70)		0.74		0.72		0.72		1.31		122,905		31
12-31-17		10.22		0.13•		1.88		2.01			0.12		0.32		—		0.44		—		11.79		19.96		0.75		0.69		0.69		1.20		148,205		25
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
Class I
12-31-19		10.74		0.22		2.38		2.60			0.21		0.52		—		0.73		—		12.61		24.89		0.23		0.23		0.23		1.89		53,784		24
12-31-18		12.17		0.22		(1.16)		(0.94)			0.17		0.32		—		0.49		—		10.74		(8.16)		0.24		0.22		0.22		1.84		43,658		31
12-31-17		10.54		0.20•		1.93		2.13			0.18		0.32		—		0.50		—		12.17		20.48		0.25		0.19		0.19		1.76		48,317		25
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
Class S
12-31-19		10.58		0.20		2.33		2.53			0.18		0.52		—		0.70		—		12.41		24.55		0.48		0.48		0.48		1.64		74,022		24
12-31-18		12.00		0.18•		(1.14)		(0.96)			0.14		0.32		—		0.46		—		10.58		(8.44)		0.49		0.47		0.47		1.53		65,002		31
12-31-17		10.40		0.17		1.90		2.07			0.15		0.32		—		0.47		—		12.00		20.21		0.50		0.44		0.44		1.46		87,386		25
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
Class S2
12-31-19		10.41		0.16		2.30		2.46			0.16		0.52		—		0.68		—		12.19		24.34		0.63		0.63		0.63		1.50		20,384		24
12-31-18		11.80		0.16•		(1.12)		(0.96)			0.11		0.32		—		0.43		—		10.41		(8.52)		0.64		0.62		0.62		1.40		16,121		31
12-31-17		10.24		0.14•		1.88		2.02	��		0.14		0.32		—		0.46		—		11.80		19.97		0.65		0.59		0.59		1.26		19,206		25
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
Class Z
12-31-19		10.82		0.27•		2.38		2.65			0.21		0.52		—		0.73		—		12.74		25.17		0.23		0.00*		0.00*		2.21		464,683		24
12-31-18		12.24		0.26•		(1.19)		(0.93)			0.17		0.32		—		0.49		—		10.82		(8.03)		0.24		0.00*		0.00*		2.14		273,348		31
12-31-17		10.57		0.24•		1.93		2.17			0.18		0.32		—		0.50		—		12.24		20.81		0.25		0.00*		0.00*		2.12		208,189		25
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
12-31-19		14.39		0.24•		3.24		3.48			0.17		0.52		—		0.69		—		17.18		24.60		0.74		0.74		0.74		1.47		17,450		22
12-31-18		16.26		0.22•		(1.62)		(1.40)			0.11		0.36		—		0.47		—		14.39		(8.92)		0.75		0.73		0.73		1.39		11,155		28
12-31-17		13.65		0.20•		2.53		2.73			0.04		0.08		—		0.12		—		16.26		20.12		0.78		0.70		0.70		1.31		7,817		26
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2050 Portfolio (continued)
Class I
12-31-19		14.69		0.32•		3.31		3.63		0.22		0.52		—		0.74		—		17.58		25.21		0.24		0.24		0.24		1.97		6,367		22
12-31-18		16.55		0.30•		(1.65)		(1.35)		0.15		0.36		—		0.51		—		14.69		(8.49)		0.25		0.23		0.23		1.82		3,851		28
12-31-17		13.84		0.31•		2.55		2.86		0.07		0.08		—		0.15		—		16.55		20.75		0.28		0.20		0.20		2.00		3,195		26
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
Class S
12-31-19		14.65		0.28•		3.31		3.59		0.19		0.52		—		0.71		—		17.53		24.94		0.49		0.49		0.49		1.70		10,885		22
12-31-18		16.51		0.25		(1.63)		(1.38)		0.12		0.36		—		0.48		—		14.65		(8.68)		0.50		0.48		0.48		1.53		7,477		28
12-31-17		13.83		0.24•		2.58		2.82		0.06		0.08		—		0.14		��		16.51		20.47		0.53		0.45		0.45		1.56		8,090		26
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
Class S2
12-31-19		14.45		0.25•		3.25		3.50		0.17		0.52		—		0.69		—		17.26		24.69		0.64		0.64		0.64		1.53		3,072		22
12-31-18		16.30		0.22•		(1.60)		(1.38)		0.11		0.36		—		0.47		—		14.45		(8.80)		0.65		0.63		0.63		1.36		2,023		28
12-31-17		13.68		0.23•		2.52		2.75		0.05		0.08		—		0.13		—		16.30		20.21		0.68		0.60		0.60		1.50		1,973		26
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
Class Z
12-31-19		14.77		0.37•		3.33		3.70		0.22		0.52		—		0.74		—		17.73		25.56		0.24		0.00*		0.00*		2.23		286,945		22
12-31-18		16.60		0.35•		(1.67)		(1.32)		0.15		0.36		—		0.51		—		14.77		(8.28)		0.25		0.00*		0.00*		2.15		153,539		28
12-31-17		13.85		0.33•		2.57		2.90		0.07		0.08		—		0.15		—		16.60		21.03		0.28		0.00*		0.00*		2.13		97,126		26
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
12-31-19		13.42		0.22		3.00		3.22		0.15		0.58		—		0.73		—		15.91		24.52		0.74		0.74		0.74		1.40		54,378		20
12-31-18		15.18		0.19		(1.49)		(1.30)		0.12		0.34		—		0.46		—		13.42		(8.87)		0.75		0.73		0.73		1.27		46,688		29
12-31-17		13.01		0.16		2.46		2.62		0.14		0.31		—		0.45		—		15.18		20.37		0.76		0.70		0.70		1.19		52,886		25
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
Class I
12-31-19		13.75		0.30•		3.09		3.39		0.23		0.58		—		0.81		—		16.33		25.22		0.24		0.24		0.24		1.95		31,202		20
12-31-18		15.54		0.28•		(1.54)		(1.26)		0.19		0.34		—		0.53		—		13.75		(8.48)		0.25		0.23		0.23		1.82		21,247		29
12-31-17		13.29		0.27•		2.49		2.76		0.20		0.31		—		0.51		—		15.54		21.03		0.26		0.20		0.20		1.87		19,100		25
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2055 Portfolio (continued)
Class S
12-31-19		13.59		0.25•		3.06		3.31		0.19		0.58		—		0.77		—		16.13		24.94		0.49		0.49		0.49		1.66		35,423		20
12-31-18		15.36		0.23		(1.51)		(1.28)		0.15		0.34		—		0.49		—		13.59		(8.66)		0.50		0.48		0.48		1.55		26,744		29
12-31-17		13.16		0.20•		2.48		2.68		0.17		0.31		—		0.48		—		15.36		20.63	��	0.51		0.45		0.45		1.40		29,602		25
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
Class S2
12-31-19		13.49		0.23•		3.03		3.26		0.18		0.58		—		0.76		—		15.99		24.68		0.64		0.64		0.64		1.53		11,439		20
12-31-18		15.24		0.20•		(1.49)		(1.29)		0.12		0.34		—		0.46		—		13.49		(8.77)		0.65		0.63		0.63		1.30		7,943		29
12-31-17		13.06		0.19•		2.45		2.64		0.15		0.31		—		0.46		—		15.24		20.50		0.66		0.60		0.60		1.35		10,327		25
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
Class Z
12-31-19		13.86		0.35•		3.11		3.46		0.23		0.58		—		0.81		—		16.51		25.54		0.24		0.00*		0.00*		2.23		217,585		20
12-31-18		15.62		0.33•		(1.56)		(1.23)		0.19		0.34		—		0.53		—		13.86		(8.24)		0.25		0.00*		0.00*		2.15		111,996		29
12-31-17		13.33		0.30•		2.50		2.80		0.20		0.31		—		0.51		—		15.62		21.27		0.26		0.00*		0.00*		2.07		68,540		25
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
12-31-19		11.02		0.18•		2.50		2.68		0.09		0.30		—		0.39		—		13.31		24.62		0.77		0.74		0.74		1.45		9,576		36
12-31-18		12.49		0.17•		(1.23)		(1.06)		0.07		0.34		—		0.41		—		11.02		(8.88)		0.81		0.72		0.72		1.42		6,029		40
12-31-17		10.48		0.16•		1.97		2.13		0.03		0.09		—		0.12		—		12.49		20.44		0.90		0.70		0.70		1.40		4,579		51
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
12-31-19		11.19		0.27•		2.52		2.79		0.13		0.30		—		0.43		—		13.55		25.32		0.27		0.24		0.24		2.18		7,603		36
12-31-18		12.65		0.25•		(1.27)		(1.02)		0.10		0.34		—		0.44		—		11.19		(8.46)		0.31		0.22		0.22		2.05		3,020		40
12-31-17		10.57		0.31•		1.91		2.22		0.05		0.09		—		0.14		—		12.65		21.11		0.40		0.20		0.20		2.60		1,563		51
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
12-31-19		11.10		0.22•		2.50		2.72		0.11		0.30		—		0.41		—		13.41		24.87		0.52		0.49		0.49		1.74		5,693		36
12-31-18		12.56		0.21•		(1.25)		(1.04)		0.08		0.34		—		0.42		—		11.10		(8.66)		0.56		0.47		0.47		1.70		3,057		40
12-31-17		10.52		0.18•		1.99		2.17		0.04		0.09		—		0.13		—		12.56		20.76		0.65		0.45		0.45		1.51		2,294		51
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

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Index Solution 2060 Portfolio (continued)
Class S2
12-31-19		11.07		0.19•		2.51		2.70		0.10		0.30		—		0.40		—		13.37		24.76		0.67		0.64		0.64		1.56		1,545		36
12-31-18		12.51		0.15•		(1.20)		(1.05)		0.05		0.34		—		0.39		—		11.07		(8.75)		0.71		0.62		0.62		1.18		751		40
12-31-17		10.50		0.20•		1.95		2.15		0.05		0.09		—		0.14		—		12.51		20.54		0.80		0.60		0.60		1.68		993		51
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
12-31-19		11.26		0.29•		2.55		2.84		0.13		0.30		—		0.43		—		13.67		25.61		0.27		0.00*		0.00*		2.31		84,826		36
12-31-18		12.70		0.29•		(1.29)		(1.00)		0.10		0.34		—		0.44		—		11.26		(8.27)		0.31		0.00*		0.00*		2.29		32,971		40
12-31-17		10.60		0.26•		1.98		2.24		0.05		0.09		—		0.14		—		12.70		21.24		0.40		0.00*		0.00*		2.16		15,056		51
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)

(2)

Annualized for periods less than one year.

(3)

(4)

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

(5)

Commencement of operations.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019

NOTE 1 — ORGANIZATION

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

B. Securities Transactions and Revenue Recognition. 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.

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

F. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2019, each Portfolio, with the exception of 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 year ended December 31, 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 year ended December 31, 2019.

	Purchased			Sold
Index Solution Income		$	54,383,478		$	15,881,556
Index Solution 2020			25,963,132			9,216,501
Index Solution 2025			33,177,451			33,383,571
Index Solution 2030			15,652,286			15,783,335
Index Solution 2035			29,878,069			30,013,893
Index Solution 2040			11,812,293			11,873,697
Index Solution 2045			20,972,952			21,034,127
Index Solution 2050			8,081,844			8,131,589
Index Solution 2055			9,546,030			9,563,003

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the year ended December 31, 2019, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Index Solution Income		$	162,194,627		$	169,926,927
Index Solution 2020			227,985,065			154,138,959
Index Solution 2025			379,646,382			275,529,982
Index Solution 2030			293,412,883			149,691,997
Index Solution 2035			408,587,365			264,157,937
Index Solution 2040			214,415,675			86,989,358
Index Solution 2045			254,072,868			156,148,147
Index Solution 2050			152,188,051			55,947,221
Index Solution 2055			135,350,953			57,221,707
Index Solution 2060			76,476,969			27,925,340

NOTE 4 — INVESTMENT MANAGEMENT FEES

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV and S2 of the Portfolios have a plan of distribution (the “Plans”), whereby the Distributor is

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective 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% of each Portfolio’s average daily net assets attributable to its Class S2 shares.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 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		36.44%
	Index Solution 2020		10.02
	Index Solution 2025		15.72
	Index Solution 2030		8.23
	Index Solution 2035		13.28
	Index Solution 2040		7.61
	Index Solution 2045		12.09
	Index Solution 2050		7.51
	Index Solution 2055		9.28
	Index Solution 2060		8.97
Voya Retirement Insurance and Annuity Company	Index Solution Income		63.52
	Index Solution 2020		89.98
	Index Solution 2025		84.28
	Index Solution 2030		91.77
	Index Solution 2035		86.69
	Index Solution 2040		92.39
	Index Solution 2045		87.91
	Index Solution 2050		92.49
	Index Solution 2055		90.72
	Index Solution 2060		91.03

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)

(2)

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

(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 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

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 year ended December 31, 2019:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Solution Income		1		$	3,252,000		3.13%
Index Solution 2020		2			1,161,000		3.21
Index Solution 2025		5			1,055,000		3.24
Index Solution 2030		1			577,000		3.38
Index Solution 2035		5			875,600		3.23

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
12/31/2019		429,206		—		253,246		(2,074,088)		(1,391,636)		4,386,134		—		2,575,512		(21,252,132)		(14,290,486)
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
12/31/2019		276,159		—		68,384		(752,288)		(407,745)		2,910,332		—		711,876		(7,869,411)		(4,247,203)
12/31/2018		249,741		—		78,017		(354,127)		(26,369)		2,599,791		—		800,450		(3,706,148)		(305,907)
Class S
12/31/2019		344,355		—		467,397		(2,404,332)		(1,592,580)		3,569,721		—		4,823,540		(25,166,525)		(16,773,264)
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
12/31/2019		598,934		—		29,052		(1,518,193)		(890,207)		6,080,050		—		293,428		(15,276,480)		(8,903,002)
12/31/2018		970,860		—		38,554		(575,130)		434,284		9,407,825		—		383,617		(5,801,646)		3,989,796
Class Z
12/31/2019		5,140,709		—		720,770		(2,659,126)		3,202,353		54,538,212		—		7,575,291		(28,267,824)		33,845,679
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
12/31/2019		552,124		—		79,966		(512,630)		119,460		7,229,032		—		1,033,955		(6,692,240)		1,570,747
12/31/2018		917,597		—		74,293		(610,242)		381,648		11,974,728		—		956,903		(7,888,365)		5,043,266

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (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 I
12/31/2019		242,324		—		21,555		(350,324)		(86,445)		3,227,918		—		285,814		(4,653,181)		(1,139,449)
12/31/2018		219,724		—		21,709		(40,316)		201,117		2,954,136		—		286,342		(535,987)		2,704,491
Class S
12/31/2019		259,455		—		21,705		(621,284)		(340,124)		3,464,997		—		287,380		(8,375,220)		(4,622,843)
12/31/2018		364,926		—		32,200		(360,293)		36,833		4,854,248		—		423,433		(4,831,340)		446,341
Class S2
12/31/2019		539,783		—		18,603		(365,198)		193,188		7,159,978		—		244,252		(4,793,498)		2,610,732
12/31/2018		244,016		—		9,336		(92,766)		160,586		3,080,944		—		122,211		(1,233,752)		1,969,403
Class Z
12/31/2019		7,258,308		—		1,004,544		(2,328,078)		5,934,774		98,070,145		—		13,430,758		(31,669,941)		79,830,962
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
12/31/2019		1,306,445		—		896,085		(4,586,291)		(2,383,761)		14,084,744		—		9,444,733		(49,592,340)		(26,062,863)
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
12/31/2019		853,962		—		290,116		(1,416,613)		(272,535)		9,439,730		—		3,130,351		(15,537,805)		(2,967,724)
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
12/31/2019		1,091,410		—		625,147		(1,951,305)		(234,748)		11,938,477		—		6,676,575		(21,485,005)		(2,869,953)
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
12/31/2019		1,196,949		—		144,634		(1,014,888)		326,695		12,827,457		—		1,517,211		(10,877,777)		3,466,891
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
12/31/2019		15,034,022		—		2,941,044		(2,829,426)		15,145,640		167,306,106		—		32,027,968		(31,666,179)		167,667,895
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
12/31/2019		779,706		—		93,857		(534,788)		338,775		11,843,916		—		1,389,077		(8,052,836)		5,180,157
12/31/2018		898,458		—		61,107		(364,897)		594,668		13,594,463		—		919,660		(5,502,144)		9,011,979
Class I
12/31/2019		184,888		—		23,493		(122,570)		85,811		2,862,886		—		357,097		(1,912,146)		1,307,837
12/31/2018		242,079		—		14,342		(128,679)		127,742		3,769,376		—		221,300		(1,949,972)		2,040,704
Class S
12/31/2019		337,511		—		39,452		(276,422)		100,541		5,151,445		—		596,130		(4,284,296)		1,463,279
12/31/2018		334,909		—		25,868		(356,431)		4,346		5,199,413		—		396,823		(5,531,063)		65,173
Class S2
12/31/2019		328,496		—		15,982		(149,994)		194,484		5,025,721		—		238,292		(2,266,159)		2,997,854
12/31/2018		163,235		—		3,205		(122,928)		43,512		2,462,246		—		48,650		(1,869,413)		641,483
Class Z
12/31/2019		9,483,023		—		1,435,806		(1,471,224)		9,447,605		147,799,226		—		21,967,828		(23,079,274)		146,687,780
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
12/31/2019		1,315,919		—		863,486		(3,653,364)		(1,473,959)		14,661,352		—		9,351,556		(40,954,360)		(16,941,452)
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
12/31/2019		947,979		—		287,866		(1,266,807)		(30,962)		10,999,071		—		3,201,072		(14,478,364)		(278,221)
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
12/31/2019		1,106,775		—		534,610		(1,730,144)		(88,759)		12,473,584		—		5,875,369		(19,830,618)		(1,481,665)
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)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (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 2035 (continued)
Class S2
12/31/2019		914,074			—		142,926		(1,101,673)		(44,673)		10,113,557		—		1,545,029		(12,270,996)		(612,410)
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
12/31/2019		16,366,911			—		2,860,076		(1,990,688)		17,236,299		189,204,678		—		32,118,650		(22,761,257)		198,562,071
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
12/31/2019		552,733			—		61,180		(241,519)		372,394		8,729,051		—		944,613		(3,842,615)		5,831,049
12/31/2018		573,094			—		31,802		(218,826)		386,070		9,108,294		—		505,650		(3,412,458)		6,201,486
Class I
12/31/2019		145,117			—		13,556		(90,899)		67,774		2,366,891		—		214,734		(1,488,574)		1,093,051
12/31/2018		140,969			—		7,141		(38,031)		110,079		2,307,181		—		116,176		(618,585)		1,804,772
Class S
12/31/2019		244,414			—		29,224		(159,715)		113,923		3,925,638		—		462,330		(2,634,249)		1,753,719
12/31/2018		270,370			—		16,669		(281,941)		5,098		4,374,460		—		271,036		(4,584,355)		61,141
Class S2
12/31/2019		77,278			—		7,594		(46,375)		38,497		1,232,685		—		118,389		(741,409)		609,665
12/31/2018		88,961			—		3,509		(65,060)		27,410		1,419,428		—		56,322		(1,035,113)		440,637
Class Z
12/31/2019		7,890,571			—		1,030,963		(981,712)		7,939,822		128,721,901		—		16,464,473		(16,350,601)		128,835,773
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
12/31/2019		1,000,157			—		662,137		(2,459,840)		(797,546)		11,532,760		—		7,369,585		(28,281,090)		(9,378,745)
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
12/31/2019		862,366			—		237,448		(898,357)		201,457		10,387,389		—		2,733,025		(10,640,649)		2,479,765
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
12/31/2019		808,784			—		373,877		(1,361,178)		(178,517)		9,435,178		—		4,239,765		(16,086,808)		(2,411,865)
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
12/31/2019		538,466			—		96,125		(511,082)		123,509		6,197,030		—		1,070,837		(5,925,703)		1,342,164
12/31/2018		513,445			—		49,873		(641,433)		(78,115)		5,955,261		—		582,513		(7,514,758)		(976,984)
Class Z
12/31/2019		10,392,563			—		1,964,446		(1,138,487)		11,218,522		124,189,502		—		22,826,868		(13,828,432)		133,187,938
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
12/31/2019		371,643			—		40,749		(172,005)		240,387		5,955,644		—		639,345		(2,765,757)		3,829,232
12/31/2018		396,050			—		20,849		(122,425)		294,474		6,356,813		—		337,544		(1,966,948)		4,727,409
Class I
12/31/2019		152,475			—		12,873		(65,377)		99,971		2,524,060		—		206,350		(1,073,358)		1,657,052
12/31/2018		113,349			—		7,022		(51,364)		69,007		1,872,004		—		115,790		(840,145)		1,147,649
Class S
12/31/2019		238,456			—		25,693		(153,567)		110,582		3,887,844		—		410,826		(2,559,815)		1,738,855
12/31/2018		257,385			—		14,811		(251,708)		20,488		4,224,161		—		243,786		(4,099,274)		368,673
Class S2
12/31/2019		65,496			—		7,195		(34,778)		37,913		1,052,508		—		113,385		(560,443)		605,450
12/31/2018		84,930			—		3,479		(69,384)		19,025		1,376,109		—		56,506		(1,129,775)		302,840
Class Z
12/31/2019		5,671,663			—		622,415		(501,311)		5,792,767		93,244,413		—		10,045,779		(8,141,951)		95,148,241
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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (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 2055
Class ADV
12/31/2019		652,853		—		172,207		(888,098)		(63,038)		9,717,453		—		2,502,162		(13,297,717)		(1,078,102)
12/31/2018		610,126		—		110,669		(725,320)		(4,525)		9,211,224		—		1,669,989		(10,760,076)		121,137
Class I
12/31/2019		650,507		—		84,885		(369,735)		365,657		10,030,676		—		1,263,096		(5,591,839)		5,701,933
12/31/2018		481,167		—		46,175		(211,966)		315,376		7,406,714		—		712,946		(3,270,972)		4,848,688
Class S
12/31/2019		546,907		—		111,958		(429,858)		229,007		8,259,023		—		1,646,898		(6,612,048)		3,293,873
12/31/2018		581,849		—		61,738		(603,022)		40,565		8,912,178		—		943,356		(9,303,908)		551,626
Class S2
12/31/2019		205,630		—		34,209		(113,342)		126,497		3,077,638		—		499,112		(1,704,745)		1,872,005
12/31/2018		228,669		—		15,696		(333,062)		(88,697)		3,434,189		—		237,947		(5,102,069)		(1,429,933)
Class Z
12/31/2019		4,793,751		—		587,065		(278,473)		5,102,343		73,784,261		—		8,817,712		(4,246,064)		78,355,909
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
12/31/2019		317,214		—		20,003		(164,963)		172,254		3,909,266		—		242,830		(2,020,412)		2,131,684
12/31/2018		273,165		—		15,577		(108,121)		180,621		3,376,349		—		193,157		(1,334,225)		2,235,281
Class I
12/31/2019		353,320		—		12,950		(74,873)		291,397		4,463,917		—		159,806		(953,982)		3,669,741
12/31/2018		185,704		—		6,425		(45,913)		146,216		2,309,386		—		80,758		(567,904)		1,822,240
Class S
12/31/2019		254,537		—		12,052		(117,649)		148,940		3,168,198		—		147,396		(1,481,343)		1,834,251
12/31/2018		203,589		—		7,722		(118,501)		92,810		2,520,120		—		96,290		(1,466,279)		1,150,131
Class S2
12/31/2019		69,509		—		3,392		(25,200)		47,701		856,258		—		41,350		(320,606)		577,002
12/31/2018		52,646		—		1,607		(65,675)		(11,422)		648,889		—		19,991		(829,725)		(160,845)
Class Z
12/31/2019		3,244,883		—		167,597		(133,470)		3,279,010		41,071,313		—		2,083,235		(1,681,534)		41,473,014
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.

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

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Solution Income		$	10,295,056		$	5,684,591		$	11,267,338		$	5,271,803
Index Solution 2020			6,700,852			8,581,307			7,762,271			3,656,660
Index Solution 2025			18,244,079			34,552,759			16,420,643			17,260,853
Index Solution 2030			8,520,783			16,027,641			7,286,508			5,987,198
Index Solution 2035			16,878,390			35,213,286			13,230,213			18,497,000
Index Solution 2040			5,662,718			12,541,821			4,272,668			4,136,203
Index Solution 2045			11,097,465			27,142,615			7,788,467			13,496,231
Index Solution 2050			3,484,421			7,931,264			2,378,676			2,661,290
Index Solution 2055			4,152,226			10,576,754			2,528,304			4,457,532
Index Solution 2060			846,182			1,828,435			842,040			465,057

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings as of December 31, 2019 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)
Index Solution Income		$	9,798,093		$	8,291,781		$	13,412,952
Index Solution 2020			8,084,244			8,184,505			15,948,963
Index Solution 2025			21,041,211			31,348,438			60,552,784
Index Solution 2030			11,710,686			18,867,824			33,320,163
Index Solution 2035			19,545,411			38,648,904			75,654,668
Index Solution 2040			8,468,164			15,754,046			27,516,478
Index Solution 2045			12,787,691			29,316,408			55,183,993
Index Solution 2050			5,635,290			11,097,094			19,211,650
Index Solution 2055			5,772,195			12,919,001			23,686,123
Index Solution 2060			2,017,949			3,178,024			5,752,165

At December 31, 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.

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.

NOTE 12 — AUDITOR CHANGE (Unaudited)

During the fiscal years ended December 31, 2019 and December 31, 2018: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports on the Portfolios’ financial statements for such periods; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On September 12, 2019, based on the recommendation of the Audit Committee of the Board, the Board approved the

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 12 — AUDITOR CHANGE (Unaudited) (continued)

selection of Ernst & Young LLP (“EY”) as the Portfolios’ independent registered public accounting firm for the fiscal year ending December 31, 2020. During the Portfolios’ fiscal years ended December 31, 2019 and December 31, 2018, neither the Portfolios, nor anyone on their behalf, consulted with EY on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Portfolios’ financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

NOTE 13 — SUBSEQUENT EVENTS

Reorganization: The Board approved a proposal to reorganize Index Solution 2020 with and into Index Solution Income on or about August 7, 2020.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.2%
630,808	Invesco Senior Loan ETF		$	14,395,038		3.0
581,866	Schwab U.S. TIPS ETF			32,951,072		6.9
64,307	Vanguard Real Estate ETF			5,967,046		1.3
	Total Exchange-Traded Funds (Cost $51,826,468)			53,313,156		11.2
MUTUAL FUNDS: 81.8%
	Affiliated Investment Companies: 81.8%
803,005	Voya Emerging Markets Index Portfolio - Class P2			9,949,232		2.1
3,156,269	Voya International Index Portfolio - Class P2			33,772,074		7.1
3,351,340	Voya Short Term Bond Fund - Class P2			33,044,213		7.0
19,361,916	Voya U.S. Bond Index Portfolio - Class P2			211,044,886		44.4
5,905,045	Voya U.S. Stock Index Portfolio - Class P2			100,681,018		21.2
	Total Mutual Funds (Cost $368,015,429)			388,491,423		81.8

Shares		Value			Percentage of Net Assets
	Total Long-Term Investments (Cost $419,841,897)		$	441,804,579		93.0
SHORT-TERM INVESTMENTS: 6.9%
	Mutual Funds: 6.9%
32,715,384 (1)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520% (Cost $32,715,384)			32,715,384		6.9
	Total Short-Term Investments (Cost $32,715,384)			32,715,384		6.9
	Total Investments in Securities (Cost $452,557,281)		$	474,519,963		99.9
	Assets in Excess of Other Liabilities			505,278		0.1
	Net Assets		$	475,025,241		100.0

(1)

Rate shown is the 7-day yield as of December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	53,313,156		$	—		$	—		$	53,313,156
Mutual Funds			388,491,423			—			—			388,491,423
Short-Term Investments			32,715,384			—			—			32,715,384
Total Investments, at fair value		$	474,519,963		$	—		$	—		$	474,519,963
Other Financial Instruments+
Futures			168,923			—			—			168,923
Total Assets		$	474,688,886		$	—		$	—		$	474,688,886
Liabilities Table
Other Financial Instruments+
Futures		$	(311,101)		$	—		$	—		$	(311,101)
Total Liabilities		$	(311,101)		$	—		$	—		$	(311,101)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	13,284,845		$	2,647,914		$	(7,436,618)		$	1,453,091		$	9,949,232		$	209,147		$	400,470		$	—
Voya International Index Portfolio - Class P2			31,040,572			6,127,449			(7,744,836)			4,348,889			33,772,074			965,998			1,296,530			—
Voya Russell Mid Cap Index Portfolio - Class P2			8,907,703			159,870			(10,253,051)			1,185,478			—			—			226,172			—
Voya Short Term Bond - Class P2			—			34,184,029			(1,104,830)			(34,986)			33,044,213			207,861			304			—
Voya Short Term Bond - Class R6			—			33,207,198			(33,207,198)			—			—			144,340			(88)			—
Voya U.S. Bond Index Portfolio - Class P2			195,093,126			55,000,999			(51,161,077)			12,111,838			211,044,886			5,512,426			(731,667)			—
Voya U.S. Stock Index Portfolio - Class P2			83,621,893			33,609,029			(31,645,532)			15,095,628			100,681,018			1,491,328			3,817,815			5,309,506
		$	331,948,139		$	164,936,488		$	(142,553,142)		$	34,159,938		$	388,491,423		$	8,531,100		$	5,009,536		$	5,309,506

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

At December 31, 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:
E-mini Russell 2000® Index	58	03/20/20		$	4,844,740		$	75,580
U.S. Treasury 2-Year Note	153	03/31/20			32,971,500			(20,555)
U.S. Treasury Ultra Long Bond	50	03/20/20			9,082,813			(290,546)
				$	46,899,053		$	(235,521)
Short Contracts:
Mini MSCI EAFE Index	(48)	03/20/20			(4,887,600)			11,505
U.S. Treasury 10-Year Note	(73)	03/20/20			(9,374,797)			81,838
				$	(14,262,397)		$	93,343

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

The fair value of derivative instruments as of December 31, 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*		$	87,085
Interest rate contracts	Net Assets — Unrealized appreciation*			81,838
Total Asset Derivatives			$	168,923
Liability Derivatives
Interest rate contracts	Net Assets — Unrealized depreciation*		$	311,101
Total Liability Derivatives			$	311,101

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(1,542,085)
Interest rate contracts			800,599
Total		$	(741,486)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(3,128)
Interest rate contracts			(756,583)
Total		$	(759,711)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $460,964,832.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	21,357,501
Gross Unrealized Depreciation		(7,944,549)
Net Unrealized Appreciation	$	13,412,952

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2020 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.8%
533,586	Invesco Senior Loan ETF		$	12,176,432		2.9
188,628	iShares 1-3 Year Treasury Bond ETF			15,963,588		3.9
421,875	Schwab U.S. TIPS ETF			23,890,781		5.8
54,396	Vanguard Real Estate ETF			5,047,405		1.2
	Total Exchange-Traded Funds (Cost $55,933,343)			57,078,206		13.8
MUTUAL FUNDS: 82.0%
	Affiliated Investment Companies: 82.0%
871,942	Voya Emerging Markets Index Portfolio - Class P2			10,803,361		2.6
2,940,478	Voya International Index Portfolio - Class P2			31,463,111		7.6
304,110	Voya Russell Mid Cap Index Portfolio - Class P2			4,187,602		1.0
1,635,045	Voya Short Term Bond Fund - Class P2			16,121,545		3.9
15,629,826	Voya U.S. Bond Index Portfolio - Class P2			170,365,098		41.2
6,251,303	Voya U.S. Stock Index Portfolio - Class P2			106,584,721		25.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
	Total Mutual Funds (Cost $321,932,825)		$	339,525,438		82.0
	Total Long-Term Investments (Cost $377,866,168)			396,603,644		95.8
SHORT-TERM INVESTMENTS: 4.1%
	Mutual Funds: 4.1%
16,840,314 (1)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520% (Cost $16,840,314)			16,840,314		4.1
	Total Short-Term Investments (Cost $16,840,314)			16,840,314		4.1
	Total Investments in Securities (Cost $394,706,482)		$	413,443,958		99.9
	Assets in Excess of Other Liabilities			406,949		0.1
	Net Assets		$	413,850,907		100.0

(1)

Rate shown is the 7-day yield as of December 31, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	57,078,206		$	—		$	—		$	57,078,206
Mutual Funds			339,525,438			—			—			339,525,438
Short-Term Investments			16,840,314			—			—			16,840,314
Total Investments, at fair value		$	413,443,958		$	—		$	—		$	413,443,958
Other Financial Instruments+
Futures			133,633			—			—			133,633
Total Assets		$	413,577,591		$	—		$	—		$	413,577,591
Liabilities Table
Other Financial Instruments+
Futures		$	(372,143)		$	—		$	—		$	(372,143)
Total Liabilities		$	(372,143)		$	—		$	—		$	(372,143)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2020 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	10,460,987		$	6,328,244		$	(7,765,447)		$	1,779,577		$	10,803,361		$	243,138		$	(213,229)		$	—
Voya International Index Portfolio - Class P2			32,923,512			12,133,227			(18,434,776)			4,841,148			31,463,111			845,642			1,060,462			—
Voya Russell Mid Cap Index Portfolio - Class P2			6,012,581			6,368,965			(9,209,580)			1,015,636			4,187,602			104,804			(978,307)			1,173,796
Voya Russell Small Cap Index Portfolio - Class P2			3,001,069			367,736			(3,886,393)			517,588			—			—			35,453			—
Voya Short Term Bond Fund - Class P2			—			17,388,706			(1,230,249)			(36,912)			16,121,545			96,399			209			—
Voya Short Term Bond Fund - Class R6			—			14,665,506			(14,665,506)			—			—			39,317			137			—
Voya U.S. Bond Index Portfolio - Class P2			109,989,214			83,102,163			(29,824,608)			7,098,329			170,365,098			3,795,925			232,456			—
Voya U.S. Stock Index Portfolio - Class P2			76,292,563			53,147,824			(39,587,553)			16,731,887			106,584,721			1,575,559			1,990,369			5,552,872
		$	238,679,926		$	193,502,371		$	(124,604,112)		$	31,947,253		$	339,525,438		$	6,700,784		$	2,127,550		$	6,726,668

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

At December 31, 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:
E-mini Russell 2000® Index		49		03/20/20		$	4,092,970		$	63,852
Mini MSCI EAFE Index		20		03/20/20			2,036,500			(4,104)
U.S. Treasury 2-Year Note		79		03/31/20			17,024,500			(10,780)
U.S. Treasury Ultra Long Bond		43		03/20/20			7,811,219			(251,452)
						$	30,965,189		$	(202,484)
Short Contracts:
S&P 500® E-Mini		(38)		03/20/20			(6,139,090)			(105,807)
U.S. Treasury 10-Year Note		(62)		03/20/20			(7,962,156)			69,781
						$	(14,101,246)		$	(36,026)

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

The fair value of derivative instruments as of December 31, 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*		$	63,852
Interest rate contracts	Net Assets — Unrealized appreciation*			69,781
Total Asset Derivatives			$	133,633
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	109,911
Interest rate contracts	Net Assets — Unrealized depreciation*			262,232
Total Liability Derivatives			$	372,143

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2020 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(1,138,347)
Interest rate contracts			222,648
Total		$	(915,699)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(108,653)
Interest rate contracts			(493,892)
Total		$	(602,545)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $397,256,486.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	18,689,441
Gross Unrealized Depreciation		(2,740,478)
Net Unrealized Appreciation	$	15,948,963

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.5%
1,436,124	Invesco Senior Loan ETF		$	32,772,350		3.0
412,494	iShares 1-3 Year Treasury Bond ETF			34,909,367		3.1
756,972	Schwab U.S. TIPS ETF			42,867,324		3.9
175,684	Vanguard Real Estate ETF			16,301,718		1.5
	Total Exchange-Traded Funds (Cost $124,161,729)			126,850,759		11.5
MUTUAL FUNDS: 88.2%
	Affiliated Investment Companies: 88.2%
3,234,412	Voya Emerging Markets Index Portfolio - Class P2			40,074,360		3.6
14,511,480	Voya International Index Portfolio - Class P2			155,272,833		14.0
2,013,435	Voya Russell Mid Cap Index Portfolio - Class P2			27,725,001		2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,547,094	Voya Russell Small Cap Index Portfolio - Class P2		$	22,340,041		2.0
29,583,578	Voya U.S. Bond Index Portfolio - Class P2			322,460,999		29.2
23,924,500	Voya U.S. Stock Index Portfolio - Class P2			407,912,731		36.9
	Total Mutual Funds (Cost $907,734,201)			975,785,965		88.2
	Total Investments in Securities (Cost $1,031,895,930)		$	1,102,636,724		99.7
	Assets in Excess of Other Liabilities			2,815,587		0.3
	Net Assets		$	1,105,452,311		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	126,850,759		$	—		$	—		$	126,850,759
Mutual Funds			975,785,965			—			—			975,785,965
Total Investments, at fair value		$	1,102,636,724		$	—		$	—		$	1,102,636,724
Other Financial Instruments+
Futures			386,235			—			—			386,235
Total Assets		$	1,103,022,959		$	—		$	—		$	1,103,022,959
Liabilities Table
Other Financial Instruments+
Futures		$	(673,391)		$	—		$	—		$	(673,391)
Total Liabilities		$	(673,391)		$	—		$	—		$	(673,391)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	42,142,033		$	11,183,358		$	(17,813,625)		$	4,562,594		$	40,074,360		$	778,684		$	1,999,642		$	—
Voya International Index Portfolio - Class P2			118,158,788			32,318,604			(18,212,423)			23,007,864			155,272,833			4,099,022			246,431			—
Voya Russell Mid Cap Index Portfolio - Class P2			29,673,653			9,158,862			(14,752,945)			3,645,431			27,725,001			363,355			(555,592)			4,062,375
Voya Russell Small Cap Index Portfolio - Class P2			16,926,455			7,313,546			(4,128,601)			2,228,641			22,340,041			211,513			43,519			2,014,760
Voya U.S. Bond Index Portfolio - Class P2			259,396,057			104,757,039			(58,279,448)			16,587,351			322,460,999			7,971,891			(349,053)			—
Voya U.S. Stock Index Portfolio - Class P2			266,800,205			141,397,762			(56,447,056)			56,161,820			407,912,731			5,989,599			9,004,250			20,133,436
		$	733,097,191		$	306,129,171		$	(169,634,098)		$	106,193,701		$	975,785,965		$	19,414,064		$	10,389,197		$	26,210,571

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

At December 31, 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:
E-mini Russell 2000® Index		133		03/20/20		$	11,109,490		$	173,313
U.S. Treasury Ultra Long Bond		115		03/20/20			20,890,469			(673,391)
						$	31,999,959		$	(500,078)
Short Contracts:
Mini MSCI EAFE Index		(108)		03/20/20			(10,997,100)			25,886
U.S. Treasury 10-Year Note		(166)		03/20/20			(21,318,032)			187,036
						$	(32,315,132)		$	212,922

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

The fair value of derivative instruments as of December 31, 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*		$	199,199
Interest rate contracts	Net Assets — Unrealized appreciation*			187,036
Total Asset Derivatives			$	386,235
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*
Interest rate contracts	Net Assets — Unrealized depreciation*		$	673,391
Total Liability Derivatives			$	673,391

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(3,042,108)
Interest rate contracts			407,415
Total		$	(2,634,693)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	26,300
Interest rate contracts			(957,717)
Total		$	(931,417)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $1,041,796,784.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	70,847,712
Gross Unrealized Depreciation		(10,294,928)
Net Unrealized Appreciation	$	60,552,784

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.4%
532,979	Invesco Senior Loan ETF		$	12,162,581		2.0
141,310	iShares 1-3 Year Treasury Bond ETF			11,959,065		1.9
421,395	Schwab U.S. TIPS ETF			23,863,599		3.8
114,101	Vanguard Real Estate ETF			10,587,432		1.7
	Total Exchange-Traded Funds (Cost $57,071,293)			58,572,677		9.4
MUTUAL FUNDS: 90.4%
	Affiliated Investment Companies: 90.4%
2,600,971	Voya Emerging Markets Index Portfolio - Class P2			32,226,031		5.2
10,508,232	Voya International Index Portfolio - Class P2			112,438,084		18.0
1,360,251	Voya Russell Mid Cap Index Portfolio - Class P2			18,730,661		3.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
875,782	Voya Russell Small Cap Index Portfolio - Class P2		$	12,646,292		2.0
11,812,405	Voya U.S. Bond Index Portfolio - Class P2			128,755,210		20.6
15,222,469	Voya U.S. Stock Index Portfolio - Class P2			259,543,098		41.6
	Total Mutual Funds (Cost $529,948,802)			564,339,376		90.4
	Total Investments in Securities (Cost $587,020,095)		$	622,912,053		99.8
	Assets in Excess of Other Liabilities			1,022,063		0.2
	Net Assets		$	623,934,116		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	58,572,677		$	—		$	—		$	58,572,677
Mutual Funds			564,339,376			—			—			564,339,376
Total Investments, at fair value		$	622,912,053		$	—		$	—		$	622,912,053
Other Financial Instruments+
Futures			200,513			—			—			200,513
Total Assets		$	623,112,566		$	—		$	—		$	623,112,566
Liabilities Table
Other Financial Instruments+
Futures		$	(484,257)		$	—		$	—		$	(484,257)
Total Liabilities		$	(484,257)		$	—		$	—		$	(484,257)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	27,306,369		$	12,710,528		$	(12,151,868)		$	4,361,002		$	32,226,031		$	571,061		$	249,990		$	—
Voya International Index Portfolio - Class P2			74,232,389			35,445,495			(11,368,338)			14,128,538			112,438,084			2,697,038			1,583,302			—
Voya Russell Mid Cap Index Portfolio - Class P2			15,696,720			7,861,473			(6,800,975)			1,973,443			18,730,661			223,520			(313,117)			2,498,092
Voya Russell Small Cap Index Portfolio - Class P2			7,834,469			5,308,957			(1,657,212)			1,160,078			12,646,292			108,473			(26,139)			1,032,626
Voya U.S. Bond Index Portfolio - Class P2			93,800,772			62,323,904			(33,173,900)			5,804,434			128,755,210			3,028,818			237,535			—
Voya U.S. Stock Index Portfolio - Class P2			143,466,463			112,645,508			(32,011,879)			35,443,006			259,543,098			3,760,580			2,656,099			11,946,797
		$	362,337,182		$	236,295,865		$	(97,164,172)		$	62,870,501		$	564,339,376		$	10,389,490		$	4,387,670		$	15,477,515

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

At December 31, 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:
E-mini Russell 2000® Index		74		03/20/20		$	6,181,220		$	96,430
U.S. Treasury Ultra Long Bond		64		03/20/20			11,626,000			(378,450)
						$	17,807,220		$	(282,020)
Short Contracts:
S&P 500® E-Mini		(38)		03/20/20			(6,139,090)			(105,807)
U.S. Treasury 10-Year Note		(92)		03/20/20			(11,814,813)			104,083
						$	(17,953,903)		$	(1,724)

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

The fair value of derivative instruments as of December 31, 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*		$	96,430
Interest rate contracts	Net Assets — Unrealized appreciation*			104,083
Total Asset Derivatives			$	200,513
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	105,807
Interest rate contracts	Net Assets — Unrealized depreciation*			378,450
Total Liability Derivatives			$	484,257

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(1,524,357)
Interest rate contracts			183,008
Total		$	(1,341,349)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	47,185
Interest rate contracts			(489,114)
Total		$	(441,929)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $589,308,145.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	36,173,380
Gross Unrealized Depreciation		(2,853,217)
Net Unrealized Appreciation	$	33,320,163

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.6%
926,190	Invesco Senior Loan ETF		$	21,135,656		2.0
245,563	iShares 1-3 Year Treasury Bond ETF			20,781,997		1.9
732,283	Schwab U.S. TIPS ETF			41,469,186		3.8
171,939	Vanguard Global ex-U.S. Real Estate ETF			10,159,876		0.9
113,303	Vanguard Real Estate ETF			10,513,385		1.0
	Total Exchange-Traded Funds (Cost $101,874,492)			104,060,100		9.6
MUTUAL FUNDS: 90.2%
	Affiliated Investment Companies: 90.2%
5,406,101	Voya Emerging Markets Index Portfolio - Class P2			66,981,587		6.2
20,233,591	Voya International Index Portfolio - Class P2			216,499,419		20.0
3,140,771	Voya Russell Mid Cap Index Portfolio - Class P2			43,248,421		4.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,519,086	Voya Russell Small Cap Index Portfolio - Class P2		$	21,935,604		2.0
11,716,312	Voya U.S. Bond Index Portfolio - Class P2			127,707,799		11.8
29,384,688	Voya U.S. Stock Index Portfolio - Class P2			501,008,926		46.2
	Total Mutual Funds (Cost $896,310,934)			977,381,756		90.2
	Total Investments in Securities (Cost $998,185,426)		$	1,081,441,856		99.8
	Assets in Excess of Other Liabilities			2,169,902		0.2
	Net Assets		$	1,083,611,758		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	104,060,100		$	—		$	—		$	104,060,100
Mutual Funds			977,381,756			—			—			977,381,756
Total Investments, at fair value		$	1,081,441,856		$	—		$	—		$	1,081,441,856
Other Financial Instruments+
Futures			432,287			—			—			432,287
Total Assets		$	1,081,874,143		$	—		$	—		$	1,081,874,143
Liabilities Table
Other Financial Instruments+
Futures		$	(931,474)		$	—		$	—		$	(931,474)
Total Liabilities		$	(931,474)		$	—		$	—		$	(931,474)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	60,756,882		$	20,607,722		$	(22,156,966)		$	7,773,949		$	66,981,587		$	1,264,854		$	2,039,998		$	—
Voya International Index Portfolio - Class P2			159,717,275			48,654,350			(23,414,763)			31,542,557			216,499,419			5,531,820			202,831			—
Voya Russell Mid Cap Index Portfolio - Class P2			38,202,531			14,197,109			(13,388,132)			4,236,913			43,248,421			549,842			(418,980)			6,147,324
Voya Russell Small Cap Index Portfolio - Class P2			15,253,590			7,139,891			(2,673,059)			2,215,182			21,935,604			200,066			(144,073)			1,905,643
Voya U.S. Bond Index Portfolio - Class P2			114,047,195			60,956,261			(53,362,650)			6,066,993			127,707,799			3,250,907			593,075			—
Voya U.S. Stock Index Portfolio - Class P2			318,106,836			162,848,170			(50,035,075)			70,088,995			501,008,926			7,322,844			8,539,761			24,007,819
		$	706,084,309		$	314,403,504		$	(165,030,646)		$	121,924,589		$	977,381,756		$	18,120,333		$	10,812,612		$	32,060,786

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

At December 31, 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:
E-mini Russell 2000® Index		192		03/20/20		$	16,037,760		$	250,195
U.S. Treasury Ultra Long Bond		111		03/20/20			20,163,844			(653,034)
						$	36,201,604		$	(402,839)
Short Contracts:
S&P 500® E-Mini		(100)		03/20/20			(16,155,500)			(278,440)
U.S. Treasury 10-Year Note		(161)		03/20/20			(20,675,922)			182,092
						$	(36,831,422)		$	(96,348)

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

The fair value of derivative instruments as of December 31, 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*		$	250,195
Interest rate contracts	Net Assets — Unrealized appreciation*			182,092
Total Asset Derivatives			$	432,287
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	278,440
Interest rate contracts	Net Assets — Unrealized depreciation*			653,034
Total Liability Derivatives			$	931,474

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(2,958,632)
Interest rate contracts			367,637
Total		$	(2,590,995)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	109,120
Interest rate contracts			(897,179)
Total		$	(788,059)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $1,005,288,001.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	83,449,146
Gross Unrealized Depreciation		(7,794,478)
Net Unrealized Appreciation	$	75,654,668

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.0%
105,891	iShares 1-3 Year Treasury Bond ETF		$	8,961,555		1.9
74,143	Vanguard Global ex-U.S. Real Estate ETF			4,381,110		0.9
61,073	Vanguard Real Estate ETF			5,666,964		1.2
	Total Exchange-Traded Funds (Cost $18,332,105)			19,009,629		4.0
MUTUAL FUNDS: 95.8%
	Affiliated Investment Companies: 95.8%
2,538,096	Voya Emerging Markets Index Portfolio - Class P2			31,447,013		6.7
9,649,779	Voya International Index Portfolio - Class P2			103,252,631		22.0
1,361,588	Voya Russell Mid Cap Index Portfolio - Class P2			18,749,061		4.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
987,073	Voya Russell Small Cap Index Portfolio - Class P2		$	14,253,332		3.0
5,041,653	Voya U.S. Bond Index Portfolio - Class P2			54,954,018		11.7
13,366,970	Voya U.S. Stock Index Portfolio - Class P2			227,906,833		48.4
	Total Mutual Funds (Cost $422,441,013)			450,562,888		95.8
	Total Investments in Securities (Cost $440,773,118)		$	469,572,517		99.8
	Assets in Excess of Other Liabilities			985,762		0.2
	Net Assets		$	470,558,279		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	19,009,629		$	—		$	—		$	19,009,629
Mutual Funds			450,562,888			—			—			450,562,888
Total Investments, at fair value		$	469,572,517		$	—		$	—		$	469,572,517
Other Financial Instruments+
Futures			207,797			—			—			207,797
Total Assets		$	469,780,314		$	—		$	—		$	469,780,314
Liabilities Table
Other Financial Instruments+
Futures		$	(323,513)		$	—		$	—		$	(323,513)
Total Liabilities		$	(323,513)		$	—		$	—		$	(323,513)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	22,829,012		$	13,292,633		$	(8,628,784)		$	3,954,152		$	31,447,013		$	546,146		$	217,603		$	—
Voya International Index Portfolio - Class P2			61,869,390			35,182,443			(6,466,108)			12,666,906			103,252,631			2,424,399			1,090,175			—
Voya Russell Mid Cap Index Portfolio - Class P2			16,212,166			8,793,238			(8,393,560)			2,137,217			18,749,061			219,237			(150,337)			2,450,250
Voya Russell Small Cap Index Portfolio - Class P2			8,091,573			6,384,911			(1,432,340)			1,209,188			14,253,332			119,655			(23,077)			1,139,093
Voya U.S. Bond Index Portfolio - Class P2			26,922,761			32,590,956			(6,649,244)			2,089,545			54,954,018			1,177,035			224,563			—
Voya U.S. Stock Index Portfolio - Class P2			116,640,661			96,738,829			(16,226,607)			30,753,950			227,906,833			3,280,475			1,265,149			10,241,771
		$	252,565,563		$	192,983,010		$	(47,796,643)		$	52,810,958		$	450,562,888		$	7,766,947		$	2,624,076		$	13,831,114

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

At December 31, 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:
E-mini Russell 2000® Index		83		03/20/20		$	6,932,990		$	108,158
U.S. Treasury Ultra Long Bond		48		03/20/20			8,719,500			(284,532)
						$	15,652,490		$	(176,374)
Short Contracts:
S&P 500® E-Mini		(14)		03/20/20			(2,261,770)			(38,981)
U.S. Treasury 10-Year Note		(104)		03/20/20			(13,355,875)			99,639
						$	(15,617,645)		$	60,658

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

The fair value of derivative instruments as of December 31, 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*		$	108,158
Interest rate contracts	Net Assets — Unrealized appreciation*			99,639
Total Asset Derivatives			$	207,797
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	38,981
Interest rate contracts	Net Assets — Unrealized depreciation*			284,532
Total Liability Derivatives			$	323,513

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(985,395)
Interest rate contracts			115,108
Total		$	(870,287)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	105,751
Interest rate contracts			(329,000)
Total		$	(223,249)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $441,940,322.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	29,241,606
Gross Unrealized Depreciation		(1,725,128)
Net Unrealized Appreciation	$	27,516,478

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.9%
148,725	iShares 1-3 Year Treasury Bond ETF		$	12,586,597		1.7
119,011	Vanguard Global ex-U.S. Real Estate ETF			7,032,360		1.0
98,031	Vanguard Real Estate ETF			9,096,296		1.2
	Total Exchange-Traded Funds (Cost $27,651,007)			28,715,253		3.9
MUTUAL FUNDS: 95.8%
	Affiliated Investment Companies: 95.8%
4,329,775	Voya Emerging Markets Index Portfolio - Class P2			53,645,915		7.2
15,968,538	Voya International Index Portfolio - Class P2			170,863,362		22.8
2,425,410	Voya Russell Mid Cap Index Portfolio - Class P2			33,397,890		4.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,552,726	Voya Russell Small Cap Index Portfolio - Class P2		$	22,421,371		3.0
4,817,177	Voya U.S. Bond Index Portfolio - Class P2			52,507,230		7.0
22,476,601	Voya U.S. Stock Index Portfolio - Class P2			383,226,039		51.3
	Total Mutual Funds (Cost $657,308,295)			716,061,807		95.8
	Total Investments in Securities (Cost $684,959,302)		$	744,777,060		99.7
	Assets in Excess of Other Liabilities			2,426,679		0.3
	Net Assets		$	747,203,739		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	28,715,253		$	—		$	—		$	28,715,253
Mutual Funds			716,061,807			—			—			716,061,807
Total Investments, at fair value		$	744,777,060		$	—		$	—		$	744,777,060
Other Financial Instruments+
Futures			333,067			—			—			333,067
Total Assets		$	745,110,127		$	—		$	—		$	745,110,127
Liabilities Table
Other Financial Instruments+
Futures		$	(660,732)		$	—		$	—		$	(660,732)
Total Liabilities		$	(660,732)		$	—		$	—		$	(660,732)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	51,272,059		$	16,235,946		$	(19,870,704)		$	6,008,614		$	53,645,915		$	1,021,779		$	2,050,788		$	—
Voya International Index Portfolio - Class P2			123,237,857			36,539,520			(13,549,204)			24,635,189			170,863,362			4,407,106			95,117			—
Voya Russell Mid Cap Index Portfolio - Class P2			36,109,754			11,546,199			(18,633,918)			4,375,855			33,397,890			428,442			7,122			4,790,314
Voya Russell Small Cap Index Portfolio - Class P2			15,447,643			6,978,429			(2,252,806)			2,248,105			22,421,371			208,034			(191,640)			1,981,746
Voya U.S. Bond Index Portfolio - Class P2			32,090,802			27,407,650			(9,358,006)			2,366,784			52,507,230			1,222,524			99,042			—
Voya U.S. Stock Index Portfolio - Class P2			235,762,965			120,769,893			(27,783,912)			54,477,093			383,226,039			5,616,413			4,638,127			18,427,222
		$	493,921,080		$	219,477,638		$	(91,448,551)		$	94,111,640		$	716,061,807		$	12,904,298		$	6,698,556		$	25,199,282

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

At December 31, 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:
E-mini Russell 2000® Index		133		03/20/20		$	11,109,490		$	173,312
Mini MSCI EAFE Index		73		03/20/20			7,433,225			(14,977)
U.S. Treasury Ultra Long Bond		77		03/20/20			13,987,531			(453,631)
						$	32,530,246		$	(295,296)
Short Contracts:
S&P 500® E-Mini		(69)		03/20/20			(11,147,295)			(192,124)
U.S. Treasury 10-Year Note		(167)		03/20/20			(21,446,453)			159,755
						$	(32,593,748)		$	(32,369)

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

The fair value of derivative instruments as of December 31, 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*		$	173,312
Interest rate contracts	Net Assets — Unrealized appreciation*			159,755
Total Asset Derivatives			$	333,067
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	207,101
Interest rate contracts	Net Assets — Unrealized depreciation*			453,631
Total Liability Derivatives			$	660,732

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(1,952,061)
Interest rate contracts			243,059
Total		$	(1,709,002)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	260,428
Interest rate contracts			(578,612)
Total		$	(318,184)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $689,265,401.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	59,891,560
Gross Unrealized Depreciation		(4,707,567)
Net Unrealized Appreciation	$	55,183,993

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.1%
50,620	Vanguard Global ex-U.S. Real Estate ETF		$	2,991,136		0.9
41,697	Vanguard Real Estate ETF			3,869,064		1.2
	Total Exchange-Traded Funds (Cost $6,440,853)			6,860,200		2.1
MUTUAL FUNDS: 97.6%
	Affiliated Investment Companies: 97.6%
1,880,301	Voya Emerging Markets Index Portfolio - Class P2			23,296,925		7.2
7,250,509	Voya International Index Portfolio - Class P2			77,580,444		23.9
1,053,546	Voya Russell Mid Cap Index Portfolio - Class P2			14,507,330		4.5
681,322	Voya Russell Small Cap Index Portfolio - Class P2			9,838,286		3.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
2,013,356	Voya U.S. Bond Index Portfolio - Class P2		$	21,945,576		6.8
9,951,245	Voya U.S. Stock Index Portfolio - Class P2			169,668,734		52.2
	Total Mutual Funds (Cost $296,724,044)			316,837,295		97.6
	Total Investments in Securities (Cost $303,164,897)		$	323,697,495		99.7
	Assets in Excess of Other Liabilities			1,021,410		0.3
	Net Assets		$	324,718,905		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	6,860,200		$	—		$	—		$	6,860,200
Mutual Funds			316,837,295			—			—			316,837,295
Total Investments, at fair value		$	323,697,495		$	—		$	—		$	323,697,495
Other Financial Instruments+
Futures			142,226			—			—			142,226
Total Assets		$	323,839,721		$	—		$	—		$	323,839,721
Liabilities Table
Other Financial Instruments+
Futures		$	(283,504)		$	—		$	—		$	(283,504)
Total Liabilities		$	(283,504)		$	—		$	—		$	(283,504)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	18,395,359		$	10,260,079		$	(8,859,198)		$	3,500,685		$	23,296,925		$	393,574		$	(257,515)		$	—
Voya International Index Portfolio - Class P2			43,870,476			28,218,609			(3,942,227)			9,433,586			77,580,444			1,772,315			565,618			—
Voya Russell Mid Cap Index Portfolio - Class P2			12,338,150			7,229,956			(6,871,268)			1,810,492			14,507,330			165,200			(236,030)			1,846,082
Voya Russell Small Cap Index Portfolio - Class P2			5,278,303			4,564,093			(801,476)			797,366			9,838,286			80,388			(13,151)			765,158
Voya U.S. Bond Index Portfolio - Class P2			10,526,026			19,746,538			(9,029,180)			702,192			21,945,576			459,859			200,430			—
Voya U.S. Stock Index Portfolio - Class P2			81,467,984			77,103,963			(11,274,688)			22,371,475			169,668,734			2,442,864			626,780			7,440,775
		$	171,876,298		$	147,123,239		$	(40,778,038)		$	38,615,796		$	316,837,295		$	5,314,200		$	886,132		$	10,052,015

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

At December 31, 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:
E-mini Russell 2000® Index		57		03/20/20		$	4,761,210		$	74,277
Mini MSCI EAFE Index		31		03/20/20			3,156,575			(6,360)
U.S. Treasury Ultra Long Bond		33		03/20/20			5,994,656			(196,396)
						$	13,912,441		$	(128,479)
Short Contracts:
S&P 500® E-Mini		(29)		03/20/20			(4,685,095)			(80,748)
U.S. Treasury 10-Year Note		(71)		03/20/20			(9,117,953)			67,949
						$	(13,803,048)		$	(12,799)

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

The fair value of derivative instruments as of December 31, 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*		$	74,277
Interest rate contracts	Net Assets — Unrealized appreciation*			67,949
Total Asset Derivatives			$	142,226
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	87,108
Interest rate contracts	Net Assets — Unrealized depreciation*			196,396
Total Liability Derivatives			$	283,504

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(700,291)
Interest rate contracts			85,000
Total		$	(615,291)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	78,993
Interest rate contracts			(230,706)
Total		$	(151,713)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $304,344,567.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	20,471,727
Gross Unrealized Depreciation		(1,260,077)
Net Unrealized Appreciation	$	19,211,650

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.2%
55,280	Vanguard Global ex-U.S. Real Estate ETF		$	3,266,495		1.0
45,535	Vanguard Real Estate ETF			4,225,193		1.2
	Total Exchange-Traded Funds (Cost $7,037,686)			7,491,688		2.2
MUTUAL FUNDS: 97.5%
	Affiliated Investment Companies: 97.5%
2,170,687	Voya Emerging Markets Index Portfolio - Class P2			26,894,812		7.7
7,801,247	Voya International Index Portfolio - Class P2			83,473,347		23.8
1,260,940	Voya Russell Mid Cap Index Portfolio - Class P2			17,363,145		5.0
729,131	Voya Russell Small Cap Index Portfolio - Class P2			10,528,646		3.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,861,495	Voya U.S. Bond Index Portfolio - Class P2		$	20,290,299		5.8
10,720,839	Voya U.S. Stock Index Portfolio - Class P2			182,790,310		52.2
	Total Mutual Funds (Cost $315,698,451)			341,340,559		97.5
	Total Investments in Securities (Cost $322,736,137)		$	348,832,247		99.7
	Assets in Excess of Other Liabilities			1,195,330		0.3
	Net Assets		$	350,027,577		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	7,491,688		$	—		$	—		$	7,491,688
Mutual Funds			341,340,559			—			—			341,340,559
Total Investments, at fair value		$	348,832,247		$	—		$	—		$	348,832,247
Other Financial Instruments+
Futures			155,753			—			—			155,753
Total Assets		$	348,988,000		$	—		$	—		$	348,988,000
Liabilities Table
Other Financial Instruments+
Futures		$	(308,434)		$	—		$	—		$	(308,434)
Total Liabilities		$	(308,434)		$	—		$	—		$	(308,434)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2019 (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 December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	22,172,027		$	9,961,572		$	(8,335,111)		$	3,096,324		$	26,894,812		$	476,692		$	662,403		$	—
Voya International Index Portfolio - Class P2			52,872,713			24,496,324			(4,997,498)			11,101,808			83,473,347			2,002,185			218,273			—
Voya Russell Mid Cap Index Portfolio - Class P2			14,871,873			7,112,137			(6,451,609)			1,830,744			17,363,145			207,316			(102,754)			2,317,103
Voya Russell Small Cap Index Portfolio - Class P2			6,362,160			4,106,841			(905,419)			965,064			10,528,646			90,798			(64,002)			864,463
Voya U.S. Bond Index Portfolio - Class P2			12,687,324			14,308,860			(7,568,954)			863,069			20,290,299			462,382			62,337			—
Voya U.S. Stock Index Portfolio - Class P2			98,184,009			69,951,179			(10,104,185)			24,759,307			182,790,310			2,653,953			1,367,097			8,349,871
		$	207,150,106		$	129,936,912		$	(38,362,775)		$	42,616,316		$	341,340,559		$	5,893,326		$	2,143,354		$	11,531,437

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

At December 31, 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:
E-mini Russell 2000® Index		62		03/20/20		$	5,178,860		$	80,792
Mini MSCI EAFE Index		34		03/20/20			3,462,050			(6,976)
U.S. Treasury Ultra Long Bond		36		03/20/20			6,539,625			(212,357)
						$	15,180,535		$	(138,541)
Short Contracts:
S&P 500® E-Mini		(32)		03/20/20			(5,169,760)			(89,101)
U.S. Treasury 10-Year Note		(78)		03/20/20			(10,016,906)			74,961
						$	(15,186,666)		$	(14,140)

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

The fair value of derivative instruments as of December 31, 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*		$	80,792
Interest rate contracts	Net Assets — Unrealized appreciation*			74,961
Total Asset Derivatives			$	155,753
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	96,077
Interest rate contracts	Net Assets — Unrealized depreciation*			212,357
Total Liability Derivatives			$	308,434

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 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		$	(855,344)
Interest rate contracts			89,857
Total		$	(765,487)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	105,185
Interest rate contracts			(252,512)
Total		$	(147,327)

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $324,993,443.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	26,178,497
Gross Unrealized Depreciation		(2,492,374)
Net Unrealized Appreciation	$	23,686,123

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.8%
14,456	iShares 20+ Year Treasury Bond ETF		$	1,958,499		1.8
18,543	iShares Core S&P Small-Cap ETF			1,554,831		1.4
20,947	Vanguard Global ex-U.S. Real Estate ETF			1,237,758		1.2
16,565	Vanguard Real Estate ETF			1,537,066		1.4
	Total Exchange-Traded Funds (Cost $6,165,431)			6,288,154		5.8
MUTUAL FUNDS: 94.1%
	Affiliated Investment Companies: 94.1%
679,090	Voya Emerging Markets Index Portfolio - Class P2			8,413,928		7.7
2,545,863	Voya International Index Portfolio - Class P2			27,240,738		24.9
394,603	Voya Russell Mid Cap Index Portfolio - Class P2			5,433,682		5.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
231,642	Voya Russell Small Cap Index Portfolio - Class P2		$	3,344,918		3.1
251,343	Voya U.S. Bond Index Portfolio - Class P2			2,739,633		2.5
3,262,845	Voya U.S. Stock Index Portfolio - Class P2			55,631,501		50.9
	Total Mutual Funds (Cost $96,653,594)			102,804,400		94.1
	Total Investments in Securities (Cost $102,819,025)		$	109,092,554		99.9
	Assets in Excess of Other Liabilities			150,212		0.1
	Net Assets		$	109,242,766		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	6,288,154		$	—		$	—		$	6,288,154
Mutual Funds			102,804,400			—			—			102,804,400
Total Investments, at fair value		$	109,092,554		$	—		$	—		$	109,092,554

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.

The following table provides transactions during the period ended December 31, 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 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class P2		$	3,397,583		$	6,099,805		$	(2,190,240)		$	1,106,780		$	8,413,928		$	123,906		$	(299,637)		$	—
Voya International Index Portfolio - Class P2			10,889,850			14,668,739			(1,292,068)			2,974,217			27,240,738			499,456			(13,754)			—
Voya Russell Mid Cap Index Portfolio - Class P2			2,734,377			3,265,724			(979,127)			412,708			5,433,682			53,925			(60,351)			602,194
Voya Russell Small Cap Index Portfolio - Class P2			1,364,796			2,076,918			(358,440)			261,644			3,344,918			23,626			(22,350)			224,629
Voya U.S. Bond Index Portfolio - Class P2			2,274,908			6,832,341			(6,341,032)			(26,584)			2,739,633			100,724			242,729			—
Voya U.S. Stock Index Portfolio - Class P2			22,453,240			35,428,926			(8,836,784)			6,586,119			55,631,501			796,190			188,907			2,307,439
		$	43,114,754		$	68,372,454		$	(19,997,692)		$	11,314,884		$	102,804,400		$	1,597,827		$	35,544		$	3,134,262

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2019 (continued)

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

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $103,340,389.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	6,447,082
Gross Unrealized Depreciation		(694,917)
Net Unrealized Appreciation	$	5,752,165

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2019 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Index Solution Income Portfolio
Class ADV	NII		$	0.1762
Class I	NII		$	0.2394
Class S	NII		$	0.2101
Class S2	NII		$	0.1868
Class Z	NII		$	0.2394
All Classes	STCG		$	0.0196
All Classes	LTCG		$	0.1311
Voya Index Solution 2020 Portfolio
Class ADV	NII		$	0.1820
Class I	NII		$	0.2451
Class S	NII		$	0.1917
Class S2	NII		$	0.2115
Class Z	NII		$	0.2451
All Classes	STCG		$	0.0114
All Classes	LTCG		$	0.3203
Voya Index Solution 2025 Portfolio
Class ADV	NII		$	0.1555
Class I	NII		$	0.2195
Class S	NII		$	0.1897
Class S2	NII		$	0.1763
Class Z	NII		$	0.2195
All Classes	STCG		$	0.0035
All Classes	LTCG		$	0.3890
Voya Index Solution 2030 Portfolio
Class ADV	NII		$	0.1964
Class I	NII		$	0.2623
Class S	NII		$	0.2260
Class S2	NII		$	0.2400
Class Z	NII		$	0.2623
All Classes	LTCG		$	0.4836
Voya Index Solution 2035 Portfolio
Class ADV	NII		$	0.1485
Class I	NII		$	0.2132
Class S	NII		$	0.1839
Class S2	NII		$	0.1630
Class Z	NII		$	0.2132
All Classes	STCG		$	0.0117
All Classes	LTCG		$	0.4326

Portfolio Name	Type	Per Share Amount
Voya Index Solution 2040 Portfolio
Class ADV	NII		$	0.1859
Class I	NII		$	0.2441
Class S	NII		$	0.2084
Class S2	NII		$	0.1987
Class Z	NII		$	0.2442
All Classes	STCG		$	0.0039
All Classes	LTCG		$	0.5396
Voya Index Solution 2045 Portfolio
Class ADV	NII		$	0.1437
Class I	NII		$	0.2084
Class S	NII		$	0.1767
Class S2	NII		$	0.1647
Class Z	NII		$	0.2084
All Classes	STCG		$	0.0172
All Classes	LTCG		$	0.5074
Voya Index Solution 2050 Portfolio
Class ADV	NII		$	0.1664
Class I	NII		$	0.2237
Class S	NII		$	0.1874
Class S2	NII		$	0.1741
Class Z	NII		$	0.2237
All Classes	STCG		$	0.0065
All Classes	LTCG		$	0.5119
Voya Index Solution 2055 Portfolio
Class ADV	NII		$	0.1493
Class I	NII		$	0.2281
Class S	NII		$	0.1938
Class S2	NII		$	0.1760
Class Z	NII		$	0.2281
All Classes	STCG		$	0.0146
All Classes	LTCG		$	0.5667
Voya Index Solution 2060 Portfolio
Class ADV	NII		$	0.0871
Class I	NII		$	0.1323
Class S	NII		$	0.1128
Class S2	NII		$	0.1036
Class Z	NII		$	0.1323
All Classes	STCG		$	0.0081
All Classes	LTCG		$	0.2902

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

TABLE OF CONTENTS

TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2019, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

Voya Index Solution Income Portfolio	16.57%	��
Voya Index Solution 2020 Portfolio	22.27%
Voya Index Solution 2025 Portfolio	30.51%
Voya Index Solution 2030 Portfolio	33.38%
Voya Index Solution 2035 Portfolio	39.21%
Voya Index Solution 2040 Portfolio	41.09%
Voya Index Solution 2045 Portfolio	45.15%
Voya Index Solution 2050 Portfolio	45.85%
Voya Index Solution 2055 Portfolio	48.39%
Voya Index Solution 2060 Portfolio	48.19%

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya Index Solution Income Portfolio	$	5,684,591
Voya Index Solution 2020 Portfolio		8,581,307
Voya Index Solution 2025 Portfolio		34,552,759
Voya Index Solution 2030 Portfolio		16,027,641
Voya Index Solution 2035 Portfolio		35,213,286
Voya Index Solution 2040 Portfolio		12,541,821
Voya Index Solution 2045 Portfolio		27,142,615
Voya Index Solution 2050 Portfolio		7,931,264
Voya Index Solution 2055 Portfolio		10,576,754
Voya Index Solution 2060 Portfolio		1,828,435

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Index Solution Income Portfolio		$	51,238		$	0.0012		9.14%
Voya Index Solution 2020 Portfolio			51,635			0.0017		11.47%
Voya Index Solution 2025 Portfolio			220,927			0.0023		18.13%
Voya Index Solution 2030 Portfolio			168,029			0.0044		23.68%
Voya Index Solution 2035 Portfolio			337,072			0.0038		27.24%
Voya Index Solution 2040 Portfolio			159,210			0.0059		29.81%
Voya Index Solution 2045 Portfolio			268,568			0.0045		32.94%
Voya Index Solution 2050 Portfolio			118,865			0.0065		32.44%
Voya Index Solution 2055 Portfolio			132,802			0.0062		33.60%
Voya Index Solution 2060 Portfolio			42,335			0.0053		26.07%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

TABLE OF CONTENTS

TAX INFORMATION (Unaudited) (continued)

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 262-3862.

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds
in Fund
Complex
Overseen
by Director(2)

Other Board Positions
Held by Director

Independent Directors*:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 59

Director

Chairperson

November 2007 –
Present
January 2020 –
Present

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

146

Dentaquest (February 2014 – Present); RSR Partners, Inc. (2016 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

November 1997 –
Present

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

146

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director

January 2006 –
Present

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

146

Wisconsin Energy Corporation (June 2006 – Present); The Royce Fund (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, AZ 85258
Age: 69

Director

August 2015 –
Present

Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006 – November 2015).

146

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

May 2013 – Present

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

146

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

January 2006 –
Present

Consultant (May 2001 – Present).

146

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

October 2015 – Present

Retired.

146

None.

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds
in Fund
Complex
Overseen
by Director(2)

Other Board Positions
Held by Director

Director who is an “interested person”:

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 46

Director

July 2018 – Present

146

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 – Present).

(1)

(2)

Effective December 31, 2019, Russell H. Jones and Roger B. Vincent each retired as a Director of the Board.

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 46	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 69	Executive Vice President Chief Investment Risk Officer	January 2005 – Present September 2009 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 61	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:52	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Secretary	January 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68	Assistant Secretary	June 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38	Assistant Secretary	January 2020 – Present	Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – Present).

(1)

The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND
SUB-ADVISORY CONTRACTS

At a meeting held on November 21, 2019, the Board of Directors (“Board”) of Voya Partners, Inc. (the “Company”), including a majority of the Independent Directors, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of Voya Index Solution Income Portfolio, Voya Index Solution 2020 Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, and Voya Index Solution 2060 Portfolio, each a series of the Company (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

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

Nature, Extent and Quality of Services

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

the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its

investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Company’s Chief Investment Risk Officer.

Economies of Scale

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

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. In addition, the Board considered each Portfolio’s contractual management fee schedule compared to other third-party sub-advised funds and other funds the Sub-Adviser manages identified by the Manager. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the

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

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

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

Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2019, November 19, 2019, and/or November 21, 2019 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Index Solution Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year period, and the third quintile for the year-to-date, one-year, three-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for the three-year, five-year and ten-year periods and underperformed for the year-to-date and one-year periods.

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

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

Voya Index Solution 2020 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2020 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and five-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

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

Voya Index Solution 2025 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and five-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed.

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

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

Voya Index Solution 2030 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and five-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed.

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

Voya Index Solution 2035 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year and five-year periods, the third quintile for the ten-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed.

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

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

Voya Index Solution 2040 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the one-year and three-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed.

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

Voya Index Solution 2045 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year and ten-year periods, and the third quintile for the year-to-date, one-year and three-year periods; and (2) the Portfolio underperformed its primary benchmark for the one-year, five-year and ten-year periods, and outperformed for the year-to-date and three-year periods.

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

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

Voya Index Solution 2050 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year period, and the third quintile for the year-to-date, one-year and three-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

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

Voya Index Solution 2055 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for all periods presented; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

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

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

Voya Index Solution 2060 Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year period, and the fourth quintile for the year-to-date and three-year periods; and (2) the Portfolio outperformed its primary benchmark for the year-to-date period and underperformed for the one-year and three-year periods. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of asset allocation positioning on the Portfolio’s

performance; (2) its belief that the Sub-Adviser can improve the Portfolio’ long-term performance; and (3) ongoing periodic monitoring of the Portfolio’s performance by management and the Board or its Investment Review Committee.

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

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

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

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

Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VINDSOL (1219-021420)

Item 2. Code of Ethics.

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Ex-99.CODE ETH.

Item 3. Audit Committee Financial Expert.

The Board of Directors has determined that Colleen D. Baldwin, Martin J. Gavin, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $866,080 for the year ended December 31, 2019 and $891,345 for the year ended December 31, 2018.

(b)

Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended December 31, 2019 and $102,600 for the year ended December 31, 2018.

(c)

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $208,039 for the year ended December 31, 2019 and $232,281 for the year ended December 31, 2018. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state, and excise tax returns, tax services related to mergers and routine consulting.

(d)

All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $6,152 for the year ended December 31, 2019 and $0 for the year ended December 31, 2018.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out onExhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

II.

Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

III.

Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

IV.

Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

Other Services

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.

VI.

Pre-approval of Fee levels and Budgeted Amounts

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

VII.

Procedures

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

VIII.

Delegation

The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

IX.

Additional Requirements

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Part of KPMG’s performance of an audit in accordance with standards of the Public Company Accounting Oversight Board (US) includes their responsibility to maintain and monitor auditor independence with respect to the Voya funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the Voya entities that would impair KPMG independence with the respect to the Voya funds. KPMG requests pre-approval from the Voya funds Audit Committee for services provided to the Voya funds and for services to affiliated entities that relate to the financial reporting or nature of operations of the Voya Funds. Additionally, KPMG provides an annual summary of the fees for services that have commenced for Voya funds and Affiliates.

Last Approved: November 16, 2018

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Service	The Fund(s)	Fee Range

Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee¹

Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	√	Not to exceed $9,750 per filing

Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	√	Not to exceed $8,000 during the Pre- Approval Period

Seed capital audit and related review and issuance of consent on the N-2 registration statement	√	Not to exceed $14,750 per audit

Audit of summary portfolio of investments	√	Not to exceed $565 per fund

For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Service	The Fund(s)	Fund Affiliates	Fee Range

Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	√	√	Not to exceed $10,000 per merger

Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	√		Not to exceed $5,000 per occurrence during the Pre-Approval Period

Review of the Funds’ semi-annual and quarterly financial statements	√		Not to exceed $2,700 per set of financial statements per fund

Reports to regulatory or government agencies related to the annual engagement	√		Up to $5,000 per occurrence during the Pre-Approval Period

Regulatory compliance assistance	√	√	Not to exceed $5,000 per quarter

Training courses		√	Not to exceed
			$5,000 per course

For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies	√		Not to exceed $9,450 per quarter

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Service	The Fund(s)	Fund Affiliates	Fee Range

Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	√		As presented to Audit Committee²

Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	√		As presented to Audit Committee²

Tax assistance and advice regarding statutory, regulatory or administrative developments	√	√	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre- Approval Period

Appendix C,continued

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Service	The Fund(s)	Fund Affiliates	Fee Range

Tax and technology training sessions		√	Not to exceed $5,000 per course during the Pre- Approval Period

Tax services associated with Fund mergers	√	√	Not to exceed $4,000 per fund per merger during the Pre- Approval Period

Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year- end reporting for 1099’s and similar routine tax consultations as requested.	√		Not to exceed $120,000 during the Pre- Approval Period

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Service	The Fund(s)	Fund Affiliates	Fee Range

Agreed-upon procedures for Class B share 12b-1 programs		√	Not to exceed $60,000 during the Pre- Approval Period

Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians)	√	√	Not to exceed $5,700 per Fund during the Pre-
			Approval
Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC.			Period

Agreed upon procedures for 15 (c) FACT Books	√		Not to exceed $50,000 during the Pre- Approval Period

Appendix E

Prohibited Non-Audit Services

Dated: January 1, 2019 to December 31, 2019

Bookkeeping or other services related to the accounting records or financial statements of the Funds

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions

Human resources

Broker-dealer, investment adviser, or investment banking services

Legal services

Expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA PRIME RATE TRUST

VOYA NATURAL RESOURCES EQUITY INCOME FUND

VOYA SENIOR INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SERIES FUND, INC.

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS, INC.

VOYA VARIABLE PRODUCTS TRUST

(e)(2)

Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

100% of the services were approved by the audit committee.

(f)	Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%

Not applicable.

(g)

Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to each Registrant by the independent registered public accounting firm for each Registrant’s fiscal years ended December 31, 2019 and December 31, 2018; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods.

Registrant/Investment Adviser	2019	2018
Voya Partners, Inc.	$214,191	$334,881
Voya Investments, LLC⁽¹⁾	$107,750	$38,950

(1) Each Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h)

Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Complete schedule of investments, as applicable, in included as part of the report to shareholders filed under Item 1 of this Form and filed herein, as applicable.

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Directors

Voya Partners, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio (formerly Voya Templeton Foreign Equity Portfolio), VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® Invesco Oppenheimer Global Portfolio (formerly VY^® Oppenheimer Global Portfolio), VY^® JPMorgan Mid Cap Value Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, and VY^® T. Rowe Price Growth Equity Portfolio (the “Funds”), each a series of Voya Partners, Inc., including the summary portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the related notes (collectively, the "financial statements") the financial highlights for each of the years or periods in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR), and the portfolios of investments as of December 31, 2019 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements, financial highlights, and portfolios of investments present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights, and portfolios of investments are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, financial highlights, and portfolios of investments, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements, financial highlights, and portfolios of investments. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Voya investment companies since 1975.

Boston, Massachusetts

February 26, 2020

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 21.1%
	Canada: 0.2%
191,000	Cenovus Energy, Inc., 4.250%, 04/15/2027	$	202,305		0.1
186,000	Fortis, Inc./Canada, 3.055%, 10/04/2026		189,937		0.1
			392,242		0.2

	China: 0.3%
601,000	Alibaba Group Holding Ltd., 3.600%, 11/28/2024		632,889		0.3

	France: 0.7%
572,000 (1)	BNP Paribas SA, 3.500%, 03/01/2023		591,935		0.3
265,000 (1)	BPCE SA, 2.700%, 10/01/2029		262,807		0.1
287,000 (1)	BPCE SA, 5.150%, 07/21/2024		314,958		0.2
226,000 (1)	Electricite de France SA, 2.350%, 10/13/2020		226,457		0.1
			1,396,157		0.7

	Guernsey: 0.4%
716,000	Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/2020		716,937		0.4

	Ireland: 0.2%
370,000	Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026		381,224		0.2

	Japan: 0.9%
200,000 (1)	Mizuho Bank Ltd., 3.200%, 03/26/2025		207,680		0.1
790,000 (1)	MUFG Bank Ltd., 2.300%, 03/05/2020		790,474		0.4
200,000	Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024		200,463		0.1
639,000	Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026		683,081		0.3
			1,881,698		0.9

	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 59,796 (2)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035		3,108		0.0
			3,108		0.0

	Netherlands: 0.8%
270,000	Cooperatieve Rabobank UA/NY, 2.500%, 01/19/2021		271,629		0.1
690,000	Shell International Finance BV, 3.250%, 05/11/2025		730,184		0.4
361,000	Shell International Finance BV, 4.000%, 05/10/2046		411,366		0.2
300,000 (1)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026		298,341		0.1
			1,711,520		0.8

	Norway: 0.2%
380,000	Equinor ASA, 2.450%, 01/17/2023		385,977		0.2

	South Africa: 0.0%
ZAR 1,000,000	Transnet SOC Ltd., 10.800%, 11/06/2023		76,502		0.0

	Switzerland: 0.4%
400,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023		446,970		0.2
250,000	UBS AG/Stamford CT, 7.625%, 08/17/2022		281,926		0.2
			728,896		0.4

	United Kingdom: 1.1%
283,000	Aon PLC, 2.800%, 03/15/2021		285,918		0.2
405,000 (4)	HSBC Holdings PLC, 3.973%, 05/22/2030		436,469		0.2
200,000 (1)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027		204,906		0.1
1,002,000	Santander UK PLC, 2.375%, 03/16/2020		1,002,593		0.5
230,000 (1)	Standard Chartered PLC, 5.300%, 01/09/2043		277,349		0.1
			2,207,235		1.1

	United States: 15.9%
185,000 (1)	AbbVie, Inc., 3.200%, 11/21/2029		188,318		0.1
150,000	AbbVie, Inc., 3.600%, 05/14/2025		158,316		0.1
321,000	AbbVie, Inc., 4.300%, 05/14/2036		355,302		0.2
53,000	Aetna, Inc., 2.800%, 06/15/2023		53,858		0.0
175,000	Altria Group, Inc., 4.500%, 05/02/2043		178,779		0.1
180,000	Altria Group, Inc., 4.800%, 02/14/2029		200,540		0.1
9,199	American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/2025		9,748		0.0
197,576	American Airlines 2016-3 Class B Pass Through Trust, 3.750%, 04/15/2027		199,884		0.1
55,090	American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 08/15/2026		58,240		0.0
459,000	American International Group, Inc., 4.500%, 07/16/2044		528,755		0.3
450,000	American Tower Corp., 2.750%, 01/15/2027		449,715		0.2
300,000	Amgen, Inc., 3.200%, 11/02/2027		315,840		0.2
88,000	Amgen, Inc., 4.563%, 06/15/2048		102,171		0.1
170,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		201,360		0.1

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

130,000	Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028	143,009	0.1
201,000	Anthem, Inc., 3.700%, 09/15/2049	200,913	0.1
301,000	AT&T, Inc., 4.300%, 02/15/2030	334,687	0.2
299,000	AT&T, Inc., 5.150%, 03/15/2042	349,120	0.2
433,000	AT&T, Inc., 5.450%, 03/01/2047	537,137	0.3
368,000	Bank of America Corp., 3.300%, 01/11/2023	380,596	0.2
616,000 (4)	Bank of America Corp., 3.419%, 12/20/2028	646,512	0.3
458,000	Bank of America Corp., 4.100%, 07/24/2023	488,783	0.2
258,000 (4)	Bank of America Corp., 4.330%, 03/15/2050	309,312	0.2
412,000	Bank of New York Mellon Corp., 2.050%, 05/03/2021	413,324	0.2
530,000	BP Capital Markets America, Inc., 3.216%, 11/28/2023	552,149	0.3
266,000 (1)	Bristol-Myers Squibb Co., 3.875%, 08/15/2025	287,760	0.1
135,000	Broadridge Financial Solutions, Inc., 2.900%, 12/01/2029	135,009	0.1
140,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046	153,501	0.1
395,000	CBRE Services, Inc., 5.250%, 03/15/2025	444,401	0.2
216,000	ViacomCBS, Inc., 3.700%, 08/15/2024	228,641	0.1
474,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022	498,173	0.2
50,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050	52,631	0.0
265,000	Citigroup, Inc., 4.125%, 07/25/2028	289,093	0.1
579,000	Citigroup, Inc., 4.000%, 08/05/2024	620,007	0.3
469,000	Citigroup, Inc., 5.500%, 09/13/2025	536,143	0.3
278,000 (1)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028	289,436	0.1
165,000	Comcast Corp., 2.350%, 01/15/2027	164,818	0.1
310,000	Comcast Corp., 4.150%, 10/15/2028	348,994	0.2
110,000	Comcast Corp., 4.250%, 01/15/2033	127,313	0.1
80,000	Comcast Corp., 5.650%, 06/15/2035	105,176	0.1
72,000	Consumers Energy Co., 3.100%, 08/15/2050	71,819	0.0
1,184,000	CVS Health Corp., 2.800%, 07/20/2020	1,187,466	0.6
510,000	CVS Health Corp., 4.300%, 03/25/2028	556,984	0.3
313,000 (1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026	360,253	0.2
187,006	Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/2025	195,052	0.1
442,000	Discover Bank, 7.000%, 04/15/2020	447,953	0.2
120,000 (4)	Dominion Energy, Inc., 4.650%, 12/31/2199	122,570	0.1
125,000	Duke Energy Carolinas LLC, 3.200%, 08/15/2049	124,495	0.1
85,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049	84,948	0.0
1,026,000	Energy Transfer Operating L.P., 4.900%, 02/01/2024	1,100,882	0.5
280,000	Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023	296,625	0.1
558,000	Entergy Corp., 5.125%, 09/15/2020	565,663	0.3
200,000	Entergy Louisiana LLC, 4.200%, 04/01/2050	235,978	0.1
111,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049	109,284	0.1
57,000	Exxon Mobil Corp., 2.995%, 08/16/2039	57,123	0.0
57,000	Exxon Mobil Corp., 3.095%, 08/16/2049	56,868	0.0
281,000 (1)	Fairfax US, Inc., 4.875%, 08/13/2024	300,346	0.1
202,000	FedEx Corp., 4.050%, 02/15/2048	194,910	0.1
318,000	Fifth Third Bancorp, 8.250%, 03/01/2038	485,440	0.2
532,000	FirstEnergy Corp., 4.250%, 03/15/2023	560,875	0.3
569,000	Ford Motor Credit Co. LLC, 3.200%, 01/15/2021	572,216	0.3
205,000	General Electric Co., 6.750%, 03/15/2032	263,150	0.1
224,000	General Motors Financial Co., Inc., 4.300%, 07/13/2025	239,442	0.1
240,000	Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021	242,103	0.1
945,000	Goldman Sachs Group, Inc./The, 3.000%, 04/26/2022	956,802	0.5
130,000	Healthpeak Properties, Inc., 3.000%, 01/15/2030	130,482	0.1
140,000	Intel Corp., 3.250%, 11/15/2049	141,035	0.1
90,000	Johnson & Johnson, 2.900%, 01/15/2028	94,049	0.0
150,000	Johnson & Johnson, 3.400%, 01/15/2038	160,742	0.1
50,000	Johnson & Johnson, 4.375%, 12/05/2033	59,229	0.0
117,000	JPMorgan Chase & Co., 2.550%, 03/01/2021	117,908	0.1
478,000 (4)	JPMorgan Chase & Co., 6.000%, 12/31/2199	513,594	0.3
250,000 (4)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021	250,133	0.1
110,000	Kimco Realty Corp., 3.700%, 10/01/2049	107,025	0.1

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

222,000		Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024	237,861	0.1
194,000		Kinder Morgan, Inc./DE, 5.550%, 06/01/2045	232,243	0.1
165,000		Kraft Heinz Foods Co., 3.000%, 06/01/2026	165,006	0.1
135,000 (1)		Kraft Heinz Foods Co., 4.875%, 10/01/2049	142,293	0.1
103,000		Kroger Co/The, 4.650%, 01/15/2048	112,699	0.1
148,000		Medtronic, Inc., 3.150%, 03/15/2022	152,202	0.1
380,000 (1)		Metropolitan Edison Co., 4.000%, 04/15/2025	404,610	0.2
190,000		Mississippi Power Co., 4.250%, 03/15/2042	204,128	0.1
372,000		Morgan Stanley, 3.750%, 02/25/2023	389,699	0.2
618,000		Morgan Stanley, 4.100%, 05/22/2023	652,792	0.3
70,000 (1)		MPLX L.P., 5.250%, 01/15/2025	73,479	0.0
280,000		National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028	308,094	0.2
324,000		Newmont Corp., 3.700%, 03/15/2023	338,844	0.2
123,000		Occidental Petroleum Corp., 4.625%, 06/15/2045	127,093	0.1
349,000		Oracle Corp., 2.950%, 05/15/2025	363,265	0.2
48,000		O'Reilly Automotive, Inc., 3.600%, 09/01/2027	51,218	0.0
95,000		O'Reilly Automotive, Inc., 4.350%, 06/01/2028	106,025	0.1
140,000		PayPal Holdings, Inc., 2.850%, 10/01/2029	140,994	0.1
235,000		Pfizer, Inc., 2.750%, 06/03/2026	243,080	0.1
460,000		Philip Morris International, Inc., 3.875%, 08/21/2042	479,045	0.2
45,000		Puget Sound Energy, Inc., 3.250%, 09/15/2049	44,810	0.0
249,000		Qualcomm, Inc., 3.250%, 05/20/2027	262,005	0.1
272,000		Reynolds American, Inc., 6.150%, 09/15/2043	319,267	0.2
225,000		Southern Co., 2.750%, 06/15/2020	225,550	0.1
185,000		Southwest Airlines Co., 3.450%, 11/16/2027	194,531	0.1
104,000		Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/2024	109,353	0.1
272,000		Time Warner Cable LLC, 5.875%, 11/15/2040	312,046	0.2
255,000		Union Electric Co., 3.250%, 10/01/2049	253,079	0.1
73,017		United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 02/15/2023	75,887	0.0
72,062		United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/2024	74,359	0.0
52,292		United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027	53,150	0.0
74,583		United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027	75,299	0.0
90,000		United Parcel Service, Inc., 3.400%, 09/01/2049	91,130	0.0
230,000		Verizon Communications, Inc., 4.125%, 03/16/2027	255,278	0.1
331,000		Verizon Communications, Inc., 4.522%, 09/15/2048	396,513	0.2
252,000		ViacomCBS, Inc., 4.375%, 03/15/2043	267,077	0.1
245,000		Walmart, Inc., 3.700%, 06/26/2028	270,166	0.1
300,000		Walt Disney Co/The, 5.400%, 10/01/2043	408,229	0.2
240,000 (4)		Wells Fargo & Co., 2.406%, 10/30/2025	240,163	0.1
430,000		Wells Fargo & Co., 4.100%, 06/03/2026	463,678	0.2
			31,917,148	15.9

	Total Corporate Bonds/Notes
	(Cost $40,439,972)		42,431,533	21.1

COLLATERALIZED MORTGAGE OBLIGATIONS: 15.4%
		United States: 15.4%
249,153 (4)		Adjustable Rate Mortgage Trust 2006-2 1A1, 4.595%, 05/25/2036	246,678	0.1
230,576		Alternative Loan Trust 2005-51 3A2A, 3.530%, (12MTA + 1.290%), 11/20/2035	225,603	0.1
77,763		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036	59,379	0.0
470,839		Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035	480,578	0.2
52,556		CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/2035	52,669	0.0
51,083		CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/2035	50,918	0.0
288,552		CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037	238,998	0.1
69,096 (4)		Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 4.759%, 05/25/2035	70,571	0.0
297,106		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036	292,876	0.2
49,090		Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.292%, (US0001M + 0.500%), 11/25/2035	27,626	0.0
246,233		Countrywide Asset-Backed Certificates 2005-IM1 M1, 2.512%, (US0001M + 0.720%), 11/25/2035	245,204	0.1
266,654 (1),(4)		CSMC Trust 2015-3 B1, 3.934%, 03/25/2045	277,726	0.1
4,228 (1)		Deutsche ALT-A Securities, Inc. ALT2007-RS1 A2, 2.200%, (US0001M + 0.500%), 01/27/2037	7,213	0.0

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

666,673	Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.242%, (US0001M + 4.450%), 01/25/2029	704,866	0.4
754,862	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 6.142%, (US0001M + 4.350%), 05/25/2029	796,643	0.4
400,000	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 5.442%, (US0001M + 3.650%), 09/25/2029	421,709	0.2
500,000	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.792%, (US0001M + 3.000%), 10/25/2029	522,793	0.3
500,000	Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 3.992%, (US0001M + 2.200%), 01/25/2030	509,006	0.3
300,000	Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.192%, (US0001M + 2.400%), 05/28/2030	305,833	0.2
596,142	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.292%, (US0001M + 2.500%), 05/25/2030	605,760	0.3
600,000	Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 4.342%, (US0001M + 2.550%), 12/25/2030	611,193	0.3
379,617	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.792%, (US0001M + 2.000%), 03/25/2031	381,512	0.2
400,000 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 4.092%, (US0001M + 2.300%), 08/25/2031	404,043	0.2
659,170 (1)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 4.192%, (US0001M + 2.400%), 04/25/2031	667,360	0.3
87,872 (5)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024	9,445	0.0
17,663 (5)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028	3,474	0.0
153,515 (5)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032	31,991	0.0
55,562 (5)	Fannie Mae Interest Strip Series 328 2, 6.000%, 12/25/2032	12,369	0.0
24,337 (5)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033	4,840	0.0
29,789 (5)	Fannie Mae Interest Strip Series 332 2, 6.000%, 03/25/2033	6,810	0.0
23,911 (5)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033	5,181	0.0
29,617 (5)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033	6,016	0.0
12,567 (5)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035	2,441	0.0
13,526 (5)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035	2,684	0.0
438,967 (5)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043	69,805	0.0
641,856 (4),(5)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033	82,704	0.1
8,294	Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029	9,060	0.0
11,906	Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032	13,259	0.0
57,177 (5)	Fannie Mae REMIC Trust 2002-12 SB, 5.958%, (-1.000*US0001M + 7.750%), 07/25/2031	12,024	0.0
34,236 (5)	Fannie Mae REMIC Trust 2002-2 SW, 5.958%, (-1.000*US0001M + 7.750%), 02/25/2032	7,438	0.0
14,619	Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032	16,595	0.0
6,036	Fannie Mae REMIC Trust 2002-29 F, 2.792%, (US0001M + 1.000%), 04/25/2032	6,164	0.0
18,671 (5)	Fannie Mae REMIC Trust 2002-41 S, 6.158%, (-1.000*US0001M + 7.950%), 07/25/2032	3,442	0.0
1,858	Fannie Mae REMIC Trust 2002-64 FJ, 2.792%, (US0001M + 1.000%), 04/25/2032	1,897	0.0
3,924	Fannie Mae REMIC Trust 2002-68 FH, 2.245%, (US0001M + 0.500%), 10/18/2032	3,930	0.0
672,454 (5)	Fannie Mae REMIC Trust 2002-77 JS, 6.255%, (-1.000*US0001M + 8.000%), 12/18/2032	141,055	0.1
16,951	Fannie Mae REMIC Trust 2002-84 FB, 2.792%, (US0001M + 1.000%), 12/25/2032	17,312	0.0
16,948	Fannie Mae REMIC Trust 2003-11 FA, 2.792%, (US0001M + 1.000%), 09/25/2032	17,310	0.0
3,631	Fannie Mae REMIC Trust 2003-116 FA, 2.192%, (US0001M + 0.400%), 11/25/2033	3,626	0.0

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

23,374 (5)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033	5,996	0.0
17,089 (5)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033	3,926	0.0
7,831 (5)	Fannie Mae REMIC Trust 2003-52 NS, 5.308%, (-1.000*US0001M + 7.100%), 06/25/2023	360	0.0
414,072 (5)	Fannie Mae REMIC Trust 2004-56 SE, 5.758%, (-1.000*US0001M + 7.550%), 10/25/2033	79,646	0.0
24,925	Fannie Mae REMIC Trust 2005-25 PS, 20.275%, (-4.400*US0001M + 28.160%), 04/25/2035	42,015	0.0
11,926 (5)	Fannie Mae REMIC Trust 2005-40 SB, 4.958%, (-1.000*US0001M + 6.750%), 05/25/2035	1,713	0.0
38,286	Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025	39,131	0.0
112,127	Fannie Mae REMIC Trust 2005-74 DK, 16.832%, (-4.000*US0001M + 24.000%), 07/25/2035	175,273	0.1
301,887	Fannie Mae REMIC Trust 2005-87 SB, 17.263%, (-3.667*US0001M + 23.833%), 10/25/2035	471,514	0.2
185,880	Fannie Mae REMIC Trust 2006-104 ES, 24.490%, (-5.000*US0001M + 33.450%), 11/25/2036	335,063	0.2
13,536	Fannie Mae REMIC Trust 2006-11 PS, 17.996%, (-3.667*US0001M + 24.567%), 03/25/2036	22,028	0.0
34,665	Fannie Mae REMIC Trust 2006-46 SW, 17.629%, (-3.667*US0001M + 24.199%), 06/25/2036	52,111	0.0
7,455,744 (5)	Fannie Mae REMIC Trust 2006-51 SA, 4.778%, (-1.000*US0001M + 6.570%), 06/25/2036	1,397,595	0.7
62,422 (5)	Fannie Mae REMIC Trust 2006-90 SX, 5.438%, (-1.000*US0001M + 7.230%), 09/25/2036	11,581	0.0
7,426,407 (5)	Fannie Mae REMIC Trust 2007-116 DI, 4.148%, (-1.000*US0001M + 5.940%), 01/25/2038	1,396,825	0.7
53,125 (5)	Fannie Mae REMIC Trust 2007-88 XI, 4.748%, (-1.000*US0001M + 6.540%), 06/25/2037	11,046	0.0
683,108 (5)	Fannie Mae REMIC Trust 2007-89 SB, 4.758%, (-1.000*US0001M + 6.550%), 09/25/2037	109,218	0.1
1,449,472 (5)	Fannie Mae REMIC Trust 2007-94 SG, 4.658%, (-1.000*US0001M + 6.450%), 10/25/2037	290,474	0.2
248,774	Fannie Mae REMIC Trust 2010-109 SN, 16.544%, (-5.000*US0001M + 25.000%), 10/25/2040	634,878	0.3
93,347	Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040	99,746	0.1
2,808,115 (5)	Fannie Mae REMIC Trust 2011-55 SK, 4.768%, (-1.000*US0001M + 6.560%), 06/25/2041	572,205	0.3
2,235,555 (5)	Fannie Mae REMIC Trust 2011-86 NS, 4.158%, (-1.000*US0001M + 5.950%), 09/25/2041	356,487	0.2
1,441,018 (5)	Fannie Mae REMIC Trust 2012-10 US, 4.658%, (-1.000*US0001M + 6.450%), 02/25/2042	186,471	0.1
1,168,695 (5)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042	156,123	0.1
3,843,466 (5)	Fannie Mae REMIC Trust 2012-133 PS, 4.408%, (-1.000*US0001M + 6.200%), 03/25/2042	373,538	0.2
1,919,059 (5)	Fannie Mae REMIC Trust 2012-144 SB, 4.308%, (-1.000*US0001M + 6.100%), 01/25/2043	427,387	0.2
1,988,279 (5)	Fannie Mae REMIC Trust 2012-27 SB, 4.188%, (-1.000*US0001M + 5.980%), 11/25/2041	272,676	0.1
23,601	Fannie Mae REMIC Trust 2013-130 ST, 8.000%, (-16.000*US0001M + 64.000%), 05/25/2043	26,437	0.0
1,267,031 (5)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033	145,748	0.1
7,393,218 (5)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027	482,820	0.2
6,700,497 (5)	Freddie Mac 3502 DL, 4.260%, (-1.000*US0001M + 6.000%), 01/15/2039	1,234,061	0.6
24,568	Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022	25,782	0.0
16,301	Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024	17,279	0.0
32,553	Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026	35,695	0.0
7,245 (5)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028	1,408	0.0
37,761 (5)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028	7,077	0.0
19,762	Freddie Mac REMIC Trust 2122 F, 2.190%, (US0001M + 0.450%), 02/15/2029	19,435	0.0
59,403 (5)	Freddie Mac REMIC Trust 2134 SB, 5.960%, (-1.000*US0001M + 7.700%), 03/15/2029	8,681	0.0

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

63,313 (5)	Freddie Mac REMIC Trust 2136 SG, 5.910%, (-1.000*US0001M + 7.650%), 03/15/2029	10,515	0.0
85,181 (5)	Freddie Mac REMIC Trust 2177 SB, 7.210%, (-1.000*US0001M + 8.950%), 08/15/2029	16,202	0.0
10,107	Freddie Mac REMIC Trust 2344 FP, 2.690%, (US0001M + 0.950%), 08/15/2031	10,299	0.0
4,357	Freddie Mac REMIC Trust 2412 GF, 2.690%, (US0001M + 0.950%), 02/15/2032	4,441	0.0
35,904	Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032	41,583	0.0
5,554	Freddie Mac REMIC Trust 2464 FI, 2.740%, (US0001M + 1.000%), 02/15/2032	5,671	0.0
5,697	Freddie Mac REMIC Trust 2470 LF, 2.740%, (US0001M + 1.000%), 02/15/2032	5,817	0.0
8,091	Freddie Mac REMIC Trust 2471 FD, 2.740%, (US0001M + 1.000%), 03/15/2032	8,261	0.0
6,578	Freddie Mac REMIC Trust 2504 FP, 2.240%, (US0001M + 0.500%), 03/15/2032	6,588	0.0
23,605	Freddie Mac REMIC Trust 2551 LF, 2.240%, (US0001M + 0.500%), 01/15/2033	23,663	0.0
46,649	Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023	48,434	0.0
315,473	Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034	350,388	0.2
260,755	Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034	286,676	0.2
51,461	Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667*US0001M + 44.667%), 05/15/2035	58,169	0.0
52,483 (5)	Freddie Mac REMIC Trust 3004 SB, 4.410%, (-1.000*US0001M + 6.150%), 07/15/2035	6,428	0.0
11,984	Freddie Mac REMIC Trust 3025 SJ, 18.371%, (-3.667*US0001M + 24.750%), 08/15/2035	19,365	0.0
660,387 (5)	Freddie Mac REMIC Trust 3223 S, 4.210%, (-1.000*US0001M + 5.950%), 10/15/2036	97,387	0.1
1,961,439 (5)	Freddie Mac REMIC Trust 3505 SA, 4.260%, (-1.000*US0001M + 6.000%), 01/15/2039	384,188	0.2
2,231,095 (5)	Freddie Mac REMIC Trust 3702 S, 2.710%, (-1.000*US0001M + 4.450%), 05/15/2036	242,467	0.1
489,567 (5)	Freddie Mac REMIC Trust 3710 SL, 4.260%, (-1.000*US0001M + 6.000%), 05/15/2036	5,859	0.0
2,205,813 (5)	Freddie Mac REMIC Trust 3925 SD, 4.310%, (-1.000*US0001M + 6.050%), 07/15/2040	220,366	0.1
1,098,907 (5)	Freddie Mac REMIC Trust 4136 SW, 4.510%, (-1.000*US0001M + 6.250%), 11/15/2032	150,606	0.1
543,096 (5)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043	92,378	0.1
8,197,353 (5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043	1,186,749	0.6
991,102 (5)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032	107,039	0.1
250,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 5.692%, (US0001M + 3.900%), 12/25/2027	258,724	0.1
100,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 6.492%, (US0001M + 4.700%), 04/25/2028	110,882	0.1
168,807	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 5.592%, (US0001M + 3.800%), 03/25/2025	173,232	0.1
500,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 5.242%, (US0001M + 3.450%), 10/25/2029	533,114	0.3
400,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.292%, (US0001M + 2.500%), 03/25/2030	409,771	0.2
600,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 4.442%, (US0001M + 2.650%), 12/25/2029	617,068	0.3
55,496 (4)	Freddie Mac Whole Loan Securities Trust 2016-SC02 M1, 3.601%, 10/25/2046	55,848	0.0
346,044	Ginnie Mae Series 2007-8 SP, 16.327%, (-3.242*US0001M + 22.049%), 03/20/2037	541,406	0.3
214,589 (5)	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/2038	708	0.0
1,791,448 (5)	Ginnie Mae Series 2010-68 MS, 4.085%, (-1.000*US0001M + 5.850%), 06/20/2040	305,039	0.2
1,260,408 (5)	Ginnie Mae Series 2012-97 SC, 4.960%, (-1.000*US0001M + 6.700%), 07/16/2041	219,507	0.1
215,339	GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 2.002%, (US0001M + 0.210%), 04/25/2036	207,738	0.1

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

220,041 (1),(4)		GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049	223,449	0.1
191,044 (1),(4)		GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050	193,947	0.1
26,565 (4)		GSR Mortgage Loan Trust 2005-AR6 1A4, 4.704%, 09/25/2035	26,995	0.0
559,317		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.002%, (US0001M + 0.210%), 04/25/2046	531,263	0.3
200,000 (1),(4)		JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050	203,094	0.1
400,000 (1),(4)		JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050	407,688	0.2
288,631 (1),(4)		JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 12/31/2049	292,336	0.2
615,843 (4)		JP Morgan Mortgage Trust 2005-A4 B1, 4.329%, 07/25/2035	625,906	0.3
63,388 (4)		JP Morgan Mortgage Trust 2007-A1 7A1, 4.459%, 07/25/2035	64,316	0.0
253,002 (1),(4)		JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047	254,432	0.1
282,766 (1),(4)		JP Morgan Mortgage Trust 2017-3 B1, 3.845%, 08/25/2047	295,115	0.2
257,765 (1),(4)		JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049	264,572	0.1
138,105		Lehman XS Trust Series 2005-5N 1A2, 2.152%, (US0001M + 0.360%), 11/25/2035	127,853	0.1
64,152 (4)		MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 4.733%, 04/25/2036	65,355	0.0
2,177,059 (4)		RALI Series Trust 2006-QO1 X2, 2.723%, 02/25/2046	240,259	0.1
59,020 (1),(4)		Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048	59,894	0.0
657,258 (4)		TBW Mortgage-Backed Trust 2007-2 A1A, 5.965%, 07/25/2037	336,978	0.2
5,993,590 (4),(5)		WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.276%, 08/25/2045	216,834	0.1
37,808 (4)		WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.693%, 10/25/2036	37,237	0.0
709,490 (4)		WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.522%, 12/25/2036	684,874	0.3
130,284 (4)		WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.875%, 08/25/2046	126,517	0.1
290,352 (4)		WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.804%, 12/25/2036	290,949	0.2
79,955 (4)		WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.501%, 04/25/2037	73,757	0.0
96,763		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.222%, (US0001M + 0.430%), 06/25/2037	80,386	0.0
181,417 (1),(4)		WinWater Mortgage Loan Trust 2015-5 B4, 3.777%, 08/20/2045	181,041	0.1

	Total Collateralized Mortgage Obligations
	(Cost $28,696,758)		30,954,701	15.4

SOVEREIGN BONDS: 10.9%
		Brazil: 1.0%
BRL 7,000,000		Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027	1,956,881	1.0

		Chile: 0.1%
CLP 155,000,000		Bonos de la Tesoreria de la Republica en pesos, 5.100%, 07/15/2050	249,832	0.1

		Germany: 4.8%
EUR 1,010,000 (6)		Bundesobligation, 0.000%, 10/08/2021	1,145,550	0.6
EUR 30,000		Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028	35,872	0.0
EUR 200,000		Bundesrepublik Deutschland Bundesanleihe, 1.250%, 08/15/2048	281,820	0.1
EUR 10,000		Bundesrepublik Deutschland Bundesanleihe, 2.000%, 08/15/2023	12,267	0.0
EUR 660,000		Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046	1,160,886	0.6
EUR 120,000		Bundesrepublik Deutschland Bundesanleihe, 0.000%, 08/15/2026	138,088	0.1
EUR 5,770,000		Bundesrepublik Deutschland, 0.500%, 02/15/2025	6,798,348	3.4
EUR 10,000		Bundesschatzanweisungen, 0.000%, 03/13/2020	11,231	0.0
			9,584,062	4.8

		Indonesia: 0.2%
IDR 6,452,000,000		Indonesia Treasury Bond, 8.375%, 04/15/2039	498,453	0.2

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

		Italy: 0.7%
EUR 438,000 (1)		Italy Buoni Poliennali Del Tesoro, 3.850%, 09/01/2049	636,608	0.3
EUR 438,000 (1)		Italy Buoni Poliennali Del Tesoro, 5.000%, 08/01/2034	690,841	0.4
			1,327,449	0.7

		Mexico: 0.5%
MXN 18,580,000		Mexican Bonos, 7.750%, 11/13/2042	1,043,104	0.5

		Peru: 1.0%
PEN 5,649,000 (1)		Peru Government Bond, 6.150%, 08/12/2032	1,933,840	1.0

		Portugal: 0.7%
EUR 1,135,000 (1)		Portugal Obrigacoes do Tesouro OT, 2.250%, 04/18/2034	1,523,141	0.7

		Russia: 0.7%
RUB 76,937,000		Russian Federal Bond - OFZ, 7.250%, 05/10/2034	1,336,903	0.7

		Spain: 1.2%
EUR 870,000 (1)		Spain Government Bond, 1.450%, 04/30/2029	1,067,001	0.5
EUR 908,000 (1)		Spain Government Bond, 2.700%, 10/31/2048	1,354,718	0.7
			2,421,719	1.2

	Total Sovereign Bonds
	(Cost $21,625,099)		21,875,384	10.9

U.S. TREASURY OBLIGATIONS: 11.4%
		Treasury Inflation Indexed Protected Securities: 3.1%
6,199,403		0.250%,07/15/2029	6,261,830	3.1

		U.S. Treasury Bonds: 1.8%
3,505,000		2.250%,08/15/2049	3,397,174	1.7
250,000		3.500%,02/15/2039	299,401	0.1
			3,696,575	1.8

		U.S. Treasury Notes: 6.5%
10,000		1.500%,10/31/2024	9,909	0.0
2,399,600		1.625%,12/31/2021	2,402,021	1.2
1,691,000		1.625%,12/15/2022	1,691,803	0.8
1,927,500		1.750%,12/31/2024	1,931,873	1.0
2,730,000		1.750%,12/31/2026	2,714,213	1.4
4,152,000 (7)		1.750%,11/15/2029	4,086,637	2.0
268,000		2.125%,01/31/2021	269,404	0.1
			13,105,860	6.5

	Total U.S. Treasury Obligations
	(Cost $23,086,125)		23,064,265	11.4

U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.6%
		Federal Home Loan Mortgage Corporation: 0.4%⁽⁸⁾
219,489		4.000%,09/01/2045	232,765	0.1
130,634		4.000%,09/01/2045	136,902	0.1
123,948		4.000%,09/01/2045	131,447	0.1
97,219		4.000%,09/01/2045	103,102	0.0
173,527		4.000%,05/01/2046	183,590	0.1
12		5.000%,01/01/2020	13	0.0
226		5.000%,02/01/2020	234	0.0
9,253		5.000%,12/01/2034	10,107	0.0
33,811		6.000%,02/01/2034	38,805	0.0
2,565		6.500%,02/01/2022	2,683	0.0
3,215		6.500%,09/01/2022	3,340	0.0
2,286		6.500%,08/01/2032	2,564	0.0
6,031		6.500%,07/01/2034	6,703	0.0
4,544		6.500%,07/01/2034	5,050	0.0
			857,305	0.4

		Federal National Mortgage Association: 0.1%⁽⁸⁾
88,597		4.521%, (US0012M + 1.777%),10/01/2036	93,426	0.1

		Government National Mortgage Association: 2.1%
4,100,000 (9)		3.000%,01/20/2050	4,209,047	2.1
32,046		5.000%,04/15/2034	35,524	0.0
14,578		6.500%,02/20/2035	16,717	0.0
			4,261,288	2.1

		Uniform Mortgage-Backed Securities: 5.0%
4,173,683		3.500%,08/01/2049	4,290,799	2.1
72,381		2.500%,06/01/2030	73,326	0.1
51,228		2.500%,06/01/2030	51,897	0.0
29,412		2.500%,07/01/2030	29,796	0.0
2,312,985		3.500%,09/01/2049	2,378,652	1.2
132,725		4.000%,05/01/2045	140,573	0.1
2,531,980		4.000%,06/01/2049	2,632,414	1.3
58,995		5.000%,06/01/2041	64,967	0.0
14,103		5.500%,09/01/2024	15,173	0.0
852		6.000%,05/01/2021	863	0.0
64,712		6.000%,11/01/2034	74,258	0.1
105,798		6.000%,04/01/2035	121,432	0.1
46,277		6.500%,12/01/2029	51,410	0.0
19,525		6.500%,01/01/2034	21,725	0.0
262		7.000%,04/01/2033	292	0.0
17,413		7.500%,09/01/2032	20,612	0.0
37,089		7.500%,01/01/2033	43,144	0.0
			10,011,333	5.0


	Total U.S. Government Agency Obligations
	(Cost $15,142,874)		15,223,352	7.6

COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%
		United States: 9.1%
6,909,108 (4),(5)		BANK 2017-BNK5 XA, 1.082%, 06/15/2060	391,581	0.2
900,000 (1),(4)		BANK 2017-BNK6 E, 2.653%, 07/15/2060	654,448	0.3
1,948,000 (1),(4),(5)		BANK 2017-BNK6 XE, 1.500%, 07/15/2060	184,765	0.1
995,608 (4),(5)		BANK 2019-BNK16 XA, 0.967%, 02/15/2052	69,766	0.0
8,020,000 (1),(4),(5)		BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033	265,846	0.1
210,000 (1)		Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052	187,755	0.1
1,197,424 (4),(5)		Benchmark 2019-B9 XA Mortgage Trust, 1.047%, 03/15/2052	94,564	0.0
690,000 (1)		BX Commercial Mortgage Trust 2019-XL J, 4.390%, (US0001M + 2.650%), 10/15/2036	692,611	0.3
270,000 (1)		BX Trust 2019-OC11 E, 4.076%, 12/09/2041	262,206	0.1

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

1,834,338 (4),(5)		CD 2016-CD1 Mortgage Trust XA, 1.409%, 08/10/2049	130,551	0.1
7,900,000 (4),(5)		Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.846%, 08/10/2049	406,043	0.2
3,208,075 (4),(5)		Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.109%, 10/12/2050	203,994	0.1
3,244,376 (4),(5)		COMM 2012-CR1 XA, 1.856%, 05/15/2045	119,811	0.1
9,501,587 (1),(4),(5)		COMM 2012-LTRT XA, 0.930%, 10/05/2030	184,180	0.1
11,181,226 (4),(5)		COMM 2014-CR16 XA, 0.978%, 04/10/2047	398,668	0.2
570,000 (1),(4)		COMM 2014-LC15 D Mortgage Trust, 4.984%, 04/10/2047	579,591	0.3
570,000 (4)		COMM 2016-COR1 C, 4.383%, 10/10/2049	591,346	0.3
4,398,398 (4),(5)		COMM 2016-CR28 XA, 0.687%, 02/10/2049	137,855	0.1
1,000,000 (4)		COMM 2017-COR2 C, 4.562%, 09/10/2050	1,061,871	0.5
200,000 (4)		CSAIL 2015-C2 C Commercial Mortgage Trust, 4.192%, 06/15/2057	194,247	0.1
290,000 (1),(4)		DBJPM 16-C3 Mortgage Trust, 3.491%, 08/10/2049	279,017	0.1
1,269,940 (1),(4),(5)		DBUBS 2011-LC1A XA, 0.700%, 11/10/2046	4,891	0.0
270,000 (1)		Fontainebleau Miami Beach Trust 2019-FBLU F, 4.095%, 12/10/2036	265,241	0.1
3,840,000 (4),(5)		Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.815%, 01/25/2043	109,266	0.1
7,000,000 (4),(5)		Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.791%, 12/25/2041	426,569	0.2
36,859,883 (1),(5)		FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044	54,844	0.0
255,000 (1)		GPT 2018-GPP D Mortgage Trust, 3.590%, (US0001M + 1.850%), 06/15/2035	252,931	0.1
450,000 (1),(4)		GRACE 2014-GRCE F Mortgage Trust, 3.590%, 06/10/2028	451,670	0.2
100,000 (1),(4)		GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043	98,860	0.0
1,934,226 (4),(5)		GS Mortgage Securities Trust 2012-GCJ7 XA, 2.161%, 05/10/2045	54,077	0.0
180,000 (1)		GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046	156,717	0.1
3,952,071 (4),(5)		GS Mortgage Securities Trust 2013-GC16 XA, 1.035%, 11/10/2046	135,135	0.1
690,000 (1),(4)		GS Mortgage Securities Trust 2016-GS4 E, 3.800%, 11/10/2049	553,680	0.3
2,313,067 (4),(5)		GS Mortgage Securities Trust 2017-GS6 XA, 1.042%, 05/10/2050	150,576	0.1
410,000 (1),(4)		GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052	408,858	0.2
310,000 (1),(4)		GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052	302,346	0.2
360,000 (1),(4)		Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039	310,809	0.2
1,740,000 (1),(4)		JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 E, 4.000%, 08/15/2046	1,707,112	0.8
5,715,174 (4),(5)		JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.478%, 06/15/2045	126,374	0.1
660,000 (4)		JPMBB Commercial Mortgage Securities Trust 2014-C18 AS, 4.439%, 02/15/2047	703,060	0.4
334,698 (4)		LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/2040	334,837	0.2
3,024,022 (1),(4),(5)		LSTAR Commercial Mortgage Trust 2017-5 X, 1.084%, 03/10/2050	119,413	0.1
1,090,000 (1),(4)		Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 E, 4.608%, 11/15/2045	1,100,551	0.5
18,750,000 (1),(4),(5)		Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.455%, 12/15/2047	410,893	0.2
440,000 (1),(4)		Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 4.910%, 04/15/2047	461,706	0.2
570,000 (1),(4)		Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047	584,265	0.3
170,000 (1)		MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036	160,911	0.1
320,000 (1)		MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036	297,747	0.1
220,000 (1)		Wells Fargo Commercial Mortgage Trust 2010-C1 F, 4.000%, 11/15/2043	217,836	0.1
3,123,618 (1),(4),(5)		WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.811%, 08/15/2045	112,769	0.1
550,000 (1),(4)		WFRBS Commercial Mortgage Trust 2013-C11 F, 4.261%, 03/15/2045	531,150	0.3
330,000 (1),(4)		WFRBS Commercial Mortgage Trust 2013-C14 D, 3.977%, 06/15/2046	314,981	0.2
9,269,806 (4),(5)		WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.032%, 03/15/2047	293,335	0.1

	Total Commercial Mortgage-Backed Securities
	(Cost $17,838,337)		18,304,126	9.1

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

ASSET-BACKED SECURITIES: 4.3%
		Cayman Islands: 1.1%
500,000 (1)		Barings Clo Ltd. 2019-4A C, 4.703%, (US0003M + 2.800%), 01/15/2033		499,980		0.3
400,000 (1)		Clear Creek CLO 2015-1A CR, 3.916%, (US0003M + 1.950%), 10/20/2030		386,419		0.2
400,000 (1)		Galaxy XXI CLO Ltd. 2015-21A CR, 3.716%, (US0003M + 1.750%), 04/20/2031		380,219		0.2
500,000 (1)		Jay Park CLO Ltd. 2016-1A BR, 3.966%, (US0003M + 2.000%), 10/20/2027		487,852		0.2
400,000 (1)		Shackleton CLO Ltd. 2019-15A C, 4.703%, (US0003M + 2.800%), 01/15/2030		399,984		0.2
				2,154,454		1.1

		United States: 3.2%
500,000 (1)		AMMC CLO 16 Ltd. 2015-16A CR, 4.351%, (US0003M + 2.350%), 04/14/2029		497,478		0.3
412,500 (1)		BlueMountain CLO 2013-2A CR, 3.903%, (US0003M + 1.950%), 10/22/2030		395,011		0.2
400,000 (1)		CIFC Funding 2013-IA BR Ltd., 4.401%, (US0003M + 2.400%), 07/16/2030		390,420		0.2
281,072 (4)		Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.866%, 03/25/2036		194,696		0.1
1,040,000 (1)		Invitation Homes 2018-SFR1 D Trust, 3.187%, (US0001M + 1.450%), 03/17/2037		1,039,471		0.5
500,000 (1)		LCM XXIV Ltd. 24A C, 4.216%, (US0003M + 2.250%), 03/20/2030		482,812		0.2
250,000 (1)		Madison Park Funding XXVII Ltd. 2018-27A B, 3.766%, (US0003M + 1.800%), 04/20/2030		240,910		0.1
400,000 (1)		Madison Park Funding XXXI Ltd. 2018-31A C, 4.084%, (US0003M + 2.150%), 01/23/2031		397,132		0.2
200,000 (1),(4)		Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		204,365		0.1
575,000 (1)		Palmer Square Loan Funding 2017-1A D Ltd., 6.851%, (US0003M + 4.850%), 10/15/2025		571,651		0.3
250,000 (1)		Palmer Square Loan Funding 2018-1A C Ltd., 3.851%, (US0003M + 1.850%), 04/15/2026		242,378		0.1
1,060,000 (1)		Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035		1,084,110		0.5
250,000 (1)		THL Credit Wind River 2013-2A CR CLO Ltd., 4.003%, (US0003M + 2.000%), 10/18/2030		234,943		0.1
560,000 (1)		THL Credit Wind River 2017-3A C CLO Ltd., 4.201%, (US0003M + 2.200%), 10/15/2030		551,369		0.3
				6,526,746		3.2

	Total Asset-Backed Securities
	(Cost $8,741,366)			8,681,200		4.3


STRUCTURED NOTES: 0.0%
		Russia: 0.0%
RUB 3,958,045 (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		10,692		0.0

	Total Structured Notes
	(Cost $141,849)			10,692		0.0

Shares			Value		Percentage of Net Assets
COMMON STOCK: 0.0%
		United States: 0.0%
43,083 (2),(7),(10)		American Media, Inc.		–		–
18 (10)		Ingevity Corp.		1,573		0.0
4,988 (10)		Resolute Forest Products, Inc.		20,950		0.0
120		WestRock Co.		5,149		0.0

	Total Common Stock
	(Cost $1,305,734)			27,672		0.0

MUTUAL FUNDS: 19.2%
		United States: 19.2%
643,128		Voya Emerging Markets Corporate Debt Fund - Class P		6,534,186		3.2
1,127,507		Voya Emerging Markets Hard Currency Debt Fund - Class P		11,083,391		5.5
1,853,229		Voya Emerging Markets Local Currency Debt Fund - Class P		13,806,553		6.9
905,054		Voya High Yield Bond Fund - Class P		7,285,686		3.6

	Total Mutual Funds
	(Cost $40,499,130)			38,709,816		19.2

				Value		Percentage of Net Assets
PURCHASED OPTIONS (11): 0.0%
	Total Purchased Options
	(Cost $72,275)			42,509		0.0

	Total Long-Term Investments
	(Cost $197,589,519)			199,325,250		99.0

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019 (CONTINUED)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.0%
		Repurchase Agreements: 2.1%
1,000,000 (12)		Bank of Montreal, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.500%-5.000%, Market Value plus accrued interest $1,020,000, due 04/20/49-12/01/49)		1,000,000			0.5
1,000,000 (12)		Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,020,089, due 09/01/24-11/01/49)		1,000,000			0.5
199,320 (12)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $199,337, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $203,324, due 01/15/20-11/15/48)		199,320			0.1
1,000,000 (12)		Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,020,000, due 02/13/20-09/20/69)		1,000,000			0.5
1,000,000 (12)		Morgan Stanley, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,020,000, due 07/01/27-01/01/50)		1,000,000			0.5

	Total Repurchase Agreements
	(Cost $4,199,320)			4,199,320			2.1

Shares			Value			Percentage of Net Assets
		Mutual Funds: 0.9%
1,917,000 (13)		Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%
		(Cost $1,917,000)		1,917,000			0.9

	Total Short-Term Investments
	(Cost $6,116,320)			6,116,320			3.0

	Total Investments in Securities (Cost $203,705,839)		$	205,441,570			102.0
	Liabilities in Excess of Other Assets			(4,103,028	)		(2.0	)
	Net Assets		$	201,338,542			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 December 31, 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 December 31, 2019.
(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)	Settlement is on a when-issued or delayed-delivery basis.
(10)	Non-income producing security.
(11)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(12)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(13)	Rate shown is the 7-day yield as of December 31, 2019.

Currency Abbreviations:
BRL	Brazilian Real
CLP	Chilean Peso
EUR	EU Euro
IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
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

Voya International High Dividend Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019

Shares		Value		Percentage of Net Assets
COMMON STOCK: 98.7%
	Australia: 7.8%
197,147	AGL Energy Ltd.	$	2,837,650		0.6
1,048,839	Alumina Ltd.		1,694,091		0.3
750,555	Aurizon Holdings Ltd.		2,754,480		0.6
675,447	AusNet Services		805,461		0.2
99,974	Australia & New Zealand Banking Group Ltd.		1,724,149		0.4
57,981	BHP Group Ltd.		1,587,652		0.3
589,543	Boral Ltd.		1,854,750		0.4
234,833	Coca-Cola Amatil Ltd.		1,823,631		0.4
197,137	Crown Resorts Ltd.		1,662,101		0.3
262,223	Harvey Norman Holdings Ltd.		748,936		0.2
20,987	Macquarie Group Ltd.		2,032,470		0.4
82,357	Rio Tinto Ltd.		5,826,757		1.2
1,010,201	Scentre Group		2,718,708		0.6
94,580	Sonic Healthcare Ltd.		1,907,009		0.4
392,836	Stockland		1,274,581		0.3
515,758	Sydney Airport		3,133,600		0.6
870,030	Vicinity Centres		1,521,735		0.3
62,515	Woolworths Group Ltd.		1,585,596		0.3
			37,493,357		7.8

	Belgium: 0.3%
29,195	Colruyt S.A.		1,522,135		0.3

	China: 0.4%
516,500	BOC Hong Kong Holdings Ltd.		1,792,992		0.4

	Denmark: 3.5%
20,380	Carlsberg A/S		3,041,429		0.6
24,466	Coloplast A/S		3,035,278		0.6
45,484	H Lundbeck A/S		1,738,877		0.4
104,830	Novo Nordisk A/S		6,074,776		1.3
60,942	Pandora A/S		2,651,064		0.6
			16,541,424		3.5

	Finland: 3.1%
35,493	Elisa OYJ		1,960,774		0.4
87,180	Neste OYJ		3,033,453		0.6
70,878	Nokian Renkaat OYJ		2,038,595		0.4
37,314	Orion Oyj		1,728,081		0.4
72,966	Sampo OYJ		3,185,938		0.7
83,697	UPM-Kymmene OYJ		2,903,839		0.6
			14,850,680		3.1

	France: 8.3%
67,011	Bouygues SA		2,856,488		0.6
4,335	Covivio		492,328		0.1
40,044	Danone		3,325,507		0.7
13,253	Edenred		686,833		0.1
28,761	Eiffage SA		3,299,674		0.7
196,047	Engie SA		3,175,648		0.7
97,072	Eutelsat Communications		1,577,760		0.3
123,361	Getlink SE		2,150,794		0.4
36,232	Klepierre SA		1,378,414		0.3
420,155	Natixis SA		1,871,596		0.4
85,719 (1)	Orange SA		1,259,750		0.3
23,422	Peugeot S.A.		563,938		0.1
49,577	Renault S.A.		2,354,296		0.5
66,466	Sanofi		6,675,041		1.4
74,805	Societe Generale		2,610,555		0.5
25,815	Sodexo SA		3,059,288		0.7
29,221	Total SA		1,621,496		0.3
6,526	Vinci SA		726,828		0.2
			39,686,234		8.3

	Germany: 5.6%
3,055	Adidas AG		993,089		0.2
1,913	Allianz SE		468,740		0.1
51,073	BASF SE		3,847,685		0.8
6,392	Beiersdorf AG		764,674		0.2
24,435	Deutsche Boerse AG		3,831,734		0.8
69,411	Deutsche Lufthansa AG		1,277,661		0.3
107,825	Deutsche Post AG		4,099,976		0.8
182,295	Deutsche Telekom AG		2,979,112		0.6
12,449	Hannover Rueck SE		2,400,361		0.5
7,729	Muenchener Rueckversicherungs-Gesellschaft AG		2,280,784		0.5
16,936	Siemens AG		2,211,708		0.5
539,575 (1)	Telefonica Deutschland Holding AG		1,563,951		0.3
			26,719,475		5.6

	Hong Kong: 2.7%
184,000	CK Hutchison Holdings Ltd.		1,754,530		0.4
274,500	CLP Holdings Ltd.		2,881,543		0.6
138,000	Hang Seng Bank Ltd.		2,852,457		0.6
739,000	HKT Trust / HKT Ltd.		1,041,463		0.2
19,700	Jardine Matheson Holdings Ltd.		1,096,260		0.2
1,400,000	PCCW Ltd.		828,375		0.2
271,000	Power Assets Holdings Ltd.		1,982,533		0.4
221,500	Yue Yuen Industrial Holdings		653,711		0.1
			13,090,872		2.7

	Israel: 1.2%
376,036	Bank Leumi Le-Israel BM		2,742,407		0.6
183,305	Israel Chemicals Ltd.		865,661		0.2
236,358	Israel Discount Bank Ltd.		1,097,697		0.2
36,604	Mizrahi Tefahot Bank Ltd.		976,394		0.2
			5,682,159		1.2

	Italy: 4.1%
144,429	Assicurazioni Generali S.p.A.		2,981,721		0.6
63,945	Enel S.p.A.		507,970		0.1
250,895	ENI S.p.A.		3,896,726		0.8
1,498,008	Intesa Sanpaolo SpA		3,946,056		0.8
275,041	Mediobanca Banca di Credito Finanziario SpA		3,028,364		0.7
43,238	Recordati S.p.A.		1,822,694		0.4
564,816	Snam SpA		2,969,704		0.6
85,949	Terna Rete Elettrica Nazionale SpA		574,822		0.1
			19,728,057		4.1

	Japan: 25.2%
15,200	ABC-Mart, Inc.		1,037,573		0.2
158,700	Ajinomoto Co., Inc.		2,641,928		0.6
78,800	ANA Holdings, Inc.		2,630,623		0.6

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

40,500	Benesse Holdings, Inc.	1,064,532	0.2
31,400	Calbee, Inc.	1,023,053	0.2
123,100 (2)	Canon, Inc.	3,369,060	0.7
527	Daiwa House REIT Investment Corp.	1,378,018	0.3
167,400	Pan Pacific International Holdings Corp.	2,777,380	0.6
12,000	East Japan Railway Co.	1,083,144	0.2
69,100	Fuji Film Holdings Corp.	3,299,933	0.7
34,500	Hamamatsu Photonics KK	1,413,826	0.3
24,800	Hitachi Ltd.	1,046,455	0.2
6,900	Hoya Corp.	658,688	0.1
153,900	Itochu Corp.	3,566,892	0.7
83,700	Japan Airlines Co. Ltd.	2,606,073	0.5
324	Japan Prime Realty Investment Corp.	1,424,589	0.3
931	Japan Retail Fund Investment Corp.	2,003,425	0.4
103,300	Kakaku.com, Inc.	2,637,570	0.6
36,900	Kamigumi Co., Ltd.	811,131	0.2
59,100	Konami Holdings Corp.	2,428,568	0.5
9,800	Kyocera Corp.	667,926	0.1
59,000	Kyushu Railway Co.	1,975,179	0.4
26,200	Lawson, Inc.	1,487,181	0.3
153,200	LIXIL Group Corp.	2,643,751	0.6
24,600	Maruichi Steel Tube Ltd.	691,321	0.1
23,100	McDonald's Holdings Co. Japan Ltd.	1,112,930	0.2
80,000	Medipal Holdings Corp.	1,765,630	0.4
34,500	MEIJI Holdings Co., Ltd.	2,331,517	0.5
233,600	Mitsubishi Chemical Holdings Corp.	1,740,597	0.4
129,300	Mitsubishi Corp.	3,425,334	0.7
74,200	Mitsubishi Heavy Industries Ltd.	2,877,243	0.6
209,200	Mitsui & Co., Ltd.	3,718,640	0.8
93,600	MS&AD Insurance Group Holdings, Inc.	3,089,614	0.6
74,000	NEC Corp.	3,062,450	0.6
839	Nippon Prologis REIT, Inc.	2,136,857	0.5
397	Nippon Building Fund, Inc.	2,910,110	0.6
6,400	Nippon Shinyaku Co., Ltd.	554,199	0.1
133,000	Nissan Motor Co., Ltd.	770,700	0.2
137,800	NTT DoCoMo, Inc.	3,838,576	0.8
32,200	Olympus Corp.	496,289	0.1
9,800	Oracle Corp. Japan	889,436	0.2
39,500	ORIX Corp.	654,569	0.1
29,500	Otsuka Corp.	1,178,081	0.2
231,100	Ricoh Co., Ltd.	2,514,716	0.5
29,500	Sankyo Co., Ltd.	979,777	0.2
25,400	Secom Co., Ltd.	2,266,766	0.5
174,100	Seiko Epson Corp.	2,628,712	0.6
147,600	Sekisui House Ltd.	3,151,977	0.7
79,200	Seven & I Holdings Co., Ltd.	2,903,111	0.6
211,600	Softbank Corp.	2,837,488	0.6
210,900	Sumitomo Corp.	3,132,570	0.7
111,700	Sumitomo Mitsui Financial Group, Inc.	4,125,681	0.9
39,400	Sundrug Co., Ltd.	1,425,570	0.3
19,700	Suzuken Co., Ltd.	802,931	0.2
103,000	Teijin Ltd.	1,924,261	0.4
24,800	Toyo Suisan Kaisha Ltd.	1,053,152	0.2
52,700 (1)	Trend Micro, Inc.	2,696,650	0.6
1,059	United Urban Investment Corp.	1,988,863	0.4
34,500	West Japan Railway Co.	2,984,028	0.6
		120,336,844	25.2

	Netherlands: 6.1%
156,930 (3)	ABN AMRO Bank NV	2,860,272	0.6
189,536	ING Groep NV	2,278,690	0.5
449,512	Koninklijke KPN NV	1,330,281	0.3
78,074	NN Group NV	2,968,605	0.6
20,971	Randstad NV	1,285,007	0.3
341,728	Royal Dutch Shell PLC - Class A	10,120,077	2.1
88,706	Unilever NV	5,090,924	1.0
47,823	Wolters Kluwer NV	3,491,837	0.7
		29,425,693	6.1

	New Zealand: 0.1%
241,256	Spark New Zealand Ltd.	703,507	0.1

	Norway: 0.4%
204,489	Orkla ASA	2,073,686	0.4

	Singapore: 2.6%
1,099,500	CapitaLand Mall Trust	2,012,705	0.4
886,900	ComfortDelgro Corp., Ltd.	1,569,288	0.3
1,696,200	Genting Singapore Ltd.	1,161,539	0.2
128,100	SATS Ltd.	482,184	0.1
143,900	Singapore Airlines Ltd.	967,483	0.2
324,900	Singapore Exchange Ltd.	2,139,835	0.5
1,053,400	Singapore Telecommunications Ltd.	2,640,999	0.6
432,200	Singapore Technologies Engineering Ltd.	1,265,759	0.3
		12,239,792	2.6

	Spain: 3.1%
16,132 (3)	Aena SME SA	3,092,808	0.7
11,380	Amadeus IT Group SA	931,990	0.2
91,445	Enagas	2,332,540	0.5
112,075	Endesa S.A.	2,992,946	0.6
113,155	Ferrovial SA - FERE	3,428,289	0.7
62,048	Red Electrica Corp. SA	1,250,258	0.3
44,072	Repsol SA	692,381	0.1
		14,721,212	3.1

	Sweden: 1.4%
254,203	Skandinaviska Enskilda Banken AB	2,390,493	0.5
216,196	Swedbank AB	3,213,966	0.7
21,086	Swedish Match AB	1,086,282	0.2
		6,690,741	1.4

	Switzerland: 9.3%
11,480	Adecco Group AG	725,791	0.1
154	Chocoladefabriken Lindt & Sprungli AG - PC - LISP	1,195,815	0.3
837	Givaudan	2,622,317	0.5
155,365	Glencore PLC	483,766	0.1
59,403	LafargeHolcim Ltd.-CHF	3,295,529	0.7
5,059	Kuehne & Nagel International AG	853,285	0.2
117,244	Nestle SA	12,693,453	2.7
81,982	Novartis AG	7,762,843	1.6
30,774	Roche Holding AG	10,001,637	2.1

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

11,322		Zurich Insurance Group AG	4,644,280	1.0
			44,278,716	9.3

		United Kingdom: 13.5%
70,219		Admiral Group PLC	2,145,793	0.5
374,486 (3)		Auto Trader Group PLC	2,957,392	0.6
613,784		Aviva PLC	3,406,860	0.7
449,332		BAE Systems PLC	3,364,314	0.7
1,065,415		BP PLC	6,702,364	1.4
1,279,613		BT Group PLC	3,260,720	0.7
57,850		Coca-Cola European Partners PLC	2,943,408	0.6
150,497		Compass Group PLC	3,771,747	0.8
16,836		Diageo PLC	709,418	0.2
630,075		Direct Line Insurance Group PLC	2,606,984	0.5
374,312		Evraz PLC	2,004,386	0.4
288,393		GlaxoSmithKline PLC	6,776,427	1.4
821,775		Legal & General Group PLC	3,301,139	0.7
35,397		Next PLC	3,298,411	0.7
78,653		Persimmon PLC	2,809,433	0.6
89,854		Relx PLC (GBP Exchange)	2,268,231	0.5
1,049,984		Royal Bank of Scotland Group PLC	3,368,312	0.7
189,572		Sage Group PLC/The	1,880,698	0.4
76,304		Unilever PLC	4,367,873	0.9
923,810		WM Morrison Supermarkets PLC	2,444,926	0.5
			64,388,836	13.5

	Total Common Stock
	(Cost $443,488,322)		471,966,412	98.7

EXCHANGE-TRADED FUNDS: 0.2%
10,419		iShares MSCI EAFE ETF	723,495	0.2

	Total Exchange-Traded Funds
	(Cost $710,725)		723,495	0.2

RIGHTS: 0.0%
		Spain: 0.0%
28,748 (1)		Repsol SA	13,640	0.0

	Total Rights
	(Cost $13,586)		13,640	0.0

	Total Long-Term Investments
	(Cost $444,212,633)		472,703,547	98.9

Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.7%
		Repurchase Agreements: 0.7%
1,000,000 (4)		Bethesda Securities LLC, Repurchase Agreement dated 12/31/19, 1.65%, due 01/02/20 (Repurchase Amount $1,000,090, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $1,020,000, due 11/01/32-01/01/49)	1,000,000	0.2
1,000,000 (4)		Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,000,087, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 01/25/20-10/15/60)	1,000,000	0.2
1,000,000 (4)		Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $1,000,096, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $1,020,000, due 04/15/20-03/31/21)	1,000,000	0.2
512,449 (4)		RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $512,493, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $522,698, due 06/30/21-12/01/49)	512,449	0.1

	Total Repurchase Agreements

	Total Short-Term Investments
	(Cost $3,512,449)		3,512,449	0.7

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)


Total Investments in Securities (Cost $447,725,082)	$	476,215,996	99.6
Assets in Excess of Other Liabilities		2,066,478	0.4
Net Assets	$	478,282,474	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)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(4)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

See Accompanying Notes to Financial Statements

VY^®American Century

Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

AS OF December 31, 2019

Shares		Value		Percentage of Net Assets
COMMON STOCK: 96.6%
	Communication Services: 0.8%
406,024	Entravision Communications Corp.	$	1,063,783		0.3
35,156	Rogers Communications, Inc.		1,745,685		0.4
35,197	Townsquare Media, Inc.		350,914		0.1
			3,160,382		0.8

	Consumer Discretionary: 7.5%
74,410 (1),(2)	Accel Entertainment, Inc.		930,125		0.2
22,542	Advance Auto Parts, Inc.		3,610,327		0.9
13,077	Aptiv PLC		1,241,923		0.3
50,799	BorgWarner, Inc.		2,203,661		0.6
24,572 (1)	Camping World Holdings, Inc.		362,191		0.1
50,923	Carnival Corp.		2,588,416		0.7
15,600 (2)	Everi Holdings, Inc.		209,508		0.1
29,574	Genuine Parts Co.		3,141,646		0.8
87,344	Honda Motor Co., Ltd. ADR		2,472,709		0.7
36,073 (2)	MarineMax, Inc.		602,058		0.2
35,347	Penske Auto Group, Inc.		1,775,126		0.5
55,600	Pulte Group, Inc.		2,157,280		0.6
36,859 (2)	Red Robin Gourmet Burgers, Inc.		1,217,084		0.3
20,241	Sodexo SA		2,398,723		0.6
15,381	Target Corp.		1,971,998		0.5
22,677	Thor Industries, Inc.		1,684,674		0.4
			28,567,449		7.5

	Consumer Staples: 5.8%
87,189	Conagra Brands, Inc.		2,985,351		0.8
41,090 (2)	Hain Celestial Group, Inc.		1,066,491		0.3
17,437	JM Smucker Co.		1,815,715		0.5
21,704	Kellogg Co.		1,501,049		0.4
17,039	Kimberly-Clark Corp.		2,343,714		0.6
111,638	Koninklijke Ahold Delhaize NV		2,799,045		0.7
26,426	Mondelez International, Inc.		1,455,544		0.4
273,799	Orkla ASA		2,776,545		0.7
39,910	Spectrum Brands Holdings, Inc.		2,565,814		0.6
26,377	Sysco Corp.		2,256,289		0.6
17,619 (1)	Weis Markets, Inc.		713,393		0.2
			22,278,950		5.8

	Energy: 4.5%
104,087	Baker Hughes Co.		2,667,750		0.7
17,381	Cactus, Inc.		596,516		0.2
84,670 (2)	Callon Petroleum Co.		408,956		0.1
40,743 (2)	Centennial Resource Development, Inc./DE		188,233		0.1
56,706	ConocoPhillips		3,687,591		1.0
54,934 (2)	Earthstone Energy, Inc.		347,732		0.1
55,832	Imperial Oil Ltd.		1,476,901		0.4
11,400	Liberty Oilfield Services, Inc.		126,768		0.0
78,414 (2)	Magnolia Oil & Gas Corp.		986,448		0.3
136,985 (1),(2)	NCS Multistage Holdings, Inc.		287,669		0.1
26,012 (2)	NexTier Oilfield Solutions, Inc.		174,280		0.0
93,981	Noble Energy, Inc.		2,334,488		0.6
27,085	Parsley Energy, Inc.		512,177		0.1
65,956	Schlumberger Ltd.		2,651,431		0.7
38,165 (2)	WPX Energy, Inc.		524,387		0.1
			16,971,327		4.5

	Financials: 26.4%
40,414	Aflac, Inc.		2,137,901		0.6
24,472	Ameriprise Financial, Inc.		4,076,546		1.1
12,000	Ameris Bancorp.		510,480		0.1
14,446	Amerisafe, Inc.		953,869		0.2
39,676	Ares Management Corp.		1,416,036		0.4
7,735	Arthur J. Gallagher & Co.		736,604		0.2
46,671	Axis Capital Holdings Ltd.		2,774,124		0.7
3,343	Bank OZK		101,978		0.0
85,310	BankUnited, Inc.		3,118,934		0.8
31,348	Brown & Brown, Inc.		1,237,619		0.3
161,466	Capitol Federal Financial, Inc.		2,216,928		0.6
25,848	Chubb Ltd.		4,023,500		1.1
57,588	Comerica, Inc.		4,131,939		1.1
46,384 (1)	Commerce Bancshares, Inc.		3,151,329		0.8
132,895 (1),(3)	Compass Diversified Holdings		3,303,770		0.9
68,215 (2)	CrossFirst Bankshares, Inc.		983,660		0.3
153,208 (2)	Donnelley Financial Solutions, Inc.		1,604,088		0.4
201,577	First Hawaiian, Inc.		5,815,497		1.5
10,113	Globe Life, Inc.		1,064,393		0.3
4,860	Hanover Insurance Group, Inc.		664,216		0.2
31,209	Hilltop Holdings, Inc.		778,040		0.2
157,696	Home Bancshares, Inc./Conway AR		3,100,303		0.8
26,306	Independent Bank Group, Inc.		1,458,405		0.4
44,272	James River Group Holdings Ltd.		1,824,449		0.5
19,356	M&T Bank Corp.		3,285,681		0.9
60,610	Northern Trust Corp.		6,439,206		1.7
41,561	Origin Bancorp, Inc.		1,572,668		0.4
30,117	Pacific Premier Bancorp, Inc.		981,965		0.3
145,211	ProAssurance Corp.		5,247,926		1.4
33,560 (2)	ProSight Global, Inc.		541,323		0.1
27,470 (1)	Prosperity Bancshares, Inc.		1,974,818		0.5
19,667	Reinsurance Group of America, Inc.		3,206,901		0.8
3,891	RenaissanceRe Holdings Ltd.		762,714		0.2
17,394	Signature Bank		2,376,194		0.6
3,988	South State Corp.		345,959		0.1
34,000	State Street Corp.		2,689,400		0.7
38,755 (2)	Texas Capital Bancshares, Inc.		2,200,121		0.6
25,764	TowneBank/Portsmouth VA		716,755		0.2
6,456	Travelers Cos, Inc.		884,149		0.2
115,635	Truist Financial Corp.		6,512,563		1.7
55,904	UMB Financial Corp.		3,837,251		1.0
266,702	Valley National Bancorp		3,053,738		0.8
23,022	Westamerica Bancorp.		1,560,201		0.4

See Accompanying Notes to Financial Statements

VY^®American Century

Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

AS OF December 31, 2019 (CONTINUED)

1,161	White Mountains Insurance Group Ltd.	1,295,107	0.3
		100,669,248	26.4

	Health Care: 9.0%
63,394	Cardinal Health, Inc.	3,206,469	0.8
39,629	Cerner Corp.	2,908,372	0.7
34,356 (2)	Henry Schein, Inc.	2,292,232	0.6
41,635 (2)	Hologic, Inc.	2,173,763	0.6
21,079	McKesson Corp.	2,915,647	0.8
49,375	Patterson Cos., Inc.	1,011,200	0.3
44,101 (2)	Premier, Inc.	1,670,546	0.4
31,995 (2)	Providence Service Corp.	1,893,464	0.5
38,172	Quest Diagnostics, Inc.	4,076,388	1.1
37,263 (4)	Siemens Healthineers AG	1,786,286	0.5
18,975	Universal Health Services, Inc.	2,722,154	0.7
50,911	Zimmer Biomet Holdings, Inc.	7,620,359	2.0
		34,276,880	9.0

	Industrials: 15.7%
270,774	BAE Systems PLC	2,027,385	0.5
19,021	Brink's Co.	1,724,824	0.5
78,580 (2)	Ceco Environmental Corp.	601,923	0.2
158,132 (2)	Charah Solutions, Inc.	385,842	0.1
30,851 (2)	Colfax Corp.	1,122,359	0.3
15,698	Cummins, Inc.	2,809,314	0.7
23,542	Deluxe Corp.	1,175,217	0.3
13,482 (2)	DXP Enterprises, Inc.	536,718	0.1
19,236 (2)	Dycom Industries, Inc.	906,977	0.2
21,222	Eaton Corp. PLC	2,010,148	0.5
63,929	Emerson Electric Co.	4,875,226	1.3
19,513	EnPro Industries, Inc.	1,305,030	0.3
24,829 (2)	Foundation Building Materials, Inc.	480,441	0.1
13,377 (2)	GMS, Inc.	362,249	0.1
17,088	Graham Corp.	373,885	0.1
37,346 (1)	Healthcare Services Group, Inc.	908,255	0.2
119,004	Heartland Express, Inc.	2,505,034	0.7
29,148	Hubbell, Inc.	4,308,657	1.1
15,310	Hurco Cos, Inc.	587,292	0.2
160,146	IMI PLC	2,502,612	0.7
173,567 (2)	Innerworkings, Inc.	956,354	0.3
93,182	Johnson Controls International plc	3,793,439	1.0
27,503	Korn Ferry	1,166,127	0.3
36,108	MSC Industrial Direct Co.	2,833,395	0.8
14,982	Mueller Water Products, Inc.	179,484	0.1
152,527	nVent Electric PLC	3,901,641	1.0
30,727	Paccar, Inc.	2,430,506	0.6
24,727	Republic Services, Inc.	2,216,281	0.6
14,068	Schneider Electric SE	1,445,349	0.4
73,563	Southwest Airlines Co.	3,970,931	1.0
43,790	Textron, Inc.	1,953,034	0.5
32,082	Timken Co.	1,806,537	0.5
5,868	Unifirst Corp.	1,185,219	0.3
2,929	Valmont Industries, Inc.	438,706	0.1
		59,786,391	15.7

	Information Technology: 8.0%
6,156 (2)	Advanced Energy Industries, Inc.	438,307	0.1
58,076	Applied Materials, Inc.	3,544,959	0.9
24,100	Avnet, Inc.	1,022,804	0.3
13,764	Belden, Inc.	757,020	0.2
22,491 (1),(2)	Casa Systems, Inc.	91,988	0.0
6,126	Cass Information Systems, Inc.	353,715	0.1
11,819 (2)	Coherent, Inc.	1,966,091	0.5
34,103	Cypress Semiconductor Corp.	795,623	0.2
54,641	EVERTEC, Inc.	1,859,980	0.5
97,293	HP, Inc.	1,999,371	0.5
36,472 (2)	II-VI, Inc.	1,228,012	0.3
57,188	Kulicke & Soffa Industries, Inc.	1,555,514	0.4
27,778	LogMeIn, Inc.	2,381,686	0.6
55,356	Maxim Integrated Products	3,404,947	0.9
22,283 (1)	Microchip Technology, Inc.	2,333,476	0.6
11,344	Sapiens International Corp. NV	260,912	0.1
27,550	TE Connectivity Ltd.	2,640,392	0.7
4,715 (2)	Tech Data Corp.	677,074	0.2
96,849 (2)	Teradata Corp.	2,592,648	0.7
16,649	TTEC Holdings, Inc.	659,633	0.2
		30,564,152	8.0

	Materials: 4.9%
252,311	Graphic Packaging Holding Co.	4,200,978	1.1
40,922	Innophos Holdings, Inc.	1,308,686	0.3
36,098	Minerals Technologies, Inc.	2,080,328	0.6
112,953	Mondi PLC	2,648,675	0.7
1,629	Neenah, Inc.	114,730	0.0
18,696	Packaging Corp. of America	2,093,765	0.6
64,935	Silgan Holdings, Inc.	2,018,180	0.5
30,064	Sonoco Products Co.	1,855,550	0.5
94,351 (1)	Tecnoglass, Inc.	778,396	0.2
33,680	WestRock Co.	1,445,209	0.4
		18,544,497	4.9

	Real Estate: 7.1%
118,086	Brandywine Realty Trust	1,859,855	0.5
22,786	CareTrust REIT, Inc.	470,075	0.1
28,367	Cousins Properties, Inc.	1,168,721	0.3
127,271	Empire State Realty Trust, Inc.	1,776,703	0.5
13,060	Four Corners Property Trust, Inc.	368,161	0.1
9,904	Highwoods Properties, Inc.	484,405	0.1
89,259	Kite Realty Group Trust	1,743,228	0.5
46,679	Lexington Realty Trust	495,731	0.1
93,009	MGM Growth Properties LLC	2,880,489	0.8
8,945	National Health Investors, Inc.	728,839	0.2
1	Omega Healthcare Investors, Inc.	42	0.0
55,529	Physicians Realty Trust	1,051,719	0.3
107,926	Piedmont Office Realty Trust, Inc.	2,400,274	0.6
33,292	RLJ Lodging Trust	589,934	0.2
25,296	Sabra Healthcare REIT, Inc.	539,817	0.1
58,444	Summit Hotel Properties, Inc.	721,199	0.2
6,935	Urstadt Biddle Properties, Inc.	172,265	0.0

See Accompanying Notes to Financial Statements

VY^®American Century

Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

AS OF December 31, 2019 (CONTINUED)

37,821		Weingarten Realty Investors		1,181,528		0.3
40,859		Welltower, Inc.		3,341,449		0.9
162,419		Weyerhaeuser Co.		4,905,054		1.3
				26,879,488		7.1

		Utilities: 6.9%
33,549		Ameren Corp.		2,576,563		0.7
21,097		Atmos Energy Corp.		2,359,910		0.6
49,173		Edison International		3,708,136		1.0
24,174		Eversource Energy		2,056,482		0.5
39,373		NorthWestern Corp.		2,821,863		0.7
37,725		Pinnacle West Capital Corp.		3,392,609		0.9
32,224		Spire, Inc.		2,684,582		0.7
16,704		WEC Energy Group, Inc.		1,540,610		0.4
80,844		Xcel Energy, Inc.		5,132,786		1.4
				26,273,541		6.9

	Total Common Stock
	(Cost $329,270,067)			367,972,305		96.6

EXCHANGE-TRADED FUNDS: 2.1%
85,888		iShares Russell Mid-Cap Value ETF		8,139,606		2.1

	Total Exchange-Traded Funds
	(Cost $7,511,640)			8,139,606		2.1

	Total Long-Term Investments
	(Cost $336,781,707)			376,111,911		98.7

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.2%
		Repurchase Agreements: 1.8%
1,585,058 (5)		Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,585,194, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,616,900, due 09/01/24-11/01/49)		1,585,058		0.4
469,500 (5)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $469,541, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $478,933, due 01/15/20-11/15/48)		469,500		0.2
1,585,058 (5)		Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,585,194, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,616,759, due 02/13/20-09/20/69)		1,585,058		0.4
1,585,058 (5)		Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,585,195, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $1,616,759, due 01/28/20-05/15/27)		1,585,058		0.4
1,585,058 (5)		RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,585,194, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,616,759, due 06/30/21-12/01/49)		1,585,058		0.4

	Total Repurchase Agreements
	(Cost $6,809,732)			6,809,732		1.8

Shares				Value		Percentage of Net Assets
		Mutual Funds: 1.4%
5,193,548 (6)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%
		(Cost $5,193,548)		5,193,548		1.4

	Total Short-Term Investments
	(Cost $12,003,280)			12,003,280		3.2

	Total Investments in Securities (Cost $348,784,987)		$	388,115,191		101.9
	Liabilities in Excess of Other Assets			(7,237,575	)	(1.9	)
	Net Assets		$	380,877,616		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.

See Accompanying Notes to Financial Statements

VY^®American Century

Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

AS OF December 31, 2019 (CONTINUED)

(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)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®Baron Growth Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019

Shares			Value			Percentage of Net Assets
COMMON STOCK: 99.6%
		Communication Services: 3.9%
640,834 (1)		Iridium Communications, Inc.	$	15,790,150			3.1
215,250		Manchester United PLC - Class A		4,289,932			0.8
				20,080,082			3.9

		Consumer Discretionary: 23.6%
125,000 (1)		Bright Horizons Family Solutions, Inc.		18,786,250			3.6
327,290		Choice Hotels International, Inc.		33,851,605			6.6
105,300		Marriott Vacations Worldwide Corp.		13,558,428			2.6
21,650 (1)		Ollie's Bargain Outlet Holdings, Inc.		1,413,961			0.3
408,482 (1)		Penn National Gaming, Inc.		10,440,800			2.0
155,450		Red Rock Resorts, Inc.		3,723,028			0.7
167,500		Vail Resorts, Inc.		40,171,525			7.8
				121,945,597			23.6

		Consumer Staples: 0.7%
70,150 (1)		Performance Food Group Co.		3,611,322			0.7

		Financials: 26.1%
427,881 (1)		Arch Capital Group Ltd.		18,351,816			3.5
90,635 (1)		BRP Group, Inc.		1,454,692			0.3
162,500 (2)		Carlyle Group L.P.		5,213,000			1.0
179,000		Cohen & Steers, Inc.		11,234,040			2.2
40,050		Essent Group Ltd.		2,082,199			0.4
82,000		Factset Research Systems, Inc.		22,000,600			4.3
33,125		Houlihan Lokey, Inc.		1,618,819			0.3
76,618		Kinsale Capital Group, Inc.		7,788,986			1.5
7,950 (1)		LendingTree, Inc.		2,412,348			0.5
52,025		Moelis & Co.		1,660,638			0.3
74,407		Morningstar, Inc.		11,258,523			2.2
128,875		MSCI, Inc. - Class A		33,272,947			6.4
127,969		Primerica, Inc.		16,707,633			3.2
				135,056,241			26.1

		Health Care: 10.2%
28,043 (1)		Adaptive Biotechnologies Corp.		839,047			0.1
31,454 (1)		Alector, Inc.		541,952			0.1
51,523		Bio-Techne Corp.		11,309,814			2.2
117,300		Dechra Pharmaceuticals PLC		4,510,217			0.9
49,295 (1)		Denali Therapeutics, Inc.		858,719			0.2
75,500 (1)		Idexx Laboratories, Inc.		19,715,315			3.8
7,800 (1)		Mettler Toledo International, Inc.		6,187,584			1.2
41,550 (1)		Neogen Corp.		2,711,553			0.5
40,000		West Pharmaceutical Services, Inc.		6,013,200			1.2
				52,687,401			10.2

		Industrials: 9.4%
29,727		Air Lease Corp.		1,412,627			0.3
7,000		Albany International Corp.		531,440			0.1
35,427 (1)		BrightView Holdings, Inc.		597,653			0.1
57,547 (1)		CoStar Group, Inc.		34,430,370			6.6
501,725 (1),(3)		Marel HF		2,560,683			0.5
103,150 (1)		Trex Co., Inc.		9,271,122			1.8
				48,803,895			9.4

		Information Technology: 17.1%
53,870 (1)		Altair Engineering, Inc.		1,934,472			0.4
100,305 (1)		ANSYS, Inc.		25,819,510			5.0
155,550 (1)		Benefitfocus, Inc.		3,412,767			0.7
157,400 (1)		Gartner, Inc.		24,255,340			4.7
122,318 (1)		Guidewire Software, Inc.		13,426,847			2.6
8,950		Littelfuse, Inc.		1,712,135			0.3
236,422		SS&C Technologies Holdings, Inc.		14,516,311			2.8
25,936 (1)		Wix.com Ltd.		3,174,047			0.6
				88,251,429			17.1

		Real Estate: 8.6%
3,878		Alexander's, Inc.		1,281,097			0.2
65,954		Alexandria Real Estate Equities, Inc.		10,656,848			2.0
45,750		American Assets Trust, Inc.		2,099,925			0.4
313,837		Douglas Emmett, Inc.		13,777,444			2.7
49,855 (1)		Forestar Group, Inc.		1,039,477			0.2
370,266		Gaming and Leisure Properties, Inc.		15,939,951			3.1
				44,794,742			8.6

	Total Common Stock
	(Cost $143,789,138)			515,230,709			99.6

SHORT-TERM INVESTMENTS: 0.4%
		Mutual Funds: 0.4%
1,869,679 (4)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%
		(Cost $1,869,679)		1,869,679			0.4

	Total Short-Term Investments
	(Cost $1,869,679)			1,869,679			0.4

	Total Investments in Securities (Cost $145,658,817)		$	517,100,388			100.0
	Liabilities in Excess of Other Assets			(182,316	)		–
	Net Assets		$	516,918,072			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 December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®Columbia Contrarian Core Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019

Shares		Value		Percentage of Net Assets
COMMON STOCK: 97.5%
	Communication Services: 14.2%
11,260	Activision Blizzard, Inc.	$	669,069		1.3
663 (1)	Alphabet, Inc. - Class A		888,016		1.7
829 (1)	Alphabet, Inc. - Class C		1,108,390		2.2
17,140	AT&T, Inc.		669,831		1.3
27,999	Comcast Corp. – Class A		1,259,115		2.5
4,240 (1)	Electronic Arts, Inc.		455,842		0.9
6,065 (1)	Facebook, Inc. - Class A		1,244,841		2.5
3,275 (1)	T-Mobile US, Inc.		256,825		0.5
6,582	Verizon Communications, Inc.		404,135		0.8
6,050	ViacomCBS, Inc.		253,919		0.5
			7,209,983		14.2

	Consumer Discretionary: 7.7%
805 (1)	Amazon.com, Inc.		1,487,511		2.9
6,376	Aramark		276,718		0.6
4,525 (1)	Capri Holdings Ltd.		172,629		0.3
2,920	D.R. Horton, Inc.		154,030		0.3
17,395	eBay, Inc.		628,133		1.2
7,779	Lowe's Cos, Inc.		931,613		1.8
516	McDonald's Corp.		101,967		0.2
1,375 (1)	Mohawk Industries, Inc.		187,523		0.4
			3,940,124		7.7

	Consumer Staples: 4.5%
3,410	Colgate-Palmolive Co.		234,745		0.5
8,216	Conagra Brands, Inc.		281,316		0.6
9,140	Mondelez International, Inc.		503,431		1.0
12,245	Philip Morris International, Inc.		1,041,927		2.0
2,439	Sysco Corp.		208,632		0.4
			2,270,051		4.5

	Energy: 5.5%
13,493	Canadian Natural Resources Ltd.		436,499		0.9
9,281	Chevron Corp.		1,118,453		2.2
7,354	EOG Resources, Inc.		615,971		1.2
3,210	Marathon Petroleum Corp.		193,402		0.4
7,865	Schlumberger Ltd.		316,173		0.6
1,260	Valero Energy Corp.		117,999		0.2
			2,798,497		5.5

	Financials: 14.9%
1,960	Aon PLC		408,249		0.8
8,978 (1)	Berkshire Hathaway, Inc. – Class B		2,033,517		4.0
1,461	BlackRock, Inc.		734,445		1.4
18,807	Citigroup, Inc.		1,502,491		3.0
11,913	JPMorgan Chase & Co.		1,660,672		3.3
17,210	Morgan Stanley		879,775		1.7
7,080	Wells Fargo & Co.		380,904		0.7
			7,600,053		14.9

	Health Care: 12.3%
4,628	Abbott Laboratories		401,988		0.8
2,885 (1)	Alexion Pharmaceuticals, Inc.		312,013		0.6
2,250	Allergan plc		430,133		0.8
1,462	Anthem, Inc.		441,568		0.9
2,290	Becton Dickinson & Co.		622,811		1.2
2,658	Cigna Corp.		543,534		1.1
8,630	Dentsply Sirona, Inc.		488,372		1.0
6,862	Johnson & Johnson		1,000,960		2.0
12,843	Medtronic PLC		1,457,038		2.9
13,676	Pfizer, Inc.		535,826		1.0
			6,234,243		12.3

	Industrials: 7.5%
847	3M Co.		149,428		0.3
3,360	Caterpillar, Inc.		496,205		1.0
9,000	Emerson Electric Co.		686,340		1.3
5,722	Honeywell International, Inc.		1,012,794		2.0
1,175	L3Harris Technologies, Inc.		232,497		0.5
4,682 (1)	Lyft, Inc.		201,420		0.4
2,200	Northrop Grumman Corp.		756,734		1.5
2,404	Spirit Aerosystems Holdings, Inc.		175,203		0.3
3,350 (1)	Uber Technologies, Inc.		99,629		0.2
			3,810,250		7.5

	Information Technology: 25.8%
1,930 (1)	Adobe, Inc.		636,533		1.3
8,536	Apple, Inc.		2,506,596		4.9
1,275 (1)	Autodesk, Inc.		233,912		0.5
4,245	CDK Global, Inc.		232,117		0.5
8,990	Cisco Systems, Inc.		431,160		0.9
15,315	Corning, Inc.		445,820		0.9
5,977	DXC Technology Co.		224,675		0.4
6,890	Fidelity National Information Services, Inc.		958,330		1.9
5,837 (1)	Fiserv, Inc.		674,932		1.3
5,455	Intel Corp.		326,482		0.6
2,765	International Business Machines Corp.		370,621		0.7
1,845	Lam Research Corp.		539,478		1.1
8,405	Marvell Technology Group Ltd.		223,237		0.4
3,956	Mastercard, Inc. - Class A		1,181,222		2.3
18,350	Microsoft Corp.		2,893,795		5.7
1,310	Nvidia Corp.		308,243		0.6
4,400	NXP Semiconductor NV - NXPI - US		559,944		1.1
1,495 (1)	Palo Alto Networks, Inc.		345,719		0.7
			13,092,816		25.8

	Materials: 3.2%
870	Air Products & Chemicals, Inc.		204,441		0.4
11,193	Corteva, Inc.		330,865		0.7
3,688	DowDuPont, Inc.		236,770		0.5
12,195	Newmont Goldcorp Corp.		529,873		1.0
528	Sherwin-Williams Co.		308,109		0.6
			1,610,058		3.2

	Real Estate: 1.1%
2,475	American Tower Corp.		568,804		1.1

See Accompanying Notes to Financial Statements

VY^®Columbia Contrarian Core Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

		Utilities: 0.8%
4,295		American Electric Power Co., Inc.		405,920	0.8

	Total Common Stock
	(Cost $39,859,994)			49,540,799	97.5

OTHER⁽²⁾: –%
		Materials: –%
649,000 (3),(4)		SINO Forest Corp. (Escrow)		–	–

	Total Other
	(Cost $–)			–	–

	Total Long-Term Investments
	(Cost $39,859,994)			49,540,799	97.5

SHORT-TERM INVESTMENTS: 2.4%
		Mutual Funds: 2.4%
1,198,041 (5)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%
		(Cost $1,198,041)		1,198,041	2.4

	Total Short-Term Investments
	(Cost $1,198,041)			1,198,041	2.4

	Total Investments in Securities (Cost $41,058,035)		$	50,738,840	99.9
	Assets in Excess of Other Liabilities			43,995	0.1
	Net Assets		$	50,782,835	100.0

(1)	Non-income producing security.
(2)	Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer.These holdings are non-income producing.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(4)	Restricted security as to resale, excluding Rule 144A securities. As of December 31, 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.
(5)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®Columbia Small Cap Value II Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019

Shares		Value		Percentage of Net Assets
COMMON STOCK: 98.2%
	Communication Services: 2.2%
20,200	Nexstar Media Group, Inc.	$	2,368,450		1.5
145,000 (1)	Vonage Holdings Corp.		1,074,450		0.7
			3,442,900		2.2

	Consumer Discretionary: 8.6%
23,000	Aarons, Inc.		1,313,530		0.8
52,200	American Eagle Outfitters, Inc.		767,340		0.5
27,500	Bed Bath & Beyond, Inc.		475,750		0.3
33,000	Brinker International, Inc.		1,386,000		0.9
12,000	Childrens Place, Inc./The		750,240		0.5
15,500	Dine Brands Global, Inc.		1,294,560		0.8
24,000 (1)	Genesco, Inc.		1,150,080		0.7
41,000	KB Home		1,405,070		0.9
28,000 (1)	Penn National Gaming, Inc.		715,680		0.4
56,000 (1)	PlayAGS, Inc.		679,280		0.4
44,500 (1)	Sally Beauty Holdings, Inc.		812,125		0.5
15,600 (1)	TopBuild Corp.		1,608,048		1.0
17,000 (1)	Visteon Corp.		1,472,030		0.9
			13,829,733		8.6

	Consumer Staples: 2.9%
73,500 (1)	BellRing Brands, Inc.		1,564,815		1.0
65,000 (1)	BJ's Wholesale Club Holdings, Inc.		1,478,100		0.9
34,000 (1)	TreeHouse Foods, Inc.		1,649,000		1.0
			4,691,915		2.9

	Energy: 4.8%
15,500	Arch Coal, Inc.		1,111,970		0.7
200,000 (1)	Callon Petroleum Co.		966,000		0.6
40,500	Delek US Holdings, Inc.		1,357,965		0.8
228,000 (1)	Oasis Petroleum, Inc.		743,280		0.5
111,000	Patterson-UTI Energy, Inc.		1,165,500		0.7
40,500	Scorpio Tankers, Inc.		1,593,270		1.0
65,600	SM Energy Co.		737,344		0.5
			7,675,329		4.8

	Financials: 28.1%
30,000	American Equity Investment Life Holding Co.		897,900		0.6
44,500	Ameris Bancorp.		1,893,030		1.2
26,500	Amerisafe, Inc.		1,749,795		1.1
28,500	Argo Group International Holdings Ltd.		1,873,875		1.2
68,500	Atlantic Union Bankshares Corp.		2,572,175		1.6
48,000 (1)	Axos Financial, Inc.		1,453,440		0.9
51,000 (1)	Bancorp, Inc.		661,470		0.4
43,500	Blackstone Mortgage Trust, Inc.		1,619,070		1.0
53,000	Cathay General Bancorp.		2,016,650		1.3
38,500	Community Bank System, Inc.		2,731,190		1.7
47,000	Hancock Whitney Corp.		2,062,360		1.3
69,100	Heritage Commerce Corp.		886,553		0.6
47,000	Heritage Financial Corp.		1,330,100		0.8
39,000	Houlihan Lokey, Inc.		1,905,930		1.2
29,000	Independent Bank Corp.		2,414,250		1.5
39,000	Invesco Mortgage Capital, Inc.		649,350		0.4
82,000 (1)	MBIA, Inc.		762,600		0.5
157,000	MGIC Investment Corp.		2,224,690		1.4
44,000	OceanFirst Financial Corp.		1,123,760		0.7
54,500	Pacific Premier Bancorp, Inc.		1,776,972		1.1
58,000	Renasant Corp.		2,054,360		1.3
57,000	Sandy Spring Bancorp, Inc.		2,159,160		1.3
95,000	SLM Corp.		846,450		0.5
58,500	TCF Financial Corp.		2,737,800		1.7
29,500	UMB Financial Corp.		2,024,880		1.3
34,000	Virtu Financial, Inc.		543,660		0.3
45,500	WSFS Financial Corp.		2,001,545		1.2
			44,973,015		28.1

	Health Care: 5.1%
48,000 (1)	Horizon Therapeutics Plc		1,737,600		1.1
41,000 (1)	Immunomedics, Inc.		867,560		0.5
15,500 (1)	LHC Group, Inc.		2,135,280		1.3
23,000 (1)	Merit Medical Systems, Inc.		718,060		0.5
118,000 (1)	R1 RCM, Inc.		1,531,640		1.0
19,000 (1)	Syneos Health, Inc.		1,130,025		0.7
			8,120,165		5.1

	Industrials: 13.5%
72,700 (1)	Bloom Energy Corp.		543,069		0.4
80,500 (1)	Covenant Transportation Group, Inc.		1,040,463		0.7
92,000 (1)	Evoqua Water Technologies Corp.		1,743,400		1.1
85,000 (1)	Hertz Global Holdings, Inc.		1,338,750		0.8
23,000	ICF International, Inc.		2,107,260		1.3
32,800	Kennametal, Inc.		1,209,992		0.8
40,500	Kforce, Inc.		1,607,850		1.0
23,800	Korn Ferry		1,009,120		0.6
11,900 (1)	Masonite International Corp.		859,299		0.5
27,500 (1)	Mastec, Inc.		1,764,400		1.1
44,000 (1)	Navistar International Corp.		1,273,360		0.8
90,000 (1)	NOW, Inc.		1,011,600		0.6
32,000	Skywest, Inc.		2,068,160		1.3
26,000 (1)	Spirit Airlines, Inc.		1,048,060		0.7
108,000 (1)	Sunrun, Inc.		1,491,480		0.9
35,500	Triton International Ltd./Bermuda		1,427,100		0.9
			21,543,363		13.5

	Information Technology: 14.0%
107,000 (1)	Avaya Holdings Corp.		1,444,500		0.9
34,000 (1)	Ciena Corp.		1,451,460		0.9
78,000	Cohu, Inc.		1,782,300		1.1
17,400 (1)	Diodes, Inc.		980,838		0.6
28,200	Entegris, Inc.		1,412,538		0.9
59,000	KBR, Inc.		1,799,500		1.1

See Accompanying Notes to Financial Statements

VY^®Columbia Small Cap Value II Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019(CONTINUED)

47,000		Kulicke & Soffa Industries, Inc.		1,278,400		0.8
21,300 (1)		Lumentum Holdings, Inc.		1,689,090		1.1
45,000 (1)		MACOM Technology Solutions Holdings, Inc.		1,197,000		0.8
75,300 (1)		Photronics, Inc.		1,186,728		0.8
19,000		Science Applications International Corp.		1,653,380		1.0
17,800		SYNNEX Corp.		2,292,640		1.4
46,000 (1)		Ultra Clean Holdings, Inc.		1,079,620		0.7
25,500 (1)		Verint Systems, Inc.		1,411,680		0.9
111,000 (1)		Viavi Solutions, Inc.		1,665,000		1.0
				22,324,674		14.0

		Materials: 5.6%
29,000		Boise Cascade Co.		1,059,370		0.7
33,522		Carpenter Technology Corp.		1,668,725		1.0
128,200		Cleveland-Cliffs, Inc.		1,076,880		0.7
82,000 (1)		Livent Corp.		701,100		0.4
25,500		Materion Corp.		1,515,975		0.9
72,000		Orion Engineered Carbons SA		1,389,600		0.9
66,000 (1)		Summit Materials, Inc.		1,577,400		1.0
				8,989,050		5.6

		Real Estate: 8.2%
33,500		American Assets Trust, Inc.		1,537,650		1.0
63,000		First Industrial Realty Trust, Inc.		2,615,130		1.6
26,200		Hannon Armstrong Sustainable Infrastructure Capital, Inc.		843,116		0.5
32,300		Hudson Pacific Properties, Inc.		1,216,095		0.8
10,400		Investors Real Estate Trust		754,000	��	0.5
77,000		Mack-Cali Realty Corp.		1,781,010		1.1
12,000		PS Business Parks, Inc.		1,978,440		1.2
33,000		Sabra Healthcare REIT, Inc.		704,220		0.4
120,000		Sunstone Hotel Investors, Inc.		1,670,400		1.1
				13,100,061		8.2

		Utilities: 5.2%
32,500		New Jersey Resources Corp.		1,448,525		0.9
17,500		ONE Gas, Inc.		1,637,475		1.0
30,000		PNM Resources, Inc.		1,521,300		1.0
29,000		Portland General Electric Co.		1,617,910		1.0
40,000		South Jersey Industries, Inc.		1,319,200		0.8
10,500		Southwest Gas Holdings, Inc.		797,685		0.5
				8,342,095		5.2

	Total Common Stock
	(Cost $132,960,402)			157,032,300		98.2


SHORT-TERM INVESTMENTS: 1.9%
		Mutual Funds: 1.9%
3,086,638 (2)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%
		(Cost $3,086,638)		3,086,638		1.9

	Total Short-Term Investments
	(Cost $3,086,638)			3,086,638		1.9

	Total Investments in Securities (Cost $136,047,040)		$	160,118,938		100.1
	Liabilities in Excess of Other Assets			(228,744	)	(0.1	)
	Net Assets		$	159,890,194		100.0

(1)	Non-income producing security.
(2)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®Invesco Comstock Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019

Shares			Value		Percentage of Net Assets
COMMON STOCK: 95.7%
		Communication Services: 5.5%
130,680		AT&T, Inc.	$	5,106,975		1.6
9,538 (1)		Charter Communications, Inc.		4,626,693		1.5
80,622		Comcast Corp. – Class A		3,625,571		1.2
46,528		ViacomCBS, Inc.		1,952,780		0.6
920,104		Vodafone Group PLC		1,786,278		0.6
				17,098,297		5.5

		Consumer Discretionary: 5.9%
5,821		Advance Auto Parts, Inc.		932,291		0.3
115,848		Carnival Corp.		5,888,554		1.9
104,453		eBay, Inc.		3,771,798		1.2
75,327 (2)		Gap, Inc.		1,331,781		0.5
167,083		General Motors Co.		6,115,238		2.0
				18,039,662		5.9

		Consumer Staples: 6.8%
49,047		Altria Group, Inc.		2,447,936		0.8
91,819		Archer-Daniels-Midland Co.		4,255,811		1.4
22,797		Kimberly-Clark Corp.		3,135,727		1.0
97,436		Philip Morris International, Inc.		8,290,829		2.7
33,638		Reckitt Benckiser Group PLC		2,732,382		0.9
				20,862,685		6.8

		Energy: 15.8%
166,185		BP PLC ADR		6,271,822		2.0
103,488		Canadian Natural Resources Ltd.		3,347,192		1.1
55,184		Chevron Corp.		6,650,224		2.2
150,672		Devon Energy Corp.		3,912,952		1.3
462,256 (2)		EnCana Corp.		2,167,981		0.7
10,330		Exxon Mobil Corp.		720,827		0.2
66,646		Hess Corp.		4,452,619		1.4
360,914		Marathon Oil Corp.		4,901,212		1.6
131,632		Noble Energy, Inc.		3,269,739		1.1
6,915		Pioneer Natural Resources Co.		1,046,723		0.3
91,749		Royal Dutch Shell PLC - Class A ADR		5,411,356		1.8
200,425		Suncor Energy, Inc.		6,573,940		2.1
				48,726,587		15.8

		Financials: 30.2%
31,521		Allstate Corp.		3,544,537		1.2
63,820		Ally Financial, Inc.		1,950,339		0.6
115,850		American International Group, Inc.		5,946,581		1.9
442,348		Bank of America Corp.		15,579,497		5.1
84,271		Bank of New York Mellon Corp.		4,241,359		1.4
204,077		Citigroup, Inc.		16,303,712		5.3
102,116		Citizens Financial Group, Inc.		4,146,931		1.3
140,750		Fifth Third Bancorp		4,326,655		1.4
18,340		Goldman Sachs Group, Inc.		4,216,916		1.4
78,148		JPMorgan Chase & Co.		10,893,831		3.5
61,252		Metlife, Inc.		3,122,014		1.0
123,370		Morgan Stanley		6,306,674		2.0
19,304		PNC Financial Services Group, Inc.		3,081,498		1.0
57,542		State Street Corp.		4,551,572		1.5
91,973		Wells Fargo & Co.		4,948,147		1.6
				93,160,263		30.2

		Health Care: 11.2%
19,507		Allergan plc		3,729,153		1.2
21,104		Anthem, Inc.		6,374,041		2.1
70,149		Bristol-Myers Squibb Co.		4,502,864		1.5
48,054		Cardinal Health, Inc.		2,430,571		0.8
40,805		CVS Health Corp.		3,031,404		1.0
53,179		Gilead Sciences, Inc.		3,455,572		1.1
18,330		McKesson Corp.		2,535,406		0.8
91,974 (1)		Mylan NV		1,848,677		0.6
14,769		Novartis AG		1,398,471		0.4
106,497 (2)		Sanofi ADR		5,346,149		1.7
				34,652,308		11.2

		Industrials: 8.5%
19,695		Caterpillar, Inc.		2,908,558		0.9
53,288		Eaton Corp. PLC		5,047,439		1.6
57,794		Emerson Electric Co.		4,407,370		1.4
289,453		General Electric Co.		3,230,296		1.1
20,546		Ingersoll-Rand PLC - Class A		2,730,974		0.9
111,060		Johnson Controls International plc		4,521,253		1.5
77,130		Textron, Inc.		3,439,998		1.1
				26,285,888		8.5

		Information Technology: 8.1%
101,896		Cisco Systems, Inc.		4,886,932		1.6
47,151		Cognizant Technology Solutions Corp.		2,924,305		1.0
94,983		Intel Corp.		5,684,733		1.8
31,978		Microsoft Corp.		5,042,931		1.6
11,718		NXP Semiconductor NV - NXPI - US		1,491,233		0.5
56,645		Qualcomm, Inc.		4,997,788		1.6
				25,027,922		8.1

		Materials: 3.2%
49,535		CF Industries Holdings, Inc.		2,364,801		0.8
129,772		Corteva, Inc.		3,836,060		1.2
79,781		International Paper Co.		3,673,915		1.2
				9,874,776		3.2

		Utilities: 0.5%
63,000		Vistra Energy Corp.		1,448,370		0.5

	Total Common Stock
	(Cost $251,735,557)			295,176,758		95.7

See Accompanying Notes to Financial Statements

VY^®Invesco Comstock Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.2%
		Repurchase Agreements: 1.8%
1,305,021 (3)		Bank of Montreal, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,305,133, collateralized by various U.S. Government Agency Obligations, 2.500%-5.000%, Market Value plus accrued interest $1,331,121, due 04/20/49-12/01/49)		1,305,021		0.4
386,635 (3)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $386,669, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $394,403, due 01/15/20-11/15/48)		386,635		0.2
1,305,021 (3)		Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,305,133, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,331,121, due 02/13/20-09/20/69)		1,305,021		0.4
1,305,021 (3)		HSBC Securities USA, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,305,133, collateralized by various U.S. Government Agency Obligations, 3.000%-4.000%, Market Value plus accrued interest $1,331,121, due 07/20/47-06/20/48)		1,305,021		0.4
1,305,021 (3)		Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,305,134, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $1,331,122, due 01/28/20-05/15/27)		1,305,021		0.4

	Total Repurchase Agreements
	(Cost $5,606,719)			5,606,719		1.8

Shares				Value		Percentage of Net Assets
		Mutual Funds: 3.4%
10,531,178 (4)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%
		(Cost $10,531,178)		10,531,178		3.4

	Total Short-Term Investments
	(Cost $16,137,897)			16,137,897		5.2

	Total Investments in Securities (Cost $267,873,454)		$	311,314,655		100.9
	Liabilities in Excess of Other Assets			(2,927,662	)	(0.9	)
	Net Assets		$	308,386,993		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)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(4)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019

Shares			Value		Percentage of Net Assets
COMMON STOCK: 60.3%
		Communication Services: 2.5%
26,174 (1)		Charter Communications, Inc.	$	12,696,484		1.0
223,027		Comcast Corp. – Class A		10,029,524		0.7
5,400,655		Vodafone Group PLC		10,484,764		0.8
				33,210,772		2.5

		Consumer Discretionary: 5.4%
408,853 (1),(2)		Capri Holdings Ltd.		15,597,742		1.2
336,594 (2)		Carnival Corp.		17,109,073		1.3
294,584		eBay, Inc.		10,637,428		0.8
590,944		General Motors Co.		21,628,551		1.6
2,352,216		Kingfisher PLC		6,771,437		0.5
				71,744,231		5.4

		Consumer Staples: 4.9%
126,968 (2)		Kellogg Co.		8,781,107		0.7
286,638		Mondelez International, Inc.		15,788,021		1.2
312,052		Philip Morris International, Inc.		26,552,505		2.0
335,509 (1)		US Foods Holding Corp.		14,054,472		1.0
				65,176,105		4.9

		Energy: 6.4%
2,132,672		BP PLC		13,416,316		1.0
288,748		Canadian Natural Resources Ltd.		9,339,198		0.7
104,964		Chevron Corp.		12,649,212		0.9
463,047		Devon Energy Corp.		12,025,330		0.9
801,609		Marathon Oil Corp.		10,885,850		0.8
559,562		Royal Dutch Shell PLC - Class A		16,571,104		1.3
478,947		TechnipFMC PLC		10,268,624		0.8
				85,155,634		6.4

		Financials: 16.1%
474,667		American International Group, Inc.		24,364,657		1.8
300,786		AXA Equitable Holdings, Inc.		7,453,477		0.6
810,644		Bank of America Corp.		28,550,882		2.1
318,455		Citigroup, Inc.		25,441,370		1.9
409,444		Citizens Financial Group, Inc.		16,627,521		1.3
73,943		Goldman Sachs Group, Inc.		17,001,714		1.3
101,424		JPMorgan Chase & Co.		14,138,505		1.1
432,104		Morgan Stanley		22,089,156		1.7
131,808		PNC Financial Services Group, Inc.		21,040,511		1.6
265,549		Truist Financial Corp.		14,955,720		1.1
178,894		Wells Fargo & Co.		9,624,497		0.7
61,404		Willis Towers Watson PLC		12,399,924		0.9
				213,687,934		16.1

		Health Care: 10.3%
101,637 (1)		Alcon, Inc.		5,756,884		0.4
34,883		Anthem, Inc.		10,535,713		0.8
272,476		Bristol-Myers Squibb Co.		17,490,234		1.3
179,337		CVS Health Corp.		13,322,946		1.0
262,616		GlaxoSmithKline PLC		6,170,740		0.5
209,151		Johnson & Johnson		30,508,856		2.3
83,890		McKesson Corp.		11,603,665		0.9
95,722		Medtronic PLC		10,859,661		0.8
193,711		Pfizer, Inc.		7,589,597		0.5
119,948		Sanofi		12,046,127		0.9
77,988		Zimmer Biomet Holdings, Inc.		11,673,244		0.9
				137,557,667		10.3

		Industrials: 4.2%
176,617		CSX Corp.		12,780,006		1.0
103,249		General Dynamics Corp.		18,207,961		1.4
96,990		Ingersoll-Rand PLC - Class A		12,891,911		1.0
280,143		Johnson Controls International plc		11,404,621		0.8
				55,284,499		4.2

		Information Technology: 6.6%
48,130		Apple, Inc.		14,133,374		1.1
181,126		Cisco Systems, Inc.		8,686,803		0.6
210,927		Cognizant Technology Solutions Corp.		13,081,693		1.0
256,022		Intel Corp.		15,322,917		1.1
70,047		NXP Semiconductor NV - NXPI - US		8,914,181		0.7
290,749		Oracle Corp.		15,403,882		1.2
143,050		Qualcomm, Inc.		12,621,301		0.9
				88,164,151		6.6

		Materials: 2.6%
460,146		Corteva, Inc.		13,601,916		1.0
146,544		Dow, Inc.		8,020,353		0.6
108,125		DowDuPont, Inc.		6,941,625		0.5
129,080 (2)		Nutrien Ltd.		6,184,223		0.5
				34,748,117		2.6

		Utilities: 1.3%
50,681		Duke Energy Corp.		4,622,614		0.3
140,574		Exelon Corp.		6,408,769		0.5
138,792		FirstEnergy Corp.		6,745,291		0.5
				17,776,674		1.3

	Total Common Stock
	(Cost $676,192,717)			802,505,784		60.3

PREFERRED STOCK: 0.8%
		Energy: 0.5%
140,612 (1),(3)		El Paso Energy Capital Trust I		7,235,893		0.5

		Financials: 0.3%
75,900 (1)		AMG Capital Trust II		3,681,150		0.3
4,000 (1),(2),(3),(4)		Wells Fargo & Co.		109,560		0.0
				3,790,710		0.3

	Total Preferred Stock
	(Cost $10,847,296)			11,026,603		0.8

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

Principal Amount†		Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: 13.9%
	Basic Materials: 0.1%
770,000 (5)	LYB Finance Co. BV, 8.100%, 03/15/2027	984,813	0.1
195,000	International Paper Co., 6.000%, 11/15/2041	243,205	0.0
150,000	Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028	201,041	0.0
211,000	Sherwin-Williams Co/The, 4.500%, 06/01/2047	239,402	0.0
		1,668,461	0.1

	Communications: 1.6%
455,000 (2)	America Movil SAB de CV, 4.375%, 07/16/2042	513,351	0.0
837,000	AT&T, Inc., 3.000%, 06/30/2022	855,446	0.1
466,000	AT&T, Inc., 3.400%, 05/15/2025	488,468	0.0
533,000	AT&T, Inc., 4.300%, 02/15/2030	592,652	0.1
747,000	AT&T, Inc., 4.500%, 05/15/2035	831,961	0.1
1,300,000	AT&T, Inc., 4.800%, 06/15/2044	1,481,444	0.1
2,960,000	AT&T, Inc., 5.150%, 03/15/2042	3,456,176	0.3
271,000	AT&T, Inc., 5.150%, 11/15/2046	324,091	0.0
101,000	AT&T, Inc., 5.350%, 09/01/2040	121,818	0.0
1,635,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022	1,718,381	0.1
910,000	Comcast Corp., 3.900%, 03/01/2038	1,007,374	0.1
1,055,000 (2)	Comcast Corp., 4.150%, 10/15/2028	1,187,704	0.1
430,000	Comcast Corp., 4.600%, 10/15/2038	512,315	0.0
135,000	Comcast Corp., 6.450%, 03/15/2037	190,884	0.0
3,225,000	Discovery Communications LLC, 2.800%, 06/15/2020	3,233,583	0.2
210,000	NBCUniversal Media LLC, 5.950%, 04/01/2041	288,806	0.0
910,000	Rogers Communications, Inc., 4.300%, 02/15/2048	1,012,246	0.1
415,000	Rogers Communications, Inc., 4.500%, 03/15/2043	463,076	0.0
390,000	Telefonica Emisiones SAU, 4.665%, 03/06/2038	433,114	0.0
860,000 (2)	Telefonica Emisiones SAU, 5.213%, 03/08/2047	1,019,417	0.1
370,000	Telefonica Emisiones SAU, 7.045%, 06/20/2036	517,544	0.0
535,000	Verizon Communications, Inc., 4.400%, 11/01/2034	619,910	0.1
833,000	Verizon Communications, Inc., 4.812%, 03/15/2039	1,004,799	0.1
		21,874,560	1.6

	Consumer, Cyclical: 1.2%
2,650,000	Advance Auto Parts, Inc., 4.500%, 12/01/2023	2,840,115	0.2
548,530	American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 10/01/2026	578,070	0.0
124,998	Continental Airlines 2010-1 Class A Pass Through Trust, 4.750%, 07/12/2022	127,697	0.0
272,031	Continental Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025	286,178	0.0
1,290,000 (5)	Daimler Finance North America LLC, 2.250%, 03/02/2020	1,290,351	0.1
595,000 (2)	Dollar General Corp., 3.250%, 04/15/2023	614,552	0.0
368,000	Ford Motor Credit Co. LLC, 3.096%, 05/04/2023	367,727	0.0
569,000	Ford Motor Credit Co. LLC, 3.810%, 01/09/2024	577,624	0.0
1,056,000	Ford Motor Credit Co. LLC, 4.134%, 08/04/2025	1,070,625	0.1
563,000	General Motors Co., 6.600%, 04/01/2036	664,215	0.0
713,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026	791,831	0.1
896,000	Home Depot, Inc., 2.000%, 04/01/2021	897,950	0.1
310,000	Lowe's Cos, Inc., 4.550%, 04/05/2049	365,430	0.0
725,000	MDC Holdings, Inc., 6.000%, 01/15/2043	755,287	0.1
1,460,000	QVC, Inc., 5.450%, 08/15/2034	1,401,469	0.1
740,000	Starbucks Corp., 3.550%, 08/15/2029	802,310	0.1
684,637	United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/2028	722,844	0.1
574,686	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031	592,626	0.0
1,000,000	Walgreens Boots Alliance, Inc., 3.300%, 11/18/2021	1,018,968	0.1

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

737,000	Walgreens Boots Alliance, Inc., 4.500%, 11/18/2034	768,612	0.1
		16,534,481	1.2

	Consumer, Non-cyclical: 2.4%
1,299,000 (5)	AbbVie, Inc., 4.050%, 11/21/2039	1,377,454	0.1
1,137,000 (2)	AbbVie, Inc., 4.500%, 05/14/2035	1,288,787	0.1
985,000	Allergan Funding SCS, 4.850%, 06/15/2044	1,072,246	0.1
1,273,000	Altria Group, Inc., 5.800%, 02/14/2039	1,497,114	0.1
1,475,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036	1,703,806	0.1
1,646,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046	1,949,635	0.2
498,000 (5)	Bayer US Finance II LLC, 4.375%, 12/15/2028	543,360	0.0
981,000 (5)	Bayer US Finance LLC, 3.000%, 10/08/2021	993,587	0.1
218,000	Becton Dickinson & Co., 4.875%, 05/15/2044	252,234	0.0
654,000 (5)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039	754,333	0.1
325,000 (5)	Bristol-Myers Squibb Co., 4.000%, 08/15/2023	346,252	0.0
1,445,000 (5)	Bristol-Myers Squibb Co., 4.625%, 05/15/2044	1,750,888	0.1
107,000	Cigna Corp., 4.800%, 08/15/2038	124,904	0.0
620,000	CVS Health Corp., 3.375%, 08/12/2024	645,263	0.1
495,000	CVS Health Corp., 4.100%, 03/25/2025	531,286	0.0
480,932	CVS Pass-Through Trust, 6.036%, 12/10/2028	537,083	0.0
1,910,000	Gilead Sciences, Inc., 2.550%, 09/01/2020	1,918,332	0.2
755,000	Gilead Sciences, Inc., 4.400%, 12/01/2021	787,819	0.1
80,000	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038	114,753	0.0
1,232,000 (5)	Heineken NV, 3.500%, 01/29/2028	1,305,281	0.1
240,000	Ingredion, Inc., 6.625%, 04/15/2037	305,012	0.0
2,795,000	JM Smucker Co/The, 2.500%, 03/15/2020	2,797,412	0.2
150,000 (5)	Kraft Heinz Foods Co., 4.625%, 10/01/2039	156,214	0.0
963,000	Laboratory Corp. of America Holdings, 3.200%, 02/01/2022	984,899	0.1
423,000	Laboratory Corp. of America Holdings, 4.700%, 02/01/2045	475,660	0.0
92,000	Mead Johnson Nutrition Co., 4.125%, 11/15/2025	100,534	0.0
681,000	Medtronic, Inc., 3.150%, 03/15/2022	700,336	0.1
413,000	Medtronic, Inc., 4.375%, 03/15/2035	489,029	0.0
513,000 (2)	Molson Coors Brewing Co., 4.200%, 07/15/2046	511,416	0.0
574,000	Mylan NV, 3.150%, 06/15/2021	581,557	0.1
3,220,000 (2),(5)	Nestle Holdings, Inc., 3.100%, 09/24/2021	3,292,177	0.3
275,000	Philip Morris International, Inc., 3.600%, 11/15/2023	290,081	0.0
820,000	Philip Morris International, Inc., 4.875%, 11/15/2043	979,475	0.1
155,000 (2)	UnitedHealth Group, Inc., 3.500%, 08/15/2039	162,692	0.0
79,000	Zoetis, Inc., 4.700%, 02/01/2043	94,036	0.0
		31,414,947	2.4

	Energy: 1.1%
612,000 (2),(5)	Cameron LNG LLC, 3.701%, 01/15/2039	625,048	0.1
392,000	ConocoPhillips Co., 4.150%, 11/15/2034	440,063	0.0
182,000	Energy Transfer Operating L.P., 4.200%, 09/15/2023	191,097	0.0
570,000	Energy Transfer Operating L.P., 4.900%, 03/15/2035	598,572	0.0
2,695,000	Energy Transfer Operating L.P., 7.500%, 10/15/2020	2,801,129	0.2
833,000	Enterprise Products Operating LLC, 4.250%, 02/15/2048	893,698	0.1
175,000	Enterprise Products Operating LLC, 5.250%, 01/31/2020	175,400	0.0
250,000	Husky Energy, Inc., 3.950%, 04/15/2022	258,584	0.0
700,000 (2)	Kinder Morgan, Inc./DE, 5.300%, 12/01/2034	824,313	0.1
2,340,000	MPLX L.P., 4.500%, 07/15/2023	2,486,648	0.2
973,000	MPLX L.P., 4.500%, 04/15/2038	989,457	0.1
570,000	Noble Energy, Inc., 5.250%, 11/15/2043	641,514	0.1
236,000	Occidental Petroleum Corp., 3.200%, 08/15/2026	238,993	0.0
505,000	Occidental Petroleum Corp., 3.400%, 04/15/2026	518,436	0.0
295,000 (2)	Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/2022	302,688	0.0

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

858,000	Spectra Energy Partners L.P., 4.500%, 03/15/2045	945,448	0.1
544,000	Suncor Energy, Inc., 3.600%, 12/01/2024	577,204	0.0
835,000	Sunoco Logistics Partners Operations L.P., 5.300%, 04/01/2044	887,875	0.1
550,000	Sunoco Logistics Partners Operations L.P., 5.500%, 02/15/2020	551,814	0.0
215,000	Texas Eastern Transmission L.P., 7.000%, 07/15/2032	288,314	0.0
		15,236,295	1.1

	Financial: 5.1%
1,140,000	American International Group, Inc., 4.375%, 01/15/2055	1,249,635	0.1
231,000	Air Lease Corp., 3.000%, 09/15/2023	236,590	0.0
1,870,000	Air Lease Corp., 4.250%, 09/15/2024	2,002,826	0.2
885,000 (2)	Aircastle Ltd., 4.400%, 09/25/2023	935,669	0.1
410,000	Allstate Corp., 3.280%, 12/15/2026	433,055	0.0
543,000	American Express Co., 3.625%, 12/05/2024	573,933	0.0
615,000	American Financial Group, Inc./OH, 4.500%, 06/15/2047	664,662	0.1
455,000 (5)	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/2022	462,430	0.0
440,000 (5)	Apollo Management Holdings L.P., 4.000%, 05/30/2024	465,990	0.0
285,000 (5)	Athene Global Funding, 2.750%, 06/25/2024	287,830	0.0
1,555,000 (5)	Athene Global Funding, 4.000%, 01/25/2022	1,606,245	0.1
948,000	Australia & New Zealand Banking Group Ltd./New York NY, 2.300%, 06/01/2021	953,152	0.1
3,120,000	Australia & New Zealand Banking Group Ltd./New York NY, 2.700%, 11/16/2020	3,143,146	0.2
720,000	Bank of America Corp., 3.248%, 10/21/2027	750,326	0.1
725,000 (5)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024	773,339	0.1
765,000	Brookfield Asset Management, Inc., 4.000%, 01/15/2025	822,673	0.1
1,140,000	Capital One Financial Corp., 3.200%, 01/30/2023	1,172,118	0.1
130,000 (5)	Carlyle Holdings Finance LLC, 3.875%, 02/01/2023	134,348	0.0
630,000 (4)	Citigroup, Inc., 3.668%, 07/24/2028	671,364	0.1
1,930,000	Citigroup, Inc., 4.000%, 08/05/2024	2,066,691	0.2
520,000	Citigroup, Inc., 4.750%, 05/18/2046	624,047	0.0
260,000	Citigroup, Inc., 5.300%, 05/06/2044	331,863	0.0
560,000	Citigroup, Inc., 6.675%, 09/13/2043	819,247	0.1
595,000	Citizens Financial Group, Inc., 2.375%, 07/28/2021	597,923	0.0
1,335,000 (5)	Commonwealth Bank of Australia, 2.250%, 03/10/2020	1,335,788	0.1
472,000 (5)	Credit Suisse AG, 6.500%, 08/08/2023	527,424	0.0
60,000	Crown Castle International Corp., 4.750%, 05/15/2047	68,815	0.0
620,000	Discover Bank, 3.350%, 02/06/2023	639,946	0.0
2,275,000	EPR Properties, 4.750%, 12/15/2026	2,486,115	0.2
820,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025	890,390	0.1
355,000	Goldman Sachs Group, Inc., 5.250%, 07/27/2021	372,572	0.0
835,000	Office Properties Income Trust, 4.000%, 07/15/2022	854,639	0.1
755,000 (5)	Guardian Life Global Funding, 2.900%, 05/06/2024	775,905	0.1
840,000	Healthpeak Properties, Inc., 3.875%, 08/15/2024	893,464	0.1
320,000	Healthpeak Properties, Inc., 4.200%, 03/01/2024	342,132	0.0
240,000 (2)	Service Properties Trust, 5.000%, 08/15/2022	252,447	0.0
1,790,000 (4)	HSBC Holdings PLC, 2.633%, 11/07/2025	1,796,669	0.1
670,000 (5)	Jackson National Life Global Funding, 2.100%, 10/25/2021	671,645	0.1
620,000 (5)	Jackson National Life Global Funding, 3.250%, 01/30/2024	643,195	0.1
550,000	JPMorgan Chase & Co., 3.200%, 06/15/2026	574,514	0.0
1,270,000 (2),(4)	JPMorgan Chase & Co., 3.509%, 01/23/2029	1,349,222	0.1
1,270,000 (2),(4)	JPMorgan Chase & Co., 3.897%, 01/23/2049	1,426,909	0.1
675,000 (4)	JPMorgan Chase & Co., 4.260%, 02/22/2048	800,097	0.1
665,000 (4)	JPMorgan Chase & Co., 5.229%, 12/31/2199	670,819	0.1
443,000 (5)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044	524,023	0.0
2,335,000 (5)	Liberty Mutual Group, Inc., 4.850%, 08/01/2044	2,677,648	0.2
587,000	Lifestorage L.P./CA, 3.500%, 07/01/2026	603,164	0.0

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

285,000	Markel Corp., 5.000%, 03/30/2043	309,308	0.0
525,000	Markel Corp., 5.000%, 05/20/2049	617,745	0.0
1,300,000 (5)	MassMutual Global Funding II, 2.000%, 04/15/2021	1,302,130	0.1
670,000 (5)	Metropolitan Life Global Funding I, 2.050%, 06/12/2020	670,446	0.1
2,360,000 (5)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024	2,521,516	0.2
1,040,000	Morgan Stanley, 4.000%, 07/23/2025	1,125,366	0.1
1,230,000	National Australia Bank Ltd./New York, 1.875%, 07/12/2021	1,229,556	0.1
1,000,000 (5)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044	1,139,612	0.1
1,105,000	PartnerRe Finance B LLC, 3.700%, 07/02/2029	1,149,332	0.1
755,000	PNC Financial Services Group, Inc./The, 3.450%, 04/23/2029	805,419	0.1
333,000	Prudential Financial, Inc., 3.935%, 12/07/2049	362,927	0.0
200,000	Regency Centers L.P., 2.950%, 09/15/2029	199,839	0.0
300,000	Regency Centers L.P., 4.650%, 03/15/2049	352,556	0.0
259,000	Reinsurance Group of America, Inc., 4.700%, 09/15/2023	280,945	0.0
690,000 (5)	Reliance Standard Life Global Funding II, 3.050%, 01/20/2021	697,456	0.1
1,360,000 (5)	Societe Generale SA, 2.625%, 09/16/2020	1,366,010	0.1
805,000 (5)	Societe Generale SA, 5.000%, 01/17/2024	868,083	0.1
985,000 (5)	Standard Chartered PLC, 3.050%, 01/15/2021	993,255	0.1
1,100,000	Sumitomo Mitsui Banking Corp., 2.650%, 07/23/2020	1,104,343	0.1
670,000	Synchrony Financial, 3.950%, 12/01/2027	703,993	0.1
610,000 (2)	Toronto-Dominion Bank/The, 2.650%, 06/12/2024	624,728	0.0
445,000	Travelers Cos, Inc., 4.600%, 08/01/2043	538,825	0.0
585,000 (5)	UBS Group AG, 4.125%, 04/15/2026	636,109	0.0
410,000	US Bancorp, 3.100%, 04/27/2026	426,735	0.0
145,000	Ventas Realty L.P., 5.700%, 09/30/2043	180,273	0.0
965,000	Wells Fargo & Co., 3.550%, 09/29/2025	1,021,904	0.1
470,000	Wells Fargo & Co., 4.100%, 06/03/2026	506,811	0.0
2,000,000	Wells Fargo & Co., 4.650%, 11/04/2044	2,348,880	0.2
315,000	Willis North America, Inc., 3.600%, 05/15/2024	329,060	0.0
350,000	WR Berkley Corp., 4.625%, 03/15/2022	369,082	0.0
		67,738,888	5.1

	Industrial: 1.1%
305,000 (5)	Aviation Capital Group LLC, 2.875%, 01/20/2022	307,170	0.0
1,095,000 (5)	Aviation Capital Group LLC, 4.875%, 10/01/2025	1,179,485	0.1
970,000	Avnet, Inc., 4.625%, 04/15/2026	1,026,314	0.1
435,000 (5)	BAE Systems Holdings, Inc., 2.850%, 12/15/2020	437,997	0.0
224,000	Burlington Northern Santa Fe LLC, 5.150%, 09/01/2043	285,496	0.0
330,000	CSX Corp., 5.500%, 04/15/2041	418,131	0.0
1,015,000	Deere & Co., 2.600%, 06/08/2022	1,033,949	0.1
295,000	FedEx Corp., 4.900%, 01/15/2034	336,734	0.0
605,000	FedEx Corp., 5.100%, 01/15/2044	663,260	0.1
100,000	General Dynamics Corp., 2.875%, 05/11/2020	100,353	0.0
459,000	Norfolk Southern Corp., 3.400%, 11/01/2049	456,547	0.1
1,294,000	Northrop Grumman Corp., 2.080%, 10/15/2020	1,295,541	0.1
703,000	Packaging Corp. of America, 4.500%, 11/01/2023	755,271	0.1
285,000	Precision Castparts Corp., 2.500%, 01/15/2023	290,155	0.0
2,395,000	Raytheon Co., 3.125%, 10/15/2020	2,418,224	0.2
410,000 (5)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021	412,886	0.0
157,000	Union Pacific Corp., 3.646%, 02/15/2024	166,002	0.0
375,000 (5)	Union Pacific Corp., 3.839%, 03/20/2060	380,969	0.0
730,000	Union Pacific Corp., 4.150%, 01/15/2045	800,014	0.1
330,000	United Parcel Service, Inc., 3.400%, 11/15/2046	329,208	0.0
345,000	United Technologies Corp., 4.450%, 11/16/2038	408,221	0.0
752,000	Waste Management, Inc., 3.900%, 03/01/2035	828,522	0.1
		14,330,449	1.1

	Technology: 0.8%
1,146,000	Apple, Inc., 2.150%, 02/09/2022	1,155,617	0.1

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

435,000		Apple, Inc., 3.350%, 02/09/2027	463,219	0.0
2,315,000		Applied Materials, Inc., 2.625%, 10/01/2020	2,327,838	0.2
1,030,000		Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.625%, 01/15/2024	1,067,372	0.1
910,000 (5)		Dell International LLC / EMC Corp., 5.450%, 06/15/2023	987,045	0.1
35,000 (5)		Dell International LLC / EMC Corp., 8.350%, 07/15/2046	48,177	0.0
340,000		DXC Technology Co., 4.450%, 09/18/2022	356,986	0.0
1,630,000		Fiserv, Inc., 3.800%, 10/01/2023	1,721,652	0.1
75,000		Micron Technology, Inc., 4.185%, 02/15/2027	80,292	0.0
649,000		Microsoft Corp., 3.500%, 02/12/2035	714,552	0.1
795,000 (5)		NXP BV / NXP Funding LLC, 5.350%, 03/01/2026	896,470	0.1
285,000		Texas Instruments, Inc., 2.625%, 05/15/2024	292,549	0.0
			10,111,769	0.8

		Utilities: 0.5%
150,000 (5)		Electricite de France SA, 4.600%, 01/27/2020	150,253	0.0
620,000 (5)		Electricite de France SA, 4.875%, 01/22/2044	710,881	0.1
350,000 (4),(5)		Electricite de France SA, 5.625%, 12/31/2199	371,250	0.0
2,135,000		Georgia Power Co., 2.000%, 03/30/2020	2,134,760	0.2
703,000 (2)		NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027	746,710	0.1
760,000		NiSource, Inc., 4.375%, 05/15/2047	841,852	0.1
605,000		Oglethorpe Power Corp., 4.550%, 06/01/2044	634,618	0.0
667,000		Sempra Energy, 3.800%, 02/01/2038	696,267	0.0
274,000 (2)		Xcel Energy, Inc., 3.500%, 12/01/2049	278,894	0.0
			6,565,485	0.5

	Total Corporate Bonds/Notes
	(Cost $173,661,895)		185,475,335	13.9

MUNICIPAL BONDS: 0.0%
		Georgia: 0.0%
323,000		Municipal Electric Authority of Georgia, 6.655%, 04/01/2057	445,517	0.0

		Total Municipal Bonds
		(Cost $323,000)	445,517	0.0

U.S. TREASURY OBLIGATIONS: 10.3%
		U.S. Treasury Bonds: 0.7%
9,555,800		2.250%,08/15/2049	9,261,831	0.7
425,000		4.500%,02/15/2036	563,145	0.0
			9,824,976	0.7

		U.S. Treasury Notes: 9.6%
180,000		2.625%,11/15/2020	181,517	0.0
41,470,000		1.625%,12/31/2021	41,511,844	3.1
50,770,000		1.625%,12/15/2022	50,794,109	3.8
30,846,700		1.750%,12/31/2024	30,916,678	2.4
3,842,900 (2)		1.750%,11/15/2029	3,782,403	0.3
			127,186,551	9.6

	Total U.S. Treasury Obligations
	(Cost $136,771,605)		137,011,527	10.3

CONVERTIBLE BONDS/NOTES: 8.7%
		Communications: 3.9%
3,989,000		Trip.com Group Ltd., 1.250%, 09/15/2022	3,983,611	0.3
7,840,000		DISH Network Corp., 3.375%, 08/15/2026	7,560,896	0.6
1,319,000		Finisar Corp., 0.500%, 12/15/2036	1,317,681	0.1
2,501,000		FireEye, Inc., 1.000%, 06/01/2035	2,493,519	0.2
2,535,000		FireEye, Inc., 1.625%, 06/01/2035	2,459,501	0.2
2,954,000 (5)		GCI Liberty, Inc., 1.750%, 09/30/2046	4,080,951	0.3
3,355,000 (5)		IAC Financeco 3, Inc., 2.000%, 01/15/2030	3,927,363	0.3
2,512,000 (5)		JOYY, Inc., 1.375%, 06/15/2026	2,272,561	0.2
2,665,000 (5)		Liberty Latin America Ltd., 2.000%, 07/15/2024	2,861,544	0.2
9,559,000		Liberty Media Corp., 1.375%, 10/15/2023	12,886,488	1.0
1,933,000		Liberty Media Corp., 2.250%, 09/30/2046	1,122,090	0.1
673,000 (2)		Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/2023	896,909	0.0
2,327,000		Viavi Solutions, Inc., 1.000%, 03/01/2024	3,007,632	0.2
2,258,000 (2)		Viavi Solutions, Inc., 1.750%, 06/01/2023	2,844,961	0.2
			51,715,707	3.9

		Consumer, Cyclical: 0.2%
2,264,000		Live Nation Entertainment, Inc., 2.500%, 03/15/2023	2,766,382	0.2

		Consumer, Non-cyclical: 2.3%
3,952,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020	4,302,963	0.3
1,069,000 (2)		DexCom, Inc., 0.750%, 05/15/2022	2,379,757	0.2
3,140,000		DexCom, Inc., 0.750%, 12/01/2023	4,658,809	0.4
617,000 (2),(5)		Euronet Worldwide, Inc., 0.750%, 03/15/2049	737,491	0.1
2,410,000		Jazz Investments I Ltd., 1.875%, 08/15/2021	2,487,419	0.2

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

2,104,000		Neurocrine Biosciences, Inc., 2.250%, 05/15/2024	3,232,348	0.2
2,762,000		NuVasive, Inc., 2.250%, 03/15/2021	3,686,751	0.3
1,385,000 (2)		Pacira BioSciences, Inc., 2.375%, 04/01/2022	1,443,188	0.1
1,212,000		Supernus Pharmaceuticals, Inc., 0.625%, 04/01/2023	1,103,127	0.1
1,309,000 (2)		Wright Medical Group NV, 2.250%, 11/15/2021	1,900,734	0.1
3,694,000		Wright Medical Group, Inc., 1.625%, 06/15/2023	3,911,145	0.3
			29,843,732	2.3

		Energy: 0.2%
1,359,000		Helix Energy Solutions Group, Inc., 4.250%, 05/01/2022	1,455,897	0.1
1,677,000		Oil States International, Inc., 1.500%, 02/15/2023	1,513,660	0.1
			2,969,557	0.2

		Technology: 2.1%
3,560,000		Cree, Inc., 0.875%, 09/01/2023	3,782,936	0.3
2,544,000		Microchip Technology, Inc., 1.625%, 02/15/2027	3,631,560	0.3
4,003,000		Nuance Communications, Inc., 1.000%, 12/15/2035	4,040,524	0.3
1,819,000		Nuance Communications, Inc., 1.250%, 04/01/2025	2,029,645	0.1
2,479,000 (2)		ON Semiconductor Corp., 1.000%, 12/01/2020	3,375,140	0.2
790,000		RealPage, Inc., 1.500%, 11/15/2022	1,103,037	0.1
3,899,000		SanDisk LLC, 0.500%, 10/15/2020	3,551,716	0.3
726,000		Silicon Laboratories, Inc., 1.375%, 03/01/2022	966,720	0.1
2,238,000		Western Digital Corp., 1.500%, 02/01/2024	2,203,031	0.2
2,643,000		Workday, Inc., 0.250%, 10/01/2022	3,389,461	0.2
			28,073,770	2.1

	Total Convertible Bonds/Notes
	(Cost $99,771,141)		115,369,148	8.7

EQUITY-LINKED NOTES: 1.2%
		Financial: 1.2%
9,000,000 (5)		Credit Suisse AG, Convertible Basket (Basket of 5 Common Stocks), 0.500%, 06/24/2024	8,631,000	0.7
6,746,000		GS Finance Corp (Guarantor: The Goldman Sachs Group, Inc.), Exchangeable Basket (Basket of 5 Common Stocks), 0.250%, 07/08/2024	6,934,888	0.5

	Total Equity-Linked Notes
	(Cost $15,746,000)		15,565,888	1.2

STRUCTURED NOTES: 1.9%
		Diversified Finan Serv: 1.0%
6,016,000		Wells Fargo Bank N.A., Convertible Trust - Energy Series 2019-1 (Linked to a basket of 4 Stocks), 0.330%, 09/19/2024	6,230,771	0.5
5,968,000		Wells Fargo Bank N.A., Convertible Trust - Media Series 2019-1 (Linked to a basked of 3 Stocks), 0.250%, 12/04/2024	6,619,109	0.5
			12,849,880	1.0

		Financial: 0.9%
5,915,000		Wells Fargo Bank N.A., Convertible Trust - Consumer Series 2018-1 (Linked to a basket of 5 Bonds), 0.250%, 01/17/2024	6,095,999	0.4
6,139,000		Wells Fargo Bank N.A., Convertible Trust - Healthcare Series 2018-1 (Linked to a basket of 4 Bonds), 0.250%, 02/05/2024	6,685,371	0.5
			12,781,370	0.9

	Total Structured Notes
	(Cost $24,651,651)		25,631,250	1.9

U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%
		Federal National Mortgage Association: 0.1%⁽⁶⁾
915,000		6.625%,11/15/2030	1,303,536	0.1

	Total U.S. Government Agency Obligations
	(Cost $1,015,842)		1,303,536	0.1

	Total Long-Term Investments
	(Cost $1,138,981,147)		1,294,334,588	97.2

SHORT-TERM INVESTMENTS: 5.0%
		Commercial Paper: 0.3%
990,000 (7)		DBS Bank Ltd., 1.710%, 01/07/2020	989,688	0.1
990,000 (7)		Le Mouvement Des Caisses Desjardins, 1.750%, 01/09/2020	989,609	0.1
990,000 (7)		LMA Americas LLC, 1.800%, 01/27/2020	988,548	0.1
450,000 (7)		Matchpoint Finance PLC, 1.850%, 02/03/2020	449,237	0.0

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

325,000 (7)		Sheffield Receivables Company LLC, 1.950%, 02/27/2020		324,033		0.0
400,000 (7)		Sheffield Receivables Company LLC, 2.000%, 03/16/2020		398,434		0.0

	Total Commercial Paper
	(Cost $4,139,549)			4,139,549		0.3

		Floating Rate Notes: 0.3%
900,000 (7)		Bank of Nova Scotia, 1.940%, 05/08/2020		899,933		0.0
900,000 (7)		Bedford Row Funding, 1.920%, 03/13/2020		900,079		0.1
990,000 (7)		Commonwealth Bank of Australia, 1.940%, 06/10/2020		989,998		0.1
625,000 (7)		Crédit Industriel et Commercial, 1.990%, 04/24/2020		625,048		0.0
990,000 (7)		Mitsubishi UFJ Financial Group, Inc., 1.960%, 05/22/2020		990,074		0.1

	Total Floating Rate Notes
	(Cost $4,405,132)			4,405,132		0.3

		Repurchase Agreements: 1.5%
2,324,956 (7)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $2,325,160, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $2,371,666, due 01/15/20-11/15/48)		2,324,956		0.1
7,703,092(7)		Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $7,703,755, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $7,857,154, due 02/13/20-09/20/69)		7,703,092		0.6
7,703,092(7)		Daiwa Capital Markets, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $7,703,759, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.030%, Market Value plus accrued interest $7,857,154, due 01/14/20-12/20/49)		7,703,092		0.6
2,612,029 (7)		State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $2,612,279, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,664,341, due 04/15/21-02/15/47)		2,612,029		0.2

	Total Repurchase Agreements
	(Cost $20,343,169)			20,343,169		1.5

		Certificates of Deposit: 0.2%
990,000 (7)		Dz Bank Ag Deutsche Zentral-Genossenschaftsbank, 1.870%, 03/12/2020		989,914		0.1
900,000 (7)		Toronto-Dominion Bank, 1.850%, 03/18/2020		900,136		0.1

	Total Certificates of Deposit
	(Cost $1,890,050)			1,890,050		0.2

Shares				Value		Percentage of Net Assets
		Mutual Funds: 2.7%
33,529,166 (8)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%		33,529,166		2.5
1,250,000 (7),(8)		Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		1,250,000		0.1
1,030,000 (7),(8)		Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%		1,030,000		0.1

	Total Mutual Funds
	(Cost $35,809,166)			35,809,166		2.7

	Total Short-Term Investments
	(Cost $66,587,066)			66,587,066		5.0

	Total Investments in Securities (Cost $1,205,568,213)		$	1,360,921,654		102.2
	Liabilities in Excess of Other Assets			(28,977,124	)	(2.2	)
	Net Assets		$	1,331,944,530		100.0

See Accompanying Notes to Financial Statements

VY^®Invesco Equity and Income Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019 (CONTINUED)

†	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 December 31, 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)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(8)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®Invesco Oppenheimer Global Portfolio	PORTFOLIO OF INVESTMENTS
	AS OF December 31, 2019

Shares			Value		Percentage of Net Assets
COMMON STOCK: 97.5%
		Brazil: 0.6%
220,850 (1),(2)		StoneCo Ltd.	$	8,809,706		0.6

		China: 1.9%
830,559 (2)		JD.com, Inc. ADR		29,260,594		1.9

		France: 7.8%
61,950		Kering SA		40,819,975		2.7
141,738		LVMH Moet Hennessy Louis Vuitton SE		66,043,671		4.3
369,290		Societe Generale		12,887,534		0.8
				119,751,180		7.8

		Germany: 5.7%
123,030		Allianz SE		30,145,903		2.0
153,584		Bayer AG		12,485,920		0.8
327,572		SAP SE		44,090,817		2.9
				86,722,640		5.7

		India: 4.5%
12,243,558		DLF Ltd.		39,613,906		2.6
1,986,682 (1)		ICICI Bank Ltd. ADR		29,979,031		1.9
				69,592,937		4.5

		Italy: 0.2%
104,433		Brunello Cucinelli SpA		3,699,753		0.2

		Japan: 14.2%
385,900		Capcom Co., Ltd.		10,681,720		0.7
80,900		Fanuc Ltd.		14,939,392		1.0
88,604		Keyence Corp.		31,112,283		2.0
324,100		Minebea Mitsumi, Inc.		6,694,658		0.4
585,000		Murata Manufacturing Co., Ltd.		36,005,933		2.4
258,000		Nidec Corp.		35,238,622		2.3
38,700		Nintendo Co., Ltd.		15,478,458		1.0
303,400		Omron Corp.		17,684,636		1.2
353,841		Takeda Pharmaceutical Co., Ltd.		13,995,198		0.9
315,700		TDK Corp.		35,478,095		2.3
				217,308,995		14.2

		Netherlands: 4.1%
426,403		Airbus SE		62,581,424		4.1

		Spain: 1.7%
750,211		Industria de Diseno Textil SA		26,512,954		1.7

		Sweden: 2.4%
864,725		Assa Abloy AB		20,213,344		1.3
420,598		Atlas Copco AB - A Shares		16,788,451		1.1
				37,001,795		2.4

		Switzerland: 1.4%
1,391,246		Credit Suisse Group AG		18,806,414		1.2
224,374		UBS Group AG		2,831,463		0.2
				21,637,877		1.4

		United Kingdom: 3.8%
423,220 (1),(2)		Farfetch Ltd. - Class A		4,380,327		0.3
459,677 (1)		International Game Technology PLC		6,881,365		0.4
1,154,386		Prudential PLC		22,118,914		1.5
428,068		Unilever PLC		24,503,912		1.6
				57,884,518		3.8

		United States: 49.2%
25,051		3M Co.		4,419,497		0.3
82,540 (1),(2)		Acadia Pharmaceuticals, Inc.		3,531,061		0.2
165,563 (2)		Adobe, Inc.		54,604,333		3.6
250,800		Agilent Technologies, Inc.		21,395,748		1.4
83,080 (2)		Alphabet, Inc. - Class A		111,276,521		7.2
7,191 (2)		Amazon.com, Inc.		13,287,818		0.9
140,480		Anthem, Inc.		42,429,174		2.8
514,362 (2)		Avantor, Inc.		9,335,670		0.6
109,530 (1),(2)		Blueprint Medicines Corp.		8,774,448		0.6
233,220 (2)		Centene Corp.		14,662,541		1.0
504,660		Citigroup, Inc.		40,317,287		2.6
330,999		Colgate-Palmolive Co.		22,785,971		1.5
106,844 (2)		Electronic Arts, Inc.		11,486,799		0.7
143,475		Equifax, Inc.		20,103,717		1.3
258,520 (2)		Facebook, Inc. - Class A		53,061,230		3.5
64,029		Fidelity National Information Services, Inc.		8,905,794		0.6
345,610 (1),(2)		GlycoMimetics, Inc.		1,828,277		0.1
18,850		Goldman Sachs Group, Inc.		4,334,181		0.3
126,130 (2)		Incyte Corp., Ltd.		11,013,672		0.7
187,070		Intuit, Inc.		48,999,245		3.2
168,050 (2)		Ionis Pharmaceuticals, Inc.		10,151,901		0.7
324,440 (2)		MacroGenics, Inc.		3,529,907		0.2
570,100		Maxim Integrated Products		35,066,851		2.3
77,409		Microsoft Corp.		12,207,399		0.8
274,643 (2)		PayPal Holdings, Inc.		29,708,133		1.9
151,606 (1),(2)		Phathom Pharmaceuticals, Inc.		4,721,011		0.3
205,270		S&P Global, Inc.		56,048,974		3.7
94,026 (1),(2)		Sage Therapeutics, Inc.		6,787,737		0.4
70,797 (1),(2)		Sarepta Therapeutics, Inc.		9,135,645		0.6
140,302 (2)		Uniqure B.V.		10,054,041		0.7
170,630		United Parcel Service, Inc. - Class B		19,973,948		1.3
177,070 (2)		Veracyte, Inc.		4,943,794		0.3
195,520		Walt Disney Co.		28,278,058		1.8
116,777		Zimmer Biomet Holdings, Inc.		17,479,181		1.1
				754,639,564		49.2

	Total Common Stock
	(Cost $732,588,694)			1,495,403,937		97.5

PREFERRED STOCK: 0.3%
		Germany: 0.3%
81,382		Bayerische Motoren Werke AG		5,010,064		0.3

See Accompanying Notes to Financial Statements

VY^®Invesco Oppenheimer Global Portfolio	PORTFOLIO OF INVESTMENTS
	AS OF December 31, 2019(Continued)

		India: 0.0%
2,598,630 (2)		Zee Entertainment Enterprises Ltd.	200,236	0.0

	Total Preferred Stock
	(Cost $5,223,617)		5,210,300	0.3

	Total Long-Term Investments
	(Cost $737,812,311)		1,500,614,237	97.8

Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.4%
		Commercial Paper: 0.4%
900,000 (3)		Banco Santander S.A., 1.950%, 02/05/2020	898,382	0.1
600,000 (3)		Flex Co. LLC, 1.910%, 01/31/2020	599,070	0.0
850,000 (3)		Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020	848,162	0.1
900,000 (3)		LMA Americas LLC, 2.000%, 01/31/2020	898,529	0.1
150,000 (3)		Mitsubishi UFJ Trust and Banking Corp., 1.910%, 02/04/2020	149,723	0.0
850,000 (3)		Nederlandse Waterschapsbank, 1.870%, 02/12/2020	848,247	0.1
500,000 (3)		Oversea-Chinese Banking Corp., Ltd., 1.900%, 02/11/2020	498,922	0.0
823,000 (3)		Societe Generale, 1.970%, 01/09/2020	822,630	0.0
725,000 (3)		United Overseas Bnk Group, 1.900%, 01/24/2020	724,219	0.0

	Total Commercial Paper
	(Cost $6,287,884)		6,287,884	0.4

		Floating Rate Notes: 0.5%
825,000 (3)		Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020	825,239	0.1
575,000 (3)		Commonwealth Bank of Australia, 1.920%, 03/16/2020	575,008	0.0
800,000 (3)		Coöperatieve Rabobank U.A., 1.980%, 04/20/2020	800,224	0.1
725,000 (3)		Crédit Industriel et Commercial, 1.950%, 04/09/2020	725,122	0.0
700,000 (3)		Credit Suisse Group AG, 1.890%, 04/17/2020	700,313	0.0
800,000 (3)		Mitsubishi UFJ Financial Group, Inc., 1.930%, 01/16/2020	800,094	0.1
825,000 (3)		Mizuho Financial Group Inc., 1.960%, 05/05/2020	825,035	0.1
700,000 (3)		The Norinchukin Bank, 2.050%, 04/24/2020	700,252	0.0
825,000 (3)		The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020	824,936	0.1
450,000 (3)		Toronto-Dominion Bank, 1.980%, 04/16/2020	450,136	0.0

	Total Floating Rate Notes
	(Cost $7,226,359)		7,226,359	0.5

		Repurchase Agreements: 2.1%
4,549,628 (3)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $4,550,027, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $4,641,033, due 01/15/20-11/15/48)	4,549,628	0.3
11,562,348 (3)		Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $11,563,343, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $11,793,595, due 02/13/20-09/20/69)	11,562,348	0.7
11,562,348 (3)		RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $11,563,343, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $11,793,595, due 06/30/21-12/01/49)	11,562,348	0.8
4,079,834 (3)		State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $4,080,225, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,161,543, due 04/15/21-02/15/47)	4,079,834	0.3

See Accompanying Notes to Financial Statements

VY^®Invesco Oppenheimer Global Portfolio	PORTFOLIO OF INVESTMENTS
	AS OF December 31, 2019(Continued)

	Total Repurchase Agreements
	(Cost $31,754,158)			31,754,158		2.1

		Certificates of Deposit: 0.0%
450,000 (3)		Toronto-Dominion Bank, 1.850%, 03/18/2020
		(Cost $450,068)		450,068		0.0

Shares				Value		Percentage of Net Assets
		Mutual Funds: 2.4%
33,374,580 (4)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%		33,374,580		2.2
2,040,000 (3),(4)		Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		2,040,000		0.1
1,910,000 (3),(4)		Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%		1,910,000		0.1
	Total Mutual Funds
	(Cost $37,324,580)			37,324,580		2.4

	Total Short-Term Investments
	(Cost $83,043,049)			83,043,049		5.4

	Total Investments in Securities (Cost $820,855,360)		$	1,583,657,286		103.2
	Liabilities in Excess of Other Assets			(49,337,504	)	(3.2	)
	Net Assets		$	1,534,319,782		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)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(4)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®JPMorgan Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	AS OF December 31, 2019

Shares		Value		Percentage of Net Assets
COMMON STOCK: 97.9%
	Communication Services: 2.9%
79,680 (1)	Dish Network Corp. - Class A	$	2,826,250		0.6
23,570 (1)	Liberty Broadband Corp. - Series C		2,963,927		0.7
98,050 (1)	Liberty Media Corp. - SiriusXM C		4,720,127		1.1
51,072	ViacomCBS, Inc.		2,143,492		0.5
			12,653,796		2.9

	Consumer Discretionary: 12.0%
5,670 (1)	Autozone, Inc.		6,754,728		1.5
56,420	Best Buy Co., Inc.		4,953,676		1.1
80,280	BorgWarner, Inc.		3,482,546		0.8
42,960	Expedia Group, Inc.		4,645,694		1.1
134,860	Gap, Inc.		2,384,325		0.5
27,330	Genuine Parts Co.		2,903,266		0.7
33,810	Hilton Worldwide Holdings, Inc.		3,749,867		0.9
57,551	Kohl's Corp.		2,932,223		0.7
31,750 (1)	Mohawk Industries, Inc.		4,330,065		1.0
146,806	Newell Brands, Inc.		2,821,611		0.6
46,990 (2)	Nordstrom, Inc.		1,923,301		0.4
33,350	PVH Corp.		3,506,753		0.8
35,590	Ralph Lauren Corp.		4,171,860		0.9
33,510	Tiffany & Co.		4,478,612		1.0
			53,038,527		12.0

	Consumer Staples: 3.9%
19,460	Constellation Brands, Inc.		3,692,535		0.8
117,862	Coty, Inc - Class A		1,325,947		0.3
65,763 (2)	Energizer Holdings, Inc.		3,302,618		0.8
67,260	Keurig Dr Pepper, Inc.		1,947,177		0.4
102,140	Kroger Co.		2,961,039		0.7
36,030 (1)	Post Holdings, Inc.		3,930,873		0.9
			17,160,189		3.9

	Energy: 5.4%
199,500	Cabot Oil & Gas Corp.		3,473,295		0.8
82,034	Diamondback Energy, Inc.		7,617,677		1.7
119,660	EQT Corp.		1,304,294		0.3
110,324	Equitrans Midstream Corp.		1,473,929		0.3
93,030	PBF Energy, Inc.		2,918,351		0.7
301,760	Williams Cos., Inc.		7,157,747		1.6
			23,945,293		5.4

	Financials: 21.8%
4,253 (1)	Alleghany Corp.		3,400,571		0.8
20,960	Ally Financial, Inc.		640,537		0.1
32,990	Ameriprise Financial, Inc.		5,495,474		1.2
122,470	Citizens Financial Group, Inc.		4,973,507		1.1
22,820	Comerica, Inc.		1,637,335		0.4
214,520	Fifth Third Bancorp		6,594,345		1.5
41,230	First Republic Bank		4,842,463		1.1
96,570	Hartford Financial Services Group, Inc.		5,868,559		1.3
240,370	Huntington Bancshares, Inc.		3,624,779		0.8
56,380	Lincoln National Corp.		3,326,984		0.7
160,840	Loews Corp.		8,442,492		1.9
49,433	M&T Bank Corp.		8,391,252		1.9
39,030	Marsh & McLennan Cos., Inc.		4,348,332		1.0
48,290	Northern Trust Corp.		5,130,330		1.2
18,710	Principal Financial Group, Inc.		1,029,050		0.2
47,720	Progressive Corp.		3,454,451		0.8
54,050	Raymond James Financial, Inc.		4,835,313		1.1
57,620	T. Rowe Price Group, Inc.		7,020,421		1.6
33,690	TCF Financial Corp.		1,576,692		0.4
117,027	Truist Financial Corp.		6,590,961		1.5
21,990	Unum Group		641,228		0.1
42,005	WR Berkley Corp.		2,902,545		0.7
35,830	Zions Bancorp NA		1,860,294		0.4
			96,627,915		21.8

	Health Care: 6.6%
51,100	AmerisourceBergen Corp.		4,344,522		1.0
18,550	Cigna Corp.		3,793,290		0.9
48,290 (1)	Henry Schein, Inc.		3,221,909		0.7
6,460	Humana, Inc.		2,367,719		0.5
28,810 (1)	Laboratory Corp. of America Holdings		4,873,788		1.1
30,640	Universal Health Services, Inc.		4,395,614		1.0
41,480	Zimmer Biomet Holdings, Inc.		6,208,726		1.4
			29,205,568		6.6

	Industrials: 8.8%
30,230	Acuity Brands, Inc.		4,171,740		0.9
50,320	Ametek, Inc.		5,018,917		1.1
19,000	Carlisle Cos., Inc.		3,074,960		0.7
60,030	Fortune Brands Home & Security, Inc.		3,922,360		0.9
19,380	Hubbell, Inc.		2,864,752		0.7
24,160	IDEX Corp.		4,155,520		0.9
34,800	ITT, Inc.		2,572,068		0.6
27,620	Lincoln Electric Holdings, Inc.		2,671,683		0.6
34,120 (1)	Middleby Corp.		3,736,822		0.8
26,900	MSC Industrial Direct Co.		2,110,843		0.5
28,031	Snap-On, Inc.		4,748,451		1.1
			39,048,116		8.8

	Information Technology: 6.7%
40,680	Amphenol Corp.		4,402,796		1.0
17,370	Analog Devices, Inc.		2,064,251		0.5
42,780 (1)	Arrow Electronics, Inc.		3,625,177		0.8
33,540	CDW Corp.		4,790,854		1.1
79,712 (1)	CommScope Holding Co., Inc.		1,131,113		0.2
27,306	Jack Henry & Associates, Inc.		3,977,665		0.9
26,729 (1)	Keysight Technologies, Inc.		2,743,197		0.6
23,920	SYNNEX Corp.		3,080,896		0.7
27,690 (1)	Synopsys, Inc.		3,854,448		0.9
			29,670,397		6.7

See Accompanying Notes to Financial Statements

VY^®JPMorgan Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	AS OF December 31, 2019(Continued)

		Materials: 4.8%
51,750		Ball Corp.		3,346,673		0.8
16,080		Martin Marietta Materials, Inc.		4,496,611		1.0
8,950		Sherwin-Williams Co.		5,222,683		1.2
145,850		Silgan Holdings, Inc.		4,533,018		1.0
83,010		WestRock Co.		3,561,959		0.8
				21,160,944		4.8

		Real Estate: 14.1%
52,160		American Campus Communities, Inc.		2,453,085		0.6
108,000		American Homes 4 Rent		2,830,680		0.6
28,500		AvalonBay Communities, Inc.		5,976,450		1.4
42,250		Boston Properties, Inc.		5,824,585		1.3
174,390		Brixmor Property Group, Inc.		3,768,568		0.9
97,490 (1)		CBRE Group, Inc.		5,975,162		1.3
84,240 (1)		Cushman & Wakefield PLC		1,721,866		0.4
11,830		Essex Property Trust, Inc.		3,559,174		0.8
34,880		Federal Realty Investment Trust		4,490,102		1.0
46,233		JBG SMITH Properties		1,844,234		0.4
154,570		Kimco Realty Corp.		3,201,145		0.7
111,862		Outfront Media, Inc.		3,000,139		0.7
107,800		Rayonier, Inc.		3,531,528		0.8
39,570		Regency Centers Corp.		2,496,471		0.6
33,590		Ventas, Inc.		1,939,487		0.4
65,646		Vornado Realty Trust		4,365,459		1.0
96,550		Weyerhaeuser Co.		2,915,810		0.7
28,630		WP Carey, Inc.		2,291,545		0.5
				62,185,490		14.1

		Utilities: 10.9%
145,010		CMS Energy Corp.		9,112,429		2.0
69,000		Edison International		5,203,290		1.2
37,470		Entergy Corp.		4,488,906		1.0
79,410		National Fuel Gas Co.		3,695,741		0.8
46,180		Sempra Energy		6,995,346		1.6
101,240		WEC Energy Group, Inc.		9,337,365		2.1
151,230		Xcel Energy, Inc.		9,601,593		2.2
				48,434,670		10.9

	Total Common Stock
	(Cost $315,650,941)			433,130,905		97.9

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.4%
		Repurchase Agreements: 0.5%
1,000,000 (3)		Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,000,087, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 01/25/20-10/15/60)		1,000,000		0.2
266,832 (3)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $266,855, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $272,193, due 01/15/20-11/15/48)		266,832		0.1
1,000,000 (3)		RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 06/30/21-12/01/49)		1,000,000		0.2

	Total Repurchase Agreements
	(Cost $2,266,832)			2,266,832		0.5

Shares				Value		Percentage of Net Assets
		Mutual Funds: 1.9%
8,506,831 (4)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%
		(Cost $8,506,831)		8,506,831		1.9

	Total Short-Term Investments
	(Cost $10,773,663)			10,773,663		2.4

	Total Investments in Securities (Cost $326,424,604)		$	443,904,568		100.3
	Liabilities in Excess of Other Assets			(1,316,355	)	(0.3	)
	Net Assets		$	442,588,213		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(4)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Diversified

Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS

as ofDecember 31, 2019

Shares		Value		Percentage of Net Assets
COMMON STOCK: 99.0%
	Communication Services: 2.2%
69,694 (1)	Altice USA, Inc.	$	1,905,434		0.2
29,500 (1)	Electronic Arts, Inc.		3,171,545		0.3
21,100 (1)	IAC/InterActiveCorp		5,256,221		0.4
38,400	Interpublic Group of Cos., Inc.		887,040		0.1
41,900 (1)	Live Nation Entertainment, Inc.		2,994,593		0.3
47,300 (1),(2)	Match Group, Inc.		3,883,803		0.3
15,600 (2)	Omnicom Group		1,263,912		0.1
27,500 (1)	Take-Two Interactive Software, Inc.		3,366,825		0.3
26,800 (1),(2)	Zillow Group, Inc. - Class A		1,225,832		0.1
236,500 (1)	Zynga, Inc. - Class A		1,447,380		0.1
			25,402,585		2.2

	Consumer Discretionary: 14.8%
90,200	Aptiv PLC		8,566,294		0.7
28,700	Aramark		1,245,580		0.1
2,100 (1)	Autozone, Inc.		2,501,751		0.2
17,700 (1)	Bright Horizons Family Solutions, Inc.		2,660,133		0.2
54,800 (1)	Burlington Stores, Inc.		12,496,044		1.1
50,800 (1),(2)	Carmax, Inc.		4,453,636		0.4
37,619 (1),(2)	Chewy, Inc.		1,090,951		0.1
27,400 (2)	Choice Hotels International, Inc.		2,833,982		0.2
75,100	Dollar General Corp.		11,714,098		1.0
73,200 (1)	Dollar Tree, Inc.		6,884,460		0.6
21,400	Domino's Pizza, Inc.		6,286,892		0.5
70,800	Dunkin Brands Group, Inc.		5,348,232		0.5
98,900	Extended Stay America, Inc.		1,469,654		0.1
41,915 (1),(2)	Farfetch Ltd. - Class A		433,820		0.0
15,200 (2)	Ferrari NV		2,516,208		0.2
13,400 (1)	Five Below, Inc.		1,713,324		0.2
23,700 (1),(2)	Grand Canyon Education, Inc.		2,270,223		0.2
8,400 (1),(2)	GrubHub, Inc.		408,576		0.0
98,333	Hilton Worldwide Holdings, Inc.		10,906,113		0.9
29,900 (1)	Lululemon Athletica, Inc.		6,926,933		0.6
3,900 (1)	MercadoLibre, Inc.		2,230,566		0.2
109,700	MGM Resorts International		3,649,719		0.3
48,500 (1),(2)	Michaels Cos, Inc.		392,365		0.0
8,697 (1)	Mohawk Industries, Inc.		1,186,097		0.1
49,800 (1)	Norwegian Cruise Line Holdings Ltd.		2,908,818		0.3
1,360 (1)	NVR, Inc.		5,179,438		0.5
19,000 (1),(2)	Ollie's Bargain Outlet Holdings, Inc.		1,240,890		0.1
21,600 (1)	O'Reilly Automotive, Inc.		9,466,416		0.8
25,900 (2)	Papa Johns International, Inc.		1,635,585		0.1
19,300	Pool Corp.		4,098,934		0.4
14,100	PVH Corp.		1,482,615		0.1
51,581	Restaurant Brands International, Inc.		3,289,320		0.3
45,300	Ross Stores, Inc.		5,273,826		0.5
25,300	Royal Caribbean Cruises Ltd.		3,377,803		0.3
99,700	Service Corp. International		4,589,191		0.4
96,000	Tapestry, Inc.		2,589,120		0.2
38,000	Toll Brothers, Inc.		1,501,380		0.1
39,100	Tractor Supply Co.		3,653,504		0.3
45,000 (1)	Trip.com Group Ltd. ADR		1,509,300		0.1
26,021 (1)	Ulta Beauty, Inc.		6,586,956		0.6
9,720 (1),(2)	Wayfair, Inc.		878,396		0.1
23,600 (2)	Williams-Sonoma, Inc.		1,733,184		0.2
38,100	Wynn Resorts Ltd.		5,290,947		0.5
66,200	Yum China Holdings, Inc.		3,178,262		0.3
17,100	Yum! Brands, Inc.		1,722,483		0.2
			171,372,019		14.8

	Consumer Staples: 3.1%
69,975 (2)	Brown-Forman Corp. - Class B		4,730,310		0.4
15,000	Casey's General Stores, Inc.		2,384,850		0.2
75,800	Church & Dwight Co., Inc.		5,331,772		0.5
36,000	Clorox Co.		5,527,440		0.5
57,600	Conagra Brands, Inc.		1,972,224		0.2
34,600	Hershey Co.		5,085,508		0.4
26,500 (2)	Hormel Foods Corp.		1,195,415		0.1
31,600	McCormick & Co., Inc.		5,363,468		0.5
42,789	Tyson Foods, Inc.		3,895,511		0.3
			35,486,498		3.1

	Energy: 1.4%
157,300	Cabot Oil & Gas Corp.		2,738,593		0.2
26,752	Concho Resources, Inc./Midland TX		2,342,673		0.2
28,000	Continental Resources, Inc.		960,400		0.1
20,800	Diamondback Energy, Inc.		1,931,488		0.2
50,400	HollyFrontier Corp.		2,555,784		0.2
250,800 (1),(2)	Jagged Peak Energy, Inc.		2,129,292		0.2
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
			15,799,030		1.4

	Financials: 7.3%
39,600	Assurant, Inc.		5,190,768		0.4
46,400	Axis Capital Holdings Ltd.		2,758,016		0.2
33,800	BankUnited, Inc.		1,235,728		0.1
83,433	Cboe Global Markets, Inc.		10,011,960		0.9
41,900	Discover Financial Services		3,553,958		0.3
48,400	E*Trade Financial Corp.		2,195,908		0.2
7,100 (2)	Factset Research Systems, Inc.		1,904,930		0.2
103,200	Fidelity National Financial, Inc.		4,680,120		0.4
57,200	Fifth Third Bancorp		1,758,328		0.1
54,500	First Republic Bank		6,401,025		0.6
18,900 (1)	Green Dot Corp.		440,370		0.0
87,000 (2)	Lazard Ltd.		3,476,520		0.3

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio
	PORTFOLIO OF INVESTMENTS
	as ofDecember 31, 2019(CONTINUED)

9,500	MarketAxess Holdings, Inc.	3,601,545	0.3
12,300	Moody's Corp.	2,920,143	0.3
16,700	MSCI, Inc. - Class A	4,311,606	0.4
26,400	Nasdaq, Inc.	2,827,440	0.2
20,500	Northern Trust Corp.	2,177,920	0.2
21,800	Pinnacle Financial Partners, Inc.	1,395,200	0.1
15,600	Signature Bank	2,131,116	0.2
14,900 (1)	SVB Financial Group	3,740,496	0.3
89,200	TD Ameritrade Holding Corp.	4,433,240	0.4
57,716	Tradeweb Markets, Inc.	2,675,136	0.2
73,230	Webster Financial Corp.	3,907,553	0.3
37,500	Willis Towers Watson PLC	7,572,750	0.7
		85,301,776	7.3

	Health Care: 14.5%
13,700 (1)	Abiomed, Inc.	2,337,083	0.2
57,199 (1),(2)	Acadia Healthcare Co., Inc.	1,900,151	0.2
24,800 (1),(2)	Acadia Pharmaceuticals, Inc.	1,060,944	0.1
74,000	Agilent Technologies, Inc.	6,312,940	0.5
43,200 (1),(2)	Agios Pharmaceuticals, Inc.	2,062,800	0.2
17,200 (1)	Alexion Pharmaceuticals, Inc.	1,860,180	0.2
22,100 (1)	Align Technology, Inc.	6,166,784	0.5
48,500 (1)	Alkermes PLC	989,400	0.1
28,300 (1),(2)	Alnylam Pharmaceuticals, Inc.	3,259,311	0.3
64,600 (1),(2)	Amarin Corp. PLC ADR	1,385,024	0.1
12,500 (1)	Amedisys, Inc.	2,086,500	0.2
7,592 (1),(2)	Argenx SE ADR	1,218,668	0.1
8,000 (1)	Ascendis Pharma A/S ADR	1,112,960	0.1
243,043 (1)	Avantor, Inc.	4,411,230	0.4
61,300 (1)	BioMarin Pharmaceutical, Inc.	5,182,915	0.4
5,600 (1),(2)	Bluebird Bio, Inc.	491,400	0.0
11,100 (1),(2)	Blueprint Medicines Corp.	889,221	0.1
29,600	Bruker Corp.	1,508,712	0.1
46,484 (1)	Catalent, Inc.	2,617,049	0.2
157,000 (1)	Centene Corp.	9,870,590	0.9
33,912	Cerner Corp.	2,488,802	0.2
25,600	Cooper Cos., Inc.	8,225,024	0.7
27,800 (1),(2)	DaVita, Inc.	2,085,834	0.2
19,600 (1)	DexCom, Inc.	4,287,304	0.4
96,910 (1)	Elanco Animal Health, Inc.	2,854,000	0.2
38,400 (1)	Exact Sciences Corp.	3,551,232	0.3
79,000 (1)	Exelixis, Inc.	1,391,980	0.1
20,200 (1),(2)	FibroGen, Inc.	866,378	0.1
5,700 (1),(2)	GW Pharmaceuticals PLC ADR	595,992	0.0
22,000 (1)	Henry Schein, Inc.	1,467,840	0.1
113,700 (1)	Hologic, Inc.	5,936,277	0.5
7,875 (1)	ICU Medical, Inc.	1,473,570	0.1
26,500 (1)	Idexx Laboratories, Inc.	6,919,945	0.6
45,800 (1)	Immunomedics, Inc.	969,128	0.1
50,300 (1)	Incyte Corp., Ltd.	4,392,196	0.4
20,200 (1)	IQVIA Holdings, Inc.	3,121,102	0.3
17,800 (1)	Jazz Pharmaceuticals PLC	2,657,184	0.2
6,700 (1)	Mettler Toledo International, Inc.	5,314,976	0.5
39,200 (1)	Molina Healthcare, Inc.	5,319,048	0.5
31,279 (1)	Neurocrine Biosciences, Inc.	3,362,180	0.3
14,800 (1)	Novocure Ltd.	1,247,196	0.1
8,900 (1),(2)	Penumbra, Inc.	1,462,003	0.1
41,900 (2)	Perrigo Co. PLC	2,164,554	0.2
20,700 (1)	PRA Health Sciences, Inc.	2,300,805	0.2
68,300 (1)	QIAGEN NV	2,308,540	0.2
16,942 (1),(2)	Sage Therapeutics, Inc.	1,223,043	0.1
15,900 (1),(2)	Sarepta Therapeutics, Inc.	2,051,736	0.2
39,980 (1)	Seattle Genetics, Inc.	4,568,115	0.4
14,500	STERIS Public Ltd. Co.	2,210,090	0.2
20,000	Teleflex, Inc.	7,528,800	0.6
14,092 (1),(2)	Ultragenyx Pharmaceutical, Inc.	601,869	0.1
18,000	Universal Health Services, Inc.	2,582,280	0.2
45,000 (1)	Veeva Systems, Inc.	6,329,700	0.5
17,464 (1)	WellCare Health Plans, Inc.	5,766,787	0.5
15,100	West Pharmaceutical Services, Inc.	2,269,983	0.2
		168,619,355	14.5

	Industrials: 17.8%
140,700 (2)	ADT, Inc.	1,115,751	0.1
59,200	Alaska Air Group, Inc.	4,010,800	0.3
35,800	Allegion Public Ltd.	4,458,532	0.4
32,200 (2)	American Airlines Group, Inc.	923,496	0.1
28,762	Ametek, Inc.	2,868,722	0.2
48,500 (2)	AO Smith Corp.	2,310,540	0.2
51,200	BWX Technologies, Inc.	3,178,496	0.3
22,600 (2)	CH Robinson Worldwide, Inc.	1,767,320	0.1
31,200	Cintas Corp.	8,395,296	0.7
13,800	Copa Holdings S.A.- Class A	1,491,504	0.1
62,000 (1)	Copart, Inc.	5,638,280	0.5
16,800 (1)	CoStar Group, Inc.	10,051,440	0.9
15,900	Donaldson Co., Inc.	916,158	0.1
39,487	Equifax, Inc.	5,532,918	0.5
25,200	Expeditors International Washington, Inc.	1,966,104	0.2
31,600	Fastenal Co.	1,167,620	0.1
29,300	Flowserve Corp.	1,458,261	0.1
56,038	Fortive Corp.	4,280,743	0.4
51,975	Fortune Brands Home & Security, Inc.	3,396,046	0.3
21,400 (1)	Generac Holdings, Inc.	2,152,626	0.2
51,600	Graco, Inc.	2,683,200	0.2
112,000 (1)	HD Supply Holdings, Inc.	4,504,640	0.4
41,700	Hexcel Corp.	3,057,027	0.3
31,000	Hubbell, Inc.	4,582,420	0.4
14,300	Huntington Ingalls Industries, Inc.	3,587,584	0.3
72,600 (1)	IAA, Inc.	3,416,556	0.3
17,500	IDEX Corp.	3,010,000	0.3
72,153 (1)	IHS Markit Ltd.	5,436,729	0.5
36,400	JB Hunt Transport Services, Inc.	4,250,792	0.4
31,600	Kansas City Southern	4,839,856	0.4
69,200 (2)	KAR Auction Services, Inc.	1,507,868	0.1
12,700 (1)	Kirby Corp.	1,137,031	0.1
51,610	L3Harris Technologies, Inc.	10,212,071	0.9

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio
	PORTFOLIO OF INVESTMENTS
	as ofDecember 31, 2019(CONTINUED)

11,300	Landstar System, Inc.	1,286,731	0.1
10,400	Manpowergroup, Inc.	1,009,840	0.1
20,500 (1),(2)	Middleby Corp.	2,245,160	0.2
126,400	Nielsen Holdings PLC	2,565,920	0.2
17,700 (2)	Nordson Corp.	2,882,268	0.2
18,000	Old Dominion Freight Line	3,416,040	0.3
28,300	Paccar, Inc.	2,238,530	0.2
44,100	Ritchie Bros Auctioneers, Inc.	1,894,095	0.2
30,700	Robert Half International, Inc.	1,938,705	0.2
22,400	Rockwell Automation, Inc.	4,539,808	0.4
73,761	Rollins, Inc.	2,445,915	0.2
3,100	Roper Technologies, Inc.	1,098,113	0.1
60,024	Schneider National, Inc.	1,309,724	0.1
71,100 (1)	Sensata Technologies Holding PLC	3,830,157	0.3
12,400	Snap-On, Inc.	2,100,560	0.2
49,600	Textron, Inc.	2,212,160	0.2
40,700	Toro Co.	3,242,569	0.3
15,200	TransDigm Group, Inc.	8,512,000	0.7
116,100	TransUnion	9,939,321	0.9
41,741 (1)	United Airlines Holdings, Inc.	3,676,965	0.3
10,200	Valmont Industries, Inc.	1,527,756	0.1
49,556	Verisk Analytics, Inc.	7,400,693	0.6
42,520	Westinghouse Air Brake Technologies Corp.	3,308,056	0.3
56,050	Waste Connections, Inc.	5,088,779	0.4
12,700 (2)	Watsco, Inc.	2,287,905	0.2
24,300	Woodward, Inc.	2,878,092	0.2
26,300	Xylem, Inc.	2,072,177	0.2
		206,254,466	17.8

	Information Technology: 32.0%
97,500	Amphenol Corp.	10,552,425	0.9
20,000 (1)	Anaplan, Inc.	1,048,000	0.1
9,600 (1)	ANSYS, Inc.	2,471,136	0.2
69,379 (1)	Atlassian Corp. PLC	8,349,069	0.7
22,300 (1)	Autodesk, Inc.	4,091,158	0.4
13,200 (1)	Avalara, Inc.	966,900	0.1
99,470 (1)	Black Knight, Inc.	6,413,826	0.6
94,664	Booz Allen Hamilton Holding Corp.	6,733,450	0.6
95,800 (1)	Cadence Design Systems, Inc.	6,644,688	0.6
39,200	CDK Global, Inc.	2,143,456	0.2
59,100	CDW Corp.	8,441,844	0.7
62,303 (1),(2)	Ceridian HCM Holding, Inc.	4,229,128	0.4
40,000	Cognex Corp.	2,241,600	0.2
15,720 (1),(2)	Coherent, Inc.	2,615,022	0.2
63,400 (1)	CoreLogic, Inc.	2,771,214	0.2
122,200	Corning, Inc.	3,557,242	0.3
20,200 (1),(2)	Coupa Software, Inc.	2,954,250	0.3
19,597 (1),(2)	Crowdstrike Holdings, Inc.	977,302	0.1
22,973 (1),(2)	Datadog, Inc.	867,920	0.1
15,473 (1),(4)	Datadog, Inc. - Lockup Shares	578,724	0.1
67,053 (1)	DocuSign, Inc.	4,969,298	0.4
51,726 (1)	Dropbox, Inc.	926,413	0.1
69,237 (1)	Dynatrace, Inc.	1,751,696	0.1
119,600	Entegris, Inc.	5,990,764	0.5
13,200 (1)	EPAM Systems, Inc.	2,800,512	0.2
31,600 (1)	Euronet Worldwide, Inc.	4,978,896	0.4
43,930	Fidelity National Information Services, Inc.	6,110,224	0.5
109,500 (1)	Fiserv, Inc.	12,661,485	1.1
33,400 (1)	FleetCor Technologies, Inc.	9,609,848	0.8
17,200	Flir Systems, Inc.	895,604	0.1
54,800 (1)	Fortinet, Inc.	5,850,448	0.5
45,100 (1)	Gartner, Inc.	6,949,910	0.6
48,500	Genpact Ltd.	2,045,245	0.2
107,127	Global Payments, Inc.	19,557,105	1.7
70,000 (1)	GoDaddy, Inc.	4,754,400	0.4
40,900 (1),(2)	Guidewire Software, Inc.	4,489,593	0.4
11,300 (1),(2)	IPG Photonics Corp.	1,637,596	0.1
69,850 (1)	Keysight Technologies, Inc.	7,168,705	0.6
58,500	KLA Corp.	10,422,945	0.9
34,755	Lam Research Corp.	10,162,362	0.9
55,700	Leidos Holdings, Inc.	5,452,473	0.5
11,000	Littelfuse, Inc.	2,104,300	0.2
255,948	Marvell Technology Group Ltd.	6,797,979	0.6
153,600	Maxim Integrated Products	9,447,936	0.8
107,700 (2)	Microchip Technology, Inc.	11,278,344	1.0
24,000	Monolithic Power Systems, Inc.	4,272,480	0.4
47,700	Motorola Solutions, Inc.	7,686,378	0.7
18,300 (1)	New Relic, Inc.	1,202,493	0.1
129,200	NortonLifeLock, Inc.	3,297,184	0.3
27,900 (1)	Okta, Inc.	3,218,823	0.3
34,100 (1)	Palo Alto Networks, Inc.	7,885,625	0.7
32,100	Paychex, Inc.	2,730,426	0.2
14,700 (1)	Paycom Software, Inc.	3,891,972	0.3
34,186 (1),(2)	Pluralsight, Inc.	588,341	0.0
34,700 (1)	Proofpoint, Inc.	3,982,866	0.3
171,369 (1)	Pure Storage, Inc. - Class A	2,932,124	0.3
81,867 (1)	RealPage, Inc.	4,400,351	0.4
110,200	Sabre Corp.	2,472,888	0.2
20,800 (1)	ServiceNow, Inc.	5,872,256	0.5
12,400 (1)	Shopify, Inc.	4,929,992	0.4
79,200	Skyworks Solutions, Inc.	9,573,696	0.8
58,160 (1),(2)	Slack Technologies, Inc.	1,307,437	0.1
66,500 (1)	Splunk, Inc.	9,959,705	0.9
107,635	SS&C Technologies Holdings, Inc.	6,608,789	0.6
34,597 (1),(2)	StoneCo Ltd.	1,380,074	0.1
39,200 (1)	Synopsys, Inc.	5,456,640	0.5
44,800 (1),(2)	Twilio, Inc.	4,402,944	0.4
16,700 (1)	Tyler Technologies, Inc.	5,010,334	0.4
25,500 (1)	VeriSign, Inc.	4,913,340	0.4
24,399 (1)	WEX, Inc.	5,110,615	0.4
31,047 (1)	Workday, Inc.	5,105,679	0.4
79,700	Xilinx, Inc.	7,792,269	0.7
10,800 (1)	Zebra Technologies Corp.	2,758,752	0.2
54,600 (1)	Zendesk, Inc.	4,183,998	0.4
2,760 (1),(2)	Zoom Video Communications, Inc.	187,790	0.0
		370,578,696	32.0

	Materials: 3.6%
36,500	Avery Dennison Corp.	4,774,930	0.4
55,500 (1)	Axalta Coating Systems Ltd.	1,687,200	0.1
98,380	Ball Corp.	6,362,234	0.6
25,100	Celanese Corp. - Series A	3,090,312	0.3

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio
	PORTFOLIO OF INVESTMENTS
	as ofDecember 31, 2019(CONTINUED)

42,800		CF Industries Holdings, Inc.	2,043,272	0.2
18,500 (2)		Eagle Materials, Inc.	1,677,210	0.1
36,500		International Paper Co.	1,680,825	0.1
43,900 (2)		Kirkland Lake Gold Ltd.	1,934,673	0.2
22,500		PPG Industries, Inc.	3,003,525	0.3
58,300		RPM International, Inc.	4,475,108	0.4
67,300		Sealed Air Corp.	2,680,559	0.2
51,429		Valvoline, Inc.	1,101,095	0.1
48,700		Vulcan Materials Co.	7,012,313	0.6
			41,523,256	3.6

		Real Estate: 1.7%
26,995		American Campus Communities, Inc.	1,269,575	0.1
38,900		CubeSmart	1,224,572	0.1
6,300		Federal Realty Investment Trust	810,999	0.1
48,400 (2)		Iron Mountain, Inc.	1,542,508	0.1
14,000		Jones Lang LaSalle, Inc.	2,437,260	0.2
75,100 (2)		MGM Growth Properties LLC	2,325,847	0.2
32,250		SBA Communications Corp.	7,771,927	0.7
12,700		SL Green Realty Corp.	1,166,876	0.1
117,915		VEREIT, Inc.	1,089,535	0.1
6,575 (1),(3),(4)		WeWork Companies, Inc. - Class A	92,576	0.0
			19,731,675	1.7

		Utilities: 0.6%
24,026		American Water Works Co., Inc.	2,951,594	0.2
29,400		Atmos Energy Corp.	3,288,684	0.3
50,200		NiSource, Inc.	1,397,568	0.1
			7,637,846	0.6

	Total Common Stock
	(Cost $761,302,503)		1,147,707,202	99.0

PREFERRED STOCK: 0.9%
		Communication Services: 0.4%
32,391 (1),(3),(4)		AirBNB, Inc. - Series D	3,854,529	0.3
3,719 (1),(3),(4)		AirBNB, Inc. - Series E	442,561	0.1
			4,297,090	0.4

		Information Technology: 0.4%
24,459 (1),(3),(4)		Databricks, Inc., Series F	1,050,475	0.1
353,970 (1),(3),(4)		Tanium, Inc. - Series G	3,009,241	0.2
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
			5,131,066	0.4

		Real Estate: 0.1%
44,396 (1),(3),(4)		WeWork Companies, Inc. - Series D-1	625,096	0.1
34,882 (1),(3),(4)		WeWork Companies, Inc. - Series D-2	491,138	0.0
24,709 (1),(3),(4)		WeWork Companies, Inc. - Series E	347,903	0.0
			1,464,137	0.1

	Total Preferred Stock
	(Cost $7,676,732)		10,892,293	0.9

	Total Long-Term Investments
	(Cost $768,979,235)		1,158,599,495	99.9

Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.4%
		Commercial Paper: 0.8%
975,000 (5)		Banco Santander S.A., 1.950%, 02/05/2020	973,247	0.1
950,000 (5)		DBS Bank Ltd., 1.820%, 02/18/2020	947,688	0.1
700,000 (5)		Flex Co. LLC, 1.910%, 01/31/2020	698,915	0.0
975,000 (5)		Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020	972,892	0.1
900,000 (5)		LMA Americas LLC, 2.000%, 01/31/2020	898,529	0.1
725,000 (5)		Mitsubishi UFJ Trust and Banking Corp., 1.920%, 01/31/2020	723,814	0.0
950,000 (5)		Nederlandse Waterschapsbank, 1.870%, 02/12/2020	948,041	0.1
850,000 (5)		Sheffield Receivables Company LLC, 2.000%, 03/16/2020	846,671	0.1
987,000 (5)		Societe Generale, 1.970%, 01/09/2020	986,556	0.1
975,000 (5)		Starbird Funding Corp., 1.910%, 02/20/2020	972,445	0.1
775,000 (5)		United Overseas Bnk Group, 1.900%, 01/24/2020	774,165	0.0

	Total Commercial Paper
	(Cost $9,742,963)		9,742,963	0.8

		Floating Rate Notes: 1.4%
950,000 (5)		Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020	950,275	0.1
950,000 (5)		Bank of America Corp., 1.910%, 05/07/2020	950,000	0.1
900,000 (5)		Bank of Nova Scotia, 1.940%, 05/08/2020	899,933	0.1
650,000 (5)		Bedford Row Funding, 1.960%, 05/18/2020	650,110	0.0
990,000 (5)		Commonwealth Bank of Australia, 1.940%, 06/10/2020	989,998	0.1
800,000 (5)		Coöperatieve Rabobank U.A., 1.980%, 04/20/2020	800,224	0.1
625,000 (5)		Crédit Industriel et Commercial, 1.990%, 04/24/2020	625,048	0.0
925,000 (5)		Credit Suisse Group AG, 1.890%, 04/17/2020	925,414	0.1
1,000,000 (5)		DNB ASA, 1.930%, 02/14/2020	1,000,143	0.1
975,000 (5)		HSBC Bank PLC, 1.970%, 06/03/2020	974,997	0.1
250,000 (5)		Mitsubishi UFJ Financial Group, Inc., 2.050%, 02/25/2020	250,086	0.0
925,000 (5)		Mizuho Financial Group Inc., 1.960%, 05/05/2020	925,039	0.1

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio
	PORTFOLIO OF INVESTMENTS
	as ofDecember 31, 2019(CONTINUED)

350,000 (5)		National Australia Bank Ltd., 1.890%, 02/10/2020	350,008	0.0
875,000 (5)		National Bank Of Canada, 1.990%, 05/01/2020	875,113	0.1
325,000 (5)		Royal Bank Of Canada, 1.860%, 04/29/2020	325,020	0.0
975,000 (5)		Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020	975,031	0.1
975,000 (5)		The Norinchukin Bank, 2.050%, 04/24/2020	975,351	0.1
275,000 (5)		The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020	274,979	0.0
675,000 (5)		The Sumitomo Mitsui Financial Group, 2.010%, 05/01/2020	675,819	0.1
800,000 (5)		Toronto-Dominion Bank, 2.000%, 04/30/2020	800,051	0.1
625,000 (5)		Westpac Banking Corp, 1.830%, 02/10/2020	625,050	0.0
300,000 (5)		Westpac Banking Corp, 1.970%, 06/03/2020	300,012	0.0

	Total Floating Rate Notes
	(Cost $16,117,701)		16,117,701	1.4

		Repurchase Agreements: 5.0%
22,543,635 (5)		Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $22,545,574, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $22,996,513, due 09/01/24-11/01/49)	22,543,635	2.0
5,133,490 (5)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $5,133,940, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $5,236,625, due 01/15/20-11/15/48)	5,133,490	0.4
22,543,635 (5)		Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $22,545,574, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $22,994,508, due 02/13/20-09/20/69)	22,543,635	2.0
7,393,850 (5)		State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $7,394,559, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $7,541,930, due 04/15/21-02/15/47)	7,393,850	0.6

	Total Repurchase Agreements
	(Cost $57,614,610)		57,614,610	5.0

		Certificates of Deposit: 0.3%
950,000 (5)		Deutscher Sparkassen- und Giroverband, 1.860%, 02/13/2020	950,269	0.1
950,000 (5)		Dz Bank Ag Deutsche Zentral-Genossenschaftsbank, 1.830%, 02/13/2020	949,923	0.0
950,000 (5)		Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020	950,033	0.1
950,000 (5)		Sumitomo Mitsui Trust Holdings, Inc., 1.950%, 01/27/2020	950,138	0.1

	Total Certificates of Deposit
	(Cost $3,800,363)		3,800,363	0.3

Shares			Value	Percentage of Net Assets
		Mutual Funds: 0.9%
2,140,000 (5),(6)		BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%	2,140,000	0.2
890,000 (5)		Fidelity Investments Money Market Government Portfolio - Institutional Class, 1.520%	890,000	0.1
2,722,000 (5),(6)		Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%	2,722,000	0.2
3,794,000 (5),(6)		Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%	3,794,000	0.3
509,341 (6)		T. Rowe Price Government Reserve Fund, 1.590%	509,341	0.1
	Total Mutual Funds
	(Cost $10,055,341)		10,055,341	0.9

	Total Short-Term Investments
	(Cost $97,330,978)		97,330,978	8.4

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio
	PORTFOLIO OF INVESTMENTS
	as ofDecember 31, 2019(CONTINUED)


Total Investments in Securities (Cost $866,310,213)	$	1,255,930,473		108.3
Liabilities in Excess of Other Assets		(96,743,789	)	(8.3	)
Net Assets	$	1,159,186,684		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(4)	Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2019, the Portfolio held restricted securities with a fair value of $14,704,393 or 1.3% of net assets. Please refer to the table below for additional details.
(5)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Growth Equity Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019

Shares		Value		Percentage of Net Assets
COMMON STOCK: 97.9%
	Communication Services: 18.7%
39,440 (1)	Alphabet, Inc. - Class A	$	52,825,542		3.2
38,466 (1)	Alphabet, Inc. - Class C		51,429,811		3.1
465,916 (1)	Facebook, Inc. - Class A		95,629,259		5.7
45,447 (1)	IAC/InterActiveCorp		11,321,302		0.7
63,491 (1),(2)	Match Group, Inc.		5,213,246		0.3
110,344 (1)	Netflix, Inc.		35,704,008		2.1
51,366 (1)	Spotify Technology SA		7,681,785		0.5
567,600	Tencent Holdings Ltd.		27,344,787		1.6
566,847 (1),(2)	Tencent Music Entertainment Group ADR		6,654,784		0.4
126,593	Walt Disney Co.		18,309,146		1.1
			312,113,670		18.7

	Consumer Discretionary: 18.9%
231,876 (1)	Alibaba Group Holding Ltd. ADR		49,180,900		2.9
58,038 (1)	Amazon.com, Inc.		107,244,938		6.4
164,099	Aptiv PLC		15,584,482		0.9
7,537 (1)	Booking Holdings, Inc.		15,478,963		0.9
38,604	Dollar General Corp.		6,021,452		0.4
118,372 (1)	Dollar Tree, Inc.		11,132,887		0.7
365,044	Dollarama, Inc.		12,546,235		0.7
89,212 (2)	Ferrari NV		14,768,155		0.9
155,974	Las Vegas Sands Corp.		10,768,445		0.6
42,881 (1)	Lululemon Athletica, Inc.		9,934,241		0.6
7,597 (1)	MercadoLibre, Inc.		4,345,028		0.3
232,591	MGM Resorts International		7,738,303		0.5
138,253	Nike, Inc.		14,006,411		0.8
835 (1)	NVR, Inc.		3,180,022		0.2
53,149	Restaurant Brands International, Inc.		3,389,312		0.2
23,200 (1),(2)	Tesla, Inc.		9,705,256		0.6
17,003 (1)	Ulta Beauty, Inc.		4,304,139		0.3
117,517	Wynn Resorts Ltd.		16,319,586		1.0
			315,648,755		18.9

	Consumer Staples: 0.5%
105,914	Philip Morris International, Inc.		9,012,222		0.5

	Energy: 0.7%
51,325	Concho Resources, Inc./Midland TX		4,494,530		0.3
44,438	Pioneer Natural Resources Co.		6,726,580		0.4
			11,221,110		0.7

	Financials: 2.2%
1,134,411 (1),(3),(4)	Ant International Co., Limited- Class C		7,294,263		0.4
69,022	Chubb Ltd.		10,743,965		0.7
76,575	Intercontinental Exchange, Inc.		7,087,016		0.4
185,742	TD Ameritrade Holding Corp.		9,231,377		0.6
54,839 (1)	XP, Inc.		2,112,398		0.1
			36,469,019		2.2

	Health Care: 12.2%
139,441 (1)	Alcon, Inc.		7,898,163		0.5
46,690 (1)	Alexion Pharmaceuticals, Inc.		5,049,524		0.3
51,813	Anthem, Inc.		15,649,080		0.9
74,635	Becton Dickinson & Co.		20,298,481		1.2
252,424 (1)	Centene Corp.		15,869,897		1.0
69,991	Cigna Corp.		14,312,460		0.9
97,316	HCA Healthcare, Inc.		14,384,278		0.9
41,789 (1)	Intuitive Surgical, Inc.		24,703,567		1.5
120,221	Stryker Corp.		25,239,197		1.5
103,378	UnitedHealth Group, Inc.		30,391,064		1.8
109,491 (1)	Vertex Pharmaceuticals, Inc.		23,973,054		1.4
15,989 (1)	WellCare Health Plans, Inc.		5,279,728		0.3
			203,048,493		12.2

	Industrials: 8.5%
137,524	Boeing Co.		44,799,818		2.7
50,306	Equifax, Inc.		7,048,877		0.4
180,592	Fortive Corp.		13,795,423		0.8
376,000	General Electric Co.		4,196,160		0.3
20,394	Honeywell International, Inc.		3,609,738		0.2
75,651	JB Hunt Transport Services, Inc.		8,834,524		0.5
55,009	Roper Technologies, Inc.		19,485,838		1.2
191,747	TransUnion		16,415,461		1.0
58,257 (1)	Uber Technologies, Inc.		1,732,563		0.1
43,283	Union Pacific Corp.		7,825,133		0.5
182,419 (2)	Westinghouse Air Brake Technologies Corp.		14,192,198		0.8
			141,935,733		8.5

	Information Technology: 34.2%
201,513 (1)	Advanced Micro Devices, Inc.		9,241,386		0.6
264,099	Apple, Inc.		77,552,671		4.6
60,440 (2)	ASML Holding NV-NY REG		17,886,614		1.1
32,139 (1)	Atlassian Corp. PLC		3,867,607		0.2
244,315	Fidelity National Information Services, Inc.		33,981,773		2.0
185,204 (1)	Fiserv, Inc.		21,415,138		1.3
80,532	Global Payments, Inc.		14,701,922		0.9
143,008	Hexagon AB - B Shares		8,015,786		0.5
85,658	Intuit, Inc.		22,436,400		1.3
528,551	Marvell Technology Group Ltd.		14,038,315		0.8
190,687	Mastercard, Inc. - Class A		56,937,231		3.4
641,783	Microsoft Corp.		101,209,179		6.1
22,746 (1)	Paycom Software, Inc.		6,022,231		0.4
139,463 (1)	PayPal Holdings, Inc.		15,085,713		0.9
179,743 (1)	Salesforce.com, Inc.		29,233,402		1.8
68,839 (1)	ServiceNow, Inc.		19,434,626		1.2
261,716 (1),(2)	Slack Technologies, Inc.		5,883,376		0.3
120,638 (1)	Splunk, Inc.		18,067,953		1.1
51,440 (1),(3),(4)	Stripe, Inc. - Class B		807,094		0.0
55,891	Temenos AG		8,841,360		0.5
338,067	Visa, Inc. - Class A		63,522,789		3.8
85,873 (1),(2)	VMware, Inc.		13,034,663		0.8
57,044 (1)	Workday, Inc.		9,380,886		0.6
2,045 (1),(2)	Zoom Video Communications, Inc.		139,142		0.0
			570,737,257		34.2

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Growth Equity Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019(continued)

		Materials: 0.6%
43,952		Linde Public Ltd.	9,357,381	0.6

		Utilities: 1.4%
42,121		NextEra Energy, Inc.	10,200,022	0.6
89,338		Sempra Energy	13,532,920	0.8
			23,732,942	1.4

	Total Common Stock
	(Cost $1,172,614,947)		1,633,276,582	97.9

PREFERRED STOCK: 1.9%
		Communication Services: 0.8%
59,241 (1),(3),(4)		AirBNB, Inc. - Series D	7,049,679	0.5
16,058 (1),(3),(4)		AirBNB, Inc. - Series E	1,910,902	0.1
68,026 (1),(3),(4)		Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)	3,464,707	0.2
			12,425,288	0.8

		Consumer Discretionary: 0.5%
163,010 (1),(3),(4)		Aurora Innovation, Inc., - Series B	1,506,261	0.1
8,132 (1),(3),(4)		DoorDash, Inc. - Series G	1,542,617	0.1
549,762 (1),(3),(4)		Rivian Automotive, Inc. - Series D	5,906,643	0.3
			8,955,521	0.5

		Industrials: 0.2%
159,700 (1),(3),(4)		GM Cruise Holdings, LLC - Class F	2,914,525	0.2

		Information Technology: 0.4%
93,459 (1),(3),(4)		Magic Leap, Inc. - Series C	2,271,053	0.2
61,969 (1),(3),(4)		Magic Leap, Inc. - Series D	1,505,847	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
			6,399,967	0.4

		Real Estate: 0.0%
42,822 (1),(3),(4)		WeWork Companies, Inc. - Series E	602,934	0.0

	Total Preferred Stock
	(Cost $25,499,799)		31,298,235	1.9

	Total Long-Term Investments
	(Cost $1,198,114,746)		1,664,574,817	99.8

Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.2%
		Commercial Paper: 0.4%
425,000 (5)		Banco Santander S.A., 1.950%, 02/05/2020	424,236	0.0
300,000 (5)		Banco Santander S.A., 1.950%, 02/06/2020	299,445	0.0
975,000 (5)		DBS Bank Ltd., 1.820%, 02/18/2020	972,627	0.1
350,000 (5)		Le Mouvement Des Caisses Desjardins, 1.850%, 02/10/2020	349,314	0.0
450,000 (5)		Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020	449,027	0.0
900,000 (5)		LMA Americas LLC, 1.810%, 01/23/2020	898,832	0.1
625,000 (5)		Matchpoint Finance PLC, 1.850%, 02/03/2020	623,941	0.1
650,000 (5)		Mitsubishi UFJ Trust and Banking Corp., 1.910%, 02/04/2020	648,799	0.1
400,000 (5)		Nederlandse Waterschapsbank, 1.870%, 02/12/2020	399,175	0.0
250,000 (5)		Sheffield Receivables Company LLC, 1.950%, 02/27/2020	249,257	0.0
500,000 (5)		Sheffield Receivables Company LLC, 2.000%, 03/16/2020	498,042	0.0

	Total Commercial Paper
	(Cost $5,812,695)		5,812,695	0.4

		Floating Rate Notes: 0.7%
775,000 (5)		Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020	775,224	0.1
750,000 (5)		Bank of America Corp., 1.910%, 05/07/2020	750,000	0.1
900,000 (5)		Bank of Nova Scotia, 1.940%, 05/08/2020	899,933	0.1
425,000 (5)		Commonwealth Bank of Australia, 1.920%, 01/24/2020	425,054	0.0
550,000 (5)		Commonwealth Bank of Australia, 1.940%, 06/10/2020	549,999	0.0
300,000 (5)		Coöperatieve Rabobank U.A., 1.980%, 04/20/2020	300,084	0.0
625,000 (5)		Crédit Industriel et Commercial, 1.990%, 04/24/2020	625,048	0.1
600,000 (5)		Credit Suisse Group AG, 1.720%, 01/16/2020	600,044	0.0
375,000 (5)		Credit Suisse Group AG, 1.750%, 01/30/2020	375,040	0.0
300,000 (5)		Lloyds Bank PLC, 1.880%, 01/15/2020	300,029	0.0
300,000 (5)		Mitsubishi UFJ Financial Group, Inc., 2.070%, 02/28/2020	300,120	0.0
250,000 (5)		Mizuho Financial Group Inc., 1.960%, 05/05/2020	250,010	0.0
600,000 (5)		Mizuho Financial Group Inc., 2.020%, 05/26/2020	600,052	0.1
350,000 (5)		National Australia Bank Ltd., 1.890%, 02/10/2020	350,008	0.0
575,000 (5)		National Bank Of Canada, 1.990%, 05/01/2020	575,074	0.0
550,000 (5)		Natixis S.A., 2.030%, 01/24/2020	550,033	0.0
875,000 (5)		Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020	875,028	0.1
650,000 (5)		Sumitomo Mitsui Trust Holdings, Inc., 1.980%, 05/07/2020	649,992	0.1

See Accompanying Notes to Financial Statements

VY^®T. Rowe Price Growth Equity Portfolio

PORTFOLIO OF INVESTMENTS
as ofDecember 31, 2019(continued)

575,000 (5)		The Norinchukin Bank, 2.050%, 04/24/2020		575,207		0.0
450,000 (5)		The Sumitomo Mitsui Financial Group, 1.840%, 01/10/2020		450,033		0.0
500,000 (5)		The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020		499,961		0.0
575,000 (5)		Westpac Banking Corp, 1.830%, 02/10/2020		575,046		0.0

	Total Floating Rate Notes
	(Cost $11,851,019)			11,851,019		0.7

		Repurchase Agreements: 2.2%
14,973,682 (5)		Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $14,974,970, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $15,274,488, due 09/01/24-11/01/49)		14,973,682		0.9
2,645,054 (5)		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $2,645,286, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $2,698,195, due 01/15/20-11/15/48)		2,645,054		0.1
14,973,682 (5)		Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $14,974,970, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $15,273,156, due 02/13/20-09/20/69)		14,973,682		0.9
4,796,180 (5)		State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $4,796,640, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,892,235, due 04/15/21-02/15/47)		4,796,180		0.3

	Total Repurchase Agreements
	(Cost $37,388,598)			37,388,598		2.2

		Certificates of Deposit: 0.2%
650,000 (5)		Deutscher Sparkassen- und Giroverband, 1.860%, 02/13/2020		650,184		0.0
825,000 (5)		Dz Bank Ag Deutsche Zentral-Genossenschaftsbank, 1.830%, 02/13/2020		824,933		0.0
850,000 (5)		Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020		850,030		0.1
325,000 (5)		The Norinchukin Bank, 1.870%, 03/05/2020		325,011		0.0
900,000 (5)		Toronto-Dominion Bank, 1.850%, 03/18/2020		900,136		0.1

	Total Certificates of Deposit
	(Cost $3,550,294)			3,550,294		0.2

Shares				Value		Percentage of Net Assets
		Mutual Funds: 0.7%
530,000 (5)		Fidelity Investments Money Market Government Portfolio - Institutional Class, 1.520%		530,000		0.1
1,773,000 (5),(6)		Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		1,773,000		0.1
1,630,000 (5),(6)		Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		1,630,000		0.1
1,773,000 (5),(6)		Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%		1,773,000		0.1
5,320,233 (6)		T. Rowe Price Government Reserve Fund, 1.590%		5,320,233		0.3

	Total Mutual Funds
	(Cost $11,026,233)			11,026,233		0.7

	Total Short-Term Investments
	(Cost $69,628,839)			69,628,839		4.2

	Total Investments in Securities (Cost $1,267,743,585)		$	1,734,203,656		104.0
	Liabilities in Excess of Other Assets			(66,854,680	)	(4.0	)
	Net Assets		$	1,667,348,976		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(4)	Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2019, the Portfolio held restricted securities with a fair value of $39,399,592 or 2.4% of net assets. Please refer to the table below for additional details.
(5)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of December 31, 2019.

See Accompanying Notes to Financial Statements

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)

Auditor Change.

(a)(3)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)underthe Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(4)

Not applicable.

(b)

The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Partners, Inc.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: March 9, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: March 9, 2020

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: March 9, 2020

Voya PARTNERS N-CSRCertified annual shareholder report (management investment company)