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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08319

Voya Partners, Inc.

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2020 to June 30, 2020

Item 1. Reports to Stockholders.

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

Voya Investment Management

Semi-Annual Report

June 30, 2020

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 semi-annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

President's Letter	1
Shareholder Expense Examples	2
Statements of Assets and Liabilities	5
Statements of Operations	11
Statements of Changes in Net Assets	14
Financial Highlights	20
Notes to Financial Statements	28
Summary Portfolios of Investments ("Portfolio of Investments")	52

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

PRESIDENT'S LETTER

Dear Shareholder,

The U.S. Federal Reserve Board's ("Fed") massive policy response to the COVID-19 pandemic helped stabilize the economy; as distancing restrictions eased and people began returning to work, economic data began to signal a potential turnaround. After tumbling toward bear market territory in the first quarter of 2020, U.S. stocks staged a turnaround in the second quarter, posting their strongest quarterly performance in 20 years. For the six- and twelve-month periods ended June 30, 2020, the S&P 500^® Index⁽¹⁾ returned -3.08% and 7.51%, respectively — both results were better than many had expected.

In our view, the financial markets are signaling potential for improvement; yet it is difficult to recognize in real time, given the increasing number of COVID-19 cases in the United States. We believe the U.S. will contain the virus well enough to avoid another widespread lockdown and double-dip recession. Current economic data are improving, and given how high unemployment is, U.S. consumers seem fairly resilient with payrolls, auto sales and new home sales all rising. Should the phased re-openings proceed mostly as planned, we expect these trends to continue. If there is another shock, virus-related or otherwise, we think the Fed and Congress will put sufficiently supportive policies in place to promote economic and asset-price growth.

Keeping mindful of heightened economic and market uncertainty remains the cornerstone of Voya's approach to investing. In the first half of 2020 alone, we have seen how quickly markets can take turns for the worse and for the better. In our view, the most likely path to realizing long-term investment goals is to diversify one's portfolio as broadly as possible, without seeking to capture gains or sidestep losses by timing the markets. The risk-return tradeoffs your investment advisor built into your portfolio are intended to achieve long-term investment goals; in our opinion, they should not be undone for any shorter-term considerations.

While we are humble and realistic in the face of the challenges ahead, we believe we are well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Dina Santoro
President
Voya Family of Funds
July 29, 2020

⁽¹⁾  The S&P 500^® Index is an index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

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

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

1

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 to June 30, 2020. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return									Hypothetical (5% return before expenses)
Voya Global Bond Portfolio	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2020*		Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2020*
Class ADV	$	1,000.00	$	998.70		1.17	%	$	5.81	$	1,000.00	$	1,019.05		1.17	%	$	5.87
Class I		1,000.00		1,001.50		0.67			3.33		1,000.00		1,021.53		0.67			3.37
Class S		1,000.00		999.30		0.92			4.57		1,000.00		1,020.29		0.92			4.62
Voya International High Dividend Low Volatility Portfolio
Class ADV	$	1,000.00	$	861.80		1.24	%	$	5.74	$	1,000.00	$	1,018.70		1.24	%	$	6.22
Class I		1,000.00		863.40		0.74			3.43		1,000.00		1,021.18		0.74			3.72
Class S		1,000.00		863.30		0.99			4.59		1,000.00		1,019.94		0.99			4.97
Class S2		1,000.00		862.00		1.14			5.28		1,000.00		1,019.19		1.14			5.72
VY® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	815.60		1.35	%	$	6.09	$	1,000.00	$	1,018.15		1.35	%	$	6.77
Class I		1,000.00		817.30		0.85			3.84		1,000.00		1,020.64		0.85			4.27
Class S		1,000.00		815.90		1.10			4.97		1,000.00		1,019.39		1.10			5.52
Class S2		1,000.00		815.60		1.25			5.64		1,000.00		1,018.65		1.25			6.27

2

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY® Baron Growth Portfolio	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2020*		Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2020*
Class ADV	$	1,000.00	$	990.30		1.50	%	$	7.42	$	1,000.00	$	1,017.40		1.50	%	$	7.52
Class I		1,000.00		992.80		1.00			4.95		1,000.00		1,019.89		1.00			5.02
Class R6		1,000.00		992.80		1.00			4.95		1,000.00		1,019.89		1.00			5.02
Class S		1,000.00		991.70		1.25			6.19		1,000.00		1,018.65		1.25			6.27
Class S2		1,000.00		991.00		1.40			6.93		1,000.00		1,017.90		1.40			7.02
VY® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	980.50		1.23	%	$	6.06	$	1,000.00	$	1,018.75		1.23	%	$	6.17
Class I		1,000.00		983.00		0.73			3.60		1,000.00		1,021.23		0.73			3.67
Class S		1,000.00		981.40		0.98			4.83		1,000.00		1,019.99		0.98			4.92
VY® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	784.90		1.42	%	$	6.30	$	1,000.00	$	1,017.80		1.42	%	$	7.12
Class I		1,000.00		787.20		0.92			4.09		1,000.00		1,020.29		0.92			4.62
Class R6		1,000.00		787.40		0.88			3.91		1,000.00		1,020.49		0.88			4.42
Class S		1,000.00		785.60		1.17			5.19		1,000.00		1,019.05		1.17			5.87
Class S2		1,000.00		785.60		1.32			5.86		1,000.00		1,018.30		1.32			6.62
VY® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	796.60		1.27	%	$	5.67	$	1,000.00	$	1,018.55		1.27	%	$	6.37
Class I		1,000.00		798.10		0.77			3.44		1,000.00		1,021.03		0.77			3.87
Class S		1,000.00		797.40		1.02			4.56		1,000.00		1,019.79		1.02			5.12
VY® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	906.10		1.14	%	$	5.40	$	1,000.00	$	1,019.19		1.14	%	$	5.72
Class I		1,000.00		908.30		0.64			3.04		1,000.00		1,021.68		0.64			3.22
Class S		1,000.00		907.10		0.89			4.22		1,000.00		1,020.44		0.89			4.47
Class S2		1,000.00		906.80		1.02			4.84		1,000.00		1,019.79		1.02			5.12
VY® Invesco Oppenheimer Global Portfolio
Class ADV	$	1,000.00	$	981.50		1.30	%	$	6.40	$	1,000.00	$	1,018.40		1.30	%	$	6.52
Class I		1,000.00		983.60		0.80			3.95		1,000.00		1,020.89		0.80			4.02
Class S		1,000.00		982.20		1.05			5.17		1,000.00		1,019.64		1.05			5.27
Class S2		1,000.00		982.10		1.20			5.91		1,000.00		1,018.90		1.20			6.02
VY® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	802.90		1.38	%	$	6.19	$	1,000.00	$	1,018.00		1.38	%	$	6.92
Class I		1,000.00		804.70		0.88			3.95		1,000.00		1,020.49		0.88			4.42
Class S		1,000.00		803.50		1.13			5.07		1,000.00		1,019.24		1.13			5.67
Class S2		1,000.00		803.50		1.28			5.74		1,000.00		1,018.50		1.28			6.42

3

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2020*		Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2020*
Class ADV	$	1,000.00	$	1,020.90		1.30	%	$	6.53	$	1,000.00	$	1,018.40		1.30	%	$	6.52
Class I		1,000.00		1,023.20		0.80			4.02		1,000.00		1,020.89		0.80			4.02
Class R6		1,000.00		1,023.20		0.77			3.87		1,000.00		1,021.03		0.77			3.87
Class S		1,000.00		1,021.80		1.05			5.28		1,000.00		1,019.64		1.05			5.27
Class S2		1,000.00		1,021.70		1.20			6.03		1,000.00		1,018.90		1.20			6.02
VY® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	1,083.70		1.23	%	$	6.37	$	1,000.00	$	1,018.75		1.23	%	$	6.17
Class I		1,000.00		1,086.50		0.73			3.79		1,000.00		1,021.23		0.73			3.67
Class S		1,000.00		1,085.20		0.98			5.08		1,000.00		1,019.99		0.98			4.92
Class S2		1,000.00		1,084.40		1.13			5.86		1,000.00		1,019.24		1.13			5.67

*  Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

4

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2020 (UNAUDITED)

	Voya Global Bond Portfolio			Voya International High Dividend Low Volatility Portfolio		VY® American Century Small-Mid Cap Value Portfolio			VY® Baron Growth Portfolio
ASSETS:
Investments in securities at fair value+*	$	148,080,800		$	379,898,660	$	292,124,852		$	482,867,261
Investments in affiliates at fair value**		41,358,872			—		—			—
Short-term investments at fair value†		13,305,283			4,020,548		5,272,983			—
Cash		7,210			290,712		—			359,379
Cash collateral for futures		907,812			—		—			—
Cash pledged for centrally cleared swaps (Note 2)		1,481,000			—		—			—
Cash pledged as collateral for OTC derivatives (Note 2)		310,000			—		—			—
Foreign currencies at value‡		335,202			182,642		141,377			—
Receivables:
Investment securities sold		310,502			—		—			823,879
Investment securities and currencies sold		—			85,789,888		2,125,468			—
Investment securities sold on a delayed-delivery or when-issued basis		5,656,820			—		—			—
Fund shares sold		397,470			3,276,333		509,596			221,452
Dividends		1,020			585,607		503,536			156,479
Interest		999,833			306		—			—
Foreign tax reclaims		5,081			1,310,398		5,557			—
Unrealized appreciation on forward foreign currency contracts		951,221			—		72,957			—
Prepaid expenses		2,238			4,873		3,687			5,787
Reimbursement due from Investment Adviser		14,648			—		87,282			51,341
Other assets		13,165			49,261		11,548			31,428
Total assets		214,138,177			475,409,228		300,858,843			484,517,006
LIABILITIES:
Payable for investment securities purchased		561,448			—		—			173,605
Payable for investment securities and currencies purchased		—			85,758,586		1,352,857			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis		15,103,750			—		—			—
Payable for fund shares redeemed		80,236			107,817		156,271			1,039,603
Payable upon receipt of securities loaned		3,510,333			4,020,548		—			—
Unrealized depreciation on forward foreign currency contracts		1,334,379			—		5,133			—
Unrealized depreciation on OTC swap agreements		75,335			—		—			—
Variation margin payable on centrally cleared swaps		21,938			—		—			—
Cash received as collateral for OTC derivatives (Note 2)		740,000			—		—			—
Payable for investment management fees		93,696			192,311		230,726			377,449
Payable for distribution and shareholder service fees		14,924			61,587		51,282			84,905
Payable for directors fees		965			2,015		1,557			2,357
Payable to directors under the deferred compensation plan (Note 6)		13,165			49,261		11,548			31,428
Payable for borrowings against line of credit		—			—		—			1,734,000
Other accrued expenses and liabilities		66,441			261,685		126,495			130,177
Written options, at fair value^		105,041			—		—			—
Total liabilities		21,721,651			90,453,810		1,935,869			3,573,524
NET ASSETS	$	192,416,526		$	384,955,418	$	298,922,974		$	480,943,482
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	196,361,196		$	359,250,448	$	328,536,862		$	120,040,038
Total distributable earnings (loss)		(3,944,670	)		25,704,970		(29,613,888	)		360,903,444
NET ASSETS	$	192,416,526		$	384,955,418	$	298,922,974		$	480,943,482
+ Including securities loaned at value	$	3,439,537		$	3,822,974	$	—		$	—
* Cost of investments in securities	$	143,941,266		$	379,255,984	$	311,683,914		$	126,821,268
** Cost of investments in affiliates	$	45,845,300		$	—	$	—		$	—
† Cost of short-term investments	$	13,305,291		$	4,020,548	$	5,272,983		$	—
‡ Cost of foreign currencies	$	332,837		$	182,604	$	141,377		$	—
^ Premiums received on written options	$	116,129		$	—	$	—		$	—

See Accompanying Notes to Financial Statements
5

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

	Voya Global Bond Portfolio		Voya International High Dividend Low Volatility Portfolio		VY® American Century Small-Mid Cap Value Portfolio		VY® Baron Growth Portfolio
Class ADV:
Net assets	$	20,409,595	$	24,193,767	$	84,877,640	$	97,867,475
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		1,944,128		2,471,760		9,360,162		5,054,623
Net asset value and redemption price per share	$	10.50	$	9.79	$	9.07	$	19.36
Class I:
Net assets	$	139,073,076	$	112,431,286	$	138,932,991	$	135,870,919
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		13,011,907		11,331,352		14,176,825		5,803,421
Net asset value and redemption price per share	$	10.69	$	9.92	$	9.80	$	23.41
Class R6:
Net assets		n/a		n/a		n/a	$	32,524,042
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		1,387,858
Net asset value and redemption price per share		n/a		n/a		n/a	$	23.43
Class S:
Net assets	$	32,933,855	$	247,965,696	$	72,370,423	$	212,286,396
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		3,085,230		25,186,482		7,521,304		9,885,724
Net asset value and redemption price per share	$	10.67	$	9.85	$	9.62	$	21.47
Class S2:
Net assets		n/a	$	364,669	$	2,741,920	$	2,394,650
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		36,736		302,275		121,387
Net asset value and redemption price per share		n/a	$	9.93	$	9.07	$	19.73

See Accompanying Notes to Financial Statements
6

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2020 (UNAUDITED)

	VY® Columbia Contrarian Core Portfolio		VY® Columbia Small Cap Value II Portfolio			VY® Invesco Comstock Portfolio			VY® Invesco Equity and Income Portfolio
ASSETS:
Investments in securities at fair value+*	$	177,629,342	$	112,761,620		$	181,342,961		$	1,081,772,525
Short-term investments at fair value†		920,047		1,729,344			5,475,291			45,692,572
Cash		—		—			—			60,827
Foreign currencies at value‡		—		—			22,393			303,797
Receivables:
Investment securities sold		671,897		1,023,551			3,545,229			—
Investment securities and currencies sold		—		—			—			6,529,463
Fund shares sold		12,476		565,793			228,735			1,202,877
Dividends		211,795		156,962			362,037			1,485,242
Interest		—		—			—			2,005,401
Foreign tax reclaims		366		—			27,201			198,853
Unrealized appreciation on forward foreign currency contracts		—		—			102,254			519,558
Prepaid expenses		931		1,546			3,548			13,765
Reimbursement due from Investment Adviser		43,639		6,064			12,629			60,100
Other assets		13,257		8,845			22,883			79,940
Total assets		179,503,750		116,253,725			191,145,161			1,139,924,920
LIABILITIES:
Payable for investment securities purchased		342,869		597,325			338,661			—
Payable for investment securities and currencies purchased		—		—			—			553,290
Payable for fund shares redeemed		228,067		162,720			74,584			97,813
Payable upon receipt of securities loaned		—		—			—			10,246,335
Unrealized depreciation on forward foreign currency contracts		—		—			5,444			187,440
Payable for investment management fees		128,956		79,292			108,684			594,379
Payable for distribution and shareholder service fees		12,631		21,944			21,932			186,920
Payable for directors fees		416		617			1,277			5,816
Payable to directors under the deferred compensation plan (Note 6)		13,257		8,845			22,883			79,940
Other accrued expenses and liabilities		59,238		47,934			143,257			261,740
Total liabilities		785,434		918,677			716,722			12,213,673
NET ASSETS	$	178,718,316	$	115,335,048		$	190,428,439		$	1,127,711,247
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	154,873,195	$	118,392,524		$	217,596,838		$	1,043,786,157
Total distributable earnings (loss)		23,845,121		(3,057,476	)		(27,168,399	)		83,925,090
NET ASSETS	$	178,718,316	$	115,335,048		$	190,428,439		$	1,127,711,247
+ Including securities loaned at value	$	—	$	—		$	—		$	9,961,832
* Cost of investments in securities	$	159,799,600	$	115,842,552		$	191,957,443		$	1,060,087,005
† Cost of short-term investments	$	920,047	$	1,729,344		$	5,475,291		$	45,692,572
‡ Cost of foreign currencies	$	—	$	—		$	22,271		$	303,333

See Accompanying Notes to Financial Statements
7

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

	VY® Columbia Contrarian Core Portfolio		VY® Columbia Small Cap Value II Portfolio		VY® Invesco Comstock Portfolio		VY® Invesco Equity and Income Portfolio
Class ADV:
Net assets	$	21,661,730	$	19,101,540	$	23,928,676	$	38,084,221
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		1,348,749		1,616,510		1,766,585		969,333
Net asset value and redemption price per share	$	16.06	$	11.82	$	13.55	$	39.29
Class I:
Net assets	$	139,186,804	$	25,459,889	$	110,446,410	$	415,751,111
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		8,013,378		2,067,238		8,047,958		10,382,424
Net asset value and redemption price per share	$	17.37	$	12.32	$	13.72	$	40.04
Class R6:
Net assets		n/a	$	4,572,801		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		370,947		n/a		n/a
Net asset value and redemption price per share		n/a	$	12.33		n/a		n/a
Class S:
Net assets	$	17,869,782	$	65,042,186	$	56,053,353	$	397,376,711
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		1,059,648		5,313,555		4,092,616		10,003,782
Net asset value and redemption price per share	$	16.86	$	12.24	$	13.70	$	39.72
Class S2:
Net assets		n/a	$	1,158,632		n/a	$	276,499,204
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		98,230		n/a		7,070,557
Net asset value and redemption price per share		n/a	$	11.80		n/a	$	39.11

See Accompanying Notes to Financial Statements
8

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2020 (UNAUDITED)

	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+*	$	1,364,207,621	$	318,957,894	$	1,174,457,581	$	1,683,469,675
Short-term investments at fair value†		56,136,774		11,089,762		97,582,625		113,922,157
Cash		—		—		476,873		2,766,872
Foreign currencies at value‡		8,203		—		—		68,039
Receivables:
Investment securities sold		—		1,504,318		5,817,049		7,622,380
Investment securities and currencies sold		5,273,020		—		—		—
Fund shares sold		5,178		797,344		45,562		992,816
Dividends		60,411		627,475		294,780		222,755
Interest		—		—		308		1,465
Foreign tax reclaims		1,860,007		—		—		1,709
Prepaid expenses		15,495		4,342		11,709		18,216
Reimbursement due from Investment Adviser		57,052		36,232		62,624		90,880
Other assets		71,899		19,975		39,855		64,889
Total assets		1,427,695,660		333,037,342		1,278,788,966		1,809,241,853
LIABILITIES:
Payable for investment securities purchased		—		1,468,387		4,731,390		36,704,050
Payable for investment securities and currencies purchased		1,340,880		—		—		—
Payable for fund shares redeemed		2,019,438		128,996		686,443		2,075,286
Payable upon receipt of securities loaned		41,957,961		731,179		97,582,471		74,792,679
Payable for investment management fees		792,083		235,543		709,391		938,793
Payable for distribution and shareholder service fees		78,508		61,046		31,008		142,764
Payable for directors fees		6,712		1,774		5,394		8,059
Payable to directors under the deferred compensation plan (Note 6)		71,899		19,975		39,855		64,889
Payable for Indian capital gains tax		280,257		—		—		—
Other accrued expenses and liabilities		375,028		86,001		183,125		277,687
Total liabilities		46,922,766		2,732,901		103,969,077		115,004,207
NET ASSETS	$	1,380,772,894	$	330,304,441	$	1,174,819,889	$	1,694,237,646
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	600,359,134	$	269,004,815	$	664,922,836	$	1,037,717,069
Total distributable earnings		780,413,760		61,299,626		509,897,053		656,520,577
NET ASSETS	$	1,380,772,894	$	330,304,441	$	1,174,819,889	$	1,694,237,646
+ Including securities loaned at value	$	40,745,771	$	714,687	$	95,480,200	$	73,001,708
* Cost of investments in securities	$	678,575,298	$	298,070,755	$	821,666,620	$	1,144,231,449
† Cost of short-term investments	$	56,136,774	$	11,089,762	$	97,582,625	$	113,922,157
‡ Cost of foreign currencies	$	8,102	$	—	$	—	$	67,943

See Accompanying Notes to Financial Statements
9

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2020 (UNAUDITED) (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	$	108,278,119	$	69,314,621	$	51,638,794	$	308,274,460
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		5,993,250		5,034,238		4,597,254		3,956,401
Net asset value and redemption price per share	$	18.07	$	13.77	$	11.23	$	77.92
Class I:
Net assets	$	1,108,565,370	$	109,060,982	$	1,041,558,714	$	1,306,957,527
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		57,924,241		7,647,176		81,425,016		14,773,493
Net asset value and redemption price per share	$	19.14	$	14.26	$	12.79	$	88.47
Class R6:
Net assets		n/a		n/a	$	36,000,679		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		2,812,759		n/a
Net asset value and redemption price per share		n/a		n/a	$	12.80		n/a
Class S:
Net assets	$	160,692,663	$	150,582,826	$	40,344,301	$	69,260,012
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		8,813,791		10,701,339		3,310,675		831,149
Net asset value and redemption price per share	$	18.23	$	14.07	$	12.19	$	83.33
Class S2:
Net assets	$	3,236,742	$	1,346,012	$	5,277,401	$	9,745,647
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		184,247		97,982		466,319		122,331
Net asset value and redemption price per share	$	17.57	$	13.74	$	11.32	$	79.67

See Accompanying Notes to Financial Statements
10

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2020 (UNAUDITED)

	Voya Global Bond Portfolio			Voya International High Dividend Low Volatility Portfolio			VY® American Century Small-Mid Cap Value Portfolio			VY® Baron Growth Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	7,208		$	7,445,535		$	3,609,592		$	2,023,664
Dividends from affiliated underlying funds		846,150			—			—			—
Interest, net of foreign taxes withheld*		2,744,348			2,258			—			—
Securities lending income, net		5,464			36,316			28,266			—
Total investment income		3,603,170			7,484,109			3,637,858			2,023,664
EXPENSES:
Investment management fees		575,786			1,202,505			1,687,643			2,226,558
Distribution and shareholder service fees:
Class ADV		51,471			62,627			219,816			238,601
Class S		39,634			322,232			94,653			257,754
Class S2		—			705			5,465			4,549
Transfer agent fees (Note 6):
Class ADV		12,436			9,133			87,383			66,451
Class I		84,455			42,884			142,402			93,343
Class R6		—			—			—			33
Class S		19,174			93,982			75,255			143,523
Class S2		—			128			2,713			1,575
Shareholder reporting expense		11,830			29,120			18,746			29,120
Registration fees		—			—			—			4,961
Professional fees		10,738			23,660			16,198			23,235
Custody and accounting expense		9,100			57,330			73,465			32,094
Directors fees		3,860			8,061			6,227			9,426
Miscellaneous expense		6,350			14,368			14,918			29,177
Interest expense		981			783			—			1,566
Total expenses		825,815			1,867,518			2,444,884			3,161,966
Waived and reimbursed fees		(91,618	)		—			(796,530	)		(314,924	)
Net expenses		734,197			1,867,518			1,648,354			2,847,042
Net investment income (loss)		2,868,973			5,616,591			1,989,504			(823,378	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		488,434			(42,712,313	)		(12,668,303	)		8,758,597
Forward foreign currency contracts		1,447,783			—			499,472			—
Foreign currency related transactions		(238,880	)		(29,562	)		(6,914	)		(319	)
Futures		(1,128,793	)		—			—			—
Swaps		(100,553	)		—			—			—
Written options		1,084,333			—			—			—
Net realized gain (loss)		1,552,324			(42,741,875	)		(12,175,745	)		8,758,278
Net change in unrealized appreciation (depreciation) on:
Investments		615,543			(27,848,239	)		(58,889,267	)		(15,395,577	)
Affiliated underlying funds		(2,697,114	)		—			—			—
Forward foreign currency contracts		(1,181,447	)		—			259,316			—
Foreign currency related transactions		(33,848	)		(40,563	)		(907	)		—
Futures		447,208			—			—			—
Swaps		(1,814,370	)		—			—			—
Written options		(51,036	)		—			—			—
Net change in unrealized appreciation (depreciation)		(4,715,064	)		(27,888,802	)		(58,630,858	)		(15,395,577	)
Net realized and unrealized loss		(3,162,740	)		(70,630,677	)		(70,806,603	)		(6,637,299	)
Decrease in net assets resulting from operations	$	(293,767	)	$	(65,014,086	)	$	(68,817,099	)	$	(7,460,677	)
* Foreign taxes withheld	$	2,064		$	811,072		$	41,322		$	6,855

See Accompanying Notes to Financial Statements
11

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2020 (UNAUDITED)

	VY® Columbia Contrarian Core Portfolio			VY® Columbia Small Cap Value II Portfolio			VY® Invesco Comstock Portfolio			VY® Invesco Equity and Income Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	777,397		$	982,004		$	4,114,223		$	11,148,094
Interest		—			—			—			4,451,323
Securities lending income, net		—			—			27,044			191,854
Total investment income		777,397			982,004			4,141,267			15,791,271
EXPENSES:
Investment management fees		371,937			521,665			888,997			3,701,955
Distribution and shareholder service fees:
Class ADV		54,110			50,585			62,412			98,107
Class S		21,415			86,357			74,066			511,802
Class S2		—			2,423			—			568,460
Transfer agent fees (Note 6):
Class ADV		16,133			10,526			7,279			9,320
Class I		32,403			14,181			49,293			100,759
Class R6		—			10			—			—
Class S		12,736			35,951			17,284			97,346
Class S2		—			629			—			67,586
Shareholder reporting expense		6,545			9,100			18,240			49,140
Registration fees		153			—			59			—
Professional fees		4,177			7,644			21,237			36,400
Custody and accounting expense		7,515			10,925			42,504			27,300
Directors fees		1,662			2,468			5,108			23,263
Miscellaneous expense		7,698			7,246			17,810			30,513
Total expenses		536,484			759,710			1,204,289			5,321,951
Waived and reimbursed fees		(157,889	)		(52,569	)		(86,834	)		(452,370	)
Brokerage commission recapture		(2,427	)		(9,426	)		—			—
Net expenses		376,168			697,715			1,117,455			4,869,581
Net investment income		401,229			284,289			3,023,812			10,921,690
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		985			(6,399,225	)		(23,554,407	)		(2,883,217	)
Forward foreign currency contracts		—			—			257,817			(1,342,681	)
Foreign currency related transactions		—			—			(113,344	)		1,766,420
Net realized gain (loss)		985			(6,399,225	)		(23,409,934	)		(2,459,478	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,148,938			(27,152,830	)		(54,055,683	)		(133,667,921	)
Forward foreign currency contracts		—			—			566,043			1,589,397
Foreign currency related transactions		—			—			(1,458	)		(18,256	)
Net change in unrealized appreciation (depreciation)		8,148,938			(27,152,830	)		(53,491,098	)		(132,096,780	)
Net realized and unrealized gain (loss)		8,149,923			(33,552,055	)		(76,901,032	)		(134,556,258	)
Increase (decrease) in net assets resulting from operations	$	8,551,152		$	(33,267,766	)	$	(73,877,220	)	$	(123,634,568	)
* Foreign taxes withheld	$	6,555		$	2,160		$	73,606		$	164,025

See Accompanying Notes to Financial Statements
12

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2020 (UNAUDITED)

	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*	$	6,670,410		$	4,048,633		$	5,258,501		$	4,494,881
Interest		—			—			1,645			7,021
Securities lending income, net		61,835			4,059			257,277			241,042
Total investment income		6,732,245			4,052,692			5,517,423			4,742,944
EXPENSES:
Investment management fees		4,672,750			1,499,159			3,969,778			5,610,777
Distribution and shareholder service fees:
Class ADV		264,705			182,292			159,612			713,255
Class S		195,912			200,944			50,501			77,680
Class S2		7,359			2,900			10,224			17,952
Transfer agent fees (Note 6):
Class ADV		59,518			42,910			30,360			116,256
Class I		600,430			69,241			443,994			507,186
Class R6		—			—			24			—
Class S		88,114			94,622			19,247			25,362
Class S2		2,067			852			2,433			3,725
Shareholder reporting expense		63,340			20,930			53,140			70,980
Registration fees		—			—			1,156			—
Professional fees		46,158			15,964			35,116			58,058
Custody and accounting expense		92,956			21,008			52,922			72,800
Directors fees		26,848			7,094			21,576			32,238
Miscellaneous expense		38,401			13,722			28,045			50,225
Interest expense		293			—			845			—
Total expenses		6,158,851			2,171,638			4,878,973			7,356,494
Waived and reimbursed fees		(328,720	)		(227,449	)		(355,357	)		(661,184	)
Brokerage commission recapture		—			(2,699	)		—			—
Net expenses		5,830,131			1,941,490			4,523,616			6,695,310
Net investment income (loss)		902,114			2,111,202			993,807			(1,952,366	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		42,238,758			9,676,230			60,803,322			56,295,802
Foreign currency related transactions		15,837			—			—			(9,626	)
Net realized gain		42,254,595			9,676,230			60,803,322			56,286,176
Net change in unrealized appreciation (depreciation) on:
Investments (net of Indian capital gains tax accrued#)		(77,169,602	)		(96,592,825	)		(36,829,299	)		72,778,155
Foreign currency related transactions		8,800			—			—			1,388
Net change in unrealized appreciation (depreciation)		(77,160,802	)		(96,592,825	)		(36,829,299	)		72,779,543
Net realized and unrealized gain (loss)		(34,906,207	)		(86,916,595	)		23,974,023			129,065,719
Increase (decrease) in net assets resulting from operations	$	(34,004,093	)	$	(84,805,393	)	$	24,967,830		$	127,113,353
* Foreign taxes withheld	$	480,291		$	—		$	20,296		$	32,638
# Foreign taxes accrued on Indian investments	$	280,257		$	—		$	—		$	—

See Accompanying Notes to Financial Statements
13

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Portfolio						Voya International High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	2,868,973		$	6,064,628		$	5,616,591		$	12,830,358
Net realized gain (loss)		1,552,324			962,756			(42,741,875	)		51,680,990
Net change in unrealized appreciation (depreciation)		(4,715,064	)		8,339,580			(27,888,802	)		9,089,220
Increase (decrease) in net assets resulting from operations		(293,767	)		15,366,964			(65,014,086	)		73,600,568
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(248,923	)		(898,537	)		—			(2,960,724	)
Class I		(2,039,115	)		(6,738,560	)		—			(13,951,881	)
Class S		(423,341	)		(1,515,590	)		—			(31,143,088	)
Class S2		—			—			—			(34,369	)
Total distributions		(2,711,379	)		(9,152,687	)		—			(48,090,062	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		9,326,013			10,863,585			8,869,663			11,733,829
Reinvestment of distributions		2,711,379			9,152,687			—			48,090,062
		12,037,392			20,016,272			8,869,663			59,823,891
Cost of shares redeemed		(17,954,262	)		(29,375,489	)		(37,182,633	)		(81,887,305	)
Net decrease in net assets resulting from capital share transactions		(5,916,870	)		(9,359,217	)		(28,312,970	)		(22,063,414	)
Net increase (decrease) in net assets		(8,922,016	)		(3,144,940	)		(93,327,056	)		3,447,092
NET ASSETS:
Beginning of year or period		201,338,542			204,483,482			478,282,474			474,835,382
End of year or period	$	192,416,526		$	201,338,542		$	384,955,418		$	478,282,474

See Accompanying Notes to Financial Statements
14

STATEMENTS OF CHANGES IN NET ASSETS

	VY® American Century Small-Mid Cap Value Portfolio						VY® Baron Growth Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income (loss)	$	1,989,504		$	4,610,034		$	(823,378	)	$	(804,916	)
Net realized gain (loss)		(12,175,745	)		339,825			8,758,278			282,769,897
Net change in unrealized appreciation (depreciation)		(58,630,858	)		88,714,313			(15,395,577	)		(40,754,154	)
Increase (decrease) in net assets resulting from operations		(68,817,099	)		93,664,172			(7,460,677	)		241,210,827
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(11,753,088	)		—			(46,984,247	)
Class I		—			(18,296,197	)		—			(58,663,771	)
Class R6		—			—			—			(13,079,032	)
Class S		—			(9,783,372	)		—			(228,177,414	)
Class S2		—			(345,747	)		—			(1,039,818	)
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	)		—			(351,710,203	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		13,662,244			38,939,041			20,597,407			58,899,565
Reinvestment of distributions		—			40,178,404			—			351,710,203
		13,662,244			79,117,445			20,597,407			410,609,768
Cost of shares redeemed		(26,799,787	)		(68,264,768	)		(49,111,320	)		(452,379,993	)
Net increase (decrease) in net assets resulting from capital share transactions		(13,137,543	)		10,852,677			(28,513,913	)		(41,770,225	)
Net increase (decrease) in net assets		(81,954,642	)		64,338,445			(35,974,590	)		(152,269,601	)
NET ASSETS:
Beginning of year or period		380,877,616			316,539,171			516,918,072			669,187,673
End of year or period	$	298,922,974		$	380,877,616		$	480,943,482		$	516,918,072

See Accompanying Notes to Financial Statements
15

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Columbia Contrarian Core Portfolio						VY® Columbia Small Cap Value II Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	401,229		$	2,392,608		$	284,289		$	909,719
Net realized gain (loss)		985			73,142,134			(6,399,225	)		5,242,199
Net change in unrealized appreciation (depreciation)		8,148,938			(4,370,814	)		(27,152,830	)		24,150,957
Increase (decrease) in net assets resulting from operations		8,551,152			71,163,928			(33,267,766	)		30,302,875
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(8,811,227	)		—			(3,495,796	)
Class I		—			(2,960,790	)		—			(4,571,559	)
Class R6		—			—			—			(773,170	)
Class S		—			(90,737,866	)		—			(11,647,424	)
Class S2		—			—			—			(344,194	)
Total distributions		—			(102,509,883	)		—			(20,832,143	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		129,514,333			3,469,896			6,283,672			11,984,852
Reinvestment of distributions		—			102,509,883			—			20,832,143
		129,514,333			105,979,779			6,283,672			32,816,995
Cost of shares redeemed		(10,130,004	)		(275,123,114	)		(17,571,052	)		(41,062,450	)
Net increase (decrease) in net assets resulting from capital share transactions		119,384,329			(169,143,335	)		(11,287,380	)		(8,245,455	)
Net increase (decrease) in net assets		127,935,481			(200,489,290	)		(44,555,146	)		1,225,277
NET ASSETS:
Beginning of year or period		50,782,835			251,272,125			159,890,194			158,664,917
End of year or period	$	178,718,316		$	50,782,835		$	115,335,048		$	159,890,194

See Accompanying Notes to Financial Statements
16

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Invesco Comstock Portfolio						VY® Invesco Equity and Income Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	3,023,812		$	8,966,397		$	10,921,690		$	23,701,636
Net realized gain (loss)		(23,409,934	)		58,972,630			(2,459,478	)		55,768,348
Net change in unrealized appreciation (depreciation)		(53,491,098	)		36,141,258			(132,096,780	)		163,093,943
Increase (decrease) in net assets resulting from operations		(73,877,220	)		104,080,285			(123,634,568	)		242,563,927
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(6,879,165	)		—			(3,049,060	)
Class I		—			(44,729,596	)		—			(34,708,723	)
Class S		—			(52,190,119	)		—			(33,844,478	)
Class S2		—			—			—			(23,339,231	)
Total distributions		—			(103,798,880	)		—			(94,941,492	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		73,852,620			29,938,266			8,487,868			13,778,245
Reinvestment of distributions		—			103,798,880			—			94,941,492
		73,852,620			133,737,146			8,487,868			108,719,737
Cost of shares redeemed		(117,933,954	)		(288,332,436	)		(89,086,583	)		(221,494,026	)
Net decrease in net assets resulting from capital share transactions		(44,081,334	)		(154,595,290	)		(80,598,715	)		(112,774,289	)
Net increase (decrease) in net assets		(117,958,554	)		(154,313,885	)		(204,233,283	)		34,848,146
NET ASSETS:
Beginning of year or period		308,386,993			462,700,878			1,331,944,530			1,297,096,384
End of year or period	$	190,428,439		$	308,386,993		$	1,127,711,247		$	1,331,944,530

See Accompanying Notes to Financial Statements
17

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Invesco Oppenheimer Global Portfolio						VY® JPMorgan Mid Cap Value Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	902,114		$	10,212,115		$	2,111,202		$	4,380,198
Net realized gain		42,254,595			53,074,708			9,676,230			29,243,363
Net change in unrealized appreciation (depreciation)		(77,160,802	)		335,733,431			(96,592,825	)		68,257,947
Increase (decrease) in net assets resulting from operations		(34,004,093	)		399,020,254			(84,805,393	)		101,881,508
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(20,072,596	)		—			(11,709,923	)
Class I		—			(201,831,773	)		—			(20,246,539	)
Class S		—			(32,134,460	)		—			(26,438,369	)
Class S2		—			(850,475	)		—			(249,114	)
Total distributions		—			(254,889,304	)		—			(58,643,945	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		8,712,616			24,243,212			10,499,492			10,238,127
Reinvestment of distributions		—			254,889,304			—			58,643,945
		8,712,616			279,132,516			10,499,492			68,882,072
Cost of shares redeemed		(128,255,411	)		(223,633,534	)		(37,977,871	)		(83,935,610	)
Net increase (decrease) in net assets resulting from capital share transactions		(119,542,795	)		55,498,982			(27,478,379	)		(15,053,538	)
Net increase (decrease) in net assets		(153,546,888	)		199,629,932			(112,283,772	)		28,184,025
NET ASSETS:
Beginning of year or period		1,534,319,782			1,334,689,850			442,588,213			414,404,188
End of year or period	$	1,380,772,894		$	1,534,319,782		$	330,304,441		$	442,588,213

See Accompanying Notes to Financial Statements
18

STATEMENTS OF CHANGES IN NET ASSETS

	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio						VY® T. Rowe Price Growth Equity Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income (loss)	$	993,807		$	1,768,326		$	(1,952,366	)	$	(1,028,355	)
Net realized gain		60,803,322			96,946,314			56,286,176			276,195,068
Net change in unrealized appreciation (depreciation)		(36,829,299	)		223,091,270			72,779,543			209,834,868
Increase in net assets resulting from operations		24,967,830			321,805,910			127,113,353			485,001,581
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(9,332,153	)		—			(68,035,018	)
Class I		—			(95,912,625	)		—			(271,933,502	)
Class R6		—			(2,445,270	)		—			—
Class S		—			(4,957,916	)		—			(79,114,269	)
Class S2		—			(597,820	)		—			(2,161,210	)
Total distributions		—			(113,245,784	)		—			(421,243,999	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		102,656,463			64,775,614			118,734,792			107,592,876
Reinvestment of distributions		—			113,245,784			—			421,243,999
		102,656,463			178,021,398			118,734,792			528,836,875
Cost of shares redeemed		(111,991,088	)		(114,398,729	)		(218,959,475	)		(595,638,461	)
Net increase (decrease) in net assets resulting from capital share transactions		(9,334,625	)		63,622,669			(100,224,683	)		(66,801,586	)
Net increase (decrease) in net assets		15,633,205			272,182,795			26,888,670			(3,044,004	)
NET ASSETS:
Beginning of year or period		1,159,186,684			887,003,889			1,667,348,976			1,670,392,980
End of year or period	$	1,174,819,889		$	1,159,186,684		$	1,694,237,646		$	1,667,348,976

See Accompanying Notes to Financial Statements
19

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
Voya Global Bond Portfolio
Class ADV
06-30-20+		10.64		0.13	•		(0.15	)		(0.02	)		0.12		—		—
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
06-30-20+		10.83		0.16	•		(0.15	)		0.01			0.15		—		—
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
06-30-20+		10.82		0.15	•		(0.16	)		(0.01	)		0.14		—		—
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
06-30-20+		11.36		0.12	•		(1.69	)		(1.57	)		—		—		—
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
06-30-20+		11.49		0.15	•		(1.72	)		(1.57	)		—		—		—
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
06-30-20+		11.41		0.14	•		(1.70	)		(1.56	)		—		—		—
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
06-30-20+		11.52		0.13	•		(1.72	)		(1.59	)		—		—		—
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		—		—

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
Voya Global Bond Portfolio
Class ADV
06-30-20+		0.12		—		10.50		(0.13	)		1.26		1.17		1.17		2.58		20,410		80
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
06-30-20+		0.15		—		10.69		0.15			0.76		0.67		0.67		3.08		139,073		80
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
06-30-20+		0.14		—		10.67		(0.07	)		1.01		0.92		0.92		2.83		32,934		80
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
06-30-20+		—		—		9.79		(13.82	)		1.24		1.24		1.24		2.49		24,194		38
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
06-30-20+		—		—		9.92		(13.66	)		0.74		0.74		0.74		2.99		112,431		38
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
06-30-20+		—		—		9.85		(13.67	)		0.99		0.99		0.99		2.74		247,966		38
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
06-30-20+		—		—		9.93		(13.80	)		1.14		1.14		1.14		2.65		365		38
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

See Accompanying Notes to Financial Statements
20

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY® American Century Small-Mid Cap Value Portfolio
Class ADV
06-30-20+		11.12		0.05	•		(2.10	)		(2.05	)		—		—		—
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		—
Class I
06-30-20+		11.99		0.08	•		(2.27	)		(2.19	)		—		—		—
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
06-30-20+		11.79		0.06	•		(2.23	)		(2.17	)		—		—		—
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
06-30-20+		11.12		0.05	•		(2.10	)		(2.05	)		—		—		—
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
06-30-20+		19.55		(0.06	)•		(0.13	)		(0.19	)		—		—		—
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
06-30-20+		23.58		(0.02	)		(0.15	)		(0.17	)		—		—		—
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
06-30-20+		23.60		(0.01	)•		(0.16	)		(0.17	)		—		—		—
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		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® American Century Small-Mid Cap Value Portfolio
Class ADV
06-30-20+		—		—		9.07		(18.44	)		1.87		1.35		1.35		0.99			84,878		42
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
Class I
06-30-20+		—		—		9.80		(18.27	)		1.37		0.85		0.85		1.49			138,933		42
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
06-30-20+		—		—		9.62		(18.41	)		1.62		1.10		1.10		1.24			72,370		42
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
06-30-20+		—		—		9.07		(18.44	)		1.77		1.25		1.25		1.09			2,742		42
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
06-30-20+		—		—		19.36		(0.97	)		1.64		1.50		1.50		(0.64	)		97,867		0	**
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
06-30-20+		—		—		23.41		(0.72	)		1.14		1.00		1.00		(0.13	)		135,871		0	**
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
06-30-20+		—		—		23.43		(0.72	)		1.00		1.00		1.00		(0.13	)		32,524		0	**
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

See Accompanying Notes to Financial Statements
21

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY® Baron Growth Portfolio (continued)
Class S
06-30-20+		21.65		(0.04	)•		(0.14	)		(0.18	)		—			—		—
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
06-30-20+		19.91		(0.05	)•		(0.13	)		(0.18	)		—			—		—
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		—
VY® Columbia Contrarian Core Portfolio
Class ADV
06-30-20+		16.38		0.04	•		(0.36	)		(0.32	)		—			—		—
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
06-30-20+		17.67		0.10	•		(0.40	)		(0.30	)		—			—		—
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
06-30-20+		17.18		0.07	•		(0.39	)		(0.32	)		—			—		—
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
06-30-20+		15.06		0.02			(3.26	)		(3.24	)		—			—		—
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
06-30-20+		15.65		0.04	•		(3.37	)		(3.33	)		—			—		—
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			—		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® Baron Growth Portfolio (continued)
Class S
06-30-20+		—		—		21.47		(0.83	)		1.39		1.25		1.25		(0.39	)		212,286		0	**
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
06-30-20+		—		—		19.73		(0.90	)		1.54		1.40		1.40		(0.51	)		2,395		0	**
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
VY® Columbia Contrarian Core Portfolio
Class ADV
06-30-20+		—		—		16.06		(1.95	)		1.61		1.23		1.23		0.56			21,662		35
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
06-30-20+		—		—		17.37		(1.70	)		1.11		0.73		0.73		1.23			139,187		35
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
06-30-20+		—		—		16.86		(1.86	)		1.36		0.98		0.98		0.82			17,870		35
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
06-30-20+		—		—		11.82		(21.51	)		1.51		1.42		1.41		0.20			19,102		19
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
06-30-20+		—		—		12.32		(21.28	)		1.01		0.92		0.91		0.68			25,460		19
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

See Accompanying Notes to Financial Statements
22

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY® Columbia Small Cap Value II Portfolio (continued)
Class R6
06-30-20+		15.66		0.05	•		(3.38	)		(3.33	)		—		—		—
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
06-30-20+		15.58		0.03	•		(3.37	)		(3.34	)		—		—		—
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
06-30-20+		15.02		0.03			(3.25	)		(3.22	)		—		—		—
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		—		—
VY® Invesco Comstock Portfolio
Class ADV
06-30-20+		17.01		0.14	•		(3.60	)		(3.46	)		—		—		—
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
06-30-20+		17.19		0.18	•		(3.65	)		(3.47	)		—		—		—
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
06-30-20+		17.18		0.16	•		(3.64	)		(3.48	)		—		—		—
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
06-30-20+		43.36		0.31	•		(4.38	)		(4.07	)		—		—		—
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		—

										Ratios to average net assets								Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
VY® Columbia Small Cap Value II Portfolio (continued)
Class R6
06-30-20+		—		—		12.33		(21.26	)		0.91		0.88		0.87		0.72		4,573		19
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
06-30-20+		—		—		12.24		(21.44	)		1.26		1.17		1.16		0.44		65,042		19
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
06-30-20+		—		—		11.80		(21.44	)		1.41		1.32		1.31		0.29		1,159		19
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
VY® Invesco Comstock Portfolio
Class ADV
06-30-20+		—		—		13.55		(20.34	)		1.34		1.27		1.27		1.99		23,929		50
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
06-30-20+		—		—		13.72		(20.19	)		0.84		0.77		0.77		2.48		110,446		50
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
06-30-20+		—		—		13.70		(20.26	)		1.09		1.02		1.02		2.24		56,053		50
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
06-30-20+		—		—		39.29		(9.39	)		1.21		1.14		1.14		1.58		38,084		57
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

See Accompanying Notes to Financial Statements
23

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY® Invesco Equity and Income Portfolio (continued)
Class I
06-30-20+		44.08		0.42	•		(4.46	)		(4.04	)		—		—		—
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
06-30-20+		43.79		0.36	•		(4.43	)		(4.07	)		—		—		—
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
06-30-20+		43.13		0.33	•		(4.35	)		(4.02	)		—		—		—
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
06-30-20+		18.41		(0.03	)•		(0.31	)		(0.34	)		—		—		—
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		—
Class I
06-30-20+		19.46		0.04			(0.36	)		(0.32	)		—		—		—
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
06-30-20+		18.56		(0.00	)*•		(0.33	)		(0.33	)		—		—		—
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
06-30-20+		17.89		(0.02	)•		(0.30	)		(0.32	)		—		—		—
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		—

												Ratios to average net assets									Supplemental data
			Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended			($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® Invesco Equity and Income Portfolio (continued)
Class I
	06-30-20	+		—		—		40.04		(9.17	)		0.71		0.64		0.64		2.08			415,751		57
	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
	06-30-20	+		—		—		39.72		(9.29	)		0.96		0.89		0.89		1.83			397,377		57
	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
	06-30-20	+		—		—		39.11		(9.32	)		1.11		1.02		1.02		1.70			276,499		57
	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
	06-30-20	+		—		—		18.07		(1.85	)		1.35		1.30		1.30		(0.30	)		108,278		6
	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
Class I
	06-30-20	+		—		—		19.14		(1.64	)		0.85		0.80		0.80		0.21			1,108,565		6
	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
	06-30-20	+		—		—		18.23		(1.78	)		1.10		1.05		1.05		(0.05	)		160,693		6
	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
	06-30-20	+		—		—		17.57		(1.79	)		1.25		1.20		1.20		(0.20	)		3,237		6
	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

See Accompanying Notes to Financial Statements
24

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY® JPMorgan Mid Cap Value Portfolio
Class ADV
06-30-20+		17.15		0.07	•		(3.45	)		(3.38	)		—			—		—
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
06-30-20+		17.72		0.11	•		(3.57	)		(3.46	)		—			—		—
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
06-30-20+		17.51		0.08	•		(3.52	)		(3.44	)		—			—		—
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
06-30-20+		17.10		0.08	•		(3.44	)		(3.36	)		—			—		—
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		—
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
06-30-20+		11.00		(0.01	)•		0.24			0.23			—			—		—
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
06-30-20+		12.50		0.01	•		0.28			0.29			—			—		—
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
06-30-20+		12.51		0.01	•		0.28			0.29			—			—		—
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		—

										Ratios to average net assets									Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000's)		(%)
VY® JPMorgan Mid Cap Value Portfolio
Class ADV
06-30-20+		—		—		13.77		(19.71	)		1.51		1.38		1.38		1.01			69,315		11
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
06-30-20+		—		—		14.26		(19.53	)		1.01		0.88		0.88		1.43			109,061		11
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
06-30-20+		—		—		14.07		(19.65	)		1.26		1.13		1.13		1.11			150,583		11
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
06-30-20+		—		—		13.74		(19.65	)		1.41		1.28		1.28		1.14			1,346		11
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
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
06-30-20+		—		—		11.23		2.09			1.37		1.30		1.30		(0.20	)		51,639		19
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
06-30-20+		—		—		12.79		2.32			0.87		0.80		0.80		0.22			1,041,559		19
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
06-30-20+		—		—		12.80		2.32			0.77		0.77		0.77		0.23			36,001		19
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

See Accompanying Notes to Financial Statements
25

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class S
06-30-20+		11.93		(0.00	)*		0.26			0.26			—		—		—
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
06-30-20+		11.08		(0.01	)		0.25			0.24			—		—		—
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
06-30-20+		71.90		(0.23	)•		6.25			6.02			—		—		—
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
06-30-20+		81.43		(0.06	)•		7.10			7.04			—		—		—
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
06-30-20+		76.79		(0.15	)•		6.69			6.54			—		—		—
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		—
Class S2
06-30-20+		73.47		(0.19	)•		6.39			6.20			—		—		—
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 Diversified Mid Cap Growth Portfolio (continued)
Class S
06-30-20+		—		—		12.19		2.18				1.12		1.05		1.05		(0.01	)		40,344		19
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
06-30-20+		—		—		11.32		2.17				1.27		1.20		1.20		(0.17	)		5,277		19
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
06-30-20+		—		—		77.92		8.37				1.31		1.23		1.23		(0.64	)		308,274		26
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
06-30-20+		—		—		88.47		8.65				0.81		0.73		0.73		(0.14	)		1,306,958		26
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
06-30-20+		—		—		83.33		8.52				1.06		0.98		0.98		(0.39	)		69,260		26
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
Class S2
06-30-20+		—		—		79.67		8.44				1.21		1.13		1.13		(0.54	)		9,746		26
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

See Accompanying Notes to Financial Statements
26

FINANCIAL HIGHLIGHTS (CONTINUED)

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

⁽²⁾  Annualized for periods less than one year.

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

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

⁽⁵⁾  Commencement of operations.

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

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

⁺  Unaudited.

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

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

^**  Amount is less than 0.5%.

See Accompanying Notes to Financial Statements
27

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED)

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-nine 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.

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 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 class, and dividing by the number of shares of that class

28

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

29

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

30

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

foregoing risks are even greater with respect to securities of issuers in emerging markets.

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

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

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

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

G.  Risk Exposures and the Use of Derivative Instruments. The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts,

forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

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

Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those 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.

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

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

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

or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

As of June 30, 2020, 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 $1,007,934, $102,254 and $519,558, 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 June 30, 2020. To reduce the amount of potential loss to Global Bond, the Portfolio had received $740,000 in cash collateral for open OTC transactions at June 30, 2020. There was no cash collateral received by any other Portfolio at June 30, 2020.

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

As of June 30, 2020, Global Bond, Invesco Comstock and Invesco Equity and Income had a liability position of $1,514,755, $5,444 and $187,440, respectively, on open forward foreign currency contracts, OTC written options and OTC total return swaps with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2020, the Portfolios could have been required to pay this amount in cash to its counterparties. As of June 30, 2020, Global Bond had pledged $310,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at June 30, 2020.

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

During the period ended June 30, 2020, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased		Sold
Global Bond*	$	123,453,612	$	48,445,031
American Century Small-Mid Cap Value**		918,922		17,281,105
Invesco Comstock**		4,564,751		15,676,919
Invesco Equity and Income**		4,059,730		55,047,352

*  For the period ended June 30, 2020, the Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2020.

**  For the period ended June 30, 2020, the Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at June 30, 2020.

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

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

ending at, or most recently prior to, the time when each Portfolio's assets are valued.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2020, Global Bond had purchased and sold futures contracts on various notes and bonds as part of their respective duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2020, Global Bond had an average notional value of $55,466,695 and $26,013,212 on futures contracts purchased and sold, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at June 30, 2020.

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

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At June 30, 2020, there was no cash collateral pledged to or received by any Portfolio.

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

N.  Options Contracts. Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options on futures, swaps ("swaptions"), securities, commodities or foreign currencies. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is

included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the period ended June 30, 2020, Global Bond had written interest rate swaptions with an average notional value of $35,304,000 to generate income. Please refer to the tables following the Portfolio of Investments for open written interest swaptions at June 30, 2020.

During the period ended June 30, 2020, Global Bond had purchased forward premium swaptions with an average notional value of $11,869,000 to manage duration and yield curve exposures. There were no open forward premium swaptions at June 30, 2020.

During the period ended June 30, 2020, Global Bond had purchased and written foreign currency options with an average notional value of $7,963,315 and $5,450,584, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written foreign currency options at June 30, 2020.

During the period ended June 30, 2020, Global Bond had purchased options on exchange-traded funds with an average notional value of $3,876,428 to gain exposure to certain market sectors. Please refer to the tables following the Portfolio of Investments for open purchased options on exchange-traded funds at June 30, 2020.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the period ended June 30, 2020, Global Bond had written credit default swaptions with an average notional value of $3,670,000 to generate income. There were no open credit default swaptions at June 30, 2020.

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

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

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

swap contract as a realized gain or loss on the Statements of Operations.

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

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

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

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing

36

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

short equivalent (i.e. buying protection on an equivalent reference entity).

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

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

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

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

For the period ended June 30, 2020, Global Bond had purchased and sold credit protection with an average notional value of $10,577,617 and $3,305,610, 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. There were no open credit default swaps to buy or sell protection at June 30, 2020.

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

For the period ended June 30, 2020, 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 $23,660,418.

For the period ended June 30, 2020, 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 $85,991,021.

Global Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for Global Bond for open centrally cleared interest rate swaps at June 30, 2020.

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

At June 30, 2020, Global Bond had pledged $1,481,000 in cash collateral for open centrally cleared swaps.

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

For the period ended June 30, 2020, Global Bond entered into receiver total return swaps on sovereign bonds with an average notional amount of $17,636,541. Please refer to the Portfolio of Investments for open total return swaps at June 30, 2020.

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.

For the period ended June 30, 2020, Global Bond had an average notional amount of $60,000 on foreign currency volatility swaps (receiver). There were no open volatility swaps at June 30, 2020.

P.  Equity-Linked Notes. Invesco Equity and Income invests in equity-linked notes. Equity-linked notes are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income earned from equity-linked notes is recorded as Interest income in the Statements of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The Portfolio records the net change in the fair value of the equity-linked note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. The Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity- linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Portfolio. Please refer to the Portfolio of Investments for open equity-linked notes at June 30, 2020.

Q.  Structured Notes. Global Bond and Invesco Equity and Income invest in structured notes whose principal payments or interest payments are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The terms and conditions of these notes may be 'structured' by the purchaser (a Portfolio) and the borrower issuing the note. The market value of these notes will increase or decrease based on the performance of the underlying asset or reference. A Portfolio records the net change in the market value of the structured note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. A Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the structured note. Please refer to the Portfolio of Investments for structured notes held by Global Bond and Invesco Equity and Income at June 30, 2020.

38

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended June 30, 2020, 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	$	27,389,704	$	26,003,679
International High Dividend Low Volatility		152,609,071		174,651,050
American Century Small-Mid Cap Value		131,182,834		143,309,547
Baron Growth		1,965,574		27,279,957
Columbia Contrarian Core		150,699,058		30,750,950
Columbia Small Cap Value II		23,690,569		34,297,923
Invesco Comstock		122,298,940		158,515,687
Invesco Equity and Income		213,466,071		170,314,794
Invesco Oppenheimer Global		80,202,000		181,678,652
JPMorgan Mid Cap Value		39,382,188		66,402,233
T. Rowe Price Diversified Mid Cap Growth		210,330,378		218,294,256
T. Rowe Price Growth Equity		420,705,200		530,893,998

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

	Purchases		Sales
Global Bond	$	124,791,064	$	132,330,772
Invesco Equity and Income		424,899,597		536,587,846

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	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
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(1)	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⁾  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.

The Investment Adviser is contractually obligated 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.

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.

39

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

The sub-advisers of the Portfolios are as follows (*denotes an affiliated sub-adviser):

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV and Class S2 shares of each respective Portfolio have a plan of distribution (the "Plan"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance. Under the Plan, a Portfolio makes payments at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and a Portfolio makes payments at an annual rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.02% of the distribution fee for Class S2 shares of Invesco Equity and Income. Termination or modification of this obligation requires approval by the Board.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2020, 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/Affliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	Invesco Comstock		5.17	%
	Invesco Oppenheimer Global		6.61
	T. Rowe Price Diversified Mid Cap Growth		11.02
Security Life of Denver Insurance Company	Global Bond		7.24
	Columbia Small Cap Value II		5.61
Voya Institutional Trust Company	Global Bond		23.39
	International High Dividend Low Volatility		5.97
	American Century Small-Mid Cap Value		52.67
	Baron Growth		31.26
	Columbia Contrarian Core		12.54
	Columbia Small Cap Value II		18.40
	Invesco Comstock		12.80
	Invesco Oppenheimer Global		14.33
	JPMorgan Mid Cap Value		28.35
	T. Rowe Price Diversified Mid Cap Growth		13.17
	T. Rowe Price Growth Equity		29.86
Voya Retirement Insurance and Annuity Company	Global Bond		62.96
	International High Dividend Low Volatility		24.83
	American Century Small-Mid Cap Value		45.21
	Baron Growth		62.76
	Columbia Contrarian Core		12.44
	Columbia Small Cap Value II		26.32
	Invesco Comstock		33.48
	Invesco Equity and Income		35.76
	Invesco Oppenheimer Global		67.96
	JPMorgan Mid Cap Value		42.31
	T. Rowe Price Diversified Mid Cap Growth		64.29
	T. Rowe Price Growth Equity		57.63
Voya Solution 2035 Portfolio	Columbia Contrarian Core		21.67
Voya Solution 2045 Portfolio	Columbia Contrarian Core		23.37
	Invesco Comstock		9.47
Voya Solution 2055 Portfolio	Columbia Contrarian Core		8.75
Voya Solution Moderately Aggressive Portfolio	Columbia Contrarian Core		14.40
	Invesco Comstock		9.50

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

40

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

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

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 Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

Effective January 1, 2020, the Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2020, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Global Bond	$	115,914
International High Dividend Low Volatility		145,641
American Century Small-Mid Cap Value		307,191
Baron Growth		304,417
Columbia Contrarian Core		61,148
Columbia Small Cap Value II		61,053
Invesco Comstock		73,375
Invesco Equity and Income		274,212
Invesco Oppenheimer Global		749,145
JPMorgan Mid Cap Value		207,228
T. Rowe Price Diversified Mid Cap Growth		495,250
T. Rowe Price Growth Equity		651,148

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV			Class I			Class R6			Class S			Class S2
Global Bond		1.17	%		0.67	%		N/A			0.92	%		N/A
International High Dividend Low Volatility		1.25	%		0.75	%		N/A			1.00	%		1.15	%
American Century Small-Mid Cap Value		1.52	%		1.02	%		N/A			1.27	%		1.42	%
Baron Growth(1)		1.49	%		0.99	%		0.99	%		1.24	%		1.39	%
Columbia Contrarian Core(2)		N/A			N/A			N/A			N/A			N/A
Columbia Small Cap Value II(3)		1.45	%		0.95	%		0.95	%		1.20	%		1.35	%
Invesco Comstock(4)		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(5)		1.38	%		0.88	%		N/A			1.13	%		1.28	%
T. Rowe Price Diversified Mid Cap Growth		1.30	%		0.80	%		0.80	%		1.05	%		1.20	%
T. Rowe Price Growth Equity		1.25	%		0.75	%		N/A			1.00	%		1.15	%

⁽¹⁾  Prior to January 1, 2020, the expense limits were 1.55%, 1.05%, 1.05%, 1.30%, and 1.45% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively.

⁽²⁾  Pursuant to a side letter agreement, through May 1, 2021, 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⁾  Prior to January 1, 2020, the expense limits were 1.65%, 1.15%, 1.15%, 1.40%, and 1.55% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively.

⁽⁴⁾  Pursuant to a side letter agreement, through May 1, 2021, 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 1.29%, 0.79%, 0.79%, 1.04% and 1.19% for Class ADV, Class I, Class R6, Class S and Class S2, 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. Prior to January 1, 2020, the Investment Adviser had agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits were 1.31%, 0.81%, 0.81%, 1.06% and 1.21% for Class ADV, Class I, Class R6, Class S and Class S2, respectively. Any fees waived or reimbursed were not eligible for recoupment. Modification of this obligation was approved by the Board.

⁽⁵⁾  Prior to January 1, 2020, the expense limits were 1.50%, 1.00%, 1.25%, and 1.40% for Class ADV, Class I, Class S, and Class S2, respectively.

41

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

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

At June 30, 2020, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

	June 30,
Portfolio	2021		2022		2023		Total
Global Bond	$	123,290	$	—	$	88,738	$	212,028
American Century Small-Mid Cap Value		445,756		486,883		784,413		1,717,052
Baron Growth		—		—		10,910		10,910
Invesco Equity and Income		322,966		350,296		476,420		1,149,682
Invesco Oppenheimer Global		—		—		328,720		328,720
JPMorgan Mid Cap Value		—		—		227,449		227,449
T. Rowe Price Growth Equity		—		—		508,899		508,899

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of June 30, 2020, are as follows:

	June 30,
Portfolio	2021		2022		2023		Total
Baron Growth
Class ADV	$	—	$	—	$	66,257	$	66,257
Class I		—		—		93,054		93,054
Class S		—		—		143,130		143,130
Class S2		—		—		1,573		1,573
Columbia Small Cap Value II
Class ADV		—		—		6,218		6,218
Class I		—		—		8,298		8,298
Class S		—		—		21,115		21,115
Class S2		—		—		367		367
T. Rowe Price Diversified Mid Cap Growth
Class ADV		—		—		20,877		20,877
Class I		—		—		319,074		319,074
Class S		—		—		13,669		13,669
Class S2		—		—		1,737		1,737

The Expense Limitation Agreement is contractual through May 1, 2021 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 8 — LINE OF CREDIT

Effective May 15, 2020, 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 14, 2021. 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 15, 2020, 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 15, 2020.

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

The below Portfolios utilized the line of credit during the six months ended June 30, 2020 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Global Bond		5	$	1,200,800		1.14	%
International High Dividend Low Volatility		25		924,280		1.24
Baron Growth(1)		38		877,553		1.57
Invesco Oppenheimer Global		5		1,325,000		1.62
T. Rowe Price Diversified Mid Cap Growth		14		1,299,143		1.70

⁽¹⁾  As of June 30, 2020, Baron Growth had an outstanding balance of $1,734,000.

42

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (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	#		#		#		#			#			($)		($)		($)		($)			($)
Global Bond
Class ADV
6/30/2020		95,234		—		23,940		(210,668	)		(91,494	)		1,000,786		—		248,923		(2,162,827	)		(913,118	)
12/31/2019		72,009		—		84,325		(266,977	)		(110,643	)		764,849		—		898,538		(2,833,241	)		(1,169,854	)
Class I
6/30/2020		487,879		—		192,558		(1,177,911	)		(497,474	)		5,133,329		—		2,039,115		(12,256,378	)		(5,083,934	)
12/31/2019		597,864		—		621,286		(1,647,146	)		(427,996	)		6,481,829		—		6,738,559		(17,777,051	)		(4,556,663	)
Class S
6/30/2020		301,190		—		40,042		(335,808	)		5,424			3,191,898		—		423,341		(3,535,057	)		80,182
12/31/2019		336,265		—		139,872		(811,640	)		(335,503	)		3,616,907		—		1,515,590		(8,765,197	)		(3,632,700	)
International High Dividend Low Volatility
Class ADV
6/30/2020		89,077		—		—		(249,021	)		(159,944	)		854,564		—		—		(2,444,997	)		(1,590,433	)
12/31/2019		101,081		—		283,594		(524,719	)		(140,044	)		1,152,683		—		2,960,724		(5,968,607	)		(1,855,200	)
Class I
6/30/2020		369,382		—		—		(1,212,333	)		(842,951	)		3,490,440		—		—		(11,907,776	)		(8,417,336	)
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	)
Class S
6/30/2020		468,679		—		—		(2,279,400	)		(1,810,721	)		4,493,163		—		—		(22,828,237	)		(18,335,074	)
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	)
Class S2
6/30/2020		3,159		—		—		(177	)		2,982			31,496		—		—		(1,623	)		29,873
12/31/2019		3,211		—		3,248		(8,854	)		(2,395	)		36,945		—		34,369		(104,194	)		(32,880	)
American Century Small-Mid Cap Value
Class ADV
6/30/2020		443,620		—		—		(835,340	)		(391,720	)		3,661,780		—		—		(7,577,469	)		(3,915,689	)
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
Class I
6/30/2020		819,348		—		—		(1,314,384	)		(495,036	)		8,004,451		—		—		(13,309,294	)		(5,304,843	)
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
Class S
6/30/2020		180,632		—		—		(568,963	)		(388,331	)		1,711,952		—	��	—		(5,684,005	)		(3,972,053	)
12/31/2019		305,317		—		920,355		(1,201,312	)		24,360			3,489,126		—		9,783,372		(13,278,796	)		(6,298	)
Class S2
6/30/2020		31,237		—		—		(23,079	)		8,158			284,061		—		—		(229,019	)		55,042
12/31/2019		49,213		—		34,471		(90,026	)		(6,342	)		525,157		—		345,747		(985,946	)		(115,042	)
Baron Growth
Class ADV
6/30/2020		246,657		—		—		(577,879	)		(331,222	)		4,405,503		—		—		(10,218,121	)		(5,812,618	)
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
Class I
6/30/2020		440,188		—		—		(887,696	)		(447,508	)		9,987,046		—		—		(19,285,219	)		(9,298,173	)
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
Class R6
6/30/2020		167,602		—		—		(210,573	)		(42,971	)		3,804,354		—		—		(4,737,827	)		(933,473	)
12/31/2019		392,920		—		541,324		(50,500	)		883,744			13,304,155		—		13,222,247		(1,630,115	)		24,896,287
Class S
6/30/2020		95,745		—		—		(746,737	)		(650,992	)		1,873,987		—		—		(14,438,075	)		(12,564,088	)
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	)
Class S2
6/30/2020		27,457		—		—		(25,291	)		2,166			526,517		—		—		(432,078	)		94,439
12/31/2019		20,386		—		50,409		(16,905	)		53,890			602,488		—		1,051,073		(496,141	)		1,157,420
Columbia Contrarian Core
Class ADV
6/30/2020		72,414		—		—		(186,275	)		(113,861	)		1,118,237		—		—		(2,759,806	)		(1,641,569	)
12/31/2019		42,856		—		521,026		(214,647	)		349,235			881,742		—		8,811,227		(4,374,539	)		5,318,430

43

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Columbia Contrarian Core (continued)
Class I
6/30/2020		7,903,412		—		—		(373,662	)		7,529,750			127,376,545		—		—		(6,290,735	)		121,085,810
12/31/2019		24,564		—		163,159		(103,029	)		84,694			549,715		—		2,960,790		(2,130,862	)		1,379,643
Class S
6/30/2020		63,201		—		—		(67,234	)		(4,033	)		1,019,551		—		—		(1,079,463	)		(59,912	)
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	)
Columbia Small Cap Value II
Class ADV
6/30/2020		117,863		—		—		(202,710	)		(84,847	)		1,286,667		—		—		(2,394,444	)		(1,107,777	)
12/31/2019		128,403		—		249,343		(599,378	)		(221,632	)		2,008,512		—		3,495,796		(9,224,620	)		(3,720,312	)
Class I
6/30/2020		148,994		—		—		(394,462	)		(245,468	)		1,789,269		—		—		(5,220,447	)		(3,431,178	)
12/31/2019		355,814		—		314,196		(625,983	)		44,027			5,690,798		—		4,571,559		(9,975,856	)		286,501
Class R6
6/30/2020		81,132		—		—		(138,022	)		(56,890	)		979,596		—		—		(1,817,537	)		(837,941	)
12/31/2019		147,485		—		53,102		(130,644	)		69,943			2,329,093		—		773,170		(2,138,313	)		963,950
Class S
6/30/2020		192,618		—		—		(637,629	)		(445,011	)		2,137,036		—		—		(7,856,681	)		(5,719,645	)
12/31/2019		108,596		—		803,825		(1,160,500	)		(248,079	)		1,738,590		—		11,647,424		(18,354,263	)		(4,968,249	)
Class S2
6/30/2020		8,003		—		—		(20,984	)		(12,981	)		91,104		—		—		(281,943	)		(190,839	)
12/31/2019		14,012		—		24,603		(96,255	)		(57,640	)		217,859		—		344,194		(1,369,398	)		(807,345	)
Invesco Comstock
Class ADV
6/30/2020		82,736		—		—		(150,220	)		(67,484	)		1,012,916		—		—		(2,038,042	)		(1,025,126	)
12/31/2019		23,490		—		405,684		(205,888	)		223,286			434,542		—		6,879,165		(3,877,190	)		3,436,517
Class I
6/30/2020		4,926,043		—		—		(8,715,989	)		(3,789,946	)		71,901,073		—		—		(112,185,252	)		(40,284,179	)
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	)
Class S
6/30/2020		66,146		—		—		(261,775	)		(195,629	)		938,631		—		—		(3,710,660	)		(2,772,029	)
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	)
Invesco Equity and Income
Class ADV
6/30/2020		47,160		—		—		(111,583	)		(64,423	)		1,878,662		—		—		(4,187,151	)		(2,308,489	)
12/31/2019		65,527		—		73,147		(214,017	)		(75,343	)		2,800,010		—		3,049,060		(9,083,013	)		(3,233,943	)
Class I
6/30/2020		53,872		—		—		(669,346	)		(615,474	)		2,185,953		—		—		(26,627,874	)		(24,441,921	)
12/31/2019		126,163		—		815,289		(1,785,659	)		(844,207	)		5,492,160		—		34,708,723		(77,532,643	)		(37,331,760	)
Class S
6/30/2020		65,138		—		—		(874,594	)		(809,456	)		2,497,618		—		—		(34,615,945	)		(32,118,327	)
12/31/2019		114,538		—		802,541		(1,910,974	)		(993,895	)		4,882,090		—		33,844,478		(81,926,723	)		(43,200,155	)
Class S2
6/30/2020		51,431		—		—		(604,075	)		(552,644	)		1,925,635		—		—		(23,655,613	)		(21,729,978	)
12/31/2019		14,180		—		562,504		(1,253,710	)		(677,026	)		603,985		—		23,339,231		(52,951,647	)		(29,008,431	)
Invesco Oppenheimer Global
Class ADV
6/30/2020		101,320		—		—		(813,696	)		(712,376	)		1,713,959		—		—		(13,848,234	)		(12,134,275	)
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
Class I
6/30/2020		226,590		—		—		(5,275,756	)		(5,049,166	)		4,048,083		—		—		(94,448,165	)		(90,400,082	)
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
Class S
6/30/2020		162,734		—		—		(1,104,755	)		(942,021	)		2,711,943		—		—		(18,542,028	)		(15,830,085	)
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	)

44

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Invesco Oppenheimer Global (continued)
Class S2
6/30/2020		14,513		—		—		(87,951	)		(73,438	)		238,631		—		—		(1,416,984	)		(1,178,353	)
12/31/2019		28,583		—		52,498		(61,091	)		19,990			521,019		—		850,475		(1,040,184	)		331,310
JPMorgan Mid Cap Value
Class ADV
6/30/2020		276,622		—		—		(488,382	)		(211,760	)		3,535,221		—		—		(6,925,349	)		(3,390,128	)
12/31/2019		147,351		—		735,530		(736,415	)		146,466			2,532,611		—		11,709,923		(12,683,921	)		1,558,613
Class I
6/30/2020		299,253		—		—		(1,147,452	)		(848,199	)		4,289,876		—		—		(17,209,930	)		(12,920,054	)
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	)
Class S
6/30/2020		193,546		—		—		(934,791	)		(741,245	)		2,592,710		—		—		(13,705,591	)		(11,112,881	)
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	)
Class S2
6/30/2020		5,390		—		—		(11,619	)		(6,229	)		81,685		—		—		(137,001	)		(55,316	)
12/31/2019		9,591		—		15,685		(55,939	)		(30,663	)		165,877		—		249,115		(963,085	)		(548,093	)
T. Rowe Price Diversified Mid Cap Growth
Class ADV
6/30/2020		326,135		—		—		(3,955,294	)		(3,629,159	)		3,468,219		—		—		(35,983,051	)		(32,514,832	)
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
Class I
6/30/2020		8,045,098		—		—		(5,412,065	)		2,633,033			87,927,950		—		—		(61,442,321	)		26,485,629
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
Class R6
6/30/2020		711,927		—		—		(358,080	)		353,847			7,655,495		—		—		(4,387,235	)		3,268,260
12/31/2019		963,467		—		210,303		(256,754	)		917,016			11,462,681		—		2,445,270		(3,021,502	)		10,886,449
Class S
6/30/2020		279,684		—		—		(918,095	)		(638,411	)		3,251,519		—		—		(9,395,611	)		(6,144,092	)
12/31/2019		404,626		—		447,472		(1,258,034	)		(405,936	)		4,725,994		—		4,957,916		(13,837,027	)		(4,153,117	)
Class S2
6/30/2020		34,402		—		—		(72,010	)		(37,608	)		353,280		—		—		(782,870	)		(429,590	)
12/31/2019		44,777		—		57,985		(47,014	)		55,748			482,464		—		597,820		(509,805	)		570,479
T. Rowe Price Growth Equity
Class ADV
6/30/2020		179,409		—		—		(427,110	)		(247,701	)		12,834,134		—		—		(28,733,190	)		(15,899,056	)
12/31/2019		237,759		—		944,122		(351,642	)		830,239			18,796,348		—		68,035,018		(27,139,359	)		59,692,007
Class I
6/30/2020		1,264,793		—		—		(2,341,913	)		(1,077,120	)		100,695,729		—		—		(183,558,165	)		(82,862,436	)
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
Class S
6/30/2020		48,710		—		—		(68,650	)		(19,940	)		3,657,382		—		—		(5,159,143	)		(1,501,761	)
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	)
Class S2
6/30/2020		21,629		—		—		(22,802	)		(1,173	)		1,547,547		—		—		(1,508,977	)		38,570
12/31/2019		12,524		—		29,320		(37,118	)		4,726			992,959		—		2,161,210		(2,930,228	)		223,941

NOTE 10 — SECURITIES LENDING

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

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

45

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

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

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

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

The following is a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2020:

Global Bond

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Goldman Sachs & Co. LLC	$	2,149	$	(2,149	)	$	—
Morgan Stanley & Co. LLC		3,437,388		(3,437,388	)		—
Total	$	3,439,537	$	(3,439,537	)	$	—

⁽¹⁾  Cash collateral with a fair value of $3,510,333 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

International High Dividend Low Volatility

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Cowen Excecution Services LLC	$	1,050,948	$	(1,050,948	)	$	—
Jefferies LLC		2,772,026		(2,772,026	)		—
Total	$	3,822,974	$	(3,822,974	)	$	—

⁽¹⁾  Cash collateral with a fair value of $4,020,548 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Invesco Equity and Income

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd	$	483,474	$	(483,474	)	$	—
BofA Securities Inc.		483,892		(483,892	)		—
Citigroup Global Markets Inc.		2,531,985		(2,531,985	)		—
Credit Suisse Securities (USA) LLC		3,329		(3,329	)		—
HSBC Securities (USA) Inc.		101,234		(101,234	)		—
J.P. Morgan Securities LLC		540,741		(540,741	)		—
Morgan Stanley & Co. LLC		104,789		(104,789	)		—
MUFG Securities Americas Inc.		665,540		(665,540	)		—
National Bank Financial Inc.		111,982		(111,982	)		—
Nomura Securities International, Inc.		1,215,996		(1,215,996	)		—
SunTrust Robinson Humphrey, Inc.		872,781		(872,781	)		—
Wells Fargo Securities LLC		2,846,089		(2,846,089	)		—
Total	$	9,961,832	$	(9,961,832	)	$	—

⁽¹⁾  Cash collateral with a fair value of $10,246,335 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Invesco Oppenheimer Global

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Bank PLC	$	2,018,627	$	(2,018,627	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		4,022,162		(4,022,162	)		—
Citigroup Global Markets Inc.		2,927,209		(2,927,209	)		—
J.P. Morgan Securities LLC		3,344,755		(3,344,755	)		—
Morgan Stanley & Co. International PLC		421,422		(421,422	)		—
Morgan Stanley & Co. LLC		3,703,977		(3,703,977	)		—
National Financial Services LLC		235,760		(235,760	)		—
Natixis Securities America LLC		869,299		(869,299	)		—
RBC Capital Markets, LLC		981,395		(981,395	)		—
Scotia Capital (USA) Inc.		5,698,077		(5,698,077	)		—
SG Americas Securities, LLC		600,412		(600,412	)		—
State Street Bank and Trust Company		12,021,200		(12,021,200	)		—
TD Prime Services LLC		2,545,151		(2,545,151	)		—
UBS Securities LLC		922,548		(922,548	)		—
Wells Fargo Securities LLC		433,777		(433,777	)		—
Total	$	40,745,771	$	(40,745,771	)	$	—

⁽¹⁾  Cash collateral with a fair value of $41,957,961 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

46

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

JPMorgan Mid Cap Value

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Goldman Sachs & Co. LLC	$	701,723	$	(701,723	)	$	—
Natixis Securities America LLC		12,964		(12,964	)		—
Total	$	714,687	$	(714,687	)	$	—

⁽¹⁾  Cash collateral with a fair value of $731,179 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price Diversified Mid Cap Growth

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.	$	137,800	$	(137,800	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		8,120,841		(8,120,841	)		—
BofA Securities Inc.		1,208,909		(1,208,909	)		—
Citadel Clearing LLC		10,585,402		(10,585,402	)		—
Citigroup Global Markets Inc.		2,000,063		(2,000,063	)		—
Credit Suisse Securities (USA) LLC		160,166		(160,166	)		—
Goldman Sachs & Co. LLC		3,914,545		(3,914,545	)		—
J.P. Morgan Securities LLC		20,022,822		(20,022,822	)		—
Jefferies LLC		470,057		(470,057	)		—
Mizuho Securities USA LLC		1,168,120		(1,168,120	)		—
Morgan Stanley & Co. LLC		11,036,787		(11,036,787	)		—
National Bank of Canada Financial Inc.		10,362,092		(10,362,092	)		—
National Financial Services LLC		9,937,488		(9,937,488	)		—
Natixis Securities America LLC		742,962		(742,962	)		—
Nomura Securities International, Inc.		1,396,643		(1,396,643	)		—
Raymond James & Associates, Inc.		102,588		(102,588	)		—
RBC Capital Markets, LLC		193,275		(193,275	)		—
SG Americas Securities, LLC		15,089		(15,089	)		—
State Street Bank and Trust Company		9,943,165		(9,943,165	)		—
TD Prime Services LLC		1,822,713		(1,822,713	)		—
UBS Securities LLC		1,350,977		(1,350,977	)		—
Wells Fargo Bank NA		1,842		(1,842	)		—
Wells Fargo Securities LLC		785,854		(785,854	)		—
Total	$	95,480,200	$	(95,480,200	)	$	—

⁽¹⁾  Cash collateral with a fair value of $97,582,471 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price Growth Equity

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.	$	1,230,554	$	(1,230,554	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		11,659,188		(11,659,188	)		—
BofA Securities Inc.		67,098		(67,098	)		—
Citigroup Global Markets Inc.		3,492,401		(3,492,401	)		—
Credit Suisse Securities (USA) LLC		1,028,412		(1,028,412	)		—
Goldman Sachs & Co. LLC		4,475,791		(4,475,791	)		—
J.P. Morgan Securities LLC		24,343,574		(24,343,574	)		—
Merrill Lynch International		8,719,216		(8,719,216	)		—
Mizuho Securities USA LLC		13,416		(13,416	)		—
Morgan Stanley & Co. LLC		12,568,855		(12,568,855	)		—
National Bank of Canada Financial Inc.		80,705		(80,705	)		—
Raymond James & Associates, Inc.		102,588		(102,588	)		—
Wells Fargo Bank NA		1,775,918		(1,775,918	)		—
Wells Fargo Securities LLC		3,443,992		(3,443,992	)		—
Total	$	73,001,708	$	(73,001,708	)	$	—

⁽¹⁾  Cash collateral with a fair value of $74,792,679 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 11 — FEDERAL INCOME TAXES

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

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

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

	Year Ended December 31, 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

47

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 11 — FEDERAL INCOME TAXES (continued)

	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
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		—			—		—

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

As of June 30, 2020, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTE 12 — LONDON INTERBANK OFFERED RATE ("LIBOR")

The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in

the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve Board, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate ("SOFR") that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio's existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs;

48

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 12 — LONDON INTERBANK OFFERED RATE ("LIBOR") (continued)

and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 13 — LIQUIDITY

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Portfolios have established a liquidity risk management program to govern their approach to managing liquidity risk (the "Program"). The Board has approved the designation of the Portfolios' Adviser, Voya Investments, LLC, as the program administrator (the "Program Administrator"). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the "Committee") to assess and review, on an ongoing basis, each Portfolio's liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Portfolio's investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee's assessment of the investments' liquidity under current market conditions. The Committee also utilizes Portfolio-specific data, including information regarding a Portfolio's shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

During the period covered by the liquidity report, December 1, 2018 through December 31, 2019, the Program supported the Portfolios' ability to honor redemption requests timely and the Program Administrator's management of each Portfolio's liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Portfolio's prospectus for more information regarding each Portfolio's exposure to liquidity risk and other risks.

NOTE 14 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the recent COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios' service providers.

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principles and adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2018-13 ("ASU 2018-13"), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 introduces new fair value disclosure requirements as well as provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The impact of the Portfolios adoption was limited to changes in the Portfolios financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable. Upon evaluation, the Portfolios have concluded that the adoption of the new accounting principle does not materially impact the financial statement amounts.

49

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from

the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2020, the following Portfolios declared dividends and distributions of:

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
Global Bond
Class ADV	$	0.0214	$	—	$	—	August 3, 2020	Daily
Class I	$	0.0263	$	—	$	—	August 3, 2020	Daily
Class S	$	0.0240	$	—	$	—	August 3, 2020	Daily
International High Dividend Low Volatility
Class ADV	$	0.3225	$	—	$	1.3052	August 5, 2020	August 3, 2020
Class I	$	0.3847	$	—	$	1.3052	August 5, 2020	August 3, 2020
Class S	$	0.3532	$	—	$	1.3052	August 5, 2020	August 3, 2020
Class S2	$	0.3506	$	—	$	1.3052	August 5, 2020	August 3, 2020
American Century Small-Mid Cap Value
Class ADV	$	0.1198	$	0.0639	$	—	August 5, 2020	August 3, 2020
Class I	$	0.1753	$	0.0639	$	—	August 5, 2020	August 3, 2020
Class S	$	0.1460	$	0.0639	$	—	August 5, 2020	August 3, 2020
Class S2	$	0.1326	$	0.0639	$	—	August 5, 2020	August 3, 2020
Columbia Contrarian Core
Class ADV	$	—	$	0.5421	$	—	August 5, 2020	August 3, 2020
Class I	$	0.0121	$	0.5421	$	—	August 5, 2020	August 3, 2020
Class S	$	—	$	0.5421	$	—	August 5, 2020	August 3, 2020
Columbia Small Cap Value II
Class ADV	$	0.0503	$	—	$	0.5612	August 5, 2020	August 3, 2020
Class I	$	0.1385	$	—	$	0.5612	August 5, 2020	August 3, 2020
Class R6	$	0.1385	$	—	$	0.5612	August 5, 2020	August 3, 2020
Class S	$	0.0938	$	—	$	0.5612	August 5, 2020	August 3, 2020
Class S2	$	0.0353	$	—	$	0.5612	August 5, 2020	August 3, 2020
Invesco Comstock
Class ADV	$	—	$	0.1090	$	0.3366	August 5, 2020	August 3, 2020
Class I	$	0.0395	$	0.1090	$	0.3366	August 5, 2020	August 3, 2020
Class S	$	—	$	0.1090	$	0.3366	August 5, 2020	August 3, 2020
Invesco Equity and Income
Class ADV	$	0.1522	$	0.1388	$	1.7049	August 5, 2020	August 3, 2020
Class I	$	0.1522	$	0.1388	$	1.7049	August 5, 2020	August 3, 2020
Class S	$	0.1522	$	0.1388	$	1.7049	August 5, 2020	August 3, 2020
Class S2	$	0.1522	$	0.1388	$	1.7049	August 5, 2020	August 3, 2020
Invesco Oppenheimer Global
Class ADV	$	0.1338	$	—	$	0.7146	August 5, 2020	August 3, 2020
Class I	$	0.2311	$	—	$	0.7146	August 5, 2020	August 3, 2020
Class S	$	0.1787	$	—	$	0.7146	August 5, 2020	August 3, 2020
Class S2	$	0.1288	$	—	$	0.7146	August 5, 2020	August 3, 2020
JPMorgan Mid Cap Value
Class ADV	$	0.0294	$	—	$	1.2659	August 5, 2020	August 3, 2020
Class I	$	0.0294	$	—	$	1.2659	August 5, 2020	August 3, 2020
Class S	$	0.0294	$	—	$	1.2659	August 5, 2020	August 3, 2020
Class S2	$	0.0294	$	—	$	1.2659	August 5, 2020	August 3, 2020

50

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

NOTE 16 — SUBSEQUENT EVENTS (continued)

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
T. Rowe Price Diversified Mid Cap Growth
Class ADV	$	0.0130	$	0.0272	$	1.0271	August 5, 2020	August 3, 2020
Class I	$	0.0130	$	0.0272	$	1.0271	August 5, 2020	August 3, 2020
Class R6	$	0.0130	$	0.0272	$	1.0271	August 5, 2020	August 3, 2020
Class S	$	0.0130	$	0.0272	$	1.0271	August 5, 2020	August 3, 2020
Class S2	$	0.0130	$	0.0272	$	1.0271	August 5, 2020	August 3, 2020
T. Rowe Price Growth Equity
Class ADV	$	—	$	—	$	3.4633	August 5, 2020	August 3, 2020
Class I	$	—	$	—	$	3.4633	August 5, 2020	August 3, 2020
Class S	$	—	$	—	$	3.4633	August 5, 2020	August 3, 2020
Class S2	$	—	$	—	$	3.4633	August 5, 2020	August 3, 2020

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

51

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED)

Geographic Diversification
as of June 30, 2020
(as a percentage of net assets)

United States(1)	86.0	%
China	2.6	%
United Kingdom	1.5	%
Germany	1.5	%
Spain	1.3	%
Netherlands	0.9	%
Portugal	0.8	%
Italy	0.7	%
France	0.6	%
Japan	0.6	%
Countries between 0.0% - 0.6%^	1.9	%
Assets in Excess of Other Liabilities*	1.6	%
Net Assets	100.0	%

* Includes short-term investments and purchased options.

^ Includes 11 countries, which each represents 0.0% - 0.6% of net assets.

⁽¹⁾ Includes 21.5% total investment in Voya Emerging Markets Corporate Debt Fund, Voya Emerging Markets Hard Currency Debt Fund, Voya Emerging Markets Local Currency Debt Fund and Voya High Yield Bond Fund.

Portfolio holdings are subject to change daily.

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 22.6%
				Canada: 0.1%
	186,000			Other Securities	$	200,968		0.1
				China: 0.4%
	601,000			Alibaba Group Holding Ltd., 3.600%, 11/28/2024		655,901		0.4
				France: 0.6%
	572,000	(1	)	BNP Paribas SA, 3.500%, 03/01/2023		605,910		0.3
	265,000	(1	)	BPCE SA, 2.700%, 10/01/2029		283,026		0.1
	287,000	(1	)	BPCE SA, 5.150%, 07/21/2024		320,642		0.2
						1,209,578		0.6
				Ireland: 0.2%
	283,000			Other Securities		287,957		0.2
				Japan: 0.6%
	200,000	(1	)	Mizuho Bank Ltd., 3.200%, 03/26/2025		215,474		0.1
	200,000			Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024		210,128		0.1

Principal Amount†					Value		Percentage of Net Assets
	639,000			Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026	$	723,752		0.4
						1,149,354		0.6
				Mexico: 0.0%
MXN	31,379	(2	)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035		1,364		0.0
MXN	1,007,437	(3	),(4)	Other Securities		—		—
						1,364		0.0
				Netherlands: 0.9%
	690,000			Shell International Finance BV, 3.250%, 05/11/2025		764,193		0.4
	361,000			Shell International Finance BV, 4.000%, 05/10/2046		426,885		0.2
	300,000	(1	)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026		321,760		0.2
	270,000			Other Securities		273,255		0.1
						1,786,093		0.9
				Norway: 0.0%
	41,000			Other Securities		45,306		0.0

See Accompanying Notes to Financial Statements
52

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				South Africa: 0.0%
ZAR	1,000,000			Other Securities	$	63,779		0.0
				Switzerland: 0.4%
	400,000	(1	)	Credit Suisse AG, 6.500%, 08/08/2023		438,467		0.2
	250,000			Other Securities		278,926		0.2
						717,393		0.4	��
				United Kingdom: 0.5%
	200,000	(1	)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027		218,974		0.1
	230,000	(1	)	Standard Chartered PLC, 5.300%, 01/09/2043		268,393		0.2
		405,000		Other Securities		449,831		0.2
						937,198		0.5
				United States: 18.9%
	185,000	(1	)	AbbVie, Inc., 3.200%, 11/21/2029		206,562		0.1
	374,000	(1	)	AbbVie, Inc., 4.050%, 11/21/2039		434,360		0.2
	471,000			AbbVie, Inc., 3.600%- 4.300%, 05/14/2025- 05/14/2036		547,342		0.3
	240,000	(1	)	Advance Auto Parts, Inc., 3.900%, 04/15/2030		257,209		0.1
	675,000			Altria Group, Inc., 4.500%- 4.800%, 02/14/2029- 05/02/2043		771,792		0.4
	577,000			American International Group, Inc., 4.250%- 4.750%, 03/15/2029- 04/01/2048		674,971		0.3

Principal Amount†					Value		Percentage of Net Assets
	734,000			AT&T, Inc., 4.300%- 5.450%, 02/15/2030- 03/01/2047	$	919,196		0.5
	616,000	(5	)	Bank of America Corp., 3.419%, 12/20/2028		686,458		0.4
	1,376,000	(5	)	Bank of America Corp., 2.496%- 4.330%, 01/11/2023- 03/15/2050		1,556,097		0.8
	266,000	(1	)	Bristol-Myers Squibb Co., 3.875%, 08/15/2025		302,802		0.1
	65,000	(1	)	Carrier Global Corp., 2.722%, 02/15/2030		65,286		0.0
	1,313,000			Citigroup, Inc., 4.000%- 5.500%, 08/05/2024- 07/25/2028		1,487,770		0.8
	278,000	(1	)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		304,878		0.2
	724,000			Comcast Corp., 2.350%- 5.650%, 01/15/2027- 04/01/2040		867,918		0.4
	1,184,000			CVS Health Corp., 2.800%, 07/20/2020		1,185,071		0.6
	510,000			CVS Health Corp., 4.300%, 03/25/2028		596,625		0.3
	313,000	(1	)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		359,110		0.2
	1,026,000			Energy Transfer Operating L.P., 4.900%, 02/01/2024		1,109,963		0.6

See Accompanying Notes to Financial Statements
53

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	280,000			Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023	$	300,946		0.1
	241,000	(1	)	Fairfax US, Inc., 4.875%, 08/13/2024		248,098		0.1
	318,000			Fifth Third Bancorp, 8.250%, 03/01/2038		516,270		0.3
	532,000			FirstEnergy Corp., 4.250%, 03/15/2023		575,642		0.3
	569,000			Ford Motor Credit Co. LLC, 3.200%, 01/15/2021		561,888		0.3
	240,000			Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021		243,841		0.1
	945,000			Goldman Sachs Group, Inc./The, 3.000%, 04/26/2022		963,431		0.5
	719,000	(5	)	JPMorgan Chase & Co., 2.550%- 6.000%, 03/01/2021- 12/31/2199		731,825		0.4
	380,000	(1	)	Metropolitan Edison Co., 4.000%, 04/15/2025		425,578		0.2
	618,000			Morgan Stanley, 4.100%, 05/22/2023		668,203		0.4
	528,000	(5	)	Morgan Stanley, 3.622%- 5.597%, 02/25/2023- 03/24/2051		609,582		0.3
	460,000			Philip Morris International, Inc., 3.875%, 08/21/2042		527,910		0.3
	233,000	(1	)	T-Mobile USA, Inc., 3.750%, 04/15/2027		258,805		0.2

Principal Amount†					Value		Percentage of Net Assets
	59,000	(1	)	T-Mobile USA, Inc., 3.875%, 04/15/2030	$	65,870		0.0
	595,000			Verizon Communications, Inc., 4.125%, 03/16/2027- 08/15/2046		727,864		0.4
	468,000			ViacomCBS, Inc., 3.700%- 4.375%, 08/15/2024- 03/15/2043		498,591		0.3
	670,000	(5	)	Wells Fargo & Co., 2.406%- 4.100%, 10/30/2025- 06/03/2026		735,055		0.4
	13,729,961	(3	)	Other Securities		15,407,940		8.0
						36,400,749		18.9
				Total Corporate Bonds/Notes (Cost $40,338,088)		43,455,640		22.6
COLLATERALIZED MORTGAGE OBLIGATIONS: 17.2%
				United States: 17.2%
	212,292			Alternative Loan Trust 2005-51 3A2A, 2.794%, (12MTA + 1.290%), 11/20/2035		191,355		0.1
	421,540			Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035		431,725		0.2
	61,381	(5	)	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 4.216%, 05/25/2035		60,745		0.0
	276,137			CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		270,767		0.2

See Accompanying Notes to Financial Statements
54

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	46,639			Countrywide Alternative Loan Trust 2005-53T2 2A6, 0.685%, (US0001M + 0.500%), 11/25/2035	$	21,718		0.0
	203,706			Countrywide Asset-Backed Certificates 2005-IM1 M1, 0.905%, (US0001M + 0.720%), 11/25/2035		197,701		0.1
	257,486	(1	),(5)	CSMC Trust 2015-3 B1, 3.929%, 03/25/2045		268,779		0.1
	2,265	(1	)	Deutsche ALT-A Securities, Inc. ALT2007- RS1 A2, 0.674%, (US0001M + 0.500%), 01/27/2037		2,054		0.0
	164,881			Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 4.435%, (US0001M + 4.250%), 01/25/2029		172,074		0.1
	527,477			Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 4.635%, (US0001M + 4.450%), 01/25/2029		543,323		0.3
	596,941			Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 4.535%, (US0001M + 4.350%), 05/25/2029		622,742		0.3

Principal Amount†			Value		Percentage of Net Assets
	545,023	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 3.835%, (US0001M + 3.650%), 09/25/2029	$	550,024		0.3
	500,000	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.185%, (US0001M + 3.000%), 10/25/2029		507,641		0.3
	431,120	Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 2.385%, (US0001M + 2.200%), 01/25/2030		425,917		0.2
	537,621	Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 2.585%, (US0001M + 2.400%), 05/28/2030		530,479		0.3
	449,807	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 2.685%, (US0001M + 2.500%), 05/25/2030		446,529		0.2
	512,431	Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 2.735%, (US0001M + 2.550%), 12/25/2030		509,109		0.3
	278,378	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.185%, (US0001M + 2.000%), 03/25/2031		269,509		0.1

See Accompanying Notes to Financial Statements
55

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	274,968	(1	)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 2.485%, (US0001M + 2.300%), 08/25/2031	$	273,150		0.1
	459,940	(1	)	Fannie Mae Connecticut Avenue Securities Trust 2018- R07 1M2, 2.585%, (US0001M + 2.400%), 04/25/2031		458,646		0.2
	79,287	(1	)	Fannie Mae Connecticut Avenue Securities Trust 2019- R01 2M2, 2.635%, (US0001M + 2.450%), 07/25/2031		78,056		0.0
	72,602	(6	)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024		6,865		0.0
	16,114	(6	)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028		3,067		0.0
	139,865	(6	)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032		28,544		0.0
	50,431	(6	)	Fannie Mae Interest Strip Series 328 2, 6.000%, 12/25/2032		10,738		0.0
	22,280	(6	)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033		4,763		0.0
	27,429	(6	)	Fannie Mae Interest Strip Series 332 2, 6.000%, 03/25/2033		5,962		0.0

Principal Amount†					Value		Percentage of Net Assets
	21,881	(6	)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033	$	4,733		0.0
	26,710	(6	)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033		5,066		0.0
	11,490	(6	)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035		2,427		0.0
	12,580	(6	)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035		2,698		0.0
	407,541	(6	)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043		54,984		0.0
	585,631	(5	),(6)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033		64,617		0.0
	7,322			Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029		8,026		0.0
	10,447			Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032		11,744		0.0
	51,779	(6	)	Fannie Mae REMIC Trust 2002-12 SB, 7.566%, (-1.000* US0001M + 7.750%), 07/25/2031		12,977		0.0
	31,192	(6	)	Fannie Mae REMIC Trust 2002-2 SW, 7.566%, (-1.000* US0001M + 7.750%), 02/25/2032		8,102		0.0
	13,171			Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032		15,504		0.0

See Accompanying Notes to Financial Statements
56

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	5,304			Fannie Mae REMIC Trust 2002-29 F, 1.185%, (US0001M + 1.000%), 04/25/2032	$	5,401		0.0
	16,940	(6	)	Fannie Mae REMIC Trust 2002-41 S, 7.766%, (-1.000* US0001M + 7.950%), 07/25/2032		3,692		0.0
	1,632			Fannie Mae REMIC Trust 2002-64 FJ, 1.185%, (US0001M + 1.000%), 04/25/2032		1,662		0.0
	3,584			Fannie Mae REMIC Trust 2002-68 FH, 0.694%, (US0001M + 0.500%), 10/18/2032		3,589		0.0
	600,175	(6	)	Fannie Mae REMIC Trust 2002-77 JS, 7.806%, (-1.000* US0001M + 8.000%), 12/18/2032		150,509		0.1
	15,405			Fannie Mae REMIC Trust 2002-84 FB, 1.185%, (US0001M + 1.000%), 12/25/2032		15,688		0.0
	15,403			Fannie Mae REMIC Trust 2003-11 FA, 1.185%, (US0001M + 1.000%), 09/25/2032		15,686		0.0
	3,306			Fannie Mae REMIC Trust 2003-116 FA, 0.585%, (US0001M + 0.400%), 11/25/2033		3,306		0.0

Principal Amount†					Value		Percentage of Net Assets
	21,060	(6	)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033	$	5,292		0.0
	15,396	(6	)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033		3,494		0.0
	5,375	(6	)	Fannie Mae REMIC Trust 2003-52 NS, 6.916%, (-1.000* US0001M + 7.100%), 06/25/2023		269		0.0
	372,991	(6	)	Fannie Mae REMIC Trust 2004-56 SE, 7.366%, (-1.000* US0001M + 7.550%), 10/25/2033		89,443		0.1
	23,215			Fannie Mae REMIC Trust 2005-25 PS, 27.348%, (-4.400* US0001M + 28.160%), 04/25/2035		43,697		0.0
	10,312	(6	)	Fannie Mae REMIC Trust 2005-40 SB, 6.566%, (-1.000* US0001M + 6.750%), 05/25/2035		1,804		0.0
	30,440			Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025		31,482		0.0
	112,127			Fannie Mae REMIC Trust 2005-74 DK, 23.262%, (-4.000* US0001M + 24.000%), 07/25/2035		178,358		0.1
	284,505			Fannie Mae REMIC Trust 2005-87 SB, 23.157%, (-3.667* US0001M + 23.833%), 10/25/2035		478,818		0.3

See Accompanying Notes to Financial Statements
57

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	169,736			Fannie Mae REMIC Trust 2006-104 ES, 32.528%, (-5.000* US0001M + 33.450%), 11/25/2036	$	332,566		0.2
	12,626			Fannie Mae REMIC Trust 2006-11 PS, 23.890%, (-3.667* US0001M + 24.567%), 03/25/2036		22,243		0.0
	30,761			Fannie Mae REMIC Trust 2006-46 SW, 23.523%, (-3.667* US0001M + 24.199%), 06/25/2036		50,047		0.0
	6,807,066	(6	)	Fannie Mae REMIC Trust 2006-51 SA, 6.386%, (-1.000* US0001M + 6.570%), 06/25/2036		1,542,275		0.8
	57,822	(6	)	Fannie Mae REMIC Trust 2006-90 SX, 7.046%, (-1.000* US0001M + 7.230%), 09/25/2036		12,980		0.0
	6,900,862	(6	)	Fannie Mae REMIC Trust 2007-116 DI, 5.756%, (-1.000* US0001M + 5.940%), 01/25/2038		1,569,266		0.8
	45,666	(6	)	Fannie Mae REMIC Trust 2007-88 XI, 6.356%, (-1.000* US0001M + 6.540%), 06/25/2037		11,770		0.0

Principal Amount†					Value		Percentage of Net Assets
	586,710	(6	)	Fannie Mae REMIC Trust 2007-89 SB, 6.366%, (-1.000* US0001M + 6.550%), 09/25/2037	$	113,372		0.1
	1,366,067	(6	)	Fannie Mae REMIC Trust 2007-94 SG, 6.266%, (-1.000* US0001M + 6.450%), 10/25/2037		321,651		0.2
	248,774			Fannie Mae REMIC Trust 2010-109 SN, 24.137%, (-5.000* US0001M + 25.000%), 10/25/2040		893,338		0.5
	64,203			Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040		71,645		0.0
	2,599,543	(6	)	Fannie Mae REMIC Trust 2011-55 SK, 6.376%, (-1.000* US0001M + 6.560%), 06/25/2041		645,811		0.3
	2,021,117	(6	)	Fannie Mae REMIC Trust 2011-86 NS, 5.766%, (-1.000* US0001M + 5.950%), 09/25/2041		404,344		0.2
	993,959	(6	)	Fannie Mae REMIC Trust 2012-10 US, 6.266%, (-1.000* US0001M + 6.450%), 02/25/2042		133,019		0.1
	1,054,270	(6	)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042		122,508		0.1

See Accompanying Notes to Financial Statements
58

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	2,787,707	(6	)	Fannie Mae REMIC Trust 2012-133 PS, 6.016%, (-1.000* US0001M + 6.200%), 03/25/2042	$	349,968		0.2
	1,808,846	(6	)	Fannie Mae REMIC Trust 2012-144 SB, 5.916%, (-1.000* US0001M + 6.100%), 01/25/2043		500,173		0.3
	1,702,066	(6	)	Fannie Mae REMIC Trust 2012-27 SB, 5.796%, (-1.000* US0001M + 5.980%), 11/25/2041		217,548		0.1
	1,179,190	(6	)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033		129,838		0.1
	6,334,450	(6	)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027		380,274		0.2
	6,097,313	(6	)	Freddie Mac 3502 DL, 5.815%, (-1.000* US0001M + 6.000%), 01/15/2039		1,395,656		0.7
	17,136			Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022		17,979		0.0
	13,752			Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024		14,702		0.0
	28,639			Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026		31,947		0.0
	6,489	(6	)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028		1,220		0.0

Principal Amount†					Value		Percentage of Net Assets
	34,609	(6	)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028	$	6,314		0.0
	18,307			Freddie Mac REMIC Trust 2122 F, 0.635%, (US0001M + 0.450%), 02/15/2029		18,303		0.0
	53,490	(6	)	Freddie Mac REMIC Trust 2134 SB, 7.515%, (-1.000* US0001M + 7.700%), 03/15/2029		9,032		0.0
	56,986	(6	)	Freddie Mac REMIC Trust 2136 SG, 7.465%, (-1.000* US0001M + 7.650%), 03/15/2029		11,210		0.0
	74,868	(6	)	Freddie Mac REMIC Trust 2177 SB, 8.765%, (-1.000* US0001M + 8.950%), 08/15/2029		16,212		0.0
	9,148			Freddie Mac REMIC Trust 2344 FP, 1.135%, (US0001M + 0.950%), 08/15/2031		9,311		0.0
	4,029			Freddie Mac REMIC Trust 2412 GF, 1.135%, (US0001M + 0.950%), 02/15/2032		4,095		0.0
	33,678			Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032		40,444		0.0
	5,069			Freddie Mac REMIC Trust 2464 FI, 1.185%, (US0001M + 1.000%), 02/15/2032		5,161		0.0

See Accompanying Notes to Financial Statements
59

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	5,200			Freddie Mac REMIC Trust 2470 LF, 1.185%, (US0001M + 1.000%), 02/15/2032	$	5,294		0.0
	7,294			Freddie Mac REMIC Trust 2471 FD, 1.185%, (US0001M + 1.000%), 03/15/2032		7,425		0.0
	5,930			Freddie Mac REMIC Trust 2504 FP, 0.685%, (US0001M + 0.500%), 03/15/2032		5,938		0.0
	21,179			Freddie Mac REMIC Trust 2551 LF, 0.685%, (US0001M + 0.500%), 01/15/2033		21,330		0.0
	36,561			Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023		38,170		0.0
	291,764			Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034		337,820		0.2
	238,714			Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034		273,599		0.1
	48,824			Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667* US0001M + 44.667%), 05/15/2035		55,802		0.0
	47,027	(6	)	Freddie Mac REMIC Trust 3004 SB, 5.965%, (-1.000* US0001M + 6.150%), 07/15/2035		7,248		0.0

Principal Amount†					Value		Percentage of Net Assets
	10,857			Freddie Mac REMIC Trust 3025 SJ, 24.073%, (-3.667* US0001M + 24.750%), 08/15/2035	$	19,296		0.0
	647,242	(6	)	Freddie Mac REMIC Trust 3223 S, 5.765%, (-1.000* US0001M + 5.950%), 10/15/2036		123,813		0.1
	1,849,772	(6	)	Freddie Mac REMIC Trust 3505 SA, 5.815%, (-1.000* US0001M + 6.000%), 01/15/2039		461,217		0.2
	1,925,854	(6	)	Freddie Mac REMIC Trust 3702 S, 4.265%, (-1.000* US0001M + 4.450%), 05/15/2036		270,826		0.1
	62,979	(6	)	Freddie Mac REMIC Trust 3710 SL, 5.815%, (-1.000* US0001M + 6.000%), 05/15/2036		154		0.0
	1,704,328	(6	)	Freddie Mac REMIC Trust 3925 SD, 5.865%, (-1.000* US0001M + 6.050%), 07/15/2040		191,532		0.1
	982,419	(6	)	Freddie Mac REMIC Trust 4136 SW, 6.065%, (-1.000* US0001M + 6.250%), 11/15/2032		173,678		0.1
	498,809	(6	)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043		92,976		0.1

See Accompanying Notes to Financial Statements
60

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	7,602,016	(6	)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043	$	1,100,680		0.6
	896,540	(6	)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032		82,153		0.1
	245,467	(1	)	Freddie Mac STACR 2019- HQA3 M2, 2.035%, (US0001M + 1.850%), 09/27/2049		238,930		0.1
	800,000	(1	)	Freddie Mac Stacr Remic Trust 2020- HQA2 M2, 3.285%, (US0001M + 3.100%), 03/25/2050		776,097		0.4
	700,000	(1	)	Freddie Mac STACR Trust 2018-DNA2 M2, 2.335%, (US0001M + 2.150%), 12/25/2030		679,183		0.4
	200,000	(1	)	Freddie Mac Stacr Trust 2018-HQA2 M2, 2.485%, (US0001M + 2.300%), 10/25/2048		194,404		0.1
	196,948			Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 4.085%, (US0001M + 3.900%), 12/25/2027		201,206		0.1
	100,000			Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 4.885%, (US0001M + 4.700%), 04/25/2028		104,994		0.1

Principal Amount†			Value		Percentage of Net Assets
	103,074	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 3.985%, (US0001M + 3.800%), 03/25/2025	$	104,949		0.1
	339,418	Freddie Mac Structured Agency Credit Risk Debt Notes 2016- HQA1 M3, 6.535%, (US0001M + 6.350%), 09/25/2028		359,102		0.2
	500,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 3.635%, (US0001M + 3.450%), 10/25/2029		511,811		0.3
	400,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 2.685%, (US0001M + 2.500%), 03/25/2030		405,665		0.2
	259,948	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 3.735%, (US0001M + 3.550%), 08/25/2029		266,464		0.1
	566,407	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 2.835%, (US0001M + 2.650%), 12/25/2029		566,042		0.3

See Accompanying Notes to Financial Statements
61

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	36,232	(5	)	Freddie Mac Whole Loan Securities Trust 2016- SC02 M1, 3.587%, 10/25/2046	$	36,232		0.0
	293,123	(1	)	Freddie Mac STACR Trust 2019-DNA3 M2, 2.235%, (US0001M + 2.050%), 07/25/2049		289,054		0.2
	361,960	(1	)	Freddie Mac Stacr Trust 2019-HQA1 M2, 2.535%, (US0001M + 2.350%), 02/25/2049		356,920		0.2
	315,655			Ginnie Mae Series 2007-8 SP, 21.432%, (-3.242* US0001M + 22.049%), 03/20/2037		535,449		0.3
	1,606,983	(6	)	Ginnie Mae Series 2010-68 MS, 5.660%, (-1.000* US0001M + 5.850%), 06/20/2040		314,125		0.2
	1,152,782	(6	)	Ginnie Mae Series 2012-97 SC, 6.505%, (-1.000* US0001M + 6.700%), 07/16/2041		231,950		0.1
	201,456			GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 0.395%, (US0001M + 0.210%), 04/25/2036		188,054		0.1
	143,475	(1	),(5)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		147,855		0.1

Principal Amount†					Value		Percentage of Net Assets
	139,160	(1	),(5)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050	$	142,922		0.1
	499,129	(1	),(5)	GS Mortgage- Backed Securities Corp. Trust 2020-PJ3 B1A, 3.468%, 10/25/2050		507,368		0.3
	521,951			IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.395%, (US0001M + 0.210%), 04/25/2046		462,701		0.2
	593,424	(5	)	JP Morgan Mortgage Trust 2005-A4 B1, 3.330%, 07/25/2035		563,724		0.3
	57,781	(5	)	JP Morgan Mortgage Trust 2007-A1 7A1, 3.905%, 07/25/2035		55,696		0.0
	189,372	(1	),(5)	JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047		197,027		0.1
	278,598	(1	),(5)	JP Morgan Mortgage Trust 2017-3 B1, 3.817%, 08/25/2047		288,434		0.2
	172,921	(1	),(5)	JP Morgan Mortgage Trust 2019- INV3 A15, 3.500%, 05/25/2050		177,103		0.1
	345,843	(1	),(5)	JP Morgan Mortgage Trust 2019- INV3 A3, 3.500%, 05/25/2050		354,088		0.2
	182,458	(1	),(5)	JP Morgan Mortgage Trust 2019- LTV2 A18, 4.000%, 12/25/2049		187,605		0.1

See Accompanying Notes to Financial Statements
62

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	231,955	(1	),(5)	JP Morgan Mortgage Trust 2019- LTV3 A15, 3.500%, 12/31/2049	$	238,682		0.1
	138,105			Lehman XS Trust Series 2005-5N 1A2, 0.545%, (US0001M + 0.360%), 11/25/2035		113,701		0.1
	2,027,500	(5	),(6)	RALI Series Trust 2006- QO1 X2, 3.713%, 02/25/2046		175,618		0.1
	47,283	(1	),(5)	Sequoia Mortgage Trust 2018- CH1 A19, 4.000%, 02/25/2048		48,540		0.0
	5,381,684	(5	),(6)	WaMu Mortgage Pass-Through Certificates Series 2005- AR11 X, 2.443%, 08/25/2045		258,464		0.2
	34,895	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006- AR12 1A1, 3.711%, 10/25/2036		33,063		0.0
	671,420	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006- AR16 3A1, 3.526%, 12/25/2036		608,515		0.3
	122,180	(5	)	WaMu Mortgage Pass-Through Certificates Series 2006- AR8 1A4, 3.913%, 08/25/2046		112,862		0.1

Principal Amount†					Value		Percentage of Net Assets
	266,366	(5	)	WaMu Mortgage Pass-Through Certificates Series 2007- HY2 1A1, 3.515%, 12/25/2036	$	257,866		0.1
	74,520	(5	)	WaMu Mortgage Pass-Through Certificates Series 2007- HY4 1A1, 3.185%, 04/25/2037		65,049		0.0
	81,443			Wells Fargo Alternative Loan 2007- PA2 2A1, 0.615%, (US0001M + 0.430%), 06/25/2037		64,323		0.0
	178,742	(1	),(5)	WinWater Mortgage Loan Trust 2015-5 B4, 3.777%, 08/20/2045		179,502		0.1
	724,030			Other Securities		630,029		0.3
				Total Collateralized Mortgage Obligations (Cost $28,574,604)		33,021,591		17.2
U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.6%
				Federal Home Loan Mortgage Corporation: 0.9%(7)
	918,426			3.500%, 01/01/2048		979,583		0.5
	705,262			4.000%- 6.500%, 02/01/2022- 05/01/2046		765,687		0.4
						1,745,270		0.9
				Federal National Mortgage Association: 0.0%
	77,847			3.869%, (US0012M + 1.777%), 10/01/2036		82,417		0.0

See Accompanying Notes to Financial Statements
63

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Government National Mortgage Association: 0.8%
	1,335,000	(8	)	2.500%, 08/01/2050	$	1,401,959		0.8
	41,432			5.000%-6.500%, 04/15/2034- 02/20/2035		47,137		0.0
						1,449,096		0.8
				Uniform Mortgage-Backed Securities: 7.9%
	4,078,000	(8	)	2.500%, 08/13/2050		4,242,118		2.2
	3,672,000	(8	)	3.000%, 07/25/2050		3,866,501		2.0
	924,598			3.500%, 09/01/2049		974,975		0.5
	2,122,972			3.500%, 02/01/2050		2,232,989		1.2
	1,928,475			4.000%, 04/01/2049		2,074,224		1.1
	1,057,283			4.000%, 02/01/2050		1,121,616		0.6
	578,581			2.500%- 7.500%, 05/01/2021- 05/01/2045		646,566		0.3
						15,158,989		7.9
				Total U.S. Government Agency Obligations (Cost $18,255,784)		18,435,772		9.6
U.S. TREASURY OBLIGATIONS: 6.3%
				U.S. Treasury Bonds: 3.3%
	4,240,000	(9	)	0.625%, 05/15/2030		4,227,744		2.2
	180,000			1.125%, 05/15/2040		178,351		0.1
	1,679,000			2.000%, 02/15/2050		1,922,389		1.0
						6,328,484		3.3
				U.S. Treasury Notes: 3.0%
	2,400,000			0.125%, 06/30/2022		2,398,781		1.2
	1,171,000			0.250%, 06/15/2023		1,173,562		0.6
	1,132,000			0.250%, 06/30/2025		1,129,900		0.6
	1,084,000			0.500%, 06/30/2027		1,084,804		0.6
						5,787,047		3.0
				Total U.S. Treasury Obligations (Cost $12,080,323)		12,115,531		6.3

Principal Amount†					Value		Percentage of Net Assets
SOVEREIGN BONDS: 8.7%
				Australia: 0.2%
AUD	558,000	(1	)	Queensland Treasury Corp., 1.750%, 07/20/2034	$	381,637		0.2
				Brazil: 0.6%
BRL	5,000,000			Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		1,089,333		0.6
				Chile: 0.1%
CLP	155,000,000			Other Securities		267,967		0.1
				China: 2.2%
CNY	14,870,000			China Government Bond, 3.250%, 11/22/2028		2,152,896		1.1
CNY	12,880,000			China Government Bond, 3.290%, 05/23/2029		1,873,144		1.0
CNY	1,780,000			China Government Bond, 4.080%, 10/22/2048		271,185		0.1
						4,297,225		2.2
				Germany: 1.5%
EUR	1,010,000			Bundesobligation, 0.000%, 10/08/2021		1,144,337		0.6
EUR	660,000			Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046		1,243,635		0.6
EUR	360,000			Bundesrepublik Deutschland Bundesanleihe, 0.000%-2.000%, 08/15/2023- 08/15/2048		495,664		0.3
						2,883,636		1.5
				Indonesia: 0.3%
IDR	6,452,000,000			Other Securities		476,549		0.3

See Accompanying Notes to Financial Statements
64

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (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	$	665,603		0.3
EUR	438,000	(1	)	Italy Buoni Poliennali Del Tesoro, 5.000%, 08/01/2034		699,252		0.4
						1,364,855		0.7
				Portugal: 0.8%
EUR	1,135,000	(1	)	Portugal Obrigacoes do Tesouro OT, 2.250%, 04/18/2034		1,522,491		0.8
				Spain: 1.3%
EUR	870,000	(1	)	Spain Government Bond, 1.450%, 04/30/2029		1,074,207		0.6
EUR	908,000	(1	)	Spain Government Bond, 2.700%, 10/31/2048		1,378,866		0.7
						2,453,073		1.3
				United Kingdom: 1.0%
GBP	1,500,000			United Kingdom Gilt, 4.000%, 03/07/2022		1,986,994		1.0
				Total Sovereign Bonds (Cost $16,687,354)		16,723,760		8.7
COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.1%
				United States: 7.1%
	6,878,475	(5	),(6)	BANK 2017- BNK5 XA, 1.217%, 06/15/2060		339,258		0.2
	900,000	(1	),(5)	BANK 2017- BNK6 E, 2.787%, 07/15/2060		501,884		0.3
	1,948,000	(1	),(5),(6)	BANK 2017- BNK6 XE, 1.500%, 07/15/2060		156,776		0.1
	992,850	(5	),(6)	BANK 2019- BNK16 XA, 1.125%, 02/15/2052		63,193		0.0

Principal Amount†					Value		Percentage of Net Assets
	8,020,000	(1	),(5),(6)	BBCCRE Trust 2015- GTP XA, 0.749%, 08/10/2033	$	231,314		0.1
	210,000	(1	)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		159,968		0.1
	1,195,324	(5	),(6)	Benchmark 2019-B9 XA Mortgage Trust, 1.212%, 03/15/2052		85,738		0.0
	659,226	(1	)	BX Commercial Mortgage Trust 2019- XL J, 2.835%, (US0001M + 2.650%), 10/15/2036		625,672		0.3
	500,000	(1	)	BX Commercial Mortgage Trust 2020- BXLP G, 2.685%, (US0001M + 2.500%), 12/15/2029		477,593		0.2
	270,000	(1	),(5)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041		243,142		0.1
	170,000	(1	)	BXMT 2017- FL1 B Ltd., 1.694%, (US0001M + 1.500%), 06/15/2035		167,244		0.1
	160,000	(1	)	BXMT 2020- FL2 B Ltd., 1.594%, (US0001M + 1.400%), 02/16/2037		150,767		0.1
	1,820,735	(5	),(6)	CD 2016-CD1 Mortgage Trust XA, 1.532%, 08/10/2049		108,173		0.1
	7,900,000	(5	),(6)	Citigroup Commercial Mortgage Trust 2016- C2 XB, 0.992%, 08/10/2049		363,685		0.2

See Accompanying Notes to Financial Statements
65

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	3,195,606	(5	),(6)	Citigroup Commercial Mortgage Trust 2017- C4 XA, 1.251%, 10/12/2050	$	168,959		0.1
	9,326,001	(1	),(5),(6)	COMM 2012- LTRT XA, 1.049%, 10/05/2030		138,985		0.1
	110,000	(1	),(5)	COMM 2013- CR10 E Mortgage Trust, 4.949%, 08/10/2046		92,704		0.0
	11,054,044	(5	),(6)	COMM 2014- CR16 XA, 1.138%, 04/10/2047		338,417		0.2
	570,000	(1	),(5)	COMM 2014- LC15 D Mortgage Trust, 5.150%, 04/10/2047		412,116		0.2
	570,000	(5	)	COMM 2016- COR1 C, 4.529%, 10/10/2049		513,794		0.3
	4,376,807	(5	),(6)	COMM 2016- CR28 XA, 0.775%, 02/10/2049		118,100		0.0
	290,000	(1	),(5)	DBJPM 16-C3 Mortgage Trust, 3.632%, 08/10/2049		208,118		0.1
	1,224,256	(1	),(5),(6)	DBUBS 2011- LC1A XA, 0.874%, 11/10/2046		1,363		0.0
	300,000	(1	)	DBUBS 2011- LC2A F Mortgage Trust, 3.823%, (US0001M + 3.650%), 07/10/2044		211,800		0.1
	270,000	(1	),(5)	Fontainebleau Miami Beach Trust 2019- FBLU F, 4.095%, 12/10/2036		223,724		0.1

Principal Amount†					Value		Percentage of Net Assets
	3,840,000	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.910%, 01/25/2043	$	44,656		0.0
	7,000,000	(5	),(6)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.852%, 12/25/2041		311,786		0.2
	35,701,828	(1	),(6)	FREMF Mortgage Trust 2012- K17 X2A, 0.100%, 12/25/2044		37,205		0.0
	450,000	(1	),(5)	GRACE 2014-GRCE F Mortgage Trust, 3.710%, 06/10/2028		434,960		0.2
	100,000	(1	),(5)	GS Mortgage Securities Trust 2010- C2 F, 4.548%, 12/10/2043		95,166		0.0
	180,000	(1	)	GS Mortgage Securities Trust 2013- GC16 G, 3.500%, 11/10/2046		129,540		0.1
	3,904,088	(5	),(6)	GS Mortgage Securities Trust 2013- GC16 XA, 1.206%, 11/10/2046		111,256		0.1
	2,307,744	(5	),(6)	GS Mortgage Securities Trust 2017- GS6 XA, 1.185%, 05/10/2050		132,017		0.1
	410,000	(1	),(5)	GS Mortgage Securities Trust 2019- GC40 DBD, 3.668%, 07/10/2052		382,787		0.2
	310,000	(1	),(5)	GS Mortgage Securities Trust 2019- GC40 DBE, 3.668%, 07/10/2052		274,242		0.1

See Accompanying Notes to Financial Statements
66

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	360,000	(1	),(5)	Jackson Park Trust 2019- LIC F, 3.242%, 10/14/2039	$	300,596		0.2
	1,740,000	(1	),(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2011- C5 E, 4.000%, 08/15/2046		1,323,956		0.7
	5,614,620	(5	),(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2012- CIBX XA, 1.645%, 06/15/2045		86,164		0.0
	660,000	(5	)	JPMBB Commercial Mortgage Securities Trust 2014- C18 AS, 4.439%, 02/15/2047		705,430		0.4
	2,842,321	(1	),(5),(6)	LSTAR Commercial Mortgage Trust 2017- 5 X, 1.148%, 03/10/2050		97,454		0.0
	1,090,000	(1	),(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2012- C6 E, 4.760%, 11/15/2045		637,274		0.3
	18,750,000	(1	),(5),(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.605%, 12/15/2047		366,435		0.2
	570,000	(1	),(5)	Morgan Stanley Capital I Trust 2011-C1 D, 5.684%, 09/15/2047		566,753		0.3

Principal Amount†					Value		Percentage of Net Assets
	170,000	(1	)	MRCD 2019- PARK E Mortgage Trust, 2.718%, 12/15/2036	$	158,243		0.1
	320,000	(1	)	MRCD 2019- PARK F Mortgage Trust, 2.718%, 12/15/2036		292,703		0.2
	220,000	(1	)	Wells Fargo Commercial Mortgage Trust 2010- C1 F, 4.000%, 11/15/2043		213,694		0.1
	3,074,574	(1	),(5),(6)	WFRBS Commercial Mortgage Trust 2012- C8 XA, 1.964%, 08/15/2045		83,836		0.0
	550,000	(1	),(5)	WFRBS Commercial Mortgage Trust 2013- C11 F, 4.399%, 03/15/2045		348,920		0.2
	330,000	(1	),(5)	WFRBS Commercial Mortgage Trust 2013- C14 D, 4.106%, 06/15/2046		151,264		0.1
	9,134,506	(5	),(6)	WFRBS Commercial Mortgage Trust 2014- C19 XA, 1.192%, 03/15/2047		242,566		0.1
	221,321			Other Securities		140,142		0.1
				Total Commercial Mortgage- Backed Securities (Cost $15,755,869)		13,771,532		7.1

See Accompanying Notes to Financial Statements
67

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: 5.4%
				United States: 5.4%
	500,000	(1	)	AMMC CLO 16 Ltd. 2015-16A CR, 3.661%, (US0003M + 2.350%), 04/14/2029	$	477,992		0.3
	350,000	(1	)	Ares XXVIIIR CLO Ltd. 2018-28RA A2, 2.535%, (US0003M + 1.400%), 10/17/2030		338,211		0.2
	500,000	(1	)	Barings Clo Ltd. 2019- 4A C, 4.405%, (US0003M + 2.800%), 01/15/2033		494,162		0.3
	400,000	(1	)	Clear Creek CLO 2015- 1A CR, 3.085%, (US0003M + 1.950%), 10/20/2030		375,064		0.2
	500,000	(1	)	Galaxy XV CLO Ltd. 2013-15A CR, 3.219%, (US0003M + 2.000%), 10/15/2030		470,714		0.2
	400,000	(1	)	Galaxy XXI CLO Ltd. 2015-21A CR, 2.885%, (US0003M + 1.750%), 04/20/2031		374,695		0.2
	519,924	(1	)	Invitation Homes 2017- SFR2 A Trust, 1.044%, (US0001M + 0.850%), 12/17/2036		514,960		0.3
	500,000	(1	)	Jay Park CLO Ltd. 2016- 1A BR, 3.135%, (US0003M + 2.000%), 10/20/2027		485,594		0.2

Principal Amount†					Value		Percentage of Net Assets
	500,000	(1	)	OCP CLO 2014-5 A BR Ltd., 2.791%, (US0003M + 1.800%), 04/26/2031	$	468,194		0.2
	400,000	(1	)	Shackleton CLO Ltd. 2019-15A C, 4.703%, (US0003M + 2.800%), 01/15/2030		393,373		0.2
	412,500	(1	)	BlueMountain CLO 2013-2A CR, 3.048%, (US0003M + 1.950%), 10/22/2030		388,401		0.2
	400,000	(1	)	CIFC Funding 2013-IA BR Ltd., 3.576%, (US0003M + 2.400%), 07/16/2030		390,508		0.2
	271,704	(5	)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.831%, 03/25/2036		178,173		0.1
	1,040,000	(1	)	Invitation Homes 2018- SFR1 D Trust, 1.644%, (US0001M + 1.450%), 03/17/2037		1,015,601		0.5
	250,000	(1	)	LCM XIV L.P. 14A AR, 2.175%, (US0003M + 1.040%), 07/20/2031		242,020		0.1
	1,000,000	(1	)	LCM XXIV Ltd. 24A C, 3.385%, (US0003M + 2.250%), 03/20/2030		950,778		0.5
	250,000	(1	)	Madison Park Funding XXVII Ltd. 2018-27A B, 2.935%, (US0003M + 1.800%), 04/20/2030		236,261		0.1

See Accompanying Notes to Financial Statements
68

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				United States (continued)
	400,000	(1	)	Madison Park Funding XXXI Ltd. 2018- 31A C, 3.193%, (US0003M + 2.150%), 01/23/2031	$	381,545		0.2
	200,000	(1	),(5)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		212,370		0.1
	250,000	(1	)	Palmer Square Loan Funding 2018-1A C Ltd., 3.069%, (US0003M + 1.850%), 04/15/2026		236,688		0.1
	1,060,000	(1	)	Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035		1,089,884		0.6
	250,000	(1	)	THL Credit Wind River 2013-2A CR CLO Ltd., 3.135%, (US0003M + 2.000%), 10/18/2030		233,689		0.1
	560,000	(1	)	THL Credit Wind River 2017-3A C CLO Ltd., 3.419%, (US0003M + 2.200%), 10/15/2030		535,068		0.3
				Total Asset- Backed Securities (Cost $10,692,830)		10,483,945		5.4

Principal Amount†					Value		Percentage of Net Assets
STRUCTURED NOTES: 0.0%
				Russia: 0.0%
RUB	3,751,445	(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	$	1,454		0.0
				Total Structured Notes (Cost $134,544)		1,454		0.0
Shares					Value		Percentage of Net Assets
COMMON STOCK: 0.0%
				United States: 0.0%
	48,209	(4	),(10),(11)	Other Securities	$	14,862		0.0
				Total Common Stock (Cost $1,305,735)		14,862		0.0
MUTUAL FUNDS: 21.5%
				United States: 21.5%
	839,468			Voya Emerging Markets Corporate Debt Fund - Class P		8,277,157		4.3
	1,436,300			Voya Emerging Markets Hard Currency Debt Fund - Class P		13,443,764		7.0
	1,897,654			Voya Emerging Markets Local Currency Debt Fund - Class P		12,657,353		6.6
	934,484			Voya High Yield Bond Fund - Class P		6,980,598		3.6
				Total Mutual Funds (Cost $45,845,300)		41,358,872		21.5

See Accompanying Notes to Financial Statements
69

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
PURCHASED OPTIONS(12): 0.1%
				Total Purchased Options (Cost $116,135)	$	56,713		0.1
				Total Long- Term Investments (Cost $189,786,566)		189,439,672		98.5
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.9%
				Commercial Paper: 0.5%
		1,000,000		Entergy Corp., 0.310%, 07/06/2020 (Cost $999,958)	$	999,950		0.5
				Repurchase Agreements: 1.8%
	1,000,000	(13	)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.500%- 7.500%, Market Value plus accrued interest $1,020,000, due 07/31/21- 05/20/70)		1,000,000		0.5

Principal Amount†					Value		Percentage of Net Assets
	1,000,000	(13	)	HSBC Securities USA, Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Agency Obligations, 2.500%- 4.500%, Market Value plus accrued interest $1,020,000, due 02/01/26- 05/01/50)	$	1,000,000		0.5
	510,333	(13	)	Morgan Stanley, Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $510,334, collateralized by various U.S. Government Agency Obligations, 2.500%- 6.000%, Market Value plus accrued interest $520,540, due 01/01/21- 07/01/50)		510,333		0.3

See Accompanying Notes to Financial Statements
70

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value			Percentage of Net Assets
				Repurchase Agreements (continued)
	1,000,000	(13	)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%- 7.000%, Market Value plus accrued interest $1,020,000, due 07/31/20- 07/01/50)	$	1,000,000			0.5
				Total Repurchase Agreements (Cost $3,510,333)		3,510,333			1.8
				Mutual Funds: 4.6%
	8,795,000	(14	)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150% (Cost $8,795,000)	$	8,795,000			4.6
				Total Short- Term Investments (Cost $13,305,291)		13,305,283			6.9
				Total Investments in Securities (Cost $203,091,857)	$	202,744,955			105.4
				Liabilities in Excess of Other Assets		(10,328,429	)		(5.4	)
				Net Assets	$	192,416,526			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

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

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

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

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

(3)  The grouping contains securities in default.

(4)  The grouping contains Level 3 securities.

(5)  Variable rate security. Rate shown is the rate in effect as of June 30, 2020.

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

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

(8)  Represents or includes a TBA transaction.

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

(10)  The grouping contains securities on loan.

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

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

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

(14)  Rate shown is the 7-day yield as of June 30, 2020.

Currency Abbreviations:

AUD  Australian Dollar

BRL  Brazilian Real

CLP  Chilean Peso

CNY  Chinese Yuan

EUR  EU Euro

GBP  British Pound

IDR  Indonesian Rupiah

MXN  Mexican Peso

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
71

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		21.5	%
Collateralized Mortgage Obligations		17.2
Sovereign Bonds		8.7
Financial		8.0
Uniform Mortgage-Backed Securities		7.9
Commercial Mortgage-Backed Securities		7.2
U.S. Treasury Obligations		6.3
Other Asset-Backed Securities		5.4
Consumer, Non-cyclical		4.2
Utilities		2.6
Communications		2.5
Energy		2.1
U.S. Government Agency Obligations		1.7
Technology		1.1
Consumer, Cyclical		1.1
Industrial		1.0
Purchased Options		0.0
Materials		0.0
Basic Materials		0.0
Communication Services		0.0
Structured Notes		0.0
Short-Term Investments		6.9
Liabilities in Excess of Other Assets		(5.4	)
Net Assets		100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
United States	$	14,862		$	—		$	—	$	14,862
Total Common Stock		14,862			—			—		14,862
Mutual Funds		41,358,872			—			—		41,358,872
Purchased Options		—			56,713			—		56,713
Corporate Bonds/Notes		—			43,454,276			1,364		43,455,640
Collateralized Mortgage Obligations		—			33,021,591			—		33,021,591
Asset-Backed Securities		—			10,483,945			—		10,483,945
U.S. Government Agency Obligations		—			18,435,772			—		18,435,772
Commercial Mortgage-Backed Securities		—			13,771,532			—		13,771,532
Sovereign Bonds		—			16,723,760			—		16,723,760
U.S. Treasury Obligations		—			12,115,531			—		12,115,531
Structured Notes		—			—			1,454		1,454
Short-Term Investments		8,795,000			4,510,283			—		13,305,283
Total Investments, at fair value	$	50,168,734		$	152,573,403		$	2,818	$	202,744,955
Other Financial Instruments+
Centrally Cleared Swaps		—			3,347,960			—		3,347,960
Forward Foreign Currency Contracts		—			951,221			—		951,221
Futures		382,771			—			—		382,771
Total Assets	$	50,551,505		$	156,872,584		$	2,818	$	207,426,907
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(4,282,444	)	$	—	$	(4,282,444	)
Forward Foreign Currency Contracts		—			(1,334,379	)		—		(1,334,379	)
Futures		(116,085	)		—			—		(116,085	)
OTC Swaps		—			(75,335	)		—		(75,335	)
Written Options		—			(105,041	)		—		(105,041	)
Total Liabilities	$	(116,085	)	$	(5,797,199	)	$	—	$	(5,913,284	)

See Accompanying Notes to Financial Statements
72

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

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

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

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/19		Purchases at Cost		Sales at Cost		Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/20		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund — Class P	$	6,534,186	$	1,972,028	$	—	$	(229,057	)	$	8,277,157	$	172,027	$	—	$	—
Voya Emerging Markets Hard Currency Debt Fund — Class P		11,083,391		3,028,327		—		(667,954	)		13,443,764		328,322		—		—
Voya Emerging Markets Local Currency Debt Fund — Class P		13,806,553		125,064		—		(1,274,264	)		12,657,353		125,057		—		—
Voya High Yield Bond Fund — Class P		7,285,686		220,751		—		(525,839	)		6,980,598		220,744		—		—
	$	38,709,816	$	5,346,170	$	—	$	(2,697,114	)	$	41,358,872	$	846,150	$	—	$	—

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

At June 30, 2020, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	327,359	RON	1,472,234	Barclays Bank PLC	08/07/20	$	(13,826	)
USD	31,888	MYR	138,881	Barclays Bank PLC	08/07/20		(458	)
USD	1,102,670	MXN	26,642,207	Barclays Bank PLC	08/14/20		(49,557	)
USD	629,962	COP	2,470,957,710	Barclays Bank PLC	08/14/20		(25,057	)
DKK	3,145,127	USD	471,869	BNP Paribas	07/17/20		2,483
GBP	4,575,855	USD	5,736,663	BNP Paribas	07/17/20		(66,142	)
USD	587,091	NZD	923,202	BNP Paribas	07/17/20		(8,673	)
RUB	42,995,299	USD	620,144	BNP Paribas	08/07/20		(18,910	)
RUB	43,246,850	USD	629,250	BNP Paribas	08/07/20		(24,499	)
RUB	2,781,273	USD	40,216	BNP Paribas	08/07/20		(1,324	)
RUB	43,961,768	USD	634,000	BNP Paribas	08/07/20		(19,252	)
CNY	4,362,722	USD	607,992	BNP Paribas	08/07/20		8,084
USD	1,129,792	IDR	17,263,226,512	BNP Paribas	08/07/20		(50,736	)
CNY	21,107,879	USD	2,959,866	BNP Paribas	08/07/20		20,851
SGD	537,066	USD	379,229	BNP Paribas	08/07/20		6,181
USD	524,036	THB	16,846,826	BNP Paribas	08/07/20		(20,982	)
USD	322,068	HUF	104,354,483	BNP Paribas	08/07/20		(8,906	)
ZAR	18,732,830	USD	1,010,204	BNP Paribas	08/07/20		64,899
USD	1,979,458	BRL	11,531,974	BNP Paribas	08/14/20		(136,622	)
USD	1,696,427	JPY	182,271,550	Brown Brothers Harriman & Co.	07/17/20		8,001
USD	2,695,549	GBP	2,170,516	Brown Brothers Harriman & Co.	07/17/20		5,788
AUD	664,404	USD	459,824	Brown Brothers Harriman & Co.	07/17/20		(1,276	)
CAD	651,419	USD	481,121	Brown Brothers Harriman & Co.	07/17/20		(1,268	)
CHF	537,408	USD	569,375	Brown Brothers Harriman & Co.	07/17/20		(1,893	)
USD	789,918	AUD	1,139,152	Brown Brothers Harriman & Co.	07/17/20		3,715
USD	446,716	NOK	4,295,651	Brown Brothers Harriman & Co.	07/17/20		400
CHF	1,700,715	USD	1,789,840	Brown Brothers Harriman & Co.	07/17/20		6,048
CHF	845,488	USD	891,995	Brown Brothers Harriman & Co.	07/17/20		806
CHF	1,201,901	USD	1,263,858	Brown Brothers Harriman & Co.	07/17/20		5,303
USD	511,748	GBP	411,964	Brown Brothers Harriman & Co.	07/17/20		1,231
NOK	12,608,330	USD	1,300,483	Brown Brothers Harriman & Co.	07/17/20		9,516
USD	627,880	CAD	859,127	Brown Brothers Harriman & Co.	07/17/20		(4,976	)
USD	539,824	GBP	439,318	Brown Brothers Harriman & Co.	07/17/20		(4,590	)
CAD	427,742	USD	314,458	Brown Brothers Harriman & Co.	07/17/20		628
CAD	632,665	USD	466,172	Brown Brothers Harriman & Co.	07/17/20		(134	)
NZD	1,041,882	USD	669,027	Brown Brothers Harriman & Co.	07/17/20		3,324
EUR	321,335	USD	363,474	Brown Brothers Harriman & Co.	07/17/20		(2,329	)
SEK	3,896,542	USD	416,053	Brown Brothers Harriman & Co.	07/17/20		2,194
CAD	7,913,217	USD	5,852,603	Brown Brothers Harriman & Co.	07/17/20		(23,517	)
USD	408,468	CHF	392,536	Brown Brothers Harriman & Co.	07/17/20		(6,034	)
SEK	3,732,820	USD	406,323	Brown Brothers Harriman & Co.	07/17/20		(5,649	)

See Accompanying Notes to Financial Statements
73

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
SEK	3,792,887	USD	409,262	Brown Brothers Harriman & Co.	07/17/20	$	(2,142	)
NOK	2,859,873	USD	308,640	Brown Brothers Harriman & Co.	07/17/20		(11,500	)
USD	1,151,886	GBP	914,657	Brown Brothers Harriman & Co.	07/17/20		18,418
USD	997,368	CHF	940,736	Brown Brothers Harriman & Co.	07/17/20		3,987
JPY	47,003,551	USD	439,950	Brown Brothers Harriman & Co.	07/17/20		(4,545	)
JPY	94,458,999	USD	881,650	Brown Brothers Harriman & Co.	07/17/20		(6,653	)
AUD	2,147,554	USD	1,478,757	Brown Brothers Harriman & Co.	07/17/20		3,409
MXN	10,250,138	USD	463,000	Brown Brothers Harriman & Co.	08/14/20		(19,700	)
EUR	719,709	USD	815,477	Citibank N.A.	07/17/20		(6,607	)
SEK	3,740,932	USD	407,357	Citibank N.A.	07/17/20		(5,813	)
CHF	542,861	USD	572,569	Citibank N.A.	07/17/20		671
USD	560,830	SEK	5,232,761	Citibank N.A.	07/17/20		(843	)
EUR	555,002	USD	625,297	Citibank N.A.	07/17/20		(1,538	)
AUD	540,894	USD	370,421	Citibank N.A.	07/17/20		2,885
USD	852,628	GBP	682,861	Citibank N.A.	07/17/20		6,408
USD	677,261	CHF	645,899	Citibank N.A.	07/17/20		(4,783	)
USD	568,434	SEK	5,324,382	Citibank N.A.	07/17/20		(3,074	)
USD	575,118	SEK	5,422,205	Citibank N.A.	07/17/20		(6,891	)
EUR	828,974	USD	931,458	Citibank N.A.	07/17/20		215
USD	791,665	GBP	630,000	Citibank N.A.	07/17/20		10,953
USD	389,183	CAD	527,794	Citibank N.A.	07/17/20		396
SEK	3,899,929	USD	418,063	Citibank N.A.	07/17/20		547
USD	375,915	CHF	361,389	Citibank N.A.	07/17/20		(5,698	)
CHF	545,924	USD	574,860	Citibank N.A.	07/17/20		1,614
JPY	77,406,833	USD	722,869	Citibank N.A.	07/17/20		(5,830	)
KRW	2,556,861,130	USD	2,092,820	Citibank N.A.	08/07/20		39,142
CNY	4,827,638	USD	677,485	Citibank N.A.	08/07/20		4,243
ILS	792,296	USD	226,361	Citibank N.A.	08/07/20		2,580
USD	701,317	PLN	2,955,312	Citibank N.A.	08/07/20		(45,762	)
USD	2,503,348	RUB	185,494,346	Citibank N.A.	08/07/20		(90,550	)
IDR	243,159,750	USD	15,968	Citibank N.A.	08/07/20		660
USD	2,293,987	CLP	1,793,393,157	Citibank N.A.	08/14/20		109,073
USD	728,000	CLP	586,214,720	Citibank N.A.	08/14/20		13,807
CLP	192,821,040	USD	233,527	Citibank N.A.	08/14/20		1,389
USD	339,165	EUR	298,540	Deutsche Bank AG	07/17/20		3,640
NOK	2,783,965	USD	291,622	Deutsche Bank AG	07/17/20		(2,369	)
JPY	2,754,168,778	USD	25,361,417	Deutsche Bank AG	07/17/20		151,120
USD	2,239,600	GBP	1,800,000	Deutsche Bank AG	07/17/20		8,992
JPY	2,449,629	USD	22,920	Deutsche Bank AG	07/17/20		(228	)
USD	530,188	NZD	824,508	Deutsche Bank AG	07/17/20		(1,887	)
USD	3,083,272	PEN	10,598,747	Deutsche Bank AG	08/14/20		93,048
USD	2,304,272	ZAR	43,514,785	HSBC Bank USA N.A.	08/07/20		(193,102	)
MXN	11,959	USD	520	HSBC Bank USA N.A.	08/14/20		(3	)
PEN	6,551,449	USD	1,908,974	HSBC Bank USA N.A.	08/14/20		(60,615	)
EUR	405,443	USD	453,768	JPMorgan Chase Bank N.A.	07/17/20		1,904
USD	19,088	PHP	966,184	JPMorgan Chase Bank N.A.	08/07/20		(296	)
USD	341,466	CZK	8,668,250	JPMorgan Chase Bank N.A.	08/07/20		(24,009	)
USD	2,148,121	TRY	15,907,465	JPMorgan Chase Bank N.A.	08/07/20		(150,887	)
USD	567,791	SEK	5,369,317	Morgan Stanley Capital Services LLC	07/17/20		(8,540	)
USD	542,525	GBP	430,515	Morgan Stanley Capital Services LLC	07/17/20		9,020
EUR	340,327	USD	385,029	Morgan Stanley Capital Services LLC	07/17/20		(2,539	)
USD	396,437	CHF	378,902	Morgan Stanley Capital Services LLC	07/17/20		(3,668	)
USD	458,740	EUR	405,663	Morgan Stanley Capital Services LLC	07/17/20		2,822
USD	359,683	NOK	3,431,502	Morgan Stanley Capital Services LLC	07/17/20		3,152
AUD	5,257,327	USD	3,602,942	Morgan Stanley Capital Services LLC	07/17/20		25,478
USD	412,084	CHF	395,939	Morgan Stanley Capital Services LLC	07/17/20		(6,012	)
SEK	1,716,877	USD	183,293	Morgan Stanley Capital Services LLC	07/17/20		993
USD	1,093,457	NOK	10,456,571	Morgan Stanley Capital Services LLC	07/17/20		7,024
USD	569,943	SEK	5,295,542	Morgan Stanley Capital Services LLC	07/17/20		1,530
UAH	8,564,560	USD	310,591	Morgan Stanley Capital Services LLC	08/07/20		7,659
EUR	31,913,211	USD	35,686,224	Standard Chartered Bank	07/17/20		180,590
EUR	590,341	USD	662,830	Standard Chartered Bank	07/17/20		646
USD	99,099	JPY	10,626,961	Standard Chartered Bank	07/17/20		658
CHF	3,813,044	USD	3,965,109	Standard Chartered Bank	07/17/20		61,315
KZT	163,585,695	USD	376,709	Standard Chartered Bank	08/07/20		21,737
PEN	2,129,058	USD	624,962	Standard Chartered Bank	08/14/20		(24,291	)
PEN	173,707	USD	50,274	Standard Chartered Bank	08/14/20		(1,266	)
CLP	1,466,532,080	USD	1,904,463	Standard Chartered Bank	08/14/20		(117,768	)
HKD	379,429	USD	48,902	State Street Bank and Trust Co.	08/07/20		44
ZAR	7,329,316	USD	439,000	State Street Bank and Trust Co.	08/07/20		(18,360	)
						$	(383,158	)

See Accompanying Notes to Financial Statements
74

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

At June 30, 2020, 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		5		09/15/20	$	513,393		$	(31	)
Australia 3-Year Bond		36		09/15/20		2,908,177			(1,318	)
CBOE Volatility Index		8		08/19/20		254,600			(11,896	)
Euro-Bobl 5-Year		77		09/08/20		11,676,995			71,819
Euro-Buxl® 30-year German Government Bond		11		09/08/20		2,718,362			70,507
Euro-OAT		53		09/08/20		9,982,754			157,219
Euro-Schatz		48		09/08/20		6,047,456			6,420
Japanese Government Bonds 10-Year Mini		30		09/11/20		4,219,866			(9,268	)
Long Gilt		20		09/28/20		3,410,983			9,976
Long-Term Euro-BTP		18		09/08/20		2,909,671			48,191
U.S. Treasury 2-Year Note		21		09/30/20		4,637,391			2,672
U.S. Treasury Ultra Long Bond		17		09/21/20		3,708,656			15,967
					$	52,988,304		$	360,258
Short Contracts:
Euro-Bund		(8	)	09/08/20		(1,586,554	)		(17,455	)
U.S. Treasury 10-Year Note		(17	)	09/21/20		(2,365,922	)		(6,102	)
U.S. Treasury 5-Year Note		(84	)	09/30/20		(10,562,344	)		(22,974	)
U.S. Treasury Long Bond		(5	)	09/21/20		(892,812	)		(3,667	)
U.S. Treasury Ultra 10-Year Note		(71	)	09/21/20		(11,181,391	)		(43,374	)
					$	(26,589,023	)	$	(93,572	)

At June 30, 2020, 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		1.283	%	Semi-Annual	04/14/30	CAD	2,300,000	$	43,876		$	43,876
Pay	3-month CAD-CDOR	Semi-Annual		2.960		Semi-Annual	11/21/44	CAD	1,000,000		252,316			252,316
Pay	6-month EUR-EURIBOR	Semi-Annual		0.294		Annual	02/10/23	EUR	2,400,000		49,535			49,535
Pay	6-month EUR-EURIBOR	Semi-Annual		0.325		Annual	02/16/23	EUR	100,000		2,174			2,174
Pay	6-month GBP-LIBOR	Semi-Annual		0.490		Semi-Annual	04/02/23	GBP	900,000		8,361			8,361
Pay	6-month GBP-LIBOR	Semi-Annual		2.899		Semi-Annual	08/22/44	GBP	2,000,000		1,454,539			1,454,539
Pay	6-month JPY-LIBOR	Semi-Annual		0.583		Semi-Annual	02/13/44	JPY	277,200,000		171,991			171,991
Pay	3-month USD-LIBOR	Quarterly		0.634		Semi-Annual	03/10/25	USD	2,000,000		30,834			30,834
Pay	3-month USD-LIBOR	Quarterly		0.325		Semi-Annual	07/28/25	USD	1,977,000		(425	)		(425	)
Pay	3-month USD-LIBOR	Quarterly		0.343		Semi-Annual	07/28/25	USD	2,482,000		1,648			1,648
Pay	1-month USD-LIBOR	Monthly		2.726		Monthly	12/27/28	USD	1,250,000		239,093			239,093
Pay	1-month USD-LIBOR	Monthly		2.466		Monthly	01/07/29	USD	584,000		99,134			99,134
Pay	3-month USD-LIBOR	Quarterly		1.997		Semi-Annual	06/25/29	USD	3,950,000		496,759			496,759
Pay	3-month USD-LIBOR	Quarterly		0.624		Semi-Annual	07/20/30	USD	330,000		(525	)		(525	)
Pay	3-month USD-LIBOR	Quarterly		0.631		Semi-Annual	07/20/30	USD	1,747,000		(1,450	)		(1,450	)
Pay	3-month USD-LIBOR	Quarterly		0.678		Semi-Annual	07/20/30	USD	900,000		3,422			3,422
Pay	3-month USD-LIBOR	Quarterly		0.683		Semi-Annual	07/20/30	USD	866,000		3,721			3,721
Pay	3-month USD-LIBOR	Quarterly		0.712		Semi-Annual	07/20/30	USD	421,000		3,019			3,019
Pay	1-month USD-LIBOR	Monthly		2.400		Monthly	10/27/32	USD	690,000		148,038			148,038
Pay	1-month USD-LIBOR	Monthly		2.488		Monthly	10/27/47	USD	800,000		339,500			339,500
Receive	6-month EUR-EURIBOR	Semi-Annual		0.056		Annual	02/10/21	EUR	100,000		(270	)		(270	)
Receive	6-month EUR-EURIBOR	Semi-Annual		1.143		Annual	02/04/46	EUR	500,000		(162,665	)		(162,665	)
Receive	6-month GBP-LIBOR	Semi-Annual		0.581		Semi-Annual	04/02/50	GBP	200,000		(11,035	)		(11,035	)
Receive	1-month USD-LIBOR	Monthly		2.798		Monthly	09/14/20	USD	4,000,000		(21,260	)		(21,260	)
Receive	1-month USD-LIBOR	Monthly		1.079		Monthly	04/04/21	USD	7,500,000		(52,898	)		(52,898	)
Receive	3-month USD-LIBOR	Quarterly		0.284		Semi-Annual	06/26/21	USD	10,000,000		(2,453	)		(2,453	)
Receive	1-month USD-LIBOR	Monthly		1.493		Monthly	09/12/21	USD	11,000,000		(177,393	)		(177,393	)
Receive	1-month USD-LIBOR	Monthly		1.983		Monthly	10/27/22	USD	23,590,000		(1,014,834	)		(1,014,834	)
Receive	1-month USD-LIBOR	Monthly		2.816		Monthly	06/19/23	USD	1,716,000		(136,232	)		(136,232	)
Receive	1-month USD-LIBOR	Monthly		2.514		Monthly	01/24/25	USD	1,210,000		(127,797	)		(127,797	)
Receive	1-month USD-LIBOR	Monthly		2.728		Monthly	03/01/25	USD	4,110,000		(484,270	)		(484,270	)
Receive	3-month USD-LIBOR	Quarterly		0.363		Semi-Annual	06/26/25	USD	18,000,000		(35,989	)		(35,989	)
Receive	3-month USD-LIBOR	Quarterly		0.328		Semi-Annual	07/28/25	USD	656,000		—			—
Receive	1-month USD-LIBOR	Monthly		2.210		Monthly	10/27/26	USD	3,590,000		(428,561	)		(428,561	)
Receive	1-month USD-LIBOR	Monthly		2.681		Monthly	02/02/28	USD	1,690,000		(290,828	)		(290,828	)
Receive	1-month USD-LIBOR	Monthly		2.884		Monthly	06/19/28	USD	910,000		(177,186	)		(177,186	)
Receive	1-month USD-LIBOR	Monthly		3.099		Monthly	10/18/28	USD	780,000		(170,590	)		(170,590	)
Receive	1-month USD-LIBOR	Monthly		1.646		Monthly	10/30/29	USD	3,000,000		(317,685	)		(317,685	)

See Accompanying Notes to Financial Statements
75

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate			Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive	3-month USD-LIBOR	Quarterly		1.807	%	Semi-Annual	12/18/29	USD	2,250,000	$	(252,418	)	$	(252,418	)
Receive	3-month USD-LIBOR	Quarterly		0.642		Semi-Annual	07/20/30	USD	620,000		—			—
Receive	3-month USD-LIBOR	Quarterly		0.674		Semi-Annual	07/20/30	USD	292,000		(1,090	)		(1,090	)
Receive	3-month USD-LIBOR	Quarterly		0.693		Semi-Annual	07/20/30	USD	437,000		(2,296	)		(2,296	)
Receive	3-month USD-LIBOR	Quarterly		0.705		Semi-Annual	07/20/30	USD	323,000		(2,103	)		(2,103	)
Receive	3-month USD-LIBOR	Quarterly		0.645		Semi-Annual	07/21/30	USD	2,078,000		—			—
Receive	1-month USD-LIBOR	Monthly		2.390		Monthly	12/11/32	USD	400,000		(85,978	)		(85,978	)
Receive	1-month USD-LIBOR	Monthly		2.962		Monthly	04/30/33	USD	530,000		(155,654	)		(155,654	)
Receive	1-month USD-LIBOR	Monthly		3.148		Monthly	10/18/33	USD	520,000		(168,559	)		(168,559	)
										$	(934,484	)	$	(934,484	)

At June 30, 2020, 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 Bonds 30-Year	At Termination		-0.06	%	At Termination	BNP Paribas	08/13/20	JPY	230,000,000	$	(55,932	)	$	—	$	(55,932	)
Receive	Japanese Government Bonds 20-Year	At Termination		-0.06	%	At Termination	BNP Paribas	08/20/20	JPY	50,000,000		(4,743	)		—		(4,743	)
Receive	Japanese Government Bonds 5-Year	At Termination		-0.06	%	At Termination	BNP Paribas	09/11/20	JPY	1,457,000,000		(6,647	)		—		(6,647	)
Receive	Japanese Government Bonds 20-Year	At Termination		-0.05	%	At Termination	Citibank N.A.	09/25/20	JPY	345,000,000		(8,013	)		—		(8,013	)
											$	(75,335	)	$	—	$	(75,335	)

At June 30, 2020, the following OTC purchased equity options were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Put/Call	Expiration Date	Exercise Price			Number of Contracts		Notional Amount		Cost		Fair Value
iShares iBoxx $ High Yield Corporate Bond ETF	Citibank N.A.	Put	08/21/20		77.200	USD		33,691		2,738,290	$	34,052	$	34,980
iShares Russell 2000 ETF	Citibank N.A.	Put	07/17/20		119.000	USD		7,949		1,138,138		35,566		2,549
											$	69,618	$	37,529

At June 30, 2020, the following over-the-counter purchased foreign currency dual digital options were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Expiration Date	Exercise Price(4)			Notional Amount		Cost		Fair Value
AUD/USD & USD/JPY Dual Digital	Citibank N.A.	08/14/20		0.6286 104.92 USD	&		216,000	$	17,280	$	1,242
								$	17,280	$	1,242

At June 30, 2020, 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 AUD	Citibank N.A.	09/14/20		0.640	USD		2,594,000	$	14,940	$	10,263
Call USD vs. Put AUD	Capital Services LLC	Morgan Stanley 09/16/20		0.640	USD		1,880,000		14,297		7,679
								$	29,237	$	17,942

See Accompanying Notes to Financial Statements
76

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

At June 30, 2020, the following over-the-counter written interest rate swaptions were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Pay/ Receive Exercise Rate	Exercise Rate			Floating Rate Index	Expiration Date	Notional Amount		Premiums Received		Fair Value
Call on 10-Year Interest Rate Swap(2)	BNP Paribas	Pay		0.677	%	3-month USD-LIBOR	07/20/20	USD	3,578,000	$	27,103	$	(27,759	)
Call on 5-Year Interest Rate Swap(2)	BNP Paribas	Pay		0.370	%	3-month USD-LIBOR	07/27/20	USD	7,107,000		15,547		(23,644	)
Call on 5-Year Interest Rate Swap(2)	BNP Paribas	Pay		0.374	%	3-month USD-LIBOR	07/23/20	USD	6,967,000		15,415		(23,088	)
Put on 10-Year Interest Rate Swap(3)	BNP Paribas	Receive		0.677	%	3-month USD-LIBOR	07/20/20	USD	3,578,000		27,103		(15,206	)
Put on 5-Year Interest Rate Swap(3)	BNP Paribas	Receive		0.370	%	3-month USD-LIBOR	07/27/20	USD	7,107,000		15,547		(8,503	)
Put on 5-Year Interest Rate Swap(3)	BNP Paribas	Receive		0.374	%	3-month USD-LIBOR	07/23/20	USD	6,967,000		15,414		(6,841	)
										$	116,129	$	(105,041	)

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

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

(4)  The Portfolio will receive payment from the counterparty if both the AUD/USD exchange rate is less than or equal to 0.6286 and the USD/JPY exchange rate is less than or equal to 104.92 at expiration.

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

COP — Colombian Peso

CNY — Chinese Yuan

CZK — Czech Koruna

DKK — Danish Krone

EUR — EU Euro

GBP — British Pound

HKD — Hong Kong Sar Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

KZT — Kazakhstan Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

USD — United States Dollar

UAH — Ukranian Hryvnia

ZAR — South African Rand

See Accompanying Notes to Financial Statements
77

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

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

The fair value of derivative instruments as of June 30, 2020 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Credit contracts	Investments in securities at value*	$	34,980
Equity contracts	Investments in securities at value*		2,549
Foreign exchange contracts	Investments in securities at value*		19,184
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		951,221
Equity contracts	Net Assets — Unrealized appreciation**		71,819
Interest rate contracts	Net Assets — Unrealized appreciation**		310,952
Interest rate contracts	Net Assets — Unrealized appreciation***		3,347,960
Total Asset Derivatives		$	4,738,665
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,334,379
Interest rate contracts	Net Assets — Unrealized depreciation**		116,085
Interest rate contracts	Net Assets — Unrealized depreciation***		4,282,444
Interest rate contracts	Unrealized depreciation on OTC swap agreements		75,335
Interest rate contracts	Written options, at fair value		105,041
Total Liability Derivatives		$	5,913,284

*  Includes purchased options.

**  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 period ended June 30, 2020 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	$	—		$	—		$	14,554		$	—		$	—		$	14,554
Credit Contracts		—			—			—			1,314,644			9,276			1,323,920
Foreign exchange contracts		(70,745	)		1,447,783			—			(36,105	)		87,194			1,428,127
Interest rate contracts		95,304			—			(1,143,347	)		(1,379,092	)		987,863			(1,439,272	)
Total	$	24,559		$	1,447,783		$	(1,128,793	)	$	(100,553	)	$	1,084,333		$	1,327,329
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Equity contracts	$	(1,017	)	$	—		$	71,819		$	—		$	—		$	70,802
Credit contracts		928			—			—			(72,103	)		—			(71,175	)
Foreign exchange contracts		2,433			(1,181,447	)		—			31,815			(62,124	)		(1,209,323	)
Interest rate contracts		1,061			—			375,389			(1,774,082	)		11,088			(1,386,544	)
Total	$	3,405		$	(1,181,447	)	$	447,208		$	(1,814,370	)	$	(51,036	)	$	(2,596,240	)

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

See Accompanying Notes to Financial Statements
78

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2020:

	Barclays Bank PLC			BNP Paribas			Brown Brothers Harrmian & Co.			Citibank N.A.		Deutsche Bank AG			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC		Standard Chartered Bank			State Street Bank and Trust Co.			Totals
Assets:
Purchased options	$	—		$	—		$	—		$	49,034	$	—		$	—		$	—		$	7,679	$	—		$	—		$	56,713
Forward foreign currency contracts		—			102,498			72,768			194,583		256,800			—			1,904			57,678		264,946			44			951,221
Total Assets	$	—		$	102,498		$	72,768		$	243,617	$	256,800		$	—		$	1,904		$	65,357	$	264,946		$	44		$	1,007,934
Liabilities:
Forward foreign currency contracts	$	88,898		$	356,046		$	96,206		$	177,389	$	4,484		$	253,720		$	175,192		$	20,759	$	143,325		$	18,360		$	1,334,379
Total return swaps		—			67,322			—			8,013		—			—			—			—		—			—			75,335
Written options		—			105,041			—			—		—			—			—			—		—			—			105,041
Total Liabilities	$	88,898		$	528,409		$	96,206		$	185,402	$	4,484		$	253,720		$	175,192		$	20,759	$	143,325		$	18,360		$	1,514,755
Net OTC derivative   instruments by counterparty, at fair value	$	(88,898	)	$	(425,911	)	$	(23,438	)	$	58,215	$	252,316		$	(253,720	)	$	(173,288	)	$	44,598	$	121,621		$	(18,316	)		(506,821	)
Total collateral pledged by the Portfolio/  (Received from counterparty)	$	—		$	310,000		$	—		$	—	$	(252,316	)	$	—		$	—		$	—	$	(112,621	)	$	—		$	(54,937	)
Net Exposure(1)(2)	$	(88,898	)	$	(115,911	)	$	(23,438	)	$	58,215	$	—		$	(253,720	)	$	(173,288	)	$	44,598	$	9,000		$	(18,316	)	$	(561,758	)

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

(2)  At June 30, 2020 the Portfolio received $500,000 and $240,000 in cash collateral from BNP Paribas and Standard Chartered Bank, respectively. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $204,558,405.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	12,980,501
Gross Unrealized Depreciation		(15,726,539	)
Net Unrealized Depreciation	$	(2,746,038	)

See Accompanying Notes to Financial Statements
79

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED)

Geographic Diversification
as of June 30, 2020
(as a percentage of net assets)

Japan	25.9	%
United Kingdom	12.8	%
Switzerland	11.4	%
France	7.7	%
Australia	6.9	%
Germany	6.2	%
Italy	4.5	%
Hong Kong	3.8	%
Denmark	3.6	%
Netherlands	3.6	%
Countries between 0.3%-3.3%^	11.7	%
Assets in Excess of Other Liabilities*	1.9	%
Net Assets	100.0	%

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

^ Includes 10 countries, which each represents 0.3% - 3.3% of net assets.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.9%
				Australia: 6.9%
	826,695			Aurizon Holdings Ltd.	$	2,813,132		0.7
	272,264			Australia & New Zealand Banking Group Ltd.		3,532,654		0.9
	301,434			Fortescue Metals Group Ltd.		2,930,434		0.8
	73,511			Rio Tinto Ltd.		5,033,547		1.3
	93,238			Wesfarmers Ltd.		2,898,965		0.8
	2,417,007			Other Securities		9,197,341		2.4
						26,406,073		6.9
				Belgium: 1.0%
	46,270	(1	)	Other Securities		3,701,899		1.0
				China: 0.7%
	882,500			BOC Hong Kong Holdings Ltd.		2,825,672		0.7
				Denmark: 3.6%
	19,189			Coloplast A/S		2,990,951		0.8
	88,058			Novo Nordisk A/S		5,736,779		1.5
	48,656			Pandora A/S		2,657,323		0.7
	19,056			Other Securities		2,526,981		0.6
						13,912,034		3.6
				Finland: 3.3%
	45,332			Kone Oyj		3,126,507		0.8
	79,170			Sampo OYJ		2,728,961		0.7
	162,387			Other Securities		6,756,584		1.8
						12,612,052		3.3

Shares					Value		Percentage of Net Assets
				France: 7.7%
	18,247			Dassault Systemes SE	$	3,167,536		0.8
	268,184			Orange SA		3,206,921		0.8
	56,538			Sanofi		5,765,982		1.5
	785,291	(1	),(2)	Other Securities		17,696,166		4.6
						29,836,605		7.7
				Germany: 6.0%
	47,753			BASF SE		2,682,241		0.7
	19,178			Deutsche Boerse AG		3,470,756		0.9
	98,133	(3	)	Deutsche Post AG		3,603,415		0.9
	170,442			Deutsche Telekom AG		2,859,873		0.8
	590,668	(1	)	Other Securities		10,476,574		2.7
						23,092,859		6.0
				Hong Kong: 3.8%
	515,500			MTR Corp.		2,680,986		0.7
	3,737,900			Other Securities		11,904,454		3.1
						14,585,440		3.8
				Ireland: 0.3%
	37,253			Other Securities		1,282,252		0.3
				Israel: 0.9%
	778,183			Other Securities		3,595,341		0.9
				Italy: 4.5%
	1,747,599	(3	)	Intesa Sanpaolo SpA		3,358,328		0.9
	1,449,960			Other Securities		13,951,437		3.6
						17,309,765		4.5

See Accompanying Notes to Financial Statements
80

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Japan: 25.9%
	141,300	(4	)	Canon, Inc.	$	2,818,657		0.7
	143,800			Itochu Corp.		3,111,519		0.8
	218,500			Mitsubishi Chemical Holdings Corp.		1,274,219		0.3
	120,900			Mitsubishi Corp.		2,554,826		0.7
	84,000			Mitsubishi Heavy Industries Ltd.		1,983,249		0.5
	99,000			MS&AD Insurance Group Holdings, Inc.		2,726,332		0.7
	57,000			NEC Corp.		2,738,604		0.7
	6,100			Nintendo Co., Ltd.		2,727,120		0.7
	123,900			NTT DoCoMo, Inc.		3,289,300		0.8
	121,100			Pan Pacific International Holdings Corp.		2,666,221		0.7
	34,200			Secom Co., Ltd.		3,000,800		0.8
	137,900			Sekisui House Ltd.		2,632,809		0.7
	44,500			Shionogi & Co., Ltd.		2,791,636		0.7
	244,300			Softbank Corp.		3,113,905		0.8
	104,400			Sumitomo Mitsui Financial Group, Inc.		2,946,356		0.8
	47,600			Trend Micro, Inc.		2,660,102		0.7
	2,271,700			Other Securities		56,842,128		14.8
						99,877,783		25.9
				Netherlands: 3.6%
	75,765			Koninklijke Ahold Delhaize NV		2,064,894		0.5
	224,026			Koninklijke KPN NV		595,887		0.2
	19,299	(3	)	Koninklijke Philips NV		900,250		0.2
	82,939			Unilever NV		4,422,102		1.2
	40,004			Wolters Kluwer NV		3,124,526		0.8
	58,124			Other Securities		2,599,004		0.7
						13,706,663		3.6
				New Zealand: 0.3%
	399,964			Other Securities		1,183,357		0.3
				Norway: 0.4%
	179,015			Other Securities		1,571,679		0.4
				Singapore: 0.9%
	1,288,800			Other Securities		3,580,804		0.9
				Spain: 2.6%
	105,798			Ferrovial SA - FERE		2,827,966		0.8
	742,514			Other Securities		7,033,830		1.8
						9,861,796		2.6
				Sweden: 1.3%
	268,809	(1	)	Other Securities		4,894,762		1.3

Shares					Value		Percentage of Net Assets
				Switzerland: 11.4%
	3,461			EMS-Chemie Holding AG	$	2,688,863		0.7
	60,159			LafargeHolcim Ltd.-CHF		2,650,367		0.7
	107,892			Nestle SA		11,962,054		3.1
	76,653			Novartis AG		6,678,091		1.7
	27,219			Roche Holding AG		9,430,010		2.5
	10,587			Zurich Insurance Group AG		3,751,297		1.0
	87,663			Other Securities		6,675,468		1.7
						43,836,150		11.4
				United Kingdom: 12.8%
	93,731	(5	)	Auto Trader Group PLC		610,257		0.2
	865,540			BP PLC		3,315,910		0.9
	41,826			Croda International PLC		2,716,625		0.7
	264,989			GlaxoSmithKline PLC		5,352,679		1.4
	27,747			London Stock Exchange Group PLC		2,885,545		0.7
	160,875			Relx PLC (GBP Exchange)		3,723,563		1.0
	1,857,705			Royal Bank of Scotland Group PLC		2,788,862		0.7
	146,896			Smith & Nephew PLC		2,737,198		0.7
	71,344			Unilever PLC		3,848,359		1.0
	3,660,144	(1	)	Other Securities		21,291,782		5.5
						49,270,780		12.8
				Total Common Stock (Cost $376,573,576)		376,943,766		97.9
EXCHANGE-TRADED FUNDS: 0.6%
	39,678			Other Securities		2,415,200		0.6
				Total Exchange-Traded Funds (Cost $2,221,504)		2,415,200		0.6
PREFERRED STOCK: 0.2%
				Germany: 0.2%
	5,564			Other Securities		519,084		0.2
				Total Preferred Stock (Cost $437,453)		519,084		0.2
RIGHTS: 0.0%
				Spain: 0.0%
	42,337	(1	)	Other Securities		20,610		0.0
				Total Rights (Cost $23,451)		20,610		0.0
				Total Long-Term Investments (Cost $379,255,984)		379,898,660		98.7

See Accompanying Notes to Financial Statements
81

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.0%
Repurchase Agreements: 1.0%
	20,548	(6	)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.07%, due 07/01/20 (Repurchase Amount $20,548, collateralized by various U.S. Government Securities, 0.000%-3.000%, Market Value plus accrued interest $20,959, due 08/15/21-02/15/48)	$	20,548		0.0
	1,000,000	(6	)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $1,020,000, due 07/31/21-05/20/70)		1,000,000		0.3
	1,000,000	(6	)	HSBC Securities USA, Repurchase Agreement dated 06/30/20, 0.08%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $1,020,000, due 05/15/44-03/20/50)		1,000,000		0.2

Principal Amount†					Value		Percentage of Net Assets
	1,000,000	(6	)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Agency Obligations, 2.500%-8.000%, Market Value plus accrued interest $1,020,000, due 08/01/23-07/01/50)	$	1,000,000		0.2
	1,000,000	(6	)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,020,000, due 07/31/20-07/01/50)		1,000,000		0.3
				Total Repurchase Agreements
				Total Short-Term Investments (Cost $4,020,548)		4,020,548		1.0
				Total Investments in Securities (Cost $383,276,532)	$	383,919,208		99.7
				Assets in Excess of Other Liabilities		1,036,210		0.3
				Net Assets	$	384,955,418		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

  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)  The grouping contains securities on loan.

(3)  Non-income producing security.

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

(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.

See Accompanying Notes to Financial Statements
82

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Sector Diversification Percentage
of Net Assets

Industrials	16.4	%
Health Care	15.2
Consumer Staples	14.7
Financials	14.6
Materials	8.0
Communication Services	7.9
Information Technology	6.9
Utilities	5.9
Consumer Discretionary	5.5
Energy	1.8
Real Estate	1.2
Exchange-Traded Funds	0.6
Rights	0.0
Short-Term Investments	1.0
Assets in Excess of Other Liabilities	0.3
Net Assets	100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	26,406,073	$	—	$	26,406,073
Belgium		—		3,701,899		—		3,701,899
China		—		2,825,672		—		2,825,672
Denmark		—		13,912,034		—		13,912,034
Finland		—		12,612,052		—		12,612,052
France		—		29,836,605		—		29,836,605
Germany		—		23,092,859		—		23,092,859
Hong Kong		—		14,585,440		—		14,585,440
Ireland		—		1,282,252		—		1,282,252
Israel		—		3,595,341		—		3,595,341
Italy		—		17,309,765		—		17,309,765
Japan		—		99,877,783		—		99,877,783
Netherlands		4,024,776		9,681,887		—		13,706,663
New Zealand		—		1,183,357		—		1,183,357
Norway		—		1,571,679		—		1,571,679
Singapore		—		3,580,804		—		3,580,804
Spain		—		9,861,796		—		9,861,796
Sweden		—		4,894,762		—		4,894,762
Switzerland		—		43,836,150		—		43,836,150
United Kingdom		—		49,270,780		—		49,270,780
Total Common Stock		4,024,776		372,918,990		—		376,943,766
Exchange-Traded Funds		2,415,200		—		—		2,415,200
Preferred Stock		—		519,084		—		519,084
Rights		20,610		—		—		20,610
Short-Term Investments		—		4,020,548		—		4,020,548
Total Investments, at fair value	$	6,460,586	$	377,458,622	$	—	$	383,919,208

^  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
83

VOYA INTERNATIONAL HIGH DIVIDEND   SUMMARY PORTFOLIO OF INVESTMENTS
LOW VOLATILITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $385,380,472.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	32,460,202
Gross Unrealized Depreciation		(33,773,333	)
Net Unrealized Depreciation	$	(1,313,131	)

See Accompanying Notes to Financial Statements
84

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Industrials	20.3	%
Financials	20.2	%
Health Care	10.7	%
Information Technology	9.3	%
Consumer Staples	7.4	%
Consumer Discretionary	7.0	%
Utilities	6.7	%
Real Estate	5.2	%
Materials	5.0	%
Energy	2.3	%
Exchange-Traded Funds	2.0	%
Communication Services	1.6	%
Assets in Excess of Other Liabilities*	2.3	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 95.7%
				Communication Services: 1.6%
		78,139		Fox Corp. - Class B	$	2,097,251		0.7
		52,066		Rogers Communications, Inc.		2,092,074		0.7
		360,362		Other Securities		606,609		0.2
						4,795,934		1.6
				Consumer Discretionary: 7.0%
		21,413		Advance Auto Parts, Inc.		3,050,282		1.0
		29,533		Genuine Parts Co.		2,568,190		0.9
	498,645	(1	)	Other Securities		15,260,361		5.1
						20,878,833		7.0
				Consumer Staples: 7.4%
		88,011		Conagra Brands, Inc.		3,095,347		1.0
		25,682		JM Smucker Co.		2,717,412		0.9
		118,756		Koninklijke Ahold Delhaize NV		3,236,568		1.1
		51,851		Spectrum Brands Holdings, Inc.		2,379,961		0.8
		39,522		Sysco Corp.		2,160,273		0.7
	326,102	(1	)	Other Securities		8,576,919		2.9
						22,166,480		7.4
				Energy: 2.3%
		63,721		ConocoPhillips		2,677,557		0.9
	458,151	(1	)	Other Securities		4,320,222		1.4
						6,997,779		2.3
				Financials: 20.2%
		16,301		Ameriprise Financial, Inc.		2,445,802		0.8
		37,752		Chubb Ltd.		4,780,158		1.6
		42,863		Commerce Bancshares, Inc.		2,549,063		0.9
	144,342	(2	)	Compass Diversified Holdings		2,488,456		0.8

Shares					Value		Percentage of Net Assets
		149,685		Home Bancshares, Inc./ Conway AR	$	2,302,155		0.8
		77,017		Northern Trust Corp.		6,110,529		2.0
	1,572,993	(1	)	Other Securities		39,729,090		13.3
						60,405,253		20.2
				Health Care: 10.7%
		49,466		Cardinal Health, Inc.		2,581,631		0.8
		37,879		Cerner Corp.		2,596,605		0.9
	125,823	(3	)	Envista Holdings Corp.		2,653,607		0.9
	40,728	(3	)	Henry Schein, Inc.		2,378,108		0.8
		19,555		McKesson Corp.		3,000,128		1.0
		29,415		Quest Diagnostics, Inc.		3,352,133		1.1
	17,793	(4	)	Siemens Healthineers AG		855,272		0.3
		34,509		Universal Health Services, Inc.		3,205,541		1.1
		52,613		Zimmer Biomet Holdings, Inc.		6,279,888		2.1
	123,908	(1	)	Other Securities		5,056,569		1.7
						31,959,482		10.7
				Industrials: 20.3%
		16,803		Cummins, Inc.		2,911,288		1.0
		73,977		Emerson Electric Co.		4,588,793		1.5
		14,172		General Dynamics Corp.		2,118,147		0.7
		31,209		Hubbell, Inc.		3,912,360		1.3
		182,107		IMI PLC		2,077,603		0.7
		110,939		Johnson Controls International plc		3,787,458		1.3
		35,435		MSC Industrial Direct Co.		2,580,022		0.9
		14,027		Norfolk Southern Corp.		2,462,720		0.8
		182,813		nVent Electric PLC		3,424,088		1.1
		36,225		Paccar, Inc.		2,711,441		0.9
		42,302		Republic Services, Inc.		3,470,879		1.2
	1,450,779	(1	)	Other Securities		26,722,599		8.9
						60,767,398		20.3

See Accompanying Notes to Financial Statements
85

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 9.3%
	58,810			Applied Materials, Inc.	$	3,555,064		1.2
	18,435	(3	)	F5 Networks, Inc.		2,571,314		0.9
	126,569			HP, Inc.		2,206,098		0.7
	44,877			Maxim Integrated Products		2,719,995		0.9
	27,802			TE Connectivity Ltd.		2,267,253		0.8
	405,988	(1	)	Other Securities		14,358,438		4.8
						27,678,162		9.3
				Materials: 5.0%
	259,424			Graphic Packaging Holding Co.		3,629,342		1.2
	122,412			Mondi PLC		2,289,705		0.8
	25,345			Packaging Corp. of America		2,529,431		0.8
	58,106			Sonoco Products Co.		3,038,363		1.0
	187,095			Other Securities		3,610,140		1.2
						15,096,981		5.0
				Real Estate: 5.2%
	136,466			Weyerhaeuser Co.		3,065,026		1.0
	670,093			Other Securities		12,393,187		4.2
						15,458,213		5.2
				Utilities: 6.7%
	53,318			Edison International		2,895,701		1.0
	52,312			NorthWestern Corp.		2,852,050		1.0
	45,897			Pinnacle West Capital Corp.		3,363,791		1.1
	36,296			Xcel Energy, Inc.		2,268,500		0.8
	120,679			Other Securities		8,522,359		2.8
						19,902,401		6.7
				Total Common Stock (Cost $306,076,088)		286,106,916		95.7
EXCHANGE-TRADED FUNDS: 2.0%
	78,635			iShares Russell Mid-Cap Value ETF		6,017,936		2.0
				Total Exchange-Traded Funds (Cost $5,607,826)		6,017,936		2.0
				Total Long-Term Investments (Cost $311,683,914)		292,124,852		97.7

Shares					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.8%
				Mutual Funds: 1.8%
	5,272,983	(5	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100% (Cost $5,272,983)	$	5,272,983		1.8
				Total Short-Term Investments (Cost $5,272,983)		5,272,983		1.8
				Total Investments in Securities (Cost $316,956,897)	$	297,397,835		99.5
				Assets in Excess of Other Liabilities		1,525,139		0.5
				Net Assets	$	298,922,974		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

  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)  Security is a Master Limited Partnership.

(3)  Non-income producing security.

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

(5)  Rate shown is the 7-day yield as of June 30, 2020.

See Accompanying Notes to Financial Statements
86

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	4,795,934	$	—		$	—	$	4,795,934
Consumer Discretionary		18,876,407		2,002,426			—		20,878,833
Consumer Staples		17,140,894		5,025,586			—		22,166,480
Energy		6,997,779		—			—		6,997,779
Financials		60,405,253		—			—		60,405,253
Health Care		31,104,210		855,272			—		31,959,482
Industrials		55,434,225		5,333,173			—		60,767,398
Information Technology		27,678,162		—			—		27,678,162
Materials		12,807,276		2,289,705			—		15,096,981
Real Estate		15,458,213		—			—		15,458,213
Utilities		19,902,401		—			—		19,902,401
Total Common Stock		270,600,754		15,506,162			—		286,106,916
Exchange-Traded Funds		6,017,936		—			—		6,017,936
Short-Term Investments		5,272,983		—			—		5,272,983
Total Investments, at fair value	$	281,891,673	$	15,506,162		$	—	$	297,397,835
Other Financial Instruments+
Forward Foreign Currency Contracts		—		72,957			—		72,957
Total Assets	$	281,891,673	$	15,579,119		$	—	$	297,470,792
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(5,133	)	$	—	$	(5,133	)
Total Liabilities	$	—	$	(5,133	)	$	—	$	(5,133	)

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

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

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

At June 30, 2020, 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	4,062,452	USD	37,890	Bank of America N.A.	09/30/20	$	(218	)
JPY	4,544,935	USD	42,468	Bank of America N.A.	09/30/20		(321	)
JPY	4,308,351	USD	40,235	Bank of America N.A.	09/30/20		(282	)
USD	1,181,695	JPY	125,817,435	Bank of America N.A.	09/30/20		14,953
JPY	4,084,391	USD	37,905	Bank of America N.A.	09/30/20		229
EUR	175,840	USD	197,851	Credit Suisse AG	09/30/20		107
USD	5,433,953	EUR	4,814,859	Credit Suisse AG	09/30/20		13,463
USD	39,197	NOK	377,879	Goldman Sachs & Co.	09/30/20		(76	)
USD	1,453,697	NOK	13,937,034	Goldman Sachs & Co.	09/30/20		5,244
GBP	117,858	USD	146,424	JPMorgan Chase Bank N.A.	09/30/20		(309	)
USD	5,121,769	GBP	4,104,310	JPMorgan Chase Bank N.A.	09/30/20		33,423
USD	188,800	GBP	152,550	JPMorgan Chase Bank N.A.	09/30/20		(3,692	)
CAD	60,631	USD	44,475	Morgan Stanley	09/30/20		193
USD	1,852,260	CAD	2,507,108	Morgan Stanley	09/30/20		5,213
CHF	80,448	USD	85,379	UBS AG	09/30/20		(235	)
USD	1,472,057	CHF	1,390,748	UBS AG	09/30/20		132
						$	67,824

See Accompanying Notes to Financial Statements
87

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Currency Abbreviations

CAD  —  Canadian Dollar

CHF  —  Swiss Franc

EUR  —  EU Euro

GBP  —  British Pound

JPY  —  Japanese Yen

USD  —  United States Dollar

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

The fair value of derivative instruments as of June 30, 2020 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	$	72,957
Total Asset Derivatives		$	72,957
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	5,133
Total Liability Derivatives		$	5,133

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2020 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	$	499,472
Total	$	499,472
	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	$	259,316
Total	$	259,316

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $323,068,431.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	16,343,375
Gross Unrealized Depreciation		(41,804,939	)
Net Unrealized Depreciation	$	(25,461,564	)

See Accompanying Notes to Financial Statements
88

PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Financials	29.1	%
Consumer Discretionary	18.7	%
Information Technology	16.2	%
Health Care	13.9	%
Industrials	11.1	%
Real Estate	7.2	%
Communication Services	4.0	%
Consumer Staples	0.2	%
Liabilities in Excess of Other Assets	(0.4	)%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 100.4%
				Communication Services: 4.0%
	636,834	(1	)	Iridium Communications, Inc.	$	16,201,057		3.4
	199,000			Manchester United PLC - Class A		3,150,170		0.6
						19,351,227		4.0
				Consumer Discretionary: 18.7%
	100,500	(1	)	Bright Horizons Family Solutions, Inc.		11,778,600		2.4
	326,090			Choice Hotels International, Inc.		25,728,501		5.4
	96,000			Marriott Vacations Worldwide Corp.		7,892,160		1.6
	445,000	(1	)	Penn National Gaming, Inc.		13,590,300		2.8
	112,250			Red Rock Resorts, Inc.		1,224,647		0.3
	163,525			Vail Resorts, Inc.		29,786,079		6.2
						90,000,287		18.7
				Consumer Staples: 0.2%
	27,000	(1	)	Performance Food Group Co.		786,780		0.2
				Financials: 29.1%
	424,120	(1	)	Arch Capital Group Ltd.		12,151,038		2.5
	162,500			Carlyle Group, Inc./The		4,533,750		0.9
	177,200			Cohen & Steers, Inc.		12,058,460		2.5
	40,050			Essent Group Ltd.		1,452,614		0.3
	81,758			Factset Research Systems, Inc.		26,855,050		5.6
	33,125			Houlihan Lokey, Inc.		1,843,075		0.4
	76,618			Kinsale Capital Group, Inc.		11,891,880		2.5
	52,025			Moelis & Co.		1,621,099		0.3
	74,000			Morningstar, Inc.		10,431,780		2.2
	127,200			MSCI, Inc. — Class A		42,461,904		8.8
	127,500			Primerica, Inc.		14,866,500		3.1
						140,167,150		29.1

Shares					Value		Percentage of Net Assets
				Health Care: 13.9%
	28,043	(1	)	Adaptive Biotechnologies Corp.	$	1,356,720		0.3
	31,454	(1	)	Alector, Inc.		768,736		0.2
	51,523			Bio-Techne Corp.		13,605,679		2.8
	117,300			Dechra Pharmaceuticals PLC		4,131,614		0.8
	49,295	(1	)	Denali Therapeutics, Inc.		1,191,953		0.2
	71,925	(1	)	Idexx Laboratories, Inc.		23,746,758		4.9
	7,025	(1	)	Mettler Toledo International, Inc.		5,658,989		1.2
	41,550	(1	)	Neogen Corp.		3,224,280		0.7
	53,000	(1	)	Schrodinger, Inc./ United States		4,853,210		1.0
	37,520			West Pharmaceutical Services, Inc.		8,523,418		1.8
						67,061,357		13.9
				Industrials: 11.1%
	49,890	(1	)	BrightView Holdings, Inc.		558,768		0.1
	53,000	(1	)	CoStar Group, Inc.		37,665,510		7.8
	501,725	(2	)	Marel HF		2,595,126		0.6
	95,000	(1	)	Trex Co., Inc.		12,356,650		2.6
						53,176,054		11.1
				Information Technology: 16.2%
	53,870	(1	)	Altair Engineering, Inc.		2,141,332		0.5
	100,305	(1	)	ANSYS, Inc.		29,261,978		6.1
	122,000	(1	)	Gartner, Inc.		14,802,260		3.1
	109,500	(1	)	Guidewire Software, Inc.		12,138,075		2.5
	7,000			Littelfuse, Inc.		1,194,410		0.3
	225,000			SS&C Technologies Holdings, Inc.		12,708,000		2.6
	21,410	(1	)	Wix.com Ltd.		5,485,670		1.1
						77,731,725		16.2

See Accompanying Notes to Financial Statements
89

PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value			Percentage of Net Assets
				Real Estate: 7.2%
	227			Alexander's, Inc.	$	54,684			0.0
	65,954			Alexandria Real Estate Equities, Inc.		10,701,037			2.2
	40,000			American Assets Trust, Inc.		1,113,600			0.2
	309,150			Douglas Emmett, Inc.		9,478,539			2.0
	29,000	(1	)	Forestar Group, Inc.		437,320			0.1
	370,266			Gaming and Leisure Properties, Inc.		12,807,501			2.7
						34,592,681			7.2
				Total Common Stock (Cost $126,821,268)	$	482,867,261			100.4
				Liabilities in Excess of Other Assets		(1,923,779	)		(0.4	)
				Net Assets	$	480,943,482			100.0

(1)  Non-income producing security.

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	19,351,227	$	—	$	—	$	19,351,227
Consumer Discretionary		90,000,287		—		—		90,000,287
Consumer Staples		786,780		—		—		786,780
Financials		140,167,150		—		—		140,167,150
Health Care		62,929,743		4,131,614		—		67,061,357
Industrials		50,580,928		2,595,126		—		53,176,054
Information Technology		77,731,725		—		—		77,731,725
Real Estate		34,592,681		—		—		34,592,681
Total Common Stock		476,140,521		6,726,740		—		482,867,261
Total Investments, at fair value	$	476,140,521	$	6,726,740	$	—	$	482,867,261

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

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $129,957,827.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	354,835,236
Gross Unrealized Depreciation		(1,925,799	)
Net Unrealized Appreciation	$	352,909,437

See Accompanying Notes to Financial Statements
90

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Information Technology	30.5	%
Health Care	12.8	%
Communication Services	12.5	%
Consumer Discretionary	12.0	%
Financials	11.1	%
Industrials	6.9	%
Consumer Staples	4.6	%
Energy	3.2	%
Materials	3.0	%
Utilities	1.6	%
Real Estate	1.2	%
Assets in Excess of Other Liabilities*	0.6	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.4%
				Communication Services: 12.5%
	24,520			Activision Blizzard, Inc.	$	1,861,068		1.0
	2,463	(1	)	Alphabet, Inc. - Class A		3,492,657		1.9
	2,619	(1	)	Alphabet, Inc. - Class C		3,702,245		2.1
	113,229			Comcast Corp. - Class A		4,413,666		2.5
	19,460	(1	)	Facebook, Inc.- Class A		4,418,782		2.5
	25,063	(1	)	T-Mobile US, Inc.		2,610,312		1.5
	16,925			Walt Disney Co.		1,887,307		1.0
						22,386,037		12.5
				Consumer Discretionary: 12.0%
	3,780	(1	)	Amazon.com, Inc.		10,428,340		5.8
	22,190	(1	)	Dollar Tree, Inc.		2,056,569		1.2
	46,820			eBay, Inc.		2,455,709		1.4
	28,899			Lowe's Cos, Inc.		3,904,833		2.2
	8,406	(2	)	Other Securities		2,574,515		1.4
						21,419,966		12.0
				Consumer Staples: 4.6%
	56,731			Conagra Brands, Inc.		1,995,229		1.1
	41,470			Mondelez International, Inc.		2,120,361		1.2
	36,820			Philip Morris International, Inc.		2,579,609		1.4
	24,190			Other Securities		1,616,064		0.9
						8,311,263		4.6
				Energy: 3.2%
	84,178			Canadian Natural Resources Ltd.		1,467,222		0.8
	32,261			Chevron Corp.		2,878,649		1.6
	25,709			Other Securities		1,302,418		0.8
						5,648,289		3.2

Shares					Value		Percentage of Net Assets
				Financials: 11.1%
	8,955			Aon PLC	$	1,724,733		1.0
	25,918	(1	)	Berkshire Hathaway, Inc. - Class B		4,626,622		2.6
	5,149			BlackRock, Inc.		2,801,519		1.6
	43,438			JPMorgan Chase & Co.		4,085,778		2.3
	49,576			Morgan Stanley		2,394,521		1.3
	105,142			Other Securities		4,223,311		2.3
						19,856,484		11.1
				Health Care: 12.8%
	20,843			Abbott Laboratories		1,905,676		1.1
	6,887			Anthem, Inc.		1,811,143		1.0
	5,815			Becton Dickinson & Co.		1,391,355		0.8
	10,713			Cigna Corp.		2,010,294		1.1
	28,442			Johnson & Johnson		3,999,799		2.3
	37,093			Medtronic PLC		3,401,428		1.9
	19,020			Merck & Co., Inc.		1,470,817		0.8
	51,206			Pfizer, Inc.		1,674,436		0.9
	17,420			Quest Diagnostics, Inc.		1,985,183		1.1
	32,465	(2	)	Other Securities		3,151,977		1.8
						22,802,108		12.8
				Industrials: 6.9%
	68,655			Carrier Global Corp.		1,525,514		0.8
	4,715			Northrop Grumman Corp.		1,449,580		0.8
	28,090			Raytheon Technologies Corp.		1,730,906		1.0
	19,325			Stanley Black & Decker, Inc.		2,693,518		1.5
	15,510			Union Pacific Corp.		2,622,276		1.5
	55,134	(2	)	Other Securities		2,366,033		1.3
						12,387,827		6.9

See Accompanying Notes to Financial Statements
91

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 30.5%
	7,110	(1	)	Adobe, Inc.	$	3,095,054		1.7
	31,556			Apple, Inc.		11,511,629		6.5
	10,380			Automatic Data Processing, Inc.		1,545,478		0.9
	35,165			Cisco Systems, Inc.		1,640,096		0.9
	25,370			Fidelity National Information Services, Inc.		3,401,863		1.9
	21,357	(1	)	Fiserv, Inc.		2,084,870		1.2
	5,650			Intuit, Inc.		1,673,473		0.9
	6,765			Lam Research Corp.		2,188,207		1.2
	12,791			Mastercard, Inc. - Class A		3,782,299		2.1
	59,190			Microsoft Corp.		12,045,757		6.7
	4,080			Nvidia Corp.		1,550,033		0.9
	8,975	(1	)	PayPal Holdings, Inc.		1,563,714		0.9
	20,105			TE Connectivity Ltd.		1,639,563		0.9
	89,314	(2	)	Other Securities		6,755,803		3.8
						54,477,839		30.5
				Materials: 3.0%
	6,070			Air Products & Chemicals, Inc.		1,465,662		0.8
	38,015			Newmont Corp.		2,347,046		1.3
	36,437			Other Securities		1,531,020		0.9
						5,343,728		3.0
				Real Estate: 1.2%
	8,200			American Tower Corp.		2,120,028		1.2
				Utilities: 1.6%
	88,345			Other Securities		2,875,773		1.6
				Total Common Stock (Cost $159,799,600)		177,629,342		99.4
OTHER(3): —%
				Materials: —%
	649,000	(4	),(5)	SINO Forest Corp. (Escrow)		—		—
				Total Other (Cost $—)		—		—
				Total Long-Term Investments (Cost $159,799,600)		177,629,342		99.4

Shares					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.5%
				Mutual Funds: 0.5%
	920,047	(6	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100% (Cost $920,047)	$	920,047		0.5
				Total Short-Term Investments (Cost $920,047)		920,047		0.5
				Total Investments in Securities (Cost $160,719,647)	$	178,549,389		99.9
				Assets in Excess of Other Liabilities		168,927		0.1
				Net Assets	$	178,718,316		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

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

(1)  Non-income producing security.

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

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

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

(5)  Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2020, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(6)  Rate shown is the 7-day yield as of June 30, 2020.

See Accompanying Notes to Financial Statements
92

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock*	$	177,629,342	$	—	$	—	$	177,629,342
Other		—		—		—		—
Short-Term Investments		920,047		—		—		920,047
Total Investments, at fair value	$	178,549,389	$	—	$	—	$	178,549,389

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

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

At June 30, 2020, VY^® Columbia Contrarian Core Portfolio held the following restricted securities:

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $160,862,964.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	19,801,030
Gross Unrealized Depreciation		(2,114,604	)
Net Unrealized Appreciation	$	17,686,426

See Accompanying Notes to Financial Statements
93

VY^® COLUMBIA   SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Financials	26.7	%
Information Technology	14.1	%
Industrials	13.1	%
Consumer Discretionary	7.8	%
Real Estate	7.7	%
Health Care	6.7	%
Materials	6.3	%
Utilities	5.4	%
Energy	3.7	%
Consumer Staples	3.5	%
Communication Services	2.8	%
Assets in Excess of Other Liabilities*	2.2	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.8%
				Communication Services: 2.8%
	20,500			Nexstar Media Group, Inc.	$	1,715,645		1.5
	148,100	(1	)	Vonage Holdings Corp.		1,489,886		1.3
						3,205,531		2.8
				Consumer Discretionary: 7.8%
	48,600			KB Home		1,491,048		1.3
	14,300	(1	)	TopBuild Corp.		1,626,911		1.4
	19,300	(1	)	Visteon Corp.		1,322,050		1.2
	145,100	(2	)	Other Securities		4,540,660		3.9
						8,980,669		7.8
				Consumer Staples: 3.5%
	54,000	(1	)	BellRing Brands, Inc.		1,076,760		0.9
	46,800	(1	)	BJ's Wholesale Club Holdings, Inc.		1,744,236		1.5
	29,000	(1	)	TreeHouse Foods, Inc.		1,270,200		1.1
						4,091,196		3.5
				Energy: 3.7%
	178,000	(1	)	WPX Energy, Inc.		1,135,640		1.0
	333,997			Other Securities		3,122,100		2.7
						4,257,740		3.7
				Financials: 26.7%
	24,400			Amerisafe, Inc.		1,492,304		1.3
	67,000			Atlantic Union Bankshares Corp.		1,551,720		1.4
	51,400	(1	)	Axos Financial, Inc.		1,134,912		1.0
	49,900			Cathay General Bancorp.		1,312,370		1.1
	32,400			Community Bank System, Inc.		1,847,448		1.6
	29,400			Houlihan Lokey, Inc.		1,635,816		1.4
	24,300			Independent Bank Corp.		1,630,287		1.4

Shares					Value		Percentage of Net Assets
	54,100			Pacific Premier Bancorp, Inc.	$	1,172,888		1.0
	50,800			Renasant Corp.		1,264,920		1.1
	53,800			Sandy Spring Bancorp, Inc.		1,333,164		1.2
	48,000			TCF Financial Corp.		1,412,160		1.2
	27,800			UMB Financial Corp.		1,433,090		1.2
	44,700			WSFS Financial Corp.		1,282,890		1.1
	808,100	(2	)	Other Securities		12,336,946		10.7
						30,840,915		26.7
				Health Care: 6.7%
	9,100	(1	)	LHC Group, Inc.		1,586,312		1.4
	118,000	(1	)	R1 RCM, Inc.		1,315,700		1.1
	23,200	(1	)	Syneos Health, Inc.		1,351,400		1.2
	92,300	(2	)	Other Securities		3,467,543		3.0
						7,720,955		6.7
				Industrials: 13.1%
	104,000	(1	)	Bloom Energy Corp.		1,131,520		1.0
	94,300	(1	)	Evoqua Water Technologies Corp.		1,753,980		1.5
	22,900			ICF International, Inc.		1,484,607		1.3
	38,400			Kforce, Inc.		1,123,200		1.0
	14,000	(1	)	Masonite International Corp.		1,088,920		0.9
	33,200	(1	)	Mastec, Inc.		1,489,684		1.3
	78,900	(1	)	Sunrun, Inc.		1,555,908		1.4
	238,324	(2	)	Other Securities		5,426,242		4.7
						15,054,061		13.1
				Information Technology: 14.1%
	28,000	(1	)	Cerence, Inc.		1,143,520		1.0
	66,800			Cohu, Inc.		1,158,312		1.0
	61,000			KBR, Inc.		1,375,550		1.2

See Accompanying Notes to Financial Statements
94

VY^® COLUMBIA   SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology (continued)
	42,400	(1	)	MACOM Technology Solutions Holdings, Inc.	$	1,456,440		1.3
	15,100			Science Applications International Corp.		1,172,968		1.0
	10,750			SYNNEX Corp.		1,287,527		1.1
	27,500	(1	)	Verint Systems, Inc.		1,242,450		1.1
	86,500	(1	)	Viavi Solutions, Inc.		1,102,010		0.9
	381,000	(2	)	Other Securities		6,358,541		5.5
						16,297,318		14.1
				Materials: 6.3%
	35,400			Boise Cascade Co.		1,331,394		1.2
	24,000			Materion Corp.		1,475,760		1.3
	80,600	(1	)	Summit Materials, Inc.		1,296,048		1.1
	347,800	(2	)	Other Securities		3,167,725		2.7
						7,270,927		6.3
				Real Estate: 7.7%
	48,200			First Industrial Realty Trust, Inc.		1,852,808		1.6
	15,100			Investors Real Estate Trust		1,064,399		0.9
	76,900			Mack-Cali Realty Corp.		1,175,801		1.0
	10,700			PS Business Parks, Inc.		1,416,680		1.3
	212,500			Other Securities		3,344,216		2.9
						8,853,904		7.7
				Utilities: 5.4%
	16,500			ONE Gas, Inc.		1,271,325		1.1
	28,600			PNM Resources, Inc.		1,099,384		1.0

Shares					Percentage Value		of Net Assets
	28,000			Portland General Electric Co.	$	1,170,680		1.0
	80,300			Other Securities		2,647,015		2.3
						6,188,404		5.4
				Total Common Stock (Cost $115,842,552)		112,761,620		97.8
SHORT-TERM INVESTMENTS: 1.5%
				Mutual Funds: 1.5%
	1,729,344	(3	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100% (Cost $1,729,344)		1,729,344		1.5
				Total Short-Term Investments (Cost $1,729,344)		1,729,344		1.5
				Total Investments in Securities (Cost $117,571,896)	$	114,490,964		99.3
				Assets in Excess of Other Liabilities		844,084		0.7
				Net Assets	$	115,335,048		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

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

(1)  Non-income producing security.

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

(3)  Rate shown is the 7-day yield as of June 30, 2020.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

Quoted Prices	Significant Other in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock*	$	112,761,620	$	—	$	—	$	112,761,620
Short-Term Investments		1,729,344		—		—		1,729,344
Total Investments, at fair value	$	114,490,964	$	—	$	—	$	114,490,964

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

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

  Cost for federal income tax purposes was $117,573,127.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	16,007,467
Gross Unrealized Depreciation		(19,089,630	)
Net Unrealized Depreciation	$	(3,082,163	)

See Accompanying Notes to Financial Statements
95

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Financials	24.2	%
Health Care	14.2	%
Industrials	11.5	%
Information Technology	11.4	%
Energy	11.1	%
Consumer Staples	5.7	%
Materials	5.0	%

Consumer Discretionary	5.0	%
Communication Services	3.5	%
Utilities	2.9	%
Real Estate	0.7	%
Assets in Excess of Other Liabilities*	4.8	%
Net Assets	100.0	%

		Shares				Value		Percentage of Net Assets
COMMON STOCK: 95.2%
					Communication Services: 3.5%
			96,010		AT&T, Inc.	$	2,902,382		1.5
			63,203		Comcast Corp. — Class A		2,463,653		1.3
			798,082		Other Securities		1,268,755		0.7
							6,634,790		3.5
					Consumer Discretionary: 5.0%
			45,956		eBay, Inc.		2,410,392		1.3
			162,786		General Motors Co.		4,118,486		2.2
	27,374		(1	)	Other Securities		2,907,875		1.5
							9,436,753		5.0
					Consumer Staples: 5.7%
			71,753		Altria Group, Inc.		2,816,305		1.5
			68,678		Archer-Daniels-Midland Co.		2,740,252		1.4
			77,027		Philip Morris International, Inc.		5,396,512		2.8
							10,953,069		5.7
					Energy: 11.1%
			131,327		BP PLC ADR		3,062,546		1.6
			49,486		Chevron Corp.		4,415,636		2.3
			170,083		Devon Energy Corp.		1,928,741		1.0
			59,828		Hess Corp.		3,099,689		1.6
			355,275		Marathon Oil Corp.		2,174,283		1.2
			152,782		Suncor Energy, Inc.		2,575,904		1.4
			233,150		Other Securities		3,828,091		2.0
							21,084,890		11.1
					Financials: 24.2%
			24,152		Allstate Corp.		2,342,503		1.2
			116,569		American International Group, Inc.		3,634,621		1.9
			279,308		Bank of America Corp.		6,633,565		3.5

	Shares				Value		Percentage of Net Assets
		76,080		Bank of New York Mellon Corp.	$	2,940,492		1.6
		154,194		Citigroup, Inc.		7,879,313		4.1
		77,950		Citizens Financial Group, Inc.		1,967,458		1.0
		96,232		Fifth Third Bancorp		1,855,353		1.0
		14,411		Goldman Sachs Group, Inc.		2,847,902		1.5
		28,849		JPMorgan Chase & Co.		2,713,537		1.4
		50,427		Metlife, Inc.		1,841,594		1.0
		97,100		Morgan Stanley		4,689,930		2.5
		40,781		State Street Corp.		2,591,633		1.4
		77,059		Wells Fargo & Co.		1,972,710		1.0
		63,928		Other Securities		2,136,690		1.1
						46,047,301		24.2
				Health Care: 14.2%
		17,550		Anthem, Inc.		4,615,299		2.4
		54,375		Bristol-Myers Squibb Co.		3,197,250		1.7
		42,405		CVS Health Corp.		2,755,053		1.4
		30,744		HCA Healthcare, Inc.		2,984,013		1.6
		22,650		Johnson & Johnson		3,185,269		1.7
		20,617		McKesson Corp.		3,163,060		1.7
		82,638		Sanofi ADR		4,218,670		2.2
56,070		(1	)	Other Securities		2,889,359		1.5
						27,007,973		14.2
				Industrials: 11.5%
		26,568		Caterpillar, Inc.		3,360,852		1.8
		38,080		Eaton Corp. PLC		3,331,238		1.7
		55,506		Emerson Electric Co.		3,443,037		1.8
		23,896		FedEx Corp.		3,350,697		1.8
		291,872		General Electric Co.		1,993,486		1.0
		80,081		Johnson Controls International plc		2,733,965		1.4
		74,781		Textron, Inc.		2,461,043		1.3
		14,414		Other Securities		1,282,558		0.7
						21,956,876		11.5

See Accompanying Notes to Financial Statements
96

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares			Value		Percentage of Net Assets
			Information Technology: 11.4%
	77,682	Cisco Systems, Inc.	$	3,623,089		1.9
	55,731	Cognizant Technology Solutions Corp.		3,166,635		1.7
	71,675	Intel Corp.		4,288,315		2.2
	20,369	Microsoft Corp.		4,145,295		2.2
	23,002	NXP Semiconductor NV — NXPI — US		2,623,148		1.4
	42,993	Qualcomm, Inc.		3,921,392		2.0
				21,767,874		11.4
			Materials: 5.0%
	86,711	CF Industries Holdings, Inc.		2,440,048		1.3
	104,871	Corteva, Inc.		2,809,494		1.5
	77,678	International Paper Co.		2,735,042		1.4
	28,258	Other Securities		1,501,348		0.8
				9,485,932		5.0
			Real Estate: 0.7%
	131,809	Other Securities		1,422,219		0.7
			Utilities: 2.9%
	84,470	Exelon Corp.		3,065,416		1.6
	133,183	Vistra Energy Corp.		2,479,868		1.3
				5,545,284		2.9
		Total Common Stock (Cost $191,957,443)		181,342,961		95.2

		Shares				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.9%
					Mutual Funds: 2.9%
	5,475,291		(2	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100% (Cost $5,475,291)	$	5,475,291		2.9
					Total Short-Term Investments (Cost $5,475,291)		5,475,291		2.9
					Total Investments in Securities (Cost $197,432,734)	$	186,818,252		98.1
					Assets in Excess of Other Liabilities		3,610,187		1.9
					Net Assets	$	190,428,439		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

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

ADR  American Depositary Receipt

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

(2)  Rate shown is the 7-day yield as of June 30, 2020.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	5,366,035	$	1,268,755	$	—	$	6,634,790
Consumer Discretionary		9,436,753		—		—		9,436,753
Consumer Staples		10,953,069		—		—		10,953,069
Energy		21,084,890		—		—		21,084,890
Financials		46,047,301		—		—		46,047,301
Health Care		27,007,973		—		—		27,007,973
Industrials		21,956,876		—		—		21,956,876
Information Technology		21,767,874		—		—		21,767,874
Materials		9,485,932		—		—		9,485,932
Real Estate		1,422,219		���		—		1,422,219
Utilities		5,545,284		—		—		5,545,284
Total Common Stock		180,074,206		1,268,755		—		181,342,961
Short-Term Investments		5,475,291		—		—		5,475,291
Total Investments, at fair value	$	185,549,497	$	1,268,755	$	—	$	186,818,252
Other Financial Instruments+
Forward Foreign Currency Contracts		—		102,254		—		102,254
Total Assets	$	185,549,497	$	1,371,009	$	—	$	186,920,506

See Accompanying Notes to Financial Statements
97

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(5,444	)	$	—	$	(5,444	)
Total Liabilities	$	—	$	(5,444	)	$	—	$	(5,444	)

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

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

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

At June 30, 2020, the following forward foreign currency contracts were outstanding for VY^® Invesco Comstock Portfolio:

Currency Purchased	Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
GBP49,414 USD		61,307	CIBC World Markets Corp.	07/10/20	$	(75	)
USD45,438 EUR		40,335	CIBC World Markets Corp.	07/10/20		114
USD 2,396,730 CAD		3,211,353	CIBC World Markets Corp.	07/10/20		31,211
USD  42,732 EUR		37,807	CIBC World Markets Corp.	07/10/20		249
EUR  67,851 USD		76,164	Deutsche Bank AG	07/10/20		80
USD  73,373 CAD		99,902	Deutsche Bank AG	07/10/20		(216	)
USD  2,078,466 EUR		1,839,524	Deutsche Bank AG	07/10/20		11,386
USD  120,056 GBP		94,823	Deutsche Bank AG	07/10/20		2,554
USD  8,444 EUR		7,471	Deutsche Bank AG	07/10/20		49
USD  47,403 GBP		37,766	Deutsche Bank AG	07/10/20		604
CAD  95,970 USD		71,830	Deutsche Bank AG	07/10/20		(1,138	)
GBP  150,952 USD		189,095	Deutsche Bank AG	07/10/20		(2,040	)
CAD  122,436 USD		89,746	Goldman Sachs International	07/10/20		442
USD  231,448 CAD		310,200	Goldman Sachs International	07/10/20		2,951
GBP  73,491 USD		92,566	Goldman Sachs International	07/10/20		(1,498	)
USD  2,414,614 GBP		1,906,910	Goldman Sachs International	07/10/20		51,637
EUR  55,107 USD		61,999	Goldman Sachs International	07/10/20		(75	)
USD  48,077 CAD		65,171	Goldman Sachs International	07/10/20		71
CAD  97,253 USD		71,861	Goldman Sachs International	07/10/20		(223	)
USD  86,810 EUR		77,413	RBC Capital Markets Corp.	07/10/20		(179	)
GBP  39,837 USD		49,262	RBC Capital Markets Corp.	07/10/20		102
CAD  110,602 USD		81,198	RBC Capital Markets Corp.	07/10/20		273
CAD  338,944 USD		249,287	RBC Capital Markets Corp.	07/10/20		383
CAD  106,273 USD		78,134	State Street Bank and Trust Co.	07/10/20		148
					$	96,810

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2020 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	$	102,254
Total Asset Derivatives		$	102,254
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	5,444
Total Liability Derivatives		$	5,444

See Accompanying Notes to Financial Statements
98

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2020 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	$	257,817
Total	$	257,817
	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	$	566,043
Total	$	566,043

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2020:

CIBC World
Markets Corp. Deutsche
Bank AG Goldman
Sachs
International RBC Capital
Markets Corp. State Street
Bank and
Trust Co. Totals

Assets:

Forward foreign currency contracts $ 31,574 $ 14,673 $ 55,101 $ 758 $ 148 $ 102,254

Total Assets $31,574	$	14,673	$	55,101	$	758	$	148	$	102,254
Liabilities:

Forward foreign currency contracts $ 75 $ 3,394 $ 1,796 $ 179 $ — $ 5,444

Total Liabilities $75	$	3,394	$	1,796	$	179	$	—	$	5,444
Net OTC derivative instruments by counterparty, at fair value $31,499	$	11,279	$	53,305	$	579	$	148		96,810
Total collateral pledged by the Portfolio/(Received from counterparty) $—	$	—	$	—	$	—	$	—	$	—
Net Exposure(1) $31,499	$	11,279	$	53,305	$	579	$	148	$	96,810

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $200,272,534.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	9,915,264
Gross Unrealized Depreciation		(23,249,525	)
Net Unrealized Depreciation	$	(13,334,261	)

See Accompanying Notes to Financial Statements
99

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Financials	24.4	%
Health Care	11.8	%
Information Technology	8.7	%
Industrials	8.2	%
Communications	6.1	%
Energy	6.1	%
Consumer, Non-cyclical	5.3	%
Consumer Discretionary	4.5	%
Consumer Staples	4.4	%
Technology	3.5	%
Materials	3.1	%
Communication Services	3.0	%
U.S. Treasury Notes	2.6	%
Utilities	2.4	%
Consumer, Cyclical	1.2	%
U.S. Treasury Bonds	0.3	%
Basic Materials	0.2	%
Federal National Mortgage Association	0.1	%
Municipal Bonds**	0.0	%
Assets in Excess of Other Liabilities*	4.1	%
Net Assets	100.0	%

* Includes short-term investments.

** Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 64.2%
				Communication Services: 3.0%
	17,730	(1	)	Charter Communications, Inc.	$	9,043,009		0.8
	271,666			Comcast Corp. - Class A		10,589,541		1.0
	8,680,420			Vodafone Group PLC		13,799,742		1.2
						33,432,292		3.0
				Consumer Discretionary: 4.5%
	5,697	(1	)	Booking Holdings, Inc.		9,071,561		0.8
	774,318			General Motors Co.		19,590,246		1.7
	2,616,561			Kingfisher PLC		7,198,626		0.7
	154,609			TJX Cos., Inc.		7,817,031		0.7
	453,994	(2	)	Other Securities		7,095,926		0.6
						50,773,390		4.5
				Consumer Staples: 4.4%
	323,087			Philip Morris International, Inc.		22,635,475		2.0
	160,660			Sysco Corp.		8,781,676		0.8
	417,609	(1	)	US Foods Holding Corp.		8,235,249		0.7
	185,256			Other Securities		10,472,673		0.9
						50,125,073		4.4
				Energy: 4.5%
	2,170,383			BP PLC		8,314,804		0.7
	154,131			Chevron Corp.		13,753,109		1.2

Shares					Value		Percentage of Net Assets
	530,481			Royal Dutch Shell PLC - Class A	$	8,493,642		0.8
	2,024,585	(3	)	Other Securities		19,683,591		1.8
						50,245,146		4.5
				Financials: 15.3%
	586,254			American International Group, Inc.		18,279,400		1.6
	950,813			Bank of America Corp.		22,581,809		2.0
	471,248			Citigroup, Inc.		24,080,773		2.1
	594,226			Citizens Financial Group, Inc.		14,998,264		1.3
	99,117			Goldman Sachs Group, Inc.		19,587,501		1.8
	419,347			Morgan Stanley		20,254,460		1.8
	161,565			PNC Financial Services Group, Inc.		16,998,254		1.5
	394,134			Truist Financial Corp.		14,799,732		1.3
	45,414			Willis Towers Watson PLC		8,944,287		0.8
	508,600	(3	)	Other Securities		12,062,319		1.1
						172,586,799		15.3
				Health Care: 11.8%
	63,493			Anthem, Inc.		16,697,389		1.5
	303,447			Bristol-Myers Squibb Co.		17,842,684		1.6
	151,632			CVS Health Corp.		9,851,531		0.9
	138,578			Johnson & Johnson		19,488,224		1.7

See Accompanying Notes to Financial Statements
100

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Health Care (continued)
	87,008			McKesson Corp.	$	13,348,767		1.2
	147,637			Medtronic PLC		13,538,313		1.2
	246,711			Pfizer, Inc.		8,067,450		0.7
	115,239			Sanofi		11,752,556		1.0
	81,442			Zimmer Biomet Holdings, Inc.		9,720,917		0.9
	403,895	(2	)	Other Securities		12,600,357		1.1
						132,908,188		11.8
				Industrials: 6.9%
	251,425			CSX Corp.		17,534,380		1.5
	134,404			General Dynamics Corp.		20,088,022		1.8
	453,767			Johnson Controls International plc		15,491,605		1.4
	113,759			Trane Technologies PLC		10,122,276		0.9
	330,676			Other Securities		14,320,483		1.3
						77,556,766		6.9
				Information Technology: 8.7%
	40,181			Apple, Inc.		14,658,029		1.3
	287,646			Cognizant Technology Solutions Corp.		16,344,046		1.4
	300,998			Corning, Inc.		7,795,848		0.7
	240,835			Intel Corp.		14,409,158		1.3
	89,981			NXP Semiconductor NV - NXPI - US		10,261,433		0.9
	294,406			Oracle Corp.		16,271,820		1.4
	167,785			Qualcomm, Inc.		15,303,670		1.4
	75,116			Other Securities		3,503,410		0.3
						98,547,414		8.7
				Materials: 3.1%
	572,979			Corteva, Inc.		15,350,108		1.3
	192,861			Dow, Inc.		7,861,014		0.7
	285,662			Other Securities		11,993,217		1.1
						35,204,339		3.1
				Utilities: 2.0%
	222,746			Exelon Corp.		8,083,452		0.7
	215,457			FirstEnergy Corp.		8,355,423		0.8
	72,778			Other Securities		5,814,234		0.5
						22,253,109		2.0
				Total Common Stock (Cost $729,923,077)		723,632,516		64.2
PREFERRED STOCK: 0.8%
				Energy: 0.5%
	140,612	(2	)	Other Securities		6,251,609		0.5
				Financials: 0.3%
	79,900	(2	)	Other Securities		3,117,466		0.3
				Total Preferred Stock (Cost $10,847,296)		9,369,075		0.8

Principal Amount†					Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 14.2%
				Basic Materials: 0.2%
	770,000	(4	)	LYB Finance Co. BV, 8.100%, 03/15/2027	$	1,034,074		0.1
	556,000			Other Securities		725,096		0.1
						1,759,170		0.2
				Communications: 1.4%
	13,073,000	(3	)	Other Securities		15,409,716		1.4
				Consumer, Cyclical: 1.0%
		11,060,993		Other Securities		11,614,199		1.0
				Consumer, Non-cyclical: 2.7%
	1,299,000	(4	)	AbbVie, Inc., 4.050%, 11/21/2039		1,508,644		0.2
	985,000	(4	)	AbbVie, Inc., 4.850%, 06/15/2044		1,232,637		0.1
	498,000	(4	)	Bayer US Finance II LLC, 4.375%, 12/15/2028		582,285		0.0
	981,000	(4	)	Bayer US Finance LLC, 3.000%, 10/08/2021		1,007,138		0.1
	654,000	(4	)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		837,502		0.1
	325,000	(4	)	Bristol-Myers Squibb Co., 4.000%, 08/15/2023		358,703		0.0
	1,445,000	(4	)	Bristol-Myers Squibb Co., 4.625%, 05/15/2044		1,940,047		0.2
	1,232,000	(4	),(5)	Heineken NV, 3.500%, 01/29/2028		1,389,978		0.1
	1,526,000	(4	)	Jazz Investments I Ltd., 2.000%, 06/15/2026		1,545,679		0.1
	150,000	(4	)	Kraft Heinz Foods Co., 4.625%, 10/01/2039		151,049		0.0
	3,220,000	(4	)	Nestle Holdings, Inc., 3.100%, 09/24/2021		3,321,041		0.3
	1,095,000			Philip Morris International, Inc., 3.600%-4.875%, 11/15/2023- 11/15/2043		1,359,743		0.1
	13,628,126			Other Securities		15,615,505		1.4
						30,849,951		2.7
				Energy: 1.0%
	612,000	(4	),(5)	Cameron LNG LLC, 3.701%, 01/15/2039		658,477		0.0
	10,280,000	(3	)	Other Securities		10,841,502		1.0
						11,499,979		1.0

See Accompanying Notes to Financial Statements
101

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Financial: 5.4%
	1,140,000			American International Group, Inc., 4.375%, 01/15/2055	$	1,312,187		0.1
	455,000	(4	)	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/2022		470,328		0.0
	440,000	(4	)	Apollo Management Holdings L.P., 4.000%, 05/30/2024		478,305		0.0
	285,000	(4	)	Athene Global Funding, 2.750%, 06/25/2024		288,728		0.0
	1,555,000	(4	),(5)	Athene Global Funding, 4.000%, 01/25/2022		1,610,095		0.2
	725,000	(4	)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024		774,550		0.1
	130,000	(4	)	Carlyle Holdings Finance LLC, 3.875%, 02/01/2023		138,484		0.0
	595,000			Citizens Financial Group, Inc., 2.375%, 07/28/2021		602,663		0.1
	472,000	(4	)	Credit Suisse AG, 6.500%, 08/08/2023		517,391		0.0
	1,175,000			Goldman Sachs Group, Inc., 4.250%-5.250%, 07/27/2021- 10/21/2025		1,297,605		0.1
	755,000	(4	)	Guardian Life Global Funding, 2.900%, 05/06/2024		805,580		0.1
	670,000	(4	)	Jackson National Life Global Funding, 2.100%, 10/25/2021		683,396		0.1
	620,000	(4	),(5)	Jackson National Life Global Funding, 3.250%, 01/30/2024		662,379		0.0
	443,000	(4	)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044		534,147		0.0
	950,000	(4	)	Liberty Mutual Group, Inc., 3.950%, 05/15/2060		1,003,865		0.1
	1,300,000	(4	)	MassMutual Global Funding II, 2.000%, 04/15/2021		1,317,526		0.1
	2,360,000	(4	)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024		2,573,961		0.2
	1,040,000			Morgan Stanley, 4.000%, 07/23/2025		1,179,960		0.1
	1,000,000	(4	)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044		1,171,687		0.1
	690,000	(4	)	Reliance Standard Life Global Funding II, 3.050%, 01/20/2021		697,197		0.1

Principal Amount†					Value		Percentage of Net Assets
	1,360,000	(4	),(5)	Societe Generale SA, 2.625%, 09/16/2020	$	1,366,427		0.1
	805,000	(4	)	Societe Generale SA, 5.000%, 01/17/2024		871,493		0.1
	985,000	(4	),(5)	Standard Chartered PLC, 3.050%, 01/15/2021		997,034		0.1
	585,000	(4	)	UBS Group AG, 4.125%, 04/15/2026		666,773		0.1
	36,213,000	(3	)	Other Securities		39,127,885		3.5
						61,149,646		5.4
				Industrial: 1.3%
	305,000	(4	)	Aviation Capital Group LLC, 2.875%, 01/20/2022		291,563		0.0
	1,095,000	(4	)	Aviation Capital Group LLC, 4.875%, 10/01/2025		1,004,180		0.1
	435,000	(4	)	BAE Systems Holdings, Inc., 2.850%, 12/15/2020		437,882		0.1
	410,000	(4	)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021		411,879		0.0
	11,040,000			Other Securities		12,133,298		1.1
						14,278,802		1.3
				Technology: 0.8%
	1,581,000			Apple, Inc., 2.150%-3.350%, 02/09/2022- 02/09/2027		1,673,136		0.1
	910,000	(4	)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023		995,758		0.1
	35,000	(4	)	Dell International LLC / EMC Corp., 8.350%, 07/15/2046		45,515		0.0
	795,000	(4	)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		946,329		0.1
	5,119,000			Other Securities		5,703,269		0.5
						9,364,007		0.8
				Utilities: 0.4%
	620,000	(4	)	Electricite de France SA, 4.875%, 01/22/2044		733,698		0.1
	3,354,000			Other Securities		3,782,450		0.3
						4,516,148		0.4
				Total Corporate Bonds/Notes (Cost $146,486,047)		160,441,618		14.2

See Accompanying Notes to Financial Statements
102

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
MUNICIPAL BONDS: 0.0%
				Georgia: 0.0%
	320,000			Other Securities	$	470,301		0.0
				Total Municipal Bonds (Cost $320,000)		470,301		0.0
U.S. TREASURY OBLIGATIONS: 2.9%
				U.S. Treasury Bonds: 0.3%
	2,892,800	(5	)	0.625%-4.500%, 05/15/2030- 02/15/2050		3,470,015		0.3
				U.S. Treasury Notes: 2.6%
	21,060,000			0.250%,06/15/2023		21,106,068		1.9
	7,946,700			0.250%-2.625%, 11/15/2020- 06/30/2027		7,938,013		0.7
						29,044,081		2.6
				Total U.S. Treasury Obligations (Cost $32,281,714)		32,514,096		2.9
CONVERTIBLE BONDS/NOTES: 10.5%
				Communications: 4.7%
	389,000	(4	),(5)	Booking Holdings, Inc., 0.750%, 05/01/2025		482,483		0.1
	1,490,000			Booking Holdings, Inc., 0.900%, 09/15/2021		1,586,830		0.1
	7,840,000			DISH Network Corp., 3.375%, 08/15/2026		7,221,539		0.6
	2,954,000	(4	)	GCI Liberty, Inc., 1.750%, 09/30/2046		4,144,393		0.4
	3,355,000	(4	)	IAC FinanceCo 3, Inc., 2.000%, 01/15/2030		4,356,517		0.4
	2,665,000	(4	)	Liberty Latin America Ltd., 2.000%, 07/15/2024		2,123,672		0.2
	9,559,000			Liberty Media Corp., 1.375%, 10/15/2023		10,079,009		0.9
	1,933,000			Liberty Media Corp., 2.250%, 09/30/2046		927,969		0.1
	673,000			Liberty Media Corp.- Liberty Formula One, 1.000%, 01/30/2023		733,125		0.0
	20,629,000	(3	)	Other Securities		21,849,143		1.9
						53,504,680		4.7
				Consumer, Cyclical: 0.2%
	2,264,000			Other Securities		2,302,205		0.2
				Consumer, Non-cyclical: 2.6%
	3,140,000			DexCom, Inc., 0.750%, 12/01/2023		7,797,189		0.7
	1,831,000	(4	),(5)	Integra LifeSciences Holdings Corp., 0.500%, 08/15/2025		1,673,662		0.2

Principal Amount†					Value		Percentage of Net Assets
	380,000	(4	)	Tandem Diabetes Care, Inc., 1.500%, 05/01/2025	$	444,551		0.0
	3,735,000	(4	)	Teladoc Health, Inc., 1.250%, 06/01/2027		4,145,332		0.4
	12,032,000	(3	)	Other Securities		14,949,323		1.3
						29,010,057		2.6
				Energy: 0.1%
	1,677,000			Other Securities		845,746		0.1
				Financial: 0.2%
	2,241,000			Other Securities		2,336,243		0.2
				Technology: 2.7%
	1,542,000	(4	)	Cree, Inc., 1.750%, 05/01/2026		2,178,075		0.2
	5,822,000			Nuance Communications, Inc., 1.000%- 1.250%, 04/01/2025- 12/15/2035		7,282,773		0.7
	17,452,000			Other Securities		20,435,153		1.8
						29,896,001		2.7
				Total Convertible Bonds/Notes (Cost $103,487,263)		117,894,932		10.5
EQUITY-LINKED NOTES: 1.0%
				Financial: 1.0%
	4,397,000	(4	)	Credit Suisse AG, Convertible Basket (Basket of 5 Common Stocks), 0.500%, 06/24/2024		4,208,808		0.4
	6,746,000			GS Finance Corp (Guarantor: The Goldman Sachs Group, Inc.), Exchangeable Basket (Basket of 5 Common Stocks), 0.250%, 07/08/2024		6,697,709		0.6
				Total Equity-Linked Notes (Cost $11,143,000)		10,906,517		1.0
STRUCTURED NOTES: 2.2%
				Diversified Finan Serv: 1.1%
	11,984,000			Other Securities		12,500,770		1.1
				Financial: 1.1%
	12,054,000			Other Securities		12,626,388		1.1
				Total Structured Notes (Cost $24,586,266)		25,127,158		2.2

See Accompanying Notes to Financial Statements
103

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS(6): 0.1%
				Federal National Mortgage Association: 0.1%
	915,000			Other Securities	$	1,416,312		0.1
				Total U.S. Government Agency Obligations (Cost $1,012,342)		1,416,312		0.1
				Total Long-Term Investments (Cost $1,060,087,005)		1,081,772,525		95.9
SHORT-TERM INVESTMENTS: 4.1%
				Floating Rate Notes: 0.6%
	450,000	(7	)	Bank of Montreal, 0.200%, 07/13/2020		450,010		0.1
	250,000	(7	)	J.P. Morgan Securities LLC, 0.360%, 07/08/2020		250,011		0.0
	950,000	(7	)	Lloyds Bank PLC, 0.310%, 07/31/2020		950,118		0.1
	950,000	(7	)	Mizuho Financial Group Inc., 0.340%, 07/14/2020		950,069		0.1
	950,000	(7	)	National Bank of Canada, 1.180%, 07/16/2020		950,033		0.1
	950,000	(7	)	Oversea-Chinese Banking Corp., Ltd., 0.300%, 07/15/2020		950,058		0.1
	950,000	(7	)	Svenska Handelsbanken AB, 0.330%, 07/07/2020		950,032		0.1
	400,000	(7	)	The Sumitomo Mitsui Financial Group, 0.290%, 07/29/2020		400,038		0.0
				Total Floating Rate Notes (Cost $5,850,369)		5,850,369		0.6
				Repurchase Agreements: 0.3%
	2,385,669	(7	)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $2,385,675, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $2,433,383, due 07/31/21-05/20/70)		2,385,669		0.2

Principal Amount†					Value		Percentage of Net Assets
	1,116,297	(7	)	RBC Dominion Securities Inc., Repurchase A greement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,116,300, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,138,623, due 07/31/20-07/01/50)	$	1,116,297		0.1
				Total Repurchase Agreements (Cost $3,501,966)		3,501,966		0.3
Shares					Value		Percentage of Net Assets
				Mutual Funds(7): 3.2%
	35,744,236	(7	),(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%		35,744,237		3.2
	298,000	(7	),(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%		298,000		0.0
	298,000	(7	),(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%		298,000		0.0
				Total Mutual Funds (Cost $36,340,237)		36,340,237		3.2
				Total Short-Term Investments (Cost $45,692,572)		45,692,572		4.1
				Total Investments in Securities (Cost $1,105,779,577)	$	1,127,465,097		100.0
				Assets in Excess of Other Liabilities		246,150		0.0
				Net Assets	$	1,127,711,247		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

  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.

See Accompanying Notes to Financial Statements
104

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

(3)  The grouping contains securities on loan.

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

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

(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 June 30, 2020.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	19,632,550	$	13,799,742		$	—	$	33,432,292
Consumer Discretionary		43,574,764		7,198,626			—		50,773,390
Consumer Staples		50,125,073		—			—		50,125,073
Energy		33,436,700		16,808,446			—		50,245,146
Financials		172,586,799		—			—		172,586,799
Health Care		108,555,275		24,352,913			—		132,908,188
Industrials		77,248,075		308,691			—		77,556,766
Information Technology		98,547,414		—			—		98,547,414
Materials		35,204,339		—			—		35,204,339
Utilities		22,253,109		—			—		22,253,109
Total Common Stock		661,164,098		62,468,418			—		723,632,516
Preferred Stock		6,350,649		3,018,426			—		9,369,075
Corporate Bonds/Notes		—		160,441,618			—		160,441,618
Municipal Bonds		—		470,301			—		470,301
Convertible Bonds/Notes		—		117,894,932			—		117,894,932
Structured Notes		—		25,127,158			—		25,127,158
Equity-Linked Notes		—		10,906,517			—		10,906,517
U.S. Government Agency Obligations		—		1,416,312			—		1,416,312
U.S. Treasury Obligations		—		32,514,096			—		32,514,096
Short-Term Investments		36,340,237		9,352,335			—		45,692,572
Total Investments, at fair value	$	703,854,984	$	423,610,113		$	—	$	1,127,465,097
Other Financial Instruments+
Forward Foreign Currency Contracts		—		519,558			—		519,558
Total Assets	$	703,854,984	$	424,129,671		$	—	$	1,127,984,655
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(187,440	)	$	—	$	(187,440	)
Total Liabilities	$	—	$	(187,440	)	$	—	$	(187,440	)

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

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

#  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
105

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

At June 30, 2020, 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	38,594	CAD	52,737	RBC Capital Markets Corp.	07/02/20	$	(252	)
GBP	748,833	USD	943,052	State Street Bank and Trust Co.	07/10/20		(15,124	)
CAD	137,576	USD	100,822	State Street Bank and Trust Co.	07/10/20		518
CHF	102,375	USD	107,975	State Street Bank and Trust Co.	07/10/20		105
CHF	102,375	USD	107,990	State Street Bank and Trust Co.	07/10/20		91
EUR	266,817	USD	299,544	State Street Bank and Trust Co.	07/10/20		279
GBP	1,120,684	USD	1,392,107	State Street Bank and Trust Co.	07/10/20		(3,394	)
USD	757,777	GBP	610,065	State Street Bank and Trust Co.	07/10/20		1,806
USD	92,619	CAD	126,112	State Street Bank and Trust Co.	07/10/20		(277	)
USD	176,738	EUR	156,951	State Street Bank and Trust Co.	07/10/20		372
EUR	128,176	USD	144,344	State Street Bank and Trust Co.	07/10/20		(312	)
EUR	121,201	USD	135,652	State Street Bank and Trust Co.	07/10/20		542
USD	159,424	CHF	151,539	State Street Bank and Trust Co.	07/10/20		(561	)
USD	258,125	EUR	230,195	State Street Bank and Trust Co.	07/10/20		(546	)
USD	181,328	EUR	161,310	State Street Bank and Trust Co.	07/10/20		64
USD	53,491	CAD	72,610	State Street Bank and Trust Co.	07/10/20		6
USD	155,971	CHF	147,931	State Street Bank and Trust Co.	07/10/20		(204	)
USD	758,948	GBP	604,658	State Street Bank and Trust Co.	07/10/20		9,676
CAD	68,790	USD	50,727	State Street Bank and Trust Co.	07/10/20		(56	)
CHF	84,790	USD	89,497	State Street Bank and Trust Co.	07/10/20		19
CAD	554,127	USD	407,547	State Street Bank and Trust Co.	07/10/20		630
USD	135,452	CHF	128,768	State Street Bank and Trust Co.	07/10/20		(492	)
CHF	279,626	USD	293,585	State Street Bank and Trust Co.	07/10/20		1,624
GBP	1,660,430	USD	2,080,593	State Street Bank and Trust Co.	07/10/20		(23,045	)
CHF	81,471	USD	86,019	State Street Bank and Trust Co.	07/10/20		823
USD	136,660	EUR	120,910	State Street Bank and Trust Co.	07/10/20		793
CAD	80,252	USD	60,058	State Street Bank and Trust Co.	07/10/20		(944	)
CHF	88,397	USD	93,863	State Street Bank and Trust Co.	07/10/20		(540	)
CHF	95,615	USD	100,656	State Street Bank and Trust Co.	07/10/20		287
USD	232,046	CAD	310,125	State Street Bank and Trust Co.	07/10/20		3,604
USD	1,186,906	GBP	932,979	State Street Bank and Trust Co.	07/10/20		30,790
CHF	88,397	USD	91,998	State Street Bank and Trust Co.	07/10/20		1,325
USD	105,808	CHF	101,026	State Street Bank and Trust Co.	07/10/20		(849	)
CAD	246,493	USD	180,987	State Street Bank and Trust Co.	07/10/20		583
CAD	150,952	USD	110,982	State Street Bank and Trust Co.	07/10/20		211
USD	523,681	GBP	415,506	State Street Bank and Trust Co.	07/10/20		8,800
USD	191,068	CAD	257,816	State Street Bank and Trust Co.	07/10/20		1,158
USD	89,125	CAD	120,642	State Street Bank and Trust Co.	07/10/20		259
USD	41,496	GBP	33,062	State Street Bank and Trust Co.	07/10/20		527
USD	57,008	EUR	51,007	State Street Bank and Trust Co.	07/10/20		(308	)
USD	8,648,661	EUR	7,735,798	State Street Bank and Trust Co.	07/10/20		(44,081	)
USD	3,565,541	CAD	4,825,955	State Street Bank and Trust Co.	07/10/20		10,687
USD	5,846,115	CHF	5,620,251	State Street Bank and Trust Co.	07/10/20		(87,348	)
USD	16,849,141	GBP	13,421,055	State Street Bank and Trust Co.	07/10/20		218,232
CHF	134,180	USD	139,653	State Street Bank and Trust Co.	07/10/20		2,005
USD	515,139	GBP	408,930	State Street Bank and Trust Co.	07/10/20		8,407
USD	484,045	GBP	391,001	State Street Bank and Trust Co.	07/10/20		(9,107	)
USD	16,846,375	GBP	13,421,161	The Bank of New York Mellon	07/10/20		215,335
						$	332,118
Currency Abbreviations

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

See Accompanying Notes to Financial Statements
106

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

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

The fair value of derivative instruments as of June 30, 2020 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	$	519,558
Total Asset Derivatives		$	519,558

Liability Derivatives

Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	187,440
Total Liability Derivatives		$	187,440

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2020 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(1,342,681	)
Total	$	(1,342,681	)
	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	$	1,589,397
Total	$	1,589,397

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2020:

	RBC Capital Markets Corp.			State Street Bank and Trust Co.		The Bank of New York Mellon		Totals
Assets:
Forward foreign currency contracts	$	—		$	304,223	$	215,335	$	519,558
Total Assets	$	—		$	304,223	$	215,335	$	519,558
Liabilities:
Forward foreign currency contracts	$	252		$	187,188	$	—	$	187,440
Total Liabilities	$	252		$	187,188	$	—	$	187,440
Net OTC derivative instruments by counterparty, at fair value	$	(252	)	$	117,035	$	215,335	$	332,118
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	—		$	—	$	—	$	—
Net Exposure(1)	$	(252	)	$	117,035	$	215,335	$	332,118

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,108,526,656.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	111,143,948
Gross Unrealized Depreciation		(91,569,129	)
Net Unrealized Appreciation	$	19,574,819

See Accompanying Notes to Financial Statements
107

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED)

Geographic Diversification
as of June 30, 2020
(as a percentage of net assets)

United States	56.6	%
Japan	14.5	%
France	7.6	%
China	3.6	%
Germany	3.2	%
Sweden	2.9	%
India	2.9	%
Netherlands	2.6	%
United Kingdom	2.5	%
Spain	1.3	%
Countries between 0.2% - 0.6%^	1.1	%
Assets in Excess of Other Liabilities*	1.2	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 3 countries, which each represents 0.2% - 0.6% of net assets.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.8%
				Brazil: 0.6%
	215,111	(1	),(2)	StoneCo Ltd.	$	8,337,702		0.6
				China: 3.6%
	818,704	(2	)	JD.com, Inc. ADR		49,269,607		3.6
				France: 7.6%
	60,936			Kering SA		33,314,723		2.4
	138,207			LVMH Moet Hennessy Louis Vuitton SE		61,017,442		4.4
	386,977	(3	)	Other Securities		10,190,809		0.8
						104,522,974		7.6
				Germany: 3.2%
	319,547			SAP SE		44,669,103		3.2
				India: 2.9%
	11,817,684			DLF Ltd.		23,196,033		1.7
	1,741,522	(1	)	ICICI Bank Ltd. ADR		16,178,739		1.2
						39,374,772		2.9
				Italy: 0.2%
	104,433	(3	)	Other Securities		3,111,034		0.2
				Japan: 14.5%
	379,600			Capcom Co., Ltd.		13,894,760		1.0
	79,500			Fanuc Ltd.		14,251,964		1.0
	87,204			Keyence Corp.		36,543,843		2.6
	575,400			Murata Manufacturing Co., Ltd.		33,918,970		2.5
	507,600			Nidec Corp.		34,196,397		2.5
	298,500			Omron Corp.		19,993,006		1.5

Shares					Value		Percentage of Net Assets
	348,441			Takeda Pharmaceutical Co., Ltd.	$	12,518,777		0.9
	310,500			TDK Corp.		30,910,718		2.2
	247,100			Other Securities		4,504,048		0.3
						200,732,483		14.5
				Netherlands: 2.6%
	415,776	(2	)	Airbus SE		29,791,796		2.2
	16,903			Other Securities		6,183,310		0.4
						35,975,106		2.6
				Spain: 1.3%
	696,473			Industria de Diseno Textil SA		18,479,750		1.3
				Sweden: 2.9%
	850,608			Assa Abloy AB		17,409,814		1.3
	531,357			Atlas Copco AB - A Shares		22,628,075		1.6
						40,037,889		2.9
				Switzerland: 0.3%
	13,180	(3	),(4)	Other Securities		3,606,514		0.3
				United Kingdom: 2.5%
	415,481	(1	),(2)	Farfetch Ltd. - Class A		7,175,357		0.5
	1,135,539			Prudential PLC		17,110,320		1.3
	561,496	(4	)	Other Securities		9,701,881		0.7
						33,987,558		2.5

See Accompanying Notes to Financial Statements
108

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				United States: 56.6%
	162,853	(2	)	Adobe, Inc.	$	70,891,539		5.1
	246,706			Agilent Technologies, Inc.		21,801,409		1.6
	81,720	(2	)	Alphabet, Inc. - Class A		115,883,046		8.4
	7,081	(2	)	Amazon.com, Inc.		19,535,204		1.4
	79,426			Anthem, Inc.		20,887,450		1.5
	780,545	(2	)	Avantor, Inc.		13,269,265		1.0
	88,821	(2	)	Blueprint Medicines Corp.		6,928,038		0.5
	184,939	(2	)	Boston Scientific Corp.		6,493,208		0.5
	225,371	(2	)	Centene Corp.		14,322,327		1.0
	137,391			Colgate-Palmolive Co.		10,065,265		0.7
	104,896	(2	)	Electronic Arts, Inc.		13,851,517		1.0
	139,235			Equifax, Inc.		23,931,712		1.7
	275,303	(2	)	Facebook, Inc. - Class A		62,513,052		4.5
	137,657			Fidelity National Information Services, Inc.		18,458,427		1.3
	19,479	(2	)	Illumina, Inc.		7,214,048		0.5
	94,469	(2	)	Incyte Corp., Ltd.		9,821,942		0.7
	126,447			Intel Corp.		7,565,324		0.6
	184,021			Intuit, Inc.		54,505,180		3.9
	164,820	(2	)	Ionis Pharmaceuticals, Inc.		9,717,787		0.7
	324,440	(1	),(2)	MacroGenics, Inc.		9,058,365		0.7
	560,794			Maxim Integrated Products		33,989,724		2.5
	75,997			Microsoft Corp.		15,466,150		1.1
	264,847	(2	)	PayPal Holdings, Inc.		46,144,293		3.3
	201,921			S&P Global, Inc.		66,528,931		4.8
	69,557	(1	),(2)	Sarepta Therapeutics, Inc.		11,152,769		0.8
	167,844			United Parcel Service, Inc. - Class B		18,660,896		1.4
	82,091			Visa, Inc. - Class A		15,857,518		1.2
	192,331			Walt Disney Co.		21,446,830		1.6
	55,694			Zimmer Biomet Holdings, Inc.		6,647,636		0.5
	632,150	(3	),(4)	Other Securities		29,373,413		2.1
						781,982,265		56.6
				Total Common Stock (Cost $678,239,882)		1,364,086,757		98.8

Shares					Value		Percentage of Net Assets
PREFERRED STOCK: 0.0%
				India: 0.0%
	2,598,630	(3	)	Other Securities	$	120,864		0.0
				Total Preferred Stock (Cost $335,416)		120,864		0.0
				Total Long-Term Investments (Cost $678,575,298)		1,364,207,621		98.8
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.1%
				Floating Rate Notes: 0.2%
	275,000	(5	)	Bank of Montreal, 0.200%, 07/13/2020	$	275,006		0.0
	950,000	(5	)	Lloyds Bank PLC, 0.310%, 07/31/2020		950,118		0.1
	725,000	(5	)	Royal Bank of Canada, 0.350%, 07/17/2020		725,066		0.1
				Total Floating Rate Notes (Cost $1,950,190)		1,950,190		0.2
				Repurchase Agreements: 2.7%
	1,274,652	(5	)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/20, 0.14%, due 07/01/20 (Repurchase Amount $1,274,657, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $1,300,145, due 08/13/20-05/20/70)		1,274,652		0.1
	1,201,477	(5	)	Barclays Capital, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,201,480, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $1,225,507, due 05/15/24-08/15/47)		1,201,477		0.1

See Accompanying Notes to Financial Statements
109

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	2,862,717	(5	)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $2,862,736, collateralized by various U.S. Government Securities, 1.106%- 6.500%, Market Value plus accrued interest $3,005,853, due 08/15/20-03/19/40)	$	2,862,717		0.2
	7,636,787	(5	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $7,636,808, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $7,789,523, due 08/01/20-02/20/70)		7,636,787		0.6
	1,498,837	(5	)	CF Secured LLC, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $1,498,841, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $1,528,814, due 01/01/29-06/01/50)		1,498,837		0.1
	3,218,803	(5	)	Citadel Securities LLC, Repurchase Agreement dated 06/30/20, 0.15%, due 07/01/20 (Repurchase Amount $3,218,816, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $3,283,193, due 07/31/20-11/15/49)		3,218,803		0.2

Principal Amount†					Value		Percentage of Net Assets
	9,765,884	(5	)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $9,765,908, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.500%- 7.500%, Market Value plus accrued interest $9,961,202, due 07/31/21- 05/20/70)	$	9,765,884		0.7
	1,962,166	(5	)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/20, 0.11%, due 07/01/20 (Repurchase Amount $1,962,172, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,001,409, due 07/15/20-06/01/50)		1,962,166		0.1
	8,006,448	(5	)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $8,006,501, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,185,136, due 01/15/22-02/15/47)		8,006,448		0.6
				Total Repurchase Agreements (Cost $37,427,771)		37,427,771		2.7

See Accompanying Notes to Financial Statements
110

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value			Percentage of Net Assets
				Mutual Funds(5): 1.2%
	15,038,813	(5	),(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%	$	15,038,813			1.1
	860,000	(5	),(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%		860,000			0.0
	860,000	(5	),(6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%		860,000			0.1
				Total Mutual Funds (Cost $16,758,813)		16,758,813			1.2
				Total Short-Term Investments (Cost $56,136,774)		56,136,774			4.1
				Total Investments in Securities (Cost $734,712,072)	$	1,420,344,395			102.9
				Liabilities in Excess of Other Assets		(39,571,501	)		(2.9	)
				Net Assets	$	1,380,772,894			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

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

(2)  Non-income producing security.

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

(4)  The grouping contains securities on loan.

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

(6)  Rate shown is the 7-day yield as of June 30, 2020.

Sector Diversification	Percentage of Net Assets
Information Technology		32.8	%
Communication Services		16.5
Consumer Discretionary		14.2
Health Care		12.5
Industrials		12.0
Financials		7.7
Real Estate		1.7
Consumer Staples		1.4
Short-Term Investments		4.1
Liabilities in Excess of Other Assets		(2.9	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements
111

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
OPPENHEIMER GLOBAL PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Brazil	$	8,337,702	$	—	$	—	$	8,337,702
China		49,269,607		—		—		49,269,607
France		—		104,522,974		—		104,522,974
Germany		—		44,669,103		—		44,669,103
India		16,178,739		23,196,033		—		39,374,772
Italy		—		3,111,034		—		3,111,034
Japan		—		200,732,483		—		200,732,483
Netherlands		—		35,975,106		—		35,975,106
Spain		—		18,479,750		—		18,479,750
Sweden		—		40,037,889		—		40,037,889
Switzerland		—		3,606,514		—		3,606,514
United Kingdom		11,243,058		22,744,500		—		33,987,558
United States		781,982,265		—		—		781,982,265
Total Common Stock		867,011,371		497,075,386		—		1,364,086,757
Preferred Stock		—		120,864		—		120,864
Short-Term Investments		16,758,813		39,377,961		—		56,136,774
Total Investments, at fair value	$	883,770,184	$	536,574,211	$	—	$	1,420,344,395

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

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $749,775,530.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	694,946,165
Gross Unrealized Depreciation		(24,399,813	)
Net Unrealized Appreciation	$	670,546,352

See Accompanying Notes to Financial Statements
112

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Financials	20.0	%
Real Estate	12.5	%
Industrials	11.1	%
Utilities	9.9	%
Consumer Discretionary	9.6	%
Health Care	7.6	%
Information Technology	7.5	%
Materials	5.6	%
Consumer Staples	5.0	%
Energy	4.2	%
Communication Services	3.5	%
Assets in Excess of Other Liabilities*	3.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 96.5%
				Communication Services: 3.5%
	122,518	(1	)	Liberty Media Corp. - SiriusXM C	$	4,220,745		1.3
	217,970	(2	)	Other Securities		7,275,391		2.2
						11,496,136		3.5
				Consumer Discretionary: 9.6%
	4,770	(1	)	Autozone, Inc.		5,381,132		1.6
	54,840			Best Buy Co., Inc.		4,785,887		1.4
	31,050	(1	)	Mohawk Industries, Inc.		3,159,648		1.0
	641,127	(3	)	Other Securities		18,365,851		5.6
						31,692,518		9.6
				Consumer Staples: 5.0%
	19,050			Constellation Brands, Inc.		3,332,798		1.0
	104,050			Kroger Co.		3,522,093		1.1
	35,420	(1	)	Post Holdings, Inc.		3,103,500		0.9
	301,455	(2	)	Other Securities		6,559,579		2.0
						16,517,970		5.0
				Energy: 4.2%
	105,394			Diamondback Energy, Inc.		4,407,577		1.3
	206,530			Williams Cos., Inc.		3,928,201		1.2
	453,194			Other Securities		5,666,906		1.7
						14,002,684		4.2
				Financials: 20.0%
	35,780			Ameriprise Financial, Inc.		5,368,431		1.6
	134,970			Citizens Financial Group, Inc.		3,406,643		1.1

Shares					Value		Percentage of Net Assets
	209,820			Fifth Third Bancorp	$	4,045,329		1.2
	94,500			Hartford Financial Services Group, Inc.		3,642,975		1.1
	155,700			Loews Corp.		5,338,953		1.6
	48,393			M&T Bank Corp.		5,031,420		1.5
	31,610			Marsh & McLennan Cos., Inc.		3,393,966		1.0
	47,270			Northern Trust Corp.		3,750,402		1.2
	54,180			Raymond James Financial, Inc.		3,729,209		1.1
	44,300			T. Rowe Price Group, Inc.		5,471,050		1.7
	807,528			Other Securities		22,874,563		6.9
						66,052,941		20.0
				Health Care: 7.6%
	43,240			AmerisourceBergen Corp.		4,357,295		1.3
	18,160			Cigna Corp.		3,407,724		1.0
	28,210	(1	)	Laboratory Corp. of America Holdings		4,685,963		1.4
	35,160			Universal Health Services, Inc.		3,266,012		1.0
	40,670			Zimmer Biomet Holdings, Inc.		4,854,371		1.5
	48,810	(2	)	Other Securities		4,687,845		1.4
						25,259,210		7.6
				Industrials: 11.1%
	41,790			Ametek, Inc.		3,734,772		1.1
	31,470			Carlisle Cos., Inc.		3,766,015		1.1
	52,550			Fortune Brands Home & Security, Inc.		3,359,522		1.0
	22,110			IDEX Corp.		3,494,264		1.1
	62,340			ITT, Inc.		3,661,852		1.1

See Accompanying Notes to Financial Statements
113

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Industrials (continued)
	40,980			Lincoln Electric Holdings, Inc.	$	3,452,155		1.1
	40,880	(1	)	Middleby Corp.		3,227,067		1.0
	26,801			Snap-On, Inc.		3,712,207		1.1
	123,460			Other Securities		8,230,207		2.5
						36,638,061		11.1
				Information Technology: 7.5%
		39,610		Amphenol Corp.		3,795,034		1.1
		30,310		CDW Corp.		3,521,416		1.1
		30,330		SYNNEX Corp.		3,632,624		1.1
	17,750	(1	)	Synopsys, Inc.		3,461,250		1.0
	178,487	(2	)	Other Securities		10,549,510		3.2
						24,959,834		7.5
				Materials: 5.6%
		49,030		Ball Corp.		3,407,095		1.0
		16,640		Martin Marietta Materials, Inc.		3,437,325		1.1
		6,920		Sherwin-Williams Co.		3,998,722		1.2
		98,880		Silgan Holdings, Inc.		3,202,723		1.0
		101,510		Other Securities		4,320,934		1.3
						18,366,799		5.6
				Real Estate: 12.5%
		26,150		AvalonBay Communities, Inc.		4,043,836		1.2
		41,360		Boston Properties, Inc.		3,738,117		1.1
	85,670	(1	)	CBRE Group, Inc.		3,873,997		1.2
	1,171,457	(2	)	Other Securities		29,625,371		9.0
						41,281,321		12.5
				Utilities: 9.9%
		98,030		CMS Energy Corp.		5,726,913		1.7
		72,770		Edison International		3,952,139		1.2
		40,170		Entergy Corp.		3,768,348		1.2
		77,730		National Fuel Gas Co.		3,259,219		1.0
		37,270		Sempra Energy		4,369,162		1.3
		63,430		WEC Energy Group, Inc.		5,559,639		1.7
		96,880		Xcel Energy, Inc.		6,055,000		1.8
						32,690,420		9.9
				Total Common Stock (Cost $298,070,755)		318,957,894		96.5

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.4%
				Repurchase Agreements: 0.2%
	731,179	(4	)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $731,181, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $745,803, due 07/31/20-07/01/50) (Cost $731,179)	$	731,179		0.2
Shares					Value		Percentage of Net Assets
				Mutual Funds: 3.2%
	10,358,583	(5	)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100% (Cost $10,358,583)		10,358,583		3.2
				Total Short-Term Investments (Cost $11,089,762)		11,089,762		3.4
				Total Investments in Securities (Cost $309,160,517)	$	330,047,656		99.9
				Assets in Excess of Other Liabilities		256,785		0.1
				Net Assets	$	330,304,441		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

  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 June 30, 2020.

See Accompanying Notes to Financial Statements
114

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock*	$	318,957,894	$	—	$	—	$	318,957,894
Short-Term Investments		10,358,583		731,179		—		11,089,762
Total Investments, at fair value	$	329,316,477	$	731,179	$	—	$	330,047,656

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

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $310,485,857.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	65,930,661
Gross Unrealized Depreciation		(46,368,862	)
Net Unrealized Appreciation	$	19,561,799

See Accompanying Notes to Financial Statements
115

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Information Technology	36.1	%
Health Care	17.4	%
Industrials	15.2	%
Consumer Discretionary	13.9	%
Financials	4.9	%
Communication Services	4.0	%
Consumer Staples	3.5	%
Materials	3.0	%
Real Estate	1.1	%
Energy	0.7	%
Utilities	0.2	%
Assets in Excess of Other Liabilities*	0.0	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 99.4%
				Communication Services: 3.8%
	48,800	(1	)	Spotify Technology SA	$	12,599,672		1.1
	941,762	(2	),(3)	Other Securities		31,770,794		2.7
						44,370,466		3.8
				Consumer Discretionary: 13.9%
	6,800	(1	)	Autozone, Inc.		7,671,216		0.7
	53,100	(1	)	Burlington Stores, Inc.		10,456,983		0.9
	9,700	(1	)	Chipotle Mexican Grill, Inc.		10,207,892		0.9
	61,700			Dollar General Corp.		11,754,467		1.0
	99,400	(1	)	Dollar Tree, Inc.		9,212,392		0.8
	39,400	(1	)	Lululemon Athletica, Inc.		12,293,194		1.0
	29,300	(1	)	O'Reilly Automotive, Inc.		12,354,931		1.0
	1,109,311	(2	),(3)	Other Securities		89,838,819		7.6
						163,789,894		13.9
				Consumer Staples: 3.5%
	91,900			Church & Dwight Co., Inc.		7,103,870		0.6
	32,400			Clorox Co.		7,107,588		0.6
	354,304	(2	)	Other Securities		26,646,104		2.3
						40,857,562		3.5
				Energy: 0.7%
	44	(1	),(4),(5)	Venture Global LNG, Inc. - Series B		169,312		0.0
	560	(1	),(4),(5)	Venture Global LNG, Inc. - Series C		2,154,880		0.2
	287,559			Other Securities		6,019,637		0.5
						8,343,829		0.7

Shares					Value		Percentage of Net Assets
				Financials: 4.9%
	14,000			MarketAxess Holdings, Inc.	$	7,012,880		0.6
	32,100			MSCI, Inc. - Class A		10,715,622		0.9
	110,944	(1	),(5)	Selectquote, Inc. - Lockup Shares		2,697,803		0.3
	538,062	(2	),(3)	Other Securities		36,478,235		3.1
						56,904,540		4.9
				Health Care: 17.4%
	27,000	(1	)	Align Technology, Inc.		7,409,880		0.6
	62,900	(1	)	BioMarin Pharmaceutical, Inc.		7,758,086		0.7
	164,228	(1	)	Centene Corp.		10,436,689		0.9
	33,700	(1	)	DexCom, Inc.		13,661,980		1.2
	25,400	(1	)	Idexx Laboratories, Inc.		8,386,064		0.7
	84,400	(1	)	Incyte Corp., Ltd.		8,775,068		0.7
	41,680	(1	)	Seattle Genetics, Inc.		7,082,266		0.6
	49,000	(1	)	Veeva Systems, Inc.		11,486,580		1.0
	1,783,472	(2	),(3)	Other Securities		129,207,158		11.0
						204,203,771		17.4
				Industrials: 15.2%
	35,700			Cintas Corp.		9,509,052		0.8
	17,600	(1	)	CoStar Group, Inc.		12,507,792		1.1
	100,700			TransUnion		8,764,928		0.8
	44,256			Verisk Analytics, Inc.		7,532,371		0.6
	1,930,699	(2	),(3)	Other Securities		139,745,988		11.9
						178,060,131		15.2

See Accompanying Notes to Financial Statements
116

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares						Value		Percentage of Net Assets
					Information Technology: 35.7%
	113,500				Amphenol Corp.	$	10,874,435		0.9
	46,479	(1	)		Atlassian Corp. PLC		8,378,769		0.7
	96,734	(1	)		Black Knight, Inc.		7,019,019		0.6
	87,764				Booz Allen Hamilton Holding Corp.		6,827,162		0.6
	95,800	(1	)		Cadence Design Systems, Inc.		9,192,968		0.8
	80,300				CDW Corp.		9,329,254		0.8
	25,900	(1	),(6)		Coupa Software, Inc.		7,175,336		0.6
	57,953	(1	)		DocuSign, Inc.		9,980,086		0.8
	94,400	(1	)		Fiserv, Inc.		9,215,328		0.8
	35,600	(1	)		FleetCor Technologies, Inc.		8,954,468		0.8
	56,200	(1	)		Fortinet, Inc.		7,714,574		0.7
	85,527				Global Payments, Inc.		14,507,090		1.2
	71,500				KLA Corp.		13,905,320		1.2
	32,455				Lam Research Corp.		10,497,894		0.9
	152,600				Maxim Integrated Products		9,249,086		0.8
	112,300	(6	)		Microchip Technology, Inc.		11,826,313		1.0
	60,400				Motorola Solutions, Inc.		8,463,852		0.7
	38,700	(1	)		Okta, Inc.		7,748,901		0.7
	32,200	(1	)		Palo Alto Networks, Inc.		7,395,374		0.6
	72,300				Skyworks Solutions, Inc.		9,244,278		0.8
	64,100	(1	)		Splunk, Inc.		12,736,670		1.1
	48,500	(1	)		Synopsys, Inc.		9,457,500		0.8
	44,800	(1	)		Twilio, Inc.		9,830,016		0.8
	84,500				Xilinx, Inc.		8,313,955		0.7
	2,237,516	(2	),(3)		Other Securities		191,748,573		16.3
							419,586,221		35.7
					Materials: 3.0%
	105,180				Ball Corp.		7,308,958		0.6
	510,029	(2	),(3)		Other Securities		28,282,769		2.4
				��			35,591,727		3.0
					Real Estate: 1.1%
	26,350				SBA Communications Corp.		7,850,192		0.7
	6,575	(1	),(4),(5)		WeWork Companies, Inc. - Class A		—		—
	130,095	(2	)		Other Securities		4,808,038		0.4
							12,658,230		1.1

Shares					Value		Percentage of Net Assets
				Utilities: 0.2%
	23,974			Other Securities	$	2,726,811		0.2
				Total Common Stock (Cost $813,989,888)		1,167,093,182		99.4
PREFERRED STOCK: 0.6%
				Communication Services: 0.2%
	32,391	(1	),(4),(5)	AirBNB, Inc. - Series D		1,781,505		0.2
	3,719	(1	),(4),(5)	AirBNB, Inc. - Series E		204,545		0.0
						1,986,050		0.2
				Information Technology: 0.4%
	24,459	(1	),(4),(5)	Databricks, Inc., Series F		1,050,475		0.1
	353,970	(1	),(4),(5)	Tanium, Inc. - Series G		3,256,524		0.2
	23,311	(1	),(4),(5)	UiPath Inc., Series D-1		917,327		0.1
	3,914	(1	),(4),(5)	UiPath Inc., Series D-2		154,023		0.0
						5,378,349		0.4
				Real Estate: —%
	44,396	(1	),(4),(5)	WeWork Companies, Inc. - Series D-1		—		—
	34,882	(1	),(4),(5)	WeWork Companies, Inc. - Series D-2		—		—
	24,709	(1	),(4),(5)	WeWork Companies, Inc. - Series E		—		—
						—		—
				Total Preferred Stock (Cost $7,676,732)		7,364,399		0.6
				Total Long-Term Investments (Cost $821,666,620)		1,174,457,581		100.0
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.3%
				Floating Rate Notes: 0.2%
	950,000	(7	)	Lloyds Bank PLC, 0.310%, 07/31/2020		950,118		0.1
	950,000	(7	)	Oversea-Chinese Banking Corp., Ltd., 0.300%, 07/15/2020		950,058		0.1

See Accompanying Notes to Financial Statements
117

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Floating Rate Notes (continued)
	950,000	(7	)	Svenska Handelsbanken AB, 0.330%, 07/07/2020	$	950,032		0.0
				Total Floating Rate Notes (Cost $2,850,208)		2,850,208		0.2
				Repurchase Agreements: 7.5%
	3,015,757	(7	)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/20, 0.14%, due 07/01/20 (Repurchase Amount $3,015,769, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $3,076,072, due 08/13/20-05/20/70)		3,015,757		0.3
	2,306,003	(7	)	Barclays Capital, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $2,306,009, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $2,352,123, due 05/15/24-08/15/47)		2,306,003		0.2
	6,505,864	(7	)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $6,505,907, collateralized by various U.S. Government Securities, 1.106%-6.500%, Market Value plus accrued interest $6,831,157, due 08/15/20-03/19/40)		6,505,864		0.6

Principal Amount†					Value		Percentage of Net Assets
	18,068,217	(7	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $18,068,267, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $18,429,581, due 08/01/20-02/20/70)	$	18,068,217		1.5
	3,546,167	(7	)	CF Secured LLC, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $3,546,177, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $3,617,090, due 01/01/29-06/01/50)		3,546,167		0.3
	7,615,511	(7	)	Citadel Securities LLC, Repurchase Agreement dated 06/30/20, 0.15%, due 07/01/20 (Repurchase Amount $7,615,542, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $7,767,854, due 07/31/20-11/15/49)		7,615,511		0.6

See Accompanying Notes to Financial Statements
118

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	22,712,580	(7	)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $22,712,636, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $23,166,833, due 07/31/21-05/20/70)	$	22,712,580		1.9
	4,642,376	(7	)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/20, 0.11%, due 07/01/20 (Repurchase Amount $4,642,390, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $4,735,223, due 07/15/20-06/01/50)		4,642,376		0.4
	1,363,064	(7	)	Royal Bank of Canada, Repurchase Agreement dated 06/30/20, 0.26%, due 07/01/20 (Repurchase Amount $1,363,074, collateralized by various U.S. Government Securities, 0.000%-8.700%, Market Value plus accrued interest $1,423,659, due 10/27/20-05/27/40)		1,363,064		0.1

Principal Amount†					Value			Percentage of Net Assets
	18,437,724	(7	)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $18,437,845, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $18,849,217, due 01/15/22-02/15/47)	$	18,437,724			1.6
				Total Repurchase Agreements (Cost $88,213,263)		88,213,263			7.5
Shares					Value			Percentage of Net Assets
				Mutual Funds: 0.6%
	2,173,000	(7	),(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%		2,173,000			0.2
	2,173,000	(7	),(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%		2,173,000			0.2
	2,173,000	(7	),(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%		2,173,000			0.2
	154	(8	)	T. Rowe Price Government Reserve Fund, 0.140%		154			0.0
				Total Mutual Funds (Cost $6,519,154)		6,519,154			0.6
				Total Short-Term Investments (Cost $97,582,625)		97,582,625			8.3
				Total Investments in Securities (Cost $919,249,245)	$	1,272,040,206			108.3
				Liabilities in Excess of Other Assets		(97,220,317	)		(8.3	)
				Net Assets	$	1,174,819,889			100.0

See Accompanying Notes to Financial Statements
119

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO  AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

  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 securities on loan.

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

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

(5)  Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2020, the Portfolio held restricted securities with a fair value of $12,386,394 or 1.1% 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 June 30, 2020.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	44,370,466	$	—	$	—	$	44,370,466
Consumer Discretionary		163,789,894		—		—		163,789,894
Consumer Staples		40,857,562		—		—		40,857,562
Energy		6,019,637		—		2,324,192		8,343,829
Financials		54,206,737		2,697,803		—		56,904,540
Health Care		204,203,771		—		—		204,203,771
Industrials		178,060,131		—		—		178,060,131
Information Technology		419,586,221		—		—		419,586,221
Materials		35,591,727		—		—		35,591,727
Real Estate		12,658,230		—		—		12,658,230
Utilities		2,726,811		—		—		2,726,811
Total Common Stock		1,162,071,187		2,697,803		2,324,192		1,167,093,182
Preferred Stock		—		—		7,364,399		7,364,399
Short-Term Investments		6,519,154		91,063,471		—		97,582,625
Total Investments, at fair value	$	1,168,590,341	$	93,761,274	$	9,688,591	$	1,272,040,206

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

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

At June 30, 2020, 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	$	1,781,505
AirBNB, Inc. - Series E	7/14/2015		346,218		204,545
Databricks, Inc., Series F	10/22/2019		1,050,475		1,050,475
Selectquote, Inc. - Lockup Shares	5/6/2020		1,996,992		2,697,803
Tanium, Inc. - Series G	8/26/2015		1,757,214		3,256,524
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		169,312
Venture Global LNG, Inc. - Series C	10/16/2017		2,083,973		2,154,880
WeWork Companies, Inc. - Class A	6/23/2015		144,501		—
WeWork Companies, Inc. - Series D-1	12/9/2014		739,245		—
WeWork Companies, Inc. - Series D-2	12/9/2014		580,826		—
WeWork Companies, Inc. - Series E	6/23/2015		812,668		—
		$	12,035,078	$	12,386,394

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

  Cost for federal income tax purposes was $921,927,074.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	392,784,183
Gross Unrealized Depreciation		(42,671,051	)
Net Unrealized Appreciation	$	350,113,132

See Accompanying Notes to Financial Statements
120

VY^® T. ROWE PRICE   SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED)

Sector Diversification
as of June 30, 2020
(as a percentage of net assets)

Information Technology	38.8	%
Consumer Discretionary	19.9	%
Communication Services	18.1	%
Health Care	11.1	%
Industrials	7.4	%
Financials	3.4	%
Materials	0.5	%
Utilities	0.2	%
Real Estate**	0.0	%
Assets in Excess of Other Liabilities*	0.6	%
Net Assets	100.0	%

* Includes short-term investments.

** Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Shares					Value		Percentage of Net Assets
COMMON STOCK: 98.0%
				Communication Services: 17.7%
	34,559	(1	)	Alphabet, Inc. - Class A	$	49,006,390		2.9
	28,985	(1	)	Alphabet, Inc. - Class C		40,973,486		2.4
	5,531	(1	),(2),(3)	Epic Games, Inc.		3,180,325		0.2
	370,475	(1	)	Facebook, Inc.- Class A		84,123,758		5.0
	37,972	(1	)	IAC/InterActiveCorp		12,280,145		0.7
	92,321	(1	)	NetFlix, Inc.		42,009,748		2.5
	120,800	(1	),(4)	Sea Ltd. ADR		12,954,592		0.7
	725,490	(1	),(4)	Snap, Inc.		17,041,760		1.0
	63,336	(1	)	Spotify Technology SA		16,352,722		1.0
	237,500			Tencent Holdings Ltd.		15,218,504		0.9
	68,591	(5	),(6)	Other Securities		7,342,666		0.4
						300,484,096		17.7
				Consumer Discretionary: 19.3%
	179,716	(1	)	Alibaba Group Holding Ltd. ADR		38,764,741		2.3
	65,788	(1	)	Amazon.com, Inc.		181,497,250		10.7
	8,239	(1	)	Booking Holdings, Inc.		13,119,289		0.8
	74,195	(1	),(4)	Carvana Co.		8,918,239		0.5
	10,941	(1	)	Chipotle Mexican Grill, Inc.		11,513,871		0.7
	2,793	(1	),(2),(3)	DoorDash, Inc. - Series H		641,080		0.0
	79,645	(4	)	Ferrari NV		13,620,091		0.8
	52,093	(1	)	Lululemon Athletica, Inc.		16,253,537		1.0
	181,348			Ross Stores, Inc.		15,458,104		0.9
	459,621	(5	),(6)	Other Securities		27,049,245		1.6
						326,835,447		19.3

Shares					Value		Percentage of Net Assets
				Financials: 3.4%
	1,134,411	(1	),(2),(3)	Ant International Co., Limited - Class C	$	7,963,565		0.5
	137,471			Chubb Ltd.		17,406,578		1.0
	34,785			S&P Global, Inc.		11,460,962		0.7
	228,981	(5	),(6)	Other Securities		21,247,747		1.2
						58,078,852		3.4
				Health Care: 11.1%
	57,887			Anthem, Inc.		15,223,123		0.9
	245,236	(1	)	Centene Corp.		15,584,748		0.9
	105,096			Cigna Corp.		19,721,264		1.2
	100,473			HCA Healthcare, Inc.		9,751,909		0.6
	39,761	(1	)	Intuitive Surgical, Inc.		22,657,011		1.3
	96,027			Stryker Corp.		17,303,105		1.0
	109,020			UnitedHealth Group, Inc.		32,155,449		1.9
	77,744	(1	)	Vertex Pharmaceuticals, Inc.		22,569,861		1.3
	328,267	(5	),(6)	Other Securities		32,986,588		2.0
						187,953,058		11.1
				Industrials: 7.2%
	41,046			Cintas Corp.		10,933,013		0.6
	64,635			Equifax, Inc.		11,109,464		0.7
	162,290			Fortive Corp.		10,980,541		0.7
	45,570			Roper Technologies, Inc.		17,693,008		1.0
	203,656			TransUnion		17,726,218		1.1
	1,418,894	(6	)	Other Securities		52,827,068		3.1
						121,269,312		7.2

See Accompanying Notes to Financial Statements
121

VY^® T. ROWE PRICE   SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Shares					Value		Percentage of Net Assets
				Information Technology: 38.6%
	30,000	(1	)	Adobe, Inc.	$	13,059,300		0.8
	215,313	(1	)	Advanced Micro Devices, Inc.		11,327,617		0.7
	223,772			Apple, Inc.		81,632,026		4.8
	53,982			ASML Holding NV-NY REG		19,866,995		1.2
	220,750			Fidelity National Information Services, Inc.		29,600,367		1.8
	211,032	(1	)	Fiserv, Inc.		20,600,944		1.2
	103,852			Global Payments, Inc.		17,615,376		1.0
	83,652			Intuit, Inc.		24,776,886		1.5
	455,667			Marvell Technology Group Ltd.		15,975,685		0.9
	161,687			Mastercard, Inc. - Class A		47,810,846		2.8
	729,483			Microsoft Corp.		148,457,085		8.8
	39,600			Nvidia Corp.		15,044,436		0.9
	33,174	(1	)	Paycom Software, Inc.		10,274,983		0.6
	173,180	(1	)	PayPal Holdings, Inc.		30,173,151		1.8
	181,839	(1	)	Salesforce.com, Inc.		34,063,900		2.0
	46,298	(1	)	ServiceNow, Inc.		18,753,468		1.1
	4,129	(1	),(2),(3)	Snowflake, Inc. - Class B		160,081		0.0
	99,838	(1	)	Splunk, Inc.		19,837,811		1.2
	51,440	(1	),(2),(3)	Stripe, Inc. - Class B		807,094		0.0
	274,756			Visa, Inc. - Class A		53,074,617		3.1
	477,005	(5	),(6)	Other Securities		40,206,139		2.4
						653,118,807		38.6
				Materials: 0.5%
	43,724			Linde Public Ltd.		9,274,298		0.5
				Utilities: 0.2%
	21,690			Other Securities		2,542,719		0.2
				Total Common Stock (Cost $1,117,106,098)		1,659,556,589		98.0
PREFERRED STOCK: 1.4%
				Communication Services: 0.4%
	59,241	(1	),(2),(3)	AirBNB, Inc. - Series D		3,258,255		0.2
	16,058	(1	),(2),(3)	AirBNB, Inc. - Series E		883,190		0.1
	68,026	(1	),(2),(3)	Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)		2,563,887		0.1
						6,705,332		0.4
				Consumer Discretionary: 0.6%
	163,010	(1	),(2),(3)	Aurora Innovation, Inc., - Series B		1,506,261		0.1
	8,132	(1	),(2),(3)	DoorDash, Inc. - Series G		1,866,546		0.1

Shares					Value		Percentage of Net Assets
	549,762	(1	),(2),(3)	Rivian Automotive, Inc. - Series D	$	5,906,643		0.3
	18,931	(1	),(2),(3)	Waymo LLC., Series A-2		1,625,552		0.1
						10,905,002		0.6
				Industrials: 0.2%
	159,700	(1	),(2),(3)	GM Cruise Holdings, LLC - Class F		2,914,525		0.2
				Information Technology: 0.2%
	93,459	(1	),(2),(3)	Magic Leap, Inc. - Series C		430,528		0.1
	61,969	(1	),(2),(3)	Magic Leap, Inc. - Series D		334,632		0.0
	57,073	(1	),(2),(3)	UiPath Inc., Series D-1		2,245,920		0.1
	9,584	(1	),(2),(3)	UiPath Inc., Series D-2		377,147		0.0
						3,388,227		0.2
				Real Estate: —%
	42,822	(1	),(2),(3)	WeWork Companies, Inc. - Series E		—		—
				Total Preferred Stock (Cost $27,125,351)		23,913,086		1.4
				Total Long-Term Investments (Cost $1,144,231,449)		1,683,469,675		99.4
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.7%
				Floating Rate Notes: 0.2%
	500,000	(7	)	Bank of Montreal, 0.200%, 07/13/2020	$	500,011		0.0
	600,000	(7	)	J.P. Morgan Securities LLC, 0.360%, 07/08/2020		600,027		0.0
	375,000	(7	)	National Bank of Canada, 1.180%, 07/16/2020		375,013		0.0
	950,000	(7	)	Oversea-Chinese Banking Corp., Ltd., 0.300%, 07/15/2020		950,058		0.1
	800,000	(7	)	Royal Bank of Canada, 0.350%, 07/17/2020		800,073		0.1
	600,000	(7	)	Svenska Handelsbanken AB, 0.330%, 07/07/2020		600,021		0.0
				Total Floating Rate Notes (Cost $3,825,203)		3,825,203		0.2

See Accompanying Notes to Financial Statements
122

VY^® T. ROWE PRICE   SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements: 3.9%
	2,291,339	(7	)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/20, 0.14%, due 07/01/20 (Repurchase Amount $2,291,348, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $2,337,166, due 08/13/20-05/20/70)	$	2,291,339		0.1
	2,293,535	(7	)	Barclays Capital, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $2,293,541, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $2,339,406, due 05/15/24-08/15/47)		2,293,535		0.1
	4,765,775	(7	)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $4,765,806, collateralized by various U.S. Government Securities, 1.106%-6.500%, Market Value plus accrued interest $5,004,064, due 08/15/20-03/19/40)		4,765,775		0.3

Principal Amount†					Value		Percentage of Net Assets
	13,728,027	(7	)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $13,728,065, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $14,002,588, due 08/01/20-02/20/70)	$	13,728,027		0.8
	2,694,338	(7	)	CF Secured LLC, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $2,694,345, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $2,748,225, due 01/01/29-06/01/50)		2,694,338		0.2
	5,786,177	(7	)	Citadel Securities LLC, Repurchase Agreement dated 06/30/20, 0.15%, due 07/01/20 (Repurchase Amount $5,786,201, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $5,901,925, due 07/31/20-11/15/49)		5,786,177		0.4

See Accompanying Notes to Financial Statements
123

VY^® T. ROWE PRICE   SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Principal Amount†					Value		Percentage of Net Assets
				Repurchase Agreements (continued)
	17,408,476	(7	)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $17,408,519, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $17,756,646, due 07/31/21-05/20/70)	$	17,408,476		1.0
	3,527,224	(7	)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/20, 0.11%, due 07/01/20 (Repurchase Amount $3,527,235, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,597,768, due 07/15/20-06/01/50)		3,527,224		0.2
	13,948,585	(7	)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $13,948,677, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $14,259,889, due 01/15/22-02/15/47)		13,948,585		0.8
				Total Repurchase Agreements (Cost $66,443,476)		66,443,476		3.9

Shares					Value			Percentage of Net Assets
				Mutual Funds: 2.6%
	1,188,000	(7	),(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%	$	1,188,000			0.1
	1,668,000	(7	),(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%		1,668,000			0.1
	1,668,000	(7	),(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%		1,668,000			0.1
	39,129,478	(8	)	T. Rowe Price Government Reserve Fund, 0.140%		39,129,478			2.3
				Total Mutual Funds (Cost $43,653,478)		43,653,478			2.6
				Total Short-Term Investments (Cost $113,922,157)		113,922,157			6.7
				Total Investments in Securities (Cost $1,258,153,606)	$	1,797,391,832			106.1
				Liabilities in Excess of Other Assets		(103,154,186	)		(6.1	)
				Net Assets	$	1,694,237,646			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2020.

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

(3)  Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2020, the Portfolio held restricted securities with a fair value of $36,665,231 or 2.2% of net assets. Please refer to the table below for additional details.

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

(5)  The grouping contains securities on loan.

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

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

(8)  Rate shown is the 7-day yield as of June 30, 2020.

See Accompanying Notes to Financial Statements
124

VY^® T. ROWE PRICE   SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2020
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	282,085,267	$	15,218,504	$	3,180,325	$	300,484,096
Consumer Discretionary		326,194,367		—		641,080		326,835,447
Financials		50,115,287		—		7,963,565		58,078,852
Health Care		180,413,488		7,539,570		—		187,953,058
Industrials		121,269,312		—		—		121,269,312
Information Technology		644,055,444		8,096,188		967,175		653,118,807
Materials		9,274,298		—		—		9,274,298
Utilities		2,542,719		—		—		2,542,719
Total Common Stock		1,615,950,182		30,854,262		12,752,145		1,659,556,589
Preferred Stock		—		—		23,913,086		23,913,086
Short-Term Investments		43,653,478		70,268,679		—		113,922,157
Total Investments, at fair value	$	1,659,603,660	$	101,122,941	$	36,665,231	$	1,797,391,832

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

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

At June 30, 2020, 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	$	3,258,255
AirBNB, Inc. - Series E	7/14/2015		1,494,910		883,190
Ant International Co., Limited- Class C	6/7/2018		6,364,046		7,963,565
Aurora Innovation, Inc., - Series B	3/1/2019		1,506,261		1,506,261
DoorDash, Inc. - Series G	11/12/2019		1,542,617		1,866,546
DoorDash, Inc. - Series H	6/17/2020		641,080		641,080
Epic Games, Inc.	6/18/2020		3,180,325		3,180,325
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		430,528
Magic Leap, Inc. - Series D	10/12/2017		1,673,163		334,632
Rivian Automotive, Inc. - Series D	12/23/2019		5,906,643		5,906,643
Snowflake, Inc. - Class B	3/17/2020		160,150		160,081
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
Waymo LLC., Series A-2	5/8/2020		1,625,552		1,625,552
WeWork Companies, Inc. - Series E	6/23/2015		1,408,397		—
Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)	10/19/2015		1,865,694		2,563,887
		$	38,278,046	$	36,665,231

See Accompanying Notes to Financial Statements
125

VY^® T. ROWE PRICE   SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO   AS OF JUNE 30, 2020 (UNAUDITED) (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 June 30, 2020:

Investments, at fair value	Fair Value at June 30, 2020		Valuation Technique(s)*	Significant Unobservable Input(s)	Value or Range of Input(s)			Weighted Average of Input(s)***			Impact to Valuation from an Increase in Input****
Common Stocks	$	12,752,145	Recent Comparable Transaction Price(s)	Discount Factor		—	**		—	**		—	**
Preferred Stocks	$	23,913,086	Recent Comparable Transaction Price(s)	Market performance adjustment		26	%		26	%		Decrease
			Recent Comparable Transaction Price(s)	Discount for uncertainty		80	%		80	%		Decrease
			Recent Comparable Transaction Price(s)	Discount for lack of collectability		100	%		100	%		Decrease
			Recent Comparable Transaction Price(s)	Discount Factor		—	**		—	**		—	**
Total Investments, at fair value	$	36,665,231

*  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 June 30, 2020.

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

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2020:

	Common Stock		Preferred Stock			Total
Assets:
Beginning balance at December 31, 2019	$	8,101,357	$	31,298,235		$	39,399,592
Purchases		3,981,555		1,625,552			5,607,107
Sales		—		—			—
Total realized gain (loss)		—		—			—
Net change in unrealized appreciation (depreciation)****		669,233		(9,010,701	)		(8,341,468	)
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Ending balance at June 30, 2020	$	12,752,145	$	23,913,086		$	36,665,231
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2020****	$	669,233	$	(9,010,701	)	$	(8,341,468	)

****  Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2020 may be due to securities no longer held or categorized as Level 3 at year end.

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,262,685,204.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	563,054,757
Gross Unrealized Depreciation		(28,278,642	)
Net Unrealized Appreciation	$	534,776,115

See Accompanying Notes to Financial Statements
126

Investment Adviser

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

Distributor

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

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian

The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel

Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VPI

(0620-082420)

Semi-Annual Report

June 30, 2020

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

Voya Partners, Inc.

■ Voya Solution Aggressive Portfolio	■ Voya Solution 2030 Portfolio
■ Voya Solution Balanced Portfolio	■ Voya Solution 2035 Portfolio
■ Voya Solution Conservative Portfolio	■ Voya Solution 2040 Portfolio
■ Voya Solution Income Portfolio	■ Voya Solution 2045 Portfolio
■ Voya Solution Moderately Aggressive Portfolio	■ Voya Solution 2050 Portfolio
■ Voya Solution Moderately Conservative Portfolio	■ Voya Solution 2055 Portfolio
■ Voya Solution 2020 Portfolio	■ Voya Solution 2060 Portfolio
■ Voya Solution 2025 Portfolio	​

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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

TABLE OF CONTENTS

President’s Letter	1
Shareholder Expense Examples	2
Statements of Assets and Liabilities	5
Statements of Operations	13
Statements of Changes in Net Assets	17
Financial Highlights	25
Notes to Financial Statements	41
Portfolios of Investments	58

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

PRESIDENT’S LETTER

 

Dear Shareholder,

The U.S. Federal Reserve Board’s (“Fed”) massive policy response to the COVID-19 pandemic helped stabilize the economy; as distancing restrictions eased and people began returning to work, economic data began to signal a potential turnaround. After tumbling toward bear market territory in the first quarter of 2020, U.S. stocks staged a turnaround in the second quarter, posting their strongest quarterly performance in 20 years. For the six- and twelve-month periods ended June 30, 2020, the S&P 500® Index(1) returned -3.08% and 7.51%, respectively — both results were better than many had expected.

In our view, the financial markets are signaling potential for improvement; yet it is difficult to recognize in real time, given the increasing number of COVID-19 cases in the United States. We believe the U.S. will contain the virus well enough to avoid another widespread lockdown and double-dip recession. Current economic data are improving, and given how high unemployment is, U.S. consumers seem fairly resilient with payrolls, auto sales and new home sales all rising. Should the phased re-openings proceed mostly as planned, we expect these trends to continue. If there is another shock, virus-related or otherwise, we think the Fed and Congress will put sufficiently supportive policies in place to promote economic and asset-price growth.

Keeping mindful of heightened economic and market uncertainty remains the cornerstone of Voya’s approach to investing. In the first half of 2020 alone, we have seen how quickly markets can take turns for the worse and for the better. In our view, the most likely path to realizing long-term investment goals is to diversify one’s portfolio as broadly as possible, without seeking to capture gains or sidestep losses by timing the markets. The risk-return tradeoffs your investment advisor built into your portfolio are intended to achieve long-term investment goals; in our opinion, they should not be undone for any shorter-term considerations.

While we are humble and realistic in the face of the challenges ahead, we believe we are well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
July 29, 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.

(1)

The S&P 500® Index is an index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

1

shareholder expense examples (Unaudited)

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

The Examples are based on an investment of  $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 to June 30, 2020. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Voya Solution Aggressive Portfolio

Class ADV

​

$

1,000.00

​

$

925.10

​

0.79%

​

$

3.78

​

$

1,000.00

​

$

1,020.93

​

0.79%

​

$

3.97

Class I

​

​

1,000.00

​

​

927.00

​

0.29

​

​

1.39

​

​

1,000.00

​

​

1,023.42

​

0.29

​

​

1.46

Class R6

​

​

1,000.00

​

​

928.40

​

0.29

​

​

1.39

​

​

1,000.00

​

​

1,023.42

​

0.29

​

​

1.46

Class S

​

​

1,000.00

​

​

926.00

​

0.54

​

​

2.59

​

​

1,000.00

​

​

1,022.18

​

0.54

​

​

2.72

Class S2

​

​

1,000.00

​

​

926.20

​

0.69

​

​

3.30

​

​

1,000.00

​

​

1,021.43

​

0.69

​

​

3.47

Voya Solution Balanced Portfolio

Class ADV

​

$

1,000.00

​

$

956.90

​

0.78%

​

$

3.80

​

$

1,000.00

​

$

1,020.98

​

0.78%

​

$

3.92

Class I

​

​

1,000.00

​

​

959.60

​

0.28

​

​

1.36

​

​

1,000.00

​

​

1,023.47

​

0.28

​

​

1.41

Class R6

​

​

1,000.00

​

​

959.60

​

0.28

​

​

1.36

​

​

1,000.00

​

​

1,023.47

​

0.28

​

​

1.41

Class S

​

​

1,000.00

​

​

958.50

​

0.53

​

​

2.58

​

​

1,000.00

​

​

1,022.23

​

0.53

​

​

2.66

Class S2

​

​

1,000.00

​

​

958.30

​

0.68

​

​

3.31

​

​

1,000.00

​

​

1,021.48

​

0.68

​

​

3.42

Voya Solution Conservative Portfolio

Class ADV

​

$

1,000.00

​

$

996.40

​

0.67%

​

$

3.33

​

$

1,000.00

​

$

1,021.53

​

0.67%

​

$

3.37

Class I

​

​

1,000.00

​

​

998.20

​

0.17

​

​

0.84

​

​

1,000.00

​

​

1,024.02

​

0.17

​

​

0.86

Class R6

​

​

1,000.00

​

​

998.20

​

0.17

​

​

0.84

​

​

1,000.00

​

​

1,024.02

​

0.17

​

​

0.86

Class S

​

​

1,000.00

​

​

997.40

​

0.42

​

​

2.09

​

​

1,000.00

​

​

1,022.77

​

0.42

​

​

2.11

Class S2

​

​

1,000.00

​

​

996.40

​

0.57

​

​

2.83

​

​

1,000.00

​

​

1,022.03

​

0.57

​

​

2.87

2

shareholder expense examples (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Voya Solution Income Portfolio

Class ADV

​

$

1,000.00

​

$

1,004.30

​

0.70%

​

$

3.49

​

$

1,000.00

​

$

1,021.38

​

0.70%

​

$

3.52

Class I

​

​

1,000.00

​

​

1,006.60

​

0.20

​

​

1.00

​

​

1,000.00

​

​

1,023.87

​

0.20

​

​

1.01

Class S

​

​

1,000.00

​

​

1,005.90

​

0.45

​

​

2.24

​

​

1,000.00

​

​

1,022.63

​

0.45

​

​

2.26

Class S2

​

​

1,000.00

​

​

1,004.30

​

0.60

​

​

2.99

​

​

1,000.00

​

​

1,021.88

​

0.60

​

​

3.02

Class T

​

​

1,000.00

​

​

1,004.00

​

0.90

​

​

4.48

​

​

1,000.00

​

​

1,020.39

​

0.90

​

​

4.52

Voya Solution Moderately Aggressive Portfolio

Class ADV

​

$

1,000.00

​

$

929.80

​

0.79%

​

$

3.79

​

$

1,000.00

​

$

1,020.93

​

0.79%

​

$

3.97

Class I

​

​

1,000.00

​

​

932.10

​

0.29

​

​

1.39

​

​

1,000.00

​

​

1,023.42

​

0.29

​

​

1.46

Class R6

​

​

1,000.00

​

​

932.00

​

0.28

​

​

1.35

​

​

1,000.00

​

​

1,023.47

​

0.28

​

​

1.41

Class S

​

​

1,000.00

​

​

930.50

​

0.54

​

​

2.59

​

​

1,000.00

​

​

1,022.18

​

0.54

​

​

2.72

Class S2

​

​

1,000.00

​

​

929.90

​

0.69

​

​

3.31

​

​

1,000.00

​

​

1,021.43

​

0.69

​

​

3.47

Voya Solution Moderately Conservative Portfolio

Class ADV

​

$

1,000.00

​

$

975.20

​

0.70%

​

$

3.44

​

$

1,000.00

​

$

1,021.38

​

0.70%

​

$

3.52

Class I

​

​

1,000.00

​

​

976.30

​

0.20

​

​

0.98

​

​

1,000.00

​

​

1,023.87

​

0.20

​

​

1.01

Class R6

​

​

1,000.00

​

​

978.20

​

0.20

​

​

0.98

​

​

1,000.00

​

​

1,023.87

​

0.20

​

​

1.01

Class S

​

​

1,000.00

​

​

976.70

​

0.45

​

​

2.21

​

​

1,000.00

​

​

1,022.63

​

0.45

​

​

2.26

Class S2

​

​

1,000.00

​

​

975.30

​

0.60

​

​

2.95

​

​

1,000.00

​

​

1,021.88

​

0.60

​

​

3.02

Voya Solution 2020 Portfolio

Class ADV

​

$

1,000.00

​

$

1,000.80

​

0.75%

​

$

3.73

​

$

1,000.00

​

$

1,021.13

​

0.75%

​

$

3.77

Class I

​

​

1,000.00

​

​

1,003.90

​

0.25

​

​

1.25

​

​

1,000.00

​

​

1,023.62

​

0.25

​

​

1.26

Class S

​

​

1,000.00

​

​

1,002.30

​

0.50

​

​

2.49

​

​

1,000.00

​

​

1,022.38

​

0.50

​

​

2.51

Class S2

​

​

1,000.00

​

​

1,000.80

​

0.65

​

​

3.23

​

​

1,000.00

​

​

1,021.63

​

0.65

​

​

3.27

Class T

​

​

1,000.00

​

​

1,000.00

​

0.95

​

​

4.72

​

​

1,000.00

​

​

1,020.14

​

0.95

​

​

4.77

Voya Solution 2025 Portfolio

Class ADV

​

$

1,000.00

​

$

973.60

​

0.69%

​

$

3.39

​

$

1,000.00

​

$

1,021.43

​

0.69%

​

$

3.47

Class I

​

​

1,000.00

​

​

976.10

​

0.19

​

​

0.93

​

​

1,000.00

​

​

1,023.92

​

0.19

​

​

0.96

Class S

​

​

1,000.00

​

​

974.90

​

0.44

​

​

2.16

​

​

1,000.00

​

​

1,022.68

​

0.44

​

​

2.21

Class S2

​

​

1,000.00

​

​

974.20

​

0.59

​

​

2.90

​

​

1,000.00

​

​

1,021.93

​

0.59

​

​

2.97

Class T

​

​

1,000.00

​

​

973.30

​

0.89

​

​

4.37

​

​

1,000.00

​

​

1,020.44

​

0.89

​

​

4.47

Voya Solution 2030 Portfolio

Class ADV

​

$

1,000.00

​

$

962.10

​

0.68%

​

$

3.32

​

$

1,000.00

​

$

1,021.48

​

0.68%

​

$

3.42

Class I

​

​

1,000.00

​

​

964.50

​

0.18

​

​

0.88

​

​

1,000.00

​

​

1,023.97

​

0.18

​

​

0.91

Class S

​

​

1,000.00

​

​

963.60

​

0.43

​

​

2.10

​

​

1,000.00

​

​

1,022.73

​

0.43

​

​

2.16

Class S2

​

​

1,000.00

​

​

963.10

​

0.58

​

​

2.83

​

​

1,000.00

​

​

1,021.98

​

0.58

​

​

2.92

Class T

​

​

1,000.00

​

​

960.80

​

0.88

​

​

4.29

​

​

1,000.00

​

​

1,020.49

​

0.88

​

​

4.42

Voya Solution 2035 Portfolio

Class ADV

​

$

1,000.00

​

$

945.80

​

0.67%

​

$

3.24

​

$

1,000.00

​

$

1,021.53

​

0.67%

​

$

3.37

Class I

​

​

1,000.00

​

​

947.40

​

0.17

​

​

0.82

​

​

1,000.00

​

​

1,024.02

​

0.17

​

​

0.86

Class S

​

​

1,000.00

​

​

1,053.30

​

0.42

​

​

2.14

​

​

1,000.00

​

​

1,022.77

​

0.42

​

​

2.11

Class S2

​

​

1,000.00

​

​

946.20

​

0.57

​

​

2.76

​

​

1,000.00

​

​

1,022.03

​

0.57

​

​

2.87

Class T

​

​

1,000.00

​

​

944.60

​

0.87

​

​

4.21

​

​

1,000.00

​

​

1,020.54

​

0.87

​

​

4.37

3

shareholder expense examples (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Voya Solution 2040 Portfolio

Class ADV

​

$

1,000.00

​

$

943.40

​

0.68%

​

$

3.29

​

$

1,000.00

​

$

1,021.48

​

0.68%

​

$

3.42

Class I

​

​

1,000.00

​

​

945.80

​

0.18

​

​

0.87

​

​

1,000.00

​

​

1,023.97

​

0.18

​

​

0.91

Class S

​

​

1,000.00

​

​

944.60

​

0.43

​

​

2.08

​

​

1,000.00

​

​

1,022.73

​

0.43

​

​

2.16

Class S2

​

​

1,000.00

​

​

943.70

​

0.58

​

​

2.80

​

​

1,000.00

​

​

1,021.98

​

0.58

​

​

2.92

Class T

​

​

1,000.00

​

​

942.70

​

0.88

​

​

4.25

​

​

1,000.00

​

​

1,020.49

​

0.88

​

​

4.42

Voya Solution 2045 Portfolio

Class ADV

​

$

1,000.00

​

$

934.60

​

0.68%

​

$

3.27

​

$

1,000.00

​

$

1,021.48

​

0.68%

​

$

3.42

Class I

​

​

1,000.00

​

​

935.90

​

0.18

​

​

0.87

​

​

1,000.00

​

​

1,023.97

​

0.18

​

​

0.91

Class S

​

​

1,000.00

​

​

934.80

​

0.43

​

​

2.07

​

​

1,000.00

​

​

1,022.73

​

0.43

​

​

2.16

Class S2

​

​

1,000.00

​

​

934.70

​

0.58

​

​

2.79

​

​

1,000.00

​

​

1,021.98

​

0.58

​

​

2.92

Class T

​

​

1,000.00

​

​

933.90

​

0.88

​

​

4.23

​

​

1,000.00

​

​

1,020.49

​

0.88

​

​

4.42

Voya Solution 2050 Portfolio

Class ADV

​

$

1,000.00

​

$

932.10

​

0.69%

​

$

3.31

​

$

1,000.00

​

$

1,021.43

​

0.69%

​

$

3.47

Class I

​

​

1,000.00

​

​

934.40

​

0.19

​

​

0.91

​

​

1,000.00

​

​

1,023.92

​

0.19

​

​

0.96

Class S

​

​

1,000.00

​

​

933.60

​

0.44

​

​

2.12

​

​

1,000.00

​

​

1,022.68

​

0.44

​

​

2.21

Class S2

​

​

1,000.00

​

​

932.70

​

0.59

​

​

2.84

​

​

1,000.00

​

​

1,021.93

​

0.59

​

​

2.97

Class T

​

​

1,000.00

​

​

931.70

​

0.89

​

​

4.27

​

​

1,000.00

​

​

1,020.44

​

0.89

​

​

4.47

Voya Solution 2055 Portfolio

Class ADV

​

$

1,000.00

​

$

929.20

​

0.67%

​

$

3.21

​

$

1,000.00

​

$

1,021.53

​

0.67%

​

$

3.37

Class I

​

​

1,000.00

​

​

931.50

​

0.17

​

​

0.82

​

​

1,000.00

​

​

1,024.02

​

0.17

​

​

0.86

Class S

​

​

1,000.00

​

​

929.90

​

0.42

​

​

2.02

​

​

1,000.00

​

​

1,022.77

​

0.42

​

​

2.11

Class S2

​

​

1,000.00

​

​

929.60

​

0.57

​

​

2.73

​

​

1,000.00

​

​

1,022.03

​

0.57

​

​

2.87

Class T

​

​

1,000.00

​

​

928.30

​

0.87

​

​

4.17

​

​

1,000.00

​

​

1,020.54

​

0.87

​

​

4.37

Voya Solution 2060 Portfolio

Class ADV

​

$

1,000.00

​

$

928.60

​

0.69%

​

$

3.31

​

$

1,000.00

​

$

1,021.43

​

0.69%

​

$

3.47

Class I

​

​

1,000.00

​

​

930.60

​

0.19

​

​

0.91

​

​

1,000.00

​

​

1,023.92

​

0.19

​

​

0.96

Class S

​

​

1,000.00

​

​

929.60

​

0.44

​

​

2.11

​

​

1,000.00

​

​

1,022.68

​

0.44

​

​

2.21

Class S2

​

​

1,000.00

​

​

928.70

​

0.59

​

​

2.83

​

​

1,000.00

​

​

1,021.93

​

0.59

​

​

2.97

Class T

​

​

1,000.00

​

​

927.60

​

0.89

​

​

4.27

​

​

1,000.00

​

​

1,020.44

​

0.89

​

​

4.47

*

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 182/366 to reflect the most recent fiscal half-year.

4

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

16,788,041

​

$

41,764,554

​

$

13,508,136

​

$

271,924,588

Investments in unaffiliated underlying funds at fair value**

​

​

3,308,713

​

​

10,128,540

​

​

2,749,620

​

​

27,176,505

Cash

​

​

21,825

​

​

55,862

​

​

10,292

​

​

754,403

Cash collateral for futures

​

​

—

​

​

—

​

​

—

​

​

3,717,712

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

—

​

​

—

​

​

—

​

​

28,321

Fund shares sold

​

​

14,895

​

​

14,337

​

​

2,994

​

​

6,750

Dividends

​

​

7,742

​

​

10,412

​

​

828

​

​

—

Interest

​

​

40

​

​

84

​

​

25

​

​

367

Prepaid expenses

​

​

213

​

​

585

​

​

195

​

​

3,592

Reimbursement due from Investment Adviser

​

​

774

​

​

1,659

​

​

3,886

​

​

14,036

Other assets

​

​

301

​

​

1,623

​

​

501

​

​

24,314

Total assets

​

​

20,142,544

​

​

51,977,656

​

​

16,276,477

​

​

303,650,588

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for fund shares redeemed

​

​

—

​

​

4,898

​

​

15,569

​

​

1,048,369

Payable for investment management fees

​

​

5,333

​

​

14,839

​

​

3,252

​

​

54,683

Payable for distribution and shareholder service fees

​

​

2,410

​

​

8,329

​

​

3,050

​

​

75,272

Payable for directors fees

​

​

95

​

​

257

​

​

84

​

​

1,533

Payable to directors under the deferred compensation plan (Note 6)

​

​

301

​

​

1,623

​

​

501

​

​

24,313

Other accrued expenses and liabilities

​

​

13,953

​

​

22,177

​

​

11,027

​

​

144,491

Total liabilities

​

​

22,092

​

​

52,123

​

​

33,483

​

​

1,348,661

NET ASSETS

​

$

20,120,452

​

$

51,925,533

​

$

16,242,994

​

$

302,301,927

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

20,174,845

​

$

50,299,755

​

$

15,373,975

​

$

286,227,770

Total distributable earnings (loss)

​

​

(54,393)

​

​

1,625,778

​

​

869,019

​

​

16,074,157

NET ASSETS

​

$

20,120,452

​

$

51,925,533

​

$

16,242,994

​

$

302,301,927

* Cost of investments in affiliated underlying funds

​

$

16,817,411

​

$

40,230,652

​

$

13,014,598

​

$

259,239,987

** Cost of investments in unaffiliated underlying funds

​

$

3,179,055

​

$

10,075,685

​

$

2,613,380

​

$

26,269,354

See Accompanying Notes to Financial Statements

5

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited) (continued)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

2,985,869

​

$

9,247,212

​

$

5,406,879

​

$

131,406,314

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

​

​

246,767

​

​

991,718

​

​

482,896

​

​

11,130,215

Net asset value and redemption price per share

​

$

12.10

​

$

9.32

​

$

11.20

​

$

11.81

Class I

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

183,259

​

$

2,124,056

​

$

118,377

​

$

72,855,593

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

​

​

14,728

​

​

218,350

​

​

10,397

​

​

6,005,589

Net asset value and redemption price per share

​

$

12.44

​

$

9.73

​

$

11.39

​

$

12.13

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

12,036,866

​

$

20,143,576

​

$

7,419,075

​

​

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

​

​

967,168

​

​

2,070,949

​

​

651,626

​

​

n/a

Net asset value and redemption price per share

​

$

12.45

​

$

9.73

​

$

11.39

​

​

n/a

Class S

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

3,313,238

​

$

18,211,909

​

$

2,195,938

​

$

93,709,615

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

​

​

269,923

​

​

1,925,527

​

​

194,197

​

​

7,797,824

Net asset value and redemption price per share

​

$

12.27

​

$

9.46

​

$

11.31

​

$

12.02

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

1,601,220

​

$

2,198,780

​

$

1,102,725

​

$

4,220,497

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

​

​

132,930

​

​

233,466

​

​

98,406

​

​

360,648

Net asset value and redemption price per share

​

$

12.05

​

$

9.42

​

$

11.21

​

$

11.70

Class T

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

​

n/a

​

​

n/a

​

​

n/a

​

$

109,908

Shares authorized

​

​

n/a

​

​

n/a

​

​

n/a

​

​

100,000,000

Par value

​

​

n/a

​

​

n/a

​

​

n/a

​

$

0.001

Shares outstanding

​

​

n/a

​

​

n/a

​

​

n/a

​

​

8,718

Net asset value and redemption price per share

​

​

n/a

​

​

n/a

​

​

n/a

​

$

12.61

See Accompanying Notes to Financial Statements

6

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited)

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

441,208,483

​

$

30,659,302

​

$

25,289,355

​

$

647,935,063

Investments in unaffiliated underlying funds at fair value**

​

​

80,412,173

​

​

6,423,530

​

​

4,503,491

​

​

101,645,481

Cash

​

​

1,496,880

​

​

35,153

​

​

16,701

​

​

1,735,262

Cash collateral for futures

​

​

6,571,263

​

​

—

​

​

—

​

​

8,314,804

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

—

​

​

—

​

​

—

​

​

334,569

Fund shares sold

​

​

235,881

​

​

15,484

​

​

198,559

​

​

580,641

Dividends

​

​

183,968

​

​

962

​

​

8

​

​

188,242

Interest

​

​

587

​

​

64

​

​

37

​

​

809

Prepaid expenses

​

​

6,243

​

​

405

​

​

386

​

​

8,759

Reimbursement due from Investment Adviser

​

​

—

​

​

4,385

​

​

273

​

​

8,089

Other assets

​

​

33,293

​

​

1,164

​

​

622

​

​

38,410

Total assets

​

​

530,148,771

​

​

37,140,449

​

​

30,009,432

​

​

760,790,129

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

211,339

​

​

—

​

​

—

​

​

—

Payable for fund shares redeemed

​

​

14,052

​

​

1,560

​

​

1,651,104

​

​

1,025,841

Payable for investment management fees

​

​

166,624

​

​

7,169

​

​

6,088

​

​

142,889

Payable for distribution and shareholder service fees

​

​

108,851

​

​

8,097

​

​

6,640

​

​

155,215

Payable for directors fees

​

​

2,675

​

​

183

​

​

161

​

​

3,805

Payable to directors under the deferred compensation plan (Note 6)

​

​

33,293

​

​

1,164

​

​

622

​

​

38,410

Other accrued expenses and liabilities

​

​

128,969

​

​

22,844

​

​

16,429

​

​

173,780

Total liabilities

​

​

665,803

​

​

41,017

​

​

1,681,044

​

​

1,539,940

NET ASSETS

​

$

529,482,968

​

$

37,099,432

​

$

28,328,388

​

$

759,250,189

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

522,280,236

​

$

35,932,423

​

$

26,661,239

​

$

722,400,351

Total distributable earnings

​

​

7,202,732

​

​

1,167,009

​

​

1,667,149

​

​

36,849,838

NET ASSETS

​

$

529,482,968

​

$

37,099,432

​

$

28,328,388

​

$

759,250,189

* Cost of investments in affiliated underlying funds

​

$

441,443,962

​

$

29,648,379

​

$

24,135,540

​

$

628,375,084

** Cost of investments in unaffiliated underlying funds

​

$

82,563,985

​

$

6,141,742

​

$

4,319,105

​

$

98,624,822

See Accompanying Notes to Financial Statements

7

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited) (continued)

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

20,834,877

​

$

6,568,851

​

$

11,218,484

​

$

230,939,311

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

​

​

1,787,422

​

​

667,477

​

​

886,912

​

​

20,854,120

Net asset value and redemption price per share

​

$

11.66

​

$

9.84

​

$

12.65

​

$

11.07

Class I

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

3,882,174

​

$

17,304

​

$

7,791,454

​

$

243,506,485

Shares authorized

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

Par value

​

$

0.001

​

$

0.001

​

$

0.001

​

$

0.001

Shares outstanding

​

​

325,160

​

​

1,679

​

​

599,588

​

​

21,296,920

Net asset value and redemption price per share

​

$

11.94

​

$

10.30

​

$

12.99

​

$

11.43

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

19,009,020

​

$

7,198,766

​

​

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

​

​

1,593,412

​

​

698,434

​

​

n/a

​

​

n/a

Net asset value and redemption price per share

​

$

11.93

​

$

10.31

​

​

n/a

​

​

n/a

Class S

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

484,870,543

​

$

18,412,918

​

$

8,873,462

​

$

275,853,281

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

​

​

41,145,003

​

​

1,830,922

​

​

687,323

​

​

24,462,927

Net asset value and redemption price per share

​

$

11.78

​

$

10.06

​

$

12.91

​

$

11.28

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

$

886,354

​

$

4,901,593

​

$

427,847

​

$

8,561,584

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

​

​

75,132

​

​

495,641

​

​

33,475

​

​

782,284

Net asset value and redemption price per share

​

$

11.80

​

$

9.89

​

$

12.78

​

$

10.94

Class T

​

​

​

​

​

​

​

​

​

​

​

​

Net assets

​

​

n/a

​

​

n/a

​

$

17,141

​

$

389,528

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

​

​

1,358

​

​

33,421

Net asset value and redemption price per share

​

​

n/a

​

​

n/a

​

$

12.62

​

$

11.66

See Accompanying Notes to Financial Statements

8

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited)

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

35,167,237

​

$

659,407,013

​

$

26,618,437

​

$

514,552,110

Investments in unaffiliated underlying funds at fair value**

​

​

7,908,599

​

​

125,965,779

​

​

6,257,259

​

​

88,430,055

Cash

​

​

33,130

​

​

1,846,858

​

​

34,124

​

​

1,069,901

Cash collateral for futures

​

​

—

​

​

7,952,068

​

​

—

​

​

6,272,793

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

—

​

​

—

​

​

—

​

​

6,924

Fund shares sold

​

​

944,369

​

​

569,329

​

​

160,476

​

​

1,312,335

Dividends

​

​

6,476

​

​

197,261

​

​

10,738

​

​

295,944

Interest

​

​

63

​

​

1,188

​

​

59

​

​

930

Prepaid expenses

​

​

463

​

​

8,967

​

​

357

​

​

6,777

Reimbursement due from Investment Adviser

​

​

6,000

​

​

27,756

​

​

4,880

​

​

27,792

Other assets

​

​

577

​

​

35,249

​

​

460

​

​

24,386

Total assets

​

​

44,066,914

​

​

796,011,468

​

​

33,086,790

​

​

611,999,947

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

—

​

​

27,842

​

​

—

​

​

—

Payable for fund shares redeemed

​

​

69,254

​

​

450,985

​

​

5,343

​

​

232,696

Payable for investment management fees

​

​

8,509

​

​

152,431

​

​

6,465

​

​

115,933

Payable for distribution and shareholder service fees

​

​

10,292

​

​

147,051

​

​

7,568

​

​

100,342

Payable for directors fees

​

​

213

​

​

3,924

​

​

161

​

​

2,985

Payable to directors under the deferred compensation plan (Note 6)

​

​

577

​

​

35,249

​

​

460

​

​

24,386

Other accrued expenses and liabilities

​

​

18,194

​

​

127,527

​

​

11,010

​

​

106,151

Total liabilities

​

​

107,039

​

​

945,009

​

​

31,007

​

​

582,493

NET ASSETS

​

$

43,959,875

​

$

795,066,459

​

$

33,055,783

​

$

611,417,454

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

42,824,285

​

$

763,287,007

​

$

32,569,500

​

$

597,291,888

Total distributable earnings

​

​

1,135,590

​

​

31,779,452

​

​

486,283

​

​

14,125,566

NET ASSETS

​

$

43,959,875

​

$

795,066,459

​

$

33,055,783

​

$

611,417,454

* Cost of investments in affiliated underlying funds

​

$

34,359,190

​

$

647,596,844

​

$

26,281,849

​

$

514,358,491

** Cost of investments in unaffiliated underlying funds

​

$

7,673,814

​

$

125,326,706

​

$

6,098,246

​

$

86,763,600

See Accompanying Notes to Financial Statements

9

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited) (continued)

​	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	18,463,077	​	$	201,017,318	​	$	13,831,299	​	$	131,630,825
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	​	​	1,254,289	​	​	18,281,575	​	​	911,038	​	​	12,283,935
Net asset value and redemption price per share	​	$	14.72	​	$	11.00	​	$	15.18	​	$	10.72
Class I	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	11,747,991	​	$	287,099,873	​	$	10,232,376	​	$	257,436,919
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	​	​	772,156	​	​	25,287,596	​	​	651,825	​	​	23,210,040
Net asset value and redemption price per share	​	$	15.21	​	$	11.35	​	$	15.70	​	$	11.09
Class S	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	13,258,963	​	$	295,089,471	​	$	7,971,252	​	$	216,491,068
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	878,787	​	​	26,352,281	​	​	513,280	​	​	19,857,559
Net asset value and redemption price per share	​	$	15.09	​	$	11.20	​	$	15.53	​	$	10.90
Class S2	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	454,911	​	$	11,435,892	​	$	989,365	​	$	5,730,452
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	30,558	​	​	1,065,862	​	​	64,815	​	​	540,845
Net asset value and redemption price per share	​	$	14.89	​	$	10.73	​	$	15.26	​	$	10.60
Class T	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	34,933	​	$	423,905	​	$	31,491	​	$	128,190
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	​	​	2,374	​	​	36,572	​	​	2,080	​	​	11,491
Net asset value and redemption price per share	​	$	14.71	​	$	11.59	​	$	15.14	​	$	11.16

See Accompanying Notes to Financial Statements

10

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
ASSETS:	​	​	​	​	​	​	​	​	​
Investments in affiliated underlying funds at fair value*	​	$	22,749,863	​	$	194,347,941	​	$	14,700,407
Investments in unaffiliated underlying funds at fair value**	​	​	5,225,468	​	​	31,384,159	​	​	3,000,794
Cash	​	​	21,296	​	​	427,832	​	​	20,762
Cash collateral for futures	​	​	—	​	​	2,125,772	​	​	—
Receivables:	​	​	​	​	​	​	​	​	​
Investments in affiliated underlying funds sold	​	​	—	​	​	4,934	​	​	—
Fund shares sold	​	​	237,360	​	​	665,326	​	​	699,059
Dividends	​	​	11,439	​	​	113,475	​	​	7,261
Interest	​	​	33	​	​	362	​	​	34
Prepaid expenses	​	​	304	​	​	2,342	​	​	171
Reimbursement due from Investment Adviser	​	​	5,732	​	​	45,652	​	​	12,227
Other assets	​	​	352	​	​	4,650	​	​	181
Total assets	​	​	28,251,847	​	​	229,122,445	​	​	18,440,896
LIABILITIES:	​	​	​	​	​	​	​	​	​
Payable for fund shares redeemed	​	​	114,010	​	​	91,958	​	​	6,130
Payable for investment management fees	​	​	5,543	​	​	42,803	​	​	3,378
Payable for distribution and shareholder service fees	​	​	6,475	​	​	30,752	​	​	3,865
Payable for directors fees	​	​	138	​	​	1,075	​	​	81
Payable to directors under the deferred compensation plan (Note 6)	​	​	352	​	​	4,650	​	​	181
Other accrued expenses and liabilities	​	​	10,468	​	​	64,269	​	​	9,498
Total liabilities	​	​	136,986	​	​	235,507	​	​	23,133
NET ASSETS	​	$	28,114,861	​	$	228,886,938	​	$	18,417,763
NET ASSETS WERE COMPRISED OF:	​	​	​	​	​	​	​	​	​
Paid-in capital	​	$	28,018,288	​	$	226,020,793	​	$	18,386,299
Total distributable earnings	​	​	96,573	​	​	2,866,145	​	​	31,464
NET ASSETS	​	$	28,114,861	​	$	228,886,938	​	$	18,417,763
* Cost of investments in affiliated underlying funds	​	$	22,658,285	​	$	196,405,230	​	$	14,565,034
** Cost of investments in unaffiliated underlying funds	​	$	5,024,891	​	$	30,554,131	​	$	2,901,615

See Accompanying Notes to Financial Statements

11

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited) (continued)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
Class ADV	​	​	​	​	​	​	​	​	​
Net assets	​	$	12,350,890	​	$	44,534,686	​	$	6,962,021
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	796,700	​	​	3,460,920	​	​	622,788
Net asset value and redemption price per share	​	$	15.50	​	$	12.87	​	$	11.18
Class I	​	​	​	​	​	​	​	​	​
Net assets	​	$	8,859,946	​	$	123,908,409	​	$	5,855,224
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	550,547	​	​	9,388,243	​	​	513,684
Net asset value and redemption price per share	​	$	16.09	​	$	13.20	​	$	11.40
Class S	​	​	​	​	​	​	​	​	​
Net assets	​	$	6,560,106	​	$	58,393,680	​	$	5,264,250
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	413,125	​	​	4,487,525	​	​	468,809
Net asset value and redemption price per share	​	$	15.88	​	$	13.01	​	$	11.23
Class S2	​	​	​	​	​	​	​	​	​
Net assets	​	$	333,886	​	$	2,028,192	​	$	332,386
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	21,332	​	​	156,760	​	​	29,644
Net asset value and redemption price per share	​	$	15.65	​	$	12.94	​	$	11.21
Class T	​	​	​	​	​	​	​	​	​
Net assets	​	$	10,033	​	$	21,971	​	$	3,882
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	645	​	​	1,665	​	​	349
Net asset value and redemption price per share	​	$	15.55	​	$	13.20	​	$	11.14

See Accompanying Notes to Financial Statements

12

STATEMENTS OF OPERATIONS for the six months ended June 30, 2020 (Unaudited)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

INVESTMENT INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from affiliated underlying funds

​

$

17,980

​

$

250,809

​

$

175,130

​

$

2,645,114

Dividends from unaffiliated underlying funds

​

​

31,878

​

​

93,463

​

​

10,751

​

​

100,419

Interest

​

​

103

​

​

229

​

​

88

​

​

4,075

Total investment income

​

​

49,961

​

​

344,501

​

​

185,969

​

​

2,749,608

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

22,126

​

​

60,356

​

​

18,804

​

​

331,379

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

7,409

​

​

23,536

​

​

14,488

​

​

332,875

Class S

​

​

4,110

​

​

22,726

​

​

3,178

​

​

118,513

Class S2

​

​

2,943

​

​

4,433

​

​

1,566

​

​

8,861

Class T

​

​

—

​

​

—

​

​

—

​

​

596

Transfer agent fees (Note 6):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

1,759

​

​

3,008

​

​

1,965

​

​

34,838

Class I

​

​

218

​

​

705

​

​

212

​

​

18,919

Class R6

​

​

153

​

​

35

​

​

75

​

​

—

Class S

​

​

1,960

​

​

5,815

​

​

860

​

​

24,815

Class S2

​

​

874

​

​

713

​

​

262

​

​

1,163

Class T

​

​

—

​

​

—

​

​

—

​

​

44

Shareholder reporting expense

​

​

1,820

​

​

4,004

​

​

1,820

​

​

9,828

Registration fees

​

​

444

​

​

238

​

​

—

​

​

—

Professional fees

​

​

3,782

​

​

6,006

​

​

3,784

​

​

22,204

Custody and accounting expense

​

​

5,278

​

​

6,006

​

​

4,795

​

​

10,920

Directors fees

​

​

382

​

​

1,028

​

​

337

​

​

6,130

Miscellaneous expense

​

​

4,931

​

​

5,573

​

​

4,894

​

​

10,849

Interest expense

​

​

—

​

​

73

​

​

—

​

​

376

Total expenses

​

​

58,189

​

​

144,255

​

​

57,040

​

​

932,310

Waived and reimbursed fees

​

​

(15,899)

​

​

(21,266)

​

​

(23,452)

​

​

(162,249)

Net expenses

​

​

42,290

​

​

122,989

​

​

33,588

​

​

770,061

Net investment income

​

​

7,671

​

​

221,512

​

​

152,381

​

​

1,979,547

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

(1,480,825)

​

​

(2,777,820)

​

​

(477,040)

​

​

(3,645,625)

Sale of unaffiliated underlying funds

​

​

24,001

​

​

256,310

​

​

129,629

​

​

879,929

Capital gain distributions from affiliated underlying funds

​

​

44,745

​

​

—

​

​

—

​

​

—

Futures

​

​

—

​

​

—

​

​

—

​

​

241,855

Net realized loss

​

​

(1,412,079)

​

​

(2,521,510)

​

​

(347,411)

​

​

(2,523,841)

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

68,489

​

​

665,463

​

​

76,154

​

​

1,880,784

Unaffiliated underlying funds

​

​

(144,207)

​

​

(601,570)

​

​

67,834

​

​

(805,440)

Futures

​

​

—

​

​

—

​

​

—

​

​

307,189

Net change in unrealized appreciation (depreciation)

​

​

(75,718)

​

​

63,893

​

​

143,988

​

​

1,382,533

Net realized and unrealized loss

​

​

(1,487,797)

​

​

(2,457,617)

​

​

(203,423)

​

​

(1,141,308)

Increase (decrease) in net assets resulting from operations

​

$

(1,480,126)

​

$

(2,236,105)

​

$

(51,042)

​

$

838,239

See Accompanying Notes to Financial Statements

13

STATEMENTS OF OPERATIONS for the six months ended June 30, 2020 (Unaudited)

​

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

​

$

1,692,953

​

$

311,177

​

$

259,083

​

$

4,221,454

Dividends from unaffiliated underlying funds

​

​

961,908

​

​

35,475

​

​

20,708

​

​

573,388

Interest

​

​

4,645

​

​

288

​

​

129

​

​

10,343

Total investment income

​

​

2,659,506

​

​

346,940

​

​

279,920

​

​

4,805,185

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

611,950

​

​

40,840

​

​

35,884

​

​

819,741

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

52,112

​

​

17,036

​

​

32,146

​

​

586,458

Class S

​

​

610,393

​

​

22,714

​

​

12,805

​

​

342,604

Class S2

​

​

1,625

​

​

9,826

​

​

926

​

​

17,989

Class T

​

​

—

​

​

—

​

​

58

​

​

1,585

Transfer agent fees (Note 6):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

709

​

​

3,000

​

​

3,299

​

​

51,553

Class I

​

​

140

​

​

20

​

​

2,165

​

​

52,429

Class R6

​

​

86

​

​

11

​

​

—

​

​

—

Class S

​

​

16,618

​

​

8,000

​

​

2,666

​

​

60,215

Class S2

​

​

26

​

​

2,163

​

​

122

​

​

1,974

Class T

​

​

—

​

​

—

​

​

4

​

​

99

Shareholder reporting expense

​

​

12,740

​

​

3,703

​

​

2,275

​

​

20,020

Registration fees

​

​

348

​

​

623

​

​

—

​

​

—

Professional fees

​

​

38,185

​

​

5,096

​

​

6,188

​

​

53,436

Custody and accounting expense

​

​

7,462

​

​

5,584

​

​

13,467

​

​

26,320

Directors fees

​

​

10,698

​

​

731

​

​

646

​

​

15,220

Miscellaneous expense

​

​

16,119

​

​

4,628

​

​

5,330

​

​

19,743

Interest expense

​

​

1,072

​

​

48

​

​

46

​

​

976

Total expenses

​

​

1,380,283

​

​

124,023

​

​

118,027

​

​

2,070,362

Recouped/Waived and reimbursed fees

​

​

62,304

​

​

(38,118)

​

​

(32,048)

​

​

(392,424)

Net expenses

​

​

1,442,587

​

​

85,905

​

​

85,979

​

​

1,677,938

Net investment income

​

​

1,216,919

​

​

261,035

​

​

193,941

​

​

3,127,247

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

(31,297,303)

​

​

(1,624,246)

​

​

(944,058)

​

​

(25,699,591)

Sale of unaffiliated underlying funds

​

​

(56,131)

​

​

103,808

​

​

191,048

​

​

1,325,018

Futures

​

​

(925,769)

​

​

—

​

​

—

​

​

876,456

Net realized loss

​

​

(32,279,203)

​

​

(1,520,438)

​

​

(753,010)

​

​

(23,498,117)

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

(2,914,037)

​

​

82,058

​

​

210,965

​

​

(4,352,982)

Unaffiliated underlying funds

​

​

(9,387,551)

​

​

133,613

​

​

34,975

​

​

423,827

Futures

​

​

937,243

​

​

—

​

​

—

​

​

839,288

Net change in unrealized appreciation (depreciation)

​

​

(11,364,345)

​

​

215,671

​

​

245,940

​

​

(3,089,867)

Net realized and unrealized loss

​

​

(43,643,548)

​

​

(1,304,767)

​

​

(507,070)

​

​

(26,587,984)

Decrease in net assets resulting from operations

​

$

(42,426,629)

​

$

(1,043,732)

​

$

(313,129)

​

$

(23,460,737)

See Accompanying Notes to Financial Statements

14

STATEMENTS OF OPERATIONS for the six months ended June 30, 2020 (Unaudited)

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

INVESTMENT INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from affiliated underlying funds

​

$

133,739

​

$

2,147,495

​

$

46,336

​

$

685,000

Dividends from unaffiliated underlying funds

​

​

55,756

​

​

883,753

​

​

51,848

​

​

797,340

Interest

​

​

187

​

​

7,532

​

​

152

​

​

6,526

Total investment income

​

​

189,682

​

​

3,038,780

​

​

98,336

​

​

1,488,866

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

48,393

​

​

876,484

​

​

36,457

​

​

658,939

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

44,524

​

​

497,235

​

​

32,781

​

​

327,266

Class S

​

​

14,935

​

​

365,357

​

​

9,554

​

​

263,494

Class S2

​

​

869

​

​

23,025

​

​

1,887

​

​

11,406

Class T

​

​

115

​

​

1,438

​

​

103

​

​

654

Transfer agent fees (Note 6):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

7,494

​

​

53,443

​

​

7,934

​

​

51,251

Class I

​

​

5,114

​

​

74,491

​

​

6,168

​

​

96,269

Class S

​

​

5,025

​

​

78,497

​

​

4,622

​

​

82,519

Class S2

​

​

184

​

​

3,087

​

​

569

​

​

2,231

Class T

​

​

14

​

​

110

​

​

18

​

​

73

Shareholder reporting expense

​

​

2,093

​

​

25,116

​

​

2,542

​

​

17,094

Registration fees

​

​

950

​

​

—

​

​

637

​

​

—

Professional fees

​

​

6,006

​

​

52,399

​

​

4,366

​

​

34,572

Custody and accounting expense

​

​

14,196

​

​

2,678

​

​

4,554

​

​

8,421

Directors fees

​

​

852

​

​

15,698

​

​

643

​

​

11,942

Miscellaneous expense

​

​

4,915

​

​

18,115

​

​

4,977

​

​

16,758

Interest expense

​

​

57

​

​

1,010

​

​

44

​

​

713

Total expenses

​

​

155,736

​

​

2,088,183

​

​

117,856

​

​

1,583,602

Waived and reimbursed fees

​

​

(56,751)

​

​

(527,225)

​

​

(44,445)

​

​

(438,548)

Net expenses

​

​

98,985

​

​

1,560,958

​

​

73,411

​

​

1,145,054

Net investment income

​

​

90,697

​

​

1,477,822

​

​

24,925

​

​

343,812

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

(2,153,984)

​

​

(40,431,130)

​

​

(2,080,125)

​

​

(30,836,052)

Sale of unaffiliated underlying funds

​

​

235,266

​

​

767,508

​

​

62,348

​

​

(748,171)

Futures

​

​

—

​

​

846,140

​

​

—

​

​

(320,305)

Net realized loss

​

​

(1,918,718)

​

​

(38,817,482)

​

​

(2,017,777)

​

​

(31,904,528)

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

50,868

​

​

(6,950,438)

​

​

(24,337)

​

​

(9,554,650)

Unaffiliated underlying funds

​

​

296

​

​

(3,659,464)

​

​

(88,240)

​

​

(2,976,343)

Futures

​

​

—

​

​

985,986

​

​

—

​

​

617,893

Net change in unrealized appreciation (depreciation)

​

​

51,164

​

​

(9,623,916)

​

​

(112,577)

​

​

(11,913,100)

Net realized and unrealized loss

​

​

(1,867,554)

​

​

(48,441,398)

​

​

(2,130,354)

​

​

(43,817,628)

Decrease in net assets resulting from operations

​

$

(1,776,857)

​

$

(46,963,576)

​

$

(2,105,429)

​

$

(43,473,816)

See Accompanying Notes to Financial Statements

15

STATEMENTS OF OPERATIONS for the six months ended June 30, 2020 (Unaudited)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
INVESTMENT INCOME:	​	​	​	​	​	​	​	​	​
Dividends from affiliated underlying funds	​	$	6,899	​	$	188,018	​	$	5,749
Dividends from unaffiliated underlying funds	​	​	40,888	​	​	281,787	​	​	24,427
Interest	​	​	113	​	​	2,486	​	​	98
Total investment income	​	​	47,900	​	​	472,291	​	​	30,274
EXPENSES:	​	​	​	​	​	​	​	​	​
Investment management fees	​	​	31,184	​	​	237,297	​	​	18,224
Distribution and shareholder service fees:	​	​	​	​	​	​	​	​	​
Class ADV	​	​	29,332	​	​	107,926	​	​	15,923
Class S	​	​	7,950	​	​	68,337	​	​	5,421
Class S2	​	​	659	​	​	4,345	​	​	575
Class T	​	​	34	​	​	74	​	​	13
Transfer agent fees (Note 6):	​	​	​	​	​	​	​	​	​
Class ADV	​	​	10,846	​	​	39,310	​	​	8,076
Class I	​	​	8,248	​	​	103,434	​	​	6,470
Class S	​	​	5,887	​	​	49,709	​	​	5,495
Class S2	​	​	306	​	​	1,975	​	​	363
Class T	​	​	9	​	​	19	​	​	5
Shareholder reporting expense	​	​	2,548	​	​	16,380	​	​	2,366
Registration fees	​	​	666	​	​	493	​	​	380
Professional fees	​	​	4,186	​	​	13,104	​	​	3,458
Custody and accounting expense	​	​	4,550	​	​	20,930	​	​	3,821
Directors fees	​	​	550	​	​	4,300	​	​	324
Miscellaneous expense	​	​	4,632	​	​	7,081	​	​	4,457
Interest expense	​	​	37	​	​	66	​	​	—
Total expenses	​	​	111,624	​	​	674,780	​	​	75,371
Waived and reimbursed fees	​	​	(47,370)	​	​	(310,488)	​	​	(37,938)
Net expenses	​	​	64,254	​	​	364,292	​	​	37,433
Net investment income (loss)	​	​	(16,354)	​	​	107,999	​	​	(7,159)
REALIZED AND UNREALIZED GAIN (LOSS):	​	​	​	​	​	​	​	​	​
Net realized gain (loss) on:	​	​	​	​	​	​	​	​	​
Sale of affiliated underlying funds	​	​	(1,810,493)	​	​	(9,969,087)	​	​	(1,042,290)
Sale of unaffiliated underlying funds	​	​	71,515	​	​	(199,610)	​	​	34,274
Capital gain distributions from affiliated underlying funds	​	​	—	​	​	178,790	​	​	15,245
Futures	​	​	—	​	​	(287,239)	​	​	—
Net realized loss	​	​	(1,738,978)	​	​	(10,277,146)	​	​	(992,771)
Net change in unrealized appreciation (depreciation) on:	​	​	​	​	​	​	​	​	​
Affiliated underlying funds	​	​	(97,776)	​	​	(4,668,002)	​	​	(44,469)
Unaffiliated underlying funds	​	​	(50,391)	​	​	(994,004)	​	​	(56,745)
Futures	​	​	—	​	​	212,786	​	​	—
Net change in unrealized appreciation (depreciation)	​	​	(148,167)	​	​	(5,449,220)	​	​	(101,214)
Net realized and unrealized loss	​	​	(1,887,145)	​	​	(15,726,366)	​	​	(1,093,985)
Decrease in net assets resulting from operations	​	$	(1,903,499)	​	$	(15,618,367)	​	$	(1,101,144)

See Accompanying Notes to Financial Statements

16

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

7,671

​

$

263,556

​

$

221,512

​

$

1,001,323

Net realized gain (loss)

​

​

(1,412,079)

​

​

1,305,405

​

​

(2,521,510)

​

​

2,273,928

Net change in unrealized appreciation (depreciation)

​

​

(75,718)

​

​

2,491,102

​

​

63,893

​

​

6,392,543

Increase (decrease) in net assets resulting from operations

​

​

(1,480,126)

​

​

4,060,063

​

​

(2,236,105)

​

​

9,667,794

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(334,099)

​

​

—

​

​

(907,520)

Class I

​

​

—

​

​

(40,057)

​

​

—

​

​

(300,214)

Class R6

​

​

—

​

​

(926,037)

​

​

—

​

​

(1,564,757)

Class S

​

​

—

​

​

(320,787)

​

​

—

​

​

(1,637,486)

Class S2

​

​

—

​

​

(124,823)

​

​

—

​

​

(199,400)

Total distributions

​

​

—

​

​

(1,745,803)

​

​

—

​

​

(4,609,377)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

3,784,853

​

​

7,563,814

​

​

4,469,261

​

​

14,845,779

Reinvestment of distributions

​

​

—

​

​

1,745,803

​

​

—

​

​

4,609,377

​

​

​

3,784,853

​

​

9,309,617

​

​

4,469,261

​

​

19,455,156

Cost of shares redeemed

​

​

(3,644,232)

​

​

(4,746,888)

​

​

(6,823,861)

​

​

(17,857,490)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

140,621

​

​

4,562,729

​

​

(2,354,600)

​

​

1,597,666

Net increase (decrease) in net assets

​

​

(1,339,505)

​

​

6,876,989

​

​

(4,590,705)

​

​

6,656,083

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

21,459,957

​

​

14,582,968

​

​

56,516,238

​

​

49,860,155

End of year or period

​

$

20,120,452

​

$

21,459,957

​

$

51,925,533

​

$

56,516,238

See Accompanying Notes to Financial Statements

17

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

152,381

​

$

435,405

​

$

1,979,547

​

$

7,099,306

Net realized gain (loss)

​

​

(347,411)

​

​

332,524

​

​

(2,523,841)

​

​

3,193,519

Net change in unrealized appreciation (depreciation)

​

​

143,988

​

​

1,225,072

​

​

1,382,533

​

​

31,919,156

Increase (decrease) in net assets resulting from operations

​

​

(51,042)

​

​

1,993,001

​

​

838,239

​

​

42,211,981

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(222,397)

​

​

—

​

​

(6,817,626)

Class I

​

​

—

​

​

(17,768)

​

​

—

​

​

(3,937,553)

Class R6

​

​

—

​

​

(189,519)

​

​

—

​

​

—

Class S

​

​

—

​

​

(90,852)

​

​

—

​

​

(5,140,721)

Class S2

​

​

—

​

​

(11,531)

​

​

—

​

​

(274,095)

Class T

​

​

—

​

​

—

​

​

—

​

​

(10,043)

Total distributions

​

​

—

​

​

(532,067)

​

​

—

​

​

(16,180,038)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

4,584,026

​

​

4,775,038

​

​

10,410,003

​

​

18,290,670

Reinvestment of distributions

​

​

—

​

​

532,067

​

​

—

​

​

16,180,038

​

​

​

4,584,026

​

​

5,307,105

​

​

10,410,003

​

​

34,470,708

Cost of shares redeemed

​

​

(5,881,292)

​

​

(6,365,408)

​

​

(39,315,638)

​

​

(79,225,739)

Net decrease in net assets resulting from capital share transactions

​

​

(1,297,266)

​

​

(1,058,303)

​

​

(28,905,635)

​

​

(44,755,031)

Net increase (decrease) in net assets

​

​

(1,348,308)

​

​

402,631

​

​

(28,067,396)

​

​

(18,723,088)

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

17,591,302

​

​

17,188,671

​

​

330,369,323

​

​

349,092,411

End of year or period

​

$

16,242,994

​

$

17,591,302

​

$

302,301,927

​

$

330,369,323

See Accompanying Notes to Financial Statements

18

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

1,216,919

​

$

9,066,131

​

$

261,035

​

$

791,388

Net realized gain (loss)

​

​

(32,279,203)

​

​

40,356,066

​

​

(1,520,438)

​

​

1,007,772

Net change in unrealized appreciation (depreciation)

​

​

(11,364,345)

​

​

71,700,500

​

​

215,671

​

​

2,936,990

Increase (decrease) in net assets resulting from operations

​

​

(42,426,629)

​

​

121,122,697

​

​

(1,043,732)

​

​

4,736,150

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(2,334,348)

​

​

—

​

​

(317,739)

Class I

​

​

—

​

​

(450,780)

​

​

—

​

​

(1,391)

Class R6

​

​

—

​

​

(1,790,820)

​

​

—

​

​

(239,164)

Class S

​

​

—

​

​

(55,597,857)

​

​

—

​

​

(708,276)

Class S2

​

​

—

​

​

(92,304)

​

​

—

​

​

(207,982)

Total distributions

​

​

—

​

​

(60,266,109)

​

​

—

​

​

(1,474,552)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

6,617,173

​

​

10,707,918

​

​

3,158,437

​

​

13,598,489

Reinvestment of distributions

​

​

—

​

​

60,266,109

​

​

—

​

​

1,474,552

​

​

​

6,617,173

​

​

70,974,027

​

​

3,158,437

​

​

15,073,041

Cost of shares redeemed

​

​

(39,754,806)

​

​

(90,505,058)

​

​

(3,424,285)

​

​

(8,294,050)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(33,137,633)

​

​

(19,531,031)

​

​

(265,848)

​

​

6,778,991

Net increase (decrease) in net assets

​

​

(75,564,262)

​

​

41,325,557

​

​

(1,309,580)

​

​

10,040,589

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

605,047,230

​

​

563,721,673

​

​

38,409,012

​

​

28,368,423

End of year or period

​

$

529,482,968

​

$

605,047,230

​

$

37,099,432

​

$

38,409,012

See Accompanying Notes to Financial Statements

19

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

193,941

​

$

647,800

​

$

3,127,247

​

$

14,896,849

Net realized gain (loss)

​

​

(753,010)

​

​

642,931

​

​

(23,498,117)

​

​

33,802,093

Net change in unrealized appreciation (depreciation)

​

​

245,940

​

​

3,435,219

​

​

(3,089,867)

​

​

84,945,395

Increase (decrease) in net assets resulting from operations

​

​

(313,129)

​

​

4,725,950

​

​

(23,460,737)

​

​

133,644,337

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(973,056)

​

​

—

​

​

(20,017,470)

Class I

​

​

—

​

​

(494,795)

​

​

—

​

​

(20,123,050)

Class S

​

​

—

​

​

(817,201)

​

​

—

​

​

(23,516,734)

Class S2

​

​

—

​

​

(24,597)

​

​

—

​

​

(815,755)

Class T

​

​

—

​

​

(971)

​

​

—

​

​

(33,957)

Total distributions

​

​

—

​

​

(2,310,620)

​

​

—

​

​

(64,506,966)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

7,753,536

​

​

12,243,253

​

​

31,508,636

​

​

70,156,056

Reinvestment of distributions

​

​

—

​

​

2,310,345

​

​

—

​

​

64,506,966

​

​

​

7,753,536

​

​

14,553,598

​

​

31,508,636

​

​

134,663,022

Cost of shares redeemed

​

​

(15,330,312)

​

​

(14,632,349)

​

​

(81,175,828)

​

​

(142,508,557)

Net decrease in net assets resulting from capital share transactions

​

​

(7,576,776)

​

​

(78,751)

​

​

(49,667,192)

​

​

(7,845,535)

Net increase (decrease) in net assets

​

​

(7,889,905)

​

​

2,336,579

​

​

(73,127,929)

​

​

61,291,836

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

36,218,293

​

​

33,881,714

​

​

832,378,118

​

​

771,086,282

End of year or period

​

$

28,328,388

​

$

36,218,293

​

$

759,250,189

​

$

832,378,118

See Accompanying Notes to Financial Statements

20

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

90,697

​

$

686,824

​

$

1,477,822

​

$

13,830,824

Net realized gain (loss)

​

​

(1,918,718)

​

​

1,525,340

​

​

(38,817,482)

​

​

56,439,566

Net change in unrealized appreciation (depreciation)

​

​

51,164

​

​

4,598,504

​

​

(9,623,916)

​

​

91,791,155

Increase (decrease) in net assets resulting from operations

​

​

(1,776,857)

​

​

6,810,668

​

​

(46,963,576)

​

​

162,061,545

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(1,222,789)

​

​

—

​

​

(21,225,678)

Class I

​

​

—

​

​

(934,211)

​

​

—

​

​

(27,696,711)

Class S

​

​

—

​

​

(892,833)

​

​

—

​

​

(30,312,804)

Class S2

​

​

—

​

​

(30,665)

​

​

—

​

​

(1,390,350)

Class T

​

​

—

​

​

(2,099)

​

​

—

​

​

(34,551)

Total distributions

​

​

—

​

​

(3,082,597)

​

​

—

​

​

(80,660,094)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

8,483,327

​

​

20,284,933

​

​

34,746,424

​

​

66,049,031

Reinvestment of distributions

​

​

—

​

​

3,082,243

​

​

—

​

​

80,660,094

​

​

​

8,483,327

​

​

23,367,176

​

​

34,746,424

​

​

146,709,125

Cost of shares redeemed

​

​

(9,359,845)

​

​

(11,492,485)

​

​

(62,751,490)

​

​

(130,249,164)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(876,518)

​

​

11,874,691

​

​

(28,005,066)

​

​

16,459,961

Net increase (decrease) in net assets

​

​

(2,653,375)

​

​

15,602,762

​

​

(74,968,642)

​

​

97,861,412

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

46,613,250

​

​

31,010,488

​

​

870,035,101

​

​

772,173,689

End of year or period

​

$

43,959,875

​

$

46,613,250

​

$

795,066,459

​

$

870,035,101

See Accompanying Notes to Financial Statements

21

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

24,925

​

$

498,733

​

$

343,812

​

$

9,829,825

Net realized gain (loss)

​

​

(2,017,777)

​

​

1,652,317

​

​

(31,904,528)

​

​

43,959,351

Net change in unrealized appreciation (depreciation)

​

​

(112,577)

​

​

3,973,200

​

​

(11,913,100)

​

​

77,445,548

Increase (decrease) in net assets resulting from operations

​

​

(2,105,429)

​

​

6,124,250

​

​

(43,473,816)

​

​

131,234,724

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(974,788)

​

​

—

​

​

(15,768,200)

Class I

​

​

—

​

​

(847,678)

​

​

—

​

​

(26,882,084)

Class S

​

​

—

​

​

(721,532)

​

​

—

​

​

(24,987,205)

Class S2

​

​

—

​

​

(71,446)

​

​

—

​

​

(732,541)

Class T

​

​

—

​

​

(1,506)

​

​

—

​

​

(24,095)

Total distributions

​

​

—

​

​

(2,616,950)

​

​

—

​

​

(68,394,125)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

6,424,558

​

​

13,658,442

​

​

35,299,233

​

​

64,919,282

Reinvestment of distributions

​

​

—

​

​

2,616,572

​

​

—

​

​

68,394,125

​

​

​

6,424,558

​

​

16,275,014

​

​

35,299,233

​

​

133,313,407

Cost of shares redeemed

​

​

(6,917,094)

​

​

(8,520,943)

​

​

(45,103,231)

​

​

(95,365,331)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(492,536)

​

​

7,754,071

​

​

(9,803,998)

​

​

37,948,076

Net increase (decrease) in net assets

​

​

(2,597,965)

​

​

11,261,371

​

​

(53,277,814)

​

​

100,788,675

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

35,653,748

​

​

24,392,377

​

​

664,695,268

​

​

563,906,593

End of year or period

​

$

33,055,783

​

$

35,653,748

​

$

611,417,454

​

$

664,695,268

See Accompanying Notes to Financial Statements

22

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)

​

$

(16,354)

​

$

437,756

​

$

107,999

​

$

3,377,566

Net realized gain (loss)

​

​

(1,738,978)

​

​

1,341,845

​

​

(10,277,146)

​

​

14,101,369

Net change in unrealized appreciation (depreciation)

​

​

(148,167)

​

​

3,680,746

​

​

(5,449,220)

​

​

25,850,841

Increase (decrease) in net assets resulting from operations

​

​

(1,903,499)

​

​

5,460,347

​

​

(15,618,367)

​

​

43,329,776

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(891,921)

​

​

—

​

​

(4,328,696)

Class I

​

​

—

​

​

(770,026)

​

​

—

​

​

(10,186,778)

Class S

​

​

—

​

​

(532,912)

​

​

—

​

​

(5,387,644)

Class S2

​

​

—

​

​

(26,656)

​

​

—

​

​

(233,868)

Class T

​

​

—

​

​

(1,933)

​

​

—

​

​

(1,456)

Total distributions

​

​

—

​

​

(2,223,448)

​

​

—

​

​

(20,138,442)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

5,221,483

​

​

12,340,798

​

​

27,641,806

​

​

49,679,440

Reinvestment of distributions

​

​

—

​

​

2,223,053

​

​

—

​

​

20,138,442

​

​

​

5,221,483

​

​

14,563,851

​

​

27,641,806

​

​

69,817,882

Cost of shares redeemed

​

​

(6,892,359)

​

​

(6,431,311)

​

​

(15,186,504)

​

​

(30,355,951)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(1,670,876)

​

​

8,132,540

​

​

12,455,302

​

​

39,461,931

Net increase (decrease) in net assets

​

​

(3,574,375)

​

​

11,369,439

​

​

(3,163,065)

​

​

62,653,265

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

31,689,236

​

​

20,319,797

​

​

232,050,003

​

​

169,396,738

End of year or period

​

$

28,114,861

​

$

31,689,236

​

$

228,886,938

​

$

232,050,003

See Accompanying Notes to Financial Statements

23

STATEMENTS OF CHANGES IN NET ASSETS

​	Voya Solution 2060 Portfolio
​	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:	​	​	​	​	​	​
Net investment income (loss)	​	$	(7,159)	​	$	232,538
Net realized gain (loss)	​	​	(992,771)	​	​	709,607
Net change in unrealized appreciation (depreciation)	​	​	(101,214)	​	​	2,017,916
Increase (decrease) in net assets resulting from operations	​	​	(1,101,144)	​	​	2,960,061
FROM DISTRIBUTIONS TO SHAREHOLDERS:	​	​	​	​	​	​
Total distributions (excluding return of capital):	​	​	​	​	​	​
Class ADV	​	​	—	​	​	(440,825)
Class I	​	​	—	​	​	(304,947)
Class S	​	​	—	​	​	(314,172)
Class S2	​	​	—	​	​	(17,202)
Class T	​	​	—	​	​	(262)
Total distributions	​	​	—	​	​	(1,077,408)
FROM CAPITAL SHARE TRANSACTIONS:	​	​	​	​	​	​
Net proceeds from sale of shares	​	​	5,158,010	​	​	7,930,387
Reinvestment of distributions	​	​	—	​	​	1,077,408
​	​	​	5,158,010	​	​	9,007,795
Cost of shares redeemed	​	​	(2,973,708)	​	​	(4,410,024)
Net increase in net assets resulting from capital share transactions	​	​	2,184,302	​	​	4,597,771
Net increase in net assets	​	​	1,083,158	​	​	6,480,424
NET ASSETS:	​	​	​	​	​	​
Beginning of year or period	​	​	17,334,605	​	​	10,854,181
End of year or period	​	$	18,417,763	​	$	17,334,605

See Accompanying Notes to Financial Statements

24

Financial Highlights

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

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Aggressive Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.08

​

(0.01)•

​

(0.97)

​

(0.98)

​

—

​

—

​

—

​

—

​

—

​

12.10

​

(7.49)

​

1.03

​

0.79

​

0.79

​

(0.25)

​

2,986

​

64

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.42

​

0.01•

​

(0.99)

​

(0.98)

​

—

​

—

​

—

​

—

​

—

​

12.44

​

(7.30)

​

0.53

​

0.29

​

0.29

​

0.19

​

183

​

64

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.41

​

0.01•

​

(0.97)

​

(0.96)

​

—

​

—

​

—

​

—

​

—

​

12.45

​

(7.16)

​

0.41

​

0.29

​

0.29

​

0.24

​

12,037

​

64

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.25

​

(0.00)*•

​

(0.98)

​

(0.98)

​

—

​

—

​

—

​

—

​

—

​

12.27

​

(7.40)

​

0.78

​

0.54

​

0.54

​

(0.04)

​

3,313

​

64

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.01

​

(0.01)*

​

(0.93)

​

(0.96)

​

—

​

—

​

—

​

—

​

—

​

12.05

​

(7.38)

​

0.93

​

0.69

​

0.69

​

(0.15)

​

1,601

​

64

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

See Accompanying Notes to Financial Statements

25

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Balanced Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

9.74

​

0.03*

​

(0.47)

​

(0.42)

​

—

​

—

​

—

​

—

​

—

​

9.32

​

(4.31)

​

0.89

​

0.78

​

0.78

​

0.55

​

9,247

​

54

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

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.14

​

0.05•

​

(0.46)

​

(0.41)

​

—

​

—

​

—

​

—

​

—

​

9.73

​

(4.04)

​

0.39

​

0.28

​

0.28

​

1.06

​

2,124

​

54

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.14

​

0.05•

​

(0.46)

​

(0.41)

​

—

​

—

​

—

​

—

​

—

​

9.73

​

(4.04)

​

0.33

​

0.28

​

0.28

​

1.07

​

20,144

​

54

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

9.87

​

0.04•

​

(0.45)

​

(0.41)

​

—

​

—

​

—

​

—

​

—

​

9.46

​

(4.15)

​

0.64

​

0.53

​

0.53

​

0.81

​

18,212

​

54

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

9.83

​

0.03*

​

(0.46)

​

(0.41)

​

—

​

—

​

—

​

—

​

—

​

9.42

​

(4.17)

​

0.79

​

0.68

​

0.68

​

0.65

​

2,199

​

54

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

See Accompanying Notes to Financial Statements

26

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Conservative Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.24

​

0.08•

​

(0.12)

​

(0.04)

​

—

​

—

​

—

​

—

​

—

​

11.20

​

(0.36)

​

0.98

​

0.67

​

0.67

​

1.52

​

5,407

​

50

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.41

​

0.11•

​

(0.13)

​

(0.02)

​

—

​

—

​

—

​

—

​

—

​

11.39

​

(0.18)

​

0.48

​

0.17

​

0.17

​

2.04

​

118

​

50

��

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

​

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.41

​

0.11•

​

(0.13)

​

(0.02)

​

—

​

—

​

—

​

—

​

—

​

11.39

​

(0.18)

​

0.41

​

0.17

​

0.17

​

2.06

​

7,419

​

50

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.34

​

0.10*

​

(0.23)

​

(0.03)

​

—

​

—

​

—

​

—

​

—

​

11.31

​

(0.26)

​

0.73

​

0.42

​

0.42

​

1.78

​

2,196

​

50

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.25

​

0.09•

​

(0.13)

​

(0.04)

​

—

​

—

​

—

​

—

​

—

​

11.21

​

(0.36)

​

0.88

​

0.57

​

0.57

​

1.75

​

1,103

​

50

​

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

​

See Accompanying Notes to Financial Statements

27

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Income Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.76

​

0.06•

​

(0.01)

​

0.05

​

—

​

—

​

—

​

—

​

—

​

11.81

​

0.43

​

0.81

​

0.70

​

0.70

​

1.10

​

131,406

​

30

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.05

​

0.09•

​

(0.01)

​

0.08

​

—

​

—

​

—

​

—

​

—

​

12.13

​

0.66

​

0.31

​

0.20

​

0.20

​

1.60

​

72,856

​

30

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.95

​

0.08•

​

(0.01)

​

0.07

​

—

​

—

​

—

​

—

​

—

​

12.02

​

0.59

​

0.56

​

0.45

​

0.45

​

1.35

​

93,710

​

30

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

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.65

​

0.07*

​

(0.09)

​

0.05

​

—

​

—

​

—

​

—

​

—

​

11.70

​

0.43

​

0.71

​

0.60

​

0.60

​

1.19

​

4,220

​

30

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.56

​

0.05•

​

0.00*

​

0.05

​

—

​

—

​

—

​

—

​

—

​

12.61

​

0.40

​

1.01

​

0.90

​

0.90

​

0.83

​

110

​

30

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

See Accompanying Notes to Financial Statements

28

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

​

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

​

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Moderately Aggressive Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.54

​

0.03

​

(0.91)

​

(0.88)

​

—

​

—

​

​

—

​

—

​

—

​

11.66

​

(7.02)

​

0.77

​

0.79

​

0.79

​

0.21

​

20,835

​

34

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.81

​

0.04*

​

(0.95)

​

(0.87)

​

—

​

—

​

​

—

​

—

​

—

​

11.94

​

(6.79)

​

0.27

​

0.29

​

0.29

​

0.71

​

3,882

​

34

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.80

​

0.04•

​

(0.91)

​

(0.87)

​

—

​

—

​

​

—

​

—

​

—

​

11.93

​

(6.80)

​

0.26

​

0.28

​

0.28

​

0.74

​

19,009

​

34

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.66

​

0.04

​

(0.92)

​

(0.88)

​

—

​

—

​

​

—

​

—

​

—

​

11.78

​

(6.95)

​

0.52

​

0.54

​

0.54

​

0.45

​

484,871

​

34

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

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.69

​

0.02•

​

(0.91)

​

(0.89)

​

—

​

—

​

​

—

​

—

​

—

​

11.80

​

(7.01)

​

0.67

​

0.69

​

0.69

​

0.32

​

886

​

34

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

See Accompanying Notes to Financial Statements

29

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution Moderately Conservative Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.09

​

0.06•

​

(0.31)

​

(0.25)

​

—

​

—

​

—

​

—

​

—

​

9.84

​

(2.48)

​

0.93

​

0.70

​

0.70

​

1.20

​

6,569

​

49

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.55

​

0.09•

​

(0.34)

​

(0.25)

​

—

​

—

​

—

​

—

​

—

​

10.30

​

(2.37)

​

0.43

​

0.20

​

0.20

​

1.81

​

17

​

49

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.54

​

0.09•

​

(0.32)

​

(0.23)

​

—

​

—

​

—

​

—

​

—

​

10.31

​

(2.18)

​

0.34

​

0.20

​

0.20

​

1.73

​

7,199

​

49

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.30

​

0.07•

​

(0.31)

​

(0.24)

​

—

​

—

​

—

​

—

​

—

​

10.06

​

(2.33)

​

0.68

​

0.45

​

0.45

​

1.45

​

18,413

​

49

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.14

​

0.06•

​

(0.31)

​

(0.25)

​

—

​

—

​

—

​

—

​

—

​

9.89

​

(2.47)

​

0.83

​

0.60

​

0.60

​

1.30

​

4,902

​

49

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

30

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2020 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.64

​

0.06•

​

(0.05)

​

0.01

​

—

​

—

​

—

​

—

​

—

​

12.65

​

0.08

​

0.95

​

0.75

​

0.75

​

0.99

​

11,218

​

53

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.95

​

0.10•

​

(0.06)

​

0.04

​

—

​

—

​

—

​

—

​

—

​

12.99

​

0.39

​

0.45

​

0.25

​

0.25

​

1.55

​

7,791

​

53

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.88

​

0.08•

​

(0.05)

​

0.03

​

—

​

—

​

—

​

—

​

—

​

12.91

​

0.23

​

0.70

​

0.50

​

0.50

​

1.21

​

8,873

​

53

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.77

​

0.07*

​

(0.14)

​

0.01

​

—

​

—

​

—

​

—

​

—

​

12.78

​

0.08

​

0.85

​

0.65

​

0.65

​

1.08

​

428

​

53

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.62

​

0.05•

​

(0.05)

​

0.00*

​

—

​

—

​

—

​

—

​

—

​

12.62

​

0.00

​

1.15

​

0.95

​

0.95

​

0.81

​

17

​

53

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

See Accompanying Notes to Financial Statements

31

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2025 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.37

​

0.05

​

(0.35)

​

(0.30)

​

—

​

—

​

—

​

—

​

—

​

11.07

​

(2.64)

​

0.80

​

0.69

​

0.69

​

0.57

​

230,939

​

36

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

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.71

​

0.06•

​

(0.34)

​

(0.28)

​

—

​

—

​

—

​

—

​

—

​

11.43

​

(2.39)

​

0.30

​

0.19

​

0.19

​

1.08

​

243,506

​

36

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.57

​

0.05•

​

(0.34)

​

(0.29)

​

—

​

—

​

—

​

—

​

—

​

11.28

​

(2.51)

​

0.55

​

0.44

​

0.44

​

0.82

​

275,853

​

36

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.23

​

0.04*

​

(0.38)

​

(0.29)

​

—

​

—

​

—

​

—

​

—

​

10.94

​

(2.58)

​

0.70

​

0.59

​

0.59

​

0.66

​

8,562

​

36

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.98

​

0.02•

​

(0.34)

​

(0.32)

​

—

​

—

​

—

​

—

​

—

​

11.66

​

(2.67)

​

1.00

​

0.89

​

0.89

​

0.36

​

390

​

36

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

See Accompanying Notes to Financial Statements

32

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2030 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.30

​

0.02•

​

(0.60)

​

(0.58)

​

—

​

—

​

—

​

—

​

—

​

14.72

​

(3.79)

​

0.95

​

0.68

​

0.68

​

0.22

​

18,463

​

58

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.77

​

0.05•

​

(0.61)

​

(0.56)

​

—

​

—

​

—

​

—

​

—

​

15.21

​

(3.55)

​

0.45

​

0.18

​

0.18

​

0.71

​

11,748

​

58

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.66

​

0.03•

​

(0.60)

​

(0.57)

​

—

​

—

​

—

​

—

​

—

​

15.09

​

(3.64)

​

0.70

​

0.43

​

0.43

​

0.46

​

13,259

​

58

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.46

​

0.03•

​

(0.60)

​

(0.57)

​

—

​

—

​

—

​

—

​

—

​

14.89

​

(3.69)

​

0.85

​

0.58

​

0.58

​

0.39

​

455

​

58

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.31

​

0.00*•

​

(0.60)

​

(0.60)

​

—

​

—

​

—

​

—

​

—

​

14.71

​

(3.92)

​

1.15

​

0.88

​

0.88

​

0.03

​

35

​

58

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

See Accompanying Notes to Financial Statements

33

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2035 Portfolio	​	��	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.63	​	0.02	​	(0.65)	​	(0.63)	​	—	​	—	​	—	​	—	​	—	​	11.00	​	(5.42)	​	0.81	​	0.67	​	0.67	​	0.10	​	201,017	​	39
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.98	​	0.03•	​	(0.66)	​	(0.63)	​	—	​	—	​	—	​	—	​	—	​	11.35	​	(5.26)	​	0.31	​	0.17	​	0.17	​	0.61	​	287,100	​	39
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.83	​	0.03	​	(0.66)	​	(0.63)	​	—	​	—	​	—	​	—	​	—	​	11.20	​	(5.33)	​	0.56	​	0.42	​	0.42	​	0.35	​	295,089	​	39
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
Class S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.34	​	0.01•	​	(0.62)	​	(0.61)	​	—	​	—	​	—	​	—	​	—	​	10.73	​	(5.38)	​	0.71	​	0.57	​	0.57	​	0.19	​	11,436	​	39
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	12.27	​	(0.01)	​	(0.67)	​	(0.68)	​	—	��	—	​	—	​	—	​	—	​	11.59	​	(5.54)	​	1.01	​	0.87	​	0.87	​	(0.09)	​	424	​	39
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

See Accompanying Notes to Financial Statements

34

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

​

Less Distributions

​

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

​

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

​

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2040 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.09

​

(0.01)

​

(0.90)

​

​

(0.91)

​

—

​

—

​

—

​

—

​

​

—

​

15.18

​

(5.66)

​

0.96

​

0.68

​

0.68

​

(0.06)

​

13,831

​

60

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.60

​

0.06

​

(0.96)

​

​

(0.90)

​

—

​

—

​

—

​

—

​

​

—

​

15.70

​

(5.42)

​

0.46

​

0.18

​

0.18

​

0.43

​

10,232

​

60

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.44

​

0.02

​

(0.93)

​

​

(0.91)

​

—

​

—

​

—

​

—

​

​

—

​

15.53

​

(5.54)

​

0.71

​

0.43

​

0.43

​

0.18

​

7,971

​

60

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.17

​

0.00*•

​

(0.91)

​

​

(0.91)

​

—

​

—

​

—

​

—

​

​

—

​

15.26

​

(5.63)

​

0.86

​

0.58

​

0.58

​

0.04

​

989

​

60

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

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.06

​

(0.03)

​

(0.89)

​

​

(0.92)

​

—

​

—

​

—

​

—

​

​

—

​

15.14

​

(5.73)

​

1.16

​

0.88

​

0.88

​

(0.27)

​

31

​

60

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

See Accompanying Notes to Financial Statements

35

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2045 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.47	​	(0.01)•	​	(0.74)	​	(0.75)	​	—	​	—	​	—	​	—	​	—	​	10.72	​	(6.54)	​	0.83	​	0.68	​	0.68	​	(0.19)	​	131,631	​	35
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.85	​	0.02•	​	(0.78)	​	(0.76)	​	—	​	—	​	—	​	—	​	—	​	11.09	​	(6.41)	​	0.33	​	0.18	​	0.18	​	0.32	​	257,437	​	35
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.66	​	0.01	​	(0.77)	​	(0.76)	​	—	​	—	​	—	​	—	​	—	​	10.90	​	(6.52)	​	0.58	​	0.43	​	0.43	​	0.07	​	216,491	​	35
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.34	​	(0.00)*•	​	(0.74)	​	(0.74)	​	—	​	—	​	—	​	—	​	—	​	10.60	​	(6.53)	​	0.73	​	0.58	​	0.58	​	(0.09)	​	5,730	​	35
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	11.95	​	(0.03)•	​	(0.76)	​	(0.79)	​	—	​	—	​	—	​	—	​	—	​	11.16	​	(6.61)	​	1.03	​	0.88	​	0.88	​	(0.48)	​	128	​	35
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

36

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2050 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.63

​

(0.03)•

​

(1.10)

​

(1.13)

​

—

​

—

​

—

​

—

​

—

​

15.50

​

(6.79)

​

1.04

​

0.69

​

0.69

​

(0.33)

​

12,351

​

50

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.22

​

0.01•

​

(1.14)

​

(1.13)

​

—

​

—

​

—

​

—

​

—

​

16.09

​

(6.56)

​

0.54

​

0.19

​

0.19

​

0.16

​

8,860

​

50

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.01

​

(0.01)•

​

(1.12)

​

(1.13)

​

—

​

—

​

—

​

—

​

—

​

15.88

​

(6.64)

​

0.79

​

0.44

​

0.44

​

(0.10)

​

6,560

​

50

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.78

​

(0.02)•

​

(1.11)

​

(1.13)

​

—

​

—

​

—

​

—

​

—

​

15.65

​

(6.73)

​

0.94

​

0.59

​

0.59

​

(0.25)

​

334

​

50

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.69

​

(0.04)•

​

(1.10)

​

(1.14)

​

—

​

—

​

—

​

—

​

—

​

15.55

​

(6.83)

​

1.24

​

0.89

​

0.89

​

(0.53)

​

10

​

50

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

See Accompanying Notes to Financial Statements

37

Financial Highlights (continued)

​	​	​	Income (loss) from investment operations				​	​	Less Distributions						​	​	​	​	​	​	​	​	Ratios to average net assets								Supplemental Data
​	Net asset value, begin­ning of year or period		Net invest­ment income (loss)		Net real­ized and unre­al­ized gain (loss)		Total from invest­ment oper­a­tions		From net invest­ment income		From net real­ized gains		From return of cap­ital		Total dis­tri­bu­tions		Pay­ment by affil­iate		Net asset value, end of year or period		Total Return(1)		Expenses before reduc­tions/​addi­tions(2)(3)(4)		Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)		Expenses net of all reduc­tions/​addi­tions(2)(3)(4)		Net invest­ment income (loss)(2)(3)		Net assets, end of year or period		Port­folio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2055 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	13.85	​	(0.01)•	​	(0.97)	​	(0.98)	​	—	​	—	​	—	​	—	​	—	​	12.87	​	(7.08)	​	0.96	​	0.67	​	0.67	​	(0.24)	​	44,535	​	30
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
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	14.17	​	0.02•	​	(0.99)	​	(0.97)	​	—	​	—	​	—	​	—	​	—	​	13.20	​	(6.85)	​	0.46	​	0.17	​	0.17	​	0.27	​	123,908	​	30
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	13.99	​	(0.01)	​	(0.97)	​	(0.98)	​	—	​	—	​	—	​	—	​	—	​	13.01	​	(7.01)	​	0.71	​	0.42	​	0.42	​	0.02	​	58,394	​	30
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	13.92	​	(0.01)•	​	(0.97)	​	(0.98)	​	—	​	—	​	—	​	—	​	—	​	12.94	​	(7.04)	​	0.86	​	0.57	​	0.57	​	(0.17)	​	2,028	​	30
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-20+	​	14.22	​	(0.03)•	​	(0.99)	​	(1.02)	​	—	​	—	​	—	​	—	​	—	​	13.20	​	(7.17)	​	1.16	​	0.87	​	0.87	​	(0.43)	​	22	​	30
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

See Accompanying Notes to Financial Statements

38

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expenses net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Solution 2060 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.04

​

(0.03)

​

(0.83)

​

(0.86)

​

—

​

—

​

—

​

—

​

—

​

11.18

​

(7.14)

​

1.16

​

0.69

​

0.69

​

(0.30)

​

6,962

​

51

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.25

​

0.01•

​

(0.86)

​

(0.85)

​

—

​

—

​

—

​

—

​

—

​

11.40

​

(6.94)

​

0.66

​

0.19

​

0.19

​

0.19

​

5,855

​

51

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.08

​

(0.00)*•

​

(0.85)

​

(0.85)

​

—

​

—

​

—

​

—

​

—

​

11.23

​

(7.04)

​

0.91

​

0.44

​

0.44

​

(0.07)

​

5,264

​

51

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.07

​

(0.01)•

​

(0.85)

​

(0.86)

​

—

​

—

​

—

​

—

​

—

​

11.21

​

(7.13)

​

1.06

​

0.59

​

0.59

​

(0.20)

​

332

​

51

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.01

​

(0.03)•

​

(0.84)

​

(0.87)

​

—

​

—

​

—

​

—

​

—

​

11.14

​

(7.24)

​

1.36

​

0.89

​

0.89

​

(0.53)

​

4

​

51

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

See Accompanying Notes to Financial Statements

39

Financial Highlights (continued)

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

+

Unaudited.

•

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

*

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

See Accompanying Notes to Financial Statements

40

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-nine 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. On close of business August 7, 2020, Solution 2020 merged into Solution Income.

Solution 2020, Solution 2025, Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055 and Solution 2060 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Solution Income, without a vote of shareholders, if approved by the Portfolios’ Board of Directors (the “Board”).

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”),

41

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

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

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

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be

42

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

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

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3

category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as 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.

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,

43

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (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 instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the

derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

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

44

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (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 period ended June 30, 2020, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices and also purchased and sold futures contracts on various U.S. Treasury Notes and Bonds. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2020, 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 June 30, 2020.

​	Purchased			Sold
Solution Income	​	$	15,460,898	​	$	15,450,131
Solution Moderately Aggressive	​	​	31,219,545	​	​	31,206,031
Solution 2025	​	​	34,444,307	​	​	34,301,046
Solution 2035	​	​	34,853,715	​	​	34,863,046
Solution 2045	​	​	33,955,772	​	​	33,920,656
Solution 2055	​	​	11,507,742	​	​	11,472,590

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

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the period ended June 30, 2020, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

​	Purchases			Sales
Solution Aggressive	​	$	12,433,003	​	$	12,266,168
Solution Balanced	​	​	28,136,304	​	​	30,257,622
Solution Conservative	​	​	8,336,804	​	​	9,447,029
Solution Income	​	​	91,907,984	​	​	120,860,003
Solution Moderately Aggressive	​	​	182,620,649	​	​	220,606,378
Solution Moderately Conservative	​	​	18,016,898	​	​	17,982,921
Solution 2020	​	​	17,351,625	​	​	23,223,499
Solution 2025	​	​	272,850,273	​	​	325,930,827
Solution 2030	​	​	24,973,696	​	​	26,584,418
Solution 2035	​	​	309,710,508	​	​	342,653,405
Solution 2040	​	​	19,410,974	​	​	20,004,797
Solution 2045	​	​	207,204,439	​	​	222,487,189
Solution 2050	​	​	13,875,789	​	​	15,651,827
Solution 2055	​	​	75,224,240	​	​	65,338,497
Solution 2060	​	​	9,915,371	​	​	8,422,694

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.

45

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2020, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolios	Percentage
Voya Institutional Trust Company	Solution Balanced	​	5.93%
​	Solution Income	​	45.86
​	Solution 2020	​	20.50
​	Solution 2025	​	42.34
​	Solution 2030	​	18.65
​	Solution 2035	​	41.97
​	Solution 2040	​	11.44
​	Solution 2045	​	43.77
​	Solution 2050	​	16.10
​	Solution 2055	​	50.53
​	Solution 2060	​	15.19
Voya Retirement Insurance and Annuity Company	Solution Aggressive	​	96.17
​	Solution Balanced	​	94.07
​	Solution Conservative	​	96.96
​	Solution Income	​	48.51

Subsidiary	Portfolios	Percentage
​	Solution Moderately Aggressive	​	6.26
​	Solution Moderately Conservative	​	99.46
​	Solution 2020	​	79.49
​	Solution 2025	​	54.99
​	Solution 2030	​	81.20
​	Solution 2035	​	55.91
​	Solution 2040	​	88.54
​	Solution 2045	​	55.43
​	Solution 2050	​	83.89
​	Solution 2055	​	49.47
​	Solution 2060	​	84.79

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

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

Effective January, 1, 2020, the Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2020, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Solution Aggressive	​	$	4,697
Solution Balanced	​	​	10,179
Solution Conservative	​	​	3,193
Solution Income	​	​	78,074
Solution Moderately Aggressive	​	​	15,025
Solution Moderately Conservative	​	​	13,126

46

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

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

 

Portfolio	Amount
Solution 2020	​	8,227
Solution 2025	​	165,785
Solution 2030	​	17,793
Solution 2035	​	208,864
Solution 2040	​	19,111
Solution 2045	​	231,140
Solution 2050	​	25,079
Solution 2055	​	193,606
Solution 2060	​	20,198

NOTE 7 — EXPENSE LIMITATION AGREEMENT

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

Portfolio(1)

Class ADV

Class I

Class R6

Class S

Class S2

Class T

Solution Aggressive

​

1.39%

​

0.89%

​

0.89%

​

1.14%

​

1.29%

​

N/A

Solution Balanced

​

1.30%

​

0.80%

​

0.80%

​

1.05%

​

1.20%

​

N/A

Solution Conservative

​

1.16%

​

0.66%

​

0.66%

​

0.91%

​

1.06%

​

N/A

Solution Income

​

1.18%

​

0.68%

​

N/A

​

0.93%

​

1.08%

​

1.38%

Solution Moderately Aggressive

​

1.38%

​

0.88%

​

0.88%

​

1.13%

​

1.28%

​

N/A

Solution Moderately Conservative

​

1.24%

​

0.74%

​

0.74%

​

0.99%

​

1.14%

​

N/A

Solution 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.

Pursuant to a side letter agreement, through May 1, 2021, the Investment Adviser has further lowered the expense limits for the following Portfolios. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side letter agreements will continue. Termination or modification of this obligation requires approval by the Board.

Portfolio(2)(3)	Class ADV		Class I		Class S		Class S2		Class T
Solution 2025	​	1.24%	​	0.74%	​	0.99%	​	1.14%	​	1.44%
Solution 2030	​	1.24%	​	0.74%	​	0.99%	​	1.14%	​	1.44%
Solution 2035	​	1.27%	​	0.77%	​	1.02%	​	1.17%	​	1.47%
Solution 2040	​	1.27%	​	0.77%	​	1.02%	​	1.17%	​	1.47%
Solution 2045	​	1.30%	​	0.80%	​	1.05%	​	1.20%	​	1.50%
Solution 2050	​	1.30%	​	0.80%	​	1.05%	​	1.20%	​	1.50%
Solution 2055	​	1.30%	​	0.80%	​	1.05%	​	1.20%	​	1.50%
Solution 2060	​	1.30%	​	0.80%	​	1.05%	​	1.20%	​	1.50%

(2)

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

(3)

Side letter expense limits were implemented on January 1, 2020.

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

As of June 30, 2020 the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

​

June 30,

​

​

​

​

2021

2022

2023

Total

Solution Aggressive

​

$

30,278

​

$

34,059

​

$

25,574

​

$

89,911

Solution Balanced

​

​

67,622

​

​

48,849

​

​

29,220

​

​

145,691

Solution Conservative

​

​

40,088

​

​

45,482

​

​

43,150

​

​

128,720

Solution Income

​

​

604,411

​

​

382,691

​

​

257,187

​

​

1,244,289

Solution Moderately Aggressive

​

​

240,556

​

​

139,057

​

​

—

​

​

379,613

Solution Moderately Conservative

​

​

52,961

​

​

47,347

​

​

50,146

​

​

150,454

Solution 2020

​

​

63,061

​

​

43,822

​

​

56,906

​

​

163,789

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of June 30, 2020, are as follows:

​

June 30,

​

​

​

​

2021

2022

2023

Total

Solution Aggressive

​

​

​

​

​

​

​

​

​

​

​

​

Class I

​

$

—

​

$

—

​

$

210

​

$

210

Class R6

​

​

—

​

​

—

​

​

210

​

​

210

Class S

​

​

—

​

​

—

​

​

1,900

​

​

1,900

Class S2

​

​

—

​

​

—

​

​

859

​

​

859

47

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

 

​	June 30,						​	​
​	2021		2022		2023		Total
Solution Balanced	​	​	​	​	​	​	​	​
Class ADV	​	—	​	—	​	2,971	​	2,971
Class I	​	—	​	—	​	698	​	698
Class S	​	—	​	—	​	5,578	​	5,578
Class S2	​	—	​	—	​	703	​	703
Solution Conservative	​	​	​	​	​	​	​	​
Class R6	​	—	​	—	​	1,830	​	1,830
Class S	​	—	​	—	​	810	​	810
Class S2	​	—	​	—	​	262	​	262
Solution Moderately Conservative	​	​	​	​	​	​	​	​
Class ADV	​	—	​	—	​	2,970	​	2,970
Class I	​	—	​	—	​	20	​	20
Class S	​	—	​	—	​	7,938	​	7,938
Class S2	​	—	​	—	​	2,141	​	2,141

The Expense Limitation Agreement is contractual through May 1, 2021 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 15, 2020, 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 14, 2021. 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 15, 2020, 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 15, 2020.

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 period ended June 30, 2020:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Balanced	​	1	​	$	1,052,000	​	2.54%
Solution Income	​	12	​	​	842,333	​	1.36
Solution Moderately Aggressive	​	18	​	​	1,817,167	​	1.20
Solution Moderately Conservative	​	1	​	​	686,000	​	2.54
Solution 2020	​	1	​	​	659,000	​	2.54
Solution 2025	​	20	​	​	1,313,700	​	1.36
Solution 2030	​	1	​	​	823,000	​	2.54
Solution 2035	​	17	​	​	1,660,529	​	1.31
Solution 2040	​	1	​	​	639,000	​	2.54
Solution 2045	​	18	​	​	1,150,000	​	1.26
Solution 2050	​	1	​	​	540,000	​	2.54
Solution 2055	​	1	​	​	2,338,000	​	1.04

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution Aggressive

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

60,960

​

—

​

—

​

(101,712)

​

(40,752)

​

734,025

​

—

​

—

​

(1,255,823)

​

(521,798)

12/31/2019

​

69,148

​

—

​

27,888

​

(84,904)

​

12,132

​

871,395

​

—

​

334,099

​

(1,059,631)

​

145,863

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

5,091

​

—

​

—

​

(35,083)

​

(29,992)

​

64,967

​

—

​

—

​

(357,284)

​

(292,317)

12/31/2019

​

15,551

​

—

​

3,267

​

(1,808)

​

17,010

​

198,986

​

—

​

40,057

​

(23,819)

​

215,224

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

188,035

​

—

​

—

​

(88,316)

​

99,719

​

2,304,181

​

—

​

—

​

(1,179,299)

​

1,124,882

12/31/2019

​

282,889

​

—

​

75,533

​

(102,407)

​

256,015

​

3,647,980

​

—

​

926,037

​

(1,306,887)

​

3,267,130

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

38,190

​

—

​

—

​

(64,561)

​

(26,371)

​

456,691

​

—

​

—

​

(789,185)

​

(332,494)

12/31/2019

​

167,485

​

—

​

26,467

​

(166,919)

​

27,033

​

2,205,913

​

—

​

320,787

​

(2,208,033)

​

318,667

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

20,107

​

—

​

—

​

(5,427)

​

14,680

​

224,989

​

—

​

—

​

(62,641)

​

162,348

12/31/2019

​

49,577

​

—

​

10,481

​

(11,748)

​

48,310

​

639,540

​

—

​

124,823

​

(148,518)

​

615,845

48

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution Balanced

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

46,142

​

—

​

—

​

(174,692)

​

(128,550)

​

420,368

​

—

​

—

​

(1,675,784)

​

(1,255,416)

12/31/2019

​

142,295

​

—

​

99,291

​

(469,017)

​

(227,431)

​

1,349,166

​

—

​

907,520

​

(4,465,434)

​

(2,208,748)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

22,337

​

—

​

—

​

(48,827)

​

(26,490)

​

213,768

​

—

​

—

​

(462,231)

​

(248,463)

12/31/2019

​

80,986

​

—

​

31,635

​

(267,081)

​

(154,460)

​

788,198

​

—

​

300,214

​

(2,645,160)

​

(1,556,748)

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

300,232

​

—

​

—

​

(220,824)

​

79,408

​

2,806,695

​

—

​

—

​

(2,130,204)

​

676,491

12/31/2019

​

683,702

​

—

​

164,885

​

(344,046)

​

504,541

​

6,761,895

​

—

​

1,564,757

​

(3,399,678)

​

4,926,974

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

96,113

​

—

​

—

​

(236,718)

​

(140,605)

​

887,860

​

—

​

—

​

(2,175,844)

​

(1,287,984)

12/31/2019

​

429,927

​

—

​

177,026

​

(715,118)

​

(108,165)

​

4,259,980

​

—

​

1,637,486

​

(7,075,660)

​

(1,178,194)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

15,326

​

—

​

—

​

(40,918)

​

(25,592)

​

140,570

​

—

​

—

​

(379,798)

​

(239,228)

12/31/2019

​

170,667

​

—

​

21,603

​

(28,271)

​

163,999

​

1,686,540

​

—

​

199,400

​

(271,558)

​

1,614,382

Solution Conservative

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

27,070

​

—

​

—

​

(285,537)

​

(258,467)

​

298,749

​

—

​

—

​

(3,229,466)

​

(2,930,717)

12/31/2019

​

95,510

​

—

​

20,385

​

(135,417)

​

(19,522)

​

1,042,654

​

—

​

222,397

​

(1,495,108)

​

(230,057)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

3,975

​

—

​

—

​

(51,243)

​

(47,268)

​

43,589

​

—

​

—

​

(576,120)

​

(532,531)

12/31/2019

​

31,539

​

—

​

1,608

​

(1,460)

​

31,687

​

349,613

​

—

​

17,768

​

(16,230)

​

351,151

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

279,872

​

—

​

—

​

(98,667)

​

181,205

​

3,206,089

​

—

​

—

​

(1,109,939)

​

2,096,150

12/31/2019

​

198,253

​

—

​

17,151

​

(224,691)

​

(9,287)

​

2,184,939

​

—

​

189,519

​

(2,522,786)

​

(148,328)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

33,144

​

—

​

—

​

(89,347)

​

(56,203)

​

365,214

​

—

​

—

​

(965,327)

​

(600,113)

12/31/2019

​

82,870

​

—

​

8,267

​

(175,540)

​

(84,403)

​

912,126

​

—

​

90,852

​

(1,952,313)

​

(949,335)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

63,483

​

—

​

—

​

(39)

​

63,444

​

670,385

​

—

​

—

​

(440)

​

669,945

12/31/2019

​

26,193

​

—

​

1,057

​

(34,482)

​

(7,232)

​

285,706

​

—

​

11,531

​

(378,971)

​

(81,734)

Solution Income

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

252,744

​

—

​

—

​

(1,304,190)

​

(1,051,446)

​

2,928,718

​

—

​

—

​

(14,791,270)

​

(11,862,552)

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)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

444,149

​

—

​

—

​

(948,604)

​

(504,455)

​

5,249,391

​

—

​

—

​

(11,299,264)

​

(6,049,873)

12/31/2019

​

591,471

​

—

​

338,569

​

(1,176,288)

​

(246,248)

​

6,999,059

​

—

​

3,937,553

​

(13,817,473)

​

(2,880,861)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

179,920

​

—

​

—

​

(1,013,876)

​

(833,956)

​

2,089,455

​

—

​

—

​

(11,826,528)

​

(9,737,073)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

11,985

​

—

​

—

​

(107,239)

​

(95,254)

​

137,851

​

—

​

—

​

(1,259,306)

​

(1,121,455)

12/31/2019

​

27,485

​

—

​

24,342

​

(160,676)

​

(108,849)

​

313,987

​

—

​

274,095

​

(1,838,151)

​

(1,250,069)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

375

​

—

​

—

​

(12,290)

​

(11,915)

​

4,588

​

—

​

—

​

(139,270)

​

(134,682)

12/31/2019

​

1,222

​

—

​

826

​

(110)

​

1,938

​

14,982

​

—

​

10,043

​

(1,352)

​

23,673

Solution Moderately Aggressive

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

108,533

​

—

​

—

​

(248,278)

​

(139,745)

​

1,241,068

​

—

​

—

​

(2,811,886)

​

(1,570,818)

12/31/2019

​

170,708

​

—

​

201,063

​

(325,500)

​

46,271

​

2,097,432

​

—

​

2,334,348

​

(3,994,541)

​

437,239

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

19,129

​

—

​

—

​

(73,448)

​

(54,319)

​

220,489

​

—

​

—

​

(742,667)

​

(522,178)

12/31/2019

​

53,673

​

—

​

38,073

​

(47,875)

​

43,871

​

671,896

​

—

​

450,780

​

(601,565)

​

521,111

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

289,538

​

—

​

—

​

(89,876)

​

199,662

​

3,466,162

​

—

​

—

​

(1,000,609)

​

2,465,553

12/31/2019

​

509,653

​

—

​

151,379

​

(308,389)

​

352,643

​

6,416,863

​

—

​

1,790,820

​

(3,846,921)

​

4,360,762

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

141,692

​

—

​

—

​

(3,007,556)

​

(2,865,864)

​

1,554,149

​

—

​

—

​

(35,127,508)

​

(33,573,359)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

12,041

​

—

​

—

​

(6,227)

​

5,814

​

135,305

​

—

​

—

​

(72,136)

​

63,169

12/31/2019

​

18,900

​

—

​

7,862

​

(21,143)

​

5,619

​

235,459

​

—

​

92,304

​

(259,543)

​

68,220

Solution Moderately Conservative

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

32,983

​

—

​

—

​

(109,181)

​

(76,198)

​

323,783

​

—

​

—

​

(1,058,018)

​

(734,235)

12/31/2019

​

80,771

​

—

​

32,892

​

(359,384)

​

(245,721)

​

788,643

​

—

​

317,739

​

(3,511,446)

​

(2,405,064)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

3,137

​

—

​

—

​

(7,958)

​

(4,821)

​

32,403

​

—

​

—

​

(72,214)

​

(39,811)

12/31/2019

​

3,671

​

—

​

138

​

(599)

​

3,210

​

37,776

​

—

​

1,391

​

(5,952)

​

33,215

49

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

​

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

​

($)

($)

Solution Moderately Conservative (continued)

Class R6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

173,081

​

—

​

—

​

(48,095)

​

124,986

​

1,774,204

​

—

​

—

​

​

(474,574)

​

1,299,630

12/31/2019

​

301,683

​

—

​

23,750

​

(148,755)

​

176,678

​

3,015,536

​

—

​

239,164

​

​

(1,524,784)

​

1,729,916

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

��

​

​

​

​

6/30/2020

​

84,608

​

—

​

—

​

(131,800)

​

(47,192)

​

834,545

​

—

​

—

​

​

(1,230,852)

​

(396,307)

12/31/2019

​

573,667

​

—

​

71,906

​

(317,649)

​

327,924

​

5,734,180

​

—

​

708,276

​

​

(3,172,991)

​

3,269,465

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

19,731

​

—

​

—

​

(60,600)

​

(40,869)

​

193,502

​

—

​

—

​

​

(588,627)

​

(395,125)

12/31/2019

​

406,677

​

—

​

21,441

​

(8,046)

​

420,072

​

4,022,354

​

—

​

207,982

​

​

(78,877)

​

4,151,459

Solution 2020

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

233,379

​

—

​

—

​

(549,465)

​

(316,086)

​

2,847,958

​

—

​

—

​

​

(6,542,295)

​

(3,694,337)

12/31/2019

​

480,109

​

—

​

79,890

​

(483,350)

​

76,649

​

6,012,974

​

—

​

973,056

​

​

(6,075,318)

​

910,712

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

306,895

​

—

​

—

​

(266,145)

​

40,750

​

3,926,435

​

—

​

—

​

​

(3,395,069)

​

531,366

12/31/2019

​

204,624

​

—

​

39,742

​

(275,695)

​

(31,329)

​

2,623,074

​

—

​

494,795

​

​

(3,573,311)

​

(455,442)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

72,899

​

—

​

—

​

(409,954)

​

(337,055)

​

930,460

​

—

​

—

​

​

(5,210,814)

​

(4,280,354)

12/31/2019

​

260,945

​

—

​

65,903

​

(369,076)

​

(42,228)

​

3,329,128

​

—

​

817,201

​

​

(4,722,258)

​

(575,929)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

3,875

​

—

​

—

​

(14,206)

​

(10,331)

​

48,054

​

—

​

—

​

​

(182,109)

​

(134,055)

12/31/2019

​

21,766

​

—

​

2,002

​

(20,599)

​

3,169

​

274,078

​

—

​

24,597

​

​

(260,246)

​

38,429

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

51

​

—

​

—

​

(2)

​

49

​

629

​

—

​

—

​

​

(25)

​

604

12/31/2019

​

325

​

—

​

57

​

(100)

​

282

​

3,999

​

—

​

696

​

​

(1,216)

​

3,479

Solution 2025

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

482,680

​

—

​

—

​

(2,549,417)

​

(2,066,737)

​

5,197,931

​

—

​

—

​

​

(27,044,274)

​

(21,846,343)

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)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

1,496,896

​

—

​

—

​

(2,461,236)

​

(964,340)

​

16,629,517

​

—

​

—

​

​

(27,254,978)

​

(10,625,461)

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

796,953

​

—

​

—

​

(2,240,384)

​

(1,443,431)

​

8,873,934

​

—

​

—

​

​

(24,245,677)

​

(15,371,743)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

74,298

​

—

​

—

​

(248,445)

​

(174,147)

​

803,732

​

—

​

—

​

​

(2,518,072)

​

(1,714,340)

12/31/2019

​

106,424

​

—

​

76,886

​

(358,352)

​

(175,042)

​

1,174,211

​

—

​

815,755

​

​

(4,041,686)

​

(2,051,720)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

309

​

—

​

—

​

(10,390)

​

(10,081)

​

3,522

​

—

​

—

​

​

(112,827)

​

(109,305)

12/31/2019

​

1,081

​

—

​

2,997

​

(13,093)

​

(9,015)

​

12,511

​

—

​

33,957

​

​

(154,366)

​

(107,898)

Solution 2030

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

207,103

​

—

​

—

​

(181,349)

​

25,754

​

3,027,351

​

—

​

—

​

​

(2,611,925)

​

415,426

12/31/2019

​

510,062

​

—

​

85,450

​

(282,703)

​

312,809

​

7,573,963

​

—

​

1,222,789

​

​

(4,188,478)

​

4,608,274

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

117,303

​

—

​

—

​

(218,922)

​

(101,619)

​

1,740,637

​

—

​

—

​

​

(3,318,106)

​

(1,577,469)

12/31/2019

​

477,575

​

—

​

63,466

​

(184,511)

​

356,530

​

7,456,635

​

—

​

934,211

​

​

(2,808,486)

​

5,582,360

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

225,323

​

—

​

—

​

(212,405)

​

12,918

​

3,429,448

​

—

​

—

​

​

(3,154,412)

​

275,036

12/31/2019

​

325,502

​

—

​

61,027

​

(272,412)

​

114,117

​

5,019,252

​

—

​

892,833

​

​

(4,199,019)

​

1,713,066

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

21,761

​

—

​

—

​

(20,276)

​

1,485

​

282,232

​

—

​

—

​

​

(275,163)

​

7,069

12/31/2019

​

15,055

​

—

​

2,120

​

(19,705)

​

(2,530)

​

226,909

​

—

​

30,665

​

​

(296,127)

​

(38,553)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

271

​

—

​

—

​

(17)

​

254

​

3,659

​

—

​

—

​

​

(239)

​

3,420

12/31/2019

​

552

​

—

​

122

​

(25)

​

649

​

8,174

​

—

​

1,745

​

​

(375)

​

9,544

Solution 2035

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

553,835

​

—

​

—

​

(1,713,582)

​

(1,159,747)

​

5,885,252

​

—

​

—

​

​

(18,310,054)

​

(12,424,802)

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)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

1,856,016

​

—

​

—

​

(1,956,909)

​

(100,893)

​

20,335,253

​

—

​

—

​

​

(21,693,294)

​

(1,358,041)

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

714,862

​

—

​

—

​

(1,819,394)

​

(1,104,532)

​

7,692,053

​

—

​

—

​

​

(19,509,245)

​

(11,817,192)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

78,411

​

—

​

—

​

(299,689)

​

(221,278)

​

826,900

​

—

​

—

​

​

(3,234,822)

​

(2,407,922)

12/31/2019

​

117,607

​

—

​

132,163

​

(364,755)

​

(114,985)

​

1,314,156

​

—

​

1,390,350

​

​

(4,124,936)

​

(1,420,430)

50

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution 2035 (continued)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

603

​

—

​

—

​

(419)

​

184

​

6,966

​

—

​

—

​

(4,075)

​

2,891

12/31/2019

​

2,316

​

—

​

3,031

​

(2,646)

​

2,701

​

27,225

​

—

​

34,551

​

(30,509)

​

31,267

Solution 2040

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

175,832

​

—

​

—

​

(154,978)

​

20,854

​

2,640,406

​

—

​

—

​

(2,295,730)

​

344,676

12/31/2019

​

353,002

​

—

​

65,642

​

(135,719)

​

282,925

​

5,481,888

​

—

​

974,788

​

(2,106,393)

​

4,350,283

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

113,723

​

—

​

—

​

(174,391)

​

(60,668)

​

1,763,753

​

—

​

—

​

(2,648,654)

​

(884,901)

12/31/2019

​

297,287

​

—

​

55,476

​

(126,847)

​

225,916

​

4,820,584

​

—

​

847,678

​

(2,034,437)

​

3,633,825

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

121,448

​

—

​

—

​

(125,256)

​

(3,808)

​

1,881,814

​

—

​

—

​

(1,903,381)

​

(21,567)

12/31/2019

​

191,537

​

—

​

47,626

​

(247,656)

​

(8,493)

​

3,072,754

​

—

​

721,532

​

(3,949,460)

​

(155,174)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

9,180

​

—

​

—

​

(4,533)

​

4,647

​

134,575

​

—

​

—

​

(66,394)

​

68,181

12/31/2019

​

17,193

​

—

​

4,792

​

(27,417)

​

(5,432)

​

268,338

​

—

​

71,446

​

(426,178)

​

(86,394)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

270

​

—

​

—

​

(180)

​

90

​

4,010

​

—

​

—

​

(2,935)

​

1,075

12/31/2019

​

979

​

—

​

76

​

(272)

​

783

​

14,878

​

—

​

1,128

​

(4,475)

​

11,531

Solution 2045

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

370,270

​

—

​

—

​

(1,159,563)

​

(789,293)

​

3,847,641

​

—

​

—

​

(11,984,382)

​

(8,136,741)

12/31/2019

​

938,695

​

—

​

1,496,034

​

(2,291,762)

​

142,967

​

10,564,731

​

—

​

15,768,200

​

(25,544,144)

​

788,787

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

2,070,406

​

—

​

—

​

(1,622,696)

​

447,710

​

22,294,359

​

—

​

—

​

(17,378,484)

​

4,915,875

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

809,518

​

—

​

—

​

(1,321,311)

​

(511,793)

​

8,416,504

​

—

​

—

​

(13,876,805)

​

(5,460,301)

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

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

71,422

​

—

​

—

​

(168,547)

​

(97,125)

​

729,572

​

—

​

—

​

(1,736,700)

​

(1,007,128)

12/31/2019

​

87,072

​

—

​

70,369

​

(247,661)

​

(90,220)

​

970,310

​

—

​

732,541

​

(2,820,918)

​

(1,118,067)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

988

​

—

​

—

​

(13,770)

​

(12,782)

​

11,157

​

—

​

—

​

(126,860)

​

(115,703)

12/31/2019

​

3,447

​

—

​

2,193

​

(1,887)

​

3,753

​

39,830

​

—

​

24,095

​

(22,265)

​

41,660

Solution 2050

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

132,906

​

—

​

—

​

(114,985)

​

17,921

​

1,983,315

​

—

​

—

​

(1,817,120)

​

166,195

12/31/2019

​

262,849

​

—

​

58,525

​

(101,163)

​

220,211

​

4,189,256

​

—

​

891,921

​

(1,592,246)

​

3,488,931

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

133,696

​

—

​

—

​

(216,848)

​

(83,152)

​

2,095,609

​

—

​

—

​

(3,504,669)

​

(1,409,060)

12/31/2019

​

294,493

​

—

​

48,890

​

(129,943)

​

213,440

​

4,946,241

​

—

​

770,026

​

(2,120,508)

​

3,595,759

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

70,322

​

—

​

—

​

(91,983)

​

(21,661)

​

1,080,817

​

—

​

—

​

(1,445,475)

​

(364,658)

12/31/2019

​

185,890

​

—

​

34,205

​

(149,076)

​

71,019

​

3,035,273

​

—

​

532,912

​

(2,444,125)

​

1,124,060

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

3,993

​

—

​

—

​

(7,605)

​

(3,612)

​

61,742

​

—

​

—

​

(125,051)

​

(63,309)

12/31/2019

​

10,178

​

—

​

1,733

​

(15,793)

​

(3,882)

​

163,774

​

—

​

26,656

​

(255,465)

​

(65,035)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

—

​

—

​

—

​

(3)

​

(3)

​

—

​

—

​

—

​

(44)

​

(44)

12/31/2019

​

383

​

—

​

100

​

(1,225)

​

(742)

​

6,254

​

—

​

1,538

​

(18,967)

​

(11,175)

Solution 2055

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

262,106

​

—

​

—

​

(361,999)

​

(99,893)

​

3,264,616

​

—

​

—

​

(4,731,022)

​

(1,466,406)

12/31/2019

​

550,223

​

—

​

341,380

​

(540,179)

​

351,424

​

7,383,141

​

—

​

4,328,696

​

(7,304,002)

​

4,407,835

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

1,444,404

​

—

​

—

​

(518,899)

​

925,505

​

18,453,863

​

—

​

—

​

(6,589,538)

​

11,864,325

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

448,302

​

—

​

—

​

(244,781)

​

203,521

​

5,638,607

​

—

​

—

​

(3,026,751)

​

2,611,856

12/31/2019

​

703,925

​

—

​

421,239

​

(780,117)

​

345,047

​

9,542,879

​

—

​

5,387,644

​

(10,649,419)

​

4,281,104

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

22,142

​

—

​

—

​

(71,998)

​

(49,856)

​

283,076

​

—

​

—

​

(839,078)

​

(556,002)

12/31/2019

​

67,327

​

—

​

18,357

​

(98,614)

​

(12,930)

​

907,564

​

—

​

233,868

​

(1,359,900)

​

(218,468)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

132

​

—

​

—

​

(9)

​

123

​

1,644

​

—

​

—

​

(115)

​

1,529

12/31/2019

​

335

​

—

​

112

​

(335)

​

112

​

4,456

​

—

​

1,456

​

(4,367)

​

1,545

51

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Solution 2060

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

130,839

​

—

​

—

​

(87,425)

​

43,414

​

1,419,432

​

—

​

—

​

(995,304)

​

424,128

12/31/2019

​

226,789

​

—

​

40,002

​

(127,076)

​

139,715

​

2,608,449

​

—

​

440,825

​

(1,450,917)

​

1,598,357

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

185,621

​

—

​

—

​

(95,293)

​

90,328

​

2,066,416

​

—

​

—

​

(1,079,737)

​

986,679

12/31/2019

​

250,746

​

—

​

27,252

​

(97,199)

​

180,799

​

2,951,604

​

—

​

304,947

​

(1,119,641)

​

2,136,910

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

143,954

​

—

​

—

​

(80,847)

​

63,107

​

1,579,194

​

—

​

—

​

(886,445)

​

692,749

12/31/2019

​

186,195

​

—

​

28,432

​

(137,540)

​

77,087

​

2,146,309

​

—

​

314,172

​

(1,590,280)

​

870,201

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

8,579

​

—

​

—

​

(1,260)

​

7,319

​

92,968

​

—

​

—

​

(12,222)

​

80,746

12/31/2019

​

19,738

​

—

​

1,557

​

(22,587)

​

(1,292)

​

224,025

​

—

​

17,202

​

(249,186)

​

(7,959)

Class T

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

12/31/2019

​

—

​

—

​

24

​

—

​

24

​

—

​

—

​

262

​

—

​

262

NOTE 10 — FEDERAL INCOME TAXES

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

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

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

​

Year Ended December 31, 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

​	Year Ended December 31, 2019				Year Ended December 31, 2018
​	Ordinary Income		Long-term Capital Gains		Ordinary Income		Long-term Capital Gains
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

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.

52

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

 

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

As of June 30, 2020, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve Board, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

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

NOTE 12 — LIQUIDITY

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Portfolios have established a liquidity risk management program to govern their

approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Portfolios’ Adviser, Voya Investments, LLC, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Portfolio’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Portfolio’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Portfolio-specific data, including information regarding a Portfolio’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

During the period covered by the liquidity report, December 1, 2018 through December 31, 2019, the Program supported the Portfolios’ ability to honor redemption requests timely and the Program Administrator’s management of each Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.​

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Portfolio’s prospectus for more information regarding each Portfolio’s exposure to liquidity risk and other risks.

NOTE 13 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the recent COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and

53

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 13 — MARKET DISRUPTION (continued)

 

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

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principles and adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 introduces new fair value disclosure requirements as well as provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The impact of

the Portfolios adoption was limited to changes in the Portfolios financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable. Upon evaluation, the Portfolios have concluded that the adoption of the new accounting principle does not materially impact the financial statement amounts.

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

NOTE 15 — SUBSEQUENT EVENTS

Dividends:   Subsequent to June 30, 2020, the Portfolios declared dividends and distributions of:

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution Aggressive
Class ADV	​	$	0.1474	​	$	0.0406	​	$	0.8364	August 5, 2020	August 3, 2020
Class I	​	$	0.2206	​	$	0.0406	​	$	0.8364	August 5, 2020	August 3, 2020
Class R6	​	$	0.2211	​	$	0.0406	​	$	0.8364	August 5, 2020	August 3, 2020
Class S	​	$	0.1859	​	$	0.0406	​	$	0.8364	August 5, 2020	August 3, 2020
Class S2	​	$	0.1818	​	$	0.0406	​	$	0.8364	August 5, 2020	August 3, 2020
Solution Balanced
Class ADV	​	$	0.1706	​	$	0.0822	​	$	0.3944	August 5, 2020	August 3, 2020
Class I	​	$	0.2286	​	$	0.0822	​	$	0.3944	August 5, 2020	August 3, 2020
Class R6	​	$	0.2287	​	$	0.0822	​	$	0.3944	August 5, 2020	August 3, 2020
Class S	​	$	0.2023	​	$	0.0822	​	$	0.3944	August 5, 2020	August 3, 2020
Class S2	​	$	0.1955	​	$	0.0822	​	$	0.3944	August 5, 2020	August 3, 2020
Solution Conservative
Class ADV	​	$	0.2787	​	$	0.0659	​	$	0.1439	August 5, 2020	August 3, 2020
Class I	​	$	0.3831	​	$	0.0659	​	$	0.1439	August 5, 2020	August 3, 2020
Class R6	​	$	0.3842	​	$	0.0659	​	$	0.1439	August 5, 2020	August 3, 2020
Class S	​	$	0.3416	​	$	0.0659	​	$	0.1439	August 5, 2020	August 3, 2020
Class S2	​	$	0.3654	​	$	0.0659	​	$	0.1439	August 5, 2020	August 3, 2020

54

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution Income
Class ADV	​	$	0.2621	​	$	0.0106	​	$	0.0225	August 5, 2020	August 3, 2020
Class I	​	$	0.3288	​	$	0.0106	​	$	0.0225	August 5, 2020	August 3, 2020
Class S	​	$	0.2919	​	$	0.0106	​	$	0.0225	August 5, 2020	August 3, 2020
Class S2	​	$	0.2636	​	$	0.0106	​	$	0.0225	August 5, 2020	August 3, 2020
Class T	​	$	0.1368	​	$	0.0106	​	$	0.0225	August 5, 2020	August 3, 2020
Solution Moderately Aggressive
Class ADV	​	$	0.2087	​	$	—	​	$	0.8882	August 5, 2020	August 3, 2020
Class I	​	$	0.2740	​	$	—	​	$	0.8882	August 5, 2020	August 3, 2020
Class R6	​	$	0.2740	​	$	—	​	$	0.8882	August 5, 2020	August 3, 2020
Class S	​	$	0.2400	​	$	—	​	$	0.8882	August 5, 2020	August 3, 2020
Class S2	​	$	0.2282	​	$	—	​	$	0.8882	August 5, 2020	August 3, 2020
Solution Moderately Conservative
Class ADV	​	$	0.1891	​	$	0.0508	​	$	0.2304	August 5, 2020	August 3, 2020
Class I	​	$	0.2548	​	$	0.0508	​	$	0.2304	August 5, 2020	August 3, 2020
Class R6	​	$	0.2549	​	$	0.0508	​	$	0.2304	August 5, 2020	August 3, 2020
Class S	​	$	0.2310	​	$	0.0508	​	$	0.2304	August 5, 2020	August 3, 2020
Class S2	​	$	0.2233	​	$	0.0508	​	$	0.2304	August 5, 2020	August 3, 2020
Solution 2020
Class ADV	​	$	0.2703	​	$	0.0616	​	$	0.2527	August 5, 2020	August 3, 2020
Class I	​	$	0.3513	​	$	0.0616	​	$	0.2527	August 5, 2020	August 3, 2020
Class S	​	$	0.3080	​	$	0.0616	​	$	0.2527	August 5, 2020	August 3, 2020
Class S2	​	$	0.3021	​	$	0.0616	​	$	0.2527	August 5, 2020	August 3, 2020
Class T	​	$	0.2792	​	$	0.0616	​	$	0.2527	August 5, 2020	August 3, 2020
Class ADV	​	$	0.1411	​	$	0.0484	​	$	0.2393	August 7, 2020	August 5, 2020
Class I	​	$	0.1819	​	$	0.0484	​	$	0.2393	August 7, 2020	August 5, 2020
Class S	​	$	0.1614	​	$	0.0484	​	$	0.2393	August 7, 2020	August 5, 2020
Class S2	​	$	0.1510	​	$	0.0484	​	$	0.2393	August 7, 2020	August 5, 2020
Class T	​	$	0.1334	​	$	0.0484	​	$	0.2393	August 7, 2020	August 5, 2020
Solution 2025
Class ADV	​	$	0.2086	​	$	0.0202	​	$	0.4612	August 5, 2020	August 3, 2020
Class I	​	$	0.2706	​	$	0.0202	​	$	0.4612	August 5, 2020	August 3, 2020
Class S	​	$	0.2395	​	$	0.0202	​	$	0.4612	August 5, 2020	August 3, 2020
Class S2	​	$	0.2134	​	$	0.0202	​	$	0.4612	August 5, 2020	August 3, 2020
Class T	​	$	0.1616	​	$	0.0202	​	$	0.4612	August 5, 2020	August 3, 2020
Solution 2030
Class ADV	​	$	0.2290	​	$	0.0607	​	$	0.5854	August 5, 2020	August 3, 2020
Class I	​	$	0.2920	​	$	0.0607	​	$	0.5854	August 5, 2020	August 3, 2020
Class S	​	$	0.2593	​	$	0.0607	​	$	0.5854	August 5, 2020	August 3, 2020
Class S2	​	$	0.2379	​	$	0.0607	​	$	0.5854	August 5, 2020	August 3, 2020
Class T	​	$	0.2151	​	$	0.0607	​	$	0.5854	August 5, 2020	August 3, 2020

55

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Solution 2035
Class ADV	​	$	0.1852	​	$	0.0022	​	$	0.7562	August 5, 2020	August 3, 2020
Class I	​	$	0.2463	​	$	0.0022	​	$	0.7562	August 5, 2020	August 3, 2020
Class S	​	$	0.2162	​	$	0.0022	​	$	0.7562	August 5, 2020	August 3, 2020
Class S2	​	$	0.1919	​	$	0.0022	​	$	0.7562	August 5, 2020	August 3, 2020
Class T	​	$	0.1698	​	$	0.0022	​	$	0.7562	August 5, 2020	August 3, 2020
Solution 2040
Class ADV	​	$	0.2431	​	$	0.0574	​	$	0.8090	August 5, 2020	August 3, 2020
Class I	​	$	0.3061	​	$	0.0574	​	$	0.8090	August 5, 2020	August 3, 2020
Class S	​	$	0.2647	​	$	0.0574	​	$	0.8090	August 5, 2020	August 3, 2020
Class S2	​	$	0.2490	​	$	0.0574	​	$	0.8090	August 5, 2020	August 3, 2020
Class T	​	$	0.2296	​	$	0.0574	​	$	0.8090	August 5, 2020	August 3, 2020
Solution 2045
Class ADV	​	$	0.1604	​	$	—	​	$	0.7176	August 5, 2020	August 3, 2020
Class I	​	$	0.2198	​	$	—	​	$	0.7176	August 5, 2020	August 3, 2020
Class S	​	$	0.1908	​	$	—	​	$	0.7176	August 5, 2020	August 3, 2020
Class S2	​	$	0.1660	​	$	—	​	$	0.7176	August 5, 2020	August 3, 2020
Class T	​	$	0.0678	​	$	—	​	$	0.7176	August 5, 2020	August 3, 2020
Solution 2050
Class ADV	​	$	0.2269	​	$	0.0412	​	$	0.8438	August 5, 2020	August 3, 2020
Class I	​	$	0.2941	​	$	0.0412	​	$	0.8438	August 5, 2020	August 3, 2020
Class S	​	$	0.2550	​	$	0.0412	​	$	0.8438	August 5, 2020	August 3, 2020
Class S2	​	$	0.2213	​	$	0.0412	​	$	0.8438	August 5, 2020	August 3, 2020
Class T	​	$	0.0871	​	$	0.0412	​	$	0.8438	August 5, 2020	August 3, 2020
Solution 2055
Class ADV	​	$	0.1537	​	$	—	​	$	0.7382	August 5, 2020	August 3, 2020
Class I	​	$	0.2190	​	$	—	​	$	0.7382	August 5, 2020	August 3, 2020
Class S	​	$	0.1880	​	$	—	​	$	0.7382	August 5, 2020	August 3, 2020
Class S2	​	$	0.1491	​	$	—	​	$	0.7382	August 5, 2020	August 3, 2020
Class T	​	$	0.1468	​	$	—	​	$	0.7382	August 5, 2020	August 3, 2020
Solution 2060
Class ADV	​	$	0.1233	​	$	0.0368	​	$	0.4916	August 5, 2020	August 3, 2020
Class I	​	$	0.1701	​	$	0.0368	​	$	0.4916	August 5, 2020	August 3, 2020
Class S	​	$	0.1476	​	$	0.0368	​	$	0.4916	August 5, 2020	August 3, 2020
Class S2	​	$	0.1384	​	$	0.0368	​	$	0.4916	August 5, 2020	August 3, 2020
Class T	​	$	0.0887	​	$	0.0368	​	$	0.4916	August 5, 2020	August 3, 2020

Merger:   On August 7, 2020, Solution Income (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of Solution 2020 (“Acquired Portfolio”), an open-end investment company that is included in this report, in a tax-free reorganization in

exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align

56

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS (continued)

 

ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2020, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended August 7, 2020, are as follows (Unaudited):

Net investment income	$	3,518,259
Net realized and unrealized loss on investments	$	12,075,498
Net decrease in net assets resulting from operations	$	15,593,757

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring

Portfolio’s statement of operations since August 7, 2020. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

Total Net Assets of Acquired Portfolio (000s)	Total Net Assets of Acquiring Portfolio (000s)			Acquired Portfolio’s Capital Loss Carryforwards (000s)			Acquired Portfolio’s Unrealized Appreciation (000s)			Portfolios’ Conversion Ratio
$29,460	​	$	311,448	​	$	0	​	$	1,929	​	1.0138

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $340,908,109.

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

57

PORTFOLIO OF INVESTMENTS​

Voya Solution Aggressive Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.4%
14,913	iShares Core S&P Small-Cap ETF	​	$	1,018,409	​	5.1
5,276	Vanguard S&P 500 ETF	​	​	1,495,377	​	7.3
7,982	Vanguard Value ETF	​	​	794,927	​	4.0
​	Total Exchange-Traded Funds (Cost $3,179,055)	​	​	3,308,713	​	16.4
MUTUAL FUNDS: 83.5%
​	Affiliated Investment Companies: 83.5%
26,873	Voya High Yield Bond Fund - Class R6	​	​	200,745	​	1.0
9,744	Voya Large-Cap Growth Fund - Class R6	​	​	500,940	​	2.5
76,757	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	901,127	​	4.5
160,150	Voya Multi-Manager International Equity Fund - Class I	​	​	1,700,791	​	8.5
104,383	Voya Multi-Manager International Factors Fund - Class I	​	​	900,824	​	4.5
127,377	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	1,006,277	​	5.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
287,959	Voya U.S. Stock Index Portfolio - Class I	​	$	4,736,923	​	23.5
86,946	VY® Columbia Contrarian Core Portfolio - Class I	​	​	1,510,248	​	7.5
72,954	VY® Invesco Comstock Portfolio - Class I	​	​	1,000,924	​	5.0
72,640	VY® JPMorgan Small Cap Core Equity Portfolio - Class I	​	​	1,014,776	​	5.0
34,133	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,004,880	​	5.0
79,038	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	1,010,891	​	5.0
14,679	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,298,695	​	6.5
​	Total Mutual Funds (Cost $16,817,411)	​	​	16,788,041	​	83.5
​	Total Investments in Securities (Cost $19,996,466)	​	$	20,096,754	​	99.9
​	Assets in Excess of Other Liabilities	​	​	23,698	​	0.1
​	Net Assets	​	$	20,120,452	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

3,308,713

​

$

—

​

$

—

​

$

3,308,713

Mutual Funds

​

​

16,788,041

​

​

—

​

​

—

​

​

16,788,041

Total Investments, at fair value

​

$

20,096,754

​

$

—

​

$

—

​

$

20,096,754

^

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

See Accompanying Notes to Financial Statements

58

PORTFOLIO OF INVESTMENTS​

Voya Solution Aggressive Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya High Yield Bond Fund - Class R6

​

$

—

​

$

191,843

​

$

(4,082)

​

$

12,984

​

$

200,745

​

$

2,390

​

$

307

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

857,942

​

​

97,658

​

​

(898,371)

​

​

(57,229)

​

​

—

​

​

7,956

​

​

(102,095)

​

​

44,745

Voya Intermediate Bond Fund - Class R6

​

​

—

​

​

178,657

​

​

(178,657)

​

​

—

​

​

—

​

​

478

​

​

3,576

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

536,577

​

​

256,174

​

​

(291,982)

​

​

171

​

​

500,940

​

​

—

​

​

26,318

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

529,068

​

​

57,566

​

​

(571,629)

​

​

(15,005)

​

​

—

​

​

617

​

​

(22,342)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

1,315,782

​

​

235,228

​

​

(532,578)

​

​

(117,305)

​

​

901,127

​

​

—

​

​

(24,638)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

2,166,187

​

​

419,420

​

​

(789,053)

​

​

(95,763)

​

​

1,700,791

​

​

—

​

​

(134,949)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,071,508

​

​

250,697

​

​

(404,181)

​

​

(17,200)

​

​

900,824

​

​

—

​

​

(85,628)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

1,382,944

​

​

340,655

​

​

(660,930)

​

​

(56,392)

​

​

1,006,277

​

​

—

​

​

(209,141)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

104,438

​

​

40,843

​

​

(145,190)

​

​

(91)

​

​

—

​

​

496

​

​

(3,776)

​

​

—

Voya Small Company Portfolio - Class I

​

​

641,880

​

​

144,534

​

​

(781,955)

​

​

(4,459)

​

​

—

​

​

—

​

​

(139,042)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

853,459

​

​

160,083

​

​

(960,114)

​

​

(53,428)

​

​

—

​

​

6,043

​

​

(80,070)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,723,027

​

​

3,910,677

​

​

(1,032,482)

​

​

135,701

​

​

4,736,923

​

​

—

​

​

(133,854)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

1,444,339

​

​

(38,603)

​

​

104,512

​

​

1,510,248

​

​

—

​

​

(196)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,615,870

​

​

530,454

​

​

(1,160,081)

​

​

14,681

​

​

1,000,924

​

​

—

​

​

(344,986)

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

1,067,363

​

​

269,059

​

​

(272,677)

​

​

(48,969)

​

​

1,014,776

​

​

—

​

​

(74,106)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

1,064,801

​

​

184,316

​

​

(242,009)

​

​

(2,228)

​

​

1,004,880

​

​

—

​

​

(4,358)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

850,660

​

​

283,268

​

​

(171,355)

​

​

48,318

​

​

1,010,891

​

​

—

​

​

(7,684)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

1,604,662

​

​

217,178

​

​

(743,336)

​

​

220,191

​

​

1,298,695

​

​

—

​

​

(144,161)

​

​

—

​

​

$

17,386,168

​

$

9,212,650

​

$

(9,879,266)

​

$

68,489

​

$

16,788,041

​

$

17,980

​

$

(1,480,825)

​

$

44,745

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $20,505,722.	​
Net unrealized depreciation consisted of:	​
Gross Unrealized Appreciation	$	705,892
Gross Unrealized Depreciation	​	(1,114,860)
Net Unrealized Depreciation	$	(408,968)

See Accompanying Notes to Financial Statements

59

PORTFOLIO OF INVESTMENTS​

Voya Solution Balanced Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 19.5%
12,967	iShares 20+ Year Treasury Bond ETF	​	$	2,125,680	​	4.1
30,771	iShares Core S&P Small-Cap ETF	​	​	2,101,352	​	4.0
7,258	Vanguard S&P 500 ETF	​	​	2,057,135	​	4.0
38,602	Vanguard Value ETF	​	​	3,844,373	​	7.4
​	Total Exchange-Traded Funds (Cost $10,075,685)	​	​	10,128,540	​	19.5
MUTUAL FUNDS: 80.4%
​	Affiliated Investment Companies: 80.4%
553,430	Voya High Yield Bond Fund - Class R6	​	​	4,134,124	​	8.0
543,675	Voya Intermediate Bond Fund - Class R6	​	​	5,779,270	​	11.1
47,618	Voya Large-Cap Growth Fund - Class R6	​	​	2,448,036	​	4.7
71,284	Voya MidCap Opportunities Portfolio - Class I	​	​	1,034,329	​	2.0
109,707	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,287,964	​	2.5
181,701	Voya Multi-Manager International Equity Fund - Class I	​	​	1,929,666	​	3.7
134,228	Voya Multi-Manager International Factors Fund - Class I	​	​	1,158,388	​	2.2

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
131,058	Voya Multi-Manager Mid Cap Value Fund - Class I	​	$	1,035,357	​	2.0
54,361	Voya Strategic Income Opportunities Fund - Class R6	​	​	523,492	​	1.0
211,729	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	​	2,348,072	​	4.5
535,717	Voya U.S. Stock Index Portfolio - Class I	​	​	8,812,543	​	17.0
273,981	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	​	3,139,818	​	6.0
74,531	VY® Columbia Contrarian Core Portfolio - Class I	​	​	1,294,596	​	2.5
175,630	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	5,170,546	​	10.0
18,858	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,668,353	​	3.2
​	Total Mutual Funds (Cost $40,230,652)	​	​	41,764,554	​	80.4
​	Total Investments in Securities (Cost $50,306,337)	​	$	51,893,094	​	99.9
​	Assets in Excess of Other Liabilities	​	​	32,439	​	0.1
​	Net Assets	​	$	51,925,533	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

10,128,540

​

$

—

​

$

—

​

$

10,128,540

Mutual Funds

​

​

41,764,554

​

​

—

​

​

—

​

​

41,764,554

Total Investments, at fair value

​

$

51,893,094

​

$

—

​

$

—

​

$

51,893,094

^

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

See Accompanying Notes to Financial Statements

60

PORTFOLIO OF INVESTMENTS​

Voya Solution Balanced Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

1,693,999

​

$

171,226

​

$

(1,905,677)

​

$

40,452

​

$

—

​

$

24,933

​

$

(242,357)

​

$

—

Voya High Yield Bond Fund - Class R6

​

​

2,264,077

​

​

2,278,317

​

​

(367,011)

​

​

(41,259)

​

​

4,134,124

​

​

80,352

​

​

(11,607)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

2,705,850

​

​

3,707,090

​

​

(739,991)

​

​

106,321

​

​

5,779,270

​

​

64,049

​

​

36,156

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

1,699,537

​

​

538,395

​

​

(2,190,868)

​

​

(47,064)

​

​

—

​

​

8,891

​

​

(274,972)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

2,715,638

​

​

269,846

​

​

(691,046)

​

​

153,598

​

​

2,448,036

​

​

—

​

​

2,471

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

1,121,635

​

​

80,508

​

​

(210,382)

​

​

42,568

​

​

1,034,329

​

​

1,359

​

​

1,861

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

2,326,030

​

​

306,199

​

​

(1,184,715)

​

​

(159,550)

​

​

1,287,964

​

​

—

​

​

(118,609)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

2,127,916

​

​

517,983

​

​

(676,157)

​

​

(40,076)

​

​

1,929,666

​

​

—

​

​

(115,112)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

2,105,232

​

​

488,441

​

​

(1,508,098)

​

​

72,813

​

​

1,158,388

​

​

—

​

​

(308,368)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

1,128,106

​

​

250,506

​

​

(212,149)

​

​

(131,106)

​

​

1,035,357

​

​

—

​

​

(65,555)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

2,795,398

​

​

125,240

​

​

(2,894,106)

​

​

(26,532)

​

​

—

​

​

19,162

​

​

(36,872)

​

​

—

Voya Small Company Portfolio - Class I

​

​

1,392,381

​

​

328,447

​

​

(1,731,084)

​

​

10,256

​

​

—

​

​

—

​

​

(320,938)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

2,233,199

​

​

198,758

​

​

(1,869,631)

​

​

(38,834)

​

​

523,492

​

​

29,272

​

​

(79,805)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

3,084,518

​

​

508,066

​

​

(915,726)

​

​

(328,786)

​

​

2,348,072

​

​

22,792

​

​

(28,240)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

2,569,693

​

​

8,356,782

​

​

(2,361,758)

​

​

247,826

​

​

8,812,543

​

​

(1)

​

​

(286,586)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

1,254,215

​

​

(51,109)

​

​

91,490

​

​

1,294,596

​

​

—

​

​

3,278

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

2,786,294

​

​

789,357

​

​

(637,370)

​

​

201,537

​

​

3,139,818

​

​

—

​

​

29,568

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

2,143,393

​

​

406,464

​

​

(2,757,511)

​

​

207,654

​

​

—

​

​

—

​

​

(753,855)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

5,645,771

​

​

371,569

​

​

(767,367)

​

​

(79,427)

​

​

5,170,546

​

​

—

​

​

63,384

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

2,834,533

​

​

145,929

​

​

(1,695,691)

​

​

383,582

​

​

1,668,353

​

​

—

​

​

(271,662)

​

​

—

​

​

$

45,373,200

​

$

21,093,338

​

$

(25,367,447)

​

$

665,463

​

$

41,764,554

​

$

250,809

​

$

(2,777,820)

​

$

—

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $51,661,764.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	2,215,080
Gross Unrealized Depreciation	​	(1,983,750)
Net Unrealized Appreciation	$	231,330

See Accompanying Notes to Financial Statements

61

PORTFOLIO OF INVESTMENTS​

Voya Solution Conservative Portfolio as of June 30, 2020 (Unaudited)​

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.9%
5,752	iShares 20+ Year Treasury Bond ETF	​	$	942,925	​	5.8
9,928	iShares Core S&P Small-Cap ETF	​	​	677,983	​	4.2
9,844	Schwab U.S. TIPS ETF	​	​	590,837	​	3.6
585	Vanguard S&P 500 ETF	​	​	165,807	​	1.0
3,736	Vanguard Value ETF	​	​	372,068	​	2.3
​	Total Exchange-Traded Funds (Cost $2,613,380)	​	​	2,749,620	​	16.9
MUTUAL FUNDS: 83.2%
​	Affiliated Investment Companies: 83.2%
85,420	Voya Global Bond Fund - Class R6	​	​	813,201	​	5.0
280,079	Voya High Yield Bond Fund - Class R6	​	​	2,092,192	​	12.9
230,046	Voya Intermediate Bond Fund - Class R6	​	​	2,445,385	​	15.1
10,132	Voya Large-Cap Growth Fund - Class R6	​	​	520,870	​	3.2
10,885	Voya MidCap Opportunities Portfolio - Class I	​	​	157,938	​	1.0
6,826	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	80,135	​	0.5
3,768	Voya Multi-Manager International Equity Fund - Class I	​	​	40,018	​	0.3

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
13,917	Voya Multi-Manager International Factors Fund - Class I	​	$	120,101	​	0.7
20,019	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	158,147	​	1.0
264,589	Voya Short Term Bond Fund - Class R6	​	​	2,616,783	​	16.1
67,709	Voya Strategic Income Opportunities Fund - Class R6	​	​	652,037	​	4.0
42,776	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	​	474,386	​	2.9
30,455	Voya U.S. Stock Index Portfolio - Class I	​	​	500,985	​	3.1
135,144	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	​	1,548,748	​	9.5
43,723	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,287,210	​	7.9
​	Total Mutual Funds (Cost $13,014,598)	​	​	13,508,136	​	83.2
​	Total Investments in Securities (Cost $15,627,978)	​	$	16,257,756	​	100.1
​	Liabilities in Excess of Other Assets	​	​	(14,762)	​	(0.1)
​	Net Assets	​	$	16,242,994	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

2,749,620

​

$

—

​

$

—

​

$

2,749,620

Mutual Funds

​

​

13,508,136

​

​

—

​

​

—

​

​

13,508,136

Total Investments, at fair value

​

$

16,257,756

​

$

—

​

$

—

​

$

16,257,756

^

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

See Accompanying Notes to Financial Statements

62

PORTFOLIO OF INVESTMENTS​

Voya Solution Conservative Portfolio as of June 30, 2020 (Unaudited) (continued)​

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

887,819

​

$

150,185

​

$

(1,055,746)

​

$

17,742

​

$

—

​

$

13,560

​

$

(127,271)

​

$

—

Voya Global Bond Fund - Class R6

​

​

878,684

​

​

124,214

​

​

(183,677)

​

​

(6,020)

​

​

813,201

​

​

19,990

​

​

(3,793)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

1,068,112

​

​

1,373,539

​

​

(345,129)

​

​

(4,330)

​

​

2,092,192

​

​

40,738

​

​

(18,635)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

1,702,438

​

​

1,421,358

​

​

(700,945)

​

​

22,534

​

​

2,445,385

​

​

36,129

​

​

36,885

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

491,805

​

​

118,626

​

​

(598,057)

​

​

(12,374)

​

​

—

​

​

2,823

​

​

(77,656)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

583,158

​

​

70,950

​

​

(165,320)

​

​

32,082

​

​

520,870

​

​

—

​

​

4,437

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

176,358

​

​

31,534

​

​

(60,043)

​

​

10,089

​

​

157,938

​

​

236

​

​

(1,846)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

366,069

​

​

77,051

​

​

(351,308)

​

​

(11,677)

​

​

80,135

​

​

—

​

​

(47,951)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

—

​

​

78,570

​

​

(49,158)

​

​

10,606

​

​

40,018

​

​

—

​

​

10,981

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

329,836

​

​

167,049

​

​

(399,831)

​

​

23,047

​

​

120,101

​

​

—

​

​

(58,833)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

177,335

​

​

60,798

​

​

(60,682)

​

​

(19,304)

​

​

158,147

​

​

—

​

​

(11,695)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

3,401,447

​

​

437,712

​

​

(1,228,215)

​

​

5,839

​

​

2,616,783

​

​

36,649

​

​

(18,261)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

1,316,230

​

​

210,963

​

​

(838,737)

​

​

(36,419)

​

​

652,037

​

​

20,682

​

​

(43,651)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

533,457

​

​

141,852

​

​

(151,921)

​

​

(49,002)

​

​

474,386

​

​

4,323

​

​

(9,920)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

165,813

​

​

1,169,809

​

​

(866,860)

​

​

32,223

​

​

500,985

​

​

—

​

​

(163,241)

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

1,477,599

​

​

338,741

​

​

(367,175)

​

​

99,583

​

​

1,548,748

​

​

—

​

​

28,247

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

1,775,291

​

​

198,550

​

​

(648,166)

​

​

(38,465)

​

​

1,287,210

​

​

—

​

​

25,163

​

​

—

​

​

$

15,331,451

​

$

6,171,501

​

$

(8,070,970)

​

$

76,154

​

$

13,508,136

​

$

175,130

​

$

(477,040)

​

$

—

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $15,916,143.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	686,313
Gross Unrealized Depreciation	​	(344,700)
Net Unrealized Appreciation	$	341,613

See Accompanying Notes to Financial Statements

63

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2020 (Unaudited)​

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.0%
65,376	iShares 20+ Year Treasury Bond ETF	​	$	10,717,088	​	3.5
175,812	Schwab U.S. TIPS ETF	​	​	10,552,236	​	3.5
59,315	Vanguard Value ETF	​	​	5,907,181	​	2.0
​	Total Exchange-Traded Funds (Cost $26,269,354)	​	​	27,176,505	​	9.0
MUTUAL FUNDS: 89.9%
​	Affiliated Investment Companies: 89.9%
943,488	Voya Global Bond Fund - Class R6	​	​	8,982,002	​	3.0
1,983,703	Voya High Yield Bond Fund - Class R6	​	​	14,818,264	​	4.9
7,080,250	Voya Intermediate Bond Fund - Class R6	​	​	75,263,055	​	24.9
143,698	Voya Large-Cap Growth Fund - Class R6	​	​	7,387,526	​	2.4
505,144	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	5,930,386	​	2.0
557,280	Voya Multi-Manager International Equity Fund - Class I	​	​	5,918,312	​	1.9
2,056,007	Voya Multi-Manager International Factors Fund - Class I	​	​	17,743,340	​	5.9
3,043,777	Voya Short Term Bond Fund - Class R6	​	​	30,102,954	​	9.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
1,090,164	Voya Strategic Income Opportunities Fund - Class R6	​	$	10,498,279	​	3.5
672,243	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	​	7,455,176	​	2.5
898,317	Voya U.S. Stock Index Portfolio - Class I	​	​	14,777,322	​	4.9
3,273,558	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	​	37,514,978	​	12.4
1,006,909	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	29,643,390	​	9.8
66,572	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	5,889,604	​	1.9
​	Total Mutual Funds (Cost $259,239,987)	​	​	271,924,588	​	89.9
​	Total Investments in Securities (Cost $285,509,341)	​	$	299,101,093	​	98.9
​	Assets in Excess of Other Liabilities	​	​	3,200,834	​	1.1
​	Net Assets	​	$	302,301,927	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

27,176,505

​

$

—

​

$

—

​

$

27,176,505

Mutual Funds

​

​

271,924,588

​

​

—

​

​

—

​

​

271,924,588

Total Investments, at fair value

​

$

299,101,093

​

$

—

​

$

—

​

$

299,101,093

Other Financial Instruments+

​

​

​

​

Futures

​

​

332,331

​

​

—

​

​

—

​

​

332,331

Total Assets

​

$

299,433,424

​

$

—

​

$

—

​

$

299,433,424

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(109,336)

​

$

—

​

$

—

​

$

(109,335)

Total Liabilities

​

$

(109,336)

​

$

—

​

$

—

​

$

(109,335)

^

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

+

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

See Accompanying Notes to Financial Statements

64

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2020 (Unaudited) (continued)​

At June 30, 2020, 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	​	168	​	09/18/20	​	$	12,075,840	​	$	162,052
S&P 500® E-Mini	​	48	​	09/18/20	​	​	7,416,480	​	​	67,469
U.S. Treasury Ultra Long Bond	​	28	​	09/21/20	​	​	6,108,375	​	​	(49,871)
​	​	​	​	​	​	$	25,600,695	​	$	179,650
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(100)	​	09/18/20	​	​	(8,892,000)	​	​	102,810
Mini MSCI Emerging Markets Index	​	(90)	​	09/18/20	​	​	(4,435,650)	​	​	(18,398)
U.S. Treasury 10-Year Note	​	(87)	​	09/21/20	​	​	(12,107,953)	​	​	(41,066)
​	​	​	​	​	​	$	(25,435,603)	​	$	43,346

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 June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

9,985,490

​

$

933,220

​

$

(11,197,214)

​

$

278,504

​

$

—

​

$

148,006

​

$

(1,478,300)

​

$

—

Voya Global Bond Fund - Class R6

​

​

9,887,192

​

​

446,838

​

​

(1,190,201)

​

​

(161,827)

​

​

8,982,002

​

​

216,674

​

​

50,101

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

14,731,294

​

​

(542,831)

​

​

629,801

​

​

14,818,264

​

​

153,596

​

​

67,811

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

63,270,541

​

​

20,139,332

​

​

(9,745,346)

​

​

1,598,528

​

​

75,263,055

​

​

1,174,594

​

​

323,807

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

10,055,500

​

​

1,669,827

​

​

(11,756,271)

​

​

30,944

​

​

—

​

​

53,875

​

​

(1,874,968)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

19,334,143

​

​

452,518

​

​

(12,154,250)

​

​

(244,885)

​

​

7,387,526

​

​

—

​

​

220,288

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

6,853,688

​

​

897,334

​

​

(1,486,585)

​

​

(334,051)

​

​

5,930,386

​

​

—

​

​

(208,999)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

—

​

​

5,880,568

​

​

(613,733)

​

​

651,477

​

​

5,918,312

​

​

—

​

​

61,362

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

23,505,434

​

​

2,272,452

​

​

(6,433,840)

​

​

(1,600,706)

​

​

17,743,340

​

​

—

​

​

(1,135,739)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

45,816,462

​

​

1,612,134

​

​

(17,419,038)

​

​

93,396

​

​

30,102,954

​

​

454,433

​

​

(360,073)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

18,106,437

​

​

1,491,250

​

​

(8,467,179)

​

​

(632,229)

​

​

10,498,279

​

​

289,246

​

​

(671,600)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

8,153,488

​

​

102,016

​

​

(7,785,332)

​

​

(470,172)

​

​

—

​

​

66,536

​

​

779,554

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

11,599,694

​

​

1,974,738

​

​

(4,940,806)

​

​

(1,178,450)

​

​

7,455,176

​

​

88,154

​

​

(206,630)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

8,360,787

​

​

8,507,120

​

​

(2,499,198)

​

​

408,613

​

​

14,777,322

​

​

—

​

​

(12,602)

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

34,252,124

​

​

6,608,418

​

​

(5,801,978)

​

​

2,456,414

​

​

37,514,978

​

​

—

​

​

390,793

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

33,282,338

​

​

646,149

​

​

(3,845,067)

​

​

(440,030)

​

​

29,643,390

​

​

—

​

​

327,896

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

—

​

​

5,888,878

​

​

(794,731)

​

​

795,457

​

​

5,889,604

​

​

—

​

​

81,674

​

​

—

​

​

$

302,463,318

​

$

74,254,086

​

$

(106,673,600)

​

$

1,880,784

​

$

271,924,588

​

$

2,645,114

​

$

(3,645,625)

​

$

—

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

See Accompanying Notes to Financial Statements

65

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2020 (Unaudited) (continued)​

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	332,331
Total Asset Derivatives	​	​	$	332,331
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	18,398
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	90,937
Total Liability Derivatives	​	​	$	109,335

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(371,694)
Interest rate contracts	​	​	613,549
Total	​	$	241,855

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	252,596
Interest rate contracts	​	​	54,593
Total	​	$	307,189

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $290,664,146.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	16,000,001
Gross Unrealized Depreciation	​	(7,340,060)
Net Unrealized Appreciation	$	8,659,941

See Accompanying Notes to Financial Statements

66

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio As of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 15.2%
128,362	Vanguard S&P 500 ETF	​	$	36,381,642	​	6.9
442,118	Vanguard Value ETF	​	​	44,030,531	​	8.3
​	Total Exchange-Traded Funds (Cost $82,563,985)	80,412,173			​	15.2
MUTUAL FUNDS: 83.3%
​	Affiliated Investment Companies: 83.3%
4,186,393	Voya High Yield Bond Fund - Class R6	​	​	31,272,355	​	5.9
2,493,153	Voya Intermediate Bond Fund - Class R6	​	​	26,502,214	​	5.0
303,420	Voya Large-Cap Growth Fund - Class R6	​	​	15,598,838	​	2.9
2,215,308	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	26,007,711	​	4.9
3,915,422	Voya Multi-Manager International Equity Fund - Class I	​	​	41,581,777	​	7.9
3,011,643	Voya Multi-Manager International Factors Fund - Class I	​	​	25,990,477	​	4.9
2,644,887	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	20,894,605	​	3.9
1,095,280	Voya Strategic Income Opportunities Fund - Class R6	​	​	10,547,543	​	2.0
4,761,810	Voya U.S. Stock Index Portfolio - Class I	​	​	78,331,782	​	14.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
921,118	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	$	10,556,013	​	2.0
1,503,665	VY® Columbia Contrarian Core Portfolio - Class I	​	​	26,118,667	​	4.9
1,321,420	VY® Invesco Comstock Portfolio - Class I	​	​	18,129,883	​	3.4
1,129,978	VY® JPMorgan Small Cap Core Equity Portfolio - Class I	​	​	15,785,796	​	3.0
1,771,666	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	52,157,856	​	9.9
1,641,410	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	20,993,638	​	4.0
234,422	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	20,739,328	​	3.9
​	Total Mutual Funds (Cost $441,443,962)	​	​	441,208,483	​	83.3
​	Total Investments in Securities (Cost $524,007,947)	​	$	521,620,656	​	98.5
​	Assets in Excess of Other Liabilities	​	​	7,862,312	​	1.5
​	Net Assets	​	$	529,482,968	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

80,412,173

​

$

—

​

$

—

​

$

80,412,173

Mutual Funds

​

​

441,208,483

​

​

—

​

​

—

​

​

441,208,483

Total Investments, at fair value

​

$

521,620,656

​

$

—

​

$

—

​

$

521,620,656

Other Financial Instruments+

​

​

​

​

Futures

​

​

606,575

​

​

—

​

​

—

​

​

606,575

Total Assets

​

$

522,227,231

​

$

—

​

$

—

​

$

522,227,231

See Accompanying Notes to Financial Statements

67

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio As of June 30, 2020 (Unaudited) (continued)

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(187,804)

​

$

—

​

$

—

​

$

(187,804)

Total Liabilities

​

$

(187,804)

​

$

—

​

$

—

​

$

(187,804)

^

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

+

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

At June 30, 2020, 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	​	368	​	09/18/20	​	$	26,451,840	​	$	354,972
S&P 500® E-Mini	​	51	​	09/18/20	​	​	7,880,010	​	​	71,686
U.S. Treasury Ultra Long Bond	​	49	​	09/21/20	​	​	10,689,656	​	​	(82,711)
​	​	​	​	​	​	$	45,021,506	​	$	343,947
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(175)	​	09/18/20	​	​	(15,561,000)	​	​	179,917
Mini MSCI Emerging Markets Index	​	(157)	​	09/18/20	​	​	(7,737,745)	​	​	(32,094)
U.S. Treasury 10-Year Note	​	(152)	​	09/21/20	​	​	(21,154,125)	​	​	(72,999)
​	​	​	​	​	​	$	(44,452,870)	​	$	74,824

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 June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

18,021,036

​

$

851,024

​

$

(19,428,253)

​

$

556,193

​

$

—

​

$

261,949

​

$

(2,708,085)

​

$

—

Voya High Yield Bond Fund - Class R6

​

​

12,042,691

​

​

21,298,262

​

​

(2,316,391)

​

​

247,793

​

​

31,272,355

​

​

517,683

​

​

(119,521)

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

12,100,319

​

​

224,875

​

​

(11,787,682)

​

​

(537,512)

​

​

—

​

​

—

​

​

(990,748)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

23,553,547

​

​

7,611,963

​

​

(5,060,890)

​

​

397,594

​

​

26,502,214

​

​

422,767

​

​

269,241

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

17,775,297

​

​

534,617

​

​

(3,670,071)

​

​

958,995

​

​

15,598,838

​

​

—

​

​

(108,019)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

11,936,430

​

​

31,060

​

​

(11,271,472)

​

​

(696,018)

​

​

—

​

​

13,902

​

​

(169,843)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

30,933,893

​

​

1,724,154

​

​

(4,588,184)

​

​

(2,062,152)

​

​

26,007,711

​

​

—

​

​

(646,196)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

48,736,696

​

​

3,646,992

​

​

(6,242,065)

​

​

(4,559,846)

​

​

41,581,777

​

​

—

​

​

(581,930)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

24,028,432

​

​

6,734,504

​

​

(3,058,920)

​

​

(1,713,539)

​

​

25,990,477

​

​

—

​

​

(441,364)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

24,004,043

​

​

3,068,225

​

​

(2,214,401)

​

​

(3,963,262)

​

​

20,894,605

​

​

—

​

​

(439,983)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

11,813,640

​

​

77,482

​

​

(11,784,130)

​

​

(106,992)

​

​

—

​

​

73,909

​

​

(230,373)

​

​

—

Voya Small Company Portfolio - Class I

​

​

18,055,454

​

​

2,173,784

​

​

(21,390,403)

​

​

1,161,165

​

​

—

​

​

—

​

​

(5,284,110)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

11,880,857

​

​

1,022,336

​

​

(1,692,795)

​

​

(662,855)

​

​

10,547,543

​

​

211,890

​

​

(41,628)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

26,881,515

​

​

1,308,425

​

​

(26,479,266)

​

​

(1,710,674)

​

​

—

​

​

190,853

​

​

(2,634,217)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

45,886,836

​

​

37,589,425

​

​

(6,324,985)

​

​

1,180,506

​

​

78,331,782

​

​

(1)

​

​

20,839

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

25,290,804

​

​

(1,035,339)

​

​

1,863,202

​

​

26,118,667

​

​

—

​

​

40,735

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

—

​

​

10,416,189

​

​

(205,166)

​

​

344,990

​

​

10,556,013

​

​

—

​

​

2,307

​

​

—

See Accompanying Notes to Financial Statements

68

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio As of June 30, 2020 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

VY® Invesco Comstock Portfolio - Class I

​

​

44,819,852

​

​

8,290,940

​

​

(36,365,902)

​

​

1,384,993

​

​

18,129,883

​

​

1

​

​

(11,707,709)

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

18,013,220

​

​

1,986,458

​

​

(2,875,370)

​

​

(1,338,512)

​

​

15,785,796

​

​

—

​

​

(919,588)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

60,070,238

​

​

1,441,047

​

​

(8,449,066)

​

​

(904,363)

​

​

52,157,856

​

​

—

​

​

350,762

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

11,995,755

​

​

9,690,290

​

​

(2,283,525)

​

​

1,591,118

​

​

20,993,638

​

​

—

​

​

(97,743)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

42,239,232

​

​

75,870

​

​

(27,230,913)

​

​

5,655,139

​

​

20,739,328

​

​

—

​

​

(4,860,130)

​

​

—

​

​

$

514,788,983

​

$

145,088,726

​

$

(215,755,189)

​

$

(2,914,037)

​

$

441,208,483

​

$

1,692,953

​

$

(31,297,303)

​

$

—

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

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	606,575
Total Asset Derivatives	​	​	$	606,575
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	32,094
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	155,710
Total Liability Derivatives	​	​	$	187,804

*

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,937,651)
Interest rate contracts	​	​	1,011,882
Total	​	$	(925,769)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	823,083
Interest rate contracts	​	​	114,160
Total	​	$	937,243

See Accompanying Notes to Financial Statements

69

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio As of June 30, 2020 (Unaudited) (continued)

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $533,911,478.	​
Net unrealized depreciation consisted of:	​
Gross Unrealized Appreciation	$	16,524,166
Gross Unrealized Depreciation	​	(28,396,217)
Net Unrealized Depreciation	$	(11,872,051)

See Accompanying Notes to Financial Statements

70

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.3%
9,250	iShares 20+ Year Treasury Bond ETF	​	$	1,516,352	​	4.1
21,952	iShares Core S&P Small-Cap ETF	​	​	1,499,102	​	4.0
2,792	iShares iBoxx Investment Grade Corporate Bond Fund	​	​	375,524	​	1.0
12,438	Schwab U.S. TIPS ETF	​	​	746,529	​	2.0
647	Vanguard S&P 500 ETF	​	​	183,379	​	0.5
21,113	Vanguard Value ETF	​	​	2,102,644	​	5.7
​	Total Exchange-Traded Funds (Cost $6,141,742)	​	​	6,423,530	​	17.3
MUTUAL FUNDS: 82.7%
​	Affiliated Investment Companies: 82.7%
156,353	Voya Global Bond Fund - Class R6	​	​	1,488,476	​	4.0
641,065	Voya High Yield Bond Fund - Class R6	​	​	4,788,753	​	12.9
457,927	Voya Intermediate Bond Fund - Class R6	​	​	4,867,766	​	13.1
23,217	Voya Large-Cap Growth Fund - Class R6	​	​	1,193,585	​	3.2
25,391	Voya MidCap Opportunities Portfolio - Class I	​	​	368,428	​	1.0
46,904	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	550,651	​	1.5
43,158	Voya Multi-Manager International Equity Fund - Class I	​	​	458,334	​	1.3
116,925	Voya Multi-Manager International Factors Fund - Class I	​	​	1,009,065	​	2.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
46,682	Voya Multi-Manager Mid Cap Value Fund - Class I	​	$	368,787	​	1.0
151,321	Voya Short Term Bond Fund - Class R6	​	​	1,496,567	​	4.0
77,467	Voya Strategic Income Opportunities Fund - Class R6	​	​	746,012	​	2.0
176,040	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	​	1,952,281	​	5.3
201,953	Voya U.S. Stock Index Portfolio - Class I	​	​	3,322,122	​	9.0
292,957	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	​	3,357,285	​	9.1
125,167	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	3,684,908	​	9.9
11,374	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,006,282	​	2.7
​	Total Mutual Funds (Cost $29,648,379)	​	​	30,659,302	​	82.7
​	Total Investments in Securities (Cost $35,790,121)	​	$	37,082,832	​	100.0
​	Assets in Excess of Other Liabilities	​	​	16,600	​	0.0
​	Net Assets	​	$	37,099,432	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

6,423,530

​

$

—

​

$

—

​

$

6,423,530

Mutual Funds

​

​

30,659,302

​

​

—

​

​

—

​

​

30,659,302

Total Investments, at fair value

​

$

37,082,832

​

$

—

​

$

—

​

$

37,082,832

^

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

See Accompanying Notes to Financial Statements

71

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of June 30, 2020 (Unaudited) (continued)​

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

1,928,865

​

$

226,171

​

$

(2,200,793)

​

$

45,757

​

$

—

​

$

29,460

​

$

(290,375)

​

$

—

Voya Global Bond Fund - Class R6

​

​

1,527,865

​

​

140,056

​

​

(164,736)

​

​

(14,709)

​

​

1,488,476

​

​

34,737

​

​

(4,921)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

2,320,172

​

​

2,792,440

​

​

(278,692)

​

​

(45,167)

​

​

4,788,753

​

​

88,348

​

​

(18,374)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

3,365,647

​

​

2,018,752

​

​

(604,353)

​

​

87,720

​

​

4,867,766

​

​

67,894

​

​

26,925

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

2,427,965

​

​

441,857

​

​

(2,846,605)

​

​

(23,217)

​

​

—

​

​

13,393

​

​

(446,332)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

1,266,572

​

​

81,831

​

​

(226,695)

​

​

71,877

​

​

1,193,585

​

​

—

​

​

(4,198)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

383,303

​

​

37,677

​

​

(72,866)

​

​

20,314

​

​

368,428

​

​

493

​

​

(6,004)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

1,191,619

​

​

187,969

​

​

(749,004)

​

​

(79,933)

​

​

550,651

​

​

—

​

​

(87,901)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

580,404

​

​

252,033

​

​

(390,200)

​

​

16,097

​

​

458,334

​

​

—

​

​

(52,148)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,156,668

​

​

335,140

​

​

(475,101)

​

​

(7,642)

​

​

1,009,065

​

​

—

​

​

(92,353)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

385,348

​

​

102,072

​

​

(71,702)

​

​

(46,931)

​

​

368,787

​

​

—

​

​

(24,955)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

2,655,158

​

​

208,187

​

​

(1,352,566)

​

​

(14,212)

​

​

1,496,567

​

​

25,407

​

​

(16,566)

​

​

—

Voya Small Company Portfolio - Class I

​

​

769,739

​

​

198,314

​

​

(990,473)

​

​

22,420

​

​

—

​

​

—

​

​

(204,630)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

2,288,951

​

​

234,059

​

​

(1,726,879)

​

​

(50,119)

​

​

746,012

​

​

32,652

​

​

(99,356)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

2,409,256

​

​

469,708

​

​

(679,638)

​

​

(247,045)

​

​

1,952,281

​

​

18,793

​

​

(54,808)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,170,489

​

​

3,624,232

​

​

(1,523,289)

​

​

50,690

​

​

3,322,122

​

​

—

​

​

(260,395)

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

3,024,727

​

​

622,798

​

​

(519,893)

​

​

229,653

​

​

3,357,285

​

​

—

​

​

23,762

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

3,857,498

​

​

229,065

​

​

(357,635)

​

​

(44,020)

​

​

3,684,908

​

​

—

​

​

20,978

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

1,065,572

​

​

70,699

​

​

(240,514)

​

​

110,525

​

​

1,006,282

​

​

—

​

​

(32,595)

​

​

—

​

​

$

33,775,818

​

$

12,273,060

​

$

(15,471,634)

​

$

82,058

​

$

30,659,302

​

$

311,177

​

$

(1,624,246)

​

$

—

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $36,541,496.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	1,485,825
Gross Unrealized Depreciation	​	(944,489)
Net Unrealized Appreciation	$	541,336

See Accompanying Notes to Financial Statements

72

PORTFOLIO OF INVESTMENTS​

Voya Solution 2020 Portfolio as of June 30, 2020 (Unaudited)​

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 15.9%
10,189	iShares 20+ Year Treasury Bond ETF	​	$	1,670,283	​	5.9
17,584	iShares Core S&P Small-Cap ETF	​	​	1,200,811	​	4.2
17,436	Schwab U.S. TIPS ETF	​	​	1,046,509	​	3.7
5,883	Vanguard Value ETF	​	​	585,888	​	2.1
​	Total Exchange-Traded Funds (Cost $4,319,105)	​	​	4,503,491	​	15.9
MUTUAL FUNDS: 89.3%
​	Affiliated Investment Companies: 89.3%
93,899	Voya Global Bond Fund - Class R6	​	​	893,920	​	3.2
197,433	Voya High Yield Bond Fund - Class R6	​	​	1,474,825	​	5.2
676,839	Voya Intermediate Bond Fund - Class R6	​	​	7,194,795	​	25.4
14,303	Voya Large-Cap Growth Fund - Class R6	​	​	735,295	​	2.6
12,511	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	146,882	​	0.5
34,554	Voya Multi-Manager International Equity Fund - Class I	​	​	366,962	​	1.3
127,619	Voya Multi-Manager International Factors Fund - Class I	​	​	1,101,351	​	3.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
302,919	Voya Short Term Bond Fund - Class R6	​	$	2,995,869	​	10.6
46,537	Voya Strategic Income Opportunities Fund - Class R6	​	​	448,151	​	1.6
67,144	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	​	744,631	​	2.6
134,736	Voya U.S. Stock Index Portfolio - Class I	​	​	2,216,414	​	7.8
299,719	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	​	3,434,784	​	12.1
100,199	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	2,949,864	​	10.4
6,619	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	585,612	​	2.1
​	Total Mutual Funds (Cost $24,135,540)	​	​	25,289,355	​	89.3
​	Total Investments in Securities (Cost $28,454,645)	​	$	29,792,846	​	105.2
​	Liabilities in Excess of Other Assets	​	​	(1,464,458)	​	(5.2)
​	Net Assets	​	$	28,328,388	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

4,503,491

​

$

—

​

$

—

​

$

4,503,491

Mutual Funds

​

​

25,289,355

​

​

—

​

​

—

​

​

25,289,355

Total Investments, at fair value

​

$

29,792,846

​

$

—

​

$

—

​

$

29,792,846

^

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

See Accompanying Notes to Financial Statements

73

PORTFOLIO OF INVESTMENTS​

Voya Solution 2020 Portfolio as of June 30, 2020 (Unaudited) (continued)​

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

1,094,618

​

$

163,665

​

$

(1,281,195)

​

$

22,912

​

$

—

​

$

16,008

​

$

(156,831)

​

$

—

Voya Global Bond Fund - Class R6

​

​

1,083,908

​

​

119,198

​

​

(307,674)

​

​

(1,512)

​

​

893,920

​

​

22,997

​

​

(16,117)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

1,528,178

​

​

(112,125)

​

​

58,772

​

​

1,474,825

​

​

15,533

​

​

13,423

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

5,808,197

​

​

3,729,363

​

​

(2,415,622)

​

​

72,857

​

​

7,194,795

​

​

110,664

​

​

96,941

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

1,378,022

​

​

287,993

​

​

(1,656,238)

​

​

(9,777)

​

​

—

​

​

6,790

​

​

(238,408)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

2,027,525

​

​

243,157

​

​

(1,466,586)

​

​

(68,801)

​

​

735,295

​

​

—

​

​

51,938

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

181,286

​

​

15,134

​

​

(196,774)

​

​

354

​

​

—

​

​

112

​

​

(5,646)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

939,361

​

​

145,679

​

​

(893,826)

​

​

(44,332)

​

​

146,882

​

​

—

​

​

(108,367)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

—

​

​

377,011

​

​

(67,360)

​

​

57,311

​

​

366,962

​

​

—

​

​

18,564

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

2,203,106

​

​

459,855

​

​

(1,484,735)

​

​

(76,875)

​

​

1,101,351

​

​

—

​

​

(152,075)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

182,277

​

​

26,341

​

​

(209,515)

​

​

897

​

​

—

​

​

—

​

​

(26,107)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

4,305,531

​

​

845,534

​

​

(2,132,447)

​

​

(22,749)

​

​

2,995,869

​

​

45,275

​

​

(9,912)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

1,895,616

​

​

239,148

​

​

(1,663,400)

​

​

(23,213)

​

​

448,151

​

​

24,981

​

​

(93,577)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

804,508

​

​

59,604

​

​

(868,770)

​

​

4,658

​

​

—

​

​

6,502

​

​

24,857

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

1,461,438

​

​

365,326

​

​

(955,282)

​

​

(126,851)

​

​

744,631

​

​

10,221

​

​

(52,844)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,014,607

​

​

3,427,442

​

​

(2,327,396)

​

​

101,761

​

​

2,216,414

​

​

—

​

​

(322,566)

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

3,129,497

​

​

1,204,985

​

​

(1,069,563)

​

​

169,865

​

​

3,434,784

​

​

—

​

​

90,949

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

3,648,884

​

​

374,816

​

​

(1,041,123)

​

​

(32,713)

​

​

2,949,864

​

​

—

​

​

(12,083)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

641,471

​

​

414,190

​

​

(598,450)

​

​

128,401

​

​

585,612

​

​

—

​

​

(46,197)

​

​

—

​

​

$

31,799,852

​

$

14,026,618

​

$

(20,748,080)

​

$

210,965

​

$

25,289,355

​

$

259,083

​

$

(944,058)

​

$

—

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $28,922,990.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	1,367,406
Gross Unrealized Depreciation	​	(497,550)
Net Unrealized Appreciation	$	869,856

See Accompanying Notes to Financial Statements

74

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.4%
187,632	iShares 20+ Year Treasury Bond ETF	​	$	30,758,514	​	4.1
84,944	iShares iBoxx Investment Grade Corporate Bond Fund	​	​	11,424,968	​	1.5
131,285	Vanguard S&P 500 ETF	​	​	37,210,107	​	4.9
223,435	Vanguard Value ETF	​	​	22,251,892	​	2.9
​	Total Exchange-Traded Funds (Cost $98,624,822)	​	​	101,645,481	​	13.4
MUTUAL FUNDS: 85.3%
​	Affiliated Investment Companies: 85.3%
2,373,945	Voya Global Bond Fund - Class R6	​	​	22,599,958	​	3.0
3,993,306	Voya High Yield Bond Fund - Class R6	​	​	29,829,999	​	3.9
11,403,437	Voya Intermediate Bond Fund - Class R6	​	​	121,218,535	​	16.0
578,634	Voya Large-Cap Growth Fund - Class R6	​	​	29,747,573	​	3.9
2,219,379	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	26,055,507	​	3.4
4,200,364	Voya Multi-Manager International Equity Fund - Class I	​	​	44,607,863	​	5.9
7,756,127	Voya Multi-Manager International Factors Fund - Class I	​	​	66,935,377	​	8.8
1,181,614	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	9,334,750	​	1.2

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
1,175,505	Voya Strategic Income Opportunities Fund - Class R6	​	$	11,320,116	​	1.5
2,711,866	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	​	30,074,589	​	4.0
5,445,020	Voya U.S. Stock Index Portfolio - Class I	​	​	89,570,572	​	11.8
5,271,716	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	​	60,413,861	​	8.0
2,534,338	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	74,610,918	​	9.8
733,178	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	9,377,350	​	1.2
251,363	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	22,238,095	​	2.9
​	Total Mutual Funds (Cost $628,375,084)	​	​	647,935,063	​	85.3
​	Total Investments in Securities (Cost $726,999,906)	​	$	749,580,544	​	98.7
​	Assets in Excess of Other Liabilities	​	​	9,669,645	​	1.3
​	Net Assets	​	$	759,250,189	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

101,645,481

​

$

—

​

$

—

​

$

101,645,481

Mutual Funds

​

​

647,935,063

​

​

—

​

​

—

​

​

647,935,063

Total Investments, at fair value

​

$

749,580,544

​

$

—

​

$

—

​

$

749,580,544

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

766,694

​

​

—

​

​

—

​

​

766,694

Total Assets

​

$

750,347,238

​

$

—

​

$

—

​

$

750,347,238

See Accompanying Notes to Financial Statements

75

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2020 (Unaudited) (continued)

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(142,067)

​

$

—

​

$

—

​

$

(142,067)

Total Liabilities

​

$

(142,067)

​

$

—

​

$

—

​

$

(142,067)

^

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

+

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

At June 30, 2020, 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	​	422	​	09/18/20	​	$	30,333,360	​	$	407,060
S&P 500® E-Mini	​	73	​	09/18/20	​	​	11,279,230	​	​	102,609
U.S. Treasury Ultra Long Bond	​	18	​	09/21/20	​	​	3,926,813	​	​	(29,887)
​	​	​	​	​	​	$	45,539,403	​	$	479,782
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(250)	​	09/18/20	​	​	(22,230,000)	​	​	257,025
Mini MSCI Emerging Markets Index	​	(225)	​	09/18/20	​	​	(11,089,125)	​	​	(45,995)
U.S. Treasury 10-Year Note	​	(82)	​	09/21/20	​	​	(11,412,094)	​	​	(66,185)
​	​	​	​	​	​	$	(44,731,219)	​	$	144,845

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 June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

24,961,467

​

$

1,837,439

​

$

(26,656,575)

​

$

(142,331)

​

$

—

​

$

368,612

​

$

(3,736,416)

​

$

—

Voya Global Bond Fund - Class R6

​

​

24,717,402

​

​

1,647,788

​

​

(4,472,371)

​

​

707,139

​

​

22,599,958

​

​

536,855

​

​

10,475

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

29,320,883

​

​

(822,232)

​

​

1,331,348

​

​

29,829,999

​

​

304,447

​

​

91,376

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

87,587,859

​

​

47,751,182

​

​

(16,605,294)

​

​

2,484,788

​

​

121,218,535

​

​

1,709,242

​

​

513,451

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

39,800,180

​

​

5,059,044

​

​

(45,393,552)

​

​

534,328

​

​

—

​

​

207,484

​

​

(8,358,202)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

44,127,237

​

​

591,751

​

​

(16,578,264)

​

​

1,606,849

​

​

29,747,573

​

​

—

​

​

(343,158)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

10,334,739

​

​

271,940

​

​

(10,026,818)

​

​

(579,861)

​

​

—

​

​

12,564

​

​

(167,186)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

29,986,325

​

​

3,121,330

​

​

(5,338,971)

​

​

(1,713,177)

​

​

26,055,507

​

​

—

​

​

(782,934)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

33,875,015

​

​

18,060,201

​

​

(5,549,073)

​

​

(1,778,280)

​

​

44,607,863

​

​

—

​

​

34,207

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

83,768,632

​

​

6,667,971

​

​

(15,213,511)

​

​

(8,287,715)

​

​

66,935,377

​

​

—

​

​

(1,396,551)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

10,390,458

​

​

1,958,722

​

​

(1,648,042)

​

​

(1,366,388)

​

​

9,334,750

​

​

—

​

​

(517,688)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

26,592,442

​

​

374,077

​

​

(26,848,080)

​

​

(118,439)

​

​

—

​

​

177,630

​

​

(556,578)

​

​

—

Voya Small Company Portfolio - Class I

​

​

16,687,907

​

​

3,144,801

​

​

(21,127,982)

​

​

1,295,274

​

​

—

​

​

—

​

​

(5,123,360)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

32,916,523

​

​

2,343,815

​

​

(23,185,479)

​

​

(754,743)

​

​

11,320,116

​

​

465,277

​

​

(1,943,153)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

16,308,033

​

​

266,839

​

​

(15,671,670)

​

​

(903,202)

​

​

—

​

​

132,880

​

​

1,518,853

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

41,617,611

​

​

5,454,848

​

​

(12,527,886)

​

​

(4,469,984)

​

​

30,074,589

​

​

306,463

​

​

(579,217)

​

​

—

See Accompanying Notes to Financial Statements

76

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2020 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya U.S. Stock Index Portfolio - Class I

​

​

88,356,621

​

​

14,942,846

​

​

(11,225,157)

​

​

(2,503,738)

​

​

89,570,572

​

​

—

​

​

222,442

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

48,938,331

​

​

17,367,884

​

​

(9,692,640)

​

​

3,800,286

​

​

60,413,861

​

​

—

​

​

370,998

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

83,204,754

​

​

1,804,318

​

​

(10,051,454)

​

​

(346,700)

​

​

74,610,918

​

​

—

​

​

(225,737)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

—

​

​

9,031,886

​

​

(802,041)

​

​

1,147,505

​

​

9,377,350

​

​

—

​

​

83,476

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

41,790,517

​

​

534,324

​

​

(25,790,805)

​

​

5,704,059

​

​

22,238,095

​

​

—

​

​

(4,814,689)

​

​

—

​

​

$

785,962,053

​

$

171,553,889

​

$

(305,227,897)

​

$

(4,352,982)

​

$

647,935,063

​

$

4,221,454

​

$

(25,699,591)

​

$

—

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

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	766,694
Total Asset Derivatives	​	​	$	766,694
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	45,995
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	96,072
Total Liability Derivatives	​	​	$	142,067

*

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(858,102)
Interest rate contracts	​	​	1,734,559
Total	​	$	876,456

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	569,432
Interest rate contracts	​	​	269,856
Total	​	$	839,288

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $741,260,730.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	33,195,769
Gross Unrealized Depreciation	​	(24,251,328)
Net Unrealized Appreciation	$	8,944,441

See Accompanying Notes to Financial Statements

77

PORTFOLIO OF INVESTMENTS​

Voya Solution 2030 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 18.0%
12,107	iShares 20+ Year Treasury Bond ETF	​	$	1,984,700	​	4.5
31,923	iShares Core S&P Small-Cap ETF	​	​	2,180,022	​	5.0
4,872	iShares iBoxx Investment Grade Corporate Bond Fund	​	​	655,284	​	1.5
4,518	Vanguard S&P 500 ETF	​	​	1,280,537	​	2.9
18,155	Vanguard Value ETF	​	​	1,808,056	​	4.1
​	Total Exchange-Traded Funds (Cost $7,673,814)	​	​	7,908,599	​	18.0
MUTUAL FUNDS: 80.0%
​	Affiliated Investment Companies: 80.0%
229,645	Voya High Yield Bond Fund - Class R6	​	​	1,715,452	​	3.9
410,189	Voya Intermediate Bond Fund - Class R6	​	​	4,360,304	​	9.9
24,964	Voya Large-Cap Growth Fund - Class R6	​	​	1,283,403	​	2.9
127,448	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,496,243	​	3.4
321,734	Voya Multi-Manager International Equity Fund - Class I	​	​	3,416,816	​	7.8
445,699	Voya Multi-Manager International Factors Fund - Class I	​	​	3,846,379	​	8.7
81,569	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	644,398	​	1.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
45,110	Voya Strategic Income Opportunities Fund - Class R6	​	$	434,408	​	1.0
78,278	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	​	868,104	​	2.0
431,483	Voya U.S. Stock Index Portfolio - Class I	​	​	7,097,896	​	16.1
227,360	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	​	2,605,549	​	5.9
61,860	VY® Columbia Contrarian Core Portfolio - Class I	​	​	1,074,515	​	2.4
145,766	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	4,291,348	​	9.8
50,603	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	647,207	​	1.5
15,657	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,385,215	​	3.2
​	Total Mutual Funds	​	​	​	​	​
​	(Cost $34,359,190)	​	​	35,167,237	​	80.0
​	Total Investments in Securities (Cost $42,033,004)	​	$	43,075,836	​	98.0
​	Assets in Excess of Other Liabilities	​	​	884,039	​	2.0
​	Net Assets	​	$	43,959,875	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

7,908,599

​

$

—

​

$

—

​

$

7,908,599

Mutual Funds

​

​

35,167,237

​

​

—

​

​

—

​

​

35,167,237

Total Investments, at fair value

​

$

43,075,836

​

$

—

​

$

—

​

$

43,075,836

^

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

See Accompanying Notes to Financial Statements

78

PORTFOLIO OF INVESTMENTS​

Voya Solution 2030 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

929,995

​

$

152,301

​

$

(1,098,839)

​

$

16,543

​

$

—

​

$

13,732

​

$

(129,155)

​

$

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

1,703,853

​

​

(63,791)

​

​

75,390

​

​

1,715,452

​

​

17,892

​

​

8,110

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

2,881,817

​

​

2,669,768

​

​

(1,270,653)

​

​

79,372

​

​

4,360,304

​

​

57,619

​

​

38,759

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

1,639,022

​

​

346,957

​

​

(1,977,867)

​

​

(8,112)

​

​

—

​

​

8,611

​

​

(321,272)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

2,280,088

​

​

344,917

​

​

(1,309,238)

​

​

(32,364)

​

​

1,283,403

​

​

—

​

​

70,705

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

693,451

​

​

81,013

​

​

(767,220)

​

​

(7,244)

​

​

—

​

​

849

​

​

(43,027)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

2,393,375

​

​

461,828

​

​

(1,176,266)

​

​

(182,694)

​

​

1,496,243

​

​

—

​

​

(86,842)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

3,335,450

​

​

1,096,477

​

​

(904,370)

​

​

(110,741)

​

​

3,416,816

​

​

—

​

​

(128,151)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

4,237,304

​

​

923,008

​

​

(1,124,630)

​

​

(189,303)

​

​

3,846,379

​

​

—

​

​

(214,743)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

697,070

​

​

198,509

​

​

(181,479)

​

​

(69,702)

​

​

644,398

​

​

—

​

​

(55,070)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

915,207

​

​

88,968

​

​

(997,613)

​

​

(6,562)

​

​

—

​

​

5,773

​

​

(20,427)

​

​

—

Voya Small Company Portfolio - Class I

​

​

958,812

​

​

264,115

​

​

(1,245,037)

​

​

22,110

​

​

—

​

​

—

​

​

(237,544)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

1,381,068

​

​

228,095

​

​

(1,148,593)

​

​

(26,162)

​

​

434,408

​

​

18,863

​

​

(28,043)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

1,491,082

​

​

523,177

​

​

(1,031,287)

​

​

(114,868)

​

​

868,104

​

​

10,400

​

​

(66,198)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

5,173,167

​

​

5,359,230

​

​

(3,389,568)

​

​

(44,933)

​

​

7,097,896

​

​

—

​

​

(348,610)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

1,051,901

​

​

(53,313)

​

​

75,927

​

​

1,074,515

​

​

—

​

​

3,608

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

2,737,344

​

​

457,812

​

​

(741,396)

​

​

151,789

​

​

2,605,549

​

​

—

​

​

58,556

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,412,357

​

​

356,989

​

​

(1,903,925)

​

​

134,579

​

​

—

​

​

—

​

​

(495,526)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

4,651,089

​

​

630,098

​

​

(937,457)

​

​

(52,382)

​

​

4,291,348

​

​

—

​

​

27,950

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

—

​

​

626,142

​

​

(57,553)

​

​

78,618

​

​

647,207

​

​

—

​

​

6,437

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

2,338,590

​

​

264,589

​

​

(1,479,571)

​

​

261,607

​

​

1,385,215

​

​

—

​

​

(193,501)

​

​

—

​

​

$

40,146,288

​

$

17,829,747

​

$

(22,859,666)

​

$

50,868

​

$

35,167,237

​

$

133,739

​

$

(2,153,984)

​

$

—

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $42,756,865.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	1,540,246
Gross Unrealized Depreciation	​	(1,221,275)
Net Unrealized Appreciation	$	318,971

See Accompanying Notes to Financial Statements

79

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 15.9%
196,650	iShares 20+ Year Treasury Bond ETF	​	$	32,236,835	​	4.1
89,027	iShares iBoxx Investment Grade Corporate Bond Fund	​	​	11,974,131	​	1.5
137,596	Vanguard S&P 500 ETF	​	​	38,998,834	​	4.9
429,320	Vanguard Value ETF	​	​	42,755,979	​	5.4
​	Total Exchange-Traded Funds (Cost $125,326,706)	​	​	125,965,779	​	15.9
MUTUAL FUNDS: 82.9%
​	Affiliated Investment Companies: 82.9%
4,196,178	Voya High Yield Bond Fund - Class R6	​	​	31,345,451	​	3.9
5,246,559	Voya Intermediate Bond Fund - Class R6	​	​	55,770,920	​	7.0
418,233	Voya Large-Cap Growth Fund - Class R6	​	​	21,501,372	​	2.7
3,994,426	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	46,894,555	​	5.9
8,826,113	Voya Multi-Manager International Equity Fund - Class I	​	​	93,733,324	​	11.8
8,148,356	Voya Multi-Manager International Factors Fund - Class I	​	​	70,320,310	​	8.8
1,987,579	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	15,701,873	​	2.0
411,715	Voya Strategic Income Opportunities Fund - Class R6	​	​	3,964,819	​	0.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
1,430,259	Voya U.S. High Dividend Low Volatility Fund - Class R6	​	$	15,861,576	​	2.0
7,169,609	Voya U.S. Stock Index Portfolio - Class I	​	​	117,940,073	​	14.8
1,384,873	VY® Brandywine GLOBAL - Bond Portfolio - Class I	​	​	15,870,650	​	2.0
2,261,005	VY® Columbia Contrarian Core Portfolio - Class I	​	​	39,273,660	​	4.9
2,663,885	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	78,424,761	​	9.9
1,233,868	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	15,781,173	​	2.0
418,475	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	37,022,496	​	4.7
​	Total Mutual Funds (Cost $647,596,844)	​	​	659,407,013	​	82.9
​	Total Investments in Securities (Cost $772,923,550)	​	$	785,372,792	​	98.8
​	Assets in Excess of Other Liabilities	​	​	9,693,667	​	1.2
​	Net Assets	​	$	795,066,459	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

125,965,779

​

$

—

​

$

—

​

$

125,965,779

Mutual Funds

​

​

659,407,013

​

​

—

​

​

—

​

​

659,407,013

Total Investments, at fair value

​

$

785,372,792

​

$

—

​

$

—

​

$

785,372,792

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

748,479

​

​

—

​

​

—

​

​

748,479

Total Assets

​

$

786,121,271

​

$

—

​

$

—

​

$

786,121,271

See Accompanying Notes to Financial Statements

80

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2020 (Unaudited) (continued)

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(163,499)

​

$

—

​

$

—

​

$

(163,499)

Total Liabilities

​

$

(163,499)

​

$

—

​

$

—

​

$

(163,499)

^

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

+

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

At June 30, 2020, 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	​	553	​	09/18/20	​	$	39,749,640	​	$	533,422
S&P 500® E-Mini	​	25	​	09/18/20	​	​	3,862,750	​	​	35,140
U.S. Treasury Ultra Long Bond	​	18	​	09/21/20	​	​	3,926,812	​	​	(29,887)
​	​	​	​	​	​	$	47,539,202	​	$	538,675
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(175)	​	09/18/20	​	​	(15,561,000)	​	​	179,917
Mini MSCI Emerging Markets Index	​	(236)	​	09/18/20	​	​	(11,631,260)	​	​	(48,243)
U.S. Treasury 10-Year Note	​	(143)	​	09/21/20	​	​	(19,901,578)	​	​	(85,369)
​	​	​	​	​	​	$	(47,093,838)	​	$	46,305

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 June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

17,297,721

​

$

1,074,737

​

$

(18,877,732)

​

$

505,274

​

$

—

​

$

254,154

​

$

(2,597,823)

​

$

—

Voya High Yield Bond Fund - Class R6

​

​

—

​

​

30,554,380

​

​

(632,277)

​

​

1,423,348

​

​

31,345,451

​

​

322,402

​

​

69,102

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

17,422,011

​

​

588,384

​

​

(17,063,198)

​

​

(947,197)

​

​

—

​

​

—

​

​

(1,247,837)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

50,880,831

​

​

13,512,088

​

​

(9,426,483)

​

​

804,484

​

​

55,770,920

​

​

895,995

​

​

555,745

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

26,129,609

​

​

2,570,136

​

​

(28,617,924)

​

​

(81,821)

​

​

—

​

​

133,534

​

​

(5,181,122)

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

37,132,522

​

​

831,681

​

​

(17,552,640)

​

​

1,089,809

​

​

21,501,372

​

​

—

​

​

(358,865)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

17,188,895

​

​

228,190

​

​

(16,263,583)

​

​

(1,153,502)

​

​

—

​

​

20,482

​

​

(84,627)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

53,439,166

​

​

4,425,841

​

​

(5,054,229)

​

​

(5,916,223)

​

​

46,894,555

​

​

—

​

​

1,449,466

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

87,993,594

​

​

23,386,868

​

​

(11,395,226)

​

​

(6,251,912)

​

​

93,733,324

​

​

—

​

​

(965,714)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

87,060,990

​

​

4,987,737

​

​

(12,988,399)

​

​

(8,740,018)

​

​

70,320,310

​

​

—

​

​

(1,291,620)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

17,281,667

​

​

2,756,357

​

​

(1,583,087)

​

​

(2,753,064)

​

​

15,701,873

​

​

—

​

​

(368,031)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

17,011,832

​

​

242,653

​

​

(17,103,841)

​

​

(150,644)

​

​

—

​

​

107,094

​

​

(337,948)

​

​

—

Voya Small Company Portfolio - Class I

​

​

17,383,499

​

​

2,769,210

​

​

(21,908,269)

​

​

1,755,560

​

​

—

​

​

(6)

​

​

(5,708,227)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

17,107,313

​

​

1,093,486

​

​

(13,944,075)

​

​

(291,905)

​

​

3,964,819

​

​

226,341

​

​

(1,169,502)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

26,045,286

​

​

3,658,185

​

​

(11,615,058)

​

​

(2,226,837)

​

​

15,861,576

​

​

187,499

​

​

(1,005,299)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

100,593,983

​

​

27,969,530

​

​

(9,535,997)

​

​

(1,087,443)

​

​

117,940,073

​

​

—

​

​

(572,216)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

37,740,612

​

​

(1,259,497)

​

​

2,792,545

​

​

39,273,660

​

​

—

​

​

52,263

​

​

—

See Accompanying Notes to Financial Statements

81

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2020 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

—

​

​

15,547,014

​

​

(196,137)

​

​

519,773

​

​

15,870,650

​

​

—

​

​

3,200

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

43,781,711

​

​

6,165,336

​

​

(54,462,106)

​

​

4,515,059

​

​

—

​

​

—

​

​

(15,950,632)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

86,491,854

​

​

3,244,840

​

​

(10,293,344)

​

​

(1,018,589)

​

​

78,424,761

​

​

—

​

​

398,096

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

—

​

​

14,880,458

​

​

(1,028,785)

​

​

1,929,500

​

​

15,781,173

​

​

—

​

​

77,873

​

​

​

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

60,821,081

​

​

991,938

​

​

(33,123,888)

​

​

8,333,365

​

​

37,022,496

​

​

—

​

​

(6,197,412)

​

​

—

​

​

$

781,063,565

​

$

199,219,661

​

$

(313,925,775)

​

$

(6,950,438)

​

$

659,407,013

​

$

2,147,495

​

$

(40,431,130)

​

$

—

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

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	748,479
Total Asset Derivatives	​	​	$	748,479
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	48,243
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	115,256
Total Liability Derivatives	​	​	$	163,499

*

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(934,292)
Interest rate contracts	​	​	1,780,432
Total	​	$	846,140

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	721,186
Interest rate contracts	​	​	264,800
Total	​	$	985,986

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $785,917,222.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	27,648,508
Gross Unrealized Depreciation	​	(27,607,958)
Net Unrealized Appreciation	$	40,550

See Accompanying Notes to Financial Statements

82

PORTFOLIO OF INVESTMENTS​

Voya Solution 2040 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 19.0%
4,118	iShares 20+ Year Treasury Bond ETF	​	$	675,064	​	2.1
24,431	iShares Core S&P Small-Cap ETF	​	​	1,668,393	​	5.1
7,491	Vanguard S&P 500 ETF	​	​	2,123,174	​	6.4
17,980	Vanguard Value ETF	​	​	1,790,628	​	5.4
​	Total Exchange-Traded Funds	​	​	​	​	​
​	(Cost $6,098,246)	​	​	6,257,259	​	19.0
MUTUAL FUNDS: 80.5%
​	Affiliated Investment Companies: 80.5%
131,915	Voya High Yield Bond Fund - Class R6	​	​	985,404	​	3.0
55,069	Voya Intermediate Bond Fund - Class R6	​	​	585,380	​	1.8
15,937	Voya Large-Cap Growth Fund - Class R6	​	​	819,305	​	2.5
139,503	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,637,769	​	4.9
392,938	Voya Multi-Manager International Equity Fund - Class I	​	​	4,173,006	​	12.6
313,067	Voya Multi-Manager International Factors Fund - Class I	​	​	2,701,765	​	8.2
83,415	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	658,979	​	2.0
415,844	Voya U.S. Stock Index Portfolio - Class I	​	​	6,840,630	​	20.7

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
29,025	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	$	332,623	​	1.0
104,297	VY® Columbia Contrarian Core Portfolio - Class I	​	​	1,811,643	​	5.5
59,751	VY® Invesco Comstock Portfolio - Class I	​	​	819,781	​	2.5
89,345	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	2,630,327	​	7.9
51,739	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	661,748	​	2.0
22,155	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,960,077	​	5.9
​	Total Mutual Funds	​	​	​	​	​
​	(Cost $26,281,849)	​	​	26,618,437	​	80.5
​	Total Investments in Securities (Cost $32,380,095)	​	$	32,875,696	​	99.5
​	Assets in Excess of Other Liabilities	​	​	180,087	​	0.5
​	Net Assets	​	$	33,055,783	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

6,257,259

​

$

—

​

$

—

​

$

6,257,259

Mutual Funds

​

​

26,618,437

​

​

—

​

​

—

​

​

26,618,437

Total Investments, at fair value

​

$

32,875,696

​

$

—

​

$

—

​

$

32,875,696

^

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

See Accompanying Notes to Financial Statements

83

PORTFOLIO OF INVESTMENTS​

Voya Solution 2040 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya High Yield Bond Fund - Class R6

​

$

—

​

$

969,648

​

$

(34,072)

​

$

49,828

​

$

985,404

​

$

10,854

​

$

4,022

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

713,512

​

​

83,148

​

​

(746,569)

​

​

(50,091)

​

​

—

​

​

—

​

​

(42,555)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

1,419,991

​

​

934,174

​

​

(1,765,747)

​

​

(3,038)

​

​

585,380

​

​

20,331

​

​

25,077

​

​

—

Voya International Index Portfolio - Class I

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

1,469,708

​

​

259,781

​

​

(871,645)

​

​

(38,539)

​

​

819,305

​

​

—

​

​

56,007

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

704,108

​

​

71,830

​

​

(765,484)

​

​

(10,454)

​

​

—

​

​

835

​

​

(42,891)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

2,370,621

​

​

430,624

​

​

(981,222)

​

​

(182,254)

​

​

1,637,769

​

​

—

​

​

(79,328)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

4,257,461

​

​

1,168,948

​

​

(1,025,359)

​

​

(228,044)

​

​

4,173,006

​

​

—

​

​

(150,013)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

2,964,668

​

​

626,467

​

​

(744,516)

​

​

(144,854)

​

​

2,701,765

​

​

—

​

​

(150,669)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

707,881

​

​

203,068

​

​

(178,664)

​

​

(73,306)

​

​

658,979

​

​

—

​

​

(56,668)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

696,985

​

​

68,793

​

​

(760,727)

​

​

(5,051)

​

​

—

​

​

4,414

​

​

(15,458)

​

​

—

Voya Small Company Portfolio - Class I

​

​

1,090,823

​

​

264,182

​

​

(1,399,152)

​

​

44,147

​

​

—

​

​

—

​

​

(295,068)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

351,109

​

​

27,810

​

​

(377,328)

​

​

(1,591)

​

​

—

​

​

2,254

​

​

948

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

1,116,466

​

​

266,514

​

​

(1,330,810)

​

​

(52,170)

​

​

—

​

​

7,647

​

​

(128,873)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

4,299,237

​

​

4,924,865

​

​

(2,374,931)

​

​

(8,541)

​

​

6,840,630

​

​

1

​

​

(270,883)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

1,737,415

​

​

(56,744)

​

​

130,971

​

​

1,811,642

​

​

—

​

​

3,529

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

—

​

​

332,892

​

​

(10,803)

​

​

10,534

​

​

332,623

​

​

—

​

​

155

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

2,280,494

​

​

666,324

​

​

(2,320,408)

​

​

193,372

​

​

819,782

​

​

—

​

​

(732,042)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

3,542,478

​

​

535,648

​

​

(1,363,345)

​

​

(84,454)

​

​

2,630,327

​

​

—

​

​

22,509

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

—

​

​

638,244

​

​

(55,127)

​

​

78,631

​

​

661,748

​

​

—

​

​

5,721

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

2,669,461

​

​

335,946

​

​

(1,395,897)

​

​

350,567

​

​

1,960,077

​

​

—

​

​

(233,646)

​

​

—

​

​

$

30,655,003

​

$

14,546,321

​

$

(18,558,550)

​

$

(24,337)

​

$

26,618,437

​

$

46,336

​

$

(2,080,125)

​

$

—

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $32,810,910.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	1,039,726
Gross Unrealized Depreciation	​	(974,940)
Net Unrealized Appreciation	$	64,786

See Accompanying Notes to Financial Statements

84

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.5%
206,470	Vanguard S&P 500 ETF	​	$	58,519,792	​	9.6
300,334	Vanguard Value ETF	​	​	29,910,263	​	4.9
​	Total Exchange-Traded Funds (Cost $86,763,600)	​	​	88,430,055	​	14.5
MUTUAL FUNDS: 84.1%
​	Affiliated Investment Companies: 84.1%
1,615,008	Voya High Yield Bond Fund - Class R6	​	​	12,064,110	​	2.0
1,584,702	Voya Intermediate Bond Fund - Class R6	​	​	16,845,387	​	2.8
292,717	Voya Large-Cap Growth Fund - Class R6	​	​	15,048,558	​	2.5
3,587,068	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	42,112,173	​	6.9
8,494,514	Voya Multi-Manager International Equity Fund - Class I	​	​	90,211,738	​	14.8
6,272,868	Voya Multi-Manager International Factors Fund - Class I	​	​	54,134,848	​	8.8
1,723,182	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	13,613,135	​	2.2
6,073,515	Voya U.S. Stock Index Portfolio - Class I	​	​	99,909,315	​	16.3

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
1,065,361	VY® BrandywineGLOBAL - Bond Portfolio - Class I	​	$	12,209,038	​	2.0
2,438,151	VY® Columbia Contrarian Core Portfolio - Class I	​	​	42,350,682	​	6.9
1,316,337	VY® Invesco Comstock Portfolio - Class I	​	​	18,060,140	​	2.9
1,640,583	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	48,298,770	​	7.9
1,069,207	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	13,675,157	​	2.2
407,133	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	36,019,059	​	5.9
​	Total Mutual Funds (Cost $514,358,491)	​	​	514,552,110	​	84.1
​	Total Investments in Securities (Cost $601,122,091)	​	$	602,982,165	​	98.6
​	Assets in Excess of Other Liabilities	​	​	8,435,289	​	1.4
​	Net Assets	​	$	611,417,454	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

88,430,055

​

$

—

​

$

—

​

$

88,430,055

Mutual Funds

​

​

514,552,110

​

​

—

​

​

—

​

​

514,552,110

Total Investments, at fair value

​

$

602,982,165

​

$

—

​

$

—

​

$

602,982,165

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

562,820

​

​

—

​

​

—

​

​

562,820

Total Assets

​

$

603,544,985

​

$

—

​

$

—

​

$

603,544,985

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(238,561)

​

$

—

​

$

—

​

$

(238,561)

Total Liabilities

​

$

(238,561)

​

$

—

​

$

—

​

$

(238,561)

^

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

+

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

See Accompanying Notes to Financial Statements

85

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2020 (Unaudited) (continued)

At June 30, 2020, 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	425	09/18/20	​	$	30,549,000	​	$	409,954
S&P 500® E-Mini	59	09/18/20	​	​	9,116,090	​	​	83,983
U.S. Treasury Ultra Long Bond	57	09/21/20	​	​	12,434,906	​	​	(92,613)
​	​	​	​	$	52,099,996	​	$	401,324
Short Contracts:	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	(67)	09/18/20	​	​	(5,957,640)	​	​	68,883
Mini MSCI Emerging Markets Index	(182)	09/18/20	​	​	(8,969,870)	​	​	(37,205)
U.S. Treasury 10-Year Note	(264)	09/21/20	​	​	(36,741,375)	​	​	(108,743)
​	​	​	​	$	(51,668,885)	​	$	(77,065)

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 June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya High Yield Bond Fund - Class R6

​

$

—

​

$

11,618,854

​

$

(315,722)

​

$

760,978

​

$

12,064,110

​

$

143,024

​

$

33,481

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

13,242,750

​

​

488,348

​

​

(12,793,220)

​

​

(937,878)

​

​

—

​

​

—

​

​

(756,236)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

14,516,900

​

​

4,976,456

​

​

(2,911,635)

​

​

263,666

​

​

16,845,387

​

​

260,924

​

​

157,219

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

23,274,619

​

​

1,159,434

​

​

(10,202,228)

​

​

816,733

​

​

15,048,558

​

​

—

​

​

(288,106)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

14,698,160

​

​

356,565

​

​

(14,472,743)

​

​

(581,982)

​

​

—

​

​

17,405

​

​

(501,129)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

47,390,641

​

​

4,618,620

​

​

(5,213,758)

​

​

(4,683,330)

​

​

42,112,173

​

​

—

​

​

672,631

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

93,653,097

​

​

14,832,995

​

​

(9,938,959)

​

​

(8,335,395)

​

​

90,211,738

​

​

—

​

​

(744,501)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

59,570,238

​

​

5,602,855

​

​

(5,198,897)

​

​

(5,839,348)

​

​

54,134,848

​

​

—

​

​

(661,254)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

14,778,193

​

​

2,506,221

​

​

(1,424,608)

​

​

(2,246,671)

​

​

13,613,135

​

​

—

​

​

(453,804)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

11,315,179

​

​

568,262

​

​

(11,785,440)

​

​

(98,001)

​

​

—

​

​

70,529

​

​

(237,154)

​

​

—

Voya Strategic Income Opportunities Fund - Class R6

​

​

6,499,767

​

​

420,906

​

​

(6,874,465)

​

​

(46,208)

​

​

—

​

​

75,114

​

​

(568,139)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

16,507,189

​

​

1,345,461

​

​

(16,718,837)

​

​

(1,133,813)

​

​

—

​

​

118,003

​

​

(1,534,500)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

103,042,503

​

​

11,562,481

​

​

(11,693,091)

​

​

(3,002,578)

​

​

99,909,315

​

​

1

​

​

(586,349)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

40,178,697

​

​

(983,066)

​

​

3,155,051

​

​

42,350,682

​

​

—

​

​

33,701

​

​

—

VY® BrandywineGLOBAL - Bond Portfolio - Class I

​

​

—

​

​

11,874,132

​

​

(64,935)

​

​

399,841

​

​

12,209,038

​

​

—

​

​

1,088

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

49,952,927

​

​

8,564,921

​

​

(41,387,850)

​

​

930,142

​

​

18,060,140

​

​

—

​

​

(12,659,401)

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

19,789,207

​

​

2,653,610

​

​

(25,716,288)

​

​

3,273,471

​

​

—

​

​

—

​

​

(7,672,130)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

65,744,231

​

​

4,102,726

​

​

(21,116,210)

​

​

(431,977)

​

​

48,298,770

​

​

—

​

​

(698,655)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

—

​

​

12,794,584

​

​

(782,544)

​

​

1,663,117

​

​

13,675,157

​

​

—

​

​

59,476

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

49,533,612

​

​

1,561,667

​

​

(21,595,752)

​

​

6,519,532

​

​

36,019,059

​

​

—

​

​

(4,432,290)

​

​

—

​

​

$

603,509,213

​

$

141,787,795

​

$

(221,190,248)

​

$

(9,554,650)

​

$

514,552,110

​

$

685,000

​

$

(30,836,052)

​

$

—

See Accompanying Notes to Financial Statements

86

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2020 (Unaudited) (continued)

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

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	562,820
Total Asset Derivatives	​	​	$	562,820
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	37,205
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	201,356
Total Liability Derivatives	​	​	$	238,561

*

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(924,058)
Interest rate contracts	​	​	603,753
Total	​	$	(320,305)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	556,515
Interest rate contracts	​	​	61,378
Total	​	$	617,893

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $608,584,962.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	16,767,934
Gross Unrealized Depreciation	​	(22,046,472)
Net Unrealized Depreciation	$	(5,278,538)

See Accompanying Notes to Financial Statements

87

PORTFOLIO OF INVESTMENTS​

Voya Solution 2050 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 18.6%
3,483	iShares 20+ Year Treasury Bond ETF	​	$	570,968	​	2.0
20,666	iShares Core S&P Small-Cap ETF	​	​	1,411,281	​	5.0
7,799	Vanguard S&P 500 ETF	​	​	2,210,471	​	7.9
10,370	Vanguard Value ETF	​	​	1,032,748	​	3.7
​	Total Exchange-Traded Funds (Cost $5,024,891)	​	​	5,225,468	​	18.6
MUTUAL FUNDS: 80.9%
​	Affiliated Investment Companies: 80.9%
10,859	Voya Large-Cap Growth Fund - Class R6	​	​	558,259	​	2.0
130,613	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,533,395	​	5.5
406,601	Voya Multi-Manager International Equity Fund - Class I	​	​	4,318,103	​	15.4
274,561	Voya Multi-Manager International Factors Fund - Class I	​	​	2,369,462	​	8.4
80,140	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	633,103	​	2.2
342,566	Voya U.S. Stock Index Portfolio - Class I	​	​	5,635,207	​	20.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
112,981	VY® Columbia Contrarian Core Portfolio - Class I	​	$	1,962,473	​	7.0
86,946	VY® Invesco Comstock Portfolio - Class I	​	​	1,192,898	​	4.2
71,456	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	2,103,671	​	7.5
49,699	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	635,655	​	2.3
20,432	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,807,637	​	6.4
​	Total Mutual Funds (Cost $22,658,285)	​	​	22,749,863	​	80.9
​	Total Investments in Securities (Cost $27,683,176)	​	$	27,975,331	​	99.5
​	Assets in Excess of Other Liabilities	​	​	139,530	​	0.5
​	Net Assets	​	$	28,114,861	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

5,225,468

​

$

—

​

$

—

​

$

5,225,468

Mutual Funds

​

​

22,749,863

​

​

—

​

​

—

​

​

22,749,863

Total Investments, at fair value

​

$

27,975,331

​

$

—

​

$

—

​

$

27,975,331

^

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

See Accompanying Notes to Financial Statements

88

PORTFOLIO OF INVESTMENTS​

Voya Solution 2050 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Index Plus LargeCap Portfolio - Class I

​

$

1,265,271

​

$

121,970

​

$

(1,298,893)

​

$

(88,348)

​

$

—

​

$

—

​

$

(63,359)

​

$

—

Voya Intermediate Bond Fund - Class R6

​

​

317,763

​

​

316,820

​

​

(635,778)

​

​

1,195

​

​

—

​

​

2,487

​

​

12,392

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

976,685

​

​

182,447

​

​

(561,322)

​

​

(39,551)

​

​

558,259

​

​

—

​

​

63,636

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

2,263,617

​

​

363,613

​

​

(925,444)

​

​

(168,391)

​

​

1,533,395

​

​

—

​

​

(53,881)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

4,645,264

​

​

1,092,687

​

​

(1,197,078)

​

​

(222,770)

​

​

4,318,103

​

​

—

​

​

(149,317)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

2,699,613

​

​

511,247

​

​

(729,310)

​

​

(112,088)

​

​

2,369,462

​

​

—

​

​

(129,361)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

706,042

​

​

189,096

​

​

(203,295)

​

​

(58,740)

​

​

633,103

​

​

—

​

​

(59,542)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

644,152

​

​

132,353

​

​

(739,960)

​

​

(36,545)

​

​

—

​

​

4,411

​

​

(63,008)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

4,844,342

​

​

3,072,333

​

​

(2,144,612)

​

​

(136,856)

​

​

5,635,207

​

​

1

​

​

(187,676)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

1,936,956

​

​

(115,657)

​

​

141,174

​

​

1,962,473

​

​

—

​

​

8,317

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

2,412,212

​

​

712,202

​

​

(2,074,854)

​

​

143,338

​

​

1,192,898

​

​

—

​

​

(645,213)

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

957,081

​

​

210,273

​

​

(1,308,321)

​

​

140,967

​

​

—

​

​

—

​

​

(337,564)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

2,512,678

​

​

434,310

​

​

(837,093)

​

​

(6,224)

​

​

2,103,671

​

​

—

​

​

(9,322)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

707,417

​

​

95,538

​

​

(190,253)

​

​

22,953

​

​

635,655

​

​

—

​

​

(6,898)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

2,370,745

​

​

267,262

​

​

(1,152,480)

​

​

322,110

​

​

1,807,637

​

​

—

​

​

(189,697)

​

​

—

​

​

$

27,322,882

​

$

9,639,107

​

$

(14,114,350)

​

$

(97,776)

​

$

22,749,863

​

$

6,899

​

$

(1,810,493)

​

$

—

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $28,162,649.	​	​
Net unrealized depreciation consisted of:	​
Gross Unrealized Appreciation	$	777,868
Gross Unrealized Depreciation	​	(965,186)
Net Unrealized Depreciation	$	(187,318)

See Accompanying Notes to Financial Statements

89

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.7%
79,168	Vanguard S&P 500 ETF	​	$	22,438,587	​	9.8
89,824	Vanguard Value ETF	​	​	8,945,572	​	3.9
​	Total Exchange-Traded Funds (Cost $30,554,131)	​	​	31,384,159	​	13.7
MUTUAL FUNDS: 84.9%
​	Affiliated Investment Companies: 84.9%
862,175	Voya Intermediate Bond Fund - Class R6	​	​	9,164,923	​	4.0
87,727	Voya Large-Cap Growth Fund - Class R6	​	​	4,510,037	​	2.0
1,438,631	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	16,889,525	​	7.4
3,392,075	Voya Multi-Manager International Equity Fund - Class I	​	​	36,023,841	​	15.7
2,348,410	Voya Multi-Manager International Factors Fund - Class I	​	​	20,266,774	​	8.9
716,917	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	5,663,647	​	2.5
2,413,739	Voya U.S. Stock Index Portfolio - Class I	​	​	39,706,009	​	17.3

Shares		​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
912,634	VY® Columbia Contrarian Core Portfolio - Class I	��	​	$	15,852,453	​	6.9
657,276	VY® Invesco Comstock Portfolio - Class I	​	​	​	9,017,825	​	3.9
575,873	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	​	16,953,700	​	7.4
444,893	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	​	5,690,187	​	2.5
165,130	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	​	14,609,020	​	6.4
​	Total Mutual Funds (Cost $196,405,230)	​	​	​	194,347,941	​	84.9
​	Total Investments in Securities (Cost $226,959,361)	​	​	$	225,732,100	​	98.6
​	Assets in Excess of Other Liabilities	​	​	​	3,154,838	​	1.4
​	Net Assets	​	​	$	228,886,938	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

31,384,159

​

$

—

​

$

—

​

$

31,384,159

Mutual Funds

​

​

194,347,941

​

​

—

​

​

—

​

​

194,347,941

Total Investments, at fair value

​

$

225,732,100

​

$

—

​

$

—

​

$

225,732,100

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

191,880

​

​

—

​

​

—

​

​

191,880

Total Assets

​

$

225,923,980

​

$

—

​

$

—

​

$

225,923,980

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(82,657)

​

$

—

​

$

—

​

$

(82,657)

Total Liabilities

​

$

(82,657)

​

$

—

​

$

—

​

$

(82,657)

^

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

+

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

See Accompanying Notes to Financial Statements

90

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2020 (Unaudited) (continued)

At June 30, 2020, 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	159	09/18/20	​	$	11,428,920	​	$	156,338
S&P 500® E-Mini	7	09/18/20	​	​	1,081,570	​	​	9,839
U.S. Treasury Ultra Long Bond	21	09/21/20	​	​	4,581,281	​	​	(32,840)
​	​	​	​	$	17,091,771	​	$	133,337
Short Contracts:	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	(25)	09/18/20	​	​	(2,223,000)	​	​	25,703
Mini MSCI Emerging Markets Index	(68)	09/18/20	​	​	(3,351,380)	​	​	(13,901)
U.S. Treasury 10-Year Note	(82)	09/21/20	​	​	(11,412,093)	​	​	(35,916)
​	​	​	​	$	(16,986,473)	​	$	(24,114)

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 June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Index Plus LargeCap Portfolio - Class I

​

$

9,248,174

​

$

699,132

​

$

(9,437,988)

​

$

(509,318)

​

$

—

​

$

31,789

​

$

(890,700)

​

$

178,790

Voya Intermediate Bond Fund - Class R6

​

​

6,167,200

​

​

4,012,707

​

​

(1,165,301)

​

​

150,317

​

​

9,164,923

​

​

122,479

​

​

73,971

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

7,081,974

​

​

1,135,969

​

​

(3,634,339)

​

​

(73,567)

​

​

4,510,037

​

���

—

​

​

209,849

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

17,729,431

​

​

2,530,232

​

​

(1,870,857)

​

​

(1,499,281)

​

​

16,889,525

​

​

—

​

​

50,829

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

35,067,618

​

​

7,326,679

​

​

(3,077,695)

​

​

(3,292,761)

​

​

36,023,841

​

​

—

​

​

4,533

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

20,832,195

​

​

2,940,421

​

​

(1,369,188)

​

​

(2,136,654)

​

​

20,266,774

​

​

—

​

​

(83,093)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

5,733,808

​

​

1,278,095

​

​

(466,600)

​

​

(881,656)

​

​

5,663,647

​

​

—

​

​

(161,114)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

4,643,146

​

​

567,905

​

​

(4,813,218)

​

​

(397,833)

​

​

—

​

​

33,750

​

​

(402,324)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

37,660,040

​

​

6,614,010

​

​

(3,592,692)

​

​

(975,349)

​

​

39,706,009

​

​

—

​

​

(233,859)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

15,049,542

​

​

(332,881)

​

​

1,135,792

​

​

15,852,453

​

​

—

​

​

8,709

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

17,566,874

​

​

3,969,818

​

​

(12,777,252)

​

​

258,385

​

​

9,017,825

​

​

—

​

​

(4,327,461)

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

6,958,005

​

​

1,185,969

​

​

(9,237,871)

​

​

1,093,897

​

​

—

​

​

—

​

​

(2,658,486)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

18,365,752

​

​

2,334,656

​

​

(3,727,822)

​

​

(18,886)

​

​

16,953,700

​

​

—

​

​

(143,507)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

5,731,038

​

​

590,387

​

​

(808,298)

​

​

177,060

​

​

5,690,187

​

​

—

​

​

(59,603)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

17,297,266

​

​

1,528,888

​

​

(6,518,986)

​

​

2,301,852

​

​

14,609,020

​

​

—

​

​

(1,356,831)

​

​

—

​

​

$

210,082,521

​

$

51,764,410

​

$

(62,830,988)

​

$

(4,668,002)

​

$

194,347,941

​

$

188,018

​

$

(9,969,087)

​

$

178,790

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

See Accompanying Notes to Financial Statements

91

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2020 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	191,880
Total Asset Derivatives	​	​	$	191,880
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	13,901
Interest rate contracts	Net Assets — Unrealized appreciation*	​	​	68,756
Total Liability Derivatives	​	​	$	82,657

*

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(493,735)
Interest rate contracts	​	​	206,496
Total	​	$	(287,239)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	187,538
Interest rate contracts	​	​	25,248
Total	​	$	212,786

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $229,440,092.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	5,589,741
Gross Unrealized Depreciation	​	(9,188,510)
Net Unrealized Depreciation	$	(3,598,769)

See Accompanying Notes to Financial Statements

92

PORTFOLIO OF INVESTMENTS​

Voya Solution 2060 Portfolio as of June 30 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.3%
13,129	iShares Core S&P Small-Cap ETF	​	$	896,579	​	4.9
4,955	Vanguard S&P 500 ETF	​	​	1,404,396	​	7.6
7,027	Vanguard Value ETF	​	​	699,819	​	3.8
​	Total Exchange-Traded Funds (Cost $2,901,615)	​	​	3,000,794	​	16.3
MUTUAL FUNDS: 79.8%
​	Affiliated Investment Companies: 79.8%
6,878	Voya Large-Cap Growth Fund - Class R6	​	​	353,578	​	1.9
90,242	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,059,447	​	5.8
257,522	Voya Multi-Manager International Equity Fund - Class I	​	​	2,734,889	​	14.9
173,885	Voya Multi-Manager International Factors Fund - Class I	​	​	1,500,629	​	8.2
56,240	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	444,295	​	2.4
221,743	Voya U.S. Stock Index Portfolio - Class I	​	​	3,647,669	​	19.8

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
76,654	VY® Columbia Contrarian Core Portfolio - Class I	​	$	1,331,474	​	7.2
51,602	VY® Invesco Comstock Portfolio - Class I	​	​	707,976	​	3.8
45,153	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,329,293	​	7.2
34,887	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I	​	​	446,205	​	2.4
12,942	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,144,952	​	6.2
​	Total Mutual Funds (Cost $14,565,034)	​	​	14,700,407	​	79.8
​	Total Investments in Securities (Cost $17,466,649)	​	$	17,701,201	​	96.1
​	Assets in Excess of Other Liabilities	​	​	716,562	​	3.9
​	Net Assets	​	$	18,417,763	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

3,000,794

​

$

—

​

$

—

​

$

3,000,794

Mutual Funds

​

​

14,700,407

​

​

—

​

​

—

​

​

14,700,407

Total Investments, at fair value

​

$

17,701,201

​

$

—

​

$

—

​

$

17,701,201

^

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

See Accompanying Notes to Financial Statements

93

PORTFOLIO OF INVESTMENTS​

Voya Solution 2060 Portfolio as of June 30 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/19

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 12/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Index Plus LargeCap Portfolio - Class I

​

$

691,750

​

$

110,252

​

$

(752,535)

​

$

(49,467)

​

$

—

​

$

2,711

​

$

(55,585)

​

$

15,245

Voya Intermediate Bond Fund - Class R6

​

​

—

​

​

160,181

​

​

(160,181)

​

​

—

​

​

—

​

​

423

​

​

3,165

​

​

—

Voya Large-Cap Growth Fund - Class R6

​

​

543,221

​

​

194,738

​

​

(373,601)

​

​

(10,780)

​

​

353,578

​

​

—

​

​

24,804

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

1,325,711

​

​

337,705

​

​

(499,839)

​

​

(104,130)

​

​

1,059,447

​

​

—

​

​

(26,051)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

2,544,191

​

​

861,687

​

​

(538,732)

​

​

(132,257)

​

​

2,734,889

​

​

—

​

​

(73,512)

​

​

—

Voya Multi-Manager International Factors Fund - Class I

​

​

1,478,939

​

​

418,542

​

​

(320,938)

​

​

(75,914)

​

​

1,500,629

​

​

—

​

​

(59,153)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

428,922

​

​

158,503

​

​

(96,973)

​

​

(46,157)

​

​

444,295

​

​

—

​

​

(29,423)

​

​

—

Voya U.S. High Dividend Low Volatility Fund - Class R6

​

​

353,766

​

​

97,283

​

​

(429,791)

​

​

(21,258)

​

​

—

​

​

2,615

​

​

(37,595)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

2,561,546

​

​

2,200,600

​

​

(1,077,178)

​

​

(37,299)

​

​

3,647,669

​

​

—

​

​

(124,048)

​

​

—

VY Columbia Contrarian Core Portfolio - Class I

​

​

—

​

​

1,276,306

​

​

(37,873)

​

​

93,041

​

​

1,331,474

​

​

—

​

​

2,145

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,328,618

​

​

490,702

​

​

(1,185,831)

​

​

74,487

​

​

707,976

​

​

—

​

​

(372,421)

​

​

—

VY® JPMorgan Small Cap Core Equity Portfolio - Class I

​

​

526,225

​

​

140,668

​

​

(739,530)

​

​

72,637

​

​

—

​

​

—

​

​

(187,575)

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

1,379,506

​

​

370,837

​

​

(420,225)

​

​

(825)

​

​

1,329,293

​

​

—

​

​

(7,203)

​

​

—

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I

​

​

428,727

​

​

106,809

​

​

(106,769)

​

​

17,438

​

​

446,205

​

​

—

​

​

(4,702)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

1,297,631

​

​

271,959

​

​

(600,653)

​

​

176,015

​

​

1,144,952

​

​

—

​

​

(95,136)

​

​

—

​

​

$

14,888,753

​

$

7,196,772

​

$

(7,340,649)

​

$

(44,469)

​

$

14,700,407

​

$

5,749

​

$

(1,042,290)

​

$

15,245

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

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $17,789,502.	​	​
Net unrealized depreciation consisted of:	​
Gross Unrealized Appreciation	$	489,286
Gross Unrealized Depreciation	​	(577,588)
Net Unrealized Depreciation	$	(88,302)

See Accompanying Notes to Financial Statements

94

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

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

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VSOL (0620-082120)​

SEMI-ANNUAL REPORT

June 30, 2020

Classes ADV, I, S, S2 and Z

Voya Partners, Inc.

■ Voya Index Solution Income Portfolio	■ Voya Index Solution 2040 Portfolio
■ Voya Index Solution 2020 Portfolio	■ Voya Index Solution 2045 Portfolio
■ Voya Index Solution 2025 Portfolio	■ Voya Index Solution 2050 Portfolio
■ Voya Index Solution 2030 Portfolio	■ Voya Index Solution 2055 Portfolio
■ Voya Index Solution 2035 Portfolio	■ Voya Index Solution 2060 Portfolio

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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

TABLE OF CONTENTS

President’s Letter	1
Shareholder Expense Examples	2
Statements of Assets and Liabilities	4
Statements of Operations	10
Statements of Changes in Net Assets	13
Financial Highlights	18
Notes to Financial Statements	29
Portfolios of Investments	44

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

PRESIDENT’S LETTER

 

Dear Shareholder,

The U.S. Federal Reserve Board’s (“Fed”) massive policy response to the COVID-19 pandemic helped stabilize the economy; as distancing restrictions eased and people began returning to work, economic data began to signal a potential turnaround. After tumbling toward bear market territory in the first quarter of 2020, U.S. stocks staged a turnaround in the second quarter, posting their strongest quarterly performance in 20 years. For the six- and twelve-month periods ended June 30, 2020, the S&P 500® Index(1) returned -3.08% and 7.51%, respectively — both results were better than many had expected.

In our view, the financial markets are signaling potential for improvement; yet it is difficult to recognize in real time, given the increasing number of COVID-19 cases in the United States. We believe the U.S. will contain the virus well enough to avoid another widespread lockdown and double-dip recession. Current economic data are improving, and given how high unemployment is, U.S. consumers seem fairly resilient with payrolls, auto sales and new home sales all rising. Should the phased re-openings proceed mostly as planned, we expect these trends to continue. If there is another shock, virus-related or otherwise, we think the Fed and Congress will put sufficiently supportive policies in place to promote economic and asset-price growth.

Keeping mindful of heightened economic and market uncertainty remains the cornerstone of Voya’s approach to investing. In the first half of 2020 alone, we have seen how quickly markets can take turns for the worse and for the better. In our view, the most likely path to realizing long-term investment goals is to diversify one’s portfolio as broadly as possible, without seeking to capture gains or sidestep losses by timing the markets. The risk-return tradeoffs your investment advisor built into your portfolio are intended to achieve long-term investment goals; in our opinion, they should not be undone for any shorter-term considerations.

While we are humble and realistic in the face of the challenges ahead, we believe we are well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
July 29, 2020

(1)

The S&P 500® Index is an index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

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

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

1

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of  $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 to June 30, 2020. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Voya Index Solution Income Portfolio

Class ADV

​

$

1,000.00

​

$

1,018.00

​

0.74%

​

$

3.71

​

$

1,000.00

​

$

1,021.18

​

0.74%

​

$

3.72

Class I

​

​

1,000.00

​

​

1,020.30

​

0.24

​

​

1.21

​

​

1,000.00

​

​

1,023.67

​

0.24

​

​

1.21

Class S

​

​

1,000.00

​

​

1,019.60

​

0.49

​

​

2.46

​

​

1,000.00

​

​

1,022.43

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

1,018.10

​

0.64

​

​

3.21

​

​

1,000.00

​

​

1,021.68

​

0.64

​

​

3.22

Class Z

​

​

1,000.00

​

​

1,021.00

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2020 Portfolio

Class ADV

​

$

1,000.00

​

$

1,012.60

​

0.74%

​

$

3.70

​

$

1,000.00

​

$

1,021.18

​

0.74%

​

$

3.72

Class I

​

​

1,000.00

​

​

1,015.20

​

0.24

​

​

1.20

​

​

1,000.00

​

​

1,023.67

​

0.24

​

​

1.21

Class S

​

​

1,000.00

​

​

1,013.00

​

0.49

​

​

2.45

​

​

1,000.00

​

​

1,022.43

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

1,012.40

​

0.64

​

​

3.20

​

​

1,000.00

​

​

1,021.68

​

0.64

​

​

3.22

Class Z

​

​

1,000.00

​

​

1,016.50

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2025 Portfolio

Class ADV

​

$

1,000.00

​

$

985.70

​

0.73%

​

$

3.60

​

$

1,000.00

​

$

1,021.23

​

0.73%

​

$

3.67

Class I

​

​

1,000.00

​

​

987.80

​

0.23

​

​

1.14

​

​

1,000.00

​

​

1,023.72

​

0.23

​

​

1.16

Class S

​

​

1,000.00

​

​

986.80

​

0.48

​

​

2.37

​

​

1,000.00

​

​

1,022.48

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

986.60

​

0.63

​

​

3.11

​

​

1,000.00

​

​

1,021.73

​

0.63

​

​

3.17

Class Z

​

​

1,000.00

​

​

988.80

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

2

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Beginning Account Value January 1, 2020

Ending Account Value June 30, 2020

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2020**

Voya Index Solution 2030 Portfolio

Class ADV

​

$

1,000.00

​

$

971.10

​

0.73%

​

$

3.58

​

$

1,000.00

​

$

1,021.23

​

0.73%

​

$

3.67

Class I

​

​

1,000.00

​

​

972.50

​

0.23

​

​

1.13

​

​

1,000.00

​

​

1,023.72

​

0.23

​

​

1.16

Class S

​

​

1,000.00

​

​

972.30

​

0.48

​

​

2.35

​

​

1,000.00

​

​

1,022.48

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

971.30

​

0.63

​

​

3.09

​

​

1,000.00

​

​

1,021.73

​

0.63

​

​

3.17

Class Z

​

​

1,000.00

​

​

974.50

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2035 Portfolio

Class ADV

​

$

1,000.00

​

$

958.20

​

0.73%

​

$

3.55

​

$

1,000.00

​

$

1,021.23

​

0.73%

​

$

3.67

Class I

​

​

1,000.00

​

​

961.00

​

0.23

​

​

1.12

​

​

1,000.00

​

​

1,023.72

​

0.23

​

​

1.16

Class S

​

​

1,000.00

​

​

959.70

​

0.48

​

​

2.34

​

​

1,000.00

​

​

1,022.48

​

0.48

​

​

2.41

Class S2

​

​

1,000.00

​

​

958.20

​

0.63

​

​

3.07

​

​

1,000.00

​

​

1,021.73

​

0.63

​

​

3.17

Class Z

​

​

1,000.00

​

​

961.50

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2040 Portfolio

Class ADV

​

$

1,000.00

​

$

951.20

​

0.74%

​

$

3.59

​

$

1,000.00

​

$

1,021.18

​

0.74%

​

$

3.72

Class I

​

​

1,000.00

​

​

953.70

​

0.24

​

​

1.17

​

​

1,000.00

​

​

1,023.67

​

0.24

​

​

1.21

Class S

​

​

1,000.00

​

​

952.40

​

0.49

​

​

2.38

​

​

1,000.00

​

​

1,022.43

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

951.70

​

0.64

​

​

3.11

​

​

1,000.00

​

​

1,021.68

​

0.64

​

​

3.22

Class Z

​

​

1,000.00

​

​

955.20

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2045 Portfolio

Class ADV

​

$

1,000.00

​

$

944.10

​

0.74%

​

$

3.58

​

$

1,000.00

​

$

1,021.18

​

0.74%

​

$

3.72

Class I

​

​

1,000.00

​

​

946.10

​

0.24

​

​

1.16

​

​

1,000.00

​

​

1,023.67

​

0.24

​

​

1.21

Class S

​

​

1,000.00

​

​

945.20

​

0.49

​

​

2.37

​

​

1,000.00

​

​

1,022.43

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

944.20

​

0.64

​

​

3.09

​

​

1,000.00

​

​

1,021.68

​

0.64

​

​

3.22

Class Z

​

​

1,000.00

​

​

947.40

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2050 Portfolio

Class ADV

​

$

1,000.00

​

$

939.50

​

0.74%

​

$

3.57

​

$

1,000.00

​

$

1,021.18

​

0.74%

​

$

3.72

Class I

​

​

1,000.00

​

​

942.00

​

0.24

​

​

1.16

​

​

1,000.00

​

​

1,023.67

​

0.24

​

​

1.21

Class S

​

​

1,000.00

​

​

940.70

​

0.49

​

​

2.36

​

​

1,000.00

​

​

1,022.43

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

940.30

​

0.64

​

​

3.09

​

​

1,000.00

​

​

1,021.68

​

0.64

​

​

3.22

Class Z

​

​

1,000.00

​

​

942.50

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2055 Portfolio

Class ADV

​

$

1,000.00

​

$

938.40

​

0.74%

​

$

3.57

​

$

1,000.00

​

$

1,021.18

​

0.74%

​

$

3.72

Class I

​

​

1,000.00

​

​

940.60

​

0.24

​

​

1.16

​

​

1,000.00

​

​

1,023.67

​

0.24

​

​

1.21

Class S

​

​

1,000.00

​

​

939.20

​

0.49

​

​

2.36

​

​

1,000.00

​

​

1,022.43

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

938.70

​

0.64

​

​

3.08

​

​

1,000.00

​

​

1,021.68

​

0.64

​

​

3.22

Class Z

​

​

1,000.00

​

​

941.20

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

Voya Index Solution 2060 Portfolio

Class ADV

​

$

1,000.00

​

$

939.10

​

0.74%

​

$

3.57

​

$

1,000.00

​

$

1,021.18

​

0.74%

​

$

3.72

Class I

​

​

1,000.00

​

​

941.00

​

0.24

​

​

1.16

​

​

1,000.00

​

​

1,023.67

​

0.24

​

​

1.21

Class S

​

​

1,000.00

​

​

940.30

​

0.49

​

​

2.36

​

​

1,000.00

​

​

1,022.43

​

0.49

​

​

2.46

Class S2

​

​

1,000.00

​

​

938.70

​

0.64

​

​

3.08

​

​

1,000.00

​

​

1,021.68

​

0.64

​

​

3.22

Class Z

​

​

1,000.00

​

​

942.20

​

0.00

​

​

0.00

​

​

1,000.00

​

​

1,024.86

​

0.00

​

​

0.00

*

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

**

Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

3

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited)

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

418,064,074

​

$

368,792,863

​

$

978,123,091

​

$

585,004,166

Investments in unaffiliated underlying funds at fair value**

​

​

56,736,137

​

​

50,169,276

​

​

102,658,831

​

​

61,262,223

Short-term investments at fair value†

​

​

968,605

​

​

804,109

​

​

—

​

​

—

Cash

​

​

—

​

​

—

​

​

1,980,573

​

​

1,089,080

Cash collateral for futures

​

​

5,876,832

​

​

5,181,337

​

​

11,925,064

​

​

6,494,780

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

490

​

​

1,031

​

​

18,112

​

​

—

Fund shares sold

​

​

38,730

​

​

29,648

​

​

162,592

​

​

89,410

Dividends

​

​

909

​

​

475

​

​

2,158

​

​

1,021

Interest

​

​

—

​

​

—

​

​

77

​

​

783

Prepaid expenses

​

​

5,265

​

​

4,470

​

​

11,658

​

​

6,512

Reimbursement due from Investment Adviser

​

​

57,511

​

​

82,876

​

​

136,197

​

​

127,142

Other assets

​

​

14,396

​

​

4,893

​

​

21,857

​

​

6,451

Total assets

​

​

481,762,949

​

​

425,070,978

​

​

1,095,040,210

​

​

654,081,568

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

—

​

​

—

​

​

—

​

​

400

Payable for fund shares redeemed

​

​

176,427

​

​

238,143

​

​

520,054

​

​

209,336

Payable for investment management fees

​

​

88,647

​

​

78,010

​

​

196,130

​

​

116,828

Payable for distribution and shareholder service fees

​

​

61,111

​

​

17,200

​

​

107,823

​

​

20,154

Payable for directors fees

​

​

2,354

​

​

2,059

​

​

5,311

​

​

3,086

Payable to directors under the deferred compensation plan (Note 6)

​

​

14,396

​

​

4,893

​

​

21,857

​

​

6,451

Other accrued expenses and liabilities

​

​

74,717

​

​

24,567

​

​

76,891

​

​

20,223

Total liabilities

​

​

417,652

​

​

364,872

​

​

928,066

​

​

376,478

NET ASSETS

​

$

481,345,297

​

$

424,706,106

​

$

1,094,112,144

​

$

653,705,090

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

440,699,916

​

$

386,465,365

​

$

996,964,526

​

$

606,948,111

Total distributable earnings

​

​

40,645,381

​

​

38,240,741

​

​

97,147,618

​

​

46,756,979

NET ASSETS

​

$

481,345,297

​

$

424,706,106

​

$

1,094,112,144

​

$

653,705,090

* Cost of investments in affiliated underlying funds

​

$

396,779,937

​

$

352,863,599

​

$

942,612,006

​

$

577,575,040

** Cost of investments in unaffiliated underlying funds

​

$

55,036,004

​

$

49,168,125

​

$

101,196,855

​

$

60,322,678

† Cost of short-term investments

​

$

968,605

​

$

804,109

​

$

—

​

$

—

See Accompanying Notes to Financial Statements

4

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited) (continued)

​	Voya Index Solution Income Portfolio			Voya Index Solution 2020 Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	77,299,691	​	$	28,884,898	​	$	175,847,705	​	$	36,180,420
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	7,204,620	​	​	2,116,766	​	​	15,905,575	​	​	2,345,281
Net asset value and redemption price per share	​	$	10.73	​	$	13.65	​	$	11.06	​	$	15.43
Class I	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	18,057,715	​	$	5,677,777	​	$	54,647,872	​	$	8,381,622
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	​	​	1,635,564	​	​	403,929	​	​	4,806,765	​	​	526,329
Net asset value and redemption price per share	​	$	11.04	​	$	14.06	​	$	11.37	​	$	15.92
Class S	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	133,042,227	​	$	9,001,626	​	$	123,958,410	​	$	14,838,078
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	​	​	12,187,640	​	​	642,808	​	​	11,039,786	​	​	939,951
Net asset value and redemption price per share	​	$	10.92	​	$	14.00	​	$	11.23	​	$	15.79
Class S2	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	8,221,358	​	$	10,344,866	​	$	34,013,591	​	$	7,771,468
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	​	​	770,621	​	​	745,699	​	​	3,087,842	​	​	499,594
Net asset value and redemption price per share	​	$	10.67	​	$	13.87	​	$	11.02	​	$	15.56
Class Z	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	244,724,306	​	$	370,796,939	​	$	705,644,566	​	$	586,533,502
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	​	​	21,921,171	​	​	26,100,809	​	​	61,397,066	​	​	36,528,100
Net asset value and redemption price per share	​	$	11.16	​	$	14.21	​	$	11.49	​	$	16.06

See Accompanying Notes to Financial Statements

5

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited)

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

961,750,885

​

$

468,931,551

​

$

725,276,824

​

$

340,661,481

Investments in unaffiliated underlying funds at fair value**

​

​

101,161,040

​

​

14,307,791

​

​

14,619,099

​

​

—

Cash

​

​

1,704,527

​

​

467,425

​

​

723,044

​

​

377,269

Cash collateral for futures

​

​

10,722,970

​

​

5,999,509

​

​

7,645,617

​

​

3,188,349

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in affiliated underlying funds sold

​

​

2,400

​

​

—

​

​

—

​

​

—

Fund shares sold

​

​

13,132

​

​

106,104

​

​

191,787

​

​

475,404

Dividends

​

​

1,094

​

​

399

​

​

437

​

​

294

Interest

​

​

1,206

​

​

636

​

​

946

​

​

365

Prepaid expenses

​

​

11,163

​

​

4,814

​

​

7,627

​

​

3,274

Reimbursement due from Investment Adviser

​

​

157,023

​

​

86,029

​

​

102,940

​

​

62,436

Other assets

​

​

19,371

​

​

4,483

​

​

12,804

​

​

2,903

Total assets

​

​

1,075,544,811

​

​

489,908,741

​

​

748,581,125

​

​

344,771,775

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

—

​

​

—

​

​

325

​

​

—

Payable for fund shares redeemed

​

​

455,230

​

​

11,410

​

​

82,123

​

​

6,380

Payable for investment management fees

​

​

192,817

​

​

82,445

​

​

124,705

​

​

55,751

Payable for distribution and shareholder service fees

​

​

99,288

​

​

12,234

​

​

68,879

​

​

9,973

Payable for directors fees

​

​

5,139

​

​

2,297

​

​

3,532

​

​

1,577

Payable to directors under the deferred compensation plan (Note 6)

​

​

19,371

​

​

4,483

​

​

12,804

​

​

2,903

Other accrued expenses and liabilities

​

​

62,735

​

​

29,075

​

​

43,002

​

​

27,057

Total liabilities

​

​

834,580

​

​

141,944

​

​

335,370

​

​

103,641

NET ASSETS

​

$

1,074,710,231

​

$

489,766,797

​

$

748,245,755

​

$

344,668,134

NET ASSETS WERE COMPRISED OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

984,247,445

​

$

458,612,872

​

$

690,343,838

​

$

326,730,395

Total distributable earnings

​

​

90,462,786

​

​

31,153,925

​

​

57,901,917

​

​

17,937,739

NET ASSETS

​

$

1,074,710,231

​

$

489,766,797

​

$

748,245,755

​

$

344,668,134

* Cost of investments in affiliated underlying funds

​

$

944,126,130

​

$

466,219,457

​

$

712,841,909

​

$

340,285,113

** Cost of investments in unaffiliated underlying funds

​

$

99,636,932

​

$

13,800,363

​

$

14,103,091

​

$

—

See Accompanying Notes to Financial Statements

6

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited) (continued)

​	Voya Index Solution 2035 Portfolio			Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	164,915,168	​	$	21,926,895	​	$	117,591,367	​	$	16,886,728
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	14,680,902	​	​	1,371,097	​	​	10,236,585	​	​	1,046,234
Net asset value and redemption price per share	​	$	11.23	​	$	15.99	​	$	11.49	​	$	16.14
Class I	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	62,808,892	​	$	6,128,077	​	$	53,350,839	​	$	6,982,528
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	​	​	5,420,478	​	​	371,802	​	​	4,472,017	​	​	421,688
Net asset value and redemption price per share	​	$	11.59	​	$	16.48	​	$	11.93	​	$	16.56
Class S	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	101,059,321	​	$	10,890,027	​	$	68,257,238	​	$	11,154,247
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	8,845,444	​	​	663,091	​	​	5,819,705	​	​	676,570
Net asset value and redemption price per share	​	$	11.43	​	$	16.42	​	$	11.73	​	$	16.49
Class S2	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	34,314,633	​	$	2,790,265	​	$	20,261,777	​	$	2,659,390
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	​	​	3,057,601	​	​	172,622	​	​	1,760,490	​	​	163,906
Net asset value and redemption price per share	​	$	11.22	​	$	16.16	​	$	11.51	​	$	16.23
Class Z	​	​	​	​	​	​	​	​	​	​	​	​
Net assets	​	$	711,612,217	​	$	448,031,533	​	$	488,784,534	​	$	306,985,241
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	​	​	60,677,802	​	​	26,909,038	​	​	40,493,767	​	​	18,368,687
Net asset value and redemption price per share	​	$	11.73	​	$	16.65	​	$	12.07	​	$	16.71

See Accompanying Notes to Financial Statements

7

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
ASSETS:	​	​	​	​	​	​
Investments in affiliated underlying funds at fair value*	​	$	364,643,654	​	$	128,704,558
Investments in unaffiliated underlying funds at fair value**	​	​	3,668,179	​	​	1,290,868
Cash	​	​	430,094	​	​	132,876
Cash collateral for futures	​	​	3,459,458	​	​	1,189,895
Receivables:	​	​	​	​	​	​
Fund shares sold	​	​	700,455	​	​	399,344
Dividends	​	​	290	​	​	82
Interest	​	​	395	​	​	124
Prepaid expenses	​	​	3,557	​	​	1,100
Reimbursement due from Investment Adviser	​	​	59,508	​	​	16,406
Other assets	​	​	4,576	​	​	811
Total assets	​	​	372,970,166	​	​	131,736,064
LIABILITIES:	​	​	​	​	​	​
Payable for investments in affiliated underlying funds purchased	​	​	188	​	​	—
Payable for investment management fees	​	​	61,128	​	​	21,388
Payable for distribution and shareholder service fees	​	​	32,036	​	​	5,808
Payable for directors fees	​	​	1,702	​	​	565
Payable to directors under the deferred compensation plan (Note 6)	​	​	4,576	​	​	811
Other accrued expenses and liabilities	​	​	35,235	​	​	15,132
Total liabilities	​	​	134,865	​	​	43,704
NET ASSETS	​	$	372,835,301	​	$	131,692,360
NET ASSETS WERE COMPRISED OF:	​	​	​	​	​	​
Paid-in capital	​	$	349,911,138	​	$	126,041,063
Total distributable earnings	​	​	22,924,163	​	​	5,651,297
NET ASSETS	​	$	372,835,301	​	$	131,692,360
* Cost of investments in affiliated underlying funds	​	$	361,899,489	​	$	128,540,152
** Cost of investments in unaffiliated underlying funds	​	$	3,213,095	​	$	1,134,617

See Accompanying Notes to Financial Statements

8

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2020 (Unaudited) (continued)

​	​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
Class ADV	​	​	​	​	​	​	​
Net assets	​	​	$	51,217,512	​	$	9,955,555
Shares authorized	​	​	​	100,000,000	​	​	100,000,000
Par value	​	​	$	0.001	​	$	0.001
Shares outstanding	​	​	​	3,430,089	​	​	796,665
Net asset value and redemption price per share	​	​	$	14.93	​	$	12.50
Class I	​	​	​	​	​	​	​
Net assets	​	​	$	33,724,487	​	$	9,450,562
Shares authorized	​	​	​	100,000,000	​	​	100,000,000
Par value	​	​	$	0.001	​	$	0.001
Shares outstanding	​	​	​	2,195,175	​	​	741,040
Net asset value and redemption price per share	​	​	$	15.36	​	$	12.75
Class S	​	​	​	​	​	​	​
Net assets	​	​	$	35,304,282	​	$	6,853,495
Shares authorized	​	​	​	100,000,000	​	​	100,000,000
Par value	​	​	$	0.001	​	$	0.001
Shares outstanding	​	​	​	2,330,134	​	​	543,551
Net asset value and redemption price per share	​	​	$	15.15	​	$	12.61
Class S2	​	​	​	​	​	​	​
Net assets	��	​	$	12,403,747	​	$	1,436,871
Shares authorized	​	​	​	100,000,000	​	​	100,000,000
Par value	​	​	$	0.001	​	$	0.001
Shares outstanding	​	​	​	826,427	​	​	114,449
Net asset value and redemption price per share	​	​	$	15.01	​	$	12.55
Class Z	​	​	​	​	​	​	​
Net assets	​	​	$	240,185,273	​	$	103,995,877
Shares authorized	​	​	​	100,000,000	​	​	100,000,000
Par value	​	​	$	0.001	​	$	0.001
Shares outstanding	​	​	​	15,451,472	​	​	8,074,615
Net asset value and redemption price per share	​	​	$	15.54	​	$	12.88

See Accompanying Notes to Financial Statements

9

STATEMENTS OF OPERATIONS for the six months ended June 30, 2020 (Unaudited)

​

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

​

$

5,134,528

​

$

4,337,268

​

$

11,303,414

​

$

6,999,218

Dividends from unaffiliated underlying funds

​

​

620,643

​

​

544,249

​

​

1,294,748

​

​

639,433

Interest

​

​

4,131

​

​

2,596

​

​

8,990

​

​

5,537

Total investment income

​

​

5,759,302

​

​

4,884,113

​

​

12,607,152

​

​

7,644,188

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

542,841

​

​

474,088

​

​

1,169,885

​

​

672,165

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

189,993

​

​

70,534

​

​

434,155

​

​

86,420

Class S

​

​

164,702

​

​

10,430

​

​

153,252

​

​

17,420

Class S2

​

​

16,066

​

​

18,506

​

​

64,539

​

​

13,332

Transfer agent fees (Note 6):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

16,449

​

​

7,483

​

​

39,817

​

​

14,498

Class I

​

​

3,875

​

​

1,580

​

​

12,741

​

​

3,460

Class S

​

​

28,527

​

​

2,212

​

​

28,117

​

​

5,860

Class S2

​

​

1,739

​

​

2,449

​

​

7,383

​

​

2,792

Class Z

​

​

292

​

​

344

​

​

416

​

​

489

Shareholder reporting expense

​

​

8,372

​

​

6,552

​

​

12,740

​

​

8,170

Registration fees

​

​

—

​

​

7,267

​

​

11,062

​

​

14,705

Professional fees

​

​

18,564

​

​

22,904

​

​

37,310

​

​

19,840

Custody and accounting expense

​

​

5,460

​

​

18,200

​

​

21,840

​

​

23,640

Directors fees

​

​

9,415

​

​

8,233

​

​

21,243

​

​

12,345

Miscellaneous expense

​

​

12,840

​

​

8,014

​

​

16,960

​

​

9,477

Interest expense

​

​

778

​

​

449

​

​

1,963

​

​

870

Total expenses

​

​

1,019,913

​

​

659,245

​

​

2,033,423

​

​

905,483

Waived and reimbursed fees

​

​

(362,717)

​

​

(493,702)

​

​

(927,641)

​

​

(708,750)

Net expenses

​

​

657,196

​

​

165,543

​

​

1,105,782

​

​

196,733

Net investment income

​

​

5,102,106

​

​

4,718,570

​

​

11,501,370

​

​

7,447,455

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

1,995,573

​

​

1,955,272

​

​

679,037

​

​

(979,064)

Sale of unaffiliated underlying funds

​

​

(449,262)

​

​

1,523

​

​

(352,102)

​

​

(219,540)

Capital gain distributions from affiliated underlying funds

​

​

—

​

​

—

​

​

3,788,346

​

​

2,685,721

Futures

​

​

981,488

​

​

601,968

​

​

1,184,439

​

​

685,213

Net realized gain

​

​

2,527,799

​

​

2,558,763

​

​

5,299,720

​

​

2,172,330

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

808,143

​

​

(1,663,350)

​

​

(32,540,680)

​

​

(26,961,448)

Unaffiliated underlying funds

​

​

213,445

​

​

(143,712)

​

​

(1,227,054)

​

​

(561,839)

Futures

​

​

500,656

​

​

555,668

​

​

1,185,748

​

​

765,596

Net change in unrealized appreciation (depreciation)

​

​

1,522,244

​

​

(1,251,394)

​

​

(32,581,986)

​

​

(26,757,691)

Net realized and unrealized gain (loss)

​

​

4,050,043

​

​

1,307,369

​

​

(27,282,266)

​

​

(24,585,361)

Increase (decrease) in net assets resulting from operations

​

$

9,152,149

​

$

6,025,939

​

$

(15,780,896)

​

$

(17,137,906)

10

STATEMENTS OF OPERATIONS for the six months ended June 30, 2020 (Unaudited)

​

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

​

$

11,284,428

​

$

5,417,089

​

$

8,213,586

​

$

3,759,777

Dividends from unaffiliated underlying funds

​

​

1,003,603

​

​

201,988

​

​

238,585

​

​

28,413

Interest

​

​

9,724

​

​

5,097

​

​

8,080

​

​

3,209

Total investment income

​

​

12,297,755

​

​

5,624,174

​

​

8,460,251

​

​

3,791,399

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Investment management fees

​

​

1,121,059

​

​

473,937

​

​

725,476

​

​

318,516

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

408,552

​

​

54,288

​

​

292,267

​

​

39,759

Class S

​

​

124,737

​

​

13,538

​

​

83,178

​

​

12,838

Class S2

​

​

65,269

​

​

5,563

​

​

38,565

​

​

5,728

Transfer agent fees (Note 6):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

46,287

​

​

14,097

​

​

46,609

​

​

14,635

Class I

​

​

17,192

​

​

3,775

​

​

20,146

​

​

5,792

Class S

​

​

28,272

​

​

7,013

​

​

26,528

​

​

9,412

Class S2

​

​

9,230

​

​

1,804

​

​

7,677

​

​

2,631

Class Z

​

​

468

​

​

477

​

​

409

​

​

337

Shareholder reporting expense

​

​

9,464

​

​

6,370

​

​

6,916

​

​

5,752

Registration fees

​

​

15,744

​

​

13,257

​

​

10,827

​

​

9,802

Professional fees

​

​

34,762

​

​

17,836

​

​

27,300

​

​

10,793

Custody and accounting expense

​

​

31,850

​

​

21,840

​

​

26,390

​

​

9,980

Directors fees

​

​

20,556

​

​

9,188

​

​

14,129

​

​

6,307

Miscellaneous expense

​

​

15,457

​

​

4,728

​

​

9,857

​

​

12,206

Interest expense

​

​

1,870

​

​

687

​

​

1,069

​

​

267

Total expenses

​

​

1,950,769

​

​

648,398

​

​

1,337,343

​

​

464,755

Waived and reimbursed fees

​

​

(929,646)

​

​

(520,707)

​

​

(610,354)

​

​

(356,823)

Net expenses

​

​

1,021,123

​

​

127,691

​

​

726,989

​

​

107,932

Net investment income

​

​

11,276,632

​

​

5,496,483

​

​

7,733,262

​

​

3,683,467

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Sale of affiliated underlying funds

​

​

3,341,227

​

​

(2,531,761)

​

​

(3,133,689)

​

​

(2,430,809)

Sale of unaffiliated underlying funds

​

​

(2,046,638)

​

​

(1,256,749)

​

​

(1,977,093)

​

​

(1,049,614)

Capital gain distributions from affiliated underlying funds

​

​

5,866,118

​

​

2,670,399

​

​

4,555,065

​

​

2,044,770

Futures

​

​

1,004,630

​

​

137,287

​

​

(419,093)

​

​

(397,925)

Net realized gain (loss)

​

​

8,165,337

​

​

(980,824)

​

​

(974,810)

​

​

(1,833,578)

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Affiliated underlying funds

​

​

(63,446,067)

​

​

(25,409,780)

​

​

(46,318,597)

​

​

(19,736,883)

Unaffiliated underlying funds

​

​

(661,500)

​

​

(170,096)

​

​

(548,237)

​

​

(419,347)

Futures

​

​

1,291,618

​

​

482,070

​

​

730,235

​

​

301,730

Net change in unrealized appreciation (depreciation)

​

​

(62,815,949)

​

​

(25,097,806)

​

​

(46,136,599)

​

​

(19,854,500)

Net realized and unrealized loss

​

​

(54,650,612)

​

​

(26,078,630)

​

​

(47,111,409)

​

​

(21,688,078)

Decrease in net assets resulting from operations

​

$

(43,373,980)

​

$

(20,582,147)

​

$

(39,378,147)

​

$

(18,004,611)

See Accompanying Notes to Financial Statements

11

STATEMENTS OF OPERATIONS for the six months ended June 30, 2020 (Unaudited)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
INVESTMENT INCOME:	​	​	​	​	​	​
Dividends from affiliated underlying funds	​	$	4,128,608	​	$	1,372,006
Dividends from unaffiliated underlying funds	​	​	38,828	​	​	24,798
Interest	​	​	3,315	​	​	134
Total investment income	​	​	4,170,751	​	​	1,396,938
EXPENSES:	​	​	​	​	​	​
Investment management fees	​	​	345,065	​	​	116,616
Distribution and shareholder service fees:	​	​	​	​	​	​
Class ADV	​	​	123,174	​	​	22,508
Class S	​	​	41,154	​	​	7,285
Class S2	​	​	22,887	​	​	2,958
Transfer agent fees (Note 6):	​	​	​	​	​	​
Class ADV	​	​	38,696	​	​	8,161
Class I	​	​	23,942	​	​	7,225
Class S	​	​	25,845	​	​	5,273
Class S2	​	​	8,971	​	​	1,340
Class Z	​	​	327	​	​	287
Shareholder reporting expense	​	​	6,521	​	​	4,466
Registration fees	​	​	8,117	​	​	4,622
Professional fees	​	​	13,136	​	​	4,926
Custody and accounting expense	​	​	12,580	​	​	7,298
Directors fees	​	​	6,809	​	​	2,262
Miscellaneous expense	​	​	9,495	​	​	5,465
Interest expense	​	​	188	​	​	70
Total expenses	​	​	686,907	​	​	200,762
Waived and reimbursed fees	​	​	(345,649)	​	​	(137,885)
Net expenses	​	​	341,258	​	​	62,877
Net investment income	​	​	3,829,493	​	​	1,334,061
REALIZED AND UNREALIZED GAIN (LOSS):	​	​	​	​	​	​
Net realized gain (loss) on:	​	​	​	​	​	​
Sale of affiliated underlying funds	​	​	(1,612,842)	​	​	(1,472,316)
Sale of unaffiliated underlying funds	​	​	(1,113,665)	​	​	(4)
Capital gain distributions from affiliated underlying funds	​	​	2,465,991	​	​	855,470
Futures	​	​	(451,393)	​	​	(143,161)
Net realized loss	​	​	(711,909)	​	​	(760,011)
Net change in unrealized appreciation (depreciation) on:	​	​	​	​	​	​
Affiliated underlying funds	​	​	(22,897,942)	​	​	(5,986,400)
Unaffiliated underlying funds	​	​	1,081	​	​	33,527
Futures	​	​	328,883	​	​	82,432
Net change in unrealized appreciation (depreciation)	​	​	(22,567,978)	​	​	(5,870,441)
Net realized and unrealized loss	​	​	(23,279,887)	​	​	(6,630,452)
Decrease in net assets resulting from operations	​	$	(19,450,394)	​	$	(5,296,391)

See Accompanying Notes to Financial Statements

12

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

5,102,106

​

$

9,171,225

​

$

4,718,570

​

$

8,063,401

Net realized gain

​

​

2,527,799

​

​

8,520,498

​

​

2,558,763

​

​

7,814,503

Net change in unrealized appreciation (depreciation)

​

​

1,522,244

​

​

39,194,970

​

​

(1,251,394)

​

​

34,558,892

Increase in net assets resulting from operations

​

​

9,152,149

​

​

56,886,693

​

​

6,025,939

​

​

50,436,796

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(2,575,512)

​

​

—

​

​

(1,033,955)

Class I

​

​

—

​

​

(711,876)

​

​

—

​

​

(285,814)

Class S

​

​

—

​

​

(4,823,540)

​

​

—

​

​

(287,380)

Class S2

​

​

—

​

​

(293,428)

​

​

—

​

​

(244,252)

Class Z

​

​

—

​

​

(7,575,291)

​

​

—

​

​

(13,430,758)

Total distributions

​

​

—

​

​

(15,979,647)

​

​

—

​

​

(15,282,159)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

34,949,206

​

​

71,484,449

​

​

52,620,849

​

​

119,152,070

Reinvestment of distributions

​

​

—

​

​

15,979,647

​

​

—

​

​

15,282,159

​

​

​

34,949,206

​

​

87,464,096

​

​

52,620,849

​

​

134,434,229

Cost of shares redeemed

​

​

(37,781,299)

​

​

(97,832,372)

​

​

(47,791,589)

​

​

(56,184,080)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(2,832,093)

​

​

(10,368,276)

​

​

4,829,260

​

​

78,250,149

Net increase in net assets

​

​

6,320,056

​

​

30,538,770

​

​

10,855,199

​

​

113,404,786

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

475,025,241

​

​

444,486,471

​

​

413,850,907

​

​

300,446,121

End of year or period

​

$

481,345,297

​

$

475,025,241

​

$

424,706,106

​

$

413,850,907

See Accompanying Notes to Financial Statements

13

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

11,501,370

​

$

20,762,079

​

$

7,447,455

​

$

11,560,756

Net realized gain

​

​

5,299,720

​

​

32,149,603

​

​

2,172,330

​

​

18,030,414

Net change in unrealized appreciation (depreciation)

​

​

(32,581,986)

​

​

114,158,757

​

​

(26,757,691)

​

​

66,071,960

Increase (decrease) in net assets resulting from operations

​

​

(15,780,896)

​

​

167,070,439

​

​

(17,137,906)

​

​

95,663,130

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(9,444,733)

​

​

—

​

​

(1,389,077)

Class I

​

​

—

​

​

(3,130,351)

​

​

—

​

​

(357,097)

Class S

​

​

—

​

​

(6,676,575)

​

​

—

​

​

(596,130)

Class S2

​

​

—

​

​

(1,517,211)

​

​

—

​

​

(238,292)

Class Z

​

​

—

​

​

(32,027,968)

​

​

—

​

​

(21,967,828)

Total distributions

​

​

—

​

​

(52,796,838)

​

​

—

​

​

(24,548,424)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

96,256,946

​

​

215,596,514

​

​

73,870,847

​

​

172,683,194

Reinvestment of distributions

​

​

—

​

​

52,796,838

​

​

—

​

​

24,548,424

​

​

​

96,256,946

​

​

268,393,352

​

​

73,870,847

​

​

197,231,618

Cost of shares redeemed

​

​

(91,816,217)

​

​

(129,159,106)

​

​

(26,961,967)

​

​

(39,594,711)

Net increase in net assets resulting from capital share transactions

​

​

4,440,729

​

​

139,234,246

​

​

46,908,880

​

​

157,636,907

Net increase (decrease) in net assets

​

​

(11,340,167)

​

​

253,507,847

​

​

29,770,974

​

​

228,751,613

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

1,105,452,311

​

​

851,944,464

​

​

623,934,116

​

​

395,182,503

End of year or period

​

$

1,094,112,144

​

$

1,105,452,311

​

$

653,705,090

​

$

623,934,116

See Accompanying Notes to Financial Statements

14

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

11,276,632

​

$

19,230,378

​

$

5,496,483

​

$

8,299,977

Net realized gain (loss)

​

​

8,165,337

​

​

38,890,231

​

​

(980,824)

​

​

15,272,552

Net change in unrealized appreciation (depreciation)

​

​

(62,815,949)

​

​

128,173,901

​

​

(25,097,806)

​

​

54,559,870

Increase (decrease) in net assets resulting from operations

​

​

(43,373,980)

​

​

186,294,510

​

​

(20,582,147)

​

​

78,132,399

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(9,351,556)

​

​

—

​

​

(944,613)

Class I

​

​

—

​

​

(3,201,072)

​

​

—

​

​

(214,734)

Class S

​

​

—

​

​

(5,875,369)

​

​

—

​

​

(462,330)

Class S2

​

​

—

​

​

(1,545,029)

​

​

—

​

​

(118,389)

Class Z

​

​

—

​

​

(32,118,650)

​

​

—

​

​

(16,464,473)

Total distributions

​

​

—

​

​

(52,091,676)

​

​

—

​

​

(18,204,539)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

91,796,385

​

​

237,452,242

​

​

58,897,473

​

​

144,976,166

Reinvestment of distributions

​

​

—

​

​

52,091,676

​

​

—

​

​

18,204,539

​

​

​

91,796,385

​

​

289,543,918

​

​

58,897,473

​

​

163,180,705

Cost of shares redeemed

​

​

(57,323,932)

​

​

(110,295,595)

​

​

(19,106,808)

​

​

(25,057,448)

Net increase in net assets resulting from capital share transactions

​

​

34,472,453

​

​

179,248,323

​

​

39,790,665

​

​

138,123,257

Net increase (decrease) in net assets

​

​

(8,901,527)

​

​

313,451,157

​

​

19,208,518

​

​

198,051,117

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

1,083,611,758

​

​

770,160,601

​

​

470,558,279

​

​

272,507,162

End of year or period

​

$

1,074,710,231

​

$

1,083,611,758

​

$

489,766,797

​

$

470,558,279

See Accompanying Notes to Financial Statements

15

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

7,733,262

​

$

12,485,579

​

$

3,683,467

​

$

5,489,353

Net realized gain (loss)

​

​

(974,810)

​

​

29,202,280

​

​

(1,833,578)

​

​

10,207,931

Net change in unrealized appreciation (depreciation)

​

​

(46,136,599)

​

​

97,502,541

​

​

(19,854,500)

​

​

39,413,110

Increase (decrease) in net assets resulting from operations

​

​

(39,378,147)

​

​

139,190,400

​

​

(18,004,611)

​

​

55,110,394

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(7,369,585)

​

​

—

​

​

(639,345)

Class I

​

​

—

​

​

(2,733,025)

​

​

—

​

​

(206,350)

Class S

​

​

—

​

​

(4,239,765)

​

​

—

​

​

(410,826)

Class S2

​

​

—

​

​

(1,070,837)

​

​

—

​

​

(113,385)

Class Z

​

​

—

​

​

(22,826,868)

​

​

—

​

​

(10,045,779)

Total distributions

​

​

—

​

​

(38,240,080)

​

​

—

​

​

(11,415,685)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

71,708,937

​

​

161,741,859

​

​

48,202,254

​

​

106,664,469

Reinvestment of distributions

​

​

—

​

​

38,240,080

​

​

—

​

​

11,415,685

​

​

​

71,708,937

​

​

199,981,939

​

​

48,202,254

​

​

118,080,154

Cost of shares redeemed

​

​

(31,288,774)

​

​

(74,762,682)

​

​

(10,248,414)

​

​

(15,101,324)

Net increase in net assets resulting from capital share transactions

​

​

40,420,163

​

​

125,219,257

​

​

37,953,840

​

​

102,978,830

Net increase in net assets

​

​

1,042,016

​

​

226,169,577

​

​

19,949,229

​

​

146,673,539

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

747,203,739

​

​

521,034,162

​

​

324,718,905

​

​

178,045,366

End of year or period

​

$

748,245,755

​

$

747,203,739

​

$

344,668,134

​

$

324,718,905

See Accompanying Notes to Financial Statements

16

STATEMENTS OF CHANGES IN NET ASSETS

​

Voya Index Solution 2055 Portfolio

Voya Index Solution 2060 Portfolio

​

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

Six Months Ended June 30, 2020 (Unaudited)

Year Ended December 31, 2019

FROM OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income

​

$

3,829,493

​

$

5,631,663

​

$

1,334,061

​

$

1,672,174

Net realized gain (loss)

​

​

(711,909)

​

​

12,678,424

​

​

(760,011)

​

​

3,200,788

Net change in unrealized appreciation (depreciation)

​

​

(22,567,978)

​

​

43,682,245

​

​

(5,870,441)

​

​

11,530,451

Increase (decrease) in net assets resulting from operations

​

​

(19,450,394)

​

​

61,992,332

​

​

(5,296,391)

​

​

16,403,413

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Total distributions (excluding return of capital):

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(2,502,162)

​

​

—

​

​

(242,830)

Class I

​

​

—

​

​

(1,263,096)

​

​

—

​

​

(159,806)

Class S

​

​

—

​

​

(1,646,898)

​

​

—

​

​

(147,396)

Class S2

​

​

—

​

​

(499,112)

​

​

—

​

​

(41,350)

Class Z

​

​

—

​

​

(8,817,712)

​

​

—

​

​

(2,083,235)

Total distributions

​

​

—

​

​

(14,728,980)

​

​

—

​

​

(2,674,617)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from sale of shares

​

​

53,493,057

​

​

104,869,051

​

​

32,071,116

​

​

53,468,952

Reinvestment of distributions

​

​

—

​

​

14,728,980

​

​

—

​

​

2,674,617

​

​

​

53,493,057

​

​

119,598,031

​

​

32,071,116

​

​

56,143,569

Cost of shares redeemed

​

​

(11,234,939)

​

​

(31,452,413)

​

​

(4,325,131)

​

​

(6,457,877)

Net increase in net assets resulting from capital share transactions

​

​

42,258,118

​

​

88,145,618

​

​

27,745,985

​

​

49,685,692

Net increase in net assets

​

​

22,807,724

​

​

135,408,970

​

​

22,449,594

​

​

63,414,488

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year or period

​

​

350,027,577

​

​

214,618,607

​

​

109,242,766

​

​

45,828,278

End of year or period

​

$

372,835,301

​

$

350,027,577

​

$

131,692,360

​

$

109,242,766

See Accompanying Notes to Financial Statements

17

Financial Highlights

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

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution Income Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.54

​

0.09•

​

0.10

​

0.19

​

—

​

—

​

—

​

—

​

—

​

10.73

​

1.80

​

0.80

​

0.74

​

0.74

​

1.70

​

77,300

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.82

​

0.12•

​

0.10

​

0.22

​

—

​

—

​

—

​

—

​

—

​

11.04

​

2.03

​

0.30

​

0.24

​

0.24

​

2.20

​

18,058

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.71

​

0.10•

​

0.11

​

0.21

​

—

​

—

​

—

​

—

​

—

​

10.92

​

1.96

​

0.55

​

0.49

​

0.49

​

1.95

​

133,042

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.48

​

0.09•

​

0.10

​

0.19

​

—

​

—

​

—

​

—

​

—

​

10.67

​

1.81

​

0.70

​

0.64

​

0.64

​

1.83

​

8,221

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

10.93

​

0.13•

​

0.10

​

0.23

​

—

​

—

​

—

​

—

​

—

​

11.16

​

2.10

​

0.26

​

0.00*

​

0.00*

​

2.46

​

244,724

​

25

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

See Accompanying Notes to Financial Statements

18

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2020 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.48

​

0.11•

​

0.06

​

0.17

​

—

​

—

​

—

​

—

​

—

​

13.65

​

1.26

​

0.82

​

0.74

​

0.74

​

1.64

​

28,885

​

38

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

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.85

​

0.14•

​

0.07

​

0.21

​

—

​

—

​

—

​

—

​

—

​

14.06

​

1.52

​

0.32

​

0.24

​

0.24

​

2.06

​

5,678

​

38

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.82

​

0.13•

​

0.05

​

0.18

​

—

​

—

​

—

​

—

​

—

​

14.00

​

1.30

​

0.57

​

0.49

​

0.49

​

1.90

​

9,002

​

38

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.70

​

0.12•

​

0.05

​

0.17

​

—

​

—

​

—

​

—

​

—

​

13.87

​

1.24

​

0.72

​

0.64

​

0.64

​

1.79

​

10,345

​

38

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.98

​

0.16•

​

0.07

​

0.23

​

—

​

—

​

—

​

—

​

—

​

14.21

​

1.65

​

0.27

​

0.00*

​

0.00*

​

2.38

​

370,797

​

38

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

See Accompanying Notes to Financial Statements

19

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2025 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.22

​

0.09•

​

(0.25)

​

(0.16)

​

—

​

—

​

—

​

—

​

—

​

11.06

​

(1.43)

​

0.79

​

0.73

​

0.73

​

1.62

​

175,848

​

30

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.51

​

0.11•

​

(0.25)

​

(0.14)

​

—

​

—

​

—

​

—

​

—

​

11.37

​

(1.22)

​

0.29

​

0.23

​

0.23

​

2.09

​

54,648

​

30

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.38

​

0.10•

​

(0.25)

​

(0.15)

​

—

​

—

​

—

​

—

​

—

​

11.23

​

(1.32)

​

0.54

​

0.48

​

0.48

​

1.88

​

123,958

​

30

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.17

​

0.10•

​

(0.25)

​

(0.15)

​

—

​

—

​

—

​

—

​

—

​

11.02

​

(1.34)

​

0.69

​

0.63

​

0.63

​

1.78

​

34,014

​

30

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.62

​

0.13•

​

(0.26)

​

(0.13)

​

—

​

—

​

—

​

—

​

—

​

11.49

​

(1.12)

​

0.24

​

0.00*

​

0.00*

​

2.39

​

705,645

​

30

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

See Accompanying Notes to Financial Statements

20

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2030 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.89

​

0.13•

​

(0.59)

​

(0.46)

​

—

​

—

​

—

​

—

​

—

​

15.43

​

(2.89)

​

0.83

​

0.73

​

0.73

​

1.71

​

36,180

​

27

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.37

​

0.17•

​

(0.62)

​

(0.45)

​

—

​

—

​

—

​

—

​

—

​

15.92

​

(2.75)

​

0.33

​

0.23

​

0.23

​

2.17

​

8,382

​

27

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.24

​

0.15•

​

(0.60)

​

(0.45)

​

—

​

—

​

—

​

—

​

—

​

15.79

​

(2.77)

​

0.58

​

0.48

​

0.48

​

1.98

​

14,838

​

27

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

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.02

​

0.15•

​

(0.61)

​

(0.46)

​

—

​

—

​

—

​

—

​

—

​

15.56

​

(2.87)

​

0.73

​

0.63

​

0.63

​

2.04

​

7,771

​

27

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.48

​

0.19•

​

(0.61)

​

(0.42)

​

—

​

—

​

—

​

—

​

—

​

16.06

​

(2.55)

​

0.25

​

0.00*

​

0.00*

​

2.48

​

586,534

​

27

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

See Accompanying Notes to Financial Statements

21

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2035 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.72

​

0.09•

​

(0.58)

​

(0.49)

​

—

​

—

​

—

​

—

​

—

​

11.23

​

(4.18)

​

0.80

​

0.73

​

0.73

​

1.61

​

164,915

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.06

​

0.12•

​

(0.59)

​

(0.47)

​

—

​

—

​

—

​

—

​

—

​

11.59

​

(3.90)

​

0.30

​

0.23

​

0.23

​

2.17

​

62,809

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.91

​

0.10•

​

(0.58)

​

(0.48)

​

—

​

—

​

—

​

—

​

—

​

11.43

​

(4.03)

​

0.55

​

0.48

​

0.48

​

1.87

​

101,059

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

11.71

​

0.10•

​

(0.59)

​

(0.49)

​

—

​

—

​

—

​

—

​

—

​

11.22

​

(4.18)

​

0.70

​

0.63

​

0.63

​

1.81

​

34,315

​

25

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

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.20

​

0.14•

​

(0.61)

​

(0.47)

​

—

​

—

​

—

​

—

​

—

​

11.73

​

(3.85)

​

0.24

​

0.00*

​

0.00*

​

2.42

​

711,612

​

25

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

See Accompanying Notes to Financial Statements

22

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2040 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.81

​

0.13•

​

(0.95)

​

(0.82)

​

—

​

—

​

—

​

—

​

—

​

15.99

​

(4.88)

​

0.87

​

0.74

​

0.74

​

1.63

​

21,927

​

17

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.28

​

0.18•

​

(0.98)

​

(0.80)

​

—

​

—

​

—

​

—

​

—

​

16.48

​

(4.63)

​

0.37

​

0.24

​

0.24

​

2.29

​

6,128

​

17

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.24

​

0.16•

​

(0.98)

​

(0.82)

​

—

​

—

​

—

​

—

​

—

​

16.42

​

(4.76)

​

0.62

​

0.49

​

0.49

​

1.96

​

10,890

​

17

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.98

​

0.15•

​

(0.97)

​

(0.82)

​

—

​

—

​

—

​

—

​

—

​

16.16

​

(4.83)

​

0.77

​

0.64

​

0.64

​

1.88

​

2,790

​

17

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.43

​

0.20•

​

(0.98)

​

(0.78)

​

—

​

—

​

—

​

—

​

—

​

16.65

​

(4.48)

​

0.24

​

0.00*

​

0.00*

​

2.46

​

448,032

​

17

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

23

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

​

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

​

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2045 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.17

​

0.09•

​

(0.77)

​

(0.68)

​

—

​

—

​

—

​

—

​

—

​

11.49

​

(5.59)

​

0.81

​

0.74

​

0.74

​

1.59

​

117,591

​

15

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.61

​

0.12•

​

(0.80)

​

(0.68)

​

—

​

—

​

—

​

—

​

—

​

11.93

​

​

(5.39)

​

0.31

​

0.24

​

0.24

​

2.15

​

53,351

​

15

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.41

​

0.11•

​

(0.79)

​

(0.68)

​

—

​

—

​

—

​

—

​

—

​

11.73

​

​

(5.48)

​

0.56

​

0.49

​

0.49

​

1.85

​

68,257

​

15

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.19

​

0.10•

​

(0.78)

​

(0.68)

​

—

​

—

​

—

​

—

​

—

​

11.51

​

​

(5.58)

​

0.71

​

0.64

​

0.64

​

1.76

​

20,262

​

15

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

12.74

​

0.14•

​

(0.81)

​

(0.67)

​

—

​

—

​

—

​

—

​

—

​

12.07

​

​

(5.26)

​

0.23

​

0.00*

​

0.00*

​

2.43

​

488,785

​

15

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

See Accompanying Notes to Financial Statements

24

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2050 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.18

​

0.13•

​

(1.17)

​

(1.04)

​

—

​

—

​

—

​

—

​

—

​

16.14

​

(6.05)

​

0.92

​

0.74

​

0.74

​

1.60

​

16,887

​

13

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

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.58

​

0.17•

​

(1.19)

​

(1.02)

​

—

​

—

​

—

​

—

​

—

​

16.56

​

(5.80)

​

0.42

​

0.24

​

0.24

​

2.16

​

6,983

​

13

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.53

​

0.15•

​

(1.19)

​

(1.04)

​

—

​

—

​

—

​

—

​

—

​

16.49

​

(5.93)

​

0.67

​

0.49

​

0.49

​

1.87

​

11,154

​

13

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.26

​

0.15•

​

(1.18)

​

(1.03)

​

—

​

—

​

—

​

—

​

—

​

16.23

​

(5.97)

​

0.82

​

0.64

​

0.64

​

1.87

​

2,659

​

13

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

17.73

​

0.19•

​

(1.21)

​

(1.02)

​

—

​

—

​

—

​

—

​

—

​

16.71

​

(5.75)

​

0.24

​

0.00*

​

0.00*

​

2.41

​

306,985

​

13

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

See Accompanying Notes to Financial Statements

25

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2055 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.91

​

0.12•

​

(1.10)

​

(0.98)

​

—

​

—

​

—

​

—

​

—

​

14.93

​

(6.16)

​

0.89

​

0.74

​

0.74

​

1.63

​

51,218

​

12

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.33

​

0.17•

​

(1.14)

​

(0.97)

​

—

​

—

​

—

​

—

​

—

​

15.36

​

(5.94)

​

0.39

​

0.24

​

0.24

​

2.23

​

33,724

​

12

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

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.13

​

0.14•

​

(1.12)

​

(0.98)

​

—

​

—

​

—

​

—

​

—

​

15.15

​

(6.08)

​

0.64

​

0.49

​

0.49

​

1.91

​

35,304

​

12

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

15.99

​

0.14•

​

(1.12)

​

(0.98)

​

—

​

—

​

—

​

—

​

—

​

15.01

​

(6.13)

​

0.79

​

0.64

​

0.64

​

1.87

​

12,404

​

12

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

16.51

​

0.19•

​

(1.16)

​

(0.97)

​

—

​

—

​

—

​

—

​

—

​

15.54

​

(5.88)

​

0.24

​

0.00*

​

0.00*

​

2.48

​

240,185

​

12

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

See Accompanying Notes to Financial Statements

26

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Voya Index Solution 2060 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.31

​

0.10•

​

(0.91)

​

(0.81)

​

—

​

—

​

—

​

—

​

—

​

12.50

​

(6.09)

​

0.94

​

0.74

​

0.74

​

1.62

​

9,956

​

20

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.55

​

0.14•

​

(0.94)

​

(0.80)

​

—

​

—

​

—

​

—

​

—

​

12.75

​

(5.90)

​

0.44

​

0.24

​

0.24

​

2.26

​

9,451

​

20

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.41

​

0.12•

​

(0.92)

​

(0.80)

​

—

​

—

​

—

​

—

​

—

​

12.61

​

(5.97)

​

0.69

​

0.49

​

0.49

​

1.98

​

6,853

​

20

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

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.37

​

0.11•

​

(0.93)

​

(0.82)

​

—

​

—

​

—

​

—

​

—

​

12.55

​

(6.13)

​

0.84

​

0.64

​

0.64

​

1.83

​

1,437

​

20

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

See Accompanying Notes to Financial Statements

27

Financial Highlights (continued)

​

​

​

Income (loss) from investment operations

​

​

Less Distributions

​

​

​

​

​

​

​

​

Ratios to average net assets

Supplemental Data

​

Net asset value, begin­ning of year or period

Net invest­ment income (loss)

Net real­ized and unre­al­ized gain (loss)

Total from invest­ment oper­a­tions

From net invest­ment income

From net real­ized gains

From return of cap­ital

Total dis­tri­bu­tions

Pay­ment by affil­iate

Net asset value, end of year or period

Total Return(1)

Expenses before reduc­tions/​addi­tions(2)(3)(4)

Expenses net of fee waivers and/​or recoup­ments if any(2)(3)(4)

Expense net of all reduc­tions/​addi­tions(2)(3)(4)

Net invest­ment income (loss)(2)(3)

Net assets, end of year or period

Port­folio turnover rate

Year or period ended

($)

($)

($)

($)

($)

($)

($)

($)

($)

($)

(%)

(%)

(%)

(%)

(%)

($000’s)

(%)

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-20+

​

13.67

​

0.15•

​

(0.94)

​

(0.79)

​

—

​

—

​

—

​

—

​

—

​

12.88

​

(5.78)

​

0.26

​

0.00*

​

0.00*

​

2.49

​

103,996

​

20

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)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

+

Unaudited.

•

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

*

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

See Accompanying Notes to Financial Statements

28

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-nine 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. On close of business August 7, 2020, Index Solution 2020 merged into Index Solution Income.

Index Solution 2020, Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055 and Index Solution 2060 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the “Board”).

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

29

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

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

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

agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

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

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

30

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (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.

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

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

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

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

31

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (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:

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

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

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

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in

derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2020, each Portfolio used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Each Portfolio had purchased and sold futures contracts on various equity indices and various U.S.

32

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Treasury Notes and Bonds. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2020, 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 at June 30, 2020.

​	Purchased			Sold
Index Solution Income	​	$	45,322,411	​	$	24,057,609
Index Solution 2020	​	​	35,089,356	​	​	22,018,378
Index Solution 2025	​	​	48,334,762	​	​	48,304,530
Index Solution 2030	​	​	26,339,745	​	​	26,276,694
Index Solution 2035	​	​	45,601,935	​	​	45,713,156
Index Solution 2040	​	​	27,379,090	​	​	27,324,203
Index Solution 2045	​	​	40,274,507	​	​	40,263,680
Index Solution 2050	​	​	16,803,252	​	​	16,853,636
Index Solution 2055	​	​	18,265,762	​	​	18,292,898
Index Solution 2060	​	​	4,538,123	​	​	4,531,250

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

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the six months ended June 30, 2020, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

​	Purchases			Sales
Index Solution Income	​	$	145,277,646	​	$	114,849,914
Index Solution 2020	​	​	175,006,473	​	​	152,797,711
Index Solution 2025	​	​	322,467,317	​	​	314,669,667
Index Solution 2030	​	​	215,851,460	​	​	166,460,954
Index Solution 2035	​	​	291,887,555	​	​	253,470,626
Index Solution 2040	​	​	118,922,777	​	​	78,557,964
Index Solution 2045	​	​	151,833,203	​	​	109,291,789
Index Solution 2050	​	​	78,077,977	​	​	39,522,109
Index Solution 2055	​	​	82,042,722	​	​	39,405,759
Index Solution 2060	​	​	49,693,555	​	​	22,220,960

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV and S2 of the Portfolios have a plan of distribution (the “Plans”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective Portfolio’s shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance

33

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

 

pursuant to a Distribution Services Agreement. Under the Plans each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio’s average daily net assets attributable to its Class S2 shares.

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2020, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portoflios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Index Solution Income	​	36.00%
​	Index Solution 2020	​	10.80
​	Index Solution 2025	​	16.31
​	Index Solution 2030	​	9.16
​	Index Solution 2035	​	13.73
​	Index Solution 2040	​	7.74
​	Index Solution 2045	​	12.30
​	Index Solution 2050	​	7.93
​	Index Solution 2055	​	9.64
​	Index Solution 2060	​	9.02
Voya Retirement Insurance and Annuity Company	Index Solution Income	​	63.96
​	Index Solution 2020	​	89.20
​	Index Solution 2025	​	83.69
​	Index Solution 2030	​	90.84
​	Index Solution 2035	​	86.24
​	Index Solution 2040	​	92.26
​	Index Solution 2045	​	87.70
​	Index Solution 2050	​	92.07
​	Index Solution 2055	​	90.36
​	Index Solution 2060	​	90.98

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

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

Effective January, 1, 2020, the Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2020, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Index Solution Income	​	$	50,335
Index Solution 2020	​	​	13,674
Index Solution 2025	​	​	87,819
Index Solution 2030	​	​	26,552
Index Solution 2035	​	​	100,707
Index Solution 2040	​	​	26,641
Index Solution 2045	​	​	100,729
Index Solution 2050	​	​	32,428
Index Solution 2055	​	​	97,264
Index Solution 2060	​	​	21,921

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%

34

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

 

Portfolio	Class ADV(1)(2)		Class I(1)(2)		Class S(1)(2)		Class S2(1)(2)		Class Z (3)(4)
Index Solution 2040	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2045	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2050	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2055	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2060	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%

(1)

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

(2)

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

(3)

Pursuant to a side letter agreement, through May 1, 2021, 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, 2021 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 8 — LINE OF CREDIT

Effective May 15, 2020, 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 14, 2021. 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 15, 2020, 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 15, 2020.

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 Portfolios utilized the line of credit during the six months ended June 30, 2020 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Solution Income	​	12	​	$	2,237,167	​	1.06%
Index Solution 2020	​	12	​	​	940,333	​	1.09
Index Solution 2025	​	23	​	​	2,421,783	​	1.29
Index Solution 2030	​	16	​	​	1,632,063	​	1.22
Index Solution 2035	​	23	​	​	2,237,609	​	1.33
Index Solution 2040	​	18	​	​	1,108,833	​	1.26
Index Solution 2045	​	22	​	​	1,346,864	​	1.32
Index Solution 2050	​	10	​	​	889,800	​	1.10
Index Solution 2055	​	9	​	​	671,667	​	1.14
Index Solution 2060	​	1	​	​	2,470,000	​	1.04

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares    sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution Income

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

399,204

​

—

​

—

​

(880,581)

​

(481,377)

​

4,171,586

​

—

​

—

​

(9,103,044)

​

(4,931,458)

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)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

86,663

​

—

​

—

​

(174,862)

​

(88,199)

​

924,479

​

—

​

—

​

(1,850,879)

​

(926,400)

12/31/2019

​

276,159

​

—

​

68,384

​

(752,288)

​

(407,745)

​

2,910,332

​

—

​

711,876

​

(7,869,411)

​

(4,247,203)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

163,679

​

—

​

—

​

(707,558)

​

(543,879)

​

1,713,406

​

—

​

—

​

(7,503,552)

​

(5,790,146)

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)

35

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares    sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution Income (continued)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

182,372

​

—

​

—

​

​

(212,232)

​

(29,860)

​

1,895,221

​

—

​

—

​

(2,154,983)

​

(259,762)

12/31/2019

​

598,934

​

—

​

29,052

​

​

(1,518,193)

​

(890,207)

​

6,080,050

​

—

​

293,428

​

(15,276,480)

​

(8,903,002)

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

2,420,735

​

—

​

—

​

​

(1,597,306)

​

823,429

​

26,244,514

​

—

​

—

​

(17,168,841)

​

9,075,673

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

Index Solution 2020

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

425,567

​

—

​

—

​

​

(460,975)

​

(35,408)

​

5,508,230

​

—

​

—

​

(6,053,982)

​

(545,752)

12/31/2019

​

552,124

​

—

​

79,966

​

���

(512,630)

​

119,460

​

7,229,032

​

—

​

1,033,955

​

(6,692,240)

​

1,570,747

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

62,779

​

—

​

—

​

​

(167,942)

​

(105,163)

​

863,780

​

—

​

—

​

(2,227,589)

​

(1,363,809)

12/31/2019

​

242,324

​

—

​

21,555

​

​

(350,324)

​

(86,445)

​

3,227,918

​

—

​

285,814

​

(4,653,181)

​

(1,139,449)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

156,161

​

—

​

—

​

​

(99,748)

​

56,413

​

2,125,890

​

—

​

—

​

(1,359,412)

​

766,478

12/31/2019

​

259,455

​

—

​

21,705

​

​

(621,284)

​

(340,124)

​

3,464,997

​

—

​

287,380

​

(8,375,220)

​

(4,622,843)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

310,315

​

—

​

—

​

​

(199,418)

​

110,897

​

4,171,357

​

—

​

—

​

(2,616,140)

​

1,555,217

12/31/2019

​

539,783

​

—

​

18,603

​

​

(365,198)

​

193,188

​

7,159,978

​

—

​

244,252

​

(4,793,498)

​

2,610,732

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

2,884,168

​

—

​

—

​

​

(2,596,738)

​

287,430

​

39,951,592

​

—

​

—

​

(35,534,466)

​

4,417,126

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

Index Solution 2025

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

1,159,432

​

—

​

—

​

​

(2,500,152)

​

(1,340,720)

​

12,659,442

​

—

​

—

​

(26,457,873)

​

(13,798,431)

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)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

291,836

​

—

​

—

​

​

(742,815)

​

(450,979)

​

3,217,544

​

—

​

—

​

(7,880,334)

​

(4,662,790)

12/31/2019

​

853,962

​

—

​

290,116

​

​

(1,416,613)

​

(272,535)

​

9,439,730

​

—

​

3,130,351

​

(15,537,805)

​

(2,967,724)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

502,626

​

—

​

—

​

​

(1,160,947)

​

(658,321)

​

5,462,811

​

—

​

—

​

(12,638,836)

​

(7,176,025)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

550,760

​

—

​

—

​

​

(404,130)

​

146,630

​

5,933,023

​

—

​

—

​

(4,250,315)

​

1,682,708

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

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

6,176,464

​

—

​

—

​

​

(3,771,704)

​

2,404,760

​

68,984,126

​

—

​

—

​

(40,588,859)

​

28,395,267

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

Index Solution 2030

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

423,495

​

—

​

—

​

​

(382,211)

​

41,284

​

6,290,269

​

—

​

—

​

(5,477,662)

​

812,607

12/31/2019

​

779,706

​

—

​

93,857

​

​

(534,788)

​

338,775

​

11,843,916

​

—

​

1,389,077

​

(8,052,836)

​

5,180,157

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

106,588

​

—

​

—

​

​

(110,267)

​

(3,679)

​

1,551,937

​

—

​

—

​

(1,661,705)

​

(109,768)

12/31/2019

​

184,888

​

—

​

23,493

​

​

(122,570)

​

85,811

​

2,862,886

​

—

​

357,097

​

(1,912,146)

​

1,307,837

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

172,610

​

—

​

—

​

​

(129,561)

​

43,049

​

2,672,972

​

—

​

—

​

(2,016,195)

​

656,777

12/31/2019

​

337,511

​

—

​

39,452

​

​

(276,422)

​

100,541

​

5,151,445

​

—

​

596,130

​

(4,284,296)

​

1,463,279

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

201,654

​

—

​

—

​

​

(57,153)

​

144,501

​

3,074,754

​

—

​

—

​

(859,618)

​

2,215,136

12/31/2019

​

328,496

​

—

​

15,982

​

​

(149,994)

​

194,484

​

5,025,721

​

—

​

238,292

​

(2,266,159)

​

2,997,854

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

3,794,526

​

—

​

—

​

​

(1,140,660)

​

2,653,866

​

60,280,915

​

—

​

—

​

(16,946,787)

​

43,334,128

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

36

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares    sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution 2035

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

643,180

​

—

​

—

​

(1,865,063)

​

(1,221,883)

​

7,105,416

​

—

​

—

​

(20,171,728)

​

(13,066,312)

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)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

504,098

​

—

​

—

​

(424,702)

​

79,396

​

5,714,615

​

—

​

—

​

(4,647,926)

​

1,066,689

12/31/2019

​

947,979

​

—

​

287,866

​

(1,266,807)

​

(30,962)

​

10,999,071

​

—

​

3,201,072

​

(14,478,364)

​

(278,221)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

332,571

​

—

​

—

​

(749,005)

​

(416,434)

​

3,729,735

​

—

​

—

​

(8,234,026)

​

(4,504,291)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

325,768

​

—

​

—

​

(161,747)

​

164,021

​

3,527,302

​

—

​

—

​

(1,688,696)

​

1,838,606

12/31/2019

​

914,074

​

—

​

142,926

​

(1,101,673)

​

(44,673)

​

10,113,557

​

—

​

1,545,029

​

(12,270,996)

​

(612,410)

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

6,238,264

​

—

​

—

​

(2,016,610)

​

4,221,654

​

71,719,317

​

—

​

—

​

(22,581,556)

​

49,137,761

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

Index Solution 2040

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

190,269

​

—

​

—

​

(272,399)

​

(82,130)

​

2,982,486

​

—

​

—

​

(4,255,435)

​

(1,272,949)

12/31/2019

​

552,733

​

—

​

61,180

​

(241,519)

​

372,394

​

8,729,051

​

—

​

944,613

​

(3,842,615)

​

5,831,049

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

93,673

​

—

​

—

​

(59,414)

​

34,259

​

1,423,758

​

—

​

—

​

(944,422)

​

479,336

12/31/2019

​

145,117

​

—

​

13,556

​

(90,899)

​

67,774

​

2,366,891

​

—

​

214,734

​

(1,488,574)

​

1,093,051

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

133,093

​

—

​

—

​

(129,775)

​

3,318

​

2,145,569

​

—

​

—

​

(2,073,557)

​

72,012

12/31/2019

​

244,414

​

—

​

29,224

​

(159,715)

​

113,923

​

3,925,638

​

—

​

462,330

​

(2,634,249)

​

1,753,719

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

36,403

​

—

​

—

​

(34,329)

​

2,074

​

572,039

​

—

​

—

​

(532,854)

​

39,185

12/31/2019

​

77,278

​

—

​

7,594

​

(46,375)

​

38,497

​

1,232,685

​

—

​

118,389

​

(741,409)

​

609,665

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

3,174,581

​

—

​

—

​

(704,934)

​

2,469,647

​

51,773,621

​

—

​

—

​

(11,300,540)

​

40,473,081

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

Index Solution 2045

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

463,241

​

—

​

—

​

(1,266,025)

​

(802,784)

​

5,267,986

​

—

​

—

​

(14,070,581)

​

(8,802,595)

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)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

415,478

​

—

​

—

​

(210,098)

​

205,380

​

4,897,023

​

—

​

—

​

(2,300,822)

​

2,596,201

12/31/2019

​

862,366

​

—

​

237,448

​

(898,357)

​

201,457

​

10,387,389

​

—

​

2,733,025

​

(10,640,649)

​

2,479,765

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

303,201

​

—

​

—

​

(448,916)

​

(145,715)

​

3,397,712

​

—

​

—

​

(4,963,251)

​

(1,565,539)

12/31/2019

​

808,784

​

—

​

373,877

​

(1,361,178)

​

(178,517)

​

9,435,178

​

—

​

4,239,765

​

(16,086,808)

​

(2,411,865)

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

257,507

​

—

​

—

​

(169,817)

​

87,690

​

2,892,018

​

—

​

—

​

(1,783,208)

​

1,108,810

12/31/2019

​

538,466

​

—

​

96,125

​

(511,082)

​

123,509

​

6,197,030

​

—

​

1,070,837

​

(5,925,703)

​

1,342,164

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

4,703,580

​

—

​

—

​

(686,513)

​

4,017,067

​

55,254,198

​

—

​

—

​

(8,170,912)

​

47,083,286

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

Index Solution 2050

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

159,551

​

—

​

—

​

(128,905)

​

30,646

​

2,505,331

​

—

​

—

​

(1,997,433)

​

507,898

12/31/2019

​

371,643

​

—

​

40,749

​

(172,005)

​

240,387

​

5,955,644

​

—

​

639,345

​

(2,765,757)

​

3,829,232

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

91,733

​

—

​

—

​

(32,135)

​

59,598

​

1,421,829

​

—

​

—

​

(506,241)

​

915,588

12/31/2019

​

152,475

​

—

​

12,873

​

(65,377)

​

99,971

​

2,524,060

​

—

​

206,350

​

(1,073,358)

​

1,657,052

37

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares    sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution 2050 (continued)

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

160,041

​

—

​

—

​

(104,411)

​

55,630

​

2,588,110

​

—

​

—

​

(1,649,110)

​

939,000

12/31/2019

​

238,456

​

—

​

25,693

​

(153,567)

​

110,582

​

3,887,844

​

—

​

410,826

​

(2,559,815)

​

1,738,855

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

37,955

​

—

​

—

​

(52,002)

​

(14,047)

​

595,090

​

—

​

—

​

(791,227)

​

(196,137)

12/31/2019

​

65,496

​

—

​

7,195

​

(34,778)

​

37,913

​

1,052,508

​

—

​

113,385

​

(560,443)

​

605,450

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

2,507,668

​

—

​

—

​

(326,906)

​

2,180,762

​

41,091,894

​

—

​

—

​

(5,304,403)

​

35,787,491

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

Index Solution 2055

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

279,187

​

—

​

—

​

(265,969)

​

13,218

​

4,106,196

​

—

​

—

​

(3,702,181)

​

404,015

12/31/2019

​

652,853

​

—

​

172,207

​

(888,098)

​

(63,038)

​

9,717,453

​

—

​

2,502,162

​

(13,297,717)

​

(1,078,102)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

354,920

​

—

​

—

​

(70,105)

​

284,815

​

5,317,352

​

—

​

—

​

(1,014,882)

​

4,302,470

12/31/2019

​

650,507

​

—

​

84,885

​

(369,735)

​

365,657

​

10,030,676

​

—

​

1,263,096

​

(5,591,839)

​

5,701,933

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

275,790

​

—

​

—

​

(141,994)

​

133,796

​

4,073,662

​

—

​

—

​

(2,010,033)

​

2,063,629

12/31/2019

​

546,907

​

—

​

111,958

​

(429,858)

​

229,007

​

8,259,023

​

—

​

1,646,898

​

(6,612,048)

​

3,293,873

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

197,273

​

—

​

—

​

(86,332)

​

110,941

​

2,848,861

​

—

​

—

​

(1,218,069)

​

1,630,792

12/31/2019

​

205,630

​

—

​

34,209

​

(113,342)

​

126,497

​

3,077,638

​

—

​

499,112

​

(1,704,745)

​

1,872,005

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

2,480,052

​

—

​

—

​

(210,309)

​

2,269,743

​

37,146,986

​

—

​

—

​

(3,289,774)

​

33,857,212

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

Index Solution 2060

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

168,073

​

—

​

—

​

(90,865)

​

77,208

​

2,055,679

​

—

​

—

​

(1,062,967)

​

992,712

12/31/2019

​

317,214

​

—

​

20,003

​

(164,963)

​

172,254

​

3,909,266

​

—

​

242,830

​

(2,020,412)

​

2,131,684

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

225,793

​

—

​

—

​

(45,902)

​

179,891

​

2,743,502

​

—

​

—

​

(580,991)

​

2,162,511

12/31/2019

​

353,320

​

—

​

12,950

​

(74,873)

​

291,397

​

4,463,917

​

—

​

159,806

​

(953,982)

​

3,669,741

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

172,659

​

—

​

—

​

(53,522)

​

119,137

​

2,094,079

​

—

​

—

​

(624,572)

​

1,469,507

12/31/2019

​

254,537

​

—

​

12,052

​

(117,649)

​

148,940

​

3,168,198

​

—

​

147,396

​

(1,481,343)

​

1,834,251

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

32,297

​

—

​

—

​

(33,449)

​

(1,152)

​

389,287

​

—

​

—

​

(393,053)

​

(3,766)

12/31/2019

​

69,509

​

—

​

3,392

​

(25,200)

​

47,701

​

856,258

​

—

​

41,350

​

(320,606)

​

577,002

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6/30/2020

​

2,009,189

​

—

​

—

​

(140,991)

​

1,868,198

​

24,788,569

​

—

​

—

​

(1,663,548)

​

23,125,021

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

NOTE 10 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/​tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment;

temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, futures contracts and wash sale deferrals.

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

38

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

 

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

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.

As of June 30, 2020 no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve Board, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

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

NOTE 12 — LIQUIDITY

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Portfolios have established a liquidity risk management program to govern their approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Portfolios’ Adviser, Voya Investments, LLC, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Portfolio’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Portfolio’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect

39

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 12 — LIQUIDITY (continued)

 

the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Portfolio-specific data, including information regarding a Portfolio’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

During the period covered by the liquidity report, December 1, 2018 through December 31, 2019, the Program supported the Portfolios’ ability to honor redemption requests timely and the Program Administrator’s management of each Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Portfolio’s prospectus for more information regarding each Portfolio’s exposure to liquidity risk and other risks.

NOTE 13 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the recent COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and

domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principles and adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 introduces new fair value disclosure requirements as well as provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The impact of the Portfolios adoption was limited to changes in the Portfolios financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable. Upon evaluation, the Portfolios have concluded that the adoption of the new accounting principle does not materially impact the financial statement amounts.

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

40

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2020, the Portfolios declared dividends and distributions of:

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Index Solution Income	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.1729	​	$	0.0153	​	$	0.1931	August 5, 2020	August 3, 2020
Class I	​	$	0.2321	​	$	0.0153	​	$	0.1931	August 5, 2020	August 3, 2020
Class S	​	$	0.2026	​	$	0.0153	​	$	0.1931	August 5, 2020	August 3, 2020
Class S2	​	$	0.1818	​	$	0.0153	​	$	0.1931	August 5, 2020	August 3, 2020
Class Z	​	$	0.2321	​	$	0.0153	​	$	0.1931	August 5, 2020	August 3, 2020
Index Solution 2020	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.2086	​	$	—	​	$	0.2722	August 5, 2020	August 3, 2020
Class I	​	$	0.2749	​	$	—	​	$	0.2722	August 5, 2020	August 3, 2020
Class S	​	$	0.2391	​	$	—	​	$	0.2722	August 5, 2020	August 3, 2020
Class S2	​	$	0.2391	​	$	—	​	$	0.2722	August 5, 2020	August 3, 2020
Class Z	​	$	0.2749	​	$	—	​	$	0.2722	August 5, 2020	August 3, 2020
Class ADV	​	$	0.1696	​	$	0.0397	​	$	0.3078	August 7, 2020	August 5, 2020
Class I	​	$	0.2098	​	$	0.0397	​	$	0.3078	August 7, 2020	August 5, 2020
Class S	​	$	0.1918	​	$	0.0397	​	$	0.3078	August 7, 2020	August 5, 2020
Class S2	​	$	0.1801	​	$	0.0397	​	$	0.3078	August 7, 2020	August 5, 2020
Class Z	​	$	0.2142	​	$	0.0397	​	$	0.3078	August 7, 2020	August 5, 2020
Index Solution 2025	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.1711	​	$	—	​	$	0.3259	August 5, 2020	August 3, 2020
Class I	​	$	0.2335	​	$	—	​	$	0.3259	August 5, 2020	August 3, 2020
Class S	​	$	0.2041	​	$	—	​	$	0.3259	August 5, 2020	August 3, 2020
Class S2	​	$	0.1960	​	$	—	​	$	0.3259	August 5, 2020	August 3, 2020
Class Z	​	$	0.2335	​	$	—	​	$	0.3259	August 5, 2020	August 3, 2020
Index Solution 2030	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.2251	​	$	—	​	$	0.4602	August 5, 2020	August 3, 2020
Class I	​	$	0.2907	​	$	—	​	$	0.4602	August 5, 2020	August 3, 2020
Class S	​	$	0.2547	​	$	—	​	$	0.4602	August 5, 2020	August 3, 2020
Class S2	​	$	0.2542	​	$	—	​	$	0.4602	August 5, 2020	August 3, 2020
Class Z	​	$	0.2907	​	$	—	​	$	0.4602	August 5, 2020	August 3, 2020
Index Solution 2035	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.1618	​	$	—	​	$	0.4187	August 5, 2020	August 3, 2020
Class I	​	$	0.2261	​	$	—	​	$	0.4187	August 5, 2020	August 3, 2020
Class S	​	$	0.1949	​	$	—	​	$	0.4187	August 5, 2020	August 3, 2020
Class S2	​	$	0.1861	​	$	—	​	$	0.4187	August 5, 2020	August 3, 2020
Class Z	​	$	0.2261	​	$	—	​	$	0.4187	August 5, 2020	August 3, 2020
Index Solution 2040	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.2166	​	$	—	​	$	0.5308	August 5, 2020	August 3, 2020

41

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS									​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Class I	​	$	0.2900	​	$	—	​	$	0.5308	August 5, 2020	August 3, 2020
Class S	​	$	0.2514	​	$	—	​	$	0.5308	August 5, 2020	August 3, 2020
Class S2	​	$	0.2353	​	$	—	​	$	0.5308	August 5, 2020	August 3, 2020
Class Z	​	$	0.2900	​	$	—	​	$	0.5308	August 5, 2020	August 3, 2020
Index Solution 2045	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.1531	​	$	—	​	$	0.4663	August 5, 2020	August 3, 2020
Class I	​	$	0.2179	​	$	—	​	$	0.4663	August 5, 2020	August 3, 2020
Class S	​	$	0.1864	​	$	—	​	$	0.4663	August 5, 2020	August 3, 2020
Class S2	​	$	0.1774	​	$	—	​	$	0.4663	August 5, 2020	August 3, 2020
Class Z	​	$	0.2179	​	$	—	​	$	0.4663	August 5, 2020	August 3, 2020
Index Solution 2050	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.2037	​	$	0.0013	​	$	0.5314	August 5, 2020	August 3, 2020
Class I	​	$	0.2738	​	$	0.0013	​	$	0.5314	August 5, 2020	August 3, 2020
Class S	​	$	0.2377	​	$	0.0013	​	$	0.5314	August 5, 2020	August 3, 2020
Class S2	​	$	0.2131	​	$	0.0013	​	$	0.5314	August 5, 2020	August 3, 2020
Class Z	​	$	0.2738	​	$	0.0013	​	$	0.5314	August 5, 2020	August 3, 2020
Index Solution 2055	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.1753	​	$	—	​	$	0.5268	August 5, 2020	August 3, 2020
Class I	​	$	0.2510	​	$	—	​	$	0.5268	August 5, 2020	August 3, 2020
Class S	​	$	0.2159	​	$	—	​	$	0.5268	August 5, 2020	August 3, 2020
Class S2	​	$	0.2046	​	$	—	​	$	0.5268	August 5, 2020	August 3, 2020
Class Z	​	$	0.2510	​	$	—	​	$	0.5268	August 5, 2020	August 3, 2020
Index Solution 2060	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	$	0.1207	​	$	0.0293	​	$	0.3010	August 5, 2020	August 3, 2020
Class I	​	$	0.1671	​	$	0.0293	​	$	0.3010	August 5, 2020	August 3, 2020
Class S	​	$	0.1464	​	$	0.0293	​	$	0.3010	August 5, 2020	August 3, 2020
Class S2	​	$	0.1265	​	$	0.0293	​	$	0.3010	August 5, 2020	August 3, 2020
Class Z	​	$	0.1671	​	$	0.0293	​	$	0.3010	August 5, 2020	August 3, 2020

Merger: On August 7, 2020, Index Solution Income (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of Index Solution 2020 (“Acquired Portfolio”), an open-end investment company that is included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align

ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2020, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended August 7, 2020, are as follows (Unaudited):

42

NOTES TO FINANCIAL STATEMENTS as of June 30, 2020 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS (continued)

 

Net investment income	$	12,166,746
Net realized and unrealized loss on investments	$	36,125,792
Net decrease in net assets resulting from operations	$	48,292,538

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since August 7, 2020. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

Total Net Assets of Acquired Portfolio (000s)	Total Net Assets of Acquiring Portfolio (000s)			Acquired Portfolio’s Capital Loss Carryforwards (000s)			Acquired Portfolio’s Unrealized Appreciation (000s)			Portfolios’ Conversion Ratio
$441,776	​	$	489,072	​	$	0	​	$	34,254	​	1.2354

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $930,848,682.

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

43

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2020 (Unaudited)​

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.8%
102,180	iShares 20+ Year Treasury Bond ETF	​	$	16,750,367	​	3.5
277,046	Schwab U.S. TIPS ETF	​	​	16,628,301	​	3.5
499,625	Xtrackers USD High Yield Corporate Bond ETF	​	​	23,357,469	​	4.8
​	Total Exchange-Traded Funds (Cost $55,036,004)	​	​	56,736,137	​	11.8
MUTUAL FUNDS: 86.8%
​	Affiliated Investment Companies: 86.8%
878,234	Voya Emerging Markets Index Portfolio - Class P2	​	​	9,467,364	​	2.0
4,057,777	Voya International Index Portfolio - Class P2	​	​	37,534,441	​	7.8
4,816,849	Voya Short Term Bond Fund - Class P2	​	​	47,590,470	​	9.9
20,065,379	Voya U.S. Bond Index Portfolio - Class P2	​	​	228,945,974	​	47.5
5,721,902	Voya U.S. Stock Index Portfolio - Class P2	​	​	94,525,825	​	19.6
​	Total Mutual Funds (Cost $396,779,937)	​	​	418,064,074	​	86.8

Shares		Value			Percentage of Net Assets
​	Total Long-Term Investments (Cost $451,815,941)	​	$	474,800,211	​	98.6
SHORT-TERM INVESTMENTS: 0.2%
​	Mutual Funds: 0.2%
968,605 (1)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100% (Cost $968,605)	​	​	968,605	​	0.2
​	Total Short-Term Investments (Cost $968,605)	​	​	968,605	​	0.2
​	Total Investments in Securities (Cost $452,784,546)	​	$	475,768,816	​	98.8
​	Assets in Excess of Other Liabilities	​	​	5,576,481	​	1.2
​	Net Assets	​	$	481,345,297	​	100.0

(1)

Rate shown is the 7-day yield as of June 30, 2020.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

56,736,137

​

$

—

​

$

—

​

$

56,736,137

Mutual Funds

​

​

418,064,074

​

​

—

​

​

—

​

​

418,064,074

Short-Term Investments

​

​

968,605

​

​

—

​

​

—

​

​

968,605

Total Investments, at fair value

​

$

475,768,816

​

$

—

​

$

—

​

$

475,768,816

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

524,884

​

​

—

​

​

—

​

​

524,884

Total Assets

​

$

476,293,700

​

$

—

​

$

—

​

$

476,293,700

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(166,406)

​

$

—

​

$

—

​

$

(166,406)

Total Liabilities

​

$

(166,406)

​

$

—

​

$

—

​

$

(166,406)

^

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

+

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

See Accompanying Notes to Financial Statements

44

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2020 (Unaudited) (continued)​

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

9,949,232

​

$

1,946,937

​

$

(1,394,968)

​

$

(1,033,837)

​

$

9,467,364

​

$

359,486

​

$

(115,172)

​

$

—

Voya International Index Portfolio - Class P2

​

​

33,772,074

​

​

12,085,466

​

​

(4,165,943)

​

​

(4,157,156)

​

​

37,534,441

​

​

1,137,182

​

​

149,699

​

​

—

Voya Short Term Bond - Class P2

​

​

33,044,213

​

​

21,754,219

​

​

(7,692,509)

​

​

484,547

​

​

47,590,470

​

​

495,350

​

​

(223,491)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

211,044,886

​

​

39,097,506

​

​

(29,093,791)

​

​

7,897,373

​

​

228,945,974

​

​

3,116,317

​

​

1,841,099

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

100,681,018

​

​

22,731,522

​

​

(26,503,931)

​

​

(2,382,784)

​

​

94,525,825

​

​

—

​

​

(10,686)

​

​

—

Voya High Yeild Bond - Class R6

​

​

—

​

​

4,397,758

​

​

(4,397,758)

​

​

—

​

​

—

​

​

26,193

​

​

354,124

​

​

—

​

​

$

388,491,423

​

$

102,013,408

​

$

(73,248,900)

​

$

808,143

​

$

418,064,074

​

$

5,134,528

​

$

1,995,573

​

$

—

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

At June 30, 2020, 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	265	09/18/20	​	$	19,048,200	​	$	255,619
S&P 500®​ E-Mini	76	09/18/20	​	​	11,742,760	​	​	106,825
U.S. Treasury Ultra Long Bond	44	09/21/20	​	​	9,598,875	​	​	(72,054)
​	​	​	​	$	40,389,835	​	$	290,390
Short Contracts:	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	(158)	09/18/20	​	​	(14,049,360)	​	​	162,440
Mini MSCI Emerging Markets Index	(143)	09/18/20	​	​	(7,047,755)	​	​	(29,232)
U.S. Treasury 10-Year Note	(137)	09/21/20	​	​	(19,066,547)	​	​	(65,120)
​	​	​	​	$	(40,163,662)	​	$	68,088

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	524,884
Total Asset Derivatives	​	​	$	524,884
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	29,232
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	137,174
Total Liability Derivatives	​	​	$	166,406

*

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

See Accompanying Notes to Financial Statements

45

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2020 (Unaudited) (continued)​

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(565,309)
Interest rate contracts	​	​	1,546,797
Total	​	$	981,488

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	408,567
Interest rate contracts	​	​	92,089
Total	​	$	500,656

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $461,192,097.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	24,323,417
Gross Unrealized Depreciation	​	(9,388,221)
Net Unrealized Appreciation	$	14,935,196

See Accompanying Notes to Financial Statements

46

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 11.8%
90,353	iShares 20+ Year Treasury Bond ETF	​	$	14,811,567	​	3.5
244,980	Schwab U.S. TIPS ETF	​	​	14,703,699	​	3.4
441,797	Xtrackers USD High Yield Corporate Bond ETF	​	​	20,654,010	​	4.9
​	Total Exchange-Traded Funds (Cost $49,168,125)	​	​	50,169,276	​	11.8
MUTUAL FUNDS: 86.8%
​	Affiliated Investment Companies: 86.8%
775,880	Voya Emerging Markets Index Portfolio - Class P2	​	​	8,363,988	​	2.0
3,583,323	Voya International Index Portfolio - Class P2	​	​	33,145,740	​	7.8
4,250,496	Voya Short Term Bond Fund - Class P2	​	​	41,994,896	​	9.9
17,698,736	Voya U.S. Bond Index Portfolio - Class P2	​	​	201,942,572	​	47.5
5,045,137	Voya U.S. Stock Index Portfolio - Class P2	​	​	83,345,667	​	19.6

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Total Mutual Funds (Cost $352,863,599)	​	$	368,792,863	​	86.8
​	Total Long-Term Investments (Cost $402,031,724)	​	​	418,962,139	​	98.6
SHORT-TERM INVESTMENTS: 0.2%
​	Mutual Funds: 0.2%
804,109 (1)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100% (Cost $804,109)	​	​	804,109	​	0.2
​	Total Short-Term Investments (Cost $804,109)	​	​	804,109	​	0.2
​	Total Investments in Securities (Cost $402,835,833)	​	$	419,766,248	​	98.8
​	Assets in Excess of Other Liabilities	​	​	4,939,858	​	1.2
​	Net Assets	​	$	424,706,106	​	100.0

(1)

Rate shown is the 7-day yield as of June 30, 2020.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

50,169,276

​

$

—

​

$

—

​

$

50,169,276

Mutual Funds

​

​

368,792,863

​

​

—

​

​

—

​

​

368,792,863

Short-Term Investments

​

​

804,109

​

​

—

​

​

—

​

​

804,109

Total Investments, at fair value

​

$

419,766,248

​

$

—

​

$

—

​

$

419,766,248

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

462,796

​

​

—

​

​

—

​

​

462,796

Total Assets

​

$

420,229,044

​

$

—

​

$

—

​

$

420,229,044

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(145,638)

​

$

—

​

$

—

​

$

(145,638)

Total Liabilities

​

$

(145,638)

​

$

—

​

$

—

​

$

(145,638)

^

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

+

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

See Accompanying Notes to Financial Statements

47

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2020 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

10,803,361

​

$

2,208,879

​

$

(3,572,534)

​

$

(1,075,718)

​

$

8,363,988

​

$

311,241

​

$

(206,211)

​

$

—

Voya International Index Portfolio - Class P2

​

​

31,463,111

​

​

10,824,608

​

​

(6,264,028)

​

​

(2,877,951)

​

​

33,145,740

​

​

992,485

​

​

(856,760)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

4,187,602

​

​

750,064

​

​

(4,885,889)

​

​

(51,777)

​

​

—

​

​

—

​

​

(301,769)

​

​

—

Voya Short Term Bond Fund - Class P2

​

​

16,121,545

​

​

30,340,476

​

​

(4,941,008)

​

​

473,883

​

​

41,994,896

​

​

368,322

​

​

(56,276)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

170,365,098

​

​

57,063,802

​

​

(31,692,820)

​

​

6,206,492

​

​

201,942,572

​

​

2,642,460

​

​

1,825,382

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

106,584,721

​

​

26,431,554

​

​

(45,332,329)

​

​

(4,338,279)

​

​

83,345,667

​

​

—

​

​

1,241,520

​

​

—

Voya High Yeild Bond-Class R6

​

​

—

​

​

3,864,747

​

​

(3,864,747)

​

​

—

​

​

—

​

​

22,760

​

​

309,386

​

​

—

​

​

$

339,525,438

​

$

131,484,130

​

$

(100,553,355)

​

$

(1,663,350)

​

$

368,792,863

​

$

4,337,268

​

$

1,955,272

​

$

—

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

At June 30, 2020, 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	​	234	​	09/18/20	​	$	16,819,920	​	$	225,715
S&P 500® E-Mini	​	67	​	09/18/20	​	​	10,352,170	​	​	94,175
U.S. Treasury Ultra Long Bond	​	39	​	09/21/20	​	​	8,508,094	​	​	(62,061)
​	​	​	​	​	​	$	35,680,184	​	$	257,829
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(139)	​	09/18/20	​	​	(12,359,880)	​	​	142,906
Mini MSCI Emerging Markets Index	​	(126)	​	09/18/20	​	​	(6,209,910)	​	​	(25,757)
U.S. Treasury 10-Year Note	​	(121)	​	09/21/20	​	​	(16,839,797)	​	​	(57,820)
​	​	​	​	​	​	$	(35,409,587)	​	$	59,329

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	462,796
Total Asset Derivatives	​	​	$	462,796
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	25,757
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	119,881
Total Liability Derivatives	​	​	$	145,638

*

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

See Accompanying Notes to Financial Statements

48

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(544,705)
Interest rate contracts	​	​	1,146,673
Total	​	$	601,968

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	483,098
Interest rate contracts	​	​	72,570
Total	​	$	555,668

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $405,385,837.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	18,780,253
Gross Unrealized Depreciation	​	(4,082,684)
Net Unrealized Appreciation	$	14,697,569

See Accompanying Notes to Financial Statements

49

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.4%
266,550	iShares 20+ Year Treasury Bond ETF	​	$	43,695,542	​	4.0
121,275	iShares iBoxx Investment Grade Corporate Bond Fund	​	​	16,311,488	​	1.5
912,338	Xtrackers USD High Yield Corporate Bond ETF	​	​	42,651,801	​	3.9
​	Total Exchange-Traded Funds (Cost $101,196,855)	​	​	102,658,831	​	9.4
MUTUAL FUNDS: 89.4%
​	Affiliated Investment Companies: 89.4%
3,508,093	Voya Emerging Markets Index Portfolio - Class P2	​	​	37,817,242	​	3.4
17,369,004	Voya International Index Portfolio - Class P2	​	​	160,663,289	​	14.7
2,588,961	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	26,951,080	​	2.5

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
31,007,368	Voya U.S. Bond Index Portfolio - Class P2	​	$	353,794,069	​	32.3
24,146,332	Voya U.S. Stock Index Portfolio - Class P2	​	​	398,897,411	​	36.5
​	Total Mutual Funds (Cost $942,612,006)	​	​	978,123,091	​	89.4
​	Total Investments in Securities (Cost $1,043,808,861)	​	$	1,080,781,922	​	98.8
​	Assets in Excess of Other Liabilities	​	​	13,330,222	​	1.2
​	Net Assets	​	$	1,094,112,144	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

102,658,831

​

$

—

​

$

—

​

$

102,658,831

Mutual Funds

​

​

978,123,091

​

​

—

​

​

—

​

​

978,123,091

Total Investments, at fair value

​

$

1,080,781,922

​

$

—

​

$

—

​

$

1,080,781,922

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

1,098,916

​

​

—

​

​

—

​

​

1,098,916

Total Assets

​

$

1,081,880,838

​

$

—

​

$

—

​

$

1,081,880,838

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(200,324)

​

$

—

​

$

—

​

$

(200,324)

Total Liabilities

​

$

(200,324)

​

$

—

​

$

—

​

$

(200,324)

^

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

+

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

See Accompanying Notes to Financial Statements

50

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

40,074,360

​

$

6,567,046

​

$

(4,241,855)

​

$

(4,582,309)

​

$

37,817,242

​

$

1,404,958

​

$

(275,230)

​

$

—

Voya International Index Portfolio - Class P2

​

​

155,272,833

​

​

40,393,026

​

​

(15,345,985)

​

​

(19,656,585)

​

​

160,663,289

​

​

4,754,115

​

​

(152,829)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

27,725,001

​

​

9,700,802

​

​

(5,582,841)

​

​

(4,891,882)

​

​

26,951,080

​

​

412,198

​

​

(1,454,631)

​

​

3,788,346

Voya Russell Small Cap Index Portfolio - Class P2

​

​

22,340,041

​

​

4,836,234

​

​

(26,924,434)

​

​

(251,841)

​

​

—

​

​

—

​

​

(4,489,332)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

322,460,999

​

​

84,291,039

​

​

(64,078,688)

​

​

11,120,719

​

​

353,794,069

​

​

4,675,670

​

​

3,428,902

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

407,912,731

​

​

59,069,057

​

​

(53,805,595)

​

​

(14,278,782)

​

​

398,897,411

​

​

—

​

​

2,863,348

​

​

—

Voya High Yeild Bond-Class R6

​

​

—

​

​

9,535,601

​

​

(9,535,601)

​

​

—

​

​

—

​

​

56,473

​

​

758,809

​

​

—

​

​

$

975,785,965

​

$

214,392,805

​

$

(179,514,999)

​

$

(32,540,680)

​

$

978,123,091

​

$

11,303,414

​

$

679,037

​

$

3,788,346

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

At June 30, 2020, 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	​	604	​	09/18/20	​	$	43,415,520	​	$	582,618
S&P 500® E-Mini	​	104	​	09/18/20	​	​	16,069,040	​	​	146,182
U.S. Treasury Ultra Long Bond	​	25	​	09/21/20	​	​	5,453,906	​	​	(39,376)
​	​	​	​	​	​	$	64,938,466	​	$	689,424
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(360)	​	09/18/20	​	​	(32,011,200)	​	​	370,116
Mini MSCI Emerging Markets Index	​	(325)	​	09/18/20	​	​	(16,017,625)	​	​	(66,437)
U.S. Treasury 10-Year Note	​	(117)	​	09/21/20	​	​	(16,283,109)	​	​	(94,511)
​	​	​	​	​	​	$	(64,311,934)	​	$	209,168

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	1,098,916
Total Asset Derivatives	​	​	$	1,098,916
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	66,437
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	133,887
Total Liability Derivatives	​	​	$	200,324

*

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

See Accompanying Notes to Financial Statements

51

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,136,112)
Interest rate contracts	​	​	2,320,551
Total	​	$	1,184,439

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	833,280
Interest rate contracts	​	​	352,468
Total	​	$	1,185,748

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,053,709,715.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	48,882,234
Gross Unrealized Depreciation	​	(20,911,436)
Net Unrealized Appreciation	$	27,970,798

See Accompanying Notes to Financial Statements

52

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2020 (Unaudited)

Shares	​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.4%
159,065	iShares 20+ Year Treasury Bond ETF	​	$	26,075,525	​	4.0
72,372	iShares iBoxx Investment Grade Corporate Bond Fund	​	​	9,734,034	​	1.5
544,442	Xtrackers USD High Yield Corporate Bond ETF	​	​	25,452,664	​	3.9
​	Total Exchange-Traded Funds (Cost $60,322,678)	​	​	61,262,223	​	9.4
MUTUAL FUNDS: 89.5%
​	Affiliated Investment Companies: 89.5%
2,997,507	Voya Emerging Markets Index Portfolio - Class P2	​	​	32,313,120	​	4.9
13,166,536	Voya International Index Portfolio - Class P2	​	​	121,790,457	​	18.6
1,869,642	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	19,462,971	​	3.0

Shares	​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
13,435,450	Voya U.S. Bond Index Portfolio - Class P2	​	$	153,298,486	​	23.5
15,625,855	Voya U.S. Stock Index Portfolio - Class P2	​	​	258,139,132	​	39.5
​	Total Mutual Funds (Cost $577,575,040)	​	​	585,004,166	​	89.5
​	Total Investments in Securities(Cost $637,897,718)	​	$	646,266,389	​	98.9
​	Assets in Excess of Other Liabilities	​	​	7,438,701	​	1.1
​	Net Assets	​	$	653,705,090	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

61,262,223

​

$

—

​

$

—

​

$

61,262,223

Mutual Funds

​

​

585,004,166

​

​

—

​

​

—

​

​

585,004,166

Total Investments, at fair value

​

$

646,266,389

​

$

—

​

$

—

​

$

646,266,389

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

610,606

​

​

—

​

​

—

​

​

610,606

Total Assets

​

$

646,876,995

​

$

—

​

$

—

​

$

646,876,995

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(128,754)

​

$

—

​

$

—

​

$

(128,754)

Total Liabilities

​

$

(128,754)

​

$

—

​

$

—

​

$

(128,754)

^

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

+

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

See Accompanying Notes to Financial Statements

53

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

32,226,031

​

$

6,696,132

​

$

(3,350,376)

​

$

(3,258,667)

​

$

32,313,120

​

$

1,180,151

​

$

(723,264)

​

$

—

Voya International Index Portfolio - Class P2

​

​

112,438,084

​

​

32,906,583

​

​

(9,221,377)

​

​

(14,332,833)

​

​

121,790,457

​

​

3,548,819

​

​

(410,355)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

18,730,661

​

​

7,656,319

​

​

(3,656,196)

​

​

(3,267,813)

​

​

19,462,971

​

​

292,225

​

​

(1,188,894)

​

​

2,685,721

Voya Russell Small Cap Index Portfolio - Class P2

​

​

12,646,292

​

​

3,166,498

​

​

(15,905,964)

​

​

93,174

​

​

—

​

​

—

​

​

(2,852,558)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

128,755,210

​

​

47,986,554

​

​

(27,038,837)

​

​

3,595,559

​

​

153,298,486

​

​

1,945,220

​

​

2,413,394

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

259,543,098

​

​

45,529,916

​

​

(37,143,014)

​

​

(9,790,868)

​

​

258,139,132

​

​

—

​

​

1,347,016

​

​

—

Voya High Yield Bond - Class R6

​

​

—

​

​

5,560,333

​

​

(5,560,333)

​

​

—

​

​

—

​

​

32,803

​

​

435,597

​

​

—

​

​

$

564,339,376

​

$

149,502,335

​

$

(101,876,097)

​

$

(26,961,448)

​

$

585,004,166

​

$

6,999,218

​

$

(979,064)

​

$

2,685,721

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

At June 30, 2020, 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	​	450	​	09/18/20	​	$	32,346,000	​	$	434,070
S&P 500® E-Mini	​	21	​	09/18/20	​	​	3,244,710	​	​	29,518
U.S. Treasury Ultra Long Bond	​	15	​	09/21/20	​	​	3,272,344	​	​	(19,391)
​	​	​	​	​	​	$	38,863,054	​	$	444,197
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(143)	​	09/18/20	​	​	(12,715,560)	​	​	147,018
Mini MSCI Emerging Markets Index	​	(194)	​	09/18/20	​	​	(9,561,290)	​	​	(39,658)
U.S. Treasury 10-Year Note	​	(116)	​	09/21/20	​	​	(16,143,938)	​	​	(69,705)
​	​	​	​	​	​	$	(38,420,788)	​	$	37,655

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	610,606
Total Asset Derivatives	​	​	$	610,606
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	39,658
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	89,096
Total Liability Derivatives	​	​	$	128,754

*

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

See Accompanying Notes to Financial Statements

54

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(640,366)
Interest rate contracts	​	​	1,325,579
Total	​	$	685,213

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	580,325
Interest rate contracts	​	​	185,271
Total	​	$	765,596

At June 30, 2020, 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	​	450	​	09/18/20	​	$	32,346,000	​	$	434,070
S&P 500® E-Mini	​	21	​	09/18/20	​	​	3,244,710	​	​	29,518
U.S. Treasury Ultra Long Bond	​	15	​	09/21/20	​	​	3,272,344	​	​	(19,391)
​	​	​	​	​	​	$	38,863,054	​	$	444,197
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(143)	​	09/18/20	​	​	(12,715,560)	​	​	147,018
Mini MSCI Emerging Markets Index	​	(194)	​	09/18/20	​	​	(9,561,290)	​	​	(39,658)
U.S. Treasury 10-Year Note	​	(116)	​	09/21/20	​	​	(16,143,938)	​	​	(69,705)
​	​	​	​	​	​	$	(38,420,788)	​	$	37,655

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $640,185,768.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	22,378,791
Gross Unrealized Depreciation	​	(15,816,319)
Net Unrealized Appreciation	$	6,562,472

See Accompanying Notes to Financial Statements

55

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.4%
262,661	iShares 20+ Year Treasury Bond ETF	​	$	43,058,018	​	4.0
119,506	iShares iBoxx Investment Grade Corporate Bond Fund	​	​	16,073,557	​	1.5
899,026	Xtrackers USD High Yield Corporate Bond ETF	​	​	42,029,465	​	3.9
​	Total Exchange-Traded Funds (Cost $99,636,932)	​	​	101,161,040	​	9.4
MUTUAL FUNDS: 89.5%
​	Affiliated Investment Companies: 89.5%
5,927,809	Voya Emerging Markets Index Portfolio - Class P2	​	​	63,901,785	​	5.9
23,966,895	Voya International Index Portfolio - Class P2	​	​	221,693,777	​	20.6

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
4,081,630	Voya Russell Mid Cap Index Portfolio - Class P2	​	$	42,489,768	​	4.0
12,701,842	Voya U.S. Bond Index Portfolio - Class P2	​	​	144,928,023	​	13.5
29,584,596	Voya U.S. Stock Index Portfolio - Class P2	​	​	488,737,532	​	45.5
​	Total Mutual Funds (Cost $944,126,130)	​	​	961,750,885	​	89.5
​	Total Investments in Securities (Cost $1,043,763,062)	​	$	1,062,911,925	​	98.9
​	Assets in Excess of Other Liabilities	​	​	11,798,306	​	1.1
​	Net Assets	​	$	1,074,710,231	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

101,161,040

​

$

—

​

$

—

​

$

101,161,040

Mutual Funds

​

​

961,750,885

​

​

—

​

​

—

​

​

961,750,885

Total Investments, at fair value

​

$

1,062,911,925

​

$

—

​

$

—

​

$

1,062,911,925

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

1,008,082

​

​

—

​

​

—

​

​

1,008,082

Total Assets

​

$

1,063,920,007

​

$

—

​

$

—

​

$

1,063,920,007

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(215,651)

​

$

—

​

$

—

​

$

(215,651)

Total Liabilities

​

$

(215,651)

​

$

—

​

$

—

​

$

(215,651)

^

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

+

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

See Accompanying Notes to Financial Statements

56

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

66,981,587

​

$

10,477,140

​

$

(5,626,018)

​

$

(7,930,924)

​

$

63,901,785

​

$

2,317,131

​

$

(232,590)

​

$

—

Voya International Index Portfolio - Class P2

​

​

216,499,419

​

​

47,980,505

​

​

(15,418,957)

​

​

(27,367,190)

​

​

221,693,777

​

​

6,424,034

​

​

(641,847)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

43,248,421

​

​

13,841,223

​

​

(6,306,912)

​

​

(8,292,964)

​

​

42,489,768

​

​

638,275

​

​

(1,652,302)

​

​

5,866,118

Voya Russell Small Cap Index Portfolio - Class P2

​

​

21,935,604

​

​

3,860,817

​

​

(25,653,641)

​

​

(142,780)

​

​

—

​

​

—

​

​

(4,507,437)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

127,707,799

​

​

43,075,180

​

​

(29,029,015)

​

​

3,174,059

​

​

144,928,023

​

​

1,851,587

​

​

2,567,551

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

501,008,926

​

​

55,974,920

​

​

(45,360,046)

​

​

(22,886,268)

​

​

488,737,532

​

​

—

​

​

7,096,517

​

​

—

Voya High Yeild Bond-Class R6

​

​

—

​

​

9,017,864

​

​

(9,017,864)

​

​

—

​

​

—

​

​

53,401

​

​

711,335

​

​

—

​

​

$

977,381,756

​

$

184,227,649

​

$

(136,412,453)

​

$

(63,446,067)

​

$

961,750,885

​

$

11,284,428

​

$

3,341,227

​

$

5,866,118

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

At June 30, 2020, 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	​	744	​	09/18/20	​	$	53,478,720	​	$	717,660
S&P 500® E-Mini	​	34	​	09/18/20	​	​	5,253,340	​	​	47,790
U.S. Treasury Ultra Long Bond	​	25	​	09/21/20	​	​	5,453,906	​	​	(34,083)
​	​	​	​	​	​	$	64,185,966	​	$	731,367
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(236)	​	09/18/20	​	​	(20,985,120)	​	​	242,632
Mini MSCI Emerging Markets Index	​	(321)	​	09/18/20	​	​	(15,820,485)	​	​	(65,619)
U.S. Treasury 10-Year Note	​	(192)	​	09/21/20	​	​	(26,721,000)	​	​	(115,949)
​	​	​	​	​	​	$	(63,526,605)	​	$	61,064

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	1,008,082
Total Asset Derivatives	​	​	$	1,008,082
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	65,619
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	150,032
Total Liability Derivatives	​	​	$	215,651

*

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

See Accompanying Notes to Financial Statements

57

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,248,262)
Interest rate contracts	​	​	2,252,892
Total	​	$	1,004,630

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	970,708
Interest rate contracts	​	​	320,910
Total	​	$	1,291,618

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,050,865,637.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	41,583,743
Gross Unrealized Depreciation	​	(28,745,024)
Net Unrealized Appreciation	$	12,838,719

See Accompanying Notes to Financial Statements

58

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2020 (Unaudited)

Shares	​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.9%
306,049	Xtrackers USD High Yield Corporate Bond ETF	​	$	14,307,791	​	2.9
​	Total Exchange- Traded Funds (Cost $13,800,363)	​	​	14,307,791	​	2.9
MUTUAL FUNDS: 95.8%
​	Affiliated Investment Companies: 95.8%
2,920,312	Voya Emerging Markets Index Portfolio - Class P2	​	​	31,480,959	​	6.4
11,941,664	Voya International Index Portfolio - Class P2	​	​	110,460,393	​	22.6
1,863,480	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	19,398,823	​	4.0

Shares	​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
5,131,365	Voya U.S. Bond Index Portfolio - Class P2	​	$	58,548,880	​	12.0
15,075,212	Voya U.S. Stock Index Portfolio - Class P2	​	​	249,042,496	​	50.8
​	Total Mutual Funds (Cost $466,219,457)	​	​	468,931,551	​	95.8
​	Total Investments in Securities (Cost $480,019,820)	​	$	483,239,342	​	98.7
​	Assets in Excess of Other Liabilities	​	​	6,527,455	​	1.3
​	Net Assets	​	$	489,766,797	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

14,307,791

​

$

—

​

$

—

​

$

14,307,791

Mutual Funds

​

​

468,931,551

​

​

���

​

​

—

​

​

468,931,551

Total Investments, at fair value

​

$

483,239,342

​

$

—

​

$

—

​

$

483,239,342

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

542,793

​

​

—

​

​

—

​

​

542,793

Total Assets

​

$

483,782,135

​

$

—

​

$

—

​

$

483,782,135

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(176,439)

​

$

—

​

$

—

​

$

(176,439)

Total Liabilities

​

$

(176,439)

​

$

—

​

$

—

​

$

(176,439)

^

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

+

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

See Accompanying Notes to Financial Statements

59

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

31,447,013

​

$

6,386,879

​

$

(3,018,249)

​

$

(3,334,684)

​

$

31,480,959

​

$

1,132,027

​

$

(568,888)

​

$

—

Voya International Index Portfolio - Class P2

​

​

103,252,631

​

​

26,812,157

​

​

(6,166,918)

​

​

(13,437,477)

​

​

110,460,393

​

​

3,180,302

​

​

(126,541)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

18,749,061

​

​

6,987,759

​

​

(2,886,579)

​

​

(3,451,418)

​

​

19,398,823

​

​

290,558

​

​

(980,779)

​

​

2,670,399

Voya Russell Small Cap Index Portfolio - Class P2

​

​

14,253,332

​

​

3,009,734

​

​

(17,348,724)

​

​

85,658

​

​

—

​

​

—

​

​

(3,162,213)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

54,954,018

​

​

14,972,088

​

​

(12,726,792)

​

​

1,349,566

​

​

58,548,880

​

​

790,367

​

​

1,171,228

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

227,906,833

​

​

40,130,535

​

​

(12,373,447)

​

​

(6,621,425)

​

​

249,042,496

​

​

—

​

​

818,355

​

​

—

Voya High Yeild Bond-Class R6

​

​

—

​

​

4,039,368

​

​

(4,039,368)

​

​

—

​

​

—

​

​

23,835

​

​

317,077

​

​

—

​

​

$

450,562,888

​

$

102,338,520

​

$

(58,560,077)

​

$

(25,409,780)

​

$

468,931,551

​

$

5,417,089

​

$

(2,531,761)

​

$

2,670,399

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

At June 30, 2020, 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	​	338	​	09/18/20	​	$	24,295,440	​	$	326,034
S&P 500® E-Mini	​	78	​	09/18/20	​	​	12,051,780	​	​	106,752
U.S. Treasury Ultra Long Bond	​	45	​	09/21/20	​	​	9,817,031	​	​	(58,173)
​	​	​	​	​	​	$	46,164,251	​	$	374,613
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(107)	​	09/18/20	​	​	(9,514,440)	​	​	110,007
Mini MSCI Emerging Markets Index	​	(146)	​	09/18/20	​	​	(7,195,610)	​	​	(29,846)
U.S. Treasury 10-Year Note	​	(209)	​	09/21/20	​	​	(29,086,922)	​	​	(88,420)
​	​	​	​	​	​	$	(45,796,972)	​	$	(8,259)

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	542,793
Total Asset Derivatives	​	​	$	542,793
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	29,846
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	146,593
Total Liability Derivatives	​	​	$	176,439

*

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

See Accompanying Notes to Financial Statements

60

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(308,248)
Interest rate contracts	​	​	445,535
Total	​	$	137,287

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	443,770
Interest rate contracts	​	​	38,300
Total	​	$	482,070

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $481,187,024.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	16,566,333
Gross Unrealized Depreciation	​	(14,147,661)
Net Unrealized Appreciation	$	2,418,672

See Accompanying Notes to Financial Statements

61

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2020 (Unaudited)

Shares	​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.0%
312,708	Xtrackers USD High Yield Corporate Bond ETF	​	$	14,619,099	​	2.0
​	Total Exchange-Traded Funds (Cost $14,103,091)	​	​	14,619,099	​	2.0
MUTUAL FUNDS: 96.9%
​	Affiliated Investment Companies: 96.9%
4,818,408	Voya Emerging Markets Index Portfolio - Class P2	​	​	51,942,439	​	6.9
19,089,759	Voya International Index Portfolio - Class P2	​	​	176,580,273	​	23.6
3,206,780	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	33,382,583	​	4.5

Shares	​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
5,236,946	Voya U.S. Bond Index Portfolio - Class P2	​	$	59,753,553	​	8.0
24,432,081	Voya U.S. Stock Index Portfolio - Class P2	​	​	403,617,976	​	53.9
​	Total Mutual Funds (Cost $712,841,909)	​	​	725,276,824	​	96.9
​	Total Investments in Securities (Cost $726,945,000)	​	$	739,895,923	​	98.9
​	Assets in Excess of Other Liabilities	​	​	8,349,832	​	1.1
​	Net Assets	​	$	748,245,755	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

14,619,099

​

$

—

​

$

—

​

$

14,619,099

Mutual Funds

​

​

725,276,824

​

​

—

​

​

—

​

​

725,276,824

Total Investments, at fair value

​

$

739,895,923

​

$

—

​

$

—

​

$

739,895,923

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

674,662

​

​

—

​

​

—

​

​

674,662

Total Assets

​

$

740,570,585

​

$

—

​

$

—

​

$

740,570,585

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(272,092)

​

$

—

​

$

—

​

$

(272,092)

Total Liabilities

​

$

(272,092)

​

$

—

​

$

—

​

$

(272,092)

^

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

+

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

See Accompanying Notes to Financial Statements

62

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

53,645,915

​

$

9,593,265

​

$

(5,401,166)

​

$

(5,895,575)

​

$

51,942,439

​

$

1,858,119

​

$

(636,463)

​

$

—

Voya International Index Portfolio - Class P2

​

​

170,863,362

​

​

36,305,318

​

​

(8,820,904)

​

​

(21,767,503)

​

​

176,580,273

​

​

5,063,775

​

​

(611,054)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

33,397,890

​

​

10,492,912

​

​

(3,743,868)

​

​

(6,764,351)

​

​

33,382,583

​

​

495,624

​

​

(984,302)

​

​

4,555,065

Voya Russell Small Cap Index Portfolio - Class P2

​

​

22,421,371

​

​

3,664,056

​

​

(26,065,153)

​

​

(20,274)

​

​

—

​

​

—

​

​

(4,790,497)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

52,507,230

​

​

18,517,475

​

​

(12,650,742)

​

​

1,379,590

​

​

59,753,553

​

​

759,724

​

​

987,612

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

383,226,039

​

​

49,898,474

​

​

(16,256,053)

​

​

(13,250,484)

​

​

403,617,976

​

​

—

​

​

2,418,907

​

​

—

Voya High Yeild Bond - Class R6

​

​

—

​

​

6,137,487

​

​

(6,137,487)

​

​

—

​

​

—

​

​

36,344

​

​

482,108

​

​

—

​

​

$

716,061,807

​

$

134,608,987

​

$

(79,075,373)

​

$

(46,318,597)

​

$

725,276,824

​

$

8,213,586

​

$

(3,133,689)

​

$

4,555,065

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

At June 30, 2020, 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	​	517	​	09/18/20	​	$	37,161,960	​	$	497,810
S&P 500® E-Mini	​	72	​	09/18/20	​	​	11,124,720	​	​	92,548
U.S. Treasury Ultra Long Bond	​	69	​	09/21/20	​	​	15,052,781	​	​	(90,257)
​	​	​	​	​	​	$	63,339,461	​	$	500,101
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(82)	​	09/18/20	​	​	(7,291,440)	​	​	84,304
Mini MSCI Emerging Markets Index	​	(223)	​	09/18/20	​	​	(10,990,555)	​	​	(45,586)
U.S. Treasury 10-Year Note	​	(321)	​	09/21/20	​	​	(44,674,172)	​	​	(136,249)
​	​	​	​	​	​	$	(62,956,167)	​	$	(97,531)

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	674,662
Total Asset Derivatives	​	​	$	674,662
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	45,586
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	226,506
Total Liability Derivatives	​	​	$	272,092

*

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

See Accompanying Notes to Financial Statements

63

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(1,076,097)
Interest rate contracts	​	​	657,004
Total	​	$	(419,093)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	662,865
Interest rate contracts	​	​	67,370
Total	​	$	730,235

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $731,251,099.	​	​
Net unrealized appreciation consisted of:	​	​
Gross Unrealized Appreciation	$	30,964,136
Gross Unrealized Depreciation	​	(21,916,742)
Net Unrealized Appreciation	$	9,047,394

See Accompanying Notes to Financial Statements

64

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2020 (Unaudited)

Shares	​	Value			Percentage of Net Assets
MUTUAL FUNDS: 98.8%
​	Affiliated Investment Companies: 98.8%
2,216,357	Voya Emerging Markets Index Portfolio - Class P2	​	$	23,892,331	​	6.9
9,153,162	Voya International Index Portfolio - Class P2	​	​	84,666,744	​	24.5
1,482,290	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	15,430,641	​	4.5
2,406,380	Voya U.S. Bond Index Portfolio - Class P2	​	​	27,456,791	​	8.0
11,453,691	Voya U.S. Stock Index Portfolio - Class P2	​	​	189,214,974	​	54.9
​	Total Mutual Funds (Cost $340,285,113)	​	​	340,661,481	​	98.8
​	Assets in Excess of Other Liabilities	​	​	4,006,653	​	1.2
​	Net Assets	​	$	344,668,134	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Mutual Funds

​

$

340,661,481

​

$

—

​

$

—

​

$

340,661,481

Total Investments, at fair value

​

$

340,661,481

​

$

—

​

$

—

​

$

340,661,481

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

277,467

​

​

—

​

​

—

​

​

277,467

Total Assets

​

$

340,938,948

​

$

—

​

$

—

​

$

340,938,948

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(117,015)

​

$

—

​

$

—

​

$

(117,015)

Total Liabilities

​

$

(117,015)

​

$

—

​

$

—

​

$

(117,015)

^

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

+

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

See Accompanying Notes to Financial Statements

65

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

23,296,925

​

$

5,445,942

​

$

(2,391,713)

​

$

(2,458,823)

​

$

23,892,331

​

$

836,771

​

$

(385,757)

​

$

—

Voya International Index Portfolio - Class P2

​

​

77,580,444

​

​

20,968,113

​

​

(3,740,512)

​

​

(10,141,301)

​

​

84,666,744

​

​

2,370,225

​

​

(32,326)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

14,507,330

​

​

5,784,266

​

​

(2,100,831)

​

​

(2,760,124)

​

​

15,430,641

​

​

222,485

​

​

(663,980)

​

​

2,044,770

Voya Russell Small Cap Index Portfolio - Class P2

​

​

9,838,286

​

​

1,976,729

​

​

(11,885,343)

​

​

70,328

​

​

—

​

​

—

​

​

(2,192,405)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

21,945,576

​

​

10,169,674

​

​

(5,232,808)

​

​

574,349

​

​

27,456,791

​

​

330,296

​

​

443,688

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

169,668,734

​

​

32,844,715

​

​

(8,277,163)

​

​

(5,021,312)

​

​

189,214,974

​

​

—

​

​

399,971

​

​

—

​

​

$

316,837,295

​

$

77,189,439

​

$

(33,628,370)

​

$

(19,736,883)

​

$

340,661,481

​

$

3,759,777

​

$

(2,430,809)

​

$

2,044,770

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

At June 30, 2020, 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	​	237	​	09/18/20	​	$	17,035,560	​	$	225,062
S&P 500® E-Mini	​	11	​	09/18/20	​	​	1,699,610	​	​	12,577
U.S. Treasury Ultra Long Bond	​	31	​	09/21/20	​	​	6,762,844	​	​	(40,781)
​	​	​	​	​	​	$	25,498,014	​	$	196,858
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(38)	​	09/18/20	​	​	(3,378,960)	​	​	39,828
Mini MSCI Emerging Markets Index	​	(102)	​	09/18/20	​	​	(5,027,070)	​	​	(20,851)
U.S. Treasury 10-Year Note	​	(123)	​	09/21/20	​	​	(17,118,141)	​	​	(55,383)
​	​	​	​	​	​	$	(25,524,171)	​	$	(36,406)

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	277,467
Total Asset Derivatives	​	​	$	277,467
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	20,851
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	96,164
Total Liability Derivatives	​	​	$	117,015

*

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

See Accompanying Notes to Financial Statements

66

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(689,921)
Interest rate contracts	​	​	291,995
Total	​	$	(397,925)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	269,447
Interest rate contracts	​	​	32,283
Total	​	$	301,730

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $341,464,783.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	9,761,290
Gross Unrealized Depreciation	​	(10,404,140)
Net Unrealized Depreciation	$	(642,850)

See Accompanying Notes to Financial Statements

67

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2020 (Unaudited)

Shares	​	Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.0%
18,590	Vanguard Russell 1000 Growth ETF	​	$	3,668,179	​	1.0
​	Total Exchange-Traded Funds (Cost $3,213,095)	​	​	3,668,179	​	1.0
MUTUAL FUNDS: 97.8%
​	Affiliated Investment Companies: 97.8%
2,568,643	Voya Emerging Markets Index Portfolio - Class P2	​	​	27,689,967	​	7.4
9,897,493	Voya International Index Portfolio - Class P2	​	​	91,551,815	​	24.5
1,776,745	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	18,495,919	​	5.0

Shares	​	Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
2,277,244	Voya U.S. Bond Index Portfolio - Class P2	​	$	25,983,358	​	7.0
12,162,385	Voya U.S. Stock Index Portfolio - Class P2	​	​	200,922,595	​	53.9
​	Total Mutual Funds (Cost $361,899,489)	​	​	364,643,654	​	97.8
​	Total Investments in Securities (Cost $365,112,584)	​	$	368,311,833	​	98.8
​	Assets in Excess of Other Liabilities	​	​	4,523,468	​	1.2
​	Net Assets	​	$	372,835,301	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

3,668,179

​

$

—

​

$

—

​

$

3,668,179

Mutual Funds

​

​

364,643,654

​

​

—

​

​

—

​

​

364,643,654

Total Investments, at fair value

​

$

368,311,833

​

$

—

​

$

—

​

$

368,311,833

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

300,488

​

​

—

​

​

—

​

​

300,488

Total Assets

​

$

368,612,321

​

$

—

​

$

—

​

$

368,612,321

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(124,286)

​

$

—

​

$

—

​

$

(124,286)

Total Liabilities

​

$

(124,286)

​

$

—

​

$

—

​

$

(124,286)

^

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

+

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

See Accompanying Notes to Financial Statements

68

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

26,894,812

​

$

6,099,670

​

$

(2,431,423)

​

$

(2,873,092)

​

$

27,689,967

​

$

972,393

​

$

(383,381)

​

$

—

Voya International Index Portfolio - Class P2

​

​

83,473,347

​

​

21,863,845

​

​

(2,761,666)

​

​

(11,023,711)

​

​

91,551,815

​

​

2,579,442

​

​

158,521

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

17,363,145

​

​

6,582,274

​

​

(1,883,769)

​

​

(3,565,731)

​

​

18,495,919

​

​

268,317

​

​

(521,887)

​

​

2,465,991

Voya Russell Small Cap Index Portfolio - Class P2

​

​

10,528,646

​

​

2,020,751

​

​

(12,523,773)

​

​

(25,624)

​

​

—

​

​

—

​

​

(2,251,730)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

20,290,299

​

​

9,705,592

​

​

(4,490,728)

​

​

478,195

​

​

25,983,358

​

​

308,456

​

​

463,747

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

182,790,310

​

​

31,170,228

​

​

(7,149,964)

​

​

(5,887,979)

​

​

200,922,595

​

​

—

​

​

921,888

​

​

—

​

​

$

341,340,559

​

$

77,442,360

​

$

(31,241,323)

​

$

(22,897,942)

​

$

364,643,654

​

$

4,128,608

​

$

(1,612,842)

​

$

2,465,991

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

At June 30, 2020, 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	​	257	​	09/18/20	​	$	18,473,160	​	$	244,354
S&P 500® E-Mini	​	12	​	09/18/20	​	​	1,854,120	​	​	13,982
U.S. Treasury Ultra Long Bond	​	34	​	09/21/20	​	​	7,417,312	​	​	(41,483)
​	​	​	​	​	​	$	27,744,592	​	$	216,853
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(41)	​	09/18/20	​	​	(3,645,720)	​	​	42,152
Mini MSCI Emerging Markets Index	​	(111)	​	09/18/20	​	​	(5,470,635)	​	​	(22,691)
U.S. Treasury 10-Year Note	​	(133)	​	09/21/20	​	​	(18,509,859)	​	​	(60,112)
​	​	​	​	​	​	$	(27,626,214)	​	$	(40,651)

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	300,488
Total Asset Derivatives	​	​	$	300,488
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	22,691
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	101,595
Total Liability Derivatives	​	​	$	124,286

*

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

See Accompanying Notes to Financial Statements

69

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(756,356)
Interest rate contracts	​	​	304,963
Total	​	$	(451,393)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	293,082
Interest rate contracts	​	​	35,801
Total	​	$	328,883

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $367,369,890.	​
Net unrealized appreciation consisted of:	​
Gross Unrealized Appreciation	$	12,819,263
Gross Unrealized Depreciation	​	(11,701,118)
Net Unrealized Appreciation	$	1,118,145

See Accompanying Notes to Financial Statements

70

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2060 Portfolio as of June 30, 2020 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.0%
6,542	Vanguard Russell 1000 Growth ETF	​	$	1,290,868	​	1.0
​	Total Exchange-Traded Funds (Cost $1,134,617)	​	​	1,290,868	​	1.0
MUTUAL FUNDS: 97.7%
​	Affiliated Investment Companies: 97.7%
906,088	Voya Emerging Markets Index Portfolio - Class P2	​	​	9,767,628	​	7.4
3,493,134	Voya International Index Portfolio - Class P2	​	​	32,311,488	​	24.5
629,039	Voya Russell Mid Cap Index Portfolio - Class P2	​	​	6,548,292	​	5.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	Affiliated Investment Companies (continued)
687,686	Voya U.S. Bond Index Portfolio - Class P2	​	$	7,846,495	​	6.0
4,372,316	Voya U.S. Stock Index Portfolio - Class P2	​	​	72,230,655	​	54.8
​	Total Mutual Funds (Cost $128,540,152)	​	​	128,704,558	​	97.7
​	Total Investments in Securities (Cost $129,674,769)	​	$	129,995,426	​	98.7
​	Assets in Excess of Other Liabilities	​	​	1,696,934	​	1.3
​	Net Assets	​	$	131,692,360	​	100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2020

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Exchange-Traded Funds

​

$

1,290,868

​

$

—

​

$

—

​

$

1,290,868

Mutual Funds

​

​

128,704,558

​

​

—

​

​

—

​

​

128,704,558

Total Investments, at fair value

​

$

129,995,426

​

$

—

​

$

—

​

$

129,995,426

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

​

105,056

​

​

—

​

​

—

​

​

105,056

Total Assets

​

$

130,100,482

​

$

—

​

$

—

​

$

130,100,482

Liabilities Table

​

​

​

​

​

​

​

​

​

​

​

​

Other Financial Instruments+

​

​

​

​

​

​

​

​

​

​

​

​

Futures

​

$

(22,624)

​

$

—

​

$

—

​

$

(22,624)

Total Liabilities

​

$

(22,624)

​

$

—

​

$

—

​

$

(22,624)

^

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

+

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

See Accompanying Notes to Financial Statements

71

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2060 Portfolio as of June 30, 2020 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2020, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/2019

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/2020

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class P2

​

$

8,413,928

​

$

3,101,980

​

$

(802,016)

​

$

(946,264)

​

$

9,767,628

​

$

333,481

​

$

(53,927)

​

$

—

Voya International Index Portfolio - Class P2

​

​

27,240,738

​

​

11,524,307

​

​

(3,524,945)

​

​

(2,928,612)

​

​

32,311,488

​

​

883,728

​

​

(205,220)

​

​

—

Voya Russell Mid Cap Index Portfolio - Class P2

​

​

5,433,682

​

​

3,081,859

​

​

(936,193)

​

​

(1,031,056)

​

​

6,548,292

​

​

93,081

​

​

(300,427)

​

​

855,470

Voya Russell Small Cap Index Portfolio - Class P2

​

​

3,344,918

​

​

1,006,880

​

​

(4,328,686)

​

​

(23,112)

​

​

—

​

​

—

​

​

(703,995)

​

​

—

Voya U.S. Bond Index Portfolio - Class P2

​

​

2,739,633

​

​

5,982,058

​

​

(997,308)

​

​

122,112

​

​

7,846,495

​

​

61,716

​

​

33,645

​

​

—

Voya U.S. Stock Index Portfolio - Class P2

​

​

55,631,501

​

​

22,716,613

​

​

(4,937,991)

​

​

(1,179,468)

​

​

72,230,655

​

​

—

​

​

(242,392)

​

​

—

​

​

$

102,804,400

​

$

47,413,697

​

$

(15,527,139)

​

$

(5,986,400)

​

$

128,704,558

​

$

1,372,006

​

$

(1,472,316)

​

$

855,470

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

At June 30, 2020, the following futures contracts were outstanding for Voya Index Solution 2060 Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts:	​	​	​	​	​	​	​	​	​	​
E-mini Russell 2000® Index	​	90	​	09/18/20	​	$	6,469,200	​	$	85,040
S&P 500® E-Mini	​	4	​	09/18/20	​	​	618,040	​	​	5,623
​	​	​	​	​	​	$	7,087,240	​	$	90,663
Short Contracts:	​	​	​	​	​	​	​	​	​	​
Mini MSCI EAFE Index	​	(14)	​	09/18/20	​	​	(1,244,880)	​	​	14,393
Mini MSCI Emerging Markets Index	​	(39)	​	09/18/20	​	​	(1,922,115)	​	​	(6,715)
U.S. Treasury 10-Year Note	​	(28)	​	09/21/20	​	​	(3,896,812)	​	​	(15,909)
​	​	​	​	​	​	$	(7,063,807)	​	$	(8,231)

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

The fair value of derivative instruments as of June 30, 2020 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*	​	$	105,056
Total Asset Derivatives	​	​	$	105,056
Liability Derivatives	​	​	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	6,715
Interest rate contracts	Net Assets — Unrealized depreciation*	​	​	15,909
Total Liability Derivatives	​	​	$	22,624

*

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

See Accompanying Notes to Financial Statements

72

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2060 Portfolio as of June 30, 2020 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2020 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(107,722)
Interest rate contracts	​	​	(35,439)
Total	​	$	(143,161)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	98,341
Interest rate contracts	​	​	(15,909)
Total	​	$	82,432

At June 30, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $130,196,133.	​	​
Net unrealized depreciation consisted of:	​	​
Gross Unrealized Appreciation	$	3,210,152
Gross Unrealized Depreciation	​	(3,328,428)
Net Unrealized Depreciation	$	(118,276)

See Accompanying Notes to Financial Statements

73

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

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

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286    
   

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VINDSOL         (0620-082120)​

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

Complete schedule of investments, as applicable, is included as part of the report to shareholders filed under Item 1 of this Form and filed herein, as applicable.

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: 22.6%
		Canada: 0.1%
186,000		Fortis, Inc./Canada, 3.055%, 10/04/2026	$  200,968	0.1
		China: 0.4%
601,000		Alibaba Group Holding Ltd., 3.600%, 11/28/2024	655,901	0.4
		France: 0.6%
572,000	(1)	BNP Paribas SA, 3.500%, 03/01/2023	605,910	0.3
265,000	(1)	BPCE SA, 2.700%, 10/01/2029	283,026	0.1
287,000	(1)	BPCE SA, 5.150%, 07/21/2024	320,642	0.2
			1,209,578	0.6
		Ireland: 0.2%
283,000		Aon PLC, 2.800%, 03/15/2021	287,957	0.2
		Japan: 0.6%
200,000	(1)	Mizuho Bank Ltd., 3.200%, 03/26/2025	215,474	0.1
200,000		Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024	210,128	0.1
639,000		Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026	723,752	0.4
			1,149,354	0.6
		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 31,379	(2)	JP Morgan / Hipotecaria su Casita, 6.100%, 09/25/2035	1,364	0.0
			1,364	0.0
		Netherlands: 0.9%
270,000		Cooperatieve Rabobank UA/NY, 2.500%, 01/19/2021	273,255	0.1
690,000		Shell International Finance BV, 3.250%, 05/11/2025	764,193	0.4
361,000		Shell International Finance BV, 4.000%, 05/10/2046	426,885	0.2
300,000	(1)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026	321,760	0.2
			1,786,093	0.9
		Norway: 0.0%
41,000		Equinor ASA, 3.125%, 04/06/2030	45,306	0.0
		South Africa: 0.0%
ZAR 1,000,000		Transnet SOC Ltd., 10.800%, 11/06/2023	63,779	0.0
		Switzerland: 0.4%
400,000	(1)	Credit Suisse AG, 6.500%, 08/08/2023	438,467	0.2
250,000		UBS AG/Stamford CT, 7.625%, 08/17/2022	278,926	0.2
			717,393	0.4
		United Kingdom: 0.5%
405,000	(4)	HSBC Holdings PLC, 3.973%, 05/22/2030	449,831	0.2
200,000	(1)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027	218,974	0.1
230,000	(1)	Standard Chartered PLC, 5.300%, 01/09/2043	268,393	0.2
			937,198	0.5
		United States: 18.9%
185,000	(1)	AbbVie, Inc., 3.200%, 11/21/2029	206,562	0.1
150,000		AbbVie, Inc., 3.600%, 05/14/2025	166,661	0.1
374,000	(1)	AbbVie, Inc., 4.050%, 11/21/2039	434,359	0.2
321,000		AbbVie, Inc., 4.300%, 05/14/2036	380,681	0.2
240,000	(1)	Advance Auto Parts, Inc., 3.900%, 04/15/2030	257,209	0.1
53,000		Aetna, Inc., 2.800%, 06/15/2023	55,882	0.0
175,000		Altria Group, Inc., 4.500%, 05/02/2043	188,534	0.1
500,000		Altria Group, Inc., 4.800%, 02/14/2029	583,258	0.3
67,000		American Electric Power Co., Inc., 3.250%, 03/01/2050	69,296	0.0
59,000		American International Group, Inc., 4.250%, 03/15/2029	67,588	0.0
459,000		American International Group, Inc., 4.500%, 07/16/2044	536,157	0.3
59,000		American International Group, Inc., 4.750%, 04/01/2048	71,226	0.0
450,000		American Tower Corp., 2.750%, 01/15/2027	483,631	0.3
300,000		Amgen, Inc., 3.200%, 11/02/2027	338,448	0.2
88,000		Amgen, Inc., 4.563%, 06/15/2048	115,291	0.1
170,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046	208,577	0.1
130,000		Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028	150,104	0.1
260,000		Anthem, Inc., 3.700%, 09/15/2049	296,474	0.2
93,000		Apple, Inc., 3.450%, 02/09/2045	108,868	0.1
301,000		AT&T, Inc., 4.300%, 02/15/2030	351,938	0.2

1

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

433,000		AT&T, Inc., 5.450%, 03/01/2047	567,258	0.3
59,000	(4)	Bank of America Corp., 2.496%, 02/13/2031	61,923	0.0
368,000		Bank of America Corp., 3.300%, 01/11/2023	392,019	0.2
616,000	(4)	Bank of America Corp., 3.419%, 12/20/2028	686,458	0.4
458,000		Bank of America Corp., 4.100%, 07/24/2023	503,232	0.3
233,000		Bank of America Corp., 4.183%, 11/25/2027	266,074	0.1
258,000	(4)	Bank of America Corp., 4.330%, 03/15/2050	332,850	0.2
412,000		Bank of New York Mellon Corp., 2.050%, 05/03/2021	417,303	0.2
137,000		BAT Capital Corp., 3.557%, 08/15/2027	148,326	0.1
74,000		Boeing Co/The, 5.150%, 05/01/2030	82,719	0.0
233,000		Booking Holdings, Inc., 4.500%, 04/13/2027	267,863	0.1
59,000		Boston Scientific Corp., 4.000%, 03/01/2029	67,544	0.0
41,000		BP Capital Markets America, Inc., 3.000%, 02/24/2050	40,488	0.0
266,000	(1)	Bristol-Myers Squibb Co., 3.875%, 08/15/2025	302,801	0.2
135,000		Broadridge Financial Solutions, Inc., 2.900%, 12/01/2029	144,502	0.1
80,000		Brookfield Finance LLC, 3.450%, 04/15/2050	76,893	0.0
25,000		Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043	31,606	0.0
65,000	(1)	Carrier Global Corp., 2.722%, 02/15/2030	65,286	0.0
395,000		CBRE Services, Inc., 5.250%, 03/15/2025	445,872	0.2
59,000		Cigna Corp., 3.400%, 03/15/2050	63,861	0.0
265,000		Citigroup, Inc., 4.125%, 07/25/2028	299,710	0.2
579,000		Citigroup, Inc., 4.000%, 08/05/2024	631,729	0.3
469,000		Citigroup, Inc., 5.500%, 09/13/2025	556,331	0.3
278,000	(1)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028	304,878	0.2
165,000		Comcast Corp., 2.350%, 01/15/2027	176,456	0.1
59,000		Comcast Corp., 3.750%, 04/01/2040	69,646	0.0
310,000		Comcast Corp., 4.150%, 10/15/2028	373,204	0.2
110,000		Comcast Corp., 4.250%, 01/15/2033	135,249	0.1
80,000		Comcast Corp., 5.650%, 06/15/2035	113,364	0.1
72,000		Consumers Energy Co., 3.100%, 08/15/2050	80,398	0.0
59,000		Crown Castle International Corp., 4.150%, 07/01/2050	68,119	0.0
65,000		CSX Corp., 4.500%, 08/01/2054	82,520	0.0
1,184,000		CVS Health Corp., 2.800%, 07/20/2020	1,185,071	0.6
510,000		CVS Health Corp., 4.300%, 03/25/2028	596,625	0.3
313,000	(1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026	359,110	0.2
111,961		Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/2025	102,235	0.1
59,000		Dollar General Corp., 3.500%, 04/03/2030	66,223	0.0
120,000	(4)	Dominion Energy, Inc., 4.650%, 12/31/2199	117,610	0.1
205,000		DTE Electric Co., 2.250%, 03/01/2030	216,028	0.1
200,000		DTE Electric Co., 2.950%, 03/01/2050	209,688	0.1
108,000		DTE Electric Co., 4.300%, 07/01/2044	134,744	0.1
125,000		Duke Energy Carolinas LLC, 3.200%, 08/15/2049	140,433	0.1
85,000		Duke Energy Indiana LLC, 3.250%, 10/01/2049	94,365	0.1
85,000		Duke Energy Indiana LLC, 3.750%, 05/15/2046	98,995	0.1
1,026,000		Energy Transfer Operating L.P., 4.900%, 02/01/2024	1,109,963	0.6
280,000		Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023	300,946	0.2
200,000		Entergy Louisiana LLC, 4.200%, 04/01/2050	254,394	0.1
36,000		Entergy Louisiana LLC, 2.900%, 03/15/2051	37,006	0.0
112,000		Essential Utilities, Inc., 2.704%, 04/15/2030	117,319	0.1
111,000		Evergy Kansas Central, Inc., 3.250%, 09/01/2049	119,878	0.1
57,000		Exxon Mobil Corp., 2.995%, 08/16/2039	60,505	0.0
183,000		Exxon Mobil Corp., 3.095%, 08/16/2049	191,238	0.1
236,000		Exxon Mobil Corp., 2.610%, 10/15/2030	252,155	0.1
147,000		Exxon Mobil Corp., 3.452%, 04/15/2051	163,913	0.1
241,000	(1)	Fairfax US, Inc., 4.875%, 08/13/2024	248,098	0.1
202,000		FedEx Corp., 4.050%, 02/15/2048	207,861	0.1
59,000		FedEx Corp., 5.250%, 05/15/2050	72,325	0.0
318,000		Fifth Third Bancorp, 8.250%, 03/01/2038	516,270	0.3
532,000		FirstEnergy Corp., 4.250%, 03/15/2023	575,642	0.3
233,000		Fiserv, Inc., 3.200%, 07/01/2026	258,094	0.1
215,000		Florida Power & Light Co., 4.125%, 02/01/2042	269,415	0.1
569,000		Ford Motor Credit Co. LLC, 3.200%, 01/15/2021	561,888	0.3
310,000		General Dynamics Corp., 3.500%, 04/01/2027	355,343	0.2
205,000		General Electric Co., 6.750%, 03/15/2032	251,195	0.1
144,000		General Electric Co., 3.625%, 05/01/2030	144,425	0.1

2

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

233,000		General Mills, Inc., 2.875%, 04/15/2030	253,843	0.1
224,000		General Motors Financial Co., Inc., 4.300%, 07/13/2025	233,557	0.1
240,000		Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021	243,841	0.1
945,000		Goldman Sachs Group, Inc./The, 3.000%, 04/26/2022	963,431	0.5
59,000		HCA, Inc., 4.125%, 06/15/2029	65,140	0.0
130,000		Healthpeak Properties, Inc., 3.000%, 01/15/2030	136,103	0.1
50,000		Home Depot, Inc./The, 3.125%, 12/15/2049	55,023	0.0
270,000		Intel Corp., 3.250%, 11/15/2049	308,107	0.2
59,000		Intel Corp., 4.750%, 03/25/2050	83,499	0.0
59,000		Intercontinental Exchange, Inc., 3.000%, 06/15/2050	60,413	0.0
162,000		Intercontinental Exchange, Inc., 4.250%, 09/21/2048	201,071	0.1
50,000		Johnson & Johnson, 3.550%, 03/01/2036	59,130	0.0
150,000		Johnson & Johnson, 3.400%, 01/15/2038	177,617	0.1
117,000		JPMorgan Chase & Co., 2.550%, 03/01/2021	118,468	0.1
59,000	(4)	JPMorgan Chase & Co., 4.493%, 03/24/2031	72,223	0.0
65,000	(4)	JPMorgan Chase & Co., 4.600%, 12/31/2199	58,035	0.0
478,000	(4)	JPMorgan Chase & Co., 6.000%, 12/31/2199	483,099	0.3
110,000		Kimco Realty Corp., 3.700%, 10/01/2049	101,975	0.1
222,000		Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024	243,676	0.1
162,000		Kroger Co/The, 4.650%, 01/15/2048	204,598	0.1
110,000		Lowe's Cos, Inc., 3.700%, 04/15/2046	123,202	0.1
45,000		McDonald's Corp., 3.625%, 05/01/2043	49,591	0.0
50,000		McDonald's Corp., 3.625%, 09/01/2049	55,667	0.0
380,000	(1)	Metropolitan Edison Co., 4.000%, 04/15/2025	425,578	0.2
170,000		Mississippi Power Co., 4.250%, 03/15/2042	200,565	0.1
233,000		Mondelez International, Inc., 2.750%, 04/13/2030	251,841	0.1
78,000	(4)	Morgan Stanley, 3.622%, 04/01/2031	89,272	0.1
372,000		Morgan Stanley, 3.750%, 02/25/2023	401,825	0.2
618,000		Morgan Stanley, 4.100%, 05/22/2023	668,203	0.4
78,000	(4)	Morgan Stanley, 5.597%, 03/24/2051	118,485	0.1
70,000		MPLX L.P., 5.250%, 01/15/2025	72,798	0.0
280,000		National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028	332,323	0.2
43,000		Newmont Corp., 3.700%, 03/15/2023	44,565	0.0
143,000		Northern States Power Co/MN, 3.600%, 09/15/2047	167,956	0.1
78,000		NVIDIA Corp., 3.500%, 04/01/2040	91,325	0.1
123,000		Occidental Petroleum Corp., 4.625%, 06/15/2045	86,715	0.1
39,000		ONEOK, Inc., 3.100%, 03/15/2030	37,382	0.0
78,000		Oracle Corp., 3.600%, 04/01/2040	88,851	0.1
233,000		Oracle Corp., 2.800%, 04/01/2027	254,801	0.1
48,000		O'Reilly Automotive, Inc., 3.600%, 09/01/2027	54,018	0.0
95,000		O'Reilly Automotive, Inc., 4.350%, 06/01/2028	110,887	0.1
26,000	(3)	Pacific Gas and Electric Co., 4.250%, 03/15/2046	28,679	0.0
21,000	(3)	Pacific Gas and Electric Co., 4.300%, 03/15/2045	23,243	0.0
33,000	(3)	Pacific Gas and Electric Co., 4.450%, 04/15/2042	36,854	0.0
140,000		PayPal Holdings, Inc., 2.850%, 10/01/2029	153,504	0.1
168,000		PECO Energy Co., 4.150%, 10/01/2044	208,390	0.1
460,000		Philip Morris International, Inc., 3.875%, 08/21/2042	527,910	0.3
63,000		Phillips 66, 3.850%, 04/09/2025	69,906	0.0
45,000		Puget Sound Energy, Inc., 3.250%, 09/15/2049	48,397	0.0
160,000		Raytheon Technologies Corp., 4.500%, 06/01/2042	198,409	0.1
272,000		Reynolds American, Inc., 6.150%, 09/15/2043	338,489	0.2
133,000		Ross Stores, Inc., 4.700%, 04/15/2027	154,571	0.1
370,000		Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026	410,744	0.2
35,000		Southern California Edison Co., 3.650%, 02/01/2050	38,623	0.0
70,000		Southwest Airlines Co., 3.450%, 11/16/2027	69,126	0.0
104,000		Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/2024	111,373	0.1
40,000		Texas Instruments, Inc., 3.875%, 03/15/2039	49,742	0.0
272,000		Time Warner Cable LLC, 5.875%, 11/15/2040	336,048	0.2
233,000	(1)	T-Mobile USA, Inc., 3.750%, 04/15/2027	258,805	0.1
59,000	(1)	T-Mobile USA, Inc., 3.875%, 04/15/2030	65,870	0.0
255,000		Union Electric Co., 3.250%, 10/01/2049	277,984	0.2
90,000		United Parcel Service, Inc., 3.400%, 09/01/2049	99,647	0.1
230,000		Verizon Communications, Inc., 4.125%, 03/16/2027	271,285	0.1
365,000		Verizon Communications, Inc., 4.125%, 08/15/2046	456,579	0.2

3

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

216,000		ViacomCBS, Inc., 3.700%, 08/15/2024	234,782	0.1
252,000		ViacomCBS, Inc., 4.375%, 03/15/2043	263,809	0.1
233,000		VMware, Inc., 4.650%, 05/15/2027	258,062	0.1
245,000		Walmart, Inc., 3.700%, 06/26/2028	290,474	0.2
99,000		Walt Disney Co/The, 5.400%, 10/01/2043	134,677	0.1
240,000	(4)	Wells Fargo & Co., 2.406%, 10/30/2025	249,994	0.1
430,000		Wells Fargo & Co., 4.100%, 06/03/2026	485,061	0.3
72,000		Evergy Kansas Central, Inc., 4.125%, 03/01/2042	84,787	0.1
			36,400,749	18.9
	Total Corporate Bonds/Notes
	(Cost $40,338,088)		43,455,640	22.6
COLLATERALIZED MORTGAGE OBLIGATIONS: 17.2%
		United States: 17.2%
229,146	(4)	Adjustable Rate Mortgage Trust 2006-2 1A1, 3.911%, 05/25/2036	215,318	0.1
212,292		Alternative Loan Trust 2005-51 3A2A, 2.794%, (12MTA + 1.290%), 11/20/2035	191,355	0.1
70,577		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036	50,814	0.0
421,540		Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/2035	431,725	0.2
43,305		CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/2035	42,753	0.0
46,566		CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/2035	45,878	0.0
259,259		CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037	200,819	0.1
61,381	(4)	Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 4.216%, 05/25/2035	60,746	0.0
276,137		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036	270,767	0.1
46,639		Countrywide Alternative Loan Trust 2005-53T2 2A6, 0.685%, (US0001M + 0.500%), 11/25/2035	21,718	0.0
203,706		Countrywide Asset-Backed Certificates 2005-IM1 M1, 0.905%, (US0001M + 0.720%), 11/25/2035	197,701	0.1
257,486	(1),(4)	CSMC Trust 2015-3 B1, 3.929%, 03/25/2045	268,779	0.1
2,265	(1)	Deutsche ALT-A Securities, Inc. ALT2007-RS1 A2, 0.674%, (US0001M + 0.500%), 01/27/2037	2,054	0.0
164,881		Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 4.435%, (US0001M + 4.250%), 01/25/2029	172,074	0.1
527,477		Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 4.635%, (US0001M + 4.450%), 01/25/2029	543,323	0.3
596,941		Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 4.535%, (US0001M + 4.350%), 05/25/2029	622,742	0.3
545,023		Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 3.835%, (US0001M + 3.650%), 09/25/2029	550,024	0.3
500,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.185%, (US0001M + 3.000%), 10/25/2029	507,641	0.3
431,120		Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 2.385%, (US0001M + 2.200%), 01/25/2030	425,917	0.2
537,621		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 2.585%, (US0001M + 2.400%), 05/28/2030	530,479	0.3
449,807		Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 2.685%, (US0001M + 2.500%), 05/25/2030	446,529	0.2
512,431		Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 2.735%, (US0001M + 2.550%), 12/25/2030	509,109	0.3
278,378		Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.185%, (US0001M + 2.000%), 03/25/2031	269,509	0.1
274,968	(1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 2.485%, (US0001M + 2.300%), 08/25/2031	273,150	0.2
459,940	(1)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 2.585%, (US0001M + 2.400%), 04/25/2031	458,646	0.2
79,287	(1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 2.635%, (US0001M + 2.450%), 07/25/2031	78,056	0.0
72,602	(5)	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/2024	6,865	0.0

4

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

16,114	(5)	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/2028	3,067	0.0
139,865	(5)	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/2032	28,544	0.0
50,431	(5)	Fannie Mae Interest Strip Series 328 2, 6.000%, 12/25/2032	10,738	0.0
22,280	(5)	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/2033	4,763	0.0
27,429	(5)	Fannie Mae Interest Strip Series 332 2, 6.000%, 03/25/2033	5,962	0.0
21,881	(5)	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/2033	4,733	0.0
26,710	(5)	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/2033	5,066	0.0
11,490	(5)	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/2035	2,427	0.0
12,580	(5)	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/2035	2,698	0.0
407,541	(5)	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/2043	54,984	0.0
585,631	(4),(5)	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/2033	64,617	0.0
7,322		Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029	8,026	0.0
10,447		Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032	11,744	0.0
51,779	(5)	Fannie Mae REMIC Trust 2002-12 SB, 7.566%, (-1.000*US0001M + 7.750%), 07/25/2031	12,977	0.0
31,192	(5)	Fannie Mae REMIC Trust 2002-2 SW, 7.566%, (-1.000*US0001M + 7.750%), 02/25/2032	8,102	0.0
13,171		Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032	15,504	0.0
5,304		Fannie Mae REMIC Trust 2002-29 F, 1.185%, (US0001M + 1.000%), 04/25/2032	5,401	0.0
16,940	(5)	Fannie Mae REMIC Trust 2002-41 S, 7.766%, (-1.000*US0001M + 7.950%), 07/25/2032	3,692	0.0
1,632		Fannie Mae REMIC Trust 2002-64 FJ, 1.185%, (US0001M + 1.000%), 04/25/2032	1,662	0.0
3,584		Fannie Mae REMIC Trust 2002-68 FH, 0.694%, (US0001M + 0.500%), 10/18/2032	3,589	0.0
600,175	(5)	Fannie Mae REMIC Trust 2002-77 JS, 7.806%, (-1.000*US0001M + 8.000%), 12/18/2032	150,509	0.1
15,405		Fannie Mae REMIC Trust 2002-84 FB, 1.185%, (US0001M + 1.000%), 12/25/2032	15,688	0.0
15,403		Fannie Mae REMIC Trust 2003-11 FA, 1.185%, (US0001M + 1.000%), 09/25/2032	15,686	0.0
3,306		Fannie Mae REMIC Trust 2003-116 FA, 0.585%, (US0001M + 0.400%), 11/25/2033	3,306	0.0
21,060	(5)	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033	5,292	0.0
15,396	(5)	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033	3,494	0.0
5,375	(5)	Fannie Mae REMIC Trust 2003-52 NS, 6.916%, (-1.000*US0001M + 7.100%), 06/25/2023	269	0.0
372,991	(5)	Fannie Mae REMIC Trust 2004-56 SE, 7.366%, (-1.000*US0001M + 7.550%), 10/25/2033	89,443	0.1
23,215		Fannie Mae REMIC Trust 2005-25 PS, 27.348%, (-4.400*US0001M + 28.160%), 04/25/2035	43,697	0.0
10,312	(5)	Fannie Mae REMIC Trust 2005-40 SB, 6.566%, (-1.000*US0001M + 6.750%), 05/25/2035	1,804	0.0
30,440		Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/2025	31,482	0.0
112,127		Fannie Mae REMIC Trust 2005-74 DK, 23.262%, (-4.000*US0001M + 24.000%), 07/25/2035	178,358	0.1
284,505		Fannie Mae REMIC Trust 2005-87 SB, 23.157%, (-3.667*US0001M + 23.833%), 10/25/2035	478,818	0.3
169,736		Fannie Mae REMIC Trust 2006-104 ES, 32.528%, (-5.000*US0001M + 33.450%), 11/25/2036	332,566	0.2
12,626		Fannie Mae REMIC Trust 2006-11 PS, 23.890%, (-3.667*US0001M + 24.567%), 03/25/2036	22,243	0.0
30,761		Fannie Mae REMIC Trust 2006-46 SW, 23.523%, (-3.667*US0001M + 24.199%), 06/25/2036	50,047	0.0
6,807,066	(5)	Fannie Mae REMIC Trust 2006-51 SA, 6.386%, (-1.000*US0001M + 6.570%), 06/25/2036	1,542,275	0.8
57,822	(5)	Fannie Mae REMIC Trust 2006-90 SX, 7.046%, (-1.000*US0001M + 7.230%), 09/25/2036	12,980	0.0
6,900,862	(5)	Fannie Mae REMIC Trust 2007-116 DI, 5.756%, (-1.000*US0001M + 5.940%), 01/25/2038	1,569,266	0.8

5

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

45,666	(5)	Fannie Mae REMIC Trust 2007-88 XI, 6.356%, (-1.000*US0001M + 6.540%), 06/25/2037	11,770	0.0
586,710	(5)	Fannie Mae REMIC Trust 2007-89 SB, 6.366%, (-1.000*US0001M + 6.550%), 09/25/2037	113,372	0.1
1,366,067	(5)	Fannie Mae REMIC Trust 2007-94 SG, 6.266%, (-1.000*US0001M + 6.450%), 10/25/2037	321,651	0.2
248,774		Fannie Mae REMIC Trust 2010-109 SN, 24.137%, (-5.000*US0001M + 25.000%), 10/25/2040	893,338	0.5
64,203		Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040	71,645	0.0
2,599,543	(5)	Fannie Mae REMIC Trust 2011-55 SK, 6.376%, (-1.000*US0001M + 6.560%), 06/25/2041	645,811	0.3
2,021,117	(5)	Fannie Mae REMIC Trust 2011-86 NS, 5.766%, (-1.000*US0001M + 5.950%), 09/25/2041	404,344	0.2
993,959	(5)	Fannie Mae REMIC Trust 2012-10 US, 6.266%, (-1.000*US0001M + 6.450%), 02/25/2042	133,019	0.1
1,054,270	(5)	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042	122,508	0.1
2,787,707	(5)	Fannie Mae REMIC Trust 2012-133 PS, 6.016%, (-1.000*US0001M + 6.200%), 03/25/2042	349,968	0.2
1,808,846	(5)	Fannie Mae REMIC Trust 2012-144 SB, 5.916%, (-1.000*US0001M + 6.100%), 01/25/2043	500,173	0.3
1,702,066	(5)	Fannie Mae REMIC Trust 2012-27 SB, 5.796%, (-1.000*US0001M + 5.980%), 11/25/2041	217,548	0.1
1,179,190	(5)	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033	129,838	0.1
6,334,450	(5)	Fannie Mae REMICS 2012-138 DI, 3.000%, 12/25/2027	380,274	0.2
6,097,313	(5)	Freddie Mac 3502 DL, 5.815%, (-1.000*US0001M + 6.000%), 01/15/2039	1,395,655	0.7
17,136		Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/2022	17,979	0.0
13,752		Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/2024	14,702	0.0
28,639		Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026	31,947	0.0
6,489	(5)	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028	1,220	0.0
34,609	(5)	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028	6,314	0.0
18,307		Freddie Mac REMIC Trust 2122 F, 0.635%, (US0001M + 0.450%), 02/15/2029	18,303	0.0
53,490	(5)	Freddie Mac REMIC Trust 2134 SB, 7.515%, (-1.000*US0001M + 7.700%), 03/15/2029	9,032	0.0
56,986	(5)	Freddie Mac REMIC Trust 2136 SG, 7.465%, (-1.000*US0001M + 7.650%), 03/15/2029	11,210	0.0
74,868	(5)	Freddie Mac REMIC Trust 2177 SB, 8.765%, (-1.000*US0001M + 8.950%), 08/15/2029	16,212	0.0
9,148		Freddie Mac REMIC Trust 2344 FP, 1.135%, (US0001M + 0.950%), 08/15/2031	9,311	0.0
4,029		Freddie Mac REMIC Trust 2412 GF, 1.135%, (US0001M + 0.950%), 02/15/2032	4,095	0.0
33,678		Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032	40,444	0.0
5,069		Freddie Mac REMIC Trust 2464 FI, 1.185%, (US0001M + 1.000%), 02/15/2032	5,161	0.0
5,200		Freddie Mac REMIC Trust 2470 LF, 1.185%, (US0001M + 1.000%), 02/15/2032	5,294	0.0
7,294		Freddie Mac REMIC Trust 2471 FD, 1.185%, (US0001M + 1.000%), 03/15/2032	7,425	0.0
5,930		Freddie Mac REMIC Trust 2504 FP, 0.685%, (US0001M + 0.500%), 03/15/2032	5,938	0.0
21,179		Freddie Mac REMIC Trust 2551 LF, 0.685%, (US0001M + 0.500%), 01/15/2033	21,330	0.0
36,561		Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/2023	38,170	0.0
291,764		Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034	337,820	0.2
238,714		Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034	273,599	0.2
48,824		Freddie Mac REMIC Trust 3001 HT, 8.000%, (-6.667*US0001M + 44.667%), 05/15/2035	55,802	0.0
47,027	(5)	Freddie Mac REMIC Trust 3004 SB, 5.965%, (-1.000*US0001M + 6.150%), 07/15/2035	7,248	0.0
10,857		Freddie Mac REMIC Trust 3025 SJ, 24.073%, (-3.667*US0001M + 24.750%), 08/15/2035	19,296	0.0

6

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

647,242	(5)	Freddie Mac REMIC Trust 3223 S, 5.765%, (-1.000*US0001M + 5.950%), 10/15/2036	123,813	0.1
1,849,772	(5)	Freddie Mac REMIC Trust 3505 SA, 5.815%, (-1.000*US0001M + 6.000%), 01/15/2039	461,217	0.2
1,925,854	(5)	Freddie Mac REMIC Trust 3702 S, 4.265%, (-1.000*US0001M + 4.450%), 05/15/2036	270,826	0.2
62,979	(5)	Freddie Mac REMIC Trust 3710 SL, 5.815%, (-1.000*US0001M + 6.000%), 05/15/2036	154	0.0
1,704,328	(5)	Freddie Mac REMIC Trust 3925 SD, 5.865%, (-1.000*US0001M + 6.050%), 07/15/2040	191,532	0.1
982,419	(5)	Freddie Mac REMIC Trust 4136 SW, 6.065%, (-1.000*US0001M + 6.250%), 11/15/2032	173,678	0.1
498,809	(5)	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043	92,976	0.1
7,602,016	(5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043	1,100,680	0.6
896,540	(5)	Freddie Mac Series 4120 IK, 3.000%, 10/15/2032	82,153	0.1
245,467	(1)	Freddie Mac STACR 2019-HQA3 M2, 2.035%, (US0001M + 1.850%), 09/27/2049	238,930	0.1
800,000	(1)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 3.285%, (US0001M + 3.100%), 03/25/2050	776,097	0.4
700,000	(1)	Freddie Mac STACR Trust 2018-DNA2 M2, 2.335%, (US0001M + 2.150%), 12/25/2030	679,183	0.4
200,000	(1)	Freddie Mac Stacr Trust 2018-HQA2 M2, 2.485%, (US0001M + 2.300%), 10/25/2048	194,404	0.1
196,948		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 4.085%, (US0001M + 3.900%), 12/25/2027	201,206	0.1
100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 4.885%, (US0001M + 4.700%), 04/25/2028	104,994	0.1
103,074		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 3.985%, (US0001M + 3.800%), 03/25/2025	104,949	0.1
339,418		Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA1 M3, 6.535%, (US0001M + 6.350%), 09/25/2028	359,102	0.2
500,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 3.635%, (US0001M + 3.450%), 10/25/2029	511,811	0.3
400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 2.685%, (US0001M + 2.500%), 03/25/2030	405,665	0.2
259,948		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 3.735%, (US0001M + 3.550%), 08/25/2029	266,464	0.1
566,407		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 2.835%, (US0001M + 2.650%), 12/25/2029	566,042	0.3
36,232	(4)	Freddie Mac Whole Loan Securities Trust 2016-SC02 M1, 3.587%, 10/25/2046	36,232	0.0
293,123	(1)	Freddie Mac STACR Trust 2019-DNA3 M2, 2.235%, (US0001M + 2.050%), 07/25/2049	289,054	0.2
361,960	(1)	Freddie Mac Stacr Trust 2019-HQA1 M2, 2.535%, (US0001M + 2.350%), 02/25/2049	356,920	0.2
315,655		Ginnie Mae Series 2007-8 SP, 21.432%, (-3.242*US0001M + 22.049%), 03/20/2037	535,449	0.3
1,606,983	(5)	Ginnie Mae Series 2010-68 MS, 5.660%, (-1.000*US0001M + 5.850%), 06/20/2040	314,125	0.2
1,152,782	(5)	Ginnie Mae Series 2012-97 SC, 6.505%, (-1.000*US0001M + 6.700%), 07/16/2041	231,950	0.1
201,456		GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 0.395%, (US0001M + 0.210%), 04/25/2036	188,054	0.1
143,475	(1),(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049	147,855	0.1
139,160	(1),(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050	142,922	0.1
499,129	(1),(4)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B1A, 3.468%, 10/25/2050	507,368	0.3
21,996	(4)	GSR Mortgage Loan Trust 2005-AR6 1A4, 4.122%, 09/25/2035	22,003	0.0
521,951		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.395%, (US0001M + 0.210%), 04/25/2046	462,701	0.2
593,424	(4)	JP Morgan Mortgage Trust 2005-A4 B1, 3.330%, 07/25/2035	563,724	0.3

7

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

57,781	(4)	JP Morgan Mortgage Trust 2007-A1 7A1, 3.905%, 07/25/2035	55,696	0.0
189,372	(1),(4)	JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047	197,027	0.1
278,598	(1),(4)	JP Morgan Mortgage Trust 2017-3 B1, 3.817%, 08/25/2047	288,434	0.2
172,921	(1),(4)	JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050	177,103	0.1
345,843	(1),(4)	JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050	354,088	0.2
182,458	(1),(4)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049	187,605	0.1
231,955	(1),(4)	JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 12/31/2049	238,682	0.1
138,105		Lehman XS Trust Series 2005-5N 1A2, 0.545%, (US0001M + 0.360%), 11/25/2035	113,701	0.1
53,181	(4)	MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 4.017%, 04/25/2036	52,445	0.0
2,027,500	(4),(5)	RALI Series Trust 2006-QO1 X2, 3.713%, 02/25/2046	175,618	0.1
47,283	(1),(4)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048	48,540	0.0
5,381,684	(4),(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 2.443%, 08/25/2045	258,463	0.1
34,895	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.711%, 10/25/2036	33,063	0.0
671,420	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.526%, 12/25/2036	608,515	0.3
122,180	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.913%, 08/25/2046	112,862	0.1
266,366	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.515%, 12/25/2036	257,866	0.1
74,520	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.185%, 04/25/2037	65,049	0.0
81,443		Wells Fargo Alternative Loan 2007-PA2 2A1, 0.615%, (US0001M + 0.430%), 06/25/2037	64,323	0.0
178,742	(1),(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.777%, 08/20/2045	179,502	0.1
	Total Collateralized Mortgage Obligations
	(Cost $28,574,604)		33,021,591	17.2
U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.6%
		Federal Home Loan Mortgage Corporation: 0.9%(6)
918,426		3.500%,01/01/2048	979,583	0.5
196,065		4.000%,09/01/2045	212,328	0.1
107,377		4.000%,09/01/2045	116,284	0.1
106,015		4.000%,09/01/2045	114,002	0.1
90,504		4.000%,09/01/2045	98,046	0.0
149,712		4.000%,05/01/2046	161,693	0.1
8,882		5.000%,12/01/2034	9,935	0.0
29,984		6.000%,02/01/2034	34,968	0.0
1,695		6.500%,02/01/2022	1,769	0.0
2,590		6.500%,09/01/2022	2,701	0.0
2,083		6.500%,08/01/2032	2,428	0.0
5,907		6.500%,07/01/2034	6,579	0.0
4,449		6.500%,07/01/2034	4,954	0.0
			1,745,270	0.9
		Federal National Mortgage Association: 0.0%(6)
77,847		3.869%, (US0012M + 1.777%),10/01/2036	82,417	0.0
		Government National Mortgage Association: 0.8%
1,335,000	(7)	2.500%,08/01/2050	1,401,959	0.8
28,388		5.000%,04/15/2034	31,920	0.0
13,044		6.500%,02/20/2035	15,217	0.0
			1,449,096	0.8
		Uniform Mortgage-Backed Securities: 7.9%
46,205		2.500%,06/01/2030	48,994	0.0
65,486		2.500%,06/01/2030	69,439	0.0
26,838		2.500%,07/01/2030	28,461	0.0
4,078,000	(7)	2.500%,08/13/2050	4,242,119	2.2
3,672,000	(7)	3.000%,07/25/2050	3,866,501	2.0
924,598		3.500%,09/01/2049	974,975	0.5
2,122,972		3.500%,02/01/2050	2,232,989	1.2
106,352		4.000%,05/01/2045	114,249	0.1
1,928,475		4.000%,04/01/2049	2,074,224	1.1
1,057,283		4.000%,02/01/2050	1,121,616	0.6
56,220		5.000%,06/01/2041	63,860	0.0
12,027		5.500%,09/01/2024	13,233	0.0
506		6.000%,05/01/2021	511	0.0
59,950		6.000%,11/01/2034	69,985	0.1
96,968		6.000%,04/01/2035	113,199	0.1
41,800		6.500%,12/01/2029	46,856	0.0
17,475		6.500%,01/01/2034	19,846	0.0
256		7.000%,04/01/2033	296	0.0
14,688		7.500%,09/01/2032	17,572	0.0
33,809		7.500%,01/01/2033	40,064	0.0
			15,158,989	7.9
	Total U.S. Government Agency Obligations
	(Cost $18,255,784)		18,435,772	9.6
U.S. TREASURY OBLIGATIONS: 6.3%
		U.S. Treasury Bonds: 3.3%
4,240,000	(8)	0.625%,05/15/2030	4,227,744	2.2
180,000		1.125%,05/15/2040	178,351	0.1
1,679,000		2.000%,02/15/2050	1,922,389	1.0
			6,328,484	3.3
		U.S. Treasury Notes: 3.0%
2,400,000		0.125%,06/30/2022	2,398,781	1.2
1,171,000		0.250%,06/15/2023	1,173,562	0.6
1,132,000		0.250%,06/30/2025	1,129,900	0.6

8

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

1,084,000		0.500%,06/30/2027	1,084,804	0.6
			5,787,047	3.0
	Total U.S. Treasury Obligations
	(Cost $12,080,323)		12,115,531	6.3
SOVEREIGN BONDS: 8.7%
		Australia: 0.2%
AUD 558,000	(1)	Queensland Treasury Corp., 1.750%, 07/20/2034	381,637	0.2
		Brazil: 0.6%
BRL 5,000,000		Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027	1,089,333	0.6
		Chile: 0.1%
CLP 155,000,000		Bonos de la Tesoreria de la Republica en pesos, 5.100%, 07/15/2050	267,967	0.1
		China: 2.2%
CNY 14,870,000		China Government Bond, 3.250%, 11/22/2028	2,152,896	1.1
CNY 12,880,000		China Government Bond, 3.290%, 05/23/2029	1,873,144	1.0
CNY 1,780,000		China Government Bond, 4.080%, 10/22/2048	271,185	0.1
			4,297,225	2.2
		Germany: 1.5%
EUR 1,010,000		Bundesobligation, 0.000%, 10/08/2021	1,144,337	0.6
EUR 30,000		Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028	36,660	0.0
EUR 200,000		Bundesrepublik Deutschland Bundesanleihe, 1.250%, 08/15/2048	306,191	0.2
EUR 10,000		Bundesrepublik Deutschland Bundesanleihe, 2.000%, 08/15/2023	12,206	0.0
EUR 660,000		Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046	1,243,635	0.6
EUR 120,000		Bundesrepublik Deutschland Bundesanleihe, 0.000%, 08/15/2026	140,607	0.1
			2,883,636	1.5
		Indonesia: 0.3%
IDR 6,452,000,000		Indonesia Treasury Bond, 8.375%, 04/15/2039	476,549	0.3
		Italy: 0.7%
EUR 438,000	(1)	Italy Buoni Poliennali Del Tesoro, 3.850%, 09/01/2049	665,603	0.3
EUR 438,000	(1)	Italy Buoni Poliennali Del Tesoro, 5.000%, 08/01/2034	699,252	0.4
			1,364,855	0.7
		Portugal: 0.8%
EUR 1,135,000	(1)	Portugal Obrigacoes do Tesouro OT, 2.250%, 04/18/2034	1,522,491	0.8
		Spain: 1.3%
EUR 870,000	(1)	Spain Government Bond, 1.450%, 04/30/2029	1,074,207	0.6
EUR 908,000	(1)	Spain Government Bond, 2.700%, 10/31/2048	1,378,866	0.7
			2,453,073	1.3
		United Kingdom: 1.0%
GBP 1,500,000		United Kingdom Gilt, 4.000%, 03/07/2022	1,986,994	1.0
	Total Sovereign Bonds
	(Cost $16,687,354)		16,723,760	8.7
COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.2%
		United States: 7.2%
6,878,475	(4),(5)	BANK 2017-BNK5 XA, 1.217%, 06/15/2060	339,258	0.2
900,000	(1),(4)	BANK 2017-BNK6 E, 2.787%, 07/15/2060	501,884	0.3
1,948,000	(1),(4),(5)	BANK 2017-BNK6 XE, 1.500%, 07/15/2060	156,776	0.1
992,850	(4),(5)	BANK 2019-BNK16 XA, 1.125%, 02/15/2052	63,193	0.0
8,020,000	(1),(4),(5)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033	231,314	0.1
210,000	(1)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052	159,967	0.1
1,195,324	(4),(5)	Benchmark 2019-B9 XA Mortgage Trust, 1.212%, 03/15/2052	85,738	0.0
659,226	(1)	BX Commercial Mortgage Trust 2019-XL J, 2.835%, (US0001M + 2.650%), 10/15/2036	625,672	0.3
500,000	(1)	BX Commercial Mortgage Trust 2020-BXLP G, 2.685%, (US0001M + 2.500%), 12/15/2029	477,593	0.2
270,000	(1),(4)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041	243,142	0.1
170,000	(1)	BXMT 2017-FL1 B Ltd., 1.694%, (US0001M + 1.500%), 06/15/2035	167,244	0.1
160,000	(1)	BXMT 2020-FL2 B Ltd., 1.594%, (US0001M + 1.400%), 02/16/2037	150,767	0.1
1,820,735	(4),(5)	CD 2016-CD1 Mortgage Trust XA, 1.532%, 08/10/2049	108,174	0.1
7,900,000	(4),(5)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.992%, 08/10/2049	363,685	0.2
3,195,606	(4),(5)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.251%, 10/12/2050	168,959	0.1
9,326,001	(1),(4),(5)	COMM 2012-LTRT XA, 1.049%, 10/05/2030	138,984	0.1

9

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

110,000	(1),(4)	COMM 2013-CR10 E Mortgage Trust, 4.949%, 08/10/2046	92,704	0.0
11,054,044	(4),(5)	COMM 2014-CR16 XA, 1.138%, 04/10/2047	338,417	0.2
570,000	(1),(4)	COMM 2014-LC15 D Mortgage Trust, 5.150%, 04/10/2047	412,116	0.2
570,000	(4)	COMM 2016-COR1 C, 4.529%, 10/10/2049	513,794	0.3
4,376,807	(4),(5)	COMM 2016-CR28 XA, 0.775%, 02/10/2049	118,100	0.1
200,000	(4)	Csail 2015-C2 C Commercial Mortgage Trust, 4.330%, 06/15/2057	118,865	0.1
290,000	(1),(4)	DBJPM 16-C3 Mortgage Trust, 3.632%, 08/10/2049	208,119	0.1
1,224,256	(1),(4),(5)	DBUBS 2011-LC1A XA, 0.874%, 11/10/2046	1,363	0.0
300,000	(1)	DBUBS 2011-LC2A F Mortgage Trust, 3.823%, (US0001M + 3.650%), 07/10/2044	211,800	0.1
270,000	(1),(4)	Fontainebleau Miami Beach Trust 2019-FBLU F, 4.095%, 12/10/2036	223,724	0.1
3,840,000	(4),(5)	Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.910%, 01/25/2043	44,655	0.0
7,000,000	(4),(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.852%, 12/25/2041	311,786	0.2
35,701,828	(1),(5)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044	37,205	0.0
450,000	(1),(4)	GRACE 2014-GRCE F Mortgage Trust, 3.710%, 06/10/2028	434,960	0.2
100,000	(1),(4)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043	95,166	0.0
180,000	(1)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046	129,540	0.1
3,904,088	(4),(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.206%, 11/10/2046	111,256	0.1
2,307,744	(4),(5)	GS Mortgage Securities Trust 2017-GS6 XA, 1.185%, 05/10/2050	132,017	0.1
410,000	(1),(4)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.668%, 07/10/2052	382,787	0.2
310,000	(1),(4)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.668%, 07/10/2052	274,242	0.1
360,000	(1),(4)	Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039	300,596	0.2
1,740,000	(1),(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 E, 4.000%, 08/15/2046	1,323,956	0.7
5,614,620	(4),(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.645%, 06/15/2045	86,164	0.0
660,000	(4)	JPMBB Commercial Mortgage Securities Trust 2014-C18 AS, 4.439%, 02/15/2047	705,430	0.4
21,321	(4)	LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/2040	21,277	0.0
2,842,321	(1),(4),(5)	LSTAR Commercial Mortgage Trust 2017-5 X, 1.148%, 03/10/2050	97,454	0.0
1,090,000	(1),(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 E, 4.760%, 11/15/2045	637,275	0.3
18,750,000	(1),(4),(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.605%, 12/15/2047	366,435	0.2
570,000	(1),(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.684%, 09/15/2047	566,753	0.3
170,000	(1)	MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036	158,243	0.1
320,000	(1)	MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036	292,703	0.2
220,000	(1)	Wells Fargo Commercial Mortgage Trust 2010-C1 F, 4.000%, 11/15/2043	213,694	0.1
3,074,574	(1),(4),(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.964%, 08/15/2045	83,837	0.0
550,000	(1),(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.399%, 03/15/2045	348,920	0.2
330,000	(1),(4)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.106%, 06/15/2046	151,264	0.1
9,134,506	(4),(5)	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.192%, 03/15/2047	242,566	0.1
	Total Commercial Mortgage-Backed Securities
	(Cost $15,755,869)		13,771,533	7.2
ASSET-BACKED SECURITIES: 5.4%
		United States: 5.4%
500,000	(1)	AMMC CLO 16 Ltd. 2015-16A CR, 3.661%, (US0003M + 2.350%), 04/14/2029	477,992	0.2
350,000	(1)	Ares XXVIIIR CLO Ltd. 2018-28RA A2, 2.535%, (US0003M + 1.400%), 10/17/2030	338,211	0.2
500,000	(1)	Barings Clo Ltd. 2019-4A C, 4.405%, (US0003M + 2.800%), 01/15/2033	494,162	0.3
412,500	(1)	BlueMountain CLO 2013-2A CR, 3.048%, (US0003M + 1.950%), 10/22/2030	388,401	0.2
400,000	(1)	CIFC Funding 2013-IA BR Ltd., 3.576%, (US0003M + 2.400%), 07/16/2030	390,508	0.2
271,704	(4)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.831%, 03/25/2036	178,173	0.1

10

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

400,000	(1)	Clear Creek CLO 2015-1A CR, 3.085%, (US0003M + 1.950%), 10/20/2030	375,064	0.2
500,000	(1)	Galaxy XV CLO Ltd. 2013-15A CR, 3.219%, (US0003M + 2.000%), 10/15/2030	470,714	0.2
400,000	(1)	Galaxy XXI CLO Ltd. 2015-21A CR, 2.885%, (US0003M + 1.750%), 04/20/2031	374,695	0.2
519,924	(1)	Invitation Homes 2017-SFR2 A Trust, 1.044%, (US0001M + 0.850%), 12/17/2036	514,960	0.3
1,040,000	(1)	Invitation Homes 2018-SFR1 D Trust, 1.644%, (US0001M + 1.450%), 03/17/2037	1,015,601	0.5
500,000	(1)	Jay Park CLO Ltd. 2016-1A BR, 3.135%, (US0003M + 2.000%), 10/20/2027	485,594	0.3
250,000	(1)	LCM XIV L.P. 14A AR, 2.175%, (US0003M + 1.040%), 07/20/2031	242,020	0.1
1,000,000	(1)	LCM XXIV Ltd. 24A C, 3.385%, (US0003M + 2.250%), 03/20/2030	950,778	0.5
250,000	(1)	Madison Park Funding XXVII Ltd. 2018-27A B, 2.935%, (US0003M + 1.800%), 04/20/2030	236,261	0.1
400,000	(1)	Madison Park Funding XXXI Ltd. 2018-31A C, 3.193%, (US0003M + 2.150%), 01/23/2031	381,545	0.2
200,000	(1),(4)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059	212,370	0.1
500,000	(1)	OCP CLO 2014-5 A BR Ltd., 2.791%, (US0003M + 1.800%), 04/26/2031	468,194	0.2
250,000	(1)	Palmer Square Loan Funding 2018-1A C Ltd., 3.069%, (US0003M + 1.850%), 04/15/2026	236,688	0.1
1,060,000	(1)	Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035	1,089,884	0.6
400,000	(1)	Shackleton CLO Ltd. 2019-15A C, 4.703%, (US0003M + 2.800%), 01/15/2030	393,373	0.2
250,000	(1)	THL Credit Wind River 2013-2A CR CLO Ltd., 3.135%, (US0003M + 2.000%), 10/18/2030	233,689	0.1
560,000	(1)	THL Credit Wind River 2017-3A C CLO Ltd., 3.419%, (US0003M + 2.200%), 10/15/2030	535,068	0.3
	Total Asset-Backed Securities
	(Cost $10,692,830)		10,483,945	5.4
STRUCTURED NOTES: 0.0%
		Russia: 0.0%
RUB 3,751,445	(2)	Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 0.000%, 08/22/2034	1,454	0.0
	Total Structured Notes
	(Cost $134,544)		1,454	0.0
Shares			Value	Percentage of Net Assets
COMMON STOCK: 0.0%
		United States: 0.0%
43,083	(2),(8),(9)	American Media, Inc.	–	–
18	(9)	Ingevity Corp.	946	0.0
4,988	(9)	Resolute Forest Products, Inc.	10,525	0.0
120		WestRock Co.	3,391	0.0
	Total Common Stock
	(Cost $1,305,735)		14,862	0.0
MUTUAL FUNDS: 21.5%
		United States: 21.5%
839,468		Voya Emerging Markets Corporate Debt Fund - Class P	8,277,157	4.3
1,436,300		Voya Emerging Markets Hard Currency Debt Fund - Class P	13,443,764	7.0
1,897,654		Voya Emerging Markets Local Currency Debt Fund - Class P	12,657,353	6.6
934,484		Voya High Yield Bond Fund - Class P	6,980,598	3.6
	Total Mutual Funds
	(Cost $45,845,300)		41,358,872	21.5
			Value	Percentage of Net Assets
PURCHASED OPTIONS (10): 0.0%
	Total Purchased Options
	(Cost $116,135)		56,712	0.0
	Total Long-Term Investments
	(Cost $189,786,566)		189,439,672	98.5
Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.9%
		Commercial Paper: 0.5%
1,000,000		Entergy Corp., 0.310%, 07/06/2020
		(Cost $999,958)	999,950	0.5

11

Voya Global Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

		Repurchase Agreements: 1.8%
1,000,000	(11)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $1,020,000, due 07/31/21-05/20/70)	1,000,000	0.5
1,000,000	(11)	HSBC Securities USA, Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Agency Obligations, 2.500%-4.500%, Market Value plus accrued interest $1,020,000, due 02/01/26-05/01/50)	1,000,000	0.5
510,333	(11)	Morgan Stanley, Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $510,334, collateralized by various U.S. Government Agency Obligations, 2.500%-6.000%, Market Value plus accrued interest $520,540, due 01/01/21-07/01/50)	510,333	0.3
1,000,000	(11)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,020,000, due 07/31/20-07/01/50)	1,000,000	0.5
	Total Repurchase Agreements
	(Cost $3,510,333)		3,510,333	1.8

Shares			Value	Percentage of Net Assets
		Mutual Funds: 4.6%
8,795,000	(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%
		(Cost $8,795,000)	8,795,000	4.6
	Total Short-Term Investments
	(Cost $13,305,291)		13,305,283	6.9
	Total Investments in Securities (Cost $203,091,857)		$  202,744,955	105.4
	Liabilities in Excess of Other Assets		(10,328,429)	(5.4)
	Net Assets		$  192,416,526	100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(3)	Defaulted security.
(4)	Variable rate security. Rate shown is the rate in effect as of June 30, 2020.
(5)	Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.
(6)	The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(7)	Represents or includes a TBA transaction.
(8)	Security, or a portion of the security, is on loan.
(9)	Non-income producing security.
(10)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(11)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(12)	Rate shown is the 7-day yield as of June 30, 2020.

Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
EUR	EU Euro
GBP	British Pound
IDR	Indonesian Rupiah
MXN	Mexican Peso
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

12

Voya International High Dividend Low Volatility Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 97.9%
		Australia: 6.9%
184,329		AGL Energy Ltd.	$  2,180,635	0.6
6,506		ASX Ltd.	386,705	0.1
826,695		Aurizon Holdings Ltd.	2,813,132	0.7
631,515		AusNet Services	729,634	0.2
272,264		Australia & New Zealand Banking Group Ltd.	3,532,654	0.9
63,167		BHP Group Ltd.	1,572,720	0.4
89,644		Coca-Cola Amatil Ltd.	539,966	0.1
301,434		Fortescue Metals Group Ltd.	2,930,434	0.8
19,623		Macquarie Group Ltd.	1,628,550	0.4
73,511		Rio Tinto Ltd.	5,033,547	1.3
1,422,223		Scentre Group	2,159,131	0.6
93,238		Wesfarmers Ltd.	2,898,965	0.8
			26,406,073	6.9
		Belgium: 1.0%
27,298	(1)	Colruyt S.A.	1,500,276	0.4
18,972		UCB S.A.	2,201,623	0.6
			3,701,899	1.0
		China: 0.7%
882,500		BOC Hong Kong Holdings Ltd.	2,825,672	0.7
		Denmark: 3.6%
19,056		Carlsberg A/S	2,526,981	0.6
19,189		Coloplast A/S	2,990,951	0.8
88,058		Novo Nordisk A/S	5,736,779	1.5
48,656		Pandora A/S	2,657,323	0.7
			13,912,034	3.6
		Finland: 3.3%
33,185		Elisa OYJ	2,019,350	0.5
45,332		Kone Oyj	3,126,507	0.8
50,946		Orion Oyj	2,470,583	0.7
79,170		Sampo OYJ	2,728,961	0.7
78,256		UPM-Kymmene OYJ	2,266,651	0.6
			12,612,052	3.3
		France: 7.7%
62,655	(1)	Bouygues SA	2,146,205	0.6
7,641		Cie Generale des Etablissements Michelin SCA	796,441	0.2
5,389		Covivio	390,882	0.1
37,440		Danone	2,598,817	0.7
18,247		Dassault Systemes SE	3,167,536	0.8
12,391		Edenred	543,444	0.1
26,892	(1)	Eiffage SA	2,465,087	0.6
175,142	(1)	Engie SA	2,172,090	0.6
2,511		Hermes International	2,108,245	0.6
352,026	(1)	Natixis SA	928,478	0.2
268,184		Orange SA	3,206,921	0.8
56,538		Sanofi	5,765,982	1.5
69,780	(1)	SCOR SE	1,927,194	0.5
27,322	(2)	Total SA	1,053,488	0.3
6,102		Vinci SA	565,795	0.1
			29,836,605	7.7
		Germany: 6.0%
2,275		Allianz SE	464,877	0.1
47,753		BASF SE	2,682,241	0.7
5,976		Beiersdorf AG	679,553	0.2
19,178		Deutsche Boerse AG	3,470,756	0.9
98,133	(1)	Deutsche Post AG	3,603,415	0.9
170,442		Deutsche Telekom AG	2,859,873	0.8
15,806	(1)	LEG Immobilien AG	2,004,756	0.5
7,227		Muenchener Rueckversicherungs-Gesellschaft AG	1,881,866	0.5
15,836		Siemens AG	1,867,645	0.5
17,339		Symrise AG	2,025,995	0.5
526,209		Telefonica Deutschland Holding AG	1,551,882	0.4
			23,092,859	6.0
		Hong Kong: 3.8%
172,000		CK Hutchison Holdings Ltd.	1,113,801	0.3
237,500		CK Infrastructure Holdings Ltd.	1,227,699	0.3
256,500		CLP Holdings Ltd.	2,519,149	0.6
363,000		HK Electric Investments & HK Electric Investments Ltd.	377,044	0.1
946,000		HKT Trust / HKT Ltd.	1,388,225	0.4
56,400		Jardine Matheson Holdings Ltd.	2,358,131	0.6
515,500		MTR Corp.	2,680,986	0.7
1,309,000		PCCW Ltd.	748,439	0.2
397,500		Power Assets Holdings Ltd.	2,171,966	0.6
			14,585,440	3.8
		Ireland: 0.3%
37,253		CRH PLC	1,282,252	0.3
		Israel: 0.9%
351,582		Bank Leumi Le-Israel BM	1,767,724	0.4
171,387		ICL Group Ltd.	510,512	0.1
220,989		Israel Discount Bank Ltd.	674,013	0.2
34,225		Mizrahi Tefahot Bank Ltd.	643,092	0.2
			3,595,341	0.9
		Italy: 4.5%
135,041		Assicurazioni Generali S.p.A.	2,051,300	0.5
166,747		Enel S.p.A.	1,442,096	0.4
234,581		ENI S.p.A.	2,248,686	0.6
6,986		Ferrari NV	1,196,664	0.3
1,747,599	(1)	Intesa Sanpaolo SpA	3,358,328	0.9
257,156		Mediobanca Banca di Credito Finanziario SpA	1,856,991	0.5
40,428		Recordati S.p.A.	2,022,953	0.5
528,082		Snam SpA	2,574,469	0.7
80,939		Terna Rete Elettrica Nazionale SpA	558,278	0.1
			17,309,765	4.5
		Japan: 25.9%
14,100		ABC-Mart, Inc.	827,154	0.2
148,400		Ajinomoto Co., Inc.	2,462,692	0.6
136,500		Astellas Pharma, Inc.	2,279,490	0.6
37,800		Benesse Holdings, Inc.	1,013,781	0.3

13

Voya International High Dividend Low Volatility Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

29,400		Calbee, Inc.	812,606	0.2
141,300	(2)	Canon, Inc.	2,818,657	0.7
7,400		Central Japan Railway Co.	1,144,471	0.3
15,000		Denso Corp.	588,256	0.2
32,400		East Japan Railway Co.	2,245,167	0.6
46,100		Electric Power Development Co., Ltd.	873,894	0.2
26,400		Fuji Film Holdings Corp.	1,129,965	0.3
1,700		Hikari Tsushin, Inc.	388,702	0.1
44,900		Hitachi Ltd.	1,427,139	0.4
21,100		Hoya Corp.	2,020,515	0.5
143,800		Itochu Corp.	3,111,519	0.8
57,600		Kamigumi Co., Ltd.	1,132,790	0.3
74,600		Konami Holdings Corp.	2,489,317	0.6
24,500		Lawson, Inc.	1,232,362	0.3
143,200		LIXIL Group Corp.	2,011,140	0.5
21,500		McDonald's Holdings Co. Japan Ltd.	1,162,022	0.3
57,900		Medipal Holdings Corp.	1,117,506	0.3
32,300		MEIJI Holdings Co., Ltd.	2,570,309	0.7
218,500		Mitsubishi Chemical Holdings Corp.	1,274,219	0.3
120,900		Mitsubishi Corp.	2,554,825	0.7
84,000		Mitsubishi Heavy Industries Ltd.	1,983,249	0.5
104,300		Mitsui & Co., Ltd.	1,545,374	0.4
99,000		MS&AD Insurance Group Holdings, Inc.	2,726,332	0.7
57,000		NEC Corp.	2,738,604	0.7
6,100		Nintendo Co., Ltd.	2,727,120	0.7
6,000		Nippon Shinyaku Co., Ltd.	489,736	0.1
94,600		Nippon Telegraph & Telephone Corp.	2,204,128	0.6
123,900		NTT DoCoMo, Inc.	3,289,300	0.9
64,800		Olympus Corp.	1,247,562	0.3
14,200		Oracle Corp. Japan	1,684,300	0.4
37,100		ORIX Corp.	460,680	0.1
121,100		Pan Pacific International Holdings Corp.	2,666,221	0.7
216,000		Ricoh Co., Ltd.	1,549,925	0.4
34,200		Secom Co., Ltd.	3,000,800	0.8
162,800		Seiko Epson Corp.	1,864,986	0.5
137,900		Sekisui House Ltd.	2,632,809	0.7
74,100		Seven & I Holdings Co., Ltd.	2,424,072	0.6
79,400		SG Holdings Co. Ltd.	2,591,111	0.7
44,500		Shionogi & Co., Ltd.	2,791,636	0.7
244,300		Softbank Corp.	3,113,905	0.8
8,200		Sohgo Security Services Co., Ltd.	382,887	0.1
197,200		Sumitomo Corp.	2,268,083	0.6
104,400		Sumitomo Mitsui Financial Group, Inc.	2,946,356	0.8
55,100		Sundrug Co., Ltd.	1,823,575	0.5
18,500		Suzuken Co., Ltd.	691,155	0.2
96,300		Teijin Ltd.	1,533,254	0.4
23,200		Toyo Suisan Kaisha Ltd.	1,296,274	0.3
47,600		Trend Micro, Inc.	2,660,102	0.7
14,800		Tsuruha Holdings, Inc.	2,044,075	0.5
32,300		West Japan Railway Co.	1,811,674	0.5
			99,877,783	25.9
		Netherlands: 3.6%
75,765		Koninklijke Ahold Delhaize NV	2,064,894	0.5
224,026		Koninklijke KPN NV	595,887	0.2
19,299	(1)	Koninklijke Philips NV	900,250	0.3
58,124		Randstad NV	2,599,004	0.7
82,939		Unilever NV	4,422,102	1.1
40,004		Wolters Kluwer NV	3,124,526	0.8
			13,706,663	3.6
		New Zealand: 0.3%
399,964		Spark New Zealand Ltd.	1,183,357	0.3
		Norway: 0.4%
179,015		Orkla ASA	1,571,679	0.4
		Singapore: 0.9%
303,900		Singapore Exchange Ltd.	1,828,768	0.5
984,900		Singapore Telecommunications Ltd.	1,752,036	0.4
			3,580,804	0.9
		Spain: 2.6%
85,500		Enagas	2,091,624	0.6
104,788		Endesa S.A.	2,599,384	0.7
105,798		Ferrovial SA - FERE	2,827,966	0.7
441,037		Mapfre SA	787,551	0.2
58,015		Red Electrica Corp. SA	1,085,429	0.3
53,174		Repsol SA	469,842	0.1
			9,861,796	2.6
		Sweden: 1.3%
51,603	(1)	Essity AB	1,673,042	0.4
19,716		Swedish Match AB	1,391,075	0.4
197,490		Telefonaktiebolaget LM Ericsson	1,830,645	0.5
			4,894,762	1.3
		Switzerland: 11.4%
48,726		Adecco Group AG	2,296,729	0.6
223		Chocoladefabriken Lindt & Sprungli AG - PC - LISP	1,841,834	0.5
3,461		EMS-Chemie Holding AG	2,688,863	0.7
60,159		LafargeHolcim Ltd.-CHF	2,650,367	0.7
38,714		Logitech International SA	2,536,906	0.7
107,892		Nestle SA	11,962,053	3.1
76,653		Novartis AG	6,678,091	1.7
27,219		Roche Holding AG	9,430,010	2.4
10,587		Zurich Insurance Group AG	3,751,297	1.0
			43,836,150	11.4
		United Kingdom: 12.8%
219,310		3i Group PLC	2,258,226	0.6
72,212		Admiral Group Plc	2,047,851	0.5
17,087		Anglo American PLC	393,909	0.1
93,731	(3)	Auto Trader Group PLC	610,258	0.2
573,866		Aviva PLC	1,945,041	0.5
865,540		BP PLC	3,315,910	0.9
41,826		Croda International PLC	2,716,625	0.7
15,741		Diageo PLC	523,187	0.1
525,656		Direct Line Insurance Group PLC	1,762,548	0.5
349,970		Evraz PLC	1,239,969	0.3
264,989		GlaxoSmithKline PLC	5,352,679	1.4
60,677		Hikma Pharmaceuticals PLC	1,665,038	0.4
104,301		Imperial Brands PLC	1,985,535	0.5
27,747		London Stock Exchange Group PLC	2,885,545	0.8
73,540	(1)	Persimmon PLC	2,081,289	0.5

14

Voya International High Dividend Low Volatility Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

160,875		Relx PLC (GBP Exchange)	3,723,563	1.0
1,857,705		Royal Bank of Scotland Group PLC	2,788,862	0.7
313,600		Sage Group PLC/The	2,603,164	0.7
146,896		Smith & Nephew PLC	2,737,198	0.7
71,344		Unilever PLC	3,848,359	1.0
466,010		Vodafone Group PLC	740,842	0.2
868,174		WM Morrison Supermarkets PLC	2,045,182	0.5
			49,270,780	12.8
	Total Common Stock
	(Cost $376,573,576)		376,943,766	97.9
EXCHANGE-TRADED FUNDS: 0.6%
39,678		iShares MSCI EAFE ETF	2,415,200	0.6
	Total Exchange-Traded Funds
	(Cost $2,221,504)		2,415,200	0.6
PREFERRED STOCK: 0.2%
		Germany: 0.2%
5,564		Henkel AG & Co. KGaA	519,084	0.2
	Total Preferred Stock
	(Cost $437,453)		519,084	0.2
RIGHTS: 0.0%
		Spain: 0.0%
42,337	(1)	Repsol SA	20,610	0.0
	Total Rights
	(Cost $23,451)		20,610	0.0
	Total Long-Term Investments
	(Cost $379,255,984)		379,898,660	98.7
Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.0%
		Repurchase Agreements: 1.0%
20,548	(4)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.07%, due 07/01/20 (Repurchase Amount $20,548, collateralized by various U.S. Government Securities, 0.000%-3.000%, Market Value plus accrued interest $20,959, due 08/15/21-02/15/48)	20,548	0.0
1,000,000	(4)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $1,020,000, due 07/31/21-05/20/70)	1,000,000	0.3
1,000,000	(4)	HSBC Securities USA, Repurchase Agreement dated 06/30/20, 0.08%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $1,020,000, due 05/15/44-03/20/50)	1,000,000	0.2
1,000,000	(4)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Agency Obligations, 2.500%-8.000%, Market Value plus accrued interest $1,020,000, due 08/01/23-07/01/50)	1,000,000	0.2
1,000,000	(4)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,020,000, due 07/31/20-07/01/50)	1,000,000	0.3
	Total Repurchase Agreements
	Total Short-Term Investments
	(Cost $4,020,548)		4,020,548	1.0

15

Voya International High Dividend Low Volatility Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

Total Investments in Securities (Cost $383,276,532)	$  383,919,208	99.7
Assets in Excess of Other Liabilities	1,036,210	0.3
Net Assets	$  384,955,418	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.

16

VY® American Century Small-Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 95.7%
		Communication Services: 1.6%
330,332		Entravision Communications Corp.	$      472,375	0.2
78,139		Fox Corp. - Class B	2,097,251	0.7
52,066		Rogers Communications, Inc.	2,092,074	0.7
30,030		Townsquare Media, Inc.	134,234	0.0
			4,795,934	1.6
		Consumer Discretionary: 7.0%
66,859	(1)	Accel Entertainment, Inc.	643,852	0.2
21,413		Advance Auto Parts, Inc.	3,050,282	1.0
18,980	(1)	Aptiv PLC	1,478,921	0.5
19,054		BJ's Restaurants, Inc.	398,991	0.1
24,163	(1)	Boot Barn Holdings, Inc.	520,954	0.2
40,038		BorgWarner, Inc.	1,413,341	0.5
8,200		Brunswick Corp.	524,882	0.2
29,533		Genuine Parts Co.	2,568,190	0.9
65,246		Honda Motor Co., Ltd. ADR	1,667,688	0.6
2,790		Lithia Motors, Inc.	422,211	0.1
3,417	(1)	Malibu Boats, Inc.	177,513	0.1
32,584	(1)	MarineMax, Inc.	729,556	0.2
3,475	(1)	Mohawk Industries, Inc.	353,616	0.1
22,780	(1)	OneWater Marine, Inc.	553,098	0.2
7,041	(1)	Penn National Gaming, Inc.	215,032	0.1
41,822		Penske Auto Group, Inc.	1,618,930	0.5
39,370	(1)	Red Robin Gourmet Burgers, Inc.	401,574	0.1
24,977	(1)	Skyline Champion Corp.	607,940	0.2
29,531		Sodexo SA	2,002,426	0.7
39,681		Tapestry, Inc.	526,964	0.2
6,177		Target Corp.	740,808	0.2
2,460		Thor Industries, Inc.	262,064	0.1
			20,878,833	7.0
		Consumer Staples: 7.4%
88,011		Conagra Brands, Inc.	3,095,347	1.0
46,481	(1)	Edgewell Personal Care Co.	1,448,348	0.5
25,682		JM Smucker Co.	2,717,413	0.9
30,766		Kellogg Co.	2,032,402	0.7
11,124		Kimberly-Clark Corp.	1,572,377	0.5
118,756		Koninklijke Ahold Delhaize NV	3,236,568	1.1
32,325		Mondelez International, Inc.	1,652,777	0.6
203,770		Orkla ASA	1,789,018	0.6
51,851		Spectrum Brands Holdings, Inc.	2,379,961	0.8
39,522		Sysco Corp.	2,160,273	0.7
1,636		Weis Markets, Inc.	81,996	0.0
			22,166,480	7.4
		Energy: 2.3%
63,579		Baker Hughes Co.	978,481	0.3
16,827		Cactus, Inc.	347,141	0.1
93,320	(1)	ChampionX Corp.	910,803	0.3
25,147		Cimarex Energy Co.	691,291	0.3
63,721		ConocoPhillips	2,677,556	0.9
31,156	(1)	Earthstone Energy, Inc.	88,483	0.0
15,075	(2)	Enviva Partners L.P.	543,303	0.2
136,985	(1)	NCS Multistage Holdings, Inc.	79,205	0.0
76,062		Noble Energy, Inc.	681,516	0.2
			6,997,779	2.3
		Financials: 20.2%
57,044		Aflac, Inc.	2,055,295	0.7
16,301		Ameriprise Financial, Inc.	2,445,802	0.8
34,710		Ameris Bancorp.	818,809	0.3
19,565		Ares Management Corp.	776,730	0.3
17,133		Arthur J. Gallagher & Co.	1,670,296	0.6
38,522		Axis Capital Holdings Ltd.	1,562,452	0.5
41,910		Bank of New York Mellon Corp.	1,619,821	0.5
68,022		BankUnited, Inc.	1,377,445	0.5
868		BlackRock, Inc.	472,270	0.2
9,817		Brown & Brown, Inc.	400,141	0.1
161,466		Capitol Federal Financial, Inc.	1,777,741	0.6
37,752		Chubb Ltd.	4,780,158	1.6
42,863		Commerce Bancshares, Inc.	2,549,063	0.8
144,342	(2)	Compass Diversified Holdings	2,488,456	0.8
59,225	(1)	CrossFirst Bankshares, Inc.	579,221	0.2
125,323	(1)	Donnelley Financial Solutions, Inc.	1,052,713	0.3
49,487		First Hawaiian, Inc.	853,156	0.3
2,624		Hanover Insurance Group, Inc.	265,890	0.1
59,278		Hilltop Holdings, Inc.	1,093,679	0.4
149,685		Home Bancshares, Inc./Conway AR	2,302,155	0.8
38,550		Independent Bank Group, Inc.	1,562,046	0.5
40,395		James River Group Holdings Ltd.	1,817,775	0.6
8,032		M&T Bank Corp.	835,087	0.3
77,017		Northern Trust Corp.	6,110,529	2.0
33,584		Old National Bancorp.	462,116	0.1
37,368		Origin Bancorp, Inc.	822,096	0.3
52,663		Pacific Premier Bancorp, Inc.	1,141,734	0.4
101,270		ProAssurance Corp.	1,465,377	0.5
49,922	(1)	ProSight Global, Inc.	444,306	0.1
23,197		Reinsurance Group of America, Inc.	1,819,573	0.6
19,234		Signature Bank	2,056,499	0.7
6,552		South State Corp.	312,268	0.1
20,633		State Street Corp.	1,311,227	0.4
8,821		T. Rowe Price Group, Inc.	1,089,394	0.4
5,494	(1)	Texas Capital Bancshares, Inc.	169,600	0.0
25,764		TowneBank/Portsmouth VA	485,394	0.2
52,804		Truist Financial Corp.	1,982,790	0.7
33,503		UMB Financial Corp.	1,727,080	0.6
239,148		Valley National Bancorp	1,870,137	0.6
30,830		Westamerica Bancorp.	1,770,259	0.6
235		White Mountains Insurance Group Ltd.	208,673	0.1
			60,405,253	20.2
		Health Care: 10.7%
49,466		Cardinal Health, Inc.	2,581,631	0.8
37,879		Cerner Corp.	2,596,605	0.9

17

VY® American Century Small-Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

125,823	(1)	Envista Holdings Corp.	2,653,607	0.9
40,728	(1)	Henry Schein, Inc.	2,378,108	0.8
24,884	(1)	Hologic, Inc.	1,418,388	0.5
19,555		McKesson Corp.	3,000,128	1.0
2,877		National Healthcare Corp.	182,517	0.0
39,737		Patterson Cos., Inc.	874,214	0.3
41,897	(1)	Premier, Inc.	1,436,229	0.5
14,513	(1)	Providence Service Corp.	1,145,221	0.4
29,415		Quest Diagnostics, Inc.	3,352,133	1.1
17,793	(3)	Siemens Healthineers AG	855,272	0.3
34,509		Universal Health Services, Inc.	3,205,541	1.1
52,613		Zimmer Biomet Holdings, Inc.	6,279,888	2.1
			31,959,482	10.7
		Industrials: 20.3%
74,506		ABB Ltd.	1,690,015	0.6
4,033		Acuity Brands, Inc.	386,119	0.1
17,065		Arcosa, Inc.	720,143	0.2
261,823		BAE Systems PLC	1,565,555	0.5
32,899		Brink's Co.	1,497,234	0.5
78,580	(1)	Ceco Environmental Corp.	517,842	0.2
157,117	(1)	Charah Solutions, Inc.	499,632	0.2
33,544	(1)	Colfax Corp.	935,878	0.3
3,607		CSW Industrials, Inc.	249,280	0.1
16,803		Cummins, Inc.	2,911,288	1.0
46,819		Deluxe Corp.	1,102,119	0.4
36,431	(1)	DXP Enterprises, Inc.	725,341	0.2
23,967	(1)	Dycom Industries, Inc.	980,011	0.3
73,977		Emerson Electric Co.	4,588,793	1.5
27,219		EnPro Industries, Inc.	1,341,625	0.5
53,098	(1)	Foundation Building Materials, Inc.	828,860	0.3
14,172		General Dynamics Corp.	2,118,147	0.7
15,344	(1)	GMS, Inc.	377,309	0.1
33,184		Graham Corp.	422,764	0.1
44,999		Healthcare Services Group, Inc.	1,100,676	0.4
98,351		Heartland Express, Inc.	2,047,668	0.7
31,209		Hubbell, Inc.	3,912,360	1.3
12,954		Hurco Cos, Inc.	362,323	0.1
182,107		IMI PLC	2,077,603	0.7
160,874	(1)	Innerworkings, Inc.	212,354	0.1
110,939		Johnson Controls International plc	3,787,457	1.3
23,861		Korn Ferry	733,249	0.2
3,943		Lincoln Electric Holdings, Inc.	332,158	0.1
29,786		Luxfer Holdings PLC	421,472	0.1
455		Luxfer Holdings PLC ADR	6,438	0.0
35,435		MSC Industrial Direct Co.	2,580,022	0.9
14,027		Norfolk Southern Corp.	2,462,720	0.8
12,012	(1)	NV5 Global, Inc.	610,570	0.2
182,813		nVent Electric PLC	3,424,087	1.1
36,225		Paccar, Inc.	2,711,441	0.9
42,302		Republic Services, Inc.	3,470,879	1.2
56,455		Southwest Airlines Co.	1,929,632	0.7
58,782		Textron, Inc.	1,934,516	0.7
41,881		Timken Co.	1,905,167	0.6
7,190		Unifirst Corp.	1,286,651	0.4
			60,767,398	20.3
		Information Technology: 9.3%
10,529	(1)	Advanced Energy Industries, Inc.	713,761	0.2
58,810		Applied Materials, Inc.	3,555,064	1.2
57,385		Avnet, Inc.	1,600,181	0.5
13,399		Belden, Inc.	436,137	0.2
14,644	(1)	Cardtronics plc	351,163	0.1
11,058		Cass Information Systems, Inc.	431,594	0.2
10,120	(1)	Coherent, Inc.	1,325,518	0.4
5,197	(1)	Euronet Worldwide, Inc.	497,977	0.2
44,562		EVERTEC, Inc.	1,252,192	0.4
18,435	(1)	F5 Networks, Inc.	2,571,314	0.9
126,569		HP, Inc.	2,206,098	0.7
32,484	(1)	II-VI, Inc.	1,533,894	0.5
59,558		Kulicke & Soffa Industries, Inc.	1,240,593	0.4
44,877		Maxim Integrated Products	2,719,995	0.9
13,063		Microchip Technology, Inc.	1,375,664	0.5
1,920		MKS Instruments, Inc.	217,421	0.1
13,022		Sapiens International Corp. NV	364,356	0.1
27,802		TE Connectivity Ltd.	2,267,253	0.8
98,014	(1)	Teradata Corp.	2,038,691	0.7
21,033		TTEC Holdings, Inc.	979,296	0.3
			27,678,162	9.3
		Materials: 5.0%
6,245		Eagle Materials, Inc.	438,524	0.2
259,424		Graphic Packaging Holding Co.	3,629,342	1.2
27,176		Minerals Technologies, Inc.	1,275,370	0.4
122,412		Mondi PLC	2,289,706	0.7
25,345		Packaging Corp. of America	2,529,431	0.9
11,476		Silgan Holdings, Inc.	371,707	0.1
58,106		Sonoco Products Co.	3,038,363	1.0
109,337		Tecnoglass, Inc.	595,886	0.2
32,861		WestRock Co.	928,652	0.3
			15,096,981	5.0
		Real Estate: 5.2%
120,411		Brandywine Realty Trust	1,311,276	0.4
13,656		CareTrust REIT, Inc.	234,337	0.1
31,556		Cousins Properties, Inc.	941,315	0.3
37,280		Four Corners Property Trust, Inc.	909,632	0.3
10,248		Highwoods Properties, Inc.	382,558	0.1
88,914		Kite Realty Group Trust	1,026,068	0.4
60,975		Lexington Realty Trust	643,286	0.2
65,168		MGM Growth Properties LLC	1,773,221	0.6
6,229		National Health Investors, Inc.	378,225	0.1
1		Omega Healthcare Investors, Inc.	30	0.0
45,142		Physicians Realty Trust	790,888	0.3
63,222		Piedmont Office Realty Trust, Inc.	1,050,117	0.4
20,081		Sabra Healthcare REIT, Inc.	289,769	0.1
37,588		Summit Hotel Properties, Inc.	222,897	0.1
35,447		Weingarten Realty Investors	671,012	0.2
34,175		Welltower, Inc.	1,768,556	0.6
136,466		Weyerhaeuser Co.	3,065,026	1.0
			15,458,213	5.2

18

VY® American Century Small-Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (Continued)

		Utilities: 6.7%
14,718		Ameren Corp.	1,035,559	0.3
15,086		Atmos Energy Corp.	1,502,264	0.5
13,432		CMS Energy Corp.	784,697	0.3
53,318		Edison International	2,895,701	1.0
29,287		Evergy, Inc.	1,736,426	0.6
17,032		Eversource Energy	1,418,255	0.5
52,312		NorthWestern Corp.	2,852,050	0.9
45,897		Pinnacle West Capital Corp.	3,363,791	1.1
31,124		Spire, Inc.	2,045,158	0.7
36,296		Xcel Energy, Inc.	2,268,500	0.8
			19,902,401	6.7
	Total Common Stock
	(Cost $306,076,088)		286,106,916	95.7
EXCHANGE-TRADED FUNDS: 2.0%
78,635		iShares Russell Mid-Cap Value ETF	6,017,936	2.0
	Total Exchange-Traded Funds
	(Cost $5,607,826)		6,017,936	2.0
	Total Long-Term Investments
	(Cost $311,683,914)		292,124,852	97.7

SHORT-TERM INVESTMENTS: 1.8%
		Mutual Funds: 1.8%
5,272,983	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%
		(Cost $5,272,983)	5,272,983	1.8
	Total Short-Term Investments
	(Cost $5,272,983)		5,272,983	1.8
	Total Investments in Securities (Cost $316,956,897)		$  297,397,835	99.5
	Assets in Excess of Other Liabilities		1,525,139	0.5
	Net Assets		$  298,922,974	100.0

ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Security is a Master Limited Partnership.
(3)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(4)	Rate shown is the 7-day yield as of June 30, 2020.

19

VY® Columbia Contrarian Core Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 99.4%
		Communication Services: 12.5%
24,520		Activision Blizzard, Inc.	$  1,861,068	1.0
2,463	(1)	Alphabet, Inc. - Class A	3,492,657	1.9
2,619	(1)	Alphabet, Inc. - Class C	3,702,245	2.1
113,229		Comcast Corp. – Class A	4,413,666	2.5
19,460	(1)	Facebook, Inc.- Class A	4,418,782	2.5
25,063	(1)	T-Mobile US, Inc.	2,610,312	1.5
16,925		Walt Disney Co.	1,887,307	1.0
			22,386,037	12.5
		Consumer Discretionary: 12.0%
3,780	(1)	Amazon.com, Inc.	10,428,340	5.8
1,085	(1)	Autozone, Inc.	1,224,010	0.7
22,190	(1)	Dollar Tree, Inc.	2,056,569	1.1
46,820		eBay, Inc.	2,455,709	1.4
28,899		Lowe's Cos, Inc.	3,904,833	2.2
7,321		McDonald's Corp.	1,350,505	0.8
			21,419,966	12.0
		Consumer Staples: 4.6%
12,670		Colgate-Palmolive Co.	928,204	0.5
56,731		Conagra Brands, Inc.	1,995,230	1.1
41,470		Mondelez International, Inc.	2,120,361	1.2
36,820		Philip Morris International, Inc.	2,579,609	1.4
11,520		Tyson Foods, Inc.	687,859	0.4
			8,311,263	4.6
		Energy: 3.2%
84,178		Canadian Natural Resources Ltd.	1,467,222	0.8
32,261		Chevron Corp.	2,878,649	1.6
25,709		EOG Resources, Inc.	1,302,418	0.8
			5,648,289	3.2
		Financials: 11.1%
8,655		American Express Co.	823,956	0.5
8,955		Aon PLC	1,724,733	1.0
49,390		Bank of America Corp.	1,173,013	0.6
25,918	(1)	Berkshire Hathaway, Inc. – Class B	4,626,622	2.6
5,149		BlackRock, Inc.	2,801,519	1.6
23,400		Charles Schwab Corp.	789,516	0.4
19,522		Citigroup, Inc.	997,574	0.6
43,438		JPMorgan Chase & Co.	4,085,778	2.3
49,576		Morgan Stanley	2,394,521	1.3
4,175		PNC Financial Services Group, Inc.	439,252	0.2
			19,856,484	11.1
		Health Care: 12.8%
20,843		Abbott Laboratories	1,905,676	1.1
10,665	(1)	Alexion Pharmaceuticals, Inc.	1,197,040	0.7
6,887		Anthem, Inc.	1,811,143	1.0
5,815		Becton Dickinson & Co.	1,391,355	0.8
10,713		Cigna Corp.	2,010,294	1.1
14,495		Dentsply Sirona, Inc.	638,650	0.4
28,442		Johnson & Johnson	3,999,798	2.3
37,093		Medtronic PLC	3,401,428	1.9
19,020		Merck & Co., Inc.	1,470,817	0.8
51,206		Pfizer, Inc.	1,674,436	0.9
17,420		Quest Diagnostics, Inc.	1,985,183	1.1
7,305		Stryker Corp.	1,316,288	0.7
			22,802,108	12.8
		Industrials: 6.9%
68,655		Carrier Global Corp.	1,525,514	0.8
5,407		Honeywell International, Inc.	781,798	0.4
20,062	(1)	Lyft, Inc.	662,247	0.4
4,715		Northrop Grumman Corp.	1,449,580	0.8
28,090		Raytheon Technologies Corp.	1,730,906	1.0
19,325		Stanley Black & Decker, Inc.	2,693,518	1.5
29,665	(1)	Uber Technologies, Inc.	921,988	0.5
15,510		Union Pacific Corp.	2,622,276	1.5
			12,387,827	6.9
		Information Technology: 30.5%
7,110	(1)	Adobe, Inc.	3,095,054	1.7
31,556		Apple, Inc.	11,511,629	6.5
3,850	(1)	Autodesk, Inc.	920,881	0.5
10,380		Automatic Data Processing, Inc.	1,545,478	0.9
35,165		Cisco Systems, Inc.	1,640,096	0.9
25,370		Fidelity National Information Services, Inc.	3,401,863	1.9
21,357	(1)	Fiserv, Inc.	2,084,870	1.2
15,030		Intel Corp.	899,245	0.5
7,520		International Business Machines Corp.	908,190	0.5
5,650		Intuit, Inc.	1,673,474	0.9
6,765		Lam Research Corp.	2,188,207	1.2
25,990		Marvell Technology Group Ltd.	911,209	0.5
12,791		Mastercard, Inc. - Class A	3,782,299	2.1
59,190		Microsoft Corp.	12,045,757	6.7
4,080		Nvidia Corp.	1,550,033	0.9
9,849		NXP Semiconductor NV - NXPI - US	1,123,180	0.6
4,300	(1)	Palo Alto Networks, Inc.	987,581	0.6
8,975	(1)	PayPal Holdings, Inc.	1,563,714	0.9
20,105		TE Connectivity Ltd.	1,639,563	0.9
22,775		Western Digital Corp.	1,005,516	0.6
			54,477,839	30.5
		Materials: 3.0%
6,070		Air Products & Chemicals, Inc.	1,465,662	0.8
13,444		Corteva, Inc.	360,165	0.2
38,015		Newmont Corp.	2,347,046	1.3
22,200		Nutrien Ltd.	712,620	0.4
793		Sherwin-Williams Co.	458,235	0.3
			5,343,728	3.0
		Real Estate: 1.2%
8,200		American Tower Corp.	2,120,028	1.2
		Utilities: 1.6%
49,425		AES Corp.	716,168	0.4
15,915		American Electric Power Co., Inc.	1,267,471	0.7

20

VY® Columbia Contrarian Core Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (continued)

23,005		FirstEnergy Corp.	892,134	0.5
			2,875,773	1.6
	Total Common Stock
	(Cost $159,799,600)		177,629,342	99.4
OTHER(2): –%
		Materials: –%
649,000	(3),(4)	SINO Forest Corp. (Escrow)	–	–
	Total Other
	(Cost $–)		–	–
	Total Long-Term Investments
	(Cost $159,799,600)		177,629,342	99.4

SHORT-TERM INVESTMENTS: 0.5%
		Mutual Funds: 0.5%
920,047	(5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%
		(Cost $920,047)	920,047	0.5
	Total Short-Term Investments
	(Cost $920,047)		920,047	0.5
	Total Investments in Securities (Cost $160,719,647)		$  178,549,389	99.9
	Assets in Excess of Other Liabilities		168,927	0.1
	Net Assets		$  178,718,316	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 June 30, 2020, 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 June 30, 2020.

21

VY® Columbia Small Cap Value II Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 97.8%
		Communication Services: 2.8%
20,500		Nexstar Media Group, Inc.	$  1,715,645	1.5
148,100	(1)	Vonage Holdings Corp.	1,489,886	1.3
			3,205,531	2.8
		Consumer Discretionary: 7.8%
17,600		Childrens Place, Inc./The	658,592	0.6
24,500		Dine Brands Global, Inc.	1,031,450	0.9
33,200	(1)	Genesco, Inc.	719,112	0.6
48,600		KB Home	1,491,048	1.3
9,400		Marriott Vacations Worldwide Corp.	772,774	0.7
9,000		Papa Johns International, Inc.	714,690	0.6
51,400	(1)	Sally Beauty Holdings, Inc.	644,042	0.6
14,300	(1)	TopBuild Corp.	1,626,911	1.4
19,300	(1)	Visteon Corp.	1,322,050	1.1
			8,980,669	7.8
		Consumer Staples: 3.5%
54,000	(1)	BellRing Brands, Inc.	1,076,760	0.9
46,800	(1)	BJ's Wholesale Club Holdings, Inc.	1,744,236	1.5
29,000	(1)	TreeHouse Foods, Inc.	1,270,200	1.1
			4,091,196	3.5
		Energy: 3.7%
32,500		Cimarex Energy Co.	893,425	0.8
38,100		Delek US Holdings, Inc.	663,321	0.6
44,000		Ovintiv, Inc.	420,200	0.4
178,300		Patterson-UTI Energy, Inc.	618,701	0.5
41,097		Scorpio Tankers, Inc.	526,453	0.4
178,000	(1)	WPX Energy, Inc.	1,135,640	1.0
			4,257,740	3.7
		Financials: 26.7%
41,900		Ameris Bancorp.	988,421	0.9
24,400		Amerisafe, Inc.	1,492,304	1.3
26,800		Argo Group International Holdings Ltd.	933,444	0.8
67,000		Atlantic Union Bankshares Corp.	1,551,720	1.3
51,400	(1)	Axos Financial, Inc.	1,134,912	1.0
102,000	(1)	Bancorp, Inc.	999,600	0.9
32,300		Blackstone Mortgage Trust, Inc.	778,107	0.7
49,900		Cathay General Bancorp.	1,312,370	1.1
32,400		Community Bank System, Inc.	1,847,448	1.6
21,000	(1)	Focus Financial Partners, Inc.	694,050	0.6
41,900		Hancock Whitney Corp.	888,280	0.8
29,000		Hannon Armstrong Sustainable Infrastructure Capital, Inc.	825,340	0.7
69,100		Heritage Commerce Corp.	518,595	0.4
44,300		Heritage Financial Corp.	886,000	0.8
29,400		Houlihan Lokey, Inc.	1,635,816	1.4
24,300		Independent Bank Corp.	1,630,287	1.4
121,900		MGIC Investment Corp.	998,361	0.9
44,000		OceanFirst Financial Corp.	775,720	0.7
54,100		Pacific Premier Bancorp, Inc.	1,172,888	1.0
53,800		Radian Group, Inc.	834,438	0.7
50,800		Renasant Corp.	1,264,920	1.1
53,800		Sandy Spring Bancorp, Inc.	1,333,164	1.2
93,700		SLM Corp.	658,711	0.6
57,900		Starwood Property Trust, Inc.	866,184	0.7
48,000		TCF Financial Corp.	1,412,160	1.2
28,500	(1)	Triumph Bancorp, Inc.	691,695	0.6
27,800		UMB Financial Corp.	1,433,090	1.2
44,700		WSFS Financial Corp.	1,282,890	1.1
			30,840,915	26.7
		Health Care: 6.7%
7,400	(1)	Arena Pharmaceuticals, Inc.	465,830	0.4
24,900	(1)	Dynavax Technologies Corp.	220,863	0.2
13,800	(1)	Horizon Therapeutics Plc	767,004	0.7
20,400	(1)	Immunomedics, Inc.	722,976	0.6
9,100	(1)	LHC Group, Inc.	1,586,312	1.4
22,800	(1)	Merit Medical Systems, Inc.	1,040,820	0.9
3,000	(1)	Novavax, Inc.	250,050	0.2
118,000	(1)	R1 RCM, Inc.	1,315,700	1.1
23,200	(1)	Syneos Health, Inc.	1,351,400	1.2
			7,720,955	6.7
		Industrials: 13.1%
34,500	(1)	Air Transport Services Group, Inc.	768,315	0.7
104,000	(1)	Bloom Energy Corp.	1,131,520	1.0
94,300	(1)	Evoqua Water Technologies Corp.	1,753,980	1.5
22,900		ICF International, Inc.	1,484,607	1.3
38,400		Kforce, Inc.	1,123,200	1.0
26,900		Korn Ferry	826,637	0.7
14,000	(1)	Masonite International Corp.	1,088,920	0.9
33,200	(1)	Mastec, Inc.	1,489,684	1.3
5,024		Moog, Inc.	266,172	0.2
89,300	(1)	NOW, Inc.	770,659	0.7
32,500		Skywest, Inc.	1,060,150	0.9
78,900	(1)	Sunrun, Inc.	1,555,908	1.4
33,600		Triton International Ltd./Bermuda	1,016,064	0.9
16,500		Werner Enterprises, Inc.	718,245	0.6
			15,054,061	13.1
		Information Technology: 14.1%
84,400	(1)	Avaya Holdings Corp.	1,043,184	0.9
28,000	(1)	Cerence, Inc.	1,143,520	1.0
66,800		Cohu, Inc.	1,158,312	1.0
16,400	(1)	Diodes, Inc.	831,480	0.7
77,000	(1)	Harmonic, Inc.	365,750	0.3
61,000		KBR, Inc.	1,375,550	1.2
44,200		Kulicke & Soffa Industries, Inc.	920,686	0.8
42,400	(1)	MACOM Technology Solutions Holdings, Inc.	1,456,440	1.3

22

VY® Columbia Small Cap Value II Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (continued)

27,600	(1)	Medallia, Inc.	696,624	0.6
78,600	(1)	Photronics, Inc.	874,818	0.8
15,100		Science Applications International Corp.	1,172,968	1.0
11,500	(1)	Synaptics, Inc.	691,380	0.6
10,750		SYNNEX Corp.	1,287,527	1.1
41,300	(1)	Ultra Clean Holdings, Inc.	934,619	0.8
27,500	(1)	Verint Systems, Inc.	1,242,450	1.1
86,500	(1)	Viavi Solutions, Inc.	1,102,010	0.9
			16,297,318	14.1
		Materials: 6.3%
35,400		Boise Cascade Co.	1,331,394	1.1
41,000		Carpenter Technology Corp.	995,480	0.9
145,100		Cleveland-Cliffs, Inc.	800,952	0.7
77,000	(1)	Livent Corp.	474,320	0.4
24,000		Materion Corp.	1,475,760	1.3
84,700		Orion Engineered Carbons SA	896,973	0.8
80,600	(1)	Summit Materials, Inc.	1,296,048	1.1
			7,270,927	6.3
		Real Estate: 7.7%
37,500		American Assets Trust, Inc.	1,044,000	0.9
48,200		First Industrial Realty Trust, Inc.	1,852,808	1.6
31,000		Hudson Pacific Properties, Inc.	779,960	0.7
15,100		Investors Real Estate Trust	1,064,399	0.9
76,900		Mack-Cali Realty Corp.	1,175,801	1.0
10,700		PS Business Parks, Inc.	1,416,680	1.3
55,200		Sabra Healthcare REIT, Inc.	796,536	0.7
88,800		Sunstone Hotel Investors, Inc.	723,720	0.6
			8,853,904	7.7
		Utilities: 5.4%
32,400		New Jersey Resources Corp.	1,057,860	0.9
16,500		ONE Gas, Inc.	1,271,325	1.1
28,600		PNM Resources, Inc.	1,099,384	1.0
28,000		Portland General Electric Co.	1,170,680	1.0
39,000		South Jersey Industries, Inc.	974,610	0.9
8,900		Southwest Gas Holdings, Inc.	614,545	0.5
			6,188,404	5.4
	Total Common Stock
	(Cost $115,842,552)		112,761,620	97.8

SHORT-TERM INVESTMENTS: 1.5%
		Mutual Funds: 1.5%
1,729,344	(2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%
		(Cost $1,729,344)	1,729,344	1.5
	Total Short-Term Investments
	(Cost $1,729,344)		1,729,344	1.5
	Total Investments in Securities (Cost $117,571,896)		$  114,490,964	99.3
	Assets in Excess of Other Liabilities		844,084	0.7
	Net Assets		$  115,335,048	100.0

(1)	Non-income producing security.
(2)	Rate shown is the 7-day yield as of June 30, 2020.

23

VY® Invesco Comstock Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 95.2%
		Communication Services: 3.5%
96,010		AT&T, Inc.	$  2,902,382	1.5
63,203		Comcast Corp. – Class A	2,463,653	1.3
798,082		Vodafone Group PLC	1,268,755	0.7
			6,634,790	3.5
		Consumer Discretionary: 5.0%
1,074	(1)	Booking Holdings, Inc.	1,710,173	0.9
45,956		eBay, Inc.	2,410,392	1.3
162,786		General Motors Co.	4,118,486	2.2
26,300		Las Vegas Sands Corp.	1,197,702	0.6
			9,436,753	5.0
		Consumer Staples: 5.7%
71,753		Altria Group, Inc.	2,816,305	1.5
68,678		Archer-Daniels-Midland Co.	2,740,252	1.4
77,027		Philip Morris International, Inc.	5,396,512	2.8
			10,953,069	5.7
		Energy: 11.1%
131,327		BP PLC ADR	3,062,546	1.6
91,592		Canadian Natural Resources Ltd.	1,588,827	0.8
49,486		Chevron Corp.	4,415,636	2.3
170,083		Devon Energy Corp.	1,928,741	1.0
59,828		Hess Corp.	3,099,689	1.6
355,275		Marathon Oil Corp.	2,174,283	1.2
130,617		Noble Energy, Inc.	1,170,328	0.6
10,941		Pioneer Natural Resources Co.	1,068,936	0.6
152,782		Suncor Energy, Inc.	2,575,904	1.4
			21,084,890	11.1
		Financials: 24.2%
24,152		Allstate Corp.	2,342,503	1.2
53,750		Ally Financial, Inc.	1,065,863	0.6
116,569		American International Group, Inc.	3,634,621	1.9
279,308		Bank of America Corp.	6,633,565	3.5
76,080		Bank of New York Mellon Corp.	2,940,492	1.5
154,194		Citigroup, Inc.	7,879,313	4.1
77,950		Citizens Financial Group, Inc.	1,967,458	1.0
96,232		Fifth Third Bancorp	1,855,353	1.0
14,411		Goldman Sachs Group, Inc.	2,847,902	1.5
28,849		JPMorgan Chase & Co.	2,713,537	1.4
50,427		Metlife, Inc.	1,841,594	1.0
97,100		Morgan Stanley	4,689,930	2.5
10,178		PNC Financial Services Group, Inc.	1,070,827	0.6
40,781		State Street Corp.	2,591,633	1.4
77,059		Wells Fargo & Co.	1,972,710	1.0
			46,047,301	24.2
		Health Care: 14.2%
17,550		Anthem, Inc.	4,615,299	2.4
54,375		Bristol-Myers Squibb Co.	3,197,250	1.7
14,017		Cardinal Health, Inc.	731,547	0.4
42,405		CVS Health Corp.	2,755,053	1.4
20,772		Dentsply Sirona, Inc.	915,214	0.5
30,744		HCA Healthcare, Inc.	2,984,013	1.6
21,281	(1)	Henry Schein, Inc.	1,242,598	0.6
22,650		Johnson & Johnson	3,185,269	1.7
20,617		McKesson Corp.	3,163,060	1.7
82,638		Sanofi ADR	4,218,670	2.2
			27,007,973	14.2
		Industrials: 11.5%
26,568		Caterpillar, Inc.	3,360,852	1.8
38,080		Eaton Corp. PLC	3,331,238	1.7
55,506		Emerson Electric Co.	3,443,037	1.8
23,896		FedEx Corp.	3,350,697	1.8
291,872		General Electric Co.	1,993,486	1.0
80,081		Johnson Controls International plc	2,733,965	1.4
74,781		Textron, Inc.	2,461,043	1.3
14,414		Trane Technologies PLC	1,282,558	0.7
			21,956,876	11.5
		Information Technology: 11.4%
77,682		Cisco Systems, Inc.	3,623,089	1.9
55,731		Cognizant Technology Solutions Corp.	3,166,635	1.7
71,675		Intel Corp.	4,288,315	2.2
20,369		Microsoft Corp.	4,145,295	2.2
23,002		NXP Semiconductor NV - NXPI - US	2,623,148	1.4
42,993		Qualcomm, Inc.	3,921,392	2.0
			21,767,874	11.4
		Materials: 5.0%
86,711		CF Industries Holdings, Inc.	2,440,048	1.3
104,871		Corteva, Inc.	2,809,494	1.5
28,258		DowDuPont, Inc.	1,501,348	0.8
77,678		International Paper Co.	2,735,042	1.4
			9,485,932	5.0
		Real Estate: 0.7%
131,809		Host Hotels & Resorts, Inc.	1,422,219	0.7
		Utilities: 2.9%
84,470		Exelon Corp.	3,065,416	1.6
133,183		Vistra Energy Corp.	2,479,868	1.3
			5,545,284	2.9
	Total Common Stock
	(Cost $191,957,443)		181,342,961	95.2
SHORT-TERM INVESTMENTS: 2.9%
		Mutual Funds: 2.9%
5,475,291	(2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%
		(Cost $5,475,291)	5,475,291	2.9
	Total Short-Term Investments
	(Cost $5,475,291)		5,475,291	2.9

24

VY® Invesco Comstock Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

Total Investments in Securities (Cost $197,432,734)	$  186,818,252	98.1
Assets in Excess of Other Liabilities	3,610,187	1.9
Net Assets	$  190,428,439	100.0

ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Rate shown is the 7-day yield as of June 30, 2020.

25

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 64.2%
		Communication Services: 3.0%
17,730	(1)	Charter Communications, Inc.	$  9,043,009	0.8
271,666		Comcast Corp. – Class A	10,589,541	1.0
8,680,420		Vodafone Group PLC	13,799,742	1.2
			33,432,292	3.0
		Consumer Discretionary: 4.5%
5,697	(1)	Booking Holdings, Inc.	9,071,561	0.8
453,994	(1)	Capri Holdings Ltd.	7,095,926	0.6
774,318		General Motors Co.	19,590,246	1.8
2,616,561		Kingfisher PLC	7,198,626	0.6
154,609		TJX Cos., Inc.	7,817,031	0.7
			50,773,390	4.5
		Consumer Staples: 4.4%
67,015		Kellogg Co.	4,427,011	0.4
118,241		Mondelez International, Inc.	6,045,662	0.5
323,087		Philip Morris International, Inc.	22,635,475	2.0
160,660		Sysco Corp.	8,781,676	0.8
417,609	(1)	US Foods Holding Corp.	8,235,249	0.7
			50,125,073	4.4
		Energy: 4.5%
2,170,383		BP PLC	8,314,804	0.7
252,535		Canadian Natural Resources Ltd.	4,380,671	0.4
154,131		Chevron Corp.	13,753,109	1.2
502,752		Devon Energy Corp.	5,701,208	0.5
867,191	(2)	Marathon Oil Corp.	5,307,209	0.5
402,107		Parsley Energy, Inc. - Class A	4,294,503	0.4
530,481		Royal Dutch Shell PLC - Class A	8,493,642	0.8
			50,245,146	4.5
		Financials: 15.3%
586,254		American International Group, Inc.	18,279,400	1.6
950,813		Bank of America Corp.	22,581,809	2.0
155,808		Charles Schwab Corp.	5,256,962	0.5
471,248		Citigroup, Inc.	24,080,773	2.1
594,226		Citizens Financial Group, Inc.	14,998,264	1.3
352,792	(2)	Equitable Holdings, Inc.	6,805,358	0.6
99,117		Goldman Sachs Group, Inc.	19,587,501	1.8
419,347		Morgan Stanley	20,254,460	1.8
161,565		PNC Financial Services Group, Inc.	16,998,253	1.5
394,134		Truist Financial Corp.	14,799,732	1.3
45,414		Willis Towers Watson PLC	8,944,287	0.8
			172,586,799	15.3
		Health Care: 11.8%
119,213	(1)	Alcon, Inc.	6,849,887	0.6
63,493		Anthem, Inc.	16,697,389	1.5
303,447		Bristol-Myers Squibb Co.	17,842,684	1.6
151,632		CVS Health Corp.	9,851,531	0.9
284,682		GlaxoSmithKline PLC	5,750,470	0.5
138,578		Johnson & Johnson	19,488,224	1.7
87,008		McKesson Corp.	13,348,767	1.2
147,637		Medtronic PLC	13,538,313	1.2
246,711		Pfizer, Inc.	8,067,450	0.7
115,239		Sanofi	11,752,556	1.1
81,442		Zimmer Biomet Holdings, Inc.	9,720,917	0.8
			132,908,188	11.8
		Industrials: 6.9%
6,549		Adecco Group AG	308,691	0.0
251,425		CSX Corp.	17,534,380	1.6
134,404		General Dynamics Corp.	20,088,022	1.8
453,767		Johnson Controls International plc	15,491,605	1.4
116,502		Raytheon Technologies Corp.	7,178,853	0.6
207,625		Textron, Inc.	6,832,939	0.6
113,759		Trane Technologies PLC	10,122,276	0.9
			77,556,766	6.9
		Information Technology: 8.7%
40,181		Apple, Inc.	14,658,029	1.3
75,116		Cisco Systems, Inc.	3,503,410	0.3
287,646		Cognizant Technology Solutions Corp.	16,344,046	1.4
300,998		Corning, Inc.	7,795,848	0.7
240,835		Intel Corp.	14,409,158	1.3
89,981		NXP Semiconductor NV - NXPI - US	10,261,433	0.9
294,406		Oracle Corp.	16,271,820	1.4
167,785		Qualcomm, Inc.	15,303,670	1.4
			98,547,414	8.7
		Materials: 3.1%
572,979		Corteva, Inc.	15,350,108	1.4
192,861		Dow, Inc.	7,861,014	0.7
134,259		DowDuPont, Inc.	7,133,181	0.6
151,403		Nutrien Ltd.	4,860,036	0.4
			35,204,339	3.1
		Utilities: 2.0%
72,778		Duke Energy Corp.	5,814,234	0.5
222,746		Exelon Corp.	8,083,452	0.7
215,457		FirstEnergy Corp.	8,355,423	0.8
			22,253,109	2.0
	Total Common Stock
	(Cost $729,923,077)		723,632,516	64.2
PREFERRED STOCK: 0.8%
		Energy: 0.5%
140,612	(1),(3)	El Paso Energy Capital Trust I	6,251,610	0.5
		Financials: 0.3%
75,900	(1)	AMG Capital Trust II	3,018,426	0.3
4,000	(1),(3),(4)	Wells Fargo & Co.	99,040	0.0
			3,117,466	0.3
	Total Preferred Stock
	(Cost $10,847,296)		9,369,076	0.8

26

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: 14.2%
		Basic Materials: 0.2%
770,000	(5)	LYB Finance Co. BV, 8.100%, 03/15/2027	1,034,074	0.1
195,000		International Paper Co., 6.000%, 11/15/2041	257,421	0.1
150,000		Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028	210,505	0.0
211,000		Sherwin-Williams Co/The, 4.500%, 06/01/2047	257,170	0.0
			1,759,170	0.2
		Communications: 1.4%
455,000		America Movil SAB de CV, 4.375%, 07/16/2042	549,225	0.1
837,000		AT&T, Inc., 3.000%, 06/30/2022	874,433	0.1
466,000		AT&T, Inc., 3.400%, 05/15/2025	512,724	0.0
533,000		AT&T, Inc., 4.300%, 02/15/2030	623,199	0.1
747,000		AT&T, Inc., 4.500%, 05/15/2035	887,155	0.1
271,000		AT&T, Inc., 5.150%, 11/15/2046	341,310	0.0
101,000		AT&T, Inc., 5.350%, 09/01/2040	127,106	0.0
1,635,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022	1,743,839	0.2
910,000	(2)	Comcast Corp., 3.900%, 03/01/2038	1,081,618	0.1
1,055,000		Comcast Corp., 4.150%, 10/15/2028	1,270,097	0.1
135,000		Comcast Corp., 6.450%, 03/15/2037	200,140	0.0
210,000		NBCUniversal Media LLC, 5.950%, 04/01/2041	312,394	0.0
1,405,000		Orange SA, 4.125%, 09/14/2021	1,468,710	0.1
910,000		Rogers Communications, Inc., 4.300%, 02/15/2048	1,083,296	0.1
415,000		Rogers Communications, Inc., 4.500%, 03/15/2043	493,962	0.0
390,000		Telefonica Emisiones SAU, 4.665%, 03/06/2038	466,611	0.0
860,000		Telefonica Emisiones SAU, 5.213%, 03/08/2047	1,079,845	0.1
370,000		Telefonica Emisiones SAU, 7.045%, 06/20/2036	538,940	0.1
535,000		Verizon Communications, Inc., 4.400%, 11/01/2034	665,506	0.1
833,000		Verizon Communications, Inc., 4.812%, 03/15/2039	1,089,606	0.1
			15,409,716	1.4
		Consumer, Cyclical: 1.0%
2,650,000		Advance Auto Parts, Inc., 4.500%, 12/01/2023	2,876,659	0.3
529,688		American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 10/01/2026	450,777	0.0
120,252		Continental Airlines 2010-1 Class A Pass Through Trust, 4.750%, 07/12/2022	118,573	0.0
262,188		Continental Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025	246,154	0.0
595,000		Dollar General Corp., 3.250%, 04/15/2023	635,538	0.1
563,000		General Motors Co., 6.600%, 04/01/2036	612,741	0.0
713,000		General Motors Financial Co., Inc., 5.250%, 03/01/2026	777,604	0.1
896,000		Home Depot, Inc., 2.000%, 04/01/2021	906,570	0.1
310,000		Lowe's Cos, Inc., 4.550%, 04/05/2049	393,188	0.0
725,000		MDC Holdings, Inc., 6.000%, 01/15/2043	764,672	0.1
740,000		Starbucks Corp., 3.550%, 08/15/2029	844,341	0.1
660,050		United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/2028	603,740	0.0
559,816		United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031	526,214	0.0
1,000,000		Walgreens Boots Alliance, Inc., 3.300%, 11/18/2021	1,031,609	0.1
737,000		Walgreens Boots Alliance, Inc., 4.500%, 11/18/2034	825,819	0.1
			11,614,199	1.0
		Consumer, Non-cyclical: 2.7%
1,299,000	(5)	AbbVie, Inc., 4.050%, 11/21/2039	1,508,644	0.1
1,137,000		AbbVie, Inc., 4.500%, 05/14/2035	1,403,808	0.1
985,000	(5)	AbbVie, Inc., 4.850%, 06/15/2044	1,232,637	0.1
1,273,000		Altria Group, Inc., 5.800%, 02/14/2039	1,589,068	0.1
1,475,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036	1,740,862	0.2
1,646,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046	2,019,516	0.2

27

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

498,000	(5)	Bayer US Finance II LLC, 4.375%, 12/15/2028	582,285	0.1
981,000	(5)	Bayer US Finance LLC, 3.000%, 10/08/2021	1,007,138	0.1
218,000		Becton Dickinson & Co., 4.875%, 05/15/2044	270,407	0.0
654,000	(5)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039	837,502	0.1
325,000	(5)	Bristol-Myers Squibb Co., 4.000%, 08/15/2023	358,704	0.0
1,445,000	(5)	Bristol-Myers Squibb Co., 4.625%, 05/15/2044	1,940,047	0.2
107,000		Cigna Corp., 4.800%, 08/15/2038	135,796	0.0
620,000		CVS Health Corp., 3.375%, 08/12/2024	676,080	0.1
495,000		CVS Health Corp., 4.100%, 03/25/2025	559,912	0.1
460,126		CVS Pass-Through Trust, 6.036%, 12/10/2028	520,294	0.0
1,910,000		Gilead Sciences, Inc., 2.550%, 09/01/2020	1,916,943	0.2
755,000		Gilead Sciences, Inc., 4.400%, 12/01/2021	789,963	0.1
80,000		GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038	121,814	0.0
1,232,000	(2),(5)	Heineken NV, 3.500%, 01/29/2028	1,389,978	0.1
240,000		Ingredion, Inc., 6.625%, 04/15/2037	338,560	0.0
1,526,000	(5)	Jazz Investments I Ltd., 2.000%, 06/15/2026	1,545,679	0.1
150,000	(5)	Kraft Heinz Foods Co., 4.625%, 10/01/2039	151,049	0.0
963,000		Laboratory Corp. of America Holdings, 3.200%, 02/01/2022	999,163	0.1
423,000		Laboratory Corp. of America Holdings, 4.700%, 02/01/2045	515,899	0.0
92,000		Mead Johnson Nutrition Co., 4.125%, 11/15/2025	106,577	0.0
413,000		Medtronic, Inc., 4.375%, 03/15/2035	540,051	0.1
513,000		Molson Coors Beverage Co., 4.200%, 07/15/2046	499,808	0.0
574,000		Mylan NV, 3.150%, 06/15/2021	586,051	0.1
3,220,000	(5)	Nestle Holdings, Inc., 3.100%, 09/24/2021	3,321,041	0.3
275,000		Philip Morris International, Inc., 3.600%, 11/15/2023	303,411	0.0
820,000		Philip Morris International, Inc., 4.875%, 11/15/2043	1,056,332	0.1
155,000		UnitedHealth Group, Inc., 3.500%, 08/15/2039	180,432	0.0
79,000		Zoetis, Inc., 4.700%, 02/01/2043	104,500	0.0
			30,849,951	2.7
		Energy: 1.0%
612,000	(2),(5)	Cameron LNG LLC, 3.701%, 01/15/2039	658,477	0.1
392,000		ConocoPhillips Co., 4.150%, 11/15/2034	435,727	0.0
182,000		Energy Transfer Operating L.P., 4.200%, 09/15/2023	193,602	0.0
570,000		Energy Transfer Operating L.P., 4.900%, 03/15/2035	573,134	0.0
723,000		Energy Transfer Operating L.P., 5.000%, 05/15/2050	685,672	0.1
833,000		Enterprise Products Operating LLC, 4.250%, 02/15/2048	909,072	0.1
250,000		Husky Energy, Inc., 3.950%, 04/15/2022	255,527	0.0
700,000		Kinder Morgan, Inc., 5.300%, 12/01/2034	814,927	0.1
2,340,000		MPLX L.P., 4.500%, 07/15/2023	2,518,041	0.2
973,000		MPLX L.P., 4.500%, 04/15/2038	973,849	0.1
570,000		Noble Energy, Inc., 5.250%, 11/15/2043	523,236	0.0
295,000		Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/2022	301,680	0.0
858,000		Spectra Energy Partners L.P., 4.500%, 03/15/2045	973,325	0.1
544,000		Suncor Energy, Inc., 3.600%, 12/01/2024	587,647	0.1
835,000		Sunoco Logistics Partners Operations L.P., 5.300%, 04/01/2044	806,984	0.1
215,000	(2)	Texas Eastern Transmission L.P., 7.000%, 07/15/2032	289,079	0.0
			11,499,979	1.0
		Financial: 5.4%
231,000		Air Lease Corp., 3.000%, 09/15/2023	227,957	0.0
1,870,000		Air Lease Corp., 4.250%, 09/15/2024	1,903,428	0.2
885,000		Aircastle Ltd., 4.400%, 09/25/2023	859,037	0.1
410,000		Allstate Corp./The, 3.280%, 12/15/2026	468,581	0.0
543,000		American Express Co., 3.625%, 12/05/2024	602,858	0.1
1,140,000		American International Group, Inc., 4.375%, 01/15/2055	1,312,187	0.1
455,000	(5)	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/2022	470,328	0.0
440,000	(5)	Apollo Management Holdings L.P., 4.000%, 05/30/2024	478,305	0.0

28

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

285,000	(5)	Athene Global Funding, 2.750%, 06/25/2024	288,728	0.0
1,555,000	(2),(5)	Athene Global Funding, 4.000%, 01/25/2022	1,610,095	0.1
948,000		Australia & New Zealand Banking Group Ltd./New York NY, 2.300%, 06/01/2021	964,839	0.1
3,120,000		Australia & New Zealand Banking Group Ltd./New York NY, 2.700%, 11/16/2020	3,147,146	0.3
720,000		Bank of America Corp., 3.248%, 10/21/2027	794,525	0.1
725,000	(5)	BBVA Bancomer SA/Texas, 4.375%, 04/10/2024	774,550	0.1
765,000	(2)	Brookfield Asset Management, Inc., 4.000%, 01/15/2025	843,359	0.1
1,140,000	(2)	Capital One Financial Corp., 3.200%, 01/30/2023	1,201,480	0.1
130,000	(5)	Carlyle Holdings Finance LLC, 3.875%, 02/01/2023	138,484	0.0
630,000	(4)	Citigroup, Inc., 3.668%, 07/24/2028	702,723	0.1
1,930,000		Citigroup, Inc., 4.000%, 08/05/2024	2,105,762	0.2
520,000		Citigroup, Inc., 4.750%, 05/18/2046	665,675	0.1
260,000		Citigroup, Inc., 5.300%, 05/06/2044	345,788	0.0
560,000		Citigroup, Inc., 6.675%, 09/13/2043	866,470	0.1
595,000		Citizens Financial Group, Inc., 2.375%, 07/28/2021	602,663	0.1
472,000	(5)	Credit Suisse AG, 6.500%, 08/08/2023	517,391	0.0
60,000		Crown Castle International Corp., 4.750%, 05/15/2047	74,323	0.0
620,000		Discover Bank, 3.350%, 02/06/2023	654,498	0.1
2,275,000		EPR Properties, 4.750%, 12/15/2026	2,175,498	0.2
820,000		Goldman Sachs Group, Inc., 4.250%, 10/21/2025	924,788	0.1
355,000		Goldman Sachs Group, Inc., 5.250%, 07/27/2021	372,817	0.0
835,000		Office Properties Income Trust, 4.000%, 07/15/2022	832,400	0.1
755,000	(5)	Guardian Life Global Funding, 2.900%, 05/06/2024	805,580	0.1
840,000		Healthpeak Properties, Inc., 3.875%, 08/15/2024	924,290	0.1
320,000		Healthpeak Properties, Inc., 4.200%, 03/01/2024	349,096	0.0
240,000		Service Properties Trust, 5.000%, 08/15/2022	235,788	0.0
1,790,000	(4)	HSBC Holdings PLC, 2.633%, 11/07/2025	1,857,305	0.2
670,000	(5)	Jackson National Life Global Funding, 2.100%, 10/25/2021	683,396	0.1
620,000	(2),(5)	Jackson National Life Global Funding, 3.250%, 01/30/2024	662,379	0.1
550,000		JPMorgan Chase & Co., 3.200%, 06/15/2026	610,956	0.1
1,270,000	(4)	JPMorgan Chase & Co., 3.509%, 01/23/2029	1,419,770	0.1
665,000	(4)	JPMorgan Chase & Co., 3.616%, 12/31/2199	588,126	0.0
1,270,000	(4)	JPMorgan Chase & Co., 3.897%, 01/23/2049	1,537,105	0.1
675,000	(4)	JPMorgan Chase & Co., 4.260%, 02/22/2048	852,278	0.1
443,000	(5)	KKR Group Finance Co. III LLC, 5.125%, 06/01/2044	534,147	0.0
950,000	(5)	Liberty Mutual Group, Inc., 3.950%, 05/15/2060	1,003,865	0.1
587,000		Lifestorage L.P./CA, 3.500%, 07/01/2026	629,638	0.1
285,000		Markel Corp., 5.000%, 03/30/2043	338,479	0.0
525,000		Markel Corp., 5.000%, 05/20/2049	653,696	0.1
1,300,000	(5)	MassMutual Global Funding II, 2.000%, 04/15/2021	1,317,526	0.1
2,360,000	(5)	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/2024	2,573,961	0.2
1,040,000		Morgan Stanley, 4.000%, 07/23/2025	1,179,960	0.1
1,230,000		National Australia Bank Ltd./New York, 1.875%, 07/12/2021	1,249,100	0.1
1,000,000	(5)	Nationwide Financial Services, Inc., 5.300%, 11/18/2044	1,171,687	0.1
1,105,000		PartnerRe Finance B LLC, 3.700%, 07/02/2029	1,215,478	0.1
755,000	(2)	PNC Financial Services Group, Inc./The, 3.450%, 04/23/2029	871,465	0.1
200,000		Regency Centers L.P., 2.950%, 09/15/2029	203,119	0.0
300,000		Regency Centers L.P., 4.650%, 03/15/2049	342,034	0.0
259,000		Reinsurance Group of America, Inc., 4.700%, 09/15/2023	283,467	0.0
690,000	(5)	Reliance Standard Life Global Funding II, 3.050%, 01/20/2021	697,197	0.1
1,360,000	(2),(5)	Societe Generale SA, 2.625%, 09/16/2020	1,366,427	0.1
805,000	(5)	Societe Generale SA, 5.000%, 01/17/2024	871,493	0.1
985,000	(2),(5)	Standard Chartered PLC, 3.050%, 01/15/2021	997,034	0.1
1,100,000		Sumitomo Mitsui Banking Corp., 2.650%, 07/23/2020	1,101,420	0.1

29

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

670,000		Synchrony Financial, 3.950%, 12/01/2027	700,640	0.1
445,000	(2)	Travelers Cos, Inc., 4.600%, 08/01/2043	581,240	0.0
585,000	(5)	UBS Group AG, 4.125%, 04/15/2026	666,773	0.1
410,000	(2)	US Bancorp, 3.100%, 04/27/2026	455,595	0.0
965,000		Wells Fargo & Co., 3.550%, 09/29/2025	1,078,429	0.1
470,000		Wells Fargo & Co., 4.100%, 06/03/2026	530,183	0.0
300,000		Wells Fargo & Co., 4.650%, 11/04/2044	372,754	0.0
315,000		Willis North America, Inc., 3.600%, 05/15/2024	341,099	0.0
350,000		WR Berkley Corp., 4.625%, 03/15/2022	368,988	0.0
			61,149,646	5.4
		Industrial: 1.3%
305,000	(5)	Aviation Capital Group LLC, 2.875%, 01/20/2022	291,563	0.0
1,095,000	(5)	Aviation Capital Group LLC, 4.875%, 10/01/2025	1,004,180	0.1
970,000		Avnet, Inc., 4.625%, 04/15/2026	1,098,764	0.1
435,000	(5)	BAE Systems Holdings, Inc., 2.850%, 12/15/2020	437,882	0.0
330,000		CSX Corp., 5.500%, 04/15/2041	455,224	0.1
1,015,000		Deere & Co., 2.600%, 06/08/2022	1,054,148	0.1
295,000		FedEx Corp., 4.900%, 01/15/2034	357,283	0.0
605,000		FedEx Corp., 5.100%, 01/15/2044	707,705	0.1
459,000		Norfolk Southern Corp., 3.400%, 11/01/2049	504,595	0.1
1,294,000		Northrop Grumman Corp., 2.080%, 10/15/2020	1,300,103	0.1
703,000		Packaging Corp. of America, 4.500%, 11/01/2023	774,559	0.1
285,000		Precision Castparts Corp., 2.500%, 01/15/2023	298,885	0.0
2,395,000		Raytheon Co., 3.125%, 10/15/2020	2,414,341	0.2
410,000	(5)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021	411,879	0.0
157,000		Union Pacific Corp., 3.646%, 02/15/2024	171,946	0.0
375,000		Union Pacific Corp., 3.839%, 03/20/2060	442,884	0.1
730,000		Union Pacific Corp., 4.150%, 01/15/2045	879,941	0.1
330,000		United Parcel Service, Inc., 3.400%, 11/15/2046	358,063	0.0
345,000		Raytheon Technologies Corp., 4.450%, 11/16/2038	422,486	0.0
752,000		Waste Management, Inc., 3.900%, 03/01/2035	892,371	0.1
			14,278,802	1.3
		Technology: 0.8%
1,146,000		Apple, Inc., 2.150%, 02/09/2022	1,179,406	0.1
435,000		Apple, Inc., 3.350%, 02/09/2027	493,730	0.0
1,030,000		Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.625%, 01/15/2024	1,108,438	0.1
910,000	(5)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023	995,758	0.1
35,000	(5)	Dell International LLC / EMC Corp., 8.350%, 07/15/2046	45,515	0.0
340,000		DXC Technology Co., 4.450%, 09/18/2022	355,426	0.0
1,630,000		Fiserv, Inc., 3.800%, 10/01/2023	1,782,013	0.2
200,000		Micron Technology, Inc., 4.663%, 02/15/2030	233,833	0.0
649,000		Microsoft Corp., 3.500%, 02/12/2035	795,020	0.1
795,000	(5)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026	946,329	0.1
985,000		Oracle Corp., 3.600%, 04/01/2040	1,122,023	0.1
285,000		Texas Instruments, Inc., 2.625%, 05/15/2024	306,516	0.0
			9,364,007	0.8
		Utilities: 0.4%
620,000	(5)	Electricite de France SA, 4.875%, 01/22/2044	733,698	0.1
345,000		Georgia Power Co., 3.700%, 01/30/2050	384,640	0.0
703,000		NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027	798,135	0.1
760,000		NiSource, Inc., 4.375%, 05/15/2047	919,475	0.1
605,000		Oglethorpe Power Corp., 4.550%, 06/01/2044	651,358	0.0
667,000		Sempra Energy, 3.800%, 02/01/2038	721,917	0.1
274,000		Xcel Energy, Inc., 3.500%, 12/01/2049	306,925	0.0
			4,516,148	0.4
	Total Corporate Bonds/Notes
	(Cost $146,486,047)		160,441,618	14.2
MUNICIPAL BONDS: 0.0%
		Georgia: 0.0%
320,000		Municipal Electric Authority of Georgia, 6.655%, 04/01/2057	470,301	0.0
	Total Municipal Bonds
	(Cost $320,000)		470,301	0.0

30

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

U.S. TREASURY OBLIGATIONS: 2.9%
		U.S. Treasury Bonds: 0.3%
42,000		0.625%,05/15/2030	41,879	0.0
2,425,800		2.000%,02/15/2050	2,777,446	0.2
425,000	(2)	4.500%,02/15/2036	650,690	0.1
			3,470,015	0.3
		U.S. Treasury Notes: 2.6%
21,060,000		0.250%,06/15/2023	21,106,069	1.9
6,196,700		0.250%,06/30/2025	6,185,202	0.6
1,570,000		0.500%,06/30/2027	1,571,165	0.1
180,000		2.625%,11/15/2020	181,645	0.0
			29,044,081	2.6
	Total U.S. Treasury Obligations
	(Cost $32,281,714)		32,514,096	2.9
CONVERTIBLE BONDS/NOTES: 10.5%
		Communications: 4.7%
389,000	(2),(5)	Booking Holdings, Inc., 0.750%, 05/01/2025	482,483	0.0
1,490,000		Booking Holdings, Inc., 0.900%, 09/15/2021	1,586,830	0.1
3,989,000		Trip.com Group Ltd., 1.250%, 09/15/2022	3,983,868	0.4
7,840,000		DISH Network Corp., 3.375%, 08/15/2026	7,221,539	0.6
1,319,000		Finisar Corp., 0.500%, 12/15/2036	1,361,604	0.1
2,501,000		FireEye, Inc., 1.000%, 06/01/2035	2,497,016	0.2
2,535,000		FireEye, Inc., 1.625%, 06/01/2035	2,402,373	0.2
2,954,000	(5)	GCI Liberty, Inc., 1.750%, 09/30/2046	4,144,393	0.4
3,355,000	(5)	IAC FinanceCo 3, Inc., 2.000%, 01/15/2030	4,356,517	0.4
4,263,000		JOYY, Inc., 1.375%, 06/15/2026	4,715,603	0.4
2,665,000	(5)	Liberty Latin America Ltd., 2.000%, 07/15/2024	2,123,672	0.2
9,559,000		Liberty Media Corp., 1.375%, 10/15/2023	10,079,010	0.9
1,933,000		Liberty Media Corp., 2.250%, 09/30/2046	927,969	0.1
673,000		Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/2023	733,125	0.1
2,327,000		Viavi Solutions, Inc., 1.000%, 03/01/2024	2,683,984	0.2
2,258,000	(2)	Viavi Solutions, Inc., 1.750%, 06/01/2023	2,526,695	0.2
1,437,000		Zillow Group, Inc., 2.750%, 05/15/2025	1,677,999	0.2
			53,504,680	4.7
		Consumer, Cyclical: 0.2%
2,264,000		Live Nation Entertainment, Inc., 2.500%, 03/15/2023	2,302,205	0.2
		Consumer, Non-cyclical: 2.6%
3,952,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020	5,202,643	0.5
3,140,000		DexCom, Inc., 0.750%, 12/01/2023	7,797,189	0.7
617,000	(2)	Euronet Worldwide, Inc., 0.750%, 03/15/2049	599,647	0.1
1,831,000	(2),(5)	Integra LifeSciences Holdings Corp., 0.500%, 08/15/2025	1,673,662	0.1
2,104,000		Neurocrine Biosciences, Inc., 2.250%, 05/15/2024	3,519,418	0.3
2,762,000		NuVasive, Inc., 2.250%, 03/15/2021	3,040,133	0.3
1,385,000		Pacira BioSciences, Inc., 2.375%, 04/01/2022	1,514,781	0.1
1,212,000		Supernus Pharmaceuticals, Inc., 0.625%, 04/01/2023	1,072,701	0.1
380,000	(5)	Tandem Diabetes Care, Inc., 1.500%, 05/01/2025	444,551	0.0
3,735,000	(5)	Teladoc Health, Inc., 1.250%, 06/01/2027	4,145,332	0.4
			29,010,057	2.6
		Energy: 0.1%
1,677,000		Oil States International, Inc., 1.500%, 02/15/2023	845,746	0.1
		Financial: 0.2%
2,241,000		BofA Finance LLC, 0.125%, 09/01/2022	2,336,242	0.2
		Technology: 2.7%
2,133,000		Cree, Inc., 0.875%, 09/01/2023	2,513,387	0.2
1,542,000	(5)	Cree, Inc., 1.750%, 05/01/2026	2,178,075	0.2
2,544,000		Microchip Technology, Inc., 1.625%, 02/15/2027	3,758,879	0.4
4,003,000		Nuance Communications, Inc., 1.000%, 12/15/2035	4,737,525	0.4
1,819,000		Nuance Communications, Inc., 1.250%, 04/01/2025	2,545,249	0.2
2,479,000		ON Semiconductor Corp., 1.000%, 12/01/2020	2,894,004	0.3
790,000		RealPage, Inc., 1.500%, 11/15/2022	1,274,814	0.1
3,899,000		SanDisk LLC, 0.500%, 10/15/2020	3,355,949	0.3
726,000		Silicon Laboratories, Inc., 1.375%, 03/01/2022	877,151	0.1
2,238,000		Western Digital Corp., 1.500%, 02/01/2024	2,114,986	0.2
2,643,000		Workday, Inc., 0.250%, 10/01/2022	3,645,982	0.3
			29,896,001	2.7
	Total Convertible Bonds/Notes
	(Cost $103,487,263)		117,894,931	10.5

31

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

EQUITY-LINKED NOTES: 1.0%
		Financial: 1.0%
4,397,000	(5)	Credit Suisse AG, Convertible Basket (Basket of 5 Common Stocks), 0.500%, 06/24/2024	4,208,808	0.4
6,746,000		GS Finance Corp (Guarantor: The Goldman Sachs Group, Inc.), Exchangeable Basket (Basket of 5 Common Stocks), 0.250%, 07/08/2024	6,697,709	0.6
	Total Equity-Linked Notes
	(Cost $11,143,000)		10,906,517	1.0
STRUCTURED NOTES: 2.2%
		Diversified Finan Serv: 1.1%
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	6,083,379	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	6,417,391	0.6
			12,500,770	1.1
		Financial: 1.1%
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	6,006,091	0.5
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	6,620,297	0.6
			12,626,388	1.1
	Total Structured Notes
	(Cost $24,586,266)		25,127,158	2.2
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%
		Federal National Mortgage Association: 0.1%(6)
915,000		6.625%,11/15/2030	1,416,312	0.1
	Total U.S. Government Agency Obligations
	(Cost $1,012,342)		1,416,312	0.1
	Total Long-Term Investments
	(Cost $1,060,087,005)		1,081,772,525	95.9
SHORT-TERM INVESTMENTS: 4.1%
		Floating Rate Notes: 0.5%
450,000	(7)	Bank of Montreal, 0.200%, 07/13/2020	450,010	0.0
250,000	(7)	J.P. Morgan Securities LLC, 0.360%, 07/08/2020	250,011	0.0
950,000	(7)	Lloyds Bank PLC, 0.310%, 07/31/2020	950,118	0.1
950,000	(7)	Mizuho Financial Group Inc., 0.340%, 07/14/2020	950,069	0.1
950,000	(7)	National Bank of Canada, 1.180%, 07/16/2020	950,033	0.1
950,000	(7)	Oversea-Chinese Banking Corp., Ltd., 0.300%, 07/15/2020	950,058	0.1
950,000	(7)	Svenska Handelsbanken AB, 0.330%, 07/07/2020	950,032	0.1
400,000	(7)	The Sumitomo Mitsui Financial Group, 0.290%, 07/29/2020	400,038	0.0
	Total Floating Rate Notes
	(Cost $5,850,369)		5,850,369	0.5
		Repurchase Agreements: 0.3%
2,385,669	(7)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $2,385,675, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $2,433,383, due 07/31/21-05/20/70)	2,385,669	0.2
1,116,297	(7)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,116,300, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,138,623, due 07/31/20-07/01/50)	1,116,297	0.1
	Total Repurchase Agreements
	(Cost $3,501,966)		3,501,966	0.3
Shares			Value	Percentage of Net Assets
		Mutual Funds(7): 3.3%
35,744,236	(7),(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%	35,744,237	3.2

32

VY® Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

298,000	(7),(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%	298,000	0.1
298,000	(7),(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%	298,000	0.0
	Total Mutual Funds
	(Cost $36,340,237)		36,340,237	3.2
	Total Short-Term Investments
	(Cost $45,692,572)		45,692,572	4.1
	Total Investments in Securities (Cost $1,105,779,577)		$  1,127,465,097	100.0
	Assets in Excess of Other Liabilities		246,150	0.0
	Net Assets		$  1,127,711,247	100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	Preferred Stock may be called prior to convertible date.
(4)	Variable rate security. Rate shown is the rate in effect as of June 30, 2020.
(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 June 30, 2020.

33

VY® Invesco Oppenheimer Global Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 98.8%
		Brazil: 0.6%
215,111	(1),(2)	StoneCo Ltd.	$  8,337,702	0.6
		China: 3.6%
818,704	(2)	JD.com, Inc. ADR	49,269,607	3.6
		France: 7.6%
23,718		Dassault Systemes SE	4,117,258	0.3
60,936		Kering SA	33,314,723	2.4
138,207		LVMH Moet Hennessy Louis Vuitton SE	61,017,442	4.4
363,259	(2)	Societe Generale	6,073,551	0.5
			104,522,974	7.6
		Germany: 3.2%
319,547		SAP SE	44,669,103	3.2
		India: 2.9%
11,817,684		DLF Ltd.	23,196,033	1.7
1,741,522	(1)	ICICI Bank Ltd. ADR	16,178,739	1.2
			39,374,772	2.9
		Italy: 0.2%
104,433	(2)	Brunello Cucinelli SpA	3,111,034	0.2
		Japan: 14.5%
379,600		Capcom Co., Ltd.	13,894,760	1.0
79,500		Fanuc Ltd.	14,251,964	1.0
87,204		Keyence Corp.	36,543,843	2.6
247,100		Minebea Mitsumi, Inc.	4,504,048	0.3
575,400		Murata Manufacturing Co., Ltd.	33,918,970	2.5
507,600		Nidec Corp.	34,196,397	2.5
298,500		Omron Corp.	19,993,006	1.5
348,441		Takeda Pharmaceutical Co., Ltd.	12,518,777	0.9
310,500		TDK Corp.	30,910,718	2.2
			200,732,483	14.5
		Netherlands: 2.6%
415,776	(2)	Airbus SE	29,791,796	2.2
16,903		ASML Holding NV	6,183,310	0.4
			35,975,106	2.6
		Spain: 1.3%
696,473		Industria de Diseno Textil SA	18,479,750	1.3
		Sweden: 2.9%
850,608		Assa Abloy AB	17,409,814	1.3
531,357		Atlas Copco AB - A Shares	22,628,075	1.6
			40,037,889	2.9
		Switzerland: 0.3%
13,180	(1),(2)	Zur Rose Group AG	3,606,514	0.3
		United Kingdom: 2.5%
415,481	(1),(2)	Farfetch Ltd. - Class A	7,175,357	0.5
457,045	(1)	International Game Technology PLC	4,067,700	0.3
1,135,539		Prudential PLC	17,110,321	1.3
104,451		Unilever PLC	5,634,180	0.4
			33,987,558	2.5
		United States: 56.6%
162,853	(2)	Adobe, Inc.	70,891,539	5.1
246,706		Agilent Technologies, Inc.	21,801,409	1.6
81,720	(2)	Alphabet, Inc. - Class A	115,883,046	8.4
7,081	(2)	Amazon.com, Inc.	19,535,204	1.4
11,845		Analog Devices, Inc.	1,452,671	0.1
79,426		Anthem, Inc.	20,887,450	1.5
780,545	(2)	Avantor, Inc.	13,269,265	1.0
88,821	(2)	Blueprint Medicines Corp.	6,928,038	0.5
184,939	(2)	Boston Scientific Corp.	6,493,208	0.5
225,371	(2)	Centene Corp.	14,322,327	1.0
137,391		Colgate-Palmolive Co.	10,065,265	0.7
104,896	(2)	Electronic Arts, Inc.	13,851,517	1.0
139,235		Equifax, Inc.	23,931,712	1.7
275,303	(2)	Facebook, Inc.- Class A	62,513,052	4.5
137,657		Fidelity National Information Services, Inc.	18,458,427	1.3
19,479	(2)	Illumina, Inc.	7,214,048	0.5
94,469	(2)	Incyte Corp., Ltd.	9,821,942	0.7
126,447		Intel Corp.	7,565,324	0.6
184,021		Intuit, Inc.	54,505,180	3.9
164,820	(2)	Ionis Pharmaceuticals, Inc.	9,717,787	0.7
29,654	(2)	IQVIA Holdings, Inc.	4,207,310	0.3
324,440	(1),(2)	MacroGenics, Inc.	9,058,365	0.7
560,794		Maxim Integrated Products	33,989,724	2.5
75,997		Microsoft Corp.	15,466,149	1.1
264,847	(2)	PayPal Holdings, Inc.	46,144,293	3.3
44,993		Pegasystems, Inc.	4,551,942	0.3
150,881	(1),(2)	Phathom Pharmaceuticals, Inc.	4,965,494	0.4
201,921		S&P Global, Inc.	66,528,931	4.8
76,124	(1),(2)	Sage Therapeutics, Inc.	3,165,236	0.2
69,557	(1),(2)	Sarepta Therapeutics, Inc.	11,152,769	0.8
7,761	(1),(2)	Twist Bioscience Corp.	351,573	0.0
137,113	(2)	Uniqure B.V.	6,178,312	0.5
167,844		United Parcel Service, Inc. - Class B	18,660,896	1.4
173,779	(1),(2)	Veracyte, Inc.	4,500,876	0.3
82,091		Visa, Inc. - Class A	15,857,518	1.2
192,331		Walt Disney Co.	21,446,830	1.6
55,694		Zimmer Biomet Holdings, Inc.	6,647,636	0.5
			781,982,265	56.6
	Total Common Stock
	(Cost $678,239,882)		1,364,086,757	98.8

34

VY® Invesco Oppenheimer Global Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

PREFERRED STOCK: 0.0%
		India: 0.0%
2,598,630	(2)	Zee Entertainment Enterprises Ltd.	120,864	0.0
	Total Preferred Stock
	(Cost $335,416)		120,864	0.0
	Total Long-Term Investments
	(Cost $678,575,298)		1,364,207,621	98.8
Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.1%
		Floating Rate Notes: 0.2%
275,000	(3)	Bank of Montreal, 0.200%, 07/13/2020	275,006	0.0
950,000	(3)	Lloyds Bank PLC, 0.310%, 07/31/2020	950,118	0.1
725,000	(3)	Royal Bank of Canada, 0.350%, 07/17/2020	725,066	0.1
	Total Floating Rate Notes
	(Cost $1,950,190)		1,950,190	0.2
		Repurchase Agreements: 2.7%
1,274,652	(3)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/20, 0.14%, due 07/01/20 (Repurchase Amount $1,274,657, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $1,300,145, due 08/13/20-05/20/70)	1,274,652	0.1
1,201,477	(3)	Barclays Capital, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $1,201,480, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $1,225,507, due 05/15/24-08/15/47)	1,201,477	0.1
2,862,717	(3)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $2,862,736, collateralized by various U.S. Government Securities, 1.106%-6.500%, Market Value plus accrued interest $3,005,853, due 08/15/20-03/19/40)	2,862,717	0.2
7,636,787	(3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $7,636,808, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $7,789,523, due 08/01/20-02/20/70)	7,636,787	0.6
1,498,837	(3)	CF Secured LLC, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $1,498,841, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $1,528,814, due 01/01/29-06/01/50)	1,498,837	0.1
3,218,803	(3)	Citadel Securities LLC, Repurchase Agreement dated 06/30/20, 0.15%, due 07/01/20 (Repurchase Amount $3,218,816, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $3,283,193, due 07/31/20-11/15/49)	3,218,803	0.2
9,765,884	(3)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $9,765,908, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $9,961,202, due 07/31/21-05/20/70)	9,765,884	0.7
1,962,166	(3)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/20, 0.11%, due 07/01/20 (Repurchase Amount $1,962,172, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,001,409, due 07/15/20-06/01/50)	1,962,166	0.1

35

VY® Invesco Oppenheimer Global Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

8,006,448	(3)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $8,006,501, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,185,136, due 01/15/22-02/15/47)	8,006,448	0.6
	Total Repurchase Agreements
	(Cost $37,427,771)		37,427,771	2.7

Shares			Value	Percentage of Net Assets
		Mutual Funds(3): 1.2%
15,038,813	(3),(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%	15,038,813	1.1
860,000	(3),(4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%	860,000	0.0
860,000	(3),(4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%	860,000	0.1
	Total Mutual Funds
	(Cost $16,758,813)		16,758,813	1.2
	Total Short-Term Investments
	(Cost $56,136,774)		56,136,774	4.1
	Total Investments in Securities (Cost $734,712,072)		$  1,420,344,395	102.9
	Liabilities in Excess of Other Assets		(39,571,501)	(2.9)
	Net Assets		$  1,380,772,894	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 June 30, 2020.

36

VY® JPMorgan Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 96.5%
		Communication Services: 3.5%
158,890	(1)	Discovery Communications, Inc. - Class C	$  3,060,221	0.9
34,750	(1)	Dish Network Corp. - Class A	1,199,223	0.4
122,518	(1)	Liberty Media Corp. - SiriusXM C	4,220,745	1.3
24,330	(1)	Liberty Broadband Corp. - Series C	3,015,947	0.9
			11,496,136	3.5
		Consumer Discretionary: 9.6%
4,770	(1)	Autozone, Inc.	5,381,132	1.6
54,840		Best Buy Co., Inc.	4,785,887	1.5
70,030		BorgWarner, Inc.	2,472,059	0.7
16,290		Carter's, Inc.	1,314,603	0.4
8,700		Darden Restaurants, Inc.	659,199	0.2
17,860		Expedia Group, Inc.	1,468,092	0.4
156,890		Gap, Inc.	1,979,952	0.6
26,730		Genuine Parts Co.	2,324,441	0.7
56,101		Kohl's Corp.	1,165,218	0.4
31,050	(1)	Mohawk Industries, Inc.	3,159,648	1.0
194,126		Newell Brands, Inc.	3,082,721	0.9
45,720	(2)	Nordstrom, Inc.	708,203	0.2
13,850		PVH Corp.	665,492	0.2
34,830		Ralph Lauren Corp.	2,525,871	0.8
			31,692,518	9.6
		Consumer Staples: 5.0%
19,050		Constellation Brands, Inc.	3,332,798	1.0
114,232		Coty, Inc - Class A	510,617	0.2
64,353		Energizer Holdings, Inc.	3,056,124	0.9
65,650		Keurig Dr Pepper, Inc.	1,864,460	0.6
104,050		Kroger Co.	3,522,093	1.1
35,420	(1)	Post Holdings, Inc.	3,103,500	0.9
57,220	(1)	US Foods Holding Corp.	1,128,378	0.3
			16,517,970	5.0
		Energy: 4.2%
153,220		Cabot Oil & Gas Corp.	2,632,319	0.8
105,394		Diamondback Energy, Inc.	4,407,577	1.3
150,920		EQT Corp.	1,795,948	0.5
149,054		Equitrans Midstream Corp.	1,238,639	0.4
206,530		Williams Cos., Inc.	3,928,201	1.2
			14,002,684	4.2
		Financials: 20.0%
4,163		Alleghany Corp.	2,036,290	0.6
35,780		Ameriprise Financial, Inc.	5,368,431	1.6
134,970		Citizens Financial Group, Inc.	3,406,643	1.0
34,290		Discover Financial Services	1,717,586	0.5
209,820		Fifth Third Bancorp	4,045,329	1.2
29,010		First Republic Bank	3,074,770	0.9
94,500		Hartford Financial Services Group, Inc.	3,642,975	1.1
234,980		Huntington Bancshares, Inc.	2,123,044	0.7
43,770		Lincoln National Corp.	1,610,298	0.5
155,700		Loews Corp.	5,338,953	1.6
48,393		M&T Bank Corp.	5,031,420	1.5
31,610		Marsh & McLennan Cos., Inc.	3,393,966	1.0
47,270		Northern Trust Corp.	3,750,402	1.1
38,590		Progressive Corp.	3,091,445	1.0
54,180		Raymond James Financial, Inc.	3,729,209	1.1
250,040		Regions Financial Corp.	2,780,445	0.9
44,300		T. Rowe Price Group, Inc.	5,471,050	1.7
80,330		TCF Financial Corp.	2,363,309	0.7
40,245		WR Berkley Corp.	2,305,636	0.7
52,110		Zions Bancorp NA	1,771,740	0.6
			66,052,941	20.0
		Health Care: 7.6%
43,240		AmerisourceBergen Corp.	4,357,295	1.3
18,160		Cigna Corp.	3,407,724	1.0
43,230	(1)	Henry Schein, Inc.	2,524,200	0.8
5,580		Humana, Inc.	2,163,645	0.6
28,210	(1)	Laboratory Corp. of America Holdings	4,685,963	1.4
35,160		Universal Health Services, Inc.	3,266,012	1.0
40,670		Zimmer Biomet Holdings, Inc.	4,854,371	1.5
			25,259,210	7.6
		Industrials: 11.1%
30,190		Acuity Brands, Inc.	2,890,391	0.9
41,790		Ametek, Inc.	3,734,772	1.1
31,470		Carlisle Cos., Inc.	3,766,015	1.1
52,550		Fortune Brands Home & Security, Inc.	3,359,521	1.0
23,600		Hubbell, Inc.	2,958,496	0.9
22,110		IDEX Corp.	3,494,264	1.1
62,340		ITT, Inc.	3,661,852	1.1
40,980		Lincoln Electric Holdings, Inc.	3,452,155	1.1
40,880	(1)	Middleby Corp.	3,227,067	1.0
26,801		Snap-On, Inc.	3,712,207	1.1
69,670		Southwest Airlines Co.	2,381,321	0.7
			36,638,061	11.1
		Information Technology: 7.5%
39,610		Amphenol Corp.	3,795,034	1.1
22,460		Analog Devices, Inc.	2,754,495	0.8
30,310		CDW Corp.	3,521,416	1.1
103,992	(1)	CommScope Holding Co., Inc.	866,253	0.3
15,226		Jack Henry & Associates, Inc.	2,802,041	0.8
26,209	(1)	Keysight Technologies, Inc.	2,641,343	0.8
10,600		Motorola Solutions, Inc.	1,485,378	0.5
30,330		SYNNEX Corp.	3,632,624	1.1
17,750	(1)	Synopsys, Inc.	3,461,250	1.0
			24,959,834	7.5
		Materials: 5.6%
49,030		Ball Corp.	3,407,095	1.0
16,640		Martin Marietta Materials, Inc.	3,437,325	1.1

37

VY® JPMorgan Mid Cap Value Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

20,300		Packaging Corp. of America	2,025,940	0.6
6,920		Sherwin-Williams Co.	3,998,722	1.2
98,880		Silgan Holdings, Inc.	3,202,723	1.0
81,210		WestRock Co.	2,294,994	0.7
			18,366,799	5.6
		Real Estate: 12.5%
38,350		American Campus Communities, Inc.	1,340,716	0.4
104,090		American Homes 4 Rent	2,800,021	0.9
26,150		AvalonBay Communities, Inc.	4,043,836	1.2
41,360		Boston Properties, Inc.	3,738,117	1.1
157,160		Brixmor Property Group, Inc.	2,014,791	0.6
85,670	(1)	CBRE Group, Inc.	3,873,997	1.2
82,960	(1)	Cushman & Wakefield PLC	1,033,682	0.3
10,310		Essex Property Trust, Inc.	2,362,743	0.7
27,276		Federal Realty Investment Trust	2,324,188	0.7
89,100		Host Hotels & Resorts, Inc.	961,389	0.3
45,223		JBG SMITH Properties	1,337,244	0.4
151,040		Kimco Realty Corp.	1,939,354	0.6
93,962		Outfront Media, Inc.	1,331,441	0.4
105,510		Rayonier, Inc.	2,615,593	0.8
35,630		Regency Centers Corp.	1,635,061	0.5
32,660		Ventas, Inc.	1,196,009	0.4
62,736		Vornado Realty Trust	2,397,143	0.7
106,820		Weyerhaeuser Co.	2,399,177	0.7
28,630		WP Carey, Inc.	1,936,819	0.6
			41,281,321	12.5
		Utilities: 9.9%
98,030		CMS Energy Corp.	5,726,913	1.7
72,770		Edison International	3,952,139	1.2
40,170		Entergy Corp.	3,768,348	1.2
77,730		National Fuel Gas Co.	3,259,219	1.0
37,270		Sempra Energy	4,369,162	1.3
63,430		WEC Energy Group, Inc.	5,559,639	1.7
96,880		Xcel Energy, Inc.	6,055,000	1.8
			32,690,420	9.9
	Total Common Stock
	(Cost $298,070,755)		318,957,894	96.5
Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.4%
		Repurchase Agreements: 0.2%
731,179	(3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $731,181, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $745,803, due 07/31/20-07/01/50)
		(Cost $731,179)	731,179	0.2

Shares			Value	Percentage of Net Assets
		Mutual Funds: 3.2%
10,358,583	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%
		(Cost $10,358,583)	10,358,583	3.2
	Total Short-Term Investments
	(Cost $11,089,762)		11,089,762	3.4
	Total Investments in Securities (Cost $309,160,517)		$  330,047,656	99.9
	Assets in Excess of Other Liabilities		256,785	0.1
	Net Assets		$  330,304,441	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 June 30, 2020.

38

VY^® T. ROWE PRICE DIVERSIFIED
MID CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS
as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 99.4%
		Communication Services: 3.8%
76,094	(1)	Altice USA, Inc.	$  1,715,159	0.1
19,800	(1)	Electronic Arts, Inc.	2,614,590	0.2
13,400	(1)	IAC/InterActiveCorp	4,333,560	0.4
38,400		Interpublic Group of Cos., Inc.	658,944	0.1
49,900	(1)	Live Nation Entertainment, Inc.	2,212,067	0.2
53,700	(1),(2)	Match Group, Inc.	5,748,585	0.5
15,600		Omnicom Group	851,760	0.1
218,400	(1)	Snap, Inc.	5,130,216	0.4
48,800	(1)	Spotify Technology SA	12,599,672	1.1
27,500	(1)	Take-Two Interactive Software, Inc.	3,838,175	0.3
13,868	(1)	ZoomInfo Technologies, Inc.	707,684	0.1
415,100	(1)	Zynga, Inc. - Class A	3,960,054	0.3
			44,370,466	3.8
		Consumer Discretionary: 13.9%
26,200	(1)	Aptiv PLC	2,041,504	0.2
28,700		Aramark	647,759	0.1
6,800	(1)	Autozone, Inc.	7,671,216	0.7
27,600	(1)	Bright Horizons Family Solutions, Inc.	3,234,720	0.3
53,100	(1)	Burlington Stores, Inc.	10,456,983	0.9
44,900	(1),(2)	Carmax, Inc.	4,020,795	0.3
37,619	(1),(2)	Chewy, Inc.	1,681,193	0.1
9,700	(1)	Chipotle Mexican Grill, Inc.	10,207,892	0.9
16,300	(2)	Choice Hotels International, Inc.	1,286,070	0.1
61,700		Dollar General Corp.	11,754,467	1.0
99,400	(1)	Dollar Tree, Inc.	9,212,392	0.8
15,100		Domino's Pizza, Inc.	5,578,544	0.5
79,900		Dunkin Brands Group, Inc.	5,211,877	0.4
15,200	(2)	Ferrari NV	2,599,352	0.2
13,400	(1)	Five Below, Inc.	1,432,594	0.1
26,000	(1)	Grand Canyon Education, Inc.	2,353,780	0.2
91,733		Hilton Worldwide Holdings, Inc.	6,737,789	0.6
39,400	(1)	Lululemon Athletica, Inc.	12,293,194	1.0
17,200		Marriott International, Inc.	1,474,556	0.1
2,300	(1)	MercadoLibre, Inc.	2,267,271	0.2
70,700	(2)	MGM Resorts International	1,187,760	0.1
8,697	(1),(2)	Mohawk Industries, Inc.	885,007	0.1
1,360	(1)	NVR, Inc.	4,431,900	0.4
30,100	(1),(2)	Ollie's Bargain Outlet Holdings, Inc.	2,939,265	0.2
29,300	(1)	O'Reilly Automotive, Inc.	12,354,931	1.0
15,500	(2)	Papa Johns International, Inc.	1,230,855	0.1
15,900		Pool Corp.	4,322,733	0.4
51,581		Restaurant Brands International, Inc.	2,817,870	0.2
50,400		Ross Stores, Inc.	4,296,096	0.4
99,700		Service Corp. International	3,877,333	0.3
83,600	(1)	ServiceMaster Global Holdings, Inc.	2,983,684	0.3
44,100		Tractor Supply Co.	5,811,939	0.5
45,000	(1)	Trip.com Group Ltd. ADR	1,166,400	0.1
24,821	(1)	Ulta Beauty, Inc.	5,049,088	0.4
23,600	(2)	Williams-Sonoma, Inc.	1,935,436	0.2
28,900	(2)	Wynn Resorts Ltd.	2,152,761	0.2
56,100		Yum China Holdings, Inc.	2,696,727	0.2
17,100		Yum! Brands, Inc.	1,486,161	0.1
			163,789,894	13.9
		Consumer Staples: 3.5%
63,275	(2)	Brown-Forman Corp. - Class B	4,028,086	0.4
18,300		Casey's General Stores, Inc.	2,736,216	0.2
91,900		Church & Dwight Co., Inc.	7,103,870	0.6
32,400		Clorox Co.	7,107,588	0.6
42,600		Conagra Brands, Inc.	1,498,242	0.1
12,400		Constellation Brands, Inc.	2,169,380	0.2
31,900		Hershey Co.	4,134,878	0.4
26,500	(2)	Hormel Foods Corp.	1,279,155	0.1
27,800		McCormick & Co., Inc.	4,987,598	0.4
81,740	(2)	Reynolds Consumer Products, Inc.	2,839,648	0.2
49,789		Tyson Foods, Inc.	2,972,901	0.3
			40,857,562	3.5
		Energy: 0.7%
96,500		Cabot Oil & Gas Corp.	1,657,870	0.1
26,752		Concho Resources, Inc./Midland TX	1,377,728	0.1
20,800		Diamondback Energy, Inc.	869,856	0.1
31,400		HollyFrontier Corp.	916,880	0.1
112,107		Parsley Energy, Inc. - Class A	1,197,303	0.1
44	(1),(3),(4)	Venture Global LNG, Inc. - Series B	169,312	0.0
560	(1),(3),(4)	Venture Global LNG, Inc. - Series C	2,154,880	0.2
			8,343,829	0.7
		Financials: 4.9%
28,200		Assurant, Inc.	2,912,778	0.2
36,900		Axis Capital Holdings Ltd.	1,496,664	0.1
64,533		Cboe Global Markets, Inc.	6,019,638	0.5
41,900		Discover Financial Services	2,098,771	0.2
5,500	(2)	Factset Research Systems, Inc.	1,806,585	0.2
57,200		Fifth Third Bancorp	1,102,816	0.1
30,600		First Republic Bank	3,243,294	0.3
42,200		Lazard Ltd.	1,208,186	0.1
14,000		MarketAxess Holdings, Inc.	7,012,880	0.6
32,100		MSCI, Inc. - Class A	10,715,622	0.9
19,100		Nasdaq, Inc.	2,281,877	0.2
36,447	(1),(2)	Selectquote, Inc.	923,203	0.1

39

VY^® T. ROWE PRICE DIVERSIFIED
MID CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS
as of June 30, 2020 (Unaudited) (CONTINUED)

110,944	(1),(4)	Selectquote, Inc. - Lockup Shares	2,697,803	0.3
15,600		Signature Bank	1,667,952	0.1
5,700	(1)	SVB Financial Group	1,228,521	0.1
102,420		Tradeweb Markets, Inc.	5,954,699	0.5
33,630		Webster Financial Corp.	962,154	0.1
18,132		Willis Towers Watson PLC	3,571,097	0.3
			56,904,540	4.9
		Health Care: 17.4%
14,800	(1)	Abiomed, Inc.	3,575,088	0.3
42,199	(1),(2)	Acadia Healthcare Co., Inc.	1,060,039	0.1
24,800	(1),(2)	Acadia Pharmaceuticals, Inc.	1,202,056	0.1
71,300		Agilent Technologies, Inc.	6,300,781	0.5
24,700	(1),(2)	Agios Pharmaceuticals, Inc.	1,320,956	0.1
17,200	(1)	Alexion Pharmaceuticals, Inc.	1,930,528	0.2
27,000	(1)	Align Technology, Inc.	7,409,880	0.6
35,300	(1),(2)	Alnylam Pharmaceuticals, Inc.	5,228,283	0.4
114,500	(1),(2)	Amarin Corp. PLC ADR	792,340	0.1
21,200	(1)	Amedisys, Inc.	4,209,048	0.3
8,685	(1)	Argenx SE ADR	1,956,123	0.2
11,100	(1)	Ascendis Pharma A/S ADR	1,641,690	0.1
226,443	(1)	Avantor, Inc.	3,849,531	0.3
62,900	(1)	BioMarin Pharmaceutical, Inc.	7,758,086	0.7
14,500	(1),(2)	Bluebird Bio, Inc.	885,080	0.1
13,100	(1)	Blueprint Medicines Corp.	1,021,800	0.1
29,600		Bruker Corp.	1,204,128	0.1
35,084	(1)	Catalent, Inc.	2,571,657	0.2
164,228	(1)	Centene Corp.	10,436,689	0.9
33,912		Cerner Corp.	2,324,668	0.2
21,700		Cooper Cos., Inc.	6,154,988	0.5
27,800	(1)	DaVita, Inc.	2,200,092	0.2
33,700	(1)	DexCom, Inc.	13,661,980	1.2
123,810	(1)	Elanco Animal Health, Inc.	2,655,725	0.2
58,300	(1)	Exact Sciences Corp.	5,068,602	0.4
136,600	(1)	Exelixis, Inc.	3,242,884	0.3
51,000	(1),(2)	FibroGen, Inc.	2,067,030	0.2
5,700	(1),(2)	GW Pharmaceuticals PLC ADR	699,504	0.1
86,500	(1)	Hologic, Inc.	4,930,500	0.4
5,775	(1)	ICU Medical, Inc.	1,064,390	0.1
25,400	(1)	Idexx Laboratories, Inc.	8,386,064	0.7
84,400	(1)	Incyte Corp., Ltd.	8,775,068	0.7
50,700	(1)	Ionis Pharmaceuticals, Inc.	2,989,272	0.2
20,200	(1)	IQVIA Holdings, Inc.	2,865,976	0.2
27,700	(1)	Jazz Pharmaceuticals PLC	3,056,418	0.3
6,800	(1)	Mettler Toledo International, Inc.	5,477,740	0.5
33,600	(1),(2)	Molina Healthcare, Inc.	5,980,128	0.5
39,079	(1)	Neurocrine Biosciences, Inc.	4,767,638	0.4
14,800	(1),(2)	Novocure Ltd.	877,640	0.1
17,600	(1),(2)	Penumbra, Inc.	3,147,232	0.3
49,400		Perrigo Co. PLC	2,730,338	0.2
44,963	(1),(2)	PPD, Inc.	1,205,008	0.1
20,700	(1)	PRA Health Sciences, Inc.	2,013,903	0.2
15,400	(1)	Quidel Corp.	3,445,596	0.3
70,488	(1)	Royalty Pharma PLC	3,422,192	0.3
16,942	(1),(2)	Sage Therapeutics, Inc.	704,448	0.1
21,500	(1)	Sarepta Therapeutics, Inc.	3,447,310	0.3
41,680	(1)	Seattle Genetics, Inc.	7,082,266	0.6
14,500		STERIS Public Ltd. Co.	2,224,880	0.2
17,400		Teleflex, Inc.	6,333,252	0.5
25,292	(1),(2)	Ultragenyx Pharmaceutical, Inc.	1,978,340	0.2
10,000		Universal Health Services, Inc.	928,900	0.1
49,000	(1)	Veeva Systems, Inc.	11,486,580	1.0
10,800		West Pharmaceutical Services, Inc.	2,453,436	0.2
			204,203,771	17.4
		Industrials: 15.2%
140,700	(2)	ADT, Inc.	1,122,786	0.1
41,200		Alaska Air Group, Inc.	1,493,912	0.1
28,900		Allegion Public Ltd.	2,954,158	0.3
33,062		Ametek, Inc.	2,954,751	0.3
38,800		AO Smith Corp.	1,828,256	0.2
38,400		BWX Technologies, Inc.	2,174,976	0.2
35,700		Cintas Corp.	9,509,052	0.8
13,800	(2)	Copa Holdings S.A.- Class A	697,728	0.1
62,000	(1)	Copart, Inc.	5,162,740	0.4
22,505		CoreLogic, Inc.	1,512,786	0.1
17,600	(1)	CoStar Group, Inc.	12,507,792	1.1
39,487		Equifax, Inc.	6,787,026	0.6
18,900		Expeditors International Washington, Inc.	1,437,156	0.1
31,600		Fastenal Co.	1,353,744	0.1
29,300		Flowserve Corp.	835,636	0.1
43,583		Fortive Corp.	2,948,826	0.3
37,675		Fortune Brands Home & Security, Inc.	2,408,563	0.2
27,200	(1)	Generac Holdings, Inc.	3,316,496	0.3
58,500		Graco, Inc.	2,807,415	0.2
103,200	(1)	HD Supply Holdings, Inc.	3,575,880	0.3
21,700	(2)	Hexcel Corp.	981,274	0.1
28,000		Hubbell, Inc.	3,510,080	0.3
16,300		Huntington Ingalls Industries, Inc.	2,844,187	0.2
101,000	(1)	IAA, Inc.	3,895,570	0.3
17,500		IDEX Corp.	2,765,700	0.2
87,853		IHS Markit Ltd.	6,632,902	0.6
27,600		JB Hunt Transport Services, Inc.	3,321,384	0.3
30,000		Kansas City Southern	4,478,700	0.4
46,600		KAR Auction Services, Inc.	641,216	0.1
38,610		L3Harris Technologies, Inc.	6,550,959	0.6
11,300		Landstar System, Inc.	1,269,103	0.1
10,400		Manpowergroup, Inc.	715,000	0.1
12,400	(1),(2)	Middleby Corp.	978,856	0.1
68,600	(2)	Nielsen Holdings PLC	1,019,396	0.1
14,700		Nordson Corp.	2,788,737	0.2
24,350		Old Dominion Freight Line	4,129,516	0.4
30,600		Otis Worldwide Corp.	1,739,916	0.1
24,200		Paccar, Inc.	1,811,370	0.2
34,100		Ritchie Bros Auctioneers, Inc.	1,392,985	0.1
38,000		Robert Half International, Inc.	2,007,540	0.2

40

VY^® T. ROWE PRICE DIVERSIFIED
MID CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS
as of June 30, 2020 (Unaudited) (CONTINUED)

29,900		Rockwell Automation, Inc.	6,368,700	0.5
62,961	(2)	Rollins, Inc.	2,668,917	0.2
31,327	(1)	Sensata Technologies Holding PLC	1,166,304	0.1
6,500	(2)	Snap-On, Inc.	900,315	0.1
40,700		Toro Co.	2,700,038	0.2
54,300		Trane Technologies PLC	4,831,614	0.4
11,875		TransDigm Group, Inc.	5,249,344	0.4
100,700		TransUnion	8,764,928	0.7
25,841	(1),(2)	United Airlines Holdings, Inc.	894,357	0.1
21,000	(1)	United Rentals, Inc.	3,129,840	0.3
10,200		Valmont Industries, Inc.	1,158,924	0.1
44,256		Verisk Analytics, Inc.	7,532,371	0.6
51,950		Waste Connections, Inc.	4,872,390	0.4
9,400	(2)	Watsco, Inc.	1,670,380	0.1
37,520		Westinghouse Air Brake Technologies Corp.	2,160,026	0.2
18,300		Woodward, Inc.	1,419,165	0.1
26,300		Xylem, Inc.	1,708,448	0.1
			178,060,131	15.2
		Information Technology: 35.7%
113,500		Amphenol Corp.	10,874,435	0.9
45,300	(1)	Anaplan, Inc.	2,052,543	0.2
9,600	(1)	ANSYS, Inc.	2,800,608	0.2
46,479	(1)	Atlassian Corp. PLC	8,378,769	0.7
4,250	(1)	Autodesk, Inc.	1,016,557	0.1
31,100	(1),(2)	Avalara, Inc.	4,139,099	0.4
96,734	(1)	Black Knight, Inc.	7,019,019	0.6
87,764		Booz Allen Hamilton Holding Corp.	6,827,161	0.6
45,400		Broadridge Financial Solutions, Inc. ADR	5,729,026	0.5
95,800	(1)	Cadence Design Systems, Inc.	9,192,968	0.8
33,000		CDK Global, Inc.	1,366,860	0.1
80,300		CDW Corp.	9,329,254	0.8
64,003	(1)	Ceridian HCM Holding, Inc.	5,073,518	0.4
40,400		Citrix Systems, Inc.	5,975,564	0.5
47,900		Cognex Corp.	2,860,588	0.2
11,720	(1)	Coherent, Inc.	1,535,086	0.1
96,400		Corning, Inc.	2,496,760	0.2
25,900	(1),(2)	Coupa Software, Inc.	7,175,336	0.6
29,197	(1)	Crowdstrike Holdings, Inc.	2,928,167	0.2
40,646	(1)	Datadog, Inc.	3,534,170	0.3
57,953	(1)	DocuSign, Inc.	9,980,086	0.8
51,337	(1)	Dynatrace, Inc.	2,084,282	0.2
111,300		Entegris, Inc.	6,572,265	0.6
13,200	(1)	EPAM Systems, Inc.	3,326,532	0.3
49,200	(1)	Euronet Worldwide, Inc.	4,714,344	0.4
43,930		Fidelity National Information Services, Inc.	5,890,574	0.5
94,400	(1)	Fiserv, Inc.	9,215,328	0.8
38,900	(1)	Five9, Inc.	4,305,063	0.4
35,600	(1)	FleetCor Technologies, Inc.	8,954,468	0.8
17,200		Flir Systems, Inc.	697,804	0.1
56,200	(1)	Fortinet, Inc.	7,714,574	0.7
36,100	(1)	Gartner, Inc.	4,380,013	0.4
48,500		Genpact Ltd.	1,771,220	0.1
85,527		Global Payments, Inc.	14,507,090	1.2
61,600	(1)	GoDaddy, Inc.	4,517,128	0.4
36,300	(1),(2)	Guidewire Software, Inc.	4,023,855	0.3
13,700	(1),(2)	HubSpot, Inc.	3,073,595	0.3
29,600	(1)	Inphi Corp.	3,478,000	0.3
7,600	(1),(2)	IPG Photonics Corp.	1,218,964	0.1
66,150	(1)	Keysight Technologies, Inc.	6,666,597	0.6
71,500		KLA Corp.	13,905,320	1.2
32,455		Lam Research Corp.	10,497,894	0.9
48,700		Leidos Holdings, Inc.	4,561,729	0.4
14,800		Littelfuse, Inc.	2,525,324	0.2
146,748		Marvell Technology Group Ltd.	5,144,985	0.4
152,600		Maxim Integrated Products	9,249,086	0.8
112,300	(2)	Microchip Technology, Inc.	11,826,313	1.0
13,600	(1),(2)	MongoDB, Inc.	3,078,224	0.3
24,800		Monolithic Power Systems, Inc.	5,877,600	0.5
60,400		Motorola Solutions, Inc.	8,463,852	0.7
18,300	(1)	New Relic, Inc.	1,260,870	0.1
58,400		NortonLifeLock, Inc.	1,158,072	0.1
38,700	(1)	Okta, Inc.	7,748,901	0.7
32,200	(1)	Palo Alto Networks, Inc.	7,395,374	0.6
39,100	(2)	Paychex, Inc.	2,961,825	0.2
20,600	(1)	Paycom Software, Inc.	6,380,438	0.5
17,800	(1)	Paylocity Holding Corp.	2,596,842	0.2
34,700	(1)	Proofpoint, Inc.	3,855,864	0.3
171,369	(1)	Pure Storage, Inc. - Class A	2,969,825	0.3
80,667	(1),(2)	RealPage, Inc.	5,244,162	0.4
6,848	(1)	ServiceNow, Inc.	2,773,851	0.2
72,300		Skyworks Solutions, Inc.	9,244,278	0.8
58,160	(1),(2)	Slack Technologies, Inc.	1,808,194	0.2
41,800	(1),(2)	Smartsheet, Inc.	2,128,456	0.2
64,100	(1)	Splunk, Inc.	12,736,670	1.1
95,335		SS&C Technologies Holdings, Inc.	5,384,521	0.5
48,197	(1),(2)	StoneCo Ltd.	1,868,116	0.2
48,500	(1)	Synopsys, Inc.	9,457,500	0.8
44,800	(1)	Twilio, Inc.	9,830,016	0.8
15,600	(1)	Tyler Technologies, Inc.	5,411,328	0.5
23,200	(1)	VeriSign, Inc.	4,798,456	0.4
26,799	(1)	WEX, Inc.	4,422,103	0.4
13,853	(1)	Wix.com Ltd.	3,549,416	0.3
18,947	(1)	Workday, Inc.	3,549,910	0.3
84,500		Xilinx, Inc.	8,313,955	0.7
15,100	(1)	Zebra Technologies Corp.	3,864,845	0.3
54,600	(1)	Zendesk, Inc.	4,833,738	0.4
5,960	(1),(2)	Zoom Video Communications, Inc.	1,511,098	0.1
			419,586,221	35.7
		Materials: 3.0%
38,700		Avery Dennison Corp.	4,415,283	0.4
55,500	(1)	Axalta Coating Systems Ltd.	1,251,525	0.1
105,180		Ball Corp.	7,308,958	0.6
13,700		Celanese Corp. - Series A	1,182,858	0.1
42,800		CF Industries Holdings, Inc.	1,204,392	0.1
18,500		Eagle Materials, Inc.	1,299,070	0.1
36,500		International Paper Co.	1,285,165	0.1
43,900	(2)	Kirkland Lake Gold Ltd.	1,810,436	0.2
22,500		PPG Industries, Inc.	2,386,350	0.2

41

VY^® T. ROWE PRICE DIVERSIFIED
MID CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS
as of June 30, 2020 (Unaudited) (CONTINUED)

50,200		RPM International, Inc.	3,768,012	0.3
85,600		Sealed Air Corp.	2,811,960	0.2
51,429		Valvoline, Inc.	994,123	0.1
50,700		Vulcan Materials Co.	5,873,595	0.5
			35,591,727	3.0
		Real Estate: 1.1%
26,995	(2)	American Campus Communities, Inc.	943,745	0.1
38,900		CubeSmart	1,049,911	0.1
14,000		Jones Lang LaSalle, Inc.	1,448,440	0.1
50,200	(2)	MGM Growth Properties LLC	1,365,942	0.1
26,350		SBA Communications Corp.	7,850,192	0.7
6,575	(1),(3),(4)	WeWork Companies, Inc. - Class A	–	–
			12,658,230	1.1
		Utilities: 0.2%
11,674		American Water Works Co., Inc.	1,501,977	0.1
12,300		Atmos Energy Corp.	1,224,834	0.1
			2,726,811	0.2
	Total Common Stock
	(Cost $813,989,888)		1,167,093,182	99.4
PREFERRED STOCK: 0.6%
		Communication Services: 0.2%
32,391	(1),(3),(4)	AirBNB, Inc. - Series D	1,781,505	0.2
3,719	(1),(3),(4)	AirBNB, Inc. - Series E	204,545	0.0
			1,986,050	0.2
		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	3,256,524	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
			5,378,349	0.4
		Real Estate: –%
44,396	(1),(3),(4)	WeWork Companies, Inc. - Series D-1	–	–
34,882	(1),(3),(4)	WeWork Companies, Inc. - Series D-2	–	–
24,709	(1),(3),(4)	WeWork Companies, Inc. - Series E	–	–
			–	–
	Total Preferred Stock
	(Cost $7,676,732)		7,364,399	0.6
	Total Long-Term Investments
	(Cost $821,666,620)		1,174,457,581	100.0
Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.3%
		Floating Rate Notes: 0.2%
950,000	(5)	Lloyds Bank PLC, 0.310%, 07/31/2020	950,118	0.1
950,000	(5)	Oversea-Chinese Banking Corp., Ltd., 0.300%, 07/15/2020	950,058	0.1
950,000	(5)	Svenska Handelsbanken AB, 0.330%, 07/07/2020	950,032	0.0
	Total Floating Rate Notes
	(Cost $2,850,208)		2,850,208	0.2
		Repurchase Agreements: 7.5%
3,015,757	(5)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/20, 0.14%, due 07/01/20 (Repurchase Amount $3,015,769, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $3,076,072, due 08/13/20-05/20/70)	3,015,757	0.3
2,306,003	(5)	Barclays Capital, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $2,306,009, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $2,352,123, due 05/15/24-08/15/47)	2,306,003	0.2
6,505,864	(5)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $6,505,907, collateralized by various U.S. Government Securities, 1.106%-6.500%, Market Value plus accrued interest $6,831,157, due 08/15/20-03/19/40)	6,505,864	0.6
18,068,217	(5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $18,068,267, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $18,429,581, due 08/01/20-02/20/70)	18,068,217	1.5

42

VY^® T. ROWE PRICE DIVERSIFIED
MID CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS
as of June 30, 2020 (Unaudited) (CONTINUED)

3,546,167	(5)	CF Secured LLC, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $3,546,177, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $3,617,090, due 01/01/29-06/01/50)	3,546,167	0.3
7,615,511	(5)	Citadel Securities LLC, Repurchase Agreement dated 06/30/20, 0.15%, due 07/01/20 (Repurchase Amount $7,615,542, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $7,767,854, due 07/31/20-11/15/49)	7,615,511	0.6
22,712,580	(5)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $22,712,636, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $23,166,833, due 07/31/21-05/20/70)	22,712,580	1.9
4,642,376	(5)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/20, 0.11%, due 07/01/20 (Repurchase Amount $4,642,390, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $4,735,223, due 07/15/20-06/01/50)	4,642,376	0.4
1,363,064	(5)	Royal Bank of Canada, Repurchase Agreement dated 06/30/20, 0.26%, due 07/01/20 (Repurchase Amount $1,363,074, collateralized by various U.S. Government Securities, 0.000%-8.700%, Market Value plus accrued interest $1,423,659, due 10/27/20-05/27/40)	1,363,064	0.1
18,437,724	(5)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $18,437,845, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $18,849,217, due 01/15/22-02/15/47)	18,437,724	1.6
	Total Repurchase Agreements
	(Cost $88,213,263)		88,213,263	7.5

Shares			Value	Percentage of Net Assets
		Mutual Funds: 0.6%
2,173,000	(5),(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%	2,173,000	0.2
2,173,000	(5),(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%	2,173,000	0.2
2,173,000	(5),(6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%	2,173,000	0.2
154	(6)	T. Rowe Price Government Reserve Fund, 0.140%	154	0.0
	Total Mutual Funds
	(Cost $6,519,154)		6,519,154	0.6
	Total Short-Term Investments
	(Cost $97,582,625)		97,582,625	8.3
	Total Investments in Securities (Cost $919,249,245)		$  1,272,040,206	108.3
	Liabilities in Excess of Other Assets		(97,220,317)	(8.3)
	Net Assets		$  1,174,819,889	100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(4)	Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2020, the Portfolio held restricted securities with a fair value of $12,386,394 or 1.1% of net assets. Please refer to the table below for additional details.
(5)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of June 30, 2020.

43

VY® T. Rowe Price Growth Equity Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 98.0%
		Communication Services: 17.7%
34,559	(1)	Alphabet, Inc. - Class A	$  49,006,390	2.9
28,985	(1)	Alphabet, Inc. - Class C	40,973,486	2.4
5,531	(1),(2),(3)	Epic Games, Inc.	3,180,325	0.2
370,475	(1)	Facebook, Inc.- Class A	84,123,758	5.0
37,972	(1)	IAC/InterActiveCorp	12,280,145	0.7
68,591	(1),(4)	Match Group, Inc.	7,342,666	0.4
92,321	(1)	NetFlix, Inc.	42,009,748	2.5
120,800	(1),(4)	Sea Ltd. ADR	12,954,592	0.7
725,490	(1),(4)	Snap, Inc.	17,041,760	1.0
63,336	(1)	Spotify Technology SA	16,352,722	1.0
237,500		Tencent Holdings Ltd.	15,218,504	0.9
			300,484,096	17.7
		Consumer Discretionary: 19.3%
179,716	(1)	Alibaba Group Holding Ltd. ADR	38,764,741	2.3
65,788	(1)	Amazon.com, Inc.	181,497,250	10.7
111,130	(1)	Aptiv PLC	8,659,250	0.5
8,239	(1)	Booking Holdings, Inc.	13,119,289	0.8
46,894	(1),(4)	Carmax, Inc.	4,199,358	0.3
74,195	(1),(4)	Carvana Co.	8,918,239	0.5
10,941	(1)	Chipotle Mexican Grill, Inc.	11,513,871	0.7
97,118		Dollarama, Inc.	3,230,590	0.2
2,793	(1),(2),(3)	DoorDash, Inc. - Series H	641,080	0.0
103,604	(1),(4)	DraftKings, Inc.	3,445,869	0.2
79,645	(4)	Ferrari NV	13,620,091	0.8
–		Las Vegas Sands Corp.	–	–
52,093	(1)	Lululemon Athletica, Inc.	16,253,537	1.0
181,348		Ross Stores, Inc.	15,458,103	0.9
100,875	(4)	Wynn Resorts Ltd.	7,514,179	0.4
			326,835,447	19.3
		Financials: 3.4%
1,134,411	(1),(2),(3)	Ant International Co., Limited- Class C	7,963,565	0.5
45,100		Cboe Global Markets, Inc.	4,206,928	0.2
137,471		Chubb Ltd.	17,406,578	1.0
36,890		Goldman Sachs Group, Inc.	7,290,202	0.4
9,987		MSCI, Inc. - Class A	3,333,860	0.2
34,785		S&P Global, Inc.	11,460,962	0.7
39,044		TD Ameritrade Holding Corp.	1,420,421	0.1
54,621		Tradeweb Markets, Inc.	3,175,665	0.2
43,339	(1),(4)	XP, Inc.	1,820,671	0.1
			58,078,852	3.4
		Health Care: 11.1%
89,126		AbbVie, Inc.	8,750,391	0.5
131,216	(1),(4)	Alcon, Inc.	7,539,570	0.4
6,173	(1)	Align Technology, Inc.	1,694,118	0.1
57,887		Anthem, Inc.	15,223,123	0.9
7,225	(1)	Argenx SE ADR	1,627,287	0.1
245,236	(1)	Centene Corp.	15,584,748	0.9
105,096		Cigna Corp.	19,721,264	1.2
100,473		HCA Healthcare, Inc.	9,751,909	0.6
12,500		Humana, Inc.	4,846,875	0.3
82,027	(1)	Incyte Corp., Ltd.	8,528,347	0.5
39,761	(1)	Intuitive Surgical, Inc.	22,657,011	1.4
96,027		Stryker Corp.	17,303,105	1.0
109,020		UnitedHealth Group, Inc.	32,155,449	1.9
77,744	(1)	Vertex Pharmaceuticals, Inc.	22,569,861	1.3
			187,953,058	11.1
		Industrials: 7.2%
41,046		Cintas Corp.	10,933,013	0.6
46,700		Cummins, Inc.	8,091,242	0.5
64,635		Equifax, Inc.	11,109,464	0.7
162,290		Fortive Corp.	10,980,541	0.7
1,072,622		General Electric Co.	7,326,008	0.4
58,757		JB Hunt Transport Services, Inc.	7,070,817	0.4
40,400		Parker Hannifin Corp.	7,404,108	0.4
45,570		Roper Technologies, Inc.	17,693,008	1.0
26,907	(1)	Teledyne Technologies, Inc.	8,366,732	0.5
203,656		TransUnion	17,726,218	1.1
41,070		Union Pacific Corp.	6,943,705	0.4
132,438		Westinghouse Air Brake Technologies Corp.	7,624,456	0.5
			121,269,312	7.2
		Information Technology: 38.6%
30,000	(1)	Adobe, Inc.	13,059,300	0.8
215,313	(1)	Advanced Micro Devices, Inc.	11,327,617	0.7
223,772		Apple, Inc.	81,632,026	4.8
53,982		ASML Holding NV-NY REG	19,866,995	1.2
35,400	(1),(4)	Avalara, Inc.	4,711,386	0.3
59,507	(1)	Crowdstrike Holdings, Inc.	5,967,957	0.3
101,400	(1),(4)	Datadog, Inc.	8,816,730	0.5
220,750		Fidelity National Information Services, Inc.	29,600,368	1.7
211,032	(1)	Fiserv, Inc.	20,600,944	1.2
103,852		Global Payments, Inc.	17,615,376	1.0
83,652		Intuit, Inc.	24,776,886	1.5
455,667		Marvell Technology Group Ltd.	15,975,685	0.9
161,687		Mastercard, Inc. - Class A	47,810,846	2.8
729,483		Microsoft Corp.	148,457,085	8.8
39,600		Nvidia Corp.	15,044,436	0.9
33,174	(1)	Paycom Software, Inc.	10,274,983	0.6
173,180	(1)	PayPal Holdings, Inc.	30,173,151	1.8
181,839	(1)	Salesforce.com, Inc.	34,063,900	2.0
46,298	(1)	ServiceNow, Inc.	18,753,468	1.1
193,370	(1),(4)	Slack Technologies, Inc.	6,011,873	0.4
4,129	(1),(2),(3)	Snowflake, Inc. - Class B	160,081	0.1
99,838	(1)	Splunk, Inc.	19,837,811	1.2
51,440	(1),(2),(3)	Stripe, Inc. - Class B	807,094	0.0
52,091	(4)	Temenos AG	8,096,188	0.5
274,756		Visa, Inc. - Class A	53,074,617	3.1
35,237	(1)	Workday, Inc.	6,602,004	0.4
			653,118,807	38.6
		Materials: 0.5%
43,724		Linde Public Ltd.	9,274,298	0.5

44

VY® T. Rowe Price Growth Equity Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

		Utilities: 0.2%
21,690		Sempra Energy	2,542,719	0.2
	Total Common Stock
	(Cost $1,117,106,098)		1,659,556,589	98.0
PREFERRED STOCK: 1.4%
		Communication Services: 0.4%
59,241	(1),(2),(3)	AirBNB, Inc. - Series D	3,258,255	0.2
16,058	(1),(2),(3)	AirBNB, Inc. - Series E	883,190	0.1
68,026	(1),(2),(3)	Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)	2,563,887	0.1
			6,705,332	0.4
		Consumer Discretionary: 0.6%
163,010	(1),(2),(3)	Aurora Innovation, Inc., - Series B	1,506,261	0.1
8,132	(1),(2),(3)	DoorDash, Inc. - Series G	1,866,546	0.1
549,762	(1),(2),(3)	Rivian Automotive, Inc. - Series D	5,906,643	0.3
18,931	(1),(2),(3)	Waymo LLC., Series A-2	1,625,552	0.1
			10,905,002	0.6
		Industrials: 0.2%
159,700	(1),(2),(3)	GM Cruise Holdings, LLC - Class F	2,914,525	0.2
		Information Technology: 0.2%
93,459	(1),(2),(3)	Magic Leap, Inc. - Series C	430,528	0.1
61,969	(1),(2),(3)	Magic Leap, Inc. - Series D	334,632	0.0
57,073	(1),(2),(3)	UiPath Inc., Series D-1	2,245,920	0.1
9,584	(1),(2),(3)	UiPath Inc., Series D-2	377,147	0.0
			3,388,227	0.2
		Real Estate: –%
42,822	(1),(2),(3)	WeWork Companies, Inc. - Series E	–	–
	Total Preferred Stock
	(Cost $27,125,351)		23,913,086	1.4
	Total Long-Term Investments
	(Cost $1,144,231,449)		1,683,469,675	99.4
Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.7%
		Floating Rate Notes: 0.2%
500,000	(5)	Bank of Montreal, 0.200%, 07/13/2020	500,011	0.0
600,000	(5)	J.P. Morgan Securities LLC, 0.360%, 07/08/2020	600,027	0.0
375,000	(5)	National Bank of Canada, 1.180%, 07/16/2020	375,013	0.0
950,000	(5)	Oversea-Chinese Banking Corp., Ltd., 0.300%, 07/15/2020	950,058	0.1
800,000	(5)	Royal Bank of Canada, 0.350%, 07/17/2020	800,073	0.1
600,000	(5)	Svenska Handelsbanken AB, 0.330%, 07/07/2020	600,021	0.0
	Total Floating Rate Notes
	(Cost $3,825,203)		3,825,203	0.2
		Repurchase Agreements: 3.9%
2,291,339	(5)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/20, 0.14%, due 07/01/20 (Repurchase Amount $2,291,348, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $2,337,166, due 08/13/20-05/20/70)	2,291,339	0.1
2,293,535	(5)	Barclays Capital, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $2,293,541, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $2,339,406, due 05/15/24-08/15/47)	2,293,535	0.1
4,765,775	(5)	BNP Paribas S.A., Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $4,765,806, collateralized by various U.S. Government Securities, 1.106%-6.500%, Market Value plus accrued interest $5,004,064, due 08/15/20-03/19/40)	4,765,775	0.3
13,728,027	(5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $13,728,065, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $14,002,588, due 08/01/20-02/20/70)	13,728,027	0.8

45

VY® T. Rowe Price Growth Equity Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2020 (Unaudited) (CONTINUED)

2,694,338	(5)	CF Secured LLC, Repurchase Agreement dated 06/30/20, 0.10%, due 07/01/20 (Repurchase Amount $2,694,345, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $2,748,225, due 01/01/29-06/01/50)	2,694,338	0.2
5,786,177	(5)	Citadel Securities LLC, Repurchase Agreement dated 06/30/20, 0.15%, due 07/01/20 (Repurchase Amount $5,786,201, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $5,901,925, due 07/31/20-11/15/49)	5,786,177	0.4
17,408,476	(5)	Citigroup, Inc., Repurchase Agreement dated 06/30/20, 0.09%, due 07/01/20 (Repurchase Amount $17,408,519, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $17,756,646, due 07/31/21-05/20/70)	17,408,476	1.0
3,527,224	(5)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/20, 0.11%, due 07/01/20 (Repurchase Amount $3,527,235, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,597,768, due 07/15/20-06/01/50)	3,527,224	0.2
13,948,585	(5)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/20, 0.24%, due 07/01/20 (Repurchase Amount $13,948,677, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $14,259,889, due 01/15/22-02/15/47)	13,948,585	0.8
	Total Repurchase Agreements
	(Cost $66,443,476)		66,443,476	3.9

Shares			Value	Percentage of Net Assets
		Mutual Funds: 2.6%
1,188,000	(5),(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.100%	1,188,000	0.1
1,668,000	(5),(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.150%	1,668,000	0.1
1,668,000	(5),(6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.050%	1,668,000	0.1
39,129,478	(6)	T. Rowe Price Government Reserve Fund, 0.140%	39,129,478	2.3
	Total Mutual Funds
	(Cost $43,653,478)		43,653,478	2.6
	Total Short-Term Investments
	(Cost $113,922,157)		113,922,157	6.7
	Total Investments in Securities (Cost $1,258,153,606)		$  1,797,391,832	106.1
	Liabilities in Excess of Other Assets		(103,154,186)	(6.1)
	Net Assets		$  1,694,237,646	100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(3)	Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2020, the Portfolio held restricted securities with a fair value of $36,665,231 or 2.2% of net assets. Please refer to the table below for additional details.
(4)	Security, or a portion of the security, is on loan.
(5)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of June 30, 2020.

46

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) The Code of Ethics is not required for the semi-annual filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3) Not required for semi-annual filing.

(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Partners, Inc.
By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer
Date: September 8, 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: September 8, 2020
By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer
Date: September 8, 2020