| Voya Strategic Allocation Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| as of September 30, 2019 (Unaudited) |
| Shares | Value | Percentage of Net Assets | |||||||||||
| EXCHANGE-TRADED FUNDS: 18.5% | |||||||||||||
| 49,107 | iShares S&P SmallCap 600 Index Fund | $ | 3,822,489 | 3.0 | |||||||||
| 21,428 | Vanguard Global ex-U.S. Real Estate ETF | 1,255,467 | 1.0 | ||||||||||
| 13,452 | Vanguard Real Estate ETF | 1,254,399 | 1.0 | ||||||||||
| 45,156 | Vanguard Russell 1000 Growth ETF | 7,412,809 | 5.9 | ||||||||||
| 85,755 | Vanguard Value ETF | 9,571,973 | 7.6 | ||||||||||
| Total Exchange-Traded Funds | |||||||||||||
| (Cost $23,047,580) | 23,317,137 | 18.5 | |||||||||||
| MUTUAL FUNDS: 81.3% | |||||||||||||
| Affiliated Investment Companies: 81.3% | |||||||||||||
| 393,910 | Voya Floating Rate Fund - Class I | 3,738,203 | 3.0 | ||||||||||
| 312,479 | Voya High Yield Bond Fund - Class R6 | 2,493,583 | 2.0 | ||||||||||
| 191,470 | Voya Index Plus LargeCap Portfolio - Class I | 5,068,219 | 4.0 | ||||||||||
| 946,761 | Voya Intermediate Bond Fund - Class R6 | 9,884,190 | 7.8 | ||||||||||
| 269,262 | Voya Large Cap Value Portfolio - Class I | 3,142,293 | 2.5 | ||||||||||
| 133,075 | Voya Large-Cap Growth Fund - Class R6 | 6,126,759 | 4.9 | ||||||||||
| 244,810 | Voya Limited Maturity Bond Portfolio - Class I | 2,477,473 | 2.0 | ||||||||||
| 375,201 | Voya MidCap Opportunities Portfolio - Class I | 4,873,865 | 3.9 | ||||||||||
| 530,338 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 6,326,931 | 5.0 | ||||||||||
| 1,368,906 | Voya Multi-Manager International Equity Fund - Class I | 15,181,164 | 12.0 | ||||||||||
| 515,155 | Voya Multi-Manager Mid Cap Value Fund - Class I | 5,182,456 | 4.1 | ||||||||||
| 242,850 | Voya Small Company Portfolio - Class I | 3,800,605 | 3.0 | ||||||||||
| 241,682 | Voya Strategic Income Opportunities Fund - Class R6 | 2,491,740 | 2.0 | ||||||||||
| 777,040 | Voya U.S. High Dividend Low Volatility Fund - Class R6 | 9,549,821 | 7.6 | ||||||||||
| 1,396,385 | Voya U.S. Stock Index Portfolio - Class I | 22,034,960 | 17.5 | ||||||||||
| Total Mutual Funds | |||||||||||||
| (Cost $95,994,033) | 102,372,262 | 81.3 | |||||||||||
| Total Investments in Securities (Cost $119,041,613) | $ | 125,689,399 | 99.8 | ||||||||||
| Assets in Excess of Other Liabilities | 292,072 | 0.2 | |||||||||||
| Net Assets | $ | 125,981,471 | 100.0 | ||||||||||
Fair Value Measurements
The following is a summary of the fair valuations according to the inputs used as of September 30, 2019 in valuing the assets and liabilities:
| Voya Strategic Allocation Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| as of September 30, 2019 (Unaudited) (Continued) |
| Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at September 30, 2019 | |||||||||||||
| Asset Table | ||||||||||||||||
| Investments, at fair value | ||||||||||||||||
| Exchange-Traded Funds | $ | 23,317,137 | $ | – | $ | – | $ | 23,317,137 | ||||||||
| Mutual Funds | 102,372,262 | – | – | 102,372,262 | ||||||||||||
| Total Investments, at fair value | $ | 125,689,399 | $ | – | $ | – | $ | 125,689,399 | ||||||||
| Other Financial Instruments+ | ||||||||||||||||
| Futures | 68,874 | – | – | 68,874 | ||||||||||||
| Total Assets | $ | 125,758,273 | $ | – | $ | – | $ | 125,758,273 | ||||||||
| Liabilities Table | ||||||||||||||||
| Other Financial Instruments+ | ||||||||||||||||
| Futures | $ | (51,387 | ) | $ | – | $ | – | $ | (51,387 | ) | ||||||
| Total Liabilities | $ | (51,387 | ) | $ | – | $ | – | $ | (51,387 | ) | ||||||
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the period ended September 30, 2019, where the following issuers were considered an affiliate:
| Issuer | Beginning Fair Value at 12/31/18 | Purchases at Cost | Sales at Cost | Change in Unrealized Appreciation/ (Depreciation) | Ending Fair Value at 9/30/19 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | ||||||||||||||||||||||||
| Voya Emerging Markets Index Portfolio - Class I | $ | 8,106,182 | $ | 144,697 | $ | (7,773,515 | ) | $ | (477,364 | ) | $ | - | $ | - | $ | 1,461,615 | $ | - | ||||||||||||||
| Voya Floating Rate Fund - Class I | 5,799,607 | 572,124 | (2,802,690 | ) | 169,162 | 3,738,203 | 163,720 | (94,750 | ) | - | ||||||||||||||||||||||
| Voya High Yield Bond Fund - Class R6 | - | 2,725,697 | (244,766 | ) | 12,652 | 2,493,583 | 62,306 | (1,402 | ) | - | ||||||||||||||||||||||
| Voya Index Plus LargeCap Portfolio - Class I | 4,660,746 | 658,527 | (632,149 | ) | 381,095 | 5,068,219 | 76,588 | 15,671 | 421,643 | |||||||||||||||||||||||
| Voya Intermediate Bond Fund - Class R6 | 9,274,660 | 2,649,518 | (2,717,850 | ) | 677,862 | 9,884,190 | 271,101 | 6,673 | - | |||||||||||||||||||||||
| Voya International Index Portfolio - Class I | 13,901,674 | 249,458 | (10,775,263 | ) | (3,375,869 | ) | - | - | 5,065,468 | - | ||||||||||||||||||||||
| Voya Large Cap Value Portfolio - Class I | 8,312,383 | 884,059 | (4,814,045 | ) | (1,240,104 | ) | 3,142,293 | 10,727 | 2,226,675 | 217,589 | ||||||||||||||||||||||
| Voya Large-Cap Growth Fund - Class R6 | 8,743,510 | 404,691 | (5,068,871 | ) | 2,047,429 | 6,126,759 | - | (280,630 | ) | - | ||||||||||||||||||||||
| Voya Limited Maturity Bond Portfolio - Class I | - | 2,713,095 | (269,670 | ) | 34,048 | 2,477,473 | 18,765 | 1,021 | - | |||||||||||||||||||||||
| Voya MidCap Opportunities Portfolio - Class I | 4,087,340 | 1,952,119 | (1,066,882 | ) | (98,712 | ) | 4,873,865 | 3,470 | 283,952 | 579,508 | ||||||||||||||||||||||
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2,320,862 | 4,423,206 | (679,091 | ) | 261,954 | 6,326,931 | - | (64,076 | ) | - | ||||||||||||||||||||||
| Voya Multi-Manager International Equity Fund - Class I | 3,481,485 | 12,559,223 | (1,103,675 | ) | 244,131 | 15,181,164 | - | (16,989 | ) | - | ||||||||||||||||||||||
| Voya Multi-Manager International Factors Fund - Class I | 2,317,400 | 19,913 | (2,687,663 | ) | 350,350 | - | - | (116,195 | ) | - | ||||||||||||||||||||||
| Voya Multi-Manager Mid Cap Value Fund - Class I | 4,073,232 | 1,650,580 | (1,595,365 | ) | 1,054,009 | 5,182,456 | - | (341,031 | ) | - | ||||||||||||||||||||||
| Voya RussellTM Mid Cap Index Portfolio - Class I | 2,330,146 | 19,913 | (2,272,072 | ) | (77,987 | ) | - | - | 538,462 | - | ||||||||||||||||||||||
| Voya Small Company Portfolio - Class I | 6,989,970 | 955,062 | (5,205,990 | ) | 1,061,563 | 3,800,605 | 14,831 | (381,291 | ) | 502,118 | ||||||||||||||||||||||
| Voya Strategic Income Opportunities Fund - Class R6 | - | 2,733,176 | (265,232 | ) | 23,796 | 2,491,740 | 52,092 | 560 | - | |||||||||||||||||||||||
| Voya U.S. Bond Index Portfolio - Class I | 3,478,170 | 278,763 | (3,729,539 | ) | (27,394 | ) | - | 26,572 | 96,223 | - | ||||||||||||||||||||||
| Voya U.S. High Dividend Low Volatility Fund - Class I | - | 9,843,033 | (9,843,033 | ) | - | - | 60,904 | (2,431 | ) | - | ||||||||||||||||||||||
| Voya U.S. High Dividend Low Volatility Fund - Class R6 | - | 9,222,899 | - | 326,922 | 9,549,821 | - | - | - | ||||||||||||||||||||||||
| Voya U.S. Stock Index Portfolio - Class I | 17,745,898 | 5,897,004 | (3,960,050 | ) | 2,352,108 | 22,034,960 | 60,554 | (145,006 | ) | 1,219,730 | ||||||||||||||||||||||
| $ | 105,623,265 | $ | 60,556,757 | $ | (67,507,411 | ) | $ | 3,699,651 | $ | 102,372,262 | $ | 821,630 | $ | 8,252,519 | $ | 2,940,588 | ||||||||||||||||
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At September 30, 2019, the following futures contracts were outstanding for Voya Strategic Allocation Growth Portfolio:
| Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
| Long Contracts: | ||||||||||||||
| E-mini Russell 2000® Index | 16 | 12/20/19 | $ | 1,220,000 | $ | (35,954 | ) | |||||||
| S&P 500® E-Mini | 4 | 12/20/19 | 595,700 | (5,867 | ) | |||||||||
| U.S. Treasury Ultra Long Bond | 7 | 12/19/19 | 1,343,344 | 33,670 | ||||||||||
| $ | 3,159,044 | $ | (8,151 | ) | ||||||||||
| Short Contracts: | ||||||||||||||
| Mini MSCI Emerging Markets Index | (38) | 12/20/19 | (1,903,610 | ) | 35,204 | |||||||||
| U.S. Treasury 10-Year Note | (10) | 12/19/19 | (1,303,125 | ) | (9,566 | ) | ||||||||
| $ | (3,206,735 | ) | $ | 25,638 | ||||||||||
At September 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:
Cost for federal income tax purposes was $120,469,977.
Net unrealized appreciation consisted of:
| Gross Unrealized Appreciation | $ | 7,167,915 | ||
| Gross Unrealized Depreciation | (1,931,006 | ) | ||
| Net Unrealized Appreciation | $ | 5,236,909 |