The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore, MD 21201

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

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Annual Report

December 31, 2019

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

Voya Variable Product Funds

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Voya Balanced Portfolio

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Voya Global Equity Portfolio

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Voya Government Money Market Portfolio

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Voya Growth and Income Portfolio

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Voya Intermediate Bond Portfolio

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Voya Small Company Portfolio

		Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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

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	President’s Letter					1
	Market Perspective					2
	Portfolio Managers’ Reports					4
	Shareholder Expense Examples					18
	Report of Independent Registered Public Accounting Firm					20
	Statements of Assets and Liabilities					21
	Statements of Operations					25
	Statements of Changes in Net Assets					27
	Financial Highlights					30
	Notes to Financial Statements					34
	Summary Portfolios of Investments (“Portfolio of Investments”)					53
	Tax Information					113
	Director/Trustee and Officer Information					114
	Advisory and Sub-Advisory Contract Approval Discussion					119

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, available for filings after March 31, 2019. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Portfolios’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Money Market Portfolio does not file on Form N-PORT.

The Voya Government Money Market Portfolio files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Portfolio’s Form N-MFP is available on the SEC’s website at www.sec.gov or the monthly schedule of portfolio holdings are also available: on www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

New season, last year’s plot

Dear Shareholder,

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

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

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

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

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

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2020

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

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

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Market Perspective: Year Ended December 31, 2019

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

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

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

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

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

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

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

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

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

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

July was a comparatively quiet month. The FOMC duly cut the federal funds rate by 25 basis points (0.25%), but disappointed some, including the President, by referring to it as only a “mid-cycle

adjustment”. And it was back to trade-war angst in August, as first the President announced 10% tariffs on the approximately $300 billion of Chinese imports as yet unaffected, and then increased existing and planned tariffs by 5% when China retaliated.

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

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

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

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

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

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

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

Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Portfolio’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.

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

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays Long-Term U.S. Treasury Index				This index measures the performance of U.S. Treasury bills with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly.
		iMoneyNet Government Institutional Index				The average return for a category of money market funds that includes all government institutional funds: Treasury Institutional, Treasury and Repo Institutional and Government and Agencies Institutional.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe ex U.K.® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI U.K.® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		Russell 3000® Index				An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
		S&P 500® Index*				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P Target Risk® Growth Index**				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.

The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Voya Financial. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.

Total return and gross index returns are presented. Index returns include the reinvestment of dividends and distributions. Gross index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.

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Voya Balanced Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2019 (as a percentage of net assets)

	Common Stock			48.5%
	Exchange-Traded Funds			17.1%
	Mutual Funds			14.8%
	Corporate Bonds/Notes			4.7%
	Collateralized Mortgage Obligations			4.1%
	U.S. Government Agency Obligations			1.9%
	Asset-Backed Securities			1.8%
	Commercial Mortgage-Backed Securities			1.6%
	U.S. Treasury Obligations			1.2%
	Sovereign Bonds			0.1%
	Rights			0.0%
	Assets in Excess of Other Liabilities*			4.2%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Balanced Portfolio (the “Portfolio”) seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation. The Portfolio uses an asset allocation strategy (“Strategic Asset Allocation”) to invest in a diversified portfolio of various asset classes and investment strategies. The Portfolio is managed by Christopher F. Corapi, Paul Zemsky, CFA, Barbara Reinhard, CFA, and Matthew Toms, CFA Portfolio Managers* of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 19.11% compared to the S&P Target Risk® Growth Index Total Return, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI EAFE® Index and Russell 3000® Index, which returned 19.20%, 8.72%, 22.01% and 31.02%, respectively, for the same period.

Portfolio Specifics: The Portfolio managers attempt to enhance investment returns by tactically deviating from Target Asset Allocations to take advantage of opportunities or reduce risk. The following tactics were among those employed in 2019.

The Portfolio started 2019 with overweight positions in domestic large blend, long government bonds and short duration bonds. These were funded by underweight exposures to domestic mid cap, international equities, real estate investment trusts (“REITs”), core U.S. fixed income and high yield bonds.

Three trades were placed in January. In early January, the Portfolio initiated an underweight to senior loans, lowering overall credit exposure and realizing gains earned from the solid recovery in the loan market post-December selloff. In addition, with the U.S. Federal Reserve Board (“Fed”) having moved closer to concluding its tightening cycle, the need for a floating rate component was minimized. Proceeds from the sale were moved into short-term bonds. In mid-January, the Portfolio reduced equity exposure by selling international developed equities for short-term bonds following a meaningful bounce off the December lows. At the end of January, the Portfolio unwound a portion of its underweight to REITs, funded by selling domestic large cap equities.

In early February, we shortened duration, i.e., reduced the Portfolio’s exposure to interest-rate risk, by swapping long-term U.S. Treasuries for core fixed income. The trade was primarily the result of our 10-year bond fair value model signaling over-valuation and a slightly more

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

	Vanguard Value ETF			5.0%
	iShares Core S&P 500 ETF			4.0%
	iShares Core MSCI Emerging Markets ETF			4.0%
	Voya High Yield Bond Fund - Class P			4.0%
	Voya Floating Rate Fund - Class P			3.0%
	Voya Strategic Income Opportunities Fund - Class P			3.0%
	Voya Small Company Fund - Class R6			2.5%
	Voya Short Term Bond Fund - Class R6			2.0%
	Schwab U.S. TIPS ETF			2.0%
	Microsoft Corp.			1.5%
	Portfolio holdings are subject to change daily.

optimistic economic growth outlook, albeit still declining toward trend. At the end of March, the Portfolio’s allocation to commodities was tactically eliminated; the risk profile of commodities has become increasingly leveraged to emerging markets giving them less of a diversifying property than in the past. Proceeds from the sale were used to purchase domestic large cap equities.

At the end of April, we concluded our annual strategic asset allocation review and made adjustments to the Portfolio’s strategic asset allocation targets to reflect revised long-term capital market expectations for a range of asset classes. The most notable changes included increased allocations to U.S. large cap equity and Treasury inflation protected securities, funded by decreased allocations to U.S. mid cap, developed international and emerging market equities, core fixed income and senior loans. During the review, we also removed commodities as a strategic asset class.

At the end of May, the Portfolio purchased long-maturity Treasury bonds, funded by selling intermediate-maturity bonds. At the time, potential trade war impacts combined with recent weakness in U.S. capital investment and retail sales data, were suggesting a lower trajectory for economic growth. This position was reversed in June as fears of a slowdown abated.

In early August, the Portfolio reduced allocation to emerging markets equities in favor of domestic large cap equities. At the time of the trade, Fed monetary policy indicated a less supportive stance than expected, supporting a stronger U.S. dollar — historically, a headwind against emerging market equities. In the middle of August, the Portfolio reduced overall equity exposure by selling domestic large cap in favor of core U.S. fixed income, reflective of expectations for soft industrial data and lack of support from sentiment measures. This trade was unwound at the beginning of September after having reached its stop-loss range.

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Portfolio Managers’ Report

Voya Balanced Portfolio

In September, the Portfolio increased its exposure to domestic small cap equity, after being underweight to the asset class over the course of two years. At the time of the trade, underperformance of small cap equities had reached historical extremes and valuations had become attractive, indicating potential for a performance reversal. In addition, we thought lower interest rates driven by Fed policy would be supportive of economic growth, which the share prices of small cap stocks track closely. The final trade in the third quarter extended duration across the suite as a defensive measure in a volatile market punctuated by oil shocks.

Three trades were enacted across the Portfolio in October. The first trade reduced the existing duration underweight through the purchase of long government bonds funded by intermediate bonds. This positioning reflected our belief that U.S. employment would likely weaken from its then-current pace, leading to continued easing by the Fed. The second and third trades of the month sought to diversify the Portfolio’s existing equity overweight, rotating a portion from domestic into both developed international and emerging market equities. At the time of the trades, recent foreign manufacturing data, such as global purchasing managers’ indexes (PMIs), supported the idea that the global economy had stopped slumping and was stabilizing.

Overall, tactical asset allocation moves, relative to our strategic asset allocation, had a negative impact on results.

Underlying sleeves detracted from performance during the year. Underperformers relative to their respective benchmarks included large cap equities, mid cap equities and international equities. The core fixed income and high yield bond sleeves outperformed their respective benchmarks.

The Portfolio may invest in derivative instruments for different purposes, including to seek to enhance returns, to earn income or as a substitute for a position in an underlying asset class. During the reporting period, the Portfolio utilized futures to implement certain tactical positions, seeking to avoid significant manager disruption and provide the Portfolio with greater liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions. Overall, tactical positions detracted from performance for the year.

Current Strategy and Outlook: After several months of easing in monetary policy from global central banks, the effects are beginning to trickle through to the real economy: the manufacturing sector is showing signs of life, while consumer demand remains strong. We believe relaxed financial conditions and a robust labor market are likely to keep the marginal improvement trend in place. We view the likelihood of a U.S. recession over the next 12 months as low. We believe that central banks appear willing to provide sufficient liquidity to prolong the cycle, inflation is tame and there are no materially worrisome signs of financial excess.

What’s more, in our opinion, the probability of an exogenous shock has declined as U.S. and Chinese officials appear to be making progress on trade. Assuring us of this opinion are strong non-farm payrolls, contained high yield spreads and decent consumer confidence, which is corroborated by strong auto sales. Furthermore, although we have discounted the yield curve as a leading indicator of recession given the distortions arising from unconventional central bank asset buying and negative term premiums, the areas of the curve most closely correlated with future recessions have reverted to a more normal shape.

As a result, the Portfolio was neutral to stocks. Third quarter U.S. corporate earnings reports are coming in better than expected, as 75% of S&P 500® Index companies have reported positive earnings per share surprises and 60% have beaten revenue estimates. With profit margins for U.S. large cap companies well above their long-term average, further gains in S&P 500® Index stocks will most likely need to come from revenue growth or earnings multiple expansion. We are reticent to rely much on top-line growth, given the lackluster, albeit improving, economic backdrop; yet we see scope for further tightening of the equity risk premium and higher valuations.

That said, we believe that the relative advantage U.S. large caps have held over smaller cap and foreign stocks is lessening. Multiple financial indicators suggest economic activity is gaining momentum, such as a move-up in global PMIs, strong performance from global semiconductor stocks and high copper prices. Following a long bout of underperformance, non-U.S. stocks are under-owned and in our opinion, relatively cheap.

Effective June 1, 2019, Christopher F. Corapi retired and was removed as a portfolio manager for the Portfolio.

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

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

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Voya Balanced Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class I		19.11%		6.14%		7.89%
Class S		18.80%		5.87%		7.62%
S&P Target Risk® Growth Index Total Return		19.20%		6.63%		7.87%
S&P Target Risk® Growth Index Gross		19.50%		6.90%		8.14%
Bloomberg Barclays U.S. Aggregate Bond Index		8.72%		3.05%		3.75%
MSCI EAFE® Index		22.01%		5.67%		5.50%
Russell 3000® Index		31.02%		11.24%		13.42%

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

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

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

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

The performance update illustrates performance for a variable investment option available through a variable

annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.

Portfolio holdings are subject to change daily.

Effective May 1, 2019, the Adviser changed the primary benchmark from the S&P Target Risk® Growth Index Gross (“Gross Index”) to the S&P Target Risk® Growth Index Total Return as the Adviser believes it more accurately reflects the investment experience of an investor in the benchmark’s components. Index returns include the reinvestment of dividends and distributions. Gross Index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.

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Portfolio Managers’ Report

Voya Global Equity Portfolio

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

	United States			60.9%
	Japan			8.9%
	Canada			4.4%
	United Kingdom			4.3%
	Australia			3.3%
	Netherlands			3.2%
	Switzerland			2.8%
	Spain			2.2%
	France			1.9%
	Denmark			1.2%
	Countries between 0.1% – 1.1%^			6.4%
	Assets in Excess of Other Liabilities*			0.5%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 12 countries, which each represents 0.1% – 1.1% of net assets.
	Portfolio holdings are subject to change daily.

Voya Global Equity Portfolio* (the “Portfolio”) seeks long-term capital growth and current income. The Portfolio is managed by Steve Wetter, Kai Yee Wong, Peg DiOrio, CFA, and Vincent Costa, CFA, Portfolio Managers** of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 21.41% compared to the MSCI World IndexSM (“MSCI World”), which returned 27.67%.

Portfolio Specifics: For the reporting period, the Portfolio underperformed its benchmark, the MSCI World. In terms of the Portfolio’s performance, low beta was a significant headwind, dividend yield was neutral, and the stock ranking model underperformed. Additionally, the Portfolio exposures to stock specific risk negatively impacted relative performance. On the regional level, stock selection was weakest within North America. On the sector level, Portfolio holdings within the energy and materials sectors had the largest positive impact on performance. On the individual stock level, overweight positions in Total System Services, Inc., Tyson Foods, Inc. Class A, and Persimmon Plc were among the key contributors for the period. By contrast, stock selection within the industrials and information technology sectors had the largest negative impact on returns. Key detractors for the period include an underweight position in Apple Inc., not owning

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

	Microsoft Corp.			3.2%
	Johnson & Johnson			1.4%
	Roche Holding AG			1.2%
	AT&T, Inc.			1.1%
	Merck & Co., Inc.			1.1%
	Procter & Gamble Co.			1.1%
	Royal Dutch Shell PLC - Class A			1.0%
	Pfizer, Inc.			1.0%
	Cisco Systems, Inc.			1.0%
	PepsiCo, Inc.			1.0%
	Portfolio holdings are subject to change daily.

benchmark holding Facebook, Inc. Class A, and an overweight position in Japan Airlines Co., Ltd.

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

On January 24, 2020, the Board of Directors approved a name change for the Portfolio. Effective May 1, 2020, the Portfolio will be known as “Voya Global High Dividend Low Volatility Portfolio”.

Effective February 28, 2019, Peg DiOrio was added as a portfolio manager to the Portfolio.

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Voya Global Equity Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year		Since Inception of Classes S2 and T March 5, 2015
Class ADV		21.06%		6.75%		6.71%		—
Class I(1)		21.68%		7.29%		7.09%		—
Class S		21.41%		7.04%		6.97%		—
Class S2		21.26%		—		—		6.13%
Class T		21.05%		—		—		5.95%
MSCI World IndexSM		27.67%		8.74%		9.47%		8.31%

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

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

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

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

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.

Portfolio holdings are subject to change daily.

(1)

Class I incepted on March 5, 2015. The Class I shares performance shown for the period prior to their inception date is the performance of Class S shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Portfolio Managers’ Report

Voya Government Money Market Portfolio

	Investment Type Allocation as of December 31, 2019 (as a percentage of net assets)

	U.S. Treasury Repurchase Agreement			44.8%
	U.S. Government Agency Debt			33.2%
	U.S. Treasury Debt			14.2%
	Investment Companies			7.7%
	Assets in Excess of Other Liabilities			0.1%
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

Voya Government Money Market Portfolio* (the “Portfolio”) seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market instruments, while maintaining a stable share price of $1.00 per share. The Portfolio is managed by David S. Yealy, Portfolio Manager of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 1.96% compared to the iMoneyNet Government Institutional Index, which returned 1.90% for the same period.

Portfolio Specifics: During the year ended December 31, 2019, U.S. economic growth slowed with quarterly GDP dropping from 3.1% in the first quarter to 2.0% in the second quarter and stabilizing at 2.1% in the third and fourth quarters. U.S. inflation continued to disappoint while longer-term inflation expectations moderated below the U.S. Federal Reserve Board’s (“Fed”) 2% target. The U.S. labor market continued its gradual tightening during the period with unemployment dropping from 3.9% at the end of 2017 to 3.5% at the end of 2019. Wage pressures and wage inflation have not materialized despite the tight labor market, which should give the Fed some concern. The Fed cut short-term interest rates by 0.25% at each of its July, September and October policy meetings, in response to the increased risk from the trade dispute with China, slowing global economic growth and low U.S. inflation. Short-term government money market rates declined during the period in line with the Fed’s short-term rate cuts. The Fed is expected to hold rates steady in 2020 based on its projections from the December meeting. The market continues to expect at least one additional cut in 2020, based on short-term money market rates.

The Portfolio maintained a shorter than normal weighted average maturity (“WAM”) during the majority of the period as the market was pricing in a more dovish Fed monetary policy than what we expected. Market yields were fully pricing in the rate cuts prior to the rate moves, which limited the potential to pick up additional yield by extending maturities. The Portfolio maintained an exposure to floating rate money market securities shifting out of floaters tied to three-month LIBOR and into floaters tied to either one-month LIBOR or floaters tied to one-day SOFR as the three-month LIBOR rate reflected overly optimistic expectations for future rate cuts in our opinion. The Portfolio took advantage of the cheapness of new issue T-bills from time to time, which allowed the Portfolio to capture some capital gains over and above the yield on those securities, and to add incremental total return.

Outlook and Current Strategy: Looking ahead we expect that the U.S. economy will stabilize near its current level, reflecting slower but still positive growth compared to 2018 and early 2019. We believe the bar remains high for the Fed to cut rates in 2020 despite the market expecting it to cut rates further. Completion of the Phase One trade deal with China reduces the need for additional insurance against the risks to global economic growth from China trade-related tariffs. In terms of the Portfolio, we plan to maintain ample daily and weekly liquidity, while looking for opportunities to extend our WAM if or when the market starts to price in higher yields in anticipation that the Fed is at or near the end of its current rate-cutting cycle. We will otherwise maintain a shorter WAM, an exposure to floating rate securities and look to take advantage of any market dislocations due to temporary supply and demand imbalances for short-term U.S. Treasury and agency securities.

Please see Note 5 for more information regarding the contractual waiver in place to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than 0.00%.

You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

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Voya Growth and Income Portfolio

Portfolio Managers’ Report

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

	Information Technology			22.9%
	Health Care			14.6%
	Financials			13.2%
	Communication Services			10.7%
	Industrials			8.9%
	Consumer Staples			8.3%
	Consumer Discretionary			8.1%
	Energy			4.3%
	Utilities			3.2%
	Real Estate			2.7%
	Materials			2.6%
	Assets in Excess of Other Liabilities*			0.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Growth and Income Portfolio (the “Portfolio”) seeks to maximize total return through investments in a diversified portfolio of common stock and securities convertible into common stocks. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. The Portfolio is managed by Vincent Costa, CFA, and James Dorment, CFA, Portfolio Managers* of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 28.88% compared to the S&P 500® Index, which returned 31.49% for the same period.

Portfolio Specifics: For the year ended December 31, 2019, the Portfolio underperformed the S&P 500® Index, due to weak security selection. On the sector level, stock selection within the healthcare and financial sectors had the largest negative impact on relative performance. Key detractors included a position in non-benchmark stock Royal Dutch Shell Plc., an underweight position in UnitedHealth Group Inc., and not owning benchmark stock Facebook Inc.

By contrast, stock selection within the consumer staples and materials sectors had the largest positive impact on

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

	Microsoft Corp.			7.1%
	Alphabet, Inc. - Class A			4.5%
	Apple, Inc.			4.4%
	Johnson & Johnson			3.1%
	JPMorgan Chase & Co.			2.8%
	Adobe, Inc.			2.6%
	AT&T, Inc.			2.3%
	Walt Disney Co.			2.2%
	Philip Morris International, Inc.			2.1%
	Analog Devices, Inc.			2.1%
	Portfolio holdings are subject to change daily.

performance. At the individual stock level, key contributors were overweight positions in Microsoft Corporation and Air Products and Chemicals, Inc., and not owning benchmark holding Berkshire Hathaway Inc. Class B.

Current Strategy and Outlook: We continue to see what we believe are attractive valuations in companies in a variety of sectors. Going forward we believe that dividends will continue to be in demand by investors, who are searching for income and for funds with good downside capture such as the Portfolio has sought to provide.

Effective June 1, 2019, Christopher F. Corapi retired and was removed as a portfolio manager for the Portfolio. Effective August 1, 2019, Kristy Finnegan was removed as portfolio manager for the Portfolio.

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Portfolio Managers’ Report

Voya Growth and Income Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		28.29%		9.41%		11.31%
Class I		28.88%		9.90%		11.82%
Class S		28.55%		9.63%		11.54%
Class S2		28.33%		9.47%		11.27%
S&P 500® Index		31.49%		11.70%		13.56%

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2019 (as a percentage of net assets)

	Corporate Bonds/Notes			23.8%
	Collateralized Mortgage Obligations			19.1%
	U.S. Government Agency Obligations			19.0%
	Mutual Funds			18.5%
	Asset-Backed Securities			8.5%
	Commercial Mortgage-Backed Securities			7.9%
	U.S. Treasury Obligations			2.6%
	Sovereign Bonds			0.1%
	Convertible Bonds/Notes			0.1%
	Municipal Bonds			0.1%
	Assets in Excess of Other Liabilities*			0.3%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Intermediate Bond Portfolio (the “Portfolio”) seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. The Portfolio is managed by David Goodson, Randall Parrish, CFA, and Matthew Toms, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 9.85% compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 8.72% for the same period.

Portfolio Specifics: The Portfolio outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, due primarily to sector allocations, while security selection was positive and duration/yield curve positioning that was defensive earlier in the year, detracted from performance.

Fixed income markets witnessed an about face, as the U.S. Federal Reserve Board pivoted from raising rates late in 2018 to the first of three rate cuts in July. Elevated tensions between the U.S. and China drove concerns on the risk of recession in the U.S. which saw the 10-year treasury yield go below 1.5% in the summer months. Economic data in the fourth quarter alleviated those fears and the 10-year treasury yield ended the period at 1.92%. Non-government sectors outperformed over the period, supported by an accommodative central bank and steady demand for higher yielding sectors as the global economy posted positive growth.

Sector allocation which included overweights to spread sectors and underweights to U.S. Treasuries was the primary driver of outperformance for the year. Corporate allocations were the largest contributor, as the Portfolio capitalized on

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

	Voya Investment Grade Credit Fund - Class P			4.5%
	Voya Emerging Markets Hard Currency Debt Fund - Class P			3.8%
	Voya Securitized Credit Fund - Class P			3.3%
	Voya Emerging Markets Corporate Debt Fund - Class P			2.6%
	Uniform Mortgage-Backed Securities, 3.000%, 01/01/50			2.0%
	Voya High Yield Bond Fund - Class P			1.9%
	Voya Emerging Markets Local Currency Debt Fund - Class P			1.7%
	United States Treasury Inflation Indexed Bonds, 0.250%, 07/15/29			1.4%
	Uniform Mortgage-Backed Securities, 3.500%, 08/01/46			0.9%
	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/41			0.9%
	Portfolio holdings are subject to change daily.

weakness in IG Corporates early in the year and benefited throughout 2019. Also, our overweight to emerging markets outperformed and contributed to results. Meanwhile, securitized sector allocations delivered mixed results. Positive contributions from Non-Agency residential mortgage-backed securities (“RMBS”) were offset by detractions from asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”) allocations. ABS sectors trailed given the lower beta characteristics of the sector.

Security selection also contributed. Security selection across securitized added the most. Allocations to collateralized mortgage obligations (“CMOs”) within Agency RMBS, investments in more credit sensitive non-agency CMBS deals and investments in higher-yielding collateralized loan obligations (“CLOs”) within ABS all contributed to performance. Meanwhile, our more defensive security selection with the IG Corporate sector also contributed to performance.

Duration / yield curve positioning modestly detracted from performance. Defensive strategies implemented in the first quarter detracted from performance as rates declined. Duration has since been in line with the benchmark since the middle of the second quarter and for the balance of the trailing 12-month period, while we have tactically implemented a curve steepening strategy in the late part of the third quarter that was a modest contributor and we closed out 2019 with a bias towards curve flattening.

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Portfolio Managers’ Report

Voya Intermediate Bond Portfolio

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

Current Strategy and Outlook: Entering 2020, there are signs of steadying economic growth, especially outside the U.S. However, while we believe this positive outlook for growth will prove supportive to spread sectors, we also believe geopolitical and monetary policy uncertainty, coupled with somewhat rich valuations across many sectors, will limit potential upside.

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

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

Based on current valuations, we continue to favor securitized credit over corporate credit on a relative basis. Fundamentally, we believe agency mortgage-backed securities are attractive relative to Treasuries and other high-grade assets. In addition, we see opportunities in Non-Agency RMBS, CMBS and ABS as an attractive source of durable yield to capture while we diligently surveil markets for new opportunities.

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		9.29%		3.26%		4.64%
Class I		9.85%		3.79%		5.19%
Class S		9.54%		3.52%		4.92%
Class S2		9.40%		3.38%		4.76%
Bloomberg Barclays U.S. Aggregate Bond Index		8.72%		3.05%		3.75%

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

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

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Small Company Portfolio

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

	Industrials			19.0%
	Financials			18.8%
	Health Care			14.0%
	Information Technology			12.8%
	Consumer Discretionary			11.6%
	Real Estate			7.3%
	Consumer Staples			3.8%
	Materials			3.2%
	Energy			3.0%
	Utilities			2.5%
	Communication Services			1.9%
	Assets in Excess of Other Liabilities*			2.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Small Company Portfolio (the “Portfolio”) seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations. The Portfolio is managed by Joseph Basset, CFA, and James Hasso, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 26.21% compared to the Russell 2000® Index, which returned 25.52% for the same period.

Portfolio Specifics: The Portfolio outperformed the Russell 2000® Index during the reporting period due to favorable stock selection effects. Most notably, stock selection in the real estate and consumer durables and apparel sectors contributed the most to results. In contrast, holdings in the transportation and consumer services sectors detracted the most from performance. An allocation to cash, while within the typical range, and our underweight allocation to the pharmaceutical & biotechnology sector, were also headwinds during the period.

Among the main individual contributors to performance were Universal Forest Products, Inc., Helen of Troy Limited and Crocs, Inc.

Within the capital goods sector, an overweight position in Universal Forest Products Inc. generated positive results following solid quarterly earnings reports. Despite a softening in the housing environment and a decline in lumber prices, which have historically impacted investor sentiment, the company cited strong organic volume growth across its business segments. Company management continues to execute operationally, giving investors greater confidence in its long-term growth trajectory.

An overweight position in personal care and household products company Helen of Troy Limited contributed to

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

	Performance Food Group Co.			1.3%
	j2 Global, Inc.			1.2%
	Generac Holdings, Inc.			1.1%
	Helen of Troy Ltd.			1.1%
	STAG Industrial, Inc.			1.1%
	First Financial Bancorp.			1.0%
	Ryman Hospitality Properties			1.0%
	Alamo Group, Inc.			1.0%
	EMCOR Group, Inc.			1.0%
	Columbia Banking System, Inc.			1.0%
	Portfolio holdings are subject to change daily.

performance. The stock advanced throughout the period following the company’s reported sales and earnings per share that exceeded expectations, with notable growth in its housewares and beauty segments, as well as raised fiscal year 2020 guidance. The company has been able to successfully navigate tariff headwinds through a favorable mix in leadership brands growth and strong sales within housewares.

An overweight position in footwear and apparel company Crocs, Inc. was additive for performance. In addition to successfully implementing well-received price increases on its e-commerce site in North America with store price increases forthcoming, its shares advanced as the company redoubled their efforts in their core clog shoe. Furthermore, the Crocs, Inc. has spurred demand with celebrity collaborations and tightening up distribution driving strong “sell-throughs” that have allowed the company to increase pricing.

Among the key detractors for the period were Unit Corp., Merit Medical Systems, Inc. and Spirit Airlines, Inc.

An overweight position in natural gas and oil production company Unit Corp. detracted from results. Earlier in the period, its shares declined following the company’s disappointing first quarter 2019 earnings report. Despite strong margin performance in land drilling, the stock was under pressure, along with its natural gas producing peers, as the commodity traded off during the period. Second quarter earnings that fell short of expectations and lowered capital and production guidance also weighed on the stock.

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Voya Small Company Portfolio

Portfolio Managers’ Report

An overweight position in disposable medical devices company Merit Medical Systems, Inc. was a headwind for returns. The stock traded off following disappointing second quarter 2019 earnings results and trimmed guidance. While the company reported a better-than-expected organic growth and guided for continued strength into 2019/20, its gross margins came in well below expectations. Following an improvement in gross margins over the past three years, this decline heightened investor concerns.

An overweight position in Spirit Airlines, Inc. detracted from returns, primarily due to second quarter 2019 earnings results. While EPS beat forecasts, the company’s weaker-than-expected second half of 2019 cost guidance, largely due to weather-related flight disruptions, triggered investor concerns.

Current Strategy and Outlook: We continue to monitor changes occurring globally, actions at central banks and overall economic data. Our Portfolio positioning has not changed significantly. We seek to remain nimble and continue to focus on quality companies, such as those that, in our opinion, have strong managements, solid balance sheets and good cash flow generation capabilities. Going forward, we believe the Portfolio is well positioned, as we think that investors will continue to focus on companies’ fundamentals due to ongoing economic uncertainty.

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Portfolio Managers’ Report

Voya Small Company Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		25.56%		7.32%		10.97%
Class I		26.21%		7.86%		11.52%
Class R6(1)		26.20%		7.86%		11.52%
Class S		25.86%		7.59%		11.24%
Russell 2000® Index		25.52%		8.23%		11.83%

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

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

Portfolio holdings are subject to change daily.

(1)

Class R6 incepted on November 24, 2015. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2019 to December 31, 2019. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*
Voya Balanced Portfolio
Class I		$	1,000.00		$	1,063.60		0.69%		$	3.59		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class S			1,000.00			1,062.60		0.94			4.89			1,000.00			1,020.47		0.94			4.79
Voya Global Equity Portfolio
Class ADV		$	1,000.00		$	1,062.40		1.10%		$	5.72		$	1,000.00		$	1,019.66		1.10%		$	5.60
Class I			1,000.00			1,065.40		0.60			3.12			1,000.00			1,022.18		0.60			3.06
Class S			1,000.00			1,064.30		0.85			4.42			1,000.00			1,020.92		0.85			4.33
Class S2			1,000.00			1,063.70		1.00			5.20			1,000.00			1,020.16		1.00			5.09
Class T			1,000.00			1,063.00		1.20			6.24			1,000.00			1,019.16		1.20			6.11
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,008.70		0.34%		$	1.72		$	1,000.00		$	1,023.49		0.34%		$	1.73
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,094.30		1.03%		$	5.44		$	1,000.00		$	1,020.01		1.03%		$	5.24
Class I			1,000.00			1,096.90		0.58			3.07			1,000.00			1,022.28		0.58			2.96
Class S			1,000.00			1,095.50		0.83			4.38			1,000.00			1,021.02		0.83			4.23
Class S2			1,000.00			1,094.50		0.98			5.17			1,000.00			1,020.27		0.98			4.99

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Boards of Directors/Trustees
Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, and Voya Intermediate Bond Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio, Voya Global Equity Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio (the Funds), each a series of Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio and Voya Variable Portfolios, Inc., respectively, including the summary portfolios and portfolio of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

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

Boston, Massachusetts
February 26, 2020

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	302,850,778		$	707,118,533		$	—
Investments in affiliated underlying funds at fair value**			55,041,400			—			—
Short-term investments at fair value***			12,438,445			13,627,802			—
Repurchase agreements			—			—			210,406,000
Short-term investments at amortized cost			—			—			258,473,476
Cash			261,415			107,359			5,910
Cash collateral for futures			968,584			—			—
Cash pledged for centrally cleared swaps (Note 2)			342,000			—			—
Foreign currencies at value****			74,042			2,224			—
Receivables:
Investment securities sold			6,779,219			45,517			—
Fund shares sold			39,390			1,037,483			453,766
Dividends			157,993			1,407,259			21,646
Interest			324,598			54			98,738
Foreign tax reclaims			129,015			1,274,259			—
Unrealized appreciation on forward foreign currency contracts			4,622			—			—
Unrealized appreciation on OTC swap agreements			781			—			—
Variation margin receivable on centrally cleared swaps			4,641			—			—
Prepaid expenses			2,636			4,237			3,319
Other assets			54,856			63,174			135,677
Total assets			379,474,415			724,687,901			469,598,532
LIABILITIES:
Payable for investment securities purchased			2,674,542			45,488			—
Payable for fund shares redeemed			30,562			178,485			17,225
Payable upon receipt of securities loaned			2,643,031			12,780,802			—
Unrealized depreciation on forward foreign currency contracts			14,899			—			—
Unrealized depreciation on forward premium swaptions			10,956			—			—
Payable for investment management fees			189,305			330,820			121,349
Payable for distribution and shareholder service fees			529			122,893			—
Payable for directors/ trustees fees			1,841			3,133			2,311
Payable to directors/ trustees under the deferred compensation plan (Note 6)			54,856			63,174			135,677
Other accrued expenses and liabilities			140,134			192,654			50,613
Total liabilities			5,760,655			13,717,449			327,175
NET ASSETS		$	373,713,760		$	710,970,452		$	469,271,357
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	326,756,695		$	673,633,079		$	469,406,686
Total distributable earnings (loss)			46,957,065			37,337,373			(135,329)
NET ASSETS		$	373,713,760		$	710,970,452		$	469,271,357
+ Including securities loaned at value		$	2,576,040		$	12,161,097		$	—
* Cost of investments in securities		$	272,585,952		$	650,194,179		$	—
** Cost of investments in affiliated underlying funds		$	54,689,873		$	—		$	—
*** Cost of short-term investments		$	12,437,711		$	13,627,802		$	—
**** Cost of foreign currencies		$	73,791		$	2,178		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	15,664,919			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,445,938			n/a
Net asset value and redemption price per share			n/a		$	10.83			n/a
Class I
Net assets		$	371,202,457		$	149,439,181		$	469,271,357
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			23,624,682			13,811,835			469,148,514
Net asset value and redemption price per share		$	15.71		$	10.82		$	1.00
Class S
Net assets		$	2,511,303		$	542,302,871			n/a
Shares authorized			500,000,000			300,000,000			n/a
Par value		$	0.001		$	0.001			n/a
Shares outstanding			160,766			49,900,905			n/a
Net asset value and redemption price per share		$	15.62		$	10.87			n/a
Class S2
Net assets			n/a		$	331,875			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			30,927			n/a
Net asset value and redemption price per share			n/a		$	10.73			n/a
Class T
Net assets			n/a		$	3,231,606			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			297,949			n/a
Net asset value and redemption price per share			n/a		$	10.85			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	3,158,199,877		$	2,868,738,140		$	515,284,851
Investments in affiliated underlying funds at fair value**			—			654,828,347			—
Short-term investments at fair value***			73,005,946			73,872,278			13,407,403
Cash			722,703			—			67,825
Cash collateral for futures			—			5,854,270			—
Cash pledged for centrally cleared swaps (Note 2)			—			7,716,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			410,000			—
Foreign currencies at value****			—			990			—
Receivables:
Investment securities sold			—			202,048			17,922,919
Fund shares sold			5,702			24,727,639			28,505
Dividends			3,157,181			4,364			322,669
Interest			917			16,023,784			48
Foreign tax reclaims			194,039			—			—
Unrealized appreciation on forward foreign currency contracts			—			294,764			—
Unrealized appreciation on OTC swap agreements			—			44,415			—
Variation margin receivable on centrally cleared swaps			—			783,525			—
Prepaid expenses			21,741			25,529			4,136
Other assets			268,135			390,835			48,941
Total assets			3,235,576,241			3,653,916,928			547,087,297
LIABILITIES:
Income distribution payable			—			614			—
Payable for investment securities purchased			—			25,560,000			7,141,510
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			32,368,261			—
Payable for fund shares redeemed			6,873,965			700,295			630,433
Payable upon receipt of securities loaned			50,791,946			55,755,716			11,932,403
Unrealized depreciation on forward foreign currency contracts			—			979,694			—
Unrealized depreciation on forward premium swaptions			—			398,663			—
Payable for investment management fees			1,489,777			1,495,891			377,264
Payable for distribution and shareholder service fees			443,626			594,210			21,227
Payable to custodian due to bank overdraft			—			2,393			—
Payable for directors/ trustees fees			15,455			17,793			2,683
Payable to directors/ trustees under the deferred compensation plan (Note 6)			268,135			390,835			48,941
Other accrued expenses and liabilities			372,478			573,383			128,365
Total liabilities			60,255,382			118,837,748			20,282,826
NET ASSETS		$	3,175,320,859		$	3,535,079,180		$	526,804,471
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,420,285,725		$	3,460,289,857		$	478,077,038
Total distributable earnings			755,035,134			74,789,323			48,727,433
NET ASSETS		$	3,175,320,859		$	3,535,079,180		$	526,804,471
+ Including securities loaned at value		$	49,620,164		$	54,404,626		$	11,668,031
* Cost of investments in securities		$	2,455,417,864		$	2,787,964,394		$	465,539,337
** Cost of investments in affiliated underlying funds		$	—		$	653,882,057		$	—
*** Cost of short-term investments		$	73,005,946		$	73,872,906		$	13,407,403
**** Cost of foreign currencies		$	—		$	9,467		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	896,424,321		$	291,206,645		$	7,226,881
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			32,089,850			22,508,939			454,283
Net asset value and redemption price per share		$	27.93		$	12.94		$	15.91
Class I
Net assets		$	1,798,926,933		$	1,023,644,828		$	427,877,318
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			63,252,712			78,276,330			25,114,003
Net asset value and redemption price per share		$	28.44		$	13.08		$	17.04
Class R6
Net assets			n/a			n/a		$	5,665,187
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			332,374
Net asset value and redemption price per share			n/a			n/a		$	17.04
Class S
Net assets		$	479,675,911		$	2,198,826,947		$	86,035,085
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			17,157,814			169,285,323			5,219,632
Net asset value and redemption price per share		$	27.96		$	12.99		$	16.48
Class S2
Net assets		$	293,694		$	21,400,760			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			10,644			1,653,873			n/a
Net asset value and redemption price per share		$	27.59		$	12.94			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio			Voya Growth and Income Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	6,112,545		$	21,730,023		$	57,263		$	67,918,639
Dividends from affiliated underlying funds			1,903,493			—			—			—
Interest			2,673,214			—			10,119,989			1,140
Securities lending income, net			63,159			153,309			—			199,101
Total investment income			10,752,411			21,883,332			10,177,252			68,118,880
EXPENSES:
Investment management fees			2,208,950			3,471,237			1,617,758			18,546,308
Distribution and shareholder service fees:
Class ADV			—			78,953			—			4,412,249
Class S			6,838			1,111,195			—			1,192,222
Class S2			—			1,336			—			1,603
Class T			—			175,507			—			—
Transfer agent fees			552			1,213			686			8,745
Shareholder reporting expense			40,150			54,442			38,732			204,740
Professional fees			28,105			45,725			29,930			137,924
Custody and accounting expense			175,240			121,949			40,724			284,191
Directors/ trustees fees			14,726			25,066			18,488			123,642
Licensing fee (Note 7)			20,391			—			—			—
Miscellaneous expense			22,664			31,682			17,623			119,460
Interest expense			23,759			2,730			11,533			4,897
Total expenses			2,541,375			5,121,035			1,775,474			25,035,981
Waived and reimbursed fees			—			(35,102)			(208,002)			(1,832,233)
Brokerage commission recapture			—			(118)			—			—
Net expenses			2,541,375			5,085,815			1,567,472			23,203,748
Net investment income			8,211,036			16,797,517			8,609,780			44,915,132
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			7,205,306			(1,915,122)			336,785			259,507,222
Sale of affiliated underlying funds			109,081			—			—			—
Forward foreign currency contracts			(81,808)			31,711			—			—
Foreign currency related transactions			47,385			(63,062)			—			—
Futures			1,708,608			—			—			—
Swaps			20,856			—			—			—
Written options			(181,790)			—			—			—
Net realized gain (loss)			8,827,638			(1,946,473)			336,785			259,507,222
Net change in unrealized appreciation (depreciation) on:
Investments			45,577,098			110,123,375			—			467,354,641
Affiliated underlying funds			1,014,002			—			—			—
Forward foreign currency contracts			(1,887)			—			—			—
Foreign currency related transactions			3,055			10,595			—			—
Futures			178,046			—			—			—
Swaps			98,295			—			—			—
Net change in unrealized appreciation (depreciation)			46,868,609			110,133,970			—			467,354,641
Net realized and unrealized gain			55,696,247			108,187,497			336,785			726,861,863
Increase in net assets resulting from operations		$	63,907,283		$	124,985,014		$	8,946,565		$	771,776,995
* Foreign taxes withheld		$	111,518		$	1,021,721		$	—		$	595,559

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	123,790		$	7,101,210
Dividends from affiliated underlying funds			32,503,970			—
Interest, net of foreign taxes withheld*			106,387,189			73
Securities lending income, net			241,826			76,410
Total investment income			139,256,775			7,177,693
EXPENSES:
Investment management fees			17,792,989			4,560,816
Distribution and shareholder service fees:
Class ADV			1,390,589			34,530
Class S			5,628,948			215,381
Class S2			83,765			—
Transfer agent fees			5,676			1,183
Shareholder reporting expense			226,320			51,100
Professional fees			142,750			37,495
Custody and accounting expense			368,650			78,550
Directors/ trustees fees			142,344			21,463
Miscellaneous expense			123,366			40,214
Interest expense			212			2,496
Total expenses			25,905,609			5,043,228
Recouped and reimbursed fees			49,152			—
Net expenses			25,954,761			5,043,228
Net investment income			113,302,014			2,134,465
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			41,163,039			7,924,479
Sale of affiliated underlying funds			(3,799,321)			—
Capital gain distributions from affiliated underlying funds			3,495,326			—
Forward foreign currency contracts			(104,867)			—
Foreign currency related transactions			252,600			—
Futures			32,156,327			—
Swaps			(752,256)			—
Written options			(6,411,164)			—
Net realized gain			65,999,684			7,924,479
Net change in unrealized appreciation (depreciation) on:
Investments			107,162,550			117,688,693
Affiliated underlying funds			49,922,773			—
Forward foreign currency contracts			(398,799)			—
Foreign currency related transactions			(8,472)			—
Futures			(12,234,434)			—
Swaps			2,123,466			—
Net change in unrealized appreciation (depreciation)			146,567,084			117,688,693
Net realized and unrealized gain			212,566,768			125,613,172
Increase in net assets resulting from operations		$	325,868,782		$	127,747,637
* Foreign taxes withheld		$	431		$	7,929

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global Equity Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	8,211,036		$	8,762,903		$	16,797,517		$	15,693,673
Net realized gain (loss)			8,827,638			16,935,621			(1,946,473)			98,552,173
Net change in unrealized appreciation (depreciation)			46,868,609			(51,171,067)			110,133,970			(169,316,675)
Increase (decrease) in net assets resulting from operations			63,907,283			(25,472,543)			124,985,014			(55,070,829)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(1,142,858)			(678,675)
Class I			(23,387,273)			(38,219,666)			(10,887,339)			(7,921,491)
Class S			(177,792)			(289,441)			(30,582,123)			(19,537,870)
Class S2			—			—			(22,028)			(13,091)
Class T			—			—			(2,178,172)			(1,273,805)
Total distributions			(23,565,065)			(38,509,107)			(44,812,520)			(29,424,932)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			5,604,962			19,110,433			35,321,065			8,257,608
Proceeds from shares issued in merger (Note 14)			—			—			120,666,328			—
Reinvestment of distributions			23,565,065			38,509,107			44,812,520			29,424,932
			29,170,027			57,619,540			200,799,913			37,682,540
Cost of shares redeemed			(46,279,105)			(71,719,538)			(125,172,096)			(101,268,523)
Net increase (decrease) in net assets resulting from capital share transactions			(17,109,078)			(14,099,998)			75,627,817			(63,585,983)
Net increase (decrease) in net assets			23,233,140			(78,081,648)			155,800,311			(148,081,744)
NET ASSETS:
Beginning of year or period			350,480,620			428,562,268			555,170,141			703,251,885
End of year or period		$	373,713,760		$	350,480,620		$	710,970,452		$	555,170,141

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	8,609,780		$	6,657,582		$	44,915,132		$	51,972,509
Net realized gain			336,785			81,704			259,507,222			300,209,924
Net change in unrealized appreciation (depreciation)			—			—			467,354,641			(482,083,171)
Increase (decrease) in net assets resulting from operations			8,946,565			6,739,286			771,776,995			(129,900,738)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(98,849,016)			(99,614,503)
Class I			(8,951,042)			(6,729,717)			(200,436,132)			(197,263,266)
Class S(1)			—			(591)			(54,032,226)			(55,646,599)
Class S2			—			—			(36,281)			(48,307)
Total distributions			(8,951,042)			(6,730,308)			(353,353,655)			(352,572,675)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			85,202,977			116,264,254			7,667,948			14,502,562
Reinvestment of distributions			8,951,042			6,730,039			353,133,065			352,351,607
			94,154,019			122,994,293			360,801,013			366,854,169
Cost of shares redeemed			(88,069,498)			(98,447,467)			(483,242,750)			(478,362,629)
Net increase (decrease) in net assets resulting from capital share transactions			6,084,521			24,546,826			(122,441,737)			(111,508,460)
Net increase (decrease) in net assets			6,080,044			24,555,804			295,981,603			(593,981,873)
NET ASSETS:
Beginning of year or period			463,191,313			438,635,509			2,879,339,256			3,473,321,129
End of year or period		$	469,271,357		$	463,191,313		$	3,175,320,859		$	2,879,339,256

(1)

Class S of Voya Government Money Market Portfolio was fully redeemed on August 29, 2018.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	113,302,014		$	122,589,915		$	2,134,465		$	1,794,210
Net realized gain (loss)			65,999,684			(46,771,753)			7,924,479			63,492,935
Net change in unrealized appreciation (depreciation)			146,567,084			(110,400,525)			117,688,693			(163,071,636)
Increase (decrease) in net assets resulting from operations			325,868,782			(34,582,363)			127,747,637			(97,784,491)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(8,383,955)			(9,119,081)			(1,001,250)			(1,214,551)
Class I			(35,371,437)			(37,979,967)			(60,093,482)			(83,024,164)
Class R6			—			—			(889,586)			(1,074,401)
Class S			(73,267,399)			(82,137,787)			(12,637,157)			(15,968,030)
Class S2			(651,433)			(747,515)			—			—
Total distributions			(117,674,224)			(129,984,350)			(74,621,475)			(101,281,146)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			144,881,394			105,606,814			27,464,775			61,001,640
Reinvestment of distributions			117,666,869			129,976,588			74,621,475			101,281,146
			262,548,263			235,583,402			102,086,250			162,282,786
Cost of shares redeemed			(464,637,605)			(584,311,413)			(156,108,012)			(168,560,259)
Net decrease in net assets resulting from capital share transactions			(202,089,342)			(348,728,011)			(54,021,762)			(6,277,473)
Net increase (decrease) in net assets			6,105,216			(513,294,724)			(895,600)			(205,343,110)
NET ASSETS:
Beginning of year or period			3,528,973,964			4,042,268,688			527,700,071			733,043,181
End of year or period		$	3,535,079,180		$	3,528,973,964		$	526,804,471		$	527,700,071

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced Portfolio
Class I
12-31-19		14.10		0.33•		2.26		2.59		0.37		0.61		—		0.98		—		15.71		19.11		0.69		0.69		0.69		2.23		371,202		113
12-31-18		16.69		0.34•		(1.37)		(1.03)		0.36		1.20		—		1.56		—		14.10		(6.83)		0.67		0.67		0.67		2.20		347,788		184
12-31-17		14.93		0.32•		1.85		2.17		0.41		—		—		0.41		—		16.69		14.73		0.67		0.65		0.65		2.01		425,002		174
12-31-16		14.10		0.30•		0.78		1.08		0.25		—		—		0.25		—		14.93		7.82		0.67		0.62		0.62		2.09		417,376		184
12-31-15		14.64		0.28•		(0.54)		(0.26)		0.28		—		—		0.28		—		14.10		(1.86)		0.67		0.62		0.62		1.90		438,912		193
Class S
12-31-19		14.02		0.29•		2.25		2.54		0.33		0.61		—		0.94		—		15.62		18.80		0.94		0.94		0.94		1.98		2,511		113
12-31-18		16.59		0.30•		(1.36)		(1.06)		0.31		1.20		—		1.51		—		14.02		(7.03)		0.92		0.92		0.92		1.94		2,693		184
12-31-17		14.85		0.28•		1.82		2.10		0.36		—		—		0.36		—		16.59		14.37		0.92		0.90		0.90		1.76		3,560		174
12-31-16		14.01		0.26•		0.79		1.05		0.21		—		—		0.21		—		14.85		7.62		0.92		0.87		0.87		1.84		3,738		184
12-31-15		14.55		0.24•		(0.54)		(0.30)		0.24		—		—		0.24		—		14.01		(2.14)		0.92		0.87		0.87		1.65		4,058		193
Voya Global Equity Portfolio
Class ADV
12-31-19		9.63		0.25		1.71		1.96		0.24		0.52		—		0.76		—		10.83		21.06		1.10		1.10		1.10		2.43		15,665		63
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		147
12-31-17		9.12		0.14•		1.95		2.09		0.19		—		—		0.19		—		11.02		23.10		1.10		1.10		1.10		1.43		19,605		60
12-31-16		8.85		0.16•		0.31		0.47		0.20		—		—		0.20		—		9.12		5.53		1.10		1.10		1.10		1.87		19,883		101
12-31-15		9.11		0.21•		(0.47)		(0.26)		—		—		—		—		—		8.85		(2.85)(b)		1.11		1.11		1.11		2.26		23,880		83
Class I
12-31-19		9.62		0.30		1.71		2.01		0.29		0.52		—		0.81		—		10.82		21.68		0.60		0.60		0.60		2.92		149,439		63
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13		23.73		0.60		0.60		0.60		1.91		162,746		60
12-31-16		8.94		0.21•		0.31		0.52		0.25		—		—		0.25		—		9.21		6.00		0.60		0.60		0.60		2.36		150,824		101
03-05-15(5) -
12-31-15		9.63		0.22•		(0.85)		(0.63)		0.06		—		—		0.06		—		8.94		(6.64)(b)		0.61		0.61		0.61		2.78		165,749		83
Class S
12-31-19		9.66		0.27		1.73		2.00		0.27		0.52		—		0.79		—		10.87		21.41		0.85		0.85		0.85		2.62		542,303		63
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		147
12-31-17		9.20		0.17•		1.96		2.13		0.21		—		—		0.21		—		11.12		23.44		0.85		0.85		0.85		1.67		480,936		60
12-31-16		8.93		0.19•		0.31		0.50		0.23		—		—		0.23		—		9.20		5.76		0.85		0.85		0.85		2.11		485,551		101
12-31-15		9.20		0.22•		(0.44)		(0.22)		0.05		—		—		0.05		—		8.93		(2.47)(b)		0.86		0.86		0.86		2.38		558,519		83
Class S2
12-31-19		9.54		0.26•		1.70		1.96		0.25		0.52		—		0.77		—		10.73		21.26		1.00		1.00		1.00		2.59		332		63
12-31-18		10.95		0.23•		(1.20)		(0.97)		0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95		23.29		1.00		1.00		1.00		1.46		422		60
12-31-16		8.80		0.18		0.30		0.48		0.21		—		—		0.21		—		9.07		5.64		1.03		1.00		1.00		1.98		278		101
03-05-15(5) -
12-31-15		9.52		0.14•		(0.80)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.11		1.01		1.01		1.86		288		83

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Equity Portfolio (continued)
Class T
12-31-19		9.59		0.26•		1.69		1.95		0.17		0.52		—		0.69		—		10.85		21.05		1.35		1.20		1.20		2.56		3,232		63
12-31-18		10.96		0.22•		(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
12-31-17		9.07		0.13•		1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
12-31-16		8.80		0.16•		0.30		0.46		0.19		—		—		0.19		—		9.07		5.41		1.35		1.20		1.20		1.79		41,291		101
03-05-15(5) -
12-31-15		9.52		0.17•		(0.83)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.36		1.21		1.21		2.21		53,997		83
Voya Government Money Market Portfolio
Class I
12-31-19		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.96		0.39		0.34		0.34		1.86		469,271		—
12-31-18		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.56		0.39		0.34		0.34		1.54		463,191		—
12-31-17		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.61		0.39		0.34		0.34		0.58		438,591		—
12-31-16		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.18		0.39		0.34		0.34		0.08		504,575		—
12-31-15		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.01		0.38		0.22		0.22		0.00*		541,132		—
Voya Growth and Income Portfolio
Class ADV
12-31-19		24.42		0.35		6.42		6.77		0.35		2.91		—		3.26		—		27.93		28.29		1.13		1.03		1.03		1.17		896,424		69
12-31-18		28.94		0.37•		(1.75)		(1.38)		0.39		2.75		—		3.14		—		24.42		(4.88)		1.13		1.03		1.03		1.29		824,943		84
12-31-17		27.51		0.36•		5.06		5.42		0.41		3.58		—		3.99		—		28.94		19.79		1.13		1.03		1.03		1.21		1,010,017		80
12-31-16		27.81		0.40•		2.10		2.50		0.43		2.37		—		2.80		—		27.51		9.25		1.13		1.03		1.03		1.44		1,064,550		98
12-31-15		30.28		0.44•		(0.96)		(0.52)		0.47		1.48		—		1.95		—		27.81		(1.82)		1.13		1.03		1.03		1.46		1,145,072		53
Class I
12-31-19		24.81		0.48		6.54		7.02		0.48		2.91		—		3.39		—		28.44		28.88		0.63		0.58		0.58		1.62		1,798,927		69
12-31-18		29.37		0.51•		(1.79)		(1.28)		0.53		2.75		—		3.28		—		24.81		(4.46)		0.63		0.58		0.58		1.74		1,602,432		84
12-31-17		27.87		0.51•		5.13		5.64		0.56		3.58		—		4.14		—		29.37		20.34		0.63		0.58		0.58		1.66		1,906,723		80
12-31-16		28.13		0.54•		2.14		2.68		0.57		2.37		—		2.94		—		27.87		9.77		0.63		0.58		0.58		1.89		1,778,873		98
12-31-15		30.63		0.59•		(0.99)		(0.40)		0.62		1.48		—		2.10		—		28.13		(1.42)		0.63		0.58		0.58		1.91		1,872,684		53
Class S
12-31-19		24.44		0.41		6.42		6.83		0.40		2.91		—		3.31		—		27.96		28.55		0.88		0.83		0.83		1.37		479,676		69
12-31-18		28.97		0.43•		(1.76)		(1.33)		0.45		2.75		—		3.20		—		24.44		(4.69)		0.88		0.83		0.83		1.49		451,557		84
12-31-17		27.53		0.42•		5.07		5.49		0.47		3.58		—		4.05		—		28.97		20.06		0.88		0.83		0.83		1.41		556,169		80
12-31-16		27.83		0.46•		2.10		2.56		0.49		2.37		—		2.86		—		27.53		9.45		0.88		0.83		0.83		1.64		607,941		98
12-31-15		30.31		0.51•		(0.97)		(0.46)		0.54		1.48		—		2.02		—		27.83		(1.64)		0.88		0.83		0.83		1.66		662,075		53
Class S2
12-31-19		24.13		0.47		6.22		6.69		0.32		2.91		—		3.23		—		27.59		28.33		1.03		0.98		0.98		1.23		294		69
12-31-18		28.65		0.38•		(1.73)		(1.35)		0.42		2.75		—		3.17		—		24.13		(4.82)		1.03		0.98		0.98		1.34		407		84
12-31-17		27.27		0.38•		5.01		5.39		0.43		3.58		—		4.01		—		28.65		19.89		1.03		0.98		0.98		1.27		412		80
12-31-16		27.60		0.42		2.08		2.50		0.46		2.37		—		2.83		—		27.27		9.30		1.06		0.98		0.98		1.50		370		98
12-31-15		30.11		0.47•		(0.97)		(0.50)		0.53		1.48		—		2.01		—		27.60		(1.78)		1.13		0.98		0.98		1.56		346		53

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Intermediate Bond Portfolio
Class ADV
12-31-19		12.20		0.37		0.76		1.13		0.37		0.02		—		0.39		—		12.94		9.29		1.03		1.03		1.03		2.88		291,207		149
12-31-18		12.73		0.36		(0.50)		(0.14)		0.39		—		—		0.39		—		12.20		(1.08)		1.03		1.03		1.03		2.95		265,204		193
12-31-17		12.53		0.34		0.22		0.56		0.36		—		—		0.36		—		12.73		4.53		1.03		1.02		1.02		2.67		311,323		300
12-31-16		12.40		0.33		0.16		0.49		0.36		—		—		0.36		—		12.53		3.92		1.03		0.98		0.98		2.58		311,448		296
12-31-15		12.81		0.34•		(0.34)		0.00*		0.41		—		—		0.41		—		12.40		(0.02)		1.03		0.98		0.98		2.62		319,732		346
Class I
12-31-19		12.33		0.44		0.77		1.21		0.44		0.02		—		0.46		—		13.08		9.85		0.53		0.53		0.53		3.38		1,023,645		149
12-31-18		12.86		0.43		(0.50)		(0.07)		0.46		—		—		0.46		—		12.33		(0.54)		0.53		0.53		0.53		3.45		986,608		193
12-31-17		12.66		0.41		0.22		0.63		0.43		—		—		0.43		—		12.86		5.04		0.53		0.52		0.52		3.17		1,117,794		300
12-31-16		12.52		0.40•		0.14		0.54		0.40		—		—		0.40		—		12.66		4.33		0.53		0.48		0.48		3.08		1,174,851		296
12-31-15		12.90		0.41•		(0.33)		0.08		0.46		—		—		0.46		—		12.52		0.60		0.53		0.48		0.48		3.14		1,248,125		346
Class S
12-31-19		12.25		0.40		0.76		1.16		0.40		0.02		—		0.42		—		12.99		9.54		0.78		0.78		0.78		3.13		2,198,827		149
12-31-18		12.78		0.40		(0.51)		(0.11)		0.42		—		—		0.42		—		12.25		(0.82)		0.78		0.78		0.78		3.20		2,255,122		193
12-31-17		12.58		0.37		0.23		0.60		0.40		—		—		0.40		—		12.78		4.79		0.78		0.77		0.77		2.92		2,587,503		300
12-31-16		12.44		0.36•		0.16		0.52		0.38		—		—		0.38		—		12.58		4.16		0.78		0.73		0.73		2.83		2,887,280		296
12-31-15		12.83		0.37•		(0.34)		0.03		0.42		—		—		0.42		—		12.44		0.26		0.78		0.73		0.73		2.90		3,169,894		346
Class S2
12-31-19		12.20		0.38		0.76		1.14		0.38		0.02		—		0.40		—		12.94		9.40		0.93		0.93		0.93		2.99		21,401		149
12-31-18		12.73		0.38		(0.51)		(0.13)		0.40		—		—		0.40		—		12.20		(0.98)		0.93		0.93		0.93		3.05		22,040		193
12-31-17		12.53		0.35		0.22		0.57		0.37		—		—		0.37		—		12.73		4.63		0.93		0.92		0.92		2.77		25,649		300
12-31-16		12.40		0.34•		0.16		0.50		0.37		—		—		0.37		—		12.53		3.99		0.96		0.88		0.88		2.68		24,796		296
12-31-15		12.79		0.35•		(0.33)		0.02		0.41		—		—		0.41		—		12.40		0.17		1.03		0.88		0.88		2.75		29,217		346
Voya Small Company Portfolio
Class ADV
12-31-19		14.86		(0.01)		3.55		3.54		0.00*		2.49		—		2.49		—		15.91		25.56		1.39		1.39		1.39		(0.06)		7,227		125
12-31-18		20.95		(0.04)		(2.76)		(2.80)		0.02		3.27		—		3.29		—		14.86		(16.22)		1.39		1.39		1.39		(0.18)		6,342		96
12-31-17		21.20		(0.01)		2.12		2.11		—		2.36		—		2.36		—		20.95		10.69		1.38		1.37		1.37		(0.01)		7,817		74
12-31-16		18.99		(0.02)		4.13		4.11		—		1.90		—		1.90		—		21.20		23.84		1.38		1.33		1.33		(0.09)		6,463		71
12-31-15		22.49		(0.03)		(0.11)		(0.14)		—		3.36		—		3.36		—		18.99		(1.26)		1.39		1.34		1.34		(0.07)		5,615		45
Class I
12-31-19		15.75		0.07•		3.78		3.85		0.07		2.49		—		2.56		—		17.04		26.21		0.89		0.89		0.89		0.44		427,877		125
12-31-18		22.01		0.06•		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.84)		0.89		0.89		0.89		0.31		435,019		96
12-31-17		22.12		0.10		2.23		2.33		0.08		2.36		—		2.44		—		22.01		11.29		0.88		0.87		0.87		0.49		607,230		74
12-31-16		19.73		0.09		4.29		4.38		0.09		1.90		—		1.99		—		22.12		24.49		0.88		0.83		0.83		0.41		545,125		71
12-31-15		23.25		0.09		(0.13)		(0.04)		0.12		3.36		—		3.48		—		19.73		(0.79)		0.89		0.84		0.84		0.43		487,778		45

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Small Company Portfolio (continued)
Class R6
12-31-19		15.75		0.09		3.76		3.85		0.07		2.49		—		2.56		—		17.04		26.20		0.89		0.89		0.89		0.44		5,665		125
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
12-31-16		19.74		0.10•		4.28		4.38		0.09		1.90		—		1.99		—		22.13		24.49		0.88		0.83		0.83		0.50		2,694		71
11-24-15(5) -
12-31-15		20.56		0.02•		(0.84)		(0.82)		—		—		—		—		—		19.74		(3.99)		0.89		0.84		0.84		0.99		3		45
Class S
12-31-19		15.30		0.03		3.66		3.69		0.02		2.49		—		2.51		—		16.48		25.86		1.14		1.14		1.14		0.20		86,035		125
12-31-18		21.46		0.02		(2.86)		(2.84)		0.05		3.27		—		3.32		—		15.30		(16.05)		1.14		1.14		1.14		0.06		80,225		96
12-31-17		21.63		0.05•		2.17		2.22		0.03		2.36		—		2.39		—		21.46		11.00		1.13		1.12		1.12		0.22		111,723		74
12-31-16		19.33		0.03		4.21		4.24		0.04		1.90		—		1.94		—		21.63		24.16		1.13		1.08		1.08		0.16		136,845		71
12-31-15		22.84		0.03		(0.12)		(0.09)		0.06		3.36		—		3.42		—		19.33		(1.02)		1.14		1.09		1.09		0.18		110,685		45

(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 related to a transition cost reimbursement recorded in the year ended December 31, 2018, total return for Voya Global Equity Portfolio would have been (9.37)%, (8.96)%, (9.22)%, (9.38)% and (9.52)% for Classes ADV, I, S, S2 and T, respectively.

(b)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, total return for Voya Global Equity Portfolio would have been (2.96)%, (6.85)%, (2.69)%, (7.14)% and (7.25)% for Classes ADV, I, S, S2 and T, respectively.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019

NOTE 1 — ORGANIZATION

As further detailed below, the Voya Variable Product Funds are series of Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio, and Voya Government Money Market Portfolio (collectively, the “Registrants”), all of which are open-end investment management companies registered under the Investment Company Act of 1940, as amended (“1940 Act”).

Voya Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, Voya Balanced Portfolio (“Balanced”). Voya Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Growth and Income Portfolio (“Growth and Income”). Voya Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has eighteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global Equity Portfolio (“Global Equity”) and Voya Small Company Portfolio (“Small Company”). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio (“Intermediate Bond”). Voya Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio (“Government Money Market”). Each of the Voya Variable Product Funds is a “Portfolio” and collectively, they are the “Portfolios.” 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”), Class I, Class R6, Class S, Service 2 (“Class S2”) and Class T; however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each

class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio, (except Government Money Market), 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 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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/Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the

independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

Government Money Market uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Board has established procedures designed to stabilize, to the extent reasonably possible, the share price of Government Money Market, there can be no assurance that the Portfolio’s NAV can be maintained at $1.00 per share.

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. 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.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by

changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 that they believe 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. Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to

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

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

As of December 31, 2019, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $5,403 and $339,179, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts and volatility swaps were they to be unwound as of December 31, 2019. The Portfolios did not receive any cash collateral at December 31, 2019.

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

As of December 31, 2019, Balanced and Intermediate Bond had a liability position of $25,855 and $1,378,357, respectively, on open forward foreign currency contracts and forward premium swaptions with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2019, these Portfolios could have been required to pay these amounts in cash to their counterparties. At December 31, 2019, Intermediate Bond pledged $410,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at December 31, 2019.

E. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of

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securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

During the year ended December 31, 2019, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	614,147		$	1,666,292
Global Equity			4,816,896			6,004,686
Intermediate Bond			26,834,462			77,158,552

The above Portfolios entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at December 31, 2019. Global Equity did not have any open forward foreign currency contracts at December 31, 2019.

Each Portfolio, with the exception of Government Money Market, 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 within each

Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2019, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes. Balanced and Intermediate Bond purchased and sold futures on bonds and notes as part of their duration management. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a 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 a Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2019, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	41,091,477		$	15,221,485
Intermediate Bond			424,083,431			161,220,292

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at December 31, 2019.

F. Options Contracts. Certain Portfolios may write call and put options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios exposure to the underlying instrument. Writing call options tends to decrease the Portfolios exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. 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

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treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios’ exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the year ended December 31, 2019, Balanced and Intermediate Bond had average notional values of $30,397,000 and $1,626,982,000, respectively, on purchased interest rate swap options (“swaptions”) to manage its duration strategy. The Portfolios did not have any open purchased interest rate swaptions at December 31, 2019.

During the year ended December 31, 2019, Balanced and Intermediate Bond had average notional values of $15,499,000 and $564,601,000, respectively, on written interest rate swaptions to generate income. The Portfolios did not have any open written interest rate swaptions at December 31, 2019.

During the year ended December 31, 2019, Balanced and Intermediate Bond had average notional values of $8,420,800 and $386,503,600, respectively, on purchased forward premium swaptions to manage duration and yield curve exposures. Please refer to the tables within the Portfolios of investments for open purchased forward premium swaptions at December 31, 2019.

G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio distributes capital gains, if any, annually. Balanced and Small Company declare and pay dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global Equity declares and pays dividends, if any, quarterly. 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.

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

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

I. 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.

J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being

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invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at December 31, 2019.

K. Securities Lending. Each Portfolio (except Government Money Market) 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.

L. 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.

M. When-Issued and Delayed-Delivery Transactions. Each Portfolio 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 Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios’ custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).

N. Mortgage Dollar Roll Transactions. Each Portfolio, except Small Company, 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

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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 roll transactions, the fee is recorded as income.

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 within each Portfolio’s Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Portfolio’s 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 Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement 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 Statement 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 Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

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

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

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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 year ended December 31, 2019, Balanced and Intermediate Bond had bought and sold credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced and Intermediate Bond used CDX swaps to gain additional exposure with various sectors of the credit market and to hedge the credit risk associated with various sectors within the credit market. Balanced and Intermediate Bond also sold credit protection on single name issuers (Corporate or Sovereign) to gain additional exposure to the credit market.

For the year ended December 31, 2019, Balanced had an average notional amount of $2,030,968 on credit default swaps to buy protection and an average notional amount of $1,580,624 on credit default swaps to sell protection. For the year ended December 31, 2019, Intermediate Bond had an average notional amount of $122,735,771 on credit default swaps to buy protection and an average notional amount of $33,687,500 on credit default swaps to sell protection. Please refer to the tables within the Portfolio of Investments for Balanced and Intermediate Bond for open credit default swaps to buy and sell protection (Balanced only) at December 31, 2019. Intermediate Bond did not have any open credit default swaps to sell protection at December 31, 2019.

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

For the year ended December 31, 2019, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase

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exposure to interest rate risk. Average notional amounts on Long interest rate swaps were $5,663,800 and $528,216,667, respectively.

For the year ended December 31, 2019, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a fixed interest rate and receive 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 were $6,512,600 and $386,779,000, respectively.

Balanced and Intermediate 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 table within each respective Portfolio of Investments for Balanced and Intermediate Bond for open interest rate swaps at December 31, 2019.

At December 31, 2019, Balanced and Intermediate Bond had pledged $342,000 and $7,716,000, respectively, in cash collateral for open centrally cleared swaps.

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

During the year ended December 31, 2019, Balanced and Intermediate Bond had average notional amounts of $5,500 and $336,000, respectively, on foreign currency volatility swaps (receiver). Please refer to the tables within each respective Portfolio of Investments for open volatility swaps at December 31, 2019.

P. Indemnifications. In the normal course of business, the Registrants may enter into contracts that provide certain indemnifications. The Registrants’ 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 year ended December 31, 2019, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

	Purchases			Sales
Balanced		$	241,792,602		$	251,088,916
Global Equity			397,083,875			466,600,754
Growth and Income			2,105,007,440			2,525,605,403
Intermediate Bond			1,001,415,633			1,288,227,929
Small Company			648,724,972			772,468,215

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

	Purchases			Sales
Balanced		$	156,689,385		$	176,577,875
Intermediate Bond			4,416,307,479			4,474,256,917

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
Balanced			0.60%
Global Equity			0.56% on the first $500 million;
			0.53% on the next $500 million;
			0.51% thereafter
Government Money Market(1)			0.35%
Growth and Income(1)			0.600% on the first $5 billion;
			0.550% on the next $5 billion;
			0.525% thereafter
Intermediate Bond			0.50% on first $4 billion;
			0.48% on next $3 billion;
			0.46% thereafter
Small Company			0.85%

(1)

The Investment Adviser is contractually obligated to waive a portion of the management fee equal to 0.045% on the first $5 billion and

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NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

0.070% thereafter of the Portfolio’s average daily net assets. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into sub-advisory agreements 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 each Portfolio’s investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV, Class S, Class S2 and Class T shares of the respective Portfolios are subject to a shareholder services and distribution plan or a distribution plan (each a “Plan” and collectively, the “Plans”). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Portfolios’ shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

Under the Plans for Class ADV and Class S2 shares of the respective Portfolios, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the 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 0.05% of the distribution fee for Class ADV shares of Growth and Income so that the actual fee paid by Class ADV shares of the Portfolio is an annual rate of 0.20%. Termination or modification of this obligation requires approval by the Board.

Under the Plan for Class S shares of the respective Portfolios, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class S shares.

Under the Plan for Class T shares of Global Equity, the Distributor is paid an annual distribution fee at the rate of 0.50% of Global Equity’s average daily net assets attributable to Class T shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.15% of the average daily net assets attributable to the distribution fee paid by Class T shares of Global Equity, so that the actual fee paid by Class T shares of Global Equity is an annual rate of 0.35%. Termination or modification of this obligation requires approval by the Board.

Class T shares of Global Equity are subject to a shareholder servicing plan (“Service Plan”). 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 Class T and their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global Equity. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class T shares.

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market in maintaining a yield of not less than zero. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expense) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the year ended December 31, 2019, there were no waivers necessary for the Portfolio to maintain a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of December 31, 2019, the Portfolio did not have any amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

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

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Government Money Market		8.49%
	Intermediate Bond		10.90
	Small Company		13.35
Voya Retirement Insurance and Annuity Company	Balanced		88.06
	Global Equity		19.31
	Government Money Market		88.78
	Growth and Income		52.61
	Intermediate Bond		25.40
	Small Company		53.83

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

The Investment Adviser may direct the Portfolios’ Sub-Adviser to use its 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/trustees, as described in the DC Plan, to defer the receipt of all or a portion of the directors’/trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director/trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’/trustees’ deferred fees, resulting in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’/trustees’ 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.

NOTE 7 — LICENSING FEE

Balanced pays an annual licensing fee to S&P Opco, LLC.

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Balanced		N/A		0.69%		N/A		0.94%		N/A		N/A
Global Equity		1.34%		0.84%		N/A		1.09%		1.24%		1.44%
Growth and Income		1.30%		0.70%		N/A		0.95%		1.10%		N/A
Intermediate Bond		1.03%		0.53%		N/A		0.78%		0.93%		N/A
Small Company		1.43%		0.93%		0.93%		1.18%		N/A		N/A

Pursuant to a side letter agreement through May 1, 2021, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. 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 the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

Portfolio			Class ADV						Class I						Class S						Class S2						Class T
Global Equity					1.10%						0.60%						0.85%						1.00%						1.20%

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, the Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2019, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as belows:

	December 31,
	2020			2021			2022			Total
Intermediate Bond		$	—		$	900		$	—		$	900

The Expense Limitation Agreements are contractual through May 1, 2020, with the exception of Global Equity, which is through May 1, 2021, and shall renew

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

NOTE 9 — LINE OF CREDIT

Effective May 17, 2019, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through May 15, 2020. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior

to May 17, 2019, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.

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

The following Portfolios utilized the line of credit during the year ended December 31, 2019:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		18		$	13,474,449		3.43%
Global Equity		11			2,197,364		3.36
Small Company		1			19,277,000		3.44

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
12/31/2019		351,587		—		1,642,365		(3,035,576)		(1,041,624)		5,333,224		—		23,387,273		(45,351,053)		(16,630,556)
12/31/2018		1,258,334		—		2,512,799		(4,573,811)		(802,678)		19,084,047		—		38,219,666		(71,034,966)		(13,731,253)
Class S
12/31/2019		18,032		—		12,538		(61,920)		(31,350)		271,738		—		177,792		(928,052)		(478,522)
12/31/2018		1,699		—		19,105		(43,317)		(22,513)		26,386		—		289,441		(684,572)		(368,745)
Global Equity
Class ADV
12/31/2019		21,425		634		113,136		(270,243)		(135,048)		225,545		6,255		1,142,858		(2,797,995)		(1,423,337)
12/31/2018		44,554		—		62,851		(304,817)		(197,412)		470,027		—		678,675		(3,279,330)		(2,130,628)
Class I
12/31/2019		203,757		423,746		1,075,357		(1,659,519)		43,341		2,112,427		4,181,994		10,887,339		(17,217,879)		(36,119)
12/31/2018		261,347		—		739,818		(1,855,080)		(853,915)		2,781,443		—		7,921,491		(20,247,607)		(9,544,673)
Class S
12/31/2019		3,166,638		11,756,148		3,008,997		(6,879,858)		11,051,925		31,546,713		116,478,079		30,582,123		(71,776,716)		106,830,199
12/31/2018		299,721		—		1,811,246		(6,528,913)		(4,417,946)		3,059,321		—		19,537,870		(71,301,380)		(48,704,189)
Class S2
12/31/2019		3,476		—		2,199		(3,322)		2,353		35,649		—		22,028		(34,559)		23,118
12/31/2018		3,763		—		1,225		(14,948)		(9,960)		40,377		—		13,091		(161,475)		(108,007)
Class T
12/31/2019		135,758		—		217,134		(3,372,958)		(3,020,066)		1,400,731		—		2,178,172		(33,344,947)		(29,766,044)
12/31/2018		175,082		—		118,192		(583,205)		(289,931)		1,906,440		—		1,273,805		(6,278,731)		(3,098,486)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Government Money Market
Class I
12/31/2019		85,202,979		—		8,951,041		(88,069,498)		6,084,522		85,202,977		—		8,951,042		(88,069,498)		6,084,521
12/31/2018		115,686,913		—		6,729,717		(97,825,734)		24,590,896		115,686,913		—		6,729,717		(97,825,734)		24,590,896
Class S(1)
12/31/2019		—		—		—		—		—		—		—		—		—		—
12/31/2018		577,341		—		321		(621,733)		(44,071)		577,341		—		322		(621,733)		(44,070)
Growth and Income
Class ADV
12/31/2019		53,190		—		3,607,663		(5,347,857)		(1,687,004)		1,450,453		—		98,849,015		(148,158,336)		(47,858,868)
12/31/2018		205,452		—		3,921,351		(5,245,549)		(1,118,746)		5,773,044		—		99,614,503		(151,632,769)		(46,245,222)
Class I
12/31/2019		161,995		—		7,170,224		(8,663,056)		(1,330,837)		4,600,380		—		200,215,543		(242,375,120)		(37,559,197)
12/31/2018		203,896		—		7,653,598		(8,192,407)		(334,913)		5,912,887		—		197,042,198		(239,964,004)		(37,008,919)
Class S
12/31/2019		58,840		—		1,969,256		(3,348,004)		(1,319,908)		1,596,551		—		54,032,225		(92,475,107)		(36,846,331)
12/31/2018		97,255		—		2,190,453		(3,009,357)		(721,649)		2,797,176		—		55,646,599		(86,761,980)		(28,318,205)
Class S2
12/31/2019		767		—		1,344		(8,337)		(6,226)		20,564		—		36,282		(234,187)		(177,341)
12/31/2018		678		—		1,932		(137)		2,473		19,455		—		48,307		(3,876)		63,886
Intermediate Bond
Class ADV
12/31/2019		1,892,902		—		656,004		(1,774,527)		774,379		24,162,338		—		8,383,955		(22,547,484)		9,998,809
12/31/2018		672,787		—		741,533		(4,143,671)		(2,729,351)		8,401,669		—		9,119,082		(50,913,601)		(33,392,850)
Class I
12/31/2019		5,649,168		—		2,738,213		(10,104,842)		(1,717,461)		72,678,565		—		35,364,083		(129,263,245)		(21,220,597)
12/31/2018		3,851,385		—		3,054,743		(13,813,548)		(6,907,420)		48,108,912		—		37,972,205		(172,012,250)		(85,931,133)
Class S
12/31/2019		3,411,206		—		5,713,372		(23,924,489)		(14,799,911)		43,821,723		—		73,267,398		(306,088,309)		(188,999,188)
12/31/2018		3,629,370		—		6,652,401		(28,721,844)		(18,440,073)		45,716,649		—		82,137,715		(354,654,934)		(226,800,570)
Class S2
12/31/2019		329,802		—		51,005		(532,795)		(151,988)		4,218,768		—		651,433		(6,738,567)		(1,868,366)
12/31/2018		273,813		—		60,778		(543,827)		(209,236)		3,379,584		—		747,586		(6,730,628)		(2,603,458)
Small Company
Class ADV
12/31/2019		60,519		—		69,580		(102,697)		27,402		932,918		—		1,001,250		(1,592,828)		341,340
12/31/2018		93,822		—		66,734		(106,730)		53,826		1,728,493		—		1,214,551		(1,948,390)		994,654
Class I
12/31/2019		1,363,664		—		3,912,336		(7,789,581)		(2,513,581)		22,932,371		—		60,093,482		(135,241,464)		(52,215,611)
12/31/2018		2,715,237		—		4,317,429		(6,999,766)		32,900		51,418,584		—		83,024,164		(143,594,984)		(9,152,236)
Class R6
12/31/2019		35,249		—		57,878		(148,954)		(55,827)		599,447		—		889,586		(2,490,506)		(1,001,473)
12/31/2018		114,739		—		55,842		(67,395)		103,186		2,344,484		—		1,074,401		(1,301,750)		2,117,135
Class S
12/31/2019		173,730		—		848,701		(1,047,423)		(24,992)		3,000,039		—		12,637,157		(16,783,214)		(1,146,018)
12/31/2018		297,279		—		853,449		(1,112,733)		37,995		5,510,079		—		15,968,030		(21,715,135)		(237,026)

(1)

Share class was fully redeemed on August 29, 2018.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 11 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the “Agreement”) with BNY, each Portfolio (except Government Money Market) can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not 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 tables represent a summary of each respective Portfolio’s securities lending agreements by

counterparty which are subject to offset under the Agreement as of December 31, 2019:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc		$	44,906		$	(44,906)		$	—
Credit Suisse AG			14,505			(14,505)			—
Goldman Sachs & Co. LLC			43,722			(43,722)			—
J.P. Morgan Securities LLC			478,200			(478,200)			—
Mizuho Securities USA LLC			849,900			(849,900)			—
Morgan Stanley & Co. LLC			77,114			(77,114)			—
National Bank of Canada Financial Inc			115,977			(115,977)			—
National Financial Services LLC			3,125			(3,125)			—
Natixis Securities America LLC			18,559			(18,559)			—
Nomura Securities International, Inc			729,255			(729,255)			—
Societe Generale			200,777			(200,777)			—
Total		$	2,576,040		$	(2,576,040)		$	—

(1)

Collateral with a fair value of $2,643,031 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Global Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd		$	374,920		$	(374,920)		$	—
Goldman Sachs & Co. LLC			4,247,785			(4,247,785)			—
Nomura Securities International, Inc			3,692,695			(3,692,695)			—
UBS AG			3,845,697			(3,845,697)			—
Total		$	12,161,097		$	(12,161,097)		$	—

(1)

Collateral with a fair value of $12,780,802 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Growth and Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc		$	1,963,160		$	(1,963,160)		$	—
Citigroup Global Markets Inc			10,709,358			(10,709,358)			—
Credit Suisse AG			10,906,624			(10,906,624)			—
Goldman Sachs & Co. LLC			1,377,128			(1,377,128)			—
J.P. Morgan Securities LLC			17,681,560			(17,681,560)			—
Morgan Stanley & Co. LLC			2,378,888			(2,378,888)			—
Natixis Securities America LLC			346,440			(346,440)			—
Scotia Capital (USA) Inc			987,758			(987,758)			—
State Street Bank and Trust Company			490,539			(490,539)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 11 — SECURITIES LENDING (continued)

Growth and Income (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Wells Fargo Bank NA			2,619,924			(2,619,924)			—
Wells Fargo Securities LLC			158,785			(158,785)			—
Total		$	49,620,164		$	(49,620,164)		$	—

(1)

Collateral with a fair value of $50,791,946 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Intermediate Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	2,613,248		$	(2,613,248)		$	—
BNP Paribas			1,072,944			(1,072,944)			—
BofA Securities Inc			11,325,158			(11,325,158)			—
Citadel Clearing LLC			3,055,792			(3,055,792)			—
Citigroup Global Markets Inc			1,109,189			(1,109,189)			—
Cowen Excecution Services LLC			329,547			(329,547)			—
Credit Suisse Securities (USA) LLC			631,241			(631,241)			—
Daiwa Capital Markets America Inc			2,441,671			(2,441,671)			—
Deutsche Bank Securities Inc			1,124,973			(1,124,973)			—
Goldman Sachs & Co. LLC			1,813,961			(1,813,961)			—
HSBC Securities (USA) Inc			1,115,187			(1,115,187)			—
J.P. Morgan Securities LLC			2,694,614			(2,694,614)			—
Janney Montgomery Scott LLC			1,016,673			(1,016,673)			—
Mizuho Securities USA LLC			2,370,653			(2,370,653)			—
Morgan Stanley & Co. LLC			3,547,147			(3,547,147)			—
MUFG Securities Americas Inc			284,783			(284,783)			—
National Bank Financial Inc			886,580			(886,580)			—
Nomura Securities International, Inc			2,111,832			(2,111,832)			—
Raymond James & Associates, Inc			450,887			(450,887)			—
RBC Capital Markets, LLC			35,530			(35,530)			—
Scotia Capital (USA) Inc			475,376			(475,376)			—
SunTrust Robinson Humphrey, Inc			508,336			(508,336)			—
UBS Securities LLC			1,838,888			(1,838,888)			—
Wells Fargo Securities LLC			11,550,416			(11,550,416)			—
Total		$	54,404,626		$	(54,404,626)		$	—

(1)

Collateral with a fair value of $55,755,716 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Small Company

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc		$	131,675		$	(131,675)		$	—
BofA Securities Inc			944,803			(944,803)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Securities LLC			1,426,915			(1,426,915)
Cowen Execution Services LLC			539,889			(539,889)
Deutsche Bank Securities Inc			217,738			(217,738)
Goldman Sachs & Co. LLC			790,938			(790,938)
HSBC Bank PLC			44,093			(44,093)			—
J.P. Morgan Securities LLC			5,455,177			(5,455,177)			—
Morgan Stanley & Co. LLC			384,224			(384,224)			—
National Financial Services LLC			166,407			(166,407)			—
Scotia Capital (USA) Inc			504,410			(504,410)			—
State Street Bank and Trust Company			1,061,762			(1,061,762)			—
Total		$	11,668,031		$	(11,668,031)		$	—

(1)

Collateral with a fair value of $11,932,403 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 12 — FEDERAL INCOME TAXES

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

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

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

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain
Balanced		$	8,811,831		$	14,753,234		$	17,574,924		$	20,934,183
Global Equity			16,108,952			28,703,568			28,894,555			530,377
Government Money Market			8,951,042			—			6,730,308			—
Growth and Income			44,737,928			308,615,727			110,032,441			242,540,234
Intermediate Bond			117,674,224			—			129,984,350			—
Small Company			17,627,644			56,993,831			17,759,580			83,521,566

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

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 Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Post-October Capital Losses Deferred			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Post-October Capital Losses Deferred			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Balanced		$	13,585,655		$	4,674,095		$	—		$	—		$	28,750,802		$	—		—		—
Global Equity			1,124,720			—			—			—			55,543,468			(8,634,135)	Short-term			None
																		(10,636,386)	Long-term			None
																	$	(19,270,521)
Government Money Market			7,713			—			—			—			—			—		—		—
Growth and Income			—			54,759,408			—			—			700,529,616			—		—		—
Intermediate Bond			7,559,918			—			(4,508,482)			(7,280,052)			79,255,948			—		—		—
Small Company			4,340,819			4,804,582			—			—			39,615,646			—		—		—

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

As of December 31, 2019, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the earliest tax year that remains subject to examination by these jurisdictions is 2015.

NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principle and adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts.

early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the Portfolios’ financial statements. The Portfolios plan to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Portfolios are currently evaluating the impact of these changes on the financial statements.

NOTE 14 — REORGANIZATION

On August 23, 2019, Global Equity (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of VY® Templeton Global Growth Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on July 30, 2019. 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, 2019, the beginning of the annual reporting

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 14 — REORGANIZATION (continued)

period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2019, are as follows (Unaudited):

Net investment income	$	19,504,276
Net realized and unrealized loss on investments	$	105,448,232
Net decrease in net assets resulting from operations	$	124,952,508

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 23, 2019. 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 Depreciation (000s)			Portfolios’ Unrealized Conversion Ratio
	$120,666			$556,430				$	17,820				$(1,879)					0.7298

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $677,095,962.

NOTE 15 — AUDITOR CHANGE (UNAUDITED)

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

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

During the fiscal years ended December 31, 2019 and December 31, 2018: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports on the Portfolios’ financial statements for such periods; and (ii) there were no

“reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

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

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to December 31, 2019, the following Portfolios paid dividends and distributions of:

Type

Per
Share
Amount

Payable
Date

Record
Date

Government Money Market

Class I

NII

0.0010

February 3, 2020

Daily

Class I

STCG

0.0001

February 3, 2020

January 30, 2020

Intermediate Bond

Class ADV

NII

0.0327

February 3, 2020

Daily

Class I

NII

0.0386

February 3, 2020

Daily

Class S

NII

0.0356

February 3, 2020

Daily

Class S2

NII

0.0338

February 3, 2020

Daily

NII –

Net investment income

STCG – Short-term capital gain

Expense Limitation Agreement: On January 24, 2020 the Board approved revised expense limits for each class of Small Company. Effective January 1, 2020, through May 1, 2021, the Investment Adviser has further lowered the expense limits to 1.40%, 0.90%, 0.90%, and 1.15% for Class ADV, Class I, Class R6, and Class S, respectively.

Fund changes: On January 24, 2020, the Board approved a name change for Global Equity. Effective May 1, 2020, the Portfolio will be known as “Voya Global High Dividend Low Volatility Portfolio”.

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

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 48.5%
	Communication Services: 4.2%
3,038 (1)	Alphabet, Inc. - Class A		$	4,069,067		1.1
50,629	AT&T, Inc.			1,978,581		0.5
12,615 (2)	Auto Trader Group PLC			99,623		0.0
39,143	Comcast Corp. – Class A			1,760,261		0.5
11,703 (1)	Facebook, Inc. - Class A			2,402,041		0.7
381,534 (3)(4)	Other Securities			5,261,269		1.4
				15,570,842		4.2
	Consumer Discretionary: 4.9%
2,043 (1)	Amazon.com, Inc.			3,775,137		1.0
476 (1)	Booking Holdings, Inc.			977,575		0.3
5,676	Home Depot, Inc.			1,239,525		0.3
14,516	Starbucks Corp.			1,276,247		0.4
331,203 (3)(4)	Other Securities			10,896,297		2.9
				18,164,781		4.9
	Consumer Staples: 3.7%
8,373	PepsiCo, Inc.			1,144,338		0.3
13,985	Philip Morris International, Inc.			1,189,984		0.3
20,400	Procter & Gamble Co.			2,547,960		0.7
128,500 (2)	WH Group Ltd.			132,866		0.1
238,747 (3)(4)	Other Securities			8,723,626		2.3
				13,738,774		3.7
	Energy: 2.0%
15,333	Chevron Corp.			1,847,780		0.5
17,544	ConocoPhillips			1,140,886		0.3
13,731	Exxon Mobil Corp.			958,149		0.2
108,257 (4)	Other Securities			3,598,514		1.0
				7,545,329		2.0
	Financials: 6.9%
6,256 (2)	ABN AMRO Bank NV			114,024		0.0
57,210	Bank of America Corp.			2,014,936		0.5
6,347 (1)	Berkshire Hathaway, Inc. – Class B			1,437,596		0.4
16,421	Citigroup, Inc.			1,311,874		0.4
17,425	JPMorgan Chase & Co.			2,429,045		0.6
14,943	Morgan Stanley			763,886		0.2
3,510	S&P Global, Inc.			958,406		0.3
914,954 (4)	Other Securities			16,688,682		4.5
				25,718,449		6.9
	Health Care: 6.6%
5,266	Amgen, Inc.			1,269,475		0.3
6,123	HCA Healthcare, Inc.			905,041		0.2
10,083	Johnson & Johnson			1,470,807		0.4
14,886	Merck & Co., Inc.			1,353,882		0.4
25,794	Pfizer, Inc.			1,010,609		0.3
4,802	UnitedHealth Group, Inc.			1,411,692		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
186,955 (4)	Other Securities		$	17,359,546		4.6
				24,781,052		6.6
	Industrials: 5.4%
8,310	Honeywell International, Inc.			1,470,870		0.4
7,963	Ingersoll-Rand PLC - Class A			1,058,442		0.3
6,943	Union Pacific Corp.			1,255,225		0.3
549,894 (4)	Other Securities			16,459,353		4.4
				20,243,890		5.4
	Information Technology: 9.6%
3,922 (1)	Adobe, Inc.			1,293,515		0.3
103 (1)(2)	Adyen NV			84,728		0.0
18,584	Apple, Inc.			5,457,192		1.5
30,980	Cisco Systems, Inc.			1,485,801		0.4
8,807 (1)	Fortinet, Inc.			940,235		0.3
35,566	Microsoft Corp.			5,608,758		1.5
8,416 (1)	PayPal Holdings, Inc.			910,359		0.2
10,050	Texas Instruments, Inc.			1,289,314		0.3
262,394 (3)(4)	Other Securities			19,013,268		5.1
				36,083,170		9.6
	Materials: 1.6%
3,971	Air Products & Chemicals, Inc.			933,145		0.2
163,977 (3)(4)	Other Securities			5,126,619		1.4
				6,059,764		1.6
	Real Estate: 1.9%
180,833 (4)	Other Securities			7,039,036		1.9

	Utilities: 1.7%
12,512	Ameren Corp.			960,921		0.2
21,790	Exelon Corp.			993,406		0.3
210,094	Other Securities			4,384,721		1.2
				6,339,048		1.7
	Total Common Stock (Cost $156,901,221)			181,284,135		48.5
EXCHANGE-TRADED FUNDS: 17.1%
278,758	iShares Core MSCI Emerging Markets ETF			14,986,030		4.0
46,505	iShares Core S&P 500 ETF			15,032,276		4.0
712	iShares Core S&P Mid-Cap ETF			146,544		0.1
1,926	iShares MSCI EAFE ETF			133,741		0.0
130,788 (5)	Schwab U.S. TIPS ETF			7,406,524		2.0
64,339	Vanguard Global ex-U.S. Real Estate ETF			3,801,792		1.0
41,068	Vanguard Real Estate ETF			3,810,700		1.0
154,933 (5)	Vanguard Value ETF			18,568,720		5.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: (continued)
	Total Exchange-Traded Funds (Cost $59,503,215)		$	63,886,327		17.1
MUTUAL FUNDS: 14.8%
	Affiliated Investment Companies: 14.8%
119,121	Voya Emerging Markets Local Currency Debt Fund - Class P			887,452		0.3
1,181,428	Voya Floating Rate Fund - Class P			11,211,748		3.0
1,854,791	Voya High Yield Bond Fund - Class P			14,931,064		4.0
755,519	Voya Short Term Bond Fund - Class R6			7,449,420		2.0
622,029	Voya Small Company Fund - Class R6			9,373,972		2.5
1,086,189	Voya Strategic Income Opportunities Fund - Class P			11,187,744		3.0
	Total Mutual Funds (Cost $54,689,873)			55,041,400		14.8
RIGHTS: 0.0%
	Energy: 0.0%
914 (4)	Other Securities			6,128		0.0

	Health Care: 0.0%
4,512 (4)	Other Securities			13,581		0.0
	Total Rights (Cost $16,480)			19,709		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 4.7%
	Basic Materials: 0.1%
30,000 (2)	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028		31,761		0.0
105,000 (2)	Newcrest Finance Pty Ltd., 4.450%, 11/15/2021		108,797		0.0
315,000	Other Securities		340,790		0.1
			481,348		0.1
	Communications: 0.4%
187,000	AT&T, Inc., 4.300%-5.650%, 02/15/2030-03/09/2049		222,856		0.1
120,000 (2)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199		123,942		0.0
200,000 (2)	Tencent Holdings Ltd., 2.985%, 01/19/2023		203,061		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
897,000	Other Securities		$	1,001,866		0.3
				1,551,725		0.4
	Consumer, Cyclical: 0.3%
90,000 (2)	BMW US Capital LLC, 3.450%, 04/12/2023			93,381		0.0
20,000 (2)	Hyundai Capital America, 3.500%, 11/02/2026			20,289		0.0
1,047,725	Other Securities			1,092,544		0.3
				1,206,214		0.3
	Consumer, Non-cyclical: 0.7%
43,000 (2)	AbbVie, Inc., 2.600%, 11/21/2024			43,295		0.0
24,000 (2)	AbbVie, Inc., 2.950%, 11/21/2026			24,396		0.0
21,000 (2)	AbbVie, Inc., 3.200%, 11/21/2029			21,377		0.0
24,000 (2)	AbbVie, Inc., 4.050%, 11/21/2039			25,449		0.0
22,000	Amgen, Inc., 4.563%, 06/15/2048			25,543		0.0
23,000 (2)	Bristol-Myers Squibb Co., 3.400%, 07/26/2029			24,600		0.0
50,000 (2)	Bristol-Myers Squibb Co., 3.875%, 08/15/2025			54,090		0.1
30,000 (2)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			34,602		0.0
40,000 (2)	Bristol-Myers Squibb Co., 4.550%, 02/20/2048			48,985		0.0
48,000 (2)	Cargill, Inc., 3.875%, 05/23/2049			53,672		0.0
101,000	HCA, Inc., 4.500%-5.500%, 04/15/2025-06/15/2049			111,441		0.0
62,000 (2)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			63,703		0.0
15,000 (2)	Mars, Inc., 3.200%, 04/01/2030			15,877		0.0
13,000 (2)	Mars, Inc., 3.875%, 04/01/2039			14,365		0.0
42,000 (2)	Mars, Inc., 4.125%, 04/01/2054			47,949		0.0
75,000	PayPal Holdings, Inc., 2.850%, 10/01/2029			75,532		0.0
19,000	Philip Morris International, Inc., 4.375%, 11/15/2041			21,054		0.0
5,000	S&P Global, Inc., 3.250%, 12/01/2049			5,113		0.0
1,900,000	Other Securities			2,043,481		0.6
				2,754,524		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: 0.7%
15,000 (2)	Cameron LNG LLC, 2.902%, 07/15/2031		$	15,032		0.0
15,000 (2)	Cameron LNG LLC, 3.302%, 01/15/2035			15,143		0.0
200,000 (2)	KazMunayGas National Co. JSC, 4.750%, 04/24/2025			219,699		0.1
20,000 (2)	MPLX L.P., 5.250%, 01/15/2025			20,994		0.0
200,000 (2)	Petroleos del Peru SA, 4.750%, 06/19/2032			219,569		0.1
24,000 (2)	Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021			24,413		0.0
1,955,000	Other Securities			2,031,252		0.5
				2,546,102		0.7
	Financial: 1.4%
200,000 (2)	ABN AMRO Bank NV, 4.750%, 07/28/2025			218,342		0.1
80,000 (2)	Barclays Bank PLC, 10.179%, 06/12/2021			88,929		0.0
206,000 (2)	BPCE SA, 5.700%, 10/22/2023			228,104		0.1
250,000 (2)	Credit Agricole SA/London, 2.375%, 07/01/2021			251,639		0.1
200,000 (2)	Danske Bank A/S, 2.800%, 03/10/2021			201,435		0.1
39,000 (2)(5)	Fairfax US, Inc., 4.875%, 08/13/2024			41,685		0.0
100,000 (2)(6)	Harborwalk Funding Trust, 5.077%, 02/15/2069			118,349		0.0
474,000 (6)	JPMorgan Chase & Co., 2.550%-5.000%, 10/29/2020-12/31/2199			492,149		0.1
27,000 (2)	Liberty Mutual Group, Inc., 3.951%, 10/15/2050			28,090		0.0
210,000 (6)	Morgan Stanley, 4.000%-5.500%, 07/28/2021-04/22/2039			229,090		0.1
55,000 (2)	New York Life Global Funding, 2.875%, 04/10/2024			56,735		0.0
24,000 (2)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			24,052		0.0
70,000	Royal Bank of Canada, 2.703%, (US0003M + 0.660%), 10/05/2023			70,571		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
234,000 (6)	Wells Fargo & Co., 2.406%-4.750%, 01/24/2024-12/07/2046		$	250,606		0.1
2,574,000	Other Securities			2,727,287		0.7
				5,027,063		1.4
	Industrial: 0.2%
652,000	Other Securities			686,816		0.2

	Technology: 0.2%
90,000	Apple, Inc., 3.750%, 09/12/2047			100,079		0.0
25,000 (2)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			28,774		0.0
649,000	Other Securities			690,758		0.2
				819,611		0.2
	Utilities: 0.7%
50,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			62,664		0.1
50,000 (2)	American Transmission Systems, Inc., 5.250%, 01/15/2022			52,917		0.0
39,000 (2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			40,604		0.0
48,000 (2)	DPL, Inc., 4.350%, 04/15/2029			46,309		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			54,433		0.0
12,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			12,777		0.0
2,134,000	Other Securities			2,241,198		0.6
				2,510,902		0.7
	Total Corporate Bonds/Notes (Cost $16,766,241)			17,584,305		4.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 4.1%
90,601	Alternative Loan Trust 2004-J7 MI, 2.812%, (US0001M + 1.020%), 10/25/2034			89,030		0.0
75,693	Alternative Loan Trust 2005-10CB 1A1, 2.292%, (US0001M + 0.500%), 05/25/2035			65,084		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
62,272	Alternative Loan Trust 2005-51 3A2A, 3.530%, (12MTA + 1.290%), 11/20/2035		$	60,929		0.0
125,439	Alternative Loan Trust 2005-J2 1A12, 2.192%, (US0001M + 0.400%), 04/25/2035			107,265		0.1
116,010	Alternative Loan Trust 2006-19CB A12, 2.192%, (US0001M + 0.400%), 08/25/2036			75,176		0.0
89,148	Alternative Loan Trust 2006-HY11 A1, 1.912%, (US0001M + 0.120%), 06/25/2036			85,483		0.0
31,943	Alternative Loan Trust 2007-23CB A3, 2.292%, (US0001M + 0.500%), 09/25/2037			17,650		0.0
156,540	Alternative Loan Trust 2007-2CB 2A1, 2.392%, (US0001M + 0.600%), 03/25/2037			97,842		0.1
84,146	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 1.982%, (US0001M + 0.190%), 01/25/2037			80,407		0.0
100,000 (2)(6)	COLT 2018-1 M1 Mortgage Loan Trust, 3.661%, 02/25/2048			100,432		0.0
200,000 (2)(6)	Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057			201,532		0.0
200,000 (2)(6)	Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058			202,343		0.1
39,646	DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.044%, (US0001M + 0.280%), 08/19/2045			34,417		0.0
710,639	Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			751,891		0.2
389,657	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			438,993		0.1
162,708	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 5.792%, (US0001M + 4.000%), 05/25/2025			172,766		0.0
250,002	Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.242%, (US0001M + 4.450%), 01/25/2029			264,325		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
83,874	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 6.142%, (US0001M + 4.350%), 05/25/2029		$	88,516		0.0
200,000	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.792%, (US0001M + 3.000%), 10/25/2029			209,117		0.1
200,000	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.642%, (US0001M + 2.850%), 11/25/2029			207,012		0.1
150,000	Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.192%, (US0001M + 2.400%), 05/28/2030			152,917		0.0
93,569	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 4.592%, (US0001M + 2.800%), 02/25/2030			96,177		0.0
243,813	Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.992%, (US0001M + 2.200%), 08/25/2030			246,135		0.1
284,713	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.792%, (US0001M + 2.000%), 03/25/2031			286,134		0.1
200,000 (2)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 4.092%, (US0001M + 2.300%), 08/25/2031			202,021		0.1
99,175	Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			109,049		0.0
296,709	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			321,678		0.1
271,424 (6)	Fannie Mae REMIC Trust 2009-50 HZ, 5.547%, 02/25/2049			296,522		0.1
181,378	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			203,373		0.1
255,662	Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			287,469		0.1
133,829	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			148,620		0.0
475,579	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			478,184		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
177,711	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047		$	183,495		0.0
96,049 (2)(6)	Flagstar Mortgage Trust 2018-1 B2, 4.030%, 03/25/2048			100,052		0.1
96,049 (2)(6)	Flagstar Mortgage Trust 2018-1 B3, 4.030%, 03/25/2048			97,212		0.0
670,284	Freddie Mac 326 350, 3.500%, 03/15/2044			700,009		0.2
233,262	Freddie Mac 4634 ZM, 5.000%, 11/15/2056			307,126		0.1
98,536	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			108,422		0.0
131,085	Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032			147,334		0.0
77,088	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			86,085		0.0
21,915	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			24,920		0.0
57,325	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			63,044		0.0
175,008	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			192,546		0.1
72,910	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			82,019		0.0
65,311 (6)	Freddie Mac REMIC Trust 3524 LA, 5.210%, 03/15/2033			71,758		0.0
69,381	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			78,369		0.0
52,486	Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			57,360		0.0
15,463	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			16,756		0.0
319,296	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			328,613		0.1
506,912	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			576,434		0.2
506,912	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			565,875		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
459,529	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043		$	477,495		0.1
32,534	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			33,580		0.0
1,000,000	Freddie Mac REMICS 4791 MT, 3.500%, 05/15/2044			1,024,987		0.3
100,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 6.492%, (US0001M + 4.700%), 04/25/2028			110,882		0.0
300,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 7.342%, (US0001M + 5.550%), 07/25/2028			331,248		0.1
189,438	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.142%, (US0001M + 2.350%), 04/25/2030			192,846		0.1
100,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.092%, (US0001M + 2.300%), 09/25/2030			101,217		0.0
813,971	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			797,116		0.2
61,209	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			67,097		0.0
358,118	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			384,819		0.1
23,958	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			26,422		0.0
53,157	HomeBanc Mortgage Trust 2004-1 2A, 2.652%, (US0001M + 0.860%), 08/25/2029			51,778		0.0
44,028	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.002%, (US0001M + 0.210%), 04/25/2046			41,820		0.0
37,856	Lehman XS Trust Series 2005-5N 1A2, 2.152%, (US0001M + 0.360%), 11/25/2035			35,046		0.0
52,266	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			42,162		0.0
200,000 (2)(6)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			200,061		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
83,509	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 2.302%, (US0001M + 0.510%), 08/25/2045		$	83,775		0.0
44,333	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.282%, (US0001M + 0.490%), 10/25/2045			44,319		0.0
189,429	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.200%, (12MTA + 0.960%), 08/25/2046			141,734		0.1
25,961	Wells Fargo Alternative Loan 2007-PA2 2A1, 2.222%, (US0001M + 0.430%), 06/25/2037			21,567		0.0
24,786 (6)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 5.220%, 04/25/2036			24,335		0.0
32,765 (6)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.354%, 12/28/2037			31,474		0.0
985,479	Other Securities			980,048		0.3
	Total Collateralized Mortgage Obligations (Cost $14,845,488)			15,211,746		4.1
U.S. TREASURY OBLIGATIONS: 1.2%
	Treasury Inflation Indexed Protected Securities: 0.4%
1,637,882	0.250%,07/15/2029			1,654,375		0.4

	U.S. Treasury Bonds: 0.6%
747,000	2.250%,08/15/2049			724,020		0.2
1,360,000	3.500%,02/15/2039			1,628,738		0.4
				2,352,758		0.6
	U.S. Treasury Notes: 0.2%
639,500 (3)	Other Securities			636,488		0.2
	Total U.S. Treasury Obligations (Cost $4,660,492)			4,643,621		1.2
U.S. GOVERNMENT AGENCY OBLIGATIONS: 1.9%
	Federal Home Loan Mortgage Corporation: 0.7%(7)
2,351,743	2.500%-6.500%, 05/01/2030-08/01/2048			2,471,719		0.7

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association: 0.2%
799,882 (6)	4.000%-5.310%, 11/20/2040-10/20/2060		$	853,227		0.2

	Uniform Mortgage-Backed Securities: 1.0%
3,683,119	2.500%-7.000%, 06/01/2029-01/01/2047			3,875,208		1.0
	Total U.S. Government Agency Obligations (Cost $6,953,511)			7,200,154		1.9
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%
80,000 (2)(6)	BAMLL Re-REMIC Trust 2016-FRR16 B, 1.003%, 05/27/2021			76,912		0.0
70,000 (2)	Bancorp Commercial Mortgage 2018 CRE4 D Trust, 3.840%, (US0001M + 2.100%), 09/15/2035			70,160		0.0
3,000,000 (6)(8)	BANK 2017-BNK8 XB, 0.176%, 11/15/2050			38,971		0.0
995,608 (6)(8)	BANK 2019-BNK16 XA, 0.967%, 02/15/2052			69,766		0.0
2,180,000 (2)(6)(8)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			72,262		0.0
100,000 (2)	BDS 2018-FL2 D, 4.287%, (US0001M + 2.550%), 08/15/2035			100,062		0.0
997,853 (6)(8)	Benchmark 2019-B9 XA Mortgage Trust, 1.047%, 03/15/2052			78,804		0.0
190,000 (2)	Benchmark 2019-B14 D Mortgage Trust, 2.500%, 12/15/2061			160,537		0.1
200,000 (2)	BX Commercial Mortgage Trust 2019-XL J, 4.390%, (US0001M + 2.650%), 10/15/2036			200,757		0.1
80,000 (2)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041			77,691		0.0
100,000 (2)	BX Trust 2019-CALM E, 3.750%, (US0001M + 2.000%), 11/25/2028			100,201		0.0
817,285 (6)(8)	CD 2017-CD4 Mortgage Trust XA, 1.309%, 05/10/2050			57,338		0.0
972,280 (6)(8)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.979%, 07/10/2049			91,278		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,322,714 (6)(8)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.109%, 10/12/2050		$	84,108		0.0
988,333 (6)(8)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.917%, 09/15/2050			56,120		0.0
1,474,031 (6)(8)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.600%, 06/10/2051			70,360		0.0
1,119,308 (6)(8)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.190%, 08/10/2056			87,747		0.0
758,841 (6)(8)	COMM 2012-CR4 XA, 1.700%, 10/15/2045			30,088		0.0
2,380,000 (2)(6)(8)	COMM 2012-CR4 XB, 0.615%, 10/15/2045			40,127		0.0
1,585,026 (6)(8)	COMM 2016-CR28 XA, 0.687%, 02/10/2049			49,678		0.0
752,625 (6)(8)	COMM 2017-COR2 XA, 1.173%, 09/10/2050			55,041		0.1
110,000 (2)(6)	DBJPM 16-C3 Mortgage Trust, 3.491%, 08/10/2049			105,834		0.0
130,000 (2)(6)	DBWF 2015-LCM D Mortgage Trust, 3.421%, 06/10/2034			122,136		0.0
110,000 (2)	GPT 2018-GPP D Mortgage Trust, 3.590%, (US0001M + 1.850%), 06/15/2035			109,108		0.0
100,000 (2)	GS Mortgage Securities Corp. II 2018-RIVR F, 3.840%, (US0001M + 2.100%), 07/15/2035			99,726		0.1
100,000 (2)(6)	GS Mortgage Securities Trust 2010-C2 D, 5.180%, 12/10/2043			102,292		0.1
100,000 (2)(6)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			98,860		0.0
1,184,220 (6)(8)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.161%, 05/10/2045			33,109		0.0
1,175,494 (6)(8)	GS Mortgage Securities Trust 2014-GC22 XA, 0.986%, 06/10/2047			34,443		0.0
1,910,325 (6)(8)	GS Mortgage Securities Trust 2016-GS4 XA, 0.572%, 11/10/2049			51,615		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
853,750 (6)(8)	GS Mortgage Securities Trust 2017-GS6 XA, 1.042%, 05/10/2050		$	55,578		0.0
1,227,251 (6)(8)	GS Mortgage Securities Trust 2019-GC38 XA, 0.964%, 02/10/2052			88,622		0.0
110,000 (2)(6)	Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039			94,969		0.0
100,000 (2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046			100,144		0.0
1,355,616 (6)(8)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.734%, 12/15/2049			43,794		0.0
100,000 (2)(6)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			88,141		0.0
499,800 (6)(8)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.752%, 04/15/2047			10,473		0.0
100,000	JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052			110,836		0.1
467,086 (2)(6)(8)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.713%, 11/15/2038			1,823		0.0
1,671,380 (6)(8)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.003%, 12/15/2047			63,562		0.0
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			65,900		0.0
75,000	Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050			67,577		0.1
4,559,399 (6)(8)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.645%, 11/15/2029			243,989		0.1
50,000 (2)	MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036			47,327		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
100,000 (2)	MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036		$	93,046		0.0
100,000 (6)	Wells Fargo Commercial Mortgage Trust 2017-C40 C, 4.331%, 10/15/2050			104,029		0.1
80,000	Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051			89,220		0.0
400,000 (2)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			360,796		0.1
1,590,798 (2)(6)(8)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.811%, 08/15/2045			57,431		0.0
1,087,763 (6)(8)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.624%, 08/15/2052			128,256		0.1
1,509,000	Other Securities			1,599,665		0.4
	Total Commercial Mortgage-Backed Securities (Cost $5,894,827)			5,940,309		1.6
ASSET-BACKED SECURITIES: 1.8%
	Automobile Asset-Backed Securities: 0.2%
100,000 (2)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021			102,687		0.0
650,000	Other Securities			664,229		0.2
				766,916		0.2
	Home Equity Asset-Backed Securities: 0.1%
450,937	Other Securities			408,288		0.1

	Other Asset-Backed Securities: 1.4%
300,000 (2)	ARES XLVI CLO Ltd. 2017-46A A2, 3.231%, (US0003M + 1.230%), 01/15/2030			293,729		0.1
250,000 (2)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.166%, (US0003M + 1.200%), 01/20/2031			243,933		0.1
250,000 (2)	BlueMountain CLO 2015-1A BR, 4.501%, (US0003M + 2.500%), 04/13/2027			250,211		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
16,450	Chase Funding Trust Series 2003-5 2A2, 2.392%, (US0001M + 0.600%), 07/25/2033		$	16,168		0.0
250,000 (2)	Clear Creek CLO 2015-1A CR, 3.916%, (US0003M + 1.950%), 10/20/2030			241,512		0.0
274,930 (2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			282,349		0.1
250,000 (2)	Jay Park CLO Ltd. 2016-1A BR, 3.966%, (US0003M + 2.000%), 10/20/2027			243,926		0.1
250,000 (2)	LCM XXIV Ltd. 24A A, 3.276%, (US0003M + 1.310%), 03/20/2030			250,019		0.1
250,000 (2)	Deer Creek Clo Ltd. 2017-1A A, 3.146%, (US0003M + 1.180%), 10/20/2030			249,794		0.1
99,250 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			102,740		0.0
250,000 (2)	Dryden Senior Loan Fund 2017-47A A2, 3.351%, (US0003M + 1.350%), 04/15/2028			247,928		0.1
250,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 3.216%, (US0003M + 1.250%), 01/20/2030			250,001		0.1
99,250 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			103,039		0.0
33,423 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			34,499		0.0
250,000 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			253,383		0.1
200,000 (2)(6)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			204,365		0.0
68,662 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			70,553		0.0
100,000 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			102,046		0.0
250,000 (2)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.376%, (US0003M + 1.375%), 07/15/2029			245,906		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (2)	Palmer Square CLO 2015-2A A1BR Ltd., 3.316%, (US0003M + 1.350%), 07/20/2030		$	249,998		0.1
98,750 (2)	Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048			100,648		0.0
99,000 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			106,652		0.0
250,000 (2)	THL Credit Wind River 2016-2A A1R CLO Ltd., 3.099%, (US0003M + 1.190%), 11/01/2031			249,754		0.0
250,000 (2)	THL Credit Wind River 2017-2A A CLO Ltd., 3.196%, (US0003M + 1.230%), 07/20/2030			250,054		0.1
250,000 (2)	Tiaa Clo III Ltd. 2017-2A A, 3.151%, (US0003M + 1.150%), 01/16/2031			248,295		0.1
98,000 (2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			99,777		0.0
98,000 (2)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			99,146		0.0
				5,090,425		1.4
	Student Loan Asset-Backed Securities: 0.1%
150,000 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			153,354		0.1
13,612 (2)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			13,699		0.0
30,460 (2)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			30,701		0.0
25,399 (2)	Earnest Student Loan Program, LLC 2016-A B, 2.500%, 01/25/2039			24,946		0.0
100,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			100,102		0.0
				322,802		0.1
	Total Asset-Backed Securities (Cost $6,507,014)			6,588,431		1.8

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: 0.1%
100,000 (2)	Dominican Republic International Bond, 5.500%, 01/27/2025		$	107,917		0.0
430,000	Other Securities			384,124		0.1
	Total Sovereign Bonds (Cost $537,463)			492,041		0.1
	Total Long-Term Investments (Cost $327,275,825)			357,892,178		95.8
SHORT-TERM INVESTMENTS: 3.3%
	U.S. Government Agency Obligations: 1.7%
4,462,000 (9)	Federal Home Loan Bank Discount Notes, 1.420%, 01/31/2020			4,456,608		1.2
1,980,000 (9)	Federal Home Loan Bank Discount Notes, 1.570%, 05/06/2020			1,969,275		0.5
	Total U.S. Government Agency Obligations (Cost $6,425,218)			6,425,883		1.7

	U.S. Treasury Bills: 0.4%
1,629,000 (9)	United States Treasury Bill, 1.550%, 01/02/2020 (Cost $1,628,931)			1,629,000		0.4

	Repurchase Agreements: 0.7%
1,000,000 (10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,000,087, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 01/25/20-10/15/60)			1,000,000		0.3
1,000,000 (10)	Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $1,000,096, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $1,020,000, due 04/15/20-03/31/21)			1,000,000		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
643,031 (10)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $643,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $655,892, due 06/30/21-12/01/49)		$	643,031		0.2
	Total Repurchase Agreements (Cost $2,643,031)			2,643,031		0.7

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.5%
1,740,531 (11)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520% (Cost $1,740,531)			1,740,531		0.5
	Total Short-Term Investments (Cost $12,437,711)			12,438,445		3.3
	Total Investments in Securities (Cost $339,713,536)		$	370,330,623		99.1
	Assets in Excess of Other Liabilities			3,383,137		0.9
	Net Assets		$	373,713,760		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2019.

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(3)

The grouping contains securities on loan.

(4)

The grouping contains non-income producing securities.

(5)

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

(6)

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

(7)

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

(8)

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.

(9)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2019.

(10)

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

(11)

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

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

US0001M

1-month LIBOR

US0003M

3-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	14,158,604		$	1,412,238		$	—		$	15,570,842
Consumer Discretionary			15,610,238			2,554,543			—			18,164,781

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Consumer Staples			10,737,522			3,001,252			—			13,738,774
Energy			6,335,676			1,209,653			—			7,545,329
Financials			20,577,585			5,140,864			—			25,718,449
Health Care			21,432,934			3,348,118			—			24,781,052
Industrials			15,885,576			4,358,314			—			20,243,890
Information Technology			34,308,640			1,774,530			—			36,083,170
Materials			4,156,693			1,903,071			—			6,059,764
Real Estate			6,088,651			950,385			—			7,039,036
Utilities			5,273,868			1,065,180			—			6,339,048
Total Common Stock			154,565,987			26,718,148			—			181,284,135
Exchange-Traded Funds			63,886,327			—			—			63,886,327
Mutual Funds			55,041,400			—			—			55,041,400
Rights			19,709			—			—			19,709
Corporate Bonds/Notes			—			17,584,305			—			17,584,305
Collateralized Mortgage Obligations			—			15,211,746			—			15,211,746
Asset-Backed Securities			—			6,588,431			—			6,588,431
Sovereign Bonds			—			492,041			—			492,041
Commercial Mortgage-Backed Securities			—			5,940,309			—			5,940,309
U.S. Government Agency Obligations			—			7,200,154			—			7,200,154
U.S. Treasury Obligations			—			4,643,621			—			4,643,621
Short-Term Investments			1,740,531			10,697,914			—			12,438,445
Total Investments, at fair value		$	275,253,954		$	95,076,669		$	—		$	370,330,623
Other Financial Instruments+
Centrally Cleared Swaps			—			60,198			—			60,198
Forward Foreign Currency Contracts			—			4,622			—			4,622
Futures			135,850			—			—			135,850
Volatility Swaps			—			781			—			781
Total Assets		$	275,389,804		$	95,142,270		$	—		$	370,532,074
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(23,820)		$	—		$	(23,820)
Forward Foreign Currency Contracts			—			(14,899)			—			(14,899)
Forward Premium Swaptions			—			(10,956)			—			(10,956)
Futures			(555,759)			—			—			(555,759)
Total Liabilities		$	(555,759)		$	(49,675)		$	—		$	(605,434)

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

Transactions with Affiliates

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

The following table provides transactions during the yera ended Decmeber 31, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	1,348,459		$	210,744		$	(838,485)		$	166,734		$	887,452		$	57,741		$	(88,483)		$	—
Voya Floating Rate Fund - Class P			10,727,558			962,135			(593,223)			115,278			11,211,748			672,135			(13,223)			—
Voya High Yield Bond Fund - Class P			—			15,907,204			(1,176,679)			200,539			14,931,064			641,144			(1,748)			—
Voya Short Term Bond Fund - Class R6			—			8,017,285			(638,086)			70,221			7,449,420			127,076			5,684			—
Voya Small Company Fund - Class R6			—			19,116,431			(10,102,639)			360,180			9,373,972			20,735			200,015			—
Voya Strategic Income Opportunities Fund - Class P			—			12,071,171			(984,477)			101,050			11,187,744			384,662			6,836			—
		$	12,076,017		$	56,284,970		$	(14,333,589)		$	1,014,002		$	55,041,400		$	1,903,493		$	109,081		$	—

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

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

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

ZAR 430,066

USD 29,000

Barclays Bank PLC

02/07/20

1,561

USD 30,000

MXN 582,658

Barclays Bank PLC

02/07/20

(649)

USD 27,476

PEN 91,978

Barclays Bank PLC

02/07/20

(253)

USD 76,873

MYR 317,909

Barclays Bank PLC

02/07/20

(1,017)

USD 28,947

CLP 21,587,838

BNP Paribas

02/07/20

225

USD 12,000

PLN 46,409

BNP Paribas

02/07/20

(234)

USD 18,000

CLP 13,866,678

BNP Paribas

02/07/20

(449)

USD 105,992

BRL 427,042

BNP Paribas

02/07/20

(49)

RUB 1,351,481

USD 21,000

BNP Paribas

02/07/20

679

USD 62,493

THB 1,886,363

Citibank N.A.

02/07/20

(538)

USD 88,473

IDR 1,246,693,752

Citibank N.A.

02/07/20

(1,387)

USD 5,410

PHP 273,489

Citibank N.A.

02/07/20

USD 29,723

TRY 175,136

Citibank N.A.

02/07/20

552

BRL 49,986

USD 12,000

Credit Suisse International

02/07/20

412

USD 65,155

PLN 249,981

Goldman Sachs International

02/07/20

(743)

USD 38,956

HUF 11,506,323

Goldman Sachs International

02/07/20

(110)

USD 20,416

RON 87,618

Goldman Sachs International

02/07/20

(78)

USD 67,453

COP 224,676,210

Goldman Sachs International

02/07/20

(805)

USD 12,000

COP 41,222,880

Goldman Sachs International

02/07/20

(524)

USD 174

ILS 607

Goldman Sachs International

02/07/20

(2)

PHP 1,470,880

USD 29,000

JPMorgan Chase Bank N.A.

02/07/20

(12)

COP 92,733,660

USD 27,000

JPMorgan Chase Bank N.A.

02/07/20

1,173

USD 69,803

RUB 4,475,848

JPMorgan Chase Bank N.A.

02/07/20

(1,993)

USD 68,853

ZAR 1,028,635

Standard Chartered Bank

02/07/20

(4,242)

USD 46,553

CZK 1,068,020

Standard Chartered Bank

02/07/20

(559)

USD 55,821

MXN 1,085,060

Standard Chartered Bank

02/07/20

(1,255)

(10,277)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

At December 31, 2019, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		47		03/20/20		$	3,925,910		$	61,245
Mini MSCI EAFE Index		76		03/20/20			7,738,700			(15,593)
U.S. Treasury 2-Year Note		75		03/31/20			16,162,500			(8,448)
U.S. Treasury 5-Year Note		33		03/31/20			3,914,109			(12,438)
U.S. Treasury Long Bond		4		03/20/20			623,625			(3,133)
U.S. Treasury Ultra Long Bond		55		03/20/20			9,991,094			(312,886)
						$	42,355,938		$	(291,253)
Short Contracts:
S&P 500® E-Mini		(73)		03/20/20			(11,793,515)			(203,261)
U.S. Treasury 10-Year Note		(47)		03/20/20			(6,035,828)			53,529
U.S. Treasury Ultra 10-Year Note		(14)		03/20/20			(1,969,844)			21,076
						$	(19,799,187)		$	(128,656)

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

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

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
iTraxx Cross-over Index, Series 32, Version 1		Buy		(5.000)		12/20/24		EUR 1,210,000		$	(184,942)		$	(3,904)
										$	(184,942)		$	(3,904)

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

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(6)		Termination Date		Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 33, Version 2		Sell		5.000		12/20/24		USD 483,120		$	46,541		$	14,288
										$	46,541		$	14,288

(1)

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

(2)

Payments made quarterly.

(3)

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

(4)

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

(5)

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

(6)

Payments received quarterly.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

At December 31, 2019, the following centrally cleared interest rate swaps were outstanding for Voya Balanced 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 USD-LIBOR

Quarterly

1.785%

Semi-Annual

10/13/22

USD 1,701,000

4,938

Pay

3-month USD-LIBOR

Quarterly

2.099

Semi-Annual

10/13/25

USD 58,000

1,115

Receive

3-month USD-LIBOR

Quarterly

1.453

Semi-Annual

10/13/20

USD 715,000

1,881

Receive

3-month USD-LIBOR

Quarterly

1.623

Semi-Annual

09/13/29

USD 1,628,000

37,976

Receive

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD 221,000

(19,916)

25,994

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

Pay/Receive Volatility(1)	Reference Entity	Volatility Strike Rate		Counterparty	Maturity Date	Currency	Notional Amount	Fair Value			Unrealized Appreciation (Depreciation)
Receive	USD vs. CAD Spot Exchange Rate		4.140%	Barclays Bank PLC	01/17/20	USD	2,500		$	642		$	642
Receive	USD vs. CAD Spot Exchange Rate		4.125%	Citibank N.A.	01/10/20	USD	2,000			49			49
Receive	USD vs. CAD Spot Exchange Rate		4.060%	Societe Generale	01/10/20	USD	1,000			90			90
									$	781		$	781

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

Description

Counterparty

Exercise
Rate(2)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(3)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap (Purchased)

Goldman Sachs
International

5.130%

Receive

3-month
USD-LIBOR

03/16/20

USD 1,517,000

77,822

(2,582)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services LLC

5.290%

Receive

3-month
USD-LIBOR

02/27/20

USD 2,584,000

136,823

(8,374)

214,645

(10,956)

(1)

Payments made at maturity date.

(2)

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

(3)

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

Currency Abbreviations

BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
EUR – EU Euro
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu
RUB – Russian Ruble
THB – Thai Baht
TRY – Turkish Lira
USD – United States Dollar
ZAR – South African Rand

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	4,622
Foreign exchange contracts	Unrealized appreciation on OTC swap agreements			781
Equity contracts	Net Assets — Unrealized appreciation*			61,245
Interest rate contracts	Net Assets — Unrealized appreciation*			74,605
Credit contracts	Net Assets — Unrealized appreciation**			14,288
Interest rate contracts	Net Assets — Unrealized appreciation**			45,910
Total Asset Derivatives			$	201,451
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	14,899
Equity contracts	Net Assets — Unrealized depreciation*			218,854
Interest rate contracts	Net Assets — Unrealized depreciation*			336,905
Credit contracts	Net Assets — Unrealized depreciation**			3,904
Interest rate contracts	Net Assets — Unrealized depreciation**			19,916
Interest rate contracts	Net Assets — Unrealized depreciation***			10,956
Total Liability Derivatives			$	605,434

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 days variation margin receivable/payable is included on the Statement of Assets and Liabilities.

***

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	11,139		$	—		$	11,139
Equity contracts			—			—			963,218			—			—			963,218
Foreign exchange contracts			—			(81,808)			—			—			—			(81,808)
Interest rate contracts			(72,055)			—			745,390			9,717			(181,790)			501,262
Total		$	(72,055)		$	(81,808)		$	1,708,608		$	20,856		$	(181,790)		$	1,393,811

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			Total
Credit contracts		$	—		$	—		$	—		$	102,026		$	102,026
Equity contracts			—			—			723,582			—			723,582
Foreign exchange contracts			—			(1,887)			—			781			(1,106)
Interest rate contracts			(78,446)			—			(545,536)			(4,512)			(628,494)
Total		$	(78,446)		$	(1,887)		$	178,046		$	98,295		$	196,008

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

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2019 (continued)

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

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Credit Suisse International			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Societe Generale			Standard Chartered Bank			Totals
Assets:
Forward foreign currency contracts		$	1,561		$	904		$	572		$	412		$	—		$	1,173		$	—		$	—		$	—		$	4,622
Volatility swaps			642			—			49			—			—			—			—			90			—			781
Total Assets		$	2,203		$	904		$	621		$	412		$	—		$	1,173		$	—		$	90		$	—		$	5,403
Liabilities:
Forward foreign currency contracts		$	1,919		$	732		$	1,925		$	—		$	2,262		$	2,005		$	—		$	—		$	6,056		$	14,899
Forward premium swaptions			—			—			—			—			2,582			—			8,374			—			—			10,956
Total Liabilities		$	1,919		$	732		$	1,925		$	—		$	4,844		$	2,005		$	8,374		$	—		$	6,056		$	25,855
Net OTC derivative instruments by counterparty, at fair value		$	284		$	172		$	(1,304)		$	412		$	(4,844)		$	(832)		$	(8,374)		$	90		$	(6,056)			(20,452)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	284		$	172		$	(1,304)		$	412		$	(4,844)		$	(832)		$	(8,374)		$	90		$	(6,056)		$	(20,452)

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

Cost for federal income tax purposes was $341,101,651.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	33,377,555
Gross Unrealized Depreciation		(4,626,753)
Net Unrealized Appreciation	$	28,750,802

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.5%
	Australia: 3.3%
80,686	Rio Tinto Ltd.		$	5,708,534		0.8
1,750,245	Other Securities			17,477,193		2.5
				23,185,727		3.3
	Belgium: 0.3%
26,846	Other Securities			2,136,269		0.3

	Canada: 4.4%
50,111 (1)	Canadian Imperial Bank of Commerce - XTSE			4,170,032		0.6
45,590	Waste Connections, Inc.			4,139,116		0.6
596,162 (2)	Other Securities			23,249,149		3.2
				31,558,297		4.4
	China: 0.3%
660,500	Other Securities			2,292,878		0.3

	Denmark: 1.2%
94,792	Novo Nordisk A/S			5,493,086		0.8
35,814	Other Securities			3,267,381		0.4
				8,760,467		1.2
	Finland: 0.7%
124,433	Other Securities			5,212,348		0.7

	France: 1.9%
504,575 (3)	Other Securities			13,487,872		1.9

	Germany: 1.1%
608,017 (3)	Other Securities			7,809,472		1.1

	Guernsey: 0.5%
54,103	Other Securities			3,905,695		0.5

	Hong Kong: 1.1%
1,485,300	Other Securities			7,621,042		1.1

	Israel: 0.3%
282,886	Other Securities			2,063,069		0.3

	Italy: 0.7%
840,808	Other Securities			4,698,477		0.7

	Japan: 8.9%
152,400 (1)	Canon, Inc.			4,170,956		0.6
1,965,388 (3)	Other Securities			59,179,821		8.3
				63,350,777		8.9
	Netherlands: 3.2%
191,596 (4)	ABN AMRO Bank NV			3,492,109		0.5
241,536	Royal Dutch Shell PLC - Class A			7,152,948		1.0
86,114	Unilever NV			4,942,167		0.7
629,909	Other Securities			6,857,657		1.0
				22,444,881		3.2
	New Zealand: 0.1%
274,203	Other Securities			799,581		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Norway: 0.2%
130,639	Other Securities		$	1,324,786		0.2

	Singapore: 0.9%
3,817,900	Other Securities			6,447,338		0.9

	Spain: 2.2%
11,791 (4)	Aena SME SA			2,260,557		0.3
56,565	Amadeus IT Group SA			4,632,511		0.7
413,361	Other Securities			8,531,578		1.2
				15,424,646		2.2
	Sweden: 0.2%
91,434	Other Securities			1,410,329		0.2

	Switzerland: 2.8%
46,966	Nestle SA			5,084,787		0.7
25,062	Roche Holding AG			8,145,221		1.2
13,470	Zurich Insurance Group AG			5,525,388		0.8
18,231	Other Securities			1,011,410		0.1
				19,766,806		2.8
	United Kingdom: 4.3%
255,968 (4)	Auto Trader Group PLC			2,021,431		0.3
249,839	GlaxoSmithKline PLC			5,870,516		0.8
1,190,269	Legal & General Group PLC			4,781,410		0.7
3,503,893	Other Securities			17,712,129		2.5
				30,385,486		4.3
	United States: 60.9%
75,098	AbbVie, Inc.			6,649,177		0.9
85,190	Aflac, Inc.			4,506,551		0.6
22,849	Air Products & Chemicals, Inc.			5,369,287		0.8
106,295	Altria Group, Inc.			5,305,184		0.8
21,106	Amgen, Inc.			5,088,023		0.7
203,992	AT&T, Inc.			7,972,007		1.1
99,721	Bristol-Myers Squibb Co.			6,401,091		0.9
54,526	Chevron Corp.			6,570,928		0.9
145,093	Cisco Systems, Inc.			6,958,660		1.0
38,474	Citrix Systems, Inc.			4,266,767		0.6
46,031	Eli Lilly & Co.			6,049,854		0.9
79,801	General Mills, Inc.			4,274,142		0.6
29,357	Hershey Co.			4,314,892		0.6
33,812	Honeywell International, Inc.			5,984,724		0.8
112,357	Intel Corp.			6,724,566		1.0
41,524	International Business Machines Corp.			5,565,877		0.8
69,918	Johnson & Johnson			10,198,939		1.4
48,216	JPMorgan Chase & Co.			6,721,310		1.0
45,118	Leidos Holdings, Inc.			4,416,601		0.6
22,628	McDonald’s Corp.			4,471,519		0.6
86,573	Merck & Co., Inc.			7,873,814		1.1
144,430	Microsoft Corp.			22,776,611		3.2
59,072	Oneok, Inc.			4,469,978		0.6
112,086	Oracle Corp.		$	5,938,316		0.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2019 (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
50,655	Paychex, Inc.		4,308,714		0.6
49,941	PepsiCo, Inc.		6,825,437		1.0
179,427	Pfizer, Inc.		7,029,950		1.0
77,206	Philip Morris International, Inc.		6,569,459		0.9
39,893	Phillips 66		4,444,479		0.6
60,522	Procter & Gamble Co.		7,559,198		1.1
41,330	Quest Diagnostics, Inc.		4,413,631		0.6
48,058	Republic Services, Inc.		4,307,439		0.6
48,826	Starbucks Corp.		4,292,782		0.6
44,429	Texas Instruments, Inc.		5,699,796		0.8
50,358	Tyson Foods, Inc.		4,584,592		0.6
42,016	Waste Management, Inc.		4,788,143		0.7
112,947	Wells Fargo & Co.		6,076,549		0.9
4,717,608 (2)	Other Securities		203,263,303		28.6
			433,032,290		60.9
	Total Common Stock (Cost $650,194,179)		707,118,533		99.5

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.9%
	Repurchase Agreements: 1.7%
2,974,853 (5)	Bethesda Securities LLC, Repurchase Agreement dated 12/31/19, 1.65%, due 01/02/20 (Repurchase Amount $2,975,122, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $3,034,350, due 11/01/32-01/01/49)		2,974,853		0.4
2,974,853 (5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $2,975,111, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,034,350, due 01/25/20-10/15/60)		2,974,853		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
341,390 (5)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $341,420, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $348,249, due 01/15/20-11/15/48)		$	341,390		0.1
2,974,853 (5)	Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $2,975,138, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $3,034,350, due 04/15/20-03/31/21)			2,974,853		0.4
2,974,853 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $2,975,109, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,034,350, due 06/30/21-12/01/49)			2,974,853		0.4
	Total Repurchase Agreements (Cost $12,240,802)			12,240,802		1.7

Value

Percentage
of Net
Assets

Mutual Funds: 0.2%

847,000 (6)

Goldman Sachs Financial
Square Government Fund -
Institutional Shares, 1.500%

847,000

0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
540,000 (5)(6)	Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		$	540,000		0.1
	Total Mutual Funds (Cost $1,387,000)			1,387,000		0.2
	Total Short-Term Investments (Cost $13,627,802)			13,627,802		1.9
	Total Investments in Securities (Cost $663,821,981)		$	720,746,335		101.4
	Liabilities in Excess of Other Assets			(9,775,883)		(1.4)
	Net Assets		$	710,970,452		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

The grouping contains securities on loan.

(3)

The grouping contains non-income producing securities.

(4)

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

(5)

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

(6)

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

Sector Diversification	Percentage of Net Assets
Information Technology		20.9%
Financials		15.9
Health Care		12.2
Industrials		11.6
Consumer Staples		9.2
Consumer Discretionary		7.5
Communication Services		6.2
Utilities		4.5
Energy		4.5
Materials		3.7
Real Estate		3.3
Short-Term Investments		1.9
Liabilities in Excess of Other Assets		(1.4)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	23,185,727		$	—		$	23,185,727
Belgium			—			2,136,269			—			2,136,269
Canada			31,558,297			—			—			31,558,297
China			—			2,292,878			—			2,292,878
Denmark			—			8,760,467			—			8,760,467
Finland			1,104,437			4,107,911			—			5,212,348
France			2,548,008			10,939,864			—			13,487,872
Germany			2,318,635			5,490,837			—			7,809,472
Guernsey			3,905,695			—			—			3,905,695
Hong Kong			—			7,621,042			—			7,621,042
Israel			—			2,063,069			—			2,063,069
Italy			—			4,698,477			—			4,698,477
Japan			—			63,350,777			—			63,350,777
Netherlands			—			22,444,881			—			22,444,881
New Zealand			—			799,581			—			799,581

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Norway			—			1,324,786			—			1,324,786
Singapore			—			6,447,338			—			6,447,338
Spain			2,420,133			13,004,513			—			15,424,646
Sweden			—			1,410,329			—			1,410,329
Switzerland			—			19,766,806			—			19,766,806
United Kingdom			—			30,385,486			—			30,385,486
United States			433,032,290			—			—			433,032,290
Total Common Stock			476,887,495			230,231,038			—			707,118,533
Short-Term Investments			1,387,000			12,240,802			—			13,627,802
Total Investments, at fair value		$	478,274,495		$	242,471,840		$	—		$	720,746,335

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	31,711
Total		$	31,711

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

Cost for federal income tax purposes was $665,223,078.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	70,775,173
Gross Unrealized Depreciation		(15,231,705)
Net Unrealized Appreciation	$	55,543,468

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2019

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 33.2%
1,300,000	Federal Farm Credit Banks Funding Corp., 1.764%, (US0001M + 0.000%), 06/19/2020		$	1,300,007		0.3
1,000,000	Federal Farm Credit Banks Funding Corp., 1.772%, (US0003M + (0.130)%), 02/03/2020			1,000,000		0.2
11,500,000	Federal Farm Credit Banks, 1.755%, (US0001M + (0.030)%), 04/22/2020			11,499,016		2.4
16,250,000	Federal Farm Credit Banks, 1.791%, (US0001M + 0.010%), 07/02/2020			16,250,000		3.5
4,750,000	Federal Farm Credit Banks, 1.835%, (US0001M + 0.050%), 02/21/2020			4,750,509		1.0
13,000,000	Federal Home Loan Bank Discount Notes, 0.880%, 01/03/2020			12,999,061		2.8
66,200,000	Federal Home Loan Bank Discount Notes, 1.240%, 01/07/2020			66,184,222		14.1
5,000,000	Federal Home Loan Bank Discount Notes, 1.580%, 02/28/2020			4,987,248		1.1
2,000,000	Federal Home Loan Bank Discount Notes, 1.600%, 04/24/2020			1,990,025		0.4
3,250,000	Federal Home Loan Banks, 1.605%, (SOFRRATE + 0.065%), 03/26/2020			3,250,000		0.7
17,000,000	Federal Home Loan Banks, 1.670%, (SOFRRATE + 0.130%), 10/16/2020			17,000,000		3.6
14,750,000	Federal Home Loan Banks, 1.782%, (US0001M + (0.010)%), 03/25/2020			14,750,000		3.1
	Total U.S. Government Agency Debt (Cost $155,960,088)			155,960,088		33.2
U.S. TREASURY DEBT: 14.2%
67,000,000 (1)	United States Treasury Bill, 1.580%, 06/18/2020			66,513,388		14.2
	Total U.S. Treasury Debt (Cost $66,513,388)			66,513,388		14.2

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY REPURCHASE AGREEMENT: 44.8%
	Repurchase Agreement: 44.8%
66,000,000	Deutsche Bank Repurchase Agreement dated 12/31/19, 1.5%, due 1/2/20, $66,005,500 to be received upon repurchase (Collateralized by $63,412,400, U.S. Treasury Debts, 0.625%-2.0%, Market Value plus accrued interest $67,320,088 due 7/15/21-11/15/21), 1.500%		$	66,000,000		14.1
78,406,000	Deutsche Bank Repurchase Agreement dated 12/31/19, 1.55%, due 1/2/20, $78,412,752 to be received upon repurchase (Collateralized by $79,056,900, U.S. Treasury Note, 1.50%-2.125%, Market Value plus accrued interest $79,974,205 due 9/30/24-5/31/26), 1.550%			78,406,000		16.7
66,000,000	Deutsche Bank Repurchase Agreement dated 12/31/2019, 1.550%, due 1/2/2020, $66,005,683 to be received upon repurchase (Collateralized by $59,209,000, U.S. Treasury Bond, 3.0%, Market Value plus accrued interest $67,320,112 due 5/15/2047), 1.550%			66,000,000		14.0
	Total U.S. Treasury Repurchase Agreement (Cost $210,406,000)			210,406,000		44.8

Shares		Value		Percentage of Net Assets
INVESTMENT COMPANIES: 7.7%
21,000,000 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.540%, 01/02/20		21,000,000		4.5
15,000,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.550%, 01/02/20		15,000,000		3.2
	Total Investment Companies (Cost $36,000,000)		36,000,000		7.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $468,879,476)		$	468,879,476		99.9
	Assets in Excess of Other Liabilities			391,881		0.1
	Net Assets		$	469,271,357		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2019.

(2)

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

Reference Rate Abbreviations:

SOFRRATE

Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

At December 31, 2019, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Investment Companies		$	36,000,000		$	—		$	—		$	36,000,000
U.S. Government Agency Debt			—			155,960,088			—			155,960,088
U.S. Treasury Debt			—			66,513,388			—			66,513,388
U.S. Treasury Repurchase Agreement			—			210,406,000			—			210,406,000
Total Investments, at fair value		$	36,000,000		$	432,879,476		$	—		$	468,879,476

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

The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of December 31, 2019:

Counterparty	Government Repurchase Agreement, at fair value			Fair Value of Non-Cash Collateral Received Including Accrued Interest (1)			Net Amount
Deutsche Bank		$	210,406,000		$	(210,406,000)		$	—
Totals		$	210,406,000		$	(210,406,000)		$	—

(1)

Collateral with a fair value of $214,614,405 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2019

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.5%
			Communication Services: 10.7%
	106,817	(1)	Alphabet, Inc. - Class A		$	143,069,622		4.5
	1,885,514		AT&T, Inc.			73,685,887		2.3
	1,201,092		Comcast Corp. – Class A			54,013,107		1.7
	479,722		Walt Disney Co.			69,382,193		2.2
						340,150,809		10.7
			Consumer Discretionary: 8.1%
	26,788	(1)	Amazon.com, Inc.			49,499,938		1.6
	405,805		Hasbro, Inc.			42,857,066		1.3
	1,341,754		MGM Resorts International			44,640,156		1.4
	285,562		Ralph Lauren Corp.			33,473,578		1.0
	345,324		Starbucks Corp.			30,360,886		1.0
	922,892		TJX Cos., Inc.			56,351,785		1.8
						257,183,409		8.1
			Consumer Staples: 8.3%
	191,614		Constellation Brands, Inc.			36,358,756		1.2
	732,987	(2)	Kellogg Co.			50,693,381		1.6
	1,111,503	(2)	Keurig Dr Pepper, Inc.			32,178,012		1.0
	791,977		Philip Morris International, Inc.			67,389,323		2.1
	406,079		Procter & Gamble Co.			50,719,267		1.6
	463,236		Other Securities			25,640,113		0.8
						262,978,852		8.3
			Energy: 4.3%
	1,282,174		BP PLC ADR			48,389,247		1.5
	538,149		ConocoPhillips			34,995,829		1.1
	608,315		Other Securities			53,866,138		1.7
						137,251,214		4.3
			Financials: 13.2%
	719,545		American International Group, Inc.			36,934,245		1.2
	1,459,532		Bank of America Corp.			51,404,717		1.6
	381,850		Discover Financial Services			32,388,517		1.0
	236,097		Goldman Sachs Group, Inc.			54,285,783		1.7
	750,854		Hartford Financial Services Group, Inc.			45,629,397		1.4
	592,214		Intercontinental Exchange, Inc.			54,809,406		1.7
	637,717		JPMorgan Chase & Co.			88,897,750		2.8
	938,423		US Bancorp			55,639,100		1.8
						419,988,915		13.2
			Health Care: 14.6%
	615,465	(1)	Alcon, Inc.			34,816,855		1.1
	215,728		Becton Dickinson & Co.			58,671,544		1.8
	878,987	(1)	Boston Scientific Corp.			39,747,792		1.3
	646,413		Bristol-Myers Squibb Co.			41,493,250		1.3
	678,350		Johnson & Johnson			98,950,915		3.1
	477,313		Medtronic PLC			54,151,160		1.7
	554,836		Novartis AG ADR			52,537,421		1.7
	353,364		Zimmer Biomet Holdings, Inc.			52,891,524		1.7
	437,829		Other Securities			28,450,128		0.9
						461,710,589		14.6

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: 8.9%
	228,587		Cummins, Inc.		$	40,907,930		1.3
	138,566		Lockheed Martin Corp.			53,954,829		1.7
	278,214		Norfolk Southern Corp.			54,009,684		1.7
	186,672		Old Dominion Freight Line			35,426,612		1.1
	150,002		Roper Technologies, Inc.			53,135,208		1.7
	684,812		Other Securities			46,311,428		1.4
						283,745,691		8.9
			Information Technology: 22.9%
	251,834	(1)	Adobe, Inc.			83,057,372		2.6
	561,622		Analog Devices, Inc.			66,743,158		2.1
	473,403		Apple, Inc.			139,014,791		4.4
	390,915		Fidelity National Information Services, Inc.			54,372,367		1.7
	142,956		Intuit, Inc.			37,444,465		1.2
	580,673	(1)	Micron Technology, Inc.			31,228,594		1.0
	1,418,190		Microsoft Corp.			223,648,563		7.1
	343,181		Motorola Solutions, Inc.			55,300,186		1.7
	290,527		Other Securities			35,225,645		1.1
						726,035,141		22.9
			Materials: 2.6%
	199,352		Air Products & Chemicals, Inc.			46,845,726		1.5
	469,199	(3)	Other Securities			35,843,539		1.1
						82,689,265		2.6
			Real Estate: 2.7%
	331,078		Crown Castle International Corp.			47,062,738		1.5
	299,835		Mid-America Apartment Communities, Inc.			39,536,243		1.2
						86,598,981		2.7
			Utilities: 3.2%
	279,256		Entergy Corp.			33,454,869		1.1
	189,749		NextEra Energy, Inc.			45,949,618		1.5
	448,838		Other Securities			20,462,524		0.6
						99,867,011		3.2
			Total Common Stock (Cost $2,455,417,864)			3,158,199,877		99.5

Principal Amount†				Value		Percentage of Net Assets
OTHER(4): —%
			Utilities: —%
	10,000,000	(5)(6)	Southern Energy (Escrow)		—		—
			Total Other (Cost $—)		—		—
			Total Long-Term Investments (Cost $2,455,417,864)		3,158,199,877		99.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2019 (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.3%
			Commercial Paper: 0.2%
	475,000	(7)	Australia & New Zealand Banking, 1.830%, 03/13/2020		$	473,231		0.0
	650,000	(7)	Banco Santander S.A., 1.950%, 02/05/2020			648,831		0.0
	825,000	(7)	DBS Bank Ltd., 1.820%, 02/18/2020			822,992		0.1
	425,000	(7)	Flex Co. LLC, 1.910%, 01/31/2020			424,341		0.0
	350,000	(7)	Le Mouvement Des Caisses Desjardins, 1.850%, 02/10/2020			349,314		0.0
	425,000	(7)	Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020			424,081		0.1
	500,000	(7)	LMA Americas LLC, 1.810%, 01/23/2020			499,351		0.0
	625,000	(7)	Nederlandse Waterschapsbank, 1.870%, 02/12/2020			623,711		0.0
	650,000	(7)	Sheffield Receivables Company LLC, 2.000%, 03/16/2020			647,455		0.0
	500,000	(7)	United Overseas Bnk Group, 1.900%, 01/24/2020			499,462		0.0
			Total Commercial Paper (Cost $5,412,769)			5,412,769		0.2

			Floating Rate Notes: 0.3%
	475,000	(7)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020			475,138		0.0
	950,000	(7)	Bank of America Corp., 1.910%, 05/07/2020			950,000		0.0
	850,000	(7)	Bank of Montreal, 1.960%, 02/26/2020			850,185		0.0
	500,000	(7)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020			500,140		0.0
	250,000	(7)	Credit Suisse Group AG, 1.890%, 04/17/2020			250,112		0.0
	700,000	(7)	Credit Suisse Group AG, 1.720%, 01/16/2020			700,052		0.0
	350,000	(7)	DNB ASA, 1.880%, 03/04/2020			350,068		0.0
	250,000	(7)	Lloyds Bank PLC, 1.880%, 01/15/2020			250,024		0.0
	325,000	(7)	Mitsubishi UFJ Financial Group, Inc., 1.980%, 03/12/2020			325,083		0.0
	625,000	(7)	Mitsubishi UFJ Financial Group, Inc., 2.050%, 02/25/2020			625,216		0.1

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Floating Rate Notes (continued)
	350,000	(7)	Mizuho Financial Group Inc., 1.960%, 05/05/2020		$	350,015		0.0
	350,000	(7)	National Australia Bank Ltd., 1.890%, 02/10/2020			350,008		0.0
	800,000	(7)	National Bank Of Canada, 1.950%, 02/27/2020			800,163		0.0
	875,000	(7)	National Bank Of Canada, 1.990%, 05/01/2020			875,113		0.1
	975,000	(7)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020			975,031		0.1
	300,000	(7)	Sumitomo Mitsui Trust Holdings, Inc., 1.980%, 05/07/2020			299,996		0.0
	600,000	(7)	Sumitomo Mitsui Trust Holdings, Inc., 2.040%, 04/24/2020			599,996		0.0
	275,000	(7)	The Norinchukin Bank, 2.050%, 04/24/2020			275,099		0.0
	450,000	(7)	The Sumitomo Mitsui Financial Group, 1.840%, 01/10/2020			450,033		0.0
	625,000	(7)	Westpac Banking Corp, 1.830%, 02/10/2020			625,050		0.0
			Total Floating Rate Notes (Cost $10,876,522)			10,876,522		0.3

			Repurchase Agreements: 0.9%
	11,826,073	(7)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $11,827,090, collateralized by various U.S. Government Agency Obligations, 2.500%- 6.500%, Market Value plus accrued interest $12,063,647, due 09/01/24-11/01/49)			11,826,073		0.3
	2,500,690	(7)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $2,500,909, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $2,550,931, due 01/15/20-11/15/48)			2,500,690		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2019 (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	11,826,073	(7)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $11,827,090, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $12,062,595, due 06/30/21-12/01/49)		$	11,826,073		0.4
	3,849,711	(7)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $3,850,080, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,926,811, due 04/15/21-02/15/47)			3,849,711		0.1
			Total Repurchase Agreements (Cost $30,002,547)			30,002,547		0.9

			Certificates of Deposit: 0.1%
	950,000	(7)	Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020			950,033		0.1
	500,000	(7)	Toronto-Dominion Bank, 1.850%, 03/18/2020			500,075		0.0
			Total Certificates of Deposit (Cost $1,450,108)			1,450,108		0.1

Shares				Value		Percentage of Net Assets
			Mutual Funds(7): 0.8%
	24,034,000	(7)(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		24,034,000		0.8
	1,230,000	(7)(8)	Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		1,230,000		0.0

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds(7) (continued)
	Total Mutual Funds (Cost $25,264,000)		$	25,264,000		0.8
	Total Short-Term Investments (Cost $73,005,946)			73,005,946		2.3
	Total Investments in Securities (Cost $2,528,423,810)		$	3,231,205,823		101.8
	Liabilities in Excess of Other Assets			(55,884,964)		(1.8)
	Net Assets		$	3,175,320,859		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains securities on loan.

(4)

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.

(5)

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

(6)

Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2019, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(7)

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

(8)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2019 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	3,158,199,877		$	—		$	—		$	3,158,199,877
Other			—			—			—			—
Short-Term Investments			25,264,000			47,741,946			—			73,005,946
Total Investments, at fair value		$	3,183,463,877		$	47,741,946		$	—		$	3,231,205,823

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

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

At December 31, 2019, Voya Growth and Income Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Southern Energy (Escrow)

11/30/2005

—

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

Cost for federal income tax purposes was $2,530,676,207.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	715,155,125
Gross Unrealized Depreciation		(14,625,509)
Net Unrealized Appreciation	$	700,529,616

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 23.8%
	Basic Materials: 0.5%
2,486,000 (1)	Anglo American Capital PLC, 4.125%, 04/15/2021		$	2,535,979		0.1
1,550,000 (1)	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028			1,640,971		0.0
3,250,000 (1)	Newcrest Finance Pty Ltd., 4.450%, 11/15/2021			3,367,521		0.1
8,236,000 (2)	Other Securities			9,030,456		0.3
				16,574,927		0.5
	Communications: 2.2%
15,774,000	AT&T, Inc., 2.950%-5.150%, 07/15/2026-02/15/2050			18,209,751		0.5
8,734,000	Comcast Corp., 2.650%-4.600%, 02/01/2030-11/01/2049			9,668,653		0.3
4,885,000 (1)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199			5,045,472		0.1
2,630,000 (1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			2,670,253		0.1
7,971,000	Verizon Communications, Inc., 3.850%-4.862%, 12/03/2029-08/21/2046			9,440,714		0.3
28,846,000 (2)	Other Securities			32,470,907		0.9
				77,505,750		2.2
	Consumer, Cyclical: 1.6%
2,000,000 (1)	BMW US Capital LLC, 3.400%, 08/13/2021			2,045,585		0.0
3,500,000 (1)	BMW US Capital LLC, 3.450%, 04/12/2023			3,631,509		0.1
1,100,000 (1)	Hyundai Capital America, 3.500%, 11/02/2026			1,115,889		0.0
1,181,790	United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 02/15/2023			1,228,244		0.1
2,236,167	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			2,297,555		0.1
854,097 (3)	United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027			868,116		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
4,201,309	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030		$	4,264,961		0.1
1,085,602	United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027			1,096,021		0.0
39,812,715 (2)	Other Securities			41,239,726		1.2
				57,787,606		1.6
	Consumer, Non-cyclical: 4.3%
5,000,000 (1)	AbbVie, Inc., 2.300%, 11/21/2022			5,027,206		0.1
2,554,000 (1)(3)	AbbVie, Inc., 2.600%, 11/21/2024			2,571,506		0.1
1,441,000 (1)	AbbVie, Inc., 2.950%, 11/21/2026			1,464,769		0.0
1,255,000 (1)	AbbVie, Inc., 3.200%, 11/21/2029			1,277,507		0.0
1,441,000 (1)(3)	AbbVie, Inc., 4.050%, 11/21/2039			1,528,030		0.1
3,007,000	AbbVie, Inc., 2.900%-4.500%, 11/06/2022-05/14/2035			3,186,155		0.1
6,049,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%-4.900%, 02/01/2036-02/01/2046			7,106,159		0.2
2,760,000	Anheuser-Busch InBev Worldwide, Inc., 4.439%-5.450%, 01/23/2039-10/06/2048			3,268,258		0.1
1,265,000 (1)	Bristol-Myers Squibb Co., 3.400%, 07/26/2029			1,352,974		0.0
3,105,000 (1)	Bristol-Myers Squibb Co., 3.875%, 08/15/2025			3,358,999		0.1
1,757,000 (1)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			2,026,549		0.1
2,000,000 (1)	Cargill, Inc., 3.875%, 05/23/2049			2,236,314		0.1
2,195,000 (1)	Cigna Corp., 3.250%, 04/15/2025			2,276,976		0.1
7,750,000	Cigna Corp., 3.400%-4.800%, 09/17/2021-08/15/2038			8,185,671		0.2
64,248	CVS Pass-Through Trust, 6.943%, 01/10/2030			75,235		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
8,675,000	CVS Health Corp., 3.700%-5.050%, 03/09/2023-03/25/2048		$	9,687,691		0.3
2,113,000 (1)	Imperial Brands Finance PLC, 3.750%, 07/21/2022			2,175,281		0.0
2,671,000 (1)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			2,744,358		0.1
324,000 (1)	Mars, Inc., 3.200%, 04/01/2030			342,959		0.0
696,000 (1)	Mars, Inc., 3.875%, 04/01/2039			769,075		0.0
1,342,000 (1)	Mars, Inc., 4.125%, 04/01/2054			1,532,078		0.1
83,605,000 (2)	Other Securities			89,619,794		2.5
				151,813,544		4.3
	Energy: 2.4%
1,015,000 (1)	Cameron LNG LLC, 2.902%, 07/15/2031			1,017,123		0.0
1,015,000 (1)	Cameron LNG LLC, 3.302%, 01/15/2035			1,024,686		0.0
1,345,000 (1)	MPLX L.P., 5.250%, 01/15/2025			1,411,841		0.0
1,500,000 (1)	Schlumberger Investment SA, 2.400%, 08/01/2022			1,512,838		0.1
1,052,000 (1)	Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021			1,070,115		0.0
5,804,000	Williams Cos, Inc./The, 4.000%-5.400%, 09/15/2025-03/04/2044			6,287,468		0.2
3,506,000 (3)	Williams Partners L.P., 3.600%-3.750%, 03/15/2022-06/15/2027			3,639,383		0.1
66,301,000 (2)	Other Securities			69,209,160		2.0
				85,172,614		2.4
	Financial: 7.6%
1,840,000 (1)	ANZ New Zealand Int’l Ltd./London, 3.400%, 03/19/2024			1,918,115		0.1
28,028,000 (4)	Bank of America Corp., 3.194%-5.125%, 05/17/2022-12/31/2199			30,412,296		0.9
1,535,000 (1)	Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024			1,534,392		0.0
1,000,000 (1)	Barclays Bank PLC, 10.179%, 06/12/2021			1,111,611		0.0
4,115,000 (1)(4)	BNP Paribas SA, 2.819%, 11/19/2025			4,162,781		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,960,000 (1)	BPCE SA, 2.700%, 10/01/2029		$	3,927,223		0.1
955,000 (1)	BPCE SA, 5.700%, 10/22/2023			1,057,473		0.0
9,000,000 (4)	Citigroup, Inc., 2.876%-5.500%, 07/24/2023-09/13/2025			9,661,659		0.3
2,000,000 (1)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,086,495		0.1
745,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039			747,692		0.0
3,150,000 (1)	Credit Agricole SA/ London, 2.375%, 07/01/2021			3,170,654		0.1
6,000,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			6,704,544		0.2
3,000,000 (1)(4)	Credit Suisse Group AG, 2.997%, 12/14/2023			3,055,755		0.1
2,303,000	Credit Suisse Group Funding Guernsey Ltd., 3.450%, 04/16/2021			2,342,528		0.0
4,500,000 (1)(3)	Danske Bank A/S, 2.800%, 03/10/2021			4,532,279		0.1
18,788,000 (4)	JPMorgan Chase & Co., 3.207%-5.000%, 06/18/2022-12/31/2199			19,651,449		0.6
958,000 (1)	Liberty Mutual Group, Inc., 3.951%, 10/15/2050			996,681		0.0
315,000 (1)(3)	Mizuho Financial Group, Inc., 3.477%, 04/12/2026			330,202		0.0
5,870,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			6,101,016		0.2
2,810,000 (1)	Mizuho Financial Group, Inc., 2.632%, 04/12/2021			2,833,719		0.1
10,580,000	Morgan Stanley, 2.750%-5.500%, 07/28/2021-04/23/2027			11,122,859		0.3
1,575,000 (1)(4)	National Australia Bank Ltd., 3.933%, 08/02/2034			1,636,677		0.1
1,004,000 (1)(3)(4)	Nationwide Building Society, 3.960%, 07/18/2030			1,078,403		0.0
1,576,000 (1)(3)	New York Life Global Funding, 2.875%, 04/10/2024			1,625,708		0.0
2,661,000 (1)(4)	Nordea Bank ABP, 6.125%, 12/31/2199			2,834,191		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
2,000,000	Royal Bank of Canada, 2.703%, (US0003M + 0.660%), 10/05/2023		$	2,016,321		0.1
6,600,000	Wells Fargo Bank NA, 3.625%, 10/22/2021			6,794,062		0.2
12,239,000 (3)(4)	Wells Fargo & Co., 2.406%-4.750%, 08/15/2023-12/07/2046			12,915,672		0.4
114,337,000 (2)	Other Securities			121,087,453		3.4
				267,449,910		7.6
	Industrial: 1.1%
2,000,000 (1)(3)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021			2,014,076		0.1
1,330,000 (1)(3)	SMBC Aviation Capital Finance DAC, 3.550%, 04/15/2024			1,381,336		0.0
2,250,000 (1)	TTX Co., 3.600%, 01/15/2025			2,372,173		0.1
1,155,000 (1)	Vinci SA, 3.750%, 04/10/2029			1,259,993		0.0
29,763,000 (2)	Other Securities			31,526,917		0.9
				38,554,495		1.1
	Technology: 1.3%
1,000,000 (1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			1,150,969		0.0
3,030,000	IBM Credit LLC, 3.000%, 02/06/2023			3,117,994		0.1
6,000,000	International Business Machines Corp., 2.875%-3.300%, 11/09/2022-05/15/2026			6,298,849		0.2
10,000,000	Microsoft Corp., 3.700%-4.450%, 11/03/2045-08/08/2046			11,775,423		0.3
24,593,000 (2)	Other Securities			25,899,322		0.7
				48,242,557		1.3
	Utilities: 2.8%
2,500,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			3,133,198		0.1
3,219,000 (1)	American Transmission Systems, Inc., 5.250%, 01/15/2022			3,406,818		0.1
2,746,000 (1)(3)	DPL, Inc., 4.350%, 04/15/2029			2,649,240		0.0
1,055,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			1,107,934		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,485,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049		$	1,484,086		0.0
5,120,000 (3)	Duke Energy Carolinas LLC, 3.200%-4.000%, 09/30/2042-08/15/2049			5,374,984		0.2
1,783,000	Duke Energy Progress LLC, 3.700%-4.200%, 08/15/2045-10/15/2046			1,991,158		0.1
2,802,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			3,050,413		0.1
411,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025			437,618		0.0
74,050,000 (2)	Other Securities			77,417,223		2.2
				100,052,672		2.8
	Total Corporate Bonds/Notes (Cost $802,057,229)			843,154,075		23.8
COLLATERALIZED MORTGAGE OBLIGATIONS: 19.1%
3,579,508 (1)(4)	Agate Bay Mortgage Trust 2015-6 B2, 3.605%, 09/25/2045			3,632,553		0.1
4,738,214	Alternative Loan Trust 2005-10CB 1A1, 2.292%, (US0001M + 0.500%), 05/25/2035			4,074,097		0.1
3,973,652	Alternative Loan Trust 2005-51 3A2A, 3.530%, (12MTA + 1.290%), 11/20/2035			3,887,940		0.1
1,708,879	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			1,582,463		0.1
2,159,815	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			2,147,338		0.1
463,871 (5)	Alternative Loan Trust 2005-J3 2A2, 3.208%, (-1.000*US0001M + 5.000%), 05/25/2035			41,168		0.0
1,482,221	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			1,131,809		0.0
3,076,983	Alternative Loan Trust 2006-HY11 A1, 1.912%, (US0001M + 0.120%), 06/25/2036			2,950,483		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,106,425	Alternative Loan Trust 2007-23CB A3, 2.292%, (US0001M + 0.500%), 09/25/2037		$	1,163,905		0.0
172,950	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			163,662		0.0
3,702,441	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 1.982%, (US0001M + 0.190%), 01/25/2037			3,537,955		0.1
890,029 (1)(4)	Chase Home Lending Mortgage Trust 2019-ATR1 A3, 4.000%, 04/25/2049			906,942		0.0
20,064	CHL Mortgage Pass-Through Trust 2005-2 2A3, 2.472%, (US0001M + 0.680%), 03/25/2035			18,849		0.0
165,118	Citicorp Mortgage Securities Trust Series 2006-4 2A1, 5.500%, 08/25/2036			169,912		0.0
885,758	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			877,616		0.0
1,495,908 (4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 4.170%, 09/25/2037			1,466,390		0.1
1,239,004 (1)(4)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			1,313,425		0.0
62,405 (4)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 4.521%, 08/25/2035			63,490		0.0
2,374,521	Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			2,443,495		0.1
329,839	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			327,526		0.0
972,508	Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.292%, (US0001M + 0.500%), 11/25/2035			547,301		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,252,979	Countrywide Asset-Backed Certificates 2005-IM1 M1, 2.512%, (US0001M + 0.720%), 11/25/2035		$	5,231,016		0.2
650,194	DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.044%, (US0001M + 0.280%), 08/19/2045			564,442		0.0
1,000,000	Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			1,137,249		0.0
12,090,957	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			13,621,835		0.4
2,206,134	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			2,260,450		0.1
28,090,696 (5)	Fannie Mae 2016-82 SD, 4.258%, (-1.000*US0001M + 6.050%), 11/25/2046			5,180,166		0.1
6,020,047	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			6,253,775		0.2
8,400,000	Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 6.042%, (US0001M + 4.250%), 04/25/2029			9,029,953		0.3
3,532,937	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 5.792%, (US0001M + 4.000%), 05/25/2025			3,751,316		0.1
222,430	Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 5.792%, (US0001M + 4.000%), 05/25/2025			230,618		0.0
6,079,708	Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 7.342%, (US0001M + 5.550%), 04/25/2028			6,494,450		0.2
7,100,000	Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 6.042%, (US0001M + 4.250%), 01/25/2029			7,555,143		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
10,166,760	Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.242%, (US0001M + 4.450%), 01/25/2029		$	10,749,210		0.3
335,494	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 6.142%, (US0001M + 4.350%), 05/25/2029			354,064		0.0
4,800,000	Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 5.342%, (US0001M + 3.550%), 07/25/2029			5,083,776		0.1
4,900,000	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 5.442%, (US0001M + 3.650%), 09/25/2029			5,165,940		0.1
1,500,000	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.792%, (US0001M + 3.000%), 10/25/2029			1,568,380		0.0
5,889,000	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.642%, (US0001M + 2.850%), 11/25/2029			6,095,466		0.2
9,050,000	Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 3.992%, (US0001M + 2.200%), 01/25/2030			9,213,000		0.3
900,000	Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 4.442%, (US0001M + 2.650%), 02/25/2030			924,370		0.0
8,050,000	Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.192%, (US0001M + 2.400%), 05/28/2030			8,206,527		0.2
8,644,066	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.292%, (US0001M + 2.500%), 05/25/2030			8,783,522		0.3

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,491,306	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 4.592%, (US0001M + 2.800%), 02/25/2030		$	4,616,489		0.1
6,924,295	Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.992%, (US0001M + 2.200%), 08/25/2030			6,990,246		0.2
1,700,000	Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 3.942%, (US0001M + 2.150%), 10/25/2030			1,714,654		0.1
1,200,000	Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 4.342%, (US0001M + 2.550%), 12/25/2030			1,222,386		0.0
2,500,000	Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 4.142%, (US0001M + 2.350%), 01/25/2031			2,538,021		0.1
5,409,539	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.792%, (US0001M + 2.000%), 03/25/2031			5,436,552		0.2
14,000,000	Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 4.042%, (US0001M + 2.250%), 07/25/2030			14,198,023		0.4
3,500,000 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 4.092%, (US0001M + 2.300%), 08/25/2031			3,535,377		0.1
6,685,863 (1)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 4.192%, (US0001M + 2.400%), 04/25/2031			6,768,939		0.2
2,245,584	Fannie Mae Connecticut Avenue Securities, 7.492%, (US0001M + 5.700%), 04/25/2028			2,496,098		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
522,246 (5)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043		$	97,426		0.0
440,441 (5)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			69,817		0.0
9,448	Fannie Mae REMIC Trust 1994-77 FB, 3.292%, (US0001M + 1.500%), 04/25/2024			9,590		0.0
365,822	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			400,476		0.0
291,353	Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			320,358		0.0
29,149	Fannie Mae REMIC Trust 2002-21 FC, 2.692%, (US0001M + 0.900%), 04/25/2032			29,606		0.0
909,940 (5)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			206,578		0.0
81,180	Fannie Mae REMIC Trust 2004-11 A, 1.912%, (US0001M + 0.120%), 03/25/2034			80,884		0.0
476,381	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			529,837		0.0
200,855	Fannie Mae REMIC Trust 2005-74 DK, 16.832%, (-4.000*US0001M + 24.000%), 07/25/2035			313,969		0.0
5,120,338 (5)	Fannie Mae REMIC Trust 2005-92 SC, 4.888%, (-1.000*US0001M + 6.680%), 10/25/2035			951,769		0.0
316,165	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			350,308		0.0
966,550	Fannie Mae REMIC Trust 2006-104 ES, 24.490%, (-5.000*US0001M + 33.450%), 11/25/2036			1,742,278		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,909,707 (5)	Fannie Mae REMIC Trust 2006-12 SD, 4.958%, (-1.000*US0001M + 6.750%), 10/25/2035		$	961,372		0.0
2,614,177 (5)	Fannie Mae REMIC Trust 2006-123 UI, 4.948%, (-1.000*US0001M + 6.740%), 01/25/2037			559,951		0.0
674,639 (5)	Fannie Mae REMIC Trust 2006-72 HS, 4.908%, (-1.000*US0001M + 6.700%), 08/25/2026			80,797		0.0
200,294	Fannie Mae REMIC Trust 2007-73 A1, 1.711%, (US0001M + 0.060%), 07/25/2037			196,984		0.0
528,676	Fannie Mae REMIC Trust 2008-20 SP, 11.020%, (-2.500*US0001M + 15.500%), 03/25/2038			691,094		0.0
2,292,571	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			2,485,498		0.1
8,102,688 (5)	Fannie Mae REMIC Trust 2010-102 SB, 4.808%, (-1.000*US0001M + 6.600%), 09/25/2040			1,702,935		0.1
2,698,016 (5)	Fannie Mae REMIC Trust 2010-116 SE, 4.808%, (-1.000*US0001M + 6.600%), 10/25/2040			512,441		0.0
7,966,660 (5)	Fannie Mae REMIC Trust 2010-123 SL, 4.278%, (-1.000*US0001M + 6.070%), 11/25/2040			1,194,255		0.0
5,050,000	Fannie Mae REMIC Trust 2010-130 CX, 4.500%, 09/25/2039			5,242,936		0.2
4,098,790 (5)	Fannie Mae REMIC Trust 2010-55 AS, 4.628%, (-1.000*US0001M + 6.420%), 06/25/2040			760,692		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
8,159,907	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040		$	9,011,693		0.3
1,295,871	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			1,411,431		0.0
6,601,976 (5)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			558,284		0.0
1,787,961 (5)	Fannie Mae REMIC Trust 2012-10 US, 4.658%, (-1.000*US0001M + 6.450%), 02/25/2042			231,367		0.0
1,292,839	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			1,328,908		0.0
11,158,909 (5)	Fannie Mae REMIC Trust 2012-113 SG, 4.308%, (-1.000*US0001M + 6.100%), 10/25/2042			2,048,300		0.1
8,122,457 (5)	Fannie Mae REMIC Trust 2012-122 SB, 4.358%, (-1.000*US0001M + 6.150%), 11/25/2042			1,526,650		0.0
3,328,591 (5)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			286,731		0.0
3,922,600	Fannie Mae REMIC Trust 2012-131 BS, 3.371%, (-1.200*US0001M + 5.400%), 12/25/2042			3,678,632		0.1
12,825,019 (5)	Fannie Mae REMIC Trust 2012-137 SN, 4.308%, (-1.000*US0001M + 6.100%), 12/25/2042			2,255,513		0.1
4,962,687 (5)	Fannie Mae REMIC Trust 2012-15 SP, 4.828%, (-1.000*US0001M + 6.620%), 06/25/2040			493,573		0.0
3,077,923 (5)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			504,378		0.0
697,430	Fannie Mae REMIC Trust 2013-44 ZG, 3.500%, 03/25/2042			732,377		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
10,246,993 (5)	Fannie Mae REMIC Trust 2013-60 DS, 4.408%, (-1.000*US0001M + 6.200%), 06/25/2033		$	1,737,956		0.1
8,438,293 (5)	Fannie Mae REMIC Trust 2013-9 DS, 4.358%, (-1.000*US0001M + 6.150%), 02/25/2043			1,947,750		0.1
270,426 (5)	Fannie Mae REMIC Trust 2013-9 SA, 4.358%, (-1.000*US0001M + 6.150%), 03/25/2042			40,434		0.0
3,104,671 (5)	Fannie Mae REMIC Trust 2014-81 JI, 4.000%, 09/25/2041			197,419		0.0
23,834,891 (5)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			5,367,622		0.2
3,785,347 (5)	Fannie Mae REMICS 2005-66 SY, 4.908%, (-1.000*US0001M + 6.700%), 07/25/2035			754,516		0.0
6,730,566 (5)	Fannie Mae REMICS 2006-120 QD, 2.908%, (-1.000*US0001M + 4.700%), 10/25/2036			691,116		0.0
3,202,055 (5)	Fannie Mae REMICS 2006-59 XS, 5.408%, (-1.000*US0001M + 7.200%), 07/25/2036			600,573		0.0
3,460,157 (5)	Fannie Mae REMICS 2007-53 SX, 4.308%, (-1.000*US0001M + 6.100%), 06/25/2037			653,236		0.0
1,357,406	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			1,507,429		0.0
103,000	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			108,042		0.0
4,988,438 (5)	Fannie Mae REMICS 2011-149 ES, 4.208%, (-1.000*US0001M + 6.000%), 07/25/2041			631,704		0.0
1,180,640	Fannie Mae REMICS 2012-150 CS, 3.312%, (-1.500*US0001M + 6.000%), 01/25/2043			1,095,088		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
13,570,931 (5)	Fannie Mae REMICS 2016-93 SL, 4.858%, (-1.000*US0001M + 6.650%), 12/25/2046		$	2,333,471		0.1
2,107,861	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			2,142,487		0.1
447,160	Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048			459,806		0.0
2,270,365	Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			2,312,880		0.1
13,756,058 (5)	Fannie Mae REMICS 2019-18 SA, 4.258%, (-1.000*US0001M + 6.050%), 05/25/2049			2,425,494		0.1
1,440,727 (1)(4)	Flagstar Mortgage Trust 2018-1 B1, 4.030%, 03/25/2048			1,520,288		0.0
1,536,775 (1)(4)	Flagstar Mortgage Trust 2018-1 B2, 4.030%, 03/25/2048			1,600,837		0.0
2,017,018 (1)(4)	Flagstar Mortgage Trust 2018-1 B3, 4.030%, 03/25/2048			2,041,450		0.1
1,740,240 (1)(4)	Flagstar Mortgage Trust 2018-2 B2, 4.050%, 04/25/2048			1,788,147		0.1
2,382,198 (1)(4)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048			2,435,877		0.1
5,367,255 (5)	Freddie Mac 2815 GS, 4.260%, (-1.000*US0001M + 6.000%), 03/15/2034			899,950		0.0
16,900,738	Freddie Mac 326 350, 3.500%, 03/15/2044			17,650,233		0.5
4,217	Freddie Mac REMIC Trust 1125 Z, 8.250%, 08/15/2021			4,364		0.0
236,808	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			261,637		0.0
232,437	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			255,755		0.0
100,822	Freddie Mac REMIC Trust 2411 FJ, 2.090%, (US0001M + 0.350%), 12/15/2029			100,479		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
146,723	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032		$	163,125		0.0
377,820	Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032			424,655		0.0
298,809	Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022			307,791		0.0
312,322	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			348,777		0.0
18	Freddie Mac REMIC Trust 2559 PB, 5.500%, 08/15/2030			18		0.0
272,230	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			305,591		0.0
360,399 (5)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			80,433		0.0
444,119	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			505,021		0.0
1,205,787	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			1,353,824		0.0
858,663	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			943,792		0.0
981,247	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			1,079,130		0.0
5,944,805 (5)	Freddie Mac REMIC Trust 3045 DI, 4.990%, (-1.000*US0001M + 6.730%), 10/15/2035			1,132,382		0.0
2,641,194 (5)	Freddie Mac REMIC Trust 3064 SP, 4.860%, (-1.000*US0001M + 6.600%), 03/15/2035			187,210		0.0
398,031	Freddie Mac REMIC Trust 3065 DC, 14.641%, (-3.000*US0001M + 19.860%), 03/15/2035			548,440		0.0
828,970 (5)	Freddie Mac REMIC Trust 3102 IS, 18.188%, (-3.667*US0001M + 24.567%), 01/15/2036			421,743		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,210,190	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036		$	3,531,881		0.1
1,782,395 (5)	Freddie Mac REMIC Trust 3170 SA, 4.860%, (-1.000*US0001M + 6.600%), 09/15/2033			328,639		0.0
1,100,561 (5)	Freddie Mac REMIC Trust 3171 PS, 4.745%, (-1.000*US0001M + 6.485%), 06/15/2036			175,766		0.0
1,581,085	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			1,778,619		0.1
391,868 (4)	Freddie Mac REMIC Trust 3524 LA, 5.210%, 03/15/2033			430,546		0.0
104,954	Freddie Mac REMIC Trust 3556 NT, 4.840%, (US0001M + 3.100%), 03/15/2038			107,433		0.0
6,744,203 (5)	Freddie Mac REMIC Trust 3589 SB, 4.460%, (-1.000*US0001M + 6.200%), 10/15/2039			1,214,787		0.0
1,167,218 (5)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			160,021		0.0
7,100,810	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			7,964,997		0.2
2,503,998	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			2,827,374		0.1
289,045 (5)	Freddie Mac REMIC Trust 3710 SL, 4.260%, (-1.000*US0001M + 6.000%), 05/15/2036			3,459		0.0
1,299,802	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			1,468,175		0.1
939,491 (5)	Freddie Mac REMIC Trust 3752 WS, 4.860%, (-1.000*US0001M + 6.600%), 12/15/2039			40,456		0.0
1,094,809	Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			1,196,472		0.0
4,840,334 (5)	Freddie Mac REMIC Trust 3820 BI, 4.000%, 11/15/2038			267,707		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,869,174	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041		$	2,007,749		0.1
5,967,029 (5)	Freddie Mac REMIC Trust 3856 KS, 4.810%, (-1.000*US0001M + 6.550%), 05/15/2041			1,033,796		0.0
1,523,000	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,695,949		0.1
2,205,813 (5)	Freddie Mac REMIC Trust 3925 SD, 4.310%, (-1.000*US0001M + 6.050%), 07/15/2040			220,366		0.0
10,523,781 (5)	Freddie Mac REMIC Trust 3925 SL, 4.310%, (-1.000*US0001M + 6.050%), 01/15/2041			1,124,821		0.0
2,551,517 (5)	Freddie Mac REMIC Trust 3936 GS, 4.960%, (-1.000*US0001M + 6.700%), 11/15/2025			92,507		0.0
13,803,239 (5)	Freddie Mac REMIC Trust 3951 SN, 4.810%, (-1.000*US0001M + 6.550%), 11/15/2041			2,788,920		0.1
4,567,395 (5)	Freddie Mac REMIC Trust 3984 NS, 4.860%, (-1.000*US0001M + 6.600%), 01/15/2040			272,229		0.0
1,066,903	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			1,156,166		0.0
2,123,073	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			2,504,064		0.1
1,977,944 (5)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040			160,048		0.0
4,423,438 (5)	Freddie Mac REMIC Trust 4094 YS, 4.960%, (-1.000*US0001M + 6.700%), 04/15/2040			399,502		0.0
10,693,746 (5)	Freddie Mac REMIC Trust 4102 MS, 4.860%, (-1.000*US0001M + 6.600%), 09/15/2042			2,116,251		0.1
945,849 (5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			136,933		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,518,064	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033		$	5,679,083		0.2
27,067,017	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			30,024,728		0.9
9,530,157 (5)	Freddie Mac REMIC Trust 4313 SD, 4.410%, (-1.000*US0001M + 6.150%), 03/15/2044			1,645,464		0.1
14,720,680 (5)	Freddie Mac REMIC Trust 4313 SE, 4.410%, (-1.000*US0001M + 6.150%), 03/15/2044			2,616,373		0.1
2,827,310 (5)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			261,839		0.0
1,584,076 (5)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			264,201		0.0
7,310,997	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			8,313,692		0.2
5,889,646 (5)	Freddie Mac REMIC Trust 4346 ST, 4.460%, (-1.000*US0001M + 6.200%), 07/15/2039			708,621		0.0
11,296,966	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			12,611,011		0.4
5,582,702 (5)	Freddie Mac REMIC Trust 4386 LS, 4.360%, (-1.000*US0001M + 6.100%), 09/15/2044			947,735		0.0
9,465,521 (5)	Freddie Mac REMICS 3284 CI, 4.380%, (-1.000*US0001M + 6.120%), 03/15/2037			1,745,925		0.1
15,989,718 (5)	Freddie Mac REMICS 4675 KS, 4.260%, (-1.000*US0001M + 6.000%), 04/15/2047			3,063,384		0.1
500,398	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			516,487		0.0
14,252,296	Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			14,593,498		0.4
2,513,607	Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			2,630,045		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
8,334,526	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044		$	9,193,416		0.3
11,041,706 (5)	Freddie Mac Strips Series 311 S1, 4.210%, (-1.000*US0001M + 5.950%), 08/15/2043			2,088,700		0.1
876,290	Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 5.792%, (US0001M + 4.000%), 08/25/2024			934,356		0.0
2,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 5.692%, (US0001M + 3.900%), 12/25/2027			2,069,788		0.1
3,100,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 6.492%, (US0001M + 4.700%), 04/25/2028			3,437,338		0.1
1,282,935	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 5.592%, (US0001M + 3.800%), 03/25/2025			1,316,564		0.0
1,900,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 7.342%, (US0001M + 5.550%), 07/25/2028			2,097,903		0.1
500,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 5.642%, (US0001M + 3.850%), 03/25/2029			534,002		0.0
9,900,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.292%, (US0001M + 2.500%), 03/25/2030			10,141,832		0.3
1,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 5.342%, (US0001M + 3.550%), 08/25/2029			1,051,168		0.0
6,200,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 4.442%, (US0001M + 2.650%), 12/25/2029			6,376,369		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,630,315	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.142%, (US0001M + 2.350%), 04/25/2030		$	6,749,601		0.2
6,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 3.592%, (US0001M + 1.800%), 07/25/2030			6,017,844		0.2
1,300,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.092%, (US0001M + 2.300%), 09/25/2030			1,315,816		0.0
297,114	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			345,886		0.0
436,714	Freddie Mac Structured Pass Through Certificates T-62 1A1, 3.440%, (12MTA + 1.200%), 10/25/2044			443,133		0.0
48,569	Freddie Mac-Ginnie Mae Series 27 FC, 3.375%, (PRIME + (1.375)%), 03/25/2024			49,223		0.0
1,209,160 (1)(4)	Galton Funding Mortgage Trust 2017-2 A21, 4.000%, 06/25/2059			1,223,274		0.0
11,783,900 (5)	Ginnie Mae 2007-35 KY, 4.710%, (-1.000*US0001M + 6.450%), 06/16/2037			2,244,958		0.1
952,965	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			928,976		0.0
926,676	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			918,306		0.0
409,268	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			386,644		0.0
436,765	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			427,721		0.0
895,226 (5)	Ginnie Mae Series 2005-7 AH, 5.030%, (-1.000*US0001M + 6.770%), 02/16/2035			152,698		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
73,275	Ginnie Mae Series 2007-37 S, 18.921%, (-3.667*US0001M + 25.300%), 04/16/2037		$	79,079		0.0
428,509	Ginnie Mae Series 2007-8 SP, 16.327%, (-3.242*US0001M + 22.049%), 03/20/2037			670,428		0.0
2,575,465 (5)	Ginnie Mae Series 2008-35 SN, 4.635%, (-1.000*US0001M + 6.400%), 04/20/2038			377,219		0.0
1,395,995 (5)	Ginnie Mae Series 2008-40 PS, 4.760%, (-1.000*US0001M + 6.500%), 05/16/2038			250,028		0.0
10,298,111 (5)	Ginnie Mae Series 2009-106 SU, 4.435%, (-1.000*US0001M + 6.200%), 05/20/2037			1,886,828		0.1
3,413,295 (5)	Ginnie Mae Series 2009-25 KS, 4.435%, (-1.000*US0001M + 6.200%), 04/20/2039			608,553		0.0
1,722,472	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			1,888,155		0.1
2,203,271	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			2,434,962		0.1
831,053 (5)	Ginnie Mae Series 2009-33 SN, 4.535%, (-1.000*US0001M + 6.300%), 05/20/2039			29,502		0.0
11,903,697	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			13,384,534		0.4
703,052 (5)	Ginnie Mae Series 2009-43 HS, 4.435%, (-1.000*US0001M + 6.200%), 06/20/2038			21,886		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,461,905 (5)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040		$	300,751		0.0
2,212,882 (5)	Ginnie Mae Series 2010-116 NS, 4.910%, (-1.000*US0001M + 6.650%), 09/16/2040			372,953		0.0
6,285,964 (5)	Ginnie Mae Series 2010-116 SK, 4.855%, (-1.000*US0001M + 6.620%), 08/20/2040			1,140,261		0.0
9,856,739 (5)	Ginnie Mae Series 2010-149 HS, 4.360%, (-1.000*US0001M + 6.100%), 05/16/2040			994,805		0.0
3,540,331 (5)	Ginnie Mae Series 2010-4 SP, 4.760%, (-1.000*US0001M + 6.500%), 01/16/2039			392,307		0.0
4,006,475	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			4,347,772		0.1
2,168,315 (5)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			221,060		0.0
2,575,206 (5)	Ginnie Mae Series 2010-68 MS, 4.085%, (-1.000*US0001M + 5.850%), 06/20/2040			438,494		0.0
4,996,081 (5)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			1,146,098		0.0
3,329,190 (5)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			253,983		0.0
949,605 (5)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			86,530		0.0
61,244	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			67,541		0.0
5,247,081 (5)	Ginnie Mae Series 2011-80 KS, 4.905%, (-1.000*US0001M + 6.670%), 06/20/2041			1,127,707		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
977,427 (5)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040		$	72,121		0.0
88,228	Ginnie Mae Series 2012-43 MA, 4.000%, 10/20/2041			89,587		0.0
13,552,059 (5)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			2,646,663		0.1
10,652,517 (5)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			2,436,140		0.1
11,636,636	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			11,769,458		0.3
9,447,525 (5)	Ginnie Mae Series 2014-3 SU, 4.285%, (-1.000*US0001M + 6.050%), 07/20/2039			1,684,984		0.1
1,358,609	Ginnie Mae Series 2014-43 Z, 4.000%, 03/20/2044			1,567,512		0.1
11,633,554 (5)	Ginnie Mae Series 2014-55 MS, 4.460%, (-1.000*US0001M + 6.200%), 04/16/2044			2,198,604		0.1
13,077,977 (5)	Ginnie Mae Series 2014-56 SP, 4.460%, (-1.000*US0001M + 6.200%), 12/16/2039			1,891,421		0.1
10,388,822 (5)	Ginnie Mae Series 2014-58 CS, 3.860%, (-1.000*US0001M + 5.600%), 04/16/2044			1,670,784		0.1
13,296,439 (5)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			3,140,059		0.1
5,220,021 (5)	Ginnie Mae Series 2014-99 S, 3.835%, (-1.000*US0001M + 5.600%), 06/20/2044			967,083		0.0
3,627,411	Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			3,718,881		0.1
4,443,107	Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			4,580,789		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,594,009 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		$	3,649,673		0.1
66,413	HarborView Mortgage Loan Trust 2005-2 2A1A, 2.204%, (US0001M + 0.440%), 05/19/2035			64,467		0.0
261,117	HomeBanc Mortgage Trust 2004-1 2A, 2.652%, (US0001M + 0.860%), 08/25/2029			254,343		0.0
3,000,000	HomeBanc Mortgage Trust 2005-4 M1, 2.262%, (US0001M + 0.470%), 10/25/2035			3,033,990		0.1
3,191,206	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.002%, (US0001M + 0.210%), 04/25/2046			3,031,142		0.1
2,643,286	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 2.002%, (US0001M + 0.210%), 02/25/2046			2,259,276		0.1
14,221 (4)	JP Morgan Mortgage Trust 2005-A1 6T1, 4.611%, 02/25/2035			14,369		0.0
116,502 (4)	JP Morgan Mortgage Trust 2007-A1 5A5, 4.305%, 07/25/2035			119,681		0.0
3,099,278 (1)(4)	JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047			3,116,787		0.1
4,435,715 (1)(4)	JP Morgan Mortgage Trust 2017-4 B1, 3.952%, 11/25/2048			4,669,722		0.1
1,627,785 (1)(4)	JP Morgan Mortgage Trust 2017-4 B2, 3.952%, 11/25/2048			1,648,153		0.1
1,055,945 (1)(4)	JP Morgan Mortgage Trust 2017-6 B3, 3.826%, 12/25/2048			1,062,637		0.0
1,631,863 (1)(4)	JP Morgan Mortgage Trust 2018-1 B1, 3.744%, 06/25/2048			1,670,312		0.1
1,631,863 (1)(4)	JP Morgan Mortgage Trust 2018-1 B2, 3.744%, 06/25/2048			1,648,853		0.1
2,015,831 (1)(4)	JP Morgan Mortgage Trust 2018-1 B3, 3.744%, 06/25/2048			1,997,949		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,445,602 (1)(4)	JP Morgan Mortgage Trust 2018-3 B1, 3.762%, 09/25/2048		$	1,489,927		0.0
1,301,687 (1)(4)	JP Morgan Mortgage Trust 2018-4 B1, 3.779%, 10/25/2048			1,343,198		0.0
551,255 (1)(4)	JP Morgan Mortgage Trust 2019-3 A3, 4.000%, 09/25/2049			558,232		0.0
1,216,648 (1)(4)	JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049			1,235,958		0.0
1,460,671 (1)(4)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			1,499,241		0.0
4,864,514,781 (1)(5)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048			5,922,060		0.2
8,721,537 (5)	Lehman Mortgage Trust 2006-9 2A5, 4.828%, (-1.000*US0001M + 6.620%), 01/25/2037			1,399,186		0.0
2,679,376	Lehman XS Trust Series 2005-5N 1A2, 2.152%, (US0001M + 0.360%), 11/25/2035			2,480,475		0.1
501,140	Merrill Lynch Mortgage Investors Trust Series 2005-A6 2A3, 2.172%, (US0001M + 0.380%), 08/25/2035			504,388		0.0
30,263	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 2.042%, (US0001M + 0.250%), 11/25/2035			29,043		0.0
2,000,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 3.592%, (US0001M + 1.800%), 09/25/2035			1,978,554		0.1
1,549,700	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			1,250,107		0.0
1,634,700 (1)(4)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,735,511		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
19,554 (1)(4)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030		$	20,028		0.0
990,582 (1)	RBSSP Resecuritization Trust 2011-3 2A1, 1.958%, (US0001M + 0.250%), 02/26/2037			993,363		0.0
60,665	Sequoia Mortgage Trust 2003-4 2A1, 2.115%, (US0001M + 0.350%), 07/20/2033			59,857		0.0
33,079 (4)	Sequoia Mortgage Trust 2005-4 2A1, 4.537%, 04/20/2035			34,889		0.0
1,294,851 (1)(4)	Sequoia Mortgage Trust 2014-3 B3, 3.936%, 10/25/2044			1,336,542		0.0
1,310,238 (1)(4)	Sequoia Mortgage Trust 2014-4 B3, 3.864%, 11/25/2044			1,346,045		0.1
1,146,668 (1)(4)	Sequoia Mortgage Trust 2015-2 B3, 3.738%, 05/25/2045			1,173,896		0.0
1,257,369 (1)(4)	Sequoia Mortgage Trust 2015-3 B3, 3.707%, 07/25/2045			1,259,026		0.0
2,900,000 (1)(4)	Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047			3,040,648		0.1
1,180,401 (1)(4)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			1,197,880		0.0
4,824,883 (1)(4)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.487%, 02/25/2048			5,134,633		0.2
1,315,842 (1)(4)	Sequoia Mortgage Trust 2019-3 A2, 3.500%, 09/25/2049			1,333,010		0.0
2,664,914 (1)(4)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049			2,710,420		0.1
243,738	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 2.014%, (US0001M + 0.250%), 07/19/2035			241,014		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
110,583	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 2.014%, (US0001M + 0.250%), 07/19/2035		$	110,200		0.0
1,200,000 (1)(4)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			1,200,365		0.0
1,300,000 (1)(4)	Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/2058			1,307,875		0.0
1,796,057 (1)(6)	Verus Securitization Trust 2019-3 A2, 2.938% (Step Rate @ 3.938% on 07/25/2023), 07/25/2059			1,800,359		0.1
8,579	WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 2.350%, (COF 11 + 1.250%), 02/27/2034			8,570		0.0
30,947	WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 3.640%, (12MTA + 1.400%), 08/25/2042			30,380		0.0
37,801	WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 2.432%, (US0001M + 0.640%), 01/25/2045			37,682		0.0
894,503 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.210%, 10/25/2036			840,753		0.0
348,116	WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 2.627%, (COF 11 + 1.500%), 07/25/2046			337,581		0.0
61,487,186 (4)(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.276%, 08/25/2045			2,224,465		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,983,881	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.282%, (US0001M + 0.490%), 10/25/2045		$	1,983,258		0.1
736,333 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.693%, 10/25/2036			725,207		0.0
1,375,040 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.342%, 12/25/2036			1,296,997		0.0
2,507,708 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.875%, 08/25/2046			2,435,202		0.1
3,248,885 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.501%, 04/25/2037			2,997,048		0.1
2,061,651 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.612%, 07/25/2037			1,888,727		0.0
3,026,747	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			2,842,820		0.1
263,534	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			262,665		0.0
1,921,753	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 1.892%, (US0001M + 0.100%), 12/25/2036			1,373,749		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,473,675	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.200%, (12MTA + 0.960%), 08/25/2046		$	3,347,282		0.1
1,873,893	Wells Fargo Alternative Loan 2007-PA2 2A1, 2.222%, (US0001M + 0.430%), 06/25/2037			1,556,731		0.1
175,507 (4)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 5.076%, 05/25/2035			175,757		0.0
438,670 (4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 5.220%, 04/25/2036			430,681		0.0
1,055,848 (1)(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.777%, 08/20/2045			1,053,656		0.0
17,520,204	Other Securities			17,388,463		0.5
	Total Collateralized Mortgage Obligations (Cost $658,635,023)			675,781,147		19.1
MUNICIPAL BONDS: 0.1%
	California: 0.1%
1,600,000	Other Securities			2,179,160		0.1
	Total Municipal Bonds (Cost $1,601,900)			2,179,160		0.1
U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.0%
	Federal Home Loan Mortgage Corporation: 5.4%(7)
12,745,697	3.000%,10/01/2046			13,057,672		0.4
9,731,825	3.000%,10/01/2046			10,021,122		0.3
10,921,730	3.000%,03/01/2048			11,188,538		0.3
18,042,024	3.000%,08/01/2048			18,460,585		0.5
11,947,491	3.500%,01/01/2045			12,478,852		0.3
22,027,565	3.500%,03/01/2048			23,257,680		0.7
74,262	3.759%, (US0012M + 1.345%),09/01/2035			76,913		0.0
12,465	4.030%, (H15T1Y + 2.250%),11/01/2031			13,109		0.0
21,650	4.117%, (H15T1Y + 2.250%),11/01/2035			22,915		0.0
2,681	4.256%, (H15T1Y + 2.210%),06/01/2024			2,792		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
194,563	4.502%, (H15T1Y + 2.462%),01/01/2029		$	200,583		0.0
617,147	4.566%, (US0012M + 1.721%),06/01/2035			648,609		0.0
5,040	4.763%, (H15T1Y + 2.250%),04/01/2032			5,306		0.0
2,915	4.891%, (H15T1Y + 2.250%),03/01/2036			3,080		0.0
96,317,435	2.500%-6.500%, 11/01/2021-06/01/2048			101,589,961		2.9
				191,027,717		5.4
	Federal National Mortgage Association: 0.1%(7)
1,969,069	3.355%-4.835%, 09/01/2031-10/01/2044			2,043,808		0.1

	Government National Mortgage Association: 2.1%
12,560,401	3.500%,12/20/2047			13,153,073		0.4
9,882,222	4.000%,04/20/2048			10,269,756		0.3
25,600,000 (8)	4.000%,01/20/2050			26,497,419		0.7
22,911,795 (4)	3.500%-5.500%, 11/15/2035-10/20/2060			24,333,404		0.7
				74,253,652		2.1
	Uniform Mortgage-Backed Securities: 11.4%
5,662,000 (8)	3.000%,01/25/2035			5,801,383		0.2
9,972,744	3.000%,12/01/2049			10,113,592		0.3
70,204,000	3.000%,01/01/2050			71,185,115		2.0
17,234,391	3.000%-4.000%, 06/01/2047-10/01/2049			18,061,725		0.5
14,123,719	3.000%,07/01/2043			14,539,496		0.4
10,037,645	3.000%,04/01/2045			10,329,581		0.3
11,701,957	3.000%,01/01/2047			11,970,410		0.3
28,620,417	3.500%,08/01/2046			30,273,532		0.9
13,693,045	3.500%,07/01/2048			14,449,046		0.4
9,617,289	4.000%,12/01/2039			10,312,165		0.3
11,379,725	4.000%,09/01/2048			11,954,986		0.3
181,635,442	2.500%-7.500%, 02/01/2021-03/01/2048			194,626,704		5.5
				403,617,735		11.4
	Total U.S. Government Agency Obligations (Cost $653,499,820)			670,942,912		19.0

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 2.6%
	Treasury Inflation Indexed Protected Securities: 1.4%
48,521,750	0.250%,07/15/2029		$	49,010,358		1.4

	U.S. Treasury Bonds: 0.1%
2,351,000	Other Securities			2,278,675		0.1

	U.S. Treasury Notes: 1.1%
10,375,700	1.625%,12/31/2021			10,386,170		0.3
12,769,900	1.750%,12/31/2024			12,798,869		0.3
16,340,000 (3)	1.625%-1.750%, 12/15/2022-11/15/2029			16,222,335		0.5
				39,407,374		1.1
	Total U.S. Treasury Obligations (Cost $90,794,931)			90,696,407		2.6
ASSET-BACKED SECURITIES: 8.5%
	Automobile Asset-Backed Securities: 0.2%
1,750,000 (1)	OSCAR US Funding Trust VII LLC 2017-2A A4, 2.760%, 12/10/2024			1,767,773		0.1
1,250,000 (1)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021			1,283,585		0.0
4,400,000	Other Securities			4,445,953		0.1
				7,497,311		0.2
	Home Equity Asset-Backed Securities: 0.3%
1,401,591 (1)(4)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			1,340,587		0.0
1,107,868	Home Equity Asset Trust 2005-2 M5, 2.887%, (US0001M + 1.095%), 07/25/2035			1,118,509		0.0
2,400,000	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 2.707%, (US0001M + 0.915%), 03/25/2035			2,415,471		0.1
532,777	New Century Home Equity Loan Trust 2005-2 M3, 2.527%, (US0001M + 0.735%), 06/25/2035			532,957		0.0
54,127	Renaissance Home Equity Loan Trust 2003-2 A, 2.672%, (US0001M + 0.880%), 08/25/2033			54,170		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
58,318	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 1.872%, (US0001M + 0.080%), 11/25/2036		$	22,024		0.0
3,272,961	WaMu Asset-Backed Certificates WaMu Series 2007-HE4 2A3 Trust, 1.962%, (US0001M + 0.170%), 07/25/2047			2,258,953		0.1
2,280,876	Other Securities			2,396,999		0.1
				10,139,670		0.3
	Other Asset-Backed Securities: 7.3%
1,500,045 (1)	Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058			1,519,288		0.0
1,740,948 (1)(4)	Ajax Mortgage Loan Trust 2018-C A, 4.360%, 09/25/2065			1,764,200		0.1
9,000,000 (1)	Allegany Park CLO Ltd. 2019-1A A, 3.238%, (US0003M + 1.330%), 01/20/2033			9,000,000		0.3
4,090,000 (1)	ALM VIII Ltd. 2013-8A A1R, 3.491%, (US0003M + 1.490%), 10/15/2028			4,091,865		0.1
2,484,131 (1)(4)(5)(9)	American Homes 4 Rent 2015-SFR1 XS, 0.000%, 04/17/2052			—		—
9,500,000 (1)	Apidos CLO XXXII 2019-32A A1, 3.228%, (US0003M + 1.320%), 01/20/2033			9,500,000		0.3
8,000,000 (1)	ARES XLVI CLO Ltd. 2017-46A A2, 3.231%, (US0003M + 1.230%), 01/15/2030			7,832,776		0.2
3,470,000 (1)	Babson CLO Ltd. 2017-1A A2, 3.353%, (US0003M + 1.350%), 07/18/2029			3,429,571		0.1
4,393,000 (1)	Babson CLO Ltd. 2018-3A A2, 3.266%, (US0003M + 1.300%), 07/20/2029			4,315,007		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,600,000 (1)	Bain Capital Credit CLO 2017-1A A2, 3.316%, (US0003M + 1.350%), 07/20/2030		$	1,589,272		0.0
3,200,000 (1)	Beechwood Park CLO Ltd. 2019-1A A1, 3.233%, (US0003M + 1.330%), 01/17/2033			3,199,997		0.1
9,020,000 (1)	Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 3.251%, (US0003M + 1.250%), 07/15/2029			9,019,684		0.3
5,000,000 (1)	Benefit Street Partners CLO XIX Ltd. 2019-19A A, 3.258%, (US0003M + 1.350%), 01/15/2033			5,000,000		0.1
5,070,000 (1)	BlueMountain CLO 2015-1A BR, 4.501%, (US0003M + 2.500%), 04/13/2027			5,074,274		0.1
4,000,000 (1)	Carbone CLO Ltd. 2017-1A A1, 3.106%, (US0003M + 1.140%), 01/20/2031			3,989,628		0.1
2,400,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 3.132%, (US0003M + 1.130%), 04/17/2031			2,374,747		0.1
57,053	Chase Funding Trust Series 2002-4 2A1, 2.532%, (US0001M + 0.740%), 10/25/2032			57,238		0.0
106,708	Chase Funding Trust Series 2003-5 2A2, 2.392%, (US0001M + 0.600%), 07/25/2033			104,874		0.0
3,750,000 (1)	CIFC Funding 2013-2A A1LR, 3.213%, (US0003M + 1.210%), 10/18/2030			3,749,996		0.1
3,000,000 (1)	CIFC Funding 2017-2A C, 4.316%, (US0003M + 2.350%), 04/20/2030			2,965,467		0.1
4,000,000 (1)	CIFC Funding 2019-6A A1 Ltd., 3.238%, (US0003M + 1.330%), 01/16/2033			3,999,960		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,766,000 (1)	Cole Park CLO Ltd. 2015-1A CR, 3.966%, (US0003M + 2.000%), 10/20/2028		$	2,757,923		0.1
128,803	Countrywide Asset-Backed Certificates 2006-26 2A3, 1.962%, (US0001M + 0.170%), 06/25/2037			128,984		0.0
6,381,542	Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 1.942%, (US0001M + 0.150%), 10/25/2036			5,701,176		0.2
945,250 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			981,215		0.0
497,500 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			510,850		0.0
12,160,000 (1)	Dewolf Park Clo Ltd. 2017-1A A, 3.211%, (US0003M + 1.210%), 10/15/2030			12,159,939		0.3
1,389,500 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,438,355		0.0
1,200,000 (1)	Dryden 55 CLO Ltd. 2018-55A A1, 3.021%, (US0003M + 1.020%), 04/15/2031			1,193,706		0.0
8,610,000 (1)	Dryden Senior Loan Fund 2017-47A A2, 3.351%, (US0003M + 1.350%), 04/15/2028			8,538,657		0.3
7,460,000 (1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 3.110%, (US0003M + 1.200%), 08/15/2030			7,460,075		0.2
3,662,325 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,802,150		0.1
4,250,000 (1)	Galaxy XIX CLO Ltd. 2015-19A A1R, 3.156%, (US0003M + 1.220%), 07/24/2030			4,243,349		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,100,000 (1)	Gilbert Park CLO Ltd. 2017-1A A, 3.191%, (US0003M + 1.190%), 10/15/2030		$	2,096,558		0.1
124,025	GSAMP Trust 2007-FM1 A2A, 1.862%, (US0001M + 0.070%), 12/25/2036			71,732		0.0
2,369,665 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			2,445,952		0.1
2,000,000 (1)	Jay Park CLO Ltd. 2016-1A BR, 3.966%, (US0003M + 2.000%), 10/20/2027			1,951,408		0.1
1,600,000 (1)	Jersey Mike’s Funding 2019-1A A2, 4.433%, 02/15/2050			1,603,573		0.0
4,300,000 (1)(8)	KKR CLO 21 A Ltd., 3.001%, (US0003M + 1.000%), 04/15/2031			4,225,180		0.1
10,000,000 (1)	LCM 26A A2 Ltd., 3.216%, (US0003M + 1.250%), 01/20/2031			9,832,300		0.3
1,308,000 (1)	LCM XIV L.P. 14A AR, 3.006%, (US0003M + 1.040%), 07/20/2031			1,293,073		0.0
6,690,000 (1)	LCM XXIII Ltd. 23A A1, 3.366%, (US0003M + 1.400%), 10/20/2029			6,690,027		0.2
58,753	Long Beach Mortgage Loan Trust 2004-4 1A1, 2.352%, (US0001M + 0.560%), 10/25/2034			56,941		0.0
2,120,000 (1)	Madison Park Funding XV Ltd. 2014-15A B1R, 4.136%, (US0003M + 2.200%), 01/27/2026			2,120,174		0.1
1,500,000 (1)	Marlette Funding Trust 2018-1A C, 3.690%, 03/15/2028			1,509,788		0.0
1,750,000 (1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			1,773,680		0.1
2,574,828 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			2,645,744		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,500,000 (1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044		$	1,530,692		0.0
3,118,403 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			3,177,336		0.1
2,000,000 (1)	Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A C, 4.590%, (US0003M + 2.450%), 10/16/2032			2,001,046		0.1
4,510,000 (1)	Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.286%, (US0003M + 1.320%), 03/17/2030			4,520,932		0.1
3,000,000 (1)	Octagon Investment Partners Ltd. 2017-1A A2, 3.351%, (US0003M + 1.350%), 07/15/2029			2,968,431		0.1
2,250,000 (1)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.376%, (US0003M + 1.375%), 07/15/2029			2,213,152		0.1
4,000,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.316%, (US0003M + 1.350%), 07/19/2030			3,933,044		0.1
8,000,000 (1)	OHA Loan Funding 2015-1A A1R2 Ltd., 3.191%, (US0003M + 1.340%), 11/15/2032			7,999,992		0.2
1,375,000 (1)	Palmer Square CLO 2015-2A A1AR Ltd., 3.236%, (US0003M + 1.270%), 07/20/2030			1,375,410		0.0
4,070,000 (1)	Palmer Square CLO 2015-2A A1BR Ltd., 3.316%, (US0003M + 1.350%), 07/20/2030			4,069,971		0.1
3,000,000 (1)	Palmer Square CLO 2018-1A A1 Ltd., 3.033%, (US0003M + 1.030%), 04/18/2031			2,986,707		0.1
5,700,000 (1)	Palmer Square Loan Funding 2017-1A C Ltd., 4.801%, (US0003M + 2.800%), 10/15/2025			5,702,827		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (1)	Palmer Square Loan Funding 2018-1A C Ltd., 3.851%, (US0003M + 1.850%), 04/15/2026		$	1,939,028		0.1
900,000 (1)(8)	Palmer Square Loan Funding 2018-2A C Ltd., 3.951%, (US0003M + 1.950%), 07/15/2026			873,741		0.0
1,748,759	Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2005-WHQ1 M4, 2.872%, (US0001M + 1.080%), 03/25/2035			1,753,904		0.0
4,375,000 (1)	Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027			4,453,306		0.1
1,500,000 (1)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			1,535,720		0.1
3,200,000 (1)	Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027			3,299,984		0.1
1,000,000 (1)	SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028			1,027,312		0.0
2,060,000 (1)	Sound Point CLO XXV Ltd. 2019-4A A1A, 3.308%, (US0003M + 1.400%), 01/15/2033			2,060,000		0.1
1,936,556 (1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			2,083,922		0.1
1,782,000 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,919,739		0.1
5,500,000 (1)	TES LLC 2017-1A B, 7.740%, 10/20/2047			5,482,302		0.2
2,400,000 (1)	THL Credit Wind River 2013-2A AR CLO Ltd., 3.233%, (US0003M + 1.230%), 10/18/2030			2,391,082		0.0
9,500,000 (1)	THL Credit Wind River 2016-2A A1R CLO Ltd., 3.099%, (US0003M + 1.190%), 11/01/2031			9,490,661		0.3
1,500,000 (1)(4)	Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057			1,530,419		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,666,000 (1)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048		$	1,685,492		0.0
2,453,961	Other Securities			2,487,751		0.1
				256,304,256		7.3
	Student Loan Asset-Backed Securities: 0.7%
1,250,000 (1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			1,255,712		0.0
1,800,000 (1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			1,840,248		0.1
1,057,207 (1)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			1,063,994		0.0
1,492,549 (1)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			1,504,341		0.0
363,714 (1)	Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037			367,452		0.0
750,000 (1)	Navient Private Education Loan Trust 2014-AA A3, 3.340%, (US0001M + 1.600%), 10/15/2031			765,492		0.0
2,000,000 (1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			2,037,548		0.1
1,550,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,469,975		0.0
1,500,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,501,525		0.1
146,914 (1)	SoFi Professional Loan Program 2015-C A2, 2.510%, 08/25/2033			147,004		0.0
2,500,000 (1)(4)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,549,647		0.1
2,100,000 (1)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			2,139,791		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
2,200,000 (1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042		$	2,232,297		0.1
5,000,000 (1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			5,101,184		0.1
1,000,000 (1)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			1,041,951		0.0
				25,018,161		0.7
	Total Asset-Backed Securities (Cost $297,160,982)			298,959,398		8.5
COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.9%
12,747,569 (4)(5)	BANK 2019-BNK16 XA, 0.967%, 02/15/2052			893,276		0.0
3,120,000	BANK 2019-BNK17 A4, 3.714%, 04/15/2052			3,392,642		0.1
1,870,000	BANK 2019-BNK18 A4, 3.584%, 05/15/2062			2,016,624		0.1
2,600,000 (1)	BANK 2019-BNK18 D, 3.000%, 05/15/2062			2,362,717		0.1
3,360,000 (4)	Bank 2019-BNK19 C, 4.035%, 08/15/2061			3,528,187		0.1
51,245,858 (4)(5)	Bank 2019-BNK19 XA, 0.965%, 08/15/2061			3,922,553		0.1
22,800,000 (1)(4)(5)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			755,772		0.0
3,940,000	Benchmark 2019-B11 A5 Mortgage Trust, 3.542%, 05/15/2052			4,237,677		0.1
27,834,515 (4)(5)	Benchmark 2019-B12 XA Mortgage Trust, 1.069%, 08/15/2052			2,080,349		0.1
4,530,000	Benchmark 2019-B13 A4 Mortgage Trust, 2.952%, 08/15/2057			4,649,567		0.1
19,692,628 (4)(5)	Benchmark 2019-B9 XA Mortgage Trust, 1.047%, 03/15/2052			1,555,192		0.1
3,690,000 (1)	BHP Trust 2019-BXHP D, 3.511%, (US0001M + 1.771%), 08/15/2036			3,674,130		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,700,000 (1)	BHP Trust 2019-BXHP E, 4.307%, (US0001M + 2.568%), 08/15/2036		$	3,689,690		0.1
11,970,000 (1)	BX Commercial Mortgage Trust 2019-XL G, 4.040%, (US0001M + 2.300%), 10/15/2036			12,002,032		0.3
11,970,000 (1)	BX Commercial Mortgage Trust 2019-XL J, 4.390%, (US0001M + 2.650%), 10/15/2036			12,015,294		0.3
2,520,000 (1)	BX Trust 2019-MMP E, 3.640%, (US0001M + 1.900%), 08/15/2036			2,524,807		0.1
4,560,000 (1)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041			4,428,371		0.1
1,920,000 (1)	CAMB Commercial Mortgage Trust 2019-LIFE F, 4.290%, (US0001M + 2.550%), 12/15/2037			1,934,310		0.1
20,078,723 (4)(5)	CD 2016-CD1 Mortgage Trust XA, 1.409%, 08/10/2049			1,429,015		0.0
3,951,241 (1)(4)	CFCRE Commercial Mortgage Trust 2011-C1 E, 6.089%, 04/15/2044			3,690,405		0.1
4,120,000 (1)	Citigroup Commercial Mortgage Trust 2016-C2 E, 4.594%, 08/10/2049			3,638,231		0.1
35,579,994 (4)(5)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.917%, 09/15/2050			2,020,332		0.0
58,782,956 (4)(5)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.600%, 06/10/2051			2,805,869		0.1
2,101,000 (1)(4)	Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.067%, 11/10/2051			2,205,359		0.1
17,048,407 (4)(5)	COMM 2012-CR1 XA, 1.856%, 05/15/2045			629,579		0.0
14,184,903 (4)(5)	COMM 2012-CR2 XA, 1.635%, 08/15/2045			469,068		0.0
25,143,102 (4)(5)	COMM 2012-CR3 XA, 1.859%, 10/15/2045			1,000,233		0.0
65,166,000 (1)(4)(5)	COMM 2012-CR4 XB, 0.615%, 10/15/2045			1,098,712		0.1
20,570,105 (4)(5)	COMM 2012-CR5 XA, 1.528%, 12/10/2045			763,416		0.0
28,010,942 (1)(4)(5)	COMM 2012-LC4 XA, 2.103%, 12/10/2044			942,806		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,640,000 (4)	COMM 2015-CCRE26 D Mortgage Trust, 3.484%, 10/10/2048		$	1,550,854		0.1
910,000 (4)	COMM 2016-COR1 C, 4.383%, 10/10/2049			944,078		0.0
81,710,924 (4)(5)	COMM 2016-CR28 XA, 0.687%, 02/10/2049			2,560,984		0.1
5,080,000 (4)	CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051			5,577,375		0.2
3,943,000	CSAIL 2019-C15 A4 Commercial Mortgage Trust, 4.053%, 03/15/2052			4,345,315		0.1
3,247,076 (1)(4)	DBUBS 2011-LC2 E Mortgage Trust, 5.530%, 07/10/2044			3,290,337		0.1
25,126,559 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K006 BX1, 5.397%, 02/25/2020			56,490		0.0
20,760,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K008 X3, 5.278%, 08/25/2020			577,271		0.0
36,470,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.872%, 05/25/2040			1,535,146		0.1
44,282,292 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.241%, 08/25/2022			1,237,708		0.0
22,000,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.662%, 06/25/2041			1,093,121		0.0
27,650,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.594%, 05/25/2041			1,384,947		0.1
10,700,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.791%, 12/25/2041			652,042		0.0
544,570,937 (1)(5)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044			810,267		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,920,000 (1)	GS Mortgage Securities Corp. II 2018-RIVR E, 3.290%, (US0001M + 1.550%), 07/15/2035		$	2,907,488		0.1
7,600,000 (1)(4)	GS Mortgage Securities Trust 2010-C2 D, 5.180%, 12/10/2043			7,774,209		0.2
4,400,000 (1)(4)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			4,349,820		0.1
2,740,000 (1)(4)	GS Mortgage Securities Trust 2010-C2 G, 4.548%, 12/10/2043			2,684,521		0.1
28,000,079 (4)(5)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.161%, 05/10/2045			782,829		0.0
3,070,000 (1)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046			2,672,890		0.1
30,541,309 (4)(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.035%, 11/10/2046			1,044,311		0.0
46,551,199 (4)(5)	GS Mortgage Securities Trust 2014-GC22 XA, 0.986%, 06/10/2047			1,364,010		0.0
6,930,000 (1)(4)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052			6,910,696		0.2
5,310,000 (1)(4)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052			5,178,895		0.2
2,405,000 (1)	GS Mortgage Securities Corp. Trust 2018-LUAU E, 4.290%, (US0001M + 2.550%), 11/15/2032			2,417,696		0.1
105,887,491 (4)(5)	GS Mortgage Securities Trust 2019-GC42 XA, 0.814%, 09/01/2052			6,813,532		0.2
6,190,000 (1)(4)	Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039			5,344,189		0.2
5,610,000 (1)(4)	JPMCC Re-REMIC Trust 2015-FRR2 AK36, 2.205%, 12/27/2046			5,342,463		0.2
29,356,589 (4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.478%, 06/15/2045			649,136		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
46,089,976 (4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.734%, 12/15/2049		$	1,488,955		0.0
3,720,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.892%, 01/15/2047			3,886,929		0.1
1,560,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2014-C26 D, 3.866%, 01/15/2048			1,519,601		0.1
2,351,278 (4)(5)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.059%, 10/15/2048			85,753		0.0
6,560,000	JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052			7,270,835		0.2
1,000,000 (1)	KNDL 2019-KNSQ F Mortgage Trust, 3.740%, (US0001M + 2.000%), 05/15/2036			1,000,686		0.0
1,892,007 (1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.713%, 11/15/2038			7,383		0.0
9,884,923 (1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.713%, 11/15/2038			38,571		0.0
2,196,000 (1)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 4.910%, 04/15/2047			2,304,332		0.1
1,000,000 (1)(4)	Morgan Stanley Capital I Trust 2005-T19 G, 5.714%, 06/12/2047			1,006,712		0.0
2,375,000 (1)(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047			2,434,437		0.1
3,890,000 (1)(4)	Morgan Stanley Capital I Trust 2016-BNK2 E, 3.906%, 11/15/2049			3,269,603		0.1
3,943,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			4,191,006		0.1

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,900,000	Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050		$	1,711,967		0.0
2,920,000 (1)	MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036			2,763,886		0.1
5,470,000 (1)	MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036			5,089,619		0.1
2,440,000 (1)	One Bryant Park Trust 2019-OBP A, 2.516%, 09/13/2049			2,381,314		0.1
3,933,000 (1)	Shelter Growth CRE 2018-FL1 D Issuer Ltd., 4.740%, (US0001M + 3.000%), 01/15/2035			3,941,441		0.1
30,289,190 (4)(5)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.083%, 12/15/2047			1,185,107		0.0
4,580,000	Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051			5,107,853		0.1
1,630,000 (1)(4)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.671%, 11/15/2044			1,671,818		0.1
19,914,283 (1)(4)(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.811%, 08/15/2045			718,945		0.0
9,020,000 (1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.261%, 03/15/2045			8,710,865		0.2
6,583,000 (1)	WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048			6,049,560		0.2
46,734,928 (1)(4)(5)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.221%, 03/15/2048			1,410,839		0.0
8,510,000 (4)	WFRBS Commercial Mortgage Trust 2014-LC14 C, 4.344%, 03/15/2047			8,762,530		0.3
9,412,500	Wells Fargo Commercial Mortgage Trust 2019-C54 A4, 3.146%, 12/15/2052			9,785,131		0.3

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
18,492,693	Other Securities		$	19,142,681		0.5
	Total Commercial Mortgage-Backed Securities (Cost $276,424,003)			279,147,194		7.9
SOVEREIGN BONDS: 0.1%
5,365,000	Other Securities			5,386,459		0.1
	Total Sovereign Bonds (Cost $5,365,000)			5,386,459		0.1
CONVERTIBLE BONDS/NOTES: 0.1%
	Financial: 0.1%
2,440,000	Other Securities			2,491,388		0.1
	Total Convertible Bonds/Notes (Cost $2,425,506)			2,491,388		0.1

Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: 18.5%
	Affiliated Investment Companies: 18.5%
8,956,637	Voya Emerging Markets Corporate Debt Fund - Class P		90,999,434		2.6
13,538,668	Voya Emerging Markets Hard Currency Debt Fund - Class P		133,085,105		3.8
8,007,755	Voya Emerging Markets Local Currency Debt Fund - Class P		59,657,773		1.7
2,712,566	Voya Floating Rate Fund - Class P		25,742,250		0.7
8,461,047	Voya High Yield Bond Fund - Class P		68,111,429		1.9
14,310,065	Voya Investment Grade Credit Fund - Class P		159,271,027		4.5
11,441,448	Voya Securitized Credit Fund - Class P		117,961,329		3.3
	Total Mutual Funds (Cost $653,882,057)		654,828,347		18.5
	Total Long-Term Investments (Cost $3,441,846,451)		3,523,566,487		99.7

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.1%
	Commercial Paper: 0.5%
950,000 (10)	Banco Santander S.A., 2.110%, 01/10/2020		$	949,581		0.0
3,000,000	Crown Point, 1.830%, 01/03/2020			2,999,550		0.2
875,000 (10)	DBS Bank Ltd., 1.820%, 02/18/2020			872,870		0.0
10,000,000	Exelon Corp., 1.800%, 01/02/2020			9,999,011		0.3
550,000 (10)	Matchpoint Finance PLC, 1.850%, 02/03/2020			549,068		0.0
	Total Commercial Paper (Cost $15,370,708)			15,370,080		0.5

	Floating Rate Notes: 0.4%
950,000 (10)	Australia & New Zealand Banking Group Ltd., 1.900%, 03/11/2020			950,214		0.0
850,000 (10)	Bank of Montreal, 1.960%, 02/26/2020			850,185		0.0
900,000 (10)	Bank of Nova Scotia, 1.940%, 05/08/2020			899,933		0.0
750,000 (10)	Bedford Row Funding, 1.920%, 03/13/2020			750,066		0.0
425,000 (10)	BNP Paribas, 1.950%, 05/14/2020			425,032		0.0
600,000 (10)	Canadian Imperial Bank of Commerce, 1.990%, 04/10/2020			600,611		0.0
850,000 (10)	Citibank N.A., 1.960%, 05/01/2020			850,559		0.0
990,000 (10)	Commonwealth Bank of Australia, 1.940%, 06/10/2020			989,998		0.1
625,000 (10)	Crédit Industriel et Commercial, 1.990%, 04/24/2020			625,048		0.0
750,000 (10)	Credit Suisse Group AG, 1.890%, 04/17/2020			750,336		0.0
975,000 (10)	HSBC Bank PLC, 1.970%, 06/03/2020			974,997		0.1
775,000 (10)	Mitsubishi UFJ Financial Group, Inc., 1.970%, 03/18/2020			775,148		0.0
275,000 (10)	National Australia Bank Ltd., 1.890%, 02/10/2020			275,006		0.0
825,000 (10)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020			825,027		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
950,000 (10)	Sumitomo Mitsui Trust Holdings, Inc., 1.750%, 03/11/2020		$	950,278		0.1
400,000 (10)	The Norinchukin Bank, 2.000%, 02/28/2020			400,108		0.0
325,000 (10)	The Sumitomo Mitsui Financial Group, 1.930%, 06/05/2020			324,929		0.0
625,000 (10)	The Sumitomo Mitsui Financial Group, 1.990%, 01/31/2020			625,052		0.0
875,000 (10)	Toronto-Dominion Bank, 1.850%, 02/13/2020			875,025		0.0
950,000 (10)	Toyota Motor Corp., 1.900%, 03/02/2020			950,240		0.1
525,000 (10)	Westpac Banking Corp, 1.830%, 02/10/2020			525,042		0.0
400,000 (10)	Westpac Banking Corp, 1.970%, 06/03/2020			400,015		0.0
	Total Floating Rate Notes (Cost $15,592,849)			15,592,849		0.4

	Repurchase Agreements: 0.9%
12,988,881 (10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $12,990,006, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $13,248,659, due 01/25/20-10/15/60)			12,988,881		0.4
2,360,001 (10)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $2,360,208, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $2,407,415, due 01/15/20-11/15/48)			2,360,001		0.0

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
12,988,881 (10)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $12,989,998, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $13,248,659, due 06/30/21-12/01/49)		$	12,988,881		0.4
4,170,292 (10)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $4,170,692, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,253,812, due 04/15/21-02/15/47)			4,170,292		0.1
	Total Repurchase Agreements (Cost $32,508,055)			32,508,055		0.9

	Certificates of Deposit: 0.1%
825,000 (10)	Deutscher Sparkassen- und Giroverband, 1.860%, 02/20/2020			825,263		0.0
625,000 (10)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.830%, 02/13/2020			624,949		0.1
300,000 (10)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.850%, 02/27/2020			299,958		0.0
850,000 (10)	Landesbank Baden-Wurttemberg, 2.180%, 01/09/2020			850,107		0.0
475,000 (10)	The Norinchukin Bank, 1.870%, 03/05/2020			475,017		0.0

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: (continued)

Certificates of Deposit (continued)

Total Certificates of
Deposit
(Cost $3,075,294)

3,075,294

0.1

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.2%
1,520,000 (10)(11)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%			1,520,000		0.0
5,118,000 (11)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%			5,118,000		0.2
688,000 (10)(11)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%			688,000		0.0
	Total Mutual Funds (Cost $7,326,000)			7,326,000		0.2
	Total Short-Term Investments (Cost $73,872,906)			73,872,278		2.1
	Total Investments in Securities (Cost $3,515,719,357)		$	3,597,438,765		101.8
	Liabilities in Excess of Other Assets			(62,359,585)		(1.8)
	Net Assets		$	3,535,079,180		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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)

The grouping contains securities on loan.

(3)

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

(4)

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

(5)

Interest only securities represent the right to receive the monthly

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

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)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of December 31, 2019.

(7)

(8)

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

(9)

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

(10)

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

(11)

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

	Reference Rate Abbreviations:
	12MTA			12-month Treasury Average
	COF 11			11th District Costs of Funds
	H15T1Y			U.S. Treasury 1-Year Constant Maturity
	PRIME			Federal Reserve Bank Prime Loan Rate
	US0001M			1-month LIBOR
	US0003M			3-month LIBOR
	US0006M			6-month LIBOR
	US0012M			12-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Mutual Funds		$	654,828,347		$	—		$	—		$	654,828,347
Corporate Bonds/Notes			—			843,154,075			—			843,154,075
Collateralized Mortgage Obligations			—			675,781,147			—			675,781,147
Municipal Bonds			—			2,179,160			—			2,179,160
Asset-Backed Securities			—			298,959,398			—			298,959,398
U.S. Government Agency Obligations			—			670,942,912			—			670,942,912
Commercial Mortgage-Backed Securities			—			279,147,194			—			279,147,194
Convertible Bonds/Notes			—			2,491,388			—			2,491,388
Sovereign Bonds			—			5,386,459			—			5,386,459
U.S. Treasury Obligations			—			90,696,407			—			90,696,407
Short-Term Investments			7,326,000			66,546,278			—			73,872,278
Total Investments, at fair value		$	662,154,347		$	2,935,284,418		$	—		$	3,597,438,765
Other Financial Instruments+
Centrally Cleared Swaps			—			1,125,039			—			1,125,039
Forward Foreign Currency Contracts			—			294,764			—			294,764
Futures			1,272,061			—			—			1,272,061
Volatility Swaps			—			44,415			—			44,415
Total Assets		$	663,426,408		$	2,936,748,636		$	—		$	3,600,175,044
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(1,858,941)		$	—		$	(1,858,941)
Forward Foreign Currency Contracts			—			(979,694)			—			(979,694)
Forward Premium Swaptions			—			(398,663)			—			(398,663)
Futures			(7,834,219)			—			—			(7,834,219)
Total Liabilities		$	(7,834,219)		$	(3,237,298)		$	—		$	(11,071,517)

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

Transactions with Affiliates

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

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

The following table provides transactions during the year ended December 31, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	87,796,139		$	4,488,386		$	(8,255,933)		$	6,970,842		$	90,999,434		$	4,488,335		$	(255,934)		$	(3)
Voya Emerging Markets Hard Currency Debt Fund - Class P			130,530,387			6,616,443			(16,519,658)			12,457,933			133,085,105			6,616,367			(1,017,860)			(2)
Voya Emerging Markets Local Currency Debt Fund - Class P			52,688,549			2,588,021			—			4,381,203			59,657,773			2,588,000			—			—
Voya Floating Rate Fund - Class P			23,997,829			1,522,413			—			222,008			25,742,250			1,522,414			—			—
Voya High Yield Bond Fund - Class P			108,637,692			4,958,337			(56,486,894)			11,002,294			68,111,429			4,958,197			(2,486,898)			1
Voya Investment Grade Credit Fund - Class P			137,303,735			9,524,233			—			12,443,059			159,271,027			6,116,364			—			3,407,704
Voya Securitized Credit Fund - Class P			109,252,491			6,449,695			—			2,259,143			117,961,329			6,361,954			—			87,626
		$	650,206,822		$	36,147,528		$	(81,262,485)		$	49,736,482		$	654,828,347		$	32,651,631		$	(3,760,692)		$	3,495,326

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

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

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 3,151,818

MYR 13,034,344

Barclays Bank PLC

02/07/20

(41,713)

USD 2,724,511

HUF 804,803,708

Barclays Bank PLC

02/07/20

(7,929)

USD 3,806,038

MXN 73,975,523

Barclays Bank PLC

02/07/20

(85,211)

USD 4,654,667

ZAR 69,508,609

Barclays Bank PLC

02/07/20

(284,612)

USD 1,866,148

PEN 6,247,143

Barclays Bank PLC

02/07/20

(17,185)

ZAR 28,977,527

USD 1,954,000

Barclays Bank PLC

02/07/20

105,142

USD 4,794,293

RUB 307,462,301

Barclays Bank PLC

02/07/20

(137,607)

USD 1,762,000

MXN 34,221,450

Barclays Bank PLC

02/07/20

(38,112)

USD 2,015,718

CLP 1,503,272,008

BNP Paribas

02/07/20

15,658

USD 7,037,409

BRL 28,353,772

BNP Paribas

02/07/20

(3,292)

USD 4,375,404

THB 132,053,095

BNP Paribas

02/07/20

(36,993)

USD 4,272,595

PLN 16,389,906

BNP Paribas

02/07/20

(47,976)

USD 1,532,284

RON 6,576,921

BNP Paribas

02/07/20

(6,037)

USD 1,976,788

TRY 11,652,583

BNP Paribas

02/07/20

35,875

USD 705,000

PLN 2,726,555

BNP Paribas

02/07/20

(13,752)

RUB 99,044,269

USD 1,539,000

BNP Paribas

02/07/20

49,736

USD 1,057,000

CLP 814,282,136

BNP Paribas

02/07/20

(26,379)

USD 2,893,887

IDR 40,777,763,110

BNP Paribas

02/07/20

(45,333)

USD 551,724

PHP 27,883,773

BNP Paribas

02/07/20

2,188

USD 316,904

ILS 1,104,142

Citibank N.A.

02/07/20

(3,406)

USD 3,084,104

CZK 70,766,081

Credit Suisse International

02/07/20

(37,539)

BRL 2,936,678

USD 705,000

Credit Suisse International

02/07/20

24,224

USD 1,057,000

COP 3,631,048,680

Goldman Sachs International

02/07/20

(46,131)

USD 4,085,408

COP 13,607,964,093

Goldman Sachs International

02/07/20

(48,759)

SGD 305,095

USD 225,048

Goldman Sachs International

02/07/20

1,860

PHP 107,627,840

USD 2,122,000

JPMorgan Chase Bank N.A.

02/07/20

(860)

USD 2,888,353

IDR 40,777,763,110

JPMorgan Chase Bank N.A.

02/07/20

(50,868)

COP 4,750,024,140

USD 1,383,000

JPMorgan Chase Bank N.A.

02/07/20

60,081

(684,930)

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

At December 31, 2019, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		392		03/20/20		$	50,341,375		$	(409,764)
U.S. Treasury 2-Year Note		213		03/31/20			45,901,500			818
U.S. Treasury 5-Year Note		1,228		03/31/20			145,652,312			(431,131)
U.S. Treasury Long Bond		678		03/20/20			105,704,438			(1,914,521)
U.S. Treasury Ultra Long Bond		1,079		03/20/20			196,007,094			(5,078,803)
						$	543,606,719		$	(7,833,401)
Short Contracts:
U.S. Treasury Ultra 10-Year Note		(755)		03/20/20			(106,230,859)			1,271,243
						$	(106,230,859)		$	1,271,243

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

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)		Termination Date	Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 33, Version 2	Buy		5.000	12/20/24		USD 90,884,970		$	(8,755,403)		$	(1,627,476)
iTraxx Cross-over Index, Series 32, Version 1	Buy		(5.000)	12/20/24		EUR 71,747,000			(10,966,145)			(231,465)
								$	(19,721,548)		$	(1,858,941)

(1)

(2)

Payments made quarterly.

(3)

(4)

At December 31, 2019, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate 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)

Receive

3-month USD-LIBOR

Quarterly

1.623%

Semi-Annual

09/13/29

USD 48,229,000

1,125,039

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

Pay/Receive Volatility(1)	Reference Entity	Volatility Strike Rate		Counterparty	Maturity Date	Currency		Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)
Receive	USD vs. CAD Spot Exchange Rate		4.140%	Barclays Bank PLC	01/17/20		USD		140,000		$	35,947		$	35,947
Receive	USD vs. CAD Spot Exchange Rate		4.125%	Citibank N.A.	01/10/20		USD		140,000			3,450			3,450
Receive	USD vs. CAD Spot Exchange Rate		4.060%	Societe Generale	01/10/20		USD		56,000			5,018			5,018
											$	44,415		$	44,415

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

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

Description

Counterparty

Exercise
Rate(2)

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(3)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap (Purchased)

Goldman Sachs International

5.130%

Receive

3-month USD-LIBOR

03/16/20

USD 51,105,000

2,621,686

(86,977)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley Capital Services LLC

4.960%

Receive

3-month USD-LIBOR

04/29/20

USD 90,642,000

4,491,311

(8,107)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley Capital Services LLC

5.290%

Receive

3-month USD-LIBOR

02/27/20

USD 93,680,000

4,960,356

(303,579)

12,073,353

(398,663)

(1)

Payments made at maturity date.

(2)

(3)

Currency Abbreviations

BRL – Brazilian Real

CLP – Chilean Peso

COP – Colombian Peso

CZK – Czech Koruna

EUR – EU Euro

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

MXN – Mexican Peso

MYR – Malaysian Ringgit

PEN – Peruvian Nuevo Sol

PHP – Philippine Peso

PLN – Polish Zloty

RON – Romanian New Leu

RUB – Russian Ruble

SGD – Singapore Dollar

THB – Thai Baht

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	294,764
Foreign exchange contracts	Unrealized appreciation on OTC swap agreements			44,415
Interest rate contracts	Net Assets — Unrealized appreciation*			1,272,061
Interest rate contracts	Net Assets — Unrealized appreciation**			1,125,039
Total Asset Derivatives			$	2,736,279

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2019 (continued)

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	979,694
Interest rate contracts	Net Assets — Unrealized depreciation*			7,834,219
Credit contracts	Net Assets — Unrealized depreciation**			1,858,941
Interest rate contracts	Net Assets — Unrealized depreciation***			398,663
Total Liability Derivatives			$	11,071,517

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

***

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(5,256,416)		$	—		$	(5,256,416)
Equity contracts			—			—			(994,235)			—			—			(994,235)
Foreign exchange contracts			—			(104,867)			—			—			—			(104,867)
Interest rate contracts			(2,526,432)			—			33,150,562			4,504,160			(6,411,164)			28,717,126
Total		$	(2,526,432)		$	(104,867)		$	32,156,327		$	(752,256)		$	(6,411,164)		$	22,361,608

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			Total
Credit contracts		$	—		$	—		$	—		$	(279,134)		$	(279,134)
Foreign exchange contracts			—			(398,799)			—			44,415			(354,384)
Interest rate contracts			(3,367,871)			—			(12,234,434)			2,358,185			(13,244,120)
Total		$	(3,367,871)		$	(398,799)		$	(12,234,434)		$	2,123,466		$	(13,877,638)

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

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

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Credit Suisse International			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Societe Generale			Totals
Assets:
Forward foreign currency contracts		$	105,142		$	103,457		$	—		$	24,224		$	1,860		$	60,081		$	—		$	—		$	294,764
Volatility swaps			35,947			—			3,450			—			—			—			—			5,018			44,415
Total Assets		$	141,089		$	103,457		$	3,450		$	24,224		$	1,860		$	60,081		$	—		$	5,018		$	339,179
Liabilities:
Forward foreign currency contracts		$	612,369		$	179,762		$	3,406		$	37,539		$	94,890		$	51,728		$	—		$	—		$	979,694
Forward premium swaptions			—			—			—			—			86,977			—			311,686			—			398,663
Total Liabilities		$	612,369		$	179,762		$	3,406		$	37,539		$	181,867		$	51,728		$	311,686		$	—		$	1,378,357
Net OTC derivative instruments by counterparty, at fair value		$	(471,280)		$	(76,305)		$	44		$	(13,315)		$	(180,007)		$	8,353		$	(311,686)		$	5,018			(1,039,178)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	410,000		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	410,000
Net Exposure(1)		$	(61,280)		$	(76,305)		$	44		$	(13,315)		$	(180,007)		$	8,353		$	(311,686)		$	5,018		$	(629,178)

(1)

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.9%
	Communication Services: 1.9%
217,925 (1)	Imax Corp.		$	4,452,208		0.8
499,944 (2)	Other Securities			5,566,717		1.1
				10,018,925		1.9
	Consumer Discretionary: 11.6%
242,987	Callaway Golf Co.			5,151,324		1.0
26,006 (1)	Deckers Outdoor Corp.			4,391,373		0.8
31,635 (1)	Helen of Troy Ltd.			5,687,657		1.1
140,347	La-Z-Boy, Inc.			4,418,124		0.8
965,651 (2)(3)	Other Securities			41,582,315		7.9
				61,230,793		11.6
	Consumer Staples: 3.8%
217,668 (1)	BJ’s Wholesale Club Holdings, Inc.			4,949,770		0.9
313,941 (1)	Hostess Brands, Inc.			4,564,702		0.9
129,742 (1)	Performance Food Group Co.			6,679,118		1.3
76,921 (3)	Other Securities			3,862,973		0.7
				20,056,563		3.8
	Energy: 3.0%
236,127	Parsley Energy, Inc.			4,465,162		0.8
354,183 (1)	WPX Energy, Inc.			4,866,474		0.9
853,519 (2)	Other Securities			6,663,161		1.3
				15,994,797		3.0
	Financials: 18.8%
75,750	Axis Capital Holdings Ltd.			4,502,580		0.9
179,708	CenterState Bank Corp.			4,489,106		0.9
130,342	Columbia Banking System, Inc.			5,302,964		1.0
86,430	Essent Group Ltd.			4,493,496		0.9
454,336	First BanCorp. Puerto Rico			4,811,418		0.9
216,191	First Financial Bancorp.			5,499,899		1.0
117,622	Hancock Whitney Corp.			5,161,253		1.0
213,824	OFG Bancorp			5,048,385		1.0
302,090	Redwood Trust, Inc.			4,996,569		0.9
73,850	Selective Insurance Group			4,814,281		0.9
80,751	Stifel Financial Corp.			4,897,548		0.9
105,983	WSFS Financial Corp.			4,662,192		0.9
885,817	Other Securities			40,057,793		7.6
				98,737,484		18.8
	Health Care: 14.0%
31,492 (1)	Amedisys, Inc.			5,256,645		1.0
38,627	Hill-Rom Holdings, Inc.			4,385,323		0.9
56,025 (1)	Magellan Health, Inc.			4,383,956		0.8
52,672 (1)	Repligen Corp.			4,872,160		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
87,096 (1)	Syneos Health, Inc.		$	5,180,035		1.0
1,397,116 (2)(3)	Other Securities			49,477,060		9.4
				73,555,179		14.0
	Industrials: 19.0%
42,984	Alamo Group, Inc.			5,396,641		1.0
86,816	Deluxe Corp.			4,333,855		0.8
62,062	EMCOR Group, Inc.			5,355,951		1.0
40,316 (1)	FTI Consulting, Inc.			4,461,368		0.8
56,701 (1)	Generac Holdings, Inc.			5,703,554		1.1
74,393 (1)	Huron Consulting Group, Inc.			5,112,287		1.0
47,474	ICF International, Inc.			4,349,568		0.8
51,821	Tetra Tech, Inc.			4,464,897		0.9
55,573 (1)	Trex Co., Inc.			4,994,901		1.0
74,915	US Ecology, Inc.			4,338,328		0.8
44,365	Watts Water Technologies, Inc.			4,425,852		0.8
42,362	Woodward, Inc.			5,017,355		1.0
1,015,169 (2)	Other Securities			42,049,829		8.0
				100,004,386		19.0
	Information Technology: 12.8%
74,516 (1)	Cornerstone OnDemand, Inc.			4,362,912		0.8
69,693 (1)	Envestnet, Inc.			4,852,723		0.9
65,546	j2 Global, Inc.			6,142,316		1.2
141,006 (1)	Onto Innovation, Inc.			5,152,359		1.0
86,247 (1)	Semtech Corp.			4,562,466		0.9
41,130 (1)	Silicon Laboratories, Inc.			4,770,257		0.9
89,510 (1)	Verint Systems, Inc.			4,955,274		0.9
930,981 (2)	Other Securities			32,788,191		6.2
				67,586,498		12.8
	Materials: 3.2%
77,914	Sensient Technologies Corp.			5,149,336		1.0
292,334	Other Securities			11,745,941		2.2
				16,895,277		3.2
	Real Estate: 7.3%
211,601	Columbia Property Trust, Inc.			4,424,577		0.9
63,091	Ryman Hospitality Properties			5,467,466		1.0
176,882	STAG Industrial, Inc.			5,584,165		1.1
693,245	Other Securities			22,775,066		4.3
				38,251,274		7.3
	Utilities: 2.5%
181,807	Other Securities			12,953,675		2.5
	Total Common Stock (Cost $465,539,337)			515,284,851		97.9

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
	Repurchase Agreements: 2.1%
2,131,358 (4)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $2,131,541, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $2,174,175, due 09/01/24-11/01/49)		$	2,131,358		0.4
2,777,373 (4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $2,777,613, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,832,921, due 01/25/20-10/15/60)			2,777,373		0.5
807,926 (4)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $807,997, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $824,158, due 01/15/20-11/15/48)			807,926		0.2
2,777,373 (4)	Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $2,777,639, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $2,832,921, due 04/15/20-03/31/21)			2,777,373		0.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,777,373 (4)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $2,777,612, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $2,832,921, due 06/30/21-12/01/49)		$	2,777,373		0.5
	Total Repurchase Agreements (Cost $11,271,403)			11,271,403		2.1

Shares		Value			Percentage of Net Assets
	Mutual Funds(4): 0.4%
1,818,000 (4)(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%			1,818,000		0.3
318,000 (4)(5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%			318,000		0.1
	Total Mutual Funds (Cost $2,136,000)			2,136,000		0.4
	Total Short-Term Investments (Cost $13,407,403)			13,407,403		2.5
	Total Investments in Securities (Cost $478,946,740)		$	528,692,254		100.4
	Liabilities in Excess of Other Assets			(1,887,783)		(0.4)
	Net Assets		$	526,804,471		100.0

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2019 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

The grouping contains securities on loan.

(4)

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

(5)

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	515,284,851		$	—		$	—		$	515,284,851
Short-Term Investments			2,136,000			11,271,403			—			13,407,403
Total Investments, at fair value		$	517,420,851		$	11,271,403		$	—		$	528,692,254

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

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

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

Cost for federal income tax purposes was $489,076,608.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	57,280,324
Gross Unrealized Depreciation		(17,664,678)
Net Unrealized Appreciation	$	39,615,646

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

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

Portfolio Name	Type	Per Share Amount
Voya Balanced Portfolio
Class I	NII		$	0.3676
Class S	NII		$	0.3255
All Classes	LTCG		$	0.6149
Voya Global Equity Portfolio
Class ADV	NII		$	0.2368
Class I	NII		$	0.2891
Class S	NII		$	0.2640
Class S2	NII		$	0.2455
Class T	NII		$	0.1717
All Classes	LTCG		$	0.5219
Voya Government Money Market Portfolio
Class I	NII		$	0.0187
Class I	STCG		$	0.0007
Voya Growth and Income Portfolio
Class ADV	NII		$	0.3440
Class I	NII		$	0.4774

Portfolio Name	Type	Per Share Amount
Voya Growth and Income Portfolio (continued)
Class S	NII		$	0.4026
Class S2	NII		$	0.3200
All Classes	STCG		$	0.0022
All Classes	LTCG		$	2.9098
Voya Intermediate Bond Portfolio
Class ADV	NII		$	0.3678
Class I	NII		$	0.4359
Class S	NII		$	0.4012
Class S2	NII		$	0.3806
All Classes	STCG		$	0.0155
Voya Small Company Portfolio
Class ADV	NII		$	0.0004
Class I	NII		$	0.0738
Class R6	NII		$	0.0738
Class S	NII		$	0.0230
All Classes	STCG		$	0.5381
All Classes	LTCG		$	1.9470

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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

	Voya Balanced Portfolio					22.43%
	Voya Global Equity Portfolio					56.85%
	Voya Growth and Income Portfolio					99.88%
	Voya Small Company Portfolio					28.73%

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

Voya Balanced Portfolio	$	14,753,234
Voya Global Equity Portfolio	$	28,703,568
Voya Growth and Income Portfolio	$	308,615,727
Voya Small Company Portfolio	$	56,993,831

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

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

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)

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

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds
in Fund
Complex
Overseen by
Director/
Trustee(2)

Other Board Positions
Held by Director/Trustee

Independent Directors/Trustees*:

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

Director/
Trustee
Chairperson

May 2013 – Present

January 2020 – Present

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

146

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

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

Director/Trustee

May 2013 – Present

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

146

None.

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

Director/Trustee

May 2013 – Present

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

146

Wisconsin Energy Corporation (June 2006 – Present); The Royce Fund (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 69

Director/Trustee

August 2015 – Present

Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May
2006 – November 2015).

146

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director/Trustee

January 2003 – Present

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

146

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director/Trustee

May 2013 – Present

Consultant (May 2001 –
Present).

146

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director/Trustee

October 2015 – Present

Retired.

146

None.

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds
in Fund
Complex
Overseen by
Director/
Trustee(2)

Other Board Positions
Held by Director/Trustee

Director/Trustee who is an “interested person”:

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 46

Director/Trustee

July 2018 – Present

President, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).

146

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 –
Present).

(1)

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

(2)

For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2020.

Effective December 31, 2019, Russell H. Jones and Roger B. Vincent each retired as a Director/Trustee of the Board.

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company/ Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 46	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018-Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 69	Executive Vice President Chief Investment Risk Officer	March 2002 – Present May 2013 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 61	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President	December 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49	Senior Vice President	June 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company/ Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Vice President	September 2004 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	March 2002 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Secretary	January 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68	Assistant Secretary	August 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS

At a meeting held on November 21, 2019, the Boards of Directors/Trustees (“Board”) of Voya Balanced Portfolio, Inc., Voya Government Money Market Portfolio, Voya Intermediate Bond Portfolio, Voya Variable Funds, and Voya Variable Portfolios, Inc. (collectively, the “Registrants”), including a majority of the Independent Directors/Trustees, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Registrants, on behalf of Voya Balanced Portfolio, Voya Global Equity Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, Voya Government Money Market Portfolio, and Voya Small Company Portfolio (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

In addition to the Board meeting on November 21, 2019, the Independent Directors/Trustees also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2019, and November 19, 2019, specifically to review and consider materials related to the proposed continuance of the Contracts that they believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. Subsequent references herein to factors considered and determinations made by the Independent Directors/Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Directors/Trustees. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

Review Committees (the “IRCs”), each of which includes only Independent Directors/Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and sub-advisory contract renewal process. The Methodology Guide sets out a framework pursuant to which the Independent Directors/Trustees request, and management provides, certain information that the Independent Directors/Trustees deem to be important or potentially relevant. The Independent Directors/Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Directors/Trustees periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was overarching, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s investment management and sub-advisory arrangements.

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of all investment advisory and portfolio management services for the

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Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

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

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

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

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and the Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. In addition, the Board considered Voya Global Equity Portfolio’s investment performance compared to an additional performance peer group that is approved by the Portfolio’s IRC due to the unique investment structure or strategy of the Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Registrants’ Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Independent Directors/Trustees also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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

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

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underlying rationale provided by the Manager or the Sub-Adviser, as applicable, for these differences.

Fee Schedules, Profitability, and Fall-out Benefits

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

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

not be fully reflected in the expenses allocated to each Portfolio in determining profitability, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.

The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it provides to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2019, November 19, 2019, and/or November 21, 2019 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark and, as applicable, a performance peer group. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Balanced Portfolio

In considering whether to approve the renewal of the Contracts for Voya Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the

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year-to-date, three-year, five-year and ten-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for the one-year, three-year and five-year periods, and outperformed for the year-to-date and ten-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Global Equity Portfolio

In considering whether to approve the renewal of the Contracts for Voya Global Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year, three-year and five-year periods, and the fourth quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account that the Portfolio outperformed an additional performance peer

group that was approved by the Portfolio’s IRC due to the unique investment strategy of the Portfolio for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Government Money Market Portfolio

In considering whether to approve the renewal of the Contracts for Voya Government Money Market Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio outperformed its Morningstar category average for all periods presented; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which its performance was equal to the performance of its primary benchmark.

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Voya Growth and Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Growth and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year and three-year periods, the fourth quintile for the five-year and ten-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net

expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Intermediate Bond Portfolio

In considering whether to approve the renewal of the Contracts for Voya Intermediate Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the second quintile for the year-to-date period, and the third quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

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Voya Small Company Portfolio

In considering whether to approve the renewal of the Contracts for Voya Small Company Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and five-year periods, the third quintile for the three-year and ten-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2019 annual contract renewal cycle, lower expense limits were implemented for the Portfolio, effective January 1, 2020; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive.

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Annual Report

December 31, 2019

Classes ADV, I and S

Domestic Equity Index Portfolios

■

Voya Index Plus LargeCap Portfolio

■

Voya Index Plus MidCap Portfolio

■

Voya Index Plus SmallCap Portfolio

		Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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	President’s Letter					1
	Market Perspective					2
	Portfolio Managers’ Reports					4
	Shareholder Expense Examples					10
	Report of Independent Registered Public Accounting Firm					11
	Statements of Assets and Liabilities					12
	Statements of Operations					13
	Statements of Changes in Net Assets					14
	Financial Highlights					16
	Notes to Financial Statements					18
	Summary Portfolio of Investments (“Portfolio of Investments”)					29
	Tax Information					40
	Director and Officer Information					41
	Advisory and Sub-Advisory Contract Approval Discussion					45

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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PRESIDENT’S LETTER

New season, last year’s plot

Dear Shareholder,

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2020

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

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Market Perspective: Year Ended December 31, 2019

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

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

July was a comparatively quiet month. The FOMC duly cut the federal funds rate by 25 basis points (0.25%), but disappointed some, including the President, by referring to it as only a “mid-cycle adjustment”. And it was back to trade-war angst in August, as first

the President announced 10% tariffs on the approximately $300 billion of Chinese imports as yet unaffected, and then increased existing and planned tariffs by 5% when China retaliated.

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

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays Long-Term U.S. Treasury Index				This index measures the performance of U.S. Treasury bills with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly.
		MSCI Europe ex U.K.® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI U.K.® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		S&P 500® Index*				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P MidCap 400® Index*				An index that measures the performance of the mid-size company segment of the U.S. market.
		S&P SmallCap 600® Index*				An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million.

The S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by Voya Financial. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index.

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Voya Index Plus LargeCap Portfolio

Portfolio Managers’ Report

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

	Information Technology			22.7%
	Health Care			14.3%
	Financials			12.9%
	Communication Services			9.8%
	Consumer Discretionary			9.6%
	Industrials			9.6%
	Consumer Staples			7.2%
	Energy			4.2%
	Utilities			3.2%
	Real Estate			3.1%
	Materials			2.3%
	Assets in Excess of Other Liabilities*			1.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus LargeCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P 500® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, Portfolio Managers*, of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 30.05% compared to the S&P 500® Index, which returned 31.49% for the same period.

Portfolio Specifics: For the reporting year, the Portfolio underperformed the S&P 500® Index due to unfavorable stock selection. On the sector level, stock selection within the consumer discretionary and utilities sectors detracted the most value. Key detractors for the period included an overweight position in Citrix Systems, Inc. and underweight positions in Apple Inc. and Nvidia Corporation. In contrast, stock selection was strongest within the materials and consumer staples sectors. Among the key contributors for the period were overweight positions in Total System Services, Inc., Lam Research Corporation and Ameriprise Financial, Inc.

Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models, what we refer to as “quantamental.” Our proprietary quantitative model seeks to emphasize high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages the performance of the Voya’s fundamental equity research to create higher

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

	Microsoft Corp.			4.0%
	Apple, Inc.			3.9%
	Alphabet, Inc. - Class A			2.9%
	Amazon.com, Inc.			2.7%
	Procter & Gamble Co.			1.8%
	JPMorgan Chase & Co.			1.7%
	Facebook, Inc. - Class A			1.7%
	Bank of America Corp.			1.5%
	AT&T, Inc.			1.4%
	Chevron Corp.			1.3%
	Portfolio holdings are subject to change daily.

conviction “alpha,” that is uncorrelated to our quantitative models. We believe this approach of combining existing fundamental alpha sources with in-house quantitative models can result in diversified excess returns.

Effective February 28, 2019, Peg DiOrio and Kai Yee Wong were added as a portfolio manager to the Portfolio.

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

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

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Portfolio Managers’ Report

Voya Index Plus LargeCap Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV(1)		29.40%		10.38%		12.17%
Class I		30.05%		10.93%		12.73%
Class S		29.73%		10.66%		12.44%
S&P 500® Index		31.49%		11.70%		13.56%

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

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

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

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

Portfolio holdings are subject to change daily.

(1)

Class ADV incepted on August 24, 2018. The Class ADV shares performance shown for the period prior to their inception date is the performance of Class I shares with adjustment for any differences in the expenses between the two classes.

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Voya Index Plus MidCap Portfolio

Portfolio Managers’ Report

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

	Financials			16.5%
	Industrials			15.9%
	Information Technology			14.9%
	Consumer Discretionary			12.8%
	Real Estate			11.3%
	Health Care			9.6%
	Materials			6.0%
	Utilities			4.7%
	Consumer Staples			2.6%
	Communication Services			2.5%
	Energy			1.8%
	Assets in Excess of Other Liabilities*			1.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus MidCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P MidCap 400® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, Portfolio Managers*, of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 27.08% compared to the S&P MidCap 400® Index, which returned 26.20% for the same period.

Portfolio Specifics: For the reporting year, the Portfolio outperformed S&P MidCap 400® Index due to positive stock selection. On the sector level, stock selection within the information technology and energy sectors contributed the most value. Key contributors for the period include overweight positions in Fair Isaac Corp., Cirrus Logic, Inc., and Versum Materials Inc. In contrast, stock selection was weakest within the consumer discretionary and communication services sectors. Among the key detractors for the period were an underweight position in Universal Display Corp., an overweight position in Mallinckrodt Plc and not owning benchmark holding Cypress Semiconductor Corp.

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

	Fair Isaac Corp.			1.1%
	Domino’s Pizza, Inc.			1.0%
	Masimo Corp.			0.9%
	Service Corp. International			0.9%
	Hill-Rom Holdings, Inc.			0.8%
	Lamar Advertising Co.			0.8%
	Curtiss-Wright Corp.			0.8%
	Reinsurance Group of America, Inc.			0.8%
	MKS Instruments, Inc.			0.8%
	Old Republic International Corp.			0.8%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

by investors. The Portfolio also leverages the performance of the Voya’s fundamental equity research to create higher conviction “alpha,” that is uncorrelated to our quantitative models. We believe this approach of combining existing fundamental alpha sources with in-house quantitative models can result in diversified excess returns.

Effective February 28, 2019, Peg DiOrio was added as a portfolio manager to the Portfolio.

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

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

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Portfolio Managers’ Report

Voya Index Plus MidCap Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class I		27.08%		7.48%		11.61%
Class S		26.74%		7.21%		11.33%
S&P MidCap 400® Index		26.20%		9.03%		12.72%

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya Index Plus SmallCap Portfolio

Portfolio Managers’ Report

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

	Industrials			18.5%
	Financials			15.7%
	Information Technology			13.9%
	Consumer Discretionary			12.8%
	Health Care			12.3%
	Real Estate			8.5%
	Materials			4.4%
	Energy			4.3%
	Consumer Staples			3.8%
	Communication Services			2.1%
	Utilities			1.9%
	Assets in Excess of Other Liabilities*			1.8%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus SmallCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P SmallCap 600® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, Portfolio Managers*, of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 21.81% compared to the S&P SmallCap 600® Index, which returned 22.78% for the same period.

Portfolio Review: For the reporting year, the Portfolio underperformed the S&P SmallCap 600® Index due to weak stock selection. On the sector level, stock selection within the healthcare sector, and to a lesser extent the energy sector, detracted the most value. Key detractors for the period included an underweight position in Medicines Company and overweight positions in Renewable Energy Group, Inc. and Unit Corporation. In contrast, stock selection within the information technology and consumer staples sectors was additive. Among the key contributors for the period were overweight positions in Tetra Tech, Inc., M/I Homes, Inc. and TopBuild Corp.

Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models, an approach which we refer to as “quantamental.” Our proprietary quantitative model seeks to emphasize high quality, profitable companies that are relatively undervalued, have growth

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

	TopBuild Corp.			0.8%
	Simpson Manufacturing Co., Inc.			0.8%
	Barnes Group, Inc.			0.8%
	Universal Forest Products, Inc.			0.7%
	United Community Banks, Inc./GA			0.7%
	Cogent Communications Holdings, Inc.			0.7%
	Skywest, Inc.			0.7%
	Plexus Corp.			0.7%
	NMI Holdings, Inc.			0.7%
	Watts Water Technologies, Inc.			0.7%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

potential and are favored by investors. The Portfolio also leverages the performance of Voya’s fundamental equity research, seeking to create higher-conviction added value (“alpha”) that is uncorrelated to our quantitative models. In our view, this unique approach of combining existing fundamental alpha sources with in-house quantitative models can result in diversified excess returns.

Effective February 28, 2019, Peg DiOrio was added as a portfolio manager to the Portfolio.

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

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

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Portfolio Managers’ Report

Voya Index Plus SmallCap Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class I		21.81%		7.64%		11.54%
Class S		21.55%		7.37%		11.26%
S&P SmallCap 600® Index		22.78%		9.56%		13.35%

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

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

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

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

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

Portfolio holdings are subject to change daily.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2019 to December 31, 2019. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*
Voya Index Plus LargeCap Portfolio
Class ADV		$	1,000.00		$	1,094.50		1.00%		$	5.28		$	1,000.00		$	1,020.16		1.00%		$	5.09
Class I			1,000.00			1,097.30		0.50			2.64			1,000.00			1,022.68		0.50			2.55
Class S			1,000.00			1,095.80		0.75			3.96			1,000.00			1,021.42		0.75			3.82
Voya Index Plus MidCap Portfolio
Class I		$	1,000.00		$	1,076.80		0.55%		$	2.88		$	1,000.00		$	1,022.43		0.55%		$	2.80
Class S			1,000.00			1,075.30		0.80			4.18			1,000.00			1,021.17		0.80			4.08
Voya Index Plus SmallCap Portfolio
Class I		$	1,000.00		$	1,079.80		0.57%		$	2.99		$	1,000.00		$	1,022.33		0.57%		$	2.91
Class S			1,000.00			1,078.70		0.82			4.30			1,000.00			1,021.07		0.82			4.18

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

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, and Voya Index Plus SmallCap Portfolio (the Funds), each a series of Voya Variable Portfolios, Inc., including the summary portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

Boston, Massachusetts
February 13, 2020

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
ASSETS:
Investments in securities at fair value+*		$	905,742,661		$	532,606,913		$	247,526,832
Short-term investments at fair value**			10,090,000			13,237,286			10,120,200
Cash			162,351			124,922			54,458
Cash collateral for futures			334,250			229,090			124,396
Receivables:
Fund shares sold			172,694			114,462			205,697
Dividends			781,747			493,463			219,707
Interest			122			31			30
Prepaid expenses			6,525			3,769			1,817
Other assets			98,306			59,844			30,123
Total assets			917,388,656			546,869,780			258,283,260
LIABILITIES:
Payable for fund shares redeemed			501,365			212,754			276
Payable upon receipt of securities loaned			—			6,443,286			5,968,200
Payable for investment management fees			346,215			227,211			105,988
Payable for distribution and shareholder service fees			27,300			14,994			11,165
Payable for directors fees			4,471			2,628			1,240
Payable to directors under the deferred compensation plan (Note 6)			98,306			59,844			30,123
Other accrued expenses and liabilities			167,117			157,957			87,667
Total liabilities			1,144,774			7,118,674			6,204,659
NET ASSETS		$	916,243,882		$	539,751,106		$	252,078,601
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	643,056,369		$	467,974,477		$	225,009,803
Total distributable earnings			273,187,513			71,776,629			27,068,798
NET ASSETS		$	916,243,882		$	539,751,106		$	252,078,601
+ Including securities loaned at value		$	—		$	6,296,387		$	5,790,669
* Cost of investments in securities		$	715,980,179		$	464,973,788		$	224,690,082
** Cost of short-term investments		$	10,090,000		$	13,237,286		$	10,120,200
Class ADV
Net assets		$	1,247,168			n/a			n/a
Shares authorized			100,000,000			n/a			n/a
Par value		$	0.001			n/a			n/a
Shares outstanding			43,957			n/a			n/a
Net asset value and redemption price per share		$	28.37			n/a			n/a
Class I
Net assets		$	788,580,922		$	468,981,457		$	199,122,400
Shares authorized			200,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			27,408,452			24,055,640			9,520,875
Net asset value and redemption price per share		$	28.77		$	19.50		$	20.91
Class S
Net assets		$	126,415,792		$	70,769,649		$	52,956,201
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			4,437,072			3,698,056			2,568,158
Net asset value and redemption price per share		$	28.49		$	19.14		$	20.62

See Accompanying Notes to Financial Statements

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STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	17,301,085		$	9,483,179		$	3,748,420
Interest			3,523			1,829			1,268
Securities lending income, net			44,206			44,842			95,177
Total investment income			17,348,814			9,529,850			3,844,865
EXPENSES:
Investment management fees			4,024,012			2,627,620			1,239,835
Distribution and shareholder service fees:
Class ADV			6,113			—			—
Class S			321,292			177,733			132,723
Transfer agent fees			1,391			662			402
Shareholder reporting expense			65,855			49,430			30,765
Professional fees			71,700			39,859			24,021
Custody and accounting expense			119,495			63,950			53,480
Directors fees			35,769			21,021			9,919
Licensing fee (Note 7)			134,027			78,768			37,165
Miscellaneous expense			44,410			26,048			18,043
Interest expense			1,212			943			507
Total expenses			4,825,276			3,086,034			1,546,860
Net expenses			4,825,276			3,086,034			1,546,860
Net investment income			12,523,538			6,443,816			2,298,005
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			70,810,086			(2,905,134)			1,782,745
Futures			582,157			908,698			409,784
Net realized gain (loss)			71,392,243			(1,996,436)			2,192,529
Net change in unrealized appreciation (depreciation) on:
Investments			151,412,904			118,204,646			43,648,963
Futures			569,494			207,172			81,967
Net change in unrealized appreciation (depreciation)			151,982,398			118,411,818			43,730,930
Net realized and unrealized gain			223,374,641			116,415,382			45,923,459
Increase in net assets resulting from operations		$	235,898,179		$	122,859,198		$	48,221,464
* Foreign taxes withheld		$	1,815		$	1,750		$	3,379

See Accompanying Notes to Financial Statements

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STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Plus LargeCap Portfolio						Voya Index Plus MidCap Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	12,523,538		$	13,161,082		$	6,443,816		$	6,885,010
Net realized gain (loss)			71,392,243			74,971,388			(1,996,436)			50,777,280
Net change in unrealized appreciation (depreciation)			151,982,398			(151,391,525)			118,411,818			(137,650,217)
Increase (decrease) in net assets resulting from operations			235,898,179			(63,259,055)			122,859,198			(79,987,927)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(122,819)			(8)			—			—
Class I			(74,563,767)			(76,085,743)			(49,293,203)			(66,959,054)
Class S			(12,986,058)			(8,470,148)			(7,655,712)			(10,364,053)
Total distributions			(87,672,644)			(84,555,899)			(56,948,915)			(77,323,107)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			44,872,709			92,588,714			6,229,490			8,091,470
Proceeds from shares issued in merger (Note 12)			—			77,041,560			—			—
Reinvestment of distributions			87,672,644			84,555,899			56,948,915			77,323,107
			132,545,353			254,186,173			63,178,405			85,414,577
Cost of shares redeemed			(213,077,080)			(132,226,578)			(70,102,967)			(95,227,288)
Net increase (decrease) in net assets resulting from capital share transactions			(80,531,727)			121,959,595			(6,924,562)			(9,812,711)
Net increase (decrease) in net assets			67,693,808			(25,855,359)			58,985,721			(167,123,745)
NET ASSETS:
Beginning of year or period			848,550,074			874,405,433			480,765,385			647,889,130
End of year or period		$	916,243,882		$	848,550,074		$	539,751,106		$	480,765,385

See Accompanying Notes to Financial Statements

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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 Plus LargeCap Portfolio
Class ADV
12-31-19		24.41		0.25		6.52		6.77		0.40		2.41		—		2.81		—		28.37		29.40			1.00		1.00		1.00		0.95		1,247		45
08-24-18(5) -
12-31-18		28.07		0.10•		(3.76)		(3.66)		0.00*		—		—		0.00*		—		24.41		(13.04)			0.99		0.99		0.99		1.08		1,016		72
Class I
12-31-19		24.64		0.39•		6.59		6.98		0.44		2.41		—		2.85		—		28.77		30.05			0.50		0.50		0.50		1.44		788,581		45
12-31-18		29.11		0.41•		(2.18)		(1.77)		0.43		2.27		—		2.70		—		24.64		(6.82)			0.49		0.49		0.49		1.47		728,383		72
12-31-17		24.19		0.42•		5.41		5.83		0.42		0.49		—		0.91		—		29.11		24.64			0.48		0.46		0.46		1.58		774,135		56
12-31-16		22.32		0.42•		1.83		2.25		0.38		—		—		0.38		—		24.19		10.27			0.49		0.44		0.44		1.85		678,267		96
12-31-15		22.48		0.39•		(0.19)		0.20		0.36		—		—		0.36		—		22.32		0.84			0.49		0.44		0.44		1.74		565,257		66
Class S
12-31-19		24.43		0.32•		6.53		6.85		0.38		2.41		—		2.79		—		28.49		29.73			0.75		0.75		0.75		1.19		126,416		45
12-31-18		28.87		0.34•		(2.16)		(1.82)		0.35		2.27		—		2.62		—		24.43		(7.04)			0.74		0.74		0.74		1.23		119,150		72
12-31-17		24.00		0.35•		5.37		5.72		0.36		0.49		—		0.85		—		28.87		24.30			0.73		0.71		0.71		1.33		100,271		56
12-31-16		22.14		0.36•		1.82		2.18		0.32		—		—		0.32		—		24.00		9.99			0.74		0.69		0.69		1.59		104,129		96
12-31-15		22.29		0.33•		(0.18)		0.15		0.30		—		—		0.30		—		22.14		0.63			0.74		0.69		0.69		1.49		109,690		66
Voya Index Plus MidCap Portfolio
Class I
12-31-19		17.22		0.23•		4.18		4.41		0.26		1.87		—		2.13		—		19.50		27.08			0.55		0.55		0.55		1.26		468,981		38
12-31-18		22.95		0.25•		(3.12)		(2.87)		0.23		2.63		—		2.86		—		17.22		(14.34)			0.55		0.55		0.55		1.18		415,219		68
12-31-17		21.87		0.21•		2.62		2.83		0.30		1.45		—		1.75		—		22.95		13.58			0.53		0.51		0.51		0.96		559,342		75
12-31-16		20.74		0.23		3.18		3.41		0.22		2.06		—		2.28		—		21.87		18.14			0.54		0.49		0.49		1.11		561,057		99
12-31-15		24.58		0.22		(0.45)		(0.23)		0.23		3.38		—		3.61		—		20.74		(1.79)			0.54		0.49		0.49		0.94		513,583		90
Class S
12-31-19		16.93		0.18•		4.11		4.29		0.21		1.87		—		2.08		—		19.14		26.74			0.80		0.80		0.80		1.01		70,770		38
12-31-18		22.59		0.19•		(3.05)		(2.86)		0.17		2.63		—		2.80		—		16.93		(14.52)			0.80		0.80		0.80		0.93		65,547		68
12-31-17		21.55		0.15•		2.58		2.73		0.24		1.45		—		1.69		—		22.59		13.29			0.78		0.76		0.76		0.71		88,547		75
12-31-16		20.46		0.19		3.12		3.31		0.16		2.06		—		2.22		—		21.55		17.83			0.79		0.74		0.74		0.86		104,140		99
12-31-15		24.29		0.15•		(0.44)		(0.29)		0.16		3.38		—		3.54		—		20.46		(2.06)			0.79		0.74		0.74		0.69		102,389		90
Voya Index Plus SmallCap Portfolio
Class I
12-31-19		20.36		0.21		3.86		4.07		0.23		3.29		—		3.52		—		20.91		21.81			0.57		0.57		0.57		0.98		199,122		43
12-31-18		26.78		0.22•		(2.95)		(2.73)		0.24		3.45		—		3.69		—		20.36		(12.40	) (a)		0.55		0.55		0.55		0.86(b)		185,212		67
12-31-17		26.91		0.22•		2.25		2.47		0.25		2.35		—		2.60		—		26.78		9.91			0.54		0.52		0.52		0.83		231,351		65
12-31-16		21.97		0.23		5.57		5.80		0.20		0.66		—		0.86		—		26.91		27.32			0.55		0.50		0.50		0.95		243,530		60
12-31-15		22.90		0.19•		(0.92)		(0.73)		0.20		—		—		0.20		—		21.97		(3.21)			0.55		0.50		0.50		0.81		199,425		46
Class S
12-31-19		20.10		0.16		3.82		3.98		0.17		3.29		—		3.46		—		20.62		21.55			0.82		0.82		0.82		0.73		52,956		43
12-31-18		26.47		0.15•		(2.91)		(2.76)		0.16		3.45		—		3.61		—		20.10		(12.62	) (a)		0.80		0.80		0.80		0.61(b)		50,198		67
12-31-17		26.63		0.15•		2.22		2.37		0.18		2.35		—		2.53		—		26.47		9.60			0.79		0.77		0.77		0.58		65,645		65
12-31-16		21.74		0.16•		5.53		5.69		0.14		0.66		—		0.80		—		26.63		27.01			0.80		0.75		0.75		0.70		82,654		60
12-31-15		22.66		0.13•		(0.91)		(0.78)		0.14		—		—		0.14		—		21.74		(3.47)			0.80		0.75		0.75		0.55		75,891		46

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(1)

(2)

Annualized for periods less than one year.

(3)

(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 related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Index Plus SmallCap Portfolio would have been (12.44)% and (12.66)% for Classes I and S, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya Index Plus SmallCap Portfolio’s Net Investment Income Ratios would have been 0.82% and 0.57% for Classes I and S, respectively.

•

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

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019

NOTE 1 — ORGANIZATION

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Portfolios in the preparation of

their financial statements. Each Portfolio is considered an investment company under the 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 that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolios’ investments under these levels of classification is included within the Portfolio of 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.

reclaims recorded on a 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.

D. 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 by the Portfolios. 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.

E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions 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, no federal income tax provision is 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 any capital loss carryforwards have been fully utilized or expire.

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

F. Use of Estimates. 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.

G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts,

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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.

H. Foreign Currency Transactions and Futures Contracts. Each Portfolio may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a currency forward contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon date. The Portfolios either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. There were no forward foreign currency contracts entered into by any Portfolio during the year ended December 31, 2019.

Each Portfolio 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. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Portfolio’s assets are valued.

Upon entering into a futures contract, each 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 the 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 within each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments, if any. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2019, each Portfolio had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2019, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap had average notional values on futures contracts purchased of $6,808,052, $2,820,228 and $1,860,322, respectively. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at December 31, 2019.

I. 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.

J. Restricted Securities. Each Portfolio 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.

K. 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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 year ended December 31, 2019, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:

	Purchases			Sales
Index Plus LargeCap		$	397,102,041		$	548,047,664
Index Plus MidCap			200,398,522			259,026,106
Index Plus SmallCap			104,330,639			135,422,761

NOTE 4 — INVESTMENT MANAGEMENT FEES

	Index Plus LargeCap			0.45%
	Index Plus MidCap			0.50%
	Index Plus SmallCap			0.50%

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 FEES

Class ADV and Class S shares of the respective Portfolios are subject to a shareholder service and distribution plan (each a “Plan” and collectively, the “Plans”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of

each respective Portfolio’s Class ADV and Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each respective Portfolio’s Class ADV and Class S shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

Under the Plan for Class ADV shares of Index Plus LargeCap, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares and an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares.

Under the Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to each Portfolio’s Class S shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary	Portfolio	Percentage
ReliaStar Life Insurance Company	Index Plus SmallCap		5.11%
Voya Retirement Insurance and Annuity Company	Index Plus LargeCap		63.68
	Index Plus MidCap		79.72
	Index Plus SmallCap		70.26

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

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

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

NOTE 7 — LICENSING FEE

The Portfolios pay an annual licensing fee to S&P Opco, LLC.

NOTE 8 — 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, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:

Portfolio	Class ADV		Class I		Class S
Index Plus LargeCap		1.05%		0.55%		0.80%
Index Plus MidCap		N/A		0.60%		0.85%
Index Plus SmallCap		N/A		0.60%		0.85%

The Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees

are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2019, the Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible recoupment by the Investment Adviser.

The Expense Limitation Agreement is contractual through May 1, 2020 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

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

The following Portfolios utilized the line of credit during the year ended December 31, 2019:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Plus LargeCap		7		$	1,931,857		3.27%
Index Plus MidCap		4			1,998,000		3.40
Index Plus SmallCap		4			1,142,000		3.40

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Plus LargeCap
Class ADV
12/31/2019		16,031		—		4,965		(18,680)		2,316		424,461		—		122,819		(503,758)		43,522
8/24/2018(1) - 12/31/2018		10,912		36,788		— *		(6,058)		41,642		295,322		1,032,756		8		(163,885)		1,164,201
Class I
12/31/2019		1,539,575		—		2,981,358		(6,672,757)		(2,151,824)		42,191,239		—		74,563,767		(184,665,108)		(67,910,102)
12/31/2018		3,236,628		840,937		2,841,126		(3,949,938)		2,968,753		91,675,762		23,790,644		76,085,743		(110,079,915)		81,472,234
Class S
12/31/2019		86,790		—		523,631		(1,050,601)		(440,180)		2,257,009		—		12,986,058		(27,908,214)		(12,665,147)
12/31/2018		21,423		1,860,084		318,424		(795,373)		1,404,558		617,630		52,218,160		8,470,148		(21,982,778)		39,323,160
Index Plus MidCap
Class I
12/31/2019		315,634		—		2,819,977		(3,187,156)		(51,545)		5,940,704		—		49,293,203		(58,431,383)		(3,197,476)
12/31/2018		306,478		—		3,311,523		(3,885,302)		(267,301)		6,571,479		—		66,959,054		(81,805,772)		(8,275,239)
Class S
12/31/2019		15,643		—		445,618		(634,380)		(173,119)		288,786		—		7,655,712		(11,671,584)		(3,727,086)
12/31/2018		81,385		—		520,545		(649,663)		(47,733)		1,519,991		—		10,364,053		(13,421,516)		(1,537,472)
Index Plus SmallCap
Class I
12/31/2019		150,822		—		1,605,856		(1,332,473)		424,205		3,089,456		—		30,446,788		(27,163,921)		6,372,323
12/31/2018		361,431		—		1,273,746		(1,178,100)		457,077		9,111,104		—		30,862,874		(29,610,704)		10,363,274
Class S
12/31/2019		19,114		—		442,279		(390,115)		71,278		390,852		—		8,279,392		(7,869,203)		801,041
12/31/2018		67,590		—		354,864		(405,294)		17,160		1,552,180		—		8,502,547		(10,124,392)		(69,665)

Amount is less than .50 per share.

(1)

Commencement of operations.

NOTE 11 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 11 — SECURITIES LENDING (continued)

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.

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

Index Plus MidCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc		$	1,182,372		$	(1,182,372)		$	—
Citigroup Global Markets Inc.			186,536			(186,536)			—
Credit Suisse AG			345,032			(345,032)			—
Goldman Sachs & Co. LLC			478,890			(478,890)			—
Morgan Stanley & Co. LLC			764,753			(764,753)			—
National Bank of Canada Financial Inc			2,034,263			(2,034,263)			—
National Financial Services LLC			3,082			(3,082)			—
Natixis Securities America LLC			757,250			(757,250)			—
State Street Bank and Trust Company			544,209			(544,209)			—
Total		$	6,296,387		$	(6,296,387)		$	—

(1)

Collateral with a fair value of $6,443,286 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Index Plus SmallCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	15,836		$	(15,836)		$	—
BofA Securities Inc			87,670			(87,670)			—
Cantor Fitzgerald & Co			24,592			(24,592)			—
Citadel Securities LLC			1,500,208			(1,500,208)			—
Deutsche Bank Securities Inc.			64,476			(64,476)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman Sachs & Co. LLC			906,244			(906,244)			—
Industrial And Commercial Bank Of China			24,384			(24,384)			—
J.P. Morgan Securities LLC			717,976			(717,976)			—
Morgan Stanley & Co. LLC			736,214			(736,214)			—
National Bank of Canada Financial Inc			18,800			(18,800)			—
National Financial Services LLC			278,224			(278,224)			—
Natixis Securities America LLC			629,546			(629,546)			—
Scotia Capital (USA) INC			3,745			(3,745)			—
Wells Fargo Securities LLC			782,754			(782,754)			—
Total		$	5,790,669		$	(5,790,669)		$	—

(1)

Collateral with a fair value of $5,968,200 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 12 — REORGANIZATIONS

On August 24, 2018, Index Plus LargeCap (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of Voya Multi-Manager Large Cap Core Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on August 7, 2018. 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, 2018, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2018, are as follows:

Net investment income	$	14,429,784
Net realized and unrealized loss on investments	$	(79,829,045)
Net decrease in net assets resulting from operations	$	(65,399,261)

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 24, 2018. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 12 — REORGANIZATIONS (continued)

	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
	$77,042				$	938,800					$	0					$	4,563						0.1753

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $1,015,841,520.

NOTE 13 — FEDERAL INCOME TAXES

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

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

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Plus LargeCap		$	13,244,895		$	74,427,749		$	30,158,081		$	54,397,818
Index Plus MidCap			18,895,101			38,053,814			20,844,956			56,478,151
Index Plus SmallCap			7,968,849			30,757,331			7,344,381			32,021,040

The tax-basis components of distributable earnings as of December 31, 2019 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Index Plus LargeCap		$	24,251,173		$	60,281,782		$	188,803,861		$	—		—		—
Index Plus MidCap			6,435,413			—			66,912,490			(1,494,871)		Short-term		None
Index Plus SmallCap			2,294,402			2,526,456			22,286,953			—		—		—

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

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

(“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. At this time, the Portfolios have elected to early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the Portfolios’ financial statements. The Portfolios plan to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Portfolios are currently evaluating the impact of these changes on the financial statements

NOTE 15 — AUDITOR CHANGE (UNAUDITED)

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

NOTE 16 — SUBSEQUENT EVENTS

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.9%
	Communication Services: 9.8%
19,828 (1)	Alphabet, Inc. - Class A		$	26,557,425		2.9
330,446	AT&T, Inc.			12,913,829		1.4
255,470	Comcast Corp. – Class A			11,488,486		1.3
76,375 (1)	Facebook, Inc. - Class A			15,675,969		1.7
554,186 (2)	Other Securities			23,265,426		2.5
				89,901,135		9.8
	Consumer Discretionary: 9.6%
13,326 (1)	Amazon.com, Inc.			24,624,316		2.7
3,104 (1)	Booking Holdings, Inc.			6,374,778		0.7
37,043	Home Depot, Inc.			8,089,450		0.9
94,728	Starbucks Corp.			8,328,486		0.9
354,872 (2)	Other Securities			40,623,876		4.4
				88,040,906		9.6
	Consumer Staples: 7.2%
115,508	Altria Group, Inc.			5,765,004		0.6
40,295	Hershey Co.			5,922,559		0.7
101,349	Mondelez International, Inc.			5,582,303		0.6
54,638	PepsiCo, Inc.			7,467,376		0.8
91,266	Philip Morris International, Inc.			7,765,824		0.9
133,132	Procter & Gamble Co.			16,628,187		1.8
231,117 (2)	Other Securities			16,561,341		1.8
				65,692,594		7.2
	Energy: 4.2%
100,064	Chevron Corp.			12,058,713		1.3
114,485	ConocoPhillips			7,444,960		0.8
89,598	Exxon Mobil Corp.			6,252,148		0.7
160,181	Other Securities			12,708,377		1.4
				38,464,198		4.2
	Financials: 12.9%
33,819	Ameriprise Financial, Inc.			5,633,569		0.6
373,398	Bank of America Corp.			13,151,078		1.5
41,422 (1)	Berkshire Hathaway, Inc. – Class B			9,382,083		1.0
107,165	Citigroup, Inc.			8,561,412		0.9
113,718	JPMorgan Chase & Co.			15,852,289		1.7
22,906	S&P Global, Inc.			6,254,483		0.7
1,256,730	Other Securities			59,375,207		6.5
				118,210,121		12.9
	Health Care: 14.3%
34,367	Amgen, Inc.			8,284,853		0.9
41,618	Eli Lilly & Co.			5,469,854		0.6
39,959	HCA Healthcare, Inc.			5,906,340		0.6
65,797	Johnson & Johnson			9,597,808		1.1
97,142	Merck & Co., Inc.			8,835,065		1.0
168,335	Pfizer, Inc.			6,595,365		0.7
31,345	UnitedHealth Group, Inc.			9,214,803		1.0
594,124 (2)	Other Securities			76,505,612		8.4
				130,409,700		14.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 9.6%
17,115	Boeing Co.		$	5,575,382		0.6
28,748	Cummins, Inc.			5,144,742		0.6
54,229	Honeywell International, Inc.			9,598,533		1.0
48,587	Ingersoll-Rand PLC - Class A			6,458,184		0.7
45,312	Union Pacific Corp.			8,191,957		0.9
52,864	Waste Management, Inc.			6,024,381		0.7
527,769 (2)	Other Securities			46,539,647		5.1
				87,532,826		9.6
	Information Technology: 22.7%
25,595 (1)	Adobe, Inc.			8,441,487		0.9
121,279	Apple, Inc.			35,613,578		3.9
202,188	Cisco Systems, Inc.			9,696,936		1.1
52,791 (1)	Fortinet, Inc.			5,635,967		0.6
95,707	Intel Corp.			5,728,064		0.6
20,980	Intuit, Inc.			5,495,291		0.6
232,117	Microsoft Corp.			36,604,851		4.0
54,922 (1)	PayPal Holdings, Inc.			5,940,913		0.6
65,586	Texas Instruments, Inc.			8,414,028		0.9
27,495 (1)	VeriSign, Inc.			5,297,737		0.6
27,883	Visa, Inc. - Class A			5,239,216		0.6
939,016 (2)	Other Securities			75,856,925		8.3
				207,964,993		22.7
	Materials: 2.3%
25,919	Air Products & Chemicals, Inc.			6,090,706		0.7
172,571	Other Securities			15,135,778		1.6
				21,226,484		2.3
	Real Estate: 3.1%
518,710 (2)	Other Securities			28,688,480		3.1
	Utilities: 3.2%
76,457	Ameren Corp.			5,871,898		0.6
142,207	Exelon Corp.			6,483,217		0.7
510,036	Other Securities			17,168,271		1.9
				29,523,386		3.2
	Total Common Stock (Cost $715,913,060)			905,654,823		98.9
RIGHTS: 0.0%
	Health Care: 0.0%
29,182 (2)	Other Securities			87,838		0.0
	Total Rights (Cost $67,119)			87,838		0.0
	Total Long-Term Investments (Cost $715,980,179)			905,742,661		98.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.1%
	Mutual Funds: 1.1%
10,090,000 (3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $10,090,000)		$	10,090,000		1.1
	Total Short-Term Investments (Cost $10,090,000)			10,090,000		1.1
	Total Investments in Securities (Cost $726,070,179)		$	915,832,661		100.0
	Assets in Excess of Other Liabilities			411,221		0.0
	Net Assets		$	916,243,882		100.0

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

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	905,654,823		$	—		$	—		$	905,654,823
Rights			87,838			—			—			87,838
Short-Term Investments			10,090,000			—			—			10,090,000
Total Investments, at fair value		$	915,832,661		$	—		$	—		$	915,832,661
Other Financial Instruments+
Futures			84,068			—			—			84,068
Total Assets		$	915,916,729		$	—		$	—		$	915,916,729

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

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

At December 31, 2019, the following futures contracts were outstanding for Voya Index Plus LargeCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		50		03/20/20		$	8,077,750		$	84,068
						$	8,077,750		$	84,068

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2019 (continued)

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	84,068
Total Asset Derivatives			$	84,068

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	582,157
Total		$	582,157

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	569,494
Total		$	569,494

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

Cost for federal income tax purposes was $727,112,869.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	197,335,134
Gross Unrealized Depreciation		(8,531,273)
Net Unrealized Appreciation	$	188,803,861

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.6%
	Communication Services: 2.5%
378,702 (1)(2)	Other Securities		$	13,749,686		2.5

	Consumer Discretionary: 12.8%
22,791 (3)	Deckers Outdoor Corp.			3,848,488		0.7
18,697	Domino’s Pizza, Inc.			5,492,805		1.0
104,535	Gentex Corp.			3,029,424		0.6
103,939	Service Corp. International			4,784,312		0.9
64,092	Wyndham Destinations, Inc.			3,312,915		0.6
1,236,079 (1)(2)	Other Securities			48,678,157		9.0
				69,146,101		12.8
	Consumer Staples: 2.6%
35,905 (3)	Post Holdings, Inc.			3,917,235		0.7
209,930 (2)	Other Securities			10,191,350		1.9
				14,108,585		2.6
	Energy: 1.8%
506,234 (1)(2)	Other Securities			9,803,638		1.8
	Financials: 16.5%
78,099	East West Bancorp, Inc.			3,803,421		0.7
64,413	First American Financial Corp.			3,756,566		0.7
69,508	Hancock Whitney Corp.			3,050,011		0.6
189,341	Old Republic International Corp.			4,235,558		0.8
30,458	Primerica, Inc.			3,976,596		0.7
27,583	Reinsurance Group of America, Inc.			4,497,684		0.8
24,869	Signature Bank			3,397,354		0.6
92,648	Synovus Financial Corp.			3,631,802		0.7
47,021	Wintrust Financial Corp.			3,333,789		0.6
1,454,364 (2)	Other Securities			55,446,836		10.3
				89,129,617		16.5
	Health Care: 9.6%
8,413 (3)	Bio-Rad Laboratories, Inc.			3,113,062		0.6
27,542 (3)	Charles River Laboratories International, Inc.			4,207,316		0.8
9,166	Chemed Corp.			4,026,257		0.7
41,062	Hill-Rom Holdings, Inc.			4,661,769		0.8
30,349 (3)	Masimo Corp.			4,796,963		0.9
483,331 (2)	Other Securities			31,217,552		5.8
				52,022,919		9.6
	Industrials: 15.9%
32,710	Curtiss-Wright Corp.			4,608,512		0.8
41,688	EMCOR Group, Inc.			3,597,674		0.7
21,838	Hubbell, Inc.			3,228,093		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
41,967	ITT, Inc.		$	3,101,781		0.6
31,538	Manpowergroup, Inc.			3,062,340		0.6
33,970	Oshkosh Corp.			3,215,261		0.6
63,376	Timken Co.			3,568,703		0.6
47,839	Toro Co.			3,811,333		0.7
858,259 (2)	Other Securities			57,568,980		10.7
				85,762,677		15.9
	Information Technology: 14.9%
41,698 (3)	Arrow Electronics, Inc.			3,533,488		0.7
88,104	Avnet, Inc.			3,739,134		0.7
47,298 (3)	Cirrus Logic, Inc.			3,897,828		0.7
15,513 (3)	Fair Isaac Corp.			5,812,411		1.1
98,012	Jabil, Inc.			4,050,836		0.7
39,754	MKS Instruments, Inc.			4,373,338		0.8
59,999	Teradyne, Inc.			4,091,332		0.8
831,970 (2)	Other Securities			50,713,467		9.4
				80,211,834		14.9
	Materials: 6.0%
27,974	Reliance Steel & Aluminum Co.			3,350,166		0.6
119,256	Steel Dynamics, Inc.			4,059,474		0.8
563,807 (2)	Other Securities			24,781,773		4.6
				32,191,413		6.0
	Real Estate: 11.3%
31,414	Camden Property Trust			3,333,025		0.6
90,400	Cousins Properties, Inc.			3,724,480		0.7
70,830	Douglas Emmett, Inc.			3,109,437		0.6
22,802	EastGroup Properties, Inc.			3,025,141		0.6
96,699	First Industrial Realty Trust, Inc.			4,013,976		0.7
76,326	Highwoods Properties, Inc.			3,733,105		0.7
19,199	Jones Lang LaSalle, Inc.			3,342,354		0.6
51,808	Lamar Advertising Co.			4,624,382		0.8
124,708	Service Properties Trust			3,034,146		0.6
912,392 (2)	Other Securities			29,152,250		5.4
				61,092,296		11.3
	Utilities: 4.7%
37,400	Idacorp, Inc.			3,994,320		0.7
45,788	NorthWestern Corp.			3,281,626		0.6
60,956	PNM Resources, Inc.			3,091,079		0.6
87,414	UGI Corp.			3,947,616		0.7
239,656	Other Securities			11,073,506		2.1
				25,388,147		4.7
	Total Common Stock (Cost $464,973,788)			532,606,913		98.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
	Repurchase Agreements: 1.2%
1,499,737 (4)	Bank of Montreal, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,499,866, collateralized by various U.S. Government Agency Obligations, 2.500%-5.000%, Market Value plus accrued interest $1,529,732, due 04/20/49-12/01/49)		$	1,499,737		0.3
444,338 (4)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $444,377, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $453,265, due 01/15/20-11/15/48)			444,338		0.1
1,499,737 (4)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,499,866, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,529,732, due 02/13/20-09/20/69)			1,499,737		0.3
1,499,737 (4)	Daiwa Capital Markets, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,499,867, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.030%, Market Value plus accrued interest $1,529,732, due 01/14/20-12/20/49)			1,499,737		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,499,737 (4)	Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,499,867, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $1,529,732, due 01/28/20-05/15/27)		$	1,499,737		0.3
	Total Repurchase Agreements (Cost $6,443,286)			6,443,286		1.2

Shares		Value			Percentage of Net Assets
	Mutual Funds: 1.3%
6,794,000 (5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $6,794,000)			6,794,000		1.3
	Total Short-Term Investments (Cost $13,237,286)			13,237,286		2.5
	Total Investments in Securities (Cost $478,211,074)		$	545,844,199		101.1
	Liabilities in Excess of Other Assets			(6,093,093)		(1.1)
	Net Assets		$	539,751,106		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

Non-income producing security.

(4)

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

(5)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2019 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	532,606,913		$	—		$	—		$	532,606,913
Short-Term Investments			6,794,000			6,443,286			—			13,237,286
Total Investments, at fair value		$	539,400,913		$	6,443,286		$	—		$	545,844,199
Other Financial Instruments+
Futures			112,921			—			—			112,921
Total Assets		$	539,513,834		$	6,443,286		$	—		$	545,957,120

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

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

At December 31, 2019, the following futures contracts were outstanding for Voya Index Plus MidCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		31		03/20/20		$	6,400,880		$	112,921
						$	6,400,880		$	112,921

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	112,921
Total Asset Derivatives			$	112,921

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	908,698
Total		$	908,698

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.2%
	Communication Services: 2.1%
27,367	Cogent Communications Holdings, Inc.		$	1,801,022		0.7
193,625 (1)	Other Securities			3,616,042		1.4
				5,417,064		2.1
	Consumer Discretionary: 12.8%
56,891	Callaway Golf Co.			1,206,089		0.5
35,872 (2)	CROCS, Inc.			1,502,678		0.6
36,355	La-Z-Boy, Inc.			1,144,455		0.4
30,211 (2)	M/I Homes, Inc.			1,188,803		0.5
417,734	Office Depot, Inc.			1,144,591		0.4
7,061 (2)(3)	RH			1,507,524		0.6
34,155	Steven Madden Ltd.			1,469,007		0.6
19,188 (2)	TopBuild Corp.			1,977,899		0.8
854,376 (1)(4)	Other Securities			21,172,677		8.4
				32,313,723		12.8
	Consumer Staples: 3.8%
59,728 (2)	Darling Ingredients, Inc.			1,677,162		0.7
205,865 (1)(4)	Other Securities			7,830,475		3.1
				9,507,637		3.8
	Energy: 4.3%
1,471,212 (1)(4)	Other Securities			10,866,792		4.3

	Financials: 15.7%
56,195	American Equity Investment Life Holding Co.			1,681,916		0.7
142,871	First BanCorp. Puerto Rico			1,513,004		0.6
33,055	Flagstar Bancorp, Inc.			1,264,354		0.5
53,302 (2)	NMI Holdings, Inc.			1,768,560		0.7
53,488	OFG Bancorp			1,262,852		0.5
72,660	Redwood Trust, Inc.			1,201,796		0.5
57,138	Simmons First National Corp.			1,530,727		0.6
60,190	United Community Banks, Inc./GA			1,858,667		0.7
42,198	United Community Financial Corp.			492,029		0.2
963,928 (1)(4)	Other Securities			27,044,884		10.7
				39,618,789		15.7
	Health Care: 12.3%
26,105 (2)	AMN Healthcare Services, Inc.			1,626,603		0.6
21,250 (2)	Emergent Biosolutions, Inc.			1,146,437		0.5
19,533 (2)	Integer Holdings Corp.			1,571,039		0.6
13,513 (2)	Medpace Holdings, Inc.			1,135,903		0.5
14,297 (2)	Omnicell, Inc.			1,168,351		0.5
1,377,354 (1)(4)	Other Securities			24,293,774		9.6
				30,942,107		12.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 18.5%
27,491 (2)	Aerojet Rocketdyne Holdings, Inc.		$	1,255,239		0.5
18,025	Applied Industrial Technologies, Inc.			1,202,087		0.5
31,803	Barnes Group, Inc.			1,970,514		0.8
24,594	Brady Corp.			1,408,252		0.5
20,086	EnPro Industries, Inc.			1,343,352		0.5
43,752	Federal Signal Corp.			1,411,002		0.6
44,197	Hillenbrand, Inc.			1,472,202		0.6
23,693 (2)	HUB Group, Inc.			1,215,214		0.5
33,265	Korn Ferry			1,410,436		0.6
24,577	Simpson Manufacturing Co., Inc.			1,971,813		0.8
27,817	Skywest, Inc.			1,797,813		0.7
28,345 (2)	SPX Corp.			1,442,194		0.6
35,568 (2)	SPX FLOW, Inc.			1,738,208		0.7
5,671	Unifirst Corp.			1,145,428		0.4
39,418	Universal Forest Products, Inc.			1,880,239		0.7
17,683	Watts Water Technologies, Inc.			1,764,056		0.7
706,851 (1)	Other Securities			22,329,255		8.8
				46,757,304		18.5
	Information Technology: 13.9%
25,426 (2)	Diodes, Inc.			1,433,264		0.6
20,176 (2)	Fabrinet			1,308,212		0.5
19,886 (2)	Insight Enterprises, Inc.			1,397,787		0.5
43,822 (2)	Onto Innovation, Inc.			1,601,256		0.6
25,803 (2)	Perficient, Inc.			1,188,744		0.5
23,333 (2)	Plexus Corp.			1,795,241		0.7
39,848	Progress Software Corp.			1,655,684		0.7
912,180 (1)(4)	Other Securities			24,625,078		9.8
				35,005,266		13.9
	Materials: 4.4%
15,530	Stepan Co.			1,590,893		0.6
311,818 (1)	Other Securities			9,414,208		3.8
				11,005,101		4.4
	Real Estate: 8.5%
28,202	American Assets Trust, Inc.			1,294,472		0.5
142,127	DiamondRock Hospitality Co.			1,574,767		0.6
54,729	Essential Properties Realty Trust, Inc.			1,357,827		0.6
36,138	National Storage Affiliates Trust			1,214,960		0.5
1,250,110 (1)(4)	Other Securities			15,922,175		6.3
				21,364,201		8.5
	Utilities: 1.9%
82,751	Other Securities			4,728,848		1.9
	Total Common Stock (Cost $224,690,082)			247,526,832		98.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.0%
	Repurchase Agreements: 2.4%
1,389,144 (5)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,417,050, due 09/01/24-11/01/49)		$	1,389,144		0.5
411,624 (5)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $411,660, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $419,894, due 01/15/20-11/15/48)			411,624		0.2
1,389,144 (5)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,416,927, due 02/13/20-09/20/69)			1,389,144		0.6
1,389,144 (5)	Daiwa Capital Markets, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.030%, Market Value plus accrued interest $1,416,927, due 01/14/20-12/20/49)			1,389,144		0.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,389,144 (5)	Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $1,416,927, due 01/28/20-05/15/27)		$	1,389,144		0.6
	Total Repurchase Agreements (Cost $5,968,200)			5,968,200		2.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.6%
	4,152,000 (6	)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $4,152,000)			4,152,000		1.6
			Total Short-Term Investments (Cost $10,120,200)			10,120,200		4.0
			Total Investments in Securities (Cost $234,810,282)		$	257,647,032		102.2
			Liabilities in Excess of Other Assets			(5,568,431)		(2.2)
			Net Assets		$	252,078,601		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains non-income producing securities.

(2)

Non-income producing security.

(3)

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

(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 December 31, 2019.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2019 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	247,526,832		$	—		$	—		$	247,526,832
Short-Term Investments			4,152,000			5,968,200			—			10,120,200
Total Investments, at fair value		$	251,678,832		$	5,968,200		$	—		$	257,647,032
Other Financial Instruments+
Futures			54,329			—			—			54,329
Total Assets		$	251,733,161		$	5,968,200		$	—		$	257,701,361

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

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

At December 31, 2019, the following futures contracts were outstanding for Voya Index Plus SmallCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		40		03/20/20		$	3,341,200		$	54,329
						$	3,341,200		$	54,329

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	54,329
Total Asset Derivatives			$	54,329

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	409,784
Total		$	409,784

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

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

Portfolio Name	Type	Per Share Amount
Voya Index Plus LargeCap Portfolio
Class ADV	NII		$	0.3959
Class I	NII		$	0.4377
Class S	NII		$	0.3792
All Classes	LTCG		$	2.4097
Voya Index Plus MidCap Portfolio
Class I	NII		$	0.2633
Class S	NII		$	0.2075
All Classes	STCG		$	0.4507
All Classes	LTCG		$	1.4225
Voya Index Plus SmallCap Portfolio
Class I	NII		$	0.2289
Class S	NII		$	0.1627
All Classes	STCG		$	0.5029
All Classes	LTCG		$	2.7897

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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

	Voya Index Plus LargeCap Portfolio					100.00%
	Voya Index Plus MidCap Portfolio					38.79%
	Voya Index Plus SmallCap Portfolio					29.83%

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

Voya Index Plus LargeCap Portfolio	$	74,427,749
Voya Index Plus MidCap Portfolio	$	38,053,814
Voya Index Plus SmallCap Portfolio	$	30,757,331

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited)

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

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

Independent Directors*:

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

Director

Chairperson

May 2013 – Present

January 2020 –
Present

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

146

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

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

Director

May 2013 – Present

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

146

None.

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

Director

May 2013 – Present

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

146

Wisconsin Energy Corporation (June 2006 – Present); The Royce Fund (22 funds) (December 2009 –
Present); and AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 69

Director

August 2015 –
Present

Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006 – November 2015).

146

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

January 2003 –
Present

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

146

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

May 2013 – Present

Consultant (May 2001 –
Present).

146

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

October 2015 –
Present

Retired.

146

None.

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

Director who is an “interested person”:

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 46

Director

July 2018 – Present

146

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 – Present).

(1)

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

(2)

Effective December 31, 2019, Russell H. Jones and Roger B. Vincent each retired as a Director of the Board.

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 46	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018-Present); Director, Voya Funds Services, LLC (March 2018-Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017-Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004-August 2017).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 69	Executive Vice President Chief Investment Risk Officer	March 2002 – Present May 2013 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 61	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018-Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017-Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999-September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:52	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President	December 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49	Senior Vice President	June 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 − Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Vice President	September 2004 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	March 2002 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Secretary	January 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68	Assistant Secretary	August 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38	Assistant Secretary	January 2020 – Present	Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – Present).

(1)

The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS

At a meeting held on November 21, 2019, the Board of Directors (“Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of the Independent Directors, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, and Voya Index Plus SmallCap Portfolio, each a series of the Company (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

In addition to the Board meeting on November 21, 2019, the Independent Directors also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2019, and November 19, 2019, specifically to review and consider materials related to the proposed continuance of the Contracts that they believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. Subsequent references herein to factors considered and determinations made by the Independent Directors and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Directors. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

among other functions, and each IRC meets several times throughout the year to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and sub-advisory contract renewal process. The Methodology Guide sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Directors periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

Nature, Extent and Quality of Services

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

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

Portfolios’ operations and risk management and the oversight of their various other service providers.

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

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on

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

Economies of Scale

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

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense

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

limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

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

Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2019, November 19, 2019, and/or November 21, 2019 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels, and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Index Plus LargeCap Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Plus LargeCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and five-year periods, and the third quintile for the year-to-date, one-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee

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

rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Index Plus MidCap Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Plus MidCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date period, the third quintile for the five-year and ten-year periods, and the fourth quintile for the one-year and three-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection on the Portfolio’s performance; (2) the competitiveness of the Portfolio’s performance during certain periods; and (3) the addition of a new member of the Portfolio’s portfolio management team effective February 28, 2019.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the

second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Index Plus SmallCap Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Plus SmallCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the ten-year period, the fourth quintile for the three-year period, and the fifth quintile for the year-to-date and one-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection on the Portfolio’s performance; (2) the competitiveness of the Portfolio’s performance during certain periods; and (3) the addition of a new member of the Portfolio’s portfolio management team effective February 28, 2019.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of

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Annual Report

December 31, 2019

Classes ADV, I, P2, S and S2

Voya Variable Product Index Funds

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Voya Emerging Markets Index Portfolio

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Voya Euro STOXX 50® Index Portfolio

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Voya FTSE 100 Index® Portfolio

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Voya Hang Seng Index Portfolio

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Voya International Index Portfolio

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Voya Japan TOPIX Index® Portfolio

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Voya Russell™ Large Cap Growth Index Portfolio

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Voya Russell™ Large Cap Index Portfolio

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Voya Russell™ Large Cap Value Index Portfolio

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Voya Russell™ Mid Cap Growth Index Portfolio

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Voya Russell™ Mid Cap Index Portfolio

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Voya Russell™ Small Cap Index Portfolio

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Voya U.S. Bond Index Portfolio

		Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

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	President’s Letter					1
	Market Perspective					2
	Portfolio Managers’ Reports					4
	Shareholder Expense Examples					30
	Report of Independent Registered Public Accounting Firm					32
	Statements of Assets and Liabilities					33
	Statements of Operations					41
	Statements of Changes in Net Assets					45
	Financial Highlights					52
	Notes to Financial Statements					60
	Summary Portfolios of Investments (“Portfolio of Investments”)					81
	Tax Information					145
	Director and Officer Information					147
	Advisory and Sub-Advisory Contract Approval Discussion					151

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

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PRESIDENT’S LETTER

New season, last year’s plot

Dear Shareholder,

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2020

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

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Market Perspective: Year Ended December 31, 2019

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

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

President announced 10% tariffs on the approximately $300 billion of Chinese imports as yet unaffected, and then increased existing and planned tariffs by 5% when China retaliated.

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

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays Long-Term U.S. Treasury Index				This index measures the performance of U.S. Treasury bills with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly.
		EURO STOXX 50® Index				Covers 50 stocks from 12 euro zone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
		FTSE 100 Index®				A share index of the 100 most highly capitalized U.K. companies listed on the London Stock Exchange.
		Hang Seng Index				A free float-adjusted market capitalization-weighted stock market index in Hong Kong.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Emerging Markets IndexSM				An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe ex U.K.® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI U.K.® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		Russell Midcap® Growth Index				An index that measures the performance of those companies included in the Russell Midcap® Index with relatively higher price-to-book ratios and higher forecasted growth values.
		Russell Midcap® Index				An index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index.
		Russell Top 200® Growth Index				Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. It includes Russell Top 200R Index companies with higher price-to-book ratios and higher forecasted growth values.
		Russell Top 200® Index				An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million.
		Russell Top 200® Value Index				Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. It includes Russell Top 200 Index companies with lower price-to-book ratios and lower forecasted growth values.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		Tokyo Stock Price Index®				A composite index for the Tokyo Stock Exchange tracking all domestic stocks from the first section of the exchange.

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Voya Emerging Markets Index Portfolio

Portfolio Managers’ Report

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

	China			33.7%
	Taiwan			11.6%
	South Korea			11.5%
	India			8.5%
	Brazil			7.4%
	South Africa			4.6%
	Russia			3.9%
	Saudi Arabia			2.5%
	Thailand			2.5%
	Mexico			2.3%
	Countries between 0.0% – 1.9%^			10.0%
	Assets in Excess of Other Liabilities*			1.5%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 18 countries, which each represents 0.0% – 1.9% of net assets.
	Portfolio holdings are subject to change daily.

Voya Emerging Markets Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of an index that measures the investment return of emerging markets securities. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 17.55% compared to the MSCI Emerging Markets IndexSM (“MSCI EM IndexSM”), which returned 18.42% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM. The Portfolio attempts to track the MSCI EM IndexSM by investing in most of the stocks that make up the MSCI EM IndexSM. The stocks are chosen using

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

	Alibaba Group Holding Ltd. ADR			5.7%
	Tencent Holdings Ltd.			4.4%
	Taiwan Semiconductor Manufacturing Co., Ltd.			4.3%
	Samsung Electronics Co., Ltd.			3.6%
	China Construction Bank - H Shares			1.3%
	Naspers Ltd.			1.1%
	Ping An Insurance Group Co. of China Ltd. - H Shares			1.1%
	Reliance Industries Ltd.			1.0%
	Housing Development Finance Corp.			0.9%
	China Mobile Ltd.			0.8%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

statistical techniques so as to minimize the anticipated tracking error to the MSCI EM IndexSM. This approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EM IndexSM. The Portfolio may not always hold all of the same securities as the MSCI EM IndexSM.

While all regions generated positive returns for the reporting period, absolute performance was strongest within Europe and weakest in Africa/Mideast on an absolute basis for the reporting period.

Current Strategy and Outlook: The Portfolio invests principally in equity securities and employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM.

The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Emerging Markets Index Portfolio

[MISSING IMAGE: tv536351-lc_emergingbw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 year		Since Inception of Classes I and S December 19, 2011
Class I		17.76%		5.05%		4.20%
Class P2(1)		18.29%		5.30%		4.35%
Class S		17.55%		4.92%		4.02%
MSCI EM IndexSM		18.42%		5.61%		5.40%

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

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

Portfolio holdings are subject to change daily.

(1)

Class P2 incepted on May 3, 2017. The Class P2 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Voya Euro Stoxx 50® Index Portfolio

Portfolio Managers’ Report

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

	France			31.8%
	Germany			24.9%
	Netherlands			12.0%
	Spain			8.0%
	Italy			4.2%
	United Kingdom			3.4%
	Belgium			2.0%
	Ireland			0.9%
	Finland			0.6%
	Assets in Excess of Other Liabilities*			12.2%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Euro STOXX 50® Index Portfolio (the “Portfolio”)* seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the EURO STOXX 50® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance**: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 25.72% compared to the EURO STOXX 50® Index, which returned 25.89% for the same period.

Portfolio Specifics***: The Portfolio employs a “passive management” approach designed to track the performance of the EURO STOXX 50® Index. The Portfolio attempts to track the performance of the EURO STOXX 50® Index by principally investing in stocks that make up the EURO STOXX 50® Index. The Portfolio may not always hold all of the same securities as

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

	Total SA			4.3%
	SAP SE			4.3%
	ASML Holding NV			3.7%
	LVMH Moet Hennessy Louis Vuitton SE			3.6%
	Linde PLC			3.4%
	Sanofi			3.3%
	Siemens AG			3.0%
	Allianz SE			3.0%
	Airbus SE			2.4%
	Unilever NV			2.4%
	Portfolio holdings are subject to change daily.

the EURO STOXX 50® Index.

The top performing sectors on an absolute basis for the year were information technology, consumer discretionary and industrials. By contrast, communication services was the bottom absolute performing sector posting negative returns for the reporting period.

Current Strategy and Outlook: The Portfolio invests principally in common stocks and employs a “passive management” approach designed to track the performance of the EURO STOXX 50® Index

On January 24, 2020, the Board of Directors approved a proposal to liquidate the Portfolio. The proposed liquidation is subject to shareholder approval. If shareholder approval is obtained, it is expected the liquidation will take place on or about April 24, 2020.

***

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Euro STOXX 50® Index Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		25.22%		4.36%	2.54%
Class I		25.72%		4.86%	3.03%
EURO STOXX 50® Index		25.89%		4.74%	2.85%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Euro STOXX 50® Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

The performance update illustrate performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.

Portfolio holdings are subject to change daily.

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Voya FTSE 100 Index® Portfolio

Portfolio Managers’ Report

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

	United Kingdom			83.8%
	Netherlands			9.3%
	Australia			1.9%
	Switzerland			1.6%
	Ireland			1.1%
	Germany			0.2%
	Russia			0.2%
	United Arab Emirates			0.1%
	Assets in Excess of Other Liabilities*			1.8%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya FTSE 100 Index® Portfolio (the “Portfolio”)* seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the FTSE 100 Index®. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance**: For the year ended December 31, 2019, the Portfolio’s Class ADV shares provided a total return of 20.82% compared to the FTSE 100 Index®, which returned 22.03% for the same period.

Portfolio Specifics***: The Portfolio employs a “passive management” approach designed to track the performance of the FTSE 100 Index®. The Portfolio attempts to track the FTSE 100 Index® by investing in all, or substantially all, of its assets in stocks that make up the FTSE 100 Index®. The Portfolio may not always hold all of the same securities as the

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

	HSBC Holdings PLC			6.2%
	AstraZeneca PLC			5.2%
	BP PLC			4.9%
	Royal Dutch Shell PLC - Class A			4.9%
	GlaxoSmithKline PLC			4.5%
	Royal Dutch Shell PLC - Class B			4.4%
	Diageo PLC			3.8%
	British American Tobacco PLC			3.8%
	Rio Tinto PLC			2.6%
	Unilever PLC			2.4%
	Portfolio holdings are subject to change daily.

FTSE 100 Index®.

While all sectors generated positive absolute returns for the reporting period, absolute performance was strongest within real estate, information technology, and health care. By contrast, energy was the bottom performing sector on an absolute basis for the reporting period.

Current Outlook and Strategy: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the FTSE 100 Index®.

***

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya FTSE 100 Index® Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		20.82%		2.82%	4.35%
FTSE 100 Index®		22.03%		3.66%	5.28%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya FTSE 100 Index® Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

Portfolio holdings are subject to change daily.

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Voya Hang Seng Index Portfolio

Portfolio Managers’ Report

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

	China			53.8%
	Hong Kong			30.3%
	United Kingdom			9.5%
	Macau			2.5%
	Assets in Excess of Other Liabilities*			3.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Hang Seng Index Portfolio (the “Portfolio”)* seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Hang Seng Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance**: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 12.32% compared to the Hang Seng Index, which returned 13.59% for the same period.

Portfolio Specifics***: The Portfolio employs a “passive management” approach designed to track the performance of the Hang Seng Index. The Portfolio attempts to track the Hang Seng Index by principally investing in stocks that make up the Hang Seng Index. The

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

	Tencent Holdings Ltd.			10.2%
	HSBC Holdings PLC (HKD)			9.5%
	AIA Group Ltd.			9.3%
	China Construction Bank - H Shares			7.5%
	Ping An Insurance Group Co. of China Ltd. - H Shares			5.3%
	Industrial & Commercial Bank of China - H Shares			4.6%
	China Mobile Ltd.			4.2%
	Hong Kong Exchanges and Clearing Ltd.			3.1%
	Bank of China Ltd. - H Shares			2.7%
	CNOOC Ltd.			2.4%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Portfolio may not always hold all of the same securities as the Hang Seng Index.

While all sectors generated positive returns for the period, absolute performance was strongest within health care, information technology and consumer staples. By contrast, energy was the bottom performing sector on an absolute basis for the reporting period.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the Hang Seng Index.

***

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Hang Seng Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		12.02%		5.94%	4.78%
Class S		12.32%		6.22%	5.04%
Hang Seng Index		13.59%		7.34%	6.23%

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya International Index Portfolio

Portfolio Managers’ Report

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

	Japan			24.0%
	United Kingdom			14.3%
	France			10.5%
	Switzerland			9.6%
	Germany			8.4%
	Australia			7.0%
	Netherlands			6.2%
	Hong Kong			3.0%
	Spain			2.8%
	Sweden			2.5%
	Countries between 0.0% – 2.0%^			9.9%
	Assets in Excess of Other Liabilities*			1.8%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 15 countries, which each represents 0.0% – 2.0% of net assets.
	Portfolio holdings are subject to change daily.

Voya International Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 21.04% compared to the MSCI EAFE® Index, which returned 22.01% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index. The Portfolio attempts to track the MSCI EAFE® Index by investing in most of the stocks which make up the MSCI EAFE® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated

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

	Nestle SA			2.1%
	Roche Holding AG			1.5%
	Novartis AG			1.4%
	Toyota Motor Corp.			1.1%
	HSBC Holdings PLC			1.0%
	Total SA			0.9%
	SAP SE			0.9%
	AstraZeneca PLC			0.9%
	LVMH Moet Hennessy Louis Vuitton SE			0.9%
	BP PLC			0.8%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

tracking error to the MSCI EAFE® Index. The approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EAFE® Index. The Portfolio may not always hold all of the same securities as the MSCI EAFE® Index.

While all sectors generated positive returns for the reporting period, absolute performance was strongest within information technology, healthcare and industrials. By contrast, energy was the bottom performing sector on an absolute basis for the reporting period.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya International Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		20.86%		4.99%	4.81%
Class I		21.44%		5.51%	5.32%
Class P2(1)		21.78%		5.68%	5.41%
Class S		21.04%		5.24%	5.06%
Class S2		20.93%		5.09%	4.90%
MSCI EAFE® Index		22.01%		5.67%	5.50%

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

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

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

Portfolio holdings are subject to change daily.

(1)

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Voya Japan TOPIX Index® Portfolio

Portfolio Managers’ Report

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

	Industrials			21.7%
	Consumer Discretionary			16.1%
	Information Technology			11.1%
	Financials			10.4%
	Health Care			9.0%
	Consumer Staples			8.5%
	Communication Services			8.0%
	Materials			6.1%
	Real Estate			2.6%
	Utilities			1.5%
	Energy			0.9%
	Assets in Excess of Other Liabilities*			4.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Japan TOPIX Index® Portfolio (the “Portfolio”)* seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Tokyo Stock Price Index® (“TOPIX Index®”). The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance**: For the year ended December 31, 2019, the Portfolio’s Class ADV shares provided a total return of 17.00% compared to the TOPIX Index®, which returned 19.67% for the same period.

Portfolio Specifics***: The Portfolio employs a “passive management” approach designed to track the performance of the TOPIX Index®. The Portfolio attempts to track the TOPIX Index® by principally investing in most of the stocks that make up the TOPIX Index®. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the TOPIX Index®. This approach is employed because of the relatively large number of small and/or illiquid stocks in the TOPIX Index®. The

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

	Toyota Motor Corp.			3.3%
	Sony Corp.			1.8%
	Mitsubishi UFJ Financial Group, Inc.			1.5%
	Keyence Corp.			1.5%
	SoftBank Group Corp.			1.5%
	Nippon Telegraph & Telephone Corp.			1.4%
	Takeda Pharmaceutical Co., Ltd.			1.4%
	Nintendo Co., Ltd.			1.1%
	Recruit Holdings Co. Ltd.			1.1%
	Sumitomo Mitsui Financial Group, Inc.			1.1%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Portfolio may not always hold all of the same securities as the TOPIX Index®.

The top performing sectors on an absolute basis for the year were information technology, health care and communication services. By contrast, utilities was the bottom absolute performing sector posting negative returns for the reporting period.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the TOPIX Index®.

***

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Japan TOPIX Index® Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		17.00%		7.28%	5.87%
TOPIX Index®		19.67%		8.36%	7.18%

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya Russell™ Large Cap Growth Index Portfolio

Portfolio Managers’ Report

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

	Information Technology			40.0%
	Health Care			14.5%
	Consumer Discretionary			13.5%
	Communication Services			13.2%
	Industrials			7.2%
	Consumer Staples			5.0%
	Financials			2.8%
	Real Estate			2.2%
	Materials			1.0%
	Assets in Excess of Other Liabilities*			0.6%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 35.47% compared to the Russell Top 200® Growth Index, which returned 36.48% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index. The Portfolio attempts to track the Russell Top 200® Growth Index by principally investing stocks that make up the Russell Top 200® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Growth Index.

While all sectors generated positive returns for the reporting period, absolute performance was strongest within information technology, materials, and communication services. By contrast, energy was the bottom performing sector on an absolute basis for the reporting period.

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

	Apple, Inc.			10.7%
	Microsoft Corp.			9.8%
	Amazon.com, Inc.			6.3%
	Facebook, Inc. - Class A			4.0%
	Alphabet, Inc. - Class A			3.3%
	Alphabet, Inc. - Class C			3.3%
	Visa, Inc. - Class A			2.7%
	UnitedHealth Group, Inc.			2.3%
	Mastercard, Inc. - Class A			2.2%
	Merck & Co., Inc.			1.8%
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Russell™ Large Cap Growth Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year		Since Inception of Class ADV July 13, 2015
Class ADV		35.19%		—		—		14.98%
Class I		35.84%		15.15%		15.06%		—
Class S		35.47%		14.87%		14.77%		—
Russell Top 200® Growth Index		36.48%		15.69%		15.58%		16.04%

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya Russell™ Large Cap Index Portfolio

Portfolio Managers’ Report

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

	Information Technology			24.8%
	Health Care			15.2%
	Financials			13.3%
	Communication Services			11.9%
	Consumer Discretionary			9.4%
	Industrials			7.8%
	Consumer Staples			7.6%
	Energy			4.2%
	Materials			1.9%
	Utilities			1.9%
	Real Estate			1.6%
	Assets in Excess of Other Liabilities*			0.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 30.96% compared to the Russell Top 200® Index, which returned 31.75% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index. The Portfolio attempts to track the Russell Top 200® Index by principally investing in stocks that make up the Russell Top 200® Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Index.

While all sectors generated positive returns for the reporting period, absolute performance was strongest within information technology, communication services, and real estate. By contrast, energy was the

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

	Apple, Inc.			6.0%
	Microsoft Corp.			5.5%
	Amazon.com, Inc.			3.5%
	Facebook, Inc. - Class A			2.3%
	Berkshire Hathaway, Inc. – Class B			2.0%
	JPMorgan Chase & Co.			2.0%
	Alphabet, Inc. - Class A			1.8%
	Alphabet, Inc. - Class C			1.8%
	Johnson & Johnson			1.8%
	Visa, Inc. - Class A			1.5%
	Portfolio holdings are subject to change daily.

bottom performing sector on an absolute basis for the reporting period.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Russell™ Large Cap Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		30.66%		11.41%	12.75%
Class I		31.34%		11.98%	13.32%
Class S		30.96%		11.69%	13.02%
Class S2		30.80%		11.53%	12.84%
Russell Top 200® Index		31.75%		12.34%	13.67%

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya Russell™ Large Cap Value Index Portfolio

Portfolio Managers’ Report

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

	Financials			26.4%
	Health Care			15.9%
	Consumer Staples			10.9%
	Communication Services			10.2%
	Energy			9.4%
	Industrials			8.5%
	Information Technology			5.5%
	Utilities			4.2%
	Consumer Discretionary			4.2%
	Materials			3.0%
	Real Estate			0.7%
	Assets in Excess of Other Liabilities*			1.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Value Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 25.61% compared to the Russell Top 200® Value Index, which returned 26.36% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index. The Portfolio attempts to track the Russell Top 200® Value Index by principally investing in stocks that make up the Russell Top 200® Value Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Value Index.

While all sectors generated positive returns for the reporting period, absolute performance was strongest within information technology, real estate, and industrials. By contrast, energy was the bottom performing

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

	Berkshire Hathaway, Inc. – Class B			4.6%
	JPMorgan Chase & Co.			4.5%
	Johnson & Johnson			3.4%
	Exxon Mobil Corp.			3.1%
	Procter & Gamble Co.			3.0%
	Bank of America Corp.			3.0%
	AT&T, Inc.			3.0%
	Intel Corp.			2.7%
	Verizon Communications, Inc.			2.6%
	Walt Disney Co.			2.6%
	Portfolio holdings are subject to change daily.

sector on an absolute basis for the reporting period.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Russell™ Large Cap Value Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year		Since Inception of Class ADV July 13, 2015
Class ADV		25.30%		—		—		8.75%
Class I		25.92%		8.28%		11.16%		—
Class S		25.61%		8.00%		10.88%		—
Russell Top 200® Value Index		26.36%		8.65%		11.56%		9.70%

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

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

Portfolio holdings are subject to change daily.

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Voya Russell™ Mid Cap Growth Index Portfolio

Portfolio Managers’ Report

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

	Information Technology			33.7%
	Industrials			16.9%
	Health Care			15.3%
	Consumer Discretionary			14.7%
	Communication Services			4.9%
	Financials			4.5%
	Consumer Staples			3.2%
	Materials			2.8%
	Real Estate			2.7%
	Energy			1.2%
	Assets in Excess of Other Liabilities*			0.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Mid Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 34.53% compared to the Russell Midcap® Growth Index, which returned 35.47% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Growth Index. The Portfolio attempts to track the Russell Midcap® Growth Index by principally investing in stocks that make up the Russell Midcap® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Growth Index.

While all sectors generated positive returns for the reporting period, absolute performance was strongest within information technology, real estate, and financials. By contrast, energy was the bottom performing sector on an absolute basis for the reporting period.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance

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

	Fiserv, Inc.			2.0%
	Global Payments, Inc.			1.7%
	Advanced Micro Devices, Inc.			1.5%
	Dollar General Corp.			1.2%
	Lam Research Corp.			1.2%
	O’Reilly Automotive, Inc.			1.0%
	Amphenol Corp.			1.0%
	Hilton Worldwide Holdings, Inc.			1.0%
	Ingersoll-Rand PLC - Class A			0.9%
	KLA Corp.			0.9%
	Portfolio holdings are subject to change daily.

of the Russell Midcap® Growth Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Russell™ Mid Cap Growth Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class I		34.87%		11.17%	13.87%
Class S		34.53%		10.90%	13.59%
Class S2		34.36%		10.73%	13.42%
Russell Midcap® Growth Index		35.47%		11.60%	14.24%

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

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Russell™ Mid Cap Index Portfolio

Portfolio Managers’ Report

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

	Information Technology			17.9%
	Industrials			13.8%
	Financials			12.8%
	Consumer Discretionary			11.3%
	Health Care			10.2%
	Real Estate			9.5%
	Utilities			6.7%
	Materials			5.1%
	Communication Services			4.3%
	Consumer Staples			4.1%
	Energy			3.9%
	Assets in Excess of Other Liabilities*			0.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Mid Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 29.74% compared to the Russell Midcap® Index, which returned 30.54% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index. The Portfolio attempts to track the Russell Midcap® Index by principally investing in stocks that make up the Russell Midcap® Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Index.

While all sectors generated positive returns for the reporting period, absolute performance was strongest within information technology, industrials, and financials. By contrast, energy was the bottom performing sector on an absolute basis for the reporting period.

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

	Fiserv, Inc.			0.8%
	Global Payments, Inc.			0.7%
	Advanced Micro Devices, Inc.			0.6%
	L3Harris Technologies, Inc.			0.6%
	Sempra Energy			0.5%
	Lam Research Corp.			0.5%
	Dollar General Corp.			0.5%
	Newmont Goldcorp Corp.			0.4%
	Xcel Energy, Inc.			0.4%
	Welltower, Inc.			0.4%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Russell™ Mid Cap Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		29.32%		8.36%	12.22%
Class I		29.95%		8.91%	12.79%
Class P2(1)		30.43%		9.07%	12.87%
Class S		29.74%		8.65%	12.52%
Class S2		29.56%		8.48%	12.33%
Russell Midcap® Index		30.54%		9.33%	13.19%

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

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

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestmetns.com or call (800) 992-0180 to get performance through the most recent month end.

Portfolio holdings are subject to change daily.

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Voya Russell™ Small Cap Index Portfolio

Portfolio Managers’ Report

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

	Health Care			17.9%
	Financials			17.5%
	Industrials			15.6%
	Information Technology			13.4%
	Consumer Discretionary			10.7%
	Real Estate			7.6%
	Materials			3.8%
	Utilities			3.6%
	Energy			3.1%
	Consumer Staples			3.0%
	Communication Services			2.2%
	Consumer, Non-cyclical			0.0%
	Assets in Excess of Other Liabilities*			1.6%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Small Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class S shares provided a total return of 24.77% compared to the Russell 2000® Index, which returned 25.52% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index. The Portfolio attempts to track the Russell 2000® Index by principally investing in most of the stocks that make up the Russell 2000® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the Russell 2000® Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the Russell 2000® Index. The Portfolio may not always hold all of the same securities as the Russell 2000® Index.

The top performing sectors on an absolute basis for the year were information technology, industrials, and real estate. By contrast, energy was the bottom absolute performing sector posting

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

	Novocure Ltd.			0.4%
	Medicines Co.			0.3%
	Generac Holdings, Inc.			0.3%
	Lumentum Holdings, Inc.			0.3%
	Teladoc Health, Inc.			0.3%
	Arrowhead Pharmaceuticals, Inc.			0.3%
	Haemonetics Corp.			0.3%
	Marriott Vacations Worldwide Corp.			0.3%
	First Industrial Realty Trust, Inc.			0.3%
	Amedisys, Inc.			0.3%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

negative returns for the reporting period.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya Russell™ Small Cap Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		24.57%		7.44%	11.10%
Class I		25.17%		7.96%	11.65%
Class P2(1)		25.49%		8.15%	11.75%
Class S		24.77%		7.69%	11.37%
Class S2		24.70%		7.55%	11.20%
Russell 2000® Index		25.52%		8.23%	11.83%

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

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

Portfolio holdings are subject to change daily.

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TABLE OF CONTENTS

Voya U.S. Bond Index Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2019 (as a percentage of net assets)

	U.S. Treasury Obligations			38.0%
	U.S. Government Agency Obligations			27.8%
	Corporate Bonds/Notes			27.3%
	Sovereign Bonds			2.4%
	Commercial Mortgage-Backed Securities			2.1%
	Municipal Bonds			1.0%
	Supranational Bonds			0.9%
	Asset-Backed Securities			0.6%
	Collateralized Mortgage Obligations			0.1%
	Convertible Bonds/Notes			0.0%
	Liabilities in Excess of Other Assets*			(0.2)%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya U.S. Bond Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Bloomberg Barclays U.S. Aggregate Bond Index. The Portfolio is managed by Bob Kase, CFA, and Matthew Toms, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 8.30% compared to the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index” or “Bloomberg Barclays U.S. Aggregate Bond”), which returned 8.72% for the same period.

Portfolio Specifics**: The Portfolio is designed to replicate the risk and return drivers of the benchmark by investing in a selection of securities from which the Index is constructed, in conjunction with various derivative positions. Duration and curve position throughout the investment period were kept very close to that of the Index.

Fixed income markets witnessed an about face, as the Federal Open Market Committee pivoted from raising rates late in 2018 to the first of three rate cuts in July. Elevated tensions between the U.S. and China, in our view, drove concerns

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

	United States Treasury Note, 1.625%, 12/31/21			4.5%
	United States Treasury Note, 1.750%, 12/31/26			2.9%
	United States Treasury Note, 1.750%, 12/31/24			2.9%
	United States Treasury Note, 1.625%, 12/15/22			2.8%
	United States Treasury Note, 1.750%, 11/15/29			2.6%
	United States Treasury Bond, 2.250%, 08/15/49			2.6%
	Ginnie Mae, 4.000%, 01/20/50			1.8%
	Uniform Mortgage-Backed Securities, 3.000%, 12/01/34			1.5%
	United States Treasury Note, 2.750%, 02/15/24			1.2%
	United States Treasury Note, 2.750%, 11/15/23			1.2%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

on the risk of recession in the U.S., which saw the 10-year treasury yield go below 1.5% in the summer months. Economic data in the fourth quarter alleviated those fears and the 10-year treasury yield ended the period at 1.92%. Non-government sectors outperformed over the period, supported by an accommodative central bank and steady demand for higher yielding sectors as the global economy posted growth.

U.S. Treasury futures were used to manage duration throughout the year. These futures, along with the cash bonds, caused duration and yield curve management to be in line with the Index over the period. Credit default swaps, when combined with cash bonds, were also in line with the Index during the reporting period.

Current Strategy and Outlook: Entering 2020, we believe that there are signs of steadying economic growth, especially outside the United States. However, while we believe this positive outlook for growth will prove supportive to spread sectors, we also believe geopolitical and monetary policy uncertainty, coupled with somewhat rich valuations across many sectors, will limit potential upside.

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

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya U.S. Bond Index Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2019
	1 Year		5 Year		10 Year
Class ADV		7.69%		2.17%	2.84%
Class I		8.30%		2.70%	3.36%
Class P2(1)		8.57%		2.84%	3.42%
Class S		7.95%		2.43%	3.10%
Class S2		7.89%		2.28%	2.96%
Bloomberg Barclays U.S. Aggregate Bond		8.72%		3.05%	3.75%

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

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

Portfolio holdings are subject to change daily.

Prior to February 21, 2012, the Portfolio was managed by a different sub-adviser.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*
Voya Emerging Markets Index Portfolio
Class I		$	1,000.00		$	1,067.10		0.60%		$	3.13		$	1,000.00		$	1,022.18		0.60%		$	3.06
Class P2			1,000.00			1,069.90		0.16			0.83			1,000.00			1,024.40		0.16			0.82
Class S			1,000.00			1,065.80		0.85			4.43			1,000.00			1,020.92		0.85			4.33
Voya Euro STOXX 50® Index Portfolio
Class ADV		$	1,000.00		$	1,065.40		0.94%		$	4.89		$	1,000.00		$	1,020.47		0.94%		$	4.79
Class I			1,000.00			1,067.40		0.44			2.29			1,000.00			1,022.99		0.44			2.24
Voya FTSE 100 Index® Portfolio
Class ADV		$	1,000.00		$	1,076.40		0.93%		$	4.87		$	1,000.00		$	1,020.52		0.93%		$	4.74
Voya Hang Seng Index Portfolio
Class ADV		$	1,000.00		$	994.90		1.03%		$	5.18		$	1,000.00		$	1,020.01		1.03%		$	5.24
Class S			1,000.00			997.00		0.78			3.93			1,000.00			1,021.27		0.78			3.97
Voya International Index Portfolio
Class ADV		$	1,000.00		$	1,062.40		0.94%		$	4.89		$	1,000.00		$	1,020.47		0.94%		$	4.79
Class I			1,000.00			1,065.30		0.45			2.34			1,000.00			1,022.94		0.45			2.29
Class P2			1,000.00			1,067.90		0.15			0.78			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,063.60		0.70			3.64			1,000.00			1,021.68		0.70			3.57
Class S2			1,000.00			1,063.80		0.85			4.42			1,000.00			1,020.92		0.85			4.33
Voya Japan TOPIX Index® Portfolio
Class ADV		$	1,000.00		$	1,094.40		0.95%		$	5.02		$	1,000.00		$	1,020.42		0.95%		$	4.84

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*			Beginning Account Value July 1, 2019			Ending Account Value December 31, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2019*
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV		$	1,000.00		$	1,130.20		0.93%		$	4.99		$	1,000.00		$	1,020.52		0.93%		$	4.74
Class I			1,000.00			1,133.20		0.43			2.31			1,000.00			1,023.04		0.43			2.19
Class S			1,000.00			1,131.80		0.68			3.65			1,000.00			1,021.78		0.68			3.47
Voya Russell™ Large Cap Index Portfolio
Class ADV		$	1,000.00		$	1,112.70		0.86%		$	4.58		$	1,000.00		$	1,020.87		0.86%		$	4.38
Class I			1,000.00			1,115.50		0.36			1.92			1,000.00			1,023.39		0.36			1.84
Class S			1,000.00			1,114.00		0.61			3.25			1,000.00			1,022.13		0.61			3.11
Class S2			1,000.00			1,113.20		0.76			4.05			1,000.00			1,021.37		0.76			3.87
Voya Russell™ Large Cap Value Index Portfolio
Class ADV		$	1,000.00		$	1,090.50		0.91%		$	4.79		$	1,000.00		$	1,020.62		0.91%		$	4.63
Class I			1,000.00			1,092.80		0.41			2.16			1,000.00			1,023.14		0.41			2.09
Class S			1,000.00			1,091.60		0.66			3.48			1,000.00			1,021.88		0.66			3.36
Voya Russell™ Mid Cap Growth Index Portfolio
Class I		$	1,000.00		$	1,071.90		0.40%		$	2.09		$	1,000.00		$	1,023.19		0.40%		$	2.04
Class S			1,000.00			1,070.60		0.65			3.39			1,000.00			1,021.93		0.65			3.31
Class S2			1,000.00			1,069.80		0.80			4.17			1,000.00			1,021.17		0.80			4.08
Voya Russell™ Mid Cap Index Portfolio
Class ADV		$	1,000.00		$	1,071.40		0.90%		$	4.70		$	1,000.00		$	1,020.67		0.90%		$	4.58
Class I			1,000.00			1,073.30		0.40			2.09			1,000.00			1,023.19		0.40			2.04
Class P2			1,000.00			1,076.00		0.15			0.78			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,072.80		0.65			3.40			1,000.00			1,021.93		0.65			3.31
Class S2			1,000.00			1,071.60		0.80			4.18			1,000.00			1,021.17		0.80			4.08
Voya Russell™ Small Cap Index Portfolio
Class ADV		$	1,000.00		$	1,069.30		0.95%		$	4.95		$	1,000.00		$	1,020.42		0.95%		$	4.84
Class I			1,000.00			1,071.30		0.45			2.35			1,000.00			1,022.94		0.45			2.29
Class P2			1,000.00			1,072.90		0.15			0.78			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,069.70		0.70			3.65			1,000.00			1,021.68		0.70			3.57
Class S2			1,000.00			1,069.60		0.85			4.43			1,000.00			1,020.92		0.85			4.33
Voya U.S. Bond Index Portfolio
Class ADV		$	1,000.00		$	1,019.50		0.88%		$	4.48		$	1,000.00		$	1,020.77		0.88%		$	4.48
Class I			1,000.00			1,023.00		0.38			1.94			1,000.00			1,023.29		0.38			1.94
Class P2			1,000.00			1,024.30		0.15			0.77			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,020.80		0.63			3.21			1,000.00			1,022.03		0.63			3.21
Class S2			1,000.00			1,020.90		0.78			3.97			1,000.00			1,021.27		0.78			3.97

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index® Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio (the Funds), each a series of Voya Variable Portfolios, Inc., including the summary portfolios or portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

Boston, Massachusetts
February 26, 2020

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya Emerging Markets Index Portfolio			Voya Euro STOXX 50® Index Portfolio			Voya FTSE 100 Index® Portfolio			Voya Hang Seng Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	615,700,408		$	15,141,592		$	4,452,276		$	20,121,816
Short-term investments at fair value**			11,516,017			224,000			51,729			709,000
Cash			1,029			257			486			608
Cash collateral for futures			466,083			181,708			—			99,941
Foreign currencies at value***			1,087,829			10,555			35,976			6,118
Foreign cash collateral for futures****			—			3,505			—			10,850
Receivables:
Investment securities and currencies sold			13,969			—			39,816			—
Fund shares sold			195,722			1,213			1,593			40,851
Dividends			1,511,230			493			12,100			636
Foreign tax reclaims			17,373			1,836,610			34,440			—
Other			23,231			—			—			—
Unrealized appreciation on forward foreign currency contracts			—			2,978			511			654
Prepaid expenses			5,669			2,614			1,626			323
Reimbursement due from manager			105,510			—			14,095			—
Other assets			17,662			15,741			11,581			3,105
Total assets			630,661,732			17,421,266			4,656,229			20,993,902
LIABILITIES:
Payable for investment securities and currencies purchased			13,931			—			39,737			—
Payable for fund shares redeemed			409,156			5,051			5,316			22
Payable upon receipt of securities loaned			3,998,017			—			3,729			—
Unrealized depreciation on forward foreign currency contracts			—			2,592			443			35
Payable for investment management fees			195,620			5,110			1,337			6,109
Payable for distribution and shareholder service fees			—			7,279			1,911			4,496
Payable for directors fees			3,256			1,172			717			189
Payable to directors under the deferred compensation plan (Note 6)			17,662			15,741			11,581			3,105
Other accrued expenses and liabilities			689,786			131,492			132,590			44,094
Total liabilities			5,327,428			168,437			197,361			58,050
NET ASSETS		$	625,334,304		$	17,252,829		$	4,458,868		$	20,935,852
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	575,636,353		$	8,423,724		$	16,919,255		$	10,472,457
Total distributable earnings (loss)			49,697,951			8,829,105			(12,460,387)			10,463,395
NET ASSETS		$	625,334,304		$	17,252,829		$	4,458,868		$	20,935,852
+ Including securities loaned at value		$	3,589,946		$	—		$	3,549		$	—
* Cost of investments in securities		$	550,140,451		$	14,094,017		$	4,171,569		$	11,844,573
** Cost of short-term investments		$	11,516,017		$	224,000		$	51,729		$	709,000
*** Cost of foreign currencies		$	1,072,836		$	10,410		$	35,935		$	6,094
**** Cost of foreign cash collateral for futures		$	—		$	3,505		$	—		$	10,850

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya International Index Portfolio			Voya Japan TOPIX Index® Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	2,292,440,147		$	6,826,137		$	1,139,929,963		$	1,015,613,253
Short-term investments at fair value**			93,164,837			77,971			9,963,000			5,018,000
Cash			148			—			193,370			154,122
Cash collateral for futures			1,746,773			32,266			485,033			137,421
Foreign currencies at value***			1,270,454			1,687			—			—
Receivables:
Investment securities sold			—			274,100			—			—
Fund shares sold			1,916,730			2,494			73,905			169,671
Dividends			2,299,801			9,969			438,634			796,202
Interest			39			—			96			93
Foreign tax reclaims			3,499,527			90,492			—			—
Prepaid expenses			12,502			1,683			5,078			6,498
Reimbursement due from manager			370,232			1,865			—			24,037
Receivable due from manager			—			—			17,151			—
Other assets			76,502			11,020			20,668			82,207
Total assets			2,396,797,692			7,329,684			1,151,126,898			1,022,001,504
LIABILITIES:
Payable for fund shares redeemed			1,088,776			30			3,582,109			1,950,723
Payable for foreign cash collateral for futures****			—			1,091			—			—
Payable upon receipt of securities loaned			60,420,837			77,971			—			—
Unrealized depreciation on forward foreign currency contracts			—			694			—			—
Payable for investment management fees			872,708			2,155			323,326			298,467
Payable for distribution and shareholder service fees			240,904			3,078			115,996			157,773
Payable to custodian due to bank overdraft			—			1,932			—			—
Payable for directors fees			9,140			757			3,824			4,745
Payable to directors under the deferred compensation plan (Note 6)			76,502			11,020			20,668			82,207
Other accrued expenses and liabilities			469,595			116,416			152,119			197,255
Total liabilities			63,178,462			215,144			4,198,042			2,691,170
NET ASSETS		$	2,333,619,230		$	7,114,540		$	1,146,928,856		$	1,019,310,334
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,010,702,748		$	4,548,042		$	551,174,893		$	271,003,419
Total distributable earnings			322,916,482			2,566,498			595,753,963			748,306,915
NET ASSETS		$	2,333,619,230		$	7,114,540		$	1,146,928,856		$	1,019,310,334
+ Including securities loaned at value		$	57,453,345		$	74,198		$	—		$	—
* Cost of investments in securities		$	1,919,619,315		$	6,604,821		$	602,954,940		$	317,564,114
** Cost of short-term investments		$	93,164,837		$	77,971		$	9,963,000		$	5,018,000
*** Cost of foreign currencies		$	1,251,665		$	1,683		$	—		$	—
**** Cost of payable for foreign cash collateral for futures		$	—		$	1,091		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya International Index Portfolio			Voya Japan TOPIX Index® Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
Class ADV
Net assets		$	542,257,226		$	7,114,540		$	5,670		$	78,253,567
Shares authorized			250,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			52,188,356			830,829			133			3,210,326
Net asset value and redemption price per share		$	10.39		$	8.56		$	42.54		$	24.38
Class I
Net assets		$	700,567,877			n/a		$	446,528,437		$	347,629,982
Shares authorized			200,000,000			n/a			100,000,000			400,000,000
Par value		$	0.001			n/a		$	0.001		$	0.001
Shares outstanding			65,999,184			n/a			10,394,565			13,952,346
Net asset value and redemption price per share		$	10.61			n/a		$	42.96		$	24.92
Class P2
Net assets		$	1,011,708,497			n/a			n/a			n/a
Shares authorized			300,000,000			n/a			n/a			n/a
Par value		$	0.001			n/a			n/a			n/a
Shares outstanding			94,565,985			n/a			n/a			n/a
Net asset value and redemption price per share		$	10.70			n/a			n/a			n/a
Class S
Net assets		$	77,949,537			n/a		$	700,394,749		$	592,415,127
Shares authorized			100,000,000			n/a			100,000,000			100,000,000
Par value		$	0.001			n/a		$	0.001		$	0.001
Shares outstanding			7,399,204			n/a			16,409,004			23,952,537
Net asset value and redemption price per share		$	10.53			n/a		$	42.68		$	24.73
Class S2
Net assets		$	1,136,093			n/a			n/a		$	1,011,658
Shares authorized			100,000,000			n/a			n/a			100,000,000
Par value		$	0.001			n/a			n/a		$	0.001
Shares outstanding			108,092			n/a			n/a			39,720
Net asset value and redemption price per share		$	10.51			n/a			n/a		$	25.47

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	980,436,557		$	610,527,846		$	1,411,464,303		$	1,038,958,260
Investments in affiliates at fair value**			—			108,422			1,443,580			—
Short-term investments at fair value***			11,329,000			12,165,535			116,700,953			239,739,483
Cash			72,731			263,560			1,500,789			150,496
Cash collateral for futures			546,387			125,206			220,369			673,077
Receivables:
Investment securities sold			—			—			—			586,438
Fund shares sold			24,447			2,265			439,726			178,442
Dividends			864,739			446,768			2,478,697			1,213,082
Interest			916			638			114			—
Foreign tax reclaims			920			—			—			—
Prepaid expenses			5,003			2,049			10,477			5,964
Reimbursement due from manager			—			12,088			94,765			46,624
Receivable due from manager			79,238			33,273			—			102,687
Other assets			11,750			11,430			68,803			39,057
Total assets			993,371,688			623,699,080			1,534,422,576			1,281,693,610
LIABILITIES:
Payable for investment securities purchased			—			—			—			90,922
Payable for fund shares redeemed			1,546,006			2,620,143			2,666,832			2,469,570
Payable upon receipt of securities loaned			—			9,743,535			112,318,953			222,576,483
Payable for investment management fees			184,624			152,561			488,455			337,098
Payable for distribution and shareholder service fees			124,327			91,323			143,160			114,720
Payable for directors fees			2,015			1,537			7,052			4,087
Payable to directors under the deferred compensation plan (Note 6)			11,750			11,430			68,803			39,057
Other accrued expenses and liabilities			96,131			132,362			354,629			190,264
Total liabilities			1,964,853			12,752,891			116,047,884			225,822,201
NET ASSETS		$	991,406,835		$	610,946,189		$	1,418,374,692		$	1,055,871,409
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	827,897,946		$	427,735,699		$	508,200,249		$	707,531,772
Total distributable earnings			163,508,889			183,210,490			910,174,443			348,339,637
NET ASSETS		$	991,406,835		$	610,946,189		$	1,418,374,692		$	1,055,871,409
+ Including securities loaned at value		$	—		$	9,460,154		$	109,660,111		$	216,885,941
* Cost of investments in securities		$	846,626,713		$	465,010,676		$	687,858,015		$	745,477,313
** Cost of investments in affiliates		$	—		$	82,055		$	638,540		$	—
*** Cost of short-term investments		$	11,329,000		$	12,165,535		$	116,700,953		$	239,739,483

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
Class ADV
Net assets		$	4,406			n/a		$	189,561,422		$	111,010,401
Shares authorized			100,000,000			n/a			100,000,000			100,000,000
Par value		$	0.001			n/a		$	0.001		$	0.001
Shares outstanding			184			n/a			14,491,098			8,074,844
Net asset value and redemption price per share		$	23.99			n/a		$	13.08		$	13.75
Class I
Net assets		$	97,085,767		$	22,120,976		$	754,716,172		$	390,841,743
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			4,001,500			614,989			55,279,046			27,329,333
Net asset value and redemption price per share		$	24.26		$	35.97		$	13.65		$	14.30
Class P2
Net assets			n/a			n/a		$	183,282,007		$	117,340,817
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			13,314,654			8,123,857
Net asset value and redemption price per share			n/a			n/a		$	13.77		$	14.44
Class S
Net assets		$	894,316,662		$	586,966,276		$	275,980,153		$	429,299,506
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			37,135,032			16,367,352			20,525,429			30,329,318
Net asset value and redemption price per share		$	24.08		$	35.86		$	13.45		$	14.15
Class S2
Net assets			n/a		$	1,858,937		$	14,834,938		$	7,378,942
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			51,972			1,123,195			532,557
Net asset value and redemption price per share			n/a		$	35.77		$	13.21		$	13.86

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019

	Voya U.S. Bond Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	3,135,105,520
Short-term investments at fair value**			268,048,807
Cash			1,039,225
Cash collateral for futures			13,247
Cash pledged for centrally cleared swaps (Note 2)			350,000
Receivables:
Investment securities sold			1,681
Fund shares sold			3,591,259
Dividends			3,544
Interest			16,191,898
Variation margin receivable on centrally cleared swaps			3,168
Prepaid expenses			24,229
Reimbursement due from manager			206,274
Other assets			137,988
Total assets			3,424,716,840
LIABILITIES:
Payable for investment securities purchased			9,952,735
Payable for investment securities purchased on a delayed-delivery or when-issued basis			57,631,328
Payable for fund shares redeemed			1,755,710
Payable upon receipt of securities loaned			226,859,456
Payable for investment management fees			952,080
Payable for distribution and shareholder service fees			49,449
Payable for directors fees			16,043
Payable to directors under the deferred compensation plan (Note 6)			137,988
Other accrued expenses and liabilities			432,465
Total liabilities			297,787,254
NET ASSETS		$	3,126,929,586
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,978,574,370
Total distributable earnings			148,355,216
NET ASSETS		$	3,126,929,586
+ Including securities loaned at value		$	222,053,040
* Cost of investments in securities		$	3,019,608,109
** Cost of short-term investments		$	268,050,049

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Emerging Markets Index Portfolio			Voya Euro STOXX 50® Index Portfolio			Voya FTSE 100 Index® Portfolio			Voya Hang Seng Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	16,450,123		$	9,810,791		$	8,004,668		$	1,394,433
Interest, net of foreign taxes withheld*			14,687			3,391			3,306			1,697
Securities lending income, net			127,197			191,264			15,511			176
Total investment income			16,592,007			10,005,446			8,023,485			1,396,306
EXPENSES:
Investment management fees			4,233,226			1,639,710			1,004,116			264,921
Distribution and shareholder service fees:
Class ADV			—			88,593			22,932			3,474
Class S			7			—			—			55,612
Transfer agent fees			2,051			510			369			209
Shareholder reporting expense			25,550			7,760			5,210			1,686
Professional fees			74,585			21,140			14,945			7,784
Custody and accounting expense			977,941			87,152			48,989			34,477
Directors fees			26,051			9,370			5,738			1,514
Licensing fee (Note 8)			195,376			70,272			44,127			15,139
Miscellaneous expense			43,990			19,043			11,999			9,773
Interest expense			78,919			1,177			727			400
Total expenses			5,657,696			1,944,727			1,159,152			394,989
Waived and reimbursed fees			(2,912,278)			(819,851)			(516,151)			(132,460)
Net expenses			2,745,418			1,124,876			643,001			262,529
Net investment income			13,846,589			8,880,570			7,380,484			1,133,777
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of Brazilian and Indian capital gains tax withheld^^)			48,642,528			35,025,193			(5,005,674)			7,392,636
Forward foreign currency contracts			(85,677)			(151,413)			162,016			2,525
Foreign currency related transactions			(294,081)			454,150			206,514			(7,582)
Futures			1,867,168			743,284			681,338			9,785
Net realized gain (loss)			50,129,938			36,071,214			(3,955,806)			7,397,364
Net change in unrealized appreciation (depreciation) on:
Investments			60,605,514			11,036,213			19,223,580			(5,294,768)
Forward foreign currency contracts			(13,190)			(23,529)			(37,216)			1,842
Foreign currency related transactions			3,544			(28,531)			(12,259)			(2)
Futures			266,758			41,597			6,877			(959)
Net change in unrealized appreciation (depreciation)			60,862,626			11,025,750			19,180,982			(5,293,887)
Net realized and unrealized gain			110,992,564			47,096,964			15,225,176			2,103,477
Increase in net assets resulting from operations		$	124,839,153		$	55,977,534		$	22,605,660		$	3,237,254
* Foreign taxes withheld		$	1,999,982		$	1,568,273		$	92,645		$	66,874
^^ Foreign taxes on sale of Brazilian investments		$	42,661		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya International Index Portfolio			Voya Japan TOPIX Index® Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	57,779,290		$	2,901,120		$	10,529,971		$	19,196,582
Interest			64,164			1,813			6,821			7,368
Securities lending income, net			626,202			39,330			30,534			33,672
Total investment income			58,469,656			2,942,263			10,567,326			19,237,622
EXPENSES:
Investment management fees			8,276,850			1,059,178			3,770,022			3,321,360
Distribution and shareholder service fees:
Class ADV			2,710,091			36,464			24			333,279
Class S			185,253			—			969,938			1,426,736
Class S2			5,413			—			—			3,906
Transfer agent fees			4,128			434			1,595			1,502
Shareholder reporting expense			72,998			6,740			40,104			43,945
Professional fees			110,111			16,255			44,940			54,489
Custody and accounting expense			508,528			107,864			88,315			96,344
Directors fees			73,114			6,052			30,594			37,960
Licensing fee (Note 8)			548,335			9,079			104,671			123,089
Miscellaneous expense			82,618			16,756			29,704			32,306
Interest expense			42,939			255			735			80
Total expenses			12,620,378			1,259,077			5,080,642			5,474,996
Waived and reimbursed fees			(4,084,459)			(531,451)			(804,082)			(274,439)
Net expenses			8,535,919			727,626			4,276,560			5,200,557
Net investment income			49,933,737			2,214,637			6,290,766			14,037,065
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(39,433,240)			52,403,810			50,429,703			36,879,562
Forward foreign currency contracts			(644,044)			156,192			—			—
Foreign currency related transactions			834,707			161,483			—			—
Futures			13,435,475			344,173			1,770,054			1,911,306
Net realized gain (loss)			(25,807,102)			53,065,658			52,199,757			38,790,868
Net change in unrealized appreciation (depreciation) on:
Investments			350,531,625			(34,846,324)			174,728,264			199,513,946
Forward foreign currency contracts			421			(90,751)			—			—
Foreign currency related transactions			49,637			(3,581)			—			—
Futures			2,124,625			131,749			438,812			520,877
Net change in unrealized appreciation (depreciation)			352,706,308			(34,808,907)			175,167,076			200,034,823
Net realized and unrealized gain			326,899,206			18,256,751			227,366,833			238,825,691
Increase in net assets resulting from operations		$	376,832,943		$	20,471,388		$	233,657,599		$	252,862,756
* Foreign taxes withheld		$	5,040,351		$	357,304		$	99		$	1,245

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2019

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	10,989,296		$	2,898,984		$	24,342,630		$	11,214,370
Dividends from affiliates			—			305			8,120			—
Interest			3,608			2,690			13,193			10,415
Securities lending income, net			8,616			33,893			322,510			1,082,971
Total investment income			11,001,520			2,935,872			24,686,453			12,307,756
EXPENSES:
Investment management fees			1,852,283			1,535,733			5,782,144			3,514,233
Distribution and shareholder service fees:
Class ADV			22			—			880,874			541,157
Class S			777,263			710,740			687,386			515,480
Class S2			—			6,987			56,394			30,583
Transfer agent fees			865			522			2,440			1,485
Shareholder reporting expense			27,946			14,056			54,750			39,811
Professional fees			27,566			12,884			83,950			50,285
Custody and accounting expense			47,368			20,305			162,625			100,454
Directors fees			16,124			12,294			56,411			32,695
Licensing fee (Note 8)			68,495			58,917			169,219			109,925
Miscellaneous expense			18,260			9,052			56,972			37,839
Interest expense			—			1,982			14,659			2,009
Total expenses			2,836,192			2,383,472			8,007,824			4,975,956
Waived and reimbursed fees			(403,106)			(431,234)			(1,115,123)			(489,726)
Net expenses			2,433,086			1,952,238			6,892,701			4,486,230
Net investment income			8,568,434			983,634			17,793,752			7,821,526
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			23,552,373			36,477,529			174,191,858			45,228,009
Affiliates			—			1,365			230,739			—
Foreign currency related transactions			—			—			—			4
Futures			693,863			650,218			2,700,059			2,644,041
Net realized gain			24,246,236			37,129,112			177,122,656			47,872,054
Net change in unrealized appreciation (depreciation) on:
Investments			60,796,363			51,250,877			177,823,259			128,990,672
Affiliated underlying funds			—			22,527			384,894			—
Futures			427,015			9,514			1,557,670			1,564,268
Net change in unrealized appreciation (depreciation)			61,223,378			51,282,918			179,765,823			130,554,940
Net realized and unrealized gain			85,469,614			88,412,030			356,888,479			178,426,994
Increase in net assets resulting from operations		$	94,038,048		$	89,395,664		$	374,682,231		$	186,248,520
* Foreign taxes withheld		$	1,025		$	—		$	2,500		$	3,498

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Emerging Markets Index Portfolio						Voya Euro STOXX 50® Index Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	13,846,589		$	17,218,140		$	8,880,570		$	10,014,412
Net realized gain (loss)			50,129,938			(5,785,938)			36,071,214			3,270,724
Net change in unrealized appreciation (depreciation)			60,862,626			(140,986,605)			11,025,750			(77,542,114)
Increase (decrease) in net assets resulting from operations			124,839,153			(129,554,403)			55,977,534			(64,256,978)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(1,860,313)			(965,077)
Class I			(9,468,409)			(10,859,398)			(17,041,063)			(15,782,116)
Class P2			(5,628,982)			(6,287,864)			—			—
Class S			(74)			(82)			—			—
Total distributions			(15,097,465)			(17,147,344)			(18,901,376)			(16,747,193)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			163,340,384			401,017,287			5,817,756			88,282,361
Reinvestment of distributions			15,097,391			17,147,262			18,901,376			16,747,193
			178,437,775			418,164,549			24,719,132			105,029,554
Cost of shares redeemed			(434,069,780)			(222,543,062)			(389,407,364)			(57,239,918)
Net increase (decrease) in net assets resulting from capital share transactions			(255,632,005)			195,621,487			(364,688,232)			47,789,636
Net increase (decrease) in net assets			(145,890,317)			48,919,740			(327,612,074)			(33,214,535)
NET ASSETS:
Beginning of year or period			771,224,621			722,304,881			344,864,903			378,079,438
End of year or period		$	625,334,304		$	771,224,621		$	17,252,829		$	344,864,903

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya FTSE 100 Index® Portfolio						Voya Hang Seng Index Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	7,380,484		$	9,609,834		$	1,133,777		$	1,453,169
Net realized gain (loss)			(3,955,806)			7,030,453			7,397,364			9,705,232
Net change in unrealized appreciation (depreciation)			19,180,982			(50,811,957)			(5,293,887)			(16,083,827)
Increase (decrease) in net assets resulting from operations			22,605,660			(34,171,670)			3,237,254			(4,925,426)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(894,041)			(420,703)			(215,788)			(148,035)
Class I(1)			(23,564,610)			(18,187,648)			(5,364,923)			(6,342,613)
Class S			—			—			(7,121,190)			(4,834,095)
Total distributions			(24,458,651)			(18,608,351)			(12,701,901)			(11,324,743)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,956,338			31,479,884			6,814,769			6,579,130
Reinvestment of distributions			24,458,651			18,608,351			12,701,901			11,324,607
			31,414,989			50,088,235			19,516,670			17,903,737
Cost of shares redeemed			(240,197,814)			(59,906,351)			(31,618,730)			(32,733,639)
Net decrease in net assets resulting from capital share transactions			(208,782,825)			(9,818,116)			(12,102,060)			(14,829,902)
Net decrease in net assets			(210,635,816)			(62,598,137)			(21,566,707)			(31,080,071)
NET ASSETS:
Beginning of year or period			215,094,684			277,692,821			42,502,559			73,582,630
End of year or period		$	4,458,868		$	215,094,684		$	20,935,852		$	42,502,559

(1)

Class I liquidated on November 22, 2019.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya International Index Portfolio						Voya Japan TOPIX Index® Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	49,933,737		$	43,160,760		$	2,214,637		$	4,110,077
Net realized gain (loss)			(25,807,102)			(11,478,221)			53,065,658			19,364,816
Net change in unrealized appreciation (depreciation)			352,706,308			(283,529,197)			(34,808,907)			(59,802,799)
Increase (decrease) in net assets resulting from operations			376,832,943			(251,846,658)			20,471,388			(36,327,906)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(14,191,996)			(14,583,530)			(1,847,112)			(995,866)
Class I(1)			(3,328,047)			(9,657,691)			(33,455,868)			(26,605,844)
Class P2			(25,244,979)			(18,624,875)			—			—
Class S			(2,107,770)			(1,907,343)			—			—
Class S2			(39,451)			(33,601)			—			—
Total distributions			(44,912,243)			(44,807,040)			(35,302,980)			(27,601,710)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			861,054,531			411,607,669			14,147,875			26,123,838
Reinvestment of distributions			44,912,243			44,807,040			35,302,980			27,601,710
			905,966,774			456,414,709			49,450,855			53,725,548
Cost of shares redeemed			(506,419,475)			(241,224,528)			(251,526,678)			(68,932,052)
Net increase (decrease) in net assets resulting from capital share transactions			399,547,299			215,190,181			(202,075,823)			(15,206,504)
Net increase (decrease) in net assets			731,467,999			(81,463,517)			(216,907,415)			(79,136,120)
NET ASSETS:
Beginning of year or period			1,602,151,231			1,683,614,748			224,021,955			303,158,075
End of year or period		$	2,333,619,230		$	1,602,151,231		$	7,114,540		$	224,021,955

(1)

Class I for Voya Japan TOPIX Index® Portfolio liquidated on November 22, 2019.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Large Cap Growth Index Portfolio						Voya Russell™ Large Cap Index Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	6,290,766		$	6,356,116		$	14,037,065		$	13,074,300
Net realized gain			52,199,757			33,680,914			38,790,868			39,950,123
Net change in unrealized appreciation (depreciation)			175,167,076			(45,139,688)			200,034,823			(83,241,566)
Increase (decrease) in net assets resulting from operations			233,657,599			(5,102,658)			252,862,756			(30,217,143)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(247)			(178)			(2,864,310)			(582,782)
Class I			(20,214,615)			(15,890,149)			(14,732,643)			(4,457,407)
Class S			(19,598,471)			(14,748,818)			(25,966,997)			(7,830,458)
Class S2			—			—			(37,491)			(9,816)
Total distributions			(39,813,333)			(30,639,145)			(43,601,441)			(12,880,463)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			368,140,347			65,389,731			86,682,983			90,167,086
Reinvestment of distributions			39,813,333			30,639,145			43,601,441			12,880,463
			407,953,680			96,028,876			130,284,424			103,047,549
Cost of shares redeemed			(105,499,344)			(107,246,548)			(152,021,884)			(135,402,170)
Net increase (decrease) in net assets resulting from capital share transactions			302,454,336			(11,217,672)			(21,737,460)			(32,354,621)
Net increase (decrease) in net assets			496,298,602			(46,959,475)			187,523,855			(75,452,227)
NET ASSETS:
Beginning of year or period			650,630,254			697,589,729			831,786,479			907,238,706
End of year or period		$	1,146,928,856		$	650,630,254		$	1,019,310,334		$	831,786,479

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Large Cap Value Index Portfolio						Voya Russell™ Mid Cap Growth Index Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	8,568,434		$	8,164,897		$	983,634		$	1,689,698
Net realized gain			24,246,236			14,817,302			37,129,112			27,512,695
Net change in unrealized appreciation (depreciation)			61,223,378			(48,694,958)			51,282,918			(42,612,412)
Increase (decrease) in net assets resulting from operations			94,038,048			(25,712,759)			89,395,664			(13,410,019)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(227)			(197)			—			—
Class I			(5,759,075)			(5,593,289)			(2,227,224)			(1,994,532)
Class S			(17,231,205)			(16,284,468)			(26,707,539)			(32,016,234)
Class S2			—			—			(168,840)			(183,519)
Total distributions			(22,990,507)			(21,877,954)			(29,103,603)			(34,194,285)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			620,047,616			13,423,772			329,604,556			23,291,023
Reinvestment of distributions			22,990,507			21,877,954			29,103,603			34,194,285
			643,038,123			35,301,726			358,708,159			57,485,308
Cost of shares redeemed			(73,686,731)			(63,052,579)			(68,880,279)			(53,463,586)
Net increase (decrease) in net assets resulting from capital share transactions			569,351,392			(27,750,853)			289,827,880			4,021,722
Net increase (decrease) in net assets			640,398,933			(75,341,566)			350,119,941			(43,582,582)
NET ASSETS:
Beginning of year or period			351,007,902			426,349,468			260,826,248			304,408,830
End of year or period		$	991,406,835		$	351,007,902		$	610,946,189		$	260,826,248

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Mid Cap Index Portfolio						Voya Russell™ Small Cap Index Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	17,793,752		$	20,528,125		$	7,821,526		$	7,257,588
Net realized gain			177,122,656			249,746,166			47,872,054			89,006,104
Net change in unrealized appreciation (depreciation)			179,765,823			(400,533,441)			130,554,940			(186,603,003)
Increase (decrease) in net assets resulting from operations			374,682,231			(130,259,150)			186,248,520			(90,339,311)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(32,819,919)			(21,932,754)			(12,875,871)			(7,219,605)
Class I			(151,546,642)			(139,465,666)			(47,253,152)			(30,423,046)
Class P2			(28,203,174)			(21,984,898)			(10,970,670)			(5,231,806)
Class S			(51,839,237)			(37,435,605)			(23,432,979)			(15,340,373)
Class S2			(2,702,608)			(1,985,993)			(941,927)			(497,689)
Total distributions			(267,111,580)			(222,804,916)			(95,474,599)			(58,712,519)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			135,608,085			188,609,464			332,331,620			140,399,863
Reinvestment of distributions			267,111,580			222,804,916			95,474,599			58,712,519
			402,719,665			411,414,380			427,806,219			199,112,382
Cost of shares redeemed			(453,108,397)			(636,206,115)			(225,081,351)			(238,196,909)
Net increase (decrease) in net assets resulting from capital share transactions			(50,388,732)			(224,791,735)			202,724,868			(39,084,527)
Net increase (decrease) in net assets			57,181,919			(577,855,801)			293,498,789			(188,136,357)
NET ASSETS:
Beginning of year or period			1,361,192,773			1,939,048,574			762,372,620			950,508,977
End of year or period		$	1,418,374,692		$	1,361,192,773		$	1,055,871,409		$	762,372,620

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Emerging Markets Index Portfolio
Class I
12-31-19		10.66		0.21•		1.65		1.86		0.28		—		—		0.28		—		12.24		17.76		0.87		0.60		0.60		1.88		321,682		20
12-31-18		12.85		0.25		(2.14)		(1.89)		0.30		—		—		0.30		—		10.66		(15.07)		0.81		0.54		0.54		2.05		499,268		12
12-31-17		9.56		0.19•		3.28		3.47		0.18		—		—		0.18		—		12.85		36.65		0.82		0.55		0.55		1.71		502,979		18
12-31-16		8.85		0.18		0.73		0.91		0.20		—		—		0.20		—		9.56		10.48		0.82		0.57		0.57		1.80		528,461		34
12-31-15		10.65		0.20•		(1.78)		(1.58)		0.22		—		—		0.22		—		8.85		(15.28)		0.82		0.57		0.57		1.92		510,962		19
Class P2
12-31-19		10.74		0.29•		1.64		1.93		0.28		—		—		0.28		—		12.39		18.29		0.87		0.16		0.16		2.49		303,648		20
12-31-18		12.88		0.29•		(2.13)		(1.84)		0.30		—		—		0.30		—		10.74		(14.64)		0.81		0.15		0.15		2.44		271,954		12
05-03-17(5) - 12-31-17		10.99		0.20•		1.87		2.07		0.18		—		—		0.18		—		12.88		19.15		0.82		0.15		0.15		2.56		219,322		18
Class S
12-31-19		10.71		0.21		1.64		1.85		0.25		—		—		0.25		—		12.31		17.55		1.12		0.85		0.85		1.83		4		20
12-31-18		12.91		0.21		(2.14)		(1.93)		0.27		—		—		0.27		—		10.71		(15.26)		1.06		0.79		0.79		1.71		3		12
12-31-17		9.55		0.17		3.28		3.45		0.09		—		—		0.09		—		12.91		36.35		1.07		0.80		0.80		1.52		4		18
12-31-16		8.82		0.20•		0.72		0.92		0.19		—		—		0.19		—		9.55		10.66		1.07		0.82		0.82		2.16		3		34
12-31-15		10.61		0.17•		(1.76)		(1.59)		0.20		—		—		0.20		—		8.82		(15.43)		1.07		0.82		0.82		1.73		11		19
Voya Euro STOXX 50® Index Portfolio
Class ADV
12-31-19		9.14		0.22•		1.98		2.20		1.11		0.02		—		1.13		—		10.21		25.22		1.29		0.94		0.94		2.24		17,203		1
12-31-18		11.38		0.24•		(2.03)		(1.79)		0.26		0.19		—		0.45		—		9.14		(16.43)		1.29		0.94		0.94		2.27		17,714		11
12-31-17		9.48		0.20•		2.04		2.24		0.34		—		—		0.34		—		11.38		23.83		1.29		0.94		0.94		1.83		25,514		2
12-31-16		9.64		0.25•		(0.24)		0.01		0.17		—		—		0.17		—		9.48		0.16		1.29		0.94		0.94		2.75		22,343		37
12-31-15		10.39		0.24•		(0.69)		(0.45)		0.30		—		—		0.30		—		9.64		(4.64)		1.29		0.94		0.94		2.26		31,758		15
Class I
12-31-19		9.23		0.40•		1.85		2.25		1.21		0.02		—		1.23		—		10.25		25.72		0.79		0.44		0.44		3.92		50		1
12-31-18		11.49		0.27		(2.02)		(1.75)		0.32		0.19		—		0.51		—		9.23		(16.00)		0.79		0.44		0.44		2.65		327,151		11
12-31-17		9.58		0.27•		2.04		2.31		0.40		—		—		0.40		—		11.49		24.34		0.79		0.44		0.44		2.51		352,566		2
12-31-16		9.74		0.31•		(0.25)		0.06		0.22		—		—		0.22		—		9.58		0.78		0.79		0.44		0.44		3.32		382,834		37
12-31-15		10.49		0.28•		(0.68)		(0.40)		0.35		—		—		0.35		—		9.74		(4.21)		0.79		0.44		0.44		2.63		397,346		15
Voya FTSE 100 Index® Portfolio
Class ADV
12-31-19		7.89		0.34•		1.13		1.47		1.37		0.28		—		1.65		—		7.71		20.82		1.60		0.93		0.93		4.21		4,459		3
12-31-18		9.85		0.32•		(1.61)		(1.29)		0.42		0.25		—		0.67		—		7.89		(14.28)		1.28		0.93		0.93		3.47		4,369		9
12-31-17		8.66		0.30•		1.50		1.80		0.30		0.31		—		0.61		—		9.85		21.60		1.27		0.92		0.92		3.32		5,376		4
12-31-16		9.56		0.30•		(0.47)		(0.17)		0.40		0.33		—		0.73		—		8.66		(1.67)		1.27		0.92		0.92		3.41		4,826		22
12-31-15		11.29		0.32		(1.01)		(0.69)		0.73		0.31		—		1.04		—		9.56		(7.22)		1.27		0.92		0.92		3.06		6,484		8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Hang Seng Index Portfolio
Class ADV
12-31-19		13.09		0.28*		1.09		1.37		0.80		3.29		—		4.09		—		10.37		12.02		1.38		1.03		1.03		2.36		684		14
12-31-18		17.59		0.34•		(1.98)		(1.64)		0.74		2.12		—		2.86		—		13.09		(11.78)		1.42		1.07		1.07		2.18		692		6
12-31-17		12.73		0.40•		4.54		4.94		0.08		—		—		0.08		—		17.59		38.97		1.37		1.02		1.02		2.60		1,026		9
12-31-16		13.14		0.30•		0.00*		0.30		0.50		0.21		—		0.71		—		12.73		2.85		1.36		1.16		1.16		2.41		905		17
12-31-15		14.22		0.31•		(1.02)		(0.71)		0.37		—		—		0.37		—		13.14		(5.52)		1.37		1.19		1.19		2.09		1,192		7
Class S
12-31-19		13.14		0.43*		0.98		1.41		0.87		3.29		—		4.16		—		10.39		12.32		1.13		0.78		0.78		3.64		20,252		14
12-31-18		17.65		0.39•		(1.99)		(1.60)		0.79		2.12		—		2.91		—		13.14		(11.53)		1.17		0.82		0.82		2.52		22,515		6
12-31-17		12.78		0.45•		4.55		5.00		0.13		—		—		0.13		—		17.65		39.33		1.12		0.77		0.77		2.90		30,686		9
12-31-16		13.21		0.33•		0.00*		0.33		0.55		0.21		—		0.76		—		12.78		3.07		1.11		0.91		0.91		2.62		25,423		17
12-31-15		14.30		0.35•		(1.01)		(0.66)		0.43		—		—		0.43		—		13.21		(5.23)		1.12		0.94		0.94		2.40		30,748		7
Voya International Index Portfolio
Class ADV
12-31-19		8.83		0.23•		1.58		1.81		0.25		—		—		0.25		—		10.39		20.86		1.03		0.94		0.94		2.39		542,257		15
12-31-18		10.51		0.21•		(1.66)		(1.45)		0.23		—		—		0.23		—		8.83		(14.11)		1.04		0.94		0.94		2.11		524,307		3
12-31-17		8.63		0.19•		1.88		2.07		0.19		—		—		0.19		—		10.51		24.19		1.03		0.94		0.94		2.00		692,747		4
12-31-16		8.83		0.20•		(0.18)		0.02		0.22		—		—		0.22		—		8.63		0.37		1.05		0.97		0.97		2.30		692,197		3
12-31-15		9.19		0.19•		(0.30)		(0.11)		0.25		—		—		0.25		—		8.83		(1.43)(a)		1.06		0.97		0.97		2.03		803,990		2
Class I
12-31-19		9.02		0.24•		1.66		1.90		0.31		—		—		0.31		—		10.61		21.44		0.53		0.45		0.45		2.38		700,568		15
12-31-18		10.74		0.26•		(1.69)		(1.43)		0.29		—		—		0.29		—		9.02		(13.73)		0.54		0.45		0.45		2.58		299,378		3
12-31-17		8.81		0.26•		1.91		2.17		0.24		—		—		0.24		—		10.74		24.88		0.53		0.45		0.45		2.65		319,369		4
12-31-16		9.02		0.24•		(0.17)		0.07		0.28		—		—		0.28		—		8.81		0.83		0.55		0.48		0.48		2.72		557,788		3
12-31-15		9.37		0.24•		(0.29)		(0.05)		0.30		—		—		0.30		—		9.02		(0.88)(a)		0.56		0.48		0.48		2.51		473,681		2
Class P2
12-31-19		9.07		0.31•		1.63		1.94		0.31		—		—		0.31		—		10.70		21.78		0.53		0.15		0.15		3.10		1,011,708		15
12-31-18		10.76		0.29•		(1.69)		(1.40)		0.29		—		—		0.29		—		9.07		(13.42)		0.54		0.15		0.15		2.84		708,457		3
05-03-17(5) - 12-31-17		9.79		0.16•		1.05		1.21		0.24		—		—		0.24		—		10.76		12.59		0.53		0.15		0.15		2.42		589,019		4
Class S
12-31-19		8.96		0.27		1.58		1.85		0.28		—		—		0.28		—		10.53		21.04		0.78		0.70		0.70		2.60		77,950		15
12-31-18		10.66		0.24		(1.68)		(1.44)		0.26		—		—		0.26		—		8.96		(13.86)		0.79		0.70		0.70		2.33		68,720		3
12-31-17		8.75		0.22•		1.90		2.12		0.21		—		—		0.21		—		10.66		24.51		0.78		0.70		0.70		2.23		81,188		4
12-31-16		8.96		0.22•		(0.18)		0.04		0.25		—		—		0.25		—		8.75		0.55		0.80		0.73		0.73		2.55		73,054		3
12-31-15		9.30		0.21•		(0.28)		(0.07)		0.27		—		—		0.27		—		8.96		(1.07)(a)		0.81		0.73		0.73		2.25		86,837		2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya International Index Portfolio (continued)
Class S2
12-31-19		8.94		0.25•		1.59		1.84		0.27		—		—		0.27		—		10.51		20.93		0.93		0.85		0.85		2.57		1,136		15
12-31-18		10.65		0.22•		(1.68)		(1.46)		0.25		—		—		0.25		—		8.94		(14.07)		0.94		0.85		0.85		2.19		1,289		3
12-31-17		8.71		0.20•		1.91		2.11		0.17		—		—		0.17		—		10.65		24.44		0.93		0.85		0.85		2.03		1,292		4
12-31-16		8.94		0.21•		(0.19)		0.02		0.25		—		—		0.25		—		8.71		0.37		0.98		0.88		0.88		2.50		1,424		3
12-31-15		9.26		0.19•		(0.28)		(0.09)		0.23		—		—		0.23		—		8.94		(1.25)(a)		1.06		0.88		0.88		1.99		1,498		2
Voya Japan TOPIX Index® Portfolio
Class ADV
12-31-19		9.72		0.12•		1.31		1.43		0.64		1.95		—		2.59		—		8.56		17.00		1.33		0.95		0.95		1.28		7,115		4
12-31-18		12.57		0.12•		(1.78)		(1.66)		0.23		0.96		—		1.19		—		9.72		(14.83)		1.29		0.94		0.94		1.04		7,450		5
12-31-17		10.43		0.11•		2.47		2.58		0.16		0.28		—		0.44		—		12.57		25.41		1.28		0.93		0.93		0.95		11,532		8
12-31-16		10.70		0.11•		0.16		0.27		0.09		0.45		—		0.54		—		10.43		2.92		1.28		0.93		0.93		1.04		10,944		1
12-31-15		9.87		0.07•		0.97		1.04		0.09		0.12		—		0.21		—		10.70		10.50		1.26		0.91		0.91		0.69		23,399		16
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV
12-31-19		33.18		0.17•		11.14		11.31		0.20		1.75		—		1.95		—		42.54		35.19		1.04		0.93		0.93		0.45		6		19
12-31-18		35.05		0.17		(0.57)		(0.40)		0.23		1.24		—		1.47		—		33.18		(1.44)		1.03		0.93		0.93		0.49		4		9
12-31-17		27.04		0.20		8.04		8.24		0.23		—		—		0.23		—		35.05		30.60		1.03		0.93		0.93		0.64		4		14
12-31-16		25.76		0.24		1.32		1.56		0.28		—		—		0.28		—		27.04		6.13		1.03		0.93		0.93		0.92		3		19
07-13-15(5) - 12-31-15		25.51		0.10•		0.15		0.25		—		—		—		—		—		25.76		0.98		1.03		0.93		0.93		0.86		3		19
Class I
12-31-19		33.49		0.36		11.24		11.60		0.38		1.75		—		2.13		—		42.96		35.84		0.54		0.43		0.43		0.96		446,528		19
12-31-18		35.35		0.37•		(0.60)		(0.23)		0.39		1.24		—		1.63		—		33.49		(0.97)		0.53		0.43		0.43		1.00		329,022		9
12-31-17		27.24		0.36•		8.10		8.46		0.35		—		—		0.35		—		35.35		31.26		0.53		0.43		0.43		1.15		354,275		14
12-31-16		25.90		0.37		1.31		1.68		0.34		—		—		0.34		—		27.24		6.57		0.53		0.43		0.43		1.34		284,194		19
12-31-15		24.35		0.35		1.49		1.84		0.29		—		—		0.29		—		25.90		7.60		0.53		0.43		0.43		1.34		283,736		19
Class S
12-31-19		33.29		0.26•		11.16		11.42		0.28		1.75		—		2.03		—		42.68		35.47		0.79		0.68		0.68		0.69		700,395		19
12-31-18		35.15		0.27•		(0.59)		(0.32)		0.30		1.24		—		1.54		—		33.29		(1.21)		0.78		0.68		0.68		0.75		321,604		9
12-31-17		27.10		0.28•		8.06		8.34		0.29		—		—		0.29		—		35.15		30.93		0.78		0.68		0.68		0.90		343,310		14
12-31-16		25.77		0.28		1.33		1.61		0.28		—		—		0.28		—		27.10		6.31		0.78		0.68		0.68		1.09		281,265		19
12-31-15		24.23		0.28		1.50		1.78		0.24		—		—		0.24		—		25.77		7.37		0.78		0.68		0.68		1.09		275,410		19
Voya Russell™ Large Cap Index Portfolio
Class ADV
12-31-19		19.55		0.26•		5.57		5.83		0.30		0.70		—		1.00		—		24.38		30.66		0.89		0.86		0.86		1.16		78,254		5
12-31-18		20.60		0.24•		(1.03)		(0.79)		0.26		—		—		0.26		—		19.55		(3.92)		0.88		0.86		0.86		1.13		54,275		5
12-31-17		17.10		0.22•		3.51		3.73		0.23		—		—		0.23		—		20.60		21.96		0.88		0.87		0.87		1.17		43,874		6
12-31-16		15.71		0.22		1.40		1.62		0.23		—		—		0.23		—		17.10		10.45		0.88		0.87		0.87		1.37		34,466		5
12-31-15		15.66		0.20•		0.04		0.24		0.19		—		—		0.19		—		15.71		1.52		0.88		0.87		0.87		1.27		32,065		6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Large Cap Index Portfolio (continued)
Class I
12-31-19		19.94		0.36		5.70		6.06		0.38		0.70		—		1.08		—		24.92		31.34		0.39		0.36		0.36		1.66		347,630		5
12-31-18		20.99		0.35•		(1.05)		(0.70)		0.35		—		—		0.35		—		19.94		(3.46)		0.38		0.36		0.36		1.62		260,309		5
12-31-17		17.41		0.32		3.57		3.89		0.31		—		—		0.31		—		20.99		22.57		0.38		0.37		0.37		1.68		272,429		6
12-31-16		16.00		0.31•		1.41		1.72		0.31		—		—		0.31		—		17.41		10.95		0.38		0.37		0.37		1.87		220,228		5
12-31-15		15.93		0.29		0.04		0.33		0.26		—		—		0.26		—		16.00		2.09		0.38		0.37		0.37		1.78		186,401		6
Class S
12-31-19		19.80		0.32•		5.63		5.95		0.32		0.70		—		1.02		—		24.73		30.96		0.64		0.61		0.61		1.42		592,415		5
12-31-18		20.84		0.29•		(1.04)		(0.75)		0.29		—		—		0.29		—		19.80		(3.69)		0.63		0.61		0.61		1.37		516,424		5
12-31-17		17.29		0.27•		3.55		3.82		0.27		—		—		0.27		—		20.84		22.27		0.63		0.62		0.62		1.43		589,672		6
12-31-16		15.88		0.28		1.40		1.68		0.27		—		—		0.27		—		17.29		10.74		0.63		0.62		0.62		1.63		578,600		5
12-31-15		15.82		0.24•		0.05		0.29		0.23		—		—		0.23		—		15.88		1.79		0.63		0.62		0.62		1.53		566,225		6
Class S2
12-31-19		20.35		0.29•		5.81		6.10		0.28		0.70		—		0.98		—		25.47		30.80		0.79		0.76		0.76		1.26		1,012		5
12-31-18		21.38		0.27•		(1.07)		(0.80)		0.23		—		—		0.23		—		20.35		(3.81)		0.78		0.76		0.76		1.22		779		5
12-31-17		17.74		0.25•		3.64		3.89		0.25		—		—		0.25		—		21.38		22.08		0.78		0.77		0.77		1.27		1,264		6
12-31-16		16.05		0.25•		1.44		1.69		—		—		—		—		—		17.74		10.53		0.81		0.77		0.77		1.48		1,230		5
12-31-15		15.99		0.22•		0.04		0.26		0.20		—		—		0.20		—		16.05		1.64		0.88		0.77		0.77		1.37		1,290		6
Voya Russell™ Large Cap Value Index Portfolio
Class ADV
12-31-19		20.34		0.40		4.57		4.97		0.45		0.87		—		1.32		—		23.99		25.30		1.01		0.91		0.91		1.87		4		24
12-31-18		23.13		0.38		(1.96)		(1.58)		0.44		0.77		—		1.21		—		20.34		(7.18)		1.01		0.91		0.91		1.73		4		14
12-31-17		20.81		0.35•		2.33		2.68		0.36		—		—		0.36		—		23.13		13.05		0.99		0.89		0.89		1.62		4		13
12-31-16		18.64		0.36•		2.37		2.73		0.27		0.29		—		0.56		—		20.81		15.10		0.99		0.89		0.89		1.91		3		16
07-13-15(5) - 12-31-15		19.40		0.16•		(0.92)		(0.76)		—		—		—		—		—		18.64		(3.92)		1.02		0.92		0.92		1.84		3		23
Class I
12-31-19		20.57		0.53•		4.60		5.13		0.57		0.87		—		1.44		—		24.26		25.92		0.51		0.41		0.41		2.38		97,086		24
12-31-18		23.34		0.50•		(1.97)		(1.47)		0.53		0.77		—		1.30		—		20.57		(6.62)		0.51		0.41		0.41		2.24		85,885		14
12-31-17		21.01		0.47		2.31		2.78		0.45		—		—		0.45		—		23.34		13.46		0.49		0.39		0.39		2.12		105,552		13
12-31-16		18.77		0.49		2.36		2.85		0.32		0.29		—		0.61		—		21.01		15.64		0.49		0.39		0.39		2.38		97,341		16
12-31-15		20.03		0.41•		(1.08)		(0.67)		0.33		0.26		—		0.59		—		18.77		(3.50)		0.52		0.42		0.42		2.18		93,398		23
Class S
12-31-19		20.42		0.46•		4.58		5.04		0.51		0.87		—		1.38		—		24.08		25.61		0.76		0.66		0.66		2.05		894,317		24
12-31-18		23.17		0.45•		(1.96)		(1.51)		0.47		0.77		—		1.24		—		20.42		(6.85)		0.76		0.66		0.66		1.99		265,120		14
12-31-17		20.86		0.41•		2.30		2.71		0.40		—		—		0.40		—		23.17		13.19		0.74		0.64		0.64		1.88		320,793		13
12-31-16		18.66		0.42		2.35		2.77		0.28		0.29		—		0.57		—		20.86		15.30		0.74		0.64		0.64		2.12		338,968		16
12-31-15		19.93		0.37•		(1.10)		(0.73)		0.28		0.26		—		0.54		—		18.66		(3.77)		0.77		0.67		0.67		1.94		314,071		23

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Mid Cap Growth Index Portfolio
Class I
12-31-19		29.71		0.18•		9.69		9.87		0.29		3.32		—		3.61		—		35.97		34.87		0.54		0.40		0.40		0.52		22,121		38
12-31-18		35.21		0.27•		(1.68)		(1.41)		0.23		3.86		—		4.09		—		29.71		(5.14)		0.53		0.40		0.40		0.78		15,151		31
12-31-17		28.51		0.21•		6.78		6.99		0.29		—		—		0.29		—		35.21		24.67		0.55		0.43		0.43		0.67		17,724		26
12-31-16		26.89		0.23•		1.66		1.89		0.27		—		—		0.27		—		28.51		7.11		0.56		0.43		0.43		0.86		9,834		27
12-31-15		27.28		0.20•		(0.35)		(0.15)		0.24		—		—		0.24		—		26.89		(0.59)		0.55		0.45		0.45		0.72		67,930		31
Class S
12-31-19		29.62		0.10•		9.65		9.75		0.19		3.32		—		3.51		—		35.86		34.53		0.79		0.65		0.65		0.31		586,966		38
12-31-18		35.11		0.19		(1.68)		(1.49)		0.14		3.86		—		4.00		—		29.62		(5.36)		0.78		0.65		0.65		0.53		244,214		31
12-31-17		28.43		0.13•		6.76		6.89		0.21		—		—		0.21		—		35.11		24.36		0.80		0.68		0.68		0.42		284,959		26
12-31-16		26.81		0.18		1.63		1.81		0.19		—		—		0.19		—		28.43		6.81		0.81		0.68		0.68		0.61		284,539		27
12-31-15		27.19		0.13		(0.33)		(0.20)		0.18		—		—		0.18		—		26.81		(0.79)		0.80		0.70		0.70		0.47		295,781		31
Class S2
12-31-19		29.55		0.04		9.65		9.69		0.15		3.32		—		3.47		—		35.77		34.36		0.94		0.80		0.80		0.13		1,859		38
12-31-18		35.05		0.14		(1.68)		(1.54)		0.10		3.86		—		3.96		—		29.55		(5.54)		0.93		0.80		0.80		0.39		1,462		31
12-31-17		28.39		0.08•		6.76		6.84		0.18		—		—		0.18		—		35.05		24.19		0.95		0.83		0.83		0.27		1,726		26
12-31-16		26.74		0.12		1.65		1.77		0.12		—		—		0.12		—		28.39		6.65		0.99		0.83		0.83		0.46		1,475		27
12-31-15		27.12		0.08•		(0.33)		(0.25)		0.13		—		—		0.13		—		26.74		(0.96)		1.05		0.85		0.85		0.30		1,366		31
Voya Russell™ Mid Cap Index Portfolio
Class ADV
12-31-19		12.51		0.10		3.23		3.33		0.16		2.60		—		2.76		—		13.08		29.32		0.95		0.90		0.90		0.86		189,561		8
12-31-18		15.79		0.12		(1.45)		(1.33)		0.15		1.80		—		1.95		—		12.51		(9.80)(b)		0.95		0.91		0.91		0.81(c)		152,323		11
12-31-17		14.63		0.12		2.29		2.41		0.17		1.08		—		1.25		—		15.79		17.39		0.94		0.93		0.93		0.81		181,784		9
12-31-16		14.97		0.12•		1.59		1.71		0.14		1.91		—		2.05		—		14.63		12.86		0.94		0.93		0.93		0.87		158,645		20
12-31-15		16.92		0.11•		(0.57)		(0.46)		0.15		1.34		—		1.49		—		14.97		(3.33)		0.93		0.93		0.93		0.71		139,302		11
Class I
12-31-19		12.96		0.18•		3.34		3.52		0.23		2.60		—		2.83		—		13.65		29.95		0.45		0.40		0.40		1.35		754,716		8
12-31-18		16.28		0.20•		(1.49)		(1.29)		0.23		1.80		—		2.03		—		12.96		(9.31)(b)		0.45		0.41		0.41		1.28(c)		765,511		11
12-31-17		15.04		0.20•		2.36		2.56		0.24		1.08		—		1.32		—		16.28		17.97		0.44		0.43		0.43		1.28		1,191,269		9
12-31-16		15.34		0.22		1.60		1.82		0.21		1.91		—		2.12		—		15.04		13.40		0.44		0.43		0.43		1.38		1,432,810		20
12-31-15		17.28		0.19•		(0.57)		(0.38)		0.22		1.34		—		1.56		—		15.34		(2.82)		0.43		0.43		0.43		1.18		1,434,791		11
Class P2
12-31-19		13.01		0.21•		3.38		3.59		0.23		2.60		—		2.83		—		13.77		30.43		0.45		0.15		0.15		1.58		183,282		8
12-31-18		16.31		0.24•		(1.51)		(1.27)		0.23		1.80		—		2.03		—		13.01		(9.15)(b)		0.45		0.16		0.16		1.55(c)		180,790		11
05-03-17(5) - 12-31-17		15.87		0.17•		1.59		1.76		0.24		1.08		—		1.32		—		16.31		12.01		0.44		0.15		0.15		1.68		228,215		9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Mid Cap Index Portfolio (continued)
Class S
12-31-19		12.79		0.16		3.29		3.45		0.19		2.60		—		2.79		—		13.45		29.74		0.70		0.65		0.65		1.10		275,980		8
12-31-18		16.09		0.16•		(1.48)		(1.32)		0.18		1.80		—		1.98		—		12.79		(9.57)(b)		0.70		0.66		0.66		1.06(c)		250,242		11
12-31-17		14.88		0.16•		2.33		2.49		0.20		1.08		—		1.28		—		16.09		17.67		0.69		0.68		0.68		1.05		321,478		9
12-31-16		15.19		0.16•		1.61		1.77		0.17		1.91		—		2.08		—		14.88		13.12		0.69		0.68		0.68		1.12		364,384		20
12-31-15		17.13		0.15		(0.57)		(0.42)		0.18		1.34		—		1.52		—		15.19		(3.06)		0.68		0.68		0.68		0.93		323,348		11
Class S2
12-31-19		12.60		0.12		3.26		3.38		0.17		2.60		—		2.77		—		13.21		29.56		0.85		0.80		0.80		0.96		14,835		8
12-31-18		15.89		0.13•		(1.46)		(1.33)		0.16		1.80		—		1.96		—		12.60		(9.75)(b)		0.85		0.81		0.81		0.91(c)		12,327		11
12-31-17		14.71		0.15		2.28		2.43		0.17		1.08		—		1.25		—		15.89		17.47		0.84		0.83		0.83		0.91		16,303		9
12-31-16		15.03		0.14•		1.59		1.73		0.14		1.91		—		2.05		—		14.71		12.99		0.87		0.83		0.83		0.96		16,466		20
12-31-15		16.97		0.13		(0.57)		(0.44)		0.16		1.34		—		1.50		—		15.03		(3.23)		0.93		0.83		0.83		0.80		18,493		11
Voya Russell™ Small Cap Index Portfolio
Class ADV
12-31-19		12.53		0.07		2.84		2.91		0.09		1.60		—		1.69		—		13.75		24.57		0.98		0.95		0.95		0.54		111,010		22
12-31-18		15.15		0.06		(1.67)		(1.61)		0.10		0.91		—		1.01		—		12.53		(11.68)(d)		0.96		0.96		0.96		0.41(e)		97,210		17
12-31-17		14.48		0.08•		1.78		1.86		0.11		1.08		—		1.19		—		15.15		13.65		0.96		0.95		0.95		0.53		110,992		18
12-31-16		13.88		0.09•		2.34		2.43		0.13		1.70		—		1.83		—		14.48		20.56		0.96		0.95		0.95		0.68		98,458		11
12-31-15		16.12		0.09•		(0.79)		(0.70)		0.11		1.43		—		1.54		—		13.88		(5.03)		0.97		0.95		0.95		0.62		80,199		13
Class I
12-31-19		12.98		0.14•		2.95		3.09		0.17		1.60		—		1.77		—		14.30		25.17		0.48		0.45		0.45		1.04		390,842		22
12-31-18		15.66		0.14•		(1.74)		(1.60)		0.17		0.91		—		1.08		—		12.98		(11.27)(d)		0.46		0.46		0.46		0.90(e)		386,854		17
12-31-17		14.91		0.15•		1.85		2.00		0.17		1.08		—		1.25		—		15.66		14.27		0.46		0.45		0.45		1.03		463,391		18
12-31-16		14.25		0.17		2.39		2.56		0.20		1.70		—		1.90		—		14.91		21.11		0.46		0.45		0.45		1.17		412,050		11
12-31-15		16.50		0.17•		(0.81)		(0.64)		0.18		1.43		—		1.61		—		14.25		(4.55)		0.47		0.45		0.45		1.09		392,955		13
Class P2
12-31-19		13.06		0.19•		2.96		3.15		0.17		1.60		—		1.77		—		14.44		25.49		0.48		0.15		0.15		1.36		117,341		22
12-31-18		15.70		0.19•		(1.75)		(1.56)		0.17		0.91		—		1.08		—		13.06		(10.98)(d)		0.46		0.16		0.16		1.18(e)		79,563		17
05-03-17(5) - 12-31-17		15.34		0.14•		1.47		1.61		0.17		1.08		—		1.25		—		15.70		11.34		0.46		0.15		0.15		1.38		125,069		18
Class S
12-31-19		12.86		0.11•		2.90		3.01		0.12		1.60		—		1.72		—		14.15		24.77		0.73		0.70		0.70		0.84		429,300		22
12-31-18		15.51		0.10•		(1.71)		(1.61)		0.13		0.91		—		1.04		—		12.86		(11.43)(d)		0.71		0.71		0.71		0.65(e)		191,769		17
12-31-17		14.78		0.11•		1.83		1.94		0.13		1.08		—		1.21		—		15.51		13.97		0.71		0.70		0.70		0.76		242,692		18
12-31-16		14.13		0.13		2.38		2.51		0.16		1.70		—		1.86		—		14.78		20.81		0.71		0.70		0.70		0.92		277,690		11
12-31-15		16.37		0.13		(0.80)		(0.67)		0.14		1.43		—		1.57		—		14.13		(4.78)		0.72		0.70		0.70		0.85		259,171		13

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Small Cap Index Portfolio (continued)
Class S2
12-31-19		12.62		0.09		2.86		2.95		0.11		1.60		—		1.71		—		13.86		24.70		0.88		0.85		0.85		0.64		7,379		22
12-31-18		15.24		0.09		(1.70)		(1.61)		0.10		0.91		—		1.01		—		12.62		(11.60)(d)		0.86		0.86		0.86		0.51(e)		6,975		17
12-31-17		14.55		0.09•		1.79		1.88		0.11		1.08		—		1.19		—		15.24		13.76		0.86		0.85		0.85		0.61		8,365		18
12-31-16		13.93		0.11		2.35		2.46		0.14		1.70		—		1.84		—		14.55		20.70		0.89		0.85		0.85		0.77		9,170		11
12-31-15		16.16		0.10		(0.79)		(0.69)		0.11		1.43		—		1.54		—		13.93		(4.94)		0.97		0.85		0.85		0.71		8,946		13
Voya U.S. Bond Index Portfolio
Class ADV
12-31-19		10.27		0.21		0.58		0.79		0.21		—		—		0.21		—		10.85		7.69		0.88		0.88		0.88		1.97		26,983		222
12-31-18		10.55		0.20		(0.29)		(0.09)		0.19		—		—		0.19		—		10.27		(0.84)		0.91		0.90		0.90		1.93		27,118		234
12-31-17		10.49		0.18		0.10		0.28		0.19		0.03		—		0.22		—		10.55		2.68		0.91		0.90		0.90		1.67		31,475		155
12-31-16		10.48		0.17		0.03		0.20		0.17		0.02		—		0.19		—		10.49		1.87		0.91		0.90		0.90		1.57		32,600		203
12-31-15		10.73		0.15		(0.19)		(0.04)		0.19		0.02		—		0.21		—		10.48		(0.34)		0.91		0.90		0.90		1.49		25,747		213
Class I
12-31-19		10.31		0.27•		0.58		0.85		0.26		—		—		0.26		—		10.90		8.30		0.38		0.38		0.38		2.48		1,808,834		222
12-31-18		10.59		0.25		(0.29)		(0.04)		0.24		—		—		0.24		—		10.31		(0.33)		0.41		0.40		0.40		2.44		2,146,798		234
12-31-17		10.53		0.24		0.10		0.34		0.25		0.03		—		0.28		—		10.59		3.19		0.41		0.40		0.40		2.17		2,424,885		155
12-31-16		10.52		0.23		0.02		0.25		0.22		0.02		—		0.24		—		10.53		2.33		0.41		0.40		0.40		2.07		3,069,317		203
12-31-15		10.76		0.22		(0.20)		0.02		0.24		0.02		—		0.26		—		10.52		0.23		0.41		0.40		0.40		1.98		3,390,992		213
Class P2
12-31-19		10.31		0.28		0.60		0.88		0.29		—		—		0.29		—		10.90		8.57		0.38		0.15		0.15		2.70		1,112,415		222
12-31-18		10.59		0.27		(0.28)		(0.01)		0.27		—		—		0.27		—		10.31		(0.08)		0.41		0.15		0.15		2.70		856,890		234
05-03-17(5) - 12-31-17		10.60		0.17•		0.03		0.20		0.18		0.03		—		0.21		—		10.59		1.89		0.41		0.15		0.15		2.34		731,605		155
Class S
12-31-19		10.28		0.24		0.57		0.81		0.23		—		—		0.23		—		10.86		7.95		0.63		0.63		0.63		2.22		177,236		222
12-31-18		10.56		0.23		(0.29)		(0.06)		0.22		—		—		0.22		—		10.28		(0.58)		0.66		0.65		0.65		2.18		170,552		234
12-31-17		10.50		0.21		0.10		0.31		0.22		0.03		—		0.25		—		10.56		2.94		0.66		0.65		0.65		1.92		190,071		155
12-31-16		10.49		0.20		0.03		0.23		0.20		0.02		—		0.22		—		10.50		2.10		0.66		0.65		0.65		1.82		237,455		203
12-31-15		10.73		0.18		(0.18)		0.00*		0.22		0.02		—		0.24		—		10.49		(0.01)		0.66		0.65		0.65		1.74		248,290		213
Class S2
12-31-19		10.28		0.21		0.60		0.81		0.22		—		—		0.22		—		10.87		7.89		0.78		0.78		0.78		2.07		1,462		222
12-31-18		10.56		0.21•		(0.29)		(0.08)		0.20		—		—		0.20		—		10.28		(0.73)		0.81		0.80		0.80		2.03		1,146		234
12-31-17		10.50		0.19		0.10		0.29		0.20		0.03		—		0.23		—		10.56		2.78		0.81		0.80		0.80		1.77		2,449		155
12-31-16		10.49		0.18		0.03		0.21		0.18		0.02		—		0.20		—		10.50		1.97		0.84		0.80		0.80		1.67		2,959		203
12-31-15		10.74		0.17		(0.20)		(0.03)		0.20		0.02		—		0.22		—		10.49		(0.26)		0.91		0.80		0.80		1.58		2,419		213

(1)

(2)

Annualized for periods less than one year.

(3)

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

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 related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, total return for Voya International Index Portfolio would have been (1.48)%, (0.93)%, (1.17)% and (1.36)% for Classes ADV, I, S and S2, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Russell™ Mid Cap Index Portfolio would have been (9.81)%, (9.32)%, (9.16)%, (9.58)% and (9.76)% for Classes ADV, I, P2, S and S2, respectively.

(c)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya Russell™ Mid Cap Index Portfolio’s Net Investment Income Ratios would have been 0.80%, 1.27%, 1.54%, 1.05% and 0.90% for Class ADV, I, P2, S and S2, respectively.

(d)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Russell™ Small Cap Index Portfolio would have been (11.72)%, (11.31)%, (11.02)%, (11.47)% and (11.64)% for Classes ADV, I, P2, S and S2, respectively.

(e)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya RusseII™ Small Cap Index Portfolio’s Net Investment Income Ratios would have been 0.37%, 0.86%, 1.14%, 0.61% and 0.47% for Classes ADV, I, P2, S and S2, respectively.

•

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

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019

NOTE 1 — ORGANIZATION

Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are eighteen active separate investment series that comprise the Company. The thirteen series (each, a “Portfolio” and collectively, the “Portfolios”) that are in this report are: Voya Emerging Markets Index Portfolio (“Emerging Markets Index”), Voya Euro STOXX 50® Index Portfolio (“Euro STOXX 50® Index”), Voya FTSE 100 Index® Portfolio (“FTSE 100 Index®”), Voya Hang Seng Index Portfolio (“Hang Seng Index”), Voya International Index Portfolio (“International Index”), Voya Japan TOPIX Index® Portfolio (“Japan TOPIX Index®”), Voya Russell™ Large Cap Growth Index Portfolio (“Russell™ Large Cap Growth Index”), Voya Russell™ Large Cap Index Portfolio (“Russell™ Large Cap Index”), Voya Russell™ Large Cap Value Index Portfolio (“Russell™ Large Cap Value Index”), Voya Russell™ Mid Cap Growth Index Portfolio (“Russell™ Mid Cap Growth Index”), Voya Russell™ Mid Cap Index Portfolio (“Russell™ Mid Cap Index”), Voya Russell™ Small Cap Index Portfolio (“Russell™ Small Cap Index”), and Voya U.S. Bond Index Portfolio (“U.S. Bond Index”). All of the Portfolios are diversified, except Hang Seng Index, which is a non-diversified Portfolio 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”), Class I, Class P2, Class S, and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges.The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate

class expenses, including distribution and shareholder service fees, if applicable.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the 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 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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 as 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. A table summarizing the Portfolios’ investments under these levels of classification is included following 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 is presented only when a Portfolio has a significant amount of Level 3 investments.

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.

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares dividends daily and pays dividends, if any, monthly. The Portfolios distribute capital gains 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.

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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

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

G. 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, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the 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 the 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:

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.

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.

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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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 that they believe 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. 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.

As of December 31, 2019, the maximum amount of loss that Euro STOXX 50® Index, FTSE 100 Index® and Hang Seng would incur if the counterparties to its derivative transactions failed to perform would be $2,978, $511 and $654, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts were they to be unwound as of December 31, 2019. There was no collateral posted to any Portfolio as of December 31, 2019.

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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

As of December 31, 2019, Euro STOXX 50® Index, FTSE 100 Index®, Hang Seng Index and Japan TOPIX Index® had a liability position of $2,592, $443, $35, and $694, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2019 the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2019 there was no collateral posted by any Portfolio for open OTC derivative instruments.

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 foreign 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 Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements 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 respective Portfolio of Investments.

For the year ended December 31, 2019, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.

During the year ended December 31, 2019, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Emerging Markets Index		$	—		$	3,050,504
Euro STOXX 50® Index			3,534,671			1,479,843
FTSE 100 Index®			4,048,320			1,752,176
Hang Seng Index			1,704,017			353,272
International Index			—			52,268
Japan TOPIX Index®			6,371,765			2,800,312

Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts as of December 31, 2019. There were no open forward foreign currency contracts for Emerging Markets Index and International Index at December 31, 2019.

I. Futures Contracts. Each Portfolio 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. Each 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 the Portfolios assets are valued.

Upon entering into a futures contract, each 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 the 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 of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts 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 each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2019, with the exception of U.S. Bond Index, the below Portfolios had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. U.S. Bond Index purchased and sold futures contracts as part of its duration stategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2019, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

	Purchased			Sold
Emerging Markets Index		$	15,282,102		$	—
Euro STOXX 50® Index			3,113,893			—
FTSE 100 Index®			5,163,490			—
Hang Seng Index			631,729			—
International Index			62,476,807			—
Japan TOPIX Index®			3,120,692			—
Russell™ Large Cap Growth Index			9,113,934			—
Russell™ Large Cap Index			6,996,219			—
Russell™ Large Cap Value Index			5,347,367			—
Russell™ Mid Cap Growth Index			2,453,060			—
Russell™ Mid Cap Index			16,357,044			—
Russell™ Small Cap Index			14,652,765			—
U.S. Bond Index			2,216,255			857,269

Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of December 31, 2019. FTSE 100 Index® did not have any open futures contracts at December 31, 2019.

J. 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.

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

For the year ended December 31, 2019, U.S. Bond Index had bought credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. U.S. Bond Index used CDX swaps to gain additional exposure with various sectors of the credit market and to hedge the credit risk associated with various sectors within the credit market.

For the year ended December 31, 2019, U.S. Bond Index had an average notional amount of $36,666,667 on credit default swaps to buy protection. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection at December 31, 2019.

At December 31, 2019, U.S. Bond Index had pledged $350,000 in cash collateral for open centrally cleared credit default swaps.

K. 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.

M. Delayed-Delivery or When-Issued Transactions. Each Portfolio 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 securities is identified in each Portfolio’s Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to identify liquid assets sufficient to cover the purchase price.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).

At December 31, 2019, there was no collateral pledged or received by U.S. Bond for open delayed-delivery or when-issued securities.

N. 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 year ended December 31, 2019, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities and U.S. government securities were as follows:

	Purchases			Sales
Emerging Markets Index		$	130,042,304		$	381,970,482
Euro STOXX 50® Index			2,880,627			374,040,752
FTSE 100 Index®			4,572,852			221,779,287
Hang Seng Index			5,220,388			28,841,808
International Index			729,122,327			267,667,891
Japan TOPIX Index®			5,260,419			233,535,071
Russell™ Large Cap Growth Index			420,598,126			147,097,960
Russell™ Large Cap Index			47,628,480			90,569,351
Russell™ Large Cap Value Index			648,644,741			100,235,040
Russell™ Mid Cap Growth Index			382,378,465			118,368,116
Russell™ Mid Cap Index			107,585,692			378,904,194
Russell™ Small Cap Index			298,931,133			175,304,823
U.S. Bond Index			71,955,526			326,161,893

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

			Purchases						Sales
U.S. Bond Index				$	7,022,278,711					$	7,095,549,664

NOTE 4 — INVESTMENT MANAGEMENT FEES


Emerging Markets Index(2)			0.65%
Euro STOXX 50® Index(1)			0.70%
FTSE 100 Index®(1)			0.70%
Hang Seng Index(3)			0.70% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter
International Index			0.48% on the first $500 million; 0.46% on the next $500 million; 0.44% on the next $500 million; and 0.42% thereafter
Japan TOPIX Index®(1)			0.70%
Russell™ Large Cap Growth Index(4)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
Russell™ Large Cap Index			0.35% on the first $1 billion; 0.33% on the next $1 billion; and 0.31% thereafter
Russell™ Large Cap Value Index(4)			0.50% on the first $250 million; 0.40% on the next $250 million; and 0.35% thereafter
Russell™ Mid Cap Growth Index(4)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
Russell™ Mid Cap Index			0.41% on the first $2 billion; 0.34% on the next $2 billion; and 0.28% thereafter
Russell™ Small Cap Index			0.43% on the first $1 billion; 0.41% on the next $1 billion; and 0.39% thereafter
U.S. Bond Index(5)			0.39% on the first $500 million; 0.37% on the next $500 million; 0.35% on the next $1 billion; 0.33% on the next $2 billion; 0.31% on the next $2 billion; and 0.29% thereafter

(1)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.35% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

(2)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.27% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(3)

(4)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.10% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(5)

Prior to January 1, 2019, the managerment fee was 0.42% on the first $500 million; 0.40% on the next $500 million; 0.38% on the next $1 billion; 0.36% on the next $2 billion; 0.34% on the next $2 billion; and 0.32% thereafter.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV and Class S2 shares of the respective Portfolios are subject to a shareholder service and distribution plan (the “Plans”). Under the Plans, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. Termination or modification of this obligation requires approval by the Board.

Class S shares of the Portfolios have a shareholder services and distribution plan (the “Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio’s Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related

expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	Russell™ Large Cap Growth Index		18.63%
Security Life of Denver Insurance Company	Russell™ Large Cap Growth Index		5.32
Voya Index Solution 2020 Portfolio	U.S. Bond Index		5.43
Voya Index Solution 2025 Portfolio	Emerging Markets Index		6.37
	International Index		6.59
	U.S. Bond Index		10.31
Voya Index Solution 2030 Portfolio	Emerging Markets Index		5.11
Voya Index Solution 2035 Portfolio	Emerging Markets Index		10.64
	International Index		9.19
Voya Index Solution 2045 Portfolio	Emerging Markets Index		8.54
	International Index		7.27
Voya Index Solution Income Portfolio	U.S. Bond Index		6.74
Voya Institutional Trust Company	FTSE 100 Index®		6.62
	Japan TOPIX Index®		6.23
	Russell™ Large Cap Growth Index		11.24
	Russell™ Large Cap Index		19.14
	Russell™ Large Cap Value Index		5.88
	Russell™ Mid Cap Index		16.47
	Russell™ Small Cap Index		11.54
Voya Retirement Conservative Portfolio	U.S. Bond Index		8.16
Voya Retirement Growth Portfolio	Emerging Markets Index		25.96
	International Index		14.51
	Russell™ Mid Cap Index		14.55
	Russell™ Small Cap Index		12.29
	Voya U.S. Bond Index		17.01
Voya Retirement Insurance and Annuity Company	Russell™ Large Cap Growth Index		15.46
	Russell™ Large Cap Index		33.43
	Russell™ Large Cap Value Index		6.40
	Russell™ Mid Cap Growth Index		5.65
	Russell™ Mid Cap Index		29.30
	Russell™ Small Cap Index		20.27

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

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

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
Voya Retirement Moderate Growth Portfolio	Emerging Markets Index		14.92
	International Index		6.93
	Russell™ Mid Cap Index		6.27
	Russell™ Small Cap Index		5.09
	U.S. Bond Index		16.21
Voya Retirement Moderate Portfolio	Emerging Markets Index		6.89
	U.S. Bond Index		13.25

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 Porfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’ fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At December 31, 2019, the below Portfolios had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceed 5% of total liabilities:

Portfolio	Accrued Expense	Amount
Emerging Markets Index	Custody		$	530,056
Euro STOXX 50® Index	Audit			9,530
	Custody			37,600
	Licensing fee			64,246
FTSE 100 Index®	Custody			22,438
	Licensing fee			96,683
Hang Seng Index	Audit			3,741
	Custody			25,199
	Licensing fee			7,683
	Postage			3,121
Japan TOPIX Index®	Custody			76,928
	Licensing fee			19,305

NOTE 8 — LICENSING FEES

The following Portfolios pay an annual licensing fee to the licensor listed below:

Portfolio			Licensor
Emerging Markets Index			MSCI Inc.
Euro STOXX 50® Index			STOXX Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc.
FTSE 100 Index®			FTSE International Limited
Hang Seng Index			Hang Seng Data Services Limited
International Index			MSCI Inc.
Japan TOPIX Index®			Tokyo Stock Exchange, Inc.
Russell™ Large Cap Growth Index, Russell™ Large Cap Index, Russell™ Large Cap Value Index, Russell™ Mid Cap Growth Index, Russell™ Mid Cap Index, and Russell™ Small Cap Index(1)			Frank Russell Company

(1)

Effective January 1, 2019, the Portfolios pay an annual licensing fee to Frank Russell Company.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each of 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 P2		Class S		Class S2
Emerging Markets Index		N/A		N/A		0.15%		N/A		N/A
Euro STOXX 50® Index(1)		0.94%		0.44%		N/A		N/A		N/A
FTSE 100 Index®(1)		0.93%		N/A		N/A		N/A		N/A
Hang Seng Index(2)		1.05%		N/A		N/A		0.80%		N/A
International Index(3)		1.00%		0.50%		0.15%		0.75%		0.90%
Japan TOPIX Index®(1)		0.95%		N/A		N/A		N/A		N/A
Russell™ Large Cap Growth Index(4)		N/A		N/A		N/A		N/A		N/A
Russell™ Large Cap Index(5)		0.87%		0.37%		N/A		0.62%		0.77%
Russell™ Large Cap Value Index(4)		N/A		N/A		N/A		N/A		N/A
Russell™ Mid Cap Growth Index(6)		N/A		0.43%		N/A		0.68%		0.83%
Russell™ Mid Cap Index(7)		0.93%		0.43%		0.15%		0.68%		0.83%
Russell™ Small Cap Index		0.95%		0.45%		0.15%		0.70%		0.85%
U.S. Bond Index(8)		0.88%		0.38%		0.15%		0.63%		0.78%

(1)

Expense limit was implemented on September 1, 2019.

(2)

Prior to January 1, 2019, the expense limits for Hang Seng Index were 1.25%, 0.75%, and 1.00% for Class ADV, Class I, and Class S, respectively.

(3)

Pursuant to a side letter agreement through May 1, 2020, the Investment Adviser has further lowered the expense limits for International Index to 0.95%, 0.45%, 0.70% and 0.85% for Class ADV, Class I, Class S and Class S2, respectively. Termination or modification of this obligation requires approval by the Board.

(4)

Pursuant to a side letter agreement, through May 1, 2020, the Investment Adviser has agreed to waive all or a portion of the management fee so that the expense limits are 0.93%, 0.43%, and 0.68% for Class ADV, Class I, and Class S, respectively. 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.

(5)

Pursuant to a side letter agreement through May 1, 2020, the Investment Adviser has further lowered the expense limits for Russell™ Large Cap Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. 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.

(6)

Pursuant to a side letter agreement through May 1, 2020, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Growth Index to 0.40%, 0.65%, and 0.80% for Class I, Class S and Class S2, respectively. 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.

(7)

Pursuant to a side letter agreement through May 1, 2020, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Index to 0.90%, 0.40%, 0.65% and 0.80% for

Class ADV, Class I, Class S and Class S2, respectively. 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.

(8)

Prior to January 1, 2019, the expense limits for U.S Bond Index were 0.90%, 0.40%, 0.65%, and 0.80% for Class ADV, Class I, Class S, and Class S2, respectively.

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.

As of December 31, 2019, the amount of waived and/or reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:

	December 31,
	2020			2021			2022			Total
Emerging Markets Index		$	485,233		$	1,013,616		$	1,153,850		$	2,652,699
FTSE 100 Index®			—			—			14,095			14,095
International Index			2,322,042			3,543,530			4,030,252			9,895,824
Japan TOPIX Index®			—			—			1,865			1,865
Russell™ Large Cap Index			78,406			—			—			78,406
Russell™ Mid Cap Growth Index			60,399			—			—			60,399
Russell™ Mid Cap Index			537,712			589,155			503,090			1,629,957
Russell™ Small Cap Index			300,606			380,460			489,726			1,170,792
U.S. Bond Index			1,293,812			2,197,274			2,201,215			5,692,301

The Expense Limitation Agreement is contractual through May 1, 2020, with the exception of Euro STOXX 50® Index, FTSE 100 Index® and Japan TOPIX Index®, which are through May 1, 2021, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 10 — LINE OF CREDIT

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 10 — LINE OF CREDIT (continued)

the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 17, 2019, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.

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

The following Portfolios utilized the line of credit during the year ended December 31, 2019:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Emerging Markets Index		25		$	26,099,600		3.41%
Euro STOXX 50® Index		8			1,065,375		3.32
FTSE 100 Index®		6			687,500		3.32
Hang Seng Index		1			968,000		3.40
International Index		12			27,511,667		3.43
Russell™ Mid Cap Growth Index		9			2,205,556		3.34
Russell™ Mid Cap Index		7			19,867,000		3.39
Russell™ Small Cap Index		7			2,969,286		3.19

NOTE 11 — CAPITAL SHARES

	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	#		#		#		#		#		($)		($)		($)		($)		($)
Emerging Markets Index
Class I
12/31/2019		5,432,704		—		871,861		(26,851,622)		(20,547,057)		59,641,564		—		9,468,409		(312,010,706)		(242,900,733)
12/31/2018		21,202,313		—		857,095		(14,393,860)		7,665,548		256,905,722		—		10,859,398		(173,553,565)		94,211,555
Class P2
12/31/2019		9,161,328		—		513,593		(10,488,023)		(813,102)		103,698,820		—		5,628,982		(122,059,074)		(12,731,272)
12/31/2018		11,992,172		—		493,941		(4,181,031)		8,305,082		144,111,565		—		6,287,864		(48,989,497)		101,409,932
Class S
12/31/2019		—		—		—		—		—		—		—		—		—		—
12/31/2018		—		—		—		—		—		—		—		—		—		—
Euro STOXX 50® Index
Class ADV
12/31/2019		117,920		—		195,665		(565,354)		(251,769)		1,178,141		—		1,860,313		(5,664,168)		(2,625,714)
12/31/2018		104,972		—		85,861		(496,248)		(305,415)		1,160,533		—		965,077		(5,380,803)		(3,255,193)
Class I
12/31/2019		493,181		—		1,757,736		(37,671,904)		(35,420,987)		4,639,615		—		17,041,063		(383,743,196)		(362,062,518)
12/31/2018		8,156,605		—		1,395,413		(4,810,917)		4,741,101		87,121,828		—		15,782,116		(51,859,115)		51,044,829
FTSE 100 Index®
Class ADV
12/31/2019		74,160		—		122,164		(171,774)		24,550		558,283		—		894,041		(1,320,826)		131,498
12/31/2018		339,270		—		44,566		(375,772)		8,064		3,239,300		—		420,703		(3,485,174)		174,829
Class I(1)
12/31/2019		797,929		—		3,053,904		(30,286,769)		(26,434,936)		6,398,055		—		23,564,610		(238,876,988)		(208,914,323)
12/31/2018		3,144,828		—		1,914,489		(6,021,913)		(962,596)		28,240,584		—		18,187,648		(56,421,177)		(9,992,945)
Hang Seng Index
Class ADV
12/31/2019		1,937		—		20,407		(9,256)		13,088		19,855		—		215,788		(105,557)		130,086
12/31/2018		1,277		—		9,588		(16,370)		(5,505)		17,726		—		148,035		(261,012)		(95,251)
Class I(1)
12/31/2019		478,622		—		500,651		(2,445,330)		(1,466,057)		5,437,137		—		5,364,923		(25,373,463)		(14,571,403)
12/31/2018		302,179		—		409,720		(1,613,907)		(902,008)		4,428,235		—		6,342,477		(25,267,744)		(14,497,032)
Class S
12/31/2019		102,898		—		671,539		(538,358)		236,079		1,357,777		—		7,121,190		(6,139,710)		2,339,257
12/31/2018		132,316		—		312,482		(469,634)		(24,836)		2,133,169		—		4,834,095		(7,204,883)		(237,619)
International Index
Class ADV
12/31/2019		614,606		—		1,526,021		(9,332,473)		(7,191,846)		6,014,691		—		14,191,996		(90,482,668)		(70,275,981)
12/31/2018		1,740,355		—		1,392,887		(9,637,250)		(6,504,008)		16,370,888		—		14,583,530		(97,462,676)		(66,508,258)
Class I
12/31/2019		60,959,204		—		351,430		(28,491,134)		32,819,500		599,075,697		—		3,328,047		(287,358,295)		315,045,449
12/31/2018		8,787,563		—		905,126		(6,241,840)		3,450,849		92,265,367		—		9,657,691		(63,850,567)		38,072,491

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 11 — 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	#		#		#		#		#		($)		($)		($)		($)		($)
International Index (continued)
Class P2
12/31/2019		25,240,269		—		2,649,001		(11,472,438)		16,416,832		248,539,782		—		25,244,979		(115,767,228)		158,017,533
12/31/2018		28,082,721		—		1,740,642		(6,415,232)		23,408,131		290,496,228		—		18,624,875		(66,046,799)		243,074,304
Class S
12/31/2019		723,706		—		223,755		(1,221,825)		(274,364)		7,047,150		—		2,107,770		(12,031,140)		(2,876,220)
12/31/2018		1,202,999		—		179,938		(1,322,539)		60,398		12,122,066		—		1,907,343		(13,714,210)		315,199
Class S2
12/31/2019		39,429		—		4,197		(79,753)		(36,127)		377,211		—		39,451		(780,144)		(363,482)
12/31/2018		34,159		—		3,173		(14,493)		22,839		353,120		—		33,601		(150,276)		236,445
Japan TOPIX Index®
Class ADV
12/31/2019		189,844		—		218,910		(343,964)		64,790		1,649,266		—		1,847,112		(3,116,125)		380,253
12/31/2018		97,486		—		85,117		(334,337)		(151,734)		1,214,722		—		995,866		(3,974,306)		(1,763,718)
Class I(1)
12/31/2019		1,313,891		—		3,813,351		(27,128,993)		(22,001,751)		12,498,609		—		33,455,868		(248,410,553)		(202,456,076)
12/31/2018		2,263,564		—		2,252,823		(5,461,563)		(945,176)		24,909,116		—		26,605,844		(64,957,746)		(13,442,786)
Russell™ Large Cap Growth Index
Class ADV
12/31/2019		—		—		7		—		7		—		—		247		—		247
12/31/2018		—		—		5		—		5		—		—		178		—		178
Class I
12/31/2019		1,137,711		—		560,272		(1,127,886)		570,097		46,709,748		—		20,214,615		(43,287,079)		23,637,284
12/31/2018		491,110		—		442,746		(1,130,587)		(196,731)		18,263,316		—		15,890,149		(41,629,505)		(7,476,040)
Class S
12/31/2019		7,809,455		—		545,918		(1,608,392)		6,746,981		321,430,599		—		19,598,471		(62,212,265)		278,816,805
12/31/2018		1,277,925		—		412,785		(1,795,727)		(105,017)		47,126,415		—		14,748,818		(65,617,043)		(3,741,810)
Russell™ Large Cap Index
Class ADV
12/31/2019		836,972		—		137,049		(540,422)		433,599		18,523,248		—		2,864,310		(12,046,281)		9,341,277
12/31/2018		943,337		—		27,884		(324,760)		646,461		19,958,960		—		582,782		(6,879,519)		13,662,223
Class I
12/31/2019		2,097,607		—		691,673		(1,890,236)		899,044		46,989,669		—		14,732,643		(42,508,308)		19,214,004
12/31/2018		1,723,718		—		209,761		(1,861,063)		72,416		37,282,786		—		4,457,407		(40,380,195)		1,359,998
Class S
12/31/2019		964,098		—		1,226,015		(4,321,527)		(2,131,414)		20,688,520		—		25,966,997		(96,955,083)		(50,299,566)
12/31/2018		1,508,100		—		370,585		(4,094,834)		(2,216,149)		32,814,216		—		7,830,458		(87,562,577)		(46,917,903)
Class S2
12/31/2019		20,812		—		1,717		(21,101)		1,428		481,546		—		37,491		(512,212)		6,825
12/31/2018		5,037		—		451		(26,308)		(20,820)		111,124		—		9,816		(579,879)		(458,939)
Russell™ Large Cap Value Index
Class ADV
12/31/2019		—		—		11		—		11		—		—		227		—		227
12/31/2018		—		—		9		—		9		—		—		197		—		197
Class I
12/31/2019		236,503		—		271,526		(681,112)		(173,083)		5,406,910		—		5,759,075		(15,272,669)		(4,106,684)
12/31/2018		118,489		—		255,986		(722,156)		(347,681)		2,637,261		—		5,593,289		(16,240,752)		(8,010,202)
Class S
12/31/2019		25,914,931		—		817,032		(2,577,457)		24,154,506		614,640,706		—		17,231,205		(58,414,062)		573,457,849
12/31/2018		480,342		—		749,400		(2,092,499)		(862,757)		10,786,511		—		16,284,468		(46,811,827)		(19,740,848)
Russell™ Mid Cap Growth Index
Class I
12/31/2019		252,616		—		70,412		(217,945)		105,083		8,794,268		—		2,227,224		(7,423,421)		3,598,071
12/31/2018		121,816		—		60,624		(175,882)		6,558		4,185,926		—		1,994,532		(5,955,042)		225,416
Class S
12/31/2019		9,088,773		—		845,676		(1,811,992)		8,122,457		320,785,297		—		26,707,539		(61,336,121)		286,156,715
12/31/2018		539,306		—		974,619		(1,384,685)		129,240		19,069,915		—		32,016,234		(47,283,943)		3,802,206
Class S2
12/31/2019		732		—		5,355		(3,577)		2,510		24,991		—		168,840		(120,737)		73,094
12/31/2018		1,065		—		5,593		(6,447)		211		35,182		—		183,519		(224,601)		(5,900)
Russell™ Mid Cap Index
Class ADV
12/31/2019		1,248,071		—		2,812,244		(1,749,648)		2,310,667		15,832,011		—		32,819,919		(22,693,843)		25,958,087
12/31/2018		779,016		—		1,555,514		(1,669,539)		664,991		11,199,992		—		21,932,754		(24,376,646)		8,756,100

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 11 — 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	#		#		#		#		#		($)		($)		($)		($)		($)
Russell™ Mid Cap Index (continued)
Class I
12/31/2019		4,311,064		—		12,482,892		(20,603,895)		(3,809,939)		56,649,859		—		151,546,642		(276,119,634)		(67,923,133)
12/31/2018		6,622,936		—		9,578,686		(30,270,990)		(14,069,368)		96,763,845		—		139,465,666		(453,455,685)		(217,226,174)
Class P2
12/31/2019		3,467,619		—		2,307,869		(6,354,724)		(579,236)		47,490,361		—		28,203,174		(93,151,989)		(17,458,454)
12/31/2018		4,285,267		—		1,505,815		(5,891,046)		(99,964)		64,816,126		—		21,984,898		(94,167,590)		(7,366,566)
Class S
12/31/2019		987,382		—		4,330,630		(4,359,328)		958,684		13,291,065		—		51,839,237		(57,792,472)		7,337,830
12/31/2018		932,369		—		2,599,695		(3,942,071)		(410,007)		14,054,054		—		37,435,605		(59,671,623)		(8,181,964)
Class S2
12/31/2019		181,354		—		229,611		(265,935)		145,030		2,344,789		—		2,702,608		(3,350,459)		1,696,938
12/31/2018		118,248		—		139,859		(305,982)		(47,875)		1,775,447		—		1,985,993		(4,534,571)		(773,131)
Russell™ Small Cap Index
Class ADV
12/31/2019		543,901		—		1,030,913		(1,256,517)		318,297		7,302,545		—		12,875,871		(16,676,959)		3,501,457
12/31/2018		886,338		—		485,189		(939,574)		431,953		13,090,242		—		7,219,605		(13,985,625)		6,324,222
Class I
12/31/2019		3,634,621		—		3,648,945		(9,750,141)		(2,466,575)		48,372,625		—		47,253,152		(135,458,828)		(39,833,051)
12/31/2018		4,397,081		—		1,980,667		(6,176,106)		201,642		64,112,367		—		30,423,046		(96,786,273)		(2,250,860)
Class P2
12/31/2019		2,418,801		—		840,034		(1,226,867)		2,031,968		33,270,651		—		10,970,670		(17,690,288)		26,551,033
12/31/2018		2,566,452		—		339,287		(4,781,693)		(1,875,954)		38,885,121		—		5,231,806		(75,728,565)		(31,611,638)
Class S
12/31/2019		17,459,987		—		1,825,027		(3,871,600)		15,413,414		242,358,030		—		23,432,979		(52,994,816)		212,796,193
12/31/2018		1,430,652		—		1,006,586		(3,168,463)		(731,225)		22,186,757		—		15,340,373		(49,114,086)		(11,586,956)
Class S2
12/31/2019		75,275		—		74,876		(170,228)		(20,077)		1,027,769		—		941,927		(2,260,460)		(290,764)
12/31/2018		140,417		—		33,246		(169,869)		3,794		2,125,376		—		497,689		(2,582,360)		40,705
U.S. Bond Index
Class ADV
12/31/2019		207,416		—		48,418		(410,730)		(154,896)		2,216,853		—		518,427		(4,363,202)		(1,627,922)
12/31/2018		330,810		—		52,488		(726,625)		(343,327)		3,372,833		—		537,178		(7,427,402)		(3,517,391)
Class I
12/31/2019		29,681,752		—		4,481,318		(76,407,580)		(42,244,510)		315,231,149		—		48,081,669		(817,253,662)		(453,940,844)
12/31/2018		41,765,342		—		5,368,379		(67,886,268)		(20,752,547)		430,295,891		—		55,157,325		(696,820,016)		(211,366,800)
Class P2
12/31/2019		41,348,500		—		2,508,108		(24,874,065)		18,982,543		440,043,697		—		26,983,015		(265,559,546)		201,467,166
12/31/2018		40,513,543		—		2,000,542		(28,486,261)		14,027,824		415,649,276		—		20,551,311		(292,384,489)		143,816,098
Class S
12/31/2019		1,962,551		—		356,320		(2,598,945)		(280,074)		20,878,300		—		3,819,948		(27,692,438)		(2,994,190)
12/31/2018		1,537,598		—		363,381		(3,310,995)		(1,410,016)		15,789,215		—		3,722,878		(33,960,354)		(14,448,261)
Class S2
12/31/2019		36,402		—		2,596		(15,961)		23,037		384,094		—		27,863		(170,153)		241,804
12/31/2018		41,186		—		4,657		(166,284)		(120,441)		424,534		—		47,700		(1,684,744)		(1,212,510)

(1)

Class I liquidated on November 22, 2019.

NOTE 12 — SECURITIES LENDING

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 12 — SECURITIES LENDING (continued)

The following tables represent a summary of the respective Portfolios’ securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2019:

Emerging Markets Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	113,144		$	(113,144)		$	—
Citigroup Global Markets Inc			83,709			(83,709)			—
Citigroup Global Markets Limited			554,779			(554,779)			—
Credit Suisse AG			58,930			(58,930)			—
Goldman Sachs & Co. LLC			637,682			(637,682)			—
HSBC Bank PLC			217,635			(217,635)			—
J.P. Morgan Securities LLC			176,223			(176,223)			—
Jefferies LLC			259,331			(259,331)			—
JP Morgan Securities, Plc.			37,984			(37,984)			—
Morgan Stanley & Co. LLC			548,485			(548,485)			—
National Financial Services LLC			390,573			(390,573)			—
RBC Capital Markets, LLC			262,861			(262,861)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
SG Americas Securities, LLC			498			(498)			—
UBS AG			248,112			(248,112)			—
Total		$	3,589,946		$	(3,589,946)		$	—

(1)

Collateral with a fair value of $3,998,017 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

FTSE 100 Index®

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Credit Suisse Securities (USA) LLC		$	3,549		$	(3,549)		$	—
Total		$	3,549		$	(3,549)		$	—

(1)

Collateral with a fair value of $3,729 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

International Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	1,601,093		$	(1,601,093)		$	—
Citigroup Global Markets Inc			653,399			(653,399)			—
Citigroup Global Markets Limited			1,340,730			(1,340,730)			—
Cowen Execution Services LLC			7,284,057			(7,284,057)			—
Daiwa Capital Markets America Inc			1,039,134			(1,039,134)			—
Goldman Sachs & Co. LLC			18,920,690			(18,920,690)			—
HSBC Bank PLC			4,030,864			(4,030,864)			—
Jefferies LLC			5,396,091			(5,396,091)			—
JP Morgan Securities, Plc.			753,885			(753,885)			—
Morgan Stanley & Co. International PLC			2,980,717			(2,980,717)			—
Morgan Stanley & Co. LLC			10,295,886			(10,295,886)			—
National Financial Services LLC			943,907			(943,907)			—
Natixis			812,697			(812,697)			—
Nomura Securities International, Inc			325,951			(325,951)			—
State Street Bank and Trust Company			298,688			(298,688)			—
UBS AG			266,000			(266,000)			—
Wells Fargo Securities LLC			509,556			(509,556)			—
Total		$	57,453,345		$	(57,453,345)		$	—

(1)

Collateral with a fair value of $60,420,837 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 12 — SECURITIES LENDING (continued)

Japan TOPIX Index®

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman Sachs & Co. LLC		$	26,645		$	(26,645)		$	—
HSBC Bank PLC			37,564			(37,564)			—
Morgan Stanley & Co. LLC			4,557			(4,557)			—
Nomura Securities International, Inc			5,432			(5,432)			—
Total		$	74,198		$	(74,198)		$	—

(1)

Collateral with a fair value of $77,971 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Russell™ Mid Cap Growth Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	164,004		$	(164,004)		$	—
Barclays Capital Inc			369,174			(369,174)			—
BMO Capital Markets Corp			463,261			(463,261)			—
BofA Securities Inc			343,676			(343,676)			—
Citadel Securities LLC			14,411			(14,411)			—
Citigroup Global Markets Inc			7,300			(7,300)			—
Credit Suisse AG			536,801			(536,801)			—
Deutsche Bank Securities Inc			422,866			(422,866)			—
Goldman Sachs & Co. LLC			739,622			(739,622)			—
HSBC Bank PLC			122,807			(122,807)			—
J.P. Morgan Securities LLC			599,304			(599,304)			—
Janney Montgomery Scott LLC			286,844			(286,844)			—
Morgan Stanley & Co. LLC			844,875			(844,875)			—
National Financial Services LLC			362,981			(362,981)			—
Natixis Securities America LLC			1,055,006			(1,055,006)			—
RBC Capital Markets, LLC			2,025,664			(2,025,664)			—
Scotia Capital (USA) Inc			935,297			(935,297)			—
UBS Securities LLC			140,820			(140,820)			—
Wells Fargo Securities LLC			25,441			(25,441)			—
Total		$	9,460,154		$	(9,460,154)		$	—

(1)

Collateral with a fair value of $9,743,535 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Russell™ Mid Cap Index

Counterparty			Securities Loaned at Value						Cash Collateral Received(1)						Net Amount
Barclays Bank PLC				$	616,604					$	(616,604)					$	—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc			505,873			(505,873)			—
BMO Capital Markets Corp			1,653,115			(1,653,115)			—
BNP Paribas Prime Brokerage Intl Ltd			8,033,745			(8,033,745)			—
BofA Securities Inc			4,951,140			(4,951,140)			—
Citadel Clearing LLC			4,930,732			(4,930,732)			—
Citadel Securities LLC			2,513,731			(2,513,731)			—
Citigroup Global Markets Inc			4,638,209			(4,638,209)			—
Cowen Execution Services LLC			1,616			(1,616)			—
Goldman Sachs & Co. LLC			7,416,049			(7,416,049)			—
HSBC Bank PLC			11,951			(11,951)			—
J.P. Morgan Securities LLC			12,347,356			(12,347,356)			—
Janney Montgomery Scott LLC			500,249			(500,249)			—
Morgan Stanley & Co. LLC			10,308,140			(10,308,140)			—
MUFG Securities Americas Inc			898,294			(898,294)			—
National Bank of Canada Financial Inc			103,492			(103,492)			—
National Financial Services LLC			5,759,661			(5,759,661)			—
Natixis Securities America LLC			2,237,168			(2,237,168)			—
Scotia Capital (USA) Inc			3,675,860			(3,675,860)			—
State Street Bank and Trust Company			24,124,289			(24,124,289)			—
Wells Fargo Bank NA			8,192,124			(8,192,124)			—
Wells Fargo Securities LLC			6,240,713			(6,240,713)			—
Total		$	109,660,111		$	(109,660,111)		$	—

(1)

Collateral with a fair value of $112,318,953 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Russell™ Small Cap Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc		$	1,887,349		$	(1,887,349)		$	—
BMO Capital Markets Corp			550,132			(550,132)			—
BNP Paribas Prime Brokerage Intl Ltd			9,902,111			(9,902,111)			—
BNP Paribas Securities Corp.			112,274			(112,274)			—
BofA Securities Inc			7,200,279			(7,200,279)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 12 — SECURITIES LENDING (continued)

Russell™ Small Cap Index (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Cantor Fitzgerald & Co			264,276			(264,276)			—
CIBC World Markets Corporation			735,592			(735,592)			—
Citadel Clearing LLC			6,937,119			(6,937,119)			—
Citadel Securities LLC			943,589			(943,589)			—
Citigroup Global Markets Inc			19,925,822			(19,925,822)			—
Cowen Execution Services LLC			370,293			(370,293)			—
Deutsche Bank Securities Inc			975,670			(975,670)			—
Goldman Sachs & Co. LLC			29,698,496			(29,698,496)			—
HSBC Bank PLC			364,279			(364,279)			—
J.P. Morgan Securities LLC			31,092,904			(31,092,904)			—
Janney Montgomery Scott LLC			30,488			(30,488)			—
Mizuho Securities USA LLC			113,522			(113,522)			—
Morgan Stanley & Co. LLC			19,864,765			(19,864,765)			—
National Bank of Canada Financial Inc			557,763			(557,763)			—
National Financial Services LLC			23,274,017			(23,274,017)			—
Natixis Securities America LLC			652,422			(652,422)			—
Scotia Capital (USA) Inc			1,392,816			(1,392,816)			—
SG Americas Securities, LLC			145,206			(145,206)			—
State Street Bank and Trust Company			27,136,857			(27,136,857)			—
TD Prime Services LLC			321,459			(321,459)			—
UBS AG			287,821			(287,821)			—
Wells Fargo Bank NA			8,220,564			(8,220,564)			—
Wells Fargo Securities LLC			23,928,056			(23,928,056)			—
Total		$	216,885,941		$	(216,885,941)		$	—

(1)

Collateral with a fair value of $222,576,483 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

U.S. Bond Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	2,011,955		$	(2,011,955)		$	—
Barclays Capital Inc			1,095,465			(1,095,465)			—
BNP Paribas			944,945			(944,945)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd			1,327,066			(1,327,066)			—
BofA Securities Inc			117,134,493			(117,134,493)			—
Citigroup Global Markets Inc			4,363,574			(4,363,574)			—
Credit Suisse Securities (USA) LLC			1,961,780			(1,961,780)			—
Daiwa Capital Markets America Inc			1,785,021			(1,785,021)			—
Deutsche Bank Securities Inc			3,182,990			(3,182,990)			—
Goldman Sachs & Co. LLC			9,156,996			(9,156,996)			—
Industrial And Commercial Bank Of China			453,401			(453,401)			—
Janney Montgomery Scott LLC			656,866			(656,866)			—
Mizuho Securities USA LLC			518,344			(518,344)			—
Morgan Stanley & Co. LLC			3,806,783			(3,806,783)			—
National Bank Financial Inc			2,191,524			(2,191,524)			—
Nomura Securities International, Inc			4,124,078			(4,124,078)			—
Scotia Capital (USA) Inc			1,157,908			(1,157,908)			—
Societe Generale			58,264,317			(58,264,317)			—
SunTrust Robinson Humphrey, Inc			744,667			(744,667)			—
TD Prime Services LLC			270,786			(270,786)			—
UBS Securities LLC			586,867			(586,867)			—
Wells Fargo Securities LLC			6,313,214			(6,313,214)			—
Total		$	222,053,040		$	(222,053,040)		$	—

(1)

Collateral with a fair value of $226,859,456 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 13 — FEDERAL INCOME TAXES

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

The following permanent tax differences(1) have been reclassified as of December 31, 2019:

	Paid-in Capital			Distributable Earnings
Euro STOXX 50® Index		$	19,637,837		$	(19,637,837)
Hang Seng Index			2,347,495			(2,347,495)
Japan TOPIX Index®			35,624,353			(35,624,353)

(1)

Amounts relate to equalization accounting.

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			Long-term Equalization			Ordinary Income			Long-term Capital Gains
Emerging Markets Index		$	15,097,465		$	—		$	—		$	17,147,344		$	—
Euro STOXX 50® Index			18,145,734			755,642			19,637,837			10,432,569			6,314,624
FTSE 100 Index®			17,409,703			7,048,948			—			12,095,704			6,512,647
Hang Seng Index			2,692,234			10,009,667			2,347,495			4,078,123			7,246,620
International Index			44,912,243			—			—			44,807,040			—
Japan TOPIX Index®			8,940,700			26,362,280			35,624,353			7,401,803			20,199,907
Russell™ Large Cap Growth Index			7,253,236			32,560,097			—			10,951,219			19,687,926
Russell™ Large Cap Index			14,257,522			29,343,919			—			12,880,463			—
Russell™ Large Cap Value Index			9,151,357			13,839,150			—			11,709,648			10,168,306
Russell™ Mid Cap Growth Index			5,378,995			23,724,609			—			9,125,044			25,069,241
Russell™ Mid Cap Index			27,997,472			239,114,108			—			34,072,419			188,732,497
Russell™ Small Cap Index			16,684,400			78,790,199			—			15,225,430			43,487,089
U.S. Bond Index			79,532,239			—			—			78,816,716			1,213,558

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Emerging Markets Index		$	18,398,050		$	—		$	37,558,685		$	(6,247,507)		Short-term	None
Euro STOXX 50® Index			2,392,797			5,608,679			837,985			—		—	—
FTSE 100 Index®			293,862			—			(48,494)			(12,698,124)		Long-term	None
Hang Seng Index			53,525			2,610,863			7,801,055			—		—	—
International Index			62,198,861			—			338,515,751			(5,498,787)		Short-term	None
												(72,248,542)		Long-term	None
											$	(77,747,329)
Japan TOPIX Index®			698,140			1,700,083			175,528			—		—	—
Russell™ Large Cap Growth Index			7,936,595			50,947,440			536,866,013			—		—	—
Russell™ Large Cap Index			16,507,117			36,350,266			695,484,723			—		—	—
Russell™ Large Cap Value Index			9,167,046			24,435,186			129,834,885			—		—	—
Russell™ Mid Cap Growth Index			1,020,324			37,098,202			145,065,731			—		—	—
Russell™ Mid Cap Index			21,431,462			173,311,284			715,474,354			—		—	—
Russell™ Small Cap Index			12,958,949			49,373,626			285,926,825			—		—	—
U.S. Bond Index			31,781,143			6,244,971			110,414,048			—		—	—

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. At this time, the Portfolios have elected to early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the Portfolios’ financial statements. The Portfolios plan to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Portfolios are currently evaluating the impact of these changes on the financial statements.

NOTE 15 — AUDITOR CHANGE (UNAUDITED)

NOTE 16 — SUBSEQUENT EVENTS

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

Per Share
Amount

Payable
Date

Record
Date

U.S. Bond Index

Class ADV

0.0198

February 3, 2020

Daily

Class I

0.0246

February 3, 2020

Daily

Class P2

0.0269

February 3, 2020

Daily

Class S

0.0222

February 3, 2020

Daily

Class S2

0.0208

February 3, 2020

Daily

Portfolio Liquidation: On January 24, 2020, the Board approved a proposal to liquidate Euro STOXX 50® Index, FTSE 100 Index®, Hang Seng Index, and Japan TOPIX Index®. The proposed liquidations are subject to approval by shareholders of the Portfolios at a shareholder meeting

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 95.2%
	Argentina : 0.2%
42,959 (1)	Other Securities		$	980,536		0.2

	Brazil: 4.9%
466,500	Ambev SA			2,165,102		0.3
204,569	B3 SA - Brasil Bolsa Balcao			2,185,182		0.3
119,144	Banco Bradesco SA			1,009,082		0.2
15,600 (2)	Hapvida Participacoes e Investimentos SA			247,804		0.0
293,200	Petroleo Brasileiro SA			2,332,364		0.4
313,474	Vale SA			4,153,470		0.7
2,290,576 (1)	Other Securities			18,533,708		3.0
				30,626,712		4.9
	Chile: 0.7%
33,292,625 (1)	Other Securities			4,182,328		0.7

	China: 33.7%
128,000 (2)(3)	3SBio, Inc.			165,825		0.0
166,889 (3)	Alibaba Group Holding Ltd. ADR			35,397,157		5.7
360,000 (3)	Alibaba Health Information Technology Ltd.			415,827		0.1
1,470,000 (3)	Alibaba Pictures Group Ltd.			258,479		0.1
28,750 (2)	A-Living Services Co. Ltd.			99,208		0.0
174,500 (2)	BAIC Motor Corp. Ltd. - H Shares			99,155		0.0
27,394 (3)	Baidu, Inc. ADR			3,462,602		0.6
247,900	Bank of China Ltd. - A Shares			131,404		0.0
7,787,000	Bank of China Ltd. - H Shares			3,328,774		0.5
1,114,000 (2)	CGN Power Co. Ltd. - H Shares			297,496		0.1
9,445,000	China Construction Bank - H Shares			8,189,212		1.3
1,045,000 (2)	China Huarong Asset Management Co. Ltd. - H Shares			165,056		0.0
125,600 (2)	China International Capital Corp. Ltd. - H Shares			242,165		0.0
742,000	China Life Insurance Co., Ltd. - H Shares			2,063,990		0.3
26,400 (2)(3)	China Literature Ltd. - H Shares			110,004		0.0
388,380	China Merchants Bank Co., Ltd. - H Shares			1,996,712		0.3
608,000	China Mobile Ltd.			5,137,513		0.8

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
147,000 (2)	China Railway Signal & Communication Corp. Ltd. - H Shares		$	82,078		0.0
146,000	China Resources Beer Holdings Co Ltd.			807,611		0.1
248,000	China Resources Cement Holdings Ltd. - H Shares			315,698		0.1
90,000	China Resources Gas Group Ltd.			494,529		0.1
274,444	China Resources Land Ltd.			1,365,451		0.2
169,500 (2)	China Resources Pharmaceutical Group Ltd.			157,135		0.0
196,000	China Resources Power Holdings Co.			275,203		0.1
10,100	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - A Shares			45,947		0.0
4,184,000 (2)	China Tower Corp. Ltd. - H Shares			924,372		0.2
1,767,000	CNOOC Ltd.			2,938,222		0.5
209,000 (2)	Dali Foods Group Co. Ltd.			154,839		0.0
55,600 (2)	Fuyao Glass Industry Group Co. Ltd. - H Shares			170,246		0.0
65,600 (2)	Guotai Junan Securities Co. Ltd. - H Shares			116,227		0.0
39,000 (2)(4)	Haidilao International Holding Ltd.			156,633		0.0
1,908,000 (3)(5)(6)	Hanergy Mobile Energy Holding Group Co Ltd.			—		—
24,000 (2)(3)	Hansoh Pharmaceutical Group Co. Ltd.			79,928		0.0
46,000 (2)	Hua Hong Semiconductor Ltd.			104,778		0.0
164,800 (2)	Huatai Securities Co. Ltd. - H Shares			291,469		0.1
6,404,000	Industrial & Commercial Bank of China - H Shares			4,940,872		0.8
62,000 (2)(3)	Innovent Biologics, Inc.			211,617		0.0
73,464 (3)	JD.com, Inc. ADR			2,588,137		0.4
37,800 (2)	Legend Holdings Corp. - H Shares			85,701		0.0
179,000 (2)	Longfor Group Holdings Ltd.			838,253		0.1
114,500 (2)	Luye Pharma Group Ltd. - H Shares			85,844		0.0
7,043	NetEase, Inc. ADR			2,159,665		0.4
14,291 (3)	New Oriental Education & Technology Group, Inc. ADR			1,732,784		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
27,600 (2)(3)	Ping An Healthcare and Technology Co. Ltd.		$	201,444		0.0
63,100	Ping An Insurance Group Co. of China Ltd. - A Shares			775,438		0.1
554,500	Ping An Insurance Group Co. of China Ltd. - H Shares			6,561,658		1.1
801,000 (2)	Postal Savings Bank of China Co. Ltd. - H Shares			544,750		0.1
38,409 (3)	TAL Education Group ADR			1,851,314		0.3
567,500	Tencent Holdings Ltd.			27,339,969		4.4
11,220 (2)	WuXi AppTec Co. Ltd. - H Shares			139,109		0.0
56,500 (2)(3)	Wuxi Biologics Cayman, Inc. - H Shares			715,598		0.1
776,000 (2)(3)	Xiaomi Corp. - B Shares			1,074,664		0.2
27,100 (2)(3)(4)	ZhongAn Online P&C Insurance Co. Ltd. - H Shares			97,777		0.0
61,851,783 (1)(7)(8)	Other Securities			88,831,923		14.2
				210,817,462		33.7
	Colombia: 0.3%
613,185	Other Securities			2,101,503		0.3

	Czech Republic: 0.1%
49,805 (2)	Moneta Money Bank AS			186,876		0.0
25,024	Other Securities			675,721		0.1
				862,597		0.1
	Egypt: 0.1%
299,521	Other Securities			865,330		0.1

	Greece: 0.3%
537,078 (1)(8)	Other Securities			1,840,472		0.3

	Hungary: 0.3%
77,176	Other Securities			1,886,760		0.3

	India: 8.5%
13,000 (2)(3)	Avenue Supermarts Ltd.			335,010		0.1
208,651	Axis Bank Ltd.			2,205,627		0.3
39,711 (2)	Bandhan Bank Ltd.			282,873		0.0
3,213 (2)	HDFC Asset Management Co. Ltd.			144,068		0.0
47,221 (2)	HDFC Life Insurance Co., Ltd.			414,339		0.1
65,184	Hindustan Unilever Ltd.			1,756,645		0.3
162,873	Housing Development Finance Corp.			5,507,136		0.9
456,243	ICICI Bank Ltd.			3,460,041		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
14,274 (2)	ICICI Lombard General Insurance Co. Ltd.		$	277,328		0.0
23,315 (2)	ICICI Prudential Life Insurance Co. Ltd.			157,588		0.0
337,531	Infosys Ltd.			3,475,907		0.6
9,612 (2)	InterGlobe Aviation Ltd.			179,580		0.0
282,764	Reliance Industries Ltd.			5,998,022		1.0
29,041 (2)	SBI Life Insurance Co. Ltd.			391,423		0.1
89,200	Tata Consultancy Services Ltd.			2,701,438		0.4
4,531,435 (1)	Other Securities			25,856,495		4.1
				53,143,520		8.5
	Indonesia: 1.9%
981,500	Bank Central Asia Tbk PT			2,360,514		0.4
5,514,100	Bank Rakyat Indonesia			1,745,356		0.3
24,055,231 (1)	Other Securities			7,706,227		1.2
				11,812,097		1.9
	Malaysia: 1.8%
6,952,896 (1)(8)	Other Securities			11,105,107		1.8

	Mexico: 2.3%
3,330,300	America Movil SAB de CV			2,659,661		0.4
193,300	Fomento Economico Mexicano SAB de CV			1,823,149		0.3
4,538,435 (1)	Other Securities			9,956,472		1.6
				14,439,282		2.3
	Pakistan: 0.0%
153,300	Other Securities			162,969		0.0

	Peru: 0.3%
28,826	Other Securities			1,769,995		0.3

	Philippines: 0.9%
5,984,561 (1)(8)	Other Securities			5,866,111		0.9

	Poland: 0.9%
4,930 (2)(3)	Dino Polska SA			187,058		0.0
641,956 (1)	Other Securities			5,222,010		0.9
				5,409,068		0.9
	Qatar: 0.9%
449,026	Qatar National Bank QPSC			2,540,755		0.4
1,899,606	Other Securities			3,119,720		0.5
				5,660,475		0.9
	Romania: 0.1%
38,160	Other Securities			337,404		0.1

	Russia: 3.8%
1,054,023	Gazprom PJSC			4,354,887		0.7
38,841	Lukoil PJSC			3,855,009		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Russia (continued)
6,295	MMC Norilsk Nickel OJSC		$	1,936,645		0.3
9,001	Novatek PJSC GDR			1,827,203		0.3
1,067,232	Sberbank of Russia PJSC			4,383,273		0.7
150,397	Tatneft PJSC			1,842,433		0.3
335,119,048	Other Securities			5,428,214		0.9
				23,627,664		3.8
	Saudi Arabia: 2.5%
123,393	Al Rajhi Bank			2,151,752		0.3
98,845 (2)(3)	Saudi Arabian Oil Co.			928,821		0.1
75,142	Saudi Basic Industries Corp.			1,882,395		0.3
1,256,248 (1)	Other Securities			10,969,408		1.8
				15,932,376		2.5
	Singapore: 0.0%
21,700 (2)	BOC Aviation Ltd.			220,694		0.0

	South Africa: 4.6%
43,422	Naspers Ltd.			7,105,881		1.1
3,997,413 (1)(7)	Other Securities			21,651,864		3.5
				28,757,745		4.6
	South Korea: 10.9%
1,379	Hyundai Department Store Co. Ltd.			98,887		0.0
7,724	Hyundai Engineering & Construction Co. Ltd.			281,767		0.1
1,929	Hyundai Glovis Co., Ltd.			238,011		0.0
968	Hyundai Heavy Industries Holdings Co., Ltd.			282,510		0.1
6,318	Hyundai Marine & Fire Insurance Co., Ltd.			147,051		0.0
6,599	Hyundai Mobis Co. Ltd.			1,459,967		0.2
14,743	Hyundai Motor Co.			1,535,584		0.3
8,147	Hyundai Steel Co.			220,883		0.0
4,539	LG Chem Ltd.			1,243,933		0.2
9,342	LG Corp.			595,249		0.1
22,848 (3)	LG Display Co., Ltd.			319,646		0.1
10,556 (3)	LG Electronics, Inc.			655,709		0.1
923	LG Household & Health Care Ltd.			1,002,611		0.2
1,483	LG Innotek Co. Ltd.			178,747		0.0
10,715	LG Uplus Corp.			131,422		0.0
13,883	NAVER Corp.			2,233,704		0.4
2,530 (2)(3)	Netmarble Corp.			201,735		0.0
3,198 (2)	Orange Life Insurance Ltd.			78,038		0.0
7,753	POSCO			1,575,904		0.3
2,454	POSCO Chemtech Co. Ltd.			104,279		0.0
4,796	Posco International Corp.			77,153		0.0
1,641 (2)(3)	Samsung Biologics Co. Ltd.			612,387		0.1
8,411	Samsung C&T Corp.			787,485		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
3,308	Samsung Card Co.		$	110,415		0.0
5,552	Samsung Electro-Mechanics Co. Ltd.			597,180		0.1
472,346	Samsung Electronics Co., Ltd.			22,760,881		3.6
15,602 (3)	Samsung Engineering Co. Ltd.			257,842		0.0
3,044	Samsung Fire & Marine Insurance Co. Ltd.			639,957		0.1
43,817 (3)	Samsung Heavy Industries Co., Ltd.			274,388		0.1
6,809	Samsung Life Insurance Co. Ltd.			437,749		0.1
5,452 (3)	Samsung SDI Co., Ltd.			1,110,645		0.2
3,406	Samsung SDS Co. Ltd.			571,612		0.1
6,696	Samsung Securities Co. Ltd.			223,012		0.0
3,475	SK Holdings Co. Ltd.			783,955		0.1
53,930	SK Hynix, Inc.			4,386,545		0.7
5,466	SK Innovation Co. Ltd.			707,396		0.1
1,996	SK Telecom Co., Ltd.			411,273		0.1
616,719 (1)	Other Securities			20,805,420		3.3
				68,140,932		10.9
	Taiwan: 11.6%
1,233,170	HON HAI Precision Industry Co., Ltd.			3,740,840		0.6
149,820	MediaTek, Inc.			2,219,896		0.4
2,436,000	Taiwan Semiconductor Manufacturing Co., Ltd.			26,961,233		4.3
29,077,473 (1)	Other Securities			39,380,252		6.3
				72,302,221		11.6
	Thailand: 2.5%
14,441,893 (7)	Other Securities			15,825,932		2.5

	Turkey: 0.5%
1,276,993 (1)	Other Securities			2,983,497		0.5

	United Arab Emirates: 0.6%
1,902,566	Other Securities			3,694,552		0.6
	Total Common Stock (Cost $533,188,664)			595,355,341		95.2
PREFERRED STOCK: 3.3%
	Brazil: 2.5%
398,805	Banco Bradesco SA			3,585,845		0.6
478,325	Itau Unibanco Holding S.A.			4,411,429		0.7
416,300	Petroleo Brasileiro SA			3,123,259		0.5
813,106	Other Securities			4,209,707		0.7
				15,330,240		2.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: 3.3%
	Chile: 0.1%
45,910	Other Securities		$	406,051		0.1

	Colombia:0.0%
374,664	Other Securities			166,404		0.0

	Russia: 0.1%
673,166	Other Securities			532,318		0.1

	South Korea: 0.6%
734	LG Chem Ltd.			109,651		0.0
212	LG Household & Health Care Ltd.			141,245		0.0
81,371	Samsung Electronics Co., Ltd.			3,185,825		0.5
6,956 (1)	Other Securities			464,459		0.1
				3,901,180		0.6
	Total Preferred Stock (Cost $16,949,341)			20,336,193		3.3
RIGHTS: 0.0%
	Brazil: 0.0%
713 (1)	Other Securities			1,739		0.0

	China: —%
3,223 (1)(8)	Other Securities			—		—

	India: 0.0%
1,153 (1)	Other Securities			4,683		0.0
	Total Rights (Cost $—)			6,422		0.0
WARRANTS: — %
	Thailand: —%
66,040(1)	Other Securities			—		—
	Total Warrants (Cost $—)			—		—

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 0.0%
	India: 0.0%
INR 171,360	Other Securities		2,452		0.0
	Total Corporate Bonds/ Notes (Cost $2,446)		2,452		0.0
	Total Long-Term Investments (Cost $550,140,451)		615,700,408		98.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.8%
	Repurchase Agreements: 0.6%
1,000,000 (9)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,020,089, due 09/01/24-11/01/49)		$	1,000,000		0.1
998,017 (9)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $998,104, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $1,018,068, due 01/15/20-11/15/48)			998,017		0.1
1,000,000 (9)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,020,000, due 02/13/20-09/20/69)			1,000,000		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (9)	MUFG Securities America Inc., Repurchase Agreement dated 12/31/ 19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $1,020,000, due 05/01/25-11/01/49)		$	1,000,000		0.2
	Total Repurchase Agreements (Cost $3,998,017)			3,998,017		0.6

Shares		Value			Percentage of Net Assets
	Mutual Funds: 1.2%
7,518,000 (10)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $7,518,000)			7,518,000		1.2
	Total Short-Term Investments (Cost $11,516,017)			11,516,017		1.8
	Total Investments in Securities (Cost $561,656,468)		$	627,216,425		100.3
	Liabilities in Excess of Other Assets			(1,882,121)		(0.3)
	Net Assets		$	625,334,304		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

(1)

The grouping contains non-income producing securities.

(2)

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

(3)

Non-income producing security.

(4)

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

(5)

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

(6)

(7)

The grouping contains securities on loan.

(8)

The grouping contains Level 3 securities.

(9)

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

(10)

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

Currency Abbreviations:

INR

Indian Rupee

Sector Diversification	Percentage of Net Assets
Financials		23.9%
Information Technology		15.5
Consumer Discretionary		13.9
Communication Services		10.9
Materials		7.3
Energy		7.3
Consumer Staples		6.2
Industrials		5.2
Real Estate		2.9
Health Care		2.8
Utilities		2.6
Consumer, Non-cyclical		0.0
Financial		0.0
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(0.3)
Net Assets		100.0%

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Argentina		$	980,536		$	—		$	—		$	980,536
Brazil			30,626,712			—			—			30,626,712
Chile			4,182,328			—			—			4,182,328
China			57,421,240			153,394,302			1,920			210,817,462
Colombia			2,101,503			—			—			2,101,503
Czech Republic			382,382			480,215			—			862,597
Egypt			865,330			—			—			865,330
Greece			259,644			1,580,828			—			1,840,472
Hungary			307,361			1,579,399			—			1,886,760
India			9,632,352			43,511,168			—			53,143,520
Indonesia			—			11,812,097			—			11,812,097
Malaysia			1,011,621			10,093,486			—			11,105,107
Mexico			14,439,282			—			—			14,439,282
Pakistan			112,248			50,721			—			162,969
Peru			1,769,995			—			—			1,769,995
Philippines			2,013,933			3,852,178			—			5,866,111
Poland			957,302			4,451,766			—			5,409,068
Qatar			2,518,336			3,142,139			—			5,660,475
Romania			—			337,404			—			337,404
Russia			3,829,655			19,798,009			—			23,627,664
Saudi Arabia			2,053,054			13,879,322			—			15,932,376
Singapore			—			220,694			—			220,694
South Africa			7,005,289			21,752,456			—			28,757,745
South Korea			932,752			67,208,180			—			68,140,932
Taiwan			612,736			71,689,485			—			72,302,221
Thailand			—			15,825,932			—			15,825,932
Turkey			405,875			2,577,622			—			2,983,497
United Arab Emirates			884,071			2,810,481			—			3,694,552
Total Common Stock			145,305,537			450,047,884			1,920			595,355,341
Preferred Stock			16,034,733			4,301,460			—			20,336,193
Rights			—			6,422			—			6,422
Warrants			—			—			—			—
Corporate Bonds/Notes			—			2,452			—			2,452
Short-Term Investments			7,518,000			3,998,017			—			11,516,017
Total Investments, at fair value		$	168,858,270		$	458,356,235		$	1,920		$	627,216,425
Other Financial Instruments+
Futures			248,871			—			—			248,871
Total Assets		$	169,107,141		$	458,356,235		$	1,920		$	627,465,296

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

At December 31, 2019, Voya Emerging Markets Index Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost	Fair Value
Hanergy Mobile Energy Holding Group Co Ltd.		6/11/2019	$951,967		$	—
			$951,967		$	—

At December 31, 2019, the following futures contracts were outstanding for Voya Emerging Markets Index Portfolio:

Description	Number of Contracts	Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Mini MSCI Emerging Markets Index	183		03/20/20		$	10,249,830		$	248,871
					$	10,249,830		$	248,871

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	248,871
Total Asset Derivatives			$	248,871

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(85,677)		$	—		$	(85,677)
Equity contracts			—			1,867,168			1,867,168
Total		$	(85,677)		$	1,867,168		$	1,781,491

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(13,190)		$	—		$	(13,190)
Equity contracts			—			266,758			266,758
Total		$	(13,190)		$	266,758		$	253,568

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

Cost for federal income tax purposes was $591,002,060.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	97,096,425
Gross Unrealized Depreciation		(59,537,740)
Net Unrealized Appreciation	$	37,558,685

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 86.7%
	Belgium: 2.0%
4,227	Anheuser-Busch InBev SA/NV		$	346,195		2.0

	Finland: 0.6%
28,310	Nokia OYJ - Finland			104,715		0.6

	France: 31.8%
2,376	Air Liquide SA			336,849		2.0
10,382	AXA S.A.			293,358		1.7
5,793	BNP Paribas			344,327		2.0
3,257	Danone			270,482		1.6
9,341	Engie SA			151,309		0.9
1,491	EssilorLuxottica SA			227,947		1.3
374	Kering SA			246,435		1.4
1,218	L’Oreal S.A.			360,173		2.1
1,343	LVMH Moet Hennessy Louis Vuitton SE			625,779		3.6
10,295	Orange SA			151,298		0.9
1,814	Safran S.A.			280,191		1.6
5,700	Sanofi			572,439		3.3
2,761	Schneider Electric SE			283,666		1.6
4,287	Societe Generale			149,608		0.9
13,395	Total SA			743,299		4.3
2,805	Vinci SA			312,404		1.8
4,518	Vivendi SA			130,831		0.8
				5,480,395		31.8

	Germany: 23.8%
926	Adidas AG			301,015		1.8
2,095	Allianz SE			513,336		3.0
4,614	BASF SE			347,605		2.0
4,684	Bayer AG			380,795		2.2
1,610	Bayerische Motoren Werke AG			131,869		0.8
4,217	Daimler AG			233,135		1.3
955	Deutsche Boerse AG			149,757		0.9
4,936	Deutsche Post AG			187,688		1.1
16,290	Deutsche Telekom AG			266,215		1.5
2,064	Fresenius SE & Co. KGaA			116,149		0.7
725	Muenchener Rueckversicherungs- Gesellschaft AG			213,943		1.2
5,469	SAP SE			736,121		4.3
4,014	Siemens AG			524,197		3.0
				4,101,825		23.8

	Ireland: 0.9%
3,971	CRH PLC			159,273		0.9

	Italy: 4.2%
39,022	Enel S.p.A.			309,985		1.8
12,760	ENI S.p.A.			198,180		1.1
81,982	Intesa Sanpaolo SpA			215,957		1.3
				724,122		4.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Netherlands: 12.0%
2,881	Airbus SE		$	422,832		2.4
2,138	ASML Holding NV			632,972		3.7
19,572	ING Groep NV			235,304		1.4
5,529	Koninklijke Ahold Delhaize NV			138,626		0.8
4,547	Koninklijke Philips NV			222,275		1.3
7,312	Unilever NV			419,643		2.4
				2,071,652		12.0

	Spain: 8.0%
2,166	Amadeus IT Group SA			177,389		1.0
33,494	Banco Bilbao Vizcaya Argentaria SA			188,047		1.1
83,471	Banco Santander SA			349,975		2.0
29,219	Iberdrola S.A.			301,120		1.8
5,583	Industria de Diseno Textil SA			197,307		1.1
23,405	Telefonica S.A.			163,674		1.0
				1,377,512		8.0

	United Kingdom: 3.4%
2,773	Linde PLC			595,008		3.4
	Total Common Stock (Cost $13,941,518)			14,960,697		86.7
PREFERRED STOCK: 1.1%
	Germany: 1.1%
919	Volkswagen AG			180,895		1.1
	Total Preferred Stock (Cost $152,499)			180,895		1.1
	Total Long-Term Investments (Cost $14,094,017)			15,141,592		87.8
SHORT-TERM INVESTMENTS: 1.3%
	Mutual Funds: 1.3%
224,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $224,000)			224,000		1.3
	Total Short-Term Investments (Cost $224,000)			224,000		1.3
	Total Investments in Securities (Cost $14,318,017)		$	15,365,592		89.1
	Assets in Excess of Other Liabilities			1,887,237		10.9
	Net Assets		$	17,252,829		100.0

(1)

Non-income producing security.

(2)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2019 (continued)

Sector Diversification	Percentage of Net Assets
Financials		15.4%
Consumer Discretionary		12.5
Industrials		11.6
Information Technology		9.6
Consumer Staples		8.9
Materials		8.3
Health Care		7.5

Sector Diversification	Percentage of Net Assets
Energy		5.5
Utilities		4.4
Communication Services		4.1
Short-Term Investments		1.3
Assets in Excess of Other Liabilities		10.9
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Belgium		$	—		$	346,195		$	—		$	346,195
Finland			—			104,715			—			104,715
France			—			5,480,395			—			5,480,395
Germany			301,015			3,800,810			—			4,101,825
Ireland			—			159,273			—			159,273
Italy			—			724,122			—			724,122
Netherlands			—			2,071,652			—			2,071,652
Spain			—			1,377,512			—			1,377,512
United Kingdom			—			595,008			—			595,008
Total Common Stock			301,015			14,659,682			—			14,960,697
Preferred Stock			—			180,895			—			180,895
Short-Term Investments			224,000			—			—			224,000
Total Investments, at fair value		$	525,015		$	14,840,577		$	—		$	15,365,592
Other Financial Instruments+
Forward Foreign Currency Contracts			—			2,978			—			2,978
Futures			11,752			—			—			11,752
Total Assets		$	536,767		$	14,843,555		$	—		$	15,380,322
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(2,592)		$	—		$	(2,592)
Total Liabilities		$	—		$	(2,592)		$	—		$	(2,592)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2019 (continued)

At December 31, 2019, the following forward foreign currency contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 57,520

EUR 51,000

Morgan Stanley Capital Services LLC

03/18/20

USD 145,830

EUR 131,000

The Bank of New York Mellon

03/18/20

(1,807)

EUR 65,000

USD 72,737

The Bank of New York Mellon

03/18/20

519

USD 106,280

EUR 95,000

The Bank of New York Mellon

03/18/20

(785)

EUR 448,000

USD 502,480

The Bank of New York Mellon

03/18/20

2,417

386

At December 31, 2019, the following futures contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
EURO STOXX 50® Index		51		03/20/20		$	2,133,247		$	11,752
						$	2,133,247		$	11,752

Currency Abbreviations

EUR – EU Euro

USD – United States Dollar

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	2,978
Equity contracts	Net Assets — Unrealized appreciation*			11,752
Total Asset Derivatives			$	14,730
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	2,592
Total Liability Derivatives			$	2,592

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(151,413)		$	—		$	(151,413)
Equity contracts			—			743,284			743,284
Total		$	(151,413)		$	743,284		$	591,871

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2019 (continued)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(23,529)		$	—		$	(23,529)
Equity contracts			—			41,597			41,597
Total		$	(23,529)		$	41,597		$	18,068

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

	Morgan Stanley Capital Services LLC			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	42		$	2,936		$	2,978
Total Assets		$	42		$	2,936		$	2,978
Liabilities:
Forward foreign currency contracts		$	—		$	2,592		$	2,592
Total Liabilities		$	—		$	2,592		$	2,592
Net OTC derivative instruments by counterparty, at fair value		$	42		$	344			386
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	42		$	344		$	386

(1)

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

Cost for federal income tax purposes was $14,533,491.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,789,313
Gross Unrealized Depreciation		(951,328)
Net Unrealized Appreciation	$	837,985

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.8%
	Australia: 1.9%
3,639	BHP Group PLC		$	85,276		1.9

	Germany: 0.2%
762	Other Securities			9,617		0.2

	Ireland: 1.1%
723	Other Securities			47,493		1.1

	Netherlands: 9.3%
7,364	Royal Dutch Shell PLC - Class A			218,081		4.9
6,562	Royal Dutch Shell PLC - Class B			194,785		4.4
				412,866		9.3
	Russia: 0.2%
542	Other Securities			8,572		0.2

	Switzerland: 1.6%
18,964	Glencore PLC			59,049		1.3
340	Other Securities			11,557		0.3
				70,606		1.6
	United Arab Emirates: 0.1%
151 (1)	Other Securities			3,538		0.1

	United Kingdom: 83.4%
1,666	3i Group PLC			24,243		0.5
2,189	Anglo American PLC			62,886		1.4
796	Ashtead Group PLC			25,452		0.6
608	Associated British Foods PLC			20,916		0.5
2,298	AstraZeneca PLC			230,013		5.2
1,590 (2)	Auto Trader Group PLC			12,557		0.3
6,833	Aviva PLC			37,927		0.8
5,601	BAE Systems PLC			41,937		0.9
30,076	Barclays PLC			71,716		1.6
34,875	BP PLC			219,393		4.9
3,996	British American Tobacco PLC			169,840		3.8
15,283	BT Group PLC			38,944		0.9
714	Burberry Group PLC			20,846		0.5
2,773	Compass Group PLC			69,497		1.6
1,395	CRH PLC - London			56,263		1.3
4,036	Diageo PLC			170,065		3.8
1,588	Experian PLC			53,833		1.2
397	Ferguson PLC			36,130		0.8
8,581	GlaxoSmithKline PLC			201,629		4.5
35,450	HSBC Holdings PLC			277,520		6.2
1,667	Imperial Brands PLC			41,242		0.9
2,181	Informa PLC			24,806		0.6
319	InterContinental Hotels Group PLC			21,920		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
2,776	International Consolidated Airlines Group SA		$	22,969		0.5
283	Intertek Group PLC			21,929		0.5
10,359	Legal & General Group PLC			41,613		0.9
122,406	Lloyds Banking Group Plc			101,405		2.3
549	London Stock Exchange Group PLC			56,422		1.3
8,419	Melrose Industries PLC			26,817		0.6
848	Mondi PLC			19,885		0.4
6,087	National Grid PLC			76,071		1.7
224	Next PLC			20,873		0.5
555	Persimmon PLC			19,824		0.4
4,548	Prudential PLC			87,143		1.9
1,101	Reckitt Benckiser Group PLC			89,433		2.0
3,291	Relx PLC (GBP Exchange)			83,076		1.9
1,925	Rio Tinto PLC			113,951		2.6
3,017	Rolls-Royce Holdings PLC			27,268		0.6
7,948	Royal Bank of Scotland Group PLC			25,497		0.6
1,907	Segro PLC			22,708		0.5
1,531	Smith & Nephew PLC			36,899		0.8
1,812	SSE PLC			34,559		0.8
4,606	Standard Chartered PLC			43,403		1.0
16,927	Tesco PLC			57,207		1.3
1,907	Unilever PLC			109,162		2.4
46,995	Vodafone Group PLC			91,236		2.0
2,139	WPP PLC			30,101		0.7
72,047 (3)	Other Securities			532,022		11.9
				3,721,048		83.4
	Total Common Stock (Cost $4,083,868)			4,359,016		97.8
EXCHANGE-TRADED FUNDS: 1.6%
7,447	iShares Core FTSE 100 UCITS ETF			73,402		1.6
	Total Exchange-Traded Funds (Cost $70,385)			73,402		1.6
PREFERRED STOCK: 0.0%
	United Kingdom: 0.0%
140,254 (3)	Other Securities			186		0.0
	Total Preferred Stock (Cost $180)			186		0.0
CLOSED-END FUNDS: 0.4%
	United Kingdom: 0.4%
2,560	Other Securities			19,672		0.4
	Total Closed-End Funds (Cost $17,136)			19,672		0.4
	Total Long-Term Investments (Cost $4,171,569)			4,452,276		99.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
	Repurchase Agreements: 0.1%
3,729 (4)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.64%, due 01/02/20 (Repurchase Amount $3,729, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $3,804, due 01/15/20-11/15/48) (Cost $3,729)		$	3,729		0.1

Shares		Value			Percentage of Net Assets
	Mutual Funds: 1.1%
48,000 (5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $48,000)			48,000		1.1
	Total Short-Term Investments (Cost $51,729)			51,729		1.2
	Total Investments in Securities (Cost $4,223,298)		$	4,504,005		101.0
	Liabilities in Excess of Other Assets			(45,137)		(1.0)
	Net Assets		$	4,458,868		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

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

(3)

The grouping contains non-income producing securities.

(4)

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

(5)

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

Sector Diversification	Percentage of Net Assets
Financials		19.5%
Consumer Staples		15.4
Energy		14.2
Health Care		10.7
Materials		10.6
Industrials		9.9
Consumer Discretionary		6.6
Communication Services		5.3
Utilities		3.4
Exchange-Traded Funds		1.6
Real Estate		1.2
Information Technology		1.0
Financial		0.4
Short-Term Investments		1.2
Liabilities in Excess of Other Assets		(1.0)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	85,276		$	—		$	85,276
Germany			—			9,617			—			9,617
Ireland			—			47,493			—			47,493
Netherlands			—			412,866			—			412,866
Russia			—			8,572			—			8,572
Switzerland			—			70,606			—			70,606
United Arab Emirates			—			3,538			—			3,538
United Kingdom			77,365			3,643,683			—			3,721,048
Total Common Stock			77,365			4,281,651			—			4,359,016

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Exchange-Traded Funds			—			73,402			—			73,402
Preferred Stock			—			186			—			186
Closed-End Funds			—			19,672			—			19,672
Short-Term Investments			48,000			3,729			—			51,729
Total Investments, at fair value		$	125,365		$	4,378,640		$	—		$	4,504,005
Other Financial Instruments+
Forward Foreign Currency Contracts			—			511			—			511
Total Assets		$	125,365		$	4,379,151		$	—		$	4,504,516
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(443)		$	—		$	(443)
Total Liabilities		$	—		$	(443)		$	—		$	(443)

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

At December 31, 2019, the following forward foreign currency contracts were outstanding for Voya FTSE 100 Index® Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

GBP 21,000

USD 27,927

Barclays Bank PLC

03/18/20

(53)

USD 15,538

GBP 12,000

The Bank of New York Mellon

03/18/20

(390)

USD 60,109

GBP 44,900

The Bank of New York Mellon

03/18/20

511

Currency Abbreviations

GBP – British Pound

USD – United States Dollar

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	511
Total Asset Derivatives			$	511
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	443
Total Liability Derivatives			$	443

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2019 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	162,016		$	—		$	162,016
Equity contracts			—			681,338			681,338
Total		$	162,016		$	681,338		$	843,354

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(37,216)		$	—		$	(37,216)
Equity contracts			—			6,877			6,877
Total		$	(37,216)		$	6,877		$	(30,339)

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

	Barlcays Bank PLC			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	—		$	511		$	511
Total Assets		$	—		$	511		$	511
Liabilities:
Forward foreign currency contracts		$	53		$	390		$	443
Total Liabilities		$	53		$	390		$	443
Net OTC derivative instruments by counterparty, at fair value		$	(53)		$	121			68
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	(53)		$	121		$	68

(1)

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

Cost for federal income tax purposes was $4,589,446.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	402,401
Gross Unrealized Depreciation		(450,895)
Net Unrealized Depreciation	$	(48,494)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.1%
	China: 53.8%
11,000	AAC Technologies Holdings, Inc.		$	96,030		0.4
1,335,746	Bank of China Ltd. - H Shares			571,003		2.7
147,451	Bank of Communications Co., Ltd. - H Shares			104,776		0.5
62,129	BOC Hong Kong Holdings Ltd.			215,676		1.0
1,819,107	China Construction Bank - H Shares			1,577,242		7.5
124,911	China Life Insurance Co., Ltd. - H Shares			347,460		1.6
46,000	China Mengniu Dairy Co., Ltd.			186,074		0.9
103,101	China Mobile Ltd.			871,189		4.2
64,991	China Overseas Land & Investment Ltd.			253,114		1.2
408,438	China Petroleum & Chemical Corp. - H Shares			245,933		1.2
46,444	China Resources Land Ltd.			231,075		1.1
57,341	China Shenhua Energy Co., Ltd. - H Shares			119,895		0.6
103,110	China Unicom Hong Kong Ltd.			97,091		0.5
121,811	CITIC Ltd.			162,583		0.8
300,714	CNOOC Ltd.			500,036		2.4
127,000	Country Garden Holdings Co. Ltd.			203,267		1.0
78,000	CSPC Pharmaceutical Group Ltd.			186,139		0.9
92,000	Geely Automobile Holdings Ltd.			180,128		0.8
12,000	Hengan International Group Co., Ltd.			85,477		0.4
1,240,340	Industrial & Commercial Bank of China H Shares			956,958		4.6
354,604	PetroChina Co., Ltd. - H Shares			178,506		0.8
93,932	Ping An Insurance Group Co. of China Ltd. - H Shares			1,111,541		5.3
13,900	Shenzhou International Group Holdings Ltd.			203,150		1.0
116,000	Sino Biopharmaceutical Ltd.			162,286		0.8
12,000	Sunny Optical Technology Group Co. Ltd.			207,913		1.0
44,275	Tencent Holdings Ltd.			2,132,999		10.2
94,000	Want Want China Holdings Ltd.			87,802		0.4
				11,275,343		53.8

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Hong Kong: 30.3%
185,600	AIA Group Ltd.			1,952,135		9.3
43,536	CK Asset Holdings Ltd.			314,166		1.5
45,332	CK Hutchison Holdings Ltd.			432,263		2.1
13,330	CK Infrastructure Holdings Ltd.			94,865		0.4
31,931	CLP Holdings Ltd.			335,193		1.6
33,706	Hang Lung Properties Ltd.			74,010		0.3
12,843	Hang Seng Bank Ltd.			265,464		1.3
24,828	Henderson Land Development Co., Ltd.			121,832		0.6
171,043	Hong Kong & China Gas			334,196		1.6
20,141	Hong Kong Exchanges and Clearing Ltd.			654,335		3.1
35,000	Link REIT			370,789		1.8
25,643	MTR Corp.			151,538		0.7
103,100	New World Development Ltd.			141,324		0.7
23,322	Power Assets Holdings Ltd.			170,615		0.8
51,265	Sino Land Co.			74,412		0.4
19,555	Sun Hung Kai Properties Ltd.			299,482		1.4
8,591	Swire Pacific Ltd. - Class A			79,808		0.4
24,500	Techtronic Industries Co., Ltd.			199,961		1.0
148,500 (1)	WH Group Ltd.			153,545		0.7
20,637	Wharf Real Estate Investment Co. Ltd.			125,918		0.6
				6,345,851		30.3

	Macau: 2.5%
36,000	Galaxy Entertainment Group Ltd.			265,018		1.3
47,600	Sands China Ltd.			254,330		1.2
				519,348		2.5

	United Kingdom: 9.5%
253,228	HSBC Holdings PLC (HKD)			1,981,274		9.5
	Total Common Stock (Cost $11,844,573)			20,121,816		96.1
SHORT-TERM INVESTMENTS: 3.4%
	Mutual Funds: 3.4%
709,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $709,000)			709,000		3.4
	Total Short-Term Investments (Cost $709,000)			709,000		3.4
	Total Investments in Securities (Cost $12,553,573)		$	20,830,816		99.5
	Assets in Excess of Other Liabilities			105,036		0.5
	Net Assets		$	20,935,852		100.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2019 (continued)

(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)

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

Sector Diversification	Percentage of Net Assets
Financials		46.5%
Communication Services		14.8
Real Estate		10.9
Energy		5.0

Sector Diversification	Percentage of Net Assets
Utilities		4.5
Industrials		4.5
Consumer Discretionary		4.3
Consumer Staples		2.4
Health Care		1.7
Information Technology		1.5
Short-Term Investments		3.4
Assets in Excess of Other Liabilities		0.5
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
China		$	—		$	11,275,343		$	—		$	11,275,343
Hong Kong			—			6,345,851			—			6,345,851
Macau			—			519,348			—			519,348
United Kingdom			—			1,981,274			—			1,981,274
Total Common Stock			—			20,121,816			—			20,121,816
Short-Term Investments			709,000			—			—			709,000
Total Investments, at fair value		$	709,000		$	20,121,816		$	—		$	20,830,816
Other Financial Instruments+
Forward Foreign Currency Contracts			—			654			—			654
Futures			7,193			—			—			7,193
Total Assets		$	716,193		$	20,122,470		$	—		$	20,838,663
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(35)		$	—		$	(35)
Total Liabilities		$	—		$	(35)		$	—		$	(35)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2019 (continued)

At December 31, 2019, the following forward foreign currency contracts were outstanding for Voya Hang Seng Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 110,726

HKD 863,000

BNP Paribas

03/18/20

HKD 6,807,000

USD 872,476

State Street Bank and Trust Co.

03/18/20

555

HKD 1,884,000

USD 241,575

The Bank of New York Mellon

03/18/20

USD 231,721

HKD 1,807,000

UBS AG

03/18/20

(35)

619

At December 31, 2019, the following futures contracts were outstanding for Voya Hang Seng Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Mini-Hang Seng Index		21		01/30/20		$	761,867		$	7,193
						$	761,867		$	7,193

Currency Abbreviations

	HKD			–			Hong Kong Sar Dollar
	USD			–			United States Dollar

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	654
Equity contracts	Net Assets — Unrealized appreciation*			7,193
Total Asset Derivatives			$	7,847
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	35
Total Liability Derivatives			$	35

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	2,525		$	—		$	2,525
Equity contracts			—			9,785			9,785
Total		$	2,525		$	9,785		$	12,310

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2019 (continued)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	1,842		$	—		$	1,842
Equity contracts			—			(959)			(959)
Total		$	1,842		$	(959)		$	883

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

	BNP Paribas			State Street Bank and Trust Co.			The Bank of New York Mellon			UBS AG			Totals
Assets:
Forward foreign currency contracts		$	42		$	555		$	57		$	—		$	654
Total Assets		$	42		$	555		$	57		$	—		$	654
Liabilities:
Forward foreign currency contracts		$	—		$	—		$	—		$	35		$	35
Total Liabilities		$	—		$	—		$	—		$	35		$	35
Net OTC derivative instruments by counterparty, at fair value		$	42		$	555		$	57		$	(35)		$	619
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	42		$	555		$	57		$	(35)		$	619

(1)

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

Cost for federal income tax purposes was $13,054,540.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	8,280,926
Gross Unrealized Depreciation		(479,871)
Net Unrealized Appreciation	$	7,801,055

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.7%
	Australia: 7.0%
455,029	BHP Group Ltd.		$	12,459,736		0.5
326,240	BHP Group PLC			7,645,130		0.3
273,439	Commonwealth Bank of Australia			15,339,320		0.7
69,989	CSL Ltd.			13,569,603		0.6
57,340	Rio Tinto Ltd.			4,056,805		0.2
539,411	Westpac Banking Corp.			9,211,380		0.4
13,967,112 (1)(2)(3)	Other Securities			100,085,827		4.3
				162,367,801		7.0
	Austria: 0.2%
131,774 (1)	Other Securities			5,100,825		0.2

	Belgium: 1.0%
117,695	Anheuser-Busch InBev SA/NV			9,639,311		0.4
185,938 (1)(2)	Other Securities			13,064,361		0.6
				22,703,672		1.0
	China: 0.1%
206,900 (4)(5)	Budweiser Brewing Co. APAC Ltd.			698,314		0.0
576,968 (1)(2)	Other Securities			2,903,766		0.1
				3,602,080		0.1
	Denmark: 1.8%
273,315	Novo Nordisk A/S			15,838,286		0.7
29,220 (5)	Orsted A/S			3,022,070		0.1
344,851 (1)(2)	Other Securities			23,335,054		1.0
				42,195,410		1.8
	Finland: 1.1%
1,938,501 (1)	Other Securities			25,732,866		1.1

	France: 10.5%
72,802	Air Liquide SA			10,321,248		0.4
9,347 (5)	Amundi SA			735,019		0.0
298,610	AXA S.A.			8,437,637		0.4
173,744	BNP Paribas			10,327,059		0.4
39,032	L’Oreal S.A.			11,542,104		0.5
42,970 (6)	LVMH Moet Hennessy Louis Vuitton SE			20,022,129		0.9
174,183	Sanofi			17,492,835		0.8
85,537	Schneider Electric SE			8,788,088		0.4
370,789	Total SA			20,575,364		0.9
78,822	Vinci SA			8,778,731		0.4
15,518 (4)(5)	Worldline SA/France			1,100,091		0.0
2,820,585 (1)(2)	Other Securities			125,941,334		5.4
				244,061,639		10.5
	Germany: 7.9%
27,861	Adidas AG			9,056,778		0.4
65,564	Allianz SE			16,065,073		0.7
141,872	BASF SE			10,688,207		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Germany (continued)
144,046	Bayer AG		$	11,710,509		0.5
26,854 (5)	Covestro AG			1,249,525		0.0
17,486 (4)(5)	Delivery Hero SE			1,385,934		0.1
151,808	SAP SE			20,433,184		0.9
118,165	Siemens AG			15,431,421		0.7
23,170 (5)	Siemens Healthineers AG			1,110,706		0.0
21,328 (4)(5)	Zalando SE			1,075,580		0.0
3,043,577 (1)(2)	Other Securities			97,237,265		4.2
				185,444,182		7.9
	Hong Kong: 3.0%
1,867,099	AIA Group Ltd.			19,638,085		0.8
1,477,000 (5)	WH Group Ltd.			1,527,180		0.1
9,611,081 (1)	Other Securities			49,949,130		2.1
				71,114,395		3.0
	Ireland: 0.6%
516,425	Other Securities			13,734,365		0.6

	Israel: 0.5%
933,287 (1)(2)	Other Securities			12,909,465		0.5

	Italy: 2.0%
1,256,311	Enel S.p.A.			9,979,960		0.4
61,786 (5)	Pirelli & C SpA			356,610		0.0
80,699 (5)	Poste Italiane SpA			916,977		0.0
6,562,821 (2)	Other Securities			36,214,659		1.6
				47,468,206		2.0
	Japan: 24.0%
28,188	Keyence Corp.			9,897,894		0.4
197,748	Mitsubishi Chemical Holdings Corp.			1,473,457		0.1
208,793	Mitsubishi Corp.			5,531,212		0.2
281,961	Mitsubishi Electric Corp.			3,839,094		0.2
182,627	Mitsubishi Estate Co., Ltd.			3,494,545		0.2
24,739	Mitsubishi Gas Chemical Co., Inc.			376,879		0.0
49,519	Mitsubishi Heavy Industries Ltd.			1,920,191		0.1
17,251	Mitsubishi Materials Corp.			468,187		0.0
103,615	Mitsubishi Motors Corp.			431,895		0.0
34,713	Mitsubishi Tanabe Pharma Corp.			636,813		0.0
1,900,106	Mitsubishi UFJ Financial Group, Inc.			10,272,613		0.4
62,276	Mitsubishi UFJ Lease & Finance Co., Ltd.			400,914		0.0
258,800	Softbank Corp.			3,470,425		0.1
242,192	SoftBank Group Corp.			10,515,262		0.5
196,370	Sony Corp.			13,333,075		0.6

See Accompanying Notes to Financial Statements

100

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
205,351	Sumitomo Mitsui Financial Group, Inc.		$	7,584,715		0.3
51,285	Sumitomo Mitsui Trust Holdings, Inc.			2,027,345		0.1
231,522	Takeda Pharmaceutical Co., Ltd.			9,157,210		0.4
22,605	Toyota Industries Corp.			1,300,693		0.1
352,858	Toyota Motor Corp.			24,862,907		1.1
32,854	Toyota Tsusho Corp.			1,154,083		0.0
21,595,022 (1)(2)	Other Securities			447,101,723		19.2
				559,251,132		24.0
	Luxembourg: 0.1%
129,209	Other Securities			1,615,374		0.1

	Macau: 0.2%
1,256,205 (1)	Other Securities			5,404,946		0.2

	Netherlands: 6.2%
65,338 (5)	ABN AMRO Bank NV			1,190,878		0.0
1,599 (4)(5)	Adyen NV			1,315,337		0.1
90,141	Airbus SE			13,229,626		0.6
65,749	ASML Holding NV			19,465,511		0.8
182,843	Koninklijke Ahold Delhaize NV			4,584,333		0.2
28,024	Koninklijke DSM NV			3,664,032		0.2
551,811	Koninklijke KPN NV			1,633,024		0.1
140,067	Koninklijke Philips NV			6,847,025		0.3
10,860	Koninklijke Vopak NV			590,139		0.0
662,992	Royal Dutch Shell PLC - Class A			19,634,123		0.8
575,134	Royal Dutch Shell PLC - Class B			17,072,204		0.7
226,797	Unilever NV			13,016,102		0.6
1,475,239 (2)	Other Securities			41,437,609		1.8
				143,679,943		6.2
	New Zealand: 0.3%
1,133,277 (2)	Other Securities			6,344,381		0.3

	Norway: 0.6%
893,933	Other Securities			14,304,832		0.6

	Portugal: 0.1%
511,671	Other Securities			3,656,233		0.1

	Singapore: 1.3%
7,827,126	Other Securities			29,447,728		1.3

	Spain: 2.8%
10,426 (5)	Aena SME SA			1,998,860		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Spain (continued)
2,567,670 (6)	Banco Santander SA		$	10,765,643		0.5
38,690 (5)	Cellnex Telecom SA			1,668,926		0.1
933,982	Iberdrola S.A.			9,625,259		0.4
36,824 (6)	Siemens Gamesa Renewable Energy SA			648,499		0.0
4,466,389 (1)(3)	Other Securities			40,421,613		1.7
				65,128,800		2.8
	Sweden: 2.5%
3,324,887 (1)	Other Securities			57,500,501		2.5

	Switzerland: 9.6%
459,869	Nestle SA			49,787,842		2.1
331,831	Novartis AG			31,420,947		1.4
108,521	Roche Holding AG			35,269,631		1.5
23,149	Zurich Insurance Group AG			9,495,710		0.4
3,585,574 (2)	Other Securities			97,537,576		4.2
				223,511,706		9.6
	United Arab Emirates: 0.0%
14,508 (1)	Other Securities			339,916		0.0

	United Kingdom: 14.3%
202,620	AstraZeneca PLC			20,280,762		0.9
143,531 (5)	Auto Trader Group PLC			1,133,493		0.1
3,147,142	BP PLC			19,798,193		0.8
354,306	British American Tobacco PLC			15,058,844		0.6
365,574	Diageo PLC			15,404,181		0.7
770,438	GlaxoSmithKline PLC			18,103,134		0.8
3,119,223	HSBC Holdings PLC			24,418,822		1.0
10,834,897	Lloyds Banking Group Plc			8,975,926		0.4
109,682	Reckitt Benckiser Group PLC			8,909,361		0.4
174,581	Rio Tinto PLC			10,334,385		0.4
171,431	Unilever PLC			9,813,231		0.4
24,472,513 (1)(2)	Other Securities			180,985,915		7.8
				333,216,247		14.3
	Total Common Stock (Cost $1,908,347,226)			2,279,836,645		97.7
PREFERRED STOCK: 0.5%
	Germany: 0.5%
104,737	Other Securities			12,481,895		0.5

	United Kingdom: 0.0%
12,179,282 (2)	Other Securities			16,133		0.0
	Total Preferred Stock (Cost $11,167,035)			12,498,028		0.5

See Accompanying Notes to Financial Statements

101

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
RIGHTS: 0.0%
	Spain: 0.0%
222,293 (2)	Other Securities		$	105,474		0.0
	Total Rights (Cost $105,054)			105,474		0.0
	Total Long-Term Investments (Cost $1,919,619,315)			2,292,440,147		98.2

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.0%
	Commercial Paper: 0.3%
425,000 (7)	Australia & New Zealand Banking, 1.830%, 03/13/2020		423,417		0.0
575,000 (7)	Banco Santander S.A., 1.950%, 02/05/2020		573,966		0.0
625,000 (7)	DBS Bank Ltd., 1.820%, 02/18/2020		623,479		0.1
400,000 (7)	Flex Co. LLC, 1.910%, 01/31/2020		399,380		0.0
300,000 (7)	Le Mouvement Des Caisses Desjardins, 1.850%, 02/10/2020		299,412		0.0
550,000 (7)	Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020		548,811		0.1
600,000 (7)	LMA Americas LLC, 1.810%, 01/23/2020		599,221		0.0
550,000 (7)	Nederlandse Waterschapsbank, 1.870%, 02/12/2020		548,866		0.0
554,000 (7)	Societe Generale, 1.970%, 01/09/2020		553,751		0.0
425,000 (7)	Starbird Funding Corp., 1.840%, 03/02/2020		423,644		0.0
550,000 (7)	Starbird Funding Corp., 1.910%, 02/20/2020		548,558		0.1
450,000 (7)	United Overseas Bnk Group, 1.900%, 01/24/2020		449,515		0.0
	Total Commercial Paper (Cost $5,992,020)		5,992,020		0.3

	Floating Rate Notes: 0.5%
525,000 (7)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020		525,152		0.0
550,000 (7)	Bank of America Corp., 1.910%, 05/07/2020		550,000		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
475,000 (7)	Bedford Row Funding, 1.960%, 05/18/2020		$	475,080		0.0
500,000 (7)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020			500,140		0.0
425,000 (7)	Crédit Industriel et Commercial, 1.950%, 04/09/2020			425,071		0.0
525,000 (7)	Credit Suisse Group AG, 1.890%, 04/17/2020			525,235		0.0
475,000 (7)	DNB ASA, 1.930%, 02/14/2020			475,068		0.0
675,000 (7)	HSBC Holdings PLC, 1.940%, 04/02/2020			675,109		0.0
375,000 (7)	Mitsubishi UFJ Financial Group, Inc., 1.980%, 03/12/2020			375,096		0.0
575,000 (7)	Mitsubishi UFJ Financial Group, Inc., 2.050%, 02/25/2020			575,199		0.1
525,000 (7)	Mizuho Financial Group Inc., 1.960%, 05/05/2020			525,022		0.1
425,000 (7)	Mizuho Financial Group Inc., 1.970%, 05/06/2020			425,021		0.0
675,000 (7)	National Bank Of Canada, 1.990%, 05/01/2020			675,087		0.0
475,000 (7)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020			475,015		0.0
475,000 (7)	Skandinaviska Enskilda Banken AB, 2.010%, 05/26/2020			475,057		0.1
550,000 (7)	Sumitomo Mitsui Trust Holdings, Inc., 1.920%, 02/12/2020			550,091		0.1
400,000 (7)	Sumitomo Mitsui Trust Holdings, Inc., 2.040%, 04/24/2020			399,997		0.0
525,000 (7)	The Norinchukin Bank, 2.050%, 04/24/2020			525,189		0.0
550,000 (7)	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020			549,958		0.1
400,000 (7)	The Sumitomo Mitsui Financial Group, 1.970%, 05/12/2020			399,933		0.0
675,000 (7)	Toronto-Dominion Bank, 1.850%, 02/13/2020			675,019		0.0
375,000 (7)	Westpac Banking Corp, 1.830%, 02/10/2020			375,030		0.0
	Total Floating Rate Notes (Cost $11,151,569)			11,151,569		0.5

See Accompanying Notes to Financial Statements

102

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 1.5%
14,068,265 (7)	Bethesda Securities LLC, Repurchase Agreement dated 12/31/19, 1.65%, due 01/02/20 (Repurchase Amount $14,069,537, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $14,349,630, due 11/01/32-01/01/49)		$	14,068,265		0.6
2,514,798 (7)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $2,515,016, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,565,094, due 01/25/20-10/15/60)			2,514,798		0.1
14,068,265 (7)	Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $14,069,614, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $14,349,632, due 04/15/20-03/31/21)			14,068,265		0.6
4,510,712 (7)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $4,511,145, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,601,050, due 04/15/21-02/15/47)			4,510,712		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
	Total Repurchase Agreements (Cost $35,162,040)		$	35,162,040		1.5

	Certificates of Deposit: 0.1%
800,000 (7)	Deutscher Sparkassen- und Giroverband, 1.860%, 02/13/2020			800,226		0.0
575,000 (7)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.830%, 02/13/2020			574,953		0.1
350,000 (7)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.850%, 02/27/2020			349,951		0.0
550,000 (7)	Landesbank Baden-Wurttemberg, 1.830%, 01/14/2020			550,022		0.0
300,000 (7)	Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020			300,011		0.0
300,000 (7)	Toronto-Dominion Bank, 1.850%, 03/18/2020			300,045		0.0
	Total Certificates of Deposit (Cost $2,875,208)			2,875,208		0.1

Shares		Value		Percentage of Net Assets
	Mutual Funds(7): 1.6%
1,370,000 (7)	Fidelity Investments Money Market Government Portfolio - Institutional Class, 1.520%		1,370,000		0.0
35,114,000 (7)(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		35,114,000		1.5
1,500,000 (7)(8)	Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		1,500,000		0.1
	Total Mutual Funds (Cost $37,984,000)		37,984,000		1.6

See Accompanying Notes to Financial Statements

103

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $93,164,837)		$	93,164,837		4.0
	Total Investments in Securities (Cost $2,012,784,152)		$	2,385,604,984		102.2
	Liabilities in Excess of Other Assets			(51,985,754)		(2.2)
	Net Assets		$	2,333,619,230		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

The grouping contains Level 3 securities.

(4)

Non-income producing security.

(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)

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

(7)

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

(8)

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

Sector Diversification	Percentage of Net Assets
Financials		18.2%
Industrials		14.8
Health Care		12.0
Consumer Discretionary		11.3
Consumer Staples		11.0
Materials		7.0
Information Technology		6.9
Communication Services		5.1
Energy		4.8
Utilities		3.7
Real Estate		3.4
Short-Term Investments		4.0
Liabilities in Excess of Other Assets		(2.2)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	162,367,801		$	—		$	162,367,801
Austria			527,847			4,572,978			—			5,100,825
Belgium			444,727			22,258,945			—			22,703,672
China			1,618,448			1,983,632			—			3,602,080
Denmark			14,407,576			27,787,834			—			42,195,410
Finland			3,487,547			22,245,319			—			25,732,866
France			9,008,683			235,052,956			—			244,061,639
Germany			15,724,984			169,719,198			—			185,444,182
Hong Kong			1,485,410			69,628,985			—			71,114,395
Ireland			6,410,203			7,324,162			—			13,734,365
Israel			5,313,768			7,595,697			—			12,909,465
Italy			—			47,468,206			—			47,468,206
Japan			—			559,251,132			—			559,251,132
Luxembourg			788,965			826,409			—			1,615,374
Macau			—			5,404,946			—			5,404,946
Netherlands			6,653,621			137,026,322			—			143,679,943
New Zealand			—			6,344,381			—			6,344,381
Norway			—			14,304,832			—			14,304,832
Portugal			—			3,656,233			—			3,656,233

See Accompanying Notes to Financial Statements

104

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Singapore			—			29,447,728			—			29,447,728
Spain			893,581			64,235,219			—			65,128,800
Sweden			2,364,069			55,136,432			—			57,500,501
Switzerland			2,686,981			220,824,725			—			223,511,706
United Arab Emirates			—			339,916			—			339,916
United Kingdom			9,706,863			323,509,384			—			333,216,247
Total Common Stock			81,523,273			2,198,313,372			—			2,279,836,645
Preferred Stock			—			12,498,028			—			12,498,028
Rights			105,474			—			—			105,474
Short-Term Investments			37,984,000			55,180,837			—			93,164,837
Total Investments, at fair value		$	119,612,747		$	2,265,992,237		$	—		$	2,385,604,984
Other Financial Instruments+
Futures			369,130			—			—			369,130
Total Assets		$	119,981,877		$	2,265,992,237		$	—		$	2,385,974,114

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

At December 31, 2019, the following futures contracts were outstanding for Voya International Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Mini MSCI EAFE Index		371		03/20/20		$	37,777,075		$	369,130
						$	37,777,075		$	369,130

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	369,130
Total Asset Derivatives			$	369,130

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(644,044)		$	—		$	(644,044)
Equity contracts			—			13,435,475			13,435,475
Total		$	(644,044)		$	13,435,475		$	12,791,431

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 95.9%
	Communication Services: 8.0%
2,200	KDDI Corp.		$	65,640		0.9
200	Nintendo Co., Ltd.			79,992		1.1
4,000	Nippon Telegraph & Telephone Corp.			101,095		1.4
2,200	NTT DoCoMo, Inc.			61,283		0.9
2,700	Softbank Corp.			36,206		0.5
2,400	SoftBank Group Corp.			104,201		1.5
9,223 (1)	Other Securities			123,403		1.7
				571,820		8.0
	Consumer Discretionary: 16.1%
900	Bridgestone Corp.			33,435		0.5
2,400	Honda Motor Co., Ltd.			67,924		0.9
1,300	Mitsubishi Motors Corp.			5,419		0.1
300	Oriental Land Co., Ltd.			40,932		0.6
3,650	Panasonic Corp.			34,234		0.5
1,912	Sony Corp.			129,820		1.8
300	Toyota Industries Corp.			17,262		0.2
3,382	Toyota Motor Corp.			238,301		3.3
31,210 (1)	Other Securities			581,372		8.2
				1,148,699		16.1
	Consumer Staples: 8.5%
1,700 (2)	Japan Tobacco, Inc.			37,904		0.5
700	Kao Corp.			57,733		0.8
1,300 (2)	Kirin Holdings Co., Ltd.			28,375		0.4
1,143	Seven & I Holdings Co., Ltd.			41,897		0.6
600	Shiseido Co., Ltd.			42,606		0.6
12,086 (3)	Other Securities			396,517		5.6
				605,032		8.5
	Energy: 0.9%
7,265	Other Securities			63,955		0.9

	Financials: 10.4%
1,700	Dai-ichi Life Holdings, Inc.			28,016		0.4
20,300	Mitsubishi UFJ Financial Group, Inc.			109,749		1.5
900	Mitsubishi UFJ Lease & Finance Co., Ltd.			5,794		0.1
40,000	Mizuho Financial Group, Inc.			61,617		0.9
5,500	Nomura Holdings, Inc.			28,302		0.4
1,900	ORIX Corp.			31,486		0.4
2,052	Sumitomo Mitsui Financial Group, Inc.			75,791		1.1
644	Sumitomo Mitsui Trust Holdings, Inc.			25,458		0.3
1,100	Tokio Marine Holdings, Inc.			61,588		0.9
36,743	Other Securities			315,079		4.4
				742,880		10.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 9.0%
2,800	Astellas Pharma, Inc.		$	47,796		0.7
900	Daiichi Sankyo Co., Ltd.			59,440		0.8
400	Eisai Co., Ltd.			29,930		0.4
600	Hoya Corp.			57,277		0.8
500	Mitsubishi Tanabe Pharma Corp.			9,172		0.1
600	Otsuka Holdings Co. Ltd.			26,745		0.4
2,500	Takeda Pharmaceutical Co., Ltd.			98,881		1.4
900	Terumo Corp.			31,927		0.5
9,230 (1)	Other Securities			277,417		3.9
				638,585		9.0
	Industrials: 21.7%
200	Central Japan Railway Co.			40,214		0.5
400	Daikin Industries Ltd.			56,436		0.8
500	East Japan Railway Co.			45,131		0.6
300	Fanuc Ltd.			55,400		0.8
200	Hitachi Construction Machinery Co., Ltd.			5,957		0.1
2,100	Itochu Corp.			48,671		0.7
1,400	Komatsu Ltd.			33,602		0.5
2,100	Mitsubishi Corp.			55,632		0.8
3,200	Mitsubishi Electric Corp.			43,570		0.6
500	Mitsubishi Heavy Industries Ltd.			19,388		0.3
200	Mitsubishi Logistics Corp.			5,202		0.1
2,500	Mitsui & Co., Ltd.			44,439		0.6
414	Nidec Corp.			56,546		0.8
400	Nomura Co., Ltd.			5,300		0.1
2,100	Recruit Holdings Co. Ltd.			78,656		1.1
100	SMC Corp.			45,732		0.6
400	Toyota Tsusho Corp.			14,051		0.2
44,362	Other Securities			888,437		12.5
				1,542,364		21.7
	Information Technology: 11.1%
200	Canon Marketing Japan, Inc.			4,628		0.1
1,666	Canon, Inc.			45,596		0.6
600	Fuji Film Holdings Corp.			28,653		0.4
300	Fujitsu Ltd.			28,217		0.4
100	Hitachi High-Technologies Corp.			7,082		0.1
1,429	Hitachi Ltd.			60,298		0.8
200	Itochu Techno-Solutions Corp.			5,632		0.1
300	Keyence Corp.			105,342		1.5
865	Murata Manufacturing Co., Ltd.			53,239		0.8

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
596	Nomura Research Institute Ltd.		$	12,746		0.2
200	Otsuka Corp.			7,987		0.1
200	Tokyo Electron Ltd.			43,666		0.6
14,671 (1)	Other Securities			386,325		5.4
				789,411		11.1
	Materials: 6.1%
200	Hitachi Chemical Co., Ltd.			8,379		0.1
420	Hitachi Metals Ltd.			6,183		0.1
1,900	Mitsubishi Chemical Holdings Corp.			14,157		0.2
300	Mitsubishi Gas Chemical Co., Inc.			4,570		0.1
152	Mitsubishi Materials Corp.			4,125		0.0
500	Shin-Etsu Chemical Co., Ltd.			54,987		0.8
22,236 (3)	Other Securities			341,397		4.8
				433,798		6.1
	Real Estate: 2.6%
960	Daiwa House Industry Co., Ltd.			29,719		0.4
2,100	Mitsubishi Estate Co., Ltd.			40,183		0.6
1,500	Mitsui Fudosan Co., Ltd.			36,660		0.5
200	Nomura Real Estate Holdings, Inc.			4,797		0.1
3,566	Other Securities			74,400		1.0
				185,759		2.6
	Utilities: 1.5%
8,800 (1)	Other Securities			103,834		1.5
	Total Common Stock (Cost $6,604,821)			6,826,137		95.9

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.1%
	Repurchase Agreements: 1.1%
77,971 (4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $77,978, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $79,530, due 01/25/20-10/15/60) (Cost $77,971)		$	77,971		1.1
	Total Short-Term Investments (Cost $77,971)			77,971		1.1
	Total Investments in Securities (Cost $6,682,792)		$	6,904,108		97.0
	Assets in Excess of Other Liabilities			210,432		3.0
	Net Assets		$	7,114,540		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains non-income producing securities.

(2)

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

(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.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	—		$	571,820		$	—		$	571,820
Consumer Discretionary			—			1,148,699			—			1,148,699
Consumer Staples			—			605,032			—			605,032
Energy			—			63,955			—			63,955
Financials			—			742,880			—			742,880

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Health Care			—			638,585			—			638,585
Industrials			—			1,542,364			—			1,542,364
Information Technology			—			789,411			—			789,411
Materials			—			433,798			—			433,798
Real Estate			—			185,759			—			185,759
Utilities			—			103,834			—			103,834
Total Common Stock			—			6,826,137			—			6,826,137
Short-Term Investments			—			77,971			—			77,971
Total Investments, at fair value		$	—		$	6,904,108		$	—		$	6,904,108
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(694)		$	—		$	(694)
Futures			(744)			—			—			(744)
Total Liabilities		$	(744)		$	(694)		$	—		$	(1,438)

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

At December 31, 2019, the following forward foreign currency contracts were outstanding for Voya Japan TOPIX Index® Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 18,330

JPY 2,000,000

Brown Brothers Harriman & Co.

03/18/20

(156)

USD 18,346

JPY 2,000,000

Morgan Stanley Capital Services LLC

03/18/20

(141)

USD 55,060

JPY 6,000,000

The Bank of New York Mellon

03/18/20

(397)

(694)

At December 31, 2019, the following futures contracts were outstanding for Voya Japan TOPIX Index® Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Mini-Tokyo Price Index (TOPIX)		19		03/12/20		$	300,943		$	(744)
						$	300,943		$	(744)

Currency Abbreviations

JPY – Japanese Yen
USD – United States Dollar

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2019 (continued)

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	694
Equity contracts	Net Assets — Unrealized depreciation*			744
Total Liability Derivatives			$	1,438

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	156,192		$	—		$	156,192
Equity contracts			—			344,173			344,173
Total		$	156,192		$	344,173		$	500,365

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(90,751)		$	—		$	(90,751)
Equity contracts			—			131,749			131,749
Total		$	(90,751)		$	131,749		$	40,998

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

	Brown Brothers Harriman & Co.			Morgan Stanley Capital Services LLC			The Bank of New York Mellon			Totals
Liabilities:
Forward foreign currency contracts		$	156		$	141		$	397		$	694
Total Liabilities		$	156		$	141		$	397		$	694
Net OTC derivative instruments by counterparty, at fair value		$	(156)		$	(141)		$	(397)			(694)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(156)		$	(141)		$	(397)		$	(694)

(1)

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

Cost for federal income tax purposes was $6,727,592.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	631,286
Gross Unrealized Depreciation		(455,758)
Net Unrealized Appreciation	$	175,528

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.4%
	Communication Services: 13.2%
28,197 (1)	Alphabet, Inc. - Class A		$	37,766,780		3.3
28,236 (1)	Alphabet, Inc. - Class C			37,752,097		3.3
199,347	Comcast Corp. – Class A			8,964,634		0.8
225,061 (1)	Facebook, Inc. - Class A			46,193,770		4.0
39,663 (1)	Netflix, Inc.			12,833,757		1.1
52,346 (2)	Other Securities			8,203,965		0.7
				151,715,003		13.2
	Consumer Discretionary: 13.5%
38,950 (1)	Amazon.com, Inc.			71,973,368		6.3
3,933 (1)	Booking Holdings, Inc.			8,077,320		0.7
59,163	Home Depot, Inc.			12,920,016		1.1
72,738	Lowe’s Cos, Inc.			8,711,103		0.8
116,154	Nike, Inc.			11,767,562		1.0
111,183	Starbucks Corp.			9,775,209		0.8
114,310	TJX Cos., Inc.			6,979,769		0.6
228,492 (2)	Other Securities			25,073,769		2.2
				155,278,116		13.5
	Consumer Staples: 5.0%
246,206	Coca-Cola Co.			13,627,502		1.2
41,377	Costco Wholesale Corp.			12,161,528		1.1
110,802	PepsiCo, Inc.			15,143,309		1.3
200,811 (2)	Other Securities			16,337,115		1.4
				57,269,454		5.0
	Financials: 2.8%
23,158	S&P Global, Inc.			6,323,292		0.6
243,763	Other Securities			25,226,934		2.2
				31,550,226		2.8
	Health Care: 14.5%
70,218	Abbott Laboratories			6,099,135		0.5
139,255	AbbVie, Inc.			12,329,638		1.1
51,945	Amgen, Inc.			12,522,381		1.1
130,709 (1)	Boston Scientific Corp.			5,910,661		0.5
129,258	Bristol-Myers Squibb Co.			8,297,071		0.7
80,097	Eli Lilly & Co.			10,527,149		0.9
10,785 (1)	Intuitive Surgical, Inc.			6,375,553		0.6
227,398	Merck & Co., Inc.			20,681,848		1.8
32,292	Stryker Corp.			6,779,382		0.6
25,569	Thermo Fisher Scientific, Inc.			8,306,601		0.7
89,006	UnitedHealth Group, Inc.			26,165,984		2.3
45,082	Zoetis, Inc.			5,966,603		0.5
199,662 (2)	Other Securities			36,310,391		3.2
				166,272,397		14.5
	Industrials: 7.2%
40,301	3M Co.			7,109,902		0.6
49,842	Boeing Co.			16,236,530		1.4
23,284	Lockheed Martin Corp.			9,066,324		0.8

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
65,392	Union Pacific Corp.		$	11,822,220		1.0
65,753	United Parcel Service, Inc. - Class B			7,697,046		0.7
216,686 (2)	Other Securities			30,715,590		2.7
				82,647,612		7.2
	Information Technology: 40.0%
60,020	Accenture PLC			12,638,411		1.1
45,856 (1)	Adobe, Inc.			15,123,767		1.3
418,649	Apple, Inc.			122,936,279		10.7
40,967	Automatic Data Processing, Inc.			6,984,873		0.6
36,372	Broadcom, Inc.			11,494,279		1.0
403,457	Cisco Systems, Inc.			19,349,798		1.7
50,532	International Business Machines Corp.			6,773,309		0.6
23,433	Intuit, Inc.			6,137,806		0.5
83,493	Mastercard, Inc. - Class A			24,930,175		2.2
712,310	Microsoft Corp.			112,331,287		9.8
54,945	Nvidia Corp.			12,928,559		1.1
193,375	Oracle Corp.			10,245,008		0.9
110,638 (1)	PayPal Holdings, Inc.			11,967,712		1.1
107,552	Qualcomm, Inc.			9,489,313		0.8
78,179 (1)	Salesforce.com, Inc.			12,715,033		1.1
88,287	Texas Instruments, Inc.			11,326,339		1.0
161,353	Visa, Inc. - Class A			30,318,229		2.7
163,841 (2)	Other Securities			20,701,870		1.8
				458,392,047		40.0
	Materials: 1.0%
47,240	Other Securities			11,019,733		1.0


	Real Estate: 2.2%
41,358	American Tower Corp.			9,504,895		0.8
83,198	Other Securities			16,280,480		1.4
				25,785,375		2.2
	Total Common Stock (Cost $602,954,940)			1,139,929,963		99.4

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.9%
			Mutual Funds: 0.9%
	9,963,000	(3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $9,963,000)		9,963,000		0.9

See Accompanying Notes to Financial Statements

111

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $9,963,000)		$	9,963,000		0.9
	Total Investments in Securities (Cost $612,917,940)		$	1,149,892,963		100.3
	Liabilities in Excess of Other Assets			(2,964,107)		(0.3)
	Net Assets		$	1,146,928,856		100.0

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

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	1,139,929,963		$	—		$	—		$	1,139,929,963
Short-Term Investments			9,963,000			—			—			9,963,000
Total Investments, at fair value		$	1,149,892,963		$	—		$	—		$	1,149,892,963
Other Financial Instruments+
Futures			246,260			—			—			246,260
Total Assets		$	1,150,139,223		$	—		$	—		$	1,150,139,223

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

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

At December 31, 2019, the following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		68		03/20/20		$	10,985,740		$	246,260
						$	10,985,740		$	246,260

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	246,260
Total Asset Derivatives			$	246,260

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.6%
	Communication Services: 11.9%
14,032 (1)	Alphabet, Inc. - Class A		$	18,794,320		1.8
14,051 (1)	Alphabet, Inc. - Class C			18,786,468		1.8
342,138	AT&T, Inc.			13,370,753		1.3
211,065	Comcast Corp. – Class A			9,491,593		0.9
111,997 (1)	Facebook, Inc. - Class A			22,987,384		2.3
19,737 (1)	Netflix, Inc.			6,386,301		0.6
193,949	Verizon Communications, Inc.			11,908,469		1.2
81,817	Walt Disney Co.			11,833,193		1.2
70,859 (2)	Other Securities			8,201,234		0.8
				121,759,715		11.9
	Consumer Discretionary: 9.4%
19,382 (1)	Amazon.com, Inc.			35,814,835		3.5
51,651	Home Depot, Inc.			11,279,545		1.1
35,313	McDonald’s Corp.			6,978,202		0.7
57,802	Nike, Inc.			5,855,921		0.6
550,214 (2)	Other Securities			36,390,680		3.5
				96,319,183		9.4
	Consumer Staples: 7.6%
179,647	Coca-Cola Co.			9,943,461		1.0
20,590	Costco Wholesale Corp.			6,051,813		0.6
65,641	PepsiCo, Inc.			8,971,156		0.9
72,831	Philip Morris International, Inc.			6,197,190		0.6
115,838	Procter & Gamble Co.			14,468,166		1.4
65,807	Walmart, Inc.			7,820,504		0.7
369,524 (2)	Other Securities			24,317,656		2.4
				77,769,946		7.6
	Energy: 4.2%
89,340	Chevron Corp.			10,766,364		1.1
198,380	Exxon Mobil Corp.			13,842,956		1.4
347,188	Other Securities			17,848,920		1.7
				42,458,240		4.2
	Financials: 13.3%
381,354	Bank of America Corp.			13,431,288		1.3
91,673 (1)	Berkshire Hathaway, Inc. – Class B			20,763,934		2.0
102,261	Citigroup, Inc.			8,169,631		0.8
146,144	JPMorgan Chase & Co.			20,372,474		2.0
178,590	Wells Fargo & Co.			9,608,142		1.0
685,363	Other Securities			62,825,990		6.2
				135,171,459		13.3
	Health Care: 15.2%
80,699	Abbott Laboratories			7,009,515		0.7
69,297	AbbVie, Inc.			6,135,556		0.6
28,097	Amgen, Inc.			6,773,344		0.6
109,579	Bristol-Myers Squibb Co.			7,033,876		0.7
124,492	Johnson & Johnson			18,159,648		1.8
62,890	Medtronic PLC			7,134,871		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
119,367	Merck & Co., Inc.		$	10,856,429		1.1
260,721	Pfizer, Inc.			10,215,049		1.0
18,684	Thermo Fisher Scientific, Inc.			6,069,871		0.6
44,292	UnitedHealth Group, Inc.			13,020,962		1.3
447,519 (2)	Other Securities			62,207,145		6.1
				154,616,266		15.2
	Industrials: 7.8%
24,803	Boeing Co.			8,079,825		0.8
33,696	Honeywell International, Inc.			5,964,192		0.6
32,541	Union Pacific Corp.			5,883,087		0.6
38,006	United Technologies Corp.			5,691,779		0.5
824,350 (2)	Other Securities			54,148,266		5.3
				79,767,149		7.8
	Information Technology: 24.8%
29,868	Accenture PLC			6,289,305		0.6
22,819 (1)	Adobe, Inc.			7,525,934		0.7
208,332	Apple, Inc.			61,176,692		6.0
18,100	Broadcom, Inc.			5,719,962		0.6
200,771	Cisco Systems, Inc.			9,628,977		0.9
204,016	Intel Corp.			12,210,358		1.2
41,549	Mastercard, Inc. - Class A			12,406,116		1.2
354,466	Microsoft Corp.			55,899,288		5.5
27,342	Nvidia Corp.			6,433,573		0.6
55,056 (1)	PayPal Holdings, Inc.			5,955,407		0.6
38,904 (1)	Salesforce.com, Inc.			6,327,346		0.6
80,294	Visa, Inc. - Class A			15,087,243		1.5
540,576 (2)	Other Securities			48,540,220		4.8
				253,200,421		24.8
	Materials: 1.9%
148,321	Other Securities			19,289,168		1.9

	Real Estate: 1.6%
94,709	Other Securities			16,055,589		1.6

	Utilities: 1.9%
212,831	Other Securities			19,206,117		1.9
	Total Common Stock (Cost $317,564,114)			1,015,613,253		99.6

SHORT-TERM INVESTMENTS: 0.5%
	Mutual Funds: 0.5%
5,018,000 (3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $5,018,000)			5,018,000		0.5
	Total Short-Term Investments (Cost $5,018,000)			5,018,000		0.5

See Accompanying Notes to Financial Statements

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $322,582,114)		$	1,020,631,253		100.1
	Liabilities in Excess of Other Assets			(1,320,919)		(0.1)
	Net Assets		$	1,019,310,334		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not

exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2019.

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

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	1,015,613,253		$	—		$	—		$	1,015,613,253
Short-Term Investments			5,018,000			—			—			5,018,000
Total Investments, at fair value		$	1,020,631,253		$	—		$	—		$	1,020,631,253
Other Financial Instruments+
Futures			86,783			—			—			86,783
Total Assets		$	1,020,718,036		$	—		$	—		$	1,020,718,036

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

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

At December 31, 2019, the following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		37		03/20/20		$	5,977,535		$	86,783
						$	5,977,535		$	86,783

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	86,783
Total Asset Derivatives			$	86,783

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

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.9%
	Communication Services: 10.2%
748,171	AT&T, Inc.		$	29,238,523		3.0
244,620	Comcast Corp. – Class A			11,000,561		1.1
424,118	Verizon Communications, Inc.			26,040,845		2.6
178,914	Walt Disney Co.			25,876,332		2.6
98,070 (1)	Other Securities			9,013,285		0.9
				101,169,546		10.2
	Consumer Discretionary: 4.2%
48,567	Home Depot, Inc.			10,606,061		1.1
64,789	McDonald’s Corp.			12,802,954		1.3
48,352	Target Corp.			6,199,210		0.6
589,977	Other Securities			12,050,728		1.2
				41,658,953		4.2
	Consumer Staples: 10.9%
124,924	Coca-Cola Co.			6,914,544		0.7
86,118	Colgate-Palmolive Co.			5,928,363		0.6
145,627	Mondelez International, Inc.			8,021,135		0.8
159,264	Philip Morris International, Inc.			13,551,774		1.4
238,617	Procter & Gamble Co.			29,803,263		3.0
143,904	Walmart, Inc.			17,101,551		1.7
395,540	Other Securities			26,418,796		2.7
				107,739,426		10.9
	Energy: 9.4%
195,365	Chevron Corp.			23,543,436		2.4
112,529	ConocoPhillips			7,317,761		0.7
433,808	Exxon Mobil Corp.			30,271,122		3.1
646,686	Other Securities			31,713,415		3.2
				92,845,734		9.4
	Financials: 26.4%
833,927	Bank of America Corp.			29,370,909		3.0
200,466 (2)	Berkshire Hathaway, Inc. – Class B			45,405,549		4.6
12,133	BlackRock, Inc.			6,099,259		0.6
46,166	Chubb Ltd.			7,186,200		0.7
223,621	Citigroup, Inc.			17,865,082		1.8
36,272	CME Group, Inc.			7,280,516		0.7
32,638	Goldman Sachs Group, Inc.			7,504,455		0.8
319,581	JPMorgan Chase & Co.			44,549,591		4.5
119,227	Morgan Stanley			6,094,884		0.6
44,835	PNC Financial Services Group, Inc.			7,157,011		0.7
137,107	Truist Financial Corp.			7,721,866		0.8
146,597	US Bancorp			8,691,736		0.9
390,532	Wells Fargo & Co.			21,010,622		2.1
633,357	Other Securities			45,322,484		4.6
				261,260,164		26.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 15.9%
100,058	Abbott Laboratories		$	8,691,038		0.9
33,600	Allergan plc			6,423,312		0.7
25,099	Becton Dickinson & Co.			6,826,175		0.7
98,964	Bristol-Myers Squibb Co.			6,352,499		0.6
133,008	CVS Health Corp.			9,881,164		1.0
59,787	Danaher Corp.			9,176,109		0.9
111,878	Gilead Sciences, Inc.			7,269,832		0.7
231,125	Johnson & Johnson			33,714,204		3.4
137,524	Medtronic PLC			15,602,098		1.6
570,133	Pfizer, Inc.			22,337,811		2.3
145,192 (1)	Other Securities			30,880,935		3.1
				157,155,177		15.9
	Industrials: 8.5%
50,633	Caterpillar, Inc.			7,477,481		0.7
886,647	General Electric Co.			9,894,981		1.0
37,727	Honeywell International, Inc.			6,677,679		0.7
83,109	United Technologies Corp.			12,446,404		1.3
524,933 (1)	Other Securities			48,016,077		4.8
				84,512,622		8.5
	Information Technology: 5.5%
446,132	Intel Corp.			26,701,000		2.7
113,301 (2)	Micron Technology, Inc.			6,093,328		0.6
341,954 (1)	Other Securities			22,072,712		2.2
				54,867,040		5.5
	Materials: 3.0%
55,034	Linde Public Ltd.			11,716,739		1.2
217,878	Other Securities			18,467,518		1.8
				30,184,257		3.0
	Real Estate: 0.7%
71,535	Other Securities			7,044,415		0.7

	Utilities: 4.2%
84,212	Dominion Energy, Inc.			6,974,438		0.7
74,625	Duke Energy Corp.			6,806,546		0.7
50,036	NextEra Energy, Inc.			12,116,718		1.2
106,593	Southern Co.			6,789,974		0.7
149,943	Other Securities			9,311,547		0.9
				41,999,223		4.2
	Total Common Stock (Cost $846,626,713)			980,436,557		98.9
SHORT-TERM INVESTMENTS: 1.1%
	Mutual Funds: 1.1%
11,329,000 (3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $11,329,000)			11,329,000		1.1

See Accompanying Notes to Financial Statements

117

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $11,329,000)		$	11,329,000		1.1
	Total Investments in Securities (Cost $857,955,713)		$	991,765,557		100.0
	Liabilities in Excess of Other Assets			(358,722)		—
	Net Assets		$	991,406,835		100.0

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

(1)

The grouping contains non-income producing securities.

(2)

Non-income producing security.

(3)

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	980,436,557		$	—		$	—		$	980,436,557
Short-Term Investments			11,329,000			—			—			11,329,000
Total Investments, at fair value		$	991,765,557		$	—		$	—		$	991,765,557
Other Financial Instruments+
Futures			242,463			—			—			242,463
Total Assets		$	992,008,020		$	—		$	—		$	992,008,020

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

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

At December 31, 2019, the following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		79		03/20/20		$	12,762,845		$	242,463
						$	12,762,845		$	242,463

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	242,463
Total Asset Derivatives			$	242,463

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

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.9%
	Communication Services: 4.9%
22,628 (1)	Spotify Technology SA		$	3,384,017		0.5
145,896 (1)	Twitter, Inc.			4,675,967		0.8
624,291 (2)(3)	Other Securities			22,081,288		3.6
				30,141,272		4.9
	Consumer Discretionary: 14.7%
4,551 (1)	Autozone, Inc.			5,421,652		0.9
4,904 (1)	Chipotle Mexican Grill, Inc.			4,105,187		0.7
46,786	Dollar General Corp.			7,297,680		1.2
2,269 (1)	Hilton Grand Vacations, Inc.			78,031		0.0
53,427	Hilton Worldwide Holdings, Inc.			5,925,589		1.0
22,635 (1)	Lululemon Athletica, Inc.			5,243,850		0.9
4,295 (1)	O’Reilly Automotive, Inc.			6,264,927		1.0
741,613 (2)(3)	Other Securities			55,316,847		9.0
				89,653,763		14.7
	Consumer Staples: 3.2%
24,180	Hershey Co.			3,553,977		0.6
191,767 (3)	Other Securities			15,760,492		2.6
				19,314,469		3.2
	Energy: 1.2%
152,131 (3)	Other Securities			7,536,720		1.2

	Financials: 4.5%
15,777	MSCI, Inc. - Class A			4,073,306		0.7
1,778 (4)	Voya Financial, Inc.			108,422		0.0
25,866 (2)(3)	Other Securities			22,997,228		3.8
				27,178,956		4.5
	Health Care: 15.3%
14,955 (1)	Align Technology, Inc.			4,173,043		0.7
65,592 (1)	Centene Corp.			4,123,769		0.7
59,932	Cerner Corp.			4,398,410		0.7
17,362 (1)	DexCom, Inc.			3,797,764		0.6
16,294 (1)	Idexx Laboratories, Inc.			4,254,852		0.7
4,605 (1)	Mettler Toledo International, Inc.			3,653,055		0.6
27,225	Resmed, Inc.			4,219,058		0.7
25,126 (1)	Veeva Systems, Inc.			3,534,223		0.6
632,836 (2)(3)	Other Securities			61,501,431		10.0
				93,655,605		15.3
	Industrials: 16.9%
34,653	Ametek, Inc.			3,456,290		0.6
16,051	Cintas Corp.			4,319,003		0.7
38,551 (1)	Copart, Inc.			3,505,828		0.6
6,900 (1)	CoStar Group, Inc.			4,128,270		0.7
99,237	Fastenal Co.			3,666,807		0.6
47,765 (1)	IHS Markit Ltd.			3,599,093		0.6
43,465	Ingersoll-Rand PLC - Class A			5,777,368		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
21,317	L3Harris Technologies, Inc.		$	4,217,995		0.7
22,074	Rockwell Automation, Inc.			4,473,738		0.7
7,663	TransDigm Group, Inc.			4,291,280		0.7
30,612	Verisk Analytics, Inc.			4,571,596		0.7
667,031 (2)(3)	Other Securities			57,515,374		9.4
				103,522,642		16.9
	Information Technology: 33.7%
197,919 (1)	Advanced Micro Devices, Inc.			9,076,565		1.5
55,938	Amphenol Corp.			6,054,170		1.0
16,029 (1)	ANSYS, Inc.			4,126,025		0.7
53,346 (1)	Cadence Design Systems, Inc.			3,700,078		0.6
27,335	CDW Corp.			3,904,531		0.6
108,278 (1)	Fiserv, Inc.			12,520,185		2.0
16,350 (1)	FleetCor Technologies, Inc.			4,704,222		0.8
57,205	Global Payments, Inc.			10,443,345		1.7
35,966 (1)	Keysight Technologies, Inc.			3,691,191		0.6
30,571	KLA Corp.			5,446,835		0.9
24,319	Lam Research Corp.			7,110,876		1.2
24,266	Motorola Solutions, Inc.			3,910,223		0.6
18,176 (1)	Palo Alto Networks, Inc.			4,203,200		0.7
61,596	Paychex, Inc.			5,239,356		0.9
29,571 (1)	Splunk, Inc.			4,428,849		0.7
65,923 (1)	Square, Inc.			4,124,143		0.7
28,581 (1)	Synopsys, Inc.			3,978,475		0.6
48,765	Xilinx, Inc.			4,767,754		0.8
1,305,075 (2)(3)	Other Securities			104,626,741		17.1
				206,056,764		33.7
	Materials: 2.8%
61,931	Ball Corp.			4,005,078		0.7
23,154	Vulcan Materials Co.			3,333,945		0.5
116,738 (3)	Other Securities			9,456,539		1.6
				16,795,562		2.8
	Real Estate: 2.7%
21,508	SBA Communications Corp.			5,183,213		0.8
194,684 (3)	Other Securities			11,597,302		1.9
				16,780,515		2.7
	Total Common Stock (Cost $465,092,731)			610,636,268		99.9

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.0%
	Repurchase Agreements: 1.6%
2,267,931 (5)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $2,268,126, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $2,313,491, due 09/01/24-11/01/49)		$	2,267,931		0.3
671,811 (5)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $671,870, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $685,308, due 01/15/20-11/15/48)			671,811		0.1
2,267,931 (5)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $2,268,126, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,313,290, due 02/13/20-09/20/69)			2,267,931		0.4
2,267,931 (5)	HSBC Securities USA, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $2,268,126, collateralized by various U.S. Government Agency Obligations, 3.000%-4.000%, Market Value plus accrued interest $2,313,290, due 07/20/47-06/20/48)			2,267,931		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,267,931 (5)	Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $2,268,127, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $2,313,290, due 01/28/20-05/15/27)		$	2,267,931		0.4
	Total Repurchase Agreements (Cost $9,743,535)			9,743,535		1.6

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.4%
	2,422,000	(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $2,422,000)			2,422,000		0.4
			Total Short-Term Investments (Cost $12,165,535)			12,165,535		2.0
			Total Investments in Securities (Cost $477,258,266)		$	622,801,803		101.9
			Liabilities in Excess of Other Assets			(11,855,614)		(1.9)
			Net Assets		$	610,946,189		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains securities on loan.

(3)

The grouping contains non-income producing securities.

(4)

Investment in affiliate

(5)

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

(6)

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

See Accompanying Notes to Financial Statements

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Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2019 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	610,636,268		$	—		$	—		$	610,636,268
Short-Term Investments			2,422,000			9,743,535			—			12,165,535
Total Investments, at fair value		$	613,058,268		$	9,743,535		$	—		$	622,801,803
Other Financial Instruments+
Futures			58,725			—			—			58,725
Total Assets		$	613,116,993		$	9,743,535		$	—		$	622,860,528

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.

Transactions with Affiliates

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

The following table provides transactions during the period ended December 31, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/19			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Financial, Inc.		$	43,833		$	53,886		$	(11,824)		$	22,527		$	108,422		$	305		$	1,365		$	—
		$	43,833		$	53,886		$	(11,824)		$	22,527		$	108,422		$	305		$	1,365		$	—

At December 31, 2019, the following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		15		03/20/20		$	3,097,200		$	58,725
						$	3,097,200		$	58,725

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	58,725
Total Asset Derivatives			$	58,725

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

See Accompanying Notes to Financial Statements

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Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.6%
	Communication Services: 4.3%
1,839,361 (1)(2)	Other Securities		$	60,546,876		4.3

	Consumer Discretionary: 11.3%
4,181 (3)	Autozone, Inc.			4,980,867		0.4
45,720	Dollar General Corp.			7,131,406		0.5
15,081 (3)	Hilton Grand Vacations, Inc.			518,635		0.0
49,077	Hilton Worldwide Holdings, Inc.			5,443,130		0.4
20,792 (3)	Lululemon Athletica, Inc.			4,816,883		0.3
13,132 (3)	O’Reilly Automotive, Inc			5,755,230		0.4
2,323,203 (1)(2)	Other Securities			131,351,658		9.3
				159,997,809		11.3
	Consumer Staples: 4.1%
98,136	Archer-Daniels-Midland Co.			4,548,604		0.3
50,701	Tyson Foods, Inc.			4,615,819		0.4
864,364 (1)(2)	Other Securities			48,409,674		3.4
				57,574,097		4.1
	Energy: 3.9%
72,457	Oneok, Inc.			5,482,821		0.4
29,018	Pioneer Natural Resources Co.			4,392,455		0.3
213,850	Williams Cos., Inc.			5,072,522		0.3
1,890,007 (1)(2)	Other Securities			40,780,093		2.9
				55,727,891		3.9
	Financials: 12.8%
55,145	Discover Financial Services			4,677,399		0.3
63,961	State Street Corp.			5,059,315		0.4
40,154	T. Rowe Price Group, Inc.			4,892,363		0.3
23,673 (4)	Voya Financial, Inc.			1,443,580		0.1
22,725	Willis Towers Watson PLC			4,589,086		0.3
3,915,621 (1)(2)	Other Securities			161,091,633		11.4
				181,753,376		12.8
	Health Care: 10.2%
54,638	Agilent Technologies, Inc.			4,661,168		0.3
72,071 (3)	Centene Corp.			4,531,104		0.3
31,124 (3)	IQVIA Holdings, Inc.			4,808,969		0.4
31,747	McKesson Corp.			4,391,245		0.3
36,145	Zimmer Biomet Holdings, Inc.			5,410,183		0.4
1,460,564 (1)(2)	Other Securities			120,688,937		8.5
				144,491,606		10.2
	Industrials: 13.8%
26,359	Cummins, Inc.			4,717,207		0.3
69,756 (3)	IHS Markit Ltd.			5,256,115		0.4
42,430	Ingersoll-Rand PLC - Class A			5,639,796		0.4
38,929	L3Harris Technologies, Inc.			7,702,881		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
59,765	Paccar, Inc.		$	4,727,411		0.3
22,552	Parker Hannifin Corp.			4,641,653		0.3
26,690	Stanley Black & Decker, Inc.			4,423,600		0.3
8,668	TransDigm Group, Inc.			4,854,080		0.4
2,122,801 (1)(2)	Other Securities			153,695,940		10.8
				195,658,683		13.8
	Information Technology: 17.9%
181,805 (3)	Advanced Micro Devices, Inc.			8,337,577		0.6
51,384	Amphenol Corp.			5,561,290		0.4
99,462 (3)	Fiserv, Inc.			11,500,791		0.8
52,548	Global Payments, Inc.			9,593,163		0.7
28,082	KLA Corp.			5,003,370		0.4
25,443	Lam Research Corp.			7,439,533		0.5
30,163	Motorola Solutions, Inc.			4,860,466		0.3
56,581	Paychex, Inc.			4,812,780		0.3
3,036,528 (1)(2)	Other Securities			196,970,078		13.9
				254,079,048		17.9
	Materials: 5.1%
144,092	Newmont Goldcorp Corp.			6,260,797		0.4
1,489,893 (1)(2)	Other Securities			66,616,836		4.7
				72,877,633		5.1
	Real Estate: 9.5%
24,530	AvalonBay Communities, Inc.			5,143,941		0.4
36,604 (5)	Digital Realty Trust, Inc.			4,382,963		0.3
64,449	Equity Residential			5,215,213		0.4
19,757	SBA Communications Corp.			4,761,239		0.3
71,407	Welltower, Inc.			5,839,665		0.4
2,676,465 (1)(2)	Other Securities			109,173,608		7.7
				134,516,629		9.5
	Utilities: 6.7%
58,647	Consolidated Edison, Inc.			5,305,794		0.4
61,697	Edison International			4,652,571		0.3
57,080	Eversource Energy			4,855,796		0.3
95,171	FirstEnergy Corp.			4,625,311		0.3
127,413	PPL Corp.			4,571,578		0.3
88,948	Public Service Enterprise Group, Inc.			5,252,379		0.4
49,720	Sempra Energy			7,531,586		0.5
55,590	WEC Energy Group, Inc.			5,127,066		0.4
92,403	Xcel Energy, Inc.			5,866,666		0.4
995,127 (1)(2)	Other Securities			47,895,488		3.4
				95,684,235		6.7
	Total Common Stock (Cost $688,496,555)			1,412,907,883		99.6

See Accompanying Notes to Financial Statements

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Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.2%
	Commercial Paper: 0.7%
1,300,000 (6)	Banco Santander S.A., 1.950%, 02/05/2020		$	1,297,663		0.1
1,125,000 (6)	DBS Bank Ltd., 1.710%, 01/07/2020			1,124,646		0.1
850,000 (6)	DBS Bank Ltd., 1.860%, 02/28/2020			847,481		0.0
325,000 (6)	Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020			324,297		0.0
1,200,000 (6)	LMA Americas LLC, 1.810%, 01/23/2020			1,198,442		0.1
1,075,000 (6)	Matchpoint Finance PLC, 1.850%, 02/03/2020			1,073,178		0.1
1,275,000 (6)	Nederlandse Waterschapsbank, 1.870%, 02/12/2020			1,272,371		0.1
1,333,000 (6)	Societe Generale, 1.970%, 01/09/2020			1,332,400		0.1
1,000,000 (6)	United Overseas Bnk Group, 1.900%, 01/24/2020			998,923		0.1
	Total Commercial Paper (Cost $9,469,401)			9,469,401		0.7

	Floating Rate Notes: 1.9%
1,200,000 (6)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020			1,200,347		0.1
1,250,000 (6)	Bank of America Corp., 1.910%, 05/07/2020			1,250,000		0.1
900,000 (6)	Bank of Nova Scotia, 1.940%, 05/08/2020			899,933		0.0
1,525,000 (6)	Bedford Row Funding, 1.820%, 01/07/2020			1,525,082		0.1
1,225,000 (6)	BNP Paribas, 1.950%, 05/14/2020			1,225,091		0.1
875,000 (6)	Commonwealth Bank of Australia, 1.920%, 03/16/2020			875,012		0.0
1,150,000 (6)	Commonwealth Bank of Australia, 1.940%, 06/10/2020			1,149,997		0.1
1,200,000 (6)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020			1,200,336		0.1
1,300,000 (6)	Crédit Industriel et Commercial, 1.950%, 04/09/2020			1,300,218		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
1,000,000 (6)	Credit Suisse Group AG, 1.890%, 04/17/2020		$	1,000,448		0.1
1,525,000 (6)	Credit Suisse Group AG, 1.720%, 01/16/2020			1,525,113		0.1
1,100,000 (6)	HSBC Bank PLC, 1.970%, 06/03/2020			1,099,997		0.1
1,250,000 (6)	Mitsubishi UFJ Financial Group, Inc., 1.980%, 03/12/2020			1,250,318		0.1
375,000 (6)	Mizuho Financial Group Inc., 1.850%, 01/06/2020			375,020		0.0
1,050,000 (6)	Royal Bank Of Canada, 1.820%, 01/10/2020			1,050,067		0.1
1,300,000 (6)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020			1,300,042		0.1
1,000,000 (6)	Sumitomo Mitsui Trust Holdings, Inc., 1.980%, 05/07/2020			999,988		0.1
300,000 (6)	Svenska Handelsbanken AB, 1.850%, 03/04/2020			300,050		0.0
1,000,000 (6)	Svenska Handelsbanken AB, 1.970%, 05/20/2020			1,000,034		0.1
1,250,000 (6)	The Norinchukin Bank, 2.050%, 04/24/2020			1,250,449		0.1
425,000 (6)	The Sumitomo Mitsui Financial Group, 1.930%, 06/05/2020			424,907		0.0
675,000 (6)	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020			674,948		0.0
1,200,000 (6)	The Sumitomo Mitsui Financial Group, 1.970%, 05/12/2020			1,199,797		0.1
950,000 (6)	Toronto-Dominion Bank, 1.850%, 02/13/2020			950,027		0.1
850,000 (6)	Westpac Banking Corp, 1.830%, 02/10/2020			850,067		0.0
975,000 (6)	Westpac Banking Corp, 1.970%, 06/03/2020			975,038		0.1
	Total Floating Rate Notes (Cost $26,852,326)			26,852,326		1.9

See Accompanying Notes to Financial Statements

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Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 4.5%
26,153,791 (6)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $26,156,041, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $26,679,194, due 09/01/24-11/01/49)		$	26,153,791		1.8
3,523,617 (6)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $3,523,926, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $3,594,409, due 01/15/20-11/15/48)			3,523,617		0.3
26,153,791 (6)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $26,156,041, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $26,676,867, due 02/13/20-09/20/69)			26,153,791		1.8
8,212,795 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $8,213,583, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,377,277, due 04/15/21-02/15/47)			8,212,795		0.6

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
	Total Repurchase Agreements (Cost $64,043,994)		$	64,043,994		4.5

	Certificates of Deposit: 0.4%
1,275,000 (6)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.830%, 02/13/2020			1,274,897		0.1
1,225,000 (6)	Landesbank Baden-Wurttemberg, 1.830%, 01/14/2020			1,225,049		0.1
1,275,000 (6)	Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020			1,275,045		0.1
525,000 (6)	The Norinchukin Bank, 1.890%, 03/13/2020			525,025		0.0
325,000 (6)	The Norinchukin Bank, 1.900%, 03/05/2020			325,027		0.0
1,250,000 (6)	Toronto-Dominion Bank, 1.850%, 03/18/2020			1,250,189		0.1
	Total Certificates of Deposit (Cost $5,875,232)			5,875,232		0.4

Shares		Value			Percentage of Net Assets
	Mutual Funds(6): 0.7%
7,216,000 (6)(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%			7,216,000		0.5
3,244,000 (6)(7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%			3,244,000		0.2
	Total Mutual Funds (Cost $10,460,000)			10,460,000		0.7
	Total Short-Term Investments (Cost $116,700,953)			116,700,953		8.2
	Total Investments in Securities (Cost $805,197,508)		$	1,529,608,836		107.8
	Liabilities in Excess of Other Assets			(111,234,144)		(7.8)
	Net Assets		$	1,418,374,692		100.0

See Accompanying Notes to Financial Statements

126

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Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

Non-income producing security.

(4)

Investment in affiliate

(5)

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

(6)

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

(7)

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock*		$	1,412,907,883		$	—		$	—		$	1,412,907,883
Short-Term Investments			10,460,000			106,240,953			—			116,700,953
Total Investments, at fair value		$	1,423,367,883		$	106,240,953		$	—		$	1,529,608,836
Other Financial Instruments+
Futures			97,927			—			—			97,927
Total Assets		$	1,423,465,810		$	106,240,953		$	—		$	1,529,706,763

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.

Transactions with Affiliates

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

The following table provides transactions during the period ended December 31, 2019, where the following issuers were considered an affiliate:

	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/19			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Issuer
Voya Financial, Inc.		$	1,309,648		$	—		$	(250,962)		$	384,894		$	1,443,580		$	8,120		$	230,739		$	—
		$	1,309,648		$	—		$	(250,962)		$	384,894		$	1,443,580		$	8,120		$	230,739		$	—

At December 31, 2019, the following futures contracts were outstanding for Voya Russell™ Mid Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		41		03/20/20		$	8,465,680		$	97,927
						$	8,465,680		$	97,927

See Accompanying Notes to Financial Statements

127

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Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	97,927
Total Asset Derivatives			$	97,927

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	2,700,059
Total		$	2,700,059

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,557,670
Total		$	1,557,670

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

Cost for federal income tax purposes was $814,232,409.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	773,337,162
Gross Unrealized Depreciation		(57,862,808)
Net Unrealized Appreciation	$	715,474,354

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

Voya Russell™ Small Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.4%
	Communication Services: 2.2%
1,831,980 (1)(2)	Other Securities		$	23,603,956		2.2

	Consumer Discretionary: 10.7%
58,012 (3)(4)	Chegg, Inc.			2,199,235		0.2
17,621	Churchill Downs, Inc.			2,417,601		0.2
13,916 (4)	Deckers Outdoor Corp.			2,349,856		0.2
12,465 (4)	Helen of Troy Ltd.			2,241,082		0.2
20,643 (3)	Marriott Vacations Worldwide Corp.			2,657,993		0.3
4,410,850 (1)(2)	Other Securities			101,013,635		9.6
				112,879,402		10.7
	Consumer Staples: 3.0%
81,585 (4)	Darling Ingredients, Inc.			2,290,907		0.2
50,730 (4)	Performance Food Group Co.			2,611,580		0.3
804,923 (1)(2)	Other Securities			26,410,812		2.5
				31,313,299		3.0
	Energy: 3.1%
4,571,770 (1)(2)	Other Securities			32,969,474		3.1

	Financials: 17.5%
64,081 (3)	Blackstone Mortgage Trust, Inc.			2,385,095		0.2
48,234	Essent Group Ltd.			2,507,686		0.2
64,229 (3)	First Financial Bankshares, Inc.			2,254,438		0.2
101,421	Radian Group, Inc.			2,551,752		0.3
192,218 (3)	Valley National Bancorp			2,200,896		0.2
6,821,389 (1)(2)	Other Securities			172,515,941		16.4
				184,415,808		17.5
	Health Care: 17.9%
55,424 (4)	Acadia Pharmaceuticals, Inc.			2,371,039		0.2
15,730 (4)	Amedisys, Inc.			2,625,652		0.3
46,302 (3)(4)	Arrowhead Pharmaceuticals, Inc.			2,936,936		0.3
28,819 (3)(4)	Global Blood Therapeutics, Inc.			2,290,822		0.2
37,803 (4)	Globus Medical, Inc.			2,225,841		0.2
25,496 (4)	Haemonetics Corp.			2,929,490		0.3
34,534 (4)	HealthEquity, Inc.			2,557,933		0.2
15,066 (3)(4)	LHC Group, Inc.			2,075,492		0.2
37,522 (3)(4)	Medicines Co.			3,187,119		0.3
43,154 (3)(4)	Novocure Ltd.			3,636,588		0.4
11,009 (4)	Reata Pharmaceuticals, Inc.			2,250,570		0.2
26,003 (3)(4)	Repligen Corp.			2,405,277		0.2
35,649 (3)(4)	Teladoc Health, Inc.			2,984,534		0.3
9,252,081 (1)(2)	Other Securities			154,072,669		14.6
				188,549,962		17.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 15.6%
28,890 (4)	Axon Enterprise, Inc.		$	2,117,059		0.2
24,902 (3)	Brink’s Co.			2,258,113		0.2
27,738	EMCOR Group, Inc.			2,393,789		0.2
30,354 (4)	Generac Holdings, Inc.			3,053,309		0.3
17,566 (3)	MSA Safety, Inc.			2,219,640		0.2
21,790 (4)	SPX Corp.			1,108,675		0.1
20,718 (4)	SPX FLOW, Inc.			1,012,489		0.1
27,229	Tetra Tech, Inc.			2,346,051		0.2
29,191 (3)(4)	Trex Co., Inc.			2,623,687		0.3
4,571,305 (1)(2)	Other Securities			145,454,579		13.8
				164,587,391		15.6
	Information Technology: 13.4%
57,377 (4)	ACI Worldwide, Inc.			2,173,728		0.2
14,384	Cabot Microelectronics Corp.			2,075,899		0.2
28,862 (4)	Cirrus Logic, Inc.			2,378,518		0.2
23,531 (3)	j2 Global, Inc.			2,205,090		0.2
71,118	KBR, Inc.			2,169,099		0.2
38,354 (4)	Lumentum Holdings, Inc.			3,041,472		0.3
31,688	MAXIMUS, Inc.			2,357,270		0.2
28,921 (3)	Science Applications International Corp.			2,516,705		0.3
21,262 (4)	Silicon Laboratories, Inc.			2,465,967		0.2
17,514 (4)	Tech Data Corp.			2,515,010		0.3
4,587,136 (1)(2)	Other Securities			117,206,607		11.1
				141,105,365		13.4
	Materials: 3.8%
30,512 (4)(5)(6)	Ferroglobe PLC			—		—
2,146,095 (1)(2)	Other Securities			40,530,021		3.8
				40,530,021		3.8
	Real Estate: 7.6%
18,711	EastGroup Properties, Inc.			2,482,388		0.2
63,641	First Industrial Realty Trust, Inc.			2,641,738		0.3
63,697	Healthcare Realty Trust, Inc.			2,125,569		0.2
55,195	Rexford Industrial Realty, Inc.			2,520,755		0.2
3,532,193 (1)(2)	Other Securities			70,749,973		6.7
				80,520,423		7.6
	Utilities: 3.6%
25,851	ALLETE, Inc.			2,098,326		0.2
30,561	Black Hills Corp.			2,400,261		0.2
26,027	ONE Gas, Inc.			2,435,346		0.2
45,070	Portland General Electric Co.			2,514,455		0.2
680,912 (1)(2)	Other Securities			28,987,558		2.8
				38,435,946		3.6
	Total Common Stock (Cost $745,470,475)			1,038,911,047		98.4

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
RIGHTS: 0.0%
	Communication Services: —%
46,399 (4)(5)(6)	Media General, Inc. - CVR		$	—		—

	Consumer, Non-cyclical: —%
390 (4)(5)(6)	GTX, Inc. - CVR			—		—

	Health Care: 0.0%
27,410 (4)(5)(6)	Alder Biopharmaceuticals, Inc. - CVR			24,121		0.0

	Materials: 0.0%
11,546 (4)(5)(6)	A Schulman, Inc. - CVR			23,092		0.0
	Total Rights (Cost $6,838)			47,213		0.0
	Total Long-Term Investments (Cost $745,477,313)			1,038,958,260		98.4

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 22.7%
	Commercial Paper: 1.7%
850,000 (7)	Albion Capital LLC, 1.900%, 01/21/2020		849,181		0.1
1,825,000 (7)	Banco Santander S.A., 1.950%, 02/05/2020		1,821,719		0.2
1,900,000 (7)	DBS Bank Ltd., 1.820%, 02/18/2020		1,895,375		0.2
625,000 (7)	DBS Bank Ltd., 1.860%, 02/28/2020		623,148		0.0
1,325,000 (7)	Flex Co. LLC, 1.910%, 01/31/2020		1,322,946		0.1
2,225,000 (7)	LMA Americas LLC, 1.810%, 01/23/2020		2,222,112		0.2
1,825,000 (7)	Nederlandse Waterschapsbank, 1.870%, 02/12/2020		1,821,237		0.2
1,250,000 (7)	Sheffield Receivables Company LLC, 1.950%, 02/27/2020		1,246,282		0.1
950,000 (7)	Sheffield Receivables Company LLC, 2.000%, 03/16/2020		946,280		0.1
1,838,000 (7)	Societe Generale, 1.970%, 01/09/2020		1,837,173		0.2
1,900,000 (7)	Starbird Funding Corp., 1.910%, 02/20/2020		1,895,020		0.2
1,475,000 (7)	United Overseas Bnk Group, 1.900%, 01/24/2020		1,473,411		0.1
	Total Commercial Paper (Cost $17,953,884)		17,953,884		1.7

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes: 4.2%
1,825,000 (7)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020		$	1,825,528		0.1
1,900,000 (7)	Australia & New Zealand Banking Group Ltd., 1.940%, 05/20/2020			1,899,916		0.2
1,850,000 (7)	Bank of America Corp., 1.910%, 05/07/2020			1,850,000		0.2
1,750,000 (7)	Bedford Row Funding, 1.960%, 05/18/2020			1,750,295		0.2
625,000 (7)	BNP Paribas, 1.950%, 05/14/2020			625,047		0.0
1,100,000 (7)	Commonwealth Bank of Australia, 1.920%, 03/16/2020			1,100,015		0.1
1,700,000 (7)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020			1,700,475		0.2
800,000 (7)	Crédit Industriel et Commercial, 1.890%, 02/14/2020			800,095		0.1
1,750,000 (7)	Crédit Industriel et Commercial, 1.950%, 04/09/2020			1,750,293		0.1
1,775,000 (7)	Credit Suisse Group AG, 1.890%, 04/17/2020			1,775,795		0.2
2,050,000 (7)	DNB ASA, 1.930%, 02/14/2020			2,050,294		0.2
725,000 (7)	HSBC Bank PLC, 1.970%, 06/03/2020			724,998		0.1
425,000 (7)	Lloyds Bank PLC, 1.900%, 02/10/2020			425,073		0.0
600,000 (7)	Mitsubishi UFJ Financial Group, Inc., 1.930%, 01/16/2020			600,071		0.0
775,000 (7)	Mitsubishi UFJ Financial Group, Inc., 1.930%, 02/18/2020			775,149		0.1
1,625,000 (7)	Mitsubishi UFJ Financial Group, Inc., 1.970%, 03/18/2020			1,625,309		0.1
775,000 (7)	Mitsubishi UFJ Financial Group, Inc., 1.980%, 03/12/2020			775,197		0.1
1,000,000 (7)	Mizuho Financial Group Inc., 1.960%, 05/05/2020			1,000,042		0.1
775,000 (7)	Mizuho Financial Group Inc., 2.010%, 05/22/2020			775,036		0.1
700,000 (7)	Mizuho Financial Group Inc., 2.020%, 05/26/2020			700,060		0.0

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
1,925,000 (7)	National Bank Of Canada, 1.990%, 05/01/2020		$	1,925,248		0.2
650,000 (7)	Royal Bank Of Canada, 1.860%, 04/29/2020			650,040		0.1
1,925,000 (7)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020			1,925,062		0.2
1,025,000 (7)	Skandinaviska Enskilda Banken AB, 2.010%, 05/26/2020			1,025,123		0.1
700,000 (7)	Starbird Funding Corp., 2.070%, 04/24/2020			700,280		0.1
1,050,000 (7)	Sumitomo Mitsui Trust Holdings, Inc., 1.980%, 05/07/2020			1,049,987		0.1
1,850,000 (7)	Sumitomo Mitsui Trust Holdings, Inc., 2.040%, 04/24/2020			1,849,988		0.2
1,850,000 (7)	The Norinchukin Bank, 2.050%, 04/24/2020			1,850,665		0.2
275,000 (7)	The Sumitomo Mitsui Financial Group, 1.880%, 02/03/2020			275,010		0.0
1,275,000 (7)	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020			1,274,902		0.1
1,000,000 (7)	The Sumitomo Mitsui Financial Group, 1.970%, 05/12/2020			999,831		0.1
675,000 (7)	The Sumitomo Mitsui Financial Group, 1.990%, 01/31/2020			675,056		0.1
2,075,000 (7)	Toronto-Dominion Bank, 1.850%, 02/13/2020			2,075,059		0.2
1,200,000 (7)	Toronto-Dominion Bank, 2.000%, 04/30/2020			1,200,076		0.1
1,275,000 (7)	Westpac Banking Corp, 1.830%, 02/10/2020			1,275,101		0.1
625,000 (7)	Westpac Banking Corp, 1.970%, 06/03/2020			625,024		0.1
	Total Floating Rate Notes (Cost $43,905,140)			43,905,140		4.2

	Repurchase Agreements: 12.5%
51,822,602 (7)	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $51,827,060, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $52,863,665, due 09/01/24-11/01/49)			51,822,602		4.9

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
11,343,134 (7)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $11,344,128, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $11,571,026, due 01/15/20-11/15/48)		$	11,343,134		1.1
51,822,602 (7)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $51,827,060, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $52,859,057, due 06/30/21-12/01/49)			51,822,602		4.9
16,967,548 (7)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $16,969,175, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $17,307,365, due 04/15/21-02/15/47)			16,967,548		1.6
	Total Repurchase Agreements (Cost $131,955,886)			131,955,886		12.5

	Certificates of Deposit: 0.7%
625,000 (7)	Deutscher Sparkassen - und Giroverband, 1.860%, 02/20/2020			625,199		0.0
1,000,000 (7)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.830%, 02/13/2020			999,919		0.1
975,000 (7)	Landesbank Baden-Wurttemberg, 1.830%, 01/14/2020			975,039		0.1
1,900,000 (7)	Landesbank Baden-Wurttemberg, 1.830%, 01/16/2020			1,900,067		0.2

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Certificates of Deposit (continued)
1,900,000 (7)	The Norinchukin Bank, 1.900%, 03/05/2020		$	1,900,160		0.2
1,250,000 (7)	Toronto-Dominion Bank, 1.850%, 03/18/2020			1,250,189		0.1
	Total Certificates of Deposit (Cost $7,650,573)			7,650,573		0.7

Shares		Value		Percentage of Net Assets
	Mutual Funds(7): 3.6%
2,720,000 (7)	Fidelity Investments Money Market Government Portfolio - Institutional Class, 1.520%		2,720,000		0.3
22,922,000 (7)(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		22,922,000		2.2
7,860,000 (7)(8)	Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		7,860,000		0.7
4,772,000 (7)(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%		4,772,000		0.4
	Total Mutual Funds (Cost $38,274,000)		38,274,000		3.6
	Total Short-Term Investments (Cost $239,739,483)		239,739,483		22.7

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $985,216,796)		$	1,278,697,743		121.1
	Liabilities in Excess of Other Assets			(222,826,334)		(21.1)
	Net Assets		$	1,055,871,409		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

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

(4)

Non-income producing security.

(5)

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

(6)

Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2019, the Portfolio held restricted securities with a fair value of $47,213 or 0.0% of net assets. Please refer to the table below for additional details.

(7)

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

(8)

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	23,603,956		$	—		$	—		$	23,603,956
Consumer Discretionary			112,879,402			—			—			112,879,402
Consumer Staples			31,313,299			—			—			31,313,299
Energy			32,969,474			—			—			32,969,474
Financials			184,415,808			—			—			184,415,808

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2019 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Health Care			188,549,962			—			—			188,549,962
Industrials			164,587,391			—			—			164,587,391
Information Technology			141,105,365			—			—			141,105,365
Materials			40,530,021			—			—			40,530,021
Real Estate			80,520,423			—			—			80,520,423
Utilities			38,435,946			—			—			38,435,946
Total Common Stock			1,038,911,047			—			—			1,038,911,047
Rights			—			—			47,213			47,213
Short-Term Investments			38,274,000			201,465,483			—			239,739,483
Total Investments, at fair value		$	1,077,185,047		$	201,465,483		$	47,213		$	1,278,697,743
Other Financial Instruments+
Futures			260,643			—			—			260,643
Total Assets		$	1,077,445,690		$	201,465,483		$	47,213		$	1,278,958,386

At December 31, 2019, Voya Russell™ Small Cap Index Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
A Schulman, Inc. - CVR		8/22/2018		$	6,039		$	23,092
Alder Biopharmaceuticals, Inc. - CVR		12/19/2019			—			24,121
Ferroglobe PLC		6/26/2018			—			—
GTX, Inc. - CVR		6/10/2019			799			—
Media General, Inc. - CVR		1/18/2017			—			—
				$	6,838		$	47,213

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

At December 31, 2019, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		237		03/20/20		$	19,796,610		$	260,643
						$	19,796,610		$	260,643

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	260,643
Total Asset Derivatives			$	260,643

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

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 27.3%
	Basic Materials: 0.7%
500,000 (1)	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028		$	529,345		0.0
17,923,000 (2)	Other Securities			19,956,195		0.7
				20,485,540		0.7
	Communications: 2.6%
12,394,000 (3)	AT&T, Inc., 3.200%-6.000%, 03/01/2022-03/09/2048			13,985,881		0.5
8,559,000	Comcast Corp., 3.000%-6.500%, 02/01/2024-10/15/2048			9,851,480		0.3
1,000,000 (1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			1,015,306		0.0
9,871,000	Verizon Communications, Inc., 2.625%-4.862%, 08/15/2026-08/21/2046			11,490,195		0.4
5,000,000 (3)	Vodafone Group PLC, 2.950%-6.150%, 02/19/2023-02/27/2037			5,561,125		0.2
35,028,000 (2)	Other Securities			38,581,815		1.2
				80,485,802		2.6
	Consumer, Cyclical: 1.6%
1,000,000 (1)	Daimler Finance North America LLC, 2.300%, 02/12/2021			1,001,983		0.0
750,000	General Motors Co., 6.600%, 04/01/2036			884,834		0.0
4,250,000	General Motors Financial Co., Inc., 3.150%-5.250%, 06/30/2022-01/05/2028			4,451,386		0.2
5,000,000	Walmart, Inc., 1.900%-3.700%, 12/15/2020-06/26/2028			5,281,055		0.2
36,433,949 (2)	Other Securities			38,912,909		1.2
				50,532,167		1.6
	Consumer, Non-cyclical: 4.4%
1,000,000 (1)	AbbVie, Inc., 3.200%, 11/21/2029			1,017,934		0.0
1,000,000 (1)	AbbVie, Inc., 4.050%, 11/21/2039			1,060,396		0.1
1,000,000 (1)	AbbVie, Inc., 4.250%, 11/21/2049			1,056,939		0.0
6,500,000 (3)	AbbVie, Inc., 2.300%-4.700%, 05/14/2020-05/14/2046			6,887,109		0.2
3,500,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			4,145,639		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,000,000	Anheuser-Busch InBev Worldwide, Inc., 3.750%-8.200%, 01/15/2039-07/15/2042		$	1,438,406		0.1
250,000 (1)	Bristol-Myers Squibb Co., 3.625%, 05/15/2024			264,163		0.0
500,000 (1)	Bristol-Myers Squibb Co., 3.875%, 08/15/2025			540,902		0.0
1,000,000 (1)	Bristol-Myers Squibb Co., 3.900%, 02/20/2028			1,102,078		0.1
1,000,000 (1)	Bristol-Myers Squibb Co., 4.000%, 08/15/2023			1,065,390		0.0
500,000 (1)	Bristol-Myers Squibb Co., 4.625%, 05/15/2044			605,844		0.0
500,000 (1)	Bristol-Myers Squibb Co., 5.000%, 08/15/2045			641,051		0.0
750,000 (1)	Cigna Corp., 3.250%, 04/15/2025			778,010		0.1
500,000 (1)	Cigna Corp., 3.400%, 03/01/2027			519,882		0.0
250,000 (1)	Cigna Corp., 3.500%, 06/15/2024			261,172		0.0
500,000 (1)	Cigna Corp., 4.800%, 07/15/2046			580,956		0.0
8,393,000 (3)	CVS Health Corp., 2.750%-5.300%, 07/20/2020-03/25/2048			9,319,340		0.3
500,000 (1)	ERAC USA Finance LLC, 3.850%, 11/15/2024			529,255		0.0
6,250,000 (3)	Pfizer, Inc., 3.400%-4.300%, 05/15/2024-12/15/2046			7,012,066		0.2
6,800,000	UnitedHealth Group, Inc., 2.375%-4.750%, 12/15/2021-04/15/2047			7,302,692		0.2
84,696,000 (2)	Other Securities			91,803,418		3.0
				137,932,642		4.4
	Energy: 2.8%
4,250,000	BP Capital Markets America, Inc., 2.112%-3.937%, 09/16/2021-09/21/2028			4,436,718		0.1
1,750,000	BP Capital Markets PLC, 2.315%-3.814%, 02/13/2020-11/04/2024			1,812,617		0.1
4,750,000	Enterprise Products Operating LLC, 2.850%-4.900%, 04/15/2021-05/15/2046			5,341,938		0.2

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
3,292,000	Kinder Morgan Energy Partners L.P., 3.500%-6.950%, 03/01/2021-09/01/2044		$	3,844,250		0.1
1,500,000	Kinder Morgan, Inc./DE, 4.300%-5.550%, 06/01/2025-02/15/2046			1,703,751		0.1
5,625,000 (3)	Petroleos Mexicanos, 4.250%-6.625%, 01/18/2024-06/27/2044			5,602,426		0.2
1,000,000	Phillips 66, 2.517%, (US0003M + 0.600%), 02/26/2021			1,000,067		0.0
5,290,000	Shell International Finance BV, 1.750%-4.375%, 11/10/2020-09/12/2046			5,739,196		0.2
52,432,000 (2)	Other Securities			58,071,616		1.8
				87,552,579		2.8
	Financial: 9.4%
16,934,000 (4)	Bank of America Corp., 2.738%-4.450%, 01/23/2022-12/20/2028			17,922,713		0.6
3,500,000 (3)(4)	Bank of New York Mellon Corp./The, 2.600%-3.442%, 02/07/2022-02/07/2028			3,614,727		0.1
1,700,000	Bank of New York Mellon Corp., 2.200%-3.000%, 04/15/2021-10/30/2028			1,725,955		0.1
1,000,000	Berkshire Hathaway Finance Corp., 4.200%, 08/15/2048			1,181,786		0.0
2,000,000 (3)	Berkshire Hathaway, Inc., 2.750%-3.125%, 03/15/2023-03/15/2026			2,079,192		0.1
1,000,000 (1)(3)	BNP Paribas SA, 3.500%, 11/16/2027			1,044,954		0.0
1,000,000 (1)(3)	BPCE SA, 3.250%, 01/11/2028			1,038,338		0.0
500,000	Citibank NA, 2.100%, 06/12/2020			500,278		0.0
14,108,000 (4)	Citigroup, Inc., 2.700%-8.125%, 07/30/2022-05/06/2044			15,617,718		0.5
10,000,000 (1)	CPPIB Capital, Inc., 3.125%, 09/25/2023			10,462,790		0.3
750,000 (1)	Credit Suisse Group AG, 3.574%, 01/09/2023			770,531		0.0
750,000 (1)	Credit Suisse Group AG, 4.282%, 01/09/2028			815,814		0.1
800,000 (1)	Dexia Credit Local SA, 2.500%, 01/25/2021			805,431		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
5,801,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		$	6,187,077		0.2
4,580,000 (4)	Goldman Sachs Group, Inc./The, 2.875%-3.850%, 02/25/2021-04/23/2029			4,744,760		0.1
6,250,000	Goldman Sachs Group, Inc., 3.750%-6.750%, 01/24/2022-10/01/2037			7,944,650		0.3
250,000	HSBC USA, Inc., 3.500%, 06/23/2024			263,952		0.0
8,350,000 (4)	HSBC Holdings PLC, 2.633%-6.500%, 03/08/2021-12/31/2199			9,912,828		0.3
1,000,000 (4)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021			1,000,532		0.1
14,875,000 (4)	JPMorgan Chase & Co., 2.950%-5.500%, 01/24/2022-02/22/2048			16,622,921		0.5
16,000,000	Kreditanstalt fuer Wiederaufbau, 1.625%-2.625%, 11/30/2020-03/07/2022			16,226,054		0.5
500,000 (1)	Metropolitan Life Global Funding I, 1.950%, 09/15/2021			500,463		0.0
750,000 (1)	Metropolitan Life Global Funding I, 3.450%, 12/18/2026			804,861		0.0
13,300,000 (4)	Morgan Stanley, 2.500%-5.000%, 04/21/2021-01/24/2029			14,114,574		0.5
2,000,000 (1)	Ontario Teachers’ Finance Trust, 1.625%, 09/12/2024			1,970,967		0.1
750,000 (1)	Toronto-Dominion Bank/The, 2.500%, 01/18/2023			759,557		0.0
500,000 (1)	UBS Group AG, 2.950%, 09/24/2020			503,549		0.0
500,000 (1)	UBS Group AG, 3.000%, 04/15/2021			506,687		0.0
10,983,000 (4)	Wells Fargo & Co., 2.879%-5.606%, 04/01/2021-11/17/2045			11,819,062		0.4
1,750,000	Wells Fargo Bank NA, 2.600%-6.600%, 01/15/2021-01/15/2038			2,094,536		0.1
133,499,000 (2)	Other Securities			140,176,394		4.5
				293,733,651		9.4
	Industrial: 2.0%
800,000 (1)	L3Harris Technologies, Inc., 4.950%, 02/15/2021			819,730		0.0

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
57,700,000 (2)	Other Securities		$	62,677,976		2.0
				63,497,706		2.0
	Technology: 1.8%
10,900,000	Apple, Inc., 2.150%-4.450%, 02/23/2021-05/13/2045			11,535,914		0.4
400,000 (1)	Dell International LLC / EMC Corp., 4.420%, 06/15/2021			411,651		0.0
400,000 (1)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			433,866		0.0
400,000 (1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			460,387		0.0
400,000 (1)	Dell International LLC / EMC Corp., 8.350%, 07/15/2046			550,596		0.1
11,250,000	Microsoft Corp., 1.550%-4.875%, 08/08/2021-08/08/2056			12,403,531		0.4
9,080,000 (3)	Oracle Corp., 1.900%-5.375%, 07/08/2021-05/15/2045			9,959,218		0.3
18,153,000 (2)	Other Securities			19,131,060		0.6
				54,886,223		1.8
	Utilities: 2.0%
1,668,000	Berkshire Hathaway Energy Co., 6.125%, 04/01/2036			2,298,551		0.1
1,000,000 (1)	Israel Electric Corp. Ltd., 4.250%, 08/14/2028			1,091,575		0.0
250,000 (1)	Monongahela Power Co., 5.400%, 12/15/2043			322,965		0.0
54,525,234 (2)	Other Securities			60,277,612		1.9
				63,990,703		2.0
	Total Corporate Bonds/Notes (Cost $791,788,824)			853,097,013		27.3
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%
1,379,013	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			1,412,965		0.1
1,112,641	Fannie Mae REMIC Trust 2006-78 BZ, 6.500%, 08/25/2036			1,253,659		0.0
	Total Collateralized Mortgage Obligations (Cost $2,619,150)			2,666,624		0.1
MUNICIPAL BONDS: 1.0%
	California: 0.2%
4,335,000	State of California, 7.550%, 04/01/2039			6,961,836		0.2

	Connecticut: 0.1%
3,735,000	Other Securities			4,813,780		0.1

Principal Amount†		Value			Percentage of Net Assets
MUNICIPAL BONDS: (continued)
	New Jersey: 0.3%
3,425,000	New Jersey Turnpike Authority, 7.102%, 01/01/2041		$	5,229,530		0.2
2,335,000	Other Securities			3,030,106		0.1
				8,259,636		0.3
	New York: 0.2%
3,495,000	Other Securities			4,968,737		0.2

	Washington: 0.2%
3,900,000	Other Securities			4,984,746		0.2
	Total Municipal Bonds (Cost $22,857,911)			29,988,735		1.0
U.S. TREASURY OBLIGATIONS: 38.0%
	U.S. Treasury Bonds: 6.5%
10,659,000	2.250%,08/15/2046			10,349,688		0.3
84,724,000 (3)	2.250%,08/15/2049			82,117,602		2.6
10,042,000	3.000%,11/15/2045			11,224,410		0.4
13,888,000	3.625%,08/15/2043			17,016,846		0.5
14,092,000	3.625%,02/15/2044			17,303,623		0.6
13,251,000	3.750%,11/15/2043			16,556,997		0.5
43,870,600	2.500%-6.000%, 02/15/2026-02/15/2049			49,136,961		1.6
				203,706,127		6.5
	U.S. Treasury Notes: 31.5%
13,040,000	1.250%,10/31/2021			12,960,710		0.4
37,540,000	1.375%,04/30/2021			37,424,924		1.2
24,847,000	1.625%,02/15/2026			24,607,079		0.8
18,000,000	1.750%,09/30/2022			18,067,009		0.6
12,097,000	2.000%,02/28/2021			12,146,591		0.4
17,133,000	2.000%,11/15/2026			17,314,468		0.6
10,105,000	2.125%,06/30/2022			10,236,175		0.3
20,000,000	2.125%,05/15/2025			20,397,140		0.7
26,457,000	2.250%,11/15/2024			27,131,904		0.9
19,590,000	2.375%,12/31/2020			19,728,703		0.6
9,874,000	2.500%,05/15/2024			10,210,560		0.3
11,396,000	2.750%,09/15/2021			11,614,401		0.4
36,569,500	2.750%,11/15/2023			38,042,433		1.2
37,052,000	2.750%,02/15/2024			38,625,530		1.2
16,545,000	2.875%,10/31/2020			16,710,346		0.5
156,465,000	1.125%-3.500%, 01/31/2020-05/15/2029			156,694,319		5.0
456,000 (3)	1.500%,10/31/2024			451,836		0.0
140,440,000 (3)	1.625%,12/31/2021			140,581,708		4.5
86,939,000	1.625%,12/15/2022			86,980,284		2.8
90,454,000	1.750%,12/31/2024			90,659,200		2.9
92,431,000	1.750%,12/31/2026			91,896,485		2.9
83,733,000 (3)	1.750%,11/15/2029			82,414,842		2.6
20,498,000	2.125%,01/31/2021			20,605,378		0.7
				985,502,025		31.5

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	Total U.S. Treasury Obligations (Cost $1,169,654,753)		$	1,189,208,152		38.0
U.S. GOVERNMENT AGENCY OBLIGATIONS: 27.8%
	Federal Home Loan Mortgage Corporation: 6.5%(5)
24,934,727	3.000%,05/01/2045			25,544,508		0.8
22,960,712	3.500%,04/01/2043			24,150,273		0.8
24,209,304	3.500%,02/01/2044			25,459,765		0.8
25,519,294	3.500%,03/01/2048			26,944,402		0.9
814,070	5.008%, (US0012M + 1.900)%,02/01/2042			850,391		0.0
95,824,505	3.000%-6.500%, 04/01/2023-07/01/2048			101,810,674		3.2
				204,760,013		6.5
	Federal National Mortgage Association: 1.2%(5)
19,804,852	3.500%,11/01/2051			20,780,017		0.7
13,113,969	1.500%-7.125%, 06/22/2020-09/01/2046			15,129,716		0.5
				35,909,733		1.2
	Government National Mortgage Association: 8.5%
11,396,853	3.000%,04/15/2045			11,733,032		0.4
17,410,877	3.000%,07/20/2046			17,966,721		0.6
24,178,560	3.000%,04/20/2048			24,862,893		0.8
22,817,663	3.500%,03/20/2047			23,846,396		0.7
12,466,143	3.500%,09/20/2047			12,985,429		0.4
23,053,412	3.500%,02/20/2048			24,094,085		0.8
23,321,905	3.500%,03/20/2048			24,501,128		0.8
55,500,000 (6)	4.000%,01/20/2050			57,445,575		1.8
63,021,792	3.000%-6.000%, 10/15/2036-06/20/2048			66,813,164		2.2
				264,248,423		8.5
	Other U.S. Agency Obligations: 0.8%
12,500,000	2.390%,11/01/2034			12,307,867		0.4
11,510,000	1.875%-7.125%, 08/15/2022-01/15/2038			13,859,973		0.4
				26,167,840		0.8
	Uniform Mortgage-Backed Securities: 10.8%
17,728,452	2.500%,04/01/2037			17,922,472		0.6
45,689,381	3.000%,12/01/2034			46,926,635		1.5
18,458,617	3.000%,12/01/2042			19,041,777		0.6
10,244,227	3.000%,07/01/2043			10,545,798		0.3
21,154,538	3.000%,12/01/2046			21,652,954		0.7
13,694,158	3.500%,11/01/2042			14,432,002		0.5
14,790,980	4.000%,11/01/2040			15,866,542		0.5
181,101,714	2.500%-6.500%, 04/01/2021-03/01/2048			191,773,264		6.1
				338,161,444		10.8

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Total U.S. Government Agency Obligations (Cost $846,475,124)		$	869,247,453		27.8
SOVEREIGN BONDS: 2.4%
4,950,000	Colombia Government International Bond, 4.000%-7.375%, 02/26/2024-09/18/2037			5,939,768		0.2
6,000,000	Japan Bank for International Cooperation, 1.750%-2.125%, 05/28/2020-11/16/2020			6,012,677		0.2
3,000,000 (1)	Kommunalbanken AS, 2.250%, 01/25/2022			3,029,808		0.1
1,800,000 (1)	Kommunalbanken AS, 2.500%, 01/11/2023			1,841,654		0.0
5,000,000	Mexico Government International Bond, 4.750%, 03/08/2044			5,542,175		0.2
4,000,000 (3)	Peruvian Government International Bond, 6.550%, 03/14/2037			5,863,740		0.2
4,000,000	Philippine Government International Bond, 6.375%, 01/15/2032			5,456,552		0.2
1,000,000	Province of Ontario Canada, 1.875%, 05/21/2020			1,000,095		0.1
13,308,000	Province of Ontario Canada, 4.400%, 04/14/2020			13,405,125		0.4
24,525,000 (2)	Other Securities			26,043,792		0.8
	Total Sovereign Bonds (Cost $70,616,326)			74,135,386		2.4
COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.1%
2,000,000 (1)	BAMLL Commercial Mortgage Securities Trust 2015-200P A, 3.218%, 04/14/2033			2,075,566		0.1
3,000,000	Citigroup Commercial Mortgage Trust 2014-GC19 A4, 4.023%, 03/10/2047			3,190,329		0.1
1,000,000 (1)(4)	COMM 2013-CR10 AM, 4.517%, 08/10/2046			1,066,528		0.1
650,000	COMM 2015-CR23 A3, 3.230%, 05/10/2048			676,273		0.0
315,000 (4)	COMM 2015-PC1 B, 4.436%, 07/10/2050			334,772		0.0
1,000,000	COMM 2016-COR1 A4, 3.091%, 10/10/2049			1,032,760		0.0
1,000,000	COMM 2016-COR1 AM, 3.494%, 10/10/2049			1,036,393		0.0
1,000,000	COMM 2016-CR28 A4, 3.762%, 02/10/2049			1,068,300		0.1

See Accompanying Notes to Financial Statements

138

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,000,000 (4)	Ginnie Mae 2011-127 C, 3.500%, 03/16/2047		$	2,008,536		0.1
6,000,000 (4)	Ginnie Mae 2011-142 B, 3.485%, 02/16/2044			6,099,985		0.2
2,000,000 (4)	Ginnie Mae 2011-20 C, 3.562%, 04/16/2041			2,039,563		0.1
5,000,000 (4)	Ginnie Mae 2011-38 D, 3.618%, 01/16/2051			5,128,195		0.2
90,261 (4)	Ginnie Mae 2011-53 B, 3.934%, 05/16/2051			92,013		0.0
5,000,000	Ginnie Mae 2014-150 C, 3.400%, 12/16/2049			5,107,889		0.1
3,000,000	Ginnie Mae 2014-50 C, 3.400%, 02/16/2047			3,081,545		0.1
6,379,463	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16, 4.166%, 12/15/2046			6,813,975		0.2
3,000,000	JPMDB Commercial Mortgage Securities Trust 2016-C2 A3A, 2.881%, 06/15/2049			3,070,367		0.1
2,065,000 (1)	Ladder Capital Commercial Mortgage 2013-GCP A2 Mortgage Trust, 3.985%, 02/15/2036			2,241,960		0.1
3,200,000	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 A4 A4, 3.134%, 12/15/2048			3,277,356		0.1
2,000,000	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 A4, 3.526%, 12/15/2047			2,101,397		0.1
1,250,000 (4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 B, 4.565%, 04/15/2047			1,327,486		0.0
220,000 (4)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 C, 4.153%, 03/15/2048			226,211		0.0
100,000 (1)(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047			102,503		0.0
100,000 (1)(4)	Morgan Stanley Capital I Trust 2011-C1 E, 5.375%, 09/15/2047			102,541		0.0
1,000,000 (1)(4)	MSCG Trust 2015-ALDR A2, 3.462%, 06/07/2035			1,022,665		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,350,000	Wells Fargo Commercial Mortgage Trust 2015-P2 A3, 3.541%, 12/15/2048		$	2,489,337		0.1
2,000,000	Wells Fargo Commercial Mortgage Trust 2016-NXS5 A4, 3.370%, 01/15/2059			2,100,039		0.0
7,000,000	Other Securities			7,648,970		0.2
	Total Commercial Mortgage-Backed Securities (Cost $66,037,228)			66,563,454		2.1
SUPRANATIONAL BONDS: 0.9%
6,506,000	Asian Development Bank, 1.625%-2.125%, 03/16/2021-03/19/2025			6,520,668		0.2
13,771,000 (3)	European Investment Bank, 1.625%-4.000%, 05/15/2020-03/15/2022			13,854,985		0.4
8,964,000	Other Securities			9,237,810		0.3
	Total Supranational Bonds (Cost $29,152,529)			29,613,463		0.9
ASSET-BACKED SECURITIES: 0.6%
	Automobile Asset-Backed Securities: 0.4%
1,000,000	GM Financial Automobile Leasing Trust 2018-1 B, 2.870%, 12/20/2021			1,003,178		0.0
350,000	GM Financial Consumer Automobile Receivables Trust 2019-3 A3, 2.180%, 04/16/2024			351,656		0.0
1,000,000 (1)	Hyundai Auto Lease Securitization Trust 2019-A A4, 3.050%, 12/15/2022			1,016,237		0.0
592,000 (1)	Santander Retail Auto Lease Trust 2019-A A2, 2.720%, 01/20/2022			595,938		0.0
350,000 (1)	Santander Retail Auto Lease Trust 2019-B A3, 2.300%, 01/20/2023			351,251		0.0
350,000 (1)	Santander Retail Auto Lease Trust 2019-B A4, 2.380%, 08/21/2023			351,555		0.0
600,000 (1)	Santander Retail Auto Lease Trust 2019-C A4, 1.930%, 11/20/2023			596,294		0.1
9,337,209	Other Securities			9,437,596		0.3
				13,703,705		0.4
	Credit Card Asset-Backed Securities: 0.1%
4,600,000	Other Securities			4,639,419		0.1

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: 0.1%
1,650,000 (1)	Volvo Financial Equipment LLC Series 2017-1A A4, 2.210%, 11/15/2021		$	1,651,971		0.1
79,668	Other Securities			79,615		0.0
				1,731,586		0.1
	Total Asset-Backed Securities (Cost $19,905,514)			20,074,710		0.6
CONVERTIBLE BONDS/NOTES: 0.0%
	Financial: 0.0%
500,000	Other Securities			510,530		0.0
	Total Convertible Bonds/Notes (Cost $500,750)			510,530		0.0
	Total Long-Term Investments (Cost $3,019,608,109)			3,135,105,520		100.2
SHORT-TERM INVESTMENTS: 8.6%
	Commercial Paper: 1.4%
1,805,000	Consolidated Edison Inc., 1.950%, 01/24/2020			1,802,692		0.1
17,000,000	Crown Point, 1.830%, 01/03/2020			16,997,450		0.5
2,860,000 (7)	DBS Bank Ltd., 1.710%, 01/07/2020			2,859,099		0.1
3,250,000 (7)	DBS Bank Ltd., 1.820%, 02/18/2020			3,242,089		0.1
8,000,000	Exelon Corp., 1.800%, 01/02/2020			7,999,209		0.3
1,325,000 (7)	Flex Co. LLC, 1.910%, 01/31/2020			1,322,946		0.0
2,735,000 (7)	LMA Americas LLC, 1.800%, 01/27/2020			2,730,988		0.1
2,250,000 (7)	Matchpoint Finance PLC, 1.850%, 02/03/2020			2,246,186		0.1
3,000,000 (7)	Sheffield Receivables Company LLC, 2.000%, 03/16/2020			2,988,252		0.1
700,000 (7)	Starbird Funding Corp., 1.910%, 02/20/2020			698,165		0.0
1,475,000 (7)	United Overseas Bnk Group, 1.900%, 01/24/2020			1,473,411		0.0
	Total Commercial Paper (Cost $44,361,729)			44,360,487		1.4

	Floating Rate Notes: 2.3%
1,525,000 (7)	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020			1,525,442		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
3,250,000 (7)	Australia & New Zealand Banking Group Ltd., 1.940%, 05/20/2020		$	3,249,856		0.1
1,450,000 (7)	Bank of Montreal, 1.920%, 01/21/2020			1,450,121		0.0
3,000,000 (7)	Bank of Nova Scotia, 1.940%, 05/08/2020			2,999,776		0.1
2,975,000 (7)	Bedford Row Funding, 1.920%, 03/13/2020			2,975,260		0.1
2,995,000 (7)	BNP Paribas, 1.880%, 03/04/2020			2,995,702		0.1
3,275,000 (7)	Citibank N.A., 1.960%, 05/01/2020			3,277,155		0.1
3,050,000 (7)	Commonwealth Bank of Australia, 1.940%, 06/10/2020			3,049,993		0.1
1,100,000 (7)	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020			1,100,308		0.0
1,950,000 (7)	Crédit Industriel et Commercial, 1.990%, 04/24/2020			1,950,149		0.1
1,575,000 (7)	DNB ASA, 1.880%, 03/04/2020			1,575,307		0.1
1,125,000 (7)	DNB ASA, 1.930%, 02/14/2020			1,125,161		0.0
2,675,000 (7)	Mitsubishi UFJ Financial Group, Inc., 1.970%, 03/18/2020			2,675,509		0.1
1,350,000 (7)	Mitsubishi UFJ Financial Group, Inc., 1.980%, 05/26/2020			1,350,103		0.0
250,000 (7)	Mitsubishi UFJ Financial Group, Inc., 2.050%, 02/25/2020			250,086		0.0
2,325,000 (7)	Mitsubishi UFJ Financial Group, Inc., 2.000%, 02/28/2020			2,325,659		0.1
3,300,000 (7)	Mizuho Financial Group Inc., 2.010%, 05/22/2020			3,300,155		0.1
3,100,000 (7)	Mizuho Financial Group Inc., 2.020%, 05/26/2020			3,100,266		0.1
1,000,000 (7)	National Australia Bank Ltd., 1.890%, 02/10/2020			1,000,021		0.0
600,000 (7)	National Bank Of Canada, 1.950%, 02/27/2020			600,123		0.0
3,375,000 (7)	National Bank Of Canada, 1.990%, 05/01/2020			3,375,434		0.1
2,725,000 (7)	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020			2,725,088		0.1

See Accompanying Notes to Financial Statements

140

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
3,050,000 (7)	Skandinaviska Enskilda Banken AB, 2.010%, 05/26/2020		$	3,050,367		0.1
1,300,000 (7)	Sumitomo Mitsui Trust Holdings, Inc., 1.980%, 05/07/2020			1,299,984		0.1
1,050,000 (7)	Sumitomo Mitsui Trust Holdings, Inc., 2.040%, 04/24/2020			1,049,993		0.0
3,200,000 (7)	Svenska Handelsbanken AB, 1.970%, 05/20/2020			3,200,108		0.1
2,600,000 (7)	The Sumitomo Mitsui Financial Group, 1.930%, 06/05/2020			2,599,430		0.1
1,200,000 (7)	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020			1,199,907		0.0
2,025,000 (7)	The Sumitomo Mitsui Financial Group, 1.990%, 01/31/2020			2,025,168		0.1
2,375,000 (7)	Toronto-Dominion Bank, 1.850%, 02/13/2020			2,375,068		0.1
600,000 (7)	Toronto-Dominion Bank, 1.850%, 02/27/2020			600,033		0.0
2,200,000 (7)	Toronto-Dominion Bank, 2.000%, 04/30/2020			2,200,139		0.1
3,050,000 (7)	Toyota Motor Corp., 1.900%, 03/02/2020			3,050,771		0.1
791,000 (7)	Wells Fargo & Co., 1.860%, 02/14/2020			791,094		0.0
724,000 (7)	Wells Fargo Bank N.A., 1.830%, 03/06/2020			724,135		0.0
	Total Floating Rate Notes (Cost $72,142,871)			72,142,871		2.3

	Repurchase Agreements: 3.8%
49,524,047 (7)	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $49,528,389, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $50,519,020, due 01/15/20-11/15/48)			49,524,047		1.6

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
52,881,398 (7)	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $52,885,947, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $53,939,026, due 02/13/20-09/20/69)		$	52,881,398		1.7
15,032,446 (7)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $15,033,887, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $15,333,508, due 04/15/21-02/15/47)			15,032,446		0.5
	Total Repurchase Agreements (Cost $117,437,891)			117,437,891		3.8

	Certificates of Deposit: 0.4%
2,750,000 (7)	Deutscher Sparkassen- und Giroverband, 1.860%, 02/20/2020			2,750,877		0.1
2,700,000 (7)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.850%, 02/27/2020			2,699,622		0.1
1,850,000 (7)	Dz Bank Ag Deutsche Zentral- Genossenschaftsbank, 1.870%, 03/12/2020			1,849,839		0.1
2,325,000 (7)	The Norinchukin Bank, 1.870%, 03/05/2020			2,325,081		0.1
1,650,000 (7)	The Norinchukin Bank, 1.900%, 03/05/2020			1,650,139		0.0
	Total Certificates of Deposit (Cost $11,275,558)			11,275,558		0.4

See Accompanying Notes to Financial Statements

141

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.7%
14,390,000(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		$	14,390,000		0.4
8,442,000 (7)(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.510%			8,442,000		0.3
	Total Mutual Funds (Cost $22,832,000)			22,832,000		0.7
	Total Short-Term Investments (Cost $268,050,049)			268,048,807		8.6
	Total Investments in Securities (Cost $3,287,658,158)		$	3,403,154,327		108.8
	Liabilities in Excess of Other Assets			(276,224,741)		(8.8)
	Net Assets		$	3,126,929,586		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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)

The grouping contains securities on loan.

(3)

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

(4)

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

(5)

(6)

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

(7)

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

(8)

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

Reference Rate Abbreviations:
US0003M 3-month LIBOR
US0012M 12-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2019
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	853,097,013		$	—		$	853,097,013
Collateralized Mortgage Obligations			—			2,666,624			—			2,666,624
Municipal Bonds			—			29,988,735			—			29,988,735
Asset-Backed Securities			—			20,074,710			—			20,074,710
Sovereign Bonds			—			74,135,386			—			74,135,386
Supranational Bonds			—			29,613,463			—			29,613,463
Commercial Mortgage-Backed Securities			—			66,563,454			—			66,563,454
U.S. Government Agency Obligations			—			869,247,453			—			869,247,453
Convertible Bonds/Notes			—			510,530			—			510,530
U.S. Treasury Obligations			—			1,189,208,152			—			1,189,208,152
Short-Term Investments			22,832,000			245,216,807			—			268,048,807
Total Investments, at fair value		$	22,832,000		$	3,380,322,327		$	—		$	3,403,154,327
Other Financial Instruments+
Futures			305			—			—			305
Total Assets		$	22,832,305		$	3,380,322,327		$	—		$	3,403,154,632
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(152,800)		$	—		$	(152,800)
Futures			(8,293)			—			—			(8,293)
Total Liabilities		$	(8,293)		$	(152,800)		$	—		$	(161,093)

See Accompanying Notes to Financial Statements

142

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2019 (continued)

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

At December 31, 2019, the following futures contracts were outstanding for Voya U.S. Bond Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 5-Year Note		22		03/31/20		$	2,609,406		$	(8,293)
						$	2,609,406		$	(8,293)
Short Contracts:
U.S. Treasury 2-Year Note		(4)		03/31/20			(862,000)			305
						$	(862,000)		$	305

At December 31, 2019, the following centrally cleared credit default swaps were outstanding for Voya U.S. Bond Index Portfolio:

Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection(1)
Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American Investment Grade Index, Series 33, Version 1		Buy		(1.000)		12/20/24		USD25,000,000		$	(648,150)		$	(152,800)
										$	(648,150)		$	(152,800)

(1)

(2)

Payments made quarterly.

(3)

(4)

Currency Abbreviations
USD — United States Dollar

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

The fair value of derivative instruments as of December 31, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Net Assets — Unrealized appreciation*		$	305
Total Asset Derivatives			$	305
Liability Derivatives
Interest rate contracts	Net Assets — Unrealized depreciation*		$	8,293
Credit contracts	Net Assets — Unrealized depreciation**			152,800
Total Liability Derivatives			$	161,093

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

See Accompanying Notes to Financial Statements

143

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TAX INFORMATION (Unaudited)

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

Portfolio Name	Type	Per Share Amount
Voya Emerging Markets Index Portfolio
Class I	NII		$	0.2781
Class P2	NII		$	0.2781
Class S	NII		$	0.2481
Voya Euro STOXX 50® Index Portfolio
Class ADV	NII		$	1.1079
Class I	NII		$	1.2138
All Classes	LTCG		$	0.0214
Voya FTSE 100 Index® Portfolio
Class ADV	NII		$	1.3686
All Classes	LTCG		$	0.2798
Voya Hang Seng Index Portfolio
Class ADV	NII		$	0.8041
Class S	NII		$	0.8686
All Classes	LTCG		$	3.2917
Voya International Index Portfolio
Class ADV	NII		$	0.2526
Class I	NII		$	0.3073
Class P2	NII		$	0.3074
Class S	NII		$	0.2820
Class S2	NII		$	0.2697
Voya Japan TOPIX Index® Portfolio
Class ADV	NII		$	0.6371
All Classes	STCG		$	0.0016
All Classes	LTCG		$	1.9500
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV	NII		$	0.2033
Class I	NII		$	0.3765
Class S	NII		$	0.2838
All Classes	STCG		$	0.0490
All Classes	LTCG		$	1.7006
Voya Russell™ Large Cap Index Portfolio
Class ADV	NII		$	0.2950
Class I	NII		$	0.3822
Class S	NII		$	0.3248
Class S2	NII		$	0.2813
All Classes	LTCG		$	0.7026

Portfolio Name	Type	Per Share Amount
Voya Russell™ Large Cap Value Index Portfolio
Class ADV	NII		$	0.4462
Class I	NII		$	0.5692
Class S	NII		$	0.5095
All Classes	STCG		$	0.0291
All Classes	LTCG		$	0.8364
Voya Russell™ Mid Cap Growth Index Portfolio
Class I	NII		$	0.2898
Class S	NII		$	0.1945
Class S2	NII		$	0.1511
All Classes	STCG		$	0.4488
All Classes	LTCG		$	2.8674
Voya Russell™ Mid Cap Index Portfolio
Class ADV	NII		$	0.1579
Class I	NII		$	0.2326
Class P2	NII		$	0.2326
Class S	NII		$	0.1918
Class S2	NII		$	0.1691
All Classes	STCG		$	0.0808
All Classes	LTCG		$	2.5245
Voya Russell™ Small Cap Index Portfolio
Class ADV	NII		$	0.0927
Class I	NII		$	0.1671
Class P2	NII		$	0.1671
Class S	NII		$	0.1239
Class S2	NII		$	0.1079
All Classes	STCG		$	0.1587
All Classes	LTCG		$	1.4369
Voya U.S. Bond Index Portfolio
Class ADV	NII		$	0.2052
Class I	NII		$	0.2594
Class P2	NII		$	0.2864
Class S	NII		$	0.2319
Class S2	NII		$	0.2162

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

145

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TAX INFORMATION (Unaudited) (continued)

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

	Voya Russell™ Large Cap Growth Index Portfolio					100.00%
	Voya Russell™ Large Cap Index Portfolio					100.00%
	Voya Russell™ Large Cap Value Index Portfolio					100.00%
	Voya Russell™ Mid Cap Growth Index Portfolio					56.83%
	Voya Russell™ Mid Cap Index Portfolio					74.97%
	Voya Russell™ Small Cap Index Portfolio					39.09%

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

Voya Euro STOXX 50® Index Portfolio	$	755,642
Voya FTSE 100 Index® Portfolio	$	7,048,948
Voya Hang Seng Index Portfolio	$	10,009,667
Voya Japan TOPIX Index® Portfolio	$	26,362,280
Voya Russell™ Large Cap Growth Index Portfolio	$	32,560,097
Voya Russell™ Large Cap Index Portfolio	$	29,343,919
Voya Russell™ Large Cap Value Index Portfolio	$	13,839,150
Voya Russell™ Mid Cap Growth Index Portfolio	$	23,724,609
Voya Russell™ Mid Cap Index Portfolio	$	239,114,108
Voya Russell™ Small Cap Index Portfolio	$	78,790,199

The Portfolios also designate as long-term capital gain distributions the following amounts of equalization:

Voya Euro STOXX 50® Index Portfolio	$	19,637,837
Voya Hang Seng Index Portfolio	$	2,347,495
Voya Japan TOPIX Index® Portfolio	$	35,624,353

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

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Emerging Markets Index Portfolio		$	1,640,708		$	0.0323		96.20%
Voya Euro STOXX 50® Index Portfolio		$	181,708		$	0.1075		80.30%
Voya Hang Seng Index Portfolio		$	52,386		$	0.0260		95.73%
Voya International Index Portfolio		$	1,767,288		$	0.0080		81.43%
Voya Japan TOPIX Index® Portfolio		$	270,208		$	0.3253		59.45%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

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

146

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

Independent Directors*:

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

Director

Chairperson

May 2013 – Present

January 2020 – Present

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

146

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

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

Director

May 2013 – Present

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

146

None.

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

Director

May 2013 – Present

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

146

Wisconsin Energy Corporation (June 2006 – Present); The Royce Fund (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 69

Director

August 2015 – Present

Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006 – November 2015).

146

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

January 2003 – Present

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

146

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Director

May 2013 – Present

Consultant (May 2001 – Present).

146

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66

Director

October 2015 – Present

Retired.

146

None.

147

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

Director who is an “interested person”:

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 46

Director

July 2018 – Present

146

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 – Present).

(1)

(2)

Effective December 31, 2019, Russell H. Jones and Roger B. Vincent each retired as a Director of the Board.

148

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 46	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 69	Executive Vice President Chief Investment Risk Officer	March 2002 – Present May 2013 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 61	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:52	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President	December 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49	Senior Vice President	June 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Vice President	September 2004 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).

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Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	March 2002 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Secretary	January 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68	Assistant Secretary	August 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38	Assistant Secretary	January 2020 – Present	Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – Present).

(1)

The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND
SUB-ADVISORY CONTRACTS

At a meeting held on November 21, 2019, the Board of Directors (“Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of the Independent Directors, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index® Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio, each a series of the Company (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

The Board follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and Investment Review Committees (the “IRCs”), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and sub-advisory contract renewal process. The Methodology Guide sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Directors periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

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Nature, Extent and Quality of Services

Portfolio Performance

In assessing the investment management and sub-advisory relationships, with respect to each Portfolio that seeks investment results corresponding to the performance of an index (commonly referred to an as an “index fund”), the Board focused on the reasonableness of the differences between the Portfolio’s net performance and the total return of such index during these time periods.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Independent Directors also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager and the Sub-Adviser, respectively.

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

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Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. In addition, the Board considered each Portfolio’s contractual management fee schedule compared to other third-party sub-advised funds, other funds the Sub-Adviser manages and/or their proprietary funds (if applicable) identified by the Manager. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2019, November 19, 2019, and/or November 21, 2019 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Emerging Markets Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Emerging Markets Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and

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management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Euro STOXX 50® Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Euro STOXX 50® Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s

performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya FTSE 100 Index® Portfolio

In considering whether to approve the renewal of the Contracts for Voya FTSE 100 Index® Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

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In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Hang Seng Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Hang Seng Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

Voya International Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya International Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

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in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Japan TOPIX Index® Portfolio

In considering whether to approve the renewal of the Contracts for Voya Japan TOPIX Index® Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its

Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Russell™ Large Cap Growth Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Russell™ Large Cap Growth Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the

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Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Russell™ Large Cap Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Russell™ Large Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Russell™ Large Cap Value Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Russell™ Large Cap Value Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Russell™ Mid Cap Growth Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Russell™ Mid Cap Growth Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index,

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and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Russell™ Mid Cap Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Russell™ Mid Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fifth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya Russell™ Small Cap Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Russell™ Small Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net

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expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya U.S. Bond Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya U.S. Bond Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

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

above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

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As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Ex-99.CODE ETH.

The Board of Directors has determined that Colleen D. Baldwin, Martin J. Gavin, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are “independent” for purposes of Item 3 of Form N-CSR.

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Part of KPMG’s performance of an audit in accordance with standards of the Public Company Accounting Oversight Board (US) includes their responsibility to maintain and monitor auditor independence with respect to the Voya funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the Voya entities that would impair KPMG independence with the respect to the Voya funds. KPMG requests pre-approval from the Voya funds Audit Committee for services provided to the Voya funds and for services to affiliated entities that relate to the financial reporting or nature of operations of the Voya Funds. Additionally, KPMG provides an annual summary of the fees for services that have commenced for Voya funds and Affiliates.

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

Pre-Approved Other Services for the Pre-Approval Period January 1, 2019 through December 31, 2019

(e)(2)

Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

(1) Each Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

Complete schedule of investments, as applicable, is included as part of the reports to shareholders filed under Item 1 of this Form and filed herein, as applicable.

We have audited the accompanying statements of assets and liabilities of Voya Global Equity Portfolio, Voya Small Company Portfolio, Voya Emerging Markets Index Portfolio, Voya FTSE 100 Index^® Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index^® Portfolio, Voya Russell^TM Large Cap Growth Index Portfolio, Voya Russell^TM Large Cap Index Portfolio, Voya Russell^TM Large Cap Value Index Portfolio, Voya Russell^TM Mid Cap Growth Index Portfolio, Voya Russell^TM Mid Cap Index Portfolio, Voya Russell^TM Small Cap Index Portfolio, Voya U.S. Bond Index Portfolio, Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio and Voya Index Plus SmallCap Portfolio (the “Funds”), each a series of Voya Variable Portfolios, Inc., including the summary portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended and the related notes (collectively, the financial statements) the financial highlights for each of the years or periods in the five-year period then ended (the “financial statements” and financial highlights are included in Item 1 of this Form N-CSR), and the portfolios of investments as of December 31, 2019 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements, financial highlights, and portfolios of investments present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

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

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

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

Voya Global Equity Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

Voya International Index Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

Voya International Index Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

Voya International Index Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

Voya Russell™ Mid Cap Growth Index Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

Voya Russell™ Mid Cap Growth Index Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2019 (CONTINUED)

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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.

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

Gross Unrealized Appreciation	$	107,611,453
Gross Unrealized Depreciation		(28,355,505)
Net Unrealized Appreciation	$	79,255,948

Gross Unrealized Appreciation	$	89,893,297
Gross Unrealized Depreciation		(22,980,807)
Net Unrealized Appreciation	$	66,912,490

Gross Unrealized Appreciation	$	42,909,156
Gross Unrealized Depreciation		(20,622,203)
Net Unrealized Appreciation	$	22,286,953

Gross Unrealized Appreciation	$	457,310,345
Gross Unrealized Depreciation		(118,794,594)
Net Unrealized Appreciation	$	338,515,751

Gross Unrealized Appreciation	$	540,037,383
Gross Unrealized Depreciation		(3,171,370)
Net Unrealized Appreciation	$	536,866,013

Service	The Fund(s)	Fee Range

Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee ¹

Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	√	Not to exceed $9,750 per filing

Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	√	Not to exceed $8,000 during the Pre- Approval Period

Seed capital audit and related review and issuance of consent on the N-2 registration statement	√	Not to exceed $14,750 per audit

Audit of summary portfolio of investments	√	Not to exceed $565 per fund

Service	The Fund(s)	Fund Affiliates	Fee Range

Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	√	√	Not to exceed $10,000 per merger

Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	√		Not to exceed $5,000 per occurrence during the Pre-Approval Period

Review of the Funds’ semi-annual and quarterly financial statements	√		Not to exceed $2,700 per set of financial statements per fund

Reports to regulatory or government agencies related to the annual engagement	√		Up to $5,000 per occurrence during the Pre-Approval Period

Regulatory compliance assistance	√	√	Not to exceed $5,000 per quarter

Training courses		√	Not to exceed
			$5,000 per course

For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies	√		Not to exceed $9,450 per quarter

Registrant/Investment Adviser	2019		2018
Voya Variable Portfolios, Inc.	$	99,185	$	166,189
Voya Investments, LLC ⁽¹⁾	$	107,750	$	38,950

24,300 ⁽²⁾	Trend Micro, Inc.	1,243,427	0.2
788	United Urban Investment Corp.	1,479,910	0.2
41,700	West Japan Railway Co.	3,606,782	0.5
		63,350,777	8.9

	Netherlands: 3.2%
191,596 ⁽³⁾	ABN AMRO Bank NV	3,492,109	0.5
188,842	ING Groep NV	2,270,346	0.3
347,465	Koninklijke KPN NV	1,028,284	0.2
93,602	NN Group NV	3,559,026	0.5
241,536	Royal Dutch Shell PLC - Class A	7,152,949	1.0
86,114	Unilever NV	4,942,167	0.7
		22,444,881	3.2

	New Zealand: 0.1%
274,203	Spark New Zealand Ltd.	799,581	0.1

	Norway: 0.2%
130,639	Orkla ASA	1,324,786	0.2

	Singapore: 0.9%
755,300	ComfortDelgro Corp., Ltd.	1,336,434	0.2
1,297,600	Genting Singapore Ltd.	888,582	0.1
212,600	SATS Ltd.	800,252	0.1
245,300	Singapore Exchange Ltd.	1,615,579	0.2
342,200	Singapore Technologies Engineering Ltd.	1,002,181	0.2
964,900	Yangzijiang Shipbuilding Holdings Ltd.	804,310	0.1
		6,447,338	0.9

	Spain: 2.2%
11,791 ⁽³⁾	Aena SME SA	2,260,557	0.3
56,565	Amadeus IT Group SA	4,632,511	0.6
–	Banco Bilbao Vizcaya Argentaria SA	–	–
94,879	Enagas	2,420,133	0.4
134,847	Ferrovial SA - FERE	4,085,498	0.6
56,379	Red Electrica Corp. SA	1,136,029	0.2
127,256	Telefonica S.A.	889,918	0.1
		15,424,646	2.2

	Sweden: 0.2%
14,292	Swedish Match AB	736,277	0.1
77,142	Telefonaktiebolaget LM Ericsson	674,052	0.1
		1,410,329	0.2

	Switzerland: 2.8%
18,231	LafargeHolcim Ltd.-CHF	1,011,410	0.1
46,966	Nestle SA	5,084,787	0.7
25,062	Roche Holding AG	8,145,221	1.2
13,470	Zurich Insurance Group AG	5,525,388	0.8
		19,766,806	2.8

	United Kingdom: 4.3%
255,968 ⁽³⁾	Auto Trader Group PLC	2,021,431	0.3
379,385	Aviva PLC	2,105,809	0.3
862,465	BT Group PLC	2,197,740	0.3
127,210	Compass Group PLC	3,188,129	0.4
475,501	Direct Line Insurance Group PLC	1,967,422	0.3
276,691	Evraz PLC	1,481,640	0.2
249,839	GlaxoSmithKline PLC	5,870,517	0.8
1,190,269	Legal & General Group PLC	4,781,410	0.7
107,300	Persimmon PLC	3,832,685	0.5
365,372	Royal Bank of Scotland Group PLC	1,172,101	0.2
909,969	Vodafone Group PLC	1,766,602	0.3
		30,385,486	4.3

	United States: 60.9%
75,098	AbbVie, Inc.	6,649,177	0.9
10,469	Accenture PLC	2,204,457	0.3
85,190	Aflac, Inc.	4,506,551	0.6
22,849	Air Products & Chemicals, Inc.	5,369,287	0.8
17,018	Allison Transmission Holdings, Inc.	822,310	0.1
26,199	Allstate Corp.	2,946,078	0.4
106,295	Altria Group, Inc.	5,305,183	0.8
39,893	Ameren Corp.	3,063,782	0.4
21,106	Amgen, Inc.	5,088,023	0.7
147,216	Annaly Capital Management, Inc.	1,386,775	0.2
4,232	Anthem, Inc.	1,278,191	0.2
117,350	Apple Hospitality REIT, Inc.	1,906,938	0.3
203,992	AT&T, Inc.	7,972,007	1.1
24,187	Avnet, Inc.	1,026,496	0.1
79,240	Bank of America Corp.	2,790,833	0.4
52,771	Booz Allen Hamilton Holding Corp.	3,753,601	0.5
99,721	Bristol-Myers Squibb Co.	6,401,091	0.9
30,671	Broadridge Financial Solutions, Inc. ADR	3,789,095	0.5
6,916	Camden Property Trust	733,788	0.1
4,637	Carlisle Cos., Inc.	750,452	0.1
32,470	CDK Global, Inc.	1,775,460	0.3
8,990	CDW Corp.	1,284,132	0.2
4,320	Chemed Corp.	1,897,603	0.3
54,526	Chevron Corp.	6,570,928	0.9
74,651 ⁽¹⁾	Chimera Investment Corp.	1,534,825	0.2
57,732	Cinemark Holdings, Inc.	1,954,228	0.3
145,093	Cisco Systems, Inc.	6,958,660	1.0
10,051	Citigroup, Inc.	802,974	0.1
38,474	Citrix Systems, Inc.	4,266,767	0.6
60,365	CMS Energy Corp.	3,793,337	0.5
10,169	Colgate-Palmolive Co.	700,034	0.1
12,788	Columbia Sportswear Co.	1,281,230	0.2
33,109	Comerica, Inc.	2,375,571	0.3
78,927	CoreCivic, Inc.	1,371,751	0.2
34,373	Corporate Office Properties Trust SBI MD	1,009,879	0.1
11,567	CSX Corp.	836,988	0.1
32,390	Darden Restaurants, Inc.	3,530,834	0.5
23,244	Dolby Laboratories, Inc.	1,599,187	0.2
22,296	DTE Energy Co.	2,895,582	0.4
25,952	Eaton Corp. PLC	2,458,173	0.4
46,031	Eli Lilly & Co.	6,049,854	0.9
11,160	Encompass Health Corp.	773,053	0.1
243,638	Equitrans Midstream Corp.	3,255,004	0.5
4,247	Everest Re Group Ltd.	1,175,739	0.2
52,618	Evergy, Inc.	3,424,906	0.5
20,088	Exelon Corp.	915,812	0.1
30,505	Expedia Group, Inc.	3,298,811	0.5

203,608		Extended Stay America, Inc.	3,025,615	0.4
19,021		Exxon Mobil Corp.	1,327,285	0.2
7,778		Federal Realty Investment Trust	1,001,262	0.1
28,200		Fidelity National Financial, Inc.	1,278,870	0.2
57,983		Flir Systems, Inc.	3,019,175	0.4
44,266		Flowers Foods, Inc.	962,343	0.1
74,146		Gaming and Leisure Properties, Inc.	3,191,985	0.5
79,801		General Mills, Inc.	4,274,142	0.6
28,242		General Motors Co.	1,033,657	0.1
23,063		Genuine Parts Co.	2,449,983	0.3
100,286		Geo Group, Inc./The	1,665,750	0.2
16,780		Gilead Sciences, Inc.	1,090,364	0.2
12,211		Hanover Insurance Group, Inc.	1,668,877	0.2
67,129		Hartford Financial Services Group, Inc.	4,079,429	0.6
9,274		HCA Healthcare, Inc.	1,370,790	0.2
29,357		Hershey Co.	4,314,892	0.6
167,067		Hewlett Packard Enterprise Co.	2,649,683	0.4
33,812		Honeywell International, Inc.	5,984,724	0.8
112,357		Intel Corp.	6,724,566	1.0
41,524		International Business Machines Corp.	5,565,877	0.8
15,095		Intuit, Inc.	3,953,833	0.6
80,317		Jabil, Inc.	3,319,502	0.5
69,918		Johnson & Johnson	10,198,939	1.4
48,216		JPMorgan Chase & Co.	6,721,310	0.9
126,983		Juniper Networks, Inc.	3,127,591	0.4
7,560		Kansas City Southern	1,157,890	0.2
27,113		Kimberly-Clark Corp.	3,729,393	0.5
37,389		Kohl's Corp.	1,904,970	0.3
13,798		Lamar Advertising Co.	1,231,609	0.2
45,118		Leidos Holdings, Inc.	4,416,601	0.6
9,789		Life Storage, Inc.	1,059,953	0.2
8,331		Lockheed Martin Corp.	3,243,925	0.5
42,218		LogMeIn, Inc.	3,619,771	0.5
65,538		Maxim Integrated Products	4,031,242	0.6
33,190		MAXIMUS, Inc.	2,469,004	0.4
22,628		McDonald's Corp.	4,471,519	0.6
86,573		Merck & Co., Inc.	7,873,814	1.1
173,013		MFA Financial, Inc.	1,323,549	0.2
59,630		MGIC Investment Corp.	844,957	0.1
144,430		Microsoft Corp.	22,776,611	3.2
7,919		Motorola Solutions, Inc.	1,276,068	0.2
42,969		National Instruments Corp.	1,819,307	0.3
50,160		New Residential Investment Corp.	808,078	0.1
47,594		Nielsen Holdings PLC	966,158	0.1
6,804		Norfolk Southern Corp.	1,320,861	0.2
15,184		NorthWestern Corp.	1,088,237	0.2
35,992		OGE Energy Corp.	1,600,564	0.2
130,483		Old Republic International Corp.	2,918,905	0.4
45,680		Omnicom Group	3,700,994	0.5
59,072		Oneok, Inc.	4,469,978	0.6
112,086		Oracle Corp.	5,938,316	0.8
37,762		Outfront Media, Inc.	1,012,777	0.1
50,655		Paychex, Inc.	4,308,714	0.6
49,941		PepsiCo, Inc.	6,825,436	1.0
179,427		Pfizer, Inc.	7,029,950	1.0
77,206		Philip Morris International, Inc.	6,569,459	0.9
39,893		Phillips 66	4,444,479	0.6
15,555		Pinnacle West Capital Corp.	1,398,861	0.2
32,086		Popular, Inc.	1,885,053	0.3
60,522		Procter & Gamble Co.	7,559,198	1.1
14,629		Public Storage, Inc.	3,115,392	0.4
21,048		Qualcomm, Inc.	1,857,065	0.3
41,330		Quest Diagnostics, Inc.	4,413,631	0.6
48,058		Republic Services, Inc.	4,307,439	0.6
114,754		Retail Properties of America, Inc.	1,537,704	0.2
2,034		Roper Technologies, Inc.	720,504	0.1
29,053		Royal Gold, Inc.	3,551,729	0.5
108,942		Sabre Corp.	2,444,658	0.3
79,611		Santander Consumer USA Holdings, Inc.	1,860,509	0.3
63,455		Service Corp. International	2,920,834	0.4
20,002		Simon Property Group, Inc.	2,979,498	0.4
15,399		Six Flags Entertainment Corp.	694,649	0.1
32,909		Sonoco Products Co.	2,031,143	0.3
40,476		Southern Co.	2,578,321	0.4
48,826		Starbucks Corp.	4,292,782	0.6
60,501		Switch, Inc.	896,625	0.1
32,759		Synchrony Financial	1,179,652	0.2
23,583		Target Corp.	3,023,576	0.4
44,429		Texas Instruments, Inc.	5,699,796	0.8
156,964		Two Harbors Investment Corp.	2,294,814	0.3
50,358		Tyson Foods, Inc.	4,584,592	0.6
42,016		Waste Management, Inc.	4,788,143	0.7
112,947		Wells Fargo & Co.	6,076,549	0.9
147,828		Western Union Co.	3,958,834	0.6
158,642		Williams Cos., Inc.	3,762,988	0.5
54,957		Xerox Holdings Corp.	2,026,265	0.3
38,391		Yum! Brands, Inc.	3,867,125	0.5
18,016		Zions Bancorp NA	935,391	0.1
			433,032,290	60.9

	Total Common Stock
	(Cost $650,194,179)		707,118,533	99.5

Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.9%
		Repurchase Agreements: 1.7%
2,974,853 ⁽⁴⁾		Bethesda Securities LLC, Repurchase Agreement dated 12/31/19, 1.65%, due 01/02/20 (Repurchase Amount $2,975,122, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $3,034,350, due 11/01/32-01/01/49)	2,974,853	0.4

2,974,853 ⁽⁴⁾		Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $2,975,111, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,034,350, due 01/25/20-10/15/60)	2,974,853	0.4
341,390 ⁽⁴⁾		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $341,420, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $348,249, due 01/15/20-11/15/48)	341,390	0.1
2,974,853 ⁽⁴⁾		Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $2,975,138, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $3,034,350, due 04/15/20-03/31/21)	2,974,853	0.4
2,974,853 ⁽⁴⁾		RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $2,975,109, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,034,350, due 06/30/21-12/01/49)	2,974,853	0.4

	Total Repurchase Agreements
	(Cost $12,240,802)		12,240,802	1.7

Shares				Value		Percentage of Net Assets
		Mutual Funds: 0.2%
847,000 ⁽⁵⁾		Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%		847,000		0.1
540,000 ^(4),(5)		Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 1.510%		540,000		0.1
	Total Mutual Funds
	(Cost $1,387,000)			1,387,000		0.2

	Total Short-Term Investments
	(Cost $13,627,802)			13,627,802		1.9

	Total Investments in Securities (Cost $663,821,981)		$	720,746,335		101.4
	Liabilities in Excess of Other Assets			(9,775,883	)	(1.4)
	Net Assets		$	710,970,452		100.0

	Total Repurchase Agreements
	(Cost $6,443,286)			6,443,286				1.2

6,794,000 ⁽⁴⁾			Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%
			(Cost $6,794,000)			6,794,000				1.3

Total Short-Term Investments
(Cost $13,237,286)		13,237,286	2.5

Total Investments in Securities (Cost $478,211,074)	$	545,844,199	101.1
Liabilities in Excess of Other Assets		(6,093,093)	(1.1)
Net Assets	$	539,751,106	100.0

Principal Amount†			Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.0%
		Repurchase Agreements: 2.4%
1,389,144 ⁽³⁾		Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,417,050, due 09/01/24-11/01/49)	1,389,144	0.5
411,624 ⁽³⁾		Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $411,660, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $419,894, due 01/15/20-11/15/48)	411,624	0.2
1,389,144 ⁽³⁾		Citigroup,Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,416,927, due 02/13/20-09/20/69)	1,389,144	0.6
1,389,144 ⁽³⁾		Daiwa Capital Markets, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.030%, Market Value plus accrued interest $1,416,927, due 01/14/20-12/20/49)	1,389,144	0.5
1,389,144 ⁽³⁾		Jefferies LLC, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,389,264, collateralized by various U.S. Government Securities, 0.000%-2.875%, Market Value plus accrued interest $1,416,927, due 01/28/20-05/15/27)	1,389,144	0.6
	Total Repurchase Agreements
	(Cost $5,968,200)		5,968,200	2.4

	Total Common Stock
	(Cost $533,188,664)			595,355,341				95.2

Total Corporate Bonds/Notes
(Cost $2,446)	2,452	0.0

Total Long-Term Investments
(Cost $550,140,451)	615,700,408	98.5

	Repurchase Agreements: 0.6%
1,000,000 ⁽⁶⁾	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,020,089, due 09/01/24-11/01/49)	1,000,000	0.1
998,017 ⁽⁶⁾	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $998,104, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $1,018,068, due 01/15/20-11/15/48)	998,017	0.1
1,000,000 ⁽⁶⁾	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,020,000, due 02/13/20-09/20/69)	1,000,000	0.2
1,000,000 ⁽⁶⁾	MUFG Securities America Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $1,000,086, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $1,020,000, due 05/01/25-11/01/49)	1,000,000	0.2

	Total Repurchase Agreements
	(Cost $3,998,017)			3,998,017				0.6

	Mutual Funds: 1.2%
7,518,000 ⁽⁷⁾	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500%
	(Cost $7,518,000)	7,518,000	1.2

Total Short-Term Investments
(Cost $11,516,017)		11,516,017	1.8

Total Investments in Securities (Cost $561,656,468)	$	627,216,425	100.3
Liabilities in Excess of Other Assets		(1,882,121)	(0.3)
Net Assets	$	625,334,304	100.0

	Total Common Stock
	(Cost $688,496,555)			1,412,907,883				99.6

			Commercial Paper: 0.7%
1,300,000 ⁽⁴⁾			Banco Santander S.A., 1.950%, 02/05/2020			1,297,663				0.1

	Commercial Paper: (continued)
1,125,000 ⁽⁴⁾	DBS Bank Ltd., 1.710%, 01/07/2020	1,124,646	0.1
850,000 ⁽⁴⁾	DBS Bank Ltd., 1.860%, 02/28/2020	847,481	0.0
325,000 ⁽⁴⁾	Le Mouvement Des Caisses Desjardins, 1.860%, 02/14/2020	324,297	0.0
1,200,000 ⁽⁴⁾	LMA Americas LLC, 1.810%, 01/23/2020	1,198,442	0.1
1,075,000 ⁽⁴⁾	Matchpoint Finance PLC, 1.850%, 02/03/2020	1,073,178	0.1
1,275,000 ⁽⁴⁾	Nederlandse Waterschapsbank, 1.870%, 02/12/2020	1,272,371	0.1
1,333,000 ⁽⁴⁾	Societe Generale, 1.970%, 01/09/2020	1,332,400	0.1
1,000,000 ⁽⁴⁾	United Overseas Bnk Group, 1.900%, 01/24/2020	998,923	0.1

	Floating Rate Notes: 1.9%
1,200,000 ⁽⁴⁾	Australia & New Zealand Banking Group Ltd., 1.920%, 04/09/2020	1,200,347	0.1
1,250,000 ⁽⁴⁾	Bank of America Corp., 1.910%, 05/07/2020	1,250,000	0.1
900,000 ⁽⁴⁾	Bank of Nova Scotia, 1.940%, 05/08/2020	899,933	0.0
1,525,000 ⁽⁴⁾	Bedford Row Funding, 1.820%, 01/07/2020	1,525,082	0.1
1,225,000 ⁽⁴⁾	BNP Paribas, 1.950%, 05/14/2020	1,225,091	0.1
875,000 ⁽⁴⁾	Commonwealth Bank of Australia, 1.920%, 03/16/2020	875,012	0.0
1,150,000 ⁽⁴⁾	Commonwealth Bank of Australia, 1.940%, 06/10/2020	1,149,997	0.1
1,200,000 ⁽⁴⁾	Coöperatieve Rabobank U.A., 1.980%, 04/20/2020	1,200,336	0.1
1,300,000 ⁽⁴⁾	Crédit Industriel et Commercial, 1.950%, 04/09/2020	1,300,218	0.1
1,000,000 ⁽⁴⁾	Credit Suisse Group AG, 1.890%, 04/17/2020	1,000,448	0.1
1,525,000 ⁽⁴⁾	Credit Suisse Group AG, 1.720%, 01/16/2020	1,525,113	0.1
1,100,000 ⁽⁴⁾	HSBC Bank PLC, 1.970%, 06/03/2020	1,099,997	0.1
1,250,000 ⁽⁴⁾	Mitsubishi UFJ Financial Group, Inc., 1.980%, 03/12/2020	1,250,318	0.1
375,000 ⁽⁴⁾	Mizuho Financial Group Inc., 1.850%, 01/06/2020	375,020	0.0
1,050,000 ⁽⁴⁾	Royal Bank Of Canada, 1.820%, 01/10/2020	1,050,067	0.1
1,300,000 ⁽⁴⁾	Skandinaviska Enskilda Banken AB, 1.950%, 05/11/2020	1,300,042	0.1
1,000,000 ⁽⁴⁾	Sumitomo Mitsui Trust Holdings, Inc., 1.980%, 05/07/2020	999,988	0.1
300,000 ⁽⁴⁾	Svenska Handelsbanken AB, 1.850%, 03/04/2020	300,050	0.0
1,000,000 ⁽⁴⁾	Svenska Handelsbanken AB, 1.970%, 05/20/2020	1,000,034	0.1
1,250,000 ⁽⁴⁾	The Norinchukin Bank, 2.050%, 04/24/2020	1,250,449	0.1
425,000 ⁽⁴⁾	The Sumitomo Mitsui Financial Group, 1.930%, 06/05/2020	424,907	0.0
675,000 ⁽⁴⁾	The Sumitomo Mitsui Financial Group, 1.960%, 05/06/2020	674,948	0.0
1,200,000 ⁽⁴⁾	The Sumitomo Mitsui Financial Group, 1.970%, 05/12/2020	1,199,797	0.1
950,000 ⁽⁴⁾	Toronto-Dominion Bank, 1.850%, 02/13/2020	950,027	0.1
850,000 ⁽⁴⁾	Westpac Banking Corp, 1.830%, 02/10/2020	850,067	0.0
975,000 ⁽⁴⁾	Westpac Banking Corp, 1.970%, 06/03/2020	975,038	0.1

	Total Floating Rate Notes
	(Cost $26,852,326)			26,852,326				1.9

	Repurchase Agreements: 4.5%
26,153,791 ⁽⁴⁾	Bank of Nova Scotia, Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $26,156,041, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $26,679,194, due 09/01/24-11/01/49)	26,153,791	1.8
3,523,617 ⁽⁴⁾	Citadel Securities LLC, Repurchase Agreement dated 12/31/19, 1.60%, due 01/02/20 (Repurchase Amount $3,523,926, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $3,594,409, due 01/15/20-11/15/48)	3,523,617	0.3
26,153,791 ⁽⁴⁾	Citigroup, Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $26,156,041, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $26,676,867, due 02/13/20-09/20/69)	26,153,791	1.8

			Repurchase Agreements: (continued)
8,212,795 ⁽⁴⁾			State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $8,213,583, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,377,277, due 04/15/21-02/15/47)			8,212,795				0.6

	Total Repurchase Agreements
	(Cost $64,043,994)			64,043,994				4.5