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

TABLE OF CONTENTS

	President’s Letter					1
	Market Perspective					2
	Shareholder Expense Examples					4
	Statements of Assets and Liabilities					6
	Statements of Operations					10
	Statements of Changes in Net Assets					12
	Financial Highlights					15
	Notes to Financial Statements					19
	Summary Portfolios of Investments (“Portfolio of Investments”)					37

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. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

Mid-Year Outlook

Dear Shareholder,

Market performance has been disappointing in the first half of 2018, as illustrated by the year-to-date returns in U.S. equities, despite two back-to-back quarters of over 20% earnings growth. Such periods of sweeping weak equity and bond returns are uncommon, especially when corporate profits look robust. Profits do not arise from nowhere: statistical reports this year show strong economic growth, expansion of jobs and higher consumer spending. How can we explain the disconnection between the economy and financial markets?

Investors have had to process a range of mixed signals: U.S. economic statistics point to strong growth, but the rest of the world has moderated, particularly the emerging markets. Trade concerns have clouded the financial market narrative, with scant visibility to a resolution. There are other risks besides trade conflict, such as complicated U.S. politics with the approaching mid-term elections, inflation overshoots potentially quickening the pace of interest rates increases and populist politics throwing into question the sustainability of the euro zone. The response to all this uncertainty has been vacillation between bursts of pessimism and optimism, which has led to market tumbles and rallies in rapid succession.

As 2019 approaches, we will see whether optimism or pessimism sets the tone for the year. The current state of heightened volatility may or may not persist. If it does, investors can expect to feel the pull of temptation — it is hard to resist the impulse to change one’s investment strategy seeking to avoid downturns. We believe it is important to remember that regardless of what happens in the financial markets, investors generally are better off sticking to their plans. A plan based upon your long-term goals and risk tolerances, developed with your financial advisor, offers the best chance of reaching your destination.

If your goals or needs have changed, thoroughly discuss these issues with your investment advisor before making any changes to your investment plan. Voya seeks to remain a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
July 19, 2018

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: Six Months Ended June 30, 2018

Our new fiscal year commenced with global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, in seemingly robust health. The Index had returned 18.48% in 2017, rising in every month. A “buy-the-dip” mentality prevailed among investors in risk assets, in which disappointments were soon forgiven. A narrative of synchronized global growth and corporate earnings, with monetary conditions still historically easy, looked intact. (The Index returned 0.43% for the six-months ended June 30, 2018, measured in U.S. dollars.)

But having reached an all-time high on January 26, in February the spell was broken, and after 15 consecutive gains, the Index suffered a monthly loss. Another loss followed in March, and for the six-months through June the Index edged up just 1.29%.

December had seen new unemployment claims near a 44-year low. Gross Domestic Product (“GDP”) recorded growth of 3.16% in the latest quarter. Tax reform legislation was signed into law on December 22, under which the lower corporate tax rate of 21% would boost the corporate earnings available for distribution or share buy-backs.

The Federal Open Market Committee (“FOMC”) had raised the federal funds rate by 25bp (0.25%) from 1.25% to 1.50%, with three more increases projected for 2018. As 2017 ended, new unemployment claims were near a 44-year low and the unemployment rate was stable at 4.1%. All seemed well, but some commentators wondered whether a tax cut stimulus costing $1 trillion to an already strong economy near full employment, would require more than three increases, and how would markets react when this became obvious.

In Europe, initially, evidence of the euro zone’s economic recovery continued to accumulate; GDP grew at 2.8% year-over-year and unemployment edged down to 8.6%, the lowest since December 2008. Purchasing managers’ indices, closely watched leading indicators of economic activity, reached multi-year highs. But as the months wore on, these fell back and the June readings were the lowest of the year, while industrial production sagged and core inflation slipped to 1.0%. The UK’s economy was still beset by uncertainty over Brexit. First quarter GDP was just 1.2% above the level one year earlier.

In Asia, China’s GDP growth was steady at 6.8% year-over-year. But tighter monetary policy to force deleveraging was driving up bond defaults, while key measures of economic activity, like fixed asset investment, retail sales and industrial production were cooling. In Japan, GDP grew for eight consecutive quarters, but in the first quarter of 2018 it fell by 0.6% annualized, with wage and price inflation still stubbornly low. In short, the main international economies seemed to be faltering.

In the U.S., 2018 started with a rather tame January employment report, but was followed in mid-month by unexpectedly strong inflation figures. Bond yields were creeping up and by January 22, the ten-year Treasury yield reached a three-year high. In early February fears of inflation and spiking bond yields gripped markets, which became much more volatile. The Index slumped 7% in a week.

Still, the underlying U.S. economy remained strong. In April the unemployment rate broke below 4% and in June it was reported at

3.75%, equaling the lowest since 1969. While GDP growth in the first quarter of 2018, at 2.0%, continued its recent pattern of modest first quarter increases, expectations for the second quarter exceeded 4%.

In March and June the FOMC duly raised rates, with two more increases now projected for 2018.

But by then investors had more to worry about than rising U.S. interest rates. On March 1, the White House announced tariffs of 25% on imported steel and 10% on aluminum, which took effect at the beginning of June. Specific tariffs on Chinese imports and restrictions on Chinese investments were promised, as was a 20% tariff on European auto imports. Retaliation was swift.

So June ended with the aura of synchronized global growth fading fast and what was left of it threatened by a trade war, from which surely no-one could expect any lasting benefit.

In U.S. fixed income markets, the Treasury yields rose across the curve, the short end significantly more than the long. Indeed the excess of the 10-year yield over the two-year fell to just 0.32%, the lowest in nearly 11 years. The Bloomberg Barclays U.S. Aggregate Bond Index lost 1.62%, the Bloomberg Barclays U.S. Corporate Investment Grade Bond sub-index fell 3.27%, dragged down by longer dated issues, which especially suffered as interest rates rose.

U.S. equities, represented by the S&P 500® Index including dividends, rose 2.65%. The earnings per share of its constituent companies recorded growth in the first quarter of 2018 of 24.8% year-over-year, the most since 2010. Consumer discretionary, the sector of Amazon and Netflix, was the top performer, up 11.52%; consumer staples suffered the biggest loss, 8.55%.

In currencies, the dollar rose 2.94% against the euro and 2.42% against the pound, but slipped 1.78% against the yen. From about April, after sustained weakness, dollar strength returned as the economic data for most of the rest of the world faded.

International markets were all unnerved by February’s general upsurge in volatility and by the risk of a trade war referred to above. In addition, the fiscal boost in the U.S. probably improved that market’s relative attractiveness. MSCI Japan® Index fell 3.66% over the fiscal half-year. MSCI Europe ex UK® Index lost 1.21%. Political worries resurfaced in Italy with the election of a populist government to add to those caused by weakening economic indicators. MSCI UK® Index gained 1.39%, driven by its big global energy constituents, as oil prices recovered.

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. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 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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Shareholder Expense Examples (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2018 to June 30, 2018. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2018			Ending Account Value June 30, 2018			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2018*			Beginning Account Value January 1, 2018			Ending Account Value June 30, 2018			Annualized Expense Ratio*		Expenses Paid During the Period Ended June 30, 2018*
Voya Balanced Portfolio
Class I		$	1,000.00		$	991.20		0.67%		$	3.31		$	1,000.00		$	1,021.47		0.67%		$	3.36
Class S			1,000.00			990.00		0.92			4.54			1,000.00			1,020.23		0.92			4.61
Voya Global Equity Portfolio
Class ADV		$	1,000.00		$	981.60		1.11%		$	5.45		$	1,000.00		$	1,019.29		1.11%		$	5.56
Class I			1,000.00			984.30		0.61			3.00			1,000.00			1,021.77		0.61			3.06
Class S			1,000.00			982.50		0.86			4.23			1,000.00			1,020.53		0.86			4.31
Class S2			1,000.00			981.60		1.01			4.96			1,000.00			1,019.79		1.01			5.06
Class T			1,000.00			981.00		1.21			5.94			1,000.00			1,018.79		1.21			6.06
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,006.50		0.34%		$	1.69		$	1,000.00		$	1,023.11		0.34%		$	1.71
Class S			1,000.00			1,005.70		0.49			2.44			1,000.00			1,022.36		0.49			2.46
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,008.10		1.03%		$	5.13		$	1,000.00		$	1,019.69		1.03%		$	5.16
Class I			1,000.00			1,010.40		0.58			2.89			1,000.00			1,021.92		0.58			2.91
Class S			1,000.00			1,009.20		0.83			4.13			1,000.00			1,020.68		0.83			4.16
Class S2			1,000.00			1,008.20		0.98			4.88			1,000.00			1,019.93		0.98			4.91

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2018 (Unaudited)

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	354,164,828		$	637,304,403		$	—
Investments in affiliated underlying funds at fair value**			29,276,726			—			—
Short-term investments at fair value***			31,309,561			15,198,305			—
Repurchase agreements			—			—			58,417,000
Short-term investments at amortized cost			—			—			235,769,019
Cash			185,442			312,912			4,414
Cash collateral for futures			2,022,399			—			—
Cash pledged for centrally cleared swaps (Note 2)			242,000			—			—
Foreign currencies at value****			119,889			—			—
Foreign cash collateral for futures*****			1,085			—			—
Receivables:
Investments in affiliated underlying funds sold			6,735,417			—			—
Investment securities sold			—			14,399,366			125,924,515
Investment securities sold on a delayed-delivery or when-issued basis			2,142,985			—			—
Fund shares sold			48,707			30,290			822,420
Dividends			277,909			2,208,766			2,469
Interest			523,581			225			157,285
Foreign tax reclaims			170,669			1,333,711			—
Variation margin			960			—			—
Unrealized appreciation on forward foreign currency contracts			132,988			—			—
Unrealized appreciation on forward premium swaptions			14,806			—			—
Prepaid expenses			4,123			6,779			4,167
Reimbursement due from manager			—			8,981			—
Other assets			53,409			54,088			135,160
Total assets			427,427,484			670,857,826			421,236,449
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			10,920,085			—			—
Payable for investment securities purchased			—			11,570,387			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			13,111,968			—			—
Payable for fund shares redeemed			81,594			311,638			11,541
Payable upon receipt of securities loaned			5,640,811			15,198,305			—
Unrealized depreciation on forward foreign currency contracts			28,183			—			—
Variation margin payable on centrally cleared swaps			584			—			—
Payable for investment management fees			200,088			297,839			105,917
Payable for distribution and shareholder service fees			651			117,674			6
Payable to custodian due to foreign currency overdraft******			—			861,286			—
Payable for directors/trustees fees			2,089			3,406			2,150
Payable to directors/trustees under the deferred compensation plan (Note 6)			53,409			54,088			135,160
Payable for borrowings against line of credit			—			817,000			—
Other accrued expenses and liabilities			113,212			186,599			67,809
Total liabilities			30,152,674			29,418,222			322,583
NET ASSETS		$	397,274,810		$	641,439,604		$	420,913,866
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	368,688,871		$	602,868,702		$	421,053,153
Undistributed (distributions in excess of) net investment income or accumulated net investment loss			4,728,183			9,178,871			(139,828)
Accumulated net realized gain			15,044,747			35,599,204			541
Net unrealized appreciation (depreciation)			8,813,009			(6,207,173)			—
NET ASSETS		$	397,274,810		$	641,439,604		$	420,913,866
+ Including securities loaned at value		$	5,443,880		$	12,232,402		$	—
* Cost of investments in securities		$	344,813,926		$	643,504,993		$	—
** Cost of investments in affiliated underlying funds		$	29,714,607		$	—		$	—
*** Cost of short-term investments		$	31,309,561		$	15,198,305		$	—
**** Cost of foreign currencies		$	121,081		$	—		$	—
****** Cost of foreign cash collateral for futures		$	1,085		$	—		$	—
******* Cost of foreign currency overdraft		$	—		$	861,286		$	—

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2018 (Unaudited) (continued)

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	17,969,564			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,686,654			n/a
Net asset value and redemption price per share			n/a		$	10.65			n/a
Class I
Net assets		$	394,148,297		$	150,094,652		$	420,867,664
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			26,281,097			13,990,949			420,748,791
Net asset value and redemption price per share		$	15.00		$	10.73		$	1.00
Class S
Net assets		$	3,126,513		$	436,698,455		$	46,202
Shares authorized			500,000,000			300,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			209,445			40,699,749			46,190
Net asset value and redemption price per share		$	14.93		$	10.73		$	1.00
Class S2
Net assets			n/a		$	352,214			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			33,316			n/a
Net asset value and redemption price per share			n/a		$	10.57			n/a
Class T
Net assets			n/a		$	36,324,719			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			3,426,426			n/a
Net asset value and redemption price per share			n/a		$	10.60			n/a

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2018 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	3,229,587,726		$	3,272,557,746		$	649,840,061
Investments in affiliates at fair value**			—			693,449,627			—
Short-term investments at fair value***			56,416,046			237,921,798			51,880,506
Cash			1,031,732			—			519,185
Cash collateral for futures			—			4,456,289			—
Cash pledged for centrally cleared swaps (Note 2)			—			4,566,000			—
Foreign currencies at value****			—			577,079			—
Foreign cash collateral for futures*****			—			44,289			—
Receivables:
Investment securities sold			32,090,440			28,302,858			2,633,271
Investment securities sold on a delayed-delivery or when-issued basis			—			39,863,277			—
Fund shares sold			3,034			605,108			70,938
Dividends			3,901,777			12,588			325,876
Interest			264			23,708,554			136
Unrealized appreciation on forward foreign currency contracts			—			6,500,649			—
Unrealized appreciation on forward premium swaptions			—			606,094			—
Prepaid expenses			33,485			38,329			7,084
Reimbursement due from manager			—			7,611			—
Other assets			254,346			401,156			46,372
Total assets			3,323,318,850			4,313,619,052			705,323,429
LIABILITIES:
Income distribution payable			—			570			—
Payable for investment securities purchased			—			45,160,768			5,407,523
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			385,954,695			—
Payable for fund shares redeemed			1,303,161			1,970,010			4,125,931
Payable upon receipt of securities loaned			52,489,046			102,240,974			31,814,506
Unrealized depreciation on forward foreign currency contracts			—			1,310,907			—
Variation margin payable on centrally cleared swaps			—			1,295			—
Cash received as collateral for OTC derivatives (Note 2)			—			4,107,000			—
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			—			1,060,000			—
Payable for investment management fees			1,517,101			1,555,526			476,018
Payable for distribution and shareholder service fees			463,641			625,238			25,353
Payable for directors/trustees fees			16,913			19,481			3,540
Payable to directors/trustees under the deferred compensation plan (Note 6)			254,346			401,156			46,372
Other accrued expenses and liabilities			376,597			538,814			66,138
Total liabilities			56,420,805			544,946,434			41,965,381
NET ASSETS		$	3,266,898,045		$	3,768,672,618		$	663,358,048
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,531,057,049		$	3,875,841,914		$	549,839,810
Undistributed net investment income			25,605,894			4,800,337			753,529
Accumulated net realized gain (loss)			47,971,616			(33,975,511)			49,387,276
Net unrealized appreciation (depreciation)			662,263,486			(77,994,122)			63,377,433
NET ASSETS		$	3,266,898,045		$	3,768,672,618		$	663,358,048
+ Including securities loaned at value		$	51,058,265		$	100,004,276		$	31,024,356
* Cost of investments in securities		$	2,567,324,240		$	3,317,562,574		$	586,462,628
** Cost of investments in affiliates		$	—		$	731,633,032		$	—
*** Cost of short-term investments		$	56,416,046		$	237,936,565		$	51,880,506
**** Cost of foreign currencies		$	—		$	581,639		$	—
***** Cost of foreign cash collateral for futures		$	—		$	44,289		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2018 (Unaudited) (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	941,981,227		$	291,318,270		$	7,992,583
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			33,459,832			23,706,799			437,866
Net asset value and redemption price per share		$	28.15		$	12.29		$	18.25
Class I
Net assets		$	1,803,710,366		$	1,044,117,068		$	542,587,239
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			62,960,512			84,063,804			28,115,646
Net asset value and redemption price per share		$	28.65		$	12.42		$	19.30
Class R6
Net assets			n/a			n/a		$	7,383,389
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			382,449
Net asset value and redemption price per share			n/a			n/a		$	19.31
Class S
Net assets		$	520,780,133		$	2,410,627,915		$	105,394,837
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			18,463,874			195,398,336			5,614,602
Net asset value and redemption price per share		$	28.21		$	12.34		$	18.77
Class S2
Net assets		$	426,319		$	22,609,365			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			15,302			1,839,524			n/a
Net asset value and redemption price per share		$	27.86		$	12.29			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2018 (Unaudited)

	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*		$	3,362,412		$	11,909,958		$	4,326		$	38,245,440
Interest, net of foreign taxes withheld*			1,694,901			6,813			3,456,522			167,993
Dividends from affiliated underlying funds			842,518			—			—			—
Securities lending income, net			47,165			69,180			—			313,087
Other			6,552			37,381			—			60,512
Total investment income			5,953,548			12,023,332			3,460,848			38,787,032
EXPENSES:
Investment management fees			1,242,817			1,864,547			746,187			10,064,629
Distribution and shareholder service fees:
Class ADV			—			47,039			—			2,425,272
Class S			4,159			575,091			58			669,249
Class S2			—			726			—			837
Class T			—			143,680			—			—
Transfer agent fees			283			719			342			4,779
Shareholder reporting expense			16,290			34,060			18,703			104,075
Professional fees			14,842			27,352			12,174			70,702
Custody and accounting expense			86,692			73,206			23,530			166,320
Directors/trustees fees			8,354			13,623			8,601			67,653
License fee			2,250			—			—			—
Transition costs (Note 6)			—			62,000			—			—
Miscellaneous expense			11,233			18,483			11,010			63,604
Interest expense			226			120			3,343			77
Total expenses			1,387,146			2,860,646			823,948			13,637,197
Waived and reimbursed fees			—			(66,381)			(95,964)			(997,394)
Net expenses			1,387,146			2,794,265			727,984			12,639,803
Net investment income			4,566,402			9,229,067			2,732,864			26,147,229
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (Note 6)			16,591,823			103,163,220			41,052			61,877,003
Sale of affiliated underlying funds			(29,418)			—			—			—
Forward foreign currency contracts			114,821			—			—			—
Foreign currency related transactions			(18,245)			(84,299)			—			—
Futures (Note 6)			877,790			1,119,873			—			—
Swaps			95,351			—			—			—
Net realized gain			17,632,122			104,198,794			41,052			61,877,003
Net change in unrealized appreciation (depreciation) on:
Investments (Note 6)			(24,594,423)			(123,079,859)			—			(55,247,057)
Affiliated underlying funds			(713,685)			—			—			—
Forward foreign currency contracts			113,902			—			—			—
Foreign currency related transactions			(10,283)			(68,176)			—			—
Futures			(520,718)			(1,063,402)			—			—
Swaps			25,233			—			—			—
Net change in unrealized appreciation (depreciation)			(25,699,974)			(124,211,437)			—			(55,247,057)
Net realized and unrealized gain (loss)			(8,067,852)			(20,012,643)			41,052			6,629,946
Increase (decrease) in net assets resulting from operations		$	(3,501,450)		$	(10,783,576)		$	2,773,916		$	32,777,175
* Foreign taxes withheld		$	123,977		$	909,830		$	—		$	567,343

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2018 (Unaudited)

	Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends		$	119,004		$	3,808,608
Interest, net of foreign taxes withheld*			61,892,878			643
Dividends from affiliated underlying funds			17,398,456			—
Securities lending income, net			446,154			123,823
Other			3,005			92,413
Total investment income			79,859,497			4,025,487
EXPENSES:
Investment management fees			9,659,948			2,984,537
Distribution and shareholder service fees:
Class ADV			747,462			19,506
Class S			3,096,625			133,017
Class S2			47,366			—
Transfer agent fees			3,190			736
Shareholder reporting expense			136,925			26,010
Professional fees			105,870			26,137
Custody and accounting expense			251,961			44,950
Directors/trustees fees			77,924			14,161
Miscellaneous expense			79,967			19,329
Interest expense			3,436			15,151
Total expenses			14,210,674			3,283,534
Waived and reimbursed fees			(27,559)			—
Net expenses			14,183,115			3,283,534
Net investment income			65,676,382			741,953
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(26,771,615)			51,141,547
Sale of affiliated underlying funds			(414,649)			—
Forward foreign currency contracts			2,227,447			—
Foreign currency related transactions			(446,817)			—
Futures			(6,600,487)			—
Swaps			2,706,834			—
Net realized gain (loss)			(29,299,287)			51,141,547
Net change in unrealized appreciation (depreciation) on:
Investments			(86,261,579)			(31,751,024)
Affiliated underlying funds			(34,309,546)			—
Forward foreign currency contracts			5,910,378			—
Foreign currency related transactions			(17,693)			—
Futures			969,923			—
Swaps			(1,494,740)			—
Net change in unrealized appreciation (depreciation)			(115,203,257)			(31,751,024)
Net realized and unrealized gain (loss)			(144,502,544)			19,390,523
Increase (decrease) in net assets resulting from operations		$	(78,826,162)		$	20,132,476
* Foreign taxes withheld		$	27,198		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	Voya Balanced Portfolio						Voya Global Equity Portfolio
	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	4,566,402		$	8,573,681		$	9,229,067		$	12,037,939
Net realized gain			17,632,122			31,617,977			104,198,794			60,640,114
Net change in unrealized appreciation (depreciation)			(25,699,974)			18,239,196			(124,211,437)			76,872,082
Increase (decrease) in net assets resulting from operations			(3,501,450)			58,430,854			(10,783,576)			149,550,135
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			—			—			(289,533)			(370,586)
Class I			(8,875,345)			(10,867,103)			(3,232,174)			(3,602,681)
Class S			(60,076)			(87,514)			(8,152,829)			(10,272,423)
Class S2			—			—			(5,900)			(8,101)
Class T			—			—			(538,008)			(720,568)
Net realized gains:
Class I			(29,344,322)			—			—			—
Class S			(229,365)			—			—			—
Total distributions			(38,509,108)			(10,954,617)			(12,218,444)			(14,974,359)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			2,757,730			6,144,073			3,278,911			12,033,042
Reinvestment of distributions			38,509,108			10,954,617			12,218,444			14,974,359
			41,266,838			17,098,690			15,497,355			27,007,401
Cost of shares redeemed			(30,543,738)			(57,127,098)			(54,307,616)			(156,158,099)
Net increase (decrease) in net assets resulting from capital share transactions			10,723,100			(40,028,408)			(38,810,261)			(129,150,698)
Net increase (decrease) in net assets			(31,287,458)			7,447,829			(61,812,281)			5,425,078
NET ASSETS:
Beginning of year or period			428,562,268			421,114,439			703,251,885			697,826,807
End of year or period		$	397,274,810		$	428,562,268		$	641,439,604		$	703,251,885
Undistributed net investment income at end of year or period		$	4,728,183		$	9,097,202		$	9,178,871		$	12,168,248

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	2,732,864		$	2,683,133		$	26,147,229		$	51,914,349
Net realized gain			41,052			100,629			61,877,003			452,172,876
Net change in unrealized appreciation (depreciation)			—			—			(55,247,057)			136,328,667
Increase in net assets resulting from operations			2,773,916			2,783,762			32,777,175			640,415,892
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			—			—			—			(12,635,577)
Class I			(2,732,603)			(2,682,933)			—			(32,232,936)
Class S			(259)			(206)			—			(8,093,161)
Class S2			—			—			—			(5,539)
Net realized gains:
Class ADV			—			—			(33,789,533)			(113,484,388)
Class I			(40,507)			(100,617)			(63,593,396)			(208,205,233)
Class S			(4)			(12)			(18,623,347)			(62,538,322)
Class S2			—			—			(15,110)			(46,070)
Total distributions			(2,773,373)			(2,783,768)			(116,021,386)			(437,241,226)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			42,139,720			62,022,014			6,446,026			24,739,915
Reinvestment of distributions			2,773,373			2,783,764			115,961,158			436,956,279
			44,913,093			64,805,778			122,407,184			461,696,194
Cost of shares redeemed			(62,635,279)			(130,827,430)			(245,586,057)			(643,283,459)
Net decrease in net assets resulting from capital share transactions			(17,722,186)			(66,021,652)			(123,178,873)			(181,587,265)
Net increase (decrease) in net assets			(17,721,643)			(66,021,658)			(206,423,084)			21,587,401
NET ASSETS:
Beginning of year or period			438,635,509			504,657,167			3,473,321,129			3,451,733,728
End of year or period		$	420,913,866		$	438,635,509		$	3,266,898,045		$	3,473,321,129
Undistributed (distributions in excess of) net investment income or accumulated net investment loss at end of year or period		$	(139,828)		$	(139,830)		$	25,605,894		$	(541,335)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	65,676,382		$	125,405,123		$	741,953		$	3,115,702
Net realized gain (loss)			(29,299,287)			36,560,294			51,141,547			100,396,816
Net change in unrealized appreciation (depreciation)			(115,203,257)			38,246,665			(31,751,024)			(27,255,603)
Increase (decrease) in net assets resulting from operations			(78,826,162)			200,212,082			20,132,476			76,256,915
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(4,155,825)			(8,924,236)			(8,402)			—
Class I			(17,467,270)			(38,341,421)			(2,773,193)			(2,010,029)
Class R6			—			—			(35,887)			(14,076)
Class S			(37,540,507)			(85,370,560)			(236,012)			(160,821)
Class S2			(341,010)			(722,379)			—			—
Net realized gains:
Class ADV			—			—			(1,206,149)			(668,667)
Class I			—			—			(80,250,971)			(61,828,039)
Class R6			—			—			(1,038,514)			(433,121)
Class S			—			—			(15,732,018)			(13,406,040)
Total distributions			(59,504,612)			(133,358,596)			(101,281,146)			(78,520,793)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			77,934,363			125,803,650			27,113,204			109,590,170
Reinvestment of distributions			59,501,098			133,354,061			101,281,146			78,520,793
			137,435,461			259,157,711			128,394,350			188,110,963
Cost of shares redeemed			(272,700,757)			(682,116,403)			(116,930,813)			(143,931,177)
Net increase (decrease) in net assets resulting from capital share transactions			(135,265,296)			(422,958,692)			11,463,537			44,179,786
Net increase (decrease) in net assets			(273,596,070)			(356,105,206)			(69,685,133)			41,915,908
NET ASSETS:
Beginning of year or period			4,042,268,688			4,398,373,894			733,043,181			691,127,273
End of year or period		$	3,768,672,618		$	4,042,268,688		$	663,358,048		$	733,043,181
Undistributed (distributions in excess of) net investment income or accumulated net investment loss at end of year or period		$	4,800,337		$	(1,371,433)		$	753,529		$	3,065,070

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (Unaudited)

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
06-30-18		16.69		0.18•		(0.31)		(0.13)		0.36		1.20		—		1.56		—		15.00		(0.88)		0.67		0.67		0.67		2.21		394,148		100
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
12-31-14		14.01		0.31•		0.55		0.86		0.23		—		—		0.23		—		14.64		6.22		0.63		0.63		0.63		2.18		507,213		192
12-31-13		12.27		0.28•		1.74		2.02		0.28		—		—		0.28		—		14.01		16.71		0.64		0.64		0.64		2.13		538,114		210
Class S
06-30-18		16.59		0.16•		(0.31)		(0.15)		0.31		1.20		—		1.51		—		14.93		(1.00)		0.92		0.92		0.92		1.95		3,127		100
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
12-31-14		13.92		0.28•		0.55		0.83		0.20		—		—		0.20		—		14.55		5.99		0.88		0.88		0.88		1.94		4,797		192
12-31-13		12.20		0.24•		1.73		1.97		0.25		—		—		0.25		—		13.92		16.33		0.89		0.89		0.89		1.88		5,829		210
Voya Global Equity Portfolio
Class ADV
06-30-18		11.02		0.13•		(0.33)		(0.20)		0.17		—		—		0.17		—		10.65		(1.84)(a)		1.12		1.11		1.11		2.46		17,970		108
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
12-31-14		8.94		0.19		0.22		0.41		0.24		—		—		0.24		—		9.11		4.65		1.12		1.12		1.12		2.03		1,279		88
12-31-13		8.15		0.23•		0.85		1.08		0.29		—		—		0.29		—		8.94		13.46		1.27		1.28		1.28		2.70		1,312		122
Class I
06-30-18		11.13		0.16•		(0.33)		(0.17)		0.23		—		—		0.23		—		10.73		(1.57)(a)		0.62		0.61		0.61		2.96		150,095		108
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
06-30-18		11.12		0.15•		(0.34)		(0.19)		0.20		—		—		0.20		—		10.73		(1.75)(a)		0.87		0.86		0.86		2.70		436,698		108
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
12-31-14		9.03		0.21•		0.22		0.43		0.26		—		—		0.26		—		9.20		4.87		0.87		0.87		0.87		2.28		168,482		88
12-31-13		8.23		0.25•		0.85		1.10		0.30		—		—		0.30		—		9.03		13.63		1.02		1.03		1.03		2.96		179,327		122
Class S2
06-30-18		10.95		0.13•		(0.33)		(0.20)		0.18		—		—		0.18		—		10.57		(1.84)(a)		1.02		1.01		1.01		2.48		352		108
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 (Unaudited) (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
06-30-18		10.96		0.13•		(0.33)		(0.20)		0.16		—		—		0.16		—		10.60		(1.90)(a)		1.37		1.21		1.21		2.35		36,325		108
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
06-30-18		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.65		0.39		0.34		0.34		1.28		420,868		—
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		—
12-31-14		1.00		—		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.02		0.34		0.19		0.19		0.00		616,745		—
12-31-13		1.00		(0.00)*		0.00*		0.00*		—		0.00*		—		0.00*		—		1.00		0.02		0.34		0.23		0.23		0.00		768,521		—
Class S
06-30-18		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.57		0.64		0.49		0.49		1.14		46		—
12-31-17		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.46		0.64		0.49		0.49		0.39		44		—
12-31-16		1.00		0.00*		0.00*		0.00		0.00*		0.00*		—		0.00*		—		1.00		0.10		0.64		0.38		0.38		0.00*		82		—
12-31-15		1.00		(0.00)*		0.00*		0.00*		—		0.00*		—		0.00*		—		1.00		0.01		0.63		0.22		0.22		0.00		85		—
12-31-14		1.00		—		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.02		0.59		0.19		0.19		0.00		106		—
12-31-13		1.00		—		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.02		0.59		0.23		0.23		0.00		138		—
Voya Growth and Income Portfolio
Class ADV
06-30-18		28.94		0.18•		0.06		0.24		—		1.03		—		1.03		—		28.15		0.81		1.13		1.03		1.03		1.28		941,981		41
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
12-31-14		31.36		0.49•		2.77		3.26		0.52		3.82		—		4.34		—		30.28		10.19		1.08		1.03		1.03		1.49		1,348,687		87
12-31-13		24.31		0.22•		7.09		7.31		0.26		—		—		0.26		—		31.36		30.07		1.09		1.04		1.04		0.80		1,441,995		49
Class I
06-30-18		29.37		0.25•		0.06		0.31		—		1.03		—		1.03		—		28.65		1.04		0.63		0.58		0.58		1.73		1,803,710		41
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
12-31-14		31.67		0.64•		2.82		3.46		0.68		3.82		—		4.50		—		30.63		10.72		0.58		0.58		0.58		1.94		2,140,398		87
12-31-13		24.54		0.35•		7.17		7.52		0.39		—		—		0.39		—		31.67		30.66		0.59		0.59		0.59		1.25		2,182,314		49
Class S
06-30-18		28.97		0.21•		0.06		0.27		—		1.03		—		1.03		—		28.21		0.92		0.88		0.83		0.83		1.48		520,780		41
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
12-31-14		31.38		0.56•		2.78		3.34		0.59		3.82		—		4.41		—		30.31		10.44		0.83		0.83		0.83		1.70		794,327		87
12-31-13		24.32		0.28•		7.10		7.38		0.32		—		—		0.32		—		31.38		30.34		0.84		0.84		0.84		1.00		865,453		49

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (Unaudited) (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 Growth and Income Portfolio (continued)
Class S2
06-30-18		28.65		0.19•		0.05		0.24		—		1.03		—		1.03		—		27.86		0.82		1.03		0.98		0.98		1.33		426		41
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
12-31-14		31.05		0.54•		2.70		3.24		0.36		3.82		—		4.18		—		30.11		10.24		1.08		0.98		0.98		1.68		314		87
12-31-13		24.08		0.22		7.04		7.26		0.29		—		—		0.29		—		31.05		30.17		1.09		0.99		0.99		0.85		1,167		49
Voya Intermediate Bond Portfolio
Class ADV
06-30-18		12.73		0.19•		(0.46)		(0.27)		0.17		—		—		0.17		—		12.29		(2.12)		1.03		1.03		1.03		3.10		291,318		93
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
12-31-14		12.42		0.38•		0.39		0.77		0.38		—		—		0.38		—		12.81		6.21		0.97		0.97		0.97		2.97		191,895		428
12-31-13		12.88		0.39		(0.47)		(0.08)		0.38		—		—		0.38		—		12.42		(0.62)		0.99		0.99		0.99		3.05		37,058		389
Class I
06-30-18		12.86		0.22•		(0.46)		(0.24)		0.20		—		—		0.20		—		12.42		(1.84)		0.53		0.53		0.53		3.60		1,044,117		93
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
12-31-14		12.50		0.44		0.39		0.83		0.43		—		—		0.43		—		12.90		6.67		0.47		0.47		0.47		3.46		958,412		428
12-31-13		12.96		0.45		(0.47)		(0.02)		0.44		—		—		0.44		—		12.50		(0.12)		0.49		0.49		0.49		3.57		846,916		389
Class S
06-30-18		12.78		0.21•		(0.46)		(0.25)		0.19		—		—		0.19		—		12.34		(1.98)		0.78		0.78		0.78		3.35		2,410,628		93
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
12-31-14		12.43		0.42•		0.38		0.80		0.40		—		—		0.40		—		12.83		6.48		0.72		0.72		0.72		3.21		3,477,973		428
12-31-13		12.89		0.44		(0.49)		(0.05)		0.41		—		—		0.41		—		12.43		(0.38)		0.74		0.74		0.74		3.31		1,140,317		389
Class S2
06-30-18		12.73		0.20•		(0.46)		(0.26)		0.18		—		—		0.18		—		12.29		(2.07)		0.93		0.93		0.93		3.20		22,609		93
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
12-31-14		12.43		0.37•		0.40		0.77		0.41		—		—		0.41		—		12.79		6.17		0.97		0.87		0.87		2.87		5,281		428
12-31-13		12.92		0.44		(0.50)		(0.06)		0.43		—		—		0.43		—		12.43		(0.44)		0.99		0.89		0.89		3.45		1,505		389
Voya Small Company Portfolio
Class ADV
06-30-18		20.95		(0.03)		0.62		0.59		0.02		3.27		—		3.29		—		18.25		2.89		1.39		1.39		1.39		(0.23)		7,993		38
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
12-31-14		23.94		(0.03)		1.26		1.23		—		2.68		—		2.68		—		22.49		6.00		1.34		1.34		1.34		(0.18)		5,861		30
12-31-13		19.13		(0.02)		6.64		6.62		0.01		1.80		—		1.81		—		23.94		37.04		1.34		1.34		1.34		(0.13)		7,233		36

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (Unaudited) (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 I
06-30-18		22.01		0.04		0.63		0.67		0.11		3.27		—		3.38		—		19.30		3.13		0.89		0.89		0.89		0.25		542,587		38
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
12-31-14		24.63		0.08		1.31		1.39		0.09		2.68		—		2.77		—		23.25		6.54		0.84		0.84		0.84		0.33		520,298		30
12-31-13		19.63		0.08•		6.84		6.92		0.12		1.80		—		1.92		—		24.63		37.76		0.84		0.84		0.84		0.38		571,880		36
Class R6
06-30-18		22.01		0.03•		0.65		0.68		0.11		3.27		—		3.38		—		19.31		3.17		0.89		0.89		0.89		0.27		7,383		38
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
06-30-18		21.46		0.00*		0.63		0.63		0.05		3.27		—		3.32		—		18.77		2.99		1.14		1.14		1.14		0.01		105,395		38
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
12-31-14		24.24		0.02		1.28		1.30		0.02		2.68		—		2.70		—		22.84		6.26		1.09		1.09		1.09		0.08		115,635		30
12-31-13		19.35		0.03		6.72		6.75		0.06		1.80		—		1.86		—		24.24		37.37		1.09		1.09		1.09		0.12		126,746		36

(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 an Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by an 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 period ended June 30, 2018, Global Equity’s total return would have been (1.95)%, (1.68)%, (1.86)%, (1.95)% and (2.01)% for Class 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, Global Equity’s total return 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited)

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 nineteen 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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (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 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. The beginning of period timing recognition is used for the transfers between levels of the Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of

identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

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

(1)

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

(2)

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on 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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (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, market interest rates in the United States are at or near historic lows, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (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.

The U.S. government has enacted legislation that provides for new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union is (and other countries outside of the European Union are) implementing similar requirements, which will affect a Portfolio when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country’s derivatives regulations. Because these requirements are new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear. Central clearing is expected to reduce counterparty risk and increase liquidity, however, there is no assurance that it will achieve that result, and in the meantime, central clearing and related requirements expose a Portfolio to new kinds of costs and risks.

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 June 30, 2018, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $147,794 and $7,106,743, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts and forward premium swaptions were they to be unwound as of June 30, 2018. At June 30, 2018, Intermediate Bond had received $4,107,000 in cash collateral from counterparties for open OTC derivatives.

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 June 30, 2018 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

As of June 30, 2018, Balanced and Intermediate Bond had a liability position of $28,183 and $1,310,907, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2018, these Portfolios could have been required to pay these amounts in cash to their counterparties. The Portfolios did not pledge any cash collateral for OTC derivatives as of June 30, 2018.

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 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 period ended June 30, 2018, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	617,587		$	3,136,961
Intermediate Bond			20,560,369			107,213,121

The above Portfolios entered into forward foreign currency contracts to protect their non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables following each respective Portfolio of Investments for open forward foreign currency contracts at June 30, 2018.

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 following 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 period ended June 30, 2018, 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. Balanced and Global Equity entered into equity futures to “equitize” cash. 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 period ended June 30, 2018, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	49,074,408		$	12,978,716
Global Equity			26,567,800			—
Intermediate Bond			728,128,874			431,765,246

Please refer to the tables following each respective Portfolio of Investments for the above Portfolios’ open futures contracts at June 30, 2018.

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

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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 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 period ended June 30, 2018, Balanced and Intermediate Bond had purchased forward premium swaptions to manage duration and yield curve exposures. Please refer to the tables following the Portfolios of investments for open purchased forward premium swaptions at June 30, 2018.

Please refer to Note 11 for the volume of purchased option activity during the period ended June 30, 2018.

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. Prior to May 1, 2018, Global Equity declared and paid dividends, 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.

H. Federal Income Taxes. It is the policy of the Portfolios 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 their 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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being 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 following the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at June 30, 2018.

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). At June 30, 2018, Intermediate Bond had received $1,060,000 in cash collateral for open when-issued or delayed-delivery transactions.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 following 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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

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

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

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

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

For the period ended June 30, 2018, 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. Please refer to the tables following the Portfolio of Investments for Intermediate Bond for open credit default swaps to buy protection at June 30, 2018. Balanced did not have any open credit default swaps at June 30, 2018.

For the period ended June 30, 2018, Balanced had an average notional amount of $3,405,176 on credit default swaps to buy protection and an average notional amount of $4,954,000 on credit default swaps to sell protection. For the period ended June 30, 2018, Intermediate Bond had an average notional amount of $115,278,001 on credit default swaps to buy protection and an average notional amount of $148,890,000 on credit default swaps to sell protection.

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

For the period ended June 30, 2018, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on Long interest rate swaps were $7,500,000 and $532,351,333, respectively.

For the period ended June 30, 2018, 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 $13,999,000 and $629,325,667, 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 following each respective Portfolio of Investments for Balanced and Intermediate Bond for open interest rate swaps at June 30, 2018.

At June 30, 2018, Balanced and Intermediate Bond had pledged $242,000 and $4,566,000, respectively, in cash collateral for open centrally cleared swaps.

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 period ended June 30, 2018, 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		$	232,952,671		$	243,732,835
Global Equity			706,262,250			720,941,946
Growth and Income			1,371,155,508			1,541,515,483
Intermediate Bond			642,199,211			635,408,113
Small Company			262,130,969			347,866,187

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

	Purchases			Sales
Balanced		$	160,544,228		$	157,672,499
Intermediate Bond			3,212,924,212			3,138,625,381

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 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

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NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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. For Government Money Market, the Distributor agreed to waive 0.10% of average daily net assets attributable to distribution fees for Class S shares, so that the actual fee paid by Class S shares of Government Money Market is an annual rate of 0.15%. Termination or modification of this obligation requires approval by the Board.

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. For the period ended June 30, 2018, there were no waivers 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 June 30, 2018, amounts of waived fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

	June 30,
	2019			2020			2021			Total
Government Money Market		$	302,589		$	—		$	—		$	302,589

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

For the period ended June 30, 2018, Global Equity incurred $62,000 of costs associated with the transition to the Portfolio’s principal investment strategies, portfolio managers, dividend distribution frequency and expense limits. The Investment Adviser reimbursed the Portfolio for these costs.

For the period ended June 30, 2018, the Investment Adviser made a payment of $730,351 to reimburse Global Equity for trading costs and other transition related costs associated with the changes to the Portfolio’s principal investment strategies. Of the $730,351 payment, $240,021 was recorded as Net Realized Gain (Loss) on Investments in the accompanying Statement of Operations, $271,165 was recorded as Net Realized Gain (Loss) on Futures in the accompanying Statement of Operations and $219,165 was recorded against the cost basis of the securities purchased.

At June 30, 2018, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment company owned more than 5% of the following Portfolios:

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

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
Voya Institutional Trust Company	Government Money Market		7.86%
	Intermediate Bond		9.54
	Small Company		9.64
Voya Insurance and Annuity Company	Global Equity		66.57
	Growth and Income		41.28
	Intermediate Bond		60.53
	Small Company		13.36
Voya Retirement Insurance and Annuity Company	Balanced		88.01
	Global Equity		21.55
	Government Money Market		89.56
	Growth and Income		52.14
	Intermediate Bond		25.05
	Small Company		52.79
Voya Solution Moderately Aggressive Portfolio	Small Company		5.90

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

Effective January 1, 2018, S&P Opco, LLC receives an annual licensing fee from Balanced.

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At June 30, 2018, the below Portfolio had the following payable included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:

Portfolio	Accrued Expense	Amount
Government Money Market	Custody		$	19,083
	Postage			21,717

NOTE 9 — 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, 2019, 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)					1.10%						0.60%						0.85%						1.00%						1.20%

(1)

Prior to May 1, 2018, the side letter agreement expense limits were 1.11%, 0.61%, 0.86%, 1.01%, and 1.21% for Class ADV, Class I, Class S, Class S2 and Class T, respectively.

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (continued)

NOTE 9 — EXPENSE LIMITATION
AGREEMENTS (continued)

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 June 30, 2018, 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 Agreements are contractual through May 1, 2019 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

NOTE 10 — LINE OF CREDIT

Effective May 18, 2018, 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 17, 2019. 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 18, 2018, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% through May 18, 2018.

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

The following Portfolios utilized the line of credit during the period ended June 30, 2018 and Global Equity had an outstanding balance of $817,000 at June 30, 2018:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Global Equity		1		$	817,000		2.91%
Intermediate Bond		2			3,477,500		2.57
Small Company		7			29,038,857		2.70

NOTE 11 — PURCHASED AND WRITTEN OPTIONS

Transactions in purchased forward premium swaptions for Balanced during the period ended June 30, 2018 were as follows:

	USD Notional		Cost Payable
Balance at 12/31/2017		—		$	—
Options Purchased		12,900,000			—
Balance at 6/30/2018		12,900,000		$	—

Transactions in purchased forward premium swaptions for Intermediate Bond during the period ended June 30, 2018 were as follows:

	USD Notional		Cost Payable
Balance at 12/31/2017		—		$	—
Options Purchased		528,060,000			—
Balance at 6/30/2018		528,060,000		$	—

NOTE 12 — 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
6/30/2018		166,849		—		2,512,798		(1,867,535)		812,112		2,746,118		—		38,219,666		(30,133,866)		10,831,918
12/31/2017		353,588		—		703,828		(3,536,426)		(2,479,010)		5,551,153		—		10,867,103		(55,854,629)		(39,436,373)
Class S
6/30/2018		713		—		19,105		(25,002)		(5,184)		11,612		—		289,442		(409,872)		(108,818)
12/31/2017		37,660		—		5,694		(80,542)		(37,188)		592,920		—		87,514		(1,272,469)		(592,035)
Global Equity
Class ADV
6/30/2018		28,146		—		26,563		(146,453)		(91,744)		302,904		—		289,533		(1,618,550)		(1,026,113)
12/31/2017		29,397		—		37,245		(468,169)		(401,527)		297,921		—		370,586		(4,706,714)		(4,038,207)
Class I
6/30/2018		102,099		—		294,638		(1,028,197)		(631,460)		1,141,357		—		3,232,174		(11,420,481)		(7,046,950)
12/31/2017		357,173		—		359,549		(2,472,669)		(1,755,947)		3,746,460		—		3,602,681		(25,164,373)		(17,815,232)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Global Equity (continued)
Class S
6/30/2018		73,103		—		742,516		(3,382,795)		(2,567,176)		822,917		—		8,152,829		(37,702,479)		(28,726,733)
12/31/2017		199,757		—		1,025,192		(10,754,683)		(9,529,734)		2,061,825		—		10,272,423		(109,818,624)		(97,484,376)
Class S2
6/30/2018		2,205		—		545		(7,968)		(5,218)		24,110		—		5,900		(86,515)		(56,505)
12/31/2017		13,872		—		820		(6,846)		7,846		138,857		—		8,101		(71,875)		75,083
Class T
6/30/2018		87,208		—		49,586		(318,314)		(181,520)		987,623		—		538,008		(3,479,591)		(1,953,960)
12/31/2017		574,000		—		72,785		(1,593,219)		(946,434)		5,787,979		—		720,568		(16,396,513)		(9,887,966)
Government Money Market
Class I
6/30/2018		42,137,468		—		2,773,111		(62,634,884)		(17,724,305)		42,137,470		—		2,773,109		(62,634,884)		(17,724,305)
12/31/2017		62,019,236		—		2,783,547		(130,786,097)		(65,983,314)		62,019,235		—		2,783,547		(130,786,097)		(65,983,315)
Class S
6/30/2018		2,250		—		264		(396)		2,118		2,250		—		264		(395)		2,119
12/31/2017		2,779		—		217		(41,333)		(38,337)		2,779		—		217		(41,333)		(38,337)
Growth and Income
Class ADV
6/30/2018		25,365		—		1,199,061		(2,660,193)		(1,435,767)		737,044		—		33,789,533		(77,049,176)		(42,522,599)
12/31/2017		481,140		—		4,332,463		(8,613,013)		(3,799,410)		14,112,733		—		126,119,965		(259,034,403)		(118,801,705)
Class I
6/30/2018		147,965		—		2,217,563		(4,323,478)		(1,957,950)		4,292,915		—		63,533,168		(126,781,492)		(58,955,409)
12/31/2017		228,779		—		8,130,779		(7,269,067)		1,090,491		6,919,575		—		240,153,222		(221,389,322)		25,683,475
Class S
6/30/2018		48,503		—		659,934		(1,443,933)		(735,496)		1,403,983		—		18,623,347		(41,753,913)		(21,726,583)
12/31/2017		122,006		—		2,424,491		(5,427,934)		(2,881,437)		3,672,422		—		70,631,484		(162,795,310)		(88,491,404)
Class S2
6/30/2018		415		—		542		(51)		906		12,084		—		15,110		(1,476)		25,718
12/31/2017		1,188		—		1,791		(2,165)		814		35,185		—		51,608		(64,424)		22,369
Intermediate Bond
Class ADV
6/30/2018		526,066		—		334,923		(1,618,101)		(757,112)		6,607,475		—		4,155,826		(20,080,577)		(9,317,276)
12/31/2017		1,674,254		—		702,761		(2,769,383)		(392,368)		21,223,587		—		8,924,427		(35,130,726)		(4,982,712)
Class I
6/30/2018		2,610,811		—		1,392,310		(6,840,528)		(2,837,407)		32,792,249		—		17,463,754		(85,895,646)		(35,639,643)
12/31/2017		4,701,599		—		2,987,122		(13,551,357)		(5,862,636)		60,254,318		—		38,334,258		(173,617,322)		(75,028,746)
Class S
6/30/2018		2,882,634		—		3,013,224		(13,022,829)		(7,126,971)		36,545,803		—		37,540,507		(162,208,803)		(88,122,493)
12/31/2017		3,026,066		—		6,697,190		(36,721,454)		(26,998,198)		38,383,965		—		85,372,981		(467,195,239)		(343,438,293)
Class S2
6/30/2018		159,717		—		27,476		(362,767)		(175,574)		1,988,836		—		341,011		(4,515,731)		(2,185,884)
12/31/2017		467,281		—		56,884		(487,591)		36,574		5,941,780		—		722,395		(6,173,116)		491,059
Small Company
Class ADV
6/30/2018		39,459		—		66,733		(41,381)		64,811		800,510		—		1,214,551		(851,730)		1,163,331
12/31/2017		138,528		—		34,027		(104,357)		68,198		2,828,764		—		668,667		(2,179,147)		1,318,284
Class I
6/30/2018		1,069,101		—		4,317,429		(4,865,568)		520,962		22,345,903		—		83,024,164		(103,493,720)		1,876,347
12/31/2017		4,271,152		—		3,103,347		(4,422,213)		2,952,286		94,005,567		—		63,838,068		(94,507,724)		63,335,911
Class R6
6/30/2018		61,477		—		55,842		(19,884)		97,435		1,314,409		—		1,074,401		(437,658)		1,951,152
12/31/2017		213,873		—		21,729		(72,342)		163,260		4,622,329		—		447,197		(1,549,998)		3,519,528
Class S
6/30/2018		133,340		—		853,449		(578,815)		407,974		2,652,382		—		15,968,030		(12,147,705)		6,472,707
12/31/2017		376,316		—		675,283		(2,170,701)		(1,119,102)		8,133,510		—		13,566,861		(45,694,308)		(23,993,937)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (continued)

NOTE 13 — 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 provided that the cash collateral is invested solely in overnight repurchase agreements.

The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the U.S. Treasury; U.S. government or any agency, instrumentality or authority of the U.S. government. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Securities Lending Collateral.

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 June 30, 2018:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	42,986		$	(42,986)		$	—
Barclays Capital Inc.			40,870			(40,870)			—
Goldman, Sachs & Co. LLC			126,417			(126,417)			—
MUFG Securities Americas Inc.			38,034			(38,034)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Merrill Lynch, Pierce, Fenner & Smith Inc.			1,293,997			(1,293,997)			—
Morgan Stanley & Co. LLC			898,839			(898,839)			—
Scotia Capital (USA) INC			9,593			(9,593)			—
Societe Generale			190,770			(190,770)			—
UBS Securities LLC.			9,697			(9,697)			—
Credit Suisse AG			103,237			(103,237)			—
Cantor Fitzgerald & Co			106,765			(106,765)			—
Credit Suisse Securities (USA) LLC			199,753			(199,753)			—
Goldman, Sachs & Co. LLC			103,320			(103,320)			—
J.P. Morgan Securities LLC			19,911			(19,911)			—
Janney Montgomery Scott LLC			38,263			(38,263)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			130,509			(130,509)			—
RBC Dominion Securities Inc			37,218			(37,218)			—
SG Americas Securities, LLC			140,042			(140,042)			—
UBS Securities LLC.			94,361			(94,361)			—
Wells Fargo Securities LLC			92,072			(92,072)			—
J.P. Morgan Securities LLC			1,256,623			(1,256,623)			—
Credit Suisse Securities (Europe) Limited			26,006			(26,006)			—
Credit Suisse Securities (USA) LLC			21			(21)			—
Goldman, Sachs & Co. LLC			9,165			(9,165)			—
Societe Generale			366,479			(366,479)			—
Credit Suisse Securities (USA) LLC			68,932			(68,932)			—
Total		$	5,443,880		$	(5,443,880)		$	—

(1)

Collateral with a fair value of $5,640,811 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
Cowen Excecution Serices LLC		$	3,304,270		$	(3,304,270)		$	—
Citigroup Global Markets Limited			3,081,901			(3,081,901)			—
Merrill Lynch International			1,517,882			(1,517,882)			—
Nomura Securities International, Inc.			4,209,017			(4,209,017)			—
Scotia Capital (USA) INC			119,332			(119,332)			—
Total		$	12,232,402		$	(12,232,402)		$	—

(1)

Collateral with a fair value of $15,198,305 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
BMO Capital Markets Corp		$	8,758,302		$	(8,758,302)		$	—
Goldman, Sachs & Co. LLC			9,298,718			(9,298,718)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (continued)

NOTE 13 — SECURITIES LENDING (continued)

Growth and Income (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Industrial And Commercial Bank Of China			765,306			(765,306)			—
J.P. Morgan Securities LLC			32,235,939			(32,235,939)			—
Total		$	51,058,265		$	(51,058,265)		$	—

(1)

Collateral with a fair value of $52,489,046 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 Total		$	97,696		$	(97,696)		$	—
Barclays Capital Inc. Total			5,249,223			(5,249,223)			—
Goldman, Sachs & Co. LLC Total			5,835,262			(5,835,262)			—
MUFG Securities Americas Inc. Total			1,892,794			(1,892,794)			—
Merrill Lynch, Pierce, Fenner & Smith Inc. Total			34,574,687			(34,574,687)			—
Morgan Stanley & Co. LLC Total			52,354,614			(52,354,614)			—
Total		$	100,004,276		$	(100,004,276)		$	—

(1)

Collateral with a fair value of $102,240,974 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.		$	1,117		$	(1,117)		$	—
Credit Suisse AG			6,240,884			(6,240,884)			—
Citadel Clearing LLC			1,392,845			(1,392,845)			—
Citigroup Global Markets Inc.			1,937,449			(1,937,449)			—
Deutsche Bank Securities Inc.			4,034,732			(4,034,732)			—
Goldman, Sachs & Co. LLC			3,638,249			(3,638,249)			—
Industrial And Commercial Bank Of China			4,842			(4,842)			—
J.P. Morgan Securities LLC			1,103,251			(1,103,251)			—
MUFG Securities Americas Inc.			221,184			(221,184)			—
Mizuho Securities USA LLC.			170,159			(170,159)			—
Morgan Stanley & Co. LLC			2,139,731			(2,139,731)			—
National Bank of Canada Financial Inc			701,547			(701,547)			—
National Financial Services LLC			423,300			(423,300)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Natixis Securities America LLC			801,143			(801,143)			—
Nomura Securities International, Inc.			578			(578)			—
RBC Dominion Securities Inc			1,798,034			(1,798,034)			—
SG Americas Securities, LLC			871,930			(871,930)			—
Scotia Capital (USA) INC			794,724			(794,724)			—
TD Prime Services LLC			882,687			(882,687)			—
UBS AG			3,858,270			(3,858,270)			—
Wells Fargo Securities LLC			7,700			(7,700)			—
Total		$	31,024,356		$	(31,024,356)		$	—

(1)

Collateral with a fair value of $31,814,506 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 14 — 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), wash sale deferrals and the expiration of capital loss carryforwards. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

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

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain
Balanced		$	17,574,925		$	20,934,183		$	10,954,617		$	—
Global Equity			12,218,444			—			14,974,359			—
Government Money Market			2,773,373			—			2,783,768			—
Growth and Income			33,312,064			82,709,322			139,807,817			297,433,409
Intermediate Bond			59,504,612			—			133,358,596			—
Small Company			17,759,580			83,521,566			9,980,023			68,540,770

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2018 (Unaudited) (continued)

NOTE 14 — 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, 2017 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios’ pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Post-October Capital Losses Deferred			Unrealized Appreciation/ (Depreciation)			Short-term Capital Loss Carryforwards			Expiration
Balanced		$	17,978,572		$	20,943,993		$	—		$	—		$	31,806,103		$	—		—
Global Equity			12,209,078			—			—			—			116,250,803			(6,695,973)		2018
																		(60,150,156)		None
																	$	(66,846,129)*
Government Money Market			3,212			—			—			—			—			—		—
Growth and Income			33,172,457			82,706,960			—			—			703,747,125			—		—
Intermediate Bond			—			—			(554,617)			(4,181,821)			36,216,520			—		—
Small Company			17,757,318			83,519,576			—			—			93,443,368			—		—

Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. Amounts and years of expiration may be adjusted to reflect future gain/loss activity to comply with the limitation rules.

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

As of June 30, 2018, 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. The earliest tax year remains subject to examination by these jurisdictions is 2013.

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2018, the following Portfolios declared dividends from net investment income of:

	Per Share Amount	Payable Date	Record Date
Government Money Market
Class I	$0.0014	August 1, 2018	Daily
Class S	$0.0012	August 1, 2018	Daily
Intermediate Bond
Class ADV	$0.0289	August 1, 2018	Daily

	Per Share Amount	Payable Date	Record Date
Class I	$0.0345	August 1, 2018	Daily
Class S	$0.0317	August 1, 2018	Daily
Class S2	$0.0299	August 1, 2018	Daily

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

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited)


	Investment Type Allocation as of June 30, 2018 (as a percentage of net assets)

	Common Stock			43.4%
	Exchange-Traded Funds			19.8%
	Mutual Funds			8.8%
	Corporate Bonds/Notes			7.7%
	U.S. Government Agency Obligations			4.7%
	U.S. Treasury Obligations			3.6%
	Collateralized Mortgage Obligations			3.5%
	Asset-Backed Securities			2.8%
	Commercial Mortgage-Backed Securities			1.3%
	Foreign Government Bonds			0.8%
	Preferred Stock			0.1%
	Rights			0.0%
	Assets in Excess of Other Liabilities*			3.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Shares				Value			Percentage of Net Assets
COMMON STOCK: 43.4%
			Consumer Discretionary: 4.3%
	888 (1)		Amazon.com, Inc.		$	1,509,423		0.4
	40,920		Comcast Corp. - Class A			1,342,585		0.3
	9,873		Home Depot, Inc.			1,926,222		0.5
	434,166	(2)(3)	Other Securities			12,281,240		3.1
						17,059,470		4.3
			Consumer Staples: 3.2%
	13,687		PepsiCo, Inc.			1,490,104		0.4
	14,937		Philip Morris International, Inc.			1,206,013		0.3
	21,837		Procter & Gamble Co.			1,704,596		0.4
	15,390		Walmart, Inc.			1,318,154		0.3
	180,500 (4)		WH Group Ltd.			146,058		0.0
	193,709	(2)(3)	Other Securities			6,928,403		1.8
						12,793,328		3.2
			Energy: 2.6%
	12,969		Anadarko Petroleum Corp.			949,979		0.2
	14,868		Chevron Corp.			1,879,761		0.5
	17,361		Royal Dutch Shell PLC - Class A ADR			1,201,902		0.3
	9,006		Valero Energy Corp.			998,135		0.3
	171,565	(2)(3)	Other Securities			5,170,841		1.3
						10,200,618		2.6

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: 6.8%
	69,545		Bank of America Corp.		$	1,960,474		0.5
	19,899		JPMorgan Chase & Co.			2,073,476		0.5
	20,238		Morgan Stanley			959,281		0.3
	5,125		S&P Global, Inc.			1,044,936		0.3
	1,315,999	(2)(3)	Other Securities			20,818,491		5.2
						26,856,658		6.8
			Health Care: 5.7%
	6,507		Amgen, Inc.			1,201,127		0.3
	5,576		Cigna Corp.			947,641		0.2
	12,985 (1)		Express Scripts Holding Co.			1,002,572		0.3
	18,491		Johnson & Johnson			2,243,698		0.6
	16,596		Merck & Co., Inc.			1,007,377		0.3
	48,797		Pfizer, Inc.			1,770,355		0.4
	7,633		UnitedHealth Group, Inc.			1,872,680		0.5
	172,058	(2)(3)	Other Securities			12,376,390		3.1
						22,421,840		5.7
			Industrials: 5.3%
	4,909		Boeing Co.			1,647,019		0.4
	7,587		Honeywell International, Inc.			1,092,907		0.3
	11,161		Ingersoll-Rand PLC - Class A			1,001,476		0.2
	950,862 (3)		Other Securities			17,425,227		4.4
						21,166,629		5.3
			Information Technology: 9.8%
	5,552 (1)		Adobe Systems, Inc.			1,353,633		0.3
	2,216 (1)		Alphabet, Inc. - Class A			2,502,285		0.6
	21,133		Apple, Inc.			3,911,930		1.0
	22,795 (1)		Cadence Design Systems, Inc.			987,251		0.3
	41,116		Cisco Systems, Inc.			1,769,222		0.4
	15,409 (1)		Facebook, Inc. - Class A			2,994,277		0.8
	16,766 (1)		Fortinet, Inc.			1,046,701		0.3
	45,286		Microsoft Corp.			4,465,652		1.1
	8,161		Motorola Solutions, Inc.			949,696		0.2
	30,387		Oracle Corp.			1,338,851		0.3
	26,419		Teradyne, Inc.			1,005,771		0.3
	12,224		Texas Instruments, Inc.			1,347,696		0.3
	334,888 (3)		Other Securities			15,392,078		3.9
						39,065,043		9.8
			Materials: 1.9%
	3,892 (4)		Covestro AG			345,935		0.1
	257,848	(2)(3)	Other Securities			7,160,679		1.8
						7,506,614		1.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Real Estate: 1.7%
	7,601		American Tower Corp.		$	1,095,836		0.3
	742,700	(2)(3)	Other Securities			5,585,749		1.4
						6,681,585		1.7
			Telecommunication Services: 0.6%
	128,069		Other Securities			2,480,326		0.6
			Utilities: 1.5%
	6,962		NextEra Energy, Inc.			1,162,863		0.3
	244,726		Other Securities			4,938,447		1.2
						6,101,310		1.5
			Total Common Stock (Cost $161,554,219)			172,333,421		43.4
EXCHANGE-TRADED FUNDS: 19.8%
	347,445		Invesco Senior Loan ETF			7,956,490		2.0
	94,694		iShares 1-3 Year Treasury Bond ETF			7,894,639		2.0
	18,607		iShares MSCI EAFE Index Fund			1,246,111		0.3
	647,409 (5)		iShares MSCI Emerging Markets ETF			28,052,232		7.0
	146,461		iShares Russell 1000 Value ETF			17,777,436		4.5
	43,416		iShares S&P 500 Index Fund			11,854,739		3.0
	50,277		SPDR Dow Jones International Real Estate ETF			1,967,842		0.5
	25,501		Vanguard Real Estate Index ETF			2,077,056		0.5
			Total Exchange-Traded Funds (Cost $78,602,720)			78,826,545		19.8
MUTUAL FUNDS: 8.8%
			Affiliated Investment Companies: 7.4%
	191,117		Voya Emerging Markets Local Currency Debt Fund - Class P			1,347,376		0.4
	1,218,456		Voya Floating Rate Fund Class P			11,940,867		3.0
	2,039,347		Voya High Yield Bond Fund - Class P			15,988,483		4.0
						29,276,726		7.4
			Unaffiliated Investment Companies : 1.4%
	1,172,183		Credit Suisse Commodity Return Strategy Fund - Class I			5,837,469		1.4
			Total Mutual Funds (Cost $35,905,091)			35,114,195		8.8

Shares			Value			Percentage of Net Assets
PREFERRED STOCK: 0.1%
		Consumer Discretionary: 0.1%
	20,113	Other Securities		$	261,050		0.1
		Utilities: 0.0%
	1,956 (3)	Other Securities			45,829		0.0
		Total Preferred Stock (Cost $381,964)			306,879		0.1
RIGHTS: 0.0%
		Financials: —%
	130,246 (3)	Other Securities			—		—
		Energy: 0.0%
	19,839 (3)	Other Securities			11,262		0.0
		Industrials: 0.0%
	8,530 (3)	Other Securities			8,786		0.0
		Total Rights (Cost $20,486)			20,048		0.0

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 7.7%
			Basic Materials: 0.2%
	80,000 (4)		Georgia-Pacific LLC, 2.539%, 11/15/2019		79,501		0.0
	605,000		Other Securities		596,882		0.2
					676,383		0.2
			Communications: 0.9%
	113,000 (4)		AT&T, Inc., 4.300%, 02/15/2030		107,082		0.0
	75,000 (4)		AT&T, Inc., 5.150%, 11/15/2046		70,859		0.0
	130,000 (4)		AT&T, Inc., 5.150%, 02/15/2050		121,663		0.1
	65,000 (4)		CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 05/01/2027		60,856		0.0
	70,000 (4)		CommScope Technologies LLC, 5.000%, 03/15/2027		66,062		0.0
	120,000 (4)		NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199		121,500		0.0
	65,000	(4)(5)	Sinclair Television Group, Inc., 5.125%, 02/15/2027		60,125		0.0
	45,000 (4)		Sirius XM Radio, Inc., 5.000%, 08/01/2027		42,188		0.0
	200,000 (4)		Tencent Holdings Ltd., 2.985%, 01/19/2023		194,518		0.1
	180,000 (4)		Verizon Communications, Inc., 4.329%, 09/21/2028		178,758		0.0
	2,670,000 (2)		Other Securities		2,580,871		0.7
					3,604,482		0.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		Consumer, Cyclical: 0.8%
	70,000 (4)	1011778 BC ULC/New Red Finance, Inc., 5.000%, 10/15/2025		$	66,584		0.0
	90,000 (4)	BMW US Capital LLC, 3.450%, 04/12/2023			89,084		0.0
	17,000 (4)	British Airways 2018-1 Class A Pass Through Trust, 4.125%, 03/20/2033			16,818		0.0
	60,000 (4)	Caesars Resort Collection LLC/CRC Finco, Inc., 5.250%, 10/15/2025			56,925		0.0
	150,000 (4)	Daimler Finance North America LLC, 2.300%, 02/12/2021			145,749		0.1
	45,000 (4)	Dana Financing Luxembourg Sarl, 6.500%, 06/01/2026			45,787		0.0
	65,000 (4)	Hilton Domestic Operating Co., Inc., 5.125%, 05/01/2026			64,188		0.0
	100,000 (4)	Nissan Motor Acceptance Corp., 2.600%, 09/28/2022			96,059		0.0
	65,000 (4)	Six Flags Entertainment Corp., 5.500%, 04/15/2027			63,275		0.0
	65,000 (4)	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 03/01/2025			64,025		0.0
	150,000 (4)	ZF North America Capital, Inc., 4.000%, 04/29/2020			151,145		0.1
	2,340,290 (2)	Other Securities			2,268,730		0.6
					3,128,369		0.8
		Consumer, Non-cyclical: 1.0%
	140,000	Amgen, Inc., 2.125%-3.200%, 05/01/ 2020-11/02/2027			134,043		0.0
	80,000 (4)	BAT Capital Corp., 3.222%, 08/15/2024			75,850		0.0
	90,000 (4)	BAT International Finance PLC, 2.750%, 06/15/2020			89,057		0.1
	70,000 (4)	Brink’s Co/The, 4.625%, 10/15/2027			64,925		0.0
	65,000 (4)	JBS USA LUX SA/JBS USA Finance, Inc., 5.750%, 06/15/2025			60,775		0.0
	70,000 (4)	Keurig Dr Pepper, Inc., 4.057%, 05/25/2023			70,338		0.0
	51,000 (4)	Keurig Dr Pepper, Inc., 4.417%, 05/25/2025			51,319		0.0
	90,000 (4)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			91,832		0.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical (continued)
	37,000		Philip Morris International, Inc., 4.250%, 11/10/2044		$	35,109		0.0
	70,000 (4)		Post Holdings, Inc., 5.000%, 08/15/2026			65,450		0.0
	67,000 (4)		Wm Wrigley Jr Co., 2.400%, 10/21/2018			66,956		0.0
	3,388,000 (2)		Other Securities			3,325,537		0.9
						4,131,191		1.0
			Energy: 1.0%
	40,000 (4)		Hess Infrastructure Partners L.P./Hess Infrastructure Partners Finance Corp., 5.625%, 02/15/2026			40,100		0.0
	50,000	(4)(5)	Jonah Energy LLC/Jonah Energy Finance Corp., 7.250%, 10/15/2025			40,625		0.0
	200,000 (4)		KazMunayGas National Co. JSC, 4.750%, 04/24/2025			200,550		0.1
	200,000 (4)		Petroleos del Peru SA, 4.750%, 06/19/2032			191,900		0.0
	65,000 (4)		Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.500%, 01/15/2028			64,350		0.0
	3,588,000		Other Securities			3,517,969		0.9
						4,055,494		1.0
			Financial: 2.3%
	200,000 (4)		BNP Paribas SA, 3.500%, 03/01/2023			195,084		0.1
	200,000	(4)(6)	BNP Paribas SA, 4.375%, 03/01/2033			187,816		0.0
	338,000 (6)		Citigroup, Inc., 2.876%-5.500%, 07/24/2023-07/25/2028			332,254		0.1
	250,000 (4)		Credit Agricole SA/London, 2.375%, 07/01/2021			241,909		0.1
	77,000		Credit Suisse Group Funding Guernsey Ltd., 3.800%, 09/15/2022			76,713		0.0
	65,000 (4)		ESH Hospitality, Inc., 5.250%, 05/01/2025			62,887		0.0
	90,000 (4)		Fairfax Financial Holdings Ltd., 4.850%, 04/17/2028			89,346		0.0
	81,000 (4)		Guardian Life Insurance Co. of America/The, 4.850%, 01/24/2077			79,108		0.0
	200,000 (4)		ING Bank NV, 2.000%, 11/26/2018			199,486		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	181,000 (4)		International Lease Finance Corp., 7.125%, 09/01/2018		$	182,188		0.0
	534,000 (6)		JPMorgan Chase & Co., 2.550%-4.032%, 10/29/2020-07/24/2048			512,656		0.1
	180,000	(4)(6)	Macquarie Group Ltd, 3.189%, 11/28/2023			172,036		0.0
	200,000 (4)		Mizuho Financial Group, Inc., 2.632%, 04/12/2021			195,341		0.0
	314,000 (6)		Morgan Stanley, 2.750%-4.457%, 05/19/2022-04/22/2039			306,799		0.1
	200,000 (4)		Nationwide Building Society, 2.350%, 01/21/2020			197,445		0.1
	110,000 (4)		New York Life Global Funding, 3.000%, 01/10/2028			103,265		0.0
	70,000 (4)		Quicken Loans, Inc., 5.250%, 01/15/2028			64,824		0.0
	200,000 (4)		Societe Generale SA, 2.625%, 09/16/2020			196,815		0.1
	400,000	(4)(6)	Standard Chartered PLC, 3.885%, 03/15/2024			393,048		0.1
	110,000 (4)		Suncorp-Metway Ltd, 2.375%, 11/09/2020			107,405		0.0
	200,000 (4)		UBS AG/London, 2.450%, 12/01/2020			195,753		0.1
	5,209,000		Other Securities			5,147,548		1.3
						9,239,726		2.3
			Industrial: 0.3%
	70,000 (4)		Novelis Corp., 5.875%, 09/30/2026			67,200		0.0
	25,000 (4)		Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023			25,375		0.0
	70,000 (4)		Standard Industries, Inc./NJ, 5.000%, 02/15/2027			65,450		0.0
	1,208,000		Other Securities			1,178,062		0.3
						1,336,087		0.3
			Technology: 0.5%
	628,000		Apple, Inc., 2.000%-3.750%, 11/13/2020-11/13/2047			601,399		0.2
	49,000 (4)		Dell International LLC/EMC Corp., 4.420%, 06/15/2021			49,729		0.0
	182,000 (4)		Dell International LLC/EMC Corp., 5.450%, 06/15/2023			190,542		0.1
	90,000 (4)		Dell International LLC/EMC Corp., 6.020%, 06/15/2026			94,760		0.0

Principal Amount†			Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		Technology (continued)
	60,000 (4)	First Data Corp., 5.750%, 01/15/2024		$	60,186		0.0
	898,000	Other Securities			884,271		0.2
					1,880,887		0.5
		Utilities: 0.7%
	75,000 (4)	American Transmission Systems, Inc., 5.000%, 09/01/2044			82,531		0.0
	70,000 (4)	Calpine Corp., 5.250%, 06/01/2026			66,238		0.0
	39,000 (4)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			37,046		0.0
	200,000 (4)	Enel Finance International NV, 3.500%, 04/06/2028			180,004		0.1
	97,000 (4)	Jersey Central Power & Light Co., 4.300%, 01/15/ 2026			98,265		0.0
	2,173,000 (2)	Other Securities			2,132,077		0.6
					2,596,161		0.7
		Total Corporate Bonds/Notes (Cost $31,541,196)			30,648,780		7.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.5%
	90,601	Alternative Loan Trust 2004-J7 MI, 3.111%, (US0001M + 1.020%), 10/25/2034			81,893		0.0
	96,586	Alternative Loan Trust 2005-10CB 1A1, 2.591%, (US0001M + 0.500%), 05/25/2035			86,147		0.0
	77,522	Alternative Loan Trust 2005-51 3A2A, 2.848%, (12MTA + 1.290%), 11/20/2035			75,133		0.0
	154,431	Alternative Loan Trust 2005-J2 1A12, 2.491%, (US0001M + 0.400%), 04/25/2035			136,740		0.1
	143,250	Alternative Loan Trust 2006-19CB A12, 2.491%, (US0001M + 0.400%), 08/25/2036			104,681		0.0
	115,021	Alternative Loan Trust 2006-HY11 A1, 2.211%, (US0001M + 0.120%), 06/25/2036			107,853		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	38,840		Alternative Loan Trust 2007-23CB A3, 2.591%, (US0001M + 0.500%), 09/25/2037		$	26,757		0.0
	189,979		Alternative Loan Trust 2007-2CB 2A1, 2.691%, (US0001M + 0.600%), 03/25/2037			132,758		0.1
	97,065		Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 2.281%, (US0001M + 0.190%), 01/25/2037			92,089		0.0
	16,725 (4)		Bellemeade Re Ltd. 2015-1A M2, 6.391%, (US0001M + 4.300%), 07/25/2025			16,962		0.0
	142,145 (6)		Citigroup Mortgage Loan Trust 2006-AR2 1A1, 3.901%, 03/25/2036			133,457		0.1
	77,041 (6)		Citigroup Mortgage Loan Trust 2007-10 22AA, 3.712%, 09/25/2037			74,631		0.0
	100,000	(4)(6)	COLT 2018-1 M1 Mortgage Loan Trust, 3.661%, 02/25/2048			99,308		0.0
	200,000	(4)(6)	Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057			200,466		0.1
	53,376		DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.365%, (US0001M + 0.280%), 08/19/2045			46,501		0.0
	968,180		Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			993,978		0.2
	364,269		Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			392,403		0.1
	250,000		Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 5.741%, (US0001M + 3.650%), 09/25/2029			272,824		0.1
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.091%, (US0001M + 3.000%), 10/25/2029			212,989		0.1
	250,000		Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.291%, (US0001M + 2.200%), 01/25/2030			254,608		0.1
	100,000		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.491%, (US0001M + 2.400%), 05/25/2030			102,174		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.591%, (US0001M + 2.500%), 05/25/2030		$	204,183		0.0
	200,000		Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 4.341%, (US0001M + 2.250%), 07/25/2030			201,518		0.0
	130,831		Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			140,133		0.0
	393,982		Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			408,234		0.1
	362,965 (6)		Fannie Mae REMIC Trust 2009-50 HZ, 5.552%, 02/25/2049			383,236		0.1
	216,745		Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			231,605		0.1
	324,963		Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			350,714		0.1
	221,569		Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			222,463		0.1
	70,068		First Horizon Alternative Mortgage Securities Trust 2006-FA7 A5, 2.391%, (US0001M + 0.300%), 12/25/2036			44,064		0.0
	70,068 (7)		First Horizon Alternative Mortgage Securities Trust 2006-FA7 A9, 4.609%, (-1.000*US0001M + 6.700%), 12/25/2036			16,071		0.0
	99,314	(4)(6)	Flagstar Mortgage Trust 2018-1 B2, 4.062%, 03/25/2048			98,628		0.0
	99,314	(4)(6)	Flagstar Mortgage Trust 2018-1 B3, 4.062%, 03/25/2048			96,531		0.0
	853,637		Freddie Mac 326 350, 3.500%, 03/15/2044			851,338		0.2
	216,441		Freddie Mac 4634 ZM, 5.000%, 11/15/2056			252,219		0.1
	137,310		Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			148,441		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	167,186		Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032		$	184,249		0.1
	101,328		Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			109,318		0.0
	27,742		Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			30,059		0.0
	75,670		Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			80,432		0.0
	239,119		Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			259,335		0.1
	94,365		Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			102,802		0.0
	84,267	(6)(7)	Freddie Mac REMIC Trust 3524 LA, 5.368%, 03/15/2033			88,968		0.0
	92,020		Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			99,520		0.0
	77,322		Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			81,844		0.0
	20,289		Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			21,293		0.0
	325,079		Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			316,858		0.1
	475,658		Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			493,624		0.1
	475,658		Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			494,767		0.1
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 6.791%, (US0001M + 4.700%), 04/25/2028			118,619		0.0
	350,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 4.741%, (US0001M + 2.650%), 12/25/2029			361,193		0.1
	200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.441%, (US0001M + 2.350%), 04/25/2030			204,709		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.391%, (US0001M + 2.300%), 09/25/2030		$	99,807		0.0
	80,770		Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			85,159		0.0
	337,296		Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			347,571		0.1
	37,581		Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			40,922		0.0
	81,806		HomeBanc Mortgage Trust 2004-1 2A, 2.951%, (US0001M + 0.860%), 08/25/2029			78,733		0.0
	54,024		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.301%, (US0001M + 0.210%), 04/25/2046			50,366		0.0
	196,103	(4)(6)	JP Morgan Mortgage Trust 2017-3 B1, 3.869%, 08/25/2047			193,944		0.1
	99,044	(4)(6)	JP Morgan Mortgage Trust 2017-6 B3, 3.854%, 12/25/2048			93,469		0.0
	37,856		Lehman XS Trust Series 2005-5N 1A2, 2.451%, (US0001M + 0.360%), 11/25/2035			33,698		0.0
	59,732		Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			53,011		0.0
	92,831	(4)(6)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			93,701		0.0
	99,386	(4)(6)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.520%, 02/25/2048			102,959		0.1
	200,000	(4)(6)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			199,588		0.1
	119,906		WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 2.601%, (US0001M + 0.510%), 08/25/2045			119,037		0.0
	60,845		WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.581%, (US0001M + 0.490%), 10/25/2045			61,094		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	227,599		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 2.518%, (12MTA + 0.960%), 08/25/2046		$	173,504		0.1
	33,247		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.521%, (US0001M + 0.430%), 06/25/2037			27,886		0.0
	1,595,039		Other Securities			1,470,691		0.4
			Total Collateralized Mortgage Obligations (Cost $13,685,352)			13,666,460		3.5
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.3%
	3,000,000	(6)(7)	BANK 2017-BNK8 XB, 0.223%, 11/15/2050			45,107		0.0
	2,180,000	(4)(6)(7)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			87,743		0.0
	210,000	(4)(6)	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 F, 5.860%, 11/11/2041			214,154		0.0
	260,000	(4)(6)	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 E, 5.911%, 04/12/2038			268,123		0.1
	32,552 (4)		Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/2018			32,514		0.0
	825,463	(6)(7)	CD 2017-CD4 Mortgage Trust XA, 1.478%, 05/10/2050			69,503		0.0
	5,450,845	(6)(7)	CFCRE Commercial Mortgage Trust 2016-C7 XA, 0.929%, 12/10/2054			282,903		0.1
	100,000 (6)		Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.258%, 11/10/2046			103,972		0.1
	70,000		Citigroup Commercial Mortgage Trust 2016-P4 A4, 2.902%, 07/10/2049			66,528		0.0
	987,537	(6)(7)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 2.159%, 07/10/2049			114,207		0.1
	1,335,467	(6)(7)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.271%, 10/12/2050			99,073		0.0

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	80,000 (6)		Citigroup Commercial Mortgage Trust 2017-P8 C, 4.414%, 09/15/2050		$	78,025		0.0
	996,876	(6)(7)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.073%, 09/15/2050			66,859		0.0
	1,480,000	(6)(7)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.604%, 06/10/2051			78,772		0.0
	864,822	(6)(7)	COMM 2012-CR4 XA, 1.944%, 10/15/2045			53,176		0.0
	2,380,000	(4)(6)(7)	COMM 2012-CR4 XB, 0.747%, 10/15/2045			59,173		0.0
	4,227,580	(6)(7)	COMM 2013-CCRE13 XA, 1.050%, 11/10/2046			127,303		0.1
	1,932,973	(6)(7)	COMM 2014-UBS3 XA, 1.448%, 06/10/2047			93,587		0.0
	1,605,486	(6)(7)	COMM 2016-CR28 XA, 0.692%, 02/10/2049			61,778		0.0
	757,709	(6)(7)	COMM 2017-COR2 XA, 1.334%, 09/10/2050			64,529		0.0
	50,000	(4)(6)	Credit Suisse First Boston Mortgage Securities Corp. 2004-C2 F, 6.493%, 05/15/2036			50,721		0.0
	110,000	(4)(6)	DBUBS 2011-LC1A E, 5.884%, 11/10/2046			113,334		0.1
	100,000	(4)(6)	DBUBS 2011-LC2A D, 5.719%, 07/10/2044			103,145		0.0
	130,000	(4)(6)	DBWF 2015-LCM D Mortgage Trust, 3.535%, 06/10/2034			110,422		0.0
	110,000	(4)(6)	DBJPM 16-C3 Mortgage Trust, 3.635%, 09/10/2049			92,558		0.0
	915,122	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K014 X1, 1.341%, 04/25/2021			25,235		0.0
	682,678	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X1, 1.553%, 05/25/2022			30,705		0.0
	712,742	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K706 X1, 1.686%, 10/25/2018			2,356		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	618,583	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K707 X1, 1.644%, 12/25/2018		$	2,016		0.0
	958,860	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K709 X1, 1.631%, 03/25/2019			6,447		0.0
	934,326	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X1, 1.800%, 07/25/2019			9,953		0.0
	1,115,270	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K712 X1, 1.448%, 11/25/2019			14,070		0.0
	110,000	(4)(6)	FREMF Mortgage Trust 2012-K706 B, 4.169%, 11/25/2044			110,059		0.1
	20,950,179	(4)(7)	FREMF Mortgage Trust 2012-K709 X2A, 0.200%, 04/25/2045			18,124		0.0
	100,000	(4)(6)	GS Mortgage Securities Trust 2010-C2 D, 5.355%, 12/10/2043			101,824		0.1
	100,000	(4)(6)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			90,441		0.0
	1,406,485	(6)(7)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.405%, 05/10/2045			71,217		0.0
	2,386,492	(6)(7)	GS Mortgage Securities Trust 2013-GCJ14 XA, 0.831%, 08/10/2046			66,324		0.0
	1,218,385	(6)(7)	GS Mortgage Securities Trust 2014-GC22 XA, 1.160%, 06/10/2047			51,347		0.0
	1,934,829	(6)(7)	GS Mortgage Securities Trust 2016-GS4 XA, 0.714%, 11/10/2049			66,093		0.0
	6,394	(4)(6)	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-C2 H, 5.955%, 05/15/2041			6,386		0.0
	1,050,000	(4)(6)(7)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.413%, 12/15/2047			14,524		0.0
	2,295,060	(6)(7)	JPMBB Commercial Mortgage Securities Trust 2013-C12 XA, 0.673%, 07/15/2045			47,413		0.0

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	50,000 (6)		JPMBB Commercial Mortgage Securities Trust 2013-C17 C, 5.044%, 01/15/2047		$	51,106		0.1
	928,820	(6)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 1.289%, 04/15/2047			20,017		0.0
	959,153	(6)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C26 XA, 1.262%, 01/15/2048			41,678		0.0
	5,890	(4)(6)	LB-UBS Commercial Mortgage Trust 2005-C1 G, 5.854%, 02/15/2040			5,874		0.0
	540,360	(4)(6)(7)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.899%, 11/15/2038			1,431		0.0
	2,401,657	(6)(7)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.261%, 12/15/2047			102,329		0.0
	100,000	(4)(6)	Morgan Stanley Capital I Trust 2011-C1 E, 5.599%, 09/15/2047			103,253		0.1
	80,000 (4)		Morgan Stanley Capital I, Inc. 2017-JWDR A, 2.923%, (US0001M + 0.850%), 11/15/2034			79,951		0.0
	28,115 (4)		Morgan Stanley Reremic Trust 2012-XA B, 0.250%, 07/27/2049			27,736		0.0
	100,000 (4)		TPG Real Estate Finance 2018-FL-1 C Issuer Ltd., 3.973%, (US0001M + 1.900%), 02/15/2035			100,001		0.0
	969,836	(6)(7)	Wells Fargo Commercial Mortgage Trust 2016-C35 XA, 2.144%, 07/15/2048			113,000		0.1
	1,321,162	(6)(7)	Wells Fargo Commercial Mortgage Trust 2016-NXS5 XA, 1.704%, 01/15/2059			101,867		0.0
	1,723,766	(4)(6)(7)	WFRBS Commercial Mortgage Trust 2012-C10 XA, 1.721%, 12/15/2045			96,059		0.0
	1,720,943	(4)(6)(7)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.007%, 08/15/2045			104,103		0.0
	1,819,549	(4)(6)(7)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.416%, 03/15/2048			86,166		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	1,443,362	(6)(7)	WFRBS Commercial Mortgage Trust 2013-C16 XA, 1.006%, 09/15/2046		$	42,311		0.0
	721,385		Other Securities			703,722		0.2
			Total Commercial Mortgage-Backed Securities (Cost $5,168,267)			5,052,347		1.3
FOREIGN GOVERNMENT BONDS: 0.8%
	100,000 (4)		Dominican Republic International Bond, 5.500%, 01/27/2025			99,574		0.0
	PEN 250,000 (4)		Peru Government Bond, 6.150%, 08/12/2032			78,280		0.0
	200,000 (4)		Saudi Government International Bond, 4.000%, 04/17/2025			199,306		0.1
	839,618,539		Other Securities			2,955,534		0.7
			Total Foreign Government Bonds (Cost $3,483,764)			3,332,694		0.8
U.S. GOVERNMENT AGENCY OBLIGATIONS(8): 4.7%
			Federal Home Loan Mortgage Corporation: 2.9%(8)
	3,825,000 (9)		3.500%, 07/01/2045			3,803,975		0.9
	4,986,000 (9)		4.000%, 07/01/2048			5,083,188		1.3
	1,001,000 (9)		4.500%, 07/01/2048			1,041,775		0.3
	1,555,490 (9)		2.500%-6.500%, 05/01/2030-09/01/2045			1,601,770		0.4
						11,530,708		2.9
			Federal National Mortgage Association: 1.5%(8)
	1,064,700 (9)		3.000%, 07/01/2048			1,031,178		0.3
	4,795,300 (9)		2.500%-7.500%, 06/01/2029-08/01/2056			4,924,529		1.2
						5,955,707		1.5
			Government National Mortgage Association: 0.3%
	1,231,377 (6)		4.000%-5.310%, 11/20/2040-10/20/2060			1,276,843		0.3
			Total U.S. Government Agency Obligations (Cost $18,867,784)			18,763,258		4.7
U.S. TREASURY OBLIGATIONS: 3.6%
			U.S. Treasury Bonds: 0.6%
	2,289,000 (5)		3.000%, 02/15/2048			2,294,812		0.6
			U.S. Treasury Notes: 3.0%
	3,629,000		2.500%, 06/30/2020			3,627,086		0.9
	2,228,000		2.625%, 06/15/2021			2,228,305		0.6

Principal Amount†				Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
			U.S. Treasury Notes (continued)
	3,327,000		2.625%, 06/30/2023		$	3,310,170		0.8
	1,902,000		2.875%, 05/15/2028			1,905,232		0.5
	821,000		1.250%-2.875%, 03/31/2019-05/31/2025			814,875		0.2
						11,885,668		3.0
			Total U.S. Treasury Obligations (Cost $14,137,376)			14,180,480		3.6
ASSET-BACKED SECURITIES: 2.8%
			Automobile Asset-Backed Securities: 0.1%
	85,332 (4)		Oscar US Funding Trust 2014-1 A4, 2.550%, 12/15/2021			85,207		0.0
	100,000 (4)		Oscar US Funding Trust VI LLC 2017-1A A3, 2.820%, 06/10/2021			99,701		0.1
	30,000 (4)		SunTrust Auto Receivables Trust 2015-1A B, 2.200%, 02/15/2021			29,693		0.0
						214,601		0.1
			Home Equity Asset-Backed Securities: 0.1%
	431,520		Other Securities			400,437		0.1
			Other Asset-Backed Securities: 2.5%
	76,571	(4)(10)	AJAX Mortgage Loan Trust 2016-C A, 4.000% (Step Rate @ 7.000% on 11/25/2019), 10/25/2057			76,942		0.0
	164,747	(4)(10)	AJAX Mortgage Loan Trust 2017-A A, 3.470% (Step Rate @ 6.470% on 05/25/2020), 04/25/2057			164,004		0.0
	120,000 (4)		ALM VII R-2 Ltd. 2013-7R2A A2R, 4.348%, (US0003M + 2.000%), 10/15/2027			120,194		0.0
	250,000 (4)		ALM VIII Ltd. 2013-8A A1R, 3.838%, (US0003M + 1.490%), 10/15/2028			250,428		0.1
	194,569 (11	(4)(6)(7) )(12)	American Homes 4 Rent 2015-SFR2 XS, 0.000%, 10/17/2045			—		—
	100,000 (4)		Apidos CLO XI 2012-11A BR, 4.303%, (US0003M + 1.950%), 01/17/2028			100,119		0.0
	100,000 (4)		Apidos CLO XVII 2014-17A A2R, 4.203%, (US0003M + 1.850%), 04/17/2026			100,023		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities (continued)
	130,000 (4)	Apidos CLO XVII 2014-17A BR, 4.853%, (US0003M + 2.500%), 04/17/2026		$	130,253		0.1
	90,000 (4)	Apidos Clo XXV 2016-25A A1, 3.819%, (US0003M + 1.460%), 10/20/2028			90,087		0.0
	300,000 (4)	Ares XLVI CLO Ltd. 2017-46A A2, 3.578%, (US0003M + 1.230%), 01/15/2030			300,451		0.1
	250,000 (4)	Avery Point IV CLO Ltd. 2014-1A CR, 4.710%, (US0003M + 2.350%), 04/25/2026			250,141		0.1
	250,000 (4)	Babson CLO Ltd. 2014-IA BR, 4.559%, (US0003M + 2.200%), 07/20/2025			250,086		0.1
	250,000 (4)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.559%, (US0003M + 1.200%), 01/20/2031			247,711		0.0
	100,000 (4)	BlueMountain CLO 2014-4A CR, 4.869%, (US0003M + 2.550%), 11/30/2026			100,123		0.0
	250,000 (4)	BlueMountain CLO 2015-1A BR, 4.842%, (US0003M + 2.500%), 04/13/2027			251,236		0.1
	80,000 (4)	Burnham Park Clo Ltd. 2016-1A A, 3.789%, (US0003M + 1.430%), 10/20/2029			80,154		0.0
	250,000 (4)	Carlyle Global Market Strategies CLO Ltd. 2017-1A A1A, 3.659%, (US0003M + 1.300%), 04/20/2031			250,300		0.1
	500,000 (4)	Cedar Funding IV CLO Ltd. 2014-4A CR, 4.612%, (US0003M + 2.250%), 07/23/2030			500,593		0.1
	220,000 (4)	Cedar Funding VI CLO Ltd. 2016-6A A1, 3.829%, (US0003M + 1.470%), 10/20/2028			220,101		0.1
	100,000 (4)	Cent CLO 2014-22A A2AR, 4.313%, (US0003M + 1.950%), 11/07/2026			100,089		0.0
	16,450	Chase Funding Trust Series 2003-5 2A2, 2.691%, (US0001M + 0.600%), 07/25/2033			16,005		0.0

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	250,000 (4)		CIFC Funding 2014-4A C1R, 5.003%, (US0003M + 2.650%), 10/17/2026		$	250,101		0.0
	250,000 (4)		CIFC Funding 2016-1A A, 3.842%, (US0003M + 1.480%), 10/21/2028			250,421		0.1
	250,000 (4)		Deer Creek Clo Ltd. 2017-1A A, 3.539%, (US0003M + 1.180%), 10/20/2030			250,093		0.1
	250,000 (4)		Dryden Senior Loan Fund 2017-47A A2, 3.698%, (US0003M + 1.350%), 04/15/2028			250,195		0.0
	250,000 (4)		Dryden Senior Loan Fund 2017-47A C, 4.548%, (US0003M + 2.200%), 04/15/2028			251,317		0.1
	250,000 (4)		Eaton Vance Clo 2015-1A A2R Ltd., 3.609%, (US0003M + 1.250%), 01/20/2030			249,341		0.1
	99,500 (4)		Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			100,354		0.0
	250,000 (4)		Gilbert Park CLO Ltd. 2017-1A A, 3.538%, (US0003M + 1.190%), 10/15/2030			250,316		0.1
	52,538 (4)		HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			53,501		0.0
	250,000 (4)		LCM XXIII Ltd. 23A A1, 3.759%, (US0003M + 1.400%), 10/20/2029			251,147		0.1
	200,000	(4)(6)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			193,389		0.0
	95,253 (4)		Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			95,632		0.0
	100,000 (4)		Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/20/2044			99,966		0.0
	250,000 (4)		Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.679%, (US0003M + 1.320%), 03/17/2030			250,659		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities (continued)
	250,000 (4)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.723%, (US0003M + 1.375%), 07/15/2029		$	251,044		0.1
	130,000 (4)	OHA Loan Funding Ltd. 2015-1A AR, 3.753%, (US0003M + 1.410%), 08/15/2029			130,669		0.0
	140,000 (4)	OHA Loan Funding Ltd. 2015-1A BR, 4.143%, (US0003M + 1.800%), 08/15/2029			140,130		0.1
	250,000 (4)	Palmer Square CLO 2015-1A BR Ltd., 4.881%, (US0003M + 2.550%), 05/21/2029			251,316		0.1
	250,000 (4)	Palmer Square CLO 2015-2A A1BR Ltd., 3.709%, (US0003M + 1.350%), 07/20/2030			250,786		0.0
	300,000 (4)	Progress Residential 2015-SFR2 E, 4.427%, 06/12/2032			300,506		0.1
	200,000 (4)	SoFi Consumer Loan Program 2017-3 B, 3.850%, 05/25/2026			200,034		0.1
	100,000 (4)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			99,772		0.0
	125,798 (4)	Springleaf Funding Trust 2015-A A, 3.160%, 11/15/2024			125,766		0.0
	170,000 (4)	Symphony CLO Ltd. 2012-9A AR, 3.798%, (US0003M + 1.450%), 10/16/2028			170,279		0.1
	100,000 (4)	Symphony CLO Ltd. 2016-18A B, 4.162%, (US0003M + 1.800%), 01/23/2028			100,261		0.0
	98,500 (4)	Taco Bell Funding 2016-1A A2I, 3.832%, 05/25/2046			98,802		0.0
	24,625 (4)	Taco Bell Funding LLC 2016-1A A2II, 4.377%, 05/25/2046			25,012		0.0
	250,000 (4)	Thacher Park CLO Ltd. 2014-1A CR, 4.559%, (US0003M + 2.200%), 10/20/2026			250,087		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	250,000 (4)		THL Credit Wind River 2017-1A C CLO Ltd., 4.655%, (US0003M + 2.300%), 04/18/2029		$	250,790		0.1
	250,000 (4)		THL Credit Wind River 2017-2A A CLO Ltd., 3.589%, (US0003M + 1.230%), 07/20/2030			250,286		0.1
	210,000 (4)		Wind River CLO Ltd. 2016-2A A, 3.858%, (US0003M + 1.500%), 11/01/2028			210,248		0.0
	250,000 (4)		Tiaa Clo III Ltd 2017-2A A, 3.498%, (US0003M + 1.150%), 01/16/2031			249,624		0.1
	200,000	(4)(6)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057			185,939		0.0
	99,500 (4)		Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			96,890		0.0
						10,033,713		2.5
			Student Loan Asset-Backed Securities: 0.1%
	23,123 (4)		DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			23,067		0.0
	52,497 (4)		DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			52,451		0.0
	54,909 (4)		Earnest Student Loan Program, LLC 2016-A B, 2.500%, 01/25/2039			52,261		0.0
	100,000 (4)		SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			93,946		0.0
	36,418 (4)		SoFi Professional Loan Program 2015-C A2, 2.510%, 08/25/2033			35,791		0.0
	100,000	(4)(6)	SoFi Professional Loan Program 2016-E C, 4.430%, 10/25/2041			96,874		0.0
	100,000	(4)(6)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			95,932		0.0
	100,000 (4)		SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			97,374		0.1
						547,696		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
		Total Asset-Backed Securities (Cost $11,180,314)		$	11,196,447		2.8
		Total Long-Term Investments (Cost $374,528,533)			383,441,554		96.5
SHORT-TERM INVESTMENTS: 7.9%
		Securities Lending Collateral(13): 1.4%
	4,454,112	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/29/18, 2.08%, due 07/02/18 (Repurchase Amount $4,454,873, collateralized by various U.S. Government Agency Obligations, 1.691%- 8.500%, Market Value plus accrued interest $4,543,194, due 07/25/18-06/15/53)			4,454,112		1.1
	1,186,699	NBC Global Finance Ltd., Repurchase Agreement dated 06/29/18, 1.95%, due 07/02/18 (Repurchase Amount $1,186,889, collateralized by various U.S. Government Securities, 0.000%- 3.625%, Market Value plus accrued interest $1,210,436, due 01/31/20-09/09/49)			1,186,699		0.3
					5,640,811		1.4

Shares			Value		Percentage of Net Assets
		Mutual Funds: 6.5%
	2,445,750 (14)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.800%		2,445,750		0.6
	23,223,000 (14)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.810%		23,223,000		5.9
		Total Mutual Funds (Cost $25,668,750)		25,668,750		6.5
		Total Short-Term Investments (Cost $31,309,561)		31,309,561		7.9

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $405,838,094)		$	414,751,115		104.4
	Liabilities in Excess of Other Assets			(17,476,305)		(4.4)
	Net Assets		$	397,274,810		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2018.

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

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

The grouping contains securities on loan.

(3)

The grouping contains non-income producing securities.

(4)

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

(5)

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

(6)

Variable rate security. Rate shown is the rate in effect as of June 30, 2018.

(7)

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.

(8)

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

(9)

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

(10)

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 June 30, 2018.

(11)

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

(12)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2018.

(13)

Represents securities purchased with cash collateral received for securities on loan.

(14)

Rate shown is the 7-day yield as of June 30, 2018.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

US0001M

1-month LIBOR

US0003M

3-month LIBOR

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	12,485,904		$	4,573,566		$	—		$	17,059,470
Consumer Staples			8,199,659			4,593,669			—			12,793,328
Energy			8,819,235			1,381,383			—			10,200,618
Financials			17,978,443			8,878,215			—			26,856,658
Health Care			17,637,192			4,784,648			—			22,421,840
Industrials			13,860,947			7,305,682			—			21,166,629
Information Technology			36,084,542			2,980,501			—			39,065,043
Materials			4,078,361			3,428,253			—			7,506,614
Real Estate			5,165,540			1,516,045			—			6,681,585
Telecommunication Services			755,690			1,724,636			—			2,480,326
Utilities			4,510,245			1,591,065			—			6,101,310
Total Common Stock			129,575,758			42,757,663			—			172,333,421
Exchange-Traded Funds			78,826,545			—			—			78,826,545
Mutual Funds			35,114,195			—			—			35,114,195
Preferred Stock			45,829			261,050			—			306,879
Rights			20,048			—			—			20,048
Corporate Bonds/Notes			—			30,648,780			—			30,648,780
Collateralized Mortgage Obligations			—			13,666,460			—			13,666,460
Commercial Mortgage-Backed Securities			—			5,052,347			—			5,052,347
U.S. Treasury Obligations			—			14,180,480			—			14,180,480
Foreign Government Bonds			—			3,332,694			—			3,332,694
U.S. Government Agency Obligations			—			18,763,258			—			18,763,258
Asset-Backed Securities			—			11,196,447			—			11,196,447
Short-Term Investments			25,668,750			5,640,811			—			31,309,561
Total Investments, at fair value		$	269,251,125		$	145,499,990		$	—		$	414,751,115
Other Financial Instruments+
Centrally Cleared Swaps			—			225,227			—			225,227
Forward Foreign Currency Contracts			—			132,988			—			132,988
Forward Premium Swaptions			—			14,806			—			14,806
Futures			200,179			—			—			200,179
Total Assets		$	269,451,304		$	145,873,011		$	—		$	415,324,315
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(169,246)		$	—		$	(169,246)
Forward Foreign Currency Contracts			—			(28,183)			—			(28,183)
Futures			(470,598)			—			—			(470,598)
Total Liabilities		$	(470,598)		$	(197,429)		$	—		$	(668,027)

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 June 30, 2018 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2018, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/17			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2018			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	—		$	1,519,947		$	—		$	(172,571)		$	1,347,376		$	19,947		$	—		$	—
Voya Floating Rate Fund - Class P			12,915,812			421,899			(1,353,563)			(43,281)			11,940,867			304,418			7,839
Voya High Yield Bond Fund - Class P			17,250,287			741,349			(1,505,320)			(497,833)			15,988,483			518,153			(37,257)			—
		$	30,166,099		$	2,683,195		$	(2,858,883)		$	(713,685)		$	29,276,726		$	842,518		$	(29,418)		$	—

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

At June 30, 2018, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 129,000

MYR 503,680

Barclays Bank PLC

07/13/18

4,316

USD 120,583

IDR 1,682,971,172

Barclays Bank PLC

07/13/18

3,205

USD 120,000

THB 3,724,404

Barclays Bank PLC

07/13/18

7,554

IDR 509,724,000

USD 36,000

Barclays Bank PLC

07/13/18

(450)

USD 103,203

BRL 382,726

Barclays Bank PLC

08/10/18

4,895

MXN 165,216

USD 8,060

Barclays Bank PLC

08/10/18

208

USD 198,093

CLP 125,686,374

Barclays Bank PLC

08/10/18

5,718

USD 103,191

BRL 382,726

Barclays Bank PLC

08/10/18

4,883

USD 133,271

ZAR 1,630,684

Barclays Bank PLC

08/10/18

14,991

HUF 29,250,472

USD 108,000

Barclays Bank PLC

08/10/18

(4,023)

USD 137,000

BRL 505,349

BNP Paribas

08/10/18

7,195

USD 175,000

IDR 2,427,337,500

Citibank N.A.

07/13/18

5,708

ZAR 118,775

USD 9,000

Citibank N.A.

08/10/18

(385)

USD 36,000

HUF 9,761,591

Citibank N.A.

08/10/18

1,300

HUF 29,125,375

USD 108,000

Citibank N.A.

08/10/18

(4,467)

USD 9,000

CZK 194,381

Citibank N.A.

08/10/18

241

USD 50,000

CZK 1,039,440

Citibank N.A.

08/10/18

3,160

USD 99,859

COP 289,035,514

Citibank N.A.

08/10/18

1,418

USD 64,000

CZK 1,379,263

Citibank N.A.

08/10/18

1,846

CZK 2,114,702

USD 100,000

Citibank N.A.

08/10/18

(4,705)

USD 50,000

CZK 1,038,607

Citibank N.A.

08/10/18

3,197

USD 45,000

PHP 2,401,830

Goldman Sachs International

07/13/18

IDR 968,034,044

USD 68,104

Goldman Sachs International

07/13/18

(590)

COP 15,039

USD 5

Goldman Sachs International

08/10/18

—

USD 90,000

PLN 332,952

Goldman Sachs International

08/10/18

1,061

CLP 11,244,672

USD 18,000

Goldman Sachs International

08/10/18

(789)

BRL 332,375

USD 85,000

Goldman Sachs International

08/10/18

375

USD 90,000

PLN 329,470

Goldman Sachs International

08/10/18

1,991

USD 18,000

RUB 1,124,898

Goldman Sachs International

08/10/18

163

CZK 1,926,571

USD 91,000

Goldman Sachs International

08/10/18

(4,182)

USD 139,120

RUB 8,728,920

Goldman Sachs International

08/10/18

713

BRL 326,468

USD 85,000

Goldman Sachs International

08/10/18

(1,142)

USD 36,000

BRL 133,502

Goldman Sachs International

08/10/18

1,708

USD 64,644

HUF 16,205,271

Goldman Sachs International

08/10/18

7,039

USD 139,146

RUB 8,728,920

Goldman Sachs International

08/10/18

738

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 139,125

RUB 8,728,920

Goldman Sachs International

08/10/18

718

USD 139,118

RUB 8,728,920

Goldman Sachs International

08/10/18

711

USD 369,679

MXN 7,441,867

HSBC Bank USA N.A.

08/10/18

(2,729)

USD 220,691

PLN 746,259

HSBC Bank USA N.A.

08/10/18

21,349

USD 18,110

CZK 369,770

HSBC Bank USA N.A.

08/10/18

1,446

USD 103,378

BRL 382,726

HSBC Bank USA N.A.

08/10/18

5,070

USD 90,072

TRY 382,027

HSBC Bank USA N.A.

08/10/18

8,285

USD 267,368

PEN 876,680

HSBC Bank USA N.A.

08/10/18

824

USD 37,241

RON 139,835

HSBC Bank USA N.A.

08/10/18

2,288

CZK 2,114,347

USD 100,000

JPMorgan Chase Bank N.A.

08/10/18

(4,721)

USD 181,000

HUF 48,486,199

JPMorgan Chase Bank N.A.

08/10/18

8,645

104,805

At June 30, 2018, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Russell 2000® Mini Index		191		09/21/18		$	15,733,625		$	(284,341)
S&P 500 E-Mini		49		09/21/18			6,667,920			(135,938)
U.S. Treasury 10-Year Note		25		09/19/18			3,004,688			14,905
U.S. Treasury 2-Year Note		64		09/28/18			13,557,000			(635)
U.S. Treasury 5-Year Note		8		09/28/18			908,938			1,187
U.S. Treasury Long Bond		4		09/19/18			580,000			(1,664)
U.S. Treasury Ultra Long Bond		22		09/19/18			3,510,375			(9,641)
						$	43,962,546		$	(416,127)
Short Contracts:
Euro-Bobl 5-Year		(31)		09/06/18			(4,784,798)			(38,379)
Mini MSCI Emerging Markets Index		(151)		09/21/18			(8,027,915)			148,758
U.S. Treasury Ultra 10-Year Note		(54)		09/19/18			(6,924,656)			35,329
						$	(19,737,369)		$	145,708

At June 30, 2018, 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

USD1,701,000

(76,206)

Pay

3-month USD-LIBOR

Quarterly

2.099

Semi-Annual

10/13/25

USD58,000

(3,159)

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD612,000

(39,536)

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD729,000

(50,345)

Receive

3-month USD-LIBOR

Quarterly

1.036

Semi-Annual

10/13/18

USD3,984,000

16,078

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD7,138,000

95,544

Receive

3-month USD-LIBOR

Quarterly

1.453

Semi-Annual

10/13/20

USD715,000

21,681

Receive

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD221,000

15,227

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD1,071,000

76,697

55,981

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

At June 30, 2018, the following over-the-counter forward premium swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration

Unrealized
Appreciation/
(Depreciation)

Call on 5-year Interest Rate Swap (Purchased)

Bank of America
N.A.

0.000%

Receive

3-month
USD-LIBOR

02/20/19

USD 2,150,000

(115,025)

2,315

Call on 5-Year Interest Rate Swap (Purchased)

Barclays Bank
PLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 3,055,000

(161,533)

5,057

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

0.000%

Receive

3-month
USD-LIBOR

02/13/19

USD 2,150,000

(116,531)

782

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

0.000%

Receive

3-month
USD-LIBOR

03/06/19

USD 2,150,000

(115,186)

2,116

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 3,395,000

(180,614)

4,536

(688,889)

14,806

Currency Abbreviations

BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
HUF – Hungarian Forint
IDR – Indonesian Rupiah
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

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

The fair value of derivative instruments as of June 30, 2018 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		$	132,988
Equity contracts	Net Assets — Unrealized appreciation*			148,758
Interest rate contracts	Net Assets — Unrealized appreciation*			51,421
Interest rate contracts	Net Assets — Unrealized appreciation**			225,227
Interest rate contracts	Net Assets — Unrealized appreciation***			14,806
Total Asset Derivatives			$	573,200
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	28,183
Equity contracts	Net Assets — Unrealized depreciation*			420,279
Interest rate contracts	Net Assets — Unrealized depreciation*			50,319
Interest rate contracts	Net Assets — Unrealized depreciation**			169,246
Total Liability Derivatives			$	668,027

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2018 (Unaudited) (continued)

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

Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following 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 following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2018 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			Swaps			Total
Credit contracts		$	—		$	—		$	72,467		$	72,467
Equity contracts			—			1,165,432			—			1,165,432
Foreign exchange contracts			114,821						—			114,821
Interest rate contracts			—			(287,642)			22,884			(264,758)
Total		$	114,821		$	877,790		$	95,351		$	1,087,962

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		$	—		$	—		$	—		$	(3,536)		$	(3,536)
Equity contracts			—			—			(545,989)			—			(545,989)
Foreign exchange contracts			—			113,902			—			—			113,902
Interest rate contracts			14,806			—			25,271			28,769			68,846
Total		$	14,806		$	113,902		$	(520,718)		$	25,233		$	(366,777)

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

Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2018:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Deutsche Bank AG			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	—		$	45,770		$	7,195		$	16,870		$	—		$	15,246		$	39,262		$	8,645		$	—		$	—		$	132,988
Forward premium swaptions			2,315			5,057			—			—			—			—			—			—			7,434			—			14,806
Total Assets		$	2,315		$	50,827		$	7,195		$	16,870		$	—		$	15,246		$	39,262		$	8,645		$	7,434		$	—		$	147,794
Liabilities:
Forward foreign currency contracts		$	—		$	4,473		$	—		$	9,557					$	6,703		$	2,729		$	4,721		$	—					$	28,183
Total Liabilities		$	—		$	4,473		$	—		$	9,557		$	—		$	6,703		$	2,729		$	4,721		$	—		$	—		$	28,183
Net OTC derivative instruments by counterparty, at fair value		$	2,315		$	46,354		$	7,195		$	7,313		$	—		$	8,543		$	36,533		$	3,924		$	7,434		$	—			119,611
Total collateral pledged by the Portfolio/ (Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	2,315		$	46,354		$	7,195		$	7,313		$	—		$	8,543		$	36,533		$	3,924		$	7,434		$	—		$	119,611

(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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2018 (Unaudited)

	Geographic Diversification as of June 30, 2018 (as a percentage of net assets)

	United States			58.3%
	Japan			8.5%
	United Kingdom			4.9%
	Germany			4.5%
	Canada			4.2%
	Netherlands			3.9%
	Switzerland			2.5%
	Australia			2.0%
	France			1.9%
	Israel			1.3%
	Countries between 0.3% – 1.2%^			7.1%
	Assets in Excess of Other Liabilities*			0.9%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 11 countries, which each represents 0.3% – 1.2% of net assets.
	Portfolio holdings are subject to change daily.

Shares			Value			Percentage of Net Assets
COMMON STOCK: 99.1%
		Australia: 2.0%
	201,353	National Australia Bank Ltd.		$	4,088,395		0.6
	2,639,870	Other Securities			9,038,720		1.4
					13,127,115		2.0
		Belgium: 0.8%
	62,494	Other Securities			5,310,088		0.8
		Canada: 4.2%
	48,700 (1)	Canadian Imperial Bank of Commerce - XTSE			4,236,361		0.6
	695,700 (2)	Other Securities			22,945,010		3.6
					27,181,371		4.2
		China: 0.6%
	752,500	Other Securities			3,536,703		0.6
		Denmark: 0.7%
	92,088	Novo Nordisk A/S			4,253,597		0.7
		Finland: 0.5%
	99,335	Other Securities			3,117,436		0.5
		France: 1.9%
	328,531	Other Securities			12,358,949		1.9
		Germany: 4.5%
	44,818	Bayer AG			4,922,133		0.8
	42,994 (3)	Covestro AG			3,821,466		0.6
	46,627	Hugo Boss AG			4,228,562		0.6
	496,153	Other Securities			15,943,437		2.5
					28,915,598		4.5
		Hong Kong: 1.2%
	3,341,800	Other Securities			7,666,718		1.2

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Israel: 1.3%
	2,778,587	Other Securities		$	8,645,516		1.3
		Japan: 8.5%
	268,300	Astellas Pharma, Inc.			4,083,146		0.6
	33,800	Oracle Corp. Japan			2,754,871		0.4
	100,100	Seven & I Holdings Co., Ltd.			4,365,930		0.7
	1,370,636	Other Securities			43,609,458		6.8
					54,813,405		8.5
		Luxembourg: 0.3%
	26,136	Other Securities			1,771,161		0.3
		Netherlands: 3.9%
	183,829	Koninklijke Ahold Delhaize NV			4,389,400		0.7
	40,000	LyondellBasell Industries NV - Class A			4,394,000		0.7
	244,435	Royal Dutch Shell PLC - Class A			8,459,625		1.3
	356,726	Other Securities			7,703,676		1.2
					24,946,701		3.9
		New Zealand: 0.3%
	692,712	Other Securities			1,748,238		0.3
		Panama: 0.4%
	27,900	Other Securities			2,639,898		0.4
		Portugal: 0.4%
	167,284	Other Securities			2,409,643		0.4
		Singapore: 1.2%
	3,207,300	Other Securities			7,818,494		1.2
		Spain: 0.7%
	218,068 (2)	Other Securities			4,668,841		0.7
		Switzerland: 2.5%
	25,581	Roche Holding AG			5,675,354		0.9
	14,080	Zurich Insurance Group AG			4,163,879		0.7
	62,534	Other Securities			6,065,521		0.9
					15,904,754		2.5
		United Kingdom: 4.9%
	225,382	GlaxoSmithKline PLC			4,543,909		0.7
	4,832,170	Other Securities			27,002,722		4.2
					31,546,631		4.9
		United States: 58.3%
	99,400	Aflac, Inc.			4,276,188		0.7
	46,400	Amphenol Corp.			4,043,760		0.6
	62,800	Apple, Inc.			11,624,908		1.8
	198,215	AT&T, Inc.			6,364,684		1.0
	13,500	Boeing Co.			4,529,385		0.7
	86,900	Bristol-Myers Squibb Co.			4,809,046		0.8
	53,000	Chevron Corp.			6,700,790		1.0
	160,128	Cisco Systems, Inc.			6,890,308		1.1
	39,400	Darden Restaurants, Inc.			4,218,164		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		United States (continued)
	58,500	Eli Lilly & Co.		$	4,991,805		0.8
	67,430	Exxon Mobil Corp.			5,578,484		0.9
	43,400	Fidelity National Information Services, Inc.			4,601,702		0.7
	36,569	Home Depot, Inc.			7,134,612		1.1
	34,900	Honeywell International, Inc.			5,027,345		0.8
	205,300	HP, Inc.			4,658,257		0.7
	15,500	Humana, Inc.			4,613,265		0.7
	145,500	Intel Corp.			7,232,805		1.1
	38,400	International Business Machines Corp.			5,364,480		0.8
	70,300	Johnson & Johnson			8,530,202		1.3
	14,600	Lockheed Martin Corp.			4,313,278		0.7
	35,700	McDonald’s Corp.			5,593,833		0.9
	35,400	Motorola Solutions, Inc.			4,119,498		0.6
	123,700	Oracle Corp.			5,450,222		0.9
	48,500	PepsiCo, Inc.			5,280,195		0.8
	197,100	Pfizer, Inc.			7,150,788		1.1
	68,745	Philip Morris International, Inc.			5,550,471		0.9
	38,800	Phillips 66			4,357,628		0.7
	20,900	Raytheon Co.			4,037,462		0.6
	35,700	T. Rowe Price Group, Inc.			4,144,413		0.7
	53,954	Target Corp.			4,106,978		0.6
	51,200	Texas Instruments, Inc.			5,644,800		0.9
	32,000	UnitedHealth Group, Inc.			7,850,880		1.2
	94,800	US Bancorp			4,741,896		0.7
	44,200	Valero Energy Corp.			4,898,686		0.8
	65,100	Walmart, Inc.			5,575,815		0.9
	109,700	Wells Fargo & Co.			6,081,768		1.0
	200,300	Western Union Co.			4,072,099		0.6
	4,085,830	Other Securities			169,475,480		26.4
					373,636,380		58.3
		Total Common Stock (Cost $642,180,192)			636,017,237		99.1
EXCHANGE-TRADED FUNDS: 0.2%
	9,363	Other Securities			1,287,166		0.2
		Total Exchange-Traded Funds (Cost $1,324,801)			1,287,166		0.2
		Total Long-Term Investments (Cost $643,504,993)		$	637,304,403		99.3

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.4%
		Securities Lending Collateral(4): 2.4%
	3,609,755	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/29/18, 2.08%, due 07/02/18 (Repurchase Amount $3,610,372, collateralized by various U.S. Government Agency Obligations, 1.691%-8.500%, Market Value plus accrued interest $3,681,950, due 07/25/18-06/15/53)		$	3,609,755		0.6
	3,609,755	Jefferies LLC, Repurchase Agreement dated 06/29/18, 2.00%, due 07/02/18 (Repurchase Amount $3,610,348, collateralized by various U.S. Government Securities, 0.000%-2.375%, Market Value plus accrued interest $3,681,950, due 07/05/18-09/09/49)			3,609,755		0.6
	3,609,755	Millenium Fixed Income Ltd., Repurchase Agreement dated 06/29/18, 2.28%, due 07/02/18 (Repurchase Amount $3,610,431, collateralized by various U.S. Government Securities, 2.750%-3.125%, Market Value plus accrued interest $3,681,951, due 11/15/42-08/15/44)			3,609,755		0.6
	759,285	Nomura Securities, Repurchase Agreement dated 06/29/18, 2.12%, due 07/02/18 (Repurchase Amount $759,417, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $774,471, due 07/15/18-05/20/68)			759,285		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(4) (continued)
	3,609,755	State of Wisconsin Investment Board, Repurchase Agreement dated 06/29/18, 2.30%, due 07/02/18 (Repurchase Amount $3,610,437, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,681,977, due 07/15/19-02/15/48)		$	3,609,755		0.5
					15,198,305		2.4
		Total Short-Term Investments (Cost $15,198,305)			15,198,305		2.4
		Total Investments in Securities (Cost $658,703,298)		$	652,502,708		101.7
		Liabilities in Excess of Other Assets			(11,063,104)		(1.7)
		Net Assets		$	641,439,604		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)

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

(4)

Represents securities purchased with cash collateral received for securities on loan.

Sector Diversification	Percentage of Net Assets
Information Technology		17.3%
Financials		16.9
Consumer Discretionary		12.1
Health Care		12.0
Industrials		10.1
Consumer Staples		9.4
Energy		5.7
Materials		4.1
Utilities		4.1
Real Estate		3.8
Telecommunication Services		3.6
Exchange-Traded Funds		0.2
Short-Term Investments		2.4
Liabilities in Excess of Other Assets		(1.7)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	13,127,115		$	—		$	13,127,115
Belgium			—			5,310,088			—			5,310,088
Canada			27,181,371			—			—			27,181,371
China			—			3,536,703			—			3,536,703
Denmark			—			4,253,597			—			4,253,597
Finland			—			3,117,436			—			3,117,436
France			—			12,358,949			—			12,358,949
Germany			—			28,915,598			—			28,915,598
Hong Kong			—			7,666,718			—			7,666,718
Israel			—			8,645,516			—			8,645,516
Japan			—			54,813,405			—			54,813,405
Luxembourg			—			1,771,161			—			1,771,161

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2018 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Netherlands			4,394,000			20,552,701			—			24,946,701
New Zealand			—			1,748,238			—			1,748,238
Panama			2,639,898			—			—			2,639,898
Portugal			—			2,409,643			—			2,409,643
Singapore			—			7,818,494			—			7,818,494
Spain			—			4,668,841			—			4,668,841
Switzerland			—			15,904,754			—			15,904,754
United Kingdom			—			31,546,631			—			31,546,631
United States			373,636,380			—			—			373,636,380
Total Common Stock			407,851,649			228,165,588			—			636,017,237
Exchange-Traded Funds			1,287,166			—			—			1,287,166
Short-Term Investments			—			15,198,305			—			15,198,305
Total Investments, at fair value		$	409,138,815		$	243,363,893		$	—		$	652,502,708

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 period ended June 30, 2018 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,119,873
Total		$	1,119,873

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,063,402)
Total		$	(1,063,402)

At June 30, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $657,939,363.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	23,951,890
Gross Unrealized Depreciation		(30,256,414)
Net Unrealized Depreciation	$	(6,304,524)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2018 (Unaudited)

	Investment Type Allocation as of June 30, 2018 (as a percentage of net assets)

	U.S. Government Agency Debt			46.7%
	U.S. Treasury Repurchase Agreement			13.9%
	Investment Companies			5.9%
	U.S. Treasury Debt			3.4%
	Assets in Excess of Other Liabilities			30.1%
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 46.7%
	350,000	Federal Farm Credit Banks, 1.750%, 09/28/2018		$	349,266		0.1
	1,000,000	Federal Farm Credit Banks, 1.910%, 01/25/2019			996,158		0.2
	4,250,000	Federal Farm Credit Banks, 1.920%, (PRIME + (3.080)%), 03/12/2019			4,250,585		1.0
	3,250,000	Federal Farm Credit Banks, 1.940%, (US0001M + (0.060)%), 04/03/2019			3,250,900		0.8
	1,200,000	Federal Farm Credit Banks, 2.010%, (US0001M + (0.085)%), 05/24/2019			1,200,214		0.3
	3,000,000	Federal Farm Credit Banks, 2.110%, (USBMMY3M + 0.200%), 11/14/2018			3,002,456		0.7
	875,000	Federal Farm Credit Banks, 2.110%, 01/07/2019			870,006		0.2
	1,500,000	Federal Farm Credit Banks, 2.120%, (US0001M + 0.140%), 08/01/2018			1,500,371		0.4
	600,000	Federal Farm Credit Banks, 2.150%, (US0001M + 0.065%), 10/22/2018			600,349		0.1
	10,500,000	Federal Farm Credit Banks, 2.000%, (USBMMY3M + 0.100%), 01/25/2019			10,508,931		2.5
	2,000,000	Federal Farm Credit Banks, 2.250%, (US0001M + 0.170%), 01/22/2019			2,003,409		0.5
	250,000 (1)	Federal Farm Credit Discount Notes, 0.000%, 10/31/2018			248,475		0.1
	9,250,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 07/02/2018			9,249,522		2.2
	54,650,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 07/05/2018			54,638,801		13.0

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
	15,500,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 07/10/2018		$	15,492,812		3.7
	950,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 07/18/2018			949,161		0.2
	9,600,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 07/20/2018			9,590,525		2.3
	3,900,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 07/25/2018			3,895,138		0.9
	500,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 07/27/2018			499,317		0.1
	8,750,000 (1)	Federal Home Loan Bank Discount Notes, 0.000%, 08/27/2018			8,723,677		2.1
	6,000,000	Federal Home Loan Banks, 1.860%, (US0001M + (0.140)%), 01/02/2019			5,999,242		1.4
	1,500,000	Federal Home Loan Banks, 1.940%, (US0001M + (0.090)%), 11/08/2018			1,500,183		0.4
	6,000,000	Federal Home Loan Banks, 1.950%, (US0001M + (0.130)%), 08/20/2018			6,000,000		1.4
	7,600,000	Federal Home Loan Banks, 1.960%, (US0001M + (0.125)%), 11/16/2018			7,600,000		1.8
	1,000,000	Federal Home Loan Banks, 1.990%, (US0001M + (0.090)%), 01/22/2019			1,000,083		0.2
	5,000,000	Federal Home Loan Banks, 2.110%, (US0003M + (0.220)%), 07/09/2018			4,999,978		1.2
	400,000	Federal Home Loan Banks, 2.150%, (US0003M + (0.200)%), 01/18/2019			400,340		0.1
	1,000,000	Federal Home Loan Banks, 2.170%, (US0003M + (0.160)%), 06/27/2019			1,001,208		0.2
	500,000	Federal Home Loan Mortgage Corp., 1.820%, 11/19/2018			498,782		0.1
	7,500,000	Federal Home Loan Mortgage Corp., 1.960%, (US0001M + (0.130)%), 11/21/2018			7,500,000		1.8
	22,750,000	Federal Home Loan Mortgage Corp., 1.980%, (US0001M + (0.125)%), 11/27/2018			22,750,000		5.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
	4,000,000	Federal Home Loan Mortgage Corp., 2.110%, (US0003M + (0.250)%), 07/24/2018		$	3,999,998		0.9
	223,000	Federal National Mortgage Association, 1.800%, 10/29/2018			222,510		0.1
	1,300,000	Federal National Mortgage Association, 1.920%, 07/20/2018			1,299,340		0.3
		Total U.S. Government Agency Debt (Cost $196,591,737)			196,591,737		46.7
U.S. TREASURY DEBT: 3.4%
	14,250,000	United States Treasury Bill, 1.930%, 09/27/2018			14,177,282		3.4
		Total U.S. Treasury Debt (Cost $14,177,282)			14,177,282		3.4
U.S. TREASURY REPURCHASE AGREEMENT: 13.9%
		Repurchase Agreement: 13.9%
	58,417,000	Deutsche Bank Repurchase Agreement dated 6/29/2018, 2.0800%, due 7/2/2018, $58,427,126 to be received upon repurchase (Collateralized by $113,791,680, U.S. Treasury STRIP Coupon, 0.00%, Market Value plus accrued interest $60,169,510 due 8/15/27-2/15/46), 0.000%			58,417,000		13.9
		Total U.S. Treasury Repurchase Agreement (Cost $58,417,000)			58,417,000		13.9

Shares			Value			Percentage of Net Assets
INVESTMENT COMPANIES: 5.9%
	10,000,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.810%, 07/02/18		$	10,000,000		2.4
	15,000,000 (2)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.800%, 07/02/18			15,000,000		3.5
		Total Investment Companies (Cost $25,000,000)			25,000,000		5.9
		Total Investments in Securities (Cost $294,186,019)		$	294,186,019		69.9
		Assets in Excess of Other Liabilities			126,727,847		30.1
		Net Assets		$	420,913,866		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 June 30, 2018.

(2)

Rate shown is the 7-day yield as of June 30, 2018.

Reference Rate Abbreviations:

PRIME

Federal Reserve Bank Prime Loan Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

USBMMY3M

U.S. Treasury 3-month Bill Money Market Yield

At June 30, 2018, 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 June 30, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Asset Table
Investments, at fair value
U.S. Treasury Debt		$	—		$	14,177,282		$	—		$	14,177,282
U.S. Treasury Repurchase Agreement			—			58,417,000			—			58,417,000
U.S. Government Agency Debt			—			196,591,737			—			196,591,737
Investment Companies			25,000,000			—			—			25,000,000
Total Investments, at fair value		$	25,000,000		$	269,186,019		$	—		$	294,186,019

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2018 (Unaudited)


	Sector Diversification as of June 30, 2018 (as a percentage of net assets)

	Information Technology			26.8%
	Health Care			13.7%
	Consumer Discretionary			13.1%
	Financials			12.6%
	Energy			7.7%
	Industrials			7.1%
	Consumer Staples			5.7%
	Utilities			4.2%
	Materials			3.9%
	Real Estate			2.2%
	Telecommunication Services			1.9%
	Assets in Excess of Other Liabilities*			1.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Shares			Value			Percentage of Net Assets
COMMON STOCK: 98.9%
		Consumer Discretionary: 13.1%
	35,121 (1)	Amazon.com, Inc.		$	59,698,676		1.8
	1,158,926	CBS Corp. - Class B			65,154,820		2.0
	434,912	Delphi Technologies PLC			39,850,986		1.2
	1,114,309	Gap, Inc.			36,092,468		1.1
	691,728	Lowe’s Cos, Inc.			66,108,445		2.0
	291,887	McDonald’s Corp.			45,735,774		1.4
	532,305	Ralph Lauren Corp.			66,921,385		2.1
	1,060,427	Tapestry, Inc.			49,532,545		1.5
					429,095,099		13.1
		Consumer Staples: 5.7%
	1,196,212	Mondelez International, Inc.			49,044,692		1.5
	830,064	Procter & Gamble Co.			64,794,796		2.0
	844,860	Walmart, Inc.			72,362,259		2.2
					186,201,747		5.7
		Energy: 7.7%
	1,570,574	Canadian Natural Resources Ltd.			56,650,604		1.7
	1,006,298	Halliburton Co.			45,343,788		1.4
	829,637	Occidental Petroleum Corp.			69,424,024		2.1
	1,155,520	Royal Dutch Shell PLC - Class A ADR			79,996,650		2.5
					251,415,066		7.7
		Financials: 12.6%
	662,104	Discover Financial Services			46,618,743		1.4
	932,850	Hartford Financial Services Group, Inc.			47,696,621		1.5

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Financials (continued)
	678,011	Intercontinental Exchange, Inc.		$	49,867,709		1.5
	850,431	JPMorgan Chase & Co.			88,614,910		2.7
	2,507,289	Keycorp			48,992,427		1.5
	933,332	Lazard Ltd.			45,649,268		1.4
	281,682	PNC Financial Services Group, Inc.			38,055,238		1.2
	334,294	Reinsurance Group of America, Inc.			44,621,563		1.4
					410,116,479		12.6
		Health Care: 13.7%
	1,523,628 (1)	Boston Scientific Corp.			49,822,636		1.5
	668,837	Gilead Sciences, Inc.			47,380,413		1.5
	605,673	Johnson & Johnson			73,492,362		2.3
	1,421,543	Merck & Co., Inc.			86,287,660		2.6
	2,670,256	Pfizer, Inc.			96,876,888		3.0
	374,904	UnitedHealth Group, Inc.			91,978,947		2.8
					445,838,906		13.7
		Industrials: 7.1%
	264,486	Deere & Co.			36,975,143		1.1
	289,046	General Dynamics Corp.			53,881,065		1.7
	393,564	Hubbell, Inc.			41,615,457		1.3
	261,936	Roper Technologies, Inc.			72,270,762		2.2
	235,398 (2)	Other Securities			27,546,274		0.8
					232,288,701		7.1
		Information Technology: 26.8%
	737,892	Activision Blizzard, Inc.			56,315,917		1.7
	257,248 (1)	Adobe Systems, Inc.			62,719,635		1.9
	866,342	Apple, Inc.			160,368,568		4.9
	2,283,506	Cisco Systems, Inc.			98,259,263		3.0
	421,650	Fidelity National Information Services, Inc.			44,707,550		1.4
	660,514	Intel Corp.			32,834,151		1.0
	226,864	Lam Research Corp.			39,213,442		1.2
	1,634,942	Microsoft Corp.			161,221,631		4.9
	384,111	Motorola Solutions, Inc.			44,698,997		1.4
	939,855	NetApp, Inc.			73,806,813		2.3
	539,949	Texas Instruments, Inc.			59,529,377		1.8
	503,895 (1)	Worldpay, Inc.			41,208,533		1.3
					874,883,877		26.8
		Materials: 3.9%
	1,031,068 (3)	BHP Billiton Ltd. ADR			51,563,711		1.6
	734,288	DowDuPont, Inc.			48,404,265		1.5
	422,681	Other Securities			26,417,562		0.8
					126,385,538		3.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Real Estate: 2.2%
	335,497	Crown Castle International Corp.		$	36,173,286		1.1
	358,267	Mid-America Apartment Communities, Inc.			36,066,739		1.1
					72,240,025		2.2
		Telecommunication Services: 1.9%
	1,252,829	Verizon Communications, Inc.			63,029,827		1.9
		Utilities: 4.2%
	708,314	Ameren Corp.			43,100,907		1.3
	1,084,215	Exelon Corp.			46,187,559		1.4
	292,187	NextEra Energy, Inc.			48,803,995		1.5
					138,092,461		4.2
		Total Common Stock (Cost $2,567,324,240)			3,229,587,726		98.9

Principal Amount†			Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: —%
		Utilities: —%
	30,000,000 (4)	Other Securities		—		—
		Total Corporate Bonds/Notes (Cost $—)		—		—
		Total Long-Term Investments (Cost $2,567,324,240)		3,229,587,726		98.9
SHORT-TERM INVESTMENTS: 1.7%
		Securities Lending Collateral(5): 1.6%
	24,895,901	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/29/18, 2.08%, due 07/02/18 (Repurchase Amount $24,900,157, collateralized by various U.S. Government Agency Obligations, 1.691%-8.500%, Market Value plus accrued interest $25,393,819, due 07/25/18-06/15/53)		24,895,901		0.7

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(5) (continued)
	2,659,527	Millenium Fixed Income Ltd., Repurchase Agreement dated 06/29/18, 2.28%, due 07/02/18 (Repurchase Amount $2,660,025, collateralized by various U.S. Government Securities, 2.750%-3.125%, Market Value plus accrued interest $2,712,718, due 11/15/42-08/ 15/44)		$	2,659,527		0.1
	12,466,809	NBC Global Finance Ltd., Repurchase Agreement dated 06/29/18, 1.95%, due 07/02/18 (Repurchase Amount $12,468,807, collateralized by various U.S. Government Securities, 0.000%-3.625%, Market Value plus accrued interest $12,716,181, due 01/31/20-09/09/49)			12,466,809		0.4
	12,466,809	State of Wisconsin Investment Board, Repurchase Agreement dated 06/29/18, 2.30%, due 07/02/18 (Repurchase Amount $12,469,166, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $12,716,238, due 07/15/19-02/15/48)			12,466,809		0.4
					52,489,046		1.6

Shares			Value		Percentage of Net Assets
		Mutual Funds: 0.1%
	3,927,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.810% (Cost $3,927,000)		3,927,000		0.1
		Total Short-Term Investments (Cost $56,416,046)		56,416,046		1.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $2,623,740,286)		$	3,286,003,772		100.6
	Liabilities in Excess of Other Assets			(19,105,727)		(0.6)
	Net Assets		$	3,266,898,045		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

(4)

The grouping contains Level 3 securities.

(5)

Represents securities purchased with cash collateral received for securities on loan.

(6)

Rate shown is the 7-day yield as of June 30, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Asset Table
Investments, at fair value
Common Stock*		$	3,229,587,726		$	—		$	—		$	3,229,587,726
Corporate Bonds/Notes			—			—			—			—
Short-Term Investments			3,927,000			52,489,046			—			56,416,046
Total Investments, at fair value		$	3,233,514,726		$	52,489,046		$	—		$	3,286,003,772

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

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

At June 30, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $2,642,191,348.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	726,669,697
Gross Unrealized Depreciation		(82,857,273)
Net Unrealized Appreciation	$	643,812,424

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited)

	Investment Type Allocation as of June 30, 2018 (as a percentage of net assets)

	Corporate Bonds/Notes			26.7%
	U.S. Government Agency Obligations			21.2%
	Mutual Funds			18.4%
	Collateralized Mortgage Obligations			14.4%
	Asset-Backed Securities			11.6%
	U.S. Treasury Obligations			6.7%
	Commercial Mortgage-Backed Securities			4.7%
	Foreign Government Bonds			1.4%
	Municipal Bonds			0.1%
	Preferred Stock			0.0%
	Liabilities in Excess of Other Assets*			(5.2)%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Principal Amount†			Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 26.7%
		Basic Materials: 0.5%
	1,800,000 (1)	Braskem Netherlands Finance BV, 4.500%, 01/10/2028		$	1,658,250		0.1
	4,274,000 (1)	Georgia-Pacific LLC, 2.539%, 11/15/2019			4,247,347		0.1
	12,189,000	Other Securities			11,929,527		0.3
					17,835,124		0.5
		Communications: 2.9%
	6,026,000 (2)	Alibaba Group Holding Ltd., 3.600%, 11/28/2024			5,931,572		0.1
	6,920,000	Alibaba Group Holding Ltd, 3.400%, 12/06/2027			6,452,725		0.2
	8,611,000 (1)	AT&T, Inc., 4.300%, 02/15/2030			8,160,081		0.2
	3,343,000 (1)	AT&T, Inc., 5.150%, 11/15/2046			3,158,415		0.1
	5,810,000 (1)	AT&T, Inc., 5.150%, 02/15/2050			5,437,395		0.2
	4,849,000	AT&T, Inc., 4.125%-5.450%, 02/17/2026-03/09/2049			4,527,944		0.1
	12,960,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.579%-4.908%, 07/23/2020-07/23/2025			13,027,468		0.3
	4,885,000 (1)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199			4,946,063		0.1
	2,630,000 (1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			2,557,909		0.1

Principal Amount†			Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		Communications (continued)
	8,656,000	Verizon Communications, Inc., 4.812%, 03/15/2039		$	8,391,349		0.2
	3,030,000 (1)	Verizon Communications, Inc., 4.329%, 09/21/2028			3,009,086		0.1
	4,217,000	Verizon Communications, Inc., 4.150%-4.862%, 03/15/2024-08/21/2046			4,073,961		0.1
	42,929,000	Other Securities			41,413,349		1.1
					111,087,317		2.9
		Consumer, Cyclical: 2.9%
	3,810,000 (1)	BMW US Capital LLC, 3.450%, 04/12/2023			3,771,227		0.1
	634,000 (1)	British Airways 2018-1 Class A Pass Through Trust, 4.125%, 03/20/2033			627,226		0.0
	4,210,000 (1)	Daimler Finance North America LLC, 2.300%, 02/12/2021			4,090,697		0.1
	4,640,000 (1)	Nissan Motor Acceptance Corp., 2.600%, 09/28/2022			4,457,141		0.1
	1,596,055	United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 02/15/2023			1,633,962		0.0
	3,719,206	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			3,532,906		0.1
	980,000	United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027			954,681		0.0
	4,078,281	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			3,787,112		0.1
	1,253,900	United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027			1,208,509		0.0
	2,110,000	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			2,052,256		0.1
	3,410,000 (1)	Volkswagen Group of America Finance LLC, 2.400%, 05/22/2020			3,355,691		0.1
	13,411,000	Walmart, Inc., 2.350%-3.700%, 06/23/2021-06/26/2028			13,334,733		0.4
	3,360,000 (1)	ZF North America Capital, Inc., 4.000%, 04/29/2020			3,385,644		0.1
	66,581,033 (3)	Other Securities			64,428,012		1.7
					110,619,797		2.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: 4.0%
	8,425,000		Anheuser-Busch InBev Finance, Inc., 4.700%-4.900%, 02/01/2036-02/01/2046		$	8,637,667		0.2
	5,183,000		Anheuser-Busch InBev Worldwide, Inc., 4.000%-4.439%, 04/13/2028-10/06/2048			5,115,697		0.2
	3,510,000 (1)		BAT Capital Corp., 3.222%, 08/15/2024			3,327,938		0.1
	3,800,000 (1)		BAT International Finance PLC, 2.750%, 06/15/2020			3,760,170		0.1
	70,532		CVS Pass-Through Trust, 6.943%, 01/10/2030			79,378		0.0
	23,080,000		CVS Health Corp., 3.125%-5.050%, 03/09/2020-03/25/2048			23,005,431		0.6
	3,770,000 (1)		Imperial Brands Finance PLC, 2.950%, 07/21/2020			3,732,827		0.1
	2,113,000 (1)		Imperial Brands Finance PLC, 3.750%, 07/21/2022			2,098,615		0.0
	2,905,000 (1)		Keurig Dr Pepper, Inc., 4.057%, 05/25/2023			2,919,014		0.1
	3,910,000 (1)		Kraft Heinz Foods Co., 4.875%, 02/15/2025			3,989,602		0.1
	95,014,000		Other Securities			93,018,840		2.5
						149,685,179		4.0
			Energy: 3.0%
	11,683,000 (4)		Enterprise Products Operating LLC, 3.700%-5.375%, 02/15/2025-02/15/2078			11,226,485		0.3
	11,337,000		Williams Partners L.P., 3.600%-5.400%, 03/15/2022-03/04/2044			11,372,301		0.3
	90,095,000		Other Securities			89,049,117		2.4
						111,647,903		3.0
			Financial: 8.1%
	22,195,000 (4)		Bank of America Corp., 3.419%-4.250%, 04/21/2025-03/05/2029			21,504,405		0.6
	4,500,000 (1)		BNP Paribas SA, 3.500%, 03/01/2023			4,389,396		0.1
	1,177,000	(1)(4)	BNP Paribas SA, 4.375%, 03/01/2033			1,105,297		0.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	18,844,000 (4)		Citigroup, Inc., 2.876%-5.500%, 07/24/2023-07/25/2028		$	18,760,597		0.5
	2,757,000 (1)		Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,777,636		0.1
	2,315,000 (1)		Commerzbank AG, 8.125%, 09/19/2023			2,637,002		0.1
	1,370,000	(1)(4)	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/31/2199			1,472,750		0.0
	3,150,000 (1)		Credit Agricole SA/London, 2.375%, 07/01/2021			3,048,048		0.1
	6,736,000 (1)		Credit Suisse AG, 6.500%, 08/08/2023			7,180,482		0.2
	5,236,000 (1)		Credit Suisse Group AG, 3.574%, 01/09/2023			5,132,490		0.1
	2,303,000		Credit Suisse Group Funding Guernsey Ltd., 3.450%, 04/16/2021			2,295,682		0.1
	2,950,000 (1)		Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/2020			2,881,583		0.1
	8,040,000		First Tennessee Bank NA, 2.950%, 12/01/2019			8,005,350		0.2
	8,230,000 (4)		Goldman Sachs Group, Inc./The, 2.625%-4.411%, 04/25/2021-04/23/2039			8,041,442		0.2
	9,172,000		Goldman Sachs Group, Inc., 2.600%-6.750%, 04/23/2020-05/22/2045			9,207,373		0.3
	1,272,000 (1)		Guardian Life Insurance Co. of America/The, 4.850%, 01/24/2077			1,242,292		0.0
	723,000 (1)		HSBC Bank PLC, 4.125%, 08/12/2020			736,336		0.0
	10,277,000 (4)		HSBC Holdings PLC, 3.400%-4.583%, 03/08/2021-06/19/2029			10,229,786		0.3
	3,400,000 (1)		ING Bank NV, 2.000%, 11/26/2018			3,391,270		0.1
	3,264,000 (1)		International Lease Finance Corp., 7.125%, 09/01/2018			3,285,429		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	16,944,000 (4)		JPMorgan Chase & Co., 2.550%-4.032%, 10/29/2020-07/24/2048		$	16,260,225		0.4
	7,870,000	(1)(4)	Macquarie Group Ltd, 3.189%, 11/28/2023			7,521,792		0.2
	4,560,000 (1)		Mizuho Financial Group, Inc., 2.632%, 04/12/2021			4,453,774		0.1
	10,500,000		Morgan Stanley, 2.750%-4.000%, 05/19/2022-04/23/2027			10,281,482		0.3
	5,004,000 (1)		Nationwide Building Society, 2.350%, 01/21/2020			4,940,085		0.1
	3,720,000	(1)(4)	Nationwide Building Society, 4.302%, 03/08/2029			3,587,280		0.1
	4,720,000 (1)		New York Life Global Funding, 3.000%, 01/10/2028			4,430,991		0.1
	2,661,000	(1)(4)	Nordea Bank AB, 6.125%, 12/31/2199			2,607,780		0.1
	3,000,000 (1)		Societe Generale SA, 2.625%, 09/16/2020			2,952,225		0.1
	9,405,000	(1)(4)	Standard Chartered PLC, 3.885%, 03/15/2024			9,241,532		0.2
	4,920,000 (1)		Suncorp-Metway Ltd, 2.375%, 11/09/2020			4,803,917		0.1
	1,960,000 (1)		UBS AG/London, 2.450%, 12/01/2020			1,918,383		0.0
	2,470,000		UBS AG, 5.125%, 05/15/2024			2,467,864		0.1
	6,349,000		UBS AG/Stamford CT, 2.350%-7.625%, 03/26/2020-08/17/2022			6,766,164		0.2
	8,273,000		Wells Fargo & Co., 4.100%-4.750%, 08/15/2023-12/07/2046			8,174,119		0.2
	97,421,000		Other Securities			96,101,990		2.6
						303,834,249		8.1
			Industrial: 1.0%
	2,570,000 (1)		SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021			2,493,473		0.1
	35,275,000		Other Securities			34,304,140		0.9
						36,797,613		1.0
			Technology: 2.1%
	29,546,000		Apple, Inc., 2.000%-3.850%, 11/13/2020-11/13/2047			28,335,265		0.7
	1,918,000 (1)		Dell International LLC/ EMC Corp., 4.420%, 06/15/2021			1,946,522		0.1

Principal Amount†			Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		Technology (continued)
	5,155,000 (1)	Dell International LLC/ EMC Corp., 5.450%, 06/15/2023		$	5,396,938		0.1
	3,620,000 (1)	Dell International LLC/ EMC Corp., 6.020%, 06/15/2026			3,811,468		0.1
	10,884,000	Microsoft Corp., 3.700%-4.450%, 11/03/2045-02/06/2047			11,277,244		0.3
	8,109,000	Qualcomm, Inc., 1.850%, 05/20/2019			8,106,327		0.2
	22,408,000	Other Securities			21,752,880		0.6
					80,626,644		2.1
		Utilities: 2.2%
	3,120,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			3,433,305		0.1
	2,050,000 (1)	Enel Finance International NV, 3.500%, 04/06/2028			1,845,045		0.0
	2,802,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			2,838,554		0.1
	75,960,000 (3)	Other Securities			75,306,880		2.0
					83,423,784		2.2
		Total Corporate Bonds/Notes (Cost $1,031,714,785)			1,005,557,610		26.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.4%
	6,046,050	Alternative Loan Trust 2005-10CB 1A1, 2.591%, (US0001M + 0.500%), 05/25/2035			5,392,601		0.1
	4,946,722	Alternative Loan Trust 2005-51 3A2A, 2.848%, (12MTA + 1.290%), 11/20/2035			4,794,322		0.1
	2,204,632	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			2,063,021		0.1
	2,752,939	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			2,649,629		0.1
	675,700 (5)	Alternative Loan Trust 2005-J3 2A2, 2.909%, (-1.000*US0001M + 5.000%), 05/25/2035			46,748		0.0
	1,751,785	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			1,398,006		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	3,969,987	Alternative Loan Trust 2006-HY11 A1, 2.211%, (US0001M + 0.120%), 06/25/2036		$	3,722,590		0.1
	2,561,271	Alternative Loan Trust 2007-23CB A3, 2.591%, (US0001M + 0.500%), 09/25/2037			1,764,479		0.1
	227,642	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			211,494		0.0
	1,215,518 (4)	Bear Stearns ALT-A Trust 2005-10 22A1, 3.907%, 01/25/2036			1,188,540		0.0
	602,208 (4)	Bear Stearns ALT-A Trust 2005-4 23A1, 3.781%, 05/25/2035			608,502		0.0
	1,731,693 (4)	Bear Stearns ALT-A Trust 2006-6 31A1, 3.669%, 11/25/2036			1,619,590		0.1
	1,461,314 (4)	Bear Stearns ALT-A Trust 2006-6 32A1, 3.590%, 11/25/2036			1,245,706		0.0
	18,305 (4)	Bear Stearns ARM Trust 2005-12 13A1, 3.997%, 02/25/2036			17,254		0.0
	4,270,871	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 2.281%, (US0001M + 0.190%), 01/25/2037			4,051,916		0.1
	206,761 (4)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 3.664%, 01/26/2036			182,443		0.0
	1,141,447 (1)	Bellemeade Re Ltd. 2015-1A M2, 6.391%, (US0001M + 4.300%), 07/25/2025			1,157,641		0.0
	26,451	CHL Mortgage Pass-Through Trust 2005-2 2A3, 2.771%, (US0001M + 0.680%), 03/25/2035			24,590		0.0
	257,281	Citicorp Mortgage Securities Trust Series 2006-4 2A1, 5.500%, 08/25/2036			262,890		0.0
	1,250,020	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			1,229,320		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	170,080		Citigroup Mortgage Loan Trust 2006-AR1 1A1, 4.280%, (H15T1Y + 2.400%), 10/25/2035		$	172,212		0.0
	1,988,023 (4)		Citigroup Mortgage Loan Trust 2007-10 22AA, 3.712%, 09/25/2037			1,925,845		0.1
	1,299,663	(1)(4)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			1,340,949		0.0
	106,725 (4)		Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 3.841%, 08/25/2035			107,529		0.0
	3,459,329		Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			3,507,394		0.1
	419,662		CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			408,602		0.0
	1,166,557		Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.591%, (US0001M + 0.500%), 11/25/2035			711,460		0.0
	6,400,000		Countrywide Asset-Backed Certificates 2005-IM1 M1, 2.811%, (US0001M + 0.720%), 11/25/2035			6,315,063		0.2
	875,360		DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.365%, (US0001M + 0.280%), 08/19/2045			762,619		0.0
	1,000,000		Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			1,062,314		0.0
	11,303,180		Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			12,176,164		0.3
	2,995,238		Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			2,927,082		0.1
	36,145,239 (5)		Fannie Mae 2016-82 SD, 3.959%, (-1.000*US0001M + 6.050%), 11/25/2046			4,987,287		0.1
	8,585,344		Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			8,598,236		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	4,322,422	Fannie Mae Connecticut Avenue Securities 2014-CO3 1M2, 5.091%, (US0001M + 3.000%), 07/25/2024		$	4,634,692		0.1
	3,600,000	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 5.741%, (US0001M + 3.650%), 09/25/2029			3,928,663		0.1
	1,900,000	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.941%, (US0001M + 2.850%), 11/25/2029			1,979,738		0.1
	7,550,000	Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.291%, (US0001M + 2.200%), 01/25/2030			7,689,163		0.2
	6,000,000	Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.491%, (US0001M + 2.400%), 05/25/2030			6,130,428		0.2
	8,000,000	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.591%, (US0001M + 2.500%), 05/25/2030			8,167,301		0.2
	2,200,000	Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 4.291%, (US0001M + 2.200%), 08/25/2030			2,194,183		0.1
	6,400,000	Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 4.341%, (US0001M + 2.250%), 07/25/2030			6,448,589		0.2
	7,900 (5)	Fannie Mae Interest Strip Series 343 22, 4.000%, 11/25/2018			14		0.0
	693,090 (5)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			135,486		0.0
	533,300 (5)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			90,517		0.0
	561	Fannie Mae REMIC Trust 1989-4 D, 10.000%, 02/25/2019			563		0.0
	15,284	Fannie Mae REMIC Trust 1994-77 FB, 3.591%, (US0001M + 1.500%), 04/25/2024			15,610		0.0

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	479,204	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029		$	513,017		0.0
	384,349	Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			411,677		0.0
	41,170	Fannie Mae REMIC Trust 2002-21 FC, 2.991%, (US0001M + 0.900%), 04/25/2032			42,074		0.0
	1,099,873 (5)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			257,572		0.0
	23,751	Fannie Mae REMIC Trust 2004-10 SC, 20.236%, (-4.000*US0001M + 28.600%), 02/25/2034			25,317		0.0
	123,270	Fannie Mae REMIC Trust 2004-11 A, 2.211%, (US0001M + 0.120%), 03/25/2034			122,125		0.0
	626,218	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			681,604		0.0
	77,337	Fannie Mae REMIC Trust 2005-57 CD, 17.283%, (-3.750*US0001M + 25.125%), 01/25/2035			82,355		0.0
	200,855	Fannie Mae REMIC Trust 2005-74 DK, 15.636%, (-4.000*US0001M + 24.000%), 07/25/2035			281,246		0.0
	6,663,630 (5)	Fannie Mae REMIC Trust 2005-92 SC, 4.589%, (-1.000*US0001M + 6.680%), 10/25/2035			988,143		0.0
	477,725	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			510,095		0.0
	1,351,679	Fannie Mae REMIC Trust 2006-104 ES, 22.994%, (-5.000*US0001M + 33.450%), 11/25/2036			2,210,293		0.1
	8,461,155 (5)	Fannie Mae REMIC Trust 2006-12 SD, 4.659%, (-1.000*US0001M + 6.750%), 10/25/2035			1,049,318		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	3,476,809 (5)	Fannie Mae REMIC Trust 2006-123 UI, 4.649%, (-1.000*US0001M + 6.740%), 01/25/2037		$	581,980		0.0
	957,828 (5)	Fannie Mae REMIC Trust 2006-72 HS, 4.609%, (-1.000*US0001M + 6.700%), 08/25/2026			107,809		0.0
	297,053	Fannie Mae REMIC Trust 2007-73 A1, 2.151%, (US0001M + 0.060%), 07/25/2037			292,086		0.0
	678,684	Fannie Mae REMIC Trust 2008-20 SP, 10.272%, (-2.500*US0001M + 15.500%), 03/25/2038			799,654		0.0
	3,044,165	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			3,154,289		0.1
	10,588,883 (5)	Fannie Mae REMIC Trust 2010-102 SB, 4.509%, (-1.000*US0001M + 6.600%), 09/25/2040			1,674,453		0.1
	3,563,782 (5)	Fannie Mae REMIC Trust 2010-116 SE, 4.509%, (-1.000*US0001M + 6.600%), 10/25/2040			528,914		0.0
	10,647,327 (5)	Fannie Mae REMIC Trust 2010-123 SL, 3.979%, (-1.000*US0001M + 6.070%), 11/25/2040			1,364,692		0.0
	5,050,000	Fannie Mae REMIC Trust 2010-130 CX, 4.500%, 09/25/2039			5,270,138		0.1
	5,445,946 (5)	Fannie Mae REMIC Trust 2010-55 AS, 4.329%, (-1.000*US0001M + 6.420%), 06/25/2040			778,304		0.0
	8,159,907	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			8,623,243		0.2
	1,824,747	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			1,936,809		0.1
	13,665,519 (5)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			1,260,330		0.0
	2,424,505 (5)	Fannie Mae REMIC Trust 2012-10 US, 4.359%, (-1.000*US0001M + 6.450%), 02/25/2042			315,405		0.0

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,772,119	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041		$	1,773,990		0.1
	13,899,839 (5)	Fannie Mae REMIC Trust 2012-113 SG, 4.009%, (-1.000*US0001M + 6.100%), 10/25/2042			2,314,319		0.1
	10,413,907 (5)	Fannie Mae REMIC Trust 2012-122 SB, 4.059%, (-1.000*US0001M + 6.150%), 11/25/2042			1,748,583		0.1
	4,958,128 (5)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			462,645		0.0
	3,826,226	Fannie Mae REMIC Trust 2012-131 BS, 3.021%, (-1.200*US0001M + 5.400%), 12/25/2042			3,010,773		0.1
	16,102,443 (5)	Fannie Mae REMIC Trust 2012-137 SN, 4.009%, (-1.000*US0001M + 6.100%), 12/25/2042			2,495,130		0.1
	7,163,158 (5)	Fannie Mae REMIC Trust 2012-15 SP, 4.529%, (-1.000*US0001M + 6.620%), 06/25/2040			778,177		0.0
	4,447,648 (5)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			880,520		0.0
	393,822	Fannie Mae REMIC Trust 2013-44 ZG, 3.500%, 03/25/2042			396,846		0.0
	12,847,643 (5)	Fannie Mae REMIC Trust 2013-60 DS, 4.109%, (-1.000*US0001M + 6.200%), 06/25/2033			1,895,503		0.1
	10,202,471 (5)	Fannie Mae REMIC Trust 2013-9 DS, 4.059%, (-1.000*US0001M + 6.150%), 02/25/2043			1,853,190		0.1
	364,633 (5)	Fannie Mae REMIC Trust 2013-9 SA, 4.059%, (-1.000*US0001M + 6.150%), 03/25/2042			41,212		0.0
	4,622,994 (5)	Fannie Mae REMIC Trust 2014-81 JI, 4.000%, 09/25/2041			527,610		0.0
	31,509,117 (5)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			7,510,762		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	5,006,264 (5)		Fannie Mae REMICS 2005-66 SY, 4.609%, (-1.000*US0001M + 6.700%), 07/25/2035		$	772,677		0.0
	9,569,803 (5)		Fannie Mae REMICS 2006-120 QD, 2.609%, (-1.000*US0001M + 4.700%), 10/25/2036			673,784		0.0
	4,231,527 (5)		Fannie Mae REMICS 2006-59 XS, 5.109%, (-1.000*US0001M + 7.200%), 07/25/2036			632,075		0.0
	4,564,551 (5)		Fannie Mae REMICS 2007-53 SX, 4.009%, (-1.000*US0001M + 6.100%), 06/25/2037			635,168		0.0
	6,997,873 (5)		Fannie Mae REMICS 2011-149 ES, 3.909%, (-1.000*US0001M + 6.000%), 07/25/2041			710,924		0.0
	12,727,753 (5)		First Horizon Alternative Mortgage Securities Trust 2005-FA10 1A2 1A2, 2.609%, (-1.000*US0001M + 4.700%), 01/25/2036			1,099,615		0.0
	1,836,670		First Horizon Alternative Mortgage Securities Trust 2006-FA7 A5, 2.391%, (US0001M + 0.300%), 12/25/2036			1,155,026		0.1
	1,836,670 (5)		First Horizon Alternative Mortgage Securities Trust 2006-FA7 A9, 4.609%, (-1.000*US0001M + 6.700%), 12/25/2036			421,276		0.0
	1,489,711	(1)(4)	Flagstar Mortgage Trust 2018-1 B1, 4.062%, 03/25/ 2048			1,484,762		0.0
	1,589,025	(1)(4)	Flagstar Mortgage Trust 2018-1 B2, 4.062%, 03/25/ 2048			1,578,053		0.0
	2,085,596	(1)(4)	Flagstar Mortgage Trust 2018-1 B3, 4.062%, 03/25/ 2048			2,027,138		0.1
	6,965,040 (5)		Freddie Mac 2815 GS, 3.927%, (-1.000*US0001M + 6.000%), 03/15/2034			898,787		0.0
	21,523,857		Freddie Mac 326 350, 3.500%, 03/15/2044			21,465,884		0.6

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	10,275	Freddie Mac REMIC Trust 1125 Z, 8.250%, 08/15/2021		$	10,883		0.0
	329,994	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			357,040		0.0
	323,901	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			350,157		0.0
	14,784	Freddie Mac REMIC Trust 2411 FJ, 2.423%, (US0001M + 0.350%), 12/15/2029			14,810		0.0
	212,539	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			233,474		0.0
	481,873	Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032			531,052		0.0
	571,431	Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022			597,693		0.0
	410,533	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			442,904		0.0
	132	Freddie Mac REMIC Trust 2559 PB, 5.500%, 08/15/2030			134		0.0
	438,593	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			475,431		0.0
	495,972 (5)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			115,460		0.0
	562,220	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			609,170		0.0
	1,268,990	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			1,335,409		0.0
	1,081,089	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			1,148,060		0.0
	1,295,261	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			1,376,758		0.0
	7,505,234 (5)	Freddie Mac REMIC Trust 3045 DI, 4.657%, (-1.000*US0001M + 6.730%), 10/15/2035			1,073,055		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	74,849		Freddie Mac REMIC Trust 3049 NA, 5.000%, 02/15/2035		$	75,235		0.0
	4,359,324 (5)		Freddie Mac REMIC Trust 3064 SP, 4.527%, (-1.000*US0001M + 6.600%), 03/15/2035			356,088		0.0
	606,898		Freddie Mac REMIC Trust 3065 DC, 13.640%, (-3.000*US0001M + 19.860%), 03/15/2035			788,231		0.0
	1,273,673 (5)		Freddie Mac REMIC Trust 3102 IS, 16.965%, (-3.667*US0001M + 24.567%), 01/15/2036			508,827		0.0
	4,386,177		Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			4,756,996		0.1
	2,385,102 (5)		Freddie Mac REMIC Trust 3170 SA, 4.527%, (-1.000*US0001M + 6.600%), 09/15/2033			337,190		0.0
	1,655,791 (5)		Freddie Mac REMIC Trust 3171 PS, 4.412%, (-1.000*US0001M + 6.485%), 06/15/2036			193,964		0.0
	2,046,326		Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			2,229,305		0.1
	505,603	(4)(5)	Freddie Mac REMIC Trust 3524 LA, 5.368%, 03/15/2033			533,809		0.0
	151,846		Freddie Mac REMIC Trust 3556 NT, 5.173%, (US0001M + 0.000%), 03/15/2038			156,075		0.0
	8,650,938 (5)		Freddie Mac REMIC Trust 3589 SB, 4.127%, (-1.000*US0001M + 6.200%), 10/15/2039			1,168,527		0.0
	1,663,773 (5)		Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			287,189		0.0
	9,222,480		Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			9,978,745		0.3
	3,294,008		Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			3,576,505		0.1
	25,782 (5)		Freddie Mac REMIC Trust 3668 EI, 5.500%, 12/15/2018			152		0.0

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,201,971 (5)	Freddie Mac REMIC Trust 3710 SL, 3.927%, (-1.000*US0001M + 6.000%), 05/15/2036		$	48,127		0.0
	1,723,915	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			1,864,415		0.1
	2,143,966 (5)	Freddie Mac REMIC Trust 3752 WS, 4.527%, (-1.000*US0001M + 6.600%), 12/15/2039			126,845		0.0
	1,612,858	Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			1,707,191		0.1
	5,000,000 (5)	Freddie Mac REMIC Trust 3820 BI, 4.000%, 11/15/2038			748,699		0.0
	2,258,467	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			2,344,815		0.1
	7,682,158 (5)	Freddie Mac REMIC Trust 3856 KS, 4.477%, (-1.000*US0001M + 6.550%), 05/15/2041			1,149,040		0.0
	1,523,000	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,585,233		0.1
	3,011,510 (5)	Freddie Mac REMIC Trust 3925 SD, 3.977%, (-1.000*US0001M + 6.050%), 07/15/2040			330,775		0.0
	14,867,794 (5)	Freddie Mac REMIC Trust 3925 SL, 3.977%, (-1.000*US0001M + 6.050%), 01/15/2041			1,655,065		0.1
	5,685,999 (5)	Freddie Mac REMIC Trust 3936 GS, 4.627%, (-1.000*US0001M + 6.700%), 11/15/2025			346,077		0.0
	17,489,771 (5)	Freddie Mac REMIC Trust 3951 SN, 4.477%, (-1.000*US0001M + 6.550%), 11/15/2041			3,072,395		0.1
	7,192,018 (5)	Freddie Mac REMIC Trust 3984 NS, 4.527%, (-1.000*US0001M + 6.600%), 01/15/2040			631,589		0.0
	1,399,945	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			1,469,235		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	2,749,352	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042		$	3,196,946		0.1
	2,810,257 (5)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040			393,599		0.0
	6,765,360 (5)	Freddie Mac REMIC Trust 4094 YS, 4.627%, (-1.000*US0001M + 6.700%), 04/15/2040			681,538		0.0
	13,365,752 (5)	Freddie Mac REMIC Trust 4102 MS, 4.527%, (-1.000*US0001M + 6.600%), 09/15/2042			2,474,843		0.1
	1,204,060 (5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			208,508		0.0
	5,291,861	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			5,158,036		0.1
	25,303,485	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			27,206,105		0.7
	12,489,958 (5)	Freddie Mac REMIC Trust 4313 SD, 4.077%, (-1.000*US0001M + 6.150%), 03/15/2044			1,650,342		0.1
	19,183,923 (5)	Freddie Mac REMIC Trust 4313 SE, 4.077%, (-1.000*US0001M + 6.150%), 03/15/2044			2,549,116		0.1
	3,918,853 (5)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			578,451		0.0
	2,095,001 (5)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			417,521		0.0
	6,860,239	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			7,119,347		0.2
	8,293,897 (5)	Freddie Mac REMIC Trust 4346 ST, 4.127%, (-1.000*US0001M + 6.200%), 07/15/2039			909,893		0.0
	10,600,454	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			11,026,308		0.3
	7,001,809 (5)	Freddie Mac REMIC Trust 4386 LS, 4.027%, (-1.000*US0001M + 6.100%), 09/15/2044			1,095,649		0.0

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	7,820,663	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044		$	7,994,064		0.2
	13,472,387 (5)	Freddie Mac Strips Series 311 S1, 3.877%, (-1.000*US0001M + 5.950%), 08/15/2043			2,250,752		0.1
	2,800,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 6.791%, (US0001M + 4.700%), 04/25/2028			3,321,340		0.1
	5,600,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 5.541%, (US0001M + 3.450%), 10/25/2029			6,128,536		0.2
	7,250,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.591%, (US0001M + 2.500%), 03/25/2030			7,477,229		0.2
	6,200,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 4.741%, (US0001M + 2.650%), 12/25/2029			6,398,269		0.2
	7,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.441%, (US0001M + 2.350%), 04/25/2030			7,164,829		0.2
	6,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 3.891%, (US0001M + 1.800%), 07/25/2030			5,907,614		0.2
	1,300,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.391%, (US0001M + 2.300%), 09/25/2030			1,297,493		0.0
	344,313	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			389,700		0.0
	578,595	Freddie Mac Structured Pass Through Certificates T-62 1A1, 2.664%, (12MTA + 1.200%), 10/25/2044			578,422		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	80,549	Freddie Mac-Ginnie Mae Series 27 FC, 3.375%, (PRIME + (1.375)%), 03/25/2024		$	81,965		0.0
	521,160	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			462,003		0.0
	91,450	Ginnie Mae Series 2002-21 FV, 2.485%, (US0001M + 0.400%), 03/16/2032			91,958		0.0
	1,279,971 (5)	Ginnie Mae Series 2005-7 AH, 4.685%, (-1.000*US0001M + 6.770%), 02/16/2035			177,888		0.0
	555,533 (5)	Ginnie Mae Series 2006-17 WI, 4.916%, (-1.000*US0001M + 7.000%), 04/20/2036			3,703		0.0
	171,627	Ginnie Mae Series 2007-37 S, 17.655%, (-3.667*US0001M + 25.300%), 04/16/2037			192,796		0.0
	552,180	Ginnie Mae Series 2007-8 SP, 15.292%, (-3.242*US0001M + 22.048%), 03/20/2037			747,166		0.0
	3,470,479 (5)	Ginnie Mae Series 2008-35 SN, 4.316%, (-1.000*US0001M + 6.400%), 04/20/2038			430,933		0.0
	1,833,081 (5)	Ginnie Mae Series 2008-40 PS, 4.415%, (-1.000*US0001M + 6.500%), 05/16/2038			256,423		0.0
	13,460,398 (5)	Ginnie Mae Series 2009-106 SU, 4.116%, (-1.000*US0001M + 6.200%), 05/20/2037			1,865,105		0.1
	4,422,687 (5)	Ginnie Mae Series 2009-25 KS, 4.116%, (-1.000*US0001M + 6.200%), 04/20/2039			567,156		0.0
	2,272,956	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			2,396,452		0.1
	2,863,046	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			3,032,671		0.1
	1,691,647 (5)	Ginnie Mae Series 2009-33 SN, 4.216%, (-1.000*US0001M + 6.300%), 05/20/2039			79,172		0.0
	10,881,600	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			12,491,244		0.3

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,497,977 (5)	Ginnie Mae Series 2009-43 HS, 4.116%, (-1.000*US0001M + 6.200%), 06/20/2038		$	69,866		0.0
	3,684,124 (5)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			508,170		0.0
	3,128,298 (5)	Ginnie Mae Series 2010-116 NS, 4.565%, (-1.000*US0001M + 6.650%), 09/16/2040			411,195		0.0
	8,203,425 (5)	Ginnie Mae Series 2010-116 SK, 4.536%, (-1.000*US0001M + 6.620%), 08/20/2040			1,237,279		0.0
	15,064,830 (5)	Ginnie Mae Series 2010-149 HS, 4.015%, (-1.000*US0001M + 6.100%), 05/16/2040			1,302,130		0.0
	5,205,063 (5)	Ginnie Mae Series 2010-4 SP, 4.415%, (-1.000*US0001M + 6.500%), 01/16/2039			530,610		0.0
	5,273,693	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			5,561,728		0.2
	3,215,887 (5)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			431,526		0.0
	3,410,716 (5)	Ginnie Mae Series 2010-68 MS, 3.766%, (-1.000*US0001M + 5.850%), 06/20/2040			449,566		0.0
	6,339,386 (5)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			1,532,039		0.0
	5,119,804 (5)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			480,338		0.0
	1,466,820 (5)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			194,432		0.0
	96,065	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			104,607		0.0
	6,681,168 (5)	Ginnie Mae Series 2011-80 KS, 4.586%, (-1.000*US0001M + 6.670%), 06/20/2041			1,083,526		0.0
	1,588,652 (5)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040			174,483		0.0
	213,149	Ginnie Mae Series 2012-43 MA, 4.000%, 10/20/2041			214,920		0.0
	17,992,291 (5)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			3,640,747		0.1
	14,170,716 (5)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			3,226,798		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	12,488,377 (5)	Ginnie Mae Series 2014-3 SU, 3.966%, (-1.000*US0001M + 6.050%), 07/20/2039		$	1,675,502		0.1
	1,279,618	Ginnie Mae Series 2014-43 Z, 4.000%, 03/20/2044			1,339,752		0.0
	15,249,531 (5)	Ginnie Mae Series 2014-55 MS, 4.115%, (-1.000*US0001M + 6.200%), 04/16/2044			2,143,001		0.1
	18,083,745 (5)	Ginnie Mae Series 2014-56 SP, 4.115%, (-1.000*US0001M + 6.200%), 12/16/2039			2,280,018		0.1
	13,398,957 (5)	Ginnie Mae Series 2014-58 CS, 3.515%, (-1.000*US0001M + 5.600%), 04/16/2044			1,553,363		0.1
	16,735,711 (5)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			4,143,675		0.1
	6,515,768 (5)	Ginnie Mae Series 2014-99 S, 3.516%, (-1.000*US0001M + 5.600%), 06/20/2044			900,088		0.0
	15,653,148 (5)	Ginnie Mae 2007-35 KY, 4.365%, (-1.000*US0001M + 6.450%), 06/16/2037			2,254,027		0.1
	90,415	HarborView Mortgage Loan Trust 2005-2 2A1A, 2.525%, (US0001M + 0.440%), 05/19/2035			87,414		0.0
	401,846	HomeBanc Mortgage Trust 2004-1 2A, 2.951%, (US0001M + 0.860%), 08/25/2029			386,754		0.0
	3,000,000	HomeBanc Mortgage Trust 2005-4 M1, 2.561%, (US0001M + 0.470%), 10/25/2035			2,929,751		0.1
	3,915,697	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.301%, (US0001M + 0.210%), 04/25/2046			3,650,610		0.1
	3,215,099	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 2.301%, (US0001M + 0.210%), 02/25/2046			2,728,733		0.1
	19,386 (4)	JP Morgan Mortgage Trust 2005-A1 6T1, 3.977%, 02/25/2035			19,348		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	190,695 (4)		JP Morgan Mortgage Trust 2007-A1 5A5, 3.693%, 07/25/2035		$	197,891		0.0
	4,574,603	(1)(4)	JP Morgan Mortgage Trust 2017-4 B1, 3.973%, 11/25/2048			4,494,567		0.1
	1,678,754	(1)(4)	JP Morgan Mortgage Trust 2017-4 B2, 3.973%, 11/25/2048			1,628,621		0.0
	1,089,486	(1)(4)	JP Morgan Mortgage Trust 2017-6 B3, 3.854%, 12/25/2048			1,028,158		0.0
	1,685,859	(1)(4)	JP Morgan Mortgage Trust 2018-1 B1, 3.770%, 06/25/2048			1,651,577		0.1
	1,685,859	(1)(4)	JP Morgan Mortgage Trust 2018-1 B2, 3.770%, 06/25/2048			1,639,607		0.1
	2,082,532	(1)(4)	JP Morgan Mortgage Trust 2018-1 B3, 3.770%, 06/25/2048			1,981,923		0.1
	1,492,823	(1)(4)	JP Morgan Mortgage Trust 2018-3 B1, 3.785%, 09/25/2048			1,443,026		0.0
	1,342,714	(1)(4)	JP Morgan Mortgage Trust 2018-4 B1, 3.805%, 10/25/2048			1,304,257		0.0
	9,869,433 (5)		Lehman Mortgage Trust 2006-9 2A5, 4.529%, (-1.000*US0001M + 6.620%), 01/25/2037			1,867,489		0.0
	2,679,376		Lehman XS Trust Series 2005-5N 1A2, 2.451%, (US0001M + 0.360%), 11/25/2035			2,385,026		0.1
	21,052		Merrill Lynch Mortgage Investors Trust Series 2005-2 3A, 2.983%, (US0001M + 1.000%), 10/25/2035			20,254		0.0
	1,108,332		Merrill Lynch Mortgage Investors Trust Series 2005-A6 2A3, 2.471%, (US0001M + 0.380%), 08/25/2035			1,111,962		0.0
	26,948		Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 4A, 2.341%, (US0001M + 0.250%), 11/25/2035			26,223		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	43,864		Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 2.341%, (US0001M + 0.250%), 11/25/2035		$	41,453		0.0
	2,000,000		Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 3.291%, (US0001M + 1.200%), 09/25/2035			1,917,456		0.1
	1,771,078		Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			1,571,808		0.0
	1,783,187	(1)(4)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,853,544		0.1
	24,964	(1)(4)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030			25,157		0.0
	1,969,823 (1)		RBSSP Resecuritization Trust 2011-3 2A1, 2.210%, (US0001M + 0.250%), 02/26/2037			1,964,169		0.1
	71,449		Sequoia Mortgage Trust 2003-4 2A1, 2.434%, (US0001M + 0.350%), 07/20/2033			69,204		0.0
	83,585 (4)		Sequoia Mortgage Trust 2005-4 2A1, 3.764%, 04/20/2035			87,463		0.0
	1,405,271	(1)(4)	Sequoia Mortgage Trust 2014-3 B3, 3.932%, 10/25/ 2044			1,406,089		0.1
	1,378,032	(1)(4)	Sequoia Mortgage Trust 2014-4 B3, 3.864%, 11/25/ 2044			1,373,202		0.0
	1,200,333	(1)(4)	Sequoia Mortgage Trust 2015-2 B3, 3.743%, 05/25/ 2045			1,176,480		0.0
	1,315,648	(1)(4)	Sequoia Mortgage Trust 2015-3 B3, 3.714%, 07/25/ 2045			1,273,976		0.0
	2,900,000	(1)(4)	Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047			2,909,336		0.1
	1,856,622	(1)(4)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			1,874,011		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	4,969,294	(1)(4)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.520%, 02/25/2048		$	5,147,960		0.1
	333,547		Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 2.335%, (US0001M + 0.250%), 07/19/2035			327,052		0.0
	143,935		Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 2.335%, (US0001M + 0.250%), 07/19/2035			140,645		0.0
	1,200,000	(1)(4)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			1,197,528		0.0
	1,300,000	(1)(4)	Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/ 2058			1,303,105		0.1
	11,008		WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 2.145%, (COF 11 + 1.250%), 02/27/2034			10,900		0.0
	35,241		WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 2.958%, (12MTA + 1.400%), 08/25/2042			34,510		0.0
	49,530		WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 2.731%, (US0001M + 0.640%), 01/25/2045			51,180		0.0
	1,225,834 (4)		WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.814%, 10/25/2036			1,137,527		0.0
	398,397		WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 2.395%, (COF 11 + 1.500%), 07/25/2046			389,652		0.0
	86,272,368	(4)(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.410%, 08/25/2045			1,785,553		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	2,722,824	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.581%, (US0001M + 0.490%), 10/25/2045		$	2,733,950		0.1
	1,004,043 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.367%, 10/25/2036			978,356		0.0
	1,894,949 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.101%, 12/25/2036			1,721,286		0.1
	3,668,539 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.326%, 08/25/2046			3,517,421		0.1
	4,466,754 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.136%, 04/25/2037			4,091,692		0.1
	2,746,113 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.314%, 07/25/2037			2,281,443		0.1
	3,684,095	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			3,367,033		0.1
	339,195	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			326,499		0.0
	2,268,516	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 2.191%, (US0001M + 0.100%), 12/25/2036			1,671,311		0.0
	5,375,120	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 2.518%, (12MTA + 0.960%), 08/25/2046			4,097,584		0.1
	2,399,821	Wells Fargo Alternative Loan 2007-PA2 2A1, 2.521%, (US0001M + 0.430%), 06/25/2037			2,012,835		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	65,977 (4)		Wells Fargo Mortgage Backed Securities 2004-CC A1, 3.755%, 01/25/2035		$	67,680		0.0
	90,426 (4)		Wells Fargo Mortgage Backed Securities 2004-EE 2A1, 4.149%, 12/25/2034			92,460		0.0
	281,729 (4)		Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 4.348%, 05/25/2035			285,370		0.0
	102,802 (4)		Wells Fargo Mortgage Backed Securities 2005-AR9 2A1, 3.709%, 10/25/2033			104,425		0.0
	1,511,699 (4)		Wells Fargo Mortgage Backed Securities 2006-AR2 2A5, 3.822%, 03/25/2036			1,499,621		0.0
	766,371 (4)		Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.190%, 04/25/2036			717,202		0.0
	1,100,448	(1)(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.796%, 08/20/2045			1,056,714		0.0
	13,497,676		Other Securities			12,986,158		0.4
			Total Collateralized Mortgage Obligations (Cost $546,067,431)			541,009,847		14.4
MUNICIPAL BONDS: 0.1%
			California: 0.1%
	1,600,000		Other Securities			2,079,219		0.1
			Total Municipal Bonds (Cost $1,609,333)			2,079,219		0.1
U.S. GOVERNMENT AGENCY OBLIGATIONS(6): 21.2%
			Federal Home Loan Mortgage Corporation: 11.0%(6)
	23,100,000 (7)		3.000%, 07/01/2045			22,348,590		0.6
	108,355		3.127%, 09/01/2035			112,335		0.0
	19,917		3.489%, 11/01/2031			21,021		0.0
	38,800		3.494%, 11/01/2035			40,883		0.0
	15,251,460		3.500%, 01/01/2045			15,235,987		0.4
	35,409,000 (7)		3.500%, 07/01/2045			35,214,365		0.9
	5,441		3.547%, 06/01/2024			5,683		0.0
	227,191		3.611%, 01/01/2029			235,195		0.0
	44,199		3.851%, 03/01/2035			45,401		0.0
	8,055,638		4.000%, 09/01/2045			8,244,958		0.2
	156,955,000 (7)		4.000%, 07/01/2048			160,014,401		4.3
	892,666		4.086%, 06/01/2035			939,418		0.0
	3,863		4.112%, 03/01/2036			4,065		0.0
	5,921		4.118%, 04/01/2032			6,189		0.0
	61,256,000 (7)		4.500%, 07/01/2048			63,751,211		1.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS(6): (continued)
		Federal Home Loan Mortgage Corporation (continued)
	106,453,242 (7)	2.500%-6.500%, 07/01/2019-03/01/2048		$	107,230,914		2.9
					413,450,616		11.0
		Federal National Mortgage Association: 8.9%(6)
	89,161	2.664%, 08/01/2042			90,517		0.0
	51,854	2.664%, 08/01/2042			52,606		0.0
	77,148	2.664%, 10/01/2044			78,311		0.0
	44,169	2.664%, 10/01/2044			44,856		0.0
	16,554,127	3.000%, 07/01/2043			16,173,692		0.4
	12,407,539	3.000%, 04/01/2045			12,093,956		0.3
	33,599,300 (7)	3.000%, 07/01/2048			32,541,447		0.9
	512,865	3.089%, 08/01/2035			531,744		0.0
	121,381	3.184%, 09/01/2035			125,052		0.0
	202,563	3.188%, 07/01/2035			211,476		0.0
	36,929	3.216%, 08/01/2035			38,591		0.0
	6,760	3.217%, 05/01/2036			6,934		0.0
	262,126	3.293%, 02/01/2033			268,945		0.0
	285,520	3.403%, 10/01/2035			298,704		0.0
	305,376	3.410%, 10/01/2035			320,314		0.0
	281,353	3.417%, 10/01/2035			295,137		0.0
	35,247,311	3.500%, 08/01/2046			35,220,239		1.0
	209,321	3.501%, 02/01/2034			219,089		0.0
	3,234	3.534%, 09/01/2031			3,358		0.0
	376,043	3.560%, 09/01/2034			397,799		0.0
	136,705	3.685%, 04/01/2035			143,087		0.0
	70,763	3.757%, 02/01/2035			73,675		0.0
	12,098,979	4.000%, 12/01/2039			12,428,127		0.3
	9,224,429	4.000%, 01/01/2045			9,534,504		0.3
	9,628	4.085%, 04/01/2032			9,752		0.0
	91,762	4.234%, 12/01/2036			96,110		0.0
	209,167,874 (7)	2.500%-7.500%, 07/01/2018-07/01/2048			216,412,512		5.7
					337,710,534		8.9
		Government National Mortgage Association: 1.3%
	10,032,000 (7)	3.000%, 07/01/2044			9,812,354		0.3
	13,155,000 (7)	3.500%, 07/01/2048			13,202,275		0.3
	24,357,615 (4)	3.500%-5.500%, 11/15/2035-10/20/2060			25,160,716		0.7
					48,175,345		1.3
		Total U.S. Government Agency Obligations (Cost $806,680,418)			799,336,495		21.2

Principal Amount†			Value			Percentage of Net Assets
FOREIGN GOVERNMENT BONDS: 1.4%
	BRL46,898,000	Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027-01/01/2029		$	10,959,349		0.3
	88,119,925,100	Other Securities			41,899,155		1.1
		Total Foreign Government Bonds (Cost $60,325,848)			52,858,504		1.4

U.S. TREASURY OBLIGATIONS: 6.7%
		U.S. Treasury Bonds: 2.6%
	98,770,000 (2)	3.000%, 02/15/2048			99,020,783		2.6
		U.S. Treasury Notes: 4.1%
	10,000,000	1.375%, 01/15/2020			9,832,617		0.3
	22,610,000	2.625%, 06/30/2023			22,495,625		0.6
	105,637,000	2.875%, 05/15/2028			105,816,501		2.8
	16,588,000	1.625%-2.875%, 03/31/ 2019-05/31/2025			16,382,034		0.4
					154,526,777		4.1
		Total U.S. Treasury Obligations (Cost $252,091,007)			253,547,560		6.7
ASSET-BACKED SECURITIES: 11.6%
		Automobile Asset-Backed Securities: 0.2%
	1,700,000 (1)	Oscar US Funding Trust VI LLC 2017-1A A3, 2.820%, 06/10/2021			1,694,910		0.0
	1,750,000 (1)	OSCAR US Funding Trust VII LLC 2017-2A A4, 2.760%, 12/10/2024			1,722,880		0.0
	2,000,000 (1)	OSCAR US Funding Trust VIII LLC 2018-1A A2A, 2.910%, 04/12/2021			1,998,760		0.1
	1,850,000 (1)	SunTrust Auto Receivables Trust 2015-1A B, 2.200%, 02/15/2021			1,831,059		0.1
	1,700,000	Other Securities			1,690,831		0.0
					8,938,440		0.2
		Home Equity Asset-Backed Securities: 0.3%
	1,300,000	Home Equity Asset Trust 2005-2 M5, 3.186%, (US0001M + 1.095%), 07/25/2035			1,315,325		0.0
	2,400,000	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 3.006%, (US0001M + 0.915%), 03/25/2035			2,403,271		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Home Equity Asset-Backed Securities (continued)
	532,777		New Century Home Equity Loan Trust 2005-2 M3, 2.826%, (US0001M + 0.735%), 06/25/2035		$	534,498		0.0
	71,289		Renaissance Home Equity Loan Trust 2003-2 A, 2.971%, (US0001M + 0.880%), 08/25/2033			69,866		0.0
	62,185		Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 2.171%, (US0001M + 0.080%), 11/25/2036			26,335		0.0
	3,536,069		WaMu Asset-Backed Certificates WaMu Series 2007-HE4 2A3 Trust, 2.261%, (US0001M + 0.170%), 07/25/2047			2,574,279		0.1
	2,600,000		Other Securities			2,708,819		0.1
						9,632,393		0.3
			Other Asset-Backed Securities: 10.5%
	3,905,131	(1)(8)	AJAX Mortgage Loan Trust 2016-C A, 4.000% (Step Rate @ 7.000% on 11/25/ 2019), 10/25/2057			3,924,027		0.1
	1,729,843	(1)(8)	AJAX Mortgage Loan Trust 2017-A A, 3.470% (Step Rate @ 6.470% on 05/25/ 2020), 04/25/2057			1,722,043		0.0
	6,860,000 (1)		ALM VII R-2 Ltd. 2013-7R2A A2R, 4.348%, (US0003M + 2.000%), 10/15/2027			6,871,093		0.2
	4,090,000 (1)		ALM VIII Ltd. 2013-8A A1R, 3.838%, (US0003M + 1.490%), 10/15/2028			4,097,006		0.1
	2,523,779 (5	(1)(4) )(9)(10)	American Homes 4 Rent 2015-SFR1 XS, 0.000%, 04/17/2052			—		—
	2,200,000 (1)		American Homes 4 Rent 2015-SFR2 D, 5.036%, 10/17/2045			2,306,655		0.1
	12,437,798 (	(1)(4) 5)(9)(10)	American Homes 4 Rent 2015-SFR2 XS, 0.000%, 10/17/2045			—		—
	4,670,000 (1)		Apidos CLO XI 2012-11A BR, 4.303%, (US0003M + 1.950%), 01/17/2028			4,675,567		0.1

Principal Amount†			Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities (continued)
	4,200,000 (1)	Apidos CLO XVII 2014-17A A2R, 4.203%, (US0003M + 1.850%), 04/17/2026		$	4,200,978		0.1
	7,370,000 (1)	Apidos CLO XVII 2014-17A BR, 4.853%, (US0003M + 2.500%), 04/17/2026			7,384,320		0.2
	5,370,000 (1)	Apidos Clo XXV 2016-25A A1, 3.819%, (US0003M + 1.460%), 10/20/2028			5,375,182		0.2
	8,000,000 (1)	Ares XLVI CLO Ltd. 2017-46A A2, 3.578%, (US0003M + 1.230%), 01/15/2030			8,012,040		0.2
	5,750,000 (1)	Ares XXIX CLO Ltd. 2014-1A BR, 4.653%, (US0003M + 2.300%), 04/17/2026			5,750,972		0.2
	4,280,000 (1)	Avery Point IV CLO Ltd. 2014-1A CR, 4.710%, (US0003M + 2.350%), 04/25/2026			4,282,423		0.1
	4,393,000 (1)	Babson CLO Ltd. 2018-3A A2, 3.320%, (US0003M + 1.300%), 07/20/2029			4,369,607		0.1
	1,600,000 (1)	Bain Capital Credit CLO 2017-1A A2, 3.709%, (US0003M + 1.350%), 07/20/2030			1,603,850		0.0
	3,470,000 (1)	Barings CLO Ltd. 2017-1A A2, 3.705%, (US0003M + 1.350%), 07/18/2029			3,480,702		0.1
	1,469,386 (4)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 4.005%, 10/25/2036			1,480,148		0.0
	9,020,000 (1)	Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 3.598%, (US0003M + 1.250%), 07/15/2029			9,049,766		0.2
	1,800,000 (1)	Birchwood Park CLO Ltd. 2014-1A C1R, 4.598%, (US0003M + 2.250%), 07/15/2026			1,800,373		0.0
	5,850,000 (1)	BlueMountain CLO 2014-4A CR, 4.869%, (US0003M + 2.550%), 11/30/2026			5,857,207		0.2
	5,070,000 (1)	BlueMountain CLO 2015-1A BR, 4.842%, (US0003M + 2.500%), 04/13/2027			5,095,066		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities (continued)
	4,570,000 (1)	Burnham Park Clo Ltd. 2016-1A A, 3.789%, (US0003M + 1.430%), 10/20/2029		$	4,578,779		0.1
	4,000,000 (1)	Carbone CLO Ltd 2017-1A A1, 2.809%, (US0003M + 1.140%), 01/20/2031			3,997,748		0.1
	2,400,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 3.471%, (US0003M + 1.130%), 04/17/2031			2,405,460		0.1
	8,630,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2017-1A A1A, 3.659%, (US0003M + 1.300%), 04/20/2031			8,640,347		0.2
	4,530,000 (1)	Cedar Funding II CLO Ltd. 2013-1A CR, 4.677%, (US0003M + 2.350%), 06/09/2030			4,544,740		0.1
	3,950,000 (1)	Cedar Funding IV CLO Ltd. 2014-4A CR, 4.612%, (US0003M + 2.250%), 07/23/2030			3,954,685		0.1
	13,380,000 (1)	Cedar Funding VI CLO Ltd. 2016-6A A1, 3.829%, (US0003M + 1.470%), 10/20/2028			13,386,128		0.4
	6,440,000 (1)	Cent CLO 2014-22A A2AR, 4.313%, (US0003M + 1.950%), 11/07/2026			6,445,751		0.2
	61,334	Chase Funding Trust Series 2002-4 2A1, 2.831%, (US0001M + 0.740%), 10/25/2032			61,009		0.0
	106,708	Chase Funding Trust Series 2003-5 2A2, 2.691%, (US0001M + 0.600%), 07/25/2033			103,822		0.0
	3,750,000 (1)	CIFC Funding 2013-2A A1LR, 3.565%, (US0003M + 1.210%), 10/18/2030			3,762,982		0.1
	3,550,000 (1)	CIFC Funding 2014-4A C1R, 5.003%, (US0003M + 2.650%), 10/17/2026			3,551,431		0.1
	4,110,000 (1)	CIFC Funding 2016-1A A, 3.842%, (US0003M + 1.480%), 10/21/2028			4,116,917		0.1
	525,541	Countrywide Asset-Backed Certificates 2006-26 2A3, 2.261%, (US0001M + 0.170%), 06/25/2037			524,668		0.0

Principal Amount†			Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities (continued)
	7,300,000	Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 2.241%, (US0001M + 0.150%), 10/25/2036		$	6,509,977		0.2
	12,160,000 (1)	Dewolf Park Clo Ltd. 2017-1A A, 3.558%, (US0003M + 1.210%), 10/15/2030			12,175,382		0.3
	7,790,000 (1)	Dryden 33 Senior Loan Fund 2014-33A AR, 3.778%, (US0003M + 1.430%), 10/15/2028			7,812,544		0.2
	1,200,000 (1)	Dryden 55 CLO Ltd. 2018-55A A1, 3.061%, (US0003M + 1.020%), 04/15/2031			1,198,008		0.1
	8,610,000 (1)	Dryden Senior Loan Fund 2017-47A A2, 3.698%, (US0003M + 1.350%), 04/15/2028			8,616,690		0.2
	7,130,000 (1)	Dryden Senior Loan Fund 2017-47A C, 4.548%, (US0003M + 2.200%), 04/15/2028			7,167,568		0.2
	7,460,000 (1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 3.543%, (US0003M + 1.200%), 08/15/2030			7,468,176		0.2
	3,671,550 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,703,056		0.1
	3,250,000 (1)	Flatiron CLO Ltd. 2013-1A A2R, 4.003%, (US0003M + 1.650%), 01/17/2026			3,250,026		0.1
	4,770,000 (1)	Flatiron CLO Ltd. 2013-1A BR, 4.703%, (US0003M + 2.350%), 01/17/2026			4,771,283		0.1
	4,250,000 (1)	Galaxy XIX CLO Ltd. 2015-19A A1R, 3.579%, (US0003M + 1.220%), 07/24/2030			4,260,731		0.1
	2,100,000 (1)	Gilbert Park CLO Ltd. 2017-1A A, 3.538%, (US0003M + 1.190%), 10/15/2030			2,102,656		0.1
	1,800,000 (1)	Gilbert Park CLO Ltd. 2017-1A B, 3.948%, (US0003M + 1.600%), 10/15/2030			1,803,413		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	133,902		GSAMP Trust 2007-FM1 A2A, 2.161%, (US0001M + 0.070%), 12/25/2036		$	70,966		0.0
	3,802,079 (1)		HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			3,871,762		0.1
	1,500,000 (1)		Jay Park CLO Ltd. 2016-1A B, 4.759%, (US0003M + 2.400%), 10/20/2027			1,503,141		0.0
	4,300,000	(1)(7)	KKR CLO 21 A Ltd., 3.345%, (US0003M + 1.000%), 04/15/2031			4,275,920		0.1
	10,000,000 (1)		LCM 26A A2 Ltd., 3.176%, (US0003M + 1.250%), 01/20/2031			10,015,080		0.3
	1,308,000 (1)		LCM XIV L.P. 14A AR, 3.440%, (US0003M + 1.040%), 07/20/2031			1,307,970		0.0
	6,690,000 (1)		LCM XXIII Ltd. 23A A1, 3.759%, (US0003M + 1.400%), 10/20/2029			6,720,687		0.2
	58,753		Long Beach Mortgage Loan Trust 2004-4 1A1, 2.651%, (US0001M + 0.560%), 10/25/2034			57,252		0.0
	4,450,000 (1)		Madison Park Funding XI Ltd. 2013-11A CR, 4.562%, (US0003M + 2.200%), 07/23/2029			4,450,480		0.1
	2,120,000 (1)		Madison Park Funding XV Ltd. 2014-15A B1R, 4.566%, (US0003M + 2.200%), 01/27/2026			2,120,651		0.1
	1,356,785 (1)		Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			1,362,189		0.0
	1,500,000 (1)		Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/20/2044			1,499,483		0.1
	4,205,800 (1)		Mosaic Solar Loans 2017-2A A LLC, 3.820%, 09/20/2042			4,181,869		0.1
	4,510,000 (1)		Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.679%, (US0003M + 1.320%), 03/17/2030			4,521,879		0.1
	3,000,000 (1)		Octagon Investment Partners Ltd. 2017-1A A2, 3.698%, (US0003M + 1.350%), 07/15/2029			3,005,541		0.1

Principal Amount†			Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities (continued)
	2,250,000 (1)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.723%, (US0003M + 1.375%), 07/15/2029		$	2,259,401		0.1
	1,430,000 (1)	Octagon Investment Partners XIX Ltd. 2014-1A CR, 4.448%, (US0003M + 2.100%), 04/15/2026			1,430,060		0.0
	4,000,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.705%, (US0003M + 1.350%), 07/19/2030			4,010,808		0.1
	7,070,000 (1)	OHA Loan Funding Ltd. 2015-1A AR, 3.753%, (US0003M + 1.410%), 08/15/2029			7,106,375		0.2
	7,900,000 (1)	OHA Loan Funding Ltd. 2015-1A BR, 4.143%, (US0003M + 1.800%), 08/15/2029			7,907,323		0.2
	2,340,000 (1)	Palmer Square CLO 2013-2A BR Ltd., 4.603%, (US0003M + 2.250%), 10/17/2027			2,343,185		0.1
	3,300,000 (1)	Palmer Square CLO 2015-1A BR Ltd., 4.881%, (US0003M + 2.550%), 05/21/2029			3,317,374		0.1
	1,375,000 (1)	Palmer Square CLO 2015-2A A1AR Ltd., 3.629%, (US0003M + 1.270%), 07/20/2030			1,378,165		0.0
	4,070,000 (1)	Palmer Square CLO 2015-2A A1BR Ltd., 3.709%, (US0003M + 1.350%), 07/20/2030			4,082,796		0.1
	3,000,000 (1)	Palmer Square CLO 2018-1A A1 Ltd., 3.208%, (US0003M + 1.030%), 04/18/2031			2,984,895		0.1
	5,700,000 (1)	Palmer Square Loan Funding 2017-1A C Ltd., 5.148%, (US0003M + 2.800%), 10/15/2025			5,659,331		0.1
	2,000,000 (1)	Palmer Square Loan Funding 2018-1A C Ltd., 4.073%, (US0003M + 1.850%), 04/15/2026			1,984,020		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	900,000	(1)(7)	Palmer Square Loan Funding 2018-2A C Ltd., 4.310%, (US0003M + 1.950%), 07/15/2026		$	891,764		0.0
	2,500,000		Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2005-WHQ1 M4, 3.171%, (US0001M + 1.080%), 03/25/2035			2,516,850		0.1
	8,200,000 (1)		Progress Residential 2015-SFR2 E, 4.427%, 06/12/2032			8,213,842		0.2
	4,375,000 (1)		Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027			4,323,762		0.1
	1,500,000 (1)		Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			1,496,580		0.1
	2,912,216 (1)		Springleaf Funding Trust 2015-A A, 3.160%, 11/15/2024			2,911,472		0.1
	10,200,000 (1)		Symphony CLO Ltd. 2012-9A AR, 3.798%, (US0003M + 1.450%), 10/16/2028			10,216,718		0.3
	4,200,000 (1)		Symphony CLO Ltd. 2016-18A B, 4.162%, (US0003M + 1.800%), 01/23/2028			4,210,962		0.1
	3,930,000 (1)		Symphony CLO XIV Ltd. 2014-14A C1R, 4.848%, (US0003M + 2.500%), 07/14/2026			3,930,900		0.1
	4,629,500 (1)		Taco Bell Funding 2016-1A A2I, 3.832%, 05/25/2046			4,643,689		0.1
	825,430 (1)		Taco Bell Funding LLC 2016-1A A2II, 4.377%, 05/25/2046			838,416		0.0
	5,500,000 (1)		TES LLC 2017-1A B, 7.740%, 10/20/2047			5,648,180		0.2
	2,200,000 (1)		Thacher Park CLO Ltd. 2014-1A CR, 4.559%, (US0003M + 2.200%), 10/20/2026			2,200,761		0.1
	2,400,000 (1)		THL Credit Wind River 2013-2A AR CLO Ltd., 3.585%, (US0003M + 1.230%), 10/18/2030			2,406,449		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	2,570,000 (1)		THL Credit Wind River 2017-1A C CLO Ltd., 4.655%, (US0003M + 2.300%), 04/18/2029		$	2,578,124		0.1
	12,650,000 (1)		Wind River CLO Ltd. 2016-2A A, 3.858%, (US0003M + 1.500%), 11/01/2028			12,664,965		0.3
	1,500,000	(1)(4)	Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057			1,460,639		0.0
	6,300,000	(1)(4)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057			5,857,085		0.2
	1,691,500 (1)		Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			1,647,132		0.0
	1,820,993		Other Securities			1,817,847		0.0
						396,157,742		10.5
			Student Loan Asset-Backed Securities: 0.6%
	1,250,000 (1)		Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			1,209,367		0.0
	1,795,866 (1)		DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			1,791,540		0.0
	2,572,328 (1)		DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			2,570,114		0.1
	779,929 (1)		Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037			775,822		0.0
	2,000,000 (1)		Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			1,986,391		0.1
	1,550,000 (1)		SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,501,282		0.1
	1,500,000 (1)		SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,409,187		0.0
	269,495 (1)		SoFi Professional Loan Program 2015-C A2, 2.510%, 08/25/2033			264,848		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Student Loan Asset-Backed Securities (continued)
	2,500,000	(1)(4)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040		$	2,398,301		0.1
	2,100,000 (1)		SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			2,044,854		0.0
	2,200,000 (1)		Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,168,853		0.1
	5,000,000 (1)		Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			4,999,819		0.1
						23,120,378		0.6
			Total Asset-Backed Securities (Cost $436,203,448)			437,848,953		11.6
COMMERCIAL MORTGAGE-BACKED SECURITIES: 4.7%
	10,870,000		BANK 2017-BNK8 A4, 3.488%, 11/15/2050			10,689,570		0.3
	4,130,000 (4)		BANK 2017-BNK8 B, 3.931%, 11/15/2050			4,087,271		0.1
	41,614,487	(4)(5)	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.685%, 02/15/2050			4,100,950		0.1
	22,800,000	(1)(4)(5)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			917,677		0.0
	753,698	(1)(4)	Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14 L, 5.405%, 01/12/2041			753,776		0.0
	1,350,000	(1)(4)	Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14 M, 5.405%, 01/12/2041			1,344,432		0.1
	1,350,000	(1)(4)	Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14 N, 5.405%, 01/12/2041			1,332,393		0.0
	1,089,649 (1)		Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/2018			1,088,376		0.0
	20,410,625	(4)(5)	CD 2016-CD1 Mortgage Trust XA, 1.565%, 08/10/2049			1,753,405		0.0
	3,520,000 (1)		CHT 2017-COSMO A Mortgage Trust, 3.003%, (US0001M + 0.930%), 11/15/2036			3,522,296		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	3,570,000 (4)		Citigroup Commercial Mortgage Trust 2017-P8 C, 4.414%, 09/15/2050		$	3,481,869		0.1
	35,887,524	(4)(5)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.073%, 09/15/2050			2,406,933		0.0
	59,021,000	(4)(5)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.604%, 06/10/2051			3,141,369		0.1
	17,768,313	(4)(5)	COMM 2012-CR1 XA, 2.050%, 05/15/2045			1,058,745		0.0
	14,854,635	(4)(5)	COMM 2012-CR2 XA, 1.817%, 08/15/2045			820,086		0.0
	26,213,128	(4)(5)	COMM 2012-CR3 XA, 2.038%, 10/15/2045			1,708,823		0.1
	65,166,000	(1)(4)(5)	COMM 2012-CR4 XB, 0.747%, 10/15/2045			1,620,196		0.0
	21,580,825	(4)(5)	COMM 2012-CR5 XA, 1.696%, 12/10/2045			1,202,909		0.0
	32,122,643	(1)(4)(5)	COMM 2012-LC4 XA, 2.383%, 12/10/2044			1,835,549		0.1
	85,979,020	(4)(5)	COMM 2014-UBS2 XA, 1.507%, 03/10/2047			4,186,069		0.1
	214,711,000	(1)(4)(5)	COMM 2014-UBS2 XB, 0.208%, 03/10/2047			1,715,240		0.1
	4,000,000 (4)		COMM 2015-PC1 C, 4.589%, 07/10/2050			3,732,109		0.1
	910,000 (4)		COMM 2016-COR1 C, 4.540%, 10/10/2049			895,390		0.0
	82,765,690	(4)(5)	COMM 2016-CR28 XA, 0.692%, 02/10/2049			3,184,774		0.1
	4,450,000	(1)(4)	DBUBS 2011-LC2A D, 5.719%, 07/10/2044			4,589,944		0.1
	25,317,409	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K006 BX1, 5.542%, 02/25/2020			2,088,084		0.1
	20,760,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K008 X3, 5.444%, 08/25/2020			2,038,487		0.1
	45,593,599	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K014 X1, 1.341%, 04/25/2021			1,257,239		0.0
	84,529,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K019 X3, 2.052%, 05/25/2040			5,671,296		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	33,996,139	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X1, 1.553%, 05/25/2022		$	1,529,034		0.0
	36,470,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.938%, 05/25/2040			2,359,718		0.1
	46,226,686	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.393%, 08/25/2022			1,994,307		0.1
	22,000,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.719%, 06/25/2041			1,530,342		0.0
	27,650,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.649%, 05/25/2041			1,831,514		0.0
	15,700,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.852%, 12/25/2041			1,286,984		0.0
	31,440,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K040 X3, 2.104%, 11/25/2042			3,389,672		0.1
	35,800,243	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K706 X1, 1.686%, 10/25/2018			118,348		0.0
	30,984,016	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K707 X1, 1.644%, 12/25/2018			100,980		0.0
	47,848,125	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K709 X1, 1.631%, 03/25/2019			321,712		0.0
	46,917,826	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X1, 1.800%, 07/25/2019			499,816		0.0
	55,973,226	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K712 X1, 1.448%, 11/25/2019			706,119		0.0
	104,399,984	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates KC01 X1, 0.842%, 12/25/2022			2,069,500		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	602,194,308	(1)(5)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044		$	1,611,231		0.0
	445,208,997	(1)(5)	FREMF Mortgage Trust 2013-K29 X2A, 0.125%, 05/25/2046			2,063,187		0.1
	7,600,000	(1)(4)	GS Mortgage Securities Trust 2010-C2 D, 5.355%, 12/10/2043			7,738,670		0.2
	4,400,000	(1)(4)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			3,979,388		0.1
	33,255,402	(4)(5)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.405%, 05/10/2045			1,683,891		0.0
	15,046,458	(4)(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.558%, 11/10/2046			554,817		0.0
	48,249,767	(4)(5)	GS Mortgage Securities Trust 2014-GC22 XA, 1.160%, 06/10/2047			2,033,399		0.1
	206,192	(1)(4)	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-C2 H, 5.955%, 05/15/2041			205,931		0.0
	23,450,000	(1)(4)(5)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.413%, 12/15/2047			324,377		0.0
	623,227	(1)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2003-CB6 H, 5.379%, 07/12/2037			618,389		0.0
	3,632,778 (4)		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.466%, 06/12/2041			3,689,489		0.1
	32,634,026	(4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.653%, 06/15/2045			1,289,247		0.0
	2,600,000	(1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.253%, 11/15/2045			2,594,405		0.1
	29,951,469	(4)(5)	JPMBB Commercial Mortgage Securities Trust 2014-C26 XA, 1.262%, 01/15/2048			1,301,478		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	2,685,628	(4)(5)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.294%, 10/15/2048		$	128,220		0.0
	20,138,728	(4)(5)	JPMCC Commercial Mortgage Securities Trust 2017-JP6 XA, 1.477%, 07/15/2050			1,436,588		0.1
	128,598	(1)(4)	LB-UBS Commercial Mortgage Trust 2005-C1 G, 5.854%, 02/15/2040			128,256		0.0
	2,723,000	(1)(4)	LB-UBS Commercial Mortgage Trust 2005-C1 H, 5.954%, 02/15/2040			2,724,601		0.1
	2,600,000	(1)(4)	LB-UBS Commercial Mortgage Trust 2005-C5 G, 5.350%, 09/15/2040			2,653,326		0.1
	2,188,818	(1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.899%, 11/15/2038			5,803		0.0
	11,435,631	(1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.899%, 11/15/2038			30,275		0.0
	3,930,000	(1)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 D, 4.843%, 08/15/2045			3,939,166		0.1
	5,000,000 (4)		Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 C, 4.610%, 02/15/2048			4,918,130		0.1
	1,000,000	(1)(4)	Morgan Stanley Capital I Trust 2005-T19 G, 5.784%, 06/12/2047			985,061		0.0
	2,375,000	(1)(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.599%, 09/15/2047			2,449,842		0.1
	3,325,000	(1)(4)	Morgan Stanley Capital I Trust 2011-C1 E, 5.599%, 09/15/2047			3,433,159		0.1
	3,480,000 (1)		Morgan Stanley Capital I, Inc. 2017-JWDR A, 2.923%, (US0001M + 0.850%), 11/15/2034			3,477,881		0.1
	1,710,437 (1)		Morgan Stanley Reremic Trust 2012-XA B, 0.250%, 07/27/2049			1,687,399		0.1
	79,702,122	(4)(5)	UBS Commercial Mortgage Trust 2017-C5, 1.175%, 11/15/2050			5,424,470		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	26,718,944	(1)(4)(5)	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.053%, 08/10/2049		$	1,755,133		0.1
	32,452,418	(4)(5)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.284%, 12/15/2047			1,712,079		0.0
	21,543,496	(1)(4)(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.007%, 08/15/2045			1,303,209		0.0
	9,020,000	(1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.414%, 03/15/2045			6,970,865		0.2
	14,180,000	(1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 G, 4.414%, 03/15/2045			5,655,241		0.2
	58,166,870	(1)(4)(5)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.416%, 03/15/2048			2,754,521		0.1
	1,042,015		Other Securities			1,022,326		0.0
			Total Commercial Mortgage-Backed Securities (Cost $180,658,604)			178,246,753		4.7

Shares			Value		Percentage of Net Assets
MUTUAL FUNDS: 18.4%
		Affiliated Investment Companies: 18.4%
	9,246,286	Voya Emerging Markets Corporate Debt Fund - Class P		87,932,178		2.3
	14,503,851	Voya Emerging Markets Hard Currency Debt Fund - Class P		133,145,351		3.5
	8,932,974	Voya Emerging Markets Local Currency Debt Fund - Class P		62,977,465		1.7
	2,482,643	Voya Floating Rate Fund Class P		24,329,902		0.6
	14,199,909	Voya High Yield Bond Fund - Class P		111,327,290		3.0
	13,124,726	Voya Investment Grade Credit Fund - Class P		136,103,411		3.6
	13,401,561	Voya Securitized Credit Fund - Class P		137,634,030		3.7
		Total Mutual Funds (Cost $731,633,032)		693,449,627		18.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares			Value			Percentage of Net Assets
PREFERRED STOCK: 0.0%
		Utilities: 0.0%
	88,468 (11)	Other Securities		$	2,072,805		0.0
		Total Preferred Stock (Cost $2,211,700)			2,072,805		0.0
		Total Long-Term Investments (Cost $4,049,195,606)			3,966,007,373		105.2

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.3%
		Commercial Paper: 3.2%
	5,945,000	AT&T, Inc., 2.540%, 07/10/2018		5,940,867		0.1
	10,000,000	Autozone Inc D, 2.660%, 07/06/2018		9,995,625		0.3
	22,000,000	Concord Minute, 2.390%, 07/05/2018		21,992,799		0.6
	7,000,000	Consolidated E, 2.940%, 07/03/2018		6,998,310		0.2
	2,500,000	Harley Davison, 2.570%, 09/07/2018		2,487,930		0.1
	40,000,000	Johnson CTLS I, 3.280%, 07/02/2018		39,992,817		1.0
	15,000,000	Marriott Intl, 2.520%, 07/11/2018		14,988,625		0.4
	14,000,000	McDonald’s Corp., 2.540%, 07/10/2018		13,990,268		0.4
	5,000,000	NBC Universal, 2.470%, 07/19/2018		4,993,583		0.1
				121,380,824		3.2
		Securities Lending Collateral(12): 2.7%
	48,626,882	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/29/18, 2.08%, due 07/02/18 (Repurchase Amount $48,635,195, collateralized by various U.S. Government Agency Obligations, 1.691%-8.500%, Market Value plus accrued interest $49,599,419, due 07/25/18-06/15/53)		48,626,882		1.3

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(12) (continued)
	4,987,210	Millenium Fixed Income Ltd., Repurchase Agreement dated 06/29/18, 2.28%, due 07/02/18 (Repurchase Amount $4,988,145, collateralized by various U.S. Government Securities, 2.750%-3.125%, Market Value plus accrued interest $5,086,955, due 11/15/42-08/15/44)		$	4,987,210		0.1
	24,313,441	NBC Global Finance Ltd., Repurchase Agreement dated 06/29/18, 1.95%, due 07/02/18 (Repurchase Amount $24,317,338, collateralized by various U.S. Government Securities, 0.000%-3.625%, Market Value plus accrued interest $24,799,781, due 01/31/20-09/09/49)			24,313,441		0.7
	24,313,441	State of Wisconsin Investment Board, Repurchase Agreement dated 06/29/18, 2.30%, due 07/02/18 (Repurchase Amount $24,318,037, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $24,799,891, due 07/15/19-02/15/48)			24,313,441		0.6
					102,240,974		2.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.4%
	14,300,000 (13	)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.810% (Cost $14,300,000)		$	14,300,000		0.4
			Total Short-Term Investments (Cost $237,936,565)			237,921,798		6.3
			Total Investments in Securities (Cost $4,287,132,171)		$	4,203,929,171		111.5
			Liabilities in Excess of Other Assets			(435,256,553)		(11.5)
			Net Assets		$	3,768,672,618		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)

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

(3)

The grouping contains securities on loan.

(4)

Variable rate security. Rate shown is the rate in effect as of June 30, 2018.

(5)

(6)

(7)

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

(8)

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 June 30, 2018.

(9)

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

(10)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2018.

(11)

The grouping contains non-income producing securities.

(12)

Represents securities purchased with cash collateral received for securities on loan.

(13)

Rate shown is the 7-day yield as of June 30, 2018.

BRL

Brazilian Real

CLP

Chilean Peso

IDR

Indonesian Rupiah

MXN

Mexican Peso

PEN

Peruvian Nuevo Sol

PLN

Polish Zloty

RON

Romanian New Leu

RUB

Russian Ruble

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 June 30, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Asset Table
Investments, at fair value
Mutual Funds		$	693,449,627		$	—		$	—		$	693,449,627
Preferred Stock			2,072,805			—			—			2,072,805
Corporate Bonds/Notes			—			1,005,557,610			—			1,005,557,610
Collateralized Mortgage Obligations			—			541,009,847			—			541,009,847

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Municipal Bonds			—			2,079,219			—			2,079,219
Foreign Government Bonds			—			52,858,504			—			52,858,504
U.S. Treasury Obligations			—			253,547,560			—			253,547,560
Asset-Backed Securities			—			437,848,953			—			437,848,953
U.S. Government Agency Obligations			—			799,336,495			—			799,336,495
Commercial Mortgage-Backed Securities			—			178,246,753			—			178,246,753
Short-Term Investments			14,300,000			223,621,798			—			237,921,798
Total Investments, at fair value		$	719,634,786		$	3,484,294,385		$	—		$	4,203,929,171
Other Financial Instruments+
Centrally Cleared Swaps			—			13,633,972			—			13,633,972
Forward Foreign Currency Contracts			—			6,500,649			—			6,500,649
Forward Premium Swaptions			—			606,094			—			606,094
Futures			2,807,424			—			—			2,807,424
Total Assets		$	722,442,210		$	3,505,035,100		$	–		$	4,227,477,310
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(14,893,476)		$	—		$	(14,893,476)
Forward Foreign Currency Contracts			—			(1,310,907)			—			(1,310,907)
Futures			(2,113,863)			—			—			(2,113,863)
Total Liabilities		$	(2,113,863)		$	(16,204,383)		$	—		$	(18,318,246)

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

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2018, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/17			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2018			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	90,929,629		$	2,289,048		$	—		$	(5,286,499)		$	87,932,178		$	2,289,048		$	—		$	—
Voya Emerging Markets Hard Currency Debt Fund - Class P			140,636,301			3,409,710			—			(10,900,660)			133,145,351			3,409,710			—			—
Voya Emerging Markets Local Currency Debt Fund - Class P			67,807,597			1,584,912			—			(6,415,044)			62,977,465			1,584,912			—			—
Voya Floating Rate Fund Class P			23,828,877			536,963			—			(35,938)			24,329,902			542,798			—			—
Voya High Yield Bond Fund - Class P			126,260,947			3,460,947			(15,414,648)			(2,979,956)			111,327,290			3,460,947			(414,649)			—
Voya Investment Grade Credit Fund Class P			141,136,923			2,610,723			—			(7,644,235)			136,103,411			2,609,242			—			—
Voya Securitized Credit Fund Class P			135,179,121			3,502,123			—			(1,047,214)			137,634,030			3,501,799			—			—
		$	725,779,395		$	17,394,426		$	(15,414,648)		$	(34,309,546)		$	693,449,627		$	17,398,456		$	(414,649)		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

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

At June 30, 2018, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 779,000

THB 24,177,589

Barclays Bank PLC

07/13/18

49,035

IDR 32,169,248,000

USD 2,272,000

Barclays Bank PLC

07/13/18

(28,388)

USD 3,596,385

IDR 50,194,746,125

Barclays Bank PLC

07/13/18

95,603

USD 1,505,295

MYR 6,097,198

Barclays Bank PLC

07/13/18

(4,037)

USD 1,505,295

MYR 6,094,188

Barclays Bank PLC

07/13/18

(3,292)

MYR 14,795,150

USD 3,786,831

Barclays Bank PLC

07/13/18

(124,363)

USD 582,728

PHP 30,666,070

Barclays Bank PLC

07/13/18

8,546

USD 779,000

MYR 3,041,606

Barclays Bank PLC

07/13/18

26,065

MXN 1,595,907

USD 77,856

Barclays Bank PLC

08/10/18

2,007

PLN 4,202

USD 1,179

Barclays Bank PLC

08/10/18

(57)

USD 6,461,507

BRL 23,962,368

Barclays Bank PLC

08/10/18

306,462

USD 6,128,260

ZAR 74,984,710

Barclays Bank PLC

08/10/18

689,351

USD 4,343,507

CLP 2,755,868,188

Barclays Bank PLC

08/10/18

125,372

USD 6,460,793

BRL 23,962,368

Barclays Bank PLC

08/10/18

305,747

HUF 1,340,917,453

USD 4,951,000

Barclays Bank PLC

08/10/18

(184,419)

USD 6,243,706

IDR 86,450,357,094

BNP Paribas

07/13/18

214,313

USD 5,679,000

BRL 20,948,014

BNP Paribas

08/10/18

298,231

USD 4,672,000

IDR 64,828,672,000

Citibank N.A.

07/13/18

150,589

USD 4,541,128

THB 142,019,697

Citibank N.A.

07/13/18

253,298

USD 1,894,000

HUF 513,568,138

Citibank N.A.

08/10/18

68,411

HUF 1,331,407,198

USD 4,937,000

Citibank N.A.

08/10/18

(204,225)

USD 4,607,916

COP 13,337,290,638

Citibank N.A.

08/10/18

65,408

USD 379,000

CZK 8,185,600

Citibank N.A.

08/10/18

10,131

USD 3,061,000

CZK 65,967,580

Citibank N.A.

08/10/18

88,290

USD 2,699,500

CZK 56,119,393

Citibank N.A.

08/10/18

170,581

RON 404,300

USD 103,938

Citibank N.A.

08/10/18

(2,880)

CZK 89,346,159

USD 4,225,000

Citibank N.A.

08/10/18

(198,776)

USD 2,699,500

CZK 56,074,392

Citibank N.A.

08/10/18

172,608

IDR 2,842,655,917

USD 199,990

Goldman Sachs International

07/13/18

(1,732)

USD 1,513,000

PHP 80,754,862

Goldman Sachs International

07/13/18

971

USD 5,157,522

MYR 20,214,909

Goldman Sachs International

07/13/18

153,419

USD 1,894,000

BRL 7,023,710

Goldman Sachs International

08/10/18

89,869

USD 3,776,000

PLN 13,823,107

Goldman Sachs International

08/10/18

83,540

BRL 15,594,276

USD 3,988,000

Goldman Sachs International

08/10/18

17,592

CZK 89,278,588

USD 4,217,000

Goldman Sachs International

08/10/18

(193,821)

RUB 22,306,471

USD 347,733

Goldman Sachs International

08/10/18

5,962

USD 385,000

RUB 24,060,321

Goldman Sachs International

08/10/18

3,495

BRL 15,317,110

USD 3,988,000

Goldman Sachs International

08/10/18

(53,601)

USD 3,689,416

RUB 231,478,914

Goldman Sachs International

08/10/18

19,043

USD 3,689,220

RUB 231,478,914

Goldman Sachs International

08/10/18

18,848

USD 3,527,546

HUF 884,306,740

Goldman Sachs International

08/10/18

384,087

USD 3,689,281

RUB 231,478,914

Goldman Sachs International

08/10/18

18,908

USD 3,400,000

PLN 12,578,182

Goldman Sachs International

08/10/18

40,087

CLP 236,762,812

USD 379,000

Goldman Sachs International

08/10/18

(16,611)

USD 3,689,954

RUB 231,478,914

Goldman Sachs International

08/10/18

19,581

USD 115,786

CZK 2,364,179

HSBC Bank USA N.A.

08/10/18

9,248

USD 11,897,902

PLN 40,232,278

HSBC Bank USA N.A.

08/10/18

1,150,964

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 8,462,115

MXN 170,347,793

HSBC Bank USA N.A.

08/10/18

(62,465)

USD 4,969,391

RON 18,659,223

HSBC Bank USA N.A.

08/10/18

305,346

USD 3,698,060

PEN 12,125,661

HSBC Bank USA N.A.

08/10/18

11,402

USD 4,225,149

TRY 17,920,311

HSBC Bank USA N.A.

08/10/18

388,620

USD 6,472,467

BRL 23,962,368

HSBC Bank USA N.A.

08/10/18

317,422

USD 7,583,000

HUF 2,031,330,628

JPMorgan Chase Bank N.A.

08/10/18

362,197

CZK 88,866,009

USD 4,203,000

JPMorgan Chase Bank N.A.

08/10/18

(198,413)

SGD 1,301,141

USD 988,977

Morgan Stanley

07/13/18

(33,827)

5,189,742

At June 30, 2018, 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		1,546		09/19/18		$	185,809,875		$	964,288
U.S. Treasury 2-Year Note		1,065		09/28/18			225,596,954			(85,174)
U.S. Treasury 5-Year Note		1,109		09/28/18			126,001,461			(200,941)
U.S. Treasury Ultra Long Bond		621		09/19/18			99,088,312			(260,407)
						$	636,496,602		$	417,766
Short Contracts:
Euro-Bobl 5-Year		(1,266)		09/06/18			(195,404,958)			(1,567,341)
U.S. Treasury Long Bond		(2)		09/19/18			(290,000)			824
U.S. Treasury Ultra 10-Year Note		(2,816)		09/19/18			(361,108,000)			1,842,312
						$	(556,802,958)		$	275,795

At June 30, 2018, 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 30, Version 1	Buy		5.000	06/20/23		USD 53,000,000		$	(3,045,062)		$	59,148
								$	(3,045,062)		$	59,148

(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.

At June 30, 2018, 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)

Pay

3-month USD-LIBOR

Quarterly

1.460%

Semi-Annual

10/13/20

USD 225,664,000

(6,812,508)

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD 50,908,000

(3,288,714)

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD 29,003,000

(2,002,924)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

Pay/Receive
Floating Rate

Floating
Rate Index

Floating Rate
Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD 40,443,000

(2,789,330)

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD 444,148,000

5,945,033

Receive

3-month USD-LIBOR

Quarterly

1.780

Semi-Annual

10/13/22

USD 112,415,000

5,057,748

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD 35,916,000

2,572,043

(1,318,652)

At June 30, 2018, the following over-the-counter forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration

Unrealized
Appreciation/
(Depreciation)

Call on 5-year Interest Rate Swap (Purchased)

Bank of America
N.A.

0.000%

Receive

3-month
USD-LIBOR

02/20/19

USD 88,010,000

(4,708,535)

94,761

Call on 5-Year Interest Rate Swap (Purchased)

Barclays Bank
PLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 125,038,000

(6,611,384)

206,981

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

0.000%

Receive

3-month
USD-LIBOR

02/13/19

USD 88,010,000

(4,770,190)

32,026

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

0.000%

Receive

3-month
USD-LIBOR

03/06/19

USD 88,010,000

(4,715,136)

86,624

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 138,992,000

(7,394,374)

185,702

(28,199,619)

606,094

Currency Abbreviations

BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
HUF – Hungarian Forint
IDR – Indonesian Rupiah
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2018 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		$	6,500,649
Interest rate contracts	Net Assets — Unrealized appreciation*			2,807,424
Credit contracts	Net Assets — Unrealized appreciation**			59,148
Interest rate contracts	Net Assets — Unrealized appreciation**			13,574,824
Interest rate contracts	Net Assets — Unrealized appreciation***			606,094
Total Asset Derivatives			$	23,548,139
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	1,310,907
Interest rate contracts	Net Assets — Unrealized depreciation*			2,113,863
Interest rate contracts	Net Assets — Unrealized depreciation**			14,893,476
Total Liability Derivatives			$	18,318,246

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

***

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2018 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			Swaps			Total
Credit contracts		$	—		$	—		$	2,606,172		$	2,606,172
Equity contracts			—			(179,129)			—			(179,129)
Foreign exchange contracts			2,227,447			—			—			2,227,447
Interest rate contracts			—			(6,421,358)			100,662			(6,320,696)
Total		$	2,227,447		$	(6,600,487)		$	2,706,834		$	(1,666,206)

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		$	—		$	—		$	—		$	29,190		$	29,190
Equity contracts			—			—			—			—			—
Foreign exchange contracts			—			5,910,378			—			—			5,910,378
Interest rate contracts			606,094			—			969,923			(1,523,930)			52,087
Total		$	606,094		$	5,910,378		$	969,923		$	(1,494,740)		$	5,991,655

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 Intermediate Bond Portfolio

as of June 30, 2018 (Unaudited) (continued)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2018:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley			Morgan Stanley Capital Services LLC			Totals
Assets:
Forward foreign currency contracts		$	—		$	1,608,188		$	512,544		$	979,316		$	855,402		$	2,183,002		$	362,197		$	—		$	—		$	6,500,649
Forward premium swaptions			94,761			206,981			—			—			—			—			—			—			304,352			606,094
Total Assets		$	94,761		$	1,815,169		$	512,544		$	979,316		$	855,402		$	2,183,002		$	362,197		$	—		$	304,352		$	7,106,743
Liabilities:
Forward foreign currency contracts		$	—		$	344,556		$	—		$	405,881		$	265,765		$	62,465		$	198,413		$	33,827		$	—		$	1,310,907
Total Liabilities		$	—		$	344,556		$	—		$	405,881		$	265,765		$	62,465		$	198,413		$	33,827		$	—		$	1,310,907
Net OTC derivative instruments by counterparty, at fair value		$	94,761		$	1,470,613		$	512,544		$	573,435		$	589,637		$	2,120,537		$	163,784		$	(33,827)		$	304,352			5,795,836
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	(1,100,000)		$	(260,000)		$	(407,000)		$	—		$	(1,970,000)		$	—		$	—		$	(304,352)		$	(4,041,352)
Net Exposure(1)(2)		$	94,761		$	370,613		$	252,544		$	166,435		$	589,637		$	150,537		$	163,784		$	(33,827)		$	—		$	1,754,484

(1)

(2)

At June 30, 2018, the Portfolio had received $370,000 in cash collateral from Morgan Stanley Capital Services LLC. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $4,286,145,090.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	57,172,429
Gross Unrealized Depreciation		(136,657,752)
Net Unrealized Depreciation	$	(79,485,323)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2018 (Unaudited)

	Sector Diversification as of June 30, 2018 (as a percentage of net assets)

	Financials			19.8%
	Industrials			16.3%
	Information Technology			15.3%
	Health Care			12.9%
	Consumer Discretionary			12.2%
	Real Estate			6.4%
	Energy			4.2%
	Materials			4.1%
	Utilities			3.1%
	Consumer Staples			1.7%
	Exchange-Traded Funds			1.1%
	Telecommunication Services			0.9%
	Assets in Excess of Other Liabilities*			2.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Shares				Value			Percentage of Net Assets
COMMON STOCK: 96.9%
			Consumer Discretionary: 12.2%
	56,054		Childrens Place, Inc./The		$	6,771,323		1.0
	295,637		Extended Stay America, Inc.			6,388,716		1.0
	62,214 (1)		Helen of Troy Ltd.			6,124,968		0.9
	75,883		Jack in the Box, Inc.			6,459,161		1.0
	59,245		Marriott Vacations Worldwide Corp.			6,692,315		1.0
	381,287	(1)(2)	Party City Holdco, Inc.			5,814,627		0.9
	206,142 (2)		Red Rock Resorts, Inc.			6,905,757		1.0
	1,117,423	(3)(4)	Other Securities			35,545,370		5.4
						80,702,237		12.2
			Consumer Staples: 1.7%
	162,449 (1)		Performance Food Group Co.			5,961,878		0.9
	404,365 (4)		Other Securities			5,499,364		0.8
						11,461,242		1.7
			Energy: 4.2%
	225,244	(1)(2)	Carrizo Oil & Gas, Inc.			6,273,045		1.0
	236,917 (1)		Unit Corp.			6,055,599		0.9
	1,197,894 (4)		Other Securities			15,353,012		2.3
						27,681,656		4.2
			Financials: 19.8%
	199,271		Cadence BanCorp			5,752,954		0.9
	193,170		CenterState Bank Corp.			5,760,330		0.9
	135,441		Chemical Financial Corp.			7,540,001		1.1
	162,378		Great Western Bancorp, Inc.			6,818,252		1.0
	142,395		Houlihan Lokey, Inc.			7,293,472		1.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	92,234		Independent Bank Group, Inc.		$	6,161,231		0.9
	189,747 (1)		Seacoast Banking Corp. of Florida			5,992,210		0.9
	112,697		Selective Insurance Group			6,198,335		0.9
	111,041		Stifel Financial Corp.			5,801,892		0.9
	109,274		WSFS Financial Corp.			5,824,304		0.9
	2,327,978 (4)		Other Securities			68,449,923		10.3
						131,592,904		19.8
			Health Care: 12.9%
	99,283 (1)		AMN Healthcare Services, Inc.			5,817,984		0.9
	2,097,174	(3)(4)	Other Securities			79,973,503		12.0
						85,791,487		12.9
			Industrials: 16.3%
	202,474		ABM Industries, Inc.			5,908,191		0.9
	202,272		Actuant Corp.			5,936,683		0.9
	89,564 (1)		Atlas Air Worldwide Holdings, Inc.			6,421,739		1.0
	93,492		EMCOR Group, Inc.			7,122,221		1.1
	108,115		Granite Construction, Inc.			6,017,681		0.9
	151,169 (2)		Healthcare Services Group, Inc.			6,528,989		1.0
	674,238		Pitney Bowes, Inc.			5,778,220		0.9
	120,726		Tetra Tech, Inc.			7,062,471		1.0
	174,789		Universal Forest Products, Inc.			6,400,773		1.0
	79,687		Watts Water Technologies, Inc.			6,247,461		0.9
	89,163		Woodward, Inc.			6,853,068		1.0
	674,285	(3)(4)	Other Securities			38,069,337		5.7
						108,346,834		16.3
			Information Technology: 15.3%
	332,556 (1)		8x8, Inc.			6,667,748		1.0
	295,546 (1)		ACI Worldwide, Inc.			7,291,120		1.1
	37,638 (1)		CACI International, Inc.			6,343,885		0.9
	83,614		j2 Global, Inc.			7,241,808		1.1
	201,723 (1)		Netscout Systems, Inc.			5,991,173		0.9
	107,326 (1)		Plexus Corp.			6,390,190		1.0
	1,670,774	(3)(4)	Other Securities			61,641,274		9.3
						101,567,198		15.3
			Materials: 4.1%
	106,398		Carpenter Technology Corp.			5,593,343		0.8
	136,480		PolyOne Corp.			5,898,666		0.9
	444,022		Other Securities			15,782,264		2.4
						27,274,273		4.1
			Real Estate: 6.4%
	302,106		Americold Realty Trust			6,652,374		1.0
	715,319		Cousins Properties, Inc.			6,931,441		1.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Real Estate (continued)
	345,402	Easterly Government Properties, Inc.		$	6,825,144		1.0
	188,627	First Industrial Realty Trust, Inc.			6,288,824		1.0
	169,178	Hudson Pacific Properties, Inc.			5,993,977		0.9
	251,728	Urban Edge Properties			5,757,019		0.9
	125,918	Other Securities			3,661,695		0.6
					42,110,474		6.4
		Telecommunication Services: 0.9%
	447,442 (1)	Vonage Holdings Corp.			5,767,527		0.9
		Utilities: 3.1%
	91,669 (2)	Black Hills Corp.			5,611,059		0.9
	61,299	Idacorp, Inc.			5,654,220		0.9
	184,788	Other Securities			8,925,022		1.3
					20,190,301		3.1
		Total Common Stock (Cost $580,441,248)			642,486,133		96.9
EXCHANGE-TRADED FUNDS: 1.1%
	44,904	iShares Russell 2000 ETF			7,353,928		1.1
		Total Exchange-Traded Funds (Cost $6,021,380)			7,353,928		1.1
		Total Long-Term Investments (Cost $586,462,628)			649,840,061		98.0

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.8%
		Securities Lending Collateral(5): 4.8%
	7,556,350	Jefferies LLC, Repurchase Agreement dated 06/29/18, 2.00%, due 07/02/18 (Repurchase Amount $7,557,592, collateralized by various U.S. Government Securities, 0.000%-2.375%, Market Value plus accrued interest $7,707,477, due 07/05/18-09/09/49)		7,556,350		1.2
	7,556,350	Millenium Fixed Income Ltd., Repurchase Agreement dated 06/29/18, 2.28%, due 07/02/18 (Repurchase Amount $7,557,766, collateralized by various U.S. Government Securities, 2.750%-3.125%, Market Value plus accrued interest $7,707,478, due 11/15/42-08/15/44)		7,556,350		1.1

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(5) (continued)
	1,589,106	MUFG Securities America Inc., Repurchase Agreement dated 06/29/18, 2.12%, due 07/02/18 (Repurchase Amount $1,589,383, collateralized by various U.S. Government Agency Obligations, 2.430%-6.000%, Market Value plus accrued interest $1,620,888, due 02/01/21-10/15/58)		$	1,589,106		0.3
	7,556,350	NBC Global Finance Ltd., Repurchase Agreement dated 06/29/18, 1.95%, due 07/02/18 (Repurchase Amount $7,557,561, collateralized by various U.S. Government Securities, 0.000%-3.625%, Market Value plus accrued interest $7,707,499, due 01/31/20-09/09/49)			7,556,350		1.1
	7,556,350	State of Wisconsin Investment Board, Repurchase Agreement dated 06/29/18, 2.30%, due 07/02/18 (Repurchase Amount $7,557,778, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $7,707,533, due 07/15/ 19-02/15/48)			7,556,350		1.1
					31,814,506		4.8

Shares			Value		Percentage of Net Assets
		Mutual Funds: 3.0%
	20,066,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.810% (Cost $20,066,000)		20,066,000		3.0
		Total Short-Term Investments (Cost $51,880,506)		51,880,506		7.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2018 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $638,343,134)		$	701,720,567		105.8
	Liabilities in Excess of Other Assets			(38,362,519)		(5.8)
	Net Assets		$	663,358,048		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains securities on loan.

(4)

The grouping contains non-income producing securities.

(5)

Represents securities purchased with cash collateral received for securities on loan.

(6)

Rate shown is the 7-day yield as of June 30, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2018
Asset Table
Investments, at fair value
Common Stock*		$	642,486,133		$	—		$	—		$	642,486,133
Exchange-Traded Funds			7,353,928			—			—			7,353,928
Short-Term Investments			20,066,000			31,814,506			—			51,880,506
Total Investments, at fair value		$	669,906,061		$	31,814,506		$	—		$	701,720,567

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

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

At June 30, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $642,542,512.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	84,666,633
Gross Unrealized Depreciation		(25,488,578)
Net Unrealized Appreciation	$	59,178,055

See Accompanying Notes to Financial Statements

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

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)

		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 U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

Gross Unrealized Appreciation	$	18,578,825
Gross Unrealized Depreciation		(12,108,199)
Net Unrealized Appreciation	$	6,470,626

Counterparty	Government Repurchase Agreement, at fair value	Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$58,417,000		$	(58,417,000)		$	—
Totals	$58,417,000		$	(58,417,000)		$	—

(a)(1)	The Code of Ethics is not required for the semi-annual filing.

(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)	Not required for semi-annual filing.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date:	September 7, 2018

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date:	September 7, 2018