UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02565

Voya Government Money Market Portfolio

(Exact name of registrant as specified in charter)

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

CT Corporation System, 101 Federal Street, Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end: December 31

Date of reporting period: January 1, 2019 to June 30, 2019

Item 1. Reports to Stockholders.

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

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Semi-Annual Report

June 30, 2019

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

Voya Variable Product Funds

■

Voya Balanced Portfolio

■

Voya Global Equity Portfolio

■

Voya Government Money Market Portfolio

■

Voya Growth and Income Portfolio

■

Voya Intermediate Bond Portfolio

■

Voya Small Company Portfolio

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

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

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

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PRESIDENT’S LETTER

Staying the Course for the Long Term

Dear Shareholder,

The S&P 500® Index turned in an impressive year-to-date (“YTD”) return of 18.54%; despite the trade/tariff impasse and concerns about global economic slowdown, both U.S. and international markets notched positive YTD returns. Bonds also posted solid YTD returns as the U.S. Federal Reserve Board (“Fed”) called time out from its program of interest rate hikes and hinted at the prospect of rate cuts.

May’s sharp sell-off in stocks was swiftly countered by a rally in June that helped drive global equity markets to their best first half-year performance in over two decades — yet another example of the resilience the markets and economy have displayed throughout this expansion, now the longest on record. Our view continues to be that global economic expansion will persist through 2019 and into 2020. Though there has been some softness in recent U.S. economic data, the Fed seems to be cognizant of the risks facing the economy and we believe it will provide the support necessary to prolong the cycle.

The downturn in May, followed quickly by the June rally, reminds us that volatility is an ever-present factor in the financial markets, with a penchant for appearing unannounced. Predicting downturns, with the intention of avoiding losses, is thus a futile endeavor. Seeking to avoid a loss, for example, by pulling back from equities, might expose investors to the risk of missing the next potential period of gain.

Remember that investing is for the long haul, and it’s usually inadvisable to abandon one’s long-term strategy for a short-term opportunity. We believe investors should stay focused on their long-term goals and not try to time market downturns or upturns. Only if those long-term goals change should one consider making changes to the investment strategy, and then only after thorough discussion with an investment advisor.

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 29, 2019

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, 2019

Many investors must have greeted the new year with trepidation. Global equities, in the form of the MSCI World IndexSM (the “Index”), measured in local currencies, including net reinvested dividends, had fallen 7.38% in 2018, after a 13.14% slump in the fourth quarter. Markets were increasingly unnerved by an intensifying economic slowdown outside of the U.S., exacerbating existing concerns about a potential trade war between the U.S. and China. (The Index returned 16.98% for the six-months ended June 30, 2019, measured in U.S. dollars.)

Furthermore, the Federal Open Market Committee (“FOMC”) still seemed intent on raising interest rates, despite no apparent inflationary threat. In December, the FOMC raised rates for the fourth time in 2018, from 2.25% to 2.50%. Chairman Powell signaled two more increases in 2019, instead of a hoped-for pause. Markets now had a potential policy mistake to worry about, in addition to everything else.

Yet the equity investor who found this all too much and sold out near year-end would have missed a rebound as intense as it was unexpected. By the end of June, the Index was up 16.69% in 2019.

Two main factors drove the recovery. Firstly, Powell changed his tune and said repeatedly that the FOMC would be “patient” as the economic data evolved. Secondly, on trade, the view emerged that, as far apart as the U.S. and China were on key issues, both were motivated to find some face-saving “deal”.

On perceived slowing global growth, there was little relief from most of the incoming data.

In continental Europe, the euro zone’s annual growth in gross domestic product (“GDP”) in the first quarter of 2019 was just 1.2%. The European Central Bank (“ECB”) forecast slightly less for 2019 as a whole. In the UK, Prime Minister May’s proposed Brexit deal was repeatedly defeated in parliament and she finally resigned on June 7 with no deal in sight.

In Japan, the economy grew at 2.1% annualized in the first quarter. But it relied on a statistical quirk as imports fell sharply, indicating weakening demand.

China’s GDP grew at 6.6% in 2018 over 2017, the smallest advance in 28 years. The official target for 2019 was lowered to 6.0% from 6.5%. Manufacturing activity was contracting, while retail sales were growing at the slowest pace in 16 years.

In the U.S., after annualized GDP growth at 2.2% in the fourth quarter of 2018, first quarter growth surprised to the upside at 3.1%, although it was flattered by volatile inventory and trade elements. The employment situation remained strong, with the unemployment rate down to 3.6%. But more forward-looking indicators like purchasing managers’ indices were showing signs of weakness.

Notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed upwards. This all changed in early May when the President tweeted his intention to raise the existing 10% tariff on some $200 billion of imported Chinese goods to 25%. The remaining $325 billion were now in the crosshairs. Trade negotiations with China had evidently broken down. On May 20, he blacklisted Chinese technology giant Huawei from buying hardware and software from U.S. companies, and on the 31st, unexpectedly

threatened tariffs on Mexican goods for reasons related to illegal immigration. The Index fell 5.70% in May.

It was central banks to the rescue in June. On June 19, the FOMC left rates unchanged, but markets listened to Powell’s comments and heard him signal a cut in July. The previous day ECB President Draghi promised more stimulus if the economic outlook failed to improve, and on the 20th Bank of Japan governor Kuroda said much the same thing, sending the Index to a new all-time high. Plans for tariffs on Mexican imports had by now been “indefinitely suspended”. Investors were then left to cheer a truce in the U.S./China trade conflict, agreed between the two Presidents on June 29.

In U.S. fixed income markets, the Treasury yield curve mostly fell and flattened over the period. It partially inverted in March, with the yield on the three-month bill greater than the yield on the ten-year note for the first time since 2007. Some commentators believe this portends economic weakness, as it implies declining short-term rates. For the half-year, the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.11%.

U.S. equities, represented by the S&P 500® Index including dividends, rose 18.54%, ending fractionally below the record set on June 20. The forward price-earnings ratio of the S&P 500® Index stood at 16.6, just above the five-year average (16.5), but well above the 10-year average (14.8). Technology was the top performer, soaring 27.13%, led by Microsoft and Apple. Health care, a defensive sector subject to periodic scares over government interference, was the weakest, up 8.07%.

In currencies, the dollar edged up 0.93% against the euro and 0.45% against the pound, but slipped 1.70% against the yen. The dollar was on a rising trend against most currencies, but stalled at the increasingly likely prospect of falling interest rates.

In international markets, the MSCI Japan® Index rose just 5.81% in the half-year, reflecting Japan’s own vulnerability to a trade war and the resilient yen, despite a supportive central bank. The MSCI Europe ex UK® Index added 17.22%. However, this concealed wide differences, with auto companies vulnerable to trade frictions and banks to low interest rates, both lagging, while industrials led the way. The MSCI UK® Index rose 12.98%. As usual, a few heavily weighted constituents influenced the result. Thus, top weight HSBC returned just above 5%, while telecoms giant Vodafone and miner Glencore lost money.

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

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

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

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		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.

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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, 2019 to June 30, 2019. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2019			Ending Account Value June 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2019*			Beginning Account Value January 1, 2019			Ending Account Value June 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2019*
Voya Balanced Portfolio
Class I		$	1,000.00		$	1,119.80		0.70%		$	3.68		$	1,000.00		$	1,021.32		0.70%		$	3.51
Class S			1,000.00			1,118.00		0.95			4.99			1,000.00			1,020.08		0.95			4.76
Voya Global Equity Portfolio
Class ADV		$	1,000.00		$	1,139.50		1.10%		$	5.84		$	1,000.00		$	1,019.34		1.10%		$	5.51
Class I			1,000.00			1,142.10		0.60			3.19			1,000.00			1,021.82		0.60			3.01
Class S			1,000.00			1,140.80		0.85			4.51			1,000.00			1,020.58		0.85			4.26
Class S2			1,000.00			1,140.00		1.00			5.31			1,000.00			1,019.84		1.00			5.01
Class T			1,000.00			1,138.80		1.20			6.36			1,000.00			1,018.84		1.20			6.01
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,010.70		0.34%		$	1.70		$	1,000.00		$	1,023.11		0.34%		$	1.71
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,172.40		1.03%		$	5.55		$	1,000.00		$	1,019.69		1.03%		$	5.16
Class I			1,000.00			1,175.00		0.58			3.13			1,000.00			1,021.92		0.58			2.91
Class S			1,000.00			1,173.50		0.83			4.47			1,000.00			1,020.68		0.83			4.16
Class S2			1,000.00			1,172.40		0.98			5.28			1,000.00			1,019.93		0.98			4.91

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Shareholder Expense Examples (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2019			Ending Account Value June 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2019*			Beginning Account Value January 1, 2019			Ending Account Value June 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2019*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	1,066.50		1.03%		$	5.28		$	1,000.00		$	1,019.69		1.03%		$	5.16
Class I			1,000.00			1,069.40		0.53			2.72			1,000.00			1,022.17		0.53			2.66
Class S			1,000.00			1,068.50		0.78			4.00			1,000.00			1,020.93		0.78			3.91
Class S2			1,000.00			1,067.90		0.93			4.77			1,000.00			1,020.18		0.93			4.66
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	1,170.30		1.40%		$	7.53		$	1,000.00		$	1,017.85		1.40%		$	7.00
Class I			1,000.00			1,173.20		0.90			4.85			1,000.00			1,020.33		0.90			4.51
Class R6			1,000.00			1,173.90		0.90			4.85			1,000.00			1,020.33		0.90			4.51
Class S			1,000.00			1,172.20		1.15			6.19			1,000.00			1,019.09		1.15			5.76

Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited)

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	301,993,555		$	586,138,668		$	—
Investments in affiliated underlying funds at fair value*			55,634,022			—			—
Short-term investments at fair value**			22,702,396			13,197,288			—
Repurchase agreements			—			—			238,253,000
Short-term investments at amortized cost			—			—			236,175,622
Cash			806,007			1,412,276			22,603
Cash collateral for futures			103,287			—			—
Cash pledged for centrally cleared swaps (Note 2)			342,000			—			—
Foreign currencies at value***			133,058			—			—
Receivables:
Investments in affiliated underlying funds sold			30,434,788			—			—
Investment securities sold			—			14,486,819			—
Investment securities sold on a delayed-delivery or when-issued basis			2,535,096			—			—
Fund shares sold			46,062			48,081			12,486
Dividends			351,364			1,610,697			8,183
Interest			353,684			—			281,645
Foreign tax reclaims			173,671			1,496,614			—
Unrealized appreciation on forward foreign currency contracts			—			160			—
Unrealized appreciation on forward premium swaptions			7,381			—			—
Reimbursement due from manager			—			3,391			—
Other assets			57,638			55,233			142,582
Total assets			415,674,009			618,449,227			474,896,121
LIABILITIES:
Income distribution payable			—			—			12
Payable for investments in affiliated underlying funds purchased			28,624,966			—			—
Payable for investment securities purchased			—			15,070,860			16,250,000
Payable for investment securities purchased on a delayed-delivery or when-issued basis			3,838,385			—			—
Payable for fund shares redeemed			41,307			163,345			237,011
Payable upon receipt of securities loaned			10,394,417			9,552,288			—
Unrealized depreciation on forward foreign currency contracts			19,105			8,988			—
Unrealized depreciation on forward premium swaptions			673			—			—
Variation margin payable on centrally cleared swaps			2,590			—			—
Payable for investment management fees			181,633			267,263			114,906
Payable for distribution and shareholder service fees			591			104,377			—
Payable to custodian due to foreign currency overdraft****			—			2,466,732			—
Payable for directors/trustees fees			1,841			2,944			2,289
Payable to directors/trustees under the deferred compensation plan (Note 6)			57,638			55,233			142,582
Other accrued expenses and liabilities			153,805			193,513			84,651
Total liabilities			43,316,951			27,885,543			16,831,451
NET ASSETS		$	372,357,058		$	590,563,684		$	458,064,670
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	348,180,811		$	569,293,237		$	458,203,899
Total distributable earnings (loss)			24,176,247			21,270,447			(139,229)
NET ASSETS		$	372,357,058		$	590,563,684		$	458,064,670
+ Including securities loaned at value		$	9,920,808		$	6,007,167		$	—
* Cost of investments in securities		$	286,365,439		$	564,735,138		$	—
* Cost of investments in affiliated underlying funds		$	55,879,936		$	—		$	—
** Cost of short-term investments		$	22,702,373		$	13,197,288		$	—
*** Cost of foreign currencies		$	136,757		$	—		$	—
**** Cost of foreign currency overdraft		$	—		$	2,466,732		$	—

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited) (continued)

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	15,989,401			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,542,275			n/a
Net asset value and redemption price per share			n/a		$	10.37			n/a
Class I
Net assets		$	369,436,507		$	142,654,409		$	458,064,670
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			25,015,635			13,754,131			457,945,726
Net asset value and redemption price per share		$	14.77		$	10.37		$	1.00
Class S
Net assets		$	2,920,551		$	397,130,460			n/a
Shares authorized			500,000,000			300,000,000			n/a
Par value		$	0.001		$	0.001			n/a
Shares outstanding			198,674			38,146,633			n/a
Net asset value and redemption price per share		$	14.70		$	10.41			n/a
Class S2
Net assets			n/a		$	302,551			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			29,452			n/a
Net asset value and redemption price per share			n/a		$	10.27			n/a
Class T
Net assets			n/a		$	34,486,863			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			3,340,662			n/a
Net asset value and redemption price per share			n/a		$	10.32			n/a

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	3,069,326,861		$	3,129,907,069		$	518,622,392
Investments in affiliated underlying funds at fair value**			—			631,029,970			—
Short-term investments at fair value***			114,945,486			132,432,631			30,296,367
Cash			1,434,674			3,582,952			263,199
Cash collateral for futures			—			3,802,483			—
Cash pledged for centrally cleared swaps (Note 2)			—			12,041,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			120,000			—
Receivables:
Investment securities sold			328,334,211			3,587,669			6,955,825
Investment securities sold on a delayed-delivery or when-issued basis			—			159,650,419			—
Fund shares sold			7,130			196,139			48,483
Dividends			3,087,030			8,406			506,977
Interest			—			18,310,711			—
Foreign tax reclaims			194,039			—			—
Unrealized appreciation on forward foreign currency contracts			—			10,196			—
Unrealized appreciation on forward premium swaptions			—			866,107			—
Reimbursement due from manager			—			2,805			—
Other assets			278,596			422,684			50,917
Total assets			3,517,608,027			4,095,971,241			556,744,160
LIABILITIES:
Income distribution payable			—			571			—
Payable for investment securities purchased			298,244,384			33,037,847			14,957,134
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			347,752,465			—
Payable for fund shares redeemed			742,012			6,222,855			2,240,625
Payable upon receipt of securities loaned			83,170,486			116,436,607			9,313,367
Unrealized depreciation on forward foreign currency contracts			—			749,739			—
Unrealized depreciation on forward premium swaptions			—			23,207			—
Variation margin payable on centrally cleared swaps			—			271,656			—
Cash received as collateral for OTC derivatives (Note 2)			—			710,000			—
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			—			642,000			—
Payable for investment management fees			1,413,476			1,471,111			362,766
Payable for distribution and shareholder service fees			426,511			587,568			20,505
Payable for directors/trustees fees			15,313			17,692			2,805
Payable to directors/trustees under the deferred compensation plan (Note 6)			278,596			422,684			50,917
Other accrued expenses and liabilities			430,951			668,189			124,809
Total liabilities			384,721,729			509,014,191			27,072,928
NET ASSETS		$	3,132,886,298		$	3,586,957,050		$	529,671,232
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,413,856,487		$	3,541,285,508		$	517,976,787
Total distributable earnings			719,029,811			45,671,542			11,694,445
NET ASSETS		$	3,132,886,298		$	3,586,957,050		$	529,671,232
+ Including securities loaned at value		$	81,281,402		$	113,674,615		$	9,061,910
* Cost of investments in securities		$	2,494,900,308		$	3,048,900,460		$	497,961,282
** Cost of investments in affiliated underlying funds		$	—		$	633,419,501		$	—
*** Cost of short-term investments		$	114,945,486		$	132,434,736		$	30,296,367

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2019 (Unaudited) (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	895,868,001		$	280,138,463		$	6,998,177
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			32,396,204			21,827,203			471,903
Net asset value and redemption price per share		$	27.65		$	12.83		$	14.83
Class I
Net assets		$	1,751,513,726		$	1,012,120,372		$	428,505,956
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			62,168,641			78,016,977			27,048,021
Net asset value and redemption price per share		$	28.17		$	12.97		$	15.84
Class R6
Net assets			n/a			n/a		$	6,234,751
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			393,382
Net asset value and redemption price per share			n/a			n/a		$	15.85
Class S
Net assets		$	485,119,730		$	2,274,400,002		$	87,932,348
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			17,514,032			176,509,278			5,729,939
Net asset value and redemption price per share		$	27.70		$	12.89		$	15.35
Class S2
Net assets		$	384,841		$	20,298,213			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			14,090			1,581,258			n/a
Net asset value and redemption price per share		$	27.31		$	12.84			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2019 (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*		$	3,137,892		$	11,514,544		$	14,426		$	35,524,380
Interest			1,551,341			—			5,527,756			—
Dividends from affiliated underlying funds			689,541			—			—			—
Securities lending income, net			39,514			80,114			—			95,921
Total investment income			5,418,288			11,594,658			5,542,182			35,620,301
EXPENSES:
Investment management fees			1,095,365			1,622,092			794,322			9,111,879
Distribution and shareholder service fees:
Class ADV			—			39,842			—			2,177,486
Class S			3,609			492,251			—			589,602
Class S2			—			593			—			830
Class T			—			127,096			—			—
Transfer agent fees			274			582			338			4,311
Shareholder reporting expense			19,910			26,682			19,186			99,550
Professional fees			13,937			22,725			14,842			68,056
Custody and accounting expense			97,921			81,616			23,530			165,615
Directors/trustees fees			7,363			11,778			9,154			61,249
Licensing fee			8,997			—			—			—
Miscellaneous expense			10,491			16,634			9,054			56,998
Interest expense			23,416			2,200			11,534			—
Total expenses			1,281,283			2,444,091			881,960			12,335,576
Waived and reimbursed fees			—			(48,817)			(102,129)			(901,157)
Net expenses			1,281,283			2,395,274			779,831			11,434,419
Net investment income			4,137,005			9,199,384			4,762,351			24,185,882
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			3,192,689			(5,315,397)			127,792			122,620,572
Sale of affiliated underlying funds			(11,477)			—			—			—
Forward foreign currency contracts			(95,465)			66,880			—			—
Foreign currency related transactions			54,101			(81,528)			—			—
Futures			1,781,386			—			—			—
Swaps			7,806			—			—			—
Written options			(181,790)			—			—			—
Net realized gain (loss)			4,747,250			(5,330,045)			127,792			122,620,572
Net change in unrealized appreciation (depreciation) on:
Investments			30,957,341			72,723,379			—			338,999,181
Affiliated underlying funds			416,561			—			—			—
Forward foreign currency contracts			(10,715)			(8,828)			—			—
Foreign currency related transactions			(88)			10,727			—			—
Futures			835,249			—			—			—
Swaps			43,861			—			—			—
Net change in unrealized appreciation (depreciation)			32,242,209			72,725,278			—			338,999,181
Net realized and unrealized gain			36,989,459			67,395,233			127,792			461,619,753
Increase in net assets resulting from operations		$	41,126,464		$	76,594,617		$	4,890,143		$	485,805,635
* Foreign taxes withheld		$	86,018		$	614,682		$	—		$	368,497

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2019 (Unaudited)

	Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	82,230		$	4,174,648
Interest			55,481,724			—
Dividends from affiliated underlying funds			15,537,098			—
Securities lending income, net			87,862			16,399
Total investment income			71,188,914			4,191,047
EXPENSES:
Investment management fees			8,773,229			2,365,147
Distribution and shareholder service fees:
Class ADV			672,744			17,163
Class S			2,795,046			109,539
Class S2			42,187			—
Transfer agent fees			2,899			597
Shareholder reporting expense			115,840			25,340
Professional fees			72,400			18,911
Custody and accounting expense			271,500			45,250
Directors/trustees fees			70,768			11,222
Miscellaneous expense			56,709			20,763
Interest expense			212			2,299
Total expenses			12,873,534			2,616,231
Waived and reimbursed fees			(24,551)			—
Net expenses			12,848,983			2,616,231
Net investment income			58,339,931			1,574,816
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			15,345,975			522,599
Sale of affiliated underlying funds			(3,799,321)			—
Capital gain distributions from affiliated underlying funds			(4)			—
Forward foreign currency contracts			(1,151,923)			—
Foreign currency related transactions			17,487			—
Futures			14,904,767			—
Swaps			(4,015,621)			—
Written options			(6,411,164)			—
Net realized gain			14,890,196			522,599
Net change in unrealized appreciation (depreciation) on:
Investments			108,635,500			88,604,289
Affiliated underlying funds			46,586,950			—
Forward foreign currency contracts			(453,412)			—
Foreign currency related transactions			(3,675)			—
Futures			1,615,422			—
Swaps			4,884,752			—
Net change in unrealized appreciation (depreciation)			161,265,537			88,604,289
Net realized and unrealized gain			176,155,733			89,126,888
Increase in net assets resulting from operations		$	234,495,664		$	90,701,704
* Foreign taxes withheld		$	—		$	1,302

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global Equity Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	4,137,005		$	8,762,903		$	9,199,384		$	15,693,673
Net realized gain (loss)			4,747,250			16,935,621			(5,330,045)			98,552,173
Net change in unrealized appreciation (depreciation)			32,242,209			(51,171,067)			72,725,278			(169,316,675)
Increase (decrease) in net assets resulting from operations			41,126,464			(25,472,543)			76,594,617			(55,070,829)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(874,325)			(678,675)
Class I			(23,387,272)			(38,219,666)			(7,884,982)			(7,921,491)
Class S			(177,792)			(289,441)			(21,762,426)			(19,537,870)
Class S2			—			—			(16,520)			(13,091)
Class T			—			—			(1,863,078)			(1,273,805)
Total distributions			(23,565,064)			(38,509,107)			(32,401,331)			(29,424,932)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,717,069			19,110,433			2,907,619			8,257,608
Reinvestment of distributions			23,565,064			38,509,107			32,401,331			29,424,932
			27,282,133			57,619,540			35,308,950			37,682,540
Cost of shares redeemed			(22,967,095)			(71,719,538)			(44,108,693)			(101,268,523)
Net increase (decrease) in net assets resulting from capital share transactions			4,315,038			(14,099,998)			(8,799,743)			(63,585,983)
Net increase (decrease) in net assets			21,876,438			(78,081,648)			35,393,543			(148,081,744)
NET ASSETS:
Beginning of year or period			350,480,620			428,562,268			555,170,141			703,251,885
End of year or period		$	372,357,058		$	350,480,620		$	590,563,684		$	555,170,141

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	4,762,351		$	6,657,582		$	24,185,882		$	51,972,509
Net realized gain			127,792			81,704			122,620,572			300,209,924
Net change in unrealized appreciation (depreciation)			—			—			338,999,181			(482,083,171)
Increase (decrease) in net assets resulting from operations			4,890,143			6,739,286			485,805,635			(129,900,738)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(29,809,433)			(99,614,503)
Class I			(4,898,520)			(6,729,717)			(57,447,900)			(197,263,266)
Class S			—			(591)			(16,117,619)			(55,646,599)
Class S2			—			—			(12,666)			(48,307)
Total distributions			(4,898,520)			(6,730,308)			(103,387,618)			(352,572,675)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			39,115,675			116,264,254			3,011,837			14,502,562
Reinvestment of distributions			4,898,507			6,730,039			103,328,677			352,351,607
			44,014,182			122,994,293			106,340,514			366,854,169
Cost of shares redeemed			(49,132,448)			(98,447,467)			(235,211,489)			(478,362,629)
Net increase (decrease) in net assets resulting from capital share transactions			(5,118,266)			24,546,826			(128,870,975)			(111,508,460)
Net increase (decrease) in net assets			(5,126,643)			24,555,804			253,547,042			(593,981,873)
NET ASSETS:
Beginning of year or period			463,191,313			438,635,509			2,879,339,256			3,473,321,129
End of year or period		$	458,064,670		$	463,191,313		$	3,132,886,298		$	2,879,339,256

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income		$	58,339,931		$	122,589,915		$	1,574,816		$	1,794,210
Net realized gain (loss)			14,890,196			(46,771,753)			522,599			63,492,935
Net change in unrealized appreciation (depreciation)			161,265,537			(110,400,525)			88,604,289			(163,071,636)
Increase (decrease) in net assets resulting from operations			234,495,664			(34,582,363)			90,701,704			(97,784,491)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(3,848,808)			(9,119,081)			(1,001,063)			(1,214,551)
Class I			(16,502,234)			(37,979,967)			(60,083,049)			(83,024,164)
Class R6			—			—			(889,440)			(1,074,401)
Class S			(34,755,840)			(82,137,787)			(12,634,978)			(15,968,030)
Class S2			(312,005)			(747,515)			—			—
Total distributions			(55,418,887)			(129,984,350)			(74,608,530)			(101,281,146)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			59,483,800			105,606,814			20,085,008			61,001,640
Reinvestment of distributions			55,415,393			129,976,588			74,608,530			101,281,146
			114,899,193			235,583,402			94,693,538			162,282,786
Cost of shares redeemed			(235,992,884)			(584,311,413)			(108,815,551)			(168,560,259)
Net decrease in net assets resulting from capital share transactions			(121,093,691)			(348,728,011)			(14,122,013)			(6,277,473)
Net increase (decrease) in net assets			57,983,086			(513,294,724)			1,971,161			(205,343,110)
NET ASSETS:
Beginning of year or period			3,528,973,964			4,042,268,688			527,700,071			733,043,181
End of year or period		$	3,586,957,050		$	3,528,973,964		$	529,671,232		$	527,700,071

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced Portfolio
Class I
06-30-19+		14.10		0.17•		1.48		1.65		0.37		0.61		—		0.98		—		14.77		11.98		0.70		0.70		0.70		2.27		369,437		92
12-31-18		16.69		0.34•		(1.37)		(1.03)		0.36		1.20		—		1.56		—		14.10		(6.83)		0.67		0.67		0.67		2.20		347,788		184
12-31-17		14.93		0.32•		1.85		2.17		0.41		—		—		0.41		—		16.69		14.73		0.67		0.65		0.65		2.01		425,002		174
12-31-16		14.10		0.30•		0.78		1.08		0.25		—		—		0.25		—		14.93		7.82		0.67		0.62		0.62		2.09		417,376		184
12-31-15		14.64		0.28•		(0.54)		(0.26)		0.28		—		—		0.28		—		14.10		(1.86)		0.67		0.62		0.62		1.90		438,912		193
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
Class S
06-30-19+		14.02		0.15•		1.47		1.62		0.33		0.61		—		0.94		—		14.70		11.80		0.95		0.95		0.95		2.02		2,921		92
12-31-18		16.59		0.30•		(1.36)		(1.06)		0.31		1.20		—		1.51		—		14.02		(7.03)		0.92		0.92		0.92		1.94		2,693		184
12-31-17		14.85		0.28•		1.82		2.10		0.36		—		—		0.36		—		16.59		14.37		0.92		0.90		0.90		1.76		3,560		174
12-31-16		14.01		0.26•		0.79		1.05		0.21		—		—		0.21		—		14.85		7.62		0.92		0.87		0.87		1.84		3,738		184
12-31-15		14.55		0.24•		(0.54)		(0.30)		0.24		—		—		0.24		—		14.01		(2.14)		0.92		0.87		0.87		1.65		4,058		193
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
Voya Global Equity Portfolio
Class ADV
06-30-19+		9.63		0.15•		0.65		0.80		0.06		—		—		0.06		—		10.37		13.95		1.11		1.10		1.10		2.87		15,989		39
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		147
12-31-17		9.12		0.14•		1.95		2.09		0.19		—		—		0.19		—		11.02		23.10		1.10		1.10		1.10		1.43		19,605		60
12-31-16		8.85		0.16•		0.31		0.47		0.20		—		—		0.20		—		9.12		5.53		1.10		1.10		1.10		1.87		19,883		101
12-31-15		9.11		0.21•		(0.47)		(0.26)		—		—		—		—		—		8.85		(2.85)(b)		1.11		1.11		1.11		2.26		23,880		83
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
Class I
06-30-19+		9.62		0.17•		0.65		0.82		0.07		—		—		0.07		—		10.37		14.21		0.61		0.60		0.60		3.37		142,654		39
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13		23.73		0.60		0.60		0.60		1.91		162,746		60
12-31-16		8.94		0.21•		0.31		0.52		0.25		—		—		0.25		—		9.21		6.00		0.60		0.60		0.60		2.36		150,824		101
03-05-15(5) - 12-31-15		9.63		0.22•		(0.85)		(0.63)		0.06		—		—		0.06		—		8.94		(6.64)(b)		0.61		0.61		0.61		2.78		165,749		83
Class S
06-30-19+		9.66		0.16•		0.66		0.82		0.07		—		—		0.07		—		10.41		14.08		0.86		0.85		0.85		3.12		397,130		39
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		147
12-31-17		9.20		0.17•		1.96		2.13		0.21		—		—		0.21		—		11.12		23.44		0.85		0.85		0.85		1.67		480,936		60
12-31-16		8.93		0.19•		0.31		0.50		0.23		—		—		0.23		—		9.20		5.76		0.85		0.85		0.85		2.11		485,551		101
12-31-15		9.20		0.22•		(0.44)		(0.22)		0.05		—		—		0.05		—		8.93		(2.47)(b)		0.86		0.86		0.86		2.38		558,519		83
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Equity Portfolio (continued)
Class S2
06-30-19+		9.54		0.15•		0.64		0.79		0.06		—		—		0.06		—		10.27		14.00		1.01		1.00		1.00		2.96		303		39
12-31-18		10.95		0.23•		(1.20)		(0.97)		0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95		23.29		1.00		1.00		1.00		1.46		422		60
12-31-16		8.80		0.18		0.30		0.48		0.21		—		—		0.21		—		9.07		5.64		1.03		1.00		1.00		1.98		278		101
03-05-15(5) - 12-31-15		9.52		0.14•		(0.80)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.11		1.01		1.01		1.86		288		83
Class T
06-30-19+		9.59		0.14•		0.65		0.79		0.06		—		—		0.06		—		10.32		13.88		1.36		1.20		1.20		2.78		34,487		39
12-31-18		10.96		0.22•		(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
12-31-17		9.07		0.13•		1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
12-31-16		8.80		0.16•		0.30		0.46		0.19		—		—		0.19		—		9.07		5.41		1.35		1.20		1.20		1.79		41,291		101
03-05-15(5) - 12-31-15		9.52		0.17•		(0.83)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.36		1.21		1.21		2.21		53,997		83
Voya Government Money Market Portfolio
Class I
06-30-19+		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		1.07		0.39		0.34		0.34		2.10		458,065		—
12-31-18		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.56		0.39		0.34		0.34		1.54		463,191		—
12-31-17		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.61		0.39		0.34		0.34		0.58		438,591		—
12-31-16		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.18		0.39		0.34		0.34		0.08		504,575		—
12-31-15		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.01		0.38		0.22		0.22		0.00*		541,132		—
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		—
Voya Growth and Income Portfolio
Class ADV
06-30-19+		24.42		0.17•		4.00		4.17		—		0.94		—		0.94		—		27.65		17.24		1.13		1.03		1.03		1.31		895,868		34
12-31-18		28.94		0.37•		(1.75)		(1.38)		0.39		2.75		—		3.14		—		24.42		(4.88)		1.13		1.03		1.03		1.29		824,943		84
12-31-17		27.51		0.36•		5.06		5.42		0.41		3.58		—		3.99		—		28.94		19.79		1.13		1.03		1.03		1.21		1,010,017		80
12-31-16		27.81		0.40•		2.10		2.50		0.43		2.37		—		2.80		—		27.51		9.25		1.13		1.03		1.03		1.44		1,064,550		98
12-31-15		30.28		0.44•		(0.96)		(0.52)		0.47		1.48		—		1.95		—		27.81		(1.82)		1.13		1.03		1.03		1.46		1,145,072		53
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
Class I
06-30-19+		24.81		0.24•		4.06		4.30		—		0.94		—		0.94		—		28.17		17.50		0.63		0.58		0.58		1.76		1,751,514		34
12-31-18		29.37		0.51•		(1.79)		(1.28)		0.53		2.75		—		3.28		—		24.81		(4.46)		0.63		0.58		0.58		1.74		1,602,432		84
12-31-17		27.87		0.51•		5.13		5.64		0.56		3.58		—		4.14		—		29.37		20.34		0.63		0.58		0.58		1.66		1,906,723		80
12-31-16		28.13		0.54•		2.14		2.68		0.57		2.37		—		2.94		—		27.87		9.77		0.63		0.58		0.58		1.89		1,778,873		98
12-31-15		30.63		0.59•		(0.99)		(0.40)		0.62		1.48		—		2.10		—		28.13		(1.42)		0.63		0.58		0.58		1.91		1,872,684		53
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
Class S
06-30-19+		24.44		0.20•		4.00		4.20		—		0.94		—		0.94		—		27.70		17.35		0.88		0.83		0.83		1.51		485,120		34
12-31-18		28.97		0.43•		(1.76)		(1.33)		0.45		2.75		—		3.20		—		24.44		(4.69)		0.88		0.83		0.83		1.49		451,557		84
12-31-17		27.53		0.42•		5.07		5.49		0.47		3.58		—		4.05		—		28.97		20.06		0.88		0.83		0.83		1.41		556,169		80
12-31-16		27.83		0.46•		2.10		2.56		0.49		2.37		—		2.86		—		27.53		9.45		0.88		0.83		0.83		1.64		607,941		98
12-31-15		30.31		0.51•		(0.97)		(0.46)		0.54		1.48		—		2.02		—		27.83		(1.64)		0.88		0.83		0.83		1.66		662,075		53
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Growth and Income Portfolio (continued)
Class S2
06-30-19+		24.13		0.18•		3.94		4.12		—		0.94		—		0.94		—		27.31		17.24		1.03		0.98		0.98		1.37		385		34
12-31-18		28.65		0.38•		(1.73)		(1.35)		0.42		2.75		—		3.17		—		24.13		(4.82)		1.03		0.98		0.98		1.34		407		84
12-31-17		27.27		0.38•		5.01		5.39		0.43		3.58		—		4.01		—		28.65		19.89		1.03		0.98		0.98		1.27		412		80
12-31-16		27.60		0.42		2.08		2.50		0.46		2.37		—		2.83		—		27.27		9.30		1.06		0.98		0.98		1.50		370		98
12-31-15		30.11		0.47•		(0.97)		(0.50)		0.53		1.48		—		2.01		—		27.60		(1.78)		1.13		0.98		0.98		1.56		346		53
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
Voya Intermediate Bond Portfolio
Class ADV
06-30-19+		12.20		0.18•		0.63		0.81		0.18		—		—		0.18		—		12.83		6.65		1.03		1.03		1.03		2.99		280,138		69
12-31-18		12.73		0.36		(0.50)		(0.14)		0.39		—		—		0.39		—		12.20		(1.08)		1.03		1.03		1.03		2.95		265,204		193
12-31-17		12.53		0.34		0.22		0.56		0.36		—		—		0.36		—		12.73		4.53		1.03		1.02		1.02		2.67		311,323		300
12-31-16		12.40		0.33		0.16		0.49		0.36		—		—		0.36		—		12.53		3.92		1.03		0.98		0.98		2.58		311,448		296
12-31-15		12.81		0.34•		(0.34)		0.00*		0.41		—		—		0.41		—		12.40		(0.02)		1.03		0.98		0.98		2.62		319,732		346
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
Class I
06-30-19+		12.33		0.22•		0.63		0.85		0.21		—		—		0.21		—		12.97		6.94		0.53		0.53		0.53		3.49		1,012,120		69
12-31-18		12.86		0.43		(0.50)		(0.07)		0.46		—		—		0.46		—		12.33		(0.54)		0.53		0.53		0.53		3.45		986,608		193
12-31-17		12.66		0.41		0.22		0.63		0.43		—		—		0.43		—		12.86		5.04		0.53		0.52		0.52		3.17		1,117,794		300
12-31-16		12.52		0.40•		0.14		0.54		0.40		—		—		0.40		—		12.66		4.33		0.53		0.48		0.48		3.08		1,174,851		296
12-31-15		12.90		0.41•		(0.33)		0.08		0.46		—		—		0.46		—		12.52		0.60		0.53		0.48		0.48		3.14		1,248,125		346
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
Class S
06-30-19+		12.25		0.20•		0.63		0.83		0.19		—		—		0.19		—		12.89		6.85		0.78		0.78		0.78		3.24		2,274,400		69
12-31-18		12.78		0.40		(0.51)		(0.11)		0.42		—		—		0.42		—		12.25		(0.82)		0.78		0.78		0.78		3.20		2,255,122		193
12-31-17		12.58		0.37		0.23		0.60		0.40		—		—		0.40		—		12.78		4.79		0.78		0.77		0.77		2.92		2,587,503		300
12-31-16		12.44		0.36•		0.16		0.52		0.38		—		—		0.38		—		12.58		4.16		0.78		0.73		0.73		2.83		2,887,280		296
12-31-15		12.83		0.37•		(0.34)		0.03		0.42		—		—		0.42		—		12.44		0.26		0.78		0.73		0.73		2.90		3,169,894		346
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
Class S2
06-30-19+		12.20		0.19•		0.63		0.82		0.18		—		—		0.18		—		12.84		6.79		0.93		0.93		0.93		3.09		20,298		69
12-31-18		12.73		0.38		(0.51)		(0.13)		0.40		—		—		0.40		—		12.20		(0.98)		0.93		0.93		0.93		3.05		22,040		193
12-31-17		12.53		0.35		0.22		0.57		0.37		—		—		0.37		—		12.73		4.63		0.93		0.92		0.92		2.77		25,649		300
12-31-16		12.40		0.34•		0.16		0.50		0.37		—		—		0.37		—		12.53		3.99		0.96		0.88		0.88		2.68		24,796		296
12-31-15		12.79		0.35•		(0.33)		0.02		0.41		—		—		0.41		—		12.40		0.17		1.03		0.88		0.88		2.75		29,217		346
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
Voya Small Company Portfolio
Class ADV
06-30-19+		14.86		0.00*		2.46		2.46		—		2.49		—		2.49		—		14.83		17.03		1.40		1.40		1.40		0.12		6,998		61
12-31-18		20.95		(0.04)		(2.76)		(2.80)		0.02		3.27		—		3.29		—		14.86		(16.22)		1.39		1.39		1.39		(0.18)		6,342		96
12-31-17		21.20		(0.01)		2.12		2.11		—		2.36		—		2.36		—		20.95		10.69		1.38		1.37		1.37		(0.01)		7,817		74
12-31-16		18.99		(0.02)		4.13		4.11		—		1.90		—		1.90		—		21.20		23.84		1.38		1.33		1.33		(0.09)		6,463		71
12-31-15		22.49		(0.03)		(0.11)		(0.14)		—		3.36		—		3.36		—		18.99		(1.26)		1.39		1.34		1.34		(0.07)		5,615		45
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Small Company Portfolio (continued)
Class I
06-30-19+		15.75		0.05•		2.60		2.65		0.07		2.49		—		2.56		—		15.84		17.32		0.90		0.90		0.90		0.61		428,506		61
12-31-18		22.01		0.06•		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.84)		0.89		0.89		0.89		0.31		435,019		96
12-31-17		22.12		0.10		2.23		2.33		0.08		2.36		—		2.44		—		22.01		11.29		0.88		0.87		0.87		0.49		607,230		74
12-31-16		19.73		0.09		4.29		4.38		0.09		1.90		—		1.99		—		22.12		24.49		0.88		0.83		0.83		0.41		545,125		71
12-31-15		23.25		0.09		(0.13)		(0.04)		0.12		3.36		—		3.48		—		19.73		(0.79)		0.89		0.84		0.84		0.43		487,778		45
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
Class R6
06-30-19+		15.75		0.05•		2.61		2.66		0.07		2.49		—		2.56		—		15.85		17.39		0.90		0.90		0.90		0.61		6,235		61
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
12-31-16		19.74		0.10•		4.28		4.38		0.09		1.90		—		1.99		—		22.13		24.49		0.88		0.83		0.83		0.50		2,694		71
11-24-15(5) - 12-31-15		20.56		0.02•		(0.84)		(0.82)		—		—		—		—		—		19.74		(3.99)		0.89		0.84		0.84		0.99		3		45
Class S
06-30-19+		15.30		0.03•		2.53		2.56		0.02		2.49		—		2.51		—		15.35		17.22		1.15		1.15		1.15		0.37		87,932		61
12-31-18		21.46		0.02		(2.86)		(2.84)		0.05		3.27		—		3.32		—		15.30		(16.05)		1.14		1.14		1.14		0.06		80,225		96
12-31-17		21.63		0.05•		2.17		2.22		0.03		2.36		—		2.39		—		21.46		11.00		1.13		1.12		1.12		0.22		111,723		74
12-31-16		19.33		0.03		4.21		4.24		0.04		1.90		—		1.94		—		21.63		24.16		1.13		1.08		1.08		0.16		136,845		71
12-31-15		22.84		0.03		(0.12)		(0.09)		0.06		3.36		—		3.42		—		19.33		(1.02)		1.14		1.09		1.09		0.18		110,685		45
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

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

(a)

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

(b)

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

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (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, 2019 (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, 2019 (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 within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. 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 within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date.

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, 2019 (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, the United States experiences a low interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (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.

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, 2019, the maximum amount of loss that Balanced, Global Equity and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $10,807, $160 and $1,081,085, respectively, which represents the gross payments to be received by the Portfolios on purchased options, open forward foreign currency contracts and forward premium swaptions were they to be unwound as of June 30, 2019. At June 30, 2019, Intermediate Bond had received $710,000 in cash collateral from counterparties for open OTC derivatives. Balanced or Global Equity did not receive any cash collateral at June 30, 2019.

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

As of June 30, 2019, Balanced, Global Equity and Intermediate Bond had a liability position of $19,778, $8,988 and $772,946, respectively, on open forward foreign currency contracts and forward premium swaptions with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2019, these Portfolios could have been required to pay these amounts in cash to their counterparties. At June 30, 2019, Intermediate Bond pledged $120,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced and Global Equity did not pledge any cash collateral at June 30, 2019.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Purchased			Sold
Balanced		$	698,583		$	1,932,865
Global Equity			4,816,896			6,004,686
Intermediate Bond			26,554,122			75,797,162

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 within each respective Portfolio of Investments for open forward foreign currency contracts at June 30, 2019.

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

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made

or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table within each Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2019, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes. Balanced and Intermediate Bond purchased and sold futures on bonds and notes as part of their duration management. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the period ended June 30, 2019, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	41,798,800		$	15,303,274
Intermediate Bond			389,053,969			212,240,643

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at June 30, 2019.

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

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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, 2019, Balanced and Intermediate Bond had average notional values of $30,397,000 and $1,626,982,000, respectively, on purchased interest rate swap options (“swaptions”) to manage its duration strategy. Please refer to the table within the Portfolio of Investments for open purchased interest rate swaptions at June 30, 2019.

During the period ended June 30, 2019, Balanced and Intermediate Bond had average notional values of $15,499,000 and $564,601,000, respectively, on written interest rate swaptions to generate income. Please refer to the table within the Portfolio of Investments for open written interest rate swaptions at June 30, 2019.

During the period ended June 30, 2019, Balanced and Intermediate Bond had average notional values of $11,300,667 and $487,221,333, respectively, on purchased forward premium swaptions to manage duration

and yield curve exposures. Please refer to the tables within the Portfolios of investments for open purchased forward premium swaptions at June 30, 2019.

G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio distributes capital gains, if any, annually. Balanced and Small Company declare and pay dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global Equity declares and pays dividends, if any, quarterly. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

I. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities

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generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at June 30, 2019.

K. Securities Lending.Each Portfolio (except Government Money Market) may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market

quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

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

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

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At June 30, 2019, Intermediate Bond had received $642,000 in cash collateral for open when-issued or delayed-delivery transactions.

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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 within each Portfolio’s Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Portfolio’s Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap

agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio’s Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

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

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

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

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain

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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.

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

For the period ended June 30, 2019, Balanced had an average notional amount of $2,403,141 on credit default swaps to buy protection and an average notional amount of $1,613,333 on credit default swaps to sell protection. For the period ended June 30, 2019, Intermediate Bond had an average notional amount of $101,235,161 on credit default swaps to buy protection and an average notional amount of $30,053,333 on credit default swaps to sell protection. Please refer to the tables within the Portfolio of Investments for Balanced and Intermediate Bond for open credit default swaps to buy and sell protection at June 30, 2019.

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended June 30, 2019, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on Long interest rate swaps were $8,267,000 and $528,216,667, respectively.

For the period ended June 30, 2019, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a fixed interest rate and receive a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on Short interest rate swaps were $9,145,000 and $592,479,000, respectively.

Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the table within each respective Portfolio of Investments for Balanced and Intermediate Bond for open interest rate swaps at June 30, 2019.

At June 30, 2019, Balanced and Intermediate Bond had pledged $342,000 and $12,041,000, 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, 2019, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

	Purchases			Sales
Balanced		$	193,492,749		$	186,220,312
Global Equity			226,708,634			257,292,630
Growth and Income			1,008,804,195			1,253,269,159
Intermediate Bond			463,918,749			704,427,599
Small Company			324,352,597			408,561,630

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

	Purchases			Sales
Balanced		$	130,999,564		$	148,264,324
Intermediate Bond			2,042,337,728			1,907,618,143

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

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NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

Under the Plans for Class ADV and Class S2 shares of the respective Portfolios, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the Portfolio’s average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.05% of the distribution fee for Class ADV shares of Growth and Income so that the actual fee paid by Class ADV shares of the Portfolio is an annual rate of 0.20%. Termination or modification of this obligation requires approval by the Board.

Under the Plan for Class S shares of the respective Portfolios, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class S shares. 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, 2019, 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.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2019, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or other related/affiliated party owned more than 5% of the following Portfolios:

Entity	Portfolio	Percentage
Voya Institutional Trust Company	Government Money Market		8.81%
	Intermediate Bond		10.36
	Small Company		13.19
Voya Insurance and Annuity Company	Global Equity		65.98
	Growth and Income		41.11
	Intermediate Bond		60.01
	Small Company		13.71
Voya Retirement Insurance and Annuity Company	Balanced		88.18
	Global Equity		22.04
	Government Money Market		88.41
	Growth and Income		52.08
	Intermediate Bond		24.67
	Small Company		54.04

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

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

broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

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

NOTE 7 — LICENSING FEE

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

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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

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

Pursuant to a side letter agreement through May 1, 2021, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee

that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

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

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

As of June 30, 2019, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Advise, and the related expiration dates are as bellows:

	June 30,
	2020			2021			2022			Total
Intermediate Bond		$	—		$	—		$	74,604		$	74,604

The Expense Limitation Agreements are contractual through May 1, 2020, with the exception of Global Equity, which is through May 1, 2021, and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

NOTE 9 — LINE OF CREDIT

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 9 — LINE OF CREDIT (continued)

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, 2019:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		15		$	15,926,538		3.43%
Global Equity		6			3,358,833		3.41
Small Company		1			19,277,000		3.44

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
6/30/2019		234,182		—		1,642,364		(1,527,218)		349,328		3,563,036		—		23,387,272		(22,721,509)		4,228,799
12/31/2018		1,258,334		—		2,512,799		(4,573,811)		(802,678)		19,084,047		—		38,219,666		(71,034,966)		(13,731,253)
Class S
6/30/2019		10,206		—		12,538		(16,186)		6,558		154,033		—		177,792		(245,586)		86,239
12/31/2018		1,699		—		19,105		(43,317)		(22,513)		26,386		—		289,441		(684,572)		(368,745)
Global Equity
Class ADV
6/30/2019		5,901		—		87,148		(131,760)		(38,711)		62,773		—		874,325		(1,371,466)		(434,368)
12/31/2018		44,554		—		62,851		(304,817)		(197,412)		470,027		—		678,675		(3,279,330)		(2,130,628)
Class I
6/30/2019		90,549		—		784,977		(889,888)		(14,362)		946,602		—		7,884,982		(9,249,335)		(417,751)
12/31/2018		261,347		—		739,818		(1,855,080)		(853,915)		2,781,443		—		7,921,491		(20,247,607)		(9,544,673)
Class S
6/30/2019		72,548		—		2,159,278		(2,934,172)		(702,346)		752,517		—		21,762,426		(30,624,238)		(8,109,295)
12/31/2018		299,721		—		1,811,246		(6,528,913)		(4,417,946)		3,059,321		—		19,537,870		(71,301,380)		(48,704,189)
Class S2
6/30/2019		2,003		—		1,662		(2,787)		878		20,484		—		16,520		(29,090)		7,914
12/31/2018		3,763		—		1,225		(14,948)		(9,960)		40,377		—		13,091		(161,475)		(108,007)
Class T
6/30/2019		108,987		—		186,487		(272,827)		22,647		1,125,243		—		1,863,078		(2,834,564)		153,757
12/31/2018		175,082		—		118,192		(583,205)		(289,931)		1,906,440		—		1,273,805		(6,278,731)		(3,098,486)
Government Money Market
Class I
6/30/2019		39,115,675		—		4,898,508		(49,132,449)		(5,118,266)		39,115,675		—		4,898,507		(49,132,448)		(5,118,266)
12/31/2018		115,686,913		—		6,729,717		(97,825,734)		24,590,896		115,686,913		—		6,729,717		(97,825,734)		24,590,896
Class S(1)
6/30/2019		—		—		—		—*		—*		—		—		—		—*		—*
12/31/2018		577,341		—		321		(621,733)		(44,071)		577,341		—		322		(621,733)		(44,070)
Growth and Income
Class ADV
6/30/2019		23,500		—		1,129,573		(2,533,723)		(1,380,650)		613,753		—		29,809,432		(68,014,105)		(37,590,920)
12/31/2018		205,452		—		3,921,351		(5,245,549)		(1,118,746)		5,773,044		—		99,614,503		(151,632,769)		(46,245,222)
Class I
6/30/2019		54,386		—		2,135,801		(4,605,095)		(2,414,908)		1,464,111		—		57,388,960		(124,213,517)		(65,360,446)
12/31/2018		203,896		—		7,653,598		(8,192,407)		(334,913)		5,912,887		—		197,042,198		(239,964,004)		(37,008,919)
Class S
6/30/2019		35,060		—		609,823		(1,608,572)		(963,689)		920,060		—		16,117,619		(42,879,685)		(25,842,006)
12/31/2018		97,255		—		2,190,453		(3,009,357)		(721,649)		2,797,176		—		55,646,599		(86,761,980)		(28,318,205)
Class S2
6/30/2019		530		—		486		(3,795)		(2,779)		13,913		—		12,666		(104,182)		(77,603)
12/31/2018		678		—		1,932		(137)		2,473		19,455		—		48,307		(3,876)		63,886
Intermediate Bond
Class ADV
6/30/2019		756,325		—		307,045		(970,726)		92,644		9,423,151		—		3,848,808		(12,111,119)		1,160,840
12/31/2018		672,787		—		741,533		(4,143,671)		(2,729,351)		8,401,669		—		9,119,082		(50,913,601)		(33,392,850)
Class I
6/30/2019		2,812,193		—		1,302,129		(6,091,137)		(1,976,815)		35,390,305		—		16,498,741		(76,657,438)		(24,768,392)
12/31/2018		3,851,385		—		3,054,743		(13,813,548)		(6,907,420)		48,108,912		—		37,972,205		(172,012,250)		(85,931,133)
Class S
6/30/2019		1,046,642		—		2,762,248		(11,384,845)		(7,575,955)		13,112,755		—		34,755,839		(142,547,259)		(94,678,665)
12/31/2018		3,629,370		—		6,652,401		(28,721,844)		(18,440,073)		45,716,649		—		82,137,715		(354,654,934)		(226,800,570)
Class S2
6/30/2019		124,974		—		24,894		(374,472)		(224,604)		1,557,589		—		312,005		(4,677,068)		(2,807,474)
12/31/2018		273,813		—		60,778		(543,827)		(209,236)		3,379,584		—		747,586		(6,730,628)		(2,603,458)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Small Company
Class ADV
6/30/2019		35,835		—		69,567		(60,379)		45,023		562,922		—		1,001,064		(973,951)		590,035
12/31/2018		93,822		—		66,734		(106,730)		53,826		1,728,493		—		1,214,551		(1,948,390)		994,654
Class I
6/30/2019		956,650		—		3,911,657		(5,447,870)		(579,563)		16,506,236		—		60,083,048		(98,008,836)		(21,419,552)
12/31/2018		2,715,237		—		4,317,429		(6,999,766)		32,900		51,418,584		—		83,024,164		(143,594,984)		(9,152,236)
Class R6
6/30/2019		22,769		—		57,869		(75,456)		5,182		401,191		—		889,440		(1,328,537)		(37,906)
12/31/2018		114,739		—		55,842		(67,395)		103,186		2,344,484		—		1,074,401		(1,301,750)		2,117,135
Class S
6/30/2019		148,524		—		848,554		(511,763)		485,315		2,614,659		—		12,634,978		(8,504,227)		6,745,410
12/31/2018		297,279		—		853,449		(1,112,733)		37,995		5,510,079		—		15,968,030		(21,715,135)		(237,026)

Amount is less than 0.50 or $0.50.

(1)

Share class was fully redeemed on August 29, 2018.

NOTE 11 — SECURITIES LENDING

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

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

average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2019:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	—		$	—		$	—
Barclays Capital Inc			411,166			(411,166)			—
Citadel Clearing LLC			14,379			(14,379)			—
Daiwa Capital Markets America Inc			35,125			(35,125)			—
Goldman Sachs & Co. LLC			26,732			(26,732)			—
J.P. Morgan Securities LLC			53,795			(53,795)			—
Janney Montgomery Scott LLC			3,620,853			(3,620,853)			—
Jefferies LLC			10,018			(10,018)			—
Macquarie Bank Limited			60,163			(60,163)			—
Merrill Lynch International			50,638			(50,638)			—
Morgan Stanley & Co. LLC			263,810			(263,810)			—
MUFG Securities Americas Inc			58,797			(58,797)			—
National Bank of Canada Financial Inc			41,725			(41,725)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

Balanced (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Natixis Securities America LLC			6,168			(6,168)			—
RBC Capital Markets, LLC			2,019			(2,019)			—
Societe Generale			5,243,506			(5,243,506)			—
UBS AG			21,914			(21,914)			—
Total		$	9,920,808		$	(9,920,808)		$	—

(1)

Collateral with a fair value of $10,394,417 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
HSBC Bank PLC		$	—		$	—		$	—
Mizuho Securities USA LLC.			2,127,399			(2,127,399)			—
Morgan Stanley & Co. LLC			397,107			(397,107)			—
Scotia Capital (USA) INC			3,482,661			(3,482,661)			—
Total		$	6,007,167		$	(6,007,167)		$	—

(1)

Collateral with a fair value of $9,552,288 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		$	85,500		$	(85,500)		$	—
Citadel Clearing LLC			3,537,000			(3,537,000)			—
CREDIT SUISSE AG			8,975,729			(8,975,729)			—
Jefferies LLC			679,504			(679,504)			—
J.P. Morgan Securities LLC			54,279,196			(54,279,196)			—
Nomura Securities International, Inc			5,821			(5,821)			—
UBS Securities LLC			13,718,652			(13,718,652)			—
						—			—
Total		$	81,281,402		$	(81,281,402)		$	—

(1)

Collateral with a fair value of $83,170,486 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		$	761,225		$	(761,225)		$	—
BNP Paribas			1,135,271			(1,135,271)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC			295,029			(295,029)			—
Barclays Capital Inc			6,925			(6,925)			—
BofA Securities Inc			2,139,602			(2,139,602)			—
Cantor Fitzgerald & Co			590			(590)			—
Citadel Clearing LLC			2,818,301			(2,818,301)			—
Citigroup Global Markets Inc			4,386,216			(4,386,216)			—
Credit Suisse Securities (USA) LLC			1,126,847			(1,126,847)			—
Goldman Sachs & Co. LLC			138,019			(138,019)			—
J.P. Morgan Securities LLC			27,805,517			(27,805,517)			—
MUFG Securities Americas Inc			4,178,273			(4,178,273)			—
Mizuho Securities USA LLC			1,708,947			(1,708,947)			—
Morgan Stanley & Co. LLC			459,314			(459,314)			—
Nomura Securities International, Inc			2,365,558			(2,365,558)			—
RBC Capital Markets, LLC			1,901,403			(1,901,403)			—
Scotia Capital (USA) Inc			4,260,097			(4,260,097)			—
Societe Generale			34,296,917			(34,296,917)			—
TD Prime Services LLC			8,467,219			(8,467,219)			—
UBS AG			2,147,604			(2,147,604)			—
UBS Securities LLC			2,111,338			(2,111,338)			—
Wells Fargo Clearing Services, LLC			799,188			(799,188)			—
Wells Fargo Securities LLC			10,365,215			(10,365,215)			—
Total		$	113,674,615		$	(113,674,615)		$	—

(1)

Collateral with a fair value of $116,436,607 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		$	53,569		$	(53,569)		$	—
CIBC World Markets Corporation			377,505			(377,505)			—
Citigroup Global Markets Inc			46,367			(46,367)
Deutsche Bank Securities Inc			261,873			(261,873)
Goldman Sachs & Co. LLC			130,103			(130,103)
J.P. Morgan Securities LLC			157,692			(157,692)
Morgan Stanley & Co. LLC			3,794,439			(3,794,439)			—
National Bank of Canada Financial Inc			1,744,110			(1,744,110)			—
National Financial Services LLC			2,016,913			(2,016,913)			—
SG Americas Securities, LLC			151,992			(151,992)			—
UBS Securities LLC			128,565			(128,565)			—
Wells Fargo Securities LLC			198,782			(198,782)			—
Total		$	9,061,910		$	(9,061,910)		$	—

(1)

Collateral with a fair value of $9,313,367 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES

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

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

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

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain
Balanced		$	8,811,830		$	14,753,234		$	17,574,924		$	20,934,183
Global Equity			3,697,763			28,703,568			28,894,555			530,377
Government Money Market			4,898,520			—			6,730,308			—
Growth and Income			268,677			103,118,941			110,032,441			242,540,234
Intermediate Bond			55,418,887			—			129,984,350			—
Small Company			17,614,699			56,993,831			17,759,580			83,521,566

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 June 30, 2019 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Balanced		$	8,003,132		$	1,284,621		$	15,022,172		$	—		—		—
Global Equity			5,495,021			—			21,529,797			(5,655,471)		Short-term		None
Government Money Market			3,813			—			—			—		—		—
Growth and Income			24,590,136			122,082,083			572,911,483			—		—		—
Intermediate Bond			4,727,443			—			85,399,712			(10,581,309)		Short-term		None
												(33,541,314)		Long-term		None
											$	(44,122,623)
Small Company			1,609,107			1,547,051			8,594,130			—		—		—

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

As of June 30, 2019, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the earliest tax year remains subject to examination by these jurisdictions is 2014.

NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have made a change in accounting principle and adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to

ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2019 (Unaudited) (continued)

NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. As of June 30, 2019, management of the Portfolios are currently assessing the potential impact to financial statement disclosure that may result from adopting this ASU.

NOTE 14 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2019, the following Portfolios declared dividends and distributions of:

Type

Per
Share
Amount

Payable
Date

Record
Date

Government Money Market

Class I

NII

$0.0018

August 1, 2019

Daily

Class S

NII

$0.0001

August 1, 2019

Daily

All Classes

STCG

$0.0001

August 1, 2019

July 30, 2019

Type

Per
Share
Amount

Payable
Date

Record
Date

Intermediate Bond

Class ADV

NII

$0.0313

August 1, 2019

Daily

Class I

NII

$0.0371

August 1, 2019

Daily

Class S

NII

$0.0341

August 1, 2019

Daily

Class S2

NII

$0.0324

August 1, 2019

Daily

NII – Net investment income

STCG – Short-term capital gain

Reorganization: The Board approved a proposal to reorganize VY® Templeton Global Growth Portfolio (the “Merging Portfolio”), which is not included in this report, with and into Global Equity (the “Reorganization”). The proposed Reorganization was approved by the shareholders of the Merging Portfolio at a shareholder meeting held on July 30, 2019. The Reorganization will take place on close of business August 23, 2019.

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

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited)


	Investment Type Allocation as of June 30, 2019 (as a percentage of net assets)

	Common Stock			48.3%
	Exchange-Traded Funds			17.0%
	Mutual Funds			15.0%
	Corporate Bonds/Notes			4.6%
	Collateralized Mortgage Obligations			4.1%
	U.S. Government Agency Obligations			2.9%
	Asset-Backed Securities			1.8%
	Commercial Mortgage-Backed Securities			1.2%
	U.S. Treasury Obligations			1.0%
	Sovereign Bonds			0.1%
	Preferred Stock			0.0%
	Rights			0.0%
	Purchased Options			0.0%
	Assets in Excess of Other Liabilities*			4.0%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Shares				Value			Percentage of Net Assets
COMMON STOCK:48.3%
			Communication Services: 3.8%
	3,277	(1)	Alphabet, Inc. - Class A		$	3,548,336		0.9
	54,614		AT&T, Inc.			1,830,115		0.5
	13,294	(2)	Auto Trader Group PLC			92,590		0.0
	42,221		Comcast Corp. – Class A			1,785,104		0.5
	11,820	(1)	Facebook, Inc. - Class A			2,281,260		0.6
	338,477	(3)(4)	Other Securities			4,789,093		1.3
						14,326,498		3.8
			Consumer Discretionary: 5.1%
	2,202	(1)	Amazon.com, Inc.			4,169,773		1.1
	513	(1)	Booking Holdings, Inc.			961,726		0.3
	9,995		Home Depot, Inc.			2,078,660		0.6
	15,655		Starbucks Corp.			1,312,359		0.3
	303,270	(3)(4)	Other Securities			10,535,403		2.8
						19,057,921		5.1
			Consumer Staples: 3.6%
	15,083		Philip Morris International, Inc.			1,184,468		0.3
	22,002		Procter & Gamble Co.			2,412,519		0.7
	11,617		Walmart, Inc.			1,283,562		0.3
	135,000	(2)	WH Group Ltd.			136,943		0.0
	262,197	(4)	Other Securities			8,400,322		2.3
						13,417,814		3.6
			Energy: 2.4%
	16,537		Chevron Corp.			2,057,864		0.6
	21,157		ConocoPhillips			1,290,577		0.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Energy (continued)
	20,169		Exxon Mobil Corp.		$	1,545,551		0.4
	147,303	(3)(4)	Other Securities			3,950,336		1.1
						8,844,328		2.4
			Financials: 7.0%
	6,591	(2)	ABN AMRO Bank NV			141,031		0.0
	8,144		Ameriprise Financial, Inc.			1,182,183		0.3
	61,713		Bank of America Corp.			1,789,677		0.5
	6,846	(1)	Berkshire Hathaway, Inc. – Class B			1,459,362		0.4
	17,710		Citigroup, Inc.			1,240,231		0.3
	18,793		JPMorgan Chase & Co.			2,101,057		0.6
	16,117		Morgan Stanley			706,086		0.2
	1,252,957	(4)	Other Securities			17,563,235		4.7
						26,182,862		7.0
			Health Care: 6.5%
	5,680		Amgen, Inc.			1,046,711		0.3
	6,604		HCA Healthcare, Inc.			892,663		0.2
	13,954		Johnson & Johnson			1,943,513		0.5
	16,055		Merck & Co., Inc.			1,346,212		0.4
	27,820		Pfizer, Inc.			1,205,162		0.3
	6,322		UnitedHealth Group, Inc.			1,542,631		0.4
	197,261	(3)(4)	Other Securities			16,295,956		4.4
						24,272,848		6.5
			Industrials: 5.5%
	3,887		Boeing Co.			1,414,907		0.4
	8,962		Honeywell International, Inc.			1,564,675		0.4
	8,596		Ingersoll-Rand PLC - Class A			1,088,855		0.3
	7,489		Union Pacific Corp.			1,266,465		0.4
	9,871		Waste Management, Inc.			1,138,817		0.3
	524,661	(3)(4)	Other Securities			13,829,520		3.7
						20,303,239		5.5
			Information Technology: 9.1%
	4,230	(1)	Adobe, Inc.			1,246,369		0.3
	86	(1)(2)	Adyen NV			66,339		0.0
	20,044		Apple, Inc.			3,967,108		1.1
	33,415		Cisco Systems, Inc.			1,828,803		0.5
	9,775		Citrix Systems, Inc.			959,319		0.3
	38,361		Microsoft Corp.			5,138,840		1.4
	11,379		Texas Instruments, Inc.			1,305,854		0.3
	313,072	(3)(4)	Other Securities			19,232,220		5.2
						33,744,852		9.1
			Materials: 1.6%
	4,284		Air Products & Chemicals, Inc.			969,769		0.3
	1,223	(2)	Covestro AG			62,263		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Materials (continued)
	162,877	(4)	Other Securities		$	4,883,562		1.3
						5,915,594		1.6
			Real Estate: 1.9%
	258,543	(3)(4)	Other Securities			7,226,452		1.9
			Utilities: 1.8%
	13,505		Ameren Corp.			1,014,361		0.3
	23,502		Exelon Corp.			1,126,686		0.3
	215,764	(4)	Other Securities			4,561,361		1.2
						6,702,408		1.8
			Total Common Stock (Cost $166,568,126)			179,994,816		48.3
EXCHANGE-TRADED FUNDS: 17.0%
	287,361		iShares Core MSCI Emerging Markets ETF			14,781,850		4.0
	50,518		iShares Core S&P 500 ETF			14,890,180		4.0
	2,060		iShares MSCI EAFE ETF			135,404		0.0
	131,597		Schwab U.S. TIPS ETF			7,410,227		2.0
	63,016		Vanguard Global ex-U.S. Real Estate ETF			3,717,944		1.0
	42,527	(5)	Vanguard Real Estate ETF			3,716,860		1.0
	167,933		Vanguard Value ETF			18,627,128		5.0
			Total Exchange-Traded Funds (Cost $62,510,814)			63,279,593		17.0
MUTUAL FUNDS: 15.0%
			Affiliated Investment Companies: 15.0%
	200,222		Voya Emerging Markets Local Currency Debt Fund - Class P			1,459,618		0.4
	1,167,959		Voya Floating Rate Fund - Class P			11,165,689		3.0
	1,880,943		Voya High Yield Bond Fund - Class P			14,991,112		4.1
	755,004		Voya Short Term Bond Fund - Class R6			7,436,794		2.0
	666,794		Voya Small Company Fund - Class R6			9,368,453		2.5
	1,087,522		Voya Strategic Income Opportunities Fund - Class P			11,212,356		3.0
			Total Mutual Funds (Cost $55,879,936)			55,634,022		15.0
PREFERRED STOCK: 0.0%
			Consumer Discretionary: 0.0%
	1,068		Other Securities			69,190		0.0
			Total Preferred Stock (Cost $70,782)			69,190		0.0

Shares				Value			Percentage of Net Assets
RIGHTS: 0.0%
			Energy: 0.0%
	13,260	(4)	Other Securities		$	7,355		0.0
			Industrial: 0.0%
	4,652	(4)	Other Securities			7,300		0.0
			Total Rights (Cost $15,199)			14,655		0.0

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 4.6%
			Basic Materials: 0.1%
	51,000	(2)	Dow Chemical Co/The, 4.800%, 11/30/2028		57,315		0.0
	105,000	(2)	Newcrest Finance Pty Ltd., 4.450%, 11/15/2021		108,922		0.0
	19,000	(2)	Newmont Goldcorp Corp., 3.700%, 03/15/2023		19,714		0.0
	303,000		Other Securities		325,816		0.1
					511,767		0.1
			Communications: 0.4%
	227,000		AT&T, Inc., 4.300%-5.650%, 02/15/2030-03/09/2049		248,418		0.1
	120,000	(2)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199		122,922		0.0
	200,000	(2)	Tencent Holdings Ltd., 2.985%, 01/19/2023		201,630		0.1
	47,000	(2)	Walt Disney Co/The, 3.000%, 09/15/2022		48,138		0.0
	50,000	(2)	Walt Disney Co/The, 4.750%, 11/15/2046		61,645		0.0
	829,000		Other Securities		889,728		0.2
					1,572,481		0.4
			Consumer, Cyclical: 0.4%
	90,000	(2)	BMW US Capital LLC, 3.450%, 04/12/2023		92,772		0.0
	100,000	(2)	Nissan Motor Acceptance Corp., 2.600%, 09/28/2022		99,582		0.0
	1,201,581		Other Securities		1,227,209		0.4
					1,419,563		0.4
			Consumer, Non-cyclical: 0.7%
	23,000	(2)	Bristol-Myers Squibb Co., 3.400%, 07/26/2029		24,076		0.0
	30,000	(2)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		32,556		0.0
	48,000	(2)	Cargill, Inc., 3.875%, 05/23/2049		51,063		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical (continued)
	100,000	(2)	Cigna Corp., 3.200%, 09/17/2020		$	100,920		0.1
	40,000	(2)	Cigna Corp., 4.800%, 08/15/2038			43,150		0.0
	101,000		HCA, Inc., 4.500%-5.500%, 04/15/2025-06/15/2049			108,041		0.0
	90,000	(2)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			92,835		0.0
	46,000	(2)	Mars, Inc., 3.200%, 04/01/2030			47,812		0.0
	30,000	(2)	Mars, Inc., 3.875%, 04/01/2039			31,794		0.0
	1,899,000		Other Securities			2,004,809		0.6
						2,537,056		0.7
			Energy: 0.7%
	200,000	(2)	KazMunayGas National Co. JSC, 4.750%, 04/24/2025			213,538		0.1
	200,000	(2)	Petroleos del Peru SA, 4.750%, 06/19/2032			219,260		0.1
	22,000	(2)	Schlumberger Norge AS, 4.200%, 01/15/2021			22,500		0.0
	24,000	(2)	Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021			24,557		0.0
	1,949,000		Other Securities			2,010,174		0.5
						2,490,029		0.7
			Financial: 1.3%
	65,000	(2)	Apollo Management Holdings L.P., 4.000%, 05/30/2024			67,549		0.0
	80,000	(2)	Barclays Bank PLC, 10.179%, 06/12/2021			90,551		0.0
	200,000	(2)	BNP Paribas SA, 3.500%, 03/01/2023			205,798		0.1
	206,000	(2)	BPCE SA, 5.700%, 10/22/2023			225,597		0.1
	250,000	(2)	Credit Agricole SA/London, 2.375%, 07/01/2021			250,383		0.1
	200,000	(2)	Danske Bank A/S, 2.800%, 03/10/2021			200,325		0.1
	22,000	(2)	Fairfax US, Inc., 4.875%, 08/13/2024			23,293		0.0
	100,000	(2)(6)	Harborwalk Funding Trust, 5.077%, 02/15/2069			114,562		0.0
	501,000	(6)	JPMorgan Chase & Co., 2.550%-4.032%, 10/29/2020-07/24/2048			519,626		0.1
	25,000	(2)	KKR Group Finance Co. VI LLC, 3.750%, 07/01/2029			25,675		0.0
	34,000	(2)	Liberty Mutual Group, Inc., 4.500%, 06/15/2049			35,813		0.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	210,000	(6)	Morgan Stanley, 4.000%-5.500%, 07/28/2021-04/22/2039		$	225,586		0.1
	70,000	(2)	New York Life Global Funding, 2.875%, 04/10/2024			71,596		0.0
	70,000		Royal Bank of Canada, 3.258%, (US0003M + 0.660%), 10/05/2023			69,918		0.0
	34,000	(2)	Suncorp-Metway Ltd., 3.300%, 04/15/2024			34,795		0.0
	168,000		Wells Fargo & Co., 3.750%-4.750%, 01/24/2024-12/07/2046			180,898		0.1
	2,270,000		Other Securities			2,383,749		0.6
						4,725,714		1.3
			Industrial: 0.2%
	851,000	(3)	Other Securities			880,201		0.2
			Technology: 0.2%
	90,000		Apple, Inc., 3.750%, 09/12/2047			94,331		0.0
	60,000	(2)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			64,709		0.0
	60,000	(2)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			66,219		0.0
	569,000		Other Securities			598,840		0.2
						824,099		0.2
			Utilities: 0.6%
	50,000	(2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			58,095		0.1
	50,000	(2)	American Transmission Systems, Inc., 5.250%, 01/15/2022			53,302		0.0
	39,000	(2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			39,612		0.0
	107,000	(2)	DPL, Inc., 4.350%, 04/15/2029			108,498		0.0
	50,000	(2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			53,713		0.0
	12,000	(2)	Metropolitan Edison Co., 4.000%, 04/15/2025			12,575		0.0
	1,806,000		Other Securities			1,888,682		0.5
						2,214,477		0.6
			Total Corporate Bonds/Notes (Cost $16,539,413)			17,175,387		4.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 4.1%
	90,601		Alternative Loan Trust 2004-J7 MI, 3.424%, (US0001M + 1.020%), 10/25/2034		$	88,741		0.0
	82,400		Alternative Loan Trust 2005-10CB 1A1, 2.904%, (US0001M + 0.500%), 05/25/2035			71,194		0.0
	66,159		Alternative Loan Trust 2005-51 3A2A, 3.794%, (12MTA + 1.290%), 11/20/2035			64,258		0.0
	131,597		Alternative Loan Trust 2005-J2 1A12, 2.804%, (US0001M + 0.400%), 04/25/2035			112,542		0.1
	123,809		Alternative Loan Trust 2006-19CB A12, 2.804%, (US0001M + 0.400%), 08/25/2036			83,045		0.0
	100,404		Alternative Loan Trust 2006-HY11 A1, 2.524%, (US0001M + 0.120%), 06/25/2036			95,474		0.0
	34,307		Alternative Loan Trust 2007-23CB A3, 2.904%, (US0001M + 0.500%), 09/25/2037			21,005		0.0
	166,519		Alternative Loan Trust 2007-2CB 2A1, 3.004%, (US0001M + 0.600%), 03/25/2037			107,318		0.1
	87,439		Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 2.594%, (US0001M + 0.190%), 01/25/2037			85,868		0.0
	1,296	(2)	Bellemeade Re Ltd. 2015-1A M2, 6.704%, (US0001M + 4.300%), 07/25/2025			1,298		0.0
	100,000	(2)(6)	COLT 2018-1 M1 Mortgage Loan Trust, 3.661%, 02/25/2048			100,769		0.0
	200,000	(2)(6)	Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057			202,711		0.0
	200,000	(2)(6)	Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058			204,491		0.1
	45,694		DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.670%, (US0001M + 0.280%), 08/19/2045			40,372		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	808,097		Fannie Mae 2011-113 CL, 4.000%, 11/25/2041		$	857,423		0.2
	381,004		Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			435,063		0.1
	184,649		Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 6.404%, (US0001M + 4.000%), 05/25/2025			196,915		0.0
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.404%, (US0001M + 3.000%), 10/25/2029			208,953		0.1
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 5.254%, (US0001M + 2.850%), 11/25/2029			206,299		0.1
	150,000		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.804%, (US0001M + 2.400%), 05/25/2030			152,615		0.0
	100,000		Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 5.204%, (US0001M + 2.800%), 02/25/2030			103,056		0.0
	250,000		Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 4.604%, (US0001M + 2.200%), 08/25/2030			251,282		0.1
	108,307		Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			119,100		0.0
	325,316		Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			350,710		0.1
	299,179	(6)	Fannie Mae REMIC Trust 2009-50 HZ, 5.552%, 02/25/2049			326,932		0.1
	190,835		Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			214,641		0.1
	274,874		Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			308,322		0.1
	148,687		Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			164,697		0.0
	475,580		Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			477,508		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	200,530		Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047		$	205,875		0.1
	97,169	(2)(6)	Flagstar Mortgage Trust 2018-1 B2, 4.051%, 03/25/2048			101,149		0.1
	97,169	(2)(6)	Flagstar Mortgage Trust 2018-1 B3, 4.051%, 03/25/2048			99,121		0.0
	737,530		Freddie Mac 326 350, 3.500%, 03/15/2044			777,686		0.2
	227,515		Freddie Mac 4634 ZM, 5.000%, 11/15/2056			294,788		0.1
	111,536		Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			121,964		0.0
	139,095		Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032			155,169		0.1
	83,058		Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			92,744		0.0
	24,655		Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			28,041		0.0
	63,821		Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			68,841		0.0
	187,956		Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			205,924		0.1
	78,327		Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			88,109		0.0
	69,768	(6)(7)	Freddie Mac REMIC Trust 3524 LA, 5.336%, 03/15/2033			77,213		0.0
	76,835		Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			86,724		0.0
	57,088		Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			62,352		0.0
	17,228		Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			18,725		0.0
	323,814		Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			333,222		0.1
	496,272		Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			561,653		0.2

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	496,272	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044		$	561,885		0.2
	497,856	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043			516,666		0.1
	40,248	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			41,517		0.0
	1,000,000	Freddie Mac REMICS 4791 MT, 3.500%, 05/15/2044			1,029,901		0.3
	100,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 7.104%, (US0001M + 4.700%), 04/25/2028			111,277		0.0
	300,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 7.954%, (US0001M + 5.550%), 07/25/2028			340,198		0.1
	200,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.754%, (US0001M + 2.350%), 04/25/2030			203,346		0.1
	100,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.704%, (US0001M + 2.300%), 09/25/2030			100,496		0.0
	882,118	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			867,998		0.3
	67,207	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			73,704		0.0
	351,038	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			381,958		0.1
	28,602	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			31,619		0.0
	61,950	HomeBanc Mortgage Trust 2004-1 2A, 3.264%, (US0001M + 0.860%), 08/25/2029			59,982		0.0
	47,304	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.614%, (US0001M + 0.210%), 04/25/2046			44,628		0.0
	37,856	Lehman XS Trust Series 2005-5N 1A2, 2.764%, (US0001M + 0.360%), 11/25/2035			36,470		0.0
	54,740	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			45,004		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	4,315	(2)(6)	OBX 2019-INV1 A3 Trust, 4.500%, 11/25/2048		$	4,467		0.0
	200,000	(2)(6)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			200,815		0.1
	93,708		WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 2.914%, (US0001M + 0.510%), 08/25/2045			94,721		0.0
	50,613		WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.894%, (US0001M + 0.490%), 10/25/2045			51,166		0.0
	200,058		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.464%, (12MTA + 0.960%), 08/25/2046			150,163		0.1
	29,086		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.834%, (US0001M + 0.430%), 06/25/2037			23,971		0.0
	32,603	(6)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 5.222%, 04/25/2036			32,425		0.0
	37,075	(6)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.785%, 12/28/2037			36,858		0.0
	1,104,346		Other Securities			1,089,366		0.3
			Total Collateralized Mortgage Obligations (Cost $14,739,948)			15,162,503		4.1
ASSET-BACKED SECURITIES: 1.8%
			Automobile Asset-Backed Securities: 0.2%
	30,000	(2)	SunTrust Auto Receivables Trust 2015-1A B, 2.200%, 02/15/2021			29,991		0.0
	100,000	(2)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021			102,575		0.1
	450,000		Other Securities			465,882		0.1
						598,448		0.2
			Home Equity Asset-Backed Securities: 0.1%
	490,076		Other Securities			448,444		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities: 1.4%
	132,044	(2)(8)	AJAX Mortgage Loan Trust 2017-A A, 3.470% (Step Rate @ 6.470% on 0), 04/25/2057		$	132,562		0.0
	300,000	(2)	ARES XLVI CLO Ltd. 2017-46A A2, 3.827%, (US0003M + 1.230%), 01/15/2030			292,632		0.1
	250,000	(2)	Babson CLO Ltd. 2014-IA BR, 4.792%, (US0003M + 2.200%), 07/20/2025			249,998		0.1
	250,000	(2)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.792%, (US0003M + 1.200%), 01/20/2031			244,731		0.1
	250,000	(2)	BlueMountain CLO 2015-1A BR, 5.097%, (US0003M + 2.500%), 04/13/2027			250,098		0.1
	80,000	(2)	Burnham Park Clo Ltd. 2016-1A A, 4.022%, (US0003M + 1.430%), 10/20/2029			80,262		0.0
	16,450		Chase Funding Trust Series 2003-5 2A2, 3.004%, (US0001M + 0.600%), 07/25/2033			16,191		0.0
	250,000	(2)	Deer Creek Clo Ltd. 2017-1A A, 3.772%, (US0003M + 1.180%), 10/20/2030			249,883		0.1
	99,750	(2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			104,130		0.0
	250,000	(2)	Dryden Senior Loan Fund 2017-47A A2, 3.947%, (US0003M + 1.350%), 04/15/2028			248,669		0.1
	250,000	(2)	Eaton Vance Clo 2015-1A A2R Ltd., 3.842%, (US0003M + 1.250%), 01/20/2030			244,091		0.1
	99,250	(2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			103,181		0.0
	40,137	(2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			42,374		0.0
	282,701	(2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			297,242		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	250,000	(2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029		$	254,096		0.1
	200,000	(2)(6)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			198,765		0.0
	76,945	(2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			79,478		0.0
	100,000	(2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			101,278		0.0
	250,000	(2)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.972%, (US0003M + 1.375%), 07/15/2029			245,431		0.1
	130,000	(2)	OHA Loan Funding Ltd. 2015-1A AR, 3.928%, (US0003M + 1.410%), 08/15/2029			130,374		0.0
	250,000	(2)	Palmer Square CLO 2015-2A A1BR Ltd., 3.942%, (US0003M + 1.350%), 07/20/2030			248,617		0.1
	99,250	(2)	Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048			102,491		0.0
	300,000	(2)	Progress Residential 2015-SFR2 E, 4.427%, 06/12/2032			300,129		0.1
	170,000	(2)	Symphony CLO Ltd. 2012-9A AR, 4.051%, (US0003M + 1.450%), 10/16/2028			170,245		0.0
	99,500	(2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			105,200		0.0
	250,000	(2)	THL Credit Wind River 2016-2A A1R CLO Ltd., 3.769%, (US0003M + 1.190%), 11/01/2031			250,061		0.1
	250,000	(2)	THL Credit Wind River 2017-2A A CLO Ltd., 3.822%, (US0003M + 1.230%), 07/20/2030			249,108		0.0
	250,000	(2)	Tiaa Clo III Ltd 2017-2A A, 3.751%, (US0003M + 1.150%), 01/16/2031			248,354		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	98,500	(2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048		$	99,045		0.0
	98,500	(2)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			99,188		0.0
						5,437,904		1.4
			Student Loan Asset-Backed Securities: 0.1%
	150,000	(2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			156,038		0.1
	17,173	(2)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			17,405		0.0
	38,760	(2)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			39,320		0.0
	33,846	(2)	Earnest Student Loan Program, LLC 2016-A B, 2.500%, 01/25/2039			33,119		0.0
	100,000	(2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			100,763		0.0
						346,645		0.1
			Total Asset-Backed Securities (Cost $6,742,835)			6,831,441		1.8
SOVEREIGN BONDS: 0.1%
	100,000	(2)	Dominican Republic International Bond, 5.500%, 01/27/2025			106,626		0.0
	430,000	(3)	Other Securities			425,025		0.1
			Total Sovereign Bonds (Cost $539,730)			531,651		0.1
U.S. TREASURY OBLIGATIONS: 1.0%
			U.S. Treasury Bonds: 0.7%
	1,451,200		3.000%, 02/15/2049			1,591,842		0.5
	770,000	(5)	2.375%-3.500%, 05/15/2029-02/15/2039			810,785		0.2
						2,402,627		0.7
			U.S. Treasury Notes: 0.3%
	1,183,000		1.500%-2.375%, 07/15/2020-05/31/2026			1,197,472		0.3
			Total U.S. Treasury Obligations (Cost $3,538,732)			3,600,099		1.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.9%
			Federal Home Loan Mortgage Corporation: 0.7%(9)
	2,513,575		2.500%-6.500%, 05/01/2030-08/01/2048		$	2,613,857		0.7
			Government National Mortgage Association: 0.6%
	1,297,000	(10)	3.000%, 08/01/2044			1,322,839		0.3
	948,646	(6)	4.000%-5.310%, 11/20/2040-10/20/2060			1,003,222		0.3
						2,326,061		0.6
			Uniform Mortgage-Backed Security: 1.6%
	5,802,645		2.500%-7.500%, 06/01/2029-06/01/2049			6,004,057		1.6
			Total U.S. Government Agency Obligations (Cost $10,753,391)			10,943,975		2.9
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.2%
	70,000	(2)	Bancorp Commercial Mortgage 2018 CRE4 D Trust, 4.494%, (US0001M + 2.100%), 09/15/2035			69,488		0.0
	3,000,000	(6)(7)	BANK 2017-BNK8 XB, 0.222%, 11/15/2050			41,130		0.0
	998,205	(6)(7)	BANK 2019-BNK16 XA, 1.130%, 02/15/2052			73,509		0.1
	2,180,000	(2)(6)(7)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			78,525		0.0
	100,000	(2)	BDS 2018-FL2 D, 4.944%, (US0001M + 2.550%), 08/15/2035			100,374		0.0
	999,122	(6)(7)	Benchmark 2019-B9 XA Mortgage Trust, 1.215%, 03/15/2052			83,118		0.0
	820,480	(6)(7)	CD 2017-CD4 Mortgage Trust XA, 1.470%, 05/10/2050			62,065		0.0
	978,463	(6)(7)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 2.146%, 07/10/2049			99,779		0.1
	1,327,392	(6)(7)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.262%, 10/12/2050			89,561		0.0
	991,747	(6)(7)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.065%, 09/15/2050			61,131		0.0
	1,476,250	(6)(7)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.759%, 06/10/2051			74,616		0.0
	834,675	(6)(7)	COMM 2012-CR4 XA, 1.915%, 10/15/2045			39,719		0.0

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	2,380,000	(2)(6)(7)	COMM 2012-CR4 XB, 0.741%, 10/15/2045		$	45,652		0.0
	1,592,622	(6)(7)	COMM 2016-CR28 XA, 0.742%, 02/10/2049			54,270		0.0
	754,547	(6)(7)	COMM 2017-COR2 XA, 1.328%, 09/10/2050			58,581		0.1
	130,000	(2)(6)	DBWF 2015-LCM D Mortgage Trust, 3.535%, 06/10/2034			121,293		0.1
	110,000	(2)(6)	DBJPM 16-C3 Mortgage Trust, 3.633%, 08/10/2049			102,762		0.0
	88,121	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X1, 1.686%, 07/25/2019			18		0.0
	655,634	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K712 X1, 1.425%, 11/25/2019			2,141		0.0
	110,000	(2)	GPT 2018-GPP D Mortgage Trust, 4.244%, (US0001M + 1.850%), 06/15/2035			109,251		0.0
	100,000	(2)	GS Mortgage Securities Corp. II 2018-RIVR F, 4.494%, (US0001M + 2.100%), 07/15/2035			99,825		0.1
	100,000	(2)(6)	GS Mortgage Securities Trust 2010-C2 D, 5.353%, 12/10/2043			103,148		0.1
	100,000	(2)(6)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			97,868		0.0
	1,202,926	(6)(7)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.360%, 05/10/2045			46,363		0.0
	2,291,965	(6)(7)	GS Mortgage Securities Trust 2013-GCJ14 XA, 0.763%, 08/10/2046			50,483		0.0
	1,185,480	(6)(7)	GS Mortgage Securities Trust 2014-GC22 XA, 1.144%, 06/10/2047			40,250		0.0
	1,919,950	(6)(7)	GS Mortgage Securities Trust 2016-GS4 XA, 0.701%, 11/10/2049			57,463		0.0
	855,287	(6)(7)	GS Mortgage Securities Trust 2017-GS6 XA, 1.191%, 05/10/2050			59,207		0.0
	1,228,871	(6)(7)	GS Mortgage Securities Trust 2019-GC38 XA, 1.127%, 02/10/2052			94,197		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	110,000	(2)(11)	Hudson Yards 2019-30HY A Mortgage Trust, 3.228%, 06/10/2037		$	113,291		0.0
	1,050,000	(2)(6)(7)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.420%, 12/15/2047			11,675		0.0
	100,000	(2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046			99,798		0.0
	1,362,828	(6)(7)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.881%, 12/15/2049			48,601		0.0
	100,000	(2)(6)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.372%, 11/15/2045			104,951		0.0
	519,011	(6)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.955%, 04/15/2047			12,566		0.0
	100,000		JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052			110,227		0.1
	470,873	(2)(6)(7)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.900%, 11/15/2038			2,379		0.0
	2,350,527	(6)(7)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.235%, 12/15/2047			76,611		0.1
	62,000		Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			65,113		0.0
	75,000		Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050			66,909		0.0
	100,000	(6)	Wells Fargo Commercial Mortgage Trust 2017-C40 C, 4.477%, 10/15/2050			103,687		0.0
	80,000		Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051			89,149		0.0
	400,000	(2)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			353,154		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	1,628,003	(2)(6)(7)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.988%, 08/15/2045		$	72,263		0.0
	240,000	(2)(6)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.111%, 06/15/2046			228,345		0.1
	752,000		Other Securities			812,313		0.2
			Total Commercial Mortgage-Backed Securities (Cost $4,337,486)			4,386,819		1.2

		Value		Percentage of Net Assets
PURCHASED OPTIONS(12): 0.0%
	Total Purchased Options (Cost $8,983)		3,426		0.0
	Total Long-Term Investments (Cost $342,245,375)		357,627,577		96.0

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.1%
			U.S. Treasury Bills: 2.7%
	10,060,000	(5)(13)	United States Treasury Bill, 2.080%, 07/23/2019 (Cost $10,047,227)		10,047,250		2.7
			Repurchase Agreements: 2.8%
	2,438,334	(14)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $2,438,835, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $2,487,101, due 06/01/46-07/01/49)		2,438,334		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	2,438,334	(14)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $2,438,835, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,487,101, due 07/02/19-01/20/63)		$	2,438,334		0.6
	2,438,334	(14)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $2,438,839, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $2,487,112, due 07/05/19-08/16/23)			2,438,334		0.6
	641,081	(14)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $641,214, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $653,903, due 07/31/19-06/30/22)			641,081		0.2
	2,438,334	(14)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/28/19, 2.51%, due 07/01/19 (Repurchase Amount $2,438,837, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $2,487,101, due 07/18/19-09/09/49)			2,438,334		0.7
						10,394,417		2.8

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.6%
	2,260,729	(15)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.290% (Cost $2,260,729)		$	2,260,729		0.6
			Total Short-Term Investments (Cost $22,702,373)			22,702,396		6.1
			Total Investments in Securities (Cost $364,947,748)		$	380,329,973		102.1
			Liabilities in Excess of Other Assets			(7,972,915)		(2.1)
			Net Assets		$	372,357,058		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, 2019.

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains securities on loan.

(4)

The grouping contains non-income producing securities.

(5)

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

(6)

Variable rate security. Rate shown is the rate in effect as of June 30, 2019.

(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)

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, 2019.

(9)

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

(10)

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

(11)

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

(12)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

(13)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2019.

(14)

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

(15)

Rate shown is the 7-day yield as of June 30, 2019.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

US0001M

1-month LIBOR

US0003M

3-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	12,901,951		$	1,424,547		$	—		$	14,326,498
Consumer Discretionary			16,227,970			2,829,951			—			19,057,921
Consumer Staples			10,402,558			3,015,256			—			13,417,814
Energy			7,274,789			1,569,539			—			8,844,328
Financials			20,940,895			5,241,967			—			26,182,862
Health Care			21,295,608			2,977,240			—			24,272,848
Industrials			16,056,806			4,246,433			—			20,303,239
Information Technology			32,021,332			1,723,520			—			33,744,852
Materials			4,011,667			1,903,927			—			5,915,594
Real Estate			6,119,267			1,107,185			—			7,226,452
Utilities			5,636,491			1,065,917			—			6,702,408
Total Common Stock			152,889,334			27,105,482			—			179,994,816
Exchange-Traded Funds			63,279,593			—			—			63,279,593
Mutual Funds			55,634,022			—			—			55,634,022
Preferred Stock			—			69,190			—			69,190
Rights			14,655			—			—			14,655
Purchased Options			—			3,426			—			3,426
Corporate Bonds/Notes			—			17,175,387			—			17,175,387
Collateralized Mortgage Obligations			—			15,162,503			—			15,162,503
U.S. Government Agency Obligations			—			10,943,975			—			10,943,975
Commercial Mortgage-Backed Securities			—			4,273,528			113,291			4,386,819
Asset-Backed Securities			—			6,831,441			—			6,831,441
Sovereign Bonds			—			531,651			—			531,651
U.S. Treasury Obligations			—			3,600,099			—			3,600,099
Short-Term Investments			2,260,729			20,441,667			—			22,702,396
Total Investments, at fair value		$	274,078,333		$	106,138,349		$	113,291		$	380,329,973
Other Financial Instruments+
Centrally Cleared Swaps			—			84,800			—			84,800
Forward Premium Swaptions			—			7,381			—			7,381
Futures			306,123			—			—			306,123
Total Assets		$	274,384,456		$	106,230,530		$	113,291		$	380,728,277
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(102,075)		$	—		$	(102,075)
Forward Foreign Currency Contracts			—			(19,105)			—			(19,105)
Forward Premium Swaptions			—			(673)			—			(673)
Futures			(68,829)			—			—			(68,829)
Total Liabilities		$	(68,829)		$	(121,853)		$	—		$	(190,682)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

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.

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, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	1,348,459		$	31,899		$	—		$	79,260		$	1,459,618		$	31,900		$	—		$	—
Voya Floating Rate Fund - Class P			10,727,558			635,317			(387,117)			189,931			11,165,689			345,317			(7,118)			—
Voya High Yield Bond Fund - Class P			—			15,340,487			(406,138)			56,763			14,991,112			170,744			(6,138)			—
Voya Short Term Bond Fund - Class R6			—			7,678,784			(308,420)			66,430			7,436,794			31,431			1,580			—
Voya Small Company Fund - Class R6			—			9,632,099			(171,045)			(92,601)			9,368,453			—			(2,045)			—
Voya Strategic Income Opportunities Fund - Class P			—			11,553,335			(457,757)			116,778			11,212,356			110,149			2,244			—
		$	12,076,017		$	44,871,921		$	(1,730,477)		$	416,561		$	55,634,022		$	689,541		$	(11,477)		$	—

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

At June 30, 2019, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 141,356

BRL 550,411

Barclays Bank PLC

08/23/19

(1,269)

USD 76,725

MYR 317,910

Barclays Bank PLC

08/23/19

(194)

USD 66,302

HUF 19,080,025

Barclays Bank PLC

08/23/19

(1,084)

USD 33,136

RON 139,835

BNP Paribas

08/23/19

(492)

USD 115,441

THB 3,598,472

BNP Paribas

08/23/19

(2,050)

USD 88,913

MXN 1,723,554

BNP Paribas

08/23/19

(83)

USD 123,327

PLN 468,386

BNP Paribas

08/23/19

(2,288)

USD 14,229

TRY 86,353

BNP Paribas

08/23/19

(249)

JPY 18,398,342

USD 170,990

Citibank N.A.

07/01/19

(343)

USD 117,638

COP 383,587,704

Citibank N.A.

08/23/19

(1,321)

USD 10,191

PHP 529,059

Goldman Sachs International

08/23/19

(108)

USD 43,343

PEN 144,926

Goldman Sachs International

08/23/19

(571)

USD 96,837

RUB 6,254,193

Goldman Sachs International

08/23/19

(1,334)

USD 44,936

CLP 31,219,140

HSBC Bank USA N.A.

08/23/19

(1,156)

USD 136,526

IDR 1,958,881,932

HSBC Bank USA N.A.

08/23/19

(1,228)

USD 8,049

ILS 28,865

JPMorgan Chase Bank N.A.

08/23/19

(66)

USD 53,907

CZK 1,231,238

JPMorgan Chase Bank N.A.

08/23/19

(1,206)

USD 123,649

ZAR 1,810,702

JPMorgan Chase Bank N.A.

08/23/19

(4,043)

USD 8,119

HKD 63,439

The Bank of New York Mellon

07/02/19

(2)

USD 38,801

JPY 4,185,249

The Bank of New York Mellon

07/02/19

(18)

(19,105)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

At June 30, 2019, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note		67		09/30/19		$	14,417,039		$	80,333
U.S. Treasury 5-Year Note		43		09/30/19			5,080,719			64,685
U.S. Treasury Long Bond		1		09/19/19			155,594			29
U.S. Treasury Ultra Long Bond		23		09/19/19			4,083,937			161,076
						$	23,737,289		$	306,123
Short Contracts:
U.S. Treasury 10-Year Note		(11)		09/19/19			(1,407,656)			(4,032)
U.S. Treasury Ultra 10-Year Note		(19)		09/19/19			(2,624,375)			(64,797)
						$	(4,032,031)		$	(68,829)

At June 30, 2019, the following centrally cleared credit default swaps were outstanding for Voya Balanced Portfolio:

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection(1)

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)	Termination Date		Implied Credit Spread at 06/30/19 (%)(3)	Notional Amount(4)	Fair Value(5)			Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Inc., 2.750%, due 3/15/2023	Sell	1.000		06/20/24	0.577	USD180,000		$	4,907		$	1,225
								$	4,907		$	1,225

(1)

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

(2)

Payments received quarterly.

(3)

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 market 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.

(4)

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.

(5)

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, 2019, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Portfolio:

Pay/Receive
Floating Rate

Floating
Rate Index

Floating Rate
Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

3-month USD-LIBOR

Quarterly

1.785%

Semi-Annual

10/13/22

USD1,701,000

2,573

Pay

3-month USD-LIBOR

Quarterly

2.099

Semi-Annual

10/13/25

USD58,000

1,000

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD612,000

22,034

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD729,000

37,466

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD7,138,000

16,155

Receive

3-month USD-LIBOR

Quarterly

1.453

Semi-Annual

10/13/20

USD715,000

4,347

Receive

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD221,000

(15,190)

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD1,071,000

(86,885)

(18,500)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (Unaudited) (continued)

At June 30, 2019, the following over-the-counter purchased interest rate swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Cost

Fair
Value

Put on 1-Year Interest Rate Swap(1)

Goldman Sachs International

Pay

2.200%

3-month
USD-LIBOR

08/07/19

USD 1,964,000

361

148

Put on 1-Year Interest Rate Swap(1)

Societe Generale

Pay

2.200%

3-month
USD-LIBOR

08/07/19

USD 1,493,000

254

113

Put on 1-Year Interest Rate Swap(1)

Wells Fargo

Pay

2.200%

3-month
USD-LIBOR

08/07/19

USD 41,838,000

8,368

3,165

8,983

3,426

At June 30, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Exercise
Rate(2)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(3)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap (Purchased)

Bank of America
N.A.

5.250%

Receive

3-month
USD-LIBOR

02/21/20

USD 1,179,000

(618,975)

254

Call on 5-Year Interest Rate Swap (Purchased)

Goldman Sachs
International

5.130%

Receive

3-month
USD-LIBOR

03/16/20

USD 1,517,000

(77,822)

2,089

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

5.250%

Receive

3-month
USD-LIBOR

05/15/20

USD 1,852,000

—

5,038

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

5.280%

Receive

3-month
USD-LIBOR

02/24/20

USD 990,000

(52,247)

(45)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

5.290%

Receive

3-month
USD-LIBOR

02/27/20

USD 2,664,000

(77,822)

(628)

(826,866)

6,708

(1)

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

(2)

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

(3)

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

Currency Abbreviations

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (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, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Investments in securities at value*		$	3,426
Interest rate contracts	Net Assets — Unrealized appreciation**			306,123
Credit contracts	Net Assets — Unrealized appreciation***			1,225
Interest rate contracts	Net Assets — Unrealized appreciation***			83,575
Interest rate contracts	Net Assets — Unrealized appreciation****			7,381
Total Asset Derivatives			$	401,730
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	19,105
Interest rate contracts	Net Assets — Unrealized depreciation**			68,829
Interest rate contracts	Net Assets — Unrealized depreciation***			102,075
Interest rate contracts	Net Assets — Unrealized appreciation****			673
Total Liability Derivatives			$	190,682

Includes purchased options.

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

***

Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.

****

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(13,007)		$	—		$	(13,007)
Equity contracts			—			—			1,242,143			—			—			1,242,143
Foreign exchange contracts			—			(95,465)			—			—			—			(95,465)
Interest rate contracts			(75,764)			—			539,243			20,813			(181,790)			302,502
Total		$	(75,764)		$	(95,465)		$	1,781,386		$	7,806		$	(181,790)		$	1,436,173

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		$	—		$	—		$	—		$	92,867		$	92,867
Equity contracts			—			—			881,191			—			881,191
Foreign exchange contracts			—			(10,715)			—			—			(10,715)
Interest rate contracts			(67,639)			—			(45,942)			(49,006)			(162,587)
Total		$	(67,639)		$	(10,715)		$	835,249		$	43,861		$	800,756

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2019 (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, 2019:

	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 Capital Services LLC			Societe Generale			The Bank of New York Mellon			Wells Fargo			Totals
Assets:
Purchased options		$	—		$	—		$	—		$	—		$	148		$	—		$	—		$	—		$	113		$	—		$	3,165		$	3,426
Forward premium swaptions			254			—			—			—			2,089			—			—			5,038			—			—			—			7,381
Total Assets		$	254		$	—		$	—		$	—		$	2,237		$	—		$	—		$	5,038		$	113		$	—		$	3,165		$	10,807
Liabilities:
Forward foreign currency contracts		$	—		$	2,547		$	5,162		$	1,664		$	2,013		$	2,384		$	5,315		$	—		$	—		$	20		$	—		$	19,105
Forward premium swaptions			—			—			—			—			—			—			—			673			—			—			—			673
Total Liabilities		$	—		$	2,547		$	5,162		$	1,664		$	2,013		$	2,384		$	5,315		$	673		$	—		$	20		$	—		$	19,778
Net OTC derivative instruments by counterparty, at fair value		$	254		$	(2,547)		$	(5,162)		$	(1,664)		$	224		$	(2,384)		$	(5,315)		$	4,365		$	113		$	(20)		$	3,165			(8,971)
Total collateral pledged by the Portfolio/ (Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	254		$	(2,547)		$	(5,162)		$	(1,664)		$	224		$	(2,384)		$	(5,315)		$	4,365		$	113		$	(20)		$	3,165		$	(8,971)

(1)

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

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $365,588,311.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	21,178,806
Gross Unrealized Depreciation		(6,156,634)
Net Unrealized Appreciation	$	15,022,172

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2019 (Unaudited)

	Geographic Diversification as of June 30, 2019 (as a percentage of net assets)

	United States			60.6%
	Japan			8.0%
	United Kingdom			5.1%
	Canada			4.6%
	Netherlands			3.6%
	Australia			3.3%
	Switzerland			2.5%
	France			1.9%
	Spain			1.6%
	Germany			1.6%
	Countries between 0.1% – 1.4%^			6.5%
	Assets in Excess of Other Liabilities*			0.7%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 10 countries, which each represents 0.1% – 1.4% of net assets.
	Portfolio holdings are subject to change daily.

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.3%
			Australia: 3.3%
	2,668,374		Other Securities		$	19,206,722		3.3
			Belgium: 0.3%
	23,417		Other Securities			1,943,368		0.3
			Canada: 4.6%
	39,784		Waste Connections, Inc.			3,802,555		0.6
	594,319	(1)	Other Securities			23,331,147		4.0
						27,133,702		4.6
			China: 0.5%
	763,000		Other Securities			3,004,044		0.5
			Denmark: 0.7%
	82,753		Novo Nordisk A/S			4,226,792		0.7
			Finland: 0.6%
	82,260		Other Securities			3,671,819		0.6
			France: 1.9%
	428,511		Other Securities			10,961,730		1.9
			Germany: 1.6%
	550,521		Other Securities			9,154,326		1.6
			Hong Kong: 1.4%
	367,500		CK Hutchison Holdings Ltd.			3,624,928		0.6
	1,114,600		Other Securities			4,685,466		0.8
						8,310,394		1.4
			Israel: 0.3%
	247,035		Other Securities			1,785,580		0.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Italy: 1.1%
	188,572		Assicurazioni Generali S.p.A.		$	3,550,355		0.6
	640,467		Other Securities			3,186,210		0.5
						6,736,565		1.1
			Japan: 8.0%
	71,600		Fuji Film Holdings Corp.			3,635,119		0.6
	1,802,292	(1)	Other Securities			43,380,993		7.4
						47,016,112		8.0
			Netherlands: 3.6%
	90,041	(2)	ABN AMRO Bank NV			1,926,652		0.3
	135,215		Koninklijke Ahold Delhaize NV			3,035,536		0.5
	198,423		Koninklijke KPN NV			609,317		0.1
	210,549		Royal Dutch Shell PLC - Class A			6,871,836		1.2
	361,498		Other Securities			8,881,196		1.5
						21,324,537		3.6
			New Zealand: 0.1%
	239,330		Other Securities			643,888		0.1
			Norway: 0.7%
	251,960		Other Securities			4,170,829		0.7
			Singapore: 0.8%
	1,881,400		Other Securities			4,775,265		0.8
			Spain: 1.6%
	14,845	(2)	Aena SME SA			2,942,323		0.5
	143,650		Ferrovial SA - FERE			3,677,242		0.6
	153,667		Other Securities			2,787,941		0.5
						9,407,506		1.6
			Switzerland: 2.5%
	41,111		Nestle SA			4,255,903		0.7
	21,942		Roche Holding AG			6,169,824		1.1
	11,787		Zurich Insurance Group AG			4,101,280		0.7
						14,527,007		2.5
			United Kingdom: 5.1%
	223,673	(2)	Auto Trader Group PLC			1,557,837		0.3
	217,994		GlaxoSmithKline PLC			4,369,671		0.7
	1,035,794		Legal & General Group PLC			3,548,657		0.6
	5,756,297		Other Securities			20,847,873		3.5
						30,324,038		5.1
			United States: 60.6%
	55,720		AbbVie, Inc.			4,051,958		0.7
	74,442		Aflac, Inc.			4,080,166		0.7
	19,950		Air Products & Chemicals, Inc.			4,516,082		0.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			United States (continued)
	87,955		Altria Group, Inc.		$	4,164,669		0.7
	38,657		Amphenol Corp.			3,708,753		0.6
	178,113		AT&T, Inc.			5,968,567		1.0
	139,359		Bank of America Corp.			4,041,411		0.7
	54,582		Booz Allen Hamilton Holding Corp.			3,613,874		0.6
	78,087		Bristol-Myers Squibb Co.			3,541,246		0.6
	47,631		Chevron Corp.			5,927,202		1.0
	126,551		Cisco Systems, Inc.			6,926,136		1.2
	37,041		Eli Lilly & Co.			4,103,772		0.7
	26,642		Expedia Group, Inc.			3,544,185		0.6
	60,595		Exxon Mobil Corp.			4,643,395		0.8
	69,644		General Mills, Inc.			3,657,703		0.6
	29,537		Honeywell International, Inc.			5,156,865		0.9
	107,790		Intel Corp.			5,159,907		0.9
	36,082		International Business Machines Corp.			4,975,708		0.8
	61,100		Johnson & Johnson			8,510,008		1.4
	42,060		JPMorgan Chase & Co.			4,702,308		0.8
	19,818		McDonald’s Corp.			4,115,406		0.7
	75,706		Merck & Co., Inc.			6,347,948		1.1
	97,152		Microsoft Corp.			13,014,482		2.2
	43,580		Omnicom Group			3,571,381		0.6
	97,662		Oracle Corp.			5,563,804		0.9
	44,136		Paychex, Inc.			3,631,951		0.6
	43,584		PepsiCo, Inc.			5,715,170		1.0
	156,335		Pfizer, Inc.			6,772,432		1.2
	58,532		Philip Morris International, Inc.			4,596,518		0.8
	52,868		Procter & Gamble Co.			5,796,976		1.0
	36,082		Quest Diagnostics, Inc.			3,673,508		0.6
	41,996		Republic Services, Inc.			3,638,533		0.6
	42,709		Starbucks Corp.			3,580,296		0.6
	43,358		Texas Instruments, Inc.			4,975,764		0.8
	47,539		Tyson Foods, Inc.			3,838,299		0.7
	36,708		Waste Management, Inc.			4,235,002		0.7
	98,578		Wells Fargo & Co.			4,664,711		0.8
	33,579		Yum! Brands, Inc.			3,716,188		0.6
	4,188,794	(3)	Other Securities			171,372,160		29.0
						357,814,444		60.6
			Total Common Stock (Cost $564,735,138)			586,138,668		99.3

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS:2.2%
			Repurchase Agreements: 1.6%
	2,223,715	(4)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $2,224,172, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $2,268,189, due 06/01/46-07/01/49)		$	2,223,715		0.4
	657,428	(4)	Citadel Securities LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $657,564, collateralized by various U.S. Government Securities, 1.500%-3.125%, Market Value plus accrued interest $670,887, due 03/31/23-08/15/44)			657,428		0.1
	2,223,715	(4)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $2,224,172, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,268,189, due 07/02/19-01/20/63)			2,223,715		0.4
	2,223,715	(4)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $2,224,176, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $2,268,200, due 07/05/19-08/16/23)			2,223,715		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	2,223,715	(4)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/28/19, 2.51%, due 07/01/19 (Repurchase Amount $2,224,174, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $2,268,189, due 07/18/19-09/09/49)		$	2,223,715		0.4
						9,552,288		1.6

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.6%
	3,645,000	(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.260%
			(Cost $3,645,000)			3,645,000		0.6
			Total Short-Term Investments (Cost $13,197,288)			13,197,288		2.2
			Total Investments in Securities (Cost $577,932,426)		$	599,335,956		101.5
			Liabilities in Excess of Other Assets			(8,772,272)		(1.5)
			Net Assets		$	590,563,684		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

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

(3)

The grouping contains non-income producing securities.

(4)

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

(5)

Rate shown is the 7-day yield as of June 30, 2019.

Sector Diversification	Percentage of Net Assets
Information Technology		19.8%
Financials		16.5
Industrials		12.1
Health Care		10.8
Consumer Staples		10.1
Consumer Discretionary		7.9
Communication Services		6.6
Utilities		5.2
Energy		4.7
Materials		3.3
Real Estate		2.3
Short-Term Investments		2.2
Liabilities in Excess of Other Assets		(1.5)
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, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	19,206,722		$	—		$	19,206,722
Belgium			—			1,943,368			—			1,943,368
Canada			27,133,702			—			—			27,133,702
China			—			3,004,044			—			3,004,044
Denmark			—			4,226,792			—			4,226,792
Finland			—			3,671,819			—			3,671,819

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2019 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
France			—			10,961,730			—			10,961,730
Germany			1,073,838			8,080,488			—			9,154,326
Hong Kong			1,166,711			7,143,683			—			8,310,394
Israel			—			1,785,580			—			1,785,580
Italy			—			6,736,565			—			6,736,565
Japan			—			47,016,112			—			47,016,112
Netherlands			—			21,324,537			—			21,324,537
New Zealand			—			643,888			—			643,888
Norway			—			4,170,829			—			4,170,829
Singapore			—			4,775,265			—			4,775,265
Spain			—			9,407,506			—			9,407,506
Switzerland			—			14,527,007			—			14,527,007
United Kingdom			—			30,324,038			—			30,324,038
United States			357,814,444			—			—			357,814,444
Total Common Stock			387,188,695			198,949,973			—			586,138,668
Short-Term Investments			3,645,000			9,552,288			—			13,197,288
Total Investments, at fair value		$	390,833,695		$	208,502,261		$	—		$	599,335,956
Other Financial Instruments+
Forward Foreign Currency Contracts			—			160			—			160
Total Assets		$	390,833,695		$	208,502,421		$	—		$	599,336,116
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(8,988)		$	—		$	(8,988)
Total Liabilities		$	—		$	(8,988)		$	—		$	(8,988)

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

At June 30, 2019, the following forward foreign currency contracts were outstanding for Voya Global Equity Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

JPY 473,082,002

USD 4,396,712

Citibank N.A.

07/01/19

(8,807)

JPY 45,319,429

USD 420,184

The Bank of New York Mellon

07/02/19

160

USD 623,109

HKD 4,868,955

The Bank of New York Mellon

07/02/19

(181)

(8,828)

Currency Abbreviations

HKD – Hong Kong Sar Dollar
JPY – Japanese Yen
USD – United States Dollar

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of June 30, 2019 (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		$	160
Total Asset Derivatives			$	160
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	8,988
Total Liability Derivatives			$	8,988

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	66,880
Total		$	66,880

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(8,828)
Total		$	(8,828)

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, 2019:

	Citibank N.A.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	—		$	160		$	160
Total Assets		$	—		$	160		$	160
Liabilities:
Forward foreign currency contracts		$	8,807		$	181		$	8,988
Total Liabilities		$	8,807		$	181		$	8,988
Net OTC derivative instruments by counterparty, at fair value		$	(8,807)		$	(21)			(8,828)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	(8,807)		$	(21)		$	(8,828)

(1)

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $577,817,328.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	47,195,821
Gross Unrealized Depreciation		(25,666,024)
Net Unrealized Appreciation	$	21,529,797

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2019 (Unaudited)

	Investment Type Allocation as of June 30, 2019 (as a percentage of net assets)

	U.S. Treasury Repurchase Agreement			52.0%
	U.S. Government Agency Debt			42.0%
	Investment Companies			9.6%
	Liabilities in Excess of Other Assets			(3.6)%
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 42.0%
			Sovereign: 0.4%
	2,000,000		Federal Farm Credit Banks, 2.330%, (US0001M + (0.060)%), 11/19/2019		$	1,999,714		0.4
	1,600,000 (1	)	Fannie Mae, 2.390%, 10/09/2019			1,589,640		0.4
	16,500,000		Fannie Mae, 2.490%, (SOFRRATE + 0.070%), 10/30/2019			16,500,000		3.6
	4,250,000		Federal Farm Credit Banks, 2.316%, (US0001M + (0.095)%), 09/13/2019			4,249,965		0.9
	3,000,000		Federal Farm Credit Banks, 2.300%, (US0001M + (0.140)%), 07/02/2019			2,999,995		0.7
	11,500,000		Federal Farm Credit Banks, 2.374%, (US0001M + (0.030)%), 04/22/2020			11,497,398		2.5
	1,000,000		Federal Farm Credit Banks, 2.380%, (FEDL01 + 0.000%), 08/08/2019			999,946		0.2
	1,300,000		Federal Farm Credit Banks, 2.390%, (US0001M + 0.000%), 06/19/2020			1,300,014		0.3
	1,250,000		Federal Farm Credit Banks, 2.395%, (FEDL01 + 0.015%), 10/28/2019			1,249,836		0.3
	16,250,000		Federal Farm Credit Banks, 2.408%, (US0001M + 0.010%), 07/02/2020			16,250,000		3.6
	6,000,000		Federal Farm Credit Banks, 2.420%, (PRIME + (3.080)%), 09/13/2019			5,999,498		1.3
	4,750,000		Federal Farm Credit Banks, 2.433%, (US0001M + 0.050%), 02/21/2020			4,752,347		1.0

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
		Sovereign (continued)
	1,000,000	Federal Farm Credit Banks, 2.446%, (US0003M + (0.130)%), 02/03/2020		$	1,000,001		0.2
	6,750,000	Federal Farm Credit Banks, 2.550%, (PRIME + (2.950)%), 09/25/2019			6,750,787		1.5
	1,000,000	Federal Farm Credit Banks, 2.571%, (US0001M + 0.170%), 11/14/2019			1,000,781		0.2
	1,500,000	Federal Farm Credit Banks, 2.584%, (US0001M + 0.190%), 07/15/2019			1,500,157		0.3
	3,250,000	Federal Farm Credit Banks, 2.597%, (US0001M + 0.185%), 08/09/2019			3,250,751		0.7
	45,800,000	Federal Home Loan Bank Discount Notes, 2.050%, 07/01/2019			45,800,000		10.0
	24,000,000	Federal Home Loan Banks, 2.290%, (US0003M + (0.230)%), 12/03/2019			23,989,784		5.2
	4,750,000	Federal Home Loan Banks, 2.331%, (US0001M + (0.100)%), 09/04/2019			4,750,000		1.0
	1,200,000	Federal Home Loan Banks, 2.334%, (US0001M + (0.060)%), 09/16/2019			1,200,081		0.3
	14,750,000	Federal Home Loan Banks, 2.394%, (US0001M + (0.010)%), 03/25/2020			14,750,000		3.2
	11,000,000	Freddie Mac, 2.296%, (US0003M + (0.225)%), 08/27/2019			11,000,000		2.4
	2,500,000	Freddie Mac, 2.312%, (US0001M + (0.100)%), 08/08/2019			2,499,845		0.5
	3,495,000	Freddie Mac, 2.433%, (US0003M + (0.165)%), 07/05/2019			3,495,027		0.8
		U.S. Government Agency Obligations: 0.5%
	2,000,000	Federal Home Loan Banks, 2.445%, (SOFRRATE + 0.025%), 09/20/2019			2,000,055		0.5
		Total U.S. Government Agency Debt (Cost $192,375,622)			192,375,622		42.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
U.S. TREASURY REPURCHASE AGREEMENT: 52.0%
		Repurchase Agreement: 52.0%
	180,000,000	Deutsche Bank Repurchase Agreement dated 6/28/2019, 2.450%, due 7/1/2019, $180,036,750 to be received upon repurchase (Collateralized by $177,600,800, U.S. Treasury Note, 2.500%, Market Value plus accrued interest $183,600,019 due 3/31/23)		$	180,000,000		39.3
	58,253,000	Deutsche Bank Repurchase Agreement dated 6/28/2019, 2.450%, due 7/1/2019, $58,264,893 to be received upon repurchase (Collateralized by $98,008,200, U.S. Treasury Principal component, 0.000%, Market Value plus accrued interest $60,000,620 due 2/15/2040)			58,253,000		12.7
		Total U.S. Treasury Repurchase Agreement (Cost $238,253,000)			238,253,000		52.0

Shares				Value		Percentage of Net Assets
INVESTMENT COMPANIES: 9.6%
	21,900,000 (2	)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.300%, 01/02/19		21,900,000		4.8

Shares				Value			Percentage of Net Assets
INVESTMENT COMPANIES: (continued)
	21,900,000 (2	)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 2.250%, 01/02/19		$	21,900,000		4.8
			Total Investment Companies (Cost $43,800,000)			43,800,000		9.6
			Total Investments in Securities (Cost $474,428,622)		$	474,428,622		103.6
			Liabilities in Excess of Other Assets			(16,363,952)		(3.6)
			Net Assets		$	458,064,670		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.

(2)

Rate shown is the 7-day yield as of June 30, 2019.

Reference Rate Abbreviations:

FEDL01

Federal Funds Effective Rate

PRIME

Federal Reserve Bank Prime Loan Rate

SOFRRATE

Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

At June 30, 2019, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
Asset Table
Investments, at fair value
U.S. Treasury Repurchase Agreement		$	—		$	238,253,000		$	—		$	238,253,000
Investment Companies			43,800,000			—			—			43,800,000
U.S. Government Agency Debt			—			192,375,622			—			192,375,622
Total Investments, at fair value		$	43,800,000		$	430,628,622		$	—		$	474,428,622

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2019 (Unaudited) (continued)

The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of June 30, 2019:

Counterparty	Government Repurchase Agreement, at fair value	Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$238,253,000		$	(238,253,000)		$	—
Totals	$238,253,000		$	(238,253,000)		$	—

(1)

Collateral with a fair value of $243,600,639 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2019 (Unaudited)

	Sector Diversification as of June 30, 2019 (as a percentage of net assets)

	Information Technology			20.9%
	Health Care			13.6%
	Financials			13.1%
	Communication Services			9.9%
	Industrials			9.1%
	Consumer Staples			8.5%
	Consumer Discretionary			8.4%
	Energy			4.9%
	Utilities			3.6%
	Real Estate			3.1%
	Materials			2.8%
	Assets in Excess of Other Liabilities*			2.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.9%
			Communication Services: 9.9%
	116,632	(1)	Alphabet, Inc. - Class A		$	126,289,130		4.0
	1,915,359		AT&T, Inc.			64,183,680		2.1
	1,220,103		Comcast Corp. – Class A			51,585,955		1.6
	487,315		Walt Disney Co.			68,048,666		2.2
						310,107,431		9.9
			Consumer Discretionary: 8.4%
	27,212	(1)	Amazon.com, Inc.			51,529,460		1.6
	412,228	(2)	Hasbro, Inc.			43,564,255		1.4
	363,730		McDonald’s Corp.			75,532,172		2.4
	290,082	(2)	Ralph Lauren Corp.			32,950,414		1.0
	448,627		Starbucks Corp.			37,608,401		1.2
	339,518		Other Securities			23,610,082		0.8
						264,794,784		8.4
			Consumer Staples: 8.5%
	1,157,889		Coca-Cola Co.			58,959,708		1.9
	948,394		Mondelez International, Inc.			51,118,437		1.6
	503,252		Philip Morris International, Inc.			39,520,379		1.2
	567,818		Procter & Gamble Co.			62,261,244		2.0
	509,041		Walmart, Inc.			56,243,940		1.8
						268,103,708		8.5
			Energy: 4.9%
	680,966		Exxon Mobil Corp.			52,182,424		1.6
	624,660		Royal Dutch Shell PLC - Class A ADR			40,646,626		1.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Energy (continued)
	814,820		Other Securities		$	61,965,639		2.0
						154,794,689		4.9
			Financials: 13.1%
	1,897,551		Bank of America Corp.			55,028,979		1.7
	460,442		Discover Financial Services			35,725,695		1.1
	197,663		Goldman Sachs Group, Inc.			40,441,850		1.3
	762,739		Hartford Financial Services Group, Inc.			42,499,817		1.4
	669,629		Intercontinental Exchange, Inc.			57,547,916		1.8
	689,800		JPMorgan Chase & Co.			77,119,640		2.5
	197,030		M&T Bank Corp.			33,508,892		1.1
	550,026		Progressive Corp.			43,963,578		1.4
	526,476	(3)	Other Securities			24,207,367		0.8
						410,043,734		13.1
			Health Care: 13.6%
	518,876	(1)	Alcon, Inc.			32,196,256		1.0
	156,953		Becton Dickinson & Co.			39,553,726		1.3
	892,900	(1)	Boston Scientific Corp.			38,376,842		1.2
	630,729		Gilead Sciences, Inc.			42,612,051		1.4
	642,259		Johnson & Johnson			89,453,833		2.9
	397,817		Medtronic PLC			38,743,398		1.2
	525,177		Novartis AG ADR			47,953,912		1.5
	1,449,329		Pfizer, Inc.			62,784,932		2.0
	299,735		Zimmer Biomet Holdings, Inc.			35,290,799		1.1
						426,965,749		13.6
			Industrials: 9.1%
	741,421		Emerson Electric Co.			49,467,609		1.6
	410,433		Honeywell International, Inc.			71,657,498		2.3
	86,657		Lockheed Martin Corp.			31,503,286		1.0
	282,786		Norfolk Southern Corp.			56,367,733		1.8
	135,216		Roper Technologies, Inc.			49,524,212		1.6
	147,550		Other Securities			25,281,217		0.8
						283,801,555		9.1
			Information Technology: 20.9%
	221,198	(1)	Adobe, Inc.			65,175,991		2.1
	413,195		Apple, Inc.			81,779,554		2.6
	230,146		Broadcom, Inc.			66,249,828		2.1
	1,193,615		Cisco Systems, Inc.			65,326,549		2.1
	397,103	(2)	Fidelity National Information Services, Inc.			48,716,596		1.6
	1,485,097		Microsoft Corp.			198,943,594		6.3
	357,105		Motorola Solutions, Inc.			59,540,117		1.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology (continued)
	462,821		Texas Instruments, Inc.		$	53,113,338		1.7
	119,652	(4)	Other Securities			14,870,350		0.5
						653,715,917		20.9
			Materials: 2.8%
	235,176		Air Products & Chemicals, Inc.			53,236,791		1.7
	586,384	(2)	BHP Group Ltd. ADR			34,074,774		1.1
						87,311,565		2.8
			Real Estate: 3.1%
	287,519		Crown Castle International Corp.			37,478,102		1.2
	293,182		Mid-America Apartment Communities, Inc.			34,525,112		1.1
	246,284		Other Securities			25,709,587		0.8
						97,712,801		3.1
			Utilities: 3.6%
	415,542		Entergy Corp.			42,771,738		1.4
	230,816		NextEra Energy, Inc.			47,284,966		1.5
	291,815		Other Securities			21,918,224		0.7
						111,974,928		3.6
			Total Common Stock (Cost $2,494,900,308)			3,069,326,861		97.9
OTHER(5): —%
			Utilities: —%
	10,000,000	(6)(7)	Southern Energy (Escrow)			—		—
			Total Other (Cost $—)			—		—
			Total Long-Term Investments (Cost $2,494,900,308)			3,069,326,861		97.9

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.7%
			Floating Rate Notes: 0.4%
	1,000,000	(8)	Bedford Row Funding, 2.490%, 12/16/2019		999,906		0.1
	254,000	(8)	Bedford Row Funding, 2.500%, 11/25/2019		254,036		0.0
	300,000	(8)	Coöperatieve Rabobank U.A., 2.450%, 10/23/2019		300,032		0.0
	875,000	(8)	Crédit Industriel et Commercial, 2.500%, 10/23/2019		875,108		0.0
	600,000	(8)	DNB ASA, 2.490%, 12/06/2019		600,020		0.0

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Floating Rate Notes (continued)
	675,000	(8)	HSBC Holdings PLC, 2.540%, 12/27/2019		$	675,000		0.0
	700,000	(8)	Lloyds Bank PLC, 2.510%, 12/10/2019			700,082		0.0
	290,000	(8)	Mitsubishi UFJ Financial Group, Inc., 2.480%, 09/09/2019			290,252		0.0
	298,000	(8)	Mizuho Financial Group Inc., 2.520%, 10/15/2019			298,068		0.0
	300,000	(8)	Mizuho Financial Group Inc., 2.520%, 11/25/2019			300,042		0.0
	300,000	(8)	Mizuho Financial Group Inc., 2.520%, 11/27/2019			300,043		0.1
	300,000	(8)	Oversea-Chinese Banking Corp., Ltd., 2.530%, 10/07/2019			300,024		0.0
	625,000	(8)	Societe Generale, 2.560%, 12/02/2019			625,156		0.0
	354,000	(8)	Sumitomo Mitsui Trust Holdings, Inc., 2.480%, 08/21/2019			354,048		0.0
	300,000	(8)	Sumitomo Mitsui Trust Holdings, Inc., 2.510%, 08/12/2019			300,038		0.0
	500,000	(8)	The Sumitomo Mitsui Financial Group, 2.500%, 11/18/2019			499,944		0.1
	337,000	(8)	Svenska Handelsbanken AB, 2.510%, 10/08/2019			337,071		0.0
	800,000	(8)	Toronto-Dominion Bank, 2.500%, 12/10/2019			800,039		0.1
	775,000	(8)	Toronto-Dominion Bank, 2.500%, 12/23/2019			775,041		0.0
	300,000	(8)	U.S. Bancorp, 2.480%, 11/25/2019			300,042		0.0
	835,000	(8)	Wells Fargo & Co., 2.510%, 12/03/2019			835,111		0.0
						10,719,103		0.4
			Repurchase Agreements: 2.3%
	9,437,806	(8)	BNP Paribas S.A., Repurchase Agreement dated 06/28/19, 2.48%, due 07/01/19 (Repurchase Amount $9,439,730, collateralized by various U.S. Government Securities, 0.000%-8.125%, Market Value plus accrued interest $9,626,562, due 06/30/19-02/15/49)			9,437,806		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	19,361,287	(8)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $19,365,313, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $19,748,513, due 06/30/19-05/20/69)		$	19,361,287		0.6
	19,361,287	(8)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $19,365,265, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $19,748,513, due 07/02/19-01/20/63)			19,361,287		0.6
	19,361,287	(8)	Morgan Stanley, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $19,365,297, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-7.500%, Market Value plus accrued interest $19,748,513, due 04/01/26-06/20/49)			19,361,287		0.6
	3,879,550	(8)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/19, 2.70%, due 07/01/19 (Repurchase Amount $3,880,411, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,957,661, due 07/01/19-09/09/49)			3,879,550		0.2
						71,401,217		2.3
			Certificates of Deposit: 0.0%
	750,000	(8)	Mitsubishi UFJ Financial Group, Inc., 2.400%, 09/12/2019			750,085		0.0

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Certificates of Deposit (continued)
	300,000	(8)	Sumitomo Mitsui Trust Holdings, Inc., 2.470%, 09/13/2019		$	300,081		0.0
						1,050,166		0.0

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.0%
	31,775,000	(9)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.260% (Cost $31,775,000)			31,775,000		1.0
			Total Short-Term Investments (Cost $114,945,486)			114,945,486		3.7
			Total Investments in Securities (Cost $2,609,845,794)		$	3,184,272,347		101.6
			Liabilities in Excess of Other Assets			(51,386,049)		(1.6)
			Net Assets		$	3,132,886,298		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains securities on loan.

(4)

The grouping contains non-income producing securities.

(5)

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

(6)

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

(7)

Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2019, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(8)

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

(9)

Rate shown is the 7-day yield as of June 30, 2019.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2019 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock*		$	3,069,326,861		$	—		$	—		$	3,069,326,861
Other			—			—			—			—
Short-Term Investments			31,775,000			83,170,486			—			114,945,486
Total Investments, at fair value		$	3,101,101,861		$	83,170,486		$	—		$	3,184,272,347

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

Security

Acquisition Date

Acquisition Cost

Fair Value

Southern Energy (Escrow)

11/30/2005

—

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $2,611,360,864.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	629,223,095
Gross Unrealized Depreciation		(56,311,612)
Net Unrealized Appreciation	$	572,911,483

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited)

	Investment Type Allocation as of June 30, 2019 (as a percentage of net assets)

	Corporate Bonds/Notes			27.4%
	U.S. Government Agency Obligations			22.4%
	Collateralized Mortgage Obligations			17.7%
	Mutual Funds			17.6%
	Asset-Backed Securities			8.2%
	Commercial Mortgage-Backed Securities			6.0%
	U.S. Treasury Obligations			5.2%
	Sovereign Bonds			0.1%
	Convertible Bonds/Notes			0.1%
	Municipal Bonds			0.1%
	Purchased Options			0.0%
	Liabilities in Excess of Other Assets*			(4.8)%
	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: 27.4%
			Basic Materials: 0.7%
	2,486,000	(1)	Anglo American Capital PLC, 4.125%, 04/15/2021		$	2,543,781		0.1
	1,900,000	(1)(2)	Dow Chemical Co/The, 4.800%, 11/30/2028			2,135,277		0.1
	4,335,000	(1)	Newcrest Finance Pty Ltd., 4.450%, 11/15/2021			4,496,930		0.1
	1,419,000	(1)	Newmont Goldcorp Corp., 3.700%, 03/15/2023			1,472,303		0.0
	13,133,000	(3)	Other Securities			13,936,125		0.4
						24,584,416		0.7
			Communications: 2.6%
	19,913,000		AT&T, Inc., 2.950%-5.650%, 07/15/2026-02/15/2050			21,593,047		0.6
	13,664,000		Comcast Corp., 3.300%-4.000%, 10/01/2020-11/01/2049			14,335,279		0.4
	4,885,000	(1)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199			5,003,950		0.1
	2,630,000	(1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			2,651,434		0.1
	221,000	(1)	Verizon Communications, Inc., 4.016%, 12/03/2029			239,571		0.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications (continued)
	7,811,000		Verizon Communications, Inc., 3.850%-4.862%, 03/15/2039-08/21/2046		$	8,738,898		0.3
	1,127,000	(1)	Walt Disney Co/The, 3.000%, 09/15/2022			1,154,280		0.1
	3,620,000	(1)	Walt Disney Co/The, 4.750%, 11/15/2046			4,463,087		0.1
	31,206,000	(3)	Other Securities			33,383,371		0.9
						91,562,917		2.6
			Consumer, Cyclical: 2.1%
	875,878		American Airlines 2015-2 Class B Pass Through Trust, 4.400%, 03/22/2025			901,148		0.0
	1,178,763		American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/2025			1,245,304		0.0
	4,876,120		American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			4,928,782		0.2
	604,800		American Airlines 2017-1 Class AA Pass Through Trust, 3.650%, 08/15/2030			628,406		0.0
	2,105,524		American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			2,130,243		0.1
	2,685,000	(1)	BMW US Capital LLC, 3.400%, 08/13/2021			2,736,816		0.1
	3,810,000	(1)	BMW US Capital LLC, 3.450%, 04/12/2023			3,927,355		0.1
	4,640,000	(1)(2)	Nissan Motor Acceptance Corp., 2.600%, 09/28/2022			4,620,615		0.1
	1,379,380		United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 02/15/2023			1,432,228		0.1
	3,517,641		United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			3,543,464		0.1
	896,065		United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027			897,273		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical (continued)
	4,325,482		United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030		$	4,296,285		0.1
	1,141,701		United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027			1,143,414		0.0
	2,073,269		United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			2,121,270		0.1
	40,973,949	(3)	Other Securities			41,823,268		1.1
						76,375,871		2.1
			Consumer, Non-cyclical: 5.0%
	1,265,000	(1)	Bristol-Myers Squibb Co., 3.400%, 07/26/2029			1,324,194		0.0
	1,757,000	(1)	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			1,906,685		0.1
	2,738,000	(1)	Cargill, Inc., 3.875%, 05/23/2049			2,912,741		0.1
	10,165,000	(1)(2)	Cigna Corp., 3.400%, 09/17/2021			10,363,406		0.3
	2,202,000	(1)	Cigna Corp., 4.800%, 08/15/2038			2,375,398		0.1
	66,415		CVS Pass-Through Trust, 6.943%, 01/10/2030			78,152		0.0
	10,238,000		CVS Health Corp., 3.700%-5.050%, 03/09/2023-03/25/2048			10,758,737		0.3
	1,830,000	(1)	Fresenius Medical Care US Finance III, Inc., 3.750%, 06/15/2029			1,817,992		0.0
	2,195,000	(1)(2)	Cigna Corp., 4.125%, 11/15/2025			2,332,981		0.1
	2,113,000	(1)	Imperial Brands Finance PLC, 3.750%, 07/21/2022			2,175,409		0.1
	3,910,000	(1)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			4,033,153		0.1
	1,615,000	(1)	Mars, Inc., 3.200%, 04/01/2030			1,678,620		0.0
	1,615,000	(1)(2)	Mars, Inc., 3.875%, 04/01/2039			1,711,588		0.1

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical (continued)
	2,990,000	(1)	Seven & i Holdings Co. Ltd., 3.350%, 09/17/2021		$	3,055,127		0.1
	4,300,000	(1)	Takeda Pharmaceutical Co. Ltd., 4.000%, 11/26/2021			4,443,740		0.1
	14,210,000	(2)	Unilever Capital Corp., 3.000%-3.250%, 03/07/2022-03/07/2024			14,681,154		0.4
	106,741,000	(3)	Other Securities			112,929,269		3.1
						178,578,346		5.0
			Energy: 2.8%
	3,461,000	(1)	Colonial Pipeline Co., 3.500%, 10/15/2020			3,496,547		0.1
	9,413,000	(4)	Enterprise Products Operating LLC, 3.500%-4.900%, 02/01/2022-08/16/2077			9,731,422		0.3
	3,025,000	(1)	Schlumberger Investment SA, 2.400%, 08/01/2022			3,030,613		0.1
	1,769,000	(1)	Schlumberger Norge AS, 4.200%, 01/15/2021			1,809,198		0.1
	1,052,000	(1)	Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021			1,076,400		0.0
	4,000,000		Williams Cos, Inc./The, 4.000%-5.400%, 09/15/2025-03/04/2044			4,322,876		0.1
	4,342,000	(2)	Williams Partners L.P., 3.600%-3.750%, 03/15/2022-06/15/2027			4,466,216		0.1
	68,127,000	(3)	Other Securities			71,487,013		2.0
						99,420,285		2.8
			Financial: 8.1%
	1,840,000	(1)	ANZ New Zealand Int’l Ltd./London, 3.400%, 03/19/2024			1,906,542		0.1
	2,250,000	(1)	Apollo Management Holdings L.P., 4.000%, 05/30/2024			2,338,230		0.1
	32,533,000	(2)(4)	Bank of America Corp., 3.419%-5.125%, 05/17/2022-12/31/2199			33,998,268		0.9
	1,862,000	(1)	Barclays Bank PLC, 10.179%, 06/12/2021			2,107,583		0.0
	2,668,000	(4)	Barclays PLC, 3.932%, 05/07/2025			2,716,009		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	4,500,000	(1)	BNP Paribas SA, 3.500%, 03/01/2023		$	4,630,466		0.1
	10,079,000	(4)	Citigroup, Inc., 2.876%-5.500%, 07/24/2023-09/13/2025			10,794,193		0.3
	2,757,000	(1)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,850,555		0.1
	1,370,000	(1)(4)	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/31/2199			1,370,000		0.0
	3,150,000	(1)	Credit Agricole SA/London, 2.375%, 07/01/2021			3,154,824		0.1
	6,736,000	(1)	Credit Suisse AG, 6.500%, 08/08/2023			7,430,650		0.2
	3,250,000	(1)(4)	Credit Suisse Group AG, 2.997%, 12/14/2023			3,278,173		0.1
	2,303,000		Credit Suisse Group Funding Guernsey Ltd., 3.450%, 04/16/2021			2,339,226		0.1
	5,295,000	(1)	Danske Bank A/S, 2.800%, 03/10/2021			5,303,597		0.2
	3,076,000		Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021			3,087,291		0.1
	5,199,000		Goldman Sachs Group, Inc., 4.250%-6.750%, 10/21/2025-05/22/2045			5,769,023		0.1
	723,000	(1)	HSBC Bank PLC, 4.125%, 08/12/2020			737,445		0.0
	7,114,000	(2)(4)	HSBC Holdings PLC, 3.950%-4.300%, 05/18/2024-05/22/2030			7,492,787		0.2
	28,731,000	(2)(4)	JPMorgan Chase & Co., 2.550%-4.032%, 10/29/2020-07/24/2048			29,711,300		0.8
	1,610,000	(1)	KKR Group Finance Co. VI LLC, 3.750%, 07/01/2029			1,653,466		0.0
	2,082,000	(1)	Liberty Mutual Group, Inc., 4.500%, 06/15/2049			2,193,027		0.1
	5,870,000		Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			6,060,452		0.2

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	4,560,000	(1)(2)	Mizuho Financial Group, Inc., 2.632%, 04/12/2021		$	4,574,650		0.1
	13,145,000		Morgan Stanley, 2.750%-5.500%, 07/28/2021-04/23/2027			13,720,685		0.4
	2,555,000	(1)	New York Life Global Funding, 2.875%, 04/10/2024			2,613,268		0.1
	2,661,000	(1)(2)(4)	Nordea Bank ABP, 6.125%, 12/31/2199			2,731,078		0.1
	2,690,000		Royal Bank of Canada, 3.258%, (US0003M + 0.660%), 10/05/2023			2,686,845		0.1
	1,150,000	(1)	Suncorp-Metway Ltd., 3.300%, 04/15/2024			1,176,908		0.0
	2,007,000	(4)	Toronto-Dominion Bank, 3.625%, 09/15/2031			2,045,577		0.1
	8,650,000	(2)	Toronto-Dominion Bank/The, 2.650%-3.500%, 07/19/2023-06/12/2024			8,968,971		0.2
	4,149,000		UBS AG/Stamford CT, 7.625%, 08/17/2022			4,654,950		0.1
	2,470,000		UBS AG, 5.125%, 05/15/2024			2,624,792		0.1
	7,600,000		Wells Fargo Bank NA, 3.625%, 10/22/2021			7,814,784		0.2
	9,944,000	(2)	Wells Fargo & Co., 3.750%-4.750%, 08/15/2023-12/07/2046			10,661,378		0.3
	82,781,000	(3)	Other Securities			86,383,962		2.4
						291,580,955		8.1
			Industrial: 1.6%
	2,570,000	(1)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021			2,569,223		0.1
	1,330,000	(1)	SMBC Aviation Capital Finance DAC, 3.550%, 04/15/2024			1,368,959		0.0
	2,885,000	(1)	TTX Co., 3.600%, 01/15/2025			3,033,229		0.1
	1,155,000	(1)	Vinci SA, 3.750%, 04/10/2029			1,241,508		0.0
	47,746,000	(3)	Other Securities			49,277,468		1.4
						57,490,387		1.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Technology: 1.6%
	10,430,000	(2)	Apple, Inc., 2.400%-3.850%, 01/13/2023-09/12/2047		$	10,796,068		0.3
	5,155,000	(1)(2)	Dell International LLC/EMC Corp., 5.450%, 06/15/2023			5,559,605		0.2
	3,620,000	(1)	Dell International LLC/EMC Corp., 6.020%, 06/15/2026			3,995,193		0.1
	3,030,000		IBM Credit LLC, 3.000%, 02/06/2023			3,100,948		0.1
	8,117,000	(2)	International Business Machines Corp., 2.875%-3.300%, 11/09/2022-05/15/2026			8,372,511		0.2
	10,876,000		Microsoft Corp., 3.700%-4.450%, 11/03/2045-08/08/2046			12,248,875		0.3
	14,300,000	(3)	Other Securities			14,830,101		0.4
						58,903,301		1.6
			Utilities: 2.9%
	3,120,000	(1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			3,625,153		0.1
	3,219,000	(1)	American Transmission Systems, Inc., 5.250%, 01/15/2022			3,431,594		0.1
	3,765,000	(1)(2)	DPL, Inc., 4.350%, 04/15/2029			3,817,704		0.1
	1,286,000		Entergy Corp., 2.950%, 09/01/2026			1,286,910		0.0
	3,125,000		Entergy Gulf States Louisiana LLC, 3.950%, 10/01/2020			3,171,075		0.1
	3,470,000		Entergy Louisiana LLC, 4.050%, 09/01/2023			3,692,758		0.1
	1,269,000		Entergy Texas, Inc., 4.000%, 03/30/2029			1,368,985		0.1
	2,802,000	(1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			3,010,094		0.1
	411,000	(1)	Metropolitan Edison Co., 4.000%, 04/15/2025			430,680		0.0
	76,019,000	(3)	Other Securities			79,408,399		2.2
						103,243,352		2.9
			Total Corporate Bonds/Notes (Cost $945,083,529)			981,739,830		27.4

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 17.7%
	5,158,082		Alternative Loan Trust 2005-10CB 1A1, 2.904%, (US0001M + 0.500%), 05/25/2035		$	4,456,602		0.1
	4,221,637		Alternative Loan Trust 2005-51 3A2A, 3.794%, (12MTA + 1.290%), 11/20/2035			4,100,333		0.1
	1,887,542		Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			1,774,793		0.1
	2,357,667		Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			2,334,086		0.1
	525,194	(5)	Alternative Loan Trust 2005-J3 2A2, 2.596%, (-1.000*US0001M + 5.000%), 05/25/2035			49,721		0.0
	1,572,505		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			1,202,900		0.0
	3,465,491		Alternative Loan Trust 2006-HY11 A1, 2.524%, (US0001M + 0.120%), 06/25/2036			3,295,323		0.1
	2,262,373		Alternative Loan Trust 2007-23CB A3, 2.904%, (US0001M + 0.500%), 09/25/2037			1,385,151		0.0
	195,772		Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			185,185		0.0
	974,898	(4)	Bear Stearns ALT-A Trust 2005-10 22A1, 4.331%, 01/25/2036			977,987		0.0
	470,399	(4)	Bear Stearns ALT-A Trust 2005-4 23A1, 4.625%, 05/25/2035			478,486		0.0
	1,429,669	(4)	Bear Stearns ALT-A Trust 2006-6 31A1, 4.110%, 11/25/2036			1,330,120		0.1
	1,251,692	(4)	Bear Stearns ALT-A Trust 2006-6 32A1, 3.987%, 11/25/2036			1,050,634		0.0
	10,687	(4)	Bear Stearns ARM Trust 2005-12 13A1, 4.706%, 02/25/2036			10,281		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	3,847,330		Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 2.594%, (US0001M + 0.190%), 01/25/2037		$	3,778,168		0.1
	165,719	(4)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 4.284%, 01/26/2036			146,417		0.0
	88,438	(1)	Bellemeade Re Ltd. 2015-1A M2, 6.704%, (US0001M + 4.300%), 07/25/2025			88,617		0.0
	1,218,022	(1)(4)	Chase Home Lending Mortgage Trust 2019-ATR1 A3, 4.000%, 04/25/2049			1,250,357		0.0
	22,660		CHL Mortgage Pass-Through Trust 2005-2 2A3, 3.084%, (US0001M + 0.680%), 03/25/2035			21,420		0.0
	167,487		Citicorp Mortgage Securities Trust Series 2006-4 2A1, 5.500%, 08/25/2036			175,476		0.0
	1,036,781		Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			1,030,712		0.0
	112,806		Citigroup Mortgage Loan Trust 2006-AR1 1A1, 4.970%, (H15T1Y + 2.400%), 10/25/2035			115,796		0.0
	1,647,435	(4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 4.291%, 09/25/2037			1,606,535		0.1
	1,258,435	(1)(4)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			1,351,165		0.0
	74,506	(4)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 4.552%, 08/25/2035			75,785		0.0
	2,633,555		Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			2,729,802		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	357,679		CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037		$	356,246		0.0
	1,055,403		Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.904%, (US0001M + 0.500%), 11/25/2035			682,642		0.0
	5,684,160		Countrywide Asset-Backed Certificates 2005-IM1 M1, 3.124%, (US0001M + 0.720%), 11/25/2035			5,703,768		0.2
	749,380		DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.670%, (US0001M + 0.280%), 08/19/2045			662,106		0.0
	1,000,000		Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			1,135,065		0.0
	11,822,446		Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			13,499,911		0.4
	2,416,691		Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			2,462,120		0.1
	30,607,124	(5)	Fannie Mae 2016-82 SD, 3.646%, (-1.000*US0001M + 6.050%), 11/25/2046			5,673,006		0.2
	6,909,575		Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			7,180,314		0.2
	8,000,000		Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 6.654%, (US0001M + 4.250%), 04/25/2029			8,607,800		0.2
	3,844,062		Fannie Mae Connecticut Avenue Securities 2014-CO3 1M2, 5.404%, (US0001M + 3.000%), 07/25/2024			4,033,942		0.1
	4,009,353		Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 6.404%, (US0001M + 4.000%), 05/25/2025			4,275,675		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	273,691	Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 6.404%, (US0001M + 4.000%), 05/25/2025		$	284,976		0.0
	7,325,253	Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 7.954%, (US0001M + 5.550%), 04/25/2028			7,959,885		0.2
	7,100,000	Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 6.654%, (US0001M + 4.250%), 01/25/2029			7,631,046		0.2
	298,264	Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.854%, (US0001M + 4.450%), 01/25/2029			317,933		0.0
	3,400,000	Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 5.954%, (US0001M + 3.550%), 07/25/2029			3,602,164		0.1
	4,900,000	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 6.054%, (US0001M + 3.650%), 09/25/2029			5,218,908		0.1
	1,500,000	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.404%, (US0001M + 3.000%), 10/25/2029			1,567,147		0.0
	5,889,000	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 5.254%, (US0001M + 2.850%), 11/25/2029			6,074,486		0.2

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	9,050,000	Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.604%, (US0001M + 2.200%), 01/25/2030		$	9,144,285		0.3
	900,000	Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 5.054%, (US0001M + 2.650%), 02/25/2030			925,908		0.0
	8,050,000	Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.804%, (US0001M + 2.400%), 05/25/2030			8,190,359		0.2
	8,700,000	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.904%, (US0001M + 2.500%), 05/25/2030			8,857,634		0.3
	4,800,000	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 5.204%, (US0001M + 2.800%), 02/25/2030			4,946,697		0.1
	7,100,000	Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 4.604%, (US0001M + 2.200%), 08/25/2030			7,136,397		0.2
	1,700,000	Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 4.554%, (US0001M + 2.150%), 10/25/2030			1,713,262		0.1
	500,000	Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 4.954%, (US0001M + 2.550%), 12/25/2030			508,385		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	14,000,000		Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 4.654%, (US0001M + 2.250%), 07/25/2030		$	14,164,392		0.4
	2,561,767		Fannie Mae Connecticut Avenue Securities, 8.104%, (US0001M + 5.700%), 04/25/2028			2,848,277		0.1
	582,315	(5)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			108,984		0.0
	469,190	(5)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			74,521		0.0
	11,168		Fannie Mae REMIC Trust 1994-77 FB, 3.904%, (US0001M + 1.500%), 04/25/2024			11,401		0.0
	402,435		Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			440,944		0.0
	318,181		Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			349,886		0.0
	33,428		Fannie Mae REMIC Trust 2002-21 FC, 3.304%, (US0001M + 0.900%), 04/25/2032			33,968		0.0
	962,251	(5)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			221,619		0.0
	85,321		Fannie Mae REMIC Trust 2004-11 A, 2.524%, (US0001M + 0.120%), 03/25/2034			84,994		0.0
	527,114		Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			578,736		0.0
	12,079		Fannie Mae REMIC Trust 2005-57 CD, 16.109%, (-3.750*US0001M + 25.125%), 01/25/2035			12,288		0.0
	200,855		Fannie Mae REMIC Trust 2005-74 DK, 14.383%, (-4.000*US0001M + 24.000%), 07/25/2035			320,057		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	5,662,339	(5)	Fannie Mae REMIC Trust 2005-92 SC, 4.276%, (-1.000*US0001M + 6.680%), 10/25/2035		$	1,046,598		0.0
	376,238		Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			416,595		0.0
	1,059,647		Fannie Mae REMIC Trust 2006-104 ES, 21.428%, (-5.000*US0001M + 33.450%), 11/25/2036			1,870,886		0.1
	6,620,406	(5)	Fannie Mae REMIC Trust 2006-12 SD, 4.346%, (-1.000*US0001M + 6.750%), 10/25/2035			1,098,527		0.0
	3,001,674	(5)	Fannie Mae REMIC Trust 2006-123 UI, 4.336%, (-1.000*US0001M + 6.740%), 01/25/2037			645,436		0.0
	758,668	(5)	Fannie Mae REMIC Trust 2006-72 HS, 4.296%, (-1.000*US0001M + 6.700%), 08/25/2026			95,078		0.0
	258,146		Fannie Mae REMIC Trust 2007-73 A1, 2.757%, (US0001M + 0.060%), 07/25/2037			253,864		0.0
	578,217		Fannie Mae REMIC Trust 2008-20 SP, 9.489%, (-2.500*US0001M + 15.500%), 03/25/2038			751,542		0.0
	2,513,603		Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			2,709,817		0.1
	8,911,527	(5)	Fannie Mae REMIC Trust 2010-102 SB, 4.196%, (-1.000*US0001M + 6.600%), 09/25/2040			1,831,544		0.1
	2,981,541	(5)	Fannie Mae REMIC Trust 2010-116 SE, 4.196%, (-1.000*US0001M + 6.600%), 10/25/2040			559,285		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	8,874,769	(5)	Fannie Mae REMIC Trust 2010-123 SL, 3.666%, (-1.000*US0001M + 6.070%), 11/25/2040		$	1,329,723		0.0
	5,050,000		Fannie Mae REMIC Trust 2010-130 CX, 4.500%, 09/25/2039			5,288,149		0.2
	4,532,832	(5)	Fannie Mae REMIC Trust 2010-55 AS, 4.016%, (-1.000*US0001M + 6.420%), 06/25/2040			845,624		0.0
	8,159,907		Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			9,332,435		0.3
	1,454,173		Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			1,581,166		0.0
	9,056,196	(5)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			722,995		0.0
	2,143,753	(5)	Fannie Mae REMIC Trust 2012-10 US, 4.046%, (-1.000*US0001M + 6.450%), 02/25/2042			290,886		0.0
	1,595,075		Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			1,663,692		0.0
	12,141,347	(5)	Fannie Mae REMIC Trust 2012-113 SG, 3.696%, (-1.000*US0001M + 6.100%), 10/25/2042			2,201,656		0.1
	8,930,036	(5)	Fannie Mae REMIC Trust 2012-122 SB, 3.746%, (-1.000*US0001M + 6.150%), 11/25/2042			1,684,023		0.1
	3,811,797	(5)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			344,780		0.0
	3,922,600		Fannie Mae REMIC Trust 2012-131 BS, 2.472%, (-1.200*US0001M + 5.400%), 12/25/2042			3,652,157		0.1
	14,154,276	(5)	Fannie Mae REMIC Trust 2012-137 SN, 3.696%, (-1.000*US0001M + 6.100%), 12/25/2042			2,465,180		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	5,686,977	(5)	Fannie Mae REMIC Trust 2012-15 SP, 4.216%, (-1.000*US0001M + 6.620%), 06/25/2040		$	575,125		0.0
	3,600,690	(5)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			597,419		0.0
	685,349		Fannie Mae REMIC Trust 2013-44 ZG, 3.500%, 03/25/2042			731,202		0.0
	11,190,666	(5)	Fannie Mae REMIC Trust 2013-60 DS, 3.796%, (-1.000*US0001M + 6.200%), 06/25/2033			1,911,472		0.1
	8,924,159	(5)	Fannie Mae REMIC Trust 2013-9 DS, 3.746%, (-1.000*US0001M + 6.150%), 02/25/2043			1,964,364		0.1
	298,950	(5)	Fannie Mae REMIC Trust 2013-9 SA, 3.746%, (-1.000*US0001M + 6.150%), 03/25/2042			45,724		0.0
	3,628,789	(5)	Fannie Mae REMIC Trust 2014-81 JI, 4.000%, 09/25/2041			271,934		0.0
	26,096,010	(5)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			5,695,010		0.2
	4,153,524	(5)	Fannie Mae REMICS 2005-66 SY, 4.296%, (-1.000*US0001M + 6.700%), 07/25/2035			805,452		0.0
	7,602,206	(5)	Fannie Mae REMICS 2006-120 QD, 2.296%, (-1.000*US0001M + 4.700%), 10/25/2036			776,993		0.0
	3,422,550	(5)	Fannie Mae REMICS 2006-59 XS, 4.796%, (-1.000*US0001M + 7.200%), 07/25/2036			638,444		0.0
	3,754,412	(5)	Fannie Mae REMICS 2007-53 SX, 3.696%, (-1.000*US0001M + 6.100%), 06/25/2037			689,024		0.0
	1,508,115		Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			1,670,499		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	103,000		Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041		$	108,330		0.0
	5,680,660	(5)	Fannie Mae REMICS 2011-149 ES, 3.596%, (-1.000*US0001M + 6.000%), 07/25/2041			637,094		0.0
	1,180,640		Fannie Mae REMICS 2012-150 CS, 2.393%, (-1.500*US0001M + 6.000%), 01/25/2043			1,069,728		0.0
	10,280,969	(5)	Fannie Mae REMICS 2016-93 SL, 4.246%, (-1.000*US0001M + 6.650%), 12/25/2046			1,846,270		0.1
	2,165,367		Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			2,191,396		0.1
	478,311		Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048			485,257		0.0
	2,662,263		Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			2,699,625		0.1
	15,126,389	(5)	Fannie Mae REMICS 2019-18 SA, 3.646%, (-1.000*US0001M + 6.050%), 05/25/2049			2,506,606		0.1
	11,497,514	(5)	First Horizon Alternative Mortgage Securities Trust 2005-FA10 1A2 1A2, 2.296%, (-1.000*US0001M + 4.700%), 01/25/2036			1,642,797		0.1
	1,457,534	(1)(4)	Flagstar Mortgage Trust 2018-1 B1, 4.051%, 03/25/2048			1,542,238		0.0
	1,554,703	(1)(4)	Flagstar Mortgage Trust 2018-1 B2, 4.051%, 03/25/2048			1,618,386		0.0
	2,040,548	(1)(4)	Flagstar Mortgage Trust 2018-1 B3, 4.051%, 03/25/2048			2,081,545		0.1
	1,758,795	(1)(4)	Flagstar Mortgage Trust 2018-2 B2, 4.066%, 04/25/2048			1,836,548		0.1
	2,680,783	(1)(4)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048			2,760,633		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	5,854,368	(5)	Freddie Mac 2815 GS, 3.606%, (-1.000*US0001M + 6.000%), 03/15/2034		$	971,509		0.0
	18,596,293		Freddie Mac 326 350, 3.500%, 03/15/2044			19,608,809		0.6
	6,285		Freddie Mac REMIC Trust 1125 Z, 8.250%, 08/15/2021			6,557		0.0
	258,989		Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			286,533		0.0
	263,102		Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			287,701		0.0
	11,996		Freddie Mac REMIC Trust 2411 FJ, 2.744%, (US0001M + 0.350%), 12/15/2029			12,013		0.0
	167,655		Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			185,167		0.0
	400,908		Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032			447,238		0.0
	379,241		Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022			390,938		0.0
	336,511		Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			375,755		0.0
	57		Freddie Mac REMIC Trust 2559 PB, 5.500%, 08/15/2030			57		0.0
	292,399		Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			327,646		0.0
	414,555	(5)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			94,228		0.0
	499,653		Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			568,288		0.0
	1,097,510		Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			1,232,480		0.0
	931,182		Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			1,009,581		0.0
	1,092,431		Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			1,178,359		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	6,432,119	(5)	Freddie Mac REMIC Trust 3045 DI, 4.336%, (-1.000*US0001M + 6.730%), 10/15/2035		$	1,185,722		0.0
	16,574		Freddie Mac REMIC Trust 3049 NA, 5.000%, 02/15/2035			16,579		0.0
	3,033,552	(5)	Freddie Mac REMIC Trust 3064 SP, 4.206%, (-1.000*US0001M + 6.600%), 03/15/2035			229,767		0.0
	427,952		Freddie Mac REMIC Trust 3065 DC, 12.677%, (-3.000*US0001M + 19.860%), 03/15/2035			589,964		0.0
	967,103	(5)	Freddie Mac REMIC Trust 3102 IS, 15.788%, (-3.667*US0001M + 24.567%), 01/15/2036			486,986		0.0
	3,447,691		Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			3,777,275		0.1
	1,943,824	(5)	Freddie Mac REMIC Trust 3170 SA, 4.206%, (-1.000*US0001M + 6.600%), 09/15/2033			356,140		0.0
	1,273,835	(5)	Freddie Mac REMIC Trust 3171 PS, 4.091%, (-1.000*US0001M + 6.485%), 06/15/2036			197,972		0.0
	1,698,551		Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			1,910,672		0.1
	418,608	(4)(5)	Freddie Mac REMIC Trust 3524 LA, 5.336%, 03/15/2033			463,276		0.0
	121,814		Freddie Mac REMIC Trust 3556 NT, 5.494%, (US0001M + 3.100%), 03/15/2038			124,799		0.0
	7,385,458	(5)	Freddie Mac REMIC Trust 3589 SB, 3.806%, (-1.000*US0001M + 6.200%), 10/15/2039			1,298,663		0.0
	1,320,433	(5)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			186,136		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	7,746,832		Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034		$	8,688,134		0.2
	2,743,143		Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			3,077,430		0.1
	663,415	(5)	Freddie Mac REMIC Trust 3710 SL, 3.606%, (-1.000*US0001M + 6.000%), 05/15/2036			15,267		0.0
	1,439,446		Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			1,624,693		0.1
	1,424,211	(5)	Freddie Mac REMIC Trust 3752 WS, 4.206%, (-1.000*US0001M + 6.600%), 12/15/2039			66,684		0.0
	1,190,805		Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			1,300,600		0.0
	5,000,000	(5)	Freddie Mac REMIC Trust 3820 BI, 4.000%, 11/15/2038			374,699		0.0
	2,021,808		Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			2,182,403		0.1
	6,570,397	(5)	Freddie Mac REMIC Trust 3856 KS, 4.156%, (-1.000*US0001M + 6.550%), 05/15/2041			1,117,387		0.0
	1,523,000		Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,715,314		0.1
	2,558,019	(5)	Freddie Mac REMIC Trust 3925 SD, 3.656%, (-1.000*US0001M + 6.050%), 07/15/2040			277,358		0.0
	12,313,986	(5)	Freddie Mac REMIC Trust 3925 SL, 3.656%, (-1.000*US0001M + 6.050%), 01/15/2041			1,401,881		0.0
	3,568,351	(5)	Freddie Mac REMIC Trust 3936 GS, 4.306%, (-1.000*US0001M + 6.700%), 11/15/2025			169,519		0.0
	15,114,851	(5)	Freddie Mac REMIC Trust 3951 SN, 4.156%, (-1.000*US0001M + 6.550%), 11/15/2041			3,104,376		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	5,754,017	(5)	Freddie Mac REMIC Trust 3984 NS, 4.206%, (-1.000*US0001M + 6.600%), 01/15/2040		$	413,249		0.0
	1,188,690		Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			1,292,008		0.0
	2,340,552		Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			2,773,646		0.1
	2,213,994	(5)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040			201,472		0.0
	5,125,259	(5)	Freddie Mac REMIC Trust 4094 YS, 4.306%, (-1.000*US0001M + 6.700%), 04/15/2040			511,366		0.0
	11,552,431	(5)	Freddie Mac REMIC Trust 4102 MS, 4.206%, (-1.000*US0001M + 6.600%), 09/15/2042			2,274,157		0.1
	1,020,587	(5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			154,568		0.0
	5,271,274		Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			5,424,413		0.2
	26,465,923		Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			30,315,630		0.9
	10,522,481	(5)	Freddie Mac REMIC Trust 4313 SD, 3.756%, (-1.000*US0001M + 6.150%), 03/15/2044			1,751,243		0.1
	16,139,929	(5)	Freddie Mac REMIC Trust 4313 SE, 3.756%, (-1.000*US0001M + 6.150%), 03/15/2044			2,751,341		0.1
	3,217,255	(5)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			344,372		0.0
	1,739,983	(5)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			316,385		0.0
	7,157,546		Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			8,100,507		0.2
	6,643,045	(5)	Freddie Mac REMIC Trust 4346 ST, 3.806%, (-1.000*US0001M + 6.200%), 07/15/2039			815,212		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	11,059,854		Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044		$	12,522,092		0.4
	6,110,684	(5)	Freddie Mac REMIC Trust 4386 LS, 3.706%, (-1.000*US0001M + 6.100%), 09/15/2044			1,079,120		0.0
	10,261,254	(5)	Freddie Mac REMICS 3284 CI, 3.726%, (-1.000*US0001M + 6.120%), 03/15/2037			1,840,600		0.1
	16,632,637	(5)	Freddie Mac REMICS 4675 KS, 3.606%, (-1.000*US0001M + 6.000%), 04/15/2047			3,235,379		0.1
	619,050		Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			638,565		0.0
	8,159,592		Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			9,058,547		0.3
	11,956,517	(5)	Freddie Mac Strips Series 311 S1, 3.556%, (-1.000*US0001M + 5.950%), 08/15/2043			2,218,289		0.1
	1,012,951		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 6.404%, (US0001M + 4.000%), 08/25/2024			1,081,697		0.0
	3,100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 7.104%, (US0001M + 4.700%), 04/25/2028			3,449,590		0.1
	500,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 6.254%, (US0001M + 3.850%), 03/25/2029			535,245		0.0
	9,900,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.904%, (US0001M + 2.500%), 03/25/2030			10,133,743		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	6,200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 5.054%, (US0001M + 2.650%), 12/25/2029		$	6,353,899		0.2
	7,000,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.754%, (US0001M + 2.350%), 04/25/2030			7,117,097		0.2
	6,000,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 4.204%, (US0001M + 1.800%), 07/25/2030			5,975,539		0.2
	1,300,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.704%, (US0001M + 2.300%), 09/25/2030			1,306,447		0.0
	315,301		Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			374,486		0.0
	484,500		Freddie Mac Structured Pass Through Certificates T-62 1A1, 3.704%, (12MTA + 1.200%), 10/25/2044			489,537		0.0
	58,866		Freddie Mac-Ginnie Mae Series 27 FC, 4.125%, (PRIME + (1.375)%), 03/25/2024			59,728		0.0
	13,162,302	(5)	Ginnie Mae 2007-35 KY, 4.056%, (-1.000*US0001M + 6.450%), 06/16/2037			2,441,393		0.1
	1,046,344		Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			1,014,196		0.0
	1,109,934		Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			1,096,919		0.0
	447,031		Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			419,254		0.0
	473,332		Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			465,755		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	72,992		Ginnie Mae Series 2002-21 FV, 2.794%, (US0001M + 0.400%), 03/16/2032		$	72,999		0.0
	1,012,617	(5)	Ginnie Mae Series 2005-7 AH, 4.376%, (-1.000*US0001M + 6.770%), 02/16/2035			170,446		0.0
	103,259		Ginnie Mae Series 2007-37 S, 16.521%, (-3.667*US0001M + 25.300%), 04/16/2037			113,246		0.0
	463,273		Ginnie Mae Series 2007-8 SP, 14.322%, (-3.242*US0001M + 22.049%), 03/20/2037			691,470		0.0
	2,821,628	(5)	Ginnie Mae Series 2008-35 SN, 4.017%, (-1.000*US0001M + 6.400%), 04/20/2038			406,840		0.0
	1,507,750	(5)	Ginnie Mae Series 2008-40 PS, 4.106%, (-1.000*US0001M + 6.500%), 05/16/2038			268,076		0.0
	11,316,809	(5)	Ginnie Mae Series 2009-106 SU, 3.817%, (-1.000*US0001M + 6.200%), 05/20/2037			2,045,624		0.1
	3,702,480	(5)	Ginnie Mae Series 2009-25 KS, 3.817%, (-1.000*US0001M + 6.200%), 04/20/2039			642,252		0.0
	1,891,256		Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			2,074,099		0.1
	2,441,632		Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			2,699,234		0.1
	1,097,539	(5)	Ginnie Mae Series 2009-33 SN, 3.917%, (-1.000*US0001M + 6.300%), 05/20/2039			45,908		0.0
	11,552,753		Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			13,294,919		0.4
	950,462	(5)	Ginnie Mae Series 2009-43 HS, 3.817%, (-1.000*US0001M + 6.200%), 06/20/2038			35,572		0.0
	2,856,295	(5)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			362,367		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	2,485,810	(5)	Ginnie Mae Series 2010-116 NS, 4.256%, (-1.000*US0001M + 6.650%), 09/16/2040		$	417,286		0.0
	6,855,476	(5)	Ginnie Mae Series 2010-116 SK, 4.237%, (-1.000*US0001M + 6.620%), 08/20/2040			1,288,419		0.0
	11,408,325	(5)	Ginnie Mae Series 2010-149 HS, 3.706%, (-1.000*US0001M + 6.100%), 05/16/2040			1,211,892		0.0
	4,064,393	(5)	Ginnie Mae Series 2010-4 SP, 4.106%, (-1.000*US0001M + 6.500%), 01/16/2039			466,646		0.0
	4,450,476		Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			4,838,328		0.1
	2,543,164	(5)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			279,800		0.0
	2,861,478	(5)	Ginnie Mae Series 2010-68 MS, 3.467%, (-1.000*US0001M + 5.850%), 06/20/2040			477,006		0.0
	5,434,834	(5)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			1,255,091		0.0
	3,878,827	(5)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			318,878		0.0
	1,127,959	(5)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			113,624		0.0
	73,113		Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			80,826		0.0
	5,653,986	(5)	Ginnie Mae Series 2011-80 KS, 4.287%, (-1.000*US0001M + 6.670%), 06/20/2041			1,208,013		0.0
	1,194,684	(5)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040			97,072		0.0
	140,821		Ginnie Mae Series 2012-43 MA, 4.000%, 10/20/2041			143,227		0.0
	14,928,422	(5)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			2,953,336		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	11,729,150	(5)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043		$	2,584,596		0.1
	12,858,272		Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			12,975,393		0.4
	10,363,708	(5)	Ginnie Mae Series 2014-3 SU, 3.667%, (-1.000*US0001M + 6.050%), 07/20/2039			1,782,545		0.1
	1,331,751		Ginnie Mae Series 2014-43 Z, 4.000%, 03/20/2044			1,524,381		0.0
	12,724,401	(5)	Ginnie Mae Series 2014-55 MS, 3.806%, (-1.000*US0001M + 6.200%), 04/16/2044			2,317,257		0.1
	14,932,076	(5)	Ginnie Mae Series 2014-56 SP, 3.806%, (-1.000*US0001M + 6.200%), 12/16/2039			2,241,606		0.1
	11,403,200	(5)	Ginnie Mae Series 2014-58 CS, 3.206%, (-1.000*US0001M + 5.600%), 04/16/2044			1,799,192		0.1
	14,396,797	(5)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			3,505,522		0.1
	5,646,892	(5)	Ginnie Mae Series 2014-99 S, 3.217%, (-1.000*US0001M + 5.600%), 06/20/2044			1,020,733		0.0
	4,102,380		Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			4,200,538		0.1
	5,030,611		Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			5,185,680		0.2
	73,883		HarborView Mortgage Loan Trust 2005-2 2A1A, 2.830%, (US0001M + 0.440%), 05/19/2035			71,830		0.0
	304,311		HomeBanc Mortgage Trust 2004-1 2A, 3.264%, (US0001M + 0.860%), 08/25/2029			294,642		0.0
	3,000,000		HomeBanc Mortgage Trust 2005-4 M1, 2.874%, (US0001M + 0.470%), 10/25/2035			3,005,674		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	3,428,658		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.614%, (US0001M + 0.210%), 04/25/2046		$	3,234,659		0.1
	2,832,427		IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 2.614%, (US0001M + 0.210%), 02/25/2046			2,426,578		0.1
	15,542	(4)	JP Morgan Mortgage Trust 2005-A1 6T1, 4.724%, 02/25/2035			15,746		0.0
	132,360	(4)	JP Morgan Mortgage Trust 2007-A1 5A5, 4.697%, 07/25/2035			138,829		0.0
	4,483,459	(1)(4)	JP Morgan Mortgage Trust 2017-4 B1, 3.963%, 11/25/2048			4,664,906		0.1
	1,645,306	(1)(4)	JP Morgan Mortgage Trust 2017-4 B2, 3.963%, 11/25/2048			1,688,371		0.1
	1,067,504	(1)(4)	JP Morgan Mortgage Trust 2017-6 B3, 3.840%, 12/25/2048			1,059,290		0.0
	1,650,388	(1)(4)	JP Morgan Mortgage Trust 2018-1 B1, 3.765%, 06/25/2048			1,723,488		0.1
	1,650,388	(1)(4)	JP Morgan Mortgage Trust 2018-1 B2, 3.765%, 06/25/2048			1,694,203		0.1
	2,038,714	(1)(4)	JP Morgan Mortgage Trust 2018-1 B3, 3.765%, 06/25/2048			2,040,247		0.1
	1,461,818	(1)(4)	JP Morgan Mortgage Trust 2018-3 B1, 3.778%, 09/25/2048			1,504,254		0.0
	1,315,689	(1)(4)	JP Morgan Mortgage Trust 2018-4 B1, 3.791%, 10/25/2048			1,355,587		0.0
	932,082	(1)(4)	JP Morgan Mortgage Trust 2019-3 A3, 4.000%, 09/25/2049			953,553		0.0
	5,198,589,974	(1)(5)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048			7,409,031		0.2
	9,281,550	(5)	Lehman Mortgage Trust 2006-9 2A5, 4.216%, (-1.000*US0001M + 6.620%), 01/25/2037			2,377,293		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	2,679,376		Lehman XS Trust Series 2005-5N 1A2, 2.764%, (US0001M + 0.360%), 11/25/2035		$	2,581,277		0.1
	653,613		Merrill Lynch Mortgage Investors Trust Series 2005-A6 2A3, 2.784%, (US0001M + 0.380%), 08/25/2035			656,970		0.0
	17,415		Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 4A, 2.654%, (US0001M + 0.250%), 11/25/2035			17,258		0.0
	31,074		Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 2.654%, (US0001M + 0.250%), 11/25/2035			29,693		0.0
	2,000,000		Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 4.204%, (US0001M + 1.800%), 09/25/2035			1,972,376		0.1
	1,623,043		Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			1,334,363		0.0
	1,682,673	(1)(4)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,805,368		0.1
	21,009	(1)(4)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030			21,578		0.0
	1,451,176	(1)	RBSSP Resecuritization Trust 2011-3 2A1, 2.680%, (US0001M + 0.250%), 02/26/2037			1,445,132		0.0
	62,448		Sequoia Mortgage Trust 2003-4 2A1, 2.733%, (US0001M + 0.350%), 07/20/2033			61,417		0.0
	40,246	(4)	Sequoia Mortgage Trust 2005-4 2A1, 4.807%, 04/20/2035			42,554		0.0
	1,362,440	(1)(4)	Sequoia Mortgage Trust 2014-3 B3, 3.931%, 10/25/2044			1,419,953		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,339,835	(1)(4)	Sequoia Mortgage Trust 2014-4 B3, 3.859%, 11/25/2044		$	1,388,891		0.0
	1,164,988	(1)(4)	Sequoia Mortgage Trust 2015-2 B3, 3.741%, 05/25/2045			1,147,479		0.0
	1,277,351	(1)(4)	Sequoia Mortgage Trust 2015-3 B3, 3.712%, 07/25/2045			1,245,733		0.0
	2,900,000	(1)(4)	Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047			3,017,449		0.1
	1,493,192	(1)(4)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			1,535,717		0.1
	4,873,897	(1)(4)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.499%, 02/25/2048			5,203,279		0.2
	280,683		Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 2.640%, (US0001M + 0.250%), 07/19/2035			277,356		0.0
	125,714		Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 2.640%, (US0001M + 0.250%), 07/19/2035			124,755		0.0
	1,200,000	(1)(4)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			1,204,887		0.0
	1,300,000	(1)(4)	Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/2058			1,316,187		0.1
	9,203		WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 2.345%, (COF 11 + 1.250%), 02/27/2034			9,190		0.0
	31,849		WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 3.904%, (12MTA + 1.400%), 08/25/2042			31,210		0.0
	42,819		WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 3.044%, (US0001M + 0.640%), 01/25/2045			43,019		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	997,136	(4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.334%, 10/25/2036		$	933,421		0.0
	353,106		WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 2.595%, (COF 11 + 1.500%), 07/25/2046			339,666		0.0
	68,065,433	(4)(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.565%, 08/25/2045			2,452,990		0.1
	2,264,912		WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.894%, (US0001M + 0.490%), 10/25/2045			2,289,676		0.1
	841,839	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.915%, 10/25/2036			826,464		0.0
	1,534,592	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.834%, 12/25/2036			1,449,786		0.0
	2,863,770	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.910%, 08/25/2046			2,770,188		0.1
	3,637,076	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.566%, 04/25/2037			3,345,471		0.1
	2,294,167	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.597%, 07/25/2037			2,095,113		0.1
	3,307,499		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			3,092,642		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	291,029		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035		$	285,778		0.0
	1,998,393		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 2.504%, (US0001M + 0.100%), 12/25/2036			1,414,375		0.0
	4,724,694		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.464%, (12MTA + 0.960%), 08/25/2046			3,546,350		0.1
	2,099,476		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.834%, (US0001M + 0.430%), 06/25/2037			1,730,265		0.1
	39,420	(4)	Wells Fargo Mortgage Backed Securities 2004-CC A1, 4.986%, 01/25/2035			40,852		0.0
	68,301	(4)	Wells Fargo Mortgage Backed Securities 2004-EE 2A1, 4.959%, 12/25/2034			71,011		0.0
	203,114	(4)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 5.095%, 05/25/2035			211,475		0.0
	72,527	(4)	Wells Fargo Mortgage Backed Securities 2005-AR9 2A1, 4.703%, 10/25/2033			74,563		0.0
	1,013,675	(4)	Wells Fargo Mortgage Backed Securities 2006-AR2 2A5, 4.991%, 03/25/2036			1,016,194		0.0
	577,025	(4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 5.222%, 04/25/2036			573,872		0.0
	1,071,073	(1)(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.788%, 08/20/2045			1,085,059		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	7,831,766		Other Securities		$	7,689,264		0.2
			Total Collateralized Mortgage Obligations (Cost $611,652,996)			636,089,666		17.7
MUNICIPAL BONDS: 0.1%
			California: 0.1%
	1,600,000		Other Securities			2,191,117		0.1
			Total Municipal Bonds (Cost $1,603,006)			2,191,117		0.1
U.S. GOVERNMENT AGENCY OBLIGATIONS: 22.4%
			Federal Home Loan Mortgage Corporation: 5.6%(6)
	13,688,240		3.000%, 10/01/2046			13,896,809		0.4
	10,432,063		3.000%, 10/01/2046			10,642,613		0.3
	11,622,252		3.000%, 03/01/2048			11,799,008		0.3
	18,977,605		3.000%, 08/01/2048			19,266,271		0.5
	13,061,541		3.500%, 01/01/2045			13,479,401		0.4
	9,218,963		3.500%, 12/01/2046			9,533,828		0.3
	23,496,878		3.500%, 03/01/2048			24,391,710		0.7
	83,792		4.101%, 09/01/2035			86,673		0.0
	683,851		4.579%, 06/01/2035			719,216		0.0
	27,334		4.680%, 11/01/2035			28,850		0.0
	3,819		4.691%, 06/01/2024			3,997		0.0
	13,935		4.722%, 11/01/2031			14,681		0.0
	205,423		4.759%, 01/01/2029			212,570		0.0
	5,188		4.763%, 04/01/2032			5,468		0.0
	3,342		4.889%, 03/01/2036			3,535		0.0
	93,342,088		2.500%-6.500%, 09/01/2019-06/01/2048			97,382,892		2.7
						201,467,522		5.6
			Federal National Mortgage Association: 0.1%(6)
	2,251,741		3.449%-4.835%, 09/01/2031-10/01/2044			2,338,980		0.1
			Government National Mortgage Association: 2.2%
	9,261,307		3.000%, 01/20/2048			9,473,840		0.3
	10,339,267		3.500%, 11/20/2046			10,694,367		0.3
	25,341,478		3.500%, 02/20/2048			26,062,743		0.7
	29,598,150	(4)	3.500%-5.500%, 11/15/2035-10/20/2060			31,025,405		0.9
						77,256,355		2.2
			Uniform Mortgage-Backed Security: 14.5%
	14,786,020		3.000%, 07/01/2043			15,038,675		0.4
	11,089,829		3.000%, 04/01/2045			11,306,560		0.3
	12,498,866		3.000%, 01/01/2047			12,648,121		0.4
	100,504,000	(7)	3.000%, 08/01/2048			101,244,804		2.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Uniform Mortgage-Backed Security (continued)
	31,322,449		3.500%, 08/01/2046		$	32,592,257		0.9
	9,487,254		3.500%, 09/01/2047			9,767,006		0.3
	14,572,034		3.500%, 07/01/2048			15,117,627		0.4
	18,191,000	(7)	3.500%, 07/25/2049			18,593,192		0.5
	10,559,600		4.000%, 12/01/2039			11,134,663		0.3
	9,077,839		4.000%, 02/01/2046			9,564,025		0.3
	13,897,073		4.000%, 09/01/2048			14,499,567		0.4
	62,315,000	(7)	4.000%, 07/25/2049			64,395,006		1.8
	194,447,772	(7)	2.500%-7.500%, 08/01/2019-07/25/2049			205,818,626		5.7
						521,720,129		14.5
			Total U.S. Government Agency Obligations (Cost $789,575,316)			802,782,986		22.4
SOVEREIGN BONDS: 0.1%
	5,365,000		Other Securities			5,387,832		0.1
			Total Sovereign Bonds (Cost $5,365,000)			5,387,832		0.1
CONVERTIBLE BONDS/NOTES: 0.1%
			Financial: 0.1%
	2,440,000		Other Securities			2,481,342		0.1
			Total Convertible Bonds/Notes (Cost $2,425,507)			2,481,342		0.1
U.S. TREASURY OBLIGATIONS: 5.2%
			U.S. Treasury Bonds: 1.7%
	27,708,000	(2)	2.375%, 05/15/2029			28,620,957		0.8
	31,977,300	(2)	3.000%, 02/15/2049			35,076,350		0.9
						63,697,307		1.7
			U.S. Treasury Notes: 3.5%
	32,816,000		1.750%, 06/15/2022			32,853,815		0.9
	35,664,000		2.125%, 05/31/2021			35,900,135		1.0
	40,458,000		2.125%, 05/31/2026			41,112,282		1.2
	14,808,000	(2)	1.625%-2.375%, 04/30/2021-04/30/2026			14,880,072		0.4
						124,746,304		3.5
			Total U.S. Treasury Obligations (Cost $186,237,893)			188,443,611		5.2
ASSET-BACKED SECURITIES: 8.2%
			Automobile Asset-Backed Securities: 0.2%
	1,750,000	(1)	OSCAR US Funding Trust VII LLC 2017-2A A4, 2.760%, 12/10/2024			1,768,661		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Automobile Asset-Backed Securities (continued)
	889,220	(1)	OSCAR US Funding Trust VIII LLC 2018-1A A2A, 2.910%, 04/12/2021		$	890,325		0.0
	1,850,000	(1)	SunTrust Auto Receivables Trust 2015-1A B, 2.200%, 02/15/2021			1,849,424		0.0
	1,250,000	(1)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021			1,282,190		0.0
	1,800,000		Other Securities			1,850,219		0.1
						7,640,819		0.2
			Home Equity Asset-Backed Securities: 0.3%
	1,299,710		Home Equity Asset Trust 2005-2 M5, 3.499%, (US0001M + 1.095%), 07/25/2035			1,314,804		0.0
	2,400,000		Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 3.319%, (US0001M + 0.915%), 03/25/2035			2,417,869		0.1
	532,777		New Century Home Equity Loan Trust 2005-2 M3, 3.139%, (US0001M + 0.735%), 06/25/2035			533,943		0.0
	61,477		Renaissance Home Equity Loan Trust 2003-2 A, 3.284%, (US0001M + 0.880%), 08/25/2033			61,747		0.0
	59,595		Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 2.484%, (US0001M + 0.080%), 11/25/2036			23,176		0.0
	3,384,030		WaMu Asset-Backed Certificates WaMu Series 2007-HE4 2A3 Trust, 2.574%, (US0001M + 0.170%), 07/25/2047			2,373,170		0.1
	2,480,636		Other Securities			2,624,332		0.1
						9,349,041		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities: 7.0%
	1,386,459	(1)(8)	AJAX Mortgage Loan Trust 2017-A A, 3.470% (Step Rate @ 6.470% on 0), 04/25/2057		$	1,391,903		0.0
	1,585,748	(1)	Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058			1,615,427		0.0
	1,874,003	(1)(4)	Ajax Mortgage Loan Trust 2018-C A, 4.360%, 09/25/2065			1,914,357		0.1
	4,090,000	(1)	ALM VIII Ltd. 2013-8A A1R, 4.087%, (US0003M + 1.490%), 10/15/2028			4,092,879		0.1
	2,497,699	(1)(4)(5)(9)	American Homes 4 Rent 2015-SFR1 XS, 0.000%, 04/17/2052			—		—
	8,000,000	(1)	ARES XLVI CLO Ltd. 2017-46A A2, 3.827%, (US0003M + 1.230%), 01/15/2030			7,803,512		0.2
	3,470,000	(1)	Babson CLO Ltd. 2017-1A A2, 3.951%, (US0003M + 1.350%), 07/18/2029			3,418,474		0.1
	4,393,000	(1)	Babson CLO Ltd. 2018-3A A2, 3.892%, (US0003M + 1.300%), 07/20/2029			4,339,853		0.1
	1,600,000	(1)	Bain Capital Credit CLO 2017-1A A2, 3.942%, (US0003M + 1.350%), 07/20/2030			1,599,968		0.0
	1,221,553	(4)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 4.862%, 10/25/2036			1,246,893		0.0
	9,020,000	(1)	Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 3.847%, (US0003M + 1.250%), 07/15/2029			9,020,081		0.3
	5,070,000	(1)	BlueMountain CLO 2015-1A BR, 5.097%, (US0003M + 2.500%), 04/13/2027			5,071,998		0.1
	4,570,000	(1)	Burnham Park Clo Ltd. 2016-1A A, 4.022%, (US0003M + 1.430%), 10/20/2029			4,584,958		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	4,000,000	(1)	Carbone CLO Ltd 2017-1A A1, 3.732%, (US0003M + 1.140%), 01/20/2031		$	3,980,088		0.1
	2,400,000	(1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 3.718%, (US0003M + 1.130%), 04/17/2031			2,323,781		0.1
	60,857		Chase Funding Trust Series 2002-4 2A1, 3.144%, (US0001M + 0.740%), 10/25/2032			61,225		0.0
	106,708		Chase Funding Trust Series 2003-5 2A2, 3.004%, (US0001M + 0.600%), 07/25/2033			105,024		0.0
	3,750,000	(1)	CIFC Funding 2013-2A A1LR, 3.811%, (US0003M + 1.210%), 10/18/2030			3,741,443		0.1
	2,766,000	(1)	Cole Park CLO Ltd. 2015-1A CR, 4.592%, (US0003M + 2.000%), 10/20/2028			2,765,925		0.1
	257,564		Countrywide Asset-Backed Certificates 2006-26 2A3, 2.574%, (US0001M + 0.170%), 06/25/2037			257,718		0.0
	6,887,699		Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 2.554%, (US0001M + 0.150%), 10/25/2036			5,918,268		0.2
	950,000	(1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			984,114		0.0
	500,000	(1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			515,831		0.0
	12,160,000	(1)	Dewolf Park Clo Ltd. 2017-1A A, 3.807%, (US0003M + 1.210%), 10/15/2030			12,159,818		0.3
	1,396,500	(1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,457,820		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	1,200,000	(1)	Dryden 55 CLO Ltd. 2018-55A A1, 3.617%, (US0003M + 1.020%), 04/15/2031		$	1,193,448		0.0
	8,610,000	(1)	Dryden Senior Loan Fund 2017-47A A2, 3.947%, (US0003M + 1.350%), 04/15/2028			8,564,169		0.3
	7,460,000	(1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 3.718%, (US0003M + 1.200%), 08/15/2030			7,461,313		0.2
	3,662,325	(1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,807,361		0.1
	4,250,000	(1)	Galaxy XIX CLO Ltd. 2015-19A A1R, 3.801%, (US0003M + 1.220%), 07/24/2030			4,249,210		0.1
	2,100,000	(1)	Gilbert Park CLO Ltd. 2017-1A A, 3.787%, (US0003M + 1.190%), 10/15/2030			2,096,690		0.1
	128,745		GSAMP Trust 2007-FM1 A2A, 2.474%, (US0001M + 0.070%), 12/25/2036			75,783		0.0
	2,845,719	(1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			3,004,306		0.1
	4,300,000	(1)(7)	KKR CLO 21 A Ltd., 3.597%, (US0003M + 1.000%), 04/15/2031			4,259,997		0.1
	10,000,000	(1)	LCM 26A A2 Ltd., 3.842%, (US0003M + 1.250%), 01/20/2031			9,882,670		0.3
	1,308,000	(1)	LCM XIV L.P. 14A AR, 3.621%, (US0003M + 1.040%), 07/20/2031			1,292,293		0.0
	6,690,000	(1)	LCM XXIII Ltd. 23A A1, 3.992%, (US0003M + 1.400%), 10/20/2029			6,713,897		0.2
	58,753		Long Beach Mortgage Loan Trust 2004-4 1A1, 2.964%, (US0001M + 0.560%), 10/25/2034			57,785		0.0

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	2,120,000	(1)	Madison Park Funding XV Ltd. 2014-15A B1R, 4.782%, (US0003M + 2.200%), 01/27/2026		$	2,119,985		0.1
	1,500,000	(1)	Marlette Funding Trust 2018-1A C, 3.690%, 03/15/2028			1,508,760		0.0
	1,750,000	(1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			1,778,671		0.1
	2,885,439	(1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			2,980,417		0.1
	1,500,000	(1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			1,519,177		0.0
	3,399,658	(1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			3,459,440		0.1
	4,510,000	(1)	Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.912%, (US0003M + 1.320%), 03/17/2030			4,521,685		0.1
	3,000,000	(1)	Octagon Investment Partners Ltd. 2017-1A A2, 3.947%, (US0003M + 1.350%), 07/15/2029			2,983,182		0.1
	2,250,000	(1)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.972%, (US0003M + 1.375%), 07/15/2029			2,208,877		0.1
	4,000,000	(1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.942%, (US0003M + 1.350%), 07/19/2030			3,921,428		0.1
	7,070,000	(1)	OHA Loan Funding Ltd. 2015-1A AR, 3.928%, (US0003M + 1.410%), 08/15/2029			7,090,326		0.2
	1,375,000	(1)	Palmer Square CLO 2015-2A A1AR Ltd., 3.862%, (US0003M + 1.270%), 07/20/2030			1,374,993		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	4,070,000	(1)	Palmer Square CLO 2015-2A A1BR Ltd., 3.942%, (US0003M + 1.350%), 07/20/2030		$	4,047,493		0.1
	3,000,000	(1)	Palmer Square CLO 2018-1A A1 Ltd., 3.631%, (US0003M + 1.030%), 04/18/2031			2,970,117		0.1
	5,700,000	(1)	Palmer Square Loan Funding 2017-1A C Ltd., 5.397%, (US0003M + 2.800%), 10/15/2025			5,666,273		0.2
	2,000,000	(1)	Palmer Square Loan Funding 2018-1A C Ltd., 4.447%, (US0003M + 1.850%), 04/15/2026			1,919,496		0.1
	900,000	(1)(7)	Palmer Square Loan Funding 2018-2A C Ltd., 4.547%, (US0003M + 1.950%), 07/15/2026			872,346		0.0
	2,044,878		Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2005-WHQ1 M4, 3.484%, (US0001M + 1.080%), 03/25/2035			2,052,537		0.1
	8,200,000	(1)	Progress Residential 2015-SFR2 E, 4.427%, 06/12/2032			8,203,524		0.2
	4,375,000	(1)	Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027			4,457,467		0.1
	1,500,000	(1)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			1,544,951		0.1
	3,200,000	(1)	Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027			3,333,416		0.1
	1,000,000	(1)	SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028			1,019,309		0.0

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	1,954,698	(1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049		$	2,105,842		0.1
	10,200,000	(1)	Symphony CLO Ltd. 2012-9A AR, 4.051%, (US0003M + 1.450%), 10/16/2028			10,214,678		0.3
	3,930,000	(1)	Symphony CLO XIV Ltd. 2014-14A C1R, 5.097%, (US0003M + 2.500%), 07/14/2026			3,930,122		0.1
	1,791,000	(1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,893,594		0.1
	5,500,000	(1)	TES LLC 2017-1A B, 7.740%, 10/20/2047			5,803,229		0.2
	2,400,000	(1)	THL Credit Wind River 2013-2A AR CLO Ltd., 3.831%, (US0003M + 1.230%), 10/18/2030			2,388,038		0.1
	9,500,000	(1)	THL Credit Wind River 2016-2A A1R CLO Ltd., 3.769%, (US0003M + 1.190%), 11/01/2031			9,502,328		0.2
	1,500,000	(1)(4)	Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057			1,525,484		0.0
	6,300,000	(1)(4)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057			6,081,783		0.2
	1,674,500	(1)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			1,686,205		0.1
	1,479,292		Other Securities			1,502,550		0.0
						251,218,003		7.0
			Student Loan Asset-Backed Securities: 0.7%
	1,250,000	(1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			1,258,986		0.0
	1,800,000	(1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			1,872,460		0.1
	1,333,791	(1)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			1,351,796		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Student Loan Asset-Backed Securities (continued)
	1,899,257	(1)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040		$	1,926,645		0.1
	489,128	(1)	Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037			496,028		0.0
	750,000	(1)	Navient Private Education Loan Trust 2014-AA A3, 3.994%, (US0001M + 1.600%), 10/15/2031			766,105		0.0
	2,000,000	(1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			2,062,538		0.1
	1,550,000	(1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,506,983		0.0
	1,500,000	(1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,511,444		0.1
	184,624	(1)	SoFi Professional Loan Program 2015-C A2, 2.510%, 08/25/2033			185,149		0.0
	2,500,000	(1)(4)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,539,539		0.1
	2,100,000	(1)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			2,151,572		0.0
	2,200,000	(1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,268,869		0.1
	5,000,000	(1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			5,205,622		0.1
	1,000,000	(1)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			1,045,607		0.0
						26,149,343		0.7
			Total Asset-Backed Securities (Cost $291,697,305)			294,357,206		8.2

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: 6.0%
	4,000,000	(1)(4)	BAMLL Commercial Mortgage Securities Trust 2016-ISQ C, 3.727%, 08/14/2034		$	4,119,830		0.1
	12,780,821	(4)(5)	BANK 2019-BNK16 XA, 1.130%, 02/15/2052			941,199		0.0
	1,920,000	(1)	BANK 2019-BNK18 D, 3.000%, 05/15/2062			1,727,167		0.1
	41,328,560	(4)(5)	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.674%, 02/15/2050			3,653,259		0.1
	22,800,000	(1)(4)(5)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			821,272		0.0
	19,717,678	(4)(5)	Benchmark 2019-B9 XA Mortgage Trust, 1.215%, 03/15/2052			1,640,341		0.1
	1,870,000	(1)	CAMB Commercial Mortgage Trust 2019-LIFE D, 4.144%, (US0001M + 1.750%), 12/15/2037			1,885,305		0.0
	3,070,000	(1)	CAMB Commercial Mortgage Trust 2019-LIFE F, 4.944%, (US0001M + 2.550%), 12/15/2037			3,107,577		0.1
	20,212,616	(4)(5)	CD 2016-CD1 Mortgage Trust XA, 1.552%, 08/10/2049			1,539,231		0.0
	3,951,241	(1)(4)	CFCRE Commercial Mortgage Trust 2011-C1 E, 6.272%, 04/15/2044			3,587,720		0.1
	4,120,000	(1)	Citigroup Commercial Mortgage Trust 2016-C2 E, 4.594%, 08/10/2049			3,566,843		0.1
	3,570,000	(4)	Citigroup Commercial Mortgage Trust 2017-P8 C, 4.412%, 09/15/2050			3,683,899		0.1
	35,702,889	(4)(5)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.065%, 09/15/2050			2,200,730		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	58,871,469	(4)(5)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.759%, 06/10/2051		$	2,975,617		0.1
	2,101,000	(1)(4)	Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.236%, 11/10/2051			2,240,632		0.1
	17,293,907	(4)(5)	COMM 2012-CR1 XA, 2.039%, 05/15/2045			748,932		0.0
	14,375,091	(4)(5)	COMM 2012-CR2 XA, 1.806%, 08/15/2045			585,855		0.0
	25,415,862	(4)(5)	COMM 2012-CR3 XA, 2.024%, 10/15/2045			1,238,647		0.0
	65,166,000	(1)(4)(5)	COMM 2012-CR4 XB, 0.741%, 10/15/2045			1,249,988		0.1
	20,877,629	(4)(5)	COMM 2012-CR5 XA, 1.686%, 12/10/2045			911,290		0.0
	28,360,971	(1)(4)(5)	COMM 2012-LC4 XA, 2.290%, 12/10/2044			1,232,256		0.0
	76,061,559	(4)(5)	COMM 2014-UBS2 XA, 1.367%, 03/10/2047			3,311,827		0.1
	214,711,000	(1)(4)(5)	COMM 2014-UBS2 XB, 0.203%, 03/10/2047			1,432,251		0.1
	1,640,000	(4)	COMM 2015-CCRE26 D Mortgage Trust, 3.632%, 10/10/2048			1,527,620		0.1
	910,000	(4)	COMM 2016-COR1 C, 4.531%, 10/10/2049			947,919		0.0
	82,102,520	(4)(5)	COMM 2016-CR28 XA, 0.742%, 02/10/2049			2,797,684		0.1
	4,620,000	(1)	Credit Suisse Mortgage Capital Certificates 2019-ICE4 E, 4.544%, (US0001M + 2.150%), 05/15/2036			4,642,751		0.1
	7,580,000	(1)	Credit Suisse Mortgage Capital Certificates 2019-ICE4 F, 5.044%, (US0001M + 2.650%), 05/15/2036			7,624,824		0.2
	10,080,000	(4)	CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051			11,030,737		0.3
	3,943,000		CSAIL 2019-C15 A4 Commercial Mortgage Trust, 4.053%, 03/15/2052			4,340,965		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	3,247,076	(1)(4)	DBUBS 2011-LC2 E Mortgage Trust, 5.714%, 07/10/2044		$	3,294,994		0.1
	25,240,886	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K006 BX1, 5.553%, 02/25/2020			750,298		0.0
	20,760,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K008 X3, 5.445%, 08/25/2020			1,026,977		0.0
	36,470,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.938%, 05/25/2040			1,838,165		0.1
	44,906,765	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.376%, 08/25/2022			1,503,663		0.1
	22,000,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.719%, 06/25/2041			1,264,091		0.0
	27,650,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.649%, 05/25/2041			1,513,788		0.1
	10,700,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.852%, 12/25/2041			750,208		0.0
	44,678,501	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K055 X1, 1.499%, 03/25/2026			3,442,599		0.1
	4,425,044	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X1, 1.686%, 07/25/2019			929		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	32,831,356	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K712 X1, 1.425%, 11/25/2019		$	107,194		0.0
	565,431,437	(1)(5)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044			1,067,930		0.0
	2,920,000	(1)	GS Mortgage Securities Corp. II 2018-RIVR E, 3.944%, (US0001M + 1.550%), 07/15/2035			2,910,230		0.1
	7,600,000	(1)(4)	GS Mortgage Securities Trust 2010-C2 D, 5.353%, 12/10/2043			7,839,230		0.2
	4,400,000	(1)(4)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			4,306,171		0.1
	28,442,385	(4)(5)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.360%, 05/10/2045			1,096,221		0.0
	3,070,000	(1)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046			2,550,940		0.1
	30,902,156	(4)(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.217%, 11/10/2046			1,194,526		0.0
	46,946,655	(4)(5)	GS Mortgage Securities Trust 2014-GC22 XA, 1.144%, 06/10/2047			1,593,947		0.1
	6,930,000	(1)(4)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.668%, 07/10/2052			6,950,430		0.2
	5,310,000	(1)(4)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.668%, 07/10/2052			5,197,518		0.1
	3,000,000	(1)	GS Mortgage Securities Corp. Trust 2018-LUAU D, 4.394%, (US0001M + 2.000%), 11/15/2032			2,998,414		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	3,000,000	(1)	GS Mortgage Securities Corp. Trust 2018-LUAU E, 4.944%, (US0001M + 2.550%), 11/15/2032		$	3,014,810		0.1
	6,570,000	(1)(9)	Hudson Yards 2019-30HY A Mortgage Trust, 3.228%, 06/10/2037			6,766,584		0.2
	23,450,000	(1)(4)(5)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.420%, 12/15/2047			260,733		0.0
	489,756	(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.536%, 06/12/2041			493,236		0.0
	30,522,404	(4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.659%, 06/15/2045			890,598		0.0
	46,335,180	(4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.881%, 12/15/2049			1,652,391		0.1
	2,600,000	(1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.372%, 11/15/2045			2,728,730		0.1
	1,560,000	(1)(4)	JPMBB Commercial Mortgage Securities Trust 2014-C26 D, 4.051%, 01/15/2048			1,502,856		0.0
	2,584,669	(4)(5)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.254%, 10/15/2048			100,137		0.0
	6,560,000		JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052			7,230,873		0.2
	1,000,000	(1)	KNDL 2019-KNSQ F Mortgage Trust, 4.394%, (US0001M + 2.000%), 05/15/2036			999,984		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	1,533,879	(1)(4)	LB-UBS Commercial Mortgage Trust 2005-C1 H, 5.973%, 02/15/2040		$	1,540,328		0.1
	1,907,348	(1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.900%, 11/15/2038			9,639		0.0
	9,965,070	(1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.900%, 11/15/2038			50,358		0.0
	1,000,000	(1)(4)	Morgan Stanley Capital I Trust 2005-T19 G, 5.894%, 06/12/2047			1,013,304		0.0
	2,375,000	(1)(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.554%, 09/15/2047			2,471,854		0.1
	3,890,000	(1)(4)	Morgan Stanley Capital I Trust 2016-BNK2 E, 4.037%, 11/15/2049			3,193,776		0.1
	3,943,000		Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			4,140,945		0.1
	79,143,833	(4)(5)	UBS Commercial Mortgage Trust 2017-C5, 1.165%, 11/15/2050			4,809,594		0.2
	24,110,498	(1)(4)(5)	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 1.996%, 08/10/2049			1,196,158		0.0
	30,995,864	(4)(5)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.234%, 12/15/2047			1,333,544		0.0
	4,580,000		Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051			5,103,795		0.1
	1,630,000	(1)(4)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.858%, 11/15/2044			1,673,037		0.1
	20,380,040	(1)(4)(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.988%, 08/15/2045			904,615		0.0
	9,020,000	(1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.407%, 03/15/2045			7,743,636		0.2

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	53,388,860	(1)(4)(5)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.408%, 03/15/2048		$	1,933,718		0.1
	17,548,082		Other Securities			18,956,833		0.5
			Total Commercial Mortgage-Backed Securities (Cost $214,735,507)			216,228,697		6.0

Shares			Value		Percentage of Net Assets
MUTUAL FUNDS: 17.6%
		Affiliated Investment Companies: 17.6%
	8,728,220	Voya Emerging Markets Corporate Debt Fund - Class P		87,282,202		2.4
	13,192,259	Voya Emerging Markets Hard Currency Debt Fund - Class P		129,020,296		3.6
	7,823,305	Voya Emerging Markets Local Currency Debt Fund - Class P		57,031,897		1.6
	2,633,805	Voya Floating Rate Fund - Class P		25,179,179		0.7
	8,197,086	Voya High Yield Bond Fund - Class P		65,330,775		1.8
	13,719,725	Voya Investment Grade Credit Fund - Class P		151,877,356		4.3
	11,119,408	Voya Securitized Credit Fund - Class P		115,308,265		3.2
		Total Mutual Funds (Cost $633,419,501)		631,029,970		17.6

		Value		Percentage of Net Assets
PURCHASED OPTIONS(10): 0.0%
	Total Purchased Options (Cost $524,401)		204,782		0.0
	Total Long-Term Investments (Cost $3,682,319,961)		3,760,937,039		104.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.7%
			Commercial Paper: 0.3%
	3,000,000		Autozone Inc, 2.500%, 07/02/2019		$	2,999,165		0.1
	4,500,000		Duke Energy, 2.500%, 07/03/2019			4,498,433		0.1
	3,000,000		PPG Industries, Inc, 2.600%, 07/15/2019			2,996,426		0.1
						10,494,024		0.3
			Floating Rate Notes: 0.6%
	900,000	(11)	Bank Of America Corp., 2.500%, 11/12/2019			899,910		0.1
	300,000	(11)	Bank Of America Corp., 2.520%, 11/07/2019			300,042		0.0
	781,000	(11)	Bedford Row Funding, 2.500%, 11/25/2019			781,110		0.0
	300,000	(11)	BNP Paribas, 2.510%, 11/14/2019			300,052		0.0
	600,000	(11)	Crédit Agricole Group, 2.550%, 11/07/2019			600,147		0.0
	300,000	(11)	DNB ASA, 2.530%, 11/04/2019			300,040		0.0
	1,000,000	(11)	HSBC Holdings PLC, 2.540%, 11/08/2019			1,000,245		0.0
	800,000	(11)	J.P. Morgan Securities LLC, 2.510%, 11/08/2019			800,108		0.0
	800,000	(11)	Lloyds Bank PLC, 2.530%, 11/08/2019			800,167		0.0
	1,100,000	(11)	Lloyds Bank PLC, 2.530%, 11/13/2019			1,100,235		0.1
	900,000	(11)	Mitsubishi UFJ Financial Group, Inc., 2.500%, 11/18/2019			900,094		0.1
	400,000	(11)	Mitsubishi UFJ Financial Group, Inc., 2.540%, 11/07/2019			400,057		0.0
	1,000,000	(11)	Mizuho Financial Group Inc., 2.500%, 11/20/2019			1,000,124		0.0
	1,000,000	(11)	Mizuho Financial Group Inc., 2.520%, 11/27/2019			1,000,143		0.1
	900,000	(11)	National Australia Bank Ltd., 2.470%, 11/15/2019			900,050		0.0

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Floating Rate Notes (continued)
	700,000	(11)	National Bank Of Canada, 2.520%, 11/06/2019		$	700,104		0.0
	800,000	(11)	Natixis S.A., 2.510%, 11/08/2019			800,108		0.0
	500,000	(11)	Oversea-Chinese Banking Corp., Ltd., 2.530%, 10/07/2019			500,039		0.0
	800,000	(11)	Skandinaviska Enskilda Banken AB, 2.510%, 11/08/2019			800,167		0.1
	700,000	(11)	Skandinaviska Enskilda Banken AB, 2.510%, 11/13/2019			700,150		0.0
	950,000	(11)	Societe Generale, 2.560%, 12/02/2019			950,238		0.0
	1,000,000	(11)	State Street Bank & Trust Co., 2.480%, 11/15/2019			1,000,078		0.0
	600,000	(11)	Sumitomo Mitsui Trust Holdings, Inc., 2.510%, 09/09/2019			600,105		0.0
	1,000,000	(11)	The Sumitomo Mitsui Financial Group, 2.500%, 11/18/2019			999,887		0.1
	800,000	(11)	The Sumitomo Mitsui Financial Group, 2.530%, 11/08/2019			799,932		0.0
	300,000	(11)	The Sumitomo Mitsui Financial Group, 2.550%, 11/05/2019			299,976		0.0
	700,000	(11)	Toronto-Dominion Bank, 2.480%, 11/18/2019			700,064		0.0
	900,000	(11)	U.S. Bancorp, 2.480%, 11/25/2019			900,127		0.0
	916,000	(11)	Wells Fargo & Co., 2.530%, 11/04/2019			916,223		0.0
						21,749,722		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements: 2.6%
	27,116,012	(11)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $27,121,584, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $27,658,332, due 06/01/46-07/01/49)		$	27,116,012		0.8
	27,116,012	(11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $27,121,651, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $27,658,332, due 06/30/19-05/20/69)			27,116,012		0.8
	27,116,012	(11)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $27,121,584, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $27,658,333, due 07/02/19-01/20/63)			27,116,012		0.7

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	7,158,980	(11)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $7,160,469, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $7,302,160, due 07/31/19-06/30/22)		$	7,158,980		0.2
	5,079,646	(11)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/19, 2.70%, due 07/01/19 (Repurchase Amount $5,080,773, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $5,181,920, due 07/01/19-09/09/49)			5,079,646		0.1
						93,586,662		2.6
			Certificates of Deposit: 0.0%
	1,100,000	(11)	Landesbank Baden-Wurttemberg, 2.530%, 08/12/2019 (Cost $1,100,223)			1,100,223		0.0

Shares				Value		Percentage of Net Assets
			Mutual Funds: 0.2%
	5,502,000	(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.260% (Cost $5,502,000)		5,502,000		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $132,434,736)		$	132,432,631		3.7
	Total Investments in Securities (Cost $3,814,754,697)		$	3,893,369,670		108.5
	Liabilities in Excess of Other Assets			(306,412,620)		(8.5)
	Net Assets		$	3,586,957,050		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, 2019.

(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, 2019.

(9)

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

(10)

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

(11)

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

(12)

Rate shown is the 7-day yield as of June 30, 2019.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

COF 11

11th District Costs of Funds

H15T1Y

U.S. Treasury 1-Year Constant Maturity

PRIME

Federal Reserve Bank Prime Loan Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0006M

6-month LIBOR

US0012M

12-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Mutual Funds		$	631,029,970		$	—		$	—		$	631,029,970
Purchased Options			—			204,782			—			204,782
Corporate Bonds/Notes			—			981,739,830			—			981,739,830
Collateralized Mortgage Obligations			—			636,089,666			—			636,089,666
Municipal Bonds			—			2,191,117			—			2,191,117
U.S. Treasury Obligations			—			188,443,611			—			188,443,611
Asset-Backed Securities			—			294,357,206			—			294,357,206
Commercial Mortgage-Backed Securities			—			209,462,113			6,766,584			216,228,697
U.S. Government Agency Obligations			—			802,782,986			—			802,782,986
Convertible Bonds/Notes			—			2,481,342			—			2,481,342
Sovereign Bonds			—			5,387,832			—			5,387,832
Short-Term Investments			5,502,000			126,930,631			—			132,432,631
Total Investments, at fair value		$	636,531,970		$	3,250,071,116		$	6,766,584		$	3,893,369,670

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
Other Financial Instruments+
Centrally Cleared Swaps			—			7,152,494			—			7,152,494
Forward Foreign Currency Contracts			—			10,196			—			10,196
Forward Premium Swaptions			—			866,107			—			866,107
Futures			8,765,978			—			—			8,765,978
Total Assets		$	645,297,948		$	3,258,099,913		$	6,766,584		$	3,910,164,445
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(5,080,695)		$	—		$	(5,080,695)
Forward Foreign Currency Contracts			—			(749,739)			—			(749,739)
Forward Premium Swaptions			—			(23,207)			—			(23,207)
Futures			(1,478,280)			—			—			(1,478,280)
Total Liabilities		$	(1,478,280)		$	(5,853,641)		$	—		$	(7,331,921)

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, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	87,796,139		$	2,189,711		$	(8,255,933)		$	5,552,285		$	87,282,202		$	2,189,712		$	(255,934)		$	(3)
Voya Emerging Markets Hard Currency Debt Fund - Class P			130,530,387			3,233,759			(16,464,667)			11,720,817			129,020,296			3,233,759			(962,870)			(2)
Voya Emerging Markets Local Currency Debt Fund - Class P			52,688,549			560,694			(93,620)			3,876,274			57,031,897			560,699			(93,620)			—
Voya Floating Rate Fund - Class P			23,997,829			776,814			(1)			404,537			25,179,179			776,813			—			—
Voya High Yield Bond Fund - Class P			108,637,692			2,850,114			(56,486,893)			10,329,862			65,330,775			2,850,034			(2,486,897)			1
Voya Investment Grade Credit Fund - Class P			137,303,735			2,905,765			1			11,667,855			151,877,356			2,905,656			—			—
Voya Securitized Credit Fund - Class P			109,252,491			3,020,453			1			3,035,320			115,308,265			3,020,425			—			—
		$	650,206,822		$	15,537,310		$	(81,301,112)		$	46,586,950		$	631,029,970		$	15,537,098		$	(3,799,321)		$	(4)

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

At June 30, 2019, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 5,538,129

BRL 21,565,420

Barclays Bank PLC

08/23/19

(50,007)

USD 307,921

ILS 1,104,142

Barclays Bank PLC

08/23/19

(2,492)

USD 4,558,173

THB 142,126,563

Barclays Bank PLC

08/23/19

(82,294)

SGD 1,301,140

USD 952,318

Barclays Bank PLC

08/23/19

10,196

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 3,466,579

MXN 67,219,123

Barclays Bank PLC

08/23/19

(4,290)

USD 3,145,733

MYR 13,034,344

Barclays Bank PLC

08/23/19

(7,941)

USD 3,787,494

RUB 244,595,577

Barclays Bank PLC

08/23/19

(51,900)

USD 2,796,269

HUF 804,803,708

Barclays Bank PLC

08/23/19

(46,072)

USD 1,558,536

RON 6,576,921

BNP Paribas

08/23/19

(23,078)

USD 4,906,278

PLN 18,634,699

BNP Paribas

08/23/19

(91,330)

USD 4,833,459

COP 15,767,917,442

BNP Paribas

08/23/19

(56,488)

USD 1,557,552

PEN 5,208,960

Goldman Sachs International

08/23/19

(20,827)

USD 1,799,676

CLP 1,250,398,629

HSBC Bank USA N.A.

08/23/19

(46,416)

USD 5,274,209

IDR 75,642,712,125

HSBC Bank USA N.A.

08/23/19

(45,213)

USD 4,957,372

ZAR 72,595,993

JPMorgan Chase Bank N.A.

08/23/19

(162,147)

USD 537,146

PHP 27,883,773

JPMorgan Chase Bank N.A.

08/23/19

(5,691)

USD 2,009,328

CZK 45,894,440

JPMorgan Chase Bank N.A.

08/23/19

(44,978)

USD 492,877

TRY 2,990,773

Morgan Stanley

08/23/19

(8,575)

(739,543)

At June 30, 2019, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		796		09/19/19		$	101,863,125		$	2,156,870
U.S. Treasury Long Bond		568		09/19/19			88,377,250			2,455,858
U.S. Treasury Ultra 10-Year Note		6		09/19/19			828,750			457
U.S. Treasury Ultra Long Bond		643		09/19/19			114,172,687			4,152,793
						$	305,241,812		$	8,765,978
Short Contracts:
U.S. Treasury 2-Year Note		(387)		09/30/19			(83,274,539)			(541,722)
U.S. Treasury 5-Year Note		(913)		09/30/19			(107,876,656)			(936,558)
						$	(191,151,195)		$	(1,478,280)

At June 30, 2019, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Financing Rate (%)(2)		Termination Date	Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 32, Version 1	Buy		(5.000)	06/20/24	USD 105,000,000		$	(7,972,650)		$	(659,353)
							$	(7,972,650)		$	(659,353)

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection(5)

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Financing Rate (%)(6)		Termination Date	Implied Credit Spread at 06/30/19 (%) (7)		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Inc., 2.750%, due 3/15/2023	Sell		1.000	06/20/24		0.577	USD 6,920,000		$	188,653		$	47,091
									$	188,653		$	47,091

(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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

(3)

(4)

(5)

(6)

Payments received quarterly.

(7)

At June 30, 2019, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:

Pay/Receive
Floating Rate

Floating
Rate Index

Floating Rate
Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

3-month USD-LIBOR

Quarterly

1.460%

Semi-Annual

10/13/20

USD225,664,000

(1,354,574)

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD50,908,000

1,832,870

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD29,003,000

1,490,577

Pay

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD40,443,000

2,776,742

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD444,148,000

1,005,214

Receive

3-month USD-LIBOR

Quarterly

1.780

Semi-Annual

10/13/22

USD112,415,000

(153,070)

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD35,916,000

(2,913,698)

2,684,061

At June 30, 2019, the following over-the-counter purchased interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate Index

Expiration
Date

Notional
Amount

Cost

Fair
Value

Put on 1-Year Interest
Rate Swap(1)

Goldman Sachs
International

Pay

2.200%

3-month USD-LIBOR

08/07/19

USD 117,820,000

21,679

8,912

Put on 1-Year Interest
Rate Swap(1)

Societe Generale

Pay

2.200%

3-month USD-LIBOR

08/07/19

USD 89,543,000

15,222

6,773

Put on 1-Year Interest
Rate Swap(1)

UBS AG

Pay

2.200%

3-month USD-LIBOR

08/07/19

USD 2,500,000,000

487,500

189,097

524,401

204,782

At June 30, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Exercise
Rate(2)

Pay/
Receive
Exercise
Rate

Floating
Rate Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(3)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap (Purchased)

Bank of
America N.A.

5.250%

Receive

3-month USD-LIBOR

02/21/20

USD 29,313,000

(15,389,325)

6,314

Call on 5-Year Interest Rate Swap (Purchased)

Goldman Sachs
International

5.130%

Receive

3-month USD-LIBOR

03/16/20

USD 51,105,000

(2,621,687)

70,362

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Description

Counterparty

Exercise
Rate(2)

Pay/
Receive
Exercise
Rate

Floating
Rate Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(3)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

4.960%

Receive

3-month USD-LIBOR

04/29/20

USD 110,322,000

(5,466,455)

349,228

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

5.250%

Receive

3-month USD-LIBOR

05/15/20

USD 161,812,000

—

440,203

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

5.280%

Receive

3-month USD-LIBOR

02/24/20

USD 24,622,000

(1,299,426)

(1,123)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services
LLC

5.290%

Receive

3-month USD-LIBOR

02/27/20

USD 93,680,000

(4,960,356)

(22,084)

(29,737,249)

842,900

(1)

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

(2)

(3)

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

Currency Abbreviations

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

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

The fair value of derivative instruments as of June 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Investments in securities at value*		$	204,782
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			10,196
Interest rate contracts	Net Assets — Unrealized appreciation**			8,765,978
Credit contracts	Net Assets — Unrealized appreciation***			47,091
Interest rate contracts	Net Assets — Unrealized appreciation***			7,105,403
Interest rate contracts	Net Assets — Unrealized appreciation****			866,107
Total Asset Derivatives			$	16,999,557

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	749,739
Interest rate contracts	Net Assets — Unrealized depreciation**			1,478,280
Credit contracts	Net Assets — Unrealized depreciation***			659,353
Interest rate contracts	Net Assets — Unrealized depreciation***			4,421,342
Interest rate contracts	Net Assets- Unrealized depreciation****			23,207
Total Liability Derivatives			$	7,331,921

Includes purchased options.

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

***

****

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2019 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts**			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(4,886,195)		$	—		$	(4,886,195)
Equity contracts			—			—			(994,235)			—			—			(994,235)
Foreign exchange contracts			—			(1,151,923)			—			—			—			(1,151,923)
Interest rate contracts			(2,917,424)			—			15,899,002			870,574			(6,411,164)			7,440,988
Total		$	(2,917,424)		$	(1,151,923)		$	14,904,767		$	(4,015,621)		$	(6,411,164)		$	408,635

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		$	—		$	—		$	—		$	967,545		$	967,545
Foreign exchange contracts			—			(453,412)			—			—			(453,412)
Interest rate contracts			(2,296,982)			—			1,615,422			3,917,207			3,235,647
Total		$	(2,296,982)		$	(453,412)		$	1,615,422		$	4,884,752		$	3,749,780

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, 2019:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley			Societe Generale			UBS AG			Totals
Assets:
Purchased options		$	—		$	—		$	—		$	8,912		$	—		$	—		$	—		$	6,773		$	189,097		$	204,782
Forward foreign currency contracts			—			10,196			—			—			—			—			—			—			—			10,196
Forward premium swaptions			6,314			—			—			70,362			—			—			789,431			—			—			866,107
Total Assets		$	6,314		$	10,196		$	—		$	79,274		$	—		$	—		$	789,431		$	6,773		$	189,097		$	1,081,085
Liabilities:
Forward foreign currency contracts		$	—		$	244,996		$	170,896		$	20,827		$	91,629		$	212,816		$	8,575		$	—		$	—		$	749,739
Forward premium swaptions			—			—			—			—			—			—			23,207			—			—			23,207
Total Liabilities		$	—		$	244,996		$	170,896		$	20,827		$	91,629		$	212,816		$	31,782		$	—		$	—		$	772,946

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2019 (Unaudited) (continued)

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley			Societe Generale			UBS AG			Totals
Net OTC derivative instruments by counterparty, at fair value		$	6,314		$	(234,800)		$	(170,896)		$	58,447		$	(91,629)		$	(212,816)		$	757,649		$	6,773		$	189,097			308,139
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	(710,000)		$	—		$	—		$	(710,000)
Net Exposure(1)(2)		$	6,314		$	(234,800)		$	(170,896)		$	58,447		$	(91,629)		$	(212,816)		$	47,649		$	6,773		$	189,097		$	(401,861)

(1)

(2)

At June 30, 2019, the Portfolio had pledged $120,000 in cash collateral to Goldman Sachs International. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $3,809,772,698.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	118,000,633
Gross Unrealized Depreciation		(32,600,921)
Net Unrealized Appreciation	$	85,399,712

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2019 (Unaudited)

	Sector Diversification as of June 30, 2019 (as a percentage of net assets)

	Financials			18.6%
	Industrials			16.4%
	Information Technology			16.3%
	Health Care			13.9%
	Consumer Discretionary			9.7%
	Real Estate			7.7%
	Materials			4.3%
	Consumer Staples			3.7%
	Utilities			3.1%
	Communication Services			2.7%
	Energy			1.5%
	Assets in Excess of Other Liabilities*			2.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.9%
			Communication Services: 2.7%
	252,933	(1)	Imax Corp.		$	5,109,247		1.0
	406,341	(1)	Vonage Holdings Corp.			4,603,843		0.9
	273,362	(2)	Other Securities			4,480,403		0.8
						14,193,493		2.7
			Consumer Discretionary: 9.7%
	269,385		Callaway Golf Co.			4,622,647		0.9
	286,011		Extended Stay America, Inc.			4,830,726		0.9
	38,497	(1)	Helen of Troy Ltd.			5,027,323		1.0
	61,437		Jack in the Box, Inc.			5,000,357		0.9
	830,254	(2)(3)	Other Securities			31,770,823		6.0
						51,251,876		9.7
			Consumer Staples: 3.7%
	225,289	(1)	BJ’s Wholesale Club Holdings, Inc.			5,947,630		1.1
	364,313	(1)	Hostess Brands, Inc.			5,260,680		1.0
	142,049	(1)	Performance Food Group Co.			5,686,221		1.1
	65,766		Other Securities			2,541,198		0.5
						19,435,729		3.7
			Energy: 1.5%
	665,522	(2)	Other Securities			8,181,532		1.5
			Financials: 18.6%
	145,085		Columbia Banking System, Inc.			5,249,175		1.0
	121,334		Hancock Whitney Corp.			4,860,640		0.9
	44,571		Hanover Insurance Group, Inc.			5,718,459		1.1
	205,817		OFG Bancorp			4,892,270		0.9
	345,085		Redwood Trust, Inc.			5,704,255		1.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	74,033		Selective Insurance Group		$	5,544,332		1.0
	77,448		Wintrust Financial Corp.			5,666,096		1.1
	135,831		WSFS Financial Corp.			5,609,820		1.0
	2,038,373	(2)	Other Securities			55,467,601		10.5
						98,712,648		18.6
			Health Care: 13.9%
	52,868	(1)	Amedisys, Inc.			6,418,704		1.2
	84,456		Encompass Health Corp.			5,351,132		1.0
	96,073	(1)	Merit Medical Systems, Inc.			5,722,108		1.1
	110,308	(1)	Syneos Health, Inc.			5,635,636		1.1
	1,512,310	(2),(3)	Other Securities			50,420,141		9.5
						73,547,721		13.9
			Industrials: 16.4%
	104,024	(1)	Atlas Air Worldwide Holdings, Inc.			4,643,631		0.9
	90,091		Barnes Group, Inc.			5,075,727		1.0
	37,079		Curtiss-Wright Corp.			4,713,853		0.9
	72,326		EMCOR Group, Inc.			6,371,921		1.2
	72,338	(1)	Generac Holdings, Inc.			5,020,981		0.9
	104,807		Granite Construction, Inc.			5,049,601		0.9
	118,732	(1)	Spirit Airlines, Inc.			5,667,078		1.1
	75,433		Tetra Tech, Inc.			5,925,262		1.1
	77,152	(1)	Trex Co., Inc.			5,531,798		1.0
	135,959		Universal Forest Products, Inc.			5,174,600		1.0
	54,954		Watts Water Technologies, Inc.			5,120,614		1.0
	601,354	(2)	Other Securities			28,462,563		5.4
						86,757,629		16.4
			Information Technology: 16.3%
	189,393	(1)	ACI Worldwide, Inc.			6,503,756		1.2
	106,427	(1)	Cornerstone OnDemand, Inc.			6,165,316		1.2
	79,405	(1)	Envestnet, Inc.			5,428,920		1.0
	80,933	(1)	ExlService Holdings, Inc.			5,352,099		1.0
	81,869		j2 Global, Inc.			7,277,335		1.4
	80,726		Mantech International Corp.			5,315,807		1.0
	113,309	(1)	Plexus Corp.			6,613,846		1.3
	178,858	(1)	Rudolph Technologies, Inc.			4,941,847		0.9
	101,973	(1)	Semtech Corp.			4,899,803		0.9
	50,332		SYNNEX Corp.			4,952,669		0.9
	103,957	(1)	Virtusa Corp.			4,618,809		0.9
	660,157	(2)	Other Securities			24,199,601		4.6
						86,269,808		16.3
			Materials: 4.3%
	152,054		PolyOne Corp.			4,772,975		0.9
	64,821	(4)	Sensient Technologies Corp.			4,763,047		0.9
	422,404		Other Securities			13,231,725		2.5
						22,767,747		4.3
			Real Estate: 7.7%
	133,833		Cousins Properties, Inc.			4,840,739		0.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2019 (Unaudited) (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Real Estate (continued)
	264,553	Easterly Government Properties, Inc.		$	4,791,055		0.9
	42,662	EastGroup Properties, Inc.			4,947,939		0.9
	180,649	First Industrial Realty Trust, Inc.			6,637,044		1.3
	707,448	Other Securities			19,612,707		3.7
					40,829,484		7.7
		Utilities: 3.1%
	59,032	Black Hills Corp.			4,614,531		0.8
	173,097	Other Securities			12,060,194		2.3
					16,674,725		3.1
		Total Common Stock (Cost $497,961,282)			518,622,392		97.9

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.7%
			Repurchase Agreements: 1.7%
	2,167,852	(5)	Bank of America Securities Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $2,168,297, collateralized by various U.S. Government Agency Obligations, 3.298%-4.500%, Market Value plus accrued interest $2,211,209, due 06/01/46-07/01/49)		2,167,852		0.4
	2,167,852	(5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $2,168,303, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,211,209, due 06/30/19-05/20/69)		2,167,852		0.4

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	2,167,852	(5)	Citigroup, Inc., Repurchase Agreement dated 06/28/19, 2.50%, due 07/01/19 (Repurchase Amount $2,168,297, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,211,209, due 07/02/19-01/20/63)		$	2,167,852		0.4
	2,167,852	(5)	Jefferies LLC, Repurchase Agreement dated 06/28/19, 2.52%, due 07/01/19 (Repurchase Amount $2,168,301, collateralized by various U.S. Government Agency Obligations, 0.000%-2.650%, Market Value plus accrued interest $2,211,219, due 07/05/19-08/16/23)			2,167,852		0.4
	641,959	(5)	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/19, 2.53%, due 07/01/19 (Repurchase Amount $642,092, collateralized by various U.S. Government Securities, 0.875%-1.750%, Market Value plus accrued interest $654,798, due 07/31/19-06/30/22)			641,959		0.1
						9,313,367		1.7

Shares				Value		Percentage of Net Assets
			Mutual Funds: 4.0%
	20,983,000	(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.260% (Cost $20,983,000)		20,983,000		4.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2019 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $30,296,367)		$	30,296,367		5.7
	Total Investments in Securities (Cost $528,257,649)		$	548,918,759		103.6
	Liabilities in Excess of Other Assets			(19,247,527)		(3.6)
	Net Assets		$	529,671,232		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

The grouping contains securities on loan.

(4)

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

(5)

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

(6)

Rate shown is the 7-day yield as of June 30, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2019
Asset Table
Investments, at fair value
Common Stock*		$	518,622,392		$	—		$	—		$	518,622,392
Short-Term Investments			20,983,000			9,313,367			—			30,296,367
Total Investments, at fair value		$	539,605,392		$	9,313,367		$	—		$	548,918,759

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, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $540,324,629.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	39,497,442
Gross Unrealized Depreciation		(30,903,312)
Net Unrealized Appreciation	$	8,594,130

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

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

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-CAPAPALL (0619-082619)

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

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.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics is not required for the semi-annual filing.

(a)(2)

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

(a)(3)

Not required for semi-annual filing.

(b)

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Government Money Market Portfolio

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: September 9, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: September 9, 2019

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

Date: September 9, 2019

Name of Registrant:	Voya Government Money Market Portfolio

Date of Form N-CSR:	June 30, 2019