Voya Government Money Market Portfolio NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-02565

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:December 31, 2018

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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Annual Report

December 31, 2018

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

Voya Variable Product Funds

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Voya Balanced Portfolio

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Voya Global Equity Portfolio

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Voya Government Money Market Portfolio

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Voya Growth and Income Portfolio

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Voya Intermediate Bond Portfolio

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Voya Small Company Portfolio

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

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

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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PRESIDENT’S LETTER

Setting Sail for the New Year

Dear Shareholder,

The markets closed out 2018 with a month of tumult — we believe investors became more risk-averse as they assessed the anticipated effects of higher interest rates and slowing corporate earnings, as well as potential economic deceleration in the U.S. and China and trade tensions between the two. There continues to be intense movement in the equity and bond markets, causing a lot of day-to-day volatility for investors to digest.

As we look ahead to 2019, we believe that economic and earnings growth will slow but not stall. The U.S. Federal Reserve Board (“Fed”) has signaled that it will be patient about raising interest rates further, which we believe may help ease pressures on the economy and the financial markets. Economic momentum in the U.S. is still above trend growth and the Fed’s gradual approach means a slowdown is likely to unfold over a multi-year period, which should give markets enough time to adjust expectations, in our opinion.

We do not think investors should view current conditions as a reason to alter their long-term investment strategies. In our view, it is not advisable to abandon diversified positions seeking to sidestep impending risks, or to crowd into areas of strong returns to seek to avoid losses. Instead, we believe investors should continue to spread their exposure across multiple asset classes, sectors and regions, to mitigate concentration risk. In our view, the best response remains to have a plan, diversify and carefully discuss any contemplated portfolio changes with your 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
December 31, 2018

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

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

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Market Perspective: Year Ended December 31, 2018

In our semi-annual report we described the market turmoil in early 2018. Global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, suffered its first monthly loss in February after 15 consecutive monthly gains. Another loss followed in March and by the end of June the Index was up a slim 1.29% in 2018. The next four months saw the Index gain 5.6%, led by the U.S., with sentiment resilient in the face of the worries that had set them back. However, in October the clouds gathered again, markets retreated, and after a small reprieve in November, losses accelerated to leave the Index down 7.38% for the fiscal year. (The Index returned -8.71% for the year ended December 31, 2018, measured in U.S. dollars.)

It had been the prospect of an imminent rise in U.S. interest rates that had roiled markets in February. Then, in March, the White House announced tariffs of 25% on imported steel and 10% on aluminum, which would take effect at the beginning of June.

Concerns about a trade war and rising U.S. interest rates continued throughout the period. After months of threats, the trade war risk was ratcheted up on September 17th when the President announced tariffs of 10% on Chinese imports, including day-to-day consumer goods, valued at some $200 billion. The rate would increase to 25% at the beginning of 2019. The next day, China replied with 5% to 10% tariffs of its own on $60 billion of U.S. exports. In early December, after a face-to-face meeting between President Trump and his Chinese counterpart Xi Jinping, new tariffs were postponed for 90 days while the sides, evidently far apart, held negotiations.

Interest rate concerns were rooted in the ever-strengthening labor market. The Federal Open Market Committee (“FOMC”) was already committed to policy “normalization”, i.e. a retreat from historically low short-term rates. There was nothing in successive employment reports likely to divert them. The December report announced an unemployment rate of 3.67%, the lowest since 1969.

The latest wage growth figure of 3.1% year-over-year was the highest since 2009, but it did not seem like an inflationary threat. The measure preferred by the U.S. Federal Reserve Board (“Fed”): core Personal Consumption Expenditures inflation, hovered around the target level of 2.0% without breaking through. But as September ended, the 10-year Treasury yield, unable earlier in 2018 to hold a level above 3%, had done so for nine straight days.

Perhaps it was the speed of rising Treasury yields: 2.88% to 3.23% in 22 days to October 5, which shook investors’ confidence, and Fed Chairman Powell’s remark on October 4 that the federal funds rate was “a long way from neutral”. In December, the FOMC raised rates for the fourth time this year, from 2.25% to 2.50%. Markets had hoped that Powell might then signal a pause, to evaluate further data. Instead, he signaled two more increases in 2019.

As 2018 ended, the 10-year Treasury yield was back down to 2.69%. But it provided little comfort. Commentators increasingly fretted that the best days of global growth and corporate profits were over, and a full-blown trade war would only weaken both. Growth in Europe and China was declining. The price of oil was down about 40% since early October. In the U.S., the boost from

tax cuts and increased government spending that had helped propel annualized GDP growth to 4.2% in the second quarter and 3.4% in the third, would fade. The housing market had been weakening for months. For corporations, costs were rising and the strong dollar was depressing overseas earnings. With part of the government shut down through Congressional gridlock, the White House, within a final barrage of tweets, declared, “The only problem our economy has is the Fed.” Happy New Year.

In U.S. fixed income markets, the Treasury yield curve rose and flattened over the fiscal year. The Bloomberg Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) gained just 0.01%; the Bloomberg Barclays U.S. Corporate Investment Grade Bond sub-index lost 2.51%, amid heavy issuance of BBB paper, while the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) fell 2.08%. The Bloomberg Barclays Short Treasury Index was among the best performers, gaining 1.88%.

U.S. equities, represented by the S&P 500® Index including dividends, fell 4.38% after the worst December since 1931. The earnings per share of constituent companies grew by about 25% year-over-year in the first three quarters of 2018, the most since 2010, but estimates for 2019 were sharply lower. Health care was the top performer, up 6.47%. Energy was the weakest sector, down 18.10%, as oil prices tumbled.

In currencies, the dollar rose 5.47% against the euro and 5.52% against the pound but lost 2.67% against the yen. From mid-April, after sustained weakness, the dollar powered ahead, as strong U.S. economic data increasingly left the rest of the world behind, only to drift lower in the fraught final days.

International markets were also shaken by the concerns described above. MSCI Japan® Index slumped 15.15% for the year. This market is sensitive to slowing global growth, particularly in China and its own vulnerability to a trade war. MSCI Europe ex UK® Index dropped 11.31%. To add to the dampening effects of faltering economic indicators and threats to global trade, the election of a high-spending populist government in Italy posed a new challenge to the euro itself. MSCI UK® Index fell 8.82%. Pessimism about an increasingly likely no-deal Brexit and global growth hit financials, while weakness in one heavily-weighted consumer staples constituent contributed about 30% of the over-all loss.

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 High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Bloomberg Barclays Short Treasury Index				The index measures the performance of U.S. Treasury securities that have a remaining maturity between one and twelve months.
		iMoneyNet Government Institutional Index				The average return for a category of money market funds that includes all government institutional funds: Treasury Institutional, Treasury and Repo Institutional and Government and Agencies Institutional.
		MSCI All Country World IndexSM				A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe ex 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.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		Russell 3000® Index				An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P Target Risk® Growth Index				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.

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

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Voya Balanced Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2018 (as a percentage of net assets)

	Common Stock			42.8%
	Exchange-Traded Funds			20.0%
	Corporate Bonds/Notes			8.7%
	U.S. Government Agency Obligations			5.6%
	Mutual Funds			4.9%
	Collateralized Mortgage Obligations			4.2%
	Asset-Backed Securities			3.5%
	U.S. Treasury Obligations			3.4%
	Commercial Mortgage-Backed Securities			1.5%
	Foreign Government Bonds			0.4%
	Preferred Stock			0.0%
	Rights			0.0%
	Assets in Excess of Other Liabilities*			5.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

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

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -6.83% compared to the S&P Target Risk® Growth Index, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI EAFE® Index and Russell 3000® Index, which returned -5.46%, 0.01%, -13.79% and -5.24%, respectively, for the same period.

Portfolio Specifics: The Portfolio started 2018 favoring equities over fixed income, with overweight positions in Japanese and emerging markets (“EM”) equities and underweight to developed international equities and high yield. The Portfolio also maintained its tactical overweight to domestic large growth to reduce the value bias in its strategic allocation.

In January, the Portfolio lowered its REITs position given the asset class’ historically negative beta to interest rates, which were potentially breaking into a higher range. The proceeds from the sale were allocated to U.S. large cap equities.

In March, the Portfolio closed its Japanese equities (U.S. dollar hedged) positions. The supporting thesis, that the Bank of Japan would keep the currency relatively weak, had failed to materialize. As an exporting nation, the strengthening of the yen over the period of the position was a headwind for Japanese equities. Proceeds from the sale were split between U.S. large cap and international equities.

At the end of April, we concluded the annual strategic asset allocation review with the primary allocation shift being an increase in

	Top Ten Holdings as of December 31, 2018* (as a percentage of net assets)

	iShares Core MSCI Emerging Markets ETF			7.1%
	iShares Russell 1000 Value ETF			4.4%
	iShares 1-3 Year Treasury Bond ETF			4.0%
	Voya Floating Rate Fund - Class P			3.0%
	Invesco Senior Loan ETF			2.0%
	Credit Suisse Commodity Return Strategy Fund - Class I			1.5%
	United States Treasury Note, 3.125%, 11/15/28			1.4%
	iShares Core S&P 500 ETF			1.0%
	Microsoft Corp.			0.9%
	Apple, Inc.			0.9%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

EM equities funded by lowering the allocation to U.S. mid cap equities.

In June, the Portfolio enacted an underweight position to EM equities, splitting the proceeds between U.S. large cap equities and short duration bonds. At the time of the trade, the valuation of EM equities was not providing sufficient support against a worsening business outlook or renewed political uncertainty in the region.

In July, the Portfolio exited from high yield, reallocating the assets to core U.S. fixed income and short duration bonds. This was a tactical view that represented de-risking fixed income positions, given our views that both the credit and business cycles were in their latter stages.

In September, the Portfolio further reduced its exposure to EM equities in favor of domestic large cap equities. At the time of the trade, EM equities were entrenched in a bear market, having fallen 20% from their most recent peak. Even at those levels we found the valuation to be still in line with its EM’s five-year average and thus capable of moving another leg lower before valuations once again became attractive. On the fundamental side, economic data from China continued to show weakness through the summer, and copper prices and global ISM continued to slip.

We implemented two trades across the Portfolio in October. First, we increased duration in the Portfolio through the purchase of longer-maturity bonds, funded by reducing core U.S. fixed income. Second, we reduced the Portfolio’s exposure to shorter-maturity bonds and allocated the funds into EM equities, lessening our tactical underweight to EM.

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Portfolio Managers’ Report

Voya Balanced Portfolio

In November, the Portfolio reduced its risk exposure, selling equities in favor of core U.S. fixed income. At the time of the trade, fundamental indicators showed the U.S. joining the rest of the world in a growth slowdown. Finally in December — based on concerns about muted future U.S. corporate earnings, continued interest-rate increases by the U.S. Federal Reserve Board (“Fed”) and the dimming outlook for the Eurozone — we further reduced the Portfolio’s equity exposures by selling U.S. mid cap and developed international equities and reinvesting the proceeds into fixed income.

Overall, tactical asset allocation moves relative to our strategic asset allocation had a positive impact.

Overall, underlying asset classes detracted from performance during the year. The fixed income sleeve and Voya Floating Rate Fund outperformed their respective benchmarks, while core stocks, domestic mid-cap stocks and international equities underperformed.

During the year, the Portfolios utilized derivatives to implement certain tactical positions to avoid significant manager disruption and provide the Portfolios with greater liquidity. Overall, the use of derivatives detracted from performance.

Current Strategy and Outlook: Risk assets sold off markedly during December, as investors reacted to statements from Federal Reserve officials, which suggested that interest rate hikes would continue apace in 2019. The United States led the charge lower as many global equity markets nursed losses during the year. Among the causes of weakness were economic deceleration in the U.S., weak data from China, trade geopolitics and the ongoing partial U.S. government shutdown. In our view, many indicators that tend to turn first around business cycle peaks are flashing red in several economies. The U.S. Treasury yield curve is flat by many measures; by some, it is inverted: the 12-month Treasury bill yield currently is higher than some other maturities. World trade volumes have slowed further in recent months and December business surveys remained weak in most major economies, in our view. Credit markets have not been immune to weakness. High yield spreads have gapped wider and in the investment grade sector spreads are widening on credit default swaps of some of the highest quality debt issuers. Concerns about covenant-lite issuance have pressured leveraged loans. We believe one of the few perceived “safe havens” have been U.S. Treasuries, as investors sought any port in the storm. Ten-year Treasury yields have declined to 2.68% from a high of 3.24% in early November.

We believe the composition of returns throughout December is noteworthy. The U.S. dollar held surprisingly steady, given the gyrations in U.S. markets. EM equities, while down, fared better than developed markets and the U.S., perhaps because EMs have been under steady pressure since June. We are closely watching the stimulus China has implemented to arrest its economic slowdown — while not yet on the scale seen in early 2016, we think it involves a meaningful number of initiatives. We are looking for a turn in the Chinese data in a few months.

Looking ahead, there is intense movement in the equity and bond markets, creating a lot of day-to-day volatility for investors to digest. This is where we believe that relying on our investment process of evaluating valuations, fundamentals and sentiment is critical. The quantitative data show on most measures equities have de-rated meaningfully over the past 12 months. At 14.5 times forward earnings, the U.S. equity market has not been this inexpensive since late 2013. The difficulty investors have with stepping in to buy at current valuations is an unclear handle on the earnings part of the ratio. Earnings revisions have been falling steadily, but even so, top-down forecasts are for 7% earnings growth in 2019, which looks to be a bit high in our view.

In terms of fundamentals, our models show rising probabilities of recession — not to the levels where one is imminent, but the deceleration in activity due to lapsing fiscal stimulus and Fed rate hikes is in fact biting. One only needs to see the cooling in the housing and auto sectors to observe the effect the rise in short-term rates has delivered over the past year. In our view, we need to see a trough in earnings revisions in the U.S. and globally, and a healing in the credit markets among other factors, to put in a durable bottom to equities. Lastly, investor sentiment is starting to reach oversold readings on a short-term view — but not yet as severely oversold as expected given the damage that has been inflicted on equities.

To be sure, sentiment can be a fickle factor, and there may be a meaningful counter-trend underway — sparked by dovish comments from the Fed. In these types of volatile conditions, to accept the risk of re-entering risk markets, we generally look for signals of adequate return potential from two of the three pillars of our investment process. Therefore, we believe a better clearing price for equities will unfold in the first half of 2019.

Effective May 1, 2018, Barbara Reinhard was added as a portfolio manager to the Portfolio. Christopher Corapi has announced he intends to retire effective on or about June 1, 2019. Accordingly, effective on or about June 1, 2019, Mr. Corapi will no longer serve as a portfolio manager for the Portfolio.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.

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Voya Balanced Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year
Class I		-6.83%		3.74%		7.90%
Class S		-7.03%		3.49%		7.63%
S&P Target Risk® Growth Index		-5.46%		4.47%		8.14%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%
MSCI EAFE® Index		-13.79%		0.53%		6.32%
Russell 3000® Index		-5.24%		7.91%		13.18%

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

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

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

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

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

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

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Global Equity Portfolio

	Geographic Diversification as of December 31, 2018 (as a percentage of net assets)

	United States			58.5%
	Japan			9.4%
	United Kingdom			5.5%
	Canada			3.7%
	Netherlands			3.5%
	France			3.4%
	Switzerland			2.6%
	Germany			2.0%
	Australia			1.7%
	Hong Kong			1.5%
	Countries between 0.2% – 1.1%^			6.3%
	Assets in Excess of Other Liabilities*			1.9%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 11 countries, which each represents 0.2% – 1.1% of net assets.
	Portfolio holdings are subject to change daily.

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

Performance: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -9.11% compared to the MSCI World IndexSM (“MSCI World”) and the MSCI All Country World IndexSM***, which returned -8.71% and -9.42% respectively, for the same period.

Portfolio Specifics****: For year ended December 31, 2018, the Portfolio outperformed its benchmark, the MSCI World IndexSM, before deducting fees and operating expenses, but lagged net of those costs.

December 31, 2017 – April 30, 2018: Prior to the investment strategy change, the Portfolio underperformed the MSCI World IndexSM. The Portfolio underperformed due to unfavorable stock selection and sector allocation. Stock selection in information technology, industrials and consumer staples detracted. By contrast, consumer discretionary had the largest positive impact on performance.

May 1, 2018 – December 31, 2018: In terms of the Portfolio’s outperformance since the change of its principal investment strategy on May 1, 2018, low beta was a significant tailwind, dividend yield outperformed and the stock ranking model underperformed. Additionally, the Portfolio’s exposures to stock-specific risk negatively affected relative performance. On the regional level, stock selection was strongest within North America and weakest within Europe. On the sector level, portfolio holdings within the utilities and financials sectors had the largest positive impact on performance. At the individual stock level, overweight positions in Eli

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Apple, Inc.			1.7%
	Johnson & Johnson			1.5%
	Pfizer, Inc.			1.3%
	Royal Dutch Shell PLC - Class A			1.2%
	Intel Corp.			1.1%
	Bank of America Corp.			1.1%
	Cisco Systems, Inc.			1.1%
	Roche Holding AG			1.1%
	Chevron Corp.			1.0%
	AbbVie, Inc.			1.0%
	Portfolio holdings are subject to change daily.

Lilly and Company, AES Corporation and Pfizer Inc. were among the key contributors for the period. By contrast, stock selection within the consumer staples and information technology sectors had the largest negative impact on returns. Key detractors for the period include overweight positions in Royal Mail plc and Convestro AG, and an underweight position in Microsoft Corporation.

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

On March 15, 2018, the Portfolio’s Board of Directors approved changes with respect to the Portfolio’s principal investment strategies, primary benchmark and portfolio managers.

Effective May 1, 2018, Martin Jansen, Christopher F. Corapi, and Maya Venkatraman were removed as portfolio managers of the Portfolio and Steve Wetter and Kai Yee Wong were added as portfolio managers of the Portfolio. Effective June 30, 2018, James Ying was removed as a portfolio manager of the Portfolio.

***

Effective May 1, 2018, the Fund changed its primary benchmark from the MSCI All Country World IndexSM to the MSCI World IndexSM because the MSCI World IndexSM is considered by the Sub-Adviser to be a more appropriate benchmark reflecting the types of securities in which the Portfolio now invests.

****

Beginning April 16, 2018 through the close of business on April 27, 2018, the Portfolio was in a transition period and may have held a large portion of the Portfolio’s assets in temporary investments.

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Voya Global Equity Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Classes S2 and T March 5, 2015
Class ADV		-9.26%		3.69%		7.44%		—
Class I(1)		-8.85%		4.15%		7.80%		—
Class S		-9.11%		3.95%		7.70%		—
Class S2		-9.27%		—		—		2.49%
Class T		-9.41%		—		—		2.32%
MSCI World IndexSM		-8.71%		4.56%		9.67%		3.75%
MSCI All Country World IndexSM		-9.42%		4.26%		9.46%		3.60%

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

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

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/

or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking”statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

(1)

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

Effective May 1, 2018, the Portfolio changed its primary benchmark from the MSCI All Country World IndexSM to the MSCI World IndexSM because the MSCI World IndexSM is considered by the Sub-Adviser to be a more appropriate benchmark reflecting the types of securities in which the Portfolio invests.

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Portfolio Managers’ Report

Voya Government Money Market Portfolio

	Investment Type Allocation as of December 31, 2018 (as a percentage of net assets)

	U.S. Government Agency Debt			40.0%
	U.S. Treasury Repurchase Agreement			30.3%
	U.S. Treasury Debt			30.2%
	Investment Companies			9.9%
	Liabilities in Excess of Other Assets			(10.4)%
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

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

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of 1.56% compared to the iMoneyNet Government Institutional Index, which returned 1.54% for the same period.

Portfolio Specifics: The U.S. labor market continued its gradual tightening during the annual period ending December 31, 2018, with unemployment dropping from 4.1% at the end of 2017 to 3.9% at the end of December 2018. The unemployment rate did hit a low of 3.7% in September but additional workers returning to the workforce seeking jobs increased the rate in the fourth quarter. We believe this is a sign of a strong labor market. Wage pressures and wage inflation have not materialized despite the tight labor market but the Federal Open Market Committee (“FOMC”) sees the potential for them to materialize over the medium term to longer term. U.S. economic growth was very healthy in 2018 with GDP growth expected to be approximately 2.9% for the year. This strength was partially offset by a slowing of global growth, particularly in China and the euro zone. U.S. inflation remains below the FOMC’s target of 2% as measured by Core Consumer Price Index (“CPI”) data and is not expected to reach the target level in the near-term but longer-term inflations expectations increased during the year.

In light of the strong economic backdrop, the FOMC was able to gradually raise short-term interest rates 0.25% at the March, June, September and December meetings. Short-term government money market rates increased during the period in line with the FOMC rate increases. The FOMC at the

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	United States Treasury Bill, 2.430%, 01/29/19			30.2%
	Deutsche Bank Repurchase Agreement dated 12/31/18, 2.90%, due 1/2/2019, $80,230,924 to be received upon repurchase (Collateralized by $143,586,907, U.S. Treasury Interest component, 0.0%, Market Value plus accrued interest $82,624,540 due 5/15/37- 8/15/38)			17.3%
	Deutsche Bank Repurchase Agreement dated 12/31/18, 2.90%, due 1/2/19, $60,009,667 to be received upon repurchase (Collateralized by $49,713,600, U.S. Treasury Bond, 2.000%-6.125%, Market Value plus accrued interest $61,200,059 due 1/15/26-2/15/45)			13.0%
	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 2.290%, 01/02/19			5.0%
	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.270%, 01/02/19			4.9%
	Fannie Mae, 2.530%, 10/30/19			3.6%
	Freddie Mac Discount Notes, 2.310%, 01/02/19			3.2%
	Fannie Mae Discount Note, 2.330%, 01/02/19			3.2%
	Federal Farm Credit Banks, 2.420%, 03/12/19			2.5%
	Federal Farm Credit Banks, 2.640%, 05/16/19			2.4%
	Portfolio holdings are subject to change daily.

December meeting projected two rate increases in 2019 based on their Dot Plot projections after projecting three increases during most of the year previously. The FOMC has indicated that they are now very much data dependent and a pause in the gradual hiking of rates may be warranted. We believe the market continues to discount the chances of these increases and is not fully pricing them into short-term money market rates.

Preservation of capital, limiting interest rate risk and keeping an excess liquidity cushion were our primary objectives for the Portfolio during the period. Maximizing the yield and the total return of the Portfolio remained a secondary objective in light of the current market conditions and risks associated with future rate increases.

The Portfolio maintained a shorter than normal weighted average maturity (“WAM”) during the majority of the period expecting the FOMC to continue to increase rates in the near-term and longer term. Market yields were not fully pricing in the rate increases until just prior to the rate hikes, which limited the ability to pick up additional yield from extending maturities. The Portfolio continued to maintain an exposure to floating rate money market securities with the expectation of higher rates longer-term as well as the modest pickup in yield over shorter-term fixed rate securities and added to the sector during the period.

Outlook and Current Strategy: Looking ahead, we believe the U.S. economy will see continued above average economic growth, low unemployment and tame inflation in the near-term but we do expect economic growth to slow from the 2018 pace. We believe the FOMC will be able to increase rates in 2019 but no longer on the gradual path we saw in 2018 as long as inflation does not reverse and economic data including labor statistics come in near or above the FOMC’s projections. We believe that market expectations of future FOMC rate increases as reflected by short-term money market rates will continue to discount future rate hikes limiting potential returns.

In terms of the Fund, we plan to maintain ample daily and weekly liquidity, while looking for opportunities to extend our WAM if or when the market starts to price in higher yields in anticipation of FOMC rate increases. We will otherwise maintain the shorter WAM, an exposure to floating rate securities and look to take advantage of any market dislocations due to temporary supply and demand imbalances for short-term U.S. Treasury and agency securities.

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

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

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Voya Growth and Income Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Information Technology			19.5%
	Health Care			15.6%
	Financials			13.7%
	Communication Services			10.4%
	Industrials			8.7%
	Consumer Discretionary			8.6%
	Consumer Staples			8.1%
	Energy			4.5%
	Utilities			4.1%
	Real Estate			3.2%
	Materials			2.7%
	Assets in Excess of Other Liabilities*			0.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

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

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -4.46% compared to the S&P 500® Index, which returned -4.38% for the same period.

Portfolio Specifics: For the period ended December 31, 2018, the Portfolio outperformed the S&P 500® Index before deducting fees and operating expenses, but lagged net of those costs. On the sector level, stock selection within the healthcare and materials sectors had the largest positive impact on performance. At the individual stock level, key contributors occurred in the healthcare sector, including overweight positions in Merck & Co., Inc., Pfizer Inc. and Boston Scientific Corporation. By contrast, stock selection within the consumer discretionary and financial sectors had the largest negative impact on relative performance. Key detractors included Hubbell Incorporated, an electrical company within the industrial sector, Alphabet Inc., an internet software/services company and

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)


	Microsoft Corp.			5.3%
	Alphabet, Inc. - Class A			4.7%
	Verizon Communications, Inc.			2.9%
	Pfizer, Inc.			2.8%
	UnitedHealth Group, Inc.			2.5%
	Johnson & Johnson			2.4%
	JPMorgan Chase & Co.			2.4%
	Coca-Cola Co.			2.3%
	McDonald’s Corp.			2.3%
	Cisco Systems, Inc.			2.3%
	Portfolio holdings are subject to change daily.

Lam Research Corporation, a semiconductor company within the information technology sector.

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

Christopher F. Corapi has announced he intends to retire effective on or about June 1, 2019. Accordingly, effective on or about June 1, 2019, Mr. Corapi will no longer serve as a portfolio manager for the Portfolio.

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Portfolio Managers’ Report

Voya Growth and Income Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-4.88%		6.13%		11.43%		—
Class I		-4.46%		6.62%		11.94%		—
Class S		-4.69%		6.35%		11.67%		—
Class S2		-4.82%		6.19%		—		13.44%
S&P 500® Index		-4.38%		8.49%		13.12%		15.69%

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

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

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

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2018 (as a percentage of net assets)

	Corporate Bonds/Notes			29.3%
	U.S. Government Agency Obligations			21.3%
	Mutual Funds			18.4%
	Collateralized Mortgage Obligations			15.3%
	Asset-Backed Securities			10.9%
	Commercial Mortgage-Backed Securities			4.3%
	U.S. Treasury Obligations			4.3%
	Foreign Government Bonds			0.2%
	Convertible Bonds/Notes			0.1%
	Municipal Bonds			0.0%
	Preferred Stock			0.1%
	Liabilities in Excess of Other Assets*			(4.2)%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

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

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -0.54% compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 0.01% for the same period.

Portfolio Specifics: The Portfolio underperformed the Bloomberg Barclays U.S. Aggregate Bond Index, due primarily to sector allocations, while security selection was positive. Duration/yield curve positioning was defensive for most of the year and had no impact on performance.

Fixed income performance swung dramatically over 2018, with 10-year yields rising in the first half of the year, as improved growth prospects and the passage of corporate tax reform fueled optimism. With a healthy economic landscape, the U.S. Federal Reserve Board (“Fed”) raised official short-term rates four times. Optimism was slashed, however, as elevated tensions between the United States and China, political gridlock in Washington and a growing fear of a risk to recession in the U.S. fueled a significant sell-off in equities and, in turn, fed a flight to quality that benefited the U.S. Treasury market. Meanwhile, non-government sectors struggled to keep pace with the rebound in U.S. Treasuries in the fourth quarter.

Security selection among investment grade corporate bonds, commercial mortgage-backed securities (“CMBS”), agency mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) all contributed to returns. Among investment

	Top Ten Holdings as of December 31, 2018* (as a percentage of net assets)

	Voya Investment Grade Credit Fund - Class P			3.9%
	Voya Emerging Markets Hard Currency Debt Fund - Class P			3.7%
	Voya Securitized Credit Fund - Class P			3.1%
	Voya High Yield Bond Fund - Class P			3.0%
	Voya Emerging Markets Corporate Debt Fund - Class P			2.5%
	United States Treasury Bond, 3.000%, 08/15/48			1.9%
	Ginnie Mae, 3.500%, 10/20/41			1.9%
	Voya Emerging Markets Local Currency Debt Fund - Class P			1.5%
	United States Treasury Note, 3.125%, 11/15/28			1.1%
	Fannie Mae, 3.500%, 08/01/46			1.0%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

grade corporates, selection was aided by our strategy to favor short/intermediate term corporate bonds over longer maturities. Adding to relative results were our selection of higher-yielding non-agency CMBS opportunities, and in agency MBS our selection of agency collateralized mortgage obligations. Within our ABS allocation, investments in higher-yield CLOs also contributed modestly.

Sector allocation, particularly in the final three months of 2018, detracted from performance as “spread” markets meaningfully underperformed U.S. Treasuries in a flight to quality. (Spread assets are debt instruments that typically are priced in terms of their yield differential, or spread, to comparable maturity U.S. Treasury securities.) During the period, the Portfolio’s allocations of investment grade and high yield corporate bonds were overweight compared to the benchmark; those overweight positions detracted from results as corporate bonds underperformed. By contrast, more defensive security positioning helped to offset some of this underperformance: allocations to the generally lower risk ABS sector partially offset the detraction from corporate credit allocations. The Portfolio’s holdings of non-agency residential mortgage-backed securities (“RMBS”) and credit risk transfer securities (“CRTs”) further contributed to performance in 2018.

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

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Portfolio Managers’ Report

Voya Intermediate Bond Portfolio

Current Strategy and Outlook: With headlines painting the yield curve inversion as a precursor of economic doom, it is important for investors to remember that an inverted yield curve represents fear of a recession, we believe it does not cause a recession. While we see a deceleration in U.S. growth towards trend, we believe investment and improved productivity will support a modestly higher level of potential growth and limit inflationary risks. Meanwhile, we believe a more data-dependent Fed will take a break from its rate hikes, supported by limited inflation, a decelerating U.S. economy, elevated global trade tensions and U.S. political gridlock feeding market fears and volatility.

In our view, the repricing of corporate credit markets in late 2018 offers compelling entry points for investment grade and high yield corporate bonds. Overall, we believe the outlook for investment grade credit remains attractive with earnings reinforcing a supportive fundamental picture. We believe technical factors — including new corporate bond issuance — are likely to dominate near-term investment grade spread moves. Meanwhile, corporate high yield began 2019 with a market yield nearing 8%. With a pause from the Fed expected on the horizon, coupled with continued low default rates, these levels look attractive. We believe positive technical factors and improved valuations should lead to near-term outperformance.

In our opinion, securitized sectors continue to offer opportunity, especially in an environment of a slower Fed. We believe Agency MBS fundamentals remain solid with subdued prepays, while the Fed’s transparency in monetary policy and balance sheet normalization has helped the market adjust to the additional supply. We believe that a lack of Fed demand for agency MBS could impair the performance for “current” lower coupon mortgages, while slower prepays should provide a buffer for higher premium coupons.

In non-agency RMBS, we are positive but moderating our outlook given shifting valuations across the fixed income landscape. For legacy product, the opportunity set continues to dwindle, which has led some investors to hoard their investments. We expect stout technical factors and strong credit performance to remain well bid. Meanwhile, CRTS, relative value has improved somewhat and demand remains firm for this floating-rate asset class. We look for CMBS to perform well into the start of 2019, with relatively firm investor interest, a manageable new issue pipeline and supportive fundamentals. Overall, we are neutral on collateralized loan obligations (“CLOs”), preferring higher quality tranches. CLOs have been subjected to a wave of negative headwinds, from supply concerns to looser lending standards to investor outflow from senior bank loans, the underlying collateral to CLOs. Current valuations and the structural support offers select opportunities, while insurance companies and institutional asset managers are likely to provide an offset to retail worries, in our view.

The repricing of credit markets across the corporate and securitized spectrum in late 2018 against a backdrop of a moderating Fed and more benign economic outlook compels us to seek out opportunities on market weakness in non-government sectors with a bias towards liquidity. We believe markets will overshoot as investors overestimate downside risks and believe this will provide opportunities as a more benign scenario plays out in the year ahead.

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-1.08%		2.67%		4.81%		—
Class I		-0.54%		3.18%		5.35%		—
Class S		-0.82%		2.94%		5.10%		—
Class S2		-0.98%		2.76%		—		5.34%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%		3.67%

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

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

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

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Small Company Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Financials			21.7%
	Industrials			16.6%
	Information Technology			15.6%
	Health Care			11.8%
	Consumer Discretionary			8.2%
	Real Estate			7.7%
	Utilities			4.2%
	Materials			3.9%
	Energy			2.4%
	Consumer Staples			2.2%
	Communication Services			1.6%
	Exchange-Traded Funds			1.5%
	Assets in Excess of Other Liabilities*			2.6%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

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

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -15.84% compared to the Russell 2000® Index, which returned -11.01% for the same period.

Portfolio Specifics: For the reporting period ended December 31, 2018, the Portfolio underperformed the Russell 2000® Index. The lag was due to negative security selection effects, despite a partial offset from positive asset allocation effects. On the sector level, stock selection within the consumer services and retail sectors had the largest negative impact on relative performance. Key detractors included overweight positions in Forum Energy Technologies, Inc., Camping World Holdings, Inc. and Marriott Vacations Worldwide Corporation. By contrast, the healthcare equipment and services, and consumer durables, sectors exerted the largest positive impact on performance. At the individual stock level, key contributors included overweight positions in Amedisys, Inc., Electro Scientific Industries, Inc. and Americold Realty Trust. The Portfolio’s allocation to cash, although within typical range, also contributed favorably to relative performance in a period of declining stock prices.

Current Strategy and Outlook: We continue to monitor changes occurring globally, actions at central banks and overall economic data. Our Portfolio positioning has not changed significantly. We seek to remain nimble and continue to focus on

	Top Ten Holdings as of December 31, 2018* (as a percentage of net assets)

	iShares Russell 2000 ETF			1.5%
	j2 Global, Inc.			1.4%
	Cousins Properties, Inc.			1.3%
	ACI Worldwide, Inc.			1.3%
	Idacorp, Inc.			1.3%
	CACI International, Inc.			1.2%
	First Industrial Realty Trust, Inc.			1.2%
	Woodward, Inc.			1.2%
	Barnes Group, Inc.			1.2%
	Selective Insurance Group			1.1%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

quality companies, such as those that, in our opinion, have strong managements, solid balance sheets and good cash flow generation capabilities. Going forward, we believe the Portfolio is well positioned, as we believe that investors will continue to focus on companies’ fundamentals due to ongoing economic uncertainty.

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Voya Small Company Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year
Class ADV		-16.22%		3.75%		11.09%
Class I		-15.84%		4.27%		11.64%
Class R6(1)		-15.85%		4.27%		11.64%
Class S		-16.05%		4.01%		11.37%
Russell 2000® Index		-11.01%		4.41%		11.97%

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

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

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy.

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

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

(1)

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

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2018 to December 31, 2018. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*			Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*
Voya Balanced Portfolio
Class I		$	1,000.00		$	940.00		0.67%		$	3.28		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class S			1,000.00			939.00		0.92			4.50			1,000.00			1,020.57		0.92			4.69
Voya Global Equity Portfolio
Class ADV		$	1,000.00		$	924.40		1.11%		$	5.38		$	1,000.00		$	1,019.61		1.11%		$	5.65
Class I			1,000.00			926.10		0.61			2.96			1,000.00			1,022.13		0.61			3.11
Class S			1,000.00			925.00		0.86			4.17			1,000.00			1,020.87		0.86			4.38
Class S2			1,000.00			924.30		1.01			4.90			1,000.00			1,020.11		1.01			5.14
Class T			1,000.00			923.40		1.21			5.87			1,000.00			1,019.11		1.21			6.16
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,009.10		0.34%		$	1.72		$	1,000.00		$	1,023.49		0.34%		$	1.73
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	943.50		1.03%		$	5.05		$	1,000.00		$	1,020.01		1.03%		$	5.24
Class I			1,000.00			945.60		0.58			2.84			1,000.00			1,022.28		0.58			2.96
Class S			1,000.00			944.40		0.83			4.07			1,000.00			1,021.02		0.83			4.23
Class S2			1,000.00			944.00		0.98			4.80			1,000.00			1,020.27		0.98			4.99

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*			Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	1,010.60		1.03%		$	5.22		$	1,000.00		$	1,020.01		1.03%		$	5.24
Class I			1,000.00			1,013.20		0.53			2.69			1,000.00			1,022.53		0.53			2.70
Class S			1,000.00			1,011.90		0.78			3.96			1,000.00			1,021.27		0.78			3.97
Class S2			1,000.00			1,011.10		0.93			4.71			1,000.00			1,020.52		0.93			4.74
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	814.20		1.39%		$	6.36		$	1,000.00		$	1,018.20		1.39%		$	7.07
Class I			1,000.00			816.10		0.89			4.07			1,000.00			1,020.72		0.89			4.53
Class R6			1,000.00			815.60		0.89			4.07			1,000.00			1,020.72		0.89			4.53
Class S			1,000.00			815.10		1.14			5.22			1,000.00			1,019.46		1.14			5.80

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

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio, Voya Global Equity Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, and Voya Small Company Portfolio, (the Funds), each a series of Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio and Voya Variable Portfolios, Inc., respectively, including the summary portfolios and portfolio of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements), and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts
February 22, 2019

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	321,152,231		$	549,612,967		$	—
Investments in affiliates at fair value**			12,076,017			—			—
Short-term investments at fair value***			35,593,041			10,232,651			—
Repurchase agreements			—			—			140,218,000
Short-term investments at amortized cost			—			—			371,297,417
Cash			101,890			273,096			28,965
Cash collateral for futures			3,207,538			—			—
Cash pledged for centrally cleared swaps (Note 2)			442,000			—			—
Foreign currencies at value****			90,688			2,250			—
Receivables:
Investment securities sold			2,840			82,397			91,883,062
Investment securities sold on a delayed-delivery or when-issued basis			2,133,328			—			—
Fund shares sold			64,860			2,103,727			393
Dividends			202,202			1,534,539			4,071
Interest			589,644			—			333,976
Foreign tax reclaims			147,857			1,358,413			—
Unrealized appreciation on forward foreign currency contracts			47,012			—			—
Unrealized appreciation on forward premium swaptions			69,463			—			—
Prepaid expenses			1,992			3,271			2,011
Reimbursement due from manager			—			6,615			—
Other assets			52,100			48,077			130,874
Total assets			375,974,703			565,258,003			603,898,769
LIABILITIES:
Payable for investment securities purchased			2,247,013			82,496			139,748,671
Payable for investment securities purchased on a delayed-delivery or when-issued basis			9,520,331			—			—
Payable for fund shares redeemed			19,297			33,815			640,357
Payable for foreign cash collateral for futures*****			25			—			—
Payable upon receipt of securities loaned			13,293,576			9,339,651			—
Unrealized depreciation on forward foreign currency contracts			55,402			—			—
Variation margin payable on centrally cleared swaps			7,865			—			—
Payable for investment management fees			180,557			268,231			117,611
Payable for distribution and shareholder service fees			584			104,863			—
Payable for directors/trustees fees			1,996			3,256			2,165
Payable to directors/trustees under the deferred compensation plan (Note 6)			52,100			48,077			130,874	��
Other accrued expenses and liabilities			115,337			207,473			67,778
Total liabilities			25,494,083			10,087,862			140,707,456
NET ASSETS		$	350,480,620		$	555,170,141		$	463,191,313
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	343,865,773		$	578,092,980		$	463,322,165
Total distributable earnings (loss)			6,614,847			(22,922,839)			(130,852)
NET ASSETS		$	350,480,620		$	555,170,141		$	463,191,313
+ Including securities loaned at value		$	12,896,128		$	8,876,184		$	—
* Cost of investments in securities		$	336,544,188		$	600,932,815		$	—
** Cost of investments in affiliates		$	12,738,492		$	—		$	—
*** Cost of short-term investments		$	35,593,041		$	10,232,651		$	—
**** Cost of foreign currencies		$	93,413		$	2,285		$	—
***** Cost of payable for foreign cash collateral for futures		$	25		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018 (continued)

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	15,225,167			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,580,986			n/a
Net asset value and redemption price per share			n/a		$	9.63			n/a
Class I
Net assets		$	347,787,820		$	132,479,869		$	463,191,313
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			24,666,307			13,768,494			463,063,992
Net asset value and redemption price per share		$	14.10		$	9.62		$	1.00
Class S
Net assets		$	2,692,800		$	375,359,003			n/a
Shares authorized			500,000,000			300,000,000			n/a
Par value		$	0.001		$	0.001			n/a
Shares outstanding			192,116			38,848,979			n/a
Net asset value and redemption price per share		$	14.02		$	9.66			n/a
Class S2
Net assets			n/a		$	272,728			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			28,574			n/a
Net asset value and redemption price per share			n/a		$	9.54			n/a
Class T
Net assets			n/a		$	31,833,374			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			3,318,015			n/a
Net asset value and redemption price per share			n/a		$	9.59			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	2,853,223,889		$	3,027,480,309		$	514,081,592
Investments in affiliates at fair value**			—			650,206,822			—
Short-term investments at fair value***			52,949,945			118,231,980			24,879,398
Cash			898,700			911,277			188,252
Cash collateral for futures			—			4,275,754			—
Cash pledged for centrally cleared swaps (Note 2)			—			11,516,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			530,000			—
Foreign currencies at value****			—			77			—
Receivables:
Investment securities sold			—			31,246			2,227,885
Investment securities sold on a delayed-delivery or when-issued basis			—			98,364,696			—
Fund shares sold			650,746			44,669			8,734,223
Dividends			3,798,437			12,443			557,743
Interest			—			20,601,594			—
Unrealized appreciation on forward foreign currency contracts			—			1,867,886			—
Unrealized appreciation on forward premium swaptions			—			2,843,470			—
Prepaid expenses			16,166			18,498			3,422
Other assets			247,415			375,948			45,236
Total assets			2,911,785,298			3,937,312,669			550,717,751
LIABILITIES:
Income distribution payable			—			1,366			—
Payable for investment securities purchased			—			15,623,292			13,032,182
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			258,997,555			—
Payable for fund shares redeemed			1,174,308			42,017,260			125,048
Payable upon receipt of securities loaned			28,857,945			81,871,346			9,311,398
Unrealized depreciation on forward foreign currency contracts			—			2,154,017			—
Variation margin payable on centrally cleared swaps			—			120,828			—
Cash received as collateral for OTC derivatives (Note 2)			—			2,749,000			—
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			—			1,686,360			—
Payable for investment management fees			1,393,465			1,513,945			391,519
Payable for distribution and shareholder service fees			422,256			607,086			20,520
Payable for directors/trustees fees			16,530			18,864			3,332
Payable to directors/trustees under the deferred compensation plan (Note 6)			247,415			375,948			45,236
Other accrued expenses and liabilities			334,123			601,838			88,445
Total liabilities			32,446,042			408,338,705			23,017,680
NET ASSETS		$	2,879,339,256		$	3,528,973,964		$	527,700,071
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,542,727,462		$	3,662,379,199		$	532,098,800
Total distributable earnings (loss)			336,611,794			(133,405,235)			(4,398,729)
NET ASSETS		$	2,879,339,256		$	3,528,973,964		$	527,700,071
+ Including securities loaned at value		$	28,166,705		$	80,122,727		$	9,065,342
* Cost of investments in securities		$	2,617,796,517		$	3,057,113,313		$	582,024,771
** Cost of investments in affiliates		$	—		$	699,183,304		$	—
*** Cost of short-term investments		$	52,949,945		$	118,230,540		$	24,879,398
**** Cost of foreign currencies		$	—		$	83		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018 (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	824,943,085		$	265,203,776		$	6,341,558
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			33,776,854			21,734,559			426,880
Net asset value and redemption price per share		$	24.42		$	12.20		$	14.86
Class I
Net assets		$	1,602,431,868		$	986,608,140		$	435,018,927
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			64,583,549			79,993,792			27,627,584
Net asset value and redemption price per share		$	24.81		$	12.33		$	15.75
Class R6
Net assets			n/a			n/a		$	6,114,786
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			388,200
Net asset value and redemption price per share			n/a			n/a		$	15.75
Class S
Net assets		$	451,557,308		$	2,255,122,440		$	80,224,800
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			18,477,722			184,085,234			5,244,624
Net asset value and redemption price per share		$	24.44		$	12.25		$	15.30
Class S2
Net assets		$	406,995		$	22,039,608			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			16,870			1,805,862			n/a
Net asset value and redemption price per share		$	24.13		$	12.20			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

	Voya Balanced Portfolio			Voya Global Equity Portfolio			Voya Government Money Market Portfolio			Voya Growth and Income Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	6,711,771		$	20,897,253		$	15,160		$	76,040,427
Interest, net of foreign taxes withheld*			3,428,254			5,649			8,120,717			168,777
Dividends from affiliated underlying funds			1,226,548			—			—			—
Securities lending income, net			80,855			120,718			—			558,105
Other			6,552			37,381			—			60,512
Total investment income			11,453,980			21,061,001			8,135,877			76,827,821
EXPENSES:
Investment management fees			2,394,622			3,601,340			1,516,089			19,836,729
Distribution and shareholder service fees:
Class ADV			—			90,890			—			4,761,285
Class S			7,949			1,106,699			113			1,314,635
Class S2			—			1,361			—			1,720
Class T			—			278,192			—			—
Transfer agent fees			564			1,400			679			9,398
Shareholder reporting expense			33,290			59,904			38,549			194,350
Professional fees			29,820			55,240			27,775			134,190
Custody and accounting expense			176,516			183,424			47,450			326,755
Directors/trustees fees			15,964			26,048			17,324			132,245
License fee			8,559			—			—			—
Transition cost (Note 6)			—			62,000			—			—
Miscellaneous expense			22,677			37,138			21,919			107,225
Interest expense			1,116			2,997			3,373			701
Total expenses			2,691,077			5,506,633			1,673,271			26,819,233
Waived and reimbursed fees			—			(139,305)			(194,976)			(1,963,921)
Net expenses			2,691,077			5,367,328			1,478,295			24,855,312
Net investment income			8,762,903			15,693,673			6,657,582			51,972,509
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (Note 6)			18,339,413			97,493,352			81,704			300,209,924
Sale of affiliated underlying funds			(247,323)			—			—			—
Forward foreign currency contracts			249,626			—			—			—
Foreign currency related transactions			(10,925)			(61,052)			—			—
Futures (Note 6)			(1,575,252)			1,119,873			—			—
Swaps			180,082			—			—			—
Net realized gain			16,935,621			98,552,173			81,704			300,209,924
Net change in unrealized appreciation (depreciation) on:
Investments (Note 6)			(49,282,624)			(168,199,118)			—			(482,083,171)
Affiliated underlying funds			(938,280)			—			—			—
Forward foreign currency contracts			707			—			—			—
Foreign currency related transactions			(10,732)			(54,155)			—			—
Futures			(848,254)			(1,063,402)			—			—
Swaps			(91,884)			—			—			—
Net change in unrealized appreciation (depreciation)			(51,171,067)			(169,316,675)			—			(482,083,171)
Net realized and unrealized gain (loss)			(34,235,446)			(70,764,502)			81,704			(181,873,247)
Increase (decrease) in net assets resulting from operations		$	(25,472,543)		$	(55,070,829)		$	6,739,286		$	(129,900,738)
* Foreign taxes withheld		$	165,214		$	1,209,677		$	—		$	712,715

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

	Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	226,283		$	7,742,319
Interest, net of foreign taxes withheld*			116,701,225			909
Dividends from affiliated underlying funds			32,730,345			—
Securities lending income, net			606,988			197,622
Other			3,005			92,414
Total investment income			150,267,846			8,033,264
EXPENSES:
Investment management fees			18,863,470			5,664,649
Distribution and shareholder service fees:
Class ADV			1,451,523			38,594
Class S			6,045,256			256,960
Class S2			91,874			—
Transfer agent fees			6,338			1,454
Shareholder reporting expense			260,245			53,120
Professional fees			189,930			51,057
Custody and accounting expense			511,361			90,950
Directors/trustees fees			150,912			26,657
Miscellaneous expense			152,741			40,305
Interest expense			4,334			15,308
Total expenses			27,727,984			6,239,054
Waived and reimbursed fees			(50,053)			—
Net expenses			27,677,931			6,239,054
Net investment income			122,589,915			1,794,210
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(48,401,173)			63,492,935
Sale of affiliated underlying funds			(3,860,448)			—
Capital gain distributions from affiliated underlying funds			665,103			—
Forward foreign currency contracts			9,494,057			—
Foreign currency related transactions			(533,177)			—
Futures			(9,260,401)			—
Swaps			5,124,286			—
Net realized gain (loss)			(46,771,753)			63,492,935
Net change in unrealized appreciation (depreciation) on:
Investments			(68,636,174)			(163,071,636)
Affiliated underlying funds			(45,102,622)			—
Forward foreign currency contracts			434,505			—
Foreign currency related transactions			3,317			—
Futures			5,948,638			—
Swaps			(3,048,189)			—
Net change in unrealized appreciation (depreciation)			(110,400,525)			(163,071,636)
Net realized and unrealized loss			(157,172,278)			(99,578,701)
Decrease in net assets resulting from operations		$	(34,582,363)		$	(97,784,491)
* Foreign taxes withheld		$	12,860		$	873

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global Equity Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	8,762,903		$	8,573,681		$	15,693,673		$	12,037,939
Net realized gain			16,935,621			31,617,977			98,552,173			60,640,114
Net change in unrealized appreciation (depreciation)			(51,171,067)			18,239,196			(169,316,675)			76,872,082
Increase (decrease) in net assets resulting from operations			(25,472,543)			58,430,854			(55,070,829)			149,550,135
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			—			—			(678,675)			(370,586)
Class I			(38,219,666)			(10,867,103)			(7,921,491)			(3,602,681)
Class S			(289,441)			(87,514)			(19,537,870)			(10,272,423)
Class S2			—			—			(13,091)			(8,101)
Class T			—			—			(1,273,805)			(720,568)
Total distributions			(38,509,107)			(10,954,617)			(29,424,932)			(14,974,359)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			19,110,433			6,144,073			8,257,608			12,033,042
Reinvestment of distributions			38,509,107			10,954,617			29,424,932			14,974,359
			57,619,540			17,098,690			37,682,540			27,007,401
Cost of shares redeemed			(71,719,538)			(57,127,098)			(101,268,523)			(156,158,099)
Net decrease in net assets resulting from capital share transactions			(14,099,998)			(40,028,408)			(63,585,983)			(129,150,698)
Net increase (decrease) in net assets			(78,081,648)			7,447,829			(148,081,744)			5,425,078
NET ASSETS:
Beginning of year or period			428,562,268			421,114,439			703,251,885			697,826,807
End of year or period		$	350,480,620		$	428,562,268		$	555,170,141		$	703,251,885

(1) Certain prior period amounts have been reclassified to conform to the current year presentation (Note 14).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	6,657,582		$	2,683,133		$	51,972,509		$	51,914,349
Net realized gain			81,704			100,629			300,209,924			452,172,876
Net change in unrealized appreciation (depreciation)			—			—			(482,083,171)			136,328,667
Increase (decrease) in net assets resulting from operations			6,739,286			2,783,762			(129,900,738)			640,415,892
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			—			—			(99,614,503)			(126,119,965)
Class I			(6,729,717)			(2,783,500)			(197,263,266)			(240,438,169)
Class S			(591)			(218)			(55,646,599)			(70,631,483)
Class S2			—			—			(48,307)			(51,609)
Total distributions			(6,730,308)			(2,783,768)			(352,572,675)			(437,241,226)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			116,264,254			62,022,014			14,502,562			24,739,915
Reinvestment of distributions			6,730,039			2,783,764			352,351,607			436,956,279
			122,994,293			64,805,778			366,854,169			461,696,194
Cost of shares redeemed			(98,447,467)			(130,827,430)			(478,362,629)			(643,283,459)
Net increase (decrease) in net assets resulting from capital share transactions			24,546,826			(66,021,652)			(111,508,460)			(181,587,265)
Net increase (decrease) in net assets			24,555,804			(66,021,658)			(593,981,873)			21,587,401
NET ASSETS:
Beginning of year or period			438,635,509			504,657,167			3,473,321,129			3,451,733,728
End of year or period		$	463,191,313		$	438,635,509		$	2,879,339,256		$	3,473,321,129

(1) Certain prior period amounts have been reclassified to conform to the current year presentation (Note 14).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	122,589,915		$	125,405,123		$	1,794,210		$	3,115,702
Net realized gain (loss)			(46,771,753)			36,560,294			63,492,935			100,396,816
Net change in unrealized appreciation (depreciation)			(110,400,525)			38,246,665			(163,071,636)			(27,255,603)
Increase (decrease) in net assets resulting from operations			(34,582,363)			200,212,082			(97,784,491)			76,256,915
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			(9,119,081)			(8,924,236)			(1,214,551)			(668,667)
Class I			(37,979,967)			(38,341,421)			(83,024,164)			(63,838,068)
Class R6			—			—			(1,074,401)			(447,197)
Class S			(82,137,787)			(85,370,560)			(15,968,030)			(13,566,861)
Class S2			(747,515)			(722,379)			—			—
Total distributions			(129,984,350)			(133,358,596)			(101,281,146)			(78,520,793)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			105,606,814			125,803,650			61,001,640			109,590,170
Reinvestment of distributions			129,976,588			133,354,061			101,281,146			78,520,793
			235,583,402			259,157,711			162,282,786			188,110,963
Cost of shares redeemed			(584,311,413)			(682,116,403)			(168,560,259)			(143,931,177)
Net increase (decrease) in net assets resulting from capital share transactions			(348,728,011)			(422,958,692)			(6,277,473)			44,179,786
Net increase (decrease) in net assets			(513,294,724)			(356,105,206)			(205,343,110)			41,915,908
NET ASSETS:
Beginning of year or period			4,042,268,688			4,398,373,894			733,043,181			691,127,273
End of year or period		$	3,528,973,964		$	4,042,268,688		$	527,700,071		$	733,043,181

(1) Certain prior period amounts have been reclassified to conform to the current year presentation (Note 14).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced Portfolio
Class I
12-31-18		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
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
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
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13		23.73		0.60		0.60		0.60		1.91		162,746		60
12-31-16		8.94		0.21•		0.31		0.52		0.25		—		—		0.25		—		9.21		6.00		0.60		0.60		0.60		2.36		150,824		101
03-05-15(5) - 12-31-15		9.63		0.22•		(0.85)		(0.63)		0.06		—		—		0.06		—		8.94		(6.64)(b)		0.61		0.61		0.61		2.78		165,749		83
Class S
12-31-18		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
Class S2
12-31-18		10.95		0.23•		(1.20)		(0.97)		0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95		23.29		1.00		1.00		1.00		1.46		422		60
12-31-16		8.80		0.18		0.30		0.48		0.21		—		—		0.21		—		9.07		5.64		1.03		1.00		1.00		1.98		278		101
03-05-15(5) - 12-31-15		9.52		0.14•		(0.80)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.11		1.01		1.01		1.86		288		83

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Equity Portfolio (continued)
Class T
12-31-18		10.96		0.22•		(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
12-31-17		9.07		0.13•		1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
12-31-16		8.80		0.16•		0.30		0.46		0.19		—		—		0.19		—		9.07		5.41		1.35		1.20		1.20		1.79		41,291		101
03-05-15(5) - 12-31-15		9.52		0.17•		(0.83)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.36		1.21		1.21		2.21		53,997		83
Voya Government Money Market Portfolio
Class I
12-31-18		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
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
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
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
Class S2
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

				Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period			Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)			($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Intermediate Bond Portfolio
Class ADV
12-31-18		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
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
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
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
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
Class I
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Small Company Portfolio (continued)
Class R6
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
12-31-16		19.74		0.10•		4.28		4.38		0.09		1.90		—		1.99		—		22.13		24.49		0.88		0.83		0.83		0.50		2,694		71
11-24-15(5) - 12-31-15		20.56		0.02•		(0.84)		(0.82)		—		—		—		—		—		19.74		(3.99)		0.89		0.84		0.84		0.99		3		45
Class S
12-31-18		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, Voya Global Equity Portfolio’s total return 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, Voya Global Equity Portfolio’s total return would have been (2.96)%, (6.85)%, (2.69)%, (7.14)% and (7.25)% for Classes ADV, I, S, S2 and T, respectively.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included following the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between levels of the Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.

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

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

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

(1)

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

(2)

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on a Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

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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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intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

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

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

As of December 31, 2018, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $116,475 and $4,711,356, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts and forward premium swaptions were they to be unwound as of December 31, 2018. At December 31, 2018, Intermediate Bond had received $2,749,000 in cash collateral from counterparties for open OTC derivatives.

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

As of December 31, 2018, Balanced and Intermediate Bond had a liability position of $55,402 and $2,154,017, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2018, these Portfolios could have been required to pay these amounts in cash to their counterparties. At December 31, 2018, Intermediate Bond had pledged $530,000 in cash collateral to counterparties for open OTC derivatives.

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

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

During the year ended December 31, 2018, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	1,395,293		$	3,375,262
Intermediate Bond			53,569,993			123,717,297

The above Portfolios entered into forward foreign currency contracts to protect their non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables following each respective Portfolio of Investments for open forward foreign currency contracts at December 31, 2018.

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

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2018, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes. Balanced and Intermediate Bond purchased and sold futures on bonds and notes as part of their duration management. Balanced and Global Equity entered into equity futures to “equitize” cash. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2018, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	51,696,276		$	17,886,442
Global Equity			26,567,800			—
Intermediate Bond			616,147,401			371,830,067

Please refer to the tables following each respective Portfolio of Investments for the above Portfolios’ open futures contracts at December 31, 2018. There were no open futures contracts for Global Equity at December 31, 2018.

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

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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 year ended December 31, 2018, Balanced and Intermediate Bond had purchased forward premium swaptions to manage duration and yield curve exposures. Please refer to the tables following the Portfolios of investments for open purchased forward premium swaptions at December 31, 2018.

Please refer to Note 11 for the volume of purchased option activity during the year ended December 31, 2018.

G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio distributes capital gains, if any, annually. Balanced and Small Company declare and pay dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global Equity declares and pays dividends, if any, quarterly. Prior to May 1, 2018, Global Equity declared and paid dividends, if any, annually. The Portfolios may make distributions on a more frequent

basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

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

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permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table following the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at December 31, 2018.

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

L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The

price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

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

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 2018, Intermediate Bond had received $1,686,360 in cash collateral for open when-issued or delayed-delivery transactions.

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

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transactions as purchases and sales. For fee based roll transactions, the fee is recorded as income.

O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio’s Portfolio of Investments.

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

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial

margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

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

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

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

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

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

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations,

upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the year ended December 31, 2018, Balanced and Intermediate Bond had bought and sold credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced and Intermediate Bond used CDX swaps to gain additional exposure with various sectors of the credit market and to hedge the credit risk associated with various sectors within the credit market. Balanced and Intermediate Bond also sold credit protection on single name issuers (Corporate or Sovereign) to gain additional exposure to the credit market. Please refer to the tables following the Portfolio of Investments for Balanced and Intermediate Bond for open credit default swaps to buy and sell protection at December 31, 2018.

For the year ended December 31, 2018, Balanced had an average notional amount of $3,071,164 on credit default swaps to buy protection and an average notional amount of $4,796,000 on credit default swaps to sell protection. For the year ended December 31, 2018, Intermediate Bond had an average notional amount of $109,907,897 on credit default swaps to buy protection and an average notional amount of $124,700,000 on credit default swaps to sell protection.

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

For the year ended December 31, 2018, 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 $5,740,000 and $457,818,000, respectively.

For the year ended December 31, 2018, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a fixed interest rate and receive a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on Short interest rate swaps were $12,854,200 and $614,587,000, respectively.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the table following each respective Portfolio of Investments for Balanced and Intermediate Bond for open interest rate swaps at December 31, 2018.

At December 31, 2018, Balanced and Intermediate Bond had pledged $442,000 and $11,516,000, 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 year ended December 31, 2018, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

	Purchases			Sales
Balanced		$	369,143,556		$	405,729,699
Global Equity			936,735,123			986,943,834
Growth and Income			2,732,026,205			3,090,946,775
Intermediate Bond			1,056,750,554			1,145,304,460
Small Company			623,676,147			725,800,114

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

	Purchases			Sales
Balanced		$	327,911,376		$	325,618,398
Intermediate Bond			6,527,797,400			6,599,727,986

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement

compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

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

(1)

The Investment Adviser is contractually obligated to waive a portion of the management fee equal to 0.045% on the first $5 billion and 0.070% thereafter of the Portfolio’s average daily net assets. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into sub-advisory agreements with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with each Portfolio’s investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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 year ended December 31, 2018, there were no waivers for the Portfolio to maintain a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any.

As of December 31, 2018, amounts of waived fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

	December 31,
	2019			2020			2021			Total
Government Money Market		$	5,312		$	—		$	—		$	5,312

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

For the year ended December 31, 2018, Global Equity incurred $62,000 of costs associated with the transition to the Portfolio’s principal investment strategies, portfolio managers, dividend distribution frequency and expense limits. The Investment Adviser reimbursed the Portfolio for these costs.

For the year ended December 31, 2018, the Investment Adviser made a payment of $730,351 to reimburse Global Equity for trading costs and other transition related costs associated with the changes to the Portfolio’s principal investment strategies. Of the $730,351 payment, $247,202 was recorded as Net Realized Gain (Loss) on Investments in the accompanying Statement of Operations, $271,165 was recorded as Net Realized Gain (Loss) on Futures in the accompanying Statement of Operations and $211,984 was recorded against the cost basis of the securities purchased.

At December 31, 2018, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc., affiliated investment company or other related/affiliated party owned more than 5% of the following Portfolios:

Entity	Portfolio	Percentage
Voya Institutional Trust Company	Government Money Market		8.66%
	Intermediate Bond		9.51
	Small Company		10.81
Voya Insurance and Annuity Company	Global Equity		66.28
	Growth and Income		40.98
	Intermediate Bond		60.76
	Small Company		12.64
Voya Retirement Insurance and Annuity Company	Balanced		88.08
	Global Equity		21.71
	Government Money Market		88.93
	Growth and Income		52.32

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

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

Entity	Portfolio	Percentage
	Intermediate Bond		24.79
	Small Company		50.56
Voya Solution Moderately Aggressive Portfolio	Small Company		6.33

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

The Investment Adviser may direct the Portfolios’ Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

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

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At December 31, 2018, the following Portfolio had the following payables included in Other Accrued Expenses and Liabilities of the Statement of Assets and Liabilities that exceeded 5% of total liabilities:

Portfolio	Accrued Expenses	Amount
Global Equity	Custody		$	85,882
	Transition cost			61,911

NOTE 8 — LICENSING FEE

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

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

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

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

Pursuant to a side letter agreement through May 1, 2019, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

Portfolio			Class ADV						Class I						Class S						Class S2						Class T
Global Equity(1)					1.10%						0.60%						0.85%						1.00%						1.20%

(1)

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

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

As of December 31, 2018, 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 below:

	December 31,
	2019			2020			2021			Total
Intermediate Bond		$	—		$	—		$	50,053		$	50,053

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)

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

NOTE 10 — LINE OF CREDIT

Effective May 18, 2018, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through May 17, 2019. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 18, 2018, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 18, 2018.

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

The following Portfolios utilized the line of credit during the year ended December 31, 2018:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Global Equity		16		$	2,038,375		3.12%
Intermediate Bond		3			2,612,333		2.64
Small Company		7			29,038,857		2.70

NOTE 11 — PURCHASED AND WRITTEN OPTIONS

Transactions in purchased forward premium swaptions for Balanced during the year ended December 31, 2018 were as follows:

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

Transactions in purchased forward premium swaptions for Intermediate Bond during the year ended December 31, 2018 were as follows:

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

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
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)
12/31/2017		353,588		—		703,828		(3,536,426)		(2,479,010)		5,551,153		—		10,867,103		(55,854,629)		(39,436,373)
Class S
12/31/2018		1,699		—		19,105		(43,317)		(22,513)		26,386		—		289,441		(684,572)		(368,745)
12/31/2017		37,660		—		5,694		(80,542)		(37,188)		592,920		—		87,514		(1,272,469)		(592,035)
Global Equity
Class ADV
12/31/2018		44,554		—		62,851		(304,817)		(197,412)		470,027		—		678,675		(3,279,330)		(2,130,628)
12/31/2017		29,397		—		37,245		(468,169)		(401,527)		297,921		—		370,586		(4,706,714)		(4,038,207)
Class I
12/31/2018		261,347		—		739,818		(1,855,080)		(853,915)		2,781,443		—		7,921,491		(20,247,607)		(9,544,673)
12/31/2017		357,173		—		359,549		(2,472,669)		(1,755,947)		3,746,460		—		3,602,681		(25,164,373)		(17,815,232)
Class S
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)
12/31/2017		199,757		—		1,025,192		(10,754,683)		(9,529,734)		2,061,825		—		10,272,423		(109,818,624)		(97,484,376)
Class S2
12/31/2018		3,763		—		1,225		(14,948)		(9,960)		40,377		—		13,091		(161,475)		(108,007)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 12 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Global Equity (continued)
12/31/2017		13,872		—		820		(6,846)		7,846		138,857		—		8,101		(71,875)		75,083
Class T
12/31/2018		175,082		—		118,192		(583,205)		(289,931)		1,906,440		—		1,273,805		(6,278,731)		(3,098,486)
12/31/2017		574,000		—		72,785		(1,593,219)		(946,434)		5,787,979		—		720,568		(16,396,513)		(9,887,966)
Government Money Market
Class I
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
12/31/2017		62,019,236		—		2,783,547		(130,786,097)		(65,983,314)		62,019,235		—		2,783,547		(130,786,097)		(65,983,315)
Class S
12/31/2018		577,341		—		322		(621,733)		(44,070)		577,341		—		322		(621,733)		(44,070)
12/31/2017		2,779		—		217		(41,333)		(38,337)		2,779		—		217		(41,333)		(38,337)
Growth and Income
Class ADV
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)
12/31/2017		481,140		—		4,332,463		(8,613,013)		(3,799,410)		14,112,733		—		126,119,965		(259,034,403)		(118,801,705)
Class I
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)
12/31/2017		228,779		—		8,130,779		(7,269,067)		1,090,491		6,919,575		—		240,153,222		(221,389,322)		25,683,475
Class S
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)
12/31/2017		122,006		—		2,424,491		(5,427,934)		(2,881,437)		3,672,422		—		70,631,484		(162,795,310)		(88,491,404)
Class S2
12/31/2018		678		—		1,932		(137)		2,473		19,455		—		48,307		(3,876)		63,886
12/31/2017		1,188		—		1,791		(2,165)		814		35,185		—		51,608		(64,424)		22,369
Intermediate Bond
Class ADV
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)
12/31/2017		1,674,254		—		702,761		(2,769,383)		(392,368)		21,223,587		—		8,924,427		(35,130,726)		(4,982,712)
Class I
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)
12/31/2017		4,701,599		—		2,987,122		(13,551,357)		(5,862,636)		60,254,318		—		38,334,258		(173,617,322)		(75,028,746)
Class S
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)
12/31/2017		3,026,066		—		6,697,190		(36,721,454)		(26,998,198)		38,383,965		—		85,372,981		(467,195,239)		(343,438,293)
Class S2
12/31/2018		273,813		—		60,778		(543,827)		(209,236)		3,379,584		—		747,586		(6,730,628)		(2,603,458)
12/31/2017		467,281		—		56,884		(487,591)		36,574		5,941,780		—		722,395		(6,173,116)		491,059
Small Company
Class ADV
12/31/2018		93,822		—		66,734		(106,730)		53,826		1,728,493		—		1,214,551		(1,948,390)		994,654
12/31/2017		138,528		—		34,027		(104,357)		68,198		2,828,764		—		668,667		(2,179,147)		1,318,284
Class I
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)
12/31/2017		4,271,152		—		3,103,347		(4,422,213)		2,952,286		94,005,567		—		63,838,068		(94,507,724)		63,335,911
Class R6
12/31/2018		114,739		—		55,842		(67,395)		103,186		2,344,484		—		1,074,401		(1,301,750)		2,117,135
12/31/2017		213,873		—		21,729		(72,342)		163,260		4,622,329		—		447,197		(1,549,998)		3,519,528
Class S
12/31/2018		297,279		—		853,449		(1,112,733)		37,995		5,510,079		—		15,968,030		(21,715,135)		(237,026)
12/31/2017		376,316		—		675,283		(2,170,701)		(1,119,102)		8,133,510		—		13,566,861		(45,694,308)		(23,993,937)

NOTE 13 — SECURITIES LENDING

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 13 — SECURITIES LENDING (continued)

investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements.

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

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

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2018:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	201,852		$	(201,852)		$	—
Barclays Capital Inc.			32,765			(32,765)			—
Citigroup Global Markets Inc.			48,656			(48,656)			—
Daiwa Capital Markets America Inc.			10,083			(10,083)			—
Jefferies LLC			1,563,229			(1,563,229)			—
Morgan Stanley & Co. LLC			197,117			(197,117)			—
Scotia Capital (USA) INC			40,271			(40,271)			—
BMO Capital Markets Corp			21,023			(21,023)			—
Goldman, Sachs & Co. LLC			19,571			(19,571)			—
J.P. Morgan Securities LLC			27,302			(27,302)			—
Jefferies LLC			26,259			(26,259)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			17,430			(17,430)			—
Morgan Stanley & Co. LLC			1,745			(1,745)			—
National Bank Of Canada Financial Inc			3,391,762			(3,391,762)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Scotia Capital (USA) INC			93,848			(93,848)			—
Wells Fargo Bank NA			11,190			(11,190)			—
Wells Fargo Securities LLC			26,257			(26,257)			—
Barclays Capital Inc.			161,045			(161,045)			—
Industrial And Commercial Bank Of China			2,923,761			(2,923,761)			—
National Financial Services LLC			3,808,026			(3,808,026)			—
J.P. Morgan Securities LLC			272,936			(272,936)			—
Total		$	12,896,128		$	(12,896,128)		$	—

(1)

Collateral with a fair value of $13,293,576 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
Nomura Securities International, Inc.		$	2,661,019		$	(2,661,019)		$	—
SG Americas Securities, LLC			126,828			(126,828)			—
Scotia Capital (USA) INC			3,357,607			(3,357,607)			—
UBS AG			2,730,730			(2,730,730)			—
Total		$	8,876,184		$	(8,876,184)		$	—

(1)

Collateral with a fair value of $9,339,651 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
Citadel Securities LLC		$	4,792		$	(4,792)		$	—
Citigroup Global Markets Inc.			722,442			(722,442)			—
J.P. Morgan Securities LLC			26,864,431			(26,864,431)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			407,320			(407,320)			—
Natixis Securities America LLC			167,720			(167,720)			—
Total		$	28,166,705		$	(28,166,705)		$	—

(1)

Collateral with a fair value of $28,857,945 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Intermediate Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	2,609,549		$	(2,609,549)		$	—
Citigroup Global Markets Inc.			1,100,159			(1,100,159)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 13 — SECURITIES LENDING (continued)

Intermediate Bond (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Deutsche Bank Securities Inc.			187,505			(187,505)			—
Jefferies LLC			68,227,940			(68,227,940)			—
MUFG Securities Americas Inc.			3,316,443			(3,316,443)			—
SunTrust Robinson Humphrey, Inc			3,262,109			(3,262,109)			—
Scotia Capital (USA) INC			382,096			(382,096)			—
UBS AG			1,036,926			(1,036,926)			—
Total		$	80,122,727		$	(80,122,727)		$	—

(1)

Collateral with a fair value of $81,871,346 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
Citigroup Global Markets Inc.		$	30,321		$	(30,321)		$	—
Deutsche Bank Securities Inc.			72,001			(72,001)			—
Goldman, Sachs & Co. LLC			3,704,189			(3,704,189)			—
HSBC Bank PLC			1,306,044			(1,306,044)			—
Morgan Stanley & Co. LLC			713,938			(713,938)			—
National Financial Services LLC			18,926			(18,926)			—
Nomura Securities International, Inc.			935,985			(935,985)			—
RBC Dominion Securities Inc			561,180			(561,180)			—
Scotia Capital (USA) INC			1,722,758			(1,722,758)			—
Total		$	9,065,342		$	(9,065,342)		$	—

(1)

Collateral with a fair value of $9,311,398 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 14 — FEDERAL INCOME TAXES

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

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

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

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain
Balanced		$	17,574,924		$	20,934,183		$	10,954,617		$	—
Global Equity			28,894,555			530,377			14,974,359			—
Government Money Market			6,730,308			—			2,783,768			—
Growth and Income			110,032,441			242,540,234			139,807,817			297,433,409
Intermediate Bond			129,984,350			—			133,358,596			—
Small Company			17,759,580			83,521,566			9,980,023			68,540,770

The tax-basis components of distributable earnings as of December 31, 2018 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		$	8,842,508		$	14,751,078		$	(16,845,061)		$	—		—		—
Global Equity			—			28,647,945			(51,527,507)			—		—		—
Government Money Market			12,190			—			—			—		—		—
Growth and Income			672,931			102,708,132			233,784,622			—		—		—
Intermediate Bond			1,677,638			—			(88,805,316)			(26,172,893)	Short-term			None
												(19,771,674)	Long-term			None
											$	(45,944,567)
Small Company			17,611,663			56,991,646			(78,946,195)			—		—		—

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 14 — FEDERAL INCOME TAXES (continued)

As of December 31, 2018, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. The earliest tax year remains subject to examination by these jurisdictions is 2014.

Prior to the reclassification of distributions on the Statement of Changes in Net Assets, the characteristics of distributions for the year ended December 31, 2017 were as follows:

	Balanced			Global Equity			Government Money Market			Growth and Income			Intermediate Bond			Small Company
Distributions from net investment income:
Class ADV		$	—		$	(370,586)		$	—		$	(12,635,577)		$	(8,924,236)		$	—
Class I			(10,867,103)			(3,602,681)			(2,682,933)			(32,232,936)			(38,341,421)			(2,010,029)
Class R6			—			—			—			—			—			(14,076)
Class S			(87,514)			(10,272,423)			(206)			(8,093,161)			(85,370,560)			(160,821)
Class S2			—			(8,101)			—			(5,539)			(722,379)			—
Class T			—			(720,568)			—			—			—			—
		$	(10,954,617)		$	(14,974,359)		$	(2,683,139)		$	(52,967,213)		$	(133,358,596)		$	(2,184,926)
Distributions from net realized gains:
Class ADV		$	—		$	—		$	—		$	(113,484,388)		$	—		$	(668,667)
Class I			—			—			(100,617)			(208,205,233)			—			(61,828,039)
Class R6			—			—			—			—			—			(433,121)
Class S			—			—			(12)			(62,538,322)			—			(13,406,040)
Class S2			—			—			—			(46,070)			—			—
Class T			—			—			—			—			—			—
		$	—		$	—		$	(100,629)		$	(384,274,013)		$	—		$	(76,335,867)
Undistributed (distributions in excess of) net investment income or accumulated net investment loss at end of year		$	9,097,202		$	12,168,248		$	(139,830)		$	(541,335)		$	(1,371,433)		$	3,065,070

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 will be effective for interim and annual periods beginning after December 15, 2018.

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 December 31, 2018, management of the Portfolios is currently assessing the potential impact to financial statement disclosure that may result from adopting these ASUs.

NOTE 16 — SUBSEQUENT EVENTS

Subsequent to December 31, 2018, the following Portfolios paid dividends and distributions of:

Type

Per
Share
Amount

Payable
Date

Record
Date

Government Money Market

Class I

NII

0.0018

February 1, 2019

Daily

Class S

NII

0.0000

February 1, 2019

Daily

All Classes

STCG

0.0001

February 1, 2019

January 30, 2019

Intermediate Bond

Class ADV

NII

0.0297

February 1, 2019

Daily

Class I

NII

0.0353

February 1, 2019

Daily

Class S

NII

0.0325

February 1, 2019

Daily

Class S2

NII

0.0308

February 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 is subject to approval by shareholders of the Merging Portfolio at a shareholder

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 16 — SUBSEQUENT EVENTS (continued)

meeting scheduled to be held on or about July 30, 2019. If shareholder approval of the Reorganization is obtained, it is expected that the Reorganization will take place on or about 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 December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 42.8%
			Communication Services: 3.1%
	2,087	(1)	Alphabet, Inc. - Class A		$	2,180,832		0.6
	21,202	(2)	Auto Trader Group PLC			123,044		0.0
	33,666		Comcast Corp. – Class A			1,146,327		0.3
	9,925	(1)	Facebook, Inc.- Class A			1,301,068		0.4
	24,238		Verizon Communications, Inc.			1,362,660		0.4
	7,355		Walt Disney Co.			806,476		0.2
	369,442	(3)(4)	Other Securities			4,076,238		1.2
						10,996,645		3.1
			Consumer Discretionary: 4.3%
	1,426	(1)	Amazon.com, Inc.			2,141,809		0.6
	8,520		Home Depot, Inc.			1,463,907		0.4
	386,999	(3)(4)	Other Securities			11,423,226		3.3
						15,028,942		4.3
			Consumer Staples: 3.3%
	18,108		Altria Group, Inc.			894,354		0.2
	17,543		Procter & Gamble Co.			1,612,553		0.5
	9,828		Walmart, Inc.			915,478		0.3
	236,500	(2)	WH Group Ltd.			181,643		0.0
	312,143	(4)	Other Securities			8,084,947		2.3
						11,688,975		3.3
			Energy: 2.3%
	14,007		Chevron Corp.			1,523,822		0.4
	262,877	(3)(4)	Other Securities			6,614,666		1.9
						8,138,488		2.3
			Financials: 6.6%
	57,655		Bank of America Corp.			1,420,619		0.4
	5,459	(1)	Berkshire Hathaway, Inc. – Class B			1,114,619		0.3
	16,144		JPMorgan Chase & Co.			1,575,977		0.5
	11,577		Morgan Stanley			459,028		0.1
	1,897,951	(3)(4)	Other Securities			18,691,208		5.3
						23,261,451		6.6
			Health Care: 6.0%
	7,350		AbbVie, Inc.			677,597		0.2
	6,129		Amgen, Inc.			1,193,133		0.4
	4,096		Cigna Corp.			777,912		0.2
	11,503		Johnson & Johnson			1,484,462		0.4
	12,801		Merck & Co., Inc.			978,124		0.3
	37,945		Pfizer, Inc.			1,656,299		0.5
	3,387		Roche Holding AG			840,853		0.2
	6,184		UnitedHealth Group, Inc.			1,540,558		0.4
	203,957	(4)	Other Securities			11,772,684		3.4
						20,921,622		6.0
			Industrials: 4.9%
	4,166		Boeing Co.			1,343,535		0.4

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	7,148		Honeywell International, Inc.		$	944,393		0.3
	8,669		Ingersoll-Rand PLC - Class A			790,873		0.2
	5,969		Union Pacific Corp.			825,095		0.2
	9,419		Waste Management, Inc.			838,197		0.2
	784,245	(3)(4)	Other Securities			12,532,492		3.6
						17,274,585		4.9
			Information Technology: 7.2%
	5,230	(1)	Adobe, Inc.			1,183,235		0.3
	19,584		Apple, Inc.			3,089,180		0.9
	34,856		Cisco Systems, Inc.			1,510,310		0.4
	7,387		Citrix Systems, Inc.			756,872		0.2
	4,415		Mastercard, Inc. - Class A			832,890		0.3
	30,589		Microsoft Corp.			3,106,925		0.9
	10,361		Texas Instruments, Inc.			979,114		0.3
	280,169	(3)(4)	Other Securities			13,602,403		3.9
						25,060,929		7.2
			Materials: 1.7%
	3,918	(2)	Covestro AG			194,037		0.1
	199,545	(3)	Other Securities			5,614,710		1.6
						5,808,747		1.7
			Real Estate: 1.7%
	540,603	(3)(4)	Other Securities			5,952,111		1.7
			Utilities: 1.7%
	298,063	(4)	Other Securities			6,069,675		1.7
			Total Common Stock (Cost $158,460,373)			150,202,170		42.8
EXCHANGE-TRADED FUNDS: 20.0%
	319,233	(5)	Invesco Senior Loan ETF			6,952,895		2.0
	168,457		iShares 1-3 Year Treasury Bond ETF			14,086,374		4.0
	527,836		iShares Core MSCI Emerging Markets ETF			24,887,467		7.1
	13,601	(5)	iShares Core S&P 500 ETF			3,422,148		1.0
	1,200		iShares Core S&P Mid-Cap ETF			199,272		0.1
	5,824		iShares MSCI EAFE ETF			342,335		0.1
	138,831		iShares Russell 1000 Value ETF			15,417,182		4.4
	4,665		SPDR S&P 500 ETF Trust			1,165,877		0.3
	33,278		Vanguard Global ex-U.S. Real Estate ETF			1,744,100		0.5
	23,658		Vanguard Real Estate ETF			1,764,177		0.5
			Total Exchange-Traded Funds (Cost $75,085,727)			69,981,827		20.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: 4.9%
			Affiliated Investment Companies: 3.4%
	195,712		Voya Emerging Markets Local Currency Debt Fund - Class P		$	1,348,459		0.4
	1,141,230		Voya Floating Rate Fund - Class P			10,727,558		3.0
						12,076,017		3.4
			Unaffiliated Investment Companies: 1.5%
	1,172,183		Credit Suisse Commodity Return Strategy Fund - Class I			5,145,882		1.5
			Total Mutual Funds (Cost $18,928,976)			17,221,899		4.9
PREFERRED STOCK: 0.0%
			Utilities: 0.0%
	1,561	(4)	Other Securities			28,395		0.0
			Total Preferred Stock (Cost $39,025)			28,395		0.0
RIGHTS: 0.0%
			Energy: 0.0%
	20,560	(4)	Other Securities			9,423		0.0
			Total Rights (Cost $9,646)			9,423		0.0

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 8.7%
			Basic Materials: 0.3%
	51,000	(2)	Dow Chemical Co/The, 4.800%, 11/30/2028		52,022		0.0
	80,000	(2)	Georgia-Pacific LLC, 2.539%, 11/15/2019		79,405		0.0
	95,000	(2)	Georgia-Pacific LLC, 5.400%, 11/01/2020		98,444		0.1
	105,000	(2)	Newcrest Finance Pty Ltd., 4.450%, 11/15/2021		106,332		0.0
	666,000		Other Securities		642,497		0.2
					978,700		0.3
			Communications: 0.8%
	65,000	(2)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027		60,704		0.0
	70,000	(2)	CommScope Technologies LLC, 5.000%, 03/15/2027		56,875		0.0
	120,000	(2)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199		121,800		0.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications (continued)
	65,000	(2)	Sinclair Television Group, Inc., 5.125%, 02/15/2027		$	57,688		0.0
	50,000	(2)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			45,875		0.0
	200,000	(2)	Tencent Holdings Ltd., 2.985%, 01/19/2023			194,467		0.1
	190,000		Verizon Communications, Inc., 3.850%-4.862%, 03/15/2039-08/21/2046			180,496		0.1
	2,163,000		Other Securities			2,086,238		0.6
						2,804,143		0.8
			Consumer, Cyclical: 0.8%
	70,000	(2)	1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025			64,575		0.0
	70,000	(2)	BMW US Capital LLC, 3.400%, 08/13/2021			69,730		0.0
	90,000	(2)	BMW US Capital LLC, 3.450%, 04/12/2023			89,393		0.1
	16,992	(2)	British Airways 2018-1 Class A Pass Through Trust, 4.125%, 03/20/2033			16,818		0.0
	60,000	(2)	Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025			51,750		0.0
	150,000	(2)	Daimler Finance North America LLC, 2.300%, 02/12/2021			146,387		0.0
	45,000	(2)	Dana Financing Luxembourg Sarl, 6.500%, 06/01/2026			43,369		0.0
	65,000	(2)	Hilton Domestic Operating Co., Inc., 5.125%, 05/01/2026			62,562		0.0
	100,000	(2)	Nissan Motor Acceptance Corp., 2.600%, 09/28/2022			95,281		0.1
	60,000	(2)	Nissan Motor Acceptance Corp., 3.650%, 09/21/2021			59,730		0.0
	65,000	(2)	Six Flags Entertainment Corp., 5.500%, 04/15/2027			61,425		0.0
	65,000	(2)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.500%, 03/01/2025			60,775		0.0
	150,000	(2)	ZF North America Capital, Inc., 4.000%, 04/29/2020			149,347		0.1
	1,914,124		Other Securities			1,821,620		0.5
						2,792,762		0.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: 1.3%
	222,000		AbbVie, Inc., 2.900%-4.450%, 11/14/2021-05/14/2046		$	202,930		0.1
	60,000		Amgen, Inc., 2.125%, 05/01/2020			59,211		0.0
	65,000	(2)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			60,700		0.0
	140,000	(2)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			130,282		0.1
	90,000	(2)	BAT International Finance PLC, 2.750%, 06/15/2020			88,449		0.0
	70,000	(2)	Brink’s Co/The, 4.625%, 10/15/2027			64,066		0.0
	290,000	(2)	Cigna Corp., 3.200%, 09/17/2020			288,875		0.1
	65,000	(2)	JBS USA LUX SA / JBS USA Finance, Inc., 5.750%, 06/15/2025			62,319		0.0
	70,000	(2)	Keurig Dr Pepper, Inc., 4.057%, 05/25/2023			69,780		0.0
	5,000	(2)	Keurig Dr Pepper, Inc., 4.417%, 05/25/2025			4,986		0.0
	90,000	(2)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			90,455		0.0
	70,000	(2)	Post Holdings, Inc., 5.000%, 08/15/2026			64,050		0.0
	200,000	(2)	Takeda Pharmaceutical Co. Ltd., 4.000%, 11/26/2021			202,853		0.1
	3,349,000	(3)	Other Securities			3,254,515		0.9
						4,643,471		1.3
			Energy: 1.1%
	30,000	(2)	Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp., 5.625%, 02/15/2026			29,175		0.0
	50,000	(2)(5)	Jonah Energy LLC / Jonah Energy Finance Corp., 7.250%, 10/15/2025			32,500		0.0
	200,000	(2)	KazMunayGas National Co. JSC, 4.750%, 04/24/2025			198,750		0.1
	200,000	(2)	Petroleos del Peru SA, 4.750%, 06/19/2032			192,500		0.1
	75,000	(2)	Schlumberger Investment SA, 2.400%, 08/01/2022			72,049		0.0
	22,000	(2)	Schlumberger Norge AS, 4.200%, 01/15/2021			22,332		0.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy (continued)
	24,000	(2)	Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021		$	24,303		0.0
	60,000	(2)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028			57,900		0.0
	3,339,000		Other Securities			3,184,567		0.9
						3,814,076		1.1
			Financial: 2.6%
	768,000	(6)	Bank of America Corp., 3.419%-4.271%, 05/17/2022-07/23/2029			748,838		0.2
	80,000	(2)	Barclays Bank PLC, 10.179%, 06/12/2021			89,978		0.0
	200,000	(2)	BNP Paribas SA, 3.500%, 03/01/2023			194,077		0.0
	206,000	(2)	BPCE SA, 5.700%, 10/22/2023			213,685		0.1
	250,000		Citibank NA, 3.400%, 07/23/2021			250,396		0.1
	45,000		Citigroup, Inc., 5.500%, 09/13/2025			47,309		0.0
	250,000	(2)	Credit Agricole SA/London, 2.375%, 07/01/2021			243,092		0.1
	77,000		Credit Suisse Group Funding Guernsey Ltd., 3.800%, 09/15/2022			76,500		0.0
	200,000	(2)	Danske Bank A/S, 2.800%, 03/10/2021			195,491		0.1
	65,000	(2)	ESH Hospitality, Inc., 5.250%, 05/01/2025			60,613		0.0
	90,000	(2)	Fairfax Financial Holdings Ltd., 4.850%, 04/17/2028			86,689		0.0
	205,000	(2)(5)	Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/2020			201,223		0.1
	81,000	(2)	Guardian Life Insurance Co. of America/The, 4.850%, 01/24/2077			80,076		0.0
	691,000	(6)	JPMorgan Chase & Co., 2.550%-4.032%, 10/29/2020-07/24/2048			666,412		0.2
	180,000	(2)(6)	Macquarie Group Ltd, 3.189%, 11/28/2023			173,323		0.0
	384,000	(6)	Morgan Stanley, 2.750%-5.500%, 07/28/2021-04/22/2039			378,827		0.1
	70,000	(2)	Quicken Loans, Inc., 5.250%, 01/15/2028			62,213		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	70,000		Royal Bank of Canada, 3.068%, (US0003M + 0.660%), 10/05/2023		$	68,939		0.0
	200,000	(2)	Societe Generale SA, 2.625%, 09/16/2020			197,621		0.1
	400,000	(2)(6)	Standard Chartered PLC, 3.885%, 03/15/2024			387,545		0.1
	110,000	(2)	Suncorp-Metway Ltd, 2.375%, 11/09/2020			107,822		0.0
	200,000	(2)	UBS AG/London, 2.450%, 12/01/2020			196,391		0.1
	48,000		Wells Fargo & Co., 4.750%, 12/07/2046			46,384		0.0
	250,000		Wells Fargo Bank NA, 3.625%, 10/22/2021			251,568		0.1
	4,152,000		Other Securities			4,131,391		1.2
						9,156,403		2.6
			Industrial: 0.5%
	70,000	(2)	Novelis Corp., 5.875%, 09/30/2026			62,125		0.0
	25,000	(2)	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023			25,156		0.0
	70,000	(2)	Standard Industries, Inc./NJ, 5.000%, 02/15/2027			61,425		0.0
	1,732,000		Other Securities			1,633,865		0.5
						1,782,571		0.5
			Technology: 0.5%
	275,000		Apple, Inc., 2.000%-3.750%, 11/13/2020-11/13/2047			262,494		0.1
	49,000	(2)	Dell International LLC / EMC Corp., 4.420%, 06/15/2021			48,978		0.0
	182,000	(2)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			185,375		0.1
	90,000	(2)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			90,579		0.0
	60,000	(2)	First Data Corp., 5.750%, 01/15/2024			58,820		0.0
	73,000	(2)	NXP BV / NXP Funding LLC, 4.875%, 03/01/2024			73,412		0.0
	986,000		Other Securities			968,284		0.3
						1,687,942		0.5
			Utilities: 0.8%
	75,000	(2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			80,506		0.0
	85,000	(2)	American Transmission Systems, Inc., 5.250%, 01/15/2022			89,381		0.1

Principal Amount†			��	Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Utilities (continued)
	70,000	(2)	Calpine Corp., 5.250%, 06/01/2026		$	64,137		0.0
	39,000	(2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			37,248		0.0
	97,000	(2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			97,884		0.0
	50,000	(2)	Niagara Mohawk Power Corp., 4.278%, 12/15/2028			51,803		0.0
	2,405,000	(3)	Other Securities			2,338,458		0.7
						2,759,417		0.8
			Total Corporate Bonds/Notes (Cost $31,492,076)			30,419,485		8.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 4.2%
	90,601		Alternative Loan Trust 2004-J7 MI, 3.335%, (US0001M + 1.020%), 10/25/2034			89,019		0.0
	87,752		Alternative Loan Trust 2005-10CB 1A1, 3.006%, (US0001M + 0.500%), 05/25/2035			76,695		0.0
	70,681		Alternative Loan Trust 2005-51 3A2A, 3.447%, (12MTA + 1.290%), 11/20/2035			68,343		0.0
	74,459		Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			68,363		0.0
	141,502		Alternative Loan Trust 2005-J2 1A12, 2.906%, (US0001M + 0.400%), 04/25/2035			122,829		0.1
	22,969		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			17,608		0.0
	131,669		Alternative Loan Trust 2006-19CB A12, 2.906%, (US0001M + 0.400%), 08/25/2036			91,539		0.0
	108,813		Alternative Loan Trust 2006-HY11 A1, 2.626%, (US0001M + 0.120%), 06/25/2036			101,163		0.0
	36,365		Alternative Loan Trust 2007-23CB A3, 3.006%, (US0001M + 0.500%), 09/25/2037			23,017		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	177,130		Alternative Loan Trust 2007-2CB 2A1, 3.106%, (US0001M + 0.600%), 03/25/2037		$	117,387		0.1
	92,354		Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 2.696%, (US0001M + 0.190%), 01/25/2037			88,655		0.0
	9,128	(2)	Bellemeade Re Ltd. 2015-1A M2, 6.806%, (US0001M + 4.300%), 07/25/2025			9,183		0.0
	124,167	(6)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 4.134%, 03/25/2036			118,271		0.1
	69,008	(6)	Citigroup Mortgage Loan Trust 2007-10 22AA, 4.238%, 09/25/2037			66,342		0.0
	100,000	(2)(6)	COLT 2018-1 M1 Mortgage Loan Trust, 3.661%, 02/25/2048			99,401		0.0
	200,000	(2)(6)	Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057			200,386		0.1
	47,563		DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.750%, (US0001M + 0.280%), 08/19/2045			41,232		0.0
	872,289		Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			906,235		0.3
	372,542		Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			407,529		0.1
	250,000		Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 6.156%, (US0001M + 3.650%), 09/25/2029			265,752		0.1
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.506%, (US0001M + 3.000%), 10/25/2029			207,160		0.1
	250,000		Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.706%, (US0001M + 2.200%), 01/25/2030			250,762		0.1
	100,000		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.906%, (US0001M + 2.400%), 05/25/2030			100,863		0.0
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 5.006%, (US0001M + 2.500%), 05/25/2030			199,890		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	300,000		Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 4.756%, (US0001M + 2.250%), 07/25/2030		$	293,548		0.1
	120,662		Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			129,806		0.0
	360,039		Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			376,218		0.1
	325,408	(6)	Fannie Mae REMIC Trust 2009-50 HZ, 5.553%, 02/25/2049			346,895		0.1
	200,805		Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			218,410		0.1
	299,290		Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			326,552		0.1
	162,318		Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			175,712		0.0
	475,580		Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			464,771		0.1
	211,988		Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			213,880		0.1
	66,152		First Horizon Alternative Mortgage Securities Trust 2006-FA7 A5, 2.806%, (US0001M + 0.300%), 12/25/2036			40,236		0.0
	66,152	(7)	First Horizon Alternative Mortgage Securities Trust 2006-FA7 A9, 4.194%, (-1.000*US0001M + 6.700%), 12/25/2036			16,099		0.0
	98,256	(2)(6)	Flagstar Mortgage Trust 2018-1 B2, 4.057%, 03/25/2048			99,190		0.1
	98,256	(2)(6)	Flagstar Mortgage Trust 2018-1 B3, 4.057%, 03/25/2048			97,149		0.0
	790,868		Freddie Mac 326 350, 3.500%, 03/15/2044			804,316		0.2
	221,909		Freddie Mac 4634 ZM, 5.000%, 11/15/2056			264,487		0.1
	122,913		Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			131,638		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	151,760		Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032		$	164,997		0.1
	94,555		Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			102,761		0.0
	26,053		Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			28,760		0.0
	67,795		Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			71,648		0.0
	204,106		Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			220,109		0.1
	84,638		Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			92,946		0.0
	75,228	(6)(7)	Freddie Mac REMIC Trust 3524 LA, 5.478%, 03/15/2033			79,996		0.0
	83,325		Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			91,096		0.0
	58,799		Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			62,811		0.0
	18,794		Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			19,932		0.0
	323,814		Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			319,548		0.1
	485,856		Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			513,156		0.2
	485,856		Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			514,598		0.2
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 7.206%, (US0001M + 4.700%), 04/25/2028			115,523		0.0
	350,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 5.156%, (US0001M + 2.650%), 12/25/2029			354,885		0.1
	200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.856%, (US0001M + 2.350%), 04/25/2030			198,828		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.806%, (US0001M + 2.300%), 09/25/2030		$	97,762		0.0
	934,122		Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			880,376		0.3
	73,195		Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			77,872		0.0
	344,099		Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			358,985		0.1
	32,572		Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			35,499		0.0
	72,495		HomeBanc Mortgage Trust 2004-1 2A, 3.366%, (US0001M + 0.860%), 08/25/2029			69,213		0.0
	50,576		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.716%, (US0001M + 0.210%), 04/25/2046			46,024		0.0
	193,664	(2)(6)	JP Morgan Mortgage Trust 2017-3 B1, 3.865%, 08/25/2047			190,386		0.1
	98,060	(2)(6)	JP Morgan Mortgage Trust 2017-6 B3, 3.849%, 12/25/2048			89,362		0.0
	37,856		Lehman XS Trust Series 2005-5N 1A2, 2.866%, (US0001M + 0.360%), 11/25/2035			35,474		0.0
	56,633		Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			45,742		0.0
	83,600	(2)(6)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			84,217		0.0
	98,439	(2)(6)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.502%, 02/25/2048			103,198		0.0
	300,000	(2)(6)	Sequoia Mortgage Trust 2018-CH4 A13, 4.500%, 10/25/2048			311,911		0.1
	200,000	(2)(6)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			201,977		0.1
	105,879		WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 3.016%, (US0001M + 0.510%), 08/25/2045			106,225		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	55,537		WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.996%, (US0001M + 0.490%), 10/25/2045		$	55,300		0.0
	211,792		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.117%, (12MTA + 0.960%), 08/25/2046			156,255		0.1
	31,495		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.936%, (US0001M + 0.430%), 06/25/2037			26,045		0.0
	38,444	(6)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.209%, 04/25/2036			37,532		0.0
	43,527	(6)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.773%, 12/28/2037			42,624		0.0
	932,594		Other Securities			911,876		0.3
			Total Collateralized Mortgage Obligations (Cost $14,615,594)			14,651,980		4.2
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%
	70,000	(2)	Bancorp Commercial Mortgage 2018 CRE4 D Trust, 4.555%, (US0001M + 2.100%), 09/15/2035			68,544		0.0
	3,000,000	(6)(7)	BANK 2017-BNK8 XB, 0.176%, 11/15/2050			42,045		0.0
	2,180,000	(2)(6)(7)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			82,557		0.0
	100,000	(2)	BDS 2018-FL2 D, 5.005%, (US0001M + 2.550%), 08/15/2035			96,483		0.0
	210,000	(2)(6)	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 F, 5.677%, 11/11/2041			211,116		0.1
	2,120,000	(6)(7)	Benchmark 2018-B8 XA Mortgage Trust, 0.669%, 01/15/2052			109,225		0.0
	823,294	(6)(7)	CD 2017-CD4 Mortgage Trust XA, 1.320%, 05/10/2050			63,744		0.0

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	5,376,865	(6)(7)	CFCRE Commercial Mortgage Trust 2016-C7 XA, 0.753%, 12/10/2054		$	254,143		0.1
	100,000	(6)	Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.134%, 11/10/2046			104,751		0.1
	70,000		Citigroup Commercial Mortgage Trust 2016-P4 A4, 2.902%, 07/10/2049			66,879		0.0
	983,201	(6)(7)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.995%, 07/10/2049			103,962		0.1
	1,331,705	(6)(7)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.119%, 10/12/2050			91,564		0.0
	80,000	(6)	Citigroup Commercial Mortgage Trust 2017-P8 C, 4.271%, 09/15/2050			77,918		0.0
	994,593	(6)(7)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.927%, 09/15/2050			61,383		0.0
	1,478,193	(6)(7)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.603%, 06/10/2051			74,508		0.0
	855,413	(6)(7)	COMM 2012-CR4 XA, 1.785%, 10/15/2045			45,752		0.0
	2,380,000	(2)(6)(7)	COMM 2012-CR4 XB, 0.594%, 10/15/2045			51,420		0.0
	3,296,303	(6)(7)	COMM 2013-CCRE13 XA, 0.803%, 11/10/2046			110,123		0.1
	1,600,152	(6)(7)	COMM 2016-CR28 XA, 0.653%, 02/10/2049			56,649		0.0
	756,159	(6)(7)	COMM 2017-COR2 XA, 1.179%, 09/10/2050			60,061		0.0
	400,000	(2)	CSWF 2018-TOP E, 4.705%, (US0001M + 2.250%), 08/15/2035			389,116		0.1
	100,000	(2)	CSWF 2018-TOP F, 5.205%, (US0001M + 2.750%), 08/15/2035			97,571		0.1
	110,000	(2)(6)	DBUBS 2011-LC1A E, 5.698%, 11/10/2046			113,154		0.0
	130,000	(2)(6)	DBWF 2015-LCM D Mortgage Trust, 3.421%, 06/10/2034			113,843		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	110,000	(2)(6)	DBJPM 16-C3 Mortgage Trust, 3.493%, 08/10/2049		$	95,331		0.0
	1,586	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K014 X1, 1.149%, 04/25/2021			36		0.0
	1,465	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X1, 1.409%, 05/25/2022			58		0.0
	682,318	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K709 X1, 1.492%, 03/25/2019			1,959		0.0
	849,680	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X1, 1.668%, 07/25/2019			3,628		0.0
	1,005,533	(6)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K712 X1, 1.329%, 11/25/2019			6,768		0.0
	14,908,009	(2)(7)	FREMF Mortgage Trust 2012-K709 X2A, 0.200%, 04/25/2045			5,659		0.0
	220,000	(2)	GPT 2018-GPP D Mortgage Trust, 4.305%, (US0001M + 1.850%), 06/15/2035			219,610		0.1
	100,000	(2)	GS Mortgage Securities Corp. II 2018-RIVR F, 4.555%, (US0001M + 2.100%), 07/15/2035			96,868		0.1
	100,000	(2)(6)	GS Mortgage Securities Trust 2010-C2 D, 5.181%, 12/10/2043			101,142		0.1
	100,000	(2)(6)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			93,034		0.0
	1,350,181	(6)(7)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.210%, 05/10/2045			54,027		0.0
	2,322,504	(6)(7)	GS Mortgage Securities Trust 2013-GCJ14 XA, 0.610%, 08/10/2046			56,450		0.0
	1,210,077	(6)(7)	GS Mortgage Securities Trust 2014-GC22 XA, 0.990%, 06/10/2047			44,871		0.0
	1,929,035	(6)(7)	GS Mortgage Securities Trust 2016-GS4 XA, 0.589%, 11/10/2049			59,738		0.0

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	856,631	(6)(7)	GS Mortgage Securities Trust 2017-GS6 XA, 1.048%, 05/10/2050		$	60,675		0.0
	2,672	(2)(6)	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-C2 H, 5.762%, 05/15/2041			2,665		0.0
	1,050,000	(2)(6)(7)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.327%, 12/15/2047			13,182		0.0
	100,000	(2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046			97,186		0.0
	2,111,947	(6)(7)	JPMBB Commercial Mortgage Securities Trust 2013-C12 XA, 0.516%, 07/15/2045			38,533		0.0
	100,000	(2)(6)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.199%, 11/15/2045			99,341		0.1
	50,000	(6)	JPMBB Commercial Mortgage Securities Trust 2013-C17 C, 4.891%, 01/15/2047			50,577		0.0
	891,246	(6)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 1.118%, 04/15/2047			14,293		0.0
	100,000	(2)(6)	JPMBB Commercial Mortgage Securities Trust 2014-C24 D, 3.890%, 11/15/2047			85,940		0.0
	934,657	(6)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C26 XA, 1.088%, 01/15/2048			36,464		0.0
	523,399	(2)(6)(7)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.731%, 11/15/2038			582		0.0
	2,385,900	(6)(7)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.101%, 12/15/2047			87,744		0.0
	100,000	(2)(6)	Morgan Stanley Capital I Trust 2011-C1 E, 5.375%, 09/15/2047			103,483		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	3,980	(2)	Morgan Stanley Reremic Trust 2012-XA B, 0.250%, 07/27/2049		$	3,945		0.0
	79,463	(2)	SLIDE 2018-FUN D, 4.305%, (US0001M + 1.850%), 06/15/2031			78,814		0.0
	100,000	(2)	TPG Real Estate Finance 2018-FL-1 C Issuer Ltd., 4.355%, (US0001M + 1.900%), 02/15/2035			97,967		0.0
	1,294	(6)(7)	Wells Fargo Commercial Mortgage Trust 2016-NXS5 XA, 1.529%, 01/15/2059			90		0.0
	100,000	(6)	Wells Fargo Commercial Mortgage Trust 2017-C40 C, 4.334%, 10/15/2050			97,112		0.0
	1,682,092	(2)(6)(7)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.836%, 08/15/2045			87,645		0.0
	3,424	(2)(6)(7)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.276%, 03/15/2048			144		0.0
	240,000	(2)(6)	WFRBS Commercial Mortgage Trust 2013-C14 D, 3.979%, 06/15/2046			218,386		0.1
	1,339,738	(6)(7)	WFRBS Commercial Mortgage Trust 2013-C16 XA, 0.749%, 09/15/2046			35,115		0.0
	590,000		Other Securities			588,526		0.2
			Total Commercial Mortgage-Backed Securities (Cost $5,454,935)			5,284,099		1.5
FOREIGN GOVERNMENT BONDS: 0.4%
	100,000	(2)	Dominican Republic International Bond, 5.500%, 01/27/2025			99,375		0.0
	200,000	(2)	Saudi Government International Bond, 4.000%, 04/17/2025			198,663		0.1
	1,119,539	(3)	Other Securities			1,127,959		0.3
			Total Foreign Government Bonds (Cost $1,499,150)			1,425,997		0.4
U.S. TREASURY OBLIGATIONS: 3.4%
			U.S. Treasury Bonds: 0.4%
	1,560,000	(5)	3.000%, 08/15/2048			1,555,769		0.4
	30,000		3.500%, 02/15/2039			32,874		0.0
						1,588,643		0.4

Principal Amount†				Value				Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
			U.S. Treasury Notes: 3.0%
	1,197,000		2.500%, 12/31/2020		$	1,196,841			0.3
	1,936,000		2.625%, 12/15/2021			1,944,832			0.6
	2,051,000		2.875%, 11/30/2025			2,089,133			0.6
	4,596,400		3.125%, 11/15/2028			4,771,663			1.4
	403,000		1.500%-2.625%, 10/31/2019-12/31/2023			401,725			0.1
						10,404,194	��		3.0
			Total U.S. Treasury Obligations (Cost $11,666,110)			11,992,837			3.4
U.S. GOVERNMENT AGENCY OBLIGATIONS(8): 5.6%
			Federal Home Loan Mortgage Corporation: 2.4%(8)
	3,052,000	(9)	3.500%, 07/15/2041			3,051,278			0.8
	1,007,324		3.500%, 07/01/2047			1,008,705			0.3
	995,126		3.500%, 11/01/2048			998,523			0.3
	3,388,470		2.500%-6.500%, 05/01/2030-08/01/2048			3,405,164			1.0
						8,463,670			2.4
			Federal National Mortgage Association: 2.5%(8)
	1,766,000	(9)	3.000%, 01/18/2047			1,723,425			0.5
	1,194,321		3.500%, 09/01/2047			1,195,638			0.3
	1,082,000	(9)	4.000%, 08/25/2040			1,103,408			0.3
	4,649,623	(9)	2.500%-7.500%, 06/01/2029-08/01/2056			4,747,002			1.4
						8,769,473			2.5
			Government National Mortgage Association: 0.7%
	1,193,000	(9)	4.000%, 09/20/2040			1,221,806			0.3
	1,352,238	(6)(9)	4.000%-5.310%, 11/20/2040-10/20/2060			1,402,252			0.4
						2,624,058			0.7
			Total U.S. Government Agency Obligations (Cost $19,785,780)			19,857,201			5.6
ASSET-BACKED SECURITIES: 3.5%
			Automobile Asset-Backed Securities: 0.2%
	100,000	(2)	OSCAR US Funding Trust VI LLC 2017-1A A3, 2.820%, 06/10/2021			99,753			0.0
	30,000	(2)	SunTrust Auto Receivables Trust 2015-1A B, 2.200%, 02/15/2021			29,854			0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Automobile Asset-Backed Securities (continued)
	100,000	(2)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021		$	100,550		0.1
	350,000		Other Securities			355,161		0.1
						585,318		0.2
			Home Equity Asset-Backed Securities: 0.1%
	410,396		Other Securities			378,568		0.1
			Other Asset-Backed Securities: 2.9%
	67,943	(2)(10)	Ajax Mortgage Loan Trust 2016-C A, 4.000% (Step Rate @ 7.000% on 11/25/ 2019), 10/25/2057			68,032		0.0
	146,094	(2)(10)	Ajax Mortgage Loan Trust 2017-A A, 3.470% (Step Rate @ 6.470% on 05/25/ 2020), 04/25/2057			145,271		0.0
	250,000	(2)	ALM VIII Ltd. 2013-8A A1R, 3.926%, (US0003M + 1.490%), 10/15/2028			250,002		0.1
	300,000	(2)	ARES XLVI CLO Ltd. 2017-46A A2, 3.666%, (US0003M + 1.230%), 01/15/2030			292,464		0.1
	250,000	(2)	Avery Point IV CLO Ltd. 2014-1A CR, 4.840%, (US0003M + 2.350%), 04/25/2026			248,195		0.1
	250,000	(2)	Babson CLO Ltd. 2014-IA BR, 4.669%, (US0003M + 2.200%), 07/20/2025			249,963		0.1
	250,000	(2)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.669%, (US0003M + 1.200%), 01/20/2031			242,386		0.1
	250,000	(2)	BlueMountain CLO 2015-1A BR, 4.936%, (US0003M + 2.500%), 04/13/2027			250,031		0.1
	80,000	(2)	Burnham Park Clo Ltd. 2016-1A A, 3.899%, (US0003M + 1.430%), 10/20/2029			80,018		0.0
	250,000	(2)	Carlyle Global Market Strategies CLO Ltd. 2017-1A A1A, 3.769%, (US0003M + 1.300%), 04/20/2031			248,074		0.1
	500,000	(2)	Cedar Funding IV CLO Ltd. 2014-4A CR, 4.727%, (US0003M + 2.250%), 07/23/2030			479,941		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	16,450		Chase Funding Trust Series 2003-5 2A2, 3.106%, (US0001M + 0.600%), 07/25/2033		$	15,997		0.0
	250,000	(2)	CIFC Funding 2016-1A A, 3.949%, (US0003M + 1.480%), 10/21/2028			249,564		0.1
	96,250	(2)	DB Master Finance LLC 2015-1A A2II, 3.980%, 02/20/2045			97,702		0.0
	250,000	(2)	Deer Creek Clo Ltd. 2017-1A A, 3.649%, (US0003M + 1.180%), 10/20/2030			248,197		0.1
	250,000	(2)	Dryden Senior Loan Fund 2017-47A A2, 3.786%, (US0003M + 1.350%), 04/15/2028			246,266		0.1
	250,000	(2)	Dryden Senior Loan Fund 2017-47A C, 4.636%, (US0003M + 2.200%), 04/15/2028			241,905		0.0
	250,000	(2)	Eaton Vance Clo 2015-1A A2R Ltd., 3.719%, (US0003M + 1.250%), 01/20/2030			243,906		0.1
	99,250	(2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			101,363		0.0
	250,000	(2)	Gilbert Park CLO Ltd. 2017-1A A, 3.626%, (US0003M + 1.190%), 10/15/2030			247,715		0.1
	43,403	(2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			44,842		0.0
	289,241	(2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			283,272		0.1
	250,000	(2)	LCM XVI L.P. 16A CR2, 4.555%, (US0003M + 2.150%), 10/15/2031			243,574		0.0
	250,000	(2)	LCM XXIII Ltd. 23A A1, 3.869%, (US0003M + 1.400%), 10/20/2029			249,478		0.1
	200,000	(2)(6)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			191,696		0.0
	87,576	(2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			88,742		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	458,384	(2)	Mosaic Solar Loan Trust 2018-2-GS A, 4.200%, 02/22/2044		$	458,325		0.2
	100,000	(2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			99,338		0.0
	250,000	(2)	Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.789%, (US0003M + 1.320%), 03/17/2030			247,997		0.1
	250,000	(2)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.811%, (US0003M + 1.375%), 07/15/2029			245,285		0.1
	250,000	(2)	Octagon Loan Funding Ltd. 2014-1A CRR, 4.840%, (US0003M + 2.200%), 11/18/2031			237,189		0.0
	130,000	(2)	OHA Loan Funding Ltd. 2015-1A AR, 4.026%, (US0003M + 1.410%), 08/15/2029			129,997		0.0
	140,000	(2)	OHA Loan Funding Ltd. 2015-1A BR, 4.416%, (US0003M + 1.800%), 08/15/2029			136,902		0.1
	250,000	(2)	Palmer Square CLO 2015-2A A1BR Ltd., 3.819%, (US0003M + 1.350%), 07/20/2030			245,051		0.1
	99,750	(2)	Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048			100,404		0.0
	300,000	(2)	Progress Residential 2015-SFR2 E, 4.427%, 06/12/2032			300,289		0.1
	200,000	(2)	SoFi Consumer Loan Program 2017-3 B, 3.850%, 05/25/2026			200,464		0.1
	100,000	(2)	Sofi Consumer Loan Program 2018-2 B Trust, 3.790%, 04/26/2027			100,274		0.0
	100,000	(2)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			100,721		0.0
	150,000	(2)	Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027			153,304		0.0

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	50,250	(2)	Springleaf Funding Trust 2015-A A, 3.160%, 11/15/2024		$	50,184		0.0
	170,000	(2)	Symphony CLO Ltd. 2012-9A AR, 3.886%, (US0003M + 1.450%), 10/16/2028			170,002		0.1
	100,000	(2)	Symphony CLO Ltd. 2016-18A B, 4.277%, (US0003M + 1.800%), 01/23/2028			99,722		0.0
	123,125	(2)	Taco Bell Funding LLC 2016-1A A2II, 4.377%, 05/25/2046			124,313		0.1
	100,000	(2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			101,768		0.0
	250,000	(2)	Thacher Park CLO Ltd. 2014-1A CR, 4.669%, (US0003M + 2.200%), 10/20/2026			244,788		0.1
	250,000	(2)	THL Credit Wind River 2016-2A A1R CLO Ltd., 3.733%, (US0003M + 1.190%), 11/01/2031			249,444		0.1
	250,000	(2)	THL Credit Wind River 2017-1A C CLO Ltd., 4.745%, (US0003M + 2.300%), 04/18/2029			242,340		0.0
	250,000	(2)	THL Credit Wind River 2017-2A A CLO Ltd., 3.699%, (US0003M + 1.230%), 07/20/2030			248,397		0.1
	250,000	(2)	Tiaa Clo III Ltd 2017-2A A, 3.586%, (US0003M + 1.150%), 01/16/2031			245,051		0.1
	200,000	(2)(6)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057			178,624		0.0
	99,000	(2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			93,407		0.0
	99,000	(2)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			94,999		0.0
						10,247,175		2.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Student Loan Asset-Backed Securities: 0.3%
	150,000	(2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045		$	152,673		0.1
	19,896	(2)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			19,766		0.0
	44,967	(2)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			45,000		0.0
	43,744	(2)	Earnest Student Loan Program, LLC 2016-A B, 2.500%, 01/25/2039			42,350		0.0
	250,000	(2)	Navient Private Education Loan Trust 2014-AA A3, 4.055%, (US0001M + 1.600%), 10/15/2031			258,190		0.1
	100,000	(2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			95,183		0.0
	30,243	(2)	SoFi Professional Loan Program 2015-C A2, 2.510%, 08/25/2033			29,822		0.0
	100,000	(2)(6)	SoFi Professional Loan Program 2016-E C, 4.430%, 10/25/2041			101,463		0.1
	100,000	(2)(6)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			99,019		0.0
	100,000	(2)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			98,408		0.0
						941,874		0.3
			Total Asset-Backed Securities (Cost $12,245,288)			12,152,935		3.5
			Total Long-Term Investments (Cost $349,282,680)		$	333,228,248		95.0

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 10.2%
		Securities Lending Collateral(11): 3.8%
	3,159,102	Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $3,159,616, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $3,222,816, due 11/15/23-05/15/58)		$	3,159,102		0.9
	3,159,102	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $3,159,682, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $3,222,284, due 01/25/19-10/20/68)			3,159,102		0.9
	657,168	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $657,273, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $670,312, due 02/29/24-09/09/49)			657,168		0.2
	3,159,102	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $3,159,625, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $3,222,284, due 10/01/25-10/20/48)			3,159,102		0.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(11) (continued)
	3,159,102	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $3,159,685, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,222,334, due 07/15/20-02/15/47)		$	3,159,102		0.9
					13,293,576		3.8

Shares				Value			Percentage of Net Assets
			Mutual Funds: 6.4%
	7,698,465	(12)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.310%			7,698,465		2.2
	14,601,000	(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%			14,601,000		4.2
			Total Mutual Funds (Cost $22,299,465)			22,299,465		6.4
			Total Short-Term Investments (Cost $35,593,041)			35,593,041		10.2
			Total Investments in Securities (Cost $384,875,721)		$	368,821,289		105.2
			Liabilities in Excess of Other Assets			(18,340,669)		(5.2)
			Net Assets		$	350,480,620		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2018.

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains securities on loan.

(4)

The grouping contains non-income producing securities.

(5)

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

(6)

Variable rate security. Rate shown is the rate in effect as of December 31, 2018.

(7)

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

(8)

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

(9)

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

(10)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of December 31, 2018.

(11)

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

(12)

Rate shown is the 7-day yield as of December 31, 2018.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

US0001M

1-month LIBOR

US0003M

3-month LIBOR

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	8,905,326		$	2,091,319		$	—		$	10,996,645
Consumer Discretionary			10,633,655			4,395,287			—			15,028,942
Consumer Staples			7,292,733			4,396,242			—			11,688,975
Energy			5,928,069			2,210,419			—			8,138,488
Financials			15,753,430			7,508,021			—			23,261,451
Health Care			16,444,219			4,477,403			—			20,921,622
Industrials			11,039,273			6,235,312			—			17,274,585
Information Technology			22,613,043			2,447,886			—			25,060,929
Materials			3,331,752			2,476,995			—			5,808,747
Real Estate			4,355,263			1,596,848			—			5,952,111
Utilities			4,514,231			1,555,444			—			6,069,675
Total Common Stock			110,810,994			39,391,176			—			150,202,170
Exchange-Traded Funds			69,981,827			—			—			69,981,827
Mutual Funds			17,221,899			—			—			17,221,899
Preferred Stock			28,395			—			—			28,395
Rights			9,423			—			—			9,423
Corporate Bonds/Notes			—			30,419,485			—			30,419,485
Collateralized Mortgage Obligations			—			14,651,980			—			14,651,980
U.S. Treasury Obligations			—			11,992,837			—			11,992,837
Commercial Mortgage-Backed Securities			—			5,284,099			—			5,284,099
Asset-Backed Securities			—			12,152,935			—			12,152,935
Foreign Government Bonds			—			1,425,997			—			1,425,997
U.S. Government Agency Obligations			—			19,857,201			—			19,857,201
Short-Term Investments			22,299,465			13,293,576			—			35,593,041
Total Investments, at fair value		$	220,352,003		$	148,469,286		$	—		$	368,821,289
Other Financial Instruments+
Centrally Cleared Swaps			—			140,713			—			140,713
Forward Foreign Currency Contracts			—			47,012			—			47,012
Forward Premium Swaptions			—			69,463			—			69,463
Futures			766,517			—			—			766,517
Total Assets		$	221,118,520		$	148,726,474		$	—		$	369,844,994
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(201,849)		$	—		$	(201,849)
Forward Foreign Currency Contracts			—			(55,402)			—			(55,402)
Futures			(1,364,472)			—			—			(1,364,472)
Total Liabilities		$	(1,364,472)		$	(257,251)		$	—		$	(1,621,723)

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 2018, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/17			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2018			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	—		$	1,551,430		$	—		$	(202,971)		$	1,348,459		$	51,431		$	—		$	—
Voya Floating Rate Fund - Class P			12,915,812			741,476			(2,431,241)			(498,489)			10,727,558			623,995			10,161
Voya High Yield Bond Fund - Class P			17,250,287			741,349			(17,754,816)			(236,820)			—			551,122			(257,484)			—
		$	30,166,099		$	3,034,255		$	(20,186,057)		$	(938,280)		$	12,076,017		$	1,226,548		$	(247,323)		$	—

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

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

MYR 317,910

USD 76,102

Barclays Bank PLC

01/11/19

850

CLP 26,723,439

USD 38,972

Barclays Bank PLC

01/11/19

(456)

USD 7,692

ILS 28,865

Barclays Bank PLC

01/11/19

(33)

ILS 318,063

USD 88,000

Barclays Bank PLC

01/11/19

(2,880)

USD 69,500

CLP 47,486,570

Barclays Bank PLC

01/11/19

1,058

USD 9,000

MXN 172,006

Barclays Bank PLC

01/11/19

259

USD 28,000

ILS 101,470

Barclays Bank PLC

01/11/19

844

USD 69,500

CLP 47,645,725

Barclays Bank PLC

01/11/19

829

USD 119,631

IDR 1,815,623,720

Barclays Bank PLC

01/11/19

(6,439)

USD 96,440

COP 289,568,014

Barclays Bank PLC

01/11/19

7,312

USD 76,845

MYR 317,910

Barclays Bank PLC

01/11/19

(107)

ILS 28,865

USD 7,743

Barclays Bank PLC

04/05/19

USD 38,992

CLP 26,723,439

Barclays Bank PLC

04/05/19

455

USD 75,993

MYR 317,910

Barclays Bank PLC

04/05/19

(1,017)

ZAR 129,853

USD 9,000

BNP Paribas

01/11/19

USD 140,000

ILS 505,978

BNP Paribas

01/11/19

4,590

TRY 380,857

USD 71,531

Citibank N.A.

01/11/19

PEN 111,676

USD 33,460

Citibank N.A.

01/11/19

(317)

PLN 67,950

USD 18,000

Citibank N.A.

01/11/19

160

USD 10,000

TRY 53,899

Citibank N.A.

01/11/19

(135)

PLN 430,916

USD 115,134

Citibank N.A.

01/11/19

COP 289,568,014

USD 89,479

Citibank N.A.

01/11/19

(351)

CZK 1,205,094

USD 53,664

Citibank N.A.

01/11/19

RON 139,835

USD 34,373

Citibank N.A.

01/11/19

THB 3,724,404

USD 114,105

Citibank N.A.

01/11/19

294

USD 108,319

PLN 393,762

Citibank N.A.

01/11/19

3,084

RUB 1,255,877

USD 19,000

Citibank N.A.

01/11/19

(997)

USD 56,000

TRY 341,781

Citibank N.A.

01/11/19

(8,269)

USD 19,000

ZAR 265,020

Citibank N.A.

01/11/19

598

BRL 38,890

USD 10,000

Citibank N.A.

01/11/19

CZK 419,913

USD 19,000

Citibank N.A.

01/11/19

(300)

USD 35,363

RON 139,835

Citibank N.A.

01/11/19

944

USD 103,000

CZK 2,273,989

Citibank N.A.

01/11/19

1,734

ZAR 1,714,386

USD 120,446

Citibank N.A.

01/11/19

(1,409)

USD 114,352

THB 3,724,404

Citibank N.A.

04/05/19

(350)

USD 53,787

CZK 1,205,094

Citibank N.A.

04/05/19

(9)

USD 33,362

PEN 111,676

Citibank N.A.

04/05/19

310

USD 89,178

COP 289,568,014

Citibank N.A.

04/05/19

402

USD 119,206

ZAR 1,714,386

Citibank N.A.

04/05/19

1,366

USD 68,405

TRY 380,857

Citibank N.A.

04/05/19

(156)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 34,311

RON 139,836

Citibank N.A.

04/05/19

(53)

USD 115,392

PLN 430,916

Citibank N.A.

04/05/19

(17)

HUF 16,891,179

USD 60,261

Goldman Sachs International

01/11/19

PHP 5,649

USD 106

Goldman Sachs International

01/11/19

RUB 6,663,520

USD 98,206

Goldman Sachs International

01/11/19

(2,683)

TRY 250,233

USD 44,000

Goldman Sachs International

01/11/19

3,054

MXN 2,557,589

USD 128,335

Goldman Sachs International

01/11/19

1,635

USD 9,000

RUB 597,754

Goldman Sachs International

01/11/19

431

USD 19,000

PLN 71,847

Goldman Sachs International

01/11/19

(202)

ILS 318,251

USD 88,000

Goldman Sachs International

01/11/19

(2,830)

BRL 519,972

USD 135,374

Goldman Sachs International

01/11/19

(1,278)

USD 29,000

RUB 1,955,263

Goldman Sachs International

01/11/19

971

USD 80,557

RUB 5,366,380

Goldman Sachs International

01/11/19

3,629

USD 42,858

HUF 11,647,597

Goldman Sachs International

01/11/19

1,266

CLP 49,694,216

USD 74,741

Goldman Sachs International

01/11/19

(3,118)

CZK 648,982

USD 30,129

Goldman Sachs International

01/11/19

(1,228)

USD 103

PHP 5,649

Goldman Sachs International

01/11/19

(5)

USD 35,382

TRY 235,409

Goldman Sachs International

01/11/19

(8,885)

USD 109,423

ZAR 1,579,219

Goldman Sachs International

01/11/19

(228)

USD 128,529

BRL 525,208

Goldman Sachs International

01/11/19

(6,917)

USD 134,509

BRL 519,972

Goldman Sachs International

04/05/19

1,261

USD 106

PHP 5,649

Goldman Sachs International

04/05/19

(1)

USD 60,592

HUF 16,891,179

Goldman Sachs International

04/05/19

(82)

USD 97,176

RUB 6,663,520

Goldman Sachs International

04/05/19

2,694

USD 126,654

MXN 2,557,589

Goldman Sachs International

04/05/19

(1,605)

IDR 1,815,623,720

USD 124,854

HSBC Bank USA N.A.

01/11/19

1,216

USD 9,000

PLN 33,257

HSBC Bank USA N.A.

01/11/19

112

USD 19,000

HUF 5,243,582

HSBC Bank USA N.A.

01/11/19

276

USD 113,575

MXN 2,174,541

HSBC Bank USA N.A.

01/11/19

3,070

USD 115,303

THB 3,724,404

HSBC Bank USA N.A.

01/11/19

905

USD 123,697

IDR 1,815,623,720

HSBC Bank USA N.A.

03/22/19

(1,062)

USD 19,000

MXN 392,697

JPMorgan Chase Bank N.A.

01/11/19

(956)

CLP 18,714,640

USD 28,000

JPMorgan Chase Bank N.A.

01/11/19

(1,027)

USD 9,000

BRL 33,654

JPMorgan Chase Bank N.A.

01/11/19

321

USD 33,695

PEN 111,676

JPMorgan Chase Bank N.A.

01/11/19

553

MXN 181,654

USD 9,000

The Bank of New York Mellon

01/11/19

231

(8,390)

At December 31, 2018, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
E-mini Russell 2000® Index		208		03/15/19		$	14,029,600		$	(651,545)
S&P 500® E-Mini		121		03/15/19			15,156,460			(428,268)
U.S. Treasury 2-Year Note		55		03/29/19			11,677,188			68,677
U.S. Treasury 5-Year Note		25		03/29/19			2,867,187			20,069
U.S. Treasury Long Bond		14		03/20/19			2,044,000			76,674
U.S. Treasury Ultra Long Bond		71		03/20/19			11,406,594			393,294
						$	57,181,029		$	(521,099)
Short Contracts
Mini MSCI Emerging Markets Index		(229)		03/15/19			(11,069,860)			(9,181)
MSCI EAFE Mini Index		(41)		03/15/19			(3,517,800)			62,048
S&P Mid 400 E-Mini		(20)		03/15/19			(3,324,400)			145,755
U.S. Treasury 10-Year Note		(16)		03/20/19			(1,952,250)			(39,990)
U.S. Treasury Ultra 10-Year Note		(56)		03/20/19			(7,284,375)			(235,488)
						$	(27,148,685)		$	(76,856)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the following centrally cleared credit default swaps were outstanding for Voya Balanced Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover, Series 30, Version 1		Buy		(5.000)		12/20/23	EUR 2,090,733		$	(152,090)		$	(4,264)
									$	(152,090)		$	(4,264)

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

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(6)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 31, Version 1		Sell		5.000		12/20/23	USD 4,300,000		$	85,712		$	(85,598)
									$	85,712		$	(85,598)

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 12/31/18 (%)(7)		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Inc 2.750%, due 3/15/2023		Sell		1.000		12/20/23		0.890	USD 180,000		$	1,072		$	(1,780)
											$	1,072		$	(1,780)

(1)

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

(2)

Payments made quarterly.

(3)

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

(4)

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

(5)

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

(6)

Payments received quarterly.

(7)

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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Portfolio:

Pay/Receive
Floating Rate

Floating
Rate Index

Floating Rate
Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

3-month USD-LIBOR

Quarterly

1.785%

Semi-Annual

10/13/22

USD 1,701,000

(48,613)

Pay

3-month USD-LIBOR

Quarterly

2.099

Semi-Annual

10/13/25

USD 58,000

(1,923)

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD 612,000

(25,693)

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD 729,000

(33,978)

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD 7,138,000

62,692

Receive

3-month USD-LIBOR

Quarterly

1.453

Semi-Annual

10/13/20

USD 715,000

15,209

Receive

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD 221,000

10,179

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD 1,071,000

52,633

30,506

At December 31, 2018, the following over-the-counter forward premium swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Exercise Rate

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(1)

Unrealized
Appreciation/
(Depreciation)

Call on 5-year Interest Rate Swap
(Purchased)

Bank of America N.A.

0.000%

Receive

3-month
USD-LIBOR

02/20/19

USD 2,150,000

(115,025)

11,275

Call on 5-Year Interest Rate Swap
(Purchased)

Barclays Bank PLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 3,055,000

(161,533)

18,198

Call on 5-Year Interest Rate Swap
(Purchased)

Morgan Stanley
Capital Services LLC

0.000%

Receive

3-month
USD-LIBOR

02/13/19

USD 2,150,000

(116,530)

9,725

Call on 5-Year Interest Rate Swap
(Purchased)

Morgan Stanley
Capital Services LLC

0.000%

Receive

3-month
USD-LIBOR

03/06/19

USD 2,150,000

(115,186)

11,136

Call on 5-Year Interest Rate Swap
(Purchased)

Morgan Stanley
Capital Services LLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 3,395,000

(180,614)

19,129

(688,888)

69,463

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

The fair value of derivative instruments as of December 31, 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		$	47,012
Equity contracts	Net Assets — Unrealized appreciation*			207,803
Interest rate contracts	Net Assets — Unrealized appreciation*			558,714
Interest rate contracts	Net Assets — Unrealized appreciation**			140,713
Interest rate contracts	Net Assets — Unrealized appreciation***			69,463
Total Asset Derivatives			$	1,023,705
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	55,402
Equity contracts	Net Assets — Unrealized depreciation*			1,088,994
Interest rate contracts	Net Assets — Unrealized depreciation*			275,478
Credit contracts	Net Assets — Unrealized depreciation**			91,642
Interest rate contracts	Net Assets — Unrealized depreciation**			110,207
Total Liability Derivatives			$	1,621,723

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

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

***

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Swaps			Total
Credit contracts		$	—		$	—		$	116,703		$	116,703
Equity contracts			—			(1,081,387)			—			(1,081,387)
Foreign exchange contracts			249,626			—			—			249,626
Interest rate contracts			—			(493,865)			63,379			(430,486)
Total		$	249,626		$	(1,575,252)		$	180,082		$	(1,145,544)

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		$	—		$	—		$	—		$	(95,178)		$	(95,178)
Equity contracts			—			—			(1,155,659)			—			(1,155,659)
Foreign exchange contracts			—			707			—			—			707
Interest rate contracts			69,463			—			307,405			3,294			380,162
Total		$	69,463		$	707		$	(848,254)		$	(91,884)		$	(869,968)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	—		$	11,640		$	4,606		$	9,085		$	14,997		$	5,579		$	874		$	—		$	231		$	47,012
Forward premium swaptions			11,275			18,198			—			—			—			—			—			39,990			—			69,463
Total Assets		$	11,275		$	29,838		$	4,606		$	9,085		$	14,997		$	5,579		$	874		$	39,990		$	231		$	116,475
Liabilities:
Forward foreign currency contracts		$	—		$	10,932		$	—		$	12,363		$	29,062		$	1,062		$	1,983		$	—		$	—		$	55,402
Total Liabilities		$	—		$	10,932		$	—		$	12,363		$	29,062		$	1,062		$	1,983		$	—		$	—		$	55,402
Net OTC derivative instruments by counterparty, at fair value		$	11,275		$	18,906		$	4,606		$	(3,278)		$	(14,065)		$	4,517		$	(1,109)		$	39,990		$	231		$	61,073
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	11,275		$	18,906		$	4,606		$	(3,278)		$	(14,065)		$	4,517		$	(1,109)		$	39,990		$	231		$	61,073

(1)

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

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $385,183,418.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	9,287,241
Gross Unrealized Depreciation		(26,132,302)
Net Unrealized Depreciation	$	(16,845,061)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.1%
			Australia: 1.7%
	237,870		AGL Energy Ltd.		$	3,454,398		0.6
	979,297		Other Securities			6,126,343		1.1
						9,580,741		1.7
			Belgium: 0.7%
	44,075		UCB S.A.			3,599,900		0.7
			Canada: 3.7%
	584,863	(1)	Other Securities			20,611,616		3.7
			China: 0.5%
	703,500		Other Securities			2,611,200		0.5
			Denmark: 0.7%
	86,068		Novo Nordisk A/S			3,952,852		0.7
			Finland: 1.1%
	77,437		Sampo OYJ			3,431,985		0.6
	76,634		Other Securities			2,529,995		0.5
						5,961,980		1.1
			France: 3.4%
	171,656		AXA S.A.			3,704,668		0.6
	596,111		Other Securities			15,397,011		2.8
						19,101,679		3.4
			Germany: 2.0%
	40,184	(2)	Covestro AG			1,990,094		0.3
	396,142		Other Securities			9,349,367		1.7
						11,339,461		2.0
			Hong Kong: 1.5%
	3,851,500		Other Securities			8,447,442		1.5
			Israel: 0.3%
	301,795		Other Securities			1,824,355		0.3
			Japan: 9.4%
	99,300		Japan Airlines Co. Ltd.			3,519,299		0.6
	230,400		Mitsui & Co., Ltd.			3,539,707		0.6
	23,400		Oracle Corp. Japan			1,485,382		0.3
	233,200		Sekisui House Ltd.			3,424,561		0.6
	1,504,308		Other Securities			40,305,912		7.3
						52,274,861		9.4
			Luxembourg: 0.2%
	16,822		Other Securities			901,501		0.2
			Netherlands: 3.5%
	140,632		Koninklijke Ahold Delhaize NV			3,552,677		0.6
	92,134		NN Group NV			3,663,122		0.7
	228,446		Royal Dutch Shell PLC - Class A			6,723,814		1.2
	278,643		Other Securities			5,703,982		1.0
						19,643,595		3.5
			New Zealand: 0.3%
	647,397		Other Securities			1,805,863		0.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Panama: 0.4%
	26,076		Other Securities		$	2,052,442		0.4
			Singapore: 0.8%
	2,251,600		Other Securities			4,295,967		0.8
			Spain: 0.8%
	191,811	(1)	Other Securities			4,369,499		0.8
			Sweden: 0.5%
	64,158		Other Securities			2,525,736		0.5
			Switzerland: 2.6%
	42,757		Nestle SA			3,470,277		0.6
	23,909		Roche Holding AG			5,935,621		1.1
	13,160		Zurich Insurance Group AG			3,922,849		0.7
	7,554		Other Securities			972,402		0.2
						14,301,149		2.6
			United Kingdom: 5.5%
	241,221		GlaxoSmithKline PLC			4,597,195		0.9
	1,161,436		Legal & General Group PLC			3,422,019		0.6
	8,907,939		Other Securities			22,354,076		4.0
						30,373,290		5.5
			United States: 58.5%
	57,952		AbbVie, Inc.			5,342,595		1.0
	92,900		Aflac, Inc.			4,232,524		0.8
	87,246		Altria Group, Inc.			4,309,080		0.8
	19,143		Amgen, Inc.			3,726,568		0.7
	43,367		Amphenol Corp.			3,513,594		0.6
	349,038		Annaly Capital Management, Inc.			3,427,553		0.6
	58,693		Apple, Inc.			9,258,234		1.7
	185,252		AT&T, Inc.			5,287,092		1.0
	256,012		Bank of America Corp.			6,308,136		1.1
	12,618		Boeing Co.			4,069,305		0.7
	81,216		Bristol-Myers Squibb Co.			4,221,608		0.8
	126,359		Centerpoint Energy, Inc.			3,567,115		0.6
	49,537		Chevron Corp.			5,389,130		1.0
	137,237		Cisco Systems, Inc.			5,946,479		1.1
	36,825		Darden Restaurants, Inc.			3,677,344		0.7
	45,831		Eli Lilly & Co.			5,303,563		1.0
	63,021		Exxon Mobil Corp.			4,297,402		0.8
	90,202		General Mills, Inc.			3,512,466		0.6
	32,618		Honeywell International, Inc.			4,309,490		0.8
	135,985		Intel Corp.			6,381,776		1.1
	39,659		International Business Machines Corp.			4,508,039		0.8
	65,704		Johnson & Johnson			8,479,101		1.5
	28,810		McDonald’s Corp.			5,115,792		0.9
	44,716		Microsoft Corp.			4,541,804		0.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018 (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		United States (continued)
	49,442	Omnicom Group		$	3,621,132		0.6
	115,610	Oracle Corp.			5,219,792		0.9
	54,115	Paychex, Inc.			3,525,592		0.6
	45,329	PepsiCo, Inc.			5,007,948		0.9
	162,600	Pfizer, Inc.			7,097,490		1.3
	64,250	Philip Morris International, Inc.			4,289,330		0.8
	40,189	Procter & Gamble Co.			3,694,173		0.7
	47,854	Texas Instruments, Inc.			4,522,203		0.8
	46,357	Waste Management, Inc.			4,125,309		0.7
	102,527	Wells Fargo & Co.			4,724,444		0.8
	4,249,193	Other Securities			160,488,793		28.9
					325,041,996		58.5
		Total Common Stock (Cost $595,436,589)			544,617,125		98.1
EXCHANGE-TRADED FUNDS: 0.9%
	41,376	Other Securities			4,995,842		0.9
		Total Exchange-Traded Funds (Cost $5,496,226)			4,995,842		0.9
		Total Long-Term Investments (Cost $600,932,815)			549,612,967		99.0

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.8%

Securities Lending Collateral(3): 1.7%

2,218,949

Cantor Fitzgerald Securities,
Repurchase Agreement
dated 12/31/18, 3.35%, due
01/02/19 (Repurchase
Amount $2,219,356,
collateralized by various
U.S. Government/U.S.
Government Agency
Obligations,
0.000%-10.000%, Market
Value plus accrued interest
$2,263,328, due
01/25/19-10/20/68)

2,218,949

0.4

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(3) (continued)
	2,218,949	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $2,219,320, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,263,328, due 01/25/19-02/01/49)		$	2,218,949		0.4
	463,855	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $463,929, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $473,132, due 02/29/24-09/09/49)			463,855		0.1
	2,218,949	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $2,219,316, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $2,263,328, due 10/01/25-10/20/48)			2,218,949		0.4
	2,218,949	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $2,219,359, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,263,363, due 07/15/20-02/15/47)			2,218,949		0.4
					9,339,651		1.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.1%
	893,000	(4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $893,000)		$	893,000		0.1
			Total Short-Term Investments (Cost $10,232,651)			10,232,651		1.8
			Total Investments in Securities (Cost $611,165,466)		$	559,845,618		100.8
			Liabilities in Excess of Other Assets			(4,675,477)		(0.8)
			Net Assets		$	555,170,141		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)

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

(4)

Rate shown is the 7-day yield as of December 31, 2018.

Sector Diversification	Percentage of Net Assets
Information Technology		18.3%
Financials		18.1
Health Care		11.7
Industrials		11.4
Consumer Staples		10.0
Consumer Discretionary		8.5
Communication Services		5.9
Energy		5.6
Utilities		4.4
Materials		3.3
Exchange-Traded Funds		0.9
Real Estate		0.9
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(0.8)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	9,580,741		$	—		$	9,580,741
Belgium			—			3,599,900			—			3,599,900
Canada			20,611,616			—			—			20,611,616
China			—			2,611,200			—			2,611,200
Denmark			—			3,952,852			—			3,952,852
Finland			—			5,961,980			—			5,961,980
France			—			19,101,679			—			19,101,679
Germany			—			11,339,461			—			11,339,461
Hong Kong			—			8,447,442			—			8,447,442
Israel			—			1,824,355			—			1,824,355
Japan			—			52,274,861			—			52,274,861
Luxembourg			—			901,501			—			901,501
Netherlands			3,108,853			16,534,742			—			19,643,595
New Zealand			—			1,805,863			—			1,805,863
Panama			2,052,442			—			—			2,052,442
Singapore			—			4,295,967			—			4,295,967
Spain			—			4,369,499			—			4,369,499
Sweden			—			2,525,736			—			2,525,736

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Switzerland			—			14,301,149			—			14,301,149
United Kingdom			—			30,373,290			—			30,373,290
United States			325,041,996			—			—			325,041,996
Total Common Stock			350,814,907			193,802,218			—			544,617,125
Exchange-Traded Funds			4,995,842			—			—			4,995,842
Short-Term Investments			893,000			9,339,651			—			10,232,651
Total Investments, at fair value		$	356,703,749		$	203,141,869		$	—		$	559,845,618

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

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

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

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $611,382,847.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	16,497,636
Gross Unrealized Depreciation		(68,025,143)
Net Unrealized Appreciation	$	(51,527,507)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2018

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 40.0%
	15,000,000	Fannie Mae Discount Note, 2.330%, 01/02/2019		$	14,999,042		3.2
	3,000,000	Fannie Mae, 2.510%, (US0001M + 0.000%), 02/28/2019			3,000,293		0.6
	16,500,000	Fannie Mae, 2.530%, (SOFRRATE + 0.070%), 10/30/2019			16,500,000		3.6
	1,000,000	Federal Farm Credit Banks, 1.910%, 01/25/2019			999,557		0.2
	875,000	Federal Farm Credit Banks, 2.110%, 01/07/2019			874,842		0.2
	3,000,000	Federal Farm Credit Banks, 2.210%, (US0001M + (0.140)%), 07/02/2019			2,999,013		0.6
	7,750,000	Federal Farm Credit Banks, 2.290%, (US0001M + (0.060)%), 04/03/2019			7,750,551		1.7
	1,000,000	Federal Farm Credit Banks, 2.300%, (US0001M + (0.135)%), 06/13/2019			999,697		0.2
	4,250,000	Federal Farm Credit Banks, 2.340%, (US0001M + (0.095)%), 09/13/2019			4,249,881		0.9
	1,000,000	Federal Farm Credit Banks, 2.400%, (FEDL01 + 0.000%), 08/08/2019			999,689		0.2
	11,500,000	Federal Farm Credit Banks, 2.420%, (FCPR DLY + (3.080)%), 03/12/2019			11,499,564		2.5
	8,400,000	Federal Farm Credit Banks, 2.420%, (US0001M + (0.085)%), 05/24/2019			8,399,923		1.8
	1,250,000	Federal Farm Credit Banks, 2.420%, (FEDL01 + 0.015%), 10/28/2019			1,249,587		0.3
	7,750,000	Federal Farm Credit Banks, 2.440%, 01/17/2019			7,746,038		1.7
	10,500,000	Federal Farm Credit Banks, 2.530%, (USBMMY3M + 0.100%), 01/25/2019			10,501,030		2.3
	6,750,000	Federal Farm Credit Banks, 2.550%, (FCPR DLY + (2.950)%), 09/25/2019			6,752,444		1.5
	1,000,000	Federal Farm Credit Banks, 2.610%, (US0001M + 0.170%), 11/14/2019			1,001,820		0.2
	11,050,000	Federal Farm Credit Banks, 2.640%, (US0001M + 0.190%), 05/16/2019			11,061,228		2.4
	1,500,000	Federal Farm Credit Banks, 2.640%, (US0001M + 0.190%), 07/15/2019			1,502,187		0.3

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
	2,000,000	Federal Farm Credit Banks, 2.670%, (US0001M + 0.170%), 01/22/2019		$	2,000,349		0.4
	6,610,000	Federal Home Loan Bank Discount Notes, 2.180%, 01/02/2019			6,609,605		1.4
	6,000,000	Federal Home Loan Banks, 2.210%, (US0001M + (0.140)%), 01/02/2019			5,999,996		1.3
	400,000	Federal Home Loan Banks, 2.240%, (US0003M + (0.200)%), 01/18/2019			400,029		0.1
	4,750,000	Federal Home Loan Banks, 2.250%, (US0001M + (0.100)%), 09/04/2019			4,750,000		1.0
	1,200,000	Federal Home Loan Banks, 2.390%, (US0001M + (0.060)%), 09/16/2019			1,200,272		0.3
	2,000,000	Federal Home Loan Banks, 2.410%, (US0001M + (0.090)%), 01/22/2019			2,000,001		0.4
	2,000,000	Federal Home Loan Banks, 2.520%, (US0003M + (0.160)%), 05/24/2019			2,000,098		0.4
	6,250,000	Federal Home Loan Banks, 2.630%, (US0003M + (0.160)%), 06/20/2019			6,252,368		1.4
	1,000,000	Federal Home Loan Banks, 2.660%, (US0003M + (0.160)%), 06/27/2019			1,000,592		0.2
	15,000,000	Freddie Mac Discount Notes, 2.310%, 01/02/2019			14,999,050		3.2
	6,250,000	Freddie Mac, 2.360%, (US0001M + (0.100)%), 03/18/2019			6,250,000		1.4
	8,000,000	Freddie Mac, 2.400%, (US0001M + (0.110)%), 05/28/2019			8,000,000		1.7
	11,000,000	Freddie Mac, 2.470%, (US0003M + (0.225)%), 08/27/2019			11,000,000		2.4
		Total U.S. Government Agency Debt (Cost $185,548,746)			185,548,746		40.0
U.S. TREASURY DEBT: 30.2%
	140,000,000	United States Treasury Bill, 2.430%, 01/29/2019			139,748,671		30.2
		Total U.S. Treasury Debt (Cost $139,748,671)			139,748,671		30.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
U.S. TREASURY REPURCHASE AGREEMENT: 30.3%
		Repurchase Agreement: 30.3%
	60,000,000	Deutsche Bank Repurchase Agreement dated 12/31/18, 2.90%, due 1/2/19, $60,009,667 to be received upon repurchase (Collateralized by $49,713,600, U.S. Treasury Bond, 2.000%-6.125%, Market Value plus accrued interest $61,200,059 due 1/15/26-2/15/45)		$	60,000,000		13.0
	80,218,000	Deutsche Bank Repurchase Agreement dated 12/31/18, 2.90%, due 1/2/2019, $80,230,924 to be received upon repurchase (Collateralized by $143,586,907, U.S. Treasury Interest component, 0.0%, Market Value plus accrued interest $82,624,540 due 5/15/37-8/15/38)			80,218,000		17.3
		Total U.S. Treasury Repurchase Agreement (Cost $140,218,000)			140,218,000		30.3

Shares				Value			Percentage of Net Assets
INVESTMENT COMPANIES: 9.9%
	23,000,000	(1)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.270%, 01/02/19		$	23,000,000		4.9
	23,000,000	(1)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 2.290%, 01/02/19			23,000,000		5.0
			Total Investment Companies (Cost $46,000,000)			46,000,000		9.9
			Total Investments in Securities (Cost $511,515,417)		$	511,515,417		110.4
			Liabilities in Excess of Other Assets			(48,324,104)		(10.4)
			Net Assets		$	463,191,313		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Rate shown is the 7-day yield as of December 31, 2018.

Reference Rate Abbreviations:

FCPR DLY

Federal Reserve Bank Prime Loan Rate

FEDL01

Federal Funds Effective Rate

SOFRRATE

Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

USBMMY3M

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

At December 31, 2018, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
U.S. Treasury Debt		$	—		$	139,748,671		$	—		$	139,748,671
U.S. Treasury Repurchase Agreement			—			140,218,000			—			140,218,000
U.S. Government Agency Debt			—			185,548,746			—			185,548,746
Investment Companies			46,000,000			—			—			46,000,000
Total Investments, at fair value		$	46,000,000		$	465,515,417		$	—		$	511,515,417

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 December 31, 2018 (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 December 31, 2018:

Counterparty	Government Repurchase Agreement, at fair value	Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$140,218,000		$	(140,218,000)		$	—
Totals	$140,218,000		$	(140,218,000)		$	—

(1)

Collateral with a fair value of $143,824,599 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.1%
			Communication Services: 10.4%
	609,523		Activision Blizzard, Inc.		$	28,385,486		1.0
	129,372	(1)	Alphabet, Inc. - Class A			135,188,565		4.7
	1,479,695		Verizon Communications, Inc.			83,188,453		2.9
	493,415		Walt Disney Co.			54,102,955		1.8
						300,865,459		10.4
			Consumer Discretionary: 8.6%
	35,121	(1)	Amazon.com, Inc.			52,750,689		1.8
	417,388		Hasbro, Inc.			33,912,775		1.2
	368,283		McDonald’s Corp.			65,396,012		2.3
	293,713		Ralph Lauren Corp.			30,387,547		1.1
	454,243		Starbucks Corp.			29,253,249		1.0
	1,060,427		Tapestry, Inc.			35,789,411		1.2
						247,489,683		8.6
			Consumer Staples: 8.1%
	1,383,575		Coca-Cola Co.			65,512,276		2.3
	1,417,426		Mondelez International, Inc.			56,739,563		2.0
	665,919		Procter & Gamble Co.			61,211,275		2.1
	521,187		Walmart, Inc.			48,548,569		1.7
						232,011,683		8.1
			Energy: 4.5%
	505,030		Occidental Petroleum Corp.			30,998,742		1.1
	956,674		Royal Dutch Shell PLC - Class A ADR			55,745,394		1.9
	590,472	(2)	Other Securities			43,184,784		1.5
						129,928,920		4.5
			Financials: 13.7%
	1,625,883		Bank of America Corp.			40,061,757		1.4
	581,387		Discover Financial Services			34,290,205		1.2
	772,287		Hartford Financial Services Group, Inc.			34,328,157		1.2
	678,011		Intercontinental Exchange, Inc.			51,074,569		1.8
	698,435		JPMorgan Chase & Co.			68,181,225		2.4
	823,092		Lazard Ltd.			30,380,326		1.1
	277,548		Reinsurance Group of America, Inc.			38,920,556		1.3
	777,026		US Bancorp			35,510,088		1.2
	782,918		Wells Fargo & Co.			36,076,862		1.2
	186,117		Other Securities			26,063,824		0.9
						394,887,569		13.7
			Health Care: 15.6%
	125,581	(1)	Biogen, Inc.			37,789,834		1.3
	904,077	(1)	Boston Scientific Corp.			31,950,081		1.1
	668,837		Gilead Sciences, Inc.			41,835,754		1.5
	544,731		Johnson & Johnson			70,297,536		2.4
	318,256		Medtronic PLC			28,948,566		1.0
	730,772		Merck & Co., Inc.			55,838,288		1.9

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	1,875,295		Pfizer, Inc.		$	81,856,627		2.8
	284,781		UnitedHealth Group, Inc.			70,944,643		2.5
	297,550		Zimmer Biomet Holdings, Inc.			30,861,886		1.1
						450,323,215		15.6
			Industrials: 8.7%
	309,228		Deere & Co.			46,127,541		1.6
	750,702		Emerson Electric Co.			44,854,444		1.6
	372,200		Honeywell International, Inc.			49,175,064		1.7
	232,382		Roper Technologies, Inc.			61,934,451		2.1
	343,950		Union Pacific Corp.			47,544,208		1.7
	2	(2)	Other Securities			41		0.0
						249,635,749		8.7
			Information Technology: 19.5%
	198,131	(1)	Adobe, Inc.			44,825,157		1.6
	306,357		Apple, Inc.			48,324,753		1.7
	194,461		Broadcom, Inc.			49,447,543		1.7
	1,498,051		Cisco Systems, Inc.			64,910,550		2.3
	545,800		Citrix Systems, Inc.			55,922,668		1.9
	402,074		Fidelity National Information Services, Inc.			41,232,689		1.4
	1,503,687		Microsoft Corp.			152,729,489		5.3
	319,201		Motorola Solutions, Inc.			36,720,883		1.3
	428,861		Texas Instruments, Inc.			40,527,365		1.4
	429,557		Other Securities			25,631,666		0.9
						560,272,763		19.5
			Materials: 2.7%
	303,682		Air Products & Chemicals, Inc.			48,604,304		1.7
	593,724	(3)	BHP Group Ltd. ADR			28,670,932		1.0
						77,275,236		2.7
			Real Estate: 3.2%
	335,497		Crown Castle International Corp.			36,445,039		1.3
	358,267		Mid-America Apartment Communities, Inc.			34,286,152		1.2
	249,367		Other Securities			21,956,764		0.7
						92,687,955		3.2
			Utilities: 4.1%
	578,798		American Electric Power Co., Inc.			43,259,362		1.5
	358,656		Entergy Corp.			30,869,522		1.1
	251,506		NextEra Energy, Inc.			43,716,773		1.5
						117,845,657		4.1
			Total Common Stock (Cost $2,617,796,517)			2,853,223,889		99.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
OTHER(4): —%
			Utilities: —%
	20,000,000	(1)(5)(6)	Mirant Corp. (Escrow), 0.000%, 06/15/2021		$	—		—
	10,000,000	(1)(5)(6)	Southern Energy (Escrow), 0.000%, 07/15/2049			—		—
			Total Other (Cost $—)			—		—
			Total Long-Term Investments (Cost $2,617,796,517)			2,853,223,889		99.1
SHORT-TERM INVESTMENTS: 1.8%
			Securities Lending Collateral(7): 1.0%
	6,855,198		Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $6,856,314, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $6,993,456, due 11/15/ 23-05/15/58)			6,855,198		0.3
	6,855,198		Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $6,856,456, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $6,992,302, due 01/25/19-10/20/68)			6,855,198		0.2
	6,855,198		Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $6,856,344, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $6,992,302, due 01/25/19-02/01/49)			6,855,198		0.2

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(7) (continued)
	1,437,153	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $1,437,383, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $1,465,896, due 02/29/24-09/09/49)		$	1,437,153		0.1
	6,855,198	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $6,856,332, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $6,992,302, due 10/01/25-10/20/48)			6,855,198		0.2
					28,857,945		1.0

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.8%
	24,092,000	(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $24,092,000)			24,092,000		0.8
			Total Short-Term Investments (Cost $52,949,945)			52,949,945		1.8
			Total Investments in Securities (Cost $2,670,746,462)		$	2,906,173,834		100.9
			Liabilities in Excess of Other Assets			(26,834,578)		(0.9)
			Net Assets		$	2,879,339,256		100.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2018 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

(4)

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.

(5)

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

(6)

Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2018, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(7)

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

(8)

Rate shown is the 7-day yield as of December 31, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	2,853,223,889		$	—		$	—		$	2,853,223,889
Other			—			—			—			—
Short-Term Investments			24,092,000			28,857,945			—			52,949,945
Total Investments, at fair value		$	2,877,315,889		$	28,857,945		$	—		$	2,906,173,834

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

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

At December 31, 2018, Voya Growth and Income Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Mirant Corp. (Escrow)

11/30/2005

—

Southern Energy (Escrow)

11/30/2005

—

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $2,672,389,212.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	410,928,412
Gross Unrealized Depreciation		(177,143,790)
Net Unrealized Appreciation	$	233,784,622

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 29.3%
			Basic Materials: 0.8%
	2,486,000	(1)	Anglo American Capital PLC, 4.125%, 04/15/2021		$	2,487,886		0.1
	1,800,000	(1)	Braskem Netherlands Finance BV, 4.500%, 01/10/2028			1,670,418		0.1
	1,900,000	(1)	Dow Chemical Co/The, 4.800%, 11/30/2028			1,938,068		0.1
	4,274,000	(1)	Georgia-Pacific LLC, 2.539%, 11/15/2019			4,242,234		0.1
	4,335,000	(1)	Newcrest Finance Pty Ltd., 4.450%, 11/15/2021			4,389,972		0.1
	12,223,000		Other Securities			12,009,921		0.3
						26,738,499		0.8
			Communications: 2.7%
	19,878,000		AT&T, Inc., 4.125%-5.450%, 02/17/2026-02/15/2050			18,596,188		0.5
	12,960,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 3.579%-4.908%, 07/23/2020-07/23/2025			12,966,155		0.4
	4,885,000	(1)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199			4,958,275		0.2
	4,252,000		NBCUniversal Media LLC, 5.150%, 04/30/2020			4,365,419		0.1
	2,630,000	(1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			2,557,242		0.1
	52,768,000		Other Securities			50,983,494		1.4
						94,426,773		2.7
			Consumer, Cyclical: 2.7%
	930,367		American Airlines 2015-2 Class B Pass Through Trust, 4.400%, 03/22/2025			914,091		0.0
	1,250,899		American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/2025			1,290,286		0.0
	5,001,220		American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			4,727,053		0.1

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical (continued)
	620,760		American Airlines 2017-1 Class AA Pass Through Trust, 3.650%, 08/15/2030		$	612,951		0.0
	2,165,762		American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			2,050,864		0.1
	1,604,565		American Airlines 2017-2 Class B Pass Through Trust, 3.700%, 04/15/2027			1,553,535		0.1
	2,685,000	(1)	BMW US Capital LLC, 3.400%, 08/13/2021			2,674,640		0.1
	3,810,000	(1)	BMW US Capital LLC, 3.450%, 04/12/2023			3,784,322		0.1
	633,686	(1)	British Airways 2018-1 Class A Pass Through Trust, 4.125%, 03/20/2033			627,222		0.0
	4,210,000	(1)	Daimler Finance North America LLC, 2.300%, 02/12/2021			4,108,586		0.1
	4,640,000	(1)	Nissan Motor Acceptance Corp., 2.600%, 09/28/2022			4,421,037		0.1
	2,340,000	(1)	Nissan Motor Acceptance Corp., 3.650%, 09/21/2021			2,329,467		0.1
	1,487,721		United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 02/15/2023			1,527,097		0.1
	3,618,424		United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			3,497,423		0.1
	938,032		United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027			917,882		0.0
	4,449,655		United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			4,099,222		0.1
	1,197,801		United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027			1,135,036		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical (continued)
	2,110,000		United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031		$	2,075,861		0.1
	3,410,000	(1)	Volkswagen Group of America Finance LLC, 2.400%, 05/22/2020			3,357,624		0.1
	9,186,000		Walmart, Inc., 2.350%-3.400%, 06/23/2021-06/26/2023			9,126,836		0.3
	3,360,000	(1)	ZF North America Capital, Inc., 4.000%, 04/29/2020			3,345,367		0.1
	39,647,928		Other Securities			37,221,136		1.0
						95,397,538		2.7
			Consumer, Non-cyclical: 4.9%
	2,500,000	(1)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			2,334,635		0.1
	4,049,000	(1)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			3,767,930		0.1
	3,800,000	(1)	BAT International Finance PLC, 2.750%, 06/15/2020			3,734,489		0.1
	68,509		CVS Pass-Through Trust, 6.943%, 01/10/2030			76,186		0.0
	17,953,000		CVS Health Corp., 3.125%-5.050%, 03/09/2020-03/25/2048			17,772,648		0.5
	10,165,000	(1)(2)	Cigna Corp., 3.400%, 09/17/2021			10,147,949		0.3
	3,770,000	(1)	Imperial Brands Finance PLC, 2.950%, 07/21/2020			3,714,479		0.1
	2,113,000	(1)	Imperial Brands Finance PLC, 3.750%, 07/21/2022			2,097,606		0.0
	2,905,000	(1)	Keurig Dr Pepper, Inc., 4.057%, 05/25/2023			2,895,890		0.1
	3,910,000	(1)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			3,929,755		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		$	2,999,700		0.1
	4,300,000	(1)	Takeda Pharmaceutical Co. Ltd., 4.000%, 11/26/2021			4,361,338		0.1
	14,210,000		Unilever Capital Corp., 3.000%-3.250%, 03/07/2022-03/07/2024			14,121,411		0.4
	105,007,000	(3)	Other Securities			101,881,471		2.9
						173,835,487		4.9
			Energy: 3.0%
	3,025,000	(1)	Schlumberger Investment SA, 2.400%, 08/01/2022			2,905,990		0.1
	959,000	(1)	Schlumberger Norge AS, 4.200%, 01/15/2021			973,473		0.0
	1,052,000	(1)	Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021			1,065,287		0.0
	9,833,000		Shell International Finance BV, 3.250%-4.375%, 05/11/2025-05/10/2046			9,732,459		0.3
	10,437,000		Williams Partners L.P., 3.600%-5.400%, 03/15/2022-03/04/2044			10,176,483		0.3
	84,480,000		Other Securities			81,920,341		2.3
						106,774,033		3.0
			Financial: 9.2%
	25,815,000	(4)	Bank of America Corp., 3.419%-4.250%, 05/17/2022-12/20/2028			24,988,779		0.7
	1,862,000	(1)	Barclays Bank PLC, 10.179%, 06/12/2021			2,094,232		0.1
	4,500,000	(1)	BNP Paribas SA, 3.500%, 03/01/2023			4,366,726		0.1
	10,079,000	(4)	Citigroup, Inc., 2.876%-5.500%, 07/24/2023-09/13/2025			10,164,231		0.3
	2,757,000	(1)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,773,324		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	2,315,000	(1)	Commerzbank AG, 8.125%, 09/19/2023		$	2,541,915		0.1
	1,370,000	(1)(4)	Cooperatieve Centrale Raiffeisen- Boerenleenbank BA/Netherlands, 11.000%, 12/31/2199			1,419,662		0.0
	3,150,000	(1)	Credit Agricole SA/ London, 2.375%, 07/01/2021			3,062,962		0.1
	6,736,000	(1)	Credit Suisse AG, 6.500%, 08/08/2023			7,043,397		0.2
	5,236,000	(1)	Credit Suisse Group AG, 3.574%, 01/09/2023			5,112,320		0.1
	2,303,000		Credit Suisse Group Funding Guernsey Ltd., 3.450%, 04/16/2021			2,295,892		0.1
	5,295,000	(1)	Danske Bank A/S, 2.800%, 03/10/2021			5,175,637		0.1
	7,975,000	(1)(2)	Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/2020			7,828,067		0.2
	1,272,000	(1)	Guardian Life Insurance Co. of America/The, 4.850%, 01/24/2077			1,257,493		0.0
	723,000	(1)	HSBC Bank PLC, 4.125%, 08/12/2020			731,572		0.0
	10,277,000	(4)	HSBC Holdings PLC, 3.400%-4.583%, 03/08/2021-06/19/2029			10,158,514		0.3
	23,924,000	(4)	JPMorgan Chase & Co., 2.550%-4.032%, 10/29/2020-07/24/2048			23,154,740		0.7
	7,870,000	(1)(4)	Macquarie Group Ltd, 3.189%, 11/28/2023			7,578,086		0.2
	5,870,000		Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			5,884,041		0.2
	4,560,000	(1)	Mizuho Financial Group, Inc., 2.632%, 04/12/2021			4,474,817		0.1
	2,759,000	(4)	Mizuho Financial Group, Inc., 3.922%, 09/11/2024			2,789,774		0.1
	13,145,000		Morgan Stanley, 2.750%-5.500%, 07/28/2021-04/23/2027			13,022,776		0.4
	5,004,000	(1)	Nationwide Building Society, 2.350%, 01/21/2020			4,953,384		0.1
	2,661,000	(1)(2)(4)	Nordea Bank ABP, 6.125%, 12/31/2199			2,504,666		0.1

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	2,690,000		Royal Bank of Canada, 3.068%, (US0003M + 0.660%), 10/05/2023		$	2,649,214		0.1
	7,410,000		Royal Bank of Canada, 2.125%-3.700%, 03/02/2020-10/05/2023			7,384,143		0.2
	3,000,000	(1)	Societe Generale SA, 2.625%, 09/16/2020			2,964,316		0.1
	14,131,000	(1)(4)	Standard Chartered PLC, 3.885%, 03/15/2024			13,691,006		0.4
	4,920,000	(1)	Suncorp-Metway Ltd, 2.375%, 11/09/2020			4,822,574		0.1
	2,007,000	(4)	Toronto-Dominion Bank, 3.625%, 09/15/2031			1,898,396		0.1
	10,565,000		Toronto-Dominion Bank/The, 1.900%-3.500%, 10/24/2019-07/19/2023			10,572,339		0.3
	1,960,000	(1)	UBS AG/London, 2.450%, 12/01/2020			1,924,632		0.0
	2,470,000		UBS AG, 5.125%, 05/15/2024			2,463,998		0.1
	6,349,000		UBS AG/Stamford CT, 2.350%-7.625%, 03/26/2020-08/17/2022			6,607,342		0.2
	7,600,000		Wells Fargo Bank NA, 3.625%, 10/22/2021			7,647,672		0.2
	5,504,000		Wells Fargo & Co., 4.125%-4.750%, 08/15/2023-12/07/2046			5,455,301		0.2
	101,720,000		Other Securities			100,529,945		2.8
						323,987,885		9.2
			Industrial: 1.6%
	2,570,000	(1)(2)	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021			2,502,202		0.1
	56,833,000		Other Securities			54,422,580		1.5
						56,924,782		1.6
			Technology: 1.8%
	13,340,000		Apple, Inc., 2.000%-3.850%, 11/13/2020-11/13/2047			12,766,067		0.4
	1,918,000	(1)	Dell International LLC / EMC Corp., 4.420%, 06/15/2021			1,917,129		0.1
	5,155,000	(1)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			5,250,606		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Technology (continued)
	3,620,000	(1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		$	3,643,274		0.1
	10,884,000		Microsoft Corp., 3.700%-4.450%, 11/03/2045- 02/06/2047			11,170,913		0.3
	2,709,000	(1)	NXP BV / NXP Funding LLC, 4.875%, 03/01/2024			2,724,279		0.1
	9,719,000		Oracle Corp., 3.850%-4.300%, 07/08/2034-11/15/2047			9,259,087		0.3
	16,034,000		Other Securities			15,986,838		0.4
						62,718,193		1.8
			Utilities: 2.6%
	3,120,000	(1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			3,349,039		0.1
	3,219,000	(1)	American Transmission Systems, Inc., 5.250%, 01/15/2022			3,384,910		0.1
	831,000	(1)	Enel Finance International NV, 3.500%, 04/06/2028			714,192		0.0
	2,802,000	(1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			2,827,540		0.1
	1,900,000	(1)	Niagara Mohawk Power Corp., 4.278%, 12/15/2028			1,968,513		0.1
	1,447,000	(1)	Pacific Gas & Electric Co., 4.250%, 08/01/2023			1,347,904		0.0
	80,765,000	(3)	Other Securities			79,488,062		2.2
						93,080,160		2.6
			Total Corporate Bonds/Notes (Cost $1,062,828,068)			1,033,883,350		29.3
COLLATERALIZED MORTGAGE OBLIGATIONS: 15.3%
	5,493,084		Alternative Loan Trust 2005-10CB 1A1, 3.006%, (US0001M + 0.500%), 05/25/2035			4,800,955		0.1
	4,510,212		Alternative Loan Trust 2005-51 3A2A, 3.447%, (12MTA + 1.290%), 11/20/2035			4,361,035		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	2,004,416		Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035		$	1,840,322		0.1
	2,534,852		Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			2,438,720		0.1
	583,028	(5)	Alternative Loan Trust 2005-J3 2A2, 2.494%, (-1.000*US0001M + 5.000%), 05/25/2035			42,925		0.0
	1,678,242		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			1,286,528		0.0
	3,755,719		Alternative Loan Trust 2006-HY11 A1, 2.626%, (US0001M + 0.120%), 06/25/2036			3,491,661		0.1
	2,398,060		Alternative Loan Trust 2007-23CB A3, 3.006%, (US0001M + 0.500%), 09/25/2037			1,517,846		0.1
	202,418		Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			186,011		0.0
	1,062,637	(4)	Bear Stearns ALT-A Trust 2005-10 22A1, 4.287%, 01/25/2036			1,048,074		0.0
	532,175	(4)	Bear Stearns ALT-A Trust 2005-4 23A1, 4.032%, 05/25/2035			537,802		0.0
	1,545,720	(4)	Bear Stearns ALT-A Trust 2006-6 31A1, 4.464%, 11/25/2036			1,421,673		0.1
	1,312,133	(4)	Bear Stearns ALT-A Trust 2006-6 32A1, 3.939%, 11/25/2036			1,086,215		0.0
	16,597	(4)	Bear Stearns ARM Trust 2005-12 13A1, 4.480%, 02/25/2036			15,895		0.0
	4,063,591		Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 2.696%, (US0001M + 0.190%), 01/25/2037			3,900,815		0.1
	181,699	(4)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 4.348%, 01/26/2036			163,520		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	622,986	(1)	Bellemeade Re Ltd. 2015-1A M2, 6.806%, (US0001M + 4.300%), 07/25/2025		$	626,720		0.0
	24,571		CHL Mortgage Pass-Through Trust 2005-2 2A3, 3.186%, (US0001M + 0.680%), 03/25/2035			23,077		0.0
	253,781		Citicorp Mortgage Securities Trust Series 2006-4 2A1, 5.500%, 08/25/2036			255,206		0.0
	1,136,885		Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			1,100,607		0.0
	142,963		Citigroup Mortgage Loan Trust 2006-AR1 1A1, 4.280%, (H15T1Y + 2.400%), 10/25/2035			144,452		0.0
	1,780,745	(4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 4.238%, 09/25/2037			1,711,957		0.1
	1,277,921	(1)(4)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			1,334,124		0.0
	86,940	(4)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 4.381%, 08/25/2035			86,993		0.0
	3,011,936		Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			3,007,202		0.1
	385,258		CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			364,346		0.0
	1,121,651		Countrywide Alternative Loan Trust 2005-53T2 2A6, 3.006%, (US0001M + 0.500%), 11/25/2035			729,545		0.0
	6,400,000		Countrywide Asset-Backed Certificates 2005-IM1 M1, 3.226%, (US0001M + 0.720%), 11/25/2035			6,355,411		0.2
	780,039		DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.750%, (US0001M + 0.280%), 08/19/2045			676,207		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,000,000		Fannie Mae 2011-128 KB, 4.500%, 12/25/2041		$	1,076,938		0.0
	11,559,897		Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			12,645,534		0.4
	2,612,590		Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			2,580,036		0.1
	32,958,693	(5)	Fannie Mae 2016-82 SD, 3.544%, (-1.000*US0001M + 6.050%), 11/25/2046			4,916,435		0.1
	7,606,370		Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			7,697,113		0.2
	4,070,141		Fannie Mae Connecticut Avenue Securities 2014-CO3 1M2, 5.506%, (US0001M + 3.000%), 07/25/2024			4,282,926		0.1
	3,600,000		Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 6.156%, (US0001M + 3.650%), 09/25/2029			3,826,831		0.1
	3,000,000		Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 5.356%, (US0001M + 2.850%), 11/25/2029			3,073,453		0.1
	7,550,000		Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.706%, (US0001M + 2.200%), 01/25/2030			7,573,017		0.2
	6,000,000		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.906%, (US0001M + 2.400%), 05/25/2030			6,051,745		0.2
	8,000,000		Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 5.006%, (US0001M + 2.500%), 05/25/2030			7,995,598		0.2
	2,200,000		Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 4.706%, (US0001M + 2.200%), 08/25/2030			2,144,593		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	500,000		Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 5.056%, (US0001M + 2.550%), 12/25/2030		$	494,486		0.0
	9,500,000		Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 4.756%, (US0001M + 2.250%), 07/25/2030			9,295,691		0.3
	624,822	(5)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			116,879		0.0
	499,813	(5)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			79,564		0.0
	13,199		Fannie Mae REMIC Trust 1994-77 FB, 4.006%, (US0001M + 1.500%), 04/25/2024			13,459		0.0
	434,244		Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			466,532		0.0
	354,476		Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031			381,339		0.0
	36,901		Fannie Mae REMIC Trust 2002-21 FC, 3.406%, (US0001M + 0.900%), 04/25/2032			37,672		0.0
	1,025,999	(5)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			240,006		0.0
	9,979		Fannie Mae REMIC Trust 2004-10 SC, 18.575%, (-4.000*US0001M + 28.600%), 02/25/2034			10,284		0.0
	97,867		Fannie Mae REMIC Trust 2004-11 A, 2.626%, (US0001M + 0.120%), 03/25/2034			97,426		0.0
	575,082		Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			620,513		0.0
	42,311		Fannie Mae REMIC Trust 2005-57 CD, 15.727%, (-3.750*US0001M + 25.125%), 01/25/2035			43,846		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	200,855		Fannie Mae REMIC Trust 2005-74 DK, 13.975%, (-4.000*US0001M + 24.000%), 07/25/2035		$	292,571		0.0
	6,139,360	(5)	Fannie Mae REMIC Trust 2005-92 SC, 4.174%, (-1.000*US0001M + 6.680%), 10/25/2035			964,748		0.0
	413,011		Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			444,818		0.0
	1,231,266		Fannie Mae REMIC Trust 2006-104 ES, 20.919%, (-5.000*US0001M + 33.450%), 11/25/2036			2,012,455		0.1
	7,497,449	(5)	Fannie Mae REMIC Trust 2006-12 SD, 4.244%, (-1.000*US0001M + 6.750%), 10/25/2035			1,008,803		0.0
	3,300,158	(5)	Fannie Mae REMIC Trust 2006-123 UI, 4.234%, (-1.000*US0001M + 6.740%), 01/25/2037			590,907		0.0
	853,267	(5)	Fannie Mae REMIC Trust 2006-72 HS, 4.194%, (-1.000*US0001M + 6.700%), 08/25/2026			95,974		0.0
	284,975		Fannie Mae REMIC Trust 2007-73 A1, 2.375%, (US0001M + 0.060%), 07/25/2037			280,240		0.0
	632,290		Fannie Mae REMIC Trust 2008-20 SP, 9.234%, (-2.500*US0001M + 15.500%), 03/25/2038			761,477		0.0
	2,781,900		Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			2,906,910		0.1
	9,670,954	(5)	Fannie Mae REMIC Trust 2010-102 SB, 4.094%, (-1.000*US0001M + 6.600%), 09/25/2040			1,651,021		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	3,238,804	(5)	Fannie Mae REMIC Trust 2010-116 SE, 4.094%, (-1.000*US0001M + 6.600%), 10/25/2040		$	514,865		0.0
	9,668,115	(5)	Fannie Mae REMIC Trust 2010-123 SL, 3.564%, (-1.000*US0001M + 6.070%), 11/25/2040			1,251,819		0.0
	5,050,000		Fannie Mae REMIC Trust 2010-130 CX, 4.500%, 09/25/2039			5,261,902		0.2
	4,902,444	(5)	Fannie Mae REMIC Trust 2010-55 AS, 3.914%, (-1.000*US0001M + 6.420%), 06/25/2040			756,593		0.0
	8,159,907		Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			9,069,309		0.3
	1,621,225		Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			1,742,880		0.1
	11,118,319	(5)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			961,071		0.0
	2,348,096	(5)	Fannie Mae REMIC Trust 2012-10 US, 3.944%, (-1.000*US0001M + 6.450%), 02/25/2042			310,117		0.0
	1,716,141		Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			1,741,320		0.1
	12,848,066	(5)	Fannie Mae REMIC Trust 2012-113 SG, 3.594%, (-1.000*US0001M + 6.100%), 10/25/2042			2,075,940		0.1
	9,553,008	(5)	Fannie Mae REMIC Trust 2012-122 SB, 3.644%, (-1.000*US0001M + 6.150%), 11/25/2042			1,621,468		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	4,378,189	(5)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032		$	396,020		0.0
	3,922,600		Fannie Mae REMIC Trust 2012-131 BS, 2.581%, (-1.200*US0001M + 5.400%), 12/25/2042			3,167,391		0.1
	14,762,100	(5)	Fannie Mae REMIC Trust 2012-137 SN, 3.594%, (-1.000*US0001M + 6.100%), 12/25/2042			2,225,869		0.1
	6,323,292	(5)	Fannie Mae REMIC Trust 2012-15 SP, 4.114%, (-1.000*US0001M + 6.620%), 06/25/2040			682,625		0.0
	3,998,475	(5)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			775,537		0.0
	399,761		Fannie Mae REMIC Trust 2013-44 ZG, 3.500%, 03/25/2042			414,908		0.0
	11,982,920	(5)	Fannie Mae REMIC Trust 2013-60 DS, 3.694%, (-1.000*US0001M + 6.200%), 06/25/2033			1,833,703		0.1
	9,437,070	(5)	Fannie Mae REMIC Trust 2013-9 DS, 3.644%, (-1.000*US0001M + 6.150%), 02/25/2043			1,762,928		0.1
	327,914	(5)	Fannie Mae REMIC Trust 2013-9 SA, 3.644%, (-1.000*US0001M + 6.150%), 03/25/2042			40,628		0.0
	4,149,589	(5)	Fannie Mae REMIC Trust 2014-81 JI, 4.000%, 09/25/2041			438,870		0.0
	28,453,596	(5)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			6,416,920		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	4,518,802	(5)	Fannie Mae REMICS 2005-66 SY, 4.194%, (-1.000*US0001M + 6.700%), 07/25/2035		$	732,031		0.0
	8,447,523	(5)	Fannie Mae REMICS 2006-120 QD, 2.194%, (-1.000*US0001M + 4.700%), 10/25/2036			656,617		0.0
	3,680,299	(5)	Fannie Mae REMICS 2006-59 XS, 4.694%, (-1.000*US0001M + 7.200%), 07/25/2036			576,982		0.0
	4,203,540	(5)	Fannie Mae REMICS 2007-53 SX, 3.594%, (-1.000*US0001M + 6.100%), 06/25/2037			631,138		0.0
	1,646,369		Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			1,782,224		0.1
	103,000		Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			103,984		0.0
	6,238,902	(5)	Fannie Mae REMICS 2011-149 ES, 3.494%, (-1.000*US0001M + 6.000%), 07/25/2041			654,532		0.0
	2,234,168		Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			2,206,452		0.1
	8,711,942	(5)	Fannie Mae REMICS 2016-93 SL, 4.144%, (-1.000*US0001M + 6.650%), 12/25/2046			1,273,548		0.0
	11,924,269	(5)	First Horizon Alternative Mortgage Securities Trust 2005-FA10 1A2 1A2, 2.194%, (-1.000*US0001M + 4.700%), 01/25/2036			1,108,946		0.1
	1,734,023		First Horizon Alternative Mortgage Securities Trust 2006-FA7 A5, 2.806%, (US0001M + 0.300%), 12/25/2036			1,054,700		0.0
	1,734,022	(5)	First Horizon Alternative Mortgage Securities Trust 2006-FA7 A9, 4.194%, (-1.000*US0001M + 6.700%), 12/25/2036			421,996		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,473,838	(1)(4)	Flagstar Mortgage Trust 2018-1 B1, 4.057%, 03/25/2048		$	1,493,048		0.0
	1,572,094	(1)(4)	Flagstar Mortgage Trust 2018-1 B2, 4.057%, 03/25/2048			1,587,047		0.0
	2,063,373	(1)(4)	Flagstar Mortgage Trust 2018-1 B3, 4.057%, 03/25/2048			2,040,122		0.1
	6,270,927	(5)	Freddie Mac 2815 GS, 3.545%, (-1.000*US0001M + 6.000%), 03/15/2034			858,682		0.0
	19,941,166		Freddie Mac 326 350, 3.500%, 03/15/2044			20,280,261		0.6
	8,533		Freddie Mac REMIC Trust 1125 Z, 8.250%, 08/15/2021			8,926		0.0
	297,078		Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			322,412		0.0
	289,939		Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			310,519		0.0
	13,363		Freddie Mac REMIC Trust 2411 FJ, 2.805%, (US0001M + 0.350%), 12/15/2029			13,386		0.0
	185,487		Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			200,973		0.0
	437,413		Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032			475,565		0.0
	468,317		Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022			480,064		0.0
	383,092		Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			416,336		0.0
	89		Freddie Mac REMIC Trust 2559 PB, 5.500%, 08/15/2030			90		0.0
	391,396		Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			426,859		0.0
	454,520	(5)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			104,454		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	527,994		Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034		$	582,841		0.0
	1,168,661		Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			1,272,179		0.0
	1,006,042		Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			1,067,075		0.0
	1,160,456		Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			1,226,414		0.0
	6,853,929	(5)	Freddie Mac REMIC Trust 3045 DI, 4.275%, (-1.000*US0001M + 6.730%), 10/15/2035			1,038,179		0.0
	41,349		Freddie Mac REMIC Trust 3049 NA, 5.000%, 02/15/2035			41,351		0.0
	3,377,032	(5)	Freddie Mac REMIC Trust 3064 SP, 4.145%, (-1.000*US0001M + 6.600%), 03/15/2035			250,084		0.0
	457,139		Freddie Mac REMIC Trust 3065 DC, 12.495%, (-3.000*US0001M + 19.860%), 03/15/2035			597,424		0.0
	1,098,272	(5)	Freddie Mac REMIC Trust 3102 IS, 15.565%, (-3.667*US0001M + 24.567%), 01/15/2036			459,216		0.0
	3,743,928		Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			4,037,470		0.1
	2,121,126	(5)	Freddie Mac REMIC Trust 3170 SA, 4.145%, (-1.000*US0001M + 6.600%), 09/15/2033			318,333		0.0
	1,447,255	(5)	Freddie Mac REMIC Trust 3171 PS, 4.030%, (-1.000*US0001M + 6.485%), 06/15/2036			180,678		0.0
	1,835,395		Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			2,015,555		0.1
	451,367	(4)	Freddie Mac REMIC Trust 3524 LA, 5.478%, 03/15/2033			479,977		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	133,631		Freddie Mac REMIC Trust 3556 NT, 5.555%, (US0001M + 3.100%), 03/15/2038		$	137,357		0.0
	8,060,098	(5)	Freddie Mac REMIC Trust 3589 SB, 3.745%, (-1.000*US0001M + 6.200%), 10/15/2039			1,176,011		0.0
	1,487,829	(5)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			218,306		0.0
	8,365,345		Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			9,117,625		0.3
	2,963,654		Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			3,227,773		0.1
	894,216	(5)	Freddie Mac REMIC Trust 3710 SL, 3.545%, (-1.000*US0001M + 6.000%), 05/15/2036			27,605		0.0
	1,561,030		Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			1,706,613		0.1
	1,779,489	(5)	Freddie Mac REMIC Trust 3752 WS, 4.145%, (-1.000*US0001M + 6.600%), 12/15/2039			91,957		0.0
	1,226,494		Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037			1,310,166		0.0
	5,000,000	(5)	Freddie Mac REMIC Trust 3820 BI, 4.000%, 11/15/2038			560,243		0.0
	2,131,310		Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			2,243,300		0.1
	7,044,228	(5)	Freddie Mac REMIC Trust 3856 KS, 4.095%, (-1.000*US0001M + 6.550%), 05/15/2041			1,100,012		0.0
	1,523,000		Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,649,769		0.1
	2,731,470	(5)	Freddie Mac REMIC Trust 3925 SD, 3.595%, (-1.000*US0001M + 6.050%), 07/15/2040			284,327		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	13,846,841	(5)	Freddie Mac REMIC Trust 3925 SL, 3.595%, (-1.000*US0001M + 6.050%), 01/15/2041		$	1,540,739		0.1
	4,524,428	(5)	Freddie Mac REMIC Trust 3936 GS, 4.245%, (-1.000*US0001M + 6.700%), 11/15/2025			225,366		0.0
	16,174,335	(5)	Freddie Mac REMIC Trust 3951 SN, 4.095%, (-1.000*US0001M + 6.550%), 11/15/2041			2,885,395		0.1
	6,478,948	(5)	Freddie Mac REMIC Trust 3984 NS, 4.145%, (-1.000*US0001M + 6.600%), 01/15/2040			545,918		0.0
	1,296,790		Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			1,375,304		0.1
	2,513,572		Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			2,899,709		0.1
	2,474,233	(5)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040			297,406		0.0
	5,912,460	(5)	Freddie Mac REMIC Trust 4094 YS, 4.245%, (-1.000*US0001M + 6.700%), 04/15/2040			568,495		0.0
	12,317,541	(5)	Freddie Mac REMIC Trust 4102 MS, 4.145%, (-1.000*US0001M + 6.600%), 09/15/2042			2,272,100		0.1
	1,106,403	(5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			179,288		0.0
	5,271,274		Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			5,201,820		0.2
	25,878,178		Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			28,117,075		0.8
	11,359,363	(5)	Freddie Mac REMIC Trust 4313 SD, 3.695%, (-1.000*US0001M + 6.150%), 03/15/2044			1,616,604		0.1
	17,430,839	(5)	Freddie Mac REMIC Trust 4313 SE, 3.695%, (-1.000*US0001M + 6.150%), 03/15/2044			2,493,147		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	3,537,316	(5)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042		$	495,193		0.0
	1,895,312	(5)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			364,102		0.0
	7,007,316		Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			7,401,050		0.2
	7,407,210	(5)	Freddie Mac REMIC Trust 4346 ST, 3.745%, (-1.000*US0001M + 6.200%), 07/15/2039			851,574		0.0
	10,827,717		Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			11,468,272		0.3
	6,512,600	(5)	Freddie Mac REMIC Trust 4386 LS, 3.645%, (-1.000*US0001M + 6.100%), 09/15/2044			1,013,471		0.0
	11,091,485	(5)	Freddie Mac REMICS 3284 CI, 3.665%, (-1.000*US0001M + 6.120%), 03/15/2037			1,623,183		0.1
	17,516,893	(5)	Freddie Mac REMICS 4675 KS, 3.545%, (-1.000*US0001M + 6.000%), 04/15/2047			3,033,943		0.1
	7,988,330		Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			8,348,683		0.2
	12,660,882	(5)	Freddie Mac Strips Series 311 S1, 3.495%, (-1.000*US0001M + 5.950%), 08/15/2043			2,096,798		0.1
	2,800,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 7.206%, (US0001M + 4.700%), 04/25/2028			3,234,638		0.1
	500,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 6.356%, (US0001M + 3.850%), 03/25/2029			547,179		0.0
	9,900,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 5.006%, (US0001M + 2.500%), 03/25/2030			9,917,800		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (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, 5.156%, (US0001M + 2.650%), 12/25/2029		$	6,286,542		0.2
	7,000,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.856%, (US0001M + 2.350%), 04/25/2030			6,958,980		0.2
	6,000,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 4.306%, (US0001M + 1.800%), 07/25/2030			5,773,966		0.2
	1,300,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.806%, (US0001M + 2.300%), 09/25/2030			1,270,908		0.0
	328,967		Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			376,381		0.0
	525,990		Freddie Mac Structured Pass Through Certificates T-62 1A1, 3.357%, (12MTA + 1.200%), 10/25/2044			529,438		0.0
	68,951		Freddie Mac-Ginnie Mae Series 27 FC, 3.875%, (PRIME + (1.375)%), 03/25/2024			70,040		0.0
	14,149,571	(5)	Ginnie Mae 2007-35 KY, 3.995%, (-1.000*US0001M + 6.450%), 06/16/2037			2,240,616		0.1
	1,168,419		Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			1,090,478		0.0
	1,236,659		Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			1,183,677		0.0
	481,202		Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			434,588		0.0
	81,881		Ginnie Mae Series 2002-21 FV, 2.855%, (US0001M + 0.400%), 03/16/2032			81,878		0.0
	1,139,710	(5)	Ginnie Mae Series 2005-7 AH, 4.315%, (-1.000*US0001M + 6.770%), 02/16/2035			159,191		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	137,048		Ginnie Mae Series 2007-37 S, 16.298%, (-3.667*US0001M + 25.300%), 04/16/2037		$	151,182		0.0
	498,620		Ginnie Mae Series 2007-8 SP, 14.039%, (-3.242*US0001M + 22.048%), 03/20/2037			689,112		0.0
	3,074,607	(5)	Ginnie Mae Series 2008-35 SN, 3.930%, (-1.000*US0001M + 6.400%), 04/20/2038			405,625		0.0
	1,632,527	(5)	Ginnie Mae Series 2008-40 PS, 4.045%, (-1.000*US0001M + 6.500%), 05/16/2038			241,952		0.0
	12,235,710	(5)	Ginnie Mae Series 2009-106 SU, 3.730%, (-1.000*US0001M + 6.200%), 05/20/2037			1,829,070		0.1
	3,996,122	(5)	Ginnie Mae Series 2009-25 KS, 3.730%, (-1.000*US0001M + 6.200%), 04/20/2039			555,340		0.0
	2,059,776		Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			2,191,381		0.1
	2,635,761		Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			2,817,105		0.1
	1,373,922	(5)	Ginnie Mae Series 2009-33 SN, 3.830%, (-1.000*US0001M + 6.300%), 05/20/2039			56,833		0.0
	11,212,156		Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			12,841,219		0.4
	1,205,681	(5)	Ginnie Mae Series 2009-43 HS, 3.730%, (-1.000*US0001M + 6.200%), 06/20/2038			48,867		0.0
	3,232,254	(5)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			427,915		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	2,789,804	(5)	Ginnie Mae Series 2010-116 NS, 4.195%, (-1.000*US0001M + 6.650%), 09/16/2040		$	386,361		0.0
	7,472,334	(5)	Ginnie Mae Series 2010-116 SK, 4.150%, (-1.000*US0001M + 6.620%), 08/20/2040			1,158,038		0.0
	13,137,760	(5)	Ginnie Mae Series 2010-149 HS, 3.645%, (-1.000*US0001M + 6.100%), 05/16/2040			1,152,858		0.0
	4,602,401	(5)	Ginnie Mae Series 2010-4 SP, 4.045%, (-1.000*US0001M + 6.500%), 01/16/2039			455,938		0.0
	4,803,692		Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			5,115,682		0.2
	2,841,079	(5)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			358,306		0.0
	3,101,889	(5)	Ginnie Mae Series 2010-68 MS, 3.380%, (-1.000*US0001M + 5.850%), 06/20/2040			425,728		0.0
	5,795,788	(5)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			1,366,345		0.0
	4,448,644	(5)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			391,285		0.0
	1,276,295	(5)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			156,962		0.0
	83,261		Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			90,745		0.0
	6,127,029	(5)	Ginnie Mae Series 2011-80 KS, 4.200%, (-1.000*US0001M + 6.670%), 06/20/2041			1,067,520		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,366,859	(5)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040		$	139,677		0.0
	181,737		Ginnie Mae Series 2012-43 MA, 4.000%, 10/20/2041			184,015		0.0
	16,309,602	(5)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			3,272,187		0.1
	12,851,195	(5)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			2,945,872		0.1
	11,292,228	(5)	Ginnie Mae Series 2014-3 SU, 3.580%, (-1.000*US0001M + 6.050%), 07/20/2039			1,652,466		0.1
	1,305,424		Ginnie Mae Series 2014-43 Z, 4.000%, 03/20/2044			1,389,935		0.0
	13,946,216	(5)	Ginnie Mae Series 2014-55 MS, 3.745%, (-1.000*US0001M + 6.200%), 04/16/2044			2,119,107		0.1
	16,324,952	(5)	Ginnie Mae Series 2014-56 SP, 3.745%, (-1.000*US0001M + 6.200%), 12/16/2039			2,174,085		0.1
	12,318,099	(5)	Ginnie Mae Series 2014-58 CS, 3.145%, (-1.000*US0001M + 5.600%), 04/16/2044			1,553,870		0.1
	15,455,621	(5)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			3,800,339		0.1
	6,027,075	(5)	Ginnie Mae Series 2014-99 S, 3.130%, (-1.000*US0001M + 5.600%), 06/20/2044			887,807		0.0
	5,415,736		Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			5,480,593		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	81,921		HarborView Mortgage Loan Trust 2005-2 2A1A, 2.910%, (US0001M + 0.440%), 05/19/2035		$	79,456		0.0
	356,109		HomeBanc Mortgage Trust 2004-1 2A, 3.366%, (US0001M + 0.860%), 08/25/2029			339,988		0.0
	3,000,000		HomeBanc Mortgage Trust 2005-4 M1, 2.976%, (US0001M + 0.470%), 10/25/2035			2,935,600		0.1
	3,665,811		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.716%, (US0001M + 0.210%), 04/25/2046			3,335,846		0.1
	2,989,969		IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 2.716%, (US0001M + 0.210%), 02/25/2046			2,541,475		0.1
	18,098	(4)	JP Morgan Mortgage Trust 2005-A1 6T1, 4.336%, 02/25/2035			18,012		0.0
	161,046	(4)	JP Morgan Mortgage Trust 2007-A1 5A5, 4.327%, 07/25/2035			166,871		0.0
	4,529,747	(1)(4)	JP Morgan Mortgage Trust 2017-4 B1, 3.966%, 11/25/2048			4,505,134		0.1
	1,662,292	(1)(4)	JP Morgan Mortgage Trust 2017-4 B2, 3.966%, 11/25/2048			1,634,693		0.1
	1,078,657	(1)(4)	JP Morgan Mortgage Trust 2017-6 B3, 3.849%, 12/25/2048			982,982		0.0
	1,668,358	(1)(4)	JP Morgan Mortgage Trust 2018-1 B1, 3.768%, 06/25/2048			1,619,325		0.1
	1,668,358	(1)(4)	JP Morgan Mortgage Trust 2018-1 B2, 3.768%, 06/25/2048			1,598,718		0.0
	2,060,912	(1)(4)	JP Morgan Mortgage Trust 2018-1 B3, 3.768%, 06/25/2048			1,901,320		0.1
	1,477,565	(1)(4)	JP Morgan Mortgage Trust 2018-3 B1, 3.782%, 09/25/2048			1,434,902		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,329,439	(1)(4)	JP Morgan Mortgage Trust 2018-4 B1, 3.797%, 10/25/2048		$	1,310,224		0.0
	5,574,511,534	(1)(5)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048			7,447,547		0.2
	9,721,798	(5)	Lehman Mortgage Trust 2006-9 2A5, 4.114%, (-1.000*US0001M + 6.620%), 01/25/2037			1,910,720		0.0
	2,679,376		Lehman XS Trust Series 2005-5N 1A2, 2.866%, (US0001M + 0.360%), 11/25/2035			2,510,788		0.1
	905,164		Merrill Lynch Mortgage Investors Trust Series 2005-A6 2A3, 2.886%, (US0001M + 0.380%), 08/25/2035			903,742		0.0
	20,432		Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 4A, 2.756%, (US0001M + 0.250%), 11/25/2035			19,845		0.0
	35,769		Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 2.756%, (US0001M + 0.250%), 11/25/2035			33,664		0.0
	2,000,000		Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 3.706%, (US0001M + 1.200%), 09/25/2035			1,982,384		0.1
	1,679,103		Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			1,356,209		0.0
	1,732,093	(1)(4)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,804,655		0.1
	23,373	(1)(4)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030			23,465		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,691,530	(1)	RBSSP Resecuritization Trust 2011-3 2A1, 2.565%, (US0001M + 0.250%), 02/26/2037		$	1,664,896		0.1
	65,350		Sequoia Mortgage Trust 2003-4 2A1, 2.820%, (US0001M + 0.350%), 07/20/2033			63,006		0.0
	57,661	(4)	Sequoia Mortgage Trust 2005-4 2A1, 4.696%, 04/20/2035			60,150		0.0
	1,384,249	(1)(4)	Sequoia Mortgage Trust 2014-3 B3, 3.931%, 10/25/2044			1,401,016		0.0
	1,359,074	(1)(4)	Sequoia Mortgage Trust 2014-4 B3, 3.861%, 11/25/2044			1,369,832		0.0
	1,182,864	(1)(4)	Sequoia Mortgage Trust 2015-2 B3, 3.743%, 05/25/2045			1,128,420		0.0
	1,296,850	(1)(4)	Sequoia Mortgage Trust 2015-3 B3, 3.715%, 07/25/2045			1,213,416		0.0
	2,900,000	(1)(4)	Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047			2,892,767		0.1
	1,671,998	(1)(4)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			1,684,331		0.1
	4,921,930	(1)(4)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.502%, 02/25/2048			5,159,919		0.2
	295,864		Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 2.720%, (US0001M + 0.250%), 07/19/2035			292,495		0.0
	132,833		Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 2.720%, (US0001M + 0.250%), 07/19/2035			130,879		0.0
	1,200,000	(1)(4)	Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047			1,211,862		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,300,000	(1)(4)	Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/2058		$	1,302,643		0.1
	9,837		WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 2.329%, (COF 11 + 1.250%), 02/27/2034			9,672		0.0
	33,317		WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 3.557%, (12MTA + 1.400%), 08/25/2042			32,951		0.0
	46,424		WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 3.146%, (US0001M + 0.640%), 01/25/2045			47,652		0.0
	1,045,125	(4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.319%, 10/25/2036			963,675		0.0
	367,407		WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 2.579%, (COF 11 + 1.500%), 07/25/2046			359,725		0.0
	75,887,646	(4)(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.513%, 08/25/2045			1,942,397		0.1
	2,485,256		WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.996%, (US0001M + 0.490%), 10/25/2045			2,474,666		0.1
	911,637	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.881%, 10/25/2036			881,698		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	1,665,188	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.860%, 12/25/2036		$	1,535,860		0.0
	3,294,431	(4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.877%, 08/25/2046			3,118,038		0.1
	4,083,761	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.161%, 04/25/2037			3,700,666		0.1
	2,462,501	(4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.546%, 07/25/2037			2,199,676		0.1
	3,416,382		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			3,089,680		0.1
	301,767		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			288,415		0.0
	2,123,153		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 2.606%, (US0001M + 0.100%), 12/25/2036			1,479,404		0.0
	5,001,817		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.117%, (12MTA + 0.960%), 08/25/2046			3,690,226		0.1
	2,273,325		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.936%, (US0001M + 0.430%), 06/25/2037			1,879,930		0.1
	48,391	(4)	Wells Fargo Mortgage Backed Securities 2004-CC A1, 4.869%, 01/25/2035			49,552		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	76,444	(4)	Wells Fargo Mortgage Backed Securities 2004-EE 2A1, 4.482%, 12/25/2034		$	78,077		0.0
	234,994	(4)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 4.369%, 05/25/2035			237,576		0.0
	86,346	(4)	Wells Fargo Mortgage Backed Securities 2005-AR9 2A1, 4.668%, 10/25/2033			87,452		0.0
	1,261,118	(4)	Wells Fargo Mortgage Backed Securities 2006-AR2 2A5, 4.608%, 03/25/2036			1,251,076		0.0
	680,390	(4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.209%, 04/25/2036			664,262		0.0
	1,085,878	(1)(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.792%, 08/20/2045			1,041,892		0.0
	10,855,457		Other Securities			10,498,334		0.3
			Total Collateralized Mortgage Obligations (Cost $541,594,339)			542,058,107		15.3
MUNICIPAL BONDS: 0.0%
			California: 0.0%
	1,600,000		Other Securities			2,069,896		0.0
			Total Municipal Bonds (Cost $1,609,081)			2,069,896		0.0
FOREIGN GOVERNMENT BONDS: 0.2%
	6,465,000		Other Securities			6,325,973		0.2
			Total Foreign Government Bonds (Cost $6,465,000)			6,325,973		0.2
CONVERTIBLE BONDS/NOTES: 0.1%
			Financial: 0.1%
	2,440,000		Other Securities			2,428,931		0.1
			Total Convertible Bonds/Notes (Cost $2,425,506)			2,428,931		0.1
U.S. TREASURY OBLIGATIONS: 4.3%
			U.S. Treasury Bonds: 1.9%
	68,087,000	(2)	3.000%, 08/15/2048			67,902,310		1.9
			U.S. Treasury Notes: 2.4%
	17,624,000		2.625%, 12/15/2021			17,704,402		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
			U.S. Treasury Notes (continued)
	15,784,000		2.875%, 11/30/2025		$	16,077,465		0.5
	36,318,100		3.125%, 11/15/2028			37,702,924		1.1
	11,017,000		2.500%-2.625%, 12/31/2020-12/31/2023			11,039,128		0.3
						82,523,919		2.4
			Total U.S. Treasury Obligations (Cost $143,686,027)			150,426,229		4.3
U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.3%
			Federal Home Loan Mortgage Corporation: 6.5%(6)
	11,003,646		3.000%, 10/01/2046			10,758,726		0.3
	14,418,325		3.000%, 10/01/2046			14,077,271		0.4
	12,155,513		3.000%, 03/01/2048			11,871,921		0.3
	20,017,831		3.000%, 08/01/2048			19,534,810		0.5
	13,876,900		3.500%, 01/01/2045			13,931,890		0.4
	9,668,539		3.500%, 12/01/2046			9,694,889		0.3
	24,546,833		3.500%, 03/01/2048			24,629,029		0.7
	92,164		4.086%, 09/01/2035			95,336		0.0
	3,790		4.112%, 03/01/2036			4,013		0.0
	5,452		4.118%, 04/01/2032			5,696		0.0
	757,839		4.315%, 06/01/2035			793,957		0.0
	4,569		4.459%, 06/01/2024			4,768		0.0
	32,379		4.689%, 11/01/2035			34,119		0.0
	16,065		4.725%, 11/01/2031			16,923		0.0
	216,910		4.759%, 01/01/2029			224,322		0.0
	15,439,000	(7)	5.000%, 01/01/2049			16,164,089		0.5
	106,951,816	(7)	2.500%-6.500%, 09/01/2019-06/01/2048			108,107,096		3.1
						229,948,855		6.5
			Federal National Mortgage Association: 11.8%(6)
	15,408,015		3.000%, 07/01/2043			15,161,604		0.5
	11,692,784		3.000%, 04/01/2045			11,480,876		0.3
	13,071,049		3.000%, 01/01/2047			12,766,435		0.4
	46,118		3.253%, 08/01/2042			45,872		0.0
	86,303		3.253%, 08/01/2042			85,832		0.0
	39,107		3.253%, 10/01/2044			38,890		0.0
	71,501		3.253%, 10/01/2044			71,112		0.0
	5,811		3.371%, 05/01/2036			5,952		0.0
	22,142,000	(7)	3.500%, 06/25/2042			22,146,806		0.6
	33,236,323		3.500%, 08/01/2046			33,375,879		1.0
	10,013,919		3.500%, 09/01/2047			10,024,964		0.3
	15,141,560		3.500%, 07/01/2048			15,198,964		0.5
	211,824		3.672%, 02/01/2033			216,978		0.0
	133,886		3.685%, 04/01/2035			140,255		0.0
	29,327		3.699%, 02/01/2035			30,605		0.0
	171,022		3.701%, 02/01/2034			178,778		0.0

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Federal National Mortgage Association (continued)
	498,767		3.863%, 08/01/2035		$	517,341		0.0
	100,349		3.873%, 09/01/2035			103,200		0.0
	11,291,902		4.000%, 12/01/2039			11,617,988		0.3
	28,220,000	(7)	4.000%, 08/25/2040			28,778,365		0.8
	9,805,463		4.000%, 02/01/2046			10,062,967		0.3
	14,816,946		4.000%, 09/01/2048			15,157,562		0.4
	9,374		4.085%, 04/01/2032			9,501		0.0
	197,276		4.187%, 07/01/2035			205,016		0.0
	34,668		4.207%, 08/01/2035			36,056		0.0
	77,208		4.258%, 12/01/2036			80,387		0.0
	181,950		4.354%, 10/01/2035			190,069		0.0
	2,752		4.523%, 09/01/2031			2,853		0.0
	208,006		4.528%, 10/01/2035			216,695		0.0
	275,382		4.542%, 10/01/2035			289,265		0.0
	294,709		4.685%, 09/01/2034			310,326		0.0
	17,759,000	(7)	5.000%, 01/13/2040			18,610,418		0.5
	203,741,208	(7)	2.500%-7.500%, 03/01/2019-01/01/2049			210,279,074		5.9
						417,436,885		11.8
			Government National Mortgage Association: 3.0%
	9,763,221		3.000%, 01/20/2048			9,611,686		0.3
	65,327,000	(7)	3.500%, 10/20/2041			65,777,612		1.9
	28,733,534	(4)	3.500%-5.500%, 11/15/2035-10/20/2060			29,465,567		0.8
						104,854,865		3.0
			Total U.S. Government Agency Obligations (Cost $755,574,906)			752,240,605		21.3
ASSET-BACKED SECURITIES: 10.9%
			Automobile Asset-Backed Securities: 0.2%
	1,700,000	(1)	OSCAR US Funding Trust VI LLC 2017-1A A3, 2.820%, 06/10/2021			1,695,793		0.0
	1,750,000	(1)	OSCAR US Funding Trust VII LLC 2017-2A A4, 2.760%, 12/10/2024			1,731,058		0.1
	1,558,280	(1)	OSCAR US Funding Trust VIII LLC 2018-1A A2A, 2.910%, 04/12/2021			1,555,986		0.0
	1,850,000	(1)	SunTrust Auto Receivables Trust 2015-1A B, 2.200%, 02/15/2021			1,841,003		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Automobile Asset-Backed Securities (continued)
	1,250,000	(1)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021		$	1,256,880		0.0
						8,080,720		0.2
			Home Equity Asset-Backed Securities: 0.3%
	1,300,000		Home Equity Asset Trust 2005-2 M5, 3.601%, (US0001M + 1.095%), 07/25/2035			1,309,032		0.0
	2,400,000		Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 3.421%, (US0001M + 0.915%), 03/25/2035			2,394,212		0.1
	532,777		New Century Home Equity Loan Trust 2005-2 M3, 3.241%, (US0001M + 0.735%), 06/25/2035			532,517		0.0
	68,502		Renaissance Home Equity Loan Trust 2003-2 A, 3.195%, (US0001M + 0.880%), 08/25/2033			67,260		0.0
	60,690		Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 2.586%, (US0001M + 0.080%), 11/25/2036			23,802		0.0
	3,463,778		WaMu Asset-Backed Certificates WaMu Series 2007-HE4 2A3 Trust, 2.676%, (US0001M + 0.170%), 07/25/2047			2,449,408		0.1
	2,581,767		Other Securities			2,676,979		0.1
						9,453,210		0.3
			Other Asset-Backed Securities: 9.7%
	3,465,066	(1)(8)	Ajax Mortgage Loan Trust 2016-C A, 4.000% (Step Rate @ 7.000% on 11/25/2019), 10/25/2057			3,469,635		0.1
	1,533,989	(1)(8)	Ajax Mortgage Loan Trust 2017-A A, 3.470% (Step Rate @ 6.470% on 05/25/2020), 04/25/2057			1,525,347		0.0

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	1,727,828	(1)	Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058		$	1,724,959		0.1
	1,964,742	(1)(4)	Ajax Mortgage Loan Trust 2018-C A, 4.360%, 09/25/2065			1,980,540		0.1
	4,090,000	(1)	ALM VIII Ltd. 2013-8A A1R, 3.926%, (US0003M + 1.490%), 10/15/2028			4,090,029		0.1
	2,510,739	(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, 3.666%, (US0003M + 1.230%), 01/15/2030			7,799,040		0.2
	5,750,000	(1)	Ares XXIX CLO Ltd. 2014-1A BR, 4.749%, (US0003M + 2.300%), 04/17/2026			5,697,278		0.2
	4,280,000	(1)	Avery Point IV CLO Ltd. 2014-1A CR, 4.840%, (US0003M + 2.350%), 04/25/2026			4,249,103		0.1
	3,470,000	(1)	Babson CLO Ltd. 2017-1A A2, 3.795%, (US0003M + 1.350%), 07/18/2029			3,416,458		0.1
	4,393,000	(1)	Babson CLO Ltd. 2018-3A A2, 3.769%, (US0003M + 1.300%), 07/20/2029			4,314,387		0.1
	1,600,000	(1)	Bain Capital Credit CLO 2017-1A A2, 3.819%, (US0003M + 1.350%), 07/20/2030			1,567,822		0.0
	1,337,114	(4)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 4.684%, 10/25/2036			1,348,734		0.0
	9,020,000	(1)	Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 3.686%, (US0003M + 1.250%), 07/15/2029			8,951,556		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	2,000,000	(1)	BlueMountain CLO 2012-2A CR2 Ltd., 4.645%, (US0003M + 2.000%), 11/20/2028		$	1,935,234		0.1
	5,070,000	(1)	BlueMountain CLO 2015-1A BR, 4.936%, (US0003M + 2.500%), 04/13/2027			5,070,624		0.1
	1,800,000	(1)	BlueMountain CLO 2016-3A CR Ltd., 4.816%, (US0003M + 2.200%), 11/15/2030			1,727,798		0.1
	4,570,000	(1)	Burnham Park Clo Ltd. 2016-1A A, 3.899%, (US0003M + 1.430%), 10/20/2029			4,571,010		0.1
	4,000,000	(1)	Carbone CLO Ltd 2017-1A A1, 3.609%, (US0003M + 1.140%), 01/20/2031			3,950,132		0.1
	2,400,000	(1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 3.579%, (US0003M + 1.130%), 04/17/2031			2,321,479		0.1
	8,630,000	(1)	Carlyle Global Market Strategies CLO Ltd. 2017-1A A1A, 3.769%, (US0003M + 1.300%), 04/20/2031			8,563,515		0.2
	3,000,000	(1)	Carlyle Global Market Strategies CLO 2012-3A BR2 Ltd., 4.640%, (US0003M + 2.200%), 01/14/2032			2,941,299		0.1
	4,530,000	(1)	Cedar Funding II CLO Ltd. 2013-1A CR, 5.117%, (US0003M + 2.350%), 06/09/2030			4,402,055		0.1
	3,950,000	(1)	Cedar Funding IV CLO Ltd. 2014-4A CR, 4.727%, (US0003M + 2.250%), 07/23/2030			3,791,538		0.1
	61,334		Chase Funding Trust Series 2002-4 2A1, 3.246%, (US0001M + 0.740%), 10/25/2032			61,035		0.0

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	106,708		Chase Funding Trust Series 2003-5 2A2, 3.106%, (US0001M + 0.600%), 07/25/2033		$	103,766		0.0
	3,750,000	(1)	CIFC Funding 2013-2A A1LR, 3.655%, (US0003M + 1.210%), 10/18/2030			3,698,092		0.1
	2,766,000	(1)	Cole Park CLO Ltd. 2015-1A CR, 0.000%, (US0003M + 2.000%), 10/20/2028			2,698,692		0.1
	376,257		Countrywide Asset-Backed Certificates 2006-26 2A3, 2.676%, (US0001M + 0.170%), 06/25/2037			375,530		0.0
	7,093,143		Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 2.656%, (US0001M + 0.150%), 10/25/2036			6,225,983		0.2
	12,160,000	(1)	Dewolf Park Clo Ltd. 2017-1A A, 3.646%, (US0003M + 1.210%), 10/15/2030			12,020,233		0.3
	7,790,000	(1)	Dryden 33 Senior Loan Fund 2014-33A AR, 3.866%, (US0003M + 1.430%), 10/15/2028			7,789,992		0.2
	1,200,000	(1)	Dryden 55 CLO Ltd. 2018-55A A1, 3.456%, (US0003M + 1.020%), 04/15/2031			1,173,976		0.0
	8,610,000	(1)	Dryden Senior Loan Fund 2017-47A A2, 3.786%, (US0003M + 1.350%), 04/15/2028			8,481,401		0.3
	7,130,000	(1)	Dryden Senior Loan Fund 2017-47A C, 4.636%, (US0003M + 2.200%), 04/15/2028			6,899,145		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	7,460,000	(1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 3.816%, (US0003M + 1.200%), 08/15/2030		$	7,374,053		0.2
	3,662,325	(1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,740,293		0.1
	3,250,000	(1)	Flatiron CLO Ltd. 2013-1A A2R, 4.099%, (US0003M + 1.650%), 01/17/2026			3,245,278		0.1
	4,770,000	(1)	Flatiron CLO Ltd. 2013-1A BR, 4.799%, (US0003M + 2.350%), 01/17/2026			4,769,480		0.1
	4,250,000	(1)	Galaxy XIX CLO Ltd. 2015-19A A1R, 3.707%, (US0003M + 1.220%), 07/24/2030			4,220,356		0.1
	2,100,000	(1)	Gilbert Park CLO Ltd. 2017-1A A, 3.626%, (US0003M + 1.190%), 10/15/2030			2,080,808		0.1
	131,169		GSAMP Trust 2007-FM1 A2A, 2.576%, (US0001M + 0.070%), 12/25/2036			77,172		0.0
	3,077,255	(1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			3,179,284		0.1
	4,300,000	(1)(7)	KKR CLO 21 A Ltd., 3.436%, (US0003M + 1.000%), 04/15/2031			4,179,127		0.1
	10,000,000	(1)	LCM 26A A2 Ltd., 3.719%, (US0003M + 1.250%), 01/20/2031			9,759,030		0.3
	1,308,000	(1)	LCM XIV L.P. 14A AR, 3.509%, (US0003M + 1.040%), 07/20/2031			1,279,847		0.0
	2,400,000	(1)	LCM XVI L.P. 16A CR2, 4.555%, (US0003M + 2.150%), 10/15/2031			2,338,315		0.1
	6,690,000	(1)	LCM XXIII Ltd. 23A A1, 3.869%, (US0003M + 1.400%), 10/20/2029			6,676,018		0.2
	58,753		Long Beach Mortgage Loan Trust 2004-4 1A1, 3.066%, (US0001M + 0.560%), 10/25/2034			57,284		0.0

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	4,450,000	(1)	Madison Park Funding XI Ltd. 2013-11A CR, 4.677%, (US0003M + 2.200%), 07/23/2029		$	4,335,564		0.1
	2,120,000	(1)	Madison Park Funding XV Ltd. 2014-15A B1R, 4.709%, (US0003M + 2.200%), 01/27/2026			2,119,521		0.1
	3,284,097	(1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			3,327,804		0.1
	1,500,000	(1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			1,490,069		0.0
	3,696,503	(1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			3,723,472		0.1
	6,000,000	(1)	Octagon Investment Partners 28 Ltd. 2016-1A C1R, 5.180%, (US0003M + 2.250%), 10/24/2030			5,825,970		0.2
	4,510,000	(1)	Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.789%, (US0003M + 1.320%), 03/17/2030			4,473,857		0.1
	3,000,000	(1)	Octagon Investment Partners Ltd. 2017-1A A2, 3.786%, (US0003M + 1.350%), 07/15/2029			2,939,784		0.1
	2,250,000	(1)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.811%, (US0003M + 1.375%), 07/15/2029			2,207,569		0.1
	1,430,000	(1)	Octagon Investment Partners XIX Ltd. 2014-1A CR, 4.536%, (US0003M + 2.100%), 04/15/2026			1,429,703		0.0
	4,000,000	(1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.800%, (US0003M + 1.350%), 07/19/2030			3,919,456		0.1
	4,250,000	(1)	Octagon Loan Funding Ltd. 2014-1A CRR, 4.840%, (US0003M + 2.200%), 11/18/2031			4,032,217		0.1

See Accompanying Notes to Financial Statements

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Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	7,070,000	(1)	OHA Loan Funding Ltd. 2015-1A AR, 4.026%, (US0003M + 1.410%), 08/15/2029		$	7,069,809			0.2
	7,900,000	(1)	OHA Loan Funding Ltd. 2015-1A BR, 4.416%, (US0003M + 1.800%), 08/15/2029			7,725,189			0.2
	1,375,000	(1)	Palmer Square CLO 2015-2A A1AR Ltd., 3.739%, (US0003M + 1.270%), 07/20/2030			1,360,772			0.0
	4,070,000	(1)	Palmer Square CLO 2015-2A A1BR Ltd., 3.819%, (US0003M + 1.350%), 07/20/2030			3,989,438			0.1
	3,000,000	(1)	Palmer Square CLO 2018-1A A1 Ltd., 3.475%, (US0003M + 1.030%), 04/18/2031			2,928,282			0.1
	5,700,000	(1)	Palmer Square Loan Funding 2017-1A C Ltd., 5.236%, (US0003M + 2.800%), 10/15/2025			5,502,472			0.2
	2,000,000	(1)	Palmer Square Loan Funding 2018-1A C Ltd., 4.286%, (US0003M + 1.850%), 04/15/2026			1,883,396			0.1
	900,000	(1)(7)	Palmer Square Loan Funding 2018-2A C Ltd., 4.386%, (US0003M + 1.950%), 07/15/2026			847,632			0.0
	2,393,170		Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2005-WHQ1 M4, 3.586%, (US0001M + 1.080%), 03/25/2035			2,405,281			0.1
	8,200,000	(1)	Progress Residential 2015-SFR2 E, 4.427%, 06/12/2032			8,207,900			0.2
	4,375,000	(1)	Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027			4,335,432			0.1
	1,500,000	(1)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			1,510,815		��	0.1
	3,200,000	(1)	Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027			3,270,484			0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	1,163,291	(1)	Springleaf Funding Trust 2015-A A, 3.160%, 11/15/2024		$	1,161,762		0.0
	2,000,000	(1)(9)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			1,979,850		0.1
	10,200,000	(1)	Symphony CLO Ltd. 2012-9A AR, 3.886%, (US0003M + 1.450%), 10/16/2028			10,200,082		0.3
	4,200,000	(1)	Symphony CLO Ltd. 2016-18A B, 4.277%, (US0003M + 1.800%), 01/23/2028			4,188,332		0.1
	3,930,000	(1)	Symphony CLO XIV Ltd. 2014-14A C1R, 4.936%, (US0003M + 2.500%), 07/14/2026			3,930,075		0.1
	825,430	(1)	Taco Bell Funding LLC 2016-1A A2II, 4.377%, 05/25/2046			833,394		0.0
	850,000	(1)	Taco Bell Funding LLC 2018-1A A2I, 4.318%, 11/25/2048			861,551		0.0
	1,800,000	(1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,831,825		0.1
	5,500,000	(1)	TES LLC 2017-1A B, 7.740%, 10/20/2047			5,656,010		0.2
	2,200,000	(1)	Thacher Park CLO Ltd. 2014-1A CR, 4.669%, (US0003M + 2.200%), 10/20/2026			2,154,132		0.1
	2,400,000	(1)	THL Credit Wind River 2013-2A AR CLO Ltd., 3.675%, (US0003M + 1.230%), 10/18/2030			2,368,757		0.1
	2,000,000	(1)	THL Credit Wind River 2015-1A C1 CLO Ltd., 4.608%, (US0003M + 2.150%), 10/20/2030			1,893,736		0.0
	9,500,000	(1)	THL Credit Wind River 2016-2A A1R CLO Ltd., 3.733%, (US0003M + 1.190%), 11/01/2031			9,478,872		0.3
	2,570,000	(1)	THL Credit Wind River 2017-1A C CLO Ltd., 4.745%, (US0003M + 2.300%), 04/18/2029			2,491,255		0.1

See Accompanying Notes to Financial Statements

101

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	1,500,000	(1)(4)	Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057		$	1,453,741		0.0
	6,300,000	(1)(4)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057			5,626,650		0.2
	1,683,000	(1)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			1,614,990		0.0
	1,602,190		Other Securities			1,603,412		0.0
						342,104,076		9.7
			Student Loan Asset-Backed Securities: 0.7%
	1,250,000	(1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			1,211,810		0.0
	1,800,000	(1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			1,832,074		0.1
	1,545,283	(1)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			1,535,165		0.0
	2,203,402	(1)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			2,204,994		0.1
	620,925	(1)	Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037			628,916		0.0
	750,000	(1)	Navient Private Education Loan Trust 2014-AA A3, 4.055%, (US0001M + 1.600%), 10/15/2031			774,571		0.0
	2,000,000	(1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			2,005,790		0.1
	1,550,000	(1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,473,040		0.1
	1,500,000	(1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,427,743		0.0
	223,798	(1)	SoFi Professional Loan Program 2015-C A2, 2.510%, 08/25/2033			220,682		0.0
	2,500,000	(1)(4)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,475,479		0.1

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Student Loan Asset-Backed Securities (continued)
	2,100,000	(1)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041		$	2,066,566		0.0
	2,200,000	(1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,208,558		0.1
	5,000,000	(1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			5,059,851		0.1
	1,000,000	(1)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			1,031,407		0.0
						26,156,646		0.7
			Total Asset-Backed Securities (Cost $388,757,004)			385,794,652		10.9
COMMERCIAL MORTGAGE-BACKED SECURITIES: 4.3%
	9,050,000		BANK 2017-BNK8 A4, 3.488%, 11/15/2050			8,980,559		0.3
	4,130,000	(4)	BANK 2017-BNK8 B, 3.931%, 11/15/2050			4,115,767		0.1
	41,477,599	(4)(5)	Barclays Commercial Mortgage Trust 2017- C1 XA, 1.513%, 02/15/2050			3,734,552		0.1
	22,800,000	(1)(4)(5)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			863,443		0.0
	732,851	(1)(4)	Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14 M, 5.405%, 01/12/2041			731,524		0.0
	1,350,000	(1)(4)	Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14 N, 5.405%, 01/12/2041			1,343,703		0.1
	63,350,000	(4)(5)	Benchmark 2018-B8 XA Mortgage Trust, 0.669%, 01/15/2052			3,263,855		0.1
	20,317,789	(4)(5)	CD 2016-CD1 Mortgage Trust XA, 1.425%, 08/10/2049			1,599,034		0.0

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
	3,570,000	(4)	Citigroup Commercial Mortgage Trust 2017- P8 C, 4.271%, 09/15/2050		$	3,477,082		0.1
	35,805,328	(4)(5)	Citigroup Commercial Mortgage Trust 2017- P8 XA, 0.927%, 09/15/2050			2,209,765		0.1
	58,948,948	(4)(5)	Citigroup Commercial Mortgage Trust 2018- C5 XA, 0.603%, 06/10/2051			2,971,322		0.1
	17,536,046	(4)(5)	COMM 2012-CR1 XA, 1.868%, 05/15/2045			893,881		0.0
	14,672,667	(4)(5)	COMM 2012-CR2 XA, 1.651%, 08/15/2045			697,619		0.0
	25,740,912	(4)(5)	COMM 2012-CR3 XA, 1.872%, 10/15/2045			1,449,983		0.1
	65,166,000	(1)(4)(5)	COMM 2012-CR4 XB, 0.594%, 10/15/2045			1,407,918		0.0
	21,285,545	(4)(5)	COMM 2012-CR5 XA, 1.547%, 12/10/2045			1,051,719		0.0
	28,706,197	(1)(4)(5)	COMM 2012-LC4 XA, 2.108%, 12/10/2044			1,475,972		0.1
	78,228,528	(4)(5)	COMM 2014-UBS2 XA, 1.609%, 03/10/2047			3,591,675		0.1
	214,711,000	(1)(4)(5)	COMM 2014-UBS2 XB, 0.208%, 03/10/2047			1,545,554		0.1
	910,000	(4)	COMM 2016-COR1 C, 4.392%, 10/10/2049			896,165		0.0
	82,490,668	(4)(5)	COMM 2016-CR28 XA, 0.653%, 02/10/2049			2,920,368		0.1
	25,315,201	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K006 BX1, 5.367%, 02/25/2020			1,396,161		0.0
	20,760,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K008 X3, 5.278%, 08/25/2020			1,523,290		0.0
	84,529,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K019 X3, 1.982%, 05/25/2040			4,961,024		0.1
	36,470,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.873%, 05/25/2040			2,086,569		0.1
	45,628,806	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.259%, 08/25/2022			1,736,372		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
	22,000,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.662%, 06/25/2041		$	1,385,901		0.0
	27,650,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.594%, 05/25/2041			1,654,543		0.1
	15,700,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.791%, 12/25/2041			1,195,547		0.0
	31,440,000	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K040 X3, 2.036%, 11/25/2042			3,174,940		0.1
	33,977,515	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K709 X1, 1.492%, 03/25/2019			97,539		0.0
	41,001,767	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X1, 1.668%, 07/25/2019			175,086		0.0
	50,352,845	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K712 X1, 1.329%, 11/25/2019			338,880		0.0
	103,874,135	(4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates KC01 X1, 0.707%, 12/25/2022			1,665,341		0.1
	582,436,908	(1)(5)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044			1,330,694		0.0
	2,920,000	(1)	GS Mortgage Securities Corp. II 2018-RIVR E, 4.005%, (US0001M + 1.550%), 07/15/2035			2,847,612		0.1
	3,000,000	(1)	GS Mortgage Securities Corp. Trust 2018-LUAU D, 4.455%, (US0001M + 2.000%), 11/15/2032			2,964,464		0.1
	3,000,000	(1)	GS Mortgage Securities Corp. Trust 2018-LUAU E, 5.005%, (US0001M + 2.550%), 11/15/2032			2,968,351		0.1
	7,600,000	(1)(4)	GS Mortgage Securities Trust 2010-C2 D, 5.181%, 12/10/2043			7,686,819		0.2

See Accompanying Notes to Financial Statements

103

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
	4,400,000	(1)(4)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043		$	4,093,501		0.1
	31,924,133	(4)(5)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.210%, 05/10/2045			1,277,428		0.0
	11,675,227	(4)(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.045%, 11/10/2046			486,709		0.0
	47,920,755	(4)(5)	GS Mortgage Securities Trust 2014-GC22 XA, 0.990%, 06/10/2047			1,776,940		0.0
	1,968,000	(4)	GS Mortgage Securities Trust 2015-FRR1 K3B, 3.433%, 06/27/2041			1,955,798		0.1
	86,176	(1)(4)	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-C2 H, 5.762%, 05/15/2041			85,931		0.0
	23,450,000	(1)(4)(5)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.327%, 12/15/2047			294,401		0.0
	139,422	(1)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2003-CB6 H, 5.379%, 07/12/2037			138,945		0.0
	3,154,135	(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.354%, 06/12/2041			3,174,841		0.1
	32,130,165	(4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 2.066%, 06/15/2045			1,091,362		0.0
	2,600,000	(1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.199%, 11/15/2045			2,582,860		0.1
	29,186,544	(4)(5)	JPMBB Commercial Mortgage Securities Trust 2014-C26 XA, 1.088%, 01/15/2048			1,138,675		0.0
	2,599,496	(4)(5)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.117%, 10/15/2048			109,246		0.0

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
	20,070,874	(4)(5)	JPMCC Commercial Mortgage Securities Trust 2017-JP6 XA, 1.318%, 07/15/2050		$	1,277,752		0.1
	1,842,433	(1)(4)	LB-UBS Commercial Mortgage Trust 2005- C1 H, 5.769%, 02/15/2040			1,839,512		0.0
	2,600,000	(1)(4)	LB-UBS Commercial Mortgage Trust 2005- C5 G, 5.350%, 09/15/2040			2,652,495		0.1
	2,120,112	(1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006- C7 XCL, 0.731%, 11/15/2038			2,373		0.0
	11,076,672	(1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006- C7 XW, 0.731%, 11/15/2038			12,311		0.0
	1,000,000	(1)(4)	Morgan Stanley Capital I Trust 2005-T19 G, 5.610%, 06/12/2047			1,009,368		0.0
	2,375,000	(1)(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047			2,458,049		0.1
	3,325,000	(1)(4)	Morgan Stanley Capital I Trust 2011-C1 E, 5.375%, 09/15/2047			3,440,827		0.1
	200,570	(1)	Morgan Stanley Reremic Trust 2012- XA B, 0.250%, 07/27/2049			198,819		0.0
	79,441,922	(4)(5)	UBS Commercial Mortgage Trust 2017-C5, 1.027%, 11/15/2050			4,972,302		0.2
	24,473,408	(1)(4)(5)	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 1.836%, 08/10/2049			1,384,267		0.0
	31,273,788	(4)(5)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.091%, 12/15/2047			1,459,176		0.0
	21,057,143	(1)(4)(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.836%, 08/15/2045			1,097,174		0.0

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
	9,020,000	(1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.266%, 03/15/2045		$	7,292,008		0.2
	10,638,072	(1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 G, 4.266%, 03/15/2045			5,122,451		0.2
	56,852,178	(1)(4)(5)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.276%, 03/15/2048			2,392,885		0.1
	7,640,241		Other Securities			7,739,317		0.2
			Total Commercial Mortgage-Backed Securities (Cost $152,408,332)			150,968,316		4.3

Shares				Value		Percentage of Net Assets
MUTUAL FUNDS: 18.4%
			Affiliated Investment Companies: 18.4%
	9,330,089		Voya Emerging Markets Corporate Debt Fund - Class P		87,796,139		2.5
	14,503,376		Voya Emerging Markets Hard Currency Debt Fund - Class P		130,530,387		3.7
	7,647,104		Voya Emerging Markets Local Currency Debt Fund - Class P		52,688,549		1.5
	2,552,960		Voya Floating Rate Fund - Class P		23,997,829		0.7
	14,660,957		Voya High Yield Bond Fund - Class P		108,637,692		3.0
	13,447,966		Voya Investment Grade Credit Fund - Class P		137,303,735		3.9
	10,817,078		Voya Securitized Credit Fund - Class P		109,252,491		3.1
			Total Mutual Funds (Cost $699,183,304)		650,206,822		18.4
PREFERRED STOCK: 0.1%
			Utilities: 0.1%
	70,602	(10)	Other Securities		1,284,250		0.1
			Total Preferred Stock (Cost $1,765,050)		1,284,250		0.1
			Total Long-Term Investments (Cost $3,756,296,617)		3,677,687,131		104.2

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.4%
		Commercial Paper: 0.8%
	26,000,000	Sysco Corp., 0.300%, 01/02/2019 (Cost $25,998,194)		$	25,999,634		0.8
		Securities Lending Collateral(11): 2.3%
	6,871,346	Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $6,872,464, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $7,009,930, due 11/15/23-05/15/58)			6,871,346		0.2
	75,000,000	NBC Global Finance Ltd., Repurchase Agreement dated 12/31/18, 2.55%, due 01/02/19 (Repurchase Amount $75,010,479, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $76,499,801, due 04/15/20-09/09/49)			75,000,000		2.1
					81,871,346		2.3

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.3%
	10,361,000	(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $10,361,000)			10,361,000		0.3
			Total Short-Term Investments (Cost $118,230,540)			118,231,980		3.4
			Total Investments in Securities (Cost $3,874,527,157)		$	3,795,919,111		107.6
			Liabilities in Excess of Other Assets			(266,945,147)		(7.6)
			Net Assets		$	3,528,973,964		100.0

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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 December 31, 2018.

(5)

(6)

(7)

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

(8)

(9)

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

(10)

The grouping contains 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 December 31, 2018.

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

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

		Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Mutual Funds			$	650,206,822		$	—		$	—		$	650,206,822
Preferred Stock				1,284,250			—			—			1,284,250
Corporate Bonds/Notes				—			1,033,883,350			—			1,033,883,350
Collateralized Mortgage Obligations				—			542,058,107			—			542,058,107
Municipal Bonds				—			2,069,896			—			2,069,896
Convertible Bonds/Notes				—			2,428,931			—			2,428,931
U.S. Treasury Obligations				—			150,426,229			—			150,426,229
Commercial Mortgage-Backed Securities				—			150,968,316			—			150,968,316
U.S. Government Agency Obligations				—			752,240,605			—			752,240,605
Foreign Government Bonds				—			6,325,973			—			6,325,973
Asset-Backed Securities				—			383,814,802			1,979,850			385,794,652
Short-Term Investments				10,361,000			107,870,980			—			118,231,980
Total Investments, at fair value			$	661,852,072		$	3,132,087,189		$	1,979,850		$	3,795,919,111
Other Financial Instruments+
Centrally Cleared Swaps				—			8,897,726			—			8,897,726
Forward Foreign Currency Contracts				—			1,867,886			—			1,867,886
Forward Premium Swaptions	��			—			2,843,470			—			2,843,470
Futures				12,372,685			—			—			12,372,685
Total Assets			$	674,224,757		$	3,145,696,271		$	1,979,850		$	3,821,900,878
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps			$	—		$	(11,710,679)		$	—		$	(11,710,679)
Forward Foreign Currency Contracts				—			(2,154,017)			—			(2,154,017)
Futures				(6,700,409)			—			—			(6,700,409)
Total Liabilities			$	(6,700,409)		$	(13,864,696)		$	—		$	(20,565,105)

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

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 2018, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/17			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2018			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	90,929,629		$	4,572,737		$	(1,575,629)		$	(6,130,598)		$	87,796,139		$	4,572,841		$	(75,630)		$	—
Voya Emerging Markets Hard Currency Debt Fund - Class P			140,636,301			6,852,392			(3,775,270)			(13,183,036)			130,530,387			6,852,547			(275,270)			—
Voya Emerging Markets Local Currency Debt Fund - Class P			67,807,597			796,018			(13,808,181)			(2,106,885)			52,688,549			796,067			(3,808,180)			—
Voya Floating Rate Fund Class P			23,828,877			1,220,650			—			(1,051,698)			23,997,829			1,226,485			—			—
Voya High Yield Bond Fund - Class P			126,260,947			7,032,209			(15,414,649)			(9,240,815)			108,637,692			7,032,409			(414,649)			—
Voya Investment Grade Credit Fund Class P			141,136,923			5,938,781			—			(9,771,969)			137,303,735			5,398,232			—			539,292
Voya Securitized Credit Fund Class P			135,179,121			6,977,708			(29,286,717)			(3,617,621)			109,252,491			6,851,764			713,281			125,811
		$	725,779,395		$	33,390,495		$	(63,860,446)		$	(45,102,622)		$	650,206,822		$	32,730,345		$	(3,860,448)		$	665,103

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

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

MYR 13,034,344

USD 3,120,205

Barclays Bank PLC

01/11/19

34,859

CLP 979,129,085

USD 1,427,906

Barclays Bank PLC

01/11/19

(16,704)

USD 294,227

ILS 1,104,142

Barclays Bank PLC

01/11/19

(1,263)

ILS 12,420,703

USD 3,436,500

Barclays Bank PLC

01/11/19

(112,466)

USD 2,894,000

CLP 1,977,354,440

Barclays Bank PLC

01/11/19

44,075

USD 362,000

MXN 6,918,482

Barclays Bank PLC

01/11/19

10,419

USD 1,085,000

ILS 3,931,978

Barclays Bank PLC

01/11/19

32,722

USD 2,894,000

CLP 1,983,981,700

Barclays Bank PLC

01/11/19

34,523

USD 4,649,920

IDR 70,571,371,417

Barclays Bank PLC

01/11/19

(250,274)

USD 4,079,709

COP 12,249,653,781

Barclays Bank PLC

01/11/19

309,315

USD 3,150,675

MYR 13,034,344

Barclays Bank PLC

01/11/19

(4,389)

ILS 1,104,142

USD 296,164

Barclays Bank PLC

04/05/19

1,262

USD 1,428,656

CLP 979,129,085

Barclays Bank PLC

04/05/19

16,662

USD 3,115,730

MYR 13,034,344

Barclays Bank PLC

04/05/19

(41,696)

ZAR 5,165,280

USD 358,000

BNP Paribas

01/11/19

646

USD 5,482,000

ILS 19,812,638

BNP Paribas

01/11/19

179,733

PLN 17,315,757

USD 4,626,490

Citibank N.A.

01/11/19

1,223

RON 6,576,921

USD 1,616,666

Citibank N.A.

01/11/19

2,179

USD 3,809

RON 15,618

Citibank N.A.

01/11/19

(35)

CZK 16,000,885

USD 724,000

Citibank N.A.

01/11/19

(11,444)

PLN 2,706,689

USD 717,000

Citibank N.A.

01/11/19

��

6,375

COP 12,249,653,781

USD 3,785,256

Citibank N.A.

01/11/19

(14,862)

CZK 45,832,893

USD 2,040,975

Citibank N.A.

01/11/19

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

THB 141,972,571

USD 4,349,611

Citibank N.A.

01/11/19

11,208

TRY 13,992,215

USD 2,627,972

Citibank N.A.

01/11/19

3,140

PEN 4,064,203

USD 1,217,702

Citibank N.A.

01/11/19

(11,552)

USD 356,000

TRY 1,918,819

Citibank N.A.

01/11/19

(4,817)

ZAR 66,953,716

USD 4,703,909

Citibank N.A.

01/11/19

(55,046)

RUB 47,855,531

USD 724,000

Citibank N.A.

01/11/19

(37,985)

USD 712,000

ZAR 9,931,290

Citibank N.A.

01/11/19

22,431

BRL 1,384,484

USD 356,000

Citibank N.A.

01/11/19

1,045

USD 2,171,000

TRY 13,250,114

Citibank N.A.

01/11/19

(320,567)

USD 1,659,283

RON 6,561,303

Citibank N.A.

01/11/19

44,283

USD 4,399,311

PLN 15,992,390

Citibank N.A.

01/11/19

125,274

USD 3,655,000

CZK 80,693,482

Citibank N.A.

01/11/19

61,534

SGD 1,301,141

USD 955,676

Citibank N.A.

01/11/19

(856)

USD 3,772,525

COP 12,249,653,781

Citibank N.A.

04/05/19

17,002

USD 4,359,038

THB 141,972,571

Citibank N.A.

04/05/19

(13,355)

USD 2,513,113

TRY 13,992,215

Citibank N.A.

04/05/19

(5,745)

USD 1,214,137

PEN 4,064,203

Citibank N.A.

04/05/19

11,271

USD 4,655,469

ZAR 66,953,716

Citibank N.A.

04/05/19

53,355

USD 1,613,770

RON 6,576,921

Citibank N.A.

04/05/19

(2,499)

USD 4,636,847

PLN 17,315,757

Citibank N.A.

04/05/19

(687)

USD 2,045,644

CZK 45,832,893

Citibank N.A.

04/05/19

(334)

HUF 609,258,453

USD 2,173,608

Goldman Sachs International

01/11/19

1,994

USD 168,848

PHP 8,964,290

Goldman Sachs International

01/11/19

(1,677)

RUB 244,933,103

USD 3,609,774

Goldman Sachs International

01/11/19

(98,627)

USD 1,506,603

HUF 409,450,381

Goldman Sachs International

01/11/19

44,496

MXN 100,698,704

USD 5,052,888

Goldman Sachs International

01/11/19

64,385

USD 712,000

PLN 2,692,384

Goldman Sachs International

01/11/19

(7,552)

TRY 10,191,294

USD 1,792,000

Goldman Sachs International

01/11/19

124,383

ILS 12,428,054

USD 3,436,500

Goldman Sachs International

01/11/19

(110,498)

BRL 20,220,036

USD 5,264,264

Goldman Sachs International

01/11/19

(49,708)

USD 1,068,000

RUB 72,007,609

Goldman Sachs International

01/11/19

35,762

PHP 8,964,291

USD 163,373

Goldman Sachs International

01/11/19

7,151

CLP 2,015,061,195

USD 3,030,696

Goldman Sachs International

01/11/19

(126,424)

CZK 18,859,703

USD 875,568

Goldman Sachs International

01/11/19

(35,702)

USD 3,314,221

RUB 220,781,025

Goldman Sachs International

01/11/19

149,298

USD 4,955,799

BRL 20,250,882

Goldman Sachs International

01/11/19

(266,712)

USD 4,308,961

ZAR 62,187,707

Goldman Sachs International

01/11/19

(8,979)

USD 1,354,882

TRY 9,014,575

Goldman Sachs International

01/11/19

(340,229)

USD 4,986,688

MXN 100,698,704

Goldman Sachs International

04/05/19

(63,205)

USD 2,185,534

HUF 609,258,453

Goldman Sachs International

04/05/19

(2,958)

USD 3,571,919

RUB 244,933,103

Goldman Sachs International

04/05/19

99,022

PHP 8,964,291

USD 167,773

Goldman Sachs International

04/05/19

2,092

USD 5,230,627

BRL 20,220,036

Goldman Sachs International

04/05/19

49,044

USD 949,815

SGD 1,301,141

HSBC Bank USA N.A.

01/11/19

(5,006)

IDR 70,571,371,417

USD 4,852,934

HSBC Bank USA N.A.

01/11/19

47,259

USD 724,000

HUF 199,808,072

HSBC Bank USA N.A.

01/11/19

10,505

USD 362,000

PLN 1,337,672

HSBC Bank USA N.A.

01/11/19

4,501

USD 4,395,313

THB 141,972,571

HSBC Bank USA N.A.

01/11/19

34,494

USD 4,506,879

MXN 86,290,245

HSBC Bank USA N.A.

01/11/19

121,810

USD 4,807,969

IDR 70,571,371,417

HSBC Bank USA N.A.

03/22/19

(41,272)

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

SGD 1,301,141

USD 951,851

HSBC Bank USA N.A.

04/05/19

4,864

USD 712,000

MXN 14,715,788

JPMorgan Chase Bank N.A.

01/11/19

(35,822)

CLP 967,145,860

USD 1,447,000

JPMorgan Chase Bank N.A.

01/11/19

(53,070)

USD 362,000

BRL 1,353,637

JPMorgan Chase Bank N.A.

01/11/19

12,910

USD 1,226,263

PEN 4,064,203

JPMorgan Chase Bank N.A.

01/11/19

20,112

MXN 7,225,811

USD 358,000

The Bank of New York Mellon

01/11/19

9,199

(286,131)

At December 31, 2018, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. Treasury 10-Year Note		1,760		03/20/19		$	214,747,500		$	4,399,034
U.S. Treasury 2-Year Note		230		03/29/19			48,831,875			330,284
U.S. Treasury Long Bond		234		03/20/19			34,164,000			1,136,234
U.S. Treasury Ultra Long Bond		807		03/20/19			129,649,594			6,507,133
						$	427,392,969		$	12,372,685
Short Contracts
U.S. Treasury 5-Year Note		(426)		03/29/19			(48,856,875)			(687,052)
U.S. Treasury Ultra 10-Year Note		(1,430)		03/20/19			(186,011,719)			(6,013,357)
						$	(234,868,594)		$	(6,700,409)

At December 31, 2018, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Financing Rate (%)(2)		Termination Date	Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover, Series 30, Version 1	Buy		(5.000)	12/20/23		EUR 81,523,769		$	(5,930,436)		$	(166,210)
								$	(5,930,436)		$	(166,210)

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Financing Rate (%)(6)		Termination Date	Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 31, Version 1	Sell		5.000	12/20/23		USD 69,400,000		$	1,383,350		$	(1,345,180)
								$	1,383,350		$	(1,345,180)

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 12/31/18 (%)(7)		Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Inc 2.750%, due 3/15/2023	Sell		1.000	12/20/23		0.890		USD 6,920,000		$	41,215		$	(68,417)
										$	41,215		$	(68,417)

(1)

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

(2)

Payments made quarterly.

(3)

(4)

(5)

(6)

Payments received quarterly.

(7)

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.

At December 31, 2018, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:

Pay/Receive
Floating Rate

Floating
Rate Index

Floating Rate
Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

3-month USD-LIBOR

Quarterly

1.460%

Semi-Annual

10/13/20

USD 225,664,000

(4,776,394)

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD 50,908,000

(2,137,217)

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD 29,003,000

(1,351,809)

Pay

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD 40,443,000

(1,865,452)

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD 444,148,000

3,900,845

Receive

3-month USD-LIBOR

Quarterly

1.780

Semi-Annual

10/13/22

USD 112,415,000

3,231,821

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD 35,916,000

1,765,060

(1,233,146)

At December 31, 2018, the following over-the-counter forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(1)

Unrealized
Appreciation/
(Depreciation)

Call on 5-year Interest Rate Swap (Purchased)

Bank of America N.A.

0.000%

Receive

3-month USD-LIBOR

02/20/19

USD 88,010,000

(4,708,535)

461,527

Call on 5-Year Interest Rate
Swap (Purchased)

Barclays Bank PLC

0.000%

Receive

3-month USD-LIBOR

04/25/19

USD 125,038,000

(6,611,384)

744,845

Call on 5-Year Interest Rate
Swap (Purchased)

Morgan Stanley Capital Services LLC

0.000%

Receive

3-month USD-LIBOR

02/13/19

USD 88,010,000

(4,770,142)

398,117

Call on 5-Year Interest Rate
Swap (Purchased)

Morgan Stanley Capital Services LLC

0.000%

Receive

3-month USD-LIBOR

03/06/19

USD 88,010,000

(4,715,136)

455,840

Call on 5-Year Interest Rate
Swap (Purchased)

Morgan Stanley Capital Services LLC

0.000%

Receive

3-month USD-LIBOR

04/25/19

USD 138,992,000

(7,394,374)

783,141

(28,199,571)

2,843,470

(1)

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.

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Currency Abbreviations

BRL – Brazilian Real

CLP – Chilean Peso

COP – Colombian Peso

CZK – Czech Koruna

EUR – EU Euro

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

MXN – Mexican Peso

MYR – Malaysian Ringgit

PEN – Peruvian Nuevo Sol

PHP – Philippine Peso

PLN – Polish Zloty

RON – Romanian New Leu

RUB – Russian Ruble

SGD – Singapore Dollar

THB – Thai Baht

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

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

The fair value of derivative instruments as of December 31, 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		$	1,867,886
Interest rate contracts	Net Assets — Unrealized appreciation*			12,372,685
Interest rate contracts	Net Assets — Unrealized appreciation**			8,897,726
Interest rate contracts	Net Assets — Unrealized appreciation***			2,843,470
Total Asset Derivatives			$	25,981,767
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	2,154,017
Interest rate contracts	Net Assets — Unrealized depreciation*			6,700,409
Credit contracts	Net Assets — Unrealized depreciation**			1,579,807
Interest rate contracts	Net Assets — Unrealized depreciation**			10,130,872
Total Liability Derivatives			$	20,565,105

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

***

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

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts**			Futures			Swaps			Total
Credit contracts		$	—		$	—		$	4,006,540		$	4,006,540
Equity contracts			—			(467,675)			—			(467,675)
Foreign exchange contracts			9,494,057			—			—			9,494,057
Interest rate contracts			—			(8,792,726)			1,117,746			(7,674,980)
Total		$	9,494,057		$	(9,260,401)		$	5,124,286		$	5,357,942

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		$	—		$	—		$	—		$	(1,609,765)		$	(1,609,765)
Foreign exchange contracts			—			434,505			—			—			434,505
Interest rate contracts			2,843,470			—			5,948,638			(1,438,424)			7,353,684
Total		$	2,843,470		$	434,505		$	5,948,638		$	(3,048,189)		$	6,178,424

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 December 31, 2018:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	—		$	483,837		$	180,379		$	360,389		$	577,627		$	223,433		$	33,022		$	—		$	9,199		$	1,867,886
Forward premium swaptions			461,527			744,845			—			—			—			—			—			1,637,098			—			2,843,470
Total Assets		$	461,527		$	1,228,682		$	180,379		$	360,389		$	577,627		$	223,433		$	33,022		$	1,637,098		$	9,199		$	4,711,356
Liabilities:
Forward foreign currency contracts		$	—		$	426,792		$	—		$	479,784		$	1,112,271		$	46,278		$	88,892		$	—		$	—		$	2,154,017
Total Liabilities		$	—		$	426,792		$	—		$	479,784		$	1,112,271		$	46,278		$	88,892		$	—		$	—		$	2,154,017
Net OTC derivative instruments by counterparty, at fair value		$	461,527		$	801,890		$	180,379		$	(119,395)		$	(534,644)		$	177,155		$	(55,870)		$	1,637,098		$	9,199		$	2,557,339
Total collateral pledged by the Portfolio/(Received from counterparty)		$	(430,000)		$	(749,000)		$	—		$	—		$	530,000		$	(177,155)		$	—		$	(1,140,000)		$	—		$	(1,966,155)
Net Exposure(1)(2)		$	31,527		$	52,890		$	180,379		$	(119,395)		$	(4,644)		$	—		$	(55,870)		$	497,098		$	9,199		$	591,184

(1)

(2)

At December 31, 2018, the Portfolio had received $430,000 in cash collateral from HSBC Bank USA N.A. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

112

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $3,887,253,960.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	48,198,984
Gross Unrealized Depreciation		(137,004,300)
Net Unrealized Depreciation	$	(88,805,316)

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 95.9%
			Communication Services: 1.6%
	555,554	(1)	Vonage Holdings Corp.		$	4,849,986		0.9
	241,002	(2)	Other Securities			3,552,370		0.7
						8,402,356		1.6
			Consumer Discretionary: 8.2%
	55,112		Childrens Place, Inc./The			4,965,040		0.9
	1,695,435	(2)	Other Securities			38,323,377		7.3
						43,288,417		8.2
			Consumer Staples: 2.2%
	175,050	(1)	Performance Food Group Co.			5,648,864		1.0
	395,509	(2)	Other Securities			6,221,284		1.2
						11,870,148		2.2
			Energy: 2.4%
	1,679,080	(2)	Other Securities			12,464,350		2.4
			Financials: 21.7%
	250,276		CenterState Bank Corp.			5,265,807		1.0
	46,237		Hanover Insurance Group, Inc.			5,399,095		1.0
	125,994		Houlihan Lokey, Inc.			4,636,579		0.9
	111,722	(3)	Independent Bank Group, Inc.			5,113,516		1.0
	83,214		Kemper Corp.			5,523,745		1.0
	145,607		MB Financial, Inc.			5,770,406		1.1
	372,614		Redwood Trust, Inc.			5,615,293		1.1
	98,551		Selective Insurance Group			6,005,698		1.1
	211,487		Simmons First National Corp.			5,103,181		1.0
	130,565		Stifel Financial Corp.			5,408,002		1.0
	193,538		Union Bankshares Corp.			5,463,578		1.0
	123,847		WSFS Financial Corp.			4,695,040		0.9
	2,280,744	(2)	Other Securities			50,753,381		9.6
						114,753,321		21.7
			Health Care: 11.8%
	87,314	(1)	AMN Healthcare Services, Inc.			4,947,211		0.9
	55,766		Hill-Rom Holdings, Inc.			4,938,079		0.9
	82,818	(1)	Medidata Solutions, Inc.			5,583,590		1.1
	192,716	(1)(3)	Wright Medical Group NV			5,245,729		1.0
	1,767,396	(2)(4)	Other Securities			41,387,388		7.9
						62,101,997		11.8
			Industrials: 16.6%
	129,447	(1)	Atlas Air Worldwide Holdings, Inc.			5,461,369		1.1
	112,625		Barnes Group, Inc.			6,038,952		1.2
	51,223		Curtiss-Wright Corp.			5,230,893		1.0
	89,792		EMCOR Group, Inc.			5,359,684		1.0
	121,992	(3)	Healthcare Services Group, Inc.			4,901,639		0.9

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	91,760		ICF International, Inc.		$	5,944,213		1.1
	74,566		Regal Beloit Corp.			5,223,348		1.0
	105,002		Tetra Tech, Inc.			5,435,954		1.0
	206,920		Universal Forest Products, Inc.			5,371,643		1.0
	83,908		Watts Water Technologies, Inc.			5,414,583		1.0
	165,276		Werner Enterprises, Inc.			4,882,253		0.9
	84,496		Woodward, Inc.			6,277,208		1.2
	800,293	(2)	Other Securities			21,977,138		4.2
						87,518,877		16.6
			Information Technology: 15.6%
	242,180	(1)	ACI Worldwide, Inc.			6,701,121		1.3
	44,162	(1)	CACI International, Inc.			6,360,653		1.2
	204,547		Entegris, Inc.			5,705,839		1.1
	93,099	(1)	ExlService Holdings, Inc.			4,898,869		0.9
	103,512		j2 Global, Inc.			7,181,662		1.4
	101,170		Mantech International Corp.			5,290,685		1.0
	105,509	(1)	Plexus Corp.			5,389,400		1.0
	66,424		SYNNEX Corp.			5,369,716		1.0
	1,520,880	(2)	Other Securities			35,433,551		6.7
						82,331,496		15.6
			Materials: 3.9%
	90,880		Minerals Technologies, Inc.			4,665,779		0.9
	172,631		PolyOne Corp.			4,937,247		0.9
	453,891		Other Securities			11,108,585		2.1
						20,711,611		3.9
			Real Estate: 7.7%
	848,587		Cousins Properties, Inc.			6,703,837		1.3
	333,968		Easterly Government Properties, Inc.			5,236,618		1.0
	404,109		Essential Properties Realty Trust, Inc.			5,592,869		1.1
	218,753		First Industrial Realty Trust, Inc.			6,313,212		1.2
	335,977		Physicians Realty Trust			5,385,711		1.0
	515,022		Other Securities			11,328,401		2.1
						40,560,648		7.7
			Utilities: 4.2%
	77,333		Black Hills Corp.			4,854,966		0.9
	70,803		Idacorp, Inc.			6,588,927		1.3
	109,166		Portland General Electric Co.			5,005,261		0.9
	105,328		Other Securities			5,856,456		1.1
						22,305,610		4.2
			Total Common Stock (Cost $573,930,652)			506,308,831		95.9

See Accompanying Notes to Financial Statements

114

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2018 (continued)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.5%
	58,049	iShares Russell 2000 ETF		$	7,772,761		1.5
		Total Exchange-Traded Funds (Cost $8,094,119)			7,772,761		1.5
		Total Long-Term Investments (Cost $582,024,771)			514,081,592		97.4

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.7%
		Securities Lending Collateral(5): 1.8%
	2,211,932	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $2,212,338, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,256,171, due 01/25/19-10/20/68)		2,211,932		0.4
	2,211,932	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $2,212,302, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,256,171, due 01/25/19-02/01/49)		2,211,932		0.5
	463,670	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $463,744, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $472,944, due 02/29/24- 09/09/49)		463,670		0.1

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(5) (continued)
	2,211,932	Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $2,212,296, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,256,171, due 01/03/19-11/20/68)		$	2,211,932		0.4
	2,211,932	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $2,212,298, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $2,256,171, due 10/01/25-10/20/48)			2,211,932		0.4
					9,311,398		1.8

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.9%
	15,568,000	(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $15,568,000)			15,568,000		2.9
			Total Short-Term Investments (Cost $24,879,398)			24,879,398		4.7
			Total Investments in Securities (Cost $606,904,169)		$	538,960,990		102.1
			Liabilities in Excess of Other Assets			(11,260,919)		(2.1)
			Net Assets		$	527,700,071		100.0

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2018 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

(4)

The grouping contains securities on loan.

(5)

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

(6)

Rate shown is the 7-day yield as of December 31, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	506,308,831		$	—		$	—		$	506,308,831
Exchange-Traded Funds			7,772,761			—			—			7,772,761
Short-Term Investments			15,568,000			9,311,398			—			24,879,398
Total Investments, at fair value		$	529,649,592		$	9,311,398		$	—		$	538,960,990

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

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

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $617,907,185.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	13,343,125
Gross Unrealized Depreciation		(92,289,320)
Net Unrealized Depreciation	$	(78,946,195)

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2018 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Balanced Portfolio
Class I	NII		$	0.3634
Class S	NII		$	0.3147
All Classes	STCG		$	0.3510
All Classes	LTCG		$	0.8505
Voya Global Equity Portfolio
Class ADV	NII		$	0.4010
Class I	NII		$	0.5653
Class S	NII		$	0.4824
Class S2	NII		$	0.4280
Class T	NII		$	0.3672
All Classes	LTCG		$	0.0093
Voya Government Money Market Portfolio
Class I	NII		$	0.0153
All Classes	STCG		$	0.0002
Voya Growth and Income Portfolio
Class ADV	NII		$	0.3928
Class I	NII		$	0.5316

Portfolio Name	Type	Per Share Amount
Voya Growth and Income Portfolio (continued)
Class S	NII		$	0.4537
Class S2	NII		$	0.4200
All Classes	STCG		$	0.5311
All Classes	LTCG		$	2.2222
Voya Intermediate Bond Portfolio
Class ADV	NII		$	0.3903
Class I	NII		$	0.4565
Class S	NII		$	0.4226
Class S2	NII		$	0.4027
Voya Small Company Portfolio
Class ADV	NII		$	0.0228
Class I	NII		$	0.1131
Class R6	NII		$	0.1131
Class S	NII		$	0.0491
All Classes	STCG		$	0.4900
All Classes	LTCG		$	2.7829

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2018, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Balanced Portfolio					17.92%
	Voya Global Equity Portfolio					54.26%
	Voya Growth and Income Portfolio					66.68%
	Voya Small Company Portfolio					35.45%

For the year ended December 31, 2018, 75.51% of ordinary income dividends paid by Voya Growth and Income Portfolio are designated as qualified dividend income (QDI) subject to reduced income tax rates for individuals.

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

Voya Balanced Portfolio	$	20,934,183
Voya Global Equity Portfolio	$	530,377
Voya Growth and Income Portfolio	$	242,540,234
Voya Small Company Portfolio	$	83,521,566

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

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

117

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)

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

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director/Trustee

Independent Directors/Trustees*:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 58

Director/Trustee

May 2013 – Present

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

150

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

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Chairperson

Director/Trustee

January 2014 – Present
May 2013 – Present

President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – Present).

150

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Director/Trustee

May 2013 – Present

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

150

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

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 68

Director/Trustee

August 2015 – Present

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

150

None.

Russell H. Jones
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director/Trustee

December 2007 – Present

Retired.

150

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 61

Director/Trustee

January 2003 – Present

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

150

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 68

Director/Trustee

May 2013 – Present

Consultant (May 2001 – Present).

150

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director/Trustee

October 2015 – Present

Retired.

150

None.

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

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director/Trustee

Roger B. Vincent
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 73

Director/Trustee

May 2013 – Present

Retired.

150

None.

Director/Trustee who is an “interested person”:

Dina Santoro(3)
230 Park Avenue
New York, New York 10169
Age: 45

Director/Trustee

July 2018 – Present

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

150

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

(1)

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

(2)

For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series Fund, Inc.; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2019.

(3)

Effective July 10, 2018, Ms. Santoro was appointed to the Board of Directors/Trustees and is deemed to be an “interested person” of the Company/Trust as defined in the 1940 Act, because of her current affiliation with the Voya funds, Voya Financial, Inc. or Voya Financial, Inc.’s affiliates.

Effective December 31, 2018, Patrick W. Kenny retired as Director/Trustee of the Board.

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Name, Address and Age	Position(s) Held With the Company/ Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 50	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Treasurer, Voya Investments Distributor, LLC (November 2015 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018); Chief Financial Officer and Chief Accounting Officer, Hartford Investment Management (September 2003 – September 2014).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 45	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 68	Executive Vice President Chief Investment Risk Officer	March 2002 – Present May 2013 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 60	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999-September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54	Senior Vice President	December 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 48	Senior Vice President	June 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).

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Name, Address and Age	Position(s) Held With the Company/ Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	September 2004 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015). Formerly, Director, Compliance, AXA Rosenberg Global Services, LLC (September 1997 – March 2014).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016); Assistant Vice President, Mutual Fund Compliance (May 2013 – March 2014).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Vice President	March 2002 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018); Assistant Vice President, Voya Investment Management (March 2011 – March 2014).
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Vice President	March 2006 – Present	Vice President – Mutual Fund Product Development, Voya Investments, LLC (July 2012 – Present); Vice President, Voya Family of Funds (March 2010 – Present) and Vice President, Voya Funds Services, LLC (March 2006 – Present).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 42	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Secretary	May 2013 – Present	Senior Vice President and Secretary of Voya Investments, LLC (December 2018 – Present) and Voya Funds Services, LLC (March 2010 – Present); Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).

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Name, Address and Age	Position(s) Held With the Company/ Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 67	Assistant Secretary	August 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	Assistant Secretary	May 2013 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).

(1)

The Officers hold office until the next annual meeting of the Board of Directors/Trustees and until their successors shall have been elected and qualified.

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

At a meeting held on November 16, 2018, the Boards of Directors/Trustees (“Board”) of Voya Balanced Portfolio, Inc., Voya Government Money Market Portfolio, Voya Intermediate Bond Portfolio, Voya Variable Funds, and Voya Variable Portfolios, Inc. (collectively, the “Registrants”), including a majority of the Independent Directors/Trustees, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Registrants, on behalf of Voya Balanced Portfolio, Voya Global Equity Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, Voya Government Money Market Portfolio, and Voya Small Company Portfolio (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2019. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

In addition to the Board meeting on November 16, 2018, the Independent Directors/Trustees also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 11, 2018, and November 14, 2018, specifically to review and consider materials related to the proposed continuance of each Management Contract and each Sub-Advisory Contract that they believed to be relevant to the renewal of the Management Contracts and Sub-Advisory Contracts in light of the legal advice furnished to them by K&L Gates LLP, their independent legal counsel, and their own business judgment. Subsequent references herein to factors considered and determinations made by the Independent Directors/Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Directors/Trustees. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and Investment

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

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

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

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the

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Portfolios’ operations and risk management and the oversight of their various other service providers.

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

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

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

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

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on

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

Economies of Scale

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

Information Regarding Services to Other Clients

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

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Fee Schedules, Profitability, and Fall-out Benefits

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

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

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including

entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.

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

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered, and the conclusions reached, at its October 11, 2018, November 14, 2018, and/or November 16, 2018 meetings in relation to approving each Portfolio’s Management Contract and Sub-Advisory Contract. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark and, in the case of Voya Global Equity Portfolio, a performance peer group. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest (worst) performance. The performance data provided to the Board primarily was for various periods ended March 31, 2018. In addition, the Board also considered at its October 11, 2018, November 14, 2018, and November 16, 2018, meetings certain additional data regarding each Portfolio’s most recent performance, asset levels, and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group.

Voya Balanced Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and five-year periods, the third quintile for the year-to-date and three-year periods, and the fourth quintile for the ten-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding enhancements

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to the Portfolio’s portfolio management team and investment strategies in recent years, and that, since the 10-year period, the Portfolio’s performance vis-à-vis its Morningstar category has been favorable.

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

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Global Equity Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the year-to-date, one-year, three-year, and five-year periods, and the fifth (lowest) quintile for the ten-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations that there were a number of changes in the Portfolio’s portfolio

management team and investment strategies, effective May 1, 2018 and management’s confidence in the changes to deliver long-term performance.

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

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) it is reasonable to permit the Sub-Adviser to continue to manage the Portfolio for the purpose of evaluating investment performance; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Government Money Market Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Government Money Market Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio outperformed its Morningstar category average for all periods presented; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it equaled the performance.

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Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is below the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is below the median net expense ratio of the funds in its Selected Peer Group.

Voya Growth and Income Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Growth and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the year-to-date, three-year, five-year and ten-year periods, and the fifth (lowest) quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) management’s representations regarding the impact of security selection on the Portfolio’s performance; and (2) management’s confidence in the ability of the Sub-Adviser to execute the Portfolio’s investment objective.

borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is below the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is below the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is below the median net expense ratio of the funds in its Selected Peer Group.

Voya Intermediate Bond Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Intermediate Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the one-year, three-year and five-year periods, the second quintile for the ten-year period, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

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

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expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Small Company Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Small Company Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year and five-year periods, the second quintile for the ten-year period, the fourth quintile for the year-to-date period, and the fifth (lowest) quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is equal to the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is below the median net expense ratio of the funds in its Selected Peer Group.

128

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

Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111

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

VPAR-CAPAPALL (1218-022219)

Item 2. Code of Ethics.

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Ex-99.CODE ETH.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, Joseph E. Obermeyer, and Roger B. Vincent are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, Mr. Obermeyer and Mr. Vincent are “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $8,153 for the year ended December 31, 2018 and $7,334 for the year ended December 31, 2017.

(b)

Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $2,700 for the year ended December 31, 2018 and $2,700 for the year ended December 31, 2017.

(c)

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $8,394 for the year ended December 31, 2018 and $5,025 for the year ended December 31, 2017. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state, and excise tax returns, tax services related to mergers and routine consulting.

(d)

All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2018 and $0 for the year ended December 31, 2017.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out onExhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

II. Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

III. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

IV. Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

V. Other Services

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.

VI. Pre-approval of Fee levels and Budgeted Amounts

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

VII. Procedures

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

VIII. Delegation

The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

IX. Additional Requirements

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Part of KPMG’s performance of an audit in accordance with standards of the Public Company Accounting Oversight Board (US) includes their responsibility to maintain and monitor auditor independence with respect to the Voya funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the Voya entities that would impair KPMG independence with the respect to the Voya funds. KPMG requests pre-approval from the Voya funds Audit Committee for services provided to the Voya funds and for services to affiliated entities that relate to the financial reporting or nature of operations of the Voya Funds. Additionally, KPMG provides an annual summary of the fees for services that have commenced for Voya funds and Affiliates.

Last Approved: November 16, 2017

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee¹
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	√	Not to exceed $9,750 per filing
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	√	Not to exceed $8,000 during the Pre-Approval Period
Seed capital audit and related review and issuance of consent on the N-2 registration statement	√	Not to exceed $14,750 per audit
Audit of summary portfolio of investments	√	Not to exceed $565 per fund

For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fund Affiliates	Fee Range
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	√	√	Not to exceed $10,000 per merger
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	√		Not to exceed $5,000 per occurrence during the Pre-Approval Period
Review of the Funds’ semi-annual and quarterly financial statements	√		Not to exceed $2,700 per set of financial statements per fund
Reports to regulatory or government agencies related to the annual engagement	√		Up to $5,000 per occurrence during the Pre-Approval Period
Regulatory compliance assistance	√	√	Not to exceed $5,000 per quarter
Training courses		√	Not to exceed $5,000 per course
For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies	√		Not to exceed $9,450 per quarter

Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fund Affiliates	Fee Range
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	√		As presented to Audit Committee²
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	√		As presented to Audit Committee²
Tax assistance and advice regarding statutory, regulatory or administrative developments	√	√	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period

Appendix C,continued

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fund Affiliates	Fee Range
Tax training courses		√	Not to exceed $5,000 per course during the Pre-Approval Period
Tax services associated with Fund mergers	√	√	Not to exceed $4,000 per fund per merger during the Pre-Approval Period
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099’s and similar routine tax consultations as requested.	√		Not to exceed $120,000 during the Pre-Approval Period

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fund Affiliates	Fee Range
Agreed-upon procedures for Class B share 12b-1 programs		√	Not to exceed $60,000 during the Pre-Approval Period
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC.	√	√	Not to exceed $5,700 per Fund during the Pre-Approval Period
Agreed upon procedures for 15 (c) FACT Books	√		Not to exceed $50,000 during the Pre-Approval Period

Appendix E

Prohibited Non-Audit Services
Dated: January 1, 2018 to December 31, 2018

Bookkeeping or other services related to the accounting records or financial statements of the Funds

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions

Human resources

Broker-dealer, investment adviser, or investment banking services

Legal services

Expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

VOYA INVESTORS TRUST

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA PRIME RATE TRUST

VOYA NATURAL RESOURCES EQUITY INCOME FUND

VOYA SENIOR INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SERIES FUND, INC.

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

(e)(2)

Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

100% of the services were approved by the audit committee.

(f)

Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%

Not applicable.

(g)

Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to each Registrant by the independent registered public accounting firm for each Registrant’s fiscal years ended December 31, 2018 and December 31, 2017; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods.

Registrant/Investment Adviser	2018		2017
Voya Government Money Market Portfolio	$	11,094	$	7,725
Voya Investments, LLC⁽¹⁾	$	38,950	$	122,200

(1) Each Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h)

Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

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 pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)

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

(a)(3)

Not applicable.

(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: March 11, 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: March 11, 2019

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

Date: March 11, 2019

Voya Government Money Market Portfolio N-CSRCertified annual shareholder report (management investment company)